# EDGAR Filing Document

**Accession Number:** 0001052766
**File Stem:** 0001133228-25-013602
**Filing Date:** 2025-12
**Character Count:** 2074819
**Document Hash:** 650fd97e16e193d766204a9745a9277c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-013602.hdr.sgml**: 20251218

**ACCESSION NUMBER**: 0001133228-25-013602

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 12

**FILED AS OF DATE**: 20251218

**DATE AS OF CHANGE**: 20251218

**EFFECTIVENESS DATE**: 20251218

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MASSACHUSETTS MUTUAL VARIABLE ANNUITY SEPARATE ACCOUNT 4
- **CENTRAL INDEX KEY:** 0001052766

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

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08619
- **FILM NUMBER:** 251583558

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

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

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MASSACHUSETTS MUTUAL VARIABLE ANNUITY SEPARATE ACCOUNT 4
- **CENTRAL INDEX KEY:** 0001052766

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

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-255824
- **FILM NUMBER:** 251583557

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

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

## Series and Classes Contracts Data

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000228859 | Envision     |  |

**As filed with the Securities and Exchange Commission on or about December 18, 2025**

**Registration Statement File No. 333-255824<br> Registration Statement File No. 811-08619**

**UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549**

**FORM N-4**

 **REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933**

**☐ Pre-Effective Amendment No.**

**☒ Post-Effective Amendment No. 14**

**and/or**

**REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940**

**☒ Amendment No. 265**

(Check appropriate box or boxes.)

**Massachusetts Mutual Variable Annuity Separate Account 4**

(Exact Name of Registered Separate Account)

**Massachusetts Mutual Life Insurance Company**

(Name of Insurance Company)

**1295 State Street, Springfield, Massachusetts 01111-0001**<br> (Address of Insurance Company's Principal Executive Offices)

**(413) 788-8411**<br> (Insurance Company's Telephone Number, including Area Code)

**Gary Murtagh**

**Head of Insurance Product & Operations Law<br> Massachusetts Mutual Life Insurance Company<br> 1295 State Street<br> Springfield, Massachusetts 01111-0001<br> (Name and Address of Agent for Service)**

Approximate Date of Proposed Public Offering: **Continuous**

**It is proposed that this filing will become effective (check appropriate box):**

☒ immediately upon filing pursuant to paragraph (b)

☐ on __________ pursuant to paragraph (b)

☐ 60 days after filing pursuant to paragraph (a)(1)

☐ on __________ pursuant to paragraph (a)(1) of rule 485 under the Securities Act of 1933 ("Securities Act").

**If appropriate, check the following box:**

☐ This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

**Check each box that appropriately characterizes the Registrant:**

☐ New Registrant (as applicable, a Registered Separate Account or Insurance Company that has not filed a Securities Act registration statement or amendment thereto within 3 years preceding this filing)

☐ Emerging Growth Company (as defined by Rule 12b-2 under the Securities Exchange Act of 1934 ("Exchange Act"))

☐ If an Emerging Growth Company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of Securities Act

☐ Insurance Company relying on Rule 12h-7 under the Exchange Act

☐ Smaller reporting company (as defined by Rule 12b-2 under the Exchange Act)

Title of Securities Being Registered: **Units of Interest in MassMutual Envision<sup>SM</sup>, an Individual Flexible Premium Deferred Variable Annuity Contract.**

**<u>FOR CONTRACTS ISSUED IN ALL STATES EXCEPT NEW YORK</u>**

**Rate Sheet Prospectus Supplement dated December 18, 2025**<br>**to the Prospectus dated December 18, 2025,**<br>**and the Initial Summary Prospectus dated** **December 18, 2025, for**:

**MassMutual Envision<sup>SM</sup>** **Variable Annuity**<br>*Issued by Massachusetts Mutual Life Insurance Company*

MassMutual RetirePay<sup>SM</sup><br>MassMutual RetireCore<sup>SM</sup><br>MassMutual RetireCore<sup>SM</sup> Stacking

This Rate Sheet Prospectus Supplement ("Rate Sheet") should be read carefully and retained with your Prospectus. You should not purchase an Income Guarantee Feature without first obtaining the applicable Rate Sheet.

We are issuing this Rate Sheet to update certain Income Guarantee Feature Terms applicable to one or more of our Income Guarantee Features. For the Income Guarantee Feature Terms applicable to your Income Guarantee Feature, see: Appendix A – RetirePay, Appendix B – RetireCore, and Appendix C – RetireCore Stacking. For complete information about the Income Guarantee Features, see the "Additional Benefits — Income Guarantee Features" section in the Prospectus.

The Income Guarantee Feature Terms included in this Rate Sheet are effective for applications submitted on or after December 18, 2025 ("Rate Sheet Effective Date") until a new Rate Sheet is effective that replaces and supersedes this Rate Sheet. See "Rate Sheet Comparison Process" for applications submitted prior to the Rate Sheet Effective Date. This Rate Sheet replaces and supersedes any previously issued Rate Sheet.

This Rate Sheet has no specified end date. If we change the Income Guarantee Feature Terms, we will issue a new Rate Sheet. In the event we issue a new Rate Sheet, we will provide at least 10 business days' notice of the effective date of the superseding Rate Sheet.

**Rate Sheet Eligibility Conditions**

Certain Rate Sheet eligibility conditions apply when we have issued a subsequent Rate Sheet after you apply for your Contract and prior to your Issue Date.

In order for the Income Guarantee Feature Terms in this Rate Sheet to apply to your Contract, your necessary application information, including any applicable transfer form(s), must be submitted to an order entry system utilized to issue the Contract ("application submit date") on or after December 18, 2025 and prior to the effective date of the superseding Rate Sheet. *For purposes of this process, the application submit date is also defined to include the date the application is signed if a paper application is necessary.*

**Application Requirements**

The application information must be in Good Order within 10 business days after the application submit date, including completion of the broker-dealer suitability review. We also require payment of at least the minimum initial Purchase Payment within 10 Business Days after the application submit date (90 calendar days if you plan to pay the initial Purchase Payment with proceeds from an IRS Section 1035 exchange or direct transfer).

If these Rate Sheet Eligibility Conditions are met, and the Contract is issued, the Income Guarantee Feature Terms in this Rate Sheet will apply, unless a beneficial superseding rate sheet applies, as described under "Rate Sheet Comparison Process."

If these Rate Sheet Eligibility Conditions are not met, we will cancel the application and return any Purchase Payment received.

If these Rate Sheet Eligibility Conditions are not met and your initial Purchase Payment was paid with proceeds from an IRS Section 1035 exchange or direct transfer, we will inform you and request instructions regarding whether to issue the Contract with the Income Guarantee Feature Terms in effect under the superseding Rate Sheet or cancel the application. If you have not provided us with the requested instructions within 2 Business Days after we have received your Purchase Payment, we will return your Purchase Payment to the original source.

------

**Rate Sheet Comparison Process**

Subject to satisfying the Rate Sheet Eligibility Conditions established in this Rate Sheet, if your application is submitted prior to the Rate Sheet Effective Date and your contact is issued on or after the Rate Sheet Effective Date, this Rate Sheet will apply if there are only beneficial changes to the terms of the Income Guarantee Feature you selected. If your contract is issued before the Rate Sheet Effective Date, this Rate Sheet will not apply and you will receive the Rate Sheet that was effective as of your application submit date.

The changes will be considered to be beneficial unless any of the following occurs for the Income Guarantee Feature you selected:

• Any
 Withdrawal Rates and/or Lifetime Guarantee Rates have decreased,

• Income
 Guarantee Feature Charges have increased,

• The
 Roll-Up Percentage (for  RetireCore and RetireCore Stacking) has decreased, or

• Investment
 Allocation Restrictions have changed (excluding changes to the Investment Allocation Restrictions due to the addition
 of available investment options or changes that occur through fund substitutions or fund mergers).

For example:

• A
 Rate Sheet is issued with an effective date of 5/1/2026.

• Your
 application with transfer paperwork is submitted and received In Good Order on 8/3/2026.

• A
 superseding rate sheet is issued on 8/18/2026, with a 9/1/2026 effective date.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **IF** | **AND** | **THEN** |
| &nbsp;&nbsp;&nbsp;&nbsp; The terms of the Income Guarantee Feature you elected on the superseding Rate Sheet:<br> •  Withdrawal Rates have **increased**;<br> •  Lifetime Guarantee Rates have **increased**;<br> •  Income Guarantee Feature Charges have **increased**;<br> •  The Roll-Up Percentage (if applicable) is **unchanged**; and<br> •  Investment Allocation Restrictions are **unchanged**. | Your initial purchase payment is received in Good Order and your Contract is issued **prior** **to** 9/1/2026. | You will receive the Income Guarantee Feature Terms in effect **at the time of application on the** **5/1/2026 Rate Sheet,** as the initial purchase payment was received and the Contract was issued prior to the 9/1/2026 Rate Sheet Effective Date. |
| &nbsp;&nbsp;&nbsp;&nbsp; The terms of the Income Guarantee Feature you elected on the superseding Rate Sheet:<br> •  Withdrawal Rates have **increased**;<br> •  Lifetime Guarantee Rates have **increased**;<br> •  Income Guarantee Feature Charges have **increased**;<br> •  The Roll-Up Percentage (if applicable) is **unchanged**; and<br> •  Investment Allocation Restrictions are **unchanged**. | Your initial purchase payment is received in Good Order and your Contract is issued **on or** **after** 9/1/2026. | You will receive the Income Guarantee Feature Terms in effect **at the time of application on the** **5/1/2026 Rate Sheet.**<br> Even though the Withdrawal and Lifetime Guarantee Rates have both increased, the increase to the Income Guarantee Feature Charge is not considered beneficial. |
| &nbsp;&nbsp;&nbsp;&nbsp; The terms of the Income Guarantee Feature you elected on the superseding Rate Sheet:<br> •  Withdrawal Rates have **increased**;<br> •  Lifetime Guarantee Rates have **increased**;<br> •  Income Guarantee Feature Charges are **unchanged**; <br> •  The Roll-Up Percentage (if applicable) is **unchanged**; and<br> •  Investment Allocation Restrictions are **unchanged.** | Your initial purchase payment is received in Good Order and your Contract is issued **prior** **to** 9/1/2026. | You will receive the Income Guarantee Feature Terms in effect **at the time of application on the** **5/1/2026 Rate Sheet,** as the initial purchase payment was received prior to the 9/1/2026 Rate Sheet Effective Date. |
| &nbsp;&nbsp;&nbsp;&nbsp; The terms of the Income Guarantee Feature you elected on the superseding Rate Sheet:<br> •  Withdrawal Rates have **increased**;<br> •  Lifetime Guarantee Rates have **increased**;<br> •  Income Guarantee Feature Charges are **unchanged**; <br> •  The Roll-Up Percentage (if applicable) is **unchanged**; and<br> •  Investment Allocation Restrictions are **unchanged.** | Your initial purchase payment is received in Good Order and your Contract is issued **on or** **after** 9/1/2026. | You will receive the Income Guarantee Feature Terms in effect **at the time of contract issue on** **the 9/1/2026 Rate Sheet.**<br> Since the Withdrawal and Lifetime Guarantee Rates have both increased, and no other Income Guarantee Features have changed, the changes are considered beneficial. |

---

To obtain a current Prospectus and Rate Sheet or if you have any questions regarding this Rate Sheet, please contact your registered representative, visit us online at www.MassMutual.com/contact-us, or call our Service Center at (800) 272-2216 (8 a.m.–8 p.m. Eastern Time).

------

**APPENDIX A – RetirePay Income Guarantee Feature Terms**

**<u>Income Guarantee Feature Terms:</u>**

• Withdrawal
 Rates,

• Lifetime
 Guarantee Rates,

• Income
 Guarantee Feature Charges, and

• Investment
 Allocation Restrictions – see Appendix D.

<u>Withdrawal Rates:</u>

**SINGLE LIFE WITHDRAWAL RATES:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date |
|  | 0 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10+ |
| Age Range | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates |
| 59½ – 61 | 5.00% | 5.20% | 5.40% | 5.60% | 5.80% | 6.00% | 6.20% | 6.40% | 6.60% | 6.80% | 7.00% |
| 62 – 66 | 5.50% | 5.70% | 5.90% | 6.10% | 6.30% | 6.50% | 6.70% | 6.90% | 7.10% | 7.30% | 7.50% |
| 67 – 71 | 6.00% | 6.20% | 6.40% | 6.60% | 6.80% | 7.00% | 7.20% | 7.40% | 7.60% | 7.80% | 8.00% |
| 72 – 76 | 6.50% | 6.70% | 6.90% | 7.10% | 7.30% | 7.50% | 7.70% | 7.90% | 8.10% | 8.30% | 8.50% |
| 77+ | 7.00% | 7.20% | 7.40% | 7.60% | 7.80% | 8.00% | 8.20% | 8.40% | 8.60% | 8.80% | 9.00% |

---

**JOINT LIFE WITHDRAWAL RATES:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date |
|  | 0 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10+ |
| Age Range | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates |
| 59½ – 61 | 4.45% | 4.65% | 4.85% | 5.05% | 5.25% | 5.45% | 5.65% | 5.85% | 6.05% | 6.25% | 6.45% |
| 62 – 66 | 4.95% | 5.15% | 5.35% | 5.55% | 5.75% | 5.95% | 6.15% | 6.35% | 6.55% | 6.75% | 6.95% |
| 67 – 71 | 5.45% | 5.65% | 5.85% | 6.05% | 6.25% | 6.45% | 6.65% | 6.85% | 7.05% | 7.25% | 7.45% |
| 72 – 76 | 5.95% | 6.15% | 6.35% | 6.55% | 6.75% | 6.95% | 7.15% | 7.35% | 7.55% | 7.75% | 7.95% |
| 77+ | 6.45% | 6.65% | 6.85% | 7.05% | 7.25% | 7.45% | 7.65% | 7.85% | 8.05% | 8.25% | 8.45% |

---

<u>Lifetime Guarantee Rates:</u>

**SINGLE LIFE LIFETIME GUARANTEE RATES:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date |
|  | 0 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10+ |
| Age Range | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates |
| 59½ – 61 | 5.00% | 5.20% | 5.40% | 5.60% | 5.80% | 6.00% | 6.20% | 6.40% | 6.60% | 6.80% | 7.00% |
| 62 – 66 | 5.50% | 5.70% | 5.90% | 6.10% | 6.30% | 6.50% | 6.70% | 6.90% | 7.10% | 7.30% | 7.50% |
| 67 – 71 | 6.00% | 6.20% | 6.40% | 6.60% | 6.80% | 7.00% | 7.20% | 7.40% | 7.60% | 7.80% | 8.00% |
| 72 – 76 | 6.50% | 6.70% | 6.90% | 7.10% | 7.30% | 7.50% | 7.70% | 7.90% | 8.10% | 8.30% | 8.50% |
| 77+ | 7.00% | 7.20% | 7.40% | 7.60% | 7.80% | 8.00% | 8.20% | 8.40% | 8.60% | 8.80% | 9.00% |

---

------

**JOINT LIFE LIFETIME GUARANTEE RATES:**

Full Contract Years from the RetirePay Issue Date <br> 0 1 2 3 4 5 6 7 8 9 10+

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Age Range | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates |
| 59½ – 61 | 4.45% | 4.65% | 4.85% | 5.05% | 5.25% | 5.45% | 5.65% | 5.85% | 6.05% | 6.25% | 6.45% |
| 62 – 66 | 4.95% | 5.15% | 5.35% | 5.55% | 5.75% | 5.95% | 6.15% | 6.35% | 6.55% | 6.75% | 6.95% |
| 67 – 71 | 5.45% | 5.65% | 5.85% | 6.05% | 6.25% | 6.45% | 6.65% | 6.85% | 7.05% | 7.25% | 7.45% |
| 72 – 76 | 5.95% | 6.15% | 6.35% | 6.55% | 6.75% | 6.95% | 7.15% | 7.35% | 7.55% | 7.75% | 7.95% |
| 77+ | 6.45% | 6.65% | 6.85% | 7.05% | 7.25% | 7.45% | 7.65% | 7.85% | 8.05% | 8.25% | 8.45% |

---

------

<u>Income Guarantee Feature Charges:</u>

The current Income Guarantee Feature Charges applicable to your Contract are as follows:

---

| | |
|:---|:---|
| **•** **Single Life Highest Anniversary Value Step-up Charge**<br>• **Joint Life Highest Anniversary Value Step-up Charge**<br>• **Single Life Highest Quarterly Value Step-up Charge**<br>• **Joint Life Highest Quarterly Value Step-up Charge** | **1.45%**<br>**1.45%**<br>**1.60%**<br>**1.60%** |

---

The amount that is deducted from your Contract Value is equal to the Income Guarantee Feature Charge multiplied by the Benefit Base. We may increase the Income Guarantee Feature Charges effective on any Contract Anniversary, with prior notice, but the charges will never exceed the maximum Income Guarantee Feature Charge. The maximum charge and additional information about the Income Guarantee Feature Charge can be found in the "Additional Benefits – Income Guarantee Features – Income Guarantee Feature Charge" section of the current Prospectus.

------

**APPENDIX B – RetireCore Income Guarantee Feature Terms**

**Available beginning January 26, 2026 in all states except California, Delaware, Florida, New York, North Dakota, South Dakota, and South Carolina. Available in the remaining states except New York beginning February 23, 2026.**

**<u>Income Guarantee Feature Terms:</u>**

• Withdrawal
 Rates,

• Lifetime
 Guarantee Rates,

• Income
 Guarantee Feature Charges,

• Roll-Up
 Percentage, and

• Investment
 Allocation Restrictions – see Appendix D.

<u>Withdrawal Rates:</u>

**SINGLE LIFE WITHDRAWAL RATES:**

---

| | |
|:---|:---|
| &nbsp;&nbsp; Age When Income Starts | &nbsp;&nbsp; Age When Income Starts |
| &nbsp;&nbsp; 59½ – 64 | &nbsp;&nbsp; 4.75% |
| &nbsp;&nbsp; 65 – 69 | &nbsp;&nbsp; 6.25% |
| &nbsp;&nbsp; 70 – 74 | &nbsp;&nbsp; 6.50% |
| &nbsp;&nbsp; 75+ | &nbsp;&nbsp; 6.75% |

---

**JOINT LIFE WITHDRAWAL RATES:**

---

| | |
|:---|:---|
| &nbsp;&nbsp; Age When Income Starts | &nbsp;&nbsp; Age When Income Starts |
| &nbsp;&nbsp; 59½ – 64 | &nbsp;&nbsp; 4.25% |
| &nbsp;&nbsp; 65– 69 | &nbsp;&nbsp; 5.75% |
| &nbsp;&nbsp; 70 – 74 | &nbsp;&nbsp; 6.00% |
| &nbsp;&nbsp; 75+ | &nbsp;&nbsp; 6.25% |

---

<u>Lifetime Guarantee Rates:</u>

**SINGLE LIFE LIFETIME GUARANTEE RATES:**

---

| | |
|:---|:---|
| &nbsp;&nbsp; Age When Income Starts | &nbsp;&nbsp; Age When Income Starts |
| &nbsp;&nbsp; 59½ – 64 | &nbsp;&nbsp; 4.75% |
| &nbsp;&nbsp; 65 – 69 | &nbsp;&nbsp; 6.25% |
| &nbsp;&nbsp; 70 – 74 | &nbsp;&nbsp; 6.50% |
| &nbsp;&nbsp; 75+ | &nbsp;&nbsp; 6.75% |

---

**JOINT LIFE LIFETIME GUARANTEE RATES:**

---

| | |
|:---|:---|
| &nbsp;&nbsp; Age When Income Starts | &nbsp;&nbsp; Age When Income Starts |
| &nbsp;&nbsp; 59½ – 64 | &nbsp;&nbsp; 4.25% |
| &nbsp;&nbsp; 65 – 69 | &nbsp;&nbsp; 5.75% |
| &nbsp;&nbsp; 70 – 74 | &nbsp;&nbsp; 6.00% |
| &nbsp;&nbsp; 75+ | &nbsp;&nbsp; 6.25% |

---

------

<u>Income Guarantee Feature Charges:</u>

The current Income Guarantee Feature Charges applicable to your Contract are as follows:

---

| | |
|:---|:---|
| **•** **Single Life Highest Anniversary Value Step-up Charge**<br>• **Joint Life Highest Anniversary Value Step-up Charge**<br>• **Single Life Highest Quarterly Value Step-up Charge**<br>• **Joint Life Highest Quarterly Value Step-up Charge** | **1.45%**<br>**1.45%**<br>**1.60%**<br>**1.60%** |

---

The amount that is deducted from your Contract Value is equal to the Income Guarantee Feature Charge multiplied by the Benefit Base. We may increase the Income Guarantee Feature Charges effective on any Contract Anniversary, with prior notice, but the charges will never exceed the maximum Income Guarantee Feature Charge. The maximum charge and additional information about the Income Guarantee Feature Charge can be found in the "Additional Benefits – Income Guarantee Features – Income Guarantee Feature Charge" section of the current Prospectus.

**<u>Roll-Up Percentage:</u> 6%**

------

**APPENDIX C – RetireCore Stacking Income Guarantee Feature Terms**

**Available beginning January 26, 2026 in all states except California, Delaware, Florida, New York, North Dakota, South Dakota, and South Carolina. Available in the remaining states except New York beginning February 23, 2026.**

**<u>Income Guarantee Feature Terms:</u>**

• Withdrawal
 Rates,

• Lifetime
 Guarantee Rates,

• Income
 Guarantee Feature Charges,

• Roll-Up
 Percentage, and

• Investment
 Allocation Restrictions – see Appendix D.

<u>Withdrawal Rates:</u>

**SINGLE LIFE WITHDRAWAL RATES:**

---

| | |
|:---|:---|
| &nbsp;&nbsp; Age When Income Starts | &nbsp;&nbsp; Age When Income Starts |
| &nbsp;&nbsp; 59½ – 64 | &nbsp;&nbsp; 4.50% |
| &nbsp;&nbsp; 65 – 69 | &nbsp;&nbsp; 6.00% |
| &nbsp;&nbsp; 70 – 74 | &nbsp;&nbsp; 6.25% |
| &nbsp;&nbsp; 75+ | &nbsp;&nbsp; 6.50% |

---

**JOINT LIFE WITHDRAWAL RATES:**

---

| | |
|:---|:---|
| &nbsp;&nbsp; Age When Income Starts | &nbsp;&nbsp; Age When Income Starts |
| &nbsp;&nbsp; 59½ – 64 | &nbsp;&nbsp; 4.00% |
| &nbsp;&nbsp; 65 – 69 | &nbsp;&nbsp; 5.50% |
| &nbsp;&nbsp; 70 – 74 | &nbsp;&nbsp; 5.75% |
| &nbsp;&nbsp; 75+ | &nbsp;&nbsp; 6.00% |

---

<u>Lifetime Guarantee Rates:</u>

**SINGLE LIFE LIFETIME GUARANTEE RATES:**

---

| | |
|:---|:---|
| &nbsp;&nbsp; Age When Income Starts | &nbsp;&nbsp; Age When Income Starts |
| &nbsp;&nbsp; 59½ – 64 | &nbsp;&nbsp; 4.50% |
| &nbsp;&nbsp; 65 – 69 | &nbsp;&nbsp; 6.00% |
| &nbsp;&nbsp; 70 – 74 | &nbsp;&nbsp; 6.25% |
| &nbsp;&nbsp; 75+ | &nbsp;&nbsp; 6.50% |

---

**JOINT LIFE LIFETIME GUARANTEE RATES:**

---

| | |
|:---|:---|
| &nbsp;&nbsp; Age When Income Starts | &nbsp;&nbsp; Age When Income Starts |
| &nbsp;&nbsp; 59½ – 64 | &nbsp;&nbsp; 4.00% |
| &nbsp;&nbsp; 65 – 69 | &nbsp;&nbsp; 5.50% |
| &nbsp;&nbsp; 70 – 74 | &nbsp;&nbsp; 5.75% |
| &nbsp;&nbsp; 75+ | &nbsp;&nbsp; 6.00% |

---

------

<u>Income Guarantee Feature Charges:</u>

The current Income Guarantee Feature Charges applicable to your Contract are as follows:

---

| | |
|:---|:---|
| **•** **Single Life Highest Anniversary Value Step-up Charge**<br>• **Joint Life Highest Anniversary Value Step-up Charge**<br>• **Single Life Highest Quarterly Value Step-up Charge**<br>• **Joint Life Highest Quarterly Value Step-up Charge** | **1.45%**<br>**1.45%**<br>**1.60%**<br>**1.60%** |

---

The amount that is deducted from your Contract Value is equal to the Income Guarantee Feature Charge multiplied by the Benefit Base. We may increase the Income Guarantee Feature Charges effective on any Contract Anniversary, with prior notice, but the charges will never exceed the maximum Income Guarantee Feature Charge. The maximum charge and additional information about the Income Guarantee Feature Charge can be found in the "Additional Benefits – Income Guarantee Features – Income Guarantee Feature Charge" section of the current Prospectus.

**<u>Roll-Up Percentage:</u> 6%**

------

**APPENDIX D – Investment Allocation Restrictions**

While your Income Guarantee Feature is in effect, your investment allocations are restricted.

You must either be invested 100% in one of the MML Asset Allocation Sub-Accounts or invested 100% in the Custom Allocation Program.

**MML Asset Allocation Sub-Accounts:**

MML American Funds Core Allocation<br>MML Balanced Allocation<br>MML BlackRock iShares<sup>®</sup> 60/40<br>MML BlackRock iShares<sup>®</sup> 80/20<br>MML Blend<br>MML Conservative Allocation<br>MML Growth Allocation<br>MML Moderate Allocation

------

**Custom Allocation Program:**

Multiple Sub-Accounts can be selected within each category. The total allocation for all Sub-Accounts within each category must be between the minimum and maximum allocation. The Contract Value in the Custom Allocation Program will be rebalanced based on your elected frequency. If no election is made, rebalancing will occur quarterly during each calendar year.

---

| | | |
|:---|:---|:---|
|  | **Minimum**<br>**Allocation** | **Maximum**<br>**Allocation** |
| &nbsp;&nbsp; Allocation Category 1 | 30% | 30% |
| &nbsp;&nbsp; <u>Available Sub-Accounts:</u><br>MML Fidelity Institutional AM<sup>®</sup> Core Plus Bond<br>MML Inflation-Protected and Income<br>MML Managed Bond<br>MML Short-Duration Bond<br>MML U.S. Government Money Market |  |  |
| &nbsp;&nbsp; Allocation Category 2 | 40% | 70% |
| &nbsp;&nbsp; <u>Available Sub-Accounts:</u><br>American Funds Insurance Series<sup>®</sup> Global Small Capitalization<br>American Funds Insurance Series<sup>®</sup> New World<sup>®</sup><br>American Funds Insurance Series<sup>®</sup> Washington Mutual Investors<br>Columbia Variable Portfolio - Contrarian Core<br>Janus Henderson Enterprise<br>Janus Henderson Overseas<br>MML American Century Mid Cap Value<br>MML American Funds Growth<br>MML Blue Chip Growth<br>MML Equity Income<br>MML Focused Equity<br>MML Foreign<br>MML Fundamental Equity<br>MML Global<br>MML Income & Growth<br>MML Invesco Small Cap Equity<br>MML Loomis Sayles Large Cap Growth<br>MML MFS International Equity<br>MML Mid Cap Growth<br>MML Small Cap Growth Equity<br>Nomura VIP Growth<br>|  |  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Minimum**<br>**Allocation** | **Maximum**<br>**Allocation** |
| &nbsp;&nbsp; Allocation Category 3 | 0% | 30% |
| &nbsp;&nbsp; <u>Available Sub-Accounts:</u><br>Fidelity<sup>®</sup> VIP Contrafund<sup>®</sup><br>Fidelity<sup>®</sup> VIP Health Care<br>Fidelity<sup>®</sup> VIP Overseas<br>Fidelity<sup>®</sup> VIP Real Estate<br>Fidelity<sup>®</sup> VIP Strategic Income<br>Invesco V.I. Global Strategic Income<br>Invesco V.I. International Growth<br>Janus Henderson Global Technology and Innovation<br>MML American Century Small Company Value<br>MML Equity<br>MML Invesco Discovery Mid Cap<br>MML Small/Mid Cap Value<br>MML Sustainable Equity<br>Nomura VIP Asset Strategy<br>PIMCO Income Portfolio<br>|  |  |

---

If a requested change in your allocations or a transfer of any portion of your contract value does not comply with these investment restrictions, you will be required to terminate your Income Guarantee Feature by written request before the allocation change or transfer can be processed. We reserve the right, upon thirty calendar days advance notice to you, to change the investment restrictions. If we change the investment restrictions, you must change your allocations to comply within thirty calendar days of the restrictions becoming effective, or we will terminate your Income Guarantee Feature.

*If you have any questions regarding this Rate Sheet, please contact us toll free at (800) 272-2216.*

**Please keep this Rate Sheet for future reference.**

------

**<u>FOR CONTRACTS ISSUED IN NEW YORK ONLY</u>**

**Rate Sheet Prospectus Supplement dated December 18, 2025**<br> **to the Prospectus dated December 18, 2025, as supplemented**<br>**and the Initial Summary Prospectus dated December 18, 2025, as supplemented, for**:

**MassMutual Envision<sup>SM</sup>** **Variable Annuity**<br>*Issued by Massachusetts Mutual Life Insurance Company*

MassMutual RetirePay<sup>SM</sup>

This Rate Sheet Prospectus Supplement ("Rate Sheet") should be read carefully and retained with your Prospectus. You should not purchase an Income Guarantee Feature without first obtaining the applicable Rate Sheet.

We are issuing this Rate Sheet to update certain Income Guarantee Feature Terms applicable to our Income Guarantee Feature, RetirePay. For the Income Guarantee Feature Terms applicable to your Income Guarantee Feature, see: Appendix A – RetirePay. For complete information about the Income Guarantee Feature, see the "Additional Benefits – Income Guarantee Features" section in the Prospectus.

The Income Guarantee Feature Terms included in this Rate Sheet are effective for applications submitted on or after December 18, 2025 ("Rate Sheet Effective Date") until a new Rate Sheet is effective that replaces and supersedes this Rate Sheet. See "Rate Sheet Comparison Process" for applications submitted prior to the Rate Sheet Effective Date. This Rate Sheet replaces and supersedes any previously issued Rate Sheet.

This Rate Sheet has no specified end date. If we change the Income Guarantee Feature Terms, we will issue a new Rate Sheet. In the event we issue a new Rate Sheet, we will provide at least 10 business days' notice of the effective date of the superseding Rate Sheet.

**Rate Sheet Eligibility Conditions**

Certain Rate Sheet eligibility conditions apply when we have issued a superseding Rate Sheet after you apply for your Contract and prior to your Issue Date.

In order for the Income Guarantee Feature Terms in this Rate Sheet to apply to your Contract, your necessary application information, including any applicable transfer form(s), must be submitted to an order entry system utilized to issue the Contract ("application submit date") on or after December 18, 2025 and prior to the effective date of the superseding Rate Sheet. *For purposes of this process, the application submit date is also defined to include the date the application is signed if a paper application is necessary.*

**Application Requirements**

The application information must be in Good Order within 10 Business Days after the application submit date, including completion of the broker-dealer suitability review. We also require payment of at least the minimum initial Purchase Payment within 10 Business Days after the application submit date (90 calendar days if you plan to pay the initial Purchase Payment with proceeds from an IRS Section 1035 exchange or direct transfer).

If these Rate Sheet Eligibility Conditions are met, and the Contract is issued, the Income Guarantee Feature Terms in this Rate Sheet will apply, unless a beneficial superseding rate sheet applies, as described under "Rate Sheet Comparison Process."

If these Rate Sheet Eligibility Conditions are not met, we will cancel the application and return any Purchase Payment received.

If these Rate Sheet Eligibility Conditions are not met and your initial Purchase Payment was paid with proceeds from an IRS Section 1035 exchange or direct transfer, we will inform you and request instructions regarding whether to issue the Contract with the Income Guarantee Feature Terms in effect under the superseding Rate Sheet or cancel the application. If you have not provided us with the requested instructions within 2 Business Days after we have received your Purchase Payment, we will return your Purchase Payment to the original source.

------

**Rate Sheet Comparison Process**

Subject to satisfying the Rate Sheet Eligibility Conditions established in this Rate Sheet, if your application is submitted prior to the Rate Sheet Effective Date and your contact is issued on or after the Rate Sheet Effective Date, this Rate Sheet will apply if there are only beneficial changes to the Income Guarantee Feature Terms. If your contract is issued before the Rate Sheet Effective Date, this Rate Sheet will not apply and you will receive the Rate Sheet that was effective as of your application submit date.

The changes will be considered to be beneficial unless any of the following occurs:

• Any
 Withdrawal Rates have decreased,

• Income
 Guarantee Feature Charges have increased, or

• Investment
 Allocation Restrictions have changed (excluding changes to the Investment Allocation Restrictions due to the addition
 of available investment options or changes that occur through fund substitutions or fund mergers).

For example:

• A
 Rate Sheet is issued with an effective date of 5/1/2026.

• Your
 application with transfer paperwork is submitted and received In Good Order on 8/3/2026.

• A
 superseding rate sheet is issued on 8/18/2026, with a 9/1/2026 effective date.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **IF** | **AND** | **THEN** |
| &nbsp;&nbsp;&nbsp;&nbsp; The terms of the Income Guarantee Feature you elected on the superseding Rate Sheet:<br> •  Withdrawal Rates have **increased**;<br> •  Income Guarantee Feature Charges have **increased**; and<br> •  Investment Allocation Restrictions are **unchanged**. | Your initial purchase payment is received in Good Order and your Contract is issued **prior to** 9/1/2026. | You will receive the Income Guarantee Feature Terms in effect **at the time of application on the 5/1/2026 Rate** **Sheet,** as the initial purchase payment was received and the Contract was issued prior to the 9/1/2026 Rate Sheet Effective Date. |
| &nbsp;&nbsp;&nbsp;&nbsp; The terms of the Income Guarantee Feature you elected on the superseding Rate Sheet:<br> •  Withdrawal Rates have **increased**;<br> •  Income Guarantee Feature Charges have **increased**; and<br> •  Investment Allocation Restrictions are **unchanged**. | Your initial purchase payment is received in Good Order and your Contract is issued **on or after** 9/1/2026. | You will receive the Income Guarantee Feature Terms in effect **at the time of application on the 5/1/2026 Rate** **Sheet.**<br> Even though the Withdrawal Rates have increased, the increase to the Income Guarantee Feature Charge is not considered beneficial. |
| &nbsp;&nbsp;&nbsp;&nbsp; The terms of the Income Guarantee Feature you elected on the superseding Rate Sheet:<br> •  Withdrawal Rates have **increased**;<br> •  Income Guarantee Feature Charges are **unchanged**; and <br> •  Investment Allocation Restrictions are **unchanged** | Your initial purchase payment is received in Good Order and your Contract is issued **prior to** 9/1/2026. | You will receive the Income Guarantee Feature Terms in effect **at the time of application on the 5/1/2026 Rate** **Sheet,** as the initial purchase payment was received prior to the 9/1/2026 Rate Sheet Effective Date. |
| &nbsp;&nbsp;&nbsp;&nbsp; The terms of the Income Guarantee Feature you elected on the superseding Rate Sheet:<br> •  Withdrawal Rates have **increased**;<br> •  Income Guarantee Feature Charges are **unchanged**; and <br> •  Investment Allocation Restrictions are **unchanged** | Your initial purchase payment is received in Good Order and your Contract is issued **on or after** 9/1/2026. | You will receive the Income Guarantee Feature Terms in effect **at the time of contract issue on the 9/1/2026 Rate** **Sheet.**<br> Since the Withdrawal Rates have increased, and no other Income Guarantee Features have changed, the changes are considered beneficial. |

---

To obtain a current Prospectus and Rate Sheet or if you have any questions regarding this Rate Sheet, please contact your registered representative, visit us online at www.MassMutual.com/contact-us, or call our Service Center at (800) 272-2216 (8 a.m.–8 p.m. Eastern Time).

------

**APPENDIX A – RetirePay Income Guarantee Feature Terms**

**<u>Income Guarantee Feature Terms:</u>**

• Withdrawal
 Rates,

• Income
 Guarantee Feature Charges, and

• Investment
 Allocation Restrictions.

<u>Withdrawal Rates:</u>

**SINGLE LIFE WITHDRAWAL RATES:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date |
|  | 0 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10+ |
| Age Range | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates |
| 59½ – 61 | 4.55% | 4.75% | 4.95% | 5.15% | 5.35% | 5.55% | 5.75% | 5.95% | 6.15% | 6.35% | 6.55% |
| 62 – 66 | 5.20% | 5.40% | 5.60% | 5.80% | 6.00% | 6.20% | 6.40% | 6.60% | 6.80% | 7.00% | 7.20% |
| 67 – 71 | 5.85% | 6.05% | 6.25% | 6.45% | 6.65% | 6.85% | 7.05% | 7.25% | 7.45% | 7.65% | 7.85% |
| 72 – 76 | 6.50% | 6.70% | 6.90% | 7.10% | 7.30% | 7.50% | 7.70% | 7.90% | 8.10% | 8.30% | 8.50% |
| 77 – 81 | 7.15% | 7.35% | 7.55% | 7.75% | 7.95% | 8.15% | 8.35% | 8.55% | 8.75% | 9.00% | 9.20% |
| 82 – 86 |  | 8.75% | 8.95% | 9.15% | 9.35% | 9.55% | 9.75% | 9.95% | 10.15% | 10.40% | 10.60% |
| 87 – 91 |  |  |  |  |  |  | 11.15% | 11.35% | 11.55% | 11.80% | 12.00% |
| 92+ |  |  |  |  |  |  |  |  |  |  | 13.45% |

---

**JOINT LIFE WITHDRAWAL RATES:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date |
|  | 0 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10+ |
| Age Range | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates |
| 59½ – 61 | 4.00% | 4.20% | 4.40% | 4.60% | 4.80% | 5.00% | 5.20% | 5.40% | 5.60% | 5.80% | 6.00% |
| 62 – 66 | 4.65% | 4.85% | 5.05% | 5.25% | 5.45% | 5.65% | 5.85% | 6.05% | 6.25% | 6.45% | 6.65% |
| 67 – 71 | 5.30% | 5.50% | 5.70% | 5.90% | 6.10% | 6.30% | 6.50% | 6.70% | 6.90% | 7.10% | 7.30% |
| 72 – 76 | 5.95% | 6.15% | 6.35% | 6.55% | 6.75% | 6.95% | 7.15% | 7.35% | 7.55% | 7.75% | 7.95% |
| 77 – 81 | 6.60% | 6.80% | 7.00% | 7.20% | 7.40% | 7.60% | 7.80% | 8.00% | 8.20% | 8.45% | 8.65% |
| 82 – 86 |  | 8.20% | 8.40% | 8.60% | 8.80% | 9.00% | 9.20% | 9.40% | 9.60% | 9.85% | 10.05% |
| 87 – 91 |  |  |  |  |  |  | 10.60% | 10.80% | 11.00% | 11.25% | 11.45% |
| 92+ |  |  |  |  |  |  |  |  |  |  | 12.90% |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **•** **Single Life Highest Anniversary Value Step-up Charge**<br>• **Joint Life Highest Anniversary Value Step-up Charge**<br>• **Single Life Highest Quarterly Value Step-up Charge**<br>• **Joint Life Highest Quarterly Value Step-up Charge** | **1.45%**<br>**1.45%**<br>**1.60%**<br>**1.60%** |

---

<u>Income Guarantee Feature Charges:</u>

The current Income Guarantee Feature Charges applicable to your Contract are as follows:

---

| | |
|:---|:---|
| **•** **Single Life Highest Anniversary Value Step-up Charge**<br>• **Joint Life Highest Anniversary Value Step-up Charge**<br>• **Single Life Highest Quarterly Value Step-up Charge**<br>• **Joint Life Highest Quarterly Value Step-up Charge** | **1.45%**<br>**1.45%**<br>**1.60%**<br>**1.60%** |

---

The amount that is deducted from your Contract Value is equal to the Income Guarantee Feature Charge multiplied by the Benefit Base. We may increase the Income Guarantee Feature Charges effective on any Contract Anniversary, with prior notice, but the charges will never exceed the maximum Income Guarantee Feature Charge. The maximum charge and additional information about the Income Guarantee Feature Charge can be found in the "Additional Benefits — Income Guarantee Features — Income Guarantee Feature Charge" section of the current MassMutual Envision prospectus.

