# EDGAR Filing Document

**Accession Number:** 0000943863
**File Stem:** 0001133228-26-003890
**Filing Date:** 2026-3
**Character Count:** 778492
**Document Hash:** f2c4aadf967b753c380be48d31c23537
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-003890.hdr.sgml**: 20260320

**ACCESSION NUMBER**: 0001133228-26-003890

**CONFORMED SUBMISSION TYPE**: N-VPFS

**PUBLIC DOCUMENT COUNT**: 5

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260320

**DATE AS OF CHANGE**: 20260320

**EFFECTIVENESS DATE**: 20260320

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** C M LIFE VARIABLE LIFE SEPARATE ACCOUNT I
- **CENTRAL INDEX KEY:** 0000943863

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** CT
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-VPFS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09020
- **FILM NUMBER:** 26777582

**BUSINESS ADDRESS:**
- **STREET 1:** 100 BRIGHT MEADOW BOULEVARD
- **CITY:** ENFIELD
- **STATE:** CT
- **ZIP:** 06082
- **BUSINESS PHONE:** (413)788-8411

**MAIL ADDRESS:**
- **STREET 1:** 1295 STATE STREET
- **CITY:** SPRINGFIELD
- **STATE:** MA
- **ZIP:** 01111-0001

## Series and Classes Contracts Data

### C M LIFE VARIABLE LIFE SEPARATE ACCOUNT I (Series ID: S000010877)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000030136 | Survivorship Variable Universal Life II |  |
| C000030137 | Variable Universal Life                 |  |
| C000030138 | Survivorship Variable Universal Life    |  |
| C000232693 | C.M. Life Electrum Select (SM)          |  |
| C000246539 | Apex VUL (R)                            |  |

---

| | |
|:---|:---|
| ![](img001.jpg) |  |
|  | KPMG LLP |
|  | Two Financial Center |
|  | 60 South Street |
|  | Boston, MA 02111 |

---

**Report of Independent Registered Public Accounting Firm**

To the Board of Directors of C.M. Life Insurance Company and Policy Owners of C.M. Life Variable Life Separate Account I:

*Opinion on the Financial Statements*

 

We have audited the accompanying statements of assets and liabilities of the divisions listed in the Appendix that comprise C.M. Life Variable Life Separate Account I (the Divisions), as of December 31, 2025, the related statements of operations and changes in net assets for each of the years listed in the Appendix, and the related notes (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Divisions as of December 31, 2025, the results of their operations, and changes in their net assets for each of the years listed in the Appendix, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

 

These financial statements are the responsibility of the Divisions' management. Our responsibility is to express an opinion on these financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Divisions in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Such procedures also included confirmation of securities owned as of December 31, 2025, by correspondence with the underlying mutual funds or their transfer agent. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](img002.jpg)

We have served as the auditor of one or more C.M. Life Insurance Company separate account investment companies since 2004.

Boston, Massachusetts

March 10, 2026

---

| | |
|:---|:---|
| LA2049 | F-1 |

---

KPMG LLP, a Delaware limited liability partnership, and its subsidiaries are part of

the KPMG global organization of independent member firms affiliated with KPMG

International Limited, a private English company limited by guarantee.

LA2049 F-2

**Appendix A**

C.M. Life Variable Life Separate Account I was comprised of the following divisions. Statements of assets and

liabilities as of December 31, 2025, statements of operations and changes in net assets for each of the years in the two-year

period then ended, and financial highlights for each of the years in the five-year period then ended unless otherwise noted.

**Divisions**

---

| | |
|:---|:---|
| American Funds Insurance Series® American High-<br>Income Division<br>| Fidelity® VIP Freedom 2050 Division |
| American Funds Insurance Series® Asset Allocation <br>Division (Class 1)<br>| Fidelity® VIP Freedom 2055 Division |
| American Funds Insurance Series® Asset Allocation <br>Division (Class 2)<br>| Fidelity® VIP Freedom 2060 Division |
| American Funds Insurance Series® Capital World Growth <br>and Income Division<br>| Fidelity® VIP Freedom 2065 Division |
| American Funds Insurance Series® Global Growth <br>Division<br>| Fidelity® VIP Freedom Income Division |
| American Funds Insurance Series® Global Small <br>Capitalization Division (Class 2)<br>| Fidelity® VIP Growth Division |
| American Funds Insurance Series® Growth-Income <br>Division (Class 1A)\*\*<br>| Fidelity® VIP Health Care Division |
| American Funds Insurance Series® Growth-Income <br>Division (Class 2)<br>| Fidelity® VIP Index 500 Division (Service Class) |
| American Funds Insurance Series® International Growth <br>and Income Division<br>| Fidelity® VIP International Index Division (Initial Class) |
| American Funds Insurance Series® New World Division <br>(Class 1)<br>| Fidelity® VIP International Index Division (Service <br>Class 2)<br>|
| American Funds Insurance Series® New World Division <br>(Class 2)\*\*<br>| Fidelity® VIP Overseas Division |
| American Funds Insurance Series® The Bond Fund of <br>America Division<br>| Fidelity® VIP Real Estate Division (Initial Class) |
| American Funds Insurance Series® Washington Mutual <br>Investors Division (Class 1A)<br>| Fidelity® VIP Real Estate Division (Service Class) |
| American Funds Insurance Series® Washington Mutual <br>Investors Division (Class 2)<br>| Fidelity® VIP Strategic Income Division |
| BlackRock High Yield V.I. Division | Fidelity® VIP Total Market Index Division (Initial Class) |
| BlackRock Small Cap Index V.I. Division (Class I) | Fidelity® VIP Total Market Index Division (Service <br>Class 2)\*\*<br>|
| BlackRock Small Cap Index V.I. Division (Class III) | Franklin Small Cap Value VIP Division |
| BlackRock Total Return V.I. Division | Franklin Strategic Income VIP Division |
| BNY Mellon MidCap Stock Division | Goldman Sachs Core Fixed Income Division |
| Columbia Variable Portfolio - Contrarian Core Division\*\* | Goldman Sachs International Equity Insights Division |
| Dimensional VA Global Bond Division\* | Goldman Sachs Mid Cap Growth Division |
| Dimensional VA International Small Division\* | Goldman Sachs Mid Cap Value Division |
| Dimensional VA U.S. Large Value Division\*\* | Goldman Sachs Strategic Growth Division |
| Dimensional VA U.S. Targeted Value Division\* | Invesco V.I. Core Plus Bond Division |
| Dimensional VIT Inflation-Protected Securities Division\* | Invesco V.I. Diversified Dividend Division |
| DWS Small Cap Index Division | Invesco V.I. Global Real Estate Division |
| Eaton Vance VT Floating-Rate Income Division | Invesco V.I. Global Strategic Income Division |
| Fidelity® VIP Bond Index Division (Initial Class) | Invesco V.I. Government Money Market Division |
| Fidelity® VIP Bond Index Division (Service Class 2) | Invesco V.I. Health Care Division |
| Fidelity® VIP Contrafund® Division | Invesco V.I. International Growth Division\* |
| Fidelity® VIP Extended Market Index Division (Initial <br>Class)<br>| Invesco V.I. Small Cap Equity Division |
| Fidelity® VIP Extended Market Index Division (Service <br>Class)<br>| Invesco V.I. Technology Division |
| Fidelity® VIP Freedom 2020 Division | Janus Henderson Balanced Division |
| Fidelity® VIP Freedom 2025 Division | Janus Henderson Enterprise Division\*\* |
| Fidelity® VIP Freedom 2030 Division | Janus Henderson Forty Division |
| Fidelity® VIP Freedom 2035 Division | Janus Henderson Global Research Division |
| Fidelity® VIP Freedom 2040 Division | Janus Henderson Global Technology and Innovation <br>Division<br>|
| Fidelity® VIP Freedom 2045 Division | Janus Henderson Overseas Division\*\* |

---

LA2049 F-3

---

| | |
|:---|:---|
| LVIP American Century Capital Appreciation Division\* | MML Managed Bond Division |
| LVIP American Century Disciplined Core Value Division\* | MML Managed Volatility Division |
| LVIP American Century Inflation Protection Division\* | MML MFS International Equity Division\* |
| LVIP American Century International Division\* | MML Mid Cap Growth Division |
| LVIP American Century Value Division\* | MML Moderate Allocation Division |
| MFS® Global Real Estate Division | MML Short-Duration Bond Division |
| MFS® Growth Series Division | MML Small Cap Growth Equity Division |
| MFS® International Intrinsic Value Division | MML Small/Mid Cap Value Division |
| MFS® Investors Trust Division | MML Sustainable Equity Division |
| MFS® Mid Cap Value Division | MML U.S. Government Money Market Division |
| MFS® New Discovery Division | Nomura VIP Asset Strategy Division (Standard Class)\* |
| MFS® Value Division | Nomura VIP Emerging Markets Division\* |
| MML Aggressive Allocation Division | Nomura VIP Growth Division\* |
| MML American Century Mid Cap Value Division\* | Nomura VIP Science and Technology Division\* |
| MML American Century Small Company Value Division\* | Nomura VIP Small Cap Value Division\* |
| MML American Funds Core Allocation Division | PIMCO CommodityRealReturn® Strategy Division |
| MML American Funds Growth Division | PIMCO Emerging Markets Bond Division\*\* |
| MML Balanced Allocation Division | PIMCO Global Bond Opportunities Division |
| MML BlackRock iShares® 60/40 Division\* | PIMCO High Yield Division |
| MML BlackRock iShares® 80/20 Division\* | PIMCO Income Division |
| MML Blend Division | PIMCO Real Return Division |
| MML Blue Chip Growth Division | PIMCO Total Return Division |
| MML Conservative Allocation Division | Schwab® S&P 500 Index Division |
| MML Equity Division | T. Rowe Price Blue Chip Growth Division |
| MML Equity Income Division | T. Rowe Price Equity Income Division |
| MML Equity Index Division (Class II) | T. Rowe Price Limited-Term Bond Division |
| MML Equity Index Division (Class III) | Templeton Foreign VIP Division |
| MML Fidelity Institutional AM® Core Plus Bond <br>Division\*<br>| Templeton Global Bond VIP Division |
| MML Focused Equity Division | TOPS® Moderate Growth ETF Division |
| MML Foreign Division | Vanguard VIF Balanced Division |
| MML Fundamental Equity Division | Vanguard VIF Capital Growth Division |
| MML Global Division  | Vanguard VIF Diversified Value Division |
| MML Growth Allocation Division | Vanguard VIF Equity Income Division |
| MML Income & Growth Division | Vanguard VIF Global Bond Index Division |
| MML Inflation-Protected and Income Division | Vanguard VIF Growth Division |
| MML Invesco Discovery Large Cap Division\*\* | Vanguard VIF International Division |
| MML Invesco Discovery Mid Cap Division\*\* | Vanguard VIF Mid-Cap Index Division |
| MML Invesco Small Cap Equity Division\* | Vanguard VIF Real Estate Index Division |
| MML Loomis Sayles Large Cap Growth Division\* | Vanguard VIF Short-Term Investment-Grade Division |

---

\*See Note 2 to the financial statements for the previous name of this division.

\*\*Statement of assets and liabilities as of December 31, 2025 and statement of operations, statement of changes in

net assets and financial highlights for the year then ended.

LA2049 F-4

LA2049 F-5

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF ASSETS AND LIABILITIES* 

***December 31, 2025***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **American Funds**<br>**Insurance Series®**<br>**American** <br>**High-Income** <br>**Division** | **American Funds**<br>**Insurance Series®**<br>**Asset**<br>**Allocation**<br>**Division** | **American Funds**<br>**Insurance Series®**<br>**Asset**<br>**Allocation**<br>**Division** | **American Funds**<br>**Insurance Series®**<br>**Capital World**<br>**Growth and Income**<br>**Division** | **American Funds**<br>**Insurance Series®**<br>**Global**<br>**Growth**<br>**Division** | **American Funds**<br>**Insurance Series®**<br>**Global Small** <br>**Capitalization**<br>**Division** | <br>**American Funds**<br>**Insurance Series®**<br>**Growth-Income**<br>**Division** |
| **ASSETS** |  | **(Class 1)** | **(Class 2)** |  |  | **(Class 2)** | **(Class 1A)** |
| Investments |  |  |  |  |  |  |  |
| Number of shares | 22132 |  | 548613 | 40 | 7571 | 277 | 271 |
| Identified cost | $209511 | $— | $12837303 | $707 | $278302 | $5215 | $17478 |
| Value | $205165 | $— | $14839975 | $724 | $293696 | $5277 | $18157 |
| Dividends receivable  |  |  |  |  |  |  |  |
| Receivable from C.M. Life Insurance Company |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets**  | **205165** | **—** | **14839975** | **724** | **293696** | **5277** | **18157** |
| **LIABILITIES** |  |  |  |  |  |  |  |
| Payable to C.M. Life Insurance Company | 1 |  | 9 | 1 |  | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **1** | **—** | **9** | **1** | **—** | **1** | **—** |
| **NET ASSETS (For variable life insurance policies)** | **$205164** | **$—** | **$14839966** | **$723** | **$293696** | **$5276** | **$18157** |
| **Outstanding Units** |  |  |  |  |  |  |  |
| Policy owners | **168502** | **—** | **2470268** | **495** | **222851** | **4825** | **11476** |
| **UNIT VALUE** |  |  |  |  |  |  |  |
| Survivorship Variable Universal Life | $— | $— | $6.21 | $— | $— | $— | $— |
| Variable Universal Life |  |  | 5.80 |  |  |  |  |
| Survivorship Variable Universal Life II |  |  | 6.21 |  |  |  |  |
| C.M. Life Electrum Select(SM) | 1.22 | 1.38 |  | 1.46 | 1.32 |  | 1.58 |
| APEX VUL |  |  |  |  |  | 1.09 |  |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF ASSETS AND LIABILITIES (Continued)*

***December 31, 2025***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**American Funds**<br>**Insurance Series®**<br>**Growth-Income**<br>**Division** | **American Funds**<br>**Insurance Series®**<br>**International**<br>**Growth and Income**<br>**Division** | <br>**American Funds**<br>**Insurance Series®**<br>**New World**<br>**Division** | <br>**American Funds**<br>**Insurance Series®**<br>**New World**<br>**Division** | **American Funds**<br>**Insurance Series®**<br>**The Bond**<br>**Fund of America** <br>**Division** | **American Funds**<br>**Insurance Series®**<br>**Washington**<br>**Mutual Investors**<br>**Division** | **American Funds**<br>**Insurance Series®**<br>**Washington**<br>**Mutual Investors**<br>**Division** |
| **ASSETS** | **(Class 2)** |  | **(Class 1)** | **(Class 2)** |  | **(Class 1A)** | **(Class 2)** |
| Investments |  |  |  |  |  |  |  |
| Number of shares | 240303 | 17532 | 1781 | 1771 | 11331 | 103644 | 16936 |
| Identified cost | $12413361 | $207925 | $50614 | $53366 | $106572 | $1796451 | $296782 |
| Value | $15927292 | $236509 | $57838 | $56732 | $107078 | $1874919 | $301294 |
| Dividends receivable  |  |  |  |  |  |  |  |
| Receivable from C.M. Life Insurance Company |  |  |  |  |  | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets**  | **15927292** | **236509** | **57838** | **56732** | **107078** | **1874920** | **301294** |
| **LIABILITIES** |  |  |  |  |  |  |  |
| Payable to C.M. Life Insurance Company | 5 |  |  | 10 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **5** | **—** | **—** | **10** | **—** | **—** | **—** |
| **NET ASSETS (For variable life insurance policies)** | **$15927287** | **$236509** | **$57838** | **$56722** | **$107078** | **$1874920** | **$301294** |
| **Outstanding Units** |  |  |  |  |  |  |  |
| Policy owners | **1696708** | **165245** | **45662** | **45014** | **107756** | **1215431** | **262789** |
| **UNIT VALUE** |  |  |  |  |  |  |  |
| Survivorship Variable Universal Life | $9.77 | $— | $— | $— | $— | $— | $— |
| Variable Universal Life | 9.12 |  |  |  |  |  |  |
| Survivorship Variable Universal Life II | 9.77 |  |  |  |  |  |  |
| C.M. Life Electrum Select(SM) |  | 1.43 | 1.27 |  | 0.99 | 1.54 |  |
| APEX VUL |  |  |  | 1.26 |  |  | 1.15 |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF ASSETS AND LIABILITIES (Continued)*

***December 31, 2025***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**Black Rock**<br>**High Yield V.I.**<br>**Division** | <br>**Black Rock**<br>**Small Cap**<br>**Index V.I.**<br>**Division** | <br>**Black Rock**<br>**Small Cap**<br>**Index V.I.**<br>**Division** | <br>**Black Rock**<br>**Total Return**<br>**V.I.**<br>**Division** | <br>**BNY Mellon**<br>**MidCap**<br>**Stock**<br>**Division** | **Columbia Variable**<br>**Portfolio -**<br>**Contrarian**<br>**Core**<br>**Division** | <br>**Dimensional**<br>**VA Global**<br>**Bond**<br>**Division** |
| **ASSETS** |  | **(Class I)** | **(Class III)** |  |  |  |  |
| Investments |  |  |  |  |  |  |  |
| Number of shares | 91652 | 65694 | 58000 | 27936 | 27439 | 390 | 18223 |
| Identified cost | $637198 | $803739 | $678281 | $279110 | $525479 | $23932 | $181964 |
| Value | $645234 | $837595 | $736018 | $286066 | $554274 | $24775 | $177671 |
| Dividends receivable  | 3436 |  |  | 1338 |  |  |  |
| Receivable from C.M. Life Insurance Company | 41 |  |  | 4 |  |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets**  | **648711** | **837595** | **736018** | **287408** | **554274** | **24775** | **177672** |
| **LIABILITIES** |  |  |  |  |  |  |  |
| Payable to C.M. Life Insurance Company |  | 6 | 1 |  |  | 6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **—** | **6** | **1** | **—** | **—** | **6** | **—** |
| **NET ASSETS (For variable life insurance policies)** | **$648711** | **$837589** | **$736017** | **$287408** | **$554274** | **$24769** | **$177672** |
| **Outstanding Units** |  |  |  |  |  |  |  |
| Policy owners | **536061** | **651385** | **619698** | **289478** | **429329** | **21330** | **164349** |
| **UNIT VALUE** |  |  |  |  |  |  |  |
| Survivorship Variable Universal Life | $— | $— | $— | $— | $— | $— | $— |
| Variable Universal Life |  |  |  |  |  |  |  |
| Survivorship Variable Universal Life II |  |  |  |  |  |  |  |
| C.M. Life Electrum Select(SM) | 1.21 |  | 1.19 | 0.99 | 1.29 |  | 1.08 |
| APEX VUL |  | 1.29 |  |  |  | 1.16 |  |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF ASSETS AND LIABILITIES (Continued)*

***December 31, 2025***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**Dimensional**<br>**VA International**<br>**Small**<br>**Division** | <br>**Dimensional**<br>**VA U.S. Large** <br>**Value**<br>**Division** | <br>**Dimensional**<br>**VA U.S. Targeted** <br>**Value**<br>**Division** | <br>**Dimensional**<br>**VIT Inflation-**<br>**Protected Securities**<br>**Division** | <br>**DWS**<br>**Small Cap**<br>**Index**<br>**Division** | **Eaton Vance**<br>**VT**<br>**Floating-Rate**<br>**Income**<br>**Division** | <br>**Fidelity®**<br>**VIP**<br>**Bond Index**<br>**Division** |
| **ASSETS** |  |  |  |  |  |  | **(Initial Class)** |
| Investments |  |  |  |  |  |  |  |
| Number of shares | 7078 | 67 | 3330 | 21042 | 346676 | 742 | 125243 |
| Identified cost | $103487 | $2204 | $73119 | $199078 | $4888475 | $6335 | $1234993 |
| Value | $104618 | $2344 | $74196 | $195063 | $5207068 | $6217 | $1232388 |
| Dividends receivable  |  |  |  |  |  |  |  |
| Receivable from C.M. Life Insurance Company |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets**  | **104618** | **2344** | **74196** | **195063** | **5207068** | **6217** | **1232388** |
| **LIABILITIES** |  |  |  |  |  |  |  |
| Payable to C.M. Life Insurance Company |  |  |  |  | 8 |  | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **—** | **—** | **—** | **—** | **8** | **—** | **5** |
| **NET ASSETS (For variable life insurance policies)** | **$104618** | **$2344** | **$74196** | **$195063** | **$5207060** | **$6217** | **$1232383** |
| **Outstanding Units** |  |  |  |  |  |  |  |
| Policy owners | **75469** | **1640** | **52778** | **193568** | **926187** | **5067** | **1105343** |
| **UNIT VALUE** |  |  |  |  |  |  |  |
| Survivorship Variable Universal Life | $— | $— | $— | $— | $6.05 | $— | $— |
| Variable Universal Life |  |  |  |  | 5.41 |  |  |
| Survivorship Variable Universal Life II |  |  |  |  | 5.84 |  |  |
| C.M. Life Electrum Select(SM) | 1.39 | 1.43 | 1.41 | 1.01 |  | 1.23 |  |
| APEX VUL |  |  |  |  |  |  | 1.11 |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF ASSETS AND LIABILITIES (Continued)*

***December 31, 2025***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**Fidelity®**<br>**VIP**<br>**Bond Index**<br>**Division** | <br>**Fidelity®**<br>**VIP**<br>**Contrafund®**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Extended**<br>**Market Index**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Extended**<br>**Market Index**<br>**Division** | <br>**Fidelity®**<br>**VIP**<br>**Freedom 2020**<br>**Division** | <br>**Fidelity®**<br>**VIP**<br>**Freedom 2025**<br>**Division** | <br>**Fidelity®**<br>**VIP**<br>**Freedom 2030**<br>**Division** |
| **ASSETS** | **(Service Class 2)** |  | **(Initial Class)** | **(Service Class)** |  |  |  |
| Investments |  |  |  |  |  |  |  |
| Number of shares | 172114 | 1940236 | 85115 | 41270 | 46 | 2093 | 26207 |
| Identified cost | $1668971 | $85201838 | $1319667 | $548746 | $580 | $33954 | $424680 |
| Value | $1686718 | $116200754 | $1356740 | $654542 | $609 | $35961 | $461511 |
| Dividends receivable  |  |  |  |  |  |  |  |
| Receivable from C.M. Life Insurance Company | 2 |  |  | 1 |  | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets**  | **1686720** | **116200754** | **1356740** | **654543** | **609** | **35962** | **461511** |
| **LIABILITIES** |  |  |  |  |  |  |  |
| Payable to C.M. Life Insurance Company |  | 6 | 5 |  |  |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **—** | **6** | **5** | **—** | **—** | **—** | **2** |
| **NET ASSETS (For variable life insurance policies)** | **$1686720** | **$116200748** | **$1356735** | **$654543** | **$609** | **$35962** | **$461509** |
| **Outstanding Units** |  |  |  |  |  |  |  |
| Policy owners | **1724024** | **11669698** | **1071913** | **528628** | **523** | **30191** | **379134** |
| **UNIT VALUE** |  |  |  |  |  |  |  |
| Survivorship Variable Universal Life | $— | $14.53 | $— | $— | $— | $— | $— |
| Variable Universal Life |  | 11.76 |  |  |  |  |  |
| Survivorship Variable Universal Life II |  | 10.53 |  |  |  |  |  |
| C.M. Life Electrum Select(SM) | 0.98 | 1.62 |  | 1.24 | 1.16 | 1.19 | 1.22 |
| APEX VUL |  | 1.45 | 1.27 |  |  |  |  |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF ASSETS AND LIABILITIES (Continued)*

***December 31, 2025***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fidelity®**<br>**VIP**<br>**Freedom 2035**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Freedom 2040**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Freedom 2045**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Freedom 2050**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Freedom 2055**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Freedom 2060**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Freedom 2065**<br>**Division** |
| **ASSETS** |  |  |  |  |  |  |  |
| Investments |  |  |  |  |  |  |  |
| Number of shares | 14795 | 86880 | 6413 | 40996 | 17991 | 24467 | 1779 |
| Identified cost | $409725 | $2368368 | $180133 | $1018997 | $247325 | $328502 | $24816 |
| Value | $444453 | $2578610 | $195991 | $1130266 | $279756 | $371898 | $26952 |
| Dividends receivable  |  |  |  |  |  |  |  |
| Receivable from C.M. Life Insurance Company |  | 2 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets**  | **444453** | **2578612** | **195991** | **1130266** | **279756** | **371898** | **26952** |
| **LIABILITIES** |  |  |  |  |  |  |  |
| Payable to C.M. Life Insurance Company |  |  |  | 3 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **—** | **—** | **—** | **3** | **—** | **—** | **—** |
| **NET ASSETS (For variable life insurance policies)** | **$444453** | **$2578612** | **$195991** | **$1130263** | **$279756** | **$371898** | **$26952** |
| **Outstanding Units** |  |  |  |  |  |  |  |
| Policy owners | **351706** | **1940141** | **144595** | **833796** | **206333** | **274269** | **19893** |
| **UNIT VALUE** |  |  |  |  |  |  |  |
| Survivorship Variable Universal Life | $— | $— | $— | $— | $— | $— | $— |
| Variable Universal Life |  |  |  |  |  |  |  |
| Survivorship Variable Universal Life II |  |  |  |  |  |  |  |
| C.M. Life Electrum Select(SM) | 1.26 | 1.33 | 1.36 | 1.36 | 1.36 | 1.36 | 1.35 |
| APEX VUL |  |  |  |  |  |  |  |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF ASSETS AND LIABILITIES (Continued)*

***December 31, 2025***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fidelity®**<br>**VIP**<br>**Freedom Income**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Growth**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Health Care**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Index 500**<br>**Division** | **Fidelity®**<br>**VIP**<br>**International Index**<br>**Division** | **Fidelity®**<br>**VIP**<br>**International Index**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Overseas**<br>**Division** |
| **ASSETS** |  |  |  | **(Service Class)** | **(Initial Class)** | **(Service Class 2)** |  |
| Investments |  |  |  |  |  |  |  |
| Number of shares | 36700 | 4522 | 3354 | 9309 | 135649 | 64584 | 8061 |
| Identified cost | $420983 | $463997 | $121983 | $5057977 | $1821903 | $726264 | $218741 |
| Value | $428289 | $436605 | $128508 | $6115523 | $1905866 | $901589 | $221847 |
| Dividends receivable  |  |  |  |  |  |  |  |
| Receivable from C.M. Life Insurance Company |  |  |  | 4 | 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets**  | **428289** | **436605** | **128508** | **6115527** | **1905867** | **901589** | **221847** |
| **LIABILITIES** |  |  |  |  |  |  |  |
| Payable to C.M. Life Insurance Company |  |  | 8 |  |  | 2 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **—** | **—** | **8** | **—** | **—** | **2** | **3** |
| **NET ASSETS (For variable life insurance policies)** | **$428289** | **$436605** | **$128500** | **$6115527** | **$1905867** | **$901587** | **$221844** |
| **Outstanding Units** |  |  |  |  |  |  |  |
| Policy owners | **393937** | **281157** | **107400** | **3959648** | **1381476** | **652910** | **184718** |
| **UNIT VALUE** |  |  |  |  |  |  |  |
| Survivorship Variable Universal Life | $— | $— | $— | $— | $— | $— | $— |
| Variable Universal Life |  |  |  |  |  |  |  |
| Survivorship Variable Universal Life II |  |  |  |  |  |  |  |
| C.M. Life Electrum Select(SM) | 1.09 | 1.55 |  | 1.54 |  | 1.38 | 1.19 |
| APEX VUL |  |  | 1.20 |  | 1.38 |  | 1.23 |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF ASSETS AND LIABILITIES (Continued)*

***December 31, 2025***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**Fidelity®**<br>**VIP**<br>**Real Estate**<br>**Division** | <br>**Fidelity®**<br>**VIP**<br>**Real Estate**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Strategic**<br>**Income**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Total Market**<br>**Index**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Total Market**<br>**Index**<br>**Division** | **Franklin**<br>**Small Cap**<br>**Value**<br>**VIP**<br>**Division** | **Franklin**<br>**Strategic**<br>**Income**<br>**VIP**<br>**Division** |
| **ASSETS** | **(Initial Class)** | **(Service Class)** |  | **(Initial Class)** | **(Service Class 2)** |  |  |
| Investments |  |  |  |  |  |  |  |
| Number of shares | 4430 | 4068 | 6645 | 178056 | 1447 | 359905 | 46365 |
| Identified cost | $80215 | $75337 | $74418 | $4006866 | $31099 | $4636297 | $413783 |
| Value | $79031 | $72087 | $74621 | $4349916 | $35165 | $4991881 | $423310 |
| Dividends receivable  |  |  |  |  |  |  |  |
| Receivable from C.M. Life Insurance Company |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets**  | **79031** | **72087** | **74621** | **4349916** | **35165** | **4991881** | **423310** |
| **LIABILITIES** |  |  |  |  |  |  |  |
| Payable to C.M. Life Insurance Company | 2 |  | 2 | 8 |  | 5 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **2** | **—** | **2** | **8** | **—** | **5** | **1** |
| **NET ASSETS (For variable life insurance policies)** | **$79029** | **$72087** | **$74619** | **$4349908** | **$35165** | **$4991876** | **$423309** |
| **Outstanding Units** |  |  |  |  |  |  |  |
| Policy owners | **65328** | **78068** | **64636** | **3148689** | **23553** | **800562** | **392247** |
| **UNIT VALUE** |  |  |  |  |  |  |  |
| Survivorship Variable Universal Life | $— | $— | $— | $— | $— | $7.92 | $— |
| Variable Universal Life |  |  |  |  |  | 7.40 |  |
| Survivorship Variable Universal Life II |  |  |  |  |  | 7.92 |  |
| C.M. Life Electrum Select(SM) |  | 0.92 |  |  | 1.49 | 1.26 | 1.08 |
| APEX VUL | 1.21 |  | 1.15 | 1.38 |  |  |  |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF ASSETS AND LIABILITIES (Continued)*

***December 31, 2025***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Goldman**<br>**Sachs**<br>**Core Fixed**<br>**Income**<br>**Division** | **Goldman**<br>**Sachs**<br>**International**<br>**Equity Insights**<br>**Division** | **Goldman**<br>**Sachs**<br>**Mid Cap**<br>**Growth**<br>**Division** | **Goldman**<br>**Sachs**<br>**Mid Cap**<br>**Value**<br>**Division** | **Goldman**<br>**Sachs**<br>**Strategic**<br>**Growth**<br>**Division** | <br>**Invesco V.I.**<br>**Core Plus Bond**<br>**Division** | <br>**Invesco V.I.**<br>**Diversified**<br>**Dividend**<br>**Division** |
| **ASSETS** |  |  |  |  |  |  |  |
| Investments |  |  |  |  |  |  |  |
| Number of shares | 45 | 172175 | 6188 | 17325 | 645793 | 485263 | 68804 |
| Identified cost | $428 | $1748415 | $71094 | $288250 | $8484431 | $2777845 | $1789620 |
| Value | $442 | $1788896 | $60583 | $282231 | $10003333 | $2838790 | $1872839 |
| Dividends receivable  |  |  |  |  |  |  |  |
| Receivable from C.M. Life Insurance Company |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets**  | **442** | **1788896** | **60583** | **282231** | **10003333** | **2838790** | **1872839** |
| **LIABILITIES** |  |  |  |  |  |  |  |
| Payable to C.M. Life Insurance Company |  | 3 |  | 1 | 9 | 3 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **—** | **3** | **—** | **1** | **9** | **3** | **6** |
| **NET ASSETS (For variable life insurance policies)** | **$442** | **$1788893** | **$60583** | **$282230** | **$10003324** | **$2838787** | **$1872833** |
| **Outstanding Units** |  |  |  |  |  |  |  |
| Policy owners | **451** | **1154999** | **52509** | **221368** | **1425247** | **1648223** | **1027237** |
| **UNIT VALUE** |  |  |  |  |  |  |  |
| Survivorship Variable Universal Life | $— | $— | $— | $— | $8.56 | $1.62 | $2.93 |
| Variable Universal Life |  |  |  |  | 6.76 | 1.68 | 2.74 |
| Survivorship Variable Universal Life II |  |  |  |  | 7.30 | 1.82 | 2.93 |
| C.M. Life Electrum Select(SM) | 0.98 | 1.55 | 1.15 | 1.27 |  |  | 1.45 |
| APEX VUL |  |  |  |  |  |  |  |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF ASSETS AND LIABILITIES (Continued)*

***December 31, 2025***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Invesco V.I.**<br>**Global**<br>**Real Estate**<br>**Division** | **Invesco V.I.**<br>**Global**<br>**Strategic Income**<br>**Division** | **Invesco V.I.**<br>**Government**<br>**Money Market**<br>**Division** | **Invesco V.I.**<br>**Health**<br>**Care**<br>**Division** | **Invesco V.I.**<br>**International**<br>**Growth**<br>**Division** | **Invesco V.I.**<br>**Small Cap**<br>**Equity**<br>**Division** | <br>**Invesco V.I.**<br>**Technology**<br>**Division** |
| **ASSETS** |  |  |  |  |  |  |  |
| Investments |  |  |  |  |  |  |  |
| Number of shares | 29661 | 1763836 | 1768498 | 40942 | 2534396 | 17452 | 90176 |
| Identified cost | $406684 | $8226802 | $1768498 | $1174758 | $5227588 | $326016 | $1688551 |
| Value | $419996 | $8060729 | $1768498 | $1223754 | $4916729 | $350095 | $2316623 |
| Dividends receivable  |  |  |  |  |  |  |  |
| Receivable from C.M. Life Insurance Company |  |  | 23 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets**  | **419996** | **8060729** | **1768521** | **1223754** | **4916729** | **350095** | **2316623** |
| **LIABILITIES** |  |  |  |  |  |  |  |
| Payable to C.M. Life Insurance Company | 3 | 18 |  | 12 | 9 |  | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **3** | **18** | **—** | **12** | **9** | **—** | **7** |
| **NET ASSETS (For variable life insurance policies)** | **$419993** | **$8060711** | **$1768521** | **$1223742** | **$4916720** | **$350095** | **$2316616** |
| **Outstanding Units** |  |  |  |  |  |  |  |
| Policy owners | **468305** | **2822657** | **1646294** | **209803** | **1863951** | **286261** | **461727** |
| **UNIT VALUE** |  |  |  |  |  |  |  |
| Survivorship Variable Universal Life | $— | $3.11 | $— | $6.12 | $3.66 | $— | $5.33 |
| Variable Universal Life |  | 2.90 |  | 5.72 | 3.40 |  | 4.95 |
| Survivorship Variable Universal Life II |  | 3.05 |  | 6.12 | 3.66 |  | 5.33 |
| C.M. Life Electrum Select(SM) | 0.90 | 1.13 | 1.07 |  | 1.03 | 1.22 |  |
| APEX VUL |  | 1.19 |  |  | 1.15 |  |  |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF ASSETS AND LIABILITIES (Continued)*

***December 31, 2025***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**Janus**<br>**Henderson**<br>**Balanced**<br>**Division** | <br>**Janus**<br>**Henderson**<br>**Enterprise**<br>**Division** | <br>**Janus**<br>**Henderson**<br>**Forty**<br>**Division** | **Janus**<br>**Henderson**<br>**Global**<br>**Research**<br>**Division** | **Janus Henderson**<br>**Global**<br>**Technology and**<br>**Innovation**<br>**Division** | <br>**Janus**<br>**Henderson**<br>**Overseas**<br>**Division** | **LVIP American**<br>**Century**<br>**Capital**<br>**Appreciation**<br>**Division** |
| **ASSETS** |  |  |  |  |  |  |  |
| Investments |  |  |  |  |  |  |  |
| Number of shares | 83544 | 766 | 478359 | 228249 | 15964 | 12 | 11776 |
| Identified cost | $3375038 | $62634 | $20706285 | $11732669 | $350495 | $654 | $198036 |
| Value | $4969180 | $63994 | $28424108 | $18184627 | $382168 | $666 | $178520 |
| Dividends receivable  |  |  |  |  |  |  |  |
| Receivable from C.M. Life Insurance Company |  |  | 3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets**  | **4969180** | **63994** | **28424111** | **18184627** | **382168** | **666** | **178520** |
| **LIABILITIES** |  |  |  |  |  |  |  |
| Payable to C.M. Life Insurance Company | 2 | 3 |  | 4 | 8 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **2** | **3** | **—** | **4** | **8** | **—** | **1** |
| **NET ASSETS (For variable life insurance policies)** | **$4969178** | **$63991** | **$28424111** | **$18184623** | **$382160** | **$666** | **$178519** |
| **Outstanding Units** |  |  |  |  |  |  |  |
| Policy owners | **808232** | **62896** | **3454327** | **5896660** | **252402** | **522** | **151876** |
| **UNIT VALUE** |  |  |  |  |  |  |  |
| Survivorship Variable Universal Life | $6.46 | $— | $— | $— | $— | $— | $— |
| Variable Universal Life | 6.04 |  | 8.00 | 3.00 |  |  |  |
| Survivorship Variable Universal Life II | 6.46 |  | 8.65 | 3.24 |  |  |  |
| C.M. Life Electrum Select(SM) |  |  |  |  |  |  | 1.18 |
| APEX VUL |  | 1.02 |  |  | 1.51 | 1.28 |  |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF ASSETS AND LIABILITIES (Continued)*

***December 31, 2025***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP American**<br>**Century**<br>**Disciplined**<br>**Core Value**<br>**Division** | **LVIP American**<br>**Century**<br>**Inflation**<br>**Protection**<br>**Division** | <br>**LVIP American**<br>**Century**<br>**International**<br>**Division** | <br>**LVIP American**<br>**Century**<br>**Value**<br>**Division** | <br>**MFS®**<br>**Global**<br>**Real Estate**<br>**Division** | <br>**MFS®**<br>**Growth**<br>**Series**<br>**Division** | <br>**MFS®**<br>**International**<br>**Intrinsic Value**<br>**Division** |
| **ASSETS** |  |  |  |  |  |  |  |
| Investments |  |  |  |  |  |  |  |
| Number of shares | 3445362 | 18430 | 27945 | 238958 | 2208 | 9877 | 2641 |
| Identified cost | $30745841 | $171856 | $324494 | $2725061 | $28045 | $696736 | $87778 |
| Value | $33351100 | $166533 | $342192 | $3087101 | $28017 | $670170 | $97642 |
| Dividends receivable  |  |  |  |  |  |  |  |
| Receivable from C.M. Life Insurance Company |  | 1 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets**  | **33351100** | **166534** | **342192** | **3087101** | **28017** | **670170** | **97642** |
| **LIABILITIES** |  |  |  |  |  |  |  |
| Payable to C.M. Life Insurance Company | 13 |  |  | 1 |  |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **13** | **—** | **—** | **1** | **—** | **—** | **1** |
| **NET ASSETS (For variable life insurance policies)** | **$33351087** | **$166534** | **$342192** | **$3087100** | **$28017** | **$670170** | **$97641** |
| **Outstanding Units** |  |  |  |  |  |  |  |
| Policy owners | **6818568** | **170008** | **333068** | **458483** | **32853** | **486156** | **74753** |
| **UNIT VALUE** |  |  |  |  |  |  |  |
| Survivorship Variable Universal Life | $5.69 | $— | $— | $7.00 | $— | $— | $— |
| Variable Universal Life | 4.86 |  |  | 6.54 |  |  |  |
| Survivorship Variable Universal Life II | 4.51 |  |  | 7.00 |  |  |  |
| C.M. Life Electrum Select(SM) |  | 0.98 | 1.03 |  | 0.85 | 1.38 | 1.31 |
| APEX VUL |  |  |  |  |  |  |  |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF ASSETS AND LIABILITIES (Continued)*

***December 31, 2025***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**MFS®**<br>**Investors**<br>**Trust**<br>**Division** | <br>**MFS®**<br>**Mid Cap**<br>**Value**<br>**Division** | <br>**MFS®**<br>**New**<br>**Discovery**<br>**Division** | <br>**MFS®**<br>**Value**<br>**Division** | <br>**MML**<br>**Aggressive**<br>**Allocation**<br>**Division** | **MML**<br>**American** <br>**Century**<br>**Mid Cap Value**<br>**Division** | **MML**<br>**American Century**<br>**Small**<br>**Company Value**<br>**Division** |
| **ASSETS** |  |  |  |  |  |  |  |
| Investments |  |  |  |  |  |  |  |
| Number of shares | 7728 | 25729 | 90973 | 72909 | 164963 | 56279 | 2567 |
| Identified cost | $226191 | $264662 | $1594518 | $1630650 | $1564230 | $460792 | $22260 |
| Value | $202170 | $260123 | $1419175 | $1622952 | $1644680 | $452480 | $22102 |
| Dividends receivable  |  |  |  |  |  |  |  |
| Receivable from C.M. Life Insurance Company |  |  |  | 1 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets**  | **202170** | **260123** | **1419175** | **1622953** | **1644680** | **452480** | **22102** |
| **LIABILITIES** |  |  |  |  |  |  |  |
| Payable to C.M. Life Insurance Company | 25 |  | 6 |  | 12 | 5 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **25** | **—** | **6** | **—** | **12** | **5** | **3** |
| **NET ASSETS (For variable life insurance policies)** | **$202145** | **$260123** | **$1419169** | **$1622953** | **$1644668** | **$452475** | **$22099** |
| **Outstanding Units** |  |  |  |  |  |  |  |
| Policy owners | **23717** | **203240** | **179893** | **1238238** | **1311045** | **358838** | **21304** |
| **UNIT VALUE** |  |  |  |  |  |  |  |
| Survivorship Variable Universal Life | $8.72 | $— | $8.31 | $— | $— | $— | $— |
| Variable Universal Life | 8.14 |  | 7.77 |  |  |  |  |
| Survivorship Variable Universal Life II | 8.72 |  | 8.31 |  |  |  |  |
| C.M. Life Electrum Select(SM) |  | 1.28 |  | 1.31 | 1.31 | 1.28 | 1.06 |
| APEX VUL |  |  |  |  | 1.25 | 1.16 | 1.04 |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF ASSETS AND LIABILITIES (Continued)*

***December 31, 2025***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **MML**<br>**American Funds**<br>**Core Allocation**<br>**Division** | **MML**<br>**American Funds**<br>**Growth**<br>**Division** | **MML**<br>**Balanced**<br>**Allocation**<br>**Division** | **MML**<br>**BlackRock**<br>**iShares® 60/40**<br>**Division** | **MML**<br>**BlackRock**<br>**iShares® 80/20**<br>**Division** | <br>**MML**<br>**Blend**<br>**Division** | **MML**<br>**Blue Chip**<br>**Growth**<br>**Division** |
| **ASSETS** |  |  |  |  |  |  |  |
| Investments |  |  |  |  |  |  |  |
| Number of shares | 13377 | 145725 | 43313 | 52109 | 45845 | 980499 | 552711 |
| Identified cost | $150983 | $2518784 | $386656 | $613050 | $555090 | $20529980 | $9781523 |
| Value | $154639 | $2758567 | $403674 | $613325 | $586820 | $22700838 | $10860766 |
| Dividends receivable  |  |  |  |  |  |  |  |
| Receivable from C.M. Life Insurance Company |  | 4 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets**  | **154639** | **2758571** | **403674** | **613325** | **586820** | **22700838** | **10860766** |
| **LIABILITIES** |  |  |  |  |  |  |  |
| Payable to C.M. Life Insurance Company | 2 |  | 1 | 1 | 10 | 4 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **2** | **—** | **1** | **1** | **10** | **4** | **6** |
| **NET ASSETS (For variable life insurance policies)** | **$154637** | **$2758571** | **$403673** | **$613324** | **$586810** | **$22700834** | **$10860760** |
| **Outstanding Units** |  |  |  |  |  |  |  |
| Policy owners | **122958** | **1848322** | **339910** | **488538** | **449411** | **4790780** | **3055540** |
| **UNIT VALUE** |  |  |  |  |  |  |  |
| Survivorship Variable Universal Life | $— | $— | $— | $— | $— | $5.20 | $7.02 |
| Variable Universal Life |  |  |  |  |  | 4.64 | 4.84 |
| Survivorship Variable Universal Life II |  |  |  |  |  | 4.98 | 5.23 |
| C.M. Life Electrum Select(SM) | 1.29 | 1.55 | 1.16 |  |  | 1.29 | 1.46 |
| APEX VUL | 1.25 | 1.47 | 1.19 | 1.26 | 1.31 | 1.27 | 1.48 |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF ASSETS AND LIABILITIES (Continued)*

***December 31, 2025***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**MML**<br>**Conservative**<br>**Allocation**<br>**Division** | <br>**MML**<br>**Equity**<br>**Division** | <br>**MML**<br>**Equity**<br>**Income**<br>**Division** | <br>**MML**<br>**Equity**<br>**Index** <br>**Division** | <br>**MML**<br>**Equity**<br>**Index** <br>**Division** | **MML**<br>**Fidelity**<br>**Institutional AM®**<br>**Core Plus Bond**<br>**Division** | <br>**MML**<br>**Focused**<br>**Equity**<br>**Division** |
| **ASSETS** |  |  |  | **(Class II)** | **(Class III)** |  |  |
| Investments |  |  |  |  |  |  |  |
| Number of shares | 2330 | 1684523 | 40718 | 2187107 | 227836 | 19477 | 1485 |
| Identified cost | $20410 | $45020657 | $416291 | $64815675 | $7995535 | $174759 | $10716 |
| Value | $20666 | $52039138 | $424278 | $76351900 | $7926405 | $176461 | $10378 |
| Dividends receivable  |  |  |  |  |  |  |  |
| Receivable from C.M. Life Insurance Company |  | 8 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets**  | **20666** | **52039146** | **424278** | **76351900** | **7926405** | **176461** | **10378** |
| **LIABILITIES** |  |  |  |  |  |  |  |
| Payable to C.M. Life Insurance Company | 7 |  |  | 14 | 666 | 4 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **7** | **—** | **—** | **14** | **666** | **4** | **7** |
| **NET ASSETS (For variable life insurance policies)** | **$20659** | **$52039146** | **$424278** | **$76351886** | **$7925739** | **$176457** | **$10371** |
| **Outstanding Units** |  |  |  |  |  |  |  |
| Policy owners | **17874** | **11374349** | **313606** | **10767511** | **5698043** | **171855** | **8855** |
| **UNIT VALUE** |  |  |  |  |  |  |  |
| Survivorship Variable Universal Life | $— | $5.16 | $— | $8.57 | $— | $— | $— |
| Variable Universal Life |  | 4.65 |  | 7.21 |  |  |  |
| Survivorship Variable Universal Life II |  | 5.14 |  | 6.58 |  |  |  |
| C.M. Life Electrum Select(SM) | 1.13 | 1.50 | 1.39 |  |  | 0.97 | 1.27 |
| APEX VUL | 1.18 | 1.29 | 1.21 |  | 1.39 | 1.12 | 1.17 |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF ASSETS AND LIABILITIES (Continued)*

***December 31, 2025***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**MML**<br>**Foreign**<br>**Division** | <br>**MML**<br>**Fundamental**<br>**Equity**<br>**Division** | <br>**MML**<br>**Global**<br>**Division** | <br>**MML**<br>**Growth**<br>**Allocation**<br>**Division** | <br>**MML**<br>**Income &**<br>**Growth**<br>**Division** | **MML**<br>**Inflation-**<br>**Protected**<br>**and Income**<br>**Division** | **MML**<br>**Invesco**<br>**Discovery**<br>**Large Cap**<br>**Division** |
| **ASSETS** |  |  | **(Class II)** |  |  |  |  |
| Investments |  |  |  |  |  |  |  |
| Number of shares | 74202 | 1790431 | 12553372 | 198384 | 18314 | 188468 | 7706731 |
| Identified cost | $774742 | $21127428 | $67146073 | $1577669 | $174384 | $1772317 | $77067019 |
| Value | $880035 | $21449358 | $69043547 | $1658494 | $162082 | $1630248 | $77915052 |
| Dividends receivable  |  |  |  |  |  |  |  |
| Receivable from C.M. Life Insurance Company |  |  | 85 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets**  | **880035** | **21449358** | **69043632** | **1658494** | **162082** | **1630248** | **77915052** |
| **LIABILITIES** |  |  |  |  |  |  |  |
| Payable to C.M. Life Insurance Company | 7 | 48 |  | 12 | 1 | 10 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **7** | **48** | **—** | **12** | **1** | **10** | **20** |
| **NET ASSETS (For variable life insurance policies)** | **$880028** | **$21449310** | **$69043632** | **$1658482** | **$162081** | **$1630238** | **$77915032** |
| **Outstanding Units** |  |  |  |  |  |  |  |
| Policy owners | **625717** | **21103026** | **67159197** | **1344846** | **119287** | **888629** | **77112018** |
| **UNIT VALUE** |  |  |  |  |  |  |  |
| Survivorship Variable Universal Life | $— | $1.01 | $1.03 | $— | $— | $2.11 | $1.01 |
| Variable Universal Life |  | 1.01 | 1.03 |  |  | 1.97 | 1.01 |
| Survivorship Variable Universal Life II |  | 1.01 | 1.03 |  |  | 2.11 | 1.01 |
| C.M. Life Electrum Select(SM) | 1.41 | 1.44 | 1.03 | 1.25 | 1.45 | 1.00 |  |
| APEX VUL | 1.37 | 1.34 | 1.29 | 1.23 | 1.24 | 1.10 |  |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF ASSETS AND LIABILITIES (Continued)*

***December 31, 2025***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **MML**<br>**Invesco**<br>**Discovery**<br>**Mid Cap**<br>**Division** | **MML**<br>**Invesco**<br>**Small Cap**<br>**Equity**<br>**Division** | **MML**<br>**Loomis Sayles**<br>**Large Cap**<br>**Growth**<br>**Division** | <br>**MML**<br>**Managed**<br>**Bond**<br>**Division** | <br>**MML**<br>**Managed**<br>**Volatility**<br>**Division** | **MML**<br>**MFS**<br>**International**<br>**Equity**<br>**Division** | <br>**MML**<br>**Mid Cap**<br>**Growth**<br>**Division** |
| **ASSETS** |  |  |  |  |  |  |  |
| Investments |  |  |  |  |  |  |  |
| Number of shares | 6310673 | 1679971 | 49003 | 875527 | 177208 | 48481 | 6018909 |
| Identified cost | $63108330 | $16799579 | $816940 | $10431292 | $2132077 | $553245 | $58668491 |
| Value | $63485372 | $17906510 | $796794 | $9781769 | $1936683 | $603104 | $59888143 |
| Dividends receivable  |  |  |  |  |  |  |  |
| Receivable from C.M. Life Insurance Company | 12 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets**  | **63485384** | **17906510** | **796794** | **9781769** | **1936683** | **603104** | **59888143** |
| **LIABILITIES** |  |  |  |  |  |  |  |
| Payable to C.M. Life Insurance Company |  | 2 | 9 | 26 | 3 | 7 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **—** | **2** | **9** | **26** | **3** | **7** | **80** |
| **NET ASSETS (For variable life insurance policies)** | **$63485384** | **$17906508** | **$796785** | **$9781743** | **$1936680** | **$603097** | **$59888063** |
| **Outstanding Units** |  |  |  |  |  |  |  |
| Policy owners | **63145054** | **2561943** | **517484** | **4178002** | **632387** | **462761** | **58623039** |
| **UNIT VALUE** |  |  |  |  |  |  |  |
| Survivorship Variable Universal Life | $1.01 | $6.89 | $— | $2.88 | $3.14 | $— | $1.02 |
| Variable Universal Life | 1.01 | 7.84 |  | 2.57 | 2.92 |  | 1.02 |
| Survivorship Variable Universal Life II | 1.01 | 7.61 |  | 2.78 | 3.14 |  | 1.02 |
| C.M. Life Electrum Select(SM) | 1.01 | 1.26 | 1.71 | 1.01 | 1.27 | 1.31 | 1.09 |
| APEX VUL | 1.01 | 1.22 | 1.47 | 1.14 | 1.24 | 1.27 | 1.14 |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF ASSETS AND LIABILITIES (Continued)*

***December 31, 2025***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**MML**<br>**Moderate**<br>**Allocation**<br>**Division** | **MML**<br>**Short-**<br>**Duration**<br>**Bond**<br>**Division** | <br>**MML**<br>**Small Cap**<br>**Growth Equity**<br>**Division** | <br>**MML**<br>**Small/Mid Cap**<br>**Value**<br>**Division** | <br>**MML**<br>**Sustainable**<br>**Equity**<br>**Division** | <br>**MML U.S.**<br>**Government**<br>**Money Market**<br>**Division** | <br>**Nomura VIP** <br>**Asset**<br>**Strategy**<br>**Division** |
| **ASSETS** |  |  |  |  |  |  | **(Standard Class)** |
| Investments |  |  |  |  |  |  |  |
| Number of shares | 5525 | 8346 | 711778 | 30837 | 22454 | 13760365 | 2275 |
| Identified cost | $51749 | $76310 | $8320004 | $274294 | $366760 | $13760365 | $23572 |
| Value | $54361 | $77201 | $8261528 | $256870 | $371391 | $13760365 | $22797 |
| Dividends receivable  |  |  |  |  |  |  |  |
| Receivable from C.M. Life Insurance Company |  |  |  |  |  | 133 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets**  | **54361** | **77201** | **8261528** | **256870** | **371391** | **13760498** | **22797** |
| **LIABILITIES** |  |  |  |  |  |  |  |
| Payable to C.M. Life Insurance Company | 10 | 6 | 12 | 1 | 6 |  | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **10** | **6** | **12** | **1** | **6** | **—** | **5** |
| **NET ASSETS (For variable life insurance policies)** | **$54351** | **$77195** | **$8261516** | **$256869** | **$371385** | **$13760498** | **$22792** |
| **Outstanding Units** |  |  |  |  |  |  |  |
| Policy owners | **45139** | **69259** | **2290062** | **226053** | **264791** | **10541004** | **17937** |
| **UNIT VALUE** |  |  |  |  |  |  |  |
| Survivorship Variable Universal Life | $— | $— | $6.68 | $— | $— | $1.56 | $— |
| Variable Universal Life |  |  | 4.94 |  |  | 1.39 |  |
| Survivorship Variable Universal Life II |  |  | 5.34 |  |  | 1.43 |  |
| C.M. Life Electrum Select(SM) | 1.20 | 1.11 | 1.10 | 1.14 | 1.41 | 1.15 |  |
| APEX VUL | 1.21 | 1.12 | 1.20 | 1.13 | 1.27 | 1.07 | 1.27 |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF ASSETS AND LIABILITIES (Continued)*

***December 31, 2025***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**Nomura VIP** <br>**Emerging**<br>**Markets**<br>**Division** | <br>**Nomura VIP** <br>**Growth**<br>**Division** | <br>**Nomura VIP** <br>**Science**<br>**and Technology**<br>**Division** | <br>**Nomura VIP** <br>**Small Cap**<br>**Value**<br>**Division** | **PIMCO**<br>**Commodity**<br>**RealReturn®**<br>**Strategy**<br>**Division** | <br>**PIMCO**<br>**Emerging**<br>**Markets Bond**<br>**Division** | <br>**PIMCO**<br>**Global Bond**<br>**Opportunities**<br>**Division** |
| **ASSETS** |  |  |  |  |  |  |  |
| Investments |  |  |  |  |  |  |  |
| Number of shares | 8847 | 5041 | 6740 | 1606 | 99213 |  | 32 |
| Identified cost | $243963 | $48754 | $184992 | $60474 | $568947 | $1 | $311 |
| Value | $353981 | $48088 | $220123 | $64026 | $636950 | $1 | $314 |
| Dividends receivable  |  |  |  |  |  |  |  |
| Receivable from C.M. Life Insurance Company | 1 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets**  | **353982** | **48088** | **220123** | **64026** | **636950** | **1** | **314** |
| **LIABILITIES** |  |  |  |  |  |  |  |
| Payable to C.M. Life Insurance Company |  | 2 |  | 1 |  | 1 | 314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **—** | **2** | **—** | **1** | **—** | **1** | **314** |
| **NET ASSETS (For variable life insurance policies)** | **$353982** | **$48086** | **$220123** | **$64025** | **$636950** | **$—** | **$—** |
| **Outstanding Units** |  |  |  |  |  |  |  |
| Policy owners | **224341** | **44611** | **129973** | **53996** | **497099** | **—** | **—** |
| **UNIT VALUE** |  |  |  |  |  |  |  |
| Survivorship Variable Universal Life | $— | $— | $— | $— | $— | $— | $— |
| Variable Universal Life |  |  |  |  |  |  |  |
| Survivorship Variable Universal Life II |  |  |  |  |  |  |  |
| C.M. Life Electrum Select(SM) | 1.58 |  | 1.69 | 1.19 | 1.28 | 1.15 | 1.06 |
| APEX VUL |  | 1.08 |  |  |  |  |  |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF ASSETS AND LIABILITIES (Continued)*

***December 31, 2025***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**PIMCO**<br>**High Yield**<br>**Division** | <br>**PIMCO**<br>**Income**<br>**Division** | <br>**PIMCO**<br>**Real Return**<br>**Division** | <br>**PIMCO**<br>**Total Return**<br>**Division** | **Schwab®**<br>**S&P 500**<br>**Index**<br>**Division** | **T. Rowe Price**<br>**Blue Chip**<br>**Growth**<br>**Division** | <br>**T. Rowe Price**<br>**Equity Income**<br>**Division** |
| **ASSETS** |  |  |  |  |  |  |  |
| Investments |  |  |  |  |  |  |  |
| Number of shares | 29590 | 4838 | 428 | 66425 | 20132 | 117509 | 302340 |
| Identified cost | $214642 | $49678 | $4988 | $607531 | $1842104 | $5223739 | $8357484 |
| Value | $219259 | $50073 | $5143 | $627715 | $2027533 | $7676855 | $8740653 |
| Dividends receivable  |  |  |  |  |  |  |  |
| Receivable from C.M. Life Insurance Company | 13 |  |  | 20 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets**  | **219272** | **50073** | **5143** | **627735** | **2027533** | **7676855** | **8740653** |
| **LIABILITIES** |  |  |  |  |  |  |  |
| Payable to C.M. Life Insurance Company |  | 1 |  |  | 4 | 9 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **—** | **1** | **—** | **—** | **4** | **9** | **7** |
| **NET ASSETS (For variable life insurance policies)** | **$219272** | **$50072** | **$5143** | **$627735** | **$2027529** | **$7676846** | **$8740646** |
| **Outstanding Units** |  |  |  |  |  |  |  |
| Policy owners | **185359** | **43179** | **5050** | **619022** | **1483284** | **597041** | **1418286** |
| **UNIT VALUE** |  |  |  |  |  |  |  |
| Survivorship Variable Universal Life | $— | $— | $— | $— | $— | $13.46 | $6.45 |
| Variable Universal Life |  |  |  |  |  | 12.58 | 6.03 |
| Survivorship Variable Universal Life II |  |  |  |  |  | 13.46 | 6.45 |
| C.M. Life Electrum Select(SM) | 1.18 |  | 1.02 | 1.01 | 1.37 |  |  |
| APEX VUL |  | 1.16 |  |  |  |  |  |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF ASSETS AND LIABILITIES (Continued)*

***December 31, 2025***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **T. Rowe Price**<br>**Limited-Term**<br>**Bond**<br>**Division** | **Templeton**<br>**Foreign**<br>**VIP**<br>**Division** | **Templeton**<br>**Global Bond**<br>**VIP**<br>**Division** | **TOPS®**<br>**Moderate**<br>**Growth ETF**<br>**Division** | <br>**Vanguard VIF**<br>**Balanced**<br>**Division** | <br>**Vanguard VIF**<br>**Capital Growth**<br>**Division** | <br>**Vanguard VIF**<br>**Diversified Value**<br>**Division** |
| **ASSETS** |  |  |  |  |  |  |  |
| Investments |  |  |  |  |  |  |  |
| Number of shares | 37187 | 334875 | 12447 | 3088 | 7813 | 6180 |  |
| Identified cost | $175582 | $4595805 | $167695 | $52372 | $184158 | $298400 | $— |
| Value | $176640 | $5431675 | $174262 | $52704 | $198530 | $382063 | $— |
| Dividends receivable  |  |  |  |  |  |  |  |
| Receivable from C.M. Life Insurance Company | 3 | 3 | 1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets**  | **176643** | **5431678** | **174263** | **52704** | **198530** | **382063** | **—** |
| **LIABILITIES** |  |  |  |  |  |  |  |
| Payable to C.M. Life Insurance Company |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **—** | **—** | **—** | **—** | **—** | **—** | **—** |
| **NET ASSETS (For variable life insurance policies)** | **$176643** | **$5431678** | **$174263** | **$52704** | **$198530** | **$382063** | **$—** |
| **Outstanding Units** |  |  |  |  |  |  |  |
| Policy owners | **158746** | **2117339** | **171525** | **41415** | **149479** | **235100** | **—** |
| **UNIT VALUE** |  |  |  |  |  |  |  |
| Survivorship Variable Universal Life | $— | $2.84 | $— | $— | $— | $— | $— |
| Variable Universal Life |  | 2.48 |  |  |  |  |  |
| Survivorship Variable Universal Life II |  | 2.68 |  |  |  |  |  |
| C.M. Life Electrum Select(SM) | 1.11 |  | 1.02 | 1.27 | 1.33 | 1.63 | 1.45 |
| APEX VUL |  |  |  |  |  |  |  |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF ASSETS AND LIABILITIES (Continued)*

***December 31, 2025***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**Vanguard VIF**<br>**Equity Income**<br>**Division** | **Vanguard VIF**<br>**Global Bond**<br>**Index**<br>**Division** | <br>**Vanguard VIF**<br>**Growth**<br>**Division** | <br>**Vanguard VIF**<br>**International**<br>**Division** | **Vanguard VIF**<br>**Mid Cap**<br>**Index**<br>**Division** | **Vanguard VIF**<br>**Real Estate**<br>**Index**<br>**Division** | **Vanguard VIF**<br>**Short-Term**<br>**Investment-Grade**<br>**Division** |
| **ASSETS** |  |  |  |  |  |  |  |
| Investments |  |  |  |  |  |  |  |
| Number of shares | 38957 | 36878 | 126 |  | 45661 | 93317 | 10206 |
| Identified cost | $937283 | $687696 | $4467 | $— | $1237151 | $1082828 | $102481 |
| Value | $1021451 | $694407 | $4605 | $— | $1276694 | $1079679 | $108896 |
| Dividends receivable  |  |  |  |  |  |  |  |
| Receivable from C.M. Life Insurance Company | 2 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets**  | **1021453** | **694407** | **4605** | **—** | **1276694** | **1079679** | **108896** |
| **LIABILITIES** |  |  |  |  |  |  |  |
| Payable to C.M. Life Insurance Company |  | 5 |  |  | 5 | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **—** | **5** | **—** | **—** | **5** | **2** | **—** |
| **NET ASSETS (For variable life insurance policies)** | **$1021453** | **$694402** | **$4605** | **$—** | **$1276689** | **$1079677** | **$108896** |
| **Outstanding Units** |  |  |  |  |  |  |  |
| Policy owners | **686837** | **629876** | **3145** | **—** | **1023675** | **1023289** | **96986** |
| **UNIT VALUE** |  |  |  |  |  |  |  |
| Survivorship Variable Universal Life | $— | $— | $— | $— | $— | $— | $— |
| Variable Universal Life |  |  |  |  |  |  |  |
| Survivorship Variable Universal Life II |  |  |  |  |  |  |  |
| C.M. Life Electrum Select(SM) | 1.49 |  | 1.46 | 1.06 | 1.23 | 0.93 | 1.12 |
| APEX VUL |  | 1.10 |  |  | 1.25 | 1.18 |  |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS*

***For The Year Ended December 31, 2025***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **American Funds**<br>**Insurance Series®**<br>**American** <br>**High-Income** <br>**Division** | **American Funds**<br>**Insurance Series®**<br>**Asset**<br>**Allocation**<br>**Division** | **American Funds**<br>**Insurance Series®**<br>**Asset**<br>**Allocation**<br>**Division** | **American Funds**<br>**Insurance Series®**<br>**Capital World**<br>**Growth and Income**<br>**Division** | **American Funds**<br>**Insurance Series®**<br>**Global**<br>**Growth**<br>**Division** | **American Funds**<br>**Insurance Series®**<br>**Global Small** <br>**Capitalization**<br>**Division** | <br>**American Funds**<br>**Insurance Series®**<br>**Growth-Income**<br>**Division** |
| **Investment income** |  | **(Class 1)** | **(Class 2)** |  |  | **(Class 2)** | **(Class 1A)** |
| Dividends | $12382 | $— | $283368 | $9 | $4112 | $18 | $160 |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality and expense risk charge and  |  |  |  |  |  |  |  |
| administrative expense charges | 521 | 1278 | 53545 | 1 | 1832 | 1 | 44 |
| **Net investment income (loss)** | **11861** | **(1278)** | **229823** | **8** | **2280** | **17** | **116** |
| **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | (52) | 37764 | 97167 | 78 | 16631 | 85 | (969) |
| Realized gain distribution |  |  | 944124 | 20 | 23105 | 13 | 2933 |
| Realized gain (loss) | (52) | 37764 | 1041291 | 98 | 39736 | 98 | 1964 |
| Change in net unrealized appreciation  |  |  |  |  |  |  |  |
| (depreciation) of investments | (76) | (22087) | 695298 | 16 | 14539 | 62 | 679 |
| **Net gain (loss) on investments**  | **(128)** | **15677** | **1736589** | **114** | **54275** | **160** | **2643** |
| **Net increase (decrease) in net assets** |  |  |  |  |  |  |  |
| **resulting from operations** | **11733** | **14399** | **1966412** | **122** | **56555** | **177** | **2759** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2025***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **American Funds**<br>**Insurance Series®**<br>**American** <br>**High-Income** <br>**Division** | **American Funds**<br>**Insurance Series®**<br>**Asset**<br>**Allocation**<br>**Division** | **American Funds**<br>**Insurance Series®**<br>**Asset**<br>**Allocation**<br>**Division** | **American Funds**<br>**Insurance Series®**<br>**Capital World**<br>**Growth and Income**<br>**Division** | **American Funds**<br>**Insurance Series®**<br>**Global**<br>**Growth**<br>**Division** | **American Funds**<br>**Insurance Series®**<br>**Global Small** <br>**Capitalization**<br>**Division** | <br>**American Funds**<br>**Insurance Series®**<br>**Growth-Income**<br>**Division** |
| |  | **(Class 1)** | **(Class 2)** |  |  | **(Class 2)** | **(Class 1A)** |
| Capital transactions: |  |  |  |  |  |  |  |
| Transfer of net premiums | 59276 | 26026 | 365391 | 683 | 92677 | 7046 | 16526 |
| Transfers due to death benefits |  |  | (11135) |  |  |  |  |
| Transfers due to withdrawal of funds | (2) | 4 | (196790) | (1) | 4 | (34) | 2 |
| Transfers due to policy loans, net of repayments |  |  | (39588) |  |  |  |  |
| Transfers due to charges for administrative and insurance costs | (2269) | (2968) | (373602) | (14) | (4370) | (2047) | (349) |
| Transfers between Divisions and |  |  |  |  |  |  |  |
| (to) from General Account | 24714 | (546610) | 268555 | (67) | (221947) | 124 | (781) |
| Net increase (decrease) in net assets |  |  |  |  |  |  |  |
| resulting from capital transactions | 81719 | (523548) | 12831 | 601 | (133636) | 5089 | 15398 |
| **Total increase (decrease)** | **93452** | **(509149)** | **1979243** | **723** | **(77081)** | **5266** | **18157** |
| **NET ASSETS, at beginning of the year** | **111712** | **509149** | **12860723** | **—** | **370777** | **10** | **—** |
| **NET ASSETS, at end of the year** | **$205164** | **$—** | **$14839966** | **$723** | **$293696** | **$5276** | **$18157** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* 

***For The Year Ended December 31, 2025***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**American Funds**<br>**Insurance Series®**<br>**Growth-Income**<br>**Division** | **American Funds**<br>**Insurance Series®**<br>**International**<br>**Growth and Income**<br>**Division** | <br>**American Funds**<br>**Insurance Series®**<br>**New World**<br>**Division** | <br>**American Funds**<br>**Insurance Series®**<br>**New World**<br>**Division** | **American Funds**<br>**Insurance Series®**<br>**The Bond**<br>**Fund of America** <br>**Division** | **American Funds**<br>**Insurance Series®**<br>**Washington**<br>**Mutual Investors**<br>**Division** | **American Funds**<br>**Insurance Series®**<br>**Washington**<br>**Mutual Investors**<br>**Division** |
| **Investment income** | **(Class 2)** |  | **(Class 1)** | **(Class 2)** |  | **(Class 1A)** | **(Class 2)** |
| Dividends | $136707 | $4977 | $704 | $507 | $4278 | $24542 | $2756 |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality and expense risk charge and  |  |  |  |  |  |  |  |
| administrative expense charges | 62138 | 816 | 261 | 20 | 302 | 3656 | 75 |
| **Net investment income (loss)** | **74569** | **4161** | **443** | **487** | **3976** | **20886** | **2681** |
| **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | 284710 | 2033 | 2283 | 357 | (132) | 484 | 1092 |
| Realized gain distribution | 2424072 |  | 1720 | 218 |  | 102405 | 355 |
| Realized gain (loss) | 2708782 | 2033 | 4003 | 575 | (132) | 102889 | 1447 |
| Change in net unrealized appreciation  |  |  |  |  |  |  |  |
| (depreciation) of investments | (410027) | 32989 | 6862 | 3367 | 2106 | 79834 | 4512 |
| **Net gain (loss) on investments**  | **2298755** | **35022** | **10865** | **3942** | **1974** | **182723** | **5959** |
| **Net increase (decrease) in net assets** |  |  |  |  |  |  |  |
| **resulting from operations** | **2373324** | **39183** | **11308** | **4429** | **5950** | **203609** | **8640** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* 

***For The Year Ended December 31, 2025***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**American Funds**<br>**Insurance Series®**<br>**Growth-Income**<br>**Division** | **American Funds**<br>**Insurance Series®**<br>**International**<br>**Growth and Income**<br>**Division** | <br>**American Funds**<br>**Insurance Series®**<br>**New World**<br>**Division** | <br>**American Funds**<br>**Insurance Series®**<br>**New World**<br>**Division** | **American Funds**<br>**Insurance Series®**<br>**The Bond**<br>**Fund of America** <br>**Division** | **American Funds**<br>**Insurance Series®**<br>**Washington**<br>**Mutual Investors**<br>**Division** | **American Funds**<br>**Insurance Series®**<br>**Washington**<br>**Mutual Investors**<br>**Division** |
| | **(Class 2)** |  | **(Class 1)** | **(Class 2)** |  | **(Class 1A)** | **(Class 2)** |
| Capital transactions: |  |  |  |  |  |  |  |
| Transfer of net premiums | 236325 | 103505 | 15464 | 55280 | 25141 | 200857 | 300189 |
| Transfers due to death benefits | (67482) |  |  |  |  |  |  |
| Transfers due to withdrawal of funds | (227487) | (17) | (1) | (197) | (6053) |  | (253) |
| Transfers due to policy loans, net of repayments | (56886) |  |  |  |  |  |  |
| Transfers due to charges for administrative and insurance costs | (309911) | (1882) | (683) | (6091) | (1320) | (9441) | (16639) |
| Transfers between Divisions and |  |  |  |  |  |  |  |
| (to) from General Account | (161699) | (23594) | 2227 | 3301 | (113) | 1427804 | 9341 |
| Net increase (decrease) in net assets |  |  |  |  |  |  |  |
| resulting from capital transactions | (587140) | 78012 | 17007 | 52293 | 17655 | 1619220 | 292638 |
| **Total increase (decrease)** | **1786184** | **117195** | **28315** | **56722** | **23605** | **1822829** | **301278** |
| **NET ASSETS, at beginning of the year** | **14141103** | **119314** | **29523** | **—** | **83473** | **52091** | **16** |
| **NET ASSETS, at end of the year** | **$15927287** | **$236509** | **$57838** | **$56722** | **$107078** | **$1874920** | **$301294** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* 

***For The Year Ended December 31, 2025***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**Black Rock**<br>**High Yield V.I.**<br>**Division** | <br>**Black Rock**<br>**Small Cap**<br>**Index V.I.**<br>**Division** | <br>**Black Rock**<br>**Small Cap**<br>**Index V.I.**<br>**Division** | <br>**Black Rock**<br>**Total Return**<br>**V.I.**<br>**Division** | <br>**BNY Mellon**<br>**MidCap**<br>**Stock**<br>**Division** | **Columbia Variable**<br>**Portfolio -**<br>**Contrarian**<br>**Core**<br>**Division** | <br>**Dimensional**<br>**VA Global**<br>**Bond**<br>**Division** |
| **Investment income** |  | **(Class I)** | **(Class III)** |  |  |  |  |
| Dividends | $25947 | $7086 | $5007 | $11800 | $678 | $— | $6248 |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality and expense risk charge and  |  |  |  |  |  |  |  |
| administrative expense charges | 1714 | 390 | 3128 | 1158 | 654 | 6 | 323 |
| **Net investment income (loss)** | **24233** | **6696** | **1879** | **10642** | **24** | **(6)** | **5925** |
| **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | 2595 | (9412) | 16517 | (665) | 3131 | 328 | 75 |
| Realized gain distribution | 1359 | 23195 | 22215 | 292 | 13992 |  |  |
| Realized gain (loss) | 3954 | 13783 | 38732 | (373) | 17123 | 328 | 75 |
| Change in net unrealized appreciation  |  |  |  |  |  |  |  |
| (depreciation) of investments | 5993 | 47269 | 41386 | 10465 | 20304 | 843 | (4298) |
| **Net gain (loss) on investments**  | **9947** | **61052** | **80118** | **10092** | **37427** | **1171** | **(4223)** |
| **Net increase (decrease) in net assets** |  |  |  |  |  |  |  |
| **resulting from operations** | **34180** | **67748** | **81997** | **20734** | **37451** | **1165** | **1702** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* 

***For The Year Ended December 31, 2025***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**Black Rock**<br>**High Yield V.I.**<br>**Division** | <br>**Black Rock**<br>**Small Cap**<br>**Index V.I.**<br>**Division** | <br>**Black Rock**<br>**Small Cap**<br>**Index V.I.**<br>**Division** | <br>**Black Rock**<br>**Total Return**<br>**V.I.**<br>**Division** | <br>**BNY Mellon**<br>**MidCap**<br>**Stock**<br>**Division** | **Columbia Variable**<br>**Portfolio -**<br>**Contrarian**<br>**Core**<br>**Division** | <br>**Dimensional**<br>**VA Global**<br>**Bond**<br>**Division** |
| |  | **(Class I)** | **(Class III)** |  |  |  |  |
| Capital transactions: |  |  |  |  |  |  |  |
| Transfer of net premiums | 203095 | 555522 | 420835 | 208157 | 417255 | 23128 | 168655 |
| Transfers due to death benefits |  |  |  |  |  |  |  |
| Transfers due to withdrawal of funds | 108 | (761) | (50323) | 83 | (11052) | (29) | 1 |
| Transfers due to policy loans, net of repayments |  | (11798) |  |  |  |  |  |
| Transfers due to charges for administrative and insurance costs | (3801) | (77177) | (6496) | (3784) | (5538) | (3089) | (506) |
| Transfers between Divisions and |  |  |  |  |  |  |  |
| (to) from General Account | 186973 | 130677 | (25269) | (66394) | (62727) | 3594 | 3360 |
| Net increase (decrease) in net assets |  |  |  |  |  |  |  |
| resulting from capital transactions | 386375 | 596463 | 338747 | 138062 | 337938 | 23604 | 171510 |
| **Total increase (decrease)** | **420555** | **664211** | **420744** | **158796** | **375389** | **24769** | **173212** |
| **NET ASSETS, at beginning of the year** | **228156** | **173378** | **315273** | **128612** | **178885** | **—** | **4460** |
| **NET ASSETS, at end of the year** | **$648711** | **$837589** | **$736017** | **$287408** | **$554274** | **$24769** | **$177672** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* 

***For The Year Ended December 31, 2025***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**Dimensional**<br>**VA International**<br>**Small**<br>**Division** | <br>**Dimensional**<br>**VA U.S. Large** <br>**Value**<br>**Division** | <br>**Dimensional**<br>**VA U.S. Targeted** <br>**Value**<br>**Division** | <br>**Dimensional**<br>**VIT Inflation-**<br>**Protected Securities**<br>**Division** | <br>**DWS**<br>**Small Cap**<br>**Index**<br>**Division** | **Eaton Vance**<br>**VT**<br>**Floating-Rate**<br>**Income**<br>**Division** | <br>**Fidelity®**<br>**VIP**<br>**Bond Index**<br>**Division** |
| **Investment income** |  |  |  |  |  |  | **(Initial Class)** |
| Dividends | $2485 | $42 | $1276 | $7624 | $63165 | $378 | $22923 |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality and expense risk charge and  |  |  |  |  |  |  |  |
| administrative expense charges | 535 | 7 | 709 | 829 | 19148 | 19 | 439 |
| **Net investment income (loss)** | **1950** | **35** | **567** | **6795** | **44017** | **359** | **22484** |
| **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | 21411 | 14 | 3541 | (532) | (45132) | (1) | (1568) |
| Realized gain distribution | 3007 | 132 | 5772 |  | 269748 |  |  |
| Realized gain (loss) | 24418 | 146 | 9313 | (532) | 224616 | (1) | (1568) |
| Change in net unrealized appreciation  |  |  |  |  |  |  |  |
| (depreciation) of investments | (1018) | 140 | 1050 | 1156 | 302765 | (147) | 4625 |
| **Net gain (loss) on investments**  | **23400** | **286** | **10363** | **624** | **527381** | **(148)** | **3057** |
| **Net increase (decrease) in net assets** |  |  |  |  |  |  |  |
| **resulting from operations** | **25350** | **321** | **10930** | **7419** | **571398** | **211** | **25541** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* 

