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Previous: ZYMETX INC, 3, 2000-04-25 |
Next: MASSACHUSETTS MUTUAL VARIABLE ANNUITY SEPARATE ACCOUNT 3, 485BPOS, 2000-04-25 |
¨
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immediately upon
filing pursuant to paragraph (b) of Rule 485.
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x
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on May 1, 2000
pursuant to paragraph (b) of Rule 485.
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¨
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60 days after
filing pursuant to paragraph (a) of Rule 485.
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¨
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on (date) pursuant
to paragraph (a) of Rule 485.
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¨
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This post-effective
amendment designates a new effective date for a previously filed
post-effective amendment.
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N- 4 Item |
Caption in
Prospectus |
||||
---|---|---|---|---|---|
1 | Cover Page | ||||
2 | Index of Special Terms | ||||
3 | Table of Fees & Expenses | ||||
4 | Condensed Financial Information; Performance | ||||
5 | The Company; Investment Choices | ||||
6 | Expenses; Distributors | ||||
7 | Ownership;
Purchasing a Contract; Voting Rights;
Reservation of Rights; Contract Value; Cover Page |
||||
8 | The Income Phase | ||||
9 | Death Benefit | ||||
10 | The Accumulation Phase; Distributors | ||||
11 | Highlights; Withdrawals | ||||
12 | Taxes | ||||
13 | Legal Proceedings | ||||
14 | Additional Information | ||||
Caption in Statement of Additional
Information |
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15 | Cover Page | ||||
16 | Table of Contents | ||||
17 | General Information | ||||
18 | Distribution; Experts | ||||
19 | Purchase of Securities Being Offered | ||||
20 | Distribution | ||||
21 | Performance Measures | ||||
22 | Contract Value Calculations | ||||
23 | Financial Statements | ||||
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MML
Blend Fund
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MML
Equity Fund
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MML
Managed Bond Fund
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MML
Money Market Fund
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Oppenheimer Aggressive Growth Fund/VA
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Oppenheimer Bond Fund/VA
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Oppenheimer Capital Appreciation Fund/VA
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Oppenheimer Global Securities Fund/VA
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Oppenheimer High Income Fund/VA
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Oppenheimer Main Street® Growth & Income
Fund/VA
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Oppenheimer Money Fund/VA
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Oppenheimer Multiple Strategies Fund/VA
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Oppenheimer Small Cap Growth Fund/VA
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Oppenheimer Strategic Bond Fund/VA
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are not
bank deposits.
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are not
federally insured.
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are not
endorsed by any bank or governmental agency.
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are not
guaranteed and may be subject to loss of
principal.
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The
SEC has not approved these contracts or determined that this
prospectus is accurate or complete. Any representation that it
has is a criminal offense.
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Page | |||||
---|---|---|---|---|---|
Accumulation Phase | 9 | ||||
Accumulation Unit | 15 | ||||
Annuitant | 10 | ||||
Annuity Options | 23 | ||||
Annuity Payments | 22 | ||||
Annuity Service Center | 1 | ||||
Annuity Unit Value | 23 | ||||
Contract Year | 25 | ||||
Free Withdrawals | 20 | ||||
Income Phase | 9 | ||||
Maturity Date | 22 | ||||
Non-Qualified | 26 | ||||
Purchase Payment | 11 | ||||
Qualified | 26 | ||||
Separate Account | 12 | ||||
Tax Deferral | 9 |
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paid on
or after you reach age 59 1
/2;
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paid to
your beneficiary after you die;
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paid if
you become totally disabled as the term is defined in the
Internal Revenue Code;
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paid in
a series of substantially equal periodic payments made
annually or more frequently, for life or you life expectancy
or for the joint lives or joint life expectancies of you and
your designated beneficiary;
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paid
under immediate annuity; or
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that
come from purchase payments made prior to August 14,
1982.
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During
the Accumulation Phase:
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None for the first 14 transfers in a contract year. We charge $20 for each transfer thereafter. |
During
the Income Phase:
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We allow transfers only if a variable monthly income option is in effect. We limit transfers to once every three months. We do not charge for these transfers. |
Sales Load on Purchases: | None
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Full years since payment | 0 | 1 | 2 | 3 | 4 | 5 | 6 | 7 or more | |||||||||||||||
Percentage | 7 | % | 6 | % | 5 | % | 4 | % | 3 | % | 2 | % | 1 | % | 0% |
$30
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1.15%
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0.15%
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0.10%
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1.40%
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Management
Fees |
Other
Expenses After Expense Reimbursements |
Total Operating
Expenses After Expense Reimbursements |
|||||||
---|---|---|---|---|---|---|---|---|---|
MML Blend Fund | 0.37 | % | 0.01 | %* | 0.38 | % | |||
MML Equity Fund | 0.37 | % | 0.00 | %* | 0.37 | % | |||
MML Managed Bond Fund | 0.47 | % | 0.03 | %* | 0.50 | % | |||
MML Money Market Fund | 0.46 | % | 0.04 | %* | 0.50 | % | |||
Oppenheimer Aggressive Growth Fund/VA | 0.66 | % | 0.01 | % | 0.67 | % | |||
Oppenheimer Bond Fund/VA | 0.72 | % | 0.01 | % | 0.73 | % | |||
Oppenheimer Capital Appreciation Fund/VA | 0.68 | % | 0.02 | % | 0.70 | % | |||
Oppenheimer Global Securities Fund/VA | 0.67 | % | 0.02 | % | 0.69 | % | |||
Oppenheimer High Income Fund/VA | 0.74 | % | 0.01 | % | 0.75 | % | |||
Oppenheimer Main Street® Growth & Income
Fund/VA |
0.73 | % | 0.05 | % | 0.78 | % | |||
Oppenheimer Money Fund/VA | 0.45 | % | 0.03 | % | 0.48 | % | |||
Oppenheimer Multiple Strategies Fund/VA | 0.72 | % | 0.01 | % | 0.73 | % | |||
Oppenheimer Small Cap Growth Fund/VA | 0.75 | % | 0.59 | %** | 1.34 | %** | |||
Oppenheimer Strategic Bond Fund/VA | 0.74 | % | 0.04 | % | 0.78 | % |
Year | 1 | 3 | 5 | 10 | ||||||
---|---|---|---|---|---|---|---|---|---|---|
MML Blend Division | $82 | $103 | $127 | $216 | ||||||
MML Equity Division | 82 | 103 | 126 | 215 | ||||||
MML Managed Bond Division | 83 | 107 | 133 | 229 | ||||||
MML Money Market Division | 83 | 107 | 133 | 229 | ||||||
Oppenheimer Aggressive Growth Division | 85 | 112 | 142 | 247 | ||||||
Oppenheimer Bond Division | 85 | 114 | 145 | 253 | ||||||
Oppenheimer Capital Appreciation Division | 85 | 113 | 143 | 250 | ||||||
Oppenheimer Global Securities Division | 85 | 113 | 143 | 249 | ||||||
Oppenheimer High Income Division | 85 | 114 | 146 | 255 | ||||||
Oppenheimer Main Street®
Growth & Income Division |
86 | 115 | 147 | 258 | ||||||
Oppenheimer Money Division | 83 | 106 | 132 | 227 | ||||||
Oppenheimer Multiple Strategies Division | 85 | 114 | 145 | 253 | ||||||
Oppenheimer Small Cap Growth Division | 91 | 132 | 175 | 313 | ||||||
Oppenheimer Strategic Bond Division | 86 | 115 | 147 | 258 |
Year | 1 | 3 | 5 | 10 | ||||||
---|---|---|---|---|---|---|---|---|---|---|
MML Blend Division | $19 | $58 | $100 | $216 | ||||||
MML Equity Division | 19 | 58 | 99 | 215 | ||||||
MML Managed Bond Division | 20 | 62 | 106 | 229 | ||||||
MML Money Market Division | 20 | 62 | 106 | 229 | ||||||
Oppenheimer Aggressive Growth Division | 22 | 67 | 115 | 247 | ||||||
Oppenheimer Bond Division | 22 | 69 | 118 | 253 | ||||||
Oppenheimer Capital Appreciation Division | 22 | 68 | 116 | 250 | ||||||
Oppenheimer Global Securities Division | 22 | 68 | 116 | 249 | ||||||
Oppenheimer High Income Division | 22 | 69 | 119 | 255 | ||||||
Oppenheimer Main Street® Growth &
Income Division |
23 | 70 | 120 | 258 | ||||||
Oppenheimer Money Division | 20 | 61 | 105 | 227 | ||||||
Oppenheimer Multiple Strategies Division | 22 | 69 | 118 | 253 | ||||||
Oppenheimer Small Cap Growth Division | 28 | 87 | 148 | 313 | ||||||
Oppenheimer Strategic Bond Division | 23 | 70 | 120 | 258 |
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Minimum
initial purchase payment $2,000
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Maximum
total purchase payments $1,000,000, without
our prior approval.
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Chase
Manhattan Bank, New York, New York
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ABA
#021000021
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MassMutual Account # 323065430
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Ref:
LifeTrust MMB Contract #
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Name:
(Your Name)
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(1)
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The
minimum amount you may transfer is the lesser of:
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$500,
or
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your
total contract value in a fund or fixed account
segment.
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(2)
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The
minimum amount you may transfer to a fixed account segment is
$1,000. We will not process a transfer to a fixed account
segment if the segment you elected is not
available.
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(3)
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Any
amount you transfer from the fixed account is subject to a
market value adjustment, unless the transfer is made within 30
days of the end for the guarantee period for the segment. We
will apply the market value adjustment as of the date of the
transfer.
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(4)
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We
deduct any transfer fee from the fund or fixed account segment
from which you request the transfer. If the balance remaining
in the fund or fixed account segment is not sufficient to
cover the fee, we will deduct the fee from the amount you are
transferring.
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(5)
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You
must clearly indicate the amount you wish to transfer from a
fund or fixed account segment. Also, you must clearly indicate
the funds or fixed account segment to which the transfer will
be made. Unless you specify otherwise, we will transfer
amounts from a fixed account segment on a first-in, first-out
basis. If you request a transfer during the income phase, you
must clearly indicate the percentage you wish to transfer
among the funds.
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$500,
or
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your
total contract value in a fund.
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Dollar
Cost Averaging Program
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Asset
Reallocation Program
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if you
withdraw your total contract value;
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upon
your death or the annuitants death;
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if we
make the last transfer you selected;
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if you
begin the income phase of your contract; or
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if we
receive your written request to terminate the program at least
5 business days prior to the next scheduled transfer
date.
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if you
withdraw your total contract value;
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upon
your death or the annuitants death;
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if we
make the last transfer you selected;
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if you
begin the income phase of your contract; or
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if we
receive your written request to terminate the program at least
5 business days prior to the next scheduled transfer
date.
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less
any applicable contingent deferred sales charge;
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less
any applicable premium tax;
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less an
administrative charge;
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less
any purchase payments we credited to your contract that have
not cleared the bank, until they clear the bank.
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if you
withdraw your total contract value;
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upon
your death or the annuitants death;
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if we
process the last withdrawal you selected;
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if you
begin the income phase of your contract; or
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if we
receive your written request to terminate the program at least
5 business days prior to the next scheduled transfer
date.
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Income taxes,
tax penalties and certain restrictions may apply to any
withdrawal you make.
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the
mortality and expense risk charge,
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the
administrative expense charge, and
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the
death benefit charge.
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the
mortality risk associated with the insurance benefits we
provide, including our obligation to make annuity payments
after the maturity date regardless of how long all annuitants
live, the death benefits, and the guarantee of rates used to
determine your annuity payments during the income phase;
and
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the
expense risk that the current administrative expense charge
and administrative charge will be insufficient to cover the
actual cost of administering the contracts.
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Full Years
Since Payment |
Percentage | ||||
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0 | 7% | ||||
1 | 6% | ||||
2 | 5% | ||||
3 | 4% | ||||
4 | 3% | ||||
5 | 2% | ||||
6 | 1% | ||||
7 or more | 0% |
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under a
variable lifetime payment option or variable fixed-time
payment option within the contract (with payments for 10 years
or more); or
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under a
fixed or combination fixed and variable lifetime payment
option, or fixed-time payment option within the contract (with
payments for 10 years or more), and the annuitant is age
59 1
/2 or
older.
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All
unredeemed purchase payments that have been in the contract
for 7 full years; and
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10% of
purchase payments that are less than 7 years old.
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full or
partial withdrawals;
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transfers;
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a death
benefit based on a contract owners death;
and
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amounts
applied to an annuity payment when your contract enters the
income phase.
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after
the deduction of any applicable administrative charge,
and
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before
the deduction of any applicable contingent deferred sales
charge.
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the
value of your contract on the maturity date;
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the
deduction of premium taxes, if applicable;
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the
deduction of the administrative charge;
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the
annuity option you select;
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the age
and sex of the annuitant (and joint annuitant if a joint
payment option is elected);
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the
deduction of a contingent deferred sales charge, if
applicable; and
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the
application of a market value adjustment, if
applicable.
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the
value of your contract on the maturity date;
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the
deduction of premium taxes, if applicable;
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the
deduction of the administrative charge;
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the
deduction of a contingent deferred sales charge, if
applicable;
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the
annuity option you select;
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the age
and sex of the annuitant (and joint annuitant if a joint
payment option is elected);
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the
assumed investment rate (AIR) of 4%; and
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the
application of a market value adjustment, if
applicable.
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without
any guaranteed number of payments;
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with
payments guaranteed for 5, 10 or 20 years; or
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with
payments guaranteed for the amount applied (fixed payments
only).
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without
any guaranteed number of payments; or
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with
payments guaranteed for 10 years.
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administrative charge,
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contingent deferred sales charge,
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premium
tax, and
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market
value adjustment.
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the
contract value, less any applicable administrative charge, and
any contingent deferred sales charge if the annuitants
age at the time we issued the contract was over 75 1
/2, or
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all
purchase payments, less any withdrawals, accumulated at 5%
until the annuitants 75th birthday, and 0% thereafter.
This amount cannot exceed two times the total of all purchase
payments, less withdrawals.
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the
contract value, less any applicable administrative charge,
or
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all
purchase payments, less any withdrawals.
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the
death benefit on the last day of the previous 3 contract year
period, plus any purchase payments made, less withdrawals
since then, or
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the
contract value, less any applicable administrative
charge.
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(1)
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paid on
or after you reach age 59 1
/2;
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(2)
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paid to
your beneficiary after you die;
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(3)
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paid if
you become totally disabled (as that term is defined in the
Code);
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(4)
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paid in
a series of substantially equal periodic payments made
annually or more frequently, for life or your life expectancy
or for the joint lives or joint life expectancies of you and
your designated beneficiary;
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(5)
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paid
under an immediate annuity; or
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(6)
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which
come from purchase payments made prior to August 14,
1982.
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distributions made on or after you reach age
59 1
/2;
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distributions made after your death or disability (as
defined in Code Section 72(m)(7);
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after
separation from service, distributions that are part of a
series of substantially equal periodic payments made not less
frequently than annually for your life (or life expectancy) or
the joint lives (or joint life expectancies) of you and your
designated beneficiary (in applying this exception to
distributions from IRAs, a separation from service is not
required);
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distributions made after separation of service if you
have reached age 55 (not applicable to distributions from
IRAs);
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distributions made to you up to the amount allowable as
a deduction to you under Code Section 213 for amounts you paid
during the taxable year for medical care;
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distributions made on account of an IRS levy made on a
qualified retirement plan or IRA;
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distributions made to an alternate payee pursuant to a
qualified domestic relations order (not applicable to
distributions from IRAs);
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distributions from an IRA for the purchase of medical
insurance (as described in Code Section 213(d)(1)(D)) for you
and your spouse and dependents if you received unemployment
compensation for at least 12 weeks and have not been
re-employed for at least 60 days;
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distributions from an IRA to the extent they do not
exceed your qualified higher education expenses (as defined in
Code Section 72(t)(7) for the taxable year; and
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distributions from an IRA which are qualified
first-time home buyer distributions (as defined in Code
Section 72(t)(8)).
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reaches
age 59 1
/2;
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leaves
his/her job;
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dies;
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becomes
disabled, as that term is defined in the Code; or
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in the
case of hardship.
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Substitute another fund for one of the funds you have
selected.
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Add
separate account divisions.
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Eliminate the availability of a separate account
division to receive future purchase payments.
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Split
or consolidate, in our sole discretion, the number of
accumulation units or annuity units for any separate account
division and correspondingly decrease or increase the
accumulation or annuity unit values for any
division.
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Change
the name of the separate account.