**INVESTMENT ALLOCATION RESTRICTIONS**

While your Income Guarantee Feature is in effect, your investment allocations are restricted.

You must either be invested 100% in one of the MML Asset Allocation Sub-Accounts or invested 100% in the Custom Allocation Program.

**MML Asset Allocation Sub-Accounts:**

MML American Funds Core Allocation<br>MML Balanced Allocation<br>MML BlackRock iShares<sup>®</sup> 60/40<br>MML BlackRock iShares<sup>®</sup> 80/20<br>MML Blend<br>MML Conservative Allocation<br>MML Growth Allocation<br>MML Moderate Allocation

------

**Custom Allocation Program:**

Multiple Sub-Accounts can be selected within each category. The total allocation for all Sub-Accounts within each category must be between the minimum and maximum allocation. The Contract Value in the Custom Allocation Program will be rebalanced based on your elected frequency. If no election is made, rebalancing will occur quarterly during each calendar year.

---

| | | |
|:---|:---|:---|
|  | **Minimum**<br>**Allocation** | **Maximum**<br>**Allocation** |
| &nbsp;&nbsp; Allocation Category 1 | 30% | 30% |
| &nbsp;&nbsp; <u>Available Sub-Accounts:</u><br>MML Fidelity Institutional AM<sup>®</sup> Core Plus Bond<br>MML Inflation-Protected and Income<br>MML Managed Bond<br>MML Short-Duration Bond<br>MML U.S. Government Money Market |  |  |
| &nbsp;&nbsp; Allocation Category 2 | 40% | 70% |
| &nbsp;&nbsp; <u>Available Sub-Accounts:</u><br>American Funds Insurance Series<sup>®</sup> Global Small Capitalization<br>American Funds Insurance Series<sup>®</sup> New World<sup>®</sup><br>American Funds Insurance Series<sup>®</sup> Washington Mutual Investors<br>Columbia Variable Portfolio - Contrarian Core<br>Janus Henderson Enterprise<br>Janus Henderson Overseas<br>MML American Century Mid Cap Value<br>MML American Funds Growth<br>MML Blue Chip Growth<br>MML Equity Income<br>MML Focused Equity<br>MML Foreign<br>MML Fundamental Equity<br>MML Global<br>MML Income & Growth<br>MML Invesco Small Cap Equity<br>MML Loomis Sayles Large Cap Growth<br>MML MFS International Equity<br>MML Mid Cap Growth<br>MML Small Cap Growth Equity<br>Nomura VIP Growth |  |  |

---

------

---

| | | |
|:---|:---|:---|
|  | **Minimum**<br>**Allocation** | **Maximum**<br>**Allocation** |
| &nbsp;&nbsp; Allocation Category 3 | 0% | 30% |
| &nbsp;&nbsp; <u>Available Sub-Accounts:</u><br>Fidelity<sup>®</sup> VIP Contrafund<sup>®</sup><br>Fidelity<sup>®</sup> VIP Health Care<br>Fidelity<sup>®</sup> VIP Overseas<br>Fidelity<sup>®</sup> VIP Real Estate<br>Fidelity<sup>®</sup> VIP Strategic Income<br>Invesco V.I. Global Strategic Income<br>Invesco V.I. International Growth<br>Janus Henderson Global Technology and Innovation<br>MML American Century Small Company Value<br>MML Equity<br>MML Invesco Discovery Mid Cap<br>MML Small/Mid Cap Value<br>MML Sustainable Equity<br>Nomura VIP Asset Strategy<br>PIMCO Income Portfolio<br>|  |  |

---

If a requested change in your allocations or a transfer of any portion of your contract value does not comply with these investment restrictions, you will be required to terminate your RetirePay by written request before the allocation change or transfer can be processed. We reserve the right, upon thirty calendar days advance notice to you, to change the investment restrictions. No change will be made without prior approval of the New York State Department of Financial Services. If we change the investment restrictions, you must change your allocations to comply within thirty calendar days of the restrictions becoming effective, or we will terminate your RetirePay.

*If you have any questions regarding this Rate Sheet, please contact us toll free at (800) 272-2216.*

**Please keep this Rate Sheet for future reference.**

------

MassMutual Envision<sup>SM</sup> Variable Annuity

*Issued by Massachusetts Mutual Life Insurance Company*

Massachusetts Mutual Variable Annuity Separate Account 4

This prospectus describes an individual variable deferred annuity contract with flexible premium payments ("Contract") offered by Massachusetts Mutual Life Insurance Company ("MassMutual<sup>®</sup>," "Company," "we," "us," or "our"). The Contract may not be available in all states. The Contract offers a choice of features and benefits. You, as the Owner of the Contract ("you," "Owner"), determine which ones may be appropriate for you, based on your financial circumstances and objectives. The fees and charges that you pay are based on the features and benefits that you select.

You may accumulate value under your Contract by allocating your money to a Fixed Account For Dollar Cost Averaging ("DCA Fixed Account") and/or one or more variable investment divisions ("Sub-Accounts") of Massachusetts Mutual Variable Annuity Separate Account 4 ("Separate Account"). Each Sub-Account, in turn, invests in one of the investment entities ("Funds") listed in "Appendix A – Investment Options Available Under the Contract." The investment options available to you are restricted if MassMutual RetirePay<sup>SM</sup>, MassMutual RetireCore<sup>SM</sup>, or MassMutual RetireCore<sup>SM</sup> Stacking (collectively referred to as the "Income Guarantee Features") is in effect. See "Additional Benefits – Income Guarantee Features" for more information. Additionally, while there are currently no restrictions on available Sub-Accounts if you elect the Highest Quarterly Value Death Benefit ("HQV Death Benefit"), we reserve the right to impose such restrictions in the future. See "Death Benefit – Death Benefit Amount During the Accumulation Phase – Highest Quarterly Value (HQV) Death Benefit."

The Contract is a complex investment and involves risks, including potential loss of all amounts you allocate to a Sub-Account. The Contract is not a short-term investment and is not appropriate for an investor who needs ready access to cash. Withdrawals may result in the assessment of a Contingent Deferred Sales Charge, income tax, and premature distribution taxes.

The Contract:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; •  is not a bank or credit union deposit or obligation. |
| &nbsp;&nbsp;&nbsp;&nbsp; •  is not FDIC or NCUA insured. |
| &nbsp;&nbsp;&nbsp;&nbsp; •  is not insured by any federal government agency. |
| &nbsp;&nbsp;&nbsp;&nbsp; •  is not guaranteed by any bank or credit union. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

• may go down in value. <br> • provides guarantees that are subject to our financial strength and claims-paying ability.

IF YOU ARE A NEW INVESTOR IN THE CONTRACT, YOU MAY CANCEL YOUR CONTRACT<br>WITHIN 10 DAYS OF RECEIVING IT WITHOUT PAYING FEES OR PENALTIES.

In some states this cancellation period may be longer. Upon cancellation, you will receive either a full refund of the amount you paid with your application or your total Contract Value. You should review the prospectus, or consult with your investment professional, for additional information about the specific cancellation terms that apply.

Additional information about certain investment products, including variable annuities, has been prepared by the Securities and Exchange Commission staff and is available at www.investor.gov.

**The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of** **this prospectus. Any representation to the contrary is a criminal offense.**

This prospectus is not an offer to sell the Contract in any jurisdiction where it is illegal to offer the Contract nor is it an offer to sell the Contract to anyone to whom it is illegal to offer the Contract.

**Please read this prospectus before investing. You should keep it for future reference. It contains important information about** **the MassMutual Envision Variable Annuity.**

Effective December 18, 2025

------

**Table of Contents**

---

| | |
|:---|:---|
| [**Glossary**](#chapter_2_1054) | [**3**](#chapter_2_1054) |
| [**Overview of the Contract**](#chapter_3_1054) | [**6**](#chapter_3_1054) |
| [**Important Information You Should Consider About the Contract**](#chapter_4_1054) | [**8**](#chapter_4_1054) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Fees, Expenses, and Adjustments](#chapter_4-sect1_1_13067-592857_1054) | [8](#chapter_4-sect1_1_13067-592857_1054) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Risks](#chapter_4-sect1_2_13068-592860_1054) | [10](#chapter_4-sect1_2_13068-592860_1054) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Restrictions](#chapter_4-sect1_3_13069-592863_1054) | [11](#chapter_4-sect1_3_13069-592863_1054) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Taxes](#chapter_4-sect1_4_13070-592866_1054) | [13](#chapter_4-sect1_4_13070-592866_1054) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Conflicts of Interest](#chapter_4-sect1_5_13071-592868_1054) | [13](#chapter_4-sect1_5_13071-592868_1054) |
| [**Additional Information about Fees**](#chapter_5_1054) | [**14**](#chapter_5_1054) |
| [**Principal Risks of Investing in the Contract**](#chapter_6_1054) | [**17**](#chapter_6_1054) |
|  [**General Information about Massachusetts Mutual Life Insurance Company, the Separate Account and the Investment Options**](#chapter_7_1054) | [**19**](#chapter_7_1054) |
| &nbsp;&nbsp;&nbsp;&nbsp; [The Company](#chapter_7-sect1_1_13079-592907_1054) | [19](#chapter_7-sect1_1_13079-592907_1054) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Financial Condition of the Company](#chapter_7-sect1_2_13080-592909_1054) | [19](#chapter_7-sect1_2_13080-592909_1054) |
| &nbsp;&nbsp;&nbsp;&nbsp; [The Separate Account](#chapter_7-sect1_3_13081-592911_1054) | [19](#chapter_7-sect1_3_13081-592911_1054) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Fixed Account For Dollar Cost Averaging (DCA Fixed Account)](#chapter_7-sect1_4_13085-592913_1054) | [20](#chapter_7-sect1_4_13085-592913_1054) |
| &nbsp;&nbsp;&nbsp;&nbsp; [The Funds](#chapter_7-sect1_5_13082-592929_1054) | [22](#chapter_7-sect1_5_13082-592929_1054) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Compensation We Receive from Funds, Advisers and Sub-Advisers](#chapter_7-sect1_6_13083-592937_1054) | [23](#chapter_7-sect1_6_13083-592937_1054) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Voting Rights](#chapter_7-sect1_7_13084-592942_1054) | [23](#chapter_7-sect1_7_13084-592942_1054) |
| [**Charges and Deductions**](#chapter_8_1054) | [**24**](#chapter_8_1054) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Insurance Charges](#chapter_8-sect1_1_13087-592947_1054) | [24](#chapter_8-sect1_1_13087-592947_1054) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Annual Contract Maintenance Charge](#chapter_8-sect1_2_13088-592958_1054) | [25](#chapter_8-sect1_2_13088-592958_1054) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Contingent Deferred Sales Charge (CDSC)](#chapter_8-sect1_3_13089-592962_1054) | [25](#chapter_8-sect1_3_13089-592962_1054) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Free Withdrawal Amount](#chapter_8-sect1_3_13089-592967_1054) | [26](#chapter_8-sect1_3_13089-592967_1054) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Premium Taxes](#chapter_8-sect1_4_13090-592969_1054) | [26](#chapter_8-sect1_4_13090-592969_1054) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Income Taxes](#chapter_8-sect1_5_13091-592971_1054) | [26](#chapter_8-sect1_5_13091-592971_1054) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Fund Expenses](#chapter_8-sect1_6_13092-592974_1054) | [27](#chapter_8-sect1_6_13092-592974_1054) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Income Guarantee Feature Charge](#chapter_8-sect1_7_13093-592976_1054) | [27](#chapter_8-sect1_7_13093-592976_1054) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Highest Quarterly Value (HQV) Death Benefit Charge](#chapter_8-sect1_7_13093-597206_1054) | [27](#chapter_8-sect1_7_13093-597206_1054) |
| [**Ownership**](#chapter_9_1054) | [**27**](#chapter_9_1054) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Owner](#chapter_9-sect1_1_13095-592979_1054) | [27](#chapter_9-sect1_1_13095-592979_1054) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Joint Owner](#chapter_9-sect1_2_13096-592982_1054) | [29](#chapter_9-sect1_2_13096-592982_1054) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Annuitant](#chapter_9-sect1_3_13097-592984_1054) | [29](#chapter_9-sect1_3_13097-592984_1054) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Beneficiary](#chapter_9-sect1_4_13098-592986_1054) | [29](#chapter_9-sect1_4_13098-592986_1054) |
| [**Purchasing a Contract**](#chapter_10_1054) | [**30**](#chapter_10_1054) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Contract Delay](#chapter_10-sect1_1_13100-592991_1054) | [30](#chapter_10-sect1_1_13100-592991_1054) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Purchase Payments](#chapter_10-sect1_2_13101-592994_1054) | [30](#chapter_10-sect1_2_13101-592994_1054) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Allocation of Purchase Payments](#chapter_10-sect1_3_13102-592998_1054) | [31](#chapter_10-sect1_3_13102-592998_1054) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Contract Value](#chapter_10-sect1_4_13103-593000_1054) | [31](#chapter_10-sect1_4_13103-593000_1054) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Right to Cancel Your Contract](#chapter_10-sect1_5_13104-593008_1054) | [32](#chapter_10-sect1_5_13104-593008_1054) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Sending Requests in Good Order](#chapter_10-sect1_6_13105-593010_1054) | [32](#chapter_10-sect1_6_13105-593010_1054) |
| [**Transfers and Transfer Programs**](#chapter_11_1054) | [**33**](#chapter_11_1054) |
| &nbsp;&nbsp;&nbsp;&nbsp; [General Overview](#chapter_11-sect1_1_13107-593013_1054) | [33](#chapter_11-sect1_1_13107-593013_1054) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Transfers During the Accumulation Phase](#chapter_11-sect1_2_13108-593015_1054) | [33](#chapter_11-sect1_2_13108-593015_1054) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Transfers During the Annuity Phase](#chapter_11-sect1_3_13109-593017_1054) | [33](#chapter_11-sect1_3_13109-593017_1054) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Transfer Programs](#chapter_11-sect1_4_13110-593019_1054) | [33](#chapter_11-sect1_4_13110-593019_1054) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Limits on Frequent Trading and Market Timing Activity](#chapter_11-sect1_5_13111-593027_1054) | [34](#chapter_11-sect1_5_13111-593027_1054) |
| [**The Annuity Phase**](#chapter_12_1054) | [**36**](#chapter_12_1054) |
| [**Benefits Available Under the Contract**](#chapter_13_1054) | [**40**](#chapter_13_1054) |
| [**Death Benefit**](#chapter_14_1054) | [**45**](#chapter_14_1054) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Death of Owner During the Accumulation Phase](#chapter_14-sect1_1_13117-593065_1054) | [45](#chapter_14-sect1_1_13117-593065_1054) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Death Benefit Amount During the Accumulation Phase](#chapter_14-sect1_2_13118-593067_1054) | [46](#chapter_14-sect1_2_13118-593067_1054) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; [Highest Quarterly Value (HQV) Death Benefit](#chapter_14-sect1_2_13118-597649_1054) | [47](#chapter_14-sect1_2_13118-597649_1054) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Death Benefit Payment Options During the <br>Accumulation Phase](#chapter_14-sect1_3_13119-593070_1054) | [49](#chapter_14-sect1_3_13119-593070_1054) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Beneficiary IRA](#chapter_14-sect1_4_13120-593074_1054) | [51](#chapter_14-sect1_4_13120-593074_1054) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Death of Owner During the Annuity Phase](#chapter_14-sect1_5_13121-593077_1054) | [52](#chapter_14-sect1_5_13121-593077_1054) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Death of Annuitant](#chapter_14-sect1_6_13122-593079_1054) | [52](#chapter_14-sect1_6_13122-593079_1054) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Due Proof of Death](#chapter_14-sect1_6_13122-593081_1054) | [52](#chapter_14-sect1_6_13122-593081_1054) |
| [**Additional Benefits**](#chapter_15_1054) | [**53**](#chapter_15_1054) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Terminal Illness Withdrawal Benefit](#chapter_15-sect1_1_48914-593085_1054) | [53](#chapter_15-sect1_1_48914-593085_1054) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Nursing Home and Hospital Withdrawal Benefit](#chapter_15-sect1_2_48912-593087_1054) | [53](#chapter_15-sect1_2_48912-593087_1054) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Income Guarantee Features](#chapter_15-sect1_3_13124-593090_1054) | [54](#chapter_15-sect1_3_13124-593090_1054) |
| [**Withdrawals**](#chapter_16_1054) | [**86**](#chapter_16_1054) |
| [**Taxes**](#chapter_17_1054) | [**89**](#chapter_17_1054) |
| [**Distribution**](#chapter_18_1054) | [**98**](#chapter_18_1054) |
| [**Other Information**](#chapter_19_1054) | [**99**](#chapter_19_1054) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Collateral Assignment](#chapter_19-sect1_1_13132-593236_1054) | [99](#chapter_19-sect1_1_13132-593236_1054) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Registered Representative Transaction Authority](#chapter_19-sect1_2_13133-593238_1054) | [99](#chapter_19-sect1_2_13133-593238_1054) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Unclaimed Property](#chapter_19-sect1_3_13134-593240_1054) | [99](#chapter_19-sect1_3_13134-593240_1054) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Anti-Money Laundering](#chapter_19-sect1_4_13135-593242_1054) | [100](#chapter_19-sect1_4_13135-593242_1054) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Payments We Make](#chapter_19-sect1_5_13136-593244_1054) | [100](#chapter_19-sect1_5_13136-593244_1054) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Changes to the Contract](#chapter_19-sect1_6_13137-593246_1054) | [100](#chapter_19-sect1_6_13137-593246_1054) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Special Arrangements](#chapter_19-sect1_7_13138-593248_1054) | [100](#chapter_19-sect1_7_13138-593248_1054) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Termination of the Contract](#chapter_19-sect1_8_13139-593250_1054) | [100](#chapter_19-sect1_8_13139-593250_1054) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Reservation of Rights](#chapter_19-sect1_9_13140-593252_1054) | [101](#chapter_19-sect1_9_13140-593252_1054) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Computer System, Cybersecurity, and Service <br>Disruption Risks](#chapter_19-sect1_10_13141-593254_1054) | [101](#chapter_19-sect1_10_13141-593254_1054) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Legal Proceedings](#chapter_19-sect1_11_13142-593256_1054) | [102](#chapter_19-sect1_11_13142-593256_1054) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Our Financial Statements](#chapter_19-sect1_12_13143-593258_1054) | [102](#chapter_19-sect1_12_13143-593258_1054) |
|  [**Appendix A – Investment Options Available Under the Contract**](#chapter_20_1054) | [**103**](#chapter_20_1054) |
| &nbsp;&nbsp;&nbsp;&nbsp; [**Appendix B – Contingent Deferred Sales Charge** <br>**(CDSC) Example**](#chapter_21_1054) | [**108**](#chapter_21_1054) |
| [**Appendix C – Free Withdrawal Amount Examples**](#chapter_22_1054) | [**109**](#chapter_22_1054) |
|  [**Appendix D – Return of Purchase Payment Death Benefit Examples**](#chapter_23_1054) | [**111**](#chapter_23_1054) |
|  [**Appendix E – Commuted Value Withdrawal Example**](#chapter_24_1054) | [**115**](#chapter_24_1054) |
| [**Appendix F – Income Guarantee Examples**](#chapter_25_1054) | [**116**](#chapter_25_1054) |
| &nbsp;&nbsp;&nbsp;&nbsp; [**Appendix G – State Variations of Certain Contract** <br>**Features**](#chapter_26_1054) | [**134**](#chapter_26_1054) |
| &nbsp;&nbsp;&nbsp;&nbsp; [**Appendix H – Superseded Rate Sheet Prospectus** <br>**Supplement Information**](#chapter_27_1054) | [**136**](#chapter_27_1054) |

---

------

Glossary

**Accumulation Phase.** Your Contract's Accumulation Phase begins on the date we issue your Contract and ends on the Annuity Date, the date you withdraw all of your Contract Value, or the date your Contract terminates.

**Accumulation Unit.** A unit of measure used to determine your value in a Sub-Account during the Accumulation Phase.

**Age.** The attained Age of any Owner or that of any Annuitant or Beneficiary, as applicable, at his or her last birthday, except with respect to fixed annuity payout rates. If the Contract is owned by a non-natural person (e.g., a corporation, trust or other entity), then Age shall mean the attained Age of any Annuitant at his/her last birthday, except with respect to fixed annuity payout rates. If you have elected an Income Guarantee Feature, this definition of Age also applies to the Covered Person. For the purpose of calculating Annuity Payments, Age will be determined based on each Annuitant's nearest birthday on the Annuity Date. For example, Age 65 is considered the period of time between age 64 years, 6 months and one day, and age 65 years and 6 months.

**Annual Lifetime Benefit Amount (ALBA).** The maximum amount that may be withdrawn after the Guaranteed Lifetime Withdrawal Date in the current Contract Year without being considered an Excess Withdrawal while an Income Guarantee Feature is in effect.

**Annuitant.** The person(s) on whose life Annuity Payments are based, with the exception of the period certain Annuity Option. The term Annuitant shall also include the joint Annuitant, if any. The Annuitant has no rights to the Contract.

**Annuity Date.** The date Annuity Payments begin. The latest date that the Contract Value may be applied to provide Annuity Payments is set forth in "The Annuity Phase – Latest Permitted Annuity Date."

**Annuity Options.** Options available for Annuity Payments.

**Annuity Payments.** A series of payments that will be made pursuant to the Annuity Option you elect.

**Annuity Phase.** The period which begins on the Annuity Date and ends with the last Annuity Payment.

**Beneficiary.** The person(s) or entity(ies) that you designated to receive the death benefit provided by the Contract.

**Benefit Base.** The amount we use to determine your ALBA while an Income Guarantee Feature is in effect.

**Business Day.** Every day the New York Stock Exchange or its successors ("NYSE") is open for trading. Our Business Day ends at the Close of Business.

**Close of Business.** The time on a Business Day when the NYSE ends regular trading, usually at 4:00 p.m. Eastern Time.

**Company.** Massachusetts Mutual Life Insurance Company, which may also be referred to in this prospectus as "we," "us," or "our."

**Contingent Deferred Sales Charge (CDSC).** A charge that may be assessed against each Purchase Payment you withdraw from the Contract.

**Contract.** The MassMutual Envision Variable Annuity; an individual variable deferred annuity contract with flexible premium payments.

**Contract Anniversary.** An anniversary of the Issue Date of the Contract.

**Contract Schedule Date.** The effective date of any schedule to the Contract. A Contract schedule bearing the latest Contract Schedule Date will supersede all previous Contract schedules.

**Contract Value.** The sum of your value in the Sub-Accounts and in the DCA Fixed Account during the Accumulation Phase.

**Contract Withdrawal Value.** The Contract Value less any applicable Premium Taxes not previously deducted; less any applicable annual contract maintenance charge; less any applicable CDSC; less any Purchase Payments credited to the Contract that have not yet cleared the bank, until they clear the bank.

**Contract Year.** The first Contract Year is the annual period which begins on the Issue Date and ends on the last calendar day before the first Contract Anniversary. Subsequent Contract Years begin on subsequent Contract Anniversaries.

**Covered Person.** The person(s) whose life is used to determine the duration of the ALBA provided under an Income Guarantee Feature.

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**Excess Withdrawal.** Under any of the optional Income Guarantee Features, an Excess Withdrawal is:

(a) prior
 to the Guaranteed Lifetime Withdrawal Date, any withdrawal, including the Free Withdrawal Amount, and

(b) on
 or after the Guaranteed Lifetime Withdrawal Date, any portion of a withdrawal (including CDSCs applicable to the withdrawal)
 that causes the cumulative withdrawals to exceed the ALBA in that Contract Year and any withdrawal that occurs
 after the cumulative withdrawals exceed the ALBA in that Contract Year, unless the withdrawal is taken as a part of the
 Company's Systematic Withdrawal Program established for the payment of RMDs, under which the RMD is calculated by
 the Company for the current calendar year based solely on the fair market value of the Contract as defined in IRC Section 401(a)(9)
 and no other withdrawals are taken within the Contract Year.

**Fixed Account for Dollar Cost Averaging.** An investment option within the General Account which may be selected during the Accumulation Phase and also is referred to as the "DCA Fixed Account." The DCA Fixed Account is a fixed account from which assets are systematically transferred to any Sub-Account(s) you select.

**Fixed Annuity Payments.** Annuity Payments made during the Annuity Phase which we guarantee as to the dollar amount of each Annuity Payment.

**Free Withdrawal Amount.** An amount of your Purchase Payment(s) that you may withdraw that is not subject to the CDSC.

**Fund.** An investment entity into which the assets of a Sub-Account will be invested.

**General Account.** The Company's General Investment Account, which supports the Company's annuity and insurance obligations. The General Account's assets include all of our assets, with the exception of the Separate Account and the Company's other segregated asset accounts.

**Good Order.** An instruction or transaction request that we receive at our Service Center generally is considered in "Good Order" if:

(1) we receive it within the time limits, if any, prescribed in this prospectus for a particular request or transaction;

(2) it includes all information necessary for us to execute the request or transaction; and

(3) it is signed by you or persons authorized to provide instruction to engage in the request or transaction.

A request or transaction may be rejected or delayed if not in Good Order. Good Order generally means the actual receipt by our Service Center of the instructions related to the request or transaction in writing (or, when permitted, by telephone, fax or internet) along with all forms, information and supporting legal documentation we require to effect the request or transaction. This information generally includes to the extent applicable: the completed application or instruction form; your Contract number; the transaction amount (in dollars or percentage terms); the names and allocation to and/or from the Sub-Accounts affected by the request or transaction; the signatures of all Owners; if necessary, Social Security Number or Tax Identification number; tax certification; and any other information or supporting documentation we may require including consents, certifications and guarantees. Instructions must be complete and sufficiently clear so that we do not need to exercise any discretion to follow such instructions. We will not accept instructions that require additional requirements or burdens not provided for within the Contract. With respect to Purchase Payments, Good Order also generally includes receipt by us of sufficient funds to affect the purchase. We may, in our sole discretion, determine whether any particular request or transaction is in Good Order, and we reserve the right to change or waive any Good Order requirements at any time. If you have any questions you may contact our Service Center before submitting the form or request. See "Purchasing a Contract – Sending Requests in Good Order" for more information.

**Guaranteed Lifetime Withdrawal Date.** The date on which the Company guarantees the Withdrawal Rate and Lifetime Guarantee Rate for RetirePay and the initial Withdrawal Rate and initial Lifetime Guarantee Rate for RetireCore and RetireCore Stacking, and on which you may begin receiving payments of the ALBA while an Income Guarantee Feature is in effect. This date cannot be prior to the youngest Covered Person attaining age 59½.

**Highest Quarterly Value (HQV) Death Benefit.** The greater of the Contract Value and the Highest Quarterly Value, determined as of the Close of Business on the Business Day on which we receive both due proof of death and an election of the payment method in Good Order at our Service Center. See "Death Benefit – Death Benefit Amount During the Accumulation Phase – Highest Quarterly Value (HQV) Death Benefit."

**Income Guarantee Feature(s).** Three optional guaranteed lifetime withdrawal benefits available, at Contract issue, for an additional charge – RetirePay, RetireCore, and RetireCore Stacking.

**Income Guarantee Feature Charge.** An amount that is deducted from your Contract Value should you elect an optional Income Guarantee Feature.

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**Income Guarantee Feature Charge Increase Opt-Out.** The right to opt out of an increase to your Income Guarantee Feature Charge. For more information, see "Additional Benefits – Income Guarantee Features – Income Guarantee Feature Charge Increase Opt-Out" in this prospectus.

**Issue Date.** The date the Contract became effective, as shown in the Contract schedule.

**Lifetime Guarantee Rate.** A percentage we multiply by the Benefit Base to determine the ALBA once the Contract enters the Settlement Phase while an Income Guarantee Feature is in effect. For Contracts issued in New York, the Withdrawal Rate applies prior to and during the Settlement Phase while an Income Guarantee Feature is in effect and all references to "Lifetime Guarantee Rate" are replaced with "Withdrawal Rate."

**Non-Business Day.** Any day when the NYSE is not open for trading.

**Non-Qualified Contract.** Your Contract is referred to as a Non-Qualified Contract if it is not used to fund a qualified plan such as an Individual Retirement Annuity (IRA) or Roth IRA.

**Owner.** The person(s) or entity ("you" and "your") entitled to the ownership rights stated in the Contract. The term Owner also shall include the joint Owner, if any.

**Premium Tax.** A tax imposed on us by certain states and other jurisdictions when a Purchase Payment is made, when Annuity Payments begin, or when Contract Value is withdrawn.

**Purchase Payment.** Any amount paid to us by you or on your behalf with respect to the Contract during the Accumulation Phase. Purchase Payments may not be added after the Annuity Date. Restrictions will apply if an Income Guarantee Feature is in effect.

**Qualified Contract.** Your Contract is referred to as a Qualified Contract if it is used to fund a qualified plan such as an Individual Retirement Annuity (IRA) or Roth IRA.

**Rate Sheet Prospectus Supplement.** A periodic supplement to the information contained in this prospectus which sets forth the Withdrawal Rates, Lifetime Guarantee Rates, current Income Guarantee Feature Charges, Roll-Up Percentages, if applicable, and investment allocation restrictions under an Income Guarantee Feature. See "Additional Benefits – Income Guarantee Features" in this prospectus.

**Required Minimum Distribution (RMD).** A minimum amount the federal tax law requires to be withdrawn from certain Qualified Contracts each year. RMDs are generally required to begin by the required beginning date specified in IRC Section 401(a)(9).

**Return of Purchase Payment (ROP) Death Benefit.** The greater of the Contract Value or the total Purchase Payments reduced by an adjustment for any withdrawals, determined as of the Close of Business on the Business Day on which we receive both due proof of death and an election of the payment method in Good Order at our Service Center. See "Death Benefit – Death Benefit Amount During the Accumulation Phase – Return of Purchase Payment Death Benefit."

**Separate Account.** The account that holds the assets underlying the Contract that are not allocated to the DCA Fixed Account. The assets of the Separate Account are kept separate from the assets of the General Account and the Company's other separate accounts.

**Service Center.** MassMutual, Document Management Services – Annuities W360, PO Box 9067, Springfield, MA 01102-9067, (800) 272-2216, (fax) (866) 329-4272, (email) ANNfax@MassMutual.com, www.MassMutual.com. (Overnight mail address: MassMutual, Document Management Services – Annuities W360, 1295 State Street, Springfield, MA 01111-0001.)

**Settlement Phase.** When the Contract Value is reduced to zero due to a withdrawal that is not an Excess Withdrawal or due to the application of any charges against Contract Value while an Income Guarantee Feature is in effect.

**Sub-Account(s).** Separate Account assets are divided into Sub-Accounts, which are listed on the Contract schedule. The assets of each Sub-Account will be invested in the shares of a single Fund.

**Withdrawal Rate.** A percentage we multiply by the Benefit Base to determine the ALBA prior to the Settlement Phase while an Income Guarantee Feature is in effect. For Contracts issued in New York, the Withdrawal Rate applies prior to and during the Settlement Phase while an Income Guarantee Feature is in effect.

**Written Notice.** A written or electronic communication or instruction we send to you. Any notice that we send to you will be sent to your last known address, unless you request otherwise via Written Request. You must promptly provide us with notice of any change of your address.

**Written Request.** A written communication or instruction you send to us in Good Order. We may consent to receiving requests electronically or by telephone at our Service Center.

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Overview of the Contract

------

**What is the Contract, and what is it designed to do?** The MassMutual Envision Variable Annuity is designed to enable you to accumulate assets through investments in one or more of the variable investment divisions (Sub-Accounts) of the Massachusetts Mutual Variable Annuity Separate Account 4 (Separate Account) and the DCA Fixed Account. The Contract can supplement your retirement income by providing a stream of income during the Annuity Phase. Before you begin receiving Annuity Payments, the Contract also provides a death benefit for your designated beneficiaries. The Contract may be appropriate if you have a long-term investment horizon. It is not intended for people who need to take early withdrawals or who intend to engage in frequent trading among the Sub-Accounts of the Separate Account.

------

**How do I accumulate assets in the Contract and receive income from the Contract?** The Contract has two phases:<br>1) the Accumulation Phase and 2) the Annuity Phase.

The Contract offers numerous underlying funds and one fixed account. A list of the investment options available under the Contract is provided at the back of this prospectus. See "Appendix A – Investment Options Available Under the Contract."

**Accumulation Phase**

During the Accumulation Phase, subject to certain restrictions, including restrictions associated with an Income Guarantee Feature or the HQV Death Benefit, you may apply Purchase Payments to the Contract and allocate the Purchase Payments among:

○ the
 Sub-Accounts of the Separate Account, each of which invests in a mutual fund (Fund), with each Fund having its own
 investment strategy, investment adviser, expense ratio and returns, and

○ the
 DCA Fixed Account for a scheduled term of six or twelve months. Assets allocated to the DCA Fixed Account are credited
 with a fixed rate of interest and are systematically transferred to Sub-Accounts that you select.

**Annuity Phase**

During the Annuity Phase, you may receive Annuity Payments under the Contract by applying your Contract Value to a payment option.

○ Depending
 on the payment option you select, payments may continue for the life of one or two Annuitants or for a specified
 period between 10 and 30 years. The payments will remain the same throughout the Annuity Phase, unless you
 elect either of the Joint and 2/3 Survivor Annuity Options, which reduce payments on the death of the first Annuitant.

When you elect to receive Annuity Payments, the Contract Value is applied to an Annuity Option and you may no longer be able to withdraw money at will from the Contract. If you apply your Contract Value to an Annuity Option, the Accumulation Phase will end.

Your Income Guarantee Feature will terminate if you apply your Contract Value to an Annuity Option other than one of the Annuity Options under your Income Guarantee Feature. Upon the death of the last surviving Annuitant on or after the Annuity Date, the death benefit, if any, is as specified in the Annuity Option elected. Upon the death of the last surviving Annuitant during the Annuity Phase, any remaining payment under the elected Annuity Option will be paid to the Beneficiary. See "The Annuity Phase."

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**What are the primary features and options that the MassMutual Envision Variable Annuity offers?**

• **Accessing your money.** During
 the Accumulation Phase, you may make a partial or full withdrawal of your Contract Value by
 submitting a partial withdrawal form or full withdrawal form acceptable to us in Good Order to our Service Center. You may
 also submit the requests by other means that we authorize, such as email, telephone or fax. Contact our Service Center for
 details. <br>All
 withdrawals are subject to the limitations described in the prospectus. Withdrawal rights during the Annuity Phase will depend
 on the Annuity Option selected.

• **Tax treatment.** You
 may transfer Contract Value among Sub-Accounts without tax implications, and earnings (if any) on your
 investments are generally tax-deferred. You are generally taxed only when you make a partial or full withdrawal or when
 you receive an Annuity Payment under the Contract. The death benefit amount may be taxable to your beneficiaries.

• **Death Benefit.** Your
 Contract includes a death benefit that will pay your designated beneficiaries in the event of your death prior
 to the Annuity Phase. You must select the ROP Death Benefit or, for an additional cost, the HQV Death Benefit at the time
 you apply for the Contract. The investment options available to you may be restricted if you elect the HQV Death Benefit.
 The HQV Death Benefit is not available for election if the oldest Owner (or Annuitant, if the Owner is a non-natural person)
 is over the Age of 75 (maximum Age for ROP Death Benefit is 85). You may not elect this benefit if you elected an Income
 Guarantee Feature. Once you select a death benefit feature and we issue the Contract, you cannot later select a different
 death benefit feature.

• **Income Guarantee Features.** For an additional charge, you may elect an Income Guarantee Feature at time of Contract issue.
  RetirePay, RetireCore, and RetireCore Stacking are optional guaranteed lifetime withdrawal benefits under which we guarantee
 that you may take a certain amount of withdrawals annually for life, so long as you adhere to the requirements of the
 benefit (e.g., allocating your Contract Value only to the Sub-Accounts that are prescribed for this benefit). For complete information
 on the Income Guarantee Features, including charges and limitations, see "Additional Benefits – Income Guarantee
 Features."

• **Additional Benefits and Services.** We make certain additional services available under the Contract at no additional charge:

The Separate Account Dollar Cost Averaging Program allows you to transfer a set amount from a Sub-Account to any other Sub-Account on a regular schedule. The Automatic Rebalancing Program automatically rebalances your Contract Value among your selected Sub-Accounts in order to restore your allocation to the original level. You may participate only in one Program at a time, and you may not participate in either Program if any Contract Value is allocated to the DCA Fixed Account.

The Systematic Withdrawal Program allows you to set up automatic periodic withdrawals from your Contract Value. We will take any withdrawal under this Program proportionally from your Contract Value in your selected investment options.

The Terminal Illness Withdrawal Benefit allows you to withdraw all or a portion of your Contract Value without incurring a Contingent Deferred Sales Charge (CDSC) if we receive a Written Request in Good Order that certain conditions are met. See "Additional Benefits" for a full explanation of the required conditions.

The Nursing Home and Hospital Withdrawal Benefit allows you to withdraw all or a portion of your Contract Value without incurring a CDSC if we receive a Written Request in Good Order that you (or the Annuitant, if the Owner of the Contract is not a natural person) have been confined to a licensed nursing care facility or an accredited hospital and certain other conditions are satisfied. See "Additional Benefits" for a full explanation of the required conditions.

The Nursing Home and Hospital Withdrawal Benefit is not available in all states. See "Appendix G – State Variations of Certain Contract Features."