***For The Year Ended December 31, 2025***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**Dimensional**<br>**VA International**<br>**Small**<br>**Division** | <br>**Dimensional**<br>**VA U.S. Large** <br>**Value**<br>**Division** | <br>**Dimensional**<br>**VA U.S. Targeted** <br>**Value**<br>**Division** | <br>**Dimensional**<br>**VIT Inflation-**<br>**Protected Securities**<br>**Division** | <br>**DWS**<br>**Small Cap**<br>**Index**<br>**Division** | **Eaton Vance**<br>**VT**<br>**Floating-Rate**<br>**Income**<br>**Division** | <br>**Fidelity®**<br>**VIP**<br>**Bond Index**<br>**Division** |
| |  |  |  |  |  |  | **(Initial Class)** |
| Capital transactions: |  |  |  |  |  |  |  |
| Transfer of net premiums | 88699 | 21 | 6860 | 108303 | 74941 |  | 923774 |
| Transfers due to death benefits |  |  |  |  | (12767) |  |  |
| Transfers due to withdrawal of funds | (78407) | (1) | (98159) | (20220) | (56933) | 1 | (737) |
| Transfers due to policy loans, net of repayments |  |  |  |  | (31348) |  | (12111) |
| Transfers due to charges for administrative and insurance costs | (1883) | (8) | (2491) | (1970) | (85282) | (79) | (57879) |
| Transfers between Divisions and |  |  |  |  |  |  |  |
| (to) from General Account | 3152 | 2011 | 57195 | 986 | 132851 | 1285 | 158287 |
| Net increase (decrease) in net assets |  |  |  |  |  |  |  |
| resulting from capital transactions | 11561 | 2023 | (36595) | 87099 | 21462 | 1207 | 1011334 |
| **Total increase (decrease)** | **36911** | **2344** | **(25665)** | **94518** | **592860** | **1418** | **1036875** |
| **NET ASSETS, at beginning of the year** | **67707** | **—** | **99861** | **100545** | **4614200** | **4799** | **195508** |
| **NET ASSETS, at end of the year** | **$104618** | **$2344** | **$74196** | **$195063** | **$5207060** | **$6217** | **$1232383** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2025***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**Fidelity®**<br>**VIP**<br>**Bond Index**<br>**Division** | <br>**Fidelity®**<br>**VIP**<br>**Contrafund®**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Extended**<br>**Market Index**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Extended**<br>**Market Index**<br>**Division** | <br>**Fidelity®**<br>**VIP**<br>**Freedom 2020**<br>**Division** | <br>**Fidelity®**<br>**VIP**<br>**Freedom 2025**<br>**Division** | <br>**Fidelity®**<br>**VIP**<br>**Freedom 2030**<br>**Division** |
| **Investment income** | **(Service Class 2)** |  | **(Initial Class)** | **(Service Class)** |  |  |  |
| Dividends | $46758 | $151844 | $6830 | $5817 | $26 | $1015 | $10145 |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality and expense risk charge and  |  |  |  |  |  |  |  |
| administrative expense charges | 3451 | 492491 | 394 | 1643 | 5 | 255 | 1936 |
| **Net investment income (loss)** | **43307** | **(340647)** | **6436** | **4174** | **21** | **760** | **8209** |
| **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | 1054 | 3972849 | 5625 | 16607 | (15) | 3063 | 30876 |
| Realized gain distribution |  | 17332050 |  |  | 227 | 3094 | 19051 |
| Realized gain (loss) | 1054 | 21304899 | 5625 | 16607 | 212 | 6157 | 49927 |
| Change in net unrealized appreciation  |  |  |  |  |  |  |  |
| (depreciation) of investments | 33721 | (366866) | 42676 | 50398 | (30) | 1609 | 12224 |
| **Net gain (loss) on investments**  | **34775** | **20938033** | **48301** | **67005** | **182** | **7766** | **62151** |
| **Net increase (decrease) in net assets** |  |  |  |  |  |  |  |
| **resulting from operations** | **78082** | **20597386** | **54737** | **71179** | **203** | **8526** | **70360** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2025***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**Fidelity®**<br>**VIP**<br>**Bond Index**<br>**Division** | <br>**Fidelity®**<br>**VIP**<br>**Contrafund®**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Extended**<br>**Market Index**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Extended**<br>**Market Index**<br>**Division** | <br>**Fidelity®**<br>**VIP**<br>**Freedom 2020**<br>**Division** | <br>**Fidelity®**<br>**VIP**<br>**Freedom 2025**<br>**Division** | <br>**Fidelity®**<br>**VIP**<br>**Freedom 2030**<br>**Division** |
| Capital transactions: | **(Service Class 2)** |  | **(Initial Class)** | **(Service Class)** |  |  |  |
| Transfer of net premiums | 1056008 | 3439654 | 1110348 | 92582 |  | 1269 | 93332 |
| Transfers due to death benefits |  | (1807078) |  |  |  |  |  |
| Transfers due to withdrawal of funds | (1754) | (2923653) | 391 | 193 | 1 |  | (59133) |
| Transfers due to policy loans, net of repayments |  | (1645271) | (11437) |  |  |  |  |
| Transfers due to charges for administrative and insurance costs | (16671) | (2726550) | (74735) | (5509) | (18) | (1121) | (4872) |
| Transfers between Divisions and |  |  |  |  |  |  |  |
| (to) from General Account | (24390) | 131255 | 146205 | 39295 | (3724) | (57081) | (20984) |
| Net increase (decrease) in net assets |  |  |  |  |  |  |  |
| resulting from capital transactions | 1013193 | (5531643) | 1170772 | 126561 | (3741) | (56933) | 8343 |
| **Total increase (decrease)** | **1091275** | **15065743** | **1225509** | **197740** | **(3538)** | **(48407)** | **78703** |
| **NET ASSETS, at beginning of the year** | **595445** | **101135005** | **131226** | **456803** | **4147** | **84369** | **382806** |
| **NET ASSETS, at end of the year** | **$1686720** | **$116200748** | **$1356735** | **$654543** | **$609** | **$35962** | **$461509** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2025***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fidelity®**<br>**VIP**<br>**Freedom 2035**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Freedom 2040**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Freedom 2045**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Freedom 2050**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Freedom 2055**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Freedom 2060**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Freedom 2065**<br>**Division** |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends | $8561 | $40024 | $2501 | $14282 | $3337 | $4666 | $327 |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality and expense risk charge and  |  |  |  |  |  |  |  |
| administrative expense charges | 1361 | 8598 | 1171 | 4035 | 865 | 1300 | 58 |
| **Net investment income (loss)** | **7200** | **31426** | **1330** | **10247** | **2472** | **3366** | **269** |
| **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | 11002 | 20639 | 21812 | 14374 | 5531 | 12880 | 248 |
| Realized gain distribution | 15849 | 139510 | 8639 | 64181 | 11730 | 20760 | 398 |
| Realized gain (loss) | 26851 | 160149 | 30451 | 78555 | 17261 | 33640 | 646 |
| Change in net unrealized appreciation  |  |  |  |  |  |  |  |
| (depreciation) of investments | 19829 | 190106 | 5806 | 95472 | 18666 | 21403 | 1943 |
| **Net gain (loss) on investments**  | **46680** | **350255** | **36257** | **174027** | **35927** | **55043** | **2589** |
| **Net increase (decrease) in net assets** |  |  |  |  |  |  |  |
| **resulting from operations** | **53880** | **381681** | **37587** | **184274** | **38399** | **58409** | **2858** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2025***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fidelity®**<br>**VIP**<br>**Freedom 2035**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Freedom 2040**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Freedom 2045**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Freedom 2050**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Freedom 2055**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Freedom 2060**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Freedom 2065**<br>**Division** |
| Capital transactions: |  |  |  |  |  |  |  |
| Transfer of net premiums | 78435 | 562737 | 47300 | 267030 | 56143 | 61431 | 646 |
| Transfers due to death benefits |  |  |  |  |  |  |  |
| Transfers due to withdrawal of funds | (1) | (14040) | 1 | (2622) | 1 | (2623) |  |
| Transfers due to policy loans, net of repayments |  |  |  |  |  |  |  |
| Transfers due to charges for administrative and insurance costs | (2578) | (36858) | (3642) | (17163) | (1340) | (3902) | (222) |
| Transfers between Divisions and |  |  |  |  |  |  |  |
| (to) from General Account | 91633 | (56210) | 7980 | (115659) | 33771 | 1294 | 21791 |
| Net increase (decrease) in net assets |  |  |  |  |  |  |  |
| resulting from capital transactions | 167489 | 455629 | 51639 | 131586 | 88575 | 56200 | 22215 |
| **Total increase (decrease)** | **221369** | **837310** | **89226** | **315860** | **126974** | **114609** | **25073** |
| **NET ASSETS, at beginning of the year** | **223084** | **1741302** | **106765** | **814403** | **152782** | **257289** | **1879** |
| **NET ASSETS, at end of the year** | **$444453** | **$2578612** | **$195991** | **$1130263** | **$279756** | **$371898** | **$26952** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2025***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fidelity®**<br>**VIP**<br>**Freedom Income**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Growth**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Health Care**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Index 500**<br>**Division** | **Fidelity®**<br>**VIP**<br>**International Index**<br>**Division** | **Fidelity®**<br>**VIP**<br>**International Index**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Overseas**<br>**Division** |
| **Investment income** |  |  |  | **(Service Class)** | **(Initial Class)** | **(Service Class 2)** |  |
| Dividends | $13620 | $843 | $409 | $56750 | $25800 | $19662 | $3042 |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality and expense risk charge and  |  |  |  |  |  |  |  |
| administrative expense charges | 1698 | 1896 | 87 | 21447 | 570 | 2035 | 651 |
| **Net investment income (loss)** | **11922** | **(1053)** | **322** | **35303** | **25230** | **17627** | **2391** |
| **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | (1437) | 35587 | (1532) | 297955 | 36297 | 9777 | 773 |
| Realized gain distribution | 142 | 53269 | 5191 | 22399 |  |  | 16733 |
| Realized gain (loss) | (1295) | 88856 | 3659 | 320354 | 36297 | 9777 | 17506 |
| Change in net unrealized appreciation  |  |  |  |  |  |  |  |
| (depreciation) of investments | 26754 | (26509) | 10562 | 511028 | 92957 | 164307 | 6429 |
| **Net gain (loss) on investments**  | **25459** | **62347** | **14221** | **831382** | **129254** | **174084** | **23935** |
| **Net increase (decrease) in net assets** |  |  |  |  |  |  |  |
| **resulting from operations** | **37381** | **61294** | **14543** | **866685** | **154484** | **191711** | **26326** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2025***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fidelity®**<br>**VIP**<br>**Freedom Income**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Growth**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Health Care**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Index 500**<br>**Division** | **Fidelity®**<br>**VIP**<br>**International Index**<br>**Division** | **Fidelity®**<br>**VIP**<br>**International Index**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Overseas**<br>**Division** |
| |  |  |  | **(Service Class)** | **(Initial Class)** | **(Service Class 2)** |  |
| Capital transactions: |  |  |  |  |  |  |  |
| Transfer of net premiums | 113336 | 57209 | 51441 | 2115076 | 1453106 | 144100 | 50983 |
| Transfers due to death benefits |  |  |  |  |  |  |  |
| Transfers due to withdrawal of funds | 1 | (1) | (170) | (128303) | (204) | (5175) | (27) |
| Transfers due to policy loans, net of repayments |  |  | (4082) |  | (12756) |  | (2318) |
| Transfers due to charges for administrative and insurance costs | (2360) | (6505) | (12021) | (65240) | (99754) | (9074) | (8458) |
| Transfers between Divisions and |  |  |  |  |  |  |  |
| (to) from General Account | (111074) | (429702) | 4269 | (323451) | 213465 | 103422 | 27581 |
| Net increase (decrease) in net assets |  |  |  |  |  |  |  |
| resulting from capital transactions | (97) | (378999) | 39437 | 1598082 | 1553857 | 233273 | 67761 |
| **Total increase (decrease)** | **37284** | **(317705)** | **53980** | **2464767** | **1708341** | **424984** | **94087** |
| **NET ASSETS, at beginning of the year** | **391005** | **754310** | **74520** | **3650760** | **197526** | **476603** | **127757** |
| **NET ASSETS, at end of the year** | **$428289** | **$436605** | **$128500** | **$6115527** | **$1905867** | **$901587** | **$221844** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2025***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**Fidelity®**<br>**VIP**<br>**Real Estate**<br>**Division** | <br>**Fidelity®**<br>**VIP**<br>**Real Estate**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Strategic**<br>**Income**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Total Market**<br>**Index**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Total Market**<br>**Index**<br>**Division** | **Franklin**<br>**Small Cap**<br>**Value**<br>**VIP**<br>**Division** | **Franklin**<br>**Strategic**<br>**Income**<br>**VIP**<br>**Division** |
| **Investment income** | **(Initial Class)** | **(Service Class)** |  | **(Initial Class)** | **(Service Class 2)** |  |  |
| Dividends | $1458 | $1428 | $2399 | $25669 | $239 | $50093 | $18982 |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality and expense risk charge and  |  |  |  |  |  |  |  |
| administrative expense charges | 36 | 233 | 46 | 1858 | 50 | 19849 | 872 |
| **Net investment income (loss)** | **1422** | **1195** | **2353** | **23811** | **189** | **30244** | **18110** |
| **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | 185 | (102) | 64 | 24463 | 314 | (53601) | 205 |
| Realized gain distribution | 32 | 31 |  |  |  | 390679 | 4 |
| Realized gain (loss) | 217 | (71) | 64 | 24463 | 314 | 337078 | 209 |
| Change in net unrealized appreciation  |  |  |  |  |  |  |  |
| (depreciation) of investments | (1093) | (464) | 1307 | 335093 | 4065 | (32258) | 8065 |
| **Net gain (loss) on investments**  | **(876)** | **(535)** | **1371** | **359556** | **4379** | **304820** | **8274** |
| **Net increase (decrease) in net assets** |  |  |  |  |  |  |  |
| **resulting from operations** | **546** | **660** | **3724** | **383367** | **4568** | **335064** | **26384** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2025***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**Fidelity®**<br>**VIP**<br>**Real Estate**<br>**Division** | <br>**Fidelity®**<br>**VIP**<br>**Real Estate**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Strategic**<br>**Income**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Total Market**<br>**Index**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Total Market**<br>**Index**<br>**Division** | **Franklin**<br>**Small Cap**<br>**Value**<br>**VIP**<br>**Division** | **Franklin**<br>**Strategic**<br>**Income**<br>**VIP**<br>**Division** |
| Capital transactions: | **(Initial Class)** | **(Service Class)** |  | **(Initial Class)** | **(Service Class 2)** |  |  |
| Transfer of net premiums | 64274 | 28646 | 53000 | 3598343 |  | 148616 | 258442 |
| Transfers due to death benefits |  |  |  |  |  | (1211) |  |
| Transfers due to withdrawal of funds | (253) | (1014) | (337) | 323 |  | (93695) |  |
| Transfers due to policy loans, net of repayments |  |  |  | (11566) |  | (43908) |  |
| Transfers due to charges for administrative and insurance costs | (6827) | (131) | (19985) | (382532) | (273) | (139386) | (5505) |
| Transfers between Divisions and |  |  |  |  |  |  |  |
| (to) from General Account | 4125 | 1591 | 5298 | 300001 | 30870 | 96572 |  |
| Net increase (decrease) in net assets |  |  |  |  |  |  |  |
| resulting from capital transactions | 61319 | 29092 | 37976 | 3504569 | 30597 | (33012) | 252937 |
| **Total increase (decrease)** | **61865** | **29752** | **41700** | **3887936** | **35165** | **302052** | **279321** |
| **NET ASSETS, at beginning of the year** | **17164** | **42335** | **32919** | **461972** | **—** | **4689824** | **143988** |
| **NET ASSETS, at end of the year** | **$79029** | **$72087** | **$74619** | **$4349908** | **$35165** | **$4991876** | **$423309** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2025***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Goldman**<br>**Sachs**<br>**Core Fixed**<br>**Income**<br>**Division** | **Goldman**<br>**Sachs**<br>**International**<br>**Equity Insights**<br>**Division** | **Goldman**<br>**Sachs**<br>**Mid Cap**<br>**Growth**<br>**Division** | **Goldman**<br>**Sachs**<br>**Mid Cap**<br>**Value**<br>**Division** | **Goldman**<br>**Sachs**<br>**Strategic**<br>**Growth**<br>**Division** | <br>**Invesco V.I.**<br>**Core Plus Bond**<br>**Division** | <br>**Invesco V.I.**<br>**Discovery**<br>**Large Cap**<br>**Division** |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends | $16 | $43004 | $— | $3484 | $— | $122793 | $— |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality and expense risk charge and  |  |  |  |  |  |  |  |
| administrative expense charges | 1 | 4038 | 208 | 1037 | 38510 | 12401 | 288280 |
| **Net investment income (loss)** | **15** | **38966** | **(208)** | **2447** | **(38510)** | **110392** | **(288280)** |
| **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | 1 | 5776 | 1130 | 7370 | 375363 | (376150) | 16895093 |
| Realized gain distribution |  | 210940 | 10513 | 31590 | 1485038 |  | 8938106 |
| Realized gain (loss) | 1 | 216716 | 11643 | 38960 | 1860401 | (376150) | 25833199 |
| Change in net unrealized appreciation  |  |  |  |  |  |  |  |
| (depreciation) of investments | 14 | 65398 | (7236) | (17935) | (276686) | 450523 | (17588564) |
| **Net gain (loss) on investments**  | **15** | **282114** | **4407** | **21025** | **1583715** | **74373** | **8244635** |
| **Net increase (decrease) in net assets** |  |  |  |  |  |  |  |
| **resulting from operations** | **30** | **321080** | **4199** | **23472** | **1545205** | **184765** | **7956355** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2025***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Goldman**<br>**Sachs**<br>**Core Fixed**<br>**Income**<br>**Division** | **Goldman**<br>**Sachs**<br>**International**<br>**Equity Insights**<br>**Division** | **Goldman**<br>**Sachs**<br>**Mid Cap**<br>**Growth**<br>**Division** | **Goldman**<br>**Sachs**<br>**Mid Cap**<br>**Value**<br>**Division** | **Goldman**<br>**Sachs**<br>**Strategic**<br>**Growth**<br>**Division** | <br>**Invesco V.I.**<br>**Core Plus Bond**<br>**Division** | <br>**Invesco V.I.**<br>**Discovery**<br>**Large Cap**<br>**Division** |
| Capital transactions: |  |  |  |  |  |  |  |
| Transfer of net premiums |  | 1240002 |  | 17523 | 114290 | 106948 | 1204815 |
| Transfers due to death benefits |  |  |  |  | (17321) | (16227) | (1135783) |
| Transfers due to withdrawal of funds |  | (11494) | (1) | (429) | (119490) | (217429) | (1466204) |
| Transfers due to policy loans, net of repayments |  |  |  |  | (63919) | (31633) | (969365) |
| Transfers due to charges for administrative and insurance costs | (7) | (14822) | (188) | (1970) | (225819) | (105123) | (1583180) |
| Transfers between Divisions and |  |  |  |  |  |  |  |
| (to) from General Account | 9 | 7723 | (6484) | 932 | (334179) | 104612 | (77210389) |
| Net increase (decrease) in net assets |  |  |  |  |  |  |  |
| resulting from capital transactions | 2 | 1221409 | (6673) | 16056 | (646438) | (158852) | (81160106) |
| **Total increase (decrease)** | **32** | **1542489** | **(2474)** | **39528** | **898767** | **25913** | **(73203751)** |
| **NET ASSETS, at beginning of the year** | **410** | **246404** | **63057** | **242702** | **9104557** | **2812874** | **73203751** |
| **NET ASSETS, at end of the year** | **$442** | **$1788893** | **$60583** | **$282230** | **$10003324** | **$2838787** | **$—** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2025***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Invesco V.I.**<br>**Discovery**<br>**Mid Cap Growth**<br>**Division** | **Invesco V.I.**<br>**Diversified**<br>**Dividend**<br>**Division** | <br>**Invesco V.I.**<br>**Global** <br>**Division** | **Invesco V.I.**<br>**Global**<br>**Real Estate**<br>**Division** | **Invesco V.I.**<br>**Global**<br>**Strategic Income**<br>**Division** | **Invesco V.I.**<br>**Government**<br>**Money Market**<br>**Division** | **Invesco V.I.**<br>**Health**<br>**Care**<br>**Division** |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends | $— | $28112 | $— | $8386 | $448150 | $41261 | $— |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality and expense risk charge and  |  |  |  |  |  |  |  |
| administrative expense charges | 256327 | 5640 | 267481 | 1223 | 33244 | 4520 | 5438 |
| **Net investment income (loss)** | **(256327)** | **22472** | **(267481)** | **7163** | **414906** | **36741** | **(5438)** |
| **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | 1635528 | 4852 | 54597 | 290 | (61942) |  | 5428 |
| Realized gain distribution | 5285726 | 134414 | 12142413 |  |  |  | 48410 |
| Realized gain (loss) | 6921254 | 139266 | 12197010 | 290 | (61942) |  | 53838 |
| Change in net unrealized appreciation  |  |  |  |  |  |  |  |
| (depreciation) of investments | (4139519) | 68587 | (4430032) | 21586 | 530616 |  | 112453 |
| **Net gain (loss) on investments**  | **2781735** | **207853** | **7766978** | **21876** | **468674** | **—** | **166291** |
| **Net increase (decrease) in net assets** |  |  |  |  |  |  |  |
| **resulting from operations** | **2525408** | **230325** | **7499497** | **29039** | **883580** | **36741** | **160853** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2025***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Invesco V.I.**<br>**Discovery**<br>**Mid Cap Growth**<br>**Division** | **Invesco V.I.**<br>**Diversified**<br>**Dividend**<br>**Division** | <br>**Invesco V.I.**<br>**Global** <br>**Division** | **Invesco V.I.**<br>**Global**<br>**Real Estate**<br>**Division** | **Invesco V.I.**<br>**Global**<br>**Strategic Income**<br>**Division** | **Invesco V.I.**<br>**Government**<br>**Money Market**<br>**Division** | **Invesco V.I.**<br>**Health**<br>**Care**<br>**Division** |
| Capital transactions: |  |  |  |  |  |  |  |
| Transfer of net premiums | 1468870 | 584665 | 1415800 | 258442 | 442278 | 1664041 | 19518 |
| Transfers due to death benefits | (611983) |  | (497290) |  | (55751) |  | (7721) |
| Transfers due to withdrawal of funds | (1606056) | (3521) | (1497941) | 10 | (115267) | 48 | (3981) |
| Transfers due to policy loans, net of repayments | (775253) | (5971) | (1024271) |  | (94369) |  | (35778) |
| Transfers due to charges for administrative and insurance costs | (1301420) | (47903) | (1511494) | (5416) | (331565) | (15413) | (34346) |
| Transfers between Divisions and |  |  |  |  |  |  |  |
| (to) from General Account | (63526568) | 550 | (67194327) |  | 137864 | 77529 | (61594) |
| Net increase (decrease) in net assets |  |  |  |  |  |  |  |
| resulting from capital transactions | (66352410) | 527820 | (70309523) | 253036 | (16810) | 1726205 | (123902) |
| **Total increase (decrease)** | **(63827002)** | **758145** | **(62810026)** | **282075** | **866770** | **1762946** | **36951** |
| **NET ASSETS, at beginning of the year** | **63827002** | **1114688** | **62810026** | **137918** | **7193941** | **5575** | **1186791** |
| **NET ASSETS, at end of the year** | **$—** | **$1872833** | **$—** | **$419993** | **$8060711** | **$1768521** | **$1223742** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2025***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Invesco V.I.**<br>**International**<br>**Growth**<br>**Division** | <br>**Invesco V.I.**<br>**Main Street**<br>**Division** | **Invesco V.I.**<br>**Small Cap**<br>**Equity**<br>**Division** | <br>**Invesco V.I.**<br>**Technology**<br>**Division** | **Janus**<br>**Henderson**<br>**Balanced**<br>**Division** | **Janus**<br>**Henderson**<br>**Enterprise**<br>**Division** | **Janus**<br>**Henderson**<br>**Forty**<br>**Division** |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends | $16748 | $109728 | $— | $— | $81422 | $47 | $19880 |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality and expense risk charge and  |  |  |  |  |  |  |  |
| administrative expense charges | 18245 | 79635 | 973 | 9966 | 22407 | 23 | 118947 |
| **Net investment income (loss)** | **(1497)** | **30093** | **(973)** | **(9966)** | **59015** | **24** | **(99067)** |
| **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | (95843) | 493379 | (312) | (149633) | 193405 | 218 | 1292972 |
| Realized gain distribution | 449178 | 1255011 | 12632 | 239966 | 148326 | 542 | 3280725 |
| Realized gain (loss) | 353335 | 1748390 | 12320 | 90333 | 341731 | 760 | 4573697 |
| Change in net unrealized appreciation  |  |  |  |  |  |  |  |
| (depreciation) of investments | 302351 | 899450 | 8378 | 285629 | 237723 | 1360 | 51998 |
| **Net gain (loss) on investments**  | **655686** | **2647840** | **20698** | **375962** | **579454** | **2120** | **4625695** |
| **Net increase (decrease) in net assets** |  |  |  |  |  |  |  |
| **resulting from operations** | **654189** | **2677933** | **19725** | **365996** | **638469** | **2144** | **4526628** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2025***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Invesco V.I.**<br>**International**<br>**Growth**<br>**Division** | <br>**Invesco V.I.**<br>**Main Street**<br>**Division** | **Invesco V.I.**<br>**Small Cap**<br>**Equity**<br>**Division** | <br>**Invesco V.I.**<br>**Technology**<br>**Division** | **Janus**<br>**Henderson**<br>**Balanced**<br>**Division** | **Janus**<br>**Henderson**<br>**Enterprise**<br>**Division** | **Janus**<br>**Henderson**<br>**Forty**<br>**Division** |
| Capital transactions: |  |  |  |  |  |  |  |
| Transfer of net premiums | 589963 | 340523 | 60088 | 62199 | 102926 | 29292 | 376376 |
| Transfers due to death benefits | (4023) | (102606) |  |  | (948) |  | (83604) |
| Transfers due to withdrawal of funds | (54927) | (653679) | 11 | (61943) | (249027) | (104) | (2001993) |
| Transfers due to policy loans, net of repayments | (75353) | (218022) |  | (26423) | (32765) |  | (301954) |
| Transfers due to charges for administrative and insurance costs | (187002) | (324359) | (2500) | (89099) | (143793) | (5672) | (526403) |
| Transfers between Divisions and |  |  |  |  |  |  |  |
| (to) from General Account | 221014 | (21271523) | 13 | 109142 | 18849 | 38331 | 28238 |
| Net increase (decrease) in net assets |  |  |  |  |  |  |  |
| resulting from capital transactions | 489672 | (22229666) | 57612 | (6124) | (304758) | 61847 | (2509340) |
| **Total increase (decrease)** | **1143861** | **(19551733)** | **77337** | **359872** | **333711** | **63991** | **2017288** |
| **NET ASSETS, at beginning of the year** | **3772859** | **19551733** | **272758** | **1956744** | **4635467** | **—** | **26406823** |
| **NET ASSETS, at end of the year** | **$4916720** | **$—** | **$350095** | **$2316616** | **$4969178** | **$63991** | **$28424111** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2025***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Janus**<br>**Henderson**<br>**Global**<br>**Research**<br>**Division** | **Janus Henderson**<br>**Global**<br>**Technology and**<br>**Innovation**<br>**Division** | <br>**Janus**<br>**Henderson**<br>**Overseas**<br>**Division** | **LVIP American**<br>**Century**<br>**Capital**<br>**Appreciation**<br>**Division** | **LVIP American**<br>**Century**<br>**Disciplined**<br>**Core Value**<br>**Division** | **LVIP American**<br>**Century**<br>**Inflation**<br>**Protection**<br>**Division** | <br>**LVIP American**<br>**Century**<br>**International**<br>**Division** |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends | $98023 | $— | $2 | $— | $533612 | $12090 | $3875 |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality and expense risk charge and  |  |  |  |  |  |  |  |
| administrative expense charges | 75449 | 220 |  | 482 | 148026 | 348 | 805 |
| **Net investment income (loss)** | **22574** | **(220)** | **2** | **(482)** | **385586** | **11742** | **3070** |
| **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | 854543 | 798 | 1 | 16455 | (55160) | 38 | 26161 |
| Realized gain distribution | 1461878 | 16366 |  | 28679 |  |  |  |
| Realized gain (loss) | 2316421 | 17164 | 1 | 45134 | (55160) | 38 | 26161 |
| Change in net unrealized appreciation  |  |  |  |  |  |  |  |
| (depreciation) of investments | 800123 | 28787 | 13 | (34249) | 3938761 | (3145) | 14881 |
| **Net gain (loss) on investments**  | **3116544** | **45951** | **14** | **10885** | **3883601** | **(3107)** | **41042** |
| **Net increase (decrease) in net assets** |  |  |  |  |  |  |  |
| **resulting from operations** | **3139118** | **45731** | **16** | **10403** | **4269187** | **8635** | **44112** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2025***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Janus**<br>**Henderson**<br>**Global**<br>**Research**<br>**Division** | **Janus Henderson**<br>**Global**<br>**Technology and**<br>**Innovation**<br>**Division** | <br>**Janus**<br>**Henderson**<br>**Overseas**<br>**Division** | **LVIP American**<br>**Century**<br>**Capital**<br>**Appreciation**<br>**Division** | **LVIP American**<br>**Century**<br>**Disciplined**<br>**Core Value**<br>**Division** | **LVIP American**<br>**Century**<br>**Inflation**<br>**Protection**<br>**Division** | <br>**LVIP American**<br>**Century**<br>**International**<br>**Division** |
| Capital transactions: |  |  |  |  |  |  |  |
| Transfer of net premiums | 303968 | 234866 | 442 | 62778 | 822187 | 103377 | 170431 |
| Transfers due to death benefits | (307559) |  |  |  | (608363) |  |  |
| Transfers due to withdrawal of funds | (448252) | 402 | (3) | 435 | (568767) | 7 | (219) |
| Transfers due to policy loans, net of repayments | (223481) |  |  |  | (345135) |  |  |
| Transfers due to charges for administrative and insurance costs | (321061) | (32569) | (136) | (2198) | (946904) | (2194) | (2270) |
| Transfers between Divisions and |  |  |  |  |  |  |  |
| (to) from General Account | 9572 | 16901 | 348 | (52104) | (31781) |  | (104460) |
| Net increase (decrease) in net assets |  |  |  |  |  |  |  |
| resulting from capital transactions | (986813) | 219600 | 651 | 8911 | (1678763) | 101190 | 63482 |
| **Total increase (decrease)** | **2152305** | **265331** | **667** | **19314** | **2590424** | **109825** | **107594** |
| **NET ASSETS, at beginning of the year** | **16032318** | **116829** | **—** | **159205** | **30760663** | **56709** | **234598** |
| **NET ASSETS, at end of the year** | **$18184623** | **$382160** | **$667** | **$178519** | **$33351087** | **$166534** | **$342192** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2025***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP American**<br>**Century**<br>**Value**<br>**Division** | **MFS®**<br>**Global**<br>**Real Estate**<br>**Division** | **MFS®**<br>**Growth**<br>**Series**<br>**Division** | **MFS®**<br>**International**<br>**Intrinsic Value**<br>**Division** | **MFS®**<br>**Investors**<br>**Trust**<br>**Division** | **MFS®**<br>**Mid Cap**<br>**Value**<br>**Division** | **MFS®**<br>**New**<br>**Discovery**<br>**Division** |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends | $47783 | $848 | $— | $1024 | $3579 | $3085 | $— |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality and expense risk charge and  |  |  |  |  |  |  |  |
| administrative expense charges | 12224 | 138 | 1590 | 222 | 770 | 1020 | 6597 |
| **Net investment income (loss)** | **35559** | **710** | **(1590)** | **802** | **2809** | **2065** | **(6597)** |
| **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | 27598 | (42) | 410 | 664 | (9247) | 9531 | (97913) |
| Realized gain distribution | 225674 |  | 80965 | 3711 | 91606 | 26851 |  |
| Realized gain (loss) | 253272 | (42) | 81375 | 4375 | 82359 | 36382 | (97913) |
| Change in net unrealized appreciation  |  |  |  |  |  |  |  |
| (depreciation) of investments | 133006 | 373 | (30656) | 12520 | (58718) | (20690) | 264572 |
| **Net gain (loss) on investments**  | **386278** | **331** | **50719** | **16895** | **23641** | **15692** | **166659** |
| **Net increase (decrease) in net assets** |  |  |  |  |  |  |  |
| **resulting from operations** | **421837** | **1041** | **49129** | **17697** | **26450** | **17757** | **160062** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2025***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP American**<br>**Century**<br>**Value**<br>**Division** | **MFS®**<br>**Global**<br>**Real Estate**<br>**Division** | **MFS®**<br>**Growth**<br>**Series**<br>**Division** | **MFS®**<br>**International**<br>**Intrinsic Value**<br>**Division** | **MFS®**<br>**Investors**<br>**Trust**<br>**Division** | **MFS®**<br>**Mid Cap**<br>**Value**<br>**Division** | **MFS®**<br>**New**<br>**Discovery**<br>**Division** |
| Capital transactions: |  |  |  |  |  |  |  |
| Transfer of net premiums | 71837 | 10231 |  | 1874 | 3996 | 36549 | 29224 |
| Transfers due to death benefits | (16695) |  |  |  | (2270) |  |  |
| Transfers due to withdrawal of funds | (35495) | (10752) | 1717 | 19 | (29038) | 349 | (41524) |
| Transfers due to policy loans, net of repayments | (31463) |  |  |  | (459) |  | (30093) |
| Transfers due to charges for administrative and insurance costs | (84117) | (917) | (7010) | (450) | (11897) | (4188) | (33998) |
| Transfers between Divisions and |  |  |  |  |  |  |  |
| (to) from General Account | (10419) | (10081) | 603634 | 26914 | 412 | (70644) | (15013) |
| Net increase (decrease) in net assets |  |  |  |  |  |  |  |
| resulting from capital transactions | (106352) | (11519) | 598341 | 28357 | (39256) | (37934) | (91404) |
| **Total increase (decrease)** | **315485** | **(10478)** | **647470** | **46054** | **(12806)** | **(20177)** | **68658** |
| **NET ASSETS, at beginning of the year** | **2771615** | **38495** | **22700** | **51587** | **214951** | **280300** | **1350511** |
| **NET ASSETS, at end of the year** | **$3087100** | **$28017** | **$670170** | **$97641** | **$202145** | **$260123** | **$1419169** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2025***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**MFS®**<br>**Value**<br>**Division** | <br>**MML**<br>**Aggressive**<br>**Allocation**<br>**Division** | **MML**<br>**American** <br>**Century**<br>**Mid Cap Value**<br>**Division** | **MML**<br>**American Century**<br>**Small**<br>**Company Value**<br>**Division** | <br>**MML**<br>**American Funds**<br>**Core Allocation**<br>**Division** | <br>**MML**<br>**American Funds**<br>**Growth**<br>**Division** | <br>**MML**<br>**Balanced**<br>**Allocation**<br>**Division** |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends | $26483 | $15508 | $11538 | $215 | $1621 | $— | $8327 |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality and expense risk charge and  |  |  |  |  |  |  |  |
| administrative expense charges | 5077 | 1323 | 1618 | 16 | 81 | 1669 | 452 |
| **Net investment income (loss)** | **21406** | **14185** | **9920** | **199** | **1540** | **(1669)** | **7875** |
| **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | 19178 | 3014 | (633) | (459) | 1318 | 33271 | 1511 |
| Realized gain distribution | 123199 | 31339 | 30336 |  | 4522 | 135282 | 274 |
| Realized gain (loss) | 142377 | 34353 | 29703 | (459) | 5840 | 168553 | 1785 |
| Change in net unrealized appreciation  |  |  |  |  |  |  |  |
| (depreciation) of investments | 1184 | 81312 | (3354) | 14 | 3772 | 167319 | 17524 |
| **Net gain (loss) on investments**  | **143561** | **115665** | **26349** | **(445)** | **9612** | **335872** | **19309** |
| **Net increase (decrease) in net assets** |  |  |  |  |  |  |  |
| **resulting from operations** | **164967** | **129850** | **36269** | **(246)** | **11152** | **334203** | **27184** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2025***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**MFS®**<br>**Value**<br>**Division** | <br>**MML**<br>**Aggressive**<br>**Allocation**<br>**Division** | **MML**<br>**American** <br>**Century**<br>**Mid Cap Value**<br>**Division** | **MML**<br>**American Century**<br>**Small**<br>**Company Value**<br>**Division** | <br>**MML**<br>**American Funds**<br>**Core Allocation**<br>**Division** | <br>**MML**<br>**American Funds**<br>**Growth**<br>**Division** | <br>**MML**<br>**Balanced**<br>**Allocation**<br>**Division** |
| Capital transactions: |  |  |  |  |  |  |  |
| Transfer of net premiums | 710225 | 1205606 | 258913 | 21587 | 137573 | 1855858 | 320931 |
| Transfers due to death benefits |  |  |  |  |  |  |  |
| Transfers due to withdrawal of funds | (4285) | (9987) | (1450) | (194) | (1009) | (11665) | (4144) |
| Transfers due to policy loans, net of repayments |  | (1000) | (4321) | (3817) | (4576) | (7137) |  |
| Transfers due to charges for administrative and insurance costs | (10333) | (254746) | (13921) | (4609) | (32407) | (242855) | (70675) |
| Transfers between Divisions and |  |  |  |  |  |  |  |
| (to) from General Account | (232881) | 75219 | (52409) | 790 | 8999 | 48956 | (7738) |
| Net increase (decrease) in net assets |  |  |  |  |  |  |  |
| resulting from capital transactions | 462726 | 1015092 | 186812 | 13757 | 108580 | 1643157 | 238374 |
| **Total increase (decrease)** | **627693** | **1144942** | **223081** | **13511** | **119732** | **1977360** | **265558** |
| **NET ASSETS, at beginning of the year** | **995260** | **499726** | **229394** | **8588** | **34905** | **781211** | **138115** |
| **NET ASSETS, at end of the year** | **$1622953** | **$1644668** | **$452475** | **$22099** | **$154637** | **$2758571** | **$403673** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2025***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **MML**<br>**BlackRock**<br>**iShares® 60/40**<br>**Division** | **MML**<br>**BlackRock**<br>**iShares® 80/20**<br>**Division** | <br>**MML**<br>**Blend**<br>**Division** | **MML**<br>**Blue Chip**<br>**Growth**<br>**Division** | **MML**<br>**Conservative**<br>**Allocation**<br>**Division** | **MML**<br>**Dynamic**<br>**Bond**<br>**Division** | <br>**MML**<br>**Equity**<br>**Division** |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends | $11909 | $8124 | $440738 | $— | $751 | $15739 | $999972 |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality and expense risk charge and  |  |  |  |  |  |  |  |
| administrative expense charges | 165 | 346 | 92967 | 38492 | 52 | 347 | 242531 |
| **Net investment income (loss)** | **11744** | **7778** | **347771** | **(38492)** | **699** | **15392** | **757441** |
| **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | 2262 | 15285 | 46539 | 229651 | 462 | (16095) | 524236 |
| Realized gain distribution | 5361 | 4391 | 742943 | 1964883 |  |  | 5977038 |
| Realized gain (loss) | 7623 | 19676 | 789482 | 2194534 | 462 | (16095) | 6501274 |
| Change in net unrealized appreciation  |  |  |  |  |  |  |  |
| (depreciation) of investments | 512 | 30131 | 1386960 | (261246) | 715 | 4163 | 543667 |
| **Net gain (loss) on investments**  | **8135** | **49807** | **2176442** | **1933288** | **1177** | **(11932)** | **7044941** |
| **Net increase (decrease) in net assets** |  |  |  |  |  |  |  |
| **resulting from operations** | **19879** | **57585** | **2524213** | **1894796** | **1876** | **3460** | **7802382** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2025***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **MML**<br>**BlackRock**<br>**iShares® 60/40**<br>**Division** | **MML**<br>**BlackRock**<br>**iShares® 80/20**<br>**Division** | <br>**MML**<br>**Blend**<br>**Division** | **MML**<br>**Blue Chip**<br>**Growth**<br>**Division** | **MML**<br>**Conservative**<br>**Allocation**<br>**Division** | **MML**<br>**Dynamic**<br>**Bond**<br>**Division** | <br>**MML**<br>**Equity**<br>**Division** |
| Capital transactions: |  |  |  |  |  |  |  |
| Transfer of net premiums | 607168 | 557274 | 688208 | 1537187 | 22348 | 33342 | 1499476 |
| Transfers due to death benefits |  |  | (217730) |  |  |  | (1101141) |
| Transfers due to withdrawal of funds | (1087) | (49166) | (354343) | (933359) | (5) | (16) | (1351668) |
| Transfers due to policy loans, net of repayments | (407) | (11094) | (300650) | (65576) |  |  | (771354) |
| Transfers due to charges for administrative and insurance costs | (33990) | (96282) | (857418) | (392256) | (10846) | (1456) | (1658781) |
| Transfers between Divisions and |  |  |  |  |  |  |  |
| (to) from General Account | 455 | 24371 | 100094 | (129911) | (10600) | (254579) | 22897 |
| Net increase (decrease) in net assets |  |  |  |  |  |  |  |
| resulting from capital transactions | 572139 | 425103 | (941839) | 16085 | 897 | (222709) | (3360571) |
| **Total increase (decrease)** | **592018** | **482688** | **1582374** | **1910881** | **2773** | **(219249)** | **4441811** |
| **NET ASSETS, at beginning of the year** | **21306** | **104122** | **21118460** | **8949879** | **17886** | **219249** | **47597335** |
| **NET ASSETS, at end of the year** | **$613324** | **$586810** | **$22700834** | **$10860760** | **$20659** | **$—** | **$52039146** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2025***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**MML**<br>**Equity**<br>**Income**<br>**Division** | <br>**MML**<br>**Equity**<br>**Index** <br>**Division** | <br>**MML**<br>**Equity**<br>**Index** <br>**Division** | **MML**<br>**Fidelity**<br>**Institutional AM®**<br>**Core Plus Bond**<br>**Division** | <br>**MML**<br>**Focused**<br>**Equity**<br>**Division** | <br>**MML**<br>**Foreign**<br>**Division** | <br>**MML**<br>**Fundamental**<br>**Equity**<br>**Division** |
| **Investment income** |  | **(Class II)** | **(Class III)** |  |  |  |  |
| Dividends | $4658 | $858033 | $58151 | $1661 | $81 | $19419 | $260 |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality and expense risk charge and  |  |  |  |  |  |  |  |
| administrative expense charges | 1423 | 310099 | 3605 | 231 | 8 | 2965 | 12571 |
| **Net investment income (loss)** | **3235** | **547934** | **54546** | **1430** | **73** | **16454** | **(12311)** |
| **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | (1645) | 1234866 | (18941) | 182 | (59) | 23729 | 4034 |
| Realized gain distribution | 32313 | 11740194 | 709729 |  | 1154 | 32942 | 4969 |
| Realized gain (loss) | 30668 | 12975060 | 690788 | 182 | 1095 | 56671 | 9003 |
| Change in net unrealized appreciation  |  |  |  |  |  |  |  |
| (depreciation) of investments | 14848 | (2209899) | (72745) | 1968 | (311) | 108665 | 320359 |
| **Net gain (loss) on investments**  | **45516** | **10765161** | **618043** | **2150** | **784** | **165336** | **329362** |
| **Net increase (decrease) in net assets** |  |  |  |  |  |  |  |
| **resulting from operations** | **48751** | **11313095** | **672589** | **3580** | **857** | **181790** | **317051** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2025***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**MML**<br>**Equity**<br>**Income**<br>**Division** | <br>**MML**<br>**Equity**<br>**Index** <br>**Division** | <br>**MML**<br>**Equity**<br>**Index** <br>**Division** | **MML**<br>**Fidelity**<br>**Institutional AM®**<br>**Core Plus Bond**<br>**Division** | <br>**MML**<br>**Focused**<br>**Equity**<br>**Division** | <br>**MML**<br>**Foreign**<br>**Division** | <br>**MML**<br>**Fundamental**<br>**Equity**<br>**Division** |
| |  | **(Class II)** | **(Class III)** |  |  |  |  |
| Capital transactions: |  |  |  |  |  |  |  |
| Transfer of net premiums | 51684 | 1043390 | 4990642 | 134511 | 10624 | 381565 | 112234 |
| Transfers due to death benefits |  | (335568) |  |  |  |  |  |
| Transfers due to withdrawal of funds | (7769) | (1559479) | 690 | (176) | (4) | (84380) | (126586) |
| Transfers due to policy loans, net of repayments |  | (847160) | (36025) |  |  |  | (10069) |
| Transfers due to charges for administrative and insurance costs | (11148) | (1455038) | (535235) | (4141) | (2075) | (12566) | (65634) |
| Transfers between Divisions and |  |  |  |  |  |  |  |
| (to) from General Account | 40514 | 1701632 | 1649078 | (21326) |  | 123546 | 21170635 |
| Net increase (decrease) in net assets |  |  |  |  |  |  |  |
| resulting from capital transactions | 73281 | (1452223) | 6069150 | 108868 | 8545 | 408165 | 21080580 |
| **Total increase (decrease)** | **122032** | **9860872** | **6741739** | **112448** | **9402** | **589955** | **21397631** |
| **NET ASSETS, at beginning of the year** | **302246** | **66491014** | **1184000** | **64009** | **969** | **290073** | **51679** |
| **NET ASSETS, at end of the year** | **$424278** | **$76351886** | **$7925739** | **$176457** | **$10371** | **$880028** | **$21449310** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2025***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**MML**<br>**Fundamental**<br>**Value**<br>**Division** | <br>**MML**<br>**Global**<br>**Division** | <br>**MML**<br>**Global**<br>**Division** | <br>**MML**<br>**Growth**<br>**Allocation**<br>**Division** | <br>**MML**<br>**High**<br>**Yield**<br>**Division** | <br>**MML**<br>**Income &**<br>**Growth**<br>**Division** | **MML**<br>**Inflation-**<br>**Protected**<br>**and Income**<br>**Division** |
| **Investment income** |  | **(Class II)** | **(Service Class I)** |  |  |  |  |
| Dividends | $331 | $474 | $45 | $24411 | $1765 | $2164 | $72816 |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality and expense risk charge and  |  |  |  |  |  |  |  |
| administrative expense charges | 7 | 42269 | 32 | 2456 | 7 | 357 | 7676 |
| **Net investment income (loss)** | **324** | **(41795)** | **13** | **21955** | **1758** | **1807** | **65140** |
| **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | (10433) | 12506 | 2727 | 5226 | (1993) | (2010) | (33611) |
| Realized gain distribution | 8009 | 3989 | 521 | 49439 |  | 23694 |  |
| Realized gain (loss) | (2424) | 16495 | 3248 | 54665 | (1993) | 21684 | (33611) |
| Change in net unrealized appreciation  |  |  |  |  |  |  |  |
| (depreciation) of investments | 677 | 1897629 | (132) | 65491 | 41 | (8904) | 49765 |
| **Net gain (loss) on investments**  | **(1747)** | **1914124** | **3116** | **120156** | **(1952)** | **12780** | **16154** |
| **Net increase (decrease) in net assets** |  |  |  |  |  |  |  |
| **resulting from operations** | **(1423)** | **1872329** | **3129** | **142111** | **(194)** | **14587** | **81294** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2025***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**MML**<br>**Fundamental**<br>**Value**<br>**Division** | <br>**MML**<br>**Global**<br>**Division** | <br>**MML**<br>**Global**<br>**Division** | <br>**MML**<br>**Growth**<br>**Allocation**<br>**Division** | <br>**MML**<br>**High**<br>**Yield**<br>**Division** | <br>**MML**<br>**Income &**<br>**Growth**<br>**Division** | **MML**<br>**Inflation-**<br>**Protected**<br>**and Income**<br>**Division** |
| Capital transactions: |  | **(Class II)** | **(Service Class I)** |  |  |  |  |
| Transfer of net premiums | 11588 | 331517 |  | 980188 | 15985 | 66589 | 157028 |
| Transfers due to death benefits |  | (56782) |  |  |  |  | (29125) |
| Transfers due to withdrawal of funds | (63) | (145289) |  | (9125) | (102) | (862) | (28002) |
| Transfers due to policy loans, net of repayments |  | (63696) |  | (13516) |  |  | (44631) |
| Transfers due to charges for administrative and insurance costs | (1605) | (244433) | (103) | (152693) | (2571) | (25152) | (103832) |
| Transfers between Divisions and |  |  |  |  |  |  |  |
| (to) from General Account | (23295) | 67346267 | (19469) | (105970) | (21389) | 27465 | 80096 |
| Net increase (decrease) in net assets |  |  |  |  |  |  |  |
| resulting from capital transactions | (13375) | 67167584 | (19572) | 698884 | (8077) | 68040 | 31534 |
| **Total increase (decrease)** | **(14798)** | **69039913** | **(16443)** | **840995** | **(8271)** | **82627** | **112828** |
| **NET ASSETS, at beginning of the year** | **14798** | **3719** | **16443** | **817487** | **8271** | **79454** | **1517410** |
| **NET ASSETS, at end of the year** | **$—** | **$69043632** | **$—** | **$1658482** | **$—** | **$162081** | **$1630238** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2025***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **MML**<br>**Invesco**<br>**Discovery**<br>**Large Cap**<br>**Division** | **MML**<br>**Invesco**<br>**Discovery**<br>**Mid Cap**<br>**Division** | **MML**<br>**Invesco**<br>**Small Cap**<br>**Equity**<br>**Division** | **MML**<br>**Loomis Sayles**<br>**Large Cap**<br>**Growth**<br>**Division** | <br>**MML**<br>**Managed**<br>**Bond**<br>**Division** | <br>**MML**<br>**Managed**<br>**Volatility**<br>**Division** | **MML**<br>**MFS**<br>**International**<br>**Equity**<br>**Division** |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends | $— | $— | $108005 | $— | $357128 | $3481 | $7518 |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality and expense risk charge and  |  |  |  |  |  |  |  |
| administrative expense charges | 45258 | 39329 | 78310 | 1258 | 40025 | 6623 | 1449 |
| **Net investment income (loss)** | **(45258)** | **(39329)** | **29695** | **(1258)** | **317103** | **(3142)** | **6069** |
| **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | 3073 | 17640 | 381516 | 9691 | (79420) | 14488 | 1428 |
| Realized gain distribution |  |  | 2827665 | 113674 |  | 503301 | 7657 |
| Realized gain (loss) | 3073 | 17640 | 3209181 | 123365 | (79420) | 517789 | 9085 |
| Change in net unrealized appreciation  |  |  |  |  |  |  |  |
| (depreciation) of investments | 848033 | 377042 | (1792023) | (39860) | 417120 | (330235) | 50108 |
| **Net gain (loss) on investments**  | **851106** | **394682** | **1417158** | **83505** | **337700** | **187554** | **59193** |
| **Net increase (decrease) in net assets** |  |  |  |  |  |  |  |
| **resulting from operations** | **805848** | **355353** | **1446853** | **82247** | **654803** | **184412** | **65262** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2025***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **MML**<br>**Invesco**<br>**Discovery**<br>**Large Cap**<br>**Division** | **MML**<br>**Invesco**<br>**Discovery**<br>**Mid Cap**<br>**Division** | **MML**<br>**Invesco**<br>**Small Cap**<br>**Equity**<br>**Division** | **MML**<br>**Loomis Sayles**<br>**Large Cap**<br>**Growth**<br>**Division** | <br>**MML**<br>**Managed**<br>**Bond**<br>**Division** | <br>**MML**<br>**Managed**<br>**Volatility**<br>**Division** | **MML**<br>**MFS**<br>**International**<br>**Equity**<br>**Division** |
| Capital transactions: |  |  |  |  |  |  |  |
| Transfer of net premiums | 205479 | 200415 | 514824 | 429596 | 517532 | 62808 | 203942 |
| Transfers due to death benefits | (164652) | (76445) | (52998) |  | (160984) | (53089) |  |
| Transfers due to withdrawal of funds | (77396) | (287909) | (1231888) | (862) | (88379) | (75748) | (430) |
| Transfers due to policy loans, net of repayments | (105199) | (166932) | (371141) |  | (66148) | (17541) |  |
| Transfers due to charges for administrative and insurance costs | (223710) | (183693) | (454302) | (91044) | (433210) | (83174) | (15388) |
| Transfers between Divisions and |  |  |  |  |  |  |  |
| (to) from General Account | 77474662 | 63644595 | 101829 | 76663 | 706764 | 19907 | 344605 |
| Net increase (decrease) in net assets |  |  |  |  |  |  |  |
| resulting from capital transactions | 77109184 | 63130031 | (1493676) | 414353 | 475575 | (146837) | 532729 |
| **Total increase (decrease)** | **77915032** | **63485384** | **(46823)** | **496600** | **1130378** | **37575** | **597991** |
| **NET ASSETS, at beginning of the year** | **—** | **—** | **17953331** | **300185** | **8651365** | **1899105** | **5106** |
| **NET ASSETS, at end of the year** | **$77915032** | **$63485384** | **$17906508** | **$796785** | **$9781743** | **$1936680** | **$603097** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2025***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**MML**<br>**Mid Cap**<br>**Growth**<br>**Division** | <br>**MML**<br>**Moderate**<br>**Allocation**<br>**Division** | **MML**<br>**Short-**<br>**Duration**<br>**Bond**<br>**Division** | <br>**MML**<br>**Small Cap**<br>**Growth Equity**<br>**Division** | <br>**MML**<br>**Small/Mid Cap**<br>**Value**<br>**Division** | **MML**<br>**Strategic**<br>**Emerging**<br>**Markets**<br>**Division** | <br>**MML**<br>**Sustainable**<br>**Equity**<br>**Division** |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends | $— | $1166 | $1569 | $27443 | $2175 | $574 | $3114 |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality and expense risk charge and  |  |  |  |  |  |  |  |
| administrative expense charges | 37945 | 46 | 136 | 35871 | 643 | 489 | 1291 |
| **Net investment income (loss)** | **(37945)** | **1120** | **1433** | **(8428)** | **1532** | **85** | **1823** |
| **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | 45245 | 575 | 565 | (149011) | (1500) | (17652) | (130) |
| Realized gain distribution | 66228 |  |  |  | 27201 |  | 35588 |
| Realized gain (loss) | 111473 | 575 | 565 | (149011) | 25701 | (17652) | 35458 |
| Change in net unrealized appreciation  |  |  |  |  |  |  |  |
| (depreciation) of investments | 1206112 | 2548 | 276 | 714015 | (18439) | 17298 | 3856 |
| **Net gain (loss) on investments**  | **1317585** | **3123** | **841** | **565004** | **7262** | **(354)** | **39314** |
| **Net increase (decrease) in net assets** |  |  |  |  |  |  |  |
| **resulting from operations** | **1279640** | **4243** | **2274** | **556576** | **8794** | **(269)** | **41137** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2025***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**MML**<br>**Mid Cap**<br>**Growth**<br>**Division** | <br>**MML**<br>**Moderate**<br>**Allocation**<br>**Division** | <br>**Short-**<br>**Duration**<br>**Bond**<br>**Division** | <br>**MML**<br>**Small Cap**<br>**Growth Equity**<br>**Division** | <br>**MML**<br>**Small/Mid Cap**<br>**Value**<br>**Division** | **MML**<br>**Strategic**<br>**Emerging**<br>**Markets**<br>**Division** | <br>**MML**<br>**Sustainable**<br>**Equity**<br>**Division** |
| Capital transactions: |  |  |  |  |  |  |  |
| Transfer of net premiums | 362222 | 47253 | 46324 | 484429 | 80736 | 29729 | 212697 |
| Transfers due to death benefits | (1322531) |  |  | (17921) |  |  |  |
| Transfers due to withdrawal of funds | (303706) | (532) | (6866) | (539064) | (3393) | (13) | 5 |
| Transfers due to policy loans, net of repayments | (100118) | (504) |  | (90413) | (4133) |  |  |
| Transfers due to charges for administrative and insurance costs | (217305) | (7383) | (8124) | (219101) | (16162) | (3478) | (5836) |
| Transfers between Divisions and |  |  |  |  |  |  |  |
| (to) from General Account | 59911062 | 4284 | 10120 | (15632) | 10668 | (360397) | 60 |
| Net increase (decrease) in net assets |  |  |  |  |  |  |  |
| resulting from capital transactions | 58329624 | 43118 | 41454 | (397702) | 67716 | (334159) | 206926 |
| **Total increase (decrease)** | **59609264** | **47361** | **43728** | **158874** | **76510** | **(334428)** | **248063** |
| **NET ASSETS, at beginning of the year** | **278799** | **6990** | **33467** | **8102642** | **180359** | **334428** | **123322** |
| **NET ASSETS, at end of the year** | **$59888063** | **$54351** | **$77195** | **$8261516** | **$256869** | **$—** | **$371385** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2025***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**MML U.S.**<br>**Government**<br>**Money Market**<br>**Division** | <br>**Nomura VIP** <br>**Asset**<br>**Strategy**<br>**Division** | <br>**Nomura VIP** <br>**Emerging**<br>**Markets**<br>**Division** | <br>**Nomura VIP** <br>**Growth**<br>**Division** | <br>**Nomura VIP** <br>**Science**<br>**and Technology**<br>**Division** | <br>**Nomura VIP** <br>**Small Cap**<br>**Value**<br>**Division** | **PIMCO**<br>**Commodity**<br>**RealReturn®**<br>**Strategy**<br>**Division** |
| **Investment income** |  | **(Standard Class)** |  |  |  |  |  |
| Dividends | $431588 | $348 | $1654 | $— | $— | $1067 | $14863 |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality and expense risk charge and  |  |  |  |  |  |  |  |
| administrative expense charges | 48937 | 5 | 391 | 24 | 1093 | 161 | 1739 |
| **Net investment income (loss)** | **382651** | **343** | **1263** | **(24)** | **(1093)** | **906** | **13124** |
| **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares |  | 56 | 39468 | (267) | 61505 | (3774) | 454 |
| Realized gain distribution |  | 941 | 281 | 3620 | 50532 | 7050 |  |
| Realized gain (loss) |  | 997 | 39749 | 3353 | 112037 | 3276 | 454 |
| Change in net unrealized appreciation  |  |  |  |  |  |  |  |
| (depreciation) of investments |  | (771) | 103281 | (502) | 2275 | (1562) | 66312 |
| **Net gain (loss) on investments**  | **—** | **226** | **143030** | **2851** | **114312** | **1714** | **66766** |
| **Net increase (decrease) in net assets** |  |  |  |  |  |  |  |
| **resulting from operations** | **382651** | **569** | **144293** | **2827** | **113219** | **2620** | **79890** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2025***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**MML U.S.**<br>**Government**<br>**Money Market**<br>**Division** | <br>**Nomura VIP** <br>**Asset**<br>**Strategy**<br>**Division** | <br>**Nomura VIP** <br>**Emerging**<br>**Markets**<br>**Division** | <br>**Nomura VIP** <br>**Growth**<br>**Division** | <br>**Nomura VIP** <br>**Science**<br>**and Technology**<br>**Division** | <br>**Nomura VIP** <br>**Small Cap**<br>**Value**<br>**Division** | **PIMCO**<br>**Commodity**<br>**RealReturn®**<br>**Strategy**<br>**Division** |
| Capital transactions: |  | **(Standard Class)** |  |  |  |  |  |
| Transfer of net premiums | 3974044 | 24728 | 53632 | 32951 | 6023 | 46095 | 313235 |
| Transfers due to death benefits | (4377) |  |  |  |  |  |  |
| Transfers due to withdrawal of funds | (234977) | (19) | (60622) | (5) | (4489) | (1395) | (101) |
| Transfers due to policy loans, net of repayments | (1139267) |  |  |  |  |  |  |
| Transfers due to charges for administrative and insurance costs | (944885) | (2617) | (2352) | (4786) | (2625) | (672) | (7716) |
| Transfers between Divisions and |  |  |  |  |  |  |  |
| (to) from General Account | 999271 | 64 | 106012 | 5340 | (196166) | (79478) |  |
| Net increase (decrease) in net assets |  |  |  |  |  |  |  |
| resulting from capital transactions | 2649809 | 22156 | 96670 | 33500 | (197257) | (35450) | 305418 |
| **Total increase (decrease)** | **3032460** | **22725** | **240963** | **36327** | **(84038)** | **(32830)** | **385308** |
| **NET ASSETS, at beginning of the year** | **10728038** | **67** | **113019** | **11759** | **304161** | **96855** | **251642** |
| **NET ASSETS, at end of the year** | **$13760498** | **$22792** | **$353982** | **$48086** | **$220123** | **$64025** | **$636950** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2025***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO**<br>**Emerging**<br>**Markets Bond**<br>**Division** | **PIMCO**<br>**Global Bond**<br>**Opportunities**<br>**Division** | <br>**PIMCO**<br>**High Yield**<br>**Division** | <br>**PIMCO**<br>**Income**<br>**Division** | <br>**PIMCO**<br>**Real Return**<br>**Division** | <br>**PIMCO**<br>**Total Return**<br>**Division** | **Schwab®**<br>**S&P 500**<br>**Index**<br>**Division** |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends | $8 | $2992 | $8476 | $800 | $164 | $16413 | $13813 |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality and expense risk charge and  |  |  |  |  |  |  |  |
| administrative expense charges | 1 | 200 | 405 | 15 | 15 | 1128 | 6499 |
| **Net investment income (loss)** | **7** | **2792** | **8071** | **785** | **149** | **15285** | **7314** |
| **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | 13 | 4644 | 443 | 86 | (1) | (102) | 8178 |
| Realized gain distribution |  |  |  |  |  |  |  |
| Realized gain (loss) | 13 | 4644 | 443 | 86 | (1) | (102) | 8178 |
| Change in net unrealized appreciation  |  |  |  |  |  |  |  |
| (depreciation) of investments |  | 1002 | 2604 | 489 | 205 | 22400 | 186964 |
| **Net gain (loss) on investments**  | **13** | **5646** | **3047** | **575** | **204** | **22298** | **195142** |
| **Net increase (decrease) in net assets** |  |  |  |  |  |  |  |
| **resulting from operations** | **20** | **8438** | **11118** | **1360** | **353** | **37583** | **202456** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2025***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO**<br>**Emerging**<br>**Markets Bond**<br>**Division** | **PIMCO**<br>**Global Bond**<br>**Opportunities**<br>**Division** | <br>**PIMCO**<br>**High Yield**<br>**Division** | <br>**PIMCO**<br>**Income**<br>**Division** | <br>**PIMCO**<br>**Real Return**<br>**Division** | <br>**PIMCO**<br>**Total Return**<br>**Division** | **Schwab®**<br>**S&P 500**<br>**Index**<br>**Division** |
| Capital transactions: |  |  |  |  |  |  |  |
| Transfer of net premiums |  | 3010 | 125836 | 49993 |  | 468332 | 526529 |
| Transfers due to death benefits |  |  |  |  |  |  |  |
| Transfers due to withdrawal of funds | 1 | (83343) | 40 | (18) |  | 90 | 2382 |
| Transfers due to policy loans, net of repayments |  |  |  |  |  |  |  |
| Transfers due to charges for administrative and insurance costs | (1) | (1713) | (5629) | (8606) | (33) | (5008) | (15461) |
| Transfers between Divisions and |  |  |  |  |  |  |  |
| (to) from General Account | (20) | (1426) | (1857) | 253 | 120 | 10520 | 1185226 |
| Net increase (decrease) in net assets |  |  |  |  |  |  |  |
| resulting from capital transactions | (20) | (83472) | 118390 | 41622 | 87 | 473934 | 1698676 |
| **Total increase (decrease)** | **—** | **(75034)** | **129508** | **42982** | **440** | **511517** | **1901132** |
| **NET ASSETS, at beginning of the year** | **—** | **75034** | **89764** | **7090** | **4703** | **116218** | **126397** |
| **NET ASSETS, at end of the year** | **$—** | **$—** | **$219272** | **$50072** | **$5143** | **$627735** | **$2027529** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2025***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **T. Rowe Price**<br>**Blue Chip**<br>**Growth**<br>**Division** | <br>**T. Rowe Price**<br>**Equity Income**<br>**Division** | **T. Rowe Price**<br>**Limited-Term**<br>**Bond**<br>**Division** | **T. Rowe Price**<br>**Mid-Cap**<br>**Growth**<br>**Division** | **Templeton**<br>**Foreign**<br>**VIP**<br>**Division** | **Templeton**<br>**Global Bond**<br>**VIP**<br>**Division** | **TOPS®**<br>**Moderate**<br>**Growth ETF**<br>**Division** |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends | $— | $135229 | $3366 | $— | $118880 | $— | $973 |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality and expense risk charge and  |  |  |  |  |  |  |  |
| administrative expense charges | 32803 | 36522 | 318 | 248389 | 21210 | 348 | 1650 |
| **Net investment income (loss)** | **(32803)** | **98707** | **3048** | **(248389)** | **97670** | **(348)** | **(677)** |
| **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | 553345 | 9681 | 40 | 2585568 | 20509 | 155 | (20899) |
| Realized gain distribution | 640250 | 831360 |  |  | 331940 |  | 818 |
| Realized gain (loss) | 1193595 | 841041 | 40 | 2585568 | 352449 | 155 | (20081) |
| Change in net unrealized appreciation  |  |  |  |  |  |  |  |
| (depreciation) of investments | 79582 | 127473 | 1034 | (1747397) | 808213 | 7358 | 14379 |
| **Net gain (loss) on investments**  | **1273177** | **968514** | **1074** | **838171** | **1160662** | **7513** | **(5702)** |
| **Net increase (decrease) in net assets** |  |  |  |  |  |  |  |
| **resulting from operations** | **1240374** | **1067221** | **4122** | **589782** | **1258332** | **7165** | **(6379)** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2025***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **T. Rowe Price**<br>**Blue Chip**<br>**Growth**<br>**Division** | <br>**T. Rowe Price**<br>**Equity Income**<br>**Division** | **T. Rowe Price**<br>**Limited-Term**<br>**Bond**<br>**Division** | **T. Rowe Price**<br>**Mid-Cap**<br>**Growth**<br>**Division** | **Templeton**<br>**Foreign**<br>**VIP**<br>**Division** | **Templeton**<br>**Global Bond**<br>**VIP**<br>**Division** | **TOPS®**<br>**Moderate**<br>**Growth ETF**<br>**Division** |
| Capital transactions: |  |  |  |  |  |  |  |
| Transfer of net premiums | 90198 | 224709 | 161918 | 973538 | 130970 | 163313 | 194970 |
| Transfers due to death benefits | (55549) | (61041) |  | (427333) | (64247) |  |  |
| Transfers due to withdrawal of funds | (468703) | (100774) | 5 | (1204797) | (277363) | (5935) | (1) |
| Transfers due to policy loans, net of repayments | (81052) | (74932) |  | (759029) | (42074) |  |  |
| Transfers due to charges for administrative and insurance costs | (178867) | (322962) | (812) | (1312043) | (153599) | (1038) | (5546) |
| Transfers between Divisions and |  |  |  |  |  |  |  |
| (to) from General Account | 148760 | 203378 | 8839 | (60390038) | 155708 |  | (842189) |
| Net increase (decrease) in net assets |  |  |  |  |  |  |  |
| resulting from capital transactions | (545213) | (131622) | 169950 | (63119702) | (250605) | 156340 | (652766) |
| **Total increase (decrease)** | **695161** | **935599** | **174072** | **(62529920)** | **1007727** | **163505** | **(659145)** |
| **NET ASSETS, at beginning of the year** | **6981685** | **7805047** | **2571** | **62529920** | **4423951** | **10758** | **711849** |
| **NET ASSETS, at end of the year** | **$7676846** | **$8740646** | **$176643** | **$—** | **$5431678** | **$174263** | **$52704** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2025***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**Vanguard VIF**<br>**Balanced**<br>**Division** | <br>**Vanguard VIF**<br>**Capital Growth**<br>**Division** | <br>**Vanguard VIF**<br>**Diversified Value**<br>**Division** | <br>**Vanguard VIF**<br>**Equity Income**<br>**Division** | **Vanguard VIF**<br>**Global Bond**<br>**Index**<br>**Division** | <br>**Vanguard VIF**<br>**Growth**<br>**Division** | <br>**Vanguard VIF**<br>**International**<br>**Division** |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends | $3624 | $2663 | $1177 | $56565 | $4493 | $143 | $— |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality and expense risk charge and  |  |  |  |  |  |  |  |
| administrative expense charges | 1071 | 1592 | 378 | 8676 | 254 | 217 |  |
| **Net investment income (loss)** | **2553** | **1071** | **799** | **47889** | **4239** | **(74)** | **—** |
| **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | 5750 | 291 | 8449 | (946) | 369 | 9410 |  |
| Realized gain distribution | 15524 | 11442 | 6152 | 171945 | 274 | 3867 |  |
| Realized gain (loss) | 21274 | 11733 | 14601 | 170999 | 643 | 13277 |  |
| Change in net unrealized appreciation  |  |  |  |  |  |  |  |
| (depreciation) of investments | 2674 | 58384 | (6609) | (42966) | 7391 | (4319) |  |
| **Net gain (loss) on investments**  | **23948** | **70117** | **7992** | **128033** | **8034** | **8958** | **—** |
| **Net increase (decrease) in net assets** |  |  |  |  |  |  |  |
| **resulting from operations** | **26501** | **71188** | **8791** | **175922** | **12273** | **8884** | **—** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2025***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**Vanguard VIF**<br>**Balanced**<br>**Division** | <br>**Vanguard VIF**<br>**Capital Growth**<br>**Division** | <br>**Vanguard VIF**<br>**Diversified Value**<br>**Division** | <br>**Vanguard VIF**<br>**Equity Income**<br>**Division** | **Vanguard VIF**<br>**Global Bond**<br>**Index**<br>**Division** | <br>**Vanguard VIF**<br>**Growth**<br>**Division** | <br>**Vanguard VIF**<br>**International**<br>**Division** |
| Capital transactions: |  |  |  |  |  |  |  |
| Transfer of net premiums | 37511 | 72173 | 2590 | 317971 | 564429 | 17677 |  |
| Transfers due to death benefits |  |  |  |  |  |  |  |
| Transfers due to withdrawal of funds | (1) | 19 | (82255) | 22 | (587) | (1) |  |
| Transfers due to policy loans, net of repayments |  |  |  |  | (10983) |  |  |
| Transfers due to charges for administrative and insurance costs | (5511) | (2833) | (1616) | (20246) | (45880) | (700) |  |
| Transfers between Divisions and |  |  |  |  |  |  |  |
| (to) from General Account | (50469) |  | (702) | (1516265) | 81208 | (72093) |  |
| Net increase (decrease) in net assets |  |  |  |  |  |  |  |
| resulting from capital transactions | (18470) | 69359 | (81983) | (1218518) | 588187 | (55117) |  |
| **Total increase (decrease)** | **8031** | **140547** | **(73192)** | **(1042596)** | **600460** | **(46233)** | **—** |
| **NET ASSETS, at beginning of the year** | **190499** | **241516** | **73192** | **2064049** | **93942** | **50838** | **—** |
| **NET ASSETS, at end of the year** | **$198530** | **$382063** | **$—** | **$1021453** | **$694402** | **$4605** | **$—** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2025***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**Vanguard VIF**<br>**Mid Cap**<br>**Index**<br>**Division** | <br>**Vanguard VIF**<br>**Real Estate**<br>**Index**<br>**Division** | <br>**Vanguard VIF**<br>**Short-Term**<br>**Investment-Grade**<br>**Division** | **Vest**<br>**US Large Cap**<br>**10% Buffer**<br>**Strategies VI**<br>**Division** |
| **Investment income** |  |  |  |  |
| Dividends | $4323 | $11586 | $4299 | $— |
| **Expenses** |  |  |  |  |
| Mortality and expense risk charge and  |  |  |  |  |
| administrative expense charges | 1541 | 2381 | 630 | 63 |
| **Net investment income (loss)** | 2782 | 9205 | 3669 | (63) |
| **Net realized and unrealized gain (loss) on investments** |  |  |  |  |
| Realized gain (loss) on sale of fund shares | (919) | (6636) | 124 | 8650 |
| Realized gain distribution | 17220 | 7419 |  |  |
| Realized gain (loss) | 16301 | 783 | 124 | 8650 |
| Change in net unrealized appreciation  |  |  |  |  |
| (depreciation) of investments | 43522 | 3909 | 2528 | 173 |
| **Net gain (loss) on investments**  | **59823** | **4692** | **2652** | **8823** |
| **Net increase (decrease) in net assets** |  |  |  |  |
| **resulting from operations** | **62605** | **13897** | **6321** | **8760** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2025***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**Vanguard VIF**<br>**Mid Cap**<br>**Index**<br>**Division** | <br>**Vanguard VIF**<br>**Real Estate**<br>**Index**<br>**Division** | <br>**Vanguard VIF**<br>**Short-Term**<br>**Investment-Grade**<br>**Division** | **Vest**<br>**US Large Cap**<br>**10% Buffer**<br>**Strategies VI**<br>**Division** |
| Capital transactions: |  |  |  |  |
| Transfer of net premiums | 874928 | 789293 | 1643 | 86943 |
| Transfers due to death benefits |  |  |  |  |
| Transfers due to withdrawal of funds | (780) | (11298) |  | (403) |
| Transfers due to policy loans, net of repayments | (16256) | (10980) |  |  |
| Transfers due to charges for administrative and insurance costs | (75251) | (47956) | (365) | (15080) |
| Transfers between Divisions and |  |  |  |  |
| (to) from General Account | 237499 | 112098 | 70 | (113357) |
| Net increase (decrease) in net assets |  |  |  |  |
| resulting from capital transactions | 1020140 | 831157 | 1348 | (41897) |
| **Total increase (decrease)** | **1082745** | **845054** | **7669** | **(33137)** |
| **NET ASSETS, at beginning of the year** | **193944** | **234623** | **101227** | **33137** |
| **NET ASSETS, at end of the year** | **$1276689** | **$1079677** | **$108896** | **$—** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS*

***For The Year Ended December 31, 2024***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **American Funds**<br>**Insurance Series®**<br>**American**<br>**High-Income**<br>**Division** | **American Funds**<br>**Insurance Series®**<br>**Asset**<br>**Allocation**<br>**Division** | **American Funds**<br>**Insurance Series®**<br>**Asset**<br>**Allocation**<br>**Division** | **American Funds**<br>**Insurance Series®**<br>**Capital World**<br>**Growth and Income**<br>**Division** | **American Funds**<br>**Insurance Series®**<br>**Global**<br>**Growth**<br>**Division** | **American Funds**<br>**Insurance Series®**<br>**Global Small**<br>**Capitalization**<br>**Division** | <br>**American Funds**<br>**Insurance Series®**<br>**Growth-Income**<br>**Division** |
| **Investment income** |  | **(Class 1)** | **(Class 2)** |  |  |  |  |
| Dividends | $4996 | $11416 | $265480 | $— | $5440 | $— | $148355 |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality and expense risk charge and  |  |  |  |  |  |  |  |
| administrative expense charges | 72 | 1712 | 47976 | 78 | 1122 |  | 56932 |
| **Net investment income (loss)** | **4924** | **9704** | **217504** | **(78)** | **4318** | **—** | **91423** |
| **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | 262 | 649 | 74705 | 11045 | 2628 |  | 223880 |
| Realized gain distribution |  | 18076 | 510522 |  | 5757 |  | 588481 |
| Realized gain (loss) | 262 | 18725 | 585227 | 11045 | 8385 |  | 812361 |
| Change in net unrealized appreciation  |  |  |  |  |  |  |  |
| (depreciation) of investments | (4270) | 21161 | 953856 | (6845) | (3930) |  | 1860892 |
| **Net gain (loss) on investments**  | **(4008)** | **39886** | **1539083** | **4200** | **4455** | **—** | **2673253** |
| **Net increase (decrease) in net assets** |  |  |  |  |  |  |  |
| **resulting from operations** | **916** | **49590** | **1756587** | **4122** | **8773** | **—** | **2764676** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2024***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **American Funds**<br>**Insurance Series®**<br>**American**<br>**High-Income**<br>**Division** | **American Funds**<br>**Insurance Series®**<br>**Asset**<br>**Allocation**<br>**Division** | **American Funds**<br>**Insurance Series®**<br>**Asset**<br>**Allocation**<br>**Division** | **American Funds**<br>**Insurance Series®**<br>**Capital World**<br>**Growth and Income**<br>**Division** | **American Funds**<br>**Insurance Series®**<br>**Global**<br>**Growth**<br>**Division** | **American Funds**<br>**Insurance Series®**<br>**Global Small**<br>**Capitalization**<br>**Division** | <br>**American Funds**<br>**Insurance Series®**<br>**Growth-Income**<br>**Division** |
| |  | **(Class 1)** | **(Class 2)** |  |  |  |  |
| Capital transactions: |  |  |  |  |  |  |  |
| Transfer of net premiums | 115470 | 78078 | 350013 |  | 217231 |  | 256624 |
| Transfers due to death benefits |  |  | (44944) |  |  |  | (89244) |
| Transfers due to withdrawal of funds | 21 | (3) | (6406) |  | 84 | (1) | (149476) |
| Transfers due to policy loans, net of repayments |  |  | (51874) |  |  |  | (90945) |
| Transfers due to charges for administrative and insurance costs | (585) | (4511) | (350474) | (590) | (3380) |  | (299914) |
| Transfers between Divisions and |  |  |  |  |  |  |  |
| (to) from General Account | (4110) | 362396 | 197064 | (68084) | 97117 | 11 | (174447) |
| Net increase (decrease) in net assets |  |  |  |  |  |  |  |
| resulting from capital transactions | 110796 | 435960 | 93379 | (68674) | 311052 | 10 | (547402) |
| **Total increase (decrease)** | **111712** | **485550** | **1849966** | **(64552)** | **319825** | **10** | **2217274** |
| **NET ASSETS, at beginning of the year** | **—** | **23599** | **11010757** | **64552** | **50952** | **—** | **11923829** |
| **NET ASSETS, at end of the year** | **$111712** | **$509149** | **$12860723** | **$—** | **$370777** | **$10** | **$14141103** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* 

***For The Year Ended December 31, 2024***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **American Funds**<br>**Insurance Series®**<br>**International**<br>**Growth and Income**<br>**Division** | <br>**American Funds**<br>**Insurance Series®**<br>**New World**<br>**Division** | **American Funds**<br>**Insurance Series®**<br>**The Bond**<br>**Fund of America**<br>**Division** | **American Funds**<br>**Insurance Series®**<br>**Washington**<br>**Mutual Investors**<br>**Division** | **American Funds**<br>**Insurance Series®**<br>**Washington**<br>**Mutual Investors**<br>**Division** | <br>**Black Rock**<br>**High Yield V.I.**<br>**Division** | <br>**Black Rock**<br>**Small Cap**<br>**Index V.I.**<br>**Division** |
| **Investment income** |  |  |  | **(Class 1A)** | **(Class 2)** |  | **(Class I)** |
| Dividends | $2540 | $443 | $3303 | $608 | $— | $10388 | $1906 |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality and expense risk charge and  |  |  |  |  |  |  |  |
| administrative expense charges | 313 | 179 | 219 | 33 |  | 656 | 25 |
| **Net investment income (loss)** | **2227** | **264** | **3084** | **575** | **—** | **9732** | **1881** |
| **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | 792 | 3240 | (476) | 1870 |  | 2428 | 847 |
| Realized gain distribution |  | 176 |  |  |  |  | 5257 |
| Realized gain (loss) | 792 | 3416 | (476) | 1870 |  | 2428 | 6104 |
| Change in net unrealized appreciation  |  |  |  |  |  |  |  |
| (depreciation) of investments | (5824) | (1535) | (1451) | (2580) |  | (1395) | (13413) |
| **Net gain (loss) on investments**  | **(5032)** | **1881** | **(1927)** | **(710)** | **—** | **1033** | **(7309)** |
| **Net increase (decrease) in net assets** |  |  |  |  |  |  |  |
| **resulting from operations** | **(2805)** | **2145** | **1157** | **(135)** | **—** | **10765** | **(5428)** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* 

***For The Year Ended December 31, 2024***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **American Funds**<br>**Insurance Series®**<br>**International**<br>**Growth and Income**<br>**Division** | <br>**American Funds**<br>**Insurance Series®**<br>**New World**<br>**Division** | **American Funds**<br>**Insurance Series®**<br>**The Bond**<br>**Fund of America**<br>**Division** | **American Funds**<br>**Insurance Series®**<br>**Washington**<br>**Mutual Investors**<br>**Division** | **American Funds**<br>**Insurance Series®**<br>**Washington**<br>**Mutual Investors**<br>**Division** | <br>**Black Rock**<br>**High Yield V.I.**<br>**Division** | <br>**Black Rock**<br>**Small Cap**<br>**Index V.I.**<br>**Division** |
| |  |  |  | **(Class 1A)** | **(Class 2)** |  | **(Class I)** |
| Capital transactions: |  |  |  |  |  |  |  |
| Transfer of net premiums | 96886 | 11785 | 62694 | 1445 |  | 129637 | 172897 |
| Transfers due to death benefits |  |  |  |  |  |  |  |
| Transfers due to withdrawal of funds | 25 |  | (3) |  |  | 38 | (283) |
| Transfers due to policy loans, net of repayments |  |  |  |  |  |  |  |
| Transfers due to charges for administrative and insurance costs | (1222) | (356) | (1596) | (173) |  | (2039) | (11529) |
| Transfers between Divisions and |  |  |  |  |  |  |  |
| (to) from General Account | (7563) | (1509) | (5761) | 38957 | 16 | (5742) | 17721 |
| Net increase (decrease) in net assets |  |  |  |  |  |  |  |
| resulting from capital transactions | 88126 | 9920 | 55334 | 40229 | 16 | 121894 | 178806 |
| **Total increase (decrease)** | **85321** | **12065** | **56491** | **40094** | **16** | **132659** | **173378** |
| **NET ASSETS, at beginning of the year** | **33993** | **17458** | **26982** | **11997** | **—** | **95497** | **—** |
| **NET ASSETS, at end of the year** | **$119314** | **$29523** | **$83473** | **$52091** | **$16** | **$228156** | **$173378** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* 

***For The Year Ended December 31, 2024***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Black Rock**<br>**Small Cap**<br>**Index V.I.**<br>**Division** | **Black Rock**<br>**Total Return**<br>**V.I.**<br>**Division** | **BNY Mellon**<br>**MidCap**<br>**Stock**<br>**Division** | **Dimensional**<br>**VA Global**<br>**Bond**<br>**Division** | **Dimensional**<br>**VA International**<br>**Small**<br>**Division** | **Dimensional**<br>**VA U.S. Targeted**<br>**Value**<br>**Division** | **Dimensional**<br>**VIT Inflation-**<br>**Protected Securities**<br>**Division** |
| **Investment income** | **(Class III)** |  |  |  |  |  |  |
| Dividends | $4292 | $2351 | $555 | $— | $2195 | $1371 | $2435 |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality and expense risk charge and  |  |  |  |  |  |  |  |
| administrative expense charges | 1616 | 225 | 229 |  | 371 | 537 | 175 |
| **Net investment income (loss)** | **2676** | **2126** | **326** | **—** | **1824** | **834** | **2260** |
| **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | 6016 | (23) | 6723 |  | 248 | 569 | (100) |
| Realized gain distribution | 14280 |  | 1313 |  | 1716 | 6679 |  |
| Realized gain (loss) | 20296 | (23) | 8036 |  | 1964 | 7248 | (100) |
| Change in net unrealized appreciation  |  |  |  |  |  |  |  |
| (depreciation) of investments | 2384 | (3509) | 3735 | 5 | (1916) | (1698) | (3384) |
| **Net gain (loss) on investments**  | **22680** | **(3532)** | **11771** | **5** | **48** | **5550** | **(3484)** |
| **Net increase (decrease) in net assets** |  |  |  |  |  |  |  |
| **resulting from operations** | **25356** | **(1406)** | **12097** | **5** | **1872** | **6384** | **(1224)** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* 

***For The Year Ended December 31, 2024***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Black Rock**<br>**Small Cap**<br>**Index V.I.**<br>**Division** | **Black Rock**<br>**Total Return**<br>**V.I.**<br>**Division** | **BNY Mellon**<br>**MidCap**<br>**Stock**<br>**Division** | **Dimensional**<br>**VA Global**<br>**Bond**<br>**Division** | **Dimensional**<br>**VA International**<br>**Small**<br>**Division** | **Dimensional**<br>**VA U.S. Targeted**<br>**Value**<br>**Division** | **Dimensional**<br>**VIT Inflation-**<br>**Protected Securities**<br>**Division** |
| Capital transactions: | **(Class III)** |  |  |  |  |  |  |
| Transfer of net premiums | 70976 | 153669 | 156790 |  | 5464 | 11817 | 85844 |
| Transfers due to death benefits |  |  |  |  |  |  |  |
| Transfers due to withdrawal of funds | (29) | (4) |  |  | (1) |  | 34 |
| Transfers due to policy loans, net of repayments |  |  |  |  |  |  |  |
| Transfers due to charges for administrative and insurance costs | (3806) | (1370) | (3121) |  | (1584) | (2397) | (757) |
| Transfers between Divisions and |  |  |  |  |  |  |  |
| (to) from General Account | (24373) | (22277) | (70152) | 4455 | 4170 | 3239 |  |
| Net increase (decrease) in net assets |  |  |  |  |  |  |  |
| resulting from capital transactions | 42768 | 130018 | 83517 | 4455 | 8049 | 12659 | 85121 |
| **Total increase (decrease)** | **68124** | **128612** | **95614** | **4460** | **9921** | **19043** | **83897** |
| **NET ASSETS, at beginning of the year** | **247149** | **—** | **83271** | **—** | **57786** | **80818** | **16648** |
| **NET ASSETS, at end of the year** | **$315273** | **$128612** | **$178885** | **$4460** | **$67707** | **$99861** | **$100545** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* 

***For The Year Ended December 31, 2024***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**DWS**<br>**Small Cap**<br>**Index**<br>**Division** | **Eaton Vance**<br>**VT**<br>**Floating-Rate**<br>**Income**<br>**Division** | <br>**Fidelity®**<br>**VIP**<br>**Bond Index**<br>**Division** | <br>**Fidelity®**<br>**VIP**<br>**Bond Index**<br>**Division** | <br>**Fidelity®**<br>**VIP**<br>**Contrafund®**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Extended**<br>**Market Index**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Extended**<br>**Market Index**<br>**Division** |
| **Investment income** |  |  | **(Initial Class)** | **(Service Class 2)** |  | **(Initial Class)** | **(Service Class)** |
| Dividends | $52263 | $365 | $4518 | $12296 | $177856 | $881 | $4943 |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality and expense risk charge and  |  |  |  |  |  |  |  |
| administrative expense charges | 18605 | 16 | 42 | 566 | 438557 | 17 | 1102 |
| **Net investment income (loss)** | **33658** | **349** | **4476** | **11730** | **(260701)** | **864** | **3841** |
| **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | (68029) | 4 | 141 | (37) | 3782939 | 348 | 8980 |
| Realized gain distribution | 122492 |  |  |  | 11358004 |  |  |
| Realized gain (loss) | 54463 | 4 | 141 | (37) | 15140943 | 348 | 8980 |
| Change in net unrealized appreciation  |  |  |  |  |  |  |  |
| (depreciation) of investments | 362076 | (28) | (7230) | (16224) | 10956758 | (5603) | 28198 |
| **Net gain (loss) on investments**  | **416539** | **(24)** | **(7089)** | **(16261)** | **26097701** | **(5255)** | **37178** |
| **Net increase (decrease) in net assets** |  |  |  |  |  |  |  |
| **resulting from operations** | **450197** | **325** | **(2613)** | **(4531)** | **25837000** | **(4391)** | **41019** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* 

