# EDGAR Filing Document

**Accession Number:** 0001052766
**File Stem:** 0001133228-23-001458
**Filing Date:** 2023-3
**Character Count:** 369373
**Document Hash:** 2c10f3137eada91d305fb1adef3ade31
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-23-001458.hdr.sgml**: 20230323

**ACCESSION NUMBER**: 0001133228-23-001458

**CONFORMED SUBMISSION TYPE**: N-VPFS

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230323

**DATE AS OF CHANGE**: 20230323

**EFFECTIVENESS DATE**: 20230323

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MASSACHUSETTS MUTUAL VARIABLE ANNUITY SEPARATE ACCOUNT 4
- **CENTRAL INDEX KEY:** 0001052766
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-VPFS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08619
- **FILM NUMBER:** 23756570

**BUSINESS ADDRESS:**
- **STREET 1:** 1295 STATE STREET
- **STREET 2:** M243
- **CITY:** SPRINGFIELD
- **STATE:** MA
- **ZIP:** 01111
- **BUSINESS PHONE:** 8605622420

**MAIL ADDRESS:**
- **STREET 1:** 1295 STATE STREET
- **STREET 2:** M243
- **CITY:** SPRINGFIELD
- **STATE:** MA
- **ZIP:** 01111

## Series and Classes Contracts Data

### MASSACHUSETTS MUTUAL VARIABLE ANNUITY SEPARATE ACCOUNT 4 (Series ID: S000007826)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000029614 | MassMutual RetireEase Select |  |

![](image_001.jpg)

KPMG LLP

Two Financial Center

60 South Street

Boston, MA 02111

**Report of Independent Registered Public Accounting Firm**

The Board of Directors of Massachusetts Mutual Life Insurance Company and Contract Owners of Massachusetts Mutual Variable Annuity Separate Account 4:

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of the sub-accounts listed in Appendix

A that comprise Massachusetts Mutual Variable Annuity Separate Account 4 (collectively, the "Separate Account"), as of December 31, 2022, the related statements of operations and changes in net assets for each of the years in the two-year period then ended (or for the period indicated in Appendix A), and the related notes including the financial highlights in Note 8 for each of the years or periods in the five-year period then ended (collectively, the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each sub-account as of December 31, 2022, and the results of their operations and changes in net assets for each of the years in the two-year period then ended (or for the period indicated in Appendix A), and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Separate Account's 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 Separate Account 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, 2022, 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.

/s/ KPMG LLP

We have served as the MassMutual Separate Accounts' auditor since 2004.

Boston, Massachusetts

March 8, 2023

KPMG LLP, a Delaware limited liability partnership and a member firm of

the KPMG global organization of independent member firms affiliated with

KPMG International Limited, a private English company limited by guarantee.

**Appendix A**

Massachusetts Mutual Variable Annuity Separate Account 4 was comprised of the following subaccounts. Statements of assets and liabilities as of December 31, 2022, statements of operations and changes in net assets for each of the years in the two-year period ended December 31, 2022 unless otherwise noted.

---

| | |
|:---|:---|
| **Sub-accounts** |  |
| BlackRock 60/40 Target Allocation ETF V.I. Sub-Account (Class III) | Invesco V.I. Main Street Sub-Account (Series II) |
| Delaware Ivy VIP Asset Strategy Sub-Account (Class II) | Invesco V.I. Technology Sub-Account (Series I) |
| Fidelity® VIP Contrafund® Sub-Account (Initial Class) | Invesco V.I. Technology Sub-Account (Series II) |
| Fidelity® VIP Contrafund® Sub-Account (Service Class 2) | Invesco V.I. U.S. Government Money Sub-Account |
| Fidelity® VIP Healthcare Sub-Account\*\* | Janus Henderson Global Technology and Innovation Sub-Account\*\* |
| Fidelity® VIP Real Estate Sub-Account\*\* | MML Aggressive Allocation Sub-Account (Initial Class) |
| Fidelity® VIP Strategic Income Sub-Account\*\* | MML Aggressive Allocation Sub-Account (Service Class) |
| Invesco Oppenheimer V.I. International Growth Sub-Account (Series I) | MML American Funds Core Allocation Sub-Account |
| Invesco Oppenheimer V.I. International Growth Sub-Account (Series II) | MML American Funds Growth Sub-Account |
| Invesco V.I. Capital Appreciation Sub-Account (Series I) | MML Balanced Allocation Sub-Account (Initial Class) |
| Invesco V.I. Capital Appreciation Sub-Account (Series II) | MML Balanced Allocation Sub-Account (Service Class) |
| Invesco V.I. Conservative Balanced Sub-Account (Series I) | MML Blend Sub-Account (Initial Class) |
| Invesco V.I. Conservative Balanced Sub-Account (Series II) | MML Blend Sub-Account (Service Class) |
| Invesco V.I. Core Plus Bond Sub-Account\* | MML Blue Chip Growth Sub-Account (Initial Class) |
| Invesco V.I. Discovery Mid Cap Growth Sub-Account (Series I) | MML Blue Chip Growth Sub-Account (Service Class) |
| Invesco V.I. Discovery Mid Cap Growth Sub-Account (Series II) | MML Conservative Allocation Sub-Account (Initial Class) |
| Invesco V.I. Diversified Dividend Sub-Account (Series I) | MML Conservative Allocation Sub-Account (Service Class) |
| Invesco V.I. Diversified Dividend Sub-Account (Series II) | MML Dynamic Bond Sub-Account (Service Class I) |
| Invesco V.I. Global Sub-Account (Series I) | MML Equity Income Sub-Account (Initial Class) |
| Invesco V.I. Global Sub-Account (Series II) | MML Equity Income Sub-Account (Service Class) |
| Invesco V.I. Global Strategic Income Sub-Account (Series I) | MML Equity Index Sub-Account (Class I) |
| Invesco V.I. Global Strategic Income Sub-Account (Series II) | MML Equity Index Sub-Account (Service Class I) |
| Invesco V.I. Health Care Sub-Account (Series I) | MML Equity Rotation Sub-Account (Service Class I) |
| Invesco V.I. Health Care Sub-Account (Series II) | MML Equity Sub-Account (Initial Class) |
| Invesco V.I. Main Street Sub-Account (Series I) | MML Equity Sub-Account (Service Class) |

---

---

| | |
|:---|:---|
| MML Focused Equity Sub-Account | MML Mid Cap Growth Sub-Account (Service Class) |
| MML Foreign Sub-Account (Initial Class) | MML Mid Cap Value Sub-Account (Initial Class) |
| MML Foreign Sub-Account (Service Class) | MML Mid Cap Value Sub-Account (Service Class) |
| MML Fundamental Equity Sub-Account | MML Moderate Allocation Sub-Account (Initial Class) |
| MML Fundamental Value Sub-Account | MML Moderate Allocation Sub-Account (Service Class) |
| MML Global Sub-Account (Class I) | MML Short-Duration Bond Sub-Account |
| MML Global Sub-Account (Class II) | MML Small Cap Equity Sub-Account (Initial Class) |
| MML Global Sub-Account (Service Class I) | MML Small Cap Equity Sub-Account (Service Class) |
| MML Growth Allocation Sub-Account (Initial Class) | MML Small Cap Growth Equity Sub-Account (Initial Class) |
| MML Growth Allocation Sub-Account (Service Class) | MML Small Cap Growth Equity Sub-Account (Service Class) |
| MML High Yield Sub-Account | MML Small Company Value Sub-Account |
| MML Income & Growth Sub-Account (Initial Class) | MML Small/Mid Cap Value Sub-Account (Initial Class) |
| MML Income & Growth Sub-Account (Service Class) | MML Small/Mid Cap Value Sub-Account (Service Class) |
| MML Inflation-Protected and Income Sub-Account (Initial Class) | MML Strategic Emerging Markets Sub-Account (Service Class I) |
| MML Inflation-Protected and Income Sub-Account (Service Class) | MML Sustainable Equity Sub-Account (Initial Class) \* |
| MML International Equity Sub-Account | MML Sustainable Equity Sub-Account (Service Class) \* |
| MML iShares 60/40 Allocation Sub-Account\*\* | MML Total Return Bond Sub-Account |
| MML iShares 80/20 Allocation Sub-Account\*\* | MML U.S. Government Money Market Sub-Account |
| MML Large Cap Growth Sub-Account (Initial Class) | PIMCO Commodity RealReturn® Strategy SubAccount |
| MML Large Cap Growth Sub-Account (Service Class) | PIMCO Income Sub-Account\*\* |
| MML Managed Bond Sub-Account (Initial Class) | VY® CBRE Global Real Estate Sub-Account \* |
| MML Managed Bond Sub-Account (Service Class) |  |
| MML Managed Volatility Sub-Account (Initial Class) |  |
| MML Managed Volatility Sub-Account (Service Class) |  |
| MML Mid Cap Growth Sub-Account (Initial Class) |  |

---

\* See Note 2 to the financial statements for the previous name of this sub-account.

\*\*Statements of operations and changes in net assets for the period from February 28, 2022 to December 31, 2022.

Statements of operations and changes in net assets for the period January 1, 2022 to November 4, 2022 (liquidation)

and the year ended December 31, 2021.

MML American Funds International Sub-Account

MML Equity Momentum Sub-Account (Service Class I)

MML Special Situations Sub-Account (Service Class I)

***Massachusetts Mutual Variable Annuity Separate Account 4***

*STATEMENT OF ASSETS AND LIABILITIES*

***December 31, 2022***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **BlackRock**<br>**60/40 Target**<br>**Allocation**<br>**ETF V.I.**<br>**Sub-Account** | **Delaware**<br>**Ivy VIP**<br>**Asset**<br>**Strategy**<br>**Sub-Account** |<br>**Fidelity®**<br> **VIP**<br>**Contrafund®**<br>**Sub-Account** |<br>**Fidelity®**<br> **VIP**<br>**Contrafund®**<br>**Sub-Account** |<br>**Fidelity®**<br> **VIP**<br>**Healthcare**<br>**Sub-Account** |<br>**Fidelity®**<br> **VIP**<br>**Real Estate**<br>**Sub-Account** | **Fidelity®**<br> **VIP**<br>**Strategic**<br>**Income**<br>**Sub-Account** | **Invesco**<br>**Oppenheimer V.I.**<br>**International**<br>**Growth**<br>**Sub-Account** |
|  | **(Class III)** | **(Class II)** | **(Initial Class)** | **(Service Class 2)** | | | | **(Series I)** |
| **ASSETS** |  |  |  |  |  |  |  |  |
| Investments |  |  |  |  |  |  |  |  |
| Number of shares | 1414745 | 1385244 | 4443353 | 5245418 | 13691 | 9385 | 20318 | 12082679 |
| Identified cost | $18607123 | $12591206 | $166644354 | $199198328 | $444526 | $182949 | $210004 | $26437382 |
| Value | $16425190 | $10874165 | $168314231 | $191667567 | $447027 | $152221 | $201150 | $20298900 |
| Dividends receivable |  |  |  |  |  |  |  |  |
| Receivable from Massachusetts Mutual Life Insurance Company | - | - | - | - | - | 4 | - | - |
| **Total assets** | **16425190** | **10874165** | **168314231** | **191667567** | **447027** | **152225** | **201150** | **20298900** |
| **LIABILITIES** |  |  |  |  |  |  |  |  |
| Payable to fund Annuitant mortality fluctuation reserve |  |  | 9699 |  |  |  |  | 337 |
| Payable to Massachusetts Mutual Life Insurance Company | - | 23 | 319 | 2 | - | - | 7 | 84 |
| **Total liabilities** | **-** | **23** | **10018** | **2** | **-** | **-** | **7** | **421** |
| **NET ASSETS** | $**16425190** | $**10874142** | $**168304213** | $**191667565** | $**447027** | $**152225** | $**201143** | $**20298479** |
| **Net Assets:** |  |  |  |  |  |  |  |  |
| Accumulation units - value | $16425190 | $10874142 | $162241192 | $191664117 | $447027 | $152225 | $201143 | $19530106 |
| Contracts in payout (annuitization) period | - | - | 6063021 | 3448 | - | - | - | 768373 |
| **Net assets** | $**16425190** | $**10874142** | $**168304213** | $**191667565** | $**447027** | $**152225** | $**201143** | $**20298479** |
| **Outstanding units** |  |  |  |  |  |  |  |  |
| Contract owners | **1196331** | **833323** | **3876930** | **8378070** | **43720** | **18483** | **22156** | **845645** |
| **UNIT VALUE** |  |  |  |  |  |  |  |  |
| Panorama Premier | $- | $- | $57.99 | $- | $- | $- | $- | $34.32 |
| Panorama Passage® |  |  |  |  |  |  |  |  |
| Tier 1 |  |  | 43.30 |  |  |  |  | 22.02 |
| Tier 2 |  |  | 41.96 |  |  |  |  | 21.34 |
| Tier 3 |  |  | 45.89 |  |  |  |  | 23.34 |
| Tier 4 |  |  | 43.60 |  |  |  |  | 22.17 |
| MassMutual Artistry |  |  | 39.54 |  |  |  |  | 16.55 |
| MassMutual Transitions® |  |  |  |  |  |  |  |  |
| Custom Plan |  |  | 50.39 |  |  |  |  | 27.01 |
| Package Plan I |  |  | 50.39 |  |  |  |  | 27.01 |
| Package Plan II |  |  | 46.89 |  |  |  |  | 25.13 |
| Package Plan III |  |  | 44.54 |  |  |  |  | 23.87 |

---

*See Notes to Financial Statements.*

***Massachusetts Mutual Variable Annuity Separate Account 4***

*STATEMENT OF ASSETS AND LIABILITIES (Continued)*

***December 31, 2022***

 ****

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **BlackRock**<br>**60/40 Target**<br>**Allocation**<br>**ETF V.I.**<br>**Sub-Account** | **Delaware**<br>**Ivy VIP**<br>**Asset**<br>**Strategy**<br>**Sub-Account** |<br>**Fidelity®**<br> **VIP**<br>**Contrafund®**<br>**Sub-Account** |<br>**Fidelity®**<br> **VIP**<br>**Contrafund®**<br>**Sub-Account** |<br>**Fidelity®**<br> **VIP**<br>**Healthcare**<br>**Sub-Account** |<br>**Fidelity®**<br> **VIP**<br>**Real Estate**<br>**Sub-Account** | **Fidelity®**<br> **VIP**<br>**Strategic**<br>**Income**<br>**Sub-Account** | **Invesco**<br>**Oppenheimer V.I.**<br>**International**<br>**Growth**<br>**Sub-Account** |
|  | **(Class III)** | **(Class II)** | **(Initial Class)** | **(Service Class 2)** | | | | **(Series I)** |
| **UNIT VALUE (continued)** |  |  |  |  |  |  |  |  |
| MassMutual Evolution<sup>SM</sup> |  |  |  |  |  |  |  |  |
| Tier 1 |  | 13.87 | 38.69 |  |  |  |  | 21.98 |
| Tier 2 |  | 13.32 | 35.88 |  |  |  |  | 20.39 |
| Tier 3 |  | 12.99 | 34.23 |  |  |  |  | 19.45 |
| Tier 4 |  | 13.32 | 35.83 |  |  |  |  | 20.36 |
| Tier 5 |  | 12.79 | 33.23 |  |  |  |  | 18.88 |
| Tier 6 |  | 12.47 | 31.70 |  |  |  |  | 18.01 |
| Tier 7 |  | 13.19 | 35.30 |  |  |  |  | 20.06 |
| Tier 8 |  | 12.66 | 32.69 |  |  |  |  | 18.57 |
| Tier 9 |  | 12.92 |  | 33.10 |  |  |  |  |
| Tier 10 |  | 13.60 |  | 36.28 |  |  |  |  |
| Tier 11 |  | 12.41 |  | 30.65 |  |  |  |  |
| Tier 12 |  | 13.05 |  | 34.26 |  |  |  |  |
| Tier 13 |  | 11.85 |  | 28.95 |  |  |  |  |
| Tier 14 |  | 12.34 |  | 31.27 |  |  |  |  |
| MassMutual RetireEase Select<sup>SM</sup> |  |  |  |  |  |  |  |  |
| Tier 1 |  |  | 25.40 |  |  |  |  | 12.01 |
| Tier 2 |  |  | 27.46 |  |  |  |  | 12.98 |
| MassMutual Transitions Select<sup>SM</sup> |  |  |  |  |  |  |  |  |
| Tier 1 |  | 14.45 | 44.47 |  |  |  |  | 26.39 |
| Tier 2 |  | 14.45 |  | 42.90 |  |  |  |  |
| MassMutual Equity Edge<sup>SM</sup> |  |  |  |  |  |  |  |  |
| Tier 1 |  |  |  |  |  |  |  |  |
| Tier 2 |  |  |  |  |  |  |  |  |
| Tier 3 |  |  |  |  |  |  |  |  |
| Tier 4 |  |  |  |  |  |  |  |  |
| MassMutual Transitions Select<sup>SM</sup> II |  |  |  |  |  |  |  |  |
| Tier 1 |  | 12.50 |  | 17.77 |  |  |  |  |
| Tier 2 |  | 12.19 |  | 17.33 |  |  |  |  |
| Tier 3 |  | 12.50 |  | 17.77 |  |  |  |  |
| MassMutual Capital Vantage<sup>SM</sup> |  |  |  |  |  |  |  |  |
| Tier 1 | 13.40 | 12.46 |  | 17.70 |  |  |  |  |
| Tier 2 | 13.74 | 12.77 |  | 18.15 |  |  |  |  |
| Tier 3 | 12.97 | 12.06 |  | 17.14 |  |  |  |  |
| Tier 4 | 13.40 | 12.46 |  | 17.70 |  |  |  |  |
| Tier 5 | 13.30 | 12.37 |  | 17.58 |  |  |  |  |
| Tier 6 | 13.74 | 12.77 |  | 18.15 |  |  |  |  |
| MassMutual Envision VA |  | 8.95 |  | 8.47 | 10.22 | 8.24 | 9.08 |  |

---

*See Notes to Financial Statements.*

***Massachusetts Mutual Variable Annuity Separate Account 4***

*STATEMENT OF ASSETS AND LIABILITIES (Continued)*

***December 31, 2022***

 ****

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Invesco**<br>**Oppenheimer V.I.**<br>**International**<br>**Growth**<br>**Sub-Account** |<br>**Invesco V.I.**<br>**Capital**<br>**Appreciation**<br>**Sub-Account** |<br>**Invesco V.I.**<br>**Capital**<br>**Appreciation**<br>**Sub-Account** |<br>**Invesco V.I.**<br>**Conservative**<br>**Balanced**<br>**Sub-Account** |<br>**Invesco V.I.**<br>**Conservative**<br>**Balanced**<br>**Sub-Account** |<br>**Invesco V.I.**<br>**Core Plus**<br>**Bond**<br>**Sub-Account** |<br>**Invesco V.I.**<br>**Discovery**<br>**Mid Cap Growth**<br>**Sub-Account** |<br>**Invesco V.I.**<br>**Discovery**<br>**Mid Cap Growth**<br>**Sub-Account** |
|  | **(Series II)** | **(Series I)** | **(Series II)** | **(Series I)** | **(Series II)** | | **(Series I)** | **(Series II)** |
| **ASSETS** |  |  |  |  |  |  |  |  |
| Investments |  |  |  |  |  |  |  |  |
| Number of shares | 10589187 | 2978483 | 224013 | 383596 | 3319 | 255357 | 1248789 | 477357 |
| Identified cost | $24128702 | $147415040 | $10896776 | $5277517 | $43036 | $1690740 | $94379173 | $34253949 |
| Value | $18848752 | $103561855 | $7405880 | $5339659 | $45433 | $1419783 | $69320255 | $22846304 |
| Dividends receivable |  |  |  |  |  |  |  |  |
| Receivable from Massachusetts Mutual Life Insurance Company | - | - | - | - | - | 1 | - | - |
| **Total assets** | **18848752** | **103561855** | **7405880** | **5339659** | **45433** | **1419784** | **69320255** | **22846304** |
| **LIABILITIES** |  |  |  |  |  |  |  |  |
| Payable to fund Annuitant mortality fluctuation reserve |  | 4814 |  | 807 |  | 11 | 4838 |  |
| Payable to Massachusetts Mutual Life Insurance Company | 3 | 602 | 11 | 375 | 6 | - | 234 | 10 |
| **Total liabilities** | **3** | **5416** | **11** | **1182** | **6** | **11** | **5072** | **10** |
| **NET ASSETS** | $**18848749** | $**103556439** | $**7405869** | $**5338477** | $**45427** | $**1419773** | $**69315183** | $**22846294** |
| **Net Assets:** |  |  |  |  |  |  |  |  |
| Accumulation units - value | $18848749 | $100547678 | $7405869 | $5301894 | $45427 | $1419422 | $66911121 | $22844671 |
| Contracts in payout (annuitization) period | - | 3008761 | - | 36583 | - | 351 | 2404062 | 1623 |
| **Net assets** | $**18848749** | $**103556439** | $**7405869** | $**5338477** | $**45427** | $**1419773** | $**69315183** | $**22846294** |
| **Outstanding units** |  |  |  |  |  |  |  |  |
| Contract owners | **1163026** | **3385941** | **250907** | **316912** | **2970** | **103980** | **2145143** | **1133228** |
| **UNIT VALUE** |  |  |  |  |  |  |  |  |
| Panorama Premier | $- | $29.44 | $- | $16.23 | $- | $13.65 | $26.49 | $- |
| Panorama Passage® |  |  |  |  |  |  |  |  |
| Tier 1 |  | 29.35 |  | 15.90 |  |  | 26.04 |  |
| Tier 2 |  | 28.44 |  | 15.41 |  |  | 25.23 |  |
| Tier 3 |  | 31.11 |  | 16.83 |  |  | 27.59 |  |
| Tier 4 |  | 29.56 |  | 15.99 |  |  | 26.22 |  |
| MassMutual Artistry |  | 21.78 |  | 16.52 |  |  | 14.78 |  |
| MassMutual Transitions® |  |  |  |  |  |  |  |  |
| Custom Plan |  | 33.47 |  | 18.18 |  |  | 37.84 |  |
| Package Plan I |  | 33.47 |  | 18.18 |  |  | 37.84 |  |
| Package Plan II |  | 31.14 |  | 16.92 |  |  | 35.21 |  |
| Package Plan III |  | 29.58 |  | 16.07 |  |  | 33.44 |  |

---

*See Notes to Financial Statements.*

***Massachusetts Mutual Variable Annuity Separate Account 4***

*STATEMENT OF ASSETS AND LIABILITIES (Continued)*

***December 31, 2022***

 ****

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Invesco**<br>**Oppenheimer V.I.**<br>**International**<br>**Growth**<br>**Sub-Account** |<br>**Invesco V.I.**<br>**Capital**<br>**Appreciation**<br>**Sub-Account** |<br>**Invesco V.I.**<br>**Capital**<br>**Appreciation**<br>**Sub-Account** |<br>**Invesco V.I.**<br>**Conservative**<br>**Balanced**<br>**Sub-Account** |<br>**Invesco V.I.**<br>**Conservative**<br>**Balanced**<br>**Sub-Account** |<br>**Invesco V.I.**<br>**Core Plus**<br>**Bond**<br>**Sub-Account** |<br>**Invesco V.I.**<br>**Discovery**<br>**Mid Cap Growth**<br>**Sub-Account** |<br>**Invesco V.I.**<br>**Discovery**<br>**Mid Cap Growth**<br>**Sub-Account** |
|  | **(Series II)** | **(Series I)** | **(Series II)** | **(Series I)** | **(Series II)** | | **(Series I)** | **(Series II)** |
| **UNIT VALUE (continued)** |  |  |  |  |  |  |  |  |
| MassMutual Evolution<sup>SM</sup> |  |  |  |  |  |  |  |  |
| Tier 1 |  | 27.78 |  | 13.97 |  |  | 32.14 |  |
| Tier 2 |  | 25.77 |  | 12.95 |  |  | 29.81 |  |
| Tier 3 |  | 24.58 |  | 12.36 |  |  | 28.44 |  |
| Tier 4 |  | 25.73 |  | 12.93 |  |  | 29.76 |  |
| Tier 5 |  | 23.86 |  | 12.00 |  |  | 27.60 |  |
| Tier 6 |  | 22.76 |  | 11.44 |  |  | 26.33 |  |
| Tier 7 |  | 25.35 |  | 12.75 |  |  | 29.32 |  |
| Tier 8 |  | 23.47 |  | 11.80 |  |  | 27.15 |  |
| Tier 9 | 18.84 |  | 23.77 |  | 11.95 |  |  | 27.48 |
| Tier 10 | 20.64 |  | 26.05 |  | 13.10 |  |  | 30.11 |
| Tier 11 | 17.44 |  | 22.01 |  | 11.07 |  |  | 25.44 |
| Tier 12 | 19.50 |  | 24.60 |  | 12.37 |  |  | 28.44 |
| Tier 13 | 16.48 |  | 20.79 |  |  |  |  | 24.03 |
| Tier 14 | 17.79 |  | 22.45 |  |  |  |  | 25.95 |
| MassMutual RetireEase Select<sup>SM</sup> |  |  |  |  |  |  |  |  |
| Tier 1 |  | 22.33 |  | 10.94 |  |  | 23.36 |  |
| Tier 2 |  | 24.14 |  | 11.82 |  |  | 25.26 |  |
| MassMutual Transitions Select<sup>SM</sup> |  |  |  |  |  |  |  |  |
| Tier 1 |  | 32.50 |  | 15.85 |  |  | 37.25 |  |
| Tier 2 | 25.50 |  | 31.36 |  | 15.29 |  |  | 35.92 |
| MassMutual Equity Edge<sup>SM</sup> |  |  |  |  |  |  |  |  |
| Tier 1 |  |  |  |  |  |  |  |  |
| Tier 2 |  |  |  |  |  |  |  |  |
| Tier 3 |  |  |  |  |  |  |  |  |
| Tier 4 |  |  |  |  |  |  |  |  |
| MassMutual Transitions Select<sup>SM</sup> II |  |  |  |  |  |  |  |  |
| Tier 1 | 11.01 |  |  |  |  |  |  | 17.87 |
| Tier 2 | 10.73 |  |  |  |  |  |  | 17.43 |
| Tier 3 | 11.01 |  |  |  |  |  |  | 17.87 |
| MassMutual Capital Vantage<sup>SM</sup> |  |  |  |  |  |  |  |  |
| Tier 1 | 10.97 |  |  |  |  |  |  | 17.81 |
| Tier 2 | 11.24 |  |  |  |  |  |  | 18.26 |
| Tier 3 | 10.62 |  |  |  |  |  |  | 17.24 |
| Tier 4 | 10.97 |  |  |  |  |  |  | 17.81 |
| Tier 5 | 10.89 |  |  |  |  |  |  | 17.68 |
| Tier 6 | 11.24 |  |  |  |  |  |  | 18.26 |
| MassMutual Envision VA | 8.54 |  |  |  |  |  |  |  |

---

*See Notes to Financial Statements.*

***Massachusetts Mutual Variable Annuity Separate Account 4***

*STATEMENT OF ASSETS AND LIABILITIES (Continued)*

***December 31, 2022***

 ****

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Invesco V.I.**<br>**Diversified**<br>**Dividend**<br>**Sub-Account** | **Invesco V.I.**<br>**Diversified**<br>**Dividend**<br>**Sub-Account** |<br>**Invesco V.I.**<br>**Global**<br>**Sub-Account** |<br>**Invesco V.I.**<br>**Global**<br>**Sub-Account** | **Invesco V.I.**<br>**Global Strategic**<br>**Income**<br>**Sub-Account** | **Invesco V.I.**<br>**Global Strategic**<br>**Income**<br>**Sub-Account** |<br>**Invesco V.I.**<br>**Health Care**<br>**Sub-Account** |<br>**Invesco V.I.**<br>**Health Care**<br>**Sub-Account** |
|  | **(Series I)** | **(Series II)** | **(Series I)** | **(Series II)** | **(Series I)** | **(Series II)** | **(Series I)** | **(Series II)** |
| **ASSETS** |  |  |  |  |  |  |  |  |
| Investments |  |  |  |  |  |  |  |  |
| Number of shares | 184224 | 383423 | 3727628 | 1631271 | 26808486 | 10542538 | 357616 | 373567 |
| Identified cost | $4769497 | $9916293 | $144378804 | $64302479 | $128594953 | $51892407 | $9933886 | $9710860 |
| Value | $4603747 | $9489714 | $115929226 | $49427518 | $105625434 | $42908128 | $8994030 | $8644330 |
| Dividends receivable |  |  |  |  |  |  |  |  |
| Receivable from Massachusetts Mutual Life Insurance Company | - | - | - | - | - | - | - | 1 |
| **Total assets** | **4603747** | **9489714** | **115929226** | **49427518** | **105625434** | **42908128** | **8994030** | **8644331** |
| **LIABILITIES** |  |  |  |  |  |  |  |  |
| Payable to fund Annuitant mortality fluctuation reserve |  |  | 4867 |  | 7865 |  | 803 |  |
| Payable to Massachusetts Mutual Life Insurance Company | 46 | 8 | 616 | 5 | 247 | 9 | 112 | - |
| **Total liabilities** | **46** | **8** | **5483** | **5** | **8112** | **9** | **915** | **-** |
| **NET ASSETS** | $**4603701** | $**9489706** | $**115923743** | $**49427513** | $**105617322** | $**42908119** | $**8993115** | $**8644331** |
| **Net Assets:** |  |  |  |  |  |  |  |  |
| Accumulation units - value | $4480457 | $9489706 | $112624198 | $49424066 | $102564024 | $42908119 | $8642619 | $8644331 |
| Contracts in payout (annuitization) period | 123244 | - | 3299545 | 3447 | 3053298 | - | 350496 | - |
| **Net assets** | $**4603701** | $**9489706** | $**115923743** | $**49427513** | $**105617322** | $**42908119** | $**8993115** | $**8644331** |
| **Outstanding units** |  |  |  |  |  |  |  |  |
| Contract owners | **317837** | **728781** | **3633296** | **2506424** | **6982530** | **3523347** | **261340** | **260608** |
| **UNIT VALUE** |  |  |  |  |  |  |  |  |
| Panorama Premier | $16.10 | $- | $39.65 | $- | $19.12 | $- | $34.25 | $- |
| Panorama Passage® |  |  |  |  |  |  |  |  |
| Tier 1 | 15.77 |  | 38.97 |  | 18.63 |  | 33.56 |  |
| Tier 2 | 15.28 |  | 37.76 |  | 18.05 |  | 32.52 |  |
| Tier 3 | 16.69 |  | 41.30 |  | 19.75 |  | 35.52 |  |
| Tier 4 | 15.86 |  | 39.24 |  | 18.76 |  | 33.75 |  |
| MassMutual Artistry | 14.71 |  | 27.66 |  | 19.16 |  | 31.05 |  |
| MassMutual Transitions® |  |  |  |  |  |  |  |  |
| Custom Plan | 15.82 |  | 36.14 |  | 18.99 |  | 38.61 |  |
| Package Plan I | 15.82 |  | 36.14 |  | 18.99 |  | 38.61 |  |
| Package Plan II | 14.72 |  | 33.63 |  | 17.67 |  | 35.93 |  |
| Package Plan III | 13.98 |  | 31.94 |  | 16.79 |  | 34.12 |  |

---

*See Notes to Financial Statements.*

***Massachusetts Mutual Variable Annuity Separate Account 4***

*STATEMENT OF ASSETS AND LIABILITIES (Continued)*

***December 31, 2022***

 ****

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Invesco V.I.**<br>**Diversified**<br>**Dividend**<br>**Sub-Account** | **Invesco V.I.**<br>**Diversified**<br>**Dividend**<br>**Sub-Account** |<br>**Invesco V.I.**<br>**Global**<br>**Sub-Account** |<br>**Invesco V.I.**<br>**Global**<br>**Sub-Account** | **Invesco V.I.**<br>**Global Strategic**<br>**Income**<br>**Sub-Account** | **Invesco V.I.**<br>**Global Strategic**<br>**Income**<br>**Sub-Account** |<br>**Invesco V.I.**<br>**Health Care**<br>**Sub-Account** |<br>**Invesco V.I.**<br>**Health Care**<br>**Sub-Account** |
|  | **(Series I)** | **(Series II)** | **(Series I)** | **(Series II)** | **(Series I)** | **(Series II)** | **(Series I)** | **(Series II)** |
| **UNIT VALUE (continued)** |  |  |  |  |  |  |  |  |
| MassMutual Evolution<sup>SM</sup> |  |  |  |  |  |  |  |  |
| Tier 1 | 12.25 |  | 27.51 |  | 13.86 |  | 30.75 |  |
| Tier 2 | 11.36 |  | 25.52 |  | 12.86 |  | 28.52 |  |
| Tier 3 | 10.84 |  | 24.34 |  | 12.27 |  | 27.21 |  |
| Tier 4 | 11.34 |  | 25.48 |  | 12.84 |  | 28.48 |  |
| Tier 5 | 10.52 |  | 23.63 |  | 11.91 |  | 26.41 |  |
| Tier 6 | 10.04 |  | 22.54 |  | 11.36 |  | 25.20 |  |
| Tier 7 | 11.18 |  | 25.10 |  | 12.65 |  | 28.06 |  |
| Tier 8 | 10.35 |  | 23.24 |  | 11.71 |  | 25.98 |  |
| Tier 9 |  | 10.50 |  | 23.53 |  | 11.85 |  | 26.32 |
| Tier 10 |  | 11.51 |  | 25.79 |  | 12.99 |  | 28.85 |
| Tier 11 |  | 9.73 |  | 21.79 |  | 10.97 |  | 24.37 |
| Tier 12 |  | 10.87 |  | 24.36 |  | 12.26 |  | 27.24 |
| Tier 13 |  | 9.19 |  | 20.58 |  | 10.36 |  | 23.02 |
| Tier 14 |  | 9.92 |  | 22.23 |  | 11.19 |  | 24.86 |
| MassMutual RetireEase Select<sup>SM</sup> |  |  |  |  |  |  |  |  |
| Tier 1 | 9.60 |  | 17.13 |  | 11.39 |  | 25.09 |  |
| Tier 2 | 10.38 |  | 18.52 |  | 12.31 |  | 27.13 |  |
| MassMutual Transitions Select<sup>SM</sup> |  |  |  |  |  |  |  |  |
| Tier 1 | 14.44 |  | 32.96 |  | 14.89 |  | 36.55 |  |
| Tier 2 |  | 13.97 |  | 31.79 |  | 14.35 |  | 35.28 |
| MassMutual Equity Edge<sup>SM</sup> |  |  |  |  |  |  |  |  |
| Tier 1 |  |  |  |  |  |  |  |  |
| Tier 2 |  |  |  |  |  |  |  |  |
| Tier 3 |  |  |  |  |  |  |  |  |
| Tier 4 |  |  |  |  |  |  |  |  |
| MassMutual Transitions Select<sup>SM</sup> II |  |  |  |  |  |  |  |  |
| Tier 1 |  |  |  | 13.73 |  | 9.26 |  |  |
| Tier 2 |  |  |  | 13.39 |  | 9.03 |  |  |
| Tier 3 |  |  |  | 13.73 |  | 9.26 |  |  |
| MassMutual Capital Vantage<sup>SM</sup> |  |  |  |  |  |  |  |  |
| Tier 1 |  |  |  | 13.68 |  | 9.23 |  |  |
| Tier 2 |  |  |  | 14.03 |  | 9.46 |  |  |
| Tier 3 |  |  |  | 13.24 |  | 8.94 |  |  |
| Tier 4 |  |  |  | 13.68 |  | 9.23 |  |  |
| Tier 5 |  |  |  | 13.58 |  | 9.16 |  |  |
| Tier 6 |  |  |  | 14.03 |  | 9.46 |  |  |
| MassMutual Envision VA |  | 8.42 |  | 8.11 |  | 8.98 |  |  |

---

*See Notes to Financial Statements.*

***Massachusetts Mutual Variable Annuity Separate Account 4***

*STATEMENT OF ASSETS AND LIABILITIES (Continued)*

***December 31, 2022***

 ****

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |<br>**Invesco V.I.**<br>**Main Street**<br>**Sub-Account** |<br>**Invesco V.I.**<br>**Main Street**<br>**Sub-Account** |<br>**Invesco V.I.**<br>**Technology**<br>**Sub-Account** |<br>**Invesco V.I.**<br>**Technology**<br>**Sub-Account** |<br>**Invesco V.I.**<br>**U.S. Government**<br>**Money**<br>**Sub-Account** | **Janus Henderson**<br>**Global**<br>**Technology and**<br>**Innovation**<br>**Sub-Account** |<br>**MML**<br>**Aggressive**<br>**Allocation**<br>**Sub-Account** |<br>**MML**<br>**Aggressive**<br>**Allocation**<br>**Sub-Account** |
|  | **(Series I)** | **(Series II)** | **(Series I)** | **(Series II)** | | | **(Initial Class)** | **(Service Class)** |
| **ASSETS** |  |  |  |  |  |  |  |  |
| Investments |  |  |  |  |  |  |  |  |
| Number of shares | 1666490 | 1204532 | 430138 | 602384 | 6703385 | 23510 | 3202614 | 8474983 |
| Identified cost | $38165110 | $27555117 | $9399625 | $12005572 | $6703385 | $296963 | $31689139 | $81183512 |
| Value | $26863814 | $18959331 | $5415436 | $6511767 | $6703385 | $244739 | $26453592 | $68477864 |
| Dividends receivable |  |  |  |  | 1372 |  |  |  |
| Receivable from Massachusetts Mutual Life Insurance Company | - | - | - | - | - | - | - | - |
| **Total assets** | **26863814** | **18959331** | **5415436** | **6511767** | **6704757** | **244739** | **26453592** | **68477864** |
| **LIABILITIES** |  |  |  |  |  |  |  |  |
| Payable to fund Annuitant mortality fluctuation reserve | 1874 |  | 987 |  | 2874 |  |  |  |
| Payable to Massachusetts Mutual Life Insurance Company | 100 | 3 | 80 | 5 | 32 | 10 | 20 | 18 |
| **Total liabilities** | **1974** | **3** | **1067** | **5** | **2906** | **10** | **20** | **18** |
| **NET ASSETS** | $**26861840** | $**18959328** | $**5414369** | $**6511762** | $**6701851** | $**244729** | $**26453572** | $**68477846** |
| **Net Assets:** |  |  |  |  |  |  |  |  |
| Accumulation units - value | $26609924 | $18959328 | $5248394 | $6510371 | $6604949 | $244729 | $26453572 | $68477846 |
| Contracts in payout (annuitization) period | 251916 | - | 165975 | 1391 | 96902 | - | - | - |
| **Net assets** | $**26861840** | $**18959328** | $**5414369** | $**6511762** | $**6701851** | $**244729** | $**26453572** | $**68477846** |
| **Outstanding units** |  |  |  |  |  |  |  |  |
| Contract owners | **862445** | **990269** | **354685** | **203958** | **651358** | **32355** | **1192000** | **3789915** |
| **UNIT VALUE** |  |  |  |  |  |  |  |  |
| Panorama Premier | $27.24 | $- | $7.93 | $- | $11.68 | $- | $21.52 | $- |
| Panorama Passage® |  |  |  |  |  |  |  |  |
| Tier 1 | 27.62 |  | 7.77 |  | 10.00 |  | 21.24 |  |
| Tier 2 | 26.76 |  | 7.53 |  | 9.69 |  | 20.73 |  |
| Tier 3 | 29.27 |  | 8.23 |  | 10.60 |  | 22.04 |  |
| Tier 4 | 27.81 |  | 7.82 |  | 10.07 |  | 21.20 |  |
| MassMutual Artistry | 25.54 |  | 7.85 |  | 10.33 |  | 22.24 |  |
| MassMutual Transitions® |  |  |  |  |  |  |  |  |
| Custom Plan | 35.60 |  | 30.95 |  | 10.35 |  | 23.02 |  |
| Package Plan I | 35.60 |  | 30.95 |  | 10.35 |  | 23.02 |  |
| Package Plan II | 33.12 |  | 28.80 |  | 9.63 |  | 21.85 |  |
| Package Plan III | 31.46 |  | 27.36 |  | 9.15 |  | 21.05 |  |

---

*See Notes to Financial Statements.*

***Massachusetts Mutual Variable Annuity Separate Account 4***

*STATEMENT OF ASSETS AND LIABILITIES (Continued)*

***December 31, 2022***

 ****

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |<br>**Invesco V.I.**<br>**Main Street**<br>**Sub-Account** |<br>**Invesco V.I.**<br>**Main Street**<br>**Sub-Account** |<br>**Invesco V.I.**<br>**Technology**<br>**Sub-Account** |<br>**Invesco V.I.**<br>**Technology**<br>**Sub-Account** |<br>**Invesco V.I.**<br>**U.S. Government**<br>**Money**<br>**Sub-Account** | **Janus Henderson**<br>**Global**<br>**Technology and**<br>**Innovation**<br>**Sub-Account** |<br>**MML**<br>**Aggressive**<br>**Allocation**<br>**Sub-Account** |<br>**MML**<br>**Aggressive**<br>**Allocation**<br>**Sub-Account** |
|  | **(Series I)** | **(Series II)** | **(Series I)** | **(Series II)** | | | **(Initial Class)** | **(Service Class)** |
| **UNIT VALUE (continued)** |  |  |  |  |  |  |  |  |
| MassMutual Evolution<sup>SM</sup> |  |  |  |  |  |  |  |  |
| Tier 1 | 29.54 |  | 27.61 |  | 9.21 |  | 21.05 |  |
| Tier 2 | 27.40 |  | 25.61 |  | 8.54 |  | 19.83 |  |
| Tier 3 | 26.14 |  | 24.43 |  | 8.15 |  | 19.10 |  |
| Tier 4 | 27.36 |  | 25.57 |  | 8.53 |  | 19.83 |  |
| Tier 5 | 25.37 |  | 23.71 |  | 7.91 |  | 18.68 |  |
| Tier 6 | 24.21 |  | 22.62 |  | 7.55 |  | 17.99 |  |
| Tier 7 | 26.96 |  | 25.19 |  | 8.41 |  | 19.53 |  |
| Tier 8 | 24.96 |  | 23.33 |  | 7.78 |  | 18.40 |  |
| Tier 9 |  | 25.29 |  | 23.60 |  |  |  | 18.30 |
| Tier 10 |  | 27.72 |  | 25.86 |  |  |  | 19.72 |
| Tier 11 |  | 23.42 |  | 21.85 |  |  |  | 17.24 |
| Tier 12 |  | 26.17 |  | 24.42 |  |  |  | 18.62 |
| Tier 13 |  | 22.12 |  | 20.64 |  |  |  | 16.28 |
| Tier 14 |  | 23.89 |  | 22.29 |  |  |  | 17.29 |
| MassMutual RetireEase Select<sup>SM</sup> |  |  |  |  |  |  |  |  |
| Tier 1 | 21.88 |  | 23.84 |  |  |  |  |  |
| Tier 2 | 23.65 |  | 25.78 |  |  |  |  |  |
| MassMutual Transitions Select<sup>SM</sup> |  |  |  |  |  |  |  |  |
| Tier 1 | 34.28 |  | 37.18 |  | 9.96 |  | 22.34 |  |
| Tier 2 |  | 33.09 |  | 35.84 |  |  |  | 21.54 |
| MassMutual Equity Edge<sup>SM</sup> |  |  |  |  |  |  |  |  |
| Tier 1 |  |  |  |  |  |  |  |  |
| Tier 2 |  |  |  |  |  |  |  |  |
| Tier 3 |  |  |  |  |  |  |  |  |
| Tier 4 |  |  |  |  |  |  |  |  |
| MassMutual Transitions Select<sup>SM</sup> II |  |  |  |  |  |  |  |  |
| Tier 1 |  | 16.40 |  |  |  |  |  | 14.31 |
| Tier 2 |  | 15.99 |  |  |  |  |  | 13.96 |
| Tier 3 |  | 16.40 |  |  |  |  |  | 14.31 |
| MassMutual Capital Vantage<sup>SM</sup> |  |  |  |  |  |  |  |  |
| Tier 1 |  | 16.34 |  |  |  |  |  | 14.26 |
| Tier 2 |  | 16.76 |  |  |  |  |  | 14.63 |
| Tier 3 |  | 15.82 |  |  |  |  |  | 13.81 |
| Tier 4 |  | 16.34 |  |  |  |  |  | 14.26 |
| Tier 5 |  | 16.23 |  |  |  |  |  | 14.16 |
| Tier 6 |  | 16.76 |  |  |  |  |  | 14.63 |
| MassMutual Envision VA |  |  |  |  |  | 7.56 |  | 8.93 |

---

*See Notes to Financial Statements.*

***Massachusetts Mutual Variable Annuity Separate Account 4***

*STATEMENT OF ASSETS AND LIABILITIES (Continued)*

***December 31, 2022***

 ****

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **MML**<br>**American**<br>**Funds**<br>**Core Allocation**<br>**Sub-Account** | **MML**<br>**American**<br>**Funds**<br>**Growth**<br>**Sub-Account** |<br>**MML**<br>**Balanced**<br>**Allocation**<br>**Sub-Account** |<br>**MML**<br>**Balanced**<br>**Allocation**<br>**Sub-Account** |<br>**MML**<br>**Blend**<br>**Sub-Account** |<br>**MML**<br>**Blend**<br>**Sub-Account** |<br>**MML**<br>**Blue Chip**<br>**Growth**<br>**Sub-Account** |<br>**MML**<br>**Blue Chip**<br>**Growth**<br>**Sub-Account** |
|  | | | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** |
| **ASSETS** |  |  |  |  |  |  |  |  |
| Investments |  |  |  |  |  |  |  |  |
| Number of shares | 66744822 | 15401140 | 7098068 | 32726634 | 3049312 | 10334960 | 3459901 | 11780619 |
| Identified cost | $780591773 | $236609686 | $69167242 | $314006001 | $65156508 | $219344992 | $57840911 | $187121249 |
| Value | $692811254 | $187123850 | $58630038 | $267376600 | $51298630 | $172514271 | $37020945 | $116156903 |
| Dividends receivable |  |  |  |  |  |  |  |  |
| Receivable from Massachusetts Mutual Life Insurance Company | 24 | - | - | - | - | - | - | - |
| **Total assets** | **692811278** | **187123850** | **58630038** | **267376600** | **51298630** | **172514271** | **37020945** | **116156903** |
| **LIABILITIES** |  |  |  |  |  |  |  |  |
| Payable to fund Annuitant mortality fluctuation reserve |  |  |  |  | 295 |  | 1287 |  |
| Payable to Massachusetts Mutual Life Insurance Company | - | 28 | 62 | 4 | 60 | 16 | 70 | 9 |
| **Total liabilities** | **-** | **28** | **62** | **4** | **355** | **16** | **1357** | **9** |
| **NET ASSETS** | $**692811278** | $**187123822** | $**58629976** | $**267376596** | $**51298275** | $**172514255** | $**37019588** | $**116156894** |
| **Net Assets:** |  |  |  |  |  |  |  |  |
| Accumulation units - value | $692479736 | $186962507 | $58629976 | $267269846 | $50062454 | $172514255 | $36183546 | $116152949 |
| Contracts in payout (annuitization) period | 331542 | 161315 | - | 106750 | 1235821 | - | 836042 | 3945 |
| **Net assets** | $**692811278** | $**187123822** | $**58629976** | $**267376596** | $**51298275** | $**172514255** | $**37019588** | $**116156894** |
| **Outstanding units** |  |  |  |  |  |  |  |  |
| Contract owners | **39435747** | **7340690** | **3435716** | **18387696** | **1898554** | **10920106** | **930051** | **6290813** |
| **UNIT VALUE** |  |  |  |  |  |  |  |  |
| Panorama Premier | $- | $- | $16.83 | $- | $23.58 | $- | $43.82 | $- |
| Panorama Passage® |  |  |  |  |  |  |  |  |
| Tier 1 |  |  | 16.61 |  | 24.87 |  | 43.05 |  |
| Tier 2 |  |  | 16.22 |  | 24.10 |  | 41.72 |  |
| Tier 3 |  |  | 17.24 |  | 26.36 |  | 45.22 |  |
| Tier 4 |  |  | 16.58 |  | 25.05 |  | 42.97 |  |
| MassMutual Artistry | 24.52 | 50.28 | 17.39 |  | 26.16 |  | 45.76 |  |
| MassMutual Transitions® |  |  |  |  |  |  |  |  |
| Custom Plan |  |  | 18.00 |  | 31.19 |  | 42.15 |  |
| Package Plan I |  |  | 18.00 |  | 31.19 |  | 42.15 |  |
| Package Plan II |  |  | 17.09 |  | 29.02 |  | 39.22 |  |
| Package Plan III |  |  | 16.46 |  | 27.57 |  | 37.25 |  |

---

*See Notes to Financial Statements.*

***Massachusetts Mutual Variable Annuity Separate Account 4***

*STATEMENT OF ASSETS AND LIABILITIES (Continued)*

***December 31, 2022***

 ****

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **MML**<br>**American**<br>**Funds**<br>**Core Allocation**<br>**Sub-Account** | **MML**<br>**American**<br>**Funds**<br>**Growth**<br>**Sub-Account** |<br>**MML**<br>**Balanced**<br>**Allocation**<br>**Sub-Account** |<br>**MML**<br>**Balanced**<br>**Allocation**<br>**Sub-Account** |<br>**MML**<br>**Blend**<br>**Sub-Account** |<br>**MML**<br>**Blend**<br>**Sub-Account** |<br>**MML**<br>**Blue Chip**<br>**Growth**<br>**Sub-Account** |<br>**MML**<br>**Blue Chip**<br>**Growth**<br>**Sub-Account** |
|  | | | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** |
| **UNIT VALUE (continued)** |  |  |  |  |  |  |  |  |
| MassMutual Evolution<sup>SM</sup> |  |  |  |  |  |  |  |  |
| Tier 1 | 18.50 | 34.02 | 16.46 |  | 25.44 |  | 34.21 |  |
| Tier 2 | 17.47 | 32.13 | 15.50 |  | 23.59 |  | 31.72 |  |
| Tier 3 | 16.86 | 31.00 | 14.94 |  | 22.51 |  | 30.26 |  |
| Tier 4 | 17.47 | 32.13 | 15.50 |  | 23.55 |  | 31.67 |  |
| Tier 5 | 16.50 | 30.34 | 14.61 |  | 21.84 |  | 29.38 |  |
| Tier 6 | 15.92 | 29.27 | 14.07 |  | 20.84 |  | 28.02 |  |
| Tier 7 | 17.22 | 31.67 | 15.27 |  | 23.21 |  | 31.21 |  |
| Tier 8 | 16.26 | 29.91 | 14.39 |  | 21.49 |  | 28.90 |  |
| Tier 9 | 16.74 | 30.78 |  | 14.33 |  | 21.76 |  | 29.26 |
| Tier 10 | 17.98 | 33.06 |  | 15.44 |  | 23.85 |  | 32.07 |
| Tier 11 | 15.80 | 29.06 |  | 13.50 |  | 20.15 |  | 27.10 |
| Tier 12 | 16.98 | 31.22 |  | 14.58 |  | 22.52 |  | 30.29 |
| Tier 13 | 14.93 | 27.45 |  | 12.75 |  | 19.03 |  | 25.60 |
| Tier 14 | 15.81 | 29.07 |  | 13.54 |  | 20.56 |  | 27.64 |
| MassMutual RetireEase Select<sup>SM</sup> |  |  |  |  |  |  |  |  |
| Tier 1 |  |  |  |  | 20.05 |  | 26.45 |  |
| Tier 2 |  |  |  |  | 21.68 |  | 28.60 |  |
| MassMutual Transitions Select<sup>SM</sup> |  |  |  |  |  |  |  |  |
| Tier 1 | 19.59 | 36.02 | 17.47 |  | 28.60 |  | 40.47 |  |
| Tier 2 | 19.59 | 36.02 |  | 16.87 |  | 27.59 |  | 39.05 |
| MassMutual Equity Edge<sup>SM</sup> |  |  |  |  |  |  |  |  |
| Tier 1 |  |  |  |  |  |  |  |  |
| Tier 2 |  |  |  |  |  |  |  |  |
| Tier 3 |  |  |  |  |  |  |  |  |
| Tier 4 |  |  |  |  |  |  |  |  |
| MassMutual Transitions Select<sup>SM</sup> II |  |  |  |  |  |  |  |  |
| Tier 1 | 13.63 | 21.03 |  | 12.08 |  | 14.04 |  | 15.56 |
| Tier 2 | 13.29 | 20.51 |  | 11.78 |  | 13.69 |  | 15.17 |
| Tier 3 | 13.63 | 21.03 |  | 12.08 |  | 14.04 |  | 15.56 |
| MassMutual Capital Vantage<sup>SM</sup> |  |  |  |  |  |  |  |  |
| Tier 1 | 13.58 | 20.95 |  | 12.04 |  | 13.99 |  | 15.50 |
| Tier 2 | 13.93 | 21.49 |  | 12.34 |  | 14.35 |  | 15.90 |
| Tier 3 | 13.15 | 20.29 |  | 11.65 |  | 13.54 |  | 15.01 |
| Tier 4 | 13.58 | 20.95 |  | 12.04 |  | 13.99 |  | 15.50 |
| Tier 5 | 13.48 | 20.80 |  | 11.95 |  | 13.89 |  | 15.39 |
| Tier 6 | 13.93 | 21.49 |  | 12.34 |  | 14.35 |  | 15.90 |
| MassMutual Envision VA | 9.14 | 8.10 |  | 8.91 |  | 8.90 |  | 7.30 |

