# EDGAR Filing Document

**Accession Number:** 0000943863
**File Stem:** 0001133228-23-001448
**Filing Date:** 2023-3
**Character Count:** 473466
**Document Hash:** af4cc62c5836a810d314bcc7ab975466
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-23-001448.hdr.sgml**: 20230323

**ACCESSION NUMBER**: 0001133228-23-001448

**CONFORMED SUBMISSION TYPE**: N-VPFS

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230323

**DATE AS OF CHANGE**: 20230323

**EFFECTIVENESS DATE**: 20230323

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** C M LIFE VARIABLE LIFE SEPARATE ACCOUNT I
- **CENTRAL INDEX KEY:** 0000943863
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** CT
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-VPFS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09020
- **FILM NUMBER:** 23756520

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

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

## Series and Classes Contracts Data

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

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000030138 | Survivorship Variable Universal Life |  |

**C.M. LIFE INSURANCE COMPANY**

STATUTORY FINANCIAL STATEMENTS

As of December 31, 2022 and 2021 and

for the years ended December 31, 2022, 2021 and 2020

C.M. LIFE INSURANCE COMPANY

STATUTORY FINANCIAL STATEMENTS

**<u>**Table of Contents**</u>**

---

| | | | |
|:---|:---|:---|:---|
| | | | <u>Page</u> |
| [Independent Auditors' Report](#toc001) | [Independent Auditors' Report](#toc001) | [Independent Auditors' Report](#toc001) | 2 |
| [Statutory Statements of Financial Position](#toc002) | [Statutory Statements of Financial Position](#toc002) | [Statutory Statements of Financial Position](#toc002) | 4 |
| [Statutory Statements of Operations](#toc003) | [Statutory Statements of Operations](#toc003) | [Statutory Statements of Operations](#toc003) | 5 |
| [Statutory Statements of Changes in Capital and Surplus](#toc004) | [Statutory Statements of Changes in Capital and Surplus](#toc004) | [Statutory Statements of Changes in Capital and Surplus](#toc004) | 6 |
| [Statutory Statements of Cash Flows](#toc005) | [Statutory Statements of Cash Flows](#toc005) | [Statutory Statements of Cash Flows](#toc005) | 7 |
| [Notes to Statutory Financial Statements:](#toc006) | [Notes to Statutory Financial Statements:](#toc006) | [Notes to Statutory Financial Statements:](#toc006) |  |
| [1.](#toc007) |  | [Nature of operations](#toc007) | 8 |
| [2.](#toc008) |  | [Summary of significant accounting policies](#toc008) | 8 |
| [3.](#toc009) |  | [New accounting standards](#toc009) | 18 |
| [4.](#toc010) |  | [Fair value of financial instruments](#toc010) | 19 |
| [5.](#toc011) |  | [Investments](#toc011) |  |
|  | [a.](#toc012) | [Bonds](#toc012) | 25 |
|  | [b.](#toc013) | [Preferred stocks](#toc013) | 29 |
|  | [c.](#toc014) | [Common stocks - subsidiary and affiliates](#toc014) | 30 |
|  | [d.](#toc015) | [Common stocks - unaffiliated](#toc015) | 31 |
|  | [e.](#toc016) | [Mortgage loans](#toc016) | 31 |
|  | [f.](#toc017) | [Partnerships and limited liability companies](#toc017) | 36 |
|  | [g.](#toc018) | [Derivatives](#toc018) | 36 |
|  | [h.](#toc019) | [Repurchase agreements](#toc019) | 40 |
|  | [i.](#toc020) | [Net investment income](#toc020) | 40 |
|  | [j.](#toc021) | [Net realized capital gains (losses)](#toc021) | 41 |
| [6.](#toc022) |  | [Federal income taxes](#toc022) | 42 |
| [7.](#toc023) |  | [Deferred and uncollected life insurance premium](#toc023) | 49 |
| [8.](#toc024) |  | [Policyholders' liabilities](#toc024) | 50 |
| [9.](#toc025) |  | [Reinsurance](#toc025) | 52 |
| [10.](#toc026) |  | [Withdrawal characteristics](#toc026) | 54 |
| [11.](#toc027) |  | [Changes in capital and surplus](#toc027) | 56 |
| [12.](#toc028) |  | [Presentation of the Statutory Statements of Cash Flows](#toc028) | 57 |
| [13.](#toc029) |  | [Business risks, commitments and contingencies](#toc029) | 57 |
| [14.](#toc030) |  | [Related party transactions](#toc030) | 60 |
| [15.](#toc031) |  | [Subsidiaries and affiliated companies](#toc031) | 61 |
| [16.](#toc032) |  | [Subsequent events](#toc032) | 62 |
| [17.](#toc033) |  | [Impairment listing for loan-backed and structured securities](#toc033) | 63 |

---

[Back to **Table of Contents**](#toc)

![](image_002.jpg)

KPMG LLP

One Financial Plaza

755 Main Street

Hartford, CT 06103

**Independent Auditors' Report**

Audit Committee of the Board of Directors

C.M. Life Insurance Company:

*Opinions*

 

We have audited the financial statements of C.M. Life Insurance Company (the Company), which comprise the statutory statements of financial position as of December 31, 2022 and 2021, and the related statutory statements of operations and changes in capital and surplus, and cash flows for the three-year period ended December 31, 2022, and the related notes to the financial statements.

*Unmodified Opinion on Statutory Basis of Accounting*

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2022 and 2021, and the results of its operations and its cash flows for the three-year period ended December 31, 2022 in accordance with accounting practices prescribed or permitted by the State of Connecticut Insurance Department described in Note 2.

*Adverse Opinion on U.S. Generally Accepted Accounting Principles*

In our opinion, because of the significance of the matter discussed in the Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles section of our report, the financial statements do not present fairly, in accordance with U.S. generally accepted accounting principles, the financial position of the Company as of December 31, 2022 and 2021, or the results of its operations or its cash flows for the three-year period ended December 31, 2022.

*Basis for Opinions*

We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditors' Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

*Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles*

As described in Note 2 to the financial statements, the financial statements are prepared by the Company using accounting practices prescribed or permitted by the State of Connecticut Insurance Department, which is a basis of accounting other than U.S. generally accepted accounting principles. Accordingly, the financial statements are not intended to be presented in accordance with U.S. generally accepted accounting principles. The effects on the financial statements of the variances between the statutory accounting practices described in Note 2 and U.S. generally accepted accounting principles, although not reasonably determinable, are presumed to be material and pervasive.

*Responsibilities of Management for the Financial Statements*

 

Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting practices prescribed or permitted by the State of Connecticut Insurance Department.

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

the KPMG global organization of independent member firms affiliated with

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

[Back to **Table of Contents**](#toc)

![](image_001.jpg)

Management is also responsible for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for one year after the date that the financial statements are issued.

*Auditors' Responsibilities for the Audit of the Financial Statements*

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with GAAS, we:

● Exercise professional judgment and maintain professional skepticism throughout the audit.

● Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

● Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. Accordingly, no such opinion is expressed.

● Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.

● Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.

/s/ KPMG LLP

Hartford, Connecticut

March 7, 2023

[Back to **Table of Contents**](#toc)

C.M. LIFE INSURANCE COMPANY

STATUTORY STATEMENTS OF FINANCIAL POSITION

---

| | | |
|:---|:---|:---|
|  | As of | As of |
|  | December 31, | December 31, |
|  | 2022 | 2021 |
|  | ($ In Millions Except for Par Value) | ($ In Millions Except for Par Value) |
| **Assets:** |  |  |
| Bonds | $3736 | $3989 |
| Preferred stocks | 7 | 8 |
| Common stocks – subsidiary and affiliates | 275 | 289 |
| Common stocks – unaffiliated | 2 | 7 |
| Mortgage loans | 918 | 1047 |
| Policy loans | 146 | 146 |
| Partnerships and limited liability companies | 171 | 179 |
| Derivatives | 724 | 630 |
| Cash, cash equivalents and short-term investments | 57 | 146 |
| Other invested assets | 334 | 290 |
| &nbsp;&nbsp;&nbsp;Total invested assets | 6370 | 6731 |
| Investment income due and accrued | 105 | 108 |
| Federal income taxes | 32 | 13 |
| Net deferred income taxes | 23 | 32 |
| Other than invested assets | 16 | 59 |
| &nbsp;&nbsp;&nbsp;Total assets excluding separate accounts | 6546 | 6943 |
| Separate account assets | 1553 | 2129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $8099 | $9072 |
| **Liabilities:** |  |  |
| Policyholders' reserves | $3709 | $3881 |
| Liabilities for deposit-type contracts | 68 | 72 |
| Contract claims and other benefits | 8 | 44 |
| Transfers due from separate accounts | (2) | (3) |
| Payable to parent | 24 | 16 |
| Asset valuation reserve | 93 | 105 |
| Collateral | 203 | 172 |
| Derivatives | 480 | 630 |
| Other liabilities | 183 | 392 |
| &nbsp;&nbsp;&nbsp;Total liabilities excluding separate accounts | 4766 | 5309 |
| Separate account liabilities | 1553 | 2129 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 6319 | 7438 |
| **Capital and surplus:** |  |  |
| Common stock, $200 par value 50,000 shares authorized, 12,500 shares issued and outstanding | 3 | 3 |
| Paid-in and contributed surplus | 450 | 450 |
| Surplus | 1327 | 1181 |
| &nbsp;&nbsp;&nbsp;Total capital and surplus | 1780 | 1634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and capital and surplus | $8099 | $9072 |

---

See accompanying notes to statutory financial statements

[Back to **Table of Contents**](#toc)

C.M. LIFE INSURANCE COMPANY

STATUTORY STATEMENTS OF OPERATION

---

| | | | |
|:---|:---|:---|:---|
|  | Years Ended December 31, | Years Ended December 31, | Years Ended December 31, |
|  | 2022 | 2021 | 2020 |
|  | (In Millions) | (In Millions) | (In Millions) |
| **Revenue:** |  |  |  |
| Premium income | $224 | $277 | $279 |
| Net investment income | 268 | 280 | 279 |
| Fees and other income | 99 | 100 | 99 |
| &nbsp;&nbsp;&nbsp;Total revenue | 591 | 657 | 657 |
| **Benefits, expenses and other deductions:** |  |  |  |
| Policyholders' benefits | 641 | 618 | 575 |
| Change in policyholders' reserves | (276) | (168) | (159) |
| General insurance expenses | 60 | 65 | 78 |
| Commissions | 37 | 41 | 41 |
| State taxes, licenses and fees | 9 | 9 | 10 |
| Other deductions | (23) | (5) | (4) |
| &nbsp;&nbsp;&nbsp;Total benefits, expenses and other deductions | 448 | 560 | 541 |
| Net gain from operations before federal income taxes | 143 | 97 | 116 |
| Federal income tax expense | 19 | 11 | 7 |
| Net gain from operations | 124 | 86 | 109 |
| Net realized capital gains (losses) | 16 | 2 | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income | $140 | $88 | $102 |

---

See accompanying notes to statutory financial statements

[Back to **Table of Contents**](#toc)

C.M. LIFE INSURANCE COMPANY

STATUTORY STATEMENTS OF CHANGES IN CAPITAL AND SURPLUS

---

| | | | |
|:---|:---|:---|:---|
|  | Years Ended December 31, | Years Ended December 31, | Years Ended December 31, |
|  | 2022 | 2021 | 2020 |
|  | (In Millions) | (In Millions) | (In Millions) |
| Capital and surplus, beginning of year | $1634 | $1739 | $1735 |
| Net increase (decrease) due to: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net income | 140 | 88 | 102 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized capital income (loss), net of tax | 169 | (10) | 37 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized foreign exchange capital losses, net of tax | (49) | (18) | 34 |
| &nbsp;&nbsp;&nbsp;Change in other net deferred income taxes | 35 | 14 | (27) |
| &nbsp;&nbsp;&nbsp;Change in nonadmitted assets | (41) | 3 | 29 |
| &nbsp;&nbsp;&nbsp;Change in reserve valuation basis |  |  | 3 |
| &nbsp;&nbsp;&nbsp;Change in asset valuation reserve | 12 | (2) | 4 |
| &nbsp;&nbsp;&nbsp;Dividend paid | (163) | (173) | (173) |
| &nbsp;&nbsp;&nbsp;Contributions received | 50 |  |  |
| &nbsp;&nbsp;&nbsp;Other | (7) | (7) | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) | 146 | (105) | 4 |
| Capital and surplus, end of year | $1780 | $1634 | $1739 |

---

See accompanying notes to statutory financial statements

[Back to **Table of Contents**](#toc)

C.M. LIFE INSURANCE COMPANY

STATUTORY STATEMENTS OF CASH FLOWS

---

| | | | |
|:---|:---|:---|:---|
|  | Years Ended | Years Ended | Years Ended |
|  | December 31, | December 31, | December 31, |
|  | 2022 | 2021 | 2020 |
|  | (In Millions) | (In Millions) | (In Millions) |
| **Cash from operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Premium collected net of reinsurance | $317 | $383 | $374 |
| &nbsp;&nbsp;&nbsp;Net investment income | 247 | 287 | 270 |
| &nbsp;&nbsp;&nbsp;Benefit payments | (625) | (643) | (568) |
| &nbsp;&nbsp;&nbsp;Net transfers from separate accounts | 106 | 149 | 122 |
| &nbsp;&nbsp;&nbsp;Commissions and other expenses | (99) | (123) | (142) |
| &nbsp;&nbsp;&nbsp;Federal and foreign income taxes paid | (39) | (24) | (15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash (applied to) from operations | (93) | 29 | 41 |
| **Cash from investments:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from investments sold, matured or repaid: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds | 727 | 873 | 682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred and common stocks – unaffiliated | 4 | 7 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans | 161 | 130 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Partnerships and limited liability companies | 41 | 19 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivatives | (168) | (21) | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | (46) | 64 | (54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment proceeds | 719 | 1072 | 870 |
| &nbsp;&nbsp;&nbsp;Cost of investments acquired: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds | (528) | (802) | (904) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred and common stocks – unaffiliated | (1) | (5) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stocks – affiliated | (1) | (2) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans | (37) | (234) | (120) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Partnerships and limited liability companies | (32) | (25) | (22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivatives | (12) | (8) | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments acquired | (611) | (1076) | (1053) |
| &nbsp;&nbsp;&nbsp;Net decrease (increase) in policy loans | - | 7 | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash from (applied to) investing activities | 108 | 3 | (185) |
| **Cash from financing and miscellaneous sources:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net (withdrawals) deposits on deposit-type contracts | (6) | 1 | (18) |
| &nbsp;&nbsp;&nbsp;Change in collateral | 37 | (83) | 134 |
| &nbsp;&nbsp;&nbsp;Dividend paid | (163) | (173) | (173) |
| &nbsp;&nbsp;&nbsp;Contribution received | 50 |  |  |
| &nbsp;&nbsp;&nbsp;Other cash (used) provided | (22) | 34 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash (to) from financing and miscellaneous sources | (104) | (221) | 16 |
| &nbsp;&nbsp;&nbsp;Net change in cash, cash equivalents and short-term investments | (89) | (189) | (128) |
| Cash, cash equivalents and short-term investments, beginning of year | 146 | 335 | 463 |
| Cash, cash equivalents and short-term investments, end of year | $57 | $146 | $335 |

---

See accompanying notes to statutory financial statements

[Back to **Table of Contents**](#toc)

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS

1. Nature of operations

These statutory financial statements include C.M. Life Insurance Company (the Company), a wholly owned stock life insurance subsidiary of Massachusetts Mutual Life Insurance Company (MassMutual). The Company is domiciled in the State of Connecticut. It provides life insurance and annuities to individuals and group life insurance to institutions.

MassMutual is a mutual life insurance company domiciled in the Commonwealth of Massachusetts, and its domestic life insurance subsidiaries provide individual and group life insurance, disability insurance, individual and group annuities and guaranteed interest contracts to individual and institutional customers in all 50 states of the United States of America (U.S.), the District of Columbia and Puerto Rico. Products and services are offered primarily through the Company's MassMutual Financial Advisors (MMFA), Digital Distribution (DD), Institutional Solutions (IS) and Workplace Solutions distribution channels.

MMFA is a sales force of financial professionals that operate in the U.S. MMFA sells individual life and individual annuities. The Company's DD channel sells individual life primarily through direct response television advertising, digital media, search engine optimization and search engine marketing. The Company's IS distribution channel places group life insurance.

***2. Summary of significant accounting policies***

***a. Basis of presentation***

The statutory financial statements have been prepared in conformity with the statutory accounting practices of the National Association of Insurance Commissioners (NAIC) and the accounting practices prescribed or permitted by the State of Connecticut Insurance Department (the Department).

Statutory accounting principles are different in some respects from financial statements prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP). The more significant differences between statutory accounting principles and U.S. GAAP are as follows:

*Invested assets*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bonds are generally carried at amortized cost, whereas U.S. GAAP reports bonds at fair value for bonds
available for sale and trading or at amortized cost for bonds held to maturity (HTM)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in the fair value of derivative financial instruments are recorded as changes in capital and surplus,
whereas U.S. GAAP generally reports these changes as revenue unless deemed an effective hedge

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Embedded derivatives are recorded as part of the underlying contract, whereas U.S. GAAP would identify
and bifurcate certain embedded derivatives from the underlying contract or security and account for them separately at fair value

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Income recognition on partnerships and limited liability companies, which are accounted for under the
equity method, is limited to the amount of cash distribution, whereas U.S. GAAP is without limitation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certain majority-owned subsidiaries are accounted for using the equity method, whereas U.S. GAAP would
consolidate these entities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Starting on January 1, 2022, the Company adopted the current expected credit loss (CECL) impairment model
for U.S. GAAP, which only applies to financial assets carried at amortized cost, including mortgage loans, equipment loans, HTM debt securities,
and trade, lease, reinsurance and other receivables. CECL is based on expected credit losses rather than incurred losses. All financial
assets within scope of CECL will have a credit loss allowance. Refer to Note 2dd. "Net realized capital gains (losses) including
other-than-temporary impairments and unrealized capital gains (losses)" for information on the Company's policy for determining
OTTI

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C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

*Policyholders' liabilities*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Statutory policy reserves are based upon prescribed methods, such as the Commissioners' Reserve
Valuation Method, Commissioners' Annuity Reserve Valuation Method (CARVM) or net level premium method, and prescribed statutory
mortality, morbidity and interest assumptions at the time of issuance, whereas U.S. GAAP policy reserves would generally be based upon
the net level premium method or the estimated gross margin method with estimates, at time of issuance, of future mortality, morbidity,
persistency and interest

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Liabilities for policyholders' reserves, unearned premium, and unpaid claims are presented net of
reinsurance ceded, whereas U.S. GAAP would present the liabilities on a direct basis and report an asset for the amounts recoverable or
due from reinsurers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Payments received for universal and variable life insurance products, certain variable and fixed deferred
annuities and group annuity contracts are reported as premium income and corresponding change in reserves, whereas U.S. GAAP would treat
these payments as deposits to policyholders' account balances

*General insurance expenses and commissions*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certain acquisition costs, such as commissions and other variable costs, directly related to successfully
acquiring new business are charged to current operations as incurred, whereas U.S. GAAP generally would capitalize these expenses and
amortize them based on profit emergence over the expected life of the policies or over the premium payment period

*Net realized capital gains (losses)*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• After-tax realized capital (losses) gains that result from changes in the overall level of interest rates
for all types of fixed-income investments and interest-related hedging activities are deferred into the interest maintenance reserve (IMR)
and amortized into revenue, whereas U.S. GAAP reports these gains and losses as revenue

*Capital and surplus*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in the balances of deferred income taxes, which provide for book versus tax temporary differences,
are subject to limitation and are recorded in surplus, whereas U.S. GAAP would generally include the change in deferred taxes in net income
without limitation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Assets are reported at admitted asset value and assets designated as nonadmitted are excluded through
a charge against surplus, whereas U.S. GAAP recognizes all assets, net of any valuation allowances

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An asset valuation reserve (AVR) is reported as a contingency reserve to stabilize surplus against fluctuations
in the statement value of partnerships and limited liability companies and certain common stocks as well as credit-related changes in
the value of bonds, mortgage loans and certain derivatives, whereas U.S. GAAP does not record this reserve

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes to the mortgage loan valuation allowance are recognized in net unrealized capital gains (losses),
net of tax, in the Statutory Statements of Changes in Capital and Surplus, whereas U.S. GAAP reported these changes in net realized capital
gains (losses) in 2021 and adopted the CECL impairment model in 2022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Statutory Statements of Changes in Capital and Surplus includes net income, change in net unrealized capital
gains (losses), change in net unrealized foreign exchange capital gains (losses), change in other net deferred income taxes, change in
nonadmitted assets, change in AVR, prior period adjustments, whereas U.S. GAAP presents net income as retained earnings and net unrealized
capital gains (losses), change in net unrealized foreign exchange capital gains (losses) as other comprehensive income

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The change in the fair value for unaffiliated common stock is recorded in surplus, whereas the change
in the fair value for ownership interests in an entity not accounted for under the equity method or consolidated are recorded in revenue
for U.S. GAAP

The preparation of financial statements requires management to make estimates and assumptions that impact the reported amounts of assets and liabilities, the disclosure of assets and liabilities as of the date of the statutory financial statements and the reported amounts of revenues and expenses during the reporting periods. The most significant estimates include those used in determining the carrying values of investments including the amount of mortgage loan

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C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

investment valuation reserves, other-than-temporary impairment(s) (OTTI), the liabilities for policyholders' reserves, the determination of admissible deferred tax assets (DTA), the liability for taxes and the liability for litigation or other contingencies. Future events including, but not limited to, changes in the level of mortality, morbidity, interest rates, persistency, asset valuations and defaults could cause results to differ from the estimates used in the statutory financial statements. Although some variability is inherent in these estimates, management believes the amounts presented are appropriate.

***b. Bonds***

 ****

Bonds are generally valued at amortized cost using the constant yield interest method with the exception of NAIC Category 6 bonds, which are in or near default, and certain residential mortgage-backed securities (RMBS) and commercial mortgage-backed securities (CMBS), which are rated by outside modelers, which are carried at the lower of amortized cost or fair value. NAIC ratings are applied to bonds and other investments. Categories 1 and 2 are considered investment grade, while Categories 3 through 6 are considered below investment grade. Bonds are recorded on a trade date basis, except for private placement bonds, which are recorded on the funding date.

For loan-backed and structured securities, such as asset-backed securities (ABS), mortgage-backed securities (MBS), including RMBS and CMBS, and structured securities, including collateralized debt obligations (CDOs), amortization or accretion is revalued quarterly based on the current estimated cash flows, using either the prospective or retrospective adjustment methodologies.

Fixed income securities, with the highest ratings from a rating agency follow the retrospective method of accounting.

All other fixed income securities, such as floating rate bonds and interest only securities, including those that have been impaired, follow the prospective method of accounting.

The fair value of bonds is based on quoted market prices when available. If quoted market prices are not available, values provided by other third-party organizations are used. If values provided by other third-party organizations are unavailable, fair value is estimated using internal models by discounting expected future cash flows using observable current market rates applicable to yield, credit quality and maturity of the investment or using quoted market values for comparable investments. Internal inputs used in the determination of fair value include estimated prepayment speeds, default rates, discount rates and collateral values, among others. Structure characteristics and cash flow priority are also considered. Fair values resulting from internal models are those expected to be received in an orderly transaction between willing market participants.

Refer to *Note 2y. "Realized capital gains (losses) including other-than-temporary impairments and unrealized capital gains (losses)"* for information on the Company's policy for determining OTTI.

***c. Preferred stocks***

Preferred stocks in good standing, those that are rated Categories 1 through 3 by the Securities Valuation Office (SVO) of the NAIC, are generally valued at amortized cost. Preferred stocks not in good standing, those that are rated Categories 4 through 6 by the SVO of the NAIC, are valued at the lower of amortized cost or fair value. Fair values are based on quoted market prices, when available. If quoted market prices are not available, values provided by third-party organizations are used. If values provided by third-party organizations are unavailable, fair value is estimated using internal models. These models use inputs not directly observable or correlated with observable market data. Typical inputs integrated into the Company's internal discounted expected earnings models include, but are not limited to, earnings before interest, taxes, depreciation and amortization estimates. Fair values resulting from internal models are those expected to be received in an orderly transaction between willing market participants.

Refer to *Note 2y. "Realized capital gains (losses) including other-than-temporary impairments and unrealized capital gains (losses)"* for information on the Company's policy for determining OTTI.

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C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

***d. Common stock - subsidiary and affiliate***

The Company accounts for the value of its subsidiary and affiliate, primarily, MML Bay State Life Insurance Company (MML Bay State), a wholly owned stock life insurance subsidiary, at their underlying statutory net equity. MML Bay State's operating results, less dividends declared, are reflected as net unrealized capital gains in the Statutory Statements of Changes in Capital and Surplus. Dividends are recorded in net investment income when declared. The cost basis of common stock – subsidiary and affiliate is adjusted for impairments deemed to be other than temporary consistent with common stocks - unaffiliated.

***e. Common stocks - unaffiliated***

Unaffiliated common stocks are carried at fair value, which is based on quoted market prices when available. If quoted market prices are not available, values provided by third-party organizations are used. If values from third parties are unavailable, fair values are determined by management using estimates based upon internal models. The Company's internal models include estimates based upon comparable company analysis, review of financial statements, broker quotes and last traded price. Fair values resulting from internal models are those expected to be received in an orderly transaction between willing market participants.

Refer to *Note 2y. "Realized capital gains (losses) including other-than-temporary impairments and unrealized capital gains (losses)"* for information on the Company's policy for determining OTTI.

***f. Mortgage loans***

Mortgage loans are valued at the unpaid principal balance of the loan, net of unamortized premium, discount, mortgage origination fees and valuation allowances. Interest income earned on impaired loans is accrued on the outstanding principal balance of the loan based on the loan's contractual coupon rate. Interest is not accrued for (a) impaired loans more than 60 days past due, (b) delinquent loans more than 90 days past due, or (c) loans that have interest that is not expected to be collected. The Company continually monitors mortgage loans where the accrual of interest has been discontinued, and will resume the accrual of interest on a mortgage loan when the facts and circumstances of the borrower and property indicate that the payments will continue to be received according to the terms of the original or modified mortgage loan agreement.

Refer to *Note 2y. "Realized capital gains (losses) including other-than-temporary impairments and unrealized capital gains (losses)"* for information on the Company's policy for determining OTTI*.*

***g. Policy loans***

 ****

Policy loans are carried at the outstanding loan balance less amounts unsecured by the cash surrender value of the policy and amounts ceded to reinsurers.

***h. Partnerships and limited liability companies***

Partnerships and limited liability companies, except for partnerships that generate and realize low income housing tax credits (LIHTCs), are accounted for using the equity method with the change in the equity value of the underlying investment recorded in surplus. Distributions received are recognized as net investment income to the extent the distribution does not exceed previously recorded accumulated undistributed earnings.

Investments in partnerships that generate LIHTCs are carried at amortized cost unless considered impaired. Under the amortized cost method, the excess of the carrying value of the investment over its estimated residual value is amortized into net investment income during the period in which tax benefits are recognized.

The equity method is suspended if the carrying value of the investment is reduced to zero due to losses from the investment. Once the equity method is suspended, losses are not recorded until the investment returns to profitability and the equity method is resumed. However, if the Company has guaranteed obligations of the investment or is otherwise committed to provide further financial support for the investment, losses will continue to be reported up to

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C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

the amount of those guaranteed obligations or commitments.

Refer to *Note 2y. "Realized capital gains (losses) including other-than-temporary impairments and unrealized capital gains (losses)"* for information on the Company's policy for determining OTTI.

 ****

***i. Derivatives***

Derivatives are carried at fair value, which is based primarily upon quotations obtained from counterparties and independent sources. These quotations are compared to internally derived prices and a price challenge is lodged with the counterparties and independent sources when a significant difference cannot be explained by appropriate adjustments to the internal model. When quoted market values are not reliable or available, the value is based on an internal valuation process using market observable inputs that other market participants would use. Changes in the fair value of these instruments are recorded as unrealized capital gains (losses) in surplus. Gains and losses realized on settlement, termination, closing or assignment of contracts are recorded in net realized capital gains (losses). Amounts receivable and payable are accrued as net investment income.

***j. Cash, cash equivalents and short-term investments***

Cash and cash equivalents, which are carried at amortized cost, consist of all highly liquid investments purchased with original maturities of three months or less.

Short-term investments, which are carried at amortized cost, consist of short-term bonds and all highly liquid investments purchased with maturities of greater than three months and less than or equal to 12 months.

The carrying value reported in the Statutory Statements of Financial Position for cash, cash equivalents and short-term investment instruments approximates the fair value.

***k. Investment income due and accrued***

Accrued investment income consists primarily of interest, which is recognized on an accrual basis.

***l. Other than invested assets***

 ****

Other than invested assets primarily includes deferred and uncollected life insurance premium, reinsurance recoverables and other receivables.

***m. Separate accounts***

Separate accounts and sub-accounts accounts are segregated funds administered and invested by the Company, the performance of which primarily benefits the policyholders/contract holders with an interest in the separate accounts. Group and individual variable annuity, variable life and other insurance policyholders/contract holders select from among the separate accounts and sub-accounts made available by the Company. The separate accounts and sub-accounts are offered as investment options under certain insurance contracts or policies. The returns produced by separate account assets increase or decrease separate account reserves. Separate account assets consist principally of marketable securities reported at fair value. Separate account assets can only be used to satisfy separate account liabilities and are not available to satisfy the general obligations of the Company. Separate account administrative and investment advisory fees are included in fees and other income.

The Company has only separate accounts classified as nonguaranteed for which the policyholder/contract holder assumes the investment risk.

Premium income, benefits and expenses of the separate accounts are included in the Statutory Statements of Operations with the offset recorded in the change in policyholders' reserves. Investment income, realized capital gains (losses) and unrealized capital gains (losses) on the assets of separate accounts accrue to policyholders/contract holders and are not recorded in the Statutory Statements of Operations.

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C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

***n. Nonadmitted assets***

Assets designated as nonadmitted by the NAIC primarily include the amount of DTAs (subject to certain limitations) that will not be realized by the end of the third calendar year following the current year end, certain investments in partnerships and limited liability companies for which qualifying audits are not performed, advances and prepayments, investment income due and accrued, and certain other receivables. Assets that are designated as nonadmitted are excluded from the Statutory Statements of Financial Position through a charge against shareholder's equity.

***o. Reinsurance***

The Company enters into reinsurance agreements with affiliated and unaffiliated insurers in the normal course of business to limit its insurance risk.

Premium income, benefits to policyholders (including unpaid claims) and policyholders' reserves are reported net of reinsurance. Premium, benefits and reserves related to reinsured business are accounted for on bases consistent with those used in accounting for the original policies issued and the terms of the reinsurance contracts. The Company records a receivable for reinsured benefits paid, but not yet reimbursed by the reinsurer and reduces policyholders' reserves for the portion of insurance liabilities that are reinsured. Commissions and expense allowances on reinsurance ceded are recorded as revenue.

***p. Policyholders' reserves***

Policyholders' reserves are developed by actuarial methods that will provide for the present value of estimated future obligations in excess of estimated future premium on policies in force and are determined based on either statutory prescribed mortality/morbidity tables using specified interest rates and valuation methods, or principles-based reserving (PBR) under Valuation Manual (VM)-20 which considers a wide range of future economic conditions, computed using justified company experience factors, such as mortality, policyholder behavior and expenses.

On January 1, 2020, the Company transitioned from Actuarial Guideline 43 to VM-21 for valuing guaranteed living benefits on certain annuity products for statutory reserves

Certain variable universal life and universal life contracts include features such as guaranteed minimum death benefits (GMDB) or other guarantees that ensure continued death benefit coverage when the policy would otherwise lapse. The value of the guarantee is only available to the beneficiary in the form of a death benefit. The liability for variable and universal life GMDBs and other guarantees is included in policyholders' reserves and the related change in this liability is included in change in policyholders' reserves in the Statutory Statements of Operations.

The fixed index annuity (FIA) product offers guaranteed lifetime withdrawal benefit (GLWB). A GLWB provides the annuity contract holder with a guarantee that a minimum amount will be available for withdrawal annually for life regardless of the contract value.

Certain individual variable annuity and fixed annuity products offer GMDBs. The liability for GMDBs is included in policyholders' reserves and the related change in this liability is included in change in policyholders' reserves in the Statutory Statement of Operations.

Tabular interest, tabular reserves, reserves released, and tabular cost for all life and annuity contracts and supplementary contracts involving life contingencies are determined in accordance with NAIC Annual Statement instructions. For tabular interest, whole life and term products use a formula that applies a weighted average interest rate determined from a seriatim valuation file to the mean average reserves. Universal life, variable life, group life, annuity and supplemental contracts use a formula that applies a weighted average credited rate to the mean account value. For contracts without an account value (e.g., a Single Premium Immediate Annuity) a weighted average statutory valuation rate is applied to the mean statutory reserve or accepted actuarial methods using applicable interest rates are applied.

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C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

All policyholders' reserves and accruals are presented net of reinsurance. Management believes that these liabilities and accruals represent management's best estimate and will be sufficient, in conjunction with future revenues, to meet future anticipated obligations of policies and contracts in force.

***q. Liabilities for deposit-type contracts***

Liabilities for investment-type contracts such as supplementary contracts not involving life contingencies are based on account value or accepted actuarial methods using applicable interest rates.

***r. Transfers due from separate accounts***

Transfers due from separate accounts represent a net receivable from the Company's separate accounts.

***s. Federal income taxes***

Total federal income taxes are based upon the Company's best estimate of its current and DTAs or liabilities. Current tax expense (benefit) is reported in the Statutory Statements of Operations as federal income tax expense (benefit) if resulting from operations and within net realized capital (losses) gains if resulting from invested asset transactions. Changes in the balances of deferred taxes, which provide for book-to-tax temporary differences, are subject to limitations and are reported within various lines within surplus. Accordingly, the reporting of book-to-tax temporary differences, such as reserves and policy acquisition costs, and of book-to-tax permanent differences, such as tax-exempt interest and tax credits, results in effective tax rates in the Statutory Statements of Operations that differ from the federal statutory tax rate.

***t. Asset valuation reserve***

The Company maintains an AVR that is a contingency reserve to stabilize shareholder's equity against fluctuations in the carrying value of common stocks, real estate, partnerships and limited liability companies as well as credit-related changes in the value of bonds, preferred stocks, mortgage loans, and certain derivatives. The AVR is reported as a liability within the Statutory Statements of Financial Position and the change in AVR, net of tax, is reported within the Statutory Statements of Changes in Capital and Surplus.

***u. Repurchase agreements***

Repurchase agreements are contracts under which the Company sells securities and simultaneously agrees to repurchase the same or substantially the same securities. These repurchase agreements are carried at cost and accounted for as collateralized borrowings with the proceeds from the sale of the securities recorded as a liability while the underlying securities continue to be recorded as an investment by the Company. Earnings on these investments are recorded as investment income and the difference between the proceeds and the amount at which the securities will be subsequently reacquired is amortized as interest expense. Repurchase agreements are used as a tool for overall portfolio management to help ensure the Company maintains adequate assets in order to provide yield, spread and duration to support liabilities and other corporate needs.

The Company provides collateral, as dictated by the repurchase agreements, to the counterparty in exchange for a loan. If the fair value of the securities sold becomes less than the loan, the counterparty may require additional collateral.

The carrying value reported in the Statutory Statements of Financial Position for repurchase agreements approximates the fair value.

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C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

***v. Interest maintenance reserve***

The Company maintains an IMR that is used to stabilize net income against fluctuations in interest rates. After-tax realized capital (losses) gains, which result from changes in interest rates for all types of fixed-income investments and interest-related derivatives, are deferred into the IMR and amortized into net investment income using the grouped amortization method. In the grouped amortization method, assets are grouped based on years of maturity. IMR is reduced by the amount ceded to reinsurers when entering into in force coinsurance ceding agreements. The IMR is included in other liabilities, or if negative, is recorded as a nonadmitted asset.

***w. Other liabilities***

Other liabilities primarily consist of interest due on derivatives, affiliated payables and remittances and items not allocated.

***x. Premium and related expense recognition***

Life insurance premium revenue is generally recognized annually on the anniversary date of the policy. However, premium for flexible products, primarily universal life and variable universal life contracts, is recognized as revenue when received. Annuity premium is recognized as revenue when received.

Premium revenue is adjusted by the related deferred premium adjustment. Deferred premium adjusts for the overstatement created in the calculation of reserves as the reserve computation assumes the entire year's net premium is collected annually at the beginning of the policy year and does not take into account installment or modal payments. Commissions and other costs related to issuance of new policies and policy maintenance and settlement costs are charged to current operations when incurred. Surrender fee charges on certain life and annuity products are recorded as a reduction of benefits and expenses.

***y. Realized capital gains (losses) including other-than-temporary impairments and unrealized capital gains (losses)***

Realized capital gains (losses), net of taxes, exclude gains (losses) deferred into the IMR and gains (losses) of the separate accounts. Realized capital gains (losses), including OTTI, are recognized in net income and are determined using the specific identification method.

*Bonds - general*

The Company employs a systematic methodology to evaluate OTTI by conducting a quarterly analysis of bonds. OTTI is evaluated in a manner consistent with market participant assumptions. The Company considers the following factors, where applicable depending on the type of securities, in the evaluation of whether a decline in value is other than temporary: (a) the likelihood that the Company will be able to collect all amounts due according to the contractual terms of the debt security; (b) the present value of the expected future cash flows of the security; (c) the characteristics, quality and value of the underlying collateral or issuer securing the position; (d) collateral structure; (e) the length of time and extent to which the fair value has been below amortized cost; (f) the financial condition and near-term prospects of the issuer; (g) adverse conditions related to the security or industry; (h) the rating of the security; (i) the Company's ability and intent to hold the investment for a period of time sufficient to allow for an anticipated recovery to amortized cost; and (j) other qualitative and quantitative factors in determining the existence of OTTI including, but not limited to, unrealized loss trend analysis and significant short-term changes in value.

In addition, if the Company has the intent to sell, or the inability, or lack of intent to retain the investment for a period sufficient to recover the amortized cost basis, an OTTI is recognized as a realized loss equal to the entire difference between the investment's amortized cost basis and its fair value at the balance sheet date.

When a bond is other-than-temporarily impaired, a new cost basis is established.

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C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

*Bonds - corporate*

For corporate securities, if it is determined that a decline in the fair value of a bond is other than temporary, OTTI is recognized as a realized loss equal to the difference between the investment's amortized cost basis and, generally, its fair value at the balance sheet date.

*Bonds - loan-backed and structured securities*

For loan-backed and structured securities, if the present value of cash flows expected to be collected is less than the amortized cost basis of the security, an OTTI is recognized as a realized loss equal to the difference between the investment's amortized cost basis and the present value of cash flows expected to be collected. The expected cash flows are discounted at the security's effective interest rate. Internal inputs used in determining the amount of the OTTI on structured securities include collateral performance, prepayment speeds, default rates, and loss severity based on borrower and loan characteristics, as well as deal structure including subordination, over-collateralization and cash flow priority.

ABS and MBS are evaluated for OTTI using scenarios and assumptions based on the specifics of each security including collateral type, loan type, vintage and subordination level in the structure. Cash flow estimates are based on these assumptions and inputs obtained from external industry sources along with internal analysis and actual experience. Where applicable, assumptions include prepayment speeds, default rates and loss severity, weighted average maturity and changes in the underlying collateral values.

The Company has a review process for determining if CDOs are at risk for OTTI. For the senior, mezzanine and junior debt tranches, cash flows are modeled using multiple scenarios based on the current ratings and values of the underlying corporate credit risks and incorporating prepayment and default assumptions that vary according to collateral attributes of each CDO. The prepayment and default assumptions are varied within each model based upon rating (base case), historical expectations (default), rating change improvement (optimistic), rating change downgrade (pessimistic) and fair value (market). The default rates produced by these multiple scenarios are assigned an expectation weight according to current market and economic conditions and fed into a final scenario. OTTI is recorded if this final scenario results in the loss of any principal or interest payments due.

For the most subordinated junior CDO tranches, the present value of the projected cash flows in the final scenario is measured using an effective yield. If the current book value of the security is greater than the present value measured using an effective yield, an OTTI is taken in an amount sufficient to produce its effective yield. Certain CDOs cannot be modeled using all of the scenarios because of limitations on the data needed for all scenarios. The cash flows for these CDOs, including foreign currency denominated CDOs, are projected using a customized scenario management believes is reasonable for the applicable collateral pool.

For loan-backed and structured securities, any difference between the new amortized cost basis and any increased present value of future cash flows expected to be collected is accreted into net investment income over the expected remaining life of the bond.

*Common and preferred stock*

The cost basis of common and preferred stocks is adjusted for impairments deemed to be other than temporary. The Company considers the following factors in the evaluation of whether a decline in value is other than temporary: (a) the financial condition and near-term prospects of the issuer; (b) the Company's ability and intent to retain the investment for a period sufficient to allow for a near-term recovery in value; and (c) the period and degree to which the value has been below cost. The Company conducts a quarterly analysis of issuers whose common or preferred stock is not-in-good standing or valued below 80% of cost. The Company also considers other qualitative and quantitative factors in determining the existence of OTTI including, but not limited to, unrealized loss trend analysis and significant short-term changes in value.

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C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

*Mortgage loans*

The Company performs internal reviews at least annually to determine if individual mortgage loans are performing or nonperforming. The fair values of performing mortgage loans are estimated by discounting expected future cash flows using current interest rates for similar loans with similar credit risk. For nonperforming loans, the fair value is the estimated collateral value of the underlying real estate. If foreclosure is probable, the Company will obtain an external appraisal.

Mortgage loans are considered to be impaired when, based upon current available information and events, it is probable that the Company will be unable to collect all amounts of principal and interest due according to the contractual terms of the mortgage loan agreement. A valuation allowance is recorded on a loan-by-loan basis in net unrealized capital losses for the excess of the carrying value of the mortgage loan over the fair value of its underlying collateral. Such information or events could include property performance, capital budgets, future lease roll, a property inspection as well as payment trends. Collectability and estimated decreases in collateral values are also assessed on a loan-by-loan basis considering all events and conditions relevant to the loan. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revisions as more information becomes available, as changes occur in the market or as negotiations with the borrowing entity evolve. If there is a change in the fair value of the underlying collateral or the estimated loss on the loan, the valuation allowance is adjusted accordingly. An OTTI occurs upon the realization of a credit loss, typically through foreclosure or after a decision is made to accept a discounted payoff, and is recognized in realized capital losses. The previously recorded valuation allowance is reversed from unrealized capital losses. When an OTTI is recorded, a new cost basis is established reflecting estimated value of the collateral.

*Real estate*

For real estate held for the production of income, depreciated cost is adjusted for impairments whenever events or changes in circumstances indicate the carrying amount of the asset may not be recoverable, with the impairment being included in realized capital losses. An impairment is recorded when the property's estimated future net operating cash flows over ten years, undiscounted and without interest charges, is less than book value.

Adjustments to the carrying value of real estate held for sale are recorded in a valuation reserve as realized capital losses when the fair value less estimated selling costs is less than the carrying value.

*Partnerships and limited liability companies*

When it is probable that the Company will be unable to recover the outstanding carrying value of an investment based on undiscounted cash flows, or there is evidence indicating an inability of the investee to sustain earnings to justify the carrying value of the investment, OTTI is recognized in realized capital losses reflecting the excess of the carrying value over the estimated fair value of the investment. The estimated fair values of limited partnership interests are generally based on the Company's share of the net asset value (NAV) as provided in the financial statements of the investees. In certain circumstances, management may adjust the NAV by a premium or discount when it has sufficient evidence to support applying such adjustments.

For determining impairments in partnerships that generate LIHTCs, the Company uses the present value of all future benefits, the majority of which are tax credits, discounted at a risk-free rate for future benefits of ten or more years and compares the results to its current book value. Impairments are recognized in realized capital losses reflecting the excess of the carrying value over the estimated fair value of the investment.

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C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

*Unrealized capital gains (losses)*

Unrealized capital gains (losses) include changes in the fair value of derivatives, excluding interest rate swaps and credit default index swaps associated with replicated assets; currency translation adjustments on foreign-denominated bonds; changes in the fair value of unaffiliated common stocks; changes in the fair value of bonds and preferred stocks that are carried at fair value; and changes in the inflation adjustments on U.S Treasury inflation-indexed securities. Changes in the Company's equity investments in partnerships and limited liability companies, including the earnings as reported on the financial statements, earnings recorded as accumulated undistributed earnings, foreign exchange asset valuation and mark-to-market on operating assets, and certain subsidiaries and affiliates are also reported as changes in unrealized capital gains (losses). Unrealized capital gains (losses) are recorded as a change in shareholder's equity net of tax.

***3. New accounting standards***

***Adoption of new accounting standards***

In November 2021, the NAIC adopted modifications to SSAP No. 43R, *Loan-Backed and Structured Securities*, effective December 31, 2022. The modifications require investments in residual tranches to be reported as partnerships and limited liability companies. Residual tranches will be carried at the lower of amortized cost or fair value, with changes in value recorded as unrealized gains or losses. The modifications did not have a material effect on the Company's financial statements.

In June 2022, the NAIC adopted modifications to SSAP No. 25, Affiliates and Other Related Parties and SSAP No. 43R, Loan-Backed and Structured Securities, effective December 31, 2022. The modifications clarify application of the existing affiliate definition and incorporate disclosure requirements for all investments that involve related parties, regardless of whether they meet the affiliate definition. The revisions to SSAP No. 43R also included additional clarifications that the investments from any arrangements that results in direct or indirect control, which include but are not limited to control through a servicer, shall be reported as affiliated investments. The modifications did not have a material effect on the Company's financial statements.

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C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

***4. Fair value of financial instruments***

The following presents a summary of the carrying values and fair values of the Company's financial instruments:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | December 31, 2022 | December 31, 2022 | December 31, 2022 | December 31, 2022 | December 31, 2022 |
|  | Carrying<br>Value | Fair<br>Value | <br>Level 1 | <br>Level 2 | <br>Level 3 |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| Financial assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bonds: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U. S. government and agencies | $3 | $3 | $- | $3 | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;States, territories and possessions | 12 | 12 |  | 12 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Political subdivisions | 14 | 14 |  | 14 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special revenue | 76 | 76 |  | 76 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial and miscellaneous | 3411 | 3069 |  | 1230 | 1839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parent, subsidiaries and affiliates | 220 | 194 |  | 37 | 157 |
| &nbsp;&nbsp;&nbsp;Preferred stocks | 7 | 7 | 1 |  | 6 |
| &nbsp;&nbsp;&nbsp;Common stocks - subsidiaries and affiliates | 23 | 23 | 18 |  | 5 |
| &nbsp;&nbsp;&nbsp;Common stocks - unaffiliated | 2 | 2 | 1 |  | 1 |
| &nbsp;&nbsp;&nbsp;Mortgage loans - commercial | 729 | 680 |  |  | 680 |
| &nbsp;&nbsp;&nbsp;Mortgage loans - residential | 189 | 171 |  |  | 171 |
| &nbsp;&nbsp;&nbsp;Derivatives: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps | 602 | 602 |  | 602 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options | 15 | 15 |  | 15 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency swaps | 104 | 104 |  | 104 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward contracts | 2 | 2 |  | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial futures | 1 | 1 | 1 |  |  |
| &nbsp;&nbsp;&nbsp;Cash, cash equivalents and short-term investments | 57 | 57 | 14 | 43 |  |
| &nbsp;&nbsp;&nbsp;Separate account assets | 1553 | 1553 | 1553 |  |  |
| Financial liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Individual annuity contracts | 2871 | 2769 |  |  | 2769 |
| &nbsp;&nbsp;&nbsp;Supplementary contracts | 60 | 60 |  |  | 60 |
| &nbsp;&nbsp;&nbsp;Derivatives: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps | 469 | 469 |  | 469 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options | 6 | 6 |  | 6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency swaps | 1 | 1 |  | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward contracts | 4 | 4 |  | 4 |  |

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Common stock – subsidiary and affiliates does not include MML Bay State, which has a statutory carry value of $252 million.

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C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | December 31, 2021 | December 31, 2021 | December 31, 2021 | December 31, 2021 | December 31, 2021 |
|  | Carrying<br>Value | Fair<br>Value | <br>Level 1 | <br>Level 2 | <br>Level 3 |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| Financial assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bonds: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U. S. government and agencies | $3 | $3 | $- | $3 | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All other governments | 1 | 1 |  | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;States, territories and possessions | 14 | 17 |  | 17 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Political subdivisions | 16 | 19 |  | 19 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special revenue | 93 | 112 |  | 112 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial and miscellaneous | 3686 | 3987 |  | 1925 | 2062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parent, subsidiaries and affiliates | 176 | 173 |  | 5 | 168 |
| &nbsp;&nbsp;&nbsp;Preferred stocks | 8 | 10 |  |  | 10 |
| &nbsp;&nbsp;&nbsp;Common stocks - subsidiaries and affiliates | 24 | 24 | 19 |  | 5 |
| &nbsp;&nbsp;&nbsp;Common stocks - unaffiliated | 7 | 7 | 2 |  | 5 |
| &nbsp;&nbsp;&nbsp;Mortgage loans - commercial | 773 | 801 |  |  | 801 |
| &nbsp;&nbsp;&nbsp;Mortgage loans - residential | 274 | 275 |  |  | 275 |
| &nbsp;&nbsp;&nbsp;Derivatives: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps | 553 | 553 |  | 553 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options | 32 | 32 |  | 32 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency swaps | 36 | 36 |  | 36 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward contracts | 2 | 2 |  | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial futures | 7 | 7 | 7 |  |  |
| &nbsp;&nbsp;&nbsp;Cash, cash equivalents and short-term investments | 146 | 146 | 73 | 73 |  |
| &nbsp;&nbsp;&nbsp;Separate account assets | 2129 | 2129 | 2129 |  |  |
| Financial liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Individual annuity contracts | 3039 | 3585 |  |  | 3585 |
| &nbsp;&nbsp;&nbsp;Supplementary contracts | 64 | 65 |  |  | 65 |
| &nbsp;&nbsp;&nbsp;Derivatives: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps | 612 | 612 |  | 612 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options | 10 | 10 |  | 10 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency swaps | 6 | 6 |  | 6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward contracts | 2 | 2 |  | 2 |  |

---

Common stock – subsidiary and affiliates does not include MML Bay State, which has a statutory carry value of $265 million.

[Back to **Table of Contents**](#toc)

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The authoritative guidance for fair value establishes a measurement framework that includes a hierarchy used to classify the inputs used in measuring fair value. The hierarchy prioritizes the inputs to valuation techniques into three levels. Each level reflects a unique description of the inputs that are significant to the fair value measurements. The levels of the fair value hierarchy are as follows:

Level 1 – Observable inputs in the form of quoted prices for identical instruments in active markets.

Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be derived from observable market data for substantially the full term of the assets or liabilities.

Level 3 – One or more unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using internal models, as well as instruments for which the determination of fair value requires significant management judgment or estimation.

When available, the Company generally uses unadjusted quoted market prices from independent sources to determine the fair value of investments and classifies such items within Level 1 of the fair value hierarchy. If quoted prices are not available, prices are derived from observable market data for similar assets in an active market or obtained directly from brokers for identical assets traded in inactive markets. Investments that are priced using these inputs are classified within Level 2 of the fair value hierarchy. When some of the necessary observable inputs are unavailable, fair value is based upon internally developed models. These models use inputs not directly observable or correlated with observable market data. Typical inputs, which are integrated in the Company's internal discounted cash flow models and discounted earnings models include, but are not limited to, issuer spreads derived from internal credit ratings and benchmark yields such as LIBOR, cash flow estimates and earnings before interest, taxes, depreciation and amortization estimates. Investments that are priced with such unobservable inputs are classified within Level 3 of the fair value hierarchy.

The Company reviews the fair value hierarchy classifications at each reporting period. Overall, reclassifications between levels occur when there are changes in the observability of inputs and market activity used in the valuation of a financial asset or liability. Such reclassifications are reported as transfers between levels at the beginning fair value for the reporting period in which the changes occur. Given the types of assets classified as Level 1 (primarily equity securities including mutual fund investments), transfers between Level 1 and Level 2 measurement categories are expected to be infrequent. Transfers into and out of Level 3 are summarized in the schedule of changes in Level 3 assets and liabilities.