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Terminate the contract if:
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(a)
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We have
not received a purchase payment for the last 2 consecutive
years from the date we received your last purchase payment,
and
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(b)
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Each of
the following amounts is less than $2,000 on the date we send
you notice of our election to terminate your
contract:
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(1)
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your
contract value minus any amount we would deduct for premium
taxes on withdrawal;
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(2)
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the
cash redemption value of your contract; and
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(3)
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the sum
of all purchase payments made into your contract less any
partial withdrawals.
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the New
York Stock Exchange is closed (other than customary weekend
and holiday closings;
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or
trading on the New York Stock Exchange is restricted;
or
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an
emergency exists as a result of which disposal of shares of
the funds is not reasonably practicable or we cannot
reasonably value the shares of the fund;
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during
any other period when the Securities and Exchange Commission,
by order, so permits for your protection.
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1.
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General
Information
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2.
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Assignment of Contract
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3.
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Restrictions on Redemptions
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4.
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Distribution
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5.
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Purchase of Securities Being Offered
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6.
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Contract Value Calculations
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7.
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Performance Measures
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8.
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Federal
Tax Matters
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9.
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Experts
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10.
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Financial Statements
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To:
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Massachusetts Mutual Life Insurance Company
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Annuity
Service Center, W564
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P.O.
Box 9067
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Springfield, Massachusetts 01102-9067
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Please send me a Statement of Additional Information for MassMutuals LifeTrust.
Name | |||||
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|||||
Address
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City | State | Zip | |||
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Telephone | |||||
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Dec. 31, 1999 | Dec. 31, 1998 | Dec. 31, 1997 | Dec. 31, 1996 | Dec. 31, 1995 | *Dec. 31 1994 | |||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
MML
Equity
Division |
$2.11 | $2.22 | $1.94 | $1.53 | $1.29 | $1.00 | ||||||
MML
Money Market
Division |
$1.21 | $1.17 | $1.12 | $1.08 | $1.05 | $1.00 | ||||||
MML
Managed Bond
Division |
$1.35 | $1.40 | $1.31 | $1.21 | $1.18 | $1.01 | ||||||
MML Blend Division | $1.78 | $1.83 | $1.63 | $1.37 | $1.22 | $1.00 | ||||||
Oppenheimer Money
Division |
$1.21 | $1.17 | $1.13 | $1.09 | $1.05 | $1.00 | ||||||
Oppenheimer High
Income Division |
$1.48 | $1.44 | $1.45 | $1.31 | $1.15 | $ .97 | ||||||
Oppenheimer Bond
Division |
$1.31 | $1.34 | $1.28 | $1.18 | $1.15 | $ .99 | ||||||
Oppenheimer
Aggressive Growth Division |
$3.43 | $1.89 | $1.71 | $1.55 | $1.31 | $1.00 | ||||||
Oppenheimer
Multiple Strategies Division |
$1.80 | $1.64 | $1.55 | $1.34 | $1.18 | $ .99 | ||||||
Oppenheimer Capital
Appreciation Division |
$3.50 | $2.50 | $2.05 | $1.64 | $1.32 | $ .98 | ||||||
Oppenheimer Global
Securities Division |
$2.34 | $1.50 | $1.33 | $1.10 | $ .95 | $ .94 | ||||||
Oppenheimer
Strategic Bond Division |
$1.36 | $1.34 | $1.32 | $1.24 | $1.12 | $ .98 | ||||||
Oppenheimer Main
Street® Growth & Income Division** |
$2.64 | $2.20 | $2.13 | $1.63 | $1.24 | N/A | ||||||
Oppenheimer Small
Cap Growth Division*** |
$1.37 | $ .95 | N/A | N/A | N/A | N/A |
*
|
Public offering
of the contract commenced on November 14, 1994. All
accumulation unit values were $1.00 on November 14,
1994.
|
**
|
Public offering
commenced July 3, 1995.
|
***
|
Public offering
commenced May 1, 1998.
|
Dec. 31, 1999 | Dec. 31, 1998 | Dec. 31, 1997 | Dec. 31, 1996 | Dec. 31, 1995 | *Dec. 31 1994 | |||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
MML
Equity
Division |
11,806,676 | 11,215,428 | 7,164,089 | 2,495,560 | 524,624 | 5,129 | ||||||
MML
Money
Market Division |
9,271,639 | 9,429,427 | 7,167,967 | 3,836,345 | 1,694,677 | 5,124 | ||||||
MML
Managed
Bond Division |
3,078,161 | 2,842,191 | 1,837,632 | 1,246,028 | 495,106 | 5,124 | ||||||
MML
Blend
Division |
8,535,948 | 8,074,103 | 5,428,920 | 1,947,038 | 524,702 | 5,127 | ||||||
Oppenheimer
Money Division |
7,369,347 | 7,610,276 | 8,479,773 | 3,752,549 | 2,455,934 | 5,098 | ||||||
Oppenheimer High
Income Division |
6,280,882 | 19,496,529 | 14,390,554 | 7,373,483 | 2,120,456 | 5,099 | ||||||
Oppenheimer
Bond Division |
17,854,740 | 9,276,132 | 3,424,936 | 2,024,349 | 648,667 | 5,097 | ||||||
Oppenheimer
Aggressive Growth Division |
25,065,337 | 24,479,095 | 19,745,340 | 9,689,946 | 1,975,551 | 5,101 | ||||||
Oppenheimer
Multiple Strategies Division |
15,723,676 | 16,564,401 | 3,996,660 | 8,309,575 | 3,911,239 | 5,100 | ||||||
Oppenheimer
Capital Appreciation Division |
36,657,753 | 34,651,166 | 25,357,255 | 12,630,598 | 2,770,419 | 5,505 | ||||||
Oppenheimer
Global Securities Division |
29,057,845 | 27,725,843 | 22,781,959 | 10,658,741 | 2,634,152 | 5,502 | ||||||
Oppenheimer
Strategic Bond Division |
27,962,742 | 36,661,314 | 29,035,781 | 15,659,377 | 4,395,241 | 5,000 | ||||||
Oppenheimer Main
Street® Growth & Income Division** |
38,877,477 | 38,049,984 | 27,979,778 | 14,516,671 | 1,681,775 | N/A | ||||||
Oppenheimer
Small Cap Growth Division*** |
1,227,638 | 485,793 | N/A | N/A | N/A | N/A |
*
|
Public offering
of the contract commenced on November 14, 1994.
|
**
|
Public offering
commenced July 3, 1995.
|
***
|
Public offering
commenced May 1, 1998.
|
Page |
|||||
---|---|---|---|---|---|
General Information | 2 | ||||
Assignment of Contract | 2 | ||||
Restrictions on Redemption | 3 | ||||
Distribution | 3 | ||||
Purchase of Securities Being Offered | 3 | ||||
Contract Value Calculations For Amounts Allocated to an
Investment Division of a Separate
Account |
4 | ||||
Performance Measures | 9 | ||||
Federal Tax Matters | 16 | ||||
Experts | 22 | ||||
Financial Statements | Final Pages |
(1) No person entitled to receive annuity
payments under a contract or part or all of the
contracts value will be permitted to commute,
anticipate, encumber, alienate or assign such amounts, except
upon the written authority of the contract owner given during
the annuitants lifetime and received in good order by
MassMutual at its Annuity Service Center. To the extent
permitted by law, no contract nor any proceeds or interest
payable thereunder will be subject to the annuitants or
any other persons debts, contracts or engagements, nor
to any levy or attachment for payment thereof;
|
(2) If an assignment of a contract is in
effect on the maturity date, MassMutual reserves the right to
pay to the assignee in one sum the amount of the
contracts maturity value to which he is entitled, and to
pay any balance of such value in one sum to the contract
owner, regardless of any payment options which the contract
owner may have elected. Moreover, if an assignment of a
contract is in effect at the death of the annuitant or owner
prior to the maturity date, MassMutual will pay to the
assignee in one sum, to the
extent that he or she is entitled, the death benefit available
under the contract. Please consult the Death Benefit
section of the prospectus for more information;
|
(3) Contracts used in connection with annuity
purchase plans adopted by public school systems and certain
tax-exempt organizations pursuant to Section 403(b) of the
Code (tax-sheltered annuities or TSAs)
must be endorsed to provide that they are non-transferable;
and
|
(4) Contracts issued under a plan for an
Individual Retirement Annuity pursuant to Section 408 of the
Code must be endorsed to provide that they are
non-transferable. Such contracts may not be sold, assigned,
discounted, or pledged as collateral for a loan or as security
for the performance of an obligation or for any other purpose
by the annuitant to any person or party other than MassMutual,
except to a former spouse of the annuitant in accordance with
the terms of a divorce decree or other written instrument
incident to a divorce.
|
Gross Investment Rate | = Net Earnings during Valuation Period | |
Value of Net Assets at beginning of Valuation Period | ||
Net Investment Factor | = Gross Investment Rate + 1.000000 Asset Charge | |
Accumulation Unit Value | = Accumulation Unit Value on Preceding Valuation
Date X Net Investment
Factor |
|
Annuity Unit Value | = Annuity Unit Value on Preceding Valuation Date X Net Investment Factor | |
1.000000 + rate of interest for number of days in
current Valuation Period at
Assumed Investment Rate |
First
Variable Monthly Annuity
Payment |
= Accumulation Units Applied X Accumulation Unit
Value on Payment
Calculation Date for First Variable Monthly Annuity Payment X Purchase Rate |
|
Number of Annuity Units | = First Variable Monthly Annuity Payment | |
Annuity Unit Value on Payment Calculation Date
for First Variable
Monthly Income Payment |
||
Amount
of Subsequent Variable
Monthly Annuity Payments |
= Number of Annuity Units X Annuity Unit Value on
the Applicable
Payment Calculation Date |
1
Year |
5
Year |
Since
Inception |
|||||||
---|---|---|---|---|---|---|---|---|---|
MML Blend Division | (8.13 | )% | 11.89 | % | 11.54 | % | |||
MML Equity Division | (10.74 | ) | 15.86 | 15.32 | |||||
MML Managed Bond Division | (8.63 | ) | 5.71 | 5.73 | |||||
Oppenheimer Aggressive Growth Division | 75.24 | 27.49 | 26.69 | ||||||
Oppenheimer Bond Division | (8.35 | ) | 5.29 | 4.98 | |||||
Oppenheimer Capital Appreciation Division | 33.77 | 28.42 | 27.12 | ||||||
Oppenheimer Global Securities Division | 50.50 | 19.50 | 17.45 | ||||||
Oppenheimer High Income Division | (2.78 | ) | 8.31 | 7.45 | |||||
Oppenheimer Main Street® Growth & Income Division | 14.10 | | 23.43 | ||||||
Oppenheimer Multiple Strategies Division | 4.64 | 12.46 | 11.77 | ||||||
Oppenheimer Small Cap Growth Division | 39.13 | | 18.14 | ||||||
Oppenheimer Strategic Bond Division | (4.24 | ) | 6.29 | 5.71 |
1
Year |
3
Years |
5
Years |
10
Years |
Since
Inception |
|||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
MML Blend | (2.61 | )% | 9.17 | % | 12.20 | % | 9.98 | % | | ||||||
MML Equity | (5.16 | ) | 11.31 | 16.18 | 12.00 | | |||||||||
MML Managed Bond | (3.20 | ) | 3.83 | 6.02 | 6.19 | | |||||||||
Opp Aggressive Growth | 81.06 | 30.28 | 27.93 | 18.77 | 17.50 | % | |||||||||
Opp Bond | (2.89 | ) | 3.30 | 5.63 | 6.27 | | |||||||||
Opp Capital Appreciation | 39.69 | 28.78 | 28.89 | 16.83 | | ||||||||||
Opp Global Securities | 56.28 | 28.65 | 20.01 | | 15.18 | ||||||||||
Opp High Income | 2.84 | 4.04 | 8.74 | 11.10 | 10.08 | ||||||||||
Opp Main Street® Growth & Income | 12.02 | 17.46 | | | 24.04 | ||||||||||
Opp Multiple Strategies | 10.24 | 10.28 | 12.83 | 9.31 | 10.11 | ||||||||||
Opp Small Cap Growth | 44.53 | | | | 21.01 | ||||||||||
Opp Strategic Bond | 1.40 | 3.33 | 6.77 | | 4.72 |
MML
Money Market Division |
Oppenheimer
Money Division |
|||||
---|---|---|---|---|---|---|
Before annual administrative charge deduction | ||||||
Yield | 3.96 | % | 2.17 | % | ||
Effective Yield | 4.04 | 2.19 | ||||
After annual administrative charge deduction of 0.07% | ||||||
Yield | 3.90 | % | 2.10 | % | ||
Effective Yield | 3.97 | 2.13 |
Date |
Payment |
Accumulated
Value |
Non-Standard
Calendar Year Total Return |
||||
---|---|---|---|---|---|---|---|
12/31/89 | $10,000 | $10,000 | |||||
12/31/90 | $10,065 | 0.65 | % | ||||
12/31/91 | $12,278 | 21.98 | % | ||||
12/31/92 | $13,210 | 7.60 | % | ||||
12/31/93 | $14,260 | 7.94 | % | ||||
12/31/94 | $14,380 | 0.84 | % | ||||
12/31/95 | $17,459 | 21.41 | % | ||||
12/31/96 | $19,593 | 12.22 | % | ||||
12/31/97 | $23,340 | 19.13 | % | ||||
12/31/98 | $26,111 | 11.87 | % | ||||
12/31/99 | $25,399 | (2.73 | )% |
Date |
Payment |
Accumulated
Value |
Non-Standard
Calendar Year Total Return |
||||
---|---|---|---|---|---|---|---|
