|
Previous: MASSACHUSETTS MUTUAL VARIABLE ANNUITY SEPARATE ACCOUNT 1, N-30D, 2000-02-24 |
Next: KILICO VARIABLE ANNUITY SEPARATE ACCOUNT, NSAR-U, 2000-02-24 |
Massachusetts Mutual Variable Annuity Separate Account 1 --
Flex Extra (Qualified)
Part 11
Part 11 was not included with the Annual Report (N30-D filing) sent to the contract owners in February, 2000. The contract owners did receive the accompanying Separate Account financial statements and the respective underlying Fund reports that the Massachusetts Mutual Variable Annuity Separate Account 1-Flex Extra (Qualified) invest in.
The following underlying Funds that were sent to the contract owners are incorporated by reference in this filing to the SEC as part of the Edgarization filing:
1.
|
The MML Series Investment Fund was edgarized and filed with the SEC in February, 2000 under File number 811-0224. |
|
2. | The Oppenheimer Variable Account Fund was edgarized and filed with the SEC in February, 2000 under File number 811-04108. |
MASSACHUSETTS MUTUAL LIFE
INSURANCE COMPANY
|
Robert J. O
Connell
|
President and Chief
Executive Officer
|
MML
Equity Division |
MML
Money Market Division |
MML
Managed Bond Division |
MML
Blend Division |
* Oppenheimer
Capital Appreciation Division |
Oppenheimer
Global Securities Division |
Oppenheimer
Strategic Bond Division |
||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
ASSETS | ||||||||||||||
Investments | ||||||||||||||
Number of shares (Note 2) | 42,051,500 | 97,496,294 | 10,410,767 | 70,765,817 | 8,952,508 | 12,064,160 | 14,213,510 | |||||||
Identified cost (Note 3B) | $1,145,995,171 | $ 97,496,294 | $ 127,484,076 | $1,451,559,429 | $ 357,296,415 | $ 229,051,704 | $ 72,130,129 | |||||||
Value (Note 3A) | $1,537,208,799 | $ 97,496,294 | $ 120,872,748 | $1,663,472,319 | $ 736,880,929 | $ 403,063,573 | $ 70,641,144 | |||||||
Dividends receivable | 48,169,944 | 419,198 | 1,838,966 | 45,843,938 | - | - | - | |||||||
Receivable from Massachusetts
Mutual Life Insurance
Company |
- | - | - | - | - | - | - | |||||||
Other assets | 2,041 | 19 | 336 | 3,191 | 368 | 223 | 122 | |||||||
Total assets | 1,585,380,784 | 97,915,511 | 122,712,050 | 1,709,319,448 | 736,881,297 | 403,063,796 | 70,641,266 | |||||||
LIABILITIES | ||||||||||||||
Annuitant mortality fluctuation reserve (Note 3D) | 31,410 | 354 | 2,655 | 56,579 | 4,774 | 2,984 | 627 | |||||||
Payable to Massachusetts Mutual Life Insurance Company | 6,079,967 | 433,486 | 487,564 | 6,840,457 | 2,449,397 | 1,077,277 | 419,147 | |||||||
Total liabilities | 6,111,377 | 433,840 | 490,219 | 6,897,036 | 2,454,171 | 1,080,261 | 419,774 | |||||||
NET ASSETS | $1,579,269,407 | $ 97,481,671 | $ 122,221,831 | $1,702,422,412 | $ 734,427,126 | $ 401,983,535 | $ 70,221,492 | |||||||
Net Assets: | ||||||||||||||