The fair value of individual annuity and supplementary contracts is determined using one of several methods based on the specific contract type. For short-term contracts, generally less than 30 days, the fair value is assumed to be the book value. For investment-type contracts, the fair value is determined by calculating the present value of future cash flows discounted at current market interest rates, the risk-free rate or a current pricing yield curve based on pricing assumptions using assets of a comparable corporate bond quality. Annuities are valued using cash flow projections from the Company's asset-liability management analysis.

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C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

The following presents the Company's fair value hierarchy for assets and liabilities that are carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2022 | December 31, 2022 | December 31, 2022 | December 31, 2022 |
|  | Level 1 | Level 2 | Level 3 | Total |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| Financial assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bonds: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial and miscellaneous | $- | $- | $10 | $10 |
| &nbsp;&nbsp;&nbsp;Preferred stocks |  |  | 4 | 4 |
| &nbsp;&nbsp;&nbsp;Common stocks - subsidiaries and affiliates | 18 |  | 5 | 23 |
| &nbsp;&nbsp;&nbsp;Common stocks - unaffiliated |  |  | 2 | 2 |
| &nbsp;&nbsp;&nbsp;Derivatives: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps |  | 602 |  | 602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options |  | 15 |  | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency swaps |  | 104 |  | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward contracts |  | 2 |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial futures | 1 |  |  | 1 |
| &nbsp;&nbsp;&nbsp;Separate account assets | 1553 | - | - | 1553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total financial assets carried at fair value | $1572 | $723 | $21 | $2316 |
| Financial liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Derivatives: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps | $- | $469 | $- | $469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options |  | 6 |  | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency swaps |  | 1 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward contracts | - | 4 | - | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total financial liabilities carried at fair value | $- | $480 | $- | $480 |

---

For the year ended December 31, 2022, there were no significant transfers between Level 1 and Level 2.

[Back to **Table of Contents**](#toc)

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

The following presents the Company's fair value hierarchy for assets and liabilities that are carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2021 | December 31, 2021 | December 31, 2021 | December 31, 2021 |
|  | Level 1 | Level 2 | Level 3 | Total |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| Financial assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bonds: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial and miscellaneous | $- | $3 | $19 | $22 |
| &nbsp;&nbsp;&nbsp;Common stocks - subsidiaries and affiliates | 20 |  | 4 | 24 |
| &nbsp;&nbsp;&nbsp;Common stocks - unaffiliated | 2 |  | 5 | 7 |
| &nbsp;&nbsp;&nbsp;Derivatives: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps |  | 553 |  | 553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options |  | 32 |  | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency swaps |  | 36 |  | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward contracts |  | 2 |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial futures | 7 |  |  | 7 |
| &nbsp;&nbsp;&nbsp;Separate account assets | 2129 | - | - | 2129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total financial assets carried at fair value | $2158 | $626 | $28 | $2812 |
| Financial liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Derivatives: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps | $- | $612 | $- | $612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options |  | 10 |  | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency swaps |  | 6 |  | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward contracts | - | 2 | - | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total financial liabilities carried at fair value | $- | $630 | $- | $630 |

---

For the year ended December 31, 2021, there were no significant transfers between Level 1 and Level 2.

*Valuation Techniques and Inputs*

 

The Company determines the fair value of its investments using primarily the market approach or the income approach. The use of quoted prices for identical assets and matrix pricing or other similar techniques are examples of market approaches, while the use of discounted cash flow methodologies is an example of the income approach. The Company attempts to maximize the use of observable inputs and minimize the use of unobservable inputs in selecting whether the market or the income approach is used.

A description of the significant valuation techniques and inputs to the determination of estimated fair value for the more significant asset and liability classes measured at fair value on a recurring basis and categorized within Level 2 and Level 3 of the fair value hierarchy is as follows:

 

*Derivative assets and liabilities* - These financial instruments are primarily valued using the market approach. The estimated fair value of derivatives is based primarily on quotations obtained from counterparties and independent sources, such as quoted market values received from brokers. These quotations are compared to internally derived prices and a price challenge is lodged with the counterparties and an independent source when a significant difference cannot be explained by appropriate adjustments to the internal model. When quoted market values are not reliable or available, the value is based upon an internal valuation process using market observable inputs that other market participants would use. Significant inputs to the valuation of derivative financial instruments include overnight index swaps and LIBOR basis curves, interest rate volatility, swap yield curve, currency spot rates, cross currency basis curves and dividend yields. Due to the observability of the significant inputs to these fair value measurements, they are classified as Level 2.

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C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

The use of different assumptions or valuation methodologies may have a material impact on the estimated fair value amounts. For the periods presented, there were no significant changes to the Company's valuation techniques.

The following presents changes in the Company's Level 3 assets carried at fair value:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Gains (Losses) in Net Income | Losses<br> (Gains)<br> in<br> Surplus | Purchases | Issuances | Sales | Settlements |  |  | |  |
|  | Balance<br> as of<br> 1/1/22 | Gains (Losses) in Net Income | Losses<br> (Gains)<br> in<br> Surplus | Purchases | Issuances | Sales | Settlements |  |  | | Balance<br> as of 12/31/22 |
|  | Balance<br> as of<br> 1/1/22 | Gains (Losses) in Net Income | Losses<br> (Gains)<br> in<br> Surplus | Purchases | Issuances | Sales | Settlements | Transfers | Transfers | | Balance<br> as of 12/31/22 |
|  | Balance<br> as of<br> 1/1/22 | Gains (Losses) in Net Income | Losses<br> (Gains)<br> in<br> Surplus | Purchases | Issuances | Sales | Settlements | In | Out | <br>Other | Balance<br> as of 12/31/22 |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| Financial assets: |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bonds: |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial and miscellaneous | $19 | $(1) | $(2) | $- | $1 | $- | $- | $- | $- | $(7) | $10 |
| &nbsp;&nbsp;&nbsp;Preferred stocks |  |  | (1) |  |  |  |  |  |  | 5 | 4 |
| &nbsp;&nbsp;&nbsp;Common stocks - subsidiaries and affiliates | 4 |  | 17 | 1 | (17) |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;&nbsp;Common stocks - unaffiliated | 5 | 2 | (3) | - | - | - | (2) | - | - | - | 2 |
| &nbsp;&nbsp;&nbsp;Total financial assets | $28 | $1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | $1 | $(16) | $- | $(2) | $- | $- | $(2) | $21 |

---

Other transfers include assets that are either no longer carried at fair value, or have just begun to be carried at fair value, such as assets with no level changes but a change in the lower of cost or market carrying basis.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Gains (Losses) in Net Income | Losses<br> (Gains)<br> in<br> Surplus | Purchases | Issuances | Sales | Settlements |  |  | |  |
|  | Balance<br> as of<br> 1/1/21 | Gains (Losses) in Net Income | Losses<br> (Gains)<br> in<br> Surplus | Purchases | Issuances | Sales | Settlements |  |  | | Balance<br> as of<br> 12/31/21 |
|  | Balance<br> as of<br> 1/1/21 | Gains (Losses) in Net Income | Losses<br> (Gains)<br> in<br> Surplus | Purchases | Issuances | Sales | Settlements | Transfers | Transfers | | Balance<br> as of<br> 12/31/21 |
|  | Balance<br> as of<br> 1/1/21 | Gains (Losses) in Net Income | Losses<br> (Gains)<br> in<br> Surplus | Purchases | Issuances | Sales | Settlements | In | Out | <br>Other | Balance<br> as of<br> 12/31/21 |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| Financial assets: |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bonds: |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial and miscellaneous | $10 | $(2) | $- | $- | $10 | $- | $- | $- | $- | $1 | $19 |
| &nbsp;&nbsp;&nbsp;Common stocks - subsidiaries and affiliates | 1 |  | 2 |  |  |  |  |  |  | 1 | 4 |
| &nbsp;&nbsp;&nbsp;Common stocks - unaffiliated | 5 | 1 |  |  | 1 | (2) |  |  |  |  | 5 |
| &nbsp;&nbsp;&nbsp;Derivatives: |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total financial assets | $16 | $(1) | $2 | $- | $11 | $(2) | $- | $- | $- | $2 | $28 |

---

Other transfers include assets that are either no longer carried at fair value, or have just begun to be carried at fair value, such as assets with no level changes but a change in the lower of cost or market carrying basis.

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C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

***5. Investments***

The Company maintains a diversified investment portfolio. Investment policies limit concentration in any asset class, geographic region, industry group, economic characteristic, investment quality or individual investment.

***a. Bonds***

The carrying value and fair value of bonds were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2022 | December 31, 2022 | December 31, 2022 | December 31, 2022 |
|  | <br>Carrying<br>Value | Gross<br>Unrealized<br>Gains | Gross<br>Unrealized<br>Losses | <br>Fair<br>Value |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| U.S. government and agencies | $3 | $- | $- | $3 |
| States, territories and possessions | 12 |  |  | 12 |
| Political subdivisions | 14 |  |  | 14 |
| Special revenue | 76 | 3 | 3 | 76 |
| Industrial and miscellaneous | 3411 | 14 | 356 | 3069 |
| Parent, subsidiaries and affiliates | 220 | - | 26 | 194 |
| &nbsp;&nbsp;&nbsp;Total | $3736 | $17 | $385 | $3368 |

---

The December 31, 2022 gross unrealized losses exclude $2 million of losses included in the carrying value. These losses include $2 million from NAIC Class 6 bonds and were primarily included in industrial and miscellaneous or parents, subsidiaries and affiliates.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2021 | December 31, 2021 | December 31, 2021 | December 31, 2021 |
|  | <br>Carrying<br>Value | Gross<br>Unrealized<br>Gains | Gross<br>Unrealized<br>Losses | <br>Fair<br>Value |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| U.S. government and agencies | $3 | $- | $- | $3 |
| All other governments | 1 |  |  | 1 |
| States, territories and possessions | 14 | 3 |  | 17 |
| Political subdivisions | 16 | 3 |  | 19 |
| Special revenue | 93 | 19 |  | 112 |
| Industrial and miscellaneous | 3686 | 314 | 13 | 3987 |
| Parent, subsidiaries and affiliates | 176 | - | 3 | 173 |
| &nbsp;&nbsp;&nbsp;Total | $3989 | $339 | $16 | $4312 |

---

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C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

The December 31, 2021 gross unrealized losses exclude $2 million of losses included in the carrying value. These losses include $2 million from NAIC Class 6 bonds and were primarily included in industrial and miscellaneous or parents, subsidiaries and affiliates.

The quality of the bond portfolio is determined by the use of SVO ratings and the equivalent rating agency designations, except for RMBS and CMBS that use outside modelers. The following sets forth the NAIC class ratings for the bond portfolio including RMBS and CMBS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | December 31, | December 31, | December 31, | December 31, |
|  |  | 2022 | 2022 | 2021 | 2021 |
| NAIC | Equivalent Rating | Carrying | % of | Carrying | % of |
| Class | Agency Designation | Value | Total | Value | Total |
|  |  | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) |
| 1 | Aaa/Aa/A | $1838 | 49% | $1886 | 48% |
| 2 | Baa | 1515 | 41 | 1667 | 42 |
| 3 | Ba | 290 | 8 | 291 | 7 |
| 4 | B | 37 | 1 | 54 | 1 |
| 5 | Caa and lower | 40 | 1 | 58 | 1 |
| 6 | In or near default | 16 | - | 33 | 1 |
|  | &nbsp;&nbsp;&nbsp;Total | $3736 | 100% | $3989 | 100% |

---

The following summarizes NAIC ratings for RMBS and CMBS investments subject to NAIC modeling:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, | December 31, | December 31, | December 31, | December 31, | December 31, | December 31, | December 31, |
|  | 2022 | 2022 | 2022 | 2022 | 2021 | 2021 | 2021 | 2021 |
|  | RMBS | RMBS | CMBS | CMBS | RMBS | RMBS | CMBS | CMBS |
| NAIC | Carrying | % of | Carrying | % of | Carrying | % of | Carrying | % of |
| Class | Value | Total | Value | Total | Value | Total | Value | Total |
|  | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) |
| 1 | $16 | 88% | $62 | 90% | $21 | 92% | $77 | 90% |
| 2 | 1 | 6 | 2 | 3 | 1 | 4 | 2 | 2 |
| 3 | 1 | 6 | 2 | 3 | 1 | 4 | 3 | 3 |
| 4 |  |  | 1 | 1 |  |  | 2 | 2 |
| 5 |  |  | 2 | 3 |  |  | 1 | 1 |
| 6 | - | - | - | - | - | - | 2 | 2 |
|  | $18 | 100% | $69 | 100% | $23 | 100% | $87 | 100% |

---

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C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

The following is a summary of the carrying value and fair value of bonds as of December 31, 2022 by contractual maturity. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without prepayment penalties. Securities with more than one maturity date are included in the table using the final maturity date.

---

| | | |
|:---|:---|:---|
|  | Carrying<br>Value | Fair<br>Value |
|  | (In Millions) | (In Millions) |
| Due in one year or less | $130 | $129 |
| Due after one year through five years | 740 | 698 |
| Due after five years through ten years | 1088 | 1012 |
| Due after ten years | 1779 | 1529 |
| &nbsp;&nbsp;&nbsp;Total | $3737 | $3368 |

---

Sales proceeds and related gross realized capital gains (losses) from bonds were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Years Ended December 31, | Years Ended December 31, | Years Ended December 31, |
|  | 2022 | 2021 | 2020 |
|  | (In Millions) | (In Millions) | (In Millions) |
| Proceeds from sales | $422 | $266 | $305 |
| Gross realized capital gains from sales | 8 | 10 | 19 |
| Gross realized capital losses from sales | (10) | (1) | (6) |

---

The following is a summary of the fair values and gross unrealized losses aggregated by bond category and length of time that the securities were in a continuous unrealized loss position:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2022 | December 31, 2022 | December 31, 2022 | December 31, 2022 | December 31, 2022 | December 31, 2022 |
|  | Less Than 12 Months | Less Than 12 Months | Less Than 12 Months | 12 Months or Longer | 12 Months or Longer | 12 Months or Longer |
|  | <br>Fair<br>Value | <br>Unrealized<br>Losses | Number<br>of<br>Issuers | <br>Fair<br>Value | <br>Unrealized<br>Losses | Number<br>of<br>Issuers |
|  | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) |
| U.S. government and agencies | $- | $- | 1 | $3 | $- | 1 |
| All other governments |  |  | 1 |  |  |  |
| States, territories and possessions | 7 |  | 6 |  |  |  |
| Political subdivisions | 7 | 1 | 7 |  |  |  |
| Special revenue | 41 | 3 | 37 |  |  | 2 |
| Industrial and miscellaneous | 1997 | 225 | 1277 | 509 | 133 | 426 |
| Parent, subsidiaries and affiliates | 23 | 2 | 10 | 171 | 24 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $2075 | $231 | 1339 | $683 | $157 | 438 |

---

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C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

The December 31, 2022 gross unrealized losses include $2 million of losses included in the carrying value of NAIC Class 6 bonds. These losses were primarily included in the industrial and miscellaneous or parent, subsidiaries and affiliates.

 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2021 | December 31, 2021 | December 31, 2021 | December 31, 2021 | December 31, 2021 | December 31, 2021 |
|  | Less Than 12 Months | Less Than 12 Months | Less Than 12 Months | 12 Months or Longer | 12 Months or Longer | 12 Months or Longer |
|  | <br>Fair<br>Value | <br>Unrealized<br>Losses | Number<br>of<br>Issuers | <br>Fair<br>Value | <br>Unrealized<br>Losses | Number<br>of<br>Issuers |
|  | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) |
| U.S. government and agencies | $3 | $- | 1 | $- | $- |  |
| Special revenue |  |  |  |  |  | 1 |
| Industrial and miscellaneous | 480 | 6 | 304 | 125 | 9 | 134 |
| Parent, subsidiaries and affiliates | 173 | 3 | 2 | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $656 | $9 | 307 | $125 | $9 | 135 |

---

The December 31, 2021 gross unrealized losses include $2 million of losses included in the carrying value of NAIC Class 6 bonds. These losses were primarily included in the industrial and miscellaneous or parent, subsidiaries and affiliates.

As of December 31, 2022 and 2021, management has not deemed these unrealized losses to be other than temporary because the investment's carrying value is expected to be realized and the Company has the ability and intent not to sell these investments until recovery, which may be at maturity.

As of December 31, 2022, investments in structured and loan-backed securities that had unrealized losses, which were not recognized in earnings, had a fair value of $517 million. Securities in an unrealized loss position for less than 12 months had a fair value of $380 million and unrealized losses of $22 million. Securities in an unrealized loss position for greater than 12 months had a fair value of $137 million and unrealized losses of $20 million. These securities were primarily categorized as industrial and miscellaneous or parent, subsidiaries and affiliates.

As of December 31, 2021, investments in structured and loan-backed securities that had unrealized losses, which were not recognized in earnings, had a fair value of $285 million. Securities in an unrealized loss position for less than 12 months had a fair value of $238 million and unrealized losses of $1 million. Securities in an unrealized loss position for greater than 12 months had a fair value of $47 million and unrealized losses of $2 million. These securities were primarily categorized as industrial and miscellaneous or parent, subsidiaries and affiliates.

In the course of the Company's investment management activities, securities may be sold and reacquired within 30 days to enhance the Company's yield on its investment portfolio. The Company did not sell any securities with the NAIC Designation 3 or below for the years ended December 31, 2022 or 2021, that were reacquired within 30 days of the sale date.

The Company had assets on deposit with government authorities or trustees, as required by law, in the amount of $4 million as of December 31, 2022 and 2021.

[Back to **Table of Contents**](#toc)

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

*Residential mortgage-backed exposure*

RMBS are included in the U.S. government and agencies, special revenue, and industrial and miscellaneous bond categories. The Alt-A category includes option adjustable-rate mortgages and the subprime category includes 'scratch and dent' or reperforming pools, high loan-to-value pools and pools where the borrowers have very impaired credit but the average loan-to-value is low, typically 70% or below. In identifying Alt-A and subprime exposure, management used a combination of qualitative and quantitative factors, including FICO scores and loan-to-value ratios.

As of December 31, 2022, RMBS had a total carrying value of $26 million and a fair value of $24 million, of which approximately 31%, based on carrying value, was classified as Alt-A. Alt-A and subprime RMBS had a total carrying value of $16 million and a fair value of $15 million. As of December 31, 2021, RMBS had a total carrying value of $38 million and a fair value of $41 million, of which approximately 42%, based on carrying value, was classified as Alt-A. Alt-A and subprime RMBS had a total carrying value of $22 million and a fair value of $23 million.

During the year ended December 31, 2022, there were no significant credit downgrades for the securities held by the Company that were backed by residential mortgage pools.

*Leveraged loan exposure*

Leveraged loans are loans extended to companies that already have considerable amounts of debt. The Company reports leveraged loans as bonds. These leveraged loans have interest rates higher than typical loans, reflecting the additional risk of default from issuers with high debt-to-equity ratios.

As of December 31, 2022, total leveraged loans and leveraged loan CDOs had a carrying value of $752 million and a fair value of $727 million, of which approximately 76%, based on carrying value, were domestic leveraged loans and CDOs. As of December 31, 2021, total leveraged loans and leveraged loan CDOs had a carrying value of $724 million and a fair value of $732 million, of which approximately 72%, based on carrying value, were domestic leveraged loans and CDOs.

*Commercial mortgage-backed exposure*

The Company holds bonds backed by pools of commercial mortgages. The mortgages in these pools have varying risk characteristics related to underlying collateral type, borrower's risk profile and ability to refinance and the return provided to the borrower from the underlying collateral. These investments had a carrying value of $69 million and fair value of $58 million as of December 31, 2022 and a carrying value of $87 million and fair value of $88 million as of December 31, 2021.

***b. Preferred stocks***

The carrying value and fair value of preferred stocks were as follows:

---

| | | |
|:---|:---|:---|
|  | December 31, | December 31, |
|  | 2022 | 2021 |
|  | (In Millions) | (In Millions) |
| Carrying value | $7 | $8 |
| Gross unrealized gains | - | 2 |
| &nbsp;&nbsp;&nbsp;Fair value | $7 | $10 |

---

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C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

As of December 31, 2022, investments in preferred stocks in an unrealized loss position included holdings with a fair value of $4 million in 7 issuers, $4 million of which were in an unrealized loss position for more than 12 months. As of December 31, 2021, investments in preferred stocks in an unrealized loss position included holdings with a fair value of less than $1 million in 2 issuers, less than $1 million of which were in an unrealized loss position for more than 12 months. Based upon the Company's impairment review process discussed in *Note 2y. "Realized capital gains (losses) including other-than-temporary impairments and unrealized capital gains (losses)"* the decline in value of these securities was not considered to be other than temporary as of December 31, 2022 or 2021.

The Company held preferred stocks for which the transfer of ownership was restricted by contractual requirements with carrying values of $3 million as of December 31, 2022 and $3 million as of December 31, 2021.

***c. Common stocks - subsidiary and affiliates***

MML Bay State primarily provides variable life and bank-owned life insurance business. It declared and paid $26 million in dividends to the Company for the year ended December 31, 2022, $27 million in 2021 and $29 million in 2020. A majority of MML Bay State's shareholder's equity is subject to dividend restrictions. Dividend restrictions, imposed by state regulations, limit the payment of dividends to the Company without prior approval from the Department. Under these regulations, $25 million of shareholder's equity is available for distribution to the shareholder in 2023 without prior regulatory approval. The Company does not rely on dividends from its subsidiary to meet its operating cash flow requirements.

The Company did not hold any affiliated common stocks for which the transfer of ownership was restricted by contractual requirements as of December 31, 2022 or 2021.

Summarized below is certain statutory financial information for MML Bay State:

---

| | | | |
|:---|:---|:---|:---|
|  | As of and for Years Ended December 31, | As of and for Years Ended December 31, | As of and for Years Ended December 31, |
|  | 2022 | 2021 | 2020 |
|  | (In Millions) | (In Millions) | (In Millions) |
| Total revenue | $(14) | $25 | $18 |
| Net income | 15 | 19 | 12 |
| Assets | 5023 | 5463 | 5352 |
| Liabilities | 4771 | 5198 | 5077 |
| Equity | 252 | 265 | 275 |

---

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C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

d. Common stocks - unaffiliated

The adjusted cost basis and carrying value of unaffiliated common stocks were as follows:

---

| | | |
|:---|:---|:---|
|  | December 31, | December 31, |
|  | 2022 | 2021 |
|  | (In Millions) | (In Millions) |
| Adjusted cost basis | $1 | $2 |
| Gross unrealized gains | 1 | 5 |
| &nbsp;&nbsp;&nbsp;Carrying value | $2 | $7 |

---

As of December 31, 2022, investments in unaffiliated common stocks in an unrealized loss position included holdings with a fair value of less than $1 million from 9 issuers, less than $1 million of which were in an unrealized loss position for more than 12 months. As of December 31, 2021, investments in unaffiliated common stocks in an unrealized loss position included holdings with a fair value of less than $1 million from 7 issuers, less than $1 million of which were in an unrealized loss position for more than 12 months. Based upon the Company's impairment review process discussed in *Note 2y. "Realized capital gains (losses) including other-than-temporary impairments and unrealized capital gains (losses)"* the decline in value of these securities was not considered to be other than temporary as of December 31, 2022 or 2021.

The Company held common stocks, for which the transfer of ownership was restricted by contractual requirements, with carrying values of $1 million as of December 31, 2022 and $3 million as of December 31, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Mortgage loans

Mortgage loans are comprised of commercial mortgage loans and residential mortgage loans. The Company's commercial mortgage loans primarily finance various types of real estate properties throughout the U.S., the United Kingdom and Canada. The Company holds commercial mortgage loans for which it is a participant or co-lender in a mortgage loan agreement and mezzanine loans that are subordinate to senior secured first liens. The Company's loan agreements with the senior lender contain negotiated provisions that are designed to maximize the Company's influence with the objective of mitigating the Company's risks as the secondary lender for mezzanine loans. Commercial mortgage loans have varying risk characteristics including, among others, the borrower's liquidity, the underlying percentage of completion of a project, the returns generated by the collateral, the refinance risk associated with maturity of the loan and deteriorating collateral value.

Residential mortgage loans include seasoned pools of homogeneous residential mortgage loans substantially backed by Federal Housing Administration (FHA) and Veterans Administration (VA) guarantees. As of December 31, 2022 and 2021, the Company did not have any direct subprime exposure through the purchases of unsecuritized whole-loan pools.

Geographical concentration is considered prior to the purchase of mortgage loans and residential mortgage loan pools. The mortgage loan portfolio is diverse with no significant collateral concentrations in any particular geographic region as of December 31, 2022 or 2021.

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C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

The carrying value and fair value of the Company's mortgage loans were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, | December 31, | December 31, | December 31, |
|  | 2022 | 2022 | 2021 | 2021 |
|  | Carrying<br>Value | Fair<br>Value | Carrying<br>Value | Fair<br>Value |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| Commercial mortgage loans: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Primary lender | $729 | $680 | $773 | $801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial mortgage loans | 729 | 680 | 773 | 801 |
| Residential mortgage loans: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;FHA insured and VA guaranteed | 156 | 142 | 240 | 240 |
| &nbsp;&nbsp;&nbsp;Other residential loans | 33 | 29 | 34 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total residential mortgage loans | 189 | 171 | 274 | 275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total mortgage loans | $918 | $851 | $1047 | $1076 |

---

The loan-to-value ratios by property type of the Company's commercial mortgage loans were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | December 31, 2022 | December 31, 2022 | December 31, 2022 | December 31, 2022 | December 31, 2022 |
|  | Less Than<br>81% | 81% to<br>95% | Above<br>95% | <br>Total | % of<br>Total |
|  | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) |
| Office | $250 | $- | $- | $250 | 34% |
| Apartments | 188 | 18 |  | 206 | 28 |
| Industrial and other | 91 | 3 |  | 94 | 13 |
| Hotels | 81 | 4 |  | 85 | 12 |
| Retail | 94 | - | - | 94 | 13 |
| &nbsp;&nbsp;&nbsp;Total | $704 | $25 | $- | $729 | 100% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | December 31, 2021 | December 31, 2021 | December 31, 2021 | December 31, 2021 | December 31, 2021 |
|  | Less Than<br>81% | 81% to<br>95% | Above<br>95% | <br>Total | % of<br>Total |
|  | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) |
| Office | $258 | $- | $- | $258 | 33% |
| Apartments | 206 | 7 |  | 213 | 28 |
| Industrial and other | 98 | 3 | 2 | 103 | 13 |
| Hotels | 93 | 3 | 6 | 102 | 13 |
| Retail | 96 | - | 1 | 97 | 13 |
| &nbsp;&nbsp;&nbsp;Total | $751 | $13 | $9 | $773 | 100% |

---

More than 97% of the Company's commercial mortgage loans' loan-to-value rations are below 81% for the years ended December 31, 2022 and 2021.

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C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

The Company uses an internal rating system as its primary method of monitoring credit quality. The following illustrates the Company's mortgage loan portfolio rating, translated into the equivalent rating agency designation:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2022 | December 31, 2022 | December 31, 2022 | December 31, 2022 | December 31, 2022 | December 31, 2022 |
|  | <br>AAA/AA/A | <br>BBB | <br>BB | <br>B | CCC and<br>Lower | <br>Total |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| Commercial mortgage loans: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Primary lender | $318 | $331 | $65 | $15 | $- | $729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial mortgage loans | 318 | 331 | 65 | 15 | - | 729 |
| Residential mortgage loans: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;FHA insured and VA guaranteed | 156 |  |  |  |  | 156 |
| &nbsp;&nbsp;&nbsp;Other residential loans | - | 31 | 2 | - | - | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total residential mortgage loans | 156 | 31 | 2 | - | - | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total mortgage loans | $474 | $362 | $67 | $15 | $- | $918 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2021 | December 31, 2021 | December 31, 2021 | December 31, 2021 | December 31, 2021 | December 31, 2021 |
|  | <br>AAA/AA/A | <br>BBB | <br>BB | <br>B | CCC and<br>Lower | <br>Total |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| Commercial mortgage loans: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Primary lender | $216 | $417 | $128 | $3 | $9 | $773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial mortgage loans | 216 | 417 | 128 | 3 | 9 | 773 |
| Residential mortgage loans: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;FHA insured and VA guaranteed | 240 |  |  |  |  | 240 |
| &nbsp;&nbsp;&nbsp;Other residential loans | 1 | 32 | 1 | - | - | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total residential mortgage loans | 241 | 32 | 1 | - | - | 274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total mortgage loans | $457 | $449 | $129 | $3 | $9 | $1047 |

---

The maximum percentage of any one commercial mortgage loan to the estimated value of secured collateral at the time the loan was originated, exclusive of mezzanine, insured, guaranteed or purchase money mortgages, was 79.0% as of December 31, 2022 and 2021.

[Back to **Table of Contents**](#toc)

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

The geographic distribution of commercial mortgage loans was as follows:

---

| | | |
|:---|:---|:---|
|  | December 31, 2022 | December 31, 2022 |
|  |<br>Carrying<br>Value | Average<br>Loan-to-Value<br>Ratio |
|  | ($ In Millions) | ($ In Millions) |
| California | $208 | 48% |
| Illinois | 73 | 46% |
| New York | 67 | 57% |
| Texas | 60 | 57% |
| District of Columbia | 52 | 54% |
| Washington | 48 | 50% |
| United Kingdom | 47 | 49% |
| All other | 174 | 56% |
| &nbsp;&nbsp;&nbsp;Total commercial mortgage loans | $729 | 52% |

---

All other consists of 21 jurisdictions, with no individual exposure exceeding $18 million.

---

| | | |
|:---|:---|:---|
|  | December 31, 2021 | December 31, 2021 |
|  |<br>Carrying<br>Value | Average<br>Loan-to-Value<br>Ratio |
|  | ($ In Millions) | ($ In Millions) |
| California | $225 | 52% |
| Illinois | 77 | 62% |
| Texas | 72 | 62% |
| New York | 70 | 60% |
| United Kingdom | 54 | 49% |
| District of Columbia | 53 | 52% |
| Washington | 44 | 52% |
| All other | 178 | 57% |
| &nbsp;&nbsp;&nbsp;Total commercial mortgage loans | $773 | 56% |

---

All other consists of 20 jurisdictions, with no individual exposure exceeding $17 million.

Interest rates, including fixed and variable, on the Company's portfolio of mortgage loans were:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, | December 31, | December 31, | December 31, |
|  | 2022 | 2022 | 2021 | 2021 |
|  | Low | High | Low | High |
| Commercial mortgage loans | 2.5% | 10.1% | 1.8% | 9.0% |
| Residential mortgage loans | 1.9% | 9.3% | 2.7% | 9.4% |

---

[Back to **Table of Contents**](#toc)

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

Interest rates, including fixed and variable, on new mortgage loans were:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Years Ended December 31, | Years Ended December 31, | Years Ended December 31, | Years Ended December 31, |
|  | 2022 | 2022 | 2021 | 2021 |
|  | Low | High | Low | High |
| Commercial mortgage loans | 2.6% | 6.2% | 1.8% | 4.5% |
| Residential mortgage loans | 2.6% | 7.9% | 2.8% | 5.5% |

---

As of December 31, 2022, the Company had no impaired mortgage loans with or without a valuation allowance or mortgage loans derecognized as a result of foreclosure, including mortgage loans subject to a participant or co-lender mortgage loan agreement with a unilateral mortgage loan foreclosure restriction or mortgage loan derecognized as a result of a foreclosure.

For the year ended December 31, 2021, the Company had impaired mortgage loans with or without a valuation allowance or mortgage loans derecognized as a result of foreclosure, including mortgage loans subject to a participant or co-lender mortgage loan agreement with a unilateral mortgage loan foreclosure restriction or mortgage loan derecognized as a result of a foreclosure.

The following presents a summary of the Company's impaired mortgage loans.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2021 | December 31, 2021 | December 31, 2021 | December 31, 2021 |
|  | Average<br>Carrying<br>Value | Unpaid<br>Principal<br>Balance | <br>Valuation<br>Allowance | <br>Interest<br>Income |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| With allowance recorded: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial mortgage loans: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Primary lender | $4 | $8 | $- | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 4 | 8 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total impaired commercial mortgage loans | $4 | $8 | $- | $- |

---

The Company did not hold any restructured mortgage loans, mortgage loans with principal or interest past due, or mortgage loans with suspended interest accruals as of December 31, 2022 or 2021. The carrying value of commercial mortgage loans subject to a participant or co-lender mortgage loan agreement was $729 million as of December 31, 2022 and $773 million as of December 31, 2021.

[Back to **Table of Contents**](#toc)

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

***f. Partnerships and limited liability companies***

The carrying value of partnership and limited liability companies holdings by annual statement category were:

---

| | | |
|:---|:---|:---|
|  | December 31, | December 31, |
|  | 2022 | 2021 |
|  | (In Millions) | (In Millions) |
| Joint venture interests: |  |  |
| &nbsp;&nbsp;&nbsp;Real estate | $53 | $68 |
| &nbsp;&nbsp;&nbsp;Common stocks | 74 | 79 |
| &nbsp;&nbsp;&nbsp;Fixed maturities/preferred stock | 2 | 3 |
| &nbsp;&nbsp;&nbsp;Other | 19 | 13 |
| Surplus notes | 16 | 16 |
| Mortgage loans | 7 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $171 | $179 |

---

The Company's unexpired tax credits expire within a range of less than one year to 13 years.

The Company recorded tax credits on these investments of less than $1 million for 2022 and 2021. The minimum holding period required for the Company's LIHTC investments extends from one year to 15 years.

For determining impairments for LIHTC investments, the Company uses the present value of all future benefits, the majority of which are tax credits, discounted at a risk-free rate ranging from 4.3% for future benefits of two years to 3.6% for future benefits of ten or more years, and compares the result to its current carry value. The Company recorded less than $1 million impairment to LIHTC investments for the years ended December 31, 2022 and 2021.

There were no write-downs or reclassifications of LIHTC partnerships made during the years ended December 31, 2022 or 2021, due to forfeiture or ineligibility of tax credits or similar issues. In addition, there are no LIHTC properties currently subject to regulatory review for the years ended December 31, 2022 or 2021.

***g. Derivatives***

The Company uses derivative financial instruments in the normal course of business to manage risks, primarily to reduce currency, interest rate and duration imbalances determined in asset/liability analyses. The Company also uses a combination of derivatives and fixed income investments to create replicated synthetic investments. These replicated synthetic investments are created when they are economically more attractive than the actual instrument or when similar instruments are unavailable. Replicated synthetic investments are created either to hedge and reduce the Company's credit exposure or to create an investment in a particular asset. The Company held synthetic investments with a notional amount of $820 million as of December 31, 2022 and the Company held synthetic investments with a national amount of $750 million as of December 31, 2021. These notional amounts included no replicated asset transaction values as of December 31, 2022 and 2021, as defined under statutory accounting practices as the result of pairing of a long derivative contract with cash instruments.

The Company's derivative strategy employs a variety of derivative financial instruments, including: interest rate, currency, equity, bond, and credit default swaps; options; forward contracts and financial futures. Investment risk is assessed on a portfolio basis and individual derivative financial instruments are not generally designated in hedging relationships; therefore, as allowed by statutory accounting practices, the Company intentionally has not applied hedge accounting.

Interest rate swaps are primarily used to more closely match the cash flows of assets and liabilities. Interest rate swaps are also used to mitigate changes in the value of assets anticipated to be purchased and other anticipated transactions and commitments. The Company uses currency swaps for the purpose of managing currency exchange risks in its assets and liabilities.

[Back to **Table of Contents**](#toc)

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

The Company does not sell credit default swaps as a participant in the credit insurance market. The Company does, however, use credit default swaps as part of its investment management process. The Company buys credit default swaps as an efficient means to reduce credit exposure to particular issuers or sectors in the Company's investment portfolio. The Company sells credit default swaps in order to create synthetic investment positions that enhance the return on its investment portfolio by providing comparable exposure to fixed income securities that might not be available in the primary market.

Options grant the purchaser the right to buy or sell a security or enter a derivative transaction at a stated price within a stated period. The Company's option contracts have terms of up to 15 years. A swaption is an option to enter an interest rate swap to either receive or pay a fixed rate at a future date. The Company purchases these options for the purpose of managing interest rate risks in its assets and liabilities.

The Company adopted a clearly defined hedging strategy (CDHS) to enable the Company to incorporate currently held hedges in risk-based capital (RBC) calculations. The CDHS is used to significantly mitigate the impact that movements in capital markets have on the liabilities associated with annuity guarantees. The hedge portfolio consists mainly of interest rate swaps and equity options, and provides protection in the stress scenarios under which RBC is calculated. The hedge portfolio has offsetting impacts relative to the total asset requirement for RBC and surplus for FIA and variable annuity guaranteed living benefits (VAGLB).

The Company utilizes certain other agreements including forward contracts and financial futures. Currency forwards are contracts in which the Company agrees with other parties to exchange specified amounts of identified currencies at a specified future date. Typically, the exchange rate is agreed upon at the time of the contract. In addition, the Company also uses "to be announced" forward contracts (TBAs) to hedge interest rate risk and participate in the MBS market in an efficient and cost effective way. Typically, the price is agreed upon at contract inception and payment is made at a specified future date. The Company usually does not purchase TBAs with settlement by the first possible delivery date and thus, accounts for these TBAs as derivatives. TBAs that settle on the first possible delivery date are accounted for as bonds. The Company's futures contracts are exchange traded and have credit risk. Margin requirements are met with the deposit of securities. Futures contracts are generally settled with offsetting transactions. Forward contracts and financial futures are used by the Company to reduce exposures to various risks including interest rates and currency rates.

The Company's principal derivative exposures to market risk are interest rate risk, which includes inflation and credit risk. Interest rate risk pertains to the change in fair value of the derivative instruments as a result of changes in market interest rates. The Company is exposed to credit-related losses in the event of nonperformance by counterparties to derivative financial instruments. The Company regularly monitors counterparty credit ratings, derivative positions, valuations and the value of collateral posted to ensure counterparties are credit-worthy and the concentration of exposure is minimized, and monitors its derivative credit exposure as part of its overall risk management program.

The Company enters derivative transactions through bilateral derivative agreements with counterparties, or through over the counter cleared derivatives with a counterparty and the use of a clearinghouse. To minimize credit risk for bilateral transactions, the Company and its counterparties generally enter into master netting agreements based on agreed upon requirements that outline the framework for how collateral is to be posted in the amount owed under each transaction, subject to certain minimums. For over the counter cleared derivative transactions between the Company and a counterparty, the parties enter into a series of master netting and other agreements that govern, among other things, clearing and collateral requirements. These transactions are cleared through a clearinghouse and each derivative counterparty is only exposed to the default risk of the clearinghouse. Certain interest rate swaps and credit default swaps are considered cleared transactions. These cleared transactions require initial and daily variation margin collateral postings. These agreements allow for contracts in a positive position, in which amounts are due to the Company, to be offset by contracts in a negative position. This right of offset, combined with collateral obtained from counterparties, reduces the Company's credit exposure.

Net collateral pledged to the counterparties was $91 million as of December 31, 2022 and $81 million as of December 31, 2021. In the event of default, the full market value exposure at risk in a net gain position, net of offsets and collateral was $24 million as of December 31, 2022 and $8 million as of December 31, 2021. The statutory net amount at risk, defined as net collateral pledged and statement values excluding accrued interest, was $185 million as of December 31, 2022 and $37 million as of December 31, 2021.

[Back to **Table of Contents**](#toc)

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

The following summarizes the carrying values and notional amounts of the Company's derivative financial instruments:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2022 | December 31, 2022 | December 31, 2022 | December 31, 2022 |
|  | Assets | Assets | Liabilities | Liabilities |
|  | Carrying<br>Value | Notional<br>Amount | Carrying<br>Value | Notional<br>Amount |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| Interest rate swaps | $602 | $5003 | $469 | $6369 |
| Options | 15 | 415 | 6 | 359 |
| Currency swaps | 104 | 667 | 1 | 28 |
| Forward contracts | 2 | 39 | 4 | 170 |
| Financial futures | 1 | 450 | - | - |
| &nbsp;&nbsp;&nbsp;Total | $724 | $6574 | $480 | $6926 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2021 | December 31, 2021 | December 31, 2021 | December 31, 2021 |
|  | Assets | Assets | Liabilities | Liabilities |
|  | Carrying<br>Value | Notional<br>Amount | Carrying<br>Value | Notional<br>Amount |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| Interest rate swaps | $553 | $6455 | $612 | $5413 |
| Options | 32 | 418 | 10 | 356 |
| Currency swaps | 36 | 504 | 6 | 172 |
| Forward contracts | 2 | 103 | 2 | 189 |
| Financial futures | 7 | 450 | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $630 | $7930 | $630 | $6130 |

---

The average fair value of outstanding derivative assets was $605 million for the year ended December 31, 2022 and $693 million for the year ended December 31, 2021. The average fair value of outstanding derivative liabilities was $455 million for the year ended December 31, 2022 and $699 million for the year ended December 31, 2021.

The Company did not have any credit default swaps for the years ended December 31, 2022 and 2021.

The following presents the Company's gross notional interest rate swap positions:

---

| | | |
|:---|:---|:---|
|  | December 31, | December 31, |
|  | 2022 | 2021 |
|  | (In Millions) | (In Millions) |
| Open interest rate swaps in a fixed pay position | $5020 | $5642 |
| Open interest rate swaps in a fixed receive position | 6352 | 6226 |
| &nbsp;&nbsp;&nbsp;Total interest rate swaps | $11372 | $11868 |

---

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C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

The following summarizes the Company's net realized gains (losses) on closed contracts and change in net unrealized gains (losses) related to market fluctuations on open contracts by derivative type:

---

| | | |
|:---|:---|:---|
|  | Year Ended | Year Ended |
|  | December 31, 2022 | December 31, 2022 |
|  | Net Realized<br>Gains (Losses)<br>on Closed<br>Contracts | Change In Net<br>Unrealized Gains<br>(Losses) on<br>Open Contracts |
|  | (In Millions) | (In Millions) |
| Interest rate swaps | $- | $192 |
| Currency swaps | 2 | 72 |
| Options | (2) | (12) |
| Forward contracts | 20 | (1) |
| Financial futures | (195) | (6) |
| &nbsp;&nbsp;&nbsp;Total | $(175) | $245 |

---

---

| | | |
|:---|:---|:---|
|  | Year Ended | Year Ended |
|  | December 31, 2021 | December 31, 2021 |
|  | Net Realized<br>Gains (Losses)<br>on Closed<br>Contracts | Change In Net<br>Unrealized Gains<br>(Losses) on<br>Open Contracts |
|  | (In Millions) | (In Millions) |
| Interest rate swaps | $- | $(71) |
| Currency swaps |  | 35 |
| Options | 7 | (6) |
| Forward contracts | 2 | 5 |
| Financial futures | (55) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $(46) | $(20) |

---

---

| | | |
|:---|:---|:---|
|  | Year Ended | Year Ended |
|  | December 31, 2020 | December 31, 2020 |
|  | Net Realized<br>Gains (Losses)<br>on Closed<br>Contracts | Change In Net<br>Unrealized Gains<br>(Losses) on<br>Open Contracts |
|  | (In Millions) | (In Millions) |
| Interest rate swaps | $- | $107 |
| Currency swaps | 11 | (36) |
| Options | (1) | 6 |
| Forward contracts | (5) | (3) |
| Financial futures | 98 | 6 |
| &nbsp;&nbsp;&nbsp;Total | $103 | $80 |

---

[Back to **Table of Contents**](#toc)

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

The following summarizes gross and net information of derivative assets and liabilities, along with collateral posted in connection with master netting agreements:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2022 | December 31, 2022 | December 31, 2022 | December 31, 2021 | December 31, 2021 | December 31, 2021 |
|  | Derivative<br>Assets | Derivative<br>Liabilities | <br>Net | Derivative<br>Assets | Derivative<br>Liabilities | <br>Net |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| Gross | $724 | $480 | $244 | $630 | $630 | $- |
| Due and accrued | 24 | 133 | (109) | 49 | 142 | (93) |
| Gross amounts offset | (415) | (415) | - | (594) | (594) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset | 333 | 198 | 135 | 85 | 178 | (93) |
| Collateral posted | (204) | (295) | 91 | (173) | (254) | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net | $129 | $(97) | $226 | $(88) | $(76) | $(12) |

---

 ****

***h. Repurchase agreements***

The Company had no repurchase agreements as of December 31, 2022 and 2021.

***i. Net investment income***

 ****

Net investment income, including IMR amortization, comprised the following:

---

| | | | |
|:---|:---|:---|:---|
|  | Years Ended December 31, | Years Ended December 31, | Years Ended December 31, |
|  | 2022 | 2021 | 2020 |
|  | (In Millions) | (In Millions) | (In Millions) |
| Bonds | $153 | $160 | $171 |
| Common stocks - affiliates | 26 | 27 | 29 |
| Common stocks - unaffiliated | 1 | 1 |  |
| Mortgage loans | 58 | 36 | 40 |
| Policy loans | 6 | 7 | 7 |
| Partnerships and limited liability companies | 21 | 21 | 8 |
| Derivatives | 13 | 34 | 33 |
| Cash, cash equivalents and short-term investments | 2 | 1 | 5 |
| Other | 1 | 3 | (3) |
| &nbsp;&nbsp;&nbsp;Subtotal investment income | 281 | 290 | 290 |
| Amortization of the IMR | 3 | 5 | 3 |
| Investment expenses | (16) | (15) | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $268 | $280 | $279 |

---

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C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

***j. Net realized capital gains (losses)***

 ****

Net realized capital (losses) gains, which include OTTI and are net of deferral to the IMR, comprised the following:

---

| | | | |
|:---|:---|:---|:---|
|  | Years Ended December 31, | Years Ended December 31, | Years Ended December 31, |
|  | 2022 | 2021 | 2020 |
|  | (In Millions) | (In Millions) | (In Millions) |
| Bonds | $(5) | $6 | $7 |
| Preferred stocks |  | 2 |  |
| Common stocks - unaffiliated | 3 | 1 | 1 |
| Mortgage loans |  | (1) | (7) |
| Partnerships and limited liability companies | 1 | (3) | (1) |
| Derivatives | (174) | (46) | 103 |
| Other | (3) | - | 1 |
| &nbsp;&nbsp;&nbsp;Net realized capital gains (losses) before federal and state taxes and deferral to the IMR | (178) | (41) | 104 |
| Net federal and state tax expense | (1) | (5) | (3) |
| Net realized capital gains (losses) before deferral to the IMR | (179) | (46) | 101 |
| &nbsp;&nbsp;&nbsp;Net after tax (gains) losses deferred to the IMR | 195 | 48 | (108) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized capital gains (losses) | $16 | $2 | $(7) |

---

The Company did not have an IMR liability balance as of December 31, 2022 and $159 million as of December 31, 2021. Refer to *Note 2v. "Interest maintenance reserve"* for information on the Company's policy for IMR.

OTTI, included in the realized capital losses, consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | Years Ended December 31, | Years Ended December 31, | Years Ended December 31, |
|  | 2022 | 2021 | 2020 |
|  | (In Millions) | (In Millions) | (In Millions) |
| Bonds | $(3) | $(2) | $(6) |
| Common stock |  |  | (2) |
| Mortgage loans |  | (1) | (3) |
| Partnerships and LLCs | (1) | (3) | (2) |
| &nbsp;&nbsp;&nbsp;Total OTTI | $(4) | $(6) | $(13) |

---

The Company recognized OTTI of less than $1 million for the year ended December 31, 2022, 2021, and 2020, on structured and loan backed securities, which are included in bonds, primarily due to the present value of expected cash flows being less than the amortized cost.

The Company utilized internally-developed models to determine less than 1% of the $3 million of bond OTTI for the year ended December 31, 2022, less than 1% of the $2 million of bond OTTI for the year ended December 31, 2021, and less than 1% of the $6 million of bond OTTI for the year ended December 31, 2020. The remaining OTTI amounts were determined using external inputs such as publicly observable fair values and credit ratings. Refer *to Note 2y. "Realized capital gains (losses) including other-than-temporary impairments and unrealized capital gains (losses)"* for more information on assumptions and inputs used in the Company's OTTI models.

[Back to **Table of Contents**](#toc)

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

Refer to *Note 17. "Impairment listing for loan-backed and structured securities"* for a CUSIP level list of impaired structured securities where the present value of cash flows expected to be collected is less than the amortized cost basis.

 **

***6. Federal income taxes***

 **

On August 16th, 2022, the Inflation Reduction Act ("IRA") was signed into law and includes certain corporate income tax provisions. Impacts to the Company include the imposition of a corporate alternative minimum tax ("CAMT") applicable to tax years beginning after December 31, 2022. The CAMT imposes a 15% minimum tax on adjusted financial statement income on applicable corporations that have an average adjusted financial statement income over $1 billion in the prior three-year period (2020-2022). As of December 31, 2022 the Company has not determined if it will be liable for CAMT in 2023. In accordance with INT 22-02: *Third Quarter 2022 through First Quarter 2023 Reporting of the Inflation Reduction Act – Corporate Alternative Minimum Tax,* the financial statements do not include an estimated impact of the CAMT because a reasonable estimate cannot be made. The United States Treasury Secretary has been authorized to issue guidance on the CAMT and pending such guidance the Company is not able to make a reasonable estimate.

In response to the COVID-19 pandemic, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, 2020 and the Consolidated Appropriations Act (CAA), 2021 was signed into law on December 27, 2020. The CARES Act, among other things, permits net operating loss (NOL) carryovers and carrybacks to offset 100% of taxable income for taxable years beginning before 2021. In addition, the CARES Act allows NOLs incurred in 2018, 2019, and 2020 to be carried back to each of the five preceding taxable years to generate a refund of previously paid income taxes. The CAA extends and expands certain tax provisions of the CARES Act. The CARES Act as well as the CAA did not have a material effect on the financial statements.

The Company provides for DTAs in accordance with statutory accounting practices, and has met the required threshold to utilize the three-year reversal period and 15% of surplus limitation.