12/31/89 | $10,000 | $10,000 | |||||
12/31/90 | $ 9,780 | (2.20 | )% | ||||
12/31/91 | $12,080 | 23.51 | % | ||||
12/31/92 | $13,130 | 8.69 | % | ||||
12/31/93 | $14,149 | 7.77 | % | ||||
12/31/94 | $14,496 | 2.45 | % | ||||
12/31/95 | $18,724 | 29.17 | % | ||||
12/31/96 | $22,180 | 18.46 | % | ||||
12/31/97 | $28,112 | 26.75 | % | ||||
12/31/98 | $32,189 | 14.50 | % | ||||
12/31/99 | $30,500 | (5.25 | )% |
Date |
Payment |
Accumulated
Value |
Non-Standard
Calendar Year Total Return |
||||
---|---|---|---|---|---|---|---|
12/31/89 | $10,000 | $10,000 | |||||
12/31/90 | $10,657 | 6.57 | % | ||||
12/31/91 | $12,229 | 14.76 | % | ||||
12/31/92 | $12,911 | 5.57 | % | ||||
12/31/93 | $14,205 | 10.02 | % | ||||
12/31/94 | $13,450 | (5.31 | )% | ||||
12/31/95 | $15,777 | 17.30 | % | ||||
12/31/96 | $16,036 | 1.64 | % | ||||
12/31/97 | $17,358 | 8.24 | % | ||||
12/31/98 | $18,482 | 6.48 | % | ||||
12/31/99 | $17,861 | (3.36 | )% |
Date |
Payment |
Accumulated
Value |
Non-Standard
Calendar Year Total Return |
||||
---|---|---|---|---|---|---|---|
12/31/89 | $10,000 | $10,000 | |||||
12/31/90 | 0 | $8,172 | (18.28 | )% | |||
12/31/91 | 0 | $12,438 | 52.20 | % | |||
12/31/92 | 0 | $14,127 | 13.58 | % | |||
12/31/93 | 0 | $17,707 | 25.34 | % | |||
12/31/94 | 0 | $16,106 | (9.04 | )% | |||
12/31/95 | 0 | $21,028 | 30.56 | % | |||
12/31/96 | 0 | $24,902 | 18.42 | % | |||
12/31/97 | 0 | $27,396 | 10.02 | % | |||
12/31/98 | 0 | $30,338 | 10.74 | % | |||
12/31/99 | 0 | $54,929 | 81.06 | % |
Date |
Payment |
Accumulated
Value |
Non-Standard
Calendar Year Total Return |
||||
---|---|---|---|---|---|---|---|
12/31/89 | $10,000 | $10,000 | |||||
12/31/90 | $10,612 | 6.12 | % | ||||
12/31/91 | $12,279 | 15.71 | % | ||||
12/31/92 | $12,865 | 4.78 | % | ||||
12/31/93 | $14,311 | 11.24 | % | ||||
12/31/94 | $13,808 | (3.51 | )% | ||||
12/31/95 | $15,906 | 15.19 | % | ||||
12/31/96 | $16,409 | 3.17 | % | ||||
12/31/97 | $17,655 | 7.59 | % | ||||
12/31/98 | $18,567 | 5.16 | % | ||||
12/31/99 | $18,001 | (3.05 | )% |
Date |
Payments |
Accumulated
Value |
Non-Standard
Calendar Year Total Return |
||||
---|---|---|---|---|---|---|---|
12/31/89 | $10,000 | $10,000 | |||||
12/31/90 | $ 9,021 | (9.79 | )% | ||||
12/31/91 | $11,138 | 23.46 | % | ||||
12/31/92 | $12,549 | 12.67 | % | ||||
12/31/93 | $13,241 | 5.52 | % | ||||
12/31/94 | $13,154 | (0.66 | )% | ||||
12/31/95 | $17,705 | 34.60 | % | ||||
12/31/96 | $21,837 | 23.34 | % | ||||
12/31/97 | $27,264 | 24.85 | % | ||||
12/31/98 | $33,322 | 22.22 | % | ||||
12/31/99 | $46,517 | 39.60 | % |
Date |
Payment |
Accumulated
Value |
Non-Standard
Calendar Year Total Return |
||||
---|---|---|---|---|---|---|---|
11/12/90 | $10,000 | $10,000 | |||||
12/31/90 | $10,021 | 0.21 | % | ||||
12/31/91 | $10,185 | 1.64 | % | ||||
12/31/92 | $ 9,300 | (8.70 | )% | ||||
12/31/93 | $15,586 | 67.59 | % | ||||
12/31/94 | $14,460 | (7.22 | )% | ||||
12/31/95 | $14,550 | 0.62 | % | ||||
12/31/96 | $16,839 | 15.73 | % | ||||
12/31/97 | $20,353 | 20.87 | % | ||||
12/31/98 | $22,877 | 12.40 | % | ||||
12/31/99 | $35,719 | 56.13 | % |
Date |
Payment |
Accumulated
Value |
Non-Standard
Calendar Year Total Return |
||||
---|---|---|---|---|---|---|---|
12/31/89 | $10,000 | $10,000 | |||||
12/31/90 | $10,289 | 2.89 | % | ||||
12/31/91 | $13,557 | 31.76 | % | ||||
12/31/92 | $15,735 | 16.06 | % | ||||
12/31/93 | $19,572 | 24.39 | % | ||||
12/31/94 | $18,657 | (4.68 | )% | ||||
12/31/95 | $22,123 | 18.58 | % | ||||
12/31/96 | $25,120 | 13.55 | % | ||||
12/31/97 | $27,778 | 10.58 | % | ||||
12/31/98 | $27,450 | (1.18 | )% | ||||
12/31/99 | $28,199 | 2.73 | % |
Date |
Payment |
Accumulated
Value |
Non-Standard
Calendar Year Total Return |
||||
---|---|---|---|---|---|---|---|
7/3/95 | $10,000 | $10,000 | |||||
12/31/95 | $12,442 | 24.42 | % | ||||
12/31/96 | $16,231 | 30.45 | % | ||||
12/31/97 | $21,187 | 30.53 | % | ||||
12/31/98 | $21,853 | 3.14 | % | ||||
12/31/99 | $26,195 | 19.87 | % |
Date |
Payment |
Accumulated
Value |
Non-Standard
Calendar Year Total Return |
||||
---|---|---|---|---|---|---|---|
12/31/89 | $10,000 | $10,000 | |||||
12/31/90 | $ 9,643 | (3.57 | )% | ||||
12/31/91 | $11,141 | 15.53 | % | ||||
12/31/92 | $11,944 | 7.21 | % | ||||
12/31/93 | $13,627 | 14.09 | % | ||||
12/31/94 | $13,146 | (3.53 | )% | ||||
12/31/95 | $15,708 | 19.48 | % | ||||
12/31/96 | $17,864 | 13.73 | % | ||||
12/31/97 | $20,629 | 15.48 | % | ||||
12/31/98 | $21,671 | 5.05 | % | ||||
12/31/99 | $23,861 | 10.11 | % |
Date |
Payment |
Accumulated
Value |
Non-Standard
Calendar Year Total Return |
||||
---|---|---|---|---|---|---|---|
5/1/98 | $10,000 | $10,000 | |||||
12/31/98 | $ 9,511 | (4.89 | )% | ||||
12/31/99 | $13,698 | 44.02 | % |
Date |
Payment |
Accumulated
Value |
Non-Standard
Calendar Year Total Return |
||||
---|---|---|---|---|---|---|---|
5/3/93 | $10,000 | $10,000 | |||||
12/31/93 | $10,329 | 3.29 | % | ||||
12/31/94 | $ 9,771 | (5.40 | )% | ||||
12/31/95 | $11,083 | 13.43 | % | ||||
12/31/96 | $12,220 | 10.25 | % | ||||
12/31/97 | $13,072 | 6.97 | % | ||||
12/31/98 | $13,235 | 1.25 | % | ||||
12/31/99 | $13,390 | 1.17 | % |
MML
Equity Division |
MML
Money Market Division |
MML
Managed Bond Division |
MML
Blend Division |
Oppenheimer
Money Division |
Oppenheimer
Bond Division |
Oppenheimer
High Income Division |
||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
ASSETS | ||||||||||||||
Investments | ||||||||||||||
Number of shares (Note 2) | 662,843 | 11,143,514 | 357,481 | 633,683 | 8,941,847 | 714,214 | 2,475,487 | |||||||
Identified cost (Note 3B) | $24,942,047 | $11,143,514 | $ 4,460,253 | $15,705,723 | $ 8,941,847 | $ 8,676,514 | $27,740,011 | |||||||
Value (Note 3A) | $24,230,497 | $11,143,514 | $ 4,150,484 | $14,895,802 | $ 8,941,847 | $ 8,227,742 | $26,537,224 | |||||||
Dividends receivable | 759,286 | 46,196 | 63,146 | 410,516 | 20,145 | - | - | |||||||
Receivable from Massachusetts Mutual Life Insurance Company | - | - | - | - | - | - | - | |||||||
Other assets | - | - | - | - | - | - | - | |||||||
Total assets | 24,989,783 | 11,189,710 | 4,213,630 | 15,306,318 | 8,961,992 | 8,227,742 | 26,537,224 | |||||||
LIABILITIES | ||||||||||||||
Annuitant mortality fluctuation reserve (Note 3D) | - | - | 1,189 | 2,378 | - | - | 948 | |||||||
Payable to Massachusetts Mutual Life Insurance Company | 89,114 | 17,060 | 15,186 | 53,051 | 33,262 | 30,469 | 123,856 | |||||||
NET ASSETS | $24,900,669 | $11,172,650 | $ 4,197,255 | $15,250,889 | $ 8,928,730 | $ 8,197,273 | $26,412,420 | |||||||
Net Assets: | ||||||||||||||
Accumulation units - value | $24,900,669 | $11,172,650 | $ 4,157,631 | $15,171,607 | $ 8,928,730 | $ 8,197,273 | $26,380,808 | |||||||
Annuity reserves (Note 3D) | - | - | 39,624 | 79,282 | - | - | 31,612 | |||||||
Net assets | $24,900,669 | $11,172,650 | $ 4,197,255 | $15,250,889 | $ 8,928,730 | $ 8,197,273 | $26,412,420 | |||||||
Accumulation units (Note 8) | ||||||||||||||
Contractowners | 11,801,676 | 9,266,639 | 3,073,161 | 8,530,948 | 7,364,347 | 6,275,882 | 17,849,740 | |||||||
Massachusetts Mutual Life Insurance Company | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | |||||||
Total Units | 11,806,676 | 9,271,639 | 3,078,161 | 8,535,948 | 7,369,347 | 6,280,882 | 17,854,740 | |||||||
NET ASSET VALUE PER ACCUMULATION UNIT | ||||||||||||||
December 31, 1999 | $ 2.11 | $ 1.21 | $ 1.35 | $ 1.78 | $ 1.21 | $ 1.31 | $ 1.48 | |||||||
December 31, 1998 | 2.22 | 1.17 | 1.40 | 1.83 | 1.17 | 1.34 | 1.44 | |||||||
December 31, 1997 | 1.94 | 1.12 | 1.31 | 1.63 | 1.13 | 1.28 | 1.45 | |||||||
December 31, 1996 | 1.53 | 1.08 | 1.21 | 1.37 | 1.09 | 1.18 | 1.31 | |||||||
December 31, 1995 | 1.29 | 1.05 | 1.18 | 1.22 | 1.05 | 1.15 | 1.15 |
Oppenheimer
Aggressive Growth Division |
*Oppenheimer
Capital Appreciation Division |
Oppenheimer
Multiple Strategies Division |
Oppenheimer
Global Securities Division |
Oppenheimer
Strategic Bond Division |
**Oppenheimer
Main Street Growth & Income Division |
Oppenheimer
Small Cap Growth Division |
||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
ASSETS | ||||||||||||||
Investments | ||||||||||||||
Number of shares (Note 2) | 1,048,156 | 2,579,528 | 1,629,163 | 2,042,627 | 7,704,643 | 4,176,393 | 120,339 | |||||||
Identified cost (Note 3B) | $ 44,270,766 | $ 84,119,316 | $ 26,816,908 | $ 42,566,984 | $ 39,262,459 | $ 85,198,061 | $ 1,168,894 | |||||||
Value (Note 3A) | $ 86,273,742 | $128,563,659 | $ 28,445,188 | $ 68,244,169 | $ 38,292,075 | $102,864,566 | $ 1,693,173 | |||||||
Dividends receivable | - | - | - | - | - | - | - | |||||||
Receivable from
Massachusetts Mutual Life Insurance
Company |
- | - | - | - | - | - | - | |||||||
Other assets | - | - | - | - | - | - | - | |||||||
Total assets | 86,273,742 | 128,563,659 | 28,445,188 | 68,244,169 | 38,292,075 | 102,864,566 | 1,693,173 | |||||||
LIABILITIES | ||||||||||||||
Annuitant mortality fluctuation reserve (Note 3D) | - | - | - | - | 1,186 | 357 | - | |||||||
Payable to Massachusetts Mutual Life Insurance Company | 302,144 | 443,202 | 102,113 | 232,571 | 139,861 | 379,745 | 5,627 | |||||||
NET ASSETS | $85,971,598 | $128,120,457 | $ 28,343,075 | $ 68,011,598 | $ 38,151,028 | $102,484,464 | $ 1,687,546 | |||||||
Net Assets: | ||||||||||||||
Accumulation units - value | $85,971,598 | $128,120,457 | $ 28,343,075 | $ 68,011,598 | $ 38,111,509 | $102,472,551 | $ 1,687,546 | |||||||
Annuity reserves (Note 3D) | - | - | - | - | 39,519 | 11,913 | - | |||||||
Net assets | $85,971,598 | $128,120,457 | $ 28,343,075 | $ 68,011,598 | $ 38,151,028 | $102,484,464 | $ 1,687,546 | |||||||
Accumulation units (Note 8) | ||||||||||||||
Contractowners | 25,060,337 | 36,652,753 | 15,718,676 | 29,052,845 | 27,957,742 | 38,872,477 | 1,227,638 | |||||||
Massachusetts Mutual Life Insurance Company | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | 0 | |||||||
Total Units | 25,065,337 | 36,657,753 | 15,723,676 | 29,057,845 | 27,962,742 | 38,877,477 | 1,227,638 | |||||||
NET ASSET VALUE PER ACCUMULATION UNIT | ||||||||||||||
December 31, 1999 | $ 3.43 | $ 3.50 | $ 1.80 | $ 2.34 | $ 1.36 | $ 2.64 | $ 1.37 | |||||||
December 31, 1998 | 1.89 | 2.50 | 1.64 | 1.50 | 1.34 | 2.20 | 0.95 | |||||||
December 31, 1997 | 1.71 | 2.05 | 1.55 | 1.33 | 1.32 | 2.13 | - | |||||||
December 31, 1996 | 1.55 | 1.64 | 1.34 | 1.10 | 1.24 | 1.63 | - | |||||||
December 31, 1995 | 1.31 | 1.32 | 1.18 | 0.95 | 1.12 | 1.24 | - |
*
|
Prior to June
30, 1999, this Division was called Oppenheimer Growth
Division
|
**
|
Prior to June
30, 1999, this Division was called Oppenheimer Growth &
Income Division.
|
MML
Equity Division |
MML
Money Market Division |
MML
Managed Bond Division |
MML
Blend Division |
Oppenheimer
Money Division |
Oppenheimer
Bond Division |
Oppenheimer
High Income Division |
|||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Investment income | |||||||||||||||||||
Dividends (Note 3B) | $ 759,500 | $ 511,001 | $ 264,132 | $ 805,060 | $ 432,586 | $ 595,763 | $ 1,927,120 | ||||||||||||
Expenses | |||||||||||||||||||
Mortality and expense risk fees (Note 4) | 373,982 | 153,513 | 58,885 | 218,562 | 125,416 | 146,863 | 392,147 | ||||||||||||
Net investment income (loss) (Note 3C) | 385,518 | 357,488 | 205,247 | 586,498 | 307,170 | 448,900 | 1,534,973 | ||||||||||||
Net realized and unrealized gain (loss) on investments | |||||||||||||||||||
Net realized gain (loss) on investments (Notes 3B, 3C & 7) | 820,472 | - | (31,162 | ) | 265,566 | - | (67,425 | ) | (400,670 | ) | |||||||||
Change in net unrealized appreciation/depreciation of investments | (2,613,169 | ) | - | (302,678 | ) | (1,263,054 | ) | - | (699,410 | ) | (347,138 | ) | |||||||
Net gain (loss) on investments | (1,792,697 | ) | - | (333,840 | ) | (997,488 | ) | - | (766,835 | ) | (747,808 | ) | |||||||
Net increase (decrease) in net assets resulting from operations | $ (1,407,179 | ) | $ 357,488 | $ (128,593 | ) | $ (410,990 | ) | $ 307,170 | $ (317,935 | ) | $ 787,165 | ||||||||
Oppenheimer
Aggressive Growth Division |
*Oppenheimer
Capital Appreciation Division |
Oppenheimer
Multiple Strategies Division |
Oppenheimer
Global Securities Division |
Oppenheimer
Strategic Bond Division |
**Oppenheimer
Main Street Growth & Income Division |
Oppenheimer
Small Cap Growth Division |
||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Investment income | ||||||||||||||||||
Dividends (Note 3B) | $ - | $ 3,804,767 | $ 2,294,843 | $ 1,906,885 | $ 2,607,495 | $ 995,365 | $ - | |||||||||||
Expenses | ||||||||||||||||||
Mortality and expense risk fees (Note 4) | 784,601 | 1,412,688 | 391,190 | 669,467 | 601,696 | 1,276,568 | 10,872 | |||||||||||
Net investment income (loss) (Note 3C) | (784,601 | ) | 2,392,079 | 1,903,653 | 1,237,418 | 2,005,799 | (281,203 | ) | (10,872 | ) | ||||||||
Net realized and unrealized gain (loss) on investments | ||||||||||||||||||
Net realized gain (loss) on investments (Notes 3B , 3C & 7) | 1,815,766 | 2,741,705 | 492,756 | 1,243,049 | (356,673 | ) | 2,773,976 | 70,454 | ||||||||||
Change in net
unrealized appreciation/depreciation of
investments |
36,756,138 | 30,955,398 | 286,991 | 21,638,358 | (1,135,752 | ) | 14,182,365 | 476,420 | ||||||||||
Net gain (loss) on investments | 38,571,904 | 33,697,103 | 779,747 | 22,881,407 | (1,492,425 | ) | 16,956,341 | 546,874 | ||||||||||
Net increase
(decrease) in net assets resulting from
operations |
$ 37,787,303 | $ 36,089,182 | $ 2,683,400 | $ 24,118,825 | $ 513,374 | $ 16,675,138 | $ 536,002 | |||||||||||
*
|
Prior to June
30, 1999, the Oppenheimer Capital Appreciation Division was
called Oppenheimer Growth Division.
|
**
|
Prior to June
30, 1999, the Oppenheimer Main Street Growth & Income
Division was called Oppenheimer Growth & Income
Division.