**The prospectus and Statement of Additional Information (SAI) describe all material terms and features of your Contract.** **Certain non-material provisions of your Contract may be different than the general description in the prospectus and the SAI,** **and certain riders may not be available because of legal requirements in your state. Any such state variations will be included** **in your Contract or in riders or endorsements attached to your Contract. See your Contract for specific variations. Also see** **"Appendix G – State Variations of Certain Contract Features."**

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Important Information You Should Consider About the Contract

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| | | |
|:---|:---|:---|
|  | **FEES, EXPENSES, AND ADJUSTMENTS** | **LOCATION IN** **PROSPECTUS** |
| &nbsp;&nbsp; **Are There Charges or** **Adjustments for Early** **Withdrawals?** | &nbsp;&nbsp; **Yes.** If you withdraw money from your Contract within seven years following your last Purchase Payment, you may be assessed a Contingent Deferred Sales Charge ("CDSC") of up to 7% of the value of the Purchase Payment withdrawn (less a 10% Free Withdrawal Amount), declining to 0% after the seventh year.<br>For example, if you purchased the Contract and withdrew the $100,000 initial Purchase Payment during the first two years after that Purchase Payment, you could be assessed a charge of up to $6,300 on the Purchase Payment withdrawn. This could result in a loss of principal regardless of market performance. This loss will be greater if income taxes or premature distribution taxes apply. | &nbsp;&nbsp; Charges and Deductions – Contingent Deferred Sales Charge (CDSC) |
| &nbsp;&nbsp; **Are There Transaction** **Charges?** | &nbsp;&nbsp; **No.** Currently, we do not assess any transaction charges. | &nbsp;&nbsp; Charges and Deductions |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **FEES, EXPENSES, AND ADJUSTMENTS** | **FEES, EXPENSES, AND ADJUSTMENTS** | **FEES, EXPENSES, AND ADJUSTMENTS** | **LOCATION IN** **PROSPECTUS** |
| &nbsp;&nbsp; **Are There Ongoing Fees** **and Expenses?** | &nbsp;&nbsp; **Yes.** The table below describes the fees and expenses that you may pay *each year,* depending on the investment options and optional benefits you choose. Please refer to your Contract specifications page(s) for information about the specific fees you will pay each year based on the options you have elected. | &nbsp;&nbsp; **Yes.** The table below describes the fees and expenses that you may pay *each year,* depending on the investment options and optional benefits you choose. Please refer to your Contract specifications page(s) for information about the specific fees you will pay each year based on the options you have elected. | &nbsp;&nbsp; **Yes.** The table below describes the fees and expenses that you may pay *each year,* depending on the investment options and optional benefits you choose. Please refer to your Contract specifications page(s) for information about the specific fees you will pay each year based on the options you have elected. | &nbsp;&nbsp; Charges and Deductions |
|  | &nbsp;&nbsp; **Annual Fee** | **Minimum** | **Maximum** |  |
|  | &nbsp;&nbsp; Base Contract | 1.32%<sup>(1)</sup> | 1.32%<sup>(1)</sup> |  |
|  | &nbsp;&nbsp; Fund fees and expenses | 0.51%<sup>(2)</sup> | 1.43%<sup>(2)</sup> |  |
|  | &nbsp;&nbsp; Optional benefits available<br>for an additional charge<br>(for a single optional benefit,<br>if elected) | 0.30%<sup>(3)</sup> | See Rate Sheet Prospectus <br>Supplement<sup>(4)</sup> |  |
|  | &nbsp;&nbsp; Because your Contract is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your Contract, the following table shows the lowest and highest cost you could pay *each year,* based on current charges. This estimate assumes that you do not take withdrawals from the Contract, **which could result in the assessment of CDSCs that** **substantially increase costs.** | &nbsp;&nbsp; Because your Contract is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your Contract, the following table shows the lowest and highest cost you could pay *each year,* based on current charges. This estimate assumes that you do not take withdrawals from the Contract, **which could result in the assessment of CDSCs that** **substantially increase costs.** | &nbsp;&nbsp; Because your Contract is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your Contract, the following table shows the lowest and highest cost you could pay *each year,* based on current charges. This estimate assumes that you do not take withdrawals from the Contract, **which could result in the assessment of CDSCs that** **substantially increase costs.** |  |
|  | **Lowest Annual Cost:** | **Highest Annual Cost:<sup>(5)</sup>** | **Highest Annual Cost:<sup>(5)</sup>** |  |
|  | $1596 | $4001 | $4001 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assumes:<br> •  Investment of $100,000<br> •  5% annual appreciation<br> •  Least expensive combination of Contract Share Classes and Fund fees and expenses<br> •  No optional benefits<br> •  No CDSC<br> •  No additional Purchase Payments, transfers, or withdrawals | &nbsp;&nbsp;&nbsp;&nbsp; Assumes:<br> •  Investment of $100,000<br> •  5% annual appreciation<br> •  Most expensive combination of Contract Share Classes, optional benefits and Fund fees and expenses<br> •  No CDSC<br> •  No additional Purchase Payments, transfers, or withdrawals | &nbsp;&nbsp;&nbsp;&nbsp; Assumes:<br> •  Investment of $100,000<br> •  5% annual appreciation<br> •  Most expensive combination of Contract Share Classes, optional benefits and Fund fees and expenses<br> •  No CDSC<br> •  No additional Purchase Payments, transfers, or withdrawals |  |

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(1) Represents
 the mortality and expense risk charge and administrative charge (charged as a percentage of average account value in the Separate Account
 on an annualized basis) and the annual contract maintenance charge (a fixed dollar amount that may be waived for certain Contract Value amounts) collected
 during the Contract
 Year that are attributable to the Contract divided by the total average net assets that are attributable to the Contract.

(2) As
 a percentage of Fund assets.

(3) This
 charge is the lowest current charge for an optional benefit available with this contract. It is the current charge for the HQV Death Benefit.

(4) This
 prospectus uses the Rate Sheet Prospectus Supplement to describe the maximum current charge you would pay for a single optional benefit,
 if elected. The current charge for each of the optional Income Guarantee Features are the same and represent the maximum current
 charge for an optional benefit available with this contract. See the applicable Rate Sheet Prospectus Supplement for the current
 charges for the Income Guarantee Features.

(5) The
 calculation of the current highest annual cost assumes election of an Income Guarantee Feature.

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| | | |
|:---|:---|:---|
|  | **RISKS** | **LOCATION IN** **PROSPECTUS** |
| &nbsp;&nbsp; **Is There a Risk of Loss** **from Poor Performance?** | &nbsp;&nbsp; **Yes.** You can lose money by investing in the Contract, including loss of principal. | &nbsp;&nbsp; Principal Risks of Investing in the Contract |
| &nbsp;&nbsp; **Is This a Short-Term** **Investment?** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **No.**<br> •  The Contract is not designed for short-term investing and is not appropriate for an investor who needs ready access to cash.<br> •  CDSCs may apply for up to seven years following your last Purchase Payment.<br> •  If CDSCs apply, they will reduce the value of your Contract if you withdraw money during the CDSC period. The benefits of tax deferral also mean the Contract is more beneficial to investors with a long-time horizon.<br> •  Withdrawals may result in income taxes and premature distribution taxes. | &nbsp;&nbsp; Principal Risks of Investing in the Contract |
| &nbsp;&nbsp; **What are the Risks** **Associated with the** **Investment Options?** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; •  An investment in the Contract is subject to the risk of poor investment performance of the Funds you choose and can vary depending upon the performance of the Funds available under the Contract.<br> •  Each Fund and fixed account has its own unique risks.<br> •  You should review the investment options, including prospectuses for the available Funds and the terms of any fixed account, before making an investment decision. | &nbsp;&nbsp; Principal Risks of Investing in the Contract |
| &nbsp;&nbsp; **What are the Risks Related** **to the Insurance Company?** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; •  Any obligations (including under any fixed account), guarantees, and benefits of the Contract are subject to the claims-paying ability of MassMutual. If MassMutual experiences financial distress, it may not be able to meet its obligations to you. More information about MassMutual, including its financial strength ratings, is available at www.MassMutual.com/ratings. | &nbsp;&nbsp; Principal Risks of Investing in the Contract |

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| | | |
|:---|:---|:---|
|  | **RESTRICTIONS** | **LOCATION IN** **PROSPECTUS** |
| &nbsp;&nbsp; **Are There Restrictions on** **the Investment Options?** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Yes.**<br> •  MassMutual reserves the right to remove or substitute Funds as investment options available under the Contract.<br> •  We reserve the right to limit transfers if frequent or large transfers occur.<br> •  We reserve the right to reject subsequent Purchase Payments into the DCA Fixed Account to establish a DCA Term or into a current DCA Term.<br> •  While an Income Guarantee Feature is in effect, the investment options available to you are restricted. For current investment option restrictions, see the current Rate Sheet Prospectus Supplement (for prospective Contract Owners) or the Rate Sheet Prospectus Supplement included at the time of Contract delivery (for existing Contract Owners). Historical Rate Sheets can be found in Appendix H.<br> •  If you have elected the HQV Death Benefit, the investment options available to you may be restricted. | &nbsp;&nbsp; General Information about Massachusetts Mutual Life Insurance Company, the Separate Account and the Investment Options – The Funds<br>Transfers and Transfer Programs – Limits on Frequent Trading and Market Timing Activity<br>Additional Benefits – Income Guarantee Features<br>Death Benefit – Death Benefit During the Accumulation Phase – Highest Quarterly Value (HQV) Death Benefit |

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| | | |
|:---|:---|:---|
|  | **RESTRICTIONS** | **LOCATION IN** **PROSPECTUS** |
| &nbsp;&nbsp; **Are There Any Restrictions** **on Contract Benefits?** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Yes.**<br> •  You may not elect the HQV Death Benefit if you elect an Income Guarantee Feature.<br> •  Your Contract will be subject to investment allocation restrictions while an Income Guarantee Feature is in effect. This means you will be limited in your choice of Sub-Account investments, and may be limited in how much you can invest in certain Sub-Accounts. We impose these allocation restrictions to reduce the risk of investment losses that may require us to use our General Account assets to honor the guarantees under the Income Guarantee Features.<br> •  If you have elected an Income Guarantee Feature, withdrawals that are prior to the Guaranteed Lifetime Withdrawal Date are Excess Withdrawals. On or after the Guaranteed Lifetime Withdrawal Date, the portion of a withdrawal (including CDSCs) from the Contract Value that causes the cumulative withdrawals to exceed the ALBA in that Contract Year will be an Excess Withdrawal unless the withdrawal is taken as a part of the Company's Systematic Withdrawal Program established for the payment of RMDs, under which the RMD is calculated by the Company and no other withdrawals are taken within the Contract Year. Any withdrawal that occurs after the cumulative withdrawals exceed the ALBA in that Contract Year will also be an Excess Withdrawal. Excess Withdrawals can result in a significant reduction or elimination of your Benefit Base, depending upon the amount of the withdrawal. An Excess Withdrawal will also reduce the Roll-Up Base for RetireCore and RetireCore Stacking, and the Roll-Up Value for RetireCore.<br> •  After the first Contract Year, you may not make additional Purchase Payments that total more than $10,000 in a Contract Year while RetirePay is in effect, and $25,000 in a Contract Year while either RetireCore or RetireCore Stacking are in effect. You may not make additional Purchase Payments on or after the Guaranteed Lifetime Withdrawal Date while an Income Guarantee Feature is in effect or after you elect the Income Guarantee Feature Charge Increase Opt-Out.<br> •  Once you select a death benefit, it cannot be canceled or changed.<br> •  Withdrawals (including withdrawals of the ALBA if an Income Guarantee Feature is in effect) will negatively impact the ROP Death Benefit.<br> •  Withdrawals will negatively impact the HQV Benefit.<br> •  If you elect the HQV Death Benefit, once the Contract Anniversary after the oldest Owner (or oldest Annuitant, if the Contract is owned by a non-natural person) attains age 80 has occurred, the Annual Lock-In Feature (ALIF) will no longer recalculate on each Contract Anniversary. The ALIF will remain as the last calculated ALIF adjusted by subsequent Purchase Payments and withdrawals. | &nbsp;&nbsp; Additional Benefits – Income Guarantee Features<br>Death Benefit – Death Benefit During the Accumulation Phase – Highest Quarterly Value (HQV) Death Benefit |

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| | | |
|:---|:---|:---|
|  | **TAXES** | **LOCATION IN** **PROSPECTUS** |
| &nbsp;&nbsp; **What are the Contract's** **Tax Implications?** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; •  You should consult with a tax professional to determine the tax implications of an investment in and payments received under the Contract.<br> •  If your Contract is funding a qualified retirement plan or individual retirement annuity (IRA), you do not receive any additional tax benefit.<br> •  Earnings on your Contract are taxed at ordinary income tax rates when you withdraw them, and you may have to pay an additional income tax if you take a withdrawal before age 59½. Earnings for this purpose consist of Contract Value in excess of your after-tax investment (cost basis) in the Contract. | &nbsp;&nbsp; Taxes |

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|:---|:---|:---|
|  | **CONFLICTS OF INTEREST** | **LOCATION IN** **PROSPECTUS** |
| &nbsp;&nbsp; **How are Investment** **Professionals** **Compensated?** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; •  Your registered representative may receive compensation, in the form of commissions, for selling the Contract to you. If your registered representative is also a MassMutual insurance agent, they are also eligible for certain cash and non-cash benefits from MassMutual. Cash compensation includes bonuses and allowances based on factors such as sales, productivity and persistency (contract retention). Non-cash compensation includes various recognition items such as prizes and awards as well as attendance at, and payment of the costs associated with attendance at, conferences, seminars and recognition trips, and also includes contributions to certain individual plans such as pension and medical plans. Sales of the Contract may help these registered representatives and their supervisors qualify for such benefits.<br> •  This conflict of interest may influence your registered representative to offer or recommend the Contract over another investment. | &nbsp;&nbsp; Distribution |
| &nbsp;&nbsp; **Should I Exchange my** **Contract?** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; •  In general you should be aware that some investment professionals may have a financial incentive to offer you a new contract in place of the one you already own. Thus, in general, you should only exchange your annuity contract if you determine, after comparing the features, fees, and risks of both contracts, and any fees or penalties to terminate your existing contract, that it is preferable for you to purchase the new annuity rather than continue to own the existing annuity. | &nbsp;&nbsp; Purchasing a Contract |

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Additional Information about Fees

The following tables describe the fees and expenses you will pay when buying, owning, and surrendering or making withdrawals from the Contract. Please refer to your Contract specifications page(s) for information about the specific fees you will pay each year based on the options you have elected.

The first table describes the fees and expenses that you will pay at the time that you buy the Contract, surrender or make withdrawals from the Contract, or transfer Contract Value between investment options. State Premium Taxes may also be deducted.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Transaction Expenses** | ***Maximum*** | ***Current*** |
| &nbsp;&nbsp; ***Contingent Deferred Sales Charge***<sup>(1)</sup><br>*(as a percentage of Purchase Payment withdrawn)* | 7% | 7% |

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*(1)* *The CDSC percentage charged is based on the number of full years from when the purchase payment is applied to the Contract to the date it is withdrawn.  See* *Appendix B for an example.* <br> *The  CDSC percentages are 7% (for first three years), 6% (for 4* <sup>*th*</sup> *year), 5% (for 5* <sup>*th*</sup> *year), 4% (for 6* <sup>*th*</sup> *year), 3% (for 7* <sup>*th*</sup> *year), and 0% (for 8* <sup>*th*</sup> *year and later).* <br> *See "Charges and Deductions – Contingent Deferred Sales Charge (CDSC)" for more information.* 

The next table describes the fees and expenses you will pay each year during the time you own the Contract, not including underlying Fund fees and expenses. If you choose to purchase an optional benefit, you will pay additional charges, as shown below.

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| |
|:---|
| &nbsp;&nbsp; **Annual Contract Expenses** |
| &nbsp;&nbsp; ***Administrative Expenses***<br> $40 per Contract Year<sup>(1)</sup> |
| &nbsp;&nbsp; ***Base Contract Expenses***<br>*(as a percentage of average account value)*<br> 1.30%<sup>(2)</sup> |

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*(1)* *This represents the annual contract maintenance charge.* *We currently waive this charge if your Contract Value is $100,000 or more when the deduction is made.* *We assess the charge on each Contract Anniversary and when you make a full withdrawal. For Contracts issued in New York, the charge is deducted on a* *pro-rated basis for full withdrawals.* 

*(2)* *The Base Contract Expenses represent the sum of the mortality and expense risk charge and the administrative charge. The current and maximum mortality and* *expense risk charge is 1.15% annually and the current and maximum administrative charge is 0.15% annually. These charges are a percentage of average* *account value in the Separate Account on an annualized basis.* 

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| | |
|:---|:---|
| &nbsp;&nbsp; **Optional Benefit Expenses** | ***Maximum*** |
| &nbsp;&nbsp; **HQV Death Benefit<sup>(1)</sup>** **(as a percentage of the Highest Quarterly** **Value)**<br>**Income Guarantee Features - RetirePay, RetireCore, and** **RetireCore Stacking (as a percentage of the Benefit Base)<sup>(1)</sup>**<br>Single Life Highest Anniversary Value Step-up<br>Joint Life Highest Anniversary Value Step-up<br>Single Life Highest Quarterly Value Step-up<br>Joint Life Highest Quarterly Value Step-up | 0.30%<br>2.50%<br>2.50%<br>2.50%<br>2.50%<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.30%<br>—<sup>(2)</sup><br>—<sup>(2)</sup><br>—<sup>(2)</sup><br>—<sup>(2)</sup> |

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*(1)* *We deduct 25% of the annualized current charge from your Contract Value in the Sub Accounts in which you are invested on a quarterly basis in arrears.* 

*(2)* *For current Income Guarantee Feature Charges, see the current Rate Sheet Prospectus Supplement (for prospective Contract Owners) or the Rate Sheet* *Prospectus Supplement included at the time of Contract delivery (for existing Contract Owners). Historical Rate Sheets can also be found in Appendix H.* 

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**Annual Fund Operating Expenses**

The next item shows the minimum and maximum operating expenses charged by the Funds that you may pay periodically during the time that you own the Contract. Expenses shown may change over time and may be higher or lower in the future. A complete list of Funds available under the Contract, including their annual expenses, may be found in Appendix A.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Charge** | ***Minimum*** | ***Maximum*** |
| &nbsp;&nbsp; **Range of annual Fund operating expenses (including** **management fees, distribution and/or service (12b-1) fees and** **other expenses).<sup>(1)</sup>** | 0.51% | 1.43% |

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*(1)* *The Fund expenses used to prepare this item were provided to us by the Funds. We have not independently verified such information provided to us by Funds that* *are not affiliated with us.* 

The information above describes the fees and expenses you pay related to the Contract. For information on compensation we may receive from the Funds and their advisers and sub-advisers, see "General Information about Massachusetts Mutual Life Insurance Company, the Separate Account and the Investment Options – Compensation We Receive from Funds, Advisers and Sub-Advisers." For information on compensation we pay to broker-dealers selling the Contract, see "Distribution."

**Examples**

These examples are intended to help you compare the cost of investing in the Contract with the cost of investing in other contracts that offer variable options. These costs include Owner transaction expenses, annual Contract expenses, and Fund fees and expenses.

The examples assume all Contract Value is allocated to the Funds. Your costs could differ from those shown below if you invest in the fixed account option.

The first example assumes that you invest $100,000 in the Contract for the time periods indicated. The example also assumes that your investment has a 5% return each year and assumes the most expensive combination of annual Fund expenses and an Income Guarantee Feature is in effect for an additional charge. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Maximum Expenses** | **Maximum Expenses** | **Maximum Expenses** | **Maximum Expenses** | **Current Expenses** | **Current Expenses** | **Current Expenses** | **Current Expenses** |
| &nbsp;&nbsp; **Years** | **1** | **3** | **5** | **10** | **1** | **3** | **5** | **10** |
| &nbsp;&nbsp; **If you withdraw all of your Contract** **Value at the end of each year shown** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; *Maximum Fund operating expenses* | $11530 | $22177 | $31284 | $55264 | $10480 | $19027 | $26034 | $44764 |
| &nbsp;&nbsp; *Minimum Fund operating expenses* | $10610 | $19268 | $26179 | $43713 | $9560 | $16175 | $21125 | $34145 |
| &nbsp;&nbsp; **If you do not withdraw any of your** **Contract Value at the end of each year** **shown** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; *Maximum Fund operating expenses* | $5230 | $15877 | $26784 | $55264 | $4180 | $12727 | $21534 | $44764 |
| &nbsp;&nbsp; *Minimum Fund operating expenses* | $4310 | $12968 | $21679 | $43713 | $3260 | $9875 | $16625 | $34145 |
| &nbsp;&nbsp; **If you decide to begin the Annuity Phase** **at the end of each year shown** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; *Maximum Fund operating expenses* | N/A | N/A | $26784 | $55264 | N/A | N/A | $21534 | $44764 |
| &nbsp;&nbsp; *Minimum Fund operating expenses* | N/A | N/A | $21679 | $43713 | N/A | N/A | $16625 | $34145 |

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*We estimate that the annual contract maintenance charge under the current expenses and maximum expenses would be $0 or, as a percentage, 0.00%.*

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The next example assumes that you invest $100,000 in the Contract for the time periods indicated. The example also assumes that your investment has a 5% return each year and assumes the least expensive combination of annual Fund expenses and assumes no Income Guarantee Feature is in effect and that you have elected the ROP Death Benefit. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Maximum Expenses** | **Maximum Expenses** | **Maximum Expenses** | **Maximum Expenses** | **Current Expenses** | **Current Expenses** | **Current Expenses** | **Current Expenses** |
| &nbsp;&nbsp; **Years** | **1** | **3** | **5** | **10** | **1** | **3** | **5** | **10** |
| &nbsp;&nbsp; **If you withdraw all of your Contract** **Value at the end of each year shown** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; *Maximum Fund operating expenses* | $9030 | $14677 | $18784 | $30264 | $9030 | $14677 | $18784 | $30264 |
| &nbsp;&nbsp; *Minimum Fund operating expenses* | $8110 | $11905 | $14146 | $20932 | $8110 | $11905 | $14146 | $20932 |
| &nbsp;&nbsp; **If you do not withdraw any of your** **Contract Value at the end of each year** **shown** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; *Maximum Fund operating expenses* | $2730 | $8377 | $14284 | $30264 | $2730 | $8377 | $14284 | $30264 |
| &nbsp;&nbsp; *Minimum Fund operating expenses* | $1810 | $5605 | $9646 | $20932 | $1810 | $5605 | $9646 | $20932 |
| &nbsp;&nbsp; **If you decide to begin the Annuity Phase** **at the end of each year shown** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; *Maximum Fund operating expenses* | N/A | N/A | $14284 | $30264 | N/A | N/A | $14284 | $30264 |
| &nbsp;&nbsp; *Minimum Fund operating expenses* | N/A | N/A | $9646 | $20932 | N/A | N/A | $9646 | $20932 |

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*We estimate that the annual contract maintenance charge under the current expenses and maximum expenses would be $0 or, as a percentage, 0.00%.*

***The examples should not be considered a representation of past or future expenses. Your actual expenses may be higher or lower*** ***than those shown in the examples. The assumed 5% annual rate of return is purely hypothetical. Actual returns may be greater*** ***or less than the assumed hypothetical return.***

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Principal Risks of Investing in the Contract

**There are risks associated with investing in the Contract.**

**Market Risk.** You can lose money in a variable annuity, including potential loss of your entire amount invested. The value of your investment and any returns will depend on the performance of the Funds you select. Those Funds could decline in value very significantly, and the risk of loss varies with each Fund. You bear the risk of any decline in your Contract Value resulting from the poor performance of the Funds you have selected. The investment risks are described in the prospectuses for the Funds.

**Early Withdrawal Risk.** Variable annuities are not a short-term investment vehicle. The CDSC may apply for a number of years, so the Contract should only be purchased for the long-term. Under some circumstances, you may receive less than the sum of your Purchase Payments. In addition, full or partial withdrawals will be subject to income tax to the extent that they consist of earnings and a 10% additional income tax may apply to the taxable portion if taken before age 59½. Accordingly, you should carefully consider your income and liquidity needs before purchasing a Contract. Additional information about these risks appear in "Important Information You Should Consider About the MassMutual Envision Variable Annuity Contract," "Withdrawals," and "Taxes."

**Contract Benefits Risk.** *Investment Restrictions – Opportunity Risks.* Electing an Income Guarantee Feature restricts your choice of available Funds. Additionally, while there are currently no restrictions on available Sub-Accounts if you elected the HQV Death Benefit, we reserve the right to impose such restrictions in the future. These restrictions are intended to protect us financially, in that they reduce the likelihood that we will have to pay guaranteed benefits under an Income Guarantee Feature or the HQV Death Benefit from our own assets. These restrictions could result in an opportunity cost – in the form of Funds that you did not invest in that ultimately might generate superior investment performance. Thus, you should consider these restrictions when deciding whether to elect an Income Guarantee Feature or the HQV Death Benefit.

*Risk Associated With Election of an Income Guarantee Feature.* The Income Guarantee Features include several requirements and limitations that must be adhered to in order to preserve and maximize the guarantees we offer under the benefit. If you fail to adhere to these requirements, that may diminish the value of the benefit and even possibly cause termination of the benefit. In addition, it is possible that you will pay fees for an Income Guarantee Feature without fully realizing the guarantees available under the benefit. For example, Excess Withdrawals can result in a significant reduction of your Benefit Base, depending upon the amount of the withdrawal. An Excess Withdrawal will also reduce the Roll-Up Base for RetireCore and RetireCore Stacking and the Roll-Up Value for RetireCore. Additionally, if your Contract terminates before the Settlement Phase, you will not have maximized the benefits provided under your Income Guarantee Feature.

*Risks Associated With Election of the ROP Death Benefit or the HQV Death Benefit.* Withdrawals reduce the death benefit on a pro-rata basis. If you elected the HQV Death Benefit, once the Contract Anniversary after the oldest Owner (or oldest Annuitant, if the Contract is owned by a non-natural person) attains age 80 has occurred, the ALIF will no longer recalculate on each Contract Anniversary. The ALIF will remain as the last calculated ALIF adjusted by subsequent Purchase Payments and withdrawals.

**Insurance Company Risk.** It is possible that we could experience financial difficulty in the future and even become insolvent, and therefore unable to provide all of the guarantees and benefits that we promise that exceed the value of the assets in the Separate Account. Similarly, our experiencing financial difficulty could interfere with our ability to fulfill our obligations under the DCA Fixed Account and other General Account obligations.

**Contract Changes Risk.** We reserve the right to limit transfers. We also reserve the right to remove or substitute Funds as investment options available under the Contract and to reject subsequent Purchase Payments into the DCA Fixed Account to establish a DCA Term or into a current DCA Term. We may impose limits on the minimum and maximum amounts that you may invest or other transaction limits that may limit your use of the Contract. See "Other Information – Reservation of Rights" for more information.

**Tax Consequences.** Withdrawals are generally taxable to the extent of any earnings in the Contract, and prior to age 59½ an additional 10% federal income tax may apply to the taxable portion. In addition, even if the Contract is held for years before any withdrawal is made, withdrawals are taxable as ordinary income rather than capital gains. Earnings for this purpose consist of Contract Value in excess of your after-tax investment in the Contract.

**Cybersecurity and Certain Business Continuity Risks.** Our operations support complex transactions and are highly dependent on the proper functioning of information technology and communication systems. Any failure of or gap in the systems and processes necessary to support complex transactions and avoid systems failure, fraud, information security failures, processing errors, cyber intrusion, loss of data and breaches of regulation may lead to a materially adverse effect on our results of operations and corporate reputation. In addition, we must commit significant resources to maintain and enhance our existing systems in order to keep pace with

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applicable regulatory requirements, industry standards and customer preferences. If we fail to maintain secure and well-functioning information systems, we may not be able to rely on information for product pricing, compliance obligations, risk management and underwriting decisions. In addition, we cannot assure investors or consumers that interruptions, failures or breaches in security of these processes and systems will not occur, or if they do occur, that they can be timely detected and remediated. The occurrence of any of these events may have a materially adverse effect on our businesses, results of operations and financial condition.

For additional detail regarding cybersecurity and related risks, please see "Other Information – Computer System, Cybersecurity, and Service Disruption Risks" in this prospectus.

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General Information about Massachusetts Mutual Life Insurance Company, the Separate Account and the Investment Options

**The Company**

MassMutual 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 U.S., the District of Columbia and Puerto Rico. Products and services are offered primarily through MassMutual's distribution channels: MassMutual Financial Advisors, MassMutual Strategic Distributors, Institutional Solutions and Worksite.

MassMutual is organized as a mutual life insurance company. MassMutual's home office is located at 1295 State Street, Springfield, Massachusetts 01111-0001.

**Financial Condition of the Company**

We use General Account assets for many purposes, including to pay death benefits, Annuity Payments, withdrawals and transfers from any fixed account and to pay amounts we provide to you through any elected additional feature that are in excess of your Contract Value allocated to the Separate Account. Any amounts that we may be obligated to pay under the Contract in excess of Contract Value are subject to our financial strength and claims-paying ability and our long-term ability to make such payments. The assets of the Separate Account, however, are also available to cover the liabilities of our General Account, but only to the extent they exceed our liabilities under the Contract and other contracts we issue that are funded by the Separate Account.

We issue other types of insurance policies and financial products as well, and we pay our obligations under those products from our assets in the General Account.

As an insurance company, we are required by state insurance regulation to hold a specified amount of reserves in order to meet the contractual obligations of our General Account to our insurance policies and financial products. We monitor our reserves so that we hold sufficient amounts to cover actual or expected Contract and claims payments. In addition, we hedge our investments in our General Account and may require that purchasers of certain of our variable insurance products allocate Purchase Payments and Contract Value according to specified investment requirements. Even with these safeguards in place, there are risks to purchasing any insurance product and there is no guarantee that we will always be able to meet our claims-paying obligations.

State insurance regulators also require insurance companies to maintain a minimum amount of capital, which acts as a cushion if the insurer suffers a financial setback because of the inherent risks in the insurer's operations. These risks include losses that we may incur as the result of defaults on the payment of interest or principal on our General Account assets – e.g., bonds, mortgages, general real estate investments, and stocks – as well as the loss in market value of these investments.

We continue to evaluate our investment portfolio to mitigate market risk and actively manage the investment in that portfolio.

**<u>The MassMutual financial information in the SAI includes a more detailed discussion of the risks inherent in our General</u>** **<u>Account assets. We encourage both existing and prospective Owners to read and understand our financial statements.</u>**

**The Separate Account**

We established Massachusetts Mutual Variable Annuity Separate Account 4 (Separate Account) as a separate account under Massachusetts law on July 9, 1997. The Separate Account is registered with the SEC as a unit investment trust under the Investment Company Act of 1940 (1940 Act).

The Separate Account holds the assets that underlie the Contracts (and certain other contracts that we issue), except any assets allocated to our General Account. We keep the Separate Account assets separate from the assets of our General Account and other separate accounts. The Separate Account is divided into Sub-Accounts, each of which invests exclusively in a single Fund.

We own the assets of the Separate Account. We credit gains to, or charge losses against, the Separate Account, whether or not realized, without regard to the performance of other investment accounts. The Separate Account's assets may not be used to pay any of our liabilities other than those arising from the Contracts (or other contracts that we issue and that are funded by the Separate Account). If the Separate Account's assets exceed the required reserves and other liabilities, we may transfer the excess to our General Account.

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The obligations of the Separate Account are not our generalized obligations and will be satisfied solely by the assets of the Separate Account. We are obligated to pay all amounts promised to investors under the Contract.

We reserve the right, subject to compliance with applicable federal securities laws and regulations and any other federal or state law, to make certain changes to the structure and operation of the Separate Account, including, among other things:

• eliminate,
 combine or add Sub-Accounts;

• combine
 the Separate Account or any Sub-Account(s) with one or more different separate account(s) or Sub-Account(s);

• close
 existing Sub-Accounts to allocations of new Purchase Payments and Contract Value by current or new Owners;

• transfer
 assets of the Separate Account or any Sub-Account that we may determine to be associated with the class of contracts
 in which the Contract belongs to another separate account or Sub-Account;

• operate
 the Separate Account as a management investment company under the 1940 Act, or as any other form permitted by law;

• add
 or remove Funds or Fund classes in which the Sub-Accounts invest; and

• substitute
 a new Fund for a Fund in which a Sub-Account currently invests (new or substitute Funds may have different fees and
 expenses).

In the event we exercise these rights, we will provide advance Written Notice to the Owner(s).

**Fixed Account For Dollar Cost Averaging (DCA Fixed Account)**

We offer a Fixed Account For Dollar Cost Averaging (the DCA Fixed Account) as an investment option under the Contract. Purchase Payments allocated to the DCA Fixed Account become part of our General Account which supports insurance and annuity obligations. Information regarding the DCA Fixed Account, its term, and its minimum guaranteed interest rate, is available in an appendix to this Prospectus. See "Appendix A – Investment Options Available Under the Contract."

If you are participating in a DCA Fixed Account Term, the Automatic Rebalancing Program and the Separate Account Dollar Cost Averaging Program are not available to you.

You may not participate in a DCA Fixed Account Term if an Income Guarantee Feature is in effect.

Description

The DCA Fixed Account is a fixed account from which assets are systematically transferred to any Sub-Account(s) you select. No transfers may be made to the DCA Fixed Account from any Sub-Account maintained under the Contract.

How to Participate in the DCA Fixed Account

You can elect the DCA Fixed Account at the time your Contract is issued or at a later date by submitting a Written Request and applying a Purchase Payment of at least $5,000 to a DCA Term. We reserve the right to reject subsequent Purchase Payments into the DCA Fixed Account to establish a DCA Fixed Account Term. For Contracts issued in New York, we will only exercise this right if the yield on investments would not support the minimum guaranteed interest rate. If we exercise this right, we will do so in the same manner for all Owners of Contracts issued in New York, and we will provide Owners with thirty (30) calendar days prior Written Notice of any change in procedures related to the duration of the DCA Term, our refusal of Purchase Payments into the DCA Fixed Account or a decision to discontinue offering the DCA Fixed Account.

You cannot transfer current Contract Value into the DCA Fixed Account.

You may apply additional Purchase Payments to a current DCA Term. Such additional Purchase Payments will be added to the amount in the current DCA Fixed Account term for the remaining period of the current DCA Fixed Account term. No transfers may be made to the DCA Fixed Account term from any Sub-Account maintained under the Contract. We reserve the right to reject subsequent Purchase Payments into a current DCA Term.

DCA Term

You may elect a DCA Term for a period of either six or 12 months, beginning with the receipt of a new Purchase Payment allocated to the DCA Fixed Account and a Written Request to establish a DCA Term. Only one DCA Fixed Account term may be operative at a time. If you elect to make an allocation to a DCA Fixed Account, but your Annuity Date will occur prior to the end of that DCA term, your DCA Term will expire on your Annuity Date.

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DCA Fixed Account Value

Unless specified otherwise, the DCA Fixed Account Value at any time is equal to:

(1) any Purchase Payments allocated to the DCA Fixed Account; plus

(2) Any interest credited to that portion of the Contract Value allocated to the DCA Fixed Account; less

(3) Any Contract Value transferred from the DCA Fixed Account; less

(4) Any prior withdrawals of Contract Value from the DCA Fixed Account and any applicable charges; less

(5) Applicable charges, fees, or taxes.

With regard to credited interest that is part of the DCA Fixed Account Value, we periodically determine the interest rate at our sole discretion, but guarantee that the rate will not be less than 1% or the applicable state nonforfeiture interest rate, whichever is greater. Information regarding the DCA Fixed Account is available in an appendix to this Prospectus. See "Appendix A – Investment Options Available Under the Contract" for the applicable minimum guaranteed interest rate. Interest will be credited daily and is compounded daily at an effective annual yield. The interest rate credited to each Purchase Payment applied to the DCA Fixed Account will not change for the duration of the DCA Fixed Account Term, except to account for any applicable increase to the applicable state nonforfeiture interest rate. We may apply different interest rates to different portions of the DCA Fixed Account Value, based upon the date on which a Purchase Payment is applied to the DCA Fixed Account.

A DCA Term will terminate:

• at
 the scheduled end of the DCA Term;

• if
 you withdraw the total Contract Value;

• upon
 our receipt of due proof of the Owner's death and election of the payment method by any Beneficiary;

• if
 you apply your entire Contract Value to an Annuity Option; or

• if
 we receive a Written Request from you to terminate the DCA Fixed Account at our Service Center prior to the next transfer
 date.

If the DCA Term terminates due to the Owner's death or upon Written Request, the remaining value in the DCA Fixed Account will be allocated in accordance with your current allocation instructions, unless you indicate otherwise.

DCA Transfers

Except for the scheduled DCA Fixed Account transfers, no transfers may be made from the DCA Fixed Account before the expiration or termination of the DCA Fixed Account term. DCA Fixed Account transfers will be made on the scheduled transfer dates. If a scheduled transfer date is not a Business Day, the transfer will be made on the next Business Day. Transfers from the DCA Fixed Account are calculated on a first-in, first-out basis, which means the oldest Purchase Payments are transferred first. Scheduled transfers will begin five Business Days after the establishment of the DCA Term and will be made from the DCA Fixed Account monthly. You may elect to have the scheduled transfers made to any available Sub-Accounts.

Withdrawals When Contract Value Allocated To DCA Fixed Account

If you make a partial withdrawal and you have Contract Value allocated to the DCA Fixed Account, such withdrawal will be made from the Sub-Accounts and the DCA Fixed Account in the ratio that your Contract Value in each Sub-Account and the DCA Fixed Account bears to your Contract Value. Partial withdrawals from the DCA Fixed Account are calculated on a first-in, first-out basis, which means the oldest Purchase Payments are withdrawn first.

Suspension or Deferral of Payments

We reserve the right to suspend or postpone payments for a partial or total withdrawal or transfer from the DCA Fixed Account for a period of up to six months, subject to state insurance department approval, if applicable. With regard to transfers, we will disclose to you the specific date on which the transfer will be effective, the reason for the delay, and the value of the transfer as of the date we receive the request.

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**The Funds**

Information about each Fund, including its name, type or investment objective, investment adviser(s) expenses and performance is available in an appendix to this Prospectus. See "Appendix A – Investment Options Available Under the Contract." There is no assurance that any of the Funds will achieve their stated objectives. Contract Value allocated to a Sub-Account will vary based on the investment experience of the corresponding Fund in which the Sub-Account invests. There is a risk of loss of the entire amount invested.

These Funds are only available to insurance company separate accounts and qualified retirement plans, are not available for purchase directly by the general public, and are not the same as other mutual fund portfolios with very similar or nearly identical names and investment goals and policies that are sold directly to the public. While a Fund may have many similarities to these other publicly available mutual funds, you should not expect the investment results of the Fund to be the same as the investment results of those publicly available mutual funds. We do not guarantee or make any representation that the investment results of the Funds will be comparable to the investment results of any other mutual fund, even a mutual fund with the same investment adviser or manager.

**<u>The prospectus for each Fund contains more detailed information about the Fund. You may obtain copies of the Fund</u>** **<u>prospectuses by contacting our Service Center.</u>** If you received a summary prospectus for a Fund, please follow the directions on the first page of the summary prospectus to obtain a copy of the full Fund prospectus.

**Addition, Removal, Closure, or Substitution of Funds**

We have the right to change the Funds offered through the Contract, but only as permitted by law. If the law requires, we will also get your approval and the approval of any appropriate regulatory authorities. Changes may only impact certain Owners. Examples of possible changes include: adding new Funds or fund classes; removing existing Funds or fund classes; closing existing Funds or fund classes; or substituting a Fund with a different Fund. New or substitute Funds may have different fees and expenses. We will not add, remove, close or substitute any shares attributable to your interest in a Sub-Account without notice to you and prior approval of the SEC, to the extent required by applicable law. We reserve the right to transfer Separate Account assets to another separate account that we determine to be associated with the class of contracts to which your Contract belongs.

**Conflicts of Interest**

The Funds available with the Contract may also be available to registered separate accounts offering variable annuity and variable life products of other affiliated and unaffiliated insurance companies, as well as to the Separate Account and other separate accounts of MassMutual. Although we do not anticipate any disadvantages to this, it is possible that a material conflict may arise between the interests of the Separate Account and one or more of the other separate accounts participating in the Funds. A conflict may occur, for example, as a result of a change in law affecting the operations of variable life and variable annuity separate accounts, differences in the voting instructions of the Owners and payees and those of other insurance companies, or some other reason. In the event of a conflict of interest, we will take steps necessary to protect Owners and payees, including withdrawing the Separate Account from participation in the Funds involved in the conflict or substituting shares of other funds.

We do not recommend or endorse any particular Fund, and we do not provide investment advice. You are responsible for choosing the Funds, and the amounts allocated to each, that are appropriate for your own individual circumstances and your investment goals, financial situation, and risk tolerance. You bear the risk of any decline in your Contract Value resulting from the performance of the Funds that you choose.