***For The Year Ended December 31, 2024***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**DWS**<br>**Small Cap**<br>**Index**<br>**Division** | **Eaton Vance**<br>**VT**<br>**Floating-Rate**<br>**Income**<br>**Division** | <br>**Fidelity®**<br>**VIP**<br>**Bond Index**<br>**Division** | <br>**Fidelity®**<br>**VIP**<br>**Bond Index**<br>**Division** | <br>**Fidelity®**<br>**VIP**<br>**Contrafund®**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Extended**<br>**Market Index**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Extended**<br>**Market Index**<br>**Division** |
| Capital transactions: |  |  | **(Initial Class)** | **(Service Class 2)** |  | **(Initial Class)** | **(Service Class)** |
| Transfer of net premiums | 90364 |  | 195989 | 570635 | 2053280 | 137433 | 142877 |
| Transfers due to death benefits | (28015) |  |  |  | (415768) |  |  |
| Transfers due to withdrawal of funds | (86209) | 1 | (136) | 117 | (2625169) | (200) | 156 |
| Transfers due to policy loans, net of repayments | (35826) |  |  |  | (1312179) |  |  |
| Transfers due to charges for administrative and insurance costs | (89840) | (65) | (8742) | (5150) | (2382069) | (6940) | (3666) |
| Transfers between Divisions and |  |  |  |  |  |  |  |
| (to) from General Account | (254916) | 562 | 11010 | (3013) | 438295 | 5324 | (15573) |
| Net increase (decrease) in net assets |  |  |  |  |  |  |  |
| resulting from capital transactions | (404442) | 498 | 198121 | 562589 | (4243610) | 135617 | 123794 |
| **Total increase (decrease)** | **45755** | **823** | **195508** | **558058** | **21593390** | **131226** | **164813** |
| **NET ASSETS, at beginning of the year** | **4568445** | **3976** | **—** | **37387** | **79541615** | **—** | **291990** |
| **NET ASSETS, at end of the year** | **$4614200** | **$4799** | **$195508** | **$595445** | **$101135005** | **$131226** | **$456803** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2024***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fidelity®**<br>**VIP**<br>**Freedom 2020**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Freedom 2025**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Freedom 2030**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Freedom 2035**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Freedom 2040**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Freedom 2045**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Freedom 2050**<br>**Division** |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends | $116 | $3238 | $8099 | $3872 | $22354 | $1262 | $9409 |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality and expense risk charge and  |  |  |  |  |  |  |  |
| administrative expense charges | 15 | 1277 | 1353 | 739 | 5550 | 337 | 2510 |
| **Net investment income (loss)** | **101** | **1961** | **6746** | **3133** | **16804** | **925** | **6899** |
| **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | 20 | 49582 | 5874 | 8108 | 107828 | 3119 | 47541 |
| Realized gain distribution | 115 | 160 | 826 | 2455 | 16614 | 1371 | 6438 |
| Realized gain (loss) | 135 | 49742 | 6700 | 10563 | 124442 | 4490 | 53979 |
| Change in net unrealized appreciation  |  |  |  |  |  |  |  |
| (depreciation) of investments | 41 | (14091) | 15334 | 3188 | (17657) | 3797 | 459 |
| **Net gain (loss) on investments**  | **176** | **35651** | **22034** | **13751** | **106785** | **8287** | **54438** |
| **Net increase (decrease) in net assets** |  |  |  |  |  |  |  |
| **resulting from operations** | **277** | **37612** | **28780** | **16884** | **123589** | **9212** | **61337** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2024***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fidelity®**<br>**VIP**<br>**Freedom 2020**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Freedom 2025**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Freedom 2030**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Freedom 2035**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Freedom 2040**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Freedom 2045**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Freedom 2050**<br>**Division** |
| Capital transactions: |  |  |  |  |  |  |  |
| Transfer of net premiums |  | 104983 | 94496 | 75425 | 1430608 | 30783 | 578414 |
| Transfers due to death benefits |  |  |  |  |  |  |  |
| Transfers due to withdrawal of funds |  | 2 | 2 | (2) | 9 |  | 5 |
| Transfers due to policy loans, net of repayments |  |  |  |  |  |  |  |
| Transfers due to charges for administrative and insurance costs | (58) | (3379) | (4693) | (2074) | (39042) | (789) | (17841) |
| Transfers between Divisions and |  |  |  |  |  |  |  |
| (to) from General Account | 3551 | (298216) | 80480 | (12840) | (332083) | 4432 | (28686) |
| Net increase (decrease) in net assets |  |  |  |  |  |  |  |
| resulting from capital transactions | 3493 | (196610) | 170285 | 60509 | 1059492 | 34426 | 531892 |
| **Total increase (decrease)** | **3770** | **(158998)** | **199065** | **77393** | **1183081** | **43638** | **593229** |
| **NET ASSETS, at beginning of the year** | **377** | **243367** | **183741** | **145691** | **558221** | **63127** | **221174** |
| **NET ASSETS, at end of the year** | **$4147** | **$84369** | **$382806** | **$223084** | **$1741302** | **$106765** | **$814403** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2024***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fidelity®**<br>**VIP**<br>**Freedom 2055**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Freedom 2060**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Freedom 2065**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Freedom Income**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Growth**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Health Care**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Index 500**<br>**Division** |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends | $1767 | $2890 | $20 | $11942 | $— | $— | $37111 |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality and expense risk charge and  |  |  |  |  |  |  |  |
| administrative expense charges | 504 | 788 | 6 | 502 | 2847 | 23 | 12119 |
| **Net investment income (loss)** | **1263** | **2102** | **14** | **11440** | **(2847)** | **(23)** | **24992** |
| **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | 6183 | 2228 | 136 | 4057 | 54799 | 147 | 156145 |
| Realized gain distribution | 2100 | 3380 | 18 | 241 | 156092 |  | 2074 |
| Realized gain (loss) | 8283 | 5608 | 154 | 4298 | 210891 | 147 | 158219 |
| Change in net unrealized appreciation  |  |  |  |  |  |  |  |
| (depreciation) of investments | 4887 | 14231 | 16 | (20113) | (60399) | (4035) | 382754 |
| **Net gain (loss) on investments**  | **13170** | **19839** | **170** | **(15815)** | **150492** | **(3888)** | **540973** |
| **Net increase (decrease) in net assets** |  |  |  |  |  |  |  |
| **resulting from operations** | **14433** | **21941** | **184** | **(4375)** | **147645** | **(3911)** | **565965** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2024***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fidelity®**<br>**VIP**<br>**Freedom 2055**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Freedom 2060**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Freedom 2065**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Freedom Income**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Growth**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Health Care**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Index 500**<br>**Division** |
| Capital transactions: |  |  |  |  |  |  |  |
| Transfer of net premiums | 50646 | 79358 | 544 | 39434 | 242763 | 77688 | 1343120 |
| Transfers due to death benefits |  |  |  |  |  |  |  |
| Transfers due to withdrawal of funds |  |  |  | (2) | 23 | (13) | 681 |
| Transfers due to policy loans, net of repayments |  |  |  |  |  |  |  |
| Transfers due to charges for administrative and insurance costs | (1173) | (3393) | (15) | (1749) | (13448) | (3086) | (41412) |
| Transfers between Divisions and |  |  |  |  |  |  |  |
| (to) from General Account | 37 | 55020 | (876) | 312458 | (74857) | 3842 | 422421 |
| Net increase (decrease) in net assets |  |  |  |  |  |  |  |
| resulting from capital transactions | 49510 | 130985 | (347) | 350141 | 154481 | 78431 | 1724810 |
| **Total increase (decrease)** | **63943** | **152926** | **(163)** | **345766** | **302126** | **74520** | **2290775** |
| **NET ASSETS, at beginning of the year** | **88839** | **104363** | **2042** | **45239** | **452184** | **—** | **1359985** |
| **NET ASSETS, at end of the year** | **$152782** | **$257289** | **$1879** | **$391005** | **$754310** | **$74520** | **$3650760** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2024***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**Fidelity®**<br>**VIP**<br>**International Index**<br>**Division** | <br>**Fidelity®**<br>**VIP**<br>**International Index**<br>**Division** | <br>**Fidelity®**<br>**VIP**<br>**Overseas**<br>**Division** | <br>**Fidelity®**<br>**VIP**<br>**Real Estate**<br>**Division** | <br>**Fidelity®**<br>**VIP**<br>**Real Estate**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Strategic**<br>**Income**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Total Market**<br>**Index**<br>**Division** |
| **Investment income** | **(Initial Class)** | **(Service Class 2)** |  | **(Initial Class)** | **(Service Class)** |  |  |
| Dividends | $2736 | $11054 | $2128 | $437 | $1509 | $851 | $3416 |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality and expense risk charge and  |  |  |  |  |  |  |  |
| administrative expense charges | 28 | 993 | 622 | 5 | 64 | 7 | 114 |
| **Net investment income (loss)** | **2708** | **10061** | **1506** | **432** | **1445** | **844** | **3302** |
| **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | 69 | (858) | 5682 | 36 | 1 | 38 | 2458 |
| Realized gain distribution |  |  | 5991 |  |  |  |  |
| Realized gain (loss) | 69 | (858) | 11673 | 36 | 1 | 38 | 2458 |
| Change in net unrealized appreciation  |  |  |  |  |  |  |  |
| (depreciation) of investments | (8995) | (3520) | (8294) | (91) | (2785) | (1105) | 7958 |
| **Net gain (loss) on investments**  | **(8926)** | **(4378)** | **3379** | **(55)** | **(2784)** | **(1067)** | **10416** |
| **Net increase (decrease) in net assets** |  |  |  |  |  |  |  |
| **resulting from operations** | **(6218)** | **5683** | **4885** | **377** | **(1339)** | **(223)** | **13718** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2024***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**Fidelity®**<br>**VIP**<br>**International Index**<br>**Division** | <br>**Fidelity®**<br>**VIP**<br>**International Index**<br>**Division** | <br>**Fidelity®**<br>**VIP**<br>**Overseas**<br>**Division** | <br>**Fidelity®**<br>**VIP**<br>**Real Estate**<br>**Division** | <br>**Fidelity®**<br>**VIP**<br>**Real Estate**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Strategic**<br>**Income**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Total Market**<br>**Index**<br>**Division** |
| Capital transactions: | **(Initial Class)** | **(Service Class 2)** |  | **(Initial Class)** | **(Service Class)** |  |  |
| Transfer of net premiums | 203803 | 248439 | 54827 | 17004 | 1491 | 36537 | 480232 |
| Transfers due to death benefits |  |  |  |  |  |  |  |
| Transfers due to withdrawal of funds | (273) | 39 | 269 | (1) |  | (123) | (91) |
| Transfers due to policy loans, net of repayments |  |  |  |  |  |  | (7382) |
| Transfers due to charges for administrative and insurance costs | (12353) | (4880) | (2226) | (793) | (34) | (3244) | (54657) |
| Transfers between Divisions and |  |  |  |  |  |  |  |
| (to) from General Account | 12567 | (11768) | (35860) | 577 | 42217 | (28) | 30152 |
| Net increase (decrease) in net assets |  |  |  |  |  |  |  |
| resulting from capital transactions | 203744 | 231830 | 17010 | 16787 | 43674 | 33142 | 448254 |
| **Total increase (decrease)** | **197526** | **237513** | **21895** | **17164** | **42335** | **32919** | **461972** |
| **NET ASSETS, at beginning of the year** | **—** | **239090** | **105862** | **—** | **—** | **—** | **—** |
| **NET ASSETS, at end of the year** | **$197526** | **$476603** | **$127757** | **$17164** | **$42335** | **$32919** | **$461972** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2024***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Franklin**<br>**Small Cap**<br>**Value**<br>**VIP**<br>**Division** | **Franklin**<br>**Strategic**<br>**Income**<br>**VIP**<br>**Division** | **Goldman**<br>**Sachs**<br>**Core Fixed**<br>**Income**<br>**Division** | **Goldman**<br>**Sachs**<br>**International**<br>**Equity Insights**<br>**Division** | **Goldman**<br>**Sachs**<br>**Mid Cap**<br>**Growth**<br>**Division** | **Goldman**<br>**Sachs**<br>**Mid Cap**<br>**Value**<br>**Division** | **Goldman**<br>**Sachs**<br>**Strategic**<br>**Growth**<br>**Division** |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends | $41111 | $— | $59 | $7246 | $— | $2416 | $— |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality and expense risk charge and  |  |  |  |  |  |  |  |
| administrative expense charges | 19140 | 146 | 7 | 449 | 20 | 988 | 33714 |
| **Net investment income (loss)** | **21971** | **(146)** | **52** | **6797** | **(20)** | **1428** | **(33714)** |
| **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | (129734) | 42 | 195 | 3018 | 24 | (3056) | 12857 |
| Realized gain distribution | 101612 |  |  | 8430 | 701 | 13813 | 668592 |
| Realized gain (loss) | (28122) | 42 | 195 | 11448 | 725 | 10757 | 681449 |
| Change in net unrealized appreciation  |  |  |  |  |  |  |  |
| (depreciation) of investments | 472974 | 1462 | (7) | (27787) | (3838) | 12471 | 1604230 |
| **Net gain (loss) on investments**  | **444852** | **1504** | **188** | **(16339)** | **(3113)** | **23228** | **2285679** |
| **Net increase (decrease) in net assets** |  |  |  |  |  |  |  |
| **resulting from operations** | **466823** | **1358** | **240** | **(9542)** | **(3133)** | **24656** | **2251965** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2024***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Franklin**<br>**Small Cap**<br>**Value**<br>**VIP**<br>**Division** | **Franklin**<br>**Strategic**<br>**Income**<br>**VIP**<br>**Division** | **Goldman**<br>**Sachs**<br>**Core Fixed**<br>**Income**<br>**Division** | **Goldman**<br>**Sachs**<br>**International**<br>**Equity Insights**<br>**Division** | **Goldman**<br>**Sachs**<br>**Mid Cap**<br>**Growth**<br>**Division** | **Goldman**<br>**Sachs**<br>**Mid Cap**<br>**Value**<br>**Division** | **Goldman**<br>**Sachs**<br>**Strategic**<br>**Growth**<br>**Division** |
| Capital transactions: |  |  |  |  |  |  |  |
| Transfer of net premiums | 173154 | 144575 |  | 231321 |  | 6993 | 129194 |
| Transfers due to death benefits | (16517) |  |  |  |  |  | (94643) |
| Transfers due to withdrawal of funds | (192328) |  |  | 4 | (1548) | (3) | (99082) |
| Transfers due to policy loans, net of repayments | (36546) |  |  |  |  |  | (87306) |
| Transfers due to charges for administrative and insurance costs | (138214) | (1945) | (30) | (3531) | (130) | (1655) | (208949) |
| Transfers between Divisions and |  |  |  |  |  |  |  |
| (to) from General Account | 78196 |  | (209) | (19152) | 62526 | (152069) | (7028) |
| Net increase (decrease) in net assets |  |  |  |  |  |  |  |
| resulting from capital transactions | (132255) | 142630 | (239) | 208642 | 60848 | (146734) | (367814) |
| **Total increase (decrease)** | **334568** | **143988** | **1** | **199100** | **57715** | **(122078)** | **1884151** |
| **NET ASSETS, at beginning of the year** | **4355256** | **—** | **409** | **47304** | **5342** | **364780** | **7220406** |
| **NET ASSETS, at end of the year** | **$4689824** | **$143988** | **$410** | **$246404** | **$63057** | **$242702** | **$9104557** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2024***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Invesco**<br>**Oppenheimer V.I.**<br>**International**<br>**Growth**<br>**Division** | <br>**Invesco V.I.**<br>**Capital**<br>**Appreciation**<br>**Division** | <br>**Invesco V.I.**<br>**Core Plus Bond**<br>**Division** | <br>**Invesco V.I.**<br>**Discovery**<br>**Mid Cap Growth**<br>**Division** | <br>**Invesco V.I.**<br>**Diversified**<br>**Dividend**<br>**Division** | <br>**Invesco V.I.**<br>**Global**<br>**Division** | <br>**Invesco V.I.**<br>**Global**<br>**Real Estate**<br>**Division** |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends | $26135 | $— | $103243 | $— | $19653 | $— | $3670 |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality and expense risk charge and  |  |  |  |  |  |  |  |
| administrative expense charges | 16197 | 309515 | 11867 | 287416 | 3388 | 301898 | 223 |
| **Net investment income (loss)** | **9938** | **(309515)** | **91376** | **(287416)** | **16265** | **(301898)** | **3447** |
| **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | (73254) | 905 | (45322) | 421984 | (971) | 1271238 | (99) |
| Realized gain distribution | 268025 |  |  |  | 41830 | 3612347 |  |
| Realized gain (loss) | 194771 | 905 | (45322) | 421984 | 40859 | 4883585 | (99) |
| Change in net unrealized appreciation  |  |  |  |  |  |  |  |
| (depreciation) of investments | (294419) | 19401157 | 26020 | 12415830 | 39723 | 4223565 | (8489) |
| **Net gain (loss) on investments**  | **(99648)** | **19402062** | **(19302)** | **12837814** | **80582** | **9107150** | **(8588)** |
| **Net increase (decrease) in net assets** |  |  |  |  |  |  |  |
| **resulting from operations** | **(89710)** | **19092547** | **72074** | **12550398** | **96847** | **8805252** | **(5141)** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2024***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Invesco**<br>**Oppenheimer V.I.**<br>**International**<br>**Growth**<br>**Division** | <br>**Invesco V.I.**<br>**Capital**<br>**Appreciation**<br>**Division** | <br>**Invesco V.I.**<br>**Core Plus Bond**<br>**Division** | <br>**Invesco V.I.**<br>**Discovery**<br>**Mid Cap Growth**<br>**Division** | <br>**Invesco V.I.**<br>**Diversified**<br>**Dividend**<br>**Division** | <br>**Invesco V.I.**<br>**Global**<br>**Division** | <br>**Invesco V.I.**<br>**Global**<br>**Real Estate**<br>**Division** |
| Capital transactions: |  |  |  |  |  |  |  |
| Transfer of net premiums | 333080 | 1474276 | 126102 | 1532758 | 391249 | 1658351 | 144576 |
| Transfers due to death benefits | (14339) | (708201) | (4920) | (166432) |  | (648908) |  |
| Transfers due to withdrawal of funds | (231947) | (2580434) | (86016) | (2081795) | (7506) | (2160200) | (1) |
| Transfers due to policy loans, net of repayments | (41416) | (903111) | (19494) | (1058593) | (17986) | (897599) |  |
| Transfers due to charges for administrative and insurance costs | (157570) | (1797335) | (104496) | (1522215) | (38466) | (1742852) | (2075) |
| Transfers between Divisions and |  |  |  |  |  |  |  |
| (to) from General Account | (81643) | 20493 | 39056 | 402599 | (46288) | 425189 | (10044) |
| Net increase (decrease) in net assets |  |  |  |  |  |  |  |
| resulting from capital transactions | (193835) | (4494312) | (49768) | (2893678) | 281003 | (3366019) | 132456 |
| **Total increase (decrease)** | **(283545)** | **14598235** | **22306** | **9656720** | **377850** | **5439233** | **127315** |
| **NET ASSETS, at beginning of the year** | **4056404** | **58605516** | **2790568** | **54170282** | **736838** | **57370793** | **10603** |
| **NET ASSETS, at end of the year** | **$3772859** | **$73203751** | **$2812874** | **$63827002** | **$1114688** | **$62810026** | **$137918** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2024***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Invesco V.I.**<br>**Global**<br>**Strategic Income**<br>**Division** | **Invesco V.I.**<br>**Government**<br>**Money Market**<br>**Division** | **Invesco V.I.**<br>**Health**<br>**Care**<br>**Division** | <br>**Invesco V.I.**<br>**Main Street**<br>**Division** | **Invesco V.I.**<br>**Small Cap**<br>**Equity**<br>**Division** | <br>**Invesco V.I.**<br>**Technology**<br>**Division** | **Janus**<br>**Henderson**<br>**Balanced**<br>**Division** |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends | $220284 | $15 | $— | $— | $266 | $— | $81187 |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality and expense risk charge and  |  |  |  |  |  |  |  |
| administrative expense charges | 31384 | 2 | 5828 | 84697 | 643 | 8781 | 21897 |
| **Net investment income (loss)** | **188900** | **13** | **(5828)** | **(84697)** | **(377)** | **(8781)** | **59290** |
| **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | (167820) |  | 8522 | (513998) | (430) | (229273) | 182385 |
| Realized gain distribution |  |  |  | 1851236 | 9409 | 78611 |  |
| Realized gain (loss) | (167820) |  | 8522 | 1337238 | 8979 | (150662) | 182385 |
| Change in net unrealized appreciation  |  |  |  |  |  |  |  |
| (depreciation) of investments | 161748 |  | 38115 | 2501347 | 16503 | 669832 | 380083 |
| **Net gain (loss) on investments**  | **(6072)** | **—** | **46637** | **3838585** | **25482** | **519170** | **562468** |
| **Net increase (decrease) in net assets** |  |  |  |  |  |  |  |
| **resulting from operations** | **182828** | **13** | **40809** | **3753888** | **25105** | **510389** | **621758** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2024***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Invesco V.I.**<br>**Global**<br>**Strategic Income**<br>**Division** | **Invesco V.I.**<br>**Government**<br>**Money Market**<br>**Division** | **Invesco V.I.**<br>**Health**<br>**Care**<br>**Division** | <br>**Invesco V.I.**<br>**Main Street**<br>**Division** | **Invesco V.I.**<br>**Small Cap**<br>**Equity**<br>**Division** | <br>**Invesco V.I.**<br>**Technology**<br>**Division** | **Janus**<br>**Henderson**<br>**Balanced**<br>**Division** |
| Capital transactions: |  |  |  |  |  |  |  |
| Transfer of net premiums | 355629 | 13 | 19287 | 394143 | 64639 | 53496 | 86643 |
| Transfers due to death benefits | (27234) |  |  | (18436) |  |  | (39727) |
| Transfers due to withdrawal of funds | (135921) |  | (11319) | (453695) | (932) | (52622) | (153273) |
| Transfers due to policy loans, net of repayments | (82945) |  | (27403) | (242777) |  | (25965) | (21616) |
| Transfers due to charges for administrative and insurance costs | (313071) | (3) | (36262) | (365694) | (2112) | (75571) | (143272) |
| Transfers between Divisions and |  |  |  |  |  |  |  |
| (to) from General Account | (95282) | 5552 | 134281 | (78348) | 62508 | (209144) | (13887) |
| Net increase (decrease) in net assets |  |  |  |  |  |  |  |
| resulting from capital transactions | (298824) | 5562 | 78584 | (764807) | 124103 | (309806) | (285132) |
| **Total increase (decrease)** | **(115996)** | **5575** | **119393** | **2989081** | **149208** | **200583** | **336626** |
| **NET ASSETS, at beginning of the year** | **7309937** | **—** | **1067398** | **16562652** | **123550** | **1756161** | **4298841** |
| **NET ASSETS, at end of the year** | **$7193941** | **$5575** | **$1186791** | **$19551733** | **$272758** | **$1956744** | **$4635467** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2024***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**Janus**<br>**Henderson**<br>**Forty**<br>**Division** | **Janus**<br>**Henderson**<br>**Global**<br>**Research**<br>**Division** | **Janus Henderson**<br>**Global**<br>**Technology and**<br>**Innovation**<br>**Division** | **LVIP American**<br>**Century**<br>**Capital**<br>**Appreciation**<br>**Division** | **LVIP American**<br>**Century**<br>**Disciplined**<br>**Core Value**<br>**Division** | **LVIP American**<br>**Century**<br>**Inflation**<br>**Protection**<br>**Division** | <br>**LVIP American**<br>**Century**<br>**International**<br>**Division** |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends | $26848 | $115449 | $— | $— | $402319 | $1878 | $3451 |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality and expense risk charge and  |  |  |  |  |  |  |  |
| administrative expense charges | 109874 | 68935 | 32 | 336 | 146757 | 58 | 530 |
| **Net investment income (loss)** | **(83026)** | **46514** | **(32)** | **(336)** | **255562** | **1820** | **2921** |
| **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | 794034 | 543506 | 11 | 25691 | 270167 | 13 | 387 |
| Realized gain distribution | 1401369 | 485065 |  | 9842 |  |  |  |
| Realized gain (loss) | 2195403 | 1028571 | 11 | 35533 | 270167 | 13 | 387 |
| Change in net unrealized appreciation  |  |  |  |  |  |  |  |
| (depreciation) of investments | 3854722 | 2000408 | 2885 | (1165) | 3038263 | (2177) | (2760) |
| **Net gain (loss) on investments**  | **6050125** | **3028979** | **2896** | **34368** | **3308430** | **(2164)** | **(2373)** |
| **Net increase (decrease) in net assets** |  |  |  |  |  |  |  |
| **resulting from operations** | **5967099** | **3075493** | **2864** | **34032** | **3563992** | **(344)** | **548** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2024***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**Janus**<br>**Henderson**<br>**Forty**<br>**Division** | **Janus**<br>**Henderson**<br>**Global**<br>**Research**<br>**Division** | **Janus Henderson**<br>**Global**<br>**Technology and**<br>**Innovation**<br>**Division** | **LVIP American**<br>**Century**<br>**Capital**<br>**Appreciation**<br>**Division** | **LVIP American**<br>**Century**<br>**Disciplined**<br>**Core Value**<br>**Division** | **LVIP American**<br>**Century**<br>**Inflation**<br>**Protection**<br>**Division** | <br>**LVIP American**<br>**Century**<br>**International**<br>**Division** |
| Capital transactions: |  |  |  |  |  |  |  |
| Transfer of net premiums | 381371 | 331030 | 114143 | 143044 | 811456 | 57830 | 88261 |
| Transfers due to death benefits | (41154) | (82423) |  |  | (142921) |  |  |
| Transfers due to withdrawal of funds | (679473) | (292982) | (120) | (1) | (858474) |  | (1) |
| Transfers due to policy loans, net of repayments | (305727) | (253315) |  |  | (449044) |  |  |
| Transfers due to charges for administrative and insurance costs | (536728) | (309595) | (5780) | (2173) | (958895) | (777) | (1476) |
| Transfers between Divisions and |  |  |  |  |  |  |  |
| (to) from General Account | (706984) | 29489 | 5722 | (167278) | (77656) |  | (1634) |
| Net increase (decrease) in net assets |  |  |  |  |  |  |  |
| resulting from capital transactions | (1888695) | (577796) | 113965 | (26408) | (1675534) | 57053 | 85150 |
| **Total increase (decrease)** | **4078404** | **2497697** | **116829** | **7624** | **1888458** | **56709** | **85698** |
| **NET ASSETS, at beginning of the year** | **22328419** | **13534621** | **—** | **151581** | **28872205** | **—** | **148900** |
| **NET ASSETS, at end of the year** | **$26406823** | **$16032318** | **$116829** | **$159205** | **$30760663** | **$56709** | **$234598** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2024***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP American**<br>**Century**<br>**Value**<br>**Division** | **Macquarie VIP**<br>**Asset**<br>**Strategy**<br>**Division** | **Macquarie VIP**<br>**Emerging**<br>**Markets**<br>**Division** | <br>**Macquarie VIP**<br>**Growth**<br>**Division** | **Macquarie VIP**<br>**Science**<br>**and Technology**<br>**Division** | **Macquarie VIP**<br>**Small Cap**<br>**Value**<br>**Division** | **MFS®**<br>**Global**<br>**Real Estate**<br>**Division** |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends | $81354 | $1 | $2473 | $— | $— | $438 | $697 |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality and expense risk charge and  |  |  |  |  |  |  |  |
| administrative expense charges | 11944 |  | 226 |  | 628 | 129 | 111 |
| **Net investment income (loss)** | **69410** | **1** | **2247** | **—** | **(628)** | **309** | **586** |
| **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | 94317 |  | 220 |  | 2069 | 38 | (568) |
| Realized gain distribution | 159367 | 2 |  |  | 4184 | 1647 |  |
| Realized gain (loss) | 253684 | 2 | 220 |  | 6253 | 1685 | (568) |
| Change in net unrealized appreciation  |  |  |  |  |  |  |  |
| (depreciation) of investments | (84218) | (4) | 1448 | (165) | 30571 | 4082 | (222) |
| **Net gain (loss) on investments**  | **169466** | **(2)** | **1668** | **(165)** | **36824** | **5767** | **(790)** |
| **Net increase (decrease) in net assets** |  |  |  |  |  |  |  |
| **resulting from operations** | **238876** | **(1)** | **3915** | **(165)** | **36196** | **6076** | **(204)** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2024***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP American**<br>**Century**<br>**Value**<br>**Division** | **Macquarie VIP**<br>**Asset**<br>**Strategy**<br>**Division** | **Macquarie VIP**<br>**Emerging**<br>**Markets**<br>**Division** | <br>**Macquarie VIP**<br>**Growth**<br>**Division** | **Macquarie VIP**<br>**Science**<br>**and Technology**<br>**Division** | **Macquarie VIP**<br>**Small Cap**<br>**Value**<br>**Division** | **MFS®**<br>**Global**<br>**Real Estate**<br>**Division** |
| Capital transactions: |  |  |  |  |  |  |  |
| Transfer of net premiums | 71703 | 96 | 5180 | 12000 | 5140 | 52633 | 2163 |
| Transfers due to death benefits | (32697) |  |  |  |  |  |  |
| Transfers due to withdrawal of funds | (256308) |  |  |  |  | (1) |  |
| Transfers due to policy loans, net of repayments | (17110) |  |  |  |  |  |  |
| Transfers due to charges for administrative and insurance costs | (84835) | (28) | (1687) | (76) | (2197) | (571) | (559) |
| Transfers between Divisions and |  |  |  |  |  |  |  |
| (to) from General Account | 44857 |  | (6410) |  | 231320 | 5538 | 25057 |
| Net increase (decrease) in net assets |  |  |  |  |  |  |  |
| resulting from capital transactions | (274390) | 68 | (2917) | 11924 | 234263 | 57599 | 26661 |
| **Total increase (decrease)** | **(35514)** | **67** | **998** | **11759** | **270459** | **63675** | **26457** |
| **NET ASSETS, at beginning of the year** | **2807129** | **—** | **112021** | **—** | **33702** | **33180** | **12038** |
| **NET ASSETS, at end of the year** | **$2771615** | **$67** | **$113019** | **$11759** | **$304161** | **$96855** | **$38495** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2024***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **MFS®**<br>**Growth**<br>**Series**<br>**Division** | **MFS®**<br>**International**<br>**Intrinsic Value**<br>**Division** | **MFS®**<br>**Investors**<br>**Trust**<br>**Division** | **MFS®**<br>**Mid Cap**<br>**Value**<br>**Division** | **MFS®**<br>**New**<br>**Discovery**<br>**Division** | <br>**MFS®**<br>**Value**<br>**Division** | **MML**<br>**Aggressive**<br>**Allocation**<br>**Division** |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends | $— | $710 | $1452 | $2996 | $— | $15387 | $1616 |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality and expense risk charge and  |  |  |  |  |  |  |  |
| administrative expense charges | 70 | 276 | 808 | 881 | 6545 | 3108 | 529 |
| **Net investment income (loss)** | **(70)** | **434** | **644** | **2115** | **(6545)** | **12279** | **1087** |
| **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | 320 | 6624 | 366 | 9617 | (40481) | 1727 | 297 |
| Realized gain distribution | 1508 | 2291 | 14774 | 10103 |  | 69689 | 2586 |
| Realized gain (loss) | 1828 | 8915 | 15140 | 19720 | (40481) | 71416 | 2883 |
| Change in net unrealized appreciation  |  |  |  |  |  |  |  |
| (depreciation) of investments | 3612 | (3449) | 21163 | 9298 | 128517 | (551) | 2320 |
| **Net gain (loss) on investments**  | **5440** | **5466** | **36303** | **29018** | **88036** | **70865** | **5203** |
| **Net increase (decrease) in net assets** |  |  |  |  |  |  |  |
| **resulting from operations** | **5370** | **5900** | **36947** | **31133** | **81491** | **83144** | **6290** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2024***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **MFS®**<br>**Growth**<br>**Series**<br>**Division** | **MFS®**<br>**International**<br>**Intrinsic Value**<br>**Division** | **MFS®**<br>**Investors**<br>**Trust**<br>**Division** | **MFS®**<br>**Mid Cap**<br>**Value**<br>**Division** | **MFS®**<br>**New**<br>**Discovery**<br>**Division** | <br>**MFS®**<br>**Value**<br>**Division** | **MML**<br>**Aggressive**<br>**Allocation**<br>**Division** |
| Capital transactions: |  |  |  |  |  |  |  |
| Transfer of net premiums | 1 | 59221 | 4035 | 113614 | 25145 | 311593 | 408110 |
| Transfers due to death benefits |  |  |  |  |  |  |  |
| Transfers due to withdrawal of funds |  |  | (14136) | (6) | (31320) | 3 | (737) |
| Transfers due to policy loans, net of repayments |  |  | (779) |  | (8137) |  |  |
| Transfers due to charges for administrative and insurance costs | (291) | (770) | (11299) | (4959) | (34994) | (6236) | (29625) |
| Transfers between Divisions and |  |  |  |  |  |  |  |
| (to) from General Account | 1747 | (79220) | 244 | (25997) | (1151) | (5103) | 29295 |
| Net increase (decrease) in net assets |  |  |  |  |  |  |  |
| resulting from capital transactions | 1457 | (20769) | (21935) | 82652 | (50457) | 300257 | 407043 |
| **Total increase (decrease)** | **6827** | **(14869)** | **15012** | **113785** | **31034** | **383401** | **413333** |
| **NET ASSETS, at beginning of the year** | **15873** | **66456** | **199939** | **166515** | **1319477** | **611859** | **86393** |
| **NET ASSETS, at end of the year** | **$22700** | **$51587** | **$214951** | **$280300** | **$1350511** | **$995260** | **$499726** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2024***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **MML**<br>**American Funds**<br>**Core Allocation**<br>**Division** | **MML**<br>**American Funds**<br>**Growth**<br>**Division** | **MML**<br>**Balanced**<br>**Allocation**<br>**Division** | <br>**MML**<br>**Blend**<br>**Division** | **MML**<br>**Blue Chip**<br>**Growth**<br>**Division** | **MML**<br>**Conservative**<br>**Allocation**<br>**Division** | **MML**<br>**Dynamic**<br>**Bond**<br>**Division** |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends | $383 | $— | $1424 | $387649 | $— | $394 | $628 |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality and expense risk charge and  |  |  |  |  |  |  |  |
| administrative expense charges | 15 | 477 | 154 | 88903 | 32912 | 44 | 177 |
| **Net investment income (loss)** | **368** | **(477)** | **1270** | **298746** | **(32912)** | **350** | **451** |
| **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | 264 | 31001 | 2504 | (171568) | 110321 | 1240 | (77) |
| Realized gain distribution | 360 | 40525 |  | 193552 | 578233 |  |  |
| Realized gain (loss) | 624 | 71526 | 2504 | 21984 | 688554 | 1240 | (77) |
| Change in net unrealized appreciation  |  |  |  |  |  |  |  |
| (depreciation) of investments | (116) | 75930 | (336) | 2357247 | 1629011 | (1572) | (3981) |
| **Net gain (loss) on investments**  | **508** | **147456** | **2168** | **2379231** | **2317565** | **(332)** | **(4058)** |
| **Net increase (decrease) in net assets** |  |  |  |  |  |  |  |
| **resulting from operations** | **876** | **146979** | **3438** | **2677977** | **2284653** | **18** | **(3607)** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2024***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **MML**<br>**American Funds**<br>**Core Allocation**<br>**Division** | **MML**<br>**American Funds**<br>**Growth**<br>**Division** | **MML**<br>**Balanced**<br>**Allocation**<br>**Division** | <br>**MML**<br>**Blend**<br>**Division** | **MML**<br>**Blue Chip**<br>**Growth**<br>**Division** | **MML**<br>**Conservative**<br>**Allocation**<br>**Division** | **MML**<br>**Dynamic**<br>**Bond**<br>**Division** |
| Capital transactions: |  |  |  |  |  |  |  |
| Transfer of net premiums | 37994 | 226085 | 53731 | 651628 | 406377 | 96 | 215703 |
| Transfers due to death benefits |  |  |  | (117362) | (72778) |  |  |
| Transfers due to withdrawal of funds | (488) | (447) | (665) | (606402) | (236256) |  | 93 |
| Transfers due to policy loans, net of repayments |  | (7270) |  | (224399) | (17100) |  |  |
| Transfers due to charges for administrative and insurance costs | (7602) | (32157) | (14431) | (834608) | (202825) | (94) | (999) |
| Transfers between Divisions and |  |  |  |  |  |  |  |
| (to) from General Account | 4125 | 139723 | 87722 | 69364 | 365987 | (4095) |  |
| Net increase (decrease) in net assets |  |  |  |  |  |  |  |
| resulting from capital transactions | 34029 | 325934 | 126357 | (1061779) | 243405 | (4093) | 214797 |
| **Total increase (decrease)** | **34905** | **472913** | **129795** | **1616198** | **2528058** | **(4075)** | **211190** |
| **NET ASSETS, at beginning of the year** | **—** | **308298** | **8320** | **19502262** | **6421821** | **21961** | **8059** |
| **NET ASSETS, at end of the year** | **$34905** | **$781211** | **$138115** | **$21118460** | **$8949879** | **$17886** | **$219249** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2024***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**MML**<br>**Equity**<br>**Division** | **MML**<br>**Equity**<br>**Income**<br>**Division** | **MML**<br>**Equity**<br>**Index**<br>**Division** | **MML**<br>**Equity**<br>**Index**<br>**Division** | **MML**<br>**Focused**<br>**Equity**<br>**Division** | <br>**MML**<br>**Foreign**<br>**Division** | **MML**<br>**Fundamental**<br>**Equity**<br>**Division** |
| **Investment income** |  |  | **(Class II)** | **(Class III)** |  |  |  |
| Dividends | $913855 | $955 | $702243 | $3313 | $1 | $7296 | $102 |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality and expense risk charge and  |  |  |  |  |  |  |  |
| administrative expense charges | 228447 | 550 | 282179 | 226 | 93 | 812 | 44 |
| **Net investment income (loss)** | **685408** | **405** | **420064** | **3087** | **(92)** | **6484** | **58** |
| **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | 1025902 | 2277 | 3300427 | 1782 | 1281 | 150 | 14 |
| Realized gain distribution | 486721 | 3116 | 1920897 | 8150 | 3 |  | 1192 |
| Realized gain (loss) | 1512623 | 5393 | 5221324 | 9932 | 1284 | 150 | 1206 |
| Change in net unrealized appreciation  |  |  |  |  |  |  |  |
| (depreciation) of investments | 5564810 | (3242) | 7897888 | 3615 | 42 | (10939) | 1571 |
| **Net gain (loss) on investments**  | **7077433** | **2151** | **13119212** | **13547** | **1326** | **(10789)** | **2777** |
| **Net increase (decrease) in net assets** |  |  |  |  |  |  |  |
| **resulting from operations** | **7762841** | **2556** | **13539276** | **16634** | **1234** | **(4305)** | **2835** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2024***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**MML**<br>**Equity**<br>**Division** | **MML**<br>**Equity**<br>**Income**<br>**Division** | **MML**<br>**Equity**<br>**Index**<br>**Division** | **MML**<br>**Equity**<br>**Index**<br>**Division** | **MML**<br>**Focused**<br>**Equity**<br>**Division** | <br>**MML**<br>**Foreign**<br>**Division** | **MML**<br>**Fundamental**<br>**Equity**<br>**Division** |
| |  |  | **(Class II)** | **(Class III)** |  |  |  |
| Capital transactions: |  |  |  |  |  |  |  |
| Transfer of net premiums | 1519074 | 22258 | 1065469 | 1153275 | 1406 | 196985 | 62789 |
| Transfers due to death benefits | (357257) |  | (3889321) |  |  |  |  |
| Transfers due to withdrawal of funds | (1919283) | (1) | (1911002) | 73 | (1) | 1 | (49) |
| Transfers due to policy loans, net of repayments | (568736) |  | (836727) |  |  |  |  |
| Transfers due to charges for administrative and insurance costs | (1617422) | (3216) | (1434254) | (94991) | (959) | (4255) | (3286) |
| Transfers between Divisions and |  |  |  |  |  |  |  |
| (to) from General Account | 553405 | 193597 | 736715 | 109009 | (61269) | 12173 | (10610) |
| Net increase (decrease) in net assets |  |  |  |  |  |  |  |
| resulting from capital transactions | (2390219) | 212638 | (6269120) | 1167366 | (60823) | 204904 | 48844 |
| **Total increase (decrease)** | **5372622** | **215194** | **7270156** | **1184000** | **(59589)** | **200599** | **51679** |
| **NET ASSETS, at beginning of the year** | **42224713** | **87052** | **59220858** | **—** | **60558** | **89474** | **—** |
| **NET ASSETS, at end of the year** | **$47597335** | **$302246** | **$66491014** | **$1184000** | **$969** | **$290073** | **$51679** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2024***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | | **MML** |
|  | | | | | | | **Inflation-** |
|  | | | | | | | **Protected** |
|  | | | | | | | **and Income** |
|  | <br>**MML**<br>**Fundamental**<br>**Value**<br>**Division** | <br>**MML**<br>**Global**<br>**Division** | <br>**MML**<br>**Global**<br>**Division** | <br>**MML**<br>**Growth**<br>**Allocation**<br>**Division** | <br>**MML**<br>**High**<br>**Yield**<br>**Division** | <br>**MML**<br>**Income &**<br>**Growth**<br>**Division** | **Division** |
| **Investment income** |  | **(Service Class I)** | **(Class II)** |  |  |  |  |
| Dividends | $8 | $148 | $34 | $10781 | $144 | $1436 | $69016 |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality and expense risk charge and  |  |  |  |  |  |  |  |
| administrative expense charges | 3 | 33 | 2 | 1778 | 5 | 265 | 7487 |
| **Net investment income (loss)** | **5** | **115** | **32** | **9003** | **139** | **1171** | **61529** |
| **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | (8) | 85 | (2) | (805) | (7) | (2698) | (46499) |
| Realized gain distribution | 65 | 927 | 171 | 429 |  | 8994 |  |
| Realized gain (loss) | 57 | 1012 | 169 | (376) | (7) | 6296 | (46499) |
| Change in net unrealized appreciation  |  |  |  |  |  |  |  |
| (depreciation) of investments | (677) | (273) | (155) | 32204 | (41) | 264 | 18187 |
| **Net gain (loss) on investments**  | **(620)** | **739** | **14** | **31828** | **(48)** | **6560** | **(28312)** |
| **Net increase (decrease) in net assets** |  |  |  |  |  |  |  |
| **resulting from operations** | **(615)** | **854** | **46** | **40831** | **91** | **7731** | **33217** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2024***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**MML**<br>**Fundamental**<br>**Value**<br>**Division** | <br>**MML**<br>**Global**<br>**Division** | <br>**MML**<br>**Global**<br>**Division** | <br>**MML**<br>**Growth**<br>**Allocation**<br>**Division** | <br>**MML**<br>**High**<br>**Yield**<br>**Division** | <br>**MML**<br>**Income &**<br>**Growth**<br>**Division** | **MML**<br>**Inflation-**<br>**Protected**<br>**and Income**<br>**Division** |
| |  | **(Service Class I)** | **(Class II)** |  |  |  |  |
| Capital transactions: |  |  |  |  |  |  |  |
| Transfer of net premiums | 11115 |  | 4049 | 462513 | 7809 | 28651 | 165398 |
| Transfers due to death benefits |  |  |  |  |  |  | (46808) |
| Transfers due to withdrawal of funds | (29) | (1) | 22 | (587) | (9) | (417) | (62502) |
| Transfers due to policy loans, net of repayments |  |  |  |  |  |  | (38550) |
| Transfers due to charges for administrative and insurance costs | (870) | (105) | (465) | (31539) | (1659) | (9309) | (120354) |
| Transfers between Divisions and |  |  |  |  |  |  |  |
| (to) from General Account | 5197 | (624) | 67 | 111408 | 2039 | (14716) | 61989 |
| Net increase (decrease) in net assets |  |  |  |  |  |  |  |
| resulting from capital transactions | 15413 | (730) | 3673 | 541795 | 8180 | 4209 | (40827) |
| **Total increase (decrease)** | **14798** | **124** | **3719** | **582626** | **8271** | **11940** | **(7610)** |
| **NET ASSETS, at beginning of the year** | **—** | **16319** | **—** | **234861** | **—** | **67514** | **1525020** |
| **NET ASSETS, at end of the year** | **$14798** | **$16443** | **$3719** | **$817487** | **$8271** | **$79454** | **$1517410** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2024***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **MML**<br>**International**<br>**Equity**<br>**Division** | **MML**<br>**iShares® 60/40**<br>**Allocation**<br>**Division** | **MML**<br>**iShares® 80/20**<br>**Allocation**<br>**Division** | **MML**<br>**Large Cap**<br>**Growth**<br>**Division** | **MML**<br>**Managed**<br>**Bond**<br>**Division** | **MML**<br>**Managed**<br>**Volatility**<br>**Division** | **MML**<br>**Mid Cap**<br>**Growth**<br>**Division** |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends | $60 | $497 | $1632 | $— | $397677 | $11209 | $— |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality and expense risk charge and  |  |  |  |  |  |  |  |
| administrative expense charges | 2 | 5 | 39 | 633 | 37096 | 6671 | 786 |
| **Net investment income (loss)** | **58** | **492** | **1593** | **(633)** | **360581** | **4538** | **(786)** |
| **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | (7) | (865) | 617 | 33778 | (126982) | 19158 | 1856 |
| Realized gain distribution |  | 81 | 401 | 11602 |  | 59349 | 9032 |
| Realized gain (loss) | (7) | (784) | 1018 | 45380 | (126982) | 78507 | 10888 |
| Change in net unrealized appreciation  |  |  |  |  |  |  |  |
| (depreciation) of investments | (249) | (237) | 1599 | 1990 | 44603 | 165649 | 6409 |
| **Net gain (loss) on investments**  | **(256)** | **(1021)** | **2617** | **47370** | **(82379)** | **244156** | **17297** |
| **Net increase (decrease) in net assets** |  |  |  |  |  |  |  |
| **resulting from operations** | **(198)** | **(529)** | **4210** | **46737** | **278202** | **248694** | **16511** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2024***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **MML**<br>**International**<br>**Equity**<br>**Division** | **MML**<br>**iShares® 60/40**<br>**Allocation**<br>**Division** | **MML**<br>**iShares® 80/20**<br>**Allocation**<br>**Division** | **MML**<br>**Large Cap**<br>**Growth**<br>**Division** | **MML**<br>**Managed**<br>**Bond**<br>**Division** | **MML**<br>**Managed**<br>**Volatility**<br>**Division** | **MML**<br>**Mid Cap**<br>**Growth**<br>**Division** |
| Capital transactions: |  |  |  |  |  |  |  |
| Transfer of net premiums | 6758 | 13937 | 97581 | 163542 | 374196 | 56095 | 138293 |
| Transfers due to death benefits |  |  |  |  | (42834) | (18250) |  |
| Transfers due to withdrawal of funds | (9) | (37) | (620) | (932) | (306915) | (87059) | 117 |
| Transfers due to policy loans, net of repayments |  | (14890) |  |  | (54854) | (18137) |  |
| Transfers due to charges for administrative and insurance costs | (1493) | (3694) | (16791) | (12268) | (397841) | (82134) | (8373) |
| Transfers between Divisions and |  |  |  |  |  |  |  |
| (to) from General Account | 48 | 26519 | 19742 | 17157 | 386673 | 16654 | (45134) |
| Net increase (decrease) in net assets |  |  |  |  |  |  |  |
| resulting from capital transactions | 5304 | 21835 | 99912 | 167499 | (41575) | (132831) | 84903 |
| **Total increase (decrease)** | **5106** | **21306** | **104122** | **214236** | **236627** | **115863** | **101414** |
| **NET ASSETS, at beginning of the year** | **—** | **—** | **—** | **85949** | **8414738** | **1783242** | **177385** |
| **NET ASSETS, at end of the year** | **$5106** | **$21306** | **$104122** | **$300185** | **$8651365** | **$1899105** | **$278799** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2024***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**MML**<br>**Mid Cap**<br>**Value**<br>**Division** | <br>**MML**<br>**Moderate**<br>**Allocation**<br>**Division** | **MML**<br>**Short-**<br>**Duration**<br>**Bond**<br>**Division** | <br>**MML**<br>**Small Cap**<br>**Equity**<br>**Division** | <br>**MML**<br>**Small Cap**<br>**Growth Equity**<br>**Division** | <br>**MML**<br>**Small**<br>**Company Value**<br>**Division** | <br>**MML**<br>**Small/Mid Cap**<br>**Value**<br>**Division** |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends | $2695 | $64 | $1073 | $— | $3640 | $84 | $1162 |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality and expense risk charge and  |  |  |  |  |  |  |  |
| administrative expense charges | 525 | 144 | 109 | 78207 | 35401 | 3 | 241 |
| **Net investment income (loss)** | **2170** | **(80)** | **964** | **(78207)** | **(31761)** | **81** | **921** |
| **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | (9925) | (168) | 22 | 261326 | (231754) | 11 | 30 |
| Realized gain distribution | 5467 |  |  | 1095947 |  |  | 8808 |
| Realized gain (loss) | (4458) | (168) | 22 | 1357273 | (231754) | 11 | 8838 |
| Change in net unrealized appreciation  |  |  |  |  |  |  |  |
| (depreciation) of investments | 7132 | 3453 | 466 | 780745 | 969748 | (172) | 1016 |
| **Net gain (loss) on investments**  | **2674** | **3285** | **488** | **2138018** | **737994** | **(161)** | **9854** |
| **Net increase (decrease) in net assets** |  |  |  |  |  |  |  |
| **resulting from operations** | **4844** | **3205** | **1452** | **2059811** | **706233** | **(80)** | **10775** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2024***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**MML**<br>**Mid Cap**<br>**Value**<br>**Division** | <br>**MML**<br>**Moderate**<br>**Allocation**<br>**Division** | **MML**<br>**Short-**<br>**Duration**<br>**Bond**<br>**Division** | <br>**MML**<br>**Small Cap**<br>**Equity**<br>**Division** | <br>**MML**<br>**Small Cap**<br>**Growth Equity**<br>**Division** | <br>**MML**<br>**Small**<br>**Company Value**<br>**Division** | <br>**MML**<br>**Small/Mid Cap**<br>**Value**<br>**Division** |
| Capital transactions: |  |  |  |  |  |  |  |
| Transfer of net premiums | 191371 | 5538 | 11153 | 418482 | 413365 | 9708 | 60340 |
| Transfers due to death benefits |  |  |  | (223816) | (48912) |  |  |
| Transfers due to withdrawal of funds | (43) |  | (56) | (646160) | (312902) | (26) | (46) |
| Transfers due to policy loans, net of repayments |  |  |  | (299569) | (94773) |  |  |
| Transfers due to charges for administrative and insurance costs | (6347) | (2012) | (1925) | (426677) | (203983) | (1014) | (4666) |
| Transfers between Divisions and |  |  |  |  |  |  |  |
| (to) from General Account | (46438) | (53817) | 2165 | 228554 | (171809) |  | 113956 |
| Net increase (decrease) in net assets |  |  |  |  |  |  |  |
| resulting from capital transactions | 138543 | (50291) | 11337 | (949186) | (419014) | 8668 | 169584 |
| **Total increase (decrease)** | **143387** | **(47086)** | **12789** | **1110625** | **287219** | **8588** | **180359** |
| **NET ASSETS, at beginning of the year** | **86007** | **54076** | **20678** | **16842706** | **7815423** | **—** | **—** |
| **NET ASSETS, at end of the year** | **$229394** | **$6990** | **$33467** | **$17953331** | **$8102642** | **$8588** | **$180359** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2024***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **MML**<br>**Strategic**<br>**Emerging**<br>**Markets**<br>**Division** | <br>**MML**<br>**Sustainable**<br>**Equity**<br>**Division** | <br>**MML**<br>**Total Return**<br>**Bond**<br>**Division** | <br>**MML U.S.**<br>**Government**<br>**Money Market**<br>**Division** | **PIMCO**<br>**Commodity**<br>**RealReturn®**<br>**Strategy**<br>**Division** | <br>**PIMCO**<br>**Global Bond**<br>**Opportunities**<br>**Division** | <br>**PIMCO**<br>**High Yield**<br>**Division** |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends | $1203 | $860 | $2100 | $612326 | $2051 | $2605 | $3817 |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality and expense risk charge and  |  |  |  |  |  |  |  |
| administrative expense charges | 524 | 214 | 471 | 54204 | 257 | 221 | 192 |
| **Net investment income (loss)** | **679** | **646** | **1629** | **558122** | **1794** | **2384** | **3625** |
| **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | (1) | (18) | 6426 |  | (62) | (83) | 147 |
| Realized gain distribution |  | 4118 |  |  |  |  |  |
| Realized gain (loss) | (1) | 4100 | 6426 |  | (62) | (83) | 147 |
| Change in net unrealized appreciation  |  |  |  |  |  |  |  |
| (depreciation) of investments | (17210) | 775 | (678) |  | 1692 | (2886) | 62 |
| **Net gain (loss) on investments**  | **(17211)** | **4875** | **5748** | **—** | **1630** | **(2969)** | **209** |
| **Net increase (decrease) in net assets** |  |  |  |  |  |  |  |
| **resulting from operations** | **(16532)** | **5521** | **7377** | **558122** | **3424** | **(585)** | **3834** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2024***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **MML**<br>**Strategic**<br>**Emerging**<br>**Markets**<br>**Division** | <br>**MML**<br>**Sustainable**<br>**Equity**<br>**Division** | <br>**MML**<br>**Total Return**<br>**Bond**<br>**Division** | <br>**MML U.S.**<br>**Government**<br>**Money Market**<br>**Division** | **PIMCO**<br>**Commodity**<br>**RealReturn®**<br>**Strategy**<br>**Division** | <br>**PIMCO**<br>**Global Bond**<br>**Opportunities**<br>**Division** | <br>**PIMCO**<br>**High Yield**<br>**Division** |
| Capital transactions: |  |  |  |  |  |  |  |
| Transfer of net premiums | 343114 | 117648 | 22932 | 1755504 | 250391 | 5044 | 35744 |
| Transfers due to death benefits |  |  |  | (1421682) |  |  |  |
| Transfers due to withdrawal of funds | (11) |  | (4) | (3606363) | 144 | (1) | 9 |
| Transfers due to policy loans, net of repayments |  |  |  | (63307) |  |  |  |
| Transfers due to charges for administrative and insurance costs | (4831) | (1973) | (2170) | (855240) | (2317) | (1977) | (3664) |
| Transfers between Divisions and |  |  |  |  |  |  |  |
| (to) from General Account | 48 | 2126 | 3682 | 891454 |  |  | 1668 |
| Net increase (decrease) in net assets |  |  |  |  |  |  |  |
| resulting from capital transactions | 338320 | 117801 | 24440 | (3299634) | 248218 | 3066 | 33757 |
| **Total increase (decrease)** | **321788** | **123322** | **31817** | **(2741512)** | **251642** | **2481** | **37591** |
| **NET ASSETS, at beginning of the year** | **12640** | **—** | **32192** | **13469550** | **—** | **72553** | **52173** |
| **NET ASSETS, at end of the year** | **$334428** | **$123322** | **$64009** | **$10728038** | **$251642** | **$75034** | **$89764** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2024***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**PIMCO**<br>**Income**<br>**Division** | <br>**PIMCO**<br>**Real Return**<br>**Division** | <br>**PIMCO**<br>**Total Return**<br>**Division** | **Schwab®**<br>**S&P 500**<br>**Index**<br>**Division** | **T. Rowe Price**<br>**Blue Chip**<br>**Growth**<br>**Division** | <br>**T. Rowe Price**<br>**Equity Income**<br>**Division** | **T. Rowe Price**<br>**Limited-Term**<br>**Bond**<br>**Division** |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends | $120 | $115 | $2562 | $— | $— | $141122 | $74 |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality and expense risk charge and  |  |  |  |  |  |  |  |
| administrative expense charges | 2 | 14 | 186 | 43 | 29229 | 34550 | 8 |
| **Net investment income (loss)** | **118** | **101** | **2376** | **(43)** | **(29229)** | **106572** | **66** |
| **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | 14 | (20) | (27) | 1 | 584661 | 1150 | 2 |
| Realized gain distribution |  |  |  |  | 281509 | 507449 |  |
| Realized gain (loss) | 14 | (20) | (27) | 1 | 866170 | 508599 | 2 |
| Change in net unrealized appreciation  |  |  |  |  |  |  |  |
| (depreciation) of investments | (94) | (4) | (1940) | (1535) | 1043617 | 182286 | 9 |
| **Net gain (loss) on investments**  | **(80)** | **(24)** | **(1967)** | **(1534)** | **1909787** | **690885** | **11** |
| **Net increase (decrease) in net assets** |  |  |  |  |  |  |  |
| **resulting from operations** | **38** | **77** | **409** | **(1577)** | **1880558** | **797457** | **77** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2024***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**PIMCO**<br>**Income**<br>**Division** | <br>**PIMCO**<br>**Real Return**<br>**Division** | <br>**PIMCO**<br>**Total Return**<br>**Division** | **Schwab®**<br>**S&P 500**<br>**Index**<br>**Division** | **T. Rowe Price**<br>**Blue Chip**<br>**Growth**<br>**Division** | <br>**T. Rowe Price**<br>**Equity Income**<br>**Division** | **T. Rowe Price**<br>**Limited-Term**<br>**Bond**<br>**Division** |
| Capital transactions: |  |  |  |  |  |  |  |
| Transfer of net premiums | 8843 | 2 | 86746 | 2435 | 69303 | 217337 | 644 |
| Transfers due to death benefits |  |  |  |  | (39200) | (28870) |  |
| Transfers due to withdrawal of funds | (10) |  | (1) |  | (179984) | (259184) |  |
| Transfers due to policy loans, net of repayments |  |  |  |  | (27438) | (79211) |  |
| Transfers due to charges for administrative and insurance costs | (2004) | (27) | (1340) | (58) | (172001) | (308537) | (14) |
| Transfers between Divisions and |  |  |  |  |  |  |  |
| (to) from General Account | 223 | 172 | 6318 | 125597 | (389437) | 128404 | 897 |
| Net increase (decrease) in net assets |  |  |  |  |  |  |  |
| resulting from capital transactions | 7052 | 147 | 91723 | 127974 | (738757) | (330061) | 1527 |
| **Total increase (decrease)** | **7090** | **224** | **92132** | **126397** | **1141801** | **467396** | **1604** |
| **NET ASSETS, at beginning of the year** | **—** | **4479** | **24086** | **—** | **5839884** | **7337651** | **967** |
| **NET ASSETS, at end of the year** | **$7090** | **$4703** | **$116218** | **$126397** | **$6981685** | **$7805047** | **$2571** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2024***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **T. Rowe Price**<br>**Mid-Cap**<br>**Growth**<br>**Division** | **Templeton**<br>**Foreign**<br>**VIP**<br>**Division** | **Templeton**<br>**Global Bond**<br>**VIP**<br>**Division** | **TOPS®**<br>**Moderate**<br>**Growth ETF**<br>**Division** | <br>**Vanguard VIF**<br>**Balanced**<br>**Division** | <br>**Vanguard VIF**<br>**Capital Growth**<br>**Division** | <br>**Vanguard VIF**<br>**Diversified Value**<br>**Division** |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends | $— | $110200 | $— | $1726 | $3455 | $2379 | $1666 |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality and expense risk charge and  |  |  |  |  |  |  |  |
| administrative expense charges | 297382 | 19538 | 42 | 457 | 932 | 1262 | 636 |
| **Net investment income (loss)** | **(297382)** | **90662** | **(42)** | **1269** | **2523** | **1117** | **1030** |
| **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | 543015 | 27541 | 1 | 102 | 2804 | 75 | 10791 |
| Realized gain distribution | 5665107 |  |  | 1193 | 7474 | 4349 | 6023 |
| Realized gain (loss) | 6208122 | 27541 | 1 | 1295 | 10278 | 4424 | 16814 |
| Change in net unrealized appreciation  |  |  |  |  |  |  |  |
| (depreciation) of investments | (662005) | (182232) | (1072) | (14047) | 6955 | 15510 | (2261) |
| **Net gain (loss) on investments**  | **5546117** | **(154691)** | **(1071)** | **(12752)** | **17233** | **19934** | **14553** |
| **Net increase (decrease) in net assets** |  |  |  |  |  |  |  |
| **resulting from operations** | **5248735** | **(64029)** | **(1113)** | **(11483)** | **19756** | **21051** | **15583** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2024***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **T. Rowe Price**<br>**Mid-Cap**<br>**Growth**<br>**Division** | **Templeton**<br>**Foreign**<br>**VIP**<br>**Division** | **Templeton**<br>**Global Bond**<br>**VIP**<br>**Division** | **TOPS®**<br>**Moderate**<br>**Growth ETF**<br>**Division** | <br>**Vanguard VIF**<br>**Balanced**<br>**Division** | <br>**Vanguard VIF**<br>**Capital Growth**<br>**Division** | <br>**Vanguard VIF**<br>**Diversified Value**<br>**Division** |
| Capital transactions: |  |  |  |  |  |  |  |
| Transfer of net premiums | 1153427 | 137858 | 4071 | 48182 | 69894 | 88676 | 20554 |
| Transfers due to death benefits | (555007) | (32759) |  |  |  |  |  |
| Transfers due to withdrawal of funds | (1818291) | (72045) |  |  |  | (3) | (6) |
| Transfers due to policy loans, net of repayments | (920219) | (40187) |  |  |  |  |  |
| Transfers due to charges for administrative and insurance costs | (1601686) | (136541) | (248) | (1567) | (4284) | (2581) | (2171) |
| Transfers between Divisions and |  |  |  |  |  |  |  |
| (to) from General Account | (32714) | (49896) |  | 676717 | 20863 |  | (54557) |
| Net increase (decrease) in net assets |  |  |  |  |  |  |  |
| resulting from capital transactions | (3774490) | (193570) | 3823 | 723332 | 86473 | 86092 | (36180) |
| **Total increase (decrease)** | **1474245** | **(257599)** | **2710** | **711849** | **106229** | **107143** | **(20597)** |
| **NET ASSETS, at beginning of the year** | **61055675** | **4681550** | **8048** | **—** | **84270** | **134373** | **93789** |
| **NET ASSETS, at end of the year** | **$62529920** | **$4423951** | **$10758** | **$711849** | **$190499** | **$241516** | **$73192** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2024***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**Vanguard VIF**<br>**Equity Income**<br>**Division** | **Vanguard VIF**<br>**Global Bond**<br>**Index**<br>**Division** | <br>**Vanguard VIF**<br>**Growth**<br>**Division** | <br>**Vanguard VIF**<br>**International**<br>**Division** | **Vanguard VIF**<br>**Mid Cap**<br>**Index**<br>**Division** | **Vanguard VIF**<br>**Real Estate**<br>**Index**<br>**Division** | **Vanguard VIF**<br>**Short-Term**<br>**Investment-Grade**<br>**Division** |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends | $13860 | $— | $156 | $1402 | $— | $1330 | $2930 |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality and expense risk charge and  |  |  |  |  |  |  |  |
| administrative expense charges | 7502 | 15 | 193 | 224 | 27 | 381 | 611 |
| **Net investment income (loss)** | **6358** | **(15)** | **(37)** | **1178** | **(27)** | **949** | **2319** |
| **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | 3122 | 169 | 3724 | 596 | 633 | 439 | 1246 |
| Realized gain distribution | 29217 |  |  | 3712 |  | 1122 |  |
| Realized gain (loss) | 32339 | 169 | 3724 | 4308 | 633 | 1561 | 1246 |
| Change in net unrealized appreciation  |  |  |  |  |  |  |  |
| (depreciation) of investments | 109467 | (679) | 3538 | (1608) | (3978) | (8177) | 1193 |
| **Net gain (loss) on investments**  | **141806** | **(510)** | **7262** | **2700** | **(3345)** | **(6616)** | **2439** |
| **Net increase (decrease) in net assets** |  |  |  |  |  |  |  |
| **resulting from operations** | **148164** | **(525)** | **7225** | **3878** | **(3372)** | **(5667)** | **4758** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2024***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**Vanguard VIF**<br>**Equity Income**<br>**Division** | **Vanguard VIF**<br>**Global Bond**<br>**Index**<br>**Division** | <br>**Vanguard VIF**<br>**Growth**<br>**Division** | <br>**Vanguard VIF**<br>**International**<br>**Division** | **Vanguard VIF**<br>**Mid Cap**<br>**Index**<br>**Division** | **Vanguard VIF**<br>**Real Estate**<br>**Index**<br>**Division** | **Vanguard VIF**<br>**Short-Term**<br>**Investment-Grade**<br>**Division** |
| Capital transactions: |  |  |  |  |  |  |  |
| Transfer of net premiums | 538124 | 89710 | 50592 |  | 183720 | 197850 | 39083 |
| Transfers due to death benefits |  |  |  |  |  |  |  |
| Transfers due to withdrawal of funds | 115 | (99) |  | (1) | (268) | (35) |  |
| Transfers due to policy loans, net of repayments |  |  |  |  |  |  |  |
| Transfers due to charges for administrative and insurance costs | (20163) | (6492) | (1066) | (993) | (9354) | (7675) | (376) |
| Transfers between Divisions and |  |  |  |  |  |  |  |
| (to) from General Account | 1062652 | 11348 | (16532) | (113390) | 23218 | 14234 | (21405) |
| Net increase (decrease) in net assets |  |  |  |  |  |  |  |
| resulting from capital transactions | 1580728 | 94467 | 32994 | (114384) | 197316 | 204374 | 17302 |
| **Total increase (decrease)** | **1728892** | **93942** | **40219** | **(110506)** | **193944** | **198707** | **22060** |
| **NET ASSETS, at beginning of the year** | **335157** | **—** | **10619** | **110506** | **—** | **35916** | **79167** |
| **NET ASSETS, at end of the year** | **$2064049** | **$93942** | **$50838** | **$—** | **$193944** | **$234623** | **$101227** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2024***

---

| | |
|:---|:---|
|  | **Vest**<br>**US Large Cap**<br>**10% Buffer**<br>**Strategies V.I.**<br>**Division** |
| **Investment income** |  |
| Dividends | $— |
| **Expenses** |  |
| Mortality and expense risk charge and  |  |
| administrative expense charges | 6 |
| **Net investment income (loss)** | **(6)** |
| **Net realized and unrealized gain (loss) on investments** |  |
| Realized gain (loss) on sale of fund shares | 46 |
| Realized gain distribution | 409 |
| Realized gain (loss) | 455 |
| Change in net unrealized appreciation  |  |
| (depreciation) of investments | (172) |
| **Net gain (loss) on investments**  | **283** |
| **Net increase (decrease) in net assets** |  |
| **resulting from operations** | **277** |

---

*See Notes to Financial Statements*

***C. M. Life Variable Life Separate Account I***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)*

***For The Year Ended December 31, 2024***

---

| | |
|:---|:---|
|  | **Vest**<br>**US Large Cap**<br>**10% Buffer**<br>**Strategies V.I.**<br>**Division** |
| Capital transactions: |  |
| Transfer of net premiums | 19445 |
| Transfers due to death benefits |  |
| Transfers due to withdrawal of funds | (51) |
| Transfers due to policy loans, net of repayments |  |
| Transfers due to charges for administrative and insurance costs | (2842) |
| Transfers between Divisions and |  |
| (to) from General Account | 16308 |
| Net increase (decrease) in net assets |  |
| resulting from capital transactions | 32860 |
| **Total increase (decrease)** | **33137** |
| **NET ASSETS, at beginning of the year** | **—** |
| **NET ASSETS, at end of the year** | **$33137** |

---

***C. M. Life Variable Life Separate Account I***

***Notes To Financial Statements***

***1. ORGANIZATION***

C.M. Life Variable Life Separate Account I ("the Separate Account") is a separate investment account of C.M. Life

Insurance Company ("C.M. Life") established on February 2, 1995. The Separate Account is registered as a unit

investment trust under the Investment Company Act of 1940 ("the 1940 Act").

C.M. Life was formerly a wholly owned stock life insurance subsidiary of Connecticut Mutual Life Insurance

Company ("CML"). On February 29, 1996, CML merged with and into Massachusetts Mutual Life Insurance

Company ("MassMutual"). Upon the merger, CML's existence ceased and MassMutual became the surviving

company under the name Massachusetts Mutual Life Insurance Company. C.M. Life became a wholly owned

subsidiary of MassMutual.

C.M. Life maintains the following five products within the Separate Account: Apex VUL<sup>SM</sup>, C.M. Life Electrum

Select<sup>SM</sup>, Survivorship Variable Universal Life, Variable Universal Life and Survivorship Variable Universal Life II.

The assets and liabilities of the Separate Account are clearly identified and distinguished from C.M. Life's other

assets and liabilities. The portion of the Separate Account's assets applicable to the variable life contracts is not

chargeable with liabilities arising from any other C.M. Life business.

***2. INVESTMENT OF THE SEPARATE ACCOUNT'S ASSETS***

For the year or period ended December 31, 2025, the Separate Account consists of one hundred and eighty three

divisions that invest in the following mutual funds. All of the divisions/funds may not be available through each of

the products within the Separate Account:

---

| |
|:---|
| **Divisions** |
| American Funds Insurance Series® American High-<br>Income Division<br>American Funds Insurance Series® American High <br>Income Trust®<sup>3</sup><br>|
| American Funds Insurance Series® Asset Allocation <br>Division (Class 1)<br>American Funds Insurance Series® Asset Allocation <br>Fund (Class 1)<sup>3</sup><br>|
| American Funds Insurance Series® Asset Allocation <br>Division (Class 2)<br>American Funds Insurance Series® Asset Allocation <br>Fund (Class 2)<sup>3</sup><br>|
| American Funds Insurance Series® Capital World <br>Bond Division<br>American Funds Insurance Series® Capital World Bond <br>Fund®<sup>3,43</sup><br>|
| American Funds Insurance Series® Capital World <br>Growth and Income Division<br>American Funds Insurance Series® Capital World <br>Growth and Income Fund®<sup>3</sup><br>|
| American Funds Insurance Series® Global Growth <br>Division<br>American Funds Insurance Series® Global Growth <br>Fund<sup>3</sup><br>|
| American Funds Insurance Series® Global Small <br>Capitalization Division (Class 1)<br>American Funds Insurance Series® Global Small <br>Capitalization Fund (Class 1)<sup>3,43</sup><br>|
| American Funds Insurance Series® Global Small <br>Capitalization Division (Class 2)<br>American Funds Insurance Series® Global Small <br>Capitalization Fund (Class 2)<sup>3,45</sup><br>|
| American Funds Insurance Series® Growth-Income <br>Division (Class 1A)<br>American Funds Insurance Series® Growth-Income <br>Fund (Class 1A)<sup>3,42</sup><br>|
| American Funds Insurance Series® Growth-Income <br>Division (Class 2)<br>American Funds Insurance Series® Growth-Income <br>Fund (Class 2)<sup>3</sup><br>|
| American Funds Insurance Series® International <br>Growth and Income Division<br>American Funds Insurance Series® International Growth <br>and Income Fund<sup>3</sup><br>|
| American Funds Insurance Series® New World <br>Division (Class 1)<br>American Funds Insurance Series® New World Fund® <br>(Class 1)<sup>3</sup><br>|
| American Funds Insurance Series® New World <br>Division (Class 2)<br>American Funds Insurance Series® New World Fund® <br>(Class 2)<sup>3,45</sup><br>|
| American Funds Insurance Series® The Bond Fund of <br>America Division<br>American Funds Insurance Series® The Bond Fund of <br>America®<sup>3</sup><br>|
| American Funds Insurance Series® U.S. Government <br>Securities Division<br>American Funds Insurance Series® U.S. Government <br>Securities Fund<sup>3,43</sup><br>|
| American Funds Insurance Series® Washington <br>Mutual Investors Division (Class 1A)<br>American Funds Insurance Series® Washington Mutual <br>Investors Funds (Class 1A)<sup>3</sup><br>|
| American Funds Insurance Series® Washington <br>Mutual Investors Division (Class 2)<br>American Funds Insurance Series® Washington Mutual <br>Investors Funds (Class 2)<sup>3,45</sup><br>|
| BlackRock Basic Value V.I. Division<br> BlackRock Basic Value V.I. Fund<sup>1,43</sup> |
| BlackRock High Yield V.I. Division<br> BlackRock High Yield V.I. Fund<sup>1</sup> |
| BlackRock Small Cap Index V.I. Division (Class I)<br> BlackRock Small Cap Index V.I. Fund (Class I)<sup>1,44</sup> |
| BlackRock Small Cap Index V.I. Division (Class III)<br> BlackRock Small Cap Index V.I. Fund (Class III)<sup>1</sup> |
| BlackRock Total Return V.I. Division<br> BlackRock Total Return V.I. Fund<sup>1</sup> |

---

***Notes To Financial Statements*** *(Continued)* 

---

| |
|:---|
| BNY Mellon MidCap Stock Division |
| Columbia Variable Portfolio - Contrarian Core <br>Division <br>Columbia Variable Portfolio - Contrarian Core Fund<sup>5,45</sup> |
| Dimensional VA Global Bond Division<br> Dimensional VA Global Bond Portfolio<sup>7,26</sup> |
| Dimensional VA International Small Division<br> Dimensional VA International Small Portfolio<sup>7,27</sup> |
| Dimensional VA U.S. Large Value Division<br> Dimensional VA U.S. Large Value Portfolio<sup>7,28, 42</sup> |
| Dimensional VA U.S. Targeted Value Division<br> Dimensional VA U.S. Targeted Value Portfolio<sup>7,29</sup> |
| Dimensional VIT Inflation-Protected Securities <br>Division<br>Dimensional VIT Inflation-Protected Securities <br>Portfolio<sup>7,30</sup><br>|
| DWS Small Cap Index Division<br> DWS Small Cap Index VIP<sup>8</sup> |
| Eaton Vance VT Floating-Rate Income Division<br> Eaton Vance VT Floating-Rate Income Fund<sup>9</sup> |
| Fidelity® VIP Bond Index Division (Initial Class)<br> Fidelity® VIP Bond Index Portfolio (Initial Class)<sup>10, 44</sup> |
| Fidelity® VIP Bond Index Division (Service Class 2)<br> Fidelity® VIP Bond Index Portfolio (Service Class 2)<sup>10</sup> |
| Fidelity® VIP Contrafund® Division<br> Fidelity® VIP Contrafund® Portfolio<sup>10</sup> |
| Fidelity® VIP Emerging Markets Division<br> Fidelity® VIP Emerging Markets Portfolio<sup>10,44,46</sup> |
| Fidelity® VIP Extended Market Index Division <br>(Initial Class)<br>Fidelity® VIP Extended Market Index Portfolio (Initial <br>Class)<sup>10,44</sup><br>|
| Fidelity® VIP Extended Market Index Division <br>(Service Class)<br>Fidelity® VIP Extended Market Index Portfolio (Service <br>Class)<sup>10</sup><br>|
| Fidelity® VIP Freedom 2020 Division<br> Fidelity® VIP Freedom 2020 Portfolio<sup>10</sup> |
| Fidelity® VIP Freedom 2025 Division<br> Fidelity® VIP Freedom 2025 Portfolio<sup>10</sup> |
| Fidelity® VIP Freedom 2030 Division<br> Fidelity® VIP Freedom 2030 Portfolio<sup>10</sup> |
| Fidelity® VIP Freedom 2035 Division<br> Fidelity® VIP Freedom 2035 Portfolio<sup>10</sup> |
| Fidelity® VIP Freedom 2040 Division<br> Fidelity® VIP Freedom 2040 Portfolio<sup>10</sup> |
| Fidelity® VIP Freedom 2045 Division<br> Fidelity® VIP Freedom 2045 Portfolio<sup>10</sup> |
| Fidelity® VIP Freedom 2050 Division<br> Fidelity® VIP Freedom 2050 Portfolio<sup>10</sup> |
| Fidelity® VIP Freedom 2055 Division<br> Fidelity® VIP Freedom 2055 Portfolio<sup>10</sup> |
| Fidelity® VIP Freedom 2060 Division<br> Fidelity® VIP Freedom 2060 Portfolio<sup>10</sup> |
| Fidelity® VIP Freedom 2065 Division<br> Fidelity® VIP Freedom 2065 Portfolio<sup>10</sup> |
| Fidelity® VIP Freedom Income Division<br> Fidelity® VIP Freedom Income Portfolio<sup>10</sup> |
| Fidelity® VIP Government Money Market Division<br> Fidelity® VIP Government Money Market Portfolio<sup>10,25</sup> |
| Fidelity® VIP Growth Division<br> Fidelity® VIP Growth Portfolio<sup>10</sup> |
| Fidelity® VIP Health Care Division<br> Fidelity® VIP Health Care Portfolio<sup>10,44</sup> |
| Fidelity® VIP High Income Division<br> Fidelity® VIP High Income Portfolio<sup>10,25</sup> |
| Fidelity® VIP Index 500 Division (Service Class)<br> Fidelity® VIP Index 500 Portfolio (Service Class)<sup>10</sup> |
| Fidelity® VIP International Index Division (Initial <br>Class)<br>Fidelity® VIP International Index Portfolio (Initial <br>Class)<sup>10,44</sup><br>|
| Fidelity® VIP International Index Division (Service <br>Class 2)<br>Fidelity® VIP International Index Portfolio (Service <br>Class 2)<sup>10</sup><br>|
| Fidelity® VIP Overseas Division<br> Fidelity® VIP Overseas Portfolio<sup>10</sup> |
| Fidelity® VIP Real Estate Division (Initial Class)<br> Fidelity® VIP Real Estate Portfolio (Initial Class)<sup>10,44</sup> |
| Fidelity® VIP Real Estate Division (Service Class)<br> Fidelity® VIP Real Estate Portfolio (Service Class)<sup>10</sup> |
| Fidelity® VIP Strategic Income Division<br> Fidelity® VIP Strategic Income Portfolio<sup>10,44</sup> |
| Fidelity® VIP Total Market Index Division (Initial <br>Class)<br>Fidelity® VIP Total Market Index Portfolio (Initial <br>Class)<sup>10,44</sup><br>|
| Fidelity® VIP Total Market Index Division (Service <br>Class 2)<br>Fidelity® VIP Total Market Index Portfolio (Service <br>Class 2)<sup>10,42</sup><br>|
| Franklin Mutual Global Discovery VIP Division<br> Franklin Mutual Global Discovery VIP Fund<sup>11,43</sup> |
| Franklin Small Cap Value VIP Division<br> Franklin Small Cap Value VIP Fund<sup>11</sup> |
| Franklin Strategic Income VIP Division<br> Franklin Strategic Income VIP Fund<sup>11</sup> |
| Goldman Sachs Core Fixed Income Division<br> Goldman Sachs Core Fixed Income Fund<sup>12</sup> |
| Goldman Sachs International Equity Insights Division<br> Goldman Sachs International Equity Insights Fund<sup>12</sup> |
| Goldman Sachs Mid Cap Growth Division<br> Goldman Sachs Mid Cap Growth Fund<sup>12</sup> |
| Goldman Sachs Mid Cap Value Division<br> Goldman Sachs Mid Cap Value Fund<sup>12</sup> |
| Goldman Sachs Small Cap Equity Insights Division<br> Goldman Sachs Small Cap Equity Insights Fund<sup>12,43</sup> |
| Goldman Sachs Strategic Growth Division<br> Goldman Sachs Strategic Growth Fund<sup>12</sup> |
| Invesco V.I. American Franchise Division<br> Invesco V.I. American Franchise Fund<sup>13,43</sup> |
| Invesco V.I. Comstock Division<br> Invesco V.I. Comstock Fund<sup>13,43</sup> |
| Invesco V.I. Core Plus Bond Division<br> Invesco V.I. Core Plus Bond Fund<sup>13</sup> |
| Invesco V.I. Diversified Dividend Division<br> Invesco V.I. Diversified Dividend Fund<sup>13</sup> |
| Invesco V.I. Equity and Income Division<br> Invesco V.I. Equity and Income Fund<sup>13,31,43</sup> |

---

***Notes To Financial Statements*** *(Continued)* 

---

| |
|:---|
| Invesco V.I. EQV International Equity Division |
| Invesco V.I. Global Real Estate Division<br> Invesco V.I. Global Real Estate Fund<sup>13</sup> |
| Invesco V.I. Global Strategic Income Division<br> Invesco V.I. Global Strategic Income Fund<sup>13</sup> |
| Invesco V.I. Government Money Market Division<br> Invesco V.I. Government Money Market Fund<sup>13,44</sup> |
| Invesco V.I. Health Care Division<br> Invesco V.I. Health Care Fund<sup>13</sup> |
| Invesco V.I. International Growth Division<br> Invesco V.I. International Growth Fund<sup>13,41</sup> |
| Invesco V.I. Small Cap Equity Division<br> Invesco V.I. Small Cap Equity Fund<sup>13</sup> |
| Invesco V.I. Technology Division<br> Invesco V.I. Technology Fund<sup>13</sup> |
| Janus Henderson Balanced Division<br> Janus Henderson Balanced Portfolio<sup>14</sup> |
| Janus Henderson Enterprise Division <br> Janus Henderson Enterprise Portfolio<sup>14,45</sup> |
| Janus Henderson Forty Division<br> Janus Henderson Forty Portfolio<sup>14</sup> |
| Janus Henderson Global Research Division<br> Janus Henderson Global Research Portfolio<sup>14</sup> |
| Janus Henderson Global Technology and Innovation <br>Division<br>Janus Henderson Global Technology and Innovation <br>Portfolio<sup>14,44</sup><br>|
| Janus Henderson Overseas Division<br> Janus Henderson Overseas Portfolio<sup>14,45</sup> |
| Lord Abbett Mid Cap Stock Division<br> Lord Abbett Mid Cap Stock Portfolio<sup>16,43</sup> |
| LVIP American Century Capital Appreciation <br>Division<br>LVIP American Century Capital Appreciation <br>Fund<sup>15,32</sup><br>|
| LVIP American Century Disciplined Core Value <br>Division<br>LVIP American Century Disciplined Core Value <br>Fund<sup>15,33</sup><br>|
| LVIP American Century Inflation Protection Division<br> LVIP American Century Inflation Protection Fund<sup>15,34</sup> |
| LVIP American Century International Division<br> LVIP American Century International Fund<sup>15,35</sup> |
| LVIP American Century Value Division<br> LVIP American Century Value Fund<sup>15,36</sup> |
| MFS® Blended Research® Core Equity Division<br> MFS® Blended Research® Core Equity Portfolio<sup>17,43</sup> |
| MFS® Global Real Estate Division<br> MFS® Global Real Estate Portfolio<sup>17</sup> |
| MFS® Government Securities Division<br> MFS® Government Securities Portfolio<sup>17,43</sup> |
| MFS® Growth Series Division<br> MFS® Growth Series Portfolio<sup>17</sup> |
| MFS® International Intrinsic Value Division<br> MFS® International Intrinsic Value Portfolio<sup>17</sup> |
| MFS® Investors Trust Division<br> MFS® Investors Trust Portfolio<sup>17</sup> |
| MFS® Mid Cap Value Division<br> MFS® Mid Cap Value Portfolio<sup>17</sup> |
| MFS® New Discovery Division<br> MFS® New Discovery Portfolio<sup>17</sup> |
| MFS® Utilities Division<br> MFS® Utilities Portfolio<sup>17,43</sup> |
| MFS® Value Division<br> MFS® Value Portfolio<sup>17</sup> |
| MML Aggressive Allocation Division<br> MML Aggressive Allocation Fund<sup>18</sup> |
| MML American Century Mid Cap Value Division<br> MML VIP American Century Mid Cap Value Fund<sup>18,55</sup> |
| MML American Century Small Company Value <br>Division<br>MML American Century Small Company Value <br>Fund<sup>18,64</sup><br>|
| MML American Funds Core Allocation Division<br> MML American Funds Core Allocation Fund<sup>18</sup> |
| MML American Funds Growth Division<br> MML American Funds Growth Fund<sup>18</sup> |
| MML Balanced Allocation Division<br> MML Balanced Allocation Fund<sup>18</sup> |
| MML BlackRock iShares® 60/40 Division<br> MML VIP BlackRock iShares® 60/40 Fund<sup>18,44,47</sup> |
| MML BlackRock iShares® 80/20 Division<br> MML VIP BlackRock iShares® 80/20 Fund<sup>18,44,48</sup> |
| MML Blend Division<br> MML Blend Fund<sup>18</sup> |
| MML Blue Chip Growth Division<br> MML Blue Chip Growth Fund<sup>18</sup> |
| MML Conservative Allocation Division<br> MML Conservative Allocation Fund<sup>18</sup> |
| MML Equity Division<br> MML Equity Fund<sup>18</sup> |
| MML Equity Income Division<br> MML Equity Income Fund<sup>18,37</sup> |
| MML Equity Index Division (Class II)<br> MML Equity Index Fund (Class II)<sup>18</sup> |
| MML Equity Index Division (Class III)<br> MML Equity Index Fund (Class III)<sup>18,44</sup> |
| MML Fidelity Institutional AM® Core Plus Bond <br>Division<br>MML VIP Fidelity Institutional AM® Core Plus Bond <br>Fund<sup>10,58</sup><br>|
| MML Focused Equity Division<br> MML Focused Equity Fund<sup>18</sup> |
| MML Foreign Division<br> MML Foreign Fund<sup>18</sup> |
| MML Fundamental Equity Division<br> MML Fundamental Equity Fund<sup>18,63</sup> |
| MML Global Division <br> MML Global Fund<sup>18,60,65</sup> |
| MML Growth Allocation Division<br> MML Growth Allocation Fund<sup>18</sup> |
| MML Income & Growth Division<br> MML Income & Growth Fund<sup>18</sup> |
| MML Inflation-Protected and Income Division<br> MML Inflation-Protected and Income Fund<sup>18</sup> |
| MML Invesco Discovery Large Cap Division<br> MML Invesco Discovery Large Cap Fund<sup>18,24,61</sup> |
| MML Invesco Discovery Mid Cap Division<br> MML Invesco Discovery Mid Cap Fund<sup>18,24,62</sup> |
| MML Invesco Small Cap Equity Division<br> MML VIP Invesco Small Cap Equity Fund<sup>18,56</sup> |

---

***Notes To Financial Statements*** *(Continued)* 

---

| |
|:---|
| MML Loomis Sayles Large Cap Growth Division |
| MML Managed Bond Division<br> MML Managed Bond Fund<sup>18,39</sup> |
| MML Managed Volatility Division<br> MML Managed Volatility Fund<sup>18</sup> |
| MML MFS International Equity Division<br> MML VIP MFS International Equity Fund<sup>18,57,66</sup> |
| MML Mid Cap Growth Division<br> MML Mid Cap Growth Fund<sup>18,59</sup> |
| MML Moderate Allocation Division<br> MML Moderate Allocation Fund<sup>18</sup> |
| MML Short-Duration Bond Division<br> MML Short-Duration Bond Fund<sup>18</sup> |
| MML Small Cap Growth Equity Division<br> MML Small Cap Growth Equity Fund<sup>18</sup> |
| MML Small/Mid Cap Value Division<br> MML Small/Mid Cap Value Fund<sup>18</sup> |
| MML Sustainable Equity Division<br> MML Sustainable Equity Fund<sup>18</sup> |
| MML U.S. Government Money Market Division<br> MML U.S. Government Money Market Fund<sup>18</sup> |
| Nomura VIP Asset Strategy Division (Standard Class)<br> Nomura VIP Asset Strategy Series (Standard Class)<sup>6,44,49</sup> |
| Nomura VIP Asset Strategy Division (Service Class)<br> Nomura VIP Asset Strategy Series (Service Class)<sup>6,43,50</sup> |
| Nomura VIP Emerging Markets Division<br> Nomura VIP Emerging Markets Series<sup>6,51</sup> |
| Nomura VIP Growth Division<br> Nomura VIP Growth Series<sup>6,45,52</sup> |
| Nomura VIP Science and Technology Division<br> Nomura VIP Science and Technology Series<sup>6,53</sup> |
| Nomura VIP Small Cap Value Division<br> Nomura VIP Small Cap Value Series<sup>6,54</sup> |
| PIMCO All Asset Division<br> PIMCO All Asset Portfolio<sup>19, 43</sup> |
| PIMCO CommodityRealReturn® Strategy Division<br> PIMCO CommodityRealReturn® Strategy Portfolio<sup>19</sup> |
| PIMCO Emerging Markets Bond Division<br> PIMCO Emerging Markets Bond Portfolio<sup>19,42</sup> |
| PIMCO Global Bond Opportunities Division<br> PIMCO Global Bond Opportunities Portfolio<sup>19</sup> |
| PIMCO High Yield Division<br> PIMCO High Yield Portfolio<sup>19</sup> |
| PIMCO Income Division<br> PIMCO Income Portfolio<sup>19,44</sup> |
| PIMCO Long-Term U.S. Government Division<br> PIMCO Long-Term U.S. Government Portfolio<sup>19,43</sup> |
| PIMCO Real Return Division<br> PIMCO Real Return Portfolio<sup>19</sup> |
| PIMCO Total Return Division<br> PIMCO Total Return Portfolio<sup>19</sup> |
| Schwab® S&P 500 Index Division<br> Schwab® S&P 500 Index Portfolio<sup>4,44</sup> |
| Schwab® VIT Balanced Division<br> Schwab® VIT Balanced Portfolio<sup>4,44,46</sup> |
| Schwab® VIT Balanced with Growth Division<br> Schwab® VIT Balanced with Growth Portfolio<sup>4,44,46</sup> |
| Schwab® VIT Growth Division<br> Schwab® VIT Growth Portfolio<sup>4,44,46</sup> |
| T. Rowe Price Blue Chip Growth Division<br> T. Rowe Price Blue Chip Growth Fund<sup>20</sup> |
| T. Rowe Price Equity Income Division<br> T. Rowe Price Equity Income Fund<sup>20</sup> |
| T. Rowe Price Limited-Term Bond Division<br> T. Rowe Price Limited-Term Bond Fund<sup>20</sup> |
| Templeton Foreign VIP Division<br> Templeton Foreign VIP Fund<sup>21</sup> |
| Templeton Global Bond VIP Division<br> Templeton Global Bond VIP Fund<sup>21</sup> |
| TOPS® Aggressive Growth ETF Division<br> TOPS® Aggressive Growth ETF Portfolio<sup>23,43</sup> |
| TOPS® Balanced ETF Division<br> TOPS® Balanced ETF Portfolio<sup>23,43</sup> |
| TOPS® Conservative ETF Division<br> TOPS® Conservative ETF Portfolio<sup>23,43</sup> |
| TOPS® Growth ETF Division<br> TOPS® Growth ETF Portfolio<sup>23,43</sup> |
| TOPS® Moderate Growth ETF Division<br> TOPS® Moderate Growth ETF Portfolio<sup>23</sup> |
| Vanguard VIF Balanced Division<br> Vanguard VIF Balanced Portfolio<sup>22</sup> |
| Vanguard VIF Capital Growth Division<br> Vanguard VIF Capital Growth Portfolio<sup>22</sup> |
| Vanguard VIF Diversified Value Division<br> Vanguard VIF Diversified Value Portfolio<sup>22</sup> |
| Vanguard VIF Equity Income Division<br> Vanguard VIF Equity Income Portfolio<sup>22</sup> |
| Vanguard VIF Global Bond Index Division<br> Vanguard VIF Global Bond Index Portfolio<sup>22,44</sup> |
| Vanguard VIF Growth Division<br> Vanguard VIF Growth Portfolio<sup>22</sup> |
| Vanguard VIF High-Yield Bond Division<br> Vanguard VIF High-Yield Bond Portfolio<sup>22,43</sup> |
| Vanguard VIF International Division<br> Vanguard VIF International Portfolio<sup>22</sup> |
| Vanguard VIF Mid-Cap Index Division<br> Vanguard VIF Mid-Cap Index Portfolio<sup>22,44</sup> |
| Vanguard VIF Real Estate Index Division<br> Vanguard VIF Real Estate Index Portfolio<sup>22</sup> |
| Vanguard VIF Short-Term Investment-Grade Division<br> Vanguard VIF Short-Term Investment-Grade Portfolio<sup>22</sup> |
| Western Asset Long Credit VIT Division<br> Western Asset Long Credit VIT<sup>11,44,46</sup> |

---

In addition to the one hundred and eighty three divisions, some policy owners may also allocate funds to the

Guaranteed Principal Account ("GPA"), which is part of C.M. Life's general investment account ("General

Account"). Because of exemptive and exclusionary provisions in the securities law, interests in the GPA are not

registered under the Securities Act of 1933, and the General Account and the GPA are not registered as an

investment company under the 1940 Act.

<sup>1</sup>BlackRock Advisors, LLC is the investment adviser to this Fund.

<sup>2</sup>BNY Mellon Investment Adviser, Inc. is the investment adviser to this Portfolio.

***Notes To Financial Statements*** *(Continued)* 

<sup>3</sup>Capital Research and Management Company is the investment adviser to this Fund.

<sup>4</sup>Charles Schwab Investment Management is the investment adviser to this Portfolio.

<sup>5</sup>Columbia Management Investment Advisers, LLC is the investment adviser to this Fund.

<sup>6</sup>Delaware Management Company is the investment adviser to this Portfolio.

<sup>7</sup>Dimensional Fund Advisors LP is the investment adviser to this Series.

<sup>8</sup>DWS Investment Management Americas, Inc. is the investment adviser to this Fund.

<sup>9</sup>Eaton Vance Management is the investment adviser to this Fund.

<sup>10</sup>Fidelity Management & Research Company is the investment adviser to this Portfolio.

<sup>11</sup>Franklin Mutual Advisers, LLC is the investment adviser to this Fund.

<sup>12</sup>Goldman Sachs Asset Management, L.P., a separate business unit of the Investment Management Division of Goldman Sachs & Co., is the

investment adviser to this Fund.

<sup>13</sup>Invesco Advisers, Inc. is the investment adviser to this Fund.

<sup>14</sup>Janus Capital Management LLC is the investment adviser to this Portfolio.

<sup>15</sup>Lincoln Financial Investments Corporation is the investment adviser to this Fund.

<sup>16</sup>Lord, Abbett & Co. LLC is the investment adviser to this Fund.

<sup>17</sup>Massachusetts Financial Services Company is the investment adviser to this Series.

<sup>18</sup>MML Investment Advisers, LLC, a wholly-owned subsidiary of MassMutual, is the investment adviser to this Fund.

<sup>19</sup>Pacific Investment Management Company LLC is the investment adviser to this Fund.

<sup>20</sup>T. Rowe Price Associates, Inc. is the investment adviser to this Portfolio.

<sup>21</sup>Templeton Investment Counsel, LLC is the investment adviser to this Fund.

<sup>22</sup>The Vanguard Group, Inc. is the investment adviser to this Fund.

<sup>23</sup>ValMark Advisers, Inc. is the investment adviser to this Fund.

<sup>24</sup>This Division/Fund became available to the Separate Account as an investment option on November 14, 2025.

<sup>25</sup>This sub-account/division/portfolio did not have any investment or unit activity from 2021 to 2025.

<sup>26</sup>Prior to November 25, 2024, known as DFA VA Global Bond Division/Portfolio.

<sup>27</sup>Prior to November 25, 2024, known as DFA VA International Small Division/Portfolio.

<sup>28</sup>Prior to November 25, 2024, known as DFA VA U.S. Large Value/Portfolio.

<sup>29</sup>Prior to November 25, 2024, known as DFA VA U.S. Targeted Value Division/Portfolio.

<sup>30</sup>Prior to November 25, 2024, known as DFA VIT Inflation-Protected Securities Division/Portfolio.

<sup>31</sup>After the close of business on April 26, 2024, Invesco V.I. Equity and Income Fund acquired all the net assets of Invesco V.I. Conservative

Balanced Fund pursuant to a plan of reorganization approved by the Board of Trustees of the Invesco Funds on September 20, 2023 and by the

shareholders of the Invesco V.I. Conservative Balanced Fund on January 18, 2024. Shares of Invesco V.I. Conservative Balanced Fund were

exchanged for the like class of shares of Invesco V.I. Equity and Income Fund, based on the relative net asset value of the two funds which

resulted in Invesco V.I. Conservative Balanced Fund receiving 0.89134224 shares of Invesco V.I. Equity and Income Fund in exchange of 1

share of Invesco V.I. Conservative Balanced Fund. As a result of the underlying fund merger, the division name changed from Invesco V.I.

Conservative Balanced Fund to Invesco V.I. Equity and Income Fund.

<sup>32</sup>Effective April 26, 2024, the American Century VP Capital Appreciation Fund reorganized into the LVIP American Century Capital

Appreciation Fund. As a result of the underlying fund reorganization, the LVIP American Century Capital Appreciation Division was added as

an investment option and assumed the accounting and performance history of the American Century VP Capital Appreciation Division.

<sup>33</sup>Effective April 26, 2024, the American Century VP Disciplined Core Value Fund reorganized into the LVIP American Century Disciplined

Core Value Fund. As a result of the underlying fund reorganization, the LVIP American Century Disciplined Core Value Division was added as

an investment option and assumed the accounting and performance history of the American Century VP Disciplined Core Value Division.

<sup>34</sup>Effective April 26, 2024, the American Century VP Inflation Protection Fund reorganized into the LVIP American Century Inflation Protection

Fund. As a result of the underlying fund reorganization, the LVIP American Century Inflation Protection Division was added as an investment

option and assumed the accounting and performance history of the American Century VP Inflation Protection Division.

<sup>35</sup>Effective April 26, 2024, the American Century VP International Fund reorganized into the LVIP American Century International Fund. As a

result of the underlying fund reorganization, the LVIP American Century Inflation Protection Division was added as an investment option and

assumed the accounting and performance history of the American Century International Division.

<sup>36</sup>Effective April 26, 2024, the American Century VP Value Fund reorganized into the LVIP American Century Value Fund. As a result of the

underlying fund reorganization, the LVIP American Century Value Division was added as an investment option and assumed the accounting and

performance history of the American Century VP Value Division.

<sup>37</sup>Effective after the close of the New York Stock Exchange on April 25, 2025, the MML Fundamental Value Fund substituted into the MML

Equity Income Fund.

<sup>38</sup>Effective after the close of the New York Stock Exchange on April 25, 2025, the MML Equity Rotation Fund substituted into the MML Loomis

Sayles Large Cap Growth Fund (formerly known as the MML Large Cap Growth Fund).

***Notes To Financial Statements*** *(Continued)* 

<sup>39</sup>Effective after the close of the New York Stock Exchange on April 25, 2025, the MML Dynamic Bond Fund and MML High Yield Fund

substituted into the MML Managed Bond Fund.

<sup>40</sup>Prior to November 14, 2025, known as MML Large Cap Growth Fund.

<sup>41</sup>Prior to August 22, 2025, known as Invesco V.I. Oppenheimer International Growth Fund.

<sup>42</sup>This sub-account/division/portfolio did not have any investment or unit activity from 2021 to 2024.

<sup>43</sup>This sub-account/division/portfolio did not have any investment or unit activity from 2021 to 2025.

<sup>44</sup>This Sub-Account/Fund became available to the Separate Account as an investment option on April 26, 2024.

<sup>45</sup>This Sub-Account/Fund became available to the Separate Account as an investment option on November 25, 2024.

<sup>46</sup>This sub-account/division/portfolio did not have any investment or unit activity from 2024 & 2025.

<sup>47</sup>Prior to November 14, 2025, known as MML iShares® 60/40 Allocation Fund.

<sup>48</sup>Prior to November 14, 2025, known as MML iShares® 80/20 Allocation Fund.

<sup>49</sup>Prior to December 1, 2025, known as Macquarie VIP Asset Strategy Series (Standard Class) (formerly known as the Delaware Ivy VIP Asset

Strategy Fund (Standard Class).

<sup>50</sup>Prior to December 1, 2025, known as Macquarie VIP Asset Strategy Series (Service Class) (formerly known as the Delaware Ivy VIP Asset

Strategy Fund (Service Class)

<sup>51</sup>Prior to December 1, 2025, known as Macquarie VIP Emerging Markets Series (formerly known as the Delaware VIP® Emerging Markets

Series Fund).

<sup>52</sup>Prior to December 1, 2025, known as Macquarie VIP Growth Series.

<sup>53</sup>Prior to December 1, 2025, known as Macquarie VIP Science and Technology Series (formerly known as the Delaware Ivy VIP Science and

Technology Fund).

<sup>54</sup>Prior to December 1, 2025, known as Macquarie VIP Small Cap Value Series (formerly known as the Delaware VIP® Small Cap Value Series

Fund).

<sup>55</sup>Prior to November 14, 2025, known as MML Mid Cap Value Fund.

<sup>56</sup>Prior to November 14, 2025, known as MML Small Company Equity Fund.

<sup>57</sup>Prior to November 14, 2025, known as MML International Equity Fund.

<sup>58</sup>Prior to November 14, 2025, known as MML Total Return Bond Fund.

<sup>59</sup>Effective after the close of the New York Stock Exchange on November 14, 2025, the T. Rowe Price Mid-Cap Growth Fund substituted into the

MML Mid-Cap Growth Fund.

<sup>60</sup>Effective after the close of the New York Stock Exchange on November 14, 2025, the Invesco V.I. Global Fund substituted into the MML

Global Fund (Class II).

<sup>61</sup>Effective after the close of the New York Stock Exchange on November 14, 2025, the Invesco V.I. Discovery Large Cap Fund (formerly known

as the Invesco V.I. Capital Appreciation Fund) substituted into the MML Invesco Discovery Large Cap Fund.

<sup>62</sup>Effective after the close of the New York Stock Exchange on November 14, 2025, the Invesco V.I. Discovery Mid Cap Growth Fund

substituted into the MML Invesco Discovery Mid Cap Fund.

<sup>63</sup>Effective after the close of the New York Stock Exchange on November 14, 2025, the Invesco V.I. Main Street Fund substituted into the MML

Fundamental Equity Fund.

<sup>64</sup>Prior to November 14, 2025, known as MML Small Company Value Fund.

<sup>65</sup>Effective after the close of the New York Stock Exchange on November 14, 2025, certain assets of the MML Global Fund (Service Class I)

merged into the MML Global Fund (Class II).

<sup>66</sup>Effective after the close of the New York Stock Exchange on November 14, 2025, the MML Strategic Emerging Markets Fund substituted into

the MML International Equity Fund (currently known as MML MFS International Equity Fund).

***3. SIGNIFICANT ACCOUNTING POLICIES***

The following is a summary of significant accounting policies followed by the Separate Account in preparation of the

financial statements in conformity with U.S. generally accepted accounting principles (U.S. GAAP). C.M. Life

Variable Life Separate Account I follows the accounting and reporting guidance in FASB Accounting Standards

Codification (ASC) 946, *Investment Companies.*

**A.Investment Valuation** 

Investments in the underlying funds held by each division/sub-account are carried at fair value which is

based on the closing net asset value of each of the respective underlying funds, which value their investment

securities at fair value.

**B.Accounting for Investments** 

Investment transactions are accounted for on a trade-date basis and identified cost is the basis followed in

determining the cost of investments sold for financial statement purposes. Dividend income and gains from

realized gain distributions are recorded on the ex-distribution date and they are generally reinvested in the

underlying funds.

***Notes To Financial Statements*** *(Continued)* 

**C.Federal Income Taxes** 

C.M. Life is taxed under federal law as a life insurance company under the provisions of the 1986 Internal

Revenue Code, as amended. Under existing federal law, no taxes are payable on net investment income and

net realized capital gains attributable to policies, which depend on the Separate Account's investment

performance. Accordingly, no provision for federal income tax has been made. C.M. Life may, however,

make such a charge in the future if an unanticipated change of current law results in a tax liability

attributable to the Separate Account.

**D.Policy Charges** 

See Note 8B for charges associated with the policies.

**E.Estimates** 

The preparation of financial statements in conformity with U.S. generally accepted accounting principles

(U.S. GAAP) 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.

**F.Policy Loans**

When a policy loan is made, the Separate Account transfers the amount of the loan to C.M. Life, thereby

decreasing both the investments and the net assets of the Separate Account by an equal amount. The policy

owner is charged interest on the outstanding policy loan amount generally equal to either a fixed interest rate

of 1% to 8% per year or (in all qualifying jurisdictions) an adjustable loan rate, where applicable.

As long as a loan is outstanding, a portion of the policy account value equal to the loan is invested in the

GPA. The amount of the loan earns interest at a rate equal to the greater of either a fixed interest rate

generally equal to 1% to 3% of the loan or the policy loan rate less the loan interest rate expense charge.

**G.Life Reserves**

Life reserves are developed by using accepted actuarial methods and are computed using the 1980 CSO or

2017 CSO mortality table.

**H. Single Reportable Segment**

The Separate Account derives revenues from variable life insurance products. MassMutual has identified the

Head of Brand, Product, and Affiliate Distribution and their Team as the chief operating decision maker

(CODM) for overseeing the products and the performance of the underlying funds to evaluate the results of

the business and make operational decisions. The Separate Account's products constitute as a single

operating segment and therefore, a single reportable segment. Separate Accounts are structured with a

limited purpose by design and their sole purpose, which records and reports the invested funds and activities

and performance chosen by contract/policy holders. Investment performance of funds may vary based on the

underlying fund's investment objectives specified in the fund prospectuses. The accounting policies used to

measure the profit and loss of the segment are the same as those described in the summary of significant

accounting policies herein.

***4. FAIR VALUE OF FINANCIAL INSTRUMENTS***

Financial Accounting Standards Board ("FASB") ASC Topic 820, *Fair Value Measurement* ("ASC 820") defines fair

value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction

between market participants at the measurement date. In determining fair value, the Separate Account generally uses

the market approach as the valuation technique due to the nature of the mutual fund investments offered in the

Separate Account. This technique maximizes the use of observable inputs and minimizes the use of unobservable

inputs. Investments in mutual funds are valued at the mutual fund's closing net asset value per share on the day of

valuation.

**Valuation Inputs:** Various inputs are used to determine the value of the Separate Account's investments. These

inputs are summarized in the three broad levels listed below:

• **Level 1** – quoted prices in active markets for identical securities

• **Level 2** – observable inputs other than Level 1 quoted prices (including, but not limited to, quoted

prices for similar securities, interest rates, prepayment speeds and credit risk)

• **Level 3** – unobservable inputs

The investments of the Separate Account are measured at fair value. All the investments are categorized as Level 1 as

of December 31, 2025. There have been no transfers between levels for the year ended December 31, 2025.

***Notes To Financial Statements*** *(Continued)* 

***5. RELATED PARTY TRANSACTIONS***

**A.Sales Agreements** 

Pursuant to separate underwriting agreements with C.M. Life, on its own behalf and on behalf of the Separate

Account, MML Investors Services, LLC ("MMLIS") serves as principal underwriter of the policies sold by its

registered representatives, and MML Distributors, LLC ("MML Distributors") and/or MML Strategic Distributors,

LLC ("MSD") serve as principal underwriters of the policies sold by registered representatives of other broker-

dealers who have entered into distribution agreements with MML Distributors and/or MSD.

MMLIS, MML Distributors and MSD are registered with the Securities and Exchange Commission (the "SEC")

as broker-dealers under the Securities Exchange Act of 1934 and are members of the Financial Industry

Regulatory Authority ("FINRA"). Commissions for sales of policies by MMLIS registered representatives are

paid on behalf of MMLIS to its registered representatives. Commissions for sales of policies by registered

representatives of other broker-dealers are paid on behalf of MML Distributors and/or MSD to those broker-

dealers. MMLIS, MML Distributors and MSD also receive compensation for their actions as principal

underwriters of the policies.

**B.Receivable from/Payable to C.M. Life**

Certain fees such as mortality and expense fees are charges paid between the General Account and the Separate

Account. The General Account is not registered as an investment company under the 1940 Act.