|
MML
Equity Division |
MML
Money Market Division |
MML
Managed Bond Division |
MML
Blend Division |
Oppenheimer
Money Division |
Oppenheimer
Bond Division |
Oppenheimer
High Income Division |
|||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Increase (decrease) in net assets | |||||||||||||||||||||
Operations: | |||||||||||||||||||||
Net investment income (loss) | $ 385,518 | $ 357,488 | $ 205,247 | $ 586,498 | $ 307,170 | $ 448,900 | $ 1,534,973 | ||||||||||||||
Net realized gain (loss) on investments | 820,472 | - | (31,162 | ) | 265,566 | - | (67,425 | ) | (400,670 | ) | |||||||||||
Change in net unrealized appreciation/depreciation of investments | (2,613,169 | ) | - | (302,678 | ) | (1,263,054 | ) | - | (699,410 | ) | (347,138 | ) | |||||||||
Net increase (decrease) in net assets resulting from operations | (1,407,179 | ) | 357,488 | (128,593 | ) | (410,990 | ) | 307,170 | (317,935 | ) | 787,165 | ||||||||||
Capital transactions: (Note 8) | |||||||||||||||||||||
Net contract payments (Note 6) | 2,169,366 | 2,339,999 | 385,657 | 1,708,439 | 1,151,857 | 546,304 | 1,490,738 | ||||||||||||||
Withdrawal of funds | (1,246,829 | ) | (2,231,230 | ) | (446,359 | ) | (1,392,682 | ) | (2,917,425 | ) | (795,880 | ) | (2,527,976 | ) | |||||||
Transfer due to reimbursement (payment)
of accumulation
unit value fluctuation |
34,297 | (907 | ) | 915 | (1,419 | ) | (7,117 | ) | 1,857 | (3,158 | ) | ||||||||||
Net charge (credit) to annuitant mortality reserve (Note 3D) | - | - | 221 | 596 | - | - | 274 | ||||||||||||||
Annuity benefit payments | - | - | 228 | 271 | - | - | - | ||||||||||||||
Withdrawal due to administrative and
contingent
deferred sales charges (Note 6) |
(8,329 | ) | (2,589 | ) | (970 | ) | (4,586 | ) | (2,026 | ) | (1,879 | ) | (7,369 | ) | |||||||
Divisional transfers | 419,908 | (286,152 | ) | 376,949 | 527,525 | 1,488,603 | (3,701,629 | ) | (1,373,039 | ) | |||||||||||
Net increase (decrease) in net assets resulting from capital transactions | 1,368,413 | (180,879 | ) | 316,641 | 838,144 | (286,108 | ) | (3,951,227 | ) | (2,420,530 | ) | ||||||||||
Total increase (decrease) | (38,766 | ) | 176,609 | 188,048 | 427,154 | 21,062 | (4,269,162 | ) | (1,633,365 | ) | |||||||||||
NET ASSETS, at beginning of the year | 24,939,435 | 10,996,041 | 4,009,207 | 14,823,735 | 8,907,668 | 12,466,435 | 28,045,785 | ||||||||||||||
NET ASSETS, at end of the year | $24,900,669 | $11,172,650 | $4,197,255 | $15,250,889 | $8,928,730 | $8,197,273 | $26,412,420 | ||||||||||||||
Oppenheimer
Aggressive Growth Division |
*Oppenheimer
Capital Appreciation Division |
Oppenheimer
Multiple Strategies Division |
Oppenheimer
Global Securities Division |
Oppenheimer
Strategic Bond Division |
**Oppenheimer
Main Street Growth & Income Division |
Oppenheimer
Small Cap Growth Division |
|||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Increase (decrease) in net assets | |||||||||||||||||||||
Operations: | |||||||||||||||||||||
Net investment income (loss) | $ (784,601 | ) | $ 2,392,079 | $ 1,903,653 | $ 1,237,418 | $ 2,005,799 | $ (281,203 | ) | $ (10,872 | ) | |||||||||||
Net realized gain (loss) on investments | 1,815,766 | 2,741,705 | 492,756 | 1,243,049 | (356,673 | ) | 2,773,976 | 70,454 | |||||||||||||
Change in net unrealized
appreciation/depreciation of
investments |
36,756,138 | 30,955,398 | 286,991 | 21,638,358 | (1,135,752 | ) | 14,182,365 | 476,420 | |||||||||||||
Net increase
(decrease) in net assets resulting from
operations |
37,787,303 | 36,089,182 | 2,683,400 | 24,118,825 | 513,374 | 16,675,138 | 536,002 | ||||||||||||||
Capital transactions: (Note 8) | |||||||||||||||||||||
Net contract payments (Note 6) | 3,247,979 | 5,008,685 | 1,457,841 | 2,570,286 | 2,397,193 | 8,031,452 | 505,628 | ||||||||||||||
Withdrawal of funds | (3,698,531 | ) | (6,976,629 | ) | (1,745,580 | ) | (2,595,227 | ) | (3,458,245 | ) | (7,482,768 | ) | (125,379 | ) | |||||||
Transfer due to reimbursement (payment)
of accumulation
unit value fluctuation |
(63,300 | ) | (52,264 | ) | (1,179 | ) | (50,740 | ) | (105 | ) | (59,231 | ) | (8,379 | ) | |||||||
Net charge (credit) to annuitant mortality reserve (Note 3D) | - | - | - | - | 476 | (30 | ) | - | |||||||||||||
Annuity benefit payments | - | - | - | - | 46 | 54 | - | ||||||||||||||
Withdrawal due to administrative and
contingent
deferred sales charges (Note 6) |
(20,269 | ) | (31,900 | ) | (8,715 | ) | (15,036 | ) | (9,746 | ) | (33,017 | ) | (122 | ) | |||||||
Divisional transfers | 2,346,001 | 7,385,544 | (1,126,631 | ) | 2,460,633 | (10,613,357 | ) | 1,777,894 | 317,751 | ||||||||||||
Net increase
(decrease) in net assets resulting from capital
transactions |
1,811,880 | 5,333,436 | (1,424,264 | ) | 2,369,916 | (11,683,738 | ) | 2,234,354 | 689,499 | ||||||||||||
Total increase (decrease) | 39,599,183 | 41,422,618 | 1,259,136 | 26,488,741 | (11,170,364 | ) | 18,909,492 | 1,225,501 | |||||||||||||
NET ASSETS, at beginning of the year | 46,372,415 | 86,697,839 | 27,083,939 | 41,522,857 | 49,321,392 | 83,574,972 | 462,045 | ||||||||||||||
NET ASSETS, at end of the year | $ 85,971,598 | $128,120,457 | $ 28,343,075 | $ 68,011,598 | $ 38,151,028 | $102,484,464 | $ 1,687,546 | ||||||||||||||
*
|
Prior to June
30, 1999, the Oppenheimer Capital Appreciation Division was
called Oppenheimer Growth Division
|
**
|
Prior to June
30, 1999, the Oppenheimer Main Street Growth & Income
Division was called Oppenheimer Growth & Income
Division.
|
MML
Equity Division |
MML
Money Market Division |
MML
Managed Bond Division |
MML
Blend Division |
Oppenheimer
Money Division |
Oppenheimer
Bond Division |
Oppenheimer
High Income Division |
*Oppenheimer
Aggressive Growth Division |
Oppenheimer
Growth Division |
Oppenheimer
Multiple Strategies Division |
Oppenheimer
Global Securities Division |
Oppenheimer
Strategic Bond Division |
Oppenheimer
Growth & Income Division |
**Oppenheimer
Small Cap Growth Division |
|||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Increase (decrease) in net assets | ||||||||||||||||||||||||||||||||||||||||||
Operations: | ||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $ 944,830 | $ 326,585 | $ 140,025 | $ 1,009,183 | $ 298,403 | $ 52,130 | $ 794,604 | $ 469,852 | $ 4,667,722 | $ 1,101,272 | $ 2,786,714 | $ 591,164 | $ 2,697,926 | $ (1,467 | ) | |||||||||||||||||||||||||||
Net realized gain on investments | 691,654 | - | 64,559 | 166,496 | - | 90,724 | 1,763 | 440,597 | 2,948,386 | 630,534 | 1,049,537 | 176,174 | 4,134,314 | (5,807 | ) | |||||||||||||||||||||||||||
Change in net unrealized
appreciation/depreciation of investments |
935,183 | - | (49,817 | ) | 182,872 | - | 148,631 | (1,323,822 | ) | 3,086,608 | 6,589,377 | (549,967 | ) | 122,607 | (321,025 | ) | (5,825,470 | ) | 47,858 | |||||||||||||||||||||||
Net increase in
net assets resulting from
operations |
2,571,667 | 326,585 | 154,767 | 1,358,551 | 298,403 | 291,485 | (527,455 | ) | 3,997,057 | 14,205,485 | 1,181,839 | 3,958,858 | 446,313 | 1,006,770 | 40,584 | |||||||||||||||||||||||||||
Capitalizations: (Note 8) | ||||||||||||||||||||||||||||||||||||||||||
Net contract payments (Note ) | 9,158,610 | 6,033,534 | 1,538,676 | 4,341,762 | 2,805,715 | 3,494,506 | 9,944,797 | 11,877,861 | 25,527,513 | 8,115,801 | 10,017,579 | 14,312,930 | 25,068,767 | 105,572 | ||||||||||||||||||||||||||||
Withdrawal funds | (557,875 | ) | (1,748,133 | ) | (377,824 | ) | (855,437 | ) | (783,618 | ) | (777,293 | ) | (1,422,742 | ) | (2,335,192 | ) | (3,824,555 | ) | (3,737,021 | ) | (2,249,750 | ) | (2,545,977 | ) | (4,413,846 | ) | (1,857 | ) | ||||||||||||||
Transfer due to reimbursement
(payment) of accumulation unit sales taxation |
(22,468 | ) | 510 | (5,045 | ) | (19,391 | ) | (3,711 | ) | (1,560 | ) | (984 | ) | (96,746 | ) | (133,408 | ) | (59,954 | ) | (981 | ) | (13,066 | ) | (70,638 | ) | 3,688 | ||||||||||||||||
Net
credit to annuitant mortality
reserve (Note 3D) |
- | - | 17,030 | 11,604 | - | - | (5,272 | ) | - | - | - | - | (879 | ) | 3,326 | - | ||||||||||||||||||||||||||
Transfer of seed money | - | - | - | - | - | - | - | - | - | - | - | - | - | 5,000 | ||||||||||||||||||||||||||||
Annuity benefit payments | - | - | (228 | ) | (271 | ) | - | - | - | - | - | - | - | (46 | ) | (54 | ) | - | ||||||||||||||||||||||||
Withdrawal due to administrative and
contingent deferred sales charges (Note 6) |
(5,742 | ) | (1,996 | ) | (594 | ) | (3,442 | ) | (1,757 | ) | (1,148 | ) | (5,743 | ) | (15,083 | ) | (22,472 | ) | (7,006 | ) | (12,344 | ) | (8,394 | ) | (24,213 | ) | (7 | ) | ||||||||||||||
Divisional transfers | (104,853 | ) | (1,673,606 | ) | 278,225 | 1,144,048 | (2,968,952 | ) | 5,090,601 | (836,591 | ) | (800,209 | ) | (918,551 | ) | (165,345 | ) | (502,835 | ) | (1,329,529 | ) | 2,507,066 | 309,065 | |||||||||||||||||||
Net increase in
net assets resulting from
capital transactions |
8,467,672 | 2,610,309 | 1,450,240 | 4,618,873 | (952,323 | ) | 7,805,106 | 7,673,465 | 8,630,631 | 20,628,527 | 4,146,475 | 7,251,669 | 10,415,039 | 23,070,408 | 421,461 | |||||||||||||||||||||||||||
Total increase | 11,039,339 | 2,936,894 | 1,605,007 | 5,977,424 | (653,920 | ) | 8,096,591 | 7,146,010 | 12,627,688 | 34,834,012 | 5,328,314 | 11,210,527 | 10,861,352 | 24,077,178 | 462,045 | |||||||||||||||||||||||||||
NET ASSETS,
at beginning of the
period year |
13,900,096 | 8,059,147 | 2,404,200 | 8,846,311 | 9,561,588 | 4,369,844 | 20,899,775 | 33,744,727 | 51,863,827 | 21,755,625 | 30,312,330 | 38,460,040 | 59,497,794 | - | ||||||||||||||||||||||||||||
NET ASSETS, at end of the year | $24,939,435 | $10,996,041 | $ 4,009,207 | $14,823,735 | $ 8,907,668 | $12,466,435 | $28,045,785 | $46,372,415 | $86,697,839 | $27,083,939 | $41,522,857 | $49,321,392 | $83,574,972 | $ 462,045 | ||||||||||||||||||||||||||||
*
|
The Oppenheimer
Aggressive Growth Division invests in the Oppenheimer
Aggressive Growth Fund. Prior to May 1, 1998, the Oppenheimer
Aggressive Growth Fund was called the Oppenheimer Capital
Appreciation Fund. The Oppenheimer Aggressive Growth Division
was known as the Oppenheimer Capital Appreciation
Division.
|
**
|
For the period
May 1, 1998 (Commencement of Operations) Through December 31,
1998.
|
1.
|
HISTORY
|
Massachusetts Mutual Variable Annuity Separate Account
3 (Separate Account 3) is a separate investment
account established on January 12, 1994 by Massachusetts
Mutual Life Insurance Company (MassMutual).
Separate Account 3 is used exclusively for MassMutuals
flexible purchase payment individual variable annuity
contract, known as LifeTrust.
|
On
November 15, 1994, MassMutual paid $60,000 to provide the
initial capital for Separate Account 3s twelve initial
divisions: 14,099 shares were purchased in the two management
investment companies described in Note 2.
|
On July
5, 1995, MassMutual paid $5,000 to establish Separate Account
3s thirteenth division: 500 shares were purchased in the
Growth & Income Division of the Oppenheimer Variable
Account Fund described in Note 2.
|
The
Separate Account 3 operates as a registered unit investment
trust pursuant to the Investment Company Act of 1940
(the 1940 Act).
|
2.
|
INVESTMENT OF THE SEPARATE ACCOUNT
3 ASSETS
|
Separate Account 3 maintains fourteen divisions. Each
division invests in corresponding shares of either the MML
Series Investment Fund (MML Trust) or Oppenheimer
Variable Account Funds (Oppenheimer
Trust).
|
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 Trust. The MML Trust is an open-end, management
investment company registered under the 1940 Act. MassMutual
serves as investment manager of 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-adviser to the MML Money Market Fund, MML Managed Bond
Fund and the entire MML Blend Fund).
|
Oppenheimer Money Fund/VA, Oppenheimer Bond Fund/VA,
Oppenheimer High Income Fund/VA, Oppenheimer Aggressive Growth
Fund/VA, Oppenheimer Capital Appreciation Fund/VA, Oppenheimer
Multiple Strategies Fund/VA, Oppenheimer Global Securities
Fund/VA, Oppenheimer Strategic Bond Fund/VA, Oppenheimer Main
Street Growth & Income Fund/VA and Oppenheimer Small Cap
Growth Fund/VA are the ten separate funds of 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
manager.
|
In
addition to the fourteen divisions of the Separate Account 3,
a contractowner, in certain states, may also allocate funds to
the Fixed Account. Proceeds from the Fixed Account will be
deposited in a non-unitized segment of MassMutuals
general account organized as a separate account for accounting
purposes. The interests in the Fixed Account are registered
under the Securities Act of 1933.
|
3.
|
SIGNIFICANT ACCOUNTING
POLICIES
|
The
following is a summary of significant accounting policies
followed consistently by Separate Account 3 in preparation of
the financial statements in conformity with generally accepted
accounting principles.
|
A. Investment
Valuation
|
Investments in MML Trust and the 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 Separate Account 3 form a part of the
total operations of MassMutual, and Separate Account 3 is not
taxed separately. MassMutual is taxed as a life insurance
company under the provisions of the 1986 Internal Revenue
Code, as amended. Separate Account 3 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 Separate
Account 3s 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 Separate Account 3.
|
D. Annuity
Reserves
|
Annuity
reserves are developed by using accepted actuarial methods and
are computed using the 1983 Annuity Table A, with Projection
Scale G. Separate Account 3 has an annuity reserve of $201,950
at December 31, 1999.
|
E. 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
|
An
asset charge is computed against the net asset value of
Separate Account 3s assets (Net Asset
Value). The asset charge is currently equivalent on an
annual basis to 1.40% of the Net Asset Value. The mortality
and expense risk part of the charge is made daily at an annual
rate which is currently equal to l.15%, and will not exceed
1.25% of the Net Asset Value. The administrative expense part
of the asset charge is made daily at an annual rate of 0.l5%.
