MetLife, Inc. Notes to the Consolidated Financial Statements — (Continued) Net Investment Income The components of net investment income were as follows: (1) Changes in estimated fair value subsequent to purchase for securities still held as of the end of the respective years included in net investment income were: See “— Variable Interest Entities” for discussion of CSEs included in the table above. 128 MetLife, Inc. Years Ended December 31, 2012 2011 2010 (In millions) Investment income: Fixed maturity securities ......................................................................... $15,218 $15,037 $12,407 Equity securities ............................................................................... 133 141 128 FVO and trading securities — Actively Traded Securities and FVO general account securities (1) ................ 88 31 73 Mortgage loans ............................................................................... 3,191 3,164 2,824 Policy loans .................................................................................. 626 641 649 Real estate and real estate joint ventures ............................................................ 834 688 372 Other limited partnership interests ................................................................. 845 681 879 Cash, cash equivalents and short-term investments ................................................... 163 167 101 International joint ventures ....................................................................... 19 (12) (92) Other ....................................................................................... 131 178 236 Subtotal ................................................................................. 21,248 20,716 17,577 Less: Investment expenses .................................................................... 1,090 1,019 882 Subtotal, net .............................................................................. 20,158 19,697 16,695 FVO and trading securities — FVO contractholder-directed unit-linked investments (1) ......................... 1,473 (453) 372 Securitized reverse residential mortgage loans ........................................................ 177 — — FVO CSEs - interest income: Commercial mortgage loans .................................................................... 172 332 411 Securities ................................................................................... 4 9 15 Subtotal ................................................................................. 1,826 (112) 798 Net investment income .................................................................... $21,984 $19,585 $17,493 Years Ended December 31, 2012 2011 2010 (In millions) Actively Traded Securities and FVO general account securities ................................................. $ 51 $ (3) $ 30 FVO contractholder-directed unit-linked investments ......................................................... $1,170 $(647) $322