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Next: MASSACHUSETTS MUTUAL VARIABLE ANNUITY SEPARATE ACCOUNT 1, N-30D, 1999-08-25 |
Part 11 was not included with the Semiannual Report (N30-D filing) sent to the Contract Owners in August 1999. The Contract Owners did receive the accompanying Separate Account financial statements and the respective underlying Fund report that the Massachusetts Mutual Variable Annuity Separate Account 1--Variable Annuity Fund and Flex-Annuity IV (Qualified) invest in.
The following underlying Fund that was sent to the Contract Owners is incorporated by reference in this filing to the SEC as part of the Edgarization filing:
A Message To Our Contract Owners:
We are pleased to forward this combined Semiannual Report of the segment of Massachusetts Mutual Variable Annuity Separate Account 1 ("Separate Account 1") pertaining to Variable Annuity Fund 4 and Flex-Annuity IV (Qualified) (the "Segment"), and the MML Series Investment Fund ("MML Trust"). These reports are for the period ended June 30, 1999.
The Semiannual Report for the Segment begins on page 3. The Segment has net assets of $404,547,824 as of June 30, 1999. Net asset values per accumulation unit for the MML Equity, MML Money Market, MML Managed Bond and MML Blend Divisions of the Segment as of June 30, 1999 are shown in detail in the table on page 3.
The Semiannual Report for the MML Trust begins on page 11. This report contains a detailed description of the financial results of four series of the MML Trust - MML Equity Fund, MML Money Market Fund, MML Managed Bond Fund and MML Blend Fund for the period ended June 30, 1999.
We appreciate the interest and confidence you have shown in Separate Account 1.
MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY
/s/ Robert J. O'Connell
Robert J. O'Connell
President and Chief Executive Officer
August 2, 1999
Table of Contents
Massachusetts Mutual Variable Annuity Separate Account 1- |
|
Variable Annuity Fund 4 and Flex-Annuity IV (Qualified ) |
|
Statement of Assets and Liabilities as of June 30, 1999 |
3 |
Statement of Operations For the Six Months Ended June 30, 1999 |
4 |
Statement of Changes in Net Assets For the Six Months Ended
|
5 |
Notes to Financial Statements |
6-10 |
MML Series Investment Fund |
|
To Our Shareholders |
11-18 |
Statement of Assets and Liabilities as of June 30, 1999 |
19 |
Statement of Operations For the Six Months Ended June 30, 1999
|
20
|
Statement of Changes in Net Assets For the Six Months Ended June 30, | |
1999 and For the Year Ended December 31, 1998 | 21 |
Financial Highlights |
22-25 |
Schedule of Investments as of June 30, 1999 |
|
MML Equity Fund |
26-28 |
MML Money Market Fund |
29-30 |
MML Managed Bond Fund |
31-35 |
MML Blend Fund |
36-44 |
Notes to Financial Statements |
45-49 |
Massachusetts Mutual Variable Annuity Separate Account 1 -Variable Annuity Fund 4 and Flex-Annuity IV (Qualified)
STATEMENT OF ASSETS AND LIABILITIES
June 30, 1999
(Unaudited)
|
MML
Equity Division |
|
MML
|
|
MML
Managed Bond Division |
|
MML
Blend Division |
|||||
|
|
|
|
|||||||||
ASSETS |
||||||||||||
Investment in the MML Series Investment Fund | ||||||||||||
Number of shares (Note 2) |
3,455,437 |
9,344,062 |