---

*See Notes to Financial Statements.*

***Massachusetts Mutual Variable Annuity Separate Account 4***

*STATEMENT OF ASSETS AND LIABILITIES (Continued)*

***December 31, 2022***

 ****

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **MML**<br>**Conservative**<br>**Allocation**<br>**Sub-Account** | **MML**<br>**Conservative**<br>**Allocation**<br>**Sub-Account** | **MML**<br>**Dynamic**<br>**Bond**<br>**Sub-Account** |<br>**MML**<br>**Equity**<br>**Sub-Account** |<br>**MML**<br>**Equity**<br>**Sub-Account** |<br>**MML**<br>**Equity Income**<br>**Sub-Account** |<br>**MML**<br>**Equity Income**<br>**Sub-Account** | **MML**<br>**Equity**<br>**Index**<br>**Sub-Account** |
|  | **(Initial Class)** | **(Service Class)** | **(Service Class I)** | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Class I)** |
| **ASSETS** |  |  |  |  |  |  |  |  |
| Investments |  |  |  |  |  |  |  |  |
| Number of shares | 6316364 | 29285126 | 1438300 | 849965 | 3323921 | 11175360 | 7904429 | 1040881 |
| Identified cost | $61484926 | $277856337 | $14155932 | $21808569 | $84933629 | $112584951 | $81210009 | $30149351 |
| Value | $50846728 | $232816750 | $11894741 | $22746155 | $87189240 | $112871132 | $78411931 | $27822737 |
| Dividends receivable |  |  |  |  |  |  |  |  |
| Receivable from Massachusetts Mutual Life Insurance Company | - | 3 | - | - | - | - | - | - |
| **Total assets** | **50846728** | **232816753** | **11894741** | **22746155** | **87189240** | **112871132** | **78411931** | **27822737** |
| **LIABILITIES** |  |  |  |  |  |  |  |  |
| Payable to fund Annuitant mortality fluctuation reserve |  |  |  | 336 |  | 2845 |  | 871 |
| Payable to Massachusetts Mutual Life Insurance Company | 31 | - | - | 61 | 6 | 18 | 15 | 14 |
| **Total liabilities** | **31** | **-** | **-** | **397** | **6** | **2863** | **15** | **885** |
| **NET ASSETS** | $**50846697** | $**232816753** | $**11894741** | $**22745758** | $**87189234** | $**112868269** | $**78411916** | $**27821852** |
| **Net Assets:** |  |  |  |  |  |  |  |  |
| Accumulation units - value | $50697426 | $232740078 | $11894741 | $21982521 | $87189234 | $109283908 | $78406366 | $27135783 |
| Contracts in payout (annuitization) period | 149271 | 76675 | - | 763237 | - | 3584361 | 5550 | 686069 |
| **Net assets** | $**50846697** | $**232816753** | $**11894741** | $**22745758** | $**87189234** | $**112868269** | $**78411916** | $**27821852** |
| **Outstanding units** |  |  |  |  |  |  |  |  |
| Contract owners | **3104296** | **16606296** | **1265675** | **808421** | **3961989** | **3643121** | **3463599** | **855314** |
| **UNIT VALUE** |  |  |  |  |  |  |  |  |
| Panorama Premier | $15.99 | $- | $- | $22.49 | $- | $37.17 | $- | $28.78 |
| Panorama Passage® |  |  |  |  |  |  |  |  |
| Tier 1 | 15.78 |  |  | 24.89 |  | 36.52 |  | 29.80 |
| Tier 2 | 15.40 |  |  | 24.12 |  | 35.38 |  | 28.87 |
| Tier 3 | 16.38 |  |  | 26.38 |  | 38.36 |  | 31.58 |
| Tier 4 | 15.75 |  |  | 25.07 |  | 36.44 |  | 30.01 |
| MassMutual Artistry | 16.52 |  |  | 27.02 |  | 38.81 |  | 27.52 |
| MassMutual Transitions® |  |  |  |  |  |  |  |  |
| Custom Plan | 17.10 |  |  | 34.22 |  | 34.71 |  | 40.56 |
| Package Plan I | 17.10 |  |  | 34.22 |  | 34.71 |  | 40.56 |
| Package Plan II | 16.23 |  |  | 31.84 |  | 32.30 |  | 37.74 |
| Package Plan III | 15.64 |  |  | 30.24 |  | 30.68 |  | 35.85 |

---

*See Notes to Financial Statements.*

***Massachusetts Mutual Variable Annuity Separate Account 4***

*STATEMENT OF ASSETS AND LIABILITIES (Continued)*

***December 31, 2022***

 ****

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **MML**<br>**Conservative**<br>**Allocation**<br>**Sub-Account** | **MML**<br>**Conservative**<br>**Allocation**<br>**Sub-Account** | **MML**<br>**Dynamic**<br>**Bond**<br>**Sub-Account** |<br>**MML**<br>**Equity**<br>**Sub-Account** |<br>**MML**<br>**Equity**<br>**Sub-Account** |<br>**MML**<br>**Equity Income**<br>**Sub-Account** |<br>**MML**<br>**Equity Income**<br>**Sub-Account** | **MML**<br>**Equity**<br>**Index**<br>**Sub-Account** |
|  | **(Initial Class)** | **(Service Class)** | **(Service Class I)** | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Class I)** |
| **UNIT VALUE (continued)** |  |  |  |  |  |  |  |  |
| MassMutual Evolution<sup>SM</sup> |  |  |  |  |  |  |  |  |
| Tier 1 | 15.64 |  |  | 27.84 |  | 28.29 |  | 33.37 |
| Tier 2 | 14.73 |  |  | 25.82 |  | 26.24 |  | 30.94 |
| Tier 3 | 14.19 |  |  | 24.64 |  | 25.03 |  | 29.52 |
| Tier 4 | 14.73 |  |  | 25.78 |  | 26.20 |  | 30.90 |
| Tier 5 | 13.87 |  |  | 23.91 |  | 24.30 |  | 28.65 |
| Tier 6 | 13.37 |  |  | 22.81 |  | 23.18 |  | 27.34 |
| Tier 7 | 14.51 |  |  | 25.40 |  | 25.82 |  | 30.44 |
| Tier 8 | 13.67 |  |  | 23.52 |  | 23.90 |  | 28.19 |
| Tier 9 |  | 13.59 |  |  | 23.82 |  | 24.21 |  |
| Tier 10 |  | 14.65 |  |  | 26.11 |  | 26.53 |  |
| Tier 11 |  | 12.81 |  |  | 22.06 |  | 22.41 |  |
| Tier 12 |  | 13.83 |  |  | 24.66 |  | 25.05 |  |
| Tier 13 |  | 12.10 |  |  | 20.84 |  | 21.17 |  |
| Tier 14 |  | 12.84 |  |  | 22.51 |  | 22.87 |  |
| MassMutual RetireEase Select<sup>SM</sup> |  |  |  |  |  |  |  |  |
| Tier 1 |  |  |  | 18.80 |  | 19.59 |  | 24.78 |
| Tier 2 |  |  |  | 20.33 |  | 21.18 |  | 26.79 |
| MassMutual Transitions Select<sup>SM</sup> |  |  |  |  |  |  |  |  |
| Tier 1 | 16.60 |  |  | 31.25 |  | 31.80 |  | 38.50 |
| Tier 2 |  | 16.00 |  |  | 30.16 |  | 30.68 |  |
| MassMutual Equity Edge<sup>SM</sup> |  |  |  |  |  |  |  |  |
| Tier 1 |  |  |  |  |  |  |  | 28.99 |
| Tier 2 |  |  |  |  |  |  |  | 29.48 |
| Tier 3 |  |  |  |  |  |  |  | 30.73 |
| Tier 4 |  |  |  |  |  |  |  | 30.73 |
| MassMutual Transitions Select<sup>SM</sup> II |  |  |  |  |  |  |  |  |
| Tier 1 |  | 11.55 | 9.38 |  | 16.58 |  | 17.00 |  |
| Tier 2 |  | 11.27 | 9.14 |  | 16.17 |  | 16.58 |  |
| Tier 3 |  | 11.55 | 9.38 |  | 16.58 |  | 17.00 |  |
| MassMutual Capital Vantage<sup>SM</sup> |  |  |  |  |  |  |  |  |
| Tier 1 |  | 11.51 | 9.34 |  | 16.52 |  | 16.94 |  |
| Tier 2 |  | 11.80 | 9.58 |  | 16.94 |  | 17.37 |  |
| Tier 3 |  | 11.14 | 9.05 |  | 15.99 |  | 16.40 |  |
| Tier 4 |  | 11.51 | 9.34 |  | 16.52 |  | 16.94 |  |
| Tier 5 |  | 11.43 | 9.28 |  | 16.40 |  | 16.82 |  |
| Tier 6 |  | 11.80 | 9.58 |  | 16.94 |  | 17.37 |  |
| MassMutual Envision VA |  | 8.87 | 8.75 |  | 9.78 |  | 9.46 |  |

---

*See Notes to Financial Statements.*

***Massachusetts Mutual Variable Annuity Separate Account 4***

*STATEMENTS OF ASSETS AND LIABILITIES (Continued)*

***December 31, 2022***

 ****

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **MML**<br>**Equity**<br>**Index**<br>**Sub-Account** | **MML**<br>**Equity**<br>**Rotation**<br>**Sub-Account** | **MML**<br>**Focused**<br>**Equity**<br>**Sub-Account** |<br>**MML**<br>**Foreign**<br>**Sub-Account** |<br>**MML**<br>**Foreign**<br>**Sub-Account** | **MML**<br>**Fundamental**<br>**Equity**<br>**Sub-Account** | **MML**<br>**Fundamental**<br>**Value**<br>**Sub-Account** |<br>**MML**<br>**Global**<br>**Sub-Account** |
|  | **(Service Class I)** | **(Service Class I)** | | **(Initial Class)** | **(Service Class)** | | | **(Class I)** |
| **ASSETS** |  |  |  |  |  |  |  |  |
| Investments |  |  |  |  |  |  |  |  |
| Number of shares | 1169221 | 179769 | 3123987 | 10749727 | 1066920 | 2363270 | 1858626 | 1024303 |
| Identified cost | $32322158 | $2338480 | $20376829 | $98254961 | $9481466 | $23023143 | $22360670 | $6602646 |
| Value | $29639753 | $1864204 | $21586751 | $89437731 | $8823429 | $18740734 | $20630753 | $4097213 |
| Dividends receivable |  |  |  |  |  |  |  |  |
| Receivable from Massachusetts Mutual Life Insurance Company | - | 2 | - | - | - | - | - | - |
| **Total assets** | **29639753** | **1864206** | **21586751** | **89437731** | **8823429** | **18740734** | **20630753** | **4097213** |
| **LIABILITIES** |  |  |  |  |  |  |  |  |
| Payable to fund Annuitant mortality fluctuation reserve |  |  |  | 1945 |  |  |  |  |
| Payable to Massachusetts Mutual Life Insurance Company | 7 | - | 42 | 60 | 21 | 21 | 33 | 86 |
| **Total liabilities** | **7** | **-** | **42** | **2005** | **21** | **21** | **33** | **86** |
| **NET ASSETS** | $**29639746** | $**1864206** | $**21586709** | $**89435726** | $**8823408** | $**18740713** | $**20630720** | $**4097127** |
| **Net Assets:** |  |  |  |  |  |  |  |  |
| Accumulation units - value | $29639746 | $1864206 | $21586709 | $85993333 | $8823408 | $18669083 | $20630720 | $3789695 |
| Contracts in payout (annuitization) period | - | - | - | 3442393 | - | 71630 | - | 307432 |
| **Net assets** | $**29639746** | $**1864206** | $**21586709** | $**89435726** | $**8823408** | $**18740713** | $**20630720** | $**4097127** |
| **Outstanding units** |  |  |  |  |  |  |  |  |
| Contract owners | **820581** | **97555** | **936219** | **5925578** | **652319** | **909971** | **1213572** | **181481** |
| **UNIT VALUE** |  |  |  |  |  |  |  |  |
| Panorama Premier | $- | $- | $30.66 | $14.29 | $- | $27.87 | $22.34 | $- |
| Panorama Passage® |  |  |  |  |  |  |  |  |
| Tier 1 |  |  | 30.37 | 14.35 |  | 27.61 | 22.12 |  |
| Tier 2 |  |  | 29.86 | 13.91 |  | 27.14 | 21.75 |  |
| Tier 3 |  |  | 31.19 | 15.21 |  | 28.35 | 22.72 |  |
| Tier 4 |  |  | 30.34 | 14.45 |  | 27.58 | 22.10 |  |
| MassMutual Artistry |  |  | 31.39 | 13.58 |  | 28.53 | 22.87 |  |
| MassMutual Transitions® |  |  |  |  |  |  |  |  |
| Custom Plan |  |  | 32.17 | 17.12 |  | 29.24 | 23.44 | 23.47 |
| Package Plan I |  |  | 32.17 | 17.12 |  | 29.24 | 23.44 | 23.47 |
| Package Plan II |  |  | 30.99 | 15.93 |  | 28.17 | 22.58 | 21.84 |
| Package Plan III |  |  | 30.18 | 15.13 |  | 27.43 | 21.98 | 20.74 |

---

*See Notes to Financial Statements.*

***Massachusetts Mutual Variable Annuity Separate Account 4***

*STATEMENTS OF ASSETS AND LIABILITIES (Continued)*

***December 31, 2022***

 ****

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **MML**<br>**Equity**<br>**Index**<br>**Sub-Account** | **MML**<br>**Equity**<br>**Rotation**<br>**Sub-Account** | **MML**<br>**Focused**<br>**Equity**<br>**Sub-Account** |<br>**MML**<br>**Foreign**<br>**Sub-Account** |<br>**MML**<br>**Foreign**<br>**Sub-Account** | **MML**<br>**Fundamental**<br>**Equity**<br>**Sub-Account** | **MML**<br>**Fundamental**<br>**Value**<br>**Sub-Account** |<br>**MML**<br>**Global**<br>**Sub-Account** |
|  | **(Service Class I)** | **(Service Class I)** | | **(Initial Class)** | **(Service Class)** | | | **(Class I)** |
| **UNIT VALUE (continued)** |  |  |  |  |  |  |  |  |
| MassMutual Evolution<sup>SM</sup> |  |  |  |  |  |  |  |  |
| Tier 1 |  |  | 30.18 | 14.23 |  | 27.43 | 21.98 | 20.60 |
| Tier 2 |  |  | 28.92 | 13.20 |  | 26.28 | 21.06 | 19.10 |
| Tier 3 |  |  | 28.16 | 12.59 |  | 25.59 | 20.51 | 18.22 |
| Tier 4 |  |  | 28.92 | 13.18 |  | 26.28 | 21.06 | 19.07 |
| Tier 5 |  |  | 27.71 | 12.22 |  | 25.19 | 20.19 | 17.69 |
| Tier 6 |  |  | 26.98 | 11.66 |  | 24.52 | 19.65 | 16.87 |
| Tier 7 |  |  | 28.61 | 12.98 |  | 26.01 | 20.84 | 18.79 |
| Tier 8 |  |  | 27.42 | 12.02 |  | 24.92 | 19.97 | 17.40 |
| Tier 9 | 28.54 |  | 28.01 |  | 12.18 | 25.46 | 20.40 |  |
| Tier 10 | 31.28 |  | 29.54 |  | 13.35 | 26.85 | 21.52 |  |
| Tier 11 | 26.43 |  | 26.84 |  | 11.28 | 24.39 | 19.55 |  |
| Tier 12 | 29.54 |  | 28.31 |  | 12.61 | 25.73 | 20.62 |  |
| Tier 13 | 24.97 |  | 25.58 |  | 10.65 | 23.25 | 18.63 |  |
| Tier 14 | 26.96 |  | 26.70 |  | 11.50 | 24.26 | 19.45 |  |
| MassMutual RetireEase Select<sup>SM</sup> |  |  |  |  |  |  |  |  |
| Tier 1 |  |  |  | 8.62 |  |  |  | 16.42 |
| Tier 2 |  |  |  | 9.32 |  |  |  | 17.75 |
| MassMutual Transitions Select<sup>SM</sup> |  |  |  |  |  |  |  |  |
| Tier 1 |  |  | 31.49 | 16.21 |  | 28.62 | 22.94 | 25.28 |
| Tier 2 | 37.15 |  | 31.49 |  | 15.65 | 28.62 | 22.94 |  |
| MassMutual Equity Edge<sup>SM</sup> |  |  |  |  |  |  |  |  |
| Tier 1 |  |  |  |  |  |  |  |  |
| Tier 2 |  |  |  |  |  |  |  |  |
| Tier 3 |  |  |  |  |  |  |  |  |
| Tier 4 |  |  |  |  |  |  |  |  |
| MassMutual Transitions Select<sup>SM</sup> II |  |  |  |  |  |  |  |  |
| Tier 1 |  |  | 21.46 |  | 10.15 | 19.47 | 15.96 |  |
| Tier 2 |  |  | 20.93 |  | 9.90 | 18.99 | 15.57 |  |
| Tier 3 |  |  | 21.46 |  | 10.15 | 19.47 | 15.96 |  |
| MassMutual Capital Vantage<sup>SM</sup> |  |  |  |  |  |  |  |  |
| Tier 1 |  | 19.51 | 21.38 |  | 10.11 | 19.40 | 15.91 |  |
| Tier 2 |  | 20.01 | 21.93 |  | 10.37 | 19.89 | 16.31 |  |
| Tier 3 |  | 18.89 | 20.70 |  | 9.79 | 18.78 | 15.40 |  |
| Tier 4 |  | 19.51 | 21.38 |  | 10.11 | 19.40 | 15.91 |  |
| Tier 5 |  | 19.37 | 21.23 |  | 10.04 | 19.26 | 15.79 |  |
| Tier 6 |  | 20.01 | 21.93 |  | 10.37 | 19.89 | 16.31 |  |
| MassMutual Envision VA |  | 9.53 | 10.02 |  | 8.70 | 8.70 | 9.56 |  |

---

*See Notes to Financial Statements.*

***Massachusetts Mutual Variable Annuity Separate Account 4***

*STATEMENTS OF ASSETS AND LIABILITIES (Continued)*

***December 31, 2022***

 ****

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |<br>**MML**<br>**Global**<br>**Sub-Account** |<br>**MML**<br>**Global**<br>**Sub-Account** |<br>**MML**<br>**Growth**<br>**Allocation**<br>**Sub-Account** |<br>**MML**<br>**Growth**<br>**Allocation**<br>**Sub-Account** |<br>**MML**<br>**High Yield**<br>**Sub-Account** |<br>**MML**<br>**Income**<br>**& Growth**<br>**Sub-Account** |<br>**MML**<br>**Income**<br>**& Growth**<br>**Sub-Account** | **MML**<br>**Inflation-**<br>**Protected**<br>**and Income**<br>**Sub-Account** |
|  | **(Class II)** | **(Service Class I)** | **(Initial Class)** | **(Service Class)** | | **(Initial Class)** | **(Service Class)** | **(Initial Class)** |
| **ASSETS** |  |  |  |  |  |  |  |  |
| Investments |  |  |  |  |  |  |  |  |
| Number of shares | 920467 | 5178459 | 38219057 | 79961488 | 4645429 | 1951517 | 2678446 | 10250624 |
| Identified cost | $6301874 | $28795408 | $336241968 | $698507787 | $44385861 | $19885451 | $26574751 | $107100217 |
| Value | $3976417 | $19626359 | $282056643 | $583718861 | $37488613 | $21115413 | $28418315 | $88872908 |
| Dividends receivable |  |  |  |  |  |  |  |  |
| Receivable from Massachusetts Mutual Life Insurance Company | - | - | - | - | - | - | - | 474 |
| **Total assets** | **3976417** | **19626359** | **282056643** | **583718861** | **37488613** | **21115413** | **28418315** | **88873382** |
| **LIABILITIES** |  |  |  |  |  |  |  |  |
| Payable to fund Annuitant mortality fluctuation reserve | 5 |  |  |  | 81 | 224 |  | 5847 |
| Payable to Massachusetts Mutual Life Insurance Company | 9 | 18 | 45 | 49 | 24 | 84 | 12 | - |
| **Total liabilities** | **14** | **18** | **45** | **49** | **105** | **308** | **12** | **5847** |
| **NET ASSETS** | $**3976403** | $**19626341** | $**282056598** | $**583718812** | $**37488508** | $**21115105** | $**28418303** | $**88867535** |
| **Net Assets:** |  |  |  |  |  |  |  |  |
| Accumulation units - value | $3976239 | $19626341 | $282056598 | $583718812 | $37485797 | $20290576 | $28418303 | $85946488 |
| Contracts in payout (annuitization) period | 164 | - | - | - | 2711 | 824529 | - | 2921047 |
| **Net assets** | $**3976403** | $**19626341** | $**282056598** | $**583718812** | $**37488508** | $**21115105** | $**28418303** | $**88867535** |
| **Outstanding units** |  |  |  |  |  |  |  |  |
| Contract owners | **244219** | **1108024** | **14041930** | **31477349** | **2829996** | **711659** | **1409280** | **6536201** |
| **UNIT VALUE** |  |  |  |  |  |  |  |  |
| Panorama Premier | $18.67 | $- | $19.79 | $- | $16.42 | $33.14 | $- | $14.16 |
| Panorama Passage® |  |  |  |  |  |  |  |  |
| Tier 1 | 18.04 |  | 19.52 |  | 16.23 | 25.45 |  | 13.92 |
| Tier 2 | 17.48 |  | 19.06 |  | 15.91 | 24.66 |  | 13.49 |
| Tier 3 | 19.12 |  | 20.26 |  | 16.75 | 26.98 |  | 14.62 |
| Tier 4 | 18.16 |  | 19.49 |  | 16.21 | 25.63 |  | 13.89 |
| MassMutual Artistry | 13.47 |  | 20.45 |  | 16.88 | 24.33 |  | 14.79 |
| MassMutual Transitions® |  |  |  |  |  |  |  |  |
| Custom Plan |  |  | 21.16 |  | 17.38 | 32.82 |  | 15.48 |
| Package Plan I |  |  | 21.16 |  | 17.38 | 32.82 |  | 15.48 |
| Package Plan II |  |  | 20.08 |  | 16.63 | 30.54 |  | 14.45 |
| Package Plan III |  |  | 19.35 |  | 16.11 | 29.01 |  | 13.75 |

---

*See Notes to Financial Statements.*

***Massachusetts Mutual Variable Annuity Separate Account 4***

*STATEMENTS OF ASSETS AND LIABILITIES (Continued)*

***December 31, 2022***

 ****

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |<br>**MML**<br>**Global**<br>**Sub-Account** |<br>**MML**<br>**Global**<br>**Sub-Account** |<br>**MML**<br>**Growth**<br>**Allocation**<br>**Sub-Account** |<br>**MML**<br>**Growth**<br>**Allocation**<br>**Sub-Account** |<br>**MML**<br>**High Yield**<br>**Sub-Account** |<br>**MML**<br>**Income**<br>**& Growth**<br>**Sub-Account** |<br>**MML**<br>**Income**<br>**& Growth**<br>**Sub-Account** | **MML**<br>**Inflation-**<br>**Protected**<br>**and Income**<br>**Sub-Account** |
|  | **(Class II)** | **(Service Class I)** | **(Initial Class)** | **(Service Class)** | | **(Initial Class)** | **(Service Class)** | **(Initial Class)** |
| **UNIT VALUE (continued)** |  |  |  |  |  |  |  |  |
| MassMutual Evolution<sup>SM</sup> |  |  |  |  |  |  |  |  |
| Tier 1 |  |  | 19.35 |  | 16.11 | 26.26 |  | 12.89 |
| Tier 2 |  |  | 18.22 |  | 15.31 | 24.35 |  | 11.96 |
| Tier 3 |  |  | 17.56 |  | 14.84 | 23.23 |  | 11.41 |
| Tier 4 |  |  | 18.22 |  | 15.31 | 24.31 |  | 11.94 |
| Tier 5 |  |  | 17.17 |  | 14.56 | 22.55 |  | 11.07 |
| Tier 6 |  |  | 16.54 |  | 14.10 | 21.51 |  | 10.56 |
| Tier 7 |  |  | 17.95 |  | 15.12 | 23.96 |  | 11.77 |
| Tier 8 |  |  | 16.91 |  | 14.37 | 22.18 |  | 10.89 |
| Tier 9 |  | 17.71 |  | 16.84 | 14.74 |  | 22.47 |  |
| Tier 10 |  | 19.40 |  | 18.15 | 15.71 |  | 24.62 |  |
| Tier 11 |  | 16.39 |  | 15.87 | 14.02 |  | 20.80 |  |
| Tier 12 |  | 18.33 |  | 17.14 | 14.93 |  | 23.25 |  |
| Tier 13 |  | 15.49 |  | 14.99 | 13.24 |  | 19.65 |  |
| Tier 14 |  | 16.72 |  | 15.91 | 13.93 |  | 21.22 |  |
| MassMutual RetireEase Select<sup>SM</sup> |  |  |  |  |  |  |  |  |
| Tier 1 |  |  |  |  |  | 18.61 |  | 12.36 |
| Tier 2 |  |  |  |  |  | 20.12 |  | 13.37 |
| MassMutual Transitions Select<sup>SM</sup> |  |  |  |  |  |  |  |  |
| Tier 1 |  |  | 20.54 |  | 16.95 | 29.94 |  | 13.89 |
| Tier 2 |  | 24.51 |  | 19.83 | 16.95 |  | 28.90 |  |
| MassMutual Equity Edge<sup>SM</sup> |  |  |  |  |  |  |  |  |
| Tier 1 |  |  |  |  |  |  |  |  |
| Tier 2 |  |  |  |  |  |  |  |  |
| Tier 3 |  |  |  |  |  |  |  |  |
| Tier 4 |  |  |  |  |  |  |  |  |
| MassMutual Transitions Select<sup>SM</sup> II |  |  |  |  |  |  |  |  |
| Tier 1 |  | 15.10 |  | 13.52 | 11.84 |  | 17.38 |  |
| Tier 2 |  | 14.72 |  | 13.18 | 11.55 |  | 16.94 |  |
| Tier 3 |  | 15.10 |  | 13.52 | 11.84 |  | 17.38 |  |
| MassMutual Capital Vantage<sup>SM</sup> |  |  |  |  |  |  |  |  |
| Tier 1 |  | 15.04 |  | 13.47 | 11.80 |  | 17.31 |  |
| Tier 2 |  | 15.42 |  | 13.81 | 12.10 |  | 17.75 |  |
| Tier 3 |  | 14.56 |  | 13.04 | 11.42 |  | 16.76 |  |
| Tier 4 |  | 15.04 |  | 13.47 | 11.80 |  | 17.31 |  |
| Tier 5 |  | 14.93 |  | 13.37 | 11.71 |  | 17.19 |  |
| Tier 6 |  | 15.42 |  | 13.81 | 12.10 |  | 17.75 |  |
| MassMutual Envision VA |  | 8.88 |  | 8.93 | 9.02 |  | 9.99 |  |

---

*See Notes to Financial Statements.*

***Massachusetts Mutual Variable Annuity Separate Account 4***

*STATEMENTS OF ASSETS AND LIABILITIES (Continued)*

***December 31, 2022***

 ****

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **MML**<br>**Inflation-**<br>**Protected**<br>**and Income**<br>**Sub-Account** |<br>**MML**<br>**International**<br>**Equity**<br>**Sub-Account** |<br>**MML**<br>**iShares 60/40**<br>**Allocation**<br>**Sub-Account** |<br>**MML**<br>**iShares 80/20**<br>**Allocation**<br>**Sub-Account** |<br>**MML**<br>**Large Cap**<br>**Growth**<br>**Sub-Account** |<br>**MML**<br>**Large Cap**<br>**Growth**<br>**Sub-Account** |<br>**MML**<br>**Managed**<br>**Bond**<br>**Sub-Account** |<br>**MML**<br>**Managed**<br>**Bond**<br>**Sub-Account** |
|  | **(Service Class)** | | | | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** |
| **ASSETS** |  |  |  |  |  |  |  |  |
| Investments |  |  |  |  |  |  |  |  |
| Number of shares | 5019211 | 897021 | 588040 | 2180860 | 1147690 | 1937924 | 7205952 | 17148778 |
| Identified cost | $52442824 | $8135425 | $5425145 | $19810464 | $12904704 | $22147567 | $91213774 | $215318005 |
| Value | $43115018 | $7786142 | $5074789 | $18624542 | $11258834 | $17964557 | $76378829 | $180957381 |
| Dividends receivable |  |  |  |  |  |  |  |  |
| Receivable from Massachusetts Mutual Life Insurance Company | 559 | - | 2 | 3 | - | - | - | 3 |
| **Total assets** | **43115577** | **7786142** | **5074791** | **18624545** | **11258834** | **17964557** | **76378829** | **180957384** |
| **LIABILITIES** |  |  |  |  |  |  |  |  |
| Payable to fund Annuitant mortality fluctuation reserve |  |  |  |  | 205 |  | 4385 |  |
| Payable to Massachusetts Mutual Life Insurance Company | - | 37 | - | - | 91 | 10 | 656 | - |
| **Total liabilities** | **-** | **37** | **-** | **-** | **296** | **10** | **5041** | **-** |
| **NET ASSETS** | $**43115577** | $**7786105** | $**5074791** | $**18624545** | $**11258538** | $**17964547** | $**76373788** | $**180957384** |
| **Net Assets:** |  |  |  |  |  |  |  |  |
| Accumulation units - value | $43111088 | $7786105 | $5074791 | $18624545 | $11152953 | $17964547 | $73788667 | $180951966 |
| Contracts in payout (annuitization) period | 4489 | - | - | - | 105585 | - | 2585121 | 5418 |
| **Net assets** | $**43115577** | $**7786105** | $**5074791** | $**18624545** | $**11258538** | $**17964547** | $**76373788** | $**180957384** |
| **Outstanding units** |  |  |  |  |  |  |  |  |
| Contract owners | **3725815** | **700551** | **570961** | **2102879** | **386186** | **973248** | **5208236** | **14965961** |
| **UNIT VALUE** |  |  |  |  |  |  |  |  |
| Panorama Premier | $- | $- | $- | $- | $23.48 | $- | $- | $11.83 |
| Panorama Passage® |  |  |  |  |  |  |  |  |
| Tier 1 |  |  |  |  | 23.63 |  | 17.94 |  |
| Tier 2 |  |  |  |  | 22.90 |  | 17.39 |  |
| Tier 3 |  |  |  |  | 25.04 |  | 19.01 |  |
| Tier 4 |  |  |  |  | 23.79 |  | 18.07 |  |
| MassMutual Artistry |  | 10.40 |  |  | 19.44 |  | 18.30 |  |
| MassMutual Transitions® |  |  |  |  |  |  |  |  |
| Custom Plan |  | 10.61 |  |  | 33.90 |  | 16.96 |  |
| Package Plan I |  | 10.61 |  |  | 33.90 |  | 16.96 |  |
| Package Plan II |  | 10.29 |  |  | 31.54 |  | 15.79 |  |
| Package Plan III |  | 10.07 |  |  | 29.96 |  | 14.99 |  |

---

*See Notes to Financial Statements.*

***Massachusetts Mutual Variable Annuity Separate Account 4***

*STATEMENTS OF ASSETS AND LIABILITIES (Continued)*

***December 31, 2022***

 ****

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **MML**<br>**Inflation-**<br>**Protected**<br>**and Income**<br>**Sub-Account** |<br>**MML**<br>**International**<br>**Equity**<br>**Sub-Account** |<br>**MML**<br>**iShares 60/40**<br>**Allocation**<br>**Sub-Account** |<br>**MML**<br>**iShares 80/20**<br>**Allocation**<br>**Sub-Account** |<br>**MML**<br>**Large Cap**<br>**Growth**<br>**Sub-Account** |<br>**MML**<br>**Large Cap**<br>**Growth**<br>**Sub-Account** |<br>**MML**<br>**Managed**<br>**Bond**<br>**Sub-Account** |<br>**MML**<br>**Managed**<br>**Bond**<br>**Sub-Account** |
|  | **(Service Class)** | | | | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** |
| **UNIT VALUE (continued)** |  |  |  |  |  |  |  |  |
| MassMutual Evolution<sup>SM</sup> |  |  |  |  |  |  |  |  |
| Tier 1 |  | 10.07 |  |  | 28.36 |  | 13.46 |  |
| Tier 2 |  | 9.73 |  |  | 26.30 |  | 12.49 |  |
| Tier 3 |  | 9.52 |  |  | 25.09 |  | 11.91 |  |
| Tier 4 |  | 9.73 |  |  | 26.26 |  | 12.47 |  |
| Tier 5 |  | 9.39 |  |  | 24.36 |  | 11.56 |  |
| Tier 6 |  | 9.19 |  |  | 23.24 |  | 11.03 |  |
| Tier 7 |  | 9.64 |  |  | 25.88 |  | 12.29 |  |
| Tier 8 |  | 9.31 |  |  | 23.96 |  | 11.38 |  |
| Tier 9 | 11.03 | 9.48 |  |  |  | 24.24 |  | 11.52 |
| Tier 10 | 12.08 | 9.90 |  |  |  | 26.57 |  | 12.63 |
| Tier 11 | 10.21 | 9.15 |  |  |  | 22.45 |  | 10.67 |
| Tier 12 | 11.41 | 9.56 |  |  |  | 25.09 |  | 11.92 |
| Tier 13 | 9.64 | 8.80 |  |  |  | 21.21 |  | 10.08 |
| Tier 14 | 10.42 | 9.11 |  |  |  | 22.90 |  | 10.88 |
| MassMutual RetireEase Select<sup>SM</sup> |  |  |  |  |  |  |  |  |
| Tier 1 |  |  |  |  | 24.74 |  | 12.44 |  |
| Tier 2 |  |  |  |  | 26.74 |  | 13.45 |  |
| MassMutual Transitions Select<sup>SM</sup> |  |  |  |  |  |  |  |  |
| Tier 1 |  | 10.42 |  |  | 35.53 |  | 14.55 |  |
| Tier 2 | 13.40 | 10.42 |  |  |  | 34.25 |  | 14.04 |
| MassMutual Equity Edge<sup>SM</sup> |  |  |  |  |  |  |  |  |
| Tier 1 |  |  |  |  |  |  |  |  |
| Tier 2 |  |  |  |  |  |  |  |  |
| Tier 3 |  |  |  |  |  |  |  |  |
| Tier 4 |  |  |  |  |  |  |  |  |
| MassMutual Transitions Select<sup>SM</sup> II |  |  |  |  |  |  |  |  |
| Tier 1 | 10.50 | 11.29 |  |  |  | 17.37 |  | 9.54 |
| Tier 2 | 10.24 | 11.01 |  |  |  | 16.94 |  | 9.30 |
| Tier 3 | 10.50 | 11.29 |  |  |  | 17.37 |  | 9.54 |
| MassMutual Capital Vantage<sup>SM</sup> |  |  |  |  |  |  |  |  |
| Tier 1 | 10.47 | 11.25 |  |  |  | 17.31 |  | 9.50 |
| Tier 2 | 10.73 | 11.54 |  |  |  | 17.75 |  | 9.75 |
| Tier 3 | 10.13 | 10.90 |  |  |  | 16.76 |  | 9.20 |
| Tier 4 | 10.47 | 11.25 |  |  |  | 17.31 |  | 9.50 |
| Tier 5 | 10.39 | 11.17 |  |  |  | 17.19 |  | 9.44 |
| Tier 6 | 10.73 | 11.54 |  |  |  | 17.75 |  | 9.75 |
| MassMutual Envision VA | 8.86 | 8.79 | 8.89 | 8.86 |  | 8.15 |  | 8.74 |

---

*See Notes to Financial Statements.*

***Massachusetts Mutual Variable Annuity Separate Account 4***

*STATEMENTS OF ASSETS AND LIABILITIES (Continued)*

***December 31, 2022***

 ****

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **MML**<br>**Managed**<br>**Volatility**<br>**Sub-Account** | **MML**<br>**Managed**<br>**Volatility**<br>**Sub-Account** |<br>**MML**<br>**Mid Cap Growth**<br>**Sub-Account** |<br>**MML**<br>**Mid Cap Growth**<br>**Sub-Account** |<br>**MML**<br>**Mid Cap Value**<br>**Sub-Account** |<br>**MML**<br>**Mid Cap Value**<br>**Sub-Account** | **MML**<br>**Moderate**<br>**Allocation**<br>**Sub-Account** | **MML**<br>**Moderate**<br>**Allocation**<br>**Sub-Account** |
|  | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** |
| **ASSETS** |  |  |  |  |  |  |  |  |
| Investments |  |  |  |  |  |  |  |  |
| Number of shares | 4764921 | 1457991 | 6548963 | 10285123 | 11425084 | 5645744 | 18754731 | 123317424 |
| Identified cost | $60732167 | $18183510 | $89736868 | $130427147 | $112945551 | $55986065 | $191178757 | $1247631382 |
| Value | $63501642 | $19279864 | $57565382 | $81046771 | $104768021 | $50303576 | $161103136 | $1044498584 |
| Dividends receivable |  |  |  |  |  |  |  |  |
| Receivable from Massachusetts Mutual Life Insurance Company | - | - | - | - | - | - | - | 51 |
| **Total assets** | **63501642** | **19279864** | **57565382** | **81046771** | **104768021** | **50303576** | **161103136** | **1044498635** |
| **LIABILITIES** |  |  |  |  |  |  |  |  |
| Payable to fund Annuitant mortality fluctuation reserve | 1974 |  | 2886 |  | 4832 |  |  |  |
| Payable to Massachusetts Mutual Life Insurance Company | 103 | 6 | 172 | 18 | 126 | 22 | 62 | - |
| **Total liabilities** | **2077** | **6** | **3058** | **18** | **4958** | **22** | **62** | **-** |
| **NET ASSETS** | $**63499565** | $**19279858** | $**57562324** | $**81046753** | $**104763063** | $**50303554** | $**161103074** | $**1044498635** |
| **Net Assets:** |  |  |  |  |  |  |  |  |
| Accumulation units - value | $61236093 | $19279858 | $56412979 | $81046753 | $101553654 | $50303554 | $161103074 | $1044486230 |
| Contracts in payout (annuitization) period | 2263472 | - | 1149345 | - | 3209409 | - | - | 12405 |
| **Net assets** | $**63499565** | $**19279858** | $**57562324** | $**81046753** | $**104763063** | $**50303554** | $**161103074** | $**1044498635** |
| **Outstanding units** |  |  |  |  |  |  |  |  |
| Contract owners | **3697357** | **1298703** | **1136273** | **3733478** | **2437354** | **2207545** | **8783827** | **64409744** |
| **UNIT VALUE** |  |  |  |  |  |  |  |  |
| Panorama Premier | $15.70 | $- | $85.24 | $- | $53.55 | $- | $17.97 | $- |
| Panorama Passage® |  |  |  |  |  |  |  |  |
| Tier 1 | 15.38 |  | 63.01 |  | 56.60 |  | 17.73 |  |
| Tier 2 | 14.91 |  | 61.06 |  | 54.84 |  | 17.31 |  |
| Tier 3 | 16.28 |  | 66.78 |  | 59.98 |  | 18.40 |  |
| Tier 4 | 15.47 |  | 63.45 |  | 56.99 |  | 17.70 |  |
| MassMutual Artistry | 16.36 |  | 51.28 |  | 60.96 |  | 18.57 |  |
| MassMutual Transitions® |  |  |  |  |  |  |  |  |
| Custom Plan | 20.63 |  | 58.31 |  | 49.48 |  | 19.21 |  |
| Package Plan I | 20.63 |  | 58.31 |  | 49.48 |  | 19.21 |  |
| Package Plan II | 19.20 |  | 54.25 |  | 46.04 |  | 18.24 |  |
| Package Plan III | 18.23 |  | 51.53 |  | 43.73 |  | 17.57 |  |

---

*See Notes to Financial Statements.*

***Massachusetts Mutual Variable Annuity Separate Account 4***

*STATEMENTS OF ASSETS AND LIABILITIES (Continued)*

***December 31, 2022***

 ****

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **MML**<br>**Managed**<br>**Volatility**<br>**Sub-Account** | **MML**<br>**Managed**<br>**Volatility**<br>**Sub-Account** |<br>**MML**<br>**Mid Cap Growth**<br>**Sub-Account** |<br>**MML**<br>**Mid Cap Growth**<br>**Sub-Account** |<br>**MML**<br>**Mid Cap Value**<br>**Sub-Account** |<br>**MML**<br>**Mid Cap Value**<br>**Sub-Account** | **MML**<br>**Moderate**<br>**Allocation**<br>**Sub-Account** | **MML**<br>**Moderate**<br>**Allocation**<br>**Sub-Account** |
|  | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** |
| **UNIT VALUE (continued)** |  |  |  |  |  |  |  |  |
| MassMutual Evolution<sup>SM</sup> |  |  |  |  |  |  |  |  |
| Tier 1 | 15.85 |  | 34.13 |  | 38.24 |  | 17.57 |  |
| Tier 2 | 14.70 |  | 31.93 |  | 35.47 |  | 16.55 |  |
| Tier 3 | 14.02 |  | 30.62 |  | 33.84 |  | 15.94 |  |
| Tier 4 | 14.67 |  | 31.93 |  | 35.41 |  | 16.55 |  |
| Tier 5 | 13.61 |  | 29.87 |  | 32.84 |  | 15.59 |  |
| Tier 6 | 12.98 |  | 28.65 |  | 31.33 |  | 15.02 |  |
| Tier 7 | 14.46 |  | 31.41 |  | 34.90 |  | 16.30 |  |
| Tier 8 | 13.39 |  | 29.38 |  | 32.31 |  | 15.36 |  |
| Tier 9 |  | 13.56 |  | 29.46 |  | 32.72 |  | 15.29 |
| Tier 10 |  | 14.86 |  | 32.01 |  | 35.86 |  | 16.47 |
| Tier 11 |  | 12.55 |  | 27.56 |  | 30.29 |  | 14.40 |
| Tier 12 |  | 14.03 |  | 30.23 |  | 33.86 |  | 15.56 |
| Tier 13 |  | 11.86 |  | 26.04 |  | 28.62 |  | 13.60 |
| Tier 14 |  | 12.81 |  | 27.83 |  | 30.90 |  | 14.44 |
| MassMutual RetireEase Select<sup>SM</sup> |  |  |  |  |  |  |  |  |
| Tier 1 | 11.49 |  | 29.33 |  | 26.45 |  |  |  |
| Tier 2 | 12.42 |  | 31.70 |  | 28.59 |  |  |  |
| MassMutual Transitions Select<sup>SM</sup> |  |  |  |  |  |  |  |  |
| Tier 1 | 18.18 |  | 36.48 |  | 42.46 |  | 18.65 |  |
| Tier 2 |  | 17.54 |  | 35.21 |  | 40.96 |  | 18.00 |
| MassMutual Equity Edge<sup>SM</sup> |  |  |  |  |  |  |  |  |
| Tier 1 |  |  |  |  |  |  |  |  |
| Tier 2 |  |  |  |  |  |  |  |  |
| Tier 3 |  |  |  |  |  |  |  |  |
| Tier 4 |  |  |  |  |  |  |  |  |
| MassMutual Transitions Select<sup>SM</sup> II |  |  |  |  |  |  |  |  |
| Tier 1 |  | 11.32 |  | 16.29 |  | 16.83 |  | 12.56 |
| Tier 2 |  | 11.04 |  | 15.89 |  | 16.42 |  | 12.25 |
| Tier 3 |  | 11.32 |  | 16.29 |  | 16.83 |  | 12.56 |
| MassMutual Capital Vantage<sup>SM</sup> |  |  |  |  |  |  |  |  |
| Tier 1 |  | 11.28 |  | 16.23 |  | 16.77 |  | 12.51 |
| Tier 2 |  | 11.57 |  | 16.65 |  | 17.20 |  | 12.83 |
| Tier 3 |  | 10.93 |  | 15.72 |  | 16.24 |  | 12.12 |
| Tier 4 |  | 11.28 |  | 16.23 |  | 16.77 |  | 12.51 |
| Tier 5 |  | 11.20 |  | 16.12 |  | 16.65 |  | 12.42 |
| Tier 6 |  | 11.57 |  | 16.65 |  | 17.20 |  | 12.83 |
| MassMutual Envision VA |  | 9.16 |  | 8.78 |  | 9.80 |  | 8.92 |

---

*See Notes to Financial Statements.*

***Massachusetts Mutual Variable Annuity Separate Account 4***

*STATEMENTS OF ASSETS AND LIABILITIES (Continued)*

***December 31, 2022***

 ****

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **MML**<br>**Short-Duration**<br>**Bond**<br>**Sub-Account** | **MML**<br>**Small Cap**<br>**Equity**<br>**Sub-Account** | **MML**<br>**Small Cap**<br>**Equity**<br>**Sub-Account** | **MML**<br>**Small Cap**<br>**Growth Equity**<br>**Sub-Account** | **MML**<br>**Small Cap**<br>**Growth Equity**<br>**Sub-Account** | **MML**<br>**Small**<br>**Company Value**<br>**Sub-Account** | **MML**<br>**Small/Mid Cap**<br>**Value**<br>**Sub-Account** | **MML**<br>**Small/Mid Cap**<br>**Value**<br>**Sub-Account** |
|  | | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** | | **(Initial Class)** | **(Service Class)** |
| **ASSETS** |  |  |  |  |  |  |  |  |
| Investments |  |  |  |  |  |  |  |  |
| Number of shares | 3404768 | 2280533 | 2583598 | 7173002 | 3133678 | 3505709 | 8156742 | 2690411 |
| Identified cost | $32424831 | $21620486 | $24827098 | $86146575 | $35025892 | $35752733 | $77551618 | $28309073 |
| Value | $29349102 | $21415335 | $23617333 | $60416682 | $22649931 | $23768708 | $72431865 | $23433481 |
| Dividends receivable |  |  |  |  |  |  |  |  |
| Receivable from Massachusetts Mutual Life Insurance Company | - | - | - | - | - | - | - | - |
| **Total assets** | **29349102** | **21415335** | **23617333** | **60416682** | **22649931** | **23768708** | **72431865** | **23433481** |
| **LIABILITIES** |  |  |  |  |  |  |  |  |
| Payable to fund Annuitant mortality fluctuation reserve | 67 | 2384 |  | 3182 |  |  | 2140 |  |
| Payable to Massachusetts Mutual Life Insurance Company | 40 | 135 | 1 | 127 | 11 | 24 | 78 | 6 |
| **Total liabilities** | **107** | **2519** | **1** | **3309** | **11** | **24** | **2218** | **6** |
| **NET ASSETS** | $**29348995** | $**21412816** | $**23617332** | $**60413373** | $**22649920** | $**23768684** | $**72429647** | $**23433475** |
| **Net Assets:** |  |  |  |  |  |  |  |  |
| Accumulation units - value | $29346772 | $21154104 | $23617332 | $58115669 | $22649920 | $23768684 | $69823218 | $23433475 |
| Contracts in payout (annuitization) period | 2223 | 258712 | - | 2297704 | - | - | 2606429 | - |
| **Net assets** | $**29348995** | $**21412816** | $**23617332** | $**60413373** | $**22649920** | $**23768684** | $**72429647** | $**23433475** |
| **Outstanding units** |  |  |  |  |  |  |  |  |
| Contract owners | **3030930** | **549032** | **1141426** | **1511703** | **1026472** | **1202832** | **2306713** | **1200173** |
| **UNIT VALUE** |  |  |  |  |  |  |  |  |
| Panorama Premier | $9.84 | $46.84 | $- | $49.08 | $- | $- | $40.82 | $- |
| Panorama Passage® |  |  |  |  |  |  |  |  |
| Tier 1 | 9.73 | 42.09 |  | 43.25 |  |  | 40.11 |  |
| Tier 2 | 9.54 | 40.78 |  | 41.91 |  |  | 38.86 |  |
| Tier 3 | 10.05 | 44.61 |  | 45.84 |  |  | 42.13 |  |
| Tier 4 | 9.72 | 42.38 |  | 43.55 |  |  | 40.03 |  |
| MassMutual Artistry | 10.12 | 41.00 |  | 31.17 |  | 34.78 | 42.63 |  |
| MassMutual Transitions® |  |  |  |  |  |  |  |  |
| Custom Plan | 10.42 | 40.01 |  | 48.69 |  |  | 44.60 |  |
| Package Plan I | 10.42 | 40.01 |  | 48.69 |  |  | 44.60 |  |
| Package Plan II | 9.97 | 37.23 |  | 45.30 |  |  | 41.63 |  |
| Package Plan III | 9.66 | 35.36 |  | 43.03 |  |  | 39.64 |  |

---

*See Notes to Financial Statements.*

***Massachusetts Mutual Variable Annuity Separate Account 4***

*STATEMENTS OF ASSETS AND LIABILITIES (Continued)*

***December 31, 2022***

 ****

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **MML**<br>**Short-Duration**<br>**Bond**<br>**Sub-Account** | **MML**<br>**Small Cap**<br>**Equity**<br>**Sub-Account** | **MML**<br>**Small Cap**<br>**Equity**<br>**Sub-Account** | **MML**<br>**Small Cap**<br>**Growth Equity**<br>**Sub-Account** | **MML**<br>**Small Cap**<br>**Growth Equity**<br>**Sub-Account** | **MML**<br>**Small**<br>**Company Value**<br>**Sub-Account** | **MML**<br>**Small/Mid Cap**<br>**Value**<br>**Sub-Account** | **MML**<br>**Small/Mid Cap**<br>**Value**<br>**Sub-Account** |
|  | | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** | | **(Initial Class)** | **(Service Class)** |
| **UNIT VALUE (continued)** |  |  |  |  |  |  |  |  |
| MassMutual Evolution<sup>SM</sup> |  |  |  |  |  |  |  |  |
| Tier 1 | 9.66 | 31.13 |  | 35.59 |  | 33.06 | 28.46 |  |
| Tier 2 | 9.18 | 28.87 |  | 33.01 |  | 31.31 | 26.39 |  |
| Tier 3 | 8.90 | 27.54 |  | 31.49 |  | 30.25 | 25.18 |  |
| Tier 4 | 9.18 | 28.82 |  | 32.95 |  | 31.31 | 26.35 |  |
| Tier 5 | 8.73 | 26.73 |  | 30.56 |  | 29.64 | 24.44 |  |
| Tier 6 | 8.46 | 25.50 |  | 29.16 |  | 28.64 | 23.31 |  |
| Tier 7 | 9.07 | 28.40 |  | 32.47 |  | 30.88 | 25.96 |  |
| Tier 8 | 8.62 | 26.30 |  | 30.07 |  | 29.24 | 24.04 |  |
| Tier 9 | 8.84 |  | 26.58 |  | 30.44 | 30.05 |  | 24.34 |
| Tier 10 | 9.42 |  | 29.14 |  | 33.37 | 32.17 |  | 26.68 |
| Tier 11 | 8.40 |  | 24.62 |  | 28.19 | 28.45 |  | 22.54 |
| Tier 12 | 8.95 |  | 27.52 |  | 31.51 | 30.46 |  | 25.20 |
| Tier 13 | 7.94 |  | 23.25 |  | 26.63 | 26.87 |  | 21.29 |
| Tier 14 | 8.35 |  | 25.11 |  | 28.76 | 28.38 |  | 22.99 |
| MassMutual RetireEase Select<sup>SM</sup> |  |  |  |  |  |  |  |  |
| Tier 1 |  | 23.40 |  | 24.93 |  |  | 18.64 |  |
| Tier 2 |  | 25.30 |  | 26.95 |  |  | 20.16 |  |
| MassMutual Transitions Select<sup>SM</sup> |  |  |  |  |  |  |  |  |
| Tier 1 | 10.16 | 36.95 |  | 43.89 |  | 34.92 | 31.49 |  |
| Tier 2 | 10.16 |  | 35.59 |  | 42.34 | 34.92 |  | 30.38 |
| MassMutual Equity Edge<sup>SM</sup> |  |  |  |  |  |  |  |  |
| Tier 1 |  |  |  |  |  |  |  |  |
| Tier 2 |  |  |  |  |  |  |  |  |
| Tier 3 |  |  |  |  |  |  |  |  |
| Tier 4 |  |  |  |  |  |  |  |  |
| MassMutual Transitions Select<sup>SM</sup> II |  |  |  |  |  |  |  |  |
| Tier 1 | 9.45 |  | 17.07 |  | 17.30 | 16.16 |  | 15.07 |
| Tier 2 | 9.21 |  | 16.64 |  | 16.88 | 15.76 |  | 14.70 |
| Tier 3 | 9.45 |  | 17.07 |  | 17.30 | 16.16 |  | 15.07 |
| MassMutual Capital Vantage<sup>SM</sup> |  |  |  |  |  |  |  |  |
| Tier 1 | 9.41 |  | 17.00 |  | 17.24 | 16.11 |  | 15.02 |
| Tier 2 | 9.65 |  | 17.44 |  | 17.68 | 16.51 |  | 15.40 |
| Tier 3 | 9.11 |  | 16.46 |  | 16.69 | 15.59 |  | 14.54 |
| Tier 4 | 9.41 |  | 17.00 |  | 17.24 | 16.11 |  | 15.02 |
| Tier 5 | 9.35 |  | 16.88 |  | 17.12 | 15.99 |  | 14.91 |
| Tier 6 | 9.65 |  | 17.44 |  | 17.68 | 16.51 |  | 15.40 |
| MassMutual Envision VA | 9.30 |  | 9.08 | 8.67 |  | 8.83 |  | 8.81 |