***Notes To Financial Statements*** *(Continued)* 

***6. PURCHASES AND SALES OF INVESTMENTS***

The cost of purchases and proceeds from sales of investments for each of the years in the two-year period ended December 31, 2025 were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **American Funds**<br>**Insurance Series®**<br>**American** <br>**High-Income** <br>**Division** | **American Funds**<br>**Insurance Series®**<br>**Asset**<br>**Allocation**<br>**Division** | **American Funds**<br>**Insurance Series®**<br>**Asset**<br>**Allocation**<br>**Division** | **American Funds**<br>**Insurance Series®**<br>**Capital World**<br>**Growth and Income**<br>**Division** | **American Funds**<br>**Insurance Series®**<br>**Global**<br>**Growth**<br>**Division** | **American Funds**<br>**Insurance Series®**<br>**Global Small** <br>**Capitalization**<br>**Division** | <br>**American Funds**<br>**Insurance Series®**<br>**Growth-Income**<br>**Division** |
| **<u>2025</u>** |  | **(Class 1)** | **(Class 2)** |  |  | **(Class 2)** | **(Class 1A)** |
| Cost of purchases | $103934 | $— | $1750821 | $2372 | $186015 | $6337 | $39252 |
| Proceeds from sales | (10352) | (524827) | (564032) | (1743) | (294267) | (1216) | (20806) |
|  |  | **American Funds** |  |  | **American Funds** | **American Funds** | **American Funds** |
|  | **American Funds** | **Insurance Series®** | **American Funds** | **American Funds** | **Insurance Series®** | **Insurance Series®** | **Insurance Series®** |
|  | **Insurance Series®** | **International** | **Insurance Series®** | **Insurance Series®** | **The Bond** | **Washington** | **Washington** |
|  | **Growth-Income** | **Growth and Income** | **New World** | **New World** | **Fund of America**  | **Mutual Investors** | **Mutual Investors** |
|  | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** |
| **<u>2025 (Continued)</u>** | **(Class 2)** |  | **(Class 1)** | **(Class 2)** |  | **(Class 1A)** | **(Class 2)** |
| Cost of purchases | $2817670 | $120262 | $30744 | $58924 | $103595 | $1777008 | $311964 |
| Proceeds from sales | (906163) | (38090) | (11574) | (5915) | (81965) | (34498) | (16290) |
|  |  |  |  |  |  | **Columbia Variable** |  |
|  |  | **Black Rock** | **Black Rock** | **Black Rock** | **BNY Mellon** | **Portfolio -** | **Dimensional** |
|  | **Black Rock** | **Small Cap** | **Small Cap** | **Total Return** | **MidCap** | **Contrarian** | **VA Global** |
|  | **High Yield V.I.** | **Index V.I.** | **Index V.I.** | **V.I.** | **Stock** | **Core** | **Bond** |
|  | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** |
| **<u>2025 (Continued)</u>** |  | **(Class I)** | **(Class III)** |  |  |  |  |
| Cost of purchases | $501310 | $769749 | $457498 | $197141 | $421934 | $31099 | $179549 |
| Proceeds from sales | (91592) | (143393) | (94656) | (49011) | (69980) | (7494) | (2116) |

---

***Notes To Financial Statements*** *(Continued)* 

***6. PURCHASES AND SALES OF INVESTMENTS (Continued)***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**Dimensional**<br>**VA International**<br>**Small**<br>**Division** | <br>**Dimensional**<br>**VA U.S. Large** <br>**Value**<br>**Division** | <br>**Dimensional**<br>**VA U.S. Targeted** <br>**Value**<br>**Division** | <br>**Dimensional**<br>**VIT Inflation-**<br>**Protected Securities**<br>**Division** | <br>**DWS**<br>**Small Cap**<br>**Index**<br>**Division** | **Eaton Vance**<br>**VT**<br>**Floating-Rate**<br>**Income**<br>**Division** | <br>**Fidelity®**<br>**VIP**<br>**Bond Index**<br>**Division** |
| **<u>2025 (Continued)</u>** |  |  |  |  |  |  | **(Initial Class)** |
| Cost of purchases | $99476 | $2350 | $75807 | $116823 | $560998 | $1714 | $1228460 |
| Proceeds from sales | (82958) | (160) | (106062) | (22929) | (225763) | (148) | (194638) |
|  |  |  | **Fidelity®** | **Fidelity®** |  |  |  |
|  | **Fidelity®** | **Fidelity®** | **VIP** | **VIP** | **Fidelity®** | **Fidelity®** | **Fidelity®** |
|  | **VIP** | **VIP** | **Extended** | **Extended** | **VIP** | **VIP** | **VIP** |
|  | **Bond Index** | **Contrafund®** | **Market Index** | **Market Index** | **Freedom 2020** | **Freedom 2025** | **Freedom 2030** |
|  | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** |
| **<u>2025</u> <u>(Continued)</u>** | **(Service Class 2)** |  | **(Initial Class)** | **(Service Class)** |  |  |  |
| Cost of purchases | $1112054 | $19954022 | $1370345 | $198267 | $327 | $9111 | $218205 |
| Proceeds from sales | (55557) | (8494289) | (193140) | (67534) | (3821) | (62190) | (182602) |
|  | **Fidelity®** | **Fidelity®** | **Fidelity®** | **Fidelity®** | **Fidelity®** | **Fidelity®** | **Fidelity®** |
|  | **VIP** | **VIP** | **VIP** | **VIP** | **VIP** | **VIP** | **VIP** |
|  | **Freedom 2035** | **Freedom 2040** | **Freedom 2045** | **Freedom 2050** | **Freedom 2055** | **Freedom 2060** | **Freedom 2065** |
|  | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** |
| **<u>2025 (Continued)</u>** |  |  |  |  |  |  |  |
| Cost of purchases | $269911 | $2717103 | $1710493 | $441405 | $126765 | $138294 | $24123 |
| Proceeds from sales | (79374) | (2090540) | (1648885) | (235390) | (23989) | (57967) | (1241) |

---

***Notes To Financial Statements*** *(Continued)* 

***6. PURCHASES AND SALES OF INVESTMENTS (Continued)***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fidelity®**<br>**VIP**<br>**Freedom Income**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Growth**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Health Care**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Index 500**<br>**Division** | **Fidelity®**<br>**VIP**<br>**International Index**<br>**Division** | **Fidelity®**<br>**VIP**<br>**International Index**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Overseas**<br>**Division** |
| **<u>2025 (Continued)</u>** |  |  |  | **(Service Class)** | **(Initial Class)** | **(Service Class 2)** |  |
| Cost of purchases | $161497 | $139221 | $58779 | $2577415 | $1857101 | $291539 | $101115 |
| Proceeds from sales | (149530) | (466003) | (13823) | (921640) | (278024) | (40635) | (14231) |
|  |  |  | **Fidelity®** | **Fidelity®** | **Fidelity®** | **Franklin** | **Franklin** |
|  | **Fidelity®** | **Fidelity®** | **VIP** | **VIP** | **VIP** | **Small Cap** | **Strategic** |
|  | **VIP** | **VIP** | **Strategic** | **Total Market** | **Total Market** | **Value** | **Income** |
|  | **Real Estate** | **Real Estate** | **Income** | **Index** | **Index** | **VIP** | **VIP** |
|  | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** |
| **<u>2025 (Continued)</u>** | **(Initial Class)** | **(Service Class)** |  | **(Initial Class)** | **(Service Class 2)** |  |  |
| Cost of purchases | $68018 | $32931 | $48950 | $3751776 | $32966 | $709789 | $277242 |
| Proceeds from sales | (5248) | (2612) | (8626) | (223393) | (2181) | (321882) | (6191) |
|  | **Goldman** | **Goldman** | **Goldman** | **Goldman** | **Goldman** |  |  |
|  | **Sachs** | **Sachs** | **Sachs** | **Sachs** | **Sachs** |  | **Invesco V.I.** |
|  | **Core Fixed** | **International** | **Mid Cap** | **Mid Cap** | **Strategic** | **Invesco V.I.** | **Discovery** |
|  | **Income** | **Equity Insights** | **Growth** | **Value** | **Growth** | **Core Plus Bond** | **Large Cap** |
|  | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** |
| **<u>2025</u> <u>(Continued)</u>** |  |  |  |  |  |  |  |
| Cost of purchases | $56 | $1506996 | $10512 | $121578 | $1996020 | $2407828 | $9375185 |
| Proceeds from sales | (39) | (35677) | (6880) | (71483) | (1195925) | (2456303) | (81885487) |

---

***Notes To Financial Statements*** *(Continued)* 

***6. PURCHASES AND SALES OF INVESTMENTS (Continued)***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Invesco V.I.**<br>**Discovery**<br>**Mid Cap Growth**<br>**Division** | **Invesco V.I.**<br>**Diversified**<br>**Dividend**<br>**Division** | <br>**Invesco V.I.**<br>**Global** <br>**Division** | **Invesco V.I.**<br>**Global**<br>**Real Estate**<br>**Division** | **Invesco V.I.**<br>**Global**<br>**Strategic Income**<br>**Division** | **Invesco V.I.**<br>**Government**<br>**Money Market**<br>**Division** | **Invesco V.I.**<br>**Health**<br>**Care**<br>**Division** |
| **<u>2025</u> <u>(Continued)</u>** |  |  | **(Class II)** |  |  |  |  |
| Cost of purchases | $6166784 | $786687 | $12693741 | $266656 | $1013777 | $3320450 | $79424 |
| Proceeds from sales | (67489795) | (101990) | (71128346) | (6453) | (615673) | (1557527) | (160344) |
|  | **Invesco V.I.** |  | **Invesco V.I.** |  | **Janus** | **Janus** | **Janus** |
|  | **International** | **Invesco V.I.** | **Small Cap** | **Invesco V.I.** | **Henderson** | **Henderson** | **Henderson** |
|  | **Growth** | **Main Street** | **Equity** | **Technology** | **Balanced** | **Enterprise** | **Forty** |
|  | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** |
| **<u>2025</u> <u>(Continued)</u>** |  |  |  |  |  |  |  |
| Cost of purchases | $1345511 | $1595850 | $72748 | $515345 | $340986 | $73594 | $3675783 |
| Proceeds from sales | (408164) | (22540433) | (3477) | (291467) | (438408) | (11177) | (3003478) |
|  | **Janus** | **Janus Henderson** |  | **LVIP American** | **LVIP American** | **LVIP American** |  |
|  | **Henderson** | **Global** | **Janus** | **Century** | **Century** | **Century** | **LVIP American** |
|  | **Global** | **Technology and** | **Henderson** | **Capital** | **Disciplined** | **Inflation** | **Century** |
|  | **Research** | **Innovation** | **Overseas** | **Appreciation** | **Core Value** | **Protection** | **International** |
|  | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** |
| **<u>2025</u> <u>(Continued)</u>** |  |  |  |  |  |  |  |
| Cost of purchases | $1901843 | $256319 | $702 | $165677 | $899985 | $115400 | $240839 |
| Proceeds from sales | (1404210) | (20568) | (50) | (128568) | (2193126) | (2468) | (174287) |

---

***Notes To Financial Statements*** *(Continued)* 

***6. PURCHASES AND SALES OF INVESTMENTS (Continued)***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP American**<br>**Century**<br>**Value**<br>**Division** | **MFS®**<br>**Global**<br>**Real Estate**<br>**Division** | **MFS®**<br>**Growth**<br>**Series**<br>**Division** | **MFS®**<br>**International**<br>**Intrinsic Value**<br>**Division** | **MFS®**<br>**Investors**<br>**Trust**<br>**Division** | **MFS®**<br>**Mid Cap**<br>**Value**<br>**Division** | **MFS®**<br>**New**<br>**Discovery**<br>**Division** |
| **<u>2025</u> <u>(Continued)</u>** |  |  |  |  |  |  |  |
| Cost of purchases | $338170 | $23644 | $727149 | $38260 | $98110 | $166973 | $92932 |
| Proceeds from sales | (183296) | (34453) | (49433) | (5389) | (42940) | (175992) | (190932) |
|  |  |  | **MML** | **MML** |  |  |  |
|  |  | **MML** | **American**  | **American Century** | **MML** | **MML** | **MML** |
|  | **MFS®** | **Aggressive** | **Century** | **Small** | **American Funds** | **American Funds** | **Balanced** |
|  | **Value** | **Allocation** | **Mid Cap Value** | **Company Value** | **Core Allocation** | **Growth** | **Allocation** |
|  | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** |
| **<u>2025</u> <u>(Continued)</u>** |  |  |  |  |  |  |  |
| Cost of purchases | $1040308 | $1123805 | $283129 | $19821 | $157044 | $1944644 | $288638 |
| Proceeds from sales | (432979) | (63182) | (56060) | (5865) | (42402) | (167887) | (42117) |
|  | **MML** | **MML** |  | **MML** | **MML** | **MML** |  |
|  | **BlackRock** | **BlackRock** | **MML** | **Blue Chip** | **Conservative** | **Dynamic** | **MML** |
|  | **iShares® 60/40** | **iShares® 80/20** | **Blend** | **Growth** | **Allocation** | **Bond** | **Equity** |
|  | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** |
| **<u>2025</u> <u>(Continued)</u>** |  |  |  |  |  |  |  |
| Cost of purchases | $621206 | $587550 | $1637780 | $3443122 | $35266 | $49953 | $7654277 |
| Proceeds from sales | (31966) | (150276) | (1488894) | (1500653) | (33663) | (257270) | (4280365) |

---

***Notes To Financial Statements*** *(Continued)* 

***6. PURCHASES AND SALES OF INVESTMENTS (Continued)***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**MML**<br>**Equity**<br>**Income**<br>**Division** | <br>**MML**<br>**Equity**<br>**Index** <br>**Division** | <br>**MML**<br>**Equity**<br>**Index** <br>**Division** | **MML**<br>**Fidelity**<br>**Institutional AM®**<br>**Core Plus Bond**<br>**Division** | <br>**MML**<br>**Focused**<br>**Equity**<br>**Division** | <br>**MML**<br>**Foreign**<br>**Division** | <br>**MML**<br>**Fundamental**<br>**Equity**<br>**Division** |
| **<u>2025</u> <u>(Continued)</u>** |  | **(Class II)** | **(Class III)** |  |  |  |  |
| Cost of purchases | $133728 | $14493673 | $7962929 | $151639 | $11000 | $573001 | $21380045 |
| Proceeds from sales | (24906) | (3657768) | (1128842) | (41338) | (1221) | (115433) | (306768) |
|  |  |  |  |  |  |  | **MML** |
|  | **MML** |  |  | **MML** | **MML** | **MML** | **Inflation-** |
|  | **Fundamental** | **MML** | **MML** | **Growth** | **High** | **Income &** | **Protected** |
|  | **Value** | **Global** | **Global** | **Allocation** | **Yield** | **Growth** | **and Income** |
|  | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** |
| **<u>2025</u> <u>(Continued)</u>** |  | **(Class II)** | **(Service Class I)** |  |  |  |  |
| Cost of purchases | $21199 | $67616102 | $566 | $948427 | $17224 | $118170 | $312778 |
| Proceeds from sales | (26245) | (486411) | (19604) | (178141) | (23545) | (24634) | (216101) |
|  | **MML** | **MML** | **MML** | **MML** |  |  | **MML** |
|  | **Invesco** | **Invesco** | **Invesco** | **Loomis Sayles** | **MML** | **MML** | **MFS** |
|  | **Discovery** | **Discovery** | **Small Cap** | **Large Cap** | **Managed** | **Managed** | **International** |
|  | **Large Cap** | **Mid Cap** | **Equity** | **Growth** | **Bond** | **Volatility** | **Equity** |
|  | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** |
| **<u>2025</u> <u>(Continued)</u>** |  |  |  |  |  |  |  |
| Cost of purchases | $77622216 | $63902033 | $3550773 | $625162 | $1539244 | $581901 | $604327 |
| Proceeds from sales | (558270) | (811343) | (2187100) | (98390) | (746539) | (228589) | (57866) |

---

***Notes To Financial Statements*** *(Continued)* 

***6. PURCHASES AND SALES OF INVESTMENTS (Continued)***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**MML**<br>**Mid Cap**<br>**Growth**<br>**Division** | <br>**MML**<br>**Moderate**<br>**Allocation**<br>**Division** | **MML**<br>**Short-**<br>**Duration**<br>**Bond**<br>**Division** | <br>**MML**<br>**Small Cap**<br>**Growth Equity**<br>**Division** | <br>**MML**<br>**Small/Mid Cap**<br>**Value**<br>**Division** | **MML**<br>**Strategic**<br>**Emerging**<br>**Markets**<br>**Division** | <br>**MML**<br>**Sustainable**<br>**Equity**<br>**Division** |
| **<u>2025</u> <u>(Continued)</u>** |  |  |  |  |  |  |  |
| Cost of purchases | $60254939 | $54997 | $59498 | $607947 | $118735 | $30047 | $250896 |
| Proceeds from sales | (1896961) | (10748) | (16605) | (1014072) | (22286) | (364124) | (6554) |
|  |  |  |  |  |  |  | **PIMCO** |
|  | **MML U.S.** | **Nomura VIP**  | **Nomura VIP**  |  | **Nomura VIP**  | **Nomura VIP**  | **Commodity** |
|  | **Government** | **Asset** | **Emerging** | **Nomura VIP**  | **Science** | **Small Cap** | **RealReturn®** |
|  | **Money Market** | **Strategy** | **Markets** | **Growth** | **and Technology** | **Value** | **Strategy** |
|  | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** |
| **<u>2025</u> <u>(Continued)</u>** |  | **(Standard Class)** |  |  |  |  |  |
| Cost of purchases | $8965169 | $30930 | $192180 | $39149 | $84767 | $49590 | $327766 |
| Proceeds from sales | (5932637) | (7486) | (93967) | (2051) | (232586) | (77084) | (9224) |
|  | **PIMCO** | **PIMCO** |  |  |  |  | **Schwab®** |
|  | **Emerging** | **Global Bond** | **PIMCO** | **PIMCO** | **PIMCO** | **PIMCO** | **S&P 500** |
|  | **Markets Bond** | **Opportunities** | **High Yield** | **Income** | **Real Return** | **Total Return** | **Index** |
|  | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** |
| **<u>2025</u> <u>(Continued)</u>** |  |  |  |  |  |  |  |
| Cost of purchases | $229 | $5923 | $134578 | $48075 | $285 | $496437 | $2262381 |
| Proceeds from sales | (241) | (86292) | (8130) | (5669) | (48) | (7241) | (556387) |

---

***Notes To Financial Statements*** *(Continued)* 

***6. PURCHASES AND SALES OF INVESTMENTS (Continued)***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **T. Rowe Price**<br>**Blue Chip**<br>**Growth**<br>**Division** | <br>**T. Rowe Price**<br>**Equity Income**<br>**Division** | **T. Rowe Price**<br>**Limited-Term**<br>**Bond**<br>**Division** | **T. Rowe Price**<br>**Mid-Cap**<br>**Growth**<br>**Division** | **Templeton**<br>**Foreign**<br>**VIP**<br>**Division** | **Templeton**<br>**Global Bond**<br>**VIP**<br>**Division** | **TOPS®**<br>**Moderate**<br>**Growth ETF**<br>**Division** |
| **<u>2025</u> <u>(Continued)</u>** |  |  |  |  |  |  |  |
| Cost of purchases | $1014789 | $1303365 | $176078 | $350624 | $694018 | $163896 | $487434 |
| Proceeds from sales | (952550) | (504915) | (3083) | (63718706) | (515013) | (7905) | (1140058) |
|  |  |  |  |  | **Vanguard VIF** |  |  |
|  | **Vanguard VIF** | **Vanguard VIF** | **Vanguard VIF** | **Vanguard VIF** | **Global Bond** | **Vanguard VIF** | **Vanguard VIF** |
|  | **Balanced** | **Capital Growth** | **Diversified Value** | **Equity Income** | **Index** | **Growth** | **International** |
|  | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** |
| **<u>2025</u> <u>(Continued)</u>** |  |  |  |  |  |  |  |
| Cost of purchases | $58787 | $86272 | $9956 | $662493 | $693857 | $108772 | $— |
| Proceeds from sales | (59181) | (4400) | (84988) | (1661174) | (101157) | (160096) |  |
|  |  |  |  | **Vest** |  |  |  |
|  | **Vanguard VIF** | **Vanguard VIF** | **Vanguard VIF** | **US Large Cap** |  |  |  |
|  | **Mid Cap** | **Real Estate** | **Short-Term** | **10% Buffer** |  |  |  |
|  | **Index** | **Index** | **Investment-Grade** | **Strategies VI** |  |  |  |
|  | **Division** | **Division** | **Division** | **Division** |  |  |  |
| **<u>2025</u> <u>(Continued)</u>** |  |  |  |  |  |  |  |
| Cost of purchases | $1220005 | $1012238 | $7482 | $80163 |  |  |  |
| Proceeds from sales | (179863) | (164453) | (2465) | (122129) |  |  |  |

---

***Notes To Financial Statements*** *(Continued)* 

***6. PURCHASES AND SALES OF INVESTMENTS (Continued)***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **American Funds**<br>**Insurance Series®**<br>**American**<br>**High-Income**<br>**Division** | **American Funds**<br>**Insurance Series®**<br>**Asset**<br>**Allocation**<br>**Division** | **American Funds**<br>**Insurance Series®**<br>**Asset**<br>**Allocation**<br>**Division** | **American Funds**<br>**Insurance Series®**<br>**Capital World**<br>**Growth and Income**<br>**Division** | **American Funds**<br>**Insurance Series®**<br>**Global**<br>**Growth**<br>**Division** | **American Funds**<br>**Insurance Series®**<br>**Global Small**<br>**Capitalization**<br>**Division** | <br>**American Funds**<br>**Insurance Series®**<br>**Growth-Income**<br>**Division** |
| **<u>2024</u>** |  | **(Class 1)** | **(Class 2)** |  |  |  |  |
| Cost of purchases | $125787 | $469966 | $1331799 | $— | $340744 | $11 | $998065 |
| Proceeds from sales | (10068) | (6225) | (510403) | (68752) | (19618) |  | (865573) |
|  | **American Funds** |  | **American Funds** | **American Funds** | **American Funds** |  |  |
|  | **Insurance Series®** | **American Funds** | **Insurance Series®** | **Insurance Series®** | **Insurance Series®** |  | **Black Rock** |
|  | **International** | **Insurance Series®** | **The Bond** | **Washington** | **Washington** | **Black Rock** | **Small Cap** |
|  | **Growth and Income** | **New World** | **Fund of America** | **Mutual Investors** | **Mutual Investors** | **High Yield V.I.** | **Index V.I.** |
|  | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** |
| **<u>2024</u> <u>(Continued)</u>** |  |  |  | **(Class 1A)** | **(Class 2)** |  | **(Class I)** |
| Cost of purchases | $99232 | $31007 | $72868 | $54037 | $16 | $179596 | $193567 |
| Proceeds from sales | (8879) | (20647) | (14450) | (13232) |  | (48781) | (7619) |
|  | **Black Rock** | **Black Rock** | **BNY Mellon** | **Dimensional** | **Dimensional** | **Dimensional** | **Dimensional** |
|  | **Small Cap** | **Total Return** | **MidCap** | **VA Global** | **VA International** | **VA U.S. Targeted** | **VIT Inflation-** |
|  | **Index V.I.** | **V.I.** | **Stock** | **Bond** | **Small** | **Value** | **Protected Securities** |
|  | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** |
| **<u>2024</u> <u>(Continued)</u>** | **(Class III)** |  |  |  |  |  |  |
| Cost of purchases | $94563 | $155153 | $157998 | $4455 | $14658 | $27191 | $88116 |
| Proceeds from sales | (34841) | (23485) | (72843) |  | (3068) | (7017) | (736) |

---

***Notes To Financial Statements*** *(Continued)* 

***6. PURCHASES AND SALES OF INVESTMENTS (Continued)***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**DWS**<br>**Small Cap**<br>**Index**<br>**Division** | **Eaton Vance**<br>**VT**<br>**Floating-Rate**<br>**Income**<br>**Division** | <br>**Fidelity®**<br>**VIP**<br>**Bond Index**<br>**Division** | <br>**Fidelity®**<br>**VIP**<br>**Bond Index**<br>**Division** | <br>**Fidelity®**<br>**VIP**<br>**Contrafund®**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Extended**<br>**Market Index**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Extended**<br>**Market Index**<br>**Division** |
| **<u>2024</u> <u>(Continued)</u>** |  |  | **(Initial Class)** | **(Service Class 2)** |  | **(Initial Class)** | **(Service Class)** |
| Cost of purchases | $301548 | $1145 | $208303 | $581604 | $13257278 | $140222 | $173810 |
| Proceeds from sales | (549842) | (298) | (5705) | (7284) | (6403546) | (3733) | (46175) |
|  | **Fidelity®** | **Fidelity®** | **Fidelity®** | **Fidelity®** | **Fidelity®** | **Fidelity®** | **Fidelity®** |
|  | **VIP** | **VIP** | **VIP** | **VIP** | **VIP** | **VIP** | **VIP** |
|  | **Freedom 2020** | **Freedom 2025** | **Freedom 2030** | **Freedom 2035** | **Freedom 2040** | **Freedom 2045** | **Freedom 2050** |
|  | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** |
| **<u>2024</u> <u>(Continued)</u>** |  |  |  |  |  |  |  |
| Cost of purchases | $3926 | $196094 | $229148 | $123121 | $1780455 | $51755 | $1132425 |
| Proceeds from sales | (217) | (390581) | (51290) | (57024) | (687544) | (15031) | (587196) |
|  | **Fidelity®** | **Fidelity®** | **Fidelity®** | **Fidelity®** | **Fidelity®** | **Fidelity®** | **Fidelity®** |
|  | **VIP** | **VIP** | **VIP** | **VIP** | **VIP** | **VIP** | **VIP** |
|  | **Freedom 2055** | **Freedom 2060** | **Freedom 2065** | **Freedom Income** | **Growth** | **Health Care** | **Index 500** |
|  | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** |
| **<u>2024</u> <u>(Continued)</u>** |  |  |  |  |  |  |  |
| Cost of purchases | $84263 | $153049 | $756 | $433283 | $499019 | $80446 | $2255670 |
| Proceeds from sales | (31391) | (16583) | (1072) | (71462) | (191294) | (2036) | (503794) |

---

***Notes To Financial Statements*** *(Continued)* 

***6. PURCHASES AND SALES OF INVESTMENTS (Continued)***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**Fidelity®**<br>**VIP**<br>**International Index**<br>**Division** | <br>**Fidelity®**<br>**VIP**<br>**International Index**<br>**Division** | <br>**Fidelity®**<br>**VIP**<br>**Overseas**<br>**Division** | <br>**Fidelity®**<br>**VIP**<br>**Real Estate**<br>**Division** | <br>**Fidelity®**<br>**VIP**<br>**Real Estate**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Strategic**<br>**Income**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Total Market**<br>**Index**<br>**Division** |
| **<u>2024</u> <u>(Continued)</u>** | **(Initial Class)** | **(Service Class 2)** |  | **(Initial Class)** | **(Service Class)** |  |  |
| Cost of purchases | $215770 | $269027 | $68307 | $17757 | $45194 | $35970 | $488212 |
| Proceeds from sales | (9311) | (27137) | (43797) | (533) | (74) | (1977) | (36650) |
|  | **Franklin** | **Franklin** | **Goldman** | **Goldman** | **Goldman** | **Goldman** | **Goldman** |
|  | **Small Cap** | **Strategic** | **Sachs** | **Sachs** | **Sachs** | **Sachs** | **Sachs** |
|  | **Value** | **Income** | **Core Fixed** | **International** | **Mid Cap** | **Mid Cap** | **Strategic** |
|  | **VIP** | **VIP** | **Income** | **Equity Insights** | **Growth** | **Value** | **Growth** |
|  | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** |
| **<u>2024</u> <u>(Continued)</u>** |  |  |  |  |  |  |  |
| Cost of purchases | $464860 | $143952 | $4780 | $262360 | $61679 | $33471 | $842220 |
| Proceeds from sales | (473541) | (1468) | (4967) | (38493) | (150) | (164963) | (575149) |
|  | **Invesco** |  |  |  |  |  |  |
|  | **Oppenheimer V.I.** | **Invesco V.I.** |  | **Invesco V.I.** | **Invesco V.I.** |  | **Invesco V.I.** |
|  | **International** | **Capital** | **Invesco V.I.** | **Discovery** | **Diversified** | **Invesco V.I.** | **Global** |
|  | **Growth** | **Appreciation** | **Core Plus Bond** | **Mid Cap Growth** | **Dividend** | **Global** | **Real Estate** |
|  | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** |
| **<u>2024</u> <u>(Continued)</u>** |  |  |  |  |  |  |  |
| Cost of purchases | $757377 | $725754 | $303935 | $1090406 | $480311 | $4926183 | $147622 |
| Proceeds from sales | (673246) | (5529538) | (262318) | (4271471) | (141215) | (4981754) | (11719) |

---

***Notes To Financial Statements*** *(Continued)* 

***6. PURCHASES AND SALES OF INVESTMENTS (Continued)***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Invesco V.I.**<br>**Global**<br>**Strategic Income**<br>**Division** | **Invesco V.I.**<br>**Government**<br>**Money Market**<br>**Division** | **Invesco V.I.**<br>**Health**<br>**Care**<br>**Division** | <br>**Invesco V.I.**<br>**Main Street**<br>**Division** | **Invesco V.I.**<br>**Small Cap**<br>**Equity**<br>**Division** | <br>**Invesco V.I.**<br>**Technology**<br>**Division** | **Janus**<br>**Henderson**<br>**Balanced**<br>**Division** |
| **<u>2024</u> <u>(Continued)</u>** |  |  |  |  |  |  |  |
| Cost of purchases | $646428 | $11024 | $170473 | $2150012 | $135953 | $240543 | $213334 |
| Proceeds from sales | (756346) | (5449) | (97730) | (1148277) | (2819) | (480537) | (439183) |
|  |  | **Janus** | **Janus Henderson** | **LVIP American** | **LVIP American** | **LVIP American** |  |
|  | **Janus** | **Henderson** | **Global** | **Century** | **Century** | **Century** | **LVIP American** |
|  | **Henderson** | **Global** | **Technology and** | **Capital** | **Disciplined** | **Inflation** | **Century** |
|  | **Forty** | **Research** | **Innovation** | **Appreciation** | **Core Value** | **Protection** | **International** |
|  | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** |
| **<u>2024</u> <u>(Continued)</u>** |  |  |  |  |  |  |  |
| Cost of purchases | $1893766 | $837479 | $118090 | $158551 | $793548 | $59459 | $91881 |
| Proceeds from sales | (2464108) | (883666) | (4155) | (175455) | (2213552) | (586) | (3810) |
|  | **LVIP American** | **Macquarie VIP** | **Macquarie VIP** |  | **Macquarie VIP** | **Macquarie VIP** | **MFS®** |
|  | **Century** | **Asset** | **Emerging** | **Macquarie VIP** | **Science** | **Small Cap** | **Global** |
|  | **Value** | **Strategy** | **Markets** | **Growth** | **and Technology** | **Value** | **Real Estate** |
|  | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** |
| **<u>2024</u> <u>(Continued)</u>** |  |  |  |  |  |  |  |
| Cost of purchases | $413139 | $71 | $19326 | $11924 | $273698 | $60202 | $30693 |
| Proceeds from sales | (458760) |  | (19994) |  | (35880) | (647) | (3447) |

---

***Notes To Financial Statements*** *(Continued)* 

***6. PURCHASES AND SALES OF INVESTMENTS (Continued)***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **MFS®**<br>**Growth**<br>**Series**<br>**Division** | **MFS®**<br>**International**<br>**Intrinsic Value**<br>**Division** | **MFS®**<br>**Investors**<br>**Trust**<br>**Division** | **MFS®**<br>**Mid Cap**<br>**Value**<br>**Division** | **MFS®**<br>**New**<br>**Discovery**<br>**Division** | <br>**MFS®**<br>**Value**<br>**Division** | **MML**<br>**Aggressive**<br>**Allocation**<br>**Division** |
| **<u>2024</u> <u>(Continued)</u>** |  |  |  |  |  |  |  |
| Cost of purchases | $4849 | $66014 | $18851 | $198371 | $34611 | $443765 | $452438 |
| Proceeds from sales | (1954) | (84058) | (25376) | (103501) | (91615) | (61539) | (41716) |
|  | **MML** | **MML** | **MML** |  | **MML** | **MML** | **MML** |
|  | **American Funds** | **American Funds** | **Balanced** | **MML** | **Blue Chip** | **Conservative** | **Dynamic** |
|  | **Core Allocation** | **Growth** | **Allocation** | **Blend** | **Growth** | **Allocation** | **Bond** |
|  | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** |
| **<u>2024</u> <u>(Continued)</u>** |  |  |  |  |  |  |  |
| Cost of purchases | $43109 | $642042 | $190660 | $1104301 | $1283439 | $20799 | $216154 |
| Proceeds from sales | (8350) | (276049) | (63029) | (1673791) | (494706) | (24541) | (907) |
|  |  | **MML** | **MML** | **MML** | **MML** |  | **MML** |
|  | **MML** | **Equity** | **Equity** | **Equity** | **Focused** | **MML** | **Fundamental** |
|  | **Equity** | **Income** | **Index** | **Index** | **Equity** | **Foreign** | **Equity** |
|  | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** |
| **<u>2024</u> <u>(Continued)</u>** |  |  | **(Class II)** | **(Class III)** |  |  |  |
| Cost of purchases | $2837791 | $311142 | $7153722 | $1216585 | $1169 | $215311 | $64138 |
| Proceeds from sales | (4055893) | (94976) | (11081879) | (37978) | (62082) | (3922) | (14035) |

---

***Notes To Financial Statements*** *(Continued)* 

***6. PURCHASES AND SALES OF INVESTMENTS (Continued)***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**MML**<br>**Fundamental**<br>**Value**<br>**Division** | <br>**MML**<br>**Global**<br>**Division** | <br>**MML**<br>**Global**<br>**Division** | <br>**MML**<br>**Growth**<br>**Allocation**<br>**Division** | <br>**MML**<br>**High**<br>**Yield**<br>**Division** | <br>**MML**<br>**Income &**<br>**Growth**<br>**Division** | **MML**<br>**Inflation-**<br>**Protected**<br>**and Income**<br>**Division** |
| **<u>2024</u> <u>(Continued)</u>** |  | **(Service Class I)** | **(Class II)** |  |  |  |  |
| Cost of purchases | $15890 | $1493 | $4197 | $585270 | $8904 | $39342 | $344231 |
| Proceeds from sales | (404) | (1181) | (319) | (34039) | (583) | (24961) | (323533) |
|  | **MML** | **MML** | **MML** | **MML** | **MML** | **MML** | **MML** |
|  | **International** | **iShares® 60/40** | **iShares® 80/20** | **Large Cap** | **Managed** | **Managed** | **Mid Cap** |
|  | **Equity** | **Allocation** | **Allocation** | **Growth** | **Bond** | **Volatility** | **Growth** |
|  | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** |
| **<u>2024</u> <u>(Continued)</u>** |  |  |  |  |  |  |  |
| Cost of purchases | $5969 | $70183 | $118123 | $302775 | $1191721 | $150843 | $161474 |
| Proceeds from sales | (605) | (47769) | (16208) | (124302) | (872718) | (219781) | (68316) |
|  |  |  | **MML** |  |  |  |  |
|  | **MML** | **MML** | **Short-** | **MML** | **MML** | **MML** | **MML** |
|  | **Mid Cap** | **Moderate** | **Duration** | **Small Cap** | **Small Cap** | **Small** | **Small/Mid Cap** |
|  | **Value** | **Allocation** | **Bond** | **Equity** | **Growth Equity** | **Company Value** | **Value** |
|  | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** |
| **<u>2024</u> <u>(Continued)</u>** |  |  |  |  |  |  |  |
| Cost of purchases | $254670 | $6405 | $14025 | $1865376 | $587158 | $8916 | $183044 |
| Proceeds from sales | (108487) | (56775) | (1723) | (1796815) | (1037929) | (164) | (3730) |

---

***Notes To Financial Statements*** *(Continued)* 

***6. PURCHASES AND SALES OF INVESTMENTS (Continued)***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **MML**<br>**Strategic**<br>**Emerging**<br>**Markets**<br>**Division** | <br>**MML**<br>**Sustainable**<br>**Equity**<br>**Division** | <br>**MML**<br>**Total Return**<br>**Bond**<br>**Division** | <br>**MML U.S.**<br>**Government**<br>**Money Market**<br>**Division** | **PIMCO**<br>**Commodity**<br>**RealReturn®**<br>**Strategy**<br>**Division** | <br>**PIMCO**<br>**Global Bond**<br>**Opportunities**<br>**Division** | <br>**PIMCO**<br>**High Yield**<br>**Division** |
| **<u>2024</u> <u>(Continued)</u>** |  |  |  |  |  |  |  |
| Cost of purchases | $343068 | $124734 | $697999 | $10007223 | $251828 | $7282 | $41407 |
| Proceeds from sales | (4067) | (2169) | (671929) | (12748692) | (1816) | (1826) | (4017) |
|  |  |  |  | **Schwab®** | **T. Rowe Price** |  | **T. Rowe Price** |
|  | **PIMCO** | **PIMCO** | **PIMCO** | **S&P 500** | **Blue Chip** | **T. Rowe Price** | **Limited-Term** |
|  | **Income** | **Real Return** | **Total Return** | **Index** | **Growth** | **Equity Income** | **Bond** |
|  | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** |
| **<u>2024</u> <u>(Continued)</u>** |  |  |  |  |  |  |  |
| Cost of purchases | $8824 | $589 | $95344 | $128045 | $499151 | $1067824 | $1728 |
| Proceeds from sales | (1652) | (342) | (1243) | (115) | (985643) | (783876) | (135) |
|  | **T. Rowe Price** | **Templeton** | **Templeton** | **TOPS®** |  |  |  |
|  | **Mid-Cap** | **Foreign** | **Global Bond** | **Moderate** | **Vanguard VIF** | **Vanguard VIF** | **Vanguard VIF** |
|  | **Growth** | **VIP** | **VIP** | **Growth ETF** | **Balanced** | **Capital Growth** | **Diversified Value** |
|  | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** |
| **<u>2024</u> <u>(Continued)</u>** |  |  |  |  |  |  |  |
| Cost of purchases | $6425189 | $400016 | $4069 | $733100 | $129063 | $95363 | $37953 |
| Proceeds from sales | (4831964) | (502930) | (289) | (7307) | (32592) | (3804) | (67081) |

---

***Notes To Financial Statements*** *(Continued)* 

***6. PURCHASES AND SALES OF INVESTMENTS (Continued)***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**Vanguard VIF**<br>**Equity Income**<br>**Division** | **Vanguard VIF**<br>**Global Bond**<br>**Index**<br>**Division** | <br>**Vanguard VIF**<br>**Growth**<br>**Division** | <br>**Vanguard VIF**<br>**International**<br>**Division** | **Vanguard VIF**<br>**Mid Cap**<br>**Index**<br>**Division** | **Vanguard VIF**<br>**Real Estate**<br>**Index**<br>**Division** | **Vanguard VIF**<br>**Short-Term**<br>**Investment-Grade**<br>**Division** |
| **<u>2024</u> <u>(Continued)</u>** |  |  |  |  |  |  |  |
| Cost of purchases | $1695157 | $99061 | $77772 | $5113 | $202608 | $213002 | $45048 |
| Proceeds from sales | (78860) | (4604) | (44815) | (114607) | (5312) | (6558) | (25426) |
|  | **Vest** |  |  |  |  |  |  |
|  | **US Large Cap** |  |  |  |  |  |  |
|  | **10% Buffer** |  |  |  |  |  |  |
|  | **Strategies V.I.** |  |  |  |  |  |  |
|  | **Division** |  |  |  |  |  |  |
| **<u>2024</u> <u>(Continued)</u>** |  |  |  |  |  |  |  |
| Cost of purchases | $34746 |  |  |  |  |  |  |
| Proceeds from sales | (1475) |  |  |  |  |  |  |

---

***Notes To Financial Statements*** *(Continued)* 

***7. NET INCREASE (DECREASE) IN OUTSTANDING UNITS***

The changes in outstanding units for each of the years in the two-year period ended December 31, 2025 were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **American Funds** | **American Funds** | **American Funds** | **American Funds** | **American Funds** | **American Funds** |  |
|  | **Insurance Series®** | **Insurance Series®** | **Insurance Series®** | **Insurance Series®** | **Insurance Series®** | **Insurance Series®** | **American Funds** |
|  | **American**  | **Asset** | **Asset** | **Capital World** | **Global** | **Global Small**  | **Insurance Series®** |
|  | **High-Income**  | **Allocation** | **Allocation** | **Growth and Income** | **Growth** | **Capitalization** | **Growth-Income** |
|  | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** |
| **<u>2025</u>** |  | **(Class 1)** | **(Class 2)** |  |  | **(Class 2)** | **(Class 1A)** |
| Units purchased | 50465 | 21258 | 75854 | 573 | 79045 | 6829 | 12596 |
| Units withdrawn | (2700) | (3552) | (116868) | (13) | (5393) | (2015) | (296) |
| Units transferred between Divisions |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and (to) from General Account | 21472 | (446682) | 39173 | (65) | (193964) |  | (824) |
| Net increase (decrease) | 69237 | (428976) | (1841) | 495 | (120312) | 4814 | 11476 |
|  |  | **American Funds** |  |  | **American Funds** | **American Funds** | **American Funds** |
|  | **American Funds** | **Insurance Series®** | **American Funds** | **American Funds** | **Insurance Series®** | **Insurance Series®** | **Insurance Series®** |
|  | **Insurance Series®** | **International** | **Insurance Series®** | **Insurance Series®** | **The Bond** | **Washington** | **Washington** |
|  | **Growth-Income** | **Growth and Income** | **New World** | **New World** | **Fund of America**  | **Mutual Investors** | **Mutual Investors** |
|  | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** |
| **<u>2025</u> <u>(Continued)</u>** | **(Class 2)** |  | **(Class 1)** | **(Class 2)** |  | **(Class 1A)** | **(Class 2)** |
| Units purchased | 34198 | 77816 | 13461 | 51147 | 26414 | 143964 | 276328 |
| Units withdrawn | (81943) | (2168) | (848) | (5321) | (8333) | (10725) | (15175) |
| Units transferred between Divisions |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and (to) from General Account | (28064) | (23632) | 3074 | (812) | (405) | 1042611 | 1620 |
| Net increase (decrease) | (75809) | 52016 | 15687 | 45014 | 17676 | 1175850 | 262773 |

---

***Notes To Financial Statements*** *(Continued)* 

***7. NET INCREASE (DECREASE) IN OUTSTANDING UNITS (Continued)***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | **Columbia Variable** |  |
|  |  | **Black Rock** | **Black Rock** | **Black Rock** | **BNY Mellon** | **Portfolio -** | **Dimensional** |
|  | **Black Rock** | **Small Cap** | **Small Cap** | **Total Return** | **MidCap** | **Contrarian** | **VA Global** |
|  | **High Yield V.I.** | **Index V.I.** | **Index V.I.** | **V.I.** | **Stock** | **Core** | **Bond** |
|  | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** |
| **<u>2025</u> <u>(Continued)</u>** |  | **(Class I)** | **(Class III)** |  |  |  |  |
| Units purchased | 174387 | 515148 | 395878 | 226018 | 344456 | 24070 | 157658 |
| Units withdrawn | (5251) | (77166) | (51395) | (5571) | (14904) | (2731) | (777) |
| Units transferred between Divisions |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and (to) from General Account | 161011 | 61668 | (23060) | (70902) | (52381) | (9) | 3163 |
| Net increase (decrease) | 330147 | 499650 | 321423 | 149545 | 277171 | 21330 | 160044 |
|  |  |  |  |  |  | **Eaton Vance** |  |
|  | **Dimensional** | **Dimensional** | **Dimensional** | **Dimensional** | **DWS** | **VT** | **Fidelity®** |
|  | **VA International** | **VA U.S. Large**  | **VA U.S. Targeted**  | **VIT Inflation-** | **Small Cap** | **Floating-Rate** | **VIP** |
|  | **Small** | **Value** | **Value** | **Protected Securities** | **Index** | **Income** | **Bond Index** |
|  | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** |
| **<u>2025</u> <u>(Continued)</u>** |  |  |  |  |  |  | **(Initial Class)** |
| Units purchased | 67316 | 16 | 5534 | 108097 | 23152 | 11 | 912370 |
| Units withdrawn | (61243) | (11) | (75698) | (22835) | (37509) | (93) | (65023) |
| Units transferred between Divisions |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and (to) from General Account | 2488 | 1635 | 45553 | 997 | 20728 | 1068 | 70591 |
| Net increase (decrease) | 8561 | 1640 | (24611) | 86259 | 6371 | 986 | 917938 |

---

***Notes To Financial Statements*** *(Continued)* 

***7. NET INCREASE (DECREASE) IN OUTSTANDING UNITS (Continued)***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Fidelity®** | **Fidelity®** |  |  |  |
|  | **Fidelity®** | **Fidelity®** | **VIP** | **VIP** | **Fidelity®** | **Fidelity®** | **Fidelity®** |
|  | **VIP** | **VIP** | **Extended** | **Extended** | **VIP** | **VIP** | **VIP** |
|  | **Bond Index** | **Contrafund®** | **Market Index** | **Market Index** | **Freedom 2020** | **Freedom 2025** | **Freedom 2030** |
|  | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** |
| **<u>2025</u> <u>(Continued)</u>** | **(Service Class 2)** |  | **(Initial Class)** | **(Service Class)** |  |  |  |
| Units purchased | 1127480 | 1670213 | 977441 | 85021 | 2 | 1301 | 84570 |
| Units withdrawn | (26602) | (1064934) | (74088) | (7816) | (24) | (1369) | (55707) |
| Units transferred between Divisions |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and (to) from General Account | (26620) | (6741) | 52227 | 38104 | (3485) | (50821) | (12409) |
| Net increase (decrease) | 1074258 | 598538 | 955580 | 115309 | (3507) | (50889) | 16454 |
|  | **Fidelity®** | **Fidelity®** | **Fidelity®** | **Fidelity®** | **Fidelity®** | **Fidelity®** | **Fidelity®** |
|  | **VIP** | **VIP** | **VIP** | **VIP** | **VIP** | **VIP** | **VIP** |
|  | **Freedom 2035** | **Freedom 2040** | **Freedom 2045** | **Freedom 2050** | **Freedom 2055** | **Freedom 2060** | **Freedom 2065** |
|  | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** |
| **<u>2025</u> <u>(Continued)</u>** |  |  |  |  |  |  |  |
| Units purchased | 68903 | 487089 | 39921 | 228264 | 46668 | 51297 | 557 |
| Units withdrawn | (3943) | (51682) | (4420) | (20880) | (2131) | (6702) | (241) |
| Units transferred between Divisions |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and (to) from General Account | 80943 | (49917) | 14788 | (92579) | 26900 | 2454 | 17917 |
| Net increase (decrease) | 145903 | 385490 | 50289 | 114805 | 71437 | 47049 | 18233 |

---

***Notes To Financial Statements*** *(Continued)* 

***7. NET INCREASE (DECREASE) IN OUTSTANDING UNITS (Continued)***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fidelity®** | **Fidelity®** | **Fidelity®** | **Fidelity®** | **Fidelity®** | **Fidelity®** | **Fidelity®** |
|  | **VIP** | **VIP** | **VIP** | **VIP** | **VIP** | **VIP** | **VIP** |
|  | **Freedom Income** | **Growth** | **Health Care** | **Index 500** | **International Index** | **International Index** | **Overseas** |
|  | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** |
| **<u>2025</u> <u>(Continued)</u>** |  |  |  | **(Service Class)** | **(Initial Class)** | **(Service Class 2)** |  |
| Units purchased | 111025 | 41327 | 47452 | 1548697 | 1233362 | 115688 | 42567 |
| Units withdrawn | (4726) | (6426) | (15153) | (150227) | (90924) | (14590) | (9854) |
| Units transferred between Divisions |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and (to) from General Account | (106373) | (311277) | 3923 | (219981) | 48594 | 93378 | 23106 |
| Net increase (decrease) | (74) | (276376) | 36222 | 1178489 | 1191032 | 194476 | 55819 |
|  |  |  | **Fidelity®** | **Fidelity®** | **Fidelity®** | **Franklin** | **Franklin** |
|  | **Fidelity®** | **Fidelity®** | **VIP** | **VIP** | **VIP** | **Small Cap** | **Strategic** |
|  | **VIP** | **VIP** | **Strategic** | **Total Market** | **Total Market** | **Value** | **Income** |
|  | **Real Estate** | **Real Estate** | **Income** | **Index** | **Index** | **VIP** | **VIP** |
|  | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** |
| **<u>2025</u> <u>(Continued)</u>** | **(Initial Class)** | **(Service Class)** |  | **(Initial Class)** | **(Service Class 2)** |  |  |
| Units purchased | 53160 | 30699 | 48747 | 3013092 | 35 | 32107 | 256450 |
| Units withdrawn | (5734) | (1579) | (18238) | (309686) | (265) | (42404) | (7291) |
| Units transferred between Divisions |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and (to) from General Account | 3289 | 1709 | 3119 | 54070 | 23783 | 43276 |  |
| Net increase (decrease) | 50715 | 30829 | 33628 | 2757476 | 23553 | 32979 | 249159 |

---

***Notes To Financial Statements*** *(Continued)* 

***7. NET INCREASE (DECREASE) IN OUTSTANDING UNITS (Continued)***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Goldman** | **Goldman** | **Goldman** | **Goldman** | **Goldman** |  |  |
|  | **Sachs** | **Sachs** | **Sachs** | **Sachs** | **Sachs** |  | **Invesco V.I.** |
|  | **Core Fixed** | **International** | **Mid Cap** | **Mid Cap** | **Strategic** | **Invesco V.I.** | **Discovery** |
|  | **Income** | **Equity Insights** | **Growth** | **Value** | **Growth** | **Core Plus Bond** | **Large Cap** |
|  | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** |
| **<u>2025</u> <u>(Continued)</u>** |  |  |  |  |  |  |  |
| Units purchased | 1 | 952136 | 133 | 14662 | 27592 | 76828 | 229016 |
| Units withdrawn | (10) | (23090) | (488) | (2955) | (67693) | (219288) | (769193) |
| Units transferred between Divisions |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and (to) from General Account | 11 | 5636 | (5812) | 1416 | (55323) | 55533 | (10728104) |
| Net increase (decrease) | 2 | 934682 | (6167) | 13123 | (95424) | (86927) | (11268281) |
|  | **Invesco V.I.** | **Invesco V.I.** |  | **Invesco V.I.** | **Invesco V.I.** | **Invesco V.I.** | **Invesco V.I.** |
|  | **Discovery** | **Diversified** | **Invesco V.I.** | **Global** | **Global** | **Government** | **Health** |
|  | **Mid Cap Growth** | **Dividend** | **Global**  | **Real Estate** | **Strategic Income** | **Money Market** | **Care** |
|  | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** |
| **<u>2025</u> <u>(Continued)</u>** |  |  | **(Class II)** |  |  |  |  |
| Units purchased | 594609 | 446070 | 265176 | 311068 | 246486 | 1578575 | 6736 |
| Units withdrawn | (905616) | (30371) | (538682) | (8616) | (222784) | (20233) | (15172) |
| Units transferred between Divisions |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and (to) from General Account | (13198714) | 4211 | (7841785) |  | 12974 | 82554 | (15436) |
| Net increase (decrease) | (13509721) | 419910 | (8115291) | 302452 | 36676 | 1640896 | (23872) |

---

***Notes To Financial Statements*** *(Continued)* 

***7. NET INCREASE (DECREASE) IN OUTSTANDING UNITS (Continued)***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Invesco V.I.** |  | **Invesco V.I.** |  | **Janus** | **Janus** | **Janus** |
|  | **International** | **Invesco V.I.** | **Small Cap** | **Invesco V.I.** | **Henderson** | **Henderson** | **Henderson** |
|  | **Growth** | **Main Street** | **Equity** | **Technology** | **Balanced** | **Enterprise** | **Forty** |
|  | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** |
| **<u>2025</u> <u>(Continued)</u>** |  |  |  |  |  |  |  |
| Units purchased | 533244 | 125874 | 48893 | 22711 | 21174 | 68830 | 67896 |
| Units withdrawn | (117058) | (262584) | (3614) | (46391) | (76843) | (5934) | (375194) |
| Units transferred between Divisions |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and (to) from General Account | 10325 | (4012438) | 12 | 17882 | 1488 |  | (12577) |
| Net increase (decrease) | 426511 | (4149148) | 45291 | (5798) | (54181) | 62896 | (319875) |
|  | **Janus** | **Janus Henderson** |  | **LVIP American** | **LVIP American** | **LVIP American** |  |
|  | **Henderson** | **Global** | **Janus** | **Century** | **Century** | **Century** | **LVIP American** |
|  | **Global** | **Technology and** | **Henderson** | **Capital** | **Disciplined** | **Inflation** | **Century** |
|  | **Research** | **Innovation** | **Overseas** | **Appreciation** | **Core Value** | **Protection** | **International** |
|  | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** |
| **<u>2025</u> <u>(Continued)</u>** |  |  |  |  |  |  |  |
| Units purchased | 140172 | 171448 | 421 | 54721 | 241270 | 111604 | 177521 |
| Units withdrawn | (470319) | (24081) | (112) | (2956) | (552550) | (3153) | (4293) |
| Units transferred between Divisions |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and (to) from General Account | (34919) | 8562 | 213 | (44432) | (59107) |  | (105002) |
| Net increase (decrease) | (365066) | 155929 | 522 | 7333 | (370387) | 108451 | 68226 |

---

***Notes To Financial Statements*** *(Continued)* 

***7. NET INCREASE (DECREASE) IN OUTSTANDING UNITS (Continued)***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **LVIP American** | **MFS®** | **MFS®** | **MFS®** | **MFS®** | **MFS®** | **MFS®** |
|  | **Century** | **Global** | **Growth** | **International** | **Investors** | **Mid Cap** | **New** |
|  | **Value** | **Real Estate** | **Series** | **Intrinsic Value** | **Trust** | **Value** | **Discovery** |
|  | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** |
| **<u>2025</u> <u>(Continued)</u>** |  |  |  |  |  |  |  |
| Units purchased | 14655 | 12054 | 869 | 1719 | 581 | 30955 | 5147 |
| Units withdrawn | (27895) | (14064) | (7557) | (718) | (5567) | (4893) | (15434) |
| Units transferred between Divisions |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and (to) from General Account | (4236) | (11868) | 474368 | 21124 |  | (54918) | (2288) |
| Net increase (decrease) | (17476) | (13878) | 467680 | 22125 | (4986) | (28856) | (12575) |
|  |  |  | **MML** | **MML** |  |  |  |
|  |  | **MML** | **American**  | **American Century** | **MML** | **MML** | **MML** |
|  | **MFS®** | **Aggressive** | **Century** | **Small** | **American Funds** | **American Funds** | **Balanced** |
|  | **Value** | **Allocation** | **Mid Cap Value** | **Company Value** | **Core Allocation** | **Growth** | **Allocation** |
|  | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** |
| **<u>2025</u> <u>(Continued)</u>** |  |  |  |  |  |  |  |
| Units purchased | 582807 | 1080013 | 223077 | 21811 | 124344 | 1433261 | 283519 |
| Units withdrawn | (15418) | (225523) | (19043) | (8498) | (32195) | (194963) | (66620) |
| Units transferred between Divisions |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and (to) from General Account | (187299) | 4573 | (43460) |  | (956) | (2538) | (7034) |
| Net increase (decrease) | 380090 | 859063 | 160574 | 13313 | 91193 | 1235760 | 209865 |

---

***Notes To Financial Statements*** *(Continued)* 

***7. NET INCREASE (DECREASE) IN OUTSTANDING UNITS (Continued)***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **MML** | **MML** |  | **MML** | **MML** | **MML** |  |
|  | **BlackRock** | **BlackRock** | **MML** | **Blue Chip** | **Conservative** | **Dynamic** | **MML** |
|  | **iShares® 60/40** | **iShares® 80/20** | **Blend** | **Growth** | **Allocation** | **Bond** | **Equity** |
|  | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** |
| **<u>2025</u> <u>(Continued)</u>** |  |  |  |  |  |  |  |
| Units purchased | 498604 | 470553 | 241608 | 1258285 | 20439 | 35858 | 595099 |
| Units withdrawn | (29513) | (129322) | (400248) | (404871) | (9797) | (2018) | (1165537) |
| Units transferred between Divisions |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and (to) from General Account | 6 | 14864 | (1432) | (200177) | (10239) | (270751) | (89495) |
| Net increase (decrease) | 469097 | 356095 | (160072) | 653237 | 403 | (236911) | (659933) |
|  |  |  |  | **MML** |  |  |  |
|  | **MML** | **MML** | **MML** | **Fidelity** | **MML** |  | **MML** |
|  | **Equity** | **Equity** | **Equity** | **Institutional AM®** | **Focused** | **MML** | **Fundamental** |
|  | **Income** | **Index**  | **Index**  | **Core Plus Bond** | **Equity** | **Foreign** | **Equity** |
|  | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** |
| **<u>2025</u> <u>(Continued)</u>** |  | **(Class II)** | **(Class III)** |  |  |  |  |
| Units purchased | 45001 | 222414 | 4144682 | 140377 | 9825 | 333846 | 108974 |
| Units withdrawn | (17095) | (636213) | (454578) | (4255) | (1862) | (76501) | (196921) |
| Units transferred between Divisions |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and (to) from General Account | 35345 | 224828 | 1007080 | (34548) |  | 95148 | 21147568 |
| Net increase (decrease) | 63251 | (188971) | 4697184 | 101574 | 7963 | 352493 | 21059621 |

---

***Notes To Financial Statements*** *(Continued)* 

***7. NET INCREASE (DECREASE) IN OUTSTANDING UNITS (Continued)***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  | **MML** |
|  | **MML** |  |  | **MML** | **MML** | **MML** | **Inflation-** |
|  | **Fundamental** | **MML** | **MML** | **Growth** | **High** | **Income &** | **Protected** |
|  | **Value** | **Global** | **Global** | **Allocation** | **Yield** | **Growth** | **and Income** |
|  | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** |
| **<u>2025</u> <u>(Continued)</u>** |  | **(Class II)** | **(Service Class I)** |  |  |  |  |
| Units purchased | 12404 | 398687 | 57 | 851417 | 15484 | 57548 | 121318 |
| Units withdrawn | (1566) | (499049) | (180) | (152572) | (2458) | (22720) | (107350) |
| Units transferred between Divisions |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and (to) from General Account | (24630) | 67256012 | (16100) | (98634) | (20650) | 19815 | 34441 |
| Net increase (decrease) | (13792) | 67155650 | (16223) | 600211 | (7624) | 54643 | 48409 |
|  | **MML** | **MML** | **MML** | **MML** |  |  | **MML** |
|  | **Invesco** | **Invesco** | **Invesco** | **Loomis Sayles** | **MML** | **MML** | **MFS** |
|  | **Discovery** | **Discovery** | **Small Cap** | **Large Cap** | **Managed** | **Managed** | **International** |
|  | **Large Cap** | **Mid Cap** | **Equity** | **Growth** | **Bond** | **Volatility** | **Equity** |
|  | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** |
| **<u>2025</u> <u>(Continued)</u>** |  |  |  |  |  |  |  |
| Units purchased | 258939 | 244038 | 217674 | 341325 | 318782 | 30039 | 171520 |
| Units withdrawn | (569040) | (700318) | (306821) | (68799) | (321690) | (82637) | (14619) |
| Units transferred between Divisions |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and (to) from General Account | 77422119 | 63601334 | (2465) | 26307 | 434033 | 987 | 300804 |
| Net increase (decrease) | 77112018 | 63145054 | (91612) | 298833 | 431125 | (51611) | 457705 |

---

***Notes To Financial Statements*** *(Continued)* 

***7. NET INCREASE (DECREASE) IN OUTSTANDING UNITS (Continued)***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **MML** |  |  | **MML** |  |
|  | **MML** | **MML** | **Short-** | **MML** | **MML** | **Strategic** | **MML** |
|  | **Mid Cap** | **Moderate** | **Duration** | **Small Cap** | **Small/Mid Cap** | **Emerging** | **Sustainable** |
|  | **Growth** | **Allocation** | **Bond** | **Growth Equity** | **Value** | **Markets** | **Equity** |
|  | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** |
| **<u>2025</u> <u>(Continued)</u>** |  |  |  |  |  |  |  |
| Units purchased | 381686 | 42952 | 42548 | 377301 | 76684 | 34866 | 172636 |
| Units withdrawn | (1900452) | (7405) | (14008) | (212231) | (22349) | (4757) | (5997) |
| Units transferred between Divisions |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and (to) from General Account | 59877191 | 3094 | 8868 | (39136) | 9661 | (444787) | 51 |
| Net increase (decrease) | 58358425 | 38641 | 37408 | 125934 | 63996 | (414678) | 166690 |
|  |  |  |  |  |  |  | **PIMCO** |
|  | **MML U.S.** | **Nomura VIP**  | **Nomura VIP**  |  | **Nomura VIP**  | **Nomura VIP**  | **Commodity** |
|  | **Government** | **Asset** | **Emerging** | **Nomura VIP**  | **Science** | **Small Cap** | **RealReturn®** |
|  | **Money Market** | **Strategy** | **Markets** | **Growth** | **and Technology** | **Value** | **Strategy** |
|  | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** |
| **<u>2025</u> <u>(Continued)</u>** |  | **(Standard Class)** |  |  |  |  |  |
| Units purchased | 3619034 | 19985 | 44423 | 32453 | 4178 | 42123 | 273082 |
| Units withdrawn | (1755384) | (2108) | (44938) | (4661) | (5969) | (1986) | (9022) |
| Units transferred between Divisions |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and (to) from General Account | 499881 | (1) | 95373 | 5004 | (107750) | (74218) |  |
| Net increase (decrease) | 2363531 | 17876 | 94858 | 32796 | (109541) | (34081) | 264060 |

---

***Notes To Financial Statements*** *(Continued)* 

***7. NET INCREASE (DECREASE) IN OUTSTANDING UNITS (Continued)***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO** | **PIMCO** |  |  |  |  | **Schwab®** |
|  | **Emerging** | **Global Bond** | **PIMCO** | **PIMCO** | **PIMCO** | **PIMCO** | **S&P 500** |
|  | **Markets Bond** | **Opportunities** | **High Yield** | **Income** | **Real Return** | **Total Return** | **Index** |
|  | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** |
| **<u>2025</u> <u>(Continued)</u>** |  |  |  |  |  |  |  |
| Units purchased |  | 3265 | 109935 | 44067 | 15 | 491188 | 415202 |
| Units withdrawn | (2) | (82006) | (5696) | (7666) | (63) | (7417) | (17537) |
| Units transferred between Divisions |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and (to) from General Account | 2 | (1378) | (1581) | 35 | 118 | 10427 | 976667 |
| Net increase (decrease) |  | (80119) | 102658 | 36436 | 70 | 494198 | 1374332 |
|  | **T. Rowe Price** |  | **T. Rowe Price** | **T. Rowe Price** | **Templeton** | **Templeton** | **TOPS®** |
|  | **Blue Chip** | **T. Rowe Price** | **Limited-Term** | **Mid-Cap** | **Foreign** | **Global Bond** | **Moderate** |
|  | **Growth** | **Equity Income** | **Bond** | **Growth** | **VIP** | **VIP** | **Growth ETF** |
|  | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** |
| **<u>2025</u> <u>(Continued)</u>** |  |  |  |  |  |  |  |
| Units purchased | 10158 | 49326 | 149490 | 124292 | 70102 | 166909 | 172919 |
| Units withdrawn | (66640) | (98488) | (1128) | (347465) | (226497) | (7676) | (6429) |
| Units transferred between Divisions |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and (to) from General Account | 11523 | 26718 | 7940 | (5601363) | 56883 |  | (771119) |
| Net increase (decrease) | (44959) | (22444) | 156302 | (5824536) | (99512) | 159233 | (604629) |

---

***Notes To Financial Statements*** *(Continued)* 

***7. NET INCREASE (DECREASE) IN OUTSTANDING UNITS (Continued)***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | **Vanguard VIF** |  |  |
|  | **Vanguard VIF** | **Vanguard VIF** | **Vanguard VIF** | **Vanguard VIF** | **Global Bond** | **Vanguard VIF** | **Vanguard VIF** |
|  | **Balanced** | **Capital Growth** | **Diversified Value** | **Equity Income** | **Index** | **Growth** | **International** |
|  | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** |
| **<u>2025</u> <u>(Continued)</u>** |  |  |  |  |  |  |  |
| Units purchased | 30979 | 46681 | 2059 | 236271 | 573022 | 14327 |  |
| Units withdrawn | (5448) | (3262) | (60325) | (21678) | (53180) | (752) |  |
| Units transferred between Divisions |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and (to) from General Account | (43097) |  | (553) | (1148785) | 20061 | (51014) |  |
| Net increase (decrease) | (17566) | 43419 | (58819) | (934192) | 539903 | (37439) |  |
|  |  |  |  | **Vest** |  |  |  |
|  | **Vanguard VIF** | **Vanguard VIF** | **Vanguard VIF** | **US Large Cap** |  |  |  |
|  | **Mid Cap** | **Real Estate** | **Short-Term** | **10% Buffer** |  |  |  |
|  | **Index** | **Index** | **Investment-Grade** | **Strategies VI** |  |  |  |
|  | **Division** | **Division** | **Division** | **Division** |  |  |  |
| **<u>2025</u> <u>(Continued)</u>** |  |  |  |  |  |  |  |
| Units purchased | 795316 | 795533 | 1506 | 78488 |  |  |  |
| Units withdrawn | (77724) | (64894) | (915) | (13474) |  |  |  |
| Units transferred between Divisions |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and (to) from General Account | 133447 | 55168 | 60 | (94768) |  |  |  |
| Net increase (decrease) | 851039 | 785807 | 651 | (29754) |  |  |  |

---

***Notes To Financial Statements*** *(Continued)* 

***7. NET INCREASE (DECREASE) IN OUTSTANDING UNITS (Continued)***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **American Funds** | **American Funds** | **American Funds** | **American Funds** | **American Funds** | **American Funds** |  |
|  | **Insurance Series®** | **Insurance Series®** | **Insurance Series®** | **Insurance Series®** | **Insurance Series®** | **Insurance Series®** | **American Funds** |
|  | **American** | **Asset** | **Asset** | **Capital World** | **Global** | **Global Small** | **Insurance Series®** |
|  | **High-Income** | **Allocation** | **Allocation** | **Growth and Income** | **Growth** | **Capitalization** | **Growth-Income** |
|  | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** |
| **<u>2024</u>** |  | **(Class 1)** | **(Class 2)** |  |  |  |  |
| Units purchased | 103577 | 70248 | 81930 | 52 | 202280 | 11 | 46205 |
| Units withdrawn | (643) | (5478) | (93512) | (680) | (4220) |  | (87421) |
| Units transferred between Divisions |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and (to) from General Account | (3671) | 340996 | 27998 | (62255) | 91374 |  | (36842) |
| Net increase (decrease) | 99263 | 405766 | 16416 | (62883) | 289434 | 11 | (78058) |
|  | **American Funds** |  | **American Funds** | **American Funds** | **American Funds** |  |  |
|  | **Insurance Series®** | **American Funds** | **Insurance Series®** | **Insurance Series®** | **Insurance Series®** |  | **Black Rock** |
|  | **International** | **Insurance Series®** | **The Bond** | **Washington** | **Washington** | **Black Rock** | **Small Cap** |
|  | **Growth and Income** | **New World** | **Fund of America** | **Mutual Investors** | **Mutual Investors** | **High Yield V.I.** | **Index V.I.** |
|  | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** |
| **<u>2024</u> <u>(Continued)</u>** |  |  |  | **(Class 1A)** | **(Class 2)** |  | **(Class I)** |
| Units purchased | 88286 | 12414 | 69171 | 1110 | 16 | 120446 | 160870 |
| Units withdrawn | (1424) | (550) | (2143) | (192) |  | (2733) | (10223) |
| Units transferred between Divisions |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and (to) from General Account | (7068) | (830) | (6424) | 27801 |  | (5132) | 1088 |
| Net increase (decrease) | 79794 | 11034 | 60604 | 28719 | 16 | 112581 | 151735 |

---

***Notes To Financial Statements*** *(Continued)* 

***7. NET INCREASE (DECREASE) IN OUTSTANDING UNITS (Continued)***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Black Rock** | **Black Rock** | **BNY Mellon** | **Dimensional** | **Dimensional** | **Dimensional** | **Dimensional** |
|  | **Small Cap** | **Total Return** | **MidCap** | **VA Global** | **VA International** | **VA U.S. Targeted** | **VIT Inflation-** |
|  | **Index V.I.** | **V.I.** | **Stock** | **Bond** | **Small** | **Value** | **Protected Securities** |
|  | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** |
| **<u>2024</u> <u>(Continued)</u>** | **(Class III)** |  |  |  |  |  |  |
| Units purchased | 67898 | 166484 | 138566 |  | 5386 | 9406 | 90197 |
| Units withdrawn | (5438) | (1785) | (3349) |  | (1928) | (2379) | (990) |
| Units transferred between Divisions |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and (to) from General Account | (23887) | (24766) | (62624) | 4305 | 4165 | 2635 |  |
| Net increase (decrease) | 38573 | 139933 | 72593 | 4305 | 7623 | 9662 | 89207 |
|  |  | **Eaton Vance** |  |  |  | **Fidelity®** | **Fidelity®** |
|  | **DWS** | **VT** | **Fidelity®** | **Fidelity®** | **Fidelity®** | **VIP** | **VIP** |
|  | **Small Cap** | **Floating-Rate** | **VIP** | **VIP** | **VIP** | **Extended** | **Extended** |
|  | **Index** | **Income** | **Bond Index** | **Bond Index** | **Contrafund®** | **Market Index** | **Market Index** |
|  | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** |
| **<u>2024</u> <u>(Continued)</u>** |  |  | **(Initial Class)** | **(Service Class 2)** |  | **(Initial Class)** | **(Service Class)** |
| Units purchased | 29962 | 10 | 191021 | 618780 | 666033 | 122274 | 136578 |
| Units withdrawn | (52250) | (82) | (8453) | (6782) | (793063) | (6245) | (5621) |
| Units transferred between Divisions |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and (to) from General Account | (68623) | 507 | 4837 | (3437) | 254480 | 305 | (13601) |
| Net increase (decrease) | (90911) | 435 | 187405 | 608561 | 127450 | 116334 | 117356 |

---

***Notes To Financial Statements*** *(Continued)* 

***7. NET INCREASE (DECREASE) IN OUTSTANDING UNITS (Continued)***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fidelity®** | **Fidelity®** | **Fidelity®** | **Fidelity®** | **Fidelity®** | **Fidelity®** | **Fidelity®** |
|  | **VIP** | **VIP** | **VIP** | **VIP** | **VIP** | **VIP** | **VIP** |
|  | **Freedom 2020** | **Freedom 2025** | **Freedom 2030** | **Freedom 2035** | **Freedom 2040** | **Freedom 2045** | **Freedom 2050** |
|  | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** |
| **<u>2024</u> <u>(Continued)</u>** |  |  |  |  |  |  |  |
| Units purchased | 8 | 105888 | 94677 | 72774 | 1309382 | 28622 | 520035 |
| Units withdrawn | (80) | (5230) | (6521) | (3033) | (43604) | (1186) | (19622) |
| Units transferred between Divisions |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and (to) from General Account | 3708 | (273105) | 84177 | (13037) | (274250) | 3470 | (3510) |
| Net increase (decrease) | 3636 | (172447) | 172333 | 56704 | 991528 | 30906 | 496903 |
|  | **Fidelity®** | **Fidelity®** | **Fidelity®** | **Fidelity®** | **Fidelity®** | **Fidelity®** | **Fidelity®** |
|  | **VIP** | **VIP** | **VIP** | **VIP** | **VIP** | **VIP** | **VIP** |
|  | **Freedom 2055** | **Freedom 2060** | **Freedom 2065** | **Freedom Income** | **Growth** | **Health Care** | **Index 500** |
|  | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** |
| **<u>2024</u> <u>(Continued)</u>** |  |  |  |  |  |  |  |
| Units purchased | 47968 | 74540 | 508 | 40508 | 200233 | 73971 | 1108725 |
| Units withdrawn | (1769) | (4180) | (23) | (2537) | (13981) | (2814) | (47562) |
| Units transferred between Divisions |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and (to) from General Account | (502) | 52045 | (877) | 308502 | (64094) | 21 | 427303 |
| Net increase (decrease) | 45697 | 122405 | (392) | 346473 | 122158 | 71178 | 1488466 |

---

***Notes To Financial Statements*** *(Continued)* 

***7. NET INCREASE (DECREASE) IN OUTSTANDING UNITS (Continued)***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | **Fidelity®** | **Fidelity®** |
|  | **Fidelity®** | **Fidelity®** | **Fidelity®** | **Fidelity®** | **Fidelity®** | **VIP** | **VIP** |
|  | **VIP** | **VIP** | **VIP** | **VIP** | **VIP** | **Strategic** | **Total Market** |
|  | **International Index** | **International Index** | **Overseas** | **Real Estate** | **Real Estate** | **Income** | **Index** |
|  | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** |
| **<u>2024</u> <u>(Continued)</u>** | **(Initial Class)** | **(Service Class 2)** |  | **(Initial Class)** | **(Service Class)** |  |  |
| Units purchased | 195671 | 235282 | 57325 | 15261 | 1699 | 34200 | 434669 |
| Units withdrawn | (11741) | (6558) | (2926) | (661) | (127) | (3166) | (54322) |
| Units transferred between Divisions |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and (to) from General Account | 6514 | (11355) | (37984) | 13 | 45667 | (26) | 10866 |
| Net increase (decrease) | 190444 | 217369 | 16415 | 14613 | 47239 | 31008 | 391213 |
|  | **Franklin** | **Franklin** | **Goldman** | **Goldman** | **Goldman** | **Goldman** | **Goldman** |
|  | **Small Cap** | **Strategic** | **Sachs** | **Sachs** | **Sachs** | **Sachs** | **Sachs** |
|  | **Value** | **Income** | **Core Fixed** | **International** | **Mid Cap** | **Mid Cap** | **Strategic** |
|  | **VIP** | **VIP** | **Income** | **Equity Insights** | **Growth** | **Value** | **Growth** |
|  | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** |
| **<u>2024</u> <u>(Continued)</u>** |  |  |  |  |  |  |  |
| Units purchased | 66154 | 145368 | 6 | 197962 | 15 | 6883 | 37341 |
| Units withdrawn | (62643) | (2280) | (47) | (3596) | (171) | (2847) | (96360) |
| Units transferred between Divisions |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and (to) from General Account | (48372) |  | 38 | (18940) | 52853 | (147588) | (10005) |
| Net increase (decrease) | (44861) | 143088 | (3) | 175426 | 52697 | (143552) | (69024) |

---

***Notes To Financial Statements*** *(Continued)* 

***7. NET INCREASE (DECREASE) IN OUTSTANDING UNITS (Continued)***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Invesco** |  |  |  |  |  |  |
|  | **Oppenheimer V.I.** | **Invesco V.I.** |  | **Invesco V.I.** | **Invesco V.I.** |  | **Invesco V.I.** |
|  | **International** | **Capital** | **Invesco V.I.** | **Discovery** | **Diversified** | **Invesco V.I.** | **Global** |
|  | **Growth** | **Appreciation** | **Core Plus Bond** | **Mid Cap Growth** | **Dividend** | **Global** | **Real Estate** |
|  | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** |
| **<u>2024</u> <u>(Continued)</u>** |  |  |  |  |  |  |  |
| Units purchased | 289534 | 312121 | 105819 | 473085 | 311590 | 325722 | 168502 |
| Units withdrawn | (150331) | (997574) | (138497) | (1043243) | (29940) | (699291) | (2805) |
| Units transferred between Divisions |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and (to) from General Account | (12463) | (71838) | 928 | 9180 | (21827) | 183857 | (12365) |
| Net increase (decrease) | 126740 | (757291) | (31750) | (560978) | 259823 | (189712) | 153332 |
|  | **Invesco V.I.** | **Invesco V.I.** | **Invesco V.I.** |  | **Invesco V.I.** |  | **Janus** |
|  | **Global** | **Government** | **Health** | **Invesco V.I.** | **Small Cap** | **Invesco V.I.** | **Henderson** |
|  | **Strategic Income** | **Money Market** | **Care** | **Main Street** | **Equity** | **Technology** | **Balanced** |
|  | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** |
| **<u>2024</u> <u>(Continued)</u>** |  |  |  |  |  |  |  |
| Units purchased | 174322 | 12 | 4701 | 123563 | 63933 | 23377 | 20732 |
| Units withdrawn | (218906) | (5) | (14151) | (255011) | (3093) | (42628) | (69333) |
| Units transferred between Divisions |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and (to) from General Account | (28981) | 5391 | 25048 | (34795) | 51233 | (70900) | (5551) |
| Net increase (decrease) | (73565) | 5398 | 15598 | (166243) | 112073 | (90151) | (54152) |

---

***Notes To Financial Statements*** *(Continued)* 

***7. NET INCREASE (DECREASE) IN OUTSTANDING UNITS (Continued)***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Janus** | **Janus Henderson** | **LVIP American** | **LVIP American** | **LVIP American** |  |
|  | **Janus** | **Henderson** | **Global** | **Century** | **Century** | **Century** | **LVIP American** |
|  | **Henderson** | **Global** | **Technology and** | **Capital** | **Disciplined** | **Inflation** | **Century** |
|  | **Forty** | **Research** | **Innovation** | **Appreciation** | **Core Value** | **Protection** | **International** |
|  | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** |
| **<u>2024</u> <u>(Continued)</u>** |  |  |  |  |  |  |  |
| Units purchased | 93844 | 168811 | 101512 | 148866 | 236367 | 62537 | 97171 |
| Units withdrawn | (251085) | (401810) | (4954) | (3088) | (584869) | (980) | (3030) |
| Units transferred between Divisions |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and (to) from General Account | (148943) | (13794) | (84) | (173235) | (62033) |  | (1774) |
| Net increase (decrease) | (306184) | (246793) | 96474 | (27457) | (410535) | 61557 | 92367 |
|  | **LVIP American** | **Macquarie VIP** | **Macquarie VIP** |  | **Macquarie VIP** | **Macquarie VIP** | **MFS®** |
|  | **Century** | **Asset** | **Emerging** | **Macquarie VIP** | **Science** | **Small Cap** | **Global** |
|  | **Value** | **Strategy** | **Markets** | **Growth** | **and Technology** | **Value** | **Real Estate** |
|  | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** |
| **<u>2024</u> <u>(Continued)</u>** |  |  |  |  |  |  |  |
| Units purchased | 20806 | 87 | 6300 | 11890 | 4388 | 50333 | 2661 |
| Units withdrawn | (71773) | (26) | (2645) | (75) | (2831) | (893) | (887) |
| Units transferred between Divisions |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and (to) from General Account | 603 |  | (8631) |  | 203299 | 5140 | 30737 |
| Net increase (decrease) | (50364) | 61 | (4976) | 11815 | 204856 | 54580 | 32511 |

---

***Notes To Financial Statements*** *(Continued)* 

***7. NET INCREASE (DECREASE) IN OUTSTANDING UNITS (Continued)*** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **MFS®** | **MFS®** | **MFS®** | **MFS®** | **MFS®** |  | **MML** |
|  | **Growth** | **International** | **Investors** | **Mid Cap** | **New** | **MFS®** | **Aggressive** |
|  | **Series** | **Intrinsic Value** | **Trust** | **Value** | **Discovery** | **Value** | **Allocation** |
|  | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** |
| **<u>2024</u> <u>(Continued)</u>** |  |  |  |  |  |  |  |
| Units purchased | 45 | 59102 | 639 | 99627 | 4683 | 285447 | 392799 |
| Units withdrawn | (372) | (1260) | (3785) | (5608) | (10945) | (10188) | (27825) |
| Units transferred between Divisions |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and (to) from General Account | 1818 | (77925) | (10) | (18756) | (982) | (5943) | 1891 |
| Net increase (decrease) | 1491 | (20083) | (3156) | 75263 | (7244) | 269316 | 366865 |
|  | **MML** | **MML** | **MML** |  | **MML** | **MML** | **MML** |
|  | **American Funds** | **American Funds** | **Balanced** | **MML** | **Blue Chip** | **Conservative** | **Dynamic** |
|  | **Core Allocation** | **Growth** | **Allocation** | **Blend** | **Growth** | **Allocation** | **Bond** |
|  | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** |
| **<u>2024</u> <u>(Continued)</u>** |  |  |  |  |  |  |  |
| Units purchased | 37249 | 206758 | 94040 | 224628 | 314572 | 108 | 229553 |
| Units withdrawn | (7443) | (36483) | (14178) | (447882) | (162301) | (152) | (1318) |
| Units transferred between Divisions |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and (to) from General Account | 1958 | 129539 | 41605 | (23461) | 205868 | (5360) |  |
| Net increase (decrease) | 31764 | 299814 | 121467 | (246715) | 358139 | (5404) | 228235 |

---

***Notes To Financial Statements*** *(Continued)* 

***7. NET INCREASE (DECREASE) IN OUTSTANDING UNITS (Continued)***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **MML** | **MML** | **MML** | **MML** |  | **MML** |
|  | **MML** | **Equity** | **Equity** | **Equity** | **Focused** | **MML** | **Fundamental** |
|  | **Equity** | **Income** | **Index** | **Index** | **Equity** | **Foreign** | **Equity** |
|  | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** |
| **<u>2024</u> <u>(Continued)</u>** |  |  | **(Class II)** | **(Class III)** |  |  |  |
| Units purchased | 610474 | 21317 | 316683 | 1072694 | 1288 | 179882 | 56186 |
| Units withdrawn | (1204195) | (3523) | (1353999) | (82986) | (981) | (4899) | (2975) |
| Units transferred between Divisions |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and (to) from General Account | 210060 | 152484 | (5224) | 11151 | (55989) | 11049 | (9806) |
| Net increase (decrease) | (383661) | 170278 | (1042540) | 1000859 | (55682) | 186032 | 43405 |
|  |  |  |  |  |  |  | **MML** |
|  | **MML** |  |  | **MML** | **MML** | **MML** | **Inflation-** |
|  | **Fundamental** | **MML** | **MML** | **Growth** | **High** | **Income &** | **Protected** |
|  | **Value** | **Global** | **Global** | **Allocation** | **Yield** | **Growth** | **and Income** |
|  | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** |
| **<u>2024</u> <u>(Continued)</u>** |  | **(Service Class I)** | **(Class II)** |  |  |  |  |
| Units purchased | 14571 | 67 | 3986 | 430814 | 7582 | 27358 | 149418 |
| Units withdrawn | (816) | (205) | (439) | (31550) | (1583) | (9204) | (145219) |
| Units transferred between Divisions |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and (to) from General Account | 37 | (617) |  | 110317 | 1625 | (13985) | 11796 |
| Net increase (decrease) | 13792 | (755) | 3547 | 509581 | 7624 | 4169 | 15995 |

---

***Notes To Financial Statements*** *(Continued)* 

***7. NET INCREASE (DECREASE) IN OUTSTANDING UNITS (Continued)***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **MML** | **MML** | **MML** | **MML** | **MML** | **MML** | **MML** |
|  | **International** | **iShares® 60/40** | **iShares® 80/20** | **Large Cap** | **Managed** | **Managed** | **Mid Cap** |
|  | **Equity** | **Allocation** | **Allocation** | **Growth** | **Bond** | **Volatility** | **Growth** |
|  | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** |
| **<u>2024</u> <u>(Continued)</u>** |  |  |  |  |  |  |  |
| Units purchased | 6484 | 17659 | 108291 | 214490 | 208095 | 27195 | 131940 |
| Units withdrawn | (1427) | (17122) | (15710) | (11018) | (337224) | (82413) | (8983) |
| Units transferred between Divisions |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and (to) from General Account |  | 18904 | 735 | (62498) | 275222 | 3065 | (46694) |
| Net increase (decrease) | 5057 | 19441 | 93316 | 140974 | 146093 | (52153) | 76263 |
|  |  |  | **MML** |  |  |  |  |
|  | **MML** | **MML** | **Short-** | **MML** | **MML** | **MML** | **MML** |
|  | **Mid Cap** | **Moderate** | **Duration** | **Small Cap** | **Small Cap** | **Small** | **Small/Mid Cap** |
|  | **Value** | **Allocation** | **Bond** | **Equity** | **Growth Equity** | **Company Value** | **Value** |
|  | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** |
| **<u>2024</u> <u>(Continued)</u>** |  |  |  |  |  |  |  |
| Units purchased | 171416 | 5962 | 10862 | 97440 | 277879 | 8920 | 58374 |
| Units withdrawn | (6385) | (2068) | (2043) | (239770) | (160693) | (929) | (4585) |
| Units transferred between Divisions |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and (to) from General Account | (46471) | (52460) | 2062 | 73632 | (298064) |  | 108268 |
| Net increase (decrease) | 118560 | (48566) | 10881 | (68698) | (180878) | 7991 | 162057 |

---

***Notes To Financial Statements*** *(Continued)* 

***7. NET INCREASE (DECREASE) IN OUTSTANDING UNITS (Continued)*** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **MML** |  |  |  | **PIMCO** |  |  |
|  | **Strategic** | **MML** | **MML** | **MML U.S.** | **Commodity** | **PIMCO** |  |
|  | **Emerging** | **Sustainable** | **Total Return** | **Government** | **RealReturn®** | **Global Bond** | **PIMCO** |
|  | **Markets** | **Equity** | **Bond** | **Money Market** | **Strategy** | **Opportunities** | **High Yield** |
|  | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** |
| **<u>2024 (Continued)</u>** |  |  |  |  |  |  |  |
| Units purchased | 405414 | 99960 | 24960 | 1772310 | 235607 | 5614 | 33503 |
| Units withdrawn | (6274) | (1863) | (3137) | (4549557) | (2567) | (2578) | (3826) |
| Units transferred between Divisions |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and (to) from General Account |  | 4 | 12633 | (103988) |  |  | 1637 |
| Net increase (decrease) | 399140 | 98101 | 34456 | (2881235) | 233040 | 3036 | 31314 |
|  |  |  |  | **Schwab®** | **T. Rowe Price** |  | **T. Rowe Price** |
|  | **PIMCO** | **PIMCO** | **PIMCO** | **S&P 500** | **Blue Chip** | **T. Rowe Price** | **Limited-Term** |
|  | **Income** | **Real Return** | **Total Return** | **Index** | **Growth** | **Equity Income** | **Bond** |
|  | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** |
| **<u>2024 (Continued)</u>** |  |  |  |  |  |  |  |
| Units purchased | 8658 | 15 | 93345 | 2066 | 11339 | 51998 | 633 |
| Units withdrawn | (1922) | (57) | (1827) | (85) | (42943) | (133876) | (23) |
| Units transferred between Divisions |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and (to) from General Account | 6 | 178 | 6779 | 106970 | (51756) | 15377 | 869 |
| Net increase (decrease) | 6742 | 136 | 98297 | 108951 | (83360) | (66501) | 1479 |

---

***Notes To Financial Statements*** *(Continued)* 

***7. NET INCREASE (DECREASE) IN OUTSTANDING UNITS (Continued)***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **T. Rowe Price** | **Templeton** | **Templeton** | **TOPS®** |  |  |  |
|  | **Mid-Cap** | **Foreign** | **Global Bond** | **Moderate** | **Vanguard VIF** | **Vanguard VIF** | **Vanguard VIF** |
|  | **Growth** | **VIP** | **VIP** | **Growth ETF** | **Balanced** | **Capital Growth** | **Diversified Value** |
|  | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** |
| **<u>2024 (Continued)</u>** |  |  |  |  |  |  |  |
| Units purchased | 152537 | 82053 | 4444 | 43161 | 64460 | 73874 | 17456 |
| Units withdrawn | (469106) | (141584) | (324) | (1790) | (4823) | (3141) | (2383) |
| Units transferred between Divisions |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and (to) from General Account | (47217) | (36718) |  | 604673 | 22576 |  | (42846) |
| Net increase (decrease) | (363786) | (96249) | 4120 | 646044 | 82213 | 70733 | (27773) |
|  |  | **Vanguard VIF** |  |  | **Vanguard VIF** | **Vanguard VIF** | **Vanguard VIF** |
|  | **Vanguard VIF** | **Global Bond** | **Vanguard VIF** | **Vanguard VIF** | **Mid Cap** | **Real Estate** | **Short-Term** |
|  | **Equity Income** | **Index** | **Growth** | **International** | **Index** | **Index** | **Investment-Grade** |
|  | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** | **Division** |
| **<u>2024 (Continued)</u>** |  |  |  |  |  |  |  |
| Units purchased | 440615 | 91357 | 45504 |  | 164305 | 192633 | 38475 |
| Units withdrawn | (22563) | (6288) | (1149) | (1469) | (8445) | (7177) | (962) |
| Units transferred between Divisions |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and (to) from General Account | 899952 | 4903 | (15058) | (134304) | 16776 | 10349 | (20204) |
| Net increase (decrease) | 1318004 | 89972 | 29297 | (135773) | 172636 | 195805 | 17309 |

---

***Notes To Financial Statements*** *(Continued)* 

***7. NET INCREASE (DECREASE) IN OUTSTANDING UNITS (Continued)***

---

| | |
|:---|:---|
|  | **Vest** |
|  | **US Large Cap** |
|  | **10% Buffer** |
|  | **Strategies V.I.** |
|  | **Division** |
| **<u>2024 (Continued)</u>** |  |
| Units purchased | 32148 |
| Units withdrawn | (2644) |
| Units transferred between Divisions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and (to) from General Account | 249 |
| Net increase (decrease) | 29753 |

---

***Notes To Financial Statements*** *(Continued)* 

***8. FINANCIAL HIGHLIGHTS***

**A.**A summary of units outstanding, unit values, net assets, investment income ratios, expense ratios (excluding

expenses of the underlying funds) and total return ratios for each of the years in the five-year period ended