891,508
|
9,184,017
|
||||||||
|
|
|
|
|||||||||
Identified cost (Note 3B ) |
$
|
84,228,867 |
$
|
9,344,062 |
$
|
10,814,122 |
$
|
179,486,624 |
||||
|
|
|
|
|||||||||
Value (Note 3A ) |
$
|
145,534,320 |
$
|
9,344,062 |
$
|
10,847,882 |
238,947,152 |
|||||
Receivable from Massachusetts Mutual |
||||||||||||
Life Insurance Company |
- |
158 |
333 |
- |
||||||||
Other assets |
1,736 |
282 |
62 |
2,862 |
||||||||
|
|
|
|
|||||||||
Total assets |
145,536,056 |
9,344,502 |
10,848,277 |
238,950,014 |
||||||||
LIABILITIES |
||||||||||||
Annuitant mortality fluctuation reserve (Note 3D) |
16,404 |
1,754 |
1,211 |
15,565 |
||||||||
Payable to Massachusetts Mutual Life Insurance Company |
86,259 |
- |
- |
9,832 |
||||||||
|
|
|
|
|||||||||
Total liabilities |
102,663 |
1,754 |
1,211 |
25,397 |
||||||||
|
|
|
|
|||||||||
NET ASSETS |
$
|
145,433,393 |
$
|
9,342,748 |
$
|
10,847,066 |
$ 238,924,617 |
|||||
Net Assets: |
|
|
|
|
||||||||
Accumulation units value |
$
|
144,886,619 |
9,284,274 |
$
|
10,806,700 |
$
|
238,405,792 |
|||||
Annuity reserves (Note 3E) |
546,774 |
58,474 |
40,366 |
518,825 |
||||||||
|
|
|
|
|||||||||
Net assets |
$
|
145,433,393 |
$
|
9,342,748 |
$
|
10,847,066 |
$
|
238,924,617 |
||||
|
|
|
|
|||||||||
Contractowners accumulation units (Note 8) | 11,665,364
|
3,903,845
|
2,782,534
|
40,821,755
|
||||||||
|
|
|
|
|
||||||||
NET ASSET VALUE PER ACCUMULATION UNIT |
||||||||||||
Variable Annuity Fund 4 Contracts |
||||||||||||
June 30, 1999 |
$
|
13.42 |
$
|
2.72 |
$
|
4.50 |
6.30 |
|||||
June 30, 1998 |
11.74 |
2.61 |
4.46 |
5.72 |
||||||||
June 30, 1997 |
9.84 |
2.49 |
4.04 |
4.96 |
||||||||
June 30, 1996 |
7.71 |
2.39 |
3.75 |
4.15 |
||||||||
June 30, 1995 |
6.33 |
2.29 |
3.61 |
3.61 |
||||||||
Flex-Annuity IV Contracts |
||||||||||||
June 30, 1999 |
$
|
12.32 |
$
|
2.32 |
$
|
3.80 |
$
|
5.82 |
||||
June 30, 1998 |
10.84 |
2.24 |
3.78 |
5.31 |
||||||||
June 30, 1997 |
9.13 |
2.15 |
3.45 |
4.62 |
||||||||
June 30, 1996 |
7.19 |
2.07 |
3.22 |
3.89 |
||||||||
June 30, 1995 |
5.93 |
2.00 |
3.12 |
3.41 |
See Notes to Financial Statements.
Massachusetts Mutual
Variable Annuity Separate Account 1 -
Variable Annuity Fund 4 and Flex-Annuity IV (Qualified)
STATEMENT OF OPERATIONS
For The Six Months
Ended June 30, 1999
(Unaudited)
MML
Equity Division |
MML
|
MML
|
MML
Blend Division |
|||||
|
|
|
|
|||||
Investment income |
||||||||
Dividends (Note 3B) |
$ 1,147 |
$ 226,847 |
$ 169,327 |
$ 1,996,088 |
||||
Expenses |
||||||||
Mortality and expense risk fees (Note 4) |
842,703 |
58,135 |
67,158 |
1,463,705 |
||||
|
|
|
|
|||||
Net investment income (loss) (Note 3C) |
(841,556) |
168,712 |
102,169 |
532,383 |
||||
|
|
|
|
|||||
Net realized and unrealized gain (loss) on investments |
||||||||
Net realized gain (loss) on investments (Notes 3B, 3C and 7) |
6,718,635 |
- |
(53,566) |
8,889,369 |
||||
Change in net unrealized appreciation of investments |
3,495,173 |
- |
(340,635) |
(190,049) |
||||
|
|
|
|
|||||
Net gain (loss) on investments |
10,213,808 |
- |
(394,201) |
8,699,320 |
||||
|
|
|
|
|||||
Net increase (decrease) in net assets resulting from operations | $ 9,372,252 | $ 168,712 | $ (292,032) | $ 9,231,703 | ||||
|
|
|
|
|
See Notes to Financial Statements.