**Selection of Funds**

When we select the Funds offered through the Contract, we consider various factors, including, but not limited to, asset class coverage, the strength of the adviser's or sub-adviser's reputation and tenure, brand recognition, performance, and the capabilities and qualifications of each investment firm. We may also consider whether the Fund, its service providers (e.g., the investment adviser or sub-advisers), or its affiliates will make payments to us or our affiliates in connection with certain administrative, marketing, and support services, or whether affiliates of the Fund can provide marketing and distribution support for sales of the Contracts. (For additional information on these arrangements, see the section below entitled "Compensation We Receive from Funds, Advisers and Sub-Advisers.") We review the Funds periodically and may remove a Fund or limit its availability to new Purchase Payments and/or transfers of Contract Value if we determine that a Fund no longer satisfies one or more of the selection criteria, and/or if the Fund has not attracted significant allocations from Owners.

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**Compensation We Receive from Funds, Advisers and Sub-Advisers**

**Compensation We Receive from Advisers and Sub-Advisers**

We and certain of our insurance affiliates receive compensation from the advisers and sub-advisers to some of the Funds. We may use this compensation to pay expenses that we incur in promoting, issuing, distributing and administering the Contract, and in providing services on behalf of the Funds in our role as intermediary to the Funds. The amount of this compensation is determined by multiplying a specified annual percentage rate by the average net assets held in that Fund that are attributable to the variable annuity and variable life insurance products issued by us and our affiliates that offer the particular Fund (MassMutual's variable contracts). These percentage rates differ, but currently do not exceed 0.25%. Some advisers and sub-advisers pay us more than others; some do not pay us any such compensation.

The compensation may not be reflected in a Fund's expenses because this compensation may not be paid directly out of a Fund's assets. These payments also may be derived, in whole or in part, from the advisory fee deducted from Fund assets. Owners, through their indirect investment in the Funds, bear the costs of these advisory fees (see the Funds' prospectuses for more information).

In addition, we may receive fixed dollar payments from the advisers and sub-advisers to certain funds so that the adviser and sub-adviser can participate in sales meetings conducted by MassMutual. Attending such meetings provides advisers and sub-advisers with opportunities to discuss and promote their funds. For a list of the Funds whose advisers and sub-advisers currently pay such compensation, visit www.MassMutual.com/legal/compensation-arrangements or call our Service Center.

**Compensation We Receive from Funds**

We and certain of our affiliates also receive compensation from certain Funds pursuant to Rule 12b-1 under the 1940 Act. This compensation is paid out of the Fund's assets and may be as much as 0.25% of the average net assets of an underlying Fund which are attributable to MassMutual's variable contracts. An investment in a Fund with a 12b-1 fee will increase the cost of your investment in the Contract.

**Voting Rights**

We are the legal owner of the Fund shares. When a Fund solicits proxies in conjunction with a vote of shareholders, we are required to obtain, from you and other Owners, instructions as to how to vote those shares.

When we receive those instructions, we will vote all the shares for which we do not receive voting instructions in proportion to those instructions. This will also include any shares that we own on our own behalf. This may result in a small number of Owners controlling the outcome of a vote. If we determine that we are no longer required to vote shares in accordance with Owner instructions, we will vote the shares in our own right.

During the Accumulation Phase, we determine the number of shares you may vote by dividing your Contract Value in each Fund by $100, including fractional shares. You do not have any voting rights during the Annuity Phase.

We may, when required by state insurance regulatory authorities, disregard voting instructions, if such instructions would require shares to be voted so as to cause a change in the sub-classification or investment objective of a Fund or to approve or disapprove an investment advisory contract for the Fund. In addition, we may disregard voting instructions that would require a change in the investment policy or investment adviser of one or more of the available Funds. Our disapproval of such change must be reasonable and based on a good faith determination that the change would be contrary to state law or otherwise inappropriate, considering the Fund's objectives and purpose. If we disregard Owner voting instructions, we will advise Owners of our action and the reasons for such action.

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Charges and Deductions

This section describes the charges and deductions we make under the Contract to compensate us for the services and benefits we provide, costs and expenses we incur and risks we assume. We may profit from the charges deducted and we may use any such profits for any purpose, including payment of marketing and distribution expenses. These charges and deductions reduce the return on your investment in the Contract.

**Insurance Charges**

Each Business Day we deduct our insurance charges from the assets of the Separate Account. This charge is calculated based on a percentage of the daily value of the assets invested in each Fund, after Fund expenses are deducted. We do this as part of our calculation of the value of the Accumulation Units. The insurance charge has two parts: (1) the mortality and expense risk charge and (2) the administrative charge.

**Mortality and Expense Risk Charge**

The mortality and expense risk charge is for:

• the
 mortality risk associated with the insurance benefits provided, including our obligation to make Annuity Payments after the
 Annuity Date regardless of how long all Annuitants live, the death benefits, and the guarantee of rates used to determine your
 Annuity Payments during the Annuity  Phase; and

• the
 expense risk that the current charges will be insufficient to cover the actual cost of administering the Contract.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Mortality and Expense Risk Charge** |  |  |
| &nbsp;&nbsp; ***When Charge is Deducted*** | ***Current (annual rate)*** | ***Maximum (annual rate)*** |
| &nbsp;&nbsp; Daily as a percentage of the daily value of the assets invested in each Sub-Account | 1.15% | 1.15% |

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For all Contracts, if the amount of the charge is more than sufficient to cover the mortality and expense risk, we will make a profit on the charge. We may use this profit for any purpose, including the payment of marketing and distribution expenses for the Contract. If the mortality and expense risk charge is not sufficient to cover the mortality and expense risk, we will bear the loss.

**Administrative Charge**

This charge reimburses us for the expenses associated with the administration of the Contract and the Separate Account. Some of these expenses are: preparation of the Contract, confirmations, annual reports and statements, maintenance of Contract records, personnel costs, legal and accounting fees, filing fees, and computer and systems costs. The table below reflects the current and maximum charge.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Administrative Charge** |  |  |
| &nbsp;&nbsp; ***When Charge is Deducted*** | ***Current (annual rate)*** | ***Maximum (annual rate)*** |
| &nbsp;&nbsp; Daily as a percentage of the daily value of the assets invested in each Sub-Account | 0.15% | 0.15% |

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**Annual Contract Maintenance Charge**

This charge reimburses us for the costs of maintaining the Contract. We will deduct the annual contract maintenance charge proportionately from the Sub-Account(s) you have selected.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Annual Contract Maintenance Charge** | &nbsp;&nbsp; **Annual Contract Maintenance Charge** | &nbsp;&nbsp; **Annual Contract Maintenance Charge** | &nbsp;&nbsp; **Annual Contract Maintenance Charge** |
| &nbsp;&nbsp; ***Contract Value at Time***<br>***Charge is Deducted*** | ***When Charge is Deducted*** | ***Current*** | ***Maximum*** |
| &nbsp;&nbsp; Less than $100,000 | On each Contract Anniversary or total withdrawal<sup>(\*)</sup> | $40 | $40 |
| &nbsp;&nbsp; $100,000 or more | Not applicable<br>| N/A | N/A |

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|:---|:---|
| (\*) | For Contracts issued in New York, when you make a total withdrawal we will assess a pro-rated charge based on the ratio of (a) the total calendar days elapsed since the last Contract Anniversary and (b) the total calendar days in the Contract Year. |

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**Contingent Deferred Sales Charge (CDSC)**

We do not deduct a sales charge when we receive a Purchase Payment. However, we may assess a CDSC for withdrawals that exceed the Free Withdrawal Amount, but not against earnings that you withdraw. We use this charge to cover certain expenses relating to the sale of the Contract. The charge is a percentage of the Purchase Payments you withdraw that exceed the Free Withdrawal Amount.

If we assess a CDSC, we will deduct it from the amount you withdraw.

Each Purchase Payment has its own CDSC schedule. The amount of the charge depends on the length of time between the date Purchase Payments were applied and the date of withdrawal. To determine if a CDSC applies, we process withdrawals as follows:

• first
 from earnings (Contract Value less Purchase Payments not previously withdrawn);

• then
 from Purchase Payments no longer subject to a CDSC according to the CDSC schedule;

• then
 from the Free Withdrawal Amount or the amounts attributable to any CDSC waivers (taken from Purchase Payments not
 previously withdrawn in the order they were received with the oldest Purchase Payment first); and

• then
 from Purchase Payments not previously withdrawn in the order they were received with the oldest Purchase Payment being
 first.

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| | |
|:---|:---|
| &nbsp;&nbsp; **CDSC** | &nbsp;&nbsp; **CDSC** |
| ***Number of full years from application***<br>***of each Purchase Payment*<sup>*(\*)*</sup>** | ***CDSC (as a percentage of***<br>***each Purchase Payment withdrawn)*** |
| 0 | 7% |
| 1 | 7% |
| 2 | 7% |
| 3 | 6% |
| 4 | 5% |
| 5 | 4% |
| 6 | 3% |
| 7 or more | 0% |

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(\*) See "Appendix B – Contingent Deferred Sales Charge (CDSC) Example."

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In addition to the free withdrawals described later in this section, we will not impose a CDSC under the following circumstances:

• Upon
 payment of the death benefit.

• On
 amounts withdrawn as RMDs to the extent they exceed the Free Withdrawal Amount. In order to qualify for this exception,
 (a) you must be participating in a Systematic Withdrawal Program established for the payment of RMDs, under which
 the annual RMD is calculated by us, based solely on the fair market value of the Contract (RMD program) and (b) you
 must not take any other withdrawals from the Contract in that Contract Year. If you choose to take withdrawals to satisfy your
 RMD for the Contract outside of our RMD program, or if you choose to take any other withdrawals from the Contract, CDSCs
 may apply not only to those withdrawals, but also to any subsequent RMD withdrawals taken under the RMD program
 in the same Contract Year.

• Upon
 application of the Contract Value to any Annuity Option.

• For
 Contracts participating in an Income Guarantee Feature, withdrawals of the ALBA even to the extent that they exceed the
 Free Withdrawal Amount.

• If
 you redeem excess contributions from an IRA. We look to the IRC for the definition and description of excess contributions.

• Under
 a replacement program offered by us, when the Contract is exchanged for another annuity contract issued by us or one of
 our affiliated insurance companies, of the type and class which we determine is eligible for such an exchange. A CDSC may
 apply to the contract received in the exchange. A reduced CDSC schedule may apply under the Contract if another variable
 annuity contract issued by us or one of our affiliated insurance companies is exchanged for the Contract. Exchange programs
 may not be available in all states. If you want more information about our current exchange programs, contact your
 registered representative or us at our Service Center.

• If
 you are eligible for waiver of the CDSC due to your election of the Nursing Home and Hospital Withdrawal Benefit or the Terminal
 Illness Withdrawal Benefit described in "Additional Benefits."

• On
 any withdrawals made when you reach the Latest Permitted Annuity Date for your Contract.

**Free Withdrawal Amount**

The Free Withdrawal Amount is an amount of your Purchase Payment(s) that you may withdraw that is not subject to the CDSC. During the first Contract Year, your Free Withdrawal Amount is 10% of the Initial Purchase Payment applied on the Issue Date, plus 10% of any subsequent Purchase Payments received in that Contract Year. Any available Free Withdrawal Amount during the first Contract Year will be reduced by any Free Withdrawal Amount previously taken during that Contract Year.

During each subsequent Contract Year, your Free Withdrawal Amount is 10% of your total Purchase Payments still subject to a CDSC as of the last calendar day of the previous Contract Year, plus 10% of any subsequent Purchase Payments received in the current Contract Year. Any available Free Withdrawal Amount during such Contract Year will be reduced by any Free Withdrawal Amount previously taken during that Contract Year.

Any withdrawal taken during a previous Contract Year may impact the available Free Withdrawal Amount if it results in a decrease in the amount of Purchase Payments still subject to a CDSC.

Any unused Free Withdrawal Amount(s) during any particular Contract Year may not be carried over to any succeeding Contract Year.

**Premium Taxes**

Some states and other governmental entities charge Premium Taxes or similar taxes. We are responsible for the payment of these taxes and may deduct them from the Purchase Payments or Contract Value, or we may adjust the annuity rates for Premium Tax assessed. Some of these taxes are due when your Contract is issued, others are due when Annuity Payments begin. Premium Taxes generally range from 0% to 3.5%, depending on the state.

**Income Taxes**

We will deduct from the Contract any income taxes which we incur because of the operation of the Separate Account. We will deduct any withholding taxes required by law.

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**Fund Expenses**

The Separate Account purchases shares of the Funds at net asset value. The net asset value of each Fund reflects investment management fees and other expenses already deducted from the assets of the Fund. In addition, one or more of the Funds available as an investment option may pay a distribution fee out of the Fund's assets to us, known as a 12b-1 fee. Any investment in one or more of the Funds with a 12b-1 fee will increase the cost of your investment in the Contract. Please refer to the Fund prospectuses for more information regarding these expenses.

**Income Guarantee Feature Charge**

While an Income Guarantee Feature is in effect, we will assess the Income Guarantee Feature Charge on a quarterly basis in arrears. On the last calendar day of each Contract Year quarter, a charge will be assessed against your Contract Value. The amount that is deducted from your Contract Value is equal to the Income Guarantee Feature Charge multiplied by the Benefit Base on such day (after taking into account any other transactions processed on such day).

If your Income Guarantee Feature terminates, a pro-rata portion of the Income Guarantee Feature Charge will be assessed based on the number of days from the first calendar day of the current Contract Year quarter to the date of termination. If you reach your Latest Permitted Annuity Date, and your Contract Value is applied to an Annuity Option available under the Income Guarantee Feature, the Income Guarantee Feature Charge is waived. Once your Income Guarantee Feature has terminated, there will be no further Income Guarantee Feature Charges assessed. See "Additional Benefits – Income Guarantee Features."

We deduct the Income Guarantee Feature Charge pro-rata from each Sub-Account in which you are invested.

If we increase your Income Guarantee Feature Charge, you have the right to opt-out of the increase; however, doing so will place certain restrictions on your Income Guarantee Feature. For more information, see "Additional Benefits – Income Guarantee Features – Income Guarantee Feature Charge Increase Opt-Out."

The maximum annualized Income Guarantee Feature Charge is 2.50%. For current Income Guarantee Feature Charges, see the current Rate Sheet Prospectus Supplement (for prospective Contract Owners) or the Rate Sheet Prospectus Supplement included at the time of Contract delivery (for existing Contract Owners). Historical Rate Sheets can also be found in Appendix H.

**Highest Quarterly Value (HQV) Death Benefit Charge**

If you elect the HQV Death Benefit, we will deduct an additional charge on a quarterly basis in arrears as a percentage of the Highest Quarterly Value on the last calendar day of each Contract Year quarter. The charge will be assessed against your Contract Value in the Sub Accounts in which you are invested in the same proportion that the amount of the Contract Value in each Sub-Account bears to the total Contract Value in the Sub-Accounts. The table below reflects the current and maximum charge.

If you make a total withdrawal, a pro-rata portion of the charge will be assessed based on the number of calendar days from the first calendar day of the current Contract Year quarter to the date of the total withdrawal.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **HQV Death Benefit Charge** |  |  |
| &nbsp;&nbsp; ***When Charge is Deducted*** | ***Current (annual rate)*** | &nbsp;&nbsp;&nbsp;&nbsp; ***Maximum (annual rate)*** |
| &nbsp;&nbsp; **On a quarterly basis in arrears, as a** **percentage of the Highest Quarterly** **Value on the last calendar day of each** **Contract Year quarter** | 0.30% | &nbsp;&nbsp;&nbsp;&nbsp; 0.30% |

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Ownership

**Owner**

In this prospectus, "you" and "your" refer to the Owner of the Contract. The Owner is named at the time you apply for a Contract. The Owner can be an individual or a non-natural person (e.g., a corporation, limited liability company partnership or certain other entities). The Owner must be at least the Age of majority in the state the Contract is issued, and may not be older than Age 85 on the Issue Date. If you elect an Income Guarantee Feature, the Owner must be at least Age 45 and may not be older than Age 80 when the Contract is issued. If you elect the HQV Death Benefit, the Owner may not be older than Age 75 when the Contract is issued. For Contracts

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owned by a non-natural person, then Owner Age shall mean the Age of the Annuitant. The maximum issue Age for the Contract and certain additional features may be reduced in connection with the offer of the Contract through certain broker-dealers. You should discuss this with your registered representative.

If your Contract is Non-Qualified and owned by a non-natural person, the Contract will generally not be treated as an annuity for tax purposes. This means that gain in the Contract will be taxed each year while the Contract is in the Accumulation Phase. This treatment is not generally applied to a Contract held by a trust or other entity as an agent for a natural person. Before purchasing a Contract to be owned by a non-natural person or before changing ownership on an existing Contract that will result in it being owned by a non-natural person, you should consult a tax adviser to determine the tax impact. See "Taxes – Non-Natural Owner."

As the Owner of the Contract, you exercise all rights under the Contract, unless limited by an assignment or by designation of an irrevocable Beneficiary. On or after the Annuity Date, you continue as the Owner.

You may change the Owner of a Non-Qualified Contract at any time by Written Request, subject to our approval. You may not need Company approval in all states such as California and New York. See "Appendix G – State Variations of Certain Contract Features" for more information about state variations. We will refuse or accept any requested change on a non-discriminatory basis. You may not change the Owner to an individual who was over the maximum Age for purchasing the Contract on the Issue Date of the Contract.

A change of Owner will take effect on the date the Written Request is signed, unless you specify otherwise. We will not be liable for any payment made or action taken prior to our receipt and approval of the Written Request. A change of Owner that we allow will automatically revoke any prior designation of Owner. Changing the Owner may result in tax consequences. See "Taxes – Tax Treatment of Assignments" for more information.

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**Joint Owner**

The Contract can be owned by Joint Owners. However, the Contract cannot be jointly owned if it is a Qualified Contract, if an Owner is a non-natural person, or by more than two individuals. The Joint Owner must be at least the Age of majority in the state the Contract is issued, and may not be older than Age 85 on the Issue Date. If you elect an Income Guarantee Feature and the Joint Owner will be a Covered Person, the Joint Owner must be at least Age 45 and may not be older than Age 80 when the Contract is Issued. If you elect the HQV Death Benefit, the Joint Owner may not be older than Age 75 when the Contract is issued.

If the Contract is jointly owned, we will use the Age of the oldest Owner to determine certain benefits. If there are Joint Owners, we require authorization from both Owners for all transactions.

**Annuitant**

The Annuitant is the person(s) on whose life (or lives, in the case of joint Annuitants) we base Annuity Payments, with the exception of the non-lifetime contingent option. You designate the Annuitant(s) at the time of application. A Contract may not have more than two Annuitants. There is no minimum Age applicable to the Annuitant or joint Annuitant; however, any Annuitant must be at least 18 on the Annuity Date in order for you to elect a life contingent Annuity Option. Annuitants may not be older than Age 85 on the Issue Date. If you elect an Income Guarantee Feature, Annuitants may not be older than Age 80 on the Issue Date.

You may change the Annuitant(s) on or before the Annuity Date by Written Request, subject to our approval and restrictions that apply if an Income Guarantee Feature is in effect. However, if the Contract is owned by a non-natural person, the Annuitant may not be changed and we will use the Age of the oldest Annuitant to determine certain benefits. The Annuitant generally cannot be changed if the Contract is an individually owned Qualified Contract.

When calculating Annuity Payments, we determine Age based on each Annuitant's nearest birthday on the Annuity Date. See "The Annuity Phase – Annuity Age."

Any change of Annuitant must be made by Written Request. An approved change will take effect on the date the Written Request is signed, unless you specify otherwise. We will not be liable for any payment made or action taken prior to our receipt of the Written Request. A change of Annuitant that we allow will automatically revoke any prior designation of Annuitant. The Annuitant may not be changed, nor may an Annuitant be added, after the Annuity Date.

**Beneficiary**

The Beneficiary is the person(s) or entity(ies) you name to receive any death benefit. You name the Beneficiary at the time of application. If the Owner is a non-natural person, the Owner must be the sole primary Beneficiary unless we allow otherwise.

You can change the Beneficiary by Written Request at any time before you die subject to the restrictions that apply if an Income Guarantee Feature is in effect. You may name an irrevocable Beneficiary(ies). In that case, a change involving the irrevocable Beneficiary requires the consent of the irrevocable Beneficiary. If an irrevocable Beneficiary is named, the Contract Owner retains all other contractual rights.

A change of Beneficiary will take effect on the date the Written Request is signed, unless you specify otherwise. We will not be liable for any payment made or action taken prior to our receipt of the Written Request.

If there is a joint Annuitant on an individually owned Qualified Contract, the joint Annuitant must also be the sole primary Beneficiary.

Unless you provide otherwise, the death benefit will be paid as follows:

(1) In
 equal shares to the primary Beneficiary(ies) who survives your death and/or any Annuitant's death, as applicable;

(2) If
 there is no primary Beneficiary who survives your death and/or any Annuitant's death, as applicable, in equal shares to the contingent
 Beneficiary(ies) who survives your death and/or any Annuitant's death, as applicable; or

(3) If
 there is no primary or contingent Beneficiary who survives your death and/or any Annuitant's death, to you or your estate, as
 applicable.

We will treat a surviving Owner as the primary Beneficiary and treat any other Beneficiary designation, on record at the time of death, as a contingent Beneficiary.

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Purchasing a Contract

To purchase a Contract, you must submit your initial Purchase Payment to your registered representative or to us at our Service Center. Once we receive your initial Purchase Payment and the necessary information at our Service Center, we will credit your initial Purchase Payment to your Contract within two Business Days. If you do not give us all of the information we need, we will notify you. When we receive all of the information we need, we will apply your initial Purchase Payment within two Business Days. If we do not have the necessary information to issue your Contract within five Business Days, then we will either return your Purchase Payment or ask your permission to retain your Purchase Payment until all the necessary information is received.

The date when we credit your initial Purchase Payment to your Contract is the Issue Date. We use the Issue Date to determine Contract Years and Contract Anniversaries.

**Contract Delay**

Our receipt of your initial Purchase Payment may be delayed because of circumstances outside of our control (for example, delays because of the failure of the selling broker-dealer or your registered representative to forward the Purchase Payment in Good Order to us promptly or because of delays in determining whether the Contract is suitable for you or in receiving other necessary information from the selling broker-dealer or your registered representative). Any such delays will affect when we can issue your Contract and when your initial Purchase Payment will be allocated among the investment options under the Contract.

**Purchase Payments**

The minimum amount we accept for an initial Purchase Payment is:

• $10,000
 if you are buying the Contract as a Non-Qualified Contract; or

• $5,000
 if you are buying the Contract as a Qualified Contract.

• You
 can make additional Purchase Payments to your Contract throughout the Accumulation Phase, subject to the conditions noted
 below. You can make additional Purchase Payments by sending payments to one of our purchase payment processing service
 centers:

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; •  **by check** that clearly indicates your name and Contract number, mailed to: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; •  **by check** that clearly indicates your name and Contract number, mailed to: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>First Class Mail</u><br>MassMutual Envision<br>Annuity Payment Services<br>PO Box 75222<br>Chicago, IL 60675-5222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Overnight Mail</u><br>MassMutual Envision<br>Annuity Payment Services<br>5450 N. Cumberland Ave.<br>Suite 100<br>Lockbox 75222<br>Chicago, IL 60656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; •  **by wire transfer** to: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; •  **by wire transfer** to: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase Bank, N.A.<br>ABA # 021000021<br>Account Name: Massachusetts Mutual Life Insurance Co<br>Account Number: 804788898<br>Reference: Annuity Contract #, Name (Your Name) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase Bank, N.A.<br>ABA # 021000021<br>Account Name: Massachusetts Mutual Life Insurance Co<br>Account Number: 804788898<br>Reference: Annuity Contract #, Name (Your Name) |

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Additional Purchase Payments of less than $500 are subject to our approval. The maximum total Purchase Payments we will allow without our approval is $1,500,000. In most states, in calculating the maximum, we will take into account the cumulative Purchase Payments on the Contract and multiple purchases of the Contract by the same Owner (whether as the sole Owner or Joint Owner), or with the same Annuitant (whether as the Annuitant or joint Annuitant). See "Appendix G – State Variations of Certain Contract Features" for more information about state variations. If an Income Guarantee Feature is in effect with your Contract, you are subject to the restrictions on additional Purchase Payments under the Income Guarantee Feature Benefit Base provisions. See the "Benefit Base – Restrictions on Subsequent Purchase Payments" subsection in the "Additional Benefits – Income Guarantee Features" section for each Income Guarantee Feature for more information.

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If you make additional Purchase Payments, we will credit these amounts to your Contract on the Business Day we receive them and all necessary information, in Good Order, at one of our purchase payment processing service centers. If we receive your Purchase Payment on a Non-Business Day or after the Close of Business, we will credit the amount to your Contract effective the next Business Day.

We reserve the right to reject any application or Purchase Payment. See "Other Information – Reservation of Rights" for more information. Moreover, if an Income Guarantee Feature is in effect with your Contract, we reserve the right to reject any Purchase Payment not conforming to the terms of your Income Guarantee Feature.

**Automatic Investment Plan (AIP)**

Under the AIP, you may authorize us to periodically draw funds from an account of your choosing (restrictions may apply) for the purpose of making Purchase Payments to your Contract. Contact our Service Center for information regarding setting up an AIP and any restrictions regarding use of the AIP. If you participate in the AIP, the minimum additional Purchase Payment is $100. Additionally, the AIP may not be available for Contracts held as a SEP IRA or SIMPLE IRA.

**Allocation of Purchase Payments**

When you purchase your Contract, we allocate your Purchase Payment received in Good Order among the investment options according to the allocation instructions you provide. If you make additional Purchase Payments, we will allocate them based on your current allocation instructions, unless you request a different allocation by sending us a Written Request. We reserve the right to allocate initial Purchase Payments to a money market Sub-Account until the expiration of the Right to Examine Contract time period.

Any allocations to the Sub-Accounts that invest in the Funds that you have selected must be in whole percentages and must total 100%.

You may allocate Purchase Payments to the DCA Fixed Account, subject to conditions we may impose on such allocations. See "Transfers and Transfer Programs" for allocation restrictions applicable to that feature.

If an Income Guarantee Feature is in effect, you are subject to restrictions on the allocation of Purchase Payments. See "Additional Benefits – Income Guarantee Features." If an Income Guarantee Feature is in effect, changing your current Purchase Payment allocations will also transfer Contract Value from your current allocations to your new allocations.

**Contract Value**

Your Contract Value is the sum of your values in the Sub-Accounts and the DCA Fixed Account.

The value of your investments in the Separate Account will vary depending on the investment performance of the Funds you choose. In order to keep track of your Contract Value in the Separate Account, we use a unit of measure called an Accumulation Unit.

Any Contract Value allocated to the DCA Fixed Account will be credited with a fixed interest rate.

**Accumulation Units**

Every Business Day we determine the value of an Accumulation Unit for each of the Sub-Accounts. Changes in the Accumulation Unit value reflect the investment performance of the Fund as well as deductions for insurance and other charges. The value of an Accumulation Unit may go up or down from Business Day to Business Day.

When you make a Purchase Payment, we credit your Contract with Accumulation Units. We determine the number of Accumulation Units to credit by dividing the amount of the Purchase Payment allocated to a Sub-Account by the value of the Accumulation Unit for that Sub-Account. When you make a withdrawal, we deduct from your Contract Accumulation Units representing the withdrawal amount.

We calculate the value of an Accumulation Unit for each Sub-Account after the Close of Business each Business Day. Any change in the Accumulation Unit value will be reflected in your Contract Value.

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Calculation of Accumulation Unit Value

The Accumulation Unit Value for each Sub-Account was set initially at $10. Subsequently, the Accumulation Unit Values on any Business Day will be those we calculate after the Close of Business on that day. We calculate the Accumulation Unit Values for each Sub-Account by applying the Change in Net Asset Value (NAV) Formula. That formula derives the daily investment rate of return for each Sub-Account net of all Separate Account charges. The Change in NAV Formula is applied to each Sub-Account as follows:

(1) The
 daily change in NAV of the Fund is added to the amount of any Fund distribution (income or capital gain distribution) on
 that Business Day. This sum is then divided by the previous Business Day NAV of the Fund. This is the daily gross investment
 rate of return for the Fund.

(2) The
 daily accrual for all the Separate Account charges are then subtracted from the daily gross investment rate of return for the
 Fund.

(3) The
 result is then multiplied by the previous Business Day Accumulation Unit Value to produce the next Accumulation Unit Value.

We have the right to split or consolidate the number of Accumulation Units credited to your Contract, with a corresponding increase or decrease in the Accumulation Unit Values.

***Example:***<br>On Monday we receive an additional Purchase Payment of $5,000 from you. You have told us you want this to go to the MML Managed Bond Sub-Account. When the NYSE closes on that Monday, we determine that the value of an Accumulation Unit for the MML Managed Bond Sub-Account is $13.90. We then divide $5,000 by $13.90 and credit your Contract on Monday night with 359.71 Accumulation Units for the MML Managed Bond Sub-Account.

**Right to Cancel Your Contract**

You have a right to examine your Contract (sometimes referred to as a free look period). If you change your mind about owning your Contract, you can cancel it within ten calendar days after receiving it. This time period may vary by state, but will never be less than ten calendar days.

When you cancel the Contract within this time period, we will not assess a CDSC. Unless your state has other requirements, you will receive back your Contract Value plus any fees or charges previously deducted from your Purchase Payments as of the Business Day we receive your Written Request in Good Order at our Service Center, and your Contract will be terminated. If state law requires us to return the amount of your Purchase Payments, then we will return the greater of: (i) the full amount of any Purchase Payment(s) less any withdrawals, or (ii) your Contract Value plus any fees or charges previously deducted from your Purchase Payments. If you purchase the Contract as an IRA, we will return the greater of your Purchase Payments less any withdrawals, or the Contract Value plus any fees or charges previously deducted from your Purchase Payments.

Please see "Appendix G – State Variations of Certain Contract Features" for more information about state variations.

**Sending Requests in Good Order**

From time to time you may want to submit a request for transfer among investment options, a withdrawal, a change of Beneficiary, or some other action. We can only act upon your request if we receive it in "Good Order." To help protect against unauthorized or fraudulent telephone instructions, we will use reasonable procedures to confirm that telephone instructions given to us are genuine. We may record all telephone instructions.

In addition to Written Requests, we may allow requests to our Service Center:

• by
 fax at (866) 329-4272,

• by
 email at ANNfax@MassMutual.com,

• by
 telephone at (800) 272-2216, or

• by
 internet at www.MassMutual.com.

Fax, telephone, email, or internet transactions may not always be available. Fax, telephone, and computer systems can experience outages or slowdowns for a variety of reasons. These outages or slowdowns may prevent or delay our receipt of your request. We may make these additional methods available at our discretion. They may be suspended or discontinued at any time without notice. Not all transaction types can be requested by fax, telephone, or the internet.

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Transfers and Transfer Programs

**General Overview**

Generally, you can transfer all or part of your Contract Value among investment options. However, there are restrictions that are detailed later in this section. You can make transfers by Written Request, email, telephone, fax, or other authorized means. You must clearly indicate the amount and investment options from and to which you wish to transfer. We reserve the right, at any time, to terminate, suspend, or modify the transfer provisions of the Contract.

Your transfer is effective at the Close of Business on the Business Day we receive your Written Request, in Good Order, at our Service Center. If we receive your transfer request at our Service Center in Good Order on a Non-Business Day or after Close of Business, your transfer request will be effective on the next Business Day.

**Transfers During the Accumulation Phase**

You may transfer all or part of your Contract Value allocated to a Sub-Account. You can make a transfer to or from any Sub-Account. If your Contract has an Income Guarantee Feature in effect, there are restrictions on available Sub-Accounts. See "Additional Benefits – Income Guarantee Features." Additionally, while there are currently no restrictions on available Sub-Accounts if you elected the HQV Death Benefit, we reserve the right to impose such restrictions in the future. See "Death Benefit – Death Benefit Amount During the Accumulation Phase – Highest Quarterly Value (HQV) Death Benefit."

Currently, we do not limit the number of transfers you may make; however, we reserve the right to limit transfers when the transfer privilege is being exercised to the detriment of other Owners. We further reserve the right, upon 30 calendar days advance notice to you, to limit the number of transfers in the future. We will exercise this right should we see a significant increase in transfer activity by Owners that leads to an increase in cost to administer the Contract. If we exercise this right, we will do so in the same manner for all Owners, and we will provide Owners with prior Written Notice of our decision to limit the number of transfers you may make.

**Transfers During the Annuity Phase**

We do not allow transfers during the Annuity Phase.

**Transfer Programs**

*For detailed rules and restrictions pertaining to these programs and instructions for electing a program, contact our Service Center.*

**Overview**

We currently offer the following transfer programs: Separate Account Dollar Cost Averaging Program and Automatic Rebalancing Program. These programs are available only during the Accumulation Phase. You may participate in only one of these programs at any one time.

You may not participate in the Separate Account Dollar Cost Averaging Program or the Automatic Rebalancing Program if you have a current election in the DCA Fixed Account.

You may not participate in the Separate Account Dollar Cost Averaging Program or Automatic Rebalancing Program if an Income Guarantee Feature is in effect.

**Separate Account Dollar Cost Averaging Program**

This program allows you to systematically transfer a set amount from a Sub-Account to any of the other Sub-Account(s). By allocating amounts on a regular schedule as opposed to allocating the total amount at one particular time, you may be less susceptible to the impact of market fluctuations. Dollar cost averaging does not assure a profit and does not protect you against loss in declining markets. Since dollar cost averaging involves continuous investment in securities regardless of fluctuating price levels of such securities, you should consider your financial ability to continue the program through periods of fluctuating price levels.

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Your Separate Account Dollar Cost Averaging Program will terminate:

• if
 you withdraw the total Contract Value;

• upon
 our receipt of due proof of the Owner's death and election of the payment method by any Beneficiary;

• if
 the last transfer you selected has been made;

• if
 you apply your Contract Value to an Annuity Option;

• if
 there is insufficient Contract Value in the selected Sub-Account to make the transfer; or

• if
 we receive from you a Written Request or a request over the telephone to terminate the program at our Service Center prior
 to the next transfer date.

**Automatic Rebalancing Program**

Over time, the performance of each Sub-Account may cause your allocation to shift from your original allocation. You can direct us to automatically rebalance your Contract Value allocated to the Sub-Accounts in order to return to your original percentage allocations by selecting our Automatic Rebalancing Program.

This program will terminate:

• if
 you withdraw the total Contract Value;

• upon
 our receipt of due proof of the Owner's death and election of the payment method by any Beneficiary;

• if
 you apply your Contract Value to an Annuity Option;

• if
 you make any unscheduled transfer; or

• if
 we receive from you a Written Request or request over the telephone to terminate the program at our Service Center prior to
 the next transfer date.

**Limits on Frequent Trading and Market Timing Activity**

The Contract and its investment options are not designed to serve as vehicles for what we have determined to be frequent trading or market timing trading activity. We consider these activities to be abusive trading practices that can disrupt the management of a Fund in the following ways:

• by
 requiring the Fund to keep more of its assets liquid rather than investing them for long-term growth, resulting in lost investment
 opportunity; and

• by
 causing unplanned portfolio turnover.

These disruptions, in turn, can result in increased expenses and can have an adverse effect on Fund performance that could impact all Owners and Beneficiaries under the Contract, including long-term Owners who do not engage in these activities. Therefore, we discourage frequent trading and market timing trading activity and will not accommodate frequent transfers of Contract Value among the Funds. Organizations and individuals that intend to trade frequently and/or use market timing investment strategies should not purchase the Contract.

We have adopted policies and procedures to help us identify those individuals or entities that we determine may be engaging in frequent trading and/or market timing trading activities. We monitor trading activity to uniformly enforce those procedures. However, those who engage in such activities may employ a variety of techniques to avoid detection. Our ability to detect frequent trading or market timing may be limited by operational or technological systems, as well as by our ability to predict strategies employed by Owners (or those acting on their behalf) to avoid detection. Therefore, despite our efforts to prevent frequent trading and the market timing of Funds among the Sub-Accounts, there can be no assurance that we will be able to identify and curtail every instance of trading of those who trade frequently or those who employ a market timing strategy or those who act as intermediaries on behalf of such persons. Moreover, our ability to discourage and restrict frequent trading or market timing may be limited by decisions of state regulatory bodies and court orders that we cannot predict.

In addition, some of the Funds are available with variable products issued by other insurance companies. We do not know the effectiveness of the policies and procedures used by these other insurance companies to detect frequent trading and/or market timing. As a result of these factors, the Funds may reflect lower performance and higher expenses across all Contracts as a result of undetected abusive trading practices.

If we, or any investment adviser to any of the Funds available with the Contract, determine that an Owner's transfer patterns reflect frequent trading or employment of a market timing strategy, we will allow the Owner to submit transfer requests by regular mail only.

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We will not accept other Owner transfer requests if submitted by overnight mail, fax, the telephone, our website, or any other type of electronic medium. Additionally, we may reject any single trade that we determine to be abusive or harmful to the Fund. Orders for the purchase of Fund shares may be subject to acceptance by the Fund. Therefore, we reserve the right to reject, without prior notice, any Fund transfer request if the investment in the Fund is not accepted for any reason.

The Funds may assess a redemption fee (which we reserve the right to collect) on shares held for a relatively short period. The prospectuses for the Funds describe the Funds' frequent trading and market timing policies and procedures, which may be more or less restrictive than the policies and procedures we have adopted. We have entered into a written agreement, as required by SEC regulation, with each Fund or its principal underwriter that obligates us to provide to the Fund promptly upon request certain information about the trading activity of individual Owners, and to execute instructions from the Fund to restrict or prohibit further purchases or transfers by specific Owners who violate the frequent trading or market timing policies established by the Fund.

Owners and other persons with interests in the Contracts should be aware that the purchase and redemption orders received by the Funds generally are "omnibus" orders from intermediaries, such as retirement plans or separate accounts funding variable insurance contracts. The omnibus orders reflect the aggregation and netting of multiple orders from individual owners of variable contracts and/or individual retirement plan participants. The omnibus nature of these orders may limit the Funds in their ability to apply their frequent trading or market timing policies and procedures. It may also require that we restrict or prohibit further purchases or transfers as requested by a Fund on all contracts owned by an Owner whose trading activity under one variable contract has violated a Fund's frequent trading or market timing policy. If a Fund believes that an omnibus order reflects one or more transfer requests from Owners engaged in frequent trading or market timing activity, the Fund may reject the entire omnibus order.

We will notify you in writing if we reject a transfer or if we implement a restriction due to frequent trading or the use of market timing investment strategies. If we do not accept a transfer request, no change will be made to your allocations per that request. We will then allow you to resubmit the rejected transfer by regular mail only.

Additionally, we may in the future take any of the following restrictive actions that are designed to prevent the employment of a frequent trading or market timing strategy:

• not
 accept transfer instructions from an Owner or other person authorized to conduct a transfer;

• limit
 the number of transfer requests that can be made during a Contract Year; and

• require
 the value transferred into a Fund to remain in that Fund for a particular period of time before it can be transferred out of
 the Fund.

We will apply any restrictive action we take uniformly to all Owners we believe are employing a frequent trading or market timing strategy. These restrictive actions may not work to deter frequent trading or market timing activity.

We reserve the right to revise our procedures for detecting frequent trading and/or market timing at any time without prior notice if we determine it is necessary to do so in order to better detect frequent trading and/or market timing, to comply with state or federal regulatory requirements, or to impose different restrictions on frequent traders and/or market timers. If we modify our procedures, we will apply the new procedure uniformly to all Owners.