December 31, 2025 follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  |  | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** |  | **Investment** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** |
|  |  | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** |  | **Income** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** |
|  | **Units** | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** | **Net Assets** | **Ratio**<sup>1</sup> | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** |
| **American Funds Insurance Series® American High-Income Division**<sup>5</sup> | **American Funds Insurance Series® American High-Income Division**<sup>5</sup> | **American Funds Insurance Series® American High-Income Division**<sup>5</sup> | **American Funds Insurance Series® American High-Income Division**<sup>5</sup> | **American Funds Insurance Series® American High-Income Division**<sup>5</sup> | **American Funds Insurance Series® American High-Income Division**<sup>5</sup> | **American Funds Insurance Series® American High-Income Division**<sup>5</sup> | **American Funds Insurance Series® American High-Income Division**<sup>5</sup> | **American Funds Insurance Series® American High-Income Division**<sup>5</sup> | **American Funds Insurance Series® American High-Income Division**<sup>5</sup> |
| 2025 | 168502 | $— | $1.22 | $205164 | 8.09% | —% | 0.60% | —% | 8.19% |
| 2024 | 99264 |  | 1.13 | 111712 | 20.17 |  | 0.60 |  | 9.73 |
| **American Funds Insurance Series® Asset Allocation Division (Class 1)**<sup>5</sup> | **American Funds Insurance Series® Asset Allocation Division (Class 1)**<sup>5</sup> | **American Funds Insurance Series® Asset Allocation Division (Class 1)**<sup>5</sup> | **American Funds Insurance Series® Asset Allocation Division (Class 1)**<sup>5</sup> | **American Funds Insurance Series® Asset Allocation Division (Class 1)**<sup>5</sup> | **American Funds Insurance Series® Asset Allocation Division (Class 1)**<sup>5</sup> | **American Funds Insurance Series® Asset Allocation Division (Class 1)**<sup>5</sup> | **American Funds Insurance Series® Asset Allocation Division (Class 1)**<sup>5</sup> | **American Funds Insurance Series® Asset Allocation Division (Class 1)**<sup>5</sup> | **American Funds Insurance Series® Asset Allocation Division (Class 1)**<sup>5</sup> |
| 2025 |  |  | 1.38 |  |  |  | 0.60 |  | 16.16 |
| 2024 | 428976 |  | 1.19 | 509149 | 3.56 |  | 0.60 |  | 16.74 |
| 2023 | 23211 |  | 1.02 | 23599 | 2.47 |  | 0.60 |  | 14.55 |
| **American Funds Insurance Series® Asset Allocation Division (Class 2)** | **American Funds Insurance Series® Asset Allocation Division (Class 2)** | **American Funds Insurance Series® Asset Allocation Division (Class 2)** | **American Funds Insurance Series® Asset Allocation Division (Class 2)** | **American Funds Insurance Series® Asset Allocation Division (Class 2)** | **American Funds Insurance Series® Asset Allocation Division (Class 2)** | **American Funds Insurance Series® Asset Allocation Division (Class 2)** | **American Funds Insurance Series® Asset Allocation Division (Class 2)** | **American Funds Insurance Series® Asset Allocation Division (Class 2)** | **American Funds Insurance Series® Asset Allocation Division (Class 2)** |
| 2025 | 2470268 | 5.80 | 6.21 | 14839966 | 2.08 | 0.25 | 0.55 | 15.22 | 15.56 |
| 2024 | 2472109 | 5.04 | 5.37 | 12860723 | 2.21 | 0.25 | 0.55 | 15.80 | 16.15 |
| 2023 | 2455694 | 4.35 | 4.63 | 11010757 | 2.24 | 0.25 | 0.55 | 13.64 | 13.98 |
| 2022 | 2630594 | 3.83 | 4.06 | 10357028 | 1.93 | 0.25 | 0.55 | (13.88) | (13.62) |
| 2021 | 2597036 | 4.44 | 4.70 | 11859082 | 1.54 | 0.25 | 0.55 | 14.47 | 14.81 |
| **American Funds Insurance Series® Capital World Growth and Income Division**<sup>5</sup> | **American Funds Insurance Series® Capital World Growth and Income Division**<sup>5</sup> | **American Funds Insurance Series® Capital World Growth and Income Division**<sup>5</sup> | **American Funds Insurance Series® Capital World Growth and Income Division**<sup>5</sup> | **American Funds Insurance Series® Capital World Growth and Income Division**<sup>5</sup> | **American Funds Insurance Series® Capital World Growth and Income Division**<sup>5</sup> | **American Funds Insurance Series® Capital World Growth and Income Division**<sup>5</sup> | **American Funds Insurance Series® Capital World Growth and Income Division**<sup>5</sup> | **American Funds Insurance Series® Capital World Growth and Income Division**<sup>5</sup> | **American Funds Insurance Series® Capital World Growth and Income Division**<sup>5</sup> |
| 2025 | 495 |  | 1.46 | 723 | 1.69 |  | 0.60 |  | 24.79 |
| 2024 |  |  | 1.17 |  |  |  | 0.60 |  | 14.00 |
| 2023 | 62883 |  | 1.03 | 64552 | 1.93 |  | 0.60 |  | 20.87 |
| **American Funds Insurance Series® Global Growth Division**<sup>5</sup> | **American Funds Insurance Series® Global Growth Division**<sup>5</sup> | **American Funds Insurance Series® Global Growth Division**<sup>5</sup> | **American Funds Insurance Series® Global Growth Division**<sup>5</sup> | **American Funds Insurance Series® Global Growth Division**<sup>5</sup> | **American Funds Insurance Series® Global Growth Division**<sup>5</sup> | **American Funds Insurance Series® Global Growth Division**<sup>5</sup> | **American Funds Insurance Series® Global Growth Division**<sup>5</sup> | **American Funds Insurance Series® Global Growth Division**<sup>5</sup> | **American Funds Insurance Series® Global Growth Division**<sup>5</sup> |
| 2025 | 222851 |  | 1.32 | 293696 | 1.36 |  | 0.60 |  | 21.98 |
| 2024 | 343163 |  | 1.08 | 370777 | 2.72 |  | 0.60 |  | 13.94 |
| 2023 | 53729 |  | 0.95 | 50952 | 1.33 |  | 0.60 |  | 22.90 |
| 2022 | 15311 |  | 0.77 | 11814 | 1.26 |  | 0.60 |  | (24.54) |
| **American Funds Insurance Series® Global Small Capitalization Division (Class 2)**<sup>10</sup> | **American Funds Insurance Series® Global Small Capitalization Division (Class 2)**<sup>10</sup> | **American Funds Insurance Series® Global Small Capitalization Division (Class 2)**<sup>10</sup> | **American Funds Insurance Series® Global Small Capitalization Division (Class 2)**<sup>10</sup> | **American Funds Insurance Series® Global Small Capitalization Division (Class 2)**<sup>10</sup> | **American Funds Insurance Series® Global Small Capitalization Division (Class 2)**<sup>10</sup> | **American Funds Insurance Series® Global Small Capitalization Division (Class 2)**<sup>10</sup> | **American Funds Insurance Series® Global Small Capitalization Division (Class 2)**<sup>10</sup> | **American Funds Insurance Series® Global Small Capitalization Division (Class 2)**<sup>10</sup> | **American Funds Insurance Series® Global Small Capitalization Division (Class 2)**<sup>10</sup> |
| 2025 | 4825 |  | 1.09 | 5276 | 1.35 |  | 0.80 |  | 14.52 |
| 2024 | 11 |  | 0.95 | 10 |  |  | 0.80 |  | (4.53) |
| **American Funds Insurance Series® Growth-Income Division (Class 1A)**<sup>5</sup> | **American Funds Insurance Series® Growth-Income Division (Class 1A)**<sup>5</sup> | **American Funds Insurance Series® Growth-Income Division (Class 1A)**<sup>5</sup> | **American Funds Insurance Series® Growth-Income Division (Class 1A)**<sup>5</sup> | **American Funds Insurance Series® Growth-Income Division (Class 1A)**<sup>5</sup> | **American Funds Insurance Series® Growth-Income Division (Class 1A)**<sup>5</sup> | **American Funds Insurance Series® Growth-Income Division (Class 1A)**<sup>5</sup> | **American Funds Insurance Series® Growth-Income Division (Class 1A)**<sup>5</sup> | **American Funds Insurance Series® Growth-Income Division (Class 1A)**<sup>5</sup> | **American Funds Insurance Series® Growth-Income Division (Class 1A)**<sup>5</sup> |
| 2025 | 11476 |  | 1.58 | 18157 | 0.97 |  | 0.60 |  | 18.06 |
| **American Funds Insurance Series® Growth-Income Division (Class 2)**<sup>5</sup> | **American Funds Insurance Series® Growth-Income Division (Class 2)**<sup>5</sup> | **American Funds Insurance Series® Growth-Income Division (Class 2)**<sup>5</sup> | **American Funds Insurance Series® Growth-Income Division (Class 2)**<sup>5</sup> | **American Funds Insurance Series® Growth-Income Division (Class 2)**<sup>5</sup> | **American Funds Insurance Series® Growth-Income Division (Class 2)**<sup>5</sup> | **American Funds Insurance Series® Growth-Income Division (Class 2)**<sup>5</sup> | **American Funds Insurance Series® Growth-Income Division (Class 2)**<sup>5</sup> | **American Funds Insurance Series® Growth-Income Division (Class 2)**<sup>5</sup> | **American Funds Insurance Series® Growth-Income Division (Class 2)**<sup>5</sup> |
| 2025 | 1696708 | 9.12 | 9.77 | 15927287 | 0.93 | 0.25 | 0.55 | 17.42 | 17.77 |
| 2024 | 1772517 | 7.77 | 8.29 | 14141103 | 1.12 | 0.25 | 0.55 | 23.54 | 23.92 |
| 2023 | 1850575 | 6.29 | 6.69 | 11923829 | 1.39 | 0.25 | 0.55 | 25.45 | 25.82 |
| 2022 | 1942734 | 5.01 | 5.32 | 9958087 | 1.29 | 0.25 | 0.55 | (16.95) | (16.70) |
| 2021 | 1978822 | 6.04 | 6.39 | 12199405 | 1.11 | 0.25 | 0.55 | 23.41 | 23.79 |
| **American Funds Insurance Series® International Growth and Income Division**<sup>5</sup> | **American Funds Insurance Series® International Growth and Income Division**<sup>5</sup> | **American Funds Insurance Series® International Growth and Income Division**<sup>5</sup> | **American Funds Insurance Series® International Growth and Income Division**<sup>5</sup> | **American Funds Insurance Series® International Growth and Income Division**<sup>5</sup> | **American Funds Insurance Series® International Growth and Income Division**<sup>5</sup> | **American Funds Insurance Series® International Growth and Income Division**<sup>5</sup> | **American Funds Insurance Series® International Growth and Income Division**<sup>5</sup> | **American Funds Insurance Series® International Growth and Income Division**<sup>5</sup> | **American Funds Insurance Series® International Growth and Income Division**<sup>5</sup> |
| 2025 | 165245 |  | 1.43 | 236509 | 3.58 |  | 0.60 |  | 35.83 |
| 2024 | 113229 |  | 1.05 | 119314 | 4.67 |  | 0.60 |  | 3.64 |
| 2023 | 33435 |  | 1.02 | 33993 | 3.60 |  | 0.60 |  | 16.08 |
| **American Funds Insurance Series® New World Division (Class 1)**<sup>5</sup> | **American Funds Insurance Series® New World Division (Class 1)**<sup>5</sup> | **American Funds Insurance Series® New World Division (Class 1)**<sup>5</sup> | **American Funds Insurance Series® New World Division (Class 1)**<sup>5</sup> | **American Funds Insurance Series® New World Division (Class 1)**<sup>5</sup> | **American Funds Insurance Series® New World Division (Class 1)**<sup>5</sup> | **American Funds Insurance Series® New World Division (Class 1)**<sup>5</sup> | **American Funds Insurance Series® New World Division (Class 1)**<sup>5</sup> | **American Funds Insurance Series® New World Division (Class 1)**<sup>5</sup> | **American Funds Insurance Series® New World Division (Class 1)**<sup>5</sup> |
| 2025 | 45662 |  | 1.27 | 57838 | 1.56 |  | 0.60 |  | 28.60 |
| 2024 | 29974 |  | 0.98 | 29523 | 1.47 |  | 0.60 |  | 6.86 |
| 2023 | 18940 |  | 0.92 | 17458 | 1.88 |  | 0.60 |  | 16.22 |
| 2022 | 14775 |  | 0.79 | 11718 | 2.91 |  | 0.60 |  | (21.86) |
| **American Funds Insurance Series® New World Division (Class 2)**<sup>10</sup> | **American Funds Insurance Series® New World Division (Class 2)**<sup>10</sup> | **American Funds Insurance Series® New World Division (Class 2)**<sup>10</sup> | **American Funds Insurance Series® New World Division (Class 2)**<sup>10</sup> | **American Funds Insurance Series® New World Division (Class 2)**<sup>10</sup> | **American Funds Insurance Series® New World Division (Class 2)**<sup>10</sup> | **American Funds Insurance Series® New World Division (Class 2)**<sup>10</sup> | **American Funds Insurance Series® New World Division (Class 2)**<sup>10</sup> | **American Funds Insurance Series® New World Division (Class 2)**<sup>10</sup> | **American Funds Insurance Series® New World Division (Class 2)**<sup>10</sup> |
| 2025 | 45014 |  | 1.26 | 56722 | 2.46 |  | 0.80 |  | 28.17 |
| **American Funds Insurance Series® The Bond Fund of America Division**<sup>5</sup> | **American Funds Insurance Series® The Bond Fund of America Division**<sup>5</sup> | **American Funds Insurance Series® The Bond Fund of America Division**<sup>5</sup> | **American Funds Insurance Series® The Bond Fund of America Division**<sup>5</sup> | **American Funds Insurance Series® The Bond Fund of America Division**<sup>5</sup> | **American Funds Insurance Series® The Bond Fund of America Division**<sup>5</sup> | **American Funds Insurance Series® The Bond Fund of America Division**<sup>5</sup> | **American Funds Insurance Series® The Bond Fund of America Division**<sup>5</sup> | **American Funds Insurance Series® The Bond Fund of America Division**<sup>5</sup> | **American Funds Insurance Series® The Bond Fund of America Division**<sup>5</sup> |
| 2025 | 107756 |  | 0.99 | 107078 | 4.85 |  | 0.60 |  | 7.24 |
| 2024 | 90080 |  | 0.93 | 83473 | 5.16 |  | 0.60 |  | 1.23 |
| 2023 | 29476 |  | 0.92 | 26982 | 5.10 |  | 0.60 |  | 4.89 |
| 2022 | 4392 |  | 0.87 | 3833 | 2.58 |  | 0.60 |  | (12.49) |

---

***Notes To Financial Statements*** *(Continued)* 

***8. FINANCIAL HIGHLIGHTS (Continued)***

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  |  | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** |  | **Investment** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** |
|  |  | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** |  | **Income** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** |
|  | **Units** | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** | **Net Assets** | **Ratio**<sup>1</sup> | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** |
| **American Funds Insurance Series® Washington Mutual Investors Division (Class 1A)**<sup>5</sup> | **American Funds Insurance Series® Washington Mutual Investors Division (Class 1A)**<sup>5</sup> | **American Funds Insurance Series® Washington Mutual Investors Division (Class 1A)**<sup>5</sup> | **American Funds Insurance Series® Washington Mutual Investors Division (Class 1A)**<sup>5</sup> | **American Funds Insurance Series® Washington Mutual Investors Division (Class 1A)**<sup>5</sup> | **American Funds Insurance Series® Washington Mutual Investors Division (Class 1A)**<sup>5</sup> | **American Funds Insurance Series® Washington Mutual Investors Division (Class 1A)**<sup>5</sup> | **American Funds Insurance Series® Washington Mutual Investors Division (Class 1A)**<sup>5</sup> | **American Funds Insurance Series® Washington Mutual Investors Division (Class 1A)**<sup>5</sup> | **American Funds Insurance Series® Washington Mutual Investors Division (Class 1A)**<sup>5</sup> |
| 2025 | 1215431 | $— | $1.54 | $1874920 | 2.16% | —% | 0.60% | —% | 17.21% |
| 2024 | 39580 |  | 1.32 | 52091 | 6.36 |  | 0.60 |  | 19.15 |
| 2023 | 10861 |  | 1.10 | 11997 | 1.39 |  | 0.60 |  | 17.29 |
| **American Funds Insurance Series® Washington Mutual Investors Division (Class 2)**<sup>17</sup> | **American Funds Insurance Series® Washington Mutual Investors Division (Class 2)**<sup>17</sup> | **American Funds Insurance Series® Washington Mutual Investors Division (Class 2)**<sup>17</sup> | **American Funds Insurance Series® Washington Mutual Investors Division (Class 2)**<sup>17</sup> | **American Funds Insurance Series® Washington Mutual Investors Division (Class 2)**<sup>17</sup> | **American Funds Insurance Series® Washington Mutual Investors Division (Class 2)**<sup>17</sup> | **American Funds Insurance Series® Washington Mutual Investors Division (Class 2)**<sup>17</sup> | **American Funds Insurance Series® Washington Mutual Investors Division (Class 2)**<sup>17</sup> | **American Funds Insurance Series® Washington Mutual Investors Division (Class 2)**<sup>17</sup> | **American Funds Insurance Series® Washington Mutual Investors Division (Class 2)**<sup>17</sup> |
| 2025 | 262789 |  | 1.15 | 301294 | 3.57 |  | 0.80 |  | 17.09 |
| 2024 | 16 |  | 0.98 | 16 |  |  | 0.80 |  | (2.08) |
| **BlackRock High Yield V.I. Division**<sup>5</sup> | **BlackRock High Yield V.I. Division**<sup>5</sup> | **BlackRock High Yield V.I. Division**<sup>5</sup> | **BlackRock High Yield V.I. Division**<sup>5</sup> | **BlackRock High Yield V.I. Division**<sup>5</sup> | **BlackRock High Yield V.I. Division**<sup>5</sup> | **BlackRock High Yield V.I. Division**<sup>5</sup> | **BlackRock High Yield V.I. Division**<sup>5</sup> | **BlackRock High Yield V.I. Division**<sup>5</sup> | **BlackRock High Yield V.I. Division**<sup>5</sup> |
| 2025 | 536061 |  | 1.21 | 648711 | 6.63 |  | 0.60 |  | 9.22 |
| 2024 | 205914 |  | 1.11 | 228156 | 6.90 |  | 0.60 |  | 8.29 |
| 2023 | 93333 |  | 1.02 | 95497 | 6.56 |  | 0.60 |  | 13.23 |
| 2022 | 45254 |  | 0.90 | 40891 | 4.75 |  | 0.60 |  | (10.35) |
| **BlackRock Small Cap Index V.I. Division (Class I)**<sup>5</sup> | **BlackRock Small Cap Index V.I. Division (Class I)**<sup>5</sup> | **BlackRock Small Cap Index V.I. Division (Class I)**<sup>5</sup> | **BlackRock Small Cap Index V.I. Division (Class I)**<sup>5</sup> | **BlackRock Small Cap Index V.I. Division (Class I)**<sup>5</sup> | **BlackRock Small Cap Index V.I. Division (Class I)**<sup>5</sup> | **BlackRock Small Cap Index V.I. Division (Class I)**<sup>5</sup> | **BlackRock Small Cap Index V.I. Division (Class I)**<sup>5</sup> | **BlackRock Small Cap Index V.I. Division (Class I)**<sup>5</sup> | **BlackRock Small Cap Index V.I. Division (Class I)**<sup>5</sup> |
| 2025 | 651385 |  | 1.29 | 837589 | 1.80 |  | 0.80 |  | 12.53 |
| 2024 | 151735 |  | 1.14 | 173378 | 5.04 |  | 0.80 |  | 11.44 |
| **BlackRock Small Cap Index V.I. Division (Class III)**<sup>5</sup> | **BlackRock Small Cap Index V.I. Division (Class III)**<sup>5</sup> | **BlackRock Small Cap Index V.I. Division (Class III)**<sup>5</sup> | **BlackRock Small Cap Index V.I. Division (Class III)**<sup>5</sup> | **BlackRock Small Cap Index V.I. Division (Class III)**<sup>5</sup> | **BlackRock Small Cap Index V.I. Division (Class III)**<sup>5</sup> | **BlackRock Small Cap Index V.I. Division (Class III)**<sup>5</sup> | **BlackRock Small Cap Index V.I. Division (Class III)**<sup>5</sup> | **BlackRock Small Cap Index V.I. Division (Class III)**<sup>5</sup> | **BlackRock Small Cap Index V.I. Division (Class III)**<sup>5</sup> |
| 2025 | 619698 |  | 1.19 | 736017 | 0.91 |  | 0.60 |  | 12.37 |
| 2024 | 298274 |  | 1.06 | 315273 | 1.58 |  | 0.60 |  | 11.07 |
| 2023 | 259701 |  | 0.95 | 247149 | 1.12 |  | 0.60 |  | 16.43 |
| 2022 | 148632 |  | 0.82 | 121493 | 2.04 |  | 0.60 |  | (20.63) |
| **BlackRock Total Return V.I. Division**<sup>5</sup> | **BlackRock Total Return V.I. Division**<sup>5</sup> | **BlackRock Total Return V.I. Division**<sup>5</sup> | **BlackRock Total Return V.I. Division**<sup>5</sup> | **BlackRock Total Return V.I. Division**<sup>5</sup> | **BlackRock Total Return V.I. Division**<sup>5</sup> | **BlackRock Total Return V.I. Division**<sup>5</sup> | **BlackRock Total Return V.I. Division**<sup>5</sup> | **BlackRock Total Return V.I. Division**<sup>5</sup> | **BlackRock Total Return V.I. Division**<sup>5</sup> |
| 2025 | 289478 |  | 0.99 | 287408 | 4.42 |  | 0.60 |  | 8.02 |
| 2024 | 139933 |  | 0.92 | 128612 | 2.74 |  | 0.60 |  | 1.39 |
| **BNY Mellon MidCap Stock Division**<sup>5</sup> | **BNY Mellon MidCap Stock Division**<sup>5</sup> | **BNY Mellon MidCap Stock Division**<sup>5</sup> | **BNY Mellon MidCap Stock Division**<sup>5</sup> | **BNY Mellon MidCap Stock Division**<sup>5</sup> | **BNY Mellon MidCap Stock Division**<sup>5</sup> | **BNY Mellon MidCap Stock Division**<sup>5</sup> | **BNY Mellon MidCap Stock Division**<sup>5</sup> | **BNY Mellon MidCap Stock Division**<sup>5</sup> | **BNY Mellon MidCap Stock Division**<sup>5</sup> |
| 2025 | 429329 |  | 1.29 | 554274 | 0.19 |  | 0.60 |  | 9.81 |
| 2024 | 152157 |  | 1.18 | 178885 | 0.49 |  | 0.60 |  | 12.33 |
| 2023 | 79565 |  | 1.05 | 83271 | 0.52 |  | 0.60 |  | 17.99 |
| 2022 |  |  | 0.89 |  | 0.56 |  | 0.60 |  | (14.28) |
| **Columbia Variable Portfolio - Contrarian Core Division**<sup>10</sup> | **Columbia Variable Portfolio - Contrarian Core Division**<sup>10</sup> | **Columbia Variable Portfolio - Contrarian Core Division**<sup>10</sup> | **Columbia Variable Portfolio - Contrarian Core Division**<sup>10</sup> | **Columbia Variable Portfolio - Contrarian Core Division**<sup>10</sup> | **Columbia Variable Portfolio - Contrarian Core Division**<sup>10</sup> | **Columbia Variable Portfolio - Contrarian Core Division**<sup>10</sup> | **Columbia Variable Portfolio - Contrarian Core Division**<sup>10</sup> | **Columbia Variable Portfolio - Contrarian Core Division**<sup>10</sup> | **Columbia Variable Portfolio - Contrarian Core Division**<sup>10</sup> |
| 2025 | 21330 |  | 1.16 | 24769 |  |  | 0.80 |  | 17.53 |
| **Dimensional VA Global Bond Division**<sup>4,5</sup> | **Dimensional VA Global Bond Division**<sup>4,5</sup> | **Dimensional VA Global Bond Division**<sup>4,5</sup> | **Dimensional VA Global Bond Division**<sup>4,5</sup> | **Dimensional VA Global Bond Division**<sup>4,5</sup> | **Dimensional VA Global Bond Division**<sup>4,5</sup> | **Dimensional VA Global Bond Division**<sup>4,5</sup> | **Dimensional VA Global Bond Division**<sup>4,5</sup> | **Dimensional VA Global Bond Division**<sup>4,5</sup> | **Dimensional VA Global Bond Division**<sup>4,5</sup> |
| 2025 | 164349 |  | 1.08 | 177672 | 11.14 |  | 0.60 |  | 4.35 |
| 2024 | 4305 |  | 1.04 | 4460 |  |  | 0.60 |  | 5.38 |
| **Dimensional VA International Small Division**<sup>4,5</sup> | **Dimensional VA International Small Division**<sup>4,5</sup> | **Dimensional VA International Small Division**<sup>4,5</sup> | **Dimensional VA International Small Division**<sup>4,5</sup> | **Dimensional VA International Small Division**<sup>4,5</sup> | **Dimensional VA International Small Division**<sup>4,5</sup> | **Dimensional VA International Small Division**<sup>4,5</sup> | **Dimensional VA International Small Division**<sup>4,5</sup> | **Dimensional VA International Small Division**<sup>4,5</sup> | **Dimensional VA International Small Division**<sup>4,5</sup> |
| 2025 | 75469 |  | 1.39 | 104618 | 2.73 |  | 0.60 |  | 36.99 |
| 2024 | 66908 |  | 1.01 | 67707 | 3.54 |  | 0.60 |  | 3.82 |
| 2023 | 59284 |  | 0.97 | 57786 | 3.34 |  | 0.60 |  | 14.11 |
| 2022 | 49773 |  | 0.85 | 42517 | 4.67 |  | 0.60 |  | (17.64) |
| **Dimensional VA U.S. Large Value Division**<sup>5</sup> | **Dimensional VA U.S. Large Value Division**<sup>5</sup> | **Dimensional VA U.S. Large Value Division**<sup>5</sup> | **Dimensional VA U.S. Large Value Division**<sup>5</sup> | **Dimensional VA U.S. Large Value Division**<sup>5</sup> | **Dimensional VA U.S. Large Value Division**<sup>5</sup> | **Dimensional VA U.S. Large Value Division**<sup>5</sup> | **Dimensional VA U.S. Large Value Division**<sup>5</sup> | **Dimensional VA U.S. Large Value Division**<sup>5</sup> | **Dimensional VA U.S. Large Value Division**<sup>5</sup> |
| 2025 | 1640 |  | 1.43 | 2344 | 1.83 |  | 0.60 |  | 15.83 |
| **Dimensional VA U.S. Targeted Value Division**<sup>4,5</sup> | **Dimensional VA U.S. Targeted Value Division**<sup>4,5</sup> | **Dimensional VA U.S. Targeted Value Division**<sup>4,5</sup> | **Dimensional VA U.S. Targeted Value Division**<sup>4,5</sup> | **Dimensional VA U.S. Targeted Value Division**<sup>4,5</sup> | **Dimensional VA U.S. Targeted Value Division**<sup>4,5</sup> | **Dimensional VA U.S. Targeted Value Division**<sup>4,5</sup> | **Dimensional VA U.S. Targeted Value Division**<sup>4,5</sup> | **Dimensional VA U.S. Targeted Value Division**<sup>4,5</sup> | **Dimensional VA U.S. Targeted Value Division**<sup>4,5</sup> |
| 2025 | 52778 |  | 1.41 | 74196 | 1.05 |  | 0.60 |  | 8.95 |
| 2024 | 77388 |  | 1.29 | 99861 | 1.52 |  | 0.60 |  | 8.14 |
| 2023 | 67727 |  | 1.19 | 80818 | 1.66 |  | 0.60 |  | 20.03 |
| 2022 | 60359 |  | 0.99 | 60005 | 2.23 |  | 0.60 |  | (4.21) |
| **Dimensional VIT Inflation-Protected Securities Division**<sup>4,5</sup> | **Dimensional VIT Inflation-Protected Securities Division**<sup>4,5</sup> | **Dimensional VIT Inflation-Protected Securities Division**<sup>4,5</sup> | **Dimensional VIT Inflation-Protected Securities Division**<sup>4,5</sup> | **Dimensional VIT Inflation-Protected Securities Division**<sup>4,5</sup> | **Dimensional VIT Inflation-Protected Securities Division**<sup>4,5</sup> | **Dimensional VIT Inflation-Protected Securities Division**<sup>4,5</sup> | **Dimensional VIT Inflation-Protected Securities Division**<sup>4,5</sup> | **Dimensional VIT Inflation-Protected Securities Division**<sup>4,5</sup> | **Dimensional VIT Inflation-Protected Securities Division**<sup>4,5</sup> |
| 2025 | 193568 |  | 1.01 | 195063 | 5.41 |  | 0.60 |  | 7.55 |
| 2024 | 107310 |  | 0.94 | 100545 | 7.62 |  | 0.60 |  | 1.88 |
| 2023 | 18103 |  | 0.92 | 16648 | 3.96 |  | 0.60 |  | 4.02 |
| 2022 | 18385 |  | 0.88 | 16254 | 14.26 |  | 0.60 |  | (12.45) |

---

***Notes To Financial Statements*** *(Continued)* 

***8. FINANCIAL HIGHLIGHTS (Continued)***

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  |  | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** |  | **Investment** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** |
|  |  | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** |  | **Income** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** |
|  | **Units** | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** | **Net Assets** | **Ratio**<sup>1</sup> | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** |
| **DWS Small Cap Index Division** | **DWS Small Cap Index Division** | **DWS Small Cap Index Division** | **DWS Small Cap Index Division** | **DWS Small Cap Index Division** | **DWS Small Cap Index Division** | **DWS Small Cap Index Division** | **DWS Small Cap Index Division** | **DWS Small Cap Index Division** | **DWS Small Cap Index Division** |
| 2025 | 926187 | $5.41 | $6.05 | $5207060 | 1.35% | 0.25% | 0.55% | 12.02% | 12.35% |
| 2024 | 919816 | 4.83 | 5.38 | 4614200 | 1.16 | 0.25 | 0.55 | 10.54 | 10.87 |
| 2023 | 1010726 | 4.37 | 4.85 | 4568445 | 1.13 | 0.25 | 0.55 | 16.12 | 16.47 |
| 2022 | 1049211 | 3.76 | 4.17 | 4075492 | 0.92 | 0.25 | 0.55 | (21.07) | (20.83) |
| 2021 | 1101337 | 4.76 | 5.27 | 5419937 | 0.83 | 0.25 | 0.55 | 13.87 | 14.22 |
| **Eaton Vance VT Floating-Rate Income Division**<sup>5</sup> | **Eaton Vance VT Floating-Rate Income Division**<sup>5</sup> | **Eaton Vance VT Floating-Rate Income Division**<sup>5</sup> | **Eaton Vance VT Floating-Rate Income Division**<sup>5</sup> | **Eaton Vance VT Floating-Rate Income Division**<sup>5</sup> | **Eaton Vance VT Floating-Rate Income Division**<sup>5</sup> | **Eaton Vance VT Floating-Rate Income Division**<sup>5</sup> | **Eaton Vance VT Floating-Rate Income Division**<sup>5</sup> | **Eaton Vance VT Floating-Rate Income Division**<sup>5</sup> | **Eaton Vance VT Floating-Rate Income Division**<sup>5</sup> |
| 2025 | 5067 |  | 1.23 | 6217 | 6.90 |  | 0.60 |  | 4.35 |
| 2024 | 4081 |  | 1.18 | 4799 | 8.08 |  | 0.60 |  | 7.85 |
| 2023 | 3646 |  | 1.09 | 3976 | 6.88 |  | 0.60 |  | 11.47 |
| **Fidelity® VIP Bond Index Division (Initial Class)**<sup>17</sup> | **Fidelity® VIP Bond Index Division (Initial Class)**<sup>17</sup> | **Fidelity® VIP Bond Index Division (Initial Class)**<sup>17</sup> | **Fidelity® VIP Bond Index Division (Initial Class)**<sup>17</sup> | **Fidelity® VIP Bond Index Division (Initial Class)**<sup>17</sup> | **Fidelity® VIP Bond Index Division (Initial Class)**<sup>17</sup> | **Fidelity® VIP Bond Index Division (Initial Class)**<sup>17</sup> | **Fidelity® VIP Bond Index Division (Initial Class)**<sup>17</sup> | **Fidelity® VIP Bond Index Division (Initial Class)**<sup>17</sup> | **Fidelity® VIP Bond Index Division (Initial Class)**<sup>17</sup> |
| 2025 | 1105343 |  | 1.11 | 1232383 | 5.17 |  | 0.80 |  | 6.87 |
| 2024 | 187405 |  | 1.04 | 195508 | 6.93 |  | 0.80 |  | 4.10 |
| **Fidelity® VIP Bond Index Division (Service Class 2)**<sup>5</sup> | **Fidelity® VIP Bond Index Division (Service Class 2)**<sup>5</sup> | **Fidelity® VIP Bond Index Division (Service Class 2)**<sup>5</sup> | **Fidelity® VIP Bond Index Division (Service Class 2)**<sup>5</sup> | **Fidelity® VIP Bond Index Division (Service Class 2)**<sup>5</sup> | **Fidelity® VIP Bond Index Division (Service Class 2)**<sup>5</sup> | **Fidelity® VIP Bond Index Division (Service Class 2)**<sup>5</sup> | **Fidelity® VIP Bond Index Division (Service Class 2)**<sup>5</sup> | **Fidelity® VIP Bond Index Division (Service Class 2)**<sup>5</sup> | **Fidelity® VIP Bond Index Division (Service Class 2)**<sup>5</sup> |
| 2025 | 1724024 |  | 0.98 | 1686720 | 3.88 |  | 0.60 |  | 6.76 |
| 2024 | 649767 |  | 0.92 | 595445 | 6.02 |  | 0.60 |  | 1.00 |
| 2023 | 41206 |  | 0.91 | 37387 | 2.48 |  | 0.60 |  | 5.13 |
| **Fidelity® VIP Contrafund® Division** | **Fidelity® VIP Contrafund® Division** | **Fidelity® VIP Contrafund® Division** | **Fidelity® VIP Contrafund® Division** | **Fidelity® VIP Contrafund® Division** | **Fidelity® VIP Contrafund® Division** | **Fidelity® VIP Contrafund® Division** | **Fidelity® VIP Contrafund® Division** | **Fidelity® VIP Contrafund® Division** | **Fidelity® VIP Contrafund® Division** |
| 2025 | 11669698 | 1.45 | 14.53 | 116200748 | 0.14 | 0.25 | 0.80 | 20.81 | 21.36 |
| 2024 | 11071160 | 9.74 | 11.99 | 101135005 | 0.19 | 0.25 | 0.55 | 33.05 | 33.79 |
| 2023 | 10943710 | 7.32 | 8.98 | 79541615 | 0.49 | 0.25 | 0.55 | 32.72 | 33.12 |
| 2022 | 11560924 | 5.51 | 6.75 | 63406218 | 0.51 | 0.25 | 0.55 | (26.72) | (26.50) |
| 2021 | 12140233 | 7.52 | 9.18 | 90757280 | 0.06 | 0.25 | 0.55 | 27.13 | 27.52 |
| **Fidelity® VIP Extended Market Index Division (Initial Class)**<sup>17</sup> | **Fidelity® VIP Extended Market Index Division (Initial Class)**<sup>17</sup> | **Fidelity® VIP Extended Market Index Division (Initial Class)**<sup>17</sup> | **Fidelity® VIP Extended Market Index Division (Initial Class)**<sup>17</sup> | **Fidelity® VIP Extended Market Index Division (Initial Class)**<sup>17</sup> | **Fidelity® VIP Extended Market Index Division (Initial Class)**<sup>17</sup> | **Fidelity® VIP Extended Market Index Division (Initial Class)**<sup>17</sup> | **Fidelity® VIP Extended Market Index Division (Initial Class)**<sup>17</sup> | **Fidelity® VIP Extended Market Index Division (Initial Class)**<sup>17</sup> | **Fidelity® VIP Extended Market Index Division (Initial Class)**<sup>17</sup> |
| 2025 | 1071913 |  | 1.27 | 1356735 | 1.71 |  | 0.80 |  | 12.21 |
| 2024 | 116334 |  | 1.13 | 131226 | 3.26 |  | 0.80 |  | 10.56 |
| **Fidelity® VIP Extended Market Index Division (Service Class)**<sup>5</sup> | **Fidelity® VIP Extended Market Index Division (Service Class)**<sup>5</sup> | **Fidelity® VIP Extended Market Index Division (Service Class)**<sup>5</sup> | **Fidelity® VIP Extended Market Index Division (Service Class)**<sup>5</sup> | **Fidelity® VIP Extended Market Index Division (Service Class)**<sup>5</sup> | **Fidelity® VIP Extended Market Index Division (Service Class)**<sup>5</sup> | **Fidelity® VIP Extended Market Index Division (Service Class)**<sup>5</sup> | **Fidelity® VIP Extended Market Index Division (Service Class)**<sup>5</sup> | **Fidelity® VIP Extended Market Index Division (Service Class)**<sup>5</sup> | **Fidelity® VIP Extended Market Index Division (Service Class)**<sup>5</sup> |
| 2025 | 528628 |  | 1.24 | 654543 | 1.04 |  | 0.60 |  | 12.03 |
| 2024 | 413320 |  | 1.11 | 456803 | 1.32 |  | 0.60 |  | 12.03 |
| 2023 | 295965 |  | 0.99 | 291990 | 1.79 |  | 0.60 |  | 17.11 |
| 2022 | 183005 |  | 0.84 | 154173 | 1.97 |  | 0.60 |  | (18.30) |
| **Fidelity® VIP Freedom 2020 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2020 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2020 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2020 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2020 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2020 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2020 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2020 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2020 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2020 Division**<sup>5</sup> |
| 2025 | 523 |  | 1.16 | 609 | 2.59 |  | 0.60 |  | 13.18 |
| 2024 | 4030 |  | 1.03 | 4147 | 2.99 |  | 0.60 |  | 7.55 |
| 2023 | 394 |  | 0.96 | 377 | 2.14 |  | 0.60 |  | 12.34 |
| **Fidelity® VIP Freedom 2025 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2025 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2025 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2025 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2025 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2025 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2025 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2025 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2025 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2025 Division**<sup>5</sup> |
| 2025 | 30191 |  | 1.19 | 35962 | 1.68 |  | 0.60 |  | 14.47 |
| 2024 | 81080 |  | 1.04 | 84369 | 1.06 |  | 0.60 |  | 8.40 |
| 2023 | 253527 |  | 0.96 | 243367 | 3.08 |  | 0.60 |  | 13.48 |
| 2022 | 112120 |  | 0.85 | 94841 | 2.01 |  | 0.60 |  | (16.51) |
| **Fidelity® VIP Freedom 2030 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2030 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2030 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2030 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2030 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2030 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2030 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2030 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2030 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2030 Division**<sup>5</sup> |
| 2025 | 379134 |  | 1.22 | 461509 | 2.07 |  | 0.60 |  | 15.33 |
| 2024 | 362679 |  | 1.06 | 382806 | 2.34 |  | 0.60 |  | 9.34 |
| 2023 | 190346 |  | 0.97 | 183741 | 2.60 |  | 0.60 |  | 14.56 |
| 2022 | 5345 |  | 0.84 | 4504 | 1.86 |  | 0.60 |  | (16.94) |
| **Fidelity® VIP Freedom 2035 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2035 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2035 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2035 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2035 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2035 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2035 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2035 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2035 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2035 Division**<sup>5</sup> |
| 2025 | 351706 |  | 1.26 | 444453 | 2.43 |  | 0.60 |  | 16.58 |
| 2024 | 205804 |  | 1.08 | 223084 | 2.06 |  | 0.60 |  | 10.93 |
| 2023 | 149100 |  | 0.98 | 145691 | 2.25 |  | 0.60 |  | 16.71 |
| 2022 | 57680 |  | 0.84 | 48292 | 1.99 |  | 0.60 |  | (17.75) |

---

***Notes To Financial Statements*** *(Continued)* 

***8. FINANCIAL HIGHLIGHTS (Continued)***

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  |  | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** |  | **Investment** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** |
|  |  | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** |  | **Income** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** |
|  | **Units** | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** | **Net Assets** | **Ratio**<sup>1</sup> | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** |
| **Fidelity® VIP Freedom 2040 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2040 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2040 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2040 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2040 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2040 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2040 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2040 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2040 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2040 Division**<sup>5</sup> |
| 2025 | 1940141 | $— | $1.33 | $2578612 | 1.79% | —% | 0.60% | —% | 18.66% |
| 2024 | 1554650 |  | 1.12 | 1741302 | 1.56 |  | 0.60 |  | 12.99 |
| 2023 | 563122 |  | 0.99 | 558221 | 2.06 |  | 0.60 |  | 18.77 |
| 2022 | 79449 |  | 0.83 | 66312 | 2.51 |  | 0.60 |  | (18.30) |
| **Fidelity® VIP Freedom 2045 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2045 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2045 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2045 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2045 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2045 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2045 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2045 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2045 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2045 Division**<sup>5</sup> |
| 2025 | 144595 |  | 1.36 | 195991 | 0.90 |  | 0.60 |  | 19.73 |
| 2024 | 94306 |  | 1.13 | 106765 | 1.46 |  | 0.60 |  | 13.70 |
| 2023 | 63400 |  | 1.00 | 63127 | 1.84 |  | 0.60 |  | 19.33 |
| 2022 | 28092 |  | 0.83 | 23440 | 1.13 |  | 0.60 |  | (18.30) |
| **Fidelity® VIP Freedom 2050 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2050 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2050 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2050 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2050 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2050 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2050 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2050 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2050 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2050 Division**<sup>5</sup> |
| 2025 | 833796 |  | 1.36 | 1130263 | 1.39 |  | 0.60 |  | 19.67 |
| 2024 | 718990 |  | 1.13 | 814403 | 1.48 |  | 0.60 |  | 13.74 |
| 2023 | 222087 |  | 1.00 | 221174 | 1.97 |  | 0.60 |  | 19.36 |
| 2022 | 17147 |  | 0.83 | 14306 | 1.11 |  | 0.60 |  | (18.35) |
| **Fidelity® VIP Freedom 2055 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2055 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2055 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2055 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2055 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2055 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2055 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2055 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2055 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2055 Division**<sup>5</sup> |
| 2025 | 206333 |  | 1.36 | 279756 | 1.50 |  | 0.60 |  | 19.71 |
| 2024 | 134895 |  | 1.13 | 152782 | 1.37 |  | 0.60 |  | 13.72 |
| 2023 | 89198 |  | 1.00 | 88839 | 1.72 |  | 0.60 |  | 19.40 |
| 2022 | 42857 |  | 0.83 | 35748 | 2.50 |  | 0.60 |  | (18.36) |
| **Fidelity® VIP Freedom 2060 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2060 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2060 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2060 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2060 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2060 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2060 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2060 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2060 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2060 Division**<sup>5</sup> |
| 2025 | 274269 |  | 1.36 | 371898 | 1.41 |  | 0.60 |  | 19.75 |
| 2024 | 227220 |  | 1.13 | 257289 | 1.41 |  | 0.60 |  | 13.72 |
| 2023 | 104814 |  | 1.00 | 104363 | 2.42 |  | 0.60 |  | 19.30 |
| 2022 | 14592 |  | 0.83 | 12178 | 1.63 |  | 0.60 |  | (18.27) |
| **Fidelity® VIP Freedom 2065 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2065 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2065 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2065 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2065 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2065 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2065 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2065 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2065 Division**<sup>5</sup> | **Fidelity® VIP Freedom 2065 Division**<sup>5</sup> |
| 2025 | 19893 |  | 1.35 | 26952 | 2.07 |  | 0.60 |  | 19.71 |
| 2024 | 1660 |  | 1.13 | 1879 | 1.23 |  | 0.60 |  | 13.70 |
| 2023 | 2052 |  | 1.00 | 2042 | 1.68 |  | 0.60 |  | 19.29 |
| 2022 | 511 |  | 0.83 | 426 | 2.49 |  | 0.60 |  | (18.32) |
| **Fidelity® VIP Freedom Income Division**<sup>5</sup> | **Fidelity® VIP Freedom Income Division**<sup>5</sup> | **Fidelity® VIP Freedom Income Division**<sup>5</sup> | **Fidelity® VIP Freedom Income Division**<sup>5</sup> | **Fidelity® VIP Freedom Income Division**<sup>5</sup> | **Fidelity® VIP Freedom Income Division**<sup>5</sup> | **Fidelity® VIP Freedom Income Division**<sup>5</sup> | **Fidelity® VIP Freedom Income Division**<sup>5</sup> | **Fidelity® VIP Freedom Income Division**<sup>5</sup> | **Fidelity® VIP Freedom Income Division**<sup>5</sup> |
| 2025 | 393937 |  | 1.09 | 428289 | 3.20 |  | 0.60 |  | 9.56 |
| 2024 | 394011 |  | 0.99 | 391005 | 8.04 |  | 0.60 |  | 4.28 |
| 2023 | 47539 |  | 0.95 | 45239 | 4.58 |  | 0.60 |  | 7.82 |
| 2022 | 2462 |  | 0.88 | 2173 | 2.14 |  | 0.60 |  | (12.06) |
| **Fidelity® VIP Growth Division**<sup>5</sup> | **Fidelity® VIP Growth Division**<sup>5</sup> | **Fidelity® VIP Growth Division**<sup>5</sup> | **Fidelity® VIP Growth Division**<sup>5</sup> | **Fidelity® VIP Growth Division**<sup>5</sup> | **Fidelity® VIP Growth Division**<sup>5</sup> | **Fidelity® VIP Growth Division**<sup>5</sup> | **Fidelity® VIP Growth Division**<sup>5</sup> | **Fidelity® VIP Growth Division**<sup>5</sup> | **Fidelity® VIP Growth Division**<sup>5</sup> |
| 2025 | 281157 |  | 1.55 | 436605 | 0.21 |  | 0.60 |  | 14.78 |
| 2024 | 557533 |  | 1.35 | 754310 |  |  | 0.60 |  | 30.26 |
| 2023 | 435374 |  | 1.04 | 452184 | 0.05 |  | 0.60 |  | 36.09 |
| 2022 | 22685 |  | 0.76 | 17312 | 0.23 |  | 0.60 |  | (24.52) |
| **Fidelity® VIP Health Care Division**<sup>17</sup> | **Fidelity® VIP Health Care Division**<sup>17</sup> | **Fidelity® VIP Health Care Division**<sup>17</sup> | **Fidelity® VIP Health Care Division**<sup>17</sup> | **Fidelity® VIP Health Care Division**<sup>17</sup> | **Fidelity® VIP Health Care Division**<sup>17</sup> | **Fidelity® VIP Health Care Division**<sup>17</sup> | **Fidelity® VIP Health Care Division**<sup>17</sup> | **Fidelity® VIP Health Care Division**<sup>17</sup> | **Fidelity® VIP Health Care Division**<sup>17</sup> |
| 2025 | 107400 |  | 1.20 | 128500 | 0.47 |  | 0.80 |  | 14.28 |
| 2024 | 71178 |  | 1.05 | 74520 |  |  | 0.80 |  | 2.99 |
| **Fidelity® VIP Index 500 Division (Service Class)**<sup>5</sup> | **Fidelity® VIP Index 500 Division (Service Class)**<sup>5</sup> | **Fidelity® VIP Index 500 Division (Service Class)**<sup>5</sup> | **Fidelity® VIP Index 500 Division (Service Class)**<sup>5</sup> | **Fidelity® VIP Index 500 Division (Service Class)**<sup>5</sup> | **Fidelity® VIP Index 500 Division (Service Class)**<sup>5</sup> | **Fidelity® VIP Index 500 Division (Service Class)**<sup>5</sup> | **Fidelity® VIP Index 500 Division (Service Class)**<sup>5</sup> | **Fidelity® VIP Index 500 Division (Service Class)**<sup>5</sup> | **Fidelity® VIP Index 500 Division (Service Class)**<sup>5</sup> |
| 2025 | 3959648 |  | 1.54 | 6115527 | 1.16 |  | 0.60 |  | 17.66 |
| 2024 | 2781159 |  | 1.31 | 3650760 | 1.35 |  | 0.60 |  | 24.77 |
| 2023 | 1292693 |  | 1.05 | 1359985 | 1.59 |  | 0.60 |  | 26.07 |
| 2022 | 487980 |  | 0.83 | 407222 | 1.97 |  | 0.60 |  |  |
| **Fidelity® VIP International Index Division (Initial Class)**<sup>17</sup> | **Fidelity® VIP International Index Division (Initial Class)**<sup>17</sup> | **Fidelity® VIP International Index Division (Initial Class)**<sup>17</sup> | **Fidelity® VIP International Index Division (Initial Class)**<sup>17</sup> | **Fidelity® VIP International Index Division (Initial Class)**<sup>17</sup> | **Fidelity® VIP International Index Division (Initial Class)**<sup>17</sup> | **Fidelity® VIP International Index Division (Initial Class)**<sup>17</sup> | **Fidelity® VIP International Index Division (Initial Class)**<sup>17</sup> | **Fidelity® VIP International Index Division (Initial Class)**<sup>17</sup> | **Fidelity® VIP International Index Division (Initial Class)**<sup>17</sup> |
| 2025 | 1381476 |  | 1.38 | 1905867 | 4.46 |  | 0.80 |  | 33.01 |
| 2024 | 190444 |  | 1.04 | 197526 | 6.41 |  | 0.80 |  | 1.63 |

---

***Notes To Financial Statements*** *(Continued)* 

***8. FINANCIAL HIGHLIGHTS (Continued)***

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  |  | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** |  | **Investment** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** |
|  |  | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** |  | **Income** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** |
|  | **Units** | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** | **Net Assets** | **Ratio**<sup>1</sup> | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** |
| **Fidelity® VIP International Index Division (Service Class 2)**<sup>5</sup> | **Fidelity® VIP International Index Division (Service Class 2)**<sup>5</sup> | **Fidelity® VIP International Index Division (Service Class 2)**<sup>5</sup> | **Fidelity® VIP International Index Division (Service Class 2)**<sup>5</sup> | **Fidelity® VIP International Index Division (Service Class 2)**<sup>5</sup> | **Fidelity® VIP International Index Division (Service Class 2)**<sup>5</sup> | **Fidelity® VIP International Index Division (Service Class 2)**<sup>5</sup> | **Fidelity® VIP International Index Division (Service Class 2)**<sup>5</sup> | **Fidelity® VIP International Index Division (Service Class 2)**<sup>5</sup> | **Fidelity® VIP International Index Division (Service Class 2)**<sup>5</sup> |
| 2025 | 652910 | $— | $1.38 | $901587 | 2.83% | —% | 0.60% | —% | 32.82% |
| 2024 | 458433 |  | 1.04 | 476603 | 3.27 |  | 0.60 |  | 4.82 |
| 2023 | 241064 |  | 0.99 | 239090 | 2.78 |  | 0.60 |  | 15.88 |
| 2022 | 106733 |  | 0.86 | 91354 | 3.00 |  | 0.60 |  | (16.21) |
| **Fidelity® VIP Overseas Division**<sup>5</sup> | **Fidelity® VIP Overseas Division**<sup>5</sup> | **Fidelity® VIP Overseas Division**<sup>5</sup> | **Fidelity® VIP Overseas Division**<sup>5</sup> | **Fidelity® VIP Overseas Division**<sup>5</sup> | **Fidelity® VIP Overseas Division**<sup>5</sup> | **Fidelity® VIP Overseas Division**<sup>5</sup> | **Fidelity® VIP Overseas Division**<sup>5</sup> | **Fidelity® VIP Overseas Division**<sup>5</sup> | **Fidelity® VIP Overseas Division**<sup>5</sup> |
| 2025 | 184718 | 1.19 | 1.23 | 221844 | 1.83 | 0.60 | 0.80 | 20.27 | 20.39 |
| 2024 | 128898 |  | 0.99 | 127757 | 1.46 |  | 0.60 |  | 5.05 |
| 2023 | 112483 |  | 0.94 | 105862 | 1.06 |  | 0.60 |  | 20.50 |
| **Fidelity® VIP Real Estate Division (Initial Class)**<sup>17</sup> | **Fidelity® VIP Real Estate Division (Initial Class)**<sup>17</sup> | **Fidelity® VIP Real Estate Division (Initial Class)**<sup>17</sup> | **Fidelity® VIP Real Estate Division (Initial Class)**<sup>17</sup> | **Fidelity® VIP Real Estate Division (Initial Class)**<sup>17</sup> | **Fidelity® VIP Real Estate Division (Initial Class)**<sup>17</sup> | **Fidelity® VIP Real Estate Division (Initial Class)**<sup>17</sup> | **Fidelity® VIP Real Estate Division (Initial Class)**<sup>17</sup> | **Fidelity® VIP Real Estate Division (Initial Class)**<sup>17</sup> | **Fidelity® VIP Real Estate Division (Initial Class)**<sup>17</sup> |
| 2025 | 65328 |  | 1.21 | 79029 | 3.97 |  | 0.80 |  | 3.00 |
| 2024 | 14614 |  | 1.17 | 17164 | 3.79 |  | 0.80 |  | 16.19 |
| **Fidelity® VIP Real Estate Division (Service Class)**<sup>5</sup> | **Fidelity® VIP Real Estate Division (Service Class)**<sup>5</sup> | **Fidelity® VIP Real Estate Division (Service Class)**<sup>5</sup> | **Fidelity® VIP Real Estate Division (Service Class)**<sup>5</sup> | **Fidelity® VIP Real Estate Division (Service Class)**<sup>5</sup> | **Fidelity® VIP Real Estate Division (Service Class)**<sup>5</sup> | **Fidelity® VIP Real Estate Division (Service Class)**<sup>5</sup> | **Fidelity® VIP Real Estate Division (Service Class)**<sup>5</sup> | **Fidelity® VIP Real Estate Division (Service Class)**<sup>5</sup> | **Fidelity® VIP Real Estate Division (Service Class)**<sup>5</sup> |
| 2025 | 78068 |  | 0.92 | 72087 | 2.72 |  | 0.60 |  | 3.04 |
| 2024 | 47239 |  | 0.90 | 42335 | 3.63 |  | 0.60 |  | 6.38 |
| **Fidelity® VIP Strategic Income Division**<sup>17</sup> | **Fidelity® VIP Strategic Income Division**<sup>17</sup> | **Fidelity® VIP Strategic Income Division**<sup>17</sup> | **Fidelity® VIP Strategic Income Division**<sup>17</sup> | **Fidelity® VIP Strategic Income Division**<sup>17</sup> | **Fidelity® VIP Strategic Income Division**<sup>17</sup> | **Fidelity® VIP Strategic Income Division**<sup>17</sup> | **Fidelity® VIP Strategic Income Division**<sup>17</sup> | **Fidelity® VIP Strategic Income Division**<sup>17</sup> | **Fidelity® VIP Strategic Income Division**<sup>17</sup> |
| 2025 | 64636 |  | 1.15 | 74619 | 5.23 |  | 0.80 |  | 8.74 |
| 2024 | 31008 |  | 1.06 | 32919 | 7.77 |  | 0.80 |  | 5.56 |
| **Fidelity® VIP Total Market Index Division (Initial Class)**<sup>17</sup> | **Fidelity® VIP Total Market Index Division (Initial Class)**<sup>17</sup> | **Fidelity® VIP Total Market Index Division (Initial Class)**<sup>17</sup> | **Fidelity® VIP Total Market Index Division (Initial Class)**<sup>17</sup> | **Fidelity® VIP Total Market Index Division (Initial Class)**<sup>17</sup> | **Fidelity® VIP Total Market Index Division (Initial Class)**<sup>17</sup> | **Fidelity® VIP Total Market Index Division (Initial Class)**<sup>17</sup> | **Fidelity® VIP Total Market Index Division (Initial Class)**<sup>17</sup> | **Fidelity® VIP Total Market Index Division (Initial Class)**<sup>17</sup> | **Fidelity® VIP Total Market Index Division (Initial Class)**<sup>17</sup> |
| 2025 | 3148689 |  | 1.38 | 4349908 | 1.36 |  | 0.80 |  | 16.99 |
| 2024 | 391213 |  | 1.18 | 461972 | 1.94 |  | 0.80 |  | 15.58 |
| **Fidelity® VIP Total Market Index Division (Service Class 2)**<sup>5</sup> | **Fidelity® VIP Total Market Index Division (Service Class 2)**<sup>5</sup> | **Fidelity® VIP Total Market Index Division (Service Class 2)**<sup>5</sup> | **Fidelity® VIP Total Market Index Division (Service Class 2)**<sup>5</sup> | **Fidelity® VIP Total Market Index Division (Service Class 2)**<sup>5</sup> | **Fidelity® VIP Total Market Index Division (Service Class 2)**<sup>5</sup> | **Fidelity® VIP Total Market Index Division (Service Class 2)**<sup>5</sup> | **Fidelity® VIP Total Market Index Division (Service Class 2)**<sup>5</sup> | **Fidelity® VIP Total Market Index Division (Service Class 2)**<sup>5</sup> | **Fidelity® VIP Total Market Index Division (Service Class 2)**<sup>5</sup> |
| 2025 | 23553 |  | 1.49 | 35165 | 0.89 |  | 0.60 |  | 16.86 |
| **Franklin Small Cap Value VIP Division** | **Franklin Small Cap Value VIP Division** | **Franklin Small Cap Value VIP Division** | **Franklin Small Cap Value VIP Division** | **Franklin Small Cap Value VIP Division** | **Franklin Small Cap Value VIP Division** | **Franklin Small Cap Value VIP Division** | **Franklin Small Cap Value VIP Division** | **Franklin Small Cap Value VIP Division** | **Franklin Small Cap Value VIP Division** |
| 2025 | 800562 | 1.26 | 7.92 | 4991876 | 1.08 | 0.25 | 0.60 | 7.06 | 7.65 |
| 2024 | 767582 | 1.17 | 7.38 | 4689824 | 0.92 | 0.25 | 0.60 | 11.43 | 11.71 |
| 2023 | 812443 | 1.05 | 6.62 | 4355256 | 0.53 | 0.25 | 0.60 | 12.46 | 12.74 |
| 2022 | 766735 | 5.55 | 5.89 | 4114825 | 0.97 | 0.25 | 0.55 | (10.56) | (10.29) |
| 2021 | 791211 | 6.20 | 6.56 | 5020912 | 1.00 | 0.25 | 0.55 | 24.68 | 25.05 |
| **Franklin Strategic Income VIP Division**<sup>5</sup> | **Franklin Strategic Income VIP Division**<sup>5</sup> | **Franklin Strategic Income VIP Division**<sup>5</sup> | **Franklin Strategic Income VIP Division**<sup>5</sup> | **Franklin Strategic Income VIP Division**<sup>5</sup> | **Franklin Strategic Income VIP Division**<sup>5</sup> | **Franklin Strategic Income VIP Division**<sup>5</sup> | **Franklin Strategic Income VIP Division**<sup>5</sup> | **Franklin Strategic Income VIP Division**<sup>5</sup> | **Franklin Strategic Income VIP Division**<sup>5</sup> |
| 2025 | 392247 |  | 1.08 | 423309 | 5.18 |  | 0.60 |  | 7.24 |
| 2024 | 143088 |  | 1.01 | 143988 |  |  | 0.60 |  | 4.02 |
| 2023 |  |  | 0.97 |  | 3.49 |  | 0.60 |  | 8.18 |
| **Goldman Sachs Core Fixed Income Division**<sup>5</sup> | **Goldman Sachs Core Fixed Income Division**<sup>5</sup> | **Goldman Sachs Core Fixed Income Division**<sup>5</sup> | **Goldman Sachs Core Fixed Income Division**<sup>5</sup> | **Goldman Sachs Core Fixed Income Division**<sup>5</sup> | **Goldman Sachs Core Fixed Income Division**<sup>5</sup> | **Goldman Sachs Core Fixed Income Division**<sup>5</sup> | **Goldman Sachs Core Fixed Income Division**<sup>5</sup> | **Goldman Sachs Core Fixed Income Division**<sup>5</sup> | **Goldman Sachs Core Fixed Income Division**<sup>5</sup> |
| 2025 | 451 |  | 0.98 | 442 | 3.62 |  | 0.60 |  | 7.32 |
| 2024 | 449 |  | 0.91 | 410 | 2.72 |  | 0.60 |  | 0.89 |
| 2023 | 452 |  | 0.90 | 409 | 2.59 |  | 0.60 |  | 5.83 |
| **Goldman Sachs International Equity Insights Division**<sup>5</sup> | **Goldman Sachs International Equity Insights Division**<sup>5</sup> | **Goldman Sachs International Equity Insights Division**<sup>5</sup> | **Goldman Sachs International Equity Insights Division**<sup>5</sup> | **Goldman Sachs International Equity Insights Division**<sup>5</sup> | **Goldman Sachs International Equity Insights Division**<sup>5</sup> | **Goldman Sachs International Equity Insights Division**<sup>5</sup> | **Goldman Sachs International Equity Insights Division**<sup>5</sup> | **Goldman Sachs International Equity Insights Division**<sup>5</sup> | **Goldman Sachs International Equity Insights Division**<sup>5</sup> |
| 2025 | 1154999 |  | 1.55 | 1788893 | 3.90 |  | 0.60 |  | 38.49 |
| 2024 | 220317 |  | 1.12 | 246404 | 6.31 |  | 0.60 |  | 6.13 |
| 2023 | 44891 |  | 1.05 | 47304 | 6.24 |  | 0.60 |  | 18.71 |
| **Goldman Sachs Mid Cap Growth Division**<sup>5</sup> | **Goldman Sachs Mid Cap Growth Division**<sup>5</sup> | **Goldman Sachs Mid Cap Growth Division**<sup>5</sup> | **Goldman Sachs Mid Cap Growth Division**<sup>5</sup> | **Goldman Sachs Mid Cap Growth Division**<sup>5</sup> | **Goldman Sachs Mid Cap Growth Division**<sup>5</sup> | **Goldman Sachs Mid Cap Growth Division**<sup>5</sup> | **Goldman Sachs Mid Cap Growth Division**<sup>5</sup> | **Goldman Sachs Mid Cap Growth Division**<sup>5</sup> | **Goldman Sachs Mid Cap Growth Division**<sup>5</sup> |
| 2025 | 52509 |  | 1.15 | 60583 |  |  | 0.60 |  | 7.36 |
| 2024 | 58676 |  | 1.07 | 63057 |  |  | 0.60 |  | 20.29 |
| 2023 | 5979 |  | 0.89 | 5342 |  |  | 0.60 |  | 18.45 |
| **Goldman Sachs Mid Cap Value Division**<sup>5</sup> | **Goldman Sachs Mid Cap Value Division**<sup>5</sup> | **Goldman Sachs Mid Cap Value Division**<sup>5</sup> | **Goldman Sachs Mid Cap Value Division**<sup>5</sup> | **Goldman Sachs Mid Cap Value Division**<sup>5</sup> | **Goldman Sachs Mid Cap Value Division**<sup>5</sup> | **Goldman Sachs Mid Cap Value Division**<sup>5</sup> | **Goldman Sachs Mid Cap Value Division**<sup>5</sup> | **Goldman Sachs Mid Cap Value Division**<sup>5</sup> | **Goldman Sachs Mid Cap Value Division**<sup>5</sup> |
| 2025 | 221368 |  | 1.27 | 282230 | 1.33 |  | 0.60 |  | 9.39 |
| 2024 | 208245 |  | 1.17 | 242702 | 0.99 |  | 0.60 |  | 12.40 |
| 2023 | 351797 |  | 1.04 | 364780 | 1.04 |  | 0.60 |  | 11.42 |
| 2022 | 225578 |  | 0.93 | 209931 | 0.72 |  | 0.60 |  | (9.99) |

---

***Notes To Financial Statements*** *(Continued)* 

***8. FINANCIAL HIGHLIGHTS (Continued)***

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  |  | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** |  | **Investment** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** |
|  |  | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** |  | **Income** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** |
|  | **Units** | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** | **Net Assets** | **Ratio**<sup>1</sup> | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** |
| **Goldman Sachs Strategic Growth Division** | **Goldman Sachs Strategic Growth Division** | **Goldman Sachs Strategic Growth Division** | **Goldman Sachs Strategic Growth Division** | **Goldman Sachs Strategic Growth Division** | **Goldman Sachs Strategic Growth Division** | **Goldman Sachs Strategic Growth Division** | **Goldman Sachs Strategic Growth Division** | **Goldman Sachs Strategic Growth Division** | **Goldman Sachs Strategic Growth Division** |
| 2025 | 1425247 | $6.76 | $8.56 | $10003324 | —% | 0.25% | 0.55% | 17.27% | 17.63% |
| 2024 | 1520672 | 5.76 | 7.28 | 9104557 |  | 0.25 | 0.55 | 31.64 | 32.03 |
| 2023 | 1589695 | 4.38 | 5.51 | 7220406 |  | 0.25 | 0.55 | 41.17 | 41.59 |
| 2022 | 1687865 | 3.10 | 3.89 | 5435947 |  | 0.25 | 0.55 | (32.89) | (32.68) |
| 2021 | 1624019 | 4.62 | 5.78 | 7767679 |  | 0.25 | 0.55 | 21.26 | 21.62 |
| **Invesco V.I. Core Plus Bond Division**<sup>6</sup> | **Invesco V.I. Core Plus Bond Division**<sup>6</sup> | **Invesco V.I. Core Plus Bond Division**<sup>6</sup> | **Invesco V.I. Core Plus Bond Division**<sup>6</sup> | **Invesco V.I. Core Plus Bond Division**<sup>6</sup> | **Invesco V.I. Core Plus Bond Division**<sup>6</sup> | **Invesco V.I. Core Plus Bond Division**<sup>6</sup> | **Invesco V.I. Core Plus Bond Division**<sup>6</sup> | **Invesco V.I. Core Plus Bond Division**<sup>6</sup> | **Invesco V.I. Core Plus Bond Division**<sup>6</sup> |
| 2025 | 1648223 | 1.62 | 1.82 | 2838787 | 4.25 | 0.25 | 0.55 | 6.50 | 6.82 |
| 2024 | 1735150 | 1.52 | 1.58 | 2812874 | 3.69 | 0.25 | 0.55 | 2.49 | 2.80 |
| 2023 | 1766901 | 1.48 | 1.54 | 2790568 | 2.65 | 0.25 | 0.55 | 5.56 | 5.88 |
| 2022 | 1743697 | 1.40 | 1.46 | 2604427 | 1.93 | 0.25 | 0.55 | (14.50) | (14.24) |
| 2021 | 1723340 | 1.63 | 1.82 | 3005336 | 2.13 | 0.25 | 0.55 | (2.19) | (1.89) |
| **Invesco V.I. Discovery Large Cap Division**<sup>4,12</sup> | **Invesco V.I. Discovery Large Cap Division**<sup>4,12</sup> | **Invesco V.I. Discovery Large Cap Division**<sup>4,12</sup> | **Invesco V.I. Discovery Large Cap Division**<sup>4,12</sup> | **Invesco V.I. Discovery Large Cap Division**<sup>4,12</sup> | **Invesco V.I. Discovery Large Cap Division**<sup>4,12</sup> | **Invesco V.I. Discovery Large Cap Division**<sup>4,12</sup> | **Invesco V.I. Discovery Large Cap Division**<sup>4,12</sup> | **Invesco V.I. Discovery Large Cap Division**<sup>4,12</sup> | **Invesco V.I. Discovery Large Cap Division**<sup>4,12</sup> |
| 2025 |  |  |  |  |  |  |  |  |  |
| 2024 | 11268281 | 6.91 | 8.22 | 73203751 |  | 0.25 | 0.55 | 33.42 | 33.83 |
| 2023 | 12025572 | 5.18 | 6.14 | 58605516 |  | 0.25 | 0.55 | 34.64 | 35.04 |
| 2022 | 12388585 | 3.85 | 4.55 | 44834018 |  | 0.25 | 0.55 | (31.16) | (30.96) |
| 2021 | 12845322 | 5.59 | 6.59 | 67562853 |  | 0.25 | 0.55 | 21.90 | 22.26 |
| **Invesco V.I. Discovery Mid Cap Growth Division**<sup>13</sup> | **Invesco V.I. Discovery Mid Cap Growth Division**<sup>13</sup> | **Invesco V.I. Discovery Mid Cap Growth Division**<sup>13</sup> | **Invesco V.I. Discovery Mid Cap Growth Division**<sup>13</sup> | **Invesco V.I. Discovery Mid Cap Growth Division**<sup>13</sup> | **Invesco V.I. Discovery Mid Cap Growth Division**<sup>13</sup> | **Invesco V.I. Discovery Mid Cap Growth Division**<sup>13</sup> | **Invesco V.I. Discovery Mid Cap Growth Division**<sup>13</sup> | **Invesco V.I. Discovery Mid Cap Growth Division**<sup>13</sup> | **Invesco V.I. Discovery Mid Cap Growth Division**<sup>13</sup> |
| 2025 |  |  |  |  |  |  |  |  |  |
| 2024 | 13509731 | 0.99 | 5.84 | 63827002 |  | 0.25 | 0.60 | 23.92 | 24.23 |
| 2023 | 14070708 | 0.80 | 4.72 | 54170282 |  | 0.25 | 0.60 | 12.87 | 13.15 |
| 2022 | 15225855 | 3.98 | 4.18 | 53052881 |  | 0.25 | 0.55 | (31.36) | (31.15) |
| 2021 | 15717057 | 5.80 | 6.07 | 80082095 |  | 0.25 | 0.55 | 18.45 | 18.80 |
| **Invesco V.I. Diversified Dividend Division** | **Invesco V.I. Diversified Dividend Division** | **Invesco V.I. Diversified Dividend Division** | **Invesco V.I. Diversified Dividend Division** | **Invesco V.I. Diversified Dividend Division** | **Invesco V.I. Diversified Dividend Division** | **Invesco V.I. Diversified Dividend Division** | **Invesco V.I. Diversified Dividend Division** | **Invesco V.I. Diversified Dividend Division** | **Invesco V.I. Diversified Dividend Division** |
| 2025 | 1027237 | 1.45 | 2.93 | 1872833 | 1.80 | 0.25 | 0.60 | 15.11 | 15.74 |
| 2024 | 607327 | 1.25 | 2.54 | 1114688 | 2.23 | 0.25 | 0.60 | 12.93 | 13.22 |
| 2023 | 347505 | 1.11 | 2.25 | 736838 | 2.04 | 0.25 | 0.60 | 8.77 | 9.04 |
| 2022 | 321772 | 1.95 | 2.07 | 646113 | 1.99 | 0.25 | 0.55 | (2.22) | (1.92) |
| 2021 | 305130 | 1.99 | 2.11 | 625298 | 1.50 | 0.25 | 0.55 | 18.24 | 18.60 |
| **Invesco V.I. Global Division**<sup>14</sup> | **Invesco V.I. Global Division**<sup>14</sup> | **Invesco V.I. Global Division**<sup>14</sup> | **Invesco V.I. Global Division**<sup>14</sup> | **Invesco V.I. Global Division**<sup>14</sup> | **Invesco V.I. Global Division**<sup>14</sup> | **Invesco V.I. Global Division**<sup>14</sup> | **Invesco V.I. Global Division**<sup>14</sup> | **Invesco V.I. Global Division**<sup>14</sup> | **Invesco V.I. Global Division**<sup>14</sup> |
| 2025 |  |  |  |  |  |  |  |  |  |
| 2024 | 8115298 | 1.06 | 9.48 | 62810026 |  | 0.25 | 0.60 | 15.78 | 16.07 |
| 2023 | 8305010 | 0.92 | 8.19 | 57370793 | 0.23 | 0.25 | 0.60 | 34.40 | 34.73 |
| 2022 | 8825282 | 5.54 | 6.09 | 45622416 |  | 0.25 | 0.55 | (32.14) | (31.93) |
| 2021 | 9101728 | 8.17 | 8.95 | 69283191 |  | 0.25 | 0.55 | 14.86 | 15.20 |
| **Invesco V.I. Global Real Estate Division**<sup>5</sup> | **Invesco V.I. Global Real Estate Division**<sup>5</sup> | **Invesco V.I. Global Real Estate Division**<sup>5</sup> | **Invesco V.I. Global Real Estate Division**<sup>5</sup> | **Invesco V.I. Global Real Estate Division**<sup>5</sup> | **Invesco V.I. Global Real Estate Division**<sup>5</sup> | **Invesco V.I. Global Real Estate Division**<sup>5</sup> | **Invesco V.I. Global Real Estate Division**<sup>5</sup> | **Invesco V.I. Global Real Estate Division**<sup>5</sup> | **Invesco V.I. Global Real Estate Division**<sup>5</sup> |
| 2025 | 468305 |  | 0.90 | 419993 | 2.29 |  | 0.60 |  | 7.85 |
| 2024 | 165853 |  | 0.83 | 137918 | 5.60 |  | 0.60 |  | (1.80) |
| 2023 | 12521 |  | 0.85 | 10603 | 1.45 |  | 0.60 |  | 9.05 |
| **Invesco V.I. Global Strategic Income Division** | **Invesco V.I. Global Strategic Income Division** | **Invesco V.I. Global Strategic Income Division** | **Invesco V.I. Global Strategic Income Division** | **Invesco V.I. Global Strategic Income Division** | **Invesco V.I. Global Strategic Income Division** | **Invesco V.I. Global Strategic Income Division** | **Invesco V.I. Global Strategic Income Division** | **Invesco V.I. Global Strategic Income Division** | **Invesco V.I. Global Strategic Income Division** |
| 2025 | 2822657 |  | 3.11 | 8060711 | 5.95 | 0.25 | 0.80 | 12.36 | 12.98 |
| 2024 | 2785982 | 2.58 | 2.76 | 7193941 | 3.10 | 0.25 | 0.60 | 2.59 | 2.90 |
| 2023 | 2859546 | 2.51 | 2.68 | 7309937 |  | 0.25 | 0.55 | 8.29 | 8.61 |
| 2022 | 2933888 | 2.32 | 2.47 | 6917394 |  | 0.25 | 0.55 | (11.95) | (11.68) |
| 2021 | 3014902 | 2.64 | 2.80 | 8063814 | 4.74 | 0.25 | 0.55 | (3.94) | (3.65) |
| **Invesco V.I. Government Money Market Division**<sup>17</sup> | **Invesco V.I. Government Money Market Division**<sup>17</sup> | **Invesco V.I. Government Money Market Division**<sup>17</sup> | **Invesco V.I. Government Money Market Division**<sup>17</sup> | **Invesco V.I. Government Money Market Division**<sup>17</sup> | **Invesco V.I. Government Money Market Division**<sup>17</sup> | **Invesco V.I. Government Money Market Division**<sup>17</sup> | **Invesco V.I. Government Money Market Division**<sup>17</sup> | **Invesco V.I. Government Money Market Division**<sup>17</sup> | **Invesco V.I. Government Money Market Division**<sup>17</sup> |
| 2025 | 1646294 |  | 1.07 | 1768521 | 3.78 |  | 0.60 |  | 4.02 |
| 2024 | 5398 |  | 1.03 | 5575 | 0.43 |  | 0.60 |  | 3.27 |
| **Invesco V.I. Health Care Division** | **Invesco V.I. Health Care Division** | **Invesco V.I. Health Care Division** | **Invesco V.I. Health Care Division** | **Invesco V.I. Health Care Division** | **Invesco V.I. Health Care Division** | **Invesco V.I. Health Care Division** | **Invesco V.I. Health Care Division** | **Invesco V.I. Health Care Division** | **Invesco V.I. Health Care Division** |
| 2025 | 209803 | 5.72 | 6.12 | 1223742 |  | 0.25 | 0.55 | 14.69 | 15.04 |
| 2024 | 233675 | 4.98 | 5.32 | 1186791 |  | 0.25 | 0.55 | 3.59 | 3.91 |
| 2023 | 218077 | 4.81 | 5.12 | 1067398 |  | 0.25 | 0.55 | 2.46 | 2.77 |
| 2022 | 221693 | 4.70 | 4.98 | 1059257 |  | 0.25 | 0.55 | (13.79) | (13.53) |
| 2021 | 235172 | 5.45 | 5.76 | 1300387 | 0.21 | 0.25 | 0.55 | 11.68 | 12.02 |

---

***Notes To Financial Statements*** *(Continued)* 

***8. FINANCIAL HIGHLIGHTS (Continued)***

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  |  | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** |  | **Investment** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** |
|  |  | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** |  | **Income** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** |
|  | **Units** | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** | **Net Assets** | **Ratio**<sup>1</sup> | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** |
| **Invesco V.I. International Growth Division**<sup>4</sup> | **Invesco V.I. International Growth Division**<sup>4</sup> | **Invesco V.I. International Growth Division**<sup>4</sup> | **Invesco V.I. International Growth Division**<sup>4</sup> | **Invesco V.I. International Growth Division**<sup>4</sup> | **Invesco V.I. International Growth Division**<sup>4</sup> | **Invesco V.I. International Growth Division**<sup>4</sup> | **Invesco V.I. International Growth Division**<sup>4</sup> | **Invesco V.I. International Growth Division**<sup>4</sup> | **Invesco V.I. International Growth Division**<sup>4</sup> |
| 2025 | 1863951 | $1.03 | $3.66 | $4916720 | 0.37% | 0.25% | 0.80% | 16.03% | 16.20% |
| 2024 | 1437440 | 2.94 | 3.16 | 3772859 | 0.66 | 0.25 | 0.55 | (2.21) | (1.92) |
| 2023 | 1310700 | 3.01 | 3.22 | 4056404 | 0.60 | 0.25 | 0.55 | 20.40 | 20.76 |
| 2022 | 1458660 | 2.50 | 2.66 | 3747356 |  | 0.25 | 0.55 | (27.53) | (27.31) |
| 2021 | 1534899 | 3.45 | 3.67 | 5445291 |  | 0.25 | 0.55 | 9.62 | 9.94 |
| **Invesco V.I. Main Street Division**<sup>11</sup> | **Invesco V.I. Main Street Division**<sup>11</sup> | **Invesco V.I. Main Street Division**<sup>11</sup> | **Invesco V.I. Main Street Division**<sup>11</sup> | **Invesco V.I. Main Street Division**<sup>11</sup> | **Invesco V.I. Main Street Division**<sup>11</sup> | **Invesco V.I. Main Street Division**<sup>11</sup> | **Invesco V.I. Main Street Division**<sup>11</sup> | **Invesco V.I. Main Street Division**<sup>11</sup> | **Invesco V.I. Main Street Division**<sup>11</sup> |
| 2025 |  |  |  |  |  |  |  |  |  |
| 2024 | 4149151 | 1.24 | 5.82 | 19551733 |  | 0.25 | 0.60 | 23.33 | 23.64 |
| 2023 | 4315393 | 3.75 | 5.46 | 16562652 | 0.85 | 0.25 | 0.90 | 22.12 | 22.91 |
| 2022 | 4492401 | 3.06 | 4.47 | 14057896 | 1.48 | 0.25 | 0.90 | (20.85) | (20.33) |
| 2021 | 4671307 | 3.86 | 5.65 | 18399746 | 0.71 | 0.25 | 0.90 | 26.43 | 27.25 |
| **Invesco V.I. Small Cap Equity Division**<sup>5</sup> | **Invesco V.I. Small Cap Equity Division**<sup>5</sup> | **Invesco V.I. Small Cap Equity Division**<sup>5</sup> | **Invesco V.I. Small Cap Equity Division**<sup>5</sup> | **Invesco V.I. Small Cap Equity Division**<sup>5</sup> | **Invesco V.I. Small Cap Equity Division**<sup>5</sup> | **Invesco V.I. Small Cap Equity Division**<sup>5</sup> | **Invesco V.I. Small Cap Equity Division**<sup>5</sup> | **Invesco V.I. Small Cap Equity Division**<sup>5</sup> | **Invesco V.I. Small Cap Equity Division**<sup>5</sup> |
| 2025 | 286261 |  | 1.22 | 350095 |  |  | 0.60 |  | 8.05 |
| 2024 | 240969 |  | 1.13 | 272758 | 0.14 |  | 0.60 |  | 18.09 |
| 2023 | 128897 |  | 0.96 | 123550 |  |  | 0.60 |  | 16.58 |
| 2022 | 60691 |  | 0.82 | 49903 |  |  | 0.60 |  | (20.51) |
| **Invesco V.I. Technology Division** | **Invesco V.I. Technology Division** | **Invesco V.I. Technology Division** | **Invesco V.I. Technology Division** | **Invesco V.I. Technology Division** | **Invesco V.I. Technology Division** | **Invesco V.I. Technology Division** | **Invesco V.I. Technology Division** | **Invesco V.I. Technology Division** | **Invesco V.I. Technology Division** |
| 2025 | 461727 | 4.95 | 5.33 | 2316616 |  | 0.25 | 0.55 | 19.81 | 20.17 |
| 2024 | 467525 | 4.13 | 4.43 | 1956744 |  | 0.25 | 0.55 | 33.53 | 33.93 |
| 2023 | 557676 | 3.09 | 3.31 | 1756161 |  | 0.25 | 0.55 | 46.14 | 46.58 |
| 2022 | 529251 | 2.12 | 2.26 | 1140631 |  | 0.25 | 0.55 | (40.28) | (40.10) |
| 2021 | 543034 | 3.54 | 3.77 | 1959176 |  | 0.25 | 0.55 | 13.78 | 14.13 |
| **Janus Henderson Balanced Division** | **Janus Henderson Balanced Division** | **Janus Henderson Balanced Division** | **Janus Henderson Balanced Division** | **Janus Henderson Balanced Division** | **Janus Henderson Balanced Division** | **Janus Henderson Balanced Division** | **Janus Henderson Balanced Division** | **Janus Henderson Balanced Division** | **Janus Henderson Balanced Division** |
| 2025 | 808232 | 6.04 | 6.46 | 4969178 | 1.71 | 0.25 | 0.55 | 14.19 | 14.53 |
| 2024 | 862413 | 5.29 | 5.64 | 4635467 | 1.76 | 0.25 | 0.55 | 14.51 | 14.86 |
| 2023 | 916564 | 4.62 | 4.91 | 4298841 | 1.80 | 0.25 | 0.55 | 14.50 | 14.85 |
| 2022 | 942788 | 4.03 | 4.28 | 3859458 | 0.98 | 0.25 | 0.55 | (17.07) | (16.83) |
| 2021 | 967560 | 4.86 | 5.14 | 4769561 | 0.67 | 0.25 | 0.55 | 16.27 | 16.62 |
| **Janus Henderson Enterprise Division**<sup>10</sup> | **Janus Henderson Enterprise Division**<sup>10</sup> | **Janus Henderson Enterprise Division**<sup>10</sup> | **Janus Henderson Enterprise Division**<sup>10</sup> | **Janus Henderson Enterprise Division**<sup>10</sup> | **Janus Henderson Enterprise Division**<sup>10</sup> | **Janus Henderson Enterprise Division**<sup>10</sup> | **Janus Henderson Enterprise Division**<sup>10</sup> | **Janus Henderson Enterprise Division**<sup>10</sup> | **Janus Henderson Enterprise Division**<sup>10</sup> |
| 2025 | 62896 |  | 1.02 | 63991 | 0.16 |  | 0.80 |  | 7.56 |
| **Janus Henderson Forty Division** | **Janus Henderson Forty Division** | **Janus Henderson Forty Division** | **Janus Henderson Forty Division** | **Janus Henderson Forty Division** | **Janus Henderson Forty Division** | **Janus Henderson Forty Division** | **Janus Henderson Forty Division** | **Janus Henderson Forty Division** | **Janus Henderson Forty Division** |
| 2025 | 3454327 | 8.00 | 8.65 | 28424111 | 0.07 | 0.25 | 0.55 | 17.49 | 17.85 |
| 2024 | 3774202 | 6.81 | 7.34 | 26406823 | 0.11 | 0.25 | 0.55 | 27.76 | 28.15 |
| 2023 | 4080387 | 5.33 | 5.72 | 22328419 | 0.19 | 0.25 | 0.55 | 39.20 | 39.61 |
| 2022 | 4272388 | 3.83 | 4.10 | 16768158 | 0.19 | 0.25 | 0.55 | (33.92) | (33.72) |
| 2021 | 4439280 | 5.80 | 6.19 | 26341966 |  | 0.25 | 0.55 | 22.22 | 22.59 |
| **Janus Henderson Global Research Division** | **Janus Henderson Global Research Division** | **Janus Henderson Global Research Division** | **Janus Henderson Global Research Division** | **Janus Henderson Global Research Division** | **Janus Henderson Global Research Division** | **Janus Henderson Global Research Division** | **Janus Henderson Global Research Division** | **Janus Henderson Global Research Division** | **Janus Henderson Global Research Division** |
| 2025 | 5896660 | 3.00 | 3.24 | 18184623 | 0.58 | 0.25 | 0.55 | 20.25 | 20.62 |
| 2024 | 6261726 | 2.50 | 2.69 | 16032318 | 0.75 | 0.25 | 0.55 | 22.90 | 23.27 |
| 2023 | 6508519 | 2.03 | 2.18 | 13534621 | 0.93 | 0.25 | 0.55 | 26.08 | 26.46 |
| 2022 | 6484464 | 1.61 | 1.73 | 10671243 | 1.06 | 0.25 | 0.55 | (19.85) | (19.61) |
| 2021 | 6542222 | 2.01 | 2.15 | 13413815 | 0.52 | 0.25 | 0.55 | 17.44 | 17.80 |
| **Janus Henderson Global Technology and Innovation Division**<sup>17</sup> | **Janus Henderson Global Technology and Innovation Division**<sup>17</sup> | **Janus Henderson Global Technology and Innovation Division**<sup>17</sup> | **Janus Henderson Global Technology and Innovation Division**<sup>17</sup> | **Janus Henderson Global Technology and Innovation Division**<sup>17</sup> | **Janus Henderson Global Technology and Innovation Division**<sup>17</sup> | **Janus Henderson Global Technology and Innovation Division**<sup>17</sup> | **Janus Henderson Global Technology and Innovation Division**<sup>17</sup> | **Janus Henderson Global Technology and Innovation Division**<sup>17</sup> | **Janus Henderson Global Technology and Innovation Division**<sup>17</sup> |
| 2025 | 252402 |  | 1.51 | 382160 |  |  | 0.80 |  | 25.03 |
| 2024 | 96474 |  | 1.21 | 116829 |  |  | 0.80 |  | 16.49 |
| **Janus Henderson Overseas Division**<sup>10</sup> | **Janus Henderson Overseas Division**<sup>10</sup> | **Janus Henderson Overseas Division**<sup>10</sup> | **Janus Henderson Overseas Division**<sup>10</sup> | **Janus Henderson Overseas Division**<sup>10</sup> | **Janus Henderson Overseas Division**<sup>10</sup> | **Janus Henderson Overseas Division**<sup>10</sup> | **Janus Henderson Overseas Division**<sup>10</sup> | **Janus Henderson Overseas Division**<sup>10</sup> | **Janus Henderson Overseas Division**<sup>10</sup> |
| 2025 | 522 |  | 1.28 | 666 | 1.31 |  | 0.80 |  | 28.74 |
| **LVIP American Century Capital Appreciation Division**<sup>4,5</sup> | **LVIP American Century Capital Appreciation Division**<sup>4,5</sup> | **LVIP American Century Capital Appreciation Division**<sup>4,5</sup> | **LVIP American Century Capital Appreciation Division**<sup>4,5</sup> | **LVIP American Century Capital Appreciation Division**<sup>4,5</sup> | **LVIP American Century Capital Appreciation Division**<sup>4,5</sup> | **LVIP American Century Capital Appreciation Division**<sup>4,5</sup> | **LVIP American Century Capital Appreciation Division**<sup>4,5</sup> | **LVIP American Century Capital Appreciation Division**<sup>4,5</sup> | **LVIP American Century Capital Appreciation Division**<sup>4,5</sup> |
| 2025 | 151876 |  | 1.18 | 178519 |  |  | 0.60 |  | 6.72 |
| 2024 | 144542 |  | 1.10 | 159205 |  |  | 0.60 |  | 24.98 |
| 2023 | 171999 |  | 0.88 | 151581 |  |  | 0.60 |  | 20.69 |
| 2022 | 16242 |  | 0.73 | 11860 |  |  | 0.60 |  | (28.11) |

---

***Notes To Financial Statements*** *(Continued)* 

***8. FINANCIAL HIGHLIGHTS (Continued)***

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  |  | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** |  | **Investment** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** |
|  |  | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** |  | **Income** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** |
|  | **Units** | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** | **Net Assets** | **Ratio**<sup>1</sup> | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** |
| **LVIP American Century Disciplined Core Value Division**<sup>4</sup> | **LVIP American Century Disciplined Core Value Division**<sup>4</sup> | **LVIP American Century Disciplined Core Value Division**<sup>4</sup> | **LVIP American Century Disciplined Core Value Division**<sup>4</sup> | **LVIP American Century Disciplined Core Value Division**<sup>4</sup> | **LVIP American Century Disciplined Core Value Division**<sup>4</sup> | **LVIP American Century Disciplined Core Value Division**<sup>4</sup> | **LVIP American Century Disciplined Core Value Division**<sup>4</sup> | **LVIP American Century Disciplined Core Value Division**<sup>4</sup> | **LVIP American Century Disciplined Core Value Division**<sup>4</sup> |
| 2025 | 6818568 | $4.51 | $5.69 | $33351087 | 1.71% | 0.25% | 0.55% | 14.23% | 14.57% |
| 2024 | 7188956 | 4.26 | 4.96 | 30760663 | 1.31 | 0.25 | 0.55 | 12.47 | 12.81 |
| 2023 | 7599490 | 3.79 | 4.40 | 28872205 | 1.54 | 0.25 | 0.55 | 8.06 | 8.38 |
| 2022 | 7888083 | 3.50 | 4.06 | 27707765 | 1.76 | 0.25 | 0.55 | (13.21) | (12.95) |
| 2021 | 8286224 | 4.04 | 4.66 | 33489182 | 1.07 | 0.25 | 0.55 | 22.97 | 23.34 |
| **LVIP American Century Inflation Protection Division**<sup>4,5</sup> | **LVIP American Century Inflation Protection Division**<sup>4,5</sup> | **LVIP American Century Inflation Protection Division**<sup>4,5</sup> | **LVIP American Century Inflation Protection Division**<sup>4,5</sup> | **LVIP American Century Inflation Protection Division**<sup>4,5</sup> | **LVIP American Century Inflation Protection Division**<sup>4,5</sup> | **LVIP American Century Inflation Protection Division**<sup>4,5</sup> | **LVIP American Century Inflation Protection Division**<sup>4,5</sup> | **LVIP American Century Inflation Protection Division**<sup>4,5</sup> | **LVIP American Century Inflation Protection Division**<sup>4,5</sup> |
| 2025 | 170008 |  | 0.98 | 166534 | 8.27 |  | 0.60 |  | 6.33 |
| 2024 | 61557 |  | 0.92 | 56709 | 4.12 |  | 0.60 |  | 1.54 |
| **LVIP American Century International Division**<sup>4,5</sup> | **LVIP American Century International Division**<sup>4,5</sup> | **LVIP American Century International Division**<sup>4,5</sup> | **LVIP American Century International Division**<sup>4,5</sup> | **LVIP American Century International Division**<sup>4,5</sup> | **LVIP American Century International Division**<sup>4,5</sup> | **LVIP American Century International Division**<sup>4,5</sup> | **LVIP American Century International Division**<sup>4,5</sup> | **LVIP American Century International Division**<sup>4,5</sup> | **LVIP American Century International Division**<sup>4,5</sup> |
| 2025 | 333068 |  | 1.03 | 342192 | 1.21 |  | 0.60 |  | 15.98 |
| 2024 | 264843 |  | 0.89 | 234598 | 1.65 |  | 0.60 |  | 2.60 |
| 2023 | 172476 |  | 0.86 | 148900 | 1.23 |  | 0.60 |  | 12.57 |
| 2022 | 73505 |  | 0.77 | 56372 | 0.01 |  | 0.60 |  | (24.75) |
| **LVIP American Century Value Division**<sup>4</sup> | **LVIP American Century Value Division**<sup>4</sup> | **LVIP American Century Value Division**<sup>4</sup> | **LVIP American Century Value Division**<sup>4</sup> | **LVIP American Century Value Division**<sup>4</sup> | **LVIP American Century Value Division**<sup>4</sup> | **LVIP American Century Value Division**<sup>4</sup> | **LVIP American Century Value Division**<sup>4</sup> | **LVIP American Century Value Division**<sup>4</sup> | **LVIP American Century Value Division**<sup>4</sup> |
| 2025 | 458483 | 6.54 | 7.00 | 3087100 | 1.65 | 0.25 | 0.55 | 15.39 | 15.73 |
| 2024 | 475960 | 5.67 | 6.05 | 2771615 | 2.92 | 0.25 | 0.55 | 8.88 | 9.21 |
| 2023 | 526324 | 5.21 | 5.54 | 2807129 | 2.40 | 0.25 | 0.55 | 8.50 | 8.83 |
| 2022 | 522275 | 4.80 | 5.09 | 2563563 | 2.08 | 0.25 | 0.55 | (0.01) | 0.29 |
| 2021 | 565187 | 4.80 | 5.07 | 2766523 | 1.74 | 0.25 | 0.55 | 23.83 | 24.20 |
| **MFS® Global Real Estate Division**<sup>5</sup> | **MFS® Global Real Estate Division**<sup>5</sup> | **MFS® Global Real Estate Division**<sup>5</sup> | **MFS® Global Real Estate Division**<sup>5</sup> | **MFS® Global Real Estate Division**<sup>5</sup> | **MFS® Global Real Estate Division**<sup>5</sup> | **MFS® Global Real Estate Division**<sup>5</sup> | **MFS® Global Real Estate Division**<sup>5</sup> | **MFS® Global Real Estate Division**<sup>5</sup> | **MFS® Global Real Estate Division**<sup>5</sup> |
| 2025 | 32853 |  | 0.85 | 28017 | 2.13 |  | 0.60 |  | 3.53 |
| 2024 | 46731 |  | 0.82 | 38495 | 2.19 |  | 0.60 |  | (2.69) |
| 2023 | 14221 |  | 0.85 | 12038 | 0.92 |  | 0.60 |  | 11.46 |
| 2022 | 9237 |  | 0.76 | 7015 | 1.49 |  | 0.60 |  | (26.94) |
| **MFS® Growth Series Division**<sup>5</sup> | **MFS® Growth Series Division**<sup>5</sup> | **MFS® Growth Series Division**<sup>5</sup> | **MFS® Growth Series Division**<sup>5</sup> | **MFS® Growth Series Division**<sup>5</sup> | **MFS® Growth Series Division**<sup>5</sup> | **MFS® Growth Series Division**<sup>5</sup> | **MFS® Growth Series Division**<sup>5</sup> | **MFS® Growth Series Division**<sup>5</sup> | **MFS® Growth Series Division**<sup>5</sup> |
| 2025 | 486156 |  | 1.38 | 670170 |  |  | 0.60 |  | 12.20 |
| 2024 | 18475 |  | 1.23 | 22700 |  |  | 0.60 |  | 31.47 |
| 2023 | 16984 |  | 0.93 | 15873 |  |  | 0.60 |  | 35.86 |
| **MFS® International Intrinsic Value Division**<sup>5</sup> | **MFS® International Intrinsic Value Division**<sup>5</sup> | **MFS® International Intrinsic Value Division**<sup>5</sup> | **MFS® International Intrinsic Value Division**<sup>5</sup> | **MFS® International Intrinsic Value Division**<sup>5</sup> | **MFS® International Intrinsic Value Division**<sup>5</sup> | **MFS® International Intrinsic Value Division**<sup>5</sup> | **MFS® International Intrinsic Value Division**<sup>5</sup> | **MFS® International Intrinsic Value Division**<sup>5</sup> | **MFS® International Intrinsic Value Division**<sup>5</sup> |
| 2025 | 74753 |  | 1.31 | 97641 | 1.58 |  | 0.60 |  | 33.26 |
| 2024 | 52629 |  | 0.98 | 51587 | 0.94 |  | 0.60 |  | 7.25 |
| 2023 | 72712 |  | 0.91 | 66456 | 0.94 |  | 0.60 |  | 17.66 |
| 2022 | 17645 |  | 0.78 | 13707 | 0.83 |  | 0.60 |  | (23.56) |
| **MFS® Investors Trust Division** | **MFS® Investors Trust Division** | **MFS® Investors Trust Division** | **MFS® Investors Trust Division** | **MFS® Investors Trust Division** | **MFS® Investors Trust Division** | **MFS® Investors Trust Division** | **MFS® Investors Trust Division** | **MFS® Investors Trust Division** | **MFS® Investors Trust Division** |
| 2025 | 23717 | 8.14 | 8.72 | 202145 | 1.69 | 0.25 | 0.55 | 12.95 | 13.29 |
| 2024 | 28703 | 7.21 | 7.69 | 214951 | 0.68 | 0.25 | 0.55 | 18.86 | 19.22 |
| 2023 | 31859 | 6.07 | 6.45 | 199939 | 0.73 | 0.25 | 0.55 | 18.33 | 18.68 |
| 2022 | 35596 | 5.13 | 5.44 | 187757 | 0.67 | 0.25 | 0.55 | (16.95) | (16.70) |
| 2021 | 43579 | 6.17 | 6.53 | 276832 | 0.61 | 0.25 | 0.55 | 26.12 | 26.50 |
| **MFS® Mid Cap Value Division**<sup>5</sup> | **MFS® Mid Cap Value Division**<sup>5</sup> | **MFS® Mid Cap Value Division**<sup>5</sup> | **MFS® Mid Cap Value Division**<sup>5</sup> | **MFS® Mid Cap Value Division**<sup>5</sup> | **MFS® Mid Cap Value Division**<sup>5</sup> | **MFS® Mid Cap Value Division**<sup>5</sup> | **MFS® Mid Cap Value Division**<sup>5</sup> | **MFS® Mid Cap Value Division**<sup>5</sup> | **MFS® Mid Cap Value Division**<sup>5</sup> |
| 2025 | 203240 |  | 1.28 | 260123 | 1.06 |  | 0.60 |  | 5.98 |
| 2024 | 232096 |  | 1.21 | 280300 | 1.20 |  | 0.60 |  | 13.75 |
| 2023 | 156833 |  | 1.06 | 166515 | 2.22 |  | 0.60 |  | 12.73 |
| 2022 | 7189 |  | 0.94 | 6771 | 1.26 |  | 0.60 |  | (8.79) |
| **MFS® New Discovery Division** | **MFS® New Discovery Division** | **MFS® New Discovery Division** | **MFS® New Discovery Division** | **MFS® New Discovery Division** | **MFS® New Discovery Division** | **MFS® New Discovery Division** | **MFS® New Discovery Division** | **MFS® New Discovery Division** | **MFS® New Discovery Division** |
| 2025 | 179893 | 7.77 | 8.31 | 1419169 |  | 0.25 | 0.55 | 12.34 | 12.68 |
| 2024 | 192469 | 6.91 | 7.38 | 1350511 |  | 0.25 | 0.55 | 6.13 | 6.46 |
| 2023 | 199712 | 6.51 | 6.93 | 1319477 |  | 0.25 | 0.55 | 13.79 | 14.13 |
| 2022 | 198893 | 5.73 | 6.07 | 1153678 |  | 0.25 | 0.55 | (30.14) | (29.93) |
| 2021 | 206540 | 8.20 | 8.67 | 1713165 |  | 0.25 | 0.55 | 1.24 | 1.55 |