---

*See Notes to Financial Statements.*

***Massachusetts Mutual Variable Annuity Separate Account 4***

*STATEMENTS OF ASSETS AND LIABILITIES (Continued)*

***December 31, 2022***

 ****

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **MML**<br>**Strategic**<br>**Emerging**<br>**Markets**<br>**Sub-Account** |<br>**MML**<br>**Sustainable**<br>**Equity**<br>**Sub-Account** |<br>**MML**<br>**Sustainable**<br>**Equity**<br>**Sub-Account** |<br>**MML Total**<br>**Return Bond**<br>**Sub-Account** |<br>**MML U.S.**<br>**Government**<br>**Money Market**<br>**Sub-Account** | **PIMCO**<br>**Commodity**<br>**RealReturn®**<br>**Strategy**<br>**Sub-Account** |<br>**PIMCO**<br>**Income**<br>**Sub-Account** | **VY®**<br>**CBRE**<br>**Global**<br>**Real Estate**<br>**Sub-Account** |
|  | **(Service Class I)** | **(Initial Class)** | **(Service Class)** | | | | | |
| **ASSETS** |  |  |  |  |  |  |  |  |
| Investments |  |  |  |  |  |  |  |  |
| Number of shares | 2274334 | 3202475 | 2734807 | 4154121 | 131310064 | 1297499 | 86202 | 974972 |
| Identified cost | $19296319 | $47199487 | $50265882 | $44128977 | $131309186 | $9856828 | $845669 | $10575755 |
| Value | $10939546 | $55242687 | $46573771 | $35974687 | $131310062 | $9095469 | $835295 | $9135486 |
| Dividends receivable |  |  |  |  |  |  |  |  |
| Receivable from Massachusetts Mutual Life Insurance Company | - | - | 11 | - | 458 | - | 9 | - |
| **Total assets** | **10939546** | **55242687** | **46573782** | **35974687** | **131310520** | **9095469** | **835304** | **9135486** |
| **LIABILITIES** |  |  |  |  |  |  |  |  |
| Payable to fund Annuitant mortality fluctuation reserve |  | 5100 |  |  | 4650 | 79 |  | 55 |
| Payable to Massachusetts Mutual Life Insurance Company | 17 | 213 | - | 6 | - | 123 | - | 49 |
| **Total liabilities** | **17** | **5313** | **-** | **6** | **4650** | **202** | **-** | **104** |
| **NET ASSETS** | $**10939529** | $**55237374** | $**46573782** | $**35974681** | $**131305870** | $**9095267** | $**835304** | $**9135382** |
| **Net Assets:** |  |  |  |  |  |  |  |  |
| Accumulation units - value | $10939529 | $54902173 | $46573782 | $35974681 | $130568873 | $8824912 | $835304 | $8704399 |
| Contracts in payout (annuitization) period | - | 335201 | - | - | 736997 | 270355 | - | 430983 |
| **Net assets** | $**10939529** | $**55237374** | $**46573782** | $**35974681** | $**131305870** | $**9095267** | $**835304** | $**9135382** |
| **Outstanding units** |  |  |  |  |  |  |  |  |
| Contract owners | **1048803** | **1502553** | **2287275** | **3801490** | **14291056** | **1187713** | **89638** | **599231** |
| **UNIT VALUE** |  |  |  |  |  |  |  |  |
| Panorama Premier | $- | $37.10 | $- | $9.60 | $8.69 | $7.52 | $- | $15.07 |
| Panorama Passage® |  |  |  |  |  |  |  |  |
| Tier 1 |  | 36.45 |  | 9.51 | 8.57 | 7.41 |  | 14.85 |
| Tier 2 |  | 35.32 |  | 9.35 | 8.37 | 7.21 |  | 14.46 |
| Tier 3 |  | 38.28 |  | 9.77 | 8.90 | 7.72 |  | 15.48 |
| Tier 4 |  | 36.37 |  | 9.50 | 8.56 | 7.39 |  | 14.82 |
| MassMutual Artistry | 12.44 | 38.74 |  | 9.83 | 8.98 | 7.80 |  | 15.64 |
| MassMutual Transitions® |  |  |  |  |  |  |  |  |
| Custom Plan |  | 40.53 |  | 10.07 | 9.29 | 8.10 |  | 16.25 |
| Package Plan I |  | 40.53 |  | 10.07 | 9.29 | 8.10 |  | 16.25 |
| Package Plan II |  | 37.83 |  | 9.70 | 8.82 | 7.65 |  | 15.33 |
| Package Plan III |  | 36.02 |  | 9.45 | 8.50 | 7.33 |  | 14.70 |

---

*See Notes to Financial Statements.*

***Massachusetts Mutual Variable Annuity Separate Account 4***

*STATEMENTS OF ASSETS AND LIABILITIES (Continued)*

***December 31, 2022***

 ****

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **MML**<br>**Strategic**<br>**Emerging**<br>**Markets**<br>**Sub-Account** |<br>**MML**<br>**Sustainable**<br>**Equity**<br>**Sub-Account** |<br>**MML**<br>**Sustainable**<br>**Equity**<br>**Sub-Account** |<br>**MML Total**<br>**Return Bond**<br>**Sub-Account** |<br>**MML U.S.**<br>**Government**<br>**Money Market**<br>**Sub-Account** | **PIMCO**<br>**Commodity**<br>**RealReturn®**<br>**Strategy**<br>**Sub-Account** |<br>**PIMCO**<br>**Income**<br>**Sub-Account** | **VY®**<br>**CBRE**<br>**Global**<br>**Real Estate**<br>**Sub-Account** |
|  | **(Service Class I)** | **(Initial Class)** | **(Service Class)** | | | | | |
| **UNIT VALUE (continued)** |  |  |  |  |  |  |  |  |
| MassMutual Evolution<sup>SM</sup> |  |  |  |  |  |  |  |  |
| Tier 1 | 9.63 | 27.51 |  | 9.45 | 8.50 | 7.33 |  | 14.70 |
| Tier 2 | 9.09 | 25.51 |  | 9.05 | 8.00 | 6.86 |  | 13.75 |
| Tier 3 | 8.77 | 24.34 |  | 8.81 | 7.71 | 6.58 |  | 13.19 |
| Tier 4 | 9.09 | 25.47 |  | 9.05 | 8.00 | 6.86 |  | 13.75 |
| Tier 5 | 8.58 | 23.63 |  | 8.68 | 7.54 | 6.42 |  | 12.86 |
| Tier 6 | 8.28 | 22.54 |  | 8.45 | 7.26 | 6.15 |  | 12.34 |
| Tier 7 | 8.96 | 25.10 |  | 8.96 | 7.88 | 6.75 |  | 13.52 |
| Tier 8 | 8.46 | 23.24 |  | 8.58 | 7.43 | 6.31 |  | 12.65 |
| Tier 9 | 8.71 |  | 23.53 | 8.77 | 7.66 | 6.56 |  | 13.14 |
| Tier 10 | 9.35 |  | 25.79 | 9.25 | 8.26 | 7.12 |  | 14.28 |
| Tier 11 | 8.22 |  | 21.79 | 8.40 | 7.22 | 6.13 |  | 12.30 |
| Tier 12 | 8.83 |  | 24.35 | 8.86 | 7.80 | 6.73 |  | 13.49 |
| Tier 13 | 7.77 |  | 20.58 | 8.01 | 6.82 | 5.79 |  | 11.61 |
| Tier 14 | 8.23 |  | 22.23 | 8.36 | 7.24 | 6.19 |  | 12.42 |
| MassMutual RetireEase Select<sup>SM</sup> |  |  |  |  |  |  |  |  |
| Tier 1 |  | 21.46 |  |  | 8.72 | 7.38 |  | 11.82 |
| Tier 2 |  | 23.20 |  |  | 9.07 | 7.98 |  | 12.77 |
| MassMutual Transitions Select<sup>SM</sup> |  |  |  |  |  |  |  |  |
| Tier 1 | 10.19 | 31.70 |  | 9.86 | 9.02 | 7.84 |  | 15.71 |
| Tier 2 | 10.19 |  | 30.58 | 9.86 | 9.02 | 7.84 |  | 15.71 |
| MassMutual Equity Edge<sup>SM</sup> |  |  |  |  |  |  |  |  |
| Tier 1 |  |  |  |  | 8.61 |  |  |  |
| Tier 2 |  |  |  |  |  |  |  |  |
| Tier 3 |  |  |  |  |  |  |  |  |
| Tier 4 |  |  |  |  | 8.97 |  |  |  |
| MassMutual Transitions Select<sup>SM</sup> II |  |  |  |  |  |  |  |  |
| Tier 1 | 10.60 |  | 18.02 | 9.36 | 9.57 |  |  |  |
| Tier 2 | 10.33 |  | 17.57 | 9.13 | 9.33 |  |  |  |
| Tier 3 | 10.60 |  | 18.02 | 9.36 | 9.57 |  |  |  |
| MassMutual Capital Vantage<sup>SM</sup> |  |  |  |  |  |  |  |  |
| Tier 1 | 10.56 |  | 17.96 | 9.33 | 9.53 |  |  |  |
| Tier 2 | 10.83 |  | 18.41 | 9.56 | 9.78 |  |  |  |
| Tier 3 | 10.22 |  | 17.39 | 9.03 | 9.23 |  |  |  |
| Tier 4 | 10.56 |  | 17.96 | 9.33 | 9.53 |  |  |  |
| Tier 5 | 10.48 |  | 17.83 | 9.26 | 9.47 |  |  |  |
| Tier 6 | 10.83 |  | 18.41 | 9.56 | 9.78 |  |  |  |
| MassMutual Envision VA | 7.79 | 9.08 |  | 8.77 | 10.01 |  | 9.32 |  |

---

*See Notes to Financial Statements.*

***Massachusetts Mutual Variable Annuity Separate Account 4***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS* 

***For The Year Ended December 31, 2022***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **BlackRock**<br>**60/40 Target**<br>**Allocation**<br>**ETF V.I.**<br>**Sub-Account** | **Delaware**<br>**Ivy VIP**<br>**Asset**<br>**Strategy**<br>**Sub-Account** |<br>**Fidelity®**<br> **VIP**<br>**Contrafund®**<br>**Sub-Account** |<br>**Fidelity®**<br> **VIP**<br>**Contrafund®**<br>**Sub-Account** |<br>**Fidelity®**<br> **VIP**<br>**Healthcare**<br>**Sub-Account** |<br>**Fidelity®**<br> **VIP**<br>**Real Estate**<br>**Sub-Account** | **Fidelity®**<br> **VIP**<br>**Strategic**<br>**Income**<br>**Sub-Account** | **Invesco**<br>**Oppenheimer V.I.**<br>**International**<br>**Growth**<br>**Sub-Account** |
|  | **(Class III)** | **(Class II)** | **(Initial Class)** | **(Service Class 2)** | | | | **(Series I)** |
| **Investment income** |  |  |  |  |  |  |  |  |
| Dividends | $320512 | $179708 | $950970 | $563283 | $- | $1940 | $7277 | $- |
| **Expenses** |  |  |  |  |  |  |  |  |
| Mortality and expense risk fee and administrative charges | 170295 | 148246 | 2361541 | 2757795 | 2611 | 1194 | 1160 | 256255 |
| **Net Investment income (loss)** | **150217** | **31462** | **(1410571)** | **(2194512)** | **(2611)** | **746** | **6117** | **(256255)** |
| **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | 28994 | (82769) | 8181837 | 6018068 | (1485) | (1144) | (963) | (269507) |
| Realized gain distribution | 5391 | 905928 | 9053292 | 10647705 | - | - | - | 4027371 |
| Realized gain (loss) | 34385 | 823159 | 17235129 | 16665773 | (1485) | (1144) | (963) | 3757864 |
| Change in net unrealized appreciation/depreciation of investments | (3156743) | (2946196) | (82508846) | (90565756) | 2501 | (30728) | (8854) | (11532497) |
| **Net gain (loss) on investments** | **(3122358)** | **(2123037)** | **(65273717)** | **(73899983)** | **1016** | **(31872)** | **(9817)** | **(7774633)** |
| **Net increase (decrease) in net assets resulting from operations** | **(2972141)** | **(2091575)** | **(66684288)** | **(76094495)** | **(1595)** | **(31126)** | **(3700)** | **(8030888)** |
| Capital transactions: |  |  |  |  |  |  |  |  |
| Transfers of net premiums | 1698829 | 592631 | 1251792 | 9772320 | 461484 | 182862 | 214580 | 195720 |
| Transfers due to death benefits | (33215) | (95423) | (2344813) | (1432762) | (4198) | (3795) |  | (104352) |
| Transfers due to annuity benefit payments |  |  | (680190) | (409) |  |  |  | (73728) |
| Transfers due to withdrawal of funds | (553451) | (897868) | (17623733) | (18120816) | (601) | (291) | (219) | (1386146) |
| Transfers due to loans, net of repayments |  |  | (11411) |  |  |  |  | (4339) |
| Transfers due to cost of insurance |  | 2639 | (480267) | (152366) |  |  |  | (84985) |
| Transfers due to contingent deferred sales charges |  | (628) | (1033) | (5558) | (936) | (389) | (1063) | (218) |
| Transfers due to net charge (credit) to annuitant mortality fluctuation |  |  | 122880 | 42 |  |  |  | 27512 |
| Transfers between Sub-Accounts and to/from General Account | (245515) | 17771 | 3989314 | (1353734) | (7127) | 4964 | (8455) | 1021878 |
| Net increase (decrease) in net assets resulting from capital transactions | 866648 | (380878) | (15777461) | (11293283) | 448622 | 183351 | 204843 | (408658) |
| **Total increase (decrease)** | **(2105493)** | **(2472453)** | **(82461749)** | **(87387778)** | **447027** | **152225** | **201143** | **(8439546)** |
| **NET ASSETS, at beginning of the year** | **18530683** | **13346595** | **250765962** | **279055343** | **-** | **-** | **-** | **28738025** |
| **NET ASSETS, at end of the year** | $**16425190** | $**10874142** | $**168304213** | $**191667565** | $**447027** | $**152225** | $**201143** | $**20298479** |

---

*See Notes to Financial Statements.*

***Massachusetts Mutual Variable Annuity Separate Account 4***

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

***For The Year Ended December 31, 2022***

 ****

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Invesco**<br>**Oppenheimer V.I.**<br>**International**<br>**Growth**<br>**Sub-Account** |<br>**Invesco V.I.**<br>**Capital**<br>**Appreciation**<br>**Sub-Account** |<br>**Invesco V.I.**<br>**Capital**<br>**Appreciation**<br>**Sub-Account** |<br>**Invesco V.I.**<br>**Conservative**<br>**Balanced**<br>**Sub-Account** |<br>**Invesco V.I.**<br>**Conservative**<br>**Balanced**<br>**Sub-Account** |<br>**Invesco V.I.**<br>**Core Plus**<br>**Bond**<br>**Sub-Account** |<br>**Invesco V.I.**<br>**Discovery**<br>**Mid Cap Growth**<br>**Sub-Account** |<br>**Invesco V.I.**<br>**Discovery**<br>**Mid Cap Growth**<br>**Sub-Account** |
|  | **(Series II)** | **(Series I)** | **(Series II)** | **(Series I)** | **(Series II)** | | **(Series I)** | **(Series II)** |
| **Investment income** |  |  |  |  |  |  |  |  |
| Dividends | $- | $- | $- | $79929 | $566 | $60700 | $- | $- |
| **Expenses** |  |  |  |  |  |  |  |  |
| Mortality and expense risk fee and administrative charges | 241752 | 1523565 | 122507 | 66742 | 565 | 20118 | 1015239 | 322211 |
| **Net Investment income (loss)** | **(241752)** | **(1523565)** | **(122507)** | **13187** | **1** | **40582** | **(1015239)** | **(322211)** |
| **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | (339301) | 2207214 | 369000 | 214251 | 402 | (4666) | 244767 | (93794) |
| Realized gain distribution | 3501346 | 42264421 | 3118548 | 435543 | 3740 | 928 | 21561207 | 7714901 |
| Realized gain (loss) | 3162045 | 44471635 | 3487548 | 649794 | 4142 | (3738) | 21805974 | 7621107 |
| Change in net unrealized appreciation/depreciation of investments | (10105086) | (93017304) | (7392458) | (1879814) | (14325) | (301045) | (54795681) | (18346399) |
| **Net gain (loss) on investments** | **(6943041)** | **(48545669)** | **(3904910)** | **(1230020)** | **(10183)** | **(304783)** | **(32989707)** | **(10725292)** |
| **Net increase (decrease) in net assets resulting from operations** | **(7184793)** | **(50069234)** | **(4027417)** | **(1216833)** | **(10182)** | **(264201)** | **(34004946)** | **(11047503)** |
| Capital transactions: |  |  |  |  |  |  |  |  |
| Transfers of net premiums | 523653 | 468903 | 114707 | 8403 |  |  | 389143 | 1358389 |
| Transfers due to death benefits | (251788) | (1686703) | (63592) | (79482) |  | (10439) | (868892) | (91024) |
| Transfers due to annuity benefit payments |  | (313102) |  | (6080) |  | (45) | (242681) | (191) |
| Transfers due to withdrawal of funds | (1930305) | (13256465) | (1463496) | (333546) | (1153) | (77940) | (8170233) | (1822620) |
| Transfers due to loans, net of repayments |  | 7648 |  | (235) |  |  | (9893) |  |
| Transfers due to cost of insurance | (70497) | (384997) | (15247) | (4758) | 46 |  | (266240) | (11316) |
| Transfers due to contingent deferred sales charges | (577) | (436) |  | (49) |  | (28) | (136) | (346) |
| Transfers due to net charge (credit) to annuitant mortality fluctuation |  | 44148 |  | 529 |  | 10 | 35692 | 20 |
| Transfers between Sub-Accounts and to/from General Account | 1713598 | 7280226 | (632089) | (16793) | - | - | 6805582 | 128577 |
| Net increase (decrease) in net assets resulting from capital transactions | (15916) | (7840778) | (2059717) | (432011) | (1107) | (88442) | (2327658) | (438511) |
| **Total increase (decrease)** | **(7200709)** | **(57910012)** | **(6087134)** | **(1648844)** | **(11289)** | **(352643)** | **(36332604)** | **(11486014)** |
| **NET ASSETS, at beginning of the year** | **26049458** | **161466451** | **13493003** | **6987321** | **56716** | **1772416** | **105647787** | **34332308** |
| **NET ASSETS, at end of the year** | $**18848749** | $**103556439** | $**7405869** | $**5338477** | $**45427** | $**1419773** | $**69315183** | $**22846294** |

---

*See Notes to Financial Statements.*

***Massachusetts Mutual Variable Annuity Separate Account 4***

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

***For The Year Ended December 31, 2022***

 ****

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Invesco V.I.**<br> **Diversified**<br> **Dividend**<br> **Sub-Account** | **Invesco V.I.**<br> **Diversified**<br> **Dividend**<br> **Sub-Account** | <br> **Invesco V.I.**<br> **Global** <br> **Sub-Account** | <br> **Invesco V.I.**<br> **Global** <br> **Sub-Account** | **Invesco V.I.**<br> **Global Strategic** <br> **Income**<br> **Sub-Account** | **Invesco V.I.**<br> **Global Strategic** <br> **Income**<br> **Sub-Account** | <br> **Invesco V.I.**<br> **Health Care**<br> **Sub-Account** | <br> **Invesco V.I.**<br> **Health Care**<br> **Sub-Account** |
|  | **(Series I)** | **(Series II)** | **(Series I)** | **(Series II)** | **(Series I)** | **(Series II)** | **(Series I)** | **(Series II)** |
| **Investment income** |  |  |  |  |  |  |  |  |
| Dividends | $88923 | $165443 | $- | $- | $- | $- | $- | $- |
| **Expenses** |  |  |  |  |  |  |  |  |
| Mortality and expense risk fee and administrative charges | 56165 | 138284 | 1587882 | 717701 | 1492984 | 599892 | 108183 | 120049 |
| **Net Investment income (loss)** | **32758** | **27159** | **(1587882)** | **(717701)** | **(1492984)** | **(599892)** | **(108183)** | **(120049)** |
| **Net realized and unrealized gain (loss) on investments** | **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Realized gain (loss) on sale of fund shares | 51389 | 92077 | 2676058 | 467643 | (6074013) | (2340498) | 5215 | 69809 |
| &nbsp;&nbsp;Realized gain distribution | 583379 | 1251212 | 22633364 | 9776023 | - | - | 1265290 | 1357316 |
| &nbsp;&nbsp;Realized gain (loss) | 634768 | 1343289 | 25309422 | 10243666 | (6074013) | (2340498) | 1270505 | 1427125 |
| Change in net unrealized appreciation/depreciation of investments | (802461) | (1749671) | (80778404) | (34677208) | (10232913) | (4356125) | (2800020) | (3027263) |
| **Net gain (loss) on investments** | **(167693)** | **(406382)** | **(55468982)** | **(24433542)** | **(16306926)** | **(6696623)** | **(1529515)** | **(1600138)** |
| **Net increase (decrease) in net assets resulting from operations** | **(134935)** | **(379223)** | **(57056864)** | **(25151243)** | **(17799910)** | **(7296515)** | **(1637698)** | **(1720187)** |
| Capital transactions: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Transfers of net premiums | 82504 | 207911 | 820458 | 1324053 | 660589 | 652640 | 122963 | 142016 |
| &nbsp;&nbsp;Transfers due to death benefits | (73015) | (8473) | (1714520) | (197068) | (1902074) | (503591) | (126244) | (56901) |
| &nbsp;&nbsp;Transfers due to annuity benefit payments | (18401) |  | (322198) | (412) | (331195) |  | (41064) |  |
| &nbsp;&nbsp;Transfers due to withdrawal of funds | (269885) | (2015348) | (12764595) | (6379593) | (12200177) | (4279835) | (762707) | (1365653) |
| &nbsp;&nbsp;Transfers due to loans, net of repayments | (7276) |  | 9864 |  | 682 |  | 4199 |  |
| &nbsp;&nbsp;Transfers due to cost of insurance | (8672) | (3965) | (322603) | (127030) | (481356) | (294741) | (9547) | (12934) |
| &nbsp;&nbsp;Transfers due to contingent deferred sales charges | (3) |  | (611) | (94) | (451) |  | (176) |  |
| &nbsp;&nbsp;Transfers due to net charge (credit) to annuitant mortality fluctuation | 3252 |  | 73696 | 43 | 58221 |  | 10694 |  |
| &nbsp;&nbsp;Transfers between Sub-Accounts and to/from General Account | 110250 | 343749 | 11145889 | 2483654 | (5810127) | (2698820) | 35897 | (42685) |
| Net increase (decrease) in net assets resulting from capital transactions | (181246) | (1476126) | (3074620) | (2896447) | (20005888) | (7124347) | (765985) | (1336157) |
| **Total increase (decrease)** | **(316181)** | **(1855349)** | **(60131484)** | **(28047690)** | **(37805798)** | **(14420862)** | **(2403683)** | **(3056344)** |
| **NET ASSETS, at beginning of the year** | **4919882** | **11345055** | **176055227** | **77475203** | **143423120** | **57328981** | **11396798** | **11700675** |
| **NET ASSETS, at end of the year** | $**4603701** | $**9489706** | $**115923743** | $**49427513** | $**105617322** | $**42908119** | $**8993115** | $**8644331** |

---

*See Notes to Financial Statements.*

***Massachusetts Mutual Variable Annuity Separate Account 4***

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

***For The Year Ended December 31, 2022***

 ****

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**Invesco V.I.**<br> **Main Street**<br> **Sub-Account** | <br>**Invesco V.I.**<br> **Main Street**<br> **Sub-Account** | <br>**Invesco V.I.**<br> **Technology**<br> **Sub-Account** | <br>**Invesco V.I.**<br> **Technology**<br> **Sub-Account** | <br> **Invesco V.I.**<br> **U.S. Government**<br> **Money**<br> **Sub-Account** | **Janus Henderson**<br> **Global**<br> **Technology and**<br> **Innovation**<br> **Sub-Account** | <br> **MML**<br> **Aggressive**<br> **Allocation**<br> **Sub-Account** | <br> **MML**<br> **Aggressive**<br> **Allocation**<br> **Sub-Account** |
|  | **(Series I)** | **(Series II)** | **(Series I)** | **(Series II)** | | | **(Initial Class)** | **(Service Class)** |
| **Investment income** |  |  |  |  |  |  |  |  |
| Dividends | $435222 | $231685 | $- | $- | $85981 | $- | $587102 | $1423938 |
| **Expenses** |  |  |  |  |  |  |  |  |
| Mortality and expense risk fee and administrative charges | 337050 | 262495 | 79194 | 113307 | 72458 | 1494 | 344553 | 965479 |
| **Net Investment income (loss)** | **98172** | **(30810)** | **(79194)** | **(113307)** | **13523** | **(1494)** | **242549** | **458459** |
| **Net realized and unrealized gain (loss) on investments** | **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Realized gain (loss) on sale of fund shares | (108049) | (337549) | 207322 | (326480) |  | (4731) | 210985 | (1458792) |
| &nbsp;&nbsp;Realized gain distribution | 11217934 | 8051790 | 2503407 | 3389938 | - | 22771 | 3975094 | 11286908 |
| &nbsp;&nbsp;Realized gain (loss) | 11109885 | 7714241 | 2710729 | 3063458 | - | 18040 | 4186079 | 9828116 |
| Change in net unrealized appreciation/depreciation of investments | (18859727) | (13170083) | (6518315) | (7963463) | - | (52224) | (10319199) | (26573983) |
| **Net gain (loss) on investments** | **(7749842)** | **(5455842)** | **(3807586)** | **(4900005)** | **-** | **(34184)** | **(6133120)** | **(16745867)** |
| **Net increase (decrease) in net assets resulting from operations** | **(7651670)** | **(5486652)** | **(3886780)** | **(5013312)** | **13523** | **(35678)** | **(5890571)** | **(16287408)** |
| Capital transactions: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Transfers of net premiums | 95091 | 577796 | 125143 | 70220 | 113229 | 277453 | 529391 | 1502980 |
| &nbsp;&nbsp;Transfers due to death benefits | (424954) | (62055) | (157069) | (62194) | (25747) |  | (234782) | (44841) |
| &nbsp;&nbsp;Transfers due to annuity benefit payments | (20387) |  | (20140) | (184) | (8132) |  |  |  |
| &nbsp;&nbsp;Transfers due to withdrawal of funds | (1853203) | (1859977) | (480941) | (1167284) | (626152) | (275) | (4220255) | (10815755) |
| &nbsp;&nbsp;Transfers due to loans, net of repayments | (3851) |  | 154 |  | 133 |  | (8306) |  |
| &nbsp;&nbsp;Transfers due to cost of insurance | (20923) | (2542) | (8661) | (3116) | 23089 |  | (92688) | (92676) |
| &nbsp;&nbsp;Transfers due to contingent deferred sales charges | (343) |  | (93) |  | (149) | (547) | (5) |  |
| &nbsp;&nbsp;Transfers due to net charge (credit) to annuitant mortality fluctuation | 934 |  | 8975 | 19 | 1887 |  |  |  |
| &nbsp;&nbsp;Transfers between Sub-Accounts and to/from General Account | (440303) | (530438) | (4996) | (122803) | 1397356 | 3776 | 53868 | (842632) |
| Net increase (decrease) in net assets resulting from capital transactions | (2667939) | (1877216) | (537628) | (1285342) | 875514 | 280407 | (3972777) | (10292924) |
| **Total increase (decrease)** | **(10319609)** | **(7363868)** | **(4424408)** | **(6298654)** | **889037** | **244729** | **(9863348)** | **(26580332)** |
| **NET ASSETS, at beginning of the year** | **37181449** | **26323196** | **9838777** | **12810416** | **5812814** | **-** | **36316920** | **95058178** |
| **NET ASSETS, at end of the year** | $**26861840** | $**18959328** | $**5414369** | $**6511762** | $**6701851** | $**244729** | $**26453572** | $**68477846** |

---

*See Notes to Financial Statements.*

***Massachusetts Mutual Variable Annuity Separate Account 4***

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

***For The Year Ended December 31, 2022***

 ****

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **MML**<br> **American**<br> **Funds**<br> **Core Allocation**<br> **Sub-Account** | **MML**<br> **American**<br> **Funds**<br> **Growth**<br> **Sub-Account** | **MML**<br> **American**<br> **Funds**<br> **International**<br> **Sub-Account** | <br> **MML**<br> **Balanced**<br> **Allocation**<br> **Sub-Account** | <br> **MML**<br> **Balanced**<br> **Allocation**<br> **Sub-Account** | <br>**MML**<br> **Blend**<br> **Sub-Account** | <br>**MML**<br> **Blend**<br> **Sub-Account** | <br> **MML**<br> **Blue Chip**<br> **Growth**<br> **Sub-Account** |
|  | | | | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Initial Class)** |
| **Investment income** |  |  |  |  |  |  |  |  |
| Dividends | $16292698 | $938241 | $7469097 | $2357662 | $10095633 | $773236 | $2126739 | $- |
| **Expenses** |  |  |  |  |  |  |  |  |
| Mortality and expense risk fee and administrative charges | 9997557 | 2752809 | 490764 | 853829 | 3875238 | 693771 | 2399426 | 548391 |
| **Net Investment income (loss)** | **6295141** | **(1814568)** | **6978333** | **1503833** | **6220395** | **79465** | **(272687)** | **(548391)** |
| **Net realized and unrealized gain (loss) on investments** | **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Realized gain (loss) on sale of fund shares | (11274379) | 4181111 | (19713164) | (512630) | (5266691) | (1475511) | (6106369) | 190183 |
| &nbsp;&nbsp;Realized gain distribution | 50493008 | 48180028 | 1038955 | 4593925 | 21485501 | 1035412 | 3532153 | 8224405 |
| &nbsp;&nbsp;Realized gain (loss) | 39218629 | 52361139 | (18674209) | 4081295 | 16218810 | (440099) | (2574216) | 8414588 |
| Change in net unrealized appreciation/depreciation of investments | (178198783) | (137680141) | (3430385) | (17723177) | (79262906) | (11414506) | (36424621) | (33927687) |
| **Net gain (loss) on investments** | **(138980154)** | **(85319002)** | **(22104594)** | **(13641882)** | **(63044096)** | **(11854605)** | **(38998837)** | **(25513099)** |
| **Net increase (decrease) in net assets resulting from operations** | **(132685013)** | **(87133570)** | **(15126261)** | **(12138049)** | **(56823701)** | **(11775140)** | **(39271524)** | **(26061490)** |
| Capital transactions: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Transfers of net premiums | 14724366 | 10520931 | 878369 | 536870 | 8035321 | 394293 | 13607936 | 314456 |
| &nbsp;&nbsp;Transfers due to death benefits | (5137564) | (1495031) | (234432) | (745021) | (3213335) | (682408) | (1427476) | (363818) |
| &nbsp;&nbsp;Transfers due to annuity benefit payments | (36194) | (21427) |  |  | (8186) | (213240) |  | (94703) |
| &nbsp;&nbsp;Transfers due to withdrawal of funds | (91370924) | (20695044) | (3043411) | (7082083) | (37134145) | (5147904) | (12776660) | (3826384) |
| &nbsp;&nbsp;Transfers due to loans, net of repayments | 12554 | (1626) | 1972 | 4205 |  | (8861) |  | (13951) |
| &nbsp;&nbsp;Transfers due to cost of insurance | (5565329) | (413955) | (204303) | (471409) | (1252274) | (62294) | (42804) | (59283) |
| &nbsp;&nbsp;Transfers due to contingent deferred sales charges | (16616) | (8187) | (841) |  |  | (741) | (2476) | (385) |
| &nbsp;&nbsp;Transfers due to net charge (credit) to annuitant mortality fluctuation | 7132 | 2357 |  |  | 804 | 40192 |  | 30206 |
| &nbsp;&nbsp;Transfers between Sub-Accounts and to/from General Account | (6227813) | 3741160 | (39863815) | (425722) | (5332079) | (228539) | (4863694) | 159913 |
| Net increase (decrease) in net assets resulting from capital transactions | (93610388) | (8370822) | (42466461) | (8183160) | (38903894) | (5909502) | (5505174) | (3853949) |
| **Total increase (decrease)** | **(226295401)** | **(95504392)** | **(57592722)** | **(20321209)** | **(95727595)** | **(17684642)** | **(44776698)** | **(29915439)** |
| **NET ASSETS, at beginning of the year** | **919106679** | **282628214** | **57592722** | **78951185** | **363104191** | **68982917** | **217290953** | **66935027** |
| **NET ASSETS, at end of the year** | $**692811278** | $**187123822** | $**-** | $**58629976** | $**267376596** | $**51298275** | $**172514255** | $**37019588** |

---

*See Notes to Financial Statements.*

***Massachusetts Mutual Variable Annuity Separate Account 4***

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

***For The Year Ended December 31, 2022***

 ****

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **MML**<br> **Blue Chip**<br> **Growth**<br> **Sub-Account** | **MML**<br> **Conservative**<br> **Allocation**<br> **Sub-Account** | **MML**<br> **Conservative**<br> **Allocation**<br> **Sub-Account** | **MML**<br> **Dynamic**<br> **Bond**<br> **Sub-Account** | <br> **MML**<br> **Equity**<br> **Sub-Account** | <br> **MML**<br> **Equity**<br> **Sub-Account** | **MML**<br> **Equity** <br> **Income**<br> **Sub-Account** | <br> **MML**<br> **Equity Income**<br> **Sub-Account** |
|  | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Service Class I)** | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** |
| **Investment income** |  |  |  |  |  |  |  |  |
| Dividends | $- | $2193895 | $9438491 | $445452 | $371569 | $1250749 | $2092308 | $1245550 |
| **Expenses** |  |  |  |  |  |  |  |  |
| Mortality and expense risk fee and administrative charges | 1839523 | 699395 | 3419660 | 149876 | 285407 | 1181581 | 1556637 | 1051021 |
| **Net Investment income (loss)** | **(1839523)** | **1494500** | **6018831** | **295576** | **86162** | **69168** | **535671** | **194529** |
| **Net realized and unrealized gain (loss) on investments** | **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Realized gain (loss) on sale of fund shares | (4232177) | (591943) | (4217391) | (153673) | 357380 | (11168) | 1008497 | (570411) |
| &nbsp;&nbsp;Realized gain distribution | 27920807 | 4624225 | 21589285 | - | 2483756 | 10101366 | 16328982 | 11451665 |
| &nbsp;&nbsp;Realized gain (loss) | 23688630 | 4032282 | 17371894 | (153673) | 2841136 | 10090198 | 17337479 | 10881254 |
| Change in net unrealized appreciation/depreciation of investments | (103168053) | (15805406) | (72053206) | (2244985) | (4427572) | (16584726) | (24040052) | (15423353) |
| **Net gain (loss) on investments** | **(79479423)** | **(11773124)** | **(54681312)** | **(2398658)** | **(1586436)** | **(6494528)** | **(6702573)** | **(4542099)** |
| **Net increase (decrease) in net assets resulting from operations** | **(81318946)** | **(10278624)** | **(48662481)** | **(2103082)** | **(1500274)** | **(6425360)** | **(6166902)** | **(4347570)** |
| Capital transactions: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Transfers of net premiums | 5737759 | 938395 | 3048920 | 1197859 | 237774 | 2460298 | 636870 | 2185476 |
| &nbsp;&nbsp;Transfers due to death benefits | (890897) | (1436013) | (4145456) | (92068) | (172362) | (980439) | (1650240) | (505839) |
| &nbsp;&nbsp;Transfers due to annuity benefit payments | (517) | (15449) | (2888) |  | (67528) |  | (362440) | (610) |
| &nbsp;&nbsp;Transfers due to withdrawal of funds | (10517008) | (5713904) | (36917918) | (618990) | (1767949) | (9972143) | (12959583) | (7812330) |
| &nbsp;&nbsp;Transfers due to loans, net of repayments |  | 357 |  |  | 6803 |  | 3424 |  |
| &nbsp;&nbsp;Transfers due to cost of insurance | (51297) | (422114) | (1142599) |  | (52631) | (308806) | (424915) | (384734) |
| &nbsp;&nbsp;Transfers due to contingent deferred sales charges | (9018) | (9) | (200) | (2267) | (158) | (199) | (222) | (1675) |
| &nbsp;&nbsp;Transfers due to net charge (credit) to annuitant mortality fluctuation | 53 | 3119 | (11579) |  | 33902 |  | 89591 | 62 |
| &nbsp;&nbsp;Transfers between Sub-Accounts and to/from General Account | (255553) | 2033996 | 6212807 | (62687) | 428163 | (2543995) | (11815196) | 666121 |
| Net increase (decrease) in net assets resulting from capital transactions | (5986478) | (4611622) | (32958913) | 421847 | (1353986) | (11345284) | (26482711) | (5853529) |
| **Total increase (decrease)** | **(87305424)** | **(14890246)** | **(81621394)** | **(1681235)** | **(2854260)** | **(17770644)** | **(32649613)** | **(10201099)** |
| **NET ASSETS, at beginning of the year** | **203462318** | **65736943** | **314438147** | **13575976** | **25600018** | **104959878** | **145517882** | **88613015** |
| **NET ASSETS, at end of the year** | $**116156894** | $**50846697** | $**232816753** | $**11894741** | $**22745758** | $**87189234** | $**112868269** | $**78411916** |

---

*See Notes to Financial Statements.*

***Massachusetts Mutual Variable Annuity Separate Account 4***

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

***For The Year Ended December 31, 2022***

 ****

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **MML**<br> **Equity**<br> **Index**<br> **Sub-Account** | **MML**<br> **Equity**<br> **Index**<br> **Sub-Account** | **MML**<br> **Equity**<br> **Momentum**<br> **Sub-Account** | **MML**<br> **Equity**<br> **Rotation**<br> **Sub-Account** | **MML**<br> **Focused**<br> **Equity**<br> **Sub-Account** | <br> **MML**<br> **Foreign**<br> **Sub-Account** | <br> **MML**<br> **Foreign**<br> **Sub-Account** | **MML**<br> **Fundamental**<br> **Equity**<br> **Sub-Account** |
|  | **(Class I)** | **(Service Class I)** | **(Service Class I)** | **(Service Class I)** | | **(Initial Class)** | **(Service Class)** | |
| **Investment income** |  |  |  |  |  |  |  |  |
| Dividends | $312763 | $282087 | $9607 | $- | $130936 | $3468489 | $236272 | $73760 |
| **Expenses** |  |  |  |  |  |  |  |  |
| Mortality and expense risk fees and administrative charges | 394588 | 445629 | 14570 | 19978 | 254837 | 1210321 | 88584 | 255297 |
| **Net Investment income (loss)** | **(81825)** | **(163542)** | **(4963)** | **(19978)** | **(123901)** | **2258168** | **147688** | **(181537)** |
| **Net realized and unrealized gain (loss) on investments** | **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Realized gain (loss) on sale of fund shares | 588121 | 538021 | (391327) | (53862) | 827892 | (796212) | (44738) | (457468) |
| &nbsp;&nbsp;Realized gain distribution | 1839889 | 2246951 | - | 219825 | 1660896 | 6461151 | 479118 | 3456380 |
| &nbsp;&nbsp;Realized gain (loss) | 2428010 | 2784972 | (391327) | 165963 | 2488788 | 5664939 | 434380 | 2998912 |
| Change in net unrealized appreciation/depreciation of investments | (9504297) | (11119540) | 108143 | (520198) | (3697730) | (24860390) | (1690038) | (8057419) |
| **Net gain (loss) on investments** | **(7076287)** | **(8334568)** | **(283184)** | **(354235)** | **(1208942)** | **(19195451)** | **(1255658)** | **(5058507)** |
| **Net increase (decrease) in net assets resulting from operations** | **(7158112)** | **(8498110)** | **(288147)** | **(374213)** | **(1332843)** | **(16937283)** | **(1107970)** | **(5240044)** |
| Capital transactions: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Transfers of net premiums | 342363 | 138296 | 152614 | 111285 | 1412105 | 350653 | 33911 | 1503370 |
| &nbsp;&nbsp;Transfers due to death benefits | (429799) | (42297) | (6574) | (94805) | (75414) | (997738) | (71914) | (19125) |
| &nbsp;&nbsp;Transfers due to annuity benefit payments | (321722) |  |  |  |  | (320546) |  | (9659) |
| &nbsp;&nbsp;Transfers due to withdrawal of funds | (2242436) | (6329183) | (419637) | (248331) | (1662916) | (10316763) | (618001) | (1522874) |
| &nbsp;&nbsp;Transfers due to loans, net of repayments | (39386) |  |  |  |  | 1779 |  |  |
| &nbsp;&nbsp;Transfers due to cost of insurance | (20167) | (106479) |  |  | 31 | (387361) | (26619) | (1122) |
| &nbsp;&nbsp;Transfers due to contingent deferred sales charges | (264) |  | (215) | (214) | (1267) | (48) | (20) | (158) |
| &nbsp;&nbsp;Transfers due to net charge (credit) to annuitant mortality fluctuation | (95127) |  |  |  |  | 59354 |  | 1740 |
| &nbsp;&nbsp;Transfers between Sub-Accounts and to/from General Account | (249845) | (1697624) | (1599775) | (14262) | 1154023 | 2405390 | 2548341 | 48705 |
| Net increase (decrease) in net assets resulting from capital transactions | (3056383) | (8037287) | (1873587) | (246327) | 826562 | (9205280) | 1865698 | 877 |
| **Total increase (decrease)** | **(10214495)** | **(16535397)** | **(2161734)** | **(620540)** | **(506281)** | **(26142563)** | **757728** | **(5239167)** |
| **NET ASSETS, at beginning of the year** | **38036347** | **46175143** | **2161734** | **2484746** | **22092990** | **115578289** | **8065680** | **23979880** |
| **NET ASSETS, at end of the year** | $**27821852** | $**29639746** | $**-** | $**1864206** | $**21586709** | $**89435726** | $**8823408** | $**18740713** |

---

*See Notes to Financial Statements.*

***Massachusetts Mutual Variable Annuity Separate Account 4***

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

***For The Year Ended December 31, 2022***

 ****

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **MML**<br> **Fundamental**<br> **Value**<br> **Sub-Account** | <br> **MML**<br> **Global**<br> **Sub-Account** | <br> **MML**<br> **Global**<br> **Sub-Account** | <br> **MML**<br> **Global**<br> **Sub-Account** | **MML**<br> **Growth**<br> **Allocation**<br> **Sub-Account** | **MML**<br> **Growth**<br> **Allocation**<br> **Sub-Account** | <br> **MML**<br> **High Yield**<br> **Sub-Account** | **MML**<br> **Income**<br> **& Growth**<br> **Sub-Account** |
|  | | **(Class I)** | **(Class II)** | **(Service Class I)** | **(Initial Class)** | **(Service Class)** | | **(Initial Class)** |
| **Investment income** |  |  |  |  |  |  |  |  |
| Dividends | $171934 | $61331 | $67416 | $226353 | $8230410 | $15113854 | $3012613 | $316198 |
| **Expenses** |  |  |  |  |  |  |  |  |
| Mortality and expense risk fees and administrative charges | 252383 | 48057 | 52602 | 215115 | 4017053 | 7806650 | 515207 | 256290 |
| **Net Investment income (loss)** | **(80449)** | **13274** | **14814** | **11238** | **4213357** | **7307204** | **2497406** | **59908** |
| **Net realized and unrealized gain (loss) on investments** | **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Realized gain (loss) on sale of fund shares | (580697) | (241946) | (167340) | (1422941) | (4224664) | (10584026) | (1087332) | 162190 |
| &nbsp;&nbsp;Realized gain distribution | 3693954 | 2681213 | 2537527 | 10270001 | 34015506 | 70506702 | - | 2407045 |
| &nbsp;&nbsp;Realized gain (loss) | 3113257 | 2439267 | 2370187 | 8847060 | 29790842 | 59922676 | (1087332) | 2569235 |
| Change in net unrealized appreciation/depreciation of investments | (4387722) | (3390765) | (3304604) | (12235088) | (94165932) | (189978162) | (7554326) | (3013042) |
| **Net gain (loss) on investments** | **(1274465)** | **(951498)** | **(934417)** | **(3388028)** | **(64375090)** | **(130055486)** | **(8641658)** | **(443807)** |
| **Net increase (decrease) in net assets resulting from operations** | **(1354914)** | **(938224)** | **(919603)** | **(3376790)** | **(60161733)** | **(122748282)** | **(6144252)** | **(383899)** |
| Capital transactions: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Transfers of net premiums | 1744339 | 9934 | 47682 | 586834 | 3019271 | 12447825 | 1912837 | 184774 |
| &nbsp;&nbsp;Transfers due to death benefits | (36064) | (9980) | (88816) | (63604) | (1949590) | (4386708) | (594927) | (263310) |
| &nbsp;&nbsp;Transfers due to annuity benefit payments |  | (35242) | (32) |  |  |  | (526) | (93947) |
| &nbsp;&nbsp;Transfers due to withdrawal of funds | (1827771) | (292069) | (135075) | (1516864) | (22768729) | (61585836) | (4366581) | (1270856) |
| &nbsp;&nbsp;Transfers due to loans, net of repayments | (567) |  | (13098) |  | (4499) |  | (6809) | (1373) |
| &nbsp;&nbsp;Transfers due to cost of insurance | 580 | (15977) |  | (45246) | (4017555) | (6055687) | 3471 | (32860) |
| &nbsp;&nbsp;Transfers due to contingent deferred sales charges | (1199) |  | (105) | (417) | (211) | (8169) | (194) | (369) |
| &nbsp;&nbsp;Transfers due to net charge (credit) to annuitant mortality fluctuation |  | 14216 | 5 |  |  |  | 268 | 32355 |
| &nbsp;&nbsp;Transfers between Sub-Accounts and to/from General Account | 1585735 | 236412 | 107967 | 4580100 | (6032187) | 2543394 | (1388712) | (521974) |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from capital transactions | 1465053 | (92706) | (81472) | 3540803 | (31753500) | (57045181) | (4441173) | (1967560) |
| **Total increase (decrease)** | **110139** | **(1030930)** | **(1001075)** | **164013** | **(91915233)** | **(179793463)** | **(10585425)** | **(2351459)** |
| **NET ASSETS, at beginning of the year** | **20520581** | **5128057** | **4977478** | **19462328** | **373971831** | **763512275** | **48073933** | **23466564** |
| **NET ASSETS, at end of the year** | $**20630720** | $**4097127** | $**3976403** | $**19626341** | $**282056598** | $**583718812** | $**37488508** | $**21115105** |

---

*See Notes to Financial Statements.*

***Massachusetts Mutual Variable Annuity Separate Account 4***

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

***For The Year Ended December 31, 2022***

 ****

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br> **MML**<br> **Income**<br> **& Growth**<br> **Sub-Account** | **MML**<br> **Inflation-**<br> **Protected**<br> **and Income**<br> **Sub-Account** | **MML**<br> **Inflation-**<br> **Protected**<br> **and Income**<br> **Sub-Account** | <br> **MML**<br> **International**<br> **Equity**<br> **Sub-Account** | <br> **MML**<br> **iShares 60/40**<br> **Allocation**<br> **Sub-Account** | <br> **MML**<br> **iShares 80/20**<br> **Allocation**<br> **Sub-Account** | <br> **MML**<br> **Large Cap**<br> **Growth**<br> **Sub-Account** | <br> **MML**<br> **Large Cap**<br> **Growth**<br> **Sub-Account** |
|  | **(Service Class)** | **(Initial Class)** | **(Service Class)** | | | | **(Initial Class)** | **(Service Class)** |
| **Investment income** |  |  |  |  |  |  |  |  |
| Dividends | $359104 | $2644118 | $1162237 | $61536 | $78194 | $254629 | $- | $- |
| **Expenses** |  |  |  |  |  |  |  |  |
| Mortality and expense risk fees and administrative charges | 371680 | 1363701 | 614274 | 87560 | 38678 | 129739 | 142941 | 260621 |
| **Net Investment income (loss)** | **(12576)** | **1280417** | **547963** | **(26024)** | **39516** | **124890** | **(142941)** | **(260621)** |
| **Net realized and unrealized gain (loss) on investments** | **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Realized gain (loss) on sale of fund shares | (196524) | (1054347) | (412746) | (231361) | (12439) | (78108) | 220283 | (26054) |
| &nbsp;&nbsp;Realized gain distribution | 3306589 | 7434466 | 3610305 | 374357 | - | - | 1281549 | 2077210 |
| &nbsp;&nbsp;Realized gain (loss) | 3110065 | 6380119 | 3197559 | 142996 | (12439) | (78108) | 1501832 | 2051156 |
| Change in net unrealized appreciation/depreciation of investments | (3778763) | (24621003) | (11525229) | (1430412) | (350356) | (1185921) | (6186619) | (9191691) |
| **Net gain (loss) on investments** | **(668698)** | **(18240884)** | **(8327670)** | **(1287416)** | **(362795)** | **(1264029)** | **(4684787)** | **(7140535)** |
| **Net increase (decrease) in net assets resulting from operations** | **(681274)** | **(16960467)** | **(7779707)** | **(1313440)** | **(323279)** | **(1139139)** | **(4827728)** | **(7401156)** |
| Capital transactions: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Transfers of net premiums | 927083 | 512293 | 3846674 | 656848 | 5453085 | 19920614 | 135556 | 1007276 |
| &nbsp;&nbsp;Transfers due to death benefits | (392720) | (2039691) | (503146) | (244317) |  | (7546) | (77601) | (128139) |
| &nbsp;&nbsp;Transfers due to annuity benefit payments |  | (335105) | (521) |  |  |  | (13439) |  |
| &nbsp;&nbsp;Transfers due to withdrawal of funds | (2218417) | (11985993) | (4762961) | (530771) | (25786) | (30118) | (1216920) | (1386466) |
| &nbsp;&nbsp;Transfers due to loans, net of repayments |  | 7025 |  |  |  |  | (12163) |  |
| &nbsp;&nbsp;Transfers due to cost of insurance | (34753) | (397333) | (140414) | 42 |  |  | (13164) | (5324) |
| &nbsp;&nbsp;Transfers due to contingent deferred sales charges | (817) | (30) | (8707) | (828) | (29230) | (119060) | (188) | (1254) |
| &nbsp;&nbsp;Transfers due to net charge (credit) to annuitant mortality fluctuation |  | 59992 | 53 |  |  |  | 3165 |  |
| &nbsp;&nbsp;Transfers between Sub-Accounts and to/from General Account | (742522) | (6902058) | (531613) | 910659 | 1 | (206) | (375337) | (18476) |
| Net increase (decrease) in net assets resulting from capital transactions | (2462146) | (21080900) | (2100635) | 791633 | 5398070 | 19763684 | (1570091) | (532383) |
| **Total increase (decrease)** | **(3143420)** | **(38041367)** | **(9880342)** | **(521807)** | **5074791** | **18624545** | **(6397819)** | **(7933539)** |
| **NET ASSETS, at beginning of the year** | **31561723** | **126908902** | **52995919** | **8307912** | **-** | **-** | **17656357** | **25898086** |
| **NET ASSETS, at end of the year** | $**28418303** | $**88867535** | $**43115577** | $**7786105** | $**5074791** | $**18624545** | $**11258538** | $**17964547** |