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The Annuity Phase

**Overview**

If you want to receive regular income from your Annuity, you can elect to apply your Contract Value so that you can receive Fixed Annuity Payments under one of the Annuity Options described in this section. If you have reached your Annuity Date and you have not chosen an Annuity Option, we will assume you elected a Single Life Annuity with Period Certain Annuity Option with fixed payments and ten years of payments guaranteed. If the Contract has joint Annuitants, we will assume you elected the Joint and Survivor Life Annuity Option with fixed payments and ten years of payments guaranteed. If your Contract is a Qualified Contract, additional requirements may apply. See the "Latest Permitted Annuity Date" subsection of the "Income Guarantee Features" section for the Income Guarantee Feature you elected, if applicable, for information about the default Annuity Option under that feature. We may base Annuity Payments on the Age and sex of the Annuitant under all options except the Non-Lifetime Contingent Annuity Option. We consider a Non-Lifetime Contingent Annuity Option to be an Annuity Option which provides an Annuity Payment for a fixed period of time only. See "The Annuity Phase – Non-Lifetime Contingent Option – Period Certain Annuity Option." We may require proof of Age and sex before Annuity Payments begin.

**You may only apply your full Contract Value to an Annuity Option. If the amount to be applied under an Annuity Option** **results in an Annuity Payment of less than $20 monthly (or the equivalent amount based on the selected frequency), we will** **pay the amount in a lump sum. If any Annuity Payment is less than $100, we will change the payment basis to equivalent** **quarterly, semi-annual or annual payments. For Contracts issued in New York, the minimum amount that may be applied to** **an Annuity Option is $5,000 and the minimum initial monthly Annuity Payment must be $20 or greater.**

**Annuity Payment Start Date**

You can choose the day, month and year in which Annuity Payments begin; however, the day must be between the 1<sup>st</sup> and 28<sup>th</sup> day of the month. We call that date the Annuity Date. According to your Contract, your Annuity Date cannot be earlier than five years after you buy the Contract (unless state law requires a shorter waiting period). See "Appendix G – State Variations of Certain Contract Features".

When you purchase the Contract, your Annuity Date is the Latest Permitted Annuity Date. After you purchase your Contract, you can request an earlier Annuity Date by Written Request.

**Latest Permitted Annuity Date**

Unless the laws or regulations of the state in which your Contract was issued requires an earlier date, Annuity Payments must begin by the Contract Anniversary after the 95<sup>th</sup> birthday of the oldest Annuitant or the oldest Owner (whichever is sooner).

**Annuity Payments**

On the Annuity Date, you will begin receiving Annuity Payments under the Annuity Option that you elected. Your Annuity Payments will be fixed, meaning that the payments will not vary unless you elect either of the Joint and 2/3 Survivor Annuity Options that reduce payments upon the death of the first Annuitant. The amount of your Annuity Payments will depend upon the following:

• the
 value of your Contract on the Annuity Date;

• the
 Annuity Option you elect;

• the
 Age and sex of the Annuitant or joint Annuitants, if applicable;

• the
 minimum guaranteed payout rates associated with your Contract; and

• the
 deduction of Premium Taxes, if applicable.

See "Fixed Annuity Payout Rates" section in the SAI for more information.

**Annuity Age**

When calculating Annuity Payments, we determine Age based on each Annuitant's nearest birthday on the Annuity Date. For example, we consider Age 80 to be the period of time between age 79 years, 6 months, and 1 day and age 80 years and 6 months.

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**Annuity Options**

The available fixed Annuity Options are listed in this section in the Annuity Options table. We may consent to other plans of payment in addition to those listed. After Annuity Payments begin, you cannot change the Annuity Option or the frequency of Annuity Payments. If you elected an Income Guarantee Feature, there is an additional Annuity Option available to you. See the "Latest Permitted Annuity Date" subsection of the "Income Guarantee Features" section for the Income Guarantee Feature you elected. Generally, you cannot make withdrawals during the Annuity Phase; however, certain Annuity Options may allow for commuted value withdrawals. See "The Annuity Phase – Annuity Payment Commutation." For all lifetime contingent Annuity Options, the Annuitant(s) must be at least Age 18 as of the Annuity Date.

**RMDs for Qualified Contracts**

In order to avoid adverse tax consequences, you should begin to take distributions from your Contract no later than the beginning date required by the IRC. These distributions can be withdrawals or Annuity Payments. The distributions should be at least equal to the minimum amount required by the IRC or paid through an Annuity Option that complies with the RMD rules of IRC Section 401(a)(9). If your Contract is an individual retirement annuity, the required beginning date is no later than April 1 of the calendar year after you reach the "applicable age" specified in IRC Section 401(a)(9)(C). If you were born after December 31, 1950 and before January 1, 1960, your applicable age is 73. If you were born after December 31, 1959, your applicable age is 75. Previously, the age at which RMDs were required to begin was 70½ for those born before July 1, 1949, and 72 for those born after June 30, 1949 and before January 1, 1951.

**Contingent Deferred Sales Charge (CDSC)**

We will not deduct a CDSC if you apply your Contract Value to any Annuity Option.

**Limitations on Payment Options**

If you purchased the Contract as a Qualified Contract, the RMD rules that apply to annuitized Contracts during your lifetime may impose restrictions on the payment options that you may elect. In addition, in order to ensure that the Contract will comply with the RMD requirements that apply upon your death, you may not elect a joint and survivor Annuity Option with a non-spouse Joint Annuitant who is more than 10 years younger than you.

For Qualified Contracts, if, upon the death of the Owner (Annuitant if the Contract is owned by a non-natural person), there are Annuity Payments remaining, we may shorten the remaining payment period in order to ensure that payments do not continue beyond the 10 year post-death distribution period provided under IRC Section 401(a)(9), or beyond the Beneficiary's life or life expectancy for certain classes of beneficiaries, such as a spouse or an individual who is not more than 10 years younger than the decedent.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Single Lifetime Contingent Options** (Fixed Annuity Payments only) | &nbsp;&nbsp; **Single Lifetime Contingent Options** (Fixed Annuity Payments only) | &nbsp;&nbsp; **Single Lifetime Contingent Options** (Fixed Annuity Payments only) | &nbsp;&nbsp; **Single Lifetime Contingent Options** (Fixed Annuity Payments only) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Single Life Annuity*** | ***Single Life Annuity with***<br>***Cash Refund*** | ***Single Life Annuity with***<br>***Period Certain*** |
| **Number of Annuitants:** | One | One | One |
| **Length of Payment Period:** | For as long as the Annuitant lives. | For as long as the Annuitant lives. | For a guaranteed period of either 10 or 20 years or as long as the Annuitant lives, whichever is longer. |
| **Annuity Payments After**<br>**Death of the Annuitant:** | None. All payments end upon the Annuitant's death. | If the total of all Annuity Payments made is less than the amount applied to the Annuity Option, the Beneficiary(ies) will receive the difference in a lump sum. If the total of all Annuity Payments made is equal to or greater than the amount applied to the Annuity Option, no additional payment will be made. | When the Annuitant dies, if there are remaining guaranteed payments, the Beneficiary(ies) may elect to continue receiving remaining guaranteed payments or the Beneficiary(ies) may elect a lump sum payment equal to the commuted value of the remaining guaranteed Annuity Payments.<sup>(1)</sup> |

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(1) *In the event that remaining Annuity Payments are commuted, we compute the value of the remaining guaranteed Annuity Payments at an interest rate determined* *by us.* 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Joint Lifetime Contingent Options** (Fixed Annuity Payments only) | &nbsp;&nbsp; **Joint Lifetime Contingent Options** (Fixed Annuity Payments only) | &nbsp;&nbsp; **Joint Lifetime Contingent Options** (Fixed Annuity Payments only) |  |  |
|  | <br>***Joint and Survivor***<br>***Annuity*** | ***Joint and Survivor***<br>***Annuity with***<br>***Period Certain*** | ***Joint and 2/3 Survivor***<br>***Life Annuity*** | ***Joint and 2/3 Survivor***<br>***Life Annuity with***<br>***Period Certain*** |
| **Number of Annuitants:** | Two | Two | Two | Two |
| **Length of Payment** **Period:** | For as long as either Annuitant lives. | For a guaranteed period of either 10 or 20 years or as long as either Annuitant lives, whichever is longer. | For as long as either Annuitant lives. | For a guaranteed period of either 10 or 20 years or as long as either Annuitant lives, whichever is longer. |
| **Annuity Payments**<br>**After Death of the**<br>**Annuitant:** | 100% of the payments will continue for the life of the surviving Annuitant. No payments will continue after the death of both Annuitants. | 100% of the payments will continue for the life of the surviving Annuitant.<br>When both Annuitants have died, if there are remaining guaranteed payments, the Beneficiary(ies) may elect to continue receiving remaining guaranteed payments or the Beneficiary(ies) may elect a lump sum payment equal to the commuted value of the remaining guaranteed Annuity Payments.<sup>(1)</sup> | At the death of either Annuitant, Annuity Payments will continue to be paid at the same frequency then in effect for the life of the surviving Annuitant, but at a reduced rate of two-thirds of the original Annuity Payment. Annuity Payments cease upon the death of the last surviving Annuitant. | At the end of the period certain following the death of either Annuitant, or upon the death of either Annuitant after the end of the period certain, Annuity Payments will continue to be paid at the same frequency then in effect to the surviving Annuitant, but at a reduced rate of two-thirds of the original Annuity Payment. If the last surviving Annuitant dies before the end of the period certain, Annuity Payments will continue at 100% of the amount and at the same frequency then in effect until the end of the period certain. The Beneficiary(ies) may instead elect to receive the commuted value of the remaining period certain Annuity Payments in a lump sum. If the last surviving Annuitant dies after the end of the period certain, no additional Annuity Payments will be made.<sup>(1)</sup> |

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(1) *In the event that remaining Annuity Payments are commuted, we compute the value of the remaining guaranteed Annuity Payments at an interest rate determined* *by us.* 

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| | |
|:---|:---|
| &nbsp;&nbsp; **Non-Lifetime Contingent Option** (Fixed Annuity Payments only) |  |
|  | ***Period Certain Annuity Option*<sup>*(1)*</sup>** |
| **Number of Annuitants:** | One or two |
| **Length of Payment Period:** | For a specified period no less than 10 years and no greater than 30 years. |
| **Annuity Payments after Death of the Annuitant:** | If the last Annuitant dies before the end of the period certain, Annuity Payments will continue to be paid at the same frequency then in effect until the end of the period certain. The Beneficiary(ies) may instead elect to receive the commuted value of the remaining period certain Annuity Payments in a lump sum.<sup>(2)</sup> |

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(1) *We consider this Annuity Option to be a non-lifetime contingent Annuity Option.* 

(2) *In the event that remaining Annuity Payments are commuted, we compute the value of the remaining guaranteed Annuity Payments at an interest rate determined* *by us.* 

**Annuity Payment Commutation**

Once during lifetime of the Contract, you may, upon Written Request, withdraw all or a portion of the Commuted Value of any remaining Period Certain Annuity Payments, subject to the following conditions:

This commutation right is only available for use with the following Annuity Options:

• Single
 Life Annuity – Period Certain for 10 or 20 years; or

• Joint
 and Survivor Life Annuity – Period Certain for 10 or 20 years, with or without a reduction; or

• Period
 Certain Annuity Only – 10 years or greater.

A commuted value withdrawal:

• may
 not be taken any earlier than one year following the date you apply your Contract Value to an Annuity Option;

• may
 not be taken after the end of the Period Certain portion of the Annuity Phase;

• may
 not be taken if the requested withdrawal would cause the remaining Annuity Payment to be less than the Minimum Annuity
 Payment payable under the Contract at the existing Annuity Payment frequency; and

• must
 be at least $10,000.

The Commuted Value of the remaining Period Certain Annuity Payments is calculated using the Commuted Value Formula specified on the Contract Schedule. All Commuted Values will be determined upon our receipt of a Written Request at our Service Center. Upon receipt of such Written Request, we will provide you with a notice of the amount payable, how the amount was determined and the impact on remaining Annuity Payments, if applicable.

For Period Certain Only Annuity Options, future Annuity Payments will be proportionally reduced by the ratio of the amount of the withdrawal to the Commuted Value. If the full Commuted Value is withdrawn, no future Annuity Payments will be made, and the Contract will terminate.

For Life Contingent Period Certain Annuity Options, future Annuity Payments during the remaining Period Certain will be proportionally reduced by the ratio of the amount of the withdrawal to the Commuted Value. Any future life contingent Annuity Payments will revert to the scheduled payment amount at the end of the Period Certain as long as an Annuitant is alive.

This commutation right is not available for Contracts issued in New York.

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Benefits Available Under the Contract

The following table summarizes information about the benefits available under the Contract.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Benefit**  | **Purpose**  | **Benefit is Standard or Optional**  | **Fee**  | **Restrictions/Limitations**  |
| &nbsp;&nbsp; **Return of Purchase** **Payment (ROP) Death Benefit**  | Upon your death, we will pay your designated beneficiaries the greater of (1) the Contract Value when we receive due proof of death and election of a payment method; or (2) an amount based on your Purchase Payments adjusted for withdrawals.  | Standard  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Can only be elected at time of Contract issue. <br> • Withdrawals, including withdrawals of the ALBA while an Income Guarantee Feature is in effect, reduce the guaranteed death benefit amount in direct proportion to Contract Value reduction. <br> • This benefit terminates when the Contract terminates, upon annuitization, and upon receipt of due proof of death and election of a payment method received by us in Good Order.  |
| &nbsp;&nbsp; **Highest Quarterly Value** **(HQV) Death Benefit** <br> **Available beginning January 26, 2026 in all states except California, Delaware, Florida, New York, North Dakota, South Dakota, and South Carolina. Available in the remaining states except New York beginning February 23, 2026.**  | Upon your death, the death benefit payable to your designated beneficiaries will be the greater of (1) contract value on the business day we receive due proof of death and election of a payment method or (2) the Highest Quarterly Value. The Highest Quarterly Value is the greater of: (1) the total Purchase Payments, reduced by a pro-rata adjustment for each withdrawal; or (2) the Annual Lock-In Feature (ALIF).  | Optional  | 0.30%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Can only be elected at time of Contract issue. <br> • Once elected cannot be terminated by the Owner. <br> • Owner (or Annuitant, if Contract is owned by a non-natural person) may not be older than Age 75 when the Contract is issued. <br> • Withdrawals reduce the guaranteed death benefit amount in direct proportion to Contract Value reduction. <br> • Once the Contract Anniversary after the oldest Owner (or oldest Annuitant, if the Contract is owned by a non-natural person) attains age 80 has occurred, the ALIF will no longer recalculate on each Contract Anniversary. The ALIF will remain as the last calculated ALIF, adjusted by subsequent Purchase Payments and withdrawals. <br> • You may not elect this benefit if you elected an Income Guarantee Feature. <br> • We reserve the right to restrict investment options available to you while this feature is in effect. <br> • This benefit terminates when the Contract terminates, upon annuitization, and upon receipt of due proof of death and election of a payment method received by us in Good Order.  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Benefit** | **Purpose** | **Benefit is** **Standard or** **Optional** | **Fee** | **Restrictions/Limitations**  |
| &nbsp;&nbsp; **RetirePay** | Guarantees that prescribed level of withdrawals can be taken for life beginning on the Guaranteed Lifetime Withdrawal Date, even if Contract Value is zero. | Optional | Maximum Income Guarantee Feature Charge: 2.50%<br> For current Income Guarantee Feature Charges, see the current Rate Sheet Prospectus Supplement (for prospective Contract Owners) or the Rate Sheet Prospectus Supplement included at time of Contract delivery (for existing Contract Owners). Historical Rate Sheets can also be found in Appendix H. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; •  Can only be elected at time of Contract issue.<br> •  Owner (or Annuitant, if Contract is owned by a non-natural person) must be at least Age 45 and may not be older than Age 80 when the Contract is issued.<br> •  May allocate Contract Value only to certain Sub-Accounts.<br> •  May not make subsequent Purchase Payments that total more than $10,000 in a Contract Year after the first Contract Year.<br> •  Subsequent Purchase Payments not allowed after the Guaranteed Lifetime Withdrawal Date.<br> •  Any withdrawal prior to the Guaranteed Lifetime Withdrawal Date and, on and after the Guaranteed Lifetime Withdrawal Date, the portion of a withdrawal (including CDSCs) from the Contract Value that causes the cumulative withdrawals to exceed the ALBA in that Contract Year, will be an Excess Withdrawal unless the withdrawal is taken as a part of the Company's Systematic Withdrawal Program established for the payment of RMDs, under which the RMD is calculated by the Company. Any withdrawal that occurs after the cumulative withdrawals exceed the ALBA in that Contract Year will also be an Excess Withdrawal.<br> •  Excess Withdrawals negatively impact the feature.<br> •  The ALBA is not available until youngest Covered Person attains age 59½.<br> •  If we increase the Income Guarantee Feature Charge and you elect to opt-out of the Income Guarantee Feature Charge Increase, it will terminate your right to any future increases to your Benefit Base and your right to make subsequent Purchase Payments.<br> •  An Income Guarantee Feature Charge Increase Opt-Out is irrevocable once it becomes effective.  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Benefit**  | **Purpose**  | **Benefit is Standard or Optional**  | **Fee**  | **Restrictions/Limitations**  |
| &nbsp;&nbsp; **RetireCore** <br> **Available beginning January 26, 2026 in all states except California, Delaware, Florida, New York, North Dakota, South Dakota, and South Carolina. Available in the remaining states except New York beginning February 23, 2026.**  | Guarantees that prescribed level of withdrawals can be taken for life beginning on the Guaranteed Lifetime Withdrawal Date, even if Contract Value is zero.  | Optional  | Maximum Income Guarantee Feature Charge: 2.50% <br> For current Income Guarantee Feature Charges, see the current Rate Sheet Prospectus Supplement (for prospective Contract Owners) or the Rate Sheet Prospectus Supplement included at time of Contract delivery (for existing Contract Owners). Historical Rate Sheets can also be found in Appendix H.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Can only be elected at time of Contract issue. <br> • Owner (or Annuitant, if Contract is owned by a non-natural person) must be at least Age 45 and may not be older than Age 80 when the Contract is issued. <br> • May allocate Contract Value only to certain Sub-Accounts. <br> • May not make subsequent Purchase Payments that total more than $25,000 in a Contract Year after the first Contract Year. <br> • Subsequent Purchase Payments not allowed after the Guaranteed Lifetime Withdrawal Date. <br> • Any withdrawal prior to the Guaranteed Lifetime Withdrawal Date and, on and after the Guaranteed Lifetime Withdrawal Date, the portion of a withdrawal (including CDSCs) from the Contract Value that causes the cumulative withdrawals to exceed the ALBA in that Contract Year, will be an Excess Withdrawal unless the withdrawal is taken as a part of the Company's Systematic Withdrawal Program established for the payment of RMDs, under which the RMD is calculated by the Company. Any withdrawal that occurs after the cumulative withdrawals exceed the ALBA in that Contract Year will also be an Excess Withdrawal. <br> • Excess Withdrawals negatively impact the feature. <br> • The ALBA is not available until youngest Covered Person attains age 59½. <br> • If we increase the Income Guarantee Feature Charge and you elect to opt-out of the Income Guarantee Feature Charge Increase, it will terminate your right to any future increases to your Benefit Base and your right to make subsequent Purchase Payments. <br> • An Income Guarantee Feature Charge Increase Opt-Out is irrevocable once it becomes effective.  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Benefit** | **Purpose** | **Benefit is** **Standard or** **Optional** | **Fee** | **Restrictions/Limitations**  |
| &nbsp;&nbsp; **RetireCore Stacking**<br> **Available beginning January 26, 2026 in all states except California, Delaware, Florida, New York, North Dakota, South Dakota, and South Carolina. Available in the remaining states except New York beginning February 23, 2026.**  | Guarantees that prescribed level of withdrawals can be taken for life beginning on the Guaranteed Lifetime Withdrawal Date, even if Contract Value is zero. | Optional | Maximum Income Guarantee Feature Charge: 2.50%<br> For current Income Guarantee Feature Charges, see the current Rate Sheet Prospectus Supplement (for prospective Contract Owners) or the Rate Sheet Prospectus Supplement included at time of Contract delivery (for existing Contract Owners). Historical Rate Sheets can also be found in Appendix H. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; •  Can only be elected at time of Contract issue.<br> •  Owner (or Annuitant, if Contract is owned by a non-natural person) must be at least Age 45 and may not be older than Age 80 when the Contract is issued.<br> •  May allocate Contract Value only to certain Sub-Accounts.<br> •  May not make subsequent Purchase Payments that total more than $25,000 in a Contract Year after the first Contract Year.<br> •  Subsequent Purchase Payments not allowed after the Guaranteed Lifetime Withdrawal Date.<br> •  Any withdrawal prior to the Guaranteed Lifetime Withdrawal Date and, on and after the Guaranteed Lifetime Withdrawal Date, the portion of a withdrawal (including CDSCs) from the Contract Value that causes the cumulative withdrawals to exceed the ALBA in that Contract Year, will be an Excess Withdrawal unless the withdrawal is taken as a part of the Company's Systematic Withdrawal Program established for the payment of RMDs, under which the RMD is calculated by the Company. Any withdrawal that occurs after the cumulative withdrawals exceed the ALBA in that Contract Year will also be an Excess Withdrawal.<br> •  Excess Withdrawals negatively impact the feature.<br> •  The ALBA is not available until youngest Covered Person attains age 59½. <br> •  If we increase the Income Guarantee Feature Charge and you elect to opt-out of the Income Guarantee Feature Charge Increase, it will terminate your right to any future increases to your Benefit Base and your right to make subsequent Purchase Payments.<br> •  An Income Guarantee Feature Charge Increase Opt-Out is irrevocable once it becomes effective. |
| &nbsp;&nbsp; **Automatic Rebalancing** **Program** | Automatically rebalances the Sub-Accounts you select to maintain original percentage allocation of Contract Value. | Optional |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; •  Cannot use if a DCA Term, Separate Account Dollar Cost Averaging Program, or an Income Guarantee Feature are in effect. |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Benefit** | **Purpose** | **Benefit is** **Standard or** **Optional** | **Fee** | **Restrictions/Limitations**  |
| &nbsp;&nbsp; **DCA Fixed Account** | Automatically transfers a specific amount of Contract Value from the DCA Fixed Account to the Sub-Accounts you have selected, at set intervals over a period of either six or twelve months. | Optional |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; •  Cannot use if the Automatic Rebalancing Program, Separate Account Dollar Cost Averaging Program, or an Income Guarantee Feature are in effect.<br> •  Must apply a Purchase Payment of at least $5,000 to establish a DCA Term.<br> •  You cannot transfer current Contract Value into the DCA Fixed Account.<br> •  No unscheduled transfers may be made from the DCA Fixed Account. |
| &nbsp;&nbsp; **Separate Account**<br>**Dollar Cost Averaging**<br>**Program** | Automatically transfers a specific amount of Contract Value from a single Sub-Account to other Sub-Accounts you have selected, at set intervals. | Optional |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; •  Cannot use if the Automatic Rebalancing Program, a DCA Term, or an Income Guarantee Feature are in effect. |
| &nbsp;&nbsp; **Systematic Withdrawal** **Program** | Automatically withdraws Contract Value proportionally from all of your investment options. | Optional |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; •  In order to participate in this program:<br>(1) there must be at least $5,000<br>in Contract Value, and<br>(2) the minimum withdrawal amount<br>must be $100.<br> •  Cannot be used in conjunction with Nursing Home and Hospital Withdrawal Benefit waiver.<br> •  If you elected an Income Guarantee Feature, you may only use this program to take withdrawals of your ALBA. |
| &nbsp;&nbsp; **Annuity Payment** **Commutation** | Allows withdrawal of all or a portion of the Commuted Value of any remaining Period Certain Annuity Payments once per lifetime of the Contract. | Optional |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; •  Available only for Annuity Options that include a Period Certain guarantee.<br> •  May only be taken once during the lifetime of the Contract and may not be taken any earlier than one year following the date you apply your Contract Value to an Annuity Option.<br> •  May not be taken after the end of the Period Certain portion of the Annuity Phase.<br> •  May not be taken if the requested withdrawal would cause the remaining Annuity Payment to be less than the Minimum Annuity Payment payable under the Contract at the existing Annuity Payment frequency.<br> •  Withdrawal must be at least $10,000.<br> •  Not available for Contracts issued in New York. |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Benefit** | **Purpose** | **Benefit is** **Standard or** **Optional** | **Fee** | **Restrictions/Limitations**  |
| &nbsp;&nbsp; **Terminal Illness**<br>**Withdrawal Benefit** | Allows withdrawal of some or all Contract Value without a CDSC if diagnosed with terminal illness or terminal medical condition. | Optional |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; •  You cannot be diagnosed with the terminal illness or the terminal condition or both as of Issue Date.<br> •  Each withdrawal request must be made one year or more after Issue Date.<br> •  We require proof that you are terminally ill, including, but not limited to, certification by a state licensed medical practitioner. |
| &nbsp;&nbsp; **Nursing Home and**<br>**Hospital Withdrawal**<br>**Benefit** | Allows withdrawal of some or<br>all Contract Value without<br>incurring a CDSC if confined <br>to a licensed nursing care<br>facility or accredited hospital. | Optional |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; •  Confinement must begin after Issue Date.<br> •  Each withdrawal request must be made one year or more after Issue Date.<br> •  Each withdrawal request must be made within 120 calendar days after services were provided.<br> •  Confinement must be for at least 90 consecutive calendar days and must be prescribed by a state licensed medical practitioner.<br> •  Cannot use with Systematic Withdrawal Program.<br> •  May not be available in all states. See "Appendix G – State Variations of Certain Contract Features." |

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Some of the benefits identified in the Benefits Available Under the Contract table are described in more detail following the table and other benefits are disclosed in more detail in other sections of the prospectus.

Death Benefit

**Death of Owner During the Accumulation Phase**

If any Owner dies during the Accumulation Phase, we will pay a death benefit to the primary Beneficiary. If any Owner dies, we will treat the surviving Owner as the primary Beneficiary and treat any other Beneficiary designation, on record at the time of death, as a contingent Beneficiary.

The Beneficiary may request that the death benefit be paid under one of the death benefit options. If the sole primary Beneficiary is your spouse and your Contract is a Non-Qualified Contract or is held as a traditional IRA (including SEP and SIMPLE IRAs) or Roth IRA, he or she may elect to become the Owner of the Contract by continuing the Contract at the death benefit amount payable. Generally, if the Contract is continued then:

• the
 spouse's initial Contract Value will be equal to the death benefit that would have been payable if the lump sum distribution
 had been elected;

• all
 applicable Contract features and benefits will be in the surviving spouse's name; and

• the
 surviving spouse will exercise all of the Owner's rights under the Contract.

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Restrictions are as follows:

• if,
 at the time the Owner purchased the Contract, the surviving spouse was over the maximum Contract issue Age, then the Contract
 cannot be continued;

• if
 the surviving spouse is not a Covered Person, the Income Guarantee Feature will be terminated;

• if
 you elected the  HQV Death Benefit, and the surviving spouse was over the maximum age for that benefit on the Issue Date,
 the  ALIF no longer applies in determining the death benefit.

If the sole primary Beneficiary is a domestic partner or civil union partner, as defined under applicable state laws, we will treat him or her as a spouse for this provision, and he or she may elect to continue the Contract as described herein. However, a domestic partner or civil union partner cannot elect to continue the Contract if it is a traditional IRA or Roth IRA. Since current federal tax law does not define a spouse to include a domestic partner or civil union partner, such domestic partner or civil union partner who elects to continue the Contract must still meet the distribution requirements of IRC Section 72(s). In order to meet these requirements, the amount of any gain in the Contract will become subject to income tax at the time the election to continue the Contract is made.

The right to continue the Contract by a surviving spouse, a domestic partner, or a civil union partner can only be exercised once while the Contract is in effect.

See "Taxes – Civil Unions and Domestic Partnerships" if you are in a domestic partnership or civil union.

**Death Benefit Amount During the Accumulation Phase**

The death benefit amount depends upon the death benefit feature in effect at the time of your death or, if the Contract is owned by a non-natural person, an Annuitant's death.

There are two death benefit features available.

• Return
 of Purchase Payment (ROP) Death Benefit (no additional charge)

• Highest
 Quarterly Value (HQV) Death Benefit (for an additional charge)

When you purchase your Contract, you must select one death benefit feature. Once you have selected a death benefit feature and we issue the Contract, you cannot later select a different death benefit feature. The HQV Death Benefit is not available for selection if the oldest Owner (or Annuitant, if the Owner is a non-natural person) is over the Age of 75 or if an Income Guarantee Feature has been elected.

**Return of Purchase (ROP) Payment Death Benefit**

The death benefit during the Accumulation Phase will be the greater of (1) and (2) below.

(1) The
 total Purchase Payments, reduced by an adjustment for each withdrawal. The adjustment is equal to A divided by B, with
 the result multiplied by C, where: <br> A = the Contract Value withdrawn, including any applicable CDSC; <br> B = the Contract Value immediately prior to the withdrawal; and <br> C = the total Purchase Payments adjusted for any prior withdrawals.

(2) T he
 Contract Value.

A withdrawal will reduce the death benefit amount in direct proportion to the Contract Value reduction, including withdrawals of the ALBA if an Income Guarantee Feature is in effect. For example, if you take a 20% withdrawal from your Contract Value, the death benefit will be reduced by 20%. Since withdrawals result in a pro rata adjustment to the death benefit amount, the death benefit amount will be reduced by more than the actual dollar amount of the withdrawals when the death benefit is greater than the Contract Value. See "Appendix D –Death Benefit Examples – Return of Purchase Payment Death Benefit."

The death benefit that is payable during the Accumulation Phase is determined as of the Close of Business on the Business Day on which we receive both due proof of death and an election of a payment method at our Service Center in Good Order. Where there is more than one Beneficiary, we will determine the death benefit as of the Close of Business on the first Business Day that any Beneficiary submits due proof of death and election of a payment method in Good Order. If the death benefit payable is greater than

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the Contract Value, we will apply an amount equal to the difference between the death benefit and Contract Value to each Sub-Account and/or the DCA Fixed Account, if applicable, in the ratio that your value bears to your Contract Value. Any current DCA Term will then terminate. Each Beneficiary's portion of the death benefit will be applied to their chosen death benefit payout option on the Business Day we receive their election of a payment method at our Service Center in Good Order, and will be paid from the Sub-Accounts on a pro rata basis. The balance of the death benefit will remain in the Sub-Accounts based on the current allocation until each of the other Beneficiaries submits their election of a payment method to our Service Center in Good Order. From the time the death benefit is determined until complete distribution is made, any amount in a Sub-Account will be subject to investment risk. This risk is borne by the Beneficiary(ies).

The Return of Purchase Payment Death Benefit will terminate if the Contract terminates, once the Contract enters the Annuity Phase, or upon our receipt of due proof of the Owner's death and election of the payment method unless the Contract is continued by the surviving spouse.

**Highest Quarterly Value (HQV) Death Benefit**

The Highest Quarterly Value Death Benefit will be available beginning January 26, 2026 in all states except California, Delaware, Florida, New York, North Dakota, South Dakota, and South Carolina. It will be available in the remaining states except New York beginning February 23, 2026.

*For additional detail on charge deduction and examples of the operation of this benefit see the section above entitled ''Charges and Deductions'' and "Appendix D – Death Benefit Examples – Highest Quarterly Value (HQV) Death Benefit."*

For an additional charge, at time of Contract issue, you may elect the HQV Death Benefit. If you elect an Income Guarantee Feature or if the oldest Owner (oldest Annuitant is the Owner is a non-natural person) is over Age 75, you cannot elect this death benefit.

If you have elected the HQV Death Benefit, the death benefit during the Accumulation Phase will be the greater of:

• the
 Contract Value as of the Close of Business on the Business Day on which we receive due proof of death and an election of
 a payment method at our Service Center in Good Order, and

• the
 Highest Quarterly Value.

***Highest Quarterly Value***

The Highest Quarterly Value will be the greater of (1) and (2) below:

1. The total Purchase Payments, reduced by an adjustment for each withdrawal; or

The adjustment for a withdrawal is equal to A divided by B, with the result multiplied by C, where:

A = the Contract Value withdrawn, including any applicable Contingent Deferred Sales Charge;<br>B = the Contract Value immediately prior to the withdrawal; and<br>C = the total Purchase Payments adjusted for any prior withdrawals.

Since withdrawals result in pro-rata adjustment to the total Purchase Payments, the total Purchase Payments will be reduced by more than the actual dollar amount of the withdrawals when the total Purchase Payments adjusted for any prior withdrawals is greater than the Contract Value.

2. The Annual Lock-In Feature.

***Annual Lock-In Feature (ALIF)***

On the Issue Date, the ALIF is equal to the initial Purchase Payment.

After the Issue Date, the ALIF is recalculated when any of the following occurs:

• When
 a Purchase Payment is applied to the Contract. <br>

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When a Purchase Payment is applied to the Contract, the ALIF is equal to the most recently calculated ALIF plus the Purchase Payment.

• When
 a withdrawal of Contract Value occurs. <br>When a
 withdrawal of Contract Value occurs, the ALIF is equal to the most recently calculated ALIF reduced by a pro-rata adjustment
 for that withdrawal. <br>The
 adjustment is equal to A divided by B, with the result multiplied by C, where:

A = the Contract Value withdrawn, including any applicable CDSC;<br>B = the Contract Value immediately prior to the withdrawal; and<br>C = the most recently calculated ALIF.

Since withdrawals result in a pro-rata adjustment to the ALIF, the ALIF will be reduced by more than the actual dollar amount of the withdrawal when the most recently calculated ALIF is greater than the Contract Value.

• On
 each Contract Anniversary up to and including the Contract Anniversary after the oldest Owner (or oldest Annuitant, if the
 Contract is owned by a non-natural person) attains Age 80.

On each Contract Anniversary, the ALIF is equal to the greater of:

■ the
 most recently calculated  ALIF; or

■ the
 highest quarterly Contract Value as determined on the last calendar day of any Contract Year quarter within the prior
 Contract Year after processing any transactions.

Once the Contract Anniversary after the oldest Owner (or oldest Annuitant, if the Contract is owned by a non-natural person) attains age 80 has occurred, the ALIF will no longer recalculate on each Contract Anniversary. The ALIF will remain as the last calculated ALIF adjusted by subsequent Purchase Payments and withdrawals as previously described.

If the ownership of the Contract is changed to an Owner (Annuitant, if the Owner is a non-natural person), who was over the maximum age for electing the HQV Death Benefit on the Issue Date of the Contract, the ALIF will no longer apply. This includes changes as a result of a spousal continuance by a surviving spouse upon the death of the Owner. The death benefit will be the greater of the Contract Value and the total Purchase Payments, reduced by a pro-rata adjustment for each withdrawal. Since the ALIF will no longer apply, the death benefit value may be reduced at the time of the change in ownership. In this scenario, the HQV Death Benefit Charge will no longer be assessed, and any investment allocation restrictions will no longer apply.

***Impact of Withdrawals on Highest Quarterly Contract Values***

For the purpose of determining the highest quarterly Contract Value, as referenced above, each quarterly Contract Value will be reduced by withdrawals taken after the last calendar day of that Contract Year quarter.

The quarterly Contract Value(s) will be reduced by a pro-rata adjustment for each withdrawal.

The adjustment is equal to A divided by B, with the result multiplied by C, where:<br>A = the Contract Value withdrawn, including any applicable Contingent Deferred Sales Charge;<br>B = the Contract Value immediately prior to the withdrawal; and<br>C = the quarterly Contract Value.

Since withdrawals result in a pro-rata adjustment to the quarterly Contract Value, the quarterly Contract Value will be reduced by more than the actual dollar amount of the withdrawal when the quarterly Contract Value is greater than the Contract Value at the time of the withdrawal.

If multiple withdrawals occur in a Contract Year, each quarterly Contract Value may be reduced multiple times.

For example, if you request a withdrawal during the second Contract Year quarter, your quarterly Contract Value for the first Contract Year quarter will be reduced by the withdrawal. If you then request another withdrawal during the third Contract Year quarter, your quarterly Contract Value for the first Contract Year quarter will be reduced again by that second withdrawal and your quarterly Contract Value for the second Contract Year quarter will also be reduced by that withdrawal.

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The death benefit that is payable during the Accumulation Phase is determined as of the Close of Business on the Business Day on which we receive both due proof of death and an election of a payment method at our Service Center in Good Order. Where there is more than one Beneficiary, we will determine the death benefit as of the Close of Business on the first Business Day that any Beneficiary submits due proof of death and election of a payment method in Good Order. If the death benefit payable is greater than the Contract Value, we will apply an amount equal to the difference between the death benefit and Contract Value to each Sub-Account and/or the DCA Fixed Account, if applicable, in the ratio that your value bears to your Contract Value. Any current DCA Term will then terminate. Each Beneficiary's portion of the death benefit will be applied to their chosen death benefit payout option on the Business Day we receive their election of a payment method at our Service Center in Good Order, and will be paid from the<br>Sub-Accounts on a pro rata basis. The balance of the death benefit will remain in the Sub-Accounts based on the current allocation until each of the other Beneficiaries submits their election of a payment method to our Service Center in Good Order. From the time the death benefit is determined until complete distribution is made, any amount in a Sub-Account will be subject to investment risk. This risk is borne by the Beneficiary(ies).

***HQV Death Benefit Charge***

If you elect the HQV Death Benefit, we will deduct an additional charge on a quarterly basis in arrears as a percentage of the Highest Quarterly Value on the last calendar day of each Contract Year quarter. The charge will be assessed against your Contract Value in the Sub Accounts in which you are invested in the same proportion that the amount of the Contract Value in each Sub-Account bears to the total Contract Value in the Sub-Accounts. The table below reflects the current and maximum charge.

If you make a total withdrawal, a pro-rata portion of the charge will be assessed based on the number of calendar days from the first calendar day of the current Contract Year quarter to the date of the total withdrawal.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **HQV Death Benefit Charge** |  |  |
| &nbsp;&nbsp; ***When Charge is Deducted*** | ***Current (annual rate)*** | &nbsp;&nbsp;&nbsp;&nbsp; ***Maximum (annual rate)*** |
| &nbsp;&nbsp; On a quarterly basis in arrears, as a percentage of the Highest Quarterly Value on the last calendar day of each Contract Year quarter | 0.30% | &nbsp;&nbsp;&nbsp;&nbsp; 0.30% |

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**HQV Death Benefit Allocation Restrictions**

While the HQV Death Benefit is in effect, we reserve the right to modify the Sub-Accounts available with this feature from time to time. Currently, there are no such restrictions.

We will notify you by Written Notice at least 30 days before any change in Sub-Account restrictions. The restrictions in the type of Sub-Accounts available to you under the HQV Death Benefit are intended to help us manage the risk associated with providing the HQV Death Benefit.

**HQV Death Benefit Termination**

The HQV Death Benefit will terminate if the Contract terminates, once the Contract enters the Annuity Phase, or upon our receipt of due proof of the Owner's death and election of the payment method unless the Contract is continued by the surviving spouse. You cannot request that the HQV Death Benefit be terminated.

**Death Benefit Payment Options During the Accumulation Phase**

The availability of certain death benefit options may be limited for Tax-Qualified Contracts in order to comply with RMD rules.

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For Non-Qualified Contracts, each Beneficiary must elect the death benefit to be paid under one of the following options in the event that a death benefit becomes payable during the Accumulation Phase:

• **Option 1 –** Lump
 sum payment of the death benefit.

• **Option 2** **–** Payment of the entire death benefit within five years of the date of any Owner's death. This option may not be available
 if there are multiple Beneficiaries.

• **Option 3 –** Payment
 of the death benefit under an Annuity Option over the lifetime of the Beneficiary or over a period not extending
 beyond the life expectancy of the Beneficiary. Distribution must begin within one year of the date of any Owner's death.
 This option is not available for a Beneficiary that is a non-natural person.

For Qualified Contracts, each Beneficiary must elect the death benefit to be paid under one of the following options in the event that a death benefit becomes payable during the Accumulation Phase:

• **Option 1 –** Lump
 sum payment of the death benefit.