---

***Notes To Financial Statements*** *(Continued)* 

***8. FINANCIAL HIGHLIGHTS (Continued)***

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  |  | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** |  | **Investment** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** |
|  |  | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** |  | **Income** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** |
|  | **Units** | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** | **Net Assets** | **Ratio**<sup>1</sup> | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** |
| **MFS® Value Division**<sup>5</sup> | **MFS® Value Division**<sup>5</sup> | **MFS® Value Division**<sup>5</sup> | **MFS® Value Division**<sup>5</sup> | **MFS® Value Division**<sup>5</sup> | **MFS® Value Division**<sup>5</sup> | **MFS® Value Division**<sup>5</sup> | **MFS® Value Division**<sup>5</sup> | **MFS® Value Division**<sup>5</sup> | **MFS® Value Division**<sup>5</sup> | **MFS® Value Division**<sup>5</sup> |
| 2025 | 1238238 | $— |  | $1.31 | $1622953 | 1.84% | —% | 0.60% | —% | 13.01% |
| 2024 | 858148 |  |  | 1.16 | 995260 | 1.76 |  | 0.60 |  | 11.61 |
| 2023 | 588832 |  |  | 1.04 | 611859 | 2.04 |  | 0.60 |  | 7.93 |
| 2022 | 173491 |  |  | 0.96 | 167026 | 1.25 |  | 0.60 |  | (5.91) |
| **MML Aggressive Allocation Division**<sup>5</sup> | **MML Aggressive Allocation Division**<sup>5</sup> | **MML Aggressive Allocation Division**<sup>5</sup> | **MML Aggressive Allocation Division**<sup>5</sup> | **MML Aggressive Allocation Division**<sup>5</sup> | **MML Aggressive Allocation Division**<sup>5</sup> | **MML Aggressive Allocation Division**<sup>5</sup> | **MML Aggressive Allocation Division**<sup>5</sup> | **MML Aggressive Allocation Division**<sup>5</sup> | **MML Aggressive Allocation Division**<sup>5</sup> | **MML Aggressive Allocation Division**<sup>5</sup> |
| 2025 | 1311045 | 1.25 | to | 1.31 | 1644668 | 1.60 | 0.60 | 0.80 | 14.06 | 14.17 |
| 2024 | 451981 |  |  | 1.14 | 499726 | 0.58 |  | 0.60 |  | 12.74 |
| 2023 | 85116 |  |  | 1.02 | 86393 | 2.81 |  | 0.60 |  | 18.32 |
| 2022 | 37587 |  |  | 0.86 | 32245 | 2.17 |  | 0.60 |  | (15.90) |
| **MML American Century Mid Cap Value Division**<sup>4,5</sup> | **MML American Century Mid Cap Value Division**<sup>4,5</sup> | **MML American Century Mid Cap Value Division**<sup>4,5</sup> | **MML American Century Mid Cap Value Division**<sup>4,5</sup> | **MML American Century Mid Cap Value Division**<sup>4,5</sup> | **MML American Century Mid Cap Value Division**<sup>4,5</sup> | **MML American Century Mid Cap Value Division**<sup>4,5</sup> | **MML American Century Mid Cap Value Division**<sup>4,5</sup> | **MML American Century Mid Cap Value Division**<sup>4,5</sup> | **MML American Century Mid Cap Value Division**<sup>4,5</sup> | **MML American Century Mid Cap Value Division**<sup>4,5</sup> |
| 2025 | 358838 | 1.16 | to | 1.28 | 452475 | 2.85 | 0.60 | 0.80 | 8.86 | 8.97 |
| 2024 | 198264 |  |  | 1.17 | 229394 | 2.03 |  | 0.60 |  | 8.53 |
| 2023 | 79704 |  | —% | 1.08 | 86007 | 2.59 |  | 0.60 |  | 5.97 |
| **MML American Century Small Company Value Division**<sup>4,5</sup> | **MML American Century Small Company Value Division**<sup>4,5</sup> | **MML American Century Small Company Value Division**<sup>4,5</sup> | **MML American Century Small Company Value Division**<sup>4,5</sup> | **MML American Century Small Company Value Division**<sup>4,5</sup> | **MML American Century Small Company Value Division**<sup>4,5</sup> | **MML American Century Small Company Value Division**<sup>4,5</sup> | **MML American Century Small Company Value Division**<sup>4,5</sup> | **MML American Century Small Company Value Division**<sup>4,5</sup> | **MML American Century Small Company Value Division**<sup>4,5</sup> | **MML American Century Small Company Value Division**<sup>4,5</sup> |
| 2025 | 21304 | 1.04 | to | 1.06 | 22099 | 1.34 | 0.60 | 0.80 | (3.49) | (3.39) |
| 2024 | 7991 |  |  | 1.09 | 8588 | 1.43 |  | 0.60 |  | 7.18 |
| **MML American Funds Core Allocation Division**<sup>5</sup> | **MML American Funds Core Allocation Division**<sup>5</sup> | **MML American Funds Core Allocation Division**<sup>5</sup> | **MML American Funds Core Allocation Division**<sup>5</sup> | **MML American Funds Core Allocation Division**<sup>5</sup> | **MML American Funds Core Allocation Division**<sup>5</sup> | **MML American Funds Core Allocation Division**<sup>5</sup> | **MML American Funds Core Allocation Division**<sup>5</sup> | **MML American Funds Core Allocation Division**<sup>5</sup> | **MML American Funds Core Allocation Division**<sup>5</sup> | **MML American Funds Core Allocation Division**<sup>5</sup> |
| 2025 | 122958 | 1.25 | to | 1.29 | 154637 | 1.96 | 0.60 | 0.80 | 14.42 | 14.54 |
| 2024 | 31765 |  |  | 1.12 | 34905 | 1.70 |  | 0.60 |  | 11.87 |
| **MML American Funds Growth Division**<sup>5</sup> | **MML American Funds Growth Division**<sup>5</sup> | **MML American Funds Growth Division**<sup>5</sup> | **MML American Funds Growth Division**<sup>5</sup> | **MML American Funds Growth Division**<sup>5</sup> | **MML American Funds Growth Division**<sup>5</sup> | **MML American Funds Growth Division**<sup>5</sup> | **MML American Funds Growth Division**<sup>5</sup> | **MML American Funds Growth Division**<sup>5</sup> | **MML American Funds Growth Division**<sup>5</sup> | **MML American Funds Growth Division**<sup>5</sup> |
| 2025 | 1848322 | 1.47 | to | 1.55 | 2758571 |  | 0.60 | 0.80 | 19.54 | 19.66 |
| 2024 | 612563 |  |  | 1.29 | 781211 |  |  | 0.60 |  | 31.11 |
| 2023 | 312749 |  |  | 0.99 | 308298 | 1.30 |  | 0.60 |  | 37.96 |
| 2022 | 197587 |  |  | 0.71 | 141183 | 0.46 |  | 0.60 |  | (30.29) |
| **MML Balanced Allocation Division**<sup>5</sup> | **MML Balanced Allocation Division**<sup>5</sup> | **MML Balanced Allocation Division**<sup>5</sup> | **MML Balanced Allocation Division**<sup>5</sup> | **MML Balanced Allocation Division**<sup>5</sup> | **MML Balanced Allocation Division**<sup>5</sup> | **MML Balanced Allocation Division**<sup>5</sup> | **MML Balanced Allocation Division**<sup>5</sup> | **MML Balanced Allocation Division**<sup>5</sup> | **MML Balanced Allocation Division**<sup>5</sup> | **MML Balanced Allocation Division**<sup>5</sup> |
| 2025 | 339910 | 1.16 | to | 1.19 | 403673 | 3.12 | 0.60 | 0.80 | 10.99 | 11.10 |
| 2024 | 130045 |  |  | 1.04 | 138115 | 2.81 |  | 0.60 |  | 7.70 |
| 2023 | 8579 |  |  | 0.97 | 8320 | 0.73 |  | 0.60 |  | 12.47 |
| 2022 | 106143 |  |  | 0.86 | 91521 | 4.47 |  | 0.60 |  | (14.73) |
| **MML BlackRock iShares® 60/40 Division**<sup>4</sup> | **MML BlackRock iShares® 60/40 Division**<sup>4</sup> | **MML BlackRock iShares® 60/40 Division**<sup>4</sup> | **MML BlackRock iShares® 60/40 Division**<sup>4</sup> | **MML BlackRock iShares® 60/40 Division**<sup>4</sup> | **MML BlackRock iShares® 60/40 Division**<sup>4</sup> | **MML BlackRock iShares® 60/40 Division**<sup>4</sup> | **MML BlackRock iShares® 60/40 Division**<sup>4</sup> | **MML BlackRock iShares® 60/40 Division**<sup>4</sup> | **MML BlackRock iShares® 60/40 Division**<sup>4</sup> | **MML BlackRock iShares® 60/40 Division**<sup>4</sup> |
| 2025 | 488538 |  |  | 1.26 | 613324 | 7.11 |  | 0.80 |  | 14.55 |
| 2024 | 19441 |  |  | 1.10 | 21306 | 5.12 |  | 0.80 |  | 8.29 |
| **MML BlackRock iShares® 80/20 Division**<sup>4</sup> | **MML BlackRock iShares® 80/20 Division**<sup>4</sup> | **MML BlackRock iShares® 80/20 Division**<sup>4</sup> | **MML BlackRock iShares® 80/20 Division**<sup>4</sup> | **MML BlackRock iShares® 80/20 Division**<sup>4</sup> | **MML BlackRock iShares® 80/20 Division**<sup>4</sup> | **MML BlackRock iShares® 80/20 Division**<sup>4</sup> | **MML BlackRock iShares® 80/20 Division**<sup>4</sup> | **MML BlackRock iShares® 80/20 Division**<sup>4</sup> | **MML BlackRock iShares® 80/20 Division**<sup>4</sup> | **MML BlackRock iShares® 80/20 Division**<sup>4</sup> |
| 2025 | 449411 |  |  | 1.31 | 586810 | 2.33 |  | 0.80 |  | 17.02 |
| 2024 | 93316 |  |  | 1.12 | 104122 | 2.26 |  | 0.80 |  | 9.76 |
| **MML Blend Division** | **MML Blend Division** | **MML Blend Division** | **MML Blend Division** | **MML Blend Division** | **MML Blend Division** | **MML Blend Division** | **MML Blend Division** | **MML Blend Division** | **MML Blend Division** | **MML Blend Division** |
| 2025 | 4790780 | 1.27 | to | 5.20 | 22700834 | 2.05 | 0.25 | 0.80 | 12.56 | 12.73 |
| 2024 | 4950851 | 4.14 | to | 4.62 | 21118460 | 1.90 | 0.25 | 0.55 | 14.01 | 14.36 |
| 2023 | 5197567 | 3.63 | to | 4.04 | 19502262 | 1.70 | 0.25 | 0.55 | 16.97 | 17.32 |
| 2022 | 5365568 | 3.10 | to | 3.44 | 17184867 | 1.36 | 0.25 | 0.55 | (17.05) | (16.80) |
| 2021 | 5593994 | 3.74 | to | 4.13 | 21565470 | 2.11 | 0.25 | 0.55 | 14.39 | 14.74 |
| **MML Blue Chip Growth Division** | **MML Blue Chip Growth Division** | **MML Blue Chip Growth Division** | **MML Blue Chip Growth Division** | **MML Blue Chip Growth Division** | **MML Blue Chip Growth Division** | **MML Blue Chip Growth Division** | **MML Blue Chip Growth Division** | **MML Blue Chip Growth Division** | **MML Blue Chip Growth Division** | **MML Blue Chip Growth Division** |
| 2025 | 3055540 | 1.48 | to | 7.02 | 10860760 |  | 0.25 | 0.80 | 18.11 | 18.29 |
| 2024 | 2402303 | 1.24 | to | 5.94 | 8949879 |  | 0.25 | 0.60 | 35.36 | 35.70 |
| 2023 | 2044164 | 0.91 | to | 4.39 | 6421821 |  | 0.25 | 0.60 | 49.16 | 49.53 |
| 2022 | 2081871 | 2.05 | to | 2.94 | 4393641 |  | 0.25 | 0.55 | (39.83) | (39.65) |
| 2021 | 2198892 | 3.40 | to | 4.88 | 7706004 |  | 0.25 | 0.55 | 15.70 | 16.05 |

---

***Notes To Financial Statements*** *(Continued)* 

***8. FINANCIAL HIGHLIGHTS (Continued)***

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  |  | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** |  | **Investment** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** |
|  |  | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** |  | **Income** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** |
|  | **Units** | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** | **Net Assets** | **Ratio**<sup>1</sup> | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** |
| **MML Conservative Allocation Division**<sup>5</sup> | **MML Conservative Allocation Division**<sup>5</sup> | **MML Conservative Allocation Division**<sup>5</sup> | **MML Conservative Allocation Division**<sup>5</sup> | **MML Conservative Allocation Division**<sup>5</sup> | **MML Conservative Allocation Division**<sup>5</sup> | **MML Conservative Allocation Division**<sup>5</sup> | **MML Conservative Allocation Division**<sup>5</sup> | **MML Conservative Allocation Division**<sup>5</sup> | **MML Conservative Allocation Division**<sup>5</sup> |
| 2025 | 17874 | $1.13 | $1.18 | $20659.00 | 4.44% | 0.60% | 0.80% | 10.18% | 10.29% |
| 2024 | 17471 |  | 1.02 | 17886 | 4.54 |  | 0.60 |  | 6.61 |
| 2023 | 22875 |  | 0.96 | 21961 | 4.71 |  | 0.60 |  | 11.66 |
| 2022 | 5000 |  | 0.86 | 4299 | 4.13 |  | 0.60 |  | (14.74) |
| **MML Dynamic Bond Division**<sup>5,7</sup> | **MML Dynamic Bond Division**<sup>5,7</sup> | **MML Dynamic Bond Division**<sup>5,7</sup> | **MML Dynamic Bond Division**<sup>5,7</sup> | **MML Dynamic Bond Division**<sup>5,7</sup> | **MML Dynamic Bond Division**<sup>5,7</sup> | **MML Dynamic Bond Division**<sup>5,7</sup> | **MML Dynamic Bond Division**<sup>5,7</sup> | **MML Dynamic Bond Division**<sup>5,7</sup> | **MML Dynamic Bond Division**<sup>5,7</sup> |
| 2025 |  |  |  |  |  |  |  |  |  |
| 2024 | 236911 |  | 0.93 | 219249 | 1.35 |  | 0.60 |  | (0.38) |
| 2023 | 8676 |  | 0.93 | 8059 | 6.08 |  | 0.60 |  | 7.99 |
| 2022 | 4418 |  | 0.86 | 3801 | 4.01 |  | 0.60 |  | (13.98) |
| **MML Equity Division** | **MML Equity Division** | **MML Equity Division** | **MML Equity Division** | **MML Equity Division** | **MML Equity Division** | **MML Equity Division** | **MML Equity Division** | **MML Equity Division** | **MML Equity Division** |
| 2025 | 11374349 | 1.29 | 5.16 | 52039146 | 2.02 | 0.25 | 0.80 | 17.20 | 17.38 |
| 2024 | 12034282 | 1.27 | 4.40 | 47597335 | 1.99 | 0.25 | 0.60 | 19.09 | 19.38 |
| 2023 | 12417944 | 1.07 | 3.70 | 42224713 | 2.11 | 0.25 | 0.60 | 9.05 | 9.32 |
| 2022 | 13196820 | 3.08 | 3.39 | 41303532 | 1.62 | 0.25 | 0.55 | (5.17) | (4.88) |
| 2021 | 13695916 | 3.25 | 3.56 | 45209185 | 1.66 | 0.25 | 0.55 | 29.55 | 29.94 |
| **MML Equity Income Division**<sup>5</sup> | **MML Equity Income Division**<sup>5</sup> | **MML Equity Income Division**<sup>5</sup> | **MML Equity Income Division**<sup>5</sup> | **MML Equity Income Division**<sup>5</sup> | **MML Equity Income Division**<sup>5</sup> | **MML Equity Income Division**<sup>5</sup> | **MML Equity Income Division**<sup>5</sup> | **MML Equity Income Division**<sup>5</sup> | **MML Equity Income Division**<sup>5</sup> |
| 2025 | 313606 | 1.21 | 1.39 | 424278 | 1.31 | 0.60 | 0.80 | 14.33 | 14.45 |
| 2024 | 250356 |  | 1.21 | 302246 | 0.71 |  | 0.60 |  | 11.67 |
| 2023 | 80077 |  | 1.09 | 87052 | 2.27 |  | 0.60 |  | 9.54 |
| **MML Equity Index Division (Class II)** | **MML Equity Index Division (Class II)** | **MML Equity Index Division (Class II)** | **MML Equity Index Division (Class II)** | **MML Equity Index Division (Class II)** | **MML Equity Index Division (Class II)** | **MML Equity Index Division (Class II)** | **MML Equity Index Division (Class II)** | **MML Equity Index Division (Class II)** | **MML Equity Index Division (Class II)** |
| 2025 | 10767511 | 6.58 | 8.57 | 76351886 | 1.22 | 0.25 | 0.55 | 16.93 | 17.28 |
| 2024 | 10956482 | 6.16 | 7.31 | 66491014 | 1.11 | 0.25 | 0.55 | 23.91 | 24.28 |
| 2023 | 11999022 | 4.97 | 5.88 | 59220858 | 1.40 | 0.25 | 0.55 | 25.24 | 25.61 |
| 2022 | 12677806 | 3.97 | 4.68 | 49911583 | 1.24 | 0.25 | 0.55 | (18.80) | (18.55) |
| 2021 | 13438070 | 4.89 | 5.75 | 64913639 | 1.43 | 0.25 | 0.55 | 27.67 | 28.05 |
| **MML Equity Index Division (Class III)**<sup>17</sup> | **MML Equity Index Division (Class III)**<sup>17</sup> | **MML Equity Index Division (Class III)**<sup>17</sup> | **MML Equity Index Division (Class III)**<sup>17</sup> | **MML Equity Index Division (Class III)**<sup>17</sup> | **MML Equity Index Division (Class III)**<sup>17</sup> | **MML Equity Index Division (Class III)**<sup>17</sup> | **MML Equity Index Division (Class III)**<sup>17</sup> | **MML Equity Index Division (Class III)**<sup>17</sup> | **MML Equity Index Division (Class III)**<sup>17</sup> |
| 2025 | 5698043 |  | 1.39 | 7925739 | 1.59 |  | 0.80 |  | 17.59 |
| 2024 | 1000860 |  | 1.18 | 1184000 | 0.95 |  | 0.80 |  | 15.84 |
| **MML Fidelity Institutional AM® Core Plus Bond Division**<sup>4</sup> | **MML Fidelity Institutional AM® Core Plus Bond Division**<sup>4</sup> | **MML Fidelity Institutional AM® Core Plus Bond Division**<sup>4</sup> | **MML Fidelity Institutional AM® Core Plus Bond Division**<sup>4</sup> | **MML Fidelity Institutional AM® Core Plus Bond Division**<sup>4</sup> | **MML Fidelity Institutional AM® Core Plus Bond Division**<sup>4</sup> | **MML Fidelity Institutional AM® Core Plus Bond Division**<sup>4</sup> | **MML Fidelity Institutional AM® Core Plus Bond Division**<sup>4</sup> | **MML Fidelity Institutional AM® Core Plus Bond Division**<sup>4</sup> | **MML Fidelity Institutional AM® Core Plus Bond Division**<sup>4</sup> |
| 2025 | 171855 | 0.97 | 1.12 | 176457 | 2.58 | 0.60 | 0.80 | 7.31 | 7.41 |
| 2024 | 70282 |  | 0.90 | 64009 | 2.94 |  | 0.60 |  | 0.47 |
| 2023 | 35825 |  | 0.90 | 32192 | 2.73 |  | 0.60 |  | 5.45 |
| 2022 | 10646 |  | 0.85 | 9073 | 2.14 |  | 0.60 |  | (14.70) |
| **MML Focused Equity Division**<sup>5</sup> | **MML Focused Equity Division**<sup>5</sup> | **MML Focused Equity Division**<sup>5</sup> | **MML Focused Equity Division**<sup>5</sup> | **MML Focused Equity Division**<sup>5</sup> | **MML Focused Equity Division**<sup>5</sup> | **MML Focused Equity Division**<sup>5</sup> | **MML Focused Equity Division**<sup>5</sup> | **MML Focused Equity Division**<sup>5</sup> | **MML Focused Equity Division**<sup>5</sup> |
| 2025 | 8855 | 1.17 | 1.27 | 10371 | 1.08 | 0.60 | 0.80 | 7.79 | 7.90 |
| 2024 | 892 |  | 1.18 | 969 |  |  | 0.60 |  | 10.09 |
| 2023 | 56573 |  | 1.07 | 60558 | 0.97 |  | 0.60 |  | 9.88 |
| **MML Foreign Division**<sup>5</sup> | **MML Foreign Division**<sup>5</sup> | **MML Foreign Division**<sup>5</sup> | **MML Foreign Division**<sup>5</sup> | **MML Foreign Division**<sup>5</sup> | **MML Foreign Division**<sup>5</sup> | **MML Foreign Division**<sup>5</sup> | **MML Foreign Division**<sup>5</sup> | **MML Foreign Division**<sup>5</sup> | **MML Foreign Division**<sup>5</sup> |
| 2025 | 625717 | 1.37 | 1.41 | 880028 | 2.81 | 0.60 | 0.80 | 32.47 | 32.60 |
| 2024 | 273223 |  | 1.06 | 290073 | 3.99 |  | 0.60 |  | 3.46 |
| 2023 | 87192 |  | 1.03 | 89474 | 1.50 |  | 0.60 |  | 16.22 |
| 2022 | 59319 |  | 0.88 | 52376 | 3.92 |  | 0.60 |  | (14.58) |
| **MML Fundamental Equity Division**<sup>5,11</sup> | **MML Fundamental Equity Division**<sup>5,11</sup> | **MML Fundamental Equity Division**<sup>5,11</sup> | **MML Fundamental Equity Division**<sup>5,11</sup> | **MML Fundamental Equity Division**<sup>5,11</sup> | **MML Fundamental Equity Division**<sup>5,11</sup> | **MML Fundamental Equity Division**<sup>5,11</sup> | **MML Fundamental Equity Division**<sup>5,11</sup> | **MML Fundamental Equity Division**<sup>5,11</sup> | **MML Fundamental Equity Division**<sup>5,11</sup> |
| 2025 | 21103026 | 1.34 | 1.44 | 21449310 |  | 0.60 | 0.80 | 16.03 | 16.15 |
| 2024 | 43405 |  | 1.24 | 51679 | 0.30 |  | 0.60 |  | 23.71 |
| **MML Fundamental Value Division**<sup>8</sup> | **MML Fundamental Value Division**<sup>8</sup> | **MML Fundamental Value Division**<sup>8</sup> | **MML Fundamental Value Division**<sup>8</sup> | **MML Fundamental Value Division**<sup>8</sup> | **MML Fundamental Value Division**<sup>8</sup> | **MML Fundamental Value Division**<sup>8</sup> | **MML Fundamental Value Division**<sup>8</sup> | **MML Fundamental Value Division**<sup>8</sup> | **MML Fundamental Value Division**<sup>8</sup> |
| 2025 |  |  |  |  |  |  |  |  |  |
| 2024 | 13792 |  | 1.07 | 14798 | 0.19 |  | 0.80 |  | 5.51 |
| **MML Global Division (Class II)**<sup>17</sup> | **MML Global Division (Class II)**<sup>17</sup> | **MML Global Division (Class II)**<sup>17</sup> | **MML Global Division (Class II)**<sup>17</sup> | **MML Global Division (Class II)**<sup>17</sup> | **MML Global Division (Class II)**<sup>17</sup> | **MML Global Division (Class II)**<sup>17</sup> | **MML Global Division (Class II)**<sup>17</sup> | **MML Global Division (Class II)**<sup>17</sup> | **MML Global Division (Class II)**<sup>17</sup> |
| 2025 | 67159197 |  | 1.29 | 69043632 |  |  | 0.80 |  | 22.99 |
| 2024 | 3547 |  | 1.05 | 3719 |  |  | 0.80 |  | 4.16 |

---

***Notes To Financial Statements*** *(Continued)* 

***8. FINANCIAL HIGHLIGHTS (Continued)***

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  |  | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** |  | **Investment** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** |
|  |  | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** |  | **Income** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** |
|  | **Units** | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** | **Net Assets** | **Ratio**<sup>1</sup> | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** |
| **MML Global Division (Service Class I)**<sup>5,16</sup> | **MML Global Division (Service Class I)**<sup>5,16</sup> | **MML Global Division (Service Class I)**<sup>5,16</sup> | **MML Global Division (Service Class I)**<sup>5,16</sup> | **MML Global Division (Service Class I)**<sup>5,16</sup> | **MML Global Division (Service Class I)**<sup>5,16</sup> | **MML Global Division (Service Class I)**<sup>5,16</sup> | **MML Global Division (Service Class I)**<sup>5,16</sup> | **MML Global Division (Service Class I)**<sup>5,16</sup> | **MML Global Division (Service Class I)**<sup>5,16</sup> |
| 2025 |  | $— | $— | $— | —% | —% | —% | —% | —% |
| 2024 | 16223 |  | 1.01 | 16443 | 0.88 |  | 0.60 |  | 5.46 |
| 2023 | 16979 |  | 0.96 | 16319 | 0.85 |  | 0.60 |  | 14.08 |
| 2022 | 19572 |  | 0.84 | 16489 | 2.48 |  | 0.60 |  | (18.00) |
| **MML Growth Allocation Division**<sup>5</sup> | **MML Growth Allocation Division**<sup>5</sup> | **MML Growth Allocation Division**<sup>5</sup> | **MML Growth Allocation Division**<sup>5</sup> | **MML Growth Allocation Division**<sup>5</sup> | **MML Growth Allocation Division**<sup>5</sup> | **MML Growth Allocation Division**<sup>5</sup> | **MML Growth Allocation Division**<sup>5</sup> | **MML Growth Allocation Division**<sup>5</sup> | **MML Growth Allocation Division**<sup>5</sup> |
| 2025 | 1344846 | 1.23 | 1.25 | 1658482 | 2.12 | 0.60 | 0.80 | 12.88 | 12.99 |
| 2024 | 744635 |  | 1.11 | 817487 | 1.75 |  | 0.60 |  | 10.93 |
| 2023 | 235054 |  | 1.00 | 234861 | 2.89 |  | 0.60 |  | 15.98 |
| 2022 | 169001 |  | 0.86 | 145598 | 4.61 |  | 0.60 |  | (15.30) |
| **MML High Yield Division**<sup>7</sup> | **MML High Yield Division**<sup>7</sup> | **MML High Yield Division**<sup>7</sup> | **MML High Yield Division**<sup>7</sup> | **MML High Yield Division**<sup>7</sup> | **MML High Yield Division**<sup>7</sup> | **MML High Yield Division**<sup>7</sup> | **MML High Yield Division**<sup>7</sup> | **MML High Yield Division**<sup>7</sup> | **MML High Yield Division**<sup>7</sup> |
| 2025 |  |  |  |  |  |  |  |  |  |
| 2024 | 7624 |  | 1.10 | 8271 | 5.66 |  | 0.60 |  | 9.15 |
| **MML Income & Growth Division**<sup>5</sup> | **MML Income & Growth Division**<sup>5</sup> | **MML Income & Growth Division**<sup>5</sup> | **MML Income & Growth Division**<sup>5</sup> | **MML Income & Growth Division**<sup>5</sup> | **MML Income & Growth Division**<sup>5</sup> | **MML Income & Growth Division**<sup>5</sup> | **MML Income & Growth Division**<sup>5</sup> | **MML Income & Growth Division**<sup>5</sup> | **MML Income & Growth Division**<sup>5</sup> |
| 2025 | 119287 | 1.24 | 1.45 | 162081 | 1.88 | 0.60 | 0.80 | 13.22 | 13.34 |
| 2024 | 64644 |  | 1.28 | 79454 | 2.09 |  | 0.60 |  | 14.90 |
| 2023 | 60476 |  | 1.12 | 67514 | 1.92 |  | 0.60 |  | 9.19 |
| 2022 | 62250 |  | 1.02 | 63645 | 1.49 |  | 0.60 |  | (0.31) |
| **MML Inflation-Protected and Income Division** | **MML Inflation-Protected and Income Division** | **MML Inflation-Protected and Income Division** | **MML Inflation-Protected and Income Division** | **MML Inflation-Protected and Income Division** | **MML Inflation-Protected and Income Division** | **MML Inflation-Protected and Income Division** | **MML Inflation-Protected and Income Division** | **MML Inflation-Protected and Income Division** | **MML Inflation-Protected and Income Division** |
| 2025 | 888629 | 1.10 | 2.11 | 1630238 | 4.59 | 0.25 | 0.80 | 5.63 | 5.79 |
| 2024 | 840219 | 1.87 | 2.00 | 1517410 | 4.47 | 0.25 | 0.55 | 2.16 | 2.46 |
| 2023 | 824224 | 1.83 | 1.95 | 1525020 | 4.73 | 0.25 | 0.55 | 4.85 | 5.17 |
| 2022 | 780434 | 1.74 | 1.85 | 1377748 | 2.66 | 0.25 | 0.55 | (13.82) | (13.56) |
| 2021 | 780377 | 2.02 | 2.14 | 1598174 | 1.05 | 0.25 | 0.55 | 5.82 | 6.13 |
| **MML Invesco Discovery Large Cap Division** | **MML Invesco Discovery Large Cap Division** | **MML Invesco Discovery Large Cap Division** | **MML Invesco Discovery Large Cap Division** | **MML Invesco Discovery Large Cap Division** | **MML Invesco Discovery Large Cap Division** | **MML Invesco Discovery Large Cap Division** | **MML Invesco Discovery Large Cap Division** | **MML Invesco Discovery Large Cap Division** | **MML Invesco Discovery Large Cap Division** |
| 2025 | 77112018 |  | 1.01 | 77915032 |  | 0.25 | 0.55 | 1.03 | 1.07 |
| **MML Invesco Discovery Mid Cap Division** | **MML Invesco Discovery Mid Cap Division** | **MML Invesco Discovery Mid Cap Division** | **MML Invesco Discovery Mid Cap Division** | **MML Invesco Discovery Mid Cap Division** | **MML Invesco Discovery Mid Cap Division** | **MML Invesco Discovery Mid Cap Division** | **MML Invesco Discovery Mid Cap Division** | **MML Invesco Discovery Mid Cap Division** | **MML Invesco Discovery Mid Cap Division** |
| 2025 | 63145054 |  | 1.01 | 63485384 |  | 0.25 | 0.80 | 0.53 | 0.60 |
| **MML Invesco Small Cap Equity Division**<sup>4</sup> | **MML Invesco Small Cap Equity Division**<sup>4</sup> | **MML Invesco Small Cap Equity Division**<sup>4</sup> | **MML Invesco Small Cap Equity Division**<sup>4</sup> | **MML Invesco Small Cap Equity Division**<sup>4</sup> | **MML Invesco Small Cap Equity Division**<sup>4</sup> | **MML Invesco Small Cap Equity Division**<sup>4</sup> | **MML Invesco Small Cap Equity Division**<sup>4</sup> | **MML Invesco Small Cap Equity Division**<sup>4</sup> | **MML Invesco Small Cap Equity Division**<sup>4</sup> |
| 2025 | 2561943 | 1.22 | 7.84 | 17906508 | 0.61 | 0.25 | 0.80 | 8.27 | 8.86 |
| 2024 | 2653554 | 1.15 | 6.34 | 17953331 |  | 0.25 | 0.60 | 12.66 | 12.94 |
| 2023 | 2722252 | 1.02 | 5.63 | 16842706 | 1.29 | 0.25 | 0.60 | 17.52 | 17.81 |
| 2022 | 2727693 | 4.79 | 5.50 | 14569026 | 0.71 | 0.25 | 0.55 | (16.34) | (16.09) |
| 2021 | 2813218 | 5.71 | 6.58 | 18003983 | 0.43 | 0.25 | 0.55 | 22.08 | 22.45 |
| **MML Loomis Sayles Large Cap Growth Division**<sup>4,5</sup> | **MML Loomis Sayles Large Cap Growth Division**<sup>4,5</sup> | **MML Loomis Sayles Large Cap Growth Division**<sup>4,5</sup> | **MML Loomis Sayles Large Cap Growth Division**<sup>4,5</sup> | **MML Loomis Sayles Large Cap Growth Division**<sup>4,5</sup> | **MML Loomis Sayles Large Cap Growth Division**<sup>4,5</sup> | **MML Loomis Sayles Large Cap Growth Division**<sup>4,5</sup> | **MML Loomis Sayles Large Cap Growth Division**<sup>4,5</sup> | **MML Loomis Sayles Large Cap Growth Division**<sup>4,5</sup> | **MML Loomis Sayles Large Cap Growth Division**<sup>4,5</sup> |
| 2025 | 517484 | 1.47 | 1.71 | 796785 |  | 0.60 | 0.80 | 14.98 | 15.09 |
| 2024 | 218651 |  | 1.48 | 300185 |  |  | 0.60 |  | 34.09 |
| 2023 | 77676 |  | 1.11 | 85949 |  |  | 0.60 |  | 51.71 |
| 2022 | 52920 |  | 0.73 | 38599 |  |  | 0.60 |  | (27.55) |
| **MML Managed Bond Division** | **MML Managed Bond Division** | **MML Managed Bond Division** | **MML Managed Bond Division** | **MML Managed Bond Division** | **MML Managed Bond Division** | **MML Managed Bond Division** | **MML Managed Bond Division** | **MML Managed Bond Division** | **MML Managed Bond Division** |
| 2025 | 4178002 | 1.14 | 2.88 | 9781743 | 3.85 | 0.25 | 0.80 | 7.58 | 7.75 |
| 2024 | 3746878 | 0.94 | 2.68 | 8651365 | 4.67 | 0.25 | 0.60 | 3.62 | 3.88 |
| 2023 | 3600784 | 0.90 | 2.58 | 8414738 | 3.99 | 0.25 | 0.60 | 6.43 | 6.70 |
| 2022 | 3574803 | 2.19 | 2.43 | 8063734 | 3.10 | 0.25 | 0.55 | (15.47) | (15.22) |
| 2021 | 3646841 | 2.59 | 2.86 | 9722049 | 3.17 | 0.25 | 0.55 | 0.26 | 0.56 |
| **MML Managed Volatility Division** | **MML Managed Volatility Division** | **MML Managed Volatility Division** | **MML Managed Volatility Division** | **MML Managed Volatility Division** | **MML Managed Volatility Division** | **MML Managed Volatility Division** | **MML Managed Volatility Division** | **MML Managed Volatility Division** | **MML Managed Volatility Division** |
| 2025 | 632387 | 1.24 | 3.14 | 1936680 | 0.18 | 0.25 | 0.80 | 10.32 | 10.48 |
| 2024 | 683998 | 2.66 | 2.85 | 1899105 | 0.61 | 0.25 | 0.55 | 14.22 | 14.56 |
| 2023 | 736150 | 2.32 | 2.49 | 1783242 | 0.58 | 0.25 | 0.55 | 12.26 | 12.59 |
| 2022 | 772465 | 2.07 | 2.21 | 1663432 | 0.48 | 0.25 | 0.55 | (12.53) | (12.27) |
| 2021 | 786050 | 2.37 | 2.52 | 1930357 | 0.85 | 0.25 | 0.55 | 10.93 | 11.26 |

---

***Notes To Financial Statements*** *(Continued)* 

***8. FINANCIAL HIGHLIGHTS (Continued)***

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  |  | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** |  | **Investment** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** |
|  |  | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** |  | **Income** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** |
|  | **Units** | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** | **Net Assets** | **Ratio**<sup>1</sup> | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** |
| **MML MFS International Equity Division**<sup>4</sup> | **MML MFS International Equity Division**<sup>4</sup> | **MML MFS International Equity Division**<sup>4</sup> | **MML MFS International Equity Division**<sup>4</sup> | **MML MFS International Equity Division**<sup>4</sup> | **MML MFS International Equity Division**<sup>4</sup> | **MML MFS International Equity Division**<sup>4</sup> | **MML MFS International Equity Division**<sup>4</sup> | **MML MFS International Equity Division**<sup>4</sup> | **MML MFS International Equity Division**<sup>4</sup> |
| 2025 | 462761 | $1.27 | $1.31 | $603097 | 1.47% | 0.60% | 0.80% | 25.41% | 25.54% |
| 2024 | 5056 |  | 1.03 | 5106 | 1.59 |  | 0.80 |  | (0.30) |
| **MML Mid Cap Growth Division**<sup>5</sup> | **MML Mid Cap Growth Division**<sup>5</sup> | **MML Mid Cap Growth Division**<sup>5</sup> | **MML Mid Cap Growth Division**<sup>5</sup> | **MML Mid Cap Growth Division**<sup>5</sup> | **MML Mid Cap Growth Division**<sup>5</sup> | **MML Mid Cap Growth Division**<sup>5</sup> | **MML Mid Cap Growth Division**<sup>5</sup> | **MML Mid Cap Growth Division**<sup>5</sup> | **MML Mid Cap Growth Division**<sup>5</sup> |
| 2025 | 58623039 | 1.09 | 1.14 | 59888063 |  | 0.60 | 0.80 | 4.24 | 4.35 |
| 2024 | 264614 |  | 1.05 | 278799 |  |  | 0.60 |  | 11.16 |
| 2023 | 188351 |  | 0.94 | 177385 |  |  | 0.60 |  | 22.64 |
| 2022 | 69499 |  | 0.77 | 53370 |  |  | 0.60 |  | (25.11) |
| **MML Moderate Allocation Division**<sup>5</sup> | **MML Moderate Allocation Division**<sup>5</sup> | **MML Moderate Allocation Division**<sup>5</sup> | **MML Moderate Allocation Division**<sup>5</sup> | **MML Moderate Allocation Division**<sup>5</sup> | **MML Moderate Allocation Division**<sup>5</sup> | **MML Moderate Allocation Division**<sup>5</sup> | **MML Moderate Allocation Division**<sup>5</sup> | **MML Moderate Allocation Division**<sup>5</sup> | **MML Moderate Allocation Division**<sup>5</sup> |
| 2025 | 45139 | 1.20 | 1.21 | 54351 | 3.43 | 0.60 | 0.80 | 11.72 | 11.83 |
| 2024 | 6498 |  | 1.07 | 6990 | 0.20 |  | 0.60 |  | 8.87 |
| 2023 | 55065 |  | 0.98 | 54076 | 3.12 |  | 0.60 |  | 13.90 |
| 2022 | 41779 |  | 0.86 | 36023 | 3.48 |  |  |  | (14.97) |
| **MML Short-Duration Bond Division**<sup>5</sup> | **MML Short-Duration Bond Division**<sup>5</sup> | **MML Short-Duration Bond Division**<sup>5</sup> | **MML Short-Duration Bond Division**<sup>5</sup> | **MML Short-Duration Bond Division**<sup>5</sup> | **MML Short-Duration Bond Division**<sup>5</sup> | **MML Short-Duration Bond Division**<sup>5</sup> | **MML Short-Duration Bond Division**<sup>5</sup> | **MML Short-Duration Bond Division**<sup>5</sup> | **MML Short-Duration Bond Division**<sup>5</sup> |
| 2025 | 69259 | 1.11 | 1.12 | 77195 | 3.55 | 0.60 | 0.80 | 5.85 | 5.96 |
| 2024 | 31851 |  | 1.05 | 33467 | 4.20 |  | 0.60 |  | 6.48 |
| 2023 | 20969 |  | 0.99 | 20678 | 4.69 |  | 0.60 |  | 6.94 |
| 2022 | 4303 |  | 0.92 | 3967 | 3.45 |  | 0.60 |  | (7.79) |
| **MML Small Cap Growth Equity Division** | **MML Small Cap Growth Equity Division** | **MML Small Cap Growth Equity Division** | **MML Small Cap Growth Equity Division** | **MML Small Cap Growth Equity Division** | **MML Small Cap Growth Equity Division** | **MML Small Cap Growth Equity Division** | **MML Small Cap Growth Equity Division** | **MML Small Cap Growth Equity Division** | **MML Small Cap Growth Equity Division** |
| 2025 | 2290062 | 1.20 | 6.68 | 8261516 | 0.34 | 0.25 | 0.80 | 7.07 | 7.23 |
| 2024 | 2164128 | 1.02 | 6.23 | 8102642 | 0.05 | 0.25 | 0.60 | 10.01 | 10.29 |
| 2023 | 2345006 | 0.93 | 5.67 | 7815423 |  | 0.25 | 0.60 | 16.55 | 16.84 |
| 2022 | 2077144 | 3.63 | 4.86 | 6638520 |  | 0.25 | 0.55 | (23.58) | (23.35) |
| 2021 | 1727118 | 4.75 | 6.34 | 8407549 |  | 0.25 | 0.55 | 6.72 | 7.04 |
| **MML Small/Mid Cap Value Division**<sup>5</sup> | **MML Small/Mid Cap Value Division**<sup>5</sup> | **MML Small/Mid Cap Value Division**<sup>5</sup> | **MML Small/Mid Cap Value Division**<sup>5</sup> | **MML Small/Mid Cap Value Division**<sup>5</sup> | **MML Small/Mid Cap Value Division**<sup>5</sup> | **MML Small/Mid Cap Value Division**<sup>5</sup> | **MML Small/Mid Cap Value Division**<sup>5</sup> | **MML Small/Mid Cap Value Division**<sup>5</sup> | **MML Small/Mid Cap Value Division**<sup>5</sup> |
| 2025 | 226053 | 1.13 | 1.14 | 256869 | 1.00 | 0.60 | 0.80 | 2.30 | 2.40 |
| 2024 | 162057 |  | 1.12 | 180359 | 0.70 |  | 0.60 |  | 10.29 |
| **MML Strategic Emerging Markets Division**<sup>5,9</sup> | **MML Strategic Emerging Markets Division**<sup>5,9</sup> | **MML Strategic Emerging Markets Division**<sup>5,9</sup> | **MML Strategic Emerging Markets Division**<sup>5,9</sup> | **MML Strategic Emerging Markets Division**<sup>5,9</sup> | **MML Strategic Emerging Markets Division**<sup>5,9</sup> | **MML Strategic Emerging Markets Division**<sup>5,9</sup> | **MML Strategic Emerging Markets Division**<sup>5,9</sup> | **MML Strategic Emerging Markets Division**<sup>5,9</sup> | **MML Strategic Emerging Markets Division**<sup>5,9</sup> |
| 2025 |  |  |  |  |  |  |  |  |  |
| 2024 | 414678 |  | 0.80 | 334428 | 0.93 |  | 0.60 |  | (1.20) |
| 2023 | 15538 |  | 0.81 | 12640 | 0.11 |  | 0.60 |  | 10.47 |
| **MML Sustainable Equity Division**<sup>5</sup> | **MML Sustainable Equity Division**<sup>5</sup> | **MML Sustainable Equity Division**<sup>5</sup> | **MML Sustainable Equity Division**<sup>5</sup> | **MML Sustainable Equity Division**<sup>5</sup> | **MML Sustainable Equity Division**<sup>5</sup> | **MML Sustainable Equity Division**<sup>5</sup> | **MML Sustainable Equity Division**<sup>5</sup> | **MML Sustainable Equity Division**<sup>5</sup> | **MML Sustainable Equity Division**<sup>5</sup> |
| 2025 | 264791 | 1.27 | 1.41 | 371385 | 1.01 | 0.60 | 0.80 | 11.39 | 11.50 |
| 2024 | 98101 |  | 1.26 | 123322 | 0.90 |  | 0.60 |  | 19.94 |
| **MML U.S. Government Money Market Division** | **MML U.S. Government Money Market Division** | **MML U.S. Government Money Market Division** | **MML U.S. Government Money Market Division** | **MML U.S. Government Money Market Division** | **MML U.S. Government Money Market Division** | **MML U.S. Government Money Market Division** | **MML U.S. Government Money Market Division** | **MML U.S. Government Money Market Division** | **MML U.S. Government Money Market Division** |
| 2025 | 10541004 | 1.07 | 1.56 | 13760498 | 3.71 | 0.25 | 0.80 | 3.54 | 3.69 |
| 2024 | 8177473 | 1.11 | 1.50 | 10728038 | 4.70 | 0.25 | 0.60 | 4.54 | 4.80 |
| 2023 | 11058708 | 1.06 | 1.44 | 13469550 | 4.52 | 0.25 | 0.60 | 4.38 | 4.64 |
| 2022 | 6738678 | 1.25 | 1.38 | 8366620 | 1.15 | 0.25 | 0.55 | 0.66 | 0.97 |
| 2021 | 6554870 | 1.24 | 1.36 | 8229386 |  | 0.25 | 0.55 | (0.55) | (0.24) |
| **Nomura VIP Asset Strategy Division (Standard Class)**<sup>4</sup> | **Nomura VIP Asset Strategy Division (Standard Class)**<sup>4</sup> | **Nomura VIP Asset Strategy Division (Standard Class)**<sup>4</sup> | **Nomura VIP Asset Strategy Division (Standard Class)**<sup>4</sup> | **Nomura VIP Asset Strategy Division (Standard Class)**<sup>4</sup> | **Nomura VIP Asset Strategy Division (Standard Class)**<sup>4</sup> | **Nomura VIP Asset Strategy Division (Standard Class)**<sup>4</sup> | **Nomura VIP Asset Strategy Division (Standard Class)**<sup>4</sup> | **Nomura VIP Asset Strategy Division (Standard Class)**<sup>4</sup> | **Nomura VIP Asset Strategy Division (Standard Class)**<sup>4</sup> |
| 2025 | 17937 |  | 1.27 | 22792 | 6.97 |  | 0.80 |  | 16.76 |
| 2024 | 61 |  | 1.09 | 67 | 2.66 |  | 0.80 |  | 7.17 |
| **Nomura VIP Emerging Markets Division**<sup>4</sup> | **Nomura VIP Emerging Markets Division**<sup>4</sup> | **Nomura VIP Emerging Markets Division**<sup>4</sup> | **Nomura VIP Emerging Markets Division**<sup>4</sup> | **Nomura VIP Emerging Markets Division**<sup>4</sup> | **Nomura VIP Emerging Markets Division**<sup>4</sup> | **Nomura VIP Emerging Markets Division**<sup>4</sup> | **Nomura VIP Emerging Markets Division**<sup>4</sup> | **Nomura VIP Emerging Markets Division**<sup>4</sup> | **Nomura VIP Emerging Markets Division**<sup>4</sup> |
| 2025 | 224341 |  | 1.58 | 353982 | 0.82 |  | 0.60 |  | 80.77 |
| 2024 | 129483 |  | 0.87 | 113019 | 2.18 |  | 0.60 |  | 4.77 |
| 2023 | 134459 |  | 0.83 | 112021 | 1.24 |  | 0.60 |  | 13.45 |
| 2022 | 90421 |  | 0.73 | 66402 | 0.33 |  | 0.60 |  | (27.81) |
| **Nomura VIP Growth Division**<sup>4,10</sup> | **Nomura VIP Growth Division**<sup>4,10</sup> | **Nomura VIP Growth Division**<sup>4,10</sup> | **Nomura VIP Growth Division**<sup>4,10</sup> | **Nomura VIP Growth Division**<sup>4,10</sup> | **Nomura VIP Growth Division**<sup>4,10</sup> | **Nomura VIP Growth Division**<sup>4,10</sup> | **Nomura VIP Growth Division**<sup>4,10</sup> | **Nomura VIP Growth Division**<sup>4,10</sup> | **Nomura VIP Growth Division**<sup>4,10</sup> |
| 2025 | 44611 |  | 1.08 | 48086 |  |  | 0.80 |  | 8.30 |
| 2024 | 11815 |  | 1.00 | 11759 |  |  | 0.80 |  | (0.48) |

---

***Notes To Financial Statements*** *(Continued)* 

***8. FINANCIAL HIGHLIGHTS (Continued)***

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  |  | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** |  | **Investment** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** |
|  |  | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** |  | **Income** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** |
|  | **Units** | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** | **Net Assets** | **Ratio**<sup>1</sup> | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** |
| **Nomura VIP Science and Technology Division**<sup>4</sup> | **Nomura VIP Science and Technology Division**<sup>4</sup> | **Nomura VIP Science and Technology Division**<sup>4</sup> | **Nomura VIP Science and Technology Division**<sup>4</sup> | **Nomura VIP Science and Technology Division**<sup>4</sup> | **Nomura VIP Science and Technology Division**<sup>4</sup> | **Nomura VIP Science and Technology Division**<sup>4</sup> | **Nomura VIP Science and Technology Division**<sup>4</sup> | **Nomura VIP Science and Technology Division**<sup>4</sup> | **Nomura VIP Science and Technology Division**<sup>4</sup> |
| 2025 | 129973 | $— | $1.69 | $220123 | —% | —% | 0.60% | —% | 33.37% |
| 2024 | 239514 |  | 1.27 | 304161 |  |  | 0.60 |  | 30.59 |
| 2023 | 34658 |  | 0.97 | 33702 |  |  | 0.60 |  | 39.06 |
| 2022 |  |  | 0.70 |  |  |  | 0.60 |  | (31.84) |
| **Nomura VIP Small Cap Value Division**<sup>4</sup> | **Nomura VIP Small Cap Value Division**<sup>4</sup> | **Nomura VIP Small Cap Value Division**<sup>4</sup> | **Nomura VIP Small Cap Value Division**<sup>4</sup> | **Nomura VIP Small Cap Value Division**<sup>4</sup> | **Nomura VIP Small Cap Value Division**<sup>4</sup> | **Nomura VIP Small Cap Value Division**<sup>4</sup> | **Nomura VIP Small Cap Value Division**<sup>4</sup> | **Nomura VIP Small Cap Value Division**<sup>4</sup> | **Nomura VIP Small Cap Value Division**<sup>4</sup> |
| 2025 | 53996 |  | 1.19 | 64025 | 1.37 |  | 0.60 |  | 7.83 |
| 2024 | 88077 |  | 1.10 | 96855 | 0.67 |  | 0.60 |  | 11.02 |
| 2023 | 33497 |  | 0.99 | 33180 | 0.56 |  | 0.60 |  | 9.10 |
| 2022 | 8492 |  | 0.91 | 7710 | 0.16 |  | 0.60 |  | (12.36) |
| **PIMCO CommodityRealReturn® Strategy Division**<sup>5</sup> | **PIMCO CommodityRealReturn® Strategy Division**<sup>5</sup> | **PIMCO CommodityRealReturn® Strategy Division**<sup>5</sup> | **PIMCO CommodityRealReturn® Strategy Division**<sup>5</sup> | **PIMCO CommodityRealReturn® Strategy Division**<sup>5</sup> | **PIMCO CommodityRealReturn® Strategy Division**<sup>5</sup> | **PIMCO CommodityRealReturn® Strategy Division**<sup>5</sup> | **PIMCO CommodityRealReturn® Strategy Division**<sup>5</sup> | **PIMCO CommodityRealReturn® Strategy Division**<sup>5</sup> | **PIMCO CommodityRealReturn® Strategy Division**<sup>5</sup> |
| 2025 | 497099 |  | 1.28 | 636950 | 2.87 |  | 0.60 |  | 18.66 |
| 2024 | 233040 |  | 1.08 | 251642 | 1.37 |  | 0.60 |  | 3.97 |
| **PIMCO Emerging Markets Bond Division**<sup>5</sup> | **PIMCO Emerging Markets Bond Division**<sup>5</sup> | **PIMCO Emerging Markets Bond Division**<sup>5</sup> | **PIMCO Emerging Markets Bond Division**<sup>5</sup> | **PIMCO Emerging Markets Bond Division**<sup>5</sup> | **PIMCO Emerging Markets Bond Division**<sup>5</sup> | **PIMCO Emerging Markets Bond Division**<sup>5</sup> | **PIMCO Emerging Markets Bond Division**<sup>5</sup> | **PIMCO Emerging Markets Bond Division**<sup>5</sup> | **PIMCO Emerging Markets Bond Division**<sup>5</sup> |
| 2025 |  |  | 1.15 |  | 4.85 |  | 0.60 |  | 14.92 |
| **PIMCO Global Bond Opportunities Division**<sup>5</sup> | **PIMCO Global Bond Opportunities Division**<sup>5</sup> | **PIMCO Global Bond Opportunities Division**<sup>5</sup> | **PIMCO Global Bond Opportunities Division**<sup>5</sup> | **PIMCO Global Bond Opportunities Division**<sup>5</sup> | **PIMCO Global Bond Opportunities Division**<sup>5</sup> | **PIMCO Global Bond Opportunities Division**<sup>5</sup> | **PIMCO Global Bond Opportunities Division**<sup>5</sup> | **PIMCO Global Bond Opportunities Division**<sup>5</sup> | **PIMCO Global Bond Opportunities Division**<sup>5</sup> |
| 2025 |  |  | 1.06 |  | 4.51 |  | 0.60 |  | 12.78 |
| 2024 | 80119 |  | 0.94 | 75034 | 3.53 |  | 0.60 |  | (0.50) |
| 2023 | 77083 |  | 0.94 | 72553 | 2.25 |  | 0.60 |  | 5.26 |
| 2022 | 80102 |  | 0.89 | 71625 | 1.15 |  | 0.60 |  | (11.01) |
| **PIMCO High Yield Division**<sup>5</sup> | **PIMCO High Yield Division**<sup>5</sup> | **PIMCO High Yield Division**<sup>5</sup> | **PIMCO High Yield Division**<sup>5</sup> | **PIMCO High Yield Division**<sup>5</sup> | **PIMCO High Yield Division**<sup>5</sup> | **PIMCO High Yield Division**<sup>5</sup> | **PIMCO High Yield Division**<sup>5</sup> | **PIMCO High Yield Division**<sup>5</sup> | **PIMCO High Yield Division**<sup>5</sup> |
| 2025 | 185359 |  | 1.18 | 219272 | 6.22 |  | 0.60 |  | 8.99 |
| 2024 | 82701 |  | 1.09 | 89764 | 5.86 |  | 0.60 |  | 6.90 |
| 2023 | 51386 |  | 1.02 | 52173 | 2.40 |  | 0.60 |  | 12.25 |
| **PIMCO Income Division**<sup>5</sup> | **PIMCO Income Division**<sup>5</sup> | **PIMCO Income Division**<sup>5</sup> | **PIMCO Income Division**<sup>5</sup> | **PIMCO Income Division**<sup>5</sup> | **PIMCO Income Division**<sup>5</sup> | **PIMCO Income Division**<sup>5</sup> | **PIMCO Income Division**<sup>5</sup> | **PIMCO Income Division**<sup>5</sup> | **PIMCO Income Division**<sup>5</sup> |
| 2025 | 43179 |  | 1.16 | 50072 | 5.19 |  | 0.80 |  | 10.28 |
| 2024 | 6743 |  | 1.05 | 7090 | 3.32 |  | 0.80 |  | 5.02 |
| **PIMCO Real Return Division**<sup>5</sup> | **PIMCO Real Return Division**<sup>5</sup> | **PIMCO Real Return Division**<sup>5</sup> | **PIMCO Real Return Division**<sup>5</sup> | **PIMCO Real Return Division**<sup>5</sup> | **PIMCO Real Return Division**<sup>5</sup> | **PIMCO Real Return Division**<sup>5</sup> | **PIMCO Real Return Division**<sup>5</sup> | **PIMCO Real Return Division**<sup>5</sup> | **PIMCO Real Return Division**<sup>5</sup> |
| 2025 | 5050 |  | 1.02 | 5143 | 3.33 |  | 0.60 |  | 7.87 |
| 2024 | 4980 |  | 0.94 | 4703 | 2.54 |  | 0.60 |  | 2.13 |
| 2023 | 4846 |  | 0.92 | 4479 | 2.91 |  | 0.60 |  | 3.67 |
| 2022 | 1762 |  | 0.89 | 1571 | 2.87 |  | 0.60 |  | (11.91) |
| **PIMCO Total Return Division**<sup>5</sup> | **PIMCO Total Return Division**<sup>5</sup> | **PIMCO Total Return Division**<sup>5</sup> | **PIMCO Total Return Division**<sup>5</sup> | **PIMCO Total Return Division**<sup>5</sup> | **PIMCO Total Return Division**<sup>5</sup> | **PIMCO Total Return Division**<sup>5</sup> | **PIMCO Total Return Division**<sup>5</sup> | **PIMCO Total Return Division**<sup>5</sup> | **PIMCO Total Return Division**<sup>5</sup> |
| 2025 | 619022 |  | 1.01 | 627735 | 4.05 |  | 0.60 |  | 8.92 |
| 2024 | 124824 |  | 0.93 | 116218 | 4.01 |  | 0.60 |  | 2.54 |
| 2023 | 26526 |  | 0.91 | 24086 | 3.55 |  | 0.60 |  | 5.94 |
| 2022 | 15857 |  | 0.86 | 13592 | 1.54 |  | 0.60 |  | (14.31) |
| **Schwab® S&P 500 Index Division**<sup>17</sup> | **Schwab® S&P 500 Index Division**<sup>17</sup> | **Schwab® S&P 500 Index Division**<sup>17</sup> | **Schwab® S&P 500 Index Division**<sup>17</sup> | **Schwab® S&P 500 Index Division**<sup>17</sup> | **Schwab® S&P 500 Index Division**<sup>17</sup> | **Schwab® S&P 500 Index Division**<sup>17</sup> | **Schwab® S&P 500 Index Division**<sup>17</sup> | **Schwab® S&P 500 Index Division**<sup>17</sup> | **Schwab® S&P 500 Index Division**<sup>17</sup> |
| 2025 | 1483284 |  | 1.37 | 2027529 | 1.20 |  | 0.60 |  | 17.83 |
| 2024 | 108951 |  | 1.16 | 126397 |  |  | 0.60 |  | 16.01 |
| **T. Rowe Price Blue Chip Growth Division** | **T. Rowe Price Blue Chip Growth Division** | **T. Rowe Price Blue Chip Growth Division** | **T. Rowe Price Blue Chip Growth Division** | **T. Rowe Price Blue Chip Growth Division** | **T. Rowe Price Blue Chip Growth Division** | **T. Rowe Price Blue Chip Growth Division** | **T. Rowe Price Blue Chip Growth Division** | **T. Rowe Price Blue Chip Growth Division** | **T. Rowe Price Blue Chip Growth Division** |
| 2025 | 597041 | 12.58 | 13.46 | 7676846 |  | 0.25 | 0.55 | 18.09 | 18.44 |
| 2024 | 642001 | 10.65 | 11.37 | 6981685 |  | 0.25 | 0.55 | 34.77 | 35.17 |
| 2023 | 725361 | 7.90 | 8.41 | 5839884 |  | 0.25 | 0.55 | 48.47 | 48.92 |
| 2022 | 739801 | 5.32 | 5.65 | 4008886 |  | 0.25 | 0.55 | (38.84) | (38.66) |
| 2021 | 765546 | 8.70 | 9.21 | 6779214 |  | 0.25 | 0.55 | 16.98 | 17.33 |
| **T. Rowe Price Equity Income Division** | **T. Rowe Price Equity Income Division** | **T. Rowe Price Equity Income Division** | **T. Rowe Price Equity Income Division** | **T. Rowe Price Equity Income Division** | **T. Rowe Price Equity Income Division** | **T. Rowe Price Equity Income Division** | **T. Rowe Price Equity Income Division** | **T. Rowe Price Equity Income Division** | **T. Rowe Price Equity Income Division** |
| 2025 | 1418286 | 6.03 | 6.45 | 8740646 | 1.65 | 0.25 | 0.55 | 13.73 | 14.08 |
| 2024 | 1440730 | 5.30 | 5.65 | 7805047 | 1.83 | 0.25 | 0.55 | 11.08 | 11.42 |
| 2023 | 1507231 | 4.77 | 5.07 | 7337651 | 2.10 | 0.25 | 0.55 | 8.94 | 9.27 |
| 2022 | 1620257 | 4.38 | 4.64 | 7235090 | 1.89 | 0.25 | 0.55 | (3.87) | (3.58) |
| 2021 | 1533421 | 4.55 | 4.82 | 7109686 | 1.56 | 0.25 | 0.55 | 24.86 | 25.24 |

---

***Notes To Financial Statements*** *(Continued)* 

***8. FINANCIAL HIGHLIGHTS (Continued)***

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  |  | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** |  | **Investment** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** |
|  |  | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** |  | **Income** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** |
|  | **Units** | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** | **Net Assets** | **Ratio**<sup>1</sup> | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** |
| **T. Rowe Price Limited-Term Bond Division**<sup>5</sup> | **T. Rowe Price Limited-Term Bond Division**<sup>5</sup> | **T. Rowe Price Limited-Term Bond Division**<sup>5</sup> | **T. Rowe Price Limited-Term Bond Division**<sup>5</sup> | **T. Rowe Price Limited-Term Bond Division**<sup>5</sup> | **T. Rowe Price Limited-Term Bond Division**<sup>5</sup> | **T. Rowe Price Limited-Term Bond Division**<sup>5</sup> | **T. Rowe Price Limited-Term Bond Division**<sup>5</sup> | **T. Rowe Price Limited-Term Bond Division**<sup>5</sup> | **T. Rowe Price Limited-Term Bond Division**<sup>5</sup> |
| 2025 | 158746 | $— | $1.11 | $176643 | 4.19% | —% | 0.60% | —% | 5.73% |
| 2024 | 2444 |  | 1.05 | 2571 | 4.20 |  | 0.60 |  | 4.97 |
| 2023 | 965 |  | 1.00 | 967 | 3.22 |  | 0.60 |  | 4.95 |
| 2022 | 470 |  | 0.96 | 449 | 1.94 |  | 0.60 |  | (4.52) |
| **T. Rowe Price Mid-Cap Growth Division**<sup>15</sup> | **T. Rowe Price Mid-Cap Growth Division**<sup>15</sup> | **T. Rowe Price Mid-Cap Growth Division**<sup>15</sup> | **T. Rowe Price Mid-Cap Growth Division**<sup>15</sup> | **T. Rowe Price Mid-Cap Growth Division**<sup>15</sup> | **T. Rowe Price Mid-Cap Growth Division**<sup>15</sup> | **T. Rowe Price Mid-Cap Growth Division**<sup>15</sup> | **T. Rowe Price Mid-Cap Growth Division**<sup>15</sup> | **T. Rowe Price Mid-Cap Growth Division**<sup>15</sup> | **T. Rowe Price Mid-Cap Growth Division**<sup>15</sup> |
| 2025 |  |  |  |  |  |  |  |  |  |
| 2024 | 5824536 | 11.00 | 12.31 | 62529920 |  | 0.25 | 0.55 | 8.71 | 9.04 |
| 2023 | 6188322 | 10.12 | 11.29 | 61055675 |  | 0.25 | 0.55 | 19.30 | 19.66 |
| 2022 | 6602436 | 8.48 | 9.44 | 54630553 |  | 0.25 | 0.55 | (23.00) | (22.77) |
| 2021 | 6954914 | 11.02 | 12.22 | 74689436 |  | 0.25 | 0.55 | 14.22 | 14.56 |
| **Templeton Foreign VIP Division** | **Templeton Foreign VIP Division** | **Templeton Foreign VIP Division** | **Templeton Foreign VIP Division** | **Templeton Foreign VIP Division** | **Templeton Foreign VIP Division** | **Templeton Foreign VIP Division** | **Templeton Foreign VIP Division** | **Templeton Foreign VIP Division** | **Templeton Foreign VIP Division** |
| 2025 | 2117339 | 2.48 | 2.84 | 5431678 | 2.34 | 0.25 | 0.55 | 28.49 | 28.87 |
| 2024 | 2216851 | 1.93 | 2.21 | 4423951 | 2.38 | 0.25 | 0.55 | (1.54) | (1.25) |
| 2023 | 2313100 | 1.96 | 2.23 | 4681550 | 3.23 | 0.25 | 0.55 | 20.10 | 20.46 |
| 2022 | 2303149 | 1.63 | 1.86 | 3880577 | 3.04 | 0.25 | 0.55 | (8.11) | (7.84) |
| 2021 | 2238912 | 1.77 | 2.01 | 4092397 | 1.85 | 0.25 | 0.55 | 3.59 | 3.90 |
| **Templeton Global Bond VIP Division**<sup>5</sup> | **Templeton Global Bond VIP Division**<sup>5</sup> | **Templeton Global Bond VIP Division**<sup>5</sup> | **Templeton Global Bond VIP Division**<sup>5</sup> | **Templeton Global Bond VIP Division**<sup>5</sup> | **Templeton Global Bond VIP Division**<sup>5</sup> | **Templeton Global Bond VIP Division**<sup>5</sup> | **Templeton Global Bond VIP Division**<sup>5</sup> | **Templeton Global Bond VIP Division**<sup>5</sup> | **Templeton Global Bond VIP Division**<sup>5</sup> |
| 2025 | 171525 |  | 1.02 | 174263 |  |  | 0.60 |  | 16.09 |
| 2024 | 12292 |  | 0.88 | 10758 |  |  | 0.60 |  | (11.13) |
| 2023 | 8173 |  | 0.98 | 8048 |  |  | 0.60 |  | 3.19 |
| 2022 | 4252 |  | 0.95 | 4057 |  |  | 0.60 |  | (4.85) |
| **TOPS® Moderate Growth ETF Division**<sup>5</sup> | **TOPS® Moderate Growth ETF Division**<sup>5</sup> | **TOPS® Moderate Growth ETF Division**<sup>5</sup> | **TOPS® Moderate Growth ETF Division**<sup>5</sup> | **TOPS® Moderate Growth ETF Division**<sup>5</sup> | **TOPS® Moderate Growth ETF Division**<sup>5</sup> | **TOPS® Moderate Growth ETF Division**<sup>5</sup> | **TOPS® Moderate Growth ETF Division**<sup>5</sup> | **TOPS® Moderate Growth ETF Division**<sup>5</sup> | **TOPS® Moderate Growth ETF Division**<sup>5</sup> |
| 2025 | 41415 |  | 1.27 | 52704 | 0.41 |  | 0.60 |  | 15.50 |
| 2024 | 646044 |  | 1.10 | 711849 | 0.76 |  | 0.60 |  | 8.99 |
| **Vanguard VIF Balanced Division**<sup>5</sup> | **Vanguard VIF Balanced Division**<sup>5</sup> | **Vanguard VIF Balanced Division**<sup>5</sup> | **Vanguard VIF Balanced Division**<sup>5</sup> | **Vanguard VIF Balanced Division**<sup>5</sup> | **Vanguard VIF Balanced Division**<sup>5</sup> | **Vanguard VIF Balanced Division**<sup>5</sup> | **Vanguard VIF Balanced Division**<sup>5</sup> | **Vanguard VIF Balanced Division**<sup>5</sup> | **Vanguard VIF Balanced Division**<sup>5</sup> |
| 2025 | 149479 |  | 1.33 | 198530 | 2.04 |  | 0.60 |  | 16.46 |
| 2024 | 167046 |  | 1.14 | 190499 | 2.17 |  | 0.60 |  | 14.80 |
| 2023 | 84833 |  | 0.99 | 84270 | 1.18 |  | 0.60 |  | 14.33 |
| 2022 | 12456 |  | 0.87 | 10823 | 0.43 |  | 0.60 |  | (14.30) |
| **Vanguard VIF Capital Growth Division**<sup>5</sup> | **Vanguard VIF Capital Growth Division**<sup>5</sup> | **Vanguard VIF Capital Growth Division**<sup>5</sup> | **Vanguard VIF Capital Growth Division**<sup>5</sup> | **Vanguard VIF Capital Growth Division**<sup>5</sup> | **Vanguard VIF Capital Growth Division**<sup>5</sup> | **Vanguard VIF Capital Growth Division**<sup>5</sup> | **Vanguard VIF Capital Growth Division**<sup>5</sup> | **Vanguard VIF Capital Growth Division**<sup>5</sup> | **Vanguard VIF Capital Growth Division**<sup>5</sup> |
| 2025 | 235100 |  | 1.63 | 382063 | 0.98 |  | 0.60 |  | 28.98 |
| 2024 | 191681 |  | 1.26 | 241516 | 1.11 |  | 0.60 |  | 13.41 |
| 2023 | 120947 |  | 1.11 | 134373 | 1.14 |  | 0.60 |  | 27.98 |
| 2022 | 57447 |  | 0.87 | 49870 | 0.90 |  | 0.60 |  | (15.49) |
| **Vanguard VIF Diversified Value Division**<sup>5</sup> | **Vanguard VIF Diversified Value Division**<sup>5</sup> | **Vanguard VIF Diversified Value Division**<sup>5</sup> | **Vanguard VIF Diversified Value Division**<sup>5</sup> | **Vanguard VIF Diversified Value Division**<sup>5</sup> | **Vanguard VIF Diversified Value Division**<sup>5</sup> | **Vanguard VIF Diversified Value Division**<sup>5</sup> | **Vanguard VIF Diversified Value Division**<sup>5</sup> | **Vanguard VIF Diversified Value Division**<sup>5</sup> | **Vanguard VIF Diversified Value Division**<sup>5</sup> |
| 2025 |  |  | 1.45 |  | 1.88 |  | 0.60 |  | 16.83 |
| 2024 | 58819 |  | 1.24 | 73192 | 1.57 |  | 0.60 |  | 14.89 |
| 2023 | 86592 |  | 1.08 | 93789 | 1.29 |  | 0.60 |  | 20.13 |
| 2022 | 62345 |  | 0.90 | 56214 |  |  | 0.60 |  | (11.49) |
| **Vanguard VIF Equity Income Division**<sup>5</sup> | **Vanguard VIF Equity Income Division**<sup>5</sup> | **Vanguard VIF Equity Income Division**<sup>5</sup> | **Vanguard VIF Equity Income Division**<sup>5</sup> | **Vanguard VIF Equity Income Division**<sup>5</sup> | **Vanguard VIF Equity Income Division**<sup>5</sup> | **Vanguard VIF Equity Income Division**<sup>5</sup> | **Vanguard VIF Equity Income Division**<sup>5</sup> | **Vanguard VIF Equity Income Division**<sup>5</sup> | **Vanguard VIF Equity Income Division**<sup>5</sup> |
| 2025 | 686837 |  | 1.49 | 1021453 | 4.06 |  | 0.60 |  | 16.80 |
| 2024 | 1621028 |  | 1.27 | 2064049 | 1.03 |  | 0.60 |  | 15.12 |
| 2023 | 303023 |  | 1.11 | 335157 | 2.93 |  | 0.60 |  | 8.10 |
| 2022 | 160794 |  | 1.02 | 164523 | 1.29 |  | 0.60 |  | (0.66) |
| **Vanguard VIF Global Bond Index Division**<sup>17</sup> | **Vanguard VIF Global Bond Index Division**<sup>17</sup> | **Vanguard VIF Global Bond Index Division**<sup>17</sup> | **Vanguard VIF Global Bond Index Division**<sup>17</sup> | **Vanguard VIF Global Bond Index Division**<sup>17</sup> | **Vanguard VIF Global Bond Index Division**<sup>17</sup> | **Vanguard VIF Global Bond Index Division**<sup>17</sup> | **Vanguard VIF Global Bond Index Division**<sup>17</sup> | **Vanguard VIF Global Bond Index Division**<sup>17</sup> | **Vanguard VIF Global Bond Index Division**<sup>17</sup> |
| 2025 | 629876 |  | 1.10 | 694402 | 1.75 |  | 0.80 |  | 5.59 |
| 2024 | 89973 |  | 1.04 | 93942 |  |  | 0.80 |  | 4.35 |
| **Vanguard VIF Growth Division**<sup>5</sup> | **Vanguard VIF Growth Division**<sup>5</sup> | **Vanguard VIF Growth Division**<sup>5</sup> | **Vanguard VIF Growth Division**<sup>5</sup> | **Vanguard VIF Growth Division**<sup>5</sup> | **Vanguard VIF Growth Division**<sup>5</sup> | **Vanguard VIF Growth Division**<sup>5</sup> | **Vanguard VIF Growth Division**<sup>5</sup> | **Vanguard VIF Growth Division**<sup>5</sup> | **Vanguard VIF Growth Division**<sup>5</sup> |
| 2025 | 3145 |  | 1.46 | 4605 | 0.40 |  | 0.60 |  | 16.88 |
| 2024 | 40583 |  | 1.25 | 50838 | 0.48 |  | 0.60 |  | 33.14 |
| 2023 | 11286 |  | 0.94 | 10619 |  |  | 0.60 |  | 40.14 |

---

***Notes To Financial Statements*** *(Continued)* 

***8. FINANCIAL HIGHLIGHTS (Continued)***

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  |  | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** |  | **Investment** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** |
|  |  | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** |  | **Income** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** |
|  | **Units** | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** | **Unit Value**<sup>3</sup><br>**(Lowest to Highest)** | **Net Assets** | **Ratio**<sup>1</sup> | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Expense Ratio**<sup>2</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** | **Total Return**<sup>3</sup><br>**(Lowest to Highest)** |
| **Vanguard VIF International Division**<sup>5</sup> | **Vanguard VIF International Division**<sup>5</sup> | **Vanguard VIF International Division**<sup>5</sup> | **Vanguard VIF International Division**<sup>5</sup> | **Vanguard VIF International Division**<sup>5</sup> | **Vanguard VIF International Division**<sup>5</sup> | **Vanguard VIF International Division**<sup>5</sup> | **Vanguard VIF International Division**<sup>5</sup> | **Vanguard VIF International Division**<sup>5</sup> | **Vanguard VIF International Division**<sup>5</sup> | **Vanguard VIF International Division**<sup>5</sup> | **Vanguard VIF International Division**<sup>5</sup> | **Vanguard VIF International Division**<sup>5</sup> |
| 2025 |  | $— |  | $1.06 | $— | —% | —% |  | 0.60% | —% |  | 19.97% |
| 2024 |  |  |  | 0.89 |  | 3.90 |  |  | 0.60 |  |  | 9.01 |
| 2023 | 135773 |  |  | 0.81 | 110506 | 1.48 |  |  | 0.60 |  |  | 14.65 |
| **Vanguard VIF Mid Cap Index Division**<sup>17</sup> | **Vanguard VIF Mid Cap Index Division**<sup>17</sup> | **Vanguard VIF Mid Cap Index Division**<sup>17</sup> | **Vanguard VIF Mid Cap Index Division**<sup>17</sup> | **Vanguard VIF Mid Cap Index Division**<sup>17</sup> | **Vanguard VIF Mid Cap Index Division**<sup>17</sup> | **Vanguard VIF Mid Cap Index Division**<sup>17</sup> | **Vanguard VIF Mid Cap Index Division**<sup>17</sup> | **Vanguard VIF Mid Cap Index Division**<sup>17</sup> | **Vanguard VIF Mid Cap Index Division**<sup>17</sup> | **Vanguard VIF Mid Cap Index Division**<sup>17</sup> | **Vanguard VIF Mid Cap Index Division**<sup>17</sup> | **Vanguard VIF Mid Cap Index Division**<sup>17</sup> |
| 2025 | 1023675 | 1.23 | to | 1.25 | 1276689 | 0.68 | 0.60 | to | 0.80 | 11.43 | to | 11.54 |
| 2024 | 172636 |  |  | 1.10 | 193944 |  |  |  | 0.60 |  |  | 10.14 |
| **Vanguard VIF Real Estate Index Division**<sup>5</sup> | **Vanguard VIF Real Estate Index Division**<sup>5</sup> | **Vanguard VIF Real Estate Index Division**<sup>5</sup> | **Vanguard VIF Real Estate Index Division**<sup>5</sup> | **Vanguard VIF Real Estate Index Division**<sup>5</sup> | **Vanguard VIF Real Estate Index Division**<sup>5</sup> | **Vanguard VIF Real Estate Index Division**<sup>5</sup> | **Vanguard VIF Real Estate Index Division**<sup>5</sup> | **Vanguard VIF Real Estate Index Division**<sup>5</sup> | **Vanguard VIF Real Estate Index Division**<sup>5</sup> | **Vanguard VIF Real Estate Index Division**<sup>5</sup> | **Vanguard VIF Real Estate Index Division**<sup>5</sup> | **Vanguard VIF Real Estate Index Division**<sup>5</sup> |
| 2025 | 1023289 | 0.93 | to | 1.18 | 1079677 | 1.83 | 0.60 | to | 0.80 | 3.01 | to | 3.11 |
| 2024 | 237483 |  |  | 0.90 | 234623 | 1.39 |  |  | 0.60 |  |  | 4.74 |
| 2023 | 41678 |  |  | 0.86 | 35916 | 2.25 |  |  | 0.60 |  |  | 11.70 |
| 2022 | 26504 |  |  | 0.77 | 20448 | 0.32 |  |  | 0.60 |  |  | (26.30) |
| **Vanguard VIF Short-Term Investment-Grade Division**<sup>5</sup> | **Vanguard VIF Short-Term Investment-Grade Division**<sup>5</sup> | **Vanguard VIF Short-Term Investment-Grade Division**<sup>5</sup> | **Vanguard VIF Short-Term Investment-Grade Division**<sup>5</sup> | **Vanguard VIF Short-Term Investment-Grade Division**<sup>5</sup> | **Vanguard VIF Short-Term Investment-Grade Division**<sup>5</sup> | **Vanguard VIF Short-Term Investment-Grade Division**<sup>5</sup> | **Vanguard VIF Short-Term Investment-Grade Division**<sup>5</sup> | **Vanguard VIF Short-Term Investment-Grade Division**<sup>5</sup> | **Vanguard VIF Short-Term Investment-Grade Division**<sup>5</sup> | **Vanguard VIF Short-Term Investment-Grade Division**<sup>5</sup> | **Vanguard VIF Short-Term Investment-Grade Division**<sup>5</sup> | **Vanguard VIF Short-Term Investment-Grade Division**<sup>5</sup> |
| 2025 | 96986 |  |  | 1.12 | 108896 | 4.09 |  |  | 0.60 |  |  | 6.85 |
| 2024 | 96335 |  |  | 1.05 | 101227 | 2.83 |  |  | 0.60 |  |  | 4.89 |
| 2023 | 79027 |  |  | 1.00 | 79167 | 1.27 |  |  | 0.60 |  |  | 6.16 |
| 2022 | 40221 |  |  | 0.94 | 37954 |  |  |  | 0.60 |  |  | (5.72) |
| **Vest US Large Cap 10% Buffer Strategies VI Division**<sup>17,18</sup> | **Vest US Large Cap 10% Buffer Strategies VI Division**<sup>17,18</sup> | **Vest US Large Cap 10% Buffer Strategies VI Division**<sup>17,18</sup> | **Vest US Large Cap 10% Buffer Strategies VI Division**<sup>17,18</sup> | **Vest US Large Cap 10% Buffer Strategies VI Division**<sup>17,18</sup> | **Vest US Large Cap 10% Buffer Strategies VI Division**<sup>17,18</sup> | **Vest US Large Cap 10% Buffer Strategies VI Division**<sup>17,18</sup> | **Vest US Large Cap 10% Buffer Strategies VI Division**<sup>17,18</sup> | **Vest US Large Cap 10% Buffer Strategies VI Division**<sup>17,18</sup> | **Vest US Large Cap 10% Buffer Strategies VI Division**<sup>17,18</sup> | **Vest US Large Cap 10% Buffer Strategies VI Division**<sup>17,18</sup> | **Vest US Large Cap 10% Buffer Strategies VI Division**<sup>17,18</sup> | **Vest US Large Cap 10% Buffer Strategies VI Division**<sup>17,18</sup> |
| 2025 |  |  |  |  |  |  |  |  |  |  |  |  |
| 2024 | 29754 |  |  | 1.11 | 33137 |  |  |  | 0.80 |  |  | 9.89 |

---

<sup>1</sup>The investment income ratios represent the dividends, excluding distributions of capital gains, received by the division/sub-account from the underlying

fund, divided by the average net assets. These ratios exclude those expenses, such as mortality and expense charges, that are assessed against policy owner

accounts either through reductions in the unit values or the redemption of units. The recognition of investment income by the division/sub-account is

affected by the timing of the declaration of dividends by the underlying fund in which the division/sub-account invests.

<sup>2</sup>The expense ratios represent the annualized policy expense of the divisions of the Separate Account, consisting primarily of mortality and expense charges,

for each period indicated. The ratios include only those expenses that result in a direct reduction of unit values. Charges made directly to policy owner

accounts through the redemption of units and expenses of the underlying fund have been excluded.

<sup>3</sup>The total returns are for the periods indicated, including changes in the value of the underlying fund, and the expenses assessed through the reduction of unit

values. These ratios do not include any expenses assessed through the redemption of units. Investment options with a date notation indicate the effective

date of that investment option in the variable account. The total return is calculated for each period indicated or from the effective date through the end of

the reporting period. As the total return is presented as a range of minimum to maximum values, based on the product grouping representing the minimum

expense ratio amounts, some individual policy total returns and unit values are not within the ranges presented.

<sup>4</sup>See Note 2 to the financial statements for the previous name of this division.

<sup>5</sup>This Division/Fund became available to the Separate Account as an investment option on December 13, 2021, and is presented from the year when the

investment or unit activity has been started.

<sup>6</sup>After the close of business on April 29, 2022, Invesco V.I. Core Plus Bond Fund acquired all the net assets of Invesco V.I. Core Bond Fund pursuant to a

plan of reorganization approved by the Board of Trustees of the Invesco V.I. Core Plus Bond Fund on December 1, 2021 and by the shareholders of the

Invesco V.I. Core Bond Fund on March 31, 2022. The acquisition was accomplished by a tax-free exchange as of the close of business on April 29, 2022.

Shares of Invesco V.I. Core Bond Fund were exchanged for the like class of shares of Invesco V.I. Core Plus Bond Fund, based on the relative net asset

value of the two funds which resulted in Invesco V.I. Core Bond Fund receiving 1.15816327 shares of Invesco V.I. Core Plus Bond in exchange of 1 share

of Invesco V.I Core Bond. As a result of the underlying fund merger, the division name changed from Invesco V.I. Core Bond Fund to Invesco V.I. Core

Plus Bond Fund. Financial Highlights for the years 2021 correspond to the Invesco V.I. Core Bond Division.

<sup>7</sup>For the period January 1, 2025 to April 25, 2025. Effective after the close of the New York Stock Exchange on April 25, 2025, the MML Dynamic Bond

Division and the MML High Yield Division substituted into the Managed Bond Division and any contract value in the corresponding divisions was

automatically transferred to the MML Managed Bond Division.

<sup>8</sup>For the period January 1, 2025 to April 25, 2025. Effective after the close of the New York Stock Exchange on April 25, 2025, the MML Fundamental

Value Division substituted into the MML Equity Income Division and any contract value in the corresponding division was automatically transferred to the

MML Equity Income Division.

<sup>9</sup>For the period January 1, 2025 to April 25, 2025. Effective after the close of the New York Stock Exchange on April 25, 2025, the MML Strategic

Emerging Markets Division substituted into the MML International Equity division and any contract value in the corresponding Division was automatically

transferred to the MML International Equity Division.

<sup>10</sup>This Division/Fund became available to the Separate Account as an investment option on November 25, 2024, and is presented from the year when the

investment or unit activity has been started.

<sup>11</sup>For the period January 1, 2025 to November 14, 2025. Effective after the close of the New York Stock Exchange on November 14, 2025, the Invesco V.I.

Main Street Division substituted into the MML Fundamental Equity Division and any contract value in the corresponding division was automatically

transferred to the MML Fundamental Equity Division.

<sup>12</sup>For the period January 1, 2025 to November 14, 2025. Effective after the close of the New York Stock Exchange on November 14, 2025, the Invesco V.I.

Discovery Large Cap Division substituted into the MML Invesco Discovery Large Cap Division and any contract value in the corresponding division was

automatically transferred to the MML Invesco Discovery Large Cap Division.

***Notes To Financial Statements*** *(Continued)* 

***8. FINANCIAL HIGHLIGHTS (Continued)***

<sup>13</sup>For the period January 1, 2025 to November 14, 2025. Effective after the close of the New York Stock Exchange on November 14, 2025, the Invesco V.I.

Discovery Mid Cap Growth Division substituted into the MML Invesco Discovery Mid Cap Division and any contract value in the corresponding division

was automatically transferred to the MML Invesco Discovery Mid Cap Division.

<sup>14</sup>For the period January 1, 2025 to November 14, 2025. Effective after the close of the New York Stock Exchange on November 14, 2025, the Invesco V.I.

Global Division substituted into the MML Global Division and any contract value in the corresponding division was automatically transferred to the MML

Global Division.

<sup>15</sup>For the period January 1, 2025 to November 14, 2025. Effective after the close of the New York Stock Exchange on November 14, 2025, the T. Rowe

Price Mid-Cap Growth Division substituted into the MML Mid-Cap Growth Division and any contract value in the corresponding division was

automatically transferred to the MML Mid-Cap Growth Division.

<sup>16</sup>For the period January 1, 2025 to November 14, 2025. Effective after the close of the New York Stock Exchange on November 14, 2025, the MML Global

Division (Service Class I) merged into the MML Global Division (Class II) and any contract value in the corresponding division was automatically

transferred to the MML Global Division (Class II).

<sup>17</sup>This Division/Fund became available to the Separate Account as an investment option on April 26, 2024, and is presented from the year when the

investment or unit activity has been started.

<sup>18</sup>For the period January 1, 2025 to December 15, 2025. Effective December 15, 2025 this Division liquidated and any contract value in the Division after the

close of the New York Stock Exchange on December 15, 2025 was automatically transferred to the MML U.S. Government Money Market Division.

**B.**The separate account assesses "current" charges associated with each policy. These charges are either assessed as a

direct reduction in unit values or through a redemption of units for all policies contained within the Separate Account.

Charges shown below state charges assessed at a monthly rate unless otherwise specified.

---

| | |
|:---|:---|
| **Administrative Charge** | Effective annual rate of 0.25% of the policy's average daily  |
| This charge is assessed through a reduction in unit <br>values.<br>| net assets in the Separate Account |
| **Administrative Charge** | $5 to $12 per month |
| This charge is assessed through a redemption of units. |  |
| **Mortality and Expense Risk Fees** | Effective annual rate of 0.25% - 0.60% of the policy's |
| This charge is assessed through a reduction in unit values | assets held in the Separate Account. |
| or through the redemption of units. |  |
| **Face Amount Charge** | $0.00 to $1.06 per $1,000 of face amount or charge is based |
| This charge is assessed through a redemption of units. | on the initial selected face amount of the Policy |
| **Insurance Charge/Cost of Insurance Charge** | $0.00 to $82.50 per $1,000 of insurance risk |
| This charge is assessed through a redemption of units. |  |
| **Additional Mortality Fees** | $0.00 to $83.33 per $1,000 of insurance risk |
| This charge is assessed through a redemption of units. | $0.08 to $83.33 per $1,000 of face amount |
| **Loan Interest Rate Expense Charge** | Effective annual rate of 0.00% to 1.00% of the loan amount |
| This charge is assessed through a redemption of units. |  |

---

***Notes To Financial Statements*** *(Continued)* 

***8. FINANCIAL HIGHLIGHTS (Continued)***

---

| | |
|:---|:---|
| **Rider Charges:** |  |
| The rider charges do not apply to all products within the Separate Account. | The rider charges do not apply to all products within the Separate Account. |
| These charges are assessed through the redemption of units. | These charges are assessed through the redemption of units. |
| **A. Disability Benefit** | $0.00 to $0.28 per $1 of monthly deductions |
|  | $0.00 to $0.09318 per $1,000 of insurance risk |
| **B. Guaranteed Insurability** | $0.03 to $0.11 per $1,000 of option amount |
| **C. Other Insured** | $0.03 to $25.01 per $1,000 of insurance risk |
| **D. Waiver of Monthly Charges** | $0.00 to $0.28 per $1 of monthly deductions |
| **E. Estate Protection** | $0.00 to $14.97 per $1,000 of insurance risk |
| **F. Survivorship Term** | $0.00 to $23.52 per $1,000 of insurance risk |
|  | $0.00 to $0.04 per $1,000 of face amount |
| **G. Additional Mortality Fees** | $0.00 to $83.33 per $1,000 of face amount |
| **H. Term Rider** | $0.00 to $31.33 per $1,000 of insurance risk |

---

***9. SUBSEQUENT EVENTS*** 

The Separate Account's management has reviewed events occurring through March 10, 2026, the date the financial

statements were issued, and no subsequent events occurred requiring accrual or disclosure.