---

*See Notes to Financial Statements.*

***Massachusetts Mutual Variable Annuity Separate Account 4***

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

***For The Year Ended December 31, 2022***

 ****

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br> **MML**<br> **Managed**<br> **Bond**<br> **Sub-Account** | <br> **MML**<br> **Managed**<br> **Bond**<br> **Sub-Account** | <br> **MML**<br> **Managed**<br> **Volatility**<br> **Sub-Account** | <br> **MML**<br> **Managed**<br> **Volatility**<br> **Sub-Account** | <br>**MML**<br> **Mid Cap Growth**<br> **Sub-Account** | <br>**MML**<br> **Mid Cap Growth**<br> **Sub-Account** | <br>**MML**<br> **Mid Cap Value**<br> **Sub-Account** | <br>**MML**<br> **Mid Cap Value**<br> **Sub-Account** |
|  | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** |
| **Investment income** |  |  |  |  |  |  |  |  |
| Dividends | $2643081 | $5733205 | $343634 | $42368 | $- | $- | $2304580 | $983962 |
| **Expenses** |  |  |  |  |  |  |  |  |
| Mortality and expense risk fees and administrative charges | 1104941 | 2655542 | 948437 | 284036 | 745201 | 1150475 | 1422450 | 662622 |
| **Net Investment income (loss)** | **1538140** | **3077663** | **(604803)** | **(241668)** | **(745201)** | **(1150475)** | **882130** | **321340** |
| **Net realized and unrealized gain (loss) on investments** | **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Realized gain (loss) on sale of fund shares | (1730970) | (4200113) | 2623704 | 438459 | (2173501) | (5806409) | 975336 | (647679) |
| &nbsp;&nbsp;Realized gain distribution | 884421 | 2134336 | - | - | 18370371 | 28240385 | 26231679 | 12762372 |
| &nbsp;&nbsp;Realized gain (loss) | (846549) | (2065777) | 2623704 | 438459 | 16196870 | 22433976 | 27207015 | 12114693 |
| Change in net unrealized appreciation/depreciation of investments | (17144311) | (40677652) | (13240592) | (3566863) | (37274894) | (52010720) | (31282493) | (14012916) |
| **Net gain (loss) on investments** | **(17990860)** | **(42743429)** | **(10616888)** | **(3128404)** | **(21078024)** | **(29576744)** | **(4075478)** | **(1898223)** |
| **Net increase (decrease) in net assets resulting from operations** | **(16452720)** | **(39665766)** | **(11221691)** | **(3370072)** | **(21823225)** | **(30727219)** | **(3193348)** | **(1576883)** |
| Capital transactions: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Transfers of net premiums | 453722 | 3925281 | 293390 | 461564 | 405726 | 2664210 | 560993 | 1872746 |
| &nbsp;&nbsp;Transfers due to death benefits | (1667410) | (1986200) | (878869) | (178602) | (1019913) | (777425) | (1350524) | (345272) |
| &nbsp;&nbsp;Transfers due to annuity benefit payments | (261460) | (624) | (238968) |  | (142281) |  | (327606) |  |
| &nbsp;&nbsp;Transfers due to withdrawal of funds | (9786711) | (27525374) | (7637371) | (2677878) | (4869980) | (8433913) | (10720216) | (5153559) |
| &nbsp;&nbsp;Transfers due to loans, net of repayments | 8575 |  | 5913 |  | 4526 |  | (20067) |  |
| &nbsp;&nbsp;Transfers due to cost of insurance | (264314) | (956131) | (319924) | (92069) | (77401) | (154415) | (355240) | (120348) |
| &nbsp;&nbsp;Transfers due to contingent deferred sales charges | (158) | (2958) | (264) |  | (1231) | (3506) | (1617) | (1274) |
| &nbsp;&nbsp;Transfers due to net charge (credit) to annuitant mortality fluctuation | 69116 | 63 | 29708 |  | 31899 |  | 66023 |  |
| &nbsp;&nbsp;Transfers between Sub-Accounts and to/from General Account | (3155468) | (6743287) | (7064152) | (844896) | (609927) | 326437 | (12157851) | (60179) |
| Net increase (decrease) in net assets resulting from capital transactions | (14604108) | (33289230) | (15810537) | (3331881) | (6278582) | (6378612) | (24306105) | (3807886) |
| **Total increase (decrease)** | **(31056828)** | **(72954996)** | **(27032228)** | **(6701953)** | **(28101807)** | **(37105831)** | **(27499453)** | **(5384769)** |
| **NET ASSETS, at beginning of the year** | **107430616** | **253912380** | **90531793** | **25981811** | **85664131** | **118152584** | **132262516** | **55688323** |
| **NET ASSETS, at end of the year** | $**76373788** | $**180957384** | $**63499565** | $**19279858** | $**57562324** | $**81046753** | $**104763063** | $**50303554** |

---

*See Notes to Financial Statements.*

***Massachusetts Mutual Variable Annuity Separate Account 4***

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

***For The Year Ended December 31, 2022***

 ****

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **MML**<br> **Moderate**<br> **Allocation**<br> **Sub-Account** | **MML**<br> **Moderate**<br> **Allocation**<br> **Sub-Account** | **MML**<br> **Short-Duration**<br> **Bond**<br> **Sub-Account** | **MML**<br> **Small Cap**<br> **Equity**<br> **Sub-Account** | **MML**<br> **Small Cap**<br> **Equity**<br> **Sub-Account** | **MML**<br> **Small Cap**<br> **Growth Equity**<br> **Sub-Account** | **MML**<br> **Small Cap**<br> **Growth Equity**<br> **Sub-Account** | **MML**<br> **Small**<br> **Company Value**<br> **Sub-Account** |
|  | **(Initial Class)** | **(Service Class)** | | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** | |
| **Investment income** |  |  |  |  |  |  |  |  |
| Dividends | $5839701 | $35183820 | $924413 | $170461 | $108874 | $- | $- | $- |
| **Expenses** |  |  |  |  |  |  |  |  |
| Mortality and expense risk fees and administrative charges | 2242005 | 15240729 | 380086 | 271472 | 317307 | 882645 | 324584 | 327432 |
| **Net Investment income (loss)** | **3597696** | **19943091** | **544327** | **(101011)** | **(208433)** | **(882645)** | **(324584)** | **(327432)** |
| **Net realized and unrealized gain (loss) on investments** | **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Realized gain (loss) on sale of fund shares | (2083491) | (39501884) | (642556) | 653101 | 120647 | (4727587) | (2363800) | (1878844) |
| &nbsp;&nbsp;Realized gain distribution | 16004361 | 106939391 | - | 2853652 | 3044656 | 19915164 | 8085294 | 14125072 |
| &nbsp;&nbsp;Realized gain (loss) | 13920870 | 67437507 | (642556) | 3506753 | 3165303 | 15187577 | 5721494 | 12246228 |
| Change in net unrealized appreciation/depreciation of investments | (50999577) | (315136382) | (2978754) | (8197033) | (8097183) | (34947506) | (13245058) | (16705438) |
| **Net gain (loss) on investments** | **(37078707)** | **(247698875)** | **(3621310)** | **(4690280)** | **(4931880)** | **(19759929)** | **(7523564)** | **(4459210)** |
| **Net increase (decrease) in net assets resulting from operations** | **(33481011)** | **(227755784)** | **(3076983)** | **(4791291)** | **(5140313)** | **(20642574)** | **(7848148)** | **(4786642)** |
| Capital transactions: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Transfers of net premiums | 784269 | 15562400 | 1194786 | 136880 | 634123 | 587092 | 1037911 | 691865 |
| &nbsp;&nbsp;Transfers due to death benefits | (643371) | (9374398) | (327975) | (150218) | (106509) | (808430) | (181516) | (187003) |
| &nbsp;&nbsp;Transfers due to annuity benefit payments |  | (1054) | (422) | (27608) |  | (226745) |  |  |
| &nbsp;&nbsp;Transfers due to withdrawal of funds | (18901719) | (178329361) | (4659651) | (2301600) | (2116782) | (7326801) | (2043108) | (1893834) |
| &nbsp;&nbsp;Transfers due to loans, net of repayments | 27975 |  |  | 1312 |  | (3881) |  | 1422 |
| &nbsp;&nbsp;Transfers due to cost of insurance | (1818848) | (6759388) | 61 | (24407) | (20452) | (263332) | (44280) | (21059) |
| &nbsp;&nbsp;Transfers due to contingent deferred sales charges | (5) | (6284) | (1520) | (373) | (257) | (1063) |  | (314) |
| &nbsp;&nbsp;Transfers due to net charge (credit) to annuitant mortality fluctuation |  | 32 | 212 | 11490 |  | 38732 |  |  |
| &nbsp;&nbsp;Transfers between Sub-Accounts and to/from General Account | 392545 | (9837995) | 2194637 | (639272) | 78306 | 1360397 | (935587) | 74253 |
| Net increase (decrease) in net assets resulting from capital transactions | (20159154) | (188746048) | (1599872) | (2993796) | (1531571) | (6644031) | (2166580) | (1334670) |
| **Total increase (decrease)** | **(53640165)** | **(416501832)** | **(4676855)** | **(7785087)** | **(6671884)** | **(27286605)** | **(10014728)** | **(6121312)** |
| **NET ASSETS, at beginning of the year** | **214743239** | **1461000467** | **34025850** | **29197903** | **30289216** | **87699978** | **32664648** | **29889996** |
| **NET ASSETS, at end of the year** | $**161103074** | $**1044498635** | $**29348995** | $**21412816** | $**23617332** | $**60413373** | $**22649920** | $**23768684** |

---

*See Notes to Financial Statements.*

***Massachusetts Mutual Variable Annuity Separate Account 4***

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

***For The Year Ended December 31, 2022***

 ****

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br> **MML**<br> **Small/Mid Cap**<br> **Value**<br> **Sub-Account** | <br> **MML**<br> **Small/Mid Cap**<br> **Value**<br> **Sub-Account** | <br> **MML**<br> **Special**<br> **Situations**<br> **Sub-Account** | **MML**<br> **Strategic**<br> **Emerging**<br> **Markets**<br> **Sub-Account** | <br> **MML**<br> **Sustainable**<br> **Equity**<br> **Sub-Account** | <br> **MML**<br> **Sustainable**<br> **Equity**<br> **Sub-Account** | <br>**MML Total**<br> **Return Bond**<br> **Sub-Account** | <br> **MML U.S.** <br> **Government**<br> **Money Market**<br> **Sub-Account** |
|  | **(Initial Class)** | **(Service Class)** | | **(Service Class I)** | **(Initial Class)** | **(Service Class)** | | |
| **Investment income** |  |  |  |  |  |  |  |  |
| Dividends | $1013963 | $255938 | $- | $353251 | $577250 | $351727 | $524115 | $1411465 |
| **Expenses** |  |  |  |  |  |  |  |  |
| Mortality and expense risk fees and administrative charges | 1030798 | 320170 | 6333 | 146664 | 657155 | 638855 | 494129 | 1241844 |
| **Net Investment income (loss)** | **(16835)** | **(64232)** | **(6333)** | **206587** | **(79905)** | **(287128)** | **29986** | **169621** |
| **Net realized and unrealized gain (loss) on investments** | **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Realized gain (loss) on sale of fund shares | (1572508) | (444476) | (487767) | (1239663) | 5267909 | 1237956 | (920383) | 374 |
| &nbsp;&nbsp;Realized gain distribution | 22055964 | 7050264 | 23065 | 3930101 | 8765580 | 7480195 | - | - |
| &nbsp;&nbsp;Realized gain (loss) | 20483456 | 6605788 | (464702) | 2690438 | 14033489 | 8718151 | (920383) | 374 |
| Change in net unrealized appreciation/depreciation of investments | (36482132) | (11583320) | 124858 | (7222659) | (26950571) | (19477341) | (6323165) | (373) |
| **Net gain (loss) on investments** | **(15998676)** | **(4977532)** | **(339844)** | **(4532221)** | **(12917082)** | **(10759190)** | **(7243548)** | **1** |
| **Net increase (decrease) in net assets resulting from operations** | **(16015511)** | **(5041764)** | **(346177)** | **(4325634)** | **(12996987)** | **(11046318)** | **(7213562)** | **169622** |
| Capital transactions: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Transfers of net premiums | 436428 | 1041972 | 18686 | 435284 | 375264 | 1260705 | 2622478 | 6447849 |
| &nbsp;&nbsp;Transfers due to death benefits | (964540) | (95929) |  | (119198) | (1040060) | (114248) | (394394) | (896021) |
| &nbsp;&nbsp;Transfers due to annuity benefit payments | (269122) |  |  |  | (49900) |  |  | (67753) |
| &nbsp;&nbsp;Transfers due to withdrawal of funds | (8382824) | (1621556) | (152965) | (862395) | (4572549) | (2915616) | (3820645) | (39500067) |
| &nbsp;&nbsp;Transfers due to loans, net of repayments | 1571 |  |  | (48) | (3344) |  | (1457) | (13312) |
| &nbsp;&nbsp;Transfers due to cost of insurance | (284820) | (58643) |  | (24237) | (68396) | (57055) | 1955 | (25525) |
| &nbsp;&nbsp;Transfers due to contingent deferred sales charges | (11) | (1065) |  | (646) | (368) | (408) | (3357) | (1454) |
| &nbsp;&nbsp;Transfers due to net charge (credit) to annuitant mortality fluctuation | 56239 |  |  |  | 22317 |  |  | 21660 |
| &nbsp;&nbsp;Transfers between Sub-Accounts and to/from General Account | (1571522) | (734038) | (600792) | 485392 | (1000924) | (1513288) | (2613419) | 74399116 |
| Net increase (decrease) in net assets resulting from capital transactions | (10978601) | (1469259) | (735071) | (85848) | (6337960) | (3339910) | (4208839) | 40364493 |
| **Total increase (decrease)** | **(26994112)** | **(6511023)** | **(1081248)** | **(4411482)** | **(19334947)** | **(14386228)** | **(11422401)** | **40534115** |
| **NET ASSETS, at beginning of the year** | **99423759** | **29944498** | **1081248** | **15351011** | **74572321** | **60960010** | **47397082** | **90771755** |
| **NET ASSETS, at end of the year** | $**72429647** | $**23433475** | $**-** | $**10939529** | $**55237374** | $**46573782** | $**35974681** | $**131305870** |

---

*See Notes to Financial Statements.*

***Massachusetts Mutual Variable Annuity Separate Account 4***

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

***For The Year Ended December 31, 2022***

 ****

---

| | | | |
|:---|:---|:---|:---|
|  | **PIMCO**<br>**Commodity**<br>**RealReturn®**<br>**Strategy**<br>**Sub-Account** |<br>**PIMCO**<br>**Income**<br>**Sub-Account** | **VY®**<br>**CBRE**<br>**Global**<br>**Real Estate**<br>**Sub-Account** |
| **Investment income** |  |  |  |
| Dividends | $2136455 | $6683 | $324182 |
| **Expenses** |  |  |  |
| Mortality and expense risk fees and administrative charges | 126080 | 2027 | 134862 |
| **Net Investment income (loss)** | **2010375** | **4656** | **189320** |
| **Net realized and unrealized gain (loss) on investments** | **Net realized and unrealized gain (loss) on investments** |  |  |
| &nbsp;&nbsp;Realized gain (loss) on sale of fund shares | 760141 | (521) | (190175) |
| &nbsp;&nbsp;Realized gain distribution | - | 6 | 555389 |
| &nbsp;&nbsp;Realized gain (loss) | 760141 | (515) | 365214 |
| Change in net unrealized appreciation/depreciation of investments | (2178525) | (10374) | (4015670) |
| **Net gain (loss) on investments** | **(1418384)** | **(10889)** | **(3650456)** |
| **Net increase (decrease) in net assets resulting from operations** | **591991** | **(6233)** | **(3461136)** |
| Capital transactions: |  |  |  |
| &nbsp;&nbsp;Transfers of net premiums | 144108 | 847627 | 126995 |
| &nbsp;&nbsp;Transfers due to death benefits | (111424) |  | (83459) |
| &nbsp;&nbsp;Transfers due to annuity benefit payments | (25399) |  | (42494) |
| &nbsp;&nbsp;Transfers due to withdrawal of funds | (1368790) | (891) | (1101455) |
| &nbsp;&nbsp;Transfers due to loans, net of repayments | 731 |  | 1970 |
| &nbsp;&nbsp;Transfers due to cost of insurance | (43835) |  | (47659) |
| &nbsp;&nbsp;Transfers due to contingent deferred sales charges | (9) | (1005) | (13) |
| &nbsp;&nbsp;Transfers due to net charge (credit) to annuitant mortality fluctuation | 8760 |  | 14705 |
| &nbsp;&nbsp;Transfers between Sub-Accounts and to/from General Account | 1335095 | (4194) | 103860 |
| Net increase (decrease) in net assets resulting from capital transactions | (60763) | 841537 | (1027550) |
| **Total increase (decrease)** | **531228** | **835304** | **(4488686)** |
| **NET ASSETS, at beginning of the year** | **8564039** | **-** | **13624068** |
| **NET ASSETS, at end of the year** | $**9095267** | $**835304** | $**9135382** |

---

*See Notes to Financial Statements.*

***Massachusetts Mutual Variable Annuity Separate Account 4***

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS* 

***For The Year Ended December 31, 2021***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>| **BlackRock**<br> **60/40 Target**<br> **Allocation** <br> **ETF V.I.**<br> **Sub-Account** | **Delaware**<br> **Ivy VIP**<br> **Asset**<br> **Strategy**<br> **Sub-Account** | <br> **Fidelity®**<br> **VIP**<br> **Contrafund®**<br> **Sub-Account** | <br> **Fidelity®**<br> **VIP**<br> **Contrafund®**<br> **Sub-Account** | **Invesco**<br> **Oppenheimer V.I.**<br> **International**<br> **Growth**<br> **Sub-Account** | **Invesco**<br> **Oppenheimer V.I.**<br> **International**<br> **Growth**<br> **Sub-Account** | <br> **Invesco V.I.**<br> **Capital**<br> **Appreciation**<br> **Sub-Account** | <br> **Invesco V.I.**<br> **Capital**<br> **Appreciation**<br> **Sub-Account** |
|  | **(Class III)** | | **(Initial Class)** | **(Service Class 2)** | **(Series II)** | **(Series I)** | **(Series II)** | **(Series I)** |
| **Investment income** |  |  |  |  |  |  |  |  |
| Dividends | $309862 | $208960 | $158959 | $68352 | $- | $- | $- | $- |
| **Expenses** |  |  |  |  |  |  |  |  |
| Mortality and expense risk fees and administrative charges | 145110 | 174962 | 3029896 | 3250813 | 325638 | 357812 | 175666 | 2033653 |
| **Net Investment income (loss)** | **164752** | **33998** | **(2870937)** | **(3182461)** | **(325638)** | **(357812)** | **(175666)** | **(2033653)** |
| **Net realized and unrealized gain (loss) on investments** | **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Realized gain (loss) on sale of fund shares | 134277 | 317513 | 20301851 | 10790833 | 874283 | 2074600 | 1061733 | 13688546 |
| &nbsp;&nbsp;Realized gain distribution | 1277624 | 1351183 | 30306876 | 32427089 | 2282264 | 2675267 | 731438 | 8520619 |
| &nbsp;&nbsp;Realized gain (loss) | 1411901 | 1668696 | 50608727 | 43217922 | 3156547 | 4749867 | 1793171 | 22209165 |
| Change in net unrealized appreciation/depreciation of investments | (203980) | (543013) | 9985934 | 18649556 | (629788) | (1778381) | 928206 | 11306453 |
| **Net gain (loss) on investments** | **1207921** | **1125683** | **60594661** | **61867478** | **2526759** | **2971486** | **2721377** | **33515618** |
| **Net increase (decrease) in net assets resulting from operations** | **1372673** | **1159681** | **57723724** | **58685017** | **2201121** | **2613674** | **2545711** | **31481965** |
| Capital transactions: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Transfers of net premiums | 8686866 | 624560 | 1520547 | 21575444 | 1027072 | 213437 | 250424 | 719776 |
| &nbsp;&nbsp;Transfers due to death benefits |  | (68016) | (2607183) | (3885190) | (175848) | (178739) | (682414) | (1872007) |
| &nbsp;&nbsp;Transfers due to annuity benefit payments |  |  | (881962) | (476) |  | (89787) |  | (374000) |
| &nbsp;&nbsp;Transfers due to withdrawal of funds | (465397) | (1582935) | (29292232) | (22245323) | (2918382) | (4956714) | (1470491) | (19981345) |
| &nbsp;&nbsp;Transfers due to loans, net of repayments |  |  | 21360 |  |  | 570 |  | 7900 |
| &nbsp;&nbsp;Transfers due to cost of insurance |  | 2879 | (524504) | (136977) | (63093) | (83056) | (12848) | (442224) |
| &nbsp;&nbsp;Transfers due to contingent deferred sales charges |  |  | (1304) |  |  | (320) |  | (543) |
| &nbsp;&nbsp;Transfers due to net charge (credit) to annuitant mortality fluctuation |  |  | 294074 | 42 |  | 5760 |  | 85105 |
| &nbsp;&nbsp;Transfers between Sub-Accounts and to/from General Account | 28307 | (60132) | (12733709) | (4194893) | 141430 | (830370) | (354162) | (9006725) |
| Net increase (decrease) in net assets resulting from capital transactions | 8249776 | (1083644) | (44204913) | (8887373) | (1988822) | (5919219) | (2269491) | (30864063) |
| **Total increase (decrease)** | **9622449** | **76037** | **13518811** | **49797644** | **212299** | **(3305545)** | **276220** | **617902** |
| **NET ASSETS, at beginning of the year** | **8908234** | **13270558** | **237247151** | **229257699** | **25837159** | **32043570** | **13216783** | **160848549** |
| **NET ASSETS, at end of the year** | $**18530683** | $**13346595** | $**250765962** | $**279055343** | $**26049458** | $**28738025** | $**13493003** | $**161466451** |

---

*See Notes to Financial Statements.*

***Massachusetts Mutual Variable Annuity Separate Account 4***

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

***For The Year Ended December 31, 2021***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>| <br> **Invesco V.I.**<br> **Conservative**<br> **Balanced**<br> **Sub-Account** | <br> **Invesco V.I.**<br> **Conservative**<br> **Balanced**<br> **Sub-Account** | <br> **Invesco V.I.**<br> **Core**<br> **Bond**<br> **Sub-Account** | <br> **Invesco V.I.**<br> **Discovery**<br> **Mid Cap Growth**<br> **Sub-Account** | <br> **Invesco V.I. VIP**<br> **Discovery**<br> **Mid Cap Growth**<br> **Sub-Account** | <br> **Invesco V.I.**<br> **Diversified**<br> **Dividend**<br> **Sub-Account** | <br> **Invesco V.I.**<br> **Diversified**<br> **Dividend**<br> **Sub-Account** | <br>**Invesco V.I.**<br> **Global** <br> **Sub-Account** |
|  | **(Series II)** | **(Series I)** | | **(Series II)** | **(Series I)** | **(Series I)** | **(Series II)** | **(Series II)** |
| **Investment income** |  |  |  |  |  |  |  |  |
| Dividends | $719 | $103998 | $38525 | $- | $- | $103763 | $221575 | $- |
| **Expenses** |  |  |  |  |  |  |  |  |
| Mortality and expense risk fees and administrative charges | 1010 | 79979 | 24477 | 401573 | 1374102 | 67562 | 152148 | 996507 |
| **Net Investment income (loss)** | **(291)** | **24019** | **14048** | **(401573)** | **(1374102)** | **36201** | **69427** | **(996507)** |
| **Net realized and unrealized gain (loss) on investments** | **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Realized gain (loss) on sale of fund shares | 12511 | 448439 | 42378 | 1415875 | 8428390 | 627399 | 217317 | 3703594 |
| &nbsp;&nbsp;Realized gain distribution | 2897 | 355569 | 68557 | 3794314 | 11155527 | 18782 | 44518 | 3997510 |
| &nbsp;&nbsp;Realized gain (loss) | 15408 | 804008 | 110935 | 5210189 | 19583917 | 646181 | 261835 | 7701104 |
| Change in net unrealized appreciation/depreciation of investments | (8677) | (191843) | (181670) | 160663 | (639758) | 279016 | 1437946 | 3315264 |
| **Net gain (loss) on investments** | **6731** | **612165** | **(70735)** | **5370852** | **18944159** | **925197** | **1699781** | **11016368** |
| **Net increase (decrease) in net assets resulting from operations** | **6440** | **636184** | **(56687)** | **4969279** | **17570057** | **961398** | **1769208** | **10019861** |
| Capital transactions: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Transfers of net premiums |  | 9127 |  | 4160138 | 508086 | 80692 | 38796 | 3074569 |
| &nbsp;&nbsp;Transfers due to death benefits | (25999) | (106047) | (9473) | (369963) | (1067066) | (27077) | (8092) | (1652532) |
| &nbsp;&nbsp;Transfers due to annuity benefit payments |  | (8614) | (53) | (250) | (294933) | (18753) |  | (553) |
| &nbsp;&nbsp;Transfers due to withdrawal of funds | (306) | (605214) | (152219) | (2769333) | (12991971) | (2556480) | (1716446) | (8655857) |
| &nbsp;&nbsp;Transfers due to loans, net of repayments |  | 781 |  |  | 5825 | (1113) |  |  |
| &nbsp;&nbsp;Transfers due to cost of insurance | 47 | (5875) |  | (7789) | (301497) | (7083) | (1543) | (158139) |
| &nbsp;&nbsp;Transfers due to contingent deferred sales charges |  | (61) | (32) |  | (182) | (4) |  |  |
| &nbsp;&nbsp;Transfers due to net charge (credit) to annuitant mortality fluctuation |  | 3240 | (14) | 22 | 64588 | (2819) |  | 48 |
| &nbsp;&nbsp; Transfers between Sub-Accounts and to/from General Account | - | 2810 | (11588) | 11271 | (4228155) | 188696 | 323660 | (934022) |
| Net increase (decrease) in net assets resulting from capital transactions | (26258) | (709854) | (173379) | 1024096 | (18305305) | (2343942) | (1363626) | (8326486) |
| **Total increase (decrease)** | **(19818)** | **(73670)** | **(230066)** | **5993375** | **(735248)** | **(1382544)** | **405582** | **1693375** |
| **NET ASSETS, at beginning of the year** | **76534** | **7060991** | **2002482** | **28338933** | **106383035** | **6302426** | **10939473** | **75781828** |
| **NET ASSETS, at end of the year** | $**56716** | $**6987321** | $**1772416** | $**34332308** | $**105647787** | $**4919882** | $**11345055** | $**77475203** |

---

*See Notes to Financial Statements.*

***Massachusetts Mutual Variable Annuity Separate Account 4***

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

***For The Year Ended December 31, 2021***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>| <br>**Invesco V.I.**<br> **Global** <br> **Sub-Account** | <br> **Invesco V.I.**<br> **Global Strategic** <br> **Income**<br> **Sub-Account** | <br> **Invesco V.I.**<br> **Global Strategic** <br> **Income**<br> **Sub-Account** | <br>**Invesco V.I.**<br> **Health Care**<br> **Sub-Account** | <br>**Invesco V.I.**<br> **Health Care**<br> **Sub-Account** | <br>**Invesco V.I.**<br> **Main Street**<br> **Sub-Account** | <br>**Invesco V.I.**<br> **Main Street**<br> **Sub-Account** | <br>**Invesco V.I.**<br> **Technology**<br> **Sub-Account** |
|  | **(Series I)** | **(Series II)** | **(Series I)** | **(Series I)** | **(Series II)** | **(Series II)** | **(Series I)** | **(Series I)** |
| **Investment income** |  |  |  |  |  |  |  |  |
| Dividends | $- | $2453152 | $6763923 | $22887 | $343 | $125873 | $243484 | $- |
| **Expenses** |  |  |  |  |  |  |  |  |
| Mortality and expense risk fees and administrative charges | 2177529 | 721847 | 1822852 | 131104 | 152120 | 300046 | 392327 | 113726 |
| **Net Investment income (loss)** | **(2177529)** | **1731305** | **4941071** | **(108217)** | **(151777)** | **(174173)** | **(148843)** | **(113726)** |
| **Net realized and unrealized gain (loss) on investments** | **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Realized gain (loss) on sale of fund shares | 12389722 | (917165) | (3260703) | 265620 | 500644 | 503919 | 1119791 | 709620 |
| &nbsp;&nbsp;Realized gain distribution | 8916628 | - | - | 1190476 | 1318928 | 1430994 | 1984885 | 909703 |
| &nbsp;&nbsp;Realized gain (loss) | 21306350 | (917165) | (3260703) | 1456096 | 1819572 | 1934913 | 3104676 | 1619323 |
| Change in net unrealized appreciation/depreciation of investments | 4603483 | (3633402) | (8537122) | (163899) | (458441) | 3687512 | 5091557 | (302449) |
| **Net gain (loss) on investments** | **25909833** | **(4550567)** | **(11797825)** | **1292197** | **1361131** | **5622425** | **8196233** | **1316874** |
| **Net increase (decrease) in net assets resulting from operations** | **23732304** | **(2819262)** | **(6856754)** | **1183980** | **1209354** | **5448252** | **8047390** | **1203148** |
| Capital transactions: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Transfers of net premiums | 1275249 | 1818399 | 863961 | 118497 | 286070 | 1783619 | 272774 | 188808 |
| &nbsp;&nbsp;Transfers due to death benefits | (1503508) | (352114) | (2129583) | (316896) | (77502) | (152291) | (578277) | (61939) |
| &nbsp;&nbsp;Transfers due to annuity benefit payments | (396781) |  | (352932) | (49744) |  |  | (19538) | (27171) |
| &nbsp;&nbsp;Transfers due to withdrawal of funds | (19177459) | (5800036) | (18870935) | (962418) | (1891299) | (2292732) | (2324248) | (1020398) |
| &nbsp;&nbsp;Transfers due to loans, net of repayments | 7420 |  | 8629 | 3220 |  |  | 3737 | 2302 |
| &nbsp;&nbsp;Transfers due to cost of insurance | (362261) | (255737) | (469216) | (11652) | (10047) | (1882) | (27195) | (11108) |
| &nbsp;&nbsp;Transfers due to contingent deferred sales charges | (913) |  | (525) | (203) |  |  | (399) | (109) |
| &nbsp;&nbsp;Transfers due to net charge (credit) to annuitant mortality fluctuation | 118224 |  | 62234 | 9840 |  |  | 2814 | 7004 |
| &nbsp;&nbsp;Transfers between Sub-Accounts and to/from General Account | (4244572) | 3620027 | 17043298 | 96348 | (230141) | 245451 | (1240493) | 96884 |
| Net increase (decrease) in net assets resulting from capital transactions | (24284601) | (969461) | (3845069) | (1113008) | (1922919) | (417836) | (3910825) | (825727) |
| **Total increase (decrease)** | **(552297)** | **(3788723)** | **(10701823)** | **70972** | **(713565)** | **5030416** | **4136565** | **377421** |
| **NET ASSETS, at beginning of the year** | **176607524** | **61117704** | **154124943** | **11325826** | **12414240** | **21292780** | **33044884** | **9461356** |
| **NET ASSETS, at end of the year** | $**176055227** | $**57328981** | $**143423120** | $**11396798** | $**11700675** | $**26323196** | $**37181449** | $**9838777** |

---

*See Notes to Financial Statements.*

***Massachusetts Mutual Variable Annuity Separate Account 4***

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

***For The Year Ended December 31, 2021***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>| <br>**Invesco V.I.**<br> **Technology**<br> **Sub-Account** | <br> **Invesco V.I.**<br> **U.S. Government**<br> **Money**<br> **Sub-Account** | <br> **MML**<br> **Aggressive**<br> **Allocation**<br> **Sub-Account** | <br> **MML**<br> **Aggressive**<br> **Allocation**<br> **Sub-Account** | **MML**<br> **American**<br> **Funds**<br> **Core Allocation**<br> **Sub-Account** | **MML**<br> **American**<br> **Funds**<br> **Growth**<br> **Sub-Account** | **MML**<br> **American**<br> **Funds**<br> **International**<br> **Sub-Account** | <br> **MML**<br> **Balanced**<br> **Allocation**<br> **Sub-Account** |
|  | **(Series II)** | | **(Initial Class)** | **(Service Class)** | | | | **(Initial Class)** |
| **Investment income** |  |  |  |  |  |  |  |  |
| Dividends | $- | $437 | $445455 | $1005385 | $12247454 | $- | $75218 | $1004474 |
| **Expenses** |  |  |  |  |  |  |  |  |
| Mortality and expense risk fees and administrative charges | 171762 | 70307 | 425968 | 1186854 | 12276435 | 3448545 | 732709 | 1043960 |
| **Net Investment income (loss)** | **(171762)** | **(69870)** | **19487** | **(181469)** | **(28981)** | **(3448545)** | **(657491)** | **(39486)** |
| **Net realized and unrealized gain (loss) on investments** | **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Realized gain (loss) on sale of fund shares | 1226227 |  | 619066 | 1348187 | 4695374 | 19113743 | 425242 | 1400088 |
| &nbsp;&nbsp;Realized gain distribution | 1302543 | - | 1448643 | 3967133 | 22337749 | 14669469 | 867646 | 2334175 |
| &nbsp;&nbsp;Realized gain (loss) | 2528770 | - | 2067709 | 5315320 | 27033123 | 33783212 | 1292888 | 3734263 |
| Change in net unrealized appreciation/depreciation of investments | (803987) | - | 2941011 | 8423907 | 73551647 | 18637725 | (2363634) | 2953628 |
| **Net gain (loss) on investments** | **1724783** | **-** | **5008720** | **13739227** | **100584770** | **52420937** | **(1070746)** | **6687891** |
| **Net increase (decrease) in net assets resulting from operations** | **1553021** | **(69870)** | **5028207** | **13557758** | **100555789** | **48972392** | **(1728237)** | **6648405** |
| Capital transactions: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Transfers of net premiums | 328285 | 106442 | 969986 | 3908621 | 23899577 | 25280328 | 4542591 | 1036088 |
| &nbsp;&nbsp;Transfers due to death benefits | (81165) | (616672) | (26156) | (941289) | (2926000) | (2828767) | (237037) | (1958505) |
| &nbsp;&nbsp;Transfers due to annuity benefit payments | (254) | (8569) |  |  | (38022) | (26488) |  |  |
| &nbsp;&nbsp;Transfers due to withdrawal of funds | (1952566) | (910599) | (1947685) | (13873380) | (118798010) | (28674088) | (7020802) | (12922497) |
| &nbsp;&nbsp;Transfers due to loans, net of repayments |  |  | 2283 |  | (636) | 6771 | 5146 | 5019 |
| &nbsp;&nbsp;Transfers due to cost of insurance | (1746) | 27552 | (83737) | (82781) | (6064558) | (554852) | (257645) | (433378) |
| &nbsp;&nbsp;Transfers due to contingent deferred sales charges |  | (311) | (6) |  |  |  |  |  |
| &nbsp;&nbsp;Transfers due to net charge (credit) to annuitant mortality fluctuation | 22 | 2033 |  |  | 6663 | 2437 |  |  |
| &nbsp;&nbsp;Transfers between Sub-Accounts and to/from General Account | (216507) | 435453 | (1214311) | (1111086) | (7836984) | (9302714) | 3468530 | 3565165 |
| Net increase (decrease) in net assets resulting from capital transactions | (1923931) | (964671) | (2299626) | (12099915) | (111757970) | (16097373) | 500783 | (10708108) |
| **Total increase (decrease)** | **(370910)** | **(1034541)** | **2728581** | **1457843** | **(11202181)** | **32875019** | **(1227454)** | **(4059703)** |
| **NET ASSETS, at beginning of the year** | **13181326** | **6847355** | **33588339** | **93600335** | **930308860** | **249753195** | **58820176** | **83010888** |
| **NET ASSETS, at end of the year** | $**12810416** | $**5812814** | $**36316920** | $**95058178** | $**919106679** | $**282628214** | $**57592722** | $**78951185** |

---

*See Notes to Financial Statements.*

***Massachusetts Mutual Variable Annuity Separate Account 4***

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

***For The Year Ended December 31, 2021***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>| **MML**<br> **Balanced**<br> **Allocation**<br> **Sub-Account** | <br> **MML**<br> **Blend**<br> **Sub-Account** | <br> **MML**<br> **Blend**<br> **Sub-Account** | **MML**<br> **Blue Chip**<br> **Growth**<br> **Sub-Account** | **MML**<br> **Blue Chip**<br> **Growth**<br> **Sub-Account** | **MML**<br> **Conservative**<br> **Allocation**<br> **Sub-Account** | **MML**<br> **Conservative**<br> **Allocation**<br> **Sub-Account** | **MML**<br> **Dynamic**<br> **Bond**<br> **Sub-Account** |
|  | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Service Class I)** |
| **Investment income** |  |  |  |  |  |  |  |  |
| Dividends | $3758924 | $1430475 | $4042373 | $- | $- | $808868 | $2999376 | $462823 |
| **Expenses** |  |  |  |  |  |  |  |  |
| Mortality and expense risk fees and administrative charges | 4811452 | 819561 | 2598169 | 796002 | 2521256 | 859918 | 4231237 | 158485 |
| **Net Investment income (loss)** | **(1052528)** | **610914** | **1444204** | **(796002)** | **(2521256)** | **(51050)** | **(1231861)** | **304338** |
| **Net realized and unrealized gain (loss) on investments** | **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Realized gain (loss) on sale of fund shares | (72731) | 598994 | 759676 | 3164870 | 5658093 | 2410599 | 6498277 | 30157 |
| &nbsp;&nbsp;Realized gain distribution | 10941755 | 17153254 | 53390619 | 6623734 | 20907454 | 1994351 | 9357745 | - |
| &nbsp;&nbsp;Realized gain (loss) | 10869025 | 17752248 | 54150295 | 9788604 | 26565547 | 4404950 | 15856022 | 30157 |
| Change in net unrealized appreciation/depreciation of investments | 19864971 | (9734786) | (30227569) | 320305 | 2438818 | 499396 | 7087522 | (511723) |
| **Net gain (loss) on investments** | **30733996** | **8017462** | **23922726** | **10108909** | **29004365** | **4904346** | **22943544** | **(481567)** |
| **Net increase (decrease) in net assets resulting from operations** | **29681468** | **8628376** | **25366930** | **9312907** | **26483109** | **4853296** | **21711683** | **(177229)** |
| Capital transactions: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Transfers of net premiums | 13849117 | 608714 | 18574142 | 491293 | 12137261 | 1160873 | 10305748 | 1690483 |
| &nbsp;&nbsp;Transfers due to death benefits | (4033009) | (918078) | (1326714) | (549713) | (1879746) | (1703483) | (6944038) | (100268) |
| &nbsp;&nbsp;Transfers due to annuity benefit payments | (9367) | (190801) |  | (120047) | (710) | (16630) |  |  |
| &nbsp;&nbsp;Transfers due to withdrawal of funds | (49854565) | (6482508) | (12665625) | (5307180) | (15223843) | (14476854) | (60574139) | (1017803) |
| &nbsp;&nbsp;Transfers due to loans, net of repayments |  | 3016 |  | 4774 |  | 625 |  |  |
| &nbsp;&nbsp;Transfers due to cost of insurance | (1376329) | (61800) | (32372) | (73112) | (47282) | (385738) | (1141635) |  |
| &nbsp;&nbsp;Transfers due to contingent deferred sales charges |  | (977) |  | (527) |  | (10) |  |  |
| &nbsp;&nbsp;Transfers due to net charge (credit) to annuitant mortality fluctuation | (14136) | 47001 |  | 8154 | 63 | 4401 |  |  |
| &nbsp;&nbsp;Transfers between Sub-Accounts and to/from General Account | 1687967 | 2325522 | 1669316 | (1736918) | 308149 | 170256 | 12941468 | 727531 |
| Net increase (decrease) in net assets resulting from capital transactions | (39750323) | (4669911) | 6218747 | (7283276) | (4706108) | (15246560) | (45412596) | 1299943 |
| **Total increase (decrease)** | **(10068855)** | **3958465** | **31585677** | **2029631** | **21777001** | **(10393264)** | **(23700913)** | **1122714** |
| **NET ASSETS, at beginning of the year** | **373173046** | **65024452** | **185705276** | **64905396** | **181685317** | **76130207** | **338139060** | **12453262** |
| **NET ASSETS, at end of the year** | $**363104191** | $**68982917** | $**217290953** | $**66935027** | $**203462318** | $**65736943** | $**314438147** | $**13575976** |

---

*See Notes to Financial Statements.*

***Massachusetts Mutual Variable Annuity Separate Account 4***

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

***For The Year Ended December 31, 2021***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>| <br>**MML**<br> **Equity**<br> **Sub-Account** | <br>**MML**<br> **Equity**<br> **Sub-Account** | <br>**MML**<br> **Equity Income**<br> **Sub-Account** | <br>**MML**<br> **Equity Income**<br> **Sub-Account** | <br> **MML**<br> **Equity**<br> **Index**<br> **Sub-Account** | <br> **MML**<br> **Equity**<br> **Index**<br> **Sub-Account** | <br> **MML**<br> **Equity**<br> **Momentum**<br> **Sub-Account** | <br> **MML**<br> **Equity**<br> **Rotation**<br> **Sub-Account** |
|  | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Class I)** | **(Service Class I)** | **(Service Class I)** | **(Service Class I)** |
| **Investment income** |  |  |  |  |  |  |  |  |
| Dividends | $410657 | $1534583 | $3208506 | $1806424 | $450524 | $532341 | $- | $10111 |
| **Expenses** |  |  |  |  |  |  |  |  |
| Mortality and expense risk fees and administrative charges | 304675 | 1331671 | 1838673 | 1133992 | 454381 | 576545 | 21562 | 23746 |
| **Net Investment income (loss)** | **105982** | **202912** | **1369833** | **672432** | **(3857)** | **(44204)** | **(21562)** | **(13635)** |
| **Net realized and unrealized gain (loss) on investments** | **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Realized gain (loss) on sale of fund shares | 579262 | 1222962 | 1990108 | 738540 | 1285626 | 2293169 | 122363 | 73768 |
| &nbsp;&nbsp;Realized gain distribution | - | - | 2824134 | 1754889 | 1531279 | 2074186 | 674626 | 697599 |
| &nbsp;&nbsp;Realized gain (loss) | 579262 | 1222962 | 4814242 | 2493429 | 2816905 | 4367355 | 796989 | 771367 |
| Change in net unrealized appreciation/depreciation of investments | 5346417 | 24022723 | 25448084 | 15387765 | 5475804 | 6414821 | (377175) | (213844) |
| **Net gain (loss) on investments** | **5925679** | **25245685** | **30262326** | **17881194** | **8292709** | **10782176** | **419814** | **557523** |
| **Net increase (decrease) in net assets resulting from operations** | **6031661** | **25448597** | **31632159** | **18553626** | **8288852** | **10737972** | **398252** | **543888** |
| Capital transactions: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Transfers of net premiums | 223647 | 5278589 | 708514 | 3730203 | 599807 | 190942 | 152871 | 179466 |
| &nbsp;&nbsp;Transfers due to death benefits | (142367) | (962160) | (1588666) | (460177) | (295531) | (63349) |  |  |
| &nbsp;&nbsp;Transfers due to annuity benefit payments | (62025) |  | (401795) | (613) | (366346) |  |  |  |
| &nbsp;&nbsp;Transfers due to withdrawal of funds | (1690727) | (11772900) | (16213719) | (10477278) | (1798914) | (6381521) | (436799) | (240696) |
| &nbsp;&nbsp;Transfers due to loans, net of repayments | 8255 |  | 8155 |  | 240 |  |  |  |
| &nbsp;&nbsp;Transfers due to cost of insurance | (44035) | (386134) | (428399) | (396945) | (20602) | (141700) |  |  |
| &nbsp;&nbsp;Transfers due to contingent deferred sales charges | (161) |  | (217) |  | (290) |  |  |  |
| &nbsp;&nbsp;Transfers due to net charge (credit) to annuitant mortality fluctuation | 15360 |  | 81409 | 54 | 39113 |  |  |  |
| &nbsp;&nbsp;Transfers between Sub-Accounts and to/from General Account | (330346) | (6985738) | (10238565) | (5036140) | (1384494) | (2527373) | (682) | (15402) |
| Net increase (decrease) in net assets resulting from capital transactions | (2022399) | (14828343) | (28073283) | (12640896) | (3227017) | (8923001) | (284610) | (76632) |
| **Total increase (decrease)** | **4009262** | **10620254** | **3558876** | **5912730** | **5061835** | **1814971** | **113642** | **467256** |
| **NET ASSETS, at beginning of the year** | **21590756** | **94339624** | **141959006** | **82700285** | **32974512** | **44360172** | **2048092** | **2017490** |
| **NET ASSETS, at end of the year** | $**25600018** | $**104959878** | $**145517882** | $**88613015** | $**38036347** | $**46175143** | $**2161734** | $**2484746** |

---

*See Notes to Financial Statements.*

***Massachusetts Mutual Variable Annuity Separate Account 4***

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

***For The Year Ended December 31, 2021***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>| **MML**<br> **Focused**<br> **Equity**<br> **Sub-Account** | <br> **MML**<br> **Foreign**<br> **Sub-Account** | <br> **MML**<br> **Foreign**<br> **Sub-Account** | **MML**<br> **Fundamental**<br> **Equity**<br> **Sub-Account** | **MML**<br> **Fundamental**<br> **Value**<br> **Sub-Account** | <br> **MML**<br> **Global**<br> **Sub-Account** | <br> **MML**<br> **Global**<br> **Sub-Account** | <br> **MML**<br> **Global**<br> **Sub-Account** |
|  | | **(Initial Class)** | **(Service Class)** | | | **(Class I)** | **(Service Class I)** | **(Class II)** |
| **Investment income** |  |  |  |  |  |  |  |  |
| Dividends | $187845 | $2997181 | $192117 | $70315 | $290596 | $45757 | $145949 | $43347 |
| **Expenses** |  |  |  |  |  |  |  |  |
| Mortality and expense risk fees and administrative charges | 252295 | 1528828 | 106848 | 268419 | 218943 | 59064 | 248551 | 61514 |
| **Net Investment income (loss)** | **(64450)** | **1468353** | **85269** | **(198104)** | **71653** | **(13307)** | **(102602)** | **(18167)** |
| **Net realized and unrealized gain (loss) on investments** | **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Realized gain (loss) on sale of fund shares | 749138 | 958163 | 79670 | (238451) | (232498) | 157437 | 509978 | 159166 |
| &nbsp;&nbsp;Realized gain distribution | 1192081 | - | - | 1847265 | - | 447142 | 1746563 | 409342 |
| &nbsp;&nbsp;Realized gain (loss) | 1941219 | 958163 | 79670 | 1608814 | (232498) | 604579 | 2256541 | 568508 |
| &nbsp;&nbsp;Change in net unrealized appreciation/depreciation of investments | 1947983 | 10683050 | 758075 | 3452686 | 4401510 | 186641 | 607703 | 153697 |
| **Net gain (loss) on investments** | **3889202** | **11641213** | **837745** | **5061500** | **4169012** | **791220** | **2864244** | **722205** |
| **Net increase (decrease) in net assets resulting from operations** | **3824752** | **13109566** | **923014** | **4863396** | **4240665** | **777913** | **2761642** | **704038** |
| Capital transactions: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Transfers of net premiums | 1493885 | 542161 | 276922 | 1433615 | 1753103 | 19393 | 1342015 | 56132 |
| &nbsp;&nbsp;Transfers due to death benefits | (60568) | (1025794) | (41896) | (62209) | (154556) | (105607) | (280512) | (143) |
| &nbsp;&nbsp;Transfers due to annuity benefit payments |  | (362353) |  | (10896) |  | (40432) |  | (38) |
| &nbsp;&nbsp;Transfers due to withdrawal of funds | (1739751) | (14939925) | (1238679) | (1770320) | (1744500) | (511023) | (2085797) | (225056) |
| &nbsp;&nbsp;Transfers due to loans, net of repayments |  | 6680 |  |  | 98 |  |  | (3432) |
| &nbsp;&nbsp;Transfers due to cost of insurance | 797 | (404014) | (16975) | (1275) | 148 | (15889) | (46757) |  |
| &nbsp;&nbsp;Transfers due to contingent deferred sales charges |  | (55) |  |  |  |  |  | (128) |
| &nbsp;&nbsp;Transfers due to net charge (credit) to annuitant mortality fluctuation |  | 90454 |  | 1734 |  | 31563 |  | 5 |
| &nbsp;&nbsp;Transfers between Sub-Accounts and to/from General Account | (383985) | 216600 | (155889) | 519385 | 1560015 | (192345) | (312531) | (41212) |
| Net increase (decrease) in net assets resulting from capital transactions | (689622) | (15876246) | (1176517) | 110034 | 1414308 | (814340) | (1383582) | (213872) |
| **Total increase (decrease)** | **3135130** | **(2766680)** | **(253503)** | **4973430** | **5654973** | **(36427)** | **1378060** | **490166** |
| **NET ASSETS, at beginning of the year** | **18957860** | **118344969** | **8319183** | **19006450** | **14865608** | **5164484** | **18084268** | **4487312** |
| **NET ASSETS, at end of the year** | $**22092990** | $**115578289** | $**8065680** | $**23979880** | $**20520581** | $**5128057** | $**19462328** | $**4977478** |

---

*See Notes to Financial Statements.*

***Massachusetts Mutual Variable Annuity Separate Account 4***

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

***For The Year Ended December 31, 2021***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>| <br> **MML**<br> **Growth**<br> **& Income**<br> **Sub-Account** | <br> **MML**<br> **Growth**<br> **& Income**<br> **Sub-Account** | <br> **MML**<br> **Growth**<br> **Allocation**<br> **Sub-Account** | <br> **MML**<br> **Growth**<br> **Allocation**<br> **Sub-Account** | <br>**MML**<br> **High Yield**<br> **Sub-Account** | <br> **MML**<br> **Income**<br> **& Growth**<br> **Sub-Account** | <br> **MML**<br> **Income**<br> **& Growth**<br> **Sub-Account** | **MML**<br> **Inflation-**<br> **Protected**<br> **and Income**<br> **Sub-Account** |
|  | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** | | **(Initial Class)** | **(Service Class)** | **(Initial Class)** |
| **Investment income** |  |  |  |  |  |  |  |  |
| Dividends | $603891 | $374703 | $5923378 | $10034525 | $3897699 | $405986 | $483810 | $1373720 |
| **Expenses** |  |  |  |  |  |  |  |  |
| Mortality and expense risk fees and administrative charges | 796930 | 706341 | 4926290 | 9555112 | 563137 | 273944 | 384423 | 1659659 |
| **Net Investment income (loss)** | **(193039)** | **(331638)** | **997088** | **479413** | **3334562** | **132042** | **99387** | **(285939)** |
| **Net realized and unrealized gain (loss) on investments** | **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Realized gain (loss) on sale of fund shares | 9921894 | 3007755 | 1603310 | (7870560) | 210253 | 375778 | (161136) | 1974241 |
| &nbsp;&nbsp;Realized gain distribution | 3954939 | 3181071 | 16097577 | 33183755 | - | - | - | 9570346 |
| &nbsp;&nbsp;Realized gain (loss) | 13876833 | 6188826 | 17700887 | 25313196 | 210253 | 375778 | (161136) | 11544587 |
| Change in net unrealized appreciation/depreciation of investments | 3337591 | 6532662 | 27485988 | 66077647 | (711353) | 4612091 | 6427806 | (4936414) |
| **Net gain (loss) on investments** | **17214424** | **12721488** | **45186875** | **91390843** | **(501100)** | **4987869** | **6266670** | **6608173** |
| **Net increase (decrease) in net assets resulting from operations** | **17021385** | **12389850** | **46183963** | **91870256** | **2833462** | **5119911** | **6366057** | **6322234** |
| Capital transactions: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Transfers of net premiums | 346845 | 3551685 | 4697379 | 13450377 | 3968735 | 193039 | 1816261 | 646349 |
| &nbsp;&nbsp;Transfers due to death benefits | (1145930) | (346906) | (2172811) | (5283696) | (256826) | (221337) | (185807) | (2272602) |
| &nbsp;&nbsp;Transfers due to annuity benefit payments | (53285) |  |  |  | (590) | (96981) |  | (355333) |
| &nbsp;&nbsp;Transfers due to withdrawal of funds | (10627046) | (3945901) | (61439241) | (112649929) | (3306743) | (2173366) | (2486080) | (16460694) |
| &nbsp;&nbsp;Transfers due to loans, net of repayments | 7854 |  | 4777 |  | (136) | 863 |  | 2312 |
| &nbsp;&nbsp;Transfers due to cost of insurance | (84369) | (57218) | (3645332) | (5317399) | 2667 | (29078) | (34343) | (409429) |
| &nbsp;&nbsp;Transfers due to contingent deferred sales charges | (409) |  | (241) |  |  | (394) |  | (32) |
| &nbsp;&nbsp;Transfers due to net charge (credit) to annuitant mortality fluctuation | 20767 |  | (1631) |  | 268 | 21446 |  | 44755 |
| &nbsp;&nbsp;Transfers between Sub-Accounts and to/from General Account | (2444557) | (426671) | (3047913) | (7205558) | 2189952 | (1042631) | (924140) | 8426676 |
| Net increase (decrease) in net assets resulting from capital transactions | (13980130) | (1225011) | (65605013) | (117006205) | 2597327 | (3348439) | (1814109) | (10377998) |
| **Total increase (decrease)** | **3041255** | **11164839** | **(19421050)** | **(25135949)** | **5430789** | **1771472** | **4551948** | **(4055764)** |
| **NET ASSETS, at beginning of the year** | **71531066** | **49795171** | **393392881** | **788648224** | **42643144** | **21695092** | **27009775** | **130964666** |
| **NET ASSETS, at end of the year** | $**74572321** | $**60960010** | $**373971831** | $**763512275** | $**48073933** | $**23466564** | $**31561723** | $**126908902** |