[Back to **Table of Contents**](#toc)

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

The net DTA or deferred tax liability (DTL) recognized in the Company's assets, liabilities and surplus is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | December 31, 2022 | December 31, 2022 | December 31, 2022 |
|  | Ordinary | Capital | Total |
|  | (In Millions) | (In Millions) | (In Millions) |
| Gross DTAs | $77 | $42 | $119 |
| Statutory valuation allowance adjustment | - | - | - |
| &nbsp;&nbsp;&nbsp;Adjusted gross DTAs | 77 | 42 | 119 |
| DTAs nonadmitted | (3) | (14) | (17) |
| &nbsp;&nbsp;&nbsp;Subtotal net admitted DTA | 74 | 28 | 102 |
| Total gross DTLs | (53) | (26) | (79) |
| &nbsp;&nbsp;&nbsp;Net admitted DTA(L) | $21 | $2 | $23 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | December 31, 2021 | December 31, 2021 | December 31, 2021 |
|  | Ordinary | Capital | Total |
|  | (In Millions) | (In Millions) | (In Millions) |
| Gross DTAs | $80 | $30 | $110 |
| Statutory valuation allowance adjustment | - | - | - |
| &nbsp;&nbsp;&nbsp;Adjusted gross DTAs | 80 | 30 | 110 |
| DTAs nonadmitted | - | (9) | (9) |
| &nbsp;&nbsp;&nbsp;Subtotal net admitted DTA | 80 | 21 | 101 |
| Total gross DTLs | (54) | (15) | (69) |
| &nbsp;&nbsp;&nbsp;Net admitted DTA(L) | $26 | $6 | $32 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Change | Change | Change |
|  | Ordinary | Capital | Total |
|  | (In Millions) | (In Millions) | (In Millions) |
| Gross DTAs | $(3) | $12 | $9 |
| Statutory valuation allowance adjustment | - | - | - |
| &nbsp;&nbsp;&nbsp;Adjusted gross DTAs | (3) | 12 | 9 |
| DTAs nonadmitted | (3) | (5) | (8) |
| &nbsp;&nbsp;&nbsp;Subtotal net admitted DTA | (6) | 7 | 1 |
| Total gross DTLs | 1 | (11) | (10) |
| &nbsp;&nbsp;&nbsp;Net admitted DTA(L) | $(5) | $(4) | $(9) |

---

[Back to **Table of Contents**](#toc)

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

The amount of adjusted gross DTA admitted under each component of the guidance and the resulting change by tax character are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | December 31, 2022 | December 31, 2022 | December 31, 2022 |
|  | Ordinary | Capital | Total |
|  | (In Millions) | (In Millions) | (In Millions) |
| Admitted DTA 3 years: |  |  |  |
| &nbsp;&nbsp;&nbsp;Federal income taxes that can be recovered | $- | $1 | $1 |
| &nbsp;&nbsp;&nbsp;Remaining adjusted gross DTAs expected to be realized within 3 years: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Adjusted gross DTA to be realized | 21 |  | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Adjusted gross DTA allowed per limitation threshold | 263 |  | 263 |
| &nbsp;&nbsp;&nbsp;Lesser of lines 1 or 2 | 21 |  | 21 |
| &nbsp;&nbsp;&nbsp;Adjusted gross DTAs offset by existing DTLs | 53 | 26 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total admitted DTA realized within 3 years | $74 | $27 | $101 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | December 31, 2021 | December 31, 2021 | December 31, 2021 |
|  | Ordinary | Capital | Total |
|  | (In Millions) | (In Millions) | (In Millions) |
| Admitted DTA 3 years: |  |  |  |
| &nbsp;&nbsp;&nbsp;Federal income taxes that can be recovered | $- | $6 | $6 |
| &nbsp;&nbsp;&nbsp;Remaining adjusted gross DTAs expected to be realized within 3 years |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Adjusted gross DTA to be realized | 26 |  | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Adjusted gross DTA allowed per limitation threshold | 240 | - | 240 |
| &nbsp;&nbsp;&nbsp;Lesser of lines 1 or 2 | 26 |  | 26 |
| &nbsp;&nbsp;&nbsp;Adjusted gross DTAs offset by existing DTLs | 54 | 15 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total admitted DTA realized within 3 years | $80 | $21 | $101 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Change | Change | Change |
|  | Ordinary | Capital | Total |
|  | (In Millions) | (In Millions) | (In Millions) |
| Admitted DTA 3 years: |  |  |  |
| &nbsp;&nbsp;&nbsp;Federal income taxes that can be recovered | $- | $(5) | $(5) |
| &nbsp;&nbsp;&nbsp;Remaining adjusted gross DTAs expected to be realized within 3 years |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Adjusted gross DTA to be realized | (5) |  | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Adjusted gross DTA allowed per limitation threshold | 23 | - | 23 |
| &nbsp;&nbsp;&nbsp;Lesser of lines 1 or 2 | (5) |  | (5) |
| &nbsp;&nbsp;&nbsp;Adjusted gross DTAs offset by existing DTLs | (1) | 11 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total admitted DTA realized within 3 years | $(6) | $6 | $- |

---

[Back to **Table of Contents**](#toc)

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

The Company's total realization threshold limitations are as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;December 31, | &nbsp;&nbsp;&nbsp;December 31, |
|  | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
|  | &nbsp;&nbsp;&nbsp;($ In Millions) | &nbsp;&nbsp;&nbsp;($ In Millions) |
| Ratio percentage used to determine recovery period and threshold limitation | &nbsp;&nbsp;&nbsp;1,790% | &nbsp;&nbsp;&nbsp;1,838% |
| Amount of adjusted capital and surplus used to determine recovery period and threshold limitation above | $&nbsp;&nbsp;&nbsp;1755 | $&nbsp;&nbsp;&nbsp;1600 |

---

[Back to **Table of Contents**](#toc)

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

The ultimate realization of DTAs depends on the generation of future taxable income during the periods in which the temporary differences are deductible. Management considers the scheduled reversal of DTLs, including the impact of available carryback and carryforward periods, projected taxable income and tax-planning strategies in making this assessment. The impact of tax-planning strategies is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | December 31, 2022 | December 31, 2022 | December 31, 2022 |
|  | Ordinary | Capital | Total |
|  | (Percent) | (Percent) | (Percent) |
| Impact of tax planning strategies: |  |  |  |
| &nbsp;&nbsp;&nbsp;Adjusted gross DTAs (% of total adjusted gross DTAs) | -% | -% | -% |
| &nbsp;&nbsp;&nbsp;Net admitted adjusted gross DTAs (% of total net admitted adjusted gross DTAs) | -% | 100% | 6% |

---

---

| | | | |
|:---|:---|:---|:---|
|  | December 31, 2021 | December 31, 2021 | December 31, 2021 |
|  | Ordinary | Capital | Total |
|  | (Percent) | (Percent) | (Percent) |
| Impact of tax planning strategies: |  |  |  |
| &nbsp;&nbsp;&nbsp;Adjusted gross DTAs (% of total adjusted gross DTAs) | -% | -% | -% |
| &nbsp;&nbsp;&nbsp;Net admitted adjusted gross DTAs (% of total net admitted adjusted gross DTAs) | -% | 100% | 19% |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Change | Change | Change |
|  | Ordinary | Capital | Total |
|  | (Percent) | (Percent) | (Percent) |
| Impact of tax planning strategies: |  |  |  |
| &nbsp;&nbsp;&nbsp;Adjusted gross DTAs (% of total adjusted gross DTAs) | -% | -% | -% |
| &nbsp;&nbsp;&nbsp;Net admitted adjusted gross DTAs (% of total net admitted adjusted gross DTAs) | -% | -% | (13)% |

---

There are no reinsurance strategies included in the Company's tax-planning strategies.

The provision for current tax expense on earnings is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Years Ended December 31, | Years Ended December 31, | Years Ended December 31, |
|  | 2022 | 2021 | 2020 |
|  | (In Millions) | (In Millions) | (In Millions) |
| Federal income tax expense on operating earnings | $19 | $11 | $7 |
| &nbsp;&nbsp;&nbsp;Total federal and foreign income tax expense on operating earnings | 19 | 11 | 7 |
| Federal income tax expense on net realized capital gains (losses) | 1 | 5 | 3 |
| Total federal and foreign income tax expense | $20 | $16 | $10 |

---

[Back to **Table of Contents**](#toc)

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

The tax effects of temporary differences that give rise to significant portions of the DTAs and DTLs are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | December 31, | December 31, | December 31, |
|  | 2022 | 2021 | Change |
|  | (In Millions) | (In Millions) | (In Millions) |
| DTAs: |  |  |  |
| Ordinary |  |  |  |
| &nbsp;&nbsp;&nbsp;Reserve items | $16 | $18 | $(2) |
| &nbsp;&nbsp;&nbsp;Policy acquisition costs | 35 | 33 | 2 |
| &nbsp;&nbsp;&nbsp;Investment items | 23 | 13 | 10 |
| &nbsp;&nbsp;&nbsp;Unrealized investment losses |  | 12 | (12) |
| &nbsp;&nbsp;&nbsp;Nonadmitted assets |  | 1 | (1) |
| &nbsp;&nbsp;&nbsp;Other | 3 | 3 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total ordinary DTAs | 77 | 80 | (3) |
| &nbsp;&nbsp;&nbsp;Nonadmitted DTAs | (3) | - | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admitted ordinary DTAs | 74 | 80 | (6) |
| Capital |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment items | 26 | 28 | (2) |
| &nbsp;&nbsp;&nbsp;Unrealized investment losses | 16 | 2 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total capital DTAs | 42 | 30 | 12 |
| &nbsp;&nbsp;&nbsp;Nonadmitted DTAs | (14) | (9) | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admitted capital DTAs | 28 | 21 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admitted DTAs | 102 | 101 | 1 |
| DTLs: |  |  |  |
| Ordinary |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Items | 2 | 33 | (31) |
| &nbsp;&nbsp;&nbsp;Unrealized investment gains | 28 |  | 28 |
| &nbsp;&nbsp;&nbsp;Deferred and uncollected premium | 1 | 1 |  |
| &nbsp;&nbsp;&nbsp;Reserve Items | 2 | 2 |  |
| &nbsp;&nbsp;&nbsp;Other | 20 | 18 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total ordinary DTLs | 53 | 54 | (1) |
| Capital |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized investment gains | 23 | 14 | 9 |
| &nbsp;&nbsp;&nbsp;Investment items | 3 | 2 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total capital DTLs | 26 | 16 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total DTLs | 79 | 70 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net admitted DTA | $23 | $31 | $(8) |

---

[Back to **Table of Contents**](#toc)

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

The change in net deferred income taxes comprised the following:

---

| | | | |
|:---|:---|:---|:---|
|  | Years Ended December 31, | Years Ended December 31, | Years Ended December 31, |
|  | 2022 | 2021 | 2020 |
|  | (In Millions) | (In Millions) | (In Millions) |
| Net DTA(L) | $(2) | $19 | $(51) |
| Less: Items not recorded in the change in net deferred income taxes: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax-effect of unrealized gains/(losses) | 36 | (5) | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in net deferred income taxes | $34 | $14 | $(27) |

---

As of December 31, 2022, the Company had no net operating or capital loss carryforwards to include in deferred income taxes. The Company has no tax credit carryforwards included in deferred taxes.

The components of federal and foreign income tax are recorded in the Statutory Statements of Operations and the Statutory Statements of Changes in Capital and Surplus and are different from those which would be obtained by applying the prevailing federal income tax rate to net gain from operations before federal income taxes. The significant items causing this difference are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Years Ended December 31, | Years Ended December 31, | Years Ended December 31, |
|  | 2022 | 2021 | 2020 |
|  | (In Millions) | (In Millions) | (In Millions) |
|  | 21% | 21% | 21% |
| Provision computed at statutory rate | $(7) | $12 | $46 |
| Investment items | (7) | (8) | (10) |
| Change in reserve valuation basis |  |  | 1 |
| Nonadmitted assets | 1 | (1) | 1 |
| Other | (1) | (1) | - |
| &nbsp;&nbsp;&nbsp;Total statutory income tax (benefit) expense | $(14) | $2 | $38 |
| Federal and foreign income tax expense | $20 | $16 | $11 |
| Change in net deferred income taxes | (34) | (14) | 27 |
| &nbsp;&nbsp;&nbsp;Total statutory income tax (benefit) expense | $(14) | $2 | $38 |

---

The Company paid federal income taxes of $39 million in 2022, $24 million in 2021 and $15 million in 2020.

The total income taxes incurred in the current and prior years that will be available for recoupment in the event of future net capital losses totaled $0 million related to 2022, $5 million related to 2021, and $6 million related to 2020.

The Company is included in a consolidated U.S. federal income tax return with its parent, MassMutual, a mutual life insurance company domiciled in the Commonwealth of Massachusetts, and MassMutual's eligible U.S. subsidiaries. The Company also files income tax returns in various states and foreign jurisdictions. The Company, MassMutual, and MassMutual's eligible subsidiaries and certain affiliates (the Parties) have executed and are subject to a written tax allocation agreement (the Agreement). The Agreement sets forth the manner in which the total combined federal income tax is allocated among the Parties. The Agreement provides the Company with the enforceable right to recoup federal income taxes paid in prior years in the event of future net capital losses, which it may incur. Further, the Agreement provides the Company with the enforceable right to utilize its net losses carried forward as an offset to future net income subject to federal income taxes.

Companies are generally required to disclose unrecognized tax benefits, which are the tax effect of positions taken on their tax returns that may be challenged by various taxing authorities, in order to provide users of financial statements

[Back to **Table of Contents**](#toc)

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

more information regarding potential liabilities. The Company recognizes tax benefits and related reserves in accordance with existing statutory accounting practices for liabilities, contingencies and impairments of assets.

The following is a reconciliation of the beginning and ending liability for unrecognized tax benefits (in millions):

---

| | |
|:---|:---|
| Balance, January 1, 2022 | $7 |
| Gross change related to positions taken in current year | 1 |
| Balance, December 31, 2022 | $8 |

---

Included in the liability for unrecognized tax benefits as of December 31, 2022 are $8 million of tax positions for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility. The liability for the unrecognized tax benefits as of December 31, 2022 includes no unrecognized tax benefits that, if recognized, would impact the Company's effective tax rate.

The Company recognizes accrued interest and penalties related to the liability for unrecognized tax benefits as a component of the provision for income taxes. The amount of net interest recognized was immaterial as of December 31, 2022 and 2021. The Company has no accrued penalties related to the liability for unrecognized tax benefits. In the next year, the Company does not anticipate the total amount of uncertain tax positions to significantly increase or decrease.

The Internal Revenue Service (IRS) has completed its examination of MassMutual and its subsidiaries for the year 2013 and prior. The 2014-2016 tax years are in the process of going to Appeals for 3 carryforward issues. The IRS commenced its examination of years 2017-2018 in October 2020. The adjustments resulting from these examinations are not expected to materially affect the position or liquidity of the Company.

As of December 31, 2022 and 2021, the Company did not recognize any protective deposits as admitted assets.

***7. Deferred and uncollected life insurance premium***

Deferred and uncollected life insurance premium, net of loading and reinsurance, are included in other than invested assets in the Company's Statutory Statements of Financial Position. The following summarizes the deferred and uncollected life insurance premium on a gross basis, as well as net of loading and reinsurance:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, | December 31, | December 31, | December 31, |
|  | 2022 | 2022 | 2021 | 2021 |
|  | Gross | Net | Gross | Net |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| Ordinary new business | $(1) | $- | $- | $- |
| Ordinary renewal | $(7) | $(13) | $(10) | $(14) |
| &nbsp;&nbsp;&nbsp;Total | $(8) | $(13) | $(10) | $(14) |

---

Deferred premium is the portion of the annual premium not earned at the reporting date. Loading on deferred premium is an amount obtained by subtracting the valuation net deferred premium from the gross deferred premium and generally includes allowances for acquisition costs and other expenses. Refer to *Note 2p. "Policyholders' reserves"* for information on the Company's accounting policies regarding gross premium and net premium.

Uncollected premium is gross premium net of reinsurance that is due and unpaid as of the reporting date, net of loading. Net premium is the amount used in the calculation of reserves. The change in deferred and uncollected life insurance premium is included in premium income. The change in loading is included as an expense and is not shown as a reduction to premium income.

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C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

Ordinary new business and ordinary renewal business consist of the basic amount of premium required on the underlying life insurance policies.

In certain instances, gross premium is less than net premium according to the standard valuation set by the Division and the Department. The gross premium is less than the net premium needed to establish the reserves because the statutory reserves must use standard conservative valuation mortality tables, while the gross premium calculated in pricing uses mortality tables that reflect both the Company's experience and the transfer of mortality risk to reinsurers. The Company had life insurance in force of $6,850 million as of December 31, 2022 and$983 million as of December 31, 2021 for which gross premium was less than net premium.

***8. Policyholders' liabilities***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***a.***  ***Policyholders' reserves*** 

 ****

The Company had life insurance in force of $26,262 million as of December 31, 2022 and $17,446 million as of December 31, 2021.

The following summarizes policyholders' reserves, net of reinsurance, and the range of interest rates by type of product:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, | December 31, | December 31, | December 31, | December 31, | December 31, |
|  | 2022 | 2022 | 2022 | 2021 | 2021 | 2021 |
|  | Amount | Interest Rates | Interest Rates | Amount | Interest Rates | Interest Rates |
|  | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) |
| Individual annuities | $2878 | 1.0% | 9.0% | $3046 | 1.0% | 9.0% |
| Individual universal and variable life | 719 | 4.0% | 4.5% | 732 | 4.0% | 4.5% |
| Individual life | 112 | 3.0% | 4.8% | 103 | 3.0% | 4.8% |
| &nbsp;&nbsp;&nbsp;Total | $3709 |  |  | $3881 |  |  |

---

Individual life includes whole life and term insurance.

***b. Liabilities for deposit-type contracts***

Supplementary contracts not involving life contingencies of $68 million as of December 31, 2022 and $72 million as of December 31, 2021 were included in liabilities for deposit-type contracts. The interest rate range on supplementary contracts was 1.00% to 6.50% as of December 31, 2022 and 1.00% to 6.75 % as of December 31, 2021.

***c. Additional liability for annuity contracts***

Certain variable annuity contracts include additional death benefit features. Election of these benefits is generally only available at contract issue.

The following shows the liabilities for GMDBs (in millions):

---

| | |
|:---|:---|
| Liability as of January 1, 2021 | $1 |
| Liability as of December 31, 2021 | 1 |
| &nbsp;&nbsp;&nbsp;Paid guarantee benefits | (1) |
| Liability as of December 31, 2022 | $- |

---

The Company held deterministic reserves as of December 31, 2022 and December 31, 2021.

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C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

The following summarizes the account values, net amount at risk and weighted average attained age for variable annuity contracts with GMDBs classified as policyholders' reserves and separate account liabilities. The net amount at risk is defined as the minimum guarantee less the account value calculated on a policy-by-policy basis, but not less than zero.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, | December 31, | December 31, | December 31, | December 31, | December 31, |
|  | 2022 | 2022 | 2022 | 2021 | 2021 | 2021 |
|  | <br>Account<br>Value | Net<br>Amount<br>at Risk | Weighted<br>Average<br>Attained Age | <br>Account<br>Value | Net<br>Amount<br>at Risk | Weighted<br>Average<br>Attained Age |
|  | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) |
| GMDB | $1320 | $40 | 68 | $1725 | $15 | 67 |

---

Account values of variable annuity contracts with GMDBs are summarized below:

---

| | | |
|:---|:---|:---|
|  | December 31, | December 31, |
|  | 2022 | 2021 |
|  | (In Millions) | (In Millions) |
| Separate account | $987 | $1370 |
| General account | 333 | 355 |
| &nbsp;&nbsp;&nbsp;Total | $1320 | $1725 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***d.***  ***Additional liability for individual life contracts*** 

Certain universal life and variable universal life contracts include features such as GMDBs or other guarantees that ensure continued death benefit coverage when the policy would otherwise lapse. The value of the guarantee is only available to the beneficiary in the form of a death benefit.

The changes in the liability, net of reinsurance, for guarantees on universal life and variable universal life type contracts was as follows:

---

| | | |
|:---|:---|:---|
|  | December 31, | December 31, |
|  | 2022 | 2021 |
|  | (In Millions) | (In Millions) |
| Beginning balance | $127 | $131 |
| &nbsp;&nbsp;&nbsp;Net liability increase (decrease) | 113 | (4) |
| Ending balance | $240 | $127 |

---

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C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

***9. Reinsurance***

The Company enters into reinsurance agreements with affiliated and unaffiliated insurers in the normal course of business in order to mitigate the impact of underwriting mortality and morbidity risks. Such transfers do not relieve the Company of its primary liability to its customers and, as such, failure of reinsurers to honor their obligations could result in credit losses that could arise if a reinsurer defaults. The Company reduces reinsurance default risk by evaluating the financial condition of reinsurers and monitoring for possible concentrations within the Company's reinsurers and using trust structures, when appropriate. The Company reinsures a portion of its mortality risk in its life business under either a first dollar quota-share arrangement or an in excess of the retention limit arrangement with reinsurers. The amounts reinsured are on a yearly renewable term or coinsurance basis. The Company's highest retention limit for new issues of life policies ranges from $15 million to $35 million.

Refer to *Note14. "Related party transactions"* for information about the Company's affiliated ceded reinsurance transactions.

The Company did not reinsure any policies with a company chartered in a country other than the U.S., excluding U.S. branches of these companies, which was owned in excess of 10% or controlled directly or indirectly by an insured, a beneficiary, a creditor or any other person not primarily engaged in the insurance business. There are no reinsurance agreements in effect under which the reinsurer may unilaterally cancel any reinsurance for reasons other than for nonpayment of premium or other similar credits. The Company has no reinsurance agreements in effect such that the amount of losses paid or accrued through the statement date may result in a payment to the reinsurer of amounts which, in aggregate and allowing for offset of mutual credits from other reinsurance agreements with the same reinsurer, exceed the total direct premium collected under the reinsured policies.

If all reinsurance agreements were terminated by either party as of December 31, 2022, the resulting reduction in surplus due to loss of reinsurance reserve credits, net of unearned premium, would be approximately $721 million assuming no return of the assets, excluding assets in trust, backing these reserves from the reinsurer to the Company.

Reinsurance amounts included in the Statutory Statements of Operations were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Years Ended December 31, | Years Ended December 31, | Years Ended December 31, |
|  | 2022 | 2021 | 2020 |
|  | (In Millions) | (In Millions) | (In Millions) |
| Direct premium | $942 | $1059 | $1083 |
| Premium ceded | (718) | (782) | (804) |
| Total net premium | $224 | $277 | $279 |
| Ceded reinsurance recoveries | $204 | $312 | $244 |

---

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C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

Reinsurance amounts included in the Statutory Statements of Financial Position were as follows:

---

| | | |
|:---|:---|:---|
|  | December 31, | December 31, |
|  | 2022 | 2021 |
|  | (In Millions) | (In Millions) |
| Reinsurance reserves ceded | $(5436) | $(4975) |
| Ceded amounts recoverable | 57 | 142 |

---

Reinsurance reserves ceded to affiliated and unaffiliated reinsurers as of December 31, 2022 include $1,399 million associated with life insurance policies and $4,037 million for annuity. Reinsurance reserves ceded to affiliated and unaffiliated reinsurers as of December 31, 2021 include $1,410 million associated with life insurance policies and $3,565 million for annuity.

As of December 31, 2022, one reinsurer accounted for 33% of the outstanding balance of the unaffiliated reinsurance recoverables and the next largest reinsurer had 18%. Overall, the Company believes that each of these exposures to a single reinsurer does not create an undue concentration of risk and the Company's business is not substantially dependent upon any single reinsurer.

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C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***10.***  ***Withdrawal characteristics*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***a.***  ***Annuity actuarial reserves and liabilities for deposit-type contracts*** 

The withdrawal characteristics of the Company's annuity actuarial reserves and deposit-type contracts as of December 31, 2022 are illustrated below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Individual annuities* | General Account | Separate Account with Guarantees | Separate<br> Account Non-<br> Guaranteed | Total | % of Total |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) |  |
| Subject to discretionary withdrawal: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With market value adjustment | $13 | $- | $- | $13 | -% |
| &nbsp;&nbsp;&nbsp;At book value less current surrender charge of 5% or more | 4486 |  |  | 4486 | 57 |
| &nbsp;&nbsp;&nbsp;At fair value | - | - | 991 | 991 | 13 |
| &nbsp;&nbsp;&nbsp;Total with market value adjustment or at fair value | 4499 | - | 991 | 5490 | 70 |
| &nbsp;&nbsp;&nbsp;At book value without adjustment (minimal or no charge or adjustment) | 2393 |  |  | 2393 | 30 |
| Not subject to discretionary withdrawal | 22 | - | - | 22 |  |
| Total | $6914 | $- | $991 | $7905 | 100% |
| Reinsurance ceded | 4037 | - | - | 4037 |  |
| Total, net of reinsurance | $2877 | $- | $991 | $3868 |  |
| Amount included in book value without adjustment after statement date |  |  |  |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Deposit-type contracts* | General Account | Separate Account with Guarantees | Separate<br> Account Non-<br> Guaranteed | Total | % of Total |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) |  |
| Subject to discretionary withdrawal: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;At book value without adjustment (minimal or no charge or adjustment) | $53 | $- | $- | $53 | 78 |
| Not subject to discretionary withdrawal | 15 | - | - | 15 | 22 |
| Total | $68 | $- | $- | $68 | 100% |
| Total, net of reinsurance | $68 | $- | $- | $68 |  |

---

The following is a summary of total annuity actuarial reserves and liabilities for deposit-type contracts as of December 31, 2022 (in millions):

---

| | |
|:---|:---|
| Statutory Statements of Financial Position: |  |
| &nbsp;&nbsp;&nbsp;Policyholders' reserves – individual annuities | $2877 |
| &nbsp;&nbsp;&nbsp;Liabilities for deposit-type contracts | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal | 2945 |
| Separate Account Annual Statement: |  |
| &nbsp;&nbsp;&nbsp;Annuities | 991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $3936 |

---

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C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***b.***  ***Analysis of life actuarial reserves by withdrawal characteristics*** 

 ****

The withdrawal characteristics of the Company's life actuarial reserves as of December 31, 2022 are illustrated below:

*General Account*

 

---

| | | | |
|:---|:---|:---|:---|
|  | Account<br>Value | Cash<br>Value | <br>Reserve |
|  | (In Millions) | (In Millions) | (In Millions) |
| Subject to discretionary withdrawal, surrender values, or policy loans: |  |  |  |
| &nbsp;&nbsp;&nbsp;Universal life | $194 | $194 | $197 |
| &nbsp;&nbsp;&nbsp;Universal life with secondary guarantees | 820 | 812 | 1785 |
| &nbsp;&nbsp;&nbsp;Other permanent cash value life insurance |  | 14 | 84 |
| &nbsp;&nbsp;&nbsp;Variable universal life | 72 | 72 | 83 |
| Not subject to discretionary withdrawal or no cash values: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term policies without cash value |  |  | 10 |
| &nbsp;&nbsp;&nbsp;Disability - active lives |  |  | 1 |
| &nbsp;&nbsp;&nbsp;Disability - disabled lives |  |  | 18 |
| &nbsp;&nbsp;&nbsp;Miscellaneous reserves | - | - | 53 |
| Total (gross: direct + assumed) | 1086 | 1092 | 2231 |
| Reinsurance ceded | 610 | 606 | 1399 |
| Total (net) | $476 | $486 | $832 |

---

*Separate Account Nonguaranteed*

---

| | | | |
|:---|:---|:---|:---|
|  | Account<br>Value | Cash<br>Value | <br>Reserve |
|  | (In Millions) | (In Millions) | (In Millions) |
| Subject to discretionary withdrawal, surrender values, or policy loans: |  |  |  |
| &nbsp;&nbsp;&nbsp;Variable universal life | $560 | $560 | $560 |
| Not subject to discretionary withdrawal or no cash values: |  |  |  |
| Total (gross: direct + assumed) | 560  | 560  | 560  |
| Total (net) | $560  | $560  | $560  |

---

***c. Separate accounts***

The Company has nonguaranteed separate accounts which are variable accounts where the benefit is determined by the performance and/or market value of the investments held in the separate account with incidental risk, notional expense and minimum death benefit guarantees.

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C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

Information regarding the separate accounts of the Company as of and for the year ended December 31, 2022 is as follows:

---

| | |
|:---|:---|
|  | Non<br>Guaranteed |
|  | (In Millions) |
| &nbsp;&nbsp;&nbsp;Net premium, considerations or deposits for the year ended December 31, 2022 | $37 |
| &nbsp;&nbsp;&nbsp;Reserves at December 31, 2022: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For accounts with assets at: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value | $1551 |
| &nbsp;&nbsp;&nbsp;Nonpolicy liabilities | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $1553 |
| &nbsp;&nbsp;&nbsp;Reserves by withdrawal characteristics: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to discretionary withdrawal: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At fair value | $1551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nonpolicy liabilities | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $1553 |

---

The Company does not have any reserves in separate accounts for asset default risk in lieu of AVR.

The following is a reconciliation of amounts reported as transfers (from) to separate accounts in the Summary of Operations of the Company's NAIC Separate Account Annual Statement to the amounts reported as net transfers (from) to separate accounts in change in policyholders' reserves in the accompanying Statutory Statements of Operations:

---

| | | | |
|:---|:---|:---|:---|
|  | Years Ended December 31, | Years Ended December 31, | Years Ended December 31, |
|  | 2022 | 2021 | 2020 |
|  | (In Millions) | (In Millions) | (In Millions) |
| From the Separate Account Annual Statement: |  |  |  |
| Transfers to separate accounts | $37 | $40 | $40 |
| Transfers from separate accounts | (141) | (189) | (162) |
| &nbsp;&nbsp;&nbsp;Net transfers from separate accounts | $(104) | $(149) | $(122) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***11.***  ***Changes in capital and surplus*** 

 ****

MassMutual has authorized the contribution of funds to the Company sufficient to meet the capital requirements of each state in the U.S. in which the Company is licensed to do business. Substantially all of the statutory capital and surplus is subject to dividend restrictions. Dividend restrictions, imposed by state regulations, limit the payment of dividends to the shareholder without prior approval from the Department. Under these regulations, $178 million of capital and surplus is available for distribution to the shareholder in 2023 without prior regulatory approval. The company paid a dividend to MassMutual of $163 million in 2022 and $173 million in 2021. The Company did not pay a dividend to MassMutual in 2020. The Company received a capital contribution from MMLIC of $50 million in 2022.

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C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***12.***  ***Presentation of the Statutory Statements of Cash Flows*** 

The following table presents those transactions that have affected the Company's recognized assets or liabilities but have not resulted in cash receipts or payments during the years ended December 31, 2022, 2021 and 2020. Accordingly, the Company has excluded these non-cash activities below from the Statutory Statement of Cash Flows for the years ended December 31, 2022, 2021 and 2020.

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| | | | |
|:---|:---|:---|:---|
|  | Years Ended December 31, | Years Ended December 31, | Years Ended December 31, |
|  | 2022 | 2021 | 2020 |
|  | (In Millions) | (In Millions) | (In Millions) |
| Bond conversions and refinancing | $27 | $17 | $187 |
| Transfer of bonds to partnerships and limited liability companies | 7 |  |  |
| Bonds transferred to mortgage loans | 2 | 22 |  |
| Stock conversion |  | 1 | 3 |
| Net investment income payment in-kind bonds |  | 1 | 1 |
| Assets received in-kind for bond maturity |  |  | 6 |

---

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***13.***  ***Business risks, commitments and contingencies*** 

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***a.***  ***Risks and uncertainties*** 

The Company operates in a business environment subject to various risks and uncertainties. The principal risks include insurance and underwriting risks, investment and interest rate risks, currency exchange risk and credit risk. The combined impact of these risks could have a material, adverse effect on the Company's financial statements or result in operating losses in future periods. The Company employs the use of reinsurance, portfolio diversification, asset/liability management processes and other risk management techniques to mitigate the impact of these risks.

*Insurance and underwriting risks*

The Company prices its products based on estimated benefit payments reflecting assumptions with respect to mortality, longevity, persistency, interest rates and other factors. If actual policy experience emerges that is significantly and adversely different from assumptions used in product pricing, the effect could be material to the profitability of the Company.

*Investment and interest rate risks*

The fair value, cash flows and earnings of investments can be influenced by a variety of factors including changes in interest rates, credit spreads, equity markets, portfolio asset allocation and general economic conditions. The Company employs a rigorous asset/liability management process to help mitigate the economic impacts of various investment risks, in particular interest rate risk. By effectively matching the market sensitivity of assets with the liabilities they support, the impact of interest rate changes is addressed, on an economic basis, as the change in the value of the asset is offset by a corresponding change in the value of the supported liability. The Company uses derivatives, such as interest rate swaps and swaptions, as well as synthetic assets to reduce interest rate and duration imbalances determined in asset/liability analyses.

The levels of U.S. interest rates are influenced by U.S. monetary policies and by the relative attractiveness of U.S. markets to investors versus other global markets. As interest rates increase, certain debt securities may experience amortization or prepayment speeds that are slower than those assumed at purchase, impacting the expected maturity of these securities and the ability to reinvest the proceeds at the higher yields. Rising interest rates may also result in a decrease in the fair value of the investment portfolio. As interest rates decline, certain debt securities may experience accelerated amortization and prepayment speeds than what was assumed at purchase. During such periods, the Company is at risk of lower net investment income as it may not be able to reinvest the proceeds at comparable yields. Declining interest rates may also increase the fair value of the investment portfolio.

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C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

Interest rates also have an impact on the Company's products with guaranteed minimum payouts and on interest credited to account holders. As interest rates decrease, investment spreads may contract as crediting rates approach minimum guarantees, resulting in an increased liability.

In periods of increasing interest rates, policy loans, surrenders and withdrawals may increase as policyholders seek investments with higher perceived returns. This could result in cash outflows requiring the Company to sell invested assets at a time when the prices of those assets are adversely affected by the increase in market interest rates, which could cause the Company to realize investment losses.

*Currency exchange risk*

The Company has currency risk due to its non-U.S. dollar investments. The Company mitigates currency risk through the use of cross-currency swaps and forward contracts. Cross-currency swaps are used to minimize currency risk for certain non-U.S. dollar assets through a pre-specified exchange of interest and principal. Forward contracts are used to hedge movements in exchange rates.

*Credit and other market risks*

The Company manages its investments to limit credit and other market risks by diversifying its portfolio among various security types and industry sectors as well as purchasing credit default swaps to transfer some of the risk.

Stressed conditions, volatility and disruptions in global capital markets or in particular markets or financial asset classes can have an adverse effect on the Company, in part because the Company has a large investment portfolio and assets supporting the Company's insurance liabilities are sensitive to changing market factors. Global market factors, including interest rates, credit spread, equity prices, real estate markets, foreign currency exchange rates, consumer spending, business investment, government spending, the volatility and strength of the capital markets, deflation and inflation, all affect the business and economic environment and, ultimately, the profitability of the Company's business. Disruptions in one market or asset class can also spread to other markets or asset classes. Upheavals in the financial markets can also affect the Company's business through their effects on general levels of economic activity, employment and customer behavior.

The CMBS, RMBS and leveraged loan sectors are sensitive to evolving conditions that can impair the cash flows realized by investors and is subject to uncertainty. Management's judgment regarding OTTI and estimated fair value depends upon the evolving investment sector and economic conditions. It can also be affected by the market liquidity, a lack of which can make it difficult to obtain accurate market prices for RMBS and other investments, including CMBS and leveraged loans. Any deterioration in economic fundamentals, especially related to the housing sector could affect management's judgment regarding OTTI.

The Company has investments in structured products exposed primarily to the credit risk of corporate bank loans, corporate bonds or credit default swap contracts referencing corporate credit risk. Most of these structured investments are backed by corporate loans and are commonly known as collateralized loan obligations that are classified as CDO. The portfolios backing these investments are actively managed and diversified by industry and individual issuer concentrations. Due to the complex nature of CDO and the reduced level of transparency to the underlying collateral pools for many market participants, the recovery in CDO valuations generally lags the overall recovery in the underlying assets. Management believes its scenario analysis approach, based primarily on actual collateral data and forward looking assumptions, does capture the credit and most other risks in each pool. However, in a rapidly changing economic environment, the credit and other risks in each collateral pool will be more volatile and actual credit performance of CDO may differ from the Company's assumptions.

The Company continuously monitors its investments and assesses their liquidity and financial viability; however, the existence of the factors described above, as well as other market factors, could negatively impact the market value of the Company's investments. If the Company sells its investments prior to maturity or market recovery, these investments may yield a return that is less than the Company otherwise would have been able to realize.

Asset-based fees calculated as a percentage of the separate account assets are a source of revenue to the Company. Gains and losses in the investment markets may result in corresponding increases and decreases in the Company's separate account assets and related revenue.

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C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

The spread of the coronavirus had caused increased cases of COVID-19 and significant volatility in U.S. and international markets. There is significant uncertainty around the breadth and duration of business disruptions related to COVID-19, as well as its further impact on the U.S. and international economies. At this time, the Company is not able to reliably estimate the length and severity of the COVID-19 public health crises and, as such, cannot quantify its impact on the financial results, liquidity and capital resources and its operations in future periods.

*Political Uncertainties*

Political events, domestically or internationally, may directly or indirectly trigger or exacerbate risks related to product offerings, profitability, or any of the risk factors described above. Whether those underlying risk factors are driven by geopolitics or not, the Company's dynamic approach to managing risks enables management to identify risks, internally and externally, develop mitigation plans, and respond to risks in an attempt to proactively reduce the potential impact of each underlying risk factor on the Company.

***b. Guaranty funds***

The Company is subject to state insurance guaranty fund laws. These laws assess insurance companies' amounts to be used to pay benefits to policyholders and policy claimants of insolvent insurance companies. Many states allow these assessments to be credited against future premium taxes. The Company believes such assessments in excess of amounts accrued will not materially impact its financial position, results of operations or liquidity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***c.***  ***Litigation and regulatory matters*** 

 ****

In the normal course of business, the Company is involved in disputes, litigation and governmental or regulatory inquiries, administrative proceedings, examinations and investigations, both pending and threatened. These matters, if resolved adversely against the Company or settled, may result in monetary damages, fines and penalties or require changes in the Company's business practices. The resolution or settlement of these matters is inherently difficult to predict. Based upon the Company's assessment of these pending matters, the Company does not believe that the amount of any judgment, settlement or other action arising from any pending matter is likely to have a material adverse effect on the statement of financial position. However, an adverse outcome in certain matters could have a material adverse effect on the results of operations for the period in which such matter is resolved, or an accrual is determined to be required, on the financial statement financial position, or on our reputation.

The Company evaluates the need for accruals of loss contingencies for each matter. When a liability for a matter is probable and can be estimated, the Company accrues an estimate of the loss offset by related insurance recoveries or other contributions, if any. An accrual may be subject to subsequent adjustment as a result of additional information and other developments. The resolution of matters are inherently difficult to predict, especially in the early stages of matter. Even if a loss is probable, due to many complex factors, such as speed of discovery and the timing of court decisions or rulings, a loss or range of loss may not be reasonably estimated until the later stages of the matter. For matters where a loss is material and it is either probable or reasonably possible then it is disclosed. For matters where a loss may be reasonably possible, but not probable, or is probable but not reasonably estimated, no accrual is established, but the matter, if material, is disclosed.

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***d.***  ***Commitments*** 

In the normal course of business, the Company enters into commitments to purchase certain investments. The majority of these commitments have funding periods that extend between one and five years. The Company is not required to fund commitments once the commitment period expires.

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C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

As of December 31, 2022, the Company had the following outstanding commitments:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 2023 | 2024 | 2025 | 2026 | 2027 | Thereafter | Total |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| Private placements | $47 | $116 | $14 | $14 | $30 | $67 | $288 |
| Mortgage loans | 6 | 3 | 2 | 1 |  | 3 | 15 |
| Partnerships and LLCs | 6 | - | 9 | 21 | 2 | 19 | 57 |
| &nbsp;&nbsp;&nbsp;Total | $59 | $119 | $25 | $36 | $32 | $89 | $360 |

---

 ****

***14. Related party transactions***

Pursuant to a management agreement, MassMutual, for a fee, furnishes the Company, as required, operating facilities, human resources, computer software development and managerial services. Investment and administrative services are also provided to the Company pursuant to a management services agreement with MassMutual. While management believes that these fees are calculated on a reasonable basis, these fees may not necessarily be indicative of the costs that would have been incurred on a stand-alone basis.

The following table summarizes the transactions between the Company and the related parties:

---

| | | | |
|:---|:---|:---|:---|
|  | Years Ended December 31, | Years Ended December 31, | Years Ended December 31, |
|  | 2022 | 2021 | 2020 |
|  | (In Millions) | (In Millions) | (In Millions) |
| Fee income: |  |  |  |
| &nbsp;&nbsp;&nbsp;Recordkeeping and other services | $1 | $2 | $1 |
| Fee expense: |  |  |  |
| &nbsp;&nbsp;&nbsp;Management and service contracts and cost-sharing arrangements | 77 | 82 | 96 |

---

The Company reported less than $1 million as amounts due from affiliates as of December 31, 2022 and 2021. The Company reported $24 million as amounts due to subsidiaries and affiliates as of December 31, 2022 and $16 million as of December 31, 2021. Terms generally require settlement of these amounts within 30 to 90 days.

As of December 31, 2022, MMIH and C.M. Life, together, provided financing of $5,500 million ($5,253 million and $247 million, respectively) for MassMutual Asset Finance, LLC (MMAF) that can be used to finance ongoing asset purchases. The Company provided financing of $247 million as of December 31, 2022 and $247 million as of December 31, 2021. During 2022, MMAF borrowed $107 million and repaid $104 million under the MMAF credit facility. During 2021, MMAF borrowed $74 million and repaid $70 million under the MMAF credit facility. Outstanding borrowings under the facility with the Company were $174 million as of December 31, 2022 and $171 million as of December 31, 2021. Interest for these borrowings was $4 million for the year ended December 31, 2022 and $3 million for the year ended December 31, 2021. The floating rate borrowings bear interest at a spread over the 30 day LIBOR. The fixed rate borrowings bear an interest at a spread over average life Treasuries.

Together, MassMutual and C.M. Life, provide a credit facility to Jefferies Finance, LLC whereby Jefferies Finance, LLC (Jefferies) borrows cash through short-term approved financings to fund the purchase of loans for securitization. During 2022, Jefferies borrowed $25 million and repaid $25 million under the credit facility. During 2021, Jefferies borrowed $100 million and repaid $100 million under the credit facility. As of December 31, 2022 there were no outstanding borrowings under this facility. All outstanding interest due under the facility, as of December 31, 2022 had been paid. The interest of this facility is calculated based on a full pass through of interest accrued on the underlying loans purchased.

In 2022, C.M. Life declared and paid $163 million in dividends to MassMutual.

In 2021, C.M. Life declared and paid $173 million in dividends to MassMutual.

[Back to **Table of Contents**](#toc)

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

Effective December 31, 2020, the Company entered into a stop-loss agreement to transfer interest rate risk for annuity products with MassMutual. MassMutual provides maximum coverage of $100 million over the five-year duration of this contract. For the year ended December 31, 2022, there was an estimated gain of $18 million related to the loss settlement for this agreement.

The Company has coinsurance agreements with MassMutual where the Company cedes substantially all of the premium on certain universal life policies. In return, MassMutual pays to the Company a stipulated expense allowance and death and surrender benefits. MassMutual holds the assets and related reserves for payment of future benefits on the ceded policies.

As of December 31, 2022, the net amounts due from MassMutual for the various reinsurance agreements were $30 million and as of December 31, 2021, the net amounts due from MassMutual were $68 million. These outstanding balances are due and payable with terms ranging from quarterly to annually, depending on the agreement in effect.

The following summarizes the related party reinsurance transactions between the Company and MassMutual:

---

| | | | |
|:---|:---|:---|:---|
|  | Years Ended December 31, | Years Ended December 31, | Years Ended December 31, |
|  | 2022 | 2021 | 2020 |
|  | (In Millions) | (In Millions) | (In Millions) |
| Premium ceded, related to: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stop-loss agreements | $(2) | $(3) | $(1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Coinsurance agreements | (36) | (40) | (40) |
| Expense allowances on reinsurance ceded, included in fees and other income, related to: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Coinsurance agreements | 6 | 7 | 8 |
| Policyholder benefits ceded, related to: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Coinsurance agreements | 64 | 127 | 74 |
| Accrual for FIA stop-loss agreement | 18 |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***15.***  ***Subsidiaries and affiliated companies*** 

 ****

A summary of ownership and relationship of MassMutual and its subsidiaries and affiliated companies as of December 31, 2022 is illustrated below. Subsidiaries are wholly owned, except as noted.

<u>Subsidiaries of MassMutual</u>

C.M. Life

Berkshire Way LLC

MML Special Situations Investor LLC

Timberland Forest Holding LLC – 37% (remaining 63% owned by MassMutual Trad Private Equity LLC)

MSP – SC, LLC

Insurance Road LLC

MM Copper Hill Road LLC

Jefferies Finance LLC– 50% (remaining 50% owned by Jefferies Group, Inc.)

MML Distributors LLC – 99% (remaining 1% owned by MassMutual Holding LLC)

MML Investment Advisers, LLC

Pioneers Gate LLC

MML Strategic Distributors, LLC

The MassMutual Trust Company, FSB

MassMutual Mortgage Lending LLC

MML Private Placement Investment Company I, LLC

MML Private Equity Fund Investor LLC

[Back to **Table of Contents**](#toc)

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

MM Private Equity Intercontinental LLC

MassMutual Holding LLC

MassMutual Investment Holding, LLC

MassMutual International, LLC

MML Mezzanine Investor II, LLC

MML Mezzanine Investor III, LLC

MassMutual External Benefits Group LLC

EM Opportunities LLC

MassMutual MCAM Insurance Company, Inc.

CML Global Capabilities

MM Global Capabilities I LLC

MM Global Capabilities II LLC

MM Global Capabilities III LLC

MML CM LLC

Glidepath Holdings Inc

ITPS Holding LLC

MM/Barings Mutifamily TEBS 2020 LLC

MM Direct Private Investments Holding LLC

MassMutual Ventures Europe/APAC I GP, LLC

MassMutual Ventures US IV, GP, LLC

DPI-ACRES Capital LLC

Amherst Long Term Holdings, LLC

<u>Subsidiaries of C.M. Life Insurance Company</u>

MML Bay State Life Insurance Company

CML Mezzanine Investor III, LLC

CML Special Situations Investor LLC

<u>Subsidiaries of MML Bay State Life Insurance Company</u>

(No subsidiaries)

<u>Subsidiaries of CML Mezzanine Investor III, LLC</u>

(No subsidiaries)

<u>Subsidiaries of CML Special Situations Investor LLC</u>

(No subsidiaries)

***16. Subsequent events***

Management of the Company has evaluated subsequent events through March 7, 2023, the date the financial statements were available to be issued to state regulators and subsequently on the Company's website. No events have occurred subsequent to the date of the Statements of Financial Position.