Accumulation units value | $1,578,222,391 | $ 97,469,874 | $ 122,133,320 | $1,700,536,460 | $ 734,267,997 | $ 401,884,077 | $ 70,200,599 | |||||||
Annuity reserves (Note 3E) | 1,047,016 | 11,797 | 88,511 | 1,885,952 | 159,129 | 99,458 | 20,893 | |||||||
Net assets | $1,579,269,407 | $ 97,481,671 | $ 122,221,831 | $1,702,422,412 | $ 734,427,126 | $ 401,983,535 | $ 70,221,492 | |||||||
Accumulation units (Note 8) | ||||||||||||||
Contractowners | 391,979,714 | 57,438,136 | 54,486,992 | 515,226,264 | 211,951,583 | 178,746,173 | 51,370,362 | |||||||
Massachusetts Mutual Life Insurance Company | - | - | - | - | 5,000 | 5,000 | 5,000 | |||||||
Total units | 391,979,714 | 57,438,136 | 54,486,992 | 515,226,264 | 211,956,583 | 178,751,173 | 51,375,362 | |||||||
NET ASSET VALUE PER ACCUMULATION UNIT | ||||||||||||||
December 31, 1999 | $ 4.03 | $ 1.70 | $ 2.24 | $ 3.30 | $ 3.46 | $ 2.25 | $ 1.37 | |||||||
December 31, 1998 | 4.24 | 1.64 | 2.31 | 3.39 | 1.91 | 1.44 | 1.35 | |||||||
December 31, 1997 | 3.70 | 1.58 | 2.17 | 3.02 | 1.72 | 1.28 | 1.33 | |||||||
December 31, 1996 | 2.91 | 1.52 | 2.00 | 2.53 | 1.56 | 1.05 | 1.23 | |||||||
December 31, 1995 | 2.45 | 1.47 | 1.96 | 2.25 | 1.32 | 0.91 | 1.12 |
*
|
This division invests in the
Oppenheimer Aggressive Growth Fund/VA.
|
MML
Equity Division |
MML
Money Market Division |
MML
Managed Bond Division |
MML
Blend Division |
* Oppenheimer
Capital Appreciation Division |
Oppenheimer
Global Securities Division |
Oppenheimer
Strategic Bond Division |
|||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Investment income | |||||||||||||||||||
Dividends (Note 3B) | $ 48,184,517 | $ 4,189,261 | $ 8,204,015 | $ 93,148,022 | $ - | $ 11,529,949 | $4,314,109 | ||||||||||||
Expenses | |||||||||||||||||||
Mortality and expense risk fees
and administrative expenses
(Note 4) |
22,846,112 | 1,161,684 | 1,733,391 | 24,323,942 | 6,123,138 | 3,729,058 | 968,036 | ||||||||||||
Net investment income (loss) (Note 3C) | 25,338,405 | 3,027,577 | 6,470,624 | 68,824,080 | (6,123,138 | ) | 7,800,891 | 3,346,073 | |||||||||||
Net realized and unrealized gain (loss) on investments | |||||||||||||||||||
Net realized gain (loss) on investments (Notes 3B, 3C and 7) | 105,459,577 | - | (1,317,346 | ) | 85,411,666 | 12,275,364 | 7,289,689 | 93,999 | |||||||||||
Change in net unrealized
appreciation/depreciation of
investments |
(217,242,437 | ) | - | (9,397,685 | ) | (199,070,966 | ) | 314,988,560 | 128,092,626 | (2,408,568 | ) | ||||||||
Net gain (loss) on investments | (111,782,860 | ) | - | (10,715,031 | ) | (113,659,300 | ) | 327,263,924 | 135,382,295 | (2,315,109 | ) | ||||||||
Net increase (decrease) in net
assets resulting from
operations |
$ (86,444,455 | ) | $ 3,027,677 | $ (4,244,407 | ) | $ (44,835,220 | ) | $321,140,786 | $143,183,186 | $1,030,904 | |||||||||
*
|
This division invests in the
Oppenheimer Aggressive Growth Fund/VA.