Massachusetts Mutual
Variable Annuity Separate Account 1 -
Variable Annuity Fund 4 and Flex-Annuity IV (Qualified)
STATEMENT OF CHANGES IN
NET ASSETS
For The Six Months
Ended June 30, 1999 and 1998
(Unaudited)
|
1999
|
1998
|
||||||||||||||||
|
MML
|
MML
|
MML
|
MML
|
MML
|
MML
|
MML
|
MML
|
||||||||||
|
|
|
|
|
|
|
|
|||||||||||
Increase (decrease) in net assets |
|
|
||||||||||||||||
Operations: |
|
|
||||||||||||||||
Net investment income (loss) | $
|
(841,556)
|
$
|
168,712
|
$
|
102,169
|
$
|
532,383
|
$
|
(893,890)
|
$
|
230,703
|
$
|
132,713
|
$
|
515,177
|
||
Net realized gain (loss)
|
|
6,718,635
|
- | (53,566) | 8,889,369 | 6,200,502 | - | 32,858 | 8,616,369 | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Change in net unrealized appreciation
|
|
3,495,17
3
|
- | (340,635) | (190,049) | 5,857,881 | - | 312,880 | 6,803,608 | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Net increase (decrease) in net assets |
|
|
||||||||||||||||
resulting from operations | 9,372,252
|
168,712
|
(292,032)
|
9,231,703
|
11,164,493
|
230,703
|
478,451
|
15,935,154
|
||||||||||
|
|
|
|
|
|
|
|
|||||||||||
|
|
|||||||||||||||||
Capital transactions: (Note 8) |
|
|
||||||||||||||||
Net contract payments (Note 6) | 830,511
|
164,538
|
199,015
|
2,763,880
|
1,813,477
|
85,363
|
124,556
|
3,373,127
|
||||||||||
Withdrawal of funds | (10,448,663)
|
(2,283,359)
|
(1,007,671)
|
(22,373,440)
|
(9,594,755)
|
(1,187,731)
|
(1,147,955)
|
(17,502,594)
|
||||||||||
Reimbursement (payment) of
|
|
(99,227)
|
(616) | (842) | (10,332) | 33,443 | (805) | 113,651 | 10,644 | |||||||||
Net charge (credit) to
|
|
(67,239)
|
(14,724) | 956 | 21,309 | (11,449) | (1,246) | (139,332) | (66,042) | |||||||||
Annuity benefit payments | (21,777)
|
(3,620)
|
(2,232)
|
(30,669)
|
(17,435)
|
(4,608)
|
(5,816)
|
(24,874)
|
||||||||||
Withdrawal due to administrative |
|
|
||||||||||||||||
charges and
contingent deferred
|
|
(98,306)
|
(8,311) | (9,704) | (225,710) | (107,712) | (9,342) | (11,902) | (251,541) | |||||||||
Divisional transfers |
943,593
|
141,440
|
(331,438)
|
(753,595)
|
1,951,106
|
203,600
|
563,796
|
(2,718,502)
|
||||||||||
|
|
|
|
|
|
|
|
|||||||||||
Net decrease in net assets |
|
|
||||||||||||||||
assets resulting from capital |
|
|
||||||||||||||||
transactions | (8,961,108)
|
(2,004,652)
|
(1,151,916)
|
(20,608,557)
|
(5,933,325)
|
(914,769)
|
(503,002)
|
(17,179,782)
|
||||||||||
|
|
|
|
|
|
|
|
|||||||||||
Total increase (decrease) | 411,144
|
(1,835,940)
|
(1,443,948)
|
(11,376,854)
|
5,231,168
|
(684,066)
|
(24,551)
|
(1,244,628)
|
||||||||||
|
|
|||||||||||||||||
NET ASSETS, at beginning |
|
|
||||||||||||||||
of the year | 145,022,249
|
11,178,688
|
12,291,014
|
250,301,471
|
143,636,097
|
11,925,882
|
13,405,250
|
254,502,576
|
||||||||||
|
|
|
|
|
|
|
|
|||||||||||
|
|
|||||||||||||||||
NET ASSETS, at end |
|
|
||||||||||||||||
of the period | $
|
145,433,393
|
$
|
9,342,748
|
$
|
10,847,066
|
$
|
238,924,617
|
$
|
148,867,265
|
$
|
11,241,816
|
$
|
13,380,699
|
$
|
253,257,948
|
||
|
|
|
|
|
|
|
|
See Notes to Financial Statements.