[Back to **Table of Contents**](#toc)

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***17.***  ***Impairment listing for loan-backed and structured securities*** 

 ****

The following are the total cumulative adjustments and impairments for loan-backed and structured securities since July 1, 2009:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Period Ended | Amortized Cost before<br> Cumulative Adjustment | Cumulative Adjustment | Amortized Cost before<br> OTTI | Projected Cash Flow | Recognized<br> OTTI | Amortized Cost<br> after OTTI | Fair Value |
| December 31, 2022 | $3726463 | $- | $3726463 | $3283242 | $(443221) | $3283242 | $3150825 |
| September 30, 2022 | $1337132 | $- | $1337132 | $1270962 | $(66170) | $1270962 | $1195634 |
| June 30, 2022 | 1069792 | - | 1069792 | 949598 | (120194) | 949598 | 917792 |
| March 31, 2022 | 1366642 | - | 1366642 | 1092539 | (274102) | 1092539 | 1084285 |
| December 31, 2021 | 153706 | - | 153706 | 146419 | (7287) | 146419 | 133301 |
| September 30, 2021 | 429103 | - | 429103 | 422210 | (6893) | 422210 | 371650 |
| June 30, 2021 | 1130186 | - | 1130186 | 1019790 | (110396) | 1019790 | 1128667 |
| March 31, 2021 | 580686 | - | 580686 | 541584 | (39102) | 541584 | 539293 |
| December 31, 2020 | 2202709 | - | 2202709 | 1981547 | (221162) | 1981547 | 2127616 |
| September 30, 2020 | 3225941 | - | 3225941 | 2914652 | (311289) | 2914652 | 2881746 |
| June 30, 2020 | 1978627 | - | 1978627 | 1765784 | (212843) | 1765784 | 1794192 |
| March 31, 2020 | 2725567 | - | 2725567 | 2242474 | (483093) | 2242474 | 2684492 |
| December 31, 2019 | 395604 | - | 395603 | 374233 | (21371) | 374233 | 323929 |
| September 30, 2019 | 2403817 | - | 2403817 | 2163454 | (240363) | 2163454 | 1796355 |
| June 30, 2019 | 1138783 | - | 1138783 | 965642 | (173141) | 965642 | 1187758 |
| March 31, 2019 | 1165908 | - | 1165908 | 1155765 | (10143) | 1155765 | 1186451 |
| December 31, 2018 | 904746 | - | 904746 | 770347 | (134399) | 770347 | 817965 |
| September 30, 2018 | 496473 | - | 496473 | 447735 | (48737) | 447735 | 449782 |
| June 30, 2018 | 39548 | - | 39548 | 1365 | (38183) | 1365 | 4435 |
| March 31, 2018 | 84116 | - | 84116 | 56604 | (27511) | 56604 | 56886 |
| December 31, 2017 | 21358 | - | 21358 | 17379 | (3979) | 17379 | 25404 |
| September 30, 2017 | 31370 | - | 31370 | 30181 | (1188) | 30181 | 97082 |
| June 30, 2017 | 4452491 | - | 4452491 | 4378331 | (74160) | 4378331 | 6609233 |
| March 31, 2017 | 4815924 | - | 4815924 | 4784422 | (31502) | 4784422 | 6463013 |
| December 31, 2016 | 4846676 | - | 4846676 | 4829684 | (16992) | 4829684 | 6221820 |
| September 30, 2016 | 4994934 | - | 4994934 | 4730196 | (264738) | 4730196 | 6883514 |
| June 30, 2016 | 5054395 | - | 5054395 | 4955880 | (98515) | 4955880 | 6764218 |
| March 31, 2016 | 6298495 | - | 6298495 | 6092642 | (205853) | 6092642 | 7817461 |
| December 31, 2015 | 474546 | - | 474546 | 468066 | (6480) | 468066 | 467904 |
| September 30, 2015 | 5603766 | - | 5603766 | 5064430 | (539336) | 5064430 | 6491786 |
| June 30, 2015 | 8300146 | - | 8300146 | 8096024 | (204122) | 8096024 | 8991309 |
| March 31, 2015 | 4134216 | - | 4134216 | 4097041 | (37175) | 4097041 | 4062060 |
| December 31, 2014 | 9225670 | - | 9225670 | 9099603 | (126067) | 9099603 | 10324197 |
| June 30, 2014 | 6799823 | - | 6799823 | 6410214 | (389609) | 6410214 | 8821203 |
| March 31, 2014 | 10842786 | - | 10842786 | 9332953 | (1509833) | 9332953 | 11545156 |
| December 31, 2013 | 13068728 | - | 13068728 | 12446803 | (621925) | 12446803 | 13075122 |
| September 30, 2013 | 8777769 | - | 8777769 | 8640444 | (137325) | 8640444 | 8226635 |
| June 30, 2013 | 11479347 | - | 11479347 | 11079158 | (400190) | 11079158 | 10139599 |
| March 31, 2013 | 15334535 | - | 15334535 | 14970376 | (364159) | 14970376 | 14135122 |
| December 31, 2012 | 31785329 | - | 31785329 | 30443342 | (1341987) | 30443342 | 27669977 |
| September 30, 2012 | 67270430 | - | 67270430 | 65265347 | (2005083) | 65265347 | 57019262 |
| June 30, 2012 | 70455900 | - | 70455900 | 69041733 | (1414167) | 69041733 | 55143333 |
| March 31, 2012 | 87853178 | - | 87853178 | 85053001 | (2800177) | 85053001 | 67243938 |
| December 31, 2011 | 90342742 | - | 90342742 | 87759853 | (2582889) | 87759853 | 61663659 |
| September 30, 2011 | 62166554 | - | 62166554 | 60544909 | (1621646) | 60544909 | 45284654 |
| June 30, 2011 | 80582827 | - | 80582827 | 76857393 | (3725434) | 76857393 | 60286999 |
| March 31, 2011 | 87925923 | - | 87925923 | 85768903 | (2157020) | 85768903 | 65285429 |
| December 31, 2010 | 78922237 | - | 78922237 | 77329041 | (1593196) | 77329041 | 57284607 |
| September 30, 2010 | 75579158 | - | 75579158 | 73844794 | (1734364) | 73844794 | 53531682 |
| June 30, 2010 | 106701990 | - | 106701990 | 104920573 | (1781417) | 104920573 | 77297241 |
| March 31, 2010 | 117247145 | - | 117247145 | 110848178 | (6398967) | 110848178 | 81512593 |

---

[Back to **Table of Contents**](#toc)

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| December 31, 2009 | 94759892 | - | 94759892 | 91319793 | (3440099) | 61154482 |
| September 30, 2009 | 203672078 | (2299537) | 201372541 | 193090828 | (8281714) | 124234344 |
| Totals |  | $(2299537) |  |  | $(48900909) |  |

---

The following is the impairment listing for loan-backed and structured securities for the three months ended December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| CUSIP | Amortized Cost before<br> Cumulative Adjustment | Amortized Cost before<br> OTTI | Projected Cash Flow | Recognized<br> OTTI | Amortized Cost<br> after OTTI | Fair Value |
| 12624QAC7 | $200006 | 200006 | 180006 | (20000) | 180006 | 83625 |
| 36192RAL6 | 150034 | 150034 | 75034 | (75000) | 75034 | 55734 |
| 02660CAH3 | 945 | 945 | 854 | (91) | 854 | 19 |
| 040104RV5 | 156399 | 156399 | 147100 | (9300) | 147100 | 143313 |
| 040104TG6 | 18089 | 18089 | 17322 | (767) | 17322 | 13798 |
| 04544TAB7 | 2666 | 2666 | 724 | (1942) | 724 | 2444 |
| 12479DAC2 | 200809 | 200809 | 90080 | (110729) | 90080 | 162465 |
| 1248MGAJ3 | 5086 | 5086 | 4882 | (204) | 4882 | 4069 |
| 17311YAC7 | 78755 | 78755 | 77431 | (1324) | 77431 | 77538 |
| 30247DAD3 | 10637 | 10637 | 9445 | (1192) | 9445 | 8584 |
| 35729RAE6 | 125865 | 125865 | 114938 | (10927) | 114938 | 100526 |
| 40431KAE0 | 207799 | 207799 | 201274 | (6525) | 201274 | 202592 |
| 61750FAE0 | 27611 | 27611 | 26440 | (1171) | 26440 | 23511 |
| 61750MAB1 | 441 | 441 | 361 | (79) | 361 | 340 |
| 86363HAB8 | 3602 | 3602 | 3423 | (179) | 3423 | 2988 |
| 05535DAN4 | 130051 | 130051 | 124494 | (5557) | 124494 | 106591 |
| 45254TRX4 | 8114 | 8114 | 7910 | (204) | 7910 | 7836 |
| 45660LYW3 | 68799 | 68799 | 65584 | (3214) | 65584 | 64808 |
| 466247XE8 | 79759 | 79759 | 78321 | (1438) | 78321 | 67957 |
| 589929X29 | 33164 | 33164 | 31581 | (1582) | 31581 | 32521 |
| 65535VRK6 | 33605 | 33605 | 27970 | (5635) | 27970 | 29456 |
| 41161PHU0 | 96074 | 96074 | 81352 | (14722) | 81352 | 90998 |
| 41161PWB5 | 93018 | 93018 | 92331 | (687) | 92331 | 79847 |
| 45660N5H4 | 161805 | 161805 | 136681 | (25124) | 136681 | 136885 |
| 36298XAA0 | 977080 | 977080 | 942363 | (34718) | 942363 | 887951 |
| 36298XAB8 | 856251 | 856251 | 745341 | (110910) | 745341 | 764429 |
| Totals | $3726463 | 3726463 | 3283242 | (443221) | 3283242 | 3150825 |

---

The following is the impairment listing for loan-backed and structured securities for the three months ended September 30, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| CUSIP | Amortized Cost before<br> Cumulative Adjustment | Amortized Cost before<br> OTTI | Projected Cash Flow | Recognized<br> OTTI | Amortized Cost<br> after OTTI | Fair Value |
| 01853GAB6 | $2493 | 2493 | 2493 | - | 2493 | 7197 |
| 02660CAH3 | 941 | 941 | 935 | (5) | 935 | 16 |
| 040104RV5 | 173039 | 173039 | 154714 | (18324) | 154714 | 147435 |
| 040104TG6 | 18936 | 18936 | 17887 | (1049) | 17887 | 14314 |
| 1248MGAJ3 | 5295 | 5295 | 5118 | (178) | 5118 | 4203 |
| 14454AAB5 | 65791 | 65791 | 65736 | (55) | 65736 | 81802 |
| 17311YAC7 | 88194 | 88194 | 77892 | (10303) | 77892 | 78729 |
| 35729RAE6 | 132460 | 132460 | 126001 | (6459) | 126001 | 103302 |
| 40431KAE0 | 214071 | 214071 | 205722 | (8349) | 205722 | 202667 |
| 617463AA2 | 526 | 526 | 441 | (85) | 441 | 348 |
| 61750FAE0 | 30471 | 30471 | 27496 | (2975) | 27496 | 23889 |
| 86363HAB8 | 3939 | 3939 | 3660 | (279) | 3660 | 3100 |
| 93934XAB9 | 26691 | 26691 | 20650 | (6040) | 20650 | 23286 |
| 05535DAN4 | 135069 | 135069 | 134646 | (423) | 134646 | 114615 |
| 12668ACY9 | 10497 | 10497 | 8501 | (1996) | 8501 | 10743 |
| 22540VG71 | 2469 | 2469 | 2463 | (5) | 2463 | 2492 |
| 45254TSM7 | 78878 | 78878 | 76949 | (1929) | 76949 | 66138 |

---

[Back to **Table of Contents**](#toc)

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 45660LYW3 | 68495 | 68495 | 67063 | (1433) | 67063 | 66133 |
| 466247XE8 | 82504 | 82504 | 81877 | (627) | 81877 | 70950 |
| 525221AJ6 | 58759 | 58759 | 58677 | (83) | 58677 | 59121 |
| 65535VRK6 | 34486 | 34486 | 33568 | (917) | 33568 | 29683 |
| 23332UCM4 | 4180 | 4180 | 3866 | (313) | 3866 | 4042 |
| 41161PWB5 | 98950 | 98950 | 94607 | (4343) | 94607 | 81430 |
| Totals | $1337132 | 1337132 | 1270962 | (66170) | 1270962 | 1195634 |

---

The following is the impairment listing for loan-backed and structured securities for the three months ended June 30, 2022:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| CUSIP | Amortized Cost before<br> Cumulative Adjustment | Cumulative Adjustment | Amortized Cost before<br> OTTI | Projected Cash Flow | Recognized<br> OTTI | Amortized Cost<br> after OTTI | Fair Value |
| 01853GAB6 | $7454 | - | 7454 | 2288 | (5166) | 2288 | 7787 |
| 040104RV5 | 181867 | - | 181867 | 171865 | (10002) | 171865 | 160035 |
| 040104TG6 | 19420 | - | 19420 | 18728 | (692) | 18728 | 15333 |
| 1248MGAJ3 | 5727 | - | 5727 | 5328 | (399) | 5328 | 4501 |
| 14454AAB5 | 89674 | - | 89674 | 65737 | (23937) | 65737 | 86252 |
| 35729RAE6 | 140965 | - | 140965 | 132843 | (8122) | 132843 | 111262 |
| 86363HAB8 | 4436 | - | 4436 | 3995 | (441) | 3995 | 3437 |
| 05535DAN4 | 184726 | - | 184726 | 139420 | (45306) | 139420 | 124278 |
| 45254TRX4 | 9164 | - | 9164 | 8519 | (644) | 8519 | 8480 |
| 45660LYW3 | 71484 | - | 71484 | 68316 | (3168) | 68316 | 69150 |
| 525221AJ6 | 77112 | - | 77112 | 61754 | (15358) | 61754 | 64933 |
| 589929X29 | 45702 | - | 45702 | 44026 | (1676) | 44026 | 44178 |
| 761118FM5 | 213882 | - | 213882 | 209051 | (4832) | 209051 | 200979 |
| 589929N38 | 18178 | - | 18178 | 17727 | (451) | 17727 | 17185 |
| Totals | $1069792 | $- | $1069792 | 949598 | (120194) | 949598 | 917792 |

---

The following is the impairment listing for loan-backed and structured securities for the three months ended March 31, 2022:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| CUSIP | Amortized Cost before<br> Cumulative Adjustment | Cumulative Adjustment | Amortized Cost before<br> OTTI | Projected Cash Flow | Recognized<br> OTTI | Amortized Cost<br> after OTTI | Fair Value |
| 07388VAH1 | $226420 | - | 226420 | 23420 | (203000) | 23420 | 23420 |
| 040104RV5 | 191840 | - | 191840 | 182570 | (9270) | 182570 | 177676 |
| 17311YAC7 | 101646 | - | 101646 | 88695 | (12951) | 88695 | 93082 |
| 35729RAE6 | 144336 | - | 144336 | 142269 | (2067) | 142269 | 125320 |
| 40431KAE0 | 245992 | - | 245992 | 219259 | (26733) | 219259 | 244844 |
| 45071KDD3 | 66595 | - | 66595 | 59578 | (7017) | 59578 | 61194 |
| 61750FAE0 | 32855 | - | 32855 | 30573 | (2282) | 30573 | 28080 |
| 45660LAU3 | 12143 | - | 12143 | 11587 | (556) | 11587 | 11819 |
| 761118FM5 | 234972 | - | 234972 | 228638 | (6334) | 228638 | 223059 |
| 41161PWB5 | 109841 | - | 109841 | 105949 | (3892) | 105949 | 95793 |
| Totals | $1366642 | $- | $1366642 | $1092539 | $(274102) | $1092539 | $1084285 |

---

The following is the impairment listing for loan-backed and structured securities for the three months ended December 31, 2022:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| CUSIP | Amortized Cost before<br> Cumulative Adjustment | Cumulative Adjustment | Amortized Cost before<br> OTTI | Projected Cash Flow | Recognized<br> OTTI | Amortized Cost<br> after OTTI | Fair Value |
| 617463AA2 | $593 | $- | $593 | $541 | $(52) | $541 | $466 |
| 61750FAE0 | 34293 | - | 34293 | 32765 | (1528) | 32765 | 30781 |
| 61750MAB1 | 494 | - | 494 | 456 | (38) | 456 | 455 |
| 41161PWB5 | 118327 | - | 118327 | 112659 | (5668) | 112659 | 101599 |
| Totals | $153707 | $- | $153707 | $146421 | $(7286) | $146421 | $133301 |

---

[Back to **Table of Contents**](#toc)

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

The following is the impairment listing for loan-backed and structured securities for the three months ended September 30, 2021:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| CUSIP | Amortized Cost before<br> Cumulative Adjustment | Cumulative Adjustment | Amortized Cost before<br> OTTI | Projected Cash Flow | Recognized<br> OTTI | Amortized Cost<br> after OTTI | Fair Value |
| 05535DAN4 | $200922 | $- | $200922 | $200142 | $(780) | $200142 | $162578 |
| 073879QF8 | 18487 | - | 18487 | 17021 | (1466) | 17021 | 19301 |
| 45660LYW3 | 79334 | - | 79334 | 77956 | (1378) | 77956 | 76966 |
| 41161PWB5 | 130360 | - | 130360 | 127091 | (3269) | 127091 | 112805 |
| Totals | $429103 | $- | $429103 | $422210 | $(6893) | $422210 | $371650 |

---

The following is the impairment listing for loan-backed and structured securities for the three months ended June 30, 2021:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| CUSIP | Amortized Cost before<br> Cumulative Adjustment | Cumulative Adjustment | Amortized Cost before<br> OTTI | Projected Cash Flow | Recognized<br> OTTI | Amortized Cost<br> after OTTI | Fair Value |
| 040104TG6 | $24495 | $- | $24495 | $18486 | $(6009) | $18486 | $21692 |
| 05535DCF9 | 345984 | - | 345984 | 310936 | (35048) | 310936 | 374083 |
| 40431KAE0 | 260175 | - | 260175 | 258699 | (1476) | 258699 | 302426 |
| 61750FAE0 | 35830 | - | 35830 | 34510 | (1320) | 34510 | 31864 |
| 05535DAN4 | 221083 | - | 221083 | 165572 | (55511) | 165572 | 181999 |
| 45660LYW3 | 83910 | - | 83910 | 82457 | (1453) | 82457 | 81083 |
| 79548KXQ6 | 20469 | - | 20469 | 15048 | (5421) | 15048 | 15063 |
| 41161PWB5 | 138240 | - | 138240 | 134082 | (4158) | 134082 | 120457 |
| Totals | $1130186 | $- | $1130186 | $1019790 | $(110396) | $1019790 | $1128667 |

---

The following is the impairment listing for loan-backed and structured securities for the three months ended March 31, 2021:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| CUSIP | Amortized Cost before<br> Cumulative Adjustment | Cumulative Adjustment | Amortized Cost before<br> OTTI | Projected Cash Flow | Recognized<br> OTTI | Amortized Cost<br> after OTTI | Fair Value |
| 05535DCF9 | $366060 | $- | $366060 | $359326 | $(6734) | $359326 | $379719 |
| 61750FAE0 | 37595 | - | 37595 | 36005 | (1590) | 36005 | 32295 |
| 22540V3F7 | 33589 | - | 33589 | 2981 | (30608) | 2981 | 940 |
| 41161PWB5 | 143442 | - | 143442 | 143272 | (170) | 143272 | 126338 |
| Totals | $580686 | $- | $580686 | $541584 | $(39102) | $541584 | $539292 |

---

The following is the impairment listing for loan-backed and structured securities for the three months ended December 31, 2020:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| CUSIP | Amortized Cost before<br> Cumulative Adjustment | Cumulative Adjustment | Amortized Cost before<br> OTTI | Projected Cash Flow | Recognized<br> OTTI | Amortized Cost<br> after OTTI | Fair Value |
| 01853GAB6 | $14568 | $- | $14568 | $7033 | $(7536) | $7033 | $12059 |
| 05535DCF9 | 377210 | - | 377210 | 370871 | (6338) | 370871 | 402819 |
| 61750FAE0 | 38370 | - | 38370 | 37735 | (636) | 37735 | 34241 |
| 61750MAB1 | 519 | - | 519 | 500 | (19) | 500 | 505 |
| 124860CB1 | 136315 | - | 136315 | 94190 | (42125) | 94190 | 113287 |
| 2254W0NK7 | 14495 | - | 14495 | 4314 | (10181) | 4314 | 17202 |
| 45660LYW3 | 91445 | - | 91445 | 90564 | (881) | 90564 | 89217 |
| 65535VRK6 | 39925 | - | 39925 | 35226 | (4699) | 35226 | 38262 |
| 125435AA5 | 38147 | - | 38147 | 37820 | (327) | 37820 | 39118 |
| 36298XAA0 | 1280168 | - | 1280168 | 1134532 | (145636) | 1134532 | 1203139 |
| 86359DME4 | 171546 | - | 171546 | 168762 | (2784) | 168762 | 177768 |
| Totals | $2202709 | $- | $2202709 | $1981547 | $(221162) | $1981547 | $2127616 |

---

[Back to **Table of Contents**](#toc)

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

The following is the impairment listing for loan-backed and structured securities for the three months ended September 30, 2020:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| CUSIP | Amortized Cost before<br> Cumulative Adjustment | Cumulative Adjustment | Amortized Cost before<br> OTTI | Projected Cash Flow | Recognized<br> OTTI | Amortized Cost<br> after OTTI | Fair Value |
| 05535DCF9 | $395158 | $- | $395158 | $379924 | $(15234) | $379924 | $366150 |
| 61750MAB1 | 537 | - | 537 | 519 | (18) | 519 | 380 |
| 9393365V1 | 7420 | - | 7420 | 7328 | (92) | 7328 | 6783 |
| 12669GWN7 | 210883 | - | 210883 | 198389 | (12494) | 198389 | 194272 |
| 36298XAA0 | 1347196 | - | 1347196 | 1307547 | (39649) | 1307547 | 1239480 |
| 36298XAB8 | 1257414 | - | 1257414 | 1017564 | (239850) | 1017564 | 1064536 |
| 74951PBT4 | 7333 | - | 7333 | 3381 | (3952) | 3381 | 10145 |
| Totals | $3225941 | $- | $3225941 | $2914652 | $(311289) | $2914652 | $2881746 |

---

The following is the impairment listing for loan-backed and structured securities for the three months ended June 30, 2020:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| CUSIP | Amortized Cost before<br> Cumulative Adjustment | Cumulative Adjustment | Amortized Cost before<br> OTTI | Projected Cash Flow | Recognized<br> OTTI | Amortized Cost<br> after OTTI | Fair Value |
| 9393365V1 | $7834 | $- | $7834 | $7719 | $(116) | $7719 | $6622 |
| 57643QAE5 | 534784 | - | 534784 | 441679 | (93105) | 441679 | 574564 |
| 74951PBT4 | 14931 | - | 14931 | 9486 | (5445) | 9486 | 10438 |
| 86359DMC8 | 1421078 | - | 1421078 | 1306900 | (114178) | 1306900 | 1202568 |
| Totals | $1978627 | $- | $1978627 | $1765784 | $(212843) | $1765784 | $1794192 |

---

The following is the impairment listing for loan-backed and structured securities for the three months ended March 31, 2020:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| CUSIP | Amortized Cost before<br> Cumulative Adjustment | Cumulative Adjustment | Amortized Cost before<br> OTTI | Projected Cash Flow | Recognized<br> OTTI | Amortized Cost<br> after OTTI | Fair Value |
| 05535DCF9 | $432085 | $- | $432085 | $410505 | $(21580) | $410505 | $362606 |
| 45071KDD3 | 77176 | - | 77176 | 69653 | (7524) | 69653 | 67033 |
| 65535VRK6 | 41952 | - | 41952 | 40956 | (995) | 40956 | 37844 |
| 79548KXQ6 | 29027 | - | 29027 | 28392 | (635) | 28392 | 21372 |
| 12669GWN7 | 220746 | - | 220746 | 216237 | (4509) | 216237 | 214278 |
| 57645LAA2 | 1924581 | - | 1924581 | 1476730 | (447851) | 1476730 | 1981360 |
| Totals | $2725567 | $- | $2725567 | $2242474 | $(483093) | $2242474 | $2684492 |

---

The following is the impairment listing for loan-backed and structured securities for the three months ended December 31, 2019:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| CUSIP | Amortized Cost before<br> Cumulative Adjustment | Cumulative Adjustment | Amortized Cost before<br> OTTI | Projected Cash Flow | Recognized<br> OTTI | Amortized Cost<br> after OTTI | Fair Value |
| 05535DAN4 | $307738 | $- | $307738 | $295672 | $(12066) | $295672 | $254718 |
| 65535VRK6 | 48442 | - | 48442 | 41689 | (6753) | 41689 | 45360 |
| 79548KXQ6 | 32160 | - | 32160 | 29837 | (2323) | 29837 | 17626 |
| 12669FXR9 | 7263 | - | 7263 | 7035 | (228) | 7035 | 6226 |
| Totals | $395603 | $- | $395603 | $374233 | $(21370) | $374233 | $323929 |

---

The following is the impairment listing for loan-backed and structured securities for the three months ended September 30, 2019:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| CUSIP | Amortized Cost before<br> Cumulative Adjustment | Cumulative Adjustment | Amortized Cost before<br> OTTI | Projected Cash Flow | Recognized<br> OTTI | Amortized Cost<br> after OTTI | Fair Value |
| 761118FM5 | $340329 | $- | $340329 | $333834 | $(6494) | $333834 | $12112 |
| 79548KXQ6 | 44492 | - | 44492 | 43020 | (1472) | 43020 | 9462 |
| 12669GWN7 | 257591 | - | 257591 | 237604 | (19987) | 237604 | 232552 |
| 36298XAA0 | 1757853 | - | 1757853 | 1547103 | (210750) | 1547103 | 1539100 |
| US74951PBV94 | 3553 | - | 3553 | 1893 | (1660) | 1893 | 3130 |
| Totals | $2403817 | $- | $2403817 | $2163454 | $(240364) | $2163454 | $1796355 |

---

[Back to **Table of Contents**](#toc)

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

The following is the impairment listing for loan-backed and structured securities for the three months ended June 30, 2019:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| CUSIP | Amortized Cost before<br> Cumulative Adjustment | Cumulative Adjustment | Amortized Cost before<br> OTTI | Projected Cash Flow | Recognized<br> OTTI | Amortized Cost<br> after OTTI | Fair Value |
| 61750MAB1 | $549 | $- | $549 | $544 | $(5) | $544 | $483 |
| 761118FM5 | 399645 | - | 399645 | 392163 | (7482) | 392163 | 415195 |
| 57643QAE5 | 738589 | - | 738589 | 572935 | (165654) | 572935 | 772080 |
| Totals | $1138783 | $- | $1138783 | $965642 | $(173141) | $965642 | $1187758 |

---

The following is the impairment listing for loan-backed and structured securities for the three months ended March 31, 2019:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| CUSIP | Amortized Cost before<br> Cumulative Adjustment | Cumulative Adjustment | Amortized Cost before<br> OTTI | Projected Cash Flow | Recognized<br> OTTI | Amortized Cost<br> after OTTI | Fair Value |
| 61750MAB1 | $586 | $- | $586 | $548 | $(38) | $548 | $554 |
| 65106FAG7 | 12643 | - | 12643 | 11714 | (929) | 11714 | 343 |
| 22541QQR6 | 312 | - | 312 | - | (312) | - | - |
| 761118FM5 | 390110 | - | 390110 | 385210 | (4900) | 385210 | 388296 |
| 57643QAE5 | 755970 | - | 755970 | 754768 | (1202) | 754768 | 790386 |
| US74951PBV94 | 6287 | - | 6287 | 3525 | (2763) | 3525 | 6872 |
| Totals | $1165908 | $- | $1165908 | $1155765 | $(10144) | $1155765 | $1186451 |

---

The following is the impairment listing for loan-backed and structured securities for the three months ended December 31, 2018:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| CUSIP | Amortized Cost before<br> Cumulative Adjustment | Cumulative Adjustment | Amortized Cost before<br> OTTI | Projected Cash Flow | Recognized<br> OTTI | Amortized Cost<br> after OTTI | Fair Value |
| 65106FAG7 | $11179 | $- | $11179 | $959 | $(10220) | $959 | $1142 |
| 22541QQR6 | 5700 | - | 5700 | (1944) | (7644) | (1944) | - |
| 57643QAE5 | 887867 | - | 887867 | 771332 | (116535) | 771332 | 816823 |
| Totals | $904746 | $- | $904746 | $770347 | $(134399) | $770347 | $817965 |

---

The following is the impairment listing for loan-backed and structured securities for the three months ended September 30, 2018:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| CUSIP | Amortized Cost before<br> Cumulative Adjustment | Cumulative Adjustment | Amortized Cost before<br> OTTI | Projected Cash Flow | Recognized<br> OTTI | Amortized Cost<br> after OTTI | Fair Value |
| 05535DCF9 | $495404 | $- | $495404 | $450462 | $(44942) | $450462 | $449510 |
| 07386HCP4 | 564 | - | 564 | (1633) | (2197) | (1633) | 83 |
| 76110H4M8 | 504 | - | 504 | (1094) | (1598) | (1094) | 189 |
| Totals | $496473 | $- | $496473 | $447735 | $(48737) | $447735 | $449782 |

---

The following is the impairment listing for loan-backed and structured securities for the three months ended June 30, 2018:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| CUSIP | Amortized Cost before<br> Cumulative Adjustment | Cumulative Adjustment | Amortized Cost before<br> OTTI | Projected Cash Flow | Recognized<br> OTTI | Amortized Cost<br> after OTTI | Fair Value |
| 76110H4M8 | $2014 | $- | $2014 | $579 | $(1435) | $579 | $504 |
| 863579DV7 | 37534 | - | 37534 | 786 | (36748) | 786 | 3932 |
| Totals | $39548 | $- | $39548 | $1365 | $(38183) | $1365 | $4435 |

---

The following is the impairment listing for loan-backed and structured securities for the three months ended March 31, 2018:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| CUSIP | Amortized Cost before<br> Cumulative Adjustment | Cumulative Adjustment | Amortized Cost before<br> OTTI | Projected Cash Flow | Recognized<br> OTTI | Amortized Cost<br> after OTTI | Fair Value |
| 07386HEN7 | $2548 | $- | $2548 | $136 | $(2412) | $136 | $94 |
| 79548KXQ6 | 81567 | - | 81567 | 56468 | (25099) | 56468 | 56792 |
| Totals | $84116 | $- | $84116 | $56604 | $(27511) | $56604 | $56886 |

---

[Back to **Table of Contents**](#toc)

C.M. LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

The following is the impairment listing for loan-backed and structured securities for the three months ended December 31, 2017:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| CUSIP | Amortized Cost before<br> Cumulative Adjustment | Cumulative Adjustment | Amortized Cost before<br> OTTI | Projected Cash Flow | Recognized<br> OTTI | Amortized Cost<br> after OTTI | Fair Value |
| 07386HCP4 | $2087 | $- | $2087 | $362 | $(1726) | $362 | $697 |
| 22541QQR6 | 4224 | - | 4224 | 2480 | (1744) | 2480 | 3194 |
| 2254W0NK7 | 15047 | - | 15047 | 14538 | (509) | 14538 | 21513 |
| Totals | $21358 | $- | $21358 | $17379 | $(3979) | $17379 | $25404 |

---

The following is the impairment listing for loan-backed and structured securities for the three months ended September 30, 2017:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| CUSIP | Amortized Cost before<br> Cumulative Adjustment | Cumulative Adjustment | Amortized Cost before<br> OTTI | Projected Cash Flow | Recognized<br> OTTI | Amortized Cost<br> after OTTI | Fair Value |
| 88157QAL2 | $31370 | $- | $31370 | $30181 | $(1188) | $30181 | $97082 |

---

The following is the impairment listing for loan-backed and structured securities for the three months ended June 30, 2017:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| CUSIP | Amortized Cost before<br> Cumulative Adjustment | Cumulative Adjustment | Amortized Cost before<br> OTTI | Projected Cash Flow | Recognized<br> OTTI | Amortized Cost<br> after OTTI | Fair Value |
| 76110H4M8 | $1298 | $- | $1298 | $684 | $(614) | $684 | $1198 |
| 86358RLG0 | 245 | - | 245 | 191 | (54) | 191 | 2120 |
| 88157QAL2 | 37298 | - | 37298 | 30852 | (6447) | 30852 | 88942 |
| 77277LAF4 | 2501621 | - | 2501621 | 2463055 | (38566) | 2463055 | 3813186 |
| 77277LAH0 | 126121 | - | 126121 | 124240 | (1881) | 124240 | 304271 |
| 77277LAJ6 | 1785908 | - | 1785908 | 1759310 | (26599) | 1759310 | 2399517 |
| Totals | $4452491 | $- | $4452491 | $4378331 | $(74160) | $4378331 | $6609233 |

---

The following is the impairment listing for loan-backed and structured securities for the three months ended March 31, 2017:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| CUSIP | Amortized Cost before<br> Cumulative Adjustment | Cumulative Adjustment | Amortized Cost before<br> OTTI | Projected Cash Flow | Recognized<br> OTTI | Amortized Cost<br> after OTTI | Fair Value |
| 22541QJR4 | $3126 | $- | $3126 | $15 | $(3111) | $15 | $1926 |
| 45660LYW3 | 130210 | - | 130210 | 121920 | (8290) | 121920 | 118232 |
| 86358RA23 | 224856 | - | 224856 | 212421 | (12435) | 212421 | 218430 |
| 88157QAL2 | 39747 | - | 39747 | 36416 | (3331) | 36416 | 89960 |
| 77277LAF4 | 2504113 | - | 2504113 | 2501621 | (2492) | 2501621 | 3522212 |
| 77277LAH0 | 126242 | - | 126242 | 126121 | (122) | 126121 | 295836 |
| 77277LAJ6 | 1787629 | - | 1787629 | 1785908 | (1721) | 1785908 | 2216416 |
| Totals | $4815924 | $- | $4815924 | $4784422 | $(31502) | $4784422 | $6463013 |

---

KPMG LLP

Two Financial Center

60 South Street

Boston, MA 02111

**Report of Independent Registered Public Accounting Firm**

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

*Opinion on the Financial Statements* 

We have audited the accompanying statements of assets and liabilities of the divisions listed in Appendix A that comprise C.M. Life Variable Life Separate Account I (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 division 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**

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

---

| | |
|:---|:---|
| **Divisions** |  |
| American Century VP Capital Appreciation Division\* | Fidelity® VIP Index 500 Division (Service Class)\* |
| American Century VP Disciplined Core Value Division | Fidelity® VIP International Index Division \* |
| American Century VP International Division\* | Franklin Small Cap Value VIP Division |
| American Century VP Value Division | Goldman Sachs Mid Cap Value Division\* |
| American Funds® Asset Allocation Division | Goldman Sachs Small Cap Equity Insights Division\* |
| American Funds® Growth-Income Division\* | Goldman Sachs Strategic Growth Division |
| American Funds® IS Bond Division\* | Invesco Oppenheimer V.I. International Growth Division |
| American Funds® IS Global Growth-Income Division\* | Invesco V.I. Capital Appreciation Division |
| American Funds® IS New World Division\* | Invesco V.I. Core Plus Bond Division\*\* |
| Black Rock High Yield V.I Division\* | Invesco V.I. Discovery Mid Cap Growth Division |
| Black Rock Small Cap Index V.I. Division\* | Invesco V.I. Diversified Dividend Division |
| Black Rock Total Return V.I. Division\* | Invesco V.I Global Division |
| BNY Mellon Mid Cap Stock Division\* | Invesco V.I. Global Strategic Income Division |
| Delaware Ivy VIP Science and Technology Division\* | Invesco V.I. Health Care Division |
| Delaware VIP® Emerging Markets Division\* | Invesco V.I. Main Street Division |
| Delaware VIP® Small Cap Value Division\* | Invesco V.I. Small Cap Equity Division\* |
| DFA VA International Small Division\* | Invesco V.I. Technology Division |
| DFA U.S. Targeted Value Division\* | Janus Henderson Balanced Division |
| DFA VIT Inflation Protected Division\* | Janus Henderson Forty Division |
| DWS Small Cap Index Division | Janus Henderson Global Research Division |
| Fidelity® Growth Division\* | JPMorgan Insurance Trust U.S. Equity Division\* |
| Fidelity® VIP Contrafund® Division | MFS® Blended Research Core Equity Division\* |
| Fidelity® VIP Extended Market Index Division\* | MFS® Global Real Estate Division\* |
| Fidelity® VIP Freedom 2025 Division\* | MFS® International Intrinsic Value Division\* |
| Fidelity® VIP Freedom 2030 Division\* | MFS® Investors Trust Division |
| Fidelity® VIP Freedom 2035 Division\* | MFS® Mid Cap Value Division\* |
| Fidelity® VIP Freedom 2040 Division\* | MFS® New Discovery Division |
| Fidelity® VIP Freedom 2045 Division\* | MFS® Value Division\* |
| Fidelity® VIP Freedom 2050 Division\* | MML Aggressive Allocation Division\* |
| Fidelity® VIP Freedom 2055 Division\* | MML American Funds Growth Division\* |
| Fidelity® VIP Freedom 2060 Division\* | MML Balanced Allocation Division\* |
| Fidelity® VIP Freedom 2065 Division\* | MML Blend Division |
| Fidelity® VIP Freedom Income Division\* | MML Blue Chip Growth Division |
| Fidelity® VIP Index 500 Division (Initial Class)\* | MML Conservative Allocation Division\* |
|  | MML Dynamic Bond Division\* |

---

---

| | |
|:---|:---|
| MML Equity Division | MML Total Return Bond Division\* |
| MML Equity Index Division | MML U.S. Government Money Market Division |
| MML Foreign Division\* | PIMCO Global Bond Opportunities Division\* |
| MML Global Division\* | PIMCO Real Return Division\* |
| MML Growth Allocation Division\* | PIMCO Total Return Division\* |
| MML High Yield Division\* | T. Rowe Price Limited-Term Bond Division\* |
| MML Income & Growth Division | T. Rowe Price Blue Chip Growth Division |
| MML Inflation-Protected and Income Division | T. Rowe Price Equity Income Division |
| MML Large Cap Growth Division\* | T. Rowe Price Mid-Cap Growth Division |
| MML Managed Bond Division | Templeton Foreign VIP Division |
| MML Managed Volatility Division | Templeton Global Bond VIP Division\* |
| MML Mid Cap Growth Division\* | Vanguard VIF Balanced Division\* |
| MML Moderate Allocation Division\* | Vanguard VIF Capital Growth Division\* |
| MML Short Duration Bond Division\* | Vanguard VIF Diversified Value Division\* |
| MML Small Cap Equity Division | Vanguard VIF Equity Income Division\* |
| MML Small Cap Growth Equity Division | Vanguard VIF Real Estate Index Division\* |
| MML Small Mid Cap Value Division\* | Vanguard VIF Short Term Investment Division\* |

---

\* Statements of operations and changes in net assets for the year ended December 31, 2022 and the period from December 13, 2021 (inception) to December 31, 2021.

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

Statement of operations and changes in net assets for the period from January 1, 2022 to November 14, 2022 (liquidation) and the period from December 13, 2021 (inception) to December 31, 2021.

MML American Funds International Division

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

 ****

*STATEMENTS OF ASSETS AND LIABILITIES*

***December 31, 2022***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **American**<br>**Century**<br>**VP Capital**<br>**Appreciation**<br>**Division** | **American**<br>**Century**<br>**VP Disciplined**<br>**Core Value**<br>**Division** |<br>**American**<br>**Century**<br>**VP International**<br>**Division** |<br>**American**<br>**Century**<br>**VP Value**<br>**Division** | **American**<br>**Funds®**<br>**Asset**<br>**Allocation**<br>**Division** |<br>**American**<br>**Funds®**<br>**Growth-Income**<br>**Division** |<br>**American**<br>**Funds®**<br>**IS Bond**<br>**Division** | **American**<br>**Funds®**<br>**IS Global**<br>**Growth-Income**<br>**Division** |
| **ASSETS** |  |  |  |  |  |  |  |  |
| Investments |  |  |  |  |  |  |  |  |
| Number of shares | 1005 | 3864404 | 5915 | 205910 | 472708 | 201336 | 410 | 391 |
| Identified cost | $11971 | $33757531 | $56766 | $2163588 | $10766270 | $9617625 | $4055 | $12045 |
| Value | $11860 | $27707776 | $56372 | $2563581 | $10357043 | $9958096 | $3833 | $11814 |
| Dividends receivable |  |  |  |  |  |  |  |  |
| Receivable from C.M. Life Insurance Company | - | - | - | - | - | - | - | - |
| **Total assets** | **11860** | **27707776** | **56372** | **2563581** | **10357043** | **9958096** | **3833** | **11814** |
| **LIABILITIES** |  |  |  |  |  |  |  |  |
| Payable to C.M. Life Insurance Company | - | 11 | - | 18 | 15 | 9 | - | - |
| **Total liabilities** | **-** | **11** | **-** | **18** | **15** | **9** | **-** | **-** |
| **NET ASSETS** (For variable life insurance policies) | $**11860** | $**27707765** | $**56372** | $**2563563** | $**10357028** | $**9958087** | $**3833** | $**11814** |
| **Outstanding Units** |  |  |  |  |  |  |  |  |
| Policy owners | **16242** | **7888083** | **73505** | **522275** | **2630594** | **1942734** | **4392** | **15311** |
| **UNIT VALUE** |  |  |  |  |  |  |  |  |
| Executive Benefit Variable Universal Life | $- | $- | $- | $- | $- | $- | $- | $- |
| Survivorship Variable Universal Life |  | 4.06 |  | 5.09 | 4.06 | 5.32 |  |  |
| Variable Universal Life |  | 3.50 |  | 4.80 | 3.83 | 5.01 |  |  |
| Survivorship Variable Universal Life II |  | 3.22 |  | 5.09 | 4.06 | 5.32 |  |  |
| C.M. Life Electrum Select(SM) | 0.73 |  | 0.77 |  |  |  | 0.87 | 0.77 |

---

*See Notes to Financial Statements.*

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

 ****

*STATEMENTS OF ASSETS AND LIABILITIES (Continued)*

***December 31, 2022***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **American**<br> **Funds®**<br> **IS New World**<br> **Division** | <br> **Black Rock**<br> **High Yield V.I.**<br> **Division** | **Black Rock**<br> **Small Cap**<br> **Index V.I.**<br> **Division** | **Black Rock**<br> **Total Return**<br> **V.I.**<br> **Division** | **BNY Mellon**<br> **Mid Cap**<br> **Stock**<br> **Division** | **Delaware**<br> **Ivy VIP Science**<br> **and Technology**<br> **Division** | **Delaware VIP®**<br> **Emerging**<br> **Markets**<br> **Division** | **Delaware VIP®**<br> **Small Cap**<br> **Value**<br> **Division** |
| **ASSETS** |  |  |  |  |  |  |  |  |
| Investments |  |  |  |  |  |  |  |  |
| Number of shares | 525 | 6305 | 12089 | - | - | - | 3383 | 209 |
| Identified cost | $11718 | $40763 | $123592 | $- | $- | $- | $70564 | $7788 |
| Value | $11718 | $40670 | $121493 | $- | $- | $- | $66402 | $7710 |
| Dividends receivable |  | 216 |  |  |  |  |  |  |
| Receivable from C.M. Life Insurance Company | - | 5 | - | - | - | - | - | - |
| **Total assets** | **11718** | **40891** | **121493** | **-** | **-** | **-** | **66402** | **7710** |
| **LIABILITIES** |  |  |  |  |  |  |  |  |
| Payable to C.M. Life Insurance Company | - | - | - | - | - | - | - | - |
| **Total liabilities** | **-** | **-** | **-** | **-** | **-** | **-** | **-** | **-** |
| **NET ASSETS** (For variable life insurance policies) | $**11718** | $**40891** | $**121493** | $**-** | $**-** | $**-** | $**66402** | $**7710** |
| **Outstanding Units** |  |  |  |  |  |  |  |  |
| Policy owners | **14775** | **45254** | **148632** | **-** | **-** | **-** | **90421** | **8492** |
| **UNIT VALUE** |  |  |  |  |  |  |  |  |
| Executive Benefit Variable Universal Life | $- | $- | $- | $- | $- | $- | $- | $- |
| Survivorship Variable Universal Life |  |  |  |  |  |  |  |  |
| Variable Universal Life |  |  |  |  |  |  |  |  |
| Survivorship Variable Universal Life II |  |  |  |  |  |  |  |  |
| C.M. Life Electrum Select(SM) | 0.79 | 0.90 | 0.82 | 0.86 | 0.89 | 0.70 | 0.73 | 0.91 |

---

*See Notes to Financial Statements.*

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

 ****

*STATEMENTS OF ASSETS AND LIABILITIES (Continued)*

***December 31, 2022***

 ****

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br> **DFA**<br> **VA International**<br> **Small**<br> **Division** | <br> **DFA**<br> **U.S.Targeted** <br> **value**<br> **Division** | <br> **DFA**<br> **VIT Inflation-**<br> **Protected**<br> **Division** | <br> **DWS**<br> **Small Cap**<br> **Index**<br> **Division** | <br>**Fidelity®**<br> **Growth**<br> **Division** | <br> **Fidelity®**<br> **VIP**<br> **Contrafund®**<br> **Division** | **Fidelity®**<br> **VIP**<br> **Extended**<br> **Market Index**<br> **Division** | <br> **Fidelity®**<br> **VIP**<br> **Freedom 2025**<br> **Division** |
| **ASSETS** |  |  |  |  |  |  |  |  |
| Investments |  |  |  |  |  |  |  |  |
| Number of shares | 3955 | 2921 | 1794 | 336263 | 244 | 1673872 | 13765 | 6933 |
| Identified cost | $43396 | $65194 | $18458 | $5045589 | $18156 | $57816789 | $152978 | $98433 |
| Value | $42517 | $60005 | $16254 | $4075507 | $17312 | $63406258 | $154173 | $94841 |
| Dividends receivable |  |  |  |  |  |  |  |  |
| Receivable from C.M. Life Insurance Company | - | - | - | - | - | - | - | - |
| **Total assets** | **42517** | **60005** | **16254** | **4075507** | **17312** | **63406258** | **154173** | **94841** |
| **LIABILITIES** |  |  |  |  |  |  |  |  |
| Payable to C.M. Life Insurance Company | - | - | - | 15 | - | 40 | - | - |
| **Total liabilities** | **-** | **-** | **-** | **15** | **-** | **40** | **-** | **-** |
| **NET ASSETS** (For variable life insurance policies) | $**42517** | $**60005** | $**16254** | $**4075492** | $**17312** | $**63406218** | $**154173** | $**94841** |
| **Outstanding Units** |  |  |  |  |  |  |  |  |
| Policy owners | **49773** | **60359** | **18385** | **1049211** | **22685** | **11560924** | **183005** | **112120** |
| **UNIT VALUE** |  |  |  |  |  |  |  |  |
| Executive Benefit Variable Universal Life | $- | $- | $- | $- | $- | $- | $- | $- |
| Survivorship Variable Universal Life |  |  |  | 4.17 |  | 6.75 |  |  |
| Variable Universal Life |  |  |  | 3.76 |  | 5.51 |  |  |
| Survivorship Variable Universal Life II |  |  |  | 4.02 |  | 4.89 |  |  |
| C.M. Life Electrum Select(SM) | 0.85 | 0.99 | 0.88 |  | 0.76 | 0.75 | 0.84 | 0.85 |

---

*See Notes to Financial Statements.*

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

 ****

*STATEMENTS OF ASSETS AND LIABILITIES (Continued)*

***December 31, 2022***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fidelity®**<br> **VIP**<br> **Freedom 2030**<br> **Division** | **Fidelity®**<br> **VIP**<br> **Freedom 2035**<br> **Division** | **Fidelity®**<br> **VIP**<br> **Freedom 2040**<br> **Division** | **Fidelity®**<br> **VIP**<br> **Freedom 2045**<br> **Division** | **Fidelity®**<br> **VIP**<br> **Freedom 2050**<br> **Division** | **Fidelity®**<br> **VIP**<br> **Freedom 2055**<br> **Division** | **Fidelity®**<br> **VIP**<br> **Freedom 2060**<br> **Division** | **Fidelity®**<br> **VIP**<br> **Freedom 2065**<br> **Division** |
| **ASSETS** |  |  |  |  |  |  |  |  |
| Investments |  |  |  |  |  |  |  |  |
| Number of shares | 329 | 2133 | 3081 | 1081 | 731 | 3271 | 1127 | 40 |
| Identified cost | $4667 | $49918 | $66189 | $23602 | $14451 | $36645 | $12503 | $441 |
| Value | $4504 | $48292 | $66312 | $23440 | $14306 | $35748 | $12178 | $426 |
| Dividends receivable |  |  |  |  |  |  |  |  |
| Receivable from C.M. Life Insurance Company | - | - | - | - | - | - | - | - |
| **Total assets** | **4504** | **48292** | **66312** | **23440** | **14306** | **35748** | **12178** | **426** |
| **LIABILITIES** |  |  |  |  |  |  |  |  |
| Payable to C.M. Life Insurance Company | - | - | - | - | - | - | - | - |
| **Total liabilities** | **-** | **-** | **-** | **-** | **-** | **-** | **-** | **-** |
| **NET ASSETS** (For variable life insurance policies) | $**4504** | $**48292** | $**66312** | $**23440** | $**14306** | $**35748** | $**12178** | $**426** |
| **Outstanding Units** |  |  |  |  |  |  |  |  |
| Policy owners | **5345** | **57680** | **79449** | **28092** | **17147** | **42857** | **14592** | **511** |
| **UNIT VALUE** |  |  |  |  |  |  |  |  |
| Executive Benefit Variable Universal Life | $- | $- | $- | $- | $- | $- | $- | $- |
| Survivorship Variable Universal Life |  |  |  |  |  |  |  |  |
| Variable Universal Life |  |  |  |  |  |  |  |  |
| Survivorship Variable Universal Life II |  |  |  |  |  |  |  |  |
| C.M. Life Electrum Select(SM) | 0.84 | 0.84 | 0.83 | 0.83 | 0.83 | 0.83 | 0.83 | 0.83 |

---

 

*See Notes to Financial Statements.*

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

 ****

*STATEMENTS OF ASSETS AND LIABILITIES (Continued)*

***December 31, 2022***

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | <br> **Fidelity®**<br> **VIP**<br> **Freedom Income**<br> **Division** | <br> **Fidelity®**<br> **VIP**<br> **Index 500**<br> **Division** | <br> **Fidelity®**<br> **VIP**<br> **Index 500**<br> **Division¹** | <br> **Fidelity®**<br> **VIP**<br> **International Index**<br> **Division** | **Franklin**<br> **Small Cap**<br> **Value**<br> **VIP**<br> **Division** | **Goldman**<br> **Sachs**<br> **Mid Cap**<br> **Value**<br> **Division** | **Goldman**<br> **Sachs**<br> **Small Cap**<br> **Equity Insights**<br> **Division** | **Goldman**<br> **Sachs**<br> **Strategic**<br> **Growth**<br> **Division** |
|  |  | | **(Initial Class)** | **(Service Class)** | | | | | |
| **ASSETS** | **ASSETS** |  |  |  |  |  |  |  |  |
| Investments | Investments |  |  |  |  |  |  |  |  |
|  | Number of shares | 205 | - | 1091 | 9760 | 328399 | 14099 | - | 590864 |
|  | Identified cost | $2251 | $8 | $418461 | $96031 | $4640325 | $228269 | $- | $7184308 |
|  | Value | $2173 | $9 | $407224 | $91354 | $4114840 | $209930 | $- | $5435945 |
| Dividends receivable | Dividends receivable |  |  |  |  |  |  |  |  |
| Receivable from C.M. Life Insurance Company | Receivable from C.M. Life Insurance Company | - | - | - | - | - | 1 | - | 2 |
|  | **Total assets** | **2173** | **9** | **407224** | **91354** | **4114840** | **209931** | **-** | **5435947** |
| **LIABILITIES** | **LIABILITIES** |  |  |  |  |  |  |  |  |
| Payable to C.M. Life Insurance Company | Payable to C.M. Life Insurance Company | - | 9 | 2 | - | 15 | - | - | - |
|  | **Total liabilities** | **-** | **9** | **2** | **-** | **15** | **-** | **-** | **-** |
| **NET ASSETS** (For variable life insurance policies) | **NET ASSETS** (For variable life insurance policies) | $**2173** | $**-** | $**407222** | $**91354** | $**4114825** | $**209931** | $**-** | $**5435947** |
| **Outstanding Units** | **Outstanding Units** |  |  |  |  |  |  |  |  |
|  | Policy owners | **2462** | **-** | **487980** | **106733** | **766735** | **225578** | **-** | **1687865** |
| **UNIT VALUE** | **UNIT VALUE** |  |  |  |  |  |  |  |  |
|  | Executive Benefit Variable Universal Life | $- | $8.13 | $- | $- | $- | $- | $- | $- |
|  | Survivorship Variable Universal Life |  |  |  |  | 5.89 |  |  | 3.89 |
|  | Variable Universal Life |  |  |  |  | 5.55 |  |  | 3.10 |
|  | Survivorship Variable Universal Life II |  |  |  |  | 5.89 |  |  | 3.32 |
|  | C.M. Life Electrum Select(SM) | 0.88 |  | 0.83 | 0.86 | 0.93 | 0.93 | 0.83 |  |
| <sup>1</sup> | Fidelity VIP Index 500 Fund shares held are fractional and round to zero. | Fidelity VIP Index 500 Fund shares held are fractional and round to zero. | Fidelity VIP Index 500 Fund shares held are fractional and round to zero. | Fidelity VIP Index 500 Fund shares held are fractional and round to zero. | Fidelity VIP Index 500 Fund shares held are fractional and round to zero. | Fidelity VIP Index 500 Fund shares held are fractional and round to zero. | Fidelity VIP Index 500 Fund shares held are fractional and round to zero. | Fidelity VIP Index 500 Fund shares held are fractional and round to zero. |  |

---

*See Notes to Financial Statements.*

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

 ****

*STATEMENTS OF ASSETS AND LIABILITIES (Continued)*

***December 31, 2022***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Invesco**<br> **Oppenheimer V.I.**<br> **International**<br> **Growth**<br> **Division** | <br> **Invesco V.I.**<br> **Capital**<br> **Appreciation**<br> **Division** | <br>**Invesco V.I.**<br> **Core Plus Bond**<br> **Division** | <br> **Invesco V.I.**<br> **Discovery**<br> **Mid Cap Growth**<br> **Division** | <br> **Invesco V.I.**<br> **Diversified**<br> **Dividend**<br> **Division** | <br>**Invesco V.I.**<br> **Global** <br> **Division** | <br> **Invesco V.I.**<br> **Global**<br> **Strategic Income**<br> **Division** | <br> **Invesco V.I.**<br> **Health**<br> **Care**<br> **Division** |
| **ASSETS** |  |  |  |  |  |  |  |  |
| Investments |  |  |  |  |  |  |  |  |
| Number of shares | 2230573 | 1289446 | 468424 | 955735 | 25855 | 1466957 | 1755682 | 42118 |
| Identified cost | $4931439 | $62996776 | $3145890 | $67283643 | $663376 | $52924029 | $8532389 | $1195666 |
| Value | $3747363 | $44834021 | $2604436 | $53052857 | $646120 | $45622377 | $6917386 | $1059267 |
| Dividends receivable |  |  |  |  |  |  |  |  |
| Receivable from C.M. Life Insurance Company | - | - | - | 24 | - | 39 | 8 | - |
| **Total assets** | **3747363** | **44834021** | **2604436** | **53052881** | **646120** | **45622416** | **6917394** | **1059267** |
| **LIABILITIES** |  |  |  |  |  |  |  |  |
| Payable to C.M. Life Insurance Company | 7 | 3 | 9 | - | 7 | - | - | 10 |
| **Total liabilities** | **7** | **3** | **9** | **-** | **7** | **-** | **-** | **10** |
| **NET ASSETS** (For variable life insurance policies) | $**3747356** | $**44834018** | $**2604427** | $**53052881** | $**646113** | $**45622416** | $**6917394** | $**1059257** |
| **Outstanding Units** |  |  |  |  |  |  |  |  |
| Policy owners | **1458660** | **12388585** | **1743697** | **15225855** | **321772** | **8825282** | **2933888** | **221693** |
| **UNIT VALUE** |  |  |  |  |  |  |  |  |
| Executive Benefit Variable Universal Life | $4.04 | $- | $1.61 | $- | $- | $- | $- | $- |
| Survivorship Variable Universal Life | 2.66 | 4.55 | 1.40 | 4.18 | 2.07 | 6.09 | 2.47 | 4.98 |
| Variable Universal Life | 2.50 | 3.85 | 1.46 | 3.98 | 1.95 | 5.54 | 2.32 | 4.70 |
| Survivorship Variable Universal Life II | 2.66 | 2.76 | 1.56 | 2.10 | 2.07 | 3.48 | 2.42 | 4.98 |
| C.M. Life Electrum Select(SM) | 0.75 |  |  | 0.70 | 1.01 | 0.68 | 0.89 |  |

---

*See Notes to Financial Statements.*

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

 ****

*STATEMENTS OF ASSETS AND LIABILITIES (Continued)*

***December 31, 2022***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**Invesco V.I.**<br> **Main Street**<br> **Division** | <br> **Invesco V.I.**<br> **Small Cap**<br> **Equity**<br> **Division** | <br>**Invesco V.I.**<br> **Technology**<br> **Division** | <br> **Janus**<br> **Henderson**<br> **Balanced**<br> **Division** | <br> **Janus**<br> **Henderson**<br> **Forty**<br> **Division** | **Janus**<br> **Henderson**<br> **Global**<br> **Research**<br> **Division** | <br> **JPMorgan**<br> **Insurance Trust**<br> **U.S. Equity**<br> **Division** | <br> **MFS®**<br> **Blended Research**<br> **Core Equity**<br> **Division** |
| **ASSETS** |  |  |  |  |  |  |  |  |
| Investments |  |  |  |  |  |  |  |  |
| Number of shares | 872078 | 3314 | 90599 | 90875 | 494782 | 213339 | - | - |
| Identified cost | $19981344 | $66649 | $2094739 | $3302583 | $19353980 | $9111056 | $- | $- |
| Value | $14057895 | $49903 | $1140635 | $3859468 | $16768169 | $10671218 | $- | $- |
| Dividends receivable |  |  |  |  |  |  |  |  |
| Receivable from C.M. Life Insurance Company | 1 | - | - | - | - | 25 | - | - |
| **Total assets** | **14057896** | **49903** | **1140635** | **3859468** | **16768169** | **10671243** | **-** | **-** |
| **LIABILITIES** |  |  |  |  |  |  |  |  |
| Payable to C.M. Life Insurance Company | - | - | 4 | 10 | 11 | - | - | - |
| **Total liabilities** | **-** | **-** | **4** | **10** | **11** | **-** | **-** | **-** |
| **NET ASSETS** (For variable life insurance policies) | $**14057896** | $**49903** | $**1140631** | $**3859458** | $**16768158** | $**10671243** | $**-** | $**-** |
| **Outstanding Units** |  |  |  |  |  |  |  |  |
| Policy owners | **4492401** | **60691** | **529251** | **942788** | **4272388** | **6484464** | **-** | **-** |
| **UNIT VALUE** |  |  |  |  |  |  |  |  |
| Executive Benefit Variable Universal Life | $4.47 | $- | $- | $- | $- | $- | $- | $- |
| Survivorship Variable Universal Life | 3.84 |  | 2.26 | 4.28 |  |  |  |  |
| Variable Universal Life | 3.06 |  | 2.12 | 4.03 | 3.83 | 1.61 |  |  |
| Survivorship Variable Universal Life II | 3.28 |  | 2.26 | 4.28 | 4.10 | 1.73 |  |  |
| C.M. Life Electrum Select(SM) |  | 0.82 |  |  |  |  | 0.83 | 0.86 |