|
MML
Equity Division |
MML
Money Market Division |
MML
Managed Bond Division |
MML
Blend Division |
*Oppenheimer
Capital Appreciation Division |
Oppenheimer
Global Securities Division |
Oppenheimer
Strategic Bond Division |
|||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Increase (decrease) in net assets | |||||||||||||||||||||
Operations: | |||||||||||||||||||||
Net investment income (loss) | $ 25,338,405 | $ 3,027,577 | $ 6,470,624 | $ 68,824,080 | $ (6,123,138 | ) | $ 7,800,891 | $ 3,346,073 | |||||||||||||
Net realized gain (loss) on investments | 105,459,577 | - | (1,317,346 | ) | 85,411,666 | 12,272,364 | 7,289,669 | 93,399 | |||||||||||||
Change in net
unrealized appreciation/depreciation of
investments |
(217,242,437 | ) | - | (9,397,685 | ) | (199,070,966 | ) | 314,988,560 | 128,092,626 | (2,408,568 | ) | ||||||||||
Net increase (decrease) in net assets resulting from operations | (86,444,455 | ) | 3,027,577 | (4,244,407 | ) | (44,835,220 | ) | 321,140,786 | 143,183,186 | 1,030,904 | |||||||||||
Capital transactions: (Note 8) | |||||||||||||||||||||
Net contract payments (Note 6) | 164,645,688 | 19,644,103 | 16,726,627 | 149,366,064 | 56,528,672 | 31,599,299 | 7,656,857 | ||||||||||||||
Transfer to Guaranteed Principal Account | (8,753,787 | ) | (2,715,818 | ) | (2,073,037 | ) | (9,495,444 | ) | (2,006,535 | ) | (1,224,243 | ) | (566,782 | ) | |||||||
Withdrawal of funds | (270,663,968 | ) | (25,419,093 | ) | (19,036,479 | ) | (279,479,979 | ) | 63,645,151 | ) | (38,695,742 | ) | (9,830,387 | ) | |||||||
Reimbursement
(payment) of accumulation unit value
fluctuation |
992,502 | 238 | 11,679 | 715,142 | (819,486 | ) | (359,503 | ) | (8,303 | ) | |||||||||||
Net charge (credit) to
annuitant mortality fluctuation
reserve (Note 3D) |
(9,233 | ) | 173 | (338 | ) | 27,176 | (917 | ) | (6,298 | ) | 166 | ||||||||||
Annuity benefit payments | (171,472 | ) | (1,323 | ) | (12,953 | ) | (225,008 | ) | (10,812 | ) | (448 | ) | (1,422 | ) | |||||||
Withdrawals due to
administrative and contingent deferred sales
charges (Note 6) |
(4,721,356 | ) | (315,856 | ) | (849,178 | ) | (5,112,680 | ) | (1,201,712 | ) | (619,457 | ) | (143,093 | ) | |||||||
Divisional transfers | (21,378,081 | ) | 18,313,858 | (6,189,342 | ) | (37,650,302 | ) | 40,441,196 | 14,318,058 | (7,855,387 | ) | ||||||||||
Net increase (decrease) in net
assets resulting from
capital transactions |
(140,059,707 | ) | 9,506,282 | (11,429,021 | ) | (181,855,031 | ) | 29,285,255 | 5,011,666 | (10,748,351 | ) | ||||||||||
Total increase (decrease) | (226,504,162 | ) | 12,533,859 | (15,667,428 | ) | (226,690,251 | ) | 350,426,041 | 148,194,852 | (9,717,447 | ) | ||||||||||
NET ASSETS, at beginning of the year | 1,805,773,569 | 84,947,812 | 137,889,259 | 1,929,112,663 | 384,001,085 | 253,788,683 | 79,938,939 | ||||||||||||||
NET ASSETS, at end of the year | $1,579,269,407 | $97,481,671 | $122,221,831 | $1,702,422,412 | $734,427,126 | $401,983,535 | $70,221,492 | ||||||||||||||
*
|
This division invests in the
Oppenheimer Aggressive Growth Fund/VA.
