MINNESOTA MUTUAL LIFE ENDORSEMENT
The Minnesota Mutual Life Insurance Company; 000 Xxxxx Xxxxxx Xxxxxx, Xx. Xxxx,
Xxxxxxxxx 00000-0000
90-9242
The following changes modify the contract we issued. This agreement is subject
to all the contract's terms and conditions. The purpose of this agreement is to
modify the contract to create sub-accounts. They will be added within the
existing separate account. The sub-accounts will allow the contract to permit
additional investment options.
SECTION 1. DEFINITIONS
1.05 SEPARATE ACCOUNT
Those assets of Minnesota Mutual in a separate investment account
established by Minnesota Mutual. It is called "Minnesota Mutual Variable
Fund D". It was created under the laws of Minnesota. It is for this class
of contracts. The Separate Account has several sub-accounts.
1.09 ACCUMULATION VALUE
The dollar value of the Individual Account, as determined in accordance
with Section 4.04. The Accumulation Value is composed of individual
account values in the General Account and/or in one or more sub-accounts of
the Separate Account. The total of those values will be the Accumulation
Value. Interests in the sub-accounts shall be valued separately.
1.10 FUND
A mutual fund or separate investment portfolio within a series mutual fund.
It must be designated as an eligible investment for the separate account.
SECTION 3. PURCHASE PAYMENTS
3.02 ALLOCATION OF PURCHASE PAYMENTS
Purchase payments may be allocated to the General Account or to the
Separate Account and its sub-accounts. They shall be as specified in the
application. Such allocation may be changed as to subsequent purchase
payments by written notice to Minnesota Mutual by the Participant or by the
Owner. The notice must be received by Minnesota Mutual at its Home Office
on or prior to the date of receipt of such purchase payments.
The Separate Account is divided into sub-accounts. For each sub-account
there is a fund for the investment of that sub-account's assets. Amounts
are invested in the funds at their net asset value.
The Separate Account is composed of the following sub-accounts. Currently,
they are as follows: Stock Sub-Account; Index Sub-Account; Bond Sub-
Account; Mortgage Securities Sub-Account; Money Market Sub-Account and
Managed Sub-Account.
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Purchase payments may be applied to one or more of these sub-accounts.
They may also be applied to any other sub-account which may be established
by Minnesota Mutual. It must do so under the Separate Account for
contracts of this class. We reserve the right to add, combine or remove
any sub-accounts of the Separate Account.
If investment in a fund should no longer be possible Minnesota Mutual may
substitute another fund. It may do the same if it determines that a fund
is inappropriate for contracts of this class. Substitution may be with
respect to existing Accumulation Values, future purchase payments and
future annuity payments.
SECTION 4. VALUATION
4.01 NET INVESTMENT RATE AND NET INVESTMENT FACTOR
B. The gross investment rate is equal to: (1) the net asset value per
share of a fund share held in a sub-account of the Separate Account
determined at the end of the current valuation period; plus (2) the
per share amount of any dividend or capital gain distribution by such
fund if the "ex-dividend" date occurs during the current valuation
period; divided by (3) the net asset value per share of that fund
share determined at the end of the preceding valuation period. The
gross investment rate may be positive or negative.
C. The Separate Account net investment factor describes the investment
performance of a sub-account of the Separate Account. It is for the
period from one valuation period to the next. For any such sub-
account, the net investment factor for a valuation period is the gross
investment rate for such sub-account for the valuation period less a
deduction for the mortality and expense risk charge at the rate of
.795%. The net investment factor for each sub-account other than the
sub-account holding shares of the Stock Portfolio of MIMLIC Series
Fund, Inc. ("Series Fund"), shall be increased by Minnesota Mutual.
It will be increased to the extent that on an annual basis the
investment advisory fee accrued by the Portfolio in which the sub-
account invests, as a percentage of the value of the average net
assets of such Portfolio, exceeds .265% per annum. The net investment
factor for the sub-account holding shares of the Stock Portfolio of
the Series Fund shall be adjusted by Minnesota Mutual. It will be
adjusted so that on an annual basis the expenses, including the
investment advisory fee, of that Portfolio, as a percentage of the
average net assets of such Portfolio, exceed .265% per annum. For
purposes of this computation, "expenses" shall be determined on the
basis of generally accepted accounting principles applicable to
registered investment companies. However, they shall exclude any
expenses of the Stock Portfolio which are reimbursed by Minnesota
Mutual or any other person, any interest expense or amortization of
debt discount or any income tax expense.
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SECTION 7. TRANSFER PROVISIONS
7.01 TRANSFER
A transfer is a reallocation of amounts held under this contract. It may
be between the General Account and the Separate Account. It may be among
the sub-accounts of the Separate Account.
7.02 TRANSFERS
Transfers may be made. We need a written request. For transfers out of
the Separate Account or among the sub-accounts of the Separate Account
Minnesota Mutual will make the transfer on the basis of sub-account unit
values as of the end of the valuation period during which a written request
is received at our Home Office.
7.03 LIMITATIONS
The amount of Accumulation Value to be transferred to or from a sub-account
of the Separate Account or the General Account must be at least $250. A
lesser amount may be transferred if it is the entire cash value
attributable to that sub-account or the General Account. In that case such
entire cash value must be transferred.
If a transfer would reduce the Accumulation Value in the sub-account from
which the transfer is to be made to less than $250 we reserve the right to
transfer that remaining amount as well. Transfers to or from the General
Account may be limited to one such transfer per contract year.
Written requests for transfers must meet these conditions. They will be
effective after Minnesota Mutual approves them and records them at its Home
Office.
/s/ Xxxxxx X. Xxxxxxx /s/ Xxxxxxx Xxxxxxxxxx
Secretary President
90-9242 Minnesota Mutual Life 2