---

*See Notes to Financial Statements.*

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

 ****

*STATEMENTS OF ASSETS AND LIABILITIES (Continued)*

***December 31, 2022***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **MFS®**<br> **Global**<br> **Real Estate**<br> **Division** | **MFS®**<br> **International**<br> **Intrinsic Value**<br> **Division** | **MFS®**<br> **Investors**<br> **Trust**<br> **Division** | **MFS®**<br> **Mid Cap**<br> **Value**<br> **Division** | **MFS®**<br> **New**<br> **Discovery**<br> **Division** | <br> **MFS®**<br> **Value**<br> **Division** | **MML**<br> **Aggressive**<br> **Allocation**<br> **Division** | **MML**<br> **American Funds**<br> **Growth**<br> **Division** |
| **ASSETS** |  |  |  |  |  |  |  |  |
| Investments |  |  |  |  |  |  |  |  |
| Number of shares | 549 | 503 | 5819 | 737 | 102005 | 7751 | 3904 | 11620 |
| Identified cost | $7712 | $13849 | $195519 | $7285 | $1906274 | $173320 | $36651 | $177278 |
| Value | $7015 | $13707 | $187768 | $6771 | $1153675 | $167026 | $32245 | $141183 |
| Dividends receivable |  |  |  |  |  |  |  |  |
| Receivable from C.M. Life Insurance Company | - | - | - | - | 3 | - | - | - |
| **Total assets** | **7015** | **13707** | **187768** | **6771** | **1153678** | **167026** | **32245** | **141183** |
| **LIABILITIES** |  |  |  |  |  |  |  |  |
| Payable to C.M. Life Insurance Company | - | - | 11 | - | - | - | - | - |
| **Total liabilities** | **-** | **-** | **11** | **-** | **-** | **-** | **-** | **-** |
| **NET ASSETS** (For variable life insurance policies) | $**7015** | $**13707** | $**187757** | $**6771** | $**1153678** | $**167026** | $**32245** | $**141183** |
| **Outstanding Units** |  |  |  |  |  |  |  |  |
| Policy owners | **9237** | **17645** | **35596** | **7189** | **198893** | **173491** | **37587** | **197587** |
| **UNIT VALUE** |  |  |  |  |  |  |  |  |
| Executive Benefit Variable Universal Life | $- | $- | $- | $- | $- | $- | $- | $- |
| Survivorship Variable Universal Life |  |  | 5.44 |  | 6.07 |  |  |  |
| Variable Universal Life |  |  | 5.13 |  | 5.73 |  |  |  |
| Survivorship Variable Universal Life II |  |  | 5.44 |  | 6.07 |  |  |  |
| C.M. Life Electrum Select(SM) | 0.76 | 0.78 |  | 0.94 |  | 0.96 | 0.86 | 0.71 |

---

*See Notes to Financial Statements.*

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

 ****

*STATEMENTS OF ASSETS AND LIABILITIES (Continued)*

***December 31, 2022***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **MML**<br> **Balanced**<br> **Allocation**<br> **Division** | <br> **MML**<br> **Blend**<br> **Division** | **MML**<br> **Blue Chip**<br> **Growth**<br> **Division** | **MML**<br> **Conservative**<br> **Allocation**<br> **Division** | **MML**<br> **Dynamic**<br> **Bond**<br> **Division** | <br> **MML**<br> **Equity**<br> **Division** | **MML**<br> **Equity**<br> **Index** <br> **Division** | <br> **MML**<br> **Foreign**<br> **Division** |
| **ASSETS** |  |  |  |  |  |  |  |  |
| Investments |  |  |  |  |  |  |  |  |
| Number of shares | 11080 | 1021510 | 410621 | 534 | 457 | 1543406 | 1870048 | 6295 |
| Identified cost | $103348 | $21629405 | $6867936 | $4864 | $4106 | $39151229 | $48951813 | $54071 |
| Value | $91520 | $17184879 | $4393641 | $4299 | $3801 | $41303525 | $49911592 | $52376 |
| Dividends receivable |  |  |  |  |  |  |  |  |
| Receivable from C.M. Life Insurance Company | 1 | - | - | - | - | 7 | - | - |
| **Total assets** | **91521** | **17184879** | **4393641** | **4299** | **3801** | **41303532** | **49911592** | **52376** |
| **LIABILITIES** |  |  |  |  |  |  |  |  |
| Payable to C.M. Life Insurance Company | - | 12 | - | - | - | - | 9 | - |
| **Total liabilities** | **-** | **12** | **-** | **-** | **-** | **-** | **9** | **-** |
| **NET ASSETS** (For variable life insurance policies) | $**91521** | $**17184867** | $**4393641** | $**4299** | $**3801** | $**41303532** | $**49911583** | $**52376** |
| **Outstanding Units** |  |  |  |  |  |  |  |  |
| Policy owners | **106143** | **5365568** | **2081871** | **5000** | **4418** | **13196820** | **12677806** | **59319** |
| **UNIT VALUE** |  |  |  |  |  |  |  |  |
| Executive Benefit Variable Universal Life | $- | $- | $- | $- | $- | $- | $- | $- |
| Survivorship Variable Universal Life |  | 3.44 | 2.94 |  |  | 3.39 | 4.68 |  |
| Variable Universal Life |  | 3.10 | 2.05 |  |  | 3.08 | 3.97 |  |
| Survivorship Variable Universal Life II |  | 3.30 | 2.19 |  |  | 3.38 | 3.59 |  |
| C.M. Life Electrum Select(SM) | 0.86 | 0.84 | 0.61 | 0.86 | 0.86 | 0.98 |  | 0.88 |

---

*See Notes to Financial Statements.*

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

 ****

*STATEMENTS OF ASSETS AND LIABILITIES (Continued)*

***December 31, 2022***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**MML**<br> **Global**<br> **Division** | <br> **MML**<br> **Growth**<br> **Allocation**<br> **Division** | <br> **MML**<br> **High**<br> **Yield**<br> **Division** | <br> **MML**<br> **Income &**<br> **Growth**<br> **Division** | **MML**<br> **Inflation-**<br> **Protected**<br> **and Income**<br> **Division** | <br> **MML**<br> **Large Cap**<br> **Growth**<br> **Division** | <br> **MML**<br> **Managed**<br> **Bond**<br> **Division** | <br> **MML**<br> **Managed**<br> **Volatility**<br> **Division** |
| **ASSETS** |  |  |  |  |  |  |  |  |
| Investments |  |  |  |  |  |  |  |  |
| Number of shares | 4351 | 19729 | - | 5882 | 158910 | 3935 | 760772 | 124820 |
| Identified cost | $27143 | $163349 | $- | $66545 | $1619654 | $40740 | $9540726 | $1563086 |
| Value | $16489 | $145597 | $- | $63645 | $1377747 | $38599 | $8063730 | $1663462 |
| Dividends receivable |  |  |  |  |  |  |  |  |
| Receivable from C.M. Life Insurance Company | - | 1 | - | - | 1 | - | 4 | - |
| **Total assets** | **16489** | **145598** | **-** | **63645** | **1377748** | **38599** | **8063734** | **1663462** |
| **LIABILITIES** |  |  |  |  |  |  |  |  |
| Payable to C.M. Life Insurance Company | - | - | - | - | - | - | - | 30 |
| **Total liabilities** | **-** | **-** | **-** | **-** | **-** | **-** | **-** | **30** |
| **NET ASSETS** (For variable life insurance policies) | $**16489** | $**145598** | $**-** | $**63645** | $**1377748** | $**38599** | $**8063734** | $**1663432** |
| **Outstanding Units** |  |  |  |  |  |  |  |  |
| Policy owners | **19572** | **169001** | **-** | **62250** | **780434** | **52920** | **3574803** | **772465** |
| **UNIT VALUE** |  |  |  |  |  |  |  |  |
| Executive Benefit Variable Universal Life | $- | $- | $- | $- | $- | $- | $- | $- |
| Survivorship Variable Universal Life |  |  |  |  | 1.85 |  | 2.43 | 2.21 |
| Variable Universal Life |  |  |  |  | 1.74 |  | 2.19 | 2.07 |
| Survivorship Variable Universal Life II |  |  |  |  | 1.85 |  | 2.34 | 2.21 |
| C.M. Life Electrum Select(SM) | 0.84 | 0.86 | 0.89 | 1.02 | 0.87 | 0.73 | 0.85 | 0.89 |

---

*See Notes to Financial Statements.*

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

 ****

*STATEMENTS OF ASSETS AND LIABILITIES (Continued)*

***December 31, 2022***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br> **MML**<br> **Mid Cap**<br> **Growth**<br> **Division** | <br> **MML**<br> **Moderate**<br> **Allocation**<br> **Division** | **MML**<br> **Short**<br> **Duration**<br> **Bond**<br> **Division** | <br> **MML**<br> **Small Cap**<br> **Equity**<br> **Division** | <br> **MML**<br> **Small Cap**<br> **Growth Equity**<br> **Division** | <br> **MML**<br> **Small Mid Cap**<br> **Value**<br> **Division** | <br> **MML**<br> **Total Return**<br> **Bond**<br> **Division** | <br> **MML U.S.**<br> **Government**<br> **Money Market**<br> **Division** |
| **ASSETS** |  |  |  |  |  |  |  |  |
| Investments |  |  |  |  |  |  |  |  |
| Number of shares | 6072 | 4194 | 459 | 1551466 | 788163 | - | 1033 | 8366540 |
| Identified cost | $66828 | $40232 | $4088 | $14809354 | $9812261 | $- | $9501 | $8365859 |
| Value | $53370 | $36023 | $3967 | $14569028 | $6638527 | $- | $9073 | $8366540 |
| Dividends receivable |  |  |  |  |  |  |  |  |
| Receivable from C.M. Life Insurance Company | - | - | - | - | - | - | - | 80 |
| **Total assets** | **53370** | **36023** | **3967** | **14569028** | **6638527** | **-** | **9073** | **8366620** |
| **LIABILITIES** |  |  |  |  |  |  |  |  |
| Payable to C.M. Life Insurance Company | - | - | - | 2 | 7 | - | - | - |
| **Total liabilities** | **-** | **-** | **-** | **2** | **7** | **-** | **-** | **-** |
| **NET ASSETS** (For variable life insurance policies) | $**53370** | $**36023** | $**3967** | $**14569026** | $**6638520** | $**-** | $**9073** | $**8366620** |
| **Outstanding Units** |  |  |  |  |  |  |  |  |
| Policy owners | **69499** | **41779** | **4303** | **2727693** | **2077144** | **-** | **10646** | **6738678** |
| **UNIT VALUE** |  |  |  |  |  |  |  |  |
| Executive Benefit Variable Universal Life | $- | $- | $- | $- | $- | $- | $- | $- |
| Survivorship Variable Universal Life |  |  |  | 4.79 | 4.86 |  |  | 1.38 |
| Variable Universal Life |  |  |  | 5.50 | 3.63 |  |  | 1.25 |
| Survivorship Variable Universal Life II |  |  |  | 5.29 | 3.89 |  |  | 1.26 |
| C.M. Life Electrum Select(SM) | 0.77 | 0.86 | 0.92 | 0.87 | 0.79 | 0.87 | 0.85 | 1.01 |

---

*See Notes to Financial Statements.*

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

 ****

*STATEMENTS OF ASSETS AND LIABILITIES (Continued)*

***December 31, 2022***

---

| | | |
|:---|:---|:---|
|  | **PIMCO**<br> **Global Bond**<br> **Opportunities**<br> **Division** | **Templeton**<br> **Foreign**<br> **VIP**<br> **Division** |
|  | | $ |
| **ASSETS** |  |  |
| Investments |  |  |
| Number of shares | 7579 | 318865 |
| Identified cost | $71607 | $4361372 |
| Value | $71623 | $3880587 |
| Dividends receivable |  |  |
| Receivable from C.M. Life Insurance Company | 2 | - |
| **Total assets** | **71625** | **3880587** |
| **LIABILITIES** |  |  |
| Payable to C.M. Life Insurance Company | - | 10 |
| **Total liabilities** | **-** | **10** |
| **NET ASSETS** (For variable life insurance policies) | $**71625** | $**3880577** |
| **Outstanding Units** |  |  |
| Policy owners | **80102** | **2303149** |
| **UNIT VALUE** |  |  |
| Executive Benefit Variable Universal Life | $- | $- |
| Survivorship Variable Universal Life |  | 1.86 |
| Variable Universal Life |  | 1.63 |
| Survivorship Variable Universal Life II |  | 1.75 |
| C.M. Life Electrum Select(SM) | 0.89 |  |

---

*See Notes to Financial Statements.*

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

 ****

---

| |
|:---|
| *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* |
| ***December 31, 2022*** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Templeton**<br> **Global Bond**<br> **VIP**<br> **Division** | <br> **Vanguard VIF**<br> **Balanced**<br> **Division** | <br> **Vanguard VIF**<br> **Capital Growth**<br> **Division** | <br> **Vanguard VIF**<br> **Diversified Value**<br> **Division** | <br> **Vanguard VIF**<br> **Equity Income**<br> **Division** | **Vanguard VIF**<br> **Real Estate**<br> **Index**<br> **Division** | **Vanguard VIF**<br> **Short Term**<br> **Investment**<br> **Division** |
| **ASSETS** |  |  |  |  |  |  |  |
| Investments |  |  |  |  |  |  |  |
| Number of shares | 309 | 498 | 1285 | 4012 | 6824 | 1773 | 3826 |
| Identified cost | $3952 | $10897 | $62255 | $56493 | $162899 | $22658 | $38031 |
| Value | $4057 | $10823 | $49870 | $56214 | $164522 | $20448 | $37954 |
| Dividends receivable |  |  |  |  |  |  |  |
| Receivable from C.M. Life Insurance Company | - | - | - | - | 1 | - | - |
| **Total assets** | **4057** | **10823** | **49870** | **56214** | **164523** | **20448** | **37954** |
| **LIABILITIES** |  |  |  |  |  |  |  |
| Payable to C.M. Life Insurance Company | - | - | - | - | - | - | - |
| **Total liabilities** | **-** | **-** | **-** | **-** | **-** | **-** | **-** |
| **NET ASSETS** (For variable life insurance policies) | $**4057** | $**10823** | $**49870** | $**56214** | $**164523** | $**20448** | $**37954** |
| **Outstanding Units** |  |  |  |  |  |  |  |
| Policy owners | **4252** | **12456** | **57447** | **62345** | **160794** | **26504** | **40221** |
| **UNIT VALUE** |  |  |  |  |  |  |  |
| Executive Benefit Variable Universal Life | $- | $- | $- | $- | $- | $- | $- |
| Survivorship Variable Universal Life |  |  |  |  |  |  |  |
| Variable Universal Life |  |  |  |  |  |  |  |
| Survivorship Variable Universal Life II |  |  |  |  |  |  |  |
| C.M. Life Electrum Select(SM) | 0.95 | 0.87 | 0.87 | 0.90 | 1.02 | 0.77 | 0.94 |

---

*See Notes to Financial Statements.*

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

 ****

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS* 

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **American**<br> **Century**<br> **VP Capital**<br> **Appreciation**<br> **Division** | **American**<br> **Century**<br> **VP Disciplined**<br> **Core Value**<br> **Division** | <br> **American**<br> **Century**<br> **VP International**<br> **Division** | <br> **American**<br> **Century**<br> **VP Value**<br> **Division** | **American**<br> **Funds®**<br> **Asset**<br> **Allocation**<br> **Division** | <br> **American**<br> **Funds®**<br> **Growth-Income**<br> **Division** | <br> **American**<br> **Funds®**<br> **IS Bond**<br> **Division** | **American**<br> **Funds®**<br> **IS Global**<br> **Growth-Income**<br> **Division** |
| **Investment income** |  |  |  |  |  |  |  |  |
| Dividends | $- | $522340 | $2 | $53103 | $206007 | $135355 | $101 | $85 |
| **Expenses** |  |  |  |  |  |  |  |  |
| Mortality and expense risk fees and administrative expense charges | 14 | 141267 | 51 | 11078 | 42781 | 45505 | 7 | 29 |
| **Net investment income (loss)** | **(14)** | **381073** | **(49)** | **42025** | **163226** | **89850** | **94** | **56** |
| **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | (226) | 666033 | (64) | 178456 | 18073 | 131991 | (3) | (89) |
| Realized gain distribution | 191 | 7232543 | 17 | 202768 | 1085275 | 1040413 | - | 235 |
| Realized gain (loss) | (35) | 7898576 | (47) | 381224 | 1103348 | 1172404 | (3) | 146 |
| Change in net unrealized appreciation/depreciation of investments | (111) | (12620059) | (394) | (416557) | (2884761) | (3316005) | (222) | (231) |
| **Net gain (loss) on investments** | **(146)** | **(4721483)** | **(441)** | **(35333)** | **(1781413)** | **(2143601)** | **(225)** | **(85)** |
| **Net increase (decrease) in net assets resulting from operations** | **(160)** | **(4340410)** | **(490)** | **6692** | **(1618187)** | **(2053751)** | **(131)** | **(29)** |
| Capital transactions: |  |  |  |  |  |  |  |  |
| Transfers of net premiums | 12312 | 877085 | 36551 | 86528 | 382060 | 283028 | 4069 | 10957 |
| Transfers due to death benefits |  | (152376) |  |  | (15256) | (69862) |  |  |
| Transfers due to withdrawal of funds | (54) | (840607) | (10) | (128603) | (188186) | (173323) |  |  |
| Transfers due to policy loans, net of repayments |  | (272579) |  | (186617) | (55427) | (100300) |  |  |
| Transfers due to charges for administrative and insurance costs | (244) | (1018996) | (563) | (85440) | (357949) | (278172) | (105) | (184) |
| Transfers between Divisions and to/from General Account | 6 | (33534) | 20884 | 104480 | 350891 | 151062 | - | 1070 |
| Net increase (decrease) in net assets resulting from capital transactions | 12020 | (1441007) | 56862 | (209652) | 116133 | (187567) | 3964 | 11843 |
| **Total increase (decrease)** | **11860** | **(5781417)** | **56372** | **(202960)** | **(1502054)** | **(2241318)** | **3833** | **11814** |
| **NET ASSETS, at beginning of the year** | **-** | **33489182** | **-** | **2766523** | **11859082** | **12199405** | **-** | **-** |
| **NET ASSETS, at end of the year** | $**11860** | $**27707765** | $**56372** | $**2563563** | $**10357028** | $**9958087** | $**3833** | $**11814** |

---

*See Notes to Financial Statements.*

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

 ****

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **American**<br> **Funds®**<br> **IS New World**<br> **Division** | <br> **Black Rock**<br> **High Yield V.I.**<br> **Division** | **Black Rock**<br> **Small Cap**<br> **Index V.I.**<br> **Division** | **Black Rock**<br> **Total Return**<br> **V.I.**<br> **Division** | **BNY Mellon**<br> **Mid Cap**<br> **Stock**<br> **Division** | **Delaware**<br> **Ivy VIP Science**<br> **and Technology**<br> **Division** | **Delaware VIP®**<br> **Emerging**<br> **Markets**<br> **Division** | **Delaware VIP®**<br> **Small Cap**<br> **Value**<br> **Division** |
| **Investment income** |  |  |  |  |  |  |  |  |
| Dividends | $122 | $1191 | $1361 | $11 | $3 | $- | $130 | $8 |
| **Expenses** |  |  |  |  |  |  |  |  |
| Mortality and expense risk fees and administrative expense charges | 20 | 90 | 332 | 2 | 1 | 6 | 61 | 8 |
| **Net investment income (loss)** | **102** | **1101** | **1029** | **9** | **2** | **(6)** | **69** | **-** |
| **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | (46) | (101) | (165) | (59) | (194) | (888) | (149) | (231) |
| Realized gain distribution | 39 | - | 1231 | - | 145 | 459 | - | 108 |
| Realized gain (loss) | (7) | (101) | 1066 | (59) | (49) | (429) | (149) | (123) |
| Change in net unrealized appreciation/depreciation of investments | - | (93) | (2098) | - | - | - | (4162) | (78) |
| **Net gain (loss) on investments** | **(7)** | **(194)** | **(1032)** | **(59)** | **(49)** | **(429)** | **(4311)** | **(201)** |
| **Net increase (decrease) in net assets resulting from operations** | **95** | **907** | **(3)** | **(50)** | **(47)** | **(435)** | **(4242)** | **(201)** |
| Capital transactions: |  |  |  |  |  |  |  |  |
| Transfers of net premiums | 1956 | 10072 | 90869 | 1502 | 1328 | 5625 | 21930 | 10689 |
| Transfers due to death benefits |  |  |  |  |  |  |  |  |
| Transfers due to withdrawal of funds |  | (7) | (8) | (1420) | (1254) | (5076) | (4968) | (2622) |
| Transfers due to policy loans, net of repayments |  |  |  |  |  |  |  |  |
| Transfers due to charges for administrative and insurance costs | (103) | (280) | (1450) | (32) | (27) | (114) | (602) | (156) |
| Transfers between Divisions and to/from General Account | 9770 | 30199 | 32085 | - | - | - | 54284 | - |
| Net increase (decrease) in net assets resulting from capital transactions | 11623 | 39984 | 121496 | 50 | 47 | 435 | 70644 | 7911 |
| **Total increase (decrease)** | **11718** | **40891** | **121493** | **-** | **-** | **-** | **66402** | **7710** |
| **NET ASSETS, at beginning of the year** | **-** | **-** | **-** | **-** | **-** | **-** | **-** | **-** |
| **NET ASSETS, at end of the year** | $**11718** | $**40891** | $**121493** | $**-** | $**-** | $**-** | $**66402** | $**7710** |

---

*See Notes to Financial Statements.*

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

 ****

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br> **DFA**<br> **VA International**<br> **Small**<br> **Division** | <br> **DFA**<br> **U.S.Targeted** <br> **value**<br> **Division** | <br> **DFA**<br> **VIT Inflation-**<br> **Protected**<br> **Division** | <br> **DWS**<br> **Small Cap**<br> **Index**<br> **Division** | <br>**Fidelity®**<br> **Growth**<br> **Division** | <br> **Fidelity®**<br> **VIP**<br> **Contrafund®**<br> **Division** | **Fidelity®**<br> **VIP**<br> **Extended**<br> **Market Index**<br> **Division** | <br> **Fidelity®**<br> **VIP**<br> **Freedom 2025**<br> **Division** |
| **Investment income** |  |  |  |  |  |  |  |  |
| Dividends | $1110 | $797 | $1387 | $41475 | $21 | $357860 | $1828 | $1104 |
| **Expenses** |  |  |  |  |  |  |  |  |
| Mortality and expense risk fees and administrative expense charges | 89 | 134 | 37 | 18583 | 17 | 330485 | 224 | 166 |
| **Net investment income (loss)** | **1021** | **663** | **1350** | **22892** | **4** | **27375** | **1604** | **938** |
| **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | (103) | (21) | (14) | (15681) | (23) | 2831014 | (118) | (95) |
| Realized gain distribution | 756 | 4719 | - | 780177 | 387 | 3384098 | 2411 | - |
| Realized gain (loss) | 653 | 4698 | (14) | 764496 | 364 | 6215112 | 2293 | (95) |
| Change in net unrealized appreciation/depreciation of investments | (879) | (5189) | (2204) | (1907917) | (844) | (30144246) | 1194 | (3593) |
| **Net gain (loss) on investments** | **(226)** | **(491)** | **(2218)** | **(1143421)** | **(480)** | **(23929134)** | **3487** | **(3688)** |
| **Net increase (decrease) in net assets resulting from operations** | **795** | **172** | **(868)** | **(1120529)** | **(476)** | **(23901759)** | **5091** | **(2750)** |
| Capital transactions: |  |  |  |  |  |  |  |  |
| Transfers of net premiums | 20603 | 29266 | 8158 | 106752 | 7856 | 1666080 | 6498 | 90800 |
| Transfers due to death benefits |  |  |  | (4805) |  | (314840) |  |  |
| Transfers due to withdrawal of funds |  |  |  | (44305) | (39) | (1815113) | (12) | (272) |
| Transfers due to policy loans, net of repayments |  |  |  | (39770) |  | (813068) |  |  |
| Transfers due to charges for administrative and insurance costs | (508) | (770) | (209) | (103348) | (178) | (2191135) | (567) | (1840) |
| Transfers between Divisions and to/from General Account | 21627 | 31337 | 9173 | (138440) | 10149 | 18773 | 143163 | 8903 |
| Net increase (decrease) in net assets resulting from capital transactions | 41722 | 59833 | 17122 | (223916) | 17788 | (3449303) | 149082 | 97591 |
| **Total increase (decrease)** | **42517** | **60005** | **16254** | **(1344445)** | **17312** | **(27351062)** | **154173** | **94841** |
| **NET ASSETS, at beginning of the year** | **-** | **-** | **-** | **5419937** | **-** | **90757280** | **-** | **-** |
| **NET ASSETS, at end of the year** | $**42517** | $**60005** | $**16254** | $**4075492** | $**17312** | $**63406218** | $**154173** | $**94841** |

---

*See Notes to Financial Statements.*

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

 ****

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fidelity®**<br> **VIP**<br> **Freedom 2030**<br> **Division** | **Fidelity®**<br> **VIP**<br> **Freedom 2035**<br> **Division** | **Fidelity®**<br> **VIP**<br> **Freedom 2040**<br> **Division** | **Fidelity®**<br> **VIP**<br> **Freedom 2045**<br> **Division** | **Fidelity®**<br> **VIP**<br> **Freedom 2050**<br> **Division** | **Fidelity®**<br> **VIP**<br> **Freedom 2055**<br> **Division** | **Fidelity®**<br> **VIP**<br> **Freedom 2060**<br> **Division** | **Fidelity®**<br> **VIP**<br> **Freedom 2065**<br> **Division** |
| **Investment income** |  |  |  |  |  |  |  |  |
| Dividends | $54 | $565 | $714 | $248 | $152 | $464 | $164 | $6 |
| **Expenses** |  |  |  |  |  |  |  |  |
| Mortality and expense risk fees and administrative expense charges | 9 | 87 | 89 | 66 | 42 | 59 | 31 | 1 |
| **Net investment income (loss)** | **45** | **478** | **625** | **182** | **110** | **405** | **133** | **5** |
| **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | (52) | (285) | (256) | (1513) | (921) | (353) | (553) | (4) |
| Realized gain distribution | - | 6 | 9 | 3 | 2 | 55 | 58 | 1 |
| Realized gain (loss) | (52) | (279) | (247) | (1510) | (919) | (298) | (495) | (3) |
| Change in net unrealized appreciation/depreciation of investments | (163) | (1626) | 123 | (162) | (144) | (897) | (325) | (15) |
| **Net gain (loss) on investments** | **(215)** | **(1905)** | **(124)** | **(1672)** | **(1063)** | **(1195)** | **(820)** | **(18)** |
| **Net increase (decrease) in net assets resulting from operations** | **(170)** | **(1427)** | **501** | **(1490)** | **(953)** | **(790)** | **(687)** | **(13)** |
| Capital transactions: |  |  |  |  |  |  |  |  |
| Transfers of net premiums | 5324 | 51210 | 20238 | 40842 | 28359 | 28720 | 19778 | 439 |
| Transfers due to death benefits |  |  |  |  |  |  |  |  |
| Transfers due to withdrawal of funds | (660) | (666) | (6714) | (21008) | (12652) | (2899) | (7210) |  |
| Transfers due to policy loans, net of repayments |  |  |  |  |  |  |  |  |
| Transfers due to charges for administrative and insurance costs | (106) | (1024) | (745) | (851) | (564) | (631) | (393) | (9) |
| Transfers between Divisions and to/from General Account | 116 | 199 | 53032 | 5947 | 116 | 11348 | 690 | 9 |
| Net increase (decrease) in net assets resulting from capital transactions | 4674 | 49719 | 65811 | 24930 | 15259 | 36538 | 12865 | 439 |
| **Total increase (decrease)** | **4504** | **48292** | **66312** | **23440** | **14306** | **35748** | **12178** | **426** |
| **NET ASSETS, at beginning of the year** | **-** | **-** | **-** | **-** | **-** | **-** | **-** | **-** |
| **NET ASSETS, at end of the year** | $**4504** | $**48292** | $**66312** | $**23440** | $**14306** | $**35748** | $**12178** | $**426** |

---

*See Notes to Financial Statements.*

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

 ****

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br> **Fidelity®**<br> **VIP**<br> **Freedom Income**<br> **Division** | <br> **Fidelity®**<br> **VIP**<br> **Index 500**<br> **Division** | <br> **Fidelity®**<br> **VIP**<br> **Index 500**<br> **Division** | <br> **Fidelity®**<br> **VIP**<br> **International Index**<br> **Division** | **Franklin**<br> **Small Cap**<br> **Value**<br> **VIP**<br> **Division** | **Goldman**<br> **Sachs**<br> **Mid Cap**<br> **Value**<br> **Division** | **Goldman**<br> **Sachs**<br> **Small Cap**<br> **Equity Insights**<br> **Division** | **Goldman**<br> **Sachs**<br> **Strategic**<br> **Growth**<br> **Division** |
|  | | **(Initial Class)** | **(Service Class)** | |  |  |  |  |
| **Investment income** |  |  |  |  |  |  |  |  |
| Dividends | $26 | $- | $4877 | $1964 | $40880 | $1496 | $- | $- |
| **Expenses** |  |  |  |  |  |  |  |  |
| Mortality and expense risk fees and administrative expense charges | 4 | - | 951 | 173 | 18168 | 413 | 6 | 24866 |
| **Net investment income (loss)** | **22** | **-** | **3926** | **1791** | **22712** | **1083** | **(6)** | **(24866)** |
| **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | (10) | 7 | (777) | (305) | (178275) | 27 | (146) | (17555) |
| Realized gain distribution | - | - | - | - | 771463 | 32167 | - | 1054770 |
| Realized gain (loss) | (10) | 7 | (777) | (305) | 593188 | 32194 | (146) | 1037215 |
| Change in net unrealized appreciation/depreciation of investments | (78) | (2) | (11237) | (4678) | (1105042) | (18339) | - | (3628060) |
| **Net gain (loss) on investments** | **(88)** | **5** | **(12014)** | **(4983)** | **(511854)** | **13855** | **(146)** | **(2590845)** |
| **Net increase (decrease) in net assets resulting from operations** | **(66)** | **5** | **(8088)** | **(3192)** | **(489142)** | **14938** | **(152)** | **(2615711)** |
| Capital transactions: |  |  |  |  |  |  |  |  |
| Transfers of net premiums | 2198 |  | 361540 | 96210 | 195776 |  | 4886 | 115026 |
| Transfers due to death benefits |  |  |  |  | (8094) |  |  | (40722) |
| Transfers due to withdrawal of funds |  | (5) | (112) |  | (47257) | 2 | (4634) | (67474) |
| Transfers due to policy loans, net of repayments |  |  |  |  | (138969) |  |  | (39654) |
| Transfers due to charges for administrative and insurance costs | (43) |  | (5462) | (1664) | (134559) | (523) | (100) | (175125) |
| Transfers between Divisions and to/from General Account | 84 | - | 59344 | - | (283842) | 195514 | - | 491928 |
| Net increase (decrease) in net assets resulting from capital transactions | 2239 | (5) | 415310 | 94546 | (416945) | 194993 | 152 | 283979 |
| **Total increase (decrease)** | **2173** | **-** | **407222** | **91354** | **(906087)** | **209931** | **-** | **(2331732)** |
| **NET ASSETS, at beginning of the year** | **-** | **-** | **-** | **-** | **5020912** | **-** | **-** | **7767679** |
| **NET ASSETS, at end of the year** | $**2173** | $**-** | $**407222** | $**91354** | $**4114825** | $**209931** | $**-** | $**5435947** |

---

*See Notes to Financial Statements.*

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

 ****

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Invesco**<br> **Oppenheimer V.I.**<br> **International**<br> **Growth**<br> **Division** | <br> **Invesco V.I.**<br> **Capital**<br> **Appreciation**<br> **Division** | <br>**Invesco V.I.**<br> **Core Plus Bond**<br> **Division** | <br> **Invesco V.I.**<br> **Discovery**<br> **Mid Cap Growth**<br> **Division** | <br> **Invesco V.I.**<br> **Diversified**<br> **Dividend**<br> **Division** | <br>**Invesco V.I.**<br> **Global** <br> **Division** | <br> **Invesco V.I.**<br> **Global**<br> **Strategic Income**<br> **Division** | <br> **Invesco V.I.**<br> **Health**<br> **Care**<br> **Division** |
| **Investment income** |  |  |  |  |  |  |  |  |
| Dividends | $- | $- | $106061 | $- | $12340 | $- | $- | $- |
| **Expenses** |  |  |  |  |  |  |  |  |
| Mortality and expense risk fees and administrative expense charges | 16905 | 237970 | 11431 | 275257 | 2432 | 247497 | 31727 | 4825 |
| **Net investment income (loss)** | **(16905)** | **(237970)** | **94630** | **(275257)** | **9908** | **(247497)** | **(31727)** | **(4825)** |
| **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | (175061) | 984694 | (16094) | 2000743 | 1305 | 1536357 | (181084) | 14724 |
| Realized gain distribution | 787498 | 17997326 | 1653 | 16184734 | 80959 | 8792195 | - | 147171 |
| Realized gain (loss) | 612437 | 18982020 | (14441) | 18185477 | 82264 | 10328552 | (181084) | 161895 |
| Change in net unrealized appreciation/depreciation of investments | (2087115) | (39461914) | (513244) | (42806127) | (103115) | (32163882) | (730627) | (330410) |
| **Net gain (loss) on investments** | **(1474678)** | **(20479894)** | **(527685)** | **(24620650)** | **(20851)** | **(21835330)** | **(911711)** | **(168515)** |
| **Net increase (decrease) in net assets resulting from operations** | **(1491583)** | **(20717864)** | **(433055)** | **(24895907)** | **(10943)** | **(22082827)** | **(943438)** | **(173340)** |
| Capital transactions: |  |  |  |  |  |  |  |  |
| Transfers of net premiums | 105217 | 1540963 | 121281 | 1608478 | 29037 | 1702593 | 370517 | 24776 |
| Transfers due to death benefits |  | (363046) | (880) | (303996) | (827) | (329229) | (13678) | (847) |
| Transfers due to withdrawal of funds | (87307) | (977334) | (17751) | (1291050) | (2446) | (1207345) | (128319) | (7641) |
| Transfers due to policy loans, net of repayments | (23259) | (875706) | (10833) | (606117) | (3497) | (735247) | (153061) | (9192) |
| Transfers due to charges for administrative and insurance costs | (144289) | (1746061) | (101043) | (1645783) | (30830) | (1647369) | (327470) | (42613) |
| Transfers between Divisions and to/from General Account | (56714) | 410213 | 41372 | 105161 | 40321 | 638649 | 49029 | (32273) |
| Net increase (decrease) in net assets resulting from capital transactions | (206352) | (2010971) | 32146 | (2133307) | 31758 | (1577948) | (202982) | (67790) |
| **Total increase (decrease)** | **(1697935)** | **(22728835)** | **(400909)** | **(27029214)** | **20815** | **(23660775)** | **(1146420)** | **(241130)** |
| **NET ASSETS, at beginning of the year** | **5445291** | **67562853** | **3005336** | **80082095** | **625298** | **69283191** | **8063814** | **1300387** |
| **NET ASSETS, at end of the year** | $**3747356** | $**44834018** | $**2604427** | $**53052881** | $**646113** | $**45622416** | $**6917394** | $**1059257** |

---

*See Notes to Financial Statements.*

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

 ****

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**Invesco V.I.**<br> **Main Street**<br> **Division** | <br> **Invesco V.I.**<br> **Small Cap**<br> **Equity**<br> **Division** | <br>**Invesco V.I.**<br> **Technology**<br> **Division** | <br> **Janus**<br> **Henderson**<br> **Balanced**<br> **Division** | <br> **Janus**<br> **Henderson**<br> **Forty**<br> **Division** | **Janus**<br> **Henderson**<br> **Global**<br> **Research**<br> **Division** | <br> **JPMorgan**<br> **Insurance Trust**<br> **U.S. Equity**<br> **Division** | <br> **MFS®**<br> **Blended Research**<br> **Core Equity**<br> **Division** |
| **Investment income** |  |  |  |  |  |  |  |  |
| Dividends | $227088 | $- | $- | $39877 | $37008 | $118310 | $4 | $17 |
| **Expenses** |  |  |  |  |  |  |  |  |
| Mortality and expense risk fees and administrative expense charges | 69516 | 153 | 6496 | 19309 | 85033 | 51202 | 1 | 2 |
| **Net investment income (loss)** | **157572** | **(153)** | **(6496)** | **20568** | **(48025)** | **67108** | **3** | **15** |
| **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | 138502 | (250) | 34424 | 73972 | 90923 | 400155 | (160) | (316) |
| Realized gain distribution | 5853249 | 9700 | 526741 | 120744 | 2956740 | 1239314 | 111 | 263 |
| Realized gain (loss) | 5991751 | 9450 | 561165 | 194716 | 3047663 | 1639469 | (49) | (53) |
| Change in net unrealized appreciation/depreciation of investments | (9889522) | (16746) | (1333057) | (1019597) | (11843379) | (4346218) | - | - |
| **Net gain (loss) on investments** | **(3897771)** | **(7296)** | **(771892)** | **(824881)** | **(8795716)** | **(2706749)** | **(49)** | **(53)** |
| **Net increase (decrease) in net assets resulting from operations** | **(3740199)** | **(7449)** | **(778388)** | **(804313)** | **(8843741)** | **(2639641)** | **(46)** | **(38)** |
| Capital transactions: |  |  |  |  |  |  |  |  |
| Transfers of net premiums | 423308 | 58856 | 53132 | 88994 | 407171 | 339074 | 1109 | 1617 |
| Transfers due to death benefits | (201388) |  | (118) | (32541) | (5812) | (33728) |  |  |
| Transfers due to withdrawal of funds | (179814) |  | (23860) | (25210) | (444697) | (109140) | (1040) | (1545) |
| Transfers due to policy loans, net of repayments | (318062) |  | (7020) | (32650) | (251444) | (105204) |  |  |
| Transfers due to charges for administrative and insurance costs | (427180) | (1504) | (82207) | (125214) | (515317) | (266922) | (23) | (34) |
| Transfers between Divisions and to/from General Account | 101485 | - | 19916 | 20831 | 80032 | 72989 | - | - |
| Net increase (decrease) in net assets resulting from capital transactions | (601651) | 57352 | (40157) | (105790) | (730067) | (102931) | 46 | 38 |
| **Total increase (decrease)** | **(4341850)** | **49903** | **(818545)** | **(910103)** | **(9573808)** | **(2742572)** | **-** | **-** |
| **NET ASSETS, at beginning of the year** | **18399746** | **-** | **1959176** | **4769561** | **26341966** | **13413815** | **-** | **-** |
| **NET ASSETS, at end of the year** | $**14057896** | $**49903** | $**1140631** | $**3859458** | $**16768158** | $**10671243** | $**-** | $**-** |

---

*See Notes to Financial Statements.*

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

 ****

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **MFS®**<br> **Global**<br> **Real Estate**<br> **Division** | **MFS®**<br> **International**<br> **Intrinsic Value**<br> **Division** | **MFS®**<br> **Investors**<br> **Trust**<br> **Division** | **MFS®**<br> **Mid Cap**<br> **Value**<br> **Division** | **MFS®**<br> **New**<br> **Discovery**<br> **Division** | <br> **MFS®**<br> **Value**<br> **Division** | **MML**<br> **Aggressive**<br> **Allocation**<br> **Division** | **MML**<br> **American Funds**<br> **Growth**<br> **Division** |
| **Investment income** |  |  |  |  |  |  |  |  |
| Dividends | $58 | $111 | $1517 | $50 | $- | $1932 | $696 | $682 |
| **Expenses** |  |  |  |  |  |  |  |  |
| Mortality and expense risk fees and administrative expense charges | 9 | 23 | 903 | 11 | 6049 | 223 | 72 | 74 |
| **Net investment income (loss)** | **49** | **88** | **614** | **39** | **(6049)** | **1709** | **624** | **608** |
| **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | (87) | (2) | 11747 | (31) | 5137 | (137) | (16) | (66) |
| Realized gain distribution | 253 | 618 | 29073 | 419 | 385217 | 8234 | 4712 | 35032 |
| Realized gain (loss) | 166 | 616 | 40820 | 388 | 390354 | 8097 | 4696 | 34966 |
| Change in net unrealized appreciation/depreciation of investments | (697) | (142) | (88117) | (514) | (888310) | (6294) | (4406) | (36095) |
| **Net gain (loss) on investments** | **(531)** | **474** | **(47297)** | **(126)** | **(497956)** | **1803** | **290** | **(1129)** |
| **Net increase (decrease) in net assets resulting from operations** | **(482)** | **562** | **(46683)** | **(87)** | **(504005)** | **3512** | **914** | **(521)** |
| Capital transactions: |  |  |  |  |  |  |  |  |
| Transfers of net premiums | 3674 |  | 10786 | 7049 | 27828 | 138136 |  |  |
| Transfers due to death benefits |  |  | (1025) |  | (138) |  |  |  |
| Transfers due to withdrawal of funds |  | (1) | (8622) | (22) | (16429) | (1) |  |  |
| Transfers due to policy loans, net of repayments |  |  | (3870) |  | (7582) |  |  |  |
| Transfers due to charges for administrative and insurance costs | (86) | (34) | (8622) | (141) | (34798) | (1909) | (81) | (374) |
| Transfers between Divisions and to/from General Account | 3909 | 13180 | (31039) | (28) | (24363) | 27288 | 31412 | 142078 |
| Net increase (decrease) in net assets resulting from capital transactions | 7497 | 13145 | (42392) | 6858 | (55482) | 163514 | 31331 | 141704 |
| **Total increase (decrease)** | **7015** | **13707** | **(89075)** | **6771** | **(559487)** | **167026** | **32245** | **141183** |
| **NET ASSETS, at beginning of the year** | **-** | **-** | **276832** | **-** | **1713165** | **-** | **-** | **-** |
| **NET ASSETS, at end of the year** | $**7015** | $**13707** | $**187757** | $**6771** | $**1153678** | $**167026** | $**32245** | $**141183** |

---

*See Notes to Financial Statements.*

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

 ****

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **MML**<br> **American Funds**<br> **International**<br> **Division** | **MML**<br> **Balanced**<br> **Allocation**<br> **Division** | <br> **MML**<br> **Blend**<br> **Division** | **MML**<br> **Blue Chip**<br> **Growth**<br> **Division** | **MML**<br> **Conservative**<br> **Allocation**<br> **Division** | **MML**<br> **Dynamic**<br> **Bond**<br> **Division** | <br> **MML**<br> **Equity**<br> **Division** | **MML**<br> **Equity**<br> **Index** <br> **Division** |
| **Investment income** |  |  |  |  |  |  |  |  |
| Dividends | $2052 | $3571 | $251163 | $- | $178 | $156 | $670494 | $679700 |
| **Expenses** |  |  |  |  |  |  |  |  |
| Mortality and expense risk fees and administrative expense charges | 5 | 210 | 80678 | 23160 | 10 | 9 | 204911 | 239680 |
| **Net investment income (loss)** | **2047** | **3361** | **170485** | **(23160)** | **168** | **147** | **465583** | **440020** |
| **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | (3215) | (163) | 17733 | (23987) | (2) | (6) | 1099635 | 1952433 |
| Realized gain distribution | 372 | 6957 | 336323 | 977529 | 376 | - | 4481929 | 3339913 |
| Realized gain (loss) | (2843) | 6794 | 354056 | 953542 | 374 | (6) | 5581564 | 5292346 |
| Change in net unrealized appreciation/depreciation of investments | - | (11828) | (4126816) | (3948355) | (565) | (305) | (8353934) | (17701256) |
| **Net gain (loss) on investments** | **(2843)** | **(5034)** | **(3772760)** | **(2994813)** | **(191)** | **(311)** | **(2772370)** | **(12408910)** |
| **Net increase (decrease) in net assets resulting from operations** | **(796)** | **(1673)** | **(3602275)** | **(3017973)** | **(23)** | **(164)** | **(2306787)** | **(11968890)** |
| Capital transactions: |  |  |  |  |  |  |  |  |
| Transfers of net premiums | 6816 | 87462 | 667192 | 182251 |  | 4070 | 1543400 | 1154865 |
| Transfers due to death benefits |  |  | (327124) | (53287) |  |  | (237930) | (267907) |
| Transfers due to withdrawal of funds | (6180) |  | (212118) | (24052) |  |  | (962934) | (2702962) |
| Transfers due to policy loans, net of repayments |  |  | (88098) | (61164) |  |  | (372428) | (619173) |
| Transfers due to charges for administrative and insurance costs | (157) | (1489) | (855499) | (176092) | (11) | (105) | (1762499) | (1402928) |
| Transfers between Divisions and to/from General Account | 317 | 7221 | 37319 | (162046) | 4333 | - | 193525 | 804939 |
| Net increase (decrease) in net assets resulting from capital transactions | 796 | 93194 | (778328) | (294390) | 4322 | 3965 | (1598866) | (3033166) |
| **Total increase (decrease)** | **-** | **91521** | **(4380603)** | **(3312363)** | **4299** | **3801** | **(3905653)** | **(15002056)** |
| **NET ASSETS, at beginning of the year** | **-** | **-** | **21565470** | **7706004** | **-** | **-** | **45209185** | **64913639** |
| **NET ASSETS, at end of the year** | $**-** | $**91521** | $**17184867** | $**4393641** | $**4299** | $**3801** | $**41303532** | $**49911583** |

---

*See Notes to Financial Statements.*

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

 ****

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**MML**<br> **Foreign**<br> **Division** | <br>**MML**<br> **Global**<br> **Division** | <br> **MML**<br> **Growth**<br> **Allocation**<br> **Division** | <br> **MML**<br> **High**<br> **Yield**<br> **Division** | <br> **MML**<br> **Income &**<br> **Growth**<br> **Division** | **MML**<br> **Inflation-**<br> **Protected**<br> **and Income**<br> **Division** | <br> **MML**<br> **Large Cap**<br> **Growth**<br> **Division** | <br> **MML**<br> **Managed**<br> **Bond**<br> **Division** |
| **Investment income** |  |  |  |  |  |  |  |  |
| Dividends | $1152 | $247 | $4099 | $154 | $908 | $39002 | $- | $266618 |
| **Expenses** |  |  |  |  |  |  |  |  |
| Mortality and expense risk fees and administrative expense charges | 84 | 16 | 327 | 3 | 137 | 7151 | 59 | 36618 |
| **Net investment income (loss)** | **1068** | **231** | **3772** | **151** | **771** | **31851** | **(59)** | **230000** |
| **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | (158) | (105) | (192) | (228) | (18) | (10751) | (149) | (56634) |
| Realized gain distribution | 2145 | 11189 | 16941 | - | 6912 | 109663 | 904 | 89215 |
| Realized gain (loss) | 1987 | 11084 | 16749 | (228) | 6894 | 98912 | 755 | 32581 |
| Change in net unrealized appreciation/depreciation of investments | (1695) | (10654) | (17751) | - | (2900) | (353028) | (2142) | (1751812) |
| **Net gain (loss) on investments** | **292** | **430** | **(1002)** | **(228)** | **3994** | **(254116)** | **(1387)** | **(1719231)** |
| **Net increase (decrease) in net assets resulting from operations** | **1360** | **661** | **2770** | **(77)** | **4765** | **(222265)** | **(1446)** | **(1489231)** |
| Capital transactions: |  |  |  |  |  |  |  |  |
| Transfers of net premiums | 28964 | 965 | 670 | 2137 |  | 111903 | 12107 | 305056 |
| Transfers due to death benefits |  |  |  |  |  | (1647) |  | (5578) |
| Transfers due to withdrawal of funds |  | (63) | (623) | (2015) |  | (9275) | (52) | (195346) |
| Transfers due to policy loans, net of repayments |  |  |  |  |  | (16048) |  | (52461) |
| Transfers due to charges for administrative and insurance costs | (626) | (66) | (380) | (45) | (154) | (101219) | (440) | (434268) |
| Transfers between Divisions and to/from General Account | 22678 | 14992 | 143161 | - | 59034 | 18125 | 28430 | 213513 |
| Net increase (decrease) in net assets resulting from capital transactions | 51016 | 15828 | 142828 | 77 | 58880 | 1839 | 40045 | (169084) |
| **Total increase (decrease)** | **52376** | **16489** | **145598** | **-** | **63645** | **(220426)** | **38599** | **(1658315)** |
| **NET ASSETS, at beginning of the year** | **-** | **-** | **-** | **-** | **-** | **1598174** | **-** | **9722049** |
| **NET ASSETS, at end of the year** | $**52376** | $**16489** | $**145598** | $**-** | $**63645** | $**1377748** | $**38599** | $**8063734** |

---

*See Notes to Financial Statements.*

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

 ****

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br> **MML**<br> **Managed**<br> **Volatility**<br> **Division** | <br> **MML**<br> **Mid Cap**<br> **Growth**<br> **Division** | <br> **MML**<br> **Moderate**<br> **Allocation**<br> **Division** | **MML**<br> **Short**<br> **Duration**<br> **Bond**<br> **Division** | <br> **MML**<br> **Small Cap**<br> **Equity**<br> **Division** | <br> **MML**<br> **Small Cap**<br> **Growth Equity**<br> **Division** | <br> **MML**<br> **Small Mid Cap**<br> **Value**<br> **Division** | <br> **MML**<br> **Total Return**<br> **Bond**<br> **Division** |
| **Investment income** |  |  |  |  |  |  |  |  |
| Dividends | $8399 | $- | $1249 | $138 | $109110 | $- | $3 | $117 |
| **Expenses** |  |  |  |  |  |  |  |  |
| Mortality and expense risk fees and administrative expense charges | 6347 | 140 | 81 | 9 | 69531 | 31789 | 1 | 19 |
| **Net investment income (loss)** | **2052** | **(140)** | **1168** | **129** | **39579** | **(31789)** | **2** | **98** |
| **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | 16788 | (5269) | (15) | (3) | 93786 | (218775) | (85) | (102) |
| Realized gain distribution | - | 20133 | 3424 | - | 1826585 | 2021936 | 72 | - |
| Realized gain (loss) | 16788 | 14864 | 3409 | (3) | 1920371 | 1803161 | (13) | (102) |
| Change in net unrealized appreciation/depreciation of investments | (255502) | (13458) | (4210) | (120) | (4867488) | (3735253) | - | (429) |
| **Net gain (loss) on investments** | **(238714)** | **1406** | **(801)** | **(123)** | **(2947117)** | **(1932092)** | **(13)** | **(531)** |
| **Net increase (decrease) in net assets resulting from operations** | **(236662)** | **1266** | **367** | **6** | **(2907538)** | **(1963881)** | **(11)** | **(433)** |
| Capital transactions: |  |  |  |  |  |  |  |  |
| Transfers of net premiums | 84613 | 64902 | 2 | 4069 | 395598 | 177003 | 278 | 9963 |
| Transfers due to death benefits | (1666) |  |  |  | (85970) | (46413) |  |  |
| Transfers due to withdrawal of funds | (8795) | (11936) |  |  | (303913) | (82566) | (261) |  |
| Transfers due to policy loans, net of repayments | (36584) |  |  |  | (114716) | (46223) |  |  |
| Transfers due to charges for administrative and insurance costs | (80767) | (862) | (91) | (108) | (423199) | (189535) | (6) | (195) |
| Transfers between Divisions and to/from General Account | 12936 | - | 35745 | - | 4781 | 382586 | - | (262) |
| Net increase (decrease) in net assets resulting from capital transactions | (30263) | 52104 | 35656 | 3961 | (527419) | 194852 | 11 | 9506 |
| **Total increase (decrease)** | **(266925)** | **53370** | **36023** | **3967** | **(3434957)** | **(1769029)** | **-** | **9073** |
| **NET ASSETS, at beginning of the year** | **1930357** | **-** | **-** | **-** | **18003983** | **8407549** | **-** | **-** |
| **NET ASSETS, at end of the year** | $**1663432** | $**53370** | $**36023** | $**3967** | $**14569026** | $**6638520** | $**-** | $**9073** |