|
MML
Equity Division |
MML
Money Market Division |
MML
Managed Bond Division |
MML
Blend Division |
*Oppenheimer
Capital Appreciation Division |
Oppenheimer
Global Securities Division |
Oppenheimer
Strategic Bond Division |
|||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Increase (decrease) in net assets | |||||||||||||||||||||
Operations: | |||||||||||||||||||||
Net investment income | $ 65,832,910 | $ 2,754,174 | $ 6,435,688 | $ 137,290,071 | $ 4,621,601 | $ 18,312,826 | $ 1,029,818 | ||||||||||||||
Net realized gain on investments | 40,715,247 | - | 175,578 | 40,453,309 | 3,796,453 | 2,316,249 | 585,727 | ||||||||||||||
Change in net
unrealized appreciation/depreciation of
investments |
120,868,915 | - | 1,355,721 | 31,568,535 | 27,334,115 | 5,708,659 | (647,713 | ) | |||||||||||||
Net increase in net assets resulting from operations | 227,417,072 | 2,754,174 | 7,966,987 | 209,311,915 | 35,752,169 | 26,337,734 | 967,832 | ||||||||||||||
Capital transactions: (Note 8) | |||||||||||||||||||||
Net contract payments (Note 6) | 234,334,365 | 42,984,690 | 25,793,792 | 226,272,450 | 78,684,856 | 49,990,108 | 24,010,666 | ||||||||||||||
Transfer to Guaranteed Principal Account | (8,680,723 | ) | (2,534,720 | ) | (626,871 | ) | (10,542,006 | ) | (1,459,346 | ) | (1,195,538 | ) | (566,275 | ) | |||||||
Withdrawal of funds | (188,939,283 | ) | (15,932,582 | ) | (15,269,421 | ) | (216,569,542 | ) | (34,226,369 | ) | (22,863,954 | ) | (7,045,668 | ) | |||||||
Reimbursement
(payment) of accumulation unit value
fluctuation |
(338,003 | ) | 3,327 | (171,552 | ) | (558,141 | ) | (81,958 | ) | (34,093 | ) | (7,199 | ) | ||||||||
Net charge (credit) to
annuitant mortality fluctuation
reserve (Note 3D) |
36,577 | 99 | 2,739 | (3,721 | ) | 5,939 | (796 | ) | 1,944 | ||||||||||||
Annuity benefit payments | (137,922 | ) | (1,329 | ) | (12,651 | ) | (200,531 | ) | (7,154 | ) | (2,900 | ) | (3,404 | ) | |||||||
Withdrawals due to
administrative and contingent
deferred sales charges (Note 6) |
(3,928,657 | ) | (230,496 | ) | (778,593 | ) | (4,707,537 | ) | (764,333 | ) | (395,028 | ) | (102,820 | ) | |||||||
Divisional transfers | 15,051,030 | (11,732,070 | ) | 8,131,600 | (9,727,276 | ) | 80,515 | 1,576,742 | (3,380,541 | ) | |||||||||||
Net increase (decrease) in net
assets resulting from capital
transactions |
47,397,384 | 12,556,919 | 17,069,043 | (16,036,304 | ) | 42,232,150 | 27,074,541 | 12,906,703 | |||||||||||||
Total increase | 274,814,456 | 15,311,093 | 25,036,030 | 193,275,611 | 77,984,319 | 53,412,275 | 13,874,535 | ||||||||||||||
NET ASSETS, at beginning of the year | 1,530,959,113 | 69,636,719 | 112,853,229 | 1,735,837,052 | 306,016,766 | 200,376,408 | 66,064,404 | ||||||||||||||
NET ASSETS, at end of the year | $1,805,773,569 | $ 84,947,812 | $ 137,889,259 | $1,929,112,663 | $ 384,001,085 | $ 253,788,683 | $ 79,938,939 | ||||||||||||||
*
|
This division invests in the
Oppenheimer Aggressive Growth Fund/VA. Prior to May 1, 1998, Oppenheimer
Aggressive Growth Fund was called the Oppenheimer Capital Appreciation
Fund.
|
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 (the 1940 Act) 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 Flex Extra (Qualified) segment (the
Segment).
|
On September 13, 1994,
MassMutual paid $15,000 to provide the initial capital for the Segment
s three most recently established divisions: 1,516 shares were
purchased in the management investment company described in Note 2
supporting the three Oppenheimer divisions of the Segment.
|
2.
|
INVESTMENT OF THE SEGMENTS
ASSETS
|
The Flex Extra (Qualified)
Segment maintains seven 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, the MML Blend Division invests in shares of MML
Blend Fund, the Oppenheimer Capital Appreciation Division invests in
shares of Oppenheimer Aggressive Growth Fund/VA, the Oppenheimer Global
Securities Division invests in shares of Oppenheimer Global Securities
Fund/VA and the Oppenheimer Strategic Bond Division invests in shares of
Oppenheimer Strategic Bond Fund/VA.