---

*See Notes to Financial Statements.*

***Massachusetts Mutual Variable Annuity Separate Account 4***

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

***For The Year Ended December 31, 2021***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>| **MML**<br> **Inflation-**<br> **Protected**<br> **and Income**<br> **Sub-Account** | <br> **MML**<br> **International**<br> **Equity**<br> **Sub-Account** | <br> **MML**<br> **Large Cap**<br> **Growth**<br> **Sub-Account** | <br> **MML**<br> **Large Cap**<br> **Growth**<br> **Sub-Account** | <br> **MML**<br> **Managed**<br> **Bond**<br> **Sub-Account** | <br> **MML**<br> **Managed**<br> **Bond**<br> **Sub-Account** | <br> **MML**<br> **Managed**<br> **Volatility**<br> **Sub-Account** | <br> **MML**<br> **Managed**<br> **Volatility**<br> **Sub-Account** |
|  | **(Service Class)** | | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** |
| **Investment income** |  |  |  |  |  |  |  |  |
| Dividends | $417862 | $38528 | $9570 | $- | $3440400 | $7651698 | $883751 | $189127 |
| **Expenses** |  |  |  |  |  |  |  |  |
| Mortality and expense risk fees and administrative charges | 622686 | 93301 | 191192 | 318608 | 1361249 | 3281432 | 1182373 | 343429 |
| **Net Investment income (loss)** | **(204824)** | **(54773)** | **(181622)** | **(318608)** | **2079151** | **4370266** | **(298622)** | **(154302)** |
| **Net realized and unrealized gain (loss) on investments** | **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Realized gain (loss) on sale of fund shares | 748442 | (102013) | 791173 | 936557 | 907434 | 1767838 | 1534527 | 287461 |
| &nbsp;&nbsp;Realized gain distribution | 3665594 | - | 1686997 | 2540115 | 2006828 | 4834301 | - | - |
| &nbsp;&nbsp;Realized gain (loss) | 4414036 | (102013) | 2478170 | 3476672 | 2914262 | 6602139 | 1534527 | 287461 |
| Change in net unrealized appreciation/depreciation of investments | (1917291) | 858469 | 493408 | 570922 | (5476552) | (12734473) | 7550127 | 2360831 |
| **Net gain (loss) on investments** | **2496745** | **756456** | **2971578** | **4047594** | **(2562290)** | **(6132335)** | **9084654** | **2648292** |
| **Net increase (decrease) in net assets resulting from operations** | **2291921** | **701683** | **2789956** | **3728986** | **(483139)** | **(1762069)** | **8786032** | **2493990** |
| Capital transactions: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Transfers of net premiums | 4289546 | 963607 | 190289 | 2858921 | 830579 | 10819185 | 495995 | 757064 |
| &nbsp;&nbsp;Transfers due to death benefits | (396969) | (30887) | (204860) | (283118) | (2641438) | (745563) | (894172) | (37396) |
| &nbsp;&nbsp;Transfers due to annuity benefit payments | (577) |  | (12240) |  | (280892) | (732) | (263128) |  |
| &nbsp;&nbsp;Transfers due to withdrawal of funds | (6406881) | (563245) | (2073884) | (1515022) | (13897947) | (38838769) | (12506428) | (4158907) |
| &nbsp;&nbsp;Transfers due to loans, net of repayments |  |  | 1810 |  | 5061 |  | (3351) |  |
| &nbsp;&nbsp;Transfers due to cost of insurance | (105268) | 226 | (19100) | (4803) | (276982) | (1181274) | (324718) | (110782) |
| &nbsp;&nbsp;Transfers due to contingent deferred sales charges |  |  | (225) |  | (182) | (85) | (328) |  |
| &nbsp;&nbsp;Transfers due to net charge (credit) to annuitant mortality fluctuation | 51 |  | 3656 |  | 36275 | 64 | 60503 |  |
| &nbsp;&nbsp;Transfers between Sub-Accounts and to/from General Account | 7124345 | 402756 | (497678) | (1115449) | 9733381 | 18844435 | 1959766 | 133957 |
| Net increase (decrease) in net assets resulting from capital transactions | 4504247 | 772457 | (2612232) | (59471) | (6492145) | (11102740) | (11475862) | (3416064) |
| **Total increase (decrease)** | **6796167** | **1474140** | **177724** | **3669515** | **(6975284)** | **(12864808)** | **(2689830)** | **(922074)** |
| **NET ASSETS, at beginning of the year** | **46199752** | **6833772** | **17478633** | **22228571** | **114405900** | **266777188** | **93221623** | **26903885** |
| **NET ASSETS, at end of the year** | $**52995919** | $**8307912** | $**17656357** | $**25898086** | $**107430616** | $**253912380** | $**90531793** | $**25981811** |

---

*See Notes to Financial Statements.*

***Massachusetts Mutual Variable Annuity Separate Account 4***

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

***For The Year Ended December 31, 2021***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>| <br> **MML**<br> **Mid Cap Growth**<br> **Sub-Account** | <br> **MML**<br> **Mid Cap Growth**<br> **Sub-Account** | <br> **MML**<br> **Mid Cap Value**<br> **Sub-Account** | <br> **MML**<br> **Mid Cap Value**<br> **Sub-Account** | **MML**<br> **Moderate**<br> **Allocation**<br> **Sub-Account** | **MML**<br> **Moderate**<br> **Allocation**<br> **Sub-Account** | **MML**<br> **Short-Duration**<br> **Bond**<br> **Sub-Account** | **MML**<br> **Small Cap**<br> **Equity**<br> **Sub-Account** |
|  | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** | | **(Initial Class)** |
| **Investment income** |  |  |  |  |  |  |  |  |
| Dividends | $- | $- | $1893857 | $687354 | $2976509 | $16954350 | $1083343 | $129289 |
| **Expenses** |  |  |  |  |  |  |  |  |
| Mortality and expense risk fees and administrative charges | 1027659 | 1519245 | 1692906 | 700175 | 2796002 | 19723731 | 467688 | 332698 |
| **Net Investment income (loss)** | **(1027659)** | **(1519245)** | **200951** | **(12821)** | **180507** | **(2769381)** | **615655** | **(203409)** |
| **Net realized and unrealized gain (loss) on investments** | **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Realized gain (loss) on sale of fund shares | 2859904 | 2548571 | 3335665 | 525622 | 1882183 | (12101229) | 372662 | 1168803 |
| &nbsp;&nbsp;Realized gain distribution | 17320451 | 25312531 | 3036272 | 1289057 | 7953728 | 55864741 | - | 1751544 |
| &nbsp;&nbsp;Realized gain (loss) | 20180355 | 27861102 | 6371937 | 1814679 | 9835911 | 43763513 | 372662 | 2920347 |
| Change in net unrealized appreciation/depreciation of investments | (9076125) | (13253726) | 20274150 | 8714285 | 12638568 | 109942563 | (782759) | 2902610 |
| **Net gain (loss) on investments** | **11104230** | **14607376** | **26646087** | **10528964** | **22474479** | **153706076** | **(410097)** | **5822957** |
| **Net increase (decrease) in net assets resulting from operations** | **10076571** | **13088131** | **26847038** | **10516143** | **22654986** | **150936695** | **205558** | **5619548** |
| Capital transactions: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Transfers of net premiums | 716142 | 4729492 | 727507 | 2310164 | 2067799 | 20121722 | 2544255 | 220217 |
| &nbsp;&nbsp;Transfers due to death benefits | (1117071) | (3683940) | (1282798) | (484185) | (2558237) | (11972879) | (994075) | (198501) |
| &nbsp;&nbsp;Transfers due to annuity benefit payments | (165432) |  | (356137) |  |  | (1204) | (1056) | (32493) |
| &nbsp;&nbsp;Transfers due to withdrawal of funds | (11750323) | (12385939) | (18806807) | (5892370) | (40070052) | (251481590) | (12408635) | (2616545) |
| &nbsp;&nbsp;Transfers due to loans, net of repayments | 6141 |  | 10050 |  | 48070 |  |  | 3727 |
| &nbsp;&nbsp;Transfers due to cost of insurance | (85290) | (185476) | (359684) | (128547) | (1683226) | (8323040) | 1176 | (28032) |
| &nbsp;&nbsp;Transfers due to contingent deferred sales charges | (1696) |  | (1641) |  | (6) |  |  | (425) |
| &nbsp;&nbsp;Transfers due to net charge (credit) to annuitant mortality fluctuation | 69386 |  | 80256 |  |  | 39 | 456 | 5350 |
| &nbsp;&nbsp;Transfers between Sub-Accounts and to/from General Account | (2033563) | (1195561) | (7776411) | (1902830) | (813556) | (13709208) | 405291 | (1034472) |
| Net increase (decrease) in net assets resulting from capital transactions | (14361706) | (12721424) | (27765665) | (6097768) | (43009208) | (265366160) | (10452588) | (3681174) |
| **Total increase (decrease)** | **(4285135)** | **366707** | **(918627)** | **4418375** | **(20354222)** | **(114429465)** | **(10247030)** | **1938374** |
| **NET ASSETS, at beginning of the year** | **89949266** | **117785877** | **133181143** | **51269948** | **235097461** | **1575429932** | **44272880** | **27259529** |
| **NET ASSETS, at end of the year** | $**85664131** | $**118152584** | $**132262516** | $**55688323** | $**214743239** | $**1461000467** | $**34025850** | $**29197903** |

---

*See Notes to Financial Statements.*

***Massachusetts Mutual Variable Annuity Separate Account 4***

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

***For The Year Ended December 31, 2021***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>| <br> **MML**<br> **Small Cap**<br> **Equity**<br> **Sub-Account** | <br> **MML**<br> **Small Cap**<br> **Growth Equity**<br> **Sub-Account** | <br> **MML**<br> **Small Cap**<br> **Growth Equity**<br> **Sub-Account** | <br> **MML**<br> **Small**<br> **Company Value**<br> **Sub-Account** | <br> **MML**<br> **Small/Mid Cap**<br> **Value**<br> **Sub-Account** | <br> **MML**<br> **Small/Mid Cap**<br> **Value**<br> **Sub-Account** | <br> **MML**<br> **Special**<br> **Situations**<br> **Sub-Account** | **MML**<br> **Strategic**<br> **Emerging**<br> **Markets**<br> **Sub-Account** |
|  | **(Service Class)** | **(Initial Class)** | **(Service Class)** | | **(Initial Class)** | **(Service Class)** | **(Service Class I)** | **(Service Class I)** |
| **Investment income** |  |  |  |  |  |  |  |  |
| Dividends | $79307 | $- | $- | $53636 | $1031577 | $239776 | $- | $- |
| **Expenses** |  |  |  |  |  |  |  |  |
| Mortality and expense risk fees and administrative charges | 368139 | 1152960 | 409807 | 358422 | 1298025 | 344801 | 10851 | 201067 |
| **Net Investment income (loss)** | **(288832)** | **(1152960)** | **(409807)** | **(304786)** | **(266448)** | **(105025)** | **(10851)** | **(201067)** |
| **Net realized and unrealized gain (loss) on investments** | **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Realized gain (loss) on sale of fund shares | 1362781 | 4426498 | 561431 | 264461 | 3092227 | 575022 | 69795 | 655317 |
| &nbsp;&nbsp;Realized gain distribution | 1781357 | 13843401 | 5524202 | 1809070 | - | - | 254680 | 3274119 |
| &nbsp;&nbsp;Realized gain (loss) | 3144138 | 18269899 | 6085633 | 2073531 | 3092227 | 575022 | 324475 | 3929436 |
| Change in net unrealized appreciation/depreciation of investments | 2415161 | (11665770) | (3904454) | 4088928 | 27606118 | 6953903 | (317402) | (5276836) |
| **Net gain (loss) on investments** | **5559299** | **6604129** | **2181179** | **6162459** | **30698345** | **7528925** | **7073** | **(1347400)** |
| **Net increase (decrease) in net assets resulting from operations** | **5270467** | **5451169** | **1771372** | **5857673** | **30431897** | **7423900** | **(3778)** | **(1548467)** |
| Capital transactions: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Transfers of net premiums | 2717382 | 357005 | 2493687 | 1983657 | 490349 | 2555565 | 100912 | 1139754 |
| &nbsp;&nbsp;Transfers due to death benefits | (106481) | (769385) | (201864) | (324447) | (1027532) | (415034) |  | (37527) |
| &nbsp;&nbsp;Transfers due to annuity benefit payments |  | (267678) |  |  | (311645) |  |  |  |
| &nbsp;&nbsp;Transfers due to withdrawal of funds | (2915071) | (11470180) | (3228999) | (2345583) | (12673605) | (2405968) | (160408) | (1489271) |
| &nbsp;&nbsp;Transfers due to loans, net of repayments |  | 3369 |  | 1557 | 3442 |  |  | 1100 |
| &nbsp;&nbsp;Transfers due to cost of insurance | (13656) | (281054) | (41221) | (16155) | (305779) | (54941) |  | (21671) |
| &nbsp;&nbsp;Transfers due to contingent deferred sales charges |  | (280) |  |  | (11) |  |  |  |
| &nbsp;&nbsp;Transfers due to net charge (credit) to annuitant mortality fluctuation |  | 54547 |  |  | 77517 |  |  |  |
| &nbsp;&nbsp;Transfers between Sub-Accounts and to/from General Account | (8352) | 3630364 | 706910 | (816408) | (14959046) | 548526 | 194062 | 1091922 |
| Net increase (decrease) in net assets resulting from capital transactions | (326178) | (8743292) | (271488) | (1517379) | (28706310) | 228148 | 134566 | 684307 |
| **Total increase (decrease)** | **4944289** | **(3292123)** | **1499884** | **4340294** | **1725587** | **7652048** | **130788** | **(864160)** |
| **NET ASSETS, at beginning of the year** | **25344927** | **90992101** | **31164764** | **25549702** | **97698172** | **22292450** | **950460** | **16215171** |
| **NET ASSETS, at end of the year** | $**30289216** | $**87699978** | $**32664648** | $**29889996** | $**99423759** | $**29944498** | $**1081248** | $**15351011** |

---

*See Notes to Financial Statements.*

***Massachusetts Mutual Variable Annuity Separate Account 4***

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

***For The Year Ended December 31, 2021***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **PIMCO** | **VY®** |
|  | | **MML U.S.** | **Commodity** | **Clarion** |
|  | **MML Total** | **Government** | **RealReturn®** | **Global** |
|  | **Return Bond** | **Money Market** | **Strategy** | **Real Estate** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
| **Investment income** |  |  |  |  |
| Dividends | $770079 | $- | $343920 | $348138 |
| **Expenses** |  |  |  |  |
| Mortality and expense risk fees and administrative charges | 586111 | 1279568 | 105660 | 165605 |
| **Net Investment income (loss)** | **183968** | **(1279568)** | **238260** | **182533** |
| **Net realized and unrealized gain (loss) on investments** | **Net realized and unrealized gain (loss) on investments** |  |  |  |
| &nbsp;&nbsp;Realized gain (loss) on sale of fund shares | 253917 | 758 | (88335) | 35208 |
| &nbsp;&nbsp;Realized gain distribution | 2039232 | - | - | - |
| &nbsp;&nbsp;Realized gain (loss) | 2293149 | 758 | (88335) | 35208 |
| Change in net unrealized appreciation/depreciation of investments | (3808341) | (785) | 2091823 | 3455045 |
| **Net gain (loss) on investments** | **(1515192)** | **(28)** | **2003488** | **3490253** |
| **Net increase (decrease) in net assets resulting from operations** | **(1331224)** | **(1279596)** | **2241748** | **3672786** |
| Capital transactions: |  |  |  |  |
| &nbsp;&nbsp;Transfers of net premiums | 6317977 | 7011007 | 112710 | 86276 |
| &nbsp;&nbsp;Transfers due to death benefits | (265862) | (1376137) | (74676) | (51232) |
| &nbsp;&nbsp;Transfers due to annuity benefit payments |  | (60710) | (22554) | (48580) |
| &nbsp;&nbsp;Transfers due to withdrawal of funds | (4995372) | (73227663) | (1286345) | (1632298) |
| &nbsp;&nbsp;Transfers due to loans, net of repayments | 1961 | 14509 | (6276) | 2440 |
| &nbsp;&nbsp;Transfers due to cost of insurance | 3322 | (46133) | (34544) | (46793) |
| &nbsp;&nbsp;Transfers due to contingent deferred sales charges |  | (381) | (8) | (15) |
| &nbsp;&nbsp;Transfers due to net charge (credit) to annuitant mortality fluctuation |  | 4850 | 2317 | 6571 |
| &nbsp;&nbsp;Transfers between Sub-Accounts and to/from General Account | (314408) | 16020192 | 4176 | (936847) |
| Net increase (decrease) in net assets resulting from capital transactions | 747618 | (51660467) | (1305200) | (2620478) |
| **Total increase (decrease)** | **(583606)** | **(52940062)** | **936548** | **1052308** |
| **NET ASSETS, at beginning of the year** | **47980688** | **143711817** | **7627491** | **12571760** |
| **NET ASSETS, at end of the year** | $**47397082** | $**90771755** | $**8564039** | $**13624068** |

---

*See Notes to Financial Statements.*

***Massachusetts Mutual Variable Annuity Separate Account 4***

***Notes To Financial Statements***

 ****

***1.***  ***ORGANIZATION*** 

Massachusetts Mutual Variable Annuity Separate Account 4 ("the Separate Account") is a separate investment account of Massachusetts Mutual Life Insurance Company ("MassMutual") established on July 9, 1998. The Separate Account is registered as a unit investment trust under the Investment Company Act of 1940 ("the 1940 Act").

MassMutual maintains eleven segments within the Separate Account, they are: Panorama Premier, Panorama Passage®, MassMutual Artistry, MassMutual Transitions®, MassMutual Evolution<sup>SM</sup>, MassMutual RetireEase Select<sup>SM</sup>, MassMutual Transitions Select<sup>SM</sup>, MassMutual Equity Edge<sup>SM</sup>, MassMutual Transitions Select<sup>SM</sup> II, MassMutual Capital Vantage® and MassMutual Envision<sup>SM</sup>. Seven of the ten segments within the Separate Account: Panorama Passage®, MassMutual Evolution<sup>SM</sup>, MassMutual RetireEase Select<sup>SM</sup>, MassMutual Transitions Select<sup>SM</sup>, MassMutual EquityEdge<sup>SM</sup>, MassMutual Transitions Select<sup>SM</sup> II and MassMutual Capital Vantage<sup>®</sup> have multiple tiers. The unit values of these tiers differ based on the associated expense ratios.

The assets and liabilities of the Separate Account are clearly identified and distinguished from MassMutual's other assets and liabilities. The Separate Account assets are not chargeable with liabilities arising from any other MassMutual business.

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

---

| | |
|:---|:---|
| ***2.*** | ***INVESTMENT OF THE SEPARATE ACCOUNT'S ASSETS*** |
|  | For the year or period ended December 31, 2022, the Separate Account consists of ninety-nine sub-accounts which invest in the following mutual funds. All of the sub-accounts may not be available to all of the eleven segments of the Separate Account: |

---

---

| |
|:---|
| **Sub-Accounts** |
| BlackRock 60/40 Target Allocation ETF V.I. Sub-Account (Class III) BlackRock 60/40 Target Allocation ETF V.I. Fund (Class III)<sup>7</sup> |
| Delaware Ivy VIP Asset Strategy Sub-Account (Class II)<sup>16</sup> Delaware Ivy VIP Asset Strategy Portfolio (Class II)<sup>6, 16</sup> |
| Fidelity® VIP Contrafund® Sub-Account (Initial Class) Fidelity® VIP Contrafund® Portfolio (Initial Class)<sup>1</sup> |
| Fidelity® VIP Contrafund® Sub-Account (Service Class II) Fidelity® VIP Contrafund® Portfolio (Service Class II)<sup>1</sup> |
| Fidelity® VIP Healthcare Sub-Account<sup>20</sup> Fidelity® VIP Healthcare Fund<sup>1, 20</sup> |
| Fidelity® VIP Real Estate Sub-Account<sup>20</sup> Fidelity® VIP Real Estate Fund<sup>1, 20</sup> |
| Fidelity® VIP Strategic Income Sub-Account<sup>20</sup> Fidelity® VIP Strategic Income Fund<sup>1, 20</sup> |
| Invesco Oppenheimer V.I. International Growth Sub-Account (Series I) Invesco Oppenheimer V.I. International Growth Fund (Series I)<sup>3</sup> |
| Invesco Oppenheimer V.I. International Growth Sub-Account (Series II) Invesco Oppenheimer V.I. International Growth Fund (Series II)<sup>3</sup> |
| Invesco V.I. Capital Appreciation Sub-Account (Series I)<sup>8</sup> Invesco V.I. Capital Appreciation Fund (Series I)<sup>3, 8</sup> |
| Invesco V.I. Capital Appreciation Sub-Account (Series II)<sup>8</sup> Invesco V.I. Capital Appreciation Fund (Series II)<sup>3, 8</sup> |
| Invesco V.I. Conservative Balanced Sub-Account (Series I)<sup>9</sup> Invesco V.I. Conservative Balanced Fund (Series I)<sup>3, 9</sup> |
| Invesco V.I. Conservative Balanced Sub-Account (Series II)<sup>9</sup> Invesco V.I. Conservative Balanced Fund (Series II)<sup>3, 9</sup> |
| Invesco V.I. Core Plus Bond Sub-Account<sup>10</sup> Invesco V.I. Core Plus Bond Fund<sup>3, 10, 22</sup> |
| Invesco V.I. Discovery Mid Cap Growth Sub-Account (Series I)<sup>11</sup> Invesco V.I. Discovery Mid Cap Growth Fund (Series I)<sup>3, 11</sup> |
| Invesco V.I. Discovery Mid Cap Growth Sub-Account (Series II)<sup>11</sup> Invesco V.I. Discovery Mid Cap Growth Fund (Series II)<sup>3, 11</sup> |
| Invesco V.I. Diversified Dividend Sub-Account (Series I) Invesco V.I. Diversified Dividend Fund (Series I)<sup>3</sup> |
| Invesco V.I. Diversified Dividend Sub-Account (Series II) Invesco V.I. Diversified Dividend Fund (Series II)<sup>3</sup> |
| Invesco V.I. Global Sub-Account (Series I)<sup>12</sup> Invesco V.I. Global Fund (Series I)<sup>3, 12</sup> |
| Invesco V.I. Global Sub-Account (Series II)<sup>12</sup> Invesco V.I. Global Fund (Series II)<sup>3, 12</sup> |
| Invesco V.I. Global Strategic Income Sub-Account (Series I)<sup>13</sup> Invesco V.I. Global Strategic Income Fund (Series I)<sup>3, 13</sup> |
| Invesco V.I. Global Strategic Income Sub-Account (Series II)<sup>13</sup> Invesco V.I. Global Strategic Income Fund (Series II)<sup>3, 13</sup> |
| Invesco V.I. Health Care Sub-Account (Series I) Invesco V.I. Health Care Fund (Series I)<sup>3</sup> |
| Invesco V.I. Health Care Sub-Account (Series II) Invesco V.I. Health Care Fund (Series II)<sup>3</sup> |
| Invesco V.I. Main Street Sub-Account (Series I)<sup>14</sup> Invesco V.I. Main Street Fund® (Series I)<sup>3, 14</sup> |
| Invesco V.I. Main Street Sub-Account (Series II)<sup>14</sup> Invesco V.I. Main Street Fund® (Series II)<sup>3, 14</sup> |
| Invesco V.I. Technology Sub-Account (Series I) Invesco V.I. Technology Fund (Series I)<sup>3</sup> |
| Invesco V.I. Technology Sub-Account (Series II) Invesco V.I. Technology Fund (Series II)<sup>3</sup> |
| Invesco V.I. U.S. Government Money Sub-Account<sup>15</sup> Invesco V.I. U.S. Government Money Fund<sup>3, 15</sup> |
| Janus Henderson Global Technology and Innovation Sub-Account<sup>20</sup> Janus Henderson Global Technology and Innovation Fund<sup>20, 23</sup> |
| MML Aggressive Allocation Sub-Account (Initial Class) MML Aggressive Allocation Fund (Initial Class)<sup>4</sup> |
| MML Aggressive Allocation Sub-Account (Service Class) MML Aggressive Allocation Fund (Service Class)<sup>4</sup> |
| MML American Funds Core Allocation Sub-Account MML American Funds Core Allocation Fund<sup>4</sup> |
| MML American Funds Growth Sub-Account MML American Funds Growth Fund<sup>4</sup> |
| MML American Funds International Sub-Account MML American Funds International Fund<sup>4, 21</sup> |
| MML Balanced Allocation Sub-Account (Initial Class) MML Balanced Allocation Fund (Initial Class) <sup>4</sup> |

---

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

---

| |
|:---|
| MML Balanced Allocation Sub-Account (Service Class) |
| MML Blend Sub-Account (Initial Class) MML Blend Fund (Initial Class)<sup>4</sup> |
| MML Blend Sub-Account (Service Class) MML Blend Fund (Service Class)<sup>4</sup> |
| MML Blue Chip Growth Sub-Account (Initial Class) MML Blue Chip Growth Fund (Initial Class)<sup>4</sup> |
| MML Blue Chip Growth Sub-Account (Service Class) MML Blue Chip Growth Fund (Service Class)<sup>4</sup> |
| MML Conservative Allocation Sub-Account (Initial Class) MML Conservative Allocation Fund (Initial Class)<sup>4</sup> |
| MML Conservative Allocation Sub-Account (Service Class) MML Conservative Allocation Fund (Service Class)<sup>4</sup> |
| MML Dynamic Bond Sub-Account (Service Class I) MML Dynamic Bond Fund (Service Class I)<sup>4</sup> |
| MML Equity Sub-Account (Initial Class) MML Equity Fund (Initial Class)<sup>4</sup> |
| MML Equity Sub-Account (Service Class) MML Equity Fund (Service Class)<sup>4</sup> |
| MML Equity Income Sub-Account (Initial Class) MML Equity Income Fund (Initial Class)<sup>4</sup> |
| MML Equity Income Sub-Account (Service Class) MML Equity Income Fund (Service Class)<sup>4</sup> |
| MML Equity Index Sub-Account (Class I) MML Equity Index Fund (Class I)<sup>4</sup> |
| MML Equity Index Sub-Account (Service Class I) MML Equity Index Fund (Service Class I)<sup>4</sup> |
| MML Equity Momentum Sub-Account (Service Class I) MML Equity Momentum Fund (Service Class I)<sup>4, 21</sup> |
| MML Equity Rotation Sub-Account (Service Class I) MML Equity Rotation Fund (Service Class I)<sup>4</sup> |
| MML Focused Equity Sub-Account MML Focused Equity Fund (Initial Class)<sup>4</sup> |
| MML Foreign Sub-Account (Initial Class) MML Foreign Fund (Initial Class)<sup>4</sup> |
| MML Foreign Sub-Account (Service Class) MML Foreign Fund (Service Class)<sup>4</sup> |
| MML Fundamental Equity Sub-Account MML Fundamental Equity Fund (Initial Class)<sup>4</sup> |
| MML Fundamental Value Sub-Account MML Fundamental Value Fund (Initial Class)<sup>4</sup> |
| MML Global Sub-Account (Class I) MML Global Fund (Class I)<sup>4</sup> |
| MML Global Sub-Account (Class II) MML Global Fund (Class II)<sup>4</sup> |
| MML Global Sub-Account (Service Class I) MML Global Fund (Service Class I)<sup>4</sup> |
| MML Growth Allocation Sub-Account (Initial Class) MML Growth Allocation Fund (Initial Class)<sup>4</sup> |
| MML Growth Allocation Sub-Account (Service Class) MML Growth Allocation Fund (Service Class)<sup>4</sup> |
| MML High Yield Sub-Account MML High Yield Fund<sup>4</sup> |
| MML Income & Growth Sub-Account (Initial Class) MML Income & Growth Fund (Initial Class)<sup>4</sup> |
| MML Income & Growth Sub-Account (Service Class) MML Income & Growth Fund (Service Class)<sup>4</sup> |
| MML Inflation-Protected and Income Sub-Account (Initial Class) MML Inflation-Protected and Income Fund (Initial Class)<sup>4</sup> |
| MML Inflation-Protected and Income Sub-Account (Service Class) MML Inflation-Protected and Income Fund (Service Class)<sup>4</sup> |
| MML International Equity Sub-Account MML International Equity Fund<sup>4</sup> |
| MML iShares 60/40 Allocation Sub-Account<sup>20</sup> MML iShares 60/40 Allocation Fund<sup>4, 20</sup> |
| MML iShares 80/20 Allocation Sub-Account<sup>20</sup> MML iShares 80/20 Allocation Fund<sup>4, 20</sup> |
| MML Large Cap Growth Sub-Account (Initial Class) MML Large Cap Growth Fund (Initial Class)<sup>4</sup> |
| MML Large Cap Growth Sub-Account (Service Class) MML Large Cap Growth Fund (Service Class)<sup>4</sup> |
| MML Managed Bond Sub-Account (Initial Class) MML Managed Bond Fund (Initial Class)<sup>4</sup> |
| MML Managed Bond Sub-Account (Service Class) MML Managed Bond Fund (Service Class)<sup>4</sup> |
| MML Managed Volatility Sub-Account (Initial Class) MML Managed Volatility Fund (Initial Class)<sup>4</sup> |
| MML Managed Volatility Sub-Account (Service Class) MML Managed Volatility Fund (Service Class)<sup>4</sup> |
| MML Mid Cap Growth Sub-Account (Initial Class) MML Mid Cap Growth Fund (Initial Class)<sup>4</sup> |
| MML Mid Cap Growth Sub-Account (Service Class) MML Mid Cap Growth Fund (Service Class)<sup>4</sup> |
| MML Mid Cap Value Sub-Account (Initial Class) MML Mid Cap Value Fund (Initial Class)<sup>4</sup> |
| MML Mid Cap Value Sub-Account (Service Class) MML Mid Cap Value Fund (Service Class)<sup>4</sup> |
| MML Moderate Allocation Sub-Account (Initial Class) MML Moderate Allocation Fund (Initial Class)<sup>4</sup> |
| MML Moderate Allocation Sub-Account (Service Class) MML Moderate Allocation Fund (Service Class)<sup>4</sup> |

---

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

---

| |
|:---|
| MML Short-Duration Bond Sub-Account |
| MML Small Cap Equity Sub-Account (Initial Class) MML Small Cap Equity Fund (Initial Class)<sup>4</sup> |
| MML Small Cap Equity Sub-Account (Service Class) MML Small Cap Equity Fund (Service Class)<sup>4</sup> |
| MML Small Cap Growth Equity Sub-Account (Initial Class) MML Small Cap Growth Equity Fund (Initial Class)<sup>4</sup> |
| MML Small Cap Growth Equity Sub-Account (Service Class) MML Small Cap Growth Equity Fund (Service Class)<sup>4</sup> |
| MML Small Company Value Sub-Account MML Small Company Value Fund<sup>4</sup> |
| MML Small/Mid Cap Value Sub-Account (Initial Class) MML Small/Mid Cap Value Fund (Initial Class)<sup>4</sup> |
| MML Small/Mid Cap Value Sub-Account (Service Class) MML Small/Mid Cap Value Fund (Service Class)<sup>4</sup> |
| MML Special Situations Sub-Account (Service Class I) MML Special Situations Fund (Service Class I)<sup>4, 21</sup> |
| MML Strategic Emerging Markets Sub-Account (Service Class I) MML Strategic Emerging Markets Fund (Service Class I)<sup>4</sup> |
| MML Sustainable Equity Sub-Account (Initial Class)<sup>17</sup> MML Sustainable Equity Fund (Initial Class)<sup>4, 17</sup> |
| MML Sustainable Equity Sub-Account (Service Class)<sup>18</sup> MML Sustainable Equity Fund (Service Class)<sup>4, 18</sup> |
| MML Total Return Bond Sub-Account MML Total Return Bond Fund<sup>4</sup> |
| MML U.S. Government Money Market Sub-Account MML U.S. Government Money Market Fund<sup>4</sup> |
| PIMCO CommodityRealReturn® Strategy Sub-Account PIMCO CommodityRealReturn® Strategy Portfolio<sup>5</sup> |
| PIMCO Income Sub-Account<sup>20</sup> PIMCO Income Fund<sup>5, 20</sup> |
| VY® CBRE Global Real Estate Sub-Account<sup>19</sup> VY® CBRE Global Real Estate Fund<sup>2, 19</sup> |

---

---

| |
|:---|
| In addition to the ninety-nine sub-accounts, some contract owners may also allocate funds to the Fixed Interest Account ("FIA"), which is part of MassMutual's general investment account ("General Account"). Because of exemptive and exclusionary provisions in the securities law, interests in the FIA are not registered under the Securities Act of 1933, and the General Account and the FIA are not registered as an investment company under the 1940 Act. |
| <sup>1</sup>Fidelity Management & Research Company LLC is the investment adviser to this Portfolio. |
| <sup>2</sup>Voya Investments, LLC is the investment adviser to this Portfolio. |
| <sup>3</sup>Invesco Advisers, Inc. is the investment adviser to this Fund. |
| <sup>4</sup>MML Investment Advisers, LLC is the investment adviser to this Fund. |
| <sup>5</sup>Pacific Investment Management Company LLC is the investment adviser to this Portfolio. |
| <sup>6</sup>Delaware Management Company, a series of Macquarie Investment Management Business Trust, is the investment adviser to this Portfolio. |
| <sup>7</sup>BlackRock Advisors, LLC is the investment adviser for this Fund. |
| <sup>8</sup>Prior to April 30, 2021, known as Invesco Oppenheimer V.I. Capital Appreciation Sub-Account/Fund. |
| <sup>9</sup>Prior to April 30, 2021, known as Invesco Oppenheimer V.I. Conservative Balanced Sub-Account/Fund. |
| <sup>10</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 Fund in exchange of 1 share of Invesco V.I Core Bond Fund. As a result of the underlying fund merger, the subaccount name changed from Invesco V.I. Core Bond to Invesco V.I. Core Plus Bond. |
| <sup>11</sup>Prior to April 30, 2021, known as Invesco Oppenheimer V.I. Discovery Mid Cap Growth Sub-Account/Fund. |
| <sup>12</sup>Prior to April 30, 2021, known as Invesco Oppenheimer V.I. Global Sub-Account/Fund. |
| <sup>13</sup>Prior to April 30, 2021, known as Invesco Oppenheimer V.I. Global Strategic Income Sub-Account/Fund. |
| <sup>14</sup>Prior to April 30, 2021, known as Invesco Oppenheimer V.I. Main Street Sub-Account/Fund®. |
| <sup>15</sup>Prior to April 30, 2021, known as Invesco Oppenheimer V.I. Government Money Sub-Account/Fund. |
| <sup>16</sup>Prior to July 1, 2021, known as Delaware Ivy VIP Asset Strategy Sub-Account/Fund. |
| <sup>17</sup>Prior to April 29, 2022, known as MML Growth & Income Sub-Account/Fund (Initial Class). |
| <sup>18</sup>Prior to April 29, 2022, known as MML Growth & Income Sub-Account/Fund (Service Class). |
| <sup>19</sup>Prior to May 1, 2022, known as VY® Clarion Global Real Estate Sub-Account/Fund. |
| <sup>20</sup>This Sub-Account/Fund became available to the Separate Account as an investment option on February 28, 2022. |
| <sup>21</sup>Effective November 4, 2022, this Sub-Account liquidated and any contract value in the Sub-Account after the close of the New York Stock Exchange on November 4, 2022 was automatically transferred to the MML U.S. Government Money Market Sub-Account. |
| <sup>22</sup>This Sub-Account/Fund became available to the Separate Account as an investment option on April 29, 2022. |
| <sup>23</sup>Janus Henderson Investors US, LLC is the investment adviser to this Fund. |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;***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 generally accepted accounting principles. Separate Account Massachusetts Mutual Variable Annuity Separate Account 4 follows the accounting and reporting guidance in FASB Accounting Standards Codification 946.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Investment Valuation** 

Investments in the underlying funds held by each 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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 investment funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Federal Income Taxes** 

MassMutual 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 contracts, which depend on the Separate Account's investment performance. Accordingly, no provision for federal income tax has been made. MassMutual may, however, make such a charge in the future if an unanticipated change of current law results in a tax liability attributable to the Separate Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Contract Charges** 

See Note 8B for charges associated with the contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Estimates** 

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Loans** 

If the certificate is a tax-sheltered annuity ("TSA"), the participants may be able to take a loan under their certificate. All such loans must conform to the requirements of the Internal Revenue Code. There are limitations on the amount of the loan the participants can take, and there is a required loan repayment schedule. When a loan is made, the Separate Account transfers the amount of the loan to MassMutual, thereby decreasing both the investments and net assets of the Separate Account by an equal amount. The contract owner is charged interest on the outstanding loan amount based on the interest rate then in effect.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Annuitant Mortality Fluctuation** 

The Separate Account contributes to an Annuitant Mortality Fluctuation Fund (AMFF) reserve maintained by MassMutual as required by regulatory authorities to provide for mortality losses incurred. The AMFF reserve is adjusted quarterly for mortality losses and gains and its proportionate share of changes in value. Transfers to or from MassMutual are then made quarterly to adjust the AMFF reserve which is held in the Separate Account. Net transfers from the Separate Account to MassMutual totaled $1,031,370 and $1,453,935 for the years ended December 31, 2022 and 2021, respectively. The AMFF reserve is subject to a maximum of 3% of the Separate Account's annuity reserves. Any mortality losses in excess of this reserve will be borne by MassMutual. The AMFF reserve is not available to owners of the contracts except to the extent necessary to cover mortality losses under the contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H.** **Annuity Reserves** 

Annuity reserves are developed by using accepted actuarial methods and are computed using the 1994 MGDB table, except for the MassMutual RetireEase Select SM Segment which uses the Annuity 2000 table.

&nbsp;&nbsp;&nbsp;&nbsp;***4.***  ***FAIR VALUE OF FINANCIAL INSTRUMENTS*** 

The Separate Account 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:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **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)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **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, 2022. There have been no transfers between levels for the year ended December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;***5.***  ***RELATED PARTY TRANSACTIONS*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Sales Agreements** 

The contracts currently being offered are sold by both registered representatives of MML Investors Services, LLC ("MMLIS"), a subsidiary of MassMutual, and by registered representatives of other broker-dealers who have entered into distribution agreements with MML Strategic Distributors, LLC ("MSD"), a subsidiary of MassMutual. Pursuant to separate underwriting agreements with MassMutual, on its own behalf and on behalf of the Separate Account, MMLIS serves as principal underwriter of the contracts sold by its registered representatives and MSD serves as principal underwriter of the contracts sold by registered representatives of other broker-dealers who have entered into distribution agreements with MSD.

Both MMLIS and MSD are registered with the Securities and Exchange Commission (the "SEC") as broker-dealers under the Securities and Exchange Act of 1934 and are members of the Financial Industry

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

Regulatory Authority ("FINRA"). Commissions for sales of contracts by MMLIS registered representatives are paid on behalf of MMLIS to its registered representatives. Commissions for sales of contracts by registered representatives of other broker-dealers are paid on behalf of MSD to those broker-dealers. MMLIS and MSD also receive compensation for their actions as principal underwriters of the contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Receivable from/Payable to MassMutual** 

Certain fees such as mortality and expense risk fees are charges paid between the General Account and Separate Account. The General Account is not registered as an investment company under the 1940 Act.

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

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| | |
|:---|:---|
| ***6.*** | ***PURCHASES AND SALES OF INVESTMENTS*** |
|  | The cost of purchases and proceeds from sales of investments for each of the years or periods in the two-year period ended December 31, 2022 were as follows: |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **BlackRock**<br>**60/40 Target**<br>**Allocation**<br>**ETF V.I.**<br>**Sub-Account** | **Delaware**<br>**Ivy VIP**<br>**Asset**<br>**Strategy**<br>**Sub-Account** |<br>**Fidelity®**<br> **VIP**<br>**Contrafund®**<br>**Sub-Account** |<br>**Fidelity®**<br> **VIP**<br>**Contrafund®**<br>**Sub-Account** |<br>**Fidelity®**<br> **VIP**<br>**Healthcare**<br>**Sub-Account** |<br>**Fidelity®**<br> **VIP**<br>**Real Estate**<br>**Sub-Account** | **Fidelity®**<br> **VIP**<br>**Strategic**<br>**Income**<br>**Sub-Account** | **Invesco**<br>**Oppenheimer V.I.**<br>**International**<br>**Growth**<br>**Sub-Account** |
|  | **(Class III)** | **(Class II)** | **(Initial Class)** | **(Service Class 2)** | | | | **(Series I)** |
| **<u>2022</u>** |  |  |  |  |  |  |  |  |
| Cost of purchases | $2554902 | $1954988 | $19530330 | $26001389 | $466103 | $196967 | $222268 | $5484471 |
| Proceeds from sales | (1532645) | (1398464) | (27667404) | (28841489) | (20092) | (12874) | (11301) | (2122186) |
|  | **Invesco**<br> **Oppenheimer V.I.**<br> **International**<br> **Growth** | <br> **Invesco V.I.**<br> **Capital**<br> **Appreciation** | <br> **Invesco V.I.**<br> **Capital**<br> **Appreciation** | <br> **Invesco V.I.**<br> **Conservative**<br> **Balanced** | <br> **Invesco V.I.**<br> **Conservative**<br> **Balanced** | <br> **Invesco V.I.**<br> **Core Plus**<br> **Bond** | <br> **Invesco V.I.**<br> **Discovery**<br> **Mid Cap Growth** | <br> **Invesco V.I.**<br> **Discovery**<br> **Mid Cap Growth** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **(Series II)** | **(Series I)** | **(Series II)** | **(Series I)** | **(Series II)** |  | **(Series I)** | **(Series II)** |
| **<u>2022 (Continued)</u>** |  |  |  |  |  |  |  |  |
| Cost of purchases | $6848332 | $51714769 | $3351030 | $568390 | $4349 | $61719 | $33352710 | $10410476 |
| Proceeds from sales | (3604668) | (18815019) | (2414713) | (551694) | (1719) | (108656) | (15136294) | (3456290) |
|  | **Invesco V.I.**<br> **Diversified**<br> **Dividend** | **Invesco V.I.**<br> **Diversified**<br> **Dividend** | <br> **Invesco V.I.**<br> **Global** | <br> **Invesco V.I.**<br> **Global** | **Invesco V.I.**<br> **Global Strategic** <br> **Income** | **Invesco V.I.**<br> **Global Strategic** <br> **Income** | <br> **Invesco V.I.**<br> **Health Care** | <br> **Invesco V.I.**<br> **Health Care** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **(Series I)** | **(Series II)** | **(Series I)** | **(Series II)** | **(Series I)** | **(Series II)** | **(Series I)** | **(Series II)** |
| **<u>2022 (Continued)</u>** |  |  |  |  |  |  |  |  |
| Cost of purchases | $1070403 | $2427901 | $36265118 | $14735294 | $1462361 | $1661279 | $1724667 | $1973266 |
| Proceeds from sales | (635538) | (2625659) | (18294943) | (8573412) | (22958183) | (9385500) | (1333797) | (2072156) |
|  | <br>**Invesco V.I.**<br> **Main Street** | <br>**Invesco V.I.**<br> **Main Street** | <br>**Invesco V.I.**<br> **Technology** | <br>**Invesco V.I.**<br> **Technology** | <br> **Invesco V.I.**<br> **U.S. Government**<br> **Money** | **Janus Henderson**<br> **Global**<br> **Technology and**<br> **Innovation** | <br> **MML**<br> **Aggressive**<br> **Allocation** | <br> **MML**<br> **Aggressive**<br> **Allocation** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **(Series I)** | **(Series II)** | **(Series I)** | **(Series II)** |  |  | **(Initial Class)** | **(Service Class)** |
| **<u>2022 (Continued)</u>** |  |  |  |  |  |  |  |  |
| Cost of purchases | $11880801 | $9213436 | $2972065 | $3686465 | $1799306 | $308876 | $6616890 | $15694788 |
| Proceeds from sales | (3231854) | (3069684) | (1086351) | (1695172) | (911914) | (7182) | (6372038) | (14242336) |

---

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **MML**<br> **American**<br> **Funds**<br> **Core Allocation**<br>**Sub-Account** | **MML**<br> **American**<br> **Funds**<br> **Growth**<br>**Sub-Account** | **MML**<br> **American**<br> **Funds**<br> **International**<br>**Sub-Account** | <br> **MML**<br> **Balanced**<br> **Allocation**<br>**Sub-Account** | <br> **MML**<br> **Balanced**<br> **Allocation**<br>**Sub-Account** | <br>**MML**<br> **Blend**<br>**Sub-Account** | <br>**MML**<br> **Blend**<br>**Sub-Account** | <br> **MML**<br> **Blue Chip**<br> **Growth**<br>**Sub-Account** |
|  | | | | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Initial Class)** |
| **<u>2022 (Continued)</u>** | | | | | | | | |
| Cost of purchases | $89150126 | $67760877 | $11432359 | $9445043 | $43519050 | $3384137 | $20536198 | $10250701 |
| Proceeds from sales | (125972442) | (29766249) | (45881582) | (11530443) | (54716996) | (8178825) | (22781897) | (6428670) |
|  | **MML**<br> **Blue Chip**<br> **Growth** | **MML**<br> **Conservative**<br> **Allocation** | **MML**<br> **Conservative**<br> **Allocation** | **MML**<br> **Dynamic**<br> **Bond** | <br> **MML**<br> **Equity** | <br> **MML**<br> **Equity** | <br> **MML**<br> **Equity Income** | <br> **MML**<br> **Equity Income** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Service Class I)** | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** |
| **<u>2022 (Continued)</u>** |  |  |  |  |  |  |  |  |
| Cost of purchases | $37056942 | $12533107 | $54734471 | $2054803 | $4223062 | $15041650 | $20682784 | $19972536 |
| Proceeds from sales | (16962130) | (11026002) | (60085271) | (1337379) | (3007175) | (16216399) | (30299903) | (14179879) |
|  | **MML** | **MML** | **MML** | **MML** | **MML** |  |  | **MML** |
|  | **Equity** | **Equity** | **Equity** | **Equity** | **Focused** | **MML** | **MML** | **Fundamental** |
|  | **Index** | **Index** | **Momentum** | **Rotation** | **Equity** | **Foreign** | **Foreign** | **Equity** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **(Class I)** | **(Service Class I)** | **(Service Class I)** | **(Service Class I)** |  | **(Initial Class)** | **(Service Class)** |  |
| **<u>2022 (Continued)</u>** |  |  |  |  |  |  |  |  |
| Cost of purchases | $3242008 | $3436157 | $204346 | $394392 | $6176006 | $15634948 | $3384898 | $6445554 |
| Proceeds from sales | (4539481) | (9390034) | (2082896) | (440874) | (3812436) | (16120202) | (892376) | (3169846) |
|  | **MML** |  |  |  | **MML** | **MML** |  | **MML** |
|  | **Fundamental** | **MML** | **MML** | **MML** | **Growth** | **Growth** | **MML** | **Income** |
|  | **Value** | **Global** | **Global** | **Global** | **Allocation** | **Allocation** | **High Yield** | **& Growth** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  |  | **(Class I)** | **(Class II)** | **(Service Class I)** | **(Initial Class)** | **(Service Class)** |  | **(Initial Class)** |
| **<u>2022 (Continued)</u>** |  |  |  |  |  |  |  |  |
| Cost of purchases | $9587638 | $3032074 | $2793891 | $15971617 | $46352243 | $104254279 | $6534691 | $3482994 |
| Proceeds from sales | (4509080) | (430278) | (323025) | (2149574) | (39876876) | (83485586) | (8478491) | (2983621) |

---

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |<br>**MML**<br>**Income**<br>**& Growth**<br>**Sub-Account** | **MML**<br>**Inflation-**<br>**Protected**<br>**and Income**<br>**Sub-Account** | **MML**<br>**Inflation-**<br>**Protected**<br>**and Income**<br>**Sub-Account** |<br>**MML**<br>**International**<br>**Equity**<br>**Sub-Account** |<br>**MML**<br>**iShares 60/40**<br>**Allocation**<br>**Sub-Account** |<br>**MML**<br>**iShares 80/20**<br>**Allocation**<br>**Sub-Account** |<br>**MML**<br>**Large Cap**<br>**Growth**<br>**Sub-Account** |<br>**MML**<br>**Large Cap**<br>**Growth**<br>**Sub-Account** |
|  | **(Service Class)** | **(Initial Class)** | **(Service Class)** | | | | **(Initial Class)** | **(Service Class)** |
| **<u>2022 (Continued)</u>** | | | | | | | | |
| Cost of purchases | $6170988 | $12921559 | $13137631 | $2360905 | $6124696 | $21027372 | $1653896 | $3773297 |
| Proceeds from sales | (5339118) | (25284905) | (11080559) | (1220916) | (687112) | (1138800) | (2085471) | (2489083) |
|  | **MML**<br> **Managed**<br> **Bond** | **MML**<br> **Managed**<br> **Bond** | **MML**<br> **Managed**<br> **Volatility** | **MML**<br> **Managed**<br> **Volatility** | <br> **MML**<br> **Mid Cap Growth** | <br> **MML**<br> **Mid Cap Growth** | <br> **MML**<br> **Mid Cap Value** | <br> **MML**<br> **Mid Cap Value** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** |
| **<u>2022 (Continued)</u>** |  |  |  |  |  |  |  |  |
| Cost of purchases | $6084626 | $14274715 | $1114622 | $1577667 | $19859720 | $33163456 | $30331014 | $19179135 |
| Proceeds from sales | (18263237) | (42351971) | (17529263) | (5151220) | (8512086) | (12452152) | (27522781) | (9903303) |
|  | **MML**<br> **Moderate**<br> **Allocation** | **MML**<br> **Moderate**<br> **Allocation** | **MML**<br> **Short-Duration**<br> **Bond** | **MML**<br> **Small Cap**<br> **Equity** | **MML**<br> **Small Cap**<br> **Equity** | **MML**<br> **Small Cap**<br> **Growth Equity** | **MML**<br> **Small Cap**<br> **Growth Equity** | **MML**<br> **Small**<br> **Company Value** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **(Initial Class)** | **(Service Class)** |  | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** |  |
| **<u>2022 (Continued)</u>** |  |  |  |  |  |  |  |  |
| Cost of purchases | $25447152 | $159930784 | $7020660 | $3259130 | $4921625 | $24985559 | $9904791 | $15923749 |
| Proceeds from sales | (26004262) | (221794394) | (8076198) | (3501051) | (3616982) | (12597778) | (4310658) | (3460791) |
|  | <br> **MML**<br> **Small/Mid Cap**<br> **Value** | <br> **MML**<br> **Small/Mid Cap**<br> **Value** | <br> **MML**<br> **Special**<br> **Situations** | **MML**<br> **Strategic**<br> **Emerging**<br> **Markets** | <br> **MML**<br> **Sustainable**<br> **Equity** | <br> **MML**<br> **Sustainable**<br> **Equity** | <br>**MML Total**<br> **Return Bond** | <br> **MML U.S.** <br> **Government**<br> **Money Market** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **(Initial Class)** | **(Service Class)** | **(Service Class I)** | **(Service Class I)** | **(Initial Class)** | **(Service Class)** |  |  |
| **<u>2022 (Continued)</u>** |  |  |  |  |  |  |  |  |
| Cost of purchases | $24794452 | $9057098 | $84719 | $5875571 | 10274803 | 9959031 | 3866228 | 96739029 |
| Proceeds from sales | (13733662) | (3540318) | (803058) | (1824764) | (7928875) | (6105886) | (8045100) | (56206203) |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **PIMCO**<br>**Commodity**<br>**RealReturn®**<br>**Strategy**<br>**Sub-Account** |<br>**PIMCO**<br>**Income**<br>**Sub-Account** | **VY®**<br>**CBRE**<br>**Global**<br>**Real Estate**<br>**Sub-Account** |
| **<u>2022 (Continued)</u>** |  |  |  |
| Cost of purchases | $5833550 | $854640 | $1511554 |
| Proceeds from sales | (3883899) | (8450) | (1794455) |

---

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **BlackRock**<br> **60/40 Target**<br> **Allocation** <br> **ETF V.I.**<br>**Sub-Account** | **Delaware**<br> **Ivy VIP**<br> **Asset**<br> **Strategy**<br>**Sub-Account** | <br> **Fidelity®**<br> **VIP**<br> **Contrafund®**<br>**Sub-Account** | <br> **Fidelity®**<br> **VIP**<br> **Contrafund®**<br>**Sub-Account** | **Invesco**<br> **Oppenheimer V.I.**<br> **International**<br> **Growth**<br>**Sub-Account** | **Invesco**<br> **Oppenheimer V.I.**<br> **International**<br> **Growth**<br>**Sub-Account** | <br> **Invesco V.I.**<br> **Capital**<br> **Appreciation**<br>**Sub-Account** | <br> **Invesco V.I.**<br> **Capital**<br> **Appreciation**<br>**Sub-Account** |
|  | **(Class III)** | | **(Initial Class)** | **(Service Class 2)** | **(Series II)** | **(Series I)** | **(Series II)** | **(Series I)** |
| **<u>2021</u>** |  |  |  |  |  |  |  |  |
| Cost of purchases | $10271456 | $2337178 | $35814155 | $54790090 | $3834229 | $3349344 | $1111258 | $13197683 |
| Proceeds from sales | (579305) | (2035650) | (52581503) | (34432830) | (3866414) | (6951153) | (2824975) | (37574421) |
|  | **Invesco V.I.**<br> **Conservative**<br> **Balanced** | **Invesco V.I.**<br> **Conservative**<br> **Balanced** | **Invesco V.I.**<br> **Core**<br> **Bond** | **Invesco V.I.**<br> **Discovery**<br> **Mid Cap Growth** | **Invesco V.I.**<br> **Discovery**<br> **Mid Cap Growth** | **Invesco V.I.**<br> **Diversified**<br> **Dividend** | **Invesco V.I.**<br> **Diversified**<br> **Dividend** | <br> **Invesco V.I.**<br> **Global** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **(Series II)** | **(Series I)** |  | **(Series II)** | **(Series I)** | **(Series I)** | **(Series II)** | **(Series II)** |
| **<u>2021 (Continued)</u>** |  |  |  |  |  |  |  |  |
| Cost of purchases | $3660 | $562974 | $127033 | $9517987 | $15068854 | $693835 | $802653 | $7790725 |
| Proceeds from sales | (27310) | (893264) | (217803) | (5101156) | (23592430) | (2982808) | (2052332) | (13116231) |
|  |  | **Invesco V.I.** | **Invesco V.I.** |  |  |  |  |  |
|  | **Invesco V.I.** | **Global Strategic** | **Global Strategic** | **Invesco V.I.** | **Invesco V.I.** | **Invesco V.I.** | **Invesco V.I.** | **Invesco V.I.** |
|  | **Global** | **Income** | **Income** | **Health Care** | **Health Care** | **Main Street** | **Main Street** | **Technology** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **(Series I)** | **(Series II)** | **(Series I)** | **(Series I)** | **(Series II)** | **(Series II)** | **(Series I)** | **(Series I)** |
| **<u>2021 (Continued)</u>** |  |  |  |  |  |  |  |  |
| Cost of purchases | $14565193 | $9423614 | $25720456 | $1692100 | $1888644 | $3999973 | $2906100 | $1593935 |
| Proceeds from sales | (32110098) | (8661781) | (24624758) | (1722900) | (2644411) | (3160976) | (4980873) | (1623543) |
|  | <br>**Invesco V.I.**<br> **Technology** | <br> **Invesco V.I.**<br> **U.S. Government**<br> **Money** | <br> **MML**<br> **Aggressive**<br> **Allocation** | <br> **MML**<br> **Aggressive**<br> **Allocation** | **MML**<br> **American**<br> **Funds**<br> **Core Allocation** | **MML**<br> **American**<br> **Funds**<br> **Growth** | **MML**<br> **American**<br> **Funds**<br> **International** | <br> **MML**<br> **Balanced**<br> **Allocation** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **(Series II)** |  | **(Initial Class)** | **(Service Class)** |  |  |  | **(Initial Class)** |
| **<u>2021 (Continued)</u>** |  |  |  |  |  |  |  |  |
| Cost of purchases | $2544777 | $862040 | $3894860 | $11258621 | $56654367 | $41897495 | $9422167 | $9194151 |
| Proceeds from sales | (3337928) | (1896820) | (4726353) | (19572868) | (146103637) | (46773974) | (8711241) | (17607591) |