---

*See Notes to Financial Statements.*

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

 ****

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **MML U.S .**<br> **Government**<br> **Money Market**<br> **Division** | **PIMCO**<br> **Global Bond**<br> **Opportunities**<br> **Division** | <br> **PIMCO**<br> **Real Return**<br> **Division** | <br> **PIMCO**<br> **Total Return**<br> **Division** | **T. Rowe**<br> **Limited - Term**<br> **Bond**<br> **Division** | **T. Rowe Price**<br> **Blue Chip**<br> **Growth**<br> **Division** | <br> **T. Rowe Price**<br> **Equity Income**<br> **Division** | **T. Rowe Price**<br> **Mid-Cap**<br> **Growth**<br> **Division** |
| **Investment income** |  |  |  |  |  |  |  |  |
| Dividends | $100889 | $466 | $46 | $211 | $5 | $- | $138853 | $- |
| **Expenses** |  |  |  |  |  |  |  |  |
| Mortality and expense risk fees and administrative expense charges | 35273 | 76 | 2 | 21 | 1 | 21892 | 32545 | 281166 |
| **Net investment income (loss)** | **65616** | **390** | **44** | **190** | **4** | **(21892)** | **106308** | **(281166)** |
| **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | 26 | (87) |  | (2) | (2) | 337983 | 8153 | 771344 |
| Realized gain distribution | - | 333 | - | - | 1 | 213328 | 376014 | 1714190 |
| Realized gain (loss) | 26 | 246 | - | (2) | (1) | 551311 | 384167 | 2485534 |
| Change in net unrealized appreciation/depreciation of investments | (26) | 16 | (93) | (643) | (9) | (3071983) | (803983) | (19208682) |
| **Net gain (loss) on investments** | **-** | **262** | **(93)** | **(645)** | **(10)** | **(2520672)** | **(419816)** | **(16723148)** |
| **Net increase (decrease) in net assets resulting from operations** | **65616** | **652** | **(49)** | **(455)** | **(6)** | **(2542564)** | **(313508)** | **(17004314)** |
| Capital transactions: |  |  |  |  |  |  |  |  |
| Transfers of net premiums | 2948416 | 32673 |  | 2 | 433 | 116468 | 208517 | 1242474 |
| Transfers due to death benefits | (1441) |  |  |  |  | (4899) | (15544) | (259141) |
| Transfers due to withdrawal of funds | (515125) |  | (1) | (1) |  | (65959) | (75784) | (1588111) |
| Transfers due to policy loans, net of repayments | (99716) |  |  |  |  | (56978) | (130499) | (877660) |
| Transfers due to charges for administrative and insurance costs | (646511) | (869) | (4) | (35) | (10) | (146365) | (292864) | (1759993) |
| Transfers between Divisions and to/from General Account | (1614005) | 39169 | 1625 | 14081 | 32 | (70031) | 745086 | 187862 |
| Net increase (decrease) in net assets resulting from capital transactions | 71618 | 70973 | 1620 | 14047 | 455 | (227764) | 438912 | (3054569) |
| **Total increase (decrease)** | **137234** | **71625** | **1571** | **13592** | **449** | **(2770328)** | **125404** | **(20058883)** |
| **NET ASSETS, at beginning of the year** | **8229386** | **-** | **-** | **-** | **-** | **6779214** | **7109686** | **74689436** |
| **NET ASSETS, at end of the year** | $**8366620** | $**71625** | $**1571** | $**13592** | $**449** | $**4008886** | $**7235090** | $**54630553** |

---

*See Notes to Financial Statements.*

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

 ****

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Templeton**<br> **Foreign**<br> **VIP**<br> **Division** | **Templeton**<br> **Global Bond**<br> **VIP**<br> **Division** | <br> **Vanguard VIF**<br> **Balanced**<br> **Division** | <br> **Vanguard VIF**<br> **Capital Growth**<br> **Division** | <br> **Vanguard VIF**<br> **Diversified Value**<br> **Division** | <br> **Vanguard VIF**<br> **Equity Income**<br> **Division** | **Vanguard VIF**<br> **Real Estate**<br> **Index**<br> **Division** | **Vanguard VIF**<br> **Short Term**<br> **Investment**<br> **Division** |
| **Investment income** |  |  |  |  |  |  |  |  |
| Dividends | $113202 | $- | $27 | $467 | $- | $1445 | $38 | $- |
| **Expenses** |  |  |  |  |  |  |  |  |
| Mortality and expense risk fees and administrative expense charges | 15698 | 11 | 30 | 261 | 118 | 571 | 56 | 95 |
| **Net investment income (loss)** | **97504** | **(11)** | **(3)** | **206** | **(118)** | **874** | **(18)** | **(95)** |
| **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | (52403) | (75) | (318) | (351) | (63) | (481) | (129) | (1) |
| Realized gain distribution | - | - | 137 | 5046 | - | 6142 | 86 | - |
| Realized gain (loss) | (52403) | (75) | (181) | 4695 | (63) | 5661 | (43) | (1) |
| Change in net unrealized appreciation/depreciation of investments | (362467) | 105 | (74) | (12385) | (280) | 1623 | (2210) | (77) |
| **Net gain (loss) on investments** | **(414870)** | **30** | **(255)** | **(7690)** | **(343)** | **7284** | **(2253)** | **(78)** |
| **Net increase (decrease) in net assets resulting from operations** | **(317366)** | **19** | **(258)** | **(7484)** | **(461)** | **8158** | **(2271)** | **(173)** |
| Capital transactions: |  |  |  |  |  |  |  |  |
| Transfers of net premiums | 128475 | 5582 | 12180 | 58856 | 27078 | 158911 | 18963 | 38390 |
| Transfers due to death benefits | (22365) |  |  |  |  |  |  |  |
| Transfers due to withdrawal of funds | (30791) | (1407) |  |  | (8) | 1 | (967) |  |
| Transfers due to policy loans, net of repayments | (71104) |  |  |  |  |  |  |  |
| Transfers due to charges for administrative and insurance costs | (118447) | (137) | (241) | (1502) | (690) | (2547) | (396) | (263) |
| Transfers between Divisions and to/from General Account | 219778 | - | (858) | - | 30295 | - | 5119 | - |
| Net increase (decrease) in net assets resulting from capital transactions | 105546 | 4038 | 11081 | 57354 | 56675 | 156365 | 22719 | 38127 |
| **Total increase (decrease)** | **(211820)** | **4057** | **10823** | **49870** | **56214** | **164523** | **20448** | **37954** |
| **NET ASSETS, at beginning of the year** | **4092397** | **-** | **-** | **-** | **-** | **-** | **-** | **-** |
| **NET ASSETS, at end of the year** | $**3880577** | $**4057** | $**10823** | $**49870** | $**56214** | $**164523** | $**20448** | $**37954** |

---

*See Notes to Financial Statements.*

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

 ****

*STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS* 

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **American**<br> **Century**<br> **VP Disciplined**<br> **Core Value**<br> **Division** | <br> **American**<br> **Century**<br> **VP Value**<br> **Division** | **American**<br> **Funds®**<br> **Asset**<br> **Allocation**<br> **Division** | <br> **American**<br> **Funds®**<br> **Growth-Income**<br> **Division** | <br> **DWS**<br> **Small Cap**<br> **Index**<br> **Division** | <br> **Fidelity®**<br> **VIP**<br> **Contrafund®**<br> **Division** | <br> **Fidelity®**<br> **VIP**<br> **Index 500**<br> **Sub-Account** | **Franklin**<br> **Small Cap**<br> **Value**<br> **VIP**<br> **Division** |
| **Investment income** |  |  |  |  |  |  |  |  |
| Dividends | $346204 | $45982 | $171109 | $129412 | $46078 | $51193 | $- | $49024 |
| **Expenses** |  |  |  |  |  |  |  |  |
| Mortality and expense risk fees and administrative expense charges | 153732 | 11731 | 45057 | 50401 | 23013 | 386196 | - | 20679 |
| **Net investment income (loss)** | **192472** | **34251** | **126052** | **79011** | **23065** | **(335003)** | **-** | **28345** |
| **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | 1802837 | 147682 | 175731 | 595367 | 117299 | 3807338 | 33 | (34807) |
| Realized gain distribution | 4675326 | - | 366544 | 114327 | 320359 | 10388792 | - | 129812 |
| Realized gain (loss) | 6478163 | 147682 | 542275 | 709694 | 437658 | 14196130 | 33 | 95005 |
| Change in net unrealized appreciation/depreciation of investments | (142989) | 370796 | 841621 | 1669917 | 230792 | 5998173 | (30) | 927551 |
| **Net gain (loss) on investments** | **6335174** | **518478** | **1383896** | **2379611** | **668450** | **20194303** | **3** | **1022556** |
| **Net increase (decrease) in net assets resulting from operations** | **6527646** | **552729** | **1509948** | **2458622** | **691515** | **19859300** | **3** | **1050901** |
| Capital transactions: |  |  |  |  |  |  |  |  |
| Transfers of net premiums | 924845 | 84032 | 319853 | 262057 | 111897 | 1788695 |  | 169687 |
| Transfers due to death benefits | (225229) |  | (40483) | (309341) |  | (801475) | (710) | (103287) |
| Transfers due to withdrawal of funds | (2002191) | (155068) | (166098) | (328901) | (261630) | (2697162) | (25) | (37905) |
| Transfers due to policy loans, net of repayments | (341729) | (17283) | (201431) | (76473) | (51865) | (859866) |  | (46949) |
| Transfers due to charges for administrative and insurance costs | (924718) | (67073) | (320801) | (262049) | (99782) | (2082884) |  | (132139) |
| Transfers between Divisions and to/from General Account | 729590 | 38324 | 362696 | (1111614) | 92364 | 54414 | - | (121135) |
| Net increase (decrease) in net assets resulting from capital transactions | (1839432) | (117068) | (46264) | (1826321) | (209016) | (4598278) | (735) | (271728) |
| **Total increase (decrease)** | **4688214** | **435661** | **1463684** | **632301** | **482499** | **15261022** | **(732)** | **779173** |
| **NET ASSETS, at beginning of the year** | **28800968** | **2330862** | **10395398** | **11567104** | **4937438** | **75496258** | **732** | **4241739** |
| **NET ASSETS, at end of the year** | $**33489182** | $**2766523** | $**11859082** | $**12199405** | $**5419937** | $**90757280** | $**-** | $**5020912** |

---

*See Notes to Financial Statements.*

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

 ****

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Goldman**<br> **Sachs**<br> **Strategic**<br> **Growth**<br> **Division** | **Invesco**<br> **Oppenheimer V.I.**<br> **International**<br> **Growth**<br> **Division** | <br> **Invesco V.I.**<br> **Capital**<br> **Appreciation**<br> **Division** | <br>**Invesco V.I.**<br> **Core Bond**<br> **Division** | <br> **Invesco V.I.**<br> **Discovery**<br> **Mid Cap Growth**<br> **Division** | <br> **Invesco V.I.**<br> **Diversified**<br> **Dividend**<br> **Division** | <br>**Invesco V.I.**<br> **Global** <br> **Division** | <br> **Invesco V.I.**<br> **Global**<br> **Strategic Income**<br> **Division** |
| **Investment income** |  |  |  |  |  |  |  |  |
| Dividends | $- | $- | $- | $64000 | $- | $12967 | $- | $391649 |
| **Expenses** |  |  |  |  |  |  |  |  |
| Mortality and expense risk fees and administrative expense charges | 29635 | 22582 | 291706 | 12714 | 360606 | 3019 | 328730 | 37368 |
| **Net investment income (loss)** | **(29635)** | **(22582)** | **(291706)** | **51286** | **(360606)** | **9948** | **(328730)** | **354281** |
| **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | (3250) | 252961 | 2859795 | 8513 | 4336334 | 81316 | 2245924 | (159812) |
| Realized gain distribution | 919454 | 500534 | 3431962 | 113891 | 8236716 | 2347 | 3475237 | - |
| Realized gain (loss) | 916204 | 753495 | 6291757 | 122404 | 12573050 | 83663 | 5721161 | (159812) |
| Change in net unrealized appreciation/ depreciation of investments | 513426 | (193293) | 6489323 | (237070) | 663296 | 90349 | 3854931 | (524893) |
| **Net gain (loss) on investments** | **1429630** | **560202** | **12781080** | **(114667)** | **13236346** | **174012** | **9576092** | **(684705)** |
| **Net increase (decrease) in net assets resulting from operations** | **1399995** | **537620** | **12489374** | **(63381)** | **12875740** | **183960** | **9247362** | **(330424)** |
| Capital transactions: |  |  |  |  |  |  |  |  |
| Transfers of net premiums | 124519 | 121138 | 1557487 | 124998 | 1703684 | 20983 | 1735813 | 389203 |
| Transfers due to death benefits | (7799) | (175819) | (269797) | (12898) | (949831) | (308092) | (278629) | (136028) |
| Transfers due to withdrawal of funds | (105202) | (193212) | (2380136) | (40963) | (2839702) | 5628 | (2275869) | (328018) |
| Transfers due to policy loans, net of repayments | (79322) | (5815) | (792007) | (12815) | (793546) | (3960) | (739772) | (27769) |
| Transfers due to charges for administrative and insurance costs | (158276) | (139900) | (1668955) | (103782) | (1661319) | (22587) | (1721444) | (312157) |
| Transfers between Divisions and to/from General Account | 17970 | (352226) | 137112 | 66587 | (61361) | (433332) | 86479 | 235089 |
| Net increase (decrease) in net assets resulting from capital transactions | (208110) | (745834) | (3416296) | 21128 | (4602075) | (741360) | (3193422) | (179680) |
| **Total increase (decrease)** | **1191885** | **(208214)** | **9073078** | **(42253)** | **8273665** | **(557400)** | **6053940** | **(510104)** |
| **NET ASSETS, at beginning of the year** | **6575794** | **5653505** | **58489775** | **3047589** | **71808430** | **1182698** | **63229251** | **8573918** |
| **NET ASSETS, at end of the year** | $**7767679** | $**5445291** | $**67562853** | $**3005336** | $**80082095** | $**625298** | $**69283191** | $**8063814** |

---

*See Notes to Financial Statements.*

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

 ****

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br> **Invesco V.I.**<br> **Health**<br> **Care**<br> **Division** | <br>**Invesco V.I.**<br> **Main Street**<br> **Division** | <br>**Invesco V.I.**<br> **Technology**<br> **Division** | <br> **Janus**<br> **Henderson**<br> **Balanced**<br> **Division** | <br> **Janus**<br> **Henderson**<br> **Forty**<br> **Division** | **Janus**<br> **Henderson**<br> **Global**<br> **Research**<br> **Division** | <br> **MFS®**<br> **Investors**<br> **Trust**<br> **Division** | <br> **MFS®**<br> **New**<br> **Discovery**<br> **Division** |
| **Investment income** |  |  |  |  |  |  |  |  |
| Dividends | $2559 | $120931 | $- | $29674 | $- | $66941 | $1577 | $- |
| **Expenses** |  |  |  |  |  |  |  |  |
| Mortality and expense risk fees and administrative expense charges | 5655 | 76956 | 8533 | 20945 | 109679 | 58659 | 1036 | 8946 |
| **Net investment income (loss)** | **(3096)** | **43975** | **(8533)** | **8729** | **(109679)** | **8282** | **541** | **(8946)** |
| **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | 20262 | 507972 | 140253 | 67745 | 783282 | 729438 | 14338 | 101779 |
| Realized gain distribution | 133101 | 985827 | 184058 | 32413 | 2911977 | 598162 | 7928 | 285827 |
| Realized gain (loss) | 153363 | 1493799 | 324311 | 100158 | 3695259 | 1327600 | 22266 | 387606 |
| Change in net unrealized appreciation/ depreciation of investments | (9370) | 2473615 | (76520) | 559058 | 1380039 | 727680 | 36876 | (355317) |
| **Net gain (loss) on investments** | **143993** | **3967414** | **247791** | **659216** | **5075298** | **2055280** | **59142** | **32289** |
| **Net increase (decrease) in net assets resulting from operations** | **140897** | **4011389** | **239258** | **667945** | **4965619** | **2063562** | **59683** | **23343** |
| Capital transactions: |  |  |  |  |  |  |  |  |
| Transfers of net premiums | 29992 | 465358 | 54343 | 86591 | 444098 | 361143 | 18062 | 32349 |
| Transfers due to death benefits | (888) | (29325) | (1290) | (15308) | (196401) | (232725) | (2078) | (19292) |
| Transfers due to withdrawal of funds | (6898) | (598139) | (18012) | (23628) | (1042172) | (437849) | (1901) | (91278) |
| Transfers due to policy loans, net of repayments | (16806) | (183047) | (4408) | (19005) | (302414) | (156851) | (11812) | (17431) |
| Transfers due to charges for administrative and insurance costs | (37299) | (449889) | (79105) | (114558) | (510272) | (238083) | (10543) | (36751) |
| Transfers between Divisions and to/from General Account | 169627 | 76559 | 428168 | 70334 | 253011 | 7730 | (3238) | 193046 |
| Net increase (decrease) in net assets resulting from capital transactions | 137728 | (718483) | 379696 | (15574) | (1354150) | (696635) | (11510) | 60643 |
| **Total increase (decrease)** | **278625** | **3292906** | **618954** | **652371** | **3611469** | **1366927** | **48173** | **83986** |
| **NET ASSETS, at beginning of the year** | **1021762** | **15106840** | **1340222** | **4117190** | **22730497** | **12046888** | **228659** | **1629179** |
| **NET ASSETS, at end of the year** | $**1300387** | $**18399746** | $**1959176** | $**4769561** | $**26341966** | $**13413815** | $**276832** | $**1713165** |

---

*See Notes to Financial Statements.*

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

 ****

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**MML**<br> **Blend**<br> **Division** | <br> **MML**<br> **Blue Chip**<br> **Growth**<br> **Division** | <br>**MML**<br> **Equity**<br> **Division** | <br> **MML**<br> **Equity**<br> **Index** <br> **Division** | **MML**<br> **Inflation-**<br> **Protected**<br> **and Income**<br> **Division** | <br> **MML**<br> **Managed**<br> **Bond**<br> **Division** | <br> **MML**<br> **Managed**<br> **Volatility**<br> **Division** | <br> **MML**<br> **Small Cap**<br> **Equity**<br> **Division** |
| **Investment income** |  |  |  |  |  |  |  |  |
| Dividends | $435816 | $- | $710337 | $847164 | $16198 | $309515 | $18587 | $76913 |
| **Expenses** |  |  |  |  |  |  |  |  |
| Mortality and expense risk fees and administrative expense charges | 90016 | 31747 | 211576 | 258599 | 7454 | 41605 | 7870 | 79719 |
| **Net investment income (loss)** | **345800** | **(31747)** | **498761** | **588565** | **8744** | **267910** | **10717** | **(2806)** |
| **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | 537301 | 333960 | 1954389 | 2684521 | 20560 | 11732 | 81164 | 687081 |
| Realized gain distribution | 5226004 | 745272 | - | 2568827 | 112844 | 180544 | - | 1041980 |
| Realized gain (loss) | 5763305 | 1079232 | 1954389 | 5253348 | 133404 | 192276 | 81164 | 1729061 |
| Change in net unrealized appreciation/depreciation of investments | (3321820) | 21245 | 8332624 | 8600960 | (53741) | (424178) | 149124 | 1758640 |
| **Net gain (loss) on investments** | **2441485** | **1100477** | **10287013** | **13854308** | **79663** | **(231902)** | **230288** | **3487701** |
| **Net increase (decrease) in net assets resulting from operations** | **2787285** | **1068730** | **10785774** | **14442873** | **88407** | **36008** | **241005** | **3484895** |
| Capital transactions: |  |  |  |  |  |  |  |  |
| Transfers of net premiums | 652485 | 143109 | 1541926 | 1163429 | 87106 | 313587 | 69394 | 426372 |
| Transfers due to death benefits | (92049) | (393724) | (303016) | (617804) | (23138) | (41297) | (308150) | (200638) |
| Transfers due to withdrawal of funds | (865945) | (81730) | (2498457) | (2036498) | (29369) | (257315) | (123811) | (781214) |
| Transfers due to policy loans, net of repayments | (163631) | (194594) | (373788) | (325794) | (9226) | (37750) | (11710) | (99903) |
| Transfers due to charges for administrative and insurance costs | (814866) | (182275) | (1573599) | (1245505) | (76648) | (408221) | (71648) | (398363) |
| Transfers between Divisions and to/from General Account | 207320 | 407656 | 311916 | 123716 | (6275) | 435616 | (315066) | (416737) |
| Net increase (decrease) in net assets resulting from capital transactions | (1076686) | (301558) | (2895018) | (2938456) | (57550) | 4620 | (760991) | (1470483) |
| **Total increase (decrease)** | **1710599** | **767172** | **7890756** | **11504417** | **30857** | **40628** | **(519986)** | **2014412** |
| **NET ASSETS, at beginning of the year** | **19854871** | **6938832** | **37318429** | **53409222** | **1567317** | **9681421** | **2450343** | **15989571** |
| **NET ASSETS, at end of the year** | $**21565470** | $**7706004** | $**45209185** | $**64913639** | $**1598174** | $**9722049** | $**1930357** | $**18003983** |

---

*See Notes to Financial Statements.*

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

 ****

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **MML**<br> **Small Cap**<br> **Growth Equity**<br> **Division** | **MML U.S.**<br> **Government**<br> **Money Market**<br> **Division** | **T. Rowe Price**<br> **Blue Chip**<br> **Growth**<br> **Division** | <br> **T. Rowe Price**<br> **Equity Income**<br> **Division** | **T. Rowe Price**<br> **Mid-Cap**<br> **Growth**<br> **Division** | **Templeton**<br> **Foreign**<br> **VIP**<br> **Division** |
| **Investment income** |  |  |  |  |  |  |
| Dividends | $- | $- | $- | $106810 | $- | $79664 |
| **Expenses** |  |  |  |  |  |  |
| Mortality and expense risk fees and administrative expense charges | 38879 | 34504 | 30838 | 31056 | 347397 | 18219 |
| **Net investment income (loss)** | **(38879)** | **(34504)** | **(30838)** | **75754** | **(347397)** | **61445** |
| **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | (2726) | 17 | 865249 | 91823 | 2240597 | (27282) |
| Realized gain distribution | 1330104 | - | 723341 | 495555 | 7471119 | - |
| Realized gain (loss) | 1327379 | 17 | 1588590 | 587378 | 9711716 | (27282) |
| Change in net unrealized appreciation/depreciation of investments | (726005) | (17) | (481300) | 816203 | 293403 | 115554 |
| **Net gain (loss) on investments** | **601374** | **-** | **1107290** | **1403581** | **10005119** | **88272** |
| **Net increase (decrease) in net assets resulting from operations** | **562495** | **(34504)** | **1076452** | **1479335** | **9657722** | **149717** |
| Capital transactions: |  |  |  |  |  |  |
| Transfers of net premiums | 175001 | 716463 | 122724 | 210207 | 1377977 | 148844 |
| Transfers due to death benefits | (1841) | (2825706) | (308838) | (31263) | (508147) | (4634) |
| Transfers due to withdrawal of funds | (246438) | (1588210) | (265509) | (267265) | (2070442) | (212805) |
| Transfers due to policy loans, net of repayments | (110728) | (149703) | (9251) | (59075) | (736525) | (45873) |
| Transfers due to charges for administrative and insurance costs | (177519) | (586798) | (151304) | (212315) | (1728196) | (123219) |
| Transfers between Divisions and to/from General Account | 165773 | 3814982 | (396893) | (33431) | (391872) | 252307 |
| Net increase (decrease) in net assets resulting from capital transactions | (195752) | (618972) | (1009071) | (393142) | (4057205) | 14620 |
| **Total increase (decrease)** | **366743** | **(653476)** | **67381** | **1086193** | **5600517** | **164337** |
| **NET ASSETS, at beginning of the year** | **8040806** | **8882862** | **6711833** | **6023493** | **69088919** | **3928060** |
| **NET ASSETS, at end of the year** | $**8407549** | $**8229386** | $**6779214** | $**7109686** | $**74689436** | $**4092397** |

---

*See Notes to Financial Statements.*

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

***Notes To Financial Statements***

&nbsp;&nbsp;&nbsp;&nbsp;***1.***  ***ORGANIZATION*** 

C.M. Life Variable Life Separate Account I ("the Separate Account") is a separate investment account of C.M. Life Insurance Company ("C.M. Life") established on February 2, 1995. The Separate Account is registered as a unit investment trust under the Investment Company Act of 1940 ("the 1940 Act").

C.M. Life was formerly a wholly owned stock life insurance subsidiary of Connecticut Mutual Life Insurance Company ("CML"). On February 29, 1996, CML merged with and into Massachusetts Mutual Life Insurance Company ("MassMutual"). Upon the merger, CML's existence ceased and MassMutual became the surviving company under the name Massachusetts Mutual Life Insurance Company. C.M. Life became a wholly owned subsidiary of MassMutual.

C.M. Life maintains the following five segments within the Separate Account: C.M. Life Electrum Select<sup>SM</sup>, Executive Benefit Variable Universal Life, Survivorship Variable Universal Life, Variable Universal Life and Survivorship Variable Universal Life II.

The assets and liabilities of the Separate Account are clearly identified and distinguished from C.M. Life's other assets and liabilities. The portion of the Separate Account's assets applicable to the variable life contracts is not chargeable with liabilities arising from any other C.M. Life business.

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

---

| | | |
|:---|:---|:---|
| ***2.*** | ***INVESTMENT OF THE SEPARATE ACCOUNT'S ASSETS*** | ***INVESTMENT OF THE SEPARATE ACCOUNT'S ASSETS*** |
|  | For the year or period ended December 31, 2022, the Separate Account consists of one hundred and sixty-six divisions/sub-accounts that invest in the following mutual funds. All of the divisions may not be available to all of the five segments of the Separate Account: | For the year or period ended December 31, 2022, the Separate Account consists of one hundred and sixty-six divisions/sub-accounts that invest in the following mutual funds. All of the divisions may not be available to all of the five segments of the Separate Account: |
|  |  | **The division/Sub-Account listed in the first** |
|  | **Divisions/Sub-Accounts** | **column invests in the fund in this column** |
|  | American Century VP Capital Appreciation Division | American Century VP Capital Appreciation Fund <sup>1, 27</sup> |
|  | American Century VP Disciplined Core Value Division | American Century VP Disciplined Core Value Fund<sup>1</sup> |
|  | American Century VP Inflation Protection Division | American Century VP Inflation Protection Fund <sup>1, 27</sup> |
|  | American Century VP International Division | American Century VP International Fund<sup>1, 27</sup> |
|  | American Century VP Value Division | American Century VP Value Fund<sup>1</sup> |
|  | American Funds® Asset Allocation Division | American Funds® Asset Allocation Fund<sup>2</sup> |
|  | American Funds® Growth Income Division | American Funds® Growth Income Fund<sup>2</sup> |
|  | American Funds® IS Asset Allocation Division | American Funds® IS Asset Allocation Fund <sup>2, 27</sup> |
|  | American Funds® IS Blue Chip Income & Growth Division | American Funds® IS Blue Chip Income & Growth Fund <sup>2, 27</sup> |
|  | American Funds® IS Bond Division | American Funds® IS Bond Fund <sup>2, 27</sup> |
|  | American Funds® IS Capital World Bond Division | American Funds® IS Capital World Bond Fund <sup>2, 27</sup> |
|  | American Funds® IS Global Growth & Income Division | American Funds® IS Global Growth & Income Fund <sup>2, 27</sup> |
|  | American Funds® IS Global Growth Division | American Funds® IS Global Growth Fund <sup>2, 27</sup> |
|  | American Funds® IS Global Small Cap Division | American Funds® IS Global Small Cap Fund <sup>2, 27</sup> |
|  | American Funds® IS Growth Income Division | American Funds® IS Growth Income Fund<sup>2, 27</sup> |
|  | American Funds® IS High Income Bond Division | American Funds® IS High Income Bond Fund<sup>2, 27</sup> |
|  | American Funds® IS International Growth and Income Division | American Funds® IS International Growth and Income Fund <sup>2, 27</sup> |
|  | American Funds® IS New World Division | American Funds® IS New World Fund <sup>2, 27</sup> |
|  | American Funds® IS US Government/AAA Rtd Secs Division | American Funds® IS US Government/AAA Rtd Secs Fund<sup>2, 27</sup> |
|  | BlackRock Basic Value V.I. Division | BlackRock Basic Value V.I. Fund <sup>27, 34</sup> |
|  | BlackRock High Yield V.I. Division | BlackRock High Yield V.I. Fund <sup>27, 34</sup> |
|  | BlackRock Small Cap Index V.I. Division | BlackRock Small Cap Index V.I. Fund <sup>27, 34</sup> |
|  | BlackRock Total Return V.I. Division | BlackRock Total Return V.I. Fund <sup>27, 34</sup> |
|  | BNY Mellon MidCap Stock Division | BNY Mellon MidCap Stock Portfolio<sup>27, 35</sup> |
|  | Delaware Ivy VIP Asset Strategy Division <sup>22</sup> | Delaware Ivy VIP Asset Strategy Portfolio <sup>22, 27, 36</sup> |
|  | Delaware Ivy VIP Science and Technology Division<sup>23</sup> | Delaware Ivy VIP Science and Technology<br> Portfolio <sup>23, 27, 36</sup> |
|  | Delaware VIP® Emerging Markets Division | Delaware VIP® Emerging Markets Fund<sup>27, 36</sup> |
|  | Delaware VIP® Small Cap Value Division | Delaware VIP® Small Cap Value Fund<sup>27, 36</sup> |
|  | DFA VA Global Bond Division | DFA VA Global Bond Portfolio <sup>27, 37</sup> |
|  | DFA VA International Small Division | DFA VA International Small Portfolio <sup>27, 37</sup> |
|  | DFA VA U.S. Large Value Division | DFA VA U.S. Large Value Portfolio <sup>27, 37</sup> |
|  | DFA VA U.S. Targeted Value Division | DFA VA U.S. Targeted Value Portfolio <sup>27, 37</sup> |
|  | DFA VIT Inflation Protected Secs Division | DFA VIT Inflation Protected Secs Fund<sup>27, 37</sup> |
|  | DWS Small Cap Index Division | DWS Small Cap Index Fund<sup>3</sup> |
|  | Eaton Vance VT Floating Rate Income Division | Eaton Vance VT Floating Rate Income Fund<sup>27, 38</sup> |
|  | Fidelity® Growth Division | Fidelity® Growth Fund <sup>4, 27</sup> |
|  | Fidelity® VIP Bond Index Division | Fidelity® VIP Bond Index Portfolio <sup>4, 27</sup> |
|  | Fidelity® VIP 2 Contra Division | Fidelity® VIP 2 Contra Fund <sup>4, 27</sup> |
|  | Fidelity® VIP Contrafund® Division | Fidelity® VIP Contrafund® Fund<sup>4</sup> |
|  | Fidelity® VIP Extended Market Index Division | Fidelity® VIP Extended Market Index Portfolio <sup>4, 27</sup> |

---

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

---

| |
|:---|
| Fidelity® VIP Freedom 2020 Division |
| Fidelity® VIP Freedom 2025 Division Fidelity® VIP Freedom 2025 Portfolio <sup>4, 27</sup> |
| Fidelity® VIP Freedom 2030 Division Fidelity® VIP Freedom 2030 Portfolio <sup>4, 27</sup> |
| Fidelity® VIP Freedom 2035 Division Fidelity® VIP Freedom 2035 Portfolio <sup>4, 27</sup> |
| Fidelity® VIP Freedom 2040 Division Fidelity® VIP Freedom 2040 Portfolio <sup>4, 27</sup> |
| Fidelity® VIP Freedom 2045 Division Fidelity® VIP Freedom 2045 Portfolio <sup>4, 27</sup> |
| Fidelity® VIP Freedom 2050 Division Fidelity® VIP Freedom 2050 Portfolio <sup>4, 27</sup> |
| Fidelity® VIP Freedom 2055 Division Fidelity® VIP Freedom 2055 Portfolio <sup>4, 27</sup> |
| Fidelity® VIP Freedom 2060 Division Fidelity® VIP Freedom 2060 Portfolio <sup>4, 27</sup> |
| Fidelity® VIP Freedom 2065 Division Fidelity® VIP Freedom 2065 Portfolio <sup>4, 27</sup> |
| Fidelity® VIP Freedom Income Division Fidelity® VIP Freedom Income Portfolio <sup>4, 27</sup> |
| Fidelity® VIP Government Money Market Division Fidelity® VIP Government Money Market Fund<sup>4</sup> |
| Fidelity® VIP High Income Division Fidelity® VIP High Income Fund<sup>4</sup> |
| Fidelity® VIP Index 500 Division (Initial Class) Fidelity® VIP Index 500 Portfolio (Initial Class)<sup>4, 5, 27</sup> |
| Fidelity® VIP Index 500 Division (Service Class) Fidelity® VIP Index 500 Portfolio (Service Class)<sup>4, 5, 27</sup> |
| Fidelity® VIP International Index Division Fidelity® VIP International Index Portfolio <sup>4, 27</sup> |
| Fidelity® VIP Overseas Division Fidelity® VIP Overseas Portfolio <sup>4, 27</sup> |
| Fidelity® VIP Real Estate Division Fidelity® VIP Real Estate Fund<sup>4, 27</sup> |
| Fidelity® VIP Total Market Index Division Fidelity® VIP Total Market Index Portfolio <sup>4, 27</sup> |
| Franklin Mutual Global Discovery VIP Division Franklin Mutual Global Discovery VIP Fund <sup>6, 27</sup> |
| Franklin Small Cap Value VIP Division Franklin Small Cap Value VIP Fund<sup>6</sup> |
| Franklin Strategic Income VIP Division Franklin Strategic Income VIP Fund <sup>6, 27</sup> |
| Goldman Sachs Core Fixed Income Division Goldman Sachs Core Fixed Income Fund <sup>7, 27</sup> |
| Goldman Sachs Small Cap Equity Insights Division Goldman Sachs Small Cap Equity Insights Fund <sup>7, 27</sup> |
| Goldman Sachs Strategic Growth Division Goldman Sachs Strategic Growth Fund<sup>7</sup> |
| Goldman Sachs International Equity Insights Division Goldman Sachs International Equity Insights Fund <sup>7, 27</sup> |
| Goldman Sachs Mid Cap Growth Division<sup>28</sup> Goldman Sachs Mid Cap Growth Fund <sup>7, 27, 28</sup> |
| Goldman Sachs Mid Cap Value Division Goldman Sachs Mid Cap Value Fund <sup>7, 27</sup> |
| Invesco Oppenheimer V.I. International Growth Division Invesco Oppenheimer V.I. International Growth Fund<sup>8</sup> |
| Invesco V.I. American Franchise Division Invesco V.I. American Franchise Fund <sup>8, 27</sup> |
| Invesco V.I. Capital Appreciation Division <sup>15</sup> Invesco V.I. Capital Appreciation Fund <sup>8, 15</sup> |
| Invesco V.I. Comstock Division Invesco V.I. Comstock Fund <sup>8, 27</sup> |
| Invesco V.I. Conservative Balanced Division <sup>16</sup> Invesco V.I. Conservative Balanced Fund <sup>8, 16</sup> |
| Invesco V.I. Core Plus Bond Division<sup>17</sup> Invesco V.I. Core Plus Bond Fund<sup>8, 17, 29</sup> |
| Invesco V.I. Discovery Mid Cap Growth Division <sup>18</sup> Invesco V.I. Discovery Mid Cap Growth Fund <sup>5, 8, 18</sup> |
| Invesco V.I. Diversified Dividend Division Invesco V.I. Diversified Dividend Fund <sup>8</sup> |
| Invesco V.I. EQV International Equity Division Invesco V.I. EQV International Equity Fund <sup>8, 27, 31</sup> |
| Invesco V.I. Global Division <sup>19</sup> Invesco V.I. Global Fund <sup>8, 19</sup> |
| Invesco V.I. Global Real Estate Division Invesco V.I. Global Real Estate Fund <sup>8, 27</sup> |
| Invesco V.I. Global Strategic Income Division <sup>20</sup> Invesco V.I. Global Strategic Income Fund <sup>8, 20</sup> |
| Invesco V.I. Health Care Division Invesco V.I. Health Care Fund <sup>8</sup> |
| Invesco V.I. Main Street Division <sup>21</sup> Invesco V.I. Main Street Fund <sup>8, 21</sup> |
| Invesco V.I. Small Cap Equity Division Invesco V.I. Small Cap Equity Fund <sup>8, 27</sup> |
| Invesco V.I. Technology Division Invesco V.I. Technology Fund <sup>8</sup> |

---

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

---

| |
|:---|
| Janus Henderson Balanced Division |
| Janus Henderson Forty Division Janus Henderson Forty Fund <sup>9</sup> |
| Janus Henderson Global Research Division Janus Henderson Global Research Fund <sup>9</sup> |
| JPMorgan Insurance Trust Small Cap Core Division JPMorgan Insurance Trust Small Cap Core Portfolio <sup>27, 33</sup> |
| JPMorgan Insurance Trust U.S. Equity Division JPMorgan Insurance Trust U.S. Equity Portfolio <sup>27, 33</sup> |
| Lord Abbett Developing Growth Division Lord Abbett Developing Growth Portfolio <sup>24, 27</sup> |
| Lord Abbett Mid Cap Stock Division Lord Abbett Mid Cap Stock Portfolio <sup>24, 27</sup> |
| MFS® Blended Research Core Equity Division MFS® Blended Research Core Equity Portfolio <sup>10, 27</sup> |
| MFS® Global Real Estate Division MFS® Global Real Estate Portfolio <sup>10, 27</sup> |
| MFS® Government Securities Division MFS® Government Securities Portfolio <sup>10, 27</sup> |
| MFS® Growth Division MFS® Growth Fund<sup>10, 27</sup> |
| MFS® International Intrinsic Value Division MFS® International Intrinsic Value Portfolio <sup>10, 27</sup> |
| MFS® Mid Cap Value Division MFS® Mid Cap Value Portfolio <sup>10, 27</sup> |
| MFS® Utilities Division MFS® Utilities Portfolio <sup>10, 27</sup> |
| MFS® Value Division MFS® Value Portfolio <sup>10, 27</sup> |
| MFS® Investors Trust Division MFS® Investors Trust Fund<sup>10</sup> |
| MFS® New Discovery Division MFS® New Discovery Fund<sup>10</sup> |
| MML Aggressive Allocation Division MML Aggressive Allocation Fund<sup>11, 27</sup> |
| MML American Funds Core Allocation Division MML American Funds Core Allocation Fund <sup>11, 27</sup> |
| MML American Funds Growth Division MML American Funds Growth Fund <sup>11, 27</sup> |
| MML American Funds International Division MML American Funds International Fund <sup>11, 27, 39</sup> |
| MML Balanced Allocation Division MML Balanced Allocation Fund<sup>11, 27</sup> |
| MML Blend Division MML Blend Fund<sup>12</sup> |
| MML Blue Chip Growth Division MML Blue Chip Growth Fund<sup>11</sup> |
| MML Conservative Allocation Division MML Conservative Allocation Fund<sup>11, 27</sup> |
| MML Dynamic Bond Division (Class II) MML Dynamic Bond Fund (Class II)<sup>11, 27</sup> |
| MML Equity Division MML Equity Fund<sup>12</sup> |
| MML Equity Income Division MML Equity Income Fund<sup>11, 27</sup> |
| MML Equity Index Division MML Equity Index Fund<sup>12</sup> |
| MML Focused Equity Division MML Focused Equity Fund <sup>11, 27</sup> |
| MML Foreign Division MML Foreign Fund<sup>11, 27</sup> |
| MML Fundamental Equity Division MML Fundamental Equity Fund <sup>11, 27</sup> |
| MML Fundamental Value Division MML Fundamental Value Fund <sup>11, 27</sup> |
| MML Global Division MML Global Fund <sup>11, 27</sup> |
| MML Growth Allocation Division MML Growth Allocation Fund<sup>11, 27</sup> |
| MML High Yield Division MML High Yield Fund <sup>12, 27</sup> |
| MML Income & Growth Division MML Income & Growth Fund<sup>11, 27</sup> |
| MML Inflation-Protected and Income Division MML Inflation-Protected and Income Fund<sup>12</sup> |
| MML International Equity Division MML International Equity Fund<sup>11, 27</sup> |
| MML Large Cap Growth Division MML Large Cap Growth Fund<sup>11, 27</sup> |
| MML Managed Bond Division MML Managed Bond Fund<sup>12</sup> |
| MML Managed Volatility Division MML Managed Volatility Fund<sup>11</sup> |
| MML Mid Cap Growth Division MML Mid Cap Growth Fund<sup>11, 27</sup> |

---

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

---

| |
|:---|
| MML Mid Cap Value Division |
| MML Moderate Allocation Division MML Moderate Allocation Fund<sup>11, 27</sup> |
| MML Short Duration Bond Division MML Short Duration Bond Fund <sup>12, 27</sup> |
| MML Small Cap Equity Division MML Small Cap Equity Fund<sup>12</sup> |
| MML Small Cap Growth Equity Division MML Small Cap Growth Equity Fund<sup>11</sup> |
| MML Small Company Value Division MML Small Company Value Fund <sup>11, 27</sup> |
| MML Small Mid Cap Value Division MML Small Mid Cap Value Fund<sup>11, 27</sup> |
| MML Strategic Emerging Markets Division MML Strategic Emerging Markets Fund <sup>12, 27</sup> |
| MML Sustainable Equity Division MML Sustainable Equity Fund <sup>11, 27, 32</sup> |
| MML Total Return Bond Division MML Total Return Bond Fund <sup>11, 27</sup> |
| MML U.S. Government Money Market Division MML U.S. Government Money Market Fund<sup>11</sup> |
| PIMCO All Asset Division PIMCO All Asset Portfolio <sup>25, 27</sup> |
| PIMCO Commodity Real Return Strategy Division PIMCO Commodity Real Return Strategy Portfolio<sup>25, 27</sup> |
| PIMCO Emerging Markets Bond Division PIMCO Emerging Markets Bond Portfolio <sup>25, 27</sup> |
| PIMCO Global Bond Opportunities Division (Unhedged) PIMCO Global Bond Opportunities Portfolio (Unhedged) <sup>25, 27</sup> |
| PIMCO High Yield Division PIMCO High Yield Portfolio <sup>25, 27</sup> |
| PIMCO Long Term U.S. Government Division PIMCO Long Term U.S. Government Portfolio<sup>25, 27</sup> |
| PIMCO Real Return Division PIMCO Real Return Portfolio <sup>25, 27</sup> |
| PIMCO Total Return Division PIMCO Total Return Portfolio <sup>25, 27</sup> |
| T. Rowe Limited Term Bond Division T. Rowe Limited Term Bond Fund<sup>13, 27</sup> |
| T. Rowe Price Blue Chip Growth Division T. Rowe Price Blue Chip Growth Fund<sup>13</sup> |
| T. Rowe Price Equity Income Division T. Rowe Price Equity Income Fund<sup>13</sup> |
| T. Rowe Price Mid Cap Growth Division T. Rowe Price Mid Cap Growth Fund<sup>13</sup> |
| Templeton Foreign VIP Division Templeton Foreign VIP Fund<sup>14</sup> |
| Templeton Global Bond VIP Division Templeton Global Bond VIP Fund <sup>14, 27</sup> |
| TOPS Aggressive Growth ETF Division TOPS Aggressive Growth ETF Fund <sup>27, 30</sup> |
| TOPS Balanced ETF Division TOPS Balanced ETF Fund <sup>27, 30</sup> |
| TOPS Conservative ETF Division TOPS Conservative ETF Fund <sup>27, 30</sup> |
| TOPS Growth ETF Division TOPS Growth ETF Fund <sup>27, 30</sup> |
| TOPS Moderate Growth ETF Division TOPS Moderate Growth ETF Fund <sup>27, 30</sup> |
| Vanguard VIF Balanced Division Vanguard VIF Balanced Fund<sup>26, 27</sup> |
| Vanguard VIF Capital Growth Division Vanguard VIF Capital Growth Fund<sup>26, 27</sup> |
| Vanguard VIF Diversified Value Division Vanguard VIF Diversified Value Fund<sup>26, 27</sup> |
| Vanguard VIF Equity Income Division Vanguard VIF Equity Income Fund<sup>26, 27</sup> |
| Vanguard VIF Growth Division Vanguard VIF Growth Fund<sup>26, 27</sup> |
| Vanguard VIF High Yield Bond Division Vanguard VIF High Yield Bond Fund<sup>26, 27</sup> |
| Vanguard VIF International Division Vanguard VIF International Fund<sup>26, 27</sup> |
| Vanguard VIF Real Estate Index Division Vanguard VIF Real Estate Index Fund<sup>26, 27</sup> |
| Vanguard VIF Short Term Investment Grade Division Vanguard VIF Short Term Investment Grade Fund<sup>26, 27</sup> |

---

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

---

| |
|:---|
| In addition to the one hundred and sixty-six divisions/sub-accounts, some policy owners may also allocate funds to the Guaranteed Principal Account ("GPA"), which is part of C.M. Life's general investment account ("General Account"). Because of exemptive and exclusionary provisions in the securities law, interests in the GPA are not registered under the Securities Act of 1933, and the General Account and the GPA are not registered as an investment company under the 1940 Act. |
| <sup>1</sup>American Century Investment Management, Inc. is the investment adviser to this Fund. |
| <sup>2</sup>Capital Research and Management Company is the investment adviser to this Fund. |
| <sup>3</sup>DWS Investment Management Americas, Inc. is the investment adviser to this Fund. |
| <sup>4</sup>Fidelity Management & Research Company is the investment adviser to this Portfolio. |
| <sup>5</sup>This sub-account/division/portfolio did not have any investment or unit activity in 2017 to 2021. |
| <sup>6</sup>Franklin Mutual Advisers, LLC is the investment adviser to this Fund. |
| <sup>7</sup>Goldman Sachs Asset Management, L.P., a separate business unit of the Investment Management Division of Goldman Sachs & Co., is the investment adviser to this Fund. |
| <sup>7</sup>Goldman Sachs Asset Management, L.P., a separate business unit of the Investment Management Division of Goldman Sachs & Co., is the investment adviser to this Fund. |
| <sup>8</sup>Invesco Advisers, Inc. is the investment adviser to this Fund. |
| <sup>9</sup>Janus Capital Management LLC is the investment adviser to this Portfolio. |
| <sup>10</sup>Massachusetts Financial Services Company is the investment adviser to this Series. |
| <sup>11</sup>MML Investment Advisers, LLC is the investment advisor to the listed MML II Trust Fund. |
| <sup>12</sup>MML Investment Advisers, LLC is the investment advisor to the listed MML Trust Fund |
| <sup>13</sup>T. Rowe Price Associates, Inc. is the investment adviser to this Portfolio. |
| <sup>14</sup>Templeton Investment Counsel, LLC is the investment adviser to this Fund. |
| <sup>15</sup>Prior to April 30, 2021, known as Invesco Oppenheimer V.I. Capital Appreciation Division/Fund. |
| <sup>16</sup>Prior to April 30, 2021, known as Invesco Oppenheimer V.I. Conservative Balanced Division/Fund. |
| <sup>17</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 division name changed from Invesco V.I. Core Bond to Invesco V.I. Core Plus Bond. |
| <sup>18</sup>Prior to April 30, 2021, known as Invesco Oppenheimer V.I. Discovery Mid Cap Growth Division/Fund. |
| <sup>19</sup>Prior to April 30, 2021, known as Invesco Oppenheimer V.I. Global Division/Fund. |
| <sup>20</sup>Prior to April 30, 2021, known as Invesco Oppenheimer V.I. Global Strategic Income Division/Fund. |
| <sup>21</sup>Prior to April 30, 2021, known as Invesco Oppenheimer V.I. Main Street Division/Fund®. |
| <sup>22</sup>Prior to July 1, 2021, known as Delaware Ivy VIP Asset Strategy Division/Fund. |
| <sup>23</sup>Prior to July 1, 2021, known as Delaware Ivy VIP Science and Technology Division/Fund. |
| <sup>24</sup>Lord, Abbett & Co. LLC is the investment adviser to this Fund. |
| <sup>25</sup>Pacific Investment Management Company LLC is the investment adviser to this Fund. |
| <sup>26</sup>The Vanguard Group, Inc. is the investment adviser to this Fund. |
| <sup>27</sup>This Division/Fund became available to the Separate Account as an investment option on December 13, 2021. |
| <sup>28</sup>Prior to April 29, 2022, known as Goldman Sachs Growth Opportunities Division/Fund. |
| <sup>29</sup>This Division/Fund became available to the Separate Account as an investment option on April 29, 2022. |
| <sup>30</sup>ValMark Advisers, Inc. is the investment adviser to this Fund. |
| <sup>31</sup>Prior to April 29, 2022, known as Invesco V.I. International Growth Division/Fund. |
| <sup>32</sup>Prior to May 1, 2022, known as MML Growth & Income Division/Fund (Initial Class). |
| <sup>33</sup>J.P. Morgan Investment Management Inc. is the investment adviser to this Fund. |
| <sup>34</sup>BlackRock Advisors, LLC is the investment adviser to this Fund. |
| <sup>35</sup>BNY Mellon Investment Adviser, Inc. is the investment adviser to this Portfolio. |
| <sup>36</sup>Delaware Management Company is the investment adviser to this Series. |
| <sup>37</sup>DFA Investment Dimensions Group Inc is the investment adviser to this Series. |
| <sup>38</sup>Eaton Vance Management is the investment adviser to this Fund. |
| <sup>39</sup>Effective November 4, 2022 this Division liquidated and any contract value in the Division after the close of the New York Stock Exchange on November 4, 2022 was automatically transferred to the MML U.S. Government Money Market Division. |

---

***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 C.M. Life Variable Life Separate Account I 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 division/sub-account are carried at fair value which is based on the closing net asset value of each of the respective underlying funds, which value their investment securities at fair value.

&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 are reinvested in the underlying investment funds.

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

C.M. Life is taxed under federal law as a life insurance company under the provisions of the 1986 Internal Revenue Code, as amended. Under existing federal law, no taxes are payable on net investment income and net realized capital gains attributable to policies, which depend on the Separate Account's investment performance. Accordingly, no provision for federal income tax has been made. C.M. Life may, however, make such a charge in the future if an unanticipated change of current law results in a tax liability attributable to the Separate Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Policy Charges** 

See Note 8B for charges associated with the policies.

&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.** **Policy Loans** 

When a policy loan is made, the Separate Account transfers the amount of the loan to C.M. Life, thereby decreasing both the investments and the net assets of the Separate Account by an equal amount. The policy owner is charged interest on the outstanding policy loan amount generally equal to either a fixed interest rate of 1% to 8% per year or (in all qualifying jurisdictions) an adjustable loan rate, where applicable.

As long as a loan is outstanding, a portion of the policy account value equal to the loan is invested in the GPA. The amount of the loan earns interest at a rate equal to the greater of either a fixed interest rate generally equal to 1% to 3% of the loan or the policy loan rate less the loan interest rate expense charge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Life Reserves** 

Life reserves are developed by using accepted actuarial methods and are computed using the 1980 CSO or 2017 CSO mortality table.

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

&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** 

Pursuant to separate underwriting agreements with C.M. Life, on its own behalf and on behalf of the Separate Account, MML Investors Services, LLC ("MMLIS") serves as principal underwriter of the policies sold by its registered representatives, and MML Distributors, LLC ("MML Distributors") and/or MML Strategic Distributors, LLC ("MSD") serve as principal underwriters of the policies sold by registered representatives of other broker-dealers who have entered into distribution agreements with MML Distributors and/or MSD.