• **Option 2 –** Payment
 of the entire death benefit by the end of the calendar year that contains the tenth anniversary of your death
 (fifth anniversary of your death if you do not have a designated Beneficiary as defined for purposes of IRC Section 401(a)(9),
 including where your Beneficiary is your estate or certain trusts). This option may not be available if there are multiple
 Beneficiaries.

• **Option 3 –** If
 the Beneficiary is your surviving spouse, or is not more than ten years younger than you, payment of the death benefit
 under an Annuity Option over the lifetime of the Beneficiary or over a period not extending beyond the life expectancy
 of the Beneficiary. Distribution must generally begin by the end of the calendar year following the year of your death.
 Additional deferral may be available for a spouse Beneficiary.

• **Option 4 –** If
 the Beneficiary is your surviving spouse, or is not more than ten years younger than you, payment of the death benefit
 from a deferred annuity Contract over the life expectancy of the Beneficiary through a series of non-annuitized withdrawals
 made at least annually. Distribution must generally begin by the end of the calendar year following the year of your
 death. Additional deferral may be available for a spouse Beneficiary. Additional withdrawals, including full withdrawals,
 are available. This option may not be available if there are multiple Beneficiaries. See the section below entitled
  "Beneficiary IRA" for rules and restrictions.

If the sole primary Beneficiary is a spouse, continuation of the Contract in his or her own name is described previously in this section under "Death Benefit – Death of Owner During the Accumulation Phase."

For Non-Qualified Contracts, any portion of the death benefit not applied to Option 3 within the time period specified must be distributed within five years of the date of the Owner's death under Option 1 or Option 2. For Qualified Contracts, any portion of the death benefit not applied to Option 3 or Option 4 within the time period specified must be distributed by the end of the calendar year that contains the tenth anniversary of your death (fifth anniversary of your death if you do not have a designated Beneficiary as defined for purposes of IRC Section 401(a)(9), including where your Beneficiary is your estate or certain trusts) under Option 1 or Option 2. This is true even if you have restricted the Beneficiary's payout option. In addition, if you die after reaching the age at which RMDs must begin, your beneficiary is required to take annual required minimum distributions during the ten year distribution period. You may restrict a Beneficiary's right to elect a death benefit payout option. If you do so, such rights or options will not be available to the Beneficiary.

We may also consent to other death benefit payout options in addition to those described in this section as long as they comply with IRC Section 72(s) or Section 401(a)(9), as applicable.

If a Beneficiary chooses to receive payment of the death benefit other than as a lump sum, their successor Beneficiary will only receive any remaining Contract Value in the event of death before full distribution has been made. The death benefit will not apply upon the death of the Beneficiary.

**Lump Sum Payments**

If a lump sum payment is requested, we will pay the amount within seven calendar days after we receive due proof of death and election of the payment method in Good Order at our Service Center, unless we are required to suspend or delay payment.

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**Beneficiary IRA**

Beneficiary, Inherited, Legacy or "Stretch" IRAs are all terms used to describe an IRA that is used exclusively to distribute death proceeds of an IRA or other qualified investment to the Beneficiary over that Beneficiary's life expectancy in order to meet the Required Minimum Distribution (RMD) rules. Upon the contract owner's death under an IRA or other Qualified Contract, an "Eligible Designated Beneficiary" may generally establish a Beneficiary IRA by either purchasing a new annuity Contract or, in some circumstances, by electing the Beneficiary IRA payout option under the current Contract. Until withdrawn, amounts in a Beneficiary IRA continue to be tax-deferred. Amounts withdrawn each year, including amounts that are required to be withdrawn under the RMD rules, are subject to tax.

If the contract owner died on or before December 31, 2019 (on or before December 31, 2021 for participants of a governmental plan or a plan maintained pursuant to a collective bargaining agreement), an individual designated Beneficiary, and certain trusts as Beneficiary, are treated as Eligible Designated Beneficiaries, and can elect to take distributions over their life expectancy (life expectancy of the oldest trust Beneficiary).

However, if the contract owner dies on or after January 1, 2020 (on or after January 1, 2022 for participants of a governmental plan or a plan maintained pursuant to a collective bargaining agreement), only certain designated Beneficiaries are treated as Eligible Designated Beneficiaries, and we will only offer the Beneficiary IRA payout option to a designated Beneficiary who either (1) is the surviving spouse of the deceased qualified plan participant or IRA Owner or, (2) is not more than 10 years younger than the deceased qualified plan participant or IRA Owner. In the future, we may allow additional classes of Eligible Designated Beneficiaries to elect the Beneficiary IRA payout option. See "Death Benefit – Death Benefit Payment Options During the Accumulation Phase" for more information.

See "Taxes – Required Minimum Distributions for Qualified Contracts" for more information.

**Eligibility Requirements/Restrictions:**

If a Beneficiary(ies) elects payment under Option 4 as a Beneficiary IRA after the death of the Owner, the following rules apply:

• The
 annuity Contract will be titled in the Beneficiary's name as Beneficiary for the deceased Owner. The Beneficiary must be
 the Annuitant, and the Annuitant cannot be changed.

• For
 non-spousal Beneficiary IRAs, RMDs must begin by December 31 <sup>st</sup> of the year following the year of the date of the Owner's
 death. For spousal Beneficiary IRAs, RMDs may be deferred until the year for which the original Owner would have
 been required to begin RMDs. The RMD amount will generally be calculated based on the Beneficiary's life expectancy
 and will be withdrawn from each Sub-Account and/or the DCA Fixed Account, if applicable, in the ratio that your
 value in each bears to your Contract Value. If the original Owner died after RMDs were required to begin, and was younger
 than the Beneficiary, the RMD amount may be calculated based on the original Owner's life expectancy in the year of
 his or her death.

• We
 will not offer a Beneficiary IRA to a trust.

• RMDs
 must be made at least annually through a SWP that we administer. The SWP cannot be terminated.

• Withdrawals
 will not be subject to a CDSC.

• The
 Beneficiary's initial Contract Value will be equal to the death benefit that would have been payable to the Beneficiary if a
 lump sum distribution had been elected.

• Additional
 contributions cannot be applied to the Contract.

• Upon
 the death of the Annuitant, any remaining Contract Value will be paid to the succeeding Beneficiary in a lump sum or over
 the Annuitant's remaining life expectancy as determined by the applicable IRS table, but in no case may payments extend
 beyond the end of the calendar year that contains the tenth anniversary of the Annuitant's death.

• A
 Beneficiary IRA may only be established by the Beneficiary of the IRA Owner/qualified plan participant whose death triggered
 the RMD requirements of IRC Section 401(a)(9). A Beneficiary IRA may not be established as a "second generation"
 Beneficiary IRA by a successor Beneficiary.

• Joint
 ownership of a Beneficiary IRA is not allowed.

• If
 an Income Guarantee Feature is in effect, it will be terminated.

**Beneficiaries should consult a tax adviser for advice prior to establishing a Beneficiary IRA.**

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**Death of Owner During the Annuity Phase**

Upon any Owner's death during the Annuity Phase, if the Annuitant is still alive, the surviving Owner will retain the ownership of the Contract. If there is no surviving Owner, the Beneficiary will become the Owner. Any remaining Annuity Payments under the Annuity Option elected will continue to be paid at least as rapidly as under the method of distribution in effect at such Owner's death. For Qualified Contracts, the Beneficiary(ies) may be required to receive an adjusted payment stream in order to comply with RMD rules that apply upon the Owner/Annuitant's death. If the Beneficiary is not an "Eligible Designated Beneficiary" as defined by IRC Section 401(a)(9), Annuity Payments may only continue through the end of the calendar year that contains the tenth anniversary of the Owner/Annuitant's death, even if a longer Annuity Payment option was elected, including a Joint and Last Survivor Annuity Option where the Joint Annuitant is still living.

**Death of Annuitant**

If an Annuitant, who is not the Owner or Joint Owner, dies during the Accumulation Phase, you can name a new Annuitant subject to our approval. If there is no surviving Annuitant, the oldest Owner will become the Annuitant. If the Owner is a non-natural person and an Annuitant dies, you may not name a new Annuitant. In this case we will treat the death of the Annuitant as the death of the Owner and pay the death benefit as described in "Death Benefit – Death of Owner During the Accumulation Phase."

Upon the death of the last surviving Annuitant on or after the Annuity Date, the death benefit, if any, is as specified in the Annuity Option elected. Upon the death of the last surviving Annuitant during the Annuity Phase, any remaining payment under the elected Annuity Option will be paid to the Beneficiary. For Qualified Contracts, the Beneficiary(ies) may be required to receive an adjusted payment stream in order to comply with RMD rules that apply upon the Owner/ Annuitant's death. If the Beneficiary is not an "Eligible Designated Beneficiary" as defined by IRC Section 401(a)(9), Annuity Payments may only continue through the end of the calendar year that contains the tenth anniversary of the Owner/ Annuitant's death, even if a longer Annuity Payment option was elected, including a Joint and Last Survivor Annuity Option where the Joint Annuitant is still living. We will treat a surviving Owner as the primary Beneficiary and treat any other Beneficiary designation on record at the time of death as a contingent Beneficiary.

**Due Proof of Death**

For purposes of determining due proof of death, we require:

• a
 certified death certificate; or

• a
 certified decree of a court of competent jurisdiction as to the finding of death; or

• any
 other proof satisfactory to us.

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Additional Benefits

**Terminal Illness Withdrawal Benefit**

With this benefit, you may withdraw all or a portion of your Contract Value without incurring a CDSC if we receive a Written Request in Good Order at our Service Center that you (or an Annuitant, if the Owner is a non-natural person) have met the following conditions:

• For
 purposes of this benefit, you (or an Annuitant, if the Owner is a non-natural person) were not diagnosed with a terminal illness
 or a terminal condition resulting from bodily injury or disease or both as of the Issue Date.

• Each
 withdrawal request is made on or after the "Eligibility Date for Waiver of Contingent Deferred Sales Charge," which is one
 year after the Issue Date.

• We
 will require proof that you (or an Annuitant, if the Owner is a non-natural person) are terminally ill, as described   above, and
 not expected to live more than 12 months. This proof will include, but is not limited to, certification by a state licensed medical
 practitioner performing within the scope of his/her license. The state licensed medical practitioner must not be you or
 your parent, sibling, spouse or child (or an Annuitant or an Annuitant's parent, sibling, spouse or child if the Owner is a non-natural
 person).

If we determine that your Written Request for a withdrawal free of CDSC does not meet the qualifying conditions, we will provide a Written Notice of such determination. We will not proceed with your Written Request for a withdrawal until we receive notification from you that you accept or reject the withdrawal including the CDSC assessed. If you do not accept the withdrawal including the CDSC, the withdrawal request will not be processed. If you do accept the withdrawal including the CDSC, we will process it on the Business Day you notify us of your acceptance.

There is no charge for the Terminal Illness Withdrawal Benefit. Please contact your registered representative or call the Service Center for more information.

**Nursing Home and Hospital Withdrawal Benefit**

With this benefit, you may withdraw all or a portion of your Contract Value without incurring a CDSC if we receive a Written Request in Good Order at our Service Center that you (or an Annuitant, if the Owner is a non-natural person) have been confined to a licensed nursing care facility or accredited hospital or its successor, subject to the following requirements:

• For
 purposes of this benefit, you (or the Annuitant, if the Owner is a non-natural person) are not confined in a licensed nursing
 care facility or accredited hospital or its successor on the Issue Date.

• Each
 withdrawal request is made on or after the "Eligibility Date for Waiver of Contingent Deferred Sales Charge," which is one
 year after the Issue Date.

• Each
 withdrawal request is made within 120 calendar days after services were provided to you (or the Annuitant, if the Owner
 is a non-natural person). You must have been confined at a licensed nursing care facility and/or accredited hospital or its
 successor for a consecutive period of at least 90 consecutive calendar days.

• The
 confinement must be prescribed by a state licensed medical practitioner performing within the scope of his/her license.

• Each
 withdrawal is accompanied by proof satisfactory to us that you (or the Annuitant, if the Owner is a non-natural person) meet
 the qualifying conditions above.

You may not participate in the Systematic Withdrawal Program if we are currently waiving the CDSC in accordance with this benefit.

A licensed nursing care facility is an institution licensed by the state in which it is located to provide skilled nursing care, intermediate nursing care, or custodial nursing care. An accredited hospital is a hospital licensed, or recognized as a general hospital, by the state in which it is located or by the Joint Commission on the Accreditation of Hospitals, or its successors.

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If we determine that your Written Request for a withdrawal free of CDSC does not meet the qualifying conditions, we will provide a Written Notice of such determination. We will not proceed with your Written Request for a withdrawal until we receive notification from you that you accept or reject the withdrawal including the CDSC assessed. If you do not accept the withdrawal including the CDSC, the withdrawal request will not be processed. If you do accept the withdrawal including the CDSC, we will process it on the Business Day you notify us of your acceptance.

There is no charge for the Nursing Home and Hospital Withdrawal Benefit.

The Nursing Home and Hospital Withdrawal Benefit may not be available in all states. See "Appendix G – State Variations of Certain Contract Features." Please contact your registered representative or call the Service Center for more information.

**Income Guarantee Features**

We offer three optional Income Guarantee Features under the Contract: RetirePay, RetireCore, and RetireCore Stacking. An Income Guarantee Feature may only be elected at time of Contract issue, and you may only elect one of the three.

Each Income Guarantee Feature guarantees that each Contract Year beginning with the Guaranteed Lifetime Withdrawal Date, you can receive guaranteed lifetime income equal to the ALBA even if your Contract Value is reduced to zero as long as there is a positive Benefit Base. **However, you will not receive guaranteed lifetime income if your Contract Value is reduced to zero due to an** **Excess Withdrawal.**

There are two versions of each Income Guarantee Feature: a single life version and a joint life version. For each version, there are two Automatic Step-Up options.

**What are the differences between the Income Guarantee Features?**

Please review the Rate Sheet Prospectus Supplement that is applicable to the three Income Guarantee Features and discuss their differences with your registered representative.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Living Benefit Parameter** | **RetirePay** | **RetireCore** | **RetireCore Stacking** |
| &nbsp;&nbsp; **Withdrawal Rates/Lifetime** **Guarantee Rates** | Determined by using the age of the youngest Covered Person on the Guaranteed Lifetime Withdrawal Date and the number of full Contract Years from the Issue Date until the Guaranteed Lifetime Withdrawal Date. | Initial rates determined by using the age of the youngest Covered Person on the Guaranteed Lifetime Withdrawal Date. | Initial rates determined by using the age of the youngest Covered Person on the Guaranteed Lifetime Withdrawal Date. |
| &nbsp;&nbsp; **Withdrawal Rate/Lifetime** **Guarantee Rate Increases** | Cannot increase after the Guaranteed Lifetime Withdrawal Date. | Can increase after the Guaranteed Lifetime Withdrawal Date if there is an increase in the Benefit Base due to an Automatic Step-Up Value after a new Age Range is reached. | Can increase after the Guaranteed Lifetime Withdrawal Date if there is an Automatic Step-Up after a new Age Range is reached. |
| &nbsp;&nbsp; **Benefit Base**  | The initial Benefit Base is equal to the Contract Value as of the Issue Date.<br> The Benefit Base is increased by subsequent Purchase Payments and Automatic Step-Ups. The Benefit Base is decreased by Excess Withdrawals. | The initial Benefit Base is equal to the Purchase Payment as of the Issue Date.<br> The Benefit Base is increased by subsequent Purchase Payments, increases to the Automatic Step-Up Value, and increases to the Roll-Up Value. The Benefit Base is decreased by Excess Withdrawals. | The Initial Benefit Base is equal to the Purchase Payment as of the Issue Date.<br> The Benefit Base is increased by subsequent Purchase Payments, Automatic Step-Ups, and Roll-Ups. The Benefit Base is decreased by Excess Withdrawals. |

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|:---|:---|:---|:---|
| &nbsp;&nbsp; **Living Benefit Parameter** | **RetirePay** | **RetireCore** | **RetireCore Stacking**  |
| &nbsp;&nbsp; **Roll-Up Base** | Not Applicable | The initial Roll-Up Base is equal to the Purchase Payment as of the Issue Date. <br> The Roll-Up Base is increased by subsequent Purchase Payments. The Roll-Up Base is decreased by Excess Withdrawals. | The initial Roll-Up Base is equal to the Purchase Payment as of the Issue Date. <br> The Roll-up Base is increased by subsequent Purchase Payments and Automatic Step-Ups. The Roll-up Base is decreased by Excess Withdrawals. |
| &nbsp;&nbsp; **Subsequent Purchase Payment** **Restrictions** | Up to $10,000 after the first Contract year and prior to the Guaranteed Lifetime Withdrawal Date. | Up to $25,000 after the first Contract year and prior to the Guaranteed Lifetime Withdrawal Date. | Up to $25,000 after the first Contract year and prior to the Guaranteed Lifetime Withdrawal Date. |
| &nbsp;&nbsp; **Withdrawal Availability Prior to** **Establishing the Guaranteed** **Lifetime Withdrawal Date** | On or after the date that the youngest Covered Person attains age 59½, you may elect to designate withdrawals that will not establish your Guaranteed Lifetime Withdrawal Date.<br> These withdrawals will be Excess Withdrawals. | On or after the date that the youngest Covered Person attains age 59½, you may elect to designate the first withdrawal that you take as a Non-Lifetime Withdrawal that will not establish your Guaranteed Lifetime Withdrawal Date.<br> This withdrawal will be an Excess Withdrawal. | On or after the date that the youngest Covered Person attains age 59½, you may elect to designate the first withdrawal that you take as a Non-Lifetime Withdrawal that will not establish your Guaranteed Lifetime Withdrawal Date.<br> This withdrawal will be an Excess Withdrawal. |

---

In addition to the differences between the Income Guarantee Features described above, we also expect the Withdrawal Rates/Lifetime Guarantee Rates to be different.

**Important Income Guarantee Feature Considerations**

An Income Guarantee Feature may not be appropriate for all Owners. You should understand the Income Guarantee Features completely before you elect one. In particular, please note the following:

• Electing
 an Income Guarantee Feature does not in any way guarantee the performance of any of the investment options available
 under the Contract. The guarantees apply to the Benefit Base and the  ALBA, which are subject to limitations in terms
 of your ability to access those values.

• Postponing
 withdrawals may positively impact the  ALBA (e.g., because of higher Withdrawal Rates when you are older and increased
 potential for Benefit Base growth). However, if you postpone taking withdrawals, you may limit the value of this feature
 because your remaining life expectancy shortens as you age.

• Payments
 of the  ALBA will first be made from your Contract Value. Our obligation to pay you more than your Contract Value,
 while your Income Guarantee Feature is in effect, will only arise if your Contract Value is reduced to zero and there is still
 a Benefit Base remaining.

• Excess
 Withdrawals may significantly reduce or eliminate the value of the guarantees provided by your Income Guarantee Feature.
 Please consider the value of future withdrawals that you will need in deciding whether to elect an Income Guarantee Feature
 or the dollar amount of the Purchase Payments you apply to this Contract.

• Because
 the Income Guarantee Feature Charge is a percentage of the Benefit Base, the positive effect of an increase in the Benefit
 Base will be partially offset by an increase in the cost of the benefit.

• If
 you plan on making additional Purchase Payments, you should consider the limitations on subsequent Purchase Payments when
 your Income Guarantee Feature is in effect.

• Your
 investment allocations are restricted. You should consider these restrictions when deciding whether to elect an Income Guarantee
 Feature.

• If
 the joint life version of an Income Guarantee Feature is elected, a later divorce or dissolution of a civil union or domestic partnership
 may adversely impact the benefits of your Income Guarantee Feature, including possibly terminating the benefit, or
 resulting in a payment for only a single life, even though the joint life version was elected.

• The
 Benefit Base is the amount that we use to determine your  ALBA. The Benefit Base, the Roll-Up Value (RetireCore), and
 the Roll-Up Base (RetireCore and RetireCore Stacking) cannot be withdrawn, applied to an Annuity Option, or paid as a death
 benefit and are not amounts that are guaranteed to be returned to you.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• In
 states where a change of ownership does not terminate your Income Guarantee Feature, such a change may adversely impact
 the benefits provided by your Income Guarantee Feature.

• Electing
 the Income Guarantee Feature Charge Increase Opt-Out will establish your Guaranteed Lifetime Withdrawal Date, Withdrawal
 Rate, and Lifetime Guarantee Rate, if not previously established, terminate any future Automatic Step-Ups, terminate
 any future Roll-Ups (for  RetireCore and RetireCore Stacking), and terminate your right to make subsequent Purchase
 Payments. If an Income Guarantee Feature Charge Increase Opt-Out is elected prior to the youngest Covered Person
 attaining age 59½, the Guaranteed Lifetime Withdrawal Date will instead be the date the youngest Covered Person attains
 age 59½.

• An
 Income Guarantee Feature Charge Increase Opt-Out is irrevocable once it becomes effective.

• For
 mathematical examples illustrating how the Income Guarantee Features operate, see Appendix  F.

• Please
 consult with a registered representative when evaluating the Income Guarantee Features.

**Rate Sheet Prospectus Supplement Information**

We use the Rate Sheet Prospectus Supplement ("Rate Sheet") to provide current information about the Income Guarantee Features as of a certain effective date ("Rate Sheet Effective Date"). The Rate Sheet updates the following information regarding the Income Guarantee Features:

• Withdrawal
 Rates,

• Lifetime
 Guarantee Rates,

• Income
 Guarantee Feature Charges,

• Roll-Up
 Percentage (for  RetireCore and RetireCore Stacking), and

• Investment
 Allocation Restrictions

(collectively, referred to as the "Income Guarantee Feature Terms").

A Rate Sheet that supersedes a prior Rate Sheet will not become effective unless Written Notice of the effective date of the new Rate Sheet is given at least 10 Business Days in advance. The relevant information from all superseded Rate Sheets can be found in Appendix H.

For Contracts issued in New York, the Withdrawal Rate applies prior to and during the Settlement Phase while an Income Guarantee Feature is in effect. For Contracts issued in New York, all references to "Lifetime Guarantee Rate" are replaced with "Withdrawal Rate." Contracts issued in New York with RetirePay have a separate Rate Sheet than Contracts issued in all other states. RetireCore and RetireCore Stacking are not available in New York.

**Rate Sheet Eligibility Conditions**

Certain Rate Sheet eligibility conditions apply when we have issued a subsequent Rate Sheet after you apply for your Contract and prior to your Issue Date.

In order for the Income Guarantee Feature Terms in any particular Rate Sheet to apply to your Contract, your necessary application information, including any applicable transfer form(s), must be submitted to an order entry system utilized to issue the Contract ("application submit date") on or after the effective date of that Rate Sheet and prior to the effective date of the subsequent Rate Sheet. For purposes of this process, the application submit date is also defined to include the date the application is signed if a paper application is necessary.

Application Requirements

The application information must be in Good Order within 10 business days after the application submit date, including completion of the broker-dealer suitability review. We also require payment of at least the minimum initial Purchase Payment within 10 Business Days after the application submit date (90 calendar days if you plan to pay the initial Purchase Payment with proceeds from an IRS Section 1035 exchange or direct transfer).

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If these Rate Sheet Eligibility Conditions are met, and the Contract is issued, the Income Guarantee Feature Terms in the Rate Sheet in effect on the application submit date will apply, unless a beneficial superseding rate sheet applies, as described under "Rate Sheet Comparison Process."

If these Rate Sheet Eligibility Conditions are not met, we will cancel the application and return any Purchase Payment received.

If these Rate Sheet Eligibility Conditions are not met and your initial Purchase Payment was paid with proceeds from an IRS Section 1035 exchange or direct transfer, we will inform you and request instructions regarding whether to issue the Contract with the Income Guarantee Feature Terms in effect under the subsequent Rate Sheet or cancel the application. If you have not provided us with the requested instructions within 2 Business Days after we have received your Purchase Payment, we will return your Purchase Payment to the original source.

**Rate Sheet Comparison Process**

Subject to satisfying the Rate Sheet Eligibility Conditions established in the Rate Sheet, if your application is submitted prior to a Rate Sheet Effective Date and your Contact is issued on or after that Rate Sheet Effective Date, that Rate Sheet will apply if there are only beneficial changes to the terms of the Income Guarantee Feature you selected. If your Contract is issued before a Rate Sheet Effective Date, that Rate Sheet will not apply and you will receive the Rate Sheet that was effective as of your application submit date.

The changes will be considered to be beneficial unless any of the following occurs for the Income Guarantee Feature you selected:

• Any
 Withdrawal Rates and/or Lifetime Guarantee Rates have decreased,

• Income
 Guarantee Feature Charges have increased,

• The
 Roll-Up Percentage (for  RetireCore and RetireCore Stacking) has decreased, or

• Investment
 Allocation Restrictions have changed (excluding changes to the Investment Allocation Restrictions due to the addition
 of available investment options or changes that occur through fund substitutions or fund mergers).

For example:

• A
 Rate Sheet is issued with an effective date of 5/1/2026.

• Your
 application with transfer paperwork is submitted and received In Good Order on 8/3/2026.

• A
 superseding rate sheet is issued on 8/18/2026, with a 9/1/2026 effective date.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **IF** | **AND** | **THEN** |
| &nbsp;&nbsp;&nbsp;&nbsp; The terms of the Income Guarantee Feature you elected on the superseding Rate Sheet:<br> •  Withdrawal Rates have **increased**;<br> •  Lifetime Guarantee Rates have **increased**;<br> •  Income Guarantee Feature Charges have **increased**;<br> •  The Roll-Up Percentage (if applicable) is **unchanged**; and<br> •  Investment Allocation Restrictions are **unchanged**. | Your initial purchase payment is received in Good Order and your Contract is issued **prior** **to** 9/1/2026. | You will receive the Income Guarantee Feature Terms in effect **at the time of application on the** **5/1/2026 Rate Sheet,** as the initial purchase payment was received and the Contract was issued prior to the 9/1/2026 Rate Sheet Effective Date. |
| &nbsp;&nbsp;&nbsp;&nbsp; The terms of the Income Guarantee Feature you elected on the superseding Rate Sheet:<br> •  Withdrawal Rates have **increased**;<br> •  Lifetime Guarantee Rates have **increased**;<br> •  Income Guarantee Feature Charges have **increased**;<br> •  The Roll-Up Percentage (if applicable) is **unchanged**; and<br> •  Investment Allocation Restrictions are **unchanged**. | Your initial purchase payment is received in Good Order and your Contract is issued **on or** **after** 9/1/2026. | You will receive the Income Guarantee Feature Terms in effect **at the time of application on the** **5/1/2026 Rate Sheet.**<br> Even though the Withdrawal and Lifetime Guarantee Rates have both increased, the increase to the Income Guarantee Feature Charge is not considered beneficial. |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **IF** | **AND** | **THEN**  |
| &nbsp;&nbsp;&nbsp;&nbsp; The terms of the Income Guarantee Feature you elected on the superseding Rate Sheet:<br> •  Withdrawal Rates have **increased**;<br> •  Lifetime Guarantee Rates have **increased**;<br> •  Income Guarantee Feature Charges are **unchanged**; <br> •  The Roll-Up Percentage (if applicable) is **unchanged**; and<br> •  Investment Allocation Restrictions are **unchanged.** | Your initial purchase payment is received in Good Order and your Contract is issued **prior** **to** 9/1/2026. | You will receive the Income Guarantee Feature Terms in effect **at the time of application on the** **5/1/2026 Rate Sheet,** as the initial purchase payment was received prior to the 9/1/2026 Rate Sheet Effective Date. |
| &nbsp;&nbsp;&nbsp;&nbsp; The terms of the Income Guarantee Feature you elected on the superseding Rate Sheet:<br> •  Withdrawal Rates have **increased**;<br> •  Lifetime Guarantee Rates have **increased**;<br> •  Income Guarantee Feature Charges are **unchanged**; <br> •  The Roll-Up Percentage (if applicable) is **unchanged**; and<br> •  Investment Allocation Restrictions are **unchanged.** | Your initial purchase payment is received in Good Order and your Contract is issued **on or** **after** 9/1/2026. | You will receive the Income Guarantee Feature Terms in effect **at the time of contract issue on** **the 9/1/2026 Rate Sheet.**<br> Since the Withdrawal and Lifetime Guarantee Rates have both increased, and no other Income Guarantee Features have changed, the changes are considered beneficial. |

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You should not elect an Income Guarantee Feature without first obtaining the applicable Rate Sheet.

To obtain a current Prospectus and Rate Sheet or if you have any questions regarding the Rate Sheet, please contact your registered representative, visit us online at www.MassMutual.com/contact-us, or call our Service Center at (800) 272-2216 (8 a.m.–8 p.m. Eastern Time).

**Income Guarantee Feature Investment Allocation Restrictions**

While an Income Guarantee Feature is in effect, the investment options available to you are restricted.

If a requested change in your allocations or a transfer of any portion of your Contract Value does not comply with these investment restrictions, you will be required to terminate your Income Guarantee Feature by Written Request before the allocation change or transfer can be processed. We reserve the right, upon thirty calendar days advance notice to you, to change the investment restrictions. If we change the investment restrictions, you must change your allocations to comply within 30 calendar days of the restrictions becoming effective, or we will terminate your Income Guarantee Feature.

For current investment option restrictions, see the current Rate Sheet Prospectus Supplement (for prospective Contract Owners) or the Rate Sheet Prospectus Supplement included at the time of Contract delivery (for existing Contract Owners). Historical Rate Sheets can also be found in Appendix H.

**MassMutual RetirePay<sup>SM</sup>**

**Covered Person(s)**

The Covered Person(s) is the person(s) whose life is used to determine the duration of the ALBA. The Covered Person(s) is identified on the date RetirePay is issued, and cannot be changed after that Issue Date, even if there is a divorce or dissolution of a civil union or domestic partnership involving the Covered Person(s).

If the single life version is elected, the Covered Person is:

• the
 Owner, if the Owner is a natural person,

• the
 oldest Joint Owner, if the Contract has Joint Owners, or

• the
 Annuitant, if the Owner is a non-natural person.

If the single life version is elected, we only allow one Annuitant, and the Annuitant must be the Covered Person. However, if you reach your Annuity Date and choose an Annuity Option other than that described in the "Latest Permitted Annuity Date" sub-section below, then you may change the Annuitant and/or name a joint Annuitant.

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If the joint life version is elected, the Covered Persons are:

• the
 Owner and his/her spouse (or domestic partner or civil union partner for Non-Qualified Contracts), if the Contract is owned
 by one natural person.

• both
 Owners, if the Contract is jointly owned. The Joint Owners must be spouses (or domestic partners or civil union partners
 for Non-Qualified Contracts), or

• the
 Annuitant and his/her spouse, if the Owner is a Custodial IRA.

The joint life version is not available under a Contract owned by a non-natural person, other than a Custodial IRA.

A surviving Covered Person will be considered the primary Beneficiary, and any other Beneficiary designation will be treated as a contingent Beneficiary (for Custodial IRAs, the Joint Covered Person must be the Beneficiary of the custodial account). However, the Beneficiary may be changed if the Joint Covered Person is no longer the spouse, domestic partner or civil union partner of the Owner, and the Contract has not yet entered the Annuity Phase.

If the joint life version is elected, the Annuitant must be a Covered Person and cannot be changed. If only one Annuitant is named and the Annuitant dies while RetirePay remains in effect, the surviving Covered Person becomes the Annuitant. Upon reaching the Latest Permitted Annuity Date or entering the Settlement Phase, if both Covered Persons are living, they will become joint Annuitants. If you reach your Annuity Date and choose an Annuity Option other than that described under the Latest Permitted Annuity Date section, then you may change the Annuitant(s). See the sub-sections below entitled "Latest Permitted Annuity Date" and "Payments During the Settlement Phase."

However, for Qualified Contracts and Contracts held as Custodial IRAs, if the Covered Person who is not the Owner (the Annuitant, if the Owner is a Custodial IRA) is no longer the Beneficiary (Beneficiary of the custodial account, if the Owner is a Custodial IRA) when the Annuity Date is reached, due to a Beneficiary change after a divorce then that Covered Person cannot become an Annuitant.

**Withdrawals**

The Guaranteed Lifetime Withdrawal Date

The Guaranteed Lifetime Withdrawal Date is the date on which the Company guarantees the Withdrawal Rate and the Lifetime Guarantee Rate and on which you may begin receiving payments of the ALBA.

The Guaranteed Lifetime Withdrawal Date will be the earlier of:

• the
 date you elect the Guaranteed Lifetime Withdrawal Date; or

• the
 effective date of an Income Guarantee Feature  Charge Increase Opt-Out, as long as it is not prior to the youngest Covered
 Person attaining age 59½.

If an Income Guarantee Feature Charge Increase Opt-Out is elected prior to the youngest Covered Person attaining age 59½, the Guaranteed Lifetime Withdrawal Date will instead be the date the youngest Covered Person attains age 59½.

The Guaranteed Lifetime Withdrawal Date cannot be prior to the youngest Covered Person attaining age 59½. There is no ALBA prior to the election of the Guaranteed Lifetime Withdrawal Date.

Contingent Deferred Sales Charges (CDSCs)

Contingent Deferred Sales Charges may apply if any Excess Withdrawals exceed the Free Withdrawal Amount. CDSCs will not apply to an ALBA that exceeds the Free Withdrawal Amount.

Annual Lifetime Benefit Amount (ALBA) when Contract Value is Greater than Zero

On or after the Guaranteed Lifetime Withdrawal Date, and as long as your Contract Value is greater than zero, the ALBA is the maximum amount that may be withdrawn in the current Contract Year without being considered an Excess Withdrawal. Each withdrawal of the ALBA will reduce your Contract Value.

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On your Guaranteed Lifetime Withdrawal Date, your ALBA equals:

• the
 Benefit Base, multiplied by

• the
 applicable Withdrawal Rate.

<br>Each time a withdrawal is made, we decrease the ALBA for that Contract Year by such withdrawal. The remaining amount is called the "Remaining ALBA" available for that Contract Year. Any Remaining ALBA not withdrawn in a Contract Year is not available in later Contract Years.

*Withdrawal Rate* – On the Guaranteed Lifetime Withdrawal Date, we will determine the Withdrawal Rate using:

• the
 number of full Contract Years from the Issue Date until the Guaranteed Lifetime Withdrawal Date, and

• the
 Age of the youngest Covered Person on the Guaranteed Lifetime Withdrawal Date.

However, if the Income Guarantee Feature Charge is increased and you elect the Income Guarantee Feature Charge Increase Opt-Out prior to the youngest Covered Person attaining age 59½, the Withdrawal Rate is determined using the number of years from the Issue Date until the effective date of the Income Guarantee Feature Charge Increase Opt-Out, and age 59½ of the youngest Covered Person.

The Withdrawal Rate will not change once determined. **Generally, the greater the number of years from the Issue Date, and the** **older the youngest Covered Person is, the higher the Withdrawal Rate.**

The ALBA is recalculated on each Contract Anniversary after the recalculation of the Benefit Base. The calculation of the Benefit Base is explained in the Benefit Base sub-section below. The ALBA is recalculated before any other transactions are processed on the Contract Anniversary. The ALBA will change on a Contract Anniversary if the Benefit Base has changed since the prior Contract Anniversary.

In the Contract Year in which the Guaranteed Lifetime Withdrawal Date occurs, the entire ALBA is available for withdrawal.

For current Withdrawal Rates, see the current Rate Sheet Prospectus Supplement (for prospective Contract Owners) or the Rate Sheet Prospectus Supplement included at the time of Contract delivery (for existing Contract Owners). Historical Rate Sheets can also be found in Appendix H.

Annual Lifetime Benefit Amount (ALBA) when Contract Value Reduces to Zero

If your Contract Value is reduced to zero due to an Excess Withdrawal, the ALBA is no longer available. No further benefits will be payable under RetirePay, and RetirePay will terminate.

If your Contract Value is reduced to zero due to a withdrawal that is not an Excess Withdrawal, or due to the application of any Contract and rider charges against your Contract Value, your Contract will enter the Settlement Phase. Once the Contract has entered the Settlement Phase, no death benefit will be available, no additional Purchase Payments will be allowed, and no additional charges will be assessed.

Payments During the Settlement Phase

When the Contract enters the Settlement Phase, we will first pay you any Remaining ALBA for that Contract Year.

On the later of your next Contract Anniversary or the date the youngest Covered Person attains Age 59½:

• The
 ALBA will equal:

○ the
 Benefit Base, multiplied by

○ the
 applicable Lifetime Guarantee Rate.

• We
 will begin paying you the ALBA in monthly installments for the rest of the Covered Person's life (or if the joint life version
 was elected, for the rest of the lives of both Covered Persons).

While you are receiving payments of the ALBA in the Settlement Phase, the Contract will be considered to be in the Annuity Phase, payments will be treated as Annuity Payments, and the Covered Person(s) will be the Annuitant(s).

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If the monthly installment of the ALBA is less than $100, the ALBA may be paid at any other frequency acceptable to us, but not less frequently than annually, and will be equal to the ALBA divided by the number of payments per year.

For Contracts with the joint life version, the ALBA will be paid for the lives of both Covered Persons. If an Owner dies after the Contract enters the Settlement Phase, and there is a surviving Covered Person, the ALBA will be paid to the Beneficiary for the life of the surviving Covered Person. If the surviving Covered Person is not the Beneficiary (due to a Beneficiary change after a divorce or dissolution of a civil union or domestic partnership), the surviving Covered Person will have no rights to the ALBA.

However, for Contracts held as an IRA or a Custodial IRA, if, at the time the Settlement Phase begins, the joint Covered Person is no longer the Beneficiary (or the Beneficiary of the custodial account if the Owner is a Custodial IRA), the joint Covered Person will not become an Annuitant and payments will cease upon death of the Owner (Annuitant if the Owner is a Custodial IRA). Therefore, any change in the Beneficiary due to a divorce could result in a payout based only on a single life even when the joint life version was elected.

If the Guaranteed Lifetime Withdrawal Date has not been established when your Contract enters the Settlement Phase, then the later of your next Contract Anniversary or the date the youngest Covered Person attains Age 59½ will be the Guaranteed Lifetime Withdrawal Date.

*Lifetime Guarantee Rate* – On the Guaranteed Lifetime Withdrawal Date, we will determine the Lifetime Guarantee Rate using:

• the
 number of full Contract Years from the  Issue Date until the Guaranteed Lifetime Withdrawal Date, and

• the
 Age of the youngest Covered Person on the Guaranteed Lifetime Withdrawal Date.

Generally, the greater the number of years from the Issue Date, and the older the youngest Covered Person is, the higher the Lifetime Guarantee Rate. The Lifetime Guarantee Rate will not change once determined. For Contracts issued in New York, the Withdrawal Rate applies prior to and during the Settlement Phase while RetirePay is in effect. For Contracts issued in New York, all references to "Lifetime Guarantee Rate" are replaced with "Withdrawal Rate."

However, if you elect a Income Guarantee Feature Charge Increase Opt-Out prior to the youngest Covered Person's age 59½, the Lifetime Guarantee Rate is determined using the full number of years from the Issue Date until the effective date of the Income Guarantee Feature Charge Increase Opt-Out, and age 59½ of the youngest Covered Person.

For current Lifetime Guarantee Rates, see the current Rate Sheet Prospectus Supplement (for prospective Contract Owners) or the Rate Sheet Prospectus Supplement included at time of Contract delivery (for existing Contract Owners). Historical Rate Sheets can also be found in Appendix H.

**Excess Withdrawals**

Withdrawals prior to the Guaranteed Lifetime Withdrawal Date

Any withdrawal (including CDSCs applicable to the withdrawal) that occurs prior to the Guaranteed Lifetime Withdrawal Date, will be an Excess Withdrawal and will reduce the Benefit Base. This includes any withdrawals of your Free Withdrawal Amount.