---

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **MML**<br>**Balanced**<br>**Allocation**<br>**Sub-Account** |<br>**MML**<br>**Blend**<br>**Sub-Account** |<br>**MML**<br>**Blend**<br>**Sub-Account** | **MML**<br>**Blue Chip**<br>**Growth**<br>**Sub-Account** | **MML**<br>**Blue Chip**<br>**Growth**<br>**Sub-Account** | **MML**<br>**Conservative**<br>**Allocation**<br>**Sub-Account** | **MML**<br>**Conservative**<br>**Allocation**<br>**Sub-Account** | **MML**<br>**Dynamic**<br>**Bond**<br>**Sub-Account** |
|  | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Service Class I)** |
| **<u>2021 (Continued)</u>** | | | | | | | | |
| Cost of purchases | $31995982 | $22362686 | $77713326 | $8665815 | $33821649 | $12519020 | $46095745 | $2844616 |
| Proceeds from sales | (61857135) | (9268259) | (16659759) | (10121084) | (20141575) | (25822287) | (83382472) | (1240336) |
|  |  |  |  |  | **MML** | **MML** | **MML** | **MML** |
|  | **MML** | **MML** | **MML** | **MML** | **Equity** | **Equity** | **Equity** | **Equity** |
|  | **Equity** | **Equity** | **Equity Income** | **Equity Income** | **Index** | **Index** | **Momentum** | **Rotation** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Class I)** | **(Service Class I)** | **(Service Class I)** | **(Service Class I)** |
| **<u>2021 (Continued)</u>** |  |  |  |  |  |  |  |  |
| Cost of purchases | $1879089 | $7493309 | $10452792 | $8069967 | $3684272 | $3561811 | $933323 | $947373 |
| Proceeds from sales | (3795463) | (22118736) | (34331845) | (18283528) | (5383915) | (10454822) | (564869) | (340040) |
|  | **MML** |  |  | **MML** | **MML** |  |  |  |
|  | **Focused** | **MML** | **MML** | **Fundamental** | **Fundamental** | **MML** | **MML** | **MML** |
|  | **Equity** | **Foreign** | **Foreign** | **Equity** | **Value** | **Global** | **Global** | **Global** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  |  | **(Initial Class)** | **(Service Class)** |  |  | **(Class I)** | **(Service Class I)** | **(Class II)** |
| **<u>2021 (Continued)</u>** |  |  |  |  |  |  |  |  |
| Cost of purchases | $3460285 | $8670638 | $561335 | $4868570 | $4611152 | $554744 | $3484083 | $553497 |
| Proceeds from sales | (3022289) | (23078478) | (1652596) | (3109374) | (3125224) | (935262) | (3223704) | (376195) |
|  |  |  |  |  |  |  |  | **MML** |
|  | **MML** | **MML** | **MML** | **MML** |  | **MML** | **MML** | **Inflation-** |
|  | **Growth** | **Growth** | **Growth** | **Growth** | **MML** | **Income** | **Income** | **Protected** |
|  | **& Income** | **& Income** | **Allocation** | **Allocation** | **High Yield** | **& Growth** | **& Growth** | **and Income** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** |  | **(Initial Class)** | **(Service Class)** | **(Initial Class)** |
| **<u>2021 (Continued)</u>** |  |  |  |  |  |  |  |  |
| Cost of purchases | $5116796 | $9240565 | $30338548 | $56662800 | $10130531 | $711332 | $2513538 | $22498543 |
| Proceeds from sales | (15334154) | (7616142) | (78848862) | (140005620) | (4198652) | (3927718) | (4228254) | (23591523) |

---

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **MML**<br>**Inflation-**<br>**Protected**<br>**and Income**<br>**Sub-Account** |<br>**MML**<br>**International**<br>**Equity**<br>**Sub-Account** |<br>**MML**<br>**Large Cap**<br>**Growth**<br>**Sub-Account** |<br>**MML**<br>**Large Cap**<br>**Growth**<br>**Sub-Account** |<br>**MML**<br>**Managed**<br>**Bond**<br>**Sub-Account** |<br>**MML**<br>**Managed**<br>**Bond**<br>**Sub-Account** |<br>**MML**<br>**Managed**<br>**Volatility**<br>**Sub-Account** |<br>**MML**<br>**Managed**<br>**Volatility**<br>**Sub-Account** |
|  | **(Service Class)** | | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** |
| **<u>2021 (Continued)</u>** | | | | | | | | |
| Cost of purchases | $16193051 | $1861211 | $1999945 | $5674982 | $16817263 | $42903661 | $5777813 | $1300534 |
| Proceeds from sales | (8228037) | (1143541) | (3106761) | (3512946) | (19223089) | (44801843) | (17552228) | (4870897) |
|  | <br> **MML**<br> **Mid Cap Growth** | <br> **MML**<br> **Mid Cap Growth** | <br> **MML**<br> **Mid Cap Value** | <br> **MML**<br> **Mid Cap Value** | **MML**<br> **Moderate**<br> **Allocation** | **MML**<br> **Moderate**<br> **Allocation** | **MML**<br> **Short-Duration**<br> **Bond** | **MML**<br> **Small Cap**<br> **Equity** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** |  | **(Initial Class)** |
| **<u>2021 (Continued)</u>** |  |  |  |  |  |  |  |  |
| Cost of purchases | $18693511 | $29777246 | $8432487 | $4435611 | $16038358 | $89954019 | $7558324 | $2783335 |
| Proceeds from sales | (16762496) | (18705381) | (32960556) | (9257145) | (50913319) | (302224803) | (17395874) | (4916076) |
|  | **MML**<br> **Small Cap**<br> **Equity** | **MML**<br> **Small Cap**<br> **Growth Equity** | **MML**<br> **Small Cap**<br> **Growth Equity** | **MML**<br> **Small**<br> **Company Value** | **MML**<br> **Small/Mid Cap**<br> **Value** | **MML**<br> **Small/Mid Cap**<br> **Value** | **MML**<br> **Special**<br> **Situations** | **MML Strategic**<br> **Emerging**<br> **Markets** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **(Service Class)** | **(Initial Class)** | **(Service Class)** |  | **(Initial Class)** | **(Service Class)** | **(Service Class I)** | **(Service Class I)** |
| **<u>2021 (Continued)</u>** |  |  |  |  |  |  |  |  |
| Cost of purchases | $6186809 | $21373989 | $9724813 | $5479756 | $2943580 | $6836384 | $592440 | $6054097 |
| Proceeds from sales | (5020458) | (17426900) | (4881908) | (5492852) | (31915931) | (6713262) | (214045) | (2296766) |
|  | <br>**MML Total**<br> **Return Bond**<br> **Sub-Account** | <br> **MML U.S.** <br> **Government**<br> **Money Market**<br> **Sub-Account** | **PIMCO**<br> **Commodity**<br> **RealReturn®**<br> **Strategy**<br> **Sub-Account** | **VY®**<br> **Clarion**<br> **Global**<br> **Real Estate**<br> **Sub-Account** |  |  |  |  |
| **<u>2021 (Continued)</u>** |  |  |  |  |  |  |  |  |
| Cost of purchases | $12021445 | $39643123 | $1526209 | $813627 |  |  |  |  |
| Proceeds from sales | (9050631) | (92579635) | (2593173) | (3251542) |  |  |  |  |

---

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

---

| | |
|:---|:---|
| ***7.*** | ***NET INCREASE (DECREASE) IN OUTSTANDING UNITS*** |
|  | The changes in outstanding units for each of the years or periods in the two-year period ended December 31, 2022 were as follows: |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **BlackRock**<br> **60/40 Target**<br> **Allocation** <br> **ETF V.I.**<br>**Sub-Account** | **Delaware**<br> **Ivy VIP**<br> **Asset**<br> **Strategy**<br>**Sub-Account** | <br> **Fidelity®**<br> **VIP**<br> **Contrafund®**<br>**Sub-Account** | <br> **Fidelity®**<br> **VIP**<br> **Contrafund®**<br>**Sub-Account** | <br> **Fidelity®**<br> **VIP**<br> **Healthcare**<br>**Sub-Account** | <br> **Fidelity®**<br> **VIP**<br> **Real Estate**<br>**Sub-Account** | **Fidelity®**<br> **VIP**<br> **Strategic**<br> **Income**<br>**Sub-Account** | **Invesco**<br> **Oppenheimer V.I.**<br> **International**<br> **Growth**<br>**Sub-Account** |
| **<u>2022</u>** | **(Class III)** | **(Class II)** | **(Initial Class)** | **(Service Class 2)** |  |  |  | **(Series I)** |
| Units purchased | 152856 | 73114 | 34154 | 686645 | 44996 | 18312 | 23316 | 10582 |
| Units withdrawn | (98603) | (74617) | (440309) | (734089) | (565) | (447) | (221) | (64507) |
| Units transferred between Sub-Accounts and to/from the General Account | 6886 | (6556) | 95731 | (55817) | (711) | 618 | (939) | 41614 |
| Net increase (decrease) | 61139 | (8059) | (310424) | (103261) | 43720 | 18483 | 22156 | (12311) |
|  | **Invesco**<br> **Oppenheimer V.I.**<br> **International**<br> **Growth** | <br> **Invesco V.I.**<br> **Capital**<br> **Appreciation** | <br> **Invesco V.I.**<br> **Capital**<br> **Appreciation** | <br> **Invesco V.I.**<br> **Conservative**<br> **Balanced** | <br> **Invesco V.I.**<br> **Conservative**<br> **Balanced** | <br> **Invesco V.I.**<br> **Core Plus**<br> **Bond** | <br> **Invesco V.I.**<br> **Discovery**<br> **Mid Cap Growth** | <br> **Invesco V.I.**<br> **Discovery**<br> **Mid Cap Growth** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
| **<u>2022 (Continued)</u>** | **(Series II)** | **(Series I)** | **(Series II)** | **(Series I)** | **(Series II)** |  | **(Series I)** | **(Series II)** |
| Units purchased | 93064 | 18373 | 3541 | 677 |  | 1 | 18077 | 124521 |
| Units withdrawn | (144381) | (442453) | (45930) | (23495) | (72) | (6068) | (254499) | (121461) |
| Units transferred between Sub-Accounts and to/from the General Account | 71350 | 214029 | (18303) | (983) | - | - | 169868 | 3169 |
| Net increase (decrease) | 20033 | (210051) | (60692) | (23801) | (72) | (6067) | (66554) | 6229 |
|  | **Invesco V.I.**<br> **Diversified**<br> **Dividend** | **Invesco V.I.**<br> **Diversified**<br> **Dividend** | <br> **Invesco V.I.**<br> **Global** | <br> **Invesco V.I.**<br> **Global** | **Invesco V.I.**<br> **Global Strategic** <br> **Income** | **Invesco V.I.**<br> **Global Strategic** <br> **Income** | <br> **Invesco V.I.**<br> **Health Care** | <br> **Invesco V.I.**<br> **Health Care** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
| **<u>2022 (Continued)</u>** | **(Series I)** | **(Series II)** | **(Series I)** | **(Series II)** | **(Series I)** | **(Series II)** | **(Series I)** | **(Series II)** |
| Units purchased | 6148 | 15727 | 30143 | 180669 | 57854 | 118867 | 4307 | 4249 |
| Units withdrawn | (26249) | (152663) | (426707) | (296147) | (984562) | (480763) | (26210) | (42235) |
| Units transferred between Sub-Accounts and to/from the General Account | 6676 | 24658 | 335751 | 50656 | (393513) | (173900) | 1163 | 487 |
| Net increase (decrease) | (13425) | (112278) | (60813) | (64822) | (1320221) | (535796) | (20740) | (37499) |
|  | <br>**Invesco V.I.**<br> **Main Street** | <br>**Invesco V.I.**<br> **Main Street** | <br>**Invesco V.I.**<br> **Technology** | <br>**Invesco V.I.**<br> **Technology** | <br> **Invesco V.I.**<br> **U.S. Government**<br> **Money** | **Janus Henderson**<br> **Global**<br> **Technology and**<br> **Innovation** | <br> **MML**<br> **Aggressive**<br> **Allocation** | <br> **MML**<br> **Aggressive**<br> **Allocation** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
| **<u>2022 (Continued)</u>** | **(Series I)** | **(Series II)** | **(Series I)** | **(Series II)** |  |  | **(Initial Class)** | **(Service Class)** |
| Units purchased | 5152 | 50874 | 8978 | 1801 | 11506 | 31947 | 23284 | 129010 |
| Units withdrawn | (69988) | (126294) | (23639) | (30404) | (62143) | (71) | (192927) | (600472) |
| Units transferred between Sub-Accounts and to/from the General Account | (12632) | (3300) | 7982 | (3904) | 136254 | 478 | 2321 | (39388) |
| Net increase (decrease) | (77468) | (78720) | (6679) | (32507) | 85617 | 32354 | (167322) | (510850) |

---

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **MML**<br> **American**<br> **Funds**<br> **Core Allocation**<br>**Sub-Account** | **MML**<br> **American**<br> **Funds**<br> **Growth**<br>**Sub-Account** | **MML**<br> **American**<br> **Funds**<br> **International**<br>**Sub-Account** | <br> **MML**<br> **Balanced**<br> **Allocation**<br>**Sub-Account** | <br> **MML**<br> **Balanced**<br> **Allocation**<br>**Sub-Account** | <br>**MML**<br> **Blend**<br>**Sub-Account** | <br>**MML**<br> **Blend**<br>**Sub-Account** | <br> **MML**<br> **Blue Chip**<br> **Growth**<br>**Sub-Account** |
| **<u>2022 (Continued)</u>** | | | | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Initial Class)** |
| Units purchased | 1114004 | 715509 | 127178 | 29189 | 846081 | 14990 | 945670 | 7673 |
| Units withdrawn | (5602776) | (679293) | (1348898) | (462914) | (2937773) | (204107) | (1038676) | (87727) |
| Units transferred between Sub-Accounts and to/from the General Account | (153891) | 63034 | (2353997) | (23163) | (197548) | (12556) | (32115) | 10704 |
| Net increase (decrease) | (4642663) | 99250 | (3575717) | (456888) | (2289240) | (201673) | (125121) | (69350) |
|  | **MML** | **MML** | **MML** | **MML** |  |  |  |  |
|  | **Blue Chip** | **Conservative** | **Conservative** | **Dynamic** | **MML** | **MML** | **MML** | **MML** |
|  | **Growth** | **Allocation** | **Allocation** | **Bond** | **Equity** | **Equity** | **Equity Income** | **Equity Income** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
| **<u>2022 (Continued)</u>** | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Service Class I)** | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** |
| Units purchased | 548850 | 38166 | 980597 | 164011 | 10151 | 177319 | 26269 | 348570 |
| Units withdrawn | (503617) | (447243) | (2914844) | (119337) | (72894) | (573117) | (488623) | (427388) |
|  Units transferred between Sub-Accounts and to/from the General Account | (21438) | 126959 | (9780) | 1654 | 14150 | (30849) | (371358) | (33877) |
| Net increase (decrease) | 23795 | (282118) | (1944027) | 46328 | (48593) | (426647) | (833712) | (112695) |
|  | **MML** | **MML** | **MML** | **MML** | **MML** |  |  | **MML** |
|  | **Equity** | **Equity** | **Equity** | **Equity** | **Focused** | **MML** | **MML** | **Fundamental** |
|  | **Index** | **Index** | **Momentum** | **Rotation** | **Equity** | **Foreign** | **Foreign** | **Equity** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
| **<u>2022 (Continued)</u>** | **(Class I)** | **(Service Class I)** | **(Service Class I)** | **(Service Class I)** |  | **(Initial Class)** | **(Service Class)** |  |
| Units purchased | 11884 | 3458 | 11626 | 12779 | 184710 | 34703 | 19766 | 134427 |
| Units withdrawn | (92681) | (165521) | (104587) | (20346) | (135861) | (769869) | (56860) | (125640) |
| Units transferred between Sub-Accounts and to/from the General Account | (7610) | (47195) | (3501) | (92) | 21419 | 218756 | 169222 | 11135 |
| Net increase (decrease) | (88407) | (209258) | (96462) | (7659) | 70268 | (516410) | 132128 | 19922 |
|  | **MML** |  |  |  | **MML** | **MML** |  | **MML** |
|  | **Fundamental** | **MML** | **MML** | **MML** | **Growth** | **Growth** | **MML** | **Income** |
|  | **Value** | **Global** | **Global** | **Global** | **Allocation** | **Allocation** | **High Yield** | **& Growth** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
| **<u>2022 (Continued)</u>** |  | **(Class I)** | **(Class II)** | **(Service Class I)** | **(Initial Class)** | **(Service Class)** |  | **(Initial Class)** |
| Units purchased | 257437 | 1165 | 3590 | 183965 | 143855 | 922206 | 206954 | 8622 |
| Units withdrawn | (228858) | (14931) | (13729) | (90431) | (1377086) | (3757620) | (484610) | (56409) |
| Units transferred between Sub-Accounts and to/from the General Account | 68965 | 10873 | 9276 | 125904 | (290695) | 176942 | (13060) | (18186) |
| Net increase (decrease) | 97544 | (2893) | (863) | 219438 | (1523926) | (2658472) | (290716) | (65973) |

---

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |<br>**MML**<br>**Income**<br>**& Growth**<br>**Sub-Account** | **MML**<br>**Inflation-**<br>**Protected**<br>**and Income**<br>**Sub-Account** | **MML**<br>**Inflation-**<br>**Protected**<br>**and Income**<br>**Sub-Account** |<br>**MML**<br>**International**<br>**Equity**<br>**Sub-Account** |<br>**MML**<br>**iShares 60/40**<br>**Allocation**<br>**Sub-Account** |<br>**MML**<br>**iShares 80/20**<br>**Allocation**<br>**Sub-Account** |<br>**MML**<br>**Large Cap**<br>**Growth**<br>**Sub-Account** |<br>**MML**<br>**Large Cap**<br>**Growth**<br>**Sub-Account** |
| **<u>2022 (Continued)</u>** | **(Service Class)** | **(Initial Class)** | **(Service Class)** | | | | **(Initial Class)** | **(Service Class)** |
| Units purchased | 134010 | 52107 | 568183 | 143411 | 576599 | 2122312 | 4996 | 98725 |
| Units withdrawn | (193861) | (1024030) | (647479) | (95824) | (5638) | (19543) | (38376) | (100898) |
| Units transferred between Sub-Accounts and to/from the General Account | (27744) | (484883) | (17061) | 32409 | - | 110 | (9148) | (2947) |
| Net increase (decrease) | (87595) | (1456806) | (96357) | 79996 | 570961 | 2102879 | (42528) | (5120) |
|  | **MML**<br> **Managed**<br> **Bond** | **MML**<br> **Managed**<br> **Bond** | **MML**<br> **Managed**<br> **Volatility** | **MML**<br> **Managed**<br> **Volatility** | <br> **MML**<br> **Mid Cap Growth** | <br> **MML**<br> **Mid Cap Growth** | <br> **MML**<br> **Mid Cap Value** | <br> **MML**<br> **Mid Cap Value** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
| **<u>2022 (Continued)</u>** | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** |
| Units purchased | 41586 | 434662 | 23371 | 104191 | 8802 | 248065 | 16627 | 281466 |
| Units withdrawn | (780898) | (2443028) | (503517) | (237883) | (111618) | (412031) | (305889) | (311590) |
| Units transferred between Sub-Accounts and to/from the General Account | (206887) | (367493) | (392433) | (57577) | (7543) | 17663 | (293398) | (12265) |
| Net increase (decrease) | (946199) | (2375859) | (872579) | (191269) | (110359) | (146303) | (582660) | (42389) |
|  | **MML**<br> **Moderate**<br> **Allocation** | **MML**<br> **Moderate**<br> **Allocation** | **MML**<br> **Short-Duration**<br> **Bond** | **MML**<br> **Small Cap**<br> **Equity** | **MML**<br> **Small Cap**<br> **Equity** | **MML**<br> **Small Cap**<br> **Growth Equity** | **MML**<br> **Small Cap**<br> **Growth Equity** | **MML**<br> **Small**<br> **Company Value** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
| **<u>2022 (Continued)</u>** | **(Initial Class)** | **(Service Class)** |  | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** |  |
| Units purchased | 41762 | 1299748 | 206961 | 3803 | 59648 | 40428 | 70240 | 77190 |
| Units withdrawn | (1110602) | (11029528) | (687131) | (61546) | (135008) | (194640) | (131357) | (131363) |
|  Units transferred between Sub-Accounts and to/from the General Account | 21347 | (505738) | 322828 | (16364) | 18204 | 35390 | (8574) | 11056 |
| Net increase (decrease) | (1047493) | (10235518) | (157342) | (74107) | (57156) | (118822) | (69691) | (43117) |
|  |  |  |  | **MML** |  |  |  |  |
|  | **MML** | **MML** | **MML** | **Strategic** | **MML** | **MML** |  | **MML U.S.** |
|  | **Small/Mid Cap** | **Small/Mid Cap** | **Special** | **Emerging** | **Sustainable** | **Sustainable** | **MML Total** | **Government** |
|  | **Value** | **Value** | **Situations** | **Markets** | **Equity** | **Equity** | **Return Bond** | **Money Market** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
| **<u>2022 (Continued)</u>** | **(Initial Class)** | **(Service Class)** | **(Service Class I)** | **(Service Class I)** | **(Initial Class)** | **(Service Class)** |  |  |
| Units purchased | 17619 | 105501 | 4075 | 109057 | 11173 | 101663 | 281935 | 4210643 |
| Units withdrawn | (303018) | (142035) | (61180) | (109641) | (147384) | (223387) | (570562) | (5021648) |
| Units transferred between Sub-Accounts and to/from the General Account | (47784) | (2530) | - | (12719) | (25354) | (11107) | (97868) | 5196805 |
| Net increase (decrease) | (333183) | (39064) | (57105) | (13303) | (161565) | (132831) | (386495) | 4385800 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **PIMCO**<br>**Commodity**<br>**RealReturn®**<br>**Strategy**<br>**Sub-Account** |<br>**PIMCO**<br>**Income**<br>**Sub-Account** | **VY®**<br>**CBRE**<br>**Global**<br>**Real Estate**<br>**Sub-Account** |
| **<u>2022 (Continued)</u>** | | | |
| Units purchased | 19908 | 90359 | 8221 |
| Units withdrawn | (190221) | (261) | (74763) |
|  Units transferred between Sub-Accounts and to/from the General Account | 162183 | (461) | 4924 |
| Net increase (decrease) | (8130) | 89637 | (61618) |

---

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **BlackRock**<br> **60/40 Target**<br> **Allocation** <br> **ETF V.I.**<br>**Sub-Account** | **Delaware**<br> **Ivy VIP**<br> **Asset**<br> **Strategy**<br>**Sub-Account** | <br> **Fidelity®**<br> **VIP**<br> **Contrafund®**<br>**Sub-Account** | <br> **Fidelity®**<br> **VIP**<br> **Contrafund®**<br>**Sub-Account** | **Invesco**<br> **Oppenheimer V.I.**<br> **International**<br> **Growth**<br>**Sub-Account** | **Invesco**<br> **Oppenheimer V.I.**<br> **International**<br> **Growth**<br>**Sub-Account** | <br> **Invesco V.I.**<br> **Capital**<br> **Appreciation**<br>**Sub-Account** | <br> **Invesco V.I.**<br> **Capital**<br> **Appreciation**<br>**Sub-Account** |
| **<u>2021</u>** | **(Class III)** |  | **(Initial Class)** | **(Service Class 2)** | **(Series II)** | **(Series I)** | **(Series II)** | **(Series I)** |
| Units purchased | 561827 | 56446 | 40054 | 1006369 | 68370 | 8150 | 6030 | 20774 |
| Units withdrawn | (30177) | (100389) | (617066) | (785529) | (128560) | (155272) | (52989) | (550173) |
| Units transferred between Sub-Accounts and to/from the General Account | - | (19188) | (229919) | (66422) | 13395 | (24634) | (8032) | (207130) |
| Net increase (decrease) | 531650 | (63131) | (806931) | 154418 | (46795) | (171757) | (54992) | (736528) |
|  | **Invesco V.I.** | **Invesco V.I.** | **Invesco V.I.** | **Invesco V.I.** | **Invesco V.I.** | **Invesco V.I.** | **Invesco V.I.** |  |
|  | **Conservative** | **Conservative** | **Core** | **Discovery** | **Discovery** | **Diversified** | **Diversified** | **Invesco V.I.** |
|  | **Balanced** | **Balanced** | **Bond** | **Mid Cap Growth** | **Mid Cap Growth** | **Dividend** | **Dividend** | **Global** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
| **<u>2021 (Continued)</u>** | **(Series II)** | **(Series I)** |  | **(Series II)** | **(Series I)** | **(Series I)** | **(Series II)** | **(Series II)** |
| Units purchased |  | 689 | 15 | 194012 | 16086 | 5862 | 3071 | 166178 |
| Units withdrawn | (1735) | (37377) | (9830) | (144921) | (313520) | (174059) | (136527) | (326852) |
| Units transferred between Sub-Accounts and to/from the General Account | - | 233 | (721) | 9938 | (82903) | 15656 | 29188 | (27396) |
| Net increase (decrease) | (1735) | (36454) | (10535) | 59028 | (380336) | (152542) | (104268) | (188070) |
|  |  | **Invesco V.I.** | **Invesco V.I.** |  |  |  |  |  |
|  | **Invesco V.I.** | **Global Strategic** | **Global Strategic** | **Invesco V.I.** | **Invesco V.I.** | **Invesco V.I.** | **Invesco V.I.** | **Invesco V.I.** |
|  | **Global** | **Income** | **Income** | **Health Care** | **Health Care** | **Main Street** | **Main Street** | **Technology** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
| **<u>2021 (Continued)</u>** | **(Series I)** | **(Series II)** | **(Series I)** | **(Series I)** | **(Series II)** | **(Series II)** | **(Series I)** | **(Series I)** |
| Units purchased | 32976 | 249101 | 52296 | 3784 | 7907 | 124736 | 8436 | 10309 |
| Units withdrawn | (475169) | (456253) | (1243841) | (34417) | (53563) | (88508) | (80111) | (36210) |
| Units transferred between Sub-Accounts and to/from the General Account | (91100) | 189459 | 1015492 | 3605 | (7065) | (8114) | (36292) | 5421 |
| Net increase (decrease) | (533293) | (17692) | (176053) | (27029) | (52722) | 28114 | (107966) | (20480) |
|  | <br>**Invesco V.I.**<br> **Technology** | <br> **Invesco V.I.**<br> **U.S. Government**<br> **Money** | <br> **MML**<br> **Aggressive**<br> **Allocation** | <br> **MML**<br> **Aggressive**<br> **Allocation** | **MML**<br> **American**<br> **Funds**<br> **Core Allocation** | **MML**<br> **American**<br> **Funds**<br> **Growth** | **MML**<br> **American**<br> **Funds**<br> **International** | <br> **MML**<br> **Balanced**<br> **Allocation** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
| **<u>2021 (Continued)</u>** | **(Series II)** |  | **(Initial Class)** | **(Service Class)** |  |  |  | **(Initial Class)** |
| Units purchased | 5603 | 10597 | 37967 | 336752 | 1386502 | 885198 | 339388 | 55589 |
| Units withdrawn | (37477) | (147854) | (80931) | (737278) | (6164472) | (877015) | (448027) | (784240) |
| Units transferred between Sub-Accounts and to/from the General Account | (5690) | 45351 | (48808) | (73053) | (355559) | (139562) | 187475 | 178620 |
| Net increase (decrease) | (37564) | (91906) | (91773) | (473578) | (5133529) | (131379) | 78836 | (550031) |

---

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **MML**<br>**Balanced**<br>**Allocation**<br>**Sub-Account** |<br>**MML**<br>**Blend**<br>**Sub-Account** |<br>**MML**<br>**Blend**<br>**Sub-Account** | **MML**<br>**Blue Chip**<br>**Growth**<br>**Sub-Account** | **MML**<br>**Blue Chip**<br>**Growth**<br>**Sub-Account** | **MML**<br>**Conservative**<br>**Allocation**<br>**Sub-Account** | **MML**<br>**Conservative**<br>**Allocation**<br>**Sub-Account** | **MML**<br>**Dynamic**<br>**Bond**<br>**Sub-Account** |
| **<u>2021 (Continued)</u>** | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Service Class I)** |
| Units purchased | 1080042 | 22409 | 1162857 | 7552 | 479743 | 62300 | 1036389 | 213188 |
| Units withdrawn | (3073258) | (242149) | (618336) | (94688) | (411878) | (891839) | (4184161) | (103903) |
| Units transferred between Sub-Accounts and to/from the General Account | (22222) | 73011 | 30325 | (27398) | (15244) | 6955 | 612197 | 7619 |
| Net increase (decrease) | (2015438) | (146729) | 574846 | (114535) | 52620 | (822584) | (2535575) | 116904 |
|  |  |  |  |  | **MML** | **MML** | **MML** | **MML** |
|  | **MML** | **MML** | **MML** | **MML** | **Equity** | **Equity** | **Equity** | **Equity** |
|  | **Equity** | **Equity** | **Equity Income** | **Equity Income** | **Index** | **Index** | **Momentum** | **Rotation** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
| **<u>2021 (Continued)</u>** | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Class I)** | **(Service Class I)** | **(Service Class I)** | **(Service Class I)** |
| Units purchased | 9135 | 332566 | 27065 | 239615 | 17134 | 4799 | 13249 | 11554 |
| Units withdrawn | (67875) | (586355) | (623850) | (479996) | (70935) | (163640) | (26599) | (14589) |
| Units transferred between Sub-Accounts and to/from the General Account | (10129) | (209333) | (350842) | (157395) | (38816) | (59125) | (131) | 16 |
| Net increase (decrease) | (68870) | (463121) | (947626) | (397775) | (92617) | (217966) | (13481) | (3019) |
|  | **MML** |  |  | **MML** | **MML** |  |  |  |
|  | **Focused** | **MML** | **MML** | **Fundamental** | **Fundamental** | **MML** | **MML** | **MML** |
|  | **Equity** | **Foreign** | **Foreign** | **Equity** | **Value** | **Global** | **Global** | **Global** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
| **<u>2021 (Continued)</u>** |  | **(Initial Class)** | **(Service Class)** |  |  | **(Class I)** | **(Service Class I)** | **(Class II)** |
| Units purchased | 81249 | 40740 | 24795 | 105639 | 215380 | 2410 | 76530 | 3641 |
| Units withdrawn | (102137) | (948535) | (80396) | (106946) | (142709) | (25399) | (95885) | (12187) |
| Units transferred between Sub-Accounts and to/from the General Account | 5057 | 3246 | (8711) | 10382 | 23586 | (7070) | (16082) | (2541) |
| Net increase (decrease) | (15831) | (904548) | (64312) | 9075 | 96256 | (30059) | (35437) | (11087) |
|  |  |  |  |  |  |  |  | **MML** |
|  | **MML** | **MML** | **MML** | **MML** |  | **MML** | **MML** | **Inflation-** |
|  | **Growth** | **Growth** | **Growth** | **Growth** | **MML** | **Income** | **Income** | **Protected** |
|  | **& Income** | **& Income** | **Allocation** | **Allocation** | **High Yield** | **& Growth** | **& Growth** | **and Income** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
| **<u>2021 (Continued)</u>** | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** |  | **(Initial Class)** | **(Service Class)** | **(Initial Class)** |
| Units purchased | 9322 | 247797 | 206630 | 814470 | 376523 | 8804 | 110249 | 47080 |
| Units withdrawn | (280422) | (211727) | (2990900) | (5774169) | (178477) | (88149) | (167685) | (1269463) |
| Units transferred between Sub-Accounts and to/from the General Account | (60700) | (36627) | (133999) | (365107) | 27784 | (36654) | (13382) | 552579 |
| Net increase (decrease) | (331800) | (557) | (2918268) | (5324807) | 225830 | (115999) | (70818) | (669805) |

---

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **MML**<br>**Inflation-**<br>**Protected**<br>**and Income**<br>**Sub-Account** |<br>**MML**<br>**International**<br>**Equity**<br>**Sub-Account** |<br>**MML**<br>**Large Cap**<br>**Growth**<br>**Sub-Account** |<br>**MML**<br>**Large Cap**<br>**Growth**<br>**Sub-Account** |<br>**MML**<br>**Managed**<br>**Bond**<br>**Sub-Account** |<br>**MML**<br>**Managed**<br>**Bond**<br>**Sub-Account** |<br>**MML**<br>**Managed**<br>**Volatility**<br>**Sub-Account** |<br>**MML**<br>**Managed**<br>**Volatility**<br>**Sub-Account** |
| **<u>2021 (Continued)</u>** | **(Service Class)** | | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** |
| Units purchased | 632372 | 105126 | 5731 | 117797 | 50357 | 1290457 | 31477 | 70501 |
| Units withdrawn | (510963) | (77000) | (57884) | (113578) | (984984) | (2568713) | (735198) | (243788) |
| Units transferred between Sub-Accounts and to/from the General Account | 269387 | 30415 | (11474) | 8230 | 570732 | 854880 | 103020 | (5816) |
| Net increase (decrease) | 390796 | 58541 | (63627) | 12450 | (363895) | (423376) | (600702) | (179103) |
|  |  |  |  |  | **MML** | **MML** | **MML** | **MML** |
|  | **MML** | **MML** | **MML** | **MML** | **Moderate** | **Moderate** | **Short-Duration** | **Small Cap** |
|  | **Mid Cap Growth** | **Mid Cap Growth** | **Mid Cap Value** | **Mid Cap Value** | **Allocation** | **Allocation** | **Bond** | **Equity** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
| **<u>2021 (Continued)</u>** | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** |  | **(Initial Class)** |
| Units purchased | 14177 | 206794 | 19923 | 137773 | 100005 | 1394607 | 519516 | 5252 |
| Units withdrawn | (191477) | (471774) | (507609) | (255289) | (2131446) | (13964763) | (1478323) | (64992) |
| Units transferred between Sub-Accounts and to/from the General Account | (30800) | (23449) | (199782) | (38631) | (34763) | (667018) | (3485) | (23994) |
| Net increase (decrease) | (208100) | (288429) | (687467) | (156147) | (2066204) | (13237175) | (962291) | (83734) |
|  |  |  |  |  |  |  |  | **MML** |
|  | **MML** | **MML** | **MML** | **MML** | **MML** | **MML** | **MML** | **Strategic** |
|  | **Small Cap** | **Small Cap** | **Small Cap** | **Small** | **Small/Mid Cap** | **Small/Mid Cap** | **Special** | **Emerging** |
|  | **Equity** | **Growth Equity** | **Growth Equity** | **Company Value** | **Value** | **Value** | **Situations** | **Markets** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
| **<u>2021 (Continued)</u>** | **(Service Class)** | **(Initial Class)** | **(Service Class)** |  | **(Initial Class)** | **(Service Class)** | **(Service Class I)** | **(Service Class I)** |
| Units purchased | 184098 | 8565 | 136766 | 171296 | 17121 | 315664 | 16537 | 103922 |
| Units withdrawn | (158401) | (234423) | (119433) | (208107) | (421463) | (189163) | (1950) | (114917) |
| Units transferred between Sub-Accounts and to/from the General Account | 2981 | 65795 | 6464 | 2707 | (454284) | (26828) | (7874) | 55287 |
| Net increase (decrease) | 28679 | (160064) | 23796 | (34104) | (858626) | 99673 | 6713 | 44293 |
|  |  |  | **PIMCO** | **VY®** |  |  |  |  |
|  |  | **MML U.S.** | **Commodity** | **Clarion** |  |  |  |  |
|  | **MML Total** | **Government** | **RealReturn®** | **Global** |  |  |  |  |
|  | **Return Bond** | **Money Market** | **Strategy** | **Real Estate** |  |  |  |  |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |  |  |  |  |
| **<u>2021 (Continued)</u>** |  |  |  |  |  |  |  |  |
| Units purchased | 717399 | 1574683 | 18448 | 5399 |  |  |  |  |
| Units withdrawn | (545448) | (9298623) | (221953) | (100469) |  |  |  |  |
| Units transferred between Sub-Accounts and to/from the General Account | (90218) | 1953316 | (2062) | (51369) |  |  |  |  |
| Net increase (decrease) | 81733 | (5770624) | (205567) | (146439) |  |  |  |  |

---

***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 or periods in the five-year period ended December 31, 2022 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,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  | | **Unit Value<sup>3</sup>** | **Unit Value<sup>3</sup>** | | | **Expense Ratio<sup>2</sup>** | **Expense Ratio<sup>2</sup>** | **Expense Ratio<sup>2</sup>** | **Total Return<sup>3</sup>** | **Total Return<sup>3</sup>** | **Total Return<sup>3</sup>** |
|  | <br>**Units** | **(Lowest to Highest)** | **(Lowest to Highest)** | <br>**Net Assets** | **Investment**<br>**Income**<br>**Ratio<sup>1</sup>** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** |
| **BlackRock 60/40 Target Allocation ETF V.I. Sub-Account (Class III)** | **BlackRock 60/40 Target Allocation ETF V.I. Sub-Account (Class III)** | **BlackRock 60/40 Target Allocation ETF V.I. Sub-Account (Class III)** | **BlackRock 60/40 Target Allocation ETF V.I. Sub-Account (Class III)** | **BlackRock 60/40 Target Allocation ETF V.I. Sub-Account (Class III)** |  |  |  |  |  |  |  |
| 2022 | 1196331 | $12.97 | $13.74 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16425190 | 1.90% | 1.00% | to | 1.80% | (16.55)% | to | (15.88)% |
| 2021 | 1135192 | 15.55 | 16.33 | 18530683 | 2.15 | 1.00 | to | 1.80 | 9.71 | to | 10.59 |
| 2020 | 603542 | 14.17 | 14.77 | 8908234 | 1.89 | 1.00 | to | 1.80 | 12.31 | to | 13.21 |
| 2019 | 274313 | 12.62 | 13.05 | 3575830 | 4.15 | 1.00 | to | 1.80 | 19.06 | to | 20.02 |
| 2018 | 96720 | 10.60 | 10.87 | 1051057 | 0.87 | 1.00 | to | 1.80 | (6.88) | to | (6.13) |
| **Delaware Ivy VIP Asset Strategy Sub-Account (Class II)** <sup>4</sup> | **Delaware Ivy VIP Asset Strategy Sub-Account (Class II)** <sup>4</sup> | **Delaware Ivy VIP Asset Strategy Sub-Account (Class II)** <sup>4</sup> | **Delaware Ivy VIP Asset Strategy Sub-Account (Class II)** <sup>4</sup> | **Delaware Ivy VIP Asset Strategy Sub-Account (Class II)** <sup>4</sup> |  |  |  |  |  |  |  |
| 2022 | 833323 | 11.85 | 12.77 | 10874142 | 1.57 | 1.00 | to | 3.10 | (17.34) | to | (15.59) |
| 2021 | 841382 | 14.34 | 15.13 | 13346595 | 1.55 | 1.00 | to | 3.10 | 7.07 | to | 9.34 |
| 2020 | 904514 | 13.39 | 13.84 | 13270558 | 2.02 | 1.00 | to | 3.10 | 10.40 | to | 12.74 |
| 2019 | 943855 | 12.13 | 12.27 | 12403360 | 2.13 | 1.00 | to | 3.10 | 18.06 | to | 20.57 |
| 2018 | 1008997 | 10.18 | 10.27 | 11123858 | 1.88 | 1.00 | to | 3.10 | (8.34) | to | (6.39) |
| **Fidelity® VIP Contrafund® Sub-Account (Initial Class)** | **Fidelity® VIP Contrafund® Sub-Account (Initial Class)** | **Fidelity® VIP Contrafund® Sub-Account (Initial Class)** | **Fidelity® VIP Contrafund® Sub-Account (Initial Class)** | **Fidelity® VIP Contrafund® Sub-Account (Initial Class)** |  |  |  |  |  |  |  |
| 2022 | 3876930 | 31.70 | 50.39 | 168304213 | 0.49 | 0.95 | to | 2.60 | (28.20) | to | (27.01) |
| 2021 | 4187353 | 44.15 | 69.04 | 250765962 | 0.06 | 0.95 | to | 2.60 | 24.56 | to | 26.63 |
| 2020 | 4994284 | 35.45 | 54.52 | 237247151 | 0.24 | 0.95 | to | 2.60 | 27.22 | to | 29.33 |
| 2019 | 6319467 | 27.86 | 42.16 | 232111397 | 0.45 | 0.95 | to | 2.60 | 28.20 | to | 30.33 |
| 2018 | 7486410 | 21.73 | 32.34 | 212143084 | 0.68 | 0.95 | to | 2.60 | (8.79) | to | (7.27) |
| **Fidelity® VIP Contrafund® Sub-Account (Service Class 2)** | **Fidelity® VIP Contrafund® Sub-Account (Service Class 2)** | **Fidelity® VIP Contrafund® Sub-Account (Service Class 2)** | **Fidelity® VIP Contrafund® Sub-Account (Service Class 2)** | **Fidelity® VIP Contrafund® Sub-Account (Service Class 2)** |  |  |  |  |  |  |  |
| 2022 | 8378070 | 18.15 | 28.95 | 191667565 | 0.26 | 1.00 | to | 3.10 | (28.73) | to | (27.22) |
| 2021 | 8481331 | 24.94 | 40.62 | 279055343 | 0.03 | 1.00 | to | 3.10 | 23.62 | to | 26.24 |
| 2020 | 8326913 | 19.76 | 32.86 | 229257699 | 0.08 | 1.00 | to | 3.10 | 26.26 | to | 28.94 |
| 2019 | 8336046 | 15.32 | 26.03 | 191552509 | 0.22 | 1.00 | to | 3.10 | 27.27 | to | 29.97 |
| 2018 | 7820910 | 11.79 | 20.45 | 150211346 | 0.45 | 1.00 | to | 3.10 | (9.51) | to | (7.57) |
| **Fidelity® VIP Healthcare Sub-Account** | **Fidelity® VIP Healthcare Sub-Account** | **Fidelity® VIP Healthcare Sub-Account** | **Fidelity® VIP Healthcare Sub-Account** | **Fidelity® VIP Healthcare Sub-Account** |  |  |  |  |  |  |  |
| 2022 | 43720 |  | 10.22 | 447027 |  | 1.00 | to | 3.10 |  |  |  |
| **Fidelity® VIP Real Estate Sub-Account** | **Fidelity® VIP Real Estate Sub-Account** | **Fidelity® VIP Real Estate Sub-Account** | **Fidelity® VIP Real Estate Sub-Account** | **Fidelity® VIP Real Estate Sub-Account** |  |  |  |  |  |  |  |
| 2022 | 18483 |  | 8.24 | 152225 | 1.70 | 1.00 | to | 3.10 |  |  |  |
| **Fidelity® VIP Strategic Income Sub-Account** | **Fidelity® VIP Strategic Income Sub-Account** | **Fidelity® VIP Strategic Income Sub-Account** | **Fidelity® VIP Strategic Income Sub-Account** | **Fidelity® VIP Strategic Income Sub-Account** |  |  |  |  |  |  |  |
| 2022 | 22156 |  | 9.08 | 201143 | 6.33 | 0.95 | to | 3.10 |  |  |  |
| **Invesco Oppenheimer V.I. International Growth Sub-Account (Series I)** | **Invesco Oppenheimer V.I. International Growth Sub-Account (Series I)** | **Invesco Oppenheimer V.I. International Growth Sub-Account (Series I)** | **Invesco Oppenheimer V.I. International Growth Sub-Account (Series I)** | **Invesco Oppenheimer V.I. International Growth Sub-Account (Series I)** |  |  |  |  |  |  |  |
| 2022 | 845645 | 18.01 | 27.01 | 20298479 |  | 0.95 | to | 2.60 | (29.00) | to | (27.82) |
| 2021 | 857957 | 25.37 | 37.42 | 28738025 |  | 0.95 | to | 2.60 | 7.39 | to | 9.18 |
| 2020 | 1029713 | 23.62 | 34.27 | 32043570 | 0.93 | 0.95 | to | 2.60 | 18.38 | to | 20.35 |
| 2019 | 1267445 | 19.95 | 28.48 | 32768962 | 1.05 | 0.95 | to | 2.60 | 25.30 | to | 27.39 |
| 2018 | 1469329 | 15.92 | 22.36 | 30045032 | 0.86 | 0.95 | to | 2.60 | (21.50) | to | (20.18) |
| **Invesco Oppenheimer V.I. International Growth Sub-Account (Series II)** | **Invesco Oppenheimer V.I. International Growth Sub-Account (Series II)** | **Invesco Oppenheimer V.I. International Growth Sub-Account (Series II)** | **Invesco Oppenheimer V.I. International Growth Sub-Account (Series II)** | **Invesco Oppenheimer V.I. International Growth Sub-Account (Series II)** |  |  |  |  |  |  |  |
| 2022 | 1163026 | 11.24 | 16.48 | 18848749 |  | 1.00 | to | 3.10 | (29.39) | to | (27.89) |
| 2021 | 1142992 | 15.59 | 23.33 | 26049458 |  | 1.00 | to | 3.10 | 6.76 | to | 9.02 |
| 2020 | 1189787 | 14.30 | 21.85 | 25837159 | 0.62 | 1.00 | to | 3.10 | 17.35 | to | 19.84 |
| 2019 | 1376480 | 11.94 | 18.62 | 26966589 | 0.71 | 1.00 | to | 3.10 | 24.05 | to | 26.68 |
| 2018 | 1433614 | 9.42 | 15.01 | 23629838 | 0.60 | 1.00 | to | 3.10 | (22.02) | to | (20.36) |
| **Invesco V.I. Capital Appreciation Sub-Account (Series I)**<sup>4</sup> | **Invesco V.I. Capital Appreciation Sub-Account (Series I)**<sup>4</sup> | **Invesco V.I. Capital Appreciation Sub-Account (Series I)**<sup>4</sup> | **Invesco V.I. Capital Appreciation Sub-Account (Series I)**<sup>4</sup> | **Invesco V.I. Capital Appreciation Sub-Account (Series I)**<sup>4</sup> |  |  |  |  |  |  |  |
| 2022 | 3385941 | 22.76 | 33.47 | 103556439 |  | 0.95 | to | 2.60 | (32.56) | to | (31.44) |
| 2021 | 3595992 | 33.75 | 48.81 | 161466451 |  | 0.95 | to | 2.60 | 19.42 | to | 21.41 |
| 2020 | 4332520 | 28.26 | 40.20 | 160848549 |  | 0.95 | to | 2.60 | 33.08 | to | 35.30 |
| 2019 | 5846107 | 21.24 | 29.72 | 161347994 | 0.06 | 0.95 | to | 2.60 | 32.70 | to | 34.91 |
| 2018 | 7333024 | 16.00 | 22.03 | 150727803 | 0.33 | 0.95 | to | 2.60 | (8.16) | to | (6.63) |