Massachusetts Mutual
Variable Annuity Separate Account 1 -
Variable Annuity Fund 4 and Flex-Annuity IV (Qualified)
Notes To Financial
Statements
(Unaudited)
1. HISTORY
Massachusetts Mutual Variable Annuity Separate Account 1 ("Separate Account 1") is a separate investment account established on April 8, 1981 by Massachusetts Mutual Life Insurance Company ("MassMutual"). Separate Account 1 operates as a registered unit investment trust pursuant to the Investment Company Act of 1940 and the rules promulgated thereunder.
MassMutual maintains three segments within Separate Account 1. The segments are Variable Annuity Fund 4, Flex-Annuity IV (Qualified) and Flex Extra (Qualified). These notes and the financial statements presented herein, with the exception of Note 9, describe and consist only of the Variable Annuity Fund 4 and Flex-Annuity IV (Qualified) segments (the "Segment").
2. INVESTMENT OF THE SEGMENT'S ASSETS
The Variable Annuity Fund 4 and the Flex-Annuity IV (Qualified) segments each have four divisions. The MML Equity Division invests in shares of MML Equity Fund, the MML Money Market Division invests in shares of MML Money Market Fund, the MML Managed Bond Division invests in shares of MML Managed Bond Fund and the MML Blend Division invests in shares of MML Blend Fund.
MML Equity Fund, MML Money Market Fund, MML Managed Bond Fund and MML Blend Fund are four of the eight separate series of shares of the MML Series Investment Fund (the "MML Trust"). The MML Trust is a no-load, open-end, management investment company registered under the Investment Company Act of 1940. MassMutual serves as the investment adviser to the MML Trust. David L. Babson and Company, Inc. ("Babson" ), a controlled subsidiary of MassMutual, serves as the investment sub-adviser to MML Equity Fund and the equity sector of the MML Blend Fund.
3. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies followed consistently by the Segment in preparation of the financial statements in conformity with generally accepted accounting principles.
A. Investment Valuation
Investments in MML Equity Fund, MML Money Market Fund, MML Managed Bond Fund and MML Blend Fund are each stated at market value which is the net asset value of each of the respective funds.
B. Accounting For Investments
Investment transactions are accounted for on trade date and identified cost is the basis followed in determining the cost of investments sold for financial statement purposes. Dividend income is recorded on the ex-dividend date.
Notes To Financial Statements (Continued)
C. Federal Income Taxes
Operations of the Segment form a part of the total operations of MassMutual, and the Segment is not taxed separately. MassMutual is taxed as a life insurance company under the provisions of the 1986 Internal Revenue Code, as amended. The Segment will not be taxed as a "regulated investment company " under Subchapter M of the Internal Revenue Code. Under existing federal law, no taxes are payable on investment income and realized capital gains attributable to contracts which depend on the Segment's investment performance. Accordingly, no provision for federal income tax has been made. MassMutual may, however, make such a charge in the future if an unanticipated change of current law results in a company tax liability attributable to the Segment.