The third component of the asset charge is a charge of 0.10%
of Net Asset Value assessed to reimburse MassMutual for the
cost of providing the enhanced death benefit under the
Contract. MassMutual also charges for administrative costs and
may impose a contingent deferred sales charge and a premium
tax charge upon redemption, maturity or
annuitization.
|
5.
|
DISTRIBUTION
AGREEMENT
|
MML
Distributors, LLC (MML Distributors), a
wholly-owned subsidiary of MassMutual, serves as principal
underwriter of the contracts pursuant to an underwriting and
servicing agreement among MML Distributors, MassMutual and
Separate Account 3. 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 of the
contracts pursuant to underwriting and servicing agreements
among MMLISI, MassMutual and Separate Account 3. 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 AND CONTINGENT DEFERRED SALES
CHARGES
|
For The Year Ended
December 31, 1999 |
MML
Equity Division |
MML
Money Market Division |
MML
Managed Bond Division |
MML
Blend Division |
Oppenheimer
Money Division |
Oppenheimer
Bond Division |
Oppenheimer
High Income Division |
||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Contract payments | $ 2,169,366 | $ 2,339,999 | $ 385,657 | $ 1,708,439 | $ 1,151,857 | $ 546,304 | $ 1,490,738 | ||||||||||||||||||||||||||||||||||||
Administrative
charges and contingent deferred
sales charges |
$ 8,329 | $ 2,589 | $ 970 | $ 4,586 | $ 2,026 | $ 1,879 | $ 7,369 | ||||||||||||||||||||||||||||||||||||
For The Year Ended
December 31, 1999 (Continued) |
Oppenheimer
Aggressive Growth Division |
Oppenheimer
Capital Appreciation Division |
Oppenheimer
Multiple Strategies Division |
Oppenheimer
Global Securities Division |
Oppenheimer
Strategic Bond Division |
Oppenheimer
Main Street Growth & Income Division |
Oppenheimer
Small Cap Growth Division |
||||||||||||||||||||||||||||||||||||
Net Contract payments | $ 3,247,979 | $ 5,008,685 | $ 1,457,841 | $ 2,570,286 | $ 2,397,193 | $ 8,031,452 | $ 505,628 | ||||||||||||||||||||||||||||||||||||
Administrative
charges and contingent deferred
sales charges |
$ 20,269 | $ 31,900 | $ 8,715 | $ 15,036 | $ 9,746 | $ 33,017 | $ 122 | ||||||||||||||||||||||||||||||||||||
7. PURCHASES AND SALES OF INVESTMENTS | |||||||||||||||||||||||||||||||||||||||||||
For The Year Ended
December 31, 1999 |
MML
Equity Division |
MML
Money Market Division |
MML
Managed Bond Division |
MML
Blend Division |
Oppenheimer
Money Division |
Oppenheimer
Bond Division |
Oppenheimer
High Income Division |
||||||||||||||||||||||||||||||||||||
Cost of purchases | $ 6,001,897 | $ 12,768,486 | $ 2,083,604 | $ 4,484,755 | $ 11,005,838 | $ 1,782,048 | $ 7,675,255 | ||||||||||||||||||||||||||||||||||||
Proceeds from sales | $ (3,815,284 | ) | $(12,569,217 | ) | $ (1,551,249 | ) | $ (2,592,775 | ) | $ (11,010,880 | ) | $ (5,295,131 | ) | $ (8,535,886 | ) | |||||||||||||||||||||||||||||
For The Year Ended
December 31, 1999 (Continued) |
Oppenheimer
Aggressive Growth Division |
Oppenheimer
Capital Appreciation Division |
Oppenheimer
Multiple Strategies Division |
Oppenheimer
Global Securities Division |
Oppenheimer
Strategic Bond Division |
Oppenheimer
Main Street Growth & Income Division |
Oppenheimer
Small Cap Growth Division |
||||||||||||||||||||||||||||||||||||
Cost of purchases | $ 7,917,163 | $ 16,117,372 | $ 4,905,922 | $ 7,669,223 | $ 4,182,714 | $13,401,477 | $ 1,166,207 | ||||||||||||||||||||||||||||||||||||
Proceeds from sales | $ (6,748,382 | ) | $ (8,264,829 | ) | $ (4,422,854 | ) | $ (3,964,563 | ) | $(13,896,946 | ) | $(11,354,757 | ) | $ (481,647 | ) |
8.
|
NET INCREASE (DECREASE) IN
ACCUMULATION UNITS
|
For The Year Ended
December 31, 1999 |
MML
Equity Division |
MML
Money Market Division |
MML
Managed Bond Division |
MML
Blend Division |
Oppenheimer
Money Division |
Oppenheimer
Bond Division |
Oppenheimer
High Income Division |
||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Units purchased | 981,162 | 1,979,112 | 280,270 | 933,978 | 977,657 | 412,627 | 1,012,791 | ||||||||||||||
Units withdrawn | (565,391) | (1,818,151 | ) | (320,739 | ) | (754,003 | ) | (2,455,172 | ) | (603,482 | ) | (1,718,672 | ) | ||||||||
Units transferred between divisions | 175,477 | (318,749 | ) | 276,439 | 281,870 | 1,236,586 | (2,804,395 | ) | (935,908 | ) | |||||||||||
Net increase (decrease) | 591,248 | (157,788 | ) | 235,970 | 461,845 | (240,929 | ) | (2,995,250 | ) | (1,641,789 | ) | ||||||||||
Units, at beginning of the year | 11,215,428 | 9,429,427 | 2,842,191 | 8,074,103 | 7,610,276 | 9,276,132 | 19,496,529 | ||||||||||||||
Units, at end of the year | 11,806,676 | 9,271,639 | 3,078,161 | 8,535,948 | 7,369,347 | 6,280,882 | 17,854,740 | ||||||||||||||
For The Year Ended
December 31, 1999 (Continued) |
Oppenheimer
Aggressive Growth Division |
Oppenheimer
Capital Appreciation Division |
Oppenheimer
Multiple Strategies Division |
Oppenheimer
Global Securities Division |
Oppenheimer
Strategic Bond Division |
Oppenheimer
Main Street Growth & Income Division |
Oppenheimer
Small Cap Growth Division |
||||||||||||||
Units purchased | 1,439,480 | 1,835,566 | 853,869 | 1,505,254 | 1,785,847 | 3,375,861 | 515,211 | ||||||||||||||
Units withdrawn | (1,669,436) | (2,528,006 | ) | (998,542 | ) | (1,544,655 | ) | (2,541,804 | ) | (3,192,251 | ) | (122,538 | ) | ||||||||
Units transferred between divisions | 816,198 | 2,699,027 | (696,052 | ) | 1,371,403 | (7,942,615 | ) | 643,883 | 349,172 | ||||||||||||
Net increase (decrease) | 586,242 | 2,006,587 | (840,725 | ) | 1,332,002 | (8,698,572 | ) | 827,493 | 741,845 | ||||||||||||
Units, at beginning of the year | 24,479,095 | 34,651,166 | 16,564,401 | 27,725,843 | 36,661,314 | 38,049,984 | 485,793 | ||||||||||||||
Units, at end of the year | 25,065,337 | 36,657,753 | 15,723,676 | 29,057,845 | 27,962,742 | 38,877,477 | 1,227,638 | ||||||||||||||
For The Year Ended
December 31, 1998 |
MML
Equity Division |
MML
Money Market Division |
MML
Managed Bond Division |
MML
Blend Division |
Oppenheimer
Money Division |
Oppenheimer
Bond Division |
Oppenheimer
High Income Division |
||||||||||||||
Units purchased | 4,449,918 | 5,167,128 | 1,131,481 | 2,524,651 | 2,434,565 | 2,659,840 | 6,795,140 | ||||||||||||||
Units withdrawn | (271,089 | ) | (1,513,854 | ) | (305,325 | ) | (553,835 | ) | (684,073 | ) | (595,902 | ) | (1,001,765 | ) | |||||||
Units transferred between divisions | (127,490 | ) | (1,391,814 | ) | 178,403 | 674,367 | (2,619,989 | ) | 3,787,258 | (687,400 | ) | ||||||||||
Net increase (decrease) | 4,051,339 | 2,261,460 | 1,004,559 | 2,645,183 | (869,497 | ) | 5,851,196 | 5,105,975 | |||||||||||||
Units, at beginning of the year | 7,164,089 | 7,167,967 | 1,837,632 | 5,428,920 | 8,479,773 | 3,424,936 | 14,390,554 | ||||||||||||||
Units, at end of the year | 11,215,428 | 9,429,427 | 2,842,191 | 8,074,103 | 7,610,276 | 9,276,132 | 19,496,529 | ||||||||||||||
For The Year Ended
December 31, 1998 (Continued) |
Oppenheimer
Aggressive Growth Division |
Oppenheimer
Growth Division |
Oppenheimer
Multiple Strategies Division |
Oppenheimer
Global Securities Division |
Oppenheimer
Strategic Bond Division |
Oppenheimer
Growth & Income Division |
*Oppenheimer
Small Cap Growth Division |
||||||||||||||
Units purchased | 6,704,369 | 11,560,278 | 5,077,764 | 7,148,392 | 10,617,406 | 11,196,301 | 125,473 | ||||||||||||||
Units withdrawn | (1,356,894 | ) | (1,756,458 | ) | (2,395,219 | ) | (1,624,219 | ) | (1,904,531 | ) | (2,045,673 | ) | (2,152 | ) | |||||||
Units transferred between divisions | (613,720 | ) | (509,909 | ) | (114,804 | ) | (580,289 | ) | (1,087,342 | ) | 919,578 | 362,472 | |||||||||
Net increase | 4,733,755 | 9,293,911 | 2,567,741 | 4,943,884 | 7,625,533 | 10,070,206 | 485,793 | ||||||||||||||
Units, at beginning of the period/year | 19,745,340 | 25,357,255 | 13,996,660 | 22,781,959 | 29,035,781 | 27,979,778 | - | ||||||||||||||
Units, at end of the year | 24,479,095 | 34,651,166 | 16,564,401 | 27,725,843 | 36,661,314 | 38,049,984 | 485,793 | ||||||||||||||
*
|
For the Period
May 1, 1998 (Commencement of Operations) Through December 31,
1998.
|
December 31, | ||||
---|---|---|---|---|
1999 | 1998 | |||
(In Millions) | ||||
Assets: | ||||
Bonds | $24,598.4 | $25,215.8 | ||
Common stocks | 294.4 | 296.3 | ||
Mortgage loans | 6,540.8 | 5,916.5 | ||
Real estate | 2,138.8 | 1,739.8 | ||
Other investments | 2,516.9 | 2,263.7 | ||
Policy loans | 5,466.9 | 5,224.2 | ||
Cash and short-term investments | 1,785.8 | 1,123.3 | ||
|
|
|||
Total invested assets | 43,342.0 | 41,779.6 | ||
Other assets | 1,330.7 | 1,306.2 | ||
|
|
|||
44,672.7 | 43,085.8 | |||
Separate account assets | 20,453.0 | 19,589.7 | ||
|
|
|||
Total assets | $65,125.7 | $62,675.5 | ||
|
|
December 31, | ||||
---|---|---|---|---|
1999 | 1998 | |||
(In Millions) | ||||
Liabilities: | ||||
Policyholders reserves and funds | $37,191.6 | $35,277.0 | ||
Policyholders dividends | 1,070.8 | 1,021.6 | ||
Policyholders claims and other benefits | 328.8 | 332.4 | ||
Federal income taxes | 734.3 | 634.9 | ||
Asset valuation and other investment reserves | 993.9 | 1,053.4 | ||
Other liabilities | 943.0 | 1,578.9 | ||
41,262.4 | 39,898.2 | |||
Separate account liabilities | 20,452.0 | 19,588.5 | ||
Total liabilities | 61,714.4 | 59,486.7 | ||
Policyholders contingency reserves | 3,411.3 | 3,188.8 | ||
Total liabilities and policyholders contingency reserves | $65,125.7 | $62,675.5 | ||
Years Ended December 31, | |||||||
---|---|---|---|---|---|---|---|
1999 | 1998 | 1997 | |||||
(In Millions) | |||||||
Revenue: | |||||||
Premium income | $7,630.3 | $7,482.2 | $6,764.8 | ||||
Net investment income | 3,075.8 | 2,956.8 | 2,870.2 | ||||
Fees and other income | 184.3 | 154.0 | 126.7 | ||||
Total revenue | 10,890.4 | 10,593.0 | 9,761.7 | ||||
Benefits and expenses: | |||||||
Policyholders benefits and payments | 7,294.0 | 5,873.9 | 6,583.8 | ||||
Addition to policyholders reserves and funds | 1,127.6 | 2,299.6 | 826.8 | ||||
Operating expenses | 450.7 | 509.5 | 450.8 | ||||
Commissions | 281.8 | 299.3 | 315.3 | ||||
State taxes, licenses and fees | 82.4 | 88.1 | 81.5 | ||||
Total benefits and expenses | 9,236.5 | 9,070.4 | 8,258.2 | ||||
Net gain before federal income taxes and dividends | 1,653.9 | 1,522.6 | 1,503.5 | ||||
Federal income taxes | 160.9 | 199.3 | 284.4 | ||||
Net gain from operations before dividends | 1,493.0 | 1,323.3 | 1,219.1 | ||||
Dividends to policyholders | 1,031.0 | 982.9 | 919.5 | ||||
Net gain from operations | 462.0 | 340.4 | 299.6 | ||||
Net realized capital gain (loss) | 5.4 | 25.4 | (42.5 | ) | |||
Net income | $ 467.4 | $ 365.8 | $ 257.1 | ||||
Years Ended December 31, | |||||||||
---|---|---|---|---|---|---|---|---|---|
1999 | 1998 | 1997 | |||||||
(In Millions) | |||||||||
Policyholders contingency reserves, beginning of year | $3,188.8 | $2,873.3 | $2,638.6 | ||||||
Increases (decreases) due to: | |||||||||
Net income | 467.4 | 365.8 | 257.1 | ||||||
Net unrealized capital gains (losses) | (201.7 | ) | 17.4 | 119.1 | |||||
Change in asset valuation and other investment reserves | 59.5 | (81.0 | ) | (76.0 | ) | ||||
Change in prior year policyholders reserves | (13.0 | ) | 8.6 | (55.4 | ) | ||||
Benefit plan enhancements | (78.9 | ) | | | |||||
Other | (10.8 | ) | 4.7 | (10.1 | ) | ||||
222.5 | 315.5 | 234.7 | |||||||
Policyholders contingency reserves, end of year | $3,411.3 | $3,188.8 | $2,873.3 | ||||||
Years Ended December 31, | |||||||||
---|---|---|---|---|---|---|---|---|---|
1999 | 1998 | 1997 | |||||||
(In Millions) | |||||||||
Operating activities: | |||||||||
Net income | $ 467.4 | $ 365.8 | $ 257.1 | ||||||
Addition to
policyholders reserves, funds and policy benefits,
net of transfers to separate accounts |
1,911.0 | 1,472.8 | 421.3 | ||||||
Net realized capital (gain) loss | (5.4 | ) | (25.4 | ) | 42.5 | ||||
Other changes | (220.2 | ) | 15.4 | (108.1 | ) | ||||
Net cash provided by operating activities | 2,152.8 | 1,828.6 | 612.8 | ||||||
Investing activities: | |||||||||
Loans and purchases of investments | (14,180.3 | ) | (15,981.2 | ) | (12,292.7 | ) | |||
Sales and
maturities of investments and receipts from
repayment of loans |
12,690.0 | 13,334.7 | 12,545.7 | ||||||
Net cash provided by (used in) investing activities | (1,490.3 | ) | (2,646.5 | ) | 253.0 | ||||
Increase (decrease) in cash and short-term investments | 662.5 | (817.9 | ) | 865.8 | |||||
Cash and short-term investments, beginning of year | 1,123.3 | 1,941.2 | 1,075.4 | ||||||
Cash and short-term investments, end of year | $ 1,785.8 | $ 1,123.3 | $ 1,941.2 | ||||||
The
accompanying statutory financial statements have been prepared
in conformity with the statutory accounting practices, except
as to form, of the National Association of Insurance
Commissioners (NAIC) and the accounting practices
prescribed or permitted by the Commonwealth of Massachusetts
Division of Insurance and are different in some respects from
financial statements prepared in accordance with generally
accepted accounting principles (GAAP). The more
significant differences are as follows: (a) acquisition costs,
such as commissions and other costs directly related to
acquiring new business, are charged to current operations as
incurred, whereas GAAP would require these expenses to be
capitalized and recognized over the life of the policies; (b)
statutory policy reserves are based upon the commissioners
reserve valuation methods and statutory mortality, morbidity
and interest assumptions, whereas GAAP reserves would
generally be based upon net level premium and estimated gross
margin methods and appropriately conservative estimates of
future mortality, morbidity and interest assumptions; (c)
bonds are generally carried at amortized cost whereas GAAP
generally requires they be reported at fair value; (d)
deferred income taxes are not provided for book-tax timing
differences as would be required by GAAP; (e) payments
received for universal and variable life products, variable
annuities and investment related products are reported as
premium income and changes in reserves, whereas under GAAP,
these payments would be recorded as deposits to
policyholders account balances; and (f) majority owned
subsidiaries are accounted for using the equity method,
whereas GAAP would require these entities to be
consolidated.