|
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 an open-end, management
investment company registered under the 1940 Act. MassMutual serves as the
investment adviser to the MML Trust. David L. Babson & Company, Inc. (
Babson) a controlled subsidiary of MassMutual, served as the
investment sub-adviser to MML Equity Fund and the equity sector of the MML
Blend Fund (effective January 1, 2000, Babson will continue to serve as
the sub-adviser to the MML Equity Fund and will become the sub-advisor to
the MML Money Market Fund, MML Managed Bond Fund and the entire MML Blend
Fund).
|
Oppenheimer Aggressive
Growth Fund/VA, Oppenheimer Global Securities Fund/VA and Oppenheimer
Strategic Bond Fund/VA are part of the Oppenheimer Variable Account Funds
(the Oppenheimer Trust). The Oppenheimer Trust is a
diversified, open-end, management investment company registered under the
1940 Act, for which OppenheimerFunds, Inc. (OFI), a controlled
subsidiary of MassMutual, serves as investment adviser.
|
In addition to the seven
divisions of the Segment, a contract owner may also allocate funds to the
Guaranteed Principal Account, which is part of MassMutuals general
account. Because of exemptive and exclusionary provisions, interests in
the Guaranteed Principal Account, which is part of MassMutuals
general account, are not registered under the Securities Act of 1933.
Also, the general account is not registered as an investment company under
the 1940 Act.
|
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 Trust
and Oppenheimer Trust are each stated at market value which is the net
asset value of each of the respective underlying 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.
|
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 Segments 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 Segment. Net transfers from MassMutual to the
segment totaled $18,448 and $218,271 for the years ended December 31, 1999
and 1998. The reserve is subject to a maximum of 3% of the Segments
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 AND
ADMINISTRATIVE EXPENSES
|
Daily charges are made
which are currently equivalent on an annual basis to 1.30% of the net
asset value of the Segment (the Net Asset Value). The
mortality and expense risk part of this charge is made daily at an annual
rate which is currently equal to 1.15%, and will not exceed 1.25% of the
Net Asset Value. The administrative expense part of this charge is made
daily at an annual rate of 0.15% of the Net Asset Value.
|
5.
|
DISTRIBUTION AGREEMENT
|
MML Distributors, LLC (
MML Distributors), a wholly-owned subsidiary of MassMutual,
serves as the principal underwriter for the contracts pursuant to an
underwriting and servicing agreement among MML Distributors, MassMutual
and Separate Account 1. MML Distributors is registered with the Securities
and Exchange Commission (the SEC) as a broker-dealer under the
Securities Exchange Act of 1934 and is a member of the National
Association of Securities Dealers, Inc. (the NASD). MML
Distributors may enter into selling agreements with other broker-dealers
who are registered with the SEC and are members of the NASD in order to
sell the contracts.
|
MML Investors Services,
Inc. (MMLISI), a wholly-owned subsidiary of MassMutual, serves
as co-underwriter for the contracts pursuant to underwriting and servicing
agreements among MMLISI, MassMutual and Separate Account 1.
MMLISI is registered with the SEC as a broker-dealer under the Securities
Exchange Act of 1934 and is a member of the NASD. Registered
representatives of MMLISI sell the contracts as authorized variable life
insurance agents under applicable state insurance laws.
|
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 MML Distributors or MMLISI. MML
Distributors and MMLISI also receive compensation for their activities as
underwriters of the contracts.
|
6.