D. Annuitant Mortality Fluctuation Reserve
The Segment maintains a reserve as required by regulatory authorities to provide for mortality losses incurred. The reserve is increased quarterly for mortality gains and its proportionate share of any increases in value. The reserve is charged quarterly for mortality losses and its proportionate share of any decreases in value. Transfers to or from MassMutual are then made quarterly to adjust the Segments. Net transfers from the Segments to MassMutual totaled $60,906 and $127,762 for the six months ended June 30, 1999 and 1998, respectively. The reserve is subject to a maximum of 3% of the Segment's annuity reserves. Any mortality losses in excess of this reserve will be assumed by MassMutual. The reserve is not available to owners of contracts except to the extent necessary to cover mortality losses under the contracts.
E. Annuity Reserves
Annuity reserves are developed by using accepted actuarial methods and are computed using the 1971 Individual Annuity Mortality Table, as modified.
F. Estimates
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
4. CHARGES FOR MORTALITY AND EXPENSE RISKS
A. Variable Annuity Fund 4 Contracts
Currently, daily charges for mortality and expense risks assumed by MassMutual are made which are equivalent on an annual basis to 0.730% of the value of the Variable Annuity Fund 4 Contracts. Effective on January 1 of any year after the first Contract year, the daily charge made for the assumption of mortality and expense risks will be as determined by MassMutual, but in no event will such charge be at an annual rate of more than 1.2045% of the value of the Variable Annuity Fund 4 Contracts.
B. Flex-Annuity IV (Qualified) Contracts
Daily charges for mortality and expense risks assumed by MassMutual are made which are equivalent on an annual basis to 1.25% of the value of the Flex-Annuity IV Contracts.
Notes To Financial Statements (Continued)
5. DISTRIBUTION AGREEMENT
MML Investors Services, Inc. (" MMLISI"), a wholly-owned subsidiary of MassMutual, serves as the principal underwriter for the contracts. MMLISI is registered as a broker-dealer under the Securities Exchange Act of 1934 and is a member of the National Association of Securities Dealers, Inc. The contracts are no longer offered for sale to the public. However, contract owners may continue to make purchase payments under existing contracts.
Pursuant to the underwriting and servicing agreements, commissions or other fees due to registered representatives for selling and servicing the contracts are paid by MassMutual on behalf of MMLISI. MMLISI also receives compensation for its activities as underwriter of the contracts.
6. CHARGES/DEDUCTIONS FOR ADMINISTRATIVE CHARGES, CONTINGENT DEFERRED SALES CHARGES AND PREMIUM TAXES
For The Six Months Ended
|
MML
Equity Division |
MML
Money Market Division |
MML
Managed Bond Division |
MML
Blend Division |
|||||
|
|
|
|
||||||
|
|
|
|
||||||
|
|
|
|
||||||
|
|
|
|
||||||
|
|
|
|
|
|
|
|