---

***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,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  | | **Unit Value<sup>3</sup>** | **Unit Value<sup>3</sup>** | | | **Expense Ratio<sup>2</sup>** | **Expense Ratio<sup>2</sup>** | **Expense Ratio<sup>2</sup>** | **Total Return<sup>3</sup>** | **Total Return<sup>3</sup>** | **Total Return<sup>3</sup>** |
|  | <br>**Units** | **(Lowest to Highest)** | **(Lowest to Highest)** | <br>**Net Assets** | **Investment**<br>**Income**<br>**Ratio<sup>1</sup>** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** |
| **Invesco V.I. Capital Appreciation Sub-Account (Series II)**<sup>4</sup> | **Invesco V.I. Capital Appreciation Sub-Account (Series II)**<sup>4</sup> | **Invesco V.I. Capital Appreciation Sub-Account (Series II)**<sup>4</sup> | **Invesco V.I. Capital Appreciation Sub-Account (Series II)**<sup>4</sup> | **Invesco V.I. Capital Appreciation Sub-Account (Series II)**<sup>4</sup> |  |  |  |  |  |  |  |
| 2022 | 250907 | $20.79 | $31.36 | $7405869 | -% | 1.15% | to | 3.10% | (33.07)% | to | (31.75)% |
| 2021 | 311599 | 31.06 | 45.94 | 13493003 |  | 1.15 | to | 3.10 | 18.55 | to | 20.88 |
| 2020 | 366591 | 26.20 | 38.01 | 13216783 |  | 1.15 | to | 3.10 | 32.08 | to | 34.68 |
| 2019 | 481175 | 19.83 | 28.22 | 12888583 |  | 1.15 | to | 3.10 | 31.70 | to | 34.29 |
| 2018 | 553449 | 15.06 | 21.01 | 11026041 |  | 1.15 | to | 3.10 | (8.84) | to | (7.04) |
| **Invesco V.I. Conservative Balanced Sub-Account (Series I)**<sup>4</sup> | **Invesco V.I. Conservative Balanced Sub-Account (Series I)**<sup>4</sup> | **Invesco V.I. Conservative Balanced Sub-Account (Series I)**<sup>4</sup> | **Invesco V.I. Conservative Balanced Sub-Account (Series I)**<sup>4</sup> | **Invesco V.I. Conservative Balanced Sub-Account (Series I)**<sup>4</sup> |  |  |  |  |  |  |  |
| 2022 | 316912 | 11.44 | 18.18 | 5338477 | 1.36 | 0.95 | to | 2.60 | (18.99) | to | (17.64) |
| 2021 | 340713 | 14.13 | 22.07 | 6987321 | 1.47 | 0.95 | to | 2.60 | 7.79 | to | 9.59 |
| 2020 | 377168 | 13.10 | 20.14 | 7060991 | 2.07 | 0.95 | to | 2.60 | 11.91 | to | 13.77 |
| 2019 | 417214 | 11.71 | 17.70 | 6873042 | 2.24 | 0.95 | to | 2.60 | 14.50 | to | 16.40 |
| 2018 | 473310 | 10.23 | 15.21 | 6725065 | 1.97 | 0.95 | to | 2.60 | (7.77) | to | (6.22) |
| **Invesco V.I. Conservative Balanced Sub-Account (Series II)**<sup>4</sup> | **Invesco V.I. Conservative Balanced Sub-Account (Series II)**<sup>4</sup> | **Invesco V.I. Conservative Balanced Sub-Account (Series II)**<sup>4</sup> | **Invesco V.I. Conservative Balanced Sub-Account (Series II)**<sup>4</sup> | **Invesco V.I. Conservative Balanced Sub-Account (Series II)**<sup>4</sup> |  |  |  |  |  |  |  |
| 2022 | 2970 | 11.07 | 15.29 | 45427 | 1.15 | 1.15 | to | 2.80 | (19.19) | to | (17.97) |
| 2021 | 3042 | 13.69 | 18.64 | 56716 | 0.99 | 1.15 | to | 2.80 | 7.41 | to | 9.04 |
| 2020 | 4777 | 12.75 | 17.10 | 76534 | 1.88 | 1.15 | to | 2.65 | 11.59 | to | 13.28 |
| 2019 | 5079 | 11.42 | 15.09 | 71711 | 2.00 | 1.15 | to | 2.65 | 14.15 | to | 15.88 |
| 2018 | 5419 | 10.01 | 13.03 | 66010 | 1.73 | 1.15 | to | 2.65 | (8.02) | to | (6.62) |
| **Invesco V.I. Core Plus Bond Sub-Account**<sup>5</sup> | **Invesco V.I. Core Plus Bond Sub-Account**<sup>5</sup> | **Invesco V.I. Core Plus Bond Sub-Account**<sup>5</sup> | **Invesco V.I. Core Plus Bond Sub-Account**<sup>5</sup> | **Invesco V.I. Core Plus Bond Sub-Account**<sup>5</sup> |  |  |  |  |  |  |  |
| 2022 | 103980 |  | 13.65 | 1419773 | 1.93 |  |  | 1.40 |  |  | (15.22) |
| 2021 | 110047 |  | 16.11 | 1772416 | 2.05 |  |  | 1.40 |  |  | (3.02) |
| 2020 | 120583 |  | 16.61 | 2002482 | 3.09 |  |  | 1.40 |  |  | 8.18 |
| 2019 | 129518 |  | 15.35 | 1988167 | 3.32 |  |  | 1.40 |  |  | 8.00 |
| 2018 | 145829 |  | 14.21 | 2072652 | 3.33 |  |  | 1.40 |  |  | (2.41) |
| **Invesco V.I. Discovery Mid Cap Growth Sub-Account (Series I)**<sup>4</sup> | **Invesco V.I. Discovery Mid Cap Growth Sub-Account (Series I)**<sup>4</sup> | **Invesco V.I. Discovery Mid Cap Growth Sub-Account (Series I)**<sup>4</sup> | **Invesco V.I. Discovery Mid Cap Growth Sub-Account (Series I)**<sup>4</sup> | **Invesco V.I. Discovery Mid Cap Growth Sub-Account (Series I)**<sup>4</sup> |  |  |  |  |  |  |  |
| 2022 | 2145143 | 26.33 | 37.84 | 69315183 |  | 0.95 | to | 2.60 | (32.75) | to | (31.63) |
| 2021 | 2211697 | 39.15 | 55.35 | 105647787 |  | 0.95 | to | 2.60 | 16.04 | to | 17.97 |
| 2020 | 2592033 | 33.74 | 46.92 | 106383035 | 0.04 | 0.95 | to | 2.60 | 37.08 | to | 39.36 |
| 2019 | 3582421 | 24.61 | 33.67 | 106476690 |  | 0.95 | to | 2.60 | 35.79 | to | 38.05 |
| 2018 | 4535962 | 18.13 | 24.39 | 99470922 |  | 0.95 | to | 2.60 | (8.51) | to | (6.98) |
| **Invesco V.I. Discovery Mid Cap Growth Sub-Account (Series II)** | **Invesco V.I. Discovery Mid Cap Growth Sub-Account (Series II)** | **Invesco V.I. Discovery Mid Cap Growth Sub-Account (Series II)** | **Invesco V.I. Discovery Mid Cap Growth Sub-Account (Series II)** | **Invesco V.I. Discovery Mid Cap Growth Sub-Account (Series II)** |  |  |  |  |  |  |  |
| 2022 | 1133228 | 18.26 | 24.03 | 22846294 |  | 1.00 | to | 3.10 | (33.23) | to | (31.82) |
| 2021 | 1126999 | 26.78 | 35.99 | 34332308 |  | 1.00 | to | 3.10 | 15.17 | to | 17.61 |
| 2020 | 1067971 | 22.77 | 31.25 | 28338933 |  | 1.00 | to | 3.10 | 35.96 | to | 38.85 |
| 2019 | 875114 | 16.40 | 22.99 | 18022291 |  | 1.00 | to | 3.10 | 34.77 | to | 37.63 |
| 2018 | 672955 | 11.92 | 17.06 | 11178908 |  | 1.00 | to | 3.10 | (9.18) | to | (7.24) |
| **Invesco V.I. Diversified Dividend Sub-Account (Series I)** | **Invesco V.I. Diversified Dividend Sub-Account (Series I)** | **Invesco V.I. Diversified Dividend Sub-Account (Series I)** | **Invesco V.I. Diversified Dividend Sub-Account (Series I)** | **Invesco V.I. Diversified Dividend Sub-Account (Series I)** |  |  |  |  |  |  |  |
| 2022 | 317837 | 10.04 | 15.82 | 4603701 | 1.89 | 0.95 | to | 2.60 | (4.20) | to | (2.61) |
| 2021 | 331261 | 10.48 | 16.24 | 4919882 | 1.76 | 0.95 | to | 2.60 | 15.84 | to | 17.77 |
| 2020 | 483803 | 9.04 | 13.79 | 6302426 | 3.18 | 0.95 | to | 2.60 | (2.43) | to | (0.81) |
| 2019 | 517444 | 9.27 | 13.91 | 6771474 | 2.90 | 0.95 | to | 2.60 | 21.88 | to | 23.91 |
| 2018 | 590254 | 7.60 | 11.22 | 6260165 | 2.36 | 0.95 | to | 2.60 | (9.96) | to | (8.45) |
| **Invesco V.I. Diversified Dividend Sub-Account (Series II)**<sup>4</sup> | **Invesco V.I. Diversified Dividend Sub-Account (Series II)**<sup>4</sup> | **Invesco V.I. Diversified Dividend Sub-Account (Series II)**<sup>4</sup> | **Invesco V.I. Diversified Dividend Sub-Account (Series II)**<sup>4</sup> | **Invesco V.I. Diversified Dividend Sub-Account (Series II)**<sup>4</sup> |  |  |  |  |  |  |  |
| 2022 | 728781 | 9.19 | 13.97 | 9489706 | 1.58 | 1.15 | to | 3.10 | (4.91) | to | (3.04) |
| 2021 | 841059 | 9.66 | 14.40 | 11345055 | 1.94 | 1.15 | to | 3.10 | 14.98 | to | 17.24 |
| 2020 | 945327 | 8.40 | 12.29 | 10939473 | 2.70 | 1.15 | to | 3.10 | (3.18) | to | (1.28) |
| 2019 | 1203871 | 8.68 | 12.44 | 14181904 | 2.53 | 1.15 | to | 3.10 | 20.97 | to | 23.35 |
| 2018 | 1568171 | 7.17 | 10.09 | 14983575 | 2.15 | 1.15 | to | 3.10 | (10.64) | to | (8.87) |

---

***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,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  | | **Unit Value<sup>3</sup>** | **Unit Value<sup>3</sup>** | | | **Expense Ratio<sup>2</sup>** | **Expense Ratio<sup>2</sup>** | **Expense Ratio<sup>2</sup>** | **Total Return<sup>3</sup>** | **Total Return<sup>3</sup>** | **Total Return<sup>3</sup>** |
|  | <br>**Units** | **(Lowest to Highest)** | **(Lowest to Highest)** | <br>**Net Assets** | **Investment**<br>**Income**<br>**Ratio<sup>1</sup>** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** |
| **Invesco V.I. Global Sub-Account (Series I)**<sup>4</sup> | **Invesco V.I. Global Sub-Account (Series I)**<sup>4</sup> | **Invesco V.I. Global Sub-Account (Series I)**<sup>4</sup> | **Invesco V.I. Global Sub-Account (Series I)**<sup>4</sup> | **Invesco V.I. Global Sub-Account (Series I)**<sup>4</sup> |  |  |  |  |  |  |  |
| 2022 | 3633296 | $22.54 | $36.14 | $115923743 | -% | 0.95% | to | 2.60% | (33.52)% | to | (32.41)% |
| 2021 | 3694110 | 33.90 | 53.48 | 176055227 |  | 0.95 | to | 2.60 | 12.53 | to | 14.40 |
| 2020 | 4227403 | 30.13 | 46.75 | 176607524 | 0.67 | 0.95 | to | 2.60 | 24.36 | to | 26.43 |
| 2019 | 5325923 | 24.23 | 36.97 | 176050964 | 0.89 | 0.95 | to | 2.60 | 28.41 | to | 30.54 |
| 2018 | 6335935 | 18.87 | 28.32 | 161039139 | 0.99 | 0.95 | to | 2.60 | (15.42) | to | (14.01) |
| **Invesco V.I. Global Sub-Account (Series II)**<sup>4</sup> | **Invesco V.I. Global Sub-Account (Series II)**<sup>4</sup> | **Invesco V.I. Global Sub-Account (Series II)**<sup>4</sup> | **Invesco V.I. Global Sub-Account (Series II)**<sup>4</sup> | **Invesco V.I. Global Sub-Account (Series II)**<sup>4</sup> |  |  |  |  |  |  |  |
| 2022 | 2506424 | 14.03 | 20.58 | 49427513 |  | 1.00 | to | 3.10 | (34.01) | to | (32.61) |
| 2021 | 2571246 | 20.81 | 31.19 | 77475203 |  | 1.00 | to | 3.10 | 11.66 | to | 14.02 |
| 2020 | 2759316 | 18.25 | 27.94 | 75781828 | 0.44 | 1.00 | to | 3.10 | 23.45 | to | 26.07 |
| 2019 | 3054222 | 14.48 | 22.63 | 69852655 | 0.64 | 1.00 | to | 3.10 | 27.44 | to | 30.15 |
| 2018 | 3122101 | 11.13 | 17.76 | 58317027 | 0.76 | 1.00 | to | 3.10 | (16.05) | to | (14.26) |
| **Invesco V.I. Global Strategic Income Sub-Account (Series I)**<sup>4</sup> | **Invesco V.I. Global Strategic Income Sub-Account (Series I)**<sup>4</sup> | **Invesco V.I. Global Strategic Income Sub-Account (Series I)**<sup>4</sup> | **Invesco V.I. Global Strategic Income Sub-Account (Series I)**<sup>4</sup> | **Invesco V.I. Global Strategic Income Sub-Account (Series I)**<sup>4</sup> |  |  |  |  |  |  |  |
| 2022 | 6982530 | 11.36 | 18.99 | 105617322 |  | 0.95 | to | 2.60 | (13.73) | to | (12.30) |
| 2021 | 8302751 | 13.17 | 21.66 | 143423120 | 4.69 | 0.95 | to | 2.60 | (5.89) | to | (4.33) |
| 2020 | 8478804 | 13.99 | 22.64 | 154124943 | 5.81 | 0.95 | to | 2.60 | 0.75 | to | 2.42 |
| 2019 | 9820494 | 13.89 | 22.10 | 174837228 | 3.80 | 0.95 | to | 2.60 | 7.96 | to | 9.76 |
| 2018 | 10593916 | 12.86 | 20.14 | 173249673 | 4.84 | 0.95 | to | 2.60 | (6.86) | to | (5.31) |
| **Invesco V.I. Global Strategic Income Sub-Account (Series II)** | **Invesco V.I. Global Strategic Income Sub-Account (Series II)** | **Invesco V.I. Global Strategic Income Sub-Account (Series II)** | **Invesco V.I. Global Strategic Income Sub-Account (Series II)** | **Invesco V.I. Global Strategic Income Sub-Account (Series II)** |  |  |  |  |  |  |  |
| 2022 | 3523347 | 9.46 | 10.36 | 42908119 |  | 1.00 | to | 3.10 | (14.40) | to | (12.59) |
| 2021 | 4059143 | 10.83 | 12.11 | 57328981 | 4.29 | 1.00 | to | 3.10 | (6.51) | to | (4.52) |
| 2020 | 4076835 | 11.34 | 12.95 | 61117704 | 5.16 | 1.00 | to | 3.10 | (0.15) | to | 1.97 |
| 2019 | 4957887 | 11.12 | 12.97 | 74928822 | 3.39 | 1.00 | to | 3.10 | 7.23 | to | 9.51 |
| 2018 | 4974238 | 10.16 | 12.10 | 70206556 | 4.56 | 1.00 | to | 3.10 | (7.47) | to | (5.49) |
| **Invesco V.I. Health Care Sub-Account (Series I)**<sup>4</sup> | **Invesco V.I. Health Care Sub-Account (Series I)**<sup>4</sup> | **Invesco V.I. Health Care Sub-Account (Series I)**<sup>4</sup> | **Invesco V.I. Health Care Sub-Account (Series I)**<sup>4</sup> | **Invesco V.I. Health Care Sub-Account (Series I)**<sup>4</sup> |  |  |  |  |  |  |  |
| 2022 | 261340 | 25.20 | 38.61 | 8993115 |  | 0.95 | to | 2.60 | (15.54) | to | (14.14) |
| 2021 | 282080 | 29.83 | 44.97 | 11396798 | 0.20 | 0.95 | to | 2.60 | 9.42 | to | 11.24 |
| 2020 | 309109 | 27.26 | 40.42 | 11325826 | 0.31 | 0.95 | to | 2.60 | 11.52 | to | 13.38 |
| 2019 | 355234 | 24.45 | 35.65 | 11544579 | 0.04 | 0.95 | to | 2.60 | 29.10 | to | 31.25 |
| 2018 | 389202 | 18.94 | 27.16 | 9685524 |  | 0.95 | to | 2.60 | (1.70) | to | (0.05) |
| **Invesco V.I. Health Care Sub-Account (Series II)** | **Invesco V.I. Health Care Sub-Account (Series II)** | **Invesco V.I. Health Care Sub-Account (Series II)** | **Invesco V.I. Health Care Sub-Account (Series II)** | **Invesco V.I. Health Care Sub-Account (Series II)** |  |  |  |  |  |  |  |
| 2022 | 260608 | 23.02 | 35.28 | 8644331 |  | 1.15 | to | 3.10 | (16.17) | to | (14.52) |
| 2021 | 298106 | 27.46 | 41.27 | 11700675 |  | 1.15 | to | 3.10 | 8.62 | to | 10.76 |
| 2020 | 350828 | 25.28 | 37.26 | 12414240 | 0.09 | 1.15 | to | 3.10 | 10.71 | to | 12.89 |
| 2019 | 424441 | 22.83 | 33.00 | 13391320 |  | 1.15 | to | 3.10 | 28.15 | to | 30.67 |
| 2018 | 487410 | 17.82 | 25.26 | 11728521 |  | 1.15 | to | 3.10 | (2.47) | to | (0.54) |
| **Invesco V.I. Main Street Sub-Account (Series I)**<sup>4</sup> | **Invesco V.I. Main Street Sub-Account (Series I)**<sup>4</sup> | **Invesco V.I. Main Street Sub-Account (Series I)**<sup>4</sup> | **Invesco V.I. Main Street Sub-Account (Series I)**<sup>4</sup> | **Invesco V.I. Main Street Sub-Account (Series I)**<sup>4</sup> |  |  |  |  |  |  |  |
| 2022 | 862445 | 24.21 | 35.60 | 26861840 | 1.45 | 0.95 | to | 2.60 | (22.18) | to | (20.89) |
| 2021 | 939913 | 31.10 | 45.00 | 37181449 | 0.70 | 0.95 | to | 2.60 | 24.30 | to | 26.36 |
| 2020 | 1047878 | 25.02 | 35.61 | 33044884 | 1.49 | 0.95 | to | 2.60 | 11.02 | to | 12.87 |
| 2019 | 1159288 | 22.54 | 31.55 | 32594095 | 1.06 | 0.95 | to | 2.60 | 28.69 | to | 30.83 |
| 2018 | 1342344 | 17.52 | 24.12 | 28990577 | 1.17 | 0.95 | to | 2.60 | (10.26) | to | (8.76) |
| **Invesco V.I. Main Street Sub-Account (Series II)** | **Invesco V.I. Main Street Sub-Account (Series II)** | **Invesco V.I. Main Street Sub-Account (Series II)** | **Invesco V.I. Main Street Sub-Account (Series II)** | **Invesco V.I. Main Street Sub-Account (Series II)** |  |  |  |  |  |  |  |
| 2022 | 990269 | 16.76 | 22.12 | 18959328 | 1.09 | 1.00 | to | 3.10 | (22.74) | to | (21.10) |
| 2021 | 1068989 | 21.24 | 28.63 | 26323196 | 0.52 | 1.00 | to | 3.10 | 23.35 | to | 25.97 |
| 2020 | 1040875 | 16.86 | 23.21 | 21292780 | 1.17 | 1.00 | to | 3.10 | 10.22 | to | 12.56 |
| 2019 | 1022590 | 14.98 | 21.06 | 19582090 | 0.81 | 1.00 | to | 3.10 | 27.72 | to | 30.43 |
| 2018 | 954458 | 11.49 | 16.49 | 14676353 | 0.90 | 1.00 | to | 3.10 | (10.92) | to | (9.02) |

---

***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,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  | | **Unit Value<sup>3</sup>** | **Unit Value<sup>3</sup>** | | | **Expense Ratio<sup>2</sup>** | **Expense Ratio<sup>2</sup>** | **Expense Ratio<sup>2</sup>** | **Total Return<sup>3</sup>** | **Total Return<sup>3</sup>** | **Total Return<sup>3</sup>** |
|  | <br>**Units** | **(Lowest to Highest)** | **(Lowest to Highest)** | <br>**Net Assets** | **Investment**<br>**Income**<br>**Ratio<sup>1</sup>** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** |
| **Invesco V.I. Technology Sub-Account (Series I)** | **Invesco V.I. Technology Sub-Account (Series I)** | **Invesco V.I. Technology Sub-Account (Series I)** | **Invesco V.I. Technology Sub-Account (Series I)** | **Invesco V.I. Technology Sub-Account (Series I)** |  |  |  |  |  |  |  |
| 2022 | 354685 | $22.62 | $30.95 | $5414369 | -% | 0.95% | to | 2.60% | (41.49)% | to | (40.52)% |
| 2021 | 361364 | 38.66 | 52.04 | 9838777 |  | 0.95 | to | 2.60 | 11.47 | to | 13.33 |
| 2020 | 381843 | 34.68 | 45.92 | 9461356 |  | 0.95 | to | 2.60 | 42.37 | to | 44.74 |
| 2019 | 409274 | 24.36 | 31.73 | 7407278 |  | 0.95 | to | 2.60 | 32.39 | to | 34.59 |
| 2018 | 440280 | 18.40 | 23.57 | 6043444 |  | 0.95 | to | 2.60 | (3.02) | to | (1.40) |
| **Invesco V.I. Technology Sub-Account (Series II)**<sup>4</sup> | **Invesco V.I. Technology Sub-Account (Series II)**<sup>4</sup> | **Invesco V.I. Technology Sub-Account (Series II)**<sup>4</sup> | **Invesco V.I. Technology Sub-Account (Series II)**<sup>4</sup> | **Invesco V.I. Technology Sub-Account (Series II)**<sup>4</sup> |  |  |  |  |  |  |  |
| 2022 | 203958 | 20.64 | 35.84 | 6511762 |  | 1.15 | to | 3.10 | (41.94) | to | (40.80) |
| 2021 | 236464 | 35.55 | 60.54 | 12810416 |  | 1.15 | to | 3.10 | 10.60 | to | 12.77 |
| 2020 | 274028 | 32.15 | 53.68 | 13181326 |  | 1.15 | to | 3.10 | 41.35 | to | 44.13 |
| 2019 | 300092 | 22.74 | 37.25 | 10156434 |  | 1.15 | to | 3.10 | 31.42 | to | 34.01 |
| 2018 | 377907 | 17.30 | 27.79 | 9565714 |  | 1.15 | to | 3.10 | (3.76) | to | (1.85) |
| **Invesco V.I. U.S. Government Money Sub-Account** | **Invesco V.I. U.S. Government Money Sub-Account** | **Invesco V.I. U.S. Government Money Sub-Account** | **Invesco V.I. U.S. Government Money Sub-Account** | **Invesco V.I. U.S. Government Money Sub-Account** |  |  |  |  |  |  |  |
| 2022 | 651358 | 7.55 | 10.35 | 6701851 | 1.29 | 0.95 | to | 2.60 | (1.31) | to | 0.33 |
| 2021 | 565742 | 7.65 | 10.31 | 5812814 | 0.01 | 0.95 | to | 2.60 | (2.56) | to | (0.94) |
| 2020 | 657647 | 7.85 | 10.41 | 6847355 | 0.22 | 0.95 | to | 2.60 | (2.35) | to | (0.73) |
| 2019 | 673998 | 8.04 | 10.49 | 7061758 | 1.70 | 0.95 | to | 2.60 | (0.90) | to | 0.75 |
| 2018 | 749807 | 8.11 | 10.41 | 7836332 | 1.34 | 0.95 | to | 2.60 | (1.26) | to | 0.39 |
| **Janus Henderson Global Technology and Innovation Sub-Account** | **Janus Henderson Global Technology and Innovation Sub-Account** | **Janus Henderson Global Technology and Innovation Sub-Account** | **Janus Henderson Global Technology and Innovation Sub-Account** | **Janus Henderson Global Technology and Innovation Sub-Account** |  |  |  |  |  |  |  |
| 2022 | 32355 |  | 7.56 | 244729 |  | 0.95 | to | 2.60 |  |  |  |
| **MML Aggressive Allocation Sub-Account (Initial Class)** | **MML Aggressive Allocation Sub-Account (Initial Class)** | **MML Aggressive Allocation Sub-Account (Initial Class)** | **MML Aggressive Allocation Sub-Account (Initial Class)** | **MML Aggressive Allocation Sub-Account (Initial Class)** |  |  |  |  |  |  |  |
| 2022 | 1192000 | 17.99 | 23.02 | 26453572 | 2.02 | 0.95 | to | 2.60 | (18.05) | to | (16.69) |
| 2021 | 1359322 | 21.95 | 27.63 | 36316920 | 1.25 | 0.95 | to | 2.60 | 13.65 | to | 15.54 |
| 2020 | 1451095 | 19.32 | 23.92 | 33588339 | 1.67 | 0.95 | to | 2.60 | 10.44 | to | 12.27 |
| 2019 | 1821022 | 17.49 | 21.30 | 37508768 | 1.99 | 0.95 | to | 2.60 | 20.75 | to | 22.76 |
| 2018 | 1849440 | 14.49 | 17.35 | 31085089 | 1.34 | 0.95 | to | 2.60 | (10.49) | to | (8.99) |
| **MML Aggressive Allocation Sub-Account (Service Class)** | **MML Aggressive Allocation Sub-Account (Service Class)** | **MML Aggressive Allocation Sub-Account (Service Class)** | **MML Aggressive Allocation Sub-Account (Service Class)** | **MML Aggressive Allocation Sub-Account (Service Class)** |  |  |  |  |  |  |  |
| 2022 | 3789915 | 14.63 | 16.28 | 68477846 | 1.81 | 1.00 | to | 3.10 | (18.68) | to | (16.96) |
| 2021 | 4300766 | 17.61 | 20.02 | 95058178 | 1.03 | 1.00 | to | 3.10 | 12.85 | to | 15.25 |
| 2020 | 4774344 | 15.28 | 17.74 | 93600335 | 1.38 | 1.00 | to | 3.10 | 9.63 | to | 11.95 |
| 2019 | 5325759 | 13.65 | 16.18 | 95636402 | 1.71 | 1.00 | to | 3.10 | 19.87 | to | 22.42 |
| 2018 | 5559658 | 11.15 | 13.50 | 83188210 | 1.17 | 1.00 | to | 3.10 | (11.26) | to | (9.36) |
| **MML American Funds Core Allocation Sub-Account** | **MML American Funds Core Allocation Sub-Account** | **MML American Funds Core Allocation Sub-Account** | **MML American Funds Core Allocation Sub-Account** | **MML American Funds Core Allocation Sub-Account** |  |  |  |  |  |  |  |
| 2022 | 39435747 | 13.93 | 14.93 | 692811278 | 2.13 | 1.00 | to | 3.10 | (16.33) | to | (14.56) |
| 2021 | 44078410 | 16.30 | 17.84 | 919106679 | 1.31 | 1.00 | to | 3.10 | 9.41 | to | 11.73 |
| 2020 | 49211939 | 14.59 | 16.31 | 930308860 | 1.73 | 1.00 | to | 3.10 | 7.99 | to | 10.28 |
| 2019 | 57034873 | 13.23 | 15.10 | 989500489 | 2.39 | 1.00 | to | 3.10 | 14.51 | to | 16.94 |
| 2018 | 63029364 | 11.31 | 13.19 | 944978070 | 1.71 | 1.00 | to | 3.10 | (7.76) | to | (5.79) |
| **MML American Funds Growth Sub-Account** | **MML American Funds Growth Sub-Account** | **MML American Funds Growth Sub-Account** | **MML American Funds Growth Sub-Account** | **MML American Funds Growth Sub-Account** |  |  |  |  |  |  |  |
| 2022 | 7340690 | 21.49 | 27.45 | 187123822 | 0.43 | 1.00 | to | 3.10 | (32.42) | to | (30.98) |
| 2021 | 7241440 | 31.13 | 40.62 | 282628214 |  | 1.00 | to | 3.10 | 17.84 | to | 20.34 |
| 2020 | 7372819 | 25.87 | 34.47 | 249753195 | 0.72 | 1.00 | to | 3.10 | 46.80 | to | 49.91 |
| 2019 | 8104921 | 17.26 | 23.48 | 191745889 | 0.32 | 1.00 | to | 3.10 | 26.25 | to | 28.93 |
| 2018 | 8213057 | 13.39 | 18.60 | 158458588 | 0.28 | 1.00 | to | 3.10 | (3.70) | to | (1.65) |

---

***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,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  | | **Unit Value<sup>3</sup>** | **Unit Value<sup>3</sup>** | | | **Expense Ratio<sup>2</sup>** | **Expense Ratio<sup>2</sup>** | **Expense Ratio<sup>2</sup>** | **Total Return<sup>3</sup>** | **Total Return<sup>3</sup>** | **Total Return<sup>3</sup>** |
|  | <br>**Units** | **(Lowest to Highest)** | **(Lowest to Highest)** | <br>**Net Assets** | **Investment**<br>**Income**<br>**Ratio<sup>1</sup>** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** |
| **MML American Funds International Sub-Account**<sup>6</sup> | **MML American Funds International Sub-Account**<sup>6</sup> | **MML American Funds International Sub-Account**<sup>6</sup> | **MML American Funds International Sub-Account**<sup>6</sup> | **MML American Funds International Sub-Account**<sup>6</sup> |  |  |  |  |  |  |  |
| 2022 |  | $- | $- | $- | -% | -% |  | -% | -% |  | -% |
| 2021 | 3575717 | 13.26 | 14.27 | 57592722 | 0.13 | 1.00 | to | 3.10 | (4.95) | to | (2.93) |
| 2020 | 3496882 | 13.95 | 14.70 | 58820176 | 1.03 | 1.00 | to | 3.10 | 9.98 | to | 12.31 |
| 2019 | 4069542 | 12.69 | 13.09 | 61510006 | 2.74 | 1.00 | to | 3.10 | 18.58 | to | 21.09 |
| 2018 | 4343149 | 10.70 | 10.81 | 54602962 | 0.82 | 1.00 | to | 3.10 | (16.18) | to | (14.39) |
| **MML Balanced Allocation Sub-Account (Initial Class)** | **MML Balanced Allocation Sub-Account (Initial Class)** | **MML Balanced Allocation Sub-Account (Initial Class)** | **MML Balanced Allocation Sub-Account (Initial Class)** | **MML Balanced Allocation Sub-Account (Initial Class)** |  |  |  |  |  |  |  |
| 2022 | 3435716 | 14.07 | 18.00 | 58629976 | 3.59 | 0.95 | to | 2.60 | (16.91) | to | (15.53) |
| 2021 | 3892604 | 16.93 | 21.31 | 78951185 | 1.25 | 0.95 | to | 2.60 | 7.16 | to | 8.94 |
| 2020 | 4442634 | 15.80 | 19.56 | 83010888 | 2.67 | 0.95 | to | 2.60 | 8.09 | to | 9.89 |
| 2019 | 5809475 | 14.62 | 17.80 | 99026168 | 2.57 | 0.95 | to | 2.60 | 13.75 | to | 15.65 |
| 2018 | 6173598 | 12.85 | 15.40 | 91530192 | 2.29 | 0.95 | to | 2.60 | (6.93) | to | (5.38) |
| **MML Balanced Allocation Sub-Account (Service Class)** | **MML Balanced Allocation Sub-Account (Service Class)** | **MML Balanced Allocation Sub-Account (Service Class)** | **MML Balanced Allocation Sub-Account (Service Class)** | **MML Balanced Allocation Sub-Account (Service Class)** |  |  |  |  |  |  |  |
| 2022 | 18387696 | 12.34 | 12.75 | 267376596 | 3.34 | 1.00 | to | 3.10 | (17.56) | to | (15.81) |
| 2021 | 20676935 | 14.66 | 15.47 | 363104191 | 1.01 | 1.00 | to | 3.10 | 6.35 | to | 8.61 |
| 2020 | 22692373 | 13.50 | 14.54 | 373173046 | 2.42 | 1.00 | to | 3.10 | 7.27 | to | 9.54 |
| 2019 | 26645694 | 12.32 | 13.56 | 408910548 | 2.31 | 1.00 | to | 3.10 | 13.05 | to | 15.45 |
| 2018 | 28846215 | 10.67 | 11.99 | 391117726 | 2.07 | 1.00 | to | 3.10 | (7.69) | to | (5.72) |
| **MML Blend Sub-Account (Initial Class)** | **MML Blend Sub-Account (Initial Class)** | **MML Blend Sub-Account (Initial Class)** | **MML Blend Sub-Account (Initial Class)** | **MML Blend Sub-Account (Initial Class)** |  |  |  |  |  |  |  |
| 2022 | 1898554 | 20.84 | 31.19 | 51298275 | 1.35 | 0.95 | to | 2.60 | (18.73) | to | (17.38) |
| 2021 | 2100227 | 25.64 | 37.75 | 68982917 | 2.11 | 0.95 | to | 2.60 | 12.07 | to | 13.94 |
| 2020 | 2246956 | 22.88 | 33.14 | 65024452 |  | 0.95 | to | 2.60 | 9.97 | to | 11.80 |
| 2019 | 2419280 | 20.81 | 29.64 | 62980806 | 2.43 | 0.95 | to | 2.60 | 18.27 | to | 20.23 |
| 2018 | 2604579 | 17.59 | 24.65 | 56577666 | 2.11 | 0.95 | to | 2.60 | (6.81) | to | (5.25) |
| **MML Blend Sub-Account (Service Class)** | **MML Blend Sub-Account (Service Class)** | **MML Blend Sub-Account (Service Class)** | **MML Blend Sub-Account (Service Class)** | **MML Blend Sub-Account (Service Class)** |  |  |  |  |  |  |  |
| 2022 | 10920106 | 14.35 | 19.03 | 172514255 | 1.12 | 1.00 | to | 3.10 | (19.34) | to | (17.63) |
| 2021 | 11045227 | 17.42 | 23.60 | 217290953 | 1.97 | 1.00 | to | 3.10 | 11.24 | to | 13.60 |
| 2020 | 10470381 | 15.33 | 21.21 | 185705276 |  | 1.00 | to | 3.10 | 9.14 | to | 11.45 |
| 2019 | 9995211 | 13.76 | 19.44 | 161858732 | 2.20 | 1.00 | to | 3.10 | 17.38 | to | 19.87 |
| 2018 | 8331460 | 11.47 | 16.56 | 118605705 | 2.01 | 1.00 | to | 3.10 | (7.51) | to | (5.53) |
| **MML Blue Chip Growth Sub-Account (Initial Class)** | **MML Blue Chip Growth Sub-Account (Initial Class)** | **MML Blue Chip Growth Sub-Account (Initial Class)** | **MML Blue Chip Growth Sub-Account (Initial Class)** | **MML Blue Chip Growth Sub-Account (Initial Class)** |  |  |  |  |  |  |  |
| 2022 | 930051 | 28.02 | 42.15 | 37019588 |  | 0.95 | to | 2.60 | (41.05) | to | (40.07) |
| 2021 | 999401 | 47.54 | 70.33 | 66935027 |  | 0.95 | to | 2.60 | 13.35 | to | 15.24 |
| 2020 | 1113935 | 41.94 | 61.03 | 64905396 |  | 0.95 | to | 2.60 | 30.96 | to | 33.13 |
| 2019 | 1289749 | 32.02 | 45.84 | 56366432 |  | 0.95 | to | 2.60 | 26.51 | to | 28.62 |
| 2018 | 1408101 | 25.31 | 35.64 | 48210759 |  | 0.95 | to | 2.60 | (0.75) | to | 0.91 |
| **MML Blue Chip Growth Sub-Account (Service Class)** | **MML Blue Chip Growth Sub-Account (Service Class)** | **MML Blue Chip Growth Sub-Account (Service Class)** | **MML Blue Chip Growth Sub-Account (Service Class)** | **MML Blue Chip Growth Sub-Account (Service Class)** |  |  |  |  |  |  |  |
| 2022 | 6290813 | 15.90 | 25.60 | 116156894 |  | 1.00 | to | 3.10 | (41.49) | to | (40.25) |
| 2021 | 6267018 | 26.60 | 43.75 | 203462318 |  | 1.00 | to | 3.10 | 12.54 | to | 14.92 |
| 2020 | 6214398 | 23.15 | 38.87 | 181685317 |  | 1.00 | to | 3.10 | 29.91 | to | 32.66 |
| 2019 | 5915556 | 17.45 | 29.92 | 137333697 |  | 1.00 | to | 3.10 | 25.60 | to | 28.27 |
| 2018 | 5069585 | 13.60 | 23.82 | 99468289 |  | 1.00 | to | 3.10 | (1.44) | to | 0.66 |
| **MML Conservative Allocation Sub-Account (Initial Class)** | **MML Conservative Allocation Sub-Account (Initial Class)** | **MML Conservative Allocation Sub-Account (Initial Class)** | **MML Conservative Allocation Sub-Account (Initial Class)** |  |  |  |  |  |  |  |  |
| 2022 | 3104296 | 13.37 | 17.10 | 50846697 | 3.88 | 0.95 | to | 2.60 | (16.92) | to | (15.54) |
| 2021 | 3386413 | 16.09 | 20.25 | 65736943 | 1.18 | 0.95 | to | 2.60 | 5.81 | to | 7.57 |
| 2020 | 4208998 | 15.20 | 18.82 | 76130207 | 2.60 | 0.95 | to | 2.60 | 7.11 | to | 8.89 |
| 2019 | 4480056 | 14.19 | 17.29 | 74794028 | 2.68 | 0.95 | to | 2.60 | 12.24 | to | 14.11 |
| 2018 | 4916102 | 12.65 | 15.15 | 72187610 | 2.52 | 0.95 | to | 2.60 | (5.99) | to | (4.41) |

---

***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,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  | | **Unit Value<sup>3</sup>** | **Unit Value<sup>3</sup>** | | | **Expense Ratio<sup>2</sup>** | **Expense Ratio<sup>2</sup>** | **Expense Ratio<sup>2</sup>** | **Total Return<sup>3</sup>** | **Total Return<sup>3</sup>** | **Total Return<sup>3</sup>** |
|  | <br>**Units** | **(Lowest to Highest)** | **(Lowest to Highest)** | <br>**Net Assets** | **Investment**<br>**Income**<br>**Ratio<sup>1</sup>** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** |
| **MML Conservative Allocation Sub-Account (Service Class)** | **MML Conservative Allocation Sub-Account (Service Class)** | **MML Conservative Allocation Sub-Account (Service Class)** | **MML Conservative Allocation Sub-Account (Service Class)** |  |  |  |  |  |  |  |  |
| 2022 | 16606296 | $11.80 | $12.10 | $232816753 | 3.59% | 1.00% | to | 3.10% | (17.50)% | to | (15.75)% |
| 2021 | 18550323 | 14.01 | 14.66 | 314438147 | 0.93 | 1.00 | to | 3.10 | 5.02 | to | 7.25 |
| 2020 | 21085898 | 13.06 | 13.96 | 338139060 | 2.48 | 1.00 | to | 3.10 | 6.32 | to | 8.58 |
| 2019 | 20930050 | 12.03 | 13.13 | 312722144 | 2.47 | 1.00 | to | 3.10 | 11.42 | to | 13.79 |
| 2018 | 22812097 | 10.57 | 11.79 | 306155920 | 2.26 | 1.00 | to | 3.10 | (6.65) | to | (4.66) |
| **MML Dynamic Bond Sub-Account (Service Class I)** | **MML Dynamic Bond Sub-Account (Service Class I)** | **MML Dynamic Bond Sub-Account (Service Class I)** | **MML Dynamic Bond Sub-Account (Service Class I)** | **MML Dynamic Bond Sub-Account (Service Class I)** |  |  |  |  |  |  |  |
| 2022 | 1265675 | 9.05 | 9.58 | 11894741 | 3.60 | 1.00 | to | 1.80 | (15.78) | to | (15.11) |
| 2021 | 1219346 | 10.74 | 11.28 | 13575976 | 3.53 | 1.00 | to | 1.80 | (1.96) | to | (1.18) |
| 2020 | 1102442 | 10.96 | 11.42 | 12453262 | 0.34 | 1.00 | to | 1.80 | 1.67 | to | 2.48 |
| 2019 | 918215 | 10.78 | 11.14 | 10144350 | 3.42 | 1.00 | to | 1.80 | 6.59 | to | 7.45 |
| 2018 | 607871 | 10.11 | 10.37 | 6269866 | 3.31 | 1.00 | to | 1.80 | (2.11) | to | (1.32) |
| **MML Equity Sub-Account (Initial Class)** | **MML Equity Sub-Account (Initial Class)** | **MML Equity Sub-Account (Initial Class)** | **MML Equity Sub-Account (Initial Class)** | **MML Equity Sub-Account (Initial Class)** |  |  |  |  |  |  |  |
| 2022 | 808421 | 22.81 | 34.22 | 22745758 | 1.60 | 0.95 | to | 2.60 | (7.09) | to | (5.55) |
| 2021 | 857014 | 24.55 | 36.23 | 25600018 | 1.66 | 0.95 | to | 2.60 | 26.92 | to | 29.03 |
| 2020 | 925884 | 19.34 | 28.08 | 21590756 | 2.35 | 0.95 | to | 2.60 | 0.38 | to | 2.05 |
| 2019 | 1097055 | 19.27 | 27.51 | 25084965 | 2.04 | 0.95 | to | 2.60 | 22.69 | to | 24.73 |
| 2018 | 1190624 | 15.71 | 22.06 | 21958025 | 1.77 | 0.95 | to | 2.60 | (12.32) | to | (10.85) |
| **MML Equity Sub-Account (Service Class)** | **MML Equity Sub-Account (Service Class)** | **MML Equity Sub-Account (Service Class)** | **MML Equity Sub-Account (Service Class)** | **MML Equity Sub-Account (Service Class)** |  |  |  |  |  |  |  |
| 2022 | 3961989 | 16.94 | 20.84 | 87189234 | 1.35 | 1.00 | to | 3.10 | (7.78) | to | (5.83) |
| 2021 | 4388637 | 17.99 | 22.60 | 104959878 | 1.47 | 1.00 | to | 3.10 | 25.97 | to | 28.64 |
| 2020 | 4851758 | 13.98 | 17.94 | 94339624 | 2.14 | 1.00 | to | 3.10 | (0.37) | to | 1.75 |
| 2019 | 4923227 | 13.74 | 18.01 | 97057943 | 1.82 | 1.00 | to | 3.10 | 21.78 | to | 24.36 |
| 2018 | 5016720 | 11.05 | 14.79 | 82975610 | 1.58 | 1.00 | to | 3.10 | (12.97) | to | (11.12) |
| **MML Equity Income Sub-Account (Initial Class)** | **MML Equity Income Sub-Account (Initial Class)** | **MML Equity Income Sub-Account (Initial Class)** | **MML Equity Income Sub-Account (Initial Class)** | **MML Equity Income Sub-Account (Initial Class)** |  |  |  |  |  |  |  |
| 2022 | 3643121 | 23.18 | 34.71 | 112868269 | 1.68 | 0.95 | to | 2.60 | (6.04) | to | (4.48) |
| 2021 | 4476832 | 24.67 | 36.34 | 145517882 | 2.19 | 0.95 | to | 2.60 | 22.36 | to | 24.39 |
| 2020 | 5424458 | 20.16 | 29.21 | 141959006 | 2.46 | 0.95 | to | 2.60 | (1.26) | to | 0.38 |
| 2019 | 5987062 | 20.42 | 29.10 | 157019262 | 2.28 | 0.95 | to | 2.60 | 23.21 | to | 25.26 |
| 2018 | 7063608 | 16.57 | 23.23 | 148592012 | 1.88 | 0.95 | to | 2.60 | (11.70) | to | (10.23) |
| **MML Equity Income Sub-Account (Service Class)** | **MML Equity Income Sub-Account (Service Class)** | **MML Equity Income Sub-Account (Service Class)** | **MML Equity Income Sub-Account (Service Class)** | **MML Equity Income Sub-Account (Service Class)** |  |  |  |  |  |  |  |
| 2022 | 3463599 | 17.37 | 21.17 | 78411916 | 1.51 | 1.00 | to | 3.10 | (6.75) | to | (4.77) |
| 2021 | 3576293 | 18.24 | 22.71 | 88613015 | 2.04 | 1.00 | to | 3.10 | 21.36 | to | 23.93 |
| 2020 | 3974069 | 14.72 | 18.71 | 82700285 | 2.20 | 1.00 | to | 3.10 | (1.92) | to | 0.16 |
| 2019 | 4049182 | 14.69 | 19.07 | 86738940 | 2.07 | 1.00 | to | 3.10 | 22.27 | to | 24.86 |
| 2018 | 4198697 | 11.77 | 15.60 | 75340152 | 1.70 | 1.00 | to | 3.10 | (12.37) | to | (10.50) |
| **MML Equity Index Sub-Account (Class I)⁶** | **MML Equity Index Sub-Account (Class I)⁶** | **MML Equity Index Sub-Account (Class I)⁶** | **MML Equity Index Sub-Account (Class I)⁶** | **MML Equity Index Sub-Account (Class I)⁶** |  |  |  |  |  |  |  |
| 2022 | 855314 | 27.34 | 40.56 | 27821852 | 1.01 | 0.95 | to | 2.60 | (20.58) | to | (19.26) |
| 2021 | 943721 | 34.42 | 50.24 | 38036347 | 1.27 | 0.95 | to | 2.60 | 24.90 | to | 26.98 |
| 2020 | 1036338 | 27.56 | 39.57 | 32974512 | 1.64 | 0.95 | to | 2.60 | 15.03 | to | 16.94 |
| 2019 | 1204817 | 23.96 | 33.84 | 33045075 | 2.57 | 0.95 | to | 2.60 | 27.50 | to | 29.62 |
| 2018 | 1545569 | 18.79 | 26.10 | 32889678 | 1.51 | 0.95 | to | 2.60 | (7.26) | to | (5.71) |
| **MML Equity Index Sub-Account (Service Class I)** | **MML Equity Index Sub-Account (Service Class I)** | **MML Equity Index Sub-Account (Service Class I)** | **MML Equity Index Sub-Account (Service Class I)** | **MML Equity Index Sub-Account (Service Class I)** |  |  |  |  |  |  |  |
| 2022 | 820581 | 24.97 | 37.15 | 29639746 | 0.78 | 1.15 | to | 3.10 | (21.17) | to | (19.61) |
| 2021 | 1029840 | 31.67 | 46.21 | 46175143 | 1.15 | 1.15 | to | 3.10 | 23.96 | to | 26.40 |
| 2020 | 1247806 | 25.55 | 36.56 | 44360172 | 1.46 | 1.15 | to | 3.10 | 14.14 | to | 16.39 |
| 2019 | 1507010 | 22.38 | 31.41 | 45972770 | 2.57 | 1.15 | to | 3.10 | 26.57 | to | 29.06 |
| 2018 | 1732277 | 17.68 | 24.34 | 40825319 | 1.36 | 1.15 | to | 3.10 | (7.96) | to | (6.13) |

---

***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,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  | | **Unit Value<sup>3</sup>** | **Unit Value<sup>3</sup>** | | | **Expense Ratio<sup>2</sup>** | **Expense Ratio<sup>2</sup>** | **Expense Ratio<sup>2</sup>** | **Total Return<sup>3</sup>** | **Total Return<sup>3</sup>** | **Total Return<sup>3</sup>** |
|  | <br>**Units** | **(Lowest to Highest)** | **(Lowest to Highest)** | <br>**Net Assets** | **Investment**<br>**Income**<br>**Ratio<sup>1</sup>** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** |
| **MML Equity Momentum Sub-Account (Service Class I)** | **MML Equity Momentum Sub-Account (Service Class I)** | **MML Equity Momentum Sub-Account (Service Class I)** | **MML Equity Momentum Sub-Account (Service Class I)** | **MML Equity Momentum Sub-Account (Service Class I)** |  |  |  |  |  |  |  |
| 2022 |  | $- | $- | $- | -% | -% |  | -% | -% |  | -% |
| 2021 | 96460 | 21.35 | 22.43 | 2161734 |  | 1.00 | to | 1.80 | 19.43 | to | 20.39 |
| 2020 | 109941 | 17.88 | 18.63 | 2048092 | 0.01 | 1.00 | to | 1.80 | 17.86 | to | 18.81 |
| 2019 | 120799 | 15.17 | 15.68 | 1893686 | 0.68 | 1.00 | to | 1.80 | 35.06 | to | 36.14 |
| 2018 | 119922 | 11.23 | 11.52 | 1380613 | 0.09 | 1.00 | to | 1.80 | (18.42) | to | (17.76) |
| **MML Equity Rotation Sub-Account (Service Class I)** | **MML Equity Rotation Sub-Account (Service Class I)** | **MML Equity Rotation Sub-Account (Service Class I)** | **MML Equity Rotation Sub-Account (Service Class I)** | **MML Equity Rotation Sub-Account (Service Class I)** |  |  |  |  |  |  |  |
| 2022 | 97555 | 18.89 | 20.01 | 1864206 |  | 1.00 | to | 1.80 | (15.99) | to | (15.31) |
| 2021 | 105214 | 22.49 | 23.63 | 2484746 | 0.43 | 1.00 | to | 1.80 | 25.72 | to | 26.73 |
| 2020 | 108233 | 17.89 | 18.64 | 2017490 | 1.39 | 1.00 | to | 1.80 | 20.39 | to | 21.35 |
| 2019 | 113361 | 14.86 | 15.36 | 1741305 | 0.19 | 1.00 | to | 1.80 | 14.22 | to | 15.14 |
| 2018 | 109641 | 13.01 | 13.34 | 1462409 | 0.76 | 1.00 | to | 1.80 | (10.73) | to | (10.01) |
| **MML Focused Equity Sub-Account** | **MML Focused Equity Sub-Account** | **MML Focused Equity Sub-Account** | **MML Focused Equity Sub-Account** | **MML Focused Equity Sub-Account** |  |  |  |  |  |  |  |
| 2022 | 936219 | 25.58 | 32.17 | 21586709 | 0.63 | 0.95 | to | 3.10 | (7.91) | to | (5.91) |
| 2021 | 865951 | 27.78 | 34.19 | 22092990 | 0.92 | 0.95 | to | 3.10 | 18.16 | to | 20.73 |
| 2020 | 881782 | 23.51 | 28.32 | 18957860 | 0.64 | 0.95 | to | 3.10 | 9.10 | to | 11.47 |
| 2019 | 887636 | 21.55 | 25.41 | 17679923 | 0.05 | 0.95 | to | 3.10 | 25.77 | to | 28.50 |
| 2018 | 639384 | 17.13 | 19.77 | 10379415 | 2.82 | 0.95 | to | 3.10 | (2.11) | to | 0.03 |
| **MML Foreign Sub-Account (Initial Class)** | **MML Foreign Sub-Account (Initial Class)** | **MML Foreign Sub-Account (Initial Class)** | **MML Foreign Sub-Account (Initial Class)** | **MML Foreign Sub-Account (Initial Class)** |  |  |  |  |  |  |  |
| 2022 | 5925578 | 11.66 | 17.12 | 89435726 | 3.71 | 0.95 | to | 2.60 | (16.77) | to | (15.39) |
| 2021 | 6441988 | 14.01 | 20.23 | 115578289 | 2.54 | 0.95 | to | 2.60 | 10.14 | to | 11.98 |
| 2020 | 7346537 | 12.72 | 18.07 | 118344969 | 3.10 | 0.95 | to | 2.60 | 3.21 | to | 4.93 |
| 2019 | 8271919 | 12.32 | 17.22 | 128108301 | 1.79 | 0.95 | to | 2.60 | 10.26 | to | 12.10 |
| 2018 | 8931698 | 11.18 | 15.36 | 124201591 | 2.25 | 0.95 | to | 2.60 | (18.07) | to | (16.70) |
| **MML Foreign Sub-Account (Service Class)** | **MML Foreign Sub-Account (Service Class)** | **MML Foreign Sub-Account (Service Class)** | **MML Foreign Sub-Account (Service Class)** | **MML Foreign Sub-Account (Service Class)** |  |  |  |  |  |  |  |
| 2022 | 652319 | 10.37 | 10.65 | 8823408 | 3.38 | 1.00 | to | 3.10 | (17.47) | to | (15.72) |
| 2021 | 520191 | 12.30 | 12.91 | 8065680 | 2.30 | 1.00 | to | 3.10 | 9.51 | to | 11.83 |
| 2020 | 584504 | 11.00 | 11.79 | 8319183 | 2.84 | 1.00 | to | 3.10 | 2.34 | to | 4.52 |
| 2019 | 700188 | 10.52 | 11.52 | 9815416 | 1.52 | 1.00 | to | 3.10 | 9.34 | to | 11.66 |
| 2018 | 725345 | 9.43 | 10.53 | 9327795 | 2.00 | 1.00 | to | 3.10 | (18.61) | to | (16.87) |
| **MML Fundamental Equity Sub-Account** | **MML Fundamental Equity Sub-Account** | **MML Fundamental Equity Sub-Account** | **MML Fundamental Equity Sub-Account** | **MML Fundamental Equity Sub-Account** |  |  |  |  |  |  |  |
| 2022 | 909971 | 23.25 | 29.24 | 18740713 | 0.36 | 0.95 | to | 3.10 | (22.86) | to | (21.19) |
| 2021 | 890049 | 30.14 | 37.10 | 23979880 | 0.33 | 0.95 | to | 3.10 | 23.50 | to | 26.18 |
| 2020 | 880974 | 24.41 | 29.41 | 19006450 |  | 0.95 | to | 3.10 | 15.94 | to | 18.46 |
| 2019 | 797684 | 21.05 | 24.82 | 14803275 | 0.44 | 0.95 | to | 3.10 | 29.26 | to | 32.07 |
| 2018 | 697122 | 16.29 | 18.80 | 9980256 | 1.16 | 0.95 | to | 3.10 | (2.43) | to | (0.30) |
| **MML Fundamental Value Sub-Account** | **MML Fundamental Value Sub-Account** | **MML Fundamental Value Sub-Account** | **MML Fundamental Value Sub-Account** | **MML Fundamental Value Sub-Account** |  |  |  |  |  |  |  |
| 2022 | 1213572 | 18.63 | 23.44 | 20630720 | 0.84 | 0.95 | to | 3.10 | (7.92) | to | (5.92) |
| 2021 | 1116028 | 20.24 | 24.91 | 20520581 | 1.64 | 0.95 | to | 3.10 | 25.73 | to | 28.46 |
| 2020 | 1019772 | 16.10 | 19.39 | 14865608 | 1.08 | 0.95 | to | 3.10 | (0.76) | to | 1.40 |
| 2019 | 1016383 | 16.22 | 19.12 | 15050102 | 1.71 | 0.95 | to | 3.10 | 18.75 | to | 21.33 |
| 2018 | 956198 | 13.66 | 15.76 | 12106408 | 1.56 | 0.95 | to | 3.10 | (13.31) | to | (11.41) |
| **MML Global Sub-Account (Class I)** | **MML Global Sub-Account (Class I)** | **MML Global Sub-Account (Class I)** | **MML Global Sub-Account (Class I)** | **MML Global Sub-Account (Class I)** |  |  |  |  |  |  |  |
| 2022 | 181481 | 16.87 | 23.47 | 4097127 | 1.46 | 0.95 | to | 2.60 | (19.89) | to | (18.56) |
| 2021 | 184374 | 21.06 | 28.82 | 5128057 | 0.88 | 0.95 | to | 2.60 | 14.31 | to | 16.21 |
| 2020 | 214433 | 18.43 | 24.80 | 5164484 | 1.09 | 0.95 | to | 2.60 | 11.09 | to | 12.94 |
| 2019 | 266210 | 16.59 | 21.96 | 5717821 | 0.68 | 0.95 | to | 2.60 | 27.24 | to | 29.36 |
| 2018 | 306197 | 13.04 | 16.97 | 5081523 | 1.12 | 0.95 | to | 2.60 | (11.87) | to | (10.39) |