|
CHARGES/DEDUCTIONS FOR ADMINISTRATIVE CHARGES,
CONTINGENT DEFERRED SALES CHARGES AND PREMIUM TAXES
|
For The Year Ended | MML
Equity Division |
MML
Money Market Division |
MML
Managed Bond Division |
MML
Blend Division |
Oppenheimer
Capital Appreciation Division |
Oppenheimer
Global Securities Division |
Oppenheimer
Strategic Bond Division |
||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
December 31, 1999 |
|||||||||||||||||||||||||||||||||||||||||||
Gross contract payments | $164,686,863 | $19,649,016 | $16,730,810 | $149,403,418 | $56,542,809 | $31,607,202 | $ 7,658,772 | ||||||||||||||||||||||||||||||||||||
Less deduction for premium taxes | 41,175 | 4,913 | 4,183 | 37,354 | 14,137 | 7,903 | 1,915 | ||||||||||||||||||||||||||||||||||||
Net contract payments | $164,645,688 | $19,644,103 | $16,726,627 | $149,366,064 | $56,528,672 | $31,599,299 | $ 7,656,857 | ||||||||||||||||||||||||||||||||||||
Administrative and contingent deferred sales charges | $ 4,721,356 | $ 315,856 | $ 849,178 | $ 5,112,680 | $ 1,201,712 | $ 619,457 | $ 143,093 | ||||||||||||||||||||||||||||||||||||
For The Year Ended | MML
Equity Division |
MML
Money Market Division |
MML
Managed Bond Division |
MML
Blend Division |
Oppenheimer
Capital Appreciation Division |
Oppenheimer
Global Securities Division |
Oppenheimer
Strategic Bond Division |
||||||||||||||||||||||||||||||||||||
December 31, 1998 |
|||||||||||||||||||||||||||||||||||||||||||
Gross contract payments | $234,397,808 | $42,996,327 | $25,800,775 | $226,333,711 | $78,706,159 | $50,003,642 | $24,017,166 | ||||||||||||||||||||||||||||||||||||
Less deduction for premium taxes | 63,443 | 11,637 | 6,983 | 61,261 | 21,303 | 13,534 | 6,500 | ||||||||||||||||||||||||||||||||||||
Net contract payments | $234,334,365 | $42,984,690 | $25,793,792 | $226,272,450 | $78,684,856 | $49,990,108 | $24,010,666 | ||||||||||||||||||||||||||||||||||||
Administrative and contingent deferred sales charges | $ 3,928,657 | $ 230,496 | $ 778,593 | $ 4,707,537 | $ 764,333 | $ 395,028 | $ 102,820 | ||||||||||||||||||||||||||||||||||||
7. PURCHASES AND SALES OF INVESTMENTS | |||||||||||||||||||||||||||||||||||||||||||
For The Year Ended | MML
Equity Division |
MML
Money Market Division |
MML
Managed Bond Division |
MML
Blend Division |
Oppenheimer
Capital Appreciation Division |
Oppenheimer
Global Securities Division |
Oppenheimer
Strategic Bond Division |
||||||||||||||||||||||||||||||||||||
December 31, 1999 |
|||||||||||||||||||||||||||||||||||||||||||
Cost of purchases | $113,184,124 | $54,791,840 | $18,301,810 | $180,145,631 | $49,993,441 | $31,818,034 | $ 7,105,848 | ||||||||||||||||||||||||||||||||||||
Proceeds from sales | (191,688,452 | ) | (41,442,134 | ) | (22,583,716 | ) | (225,913,597 | ) | (26,105,368 | ) | (19,060,596 | ) | (14,319,599 | ) |
8.