**C.M. LIFE INSURANCE COMPANY**

STATUTORY FINANCIAL STATEMENTS

As of December 31, 2025 and 2024 and

for the years ended December 31, 2025, 2024 and 2023

------

---

| | | | |
|:---|:---|:---|:---|
| <u>**Table of Contents**</u> | <u>**Table of Contents**</u> | <u>**Table of Contents**</u> | <u>**Table of Contents**</u> |
|  |  |  | <u>Page</u> |
| <u>[Statutory Statements of Financial Position](#ie914f64e91814378a01d02ea411efb89_10)</u> | <u>[Statutory Statements of Financial Position](#ie914f64e91814378a01d02ea411efb89_10)</u> | <u>[Statutory Statements of Financial Position](#ie914f64e91814378a01d02ea411efb89_10)</u> | <u>[1](#ie914f64e91814378a01d02ea411efb89_10)</u> |
| <u>[Statutory Statements of Operations](#ie914f64e91814378a01d02ea411efb89_13)</u> | <u>[Statutory Statements of Operations](#ie914f64e91814378a01d02ea411efb89_13)</u> | <u>[Statutory Statements of Operations](#ie914f64e91814378a01d02ea411efb89_13)</u> | <u>[2](#ie914f64e91814378a01d02ea411efb89_13)</u> |
| <u>[Statutory Statements of Changes in Capital and Surplus](#ie914f64e91814378a01d02ea411efb89_16)</u> | <u>[Statutory Statements of Changes in Capital and Surplus](#ie914f64e91814378a01d02ea411efb89_16)</u> | <u>[Statutory Statements of Changes in Capital and Surplus](#ie914f64e91814378a01d02ea411efb89_16)</u> | <u>[3](#ie914f64e91814378a01d02ea411efb89_16)</u> |
| <u>[Statutory Statements of Cash Flows](#ie914f64e91814378a01d02ea411efb89_19)</u> | <u>[Statutory Statements of Cash Flows](#ie914f64e91814378a01d02ea411efb89_19)</u> | <u>[Statutory Statements of Cash Flows](#ie914f64e91814378a01d02ea411efb89_19)</u> | <u>[4](#ie914f64e91814378a01d02ea411efb89_19)</u> |
| Notes to Statutory Financial Statements: | Notes to Statutory Financial Statements: | Notes to Statutory Financial Statements: |  |
| 1. |  | <u>[Nature of operations](#ie914f64e91814378a01d02ea411efb89_22)</u> | <u>[5](#ie914f64e91814378a01d02ea411efb89_22)</u> |
| 2. |  | <u>[Summary of significant accounting policies](#ie914f64e91814378a01d02ea411efb89_25)</u> | <u>[5](#ie914f64e91814378a01d02ea411efb89_25)</u> |
| 3. |  | <u>[New accounting standards](#ie914f64e91814378a01d02ea411efb89_28)</u> | <u>[16](#ie914f64e91814378a01d02ea411efb89_28)</u> |
| 4. |  | <u>[Fair value of financial instruments](#ie914f64e91814378a01d02ea411efb89_31)</u> | <u>[19](#ie914f64e91814378a01d02ea411efb89_31)</u> |
| 5. |  | <u>[Investments](#ie914f64e91814378a01d02ea411efb89_34)</u> | <u>[25](#ie914f64e91814378a01d02ea411efb89_34)</u> |
|  | a. | <u>[Bonds](#ie914f64e91814378a01d02ea411efb89_37)</u> | <u>[25](#ie914f64e91814378a01d02ea411efb89_37)</u> |
|  | b. | <u>[5GI Securities](#ie914f64e91814378a01d02ea411efb89_40)</u> | <u>[30](#ie914f64e91814378a01d02ea411efb89_40)</u> |
|  | c. | <u>[Preferred stocks](#ie914f64e91814378a01d02ea411efb89_43)</u> | <u>[30](#ie914f64e91814378a01d02ea411efb89_43)</u> |
|  | d. | <u>[Common stocks – subsidiaries and affiliates](#ie914f64e91814378a01d02ea411efb89_46)</u> | <u>[31](#ie914f64e91814378a01d02ea411efb89_46)</u> |
|  | e. | <u>[Common stocks – unaffiliated](#ie914f64e91814378a01d02ea411efb89_49)</u> | <u>[31](#ie914f64e91814378a01d02ea411efb89_49)</u> |
|  | f. | <u>[Mortgage loans](#ie914f64e91814378a01d02ea411efb89_52)</u> | <u>[32](#ie914f64e91814378a01d02ea411efb89_52)</u> |
|  | g. | <u>[Partnerships and limited liability companies](#ie914f64e91814378a01d02ea411efb89_55)</u> | <u>[36](#ie914f64e91814378a01d02ea411efb89_55)</u> |
|  | h. | <u>[Derivatives](#ie914f64e91814378a01d02ea411efb89_58)</u> | <u>[36](#ie914f64e91814378a01d02ea411efb89_58)</u> |
|  | i. | <u>[Debt securities that do not qualify as bonds](#ie914f64e91814378a01d02ea411efb89_64)</u> | <u>[39](#ie914f64e91814378a01d02ea411efb89_61)</u> |
|  | j. | <u>[Net investment income](#ie914f64e91814378a01d02ea411efb89_64)</u> | <u>[41](#ie914f64e91814378a01d02ea411efb89_64)</u> |
|  | k. | <u>[Net realized capital losses](#ie914f64e91814378a01d02ea411efb89_67)</u> | <u>[41](#ie914f64e91814378a01d02ea411efb89_67)</u> |
|  | l. | <u>[Restricted assets](#ie914f64e91814378a01d02ea411efb89_70)</u> | <u>[42](#ie914f64e91814378a01d02ea411efb89_70)</u> |
| 6. |  | <u>[Federal income taxes](#ie914f64e91814378a01d02ea411efb89_73)</u> | <u>[43](#ie914f64e91814378a01d02ea411efb89_73)</u> |
| 7. |  | <u>[Other than invested assets](#ie914f64e91814378a01d02ea411efb89_76)</u> | <u>[50](#ie914f64e91814378a01d02ea411efb89_76)</u> |
| 8. |  | <u>[Policyholders' liabilities](#ie914f64e91814378a01d02ea411efb89_79)</u> | <u>[52](#ie914f64e91814378a01d02ea411efb89_79)</u> |
| 9. |  | <u>[Reinsurance](#ie914f64e91814378a01d02ea411efb89_82)</u> | <u>[54](#ie914f64e91814378a01d02ea411efb89_82)</u> |
| 10. |  | <u>[Withdrawal characteristics](#ie914f64e91814378a01d02ea411efb89_85)</u> | <u>[55](#ie914f64e91814378a01d02ea411efb89_85)</u> |
| 11. |  | <u>[Changes in capital and surplus](#ie914f64e91814378a01d02ea411efb89_88)</u> | <u>[58](#ie914f64e91814378a01d02ea411efb89_88)</u> |
| 12. |  | <u>[Presentation of the Statutory Statements of Cash Flows](#ie914f64e91814378a01d02ea411efb89_91)</u> | <u>[58](#ie914f64e91814378a01d02ea411efb89_91)</u> |
| 13. |  | <u>[Business risks, commitments and contingencies](#ie914f64e91814378a01d02ea411efb89_94)</u> | <u>[58](#ie914f64e91814378a01d02ea411efb89_94)</u> |
| 14. |  | <u>[Related party transactions](#ie914f64e91814378a01d02ea411efb89_109)</u> | <u>[61](#ie914f64e91814378a01d02ea411efb89_109)</u> |
| 15. |  | <u>[Subsidiaries and affiliated companies](#ie914f64e91814378a01d02ea411efb89_112)</u> | <u>[62](#ie914f64e91814378a01d02ea411efb89_112)</u> |
| 16. |  | <u>[Subsequent events](#ie914f64e91814378a01d02ea411efb89_115)</u> | <u>[64](#ie914f64e91814378a01d02ea411efb89_115)</u> |
| 17. |  | <u>[Impairment listing for loan-backed and structured securities](#ie914f64e91814378a01d02ea411efb89_118)</u> | <u>[64](#ie914f64e91814378a01d02ea411efb89_118)</u> |

---

------

![](logo.jpg)

KPMG LLP

One Financial Plaza

755 Main Street

Hartford, CT 06103

**Independent Auditors' Report**

Audit Committee of the Board of Directors

C.M. Life Insurance Company:

*Opinions*

We have audited the financial statements of C.M. Life Insurance Company (the Company), which comprise the statutory statements of financial position as of December 31, 2025 and 2024, and the related statutory statements of operations, changes in capital and surplus, and cash flows for the three-year period ended December 31, 2025, and the related notes to the financial statements.

*Unmodified Opinion on Statutory Basis of Accounting*

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for the three-year period ended December 31, 2025, in accordance with accounting practices prescribed or permitted by the State of Connecticut Insurance Department described in Note 2.

*Adverse Opinion on U.S. Generally Accepted Accounting Principles*

In our opinion, because of the significance of the matter discussed in the Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles section of our report, the financial statements do not present fairly, in accordance with U.S. generally accepted accounting principles, the financial position of the Company as of December 31, 2025 and 2024, or the results of its operations or its cash flows for the three-year period ended December 31, 2025.

*Basis for Opinions*

We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditors' Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

*Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles*

As described in Note 2 to the financial statements, the financial statements are prepared by the Company using accounting practices prescribed or permitted by the State of Connecticut Insurance Department, which is a basis of accounting other than U.S. generally accepted accounting principles. Accordingly, the financial statements are not intended to be presented in accordance with U.S. generally accepted accounting principles. The effects on the financial statements of the variances between the statutory accounting practices described in Note 2 and U.S. generally accepted accounting principles, although not reasonably determinable, are presumed to be material and pervasive.

*Responsibilities of Management for the Financial Statements*

Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting practices prescribed or permitted by the State of Connecticut Insurance Department.

KPMG LLP, a Delaware limited liability partnership, and its subsidiaries are part of

the KPMG global organization of independent member firms affiliated with KPMG

International Limited, a private English company limited by guarantee.

![](logo.jpg)

Management is also responsible for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for one year after the date that the financial statements are issued.

*Auditors' Responsibilities for the Audit of the Financial Statements*

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with GAAS, we:

● Exercise professional judgment and maintain professional skepticism throughout the audit.

● Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

● Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. Accordingly, no such opinion is expressed.

● Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.

● Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.

![](kpmg01.jpg)

Hartford, Connecticut

February 26, 2026

C.M. LIFE INSURANCE COMPANY

STATUTORY STATEMENTS OF FINANCIAL POSITION

---

| | | |
|:---|:---|:---|
| | December 31,<br>2025 | December 31,<br>2024 |
| | ($ In Millions, except for par value) | ($ In Millions, except for par value) |
| **Assets:** |  |  |
| &nbsp;&nbsp;Bonds | $2115 | $2647 |
| &nbsp;&nbsp;Preferred stocks | 11 | 11 |
| &nbsp;&nbsp;Common stocks – subsidiaries and affiliates | 216 | 227 |
| &nbsp;&nbsp;Common stocks – unaffiliated | 9 | 11 |
| &nbsp;&nbsp;Mortgage loans | 526 | 669 |
| &nbsp;&nbsp;Policy loans | 150 | 151 |
| &nbsp;&nbsp;Partnerships and limited liability companies | 170 | 161 |
| &nbsp;&nbsp;Derivatives | 627 | 669 |
| &nbsp;&nbsp;Cash, cash equivalents and short-term investments | 650 | 203 |
| &nbsp;&nbsp;Other invested assets | 224 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total invested assets | 4698 | 5005 |
| &nbsp;&nbsp;Investment income due and accrued | 50 | 84 |
| &nbsp;&nbsp;Federal income taxes | 42 | 27 |
| &nbsp;&nbsp;Net deferred income taxes | 27 | 22 |
| &nbsp;&nbsp;Other than invested assets | 209 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets excluding separate accounts | 5026 | 5332 |
| &nbsp;&nbsp;Separate account assets | 1945 | 1862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $6971 | $7194 |
| **Liabilities and Surplus:** |  |  |
| &nbsp;&nbsp;Policyholders' reserves | $2587 | $2822 |
| &nbsp;&nbsp;Liabilities for deposit-type contracts | 47 | 49 |
| &nbsp;&nbsp;Contract claims and other benefits | 5 | 3 |
| &nbsp;&nbsp;Transfers due from separate accounts | (14) | (3) |
| &nbsp;&nbsp;Payable to parent | 50 | 24 |
| &nbsp;&nbsp;General expenses due or accrued | 1 | 4 |
| &nbsp;&nbsp;Asset valuation reserve | 66 | 81 |
| &nbsp;&nbsp;Collateral | 41 | 70 |
| &nbsp;&nbsp;Derivatives | 290 | 351 |
| &nbsp;&nbsp;Other liabilities | 190 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities excluding separate accounts | 3263 | 3631 |
| &nbsp;&nbsp;Separate account liabilities | 1945 | 1862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 5208 | 5493 |
| **Capital and surplus:** |  |  |
| &nbsp;&nbsp;Common stock, $200 par value |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50,000 shares authorized |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,501 shares issued and outstanding | 3 | 3 |
| &nbsp;&nbsp;Paid-in and contributed surplus | 500 | 500 |
| &nbsp;&nbsp;Surplus | 1260 | 1198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total capital and surplus | 1763 | 1701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and capital and surplus | $6971 | $7194 |

---

See accompanying notes to statutory financial statements

------

C.M. LIFE INSURANCE COMPANY

STATUTORY STATEMENTS OF OPERATIONS

---

| | | | |
|:---|:---|:---|:---|
| | Years Ended December 31, | Years Ended December 31, | Years Ended December 31, |
| | 2025 | 2024 | 2023 |
| | (In Millions) | (In Millions) | (In Millions) |
| **Revenue:** |  |  |  |
| &nbsp;&nbsp;Premium income | $161 | $93 | $127 |
| &nbsp;&nbsp;Net investment income | 141 | 170 | 211 |
| &nbsp;&nbsp;Fees and other income | 96 | 63 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 398 | 326 | 415 |
| **Benefits, expenses and other deductions:** |  |  |  |
| &nbsp;&nbsp;Policyholders' benefits | 661 | 722 | 914 |
| &nbsp;&nbsp;Change in policyholders' reserves | (365) | (503) | (634) |
| &nbsp;&nbsp;General insurance expenses | 81 | 67 | 42 |
| &nbsp;&nbsp;Commissions | 30 | 15 | 21 |
| &nbsp;&nbsp;State taxes, licenses and fees | 9 | 9 | 7 |
| &nbsp;&nbsp;Other deductions | (4) | 4 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total benefits, expenses and other deductions | 412 | 314 | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (loss) gain from operations before dividends and federal income taxes | (14) | 12 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal income tax (benefit) expense | (2) | 8 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (loss) gain from operations | (12) | 4 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized capital losses | (17) | (6) | (15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (loss) income | $(29) | $(2) | $41 |

---

See accompanying notes to statutory financial statements

------

C.M. LIFE INSURANCE COMPANY

STATUTORY STATEMENTS OF CHANGES IN CAPITAL AND SURPLUS

---

| | | | |
|:---|:---|:---|:---|
| | Years Ended December 31, | Years Ended December 31, | Years Ended December 31, |
| | 2025 | 2024 | 2023 |
| | (In Millions) | (In Millions) | (In Millions) |
| Capital and surplus, beginning of year | $1701 | $1905 | $1780 |
| Net increase (decrease) due to: |  |  |  |
| &nbsp;&nbsp;Net (loss) income | (29) | (2) | 41 |
| &nbsp;&nbsp;Change in net unrealized capital gains (losses), net of tax | 8 | 26 | (6) |
| &nbsp;&nbsp;Change in net unrealized foreign exchange capital gains (losses), net of tax | 53 | (22) | 27 |
| &nbsp;&nbsp;Change in other net deferred income taxes | 12 | 21 | 14 |
| &nbsp;&nbsp;Change in nonadmitted assets | 10 | (8) | 38 |
| &nbsp;&nbsp;Change in asset valuation reserve | 15 | (5) | 17 |
| &nbsp;&nbsp;Change in reserve valuation basis |  | (5) |  |
| &nbsp;&nbsp;Prior period adjustments | (1) | (23) | (5) |
| &nbsp;&nbsp;Dividends paid |  | (190) |  |
| &nbsp;&nbsp;Other | (6) | 4 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) | 62 | (204) | 125 |
| Capital and surplus, end of year | $1763 | $1701 | $1905 |

---

See accompanying notes to statutory financial statements

------

C.M. LIFE INSURANCE COMPANY

STATUTORY STATEMENTS OF CASH FLOWS

---

| | | | |
|:---|:---|:---|:---|
| | Years Ended December 31, | Years Ended December 31, | Years Ended December 31, |
| | 2025 | 2024 | 2023 |
| | (In Millions) | (In Millions) | (In Millions) |
| **Cash from operations:** |  |  |  |
| &nbsp;&nbsp;Premium and other income collected | $258 | $155 | $198 |
| &nbsp;&nbsp;Net investment income | 428 | 191 | 220 |
| &nbsp;&nbsp;Benefit payments | (681) | (742) | (919) |
| &nbsp;&nbsp;Net transfers from separate accounts | 120 | 140 | 100 |
| &nbsp;&nbsp;Commissions and other expenses | (99) | (89) | (58) |
| &nbsp;&nbsp;Federal and foreign income taxes (recovered) paid | (7) | 9 | (5) |
| &nbsp;&nbsp;Net cash from (used in) operations | 19 | (336) | (464) |
| **Cash from investments:** |  |  |  |
| &nbsp;&nbsp;Proceeds from investments sold, matured or repaid: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bonds | 541 | 684 | 1327 |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred and common stocks – unaffiliated |  | 3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stocks – affiliated |  |  | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans | 149 | 120 | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;Partnerships and limited liability companies | 19 | 23 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivatives | 20 | (37) | (13) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 28 | (7) | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment proceeds | 757 | 786 | 1646 |
| &nbsp;&nbsp;Cost of investments acquired: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bonds | (221) | (762) | (231) |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred and common stocks – unaffiliated |  | (6) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stocks – affiliated |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans | (17) | (1) | (61) |
| &nbsp;&nbsp;&nbsp;&nbsp;Partnerships and limited liability companies | (25) | (26) | (17) |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivatives | (9) | (12) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 22 | (22) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments acquired | (250) | (829) | (309) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (increase) decrease in policy loans |  | (6) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash from (used in) investing activities | 507 | (49) | 1338 |
| **Cash from financing and miscellaneous sources:** |  |  |  |
| &nbsp;&nbsp;Net withdrawals on deposit-type contracts | (3) | (8) | (14) |
| &nbsp;&nbsp;Change in collateral | (29) | 31 | (162) |
| &nbsp;&nbsp;Dividend paid |  | (190) |  |
| &nbsp;&nbsp;Contribution received |  |  |  |
| &nbsp;&nbsp;Other cash (used) provided | (47) | 15 | (15) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing and miscellaneous sources | (79) | (152) | (191) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in cash, cash equivalents and short-term investments | 447 | (537) | 683 |
| Cash, cash equivalents and short-term investments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | 203 | 740 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $650 | $203 | $740 |

---

See accompanying notes to statutory financial statements

------

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS

***1.&nbsp;&nbsp;&nbsp;&nbsp;Nature of operations***

These statutory financial statements include C.M. Life Insurance Company (the Company), a wholly owned stock life insurance subsidiary of Massachusetts Mutual Life Insurance Company (MassMutual). The Company is domiciled in the State of Connecticut. It provides life insurance and annuities to individuals and group life insurance to institutions.

MassMutual is a mutual life insurance company domiciled in the Commonwealth of Massachusetts. MassMutual and its subsidiaries provide individual and group life insurance, disability income insurance (DI), individual and group annuities and guaranteed interest contracts (GICs) to individual and institutional customers in all 50 states of the United States of America (U.S.), the District of Columbia and Puerto Rico. Products and services are offered primarily through the Company's affiliated distribution channel, MassMutual Strategic Distributors (MMSD), Institutional Solutions (IS) and Worksite distribution channels.

The affiliated distribution channel is a sales force of financial professionals that operate in the U.S. The affiliated distribution channel sells life insurance, annuities, hybrid life, and DI. The Company's MMSD channel sells life insurance, DI, annuity, and hybrid life solutions through a network of third-party distribution partners. The Company's IS distribution channel places group annuities, life insurance and GICs primarily through retirement advisory firms, actuarial consulting firms, investment banks, insurance benefit advisors and investment management companies. The Company's Worksite channel works with advisors and employers across the country to provide American workers with voluntary and executive benefits such as group whole life insurance, group critical illness insurance, group accident insurance and DI, through the workplace.

***2.&nbsp;&nbsp;&nbsp;&nbsp;Summary of significant accounting policies***

***a.&nbsp;&nbsp;&nbsp;&nbsp;Basis of presentation***

The statutory financial statements have been prepared in conformity with the statutory accounting practices of the National Association of Insurance Commissioners (NAIC) and the accounting practices prescribed or permitted by the State of Connecticut Insurance Department (the Department).

Statutory accounting practices are different in some respects from financial statements prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP). The more significant differences between statutory accounting practices and U.S. GAAP are as follows:

*Invested assets*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bonds are generally carried at amortized cost, whereas U.S. GAAP reports bonds at fair value for bonds available for sale and trading or at amortized cost for bonds held to maturity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-conforming bonds are generally carried at purchase price, whereas U.S GAAP does not have the concept of non-conforming bonds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Residual tranches are generally carried at the lower of cost or market, whereas U.S. GAAP reports residual tranches at fair value

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investments in surplus notes are generally carried at purchase price and accrued income is disallowed, whereas U.S. GAAP reports investments in surplus notes at fair value and accrued income is allowed

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in the fair value of derivative financial instruments are recorded as changes in surplus, whereas U.S. GAAP generally reports these changes in revenue unless deemed an effective hedge

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interest rate and credit default swaps associated with replicated synthetic investment transactions are carried at amortized cost, whereas U.S. GAAP would carry them at fair value

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Embedded derivatives are recorded as part of the underlying contract, whereas U.S. GAAP would identify and bifurcate certain embedded derivatives from the host contract or security and account for them separately at fair value

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C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Income recognition on partnerships and limited liability companies, which are accounted for under the equity method, is limited to the amount of cash distribution and accumulated undistributed earnings, whereas U.S. GAAP is without limitation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certain majority-owned subsidiaries and variable interest entities are accounted for using the equity method, whereas U.S. GAAP would consolidate these entities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Financial assets including mortgage and other commercial loans, equipment loans, held-to-maturity debt securities, and trade, lease, reinsurance and other receivables are accounted for using the other-than-temporary impairments(s) (OTTI) model described in Note 2aa, whereas U.S. GAAP would use the current expected credit loss impairment model for these financial assets carried at amortized cost

*Policyholders' liabilities*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* Statutory policy reserves are generally based upon prescribed methods, such as the Commissioners' Reserve Valuation Method, Commissioners' Annuity Reserve Valuation Method or net level premium method, and prescribed statutory mortality, morbidity and interest assumptions at the time of issuance, whereas U.S. GAAP policy reserves would generally be based upon the net level premium method or the estimated gross margin method with estimates of future mortality, morbidity, persistency and interest

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* Liabilities for policyholders' reserves, unearned premium, and unpaid claims are presented net of reinsurance ceded, whereas U.S. GAAP would present the liabilities on a direct basis and report an asset for the amounts recoverable or due from reinsurers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* Payments received for universal and variable life insurance products, certain variable and fixed deferred annuities and group annuity contracts are reported as premium income and corresponding change in reserves, whereas U.S. GAAP would treat these payments as deposits to policyholders' account balances

*General insurance expenses and commissions*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certain acquisition costs, such as commissions and other variable costs, directly related to successfully acquiring new business are charged to current operations as incurred, whereas U.S. GAAP generally would capitalize these expenses and amortize them based on a constant level basis over the expected life of the contracts

*Net realized capital (losses) gains*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• After-tax realized capital (losses) gains that result from changes in the overall level of interest rates for all types of fixed-income investments and interest-related hedging activities are deferred into the interest maintenance reserve (IMR) and amortized into revenue, whereas U.S. GAAP reports these gains and losses as revenue

*Capital and surplus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in the balances of deferred income taxes, which provide for book versus tax temporary differences, are subject to limitation and are recorded in surplus, whereas U.S. GAAP would generally include the change in deferred taxes in net income without limitation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Assets are reported at admitted asset value and assets designated as nonadmitted are excluded through a charge against surplus, whereas U.S. GAAP recognizes all assets, net of any valuation allowances

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An asset valuation reserve (AVR) is reported as a contingency reserve to stabilize surplus against fluctuations in the statement value of real estate, partnerships and limited liability companies and certain common stocks as well as credit-related changes in the value of bonds, mortgage loans and certain derivatives, whereas U.S. GAAP does not record this reserve and deploys the current expected credit loss impairment model as changes through equity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes to the mortgage loan valuation allowance are recognized in net unrealized capital gains (losses), net of tax, in the Statutory Statements of Changes in Capital and Surplus, whereas U.S. GAAP follows the current expected credit losses model with changes recognized in the income statement

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C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Statutory Statements of Changes in Capital and Surplus includes net income, change in net unrealized capital gains (losses), change in net unrealized foreign exchange capital gains (losses), change in other net deferred income taxes, change in nonadmitted assets, change in AVR, prior period adjustments and change in minimum pension liability, whereas U.S. GAAP presents net income as retained earnings and net unrealized capital gains (losses), change in net unrealized foreign exchange capital gains (losses), change in minimum pension liability as other comprehensive income

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The change in the fair value for unaffiliated common stocks is recorded in surplus, whereas the change in the fair value for ownership interests in an entity not accounted for under the equity method or consolidated are recorded in revenue for U.S. GAAP

*Other* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Assets and liabilities associated with certain variable universal life contracts, which do not pass-through all investment experience to contract holders, are maintained in separate accounts and are presented on a single line in the statutory financial statements, whereas U.S. GAAP reports these contracts as general investments and liabilities of the Company

The preparation of financial statements requires management to make estimates and assumptions that impact the reported amounts of assets and liabilities, the disclosure of assets and liabilities as of the date of these statutory financial statements and the reported amounts of revenues and expenses during the reporting periods. The most significant estimates and assumptions include those used in determining the carrying values of investments including the amount of mortgage loan investment valuation reserves, other-than-temporary impairment, the value of the investment in the liabilities for policyholders' reserves, the determination of admissible deferred tax assets (DTA), the liability for taxes and the liability for litigation or other contingencies. Future events including, but not limited to, changes in the level of mortality, morbidity, interest rates, persistency, asset valuations and defaults could cause results to differ from the estimates used in these statutory financial statements. Although some variability is inherent in these estimates, management believes the amounts presented are appropriate.

Certain prior year amounts within these financial statements have been reclassified to conform to the current year presentation.

***b.&nbsp;&nbsp;&nbsp;&nbsp;Corrections of errors and reclassifications***

For the years ended December 31, 2025 and 2024 corrections of prior years' errors were recorded in surplus, net of tax:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Years Ended December 31, 2025 and 2024 | Years Ended December 31, 2025 and 2024 | Years Ended December 31, 2025 and 2024 | Years Ended December 31, 2025 and 2024 | Years Ended December 31, 2025 and 2024 | Years Ended December 31, 2025 and 2024 |
| | Increase (Decrease) to: | Increase (Decrease) to: | Increase (Decrease) to: | Increase (Decrease) to: | Increase (Decrease) to: | Increase (Decrease) to: |
| | Prior Years' <br>Net Income | Prior Years' <br>Net Income | Current Year Surplus | Current Year Surplus | Asset or Liability Balances | Asset or Liability Balances |
| | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| Bonds | $1 | $— | $1 | $— | $1 | $— |
| Cash, cash equivalents and short-term investments |  | (18) |  | (18) |  | (18) |
| Investment income due and accrued | (7) | (5) | (7) | (5) | (7) | (5) |
| Other liabilities | 5 |  | 5 | (9) | (5) | 9 |
| &nbsp;&nbsp;Total | $(1) | $(23) | $(1) | $(32) |  |  |

---

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C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

***c.&nbsp;&nbsp;&nbsp;&nbsp;Bonds***

Bonds are generally valued at amortized cost using the constant yield interest method with the exception of NAIC Category 6 bonds, which are in or near default, and certain residential mortgage-backed securities (RMBS) and commercial mortgage-backed securities (CMBS), which are rated by outside modelers, which are carried at the lower of amortized cost or fair value. NAIC ratings are applied to bonds and other investments. Categories 1 and 2 are considered investment grade, while Categories 3 through 6 are considered below investment grade. Bonds are recorded on a trade date basis, except for private placement bonds, which are recorded on the funding date.

For loan-backed and structured securities, such as asset-backed securities (ABS), mortgage-backed securities (MBS), including RMBS and CMBS, and structured securities, including collateralized debt obligations (CDOs), amortization or accretion is revalued quarterly based on the current estimated cash flows, using either the prospective or retrospective adjustment methodologies.

Fixed income securities with the highest ratings from a rating agency follow the retrospective method of accounting.

All other fixed income securities, such as floating rate bonds and interest only securities, including those that have been impaired, follow the prospective method of accounting.

The fair value of bonds is based on quoted market prices when available. If quoted market prices are not available, values provided by other third-party organizations are used. If values provided by other third-party organizations are unavailable, fair value is estimated using internal models by discounting expected future cash flows using observable current market rates applicable to yield, credit quality and maturity of the investment or using quoted market values for comparable investments. Internal inputs used in the determination of fair value include estimated prepayment speeds, default rates, discount rates and collateral values, among others. Structure characteristics and cash flow priority are also considered. Fair values resulting from internal models are those expected to be received in an orderly transaction between willing market participants.

Refer to *Note 2aa. "Net realized capital losses including other-than-temporary impairments and unrealized capital gains (losses)"* for information on the Company's policy for determining OTTI.

***d.&nbsp;&nbsp;&nbsp;&nbsp;Preferred stocks***

Preferred stocks in good standing, those that are rated Categories 1 through 3 by the Securities Valuation Office (SVO) of the NAIC, are generally valued at amortized cost. Preferred stocks not in good standing, those that are rated Categories 4 through 6 by the SVO, are valued at the lower of amortized cost or fair value. Fair values are based on quoted market prices, when available. If quoted market prices are not available, values provided by third-party organizations are used. If values provided by third-party organizations are unavailable, fair value is estimated using internal models. These models use inputs not directly observable or correlated with observable market data. Typical inputs integrated into the Company's internal discounted expected earnings models include, but are not limited to, earnings before interest, taxes, depreciation and amortization estimates. Fair values resulting from internal models are those expected to be received in an orderly transaction between willing market participants.

Refer to *Note 2aa. "Net realized capital losses including other-than-temporary impairments and unrealized capital gains (losses)"* for information on the Company's policy for determining OTTI.

***e.&nbsp;&nbsp;&nbsp;&nbsp;Common stocks - subsidiaries and affiliates***

The Company accounts for the value of its subsidiary and affiliate, primarily, MML Bay State Life Insurance Company (MML Bay State), a wholly owned stock life insurance subsidiary, at their underlying statutory net equity. MML Bay State's operating results, less dividends declared, are reflected as net unrealized capital gains in the Statutory Statements of Changes in Capital and Surplus. Dividends are recorded in net investment income when declared. The cost basis of common stocks - subsidiaries and affiliates is adjusted for impairments deemed to be other than temporary consistent with common stocks - unaffiliated.

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C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

***f.&nbsp;&nbsp;&nbsp;&nbsp;Common stocks - unaffiliated***

Unaffiliated common stocks are carried at fair value, which is based on quoted market prices when available. If quoted market prices are not available, values provided by third-party organizations are used. If values from third parties are unavailable, fair values are determined by management using estimates based upon internal models. The Company's internal models include estimates based upon comparable company analysis, review of financial statements, broker quotes and last traded price. Fair values resulting from internal models are those expected to be received in an orderly transaction between willing market participants.

Refer to *Note 2aa. "Net realized capital losses including other-than-temporary impairments and unrealized capital gains (losses)"* for information on the Company's policy for determining OTTI.

***g.&nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans***

Mortgage loans are valued at the unpaid principal balance of the loan, net of unamortized premium, discount, mortgage origination fees and valuation allowances. Interest income earned on impaired loans is accrued on the outstanding principal balance of the loan based on the loan's contractual coupon rate. Interest is not accrued for (a) impaired loans more than 60 days past due, (b) delinquent loans more than 90 days past due, or (c) loans that have interest that is not expected to be collected. The Company continually monitors mortgage loans where the accrual of interest has been discontinued, and will resume the accrual of interest on a mortgage loan when the facts and circumstances of the borrower and property indicate that the payments will continue to be received according to the terms of the original or modified mortgage loan agreement.

Refer to *Note 2aa. "Net realized capital losses including other-than-temporary impairments and unrealized capital gains (losses)"* for information on the Company's policy for determining OTTI.

***h.&nbsp;&nbsp;&nbsp;&nbsp;Policy loans***

Policy loans are carried at the outstanding loan balance less amounts unsecured by the cash surrender value of the policy and amounts ceded to reinsurers.

***i.&nbsp;&nbsp;&nbsp;&nbsp;Partnerships and limited liability companies***

Partnerships and limited liability companies, except for partnerships that generate and realize low-income housing tax credits (LIHTCs), are accounted for using the equity method with the change in the equity value of the underlying investment recorded in surplus. Distributions received are recognized as net investment income to the extent the distribution does not exceed previously recorded accumulated undistributed earnings.

Investments in partnerships that generate LIHTCs are carried at amortized cost unless considered impaired. Under the amortized cost method, the excess of the carrying value of the investment over its estimated residual value is amortized into net investment income during the period in which tax benefits are recognized.

The equity method is suspended if the carrying value of the investment is reduced to zero due to losses from the investment. Once the equity method is suspended, losses are not recorded until the investment returns to profitability and the equity method is resumed. However, if the Company has guaranteed obligations of the investment or is otherwise committed to provide further financial support for the investment, losses will continue to be reported up to the amount of those guaranteed obligations or commitments.

Refer to *Note 2aa. "Net realized capital losses including other-than-temporary impairments and unrealized capital gains (losses)"* for information on the Company's policy for determining OTTI.

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C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

***j.&nbsp;&nbsp;&nbsp;&nbsp;Derivatives***

Interest rate swaps and credit default swaps associated with replicated assets are valued at amortized cost and all other derivative types are carried at fair value, which is based primarily upon quotations obtained from counterparties and independent sources. These quotations are compared to internally derived prices and a price challenge is lodged with the counterparties and independent sources when a significant difference cannot be explained by appropriate adjustments to the internal model. When quoted market values are not reliable or available, the value is based on an internal valuation process using market observable inputs that other market participants would use. Changes in the fair value of these instruments other than interest rate swaps and credit default swaps associated with replicated synthetic investments are recorded as unrealized capital gains (losses) in surplus. Gains and losses realized on settlement, termination, closing or assignment of contracts are recorded in net realized capital (losses) gains. Amounts receivable and payable are accrued as net investment income.

***k.&nbsp;&nbsp;&nbsp;&nbsp;Cash, cash equivalents and short-term investments***

Cash and cash equivalents, which are carried at amortized cost, consist of all highly liquid investments purchased with original maturities of three months or less.

Short-term investments, which are carried at amortized cost, consist of short-term bonds and all highly liquid investments purchased with maturities of greater than three months and less than or equal to 12 months.

The carrying value reported in the Statutory Statements of Financial Position for cash, cash equivalents and short-term investment instruments approximates the fair value.

***l*.***&nbsp;&nbsp;&nbsp;&nbsp;Debt securities that do not qualify as bonds***

Debt securities that do not qualify as bonds represent investments with fixed schedule of future payments that no not qualify for bond reporting under SSAP No. 26. These include securities that lack a substantive creditor relationship, do not provide meaningful credit enhancement, or do not generate sufficient cash flows.

Refer to *Note 2aa. "Net realized capital losses including other-than-temporary impairments and unrealized capital gains (losses)"* for information on the Company's policy for determining OTTI.

***m.&nbsp;&nbsp;&nbsp;&nbsp;Investment income due and accrued***

Accrued investment income consists primarily of interest, which is recognized on an accrual basis.

***n.&nbsp;&nbsp;&nbsp;&nbsp;Other than invested assets***

Other than invested assets primarily includes deferred and uncollected life insurance premium, reinsurance recoverable, and other receivables.

***o.&nbsp;&nbsp;&nbsp;&nbsp;Separate accounts***

Separate accounts and sub-accounts are segregated funds administered and invested by the Company, the performance of which primarily benefits the policyholders/contract holders with an interest in the separate accounts. Group and individual variable annuity, variable life and other insurance policyholders/contract holders select from among the separate accounts and sub-accounts made available by the Company. The separate accounts and sub-accounts are offered as investment options under certain insurance contracts or policies. The returns produced by separate account assets increase or decrease separate account reserves. Separate account assets consist principally of marketable securities reported at fair value. Except for the Company's seed money, supplemental accounts and certain guaranteed separate accounts issued in Minnesota, separate account assets can only be used to satisfy separate account liabilities and are not available to satisfy the general obligations of the Company. Separate account administrative and investment advisory fees are included in fees and other income.

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C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

The Company has only separate accounts classified as nonguaranteed for which the policyholder/contract holder assumes the investment risk.

Premium income, benefits and expenses of the separate accounts are included in the Statutory Statements of Operations with the offset recorded in the change in policyholders' reserves. Investment income, realized capital gains (losses) and unrealized capital gains (losses) on the assets of separate accounts, other than seed money, accrue to policyholders/contract holders and are not recorded in the Statutory Statements of Operations.

***p.&nbsp;&nbsp;&nbsp;&nbsp;Nonadmitted assets***

Assets designated as nonadmitted by the NAIC primarily include the amount of DTA (subject to certain limitations) that will not be realized by the end of the third calendar year following the current year end, certain investments in partnerships and limited liability companies for which qualifying audits are not performed, advances and prepayments, investment income due and accrued, and certain other receivables. Assets that are designated as nonadmitted are excluded from the Statutory Statements of Financial Position through a change in nonadmitted assets on the Statutory Statements of Changes in Capital and Surplus.

***q.&nbsp;&nbsp;&nbsp;&nbsp;Reinsurance***

The Company enters into reinsurance agreements with affiliated and unaffiliated insurers in the normal course of business to limit its insurance risk or to assume business.

Premium income, policyholders' benefits (including unpaid claims) and policyholders' reserves are reported net of reinsurance. Premium, benefits and reserves related to reinsured business are accounted for on bases consistent with those used in accounting for the original policies issued and the terms of the reinsurance contracts. The Company records a receivable for reinsured benefits paid, but not yet reimbursed by the reinsurer and reduces policyholders' reserves for the portion of insurance liabilities that are reinsured. Commissions and expense allowances on reinsurance ceded and modified coinsurance (Modco) reserve adjustments on reinsurance ceded are recorded as revenue.

***r.&nbsp;&nbsp;&nbsp;&nbsp;Policyholders' reserves***

Policyholders' reserves are developed by actuarial methods that will provide for the present value of estimated future obligations in excess of estimated future premium on policies in force and are determined based on either statutory prescribed mortality/morbidity tables using specified interest rates and valuation methods, or principles-based reserving under Valuation Manual-20, which considers a wide range of future economic conditions, computed using justified company experience factors, such as mortality, policyholder behavior and expenses.

Certain variable universal life and universal life contracts include features such as guaranteed minimum death benefits (GMDB) or other guarantees that ensure continued death benefit coverage when the policy would otherwise lapse. The value of the guarantee is only available to the beneficiary in the form of a death benefit. The liability for variable and universal life GMDB and other guarantees is included in policyholders' reserves and the related change in this liability is included in change in policyholders' reserves in the Statutory Statements of Operations.

The fixed index annuity product offers guaranteed lifetime withdrawal benefit (GLWB). A GLWB provides the annuity contract holder with a guarantee that a minimum amount will be available for withdrawal annually for life regardless of the contract value.

Certain individual variable annuity and fixed annuity products offer GMDB. The liability for GMDB is included in policyholders' reserves and the related change in this liability is included in change in policyholders' reserves in the Statutory Statement of Operations.

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C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

Tabular interest, tabular reserves, reserves released, and tabular cost for all life and annuity contracts and supplementary contracts involving life contingencies are determined in accordance with NAIC Annual Statement instructions. For tabular interest, whole life and term products use a formula that applies a weighted average interest rate determined from a seriatim valuation file to the mean average reserves. Universal life, variable life, group life, annuity and supplemental contracts use a formula that applies a weighted average credited rate to the mean account value. For contracts without an account value (e.g., a single premium immediate annuity) a weighted average statutory valuation rate is applied to the mean statutory reserve or accepted actuarial methods using applicable interest rates are applied.

All policyholders' reserves and accruals are presented net of reinsurance. Management believes that these liabilities and accruals follow statutory accounting requirements and are sufficient, in conjunction with future revenues, to meet future anticipated obligations of policies and contracts in force.

***s.&nbsp;&nbsp;&nbsp;&nbsp;Liabilities for deposit-type contracts***

Liabilities for investment-type contracts such as supplementary contracts not involving life contingencies are based on account value or accepted actuarial methods using applicable interest rates.

***t. &nbsp;&nbsp;&nbsp;&nbsp;Transfers due from separate accounts***

Transfers due from separate accounts represent a net receivable from the Company's separate accounts.

***u.&nbsp;&nbsp;&nbsp;&nbsp;Federal income taxes***

Total federal income taxes are based upon the Company's best estimate of its current and deferred tax assets or liabilities. Current tax expense (benefit) is reported in the Statutory Statements of Operations as federal income tax expense (benefit) if resulting from operations and within net realized capital (losses) gains if resulting from invested asset transactions. Changes in the balances of net deferred taxes, which provide for book-to-tax temporary differences, are subject to limitations and are reported within various lines within surplus. Accordingly, the reporting of book-to-tax temporary differences, such as reserves and policy acquisition costs, and of book-to-tax permanent differences, such as tax-exempt interest and tax credits, may result in effective tax rates in the Statutory Statements of Operations that differ from the federal statutory tax rate.

***v.&nbsp;&nbsp;&nbsp;&nbsp;Asset valuation reserve***

The Company maintains an AVR that is a contingency reserve to stabilize surplus against fluctuations in the carrying value of common stocks, real estate, partnerships and limited liability companies as well as credit-related changes in the value of bonds, preferred stocks, mortgage loans, and certain derivatives. The AVR is reported as a liability within the Statutory Statements of Financial Position and the change in AVR, net of tax, is reported within the Statutory Statements of Changes in Capital and Surplus.

***w.&nbsp;&nbsp;&nbsp;&nbsp;Repurchase agreements***

Repurchase agreements are contracts under which the Company sells securities and simultaneously agrees to repurchase the same or substantially the same securities. These repurchase agreements are carried at cost and accounted for as collateralized borrowings with the proceeds from the sale of the securities recorded as a liability while the underlying securities continue to be recorded as an investment by the Company. Earnings on these investments are recorded as investment income and the difference between the proceeds and the amount at which the securities will be subsequently reacquired is amortized as interest expense. Repurchase agreements are used as a tool for overall portfolio management to help ensure the Company maintains adequate assets in order to provide yield, spread and duration to support liabilities and other corporate needs.

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C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

The Company provides collateral, as dictated by the repurchase agreements, to the counterparty in exchange for a loan. If the fair value of the securities sold becomes less than the loan, the counterparty may require additional collateral.

The carrying value reported in the Statutory Statements of Financial Position for repurchase agreements approximates the fair value.

***x.&nbsp;&nbsp;&nbsp;&nbsp;Interest maintenance reserve***

The Company maintains an IMR that is used to stabilize net income against fluctuations in interest rates. After-tax realized capital gains (losses), which result from changes in interest rates for all types of fixed-income investments and interest-related derivatives, are deferred into the IMR and amortized into net investment income using the grouped amortization method. In the grouped amortization method, assets are grouped based on years of maturity. IMR is reduced by the amount ceded to reinsurers when entering into in force coinsurance ceding agreements. The IMR is included in other liabilities or, if negative, is included as net negative (Disallowed) IMR for any admitted portion in other than invested assets.

***y.&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities***

Other liabilities primarily consist of the derivative interest expense liability, remittances and items not allocated, other miscellaneous liabilities, and accrued separate account transfers.

***z.&nbsp;&nbsp;&nbsp;&nbsp;Premium and related expense recognition***

Life insurance premium revenue is generally recognized annually on the anniversary date of the policy. However, premium for flexible products, primarily universal life and variable universal life contracts, is recognized as revenue when received. Annuity premium is recognized as revenue when received.

Premium revenue is adjusted by the related deferred premium adjustment. Deferred premium adjusts for the overstatement created in the calculation of reserves as the reserve computation assumes the entire year's net premium is collected annually at the beginning of the policy year and does not take into account installment or modal payments.

Commissions and other costs related to issuance of new policies and policy maintenance and settlement costs are charged to current operations when incurred. Surrender fee charges on certain life and annuity products are recorded as a reduction of benefits and expenses.

***aa.&nbsp;&nbsp;&nbsp;&nbsp;Net realized capital losses including other-than-temporary impairments and unrealized capital gains (losses)***

Net realized capital losses, net of taxes, exclude gains (losses) deferred into the IMR and gains (losses) of the separate accounts. Net realized capital losses, including OTTI, are recognized in net income and are determined using the specific identification method.

*Bonds - general*

The Company employs a systematic methodology to evaluate OTTI by conducting a quarterly analysis of bonds. OTTI is evaluated in a manner consistent with market participant assumptions. The Company considers the following factors, where applicable depending on the type of securities, in the evaluation of whether a decline in value is other than temporary: (a) the likelihood that the Company will be able to collect all amounts due according to the contractual terms of the debt security; (b) the present value of the expected future cash flows of the security; (c) the characteristics, quality and value of the underlying collateral or issuer securing the position; (d) collateral structure; (e) the length of time and extent to which the fair value has been below amortized cost; (f) the financial condition and near-term prospects of the issuer; (g) adverse conditions related to the security or industry; (h) the rating of the security; (i) the Company's ability and intent to hold the investment for a period of time sufficient to

------

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

allow for an anticipated recovery to amortized cost; and (j) other qualitative and quantitative factors in determining the existence of OTTI including, but not limited to, unrealized loss trend analysis and significant short-term changes in value.

In addition, if the Company has the intent to sell, or the inability, or lack of intent to retain the investment for a period sufficient to recover the amortized cost basis, an OTTI is recognized as a realized loss equal to the entire difference between the investment's amortized cost basis and its fair value at the balance sheet date.

When a bond is other-than-temporarily impaired, a new cost basis is established.

*Bonds - corporate*

For corporate securities, if it is determined that a decline in the fair value of a bond is other than temporary, OTTI is recognized as a realized loss equal to the difference between the investment's amortized cost basis and, generally, its fair value at the balance sheet date.

The Company analyzes investments whose fair value is below the cost for impairment. Generally, if the investment experiences significant credit or interest rate related deterioration, the cost of the investment is not recoverable, or the Company intends to sell the investment before anticipated recovery, an OTTI is recognized as realized investment loss.

*Bonds - loan-backed and structured securities*

For loan-backed and structured securities, if the present value of cash flows expected to be collected is less than the amortized cost basis of the security, an OTTI is recognized as a realized loss equal to the difference between the investment's amortized cost basis and the present value of cash flows expected to be collected. The expected cash flows are discounted at the security's effective interest rate. Internal inputs used in determining the amount of the OTTI on structured securities include collateral performance, prepayment speeds, default rates, and loss severity based on borrower and loan characteristics, as well as deal structure including subordination, over-collateralization and cash flow priority.

ABS and MBS are evaluated for OTTI using scenarios and assumptions based on the specifics of each security including collateral type, loan type, vintage and subordination level in the structure. Cash flow estimates are based on these assumptions and inputs obtained from external industry sources along with internal analysis and actual experience. Where applicable, assumptions include prepayment speeds, default rates and loss severity, weighted average maturity and changes in the underlying collateral values.

The Company has a review process for determining if CDOs are at risk for OTTI. For the senior, mezzanine and junior debt tranches, cash flows are modeled using multiple scenarios based on the current ratings and values of the underlying corporate credit risks and incorporating prepayment and default assumptions that vary according to collateral attributes of each CDOs. The prepayment and default assumptions are varied within each model based upon rating (base case), historical expectations (default), rating change improvement (optimistic), rating change downgrade (pessimistic) and fair value (market). The default rates produced by these multiple scenarios are assigned an expectation weight according to current market and economic conditions and fed into a final scenario. OTTI is recorded if this final scenario results in the loss of any principal or interest payments due.

For the most subordinated junior CDOs tranches, the present value of the projected cash flows in the final scenario is measured using an effective yield. If the current book value of the security is greater than the present value measured using an effective yield, an OTTI is taken in an amount sufficient to produce its effective yield. Certain CDOs cannot be modeled using all of the scenarios because of limitations on the data needed for all scenarios. The cash flows for these CDOs, including foreign currency denominated CDOs, are projected using a customized scenario that management believes is reasonable for the applicable collateral pool.

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C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

For loan-backed and structured securities, any difference between the new amortized cost basis and any increased present value of future cash flows expected to be collected is accreted into net investment income over the expected remaining life of the bond.

*Common and preferred stocks*

The cost basis of common and preferred stocks is adjusted for impairments deemed to be other than temporary. The Company considers the following factors in the evaluation of whether a decline in value is other than temporary: (a) the financial condition and near-term prospects of the issuer; (b) the Company's ability and intent to retain the investment for a period sufficient to allow for a near-term recovery in value; and (c) the period and degree to which the value has been below cost. The Company conducts a quarterly analysis of issuers whose common or preferred stock is not-in-good standing or valued below 80% of cost. The Company also considers other qualitative and quantitative factors in determining the existence of OTTI including, but not limited to, unrealized loss trend analysis and significant short-term changes in value.

*Mortgage loans*

The Company performs internal reviews at least annually to determine if individual mortgage loans are performing or nonperforming. The fair values of performing mortgage loans are estimated by discounting expected future cash flows using current interest rates for similar loans with similar credit risk. For nonperforming loans, the fair value is the estimated collateral value of the underlying real estate. If foreclosure is probable, the Company will obtain an external appraisal.

Mortgage loans are considered to be impaired when, based upon current available information and events, it is probable that the Company will be unable to collect all amounts of principal and interest due according to the contractual terms of the mortgage loan agreement. A valuation allowance is recorded on a loan-by-loan basis in net unrealized capital losses for the excess of the carrying value of the mortgage loan over the fair value of its underlying collateral. Such information or events could include property performance, capital budgets, future lease roll, a property inspection as well as payment trends. Collectability and estimated decreases in collateral values are also assessed on a loan-by-loan basis considering all events and conditions relevant to the loan. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revisions as more information becomes available, as changes occur in the market or as negotiations with the borrowing entity evolve. If there is a change in the fair value of the underlying collateral or the estimated loss on the loan, the valuation allowance is adjusted accordingly. An OTTI occurs upon the realization of a credit loss, typically through foreclosure or after a decision is made to accept a discounted payoff, and is recognized in realized capital losses. The previously recorded valuation allowance is reversed from unrealized capital losses. When an OTTI is recorded, a new cost basis is established reflecting estimated value of the collateral.

*Partnerships and limited liability companies*

When it is probable that the Company will be unable to recover the outstanding carrying value of an investment based on undiscounted cash flows, or there is evidence indicating an inability of the investee to sustain earnings to justify the carrying value of the investment, OTTI is recognized in realized capital losses reflecting the excess of the carrying value over the estimated fair value of the investment. The estimated fair values of limited partnership interests are generally based on the Company's share of the net asset value (NAV) as provided in the financial statements of the investees. In certain circumstances, management may adjust the NAV by a premium or discount when it has sufficient evidence to support applying such adjustments.

For determining impairments in partnerships that generate LIHTCs, the Company uses the present value of all future benefits, the majority of which are tax credits, discounted at a risk-free rate for future benefits of ten or more years and compares the results to its current book value. Impairments are recognized in realized capital losses reflecting the excess of the carrying value over the estimated fair value of the investment.

------

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

*Unrealized capital gains (losses)*

Unrealized capital gains (losses) include changes in the fair value of derivatives, excluding interest rate swaps and credit default index swaps associated with replicated assets; currency translation adjustments on foreign-denominated bonds; changes in the fair value of unaffiliated common stocks; changes in the fair value of bonds and preferred stocks that are carried at fair value; and changes in the inflation adjustments on U.S Treasury inflation-indexed securities. Changes in the Company's equity investments in partnerships and limited liability companies, including the earnings as reported on the financial statements, earnings recorded as accumulated undistributed earnings, foreign exchange asset valuation and mark-to-market on operating assets, and certain subsidiaries and affiliates are also reported as changes in unrealized capital gains (losses). Unrealized capital gains (losses) are recorded as a change in net unrealized capital gains (losses), net of tax, within the Statutory Statements of Changes in Capital and Surplus.

***3.&nbsp;&nbsp;&nbsp;&nbsp;New accounting standards***

***Adoption of new accounting standards***

In August 2025, the NAIC adopted revisions to INT 23-01 (Disallowed IMR) which extended the effective date of the INT to December 31, 2026 and added additional disclosure requirements and clarifications to the guidance in the INT.

INT 23-01 provided optional, limited-term guidance for the assessment of disallowed IMR for up to 10% of adjusted general account capital and surplus. An insurer's capital and surplus must first be adjusted to exclude certain "soft assets" including net positive goodwill, electronic data processing equipment and operating system software, net DTA and admitted disallowed IMR. An insurer is only able to admit the negative IMR if the insurer's risk-based capital is over 300% of the authorized control level after adjusting to remove the assets described above.

Negative IMR may be admitted first in the insurer's general account and then, if all disallowed IMR in the general account is admitted and the percentage limit is not reached, to the separate account proportionately between insulated and noninsulated accounts. If the insurer can demonstrate historical practice in which acquired gains from derivatives were also reversed to IMR (as liabilities) and amortized, there is no exclusion for derivatives losses. INT 23-01 was adopted by the Company as of September 30, 2023.

To the extent the Company's IMR balance is a net negative, the effects of INT 23-01 are reflected in the Company's financial position, results of operations, and financial statement disclosures. The Company has adopted revisions to INT 23-01, which did not have a material effect on the Company's financial statements.

Effective January 1, 2024, the NAIC adopted revisions to avoid allocating realized gains or losses from bond sales to the IMR when sold before a rating downgrade. Revisions were also made to avoid allocating realized gains or losses from mortgage loan sales when there is a credit loss allowance, where payments are not 90 days past due. Revisions were also made to update guidance on changes in credit ratings used to allocate credit or interest rate related gains or losses, requiring identification of realized losses from acute credit events to be allocated to AVR. The modifications did not have a material effect on the Company's financial statements.

Effective March 16, 2024, the NAIC adopted revisions to the requirements of audit and admissibility in SSAP No. 97 – Investments in Subsidiary, Controlled and Affiliated Entities (SCA) to better align with the guidance on the look-through methodology. The revisions allow for admitting audited investments in entities owned by unaudited downstream noninsurance holding company SCA entity. The modifications did not have a material effect on the Company's financial statements.

In August 2023, the NAIC adopted revisions to clarify and incorporate a new bond definition within disclosures SSAP No. 26 – Bonds, SSAP No. 43 – ABS, and other related SSAPs, effective January 1, 2025. The revisions were issued in connection with its principle-based bond definition project, "the Bond Project".

------

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

The Bond Project began in October 2020 through the development of a principle-based bond definition to be used for all securities in determining whether they qualify for reporting on the statutory annual statement Schedule D. Within the new bond definition, bonds are classified as an issuer credit obligation (ICO) or an ABS.

An ICO is defined as a bond where repayment is supported by the general creditworthiness of an operating entity, and an ABS is defined as a bond issued by an entity created for the primary purpose of raising capital through debt backed by financial assets. The revisions to SSAP No. 26 reflect the principle-based bond definition, and SSAP No. 43 provides accounting and reporting guidance for investments that qualify as ABS under the new bond definition. Upon adoption, investments that do not qualify as bonds will not be permitted to be reported as bonds on Schedule D, Part 1 thereafter as there will be no grandfathering for existing investments that do not qualify under the revised SSAPs. The Company has adopted this guidance, resulting in $5 million for all securities reclassed off Schedule D-1, which includes $3 million that resulted with a change in measurement basis. The adoption resulted in a decrease in unrealized capital gains on the Statutory Statement of Changes in Capital and Surplus of $1 million for the Company on January 1, 2025. Modifications of disclosures by asset categories are prospectively applied to *Note 5a. "Investments – Bond*s".

In March 2024, the NAIC adopted revisions to SSAP No. 21 - Other Admitted Assets, effective January 1, 2025, clarifying that residuals follow the effective yield approach with a cap and providing an election for the cost recovery method. The Company elected the effective yield method using the allowable earned yield, capped by the amount of cash distributions received. The modifications did not have a material effect on the Company's financial statements.

Effective January 1, 2025, revisions were made to short-term investments, which include excluding additional investment types from being reported as cash equivalents or short-term investments regardless of maturity date of the investment at the date of acquisition. Investments will be eliminated from being reported as cash equivalents or short-term investments unless they would qualify under SSAP No. 26 – Bonds as an ICO. Such investments will then only qualify as a cash equivalent or short-term investment if they have a maturity date within 3-months (cash equivalents) or 12-months (short-term) from the date of acquisition or meet the specific requirements for money market mutual funds or cash pooling arrangements. The modifications did not have a material effect on the Company's financial statements.

The NAIC adopted revisions to various SSAPs for investments in tax credits, acquired tax credits and updated annual statement reporting categories for tax credit investment risk-based capital. These revisions include broad criteria to scope in various tax credit programs, including solar programs and state specific programs. This adoption requires proportional amortization as the measurement approach, as with existing low-income housing tax credits, recording amortization of the investment in the partnership through net investment income and the use of the tax credits in the appropriate tax line. The adopted revisions were effective on January 1, 2025. The modifications were prospectively applied and did not have a material effect on the Company's financial statements.

In March 2025, the NAIC adopted revisions to clarify how assets held under modified coinsurance (Modco) or funds withheld (FWH) agreements shall be reflected within the restricted asset disclosure in SSAP No. 1 -Accounting Policies, Risks & Uncertainties, and Other Disclosures and in the corresponding disclosures in *Note 5l. "Restricted assets"* of the statutory financial statements. It also proposes enhanced disclosures to fully identify the extent of restricted assets reported on balance sheet within a single disclosure as well as identify differences between the restricted asset annual statement disclosure and the amount reported in the annual statement general interrogatories, which is pulled directly into the risk-based capital formulas. The adopted revisions will be effective December 31, 2025. The modifications did not have a material effect on the Company's financial statements.

------

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

In December 2025, the NAIC adopted revisions to SSAP No. 61 - Statutory Accounting for Life & Health Reinsurance and related guidance clarifying that risk transfer for combination reinsurance contracts with interdependent features (e.g., coinsurance and yearly renewable term with aggregate experience refunds or recapture rights) must be evaluated in aggregate. Each component satisfying risk transfer individually is necessary but not sufficient for the contract as a whole. These revisions are effective as of immediately for all for new or newly amended contracts with provisions allowing until December 31, 2026 for existing contracts. The Company is assessing the potential impact on the Company's financial statements.

***Future adoption of new accounting standards***

In March 2024, the NAIC proposed expansion of the guidance in SSAP No. 56 - Separate Accounts to further address situations and provide consistent accounting guidelines for when assets are reported at a measurement method other than fair value. This is to address an increase in assets reported at book value within the separate investment account, which have been approved under state prescribed practices and/or interpretations that the reference for fund accumulation contracts captures pension risk transfer (PRT) or registered indexed-linked annuities and other similar general-account type products. In August 2024, the NAIC exposed further revisions as to treatment of IMR for transfers between general investment account and separate investment account, with the broad concept that such transfers would have offset IMR impacts between the general investment account and the book value separate investment account with a zero net impact to surplus. In February 2025, the NAIC adopted final revisions to SSAP No. 56 - Separate Accounts. The revisions clarify the measurement method guidance as well as prescribe guidance for how transfers to/from the general investment account and separate investment account shall be recognized. The adopted revisions will be effective on January 1, 2026, with early adoption permitted. The modifications are not expected to have a material impact on the Company's financial statements.

In November 2024, the NAIC exposed revisions to add guidance for SCAs that are investment in subsidiaries, with consideration to prescribing measurement and potential non-admittance thresholds. Effective December 31, 2026, the concept of investment subsidiaries will be removed from the annual statement. The Company has a material amount of assets within investment subsidiaries and is assessing the potential impact on the Company's financial statements.

In December 2025, the Statutory Accounting Principles Working Group adopted revisions to SSAP No. 37 - Mortgage Loans to expand the scope to include qualifying statutory investment trusts holding only residential mortgage loans. The revisions require disclosure of all statutory trusts owned by the reporting entity and additional disclosures for mortgage loans acquired through qualifying trusts. These changes are effective January 1, 2027. The Company is assessing the potential impact on the Company's financial statements.

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C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

***4.&nbsp;&nbsp;&nbsp;&nbsp;Fair value of financial instruments***

The following presents a summary of the carrying values and fair values of the Company's financial instruments:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| | Carrying Value | Fair Value | Level 1 | Level 2 | Level 3 |
| | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| Financial assets: |  |  |  |  |  |
| &nbsp;&nbsp;Bonds: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ICO | $1669 | $1487 | $30 | $602 | $855 |
| &nbsp;&nbsp;&nbsp;&nbsp;ABS | 446 | 436 |  | 252 | 184 |
| &nbsp;&nbsp;Preferred stocks | 11 | 11 | 6 |  | 5 |
| &nbsp;&nbsp;Common stocks - subsidiaries and affiliates | 9 | 9 |  |  | 9 |
| &nbsp;&nbsp;Common stocks - unaffiliated | 9 | 9 | 5 |  | 4 |
| &nbsp;&nbsp;Mortgage loans | 526 | 494 |  |  | 494 |
| &nbsp;&nbsp;Derivatives | 627 | 312 | (7) | 319 |  |
| &nbsp;&nbsp;Cash, cash equivalents and short-term investments | 650 | 650 | 60 | 590 |  |
| &nbsp;&nbsp;Separate account assets | 1945 | 1945 | 1945 |  |  |
| Financial liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;Individual annuity contracts | 1785 | 1826 |  |  | 1826 |
| &nbsp;&nbsp;Supplementary contracts | 40 | 41 |  |  | 41 |
| &nbsp;&nbsp;Derivatives | 290 | 290 |  | 290 |  |

---

Common stocks - subsidiaries and affiliates do not include unconsolidated subsidiaries, which had statutory carrying values of $207 million.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
| | Carrying Value | Fair Value | Level 1 | Level 2 | Level 3 |
| | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| Financial assets: |  |  |  |  |  |
| &nbsp;&nbsp;Bonds | $2647 | $2399 | $31 | $1036 | $1332 |
| &nbsp;&nbsp;Preferred stocks | 11 | 11 | 6 |  | 5 |
| &nbsp;&nbsp;Common stocks - subsidiaries and affiliates | 7 | 7 |  |  | 7 |
| &nbsp;&nbsp;Common stocks - unaffiliated | 11 | 11 | 7 |  | 4 |
| &nbsp;&nbsp;Mortgage loans - commercial | 530 | 491 |  |  | 491 |
| &nbsp;&nbsp;Mortgage loans - residential | 139 | 128 |  |  | 128 |
| &nbsp;&nbsp;Derivatives | 669 | 373 |  | 373 |  |
| &nbsp;&nbsp;Cash, cash equivalents and short-term investments | 203 | 203 | 11 | 192 |  |
| &nbsp;&nbsp;Separate account assets | 1862 | 1862 | 1862 |  |  |
| Financial liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;Individual annuity contracts | 2034 | 2073 |  |  | 2073 |
| &nbsp;&nbsp;Supplementary contracts | 42 | 42 |  |  | 42 |
| &nbsp;&nbsp;Derivatives | 351 | 351 | 14 | 337 |  |

---

Common stocks - subsidiaries and affiliates do not include unconsolidated subsidiaries, which had statutory carrying values of $220 million.

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C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The authoritative guidance for fair value establishes a measurement framework that includes a hierarchy used to classify the inputs used in measuring fair value. The hierarchy prioritizes the inputs to valuation techniques into three levels. Each level reflects a unique description of the inputs that are significant to the fair value measurements. The levels of the fair value hierarchy are as follows:

Level 1 – Observable inputs in the form of quoted prices for identical instruments in active markets.

Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be derived from observable market data for substantially the full term of the assets or liabilities.

Level 3 – One or more unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using internal models, as well as instruments for which the determination of fair value requires significant management judgment or estimation.

When available, the Company generally uses unadjusted quoted market prices from independent sources to determine the fair value of investments and classifies such items within Level 1 of the fair value hierarchy. If quoted prices are not available, prices are derived from observable market data for similar assets in an active market or obtained directly from brokers for identical assets traded in inactive markets. Investments that are priced using these inputs are classified within Level 2 of the fair value hierarchy. When some of the necessary observable inputs are unavailable, fair value is based upon internally developed models. These models use inputs not directly observable or correlated with observable market data. Typical inputs, which are integrated in the Company's internal discounted cash flow models and discounted earnings models include, but are not limited to, issuer spreads derived from internal credit ratings and benchmark yields such as Secured Overnight Financing Rate (SOFR), cash flow estimates and earnings before interest, taxes, depreciation and amortization estimates. Investments that are priced with such unobservable inputs are classified within Level 3 of the fair value hierarchy.

The Company reviews the fair value hierarchy classifications at each reporting period. Overall, reclassifications between levels occur when there are changes in the observability of inputs and market activity used in the valuation of a financial asset or liability. Such reclassifications are reported as transfers between levels at the beginning fair value for the reporting period in which the changes occur. Given the types of assets classified as Level 1 (primarily equity securities including mutual fund investments), transfers between Level 1 and Level 2 measurement categories are expected to be infrequent. Transfers into and out of Level 3 are summarized in the schedule of changes in Level 3 assets and liabilities.

The fair value of other deposits is determined by multiplying the book value of the contract by an average market value adjustment factor. The market value adjustment factor is directly related to the difference between the book value of client liabilities and the present value of installment payments discounted at current market value yields. The market value yield is measured by the Barclay's Aggregate Bond Index, subject to certain adjustments, and the installment period is equivalent to the duration of the Company's invested asset portfolio.

The fair value of individual annuity and supplementary contracts is determined using one of several methods based on the specific contract type. For short-term contracts, generally less than 30 days, the fair value is assumed to be the book value. For contracts with longer durations, GICs and investment-type contracts, the fair value is determined by calculating the present value of future cash flows discounted at current market interest rates, the risk-free rate or a current pricing yield curve based on pricing assumptions using assets of a comparable corporate bond quality. Annuities receiving dividends are accumulated at the average minimum guaranteed rate and discounted at the risk-free rate. All others are valued using cash flow projections from the Company's asset/liability management analysis.

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C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

The following presents the Company's fair value hierarchy for assets and liabilities that are carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| | Level 1 | Level 2 | Level 3 | Total |
| | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| Financial assets: |  |  |  |  |
| &nbsp;&nbsp;Bonds: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ICO | $31 | $— | $13 | $44 |
| &nbsp;&nbsp;Preferred stocks |  |  | 5 | 5 |
| &nbsp;&nbsp;Common stocks - subsidiaries and affiliates |  |  | 9 | 9 |
| &nbsp;&nbsp;Common stocks - unaffiliated | 5 |  | 4 | 9 |
| &nbsp;&nbsp;Derivatives: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps |  | 574 |  | 574 |
| &nbsp;&nbsp;&nbsp;&nbsp;Options |  | 21 |  | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency swaps |  | 39 |  | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward contracts |  | 1 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial futures | (7) |  |  | (7) |
| &nbsp;&nbsp;Separate account assets | 1945 |  |  | 1945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total financial assets carried at fair value | $1974 | $635 | $31 | $2640 |
| Financial liabilities: |  |  |  |  |
| &nbsp;&nbsp;Derivatives: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps | $— | $265 | $— | $265 |
| &nbsp;&nbsp;&nbsp;&nbsp;Options |  | 13 |  | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency swaps |  | 9 |  | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward contracts |  | 3 |  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total financial liabilities carried at fair value | $— | $290 | $— | $290 |

---

The Company does not have any financial instruments that were carried at net asset value as a practical expedient.

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C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

The following presents the Company's fair value hierarchy for assets and liabilities that are carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
| | Level 1 | Level 2 | Level 3 | Total |
| | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| Financial assets: |  |  |  |  |
| &nbsp;&nbsp;Bonds: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrial and miscellaneous | $30 | $1 | $7 | $38 |
| &nbsp;&nbsp;Preferred stocks |  |  | 5 | 5 |
| &nbsp;&nbsp;Common stocks - subsidiaries and affiliates |  |  | 7 | 7 |
| &nbsp;&nbsp;Common stocks - unaffiliated | 6 |  | 5 | 11 |
| &nbsp;&nbsp;Derivatives: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps |  | 560 |  | 560 |
| &nbsp;&nbsp;&nbsp;&nbsp;Options |  | 28 |  | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency swaps |  | 76 |  | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward contracts |  | 5 |  | 5 |
| &nbsp;&nbsp;Separate account assets | 1862 |  |  | 1862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total financial assets carried at fair value | $1898 | $670 | $24 | $2592 |
| Financial liabilities: |  |  |  |  |
| &nbsp;&nbsp;Derivatives: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps | $— | $319 | $— | $319 |
| &nbsp;&nbsp;&nbsp;&nbsp;Options |  | 15 |  | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency swaps |  | 2 |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward contracts |  | 1 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial futures | 14 |  |  | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total financial liabilities carried at fair value | $14 | $337 | $— | $351 |

---

The Company reviews the fair value hierarchy classifications each reporting period. Changes in the observability of the valuation attributes and the level of market activity may result in a reclassification of certain financial assets or liabilities between fair value hierarchy classifications. Such reclassifications are reported as transfers between levels in the beginning fair value for the reporting period in which the changes occur.

*Valuation Techniques and Inputs*

The Company determines the fair value of its investments using primarily the market approach or the income approach. The use of quoted prices for identical assets and matrix pricing or other similar techniques are examples of market approaches, while the use of discounted cash flow methodologies is an example of the income approach. The Company attempts to maximize the use of observable inputs and minimize the use of unobservable inputs in selecting whether the market or the income approach is used.

A description of the significant valuation techniques and inputs to the determination of estimated fair value for the more significant asset and liability classes measured at fair value on a recurring basis and categorized within Level 2 and Level 3 of the fair value hierarchy is as follows:

*Separate account assets –* At December 31, 2025 these assets primarily include ICO bonds, ABS bonds and derivatives as a result of the Bond Project. At December 31, 2024 these assets primarily include bonds (industrial and miscellaneous; U.S. government and agencies), and derivatives. Their fair values of these assets are determined using the same methods as outlined in categories below.

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C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

*ICO bonds* - These securities are principally valued using market or income approaches. Level 2 valuations are based on quoted prices in inactive markets or matrix pricing techniques using observable inputs such as benchmark yield curves, spreads, issuer ratings, and comparable trades. Level 3 valuations rely on discounted cash flow models incorporating significant unobservable inputs, including adjustments for illiquidity, bespoke credit spreads, and issuer-specific factors.

*ABS bonds* - These securities are valued using market or income approaches. Level 2 valuations utilize observable inputs such as benchmark yield curves, spreads, and comparable structured securities. Level 3 valuations incorporate significant unobservable inputs, including assumptions about prepayment speeds, default rates, and liquidity adjustments.

*Bonds (Industrial and miscellaneous) –* These securities are principally valued using the market or the income approaches. Level 2 valuations are based primarily on quoted prices in markets that are not active, broker quotes, matrix pricing or other similar techniques that use standard market observable inputs such as benchmark yields, spreads versus benchmark yields, new issuances, issuer ratings, duration, and trades of identical or comparable securities. Privately placed securities are valued using discounted cash flow models using standard market observable inputs and inputs derived from, or corroborated by, market observable data including market yield curve, duration, call provisions, observable prices and spreads for similar publicly traded or privately traded issuances that incorporate the credit quality and industry sector of the issuer. This level also includes securities priced by independent pricing services that use observable inputs. Valuations based on matrix pricing or other similar techniques that utilize significant unobservable inputs or inputs that cannot be derived principally from, or corroborated by, observable market data, including adjustments for illiquidity, delta spread adjustments or spreads to reflect industry trends or specific credit-related issues are classified as Level 3. In addition, inputs including quoted prices for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2 are classified as Level 3.

*Bonds (U.S. government and agencies)* – These securities are principally valued using the market approach. Level 2 valuations are based primarily on quoted prices in markets that are not active, or using matrix pricing or other similar techniques using standard market observable inputs such as the benchmark U.S. Treasury yield curve, the spreads versus the U.S. Treasury yield curve for the identical security and comparable securities that are actively traded.

*Derivative assets and liabilities –* These financial instruments are primarily valued using the market approach. The estimated fair value of derivatives is based primarily on quotations obtained from counterparties and independent sources, such as quoted market values received from brokers. These quotations are compared to internally derived prices and a price challenge is lodged with the counterparties and an independent source when a significant difference cannot be explained by appropriate adjustments to the internal model. When quoted market values are not reliable or available, the value is based upon an internal valuation process using market observable inputs that other market participants would use. Significant inputs to the valuation of derivative financial instruments include overnight index swaps (OIS) and SOFR basis curves, interest rate volatility, swap yield curve, currency spot rates, cross currency basis curves and dividend yields. Due to the observability of the significant inputs to these fair value measurements, they are classified as Level 2.

The use of different assumptions or valuation methodologies may have a material impact on the estimated fair value amounts. For the periods presented, there were no significant changes to the Company's valuation techniques.

------

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

The following presents changes in the Company's Level 3 assets carried at fair value:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Balance<br> as of | Gains (Losses) in Net Income | Losses (Gains) in Surplus | | | | | | | | Balance<br> as of |
| | Balance<br> as of | Gains (Losses) in Net Income | Losses (Gains) in Surplus | | | | | Transfers | Transfers | | Balance<br> as of |
| | 01/01/25 | Gains (Losses) in Net Income | Losses (Gains) in Surplus |<br>Purchases |<br>Issuances |<br>Sales |<br>Settlements | In | Out |<br>Other | 12/31/25 |
| | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| Financial assets: |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bonds: |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ICO | $7 | $(1) | $(1) | $— | $11 | $— | $(1) | $— | $— | $(2) | $13 |
| &nbsp;&nbsp;&nbsp;Preferred stocks | 5 |  |  |  |  |  |  |  |  |  | 5 |
| &nbsp;&nbsp;&nbsp;Common stocks: |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subsidiaries and affiliates | 7 |  |  |  | 2 |  |  |  |  |  | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated | 5 |  | 1 |  |  |  | (2) |  |  |  | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total financial assets | $24 | $(1) | $— | $— | $13 | $— | $(3) | $— | $— | $(2) | $31 |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Balance<br> as of | Gains (Losses) in Net Income | Losses (Gains) in Surplus | | | | | | | | Balance<br> as of |
| | Balance<br> as of | Gains (Losses) in Net Income | Losses (Gains) in Surplus | | | | | Transfers | Transfers | | Balance<br> as of |
| | 01/01/24 | Gains (Losses) in Net Income | Losses (Gains) in Surplus |<br>Purchases |<br>Issuances |<br>Sales |<br>Settlements | In | Out |<br>Other | 12/31/24 |
| | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| Financial assets: |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bonds: |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrial and miscellaneous | $4 | $(6) | $— | $— | $— | $— | $— | $— | $— | $9 | $7 |
| &nbsp;&nbsp;&nbsp;Preferred stocks | 4 |  | 1 |  |  |  |  |  |  |  | 5 |
| &nbsp;&nbsp;&nbsp;Common stocks: |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subsidiaries and affiliates | 6 |  |  |  | 1 |  |  |  |  |  | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated | 3 | (1) | 2 | 1 | 1 |  | (1) |  |  |  | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total financial assets | $17 | $(7) | $3 | $1 | $2 | $— | $(1) | $— | $— | $9 | $24 |

---

Other transfers include assets that are either no longer carried at fair value or have just begun to be carried at fair value, such as assets with no level changes but a change in the lower of cost or market carrying basis. Bonds in Other contain assets that are now carried at fair value due to ratings changes and assets are no longer carried at fair value where the fair value is now higher than the book value.

Level 3 Transfers-In are assets that are consistently carried at fair value but have had a level change. Common stocks unaffiliated assets were transferred from Level 2 to Level 3 due to a change in the observability of pricing inputs, at the beginning fair value for the reporting period.

------

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

***5.&nbsp;&nbsp;&nbsp;&nbsp;Investments***

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.

***a. &nbsp;&nbsp;&nbsp;&nbsp;Bonds***

The carrying value and fair value of bonds were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| | Carrying Value | Gross Unrealized Gains | Gross Unrealized Losses | Fair <br>Value |
| | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| ICO: |  |  |  |  |
| &nbsp;&nbsp;Corporate bonds | $1325 | $6 | $180 | $1151 |
| &nbsp;&nbsp;Bank loans - acquired & issued | 190 | 1 | 6 | 185 |
| &nbsp;&nbsp;Municipal bonds - general obligation & special revenue | 60 | 4 | 3 | 61 |
| &nbsp;&nbsp;SVO - identified bond exchange traded funds - fair value & systemic value | 31 |  |  | 31 |
| &nbsp;&nbsp;Bonds issued from SEC registered BDC/CEF/REIT | 20 |  |  | 20 |
| &nbsp;&nbsp;Non-U.S. sovereign jurisdiction securities | 15 |  | 3 | 12 |
| &nbsp;&nbsp;Single entity backed bonds obligation | 14 |  |  | 14 |
| &nbsp;&nbsp;Project finance bonds issued by operating entities | 11 |  | 1 | 10 |
| &nbsp;&nbsp;U.S. government obligation (exempt from RBC) | 3 |  |  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total ICO | $1669 | $11 | $193 | $1487 |
| ABS: |  |  |  |  |
| &nbsp;&nbsp;Other financial ABS – self-liquidating | 155 | 1 | 2 | 154 |
| &nbsp;&nbsp;Non-agency – CLOs/CBOs/CDOs | 114 |  |  | 114 |
| &nbsp;&nbsp;Equity backed securities | 95 |  | 3 | 92 |
| &nbsp;&nbsp;Non-agency CMBS | 45 |  | 5 | 40 |
| &nbsp;&nbsp;Non-agency RMBS | 17 | 1 | 1 | 17 |
| &nbsp;&nbsp;Lease-backed securities – full analysis | 8 |  |  | 8 |
| &nbsp;&nbsp;Lease-backed securities | 7 |  | 1 | 6 |
| &nbsp;&nbsp;Other non-financial ABS – full analysis | 3 |  |  | 3 |
| &nbsp;&nbsp;Agency CMBS | 1 |  |  | 1 |
| &nbsp;&nbsp;Other non-financial asset-backed securities | 1 |  |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total ABS | 446 | 2 | 12 | 436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total bonds | $2115 | $13 | $205 | $1923 |

---

The December 31, 2025 gross unrealized losses exclude $2 million of losses included in the carrying value. These losses include $2 million from NAIC Class 6 bonds and were primarily included in corporate bonds and bank loans - acquired.

------

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

---

| | | | | |
|:---|:---|:---|:---|:---|
| | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
| | Carrying Value | Gross Unrealized Gains | Gross Unrealized Losses | Fair <br>Value |
| | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| U.S. government and agencies | $3 | $— | $— | $3 |
| States, territories and possessions | 7 |  |  | 7 |
| Political subdivisions | 13 | 1 | 1 | 13 |
| Special revenue | 52 | 3 | 2 | 53 |
| Industrial and miscellaneous | 2262 | 6 | 239 | 2029 |
| Hybrid securities | 6 |  |  | 6 |
| Parent, subsidiaries and affiliates | 304 |  | 16 | 288 |
| &nbsp;&nbsp;Total | $2647 | $10 | $258 | $2399 |

---

The December 31, 2024 gross unrealized losses exclude $2 million of losses included in the carrying value. These losses include $2 million from NAIC Class 6 bonds and were primarily included in industrial and miscellaneous or parents, subsidiaries and affiliates.

The quality of the bond portfolio is determined by the use of SVO ratings and the equivalent rating agency designations, except for RMBS and CMBS that use third-party modelers. The following sets forth the NAIC class ratings for the bond portfolio including RMBS and CMBS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 |
| NAIC Class | Equivalent Rating Agency Designation | Carrying Value | % of Total | Carrying Value | % of Total |
|  |  | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) |
| 1 | Aaa/Aa/A | $1091 | 51% | $1322 | 49% |
| 2 | Baa | 923 | 44 | 950 | 36 |
| 3 | Ba | 50 | 2 | 306 | 12 |
| 4 | B | 18 | 1 | 44 | 2 |
| 5 | Caa and lower | 13 | 1 | 15 | 1 |
| 6 | In or near default | 20 | 1 | 10 |  |
|  | &nbsp;&nbsp;Total | $2115 | 100% | $2647 | 100% |

---

The following summarizes NAIC ratings for RMBS and CMBS investments subject to NAIC modeling:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
| | RMBS | RMBS | CMBS | CMBS | RMBS | RMBS | CMBS | CMBS |
| NAIC Class | Carrying Value | % of <br>Total | Carrying Value | % of <br>Total | Carrying Value | % of <br>Total | Carrying Value | % of <br>Total |
|  | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) |
| 1 | $2 | 100% | $42 | 88% | $2 | 100% | $54 | 96% |
| 2 |  |  | 4 | 8 |  |  | 2 | 4 |
| 3 |  |  |  |  |  |  |  |  |
| 4 |  |  | 1 | 2 |  |  |  |  |
| 5 |  |  | 1 | 2 |  |  |  |  |
| 6 |  |  |  |  |  |  |  |  |
|  | $2 | 100% | $48 | 100% | $2 | 100% | $56 | 100% |

---

------

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

The following is a summary of the carrying value and fair value of bonds as of December 31, 2025 and 2024 by contractual maturity. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without prepayment penalties. Securities with more than one maturity date are included in the table using the final maturity date.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 |
| | Carrying Value | Fair <br>Value | Carrying Value | Fair <br>Value |
| | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| Due in one year or less | $114 | $113 | $41 | $41 |
| Due after one year through five years | 492 | 487 | 738 | 710 |
| Due after five years through ten years | 479 | 450 | 709 | 670 |
| Due after ten years | 1030 | 873 | 1159 | 977 |
| &nbsp;&nbsp;Total | $2115 | $1923 | $2647 | $2398 |

---

Sales proceeds and related gross realized capital gains (losses) from bonds were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | Years Ended December 31, | Years Ended December 31, | Years Ended December 31, |
| | 2025 | 2024 | 2023 |
| | (In Millions) | (In Millions) | (In Millions) |
| Proceeds from sales | $152 | $317 | $1041 |
| Gross realized capital gains from sales | 2 | 3 | 13 |
| Gross realized capital losses from sales | (14) | (3) | (91) |

---

The following is a summary of the fair values and gross unrealized losses aggregated by bond category and length of time that the securities were in a continuous unrealized loss position:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| | Less Than 12 Months | Less Than 12 Months | Less Than 12 Months | 12 Months or Longer | 12 Months or Longer | 12 Months or Longer |
| | Fair Value | Unrealized Losses | Number of Issuers | Fair Value | Unrealized Losses | Number of Issuers |
| | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) |
| ICO: |  |  |  |  |  |  |
| &nbsp;&nbsp;Non-U.S. sovereign jurisdiction securities | $— | $— |  | $12 | $3 | 3 |
| &nbsp;&nbsp;Municipal bonds - general obligation & special revenue | 6 | 1 | 6 | 30 | 2 | 22 |
| &nbsp;&nbsp;Project finance bonds issued by operating entities |  |  |  | 10 | 1 | 5 |
| &nbsp;&nbsp;Corporate bonds | 37 | 1 | 19 | 884 | 179 | 386 |
| &nbsp;&nbsp;Single entity backed bonds obligation |  |  | 1 | 5 | 1 | 4 |
| &nbsp;&nbsp;Bank loans - acquired & issued | 16 |  | 13 | 69 | 7 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total ICO | $59 | $2 | $39 | $1017 | $193 | $449 |

---

------

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| | Less Than 12 Months | Less Than 12 Months | Less Than 12 Months | 12 Months or Longer | 12 Months or Longer | 12 Months or Longer |
| | Fair Value | Unrealized Losses | Number of Issuers | Fair Value | Unrealized Losses | Number of Issuers |
| | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) |
| ABS: |  |  |  |  |  |  |
| &nbsp;&nbsp;Agency RMBS | $— | $— |  | $— | $— | 2 |
| &nbsp;&nbsp;Non-agency RMBS | 1 |  | 26 | 10 | 1 | 109 |
| &nbsp;&nbsp;Non-agency CMBS | 1 |  | 1 | 39 | 5 | 51 |
| &nbsp;&nbsp;Non-agency – CLOs/CBOs/CDOs | 6 |  | 4 |  |  |  |
| &nbsp;&nbsp;Other financial ABS – self-liquidating | 2 |  | 5 | 36 | 2 | 45 |
| &nbsp;&nbsp;Equity backed securities |  |  |  | 36 | 3 | 5 |
| &nbsp;&nbsp;Other financial ABS– not self-liquidating |  |  |  |  |  | 1 |
| &nbsp;&nbsp;Lease-backed securities |  |  |  | 6 | 1 | 7 |
| &nbsp;&nbsp;Other non-financial asset-backed securities |  |  |  | 1 |  | 3 |
| &nbsp;&nbsp;Lease-backed securities – full analysis |  |  |  | 2 |  | 2 |
| &nbsp;&nbsp;Other non-financial ABS – full analysis |  |  |  | 3 |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total ABS | 10 |  | 36 | 133 | 12 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total bonds | $69 | $2 | 75 | $1150 | $205 | 676 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
| | Less Than 12 Months | Less Than 12 Months | Less Than 12 Months | 12 Months or Longer | 12 Months or Longer | 12 Months or Longer |
| | Fair Value | Unrealized Losses | Number of Issuers | Fair Value | Unrealized Losses | Number of Issuers |
| | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) |
| U. S. government and agencies | $— | $— | 1 | $— | $— | 1 |
| States, territories and possessions | 4 |  | 2 | 2 |  | 2 |
| Political subdivisions | 2 |  | 4 | 7 | 1 | 4 |
| Special revenue | 6 |  | 7 | 30 | 2 | 25 |
| Industrial and miscellaneous | 99 | 3 | 92 | 1165 | 238 | 660 |
| Parent, subsidiaries and affiliates |  |  |  | 260 | 17 | 2 |
| &nbsp;&nbsp;Total | $111 | $3 | 106 | $1464 | $258 | 694 |

---

As of December 31, 2025 and 2024, management has not deemed these unrealized losses to be other-than-temporary because the investment's carrying value is expected to be realized and the Company has the ability and intent not to sell these investments until recovery, which may be at maturity.

As of December 31, 2025, investments in structured and loan-backed securities that had unrealized losses, which were not recognized in earnings, had a fair value of $132 million. Securities in an unrealized loss position for less than 12 months had a fair value of $10 million and unrealized losses of less than $1 million. Securities in an unrealized loss position for greater than 12 months had a fair value of $121 million and unrealized losses of $11 million. These securities were primarily categorized as non-agency CMBS, equity backed securities and other financial ABS.

------

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

As of December 31, 2024, investments in structured and loan-backed securities that had unrealized losses, which were not recognized in earnings, had a fair value of $159 million. Securities in an unrealized loss position for less than 12 months had a fair value of $15 million and unrealized losses of $1 million. Securities in an unrealized loss position for greater than 12 months had a fair value of $145 million and unrealized losses of $18 million. These securities were primarily categorized as industrial and miscellaneous or parent, subsidiaries and affiliates.

In the course of the Company's investment management activities, securities may be sold and reacquired within 30 days to enhance the Company's yield on its investment portfolio. The Company did not sell any securities with the NAIC Designation 3 or below for the years ended December 31, 2025 or 2024 that were reacquired within 30 days of the sale date.

The Company had assets on deposit with government authorities or trustees, as required by law, in the amount of $4 million as of December 31, 2025 and 2024.

*Residential mortgage-backed exposure*

The Company's RMBS portfolio includes prime, subprime and Alt-A loans. The Alt-A category includes option adjustable-rate mortgages and the subprime category includes 'scratch and dent' or reperforming pools, high loan-to-value pools and pools where the borrowers have very impaired credit but the average loan-to-value is low, typically 70% or below. In identifying Alt-A and subprime exposure, management used a combination of qualitative and quantitative factors, including FICO (Fair Isaac Corporation) scores and loan-to-value ratios.

As of December 31, 2025, RMBS had a total carrying value of $20 million and a fair value of $20 million of which approximately 26%, based on carrying value, was classified as Alt-A. Alt-A and subprime RMBS had a total carrying value of $15 million and a fair value of $14 million. As of December 31, 2024, RMBS had a total carrying value of $22 million and a fair value of $21 million of which approximately 28%, based on carrying value, was classified as Alt-A. Alt-A and subprime RMBS had a total carrying value of $16 million and a fair value of $15 million.

During the years ended December 31, 2025 and 2024, there were no significant credit downgrades for the securities held by the Company that were backed by residential mortgage pools.

*Leveraged loan exposure*

Leveraged loans are loans extended to companies that already have considerable amounts of debt. The Company reports leveraged loans as bonds. These leveraged loans have interest rates higher than typical loans, reflecting the additional risk of default from issuers with high debt-to-equity ratios.

As of December 31, 2025, total leveraged loans had a carrying value of $32 million and a fair value of $32 million, of which approximately 16%, based on carrying value, were domestic leveraged loans. As of December 31, 2024, total leveraged loans had a carrying value of $310 million and a fair value of $294 million, of which approximately 89%, based on carrying value, were domestic leveraged loans.

In 2024, the Company refined its definition of leveraged loans to include commercial loans to high-yield corporations.

*Commercial mortgage-backed exposure*

The Company holds bonds backed by pools of commercial mortgages. The mortgages in these pools have varying risk characteristics related to underlying collateral type, borrower's risk profile and ability to refinance and the return provided to the borrower from the underlying collateral. These investments had a carrying value of $46 million and fair value of $40 million as of December 31, 2025 and a carrying value of $57 million and fair value of $48 million as of December 31, 2024.

------

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

*Prepayment penalty and acceleration fees*

Investment income related to securities sold, redeemed or otherwise disposed:

---

| | | |
|:---|:---|:---|
| | Years Ended December 31, | Years Ended December 31, |
| | 2025 | 2024 |
| | ($ In Millions) | ($ In Millions) |
| Number of CUSIPS | 13 | 18 |
| Aggregate Amount of Investment Income | $— | $— |

---

***b.&nbsp;&nbsp;&nbsp;&nbsp;5GI Securities***

Securities owned by the Company with an NAIC designation of 5GI securities:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
| | Number of 5GI Securities | Carrying Value | Fair <br>Value | Number of 5GI Securities | Carrying Value | Fair <br>Value |
| | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) |
| Investments: |  |  |  |  |  |  |
| &nbsp;&nbsp;Bonds - amortized cost | 25 | $3 | $3 | 16 | $3 | $3 |
| &nbsp;&nbsp;Preferred stocks - fair value | 1 |  |  | 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 26 | $3 | $3 | 17 | $3 | $3 |

---

***c. &nbsp;&nbsp;&nbsp;&nbsp;Preferred stocks***

The carrying value and fair value of preferred stocks were as follows:

---

| | | |
|:---|:---|:---|
| | December 31, | December 31, |
| | 2025 | 2024 |
| | (In Millions) | (In Millions) |
| Carrying value | $11 | $11 |
| &nbsp;&nbsp;Fair value | $11 | $11 |

---

As of December 31, 2025, investments in preferred stocks in an unrealized loss position included holdings with a fair value of $9 million in 2 issuers, less than $1 million of which was in an unrealized loss position for more than 12 months. As of December 31, 2024, investments in preferred stocks in an unrealized loss position included holdings with a fair value of $6 million in 2 issuers, $5 million of which was in an unrealized loss position for more than 12 months. Based upon the Company's impairment review process discussed in *Note 2aa. "Net realized capital losses including other-than-temporary impairments and unrealized capital gains (losses)"* the decline in value of these securities was not considered to be other than temporary as of December 31, 2025 or 2024.

As of December 31, 2025 and 2024, the Company held preferred stocks for which the transfer of ownership was restricted by contractual requirements with carrying values of less than $1 million and $1 million, respectively.

------

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

***d. &nbsp;&nbsp;&nbsp;&nbsp;Common stocks – subsidiaries and affiliates***

MML Bay State primarily provides variable life and bank-owned life insurance business. It declared and paid $21 million in dividends to the Company for the year ended December 31, 2025, $23 million in 2024 and $25 million in 2023. A majority of MML Bay State's shareholder equity is subject to dividend restrictions. Dividend restrictions, imposed by state regulations, limit the payment of dividends to the Company without prior approval from the Department. Under these regulations, $21 million of shareholder's equity is available for distribution to the shareholder in 2025 without prior regulatory approval. The Company does not rely on dividends from its subsidiary to meet its operating cash flow requirements.

The Company did not hold any affiliated common stocks for which the transfer of ownership was restricted by contractual requirements as of December 31, 2025 or 2024.

Summarized below is certain combined statutory financial information for MML Bay State:

---

| | | | |
|:---|:---|:---|:---|
| | As of and for the Years Ended December 31, | As of and for the Years Ended December 31, | As of and for the Years Ended December 31, |
| | 2025 | 2024 | 2023 |
| | (In Millions) | (In Millions) | (In Millions) |
| Total Revenue | $7 | $15 | $18 |
| Net income | 10 | 11 | 7 |
| Assets | 5377 | 5257 | 5108 |
| Liabilities | 5170 | 5038 | 4875 |
| Shareholder's equity | 207 | 219 | 233 |

---

***e. &nbsp;&nbsp;&nbsp;&nbsp;Common stocks – unaffiliated***

The adjusted cost basis and carrying value of unaffiliated common stocks were as follows:

---

| | | |
|:---|:---|:---|
| | December 31, | December 31, |
| | 2025 | 2024 |
| | (In Millions) | (In Millions) |
| Adjusted cost basis | $4 | $5 |
| Gross unrealized gains | 5 | 6 |
| &nbsp;&nbsp;Carrying value | $9 | $11 |

---

As of December 31, 2025, investments in unaffiliated common stocks in an unrealized loss position included holdings with a fair value of less than $1 million in 6 issuers, of which less than $1 million were in an unrealized loss position for more than 12 months. As of December 31, 2024, investments in unaffiliated common stocks in an unrealized loss position included holdings with a fair value of $2 million in 8 issuers, $2 million of which were in an unrealized loss position for more than 12 months. Based upon the Company's impairment review process discussed in *Note 2aa. "Net realized capital losses including other-than-temporary impairments and unrealized capital gains (losses)"* the decline in value of these securities was not considered to be other than temporary as of December 31, 2025 or 2024.