||
Gross contract payments |
$ |
832,408 |
$ |
165,010 |
$ |
199,872 |
$ |
2,767,962 |
|
Less deductions for administrative and sales expenses and |
|
|
|
|
|
|
|
|
|
premium taxes under Variable Annuity Fund 4 Contracts |
|
1,572 |
|
408 |
|
781 |
|
2,989 |
|
Less deductions for premium taxes under Flex-Annuity IV Contracts |
|
325
|
|
64
|
|
76
|
|
1,093
|
|
Net contract payments |
$ |
830,511
|
$ |
164,538
|
$ |
199,015
|
$ |
2,763,880
|
|
Administrative and contingent deferred sales |
|
|
|
|
|
|
|
|
|
charges under Flex-Annuity IV Contracts |
$ |
98,306
|
$ |
8,311
|
$ |
9,704
|
$ |
225,710
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|||
For The Six Months Ended
|
|
MML
Equity Division |
|
MML
Money Market Division |
|
MML
Managed Bond Division |
|
MML
Blend Division |
|
|
|
|
|
||||||
|
|
|
|
||||||
|
|
|
|
||||||
|
|
|
|
|
|
|
|
||
Gross contract payments |
$ |
1,817,051 |
$ |
86,677 |
$ |
125,710 |
$ |
3,380,547 |
|
Less deductions for administrative and sales expenses and | |
|
|
|
|
|
|
|
|
premium taxes under Variable Annuity Fund 4 Contracts | |
1,561 |
|
1,234 |
|
1,028 |
|
3,687 |
|
Less deductions for premium taxes under Flex-Annuity IV Contracts |
|
2,013
|
|
80
|
|
126
|
|
3,733
|
|
Net contract payments |
$ |
1,813,477
|
$
|
85,363
|
$
|
124,556
|
$
|
3,373,127
|
|
Administrative and contingent deferred sales |
|
|
|
|
|
|
|
|
|
charges under Flex-Annuity IV Contracts |
$ |
107,712
|
$
|
9,342
|
$
|
11,902
|
$
|
251,541
|
|
|
|
|
|
||||||
7. |
PURCHASES AND SALES OF INVESTMENTS |
|
|
|
|||||
|
|
|
|
||||||
For The Six Months Ended
|
|
MML
Equity Division |
|
MML
Money Market Division |
|
MML
Managed Bond Division |
|
MML Blend Division |
|
|
|
|
|
||||||
|
|
|
|
||||||
|
|
|
|
||||||
|
|
|
|
|
|
|
|
||
Cost of purchases |
$ |
8,565,995 |
$ |
1,567,655 |
$ |
692,788 |
$ |
17,104,844 |
|
Proceeds from sales |
|
11,835,472 |
|
3,377,328 |
|
1,610,015 |
|
23,419,280 |
Notes To Financial Statements (Continued)
8. NET DECREASE IN ACCUMULATION UNITS
Variable Annuity Fund 4 Contracts |
||||
|
|
|||
MML
|
MML
|
MML
|
MML
|
|
|
|
|
|
|
For The Six Months Ended June 30, 1999 |
|
|
|
|
|
||||
Units purchased |
1,399 |
1,695 |
1,903 |
5,497 |
Units withdrawn |
(77,690) |
(268,824) |
(31,762) |
(234,490) |
Units transferred between divisions |
2,708 |
(19,212) |
4,517 |
- |
|
|
|
|
|
Net decrease |
(73,583) |
(286,340) |
(25,342) |
(228,993) |
Units, at beginning of the year |
1,118,097 |
887,174 |
345,859 |
2,028,815 |
|
|
|
|
|
Units, at end of the period |
1,044,514 |
600,834 |
320,517 |
1,799,822 |
|
|
|
|
|
|
|
|||
MML
|
MML
|
MML
|
MML
|
|
|
|
|
|
|
For The Six Months Ended June 30, 1998 |
|
|
|
|
|
||||
Units purchased |
1,530 |
5,398 |
2,660 |
7,327 |
Units withdrawn |
(74,478) |
(83,510) |
(49,975) |
(333,888) |
Units transferred between divisions |
1,178 |
19,722 |
680 |
(10,995) |
|
|
|
|
|
Net decrease |
(71,770) |
(58,390) |
(46,635) |
(337,556) |
Units, at beginning of the year |
1,273,191 |
973,364 |
432,147 |
2,585,687 |
|
|
|