|
In
March 1998, the NAIC adopted the Codification of Statutory
Accounting Principles (Codification). Codification
provides a comprehensive guide of statutory accounting
principles for use by insurers in all states and is expected
to become effective January 1, 2001. The effect of adopting
Codification shall be reported as an adjustment to
policyholders contingency reserves on the effective
date. The Company is currently reviewing the impact of
Codification; however, due to the nature of certain required
accounting changes and their sensitivity to factors such as
interest rates, the actual impact upon adoption cannot be
determined at this time.
|
The
preparation of financial statements requires management to
make estimates and assumptions that affect the reported
amounts of assets and liabilities, as well as disclosures of
contingent assets and liabilities, at the date of the
financial statements. Management must also make estimates and
assumptions that affect the amounts of revenues and expenses
during the reporting period. Future events, including changes
in the levels of mortality, morbidity, interest rates,
persistency and asset valuations, could cause actual results
to differ from the estimates used in the financial
statements.
|
The
following is a description of the Companys principal
accounting policies and practices.
|
a.
|
Investments
|
Bonds
and stocks are valued in accordance with rules established by
the NAIC. Generally, bonds are valued at amortized cost, using
the interest method, preferred stocks in good standing at
cost, and common stocks at fair value.
|
Mortgage loans are valued at unpaid principal net of
unamortized premium or discount. The Company discontinues the
accrual of interest on mortgage loans which are delinquent
more than 90 days or when collection is uncertain. Real estate
is valued at cost less accumulated depreciation, impairment
allowances and mortgage encumbrances. Encumbrances totaled
$50.8 million in 1999 and $63.5 million in 1998. Depreciation
on investment real estate is calculated using the
straight-line and constant yield methods.
|
Policy
loans are carried at the outstanding loan balance less amounts
unsecured by the cash surrender value of the
policy.
|
Short-term investments are stated at amortized
cost.
|
Investments in unconsolidated subsidiaries and affiliates,
joint ventures and other forms of partnerships are included in
other investments on the Statutory Statements of Financial
Position and are accounted for using the equity method. During
1999, MassMutual contributed additional paid-in capital of
$125.0 million to certain unconsolidated
subsidiaries.
|
In
compliance with regulatory requirements, the Company maintains
an Asset Valuation Reserve (AVR) and an Interest
Maintenance Reserve (IMR). The AVR and other
investment reserves stabilize the policyholders
contingency reserves against fluctuations in the value of
stocks, as well as declines in the value of bonds, mortgage
loans and real estate investments. The IMR defers after-tax
realized capital gains and losses which result from changes in
the overall level of interest rates for all types of fixed
income investments and interest related hedging activities.
These interest rate related gains and losses are amortized
into net investment income using the grouped method over the
remaining life of the investment sold or over the remaining
life of the underlying asset. Net realized after tax capital
losses of $29.2 million in 1999 and net realized after tax
capital gains of $189.1 million in 1998, and $95.4 million in
1997 were deferred into to the IMR. Amortization of the IMR
into net investment income amounted to $52.0 million in 1999,
$40.3 million in 1998, and $31.0 million in 1997.
|
Realized capital gains and losses, less taxes, not
includable in the IMR, are recognized in net income. Realized
capital gains and losses are determined using the specific
identification method. Unrealized capital gains and losses are
included in policyholders contingency
reserves.
|
b.
|
Separate Accounts
|
Separate account assets and liabilities represent
segregated funds administered and invested by the Company for
the benefit of pension, variable annuity and variable life
insurance contractholders. Assets consist principally of
marketable securities reported at fair value. Premiums,
benefits and expenses of the separate accounts are reported in
the Statutory Statements of Income. The Company receives
administrative and investment advisory fees from these
accounts.
|
c.
|
Non-admitted Assets
|
Assets
designated as non-admitted include furniture,
certain equipment and other receivables and are excluded from
the Statutory Statements of Financial Position by an
adjustment to policyholders contingency
reserves.
|
d.
|
Policyholders Reserves and
Funds
|
Policyholders reserves for life insurance
contracts are developed using accepted actuarial methods
computed principally on the net level premium and the
Commissioners Reserve Valuation Method bases using the
American Experience and the 1941, 1958 and 1980
Commissioners Standard Ordinary mortality tables with
assumed interest rates ranging from 2.50 to 6.75
percent.
|
Reserves for individual annuities, guaranteed
investment contracts and deposit administration and immediate
participation guarantee contracts are based on accepted
actuarial methods principally at interest rates ranging from
2.25 to 11.25 percent.
|
Disability income policy reserves are generally
calculated using the two-year preliminary term, net level
premium and fixed net premium methods, and various morbidity
tables with assumed interest rates ranging from 2.50 to 5.50
percent.
|
e.
|
Premium and Related Expense
Recognition
|
Life
insurance premium revenue is recognized annually on the
anniversary date of the policy. Annuity premium is recognized
when received. Disability income premiums are recognized as
revenue when due. Commissions and other costs related to
issuance of new policies, and policy maintenance and
settlement costs are charged to current operations when
incurred.
|
f.
|
Policyholders
Dividends
|
The
Board of Directors annually approves dividends to be paid in
the following year. These dividends are allocated to reflect
the relative contribution of each group of policies to
policyholders contingency reserves and consider
investment and mortality experience, expenses and federal
income tax charges. The liability for policyholders
dividends is the estimated amount of dividends to be paid
during the following calendar year.
|
g.
|
Cash and Short-term
Investments
|
The
Company considers all highly liquid investments purchased with
a maturity of twelve months or less to be short-term
investments.
|
h.
|
Policyholders Contingency
Reserves
|
Policyholders contingency reserves represent
surplus of the Company as reported to regulatory authorities
and are intended to protect policyholders against possible
adverse experience.
|
The
Company issued surplus notes of $100.0 million at 7.5 percent
and $250.0 million at 7.625 percent in 1994 and 1993,
respectively. These notes are unsecured and subordinate to all
present and future indebtedness of the Company, policy claims
and prior claims against the Company as provided by the
Massachusetts General Laws. Issuance was approved by the
Commissioner of Insurance of the Commonwealth of Massachusetts
(the Commissioner).
|
All
payments of interest and principal are subject to the prior
approval of the Commissioner. Sinking fund payments are due as
follows: $62.5 million in 2021, $87.5 million in 2022, $150.0
million in 2023 and $50.0 million in 2024.
|
Interest on the notes issued in 1994 is scheduled to be
paid on March 1 and September 1 of each year, to holders of
record on the preceding February 15 or August 15,
respectively. Interest on the notes issued in 1993 is
scheduled to be paid on May 15 and November 15 of each year,
to holders of record on the preceding May 1 or November 1,
respectively. Interest expense is not recorded until approval
for payment is received from the Commissioner. Interest of
$26.6 million was approved and paid in 1999, 1998 and
1997.
|
The
proceeds of the notes, less a $6.7 million reserve in 1999 and
a $24.4 million reserve in 1998 for contingencies associated
with the issuance of the notes, are recorded as a component of
the Companys policyholders contingency reserves as
permitted by the Commonwealth of Massachusetts Division of
Insurance. These surplus note contingency reserves are
included in asset valuation and other investment reserves on
the Statutory Statements of Financial Position.
|
The
Company provides multiple benefit plans to employees, agents
and retirees, including retirement plans and life and health
benefits.
|
a.
|
Retirement Plans
|
On June
1, 1999, the Company converted its two non-contributory
defined benefit plans into a cash balance pension plan. The
cash balance pension plan covers substantially all of its
employees. Benefits are expressed as an account balance which
is increased with pay credits and interest credits. Prior to
June 1, 1999, the Company offered two non-contributory defined
benefit plans covering substantially all of its employees. One
plan included active employees and retirees previously
employed by Connecticut Mutual Life Insurance Company
(Connecticut Mutual) which merged with MassMutual
in 1996; the other plan included all other eligible employees
and retirees. Benefits were based on the employees years
of service, compensation during the last five years of
employment and estimated social security retirement
benefits.
|
The
Company accounts for these plans following Financial
Accounting Standards Board Statement No. 87,
Employers Accounting for Pensions.
Accordingly, as permitted by the Commonwealth of Massachusetts
Division of Insurance, the Company has recognized a pension
asset of $214.4 million and $216.0 million at December 31,
1999 and 1998, respectively. Company policy is to fund pension
costs in accordance with the requirements of the Employee
Retirement Income Security Act of 1974 and, based on such
requirements, no funding was required for the years ended
December 31, 1999 and 1998. The assets of the plans are
invested in the Companys general account and separate
accounts.
|
The
Company also has defined contribution plans for employees and
agents. The Company funds the plans by matching employee
contributions, subject to statutory limits. Company
contributions and any earnings on them are vested based on
years of service using a graduated vesting schedule. In 1999,
the Company changed its vesting schedule to 40 percent after
one year of service, 80 percent after two years of service and
100 percent after three years of service.
|
During
1999, the Company offered an early retirement program to
employees over the age of 50 with more than 10 years of
service. Employees that elected this program received enhanced
benefits that included an additional five years of credited
service and an additional five years of attained age.
Additionally, a 25% cash bonus was offered for those electing
a lump sum settlement of their benefit. Employee pension
benefits, including the early retirement program enhancements,
are paid directly from plan assets. The Company recorded a
$78.9 million reduction to Policyholders Contingency
Reserves in 1999, as a result of these benefit plan
enhancements.
|
b.
|
Life and Health
|
Life
and health insurance benefits are provided to employees and
agents through group insurance contracts. Substantially all of
the Companys employees and agents may become eligible
for continuation of certain of these benefits if they retire
as active employees or agents of the Company. The Company
adopted the NAIC accounting standard for post retirement life
and health benefit costs, requiring these benefits to be
accounted for using the accrual method for employees and
agents eligible to retire and current retirees. The initial
transition obligation of $137.9 million is being amortized
over twenty years through 2012. At December 31, 1999 and 1998,
the net unfunded accumulated benefit obligation was $168.7
million and $164.6 million, respectively, for employees and
agents eligible to retire or currently retired and $31.0
million and $41.6 million, respectively, for participants not
eligible to retire. During 1998, the Company transferred the
administration of the retiree life and health plan benefit
obligations and supporting assets to an unconsolidated
subsidiary.
|
The
status of the defined benefit plans as of December 31 is as
follows:
|
Retirement | Life and Health | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
1999 | 1998 | 1999 | 1998 | |||||||
(In Millions) | ||||||||||
Accumulated benefit obligation at December 31 | $ 777.8 | $ 822.8 | $ 189.1 | $ 185.6 | ||||||
Fair value of plan assets at December 31 | 1,120.9 | 1,160.2 | 20.4 | 21.0 | ||||||
Funded status | $ 343.1 | $ 337.4 | $(168.7 | ) | $(164.6 | ) | ||||
The
following rates were used in determining the actuarial present
value of the accumulated benefit obligations.
|
Retirement | Life and Health | |||||||
---|---|---|---|---|---|---|---|---|
1999 | 1998 | 1999 | 1998 | |||||
Discount rate | 7.50% | 6.75% | 7.50% | 6.75% | ||||
Increase in future compensation levels | 4.00% | 4.00-5.00% | 5.00% | 5.00% | ||||
Long-term rate of return on assets | 9.00-10.00% | 9.00-10.00% | 6.75% | 6.75% | ||||
Assumed increases in medical cost rates in the first year | | | 9.00% | 7.00% | ||||
declining to | | | 5.00% | 4.25% | ||||
within | | | 5 years | 5 years |
A one
percent increase in the annual assumed inflation rate of
medical costs would increase the 1999 accumulated post
retirement benefit liability and benefit expense by $10.2
million and $1.3 million, respectively. A one percent decrease
in the annual assumed inflation rate of medical costs would
decrease the 1999 accumulated post retirement benefit
liability and benefit expense by $9.4 million and $1.1
million, respectively.
|
The
expense charged to operations for all employee benefit plans
was $28.9 million in 1999, $32.1 million in 1998 and $23.9
million in 1997. In 1997, there was a significant reduction in
plan participants in the Connecticut Mutual plan, which
resulted in recognition of a pension plan curtailment gain of
$10.7 million.
|
Provision for federal income taxes is based upon the
Companys estimate of its tax liability. No deferred tax
effect is recognized for temporary differences that may exist
between financial reporting and taxable income. Accordingly,
the reporting of miscellaneous temporary differences, such as
reserves and policy acquisition costs, and of permanent
differences such as equity tax, resulted in effective tax
rates which differ from the statutory tax rate.
|
The
Company plans to file its 1999 federal income tax return on a
consolidated basis with its eligible life insurance affiliates
and its non-life affiliates. The Company and its eligible life
affiliates and non-life affiliates are subject to a written
tax allocation agreement, which allocates the groups
consolidated tax liability for payment purposes. Generally,
the agreement provides that group members shall be compensated
for the use of their losses and credits by other group
members.
|
The
Internal Revenue Service has completed examining the
Companys income tax returns through the year 1994 for
Massachusetts Mutual and 1995 for Connecticut Mutual. The
Internal Revenue Service is currently examining Massachusetts
Mutual for the years 1995 through 1997 and Connecticut Mutual
for its pre-merger 1996 tax year. The Company believes
adjustments which may result from such examinations will not
materially affect its financial position.
|
Components of the formula authorized by the Internal
Revenue Service for determining deductible policyholder
dividends have not been finalized for 1999 or 1998. The
Company records the estimated effects of anticipated revisions
in the Statutory Statements of Income.
|
Federal
tax payments were $82.5 million in 1999, $152.4 million in
1998 and $353.4 million in 1997.
|
The
Company maintains a diversified investment portfolio.
Investment policies limit concentration in any asset class,
geographic region, industry group, economic characteristic,
investment quality or individual investment. In the normal
course of business, the Company enters into commitments to
purchase privately placed bonds, mortgage loans and real
estate, which at December 31, 1999, totaled $773.9
million.
|
a.
|
Bonds
|
The
carrying value and estimated fair value of bonds are as
follows:
|
December 31, 1999 | ||||||||
---|---|---|---|---|---|---|---|---|
Carrying
Value |
Gross
Unrealized Gains |
Gross
Unrealized Losses |
Estimated
Fair Value |
|||||
(In Millions) | ||||||||
U. S. Treasury
securities and obligations of U. S.
government corporations and agencies |
$ 3,870.8 | $ 105.8 | $ 99.9 | $ 3,876.7 | ||||
Debt securities issued by foreign governments | 24.2 | 1.6 | 0.1 | 25.7 | ||||
Mortgage-backed securities | 3,468.5 | 64.8 | 93.5 | 3,439.8 | ||||
State and local governments | 295.7 | 12.9 | 11.1 | 297.5 | ||||
Corporate debt securities | 14,393.3 | 277.2 | 507.0 | 14,163.5 | ||||
Utilities | 801.6 | 36.7 | 18.5 | 819.8 | ||||
Affiliates | 1,744.3 | 3.9 | 2.9 | 1,745.3 | ||||
TOTAL | $24,598.4 | $ 502.9 | $733.0 | $24,368.3 | ||||
December 31, 1998 | ||||||||
---|---|---|---|---|---|---|---|---|
Carrying
Value |
Gross
Unrealized Gains |
Gross
Unrealized Losses |
Estimated
Fair Value |
|||||
(In Millions) | ||||||||
U. S. Treasury
securities and obligations of U. S.
government corporations and agencies |
$ 4,945.3 | $ 473.0 | $ 20.4 | $ 5,397.9 | ||||
Debt securities issued by foreign governments | 41.2 | 1.5 | 1.3 | 41.4 | ||||
Mortgage-backed securities | 3,734.4 | 188.0 | 13.9 | 3,908.5 | ||||
State and local governments | 360.5 | 33.2 | 7.9 | 385.8 | ||||
Corporate debt securities | 14,133.3 | 845.3 | 118.4 | 14,860.2 | ||||
Utilities | 885.8 | 102.6 | 0.3 | 988.1 | ||||
Affiliates | 1,115.3 | 0.6 | 0.9 | 1,115.0 | ||||
TOTAL | $25,215.8 | $1,644.2 | $163.1 | $26,696.9 | ||||
The
carrying value and estimated fair value of bonds at December
31, 1999, by contractual maturity, are shown below. Expected
maturities will differ from contractual maturities because
borrowers may have the right to call or prepay obligations
with or without prepayment penalties.
|
Carrying
Value |
Estimated
Fair Value |
|||
---|---|---|---|---|
(In Millions) | ||||
Due in one year or less | $ 425.6 | $ 480.1 | ||
Due after one year through five years | 4,289.5 | 4,286.7 | ||
Due after five years through ten years | 9,919.5 | 9,725.8 | ||
Due after ten years | 4,166.9 | 4,135.0 | ||
|
|
|||
18,801.5 | 18,627.6 | |||
Mortgage-backed
securities, including securities guaranteed by the
U.S. government |
5,796.9 | 5,740.7 | ||
|
|
|||
TOTAL | $24,598.4 | $24,368.3 | ||
|
|
Proceeds from sales of investments in bonds were
$10,621.2 million during 1999, $11,663.4 million during 1998
and $11,427.8 million during 1997. Gross capital gains of
$103.3 million in 1999, $331.8 million in 1998 and $200.7
million in 1997 and gross capital losses of $132.0 million in
1999, $47.3 million in 1998 and $68.8 million in 1997 were
realized on those sales, portions of which were deferred into
the IMR.
|
Common
stocks had a cost of $255.3 million in 1999 and $238.4 million
in 1998.
|
The
Company had restructured loans with book values of $81.1
million and $126.6 million at December 31, 1999 and 1998,
respectively. These loans typically have been modified to
defer a portion of the contractual interest payments to future
periods. Interest deferred to future periods was immaterial in
1999, 1998 and 1997.
|
At
December 31, 1999, scheduled commercial mortgage loan
maturities were as follows: 2000 $249.6
million; 2001 $250.0 million;
2002 $327.5 million;
2003 $359.4 million;
2004 $363.7 million and $3,607.5 million
thereafter.
|
d.
|
Other
|
The
carrying value of investments which were non-income producing
for the preceding twelve months was $18.8 million and $13.2
million at December 31, 1999 and 1998,
respectively.
|
The
Company uses common derivative financial instruments to manage
its investment risks, primarily to reduce interest rate and
duration imbalances determined in asset/liability analyses.