|
NET
INCREASE (DECREASE) IN ACCUMULATION UNITS
|
For The Year Ended | MML
Equity Division |
MML
Money Market Division |
MML
Managed Bond Division |
MML
Blend Division |
Oppenheimer
Capital Appreciation Division |
Oppenheimer
Global Securities Division |
Oppenheimer
Strategic Bond Division |
||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
December 31, 1999 |
|||||||||||||||||||||
Units purchased | 38,936,751 | 11,902,635 | 7,356,213 | 44,140,390 | 25,073,912 | 19,756,450 | 5,694,099 | ||||||||||||||
Units withdrawn and transferred to Guaranteed Principal Account | (67,035,132 | ) | (17,105,478 | ) | (9,683,176 | ) | (86,782,229 | ) | (28,711,271 | ) | (24,736,079 | ) | (7,827,696 | ) | |||||||
Units transferred between divisions | (5,425,289 | ) | 10,867,957 | (2,749,545 | ) | (11,292,201 | ) | 14,746,187 | 7,187,999 | (5,852,216 | ) | ||||||||||
Units transferred to annuity reserves | (92,733 | ) | - | (6,103 | ) | (48,954 | ) | (15,364 | ) | (27,665 | ) | - | |||||||||
Net increase (decrease) | (33,616,403 | ) | 5,665,114 | (5,082,611 | ) | (53,982,994 | ) | 11,093,464 | 2,180,705 | (7,985,813 | ) | ||||||||||
Units, at beginning of the year | 425,596,117 | 51,773,022 | 59,569,603 | 569,209,258 | 200,863,119 | 176,570,468 | 59,361,175 | ||||||||||||||
Units, at end of the year | 391,979,714 | 57,438,136 | 54,486,992 | 515,226,264 | 211,956,583 | 178,751,173 | 51,375,362 | ||||||||||||||
For The Year Ended | MML
Equity Division |
MML
Money Market Division |
MML
Managed Bond Division |
MML
Blend Division |
Oppenheimer
Capital Appreciation Division |
Oppenheimer
Global Securities Division |
Oppenheimer
Strategic Bond Division |
||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
December 31, 1998 |
|||||||||||||||||||||
Units purchased | 59,734,461 | 26,754,409 | 11,399,352 | 71,075,656 | 44,410,224 | 37,130,101 | 17,833,894 | ||||||||||||||
Units withdrawn and transferred to Guaranteed Principal Account | (51,636,826 | ) | (11,662,859 | ) | (7,400,382 | ) | (72,902,856 | ) | (20,774,729 | ) | (18,331,820 | ) | (5,759,178 | ) | |||||||
Units transferred between divisions | 3,612,016 | (7,379,349 | ) | 3,535,629 | (3,097,482 | ) | (359,270 | ) | 710,523 | (2,540,000 | ) | ||||||||||
Units transferred to annuity reserves | (48,546 | ) | - | - | (78,931 | ) | (17,205 | ) | (6,958 | ) | - | ||||||||||
Net increase (decrease) | 11,661,105 | 7,712,201 | 7,534,599 | (5,003,613 | ) | 23,259,020 | 19,501,846 | 9,534,716 | |||||||||||||
Units, at beginning of the year | 413,935,012 | 44,060,821 | 52,035,004 | 574,212,871 | 177,604,099 | 157,068,622 | 49,826,459 | ||||||||||||||
Units, at end of the year | 425,596,117 | 51,773,022 | 59,569,603 | 569,209,258 | 200,863,119 | 176,570,468 | 59,361,175 | ||||||||||||||
9.
|
CONSOLIDATED MASSACHUSETTS MUTUAL VARIABLE
ANNUITY SEPARATE ACCOUNT 1
|
As discussed in Note 1,
the financial statements only represent activity of the Flex Extra
(Qualified) segment of the Massachusetts Mutual Variable Annuity Separate
Account 1. The combined net assets as of December 31, 1999 for the
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
Equity Division |
MML
Money Market Division |
MML
Managed Bond Division |
MML
Blend Division |
*Oppenheimer
Capital Appreciation Division |
*Oppenheimer
Global Securities Division |
*Oppenheimer
Strategic Bond Division |
||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Total assets | $1,703,866,600 | $107,644,771 | $132,667,722 | $1,912,871,928 | $736,881,297 | $403,063,796 | $70,641,266 | |||||||
Total liabilities | 6,450,532 | 461,959 | 521,566 | 7,579,548 | 2,454,171 | 1,080,261 | 419,774 | |||||||
Net assets | $1,697,416,068 | $107,182,812 | $132,146,156 | $1,905,292,380 | $734,427,126 | $401,983,535 | $70,221,492 | |||||||
Net assets consist of: | ||||||||||||||
Accumulation units value | $1,695,899,210 | $107,114,013 | $132,019,299 | $1,902,938,611 | $734,267,997 | $401,884,077 | $70,200,599 | |||||||
Annuity reserves | 1,516,858 | 68,799 | 126,857 | 2,353,769 | 159,129 | 99,458 | 20,893 | |||||||
Net assets | $1,697,416,068 | $107,182,812 | $132,146,156 | $1,905,292,380 | $734,427,126 | $401,983,535 | $70,221,492 | |||||||
*
|
Offered on the Flex Extra
(Qualified) Contracts only.
|
|