Withdrawals on or after the Guaranteed Lifetime Withdrawal Date

Any withdrawal taken on or after the Guaranteed Lifetime Withdrawal Date that is less than or equal to the remaining ALBA will not be considered an Excess Withdrawal and will not reduce the Benefit Base.

The portion of a withdrawal (including CDSCs applicable to the withdrawal) from the Contract Value that causes the cumulative withdrawals to exceed the ALBA in that Contract Year will be an Excess Withdrawal. Any withdrawal that occurs after the cumulative withdrawals exceed the ALBA in that Contract Year will also be an Excess Withdrawal.

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An RMD that meets the conditions below will also not be an Excess Withdrawal:

• It
 must be taken as part of the Company's systematic withdrawal program established for the payment of  RMDs, with no withdrawals
 outside of the RMD program occurring within the Contract Year;

• It
 is taken on or after the Guaranteed Lifetime Withdrawal Date;

• The
 RMD amount must be calculated by us based solely on the fair market value of the Contract;

• The
 RMD must be the RMD calculated for the current calendar year.

We refer to any withdrawal that is not an Excess Withdrawal, such as withdrawals of the ALBA and qualifying RMDs, as non-Excess Withdrawals.

**Benefit Base**

The Benefit Base is the amount that we use to determine your ALBA. The Benefit Base cannot be withdrawn, applied to an Annuity Option, or paid as a death benefit. It is not an amount that is guaranteed to be returned to you.

The initial Benefit Base is equal to the Purchase Payment as of the Issue Date.

The Benefit Base may change as a result of the following:

• a
 subsequent Purchase Payment;

• an
 Excess Withdrawal; or

• an
 Automatic Step-Up.

Effect of Subsequent Purchase Payments on Benefit Base

The Benefit Base will be recalculated with each subsequent Purchase Payment received after the Issue Date. The Benefit Base, after the application of each subsequent Purchase Payment, will be equal to the Benefit Base immediately prior to the subsequent Purchase Payment, plus the amount of the subsequent Purchase Payment, net of any applicable taxes.

Restrictions on Subsequent Purchase Payments

After your first Contract Year and prior to your Guaranteed Lifetime Withdrawal Date, we limit the total dollar amount of subsequent Purchase Payments that can be applied to your Contract during each Contract Year to $10,000 per Contract Year.

Subsequent Purchase Payments may not be made on or after your Guaranteed Lifetime Withdrawal Date.

**If you elect a Income Guarantee Feature Charge Increase Opt-Out, no subsequent Purchase Payments may be made on or** **after the effective date of the Income Guarantee Feature Charge Increase Opt-Out.**

Effect of Withdrawals on Benefit Base

Any non-Excess Withdrawal does not impact the Benefit Base.

Any Excess Withdrawal will have a negative impact on the Benefit Base. An Excess Withdrawal will decrease the Benefit Base in the same proportion as the amount of the Excess Withdrawal (including CDSCs) divided by the Contract Value prior to the Excess Withdrawal. An Excess Withdrawal will reduce the Benefit Base by more than the dollar amount of the Excess Withdrawal when the Benefit Base is greater than the Contract Value. Unlike the proportional impact of an Excess Withdrawal on the Benefit Base, an Excess Withdrawal will reduce your Contract Value on a dollar-for-dollar basis.

An Excess Withdrawal will reduce the Benefit Base by an amount equal to A divided by B, with the result multiplied by C, where:

A = The Excess Withdrawal including any applicable CDSC;<br>B = The Contract Value immediately prior to the Excess Withdrawal; and<br>C = the most recently calculated Benefit Base.

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See "Appendix F – Income Guarantee Feature Examples" for a hypothetical example of the impact of an Excess Withdrawal on the Benefit Base.

**Effect of Automatic Step-Up on the Benefit Base**

The Benefit Base may increase due to an Automatic Step-Up on each Contract Anniversary, provided that the Age of the Covered Person (or the youngest Covered Person for a joint life version) on the last calendar day of the prior Contract Year does not exceed the maximum Automatic Step-Up Age of 90.

You must elect one of the two Automatic Step-Up options at the Issue Date. You may not discontinue or change the Automatic Step-Up option.

**If you elect a Income Guarantee Feature Charge Increase Opt-Out, no further Automatic Step-Ups will occur after the** **effective date of the Income Guarantee Feature Charge Increase Opt-Out.**

Highest Anniversary Value Step-Up

If you elect the Highest Anniversary Value Step-Up option, an Automatic Step-Up will occur on the Contract Anniversary provided that on the last calendar day of the prior Contract Year the Contract Value exceeds the Benefit Base.

Any applicable Automatic Step-Up will increase the Benefit Base to the Contract Value. When calculating the Automatic Step-Up, the Contract Value that is compared to the Benefit Base will be determined after processing any transactions on the last calendar day of the prior Contract Year.

Highest Quarterly Value Step-Up

If you elect the Highest Quarterly Value Step-Up, an Automatic Step-Up will occur on the Contract Anniversary provided that the Contract Value, on the last calendar day of any Contract Year quarter within the prior Contract Year, exceeds the Benefit Base immediately before the Automatic Step-Up.

Any applicable Automatic Step-Up will increase the Benefit Base to the highest quarterly Contract Value that occurred during the prior Contract Year. When calculating the Automatic Step-Up, the Contract Value for each Contract Year quarter that is compared to the Benefit Base will be determined after processing any transactions on the last calendar day of that Contract Year quarter.

**Impact of Withdrawals on Highest Quarterly Value Step-Up**

If the Highest Quarterly Value Step-Up option has been elected, withdrawals may impact the Highest Quarterly Value Step-Up. For the purpose of determining the Highest Quarterly Value Step-Up, each quarterly Contract Value will be reduced by withdrawals taken after the last calendar day of that Contract Year quarter.

The quarterly Contract Value will be reduced by:

(a) the
 total dollar amount of all non-Excess Withdrawals, and

(b) if
 applicable, an amount equal to the same percentage that the Contract Value is reduced as a result of an Excess Withdrawal. For
 example, if the Contract Value is reduced by 5% due to an Excess Withdrawal the quarterly Contract Value will also be reduced
 by an additional 5%.

If multiple withdrawals occur in a Contract Year, each quarterly Contract Value may be reduced multiple times.

For example, if you request a withdrawal during the second Contract Year quarter, your quarterly Contract Value for the first Contract Year quarter will be reduced by the withdrawal. If you then request another withdrawal during the third Contract Year quarter, your quarterly Contract Value for the first Contract Year quarter will be reduced again by the second withdrawal and your quarterly Contract Value for the second Contract Year quarter will also be reduced by that withdrawal.

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See "Appendix F – Income Guarantee Feature Examples" for a hypothetical example of the impact of withdrawals on the Highest Quarterly Value Step-Up.

**Income Guarantee Feature Charge**

We will assess the Income Guarantee Feature Charge on a quarterly basis in arrears. On the last calendar day of each Contract quarter, a charge will be assessed against your Contract Value. The amount that is deducted from your Contract Value is equal to the Income Guarantee Feature Charge multiplied by the Benefit Base on such day (after taking into account any other transactions processed on such day).

Income Guarantee Feature Charge Increase Opt-Out

If we plan to increase your Income Guarantee Feature Charge, we will provide at least thirty (30) calendar days advance notice of the increase. The increase will be effective on your next Contract Anniversary.

You have the right to opt-out of a Income Guarantee Feature Charge increase by Written Request. We must receive your Written Request by the Close of Business on the last Business Day prior to your next Contract Anniversary. If you opt-out of the Income Guarantee Feature Charge increase, then your Income Guarantee Feature Charge Increase Opt-Out is effective on your next Contract Anniversary.

By electing to opt-out of the Income Guarantee Feature Charge increase, you will:

• establish
 the Guaranteed Lifetime Withdrawal Date, if not previously established;

• determine
 the Withdrawal Rate, if not previously established;

• determine
 the Lifetime Guarantee Rate, if not previously established;

• terminate
 your right to any future Automatic Step-ups after the effective date; and

• terminate
 your right to make subsequent Purchase Payments on or after the effective date.

**A Income Guarantee Feature Charge Increase Opt-Out is irrevocable once it becomes effective.**

The Income Guarantee Feature Charge in effect when the Income Guarantee Feature Charge Increase Opt-Out become effective will remain in place until RetirePay terminates.

Income Guarantee Feature Charge Upon Rider Termination

If your Income Guarantee Feature terminates, except for a termination under sections (a), (b) and (c) in the sub-section below entitled "RetirePay Termination," a pro-rata portion of the Income Guarantee Feature Charge will be assessed based on the number of days from the first calendar day of the current Contract quarter to the date of termination. If RetirePay terminates under sections (a), (b) and (c) in the sub-section below entitled "RetirePay Termination," the charge is waived. If you reach your Latest Permitted Annuity Date, and your Contract Value is applied to an Annuity Option described in the sub-section below entitled "Latest Permitted Annuity Date," the Income Guarantee Feature Charge is also waived. Once RetirePay has terminated, there will be no further Income Guarantee Feature Charges assessed.

We deduct the Income Guarantee Feature Charge pro-rata from each Sub-Account in which you are invested.

The maximum annualized Income Guarantee Feature Charge is shown in the following table. For current Income Guarantee Feature Charges, see the current Rate Sheet Prospectus Supplement (for prospective Contract Owners) or the Rate Sheet Prospectus Supplement included at time of Contract delivery (for existing Contract Owners). Historical Rate Sheets can also be found in Appendix H.

---

| |
|:---|
| &nbsp;&nbsp; **Income Guarantee Feature Charge (as a percentage of Benefit Base)** |
| &nbsp;&nbsp; Single Life Highest Anniversary Value Step-up<br>2.50%<sup>(1)</sup> |

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---

| |
|:---|
| &nbsp;&nbsp; Joint Life Highest Anniversary Value Step-up<br>2.50%<sup>(1)</sup> |
| &nbsp;&nbsp; Single Life Highest Quarterly Value Step-up<br>2.50%<sup>(1)</sup> |
| &nbsp;&nbsp; Joint Life Highest Quarterly Value Step-up<br>2.50%<sup>(1)</sup> |

---

(1) We
 deduct the quarterly portion of this annualized charge from your Contract Value on a quarterly basis in arrears.

**Contract Continuation**

If the joint life version of RetirePay is elected and a Covered Person continues the Contract under the death benefit provisions section of the Contract, RetirePay will also continue as long as it was in effect at the time of the continuation. The Covered Person is eligible to receive the ALBA each year for the remainder of his or her life, provided RetirePay is not terminated.

If the joint life version of RetirePay is elected and you, as IRA Custodian, continue the Contract under the death benefit provisions section of the Contract, and the deceased Annuitant's surviving spouse is also a Covered Person, RetirePay will also continue as long as it was in effect at the time of the continuation. You are guaranteed to receive the ALBA each year for the remainder of the Covered Person's life, provided RetirePay is not terminated.

If you (Annuitant for a Custodial IRA) die before the Guaranteed Lifetime Withdrawal Date and if the Contract is continued, then the Guaranteed Lifetime Withdrawal Date elected by the Owner of the continued Contract will determine the Withdrawal Rate and Lifetime Guarantee Rate for the Contract.

If you (Annuitant for a Custodial IRA) die on or after the Guaranteed Lifetime Withdrawal Date and if the Contract is continued, then the Withdrawal Rate and Lifetime Guarantee Rate that apply after the continuation will be the same as the Withdrawal Rate and Lifetime Guarantee Rate in effect prior to the continuation.

**Latest Permitted Annuity Date**

If RetirePay is in effect, you have reached the Latest Permitted Annuity Date of your Contract, and your Contract Value has not reached zero, one of the following additional Annuity Options will be available to you based upon the number of Covered Persons still living. Unless you direct us otherwise, we will automatically pay you Annuity Payments under an installment refund Annuity Option based upon the number of Covered Persons still living.

<u>One (1) Covered Person – Installment Refund</u>

Beginning on the Annuity Date, we will make Annuity Payments equal to the amount of the ALBA for the life of the Annuitant. Annuity Payments cease upon the death of the Annuitant, subject to the installment refund guarantee. The installment refund guarantees upon the death of the Annuitant, if the total of all Annuity Payments made is less than the Contract Withdrawal Value on the Latest Permitted Annuity Date, Annuity Payments will continue to be paid in the same amount and at the same frequency then in effect, until the total Annuity Payments made is equal to the Contract Withdrawal Value on the Latest Permitted Annuity Date. The Beneficiary(ies) may instead elect to receive the commuted value calculated as shown on the Guaranteed Lifetime Withdrawal Benefit Contract schedule, of any remaining Annuity Payments in a lump sum. If the total of all Annuity Payments made is equal to or greater than the Contract Withdrawal Value on the Latest Permitted Annuity Date, no additional Annuity Payments will be made.

<u>Two (2) Covered Persons – Installment Refund</u>

Beginning on the Annuity Date, we will make Annuity Payments equal to the amount of the ALBA for the life of the Annuitant and the joint Annuitant. Annuity Payments cease upon the death of the surviving Annuitant, subject to the installment refund guarantee. The installment refund guarantees upon the death of the last surviving Annuitant, if the total of all Annuity Payments made is less than the Contract Withdrawal Value on the Latest Permitted Annuity Date, Annuity Payments will continue to be paid in the same amount and at the same frequency then in effect, until the total Annuity Payments made is equal to the Contract Withdrawal Value on the Latest Permitted Annuity Date. The Beneficiary(ies) may instead elect to receive the commuted value calculated as shown on the Guaranteed Lifetime Withdrawal Benefit Contract schedule, of any remaining Annuity Payments in a lump sum. If the total of all Annuity

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Payments made is equal to or greater than the Contract Withdrawal Value on the Latest Permitted Annuity Date, no additional Annuity Payments will be made.

However, for Qualified Contracts and Contracts held as Custodial IRAs, if the Covered Person, who is not the Owner (Annuitant if the Owner is a Custodial IRA), is no longer the Beneficiary (Beneficiary of the custodial account if the Owner is a Custodial IRA) when the Latest Permitted Annuity Date is reached (due to a Beneficiary change after a divorce), this section will apply as if that Covered Person were no longer living. Therefore, any change in the Beneficiary after a divorce could result in a payout based only on a single life even when the joint life version was elected. See "The Annuity Phase – Limitations on Payment Options."

**RetirePay Termination**

RetirePay will terminate upon the earliest of:

(a) Prior
 to the Settlement Phase or Annuity Phase, death of the Owner or Joint Owner (or the Annuitant if the Owner is a non-natural
 person) unless the joint life version of RetirePay is in effect and the Contract is continued under the death benefit provisions
 section of the Contract and in accordance with the Contract continuation provisions of RetirePay;

(b) Death
 of the Owner (or the Annuitant if the Owner is a non-natural person) after the Contract has been continued by the surviving
 spouse or an IRA Custodian, unless you are receiving payments under one of the Annuity Options under RetirePay at
 the Latest Permitted Annuity Date, in which case, RetirePay will terminate upon the last Annuity Payment;

(c) The
 date you apply your Contract Value to an Annuity Option, unless you are receiving payments under one of the Annuity Options
 under RetirePay at the Latest Permitted Annuity Date, in which case, RetirePay will terminate upon the last Annuity Payment;

(d) In
 most states, upon a change in ownership (or assignment) of the Contract, unless:

(i) the
 new Owner or assignee assumes full ownership of the Contract and is essentially the same person as the previous Owner,
 (e.g. an individual ownership changed to a personal revocable trust, a change to a court appointed guardian representing
 the Owner during the Owner's lifetime, etc.);

(ii) the
 assignment is for an exchange under IRC Section 1035 (i.e., RetirePay may continue during the temporary assignment
 period and not terminate until the Contract is fully surrendered);

(iii) the
 Contract is transferred to a spouse (or domestic partner or civil union partner for Non-Qualified Contracts) and the new
 Owner was a Covered Person as of the Issue Date; or

(iv) the
 Contract is transferred to a spouse (or domestic partner or civil union partner for Non-Qualified Contracts) or to a former
 spouse in connection with a divorce (or dissolution of a civil union or domestic partnership for Non-Qualified Contracts)
 and the new Owner was a Covered Person as of the Issue Date.

(e) The
 date we receive a Written Request to terminate RetirePay.

(f) Termination
 of the Contract to which RetirePay is attached.

If RetirePay is terminated, it cannot be re-elected at a later date.

See "Appendix G – State Variations of Certain Contract Features."

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**MassMutual RetireCore<sup>SM</sup>** **Stacking** 

MassMutual RetireCore Stacking will be available beginning January 26, 2026 in all states except California, Delaware, Florida, New York, North Dakota, South Dakota, and South Carolina. It will be available in the remaining states except New York beginning February 23, 2026.

**Covered Person(s)**

The Covered Person(s) is the person(s) whose life is used to determine the duration of the ALBA. The Covered Person(s) is identified on the date RetireCore Stacking is issued, and cannot be changed after that Issue Date, even if there is a divorce or dissolution of a civil union or domestic partnership involving the Covered Person(s).

If the single life version is elected, the Covered Person is:

• the
 Owner, if the Owner is a natural person,

• the
 oldest Joint Owner, if the Contract has Joint Owners, or

• the
 Annuitant, if the Owner is a non-natural person.

If the single life version is elected, we only allow one Annuitant, and the Annuitant must be the Covered Person. However, if you reach your Annuity Date and choose an Annuity Option other than that described in the "Latest Permitted Annuity Date" sub-section below, then you may change the Annuitant and/or name a joint Annuitant.

If the joint life version is elected, the Covered Persons are:

• the
 Owner and his/her spouse (or domestic partner or civil union partner for Non-Qualified Contracts), if the Contract is owned
 by one natural person.

• both
 Owners, if the Contract is jointly owned. The Joint Owners must be spouses (or domestic partners or civil union partners
 for Non-Qualified Contracts), or

• the
 Annuitant and his/her spouse, if the Owner is a Custodial IRA.

The joint life version is not available under a Contract owned by a non-natural person, other than a Custodial IRA.

A surviving Covered Person will be considered the primary Beneficiary, and any other Beneficiary designation will be treated as a contingent Beneficiary (for Custodial IRAs, the Joint Covered Person must be the Beneficiary of the custodial account). However, the Beneficiary may be changed if the Joint Covered Person is no longer the spouse, domestic partner or civil union partner of the Owner, and the Contract has not yet entered the Annuity Phase.

If the joint life version is elected, the Annuitant must be a Covered Person and cannot be changed. If only one Annuitant is named and the Annuitant dies while RetireCore Stacking remains in effect, the surviving Covered Person becomes the Annuitant. Upon reaching the Latest Permitted Annuity Date or entering the Settlement Phase, if both Covered Persons are living, they will become joint Annuitants. If you reach your Annuity Date and choose an Annuity Option other than that described under the Latest Permitted Annuity Date section, then you may change the Annuitant(s). See the sub-sections below entitled "Latest Permitted Annuity Date" and "Payments During the Settlement Phase."

However, for Qualified Contracts and Contracts held as Custodial IRAs, if the Covered Person who is not the Owner (the Annuitant, if the Owner is a Custodial IRA) is no longer the Beneficiary (Beneficiary of the custodial account, if the Owner is a Custodial IRA) when the Annuity Date is reached, due to a Beneficiary change after a divorce then that Covered Person cannot become an Annuitant.

**Withdrawals**

The Guaranteed Lifetime Withdrawal Date

The Guaranteed Lifetime Withdrawal Date is the date on which the Company guarantees both the initial Withdrawal Rate and the initial Lifetime Guarantee Rate, and on which you may begin receiving payments of the ALBA.

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The Guaranteed Lifetime Withdrawal Date will be the earlier of:

• the
 date of your first withdrawal on or after the youngest Covered Person attains age 59 ½, unless you designate that withdrawal
 as a Non-Lifetime Withdrawal, in which case it would be the subsequent withdrawal; or

• the
 effective date of an Income Guarantee Feature Charge Increase Opt-Out, as long as it is not prior to the youngest Covered
 Person attaining age 59½.

If an Income Guarantee Feature Charge Increase Opt-Out is elected prior to the youngest Covered Person attaining age 59½, the Guaranteed Lifetime Withdrawal Date will instead be the date the youngest Covered Person attains age 59½.

The Guaranteed Lifetime Withdrawal Date cannot be prior to the youngest Covered Person attaining age 59½. There is no ALBA prior to the Guaranteed Lifetime Withdrawal Date.

Contingent Deferred Sales Charges (CDSCs)

Contingent Deferred Sales Charges may apply if any Excess Withdrawals exceed the Free Withdrawal Amount. CDSCs will not apply to an ALBA that exceeds the Free Withdrawal Amount.

Non-Lifetime Withdrawal

You may elect to designate the first withdrawal taken on or after the date that the youngest Covered Person attains age 59½ as a Non-Lifetime Withdrawal, as long as the Guaranteed Lifetime Withdrawal Date has not yet been established. Such designation must be made by Written Request at the time of withdrawal.

By designating a withdrawal as a Non-Lifetime Withdrawal:

• the
 Guaranteed Lifetime Withdrawal Date will not be established by that withdrawal, and

• the
 withdrawal will be an Excess Withdrawal.

Designation of a withdrawal as a Non-Lifetime Withdrawal is irrevocable once it becomes effective.

Annual Lifetime Benefit Amount (ALBA) when Contract Value is Greater than Zero

On or after the Guaranteed Lifetime Withdrawal Date, and as long as your Contract Value is greater than zero, the ALBA is the maximum amount that may be withdrawn in the current Contract Year without being considered an Excess Withdrawal. Each withdrawal of the ALBA will reduce your Contract Value.

On your Guaranteed Lifetime Withdrawal Date, your ALBA equals:

• the
 Benefit Base multiplied by

• the
 applicable Withdrawal Rate.

Each time a withdrawal is made, we decrease the ALBA for that Contract Year by such withdrawal. The remaining amount is called the "Remaining ALBA" available for that Contract Year. Any Remaining ALBA not withdrawn in a Contract Year is not available in later Contract Years.

Withdrawal Rate

On the Guaranteed Lifetime Withdrawal Date, we will determine the initial Withdrawal Rate using the Age of the youngest Covered Person on the Guaranteed Lifetime Withdrawal Date.

If an Automatic Step-Up occurs after the Guaranteed Lifetime Withdrawal Date, and if the Age of the youngest Covered Person has moved to a new Age Range since the last determination of the Withdrawal Rate, then the Withdrawal Rate will be increased to the Withdrawal Rate corresponding to the new Age Range. The Withdrawal Rate may increase after it is initially determined, but it can never decrease. **Generally, the older the youngest Covered Person is, the higher the Withdrawal Rate.**

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The ALBA is recalculated on each Contract Anniversary after the recalculation of the Benefit Base. The calculation of the Benefit Base is explained in the Benefit Base sub-section below. The ALBA is recalculated before any other transactions are processed on the Contract Anniversary. The ALBA will change on a Contract Anniversary if the Benefit Base has changed since the prior Contract Anniversary.

For current Withdrawal Rates and Age Ranges, see the current Rate Sheet Prospectus Supplement (for prospective Contract Owners) or the Rate Sheet Prospectus Supplement included at the time of Contract delivery (for existing Contract Owners). Historical Rate Sheets can also be found in Appendix H.

Annual Lifetime Benefit Amount (ALBA) when Contract Value Reduces to Zero

If your Contract Value is reduced to zero due to an Excess Withdrawal, the ALBA is no longer available. No further benefits will be payable under RetireCore Stacking, and RetireCore Stacking will terminate.

If your Contract Value is reduced to zero due to a withdrawal that is not an Excess Withdrawal, or due to the application of any Contract and rider charges against your Contract Value, your Contract will enter the Settlement Phase. Once the Contract has entered the Settlement Phase, no death benefit will be available, no additional Purchase Payments will be allowed, and no additional charges will be assessed.

Payments During the Settlement Phase

When the Contract enters the Settlement Phase, we will first pay you any Remaining ALBA for that Contract Year.

On the later of your next Contract Anniversary or the date the youngest Covered Person attains Age 59½:

• The
  ALBA will equal:

○ the
 Benefit Base, multiplied by

○ the
 applicable Lifetime Guarantee Rate.

• We
 will begin paying you the ALBA in monthly installments for the rest of the Covered Person's life (or if the joint life version
 was elected, for the rest of the lives of both Covered Persons).

While you are receiving payments of the ALBA in the Settlement Phase, the Contract will be considered to be in the Annuity Phase, payments will be treated as Annuity Payments, and the Covered Person(s) will be the Annuitant(s).

If the monthly installment of the ALBA is less than $100, the ALBA may be paid at any other frequency acceptable to us, but not less frequently than annually, and will be equal to the ALBA divided by the number of payments per year.

For Contracts with the joint life version, the ALBA will be paid for the lives of both Covered Persons. If an Owner dies after the Contract enters the Settlement Phase, and there is a surviving Covered Person, the ALBA will be paid to the Beneficiary for the life of the surviving Covered Person. If the surviving Covered Person is not the Beneficiary (due to a Beneficiary change after a divorce or dissolution of a civil union or domestic partnership), the surviving Covered Person will have no rights to the ALBA.

However, for Contracts held as an IRA or a Custodial IRA, if, at the time the Settlement Phase begins, the joint Covered Person is no longer the Beneficiary (or the Beneficiary of the custodial account if the Owner is a Custodial IRA), the joint Covered Person will not become an Annuitant and payments will cease upon death of the Owner (Annuitant if the Owner is a Custodial IRA). Therefore, any change in the Beneficiary due to a divorce could result in a payout based only on a single life even when the joint life version was elected.

If the Guaranteed Lifetime Withdrawal Date has not been established when your Contract enters the Settlement Phase, then the later of your next Contract Anniversary or the date the youngest Covered Person attains age 59 ½ will be the Guaranteed Lifetime Withdrawal Date.

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Lifetime Guarantee Rate

On the Guaranteed Lifetime Withdrawal Date, we will determine the initial Lifetime Guarantee Rate using the Age of the youngest Covered Person on the Guaranteed Lifetime Withdrawal Date.

Prior to the Settlement Phase, if an Automatic Step-Up occurs after the Guaranteed Lifetime Withdrawal Date, and if the Age of the youngest Covered Person has moved to a new Age Range since the last determination of the Lifetime Guarantee Rate, then the Lifetime Guarantee Rate will be increased to the Lifetime Guarantee Rate corresponding to the new Age Range. The Lifetime Guarantee Rate may increase after it is initially determined, but it can never decrease. Generally, the older the youngest Covered Person is, the higher the Lifetime Guarantee Rate.

For current Lifetime Guarantee Rates and Age Ranges, see the current Rate Sheet Prospectus Supplement (for prospective Contract Owners) or the Rate Sheet Prospectus Supplement included at the time of Contract delivery (for existing Contract Owners). Historical Rate Sheets can also be found in Appendix H.

**Excess Withdrawals**

Withdrawals prior to the Guaranteed Lifetime Withdrawal Date

Any withdrawal (including CDSCs applicable to the withdrawal) that occurs prior to the Guaranteed Lifetime Withdrawal Date, will be an Excess Withdrawal and will reduce the Benefit Base. This includes any withdrawals of your Free Withdrawal Amount.

Withdrawals on or after the Guaranteed Lifetime Withdrawal Date

Any withdrawal taken on or after the Guaranteed Lifetime Withdrawal Date that is less than or equal to the remaining ALBA will not be considered an Excess Withdrawal and will not reduce the Benefit Base.

The portion of a withdrawal (including CDSCs applicable to the withdrawal) from the Contract Value that causes the cumulative withdrawals to exceed the ALBA in that Contract Year will be an Excess Withdrawal. Any withdrawal that occurs after the cumulative withdrawals exceed the ALBA in that Contract Year will also be an Excess Withdrawal.

An RMD that meets the conditions below will also not be an Excess Withdrawal:

• It
 must be taken as part of the Company's systematic withdrawal program established for the payment of  RMDs, with no withdrawals
 outside of the RMD program occurring within the Contract Year;

• It
 is taken on or after the Guaranteed Lifetime Withdrawal Date;

• The
  RMD amount must be calculated by us based solely on the fair market value of the Contract;

• The
  RMD must be the RMD calculated for the current calendar year.

We refer to any withdrawal that is not an Excess Withdrawal, such as withdrawals of the ALBA and qualifying RMDs, as non-Excess Withdrawals.

**Benefit Base**

The Benefit Base is the amount that we use to determine your ALBA. The Benefit Base cannot be withdrawn, applied to an Annuity Option, or paid as a death benefit. It is not an amount that is guaranteed to be returned to you.

The initial Benefit Base is equal to the Purchase Payment as of the Issue Date.

The Benefit Base may change as a result of the following:

• a
 subsequent Purchase Payment;

• an
 Excess Withdrawal;

• a
 Roll-Up; or

• an
 Automatic Step-Up.

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Effect of Subsequent Purchase Payments on Benefit Base

The Benefit Base will be recalculated with each subsequent Purchase Payment received after the Issue Date. The Benefit Base, after the application of each subsequent Purchase Payment, will be equal to the Benefit Base immediately prior to the subsequent Purchase Payment, plus the amount of the subsequent Purchase Payment, net of any applicable taxes.

Restrictions on Subsequent Purchase Payments

After your first Contract Year and prior to your Guaranteed Lifetime Withdrawal Date, we limit the total dollar amount of subsequent Purchase Payments that can be applied to your Contract during each Contract Year to $25,000 per Contract Year.

Subsequent Purchase Payments may not be made on or after your Guaranteed Lifetime Withdrawal Date.

**If you elect an Income Guarantee Feature Charge Increase Opt-Out, no subsequent Purchase Payments may be made on or** **after the effective date of the Income Guarantee Feature Charge Increase Opt-Out.**

Effect of Withdrawals on Benefit Base

Any non-Excess Withdrawal does not impact the Benefit Base.

Any Excess Withdrawal will have a negative impact on the Benefit Base. An Excess Withdrawal will decrease the Benefit Base in the same proportion as the amount of the Excess Withdrawal (including CDSCs) divided by the Contract Value prior to the Excess Withdrawal. An Excess Withdrawal will reduce the Benefit Base by more than the dollar amount of the Excess Withdrawal when the Benefit Base is greater than the Contract Value. Unlike the proportional impact of an Excess Withdrawal on the Benefit Base, an Excess Withdrawal will reduce your Contract Value on a dollar-for-dollar basis.

An Excess Withdrawal will reduce the Benefit Base by an amount equal to A divided by B, with the result multiplied by C, where:

A = The Excess Withdrawal including any applicable CDSC;<br>B = The Contract Value immediately prior to the Excess Withdrawal; and<br>C = the most recently calculated Benefit Base.

See "Appendix F – Income Guarantee Feature Examples" for a hypothetical example of the impact of an Excess Withdrawal on the Benefit Base.

**Effect of Automatic Step-Up on the Benefit Base**

The Benefit Base may increase due to an Automatic Step-Up on each Contract Anniversary, provided that the Age of the Covered Person (or the youngest Covered Person for a joint life version) on the last calendar day of the prior Contract Year does not exceed the maximum Automatic Step-Up Age of 90.

You must elect one of the two Automatic Step-Up options at the Issue Date. You may not discontinue or change the Automatic Step-Up option.

**If you elect an Income Guarantee Feature Charge Increase Opt-Out, no further Automatic Step-Ups will occur after the** **effective date of the Income Guarantee Feature Charge Increase Opt-Out.**

Highest Anniversary Value Step-Up

If you elect the Highest Anniversary Value Step-Up, an Automatic Step-Up will occur on the Contract Anniversary provided that on the last calendar day of the prior Contract Year the Contract Value exceeds the Benefit Base after the application of any Roll-Up and immediately before the Automatic Step-Up. Any applicable Automatic Step-Up will increase the Benefit Base to the Contract Value. When calculating the Automatic Step-Up, the Contract Value that is compared to the Benefit Base will be determined after processing any transactions on the last calendar day of the prior Contract Year.

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Highest Quarterly Value Step-Up

If you elect the Highest Quarterly Value Step-Up, an Automatic Step-Up will occur on the Contract Anniversary provided that the Contract Value, on the last calendar day of any Contract Year quarter within the prior Contract Year, exceeds the Benefit Base after the application of any Roll-Up and immediately before the Automatic Step-Up.

Any applicable Automatic Step-Up will increase the Benefit Base to the highest quarterly Contract Value that occurred during the prior Contract Year. When calculating the Automatic Step-Up, the Contract Value for each Contract Year quarter that is compared to the Benefit Base will be determined after processing any transactions on the last calendar day of that Contract Year quarter.

**Impact of Withdrawals on Highest Quarterly Value Step-Up**

If the Highest Quarterly Value Step-Up option has been elected, withdrawals may impact the Highest Quarterly Value Step-Up. For the purpose of determining the Highest Quarterly Value Step-Up, each quarterly Contract Value will be reduced by withdrawals taken after the last calendar day of that Contract Year quarter.

The quarterly Contract Value will be reduced by:

(a) the
 total dollar amount of all non-Excess Withdrawals, and

(b) if
 applicable, an amount equal to the same percentage that the Contract Value is reduced as a result of an Excess Withdrawal. For
 example, if the Contract Value is reduced by 5% due to an Excess Withdrawal the quarterly Contract Value will also be reduced
 by an additional 5%.

If multiple withdrawals occur in a Contract Year, each quarterly Contract Value may be reduced multiple times.

For example, if you request a withdrawal during the second Contract Year quarter, your quarterly Contract Value for the first Contract Year quarter will be reduced by the withdrawal. If you then request another withdrawal during the third Contract Year quarter, your quarterly Contract Value for the first Contract Year quarter will be reduced again by the second withdrawal and your quarterly Contract Value for the second Contract Year quarter will also be reduced by that withdrawal.

See "Appendix F – Income Guarantee Feature Examples" for a hypothetical example of the impact of withdrawals on the Highest Quarterly Value Step-Up.

**Effect of the Roll-Up on the Benefit Base**

On each Contract Anniversary, on or before the Roll-Up Period End Date, if no withdrawals occurred in the previous Contract Year, the Benefit Base will be increased by a Roll-Up. If a withdrawal occurred in the previous Contract Year, the Benefit Base will not be increased by a Roll-Up. The Roll-Up Period End Date is on the 10th Contract Anniversary following the Issue Date.

If you elect an Income Guarantee Feature Charge Increase Opt-Out, no further Roll-Ups will occur after the effective date of the Income Guarantee Feature Charge Increase Opt-Out.

The amount of the Roll-Up will be determined by multiplying the Roll-Up Base by the Roll-Up Percentage.

The Benefit Base will not be increased by the Roll-Up after the Roll-Up Period End Date.

The Roll-Up, if applicable, is applied before any Automatic Step-Up occurs on such Contract Anniversary.

**Roll-Up Base**

The Roll-Up Base is the amount that we use to determine any applicable Roll-Up that will be credited to the Benefit Base.

The initial Roll-Up Base is equal to the Purchase Payment as of the Issue Date.

The Roll-Up Base will change if you make a subsequent Purchase Payment, take an Excess Withdrawal as described below, or as a result of an Automatic Step-Up.

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The Roll-Up Base cannot be withdrawn, applied to an Annuity Option, or paid as a death benefit. It is not an amount that is guaranteed to be returned to you.

**Effect of Subsequent Purchase Payments**

The Roll-Up Base will be recalculated with each subsequent Purchase Payment received after the Issue Date.

The Roll-Up Base, after the application of each subsequent Purchase Payment, will be equal to the Roll-Up Base immediately prior to the subsequent Purchase Payment, plus the amount of the subsequent Purchase Payment, net of any applicable taxes.

**Effect of Withdrawals on the Roll-Up Base**

Any non-Excess Withdrawal does not impact the Roll-Up Base.

Any Excess Withdrawal will have a negative impact on the Roll-Up Base. An Excess Withdrawal will decrease the Roll-Up Base in the same proportion as the amount of the Excess Withdrawal (including CDSCs) divided by the Contract Value prior to the Excess Withdrawal, as described below. **An Excess Withdrawal will reduce the Roll-Up Base by more than the dollar amount of the** **Excess Withdrawal when the Roll-Up Base is greater than the Contract Value.**

Any Excess Withdrawal taken will reduce the Roll-Up Base by an amount equal to A divided by B, with the result multiplied by C, where:

A = The Excess Withdrawal including any applicable CDSC;<br>B = The Contract Value immediately prior to the Excess Withdrawal; and<br>C = the most recently calculated Roll-Up Base.

**Impact of the Automatic Step-Up on the Roll-Up Base**

The Roll-Up Base may increase due to an Automatic Step-Up on each Contract Anniversary, provided that an Automatic Step-Up to the Benefit Base occurs as described under the Effect of Automatic Step-Up on the Benefit Base provision. If the Benefit Base is increased as the result of an Automatic Step-Up, the Roll-Up Base will also be increased to equal the Benefit Base immediately after the Automatic Step-Up. We refer to this as "stacking," because the Step-Up is stacked on top of the existing Roll-Up Base, creating a compounding effect, which results in higher potential Roll-Ups in the future.

Increases to the Roll-Up Base due to an Automatic Step-Up may occur on each contract anniversary prior to the Roll-Up Period End Date. Any increase to the Roll-Up Base will impact any Roll-Up amount calculated at the next Contract Anniversary.

Income Guarantee Feature Charge

We will assess the Income Guarantee Feature Charge on a quarterly basis in arrears. On the last calendar day of each Contract quarter, a charge will be assessed against your Contract Value. The amount that is deducted from your Contract Value is equal to the Income Guarantee Feature Charge multiplied by the Benefit Base on such day (after taking into account any other transactions processed on such day).

Income Guarantee Feature Charge Increase Opt-Out

If we plan to increase your Income Guarantee Feature Charge, we will provide at least thirty (30) calendar days advance notice of the increase. The increase will be effective on your next Contract Anniversary.

You have the right to opt-out of an Income Guarantee Feature Charge increase by Written Request. We must receive your Written Request by the Close of Business on the last Business Day prior to your next Contract Anniversary. If you opt-out of the Income Guarantee Feature Charge increase, then your Income Guarantee Feature Charge Increase Opt-Out is effective on your next Contract Anniversary.

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By electing to opt-out of the Income Guarantee Feature Charge increase, you will:

• establish
 the Guaranteed Lifetime Withdrawal Date, if not previously established;

• determine
 the Withdrawal Rate, if not previously established;

• determine
 the Lifetime Guarantee Rate, if not previously established;

• terminate
 your right to any future Automatic Step-Ups after the effective date;

• terminate
 your right to any future Roll-Ups after the effective date; and

• terminate
 your right to make subsequent Purchase Payments on or after the effective date.

**An Income Guarantee Feature Charge Increase Opt-Out is irrevocable once it becomes effective.**

The Income Guarantee Feature Charge in effect when the Income Guarantee Feature Charge Increase Opt-Out becomes effective will remain in place until RetireCore Stacking terminates.

Income Guarantee Feature Charge Upon Rider Termination

If your Income Guarantee Feature terminates, except for a termination under sections (a), (b) and (c) in the sub-section below entitled "RetireCore Stacking Termination," a pro-rata portion of the Income Guarantee Feature Charge will be assessed based on the number of days from the first calendar day of the current Contract quarter to the date of termination. If RetireCore Stacking terminates under sections (a), (b) and (c) in the sub-section below entitled "RetireCore Stacking Termination," the charge is waived. If you reach your Latest Permitted Annuity Date, and your Contract Value is applied to an Annuity Option described in the sub-section below entitled "Latest Permitted Annuity Date," the Income Guarantee Feature Charge is also waived. Once RetireCore Stacking has terminated, there will be no further Income Guarantee Feature Charges assessed.

We deduct the Income Guarantee Feature Charge pro-rata from each Sub-Account in which you are invested.

The maximum annualized Income Guarantee Feature Charge for RetireCore Stacking is shown in the following table. For current Income Guarantee Feature Charges, see the current Rate Sheet Prospectus Supplement (for prospective Contract Owners) or the Rate Sheet Prospectus Supplement included at the time of Contract delivery (for existing Contract Owners). Historical Rate Sheets can also be found in Appendix H.