These financial instruments described below are not recorded
in the financial statements, unless otherwise noted. The
Company does not hold or issue these financial instruments for
trading purposes.
|
The
notional amounts described do not represent amounts exchanged
by the parties and, thus, are not a measure of the exposure of
the Company. The amounts exchanged are calculated on the basis
of the notional amounts and the other terms of the
instruments, which relate to interest rates, exchange rates,
security prices or financial or other indexes.
|
The
Company utilizes interest rate swap agreements, options, and
purchased caps and floors to reduce interest rate exposures
arising from mismatches between assets and liabilities and to
modify portfolio profiles to manage other risks identified.
Under interest rate swaps, the Company agrees to an exchange,
at specified intervals, between streams of variable rate and
fixed rate interest payments calculated by reference to an
agreed upon notional principal amount. Gains and losses
realized on the termination of contracts are deferred and
amortized through the IMR over the remaining life of the
associated contract. IMR amortization is included in net
investment income on the Statutory Statements of Income. Net
amounts receivable and payable are accrued as adjustments to
net investment income and included in other assets on the
Statutory Statements of Financial Position. At December 31,
1999 and 1998, the Company had swaps with notional amounts of
$9,403.5 million and $4,382.0 million,
respectively.
|
Options
grant the purchaser the right to buy or sell a security or
enter into a derivative transaction at a stated price within a
stated period. The Companys option contracts have terms
of up to fifteen years. The amounts paid for options purchased
are amortized into net investment income over the life of the
contract on a straight-line basis. Unamortized costs are
included in other investments on the Statutory Statements of
Financial Position. Gains and losses on these contracts are
recorded at the expiration or termination date and are
deferred and amortized through the IMR over the remaining life
of the option contract. At December 31, 1999 and 1998, the
Company had option contracts with notional amounts of
$11,825.5 million and $12,704.4 million, respectively. The
Companys credit risk exposure was limited to the
unamortized costs of $76.9 million and $92.5 million at
December 31, 1999 and 1998, respectively.
|
Interest rate cap agreements grant the purchaser the
right to receive the excess of a referenced interest rate over
a stated rate calculated by reference to an agreed upon
notional amount. Interest rate floor agreements grant the
purchaser the right to receive the excess of a stated rate
over a referenced interest rate calculated by reference to an
agreed upon notional amount. Amounts paid for interest rate
caps and floors are amortized into net investment income over
the life of the asset on a straight-line basis. Unamortized
costs are included in other investments on the Statutory
Statements of Financial Position. Amounts receivable and
payable are accrued as adjustments to net investment income
and included in the Statutory Statements of Financial Position
as other assets. Gains and losses on these contracts,
including any unamortized cost, are recognized upon
termination and are deferred and amortized through the IMR
over the remaining life of the associated cap or floor
agreement. At December 31, 1999 and 1998, the Company had
agreements with notional amounts of $3,264.2 million and
$4,337.9 million, respectively. The Companys credit risk
exposure on these agreements is limited to the unamortized
costs of $11.1 million and $22.7 million at December 31, 1999
and 1998, respectively.
|
The
Company enters into forward U.S. Treasury, Government National
Mortgage Association (GNMA) and Federal National
Mortgage Association (FNMA) commitments for the
purpose of managing interest rate exposure. The Company
generally does not take delivery on forward commitments. These
commitments are instead settled with offsetting transactions.
Gains and losses on forward commitments are recorded when the
commitment is closed and deferred and amortized through the
IMR over the remaining life of the asset. At December 31, 1999
and 1998, the Company had U. S. Treasury, GNMA and FNMA
purchase commitments which will settle during the following
year with contractual amounts of $175.1 million and $603.4
million, respectively.
|
The
Company utilizes certain other agreements to reduce exposures
to various risks. Notional amounts relating to these
agreements totaled $582.6 million and $384.2 million at
December 31, 1999 and 1998, respectively.
|
The
Company is exposed to credit-related losses in the event of
nonperformance by counterparties to derivative financial
instruments. This exposure is limited to contracts with a
positive fair value. The amounts at risk in a net gain
position were $59.9 million and $272.5 million at December 31,
1999 and 1998, respectively. The Company monitors exposure to
ensure counterparties are credit worthy and concentration of
exposure is minimized. Additionally, collateral positions are
obtained with counterparties when considered
prudent.
|
Fair
values are based on quoted market prices, when available. In
cases where quoted market prices are not available, fair
values are based on estimates using present value or other
valuation techniques. These valuation techniques require
management to develop a significant number of assumptions,
including discount rates and estimates of future cash flow.
Derived fair value estimates cannot be substantiated by
comparison to independent markets or to disclosures by other
companies with similar financial instruments. These fair value
disclosures do not purport to be the amount that could be
realized in immediate settlement of the financial instrument.
The following table summarizes the carrying value and fair
values of the Companys financial instruments at December
31, 1999 and 1998.
|
1999 | 1998 | ||||||||
---|---|---|---|---|---|---|---|---|---|
Carrying
Value |
Fair
Value |
Carrying
Value |
Fair
Value |
||||||
(In Millions) | |||||||||
Financial assets: | |||||||||
Bonds | $24,598.4 | $24,368.3 | $25,215.8 | $26,696.9 | |||||
Common stocks | 294.4 | 294.4 | 296.3 | 296.3 | |||||
Preferred stocks | 117.9 | 115.6 | 123.2 | 116.0 | |||||
Mortgage loans | 6,540.8 | 6,410.6 | 5,916.5 | 6,178.8 | |||||
Policy loans | 5,466.9 | 5,466.9 | 5,224.2 | 5,224.2 | |||||
Cash & short-term investments | 1,785.8 | 1,785.8 | 1,123.3 | 1,123.3 | |||||
Financial liabilities: | |||||||||
Investment type insurance contracts | 8,016.4 | 7,621.9 | 7,734.6 | 7,940.6 | |||||
Off-balance sheet financial instruments: | |||||||||
Interest rate swap agreements | | (137.3 | ) | | 84.1 | ||||
Financial options | 76.9 | 73.8 | 92.5 | 161.9 | |||||
Interest rate caps & floors | 11.1 | 4.8 | 22.7 | 43.9 | |||||
Forward commitments | | 174.1 | | 604.1 | |||||
Other | | (20.3 | ) | | 7.2 |
The
following methods and assumptions were used in estimating fair
value disclosures for financial instruments:
|
Bonds,
common and preferred stocks: The estimated fair value of bonds
and stocks is based on quoted market prices when available. If
quoted market prices are not available, fair values are
determined by the Company using a pricing matrix.
|
Mortgage loans: The estimated fair value of mortgage
loans is determined from a pricing matrix for performing loans
and the estimated underlying real estate value for
non-performing loans.
|
Policy
loans, cash and short-term investments: Fair values for these
instruments approximate the carrying amounts reported in the
Statutory Statements of Financial Position.
|
Investment-type insurance contracts: The estimated fair
value for liabilities under investment-type insurance
contracts are determined by discounted cash flow
projections.
|
Off-balance sheet financial instruments: The fair
values for off-balance sheet financial instruments are based
upon market prices or prices obtained from
brokers.
|
The
Company has management and service contracts or cost sharing
arrangements with various subsidiaries and affiliates whereby
the Company, for a fee, will furnish a subsidiary or
affiliate, as required, operating facilities, human resources,
computer software development and managerial services. Fees
earned under the terms of the contracts or arrangements were
$241.9 million, $205.0 million, and $137.3 million for 1999,
1998 and 1997, respectively.
|
The
Company has reinsurance agreements with its subsidiaries, C.M.
Life Insurance Company and MML Bay State Life Insurance
Company, including stop-loss and modified coinsurance
agreements on life insurance products. Total premiums assumed
on these agreements were $39.2 million in 1999, $41.3 million
in 1998 and $41.9 million in 1997. Total policyholder benefits
assumed on these agreements were $43.8 million in 1999, $40.6
million in 1998 and $42.4 million in 1997.
|
MassMutual has two primary insurance subsidiaries, C.M.
Life Insurance Company (C.M. Life), which
primarily writes variable annuities and universal and variable
life insurance, and MML Bay State Life Insurance Company
(MML Bay State), which primarily writes variable
life and annuity business. MassMutuals wholly-owned
non-insurance subsidiary MassMutual Holding Company, Inc.
(MMHC) owns subsidiaries which include retail and
institutional asset management, registered broker dealer and
international life and annuity operations.
|
MassMutual accounts for the value of its investments in
subsidiaries at their underlying net equity. Operating
results, less dividends declared, for such subsidiaries are
reflected as net unrealized capital gains in the Statements of
Changes in Policyholders Contingency Reserves. Net
investment income is recorded by MassMutual to the extent that
dividends are declared by the subsidiaries. During 1999,
MassMutual received $100.0 million in dividends from MMHC. In
the normal course of business, MassMutual provides specified
guarantees and funding to its subsidiaries, including
contributions, if needed, to C.M. Life and MML Bay State to
meet regulatory capital requirements. The Company holds debt
issued by MMHC and its subsidiaries of $1,625.6 million and
$1,080.1 million at December 31, 1999 and 1998,
respectively.
|
Below
is summarized financial information for the unconsolidated
subsidiaries as of December 31 and for the year then
ended:
|
1999 | 1998 | |||||
---|---|---|---|---|---|---|
(In Millions) | ||||||
Domestic life insurance subsidiaries: | ||||||
Total revenue | $1,587.3 | $1,151.8 | ||||
Net loss | $ (26.1 | ) | $ (2.9 | ) | ||
Assets | $5,947.3 | $4,752.9 | ||||
Other subsidiaries: | ||||||
Total revenue | $1,393.4 | $1,137.4 | ||||
Net income | $ 115.1 | $ 73.6 | ||||
Assets | $3,541.8 | $2,839.5 |
The
Company enters into reinsurance agreements with other
insurance companies in the normal course of business.
Premiums, benefits to policyholders and provisions for future
benefits are stated net of reinsurance. The Company remains
liable to the insured for the payment of benefits if the
reinsurer cannot meet its obligations under the reinsurance
agreements. Total premiums ceded were $141.7 million in 1999,
$183.9 million in 1998 and $294.6 million in 1997.
|
The
Company is subject to insurance guaranty fund laws in the
states in which it does business. These laws assess insurance
companies amounts to be used to pay benefits to policyholders
and claimants of insolvent insurance companies. Many states
allow these assessments to be credited against future premium
taxes. The Company believes such assessments in excess of
amounts accrued will not materially affect its financial
position, results of operations or liquidity.
|
The
Company is involved in litigation arising in and out of the
normal course of business, including class action and
purported class action suits which seek both compensatory and
punitive damages. While the Company is not aware of any
actions or allegations which should reasonably give rise to
any material adverse effect, the outcome of litigation cannot
be foreseen with certainty. It is the opinion of management,
after consultation with legal counsel, that the ultimate
resolution of these matters will not materially affect its
financial position, results of operations or
liquidity.
|
A
summary of ownership and relationship of the Company and its
subsidiaries and affiliated companies as of December 31, 1999,
is illustrated below. The Company provides management or
advisory services to these companies. Subsidiaries are
wholly-owned, except as noted.
|
Parent
|
Massachusetts Mutual Life Insurance Company
|
Subsidiaries of Massachusetts Mutual Life Insurance
Company
|
CM
Assurance Company
|
CM
Benefit Insurance Company
|
C.M.
Life Insurance Company
|
MassMutual Holding Company
|
MML Bay
State Life Insurance Company
|
MML
Distributors, LLC
|
MassMutual Mortgage Finance, LLC
|
Subsidiaries of MassMutual Holding
Company
|
GR
Phelps & Co., Inc.
|
MassMutual Holding Trust I
|
MassMutual Holding Trust II
|
MassMutual Holding MSC, Inc.
|
MassMutual International, Inc.
|
MML
Investor Services, Inc.
|
Subsidiaries of MassMutual Holding Trust
I
|
Antares
Capital Corporation 80.0%
|
Charter
Oak Capital Management,
Inc. 80.0%
|
Cornerstone Real Estate Advisors, Inc.
|
DLB
Acquisition Corporation 91.3%
|
Oppenheimer Acquisition
Corporation 91.91%
|
Subsidiaries of MassMutual Holding Trust
II
|
CM
Advantage, Inc.
|
CM
International, Inc.
|
CM
Property Management, Inc.
|
HYP
Management, Inc.
|
MMHC
Investments, Inc.
|
MML
Realty Management
|
Urban
Properties, Inc.
|
MassMutual Benefits Management, Inc.
|
Subsidiaries of MassMutual International,
Inc.
|
MassMutual Internacional (Argentina)
S.A. 85%
|
MassLife Seguros de Vida S.
A. 99.9%
|
MassMutual International (Bermuda) Ltd.
|
MassMutual Internacional (Chile) S.
A. 85%
|
MassMutual International (Luxembourg) S.
A. 85%
|
MassMutual Holding MSC, Inc.
|
MassMutual Corporate Value
Limited 40.93%
|
9048-5434 Quebec, Inc.
|
1279342
Ontario Limited
|
Affiliates of Massachusetts Mutual Life Insurance
Company
|
MML
Series Investment Fund
|
MassMutual Institutional Funds
|
Condensed Financial Information
|
Report
of Independent Auditors
|
Statement of Assets and Liabilities as of December 31,
1999
|
Statement of Operations for the year ended December 31,
1999
|
Statement of Changes in Net Assets for the years ended
December 31, 1999 and 1998
|
Notes
to Financial Statements
|
Report
of Independent Auditors
|
Statutory Statements of Financial Position as of
December 31, 1999 and 1998
|
Statutory Statements of Income for the years ended
December 31, 1999, 1998 and 1997
|
Statutory Statements of Changes in Policyholders
Contingency Reserves for the years ended 1999, 1998 and
1997
|
Statutory Statement of Cash Flows for the years ended
December 31, 1999, 1998 and 1997
|
Notes
to Statutory Financial Statements
|
Exhibit 1 | Copy of
Resolution of the Executive Committee of the Board of
Directors of Massachusetts
Mutual Life Insurance Company, authorizing the establishment of the Registrant.(3) |
||||
Exhibit 2 | None | ||||
Exhibit 3 | (i) Copy of Distribution Agreement between the Registrant and MML Distributors, LLC.(1) | ||||
(ii)
Copy of Co-Underwriting Agreement between the Registrant and
MML Investors Services
Inc.(1) |
|||||
(ii) None | |||||
Exhibit 4 | (i) Form of Flexible Purchase Payment Multi-Fund Variable Annuity Contract.(3) | ||||
Exhibit 5 | The
form of Application used with the Flexible Purchase Payment
Multi-Fund Variable
Annuity Contract.(3) |
||||
Exhibit 6 | (i) Copy of the Articles of Incorporation of Massachusetts Mutual Life Insurance Company.(2) | ||||
(ii) Copy of the By-Laws of Massachusetts Mutual Life Insurance Company.(2) | |||||
Exhibit 7 | None | ||||
Exhibit 8 | (a)
Copy of the Form of Participation Agreement with Oppenheimer
Variable Account
Funds.(2) |
||||
Exhibit 8 | (b) Copy of the Form of Participation Agreement with Panorama Series Fund, Inc.(2) |
Exhibit 9 | Opinion of and Consent of Counsel.* | ||||
Exhibit 10 | (i) | Consent of Independent Auditors, Deloitte & Touche LLP .* | |||
(ii) | Powers
of Attorney, incorporated by reference to Initial Registration
Statement No. 333-
22557, filed on January 28, 1997. |
||||
(iii) | Powers
of Attorney for Robert J. OConnell and Thomas B.