As of December 31, 2025 and 2024 the Company held common stocks, for which the transfer of ownership was restricted by contractual requirements, with carrying values of less than $1 million and $1 million, respectively.

------

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

***f. &nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans***

Mortgage loans are comprised of commercial mortgage loans and residential mortgage loans. The Company's commercial mortgage loans finance various types of real estate properties primarily throughout the U.S. and the United Kingdom. The Company holds commercial mortgage loans for which it is the primary lender or a participant or co-lender in a mortgage loan agreement and mezzanine loans that are subordinate to senior secured first liens. The Company's loan agreements with the senior lender contain negotiated provisions that are designed to maximize the Company's influence with the objective of mitigating the Company's risks as the secondary lender for mezzanine loans. Commercial mortgage loans have varying risk characteristics including, among others, the borrower's liquidity, the underlying percentage of completion of a project, the returns generated by the collateral, the refinance risk associated with maturity of the loan and deteriorating collateral value.

Residential mortgage loans are primarily seasoned pools of homogeneous residential mortgage loans some of which are backed by Federal Housing Administration (FHA) and Veterans Administration (VA) guarantees. As of December 31, 2025 and 2024, the Company did not have any direct subprime exposure through the purchases of unsecuritized whole-loan pools.

Geographical concentration is considered prior to the purchase of mortgage loans and residential mortgage loan pools. The mortgage loan portfolio is diverse with no significant collateral concentrations in any particular geographic region as of December 31, 2025 or 2024.

The carrying value and fair value of the Company's mortgage loans were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 |
| | Carrying<br>Value | Fair<br>Value | Carrying<br>Value | Fair<br>Value |
| | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| Commercial mortgage loans: |  |  |  |  |
| &nbsp;&nbsp;Primary lender | $398 | $373 | $525 | $485 |
| &nbsp;&nbsp;Mezzanine loans | 5 | 6 | 5 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total commercial mortgage loans | 403 | 379 | 530 | 491 |
| Residential mortgage loans: |  |  |  |  |
| &nbsp;&nbsp;FHA insured and VA guaranteed | 97 | 91 | 111 | 102 |
| &nbsp;&nbsp;Other residential loans | 26 | 24 | 28 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total residential mortgage loans | 123 | 115 | 139 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total mortgage loans | $526 | $494 | $669 | $619 |

---

The loan-to-value ratios by property type of the Company's commercial mortgage loans were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| | Less Than 71% | 71% to 80% | 81% to 90% | 91% to 95% | Above 95% | Total | % of Total |
| | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) |
| Office | $54 | $58 | $10 | $— | $27 | $149 | 37% |
| Apartments | 95 | 30 | 16 | 2 | 4 | 147 | 36% |
| Industrial and other | 27 | 5 |  |  |  | 32 | 8% |
| Hotels | 31 |  | 5 |  |  | 36 | 9% |
| Retail | 33 | 5 |  | 1 |  | 39 | 10% |
| &nbsp;&nbsp;Total | $240 | $98 | $31 | $3 | $31 | $403 | 100% |

---

------

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
| | Less Than 71% | 71% to 80% | 81% to 90% | 91% to 95% | Above 95% | Total | % of Total |
| | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) |
| Office | $67 | $59 | $20 | $5 | $53 | $204 | 38% |
| Apartments | 116 | 24 | 27 | 5 | 13 | 185 | 35 |
| Industrial and other | 28 | 12 | 3 |  | 2 | 45 | 8 |
| Hotels | 42 |  | 5 |  |  | 47 | 9 |
| Retail | 46 | 5 |  |  |  | 51 | 10 |
| &nbsp;&nbsp;Total | $299 | $100 | $55 | $10 | $68 | $532 | 100% |

---

For the years ended December 31, 2025 and 2024, the Company's commercial mortgage loans' loan-to-value ratios below 71% were 60% and 56%, respectively.

The Company uses an internal rating system as its primary method of monitoring credit quality. The following illustrates the Company's mortgage loan portfolio rating, translated into the equivalent rating agency designation:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| | AAA/AA/A | BBB | BB | B | CCC and Lower | Total |
| | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| Commercial mortgage loans: |  |  |  |  |  |  |
| &nbsp;&nbsp;Primary lender | $85 | $219 | $44 | $36 | $14 | $398 |
| &nbsp;&nbsp;Mezzanine loans |  | 5 |  |  |  | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total commercial mortgage loans | 85 | 224 | 44 | 36 | 14 | 403 |
| Residential mortgage loans: |  |  |  |  |  |  |
| &nbsp;&nbsp;FHA insured and VA guaranteed | 97 |  |  |  |  | 97 |
| &nbsp;&nbsp;Other residential loans |  | 24 | 2 |  |  | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total residential mortgage loans | 97 | 24 | 2 |  |  | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total mortgage loans | $182 | $248 | $46 | $36 | $14 | $526 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
| | AAA/AA/A | BBB | BB | B | CCC and Lower | Total |
| | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| Commercial mortgage loans: |  |  |  |  |  |  |
| &nbsp;&nbsp;Primary lender | $105 | $301 | $58 | $37 | $24 | $525 |
| &nbsp;&nbsp;Mezzanine loans |  | 5 |  |  |  | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total commercial mortgage loans | 105 | 306 | 58 | 37 | 24 | 530 |
| Residential mortgage loans: |  |  |  |  |  |  |
| &nbsp;&nbsp;FHA insured and VA guaranteed | 111 |  |  |  |  | 111 |
| &nbsp;&nbsp;Other residential loans |  | 26 | 2 |  |  | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total residential mortgage loans | 111 | 26 | 2 |  |  | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total mortgage loans | $216 | $332 | $60 | $37 | $24 | $669 |

---

------

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

As of December 31, 2025 and 2024 the maximum percentage of any one commercial mortgage loan to the estimated value of secured collateral at the time the loan was originated, exclusive of mezzanine, insured, guaranteed or purchase money mortgages, was 79%.

The geographic distribution of commercial mortgage loans was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 |
| | Carrying <br>Value | Average <br>Loan-to-Value <br>Ratio | Carrying <br>Value | Average <br>Loan-to-Value <br>Ratio |
| | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) |
| California | $109 | 69% | $153 | 79% |
| Illinois | 50 | 60% | 51 | 59% |
| Texas | 36 | 52% | 54 | 57% |
| District of Columbia | 34 | 79% | 40 | 78% |
| New York | 34 | 79% | 53 | 87% |
| Washington | 32 | 62% | 33 | 62% |
| United Kingdom | 29 | 64% | 39 | 58% |
| All other | 79 | 72% | 110 | 72% |
| &nbsp;&nbsp;Total commercial mortgage loans | $403 | 68% | $533 | 72% |

---

For the years ended December 31, 2025 and 2024, all other consists of 16 jurisdictions with no individual exposure exceeding $10 million and 18 jurisdictions with no individual exposure exceeding $12 million, respectively.

Interest rates, including fixed and variable, on the Company's portfolio of mortgage loans were:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Years Ended December 31, | Years Ended December 31, | Years Ended December 31, | Years Ended December 31, |
| | 2025 | 2025 | 2024 | 2024 |
| | Low | High | Low | High |
| Commercial mortgage loans | 2.5% | 10.0% | 2.5% | 10.7% |
| Residential mortgage loans | 2.2% | 11.3% | 2.2% | 9.3% |
| Mezzanine mortgage loans | 8.0% | 8.0% | 8.0% | 8.0% |

---

Interest rates, including fixed and variable, on new mortgage loans were:

---

| | | |
|:---|:---|:---|
| | Years Ended December 31, | Years Ended December 31, |
| | 2025 | 2025 |
| | Low | High |
| Commercial mortgage loans | 3.5% | 7.5% |

---

The Company purchased 3 new mortgage loans during the year ended December 31, 2025.

As of December 31, 2025, the Company had impaired mortgage loans with or without a valuation allowance or mortgage loans derecognized as a result of foreclosure, including mortgage loans subject to a participant or co-lender mortgage loan agreement with a unilateral mortgage loan foreclosure restriction or mortgage loan derecognized as a result of a foreclosure.

------

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

The following presents a summary of the Company's impaired mortgage loans as of December 31, 2025 and December 31, 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| | Carrying Value | Average Carrying Value | Unpaid Principal Balance | Valuation Allowance | Interest Income |
| | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| With no allowance recorded: |  |  |  |  |  |
| &nbsp;&nbsp;Commercial mortgage loans: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Primary lender | $3 | $4 | $5 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 3 | 4 | 5 |  |  |
| Total impaired commercial mortgage loans | $3 | $4 | $5 | $— | $— |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
| | Carrying Value | Average Carrying Value | Unpaid Principal Balance | Valuation Allowance | Interest Income |
| | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| With allowance recorded: |  |  |  |  |  |
| &nbsp;&nbsp;Commercial mortgage loans: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Primary lender | $9 | $10 | $13 | $(4) | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 9 | 10 | 13 | (4) |  |
| With no allowance recorded: |  |  |  |  |  |
| &nbsp;&nbsp;Commercial mortgage loans: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Primary lender | $8 | $8 | $10 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 8 | 8 | 10 |  |  |
| Total impaired commercial mortgage loans | $17 | $18 | $23 | $(4) | $— |

---

The Company did not hold any mortgage loans with principal or interest past due or mortgage loans with suspended interest accruals as of December 31, 2025 or 2024. As of December 31, 2025 and 2024 the carrying value of commercial mortgage loans subject to a participant or co-lender mortgage loan agreement was $404 million and $530 million, respectively.

Allowance for credit losses:

---

| | | |
|:---|:---|:---|
| | Years Ended December 31, | Years Ended December 31, |
| | 2025 | 2024 |
| Balance at the beginning of period | $(4) | $(4) |
| &nbsp;&nbsp;Additions charged to operations | (1) | (3) |
| &nbsp;&nbsp;Direct write-downs charged against the allowances | 4 |  |
| &nbsp;&nbsp;Recoveries of amounts previously charged off | 1 | 3 |
| Balance at the end of the period | $— | $(4) |

---

------

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

***g. &nbsp;&nbsp;&nbsp;&nbsp;Partnerships and limited liability companies***

The carrying value of partnerships and limited liability companies holdings by annual statement category were:

---

| | | |
|:---|:---|:---|
| | December 31, | December 31, |
| | 2025 | 2024 |
| | (In Millions) | (In Millions) |
| Joint venture interests: |  |  |
| &nbsp;&nbsp;Common stocks - subsidiaries and affiliates | $18 | $75 |
| &nbsp;&nbsp;Common stocks - unaffiliated | 32 |  |
| &nbsp;&nbsp;Real estate | 93 | 61 |
| &nbsp;&nbsp;Bonds/preferred stocks | 13 |  |
| &nbsp;&nbsp;Other | 14 | 16 |
| Mortgage loans |  | 2 |
| Surplus notes |  | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $170 | $161 |

---

As of December 31, 2025 and 2024, the Company held 9 affiliated partnerships and limited liability companies in a loss position with accumulated losses of $1 million and 11 affiliated partnerships and limited liability companies in a loss position with accumulated losses of $9 million, respectively.

The Company did not hold any unexpired tax credits for the year ended December 31, 2025.

The minimum holding period required for the Company's LIHTC investments extends from 1 year to 15 years.

For determining impairments for LIHTC investments, the Company uses the present value of all future benefits, the majority of which are tax credits, discounted at a risk-free rate ranging from 3.5% for future benefits of two years to 4.2% for future benefits of ten or more years, and compares the result to its current carry value. The Company recorded $1 million impairments to LIHTC investments for the year ended December 31, 2025 and no impairments to LIHTC investments for the year ended December 31, 2024.

***h. &nbsp;&nbsp;&nbsp;&nbsp;Derivatives***

The Company uses derivative financial instruments in the normal course of business to manage risks, primarily to reduce currency, interest rate and duration imbalances determined in asset/liability analyses. The Company also uses a combination of derivatives and fixed income investments to create replicated synthetic investments. These replicated synthetic investments are created when they are economically more attractive than the actual instrument or when similar instruments are unavailable. Replicated synthetic investments are created either to hedge and reduce the Company's credit exposure or to create an investment in a particular asset. The Company held replicated synthetic investments with a notional amount of $820 million as of December 31, 2025 and $820 million as of December 31, 2024, as defined under statutory accounting practices as the result of pairing of a long derivative contract with cash instruments.

The Company's derivative strategy employs a variety of derivative financial instruments, including: interest rate, currency, equity, bond, and credit default swaps; options; forward contracts and financial futures. Investment risk is assessed on a portfolio basis and individual derivative financial instruments are not generally designated in hedging relationships; therefore, as allowed by statutory accounting practices, the Company intentionally has not applied hedge accounting.

------

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

Interest rate swaps are primarily used to more closely match the cash flows of assets and liabilities. Interest rate swaps are also used to mitigate changes in the value of assets anticipated to be purchased and other anticipated transactions and commitments. The Company uses currency swaps for the purpose of managing currency exchange risks in its assets and liabilities.

The Company does not sell credit default swaps as a participant in the credit insurance market. The Company does, however, use credit default swaps as part of its investment management process. The Company buys credit default swaps as an efficient means to reduce credit exposure to particular issuers or sectors in the Company's investment portfolio. The Company sells credit default swaps in order to create synthetic investment positions that enhance the return on its investment portfolio by providing comparable exposure to fixed income securities that might not be available in the primary market.

Options grant the purchaser the right to buy or sell a security or enter a derivative transaction at a stated price within a stated period. The Company's option contracts have terms of up to 10 years. A swaption is an option to enter an interest rate swap to either receive or pay a fixed rate at a future date. The Company purchases these options for the purpose of managing interest rate risks in its assets and liabilities.

The Company adopted a clearly defined hedging strategy (CDHS) to enable the Company to incorporate currently held hedges in risk-based capital (RBC) calculations. The CDHS is used to significantly mitigate the impact that movements in capital markets have on the liabilities associated with annuity guarantees. The hedge portfolio consists mainly of interest rate swaps, equity swaps, interest rate swaptions and equity futures, and provides protection in the stress scenarios under which RBC is calculated. The hedge portfolio has offsetting impacts relative to the total asset requirement for RBC and surplus for GMDB and VAGLB.

The Company utilizes certain other agreements including forward contracts and financial futures. In addition, the Company also uses "to be announced" forward contracts (TBAs) to hedge interest rate risk and participate in the mortgage-backed securities market in an efficient and cost effective way. Typically, the price is agreed upon at contract inception and payment is made at a specified future date. The Company usually does not purchase TBAs with settlement by the first possible delivery date and thus, accounts for these TBAs as derivatives. TBAs that settle on the first possible delivery date are accounted for as bonds. The Company's futures contracts are exchange traded and have credit risk. Margin requirements are met with the deposit of securities. Futures contracts are generally settled with offsetting transactions. Forward contracts and financial futures are used by the Company to reduce exposures to various risks including interest rates and currency rates.

The Company's principal derivative exposures to market risk are interest rate risk, which includes inflation and credit risk. Interest rate risk pertains to the change in fair value of the derivative instruments as a result of changes in market interest rates. The Company is exposed to credit-related losses in the event of nonperformance by counterparties to derivative financial instruments. The Company regularly monitors counterparty credit ratings, derivative positions, valuations and the value of collateral posted to ensure counterparties are credit-worthy and the concentration of exposure is minimized and monitors its derivative credit exposure as part of its overall risk management program.

The Company enters derivative transactions through bilateral derivative agreements with counterparties, or through over the counter cleared derivatives with a counterparty and the use of a clearinghouse. To minimize credit risk for bilateral transactions, the Company and its counterparties generally enter into master netting agreements based on agreed upon requirements that outline the framework for how collateral is to be posted in the amount owed under each transaction, subject to certain minimums. For over the counter cleared derivative transactions between the Company and a counterparty, the parties enter into a series of master netting and other agreements that govern, among other things, clearing and collateral requirements. These transactions are cleared through a clearinghouse and each derivative counterparty is only exposed to the default risk of the clearinghouse. Certain interest rate swaps and credit default swaps are considered cleared transactions. These cleared transactions require initial and daily variation margin collateral postings. These agreements allow for contracts in a positive position, in which amounts are due to the Company, to be offset by contracts in a negative position. This right of offset, combined with collateral obtained from counterparties, reduces the Company's credit exposure.

------

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

Net collateral pledged to the counterparties was $110 million as of December 31, 2025, and net collateral pledged to the counterparties was $107 million as of December 31, 2024. In the event of default, the full market value exposure at risk, net of offsets and collateral, was $1 million and $1 million as of December 31, 2025 and 2024, respectively. The statutory net amount at risk, defined as net collateral pledged and statement values excluding accrued interest, was $364 million and $314 million as of December 31, 2025 and 2024, respectively.

As of December 31, 2025, the company had the right to rehypothecate or repledge securities totaling $14 million, pledged by the counterparties, of the $110 million of the net collateral pledged to counterparties. As of December 31, 2024, the company had the right to rehypothecate or repledge securities totaling $34 million, pledged by the counterparties, of the $107 million of the net collateral pledged to counterparties. There were no securities rehypothecated to other counterparties as of December 31, 2025 or December 31, 2024.

The following summarizes the carrying values and notional amounts of the Company's derivative financial instruments:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
| | Assets | Assets | Liabilities | Liabilities | Assets | Assets | Liabilities | Liabilities |
| | Carrying Value | Notional Amount | Carrying Value | Notional Amount | Carrying Value | Notional Amount | Carrying Value | Notional Amount |
| | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| Interest rate swaps | $575 | $4452 | $265 | $6453 | $560 | $4690 | $319 | $6233 |
| Options | 20 | 311 | 13 | 294 | 28 | 397 | 15 | 384 |
| Currency swaps | 38 | 415 | 9 | 159 | 76 | 610 | 2 | 22 |
| Forward contracts | 1 | 72 | 3 | 217 | 5 | 176 | 1 | 42 |
| Financial futures | (7) | 450 |  |  |  |  | 14 | 450 |
| &nbsp;&nbsp;Total | $627 | $5700 | $290 | $7123 | $669 | $5873 | $351 | $7131 |

---

The average fair value of outstanding derivative assets was $625 and $608 million for the years ended December 31, 2025 and 2024, respectively. The average fair value of outstanding derivative liabilities was $297 and $329 million for the years ended December 31, 2025 and 2024, respectively.

The Company did not have any credit default swaps for the years ended December 31, 2025 and December 31, 2024.

The following presents the Company's gross notional interest rate swap positions:

---

| | | |
|:---|:---|:---|
| | December 31, | December 31, |
| | 2025 | 2024 |
| | (In Millions) | (In Millions) |
| Open interest rate swaps in a fixed pay position | $4714 | $4770 |
| Open interest rate swaps in a fixed receive position | 6191 | 6153 |
| &nbsp;&nbsp;Total interest rate swaps | $10905 | $10923 |

---

------

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

The following summarizes the Company's net realized gains (losses) on closed contracts and change in net unrealized (losses) gains related to market fluctuations on open contracts by derivative type:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Years Ended December 31, | Years Ended December 31, | Years Ended December 31, | Years Ended December 31, | Years Ended December 31, | Years Ended December 31, |
| | 2025 | 2025 | 2024 | 2024 | 2023 | 2023 |
| | Net Realized Gains (Losses) on Closed Contracts | Change in Net Unrealized Gains (Losses) on Open Contracts | Net Realized Gains (Losses) on Closed Contracts | Change in Net Unrealized Gains (Losses) on Open Contracts | Net Realized (Losses) Gains on Closed Contracts | Change in Net Unrealized Gains (Losses) on Open Contracts |
| | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| Interest rate swaps | $— | $68 | $— | $75 | $4 | $33 |
| Currency swaps | 3 | (45) | 5 | 16 | 4 | (45) |
| Options | 3 | (2) | 5 |  | (5) | 2 |
| Forward contracts | (6) | (6) | 2 | 6 | (2) | (1) |
| Financial futures | 2 | 7 | 1 | (62) | (59) | 47 |
| &nbsp;&nbsp;Total | $2 | $22 | $13 | $35 | $(58) | $36 |

---

Cash flows associated with derivative instruments, including related gains and losses, are presented within miscellaneous proceeds and miscellaneous applications in the statement of cash flows.

***i. &nbsp;&nbsp;&nbsp;&nbsp;Debt securities that do not qualify as bonds***

The carrying value and fair value were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| | Carrying Value | Gross Unrealized Gains | Gross Unrealized Losses | Fair <br>Value |
| | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) |
| Debt securities that do not qualify as bonds | $4 | $— | $— | $4 |

---

As of December 31, 2025, the Company had no debt securities that do not qualify as bonds that had been in a continuous unrealized loss position.

Premiums, discounts, and yield adjustments on these investments are amortized using either the prospective or retrospective method, depending on the nature of the security and changes in expected cash flows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prospective Method: When estimated cash flows change, the effective yield is recalculated and applied incrementally over the remaining life of the security

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Retrospective Method: When actual cash flows differ significantly from estimates, the prior amortization is adjusted as of the date the cashflow is changed for the full amount of the correction

The Company assigns the amortization method at purchase based on security type and evaluates cash flow estimates quarterly to best reflect the economics of the investment and statutory accounting guidance.

Prepayment assumptions for other invested assets are based on various assumptions and inputs obtained from external industry sources along with internal analysis and actual experience.

------

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

The following contains debt securities that do not qualify as bonds that recognized OTTI classified on the following bases for recognizing OTTI:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Amortized cost basis before <br> OTTI impairment | | | |
| | Amortized cost basis before <br> OTTI impairment | OTTI recognized in loss | OTTI recognized in loss | |
| | Amortized cost basis before <br> OTTI impairment | Interest | Non-interest |<br>Fair value |
| | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| OTTI recognized |  |  |  |  |
| &nbsp;&nbsp; Inability or lack of intent to retain the investment in the security for a period of time sufficient to recover the amortized cost basis | $29 | $— | $4 | $25 |

---

All impairments were taken due to the present value of cash flows expected to be collected being less than the amortized cost basis.

The following is impaired debt securities that do not qualify as bonds where the present value of cash flows expected to be collected is less than the amortized cost basis.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Adjusted carrying value amortized cost before OTTI | Present value of projected cash flow | Recognized <br>OTTI | Amortized cost<br>after OTTI | Fair value at time of OTTI |
| (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| $29 | $25 | $(4) | $25 | $21 |

---

As of December 31, 2025, there were no securities sold, redeemed, or otherwise disposed of as a result of a callable or tender offer feature, and no investment income was generated from prepayment penalties or acceleration fees.

------

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

***j. &nbsp;&nbsp;&nbsp;&nbsp;Net investment income***

Net investment income, including IMR amortization, comprised the following:

---

| | | | |
|:---|:---|:---|:---|
| | Years Ended December 31, | Years Ended December 31, | Years Ended December 31, |
| | 2025 | 2024 | 2023 |
| | (In Millions) | (In Millions) | (In Millions) |
| Bonds | $111 | $140 | $165 |
| Preferred stocks | 1 | 1 | 1 |
| Common stocks - subsidiaries and affiliates | 22 | 23 | 25 |
| Common stocks - unaffiliated | 2 | 2 | 2 |
| Mortgage loans | 29 | 34 | 34 |
| Policy loans | 8 | 8 | 7 |
| Partnerships and limited liability companies | 2 | 7 | 13 |
| Derivatives | (30) | (43) | (36) |
| Cash, cash equivalents and short-term investments | 14 | 15 | 9 |
| Other | 10 | 12 | 15 |
| &nbsp;&nbsp;Subtotal investment income | 169 | 199 | 235 |
| Amortization of the IMR | (5) | (6) | (2) |
| Investment expenses | (23) | (23) | (22) |
| &nbsp;&nbsp;Net investment income | $141 | $170 | $211 |

---

***k. &nbsp;&nbsp;&nbsp;&nbsp;Net realized capital losses***

Net realized capital losses, which include OTTI and are net of deferral to the IMR, comprised the following:

---

| | | | |
|:---|:---|:---|:---|
| | Years Ended December 31, | Years Ended December 31, | Years Ended December 31, |
| | 2025 | 2024 | 2023 |
| | (In Millions) | (In Millions) | (In Millions) |
| Bonds | $(12) | $(10) | $(79) |
| Preferred stocks | (2) | 2 |  |
| Common stocks - subsidiaries and affiliates |  |  | 6 |
| Common stocks - unaffiliated |  | (1) |  |
| Mortgage loans | (8) | (6) | (4) |
| Partnerships and limited liability companies | (3) | (2) | 1 |
| Derivatives | 2 | 12 | (58) |
| Other | 2 |  | (1) |
| &nbsp;&nbsp;Net realized capital losses before federal and state taxes and deferral to the IMR | (21) | (5) | (135) |
| Net federal and state tax benefit | 4 |  | 6 |
| &nbsp;&nbsp;Net realized capital losses before deferral to the IMR | (17) | (5) | (129) |
| Net after tax capital losses (gains) deferred to the IMR |  | (1) | 114 |
| &nbsp;&nbsp;Net realized capital losses | $(17) | $(6) | $(15) |

---

------

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

OTTI, included in the net realized capital losses, consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
| | Years Ended December 31, | Years Ended December 31, | Years Ended December 31, |
| | 2025 | 2024 | 2023 |
| | (In Millions) | (In Millions) | (In Millions) |
| Bonds | $(8) | $(9) | $(1) |
| Common stocks - unaffiliated |  | (1) |  |
| Mortgage loans | (5) | (4) |  |
| Partnerships and limited liability companies | (3) | (2) | (2) |
| &nbsp;&nbsp;Total OTTI | $(16) | $(16) | $(3) |

---

The Company recognized OTTI of $1 million for the years ended December 31, 2025, 2024, and 2023, on structured and loan-backed securities, which are included in bonds, primarily due to the present value of expected cash flows being less than the amortized cost.

The Company utilized internally-developed models to determine less than 1% of the $8 million of bond OTTI for the year ended December 31, 2025, less than 1% of the $9 million of bond OTTI for the year ended December 31, 2024 and less than 1% of the $1 million of bond OTTI for the year ended December 31, 2023. The remaining OTTI amounts were determined using external inputs such as publicly observable fair values and credit ratings. Refer to *Note 2aa.. "Net realized capital losses including other-than-temporary impairments and unrealized capital gains (losses)"* for more information on assumptions and inputs used in the Company's OTTI models.

Refer to *Note 17. "Impairment listing for loan-backed and structured securities"* for a CUSIP level list of impaired structured securities where the present value of cash flows expected to be collected is less than the amortized cost basis.

***l. &nbsp;&nbsp;&nbsp;&nbsp;Restricted assets***

Admitted restricted assets by category:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| | Gross (Admitted and Non-admitted) Restricted | Gross (Admitted and Non-admitted) Restricted | Gross (Admitted and Non-admitted) Restricted | Gross (Admitted and Non-admitted) Restricted | Gross (Admitted and Non-admitted) Restricted | Gross (Admitted and Non-admitted) Restricted | Percentage | Percentage |
| Restricted Asset Category | Total General Account | Total Separate Account Restricted Assets | Total | Total From Prior Year | Increase (Decrease) | Total Admitted Restricted | Gross Admitted and Non-admitted) Restricted to Total Assets | Admitted Restricted to Total Admitted Assets |
|  | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) |
| Letter stock or securities restricted as to sale - excluding FHLB capital stock | $1 | $— | $1 | $1 | $— | $1 | 0.01% | 0.01% |
| On deposit with states | 4 |  | 4 | 4 |  | 4 | 0.05% | 0.05% |
| Pledged as collateral not captured in other categories | 313 |  | 313 | 297 | 16 | 313 | 4.47% | 4.48% |
| Total restricted assets | $318 | $— | $318 | $302 | $16 | $318 | 4.53% | 4.54% |

---

------

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
| | Gross (Admitted and Non-admitted) Restricted | Gross (Admitted and Non-admitted) Restricted | Gross (Admitted and Non-admitted) Restricted | Gross (Admitted and Non-admitted) Restricted | Gross (Admitted and Non-admitted) Restricted | Gross (Admitted and Non-admitted) Restricted | Percentage | Percentage |
| Restricted Asset Category | Total General Account | Total Separate Account Restricted Assets | Total | Total From Prior Year | Increase (Decrease) | Total Admitted Restricted | Gross Admitted and Non-admitted) Restricted to Total Assets | Admitted Restricted to Total Admitted Assets |
|  | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) |
| Letter stock or securities restricted as to sale - excluding FHLB capital stock | $1 | $— | $1 | $1 | $— | $1 | 0.01% | 0.01% |
| On deposit with states | 4 |  | 4 | 4 |  | 4 | 0.05% | 0.05% |
| Pledged as collateral not captured in other categories | 297 |  | 297 | 273 | 24 | 297 | 4.12% | 4.14% |
| Total restricted assets | $302 | $— | $302 | $278 | $24 | $302 | 4.18% | 4.20% |

---

***6.&nbsp;&nbsp;&nbsp;&nbsp;Federal income taxes***

On August 16th, 2022, the Inflation Reduction Act (IRA) was signed into law and includes certain corporate income tax provisions. Potential impacts to the Company include the imposition of a corporate alternative minimum tax (CAMT). The CAMT imposes a 15% minimum tax on adjusted financial statement income on applicable corporations that have an average adjusted financial statement income over $1 billion in the prior three-year period. The United States Treasury Department and the Internal Revenue Service (IRS) released proposed regulations on September 12, 2024. As of the reporting date, the Company is not an applicable corporation and therefore not liable for CAMT in 2025. Any future CAMT liability will be allocated to Massachusetts Mutual Life Insurance Company (MassMutual) in accordance with the tax allocation agreement.

On July 4th, 2025, "An Act to Provide for Reconciliation Pursuant to Title II of the H. Con. Res. 14" (the Act) was enacted. The Act provides for several corporate tax changes including, but not limited to, restoring full expensing of domestic research and development costs, restoring immediate deductibility of certain capital expenditures, and changes in the computations of U.S. taxation on international earnings. The Act will not have a tax effect on Company's financial statements.

The Company provides for DTAs in accordance with statutory accounting practices. All of the companies included in these Statutory Financial Statements have met the required threshold to utilize the three-year reversal period and 15% of surplus limitation.

------

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

The net DTA or deferred tax liabilities (DTL) recognized in the Company's assets, liabilities and surplus is as follows:

---

| | | | |
|:---|:---|:---|:---|
| | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| | Ordinary | Capital | Total |
| | (In Millions) | (In Millions) | (In Millions) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross DTAs | $109 | $28 | $137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statutory valuation allowance adjustment |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted gross DTAs | 109 | 28 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DTAs nonadmitted | (8) | (5) | (13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal net admitted DTA | 101 | 23 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total gross DTLs | (75) | (22) | (97) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net admitted DTA(L) | $26 | $1 | $27 |

---

---

| | | | |
|:---|:---|:---|:---|
| | December 31, 2024 | December 31, 2024 | December 31, 2024 |
| | Ordinary | Capital | Total |
| | (In Millions) | (In Millions) | (In Millions) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross DTAs | $99 | $43 | $142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statutory valuation allowance adjustment |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted gross DTAs | 99 | 43 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DTAs nonadmitted |  | (25) | (25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal net admitted DTA | 99 | 18 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total gross DTLs | (77) | (18) | (95) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net admitted DTA(L) | $22 | $— | $22 |

---

---

| | | | |
|:---|:---|:---|:---|
| | Change | Change | Change |
| | Ordinary | Capital | Total |
| | (In Millions) | (In Millions) | (In Millions) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross DTAs | $10 | $(15) | $(5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statutory valuation allowance adjustment |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted gross DTAs | 10 | (15) | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DTAs nonadmitted | (8) | 20 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal net admitted DTA | 2 | 5 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total gross DTLs | 2 | (4) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net admitted DTA(L) | $4 | $1 | $5 |

---

------

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

The amount of adjusted gross DTA admitted under each component of the guidance and the resulting change by tax character are as follows:

---

| | | | |
|:---|:---|:---|:---|
| | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| | Ordinary | Capital | Total |
| | (In Millions) | (In Millions) | (In Millions) |
| &nbsp;&nbsp;Admitted DTA 3 years: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal income taxes that can be recovered | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining adjusted gross DTAs expected to be realized within 3 years: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Adjusted gross DTA to be realized | 26 | 1 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Adjusted gross DTA allowed per limitation threshold | 260 | 1 | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lesser of line 1 or 2 | 26 | 1 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted gross DTAs offset by existing DTLs | 75 | 22 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total admitted DTA realized within 3 years | $101 | $23 | $124 |

---

---

| | | | |
|:---|:---|:---|:---|
| | December 31, 2024 | December 31, 2024 | December 31, 2024 |
| | Ordinary | Capital | Total |
| | (In Millions) | (In Millions) | (In Millions) |
| &nbsp;&nbsp;Admitted DTA 3 years: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal income taxes that can be recovered | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining adjusted gross DTAs expected to be realized within 3 years: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Adjusted gross DTA to be realized | 22 |  | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Adjusted gross DTA allowed per limitation threshold | 251 |  | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lesser of line 1 or 2 | 22 |  | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted gross DTAs offset by existing DTLs | 77 | 18 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total admitted DTA realized within 3 years | $99 | $18 | $117 |

---

---

| | | | |
|:---|:---|:---|:---|
| | Change | Change | Change |
| | Ordinary | Capital | Total |
| | (In Millions) | (In Millions) | (In Millions) |
| &nbsp;&nbsp;Admitted DTA 3 years: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal income taxes that can be recovered | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining adjusted gross DTAs expected to be realized within 3 years: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Adjusted gross DTA to be realized | 4 | 1 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Adjusted gross DTA allowed per limitation threshold | 9 | 1 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lesser of line 1 or 2 | 4 | 1 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted gross DTAs offset by existing DTLs | (2) | 4 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total admitted DTA realized within 3 years | $2 | $5 | $7 |

---

------

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

The Company's total realization threshold limitations are as follows:

---

| | | |
|:---|:---|:---|
| | December 31, | December 31, |
| | 2025 | 2024 |
| | ($ In Millions) | ($ In Millions) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio percentage used to determine recovery period and threshold limitation | 1855% | 1769% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount of adjusted capital and surplus used to determine recovery period and threshold limitation above | $1734 | $1676 |

---

The ultimate realization of DTAs depends on the generation of future taxable income during the periods in which the temporary differences are deductible. Management considers the scheduled reversal of DTLs, including the impact of available carryback and carryforward periods, projected taxable income and tax-planning strategies in making this assessment. The impact of tax-planning is as follows:

---

| | | | |
|:---|:---|:---|:---|
| | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| | Ordinary | Capital | Total |
| | (Percent) | (Percent) | (Percent) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impact of tax-planning strategies: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted gross DTAs |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(% of total adjusted gross DTAs) | —% | —% | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net admitted adjusted gross DTAs |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(% of total net admitted adjusted gross DTAs) | —% | 100% | 2% |

---

---

| | | | |
|:---|:---|:---|:---|
| | December 31, 2024 | December 31, 2024 | December 31, 2024 |
| | Ordinary | Capital | Total |
| | (Percent) | (Percent) | (Percent) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impact of tax-planning strategies: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted gross DTAs |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(% of total adjusted gross DTAs) | —% | —% | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net admitted adjusted gross DTAs |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(% of total net admitted adjusted gross DTAs) | —% | 100% | —% |

---

---

| | | | |
|:---|:---|:---|:---|
| | Change | Change | Change |
| | Ordinary | Capital | Total |
| | (Percent) | (Percent) | (Percent) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impact of tax-planning strategies: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted gross DTAs |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(% of total adjusted gross DTAs) | —% | —% | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net admitted adjusted gross DTAs |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(% of total net admitted adjusted gross DTAs) | —% | —% | 2% |

---

There are no reinsurance strategies included in the Company's tax-planning strategies.

------

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

The provision for current tax expense on earnings is as follows:

---

| | | | |
|:---|:---|:---|:---|
| | Years Ended December 31, | Years Ended December 31, | Years Ended December 31, |
| | 2025 | 2024 | 2023 |
| | (In Millions) | (In Millions) | (In Millions) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal income tax expense (benefit) on operating earnings | $(2) | $8 | $8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign income tax expense on operating earnings |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total federal and foreign income tax expense (benefit) | (2) | 8 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on operating earnings |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal income tax expense (benefit) on net realized capital gains | (4) |  | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total federal and foreign income tax expense (benefit) | $(6) | $8 | $2 |

---

------

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

The tax effects of temporary differences that give rise to significant portions of the DTAs and DTLs are as follows:

---

| | | | |
|:---|:---|:---|:---|
| | December 31, | December 31, | December 31, |
| | 2025 | 2024 | Change |
| | (In Millions) | (In Millions) | (In Millions) |
| DTAs: |  |  |  |
| &nbsp;&nbsp;Ordinary |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reserve items | $31 | $26 | $5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy acquisition costs | 44 | 37 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment items | 30 | 33 | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 4 | 4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total ordinary DTAs | 109 | 100 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nonadmitted DTAs | (8) |  | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admitted ordinary DTAs | 101 | 100 | 1 |
| &nbsp;&nbsp;Capital |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized investment losses |  | 15 | (15) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment items | 28 | 28 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total capital DTAs | 28 | 43 | (15) |
| &nbsp;&nbsp;&nbsp;&nbsp;Nonadmitted DTAs | (5) | (25) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admitted capital DTAs | 23 | 18 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admitted DTAs | 124 | 118 | 6 |
| DTLs: |  |  |  |
| &nbsp;&nbsp;Ordinary |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reserve items |  | 1 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized investment gains | 51 | 51 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred and uncollected premium | 4 | 5 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment items | 4 | 3 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 15 | 18 | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total ordinary DTLs | 74 | 78 | (4) |
| &nbsp;&nbsp;Capital |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized investment gains | 21 | 16 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment items | 2 | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total capital DTLs | 23 | 18 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total DTLs | 97 | 96 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net admitted DTA | $27 | $22 | $5 |

---

------

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

The change in net deferred income taxes comprised the following:

---

| | | | |
|:---|:---|:---|:---|
| | Years Ended December 31, | Years Ended December 31, | Years Ended December 31, |
| | 2025 | 2024 | 2023 |
| | (In Millions) | (In Millions) | (In Millions) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net DTA(L) | $(7) | $6 | $2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Items not recorded in the change in |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net deferred income taxes: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax-effect of unrealized gains/(losses) | 19 | 4 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax-effect of changes from investment transfers |  | 11 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in net deferred income taxes | $12 | $21 | $14 |

---

As of December 31, 2025, the Company had no net operating or capital loss carryforwards to include in deferred income taxes. The Company has no tax credit carryforwards included in deferred taxes.

The components of federal and foreign income tax are recorded in the Statutory Statements of Operations and the Statutory Statements of Changes in Capital and Surplus and are different from those which would be obtained by applying the prevailing federal income tax rate to net gain from operations before federal income taxes. The significant items causing this difference are as follows:

---

| | | | |
|:---|:---|:---|:---|
| | Years Ended December 31, | Years Ended December 31, | Years Ended December 31, |
| | 2025 | 2024 | 2023 |
| | (In Millions) | (In Millions) | (In Millions) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision computed at federal statutory rate of 21% | $(7) | $1 | $(15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment items | (4) |  | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nonadmitted assets |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | (7) | (14) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total statutory income tax benefit | $(18) | $(13) | $(12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal and foreign income tax benefit | $(6) | $8 | $2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in net deferred income taxes | (12) | (21) | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total statutory income tax benefit | $(18) | $(13) | $(12) |

---

The Company made payments for federal income taxes in the amount of $7 million in 2025 and received refunds in the amount of $9 million in 2024 and paid taxes in the amount of $5 million in 2023.

The total income taxes available in the current and prior years that will be available for recoupment in the event of future net capital losses totaled $0 million related to 2025, $2 million related to 2024 and $0 million related to 2023.

------

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

The Company is included in a consolidated U.S. federal income tax return with its parent, MassMutual, a mutual life

insurance company domiciled in the Commonwealth of Massachusetts, and MassMutual's eligible U.S. subsidiaries. The Company also files income tax returns in various states and foreign jurisdictions. The Company, MassMutual, and MassMutual's eligible subsidiaries and certain affiliates (the Parties) have executed and are subject to a written tax allocation agreement (the Agreement). The Agreement sets forth the manner in which the total combined federal income tax is allocated among the Parties. The Agreement provides the Company with the enforceable right to recoup federal income taxes paid in prior years in the event of future net capital losses, which it may incur. Further, the Agreement provides the Company with the enforceable right to utilize its net losses carried forward as an offset to future net income subject to federal income taxes. In accordance with the Agreement, future CAMT is outside of the scope of the general tax allocation method and, consequently any future CAMT liability of a subsidiary shall be allocated solely to MassMutual.

Companies are generally required to disclose unrecognized tax benefits, which are the tax effect of positions taken on their tax returns that may be challenged by various taxing authorities, in order to provide users of financial statements more information regarding potential liabilities. The Company recognizes tax benefits and related reserves in accordance with existing statutory accounting practices for liabilities, contingencies and impairments of assets.

The following is a reconciliation of the beginning and ending liability for unrecognized tax benefits (in millions):

---

| | |
|:---|:---|
| Balance, January 1, 2025 | $7 |
| &nbsp;&nbsp;Gross change related to positions taken in current year |  |
| Balance, December 31, 2025 | $7 |

---

Included in the liability for unrecognized tax benefits as of December 31, 2025, are $7 million of tax positions for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility. The liability for the unrecognized tax benefits as of December 31, 2025 includes $0 million of unrecognized tax benefits that, if recognized, would impact the Company's effective tax rate.

The Company recognized an increase of $0 million in accrued interest related to the liability for unrecognized tax benefits as a component of the provision for income taxes. The amount of net interest recognized was $0 million as of December 31, 2025 and $0 million as of December 31, 2024. The Company has no accrued penalties related to the liability for unrecognized tax benefits. In the next year, the Company does not anticipate the total amount of uncertain tax positions to significantly increase or decrease.

The Internal Revenue Service (IRS) has completed its examination of MassMutual and its subsidiaries for the years 2016 and prior. The 2017-2018 tax years are in Appeals. The adjustments resulting from these examinations are not expected to materially affect the position or liquidity of the Company.

As of December 31, 2025 and 2024, the Company did not recognize any protective deposits as admitted assets.

***7.&nbsp;&nbsp;&nbsp;&nbsp;Other than invested assets***

***a.&nbsp;&nbsp;&nbsp;&nbsp;Admitted negative (disallowed) IMR***

As of December 31, 2025, the Company had $138 million of disallowed IMR in aggregate and in the general account.

------

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

The following represents the calculated adjusted general capital and surplus:

---

| | |
|:---|:---|
| | December 31, 2025 |
| | (In Millions) |
| Prior period general account capital & surplus | $1812 |
| From prior period financials: | 27 |
| &nbsp;&nbsp;Net negative (disallowed) IMR (admitted) | 152 |
| Adjusted capital and surplus | $1633 |

---

As of December 31, 2025, the percentage of adjusted general capital and surplus for which the admitted disallowed IMR represents was 8%.

The following represents allocated gains (losses) to IMR from derivatives:

---

| | | |
|:---|:---|:---|
| | December 31, 2025 | December 31, 2025 |
| | Gains | Losses |
| | (In Millions) | (In Millions) |
| Unamortized fair value derivative gains & losses realized to IMR - prior period | $364 | $(500) |
| Fair value derivative gains & losses realized to IMR - added in current period | 6 | (4) |
| Fair value derivative gains & losses amortized over current period | 20 | (21) |
| Unamortized fair value derivative gains & losses realized to IMR - current period total | $350 | $(483) |

---

When the Company sells bonds and recognizes losses due to interest-rate related factors, and the realized losses are transferred to the IMR, the sales proceeds are generally used for reinvestment as governed by prudent asset liability management (ALM) policies and procedures. Such sales of bonds are intermittently used to meet liquidity needs and managed within the ALM framework.

IMR losses for fixed income related derivatives were in accordance with documented risk management procedures, as well as the Company's derivative use plans, and reflect the same historical treatment of derivative gains reversed to IMR and amortized rather than immediately recognized as realized gain upon termination.

***b.&nbsp;&nbsp;&nbsp;&nbsp;Deferred and uncollected life insurance premium***

Deferred and uncollected life insurance premium, net of loading and reinsurance, are included in other than invested assets in the Company's Statutory Statements of Financial Position.

The following summarizes the deferred and uncollected life insurance premium on a gross basis, as well as, net of loading and reinsurance:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | December 31, | December 31, | December 31, | December 31, |
| | 2025 | 2025 | 2024 | 2024 |
| | Gross | Net | Gross | Net |
| | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| Ordinary renewal | $(3) | $6 | $(6) | $3 |
| &nbsp;&nbsp;Total | $(3) | $6 | $(6) | $3 |

---

Deferred premium is the portion of the annual premium not earned at the reporting date. Loading on deferred premium is an amount obtained by subtracting the valuation net deferred premium from the gross deferred premium and generally includes allowances for acquisition costs and other expenses.

------

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

Uncollected premium is gross premium net of reinsurance that is due and unpaid as of the reporting date, net of loading. Net premium is the amount used in the calculation of reserves. The change in deferred and uncollected life insurance premium is included in premium income. The change in loading is included as an expense and is not shown as a reduction to premium income.

Ordinary new business and ordinary renewal business consist of the basic amount of premium required on the underlying life insurance policies.

In certain instances, gross premium is less than net premium according to the standard valuation set by the Division and the Department. The gross premium is less than the net premium needed to establish the reserves because the statutory reserves must use standard conservative valuation mortality tables, while the gross premium calculated in pricing uses mortality tables that reflect both the Company's experience and the transfer of mortality risk to reinsurers. The Company had life insurance in force of $10,347 million and $11,213 million as of December 31, 2025 and 2024, respectively.

***8. &nbsp;&nbsp;&nbsp;&nbsp;Policyholders' liabilities***

***a. &nbsp;&nbsp;&nbsp;&nbsp;Policyholders' reserves***

The Company had life insurance in force of $33 billion and $33 billion as of December 31, 2025 and 2024, respectively.

The following summarizes policyholders' reserves, net of reinsurance, and the range of interest rates by type of product:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | December 31, | December 31, | December 31, | December 31, | December 31, | December 31, |
| | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 |
| | Amount | Interest Rates | Interest Rates | Amount | Interest Rates | Interest Rates |
| | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) |
| Individual life | $93 | 3.5% | 4.8% | $96 | 3.5% | 4.8% |
| Individual universal and variable life | 693 | 3.8% | 4.5% | 677 | 3.5% | 4.5% |
| Individual annuities | 1801 | 3.0% | 8.3% | 2049 | 1.0% | 9.0% |
| &nbsp;&nbsp;Total | $2587 |  |  | $2822 |  |  |

---

Individual life includes whole life and term insurance. Individual annuities include individual annuity contracts, supplementary contracts involving life contingencies and structured settlements.

***b. &nbsp;&nbsp;&nbsp;&nbsp;Liabilities for deposit-type contracts***

Supplementary contracts not involving life contingencies of $47 million and $49 million as of December 31, 2025 and 2024, respectively, were included in liabilities for deposit-type contracts. The interest rate range on supplementary contracts was 1.0% to 6.5% and 1.0% to 6.5% as of December 31, 2025 and 2024, respectively.

***c. &nbsp;&nbsp;&nbsp;&nbsp;Additional liability for annuity contracts***

Certain variable annuity contracts include additional death benefit features. Election of these benefit guarantees is generally only available at contract issue.

------

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

The following shows the changes in the liabilities for GMDB (in millions):

---

| | |
|:---|:---|
| Liability as of January 1, 2024 | $25 |
| &nbsp;&nbsp;Incurred guarantee benefits | (18) |
| &nbsp;&nbsp;Paid guarantee benefits | (1) |
| Liability as of December 31, 2024 | 6 |
| &nbsp;&nbsp;Incurred guarantee benefits | (4) |
| &nbsp;&nbsp;Paid guarantee benefits |  |
| Liability as of December 31, 2025 | $2 |

---

The Company held deterministic reserves as of December 31, 2025 and December 31, 2024.

The following summarizes the account values, net amount at risk and weighted average attained age for variable annuity contracts with GMDB classified as policyholders' reserves and separate account liabilities. The net amount at risk is defined as the minimum guarantee less the account value calculated on a policy-by-policy basis, but not less than zero.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
| | Account Value | Net Amount at Risk | Weighted Average Attained Age | Account Value | Net Amount at Risk | Weighted Average Attained Age |
| | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) |
| GMDB | $1255 | $11 | 68 | $1303 | $12 | 68 |

---

Account values of variable annuity contracts with GMDB are summarized below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
| | Separate Account | General Account | Total | Separate Account | General Account | Total |
| | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| GMDB | $992 | $263 | $1255 | $1084 | $219 | $1303 |

---

***d. &nbsp;&nbsp;&nbsp;&nbsp;Additional liability for individual life contracts***

Certain universal life and variable universal life contracts include features such as GMDB or other guarantees that ensure continued death benefit coverage when the policy would otherwise lapse. The value of the guarantee is only available to the beneficiary in the form of a death benefit.

The following presents the changes in the liability, net of reinsurance, for guarantees on universal life and variable universal life type contracts:

---

| | | |
|:---|:---|:---|
| | December 31, | December 31, |
| | 2025 | 2024 |
| | (In Millions) | (In Millions) |
| Beginning balance | $218 | $226 |
| &nbsp;&nbsp;Net liability increase (decrease) | (17) | (8) |
| Ending balance | $201 | $218 |

---

------

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

***9. &nbsp;&nbsp;&nbsp;&nbsp;Reinsurance***

The Company enters into reinsurance agreements with affiliated and unaffiliated insurers in the normal course of business in order to mitigate the impact of underwriting mortality and morbidity risks or to assume business. Such transfers do not relieve the Company of its primary liability to its customers and, as such, failure of reinsurers to honor their obligations could result in credit losses that could arise if a reinsurer defaults. The Company reduces reinsurance default risk by evaluating the financial condition of reinsurers and monitoring for possible concentrations within the Company's reinsurers and using trust structures, when appropriate. The Company reinsures a portion of its mortality risk in its life business under either a first dollar quota-share arrangement or an in excess of the retention limit arrangement with reinsurers. The amounts reinsured are on a yearly renewable term (YRT), coinsurance funds withheld, coinsurance or Modco basis. The Company's highest retention limit for new issues of life policies ranges from $15 million to $35 million.

Refer to *Note 14. "Related party transactions"* for information about the Company's affiliated assumed reinsurance transactions.

There are no reinsurance agreements in effect under which the reinsurer may unilaterally cancel any reinsurance for reasons other than for nonpayment of premium or other similar credits. The Company has no reinsurance agreements in effect such that the amount of losses paid or accrued through the statement date may result in a payment to the reinsurer of amounts which, in aggregate and allowing for offset of mutual credits from other reinsurance agreements with the same reinsurer, exceed the total direct premium collected under the reinsured policies.

Reinsurance amounts included in the Statutory Statements of Operations were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | Years Ended December 31, | Years Ended December 31, | Years Ended December 31, |
| | 2025 | 2024 | 2023 |
| | (In Millions) | (In Millions) | (In Millions) |
| Direct premium | $711 | $256 | $477 |
| Premium ceded | (550) | (163) | (350) |
| &nbsp;&nbsp;Total net premium | $161 | $93 | $127 |
| Ceded reinsurance recoveries | $340 | $231 | $265 |

---

Reinsurance amounts included in the Statutory Statements of Financial Position were as follows:

---

| | | |
|:---|:---|:---|
| | December 31, | December 31, |
| | 2025 | 2024 |
| | (In Millions) | (In Millions) |
| Reinsurance reserves ceded | $(5065) | $(5420) |
| Ceded amounts recoverable | $105 | $65 |

---

Reinsurance reserves ceded to unaffiliated reinsurers as of December 31, 2025 and 2024, respectively, include $769 million and $827 million associated with life insurance policies, and $3,416 million and $4,127 million for annuity.

------

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

As of December 31, 2025, one reinsurer accounted for 31% of the outstanding balance of the reinsurance recoverable and the next largest reinsurer had 31%. Overall, the Company believes that each of these exposures to a single reinsurer does not create an undue concentration of risk and the Company's business is not substantially dependent upon any single reinsurer.

***10. &nbsp;&nbsp;&nbsp;&nbsp;Withdrawal characteristics***

***a. &nbsp;&nbsp;&nbsp;&nbsp;Annuity actuarial reserves and liabilities for deposit-type contracts***

The withdrawal characteristics of the Company's annuity actuarial reserves and deposit-type contracts as of December 31, 2025 are illustrated below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Individual annuities* |  |  |  |  |  |
|  | General Account | Separate Account with Guarantees | Separate Account Non-Guaranteed | Total | % of Total |
|  | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) |
| Subject to discretionary withdrawal: |  |  |  |  |  |
| &nbsp;&nbsp;With market value adjustment | $7 | $— | $— | $7 | —% |
| &nbsp;&nbsp;At book value less current surrender charge of 5% or more | 4243 |  |  | 4243 | 64% |
| &nbsp;&nbsp;At fair value |  |  | 1067 | 1067 | 16% |
| Total with market value adjustment or at fair value | 4250 |  | 1067 | 5317 | 80% |
| At book value without adjustment (minimal or no charge or adjustment) | 1322 |  |  | 1322 | 20% |
| Not subject to discretionary withdrawal | 16 |  |  | 16 | —% |
| &nbsp;&nbsp;Total | 5588 |  | 1067 | 6655 | 100% |
| Reinsurance ceded | 3864 |  |  | 3864 |  |
| &nbsp;&nbsp;Total, net of reinsurance | $1724 | $— | $1067 | $2791 |  |
| Amount included in book value moving to at book value without adjustment after statement date | $1561 | $— | $— | $1561 |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Deposit-type contracts* |  |  |  |  |  |
|  | General Account | Separate Account with Guarantees | Separate Account Non-Guaranteed | Total | % of Total |
|  | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) |
| At book value without adjustment (minimal or no charge or adjustment) | $32 | $— | $— | $32 | 69% |
| Not subject to discretionary withdrawal | 15 |  |  | 15 | 31% |
| &nbsp;&nbsp;Total, net of reinsurance | $47 | $— | $— | $47 | 100% |

---

------

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

The following is a summary of total annuity actuarial reserves and liabilities for deposit-type contracts as of December 31, 2025 (in millions):

---

| | |
|:---|:---|
| Statutory Statements of Financial Position: |  |
| &nbsp;&nbsp;Policyholders' reserves – individual annuities | $1724 |
| &nbsp;&nbsp;Liabilities for deposit-type contracts | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal | 1771 |
| Separate Account Annual Statement: |  |
| &nbsp;&nbsp;Annuities | 1067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $2838 |

---

***b. &nbsp;&nbsp;&nbsp;&nbsp;Analysis of life actuarial reserves by withdrawal characteristics***

The withdrawal characteristics of the Company's life actuarial reserves as of December 31, 2025 are illustrated below:

---

| | | | |
|:---|:---|:---|:---|
| *General account* |  |  |  |
|  | Account Value | Cash Value | Reserve |
|  | (In Millions) | (In Millions) | (In Millions) |
| Subject to discretionary withdrawal, surrender values, or policy loans: |  |  |  |
| &nbsp;&nbsp;Universal life | $151 | $151 | $153 |
| &nbsp;&nbsp;Universal life with secondary guarantees | 732 | 726 | 1575 |
| &nbsp;&nbsp;Other permanent cash value life insurance |  | 66 | 74 |
| &nbsp;&nbsp;Variable universal life | 83 | 82 | 98 |
| Not subject to discretionary withdrawal or no cash values:&nbsp;&nbsp;&nbsp;&nbsp; |  |  |  |
| &nbsp;&nbsp;Term policies without cash value |  |  | 27 |
| &nbsp;&nbsp;Disability - active lives |  |  | 1 |
| &nbsp;&nbsp;Disability - disabled lives |  |  | 18 |
| &nbsp;&nbsp;Miscellaneous reserves |  |  | 42 |
| Total (gross: direct + assumed) | $966 | $1025 | $1988 |
| Reinsurance ceded | 509 | 509 | 1201 |
| &nbsp;&nbsp;Total (net) | $457 | $516 | $787 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Separate account nonguaranteed* |  |  |  |
|  | Account Value | Cash Value | Reserve |
|  | (In Millions) | (In Millions) | (In Millions) |
| Subject to discretionary withdrawal, surrender values, or policy loans: |  |  |  |
| &nbsp;&nbsp;Variable universal life | $877 | $863 | $864 |
| Total (gross: direct + assumed) | $877 | $863 | $864 |
| &nbsp;&nbsp;Total (net) | $877 | $863 | $864 |

---

------

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

***c. &nbsp;&nbsp;&nbsp;&nbsp;Separate accounts***

The Company has nonguaranteed separate accounts which are variable accounts where the benefit is determined by the performance and/or market value of the investments held in the separate account with incidental risk, notional expense and minimum death benefit guarantees.

Information regarding the separate accounts of the Company as of and for the year ended December 31, 2025 is as follows:

---

| | |
|:---|:---|
| | Non Guaranteed |
| | (In Millions) |
| Net premium, considerations or deposits for the year ended December 31, 2025 | $75 |
| Reserves at December 31, 2025: |  |
| &nbsp;&nbsp;For accounts with assets at: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fair value | $1945 |
| Total Separate Account Liabilities | $1945 |
| Reserves by withdrawal characteristics: |  |
| &nbsp;&nbsp;Subject to discretionary withdrawal: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;At fair value | $1945 |
| Total Separate Account Liabilities | $1945 |

---

As of December 31, 2025, the Company does not have any reserves in separate accounts for asset default risk in lieu of AVR.

The following is a reconciliation of amounts reported as transfers (from) to separate accounts in the Summary of Operations of the Company's NAIC Separate Account Annual Statement to the amounts reported as net transfers (from) to separate accounts in change in policyholders' reserves in the accompanying Statutory Statements of Operations:

---

| | | | |
|:---|:---|:---|:---|
| | Years Ended December 31, | Years Ended December 31, | Years Ended December 31, |
| | 2025 | 2024 | 2023 |
| | (In Millions) | (In Millions) | (In Millions) |
| From the Separate Account Annual Statement: |  |  |  |
| &nbsp;&nbsp;Transfers to separate accounts | $75 | $47 | $41 |
| &nbsp;&nbsp;Transfers from separate accounts | (205) | (190) | (141) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net transfers from separate accounts | $(130) | $(143) | $(100) |

---

------

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

***11. &nbsp;&nbsp;&nbsp;&nbsp;Changes in capital and surplus***

MassMutual has authorized the contribution of funds to the Company sufficient to meet the capital requirements of each state in the U.S. in which the Company is licensed to do business. Substantially all of the statutory capital and surplus is subject to dividend restrictions. Dividend restrictions, imposed by state regulations, limit the payment of dividends to the shareholder without prior approval from the Department. Under these regulations, $176 million of capital and surplus is available for distribution to the shareholder in 2026 without prior regulatory approval. The company declared and paid $190 million in dividend to MassMutual in 2024. The company did not pay a dividend to MassMutual in 2023. The Company did not receive any capital contribution from MMLIC in 2025, 2024 and 2023.

***12. &nbsp;&nbsp;&nbsp;&nbsp;Presentation of the Statutory Statements of Cash Flows***

The following table presents those transactions that have affected the Company's recognized assets or liabilities but have not resulted in cash receipts or payments during the years ended December 31, 2025 and 2024. Accordingly, the Company has excluded these non-cash activities from the Statutory Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023.

---

| | | | |
|:---|:---|:---|:---|
| | Years Ended December 31, | Years Ended December 31, | Years Ended December 31, |
| | 2025 | 2024 | 2023 |
| | (In Millions) | (In Millions) | (In Millions) |
| Bond conversions and refinancing | $279 | $13 | $10 |
| Transfer of mortgage loans to partnerships and limited liability companies | 13 | 7 |  |
| Transfer of bonds to partnerships and limited liability companies | 6 |  |  |
| Stock conversions | 1 | 1 | 5 |
| Transfers between other invested assets | 1 |  |  |
| Net investment income payment-in-kind bonds | 1 |  | 16 |

---

***13. &nbsp;&nbsp;&nbsp;&nbsp;Business risks, commitments and contingencies***

***a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Risks and uncertainties***

The Company operates in a business environment subject to various risks and uncertainties. The principal risks include insurance and underwriting risks, investment and interest rate risks, currency exchange risk and credit risk. The combined impact of these risks could have a material, adverse effect on the Company's financial statements or result in operating losses in future periods. The Company employs the use of reinsurance, portfolio diversification, asset/liability management processes and other risk management techniques to mitigate the impact of these risks.

*Insurance and underwriting risks*

The Company prices its products based on estimated benefit payments reflecting assumptions with respect to mortality, morbidity, longevity, persistency, interest rates and other factors. If actual policy experience emerges that is significantly and adversely different from assumptions used in product pricing, the effect could be material to the profitability of the Company. For participating whole life products, the Company's dividends to policyholders primarily reflect the difference between actual investment, mortality, expense and persistency experience and the experience embedded in the whole life premiums and guaranteed elements. The Company also reinsures certain life insurance policies to mitigate the impact of its underwriting risk.

------

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

*Investment and interest rate risks*

The fair value, cash flows and earnings of investments can be influenced by a variety of factors including changes in interest rates, credit spreads, equity markets, portfolio asset allocation and general economic conditions. The Company employs a rigorous asset/liability management process to help mitigate the economic impacts of various investment risks, in particular interest rate risk. By effectively matching the market sensitivity of assets with the liabilities they support, the impact of interest rate changes is addressed, on an economic basis, as the change in the value of the asset is offset by a corresponding change in the value of the supported liability. The Company uses derivatives, such as interest rate swaps and swaptions, as well as synthetic assets to reduce interest rate and duration imbalances determined in asset/liability analyses.

The levels of U.S. interest rates are influenced by U.S. monetary policies and by the relative attractiveness of U.S. markets to investors versus other global markets. As interest rates increase, certain debt securities may experience amortization or prepayment speeds that are slower than those assumed at purchase, impacting the expected maturity of these securities and the ability to reinvest the proceeds at the higher yields. Rising interest rates may also result in a decrease in the fair value of the investment portfolio. As interest rates decline, certain debt securities may experience accelerated amortization and prepayment speeds than what was assumed at purchase. During such periods, the Company is at risk of lower net investment income as it may not be able to reinvest the proceeds at comparable yields. Declining interest rates may also increase the fair value of the investment portfolio.

Interest rates also have an impact on the Company's products with guaranteed minimum payouts and on interest credited to account holders. As interest rates decrease, investment spreads may contract as crediting rates approach minimum guarantees, resulting in an increased liability.

In periods of increasing interest rates, policy loans, surrenders and withdrawals may increase as policyholders seek investments with higher perceived returns. This could result in cash outflows requiring the Company to sell invested assets at a time when the prices of those assets are adversely affected by the increase in market interest rates, which could cause the Company to realize investment losses.

*Currency exchange risk*

The Company has currency risk due to its non-U.S. dollar denominated investments and medium-term notes along with its indirect international operations. The Company mitigates a portion of its currency risk through the use of currency swaps and forward contracts. Currency swaps are used to minimize currency risk for certain non-U.S. dollar assets and liabilities through a pre-specified exchange of interest and principal. Forward contracts are used to hedge movements in exchange rates.

*Credit and other market risks*

The Company manages its investments to limit credit and other market risks by diversifying its portfolio among various security types and industry sectors as well as purchasing credit default swaps to transfer some of the risk.

Stressed conditions, volatility and disruptions in global capital markets or in particular markets or financial asset classes can have an adverse effect on the Company, in part because the Company has a large investment portfolio and assets supporting the Company's insurance liabilities are sensitive to changing market factors. Global market factors, including interest rates, credit spread, equity prices, real estate markets, foreign currency exchange rates, consumer spending, business investment, government spending, the volatility and strength of the capital markets, deflation and inflation, all affect the business and economic environment and, ultimately, the profitability of the Company's business. Disruptions in one market or asset class can also spread to other markets or asset classes. Upheavals in the financial markets can also affect the Company's business through their effects on general levels of economic activity, employment and customer behavior.

------

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

The CMBS, RMBS and leveraged loan sectors are sensitive to evolving conditions that can impair the cash flows realized by investors and is subject to uncertainty. Management's judgment regarding OTTI and estimated fair value depends upon the evolving investment sector and economic conditions. It can also be affected by the market liquidity, a lack of which can make it difficult to obtain accurate market prices for RMBS and other investments, including CMBS and leveraged loans. Any deterioration in economic fundamentals, especially related to the housing sector could affect management's judgment regarding OTTI.

The Company has investments in structured products exposed primarily to the credit risk of corporate bank loans, corporate bonds or credit default swap contracts referencing corporate credit risk. Most of these structured investments are backed by corporate loans and are commonly known as collateralized loan obligations that are classified as CDOs. The portfolios backing these investments are actively managed and diversified by industry and individual issuer concentrations. Due to the complex nature of CDOs and the reduced level of transparency to the underlying collateral pools for many market participants, the recovery in CDOs valuations generally lags the overall recovery in the underlying assets. Management believes its scenario analysis approach, based primarily on actual collateral data and forward looking assumptions, does capture the credit and most other risks in each pool. However, in a rapidly changing economic environment, the credit and other risks in each collateral pool will be more volatile and actual credit performance of CDOs may differ from the Company's assumptions.

The Company continuously monitors its investments and assesses their liquidity and financial viability; however, the existence of the factors described above, as well as other market factors, could negatively impact the market value of the Company's investments. If the Company sells its investments prior to maturity or market recovery, these investments may yield a return that is less than the Company otherwise would have been able to realize.

Asset-based fees calculated as a percentage of the separate account assets are a source of revenue to the Company. Gains and losses in the investment markets may result in corresponding increases and decreases in the Company's separate account assets and related revenue.

*Political Uncertainties*

Political events, domestically or internationally, may directly or indirectly trigger or exacerbate risks related to product offerings, profitability, or any of the risk factors described above. Whether those underlying risk factors are driven by geopolitics or not, the Company's dynamic approach to managing risks enables management to identify risks, internally and externally, develop mitigation plans, and respond to risks in an attempt to proactively reduce the potential impact of each underlying risk factor on the Company.

***b. &nbsp;&nbsp;&nbsp;&nbsp;Guaranty funds***

The Company is subject to state insurance guaranty fund laws. These laws assess insurance companies' amounts to be used to pay benefits to policyholders and policy 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 impact its financial position, results of operations or liquidity.

***c. &nbsp;&nbsp;&nbsp;&nbsp;Litigation and regulatory matters***

In the normal course of business, the Company is involved in disputes, litigation and governmental or regulatory inquiries, administrative proceedings, examinations and investigations, both pending and threatened. These matters, if resolved adversely against the Company or settled, may result in monetary damages, fines and penalties or require changes in the Company's business practices. The resolution or settlement of these matters is inherently difficult to predict. Based upon the Company's assessment of these pending matters, the Company does not believe that the amount of any judgment, settlement or other action arising from any pending matter is likely to have a material adverse effect on the statement of financial position. However, an adverse outcome in certain matters could have a material adverse effect on the results of operations for the period in which such matter is resolved, or an accrual is determined to be required, on the financial statement financial position, or on our reputation.

------

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

The Company evaluates the need for accruals of loss contingencies for each matter. When a liability for a matter is probable and can be estimated, the Company accrues an estimate of the loss offset by related insurance recoveries or other contributions, if any. An accrual may be subject to subsequent adjustment as a result of additional information and other developments. The resolution of matters is inherently difficult to predict, especially in the early stages of matter. Even if a loss is probable, due to many complex factors, such as speed of discovery and the timing of court decisions or rulings, a loss or range of loss may not be reasonably estimated until the later stages of the matter. For matters where a loss is material and it is either probable or reasonably possible then it is disclosed. For matters where a loss may be reasonably possible, but not probable, or is probable but not reasonably estimated, no accrual is established, but the matter, if material, is disclosed.

***d. &nbsp;&nbsp;&nbsp;&nbsp;Commitments***

In the normal course of business, the Company enters into commitments to purchase certain investments. The majority of these commitments have funding periods that extend between one and five years. The Company is not required to fund commitments once the commitment period expires.

As of December 31, 2025, the Company had the following outstanding commitments:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | 2026 | 2027 | 2028 | 2029 | 2030 | Thereafter | Total |
| | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| Private Placements | $43 | $10 | $23 | $12 | $— | $11 | $99 |
| Mortgage Loans | 1 |  | 2 |  |  | 1 | 4 |
| Partnerships and limited liability companies | 4 | 8 |  | 4 |  |  | 16 |
| &nbsp;&nbsp;Total | $48 | $18 | $25 | $16 | $— | $12 | $119 |

---

***14. &nbsp;&nbsp;&nbsp;&nbsp;Related party transactions***

Pursuant to a management agreement, MassMutual, for a fee, furnishes the Company, as required, operating facilities, human resources, computer software development and managerial services. Investment and administrative services are also provided to the Company pursuant to a management services agreement with MassMutual. While management believes that these fees are calculated on a reasonable basis, these fees may not necessarily be indicative of the costs that would have been incurred on a stand-alone basis.

The following table summarizes the transactions between the Company and the related parties:

---

| | | | |
|:---|:---|:---|:---|
| | Years Ended December 31, | Years Ended December 31, | Years Ended December 31, |
| | 2025 | 2024 | 2023 |
| | (In Millions) | (In Millions) | (In Millions) |
| Fee expense: |  |  |  |
| &nbsp;&nbsp;Management and service contracts and cost-sharing arrangements | $104 | $89 | $62 |

---

The Company reported amounts due from subsidiaries and affiliates of less than $1 million as of December 31, 2025 and 2024. The Company reported amounts due to subsidiaries and affiliates of $50 million and $24 million as of December 31, 2025 and 2024, respectively. Terms generally require settlement of these amounts within 30 to 90 days.

As of December 31, 2025, the Company no longer provided financing for MassMutual Asset Finance (MMAF).

------

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

Together, MassMutual and the Company, provide a credit facility to Jefferies Finance, LLC (Jefferies) whereby Jefferies borrows cash through short-term approved financings to fund the purchase of loans for securitization. During 2025, Jefferies borrowed $10 million and repaid $13 million under the credit facility. During 2024, there were no borrowings or repayments recorded. As of December 31, 2025, there were no outstanding borrowings under this facility. All outstanding interest due under the facility, as of December 31, 2025, had been paid. The interest of this facility is calculated based on a full pass through of interest accrued on the underlying loans purchased.

In 2023, C.M. Life sold approximately $563 million of private placement corporate assets to MassMutual Life. This resulted in a realized loss of $56 million.

In 2025, the Company did not declare or pay dividends to MassMutual. In 2024, the Company declared and paid $190 million in dividends to MassMutual.

The Company has coinsurance agreements with MassMutual where the Company cedes substantially all of the premium on certain universal life policies. In return, MassMutual pays to the Company a stipulated expense allowance and death and surrender benefits. MassMutual holds the assets and related reserves for payment of future benefits on the ceded policies.

As of December 31, 2025, the net amounts due from MassMutual for the various reinsurance agreements were $48 million and $19 million as of December 31, 2025 and December 31, 2024, respectively. These outstanding balances are due and payable with terms ranging from quarterly to annually, depending on the agreement in effect.

The following table summarizes the related party reinsurance transactions between the Company and MassMutual:

---

| | | | |
|:---|:---|:---|:---|
| | Years Ended December 31, | Years Ended December 31, | Years Ended December 31, |
| | 2025 | 2024 | 2023 |
| | (In Millions) | (In Millions) | (In Millions) |
| Premium ceded, related to: |  |  |  |
| &nbsp;&nbsp;Stop-loss agreement | $(4) | $(5) | $(2) |
| &nbsp;&nbsp;Coinsurance agreements | (464) | (34) | (37) |
| Expense allowances on reinsurance ceded, included in fees and other income, related to: |  |  |  |
| &nbsp;&nbsp;Coinsurance agreements | 17 | 6 | 7 |
| Policyholders' benefits ceded, related to: |  |  |  |
| &nbsp;&nbsp;Coinsurance agreements | 142 | 85 | 83 |

---

In September 2025, the Company entered into the coinsurance agreement with MassMutual where the Company cedes all the premium on certain annuity contracts. In return, MassMutual pays to the Company a stipulated ceding commissions and expense allowance as well as annuity and surrender benefits. MassMutual holds the assets and related reserves for payment of future benefits on the ceded policies.

***15. &nbsp;&nbsp;&nbsp;&nbsp;Subsidiaries and affiliated companies***

A summary of ownership and relationship of the Company and its subsidiaries and affiliated companies as of December 31, 2025 is illustrated below.

<u>Direct and Indirect Subsidiaries of MassMutual</u> <br> C.M. Life Insurance Company

------

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

---

| |
|:---|
| &nbsp;&nbsp;CML Global Capabilities LLC |
| &nbsp;&nbsp;MM Global Capabilities I LLC |
| &nbsp;&nbsp;MM Global Capabilities II LLC |
| &nbsp;&nbsp;MM Global Capabilities III LLC |
| &nbsp;&nbsp;MM/Barings Multifamily TEBS 2020 LLC |
| &nbsp;&nbsp;Berkshire Way LLC |
| &nbsp;&nbsp;MML Special Situations Investor LLC |
| &nbsp;&nbsp;Timberland Forest Holding LLC |
| &nbsp;&nbsp;Insurance Road LLC |
| &nbsp;&nbsp;EM Opportunities LLC |
| &nbsp;&nbsp;MassMutual MCAM Insurance Company, Inc. |
| &nbsp;&nbsp;MassMutual Ventures US IV GP, LLC |
| &nbsp;&nbsp;MassMutual Ventures US IV, L.P. |
| &nbsp;&nbsp;MassMutual Ventures Europe/APAC I GP, LLC |
| &nbsp;&nbsp;MassMutual Ventures Europe/APAC I GP, L.P. |
| &nbsp;&nbsp;MassMutual Ventures Europe/APAC I L.P. |
| &nbsp;&nbsp;Counterpointe Sustainable Advisors LLC |
| &nbsp;&nbsp;Jefferies Finance LLC (50% owned by MMLIC) |
| &nbsp;&nbsp;Glidepath Holdings Inc. |
| &nbsp;&nbsp;MassMutual Mortgage Lending LLC |
| &nbsp;&nbsp;MM Copper Hill Road LLC |
| &nbsp;&nbsp;MMV CTF I GP LLC |
| &nbsp;&nbsp;MassMutual Ventures Climate Technology Fund I L.P. |
| &nbsp;&nbsp;MM Direct Private Investments Holding LLC |
| &nbsp;&nbsp;DPI-ACRES Capital LLC |
| &nbsp;&nbsp;DPI-ARES Mortgage Lending LLC |
| &nbsp;&nbsp;MM Investment Holding |
| &nbsp;&nbsp;MML CM LLC |
| &nbsp;&nbsp;MML Distributors LLC |
| &nbsp;&nbsp;MML Investment Advisers, LLC |
| &nbsp;&nbsp;MML Strategic Distributors, LLC |
| &nbsp;&nbsp;MassMutual Private Wealth & Trust, FSB |
| &nbsp;&nbsp;MML Private Placement Investment Company I, LLC |
| &nbsp;&nbsp;MML Private Equity Fund Investor LLC |
| &nbsp;&nbsp;MM Private Equity Intercontinental LLC |
| &nbsp;&nbsp;Pioneers Gate LLC |
| &nbsp;&nbsp;MassMutual Holding LLC |
| &nbsp;&nbsp;Amherst Long Term Holdings, LLC |
| &nbsp;&nbsp;Enroll Confidently, Inc. |
| &nbsp;&nbsp;Imbiba Growth LLP |
| &nbsp;&nbsp;Yunfeng Financial Group Limited |
| &nbsp;&nbsp;MassMutual External Benefits Group LLC |
| &nbsp;&nbsp;Stillings Street LLC |
| &nbsp;&nbsp;Eclipse Business Capital LLC |
| &nbsp;&nbsp;Port 51 Lending Holdings LLC |
| &nbsp;&nbsp;Counterpoint - MM MOrtgage Lending LLC |
| &nbsp;&nbsp;LNL MM, LLC |
| &nbsp;&nbsp;CapSec LLC |
| &nbsp;&nbsp;LNL MM, LLC |
| &nbsp;&nbsp;MML Bay State Life Insurance Company |

---

------

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

---

| |
|:---|
| &nbsp;&nbsp;CML Special Situations Investor LLC |
| &nbsp;&nbsp;CM Life Mortgage Lending LLC |

---

***16. &nbsp;&nbsp;&nbsp;&nbsp;Subsequent events***

Management of the Company has evaluated subsequent events through February 26, 2026, the date the financial statements were available to be issued to state regulators and subsequently on the Company's website. No events have occurred subsequent to the date of the financial statements.

------

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

***17. &nbsp;&nbsp;&nbsp;&nbsp;Impairment listing for loan-backed and structured securities***

The following are the total cumulative adjustments and impairments for loan-backed and structured securities since July 1, 2009:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Period Ended | Amortized Cost before Cumulative Adjustment | Cumulative Adjustment | Amortized Cost before OTTI | Projected Cash Flow | Recognized<br>OTTI | Amortized Cost<br>after OTTI | Fair Value |
| December 31, 2025 | $114737 | $— | $114737 | $102155 | $(12582) | $102155 | $101389 |
| September 30, 2025 | 33788 |  | 33788 | 32758 | (1030) | 32758 | 31172 |
| June 30, 2025 | 398653 |  | 398653 | 362448 | (36205) | 362448 | 357420 |
| March 31, 2025 | 3544035 |  | 3544035 | 2878452 | (665583) | 2878452 | 2865168 |
| December 31, 2024 | 61096 |  | 61096 | 26921 | (34175) | 26921 | 19385 |
| September 30, 2024 | 397178 |  | 397178 | 339528 | (57650) | 339528 | 408151 |
| June 30, 2024 | 1349958 |  | 1349958 | 1290607 | (59351) | 1290607 | 1137070 |
| March 31, 2024 | 2597476 |  | 2597476 | 2576147 | (21329) | 2576147 | 2784031 |
| December 31, 2023 | 4801982 |  | 4801982 | 4566582 | (235400) | 4566582 | 4088857 |
| September 30, 2023 | 2162075 |  | 2162075 | 2089437 | (72638) | 2089437 | 1988071 |
| June 30, 2023 | 1800802 |  | 1800802 | 1752217 | (48585) | 1752217 | 1684846 |
| March 31, 2023 | 3007713 |  | 3007713 | 2826625 | (181088) | 2826625 | 2584527 |
| December 31, 2022 | 3726463 |  | 3726463 | 3283242 | (443221) | 3283242 | 3150825 |
| September 30, 2022 | 1337132 |  | 1337132 | 1270962 | (66170) | 1270962 | 1195634 |
| June 30, 2022 | 1069792 |  | 1069792 | 949598 | (120194) | 949598 | 917792 |
| March 31, 2022 | 1366642 |  | 1366642 | 1092539 | (274102) | 1092539 | 1084285 |
| December 31, 2021 | 153706 |  | 153706 | 146419 | (7287) | 146419 | 133301 |
| September 30, 2021 | 429103 |  | 429103 | 422210 | (6893) | 422210 | 371650 |
| June 30, 2021 | 1130186 |  | 1130186 | 1019790 | (110396) | 1019790 | 1128667 |
| March 31, 2021 | 580686 |  | 580686 | 541584 | (39102) | 541584 | 539293 |
| December 31, 2020 | 2202709 |  | 2202709 | 1981547 | (221162) | 1981547 | 2127616 |
| September 30, 2020 | 3225941 |  | 3225941 | 2914652 | (311289) | 2914652 | 2881746 |
| June 30, 2020 | 1978627 |  | 1978627 | 1765784 | (212843) | 1765784 | 1794192 |
| March 31, 2020 | 2725567 |  | 2725567 | 2242474 | (483093) | 2242474 | 2684492 |
| December 31, 2019 | 395604 |  | 395603 | 374233 | (21371) | 374233 | 323929 |
| September 30, 2019 | 2403817 |  | 2403817 | 2163454 | (240363) | 2163454 | 1796355 |
| June 30, 2019 | 1138783 |  | 1138783 | 965642 | (173141) | 965642 | 1187758 |
| March 31, 2019 | 1165908 |  | 1165908 | 1155765 | (10143) | 1155765 | 1186451 |
| December 31, 2018 | 904746 |  | 904746 | 770347 | (134399) | 770347 | 817965 |
| September 30, 2018 | 496473 |  | 496473 | 447735 | (48737) | 447735 | 449782 |
| June 30, 2018 | 39548 |  | 39548 | 1365 | (38183) | 1365 | 4435 |
| March 31, 2018 | 84116 |  | 84116 | 56604 | (27511) | 56604 | 56886 |
| December 31, 2017 | 21358 |  | 21358 | 17379 | (3979) | 17379 | 25404 |
| September 30, 2017 | 31370 |  | 31370 | 30181 | (1188) | 30181 | 97082 |
| June 30, 2017 | 4452491 |  | 4452491 | 4378331 | (74160) | 4378331 | 6609233 |
| March 31, 2017 | 4815924 |  | 4815924 | 4784422 | (31502) | 4784422 | 6463013 |
| December 31, 2016 | 4846676 |  | 4846676 | 4829684 | (16992) | 4829684 | 6221820 |
| September 30, 2016 | 4994934 |  | 4994934 | 4730196 | (264738) | 4730196 | 6883514 |
| June 30, 2016 | 5054395 |  | 5054395 | 4955880 | (98515) | 4955880 | 6764218 |
| March 31, 2016 | 6298495 |  | 6298495 | 6092642 | (205853) | 6092642 | 7817461 |
| December 31, 2015 | 474546 |  | 474546 | 468066 | (6480) | 468066 | 467904 |
| September 30, 2015 | 5603766 |  | 5603766 | 5064430 | (539336) | 5064430 | 6491786 |
| June 30, 2015 | 8300146 |  | 8300146 | 8096024 | (204122) | 8096024 | 8991309 |
| March 31, 2015 | 4134216 |  | 4134216 | 4097041 | (37175) | 4097041 | 4062060 |
| December 31, 2014 | 9225670 |  | 9225670 | 9099603 | (126067) | 9099603 | 10324197 |
| September 30, 2014 |  |  |  |  |  |  |  |
| June 30, 2014 | 6799823 |  | 6799823 | 6410214 | (389609) | 6410214 | 8821203 |
| March 31, 2014 | 10842786 |  | 10842786 | 9332953 | (1509833) | 9332953 | 11545156 |
| December 31, 2013 | 13068728 |  | 13068728 | 12446803 | (621925) | 12446803 | 13075122 |
| September 30, 2013 | 8777769 |  | 8777769 | 8640444 | (137325) | 8640444 | 8226635 |
| June 30, 2013 | 11479347 |  | 11479347 | 11079158 | (400190) | 11079158 | 10139599 |
| March 31, 2013 | 15334535 |  | 15334535 | 14970376 | (364159) | 14970376 | 14135122 |
| December 31, 2012 | 31785329 |  | 31785329 | 30443342 | (1341987) | 30443342 | 27669977 |
| September 30, 2012 | 67270430 |  | 67270430 | 65265347 | (2005083) | 65265347 | 57019262 |
| June 30, 2012 | 70455900 |  | 70455900 | 69041733 | (1414167) | 69041733 | 55143333 |
| March 31, 2012 | 87853178 |  | 87853178 | 85053001 | (2800177) | 85053001 | 67243938 |
| December 31, 2011 | 90342742 |  | 90342742 | 87759853 | (2582889) | 87759853 | 61663659 |

---

------

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| September 30, 2011 | 62166554 |  | 62166554 | 60544909 | (1621646) | 60544909 | 45284654 |
| June 30, 2011 | 80582827 |  | 80582827 | 76857393 | (3725434) | 76857393 | 60286999 |
| March 31, 2011 | 87925923 |  | 87925923 | 85768903 | (2157020) | 85768903 | 65285429 |
| December 31, 2010 | 78922237 |  | 78922237 | 77329041 | (1593196) | 77329041 | 57284607 |
| September 30, 2010 | 75579158 |  | 75579158 | 73844794 | (1734364) | 73844794 | 53531682 |
| June 30, 2010 | 106701990 |  | 106701990 | 104920573 | (1781417) | 104920573 | 77297241 |
| March 31, 2010 | 117247145 |  | 117247145 | 110848178 | (6398967) | 110848178 | 81512593 |
| December 31, 2009 | 94759892 |  | 94759892 | 91319793 | (3440099) | 91319793 | 61154482 |
| September 30, 2009 | 203672078 | (2299537) | 201372541 | 193090828 | (8281714) | 193090828 | 124234344 |
| Totals |  | $(2299537) |  |  | $(50326524) |  |  |

---

The following contains asset-backed and structured securities that recognized OTTI classified on the following bases for recognizing OTTI:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Amortized Cost Basis Before <br> OTTI Impairment | | | |
| | Amortized Cost Basis Before <br> OTTI Impairment | OTTI Recognized in Loss | OTTI Recognized in Loss | |
| | Amortized Cost Basis Before <br> OTTI Impairment | Interest | Non-interest |<br>Fair Value |
| | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| OTTI recognized in the first quarter |  |  |  |  |
| &nbsp;&nbsp; Intent to sell | $— | $— | $— | $— |
| &nbsp;&nbsp; Inability or lack of intent to retain the investment in the security for a period of time sufficient to recover the amortized cost basis | 4 |  | 1 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total first quarter | $4 | $— | $1 | $3 |
| OTTI recognized in the second quarter |  |  |  |  |
| &nbsp;&nbsp; Intent to sell | $— | $— | $— | $— |
| &nbsp;&nbsp; Inability or lack of intent to retain the investment in the security for a period of time sufficient to recover the amortized cost basis |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total second quarter | $— | $— | $— | $— |
| OTTI recognized in the third quarter |  |  |  |  |
| &nbsp;&nbsp; Intent to sell | $— | $— | $— | $— |
| &nbsp;&nbsp; Inability or lack of intent to retain the investment in the security for a period of time sufficient to recover the amortized cost basis |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total third quarter | $— | $— | $— | $— |
| OTTI recognized in the fourth quarter |  |  |  |  |
| &nbsp;&nbsp; Intent to sell | $— | $— | $— | $— |
| &nbsp;&nbsp; Inability or lack of intent to retain the investment in the security for a period of time sufficient to recover the amortized cost basis |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total fourth quarter | $— | $— | $— | $— |
| Annual aggregate total |  | $— | $1 |  |

---

All impairments were taken due to the present value of cash flows expected to be collected being less than the amortized cost basis.

------

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

The following is a CUSIP detail list of impaired structured securities where the present value of cash flows expected to be collected is less than the amortized cost basis.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| CUSIP | Adjusted Carrying Value Amortized Cost before OTTI | Present Value of Projected Cash Flow | Recognized <br>OTTI | Amortized Cost<br>after OTTI | Fair Value at Time of OTTI | Date of Financial Instrument Where Reported |
| 12624QAC7 | $194641 | $27694 | $166947 | $27694 | $26312 | March 31, 2025 |
| 36192RAL6 | 78873 | 4590 | 74283 | 4590 | 4527 | March 31, 2025 |
| 46639YAX5 | 284927 | 31961 | 252966 | 31961 | 30094 | March 31, 2025 |
| 02660THL0 | 5846 | 3849 | 1997 | 3849 | 3833 | March 31, 2025 |
| 040104TG6 | 13637 | 13114 | 523 | 13114 | 13003 | March 31, 2025 |
| 17311YAC7 | 75367 | 62546 | 12821 | 62546 | 62268 | March 31, 2025 |
| 30247DAD3 | 7901 | 7433 | 468 | 7433 | 7427 | March 31, 2025 |
| 40431KAE0 | 186606 | 181523 | 5083 | 181523 | 181049 | March 31, 2025 |
| 617463AA2 | 379 | 324 | 55 | 324 | 321 | March 31, 2025 |
| 61750MAB1 | 321 | 313 | 8 | 313 | 311 | March 31, 2025 |
| 84752CAE7 | 15306 | 13419 | 1887 | 13419 | 13439 | March 31, 2025 |
| 86363HAB8 | 2942 | 2506 | 436 | 2506 | 2504 | March 31, 2025 |
| 05535DAN4 | 66236 | 59213 | 7023 | 59213 | 63015 | March 31, 2025 |
| 124860CB1 | 21058 | 15474 | 5584 | 15474 | 15454 | March 31, 2025 |
| 45254TRX4 | 5838 | 5371 | 467 | 5371 | 5367 | March 31, 2025 |
| 45254TSM7 | 51047 | 46160 | 4887 | 46160 | 45141 | March 31, 2025 |
| 45660LW96 | 48703 | 41013 | 7690 | 41013 | 40861 | March 31, 2025 |
| 45660LYW3 | 50744 | 49001 | 1743 | 49001 | 49417 | March 31, 2025 |
| 466247XE8 | 72780 | 51572 | 21208 | 51572 | 51010 | March 31, 2025 |
| 65535VRK6 | 25381 | 21386 | 3995 | 21386 | 20890 | March 31, 2025 |
| 761118FM5 | 151214 | 149320 | 1894 | 149320 | 142173 | March 31, 2025 |
| 761118RJ9 | 6429 | 6307 | 122 | 6307 | 6252 | March 31, 2025 |
| 86359A6A6 | 90839 | 86083 | 4756 | 86083 | 83887 | March 31, 2025 |
| 9393365V1 | 3676 | 3298 | 378 | 3298 | 3273 | March 31, 2025 |
| 05946XYP2 | 15471 | 13376 | 2095 | 13376 | 13372 | March 31, 2025 |
| 126694YM4 | 47125 | 41598 | 5527 | 41598 | 41516 | March 31, 2025 |
| 41161PWB5 | 70262 | 61835 | 8427 | 61835 | 61542 | March 31, 2025 |
| 45660N5H4 | 102065 | 94159 | 7906 | 94159 | 93879 | March 31, 2025 |
| 45660NT88 | 1681 | 1565 | 116 | 1565 | 1506 | March 31, 2025 |
| 61915RBB1 | 77511 | 70386 | 7125 | 70386 | 70146 | March 31, 2025 |
| 92922F5T1 | 100334 | 93964 | 6370 | 93964 | 94110 | March 31, 2025 |
| 939336X65 | 158531 | 152922 | 5609 | 152922 | 153134 | March 31, 2025 |
| 36298XAA0 | 762161 | 738661 | 23500 | 738661 | 738029 | March 31, 2025 |
| 36298XAB8 | 648291 | 635819 | 12472 | 635819 | 635179 | March 31, 2025 |
| 576433NH5 | 14226 | 6557 | 7669 | 6557 | 6542 | March 31, 2025 |
| 589929N38 | 8430 | 8230 | 200 | 8230 | 8217 | March 31, 2025 |
| 74951PBT4 | 3214 | 2379 | 835 | 2379 | 2328 | March 31, 2025 |
| 86359DME4 | 74042 | 73531 | 511 | 73531 | 73840 | March 31, 2025 |
| 02660THL0 | 4110 | 3947 | 163 | 3947 | 3825 | June 30, 2025 |
| 17311YAC7 | 62666 | 62634 | 32 | 62634 | 60738 | June 30, 2025 |
| 05535DAN4 | 57475 | 57332 | 143 | 57332 | 60178 | June 30, 2025 |
| 073879QF8 | 12157 | 9485 | 2672 | 9485 | 10025 | June 30, 2025 |
| 124860CB1 | 15474 | 15445 | 29 | 15445 | 15435 | June 30, 2025 |
| 45660LYW3 | 49296 | 49030 | 266 | 49030 | 49321 | June 30, 2025 |
| 761118FM5 | 150247 | 150241 | 6 | 150241 | 142994 | June 30, 2025 |
| 79548KXQ6 | 32904 | 782 | 32122 | 782 | 340 | June 30, 2025 |
| 79549AYB9 | 1102 | 340 | 762 | 340 | 282 | June 30, 2025 |
| 05946XYP2 | 13222 | 13212 | 10 | 13212 | 14282 | June 30, 2025 |
| 02660THL0 | 4030 | 3814 | 216 | 3814 | 3811 | September 30, 2025 |
| 93934XAB9 | 15757 | 15732 | 25 | 15732 | 16461 | September 30, 2025 |
| 761118RJ9 | 6883 | 6139 | 744 | 6139 | 6058 | September 30, 2025 |
| 576433NH5 | 7118 | 7073 | 45 | 7073 | 4842 | September 30, 2025 |
| 30247DAD3 | 7383 | 7168 | 215 | 7168 | 7145 | December 31, 2025 |
| 35729RAE6 | 107354 | 94987 | 12367 | 94987 | 94244 | December 31, 2025 |
| Totals | $4091213 | $3375813 | $715400 | $3375813 | $3355149 | XXX |

---

<br>