MMLIS, MML Distributors and MSD are registered with the Securities and Exchange Commission (the "SEC") as broker-dealers under the Securities Exchange Act of 1934 and are members of the Financial Industry Regulatory Authority ("FINRA"). Commissions for sales of policies by MMLIS registered representatives are paid on behalf of MMLIS to its registered representatives. Commissions for sales of policies by registered representatives of other broker-dealers are paid on behalf of MML Distributors and/or MSD to those broker-dealers. MMLIS, MML Distributors and MSD also receive compensation for their actions as principal underwriters of the policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Receivable from/Payable to C.M. Life** 

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

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

---

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

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **American**<br> **Century**<br> **VP Capital**<br> **Appreciation**<br> **Division** | **American**<br> **Century**<br> **VP Disciplined**<br> **Core Value**<br> **Division** | <br> **American**<br> **Century**<br> **VP International**<br> **Division** | <br> **American**<br> **Century**<br> **VP Value**<br> **Division** | **American**<br> **Funds®**<br> **Asset**<br> **Allocation**<br> **Division** | <br> **American**<br> **Funds®**<br> **Growth-Income**<br> **Division** | <br> **American**<br> **Funds®**<br> **IS Bond**<br> **Division** | **American**<br> **Funds®**<br> **IS Global**<br> **Growth-Income**<br> **Division** |
| **<u>2022</u>** |  |  |  |  |  |  |  |  |
| Cost of purchases | $13290 | $8214849 | $57350 | $460908 | $1994971 | $1451139 | $4152 | $12531 |
| Proceeds from sales | (1093) | (2042235) | (519) | (425757) | (630333) | (508428) | (93) | (397) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **American**<br> **Funds®**<br> **IS New World**<br> **Division** | <br> **Black Rock**<br> **High Yield V.I.**<br> **Division** | **Black Rock**<br> **Small Cap**<br> **Index V.I.**<br> **Division** | **Black Rock**<br> **Total Return**<br> **V.I.**<br> **Division** | **BNY Mellon**<br> **Mid Cap**<br> **Stock**<br> **Division** | **Delaware**<br> **Ivy VIP Science**<br> **and Technology**<br> **Division** | **Delaware VIP®**<br> **Emerging**<br> **Markets**<br> **Division** | **Delaware VIP®**<br> **Small Cap**<br> **Value**<br> **Division** |
| **<u>2022 (Continued)</u>** |  |  |  |  |  |  |  |  |
| Cost of purchases | $11963 | $42392 | $126605 | $1505 | $1468 | $6051 | $71416 | $10759 |
| Proceeds from sales | (197) | (1527) | (2848) | (1445) | (1274) | (5163) | (703) | (2741) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br> **DFA**<br> **VA International**<br> **Small**<br> **Division** | <br> **DFA**<br> **U.S. Targeted** <br> **value**<br> **Division** | <br> **DFA**<br> **VIT Inflation-**<br> **Protected**<br> **Division** | <br> **DWS**<br> **Small Cap**<br> **Index**<br> **Division** | <br>**Fidelity®**<br> **Growth**<br> **Division** | <br> **Fidelity®**<br> **VIP**<br> **Contrafund®**<br> **Division** | **Fidelity®**<br> **VIP**<br> **Extended**<br> **Market Index**<br> **Division** | <br> **Fidelity®**<br> **VIP**<br> **Freedom 2025**<br> **Division** |
| **<u>2022 (Continued)</u>** |  |  |  |  |  |  |  |  |
| Cost of purchases | $44419 | $66120 | $18718 | $908034 | $19536 | $4531078 | $154612 | $100137 |
| Proceeds from sales | (920) | (904) | (246) | (328868) | (1357) | (4568850) | (1516) | (1608) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fidelity®**<br> **VIP**<br> **Freedom 2030**<br> **Division** | **Fidelity®**<br> **VIP**<br> **Freedom 2035**<br> **Division** | **Fidelity®**<br> **VIP**<br> **Freedom 2040**<br> **Division** | **Fidelity®**<br> **VIP**<br> **Freedom 2045**<br> **Division** | **Fidelity®**<br> **VIP**<br> **Freedom 2050**<br> **Division** | **Fidelity®**<br> **VIP**<br> **Freedom 2055**<br> **Division** | **Fidelity®**<br> **VIP**<br> **Freedom 2060**<br> **Division** | **Fidelity®**<br> **VIP**<br> **Freedom 2065**<br> **Division** |
| **<u>2022 (Continued)</u>** |  |  |  |  |  |  |  |  |
| Cost of purchases | $5499 | $55648 | $81616 | $46395 | $29586 | $40707 | $19988 | $476 |
| Proceeds from sales | (778) | (5445) | (15171) | (21279) | (14214) | (3709) | (6932) | (31) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br> **Fidelity®**<br> **VIP**<br> **Freedom Income**<br> **Division** | <br> **Fidelity®**<br> **VIP**<br> **Index 500**<br> **Division** | <br> **Fidelity®**<br> **VIP**<br> **Index 500**<br> **Division** | <br> **Fidelity®**<br> **VIP**<br> **International Index**<br> **Division** | **Franklin**<br> **Small Cap**<br> **Value**<br> **VIP**<br> **Division** | **Goldman**<br> **Sachs**<br> **Mid Cap**<br> **Value**<br> **Division** | **Goldman**<br> **Sachs**<br> **Small Cap**<br> **Equity Insights**<br> **Division** | **Goldman**<br> **Sachs**<br> **Strategic**<br> **Growth**<br> **Division** |
| **<u>2022 (Continued)</u>** | | **(Initial Class)** | **(Service Class)** | |  |  |  |  |
| Cost of purchases | $2403 | $1 | $425579 | $97957 | $1210892 | $229178 | $4857 | $1612541 |
| Proceeds from sales | (141) |  | (6341) | (1621) | (833648) | (936) | (4711) | (298665) |

---

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Invesco**<br> **Oppenheimer V.I.**<br> **International**<br> **Growth**<br> **Division** | <br> **Invesco V.I.**<br> **Capital**<br> **Appreciation**<br> **Division** | **Invesco V.I.**<br> **Core Plus Bond**<br> **Division** | <br> **Invesco V.I.**<br> **Discovery**<br> **Mid Cap Growth**<br> **Division** | <br> **Invesco V.I.**<br> **Diversified**<br> **Dividend**<br> **Division** | <br>**Invesco V.I.**<br> **Global** <br> **Division** | **Invesco V.I.**<br> **Global**<br> **Strategic Income**<br> **Division** | <br> **Invesco V.I.**<br> **Health**<br> **Care**<br> **Division** |
| **<u>2022 (Continued)</u>** |  |  |  |  |  |  |  |  |
| Cost of purchases | $1185427 | $19040640 | $224567 | $17038636 | $158148 | $9867116 | $308356 | $193108 |
| Proceeds from sales | (621183) | (3292255) | (96135) | (3262502) | (35536) | (2900406) | (543085) | (118554) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Invesco V.I.**<br> **Main Street**<br> **Division** | <br> **Invesco V.I.**<br> **Small Cap**<br> **Equity**<br> **Division** | <br>**Invesco V.I.**<br> **Technology**<br> **Division** | <br> **Janus**<br> **Henderson**<br> **Balanced**<br> **Division** | <br> **Janus**<br> **Henderson**<br> **Forty**<br> **Division** | **Janus**<br> **Henderson**<br> **Global**<br> **Research**<br> **Division** | <br> **JPMorgan**<br> **Insurance Trust**<br> **U.S. Equity**<br> **Division** | **MFS®**<br> **Blended Research**<br> **Core Equity**<br> **Division** |
| **<u>2022 (Continued)</u>** |  |  |  |  |  |  |  |  |
| Cost of purchases | $6518316 | $68418 | $610359 | $311999 | $3328264 | $1842585 | $1217 | $1888 |
| Proceeds from sales | (1109163) | (1519) | (130276) | (276469) | (1149602) | (639112) | (1057) | (1572) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **MFS®**<br> **Global**<br> **Real Estate**<br> **Division** | **MFS®**<br> **International**<br> **Intrinsic Value**<br> **Division** | **MFS®**<br> **Investors**<br> **Trust**<br> **Division** | **MFS®**<br> **Mid Cap**<br> **Value**<br> **Division** | **MFS®**<br> **New**<br> **Discovery**<br> **Division** | <br> **MFS®**<br> **Value**<br> **Division** | **MML**<br> **Aggressive**<br> **Allocation**<br> **Division** | **MML**<br> **American Funds**<br> **Growth**<br> **Division** |
| **<u>2022 (Continued)</u>** |  |  |  |  |  |  |  |  |
| Cost of purchases | $8182 | $13908 | $73087 | $8214 | $429635 | $175080 | $36820 | $177792 |
| Proceeds from sales | (384) | (57) | (85798) | (898) | (105959) | (1623) | (153) | (448) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **MML**<br> **American Funds**<br> **International**<br> **Division** | **MML**<br> **Balanced**<br> **Allocation**<br> **Division** | <br> **MML**<br> **Blend**<br> **Division** | **MML**<br> **Blue Chip**<br> **Growth**<br> **Division** | **MML**<br> **Conservative**<br> **Allocation**<br> **Division** | **MML**<br> **Dynamic**<br> **Bond**<br> **Division** | <br> **MML**<br> **Equity**<br> **Division** | **MML**<br> **Equity**<br> **Index** <br> **Division** |
| **<u>2022 (Continued)</u>** |  |  |  |  |  |  |  |  |
| Cost of purchases | $18587 | $105012 | $941348 | $1138741 | $4887 | $4206 | $6175506 | $5622994 |
| Proceeds from sales | (15372) | (1501) | (1212852) | (478772) | (21) | (94) | (2826854) | (4876261) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**MML**<br> **Foreign**<br> **Division** | <br>**MML**<br> **Global**<br> **Division** | <br> **MML**<br> **Growth**<br> **Allocation**<br> **Division** | <br> **MML**<br> **High**<br> **Yield**<br> **Division** | <br> **MML**<br> **Income &**<br> **Growth**<br> **Division** | **MML**<br> **Inflation-**<br> **Protected**<br> **and Income**<br> **Division** | <br> **MML**<br> **Large Cap**<br> **Growth**<br> **Division** | <br> **MML**<br> **Managed**<br> **Bond**<br> **Division** |
| **<u>2022 (Continued)</u>** |  |  |  |  |  |  |  |  |
| Cost of purchases | $54894 | $28572 | $164867 | $2279 | $66854 | $382937 | $41758 | $722222 |
| Proceeds from sales | (665) | (1324) | (1326) | (2050) | (290) | (239601) | (870) | (572100) |

---

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **MML**<br> **Managed**<br> **Volatility**<br> **Division** | **MML**<br> **Mid Cap**<br> **Growth**<br> **Division** | **MML**<br> **Moderate**<br> **Allocation**<br> **Division** | **MML<br> Short**<br> **Duration**<br> **Bond**<br> **Division** | **MML**<br> **Small Cap**<br> **Equity**<br> **Division** | **MML**<br> **Small Cap**<br> **Growth Equity**<br> **Division** | **MML**<br> **Small Mid Cap**<br> **Value**<br> **Division** | **MML**<br> **Total Return**<br> **Bond**<br> **Division** |
| **<u>2022 (Continued)</u>** |  |  |  |  |  |  |  |  |
| Cost of purchases | $92056 | $84840 | $40419 | $4188 | $2386008 | $2562295 | $351 | $11013 |
| Proceeds from sales | (120242) | (12742) | (172) | (97) | (1047259) | (377301) | (267) | (1410) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **MML U.S.**<br> **Government**<br> **Money Market**<br> **Division** | **PIMCO**<br> **Global Bond**<br> **Opportunities**<br> **Division** | <br> **PIMCO**<br> **Real Return**<br> **Division** | <br> **PIMCO**<br> **Total Return**<br> **Division** | **T. Rowe**<br> **Limited - Term**<br> **Bond**<br> **Division** | **T. Rowe Price**<br> **Blue Chip**<br> **Growth**<br> **Division** | **T. Rowe Price**<br> **Equity Income**<br> **Division** | **T. Rowe Price**<br> **Mid-Cap**<br> **Growth**<br> **Division** |
| **<u>2022 (Continued)</u>** |  |  |  |  |  |  |  |  |
| Cost of purchases | $3697036 | $72640 | $1670 | $14293 | $509 | $553345 | $1921959 | $2268068 |
| Proceeds from sales | (3560008) | (946) | (6) | (56) | (50) | (589659) | (1000721) | (3889592) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Templeton**<br> **Foreign**<br> **VIP**<br> **Division** | **Templeton**<br> **Global Bond**<br> **VIP**<br> **Division** | <br> **Vanguard VIF**<br> **Balanced**<br> **Division** | **Vanguard VIF**<br> **Capital Growth**<br> **Division** | **Vanguard VIF**<br> **Diversified Value**<br> **Division** | **Vanguard VIF**<br> **Equity Income**<br> **Division** | **Vanguard VIF**<br> **Real Estate**<br> **Index**<br> **Division** | **Vanguard VIF**<br> **Short Term**<br> **Investment**<br> **Division** |
| **<u>2022 (Continued)</u>** |  |  |  |  |  |  |  |  |
| Cost of purchases | $442608 | $5554 | $13369 | $64231 | $57688 | $166105 | $23678 | $38286 |
| Proceeds from sales | (239555) | (1527) | (2153) | (1625) | (1132) | (2725) | (890) | (255) |

---

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **American**<br> **Century**<br> **VP Disciplined**<br> **Core Value**<br> **Division** | <br> **American**<br> **Century**<br> **VP Value**<br> **Division** | **American**<br> **Funds®**<br> **Asset**<br> **Allocation**<br> **Division** | <br> **American**<br> **Funds®**<br> **Growth-Income**<br> **Division** | <br> **DWS**<br> **Small Cap**<br> **Index**<br> **Division** | <br> **Fidelity®**<br> **VIP**<br> **Contrafund®**<br> **Division** | <br> **Fidelity®**<br> **VIP**<br> **Index 500**<br> **Sub-Account** | **Franklin**<br> **Small Cap**<br> **Value**<br> **VIP**<br> **Division** |
| **<u>2021</u>** |  |  |  |  |  |  |  |  |
| Cost of purchases | $6430091 | $187971 | $1171315 | $479924 | $636799 | $11870669 | $- | $370356 |
| Proceeds from sales | (3401711) | (270781) | (724975) | (2112921) | (502403) | (6415181) | (735) | (483938) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Goldman**<br> **Sachs**<br> **Strategic**<br> **Growth**<br> **Division** | **Invesco**<br> **Oppenheimer V.I.**<br> **International**<br> **Growth**<br> **Division** | <br> **Invesco V.I.**<br> **Capital**<br> **Appreciation**<br> **Division** | <br>**Invesco V.I.**<br> **Core Bond**<br> **Division** | **Invesco V.I.**<br> **Discovery**<br> **Mid Cap Growth**<br> **Division** | <br> **Invesco V.I.**<br> **Diversified**<br> **Dividend**<br> **Division** | <br>**Invesco V.I.**<br> **Global** <br> **Division** | **Invesco V.I.**<br> **Global**<br> **Strategic Income**<br> **Division** |
| **<u>2021 (Continued)</u>** |  |  |  |  |  |  |  |  |
| Cost of purchases | $1322170 | $753075 | $4990112 | $328528 | $9901923 | $49641 | $4401413 | $949386 |
| Proceeds from sales | (640461) | (1020957) | (5266200) | (142237) | (6627817) | (778699) | (4448327) | (774769) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Invesco V.I.**<br> **Health**<br> **Care**<br> **Division** | **Invesco V.I.**<br> **Main Street**<br> **Division** | <br>**Invesco V.I.**<br> **Technology**<br> **Division** | <br> **Janus**<br> **Henderson**<br> **Balanced**<br> **Division** | <br> **Janus**<br> **Henderson**<br> **Forty**<br> **Division** | **Janus**<br> **Henderson**<br> **Global**<br> **Research**<br> **Division** | <br> **MFS®**<br> **Investors**<br> **Trust**<br> **Division** | <br> **MFS®**<br> **New**<br> **Discovery**<br> **Division** |
| **<u>2021 (Continued)</u>** |  |  |  |  |  |  |  |  |
| Cost of purchases | $383128 | $1453223 | $813928 | $220045 | $3482723 | $1067086 | $40683 | $586780 |
| Proceeds from sales | (115397) | (1141895) | (258717) | (194488) | (2034575) | (1157297) | (43733) | (249258) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**MML**<br> **Blend**<br> **Division** | <br> **MML**<br> **Blue Chip**<br> **Growth**<br> **Division** | <br>**MML**<br> **Equity**<br> **Division** | <br> **MML**<br> **Equity**<br> **Index** <br> **Division** | **MML**<br> **Inflation-**<br> **Protected**<br> **and Income**<br> **Division** | <br> **MML**<br> **Managed**<br> **Bond**<br> **Division** | <br> **MML**<br> **Managed**<br> **Volatility**<br> **Division** | <br> **MML**<br> **Small Cap**<br> **Equity**<br> **Division** |
| **<u>2021 (Continued)</u>** |  |  |  |  |  |  |  |  |
| Cost of purchases | $6218529 | $1576920 | $1562195 | $4740993 | $262263 | $1061139 | $130625 | $1705678 |
| Proceeds from sales | (1723405) | (1164954) | (3958530) | (4522032) | (198225) | (608064) | (880893) | (2136973) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **MML**<br> **Small Cap**<br> **Growth Equity**<br> **Division** | **MML U.S.**<br> **Government**<br> **Money Market**<br> **Division** | **T. Rowe Price**<br> **Blue Chip**<br> **Growth**<br> **Division** | **T. Rowe Price**<br> **Equity Income**<br> **Division** | **T. Rowe Price**<br> **Mid-Cap**<br> **Growth**<br> **Division** | **Templeton**<br> **Foreign**<br> **VIP**<br> **Division** |
| **<u>2021 (Continued)</u>** |  |  |  |  |  |  |
| Cost of purchases | $1714518 | $6430211 | $986708 | $958891 | $8513029 | $439331 |
| Proceeds from sales | (619040) | (7083667) | (1303281) | (780731) | (5446509) | (363266) |

---

***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: |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**<u>2022</u>** | **American**<br> **Century**<br> **VP Capital**<br> **Appreciation**<br> **Division** | **American**<br> **Century**<br> **VP Disciplined**<br> **Core Value**<br> **Division** | <br> **American**<br> **Century**<br> **VP International**<br> **Division** | <br> **American**<br> **Century**<br> **VP Value**<br> **Division** | **American**<br> **Funds®**<br> **Asset**<br> **Allocation**<br> **Division** | <br> **American**<br> **Funds®**<br> **Growth-Income**<br> **Division** | <br> **American**<br> **Funds®**<br> **IS Bond**<br> **Division** | **American**<br> **Funds®**<br> **IS Global**<br> **Growth-Income**<br> **Division** |
| Units purchased | 16722 | 301146 | 45974 | 35034 | 111864 | 79125 | 4525 | 14310 |
| Units withdrawn | (362) | (631749) | (923) | (83520) | (156012) | (119110) | (133) | (277) |
| Units transferred between Divisions and to/from General Account | (117) | (67538) | 28454 | 5574 | 77707 | 3897 | - | 1278 |
| Net increase (decrease) | 16243 | (398141) | 73505 | (42912) | 33559 | (36088) | 4392 | 15311 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**<u>2022 (Continued)</u>** | **American**<br> **Funds®**<br> **IS New World**<br> **Division** | <br> **Black Rock**<br> **High Yield V.I.**<br> **Division** | **Black Rock**<br> **Small Cap**<br> **Index V.I.**<br> **Division** | **Black Rock**<br> **Total Return**<br> **V.I.**<br> **Division** | **BNY Mellon**<br> **Mid Cap**<br> **Stock**<br> **Division** | **Delaware**<br> **Ivy VIP Science**<br> **and Technology**<br> **Division** | **Delaware VIP®**<br> **Emerging**<br> **Markets**<br> **Division** | **Delaware VIP®**<br> **Small Cap**<br> **Value**<br> **Division** |
| Units purchased | 2426 | 11038 | 113525 | 1632 | 1411 | 6766 | 27375 | 11515 |
| Units withdrawn | (158) | (440) | (2114) | (1632) | (1411) | (6766) | (7398) | (3023) |
| Units transferred between Divisions and to/from General Account | 12507 | 34655 | 37222 | - | - | - | 70444 | - |
| Net increase (decrease) | 14775 | 45253 | 148633 | - | - | - | 90421 | 8492 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**<u>2022 (Continued)</u>** | <br> **DFA**<br> **VA International**<br> **Small**<br> **Division** | <br> **DFA**<br> **U.S. Targeted** <br> **value**<br> **Division** | <br> **DFA**<br> **VIT Inflation-**<br> **Protected**<br> **Division** | <br> **DWS**<br> **Small Cap**<br> **Index**<br> **Division** | <br>**Fidelity®**<br> **Growth**<br> **Division** | <br> **Fidelity®**<br> **VIP**<br> **Contrafund®**<br> **Division** | **Fidelity®**<br> **VIP**<br> **Extended**<br> **Market Index**<br> **Division** | <br> **Fidelity®**<br> **VIP**<br> **Freedom 2025**<br> **Division** |
| Units purchased | 24006 | 30024 | 8648 | 32963 | 10276 | 379303 | 7719 | 104803 |
| Units withdrawn | (738) | (923) | (272) | (47394) | (253) | (872039) | (1186) | (2404) |
| Units transferred between Divisions and to/from General Account | 26505 | 31259 | 10009 | (37696) | 12662 | (86573) | 176472 | 9722 |
| Net increase (decrease) | 49773 | 60360 | 18385 | (52127) | 22685 | (579309) | 183005 | 112121 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>2022 (Continued)</u>** | **Fidelity®**<br>**VIP**<br>**Freedom 2030**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Freedom 2035**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Freedom 2040**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Freedom 2045**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Freedom 2050**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Freedom 2055**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Freedom 2060**<br>**Division** | **Fidelity®**<br>**VIP**<br>**Freedom 2065**<br>**Division** |
| Units purchased | 6128 | 59737 | 23662 | 46910 | 32589 | 33593 | 22815 | 515 |
| Units withdrawn | (884) | (1843) | (8927) | (25826) | (15577) | (4269) | (8956) | (11) |
| Units transferred between Divisions and to/from General Account | 101 | (215) | 64714 | 7008 | 135 | 13534 | 733 | 7 |
| Net increase (decrease) | 5345 | 57679 | 79449 | 28092 | 17147 | 42858 | 14592 | 511 |

---

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**<u>2022 (Continued)</u>** | **Fidelity®**<br> **VIP**<br> **Freedom Income**<br> **Division** | <br> **Fidelity®**<br> **VIP**<br> **Index 500**<br> **Division** | <br> **Fidelity®**<br> **VIP**<br> **Index 500**<br> **Division** | **Fidelity®**<br> **VIP**<br> **International Index**<br> **Division** | **Franklin**<br> **Small Cap**<br> **Value**<br> **VIP**<br> **Division** | **Goldman**<br> **Sachs**<br> **Mid Cap**<br> **Value**<br> **Division** | **Goldman**<br> **Sachs**<br> **Small Cap**<br> **Equity Insights**<br> **Division** | **Goldman**<br> **Sachs**<br> **Strategic**<br> **Growth**<br> **Division** |
|  | | **(Initial Class)** | **(Service Class)** | |  |  |  |  |
| Units purchased | 2433 |  | 425014 | 109091 | 44310 | 227 | 5361 | 41999 |
| Units withdrawn | (54) |  | (7817) | (2358) | (57936) | (1251) | (5361) | (91592) |
| Units transferred between Divisions and to/from General Account | 82 |  | 70784 | - | (10850) | 226602 | - | 113440 |
| Net increase (decrease) | 2461 |  | 487981 | 106733 | (24476) | 225578 | - | 63847 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**<u>2022 (Continued)</u>** | **Invesco**<br> **Oppenheimer V.I.**<br> **International**<br> **Growth**<br> **Division** | <br> **Invesco V.I.**<br> **Capital**<br> **Appreciation**<br> **Division** | **Invesco V.I.**<br> **Core Plus Bond**<br> **Division** | **Invesco V.I.**<br> **Discovery**<br> **Mid Cap Growth**<br> **Division** | <br> **Invesco V.I.**<br> **Diversified**<br> **Dividend**<br> **Division** | <br>**Invesco V.I.**<br> **Global** <br> **Division** | **Invesco V.I.**<br> **Global**<br> **Strategic Income**<br> **Division** | <br> **Invesco V.I.**<br> **Health**<br> **Care**<br> **Division** |
| Units purchased | 48217 | 492715 | 87589 | 545338 | 17830 | 389312 | 181116 | 6618 |
| Units withdrawn | (97176) | (927075) | (84805) | (947796) | (20017) | (683528) | (258957) | (13159) |
| Units transferred between Divisions and to/from General Account | (27280) | (22378) | 17573 | (88745) | 18829 | 17770 | (3173) | (6938) |
| Net increase (decrease) | (76239) | (456738) | 20357 | (491203) | 16642 | (276446) | (81014) | (13479) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**<u>2022 (Continued)</u>** | **Invesco V.I.**<br> **Main Street**<br> **Division** | **Invesco V.I.**<br> **Small Cap**<br> **Equity**<br> **Division** | <br>**Invesco V.I.**<br> **Technology**<br> **Division** | <br> **Janus**<br> **Henderson**<br> **Balanced**<br> **Division** | <br> **Janus**<br> **Henderson**<br> **Forty**<br> **Division** | **Janus**<br> **Henderson**<br> **Global**<br> **Research**<br> **Division** | **JPMorgan**<br> **Insurance Trust**<br> **U.S. Equity**<br> **Division** | **MFS®**<br> **Blended Research**<br> **Core Equity**<br> **Division** |
| Units purchased | 161996 | 62763 | 33469 | 25180 | 119559 | 255537 | 1219 | 1753 |
| Units withdrawn | (337985) | (2072) | (48347) | (50586) | (285648) | (309344) | (1219) | (1753) |
| Units transferred between Divisions and to/from General Account | (2917) | - | 1096 | 633 | (803) | (3951) | - | - |
| Net increase (decrease) | (178906) | 60691 | (13782) | (24773) | (166892) | (57758) | - | - |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**<u>2022 (Continued)</u>** | **MFS®**<br> **Global**<br> **Real Estate**<br> **Division** | **MFS®**<br> **International**<br> **Intrinsic Value**<br> **Division** | **MFS®**<br> **Investors**<br> **Trust**<br> **Division** | **MFS®**<br> **Mid Cap**<br> **Value**<br> **Division** | **MFS®**<br> **New**<br> **Discovery**<br> **Division** | <br> **MFS®**<br> **Value**<br> **Division** | **MML**<br> **Aggressive**<br> **Allocation**<br> **Division** | **MML**<br> **American Funds**<br> **Growth**<br> **Division** |
| Units purchased | 4402 | 22 | 2182 | 7428 | 7168 | 146353 | 28 | 495 |
| Units withdrawn | (130) | (98) | (4308) | (168) | (9843) | (2457) | (209) | (1095) |
| Units transferred between Divisions and to/from General Account | 4965 | 17722 | (5857) | (71) | (4971) | 29595 | 37767 | 198187 |
| Net increase (decrease) | 9237 | 17646 | (7983) | 7189 | (7646) | 173491 | 37586 | 197587 |

---

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**<u>2022 (Continued)</u>** | **MML**<br> **American Funds**<br> **International**<br> **Division** | **MML**<br> **Balanced**<br> **Allocation**<br> **Division** | <br> **MML**<br> **Blend**<br> **Division** | **MML**<br> **Blue Chip**<br> **Growth**<br> **Division** | **MML**<br> **Conservative**<br> **Allocation**<br> **Division** | **MML**<br> **Dynamic**<br> **Bond**<br> **Division** | <br> **MML**<br> **Equity**<br> **Division** | **MML**<br> **Equity**<br> **Index** <br> **Division** |
| Units purchased | 7843 | 99769 | 227950 | 99267 | 4 | 4552 | 649566 | 423497 |
| Units withdrawn | (7866) | (2034) | (444353) | (129669) | (28) | (134) | (1094248) | (1246144) |
| Units transferred between Divisions and to/from General Account | 23 | 8409 | (12023) | (86618) | 5024 | - | (54413) | 62383 |
| Net increase (decrease) | - | 106144 | (228426) | (117020) | 5000 | 4418 | (499095) | (760264) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>2022 (Continued)</u>** |<br>**MML**<br>**Foreign**<br>**Division** |<br>**MML**<br>**Global**<br>**Division** | **MML**<br>**Growth**<br>**Allocation**<br>**Division** | **MML**<br>**High**<br>**Yield**<br>**Division** | **MML**<br>**Income &**<br>**Growth**<br>**Division** | **Inflation-**<br>**Protected**<br>**and Income**<br>**Division** | **MML**<br>**Large Cap**<br>**Growth**<br>**Division** | **MML**<br>**Managed**<br>**Bond**<br>**Division** |
| Units purchased | 32873 | 1083 | 856 | 2260 | 47 | 75398 | 15904 | 174636 |
| Units withdrawn | (889) | (162) | (1666) | (2260) | (345) | (69878) | (682) | (291620) |
| Units transferred between Divisions and to/from General Account | 27335 | 18652 | 169811 | - | 62549 | (5463) | 37699 | 44947 |
| Net increase (decrease) | 59319 | 19573 | 169001 | - | 62251 | 57 | 52921 | (72037) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>2022 (Continued)</u>** |<br>**MML**<br>**Managed**<br>**Volatility**<br>**Division** |<br>**MML**<br>**Mid Cap**<br>**Growth**<br>**Division** |<br>**MML**<br>**Moderate**<br>**Allocation**<br>**Division** | **MML**<br>**Short**<br>**Duration**<br>**Bond**<br>**Division** |<br>**MML**<br>**Small Cap**<br>**Equity**<br>**Division** |<br>**MML**<br>**Small Cap**<br>**Growth Equity**<br>**Division** |<br>**MML**<br>**Small Mid Cap**<br>**Value**<br>**Division** |<br>**MML**<br>**Total Return**<br>**Bond**<br>**Division** |
| Units purchased | 45363 | 85759 | 32 | 4433 | 95167 | 81690 | 297 | 11252 |
| Units withdrawn | (60425) | (16260) | (232) | (130) | (165048) | (100409) | (297) | (248) |
| Units transferred between Divisions and to/from General Account | 1476 | - | 41979 | - | (15643) | 368745 | - | (357) |
| Net increase (decrease) | (13586) | 69499 | 41779 | 4303 | (85524) | 350026 | - | 10647 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>2022 (Continued)</u>** | **MML U.S.**<br>**Government**<br>**Money Market**<br>**Division** | **PIMCO**<br>**Global Bond**<br>**Opportunities**<br>**Division** |<br>**PIMCO**<br>**Real Return**<br>**Division** |<br>**PIMCO**<br>**Total Return**<br>**Division** | **T. Rowe**<br>**Limited - Term**<br>**Bond**<br>**Division** | **T. Rowe Price**<br>**Blue Chip**<br>**Growth**<br>**Division** |<br>**T. Rowe Price**<br>**Equity Income**<br>**Division** | **T. Rowe Price**<br>**Mid-Cap**<br>**Growth**<br>**Division** |
| Units purchased | 2868290 | 36088 | 3 | 24 | 448 | 25578 | 71718 | 191439 |
| Units withdrawn | (1031513) | (1171) | (9) | (88) | (11) | (41893) | (115628) | (517189) |
| Units transferred between Divisions and to/from General Account | (1652969) | 45186 | 1769 | 15922 | 32 | (9430) | 130746 | (26728) |
| Net increase (decrease) | 183808 | 80103 | 1763 | 15858 | 469 | (25745) | 86836 | (352478) |

---

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**<u>2022 (Continued)</u>** | **Templeton**<br> **Foreign**<br> **VIP**<br> **Division** | **Templeton**<br> **Global Bond**<br> **VIP**<br> **Division** | <br> **Vanguard VIF**<br> **Balanced**<br> **Division** | **Vanguard VIF**<br> **Capital Growth**<br> **Division** | **Vanguard VIF**<br> **Diversified Value**<br> **Division** | **Vanguard VIF**<br> **Equity Income**<br> **Division** | **Vanguard VIF**<br> **Real Estate**<br> **Index**<br> **Division** | **Vanguard VIF**<br> **Short Term**<br> **Investment**<br> **Division** |
| Units purchased | 122913 | 5912 | 13828 | 59410 | 29818 | 163934 | 22104 | 40601 |
| Units withdrawn | (147903) | (1660) | (305) | (1963) | (901) | (3140) | (1640) | (380) |
| Units transferred between Divisions and to/from General Account | 89226 | - | (1067) | - | 33429 | - | 6040 | - |
| Net increase (decrease) | 64236 | 4252 | 12456 | 57447 | 62346 | 160794 | 26504 | 40221 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**<u>2021</u>** | **American**<br> **Century**<br> **VP Disciplined**<br> **Core Value**<br> **Division** | <br> **American**<br> **Century**<br> **VP Value**<br> **Division** | **American**<br> **Funds®**<br> **Asset**<br> **Allocation**<br> **Division** | <br> **American**<br> **Funds®**<br> **Growth-Income**<br> **Division** | <br> **DWS**<br> **Small Cap**<br> **Index**<br> **Division** | <br> **Fidelity®**<br> **VIP**<br> **Contrafund®**<br> **Division** | <br> **Fidelity®**<br> **VIP**<br> **Index 500**<br> **Sub-Account** | **Franklin**<br> **Small Cap**<br> **Value**<br> **VIP**<br> **Division** |
| Units purchased | 331582 | 20620 | 87994 | 64834 | 28638 | 379465 |  | 31303 |
| Units withdrawn | (945638) | (52072) | (170618) | (171202) | (85545) | (987673) | (93) | (52240) |
| Units transferred between Divisions and to/from General Account | 140084 | 5867 | 66878 | (225777) | 13025 | (112260) | - | (21219) |
| Net increase (decrease) | (473972) | (25585) | (15746) | (332145) | (43882) | (720469) | (93) | (42157) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**<u>2021 (Continued)</u>** | **Goldman**<br> **Sachs**<br> **Strategic**<br> **Growth**<br> **Division** | **Invesco**<br> **Oppenheimer V.I.**<br> **International**<br> **Growth**<br> **Division** | <br> **Invesco V.I.**<br> **Capital**<br> **Appreciation**<br> **Division** | <br>**Invesco V.I.**<br> **Core Bond**<br> **Division** | **Invesco V.I.**<br> **Discovery**<br> **Mid Cap Growth**<br> **Division** | <br> **Invesco V.I.**<br> **Diversified**<br> **Dividend**<br> **Division** | <br>**Invesco V.I.**<br> **Global** <br> **Division** | **Invesco V.I.**<br> **Global**<br> **Strategic Income**<br> **Division** |
| Units purchased | 40271 | 44418 | 390586 | 85258 | 463617 | 13365 | 315249 | 164639 |
| Units withdrawn | (83613) | (148038) | (1029848) | (99430) | (1274853) | (164643) | (681792) | (302286) |
| Units transferred between Divisions and to/from General Account | (2645) | (105681) | (53556) | 26708 | (135494) | (219283) | (76292) | 68961 |
| Net increase (decrease) | (45988) | (209302) | (692819) | 12536 | (946730) | (370561) | (442835) | (68686) |

---

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>2021 (Continued)</u>** |<br>**Invesco V.I.**<br>**Health**<br>**Care**<br>**Division** |<br>**Invesco V.I.**<br>**Main Street**<br>**Division** |<br>**Invesco V.I.**<br>**Technology**<br>**Division** |<br>**Janus**<br>**Henderson**<br>**Balanced**<br>**Division** |<br>**Janus**<br>**Henderson**<br>**Forty**<br>**Division** | **Janus**<br>**Henderson**<br>**Global**<br>**Research**<br>**Division** |<br>**MFS®**<br>**Investors**<br>**Trust**<br>**Division** |<br>**MFS®**<br>**New**<br>**Discovery**<br>**Division** |
| Units purchased | 10345 | 188795 | 24477 | 23985 | 126011 | 278845 | 3228 | 4726 |
| Units withdrawn | (12436) | (355056) | (32288) | (38192) | (374705) | (550237) | (4513) | (19112) |
| Units transferred between Divisions and to/from General Account | 31220 | (30924) | 129658 | 9844 | 3391 | (82066) | (671) | 22039 |
| Net increase (decrease) | 29129 | (197185) | 121847 | (4363) | (245303) | (353458) | (1956) | 7652 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>2021 (Continued)</u>** |<br>**MML**<br>**Blend**<br>**Division** |<br>**MML**<br>**Blue Chip**<br>**Growth**<br>**Division** |<br>**MML**<br>**Equity**<br>**Division** |<br>**MML**<br>**Equity**<br>**Index**<br>**Division** | **MML**<br>**Inflation-**<br>**Protected**<br>**and Income**<br>**Division** |<br>**MML**<br>**Managed**<br>**Bond**<br>**Division** |<br>**MML**<br>**Managed**<br>**Volatility**<br>**Division** |<br>**MML**<br>**Small Cap**<br>**Equity**<br>**Division** |
| Units purchased | 223316 | 70688 | 634913 | 399702 | 57918 | 161664 | 40851 | 78848 |
| Units withdrawn | (537137) | (252455) | (1589531) | (979140) | (71177) | (286195) | (218761) | (239200) |
| Units transferred between Divisions and to/from General Account | 19227 | 86956 | (11744) | (104955) | (15935) | 122763 | (139279) | (78323) |
| Net increase (decrease) | (294594) | (94811) | (966362) | (684393) | (29194) | (1769) | (317189) | (238674) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **<u>2021 (Continued)</u>** | **MML**<br>**Small Cap**<br>**Growth Equity**<br>**Division** | **MML U.S.**<br>**Government**<br>**Money Market**<br>**Division** | **T. Rowe Price**<br>**Blue Chip**<br>**Growth**<br>**Division** |<br>**T. Rowe Price**<br>**Equity Income**<br>**Division** | **T. Rowe Price**<br>**Mid-Cap**<br>**Growth**<br>**Division** | **Templeton**<br>**Foreign**<br>**VIP**<br>**Division** |
| Units purchased | 44763 | 649496 | 16649 | 58017 | 176011 | 107697 |
| Units withdrawn | (110918) | (4127465) | (85709) | (134067) | (499114) | (209078) |
| Units transferred between Divisions and to/from General Account | 29638 | 2980661 | (50586) | (16165) | (92665) | 112836 |
| Net increase (decrease) | (36517) | (497308) | (119646) | (92216) | (415768) | 11454 |

---

***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)** |
| **American Century VP Capital Appreciation Division** | **American Century VP Capital Appreciation Division** | **American Century VP Capital Appreciation Division** | **American Century VP Capital Appreciation Division** | **American Century VP Capital Appreciation Division** |  |  |  |  |  |  |  |
| 2022 | 16242 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $0.73 | $11860 | -% | -% |  | 0.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-% |  | (28.11)% |
| **American Century VP Disciplined Core Value Division** | **American Century VP Disciplined Core Value Division** | **American Century VP Disciplined Core Value Division** | **American Century VP Disciplined Core Value Division** | **American Century VP Disciplined Core Value Division** |  |  |  |  |  |  |  |
| 2022 | 7888083 | 3.50 | 4.06 | 27707765 | 1.76 | 0.25 | to | 0.55 | (13.21) | to | (12.95) |
| 2021 | 8286224 | 4.04 | 4.66 | 33489182 | 1.07 | 0.25 | to | 0.55 | 22.97 | to | 23.34 |
| 2020 | 8760196 | 3.28 | 3.78 | 28800968 | 1.96 | 0.25 | to | 0.55 | 11.20 | to | 11.53 |
| 2019 | 9124491 | 2.95 | 3.39 | 26997125 | 2.08 | 0.25 | to | 0.55 | 23.27 | to | 23.64 |
| 2018 | 9826844 | 2.40 | 2.74 | 23564798 | 1.92 | 0.25 | to | 0.55 | (7.38) | to | (7.10) |
| **American Century VP International Division** | **American Century VP International Division** | **American Century VP International Division** | **American Century VP International Division** | **American Century VP International Division** |  |  |  |  |  |  |  |
| 2022 | 73505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 0.77 | 56372 | 0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (24.75) |
| **American Century VP Value Division** | **American Century VP Value Division** | **American Century VP Value Division** | **American Century VP Value Division** | **American Century VP Value Division** |  |  |  |  |  |  |  |
| 2022 | 522275 | 4.80 | 5.09 | 2563563 | 2.08 | 0.25 | to | 0.55 | (0.01) | to | 0.29 |
| 2021 | 565187 | 4.80 | 5.07 | 2766523 | 1.74 | 0.25 | to | 0.55 | 23.83 | to | 24.20 |
| 2020 | 590772 | 3.88 | 4.09 | 2330862 | 2.37 | 0.25 | to | 0.55 | 0.42 | to | 0.73 |
| 2019 | 578422 | 3.86 | 4.06 | 2264246 | 2.11 | 0.25 | to | 0.55 | 26.34 | to | 26.72 |
| 2018 | 640768 | 3.05 | 3.20 | 1986152 | 1.65 | 0.25 | to | 0.55 | (9.65) | to | (9.38) |
| **American Funds® Asset Allocation Division** | **American Funds® Asset Allocation Division** | **American Funds® Asset Allocation Division** | **American Funds® Asset Allocation Division** | **American Funds® Asset Allocation Division** |  |  |  |  |  |  |  |
| 2022 | 2630594 | 3.83 | 4.06 | 10357028 | 1.93 | 0.25 | to | 0.55 | (13.88) | to | (13.62) |
| 2021 | 2597036 | 4.44 | 4.70 | 11859082 | 1.54 | 0.25 | to | 0.55 | 14.47 | to | 14.81 |
| 2020 | 2612782 | 3.88 | 4.09 | 10395398 | 1.71 | 0.25 | to | 0.55 | 11.84 | to | 12.18 |
| 2019 | 2614285 | 3.47 | 3.65 | 9278560 | 1.95 | 0.25 | to | 0.55 | 20.57 | to | 20.93 |
| 2018 | 2613126 | 2.88 | 3.02 | 7690186 | 1.63 | 0.25 | to | 0.55 | (5.13) | to | (4.84) |
| **American Funds® Growth-Income Division** | **American Funds® Growth-Income Division** | **American Funds® Growth-Income Division** | **American Funds® Growth-Income Division** | **American Funds® Growth-Income Division** |  |  |  |  |  |  |  |
| 2022 | 1942734 | 5.01 | 5.32 | 9958087 | 1.29 | 0.25 | to | 0.55 | (16.95) | to | (16.70) |
| 2021 | 1978822 | 6.04 | 6.39 | 12199405 | 1.11 | 0.25 | to | 0.55 | 23.41 | to | 23.79 |
| 2020 | 2310967 | 4.89 | 5.16 | 11567104 | 1.38 | 0.25 | to | 0.55 | 12.92 | to | 13.26 |
| 2019 | 2357671 | 4.33 | 4.55 | 10430144 | 1.71 | 0.25 | to | 0.55 | 25.44 | to | 25.82 |
| 2018 | 2397514 | 3.45 | 3.62 | 8442286 | 1.38 | 0.25 | to | 0.55 | (2.33) | to | (2.03) |
| **American Funds® IS Bond Division** | **American Funds® IS Bond Division** | **American Funds® IS Bond Division** | **American Funds® IS Bond Division** | **American Funds® IS Bond Division** |  |  |  |  |  |  |  |
| 2022 | 4392 |  | 0.87 | 3833 | 2.58 |  |  | 0.60 |  |  | (12.49) |
| **American Funds® IS Global Growth Division** | **American Funds® IS Global Growth Division** | **American Funds® IS Global Growth Division** | **American Funds® IS Global Growth Division** | **American Funds® IS Global Growth Division** |  |  |  |  |  |  |  |
| 2022 | 15311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 0.77 | 11814 | 1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (24.54) |
| **American Funds® IS New World Division** | **American Funds® IS New World Division** | **American Funds® IS New World Division** | **American Funds® IS New World Division** | **American Funds® IS New World Division** |  |  |  |  |  |  |  |
| 2022 | 14775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 0.79 | 11718 | 2.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (21.86) |
| **BlackRock High Yield V.I. Division** | **BlackRock High Yield V.I. Division** | **BlackRock High Yield V.I. Division** | **BlackRock High Yield V.I. Division** | **BlackRock High Yield V.I. Division** |  |  |  |  |  |  |  |
| 2022 | 45254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 0.90 | 40891 | 4.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (10.35) |
| **BlackRock Small Cap Index V.I. Division** | **BlackRock Small Cap Index V.I. Division** | **BlackRock Small Cap Index V.I. Division** | **BlackRock Small Cap Index V.I. Division** | **BlackRock Small Cap Index V.I. Division** |  |  |  |  |  |  |  |
| 2022 | 148632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 0.82 | 121493 | 2.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (20.63) |
| **BlackRock Total Return V.I. Division** | **BlackRock Total Return V.I. Division** | **BlackRock Total Return V.I. Division** | **BlackRock Total Return V.I. Division** | **BlackRock Total Return V.I. Division** |  |  |  |  |  |  |  |
| 2022 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 0.86 |  | 1.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (14.06) |

---

***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)** |
| **BNY Mellon MidCap Stock Division** | **BNY Mellon MidCap Stock Division** | **BNY Mellon MidCap Stock Division** | **BNY Mellon MidCap Stock Division** | **BNY Mellon MidCap Stock Division** |  |  |  |  |  |  |  |
| 2022 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $0.89 | $- | 0.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-% |  | 0.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-% |  | (14.28)% |
| **Delaware Ivy VIP Science and Technology Division<sup>4</sup>** | **Delaware Ivy VIP Science and Technology Division<sup>4</sup>** | **Delaware Ivy VIP Science and Technology Division<sup>4</sup>** | **Delaware Ivy VIP Science and Technology Division<sup>4</sup>** | **Delaware Ivy VIP Science and Technology Division<sup>4</sup>** |  |  |  |  |  |  |  |
| 2022 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 0.70 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (31.84) |
| **Delaware VIP® Emerging Markets Division** | **Delaware VIP® Emerging Markets Division** | **Delaware VIP® Emerging Markets Division** | **Delaware VIP® Emerging Markets Division** | **Delaware VIP® Emerging Markets Division** |  |  |  |  |  |  |  |
| 2022 | 90421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 0.73 | 66402 | 0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (27.81) |
| **Delaware VIP® Small Cap Value Division** | **Delaware VIP® Small Cap Value Division** | **Delaware VIP® Small Cap Value Division** | **Delaware VIP® Small Cap Value Division** | **Delaware VIP® Small Cap Value Division** |  |  |  |  |  |  |  |
| 2022 | 8492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 0.91 | 7710 | 0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (12.36) |
| **DFA VA International Small Division** | **DFA VA International Small Division** | **DFA VA International Small Division** | **DFA VA International Small Division** | **DFA VA International Small Division** |  |  |  |  |  |  |  |
| 2022 | 49773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 0.85 | 42517 | 4.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (17.64) |
| **DFA VA U.S. Targeted Value Division** | **DFA VA U.S. Targeted Value Division** | **DFA VA U.S. Targeted Value Division** | **DFA VA U.S. Targeted Value Division** | **DFA VA U.S. Targeted Value Division** |  |  |  |  |  |  |  |
| 2022 | 60359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 0.99 | 60005 | 2.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (4.21) |
| **DFA VIT Inflation-Protected Division** | **DFA VIT Inflation-Protected Division** | **DFA VIT Inflation-Protected Division** | **DFA VIT Inflation-Protected Division** | **DFA VIT Inflation-Protected Division** |  |  |  |  |  |  |  |
| 2022 | 18385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 0.88 | 16254 | 14.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (12.45) |
| **DWS Small Cap Index Division** | **DWS Small Cap Index Division** | **DWS Small Cap Index Division** | **DWS Small Cap Index Division** | **DWS Small Cap Index Division** |  |  |  |  |  |  |  |
| 2022 | 1049211 | 3.76 | 4.17 | 4075492 | 0.92 | 0.25 | to | 0.55 | (21.07) | to | (20.83) |
| 2021 | 1101337 | 4.76 | 5.27 | 5419937 | 0.83 | 0.25 | to | 0.55 | 13.87 | to | 14.22 |
| 2020 | 1145219 | 4.18 | 4.61 | 4937438 | 1.10 | 0.25 | to | 0.55 | 18.78 | to | 19.13 |
| 2019 | 1157374 | 3.52 | 3.87 | 4193953 | 1.06 | 0.25 | to | 0.55 | 24.54 | to | 24.91 |
| 2018 | 1216115 | 2.83 | 3.10 | 3529023 | 0.94 | 0.25 | to | 0.55 | (11.72) | to | (11.45) |
| **Fidelity® Growth Division** | **Fidelity® Growth Division** | **Fidelity® Growth Division** | **Fidelity® Growth Division** | **Fidelity® Growth Division** |  |  |  |  |  |  |  |
| 2022 | 22685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 0.76 | 17312 | 0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (24.52) |
| **Fidelity® VIP Contrafund® Division** | **Fidelity® VIP Contrafund® Division** | **Fidelity® VIP Contrafund® Division** | **Fidelity® VIP Contrafund® Division** | **Fidelity® VIP Contrafund® Division** |  |  |  |  |  |  |  |
| 2022 | 11560924 | 5.51 | 6.75 | 63406218 | 0.51 | 0.25 | to | 0.55 | (26.72) | to | (26.50) |
| 2021 | 12140233 | 7.52 | 9.18 | 90757280 | 0.06 | 0.25 | to | 0.55 | 27.13 | to | 27.52 |
| 2020 | 12860701 | 5.92 | 7.20 | 75496258 | 0.25 | 0.25 | to | 0.55 | 29.85 | to | 30.24 |
| 2019 | 13448613 | 4.56 | 5.53 | 60806457 | 0.46 | 0.25 | to | 0.55 | 30.86 | to | 31.25 |
| 2018 | 14359271 | 3.48 | 4.21 | 49620506 | 0.70 | 0.25 | to | 0.55 | (6.89) | to | (6.61) |
| **Fidelity® VIP Extended Market Index Division** | **Fidelity® VIP Extended Market Index Division** | **Fidelity® VIP Extended Market Index Division** | **Fidelity® VIP Extended Market Index Division** | **Fidelity® VIP Extended Market Index Division** |  |  |  |  |  |  |  |
| 2022 | 183005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 0.84 | 154173 | 1.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (18.30) |
| **Fidelity® VIP Freedom 2025 Division** | **Fidelity® VIP Freedom 2025 Division** | **Fidelity® VIP Freedom 2025 Division** | **Fidelity® VIP Freedom 2025 Division** | **Fidelity® VIP Freedom 2025 Division** |  |  |  |  |  |  |  |
| 2022 | 112120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 0.85 | 94841 | 2.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (16.51) |
| **Fidelity® VIP Freedom 2030 Division** | **Fidelity® VIP Freedom 2030 Division** | **Fidelity® VIP Freedom 2030 Division** | **Fidelity® VIP Freedom 2030 Division** | **Fidelity® VIP Freedom 2030 Division** |  |  |  |  |  |  |  |
| 2022 | 5345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 0.84 | 4504 | 1.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (16.94) |
| **Fidelity® VIP Freedom 2035 Division** | **Fidelity® VIP Freedom 2035 Division** | **Fidelity® VIP Freedom 2035 Division** | **Fidelity® VIP Freedom 2035 Division** | **Fidelity® VIP Freedom 2035 Division** |  |  |  |  |  |  |  |
| 2022 | 57680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 0.84 | 48292 | 1.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (17.75) |
| **Fidelity® VIP Freedom 2040 Division** | **Fidelity® VIP Freedom 2040 Division** | **Fidelity® VIP Freedom 2040 Division** | **Fidelity® VIP Freedom 2040 Division** | **Fidelity® VIP Freedom 2040 Division** |  |  |  |  |  |  |  |
| 2022 | 79449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 0.83 | 66312 | 2.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (18.30) |
| **Fidelity® VIP Freedom 2045 Division** | **Fidelity® VIP Freedom 2045 Division** | **Fidelity® VIP Freedom 2045 Division** | **Fidelity® VIP Freedom 2045 Division** | **Fidelity® VIP Freedom 2045 Division** |  |  |  |  |  |  |  |
| 2022 | 28092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 0.83 | 23440 | 1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (18.30) |
| **Fidelity® VIP Freedom 2050 Division** | **Fidelity® VIP Freedom 2050 Division** | **Fidelity® VIP Freedom 2050 Division** | **Fidelity® VIP Freedom 2050 Division** | **Fidelity® VIP Freedom 2050 Division** |  |  |  |  |  |  |  |
| 2022 | 17147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 0.83 | 14306 | 1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (18.35) |