Wheeler, incorporated by
reference to Pre-Effective Amendment No. 1 to Registration Statement File No. 333- 65887, filed on Form S-2 on January 28, 1999. |
||||
(iv) | Power
of Attorney for Roger G. Ackerman, incorporated by reference
to Registration
Statement No. 333-450039, filed on June 4, 1998. |
||||
(v) | Power
of Attorney for Howard Gunton, incorporated by reference to
Pre-Effective
Amendment No. 2 to Registration Statement No. 333-80991, filed on September 20, 1999. |
||||
Exhibit 11 | None | ||||
Exhibit 12 | None | ||||
Exhibit 13 | Schedule of Computation of Performance(1) | ||||
Exhibit 14 | None |
(1)
|
Incorporated by reference to Post-Effective Amendment
No. 2 to Registration Statement No. 33-83798, filed on Form
N-4 with the Securities and Exchange Commission and effective
May 1, 1996.
|
(2)
|
Incorporated by reference to Registration Statement
File No. 333-22557, filed on February 28, 1997.
|
(3)
|
Incorporated by reference to Post-Effective Amendment
No. 4 to Registration Statement No. 33-83793, filed and
effective May 1, 1998.
|
*
|
Filed
herewith
|
Name, Position, Business Address
|
Principal Occupation(s) During Past Five
Years
|
Roger G. Ackerman, Director
One
Riverfront Plaza, HQE 2
Corning, NY 14831 |
Corning, Inc.
Chairman and Chief Executive Officer (since 1996) President and Chief Operating Officer (1990-1996) |
James R. Birle, Director
2
Soundview Drive
Greenwich, CT 06836 |
Resolute Partners, LLC
Chairman (since 1997), Founder (1994) President (1994-1997) |
Gene
Chao, Director
733 SW
Vista Avenue
Portland, OR 97205 |
Computer Projections, Inc.
Chairman, President and CEO (1991-2000) |
Patricia Diaz Dennis, Director
175
East Houston, Room 5-A-70
San Antonio, TX 78205 |
SBC
Communications Inc.
Senior Vice PresidentRegulatory and Public Affairs (since 1998) Senior Vice President and Assistant General Counsel (1995-1998) |
Anthony Downs, Director
1775
Massachusetts Ave., N.W.
Washington, DC 20036-2188 |
The
Brookings Institution
Senior
Fellow (since 1977)
|
James L. Dunlap, Director
2514
Westgate
Houston, TX 77019 |
Ocean
Energy, Inc.
Vice Chairman (1998-1999) United
Meridian Corporation
President and Chief Operating Officer (1996-1998) Texaco,
Inc.
Senior Vice President (1987-1996) |
William B. Ellis, Director
31
Pound Foolish Lane
Glastonbury, CT 06033 |
Yale
University School of Forestry and Environmental Studies Senior
Fellow (since 1995)
Northeast Utilities
Chairman of the Board (1993-1995) and Chief Executive Officer (1983-1993) |
Robert M. Furek, Director
c/o
Shipman & Goodwin
One American Row Hartford, CT 06103 |
Resolute Partners LLC
Partner (since 1997) State
Board of Trustees for the Hartford School System Chairman
(since 1997)
Heublein, Inc.
President and Chief Executive Officer (1987-1996) |
Charles K. Gifford, Director
One
Federal Street, 36th Floor
Boston, MA 02110 |
FleetBoston Financial
President and Chief Operating Officer (since 1999) BankBoston, N.A.
Chairman and Chief Executive Officer (1996-1999) President (1989-1996) BankBoston Corporation
Chairman (1998-1999) and Chief Executive Officer (1995-1999) President (1989-1996) |
William N. Griggs, Director
One
State Street, 5th Floor
New York, NY 10004 |
Griggs
& Santow, Inc.
Managing Director (since 1983) |
George B. Harvey, Director
One
Landmark Square, Suite 1905
Stamford, CT 06901 |
Pitney
Bowes
Chairman, President and CEO (1983-1996) |
Barbara B. Hauptfuhrer, Director
1700
Old Welsh Road
Huntingdon Valley, PA 19006 |
Director of various corporations (since
1972)
|
Sheldon B. Lubar, Director
700
North Water Street, Suite 1200
Milwaukee, WI 53202 |
Lubar
& Co. Incorporated
Chairman (since 1977) |
William B. Marx, Jr., Director
5
Peacock Lane
Village of Golf, FL 33436-5299 |
Lucent
Technologies
Senior Executive Vice President (1996-1996) AT&T Multimedia Products Group
Executive Vice President and CEO (1994-1996) |
John
F. Maypole, Director
55
Sandy Hook RoadNorth
Sarasota, FL 34242 |
Peach
State Real Estate Holding Company Managing Partner
(since 1984) |
Robert J. OConnell, Director, Chairman,
President and Chief Executive Officer
1295
State Street
Springfield, MA 01111 |
MassMutual
Chairman (since 2000), Director, President and Chief Executive Officer (since 1999) American International Group, Inc.
Senior Vice President (1991-1998) AIG
Life Companies
President and Chief Executive Officer (1991-1998) |
Thomas B. Wheeler, Director
1295
State Street
Springfield, MA 01111
|
MassMutual
Director (since 1987) Chairman of the Board (1996-1999) President (1988-1996) and Chief Executive Officer (1988-1999) |
Alfred M. Zeien, Director
300
Boylston Street, Apt. 514
Boston,
MA 02116
|
The
Gillette Company
Chairman and Chief Executive Officer (1991-1999) |
Lawrence V. Burkett, Jr.
1295
State Street
Springfield, MA 01111
|
MassMutual
Executive Vice President and General Counsel (since 1993) |
Robert W. Crispin
1295
State Street
Springfield, MA 01111
|
MassMutual
Executive Vice President (since 1999) UNUM
Corporation
Executive Vice President (1995-1999) |
James E. Miller
1295
State Street
Springfield, MA 01111
|
MassMutual
Executive Vice President (since 1997 and 1987-1996) UniCare
Life & Health
Senior Vice President (1996-1997) |
Christine M. Modie
1295
State Street
Springfield, MA 01111
|
MassMutual
Executive Vice President and Chief Information Officer (since 1999) Travelers Insurance Company
Senior Vice President and Chief Information Officer (1996-1999) Aetna
Life & Annuity
Vice President (1993-1996) |
John
V. Murphy
1295
State Street
Springfield, MA 01111
|
MassMutual
Executive Vice President (since 1997) David
L. Babson & Co., Inc.
Executive Vice President and Chief Operating Officer (1995-1997) Concert
Capital Management, Inc.
Chief Operating Officer (1993-1995) |
Stuart H. Reese
1295
State Street
Springfield, MA 01111
|
David
L. Babson and Co. Inc.
President and Chief Executive Officer (since 1999) MassMutual
Executive Vice President and Chief Investment Officer (since 1999) Chief Executive Director-Investment Management (1997-1999) Senior Vice President (1993-1997) |
Kenneth M. Rickson | Member
Representative
G.R. Phelps & Co., Inc., |
One
Monarch Place
1414 Main Street Springfield, MA 01144-1013 |
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Margaret Sperry | Member
Representative
Massachusetts Mutual Life Insurance Co. |
1295
State Street
Springfield, MA 01111 |
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Ronald E. Thomson | Vice President | One
Monarch Place
1414 Main Street Springfield, MA 01144-1013 |
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John E. Forrest | Vice President | One
Monarch Place
1414 Main Street Springfield, MA 01144-1013 |
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Michael L. Kerley | Vice
President,
Assistant Secretary |
One
Monarch Place
1414 Main Street Springfield, MA 01144-1013 |
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James T. Bagley | Treasurer | One
Monarch Place
1414 Main Street Springfield, MA 01144-1013 |
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Bruce C. Frisbie | Assistant Treasurer | 1295
State Street
Springfield, MA 01111-0001 |
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Raymond W. Anderson | Assistant Treasurer | 140
Garden Street
Hartford, CT 06154 |
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Ann F. Lomeli | Secretary | 1295
State Street
Springfield, MA 01111-0001 |
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Marilyn A. Sponzo | Chief
Legal Officer
Assistant Secretary |
One
Monarch Place
1414 Main Street Springfield, MA 01144-1013 |
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Robert Rosenthal | Compliance Officer | One
Monarch Place
1414 Main Street Springfield, MA 01144 |
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Kathy Dansereau | Registration Manager | 1414
Main Street
Springfield, MA 01144 |
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Peter Cuozzo | Variable Life Supervisor and
Hartford OSJ Supervisor |
140
Garden Street
Hartford, CT 06154 |
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Anne Melissa Dowling | Large
Corporate Marketing
Supervisor |
140
Garden Street
Hartford, CT 06154 |
OFFICER | BUSINESS ADDRESS | ||||
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Kenneth
M. Rickson
President |
One
Monarch Place
1414 Main Street Springfield, MA 01144-1013 |
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Michael
L. Kerley
Vice President, Chief Legal Officer, Chief Compliance Officer, Assistant Secretary |
One
Monarch Place
1414 Main Street Springfield, MA 01144-1013 |
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Ronald
E. Thomson
Vice President, Treasurer |
One
Monarch Place
1414 Main Street Springfield, MA 01144-1013 |
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Ann F.
Lomeli
Secretary/Clerk |
1295
State Street
Springfield, MA 01111 |
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John E.
Forrest
Vice President National Sales Director |
One
Monarch Place
1414 Main Street Springfield, MA 01144-1013 |
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Marilyn
A. Sponzo
Assistant Secretary, Second Vice President and Associate General Counsel |
One
Monarch Place
1414 Main Street Springfield, MA 01144-1013 |
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Eileen
D. Leo
Second Vice President and Associate General Counsel |
One
Monarch Place
1414 Main Street Springfield, MA 01144 |
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James
Furlong
Chief Operations Officer |
One
Monarch Place
1414 Main Street Springfield, MA 01144-1013 |
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James
T. Bagley
Chief Financial Officer |
One
Monarch Place
1414 Main Street Springfield, MA 01144-1013 |
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Daniel
Colarusso
Chief Information Officer |
One
Monarch Place
1414 Main Street Springfield, MA 01144-1013 |
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David
Deonarine
Sr. Registered Options Principal |
One
Monarch Place
1414 Main Street Springfield, MA 01144-1013 |
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Steven
Sampson
Compliance Registered Options Principal |
One
Monarch Place
1414 Main Street Springfield, MA 01144 |
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John
McBride
Assistant Treasurer |
1295
State Street
Springfield, MA 01111 |
OFFICER | BUSINESS ADDRESS | ||||
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Gary W.
Masse
Retirement Services Regional Supervisor (East/Central) |
221
Park Place II
Coral Gables, FL 33146 |
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Robert
W. Kumming, Jr.
Retirement Services Supervisor |
1295
State Street
Springfield, MA 01111 |
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Peter
J. Zummo
Retirement Services Regional Supervisor (South/West) |
1295
State Street
Springfield, MA 01111 |
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Stanley
Label
Retirement Services Regional Supervisor (Mid/South) |
433
Plaza Real
Suite 275 Boca Raton, FL 33432 |
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Burvin
E. Pugh, Jr.
Agency Field Force Supervisor Regional Supervisor/South, West Central |
1295
State Street
Springfield, MA 01111 |
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John P.
McCloskey
Regional Supervisor/East |
1295
State Street
Springfield, MA 01111 |
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Rita H.
Mitchell
Variable Life Supervisor |
1295
State Street
Springfield, MA 01111 |
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Anne
Melissa Dowling
Large Corporate Markets Supervisor |
140
Garden Street
Hartford, CT 06154 |
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Susan
Alfano
Director |
1295
State Street
Springfield, MA 01111 |
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Robert
J. OConnell
Chairman of the Board of Directors |
1295
State Street
Springfield, MA 01111 |
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Burvin
E. Pugh, Jr.
Director |
1295
State Street
Springfield, MA 01111 |
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Howard
E. Gunton
Director |
1295
State Street
Springfield, MA 01111 |
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Paul
DeSimone
Director |
1295
State Street
Springfield, MA 01111 |
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Lawrence V. Burkett, Jr.
Director |
1295
State Street
Springfield, MA 01111 |
MASSACHUSETTS MUTUAL VARIABLE ANNUITY SEPARATE ACCOUNT
3
|
MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY
|
(Depositor)
|
BY:
|
/s/ ROBERT
J. OCONNELL
*
|
|
|
Robert
J. OConnell,
|
Director, Chairman, President and
Chief Executive Officer Massachusetts Mutual Life Insurance Company |
|
/s/ RICHARD
M. HOWE
|
|
|
|
*Richard M. Howe
|
|
On
April 22, 2000, as Attorney-in-Fact
pursuant to power of attorney. |
Signature
|
|
Title
|
Date
|
||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
|
|||||||||||||
/s/ ROBERT
J. OCONNELL
*
Robert J. OConnell |
Director, Chairman, President
and Chief Executive Officer |
April 22, 2000 | |||||||||||||
/s/ HOWARD
GUNTON
*
Howard Gunton |
Senior
Vice President, Chief
Financial Officer & Chief Accounting Officer |
April 22, 2000 | |||||||||||||
/s/ ROGER
G. ACKERMAN
*
Roger G. Ackerman |
Director | April 22, 2000 | |||||||||||||
/s/ JAMES
R. BIRLE
*
James R. Birle |
Director | April 22, 2000 | |||||||||||||
/s/ GENE
CHAO
*
Gene Chao |
Director | April 22, 2000 |
Signature |
Title |
Date |
|||||||
---|---|---|---|---|---|---|---|---|---|
/s/ PATRICIA
DIAZ
DENNIS
*
Patricia Diaz Dennis |
Director | April 22, 2000 | |||||||
/s/ ANTHONY
DOWNS
*
Anthony Downs |
Director | April 22, 2000 | |||||||
/s/ JAMES
L. DUNLAP
*
James L. Dunlap |
Director | April 22, 2000 | |||||||
/s/ WILLIAM
B. ELLIS
*
William B. Ellis |
Director | April 22, 2000 | |||||||
/s/ ROBERT
M. FUREK
*
Robert M. Furek |
Director | April 22, 2000 | |||||||
/s/ CHARLES
K. GIFFORD
*
Charles K. Gifford |
Director | April 22, 2000 | |||||||
/s/ WILLIAM
N. GRIGGS
*
William N. Griggs |
Director | April 22, 2000 | |||||||
/s/ GEORGE
B. HARVEY
*
George B. Harvey |
Director | April 22, 2000 | |||||||
/s/ BARBARA
B. HAUPTFUHRER
*
Barbara B. Hauptfuhrer |
Director | April 22, 2000 | |||||||
/s/ SHELDON
B. LUBAR
*
Sheldon B. Lubar |
Director | April 22, 2000 | |||||||
/s/ WILLIAM
B. MARX
, JR
.*
William B. Marx, Jr. |
Director | April 22, 2000 | |||||||
/s/ JOHN
F. MAYPOLE
*
John F. Maypole |
Director | April 22, 2000 | |||||||
/s/ THOMAS
B. WHEELER
*
Thomas B. Wheeler |
Director | April 22, 2000 | |||||||
/s/ ALFRED
M. ZEIEN
*
Alfred M. Zeien |
Director | April 22, 2000 | |||||||
/s/ RICHARD
M. HOWE
*Richard M. Howe |
On
April 22, 2000, as Attorney-
in-Fact pursuant to powers of attorney |
/s/ JAMES
M. RODOLAKIS
|
|
James
M. Rodolakis
|
Counsel
|
Massachusetts Mutual Life Insurance
Company
|
Exhibit 9 | Opinion of and Consent of Counsel. | ||||
Exhibit 10(i) | Consent of Independent Auditors, Deloitte & Touche LLP. |
|