|
|
Units, at end of the period |
1,201,421 |
914,974 |
385,512 |
2,248,131 |
|
|
|
|
|
Flex-Annuity IV Contracts |
||||
|
|
|||
MML
|
MML
|
MML
|
MML
|
|
|
|
|
|
|
For the Six Months Ended June 30, 1999 |
|
|
|
|
|
||||
Units purchased |
70,187 |
69,761 |
49,641 |
487,930 |
Units withdrawn |
(830,598) |
(683,677) |
(226,447) |
(3,759,566) |
Units transferred between divisions |
79,421 |
84,712 |
(90,886) |
(136,407) |
Units transferred to annuity reserves |
- |
- |
- |
(6,667) |
|
|
|
|
|
Net decrease |
(680,990) |
(529,204) |
(267,692) |
(3,414,710) |
Units, at beginning of the year |
11,301,840 |
3,832,215 |
2,729,709 |
42,436,643 |
|
|
|
|
|
Units, at end of the period |
10,620,850 |
3,303,011 |
2,462,017 |
39,021,933 |
|
|
|
|
|
|
|
|||
MML
|
MML
|
MML
|
MML
|
|
|
|
|
|
|
For the Six Months Ended June 30, 1998 |
|
|
|
|
|
||||
Units purchased |
167,411 |
32,206 |
30,376 |
626,749 |
Units withdrawn |
(820,388) |
(443,357) |
(254,210) |
(3,008,479) |
Units transferred between divisions |
178,685 |
70,559 |
152,583 |
(507,691) |
Units transferred to annuity reserves |
- |
- |
- |
(12,124) |
|
|
|
|
|
Net decrease |
(474,292) |
(340,592) |
(71,251) |
(2,901,545) |
Units, at beginning of the year |
12,873,716 |
4,264,075 |
3,129,633 |
48,121,541 |
|
|
|
|
|
Units, at end of the period |
12,399,424 |
3,923,483 |
3,058,382 |
45,219,996 |
|
|
|
|
Notes To Financial Statements (Continued)
9. CONSOLIDATED MASSACHUSETTS MUTUAL VARIABLE ANNUITY SEPARATE ACCOUNT 1
As discussed in Note 1, the financial statements only represent activity of the Variable Annuity Fund 4 and Flex-Annuity IV (Qualified) segment of the Massachusetts Mutual Variable Annuity Separate Account 1. The combined net assets as of June 30, 1999 for Massachusetts Mutual Variable Annuity Separate Account 1, which includes the segments pertaining to the Variable Annuity Fund 4, Flex-Annuity IV (Qualified) and Flex Extra (Qualified) are as follows:
MML
|
|
MML
|
|
MML
|
|
MML
|
|
*Oppenheimer
|
|
*Oppenheimer
|
|
*Oppenheimer
|
||
|
|
|
|
|
|
|
||||||||
Total assets |
$ |
2,025,728,397 |
$ |
98,463,268 |
$ |
145,645,712 |
$ |
2,193,578,921 |
$ |
462,742,883 |
$ |
283,744,443 |
$ |
74,524,128 |
Total liabilities |
303,994 |
2,118 |
4,073 |
211,423 |
113,798 |
51,300 |
742 |
|||||||
|
|
|
|
|
|
|
||||||||
Net assets |
$ |
2,025,424,403 |
$ |
98,461,150 |
$ |
145,641,639 |
$ |
2,193,367,498 |
$ |
462,629,085 |
$ |
283,693,143 |
$ |
74,523,386 |
|
|
|
|
|
|
|
||||||||
Net assets consist of: |
|
|
|
|
|
|
|
|||||||
Accumulation units - value |
$ |
2,023,942,444 |
$ |
98,390,528 |
$ |
145,505,865 |
$ |
2,190,770,269 |
$ |
462,535,257 |
$ |
283,650,436 |
$ |
74,501,387 |
Annuity reserves |
1,481,959 |
70,622 |
135,774 |
2,597,229 |
93,828 |
42,707 |
21,999 |
|||||||
|
|
|
|
|
|
|
||||||||
Net assets |
$ |
2,025,424,403 |
$ |
98,461,150 |
$ |
145,641,639 |
$ |
2,193,367,498 |
$ |
462,629,085 |
$ |
283,693,143 |
$ |
74,523,386 |
|
|
|
|
|
|
|
||||||||
*Offered on the Flex Extra (Qualified) Contracts only. |
|