---

***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)** |
| **Fidelity® VIP Freedom 2055 Division** | **Fidelity® VIP Freedom 2055 Division** | **Fidelity® VIP Freedom 2055 Division** | **Fidelity® VIP Freedom 2055 Division** | **Fidelity® VIP Freedom 2055 Division** |  |  |  |  |  |  |  |
| 2022 | 42857 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $0.83 | $35748 | 2.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-% |  | 0.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-% |  | (18.36)% |
| **Fidelity® VIP Freedom 2060 Division** | **Fidelity® VIP Freedom 2060 Division** | **Fidelity® VIP Freedom 2060 Division** | **Fidelity® VIP Freedom 2060 Division** | **Fidelity® VIP Freedom 2060 Division** |  |  |  |  |  |  |  |
| 2022 | 14592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 0.83 | 12178 | 1.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (18.27) |
| **Fidelity® VIP Freedom 2065 Division** | **Fidelity® VIP Freedom 2065 Division** | **Fidelity® VIP Freedom 2065 Division** | **Fidelity® VIP Freedom 2065 Division** | **Fidelity® VIP Freedom 2065 Division** |  |  |  |  |  |  |  |
| 2022 | 511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 0.83 | 426 | 2.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (18.32) |
| **Fidelity® VIP Freedom Income Division** | **Fidelity® VIP Freedom Income Division** | **Fidelity® VIP Freedom Income Division** | **Fidelity® VIP Freedom Income Division** | **Fidelity® VIP Freedom Income Division** |  |  |  |  |  |  |  |
| 2022 | 2462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 0.88 | 2173 | 2.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (12.06) |
| **Fidelity® VIP Index 500 Sub-Account (Initial Class)** | **Fidelity® VIP Index 500 Sub-Account (Initial Class)** | **Fidelity® VIP Index 500 Sub-Account (Initial Class)** | **Fidelity® VIP Index 500 Sub-Account (Initial Class)** | **Fidelity® VIP Index 500 Sub-Account (Initial Class)** |  |  |  |  |  |  |  |
| 2022 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 8.13 | (1) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (18.94) |
| 2021 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 10.03 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 0.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 27.43 |
| 2020 | 93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 7.87 | 732 | 5.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 0.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 17.18 |
| 2019 | 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 6.71 | 180 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 0.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 30.17 |
| 2018 | 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 5.16 | 646 | 0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 0.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (5.35) |
| **Fidelity® VIP Index 500 Sub-Account (Service Class)** | **Fidelity® VIP Index 500 Sub-Account (Service Class)** | **Fidelity® VIP Index 500 Sub-Account (Service Class)** | **Fidelity® VIP Index 500 Sub-Account (Service Class)** | **Fidelity® VIP Index 500 Sub-Account (Service Class)** |  |  |  |  |  |  |  |
| 2022 | 487980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 0.83 | 407222 | 1.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |  |
| **Fidelity® VIP International Index Sub-Account** | **Fidelity® VIP International Index Sub-Account** | **Fidelity® VIP International Index Sub-Account** | **Fidelity® VIP International Index Sub-Account** | **Fidelity® VIP International Index Sub-Account** |  |  |  |  |  |  |  |
| 2022 | 106733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 0.86 | 91354 | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (16.21) |
| **Franklin Small Cap Value VIP Division** | **Franklin Small Cap Value VIP Division** | **Franklin Small Cap Value VIP Division** | **Franklin Small Cap Value VIP Division** | **Franklin Small Cap Value VIP Division** |  |  |  |  |  |  |  |
| 2022 | 766735 | 5.55 | 5.89 | 4114825 | 0.97 | 0.25 | to | 0.55 | (10.56) | to | (10.29) |
| 2021 | 791211 | 6.20 | 6.56 | 5020912 | 1.00 | 0.25 | to | 0.55 | 24.68 | to | 25.05 |
| 2020 | 833367 | 4.98 | 5.25 | 4241739 | 1.46 | 0.25 | to | 0.55 | 4.61 | to | 4.93 |
| 2019 | 802665 | 4.76 | 5.00 | 3894371 | 1.05 | 0.25 | to | 0.55 | 25.65 | to | 26.03 |
| 2018 | 890312 | 3.79 | 3.97 | 3431427 | 0.92 | 0.25 | to | 0.55 | (13.36) | to | (13.09) |
| **Goldman Sachs Mid Cap Value Division** | **Goldman Sachs Mid Cap Value Division** | **Goldman Sachs Mid Cap Value Division** | **Goldman Sachs Mid Cap Value Division** | **Goldman Sachs Mid Cap Value Division** |  |  |  |  |  |  |  |
| 2022 | 225578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 0.93 | 209931 | 0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (9.99) |
| **Goldman Sachs Small Cap Equity Insights Division** | **Goldman Sachs Small Cap Equity Insights Division** | **Goldman Sachs Small Cap Equity Insights Division** | **Goldman Sachs Small Cap Equity Insights Division** | **Goldman Sachs Small Cap Equity Insights Division** |  |  |  |  |  |  |  |
| 2022 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 0.83 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (19.38) |
| **Goldman Sachs Strategic Growth Division** | **Goldman Sachs Strategic Growth Division** | **Goldman Sachs Strategic Growth Division** | **Goldman Sachs Strategic Growth Division** | **Goldman Sachs Strategic Growth Division** |  |  |  |  |  |  |  |
| 2022 | 1687865 | 3.10 | 3.89 | 5435947 |  | 0.25 | to | 0.55 | (32.89) | to | (32.68) |
| 2021 | 1624019 | 4.62 | 5.78 | 7767679 |  | 0.25 | to | 0.55 | 21.26 | to | 21.62 |
| 2020 | 1670007 | 3.81 | 4.75 | 6575794 | 0.09 | 0.25 | to | 0.55 | 39.73 | to | 40.16 |
| 2019 | 1826851 | 2.73 | 3.39 | 5136197 | 0.30 | 0.25 | to | 0.55 | 34.78 | to | 35.19 |
| 2018 | 1889138 | 2.02 | 2.51 | 3941916 | 0.45 | 0.25 | to | 0.55 | (1.58) | to | (1.29) |
| **Invesco Oppenheimer V.I. International Growth Division** | **Invesco Oppenheimer V.I. International Growth Division** | **Invesco Oppenheimer V.I. International Growth Division** | **Invesco Oppenheimer V.I. International Growth Division** | **Invesco Oppenheimer V.I. International Growth Division** |  |  |  |  |  |  |  |
| 2022 | 1458660 | 2.50 | 2.66 | 3747356 |  | 0.25 | to | 0.55 | (27.53) | to | (27.31) |
| 2021 | 1534899 | 3.45 | 3.67 | 5445291 |  | 0.25 | to | 0.55 | 9.62 | to | 9.94 |
| 2020 | 1744201 | 3.14 | 3.33 | 5653505 | 1.02 | 0.25 | to | 0.55 | 20.83 | to | 21.20 |
| 2019 | 1687610 | 2.60 | 2.75 | 4503961 | 1.06 | 0.25 | to | 0.55 | 27.90 | to | 28.28 |
| 2018 | 1810428 | 2.03 | 2.14 | 3772990 | 0.87 | 0.25 | to | 0.55 | (19.86) | to | (19.62) |
| **Invesco V.I. Capital Appreciation Division** | **Invesco V.I. Capital Appreciation Division** | **Invesco V.I. Capital Appreciation Division** | **Invesco V.I. Capital Appreciation Division** | **Invesco V.I. Capital Appreciation Division** |  |  |  |  |  |  |  |
| 2022 | 12388585 | 3.85 | 4.55 | 44834018 |  | 0.25 | to | 0.55 | (31.16) | to | (30.96) |
| 2021 | 12845322 | 5.59 | 6.59 | 67562853 |  | 0.25 | to | 0.55 | 21.90 | to | 22.26 |
| 2020 | 13538141 | 4.59 | 5.39 | 58489775 |  | 0.25 | to | 0.55 | 35.84 | to | 36.25 |
| 2019 | 14301264 | 3.38 | 3.95 | 45477720 | 0.06 | 0.25 | to | 0.55 | 35.45 | to | 35.86 |
| 2018 | 15131374 | 2.49 | 2.91 | 35509634 | 0.32 | 0.25 | to | 0.55 | (6.25) | to | (5.97) |

---

***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. Core Plus Bond Division<sup>4</sup>** | **Invesco V.I. Core Plus Bond Division<sup>4</sup>** | **Invesco V.I. Core Plus Bond Division<sup>4</sup>** | **Invesco V.I. Core Plus Bond Division<sup>4</sup>** | **Invesco V.I. Core Plus Bond Division<sup>4</sup>** |  |  |  |  |  |  |  |
| 2022 | 1743697 | $1.40 | $1.46 | $2604427 | 1.93% | 0.25% | to | 0.55% | (14.50)% | to | (14.24)% |
| 2021 | 1723340 | 1.63 | 1.82 | 3005336 | 2.13 | 0.25 | to | 0.55 | (2.19) | to | (1.89) |
| 2020 | 1710803 | 1.66 | 1.75 | 3047589 | 3.20 | 0.25 | to | 0.55 | 9.11 | to | 9.44 |
| 2019 | 1694776 | 1.52 | 1.60 | 2761946 | 3.25 | 0.25 | to | 0.55 | 8.92 | to | 9.25 |
| 2018 | 1596662 | 1.39 | 1.47 | 2381399 | 3.32 | 0.25 | to | 0.55 | (1.57) | to | (1.27) |
| **Invesco V.I. Discovery Mid Cap Growth Division <sup>5</sup>** | **Invesco V.I. Discovery Mid Cap Growth Division <sup>5</sup>** | **Invesco V.I. Discovery Mid Cap Growth Division <sup>5</sup>** | **Invesco V.I. Discovery Mid Cap Growth Division <sup>5</sup>** | **Invesco V.I. Discovery Mid Cap Growth Division <sup>5</sup>** |  |  |  |  |  |  |  |
| 2022 | 15225855 | 3.98 | 4.18 | 53052881 |  | 0.25 | to | 0.55 | (31.36) | to | (31.15) |
| 2021 | 15717057 | 5.80 | 6.07 | 80082095 |  | 0.25 | to | 0.55 | 18.45 | to | 18.80 |
| 2020 | 16663788 | 4.89 | 5.11 | 71808430 | 0.04 | 0.25 | to | 0.55 | 39.92 | to | 40.34 |
| 2019 | 17492552 | 3.50 | 3.64 | 54051679 |  | 0.25 | to | 0.55 | 38.60 | to | 39.02 |
| 2018 | 18317461 | 2.52 | 2.62 | 40979196 |  | 0.25 | to | 0.55 | (6.60) | to | (6.32) |
| **Invesco V.I. Diversified Dividend Division<sup>4</sup>** | **Invesco V.I. Diversified Dividend Division<sup>4</sup>** | **Invesco V.I. Diversified Dividend Division<sup>4</sup>** | **Invesco V.I. Diversified Dividend Division<sup>4</sup>** | **Invesco V.I. Diversified Dividend Division<sup>4</sup>** |  |  |  |  |  |  |  |
| 2022 | 321772 | 1.95 | 2.07 | 646113 | 1.99 | 0.25 | to | 0.55 | (2.22) | to | (1.92) |
| 2021 | 305130 | 1.99 | 2.11 | 625298 | 1.50 | 0.25 | to | 0.55 | 18.24 | to | 18.60 |
| 2020 | 675691 | 1.68 | 1.78 | 1182698 | 3.02 | 0.25 | to | 0.55 | (0.41) | to | (0.11) |
| 2019 | 706561 | 1.69 | 1.78 | 1233125 | 2.91 | 0.25 | to | 0.55 | 24.41 | to | 24.78 |
| 2018 | 798018 | 1.36 | 1.42 | 1120214 | 2.36 | 0.25 | to | 0.55 | (8.08) | to | (7.81) |
| **Invesco V.I. Global Division** | **Invesco V.I. Global Division** | **Invesco V.I. Global Division** | **Invesco V.I. Global Division** | **Invesco V.I. Global Division** |  |  |  |  |  |  |  |
| 2022 | 8825282 | 5.54 | 6.09 | 45622416 |  | 0.25 | to | 0.55 | (32.14) | to | (31.93) |
| 2021 | 9101728 | 8.17 | 8.95 | 69283191 |  | 0.25 | to | 0.55 | 14.86 | to | 15.20 |
| 2020 | 9544563 | 7.11 | 7.77 | 63229251 | 0.71 | 0.25 | to | 0.55 | 26.94 | to | 27.32 |
| 2019 | 10007618 | 5.60 | 6.10 | 52334305 | 0.90 | 0.25 | to | 0.55 | 31.06 | to | 31.46 |
| 2018 | 10707153 | 4.28 | 4.64 | 42654246 | 0.99 | 0.25 | to | 0.55 | (13.66) | to | (13.40) |
| **Invesco V.I. Global Strategic Income Division<sup>4</sup>** | **Invesco V.I. Global Strategic Income Division<sup>4</sup>** | **Invesco V.I. Global Strategic Income Division<sup>4</sup>** | **Invesco V.I. Global Strategic Income Division<sup>4</sup>** | **Invesco V.I. Global Strategic Income Division<sup>4</sup>** |  |  |  |  |  |  |  |
| 2022 | 2933888 | 2.32 | 2.47 | 6917394 |  | 0.25 | to | 0.55 | (11.95) | to | (11.68) |
| 2021 | 3014902 | 2.64 | 2.80 | 8063814 | 4.74 | 0.25 | to | 0.55 | (3.94) | to | (3.65) |
| 2020 | 3083588 | 2.75 | 2.90 | 8573918 | 6.04 | 0.25 | to | 0.55 | 2.83 | to | 3.14 |
| 2019 | 3071827 | 2.67 | 2.82 | 8291801 | 3.75 | 0.25 | to | 0.55 | 10.20 | to | 10.53 |
| 2018 | 3293385 | 2.42 | 2.55 | 8065714 | 4.83 | 0.25 | to | 0.55 | (4.92) | to | (4.64) |
| **Invesco V.I. Health Care Division<sup>4</sup>** | **Invesco V.I. Health Care Division<sup>4</sup>** | **Invesco V.I. Health Care Division<sup>4</sup>** | **Invesco V.I. Health Care Division<sup>4</sup>** | **Invesco V.I. Health Care Division<sup>4</sup>** |  |  |  |  |  |  |  |
| 2022 | 221693 | 4.70 | 4.98 | 1059257 |  | 0.25 | to | 0.55 | (13.79) | to | (13.53) |
| 2021 | 235172 | 5.45 | 5.76 | 1300387 | 0.21 | 0.25 | to | 0.55 | 11.68 | to | 12.02 |
| 2020 | 206043 | 4.88 | 5.14 | 1021762 | 0.34 | 0.25 | to | 0.55 | 13.83 | to | 14.17 |
| 2019 | 177811 | 4.28 | 4.50 | 776147 | 0.04 | 0.25 | to | 0.55 | 31.78 | to | 32.17 |
| 2018 | 229079 | 3.25 | 3.41 | 760838 |  | 0.25 | to | 0.55 | 0.35 | to | 0.65 |
| **Invesco V.I. Main Street Division** | **Invesco V.I. Main Street Division** | **Invesco V.I. Main Street Division** | **Invesco V.I. Main Street Division** | **Invesco V.I. Main Street Division** |  |  |  |  |  |  |  |
| 2022 | 4492401 | 3.06 | 4.47 | 14057896 | 1.48 | 0.25 | to | 0.90 | (20.85) | to | (20.33) |
| 2021 | 4671307 | 3.86 | 5.65 | 18399746 | 0.71 | 0.25 | to | 0.90 | 26.43 | to | 27.25 |
| 2020 | 4868492 | 3.79 | 4.47 | 15106840 | 1.51 | 0.25 | to | 0.90 | 12.92 | to | 13.66 |
| 2019 | 5108155 | 3.33 | 3.96 | 13967429 | 1.07 | 0.25 | to | 0.90 | 30.90 | to | 31.75 |
| 2018 | 5429391 | 2.53 | 3.02 | 11302578 | 1.15 | 0.25 | to | 0.90 | (8.72) | to | (8.12) |
| **Invesco V.I. Small Cap Equity Division<sup>4</sup>** | **Invesco V.I. Small Cap Equity Division<sup>4</sup>** | **Invesco V.I. Small Cap Equity Division<sup>4</sup>** | **Invesco V.I. Small Cap Equity Division<sup>4</sup>** | **Invesco V.I. Small Cap Equity Division<sup>4</sup>** |  |  |  |  |  |  |  |
| 2022 | 60691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 0.82 | 49903 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (20.51) |

---

***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 Division** | **Invesco V.I. Technology Division** | **Invesco V.I. Technology Division** | **Invesco V.I. Technology Division** | **Invesco V.I. Technology Division** |  |  |  |  |  |  |  |
| 2022 | 529251 | $2.12 | $2.26 | $1140631 | -% | 0.25% | to | 0.55% | (40.28)% | to | (40.10)% |
| 2021 | 543034 | 3.54 | 3.77 | 1959176 |  | 0.25 | to | 0.55 | 13.78 | to | 14.13 |
| 2020 | 421186 | 3.12 | 3.30 | 1340222 |  | 0.25 | to | 0.55 | 45.31 | to | 45.75 |
| 2019 | 435268 | 2.14 | 2.27 | 952543 |  | 0.25 | to | 0.55 | 35.13 | to | 35.54 |
| 2018 | 469939 | 1.59 | 1.67 | 759986 |  | 0.25 | to | 0.55 | (1.00) | to | (0.70) |
| **Janus Henderson Balanced Division** | **Janus Henderson Balanced Division** | **Janus Henderson Balanced Division** | **Janus Henderson Balanced Division** | **Janus Henderson Balanced Division** |  |  |  |  |  |  |  |
| 2022 | 942788 | 4.03 | 4.28 | 3859458 | 0.98 | 0.25 | to | 0.55 | (17.07) | to | (16.83) |
| 2021 | 967560 | 4.86 | 5.14 | 4769561 | 0.67 | 0.25 | to | 0.55 | 16.27 | to | 16.62 |
| 2020 | 971923 | 4.18 | 4.41 | 4117190 | 1.52 | 0.25 | to | 0.55 | 13.40 | to | 13.74 |
| 2019 | 1044128 | 3.69 | 3.88 | 3894534 | 1.61 | 0.25 | to | 0.55 | 21.60 | to | 21.97 |
| 2018 | 1126226 | 3.03 | 3.18 | 3449976 | 1.76 | 0.25 | to | 0.55 | (0.12) | to | 0.18 |
| **Janus Henderson Forty Division** | **Janus Henderson Forty Division** | **Janus Henderson Forty Division** | **Janus Henderson Forty Division** | **Janus Henderson Forty Division** |  |  |  |  |  |  |  |
| 2022 | 4272388 | 3.83 | 4.10 | 16768158 | 0.19 | 0.25 | to | 0.55 | (33.92) | to | (33.72) |
| 2021 | 4439280 | 5.80 | 6.19 | 26341966 |  | 0.25 | to | 0.55 | 22.22 | to | 22.59 |
| 2020 | 4684583 | 4.74 | 5.05 | 22730497 | 0.27 | 0.25 | to | 0.55 | 38.64 | to | 39.05 |
| 2019 | 4977104 | 3.42 | 3.63 | 17397583 | 0.15 | 0.25 | to | 0.55 | 36.41 | to | 36.82 |
| 2018 | 5358466 | 2.51 | 2.65 | 13702835 |  | 0.25 | to | 0.55 | 1.42 | to | 1.73 |
| **Janus Henderson Global Research Division** | **Janus Henderson Global Research Division** | **Janus Henderson Global Research Division** | **Janus Henderson Global Research Division** | **Janus Henderson Global Research Division** |  |  |  |  |  |  |  |
| 2022 | 6484464 | 1.61 | 1.73 | 10671243 | 1.06 | 0.25 | to | 0.55 | (19.85) | to | (19.61) |
| 2021 | 6542222 | 2.01 | 2.15 | 13413815 | 0.52 | 0.25 | to | 0.55 | 17.44 | to | 17.80 |
| 2020 | 6895680 | 1.71 | 1.82 | 12046888 | 0.73 | 0.25 | to | 0.55 | 19.40 | to | 19.76 |
| 2019 | 7180994 | 1.43 | 1.52 | 10493358 | 1.00 | 0.25 | to | 0.55 | 28.34 | to | 28.72 |
| 2018 | 7475900 | 1.12 | 1.18 | 8499705 | 1.14 | 0.25 | to | 0.55 | (7.38) | to | (7.10) |
| **JPMorgan Insurance Trust U.S. Equity Division** | **JPMorgan Insurance Trust U.S. Equity Division** | **JPMorgan Insurance Trust U.S. Equity Division** | **JPMorgan Insurance Trust U.S. Equity Division** | **JPMorgan Insurance Trust U.S. Equity Division** |  |  |  |  |  |  |  |
| 2022 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 0.83 |  | 0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (18.69) |
| **MFS® Blended Research Core Equity Division** | **MFS® Blended Research Core Equity Division** | **MFS® Blended Research Core Equity Division** | **MFS® Blended Research Core Equity Division** | **MFS® Blended Research Core Equity Division** |  |  |  |  |  |  |  |
| 2022 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 0.86 |  | 1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (16.00) |
| **MFS® Global Real Estate Division** | **MFS® Global Real Estate Division** | **MFS® Global Real Estate Division** | **MFS® Global Real Estate Division** | **MFS® Global Real Estate Division** |  |  |  |  |  |  |  |
| 2022 | 9237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 0.76 | 7015 | 1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (26.94) |
| **MFS® International Intrinsic Value Division** | **MFS® International Intrinsic Value Division** | **MFS® International Intrinsic Value Division** | **MFS® International Intrinsic Value Division** | **MFS® International Intrinsic Value Division** |  |  |  |  |  |  |  |
| 2022 | 17645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 0.78 | 13707 | 0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (23.56) |
| **MFS® Investors Trust Division** | **MFS® Investors Trust Division** | **MFS® Investors Trust Division** | **MFS® Investors Trust Division** | **MFS® Investors Trust Division** |  |  |  |  |  |  |  |
| 2022 | 35596 | 5.13 | 5.44 | 187757 | 0.67 | 0.25 | to | 0.55 | (16.95) | to | (16.70) |
| 2021 | 43579 | 6.17 | 6.53 | 276832 | 0.61 | 0.25 | to | 0.55 | 26.12 | to | 26.50 |
| 2020 | 45535 | 4.89 | 5.16 | 228659 | 0.63 | 0.25 | to | 0.55 | 13.24 | to | 13.58 |
| 2019 | 53540 | 4.32 | 4.54 | 237080 | 0.71 | 0.25 | to | 0.55 | 30.86 | to | 31.25 |
| 2018 | 52641 | 3.30 | 3.46 | 177681 | 0.65 | 0.25 | to | 0.55 | (6.01) | to | (5.72) |
| **MFS® Mid Cap Value Division** | **MFS® Mid Cap Value Division** | **MFS® Mid Cap Value Division** | **MFS® Mid Cap Value Division** | **MFS® Mid Cap Value Division** |  |  |  |  |  |  |  |
| 2022 | 7189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 0.94 | 6771 | 1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (8.79) |
| **MFS® New Discovery Division** | **MFS® New Discovery Division** | **MFS® New Discovery Division** | **MFS® New Discovery Division** | **MFS® New Discovery Division** |  |  |  |  |  |  |  |
| 2022 | 198893 | 5.73 | 6.07 | 1153678 |  | 0.25 | to | 0.55 | (30.14) | to | (29.93) |
| 2021 | 206540 | 8.20 | 8.67 | 1713165 |  | 0.25 | to | 0.55 | 1.24 | to | 1.55 |
| 2020 | 198887 | 8.09 | 8.54 | 1629179 |  | 0.25 | to | 0.55 | 45.09 | to | 45.52 |
| 2019 | 189676 | 5.58 | 5.87 | 1065022 |  | 0.25 | to | 0.55 | 40.92 | to | 41.35 |
| 2018 | 208884 | 3.96 | 4.15 | 835012 |  | 0.25 | to | 0.55 | (2.02) | to | (1.72) |
| **MFS® Value Division** | **MFS® Value Division** | **MFS® Value Division** | **MFS® Value Division** | **MFS® Value Division** |  |  |  |  |  |  |  |
| 2022 | 173491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 0.96 | 167026 | 1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | to | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | to | (5.91) |

---

***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 Aggressive Allocation Division** | **MML Aggressive Allocation Division** | **MML Aggressive Allocation Division** | **MML Aggressive Allocation Division** | **MML Aggressive Allocation Division** |  |  |  |  |  |  |  |
| 2022 | 37587 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $0.86 | $32245 | 2.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-% |  | 0.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-% |  | (15.90)% |
| **MML American Funds Growth Division** | **MML American Funds Growth Division** | **MML American Funds Growth Division** | **MML American Funds Growth Division** | **MML American Funds Growth Division** |  |  |  |  |  |  |  |
| 2022 | 197587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 0.71 | 141183 | 0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (30.29) |
| **MML American Funds International Division** | **MML American Funds International Division** | **MML American Funds International Division** | **MML American Funds International Division** | **MML American Funds International Division** |  |  |  |  |  |  |  |
| 2022 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |  | 24.93 |  |  | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (100.00) |
| **MML Balanced Allocation Division<sup>6</sup>** | **MML Balanced Allocation Division<sup>6</sup>** | **MML Balanced Allocation Division<sup>6</sup>** | **MML Balanced Allocation Division<sup>6</sup>** | **MML Balanced Allocation Division<sup>6</sup>** |  |  |  |  |  |  |  |
| 2022 | 106143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 0.86 | 91521 | 4.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (14.73) |
| **MML Blend Division** | **MML Blend Division** | **MML Blend Division** | **MML Blend Division** | **MML Blend Division** |  |  |  |  |  |  |  |
| 2022 | 5365568 | 3.10 | 3.44 | 17184867 | 1.36 | 0.25 | to | 0.55 | (17.05) | to | (16.80) |
| 2021 | 5593994 | 3.74 | 4.13 | 21565470 | 2.11 | 0.25 | to | 0.55 | 14.39 | to | 14.74 |
| 2020 | 5888589 | 3.27 | 3.60 | 19854871 |  | 0.25 | to | 0.55 | 12.25 | to | 12.58 |
| 2019 | 6148181 | 2.91 | 3.20 | 18443353 | 2.43 | 0.25 | to | 0.55 | 20.72 | to | 21.08 |
| 2018 | 6842518 | 2.41 | 2.64 | 16949222 | 2.14 | 0.25 | to | 0.55 | (4.87) | to | (4.58) |
| **MML Blue Chip Growth Division** | **MML Blue Chip Growth Division** | **MML Blue Chip Growth Division** | **MML Blue Chip Growth Division** | **MML Blue Chip Growth Division** |  |  |  |  |  |  |  |
| 2022 | 2081871 | 2.05 | 2.94 | 4393641 |  | 0.25 | to | 0.55 | (39.83) | to | (39.65) |
| 2021 | 2198892 | 3.40 | 4.88 | 7706004 |  | 0.25 | to | 0.55 | 15.70 | to | 16.05 |
| 2020 | 2293703 | 2.94 | 4.20 | 6938832 |  | 0.25 | to | 0.55 | 33.67 | to | 34.07 |
| 2019 | 2449014 | 2.20 | 3.14 | 5530604 |  | 0.25 | to | 0.55 | 29.13 | to | 29.52 |
| 2018 | 2640840 | 1.70 | 2.42 | 4611901 |  | 0.25 | to | 0.55 | 1.32 | to | 1.62 |
| **MML Conservative Allocation Division** | **MML Conservative Allocation Division** | **MML Conservative Allocation Division** | **MML Conservative Allocation Division** | **MML Conservative Allocation Division** |  |  |  |  |  |  |  |
| 2022 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 0.86 | 4299 | 4.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (14.74) |
| **MML Dynamic Bond Division** | **MML Dynamic Bond Division** | **MML Dynamic Bond Division** | **MML Dynamic Bond Division** | **MML Dynamic Bond Division** |  |  |  |  |  |  |  |
| 2022 | 4418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 0.86 | 3801 | 4.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (13.98) |
| **MML Equity Division** | **MML Equity Division** | **MML Equity Division** | **MML Equity Division** | **MML Equity Division** |  |  |  |  |  |  |  |
| 2022 | 13196820 | 3.08 | 3.39 | 41303532 | 1.62 | 0.25 | to | 0.55 | (5.17) | to | (4.88) |
| 2021 | 13695916 | 3.25 | 3.56 | 45209185 | 1.66 | 0.25 | to | 0.55 | 29.55 | to | 29.94 |
| 2020 | 14662278 | 2.51 | 2.74 | 37318429 | 2.33 | 0.25 | to | 0.55 | 2.46 | to | 2.77 |
| 2019 | 15654868 | 2.45 | 2.67 | 38922493 | 2.05 | 0.25 | to | 0.55 | 25.23 | to | 25.61 |
| 2018 | 16800264 | 1.95 | 2.12 | 33311537 | 1.77 | 0.25 | to | 0.55 | (10.49) | to | (10.22) |
| **MML Equity Index Division** | **MML Equity Index Division** | **MML Equity Index Division** | **MML Equity Index Division** | **MML Equity Index Division** |  |  |  |  |  |  |  |
| 2022 | 12677806 | 3.97 | 4.68 | 49911583 | 1.24 | 0.25 | to | 0.55 | (18.80) | to | (18.55) |
| 2021 | 13438070 | 4.89 | 5.75 | 64913639 | 1.43 | 0.25 | to | 0.55 | 27.67 | to | 28.05 |
| 2020 | 14122463 | 3.83 | 4.49 | 53409222 | 1.86 | 0.25 | to | 0.55 | 17.57 | to | 17.92 |
| 2019 | 14958794 | 3.26 | 3.81 | 48088655 | 2.92 | 0.25 | to | 0.55 | 30.34 | to | 30.73 |
| 2018 | 15685840 | 2.50 | 2.91 | 38725566 | 1.69 | 0.25 | to | 0.55 | (5.16) | to | (4.87) |
| **MML Foreign Division** | **MML Foreign Division** | **MML Foreign Division** | **MML Foreign Division** | **MML Foreign Division** |  |  |  |  |  |  |  |
| 2022 | 59319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 0.88 | 52376 | 3.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (14.58) |
| **MML Global Division** | **MML Global Division** | **MML Global Division** | **MML Global Division** | **MML Global Division** |  |  |  |  |  |  |  |
| 2022 | 19572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 0.84 | 16489 | 2.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (18.00) |
| **MML Growth Allocation Division** | **MML Growth Allocation Division** | **MML Growth Allocation Division** | **MML Growth Allocation Division** | **MML Growth Allocation Division** |  |  |  |  |  |  |  |
| 2022 | 169001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 0.86 | 145598 | 4.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (15.30) |
| **MML High Yield Division** | **MML High Yield Division** | **MML High Yield Division** | **MML High Yield Division** | **MML High Yield Division** |  |  |  |  |  |  |  |
| 2022 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 0.89 |  | 17.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (11.72) |

---

***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 Income & Growth Division** | **MML Income & Growth Division** | **MML Income & Growth Division** | **MML Income & Growth Division** | **MML Income & Growth Division** |  |  |  |  |  |  |  |
| 2022 | 62250 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $1.02 | $63645 | 1.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-% |  | 0.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-% |  | (0.31)% |
| **MML Inflation-Protected and Income Division** | **MML Inflation-Protected and Income Division** | **MML Inflation-Protected and Income Division** | **MML Inflation-Protected and Income Division** | **MML Inflation-Protected and Income Division** |  |  |  |  |  |  |  |
| 2022 | 780434 | 1.74 | 1.85 | 1377748 | 2.66 | 0.25 | to | 0.55 | (13.82) | to | (13.56) |
| 2021 | 780377 | 2.02 | 2.14 | 1598174 | 1.05 | 0.25 | to | 0.55 | 5.82 | to | 6.13 |
| 2020 | 809571 | 1.91 | 2.02 | 1567317 | 0.11 | 0.25 | to | 0.55 | 10.51 | to | 10.84 |
| 2019 | 815083 | 1.73 | 1.82 | 1426208 | 2.44 | 0.25 | to | 0.55 | 7.72 | to | 8.04 |
| 2018 | 797974 | 1.61 | 1.69 | 1298491 | 3.05 | 0.25 | to | 0.55 | (1.84) | to | (1.54) |
| **MML Large Cap Growth Division** | **MML Large Cap Growth Division** | **MML Large Cap Growth Division** | **MML Large Cap Growth Division** | **MML Large Cap Growth Division** |  |  |  |  |  |  |  |
| 2022 | 52920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 0.73 | 38599 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | to | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | to | (27.55) |
| **MML Managed Bond Division** | **MML Managed Bond Division** | **MML Managed Bond Division** | **MML Managed Bond Division** | **MML Managed Bond Division** |  |  |  |  |  |  |  |
| 2022 | 3574803 | 2.19 | 2.43 | 8063734 | 3.10 | 0.25 | to | 0.55 | (15.47) | to | (15.22) |
| 2021 | 3646841 | 2.59 | 2.86 | 9722049 | 3.17 | 0.25 | to | 0.55 | 0.26 | to | 0.56 |
| 2020 | 3648610 | 2.58 | 2.85 | 9681421 | 0.10 | 0.25 | to | 0.55 | 7.12 | to | 7.44 |
| 2019 | 3657379 | 2.41 | 2.65 | 9052047 | 3.70 | 0.25 | to | 0.55 | 9.21 | to | 9.54 |
| 2018 | 3954099 | 2.21 | 2.42 | 8964865 | 3.49 | 0.25 | to | 0.55 | (0.99) | to | (0.69) |
| **MML Managed Volatility Division** | **MML Managed Volatility Division** | **MML Managed Volatility Division** | **MML Managed Volatility Division** | **MML Managed Volatility Division** |  |  |  |  |  |  |  |
| 2022 | 772465 | 2.07 | 2.21 | 1663432 | 0.48 | 0.25 | to | 0.55 | (12.53) | to | (12.27) |
| 2021 | 786050 | 2.37 | 2.52 | 1930357 | 0.85 | 0.25 | to | 0.55 | 10.93 | to | 11.26 |
| 2020 | 1103239 | 2.13 | 2.26 | 2450343 | 1.36 | 0.25 | to | 0.55 | 6.10 | to | 6.41 |
| 2019 | 1173098 | 2.01 | 2.13 | 2450638 | 1.55 | 0.25 | to | 0.55 | 11.28 | to | 11.62 |
| 2018 | 1252863 | 1.81 | 1.91 | 2347098 | 1.22 | 0.25 | to | 0.55 | (5.21) | to | (4.93) |
| **MML Mid Cap Growth Division** | **MML Mid Cap Growth Division** | **MML Mid Cap Growth Division** | **MML Mid Cap Growth Division** | **MML Mid Cap Growth Division** |  |  |  |  |  |  |  |
| 2022 | 69499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 0.77 | 53370 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (25.11) |
| **MML Moderate Allocation Division** | **MML Moderate Allocation Division** | **MML Moderate Allocation Division** | **MML Moderate Allocation Division** | **MML Moderate Allocation Division** |  |  |  |  |  |  |  |
| 2022 | 41779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 0.86 | 36023 | 3.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (14.97) |
| **MML Short Duration Bond Division** | **MML Short Duration Bond Division** | **MML Short Duration Bond Division** | **MML Short Duration Bond Division** | **MML Short Duration Bond Division** |  |  |  |  |  |  |  |
| 2022 | 4303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 0.92 | 3967 | 3.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (7.79) |
| **MML Small Cap Equity Division** | **MML Small Cap Equity Division** | **MML Small Cap Equity Division** | **MML Small Cap Equity Division** | **MML Small Cap Equity Division** |  |  |  |  |  |  |  |
| 2022 | 2727693 | 4.79 | 5.50 | 14569026 | 0.71 | 0.25 | to | 0.55 | (16.34) | to | (16.09) |
| 2021 | 2813218 | 5.71 | 6.58 | 18003983 | 0.43 | 0.25 | to | 0.55 | 22.08 | to | 22.45 |
| 2020 | 3051892 | 4.66 | 5.39 | 15989571 | 0.54 | 0.25 | to | 0.55 | 20.03 | to | 20.39 |
| 2019 | 3218346 | 3.87 | 4.49 | 14044785 | 0.47 | 0.25 | to | 0.55 | 25.77 | to | 26.15 |
| 2018 | 3552052 | 3.07 | 3.57 | 12297663 | 0.49 | 0.25 | to | 0.55 | (10.68) | to | (10.41) |
| **MML Small Cap Growth Equity Division** | **MML Small Cap Growth Equity Division** | **MML Small Cap Growth Equity Division** | **MML Small Cap Growth Equity Division** | **MML Small Cap Growth Equity Division** |  |  |  |  |  |  |  |
| 2022 | 2077144 | 3.63 | 4.86 | 6638520 |  | 0.25 | to | 0.55 | (23.58) | to | (23.35) |
| 2021 | 1727118 | 4.75 | 6.34 | 8407549 |  | 0.25 | to | 0.55 | 6.72 | to | 7.04 |
| 2020 | 1763635 | 4.45 | 5.93 | 8040806 |  | 0.25 | to | 0.55 | 34.88 | to | 35.28 |
| 2019 | 1911001 | 3.30 | 4.38 | 6452654 |  | 0.25 | to | 0.55 | 33.59 | to | 33.99 |
| 2018 | 2044332 | 2.47 | 3.27 | 5156864 |  | 0.25 | to | 0.55 | (5.40) | to | (5.11) |
| **MML Small Mid Cap Value Division** | **MML Small Mid Cap Value Division** | **MML Small Mid Cap Value Division** | **MML Small Mid Cap Value Division** | **MML Small Mid Cap Value Division** |  |  |  |  |  |  |  |
| 2022 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 0.87 |  | 1.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (15.69) |
| **MML Total Return Bond Division** | **MML Total Return Bond Division** | **MML Total Return Bond Division** | **MML Total Return Bond Division** | **MML Total Return Bond Division** |  |  |  |  |  |  |  |
| 2022 | 10646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 0.85 | 9073 | 2.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (14.70) |

---

***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 U.S. Government Money Market Division** | **MML U.S. Government Money Market Division** | **MML U.S. Government Money Market Division** | **MML U.S. Government Money Market Division** | **MML U.S. Government Money Market Division** |  |  |  |  |  |  |  |
| 2022 | 6738678 | $1.25 | $1.38 | $8366620 | 1.15% | 0.25% | to | 0.55% | 0.66% | to | 0.97% |
| 2021 | 6554870 | 1.24 | 1.36 | 8229386 |  | 0.25 | to | 0.55 | (0.55) | to | (0.24) |
| 2020 | 7052178 | 1.24 | 1.37 | 8882862 | 0.20 | 0.25 | to | 0.55 | (0.32) | to | (0.02) |
| 2019 | 5709215 | 1.25 | 1.37 | 7218814 | 1.69 | 0.25 | to | 0.55 | 1.15 | to | 1.45 |
| 2018 | 5787520 | 1.23 | 1.35 | 7227882 | 1.32 | 0.25 | to | 0.55 | 0.78 | to | 1.08 |
| **PIMCO Global Bond Opportunities Division** | **PIMCO Global Bond Opportunities Division** | **PIMCO Global Bond Opportunities Division** | **PIMCO Global Bond Opportunities Division** | **PIMCO Global Bond Opportunities Division** |  |  |  |  |  |  |  |
| 2022 | 80102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 0.89 | 71625 | 1.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (11.01) |
| **PIMCO Real Return Division** | **PIMCO Real Return Division** | **PIMCO Real Return Division** | **PIMCO Real Return Division** | **PIMCO Real Return Division** |  |  |  |  |  |  |  |
| 2022 | 1762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 0.89 | 1571 | 2.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (11.91) |
| **PIMCO Total Return Division** | **PIMCO Total Return Division** | **PIMCO Total Return Division** | **PIMCO Total Return Division** | **PIMCO Total Return Division** |  |  |  |  |  |  |  |
| 2022 | 15857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 0.86 | 13592 | 1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (14.31) |
| **T Rowe Limited - Term Bond Division** | **T Rowe Limited - Term Bond Division** | **T Rowe Limited - Term Bond Division** | **T Rowe Limited - Term Bond Division** | **T Rowe Limited - Term Bond Division** |  |  |  |  |  |  |  |
| 2022 | 470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 0.96 | 449 | 1.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (4.52) |
| **T. Rowe Price Blue Chip Growth Division** | **T. Rowe Price Blue Chip Growth Division** | **T. Rowe Price Blue Chip Growth Division** | **T. Rowe Price Blue Chip Growth Division** | **T. Rowe Price Blue Chip Growth Division** |  |  |  |  |  |  |  |
| 2022 | 739801 | 5.32 | 5.65 | 4008886 |  | 0.25 | to | 0.55 | (38.84) | to | (38.66) |
| 2021 | 765546 | 8.70 | 9.21 | 6779214 |  | 0.25 | to | 0.55 | 16.98 | to | 17.33 |
| 2020 | 885192 | 7.44 | 7.85 | 6711833 |  | 0.25 | to | 0.55 | 33.54 | to | 33.94 |
| 2019 | 888438 | 5.57 | 5.86 | 5038063 |  | 0.25 | to | 0.55 | 29.18 | to | 29.56 |
| 2018 | 1040970 | 4.31 | 4.52 | 4564381 |  | 0.25 | to | 0.55 | 1.35 | to | 1.66 |
| **T. Rowe Price Equity Income Division** | **T. Rowe Price Equity Income Division** | **T. Rowe Price Equity Income Division** | **T. Rowe Price Equity Income Division** | **T. Rowe Price Equity Income Division** |  |  |  |  |  |  |  |
| 2022 | 1620257 | 4.38 | 4.64 | 7235090 | 1.89 | 0.25 | to | 0.55 | (3.87) | to | (3.58) |
| 2021 | 1533421 | 4.55 | 4.82 | 7109686 | 1.56 | 0.25 | to | 0.55 | 24.86 | to | 25.24 |
| 2020 | 1625637 | 3.65 | 3.85 | 6023493 | 2.36 | 0.25 | to | 0.55 | 0.63 | to | 0.93 |
| 2019 | 1608988 | 3.62 | 3.81 | 5920017 | 2.30 | 0.25 | to | 0.55 | 25.71 | to | 26.08 |
| 2018 | 1829447 | 2.88 | 3.02 | 5343235 | 2.00 | 0.25 | to | 0.55 | (10.00) | to | (9.73) |
| **T. Rowe Price Mid-Cap Growth Division** | **T. Rowe Price Mid-Cap Growth Division** | **T. Rowe Price Mid-Cap Growth Division** | **T. Rowe Price Mid-Cap Growth Division** | **T. Rowe Price Mid-Cap Growth Division** |  |  |  |  |  |  |  |
| 2022 | 6602436 | 8.48 | 9.44 | 54630553 |  | 0.25 | to | 0.55 | (23.00) | to | (22.77) |
| 2021 | 6954914 | 11.02 | 12.22 | 74689436 |  | 0.25 | to | 0.55 | 14.22 | to | 14.56 |
| 2020 | 7370682 | 9.65 | 10.67 | 69088919 |  | 0.25 | to | 0.55 | 23.13 | to | 23.50 |
| 2019 | 7890891 | 7.84 | 8.64 | 60043741 | 0.13 | 0.25 | to | 0.55 | 30.57 | to | 30.96 |
| 2018 | 8562823 | 6.00 | 6.60 | 49886897 |  | 0.25 | to | 0.55 | (2.57) | to | (2.28) |
| **Templeton Foreign VIP Division** | **Templeton Foreign VIP Division** | **Templeton Foreign VIP Division** | **Templeton Foreign VIP Division** | **Templeton Foreign VIP Division** |  |  |  |  |  |  |  |
| 2022 | 2303149 | 1.63 | 1.86 | 3880577 | 3.04 | 0.25 | to | 0.55 | (8.11) | to | (7.84) |
| 2021 | 2238912 | 1.77 | 2.01 | 4092397 | 1.85 | 0.25 | to | 0.55 | 3.59 | to | 3.90 |
| 2020 | 2227458 | 1.71 | 1.94 | 3928060 | 3.38 | 0.25 | to | 0.55 | (1.70) | to | (1.40) |
| 2019 | 2414470 | 1.74 | 1.96 | 4322882 | 1.74 | 0.25 | to | 0.55 | 11.91 | to | 12.25 |
| 2018 | 2456078 | 1.56 | 1.75 | 3923591 | 2.71 | 0.25 | to | 0.55 | (15.91) | to | (15.65) |
| **Templeton Global Bond VIP Division** | **Templeton Global Bond VIP Division** | **Templeton Global Bond VIP Division** | **Templeton Global Bond VIP Division** | **Templeton Global Bond VIP Division** |  |  |  |  |  |  |  |
| 2022 | 4252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 0.95 | 4057 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (4.85) |
| **Vanguard VIF Balanced Division** | **Vanguard VIF Balanced Division** | **Vanguard VIF Balanced Division** | **Vanguard VIF Balanced Division** | **Vanguard VIF Balanced Division** |  |  |  |  |  |  |  |
| 2022 | 12456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 0.87 | 10823 | 0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (14.30) |
| **Vanguard VIF Capital Growth Division** | **Vanguard VIF Capital Growth Division** | **Vanguard VIF Capital Growth Division** | **Vanguard VIF Capital Growth Division** | **Vanguard VIF Capital Growth Division** |  |  |  |  |  |  |  |
| 2022 | 57447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 0.87 | 49870 | 0.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (15.49) |
| **Vanguard VIF Diversified Value Division** | **Vanguard VIF Diversified Value Division** | **Vanguard VIF Diversified Value Division** | **Vanguard VIF Diversified Value Division** | **Vanguard VIF Diversified Value Division** |  |  |  |  |  |  |  |
| 2022 | 62345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 0.90 | 56214 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | (11.49) |

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

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

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  | | **Unit Value<sup>3</sup>** | **Unit Value<sup>3</sup>** | | | **Expense Ratio<sup>2</sup>** | **Expense Ratio<sup>2</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)** |
| **Vanguard VIF Equity Income Division** | **Vanguard VIF Equity Income Division** | **Vanguard VIF Equity Income Division** | **Vanguard VIF Equity Income Division** | **Vanguard VIF Equity Income Division** |  |  |  |  |  |
| 2022 | 160794 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $1.02 | $164523 | 1.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-% | 0.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-% | (0.66)% |
| **Vanguard VIF Real Estate Index Division** | **Vanguard VIF Real Estate Index Division** | **Vanguard VIF Real Estate Index Division** | **Vanguard VIF Real Estate Index Division** | **Vanguard VIF Real Estate Index Division** |  |  |  |  |  |
| 2022 | 26504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 0.77 | 20448 | 0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (26.30) |
| **Vanguard VIF Short Term Investment Division** | **Vanguard VIF Short Term Investment Division** | **Vanguard VIF Short Term Investment Division** | **Vanguard VIF Short Term Investment Division** | **Vanguard VIF Short Term Investment Division** |  |  |  |  |  |
| 2022 | 40221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 0.94 | 37954 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (5.72) |

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| |
|:---|
| <sup>1</sup>The investment income ratios represent the dividends, excluding distributions of capital gains, received by the division/sub-account 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 policy owner accounts either through reductions in the unit values or the redemption of units. The recognition of investment income by the division/sub-account is affected by the timing of the declaration of dividends by the underlying fund in which the division/sub-account invests. |
| <sup>2</sup>The expense ratios represent the annualized policy expense of the divisions of the Separate Account, consisting primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction of unit values. Charges made directly to policy owner accounts through the redemption of units and expenses of the underlying fund have been excluded. |
| <sup>3</sup>The total returns are for the periods indicated, including changes in the value of the underlying fund, and the expenses assessed through the reduction of unit values. These ratios do not include any expenses assessed through the redemption of units. Investment options with a date notation indicate the effective date of that investment option in the variable account. The total return is calculated for each period indicated or from the effective date through the end of the reporting period. As the total return is presented as a range of minimum to maximum values, based on the product grouping representing the minimum expense ratio amounts, some individual policy total returns and unit values are not within the ranges presented. |
| <sup>4</sup>See Note 2 to the financial statements for the previous name of this division. |
| <sup>5</sup>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 division 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 Division. |
| <sup>6</sup>For the period January 1, 2022 to November 4, 2022. Effective November 4, 2022 this Division liquidated and any contract value in the Division after the close of the New York Stock Exchange on November 4, 2022 was automatically transferred to the MML U.S. Government Money Market Division. |

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| | | |
|:---|:---|:---|
| ***8.*** | ***FINANCIAL HIGHLIGHTS (Continued)*** | ***FINANCIAL HIGHLIGHTS (Continued)*** |
| **B.** | The separate account assesses "current" charges associated with each policy. These charges are either assessed as a direct reduction in unit values or through a redemption of units for all policies contained within the Separate Account. Charges shown below state charges assessed at a monthly rate unless otherwise specified. | The separate account assesses "current" charges associated with each policy. These charges are either assessed as a direct reduction in unit values or through a redemption of units for all policies contained within the Separate Account. Charges shown below state charges assessed at a monthly rate unless otherwise specified. |
|  | **Administrative Charge** | Effective annual rate of 0.25% of the policy's average daily net assets |
|  | This charge is assessed through a reduction in unit values. | in the Separate Account |
|  | **Administrative Charge** | $5 to $12 per month |
|  | This charge is assessed through a redemption of units. |  |
|  | **Mortality and Expense Risk Charge** | Effective annual rate of 0.25% - 0.65% of the policy's |
|  | This charge is assessed through a reduction in unit values | assets held in the Separate Account. |
|  | or through the redemption of units. |  |
|  | **Face Amount Charge** | $0.00 to $0.17 per $1,000 of face amount or charge is based |
|  | This charge is assessed through a redemption of units. | on the initial selected face amount of the Policy |
|  | **Insurance Charge/Cost of Insurance Charge** | $0.00 to $70.83 per $1,000 of insurance risk |
|  | This charge is assessed through a redemption of units. |  |
|  | **Additional Mortality Fees** | $0.00 to $83.33 per $1,000 of insurance risk |
|  | This charge is assessed through a redemption of units. | $0.08 to $83.33 per $1,000 of face amount |
|  | **Loan Interest Rate Expense Charge** | Effective annual rate of 0.00% to 1.50% of the loan amount |
|  | This charge is assessed through a redemption of units. |  |

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

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| | | |
|:---|:---|:---|
| ***8.*** | ***FINANCIAL HIGHLIGHTS (Continued)*** | ***FINANCIAL HIGHLIGHTS (Continued)*** |
|  | **Rider Charges:** |  |
|  | The rider charges do not apply to all segments within the Separate Account. | The rider charges do not apply to all segments within the Separate Account. |
|  | These charges are assessed through the redemption of units. | These charges are assessed through the redemption of units. |
|  | **A. Disability Benefit** | $0.01 to $0.26 per $1 of monthly deductions |
|  |  | $0.00 to $0.09318 per $1,000 of insurance risk |
|  | **B. Guaranteed Insurability** | $0.03 to $0.11 per $1,000 of option amount |
|  | **C. Other Insured** | $0.03 to $25.01 per $1,000 of insurance risk |
|  | **D. Waiver of Monthly Charges** | $0.01 to $0.26 per $1 of monthly deductions |
|  | **E. Estate Protection** | $0.00 to $14.97 per $1,000 of insurance risk |
|  | **F. Survivorship Term** | $0.00 to $23.52 per $1,000 of insurance risk |
|  |  | $0.00 to $0.04 per $1,000 of face amount |
|  | **G. Additional Mortality Fees** | $0.00 to $83.33 per $1,000 of face amount |
|  | **H. Term Rider** | $0.00 to $31.33 per $1,000 of insurance risk |

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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.