---

***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,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  | | **Unit Value<sup>3</sup>** | **Unit Value<sup>3</sup>** | | | **Expense Ratio<sup>2</sup>** | **Expense Ratio<sup>2</sup>** | **Expense Ratio<sup>2</sup>** | **Total Return<sup>3</sup>** | **Total Return<sup>3</sup>** | **Total Return<sup>3</sup>** |
|  | <br>**Units** | **(Lowest to Highest)** | **(Lowest to Highest)** | <br>**Net Assets** | **Investment**<br>**Income**<br>**Ratio<sup>1</sup>** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** |
| **MML Global Sub-Account (Class II)** | **MML Global Sub-Account (Class II)** | **MML Global Sub-Account (Class II)** | **MML Global Sub-Account (Class II)** | **MML Global Sub-Account (Class II)** |  |  |  |  |  |  |  |
| 2022 | 244219 | $13.47 | $17.48 | $3976403 | 1.63% | 1.18% | to | 1.65% | (19.06)% | to | (18.68)% |
| 2021 | 245084 | 16.57 | 21.59 | 4977478 | 0.90 | 1.18 | to | 1.65 | 15.50 | to | 16.05 |
| 2020 | 256171 | 14.28 | 18.69 | 4487312 | 1.05 | 1.18 | to | 1.65 | 12.10 | to | 12.63 |
| 2019 | 274411 | 12.68 | 16.68 | 4316103 | 0.60 | 1.18 | to | 1.65 | 28.45 | to | 29.05 |
| 2018 | 255730 | 9.82 | 12.98 | 3127032 | 1.12 | 1.18 | to | 1.65 | (11.06) | to | (10.64) |
| **MML Global Sub-Account (Service Class I)** | **MML Global Sub-Account (Service Class I)** | **MML Global Sub-Account (Service Class I)** | **MML Global Sub-Account (Service Class I)** | **MML Global Sub-Account (Service Class I)** |  |  |  |  |  |  |  |
| 2022 | 1108024 | 15.42 | 15.49 | 19626341 | 1.34 | 1.00 | to | 3.10 | (20.50) | to | (18.81) |
| 2021 | 888586 | 19.00 | 19.48 | 19462328 | 0.76 | 1.00 | to | 3.10 | 13.58 | to | 15.99 |
| 2020 | 924023 | 16.38 | 17.15 | 18084268 | 0.90 | 1.00 | to | 3.10 | 10.23 | to | 12.57 |
| 2019 | 944518 | 14.55 | 15.56 | 17104721 | 0.35 | 1.00 | to | 3.10 | 26.30 | to | 28.98 |
| 2018 | 944055 | 11.28 | 12.32 | 13985581 | 0.94 | 1.00 | to | 3.10 | (12.61) | to | (10.74) |
| **MML Growth Allocation Sub-Account (Initial Class)** | **MML Growth Allocation Sub-Account (Initial Class)** | **MML Growth Allocation Sub-Account (Initial Class)** | **MML Growth Allocation Sub-Account (Initial Class)** | **MML Growth Allocation Sub-Account (Initial Class)** |  |  |  |  |  |  |  |
| 2022 | 14041930 | 16.54 | 21.16 | 282056598 | 2.65 | 0.95 | to | 2.60 | (17.47) | to | (16.10) |
| 2021 | 15565856 | 20.04 | 25.22 | 373971831 | 1.56 | 0.95 | to | 2.60 | 11.40 | to | 13.25 |
| 2020 | 18484124 | 17.99 | 22.27 | 393392881 | 2.15 | 0.95 | to | 2.60 | 9.87 | to | 11.69 |
| 2019 | 26884888 | 16.37 | 19.94 | 514011956 | 2.27 | 0.95 | to | 2.60 | 18.10 | to | 20.06 |
| 2018 | 30317373 | 13.86 | 16.61 | 484216996 | 1.76 | 0.95 | to | 2.60 | (9.31) | to | (7.79) |
| **MML Growth Allocation Sub-Account (Service Class)** | **MML Growth Allocation Sub-Account (Service Class)** | **MML Growth Allocation Sub-Account (Service Class)** | **MML Growth Allocation Sub-Account (Service Class)** | **MML Growth Allocation Sub-Account (Service Class)** |  |  |  |  |  |  |  |
| 2022 | 31477349 | 13.81 | 14.99 | 583718812 | 2.38 | 1.00 | to | 3.10 | (18.03) | to | (16.29) |
| 2021 | 34135820 | 16.50 | 18.28 | 763512275 | 1.29 | 1.00 | to | 3.10 | 10.45 | to | 12.79 |
| 2020 | 39460627 | 14.63 | 16.55 | 788648224 | 1.88 | 1.00 | to | 3.10 | 9.04 | to | 11.35 |
| 2019 | 53783791 | 13.13 | 15.18 | 978800276 | 2.03 | 1.00 | to | 3.10 | 17.24 | to | 19.73 |
| 2018 | 59693993 | 10.97 | 12.95 | 915267296 | 1.53 | 1.00 | to | 3.10 | (9.95) | to | (8.03) |
| **MML High Yield Sub-Account** | **MML High Yield Sub-Account** | **MML High Yield Sub-Account** | **MML High Yield Sub-Account** | **MML High Yield Sub-Account** |  |  |  |  |  |  |  |
| 2022 | 2829996 | 13.24 | 17.38 | 37488508 | 7.26 | 0.95 | to | 3.10 | (14.65) | to | (12.80) |
| 2021 | 3120712 | 15.51 | 19.93 | 48073933 | 8.60 | 0.95 | to | 3.10 | 4.59 | to | 6.86 |
| 2020 | 2894882 | 14.83 | 18.65 | 42643144 | 0.02 | 0.95 | to | 3.10 | 2.16 | to | 4.38 |
| 2019 | 2982701 | 14.52 | 17.87 | 43189753 | 6.00 | 0.95 | to | 3.10 | 8.45 | to | 10.80 |
| 2018 | 2669937 | 13.39 | 16.13 | 35992862 | 6.18 | 0.95 | to | 3.10 | (6.50) | to | (4.46) |
| **MML Income & Growth Sub-Account (Initial Class)** | **MML Income & Growth Sub-Account (Initial Class)** | **MML Income & Growth Sub-Account (Initial Class)** | **MML Income & Growth Sub-Account (Initial Class)** | **MML Income & Growth Sub-Account (Initial Class)** |  |  |  |  |  |  |  |
| 2022 | 711659 | 21.51 | 32.82 | 21115105 | 1.46 | 0.95 | to | 2.60 | (2.87) | to | (1.25) |
| 2021 | 777632 | 22.15 | 33.24 | 23466564 | 1.74 | 0.95 | to | 2.60 | 23.03 | to | 25.08 |
| 2020 | 893631 | 18.00 | 26.57 | 21695092 | 2.03 | 0.95 | to | 2.60 | 0.38 | to | 2.05 |
| 2019 | 1014616 | 17.93 | 26.04 | 24198302 | 1.99 | 0.95 | to | 2.60 | 21.24 | to | 23.26 |
| 2018 | 1064337 | 14.79 | 21.13 | 20869071 | 1.74 | 0.95 | to | 2.60 | (13.96) | to | (12.52) |
| **MML Income & Growth Sub-Account (Service Class)** | **MML Income & Growth Sub-Account (Service Class)** | **MML Income & Growth Sub-Account (Service Class)** | **MML Income & Growth Sub-Account (Service Class)** | **MML Income & Growth Sub-Account (Service Class)** |  |  |  |  |  |  |  |
| 2022 | 1409280 | 17.75 | 19.65 | 28418303 | 1.23 | 1.00 | to | 3.10 | (3.62) | to | (1.58) |
| 2021 | 1496875 | 18.04 | 20.39 | 31561723 | 1.61 | 1.00 | to | 3.10 | 22.10 | to | 24.69 |
| 2020 | 1567693 | 14.47 | 16.70 | 27009775 | 1.83 | 1.00 | to | 3.10 | (0.35) | to | 1.76 |
| 2019 | 1681966 | 14.22 | 16.76 | 29439298 | 1.78 | 1.00 | to | 3.10 | 20.35 | to | 22.90 |
| 2018 | 1666619 | 11.57 | 13.93 | 24435731 | 1.59 | 1.00 | to | 3.10 | (14.64) | to | (12.82) |
| **MML Inflation-Protected and Income Sub-Account (Initial Class)** | **MML Inflation-Protected and Income Sub-Account (Initial Class)** | **MML Inflation-Protected and Income Sub-Account (Initial Class)** | **MML Inflation-Protected and Income Sub-Account (Initial Class)** | **MML Inflation-Protected and Income Sub-Account (Initial Class)** |  |  |  |  |  |  |  |
| 2022 | 6536201 | 10.56 | 15.48 | 88867535 | 2.51 | 0.95 | to | 2.60 | (15.57) | to | (14.17) |
| 2021 | 7993007 | 12.51 | 18.03 | 126908902 | 1.07 | 0.95 | to | 2.60 | 3.67 | to | 5.39 |
| 2020 | 8662812 | 12.07 | 17.11 | 130964666 | 0.11 | 0.95 | to | 2.60 | 8.26 | to | 10.06 |
| 2019 | 9934572 | 11.15 | 15.54 | 137121414 | 2.38 | 0.95 | to | 2.60 | 5.53 | to | 7.29 |
| 2018 | 10511243 | 10.56 | 14.49 | 135793211 | 3.09 | 0.95 | to | 2.60 | (3.84) | to | (2.23) |

---

***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,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  | | **Unit Value<sup>3</sup>** | **Unit Value<sup>3</sup>** | | | **Expense Ratio<sup>2</sup>** | **Expense Ratio<sup>2</sup>** | **Expense Ratio<sup>2</sup>** | **Total Return<sup>3</sup>** | **Total Return<sup>3</sup>** | **Total Return<sup>3</sup>** |
|  | <br>**Units** | **(Lowest to Highest)** | **(Lowest to Highest)** | <br>**Net Assets** | **Investment**<br>**Income**<br>**Ratio<sup>1</sup>** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** |
| **MML Inflation-Protected and Income Sub-Account (Service Class)** | **MML Inflation-Protected and Income Sub-Account (Service Class)** | **MML Inflation-Protected and Income Sub-Account (Service Class)** | **MML Inflation-Protected and Income Sub-Account (Service Class)** | **MML Inflation-Protected and Income Sub-Account (Service Class)** |  |  |  |  |  |  |  |
| 2022 | 3725815 | $9.64 | $10.73 | $43115577 | 2.41% | 1.00% | to | 3.10% | (16.22)% | to | (14.45)% |
| 2021 | 3822173 | 11.51 | 12.54 | 52995919 | 0.86 | 1.00 | to | 3.10 | 2.88 | to | 5.06 |
| 2020 | 3431376 | 11.19 | 11.94 | 46199752 | 0.11 | 1.00 | to | 3.10 | 7.49 | to | 9.77 |
| 2019 | 3451539 | 10.41 | 10.88 | 43237327 | 2.22 | 1.00 | to | 3.10 | 4.76 | to | 6.98 |
| 2018 | 3455411 | 9.94 | 10.17 | 41399216 | 2.86 | 1.00 | to | 3.10 | (4.57) | to | (2.53) |
| **MML International Equity Sub-Account** | **MML International Equity Sub-Account** | **MML International Equity Sub-Account** | **MML International Equity Sub-Account** | **MML International Equity Sub-Account** |  |  |  |  |  |  |  |
| 2022 | 700551 | 8.80 | 10.61 | 7786105 | 0.84 | 0.95 | to | 3.10 | (17.93) | to | (16.15) |
| 2021 | 620555 | 10.73 | 12.65 | 8307912 | 0.50 | 0.95 | to | 3.10 | 8.09 | to | 10.44 |
| 2020 | 562014 | 9.92 | 11.45 | 6833772 | 3.20 | 0.95 | to | 3.10 | 1.86 | to | 4.07 |
| 2019 | 571549 | 9.74 | 11.01 | 6643432 | 1.79 | 0.95 | to | 3.10 | 20.55 | to | 23.17 |
| 2018 | 495952 | 8.08 | 8.94 | 4669380 | 1.59 | 0.95 | to | 3.10 | (26.38) | to | (24.77) |
| **MML iShares 60/40 Allocation Sub-Account** | **MML iShares 60/40 Allocation Sub-Account** | **MML iShares 60/40 Allocation Sub-Account** | **MML iShares 60/40 Allocation Sub-Account** | **MML iShares 60/40 Allocation Sub-Account** |  |  |  |  |  |  |  |
| 2022 | 570961 |  | 8.89 | 5074791 | 2.14 | 0.95 | to | 3.10 |  |  |  |
| **MML iShares 80/20 Allocation Sub-Account** | **MML iShares 80/20 Allocation Sub-Account** | **MML iShares 80/20 Allocation Sub-Account** | **MML iShares 80/20 Allocation Sub-Account** | **MML iShares 80/20 Allocation Sub-Account** |  |  |  |  |  |  |  |
| 2022 | 2102879 |  | 8.86 | 18624545 | 2.12 | 0.95 | to | 3.10 |  |  |  |
| **MML Large Cap Growth Sub-Account (Initial Class)** | **MML Large Cap Growth Sub-Account (Initial Class)** | **MML Large Cap Growth Sub-Account (Initial Class)** | **MML Large Cap Growth Sub-Account (Initial Class)** | **MML Large Cap Growth Sub-Account (Initial Class)** |  |  |  |  |  |  |  |
| 2022 | 386186 | 23.24 | 33.90 | 11258538 |  | 0.95 | to | 2.60 | (29.41) | to | (28.23) |
| 2021 | 428715 | 32.92 | 47.24 | 17656357 | 0.05 | 0.95 | to | 2.60 | 15.38 | to | 17.30 |
| 2020 | 492342 | 28.53 | 40.27 | 17478633 | 0.33 | 0.95 | to | 2.60 | 28.40 | to | 30.53 |
| 2019 | 577917 | 22.22 | 30.85 | 15827567 | 0.58 | 0.95 | to | 2.60 | 28.60 | to | 30.74 |
| 2018 | 676794 | 17.28 | 23.60 | 14279402 | 0.63 | 0.95 | to | 2.60 | (4.79) | to | (3.19) |
| **MML Large Cap Growth Sub-Account (Service Class)** | **MML Large Cap Growth Sub-Account (Service Class)** | **MML Large Cap Growth Sub-Account (Service Class)** | **MML Large Cap Growth Sub-Account (Service Class)** | **MML Large Cap Growth Sub-Account (Service Class)** |  |  |  |  |  |  |  |
| 2022 | 973248 | 17.75 | 21.21 | 17964547 |  | 1.00 | to | 3.10 | (29.94) | to | (28.45) |
| 2021 | 978368 | 24.81 | 30.27 | 25898086 |  | 1.00 | to | 3.10 | 14.48 | to | 16.91 |
| 2020 | 965919 | 21.22 | 26.44 | 22228571 | 0.17 | 1.00 | to | 3.10 | 27.52 | to | 30.22 |
| 2019 | 896562 | 16.30 | 20.73 | 16390792 | 0.46 | 1.00 | to | 3.10 | 27.64 | to | 30.35 |
| 2018 | 716008 | 12.50 | 16.24 | 10587661 | 0.56 | 1.00 | to | 3.10 | (5.46) | to | (3.44) |
| **MML Managed Bond Sub-Account (Initial Class)** | **MML Managed Bond Sub-Account (Initial Class)** | **MML Managed Bond Sub-Account (Initial Class)** | **MML Managed Bond Sub-Account (Initial Class)** | **MML Managed Bond Sub-Account (Initial Class)** |  |  |  |  |  |  |  |
| 2022 | 5208236 | 11.03 | 16.96 | 76373788 | 3.00 | 0.95 | to | 2.60 | (17.19) | to | (15.81) |
| 2021 | 6154434 | 13.32 | 20.15 | 107430616 | 3.16 | 0.95 | to | 2.60 | (1.77) | to | (0.14) |
| 2020 | 6518330 | 13.56 | 20.18 | 114405900 | 0.10 | 0.95 | to | 2.60 | 4.95 | to | 6.69 |
| 2019 | 7123945 | 12.92 | 18.91 | 117808474 | 3.67 | 0.95 | to | 2.60 | 6.99 | to | 8.77 |
| 2018 | 7702853 | 12.08 | 17.39 | 117644146 | 3.44 | 0.95 | to | 2.60 | (3.01) | to | (1.38) |
| **MML Managed Bond Sub-Account (Service Class)** | **MML Managed Bond Sub-Account (Service Class)** | **MML Managed Bond Sub-Account (Service Class)** | **MML Managed Bond Sub-Account (Service Class)** | **MML Managed Bond Sub-Account (Service Class)** |  |  |  |  |  |  |  |
| 2022 | 14965961 | 9.75 | 10.08 | 180957384 | 2.73 | 1.00 | to | 3.10 | (17.80) | to | (16.06) |
| 2021 | 17341820 | 11.61 | 12.26 | 253912380 | 2.96 | 1.00 | to | 3.10 | (2.51) | to | (0.44) |
| 2020 | 17765196 | 11.66 | 12.58 | 266777188 | 0.10 | 1.00 | to | 3.10 | 4.16 | to | 6.37 |
| 2019 | 18130096 | 10.96 | 12.07 | 260703020 | 3.46 | 1.00 | to | 3.10 | 6.19 | to | 8.45 |
| 2018 | 18639618 | 10.11 | 11.37 | 250288149 | 3.23 | 1.00 | to | 3.10 | (3.73) | to | (1.68) |
| **MML Managed Volatility Sub-Account (Initial Class)** | **MML Managed Volatility Sub-Account (Initial Class)** | **MML Managed Volatility Sub-Account (Initial Class)** | **MML Managed Volatility Sub-Account (Initial Class)** | **MML Managed Volatility Sub-Account (Initial Class)** |  |  |  |  |  |  |  |
| 2022 | 3697357 | 12.98 | 20.63 | 63499565 | 0.47 | 0.95 | to | 2.60 | (14.30) | to | (12.88) |
| 2021 | 4569936 | 15.15 | 23.68 | 90531793 | 0.97 | 0.95 | to | 2.60 | 8.68 | to | 10.49 |
| 2020 | 5170638 | 13.94 | 21.43 | 93221623 | 1.40 | 0.95 | to | 2.60 | 3.94 | to | 5.67 |
| 2019 | 5894344 | 13.41 | 20.28 | 101210212 | 1.62 | 0.95 | to | 2.60 | 9.03 | to | 10.84 |
| 2018 | 6358338 | 12.30 | 18.30 | 98987098 | 1.20 | 0.95 | to | 2.60 | (7.15) | to | (5.59) |

---

***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,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  | | **Unit Value<sup>3</sup>** | **Unit Value<sup>3</sup>** | | | **Expense Ratio<sup>2</sup>** | **Expense Ratio<sup>2</sup>** | **Expense Ratio<sup>2</sup>** | **Total Return<sup>3</sup>** | **Total Return<sup>3</sup>** | **Total Return<sup>3</sup>** |
|  | <br>**Units** | **(Lowest to Highest)** | **(Lowest to Highest)** | <br>**Net Assets** | **Investment**<br>**Income**<br>**Ratio<sup>1</sup>** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** |
| **MML Managed Volatility Sub-Account (Service Class)** | **MML Managed Volatility Sub-Account (Service Class)** | **MML Managed Volatility Sub-Account (Service Class)** | **MML Managed Volatility Sub-Account (Service Class)** | **MML Managed Volatility Sub-Account (Service Class)** |  |  |  |  |  |  |  |
| 2022 | 1298703 | $11.57 | $11.86 | $19279858 | 0.19% | 1.00% | to | 3.10% | (14.94)% | to | (13.14)% |
| 2021 | 1489972 | 13.32 | 13.94 | 25981811 | 0.71 | 1.00 | to | 3.10 | 7.87 | to | 10.16 |
| 2020 | 1669075 | 12.09 | 12.93 | 26903885 | 1.15 | 1.00 | to | 3.10 | 3.17 | to | 5.36 |
| 2019 | 1951793 | 11.48 | 12.53 | 30590858 | 1.37 | 1.00 | to | 3.10 | 8.21 | to | 10.51 |
| 2018 | 2011443 | 10.39 | 11.58 | 28963354 | 0.95 | 1.00 | to | 3.10 | (7.84) | to | (5.88) |
| **MML Mid Cap Growth Sub-Account (Initial Class)** | **MML Mid Cap Growth Sub-Account (Initial Class)** | **MML Mid Cap Growth Sub-Account (Initial Class)** | **MML Mid Cap Growth Sub-Account (Initial Class)** | **MML Mid Cap Growth Sub-Account (Initial Class)** |  |  |  |  |  |  |  |
| 2022 | 1136273 | 28.65 | 58.31 | 57562324 |  | 0.95 | to | 2.60 | (27.03) | to | (25.82) |
| 2021 | 1246633 | 39.26 | 78.60 | 85664131 |  | 0.95 | to | 2.60 | 10.31 | to | 12.14 |
| 2020 | 1454733 | 35.60 | 70.09 | 89949266 | 0.08 | 0.95 | to | 2.60 | 22.35 | to | 24.38 |
| 2019 | 1710217 | 29.09 | 56.35 | 83592878 | 0.02 | 0.95 | to | 2.60 | 27.93 | to | 30.05 |
| 2018 | 1958567 | 22.74 | 43.33 | 73560646 |  | 0.95 | to | 2.60 | (4.70) | to | (3.10) |
| **MML Mid Cap Growth Sub-Account (Service Class)** | **MML Mid Cap Growth Sub-Account (Service Class)** | **MML Mid Cap Growth Sub-Account (Service Class)** | **MML Mid Cap Growth Sub-Account (Service Class)** | **MML Mid Cap Growth Sub-Account (Service Class)** |  |  |  |  |  |  |  |
| 2022 | 3733478 | 16.65 | 26.04 | 81046753 |  | 1.00 | to | 3.10 | (27.59) | to | (26.05) |
| 2021 | 3879781 | 22.51 | 35.95 | 118152584 |  | 1.00 | to | 3.10 | 9.54 | to | 11.87 |
| 2020 | 4168210 | 20.12 | 32.82 | 117785877 |  | 1.00 | to | 3.10 | 21.43 | to | 24.01 |
| 2019 | 4497792 | 16.23 | 27.03 | 108799560 |  | 1.00 | to | 3.10 | 27.01 | to | 29.71 |
| 2018 | 4459919 | 12.51 | 21.28 | 88937242 |  | 1.00 | to | 3.10 | (5.45) | to | (3.43) |
| **MML Mid Cap Value Sub-Account (Initial Class)** | **MML Mid Cap Value Sub-Account (Initial Class)** | **MML Mid Cap Value Sub-Account (Initial Class)** | **MML Mid Cap Value Sub-Account (Initial Class)** | **MML Mid Cap Value Sub-Account (Initial Class)** |  |  |  |  |  |  |  |
| 2022 | 2437354 | 31.33 | 49.48 | 104763063 | 2.02 | 0.95 | to | 2.60 | (3.86) | to | (2.26) |
| 2021 | 3020014 | 32.59 | 50.63 | 132262516 | 1.40 | 0.95 | to | 2.60 | 20.15 | to | 22.15 |
| 2020 | 3707481 | 27.13 | 41.45 | 133181143 | 1.82 | 0.95 | to | 2.60 | (0.90) | to | 0.75 |
| 2019 | 4044150 | 27.37 | 41.14 | 144980289 | 1.62 | 0.95 | to | 2.60 | 25.82 | to | 27.91 |
| 2018 | 4842049 | 21.75 | 32.16 | 135925323 | 1.50 | 0.95 | to | 2.60 | (15.24) | to | (13.82) |
| **MML Mid Cap Value Sub-Account (Service Class)** | **MML Mid Cap Value Sub-Account (Service Class)** | **MML Mid Cap Value Sub-Account (Service Class)** | **MML Mid Cap Value Sub-Account (Service Class)** | **MML Mid Cap Value Sub-Account (Service Class)** |  |  |  |  |  |  |  |
| 2022 | 2207545 | 17.20 | 28.62 | 50303554 | 1.88 | 1.00 | to | 3.10 | (4.56) | to | (2.54) |
| 2021 | 2249934 | 17.65 | 29.98 | 55688323 | 1.25 | 1.00 | to | 3.10 | 19.20 | to | 21.72 |
| 2020 | 2406081 | 14.50 | 25.16 | 51269948 | 1.58 | 1.00 | to | 3.10 | (1.62) | to | 0.47 |
| 2019 | 2380279 | 14.43 | 25.57 | 53222998 | 1.44 | 1.00 | to | 3.10 | 24.97 | to | 27.62 |
| 2018 | 2261094 | 11.31 | 20.46 | 43253293 | 1.33 | 1.00 | to | 3.10 | (15.97) | to | (14.18) |
| **MML Moderate Allocation Sub-Account (Initial Class)** | **MML Moderate Allocation Sub-Account (Initial Class)** | **MML Moderate Allocation Sub-Account (Initial Class)** | **MML Moderate Allocation Sub-Account (Initial Class)** | **MML Moderate Allocation Sub-Account (Initial Class)** |  |  |  |  |  |  |  |
| 2022 | 8783827 | 15.02 | 19.21 | 161103074 | 3.27 | 0.95 | to | 2.60 | (17.15) | to | (15.78) |
| 2021 | 9831320 | 18.13 | 22.81 | 214743239 | 1.34 | 0.95 | to | 2.60 | 9.12 | to | 10.94 |
| 2020 | 11897524 | 16.61 | 20.57 | 235097461 | 2.55 | 0.95 | to | 2.60 | 7.71 | to | 9.50 |
| 2019 | 17179709 | 15.42 | 18.78 | 310792789 | 2.52 | 0.95 | to | 2.60 | 15.54 | to | 17.46 |
| 2018 | 18831405 | 13.35 | 15.99 | 290920692 | 2.12 | 0.95 | to | 2.60 | (7.92) | to | (6.38) |
| **MML Moderate Allocation Sub-Account (Service Class)** | **MML Moderate Allocation Sub-Account (Service Class)** | **MML Moderate Allocation Sub-Account (Service Class)** | **MML Moderate Allocation Sub-Account (Service Class)** | **MML Moderate Allocation Sub-Account (Service Class)** |  |  |  |  |  |  |  |
| 2022 | 64409744 | 12.83 | 13.60 | 1044498635 | 2.96 | 1.00 | to | 3.10 | (17.71) | to | (15.96) |
| 2021 | 74645263 | 15.27 | 16.53 | 1461000467 | 1.11 | 1.00 | to | 3.10 | 8.26 | to | 10.56 |
| 2020 | 87882437 | 13.81 | 15.27 | 1575429932 | 2.23 | 1.00 | to | 3.10 | 6.80 | to | 9.07 |
| 2019 | 105177875 | 12.66 | 14.30 | 1752110801 | 2.26 | 1.00 | to | 3.10 | 14.75 | to | 17.18 |
| 2018 | 117630522 | 10.81 | 12.46 | 1689907038 | 1.88 | 1.00 | to | 3.10 | (8.60) | to | (6.65) |
| **MML Short-Duration Bond Sub-Account** | **MML Short-Duration Bond Sub-Account** | **MML Short-Duration Bond Sub-Account** | **MML Short-Duration Bond Sub-Account** | **MML Short-Duration Bond Sub-Account** |  |  |  |  |  |  |  |
| 2022 | 3030930 | 7.94 | 10.42 | 29348995 | 3.02 | 0.95 | to | 3.10 | (10.80) | to | (8.86) |
| 2021 | 3188272 | 8.90 | 11.43 | 34025850 | 2.93 | 0.95 | to | 3.10 | (1.41) | to | 0.73 |
| 2020 | 4150563 | 9.03 | 11.35 | 44272880 |  | 0.95 | to | 3.10 | (1.75) | to | 0.39 |
| 2019 | 3025222 | 9.19 | 11.31 | 32173643 | 3.11 | 0.95 | to | 3.10 | 0.99 | to | 3.19 |
| 2018 | 2634464 | 9.10 | 10.96 | 27471063 | 2.75 | 0.95 | to | 3.10 | (1.82) | to | 0.33 |

---

***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,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  | | **Unit Value<sup>3</sup>** | **Unit Value<sup>3</sup>** | | | **Expense Ratio<sup>2</sup>** | **Expense Ratio<sup>2</sup>** | **Expense Ratio<sup>2</sup>** | **Total Return<sup>3</sup>** | **Total Return<sup>3</sup>** | **Total Return<sup>3</sup>** |
|  | <br>**Units** | **(Lowest to Highest)** | **(Lowest to Highest)** | <br>**Net Assets** | **Investment**<br>**Income**<br>**Ratio<sup>1</sup>** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** |
| **MML Small Cap Equity Sub-Account (Initial Class)** | **MML Small Cap Equity Sub-Account (Initial Class)** | **MML Small Cap Equity Sub-Account (Initial Class)** | **MML Small Cap Equity Sub-Account (Initial Class)** | **MML Small Cap Equity Sub-Account (Initial Class)** |  |  |  |  |  |  |  |
| 2022 | 549032 | $25.50 | $40.01 | $21412816 | 0.71% | 0.95% | to | 2.60% | (18.04)% | to | (16.67)% |
| 2021 | 623139 | 31.11 | 48.02 | 29197903 | 0.44 | 0.95 | to | 2.60 | 19.60 | to | 21.59 |
| 2020 | 706873 | 26.01 | 39.49 | 27259529 | 0.53 | 0.95 | to | 2.60 | 17.60 | to | 19.55 |
| 2019 | 831548 | 22.12 | 33.03 | 26710657 | 0.47 | 0.95 | to | 2.60 | 23.22 | to | 25.27 |
| 2018 | 935224 | 17.95 | 26.37 | 24030805 | 0.49 | 0.95 | to | 2.60 | (12.51) | to | (11.04) |
| **MML Small Cap Equity Sub-Account (Service Class)** | **MML Small Cap Equity Sub-Account (Service Class)** | **MML Small Cap Equity Sub-Account (Service Class)** | **MML Small Cap Equity Sub-Account (Service Class)** | **MML Small Cap Equity Sub-Account (Service Class)** |  |  |  |  |  |  |  |
| 2022 | 1141426 | 17.44 | 23.25 | 23617332 | 0.43 | 1.00 | to | 3.10 | (18.65) | to | (16.92) |
| 2021 | 1198581 | 20.99 | 28.58 | 30289216 | 0.27 | 1.00 | to | 3.10 | 18.71 | to | 21.23 |
| 2020 | 1169902 | 17.31 | 24.08 | 25344927 | 0.30 | 1.00 | to | 3.10 | 16.72 | to | 19.20 |
| 2019 | 1184188 | 14.53 | 20.63 | 22694629 | 0.26 | 1.00 | to | 3.10 | 22.30 | to | 24.89 |
| 2018 | 1131275 | 11.63 | 16.87 | 18425202 | 0.32 | 1.00 | to | 3.10 | (13.16) | to | (11.31) |
| **MML Small Cap Growth Equity Sub-Account (Initial Class)** | **MML Small Cap Growth Equity Sub-Account (Initial Class)** | **MML Small Cap Growth Equity Sub-Account (Initial Class)** | **MML Small Cap Growth Equity Sub-Account (Initial Class)** | **MML Small Cap Growth Equity Sub-Account (Initial Class)** |  |  |  |  |  |  |  |
| 2022 | 1511703 | 29.16 | 48.69 | 60413373 |  | 0.95 | to | 2.60 | (25.13) | to | (23.88) |
| 2021 | 1630525 | 38.94 | 63.96 | 87699978 |  | 0.95 | to | 2.60 | 4.55 | to | 6.29 |
| 2020 | 1790589 | 37.25 | 60.18 | 90992101 |  | 0.95 | to | 2.60 | 32.15 | to | 34.34 |
| 2019 | 2488164 | 28.19 | 44.79 | 94744872 |  | 0.95 | to | 2.60 | 30.88 | to | 33.06 |
| 2018 | 3094310 | 21.54 | 33.66 | 89078989 |  | 0.95 | to | 2.60 | (7.33) | to | (5.78) |
| **MML Small Cap Growth Equity Sub-Account (Service Class)** | **MML Small Cap Growth Equity Sub-Account (Service Class)** | **MML Small Cap Growth Equity Sub-Account (Service Class)** | **MML Small Cap Growth Equity Sub-Account (Service Class)** | **MML Small Cap Growth Equity Sub-Account (Service Class)** |  |  |  |  |  |  |  |
| 2022 | 1026472 | 17.68 | 26.63 | 22649920 |  | 1.00 | to | 3.10 | (25.69) | to | (24.11) |
| 2021 | 1096162 | 23.30 | 35.83 | 32664648 |  | 1.00 | to | 3.10 | 3.77 | to | 5.98 |
| 2020 | 1072366 | 21.98 | 34.53 | 31164764 |  | 1.00 | to | 3.10 | 31.16 | to | 33.94 |
| 2019 | 1127320 | 16.41 | 26.33 | 26026111 |  | 1.00 | to | 3.10 | 29.90 | to | 32.66 |
| 2018 | 1008153 | 12.37 | 20.27 | 19280671 |  | 1.00 | to | 3.10 | (8.03) | to | (6.06) |
| **MML Small Company Value Sub-Account** | **MML Small Company Value Sub-Account** | **MML Small Company Value Sub-Account** | **MML Small Company Value Sub-Account** | **MML Small Company Value Sub-Account** |  |  |  |  |  |  |  |
| 2022 | 1202832 | 16.51 | 26.87 | 23768684 |  | 1.00 | to | 3.10 | (17.65) | to | (15.90) |
| 2021 | 1245949 | 19.64 | 32.63 | 29889996 | 0.19 | 1.00 | to | 3.10 | 21.30 | to | 23.88 |
| 2020 | 1280052 | 15.85 | 26.90 | 25549702 | 0.06 | 1.00 | to | 3.10 | 5.60 | to | 7.84 |
| 2019 | 1254816 | 14.70 | 25.47 | 24665122 | 0.08 | 1.00 | to | 3.10 | 21.43 | to | 24.01 |
| 2018 | 1140446 | 11.85 | 20.98 | 19022657 | 0.19 | 1.00 | to | 3.10 | (15.86) | to | (14.06) |
| **MML Small/Mid Cap Value Sub-Account (Initial Class)** | **MML Small/Mid Cap Value Sub-Account (Initial Class)** | **MML Small/Mid Cap Value Sub-Account (Initial Class)** | **MML Small/Mid Cap Value Sub-Account (Initial Class)** | **MML Small/Mid Cap Value Sub-Account (Initial Class)** |  |  |  |  |  |  |  |
| 2022 | 2306713 | 23.31 | 44.60 | 72429647 | 1.24 | 0.95 | to | 2.60 | (17.85) | to | (16.49) |
| 2021 | 2639896 | 28.38 | 53.41 | 99423759 | 1.01 | 0.95 | to | 2.60 | 32.46 | to | 34.66 |
| 2020 | 3498522 | 21.43 | 39.66 | 97698172 | 1.10 | 0.95 | to | 2.60 | 1.96 | to | 3.66 |
| 2019 | 3898914 | 21.01 | 38.26 | 105702814 | 0.61 | 0.95 | to | 2.60 | 17.19 | to | 19.14 |
| 2018 | 4387318 | 17.93 | 32.11 | 100384944 | 0.46 | 0.95 | to | 2.60 | (17.12) | to | (15.73) |
| **MML Small/Mid Cap Value Sub-Account (Service Class)** | **MML Small/Mid Cap Value Sub-Account (Service Class)** | **MML Small/Mid Cap Value Sub-Account (Service Class)** | **MML Small/Mid Cap Value Sub-Account (Service Class)** | **MML Small/Mid Cap Value Sub-Account (Service Class)** |  |  |  |  |  |  |  |
| 2022 | 1200173 | 15.40 | 21.29 | 23433475 | 1.00 | 1.00 | to | 3.10 | (18.46) | to | (16.73) |
| 2021 | 1239236 | 18.50 | 26.11 | 29944498 | 0.88 | 1.00 | to | 3.10 | 31.51 | to | 34.29 |
| 2020 | 1139563 | 13.77 | 19.86 | 22292450 | 0.84 | 1.00 | to | 3.10 | 1.14 | to | 3.29 |
| 2019 | 1156012 | 13.34 | 19.63 | 23286750 | 0.39 | 1.00 | to | 3.10 | 16.32 | to | 18.78 |
| 2018 | 1061456 | 11.23 | 16.88 | 19194837 | 0.26 | 1.00 | to | 3.10 | (17.73) | to | (15.97) |
| **MML Special Situations Sub-Account (Service Class I)**<sup>6</sup> | **MML Special Situations Sub-Account (Service Class I)**<sup>6</sup> | **MML Special Situations Sub-Account (Service Class I)**<sup>6</sup> | **MML Special Situations Sub-Account (Service Class I)**<sup>6</sup> | **MML Special Situations Sub-Account (Service Class I)**<sup>6</sup> |  |  |  |  |  |  |  |
| 2022 |  |  |  |  |  |  |  |  |  |  |  |
| 2021 | 57104 | 18.03 | 18.94 | 1081248 |  | 1.00 | to | 1.80 | (0.39) | to | 0.41 |
| 2020 | 50391 | 18.10 | 18.87 | 950460 | 0.03 | 1.00 | to | 1.80 | 26.93 | to | 27.95 |
| 2019 | 56690 | 14.26 | 14.75 | 835745 |  | 1.00 | to | 1.80 | 21.29 | to | 22.27 |
| 2018 | 53278 | 11.76 | 12.06 | 642435 | 0.41 | 1.00 | to | 1.80 | (6.83) | to | (6.08) |

---

***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,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  | | **Unit Value<sup>3</sup>** | **Unit Value<sup>3</sup>** | | | **Expense Ratio<sup>2</sup>** | **Expense Ratio<sup>2</sup>** | **Expense Ratio<sup>2</sup>** | **Total Return<sup>3</sup>** | **Total Return<sup>3</sup>** | **Total Return<sup>3</sup>** |
|  | <br>**Units** | **(Lowest to Highest)** | **(Lowest to Highest)** | <br>**Net Assets** | **Investment**<br>**Income**<br>**Ratio<sup>1</sup>** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** |
| **MML Strategic Emerging Markets Sub-Account (Service Class I)** | **MML Strategic Emerging Markets Sub-Account (Service Class I)** | **MML Strategic Emerging Markets Sub-Account (Service Class I)** | **MML Strategic Emerging Markets Sub-Account (Service Class I)** | **MML Strategic Emerging Markets Sub-Account (Service Class I)** |  |  |  |  |  |  |  |
| 2022 | 1048803 | $7.77 | $10.83 | $10939529 | 2.95% | 1.00% | to | 3.10% | (29.07)% | to | (27.56)% |
| 2021 | 1062107 | 10.95 | 14.95 | 15351011 |  | 1.00 | to | 3.10 | (11.15) | to | (9.26) |
| 2020 | 1017814 | 12.33 | 16.47 | 16215171 | 0.20 | 1.00 | to | 3.10 | 13.68 | to | 16.09 |
| 2019 | 1150619 | 10.84 | 14.19 | 15739019 | 0.01 | 1.00 | to | 3.10 | 21.36 | to | 23.93 |
| 2018 | 1155182 | 8.93 | 11.45 | 12694684 |  | 1.00 | to | 3.10 | (15.28) | to | (13.47) |
| **MML Sustainable Equity Sub_Account (Initial Class)**<sup>4</sup> | **MML Sustainable Equity Sub_Account (Initial Class)**<sup>4</sup> | **MML Sustainable Equity Sub_Account (Initial Class)**<sup>4</sup> | **MML Sustainable Equity Sub_Account (Initial Class)**<sup>4</sup> | **MML Sustainable Equity Sub_Account (Initial Class)**<sup>4</sup> |  |  |  |  |  |  |  |
| 2022 | 1502553 | 22.54 | 40.53 | 55237374 | 0.94 | 0.95 | to | 2.60 | (19.14) | to | (17.80) |
| 2021 | 1664117 | 27.87 | 49.30 | 74572321 | 0.81 | 0.95 | to | 2.60 | 23.88 | to | 25.94 |
| 2020 | 1995917 | 22.50 | 39.15 | 71531066 | 0.91 | 0.95 | to | 2.60 | 11.57 | to | 13.43 |
| 2019 | 2322666 | 20.17 | 34.51 | 73362599 | 0.94 | 0.95 | to | 2.60 | 28.71 | to | 30.85 |
| 2018 | 2668840 | 15.67 | 26.38 | 64684699 | 0.85 | 0.95 | to | 2.60 | (7.65) | to | (6.10) |
| **MML Sustainable Equity Sub Account (Service Class)**<sup>4</sup> | **MML Sustainable Equity Sub Account (Service Class)**<sup>4</sup> | **MML Sustainable Equity Sub Account (Service Class)**<sup>4</sup> | **MML Sustainable Equity Sub Account (Service Class)**<sup>4</sup> | **MML Sustainable Equity Sub Account (Service Class)**<sup>4</sup> |  |  |  |  |  |  |  |
| 2022 | 2287275 | 18.41 | 20.58 | 46573782 | 0.01 | 1.00 | to | 3.10 | (0.20) | to | (0.18) |
| 2021 | 2420106 | 22.46 | 25.64 | 60960010 | 0.01 | 1.00 | to | 3.10 | 0.23 | to | 0.26 |
| 2020 | 2420663 | 17.89 | 20.86 | 49795171 | 0.72 | 1.00 | to | 3.10 | 10.75 | to | 13.10 |
| 2019 | 2471418 | 15.82 | 18.83 | 45996901 | 0.76 | 1.00 | to | 3.10 | 27.79 | to | 30.51 |
| 2018 | 2291878 | 12.12 | 14.74 | 33813200 | 0.71 | 1.00 | to | 3.10 | (8.37) | to | (6.41) |
| **MML Total Return Bond Sub-Account** | **MML Total Return Bond Sub-Account** | **MML Total Return Bond Sub-Account** | **MML Total Return Bond Sub-Account** | **MML Total Return Bond Sub-Account** |  |  |  |  |  |  |  |
| 2022 | 3801490 | 8.01 | 10.07 | 35974681 | 1.32 | 0.95 | to | 3.10 | (17.50) | to | (15.71) |
| 2021 | 4187985 | 9.71 | 11.95 | 47397082 | 1.63 | 0.95 | to | 3.10 | (4.51) | to | (2.44) |
| 2020 | 4106252 | 10.17 | 12.25 | 47980688 | 3.09 | 0.95 | to | 3.10 | 5.28 | to | 7.57 |
| 2019 | 2936027 | 9.66 | 11.39 | 31973807 | 3.02 | 0.95 | to | 3.10 | 5.34 | to | 7.63 |
| 2018 | 2321318 | 9.17 | 10.58 | 23676108 | 1.76 | 0.95 | to | 3.10 | (3.41) | to | (1.29) |
| **MML U.S. Government Money Market Sub-Account** | **MML U.S. Government Money Market Sub-Account** | **MML U.S. Government Money Market Sub-Account** | **MML U.S. Government Money Market Sub-Account** | **MML U.S. Government Money Market Sub-Account** |  |  |  |  |  |  |  |
| 2022 | 14291056 | 6.82 | 9.29 | 131305870 | 1.38 | 0.95 | to | 3.10 | (1.86) | to | 0.26 |
| 2021 | 9905255 | 6.95 | 9.27 | 90771755 |  | 0.95 | to | 3.10 | (3.05) | to | (0.95) |
| 2020 | 15675879 | 7.17 | 9.36 | 143711817 | 0.17 | 0.95 | to | 3.10 | (2.83) | to | (0.72) |
| 2019 | 8074717 | 7.37 | 9.42 | 75534222 | 1.69 | 0.95 | to | 3.10 | (1.40) | to | 0.75 |
| 2018 | 8285272 | 7.48 | 9.35 | 76764657 | 1.34 | 0.95 | to | 3.10 | (1.77) | to | 0.37 |
| **Oppenheimer Global Multi-Alternatives Sub-Account** | **Oppenheimer Global Multi-Alternatives Sub-Account** | **Oppenheimer Global Multi-Alternatives Sub-Account** | **Oppenheimer Global Multi-Alternatives Sub-Account** | **Oppenheimer Global Multi-Alternatives Sub-Account** |  |  |  |  |  |  |  |
| 2022 |  |  |  |  |  |  |  |  |  |  |  |
| 2021 |  |  |  |  |  |  |  |  |  |  |  |
| 2020 |  |  |  |  |  |  |  |  |  |  |  |
| 2019 | 2 | 8.54 | 9.51 |  | 1.11 | 0.95 | to | 3.10 | 2.36 | to | 3.08 |
| 2018 | 246995 | 8.34 | 9.22 | 2283703 | 0.17 | 0.95 | to | 3.10 | (6.27) | to | (4.22) |
| **PIMCO CommodityRealReturn® Strategy Sub-Account** | **PIMCO CommodityRealReturn® Strategy Sub-Account** | **PIMCO CommodityRealReturn® Strategy Sub-Account** | **PIMCO CommodityRealReturn® Strategy Sub-Account** | **PIMCO CommodityRealReturn® Strategy Sub-Account** |  |  |  |  |  |  |  |
| 2022 | 1187713 | 5.79 | 8.10 | 9095267 | 21.08 | 0.95 | to | 3.10 | 5.36 | to | 7.64 |
| 2021 | 1195842 | 5.50 | 7.53 | 8564039 | 4.06 | 0.95 | to | 3.10 | 29.05 | to | 31.85 |
| 2020 | 1401409 | 4.26 | 5.71 | 7627491 | 6.33 | 0.95 | to | 3.10 | (1.86) | to | 0.27 |
| 2019 | 1661426 | 4.34 | 5.70 | 9033874 | 4.33 | 0.95 | to | 3.10 | 7.95 | to | 10.30 |
| 2018 | 1812893 | 4.02 | 5.16 | 8967304 | 1.98 | 0.95 | to | 3.10 | (16.84) | to | (15.02) |
| **PIMCO Income Sub-Account** | **PIMCO Income Sub-Account** | **PIMCO Income Sub-Account** | **PIMCO Income Sub-Account** | **PIMCO Income Sub-Account** |  |  |  |  |  |  |  |
| 2022 | 89638 |  | 9.32 | 835304 | 3.28 | 0.95 | to | 3.10 |  |  |  |
| **VY® CBRE Global Real Estate Sub-Account**<sup>4</sup> | **VY® CBRE Global Real Estate Sub-Account**<sup>4</sup> | **VY® CBRE Global Real Estate Sub-Account**<sup>4</sup> | **VY® CBRE Global Real Estate Sub-Account**<sup>4</sup> | **VY® CBRE Global Real Estate Sub-Account**<sup>4</sup> |  |  |  |  |  |  |  |
| 2022 | 599231 | 11.61 | 16.25 | 9135382 | 3.01 | 0.95 | to | 3.10 | (27.41) | to | (25.83) |
| 2021 | 660849 | 16.00 | 21.91 | 13624068 | 2.65 | 0.95 | to | 3.10 | 30.05 | to | 32.87 |
| 2020 | 807288 | 12.30 | 16.49 | 12571760 | 5.83 | 0.95 | to | 3.10 | (7.94) | to | (5.94) |
| 2019 | 948461 | 13.36 | 17.53 | 15751756 | 2.58 | 0.95 | to | 3.10 | 20.55 | to | 23.17 |
| 2018 | 1049161 | 11.09 | 14.23 | 14174962 | 5.26 | 0.95 | to | 3.10 | (11.55) | to | (9.61) |

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

<sup>1</sup> The investment income ratios represent the dividends, excluding distributions of capital gains, received by the sub-accounts from the underlying mutual fund, divided by the average net assets. These ratios exclude those expenses, such as mortality and expense charges, that are assessed against contract owner accounts either through reductions in the unit values or the redemption of units. The recognition of investment income by the sub-accounts is affected by the timing of the declaration of dividends by the underlying fund in which the sub-account invests.

<sup>2</sup> The expense ratios represent the annualized policy expense of the division 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 contract 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. As the total return is presented as a range of minimum to maximum values, based on the product grouping representing the related minimum and maximum expense ratio amounts, some individual contract 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 Sub-Account.

<sup>5</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 Fund in exchange of 1 share of Invesco V.I Core Bond Fund. As a result of the underlying fund merger, the subaccount name changed from Invesco V.I. Core Bond to Invesco V.I. Core Plus Bond. Financial highlights for the years 2018-2021 correspond to the Invesco V.I. Core Bond Sub-Account.

<sup>6</sup> For the period January 1, 2022 to November 4, 2022. Effective November 4, 2022 this Sub-Account liquidated and any contract value in the Sub-Account after the close of the New York Stock Exchange on November 4, 2022 was automatically transferred to the MML U.S. Government Money Market Sub-Account.

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

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| | | | |
|:---|:---|:---|:---|
| ***8.*** | ***Financial Highlights (Continued)*** | ***Financial Highlights (Continued)*** | ***Financial Highlights (Continued)*** |
|  | **B.** | The Separate Account assesses charges associated with the contract. These charges are either assessed as a direct reduction in unit values or through a redemption of units for all contracts contained within the Separate Account. The assessment of charges is based on the actual product and additional benefits or riders purchased. | The Separate Account assesses charges associated with the contract. These charges are either assessed as a direct reduction in unit values or through a redemption of units for all contracts contained within the Separate Account. The assessment of charges is based on the actual product and additional benefits or riders purchased. |
|  |  | **Mortality and Expense Risk Charge**\* | This charge is equal, on an annual basis, to 0.80% - 1.60% of the daily value of the assets invested in each fund. |
|  |  | This charge is assessed through a reduction in unit values. |  |
|  |  | **Administrative Charge** | This charge is equal, on an annual basis, to 0.15% of the daily value of the assets invested in each fund. |
|  |  | This charge is assessed through a reduction in unit values. |  |
|  |  | **Administrative Contract Maintenance Charge** | $0 - $40 per contract, annually. |
|  |  | This charge is assessed through the redemption of units. |  |
|  |  | **Contingent Deferred Sales Charge/Surrender Charge** | 0% - 8% |
|  |  | This charge is assessed through the redemption of units. |  |
|  |  | **Payment Protector Charge** | This charge is equal, on an annual basis, to 0.00% - 0.50% of the daily value of the assets invested in each fund. |
|  |  | This charge is assessed through a reduction in unit values. |  |
|  |  | **Additional Death Benefit Options** |  |
|  |  | These charges are annualized and are assessed through either a reduction in unit values or the redemption of units. |  |
|  |  | **A. Reset Death Benefit\*\*** | 0.00% - 0.20% |
|  |  | **B. Ratchet Death Benefit\*\*\*** | 0.00% - 0.70% |
|  |  | **C. 5% roll Up Death Benefit** | 0.00% - 0.40% |
|  |  | **D. Basic Death Benefit with Combination Feature** | 0.00% - 0.45% |
|  |  | **E. Return of Purchase Payment** | 0.00% - 0.35% |

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

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| | | | |
|:---|:---|:---|:---|
| ***8.*** | ***Financial Highlights*** *(Continued)* | ***Financial Highlights*** *(Continued)* | ***Financial Highlights*** *(Continued)* |
|  |  | **Rider Charges** |  |
|  |  | These charges are annualized and are assessed through either a reduction in unit values or the redemption of units. |  |
|  |  | **A. Equalizer Benefit** | 0.00% - 0.50% |
|  |  | **B. Nursing Home Waiver** | 0.00% - 0.05% |
|  |  | **C. Earnings Enhancement Benefit** | 0.00% - 0.30% |
|  |  | **D. 10% / 20% Free Withdrawal Amount** | 0.00% - 0.25% |
|  |  | **E. 15% / 30% Free Withdrawal Amount** | 0.00% - 0.15% |
|  |  | **F. Guaranteed Minimum Income Benefit (GMIB)** | 0.00% - 1.50% |
|  |  | **G. Guaranteed Minimum Accumulation Benefit (GMAB)** | 0.00% - 1.40% |
|  |  | **H. Guaranteed Lifetime Withdrawal Benefit (GLWB)** | 0.00% - 1.60% |
|  | \* | The Panorama Premier segment charges its contract owners a mortality and expense risk charge equal, on an annual basis, to 1.25% of the daily value of the assets invested in each fund. Subject to state availability, certificates issued on or after September 10, 2001 will receive an increase in the certificate value allocated to the fund by 0.15% on each certificate anniversary. | The Panorama Premier segment charges its contract owners a mortality and expense risk charge equal, on an annual basis, to 1.25% of the daily value of the assets invested in each fund. Subject to state availability, certificates issued on or after September 10, 2001 will receive an increase in the certificate value allocated to the fund by 0.15% on each certificate anniversary. |
|  | \*\* | For Panorama Passage the charge for the Reset Death Benefit is 0.10% on an annual basis of the daily value of the certificate value allocated to the funds and the fixed accounts, unless the charge exceeds the maximum charge, in which case, the charge is the maximum charge. The maximum charge is 0.20% on an annual basis of the daily value of the certificate value allocated to the funds. | For Panorama Passage the charge for the Reset Death Benefit is 0.10% on an annual basis of the daily value of the certificate value allocated to the funds and the fixed accounts, unless the charge exceeds the maximum charge, in which case, the charge is the maximum charge. The maximum charge is 0.20% on an annual basis of the daily value of the certificate value allocated to the funds. |
|  | \*\*\* | The Ratchet Death Benefit is 0.25% for Panorama Passage and 0.15% for Panorama Premier on an annual basis of the daily value of the certificate value allocated to the funds and the fixed accounts, unless that charge exceeds the maximum, in this case the charge is the maximum charge. The maximum charge is 0.35% if age 60 or less at certificate issue, 0.50% if age 61 through age 70 at certificate issue, and 0.70% if age 71 or older at certificate issue, of the certificate value allocated to the funds. | The Ratchet Death Benefit is 0.25% for Panorama Passage and 0.15% for Panorama Premier on an annual basis of the daily value of the certificate value allocated to the funds and the fixed accounts, unless that charge exceeds the maximum, in this case the charge is the maximum charge. The maximum charge is 0.35% if age 60 or less at certificate issue, 0.50% if age 61 through age 70 at certificate issue, and 0.70% if age 71 or older at certificate issue, of the certificate value allocated to the funds. |
|  | Certain contracts may offer credits which will result in the purchase of units. | Certain contracts may offer credits which will result in the purchase of units. | Certain contracts may offer credits which will result in the purchase of units. |

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&nbsp;&nbsp;&nbsp;&nbsp;***9.***  ***SUBSEQUENT EVENTS*** 

The Separate Account's management has reviewed events occurring through March 8, 2023, the date the financial statements were issued, and no subsequent events occurred requiring accrual or disclosure.