---

| |
|:---|
| &nbsp;&nbsp; **Income Guarantee Feature Charge (as a percentage of Benefit Base)** |
| &nbsp;&nbsp; Single Life Highest Anniversary Value Step-up<br>&nbsp;&nbsp; 2.50%<sup>(1)</sup> |
| &nbsp;&nbsp; Joint Life Highest Anniversary Value Step-up<br>&nbsp;&nbsp; 2.50%<sup>(1)</sup> |
| &nbsp;&nbsp; Single Life Highest Quarterly Value Step-up<br>&nbsp;&nbsp; 2.50%<sup>(1)</sup> |
| &nbsp;&nbsp; Joint Life Highest Quarterly Value Step-up<br>&nbsp;&nbsp; 2.50%<sup>(1)</sup> |

---

(1) We
 deduct the quarterly portion of this annualized charge from your Contract Value on a quarterly basis in arrears.

**Contract Continuation**

If the joint life version of RetireCore Stacking is elected and a Covered Person continues the Contract under the death benefit provisions section of the Contract, RetireCore Stacking will also continue as long as it was in effect at the time of the continuation. The Covered Person is eligible to receive the ALBA each year for the remainder of his or her life, provided RetireCore Stacking is not terminated.

If the joint life version of RetireCore Stacking is elected and you, as IRA Custodian, continue the Contract under the death benefit provisions section of the Contract, and the deceased Annuitant's surviving spouse is also a Covered Person, RetireCore Stacking will also continue as long as it was in effect at the time of the continuation. You are guaranteed to receive the ALBA each year for the remainder of the Covered Person's life, provided RetireCore Stacking is not terminated.

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If you (Annuitant for a Custodial IRA) die before the Guaranteed Lifetime Withdrawal Date and if the Contract is continued, then the Guaranteed Lifetime Withdrawal Date elected by the Owner of the continued Contract will determine the Withdrawal Rate and Lifetime Guarantee Rate for the Contract.

If you (Annuitant for a Custodial IRA) die on or after the Guaranteed Lifetime Withdrawal Date and if the Contract is continued, then the Withdrawal Rate and Lifetime Guarantee Rate that apply after the continuation will be the same as the Withdrawal Rate and Lifetime Guarantee Rate in effect prior to the continuation. Upon any future Automatic Step-Up, the Withdrawal Rate and Lifetime Guarantee Rate determinations will be based on the age of the surviving Covered Person.

**Latest Permitted Annuity Date**

If RetireCore Stacking is in effect, you have reached the Latest Permitted Annuity Date of your Contract, and your Contract Value has not reached zero, one of the following additional Annuity Options will be available to you based upon the number of Covered Persons still living. Unless you direct us otherwise, we will automatically pay you Annuity Payments under an installment refund Annuity Option based upon the number of Covered Persons still living.

<u>One (1) Covered Person – Installment Refund</u>

Beginning on the Annuity Date, we will make Annuity Payments equal to the amount of the ALBA for the life of the Annuitant. Annuity Payments cease upon the death of the Annuitant, subject to the installment refund guarantee. The installment refund guarantees upon the death of the Annuitant, if the total of all Annuity Payments made is less than the Contract Withdrawal Value on the Latest Permitted Annuity Date, Annuity Payments will continue to be paid in the same amount and at the same frequency then in effect, until the total Annuity Payments made is equal to the Contract Withdrawal Value on the Latest Permitted Annuity Date. The Beneficiary(ies) may instead elect to receive the commuted value calculated as shown on the Guaranteed Lifetime Withdrawal Benefit Contract schedule, of any remaining Annuity Payments in a lump sum. If the total of all Annuity Payments made is equal to or greater than the Contract Withdrawal Value on the Latest Permitted Annuity Date, no additional Annuity Payments will be made.

<u>Two (2) Covered Persons – Installment Refund</u>

Beginning on the Annuity Date, we will make Annuity Payments equal to the amount of the ALBA for the life of the Annuitant and the joint Annuitant. Annuity Payments cease upon the death of the surviving Annuitant, subject to the installment refund guarantee. The installment refund guarantees upon the death of the last surviving Annuitant, if the total of all Annuity Payments made is less than the Contract Withdrawal Value on the Latest Permitted Annuity Date, Annuity Payments will continue to be paid in the same amount and at the same frequency then in effect, until the total Annuity Payments made is equal to the Contract Withdrawal Value on the Latest Permitted Annuity Date. The Beneficiary(ies) may instead elect to receive the commuted value calculated as shown on the Guaranteed Lifetime Withdrawal Benefit Contract schedule, of any remaining Annuity Payments in a lump sum. If the total of all Annuity Payments made is equal to or greater than the Contract Withdrawal Value on the Latest Permitted Annuity Date, no additional Annuity Payments will be made.

However, for Qualified Contracts and Contracts held as Custodial IRAs, if the Covered Person, who is not the Owner (Annuitant if the Owner is a Custodial IRA), is no longer the Beneficiary (Beneficiary of the custodial account if the Owner is a Custodial IRA) when the Latest Permitted Annuity Date is reached (due to a Beneficiary change after a divorce), this section will apply as if that Covered Person were no longer living. Therefore, any change in the Beneficiary after a divorce could result in a payout based only on a single life even when the joint life version was elected. See "The Annuity Phase – Limitations on Payment Options."

**RetireCore Stacking Termination**

RetireCore Stacking will terminate upon the earliest of:

(a) Prior
 to the Settlement Phase or Annuity Phase, death of the Owner or Joint Owner (or the Annuitant if the Owner is a non-natural
 person) unless the joint life version of  RetireCore Stacking is in effect and the Contract is continued under the death
 benefit provisions section of the Contract and in accordance with the Contract continuation provisions of RetireCore Stacking;

(b) Death
 of the Owner (or the Annuitant if the Owner is a non-natural person) after the Contract has been continued by the surviving
 spouse or an IRA Custodian, unless you are receiving payments under one of the Annuity Options under

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RetireCore Stacking at the Latest Permitted Annuity Date, in which case, RetireCore Stacking will terminate upon the last Annuity Payment;

(c) The
 date you apply your Contract Value to an Annuity Option, unless you are receiving payments under one of the Annuity Options
 under RetireCore Stacking at the Latest Permitted Annuity Date, in which case, RetireCore Stacking will terminate upon
 the last Annuity Payment;

(d) In
 most states, upon a change in ownership (or assignment) of the Contract, unless:

(i) the
 new Owner or assignee assumes full ownership of the Contract and is essentially the same person as the previous Owner,
 (e.g. an individual ownership changed to a personal revocable trust, a change to a court appointed guardian representing
 the Owner during the Owner's lifetime, etc.);

(ii) the
 assignment is for an exchange under  IRC Section 1035 (i.e., RetireCore Stacking may continue during the temporary
 assignment period and not terminate until the Contract is fully surrendered);

(iii) the
 Contract is transferred to a spouse (or domestic partner or civil union partner for Non-Qualified Contracts) and the new
 Owner was a Covered Person as of the Issue Date; or

(iv) the
 Contract is transferred to a spouse (or domestic partner or civil union partner for Non-Qualified Contracts) or to a former
 spouse in connection with a divorce (or dissolution of a civil union or domestic partnership for Non-Qualified Contracts)
 and the new Owner was a Covered Person as of the Issue  Date.

(e) The
 date we receive a Written Request to terminate RetireCore Stacking.

(f) Termination
 of the Contract to which RetireCore Stacking is attached.

If RetireCore Stacking is terminated, it cannot be re-elected at a later date.

See "Appendix G – State Variations of Certain Contract Features."

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**MassMutual RetireCore** **<sup>SM</sup>**

MassMutual RetireCore will be available beginning January 26, 2026 in all states except California, Delaware, Florida, New York, North Dakota, South Dakota, and South Carolina. It will be available in the remaining states except New York beginning February 23, 2026.

**Covered Person(s)**

The Covered Person(s) is the person(s) whose life is used to determine the duration of the ALBA. The Covered Person(s) is identified on the date RetireCore is issued, and cannot be changed after that Issue Date, even if there is a divorce or dissolution of a civil union or domestic partnership involving the Covered Person(s).

If the single life version is elected, the Covered Person is:

• the
 Owner, if the Owner is a natural person,

• the
 oldest Joint Owner, if the Contract has Joint Owners, or

• the
 Annuitant, if the Owner is a non-natural person.

If the single life version is elected, we only allow one Annuitant, and the Annuitant must be the Covered Person. However, if you reach your Annuity Date and choose an Annuity Option other than that described in the "Latest Permitted Annuity Date" sub-section below, then you may change the Annuitant and/or name a joint Annuitant.

If the joint life version is elected, the Covered Persons are:

• the
 Owner and his/her spouse (or domestic partner or civil union partner for Non-Qualified Contracts), if the Contract is owned
 by one natural person.

• both
 Owners, if the Contract is jointly owned. The Joint Owners must be spouses (or domestic partners or civil union partners
 for Non-Qualified Contracts), or

• the
 Annuitant and his/her spouse, if the Owner is a Custodial IRA.

The joint life version is not available under a Contract owned by a non-natural person, other than a Custodial IRA.

A surviving Covered Person will be considered the primary Beneficiary, and any other Beneficiary designation will be treated as a contingent Beneficiary (for Custodial IRAs, the Joint Covered Person must be the Beneficiary of the custodial account). However, the Beneficiary may be changed if the Joint Covered Person is no longer the spouse, domestic partner or civil union partner of the Owner, and the Contract has not yet entered the Annuity Phase.

If the joint life version is elected, the Annuitant must be a Covered Person and cannot be changed. If only one Annuitant is named and the Annuitant dies while RetireCore remains in effect, the surviving Covered Person becomes the Annuitant. Upon reaching the Latest Permitted Annuity Date or entering the Settlement Phase, if both Covered Persons are living, they will become joint Annuitants. If you reach your Annuity Date and choose an Annuity Option other than that described under the Latest Permitted Annuity Date section, then you may change the Annuitant(s). See the sub-sections below entitled "Latest Permitted Annuity Date" and "Payments During the Settlement Phase."

However, for Qualified Contracts and Contracts held as Custodial IRAs, if the Covered Person who is not the Owner (the Annuitant, if the Owner is a Custodial IRA) is no longer the Beneficiary (Beneficiary of the custodial account, if the Owner is a Custodial IRA) when the Annuity Date is reached, due to a Beneficiary change after a divorce then that Covered Person cannot become an Annuitant.

**Withdrawals**

The Guaranteed Lifetime Withdrawal Date

The Guaranteed Lifetime Withdrawal Date is the date on which the Company guarantees both the initial Withdrawal Rate and the initial Lifetime Guarantee Rate, and on which you may begin receiving payments of the ALBA.

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The Guaranteed Lifetime Withdrawal Date will be the earlier of:

• the
 date of your first withdrawal on or after the youngest Covered Person attains age 59 ½, unless you designate that withdrawal
 as a Non-Lifetime Withdrawal, in which case it would be the subsequent withdrawal; or

• the
 effective date of an Income Guarantee Feature Charge Increase Opt-Out, as long as it is not prior to the youngest Covered
 Person attaining age 59½.

If an Income Guarantee Feature Charge Increase Opt-Out is elected prior to the youngest Covered Person attaining age 59½, the Guaranteed Lifetime Withdrawal Date will instead be the date the youngest Covered Person attains age 59½.

The Guaranteed Lifetime Withdrawal Date cannot be prior to the youngest Covered Person attaining age 59½. There is no ALBA prior to the Guaranteed Lifetime Withdrawal Date.

Contingent Deferred Sales Charges (CDSCs)

Contingent Deferred Sales Charges may apply if any Excess Withdrawals exceed the Free Withdrawal Amount. CDSCs will not apply to an ALBA that exceeds the Free Withdrawal Amount.

Non-Lifetime Withdrawal

You may elect to designate the first withdrawal taken on or after the date that the youngest Covered Person attains age 59½ as a Non-Lifetime Withdrawal, as long as the Guaranteed Lifetime Withdrawal Date has not yet been established. Such designation must be made by Written Request at the time of withdrawal.

By designating a withdrawal as a Non-Lifetime Withdrawal:

• the
 Guaranteed Lifetime Withdrawal Date will not be established by that withdrawal, and

• the
 withdrawal will be an Excess Withdrawal.

Designation of a withdrawal as a Non-Lifetime Withdrawal is irrevocable once it becomes effective.

Annual Lifetime Benefit Amount (ALBA) when Contract Value is Greater than Zero

On or after the Guaranteed Lifetime Withdrawal Date, and as long as your Contract Value is greater than zero, the ALBA is the maximum amount that may be withdrawn in the current Contract Year without being considered an Excess Withdrawal. Each withdrawal of the ALBA will reduce your Contract Value.

On your Guaranteed Lifetime Withdrawal Date, your ALBA equals:

• the
 Benefit Base multiplied by

• the
 applicable Withdrawal Rate.

Each time a withdrawal is made, we decrease the ALBA for that Contract Year by such withdrawal. The remaining amount is called the "Remaining ALBA" available for that Contract Year. Any Remaining ALBA not withdrawn in a Contract Year is not available in later Contract Years.

**Withdrawal Rate**

On the Guaranteed Lifetime Withdrawal Date, we will determine the initial Withdrawal Rate using the Age of the youngest Covered Person on the Guaranteed Lifetime Withdrawal Date.

If the Benefit Base is increased to equal the Automatic Step-Up Value after the Guaranteed Lifetime Withdrawal Date, and if the Age of the youngest Covered Person has moved to a new Age Range since the last determination of the Withdrawal Rate, then the Withdrawal Rate will be increased to the Withdrawal Rate corresponding to the new Age Range. The Withdrawal Rate may increase after it is initially determined, but it can never decrease. **Generally, the older the youngest Covered Person is, the higher the** **Withdrawal Rate.**

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The ALBA is recalculated on each Contract Anniversary after the recalculation of the Benefit Base. The calculation of the Benefit Base is explained in the Benefit Base sub-section below. The ALBA is recalculated before any other transactions are processed on the Contract Anniversary. The ALBA will change on a Contract Anniversary if the Benefit Base has changed since the prior Contract Anniversary.

For current Withdrawal Rates and Age Ranges, see the current Rate Sheet Prospectus Supplement (for prospective Contract Owners) or the Rate Sheet Prospectus Supplement included at the time of Contract delivery (for existing Contract Owners). Historical Rate Sheets can also be found in Appendix H.

Annual Lifetime Benefit Amount (ALBA) when Contract Value Reduces to Zero

If your Contract Value is reduced to zero due to an Excess Withdrawal, the ALBA is no longer available. No further benefits will be payable under RetireCore, and RetireCore will terminate.

If your Contract Value is reduced to zero due to a withdrawal that is not an Excess Withdrawal, or due to the application of any Contract and rider charges against your Contract Value, your Contract will enter the Settlement Phase. Once the Contract has entered the Settlement Phase, no death benefit will be available, no additional Purchase Payments will be allowed, and no additional charges will be assessed.

Payments During the Settlement Phase

When the Contract enters the Settlement Phase, we will first pay you any Remaining ALBA for that Contract Year.

On the later of your next Contract Anniversary or the date the youngest Covered Person attains Age 59½:

• The
 ALBA will equal:

○ the
 Benefit Base, multiplied by

○ the
 applicable Lifetime Guarantee Rate.

• We
 will begin paying you the ALBA in monthly installments for the rest of the Covered Person's life (or if the joint life version
 was elected, for the rest of the lives of both Covered Persons).

While you are receiving payments of the ALBA in the Settlement Phase, the Contract will be considered to be in the Annuity Phase, payments will be treated as Annuity Payments, and the Covered Person(s) will be the Annuitant(s).

If the monthly installment of the ALBA is less than $100, the ALBA may be paid at any other frequency acceptable to us, but not less frequently than annually, and will be equal to the ALBA divided by the number of payments per year.

For Contracts with the joint life version, the ALBA will be paid for the lives of both Covered Persons. If an Owner dies after the Contract enters the Settlement Phase, and there is a surviving Covered Person, the ALBA will be paid to the Beneficiary for the life of the surviving Covered Person. If the surviving Covered Person is not the Beneficiary (due to a Beneficiary change after a divorce or dissolution of a civil union or domestic partnership), the surviving Covered Person will have no rights to the ALBA.

However, for Contracts held as an IRA or a Custodial IRA, if, at the time the Settlement Phase begins, the joint Covered Person is no longer the Beneficiary (or the Beneficiary of the custodial account if the Owner is a Custodial IRA), the joint Covered Person will not become an Annuitant and payments will cease upon death of the Owner (Annuitant if the Owner is a Custodial IRA). Therefore, any change in the Beneficiary due to a divorce could result in a payout based only on a single life even when the joint life version was elected.

If the Guaranteed Lifetime Withdrawal Date has not been established when your Contract enters the Settlement Phase, then the later of your next Contract Anniversary or the date the youngest Covered Person attains age 59½ will be the Guaranteed Lifetime Withdrawal Date.

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Lifetime Guarantee Rate

On the Guaranteed Lifetime Withdrawal Date, we will determine the initial Lifetime Guarantee Rate using the Age of the youngest Covered Person on the Guaranteed Lifetime Withdrawal Date.

Prior to the Settlement Phase, if the Benefit Base is increased to equal the Automatic Step-Up Value on any Contract Anniversary after the Guaranteed Lifetime Withdrawal Date, and if the Age of the youngest Covered Person has moved to a new Age Range since the last determination of the Lifetime Guarantee Rate, then the Lifetime Guarantee Rate will be increased to the Lifetime Guarantee Rate corresponding to the new Age Range. The Lifetime Guarantee Rate may increase after it is initially determined, but it can never decrease. Generally, the older the youngest Covered Person is, the higher the Lifetime Guarantee Rate.

For current Lifetime Guarantee Rates and Age Ranges, see the current Rate Sheet Prospectus Supplement (for prospective Contract Owners) or the Rate Sheet Prospectus Supplement included at the time of Contract delivery (for existing Contract Owners). Historical Rate Sheets can also be found in Appendix H.

**Excess Withdrawals**

Withdrawals prior to the Guaranteed Lifetime Withdrawal Date

Any withdrawal (including CDSCs applicable to the withdrawal) that occurs prior to the Guaranteed Lifetime Withdrawal Date, will be an Excess Withdrawal and will reduce the Benefit Base. This includes any withdrawals of your Free Withdrawal Amount.

Withdrawals prior to the Guaranteed Lifetime Withdrawal Date

Any withdrawal taken on or after the Guaranteed Lifetime Withdrawal Date that is less than or equal to the remaining ALBA will not be considered an Excess Withdrawal and will not reduce the Benefit Base.

The portion of a withdrawal (including CDSCs applicable to the withdrawal) from the Contract Value that causes the cumulative withdrawals to exceed the ALBA in that Contract Year will be an Excess Withdrawal. Any withdrawal that occurs after the cumulative withdrawals exceed the ALBA in that Contract Year will also be an Excess Withdrawal.

An RMD that meets the conditions below will also not be an Excess Withdrawal:

• It
 must be taken as part of the Company's systematic withdrawal program established for the payment of  RMDs, with no withdrawals
 outside of the RMD program occurring within the Contract Year;

• It
 is taken on or after the Guaranteed Lifetime Withdrawal Date;

• The
 RMD amount must be calculated by us based solely on the fair market value of the Contract;

• The
 RMD must be the RMD calculated for the current calendar year.

We refer to any withdrawal that is not an Excess Withdrawal, such as withdrawals of the ALBA and qualifying RMDs, as non-Excess Withdrawals.

**Benefit Base**

The Benefit Base is the amount that we use to determine your ALBA. The Benefit Base cannot be withdrawn, applied to an Annuity Option, or paid as a death benefit. It is not an amount that is guaranteed to be returned to you.

The initial Benefit Base is equal to the Purchase Payment as of the Issue Date.

The Benefit Base may change as a result of the following:

• a
 subsequent Purchase Payment;

• an
 Excess Withdrawal;

• an
 increase to match an Automatic Step-Up Value; or

• an
 increase to match a Roll-Up Value.

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Effect of Subsequent Purchase Payments on Benefit Base

The Benefit Base will be recalculated with each subsequent Purchase Payment received after the Issue Date. The Benefit Base, after the application of each subsequent Purchase Payment, will be equal to the Benefit Base immediately prior to the subsequent Purchase Payment, plus the amount of the subsequent Purchase Payment, net of any applicable taxes.

Restrictions on Subsequent Purchase Payments

After your first Contract Year and prior to your Guaranteed Lifetime Withdrawal Date, we limit the total dollar amount of subsequent Purchase Payments that can be applied to your Contract during each Contract Year to $25,000 per Contract Year.

Subsequent Purchase Payments may not be made on or after your Guaranteed Lifetime Withdrawal Date.

**If you elect an Income Guarantee Feature Charge Increase Opt-Out, no subsequent Purchase Payments may be made on or** **after the effective date of the Income Guarantee Feature Charge Increase Opt-Out.**

Effect of Withdrawals on Benefit Base

Any non-Excess Withdrawal does not impact the Benefit Base.

Any Excess Withdrawal will have a negative impact on the Benefit Base. An Excess Withdrawal will decrease the Benefit Base in the same proportion as the amount of the Excess Withdrawal (including CDSCs) divided by the Contract Value prior to the Excess Withdrawal. An Excess Withdrawal will reduce the Benefit Base by more than the dollar amount of the Excess Withdrawal when the Benefit Base is greater than the Contract Value. Unlike the proportional impact of an Excess Withdrawal on the Benefit Base, an Excess Withdrawal will reduce your Contract Value on a dollar-for-dollar basis.

An Excess Withdrawal will reduce the Benefit Base by an amount equal to A divided by B, with the result multiplied by C, where:

A = The Excess Withdrawal including any applicable CDSC;<br>B = The Contract Value immediately prior to the Excess Withdrawal; and<br>C = the most recently calculated Benefit Base.

See "Appendix F – Income Guarantee Feature Examples" for a hypothetical example of the impact of an Excess Withdrawal on the Benefit Base.

**Effect of Automatic Step-Up Value and Roll-Up Value on the Benefit Base**

On each Contract Anniversary, the Benefit Base will become the greatest of:

(a) The
 most recently calculated Benefit Base prior to the Contract Anniversary

(b) The
 current Automatic Step-Up Value, if any; and

(c) The
 current Roll-Up Value.

**Automatic Step-Up Value**

The Automatic Step-Up Value is calculated differently based on whether it is a (i) Highest Anniversary Value Step-Up or (ii) Highest Quarterly Value Step-Up. You must elect one of the two Automatic Step-Up options at the Issue Date. You may not discontinue or change the Automatic Step-Up option.

There is no Automatic Step-Up Value if the Age of the youngest Covered Person on the last calendar day of the prior Contract Year exceeds the maximum Automatic Step-Up Age of 90.

**If you elect an Income Guarantee Feature Charge Increase Opt-Out, there are no Automatic Step-Up Values after the effective** **date of the Income Guarantee Feature Charge Increase Opt-Out.** 

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Highest Anniversary Value Step-Up

If you elect the Highest Anniversary Value Step-Up, the current Automatic Step-Up Value is the Contract Value on the last calendar day of the prior Contract Year after processing any transactions on that day.

Highest Quarterly Value Step-Up

If you elect the Highest Quarterly Value Step-Up, the current Automatic Step-Up Value is the highest quarterly Contract Value within the prior Contract Year. Each quarterly Contract Value is determined on the last calendar day of the Contract Year quarter after processing any transactions on that day.

**Impact of Withdrawals on Highest Quarterly Value Step-Up**

For the purpose of determining the highest quarterly Contract Value, each quarterly Contract Value will be reduced by withdrawals taken after the last calendar day of that Contract Year quarter.

The quarterly Contract Value will be reduced by:

(a) the
 total dollar amount of all non-Excess Withdrawals, and

(b) if
 applicable, an amount equal to the same percentage that the Contract Value is reduced as a result of an Excess Withdrawal. For
 example, if the Contract Value is reduced by 5% due to an Excess Withdrawal the quarterly Contract Value will also be reduced
 by an additional 5%.

If multiple withdrawals occur in a Contract Year, each quarterly Contract Value may be reduced multiple times.

For example, if you request a withdrawal during the second Contract Year quarter, your quarterly Contract Value for the first Contract Year quarter will be reduced by the withdrawal. If you then request another withdrawal during the third Contract Year quarter, your quarterly Contract Value for the first Contract Year quarter will be reduced again by the second withdrawal and your quarterly Contract Value for the second Contract Year quarter will also be reduced by that withdrawal.

See "Appendix F – Income Guarantee Feature Examples" for a hypothetical example of the impact of withdrawals on the Highest Quarterly Value Step-Up.

**Roll-Up Value**

The initial Roll-Up Value is equal to the Purchase Payment as of the Issue Date.

On each Contract Anniversary, on or before the Roll-Up Period End Date, if no withdrawals occurred in the previous Contract Year, the Roll-Up Value is increased by an amount equal to the current Roll-Up Base multiplied by the Roll-Up Percentage. The Roll-Up Period End Date is on the 10th Contract Anniversary following the Issue Date.

The Roll-Up Value will change if you make a subsequent Purchase Payment or take an Excess Withdrawal as described below.

There are no further increases to the Roll-Up Value after the Roll-Up Period End Date. If you elect an Income Guarantee Feature Charge Increase Opt-Out, there are no further increases to the Roll-Up Value after the effective date of the Income Guarantee Feature Charge Increase Opt-Out.

The Roll-Up Value cannot be withdrawn, applied to an Annuity Option, or paid as a death benefit. It is not an amount that is guaranteed to be returned to you.

For the current Roll-Up Percentage, see the current Rate Sheet Prospectus Supplement (for prospective Contract Owners) or the Rate Sheet Prospectus Supplement included at the time of Contract delivery (for existing Contract Owners). Historical Rate Sheets can also be found in Appendix H.

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**Roll-Up Base**

The Roll-Up Base is the amount that we use to determine any applicable increase to the Roll-Up Value.

The initial Roll-Up Base is equal to the Purchase Payment as of the Issue Date.

The Roll-Up Base will change if you make a subsequent Purchase Payment or take an Excess Withdrawal as described below.

The Roll-Up Base cannot be withdrawn, applied to an Annuity Option, or paid as a death benefit. It is not an amount that is guaranteed to be returned to you.

Effect of Subsequent Purchase Payments on the Roll-Up Base and Roll-Up Value

The Roll-Up Base and Roll-Up Value will be recalculated with each subsequent Purchase Payment received after the Issue Date.

After the application of each subsequent Purchase Payment, both the Roll-Up Base and the Roll-Up Value will be equal to their respective amounts immediately prior to the subsequent Purchase Payment, plus the amount of the subsequent Purchase Payment, net of any applicable taxes.

Effect of Withdrawals on the Roll-Up Base and the Roll-Up Value

Any non-Excess Withdrawal does not impact either the Roll-Up Base or the Roll-Up Value.

Any Excess Withdrawal will have a negative impact on the Roll-Up Base and the Roll-Up Value. An Excess Withdrawal will decrease both the Roll-Up Base and the Roll-Up Value in the same proportion as the amount of the Excess Withdrawal (including CDSCs) divided by the Contract Value prior to the Excess Withdrawal, as described below. An Excess Withdrawal will reduce a Roll-Up Base or Roll-Up Value that is greater than the Contract Value by more than the dollar amount of the Excess Withdrawal.

Any Excess Withdrawal taken will reduce the Roll-Up Base and the Roll-Up Value each by an amount equal to A divided by B, with the result multiplied by C, where:

A = The Excess Withdrawal including any applicable CDSC;<br>B = The Contract Value immediately prior to the Excess Withdrawal; and<br>C = the most recently calculated Roll-Up Base or the Roll-Up Value, as applicable.

Income Guarantee Feature Charge

We will assess the Income Guarantee Feature Charge on a quarterly basis in arrears. On the last calendar day of each Contract quarter, a charge will be assessed against your Contract Value. The amount that is deducted from your Contract Value is equal to the Income Guarantee Feature Charge multiplied by the Benefit Base on such day (after taking into account any other transactions processed on such day).

Income Guarantee Feature Charge Increase Opt-Out

If we plan to increase your Income Guarantee Feature Charge, we will provide at least thirty (30) calendar days advance notice of the increase. The increase will be effective on your next Contract Anniversary.

You have the right to opt-out of an Income Guarantee Feature Charge increase by Written Request. We must receive your Written Request by the Close of Business on the last Business Day prior to your next Contract Anniversary. If you opt-out of the Income Guarantee Feature Charge increase, then your Income Guarantee Feature Charge Increase Opt-Out is effective on your next Contract Anniversary.

By electing to opt-out of the Income Guarantee Feature Charge increase, you will:

• establish
 the Guaranteed Lifetime Withdrawal Date, if not previously established;

• determine
 the Withdrawal Rate, if not previously established;

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• determine
 the Lifetime Guarantee Rate, if not previously established;

• terminate
 your right to any future Automatic Step-up Value after the effective date;

• terminate
 your right to any future increases to the Roll-Up Values after the effective date; and

• terminate
 your right to make subsequent Purchase Payments on or after the effective date.

**An Income Guarantee Feature Charge Increase Opt-Out is irrevocable once it becomes effective.**

The Income Guarantee Feature Charge in effect when the Income Guarantee Feature Charge Increase Opt-Out becomes effective will remain in place until RetireCore terminates.

Income Guarantee Feature Charge Upon Rider Termination

If your Income Guarantee Feature terminates, except for a termination under sections (a), (b) and (c) in the sub-section below entitled "RetireCore Termination," a pro-rata portion of the Income Guarantee Feature Charge will be assessed based on the number of days from the first calendar day of the current Contract quarter to the date of termination. If RetireCore terminates under sections (a), (b) and (c) in the sub-section below entitled "RetireCore Termination," the charge is waived. If you reach your Latest Permitted Annuity Date, and your Contract Value is applied to an Annuity Option described in the sub-section below entitled "Latest Permitted Annuity Date," the Income Guarantee Feature Charge is also waived. Once RetireCore has terminated, there will be no further Income Guarantee Feature Charges assessed.

We deduct the Income Guarantee Feature Charge pro-rata from each Sub-Account in which you are invested.

The maximum annualized Income Guarantee Feature Charge for RetireCore is shown in the following table. For current Income Guarantee Feature Charges, see the current Rate Sheet Prospectus Supplement (for prospective Contract Owners) or the Rate Sheet Prospectus Supplement included at the time of Contract delivery (for existing Contract Owners). Historical Rate Sheets can also be found in Appendix H.

---

| |
|:---|
| &nbsp;&nbsp; **Income Guarantee Feature Charge (as a percentage of Benefit Base)** |
| &nbsp;&nbsp; Single Life Highest Anniversary Value Step-up<br>&nbsp;&nbsp; 2.50%<sup>(1)</sup> |
| &nbsp;&nbsp; Joint Life Highest Anniversary Value Step-up<br>&nbsp;&nbsp; 2.50%<sup>(1)</sup> |
| &nbsp;&nbsp; Single Life Highest Quarterly Value Step-up<br>&nbsp;&nbsp; 2.50%<sup>(1)</sup> |
| &nbsp;&nbsp; Joint Life Highest Quarterly Value Step-up<br>&nbsp;&nbsp; 2.50%<sup>(1)</sup> |

---

(1) We
 deduct the quarterly portion of this annualized charge from your Contract Value on a quarterly basis in arrears.

**Contract Continuation**

If the joint life version of RetireCore is elected and a Covered Person continues the Contract under the death benefit provisions section of the Contract, RetireCore will also continue as long as it was in effect at the time of the continuation. The Covered Person is eligible to receive the ALBA each year for the remainder of his or her life, provided RetireCore is not terminated.

If the joint life version of RetireCore is elected and you, as IRA Custodian, continue the Contract under the death benefit provisions section of the Contract, and the deceased Annuitant's surviving spouse is also a Covered Person, RetireCore will also continue as long as it was in effect at the time of the continuation. You are guaranteed to receive the ALBA each year for the remainder of the Covered Person's life, provided RetireCore is not terminated.

If you (Annuitant for a Custodial IRA) die before the Guaranteed Lifetime Withdrawal Date and if the Contract is continued, then the Guaranteed Lifetime Withdrawal Date elected by the Owner of the continued Contract will determine the Withdrawal Rate and Lifetime Guarantee Rate for the Contract.

If you (Annuitant for a Custodial IRA) die on or after the Guaranteed Lifetime Withdrawal Date and if the Contract is continued, then the Withdrawal Rate and Lifetime Guarantee Rate that apply after the continuation will be the same as the Withdrawal Rate and

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Lifetime Guarantee Rate in effect prior to the continuation. On any subsequent Contract Anniversary where the Benefit Base is increased to equal the Automatic Step-Up Value, the Withdrawal Rate and Lifetime Guarantee Rate determinations will be based on the age of the surviving Covered Person.

**Latest Permitted Annuity Date**

If RetireCore is in effect, you have reached the Latest Permitted Annuity Date of your Contract, and your Contract Value has not reached zero, one of the following additional Annuity Options will be available to you based upon the number of Covered Persons still living. Unless you direct us otherwise, we will automatically pay you Annuity Payments under an installment refund Annuity Option based upon the number of Covered Persons still living.

<u>One (1) Covered Person – Installment Refund</u>

Beginning on the Annuity Date, we will make Annuity Payments equal to the amount of the ALBA for the life of the Annuitant. Annuity Payments cease upon the death of the Annuitant, subject to the installment refund guarantee. The installment refund guarantees upon the death of the Annuitant, if the total of all Annuity Payments made is less than the Contract Withdrawal Value on the Latest Permitted Annuity Date, Annuity Payments will continue to be paid in the same amount and at the same frequency then in effect, until the total Annuity Payments made is equal to the Contract Withdrawal Value on the Latest Permitted Annuity Date. The Beneficiary(ies) may instead elect to receive the commuted value calculated as shown on the Guaranteed Lifetime Withdrawal Benefit Contract schedule, of any remaining Annuity Payments in a lump sum. If the total of all Annuity Payments made is equal to or greater than the Contract Withdrawal Value on the Latest Permitted Annuity Date, no additional Annuity Payments will be made.

<u>Two (2) Covered Persons – Installment Refund</u>

Beginning on the Annuity Date, we will make Annuity Payments equal to the amount of the ALBA for the life of the Annuitant and the joint Annuitant. Annuity Payments cease upon the death of the surviving Annuitant, subject to the installment refund guarantee. The installment refund guarantees upon the death of the last surviving Annuitant, if the total of all Annuity Payments made is less than the Contract Withdrawal Value on the Latest Permitted Annuity Date, Annuity Payments will continue to be paid in the same amount and at the same frequency then in effect, until the total Annuity Payments made is equal to the Contract Withdrawal Value on the Latest Permitted Annuity Date. The Beneficiary(ies) may instead elect to receive the commuted value calculated as shown on the Guaranteed Lifetime Withdrawal Benefit Contract schedule, of any remaining Annuity Payments in a lump sum. If the total of all Annuity Payments made is equal to or greater than the Contract Withdrawal Value on the Latest Permitted Annuity Date, no additional Annuity Payments will be made.

However, for Qualified Contracts and Contracts held as Custodial IRAs, if the Covered Person, who is not the Owner (Annuitant if the Owner is a Custodial IRA), is no longer the Beneficiary (Beneficiary of the custodial account if the Owner is a Custodial IRA) when the Latest Permitted Annuity Date is reached (due to a Beneficiary change after a divorce), this section will apply as if that Covered Person were no longer living. Therefore, any change in the Beneficiary after a divorce could result in a payout based only on a single life even when the joint life version was elected. See "The Annuity Phase – Limitations on Payment Options."

**RetireCore Termination**

RetireCore will terminate upon the earliest of:

(a) Prior
 to the Settlement Phase or Annuity Phase, death of the Owner or Joint Owner (or the Annuitant if the Owner is a non-natural
 person) unless the joint life version of  RetireCore is in effect and the Contract is continued under the death benefit
 provisions section of the Contract and in accordance with the Contract continuation provisions of RetireCore;

(b) Death
 of the Owner (or the Annuitant if the Owner is a non-natural person) after the Contract has been continued by the surviving
 spouse or an IRA Custodian, unless you are receiving payments under one of the Annuity Options under
  RetireCore at the Latest Permitted Annuity Date, in which case, RetireCore will terminate upon the last Annuity Payment;

(c) The
 date you apply your Contract Value to an Annuity Option, unless you are receiving payments under one of the Annuity Options
 under  RetireCore at the Latest Permitted Annuity Date, in which case, RetireCore will terminate upon the last Annuity
 Payment;

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(d) In
 most states, upon a change in ownership (or assignment) of the Contract, unless:

(i) the
 new Owner or assignee assumes full ownership of the Contract and is essentially the same person as the previous Owner,
 (e.g. an individual ownership changed to a personal revocable trust, a change to a court appointed guardian representing
 the Owner during the Owner's lifetime, etc.);

(ii) the
 assignment is for an exchange under  IRC Section 1035 (i.e., RetireCore may continue during the temporary assignment
 period and not terminate until the Contract is fully surrendered);

(iii) the
 Contract is transferred to a spouse (or domestic partner or civil union partner for Non-Qualified Contracts) and the new
 Owner was a Covered Person as of the Issue Date; or

(iv) the
 Contract is transferred to a spouse (or domestic partner or civil union partner for Non-Qualified Contracts) or to a former
 spouse in connection with a divorce (or dissolution of a civil union or domestic partnership for Non-Qualified Contracts)
 and the new Owner was a Covered Person as of the Issue Date.

(e) The
 date we receive a Written Request to terminate  RetireCore.

(f) Termination
 of the Contract to which  RetireCore is attached.

<br>If RetireCore is terminated, it cannot be re-elected at a later date. See "Appendix G – State Variations of Certain Contract Features."

Withdrawals

*Your ability to take a withdrawal may be restricted by certain provisions of the IRC. Income taxes, tax penalties, a CDSC and certain restrictions may apply to any withdrawal you make.*

During the Accumulation Phase you may make either partial or full withdrawals of your Contract Value. When making a partial withdrawal, you must withdraw at least $100 or your entire Contract Value in a Sub-Account, if less. We reserve the right to increase the minimum withdrawal amount to $500 upon thirty (30) calendar days advance notice. We will exercise this right should we see a significant increase in withdrawal activity by Owners that leads to an increase in cost to administer the Contract. If we exercise this right, we will do so in the same manner for all Owners, and we will provide Owners with prior Written Notice of our decision to increase the minimum withdrawal amount.

You may make a partial withdrawal only if at least $2,000 in Contract Value remains following the partial withdrawal, unless the partial withdrawal:

• is
 the payment of the ALBA under an Income Guarantee Feature,

• the
 withdrawal is an RMD, or

• is
 made under a SWP intended to qualify as a series of substantially equal periodic payments for purposes of avoiding the additional
 10% tax applicable to distributions that occur prior to age 59½.

If you have elected an Income Guarantee Feature, and you make a partial withdrawal, we require the withdrawal to be taken from the Sub-Accounts according to the ratio that your Contract Value in each Sub-Account bears to your Contract Value.

If you have Contract Value allocated to the DCA Fixed Account, and you make a partial withdrawal, we require the withdrawal to be taken from the Sub-Accounts and the DCA Fixed Account according to the ratio that your Contract Value in each Sub-Account and the DCA Fixed Account bears to your Contract Value.

When a partial withdrawal is made from a Contract, we reflect the withdrawal as (a) a dollar-for-dollar reduction in the Contract Value (b) a pro rata reduction of the value of the Contract's death benefit and (c) if you have elected an Income Guarantee Feature, a potential reduction to the Benefit Base, the Roll-Up Base for RetireCore and RetireCore Stacking, and the Roll-Up Value for RetireCore (the amount of which depends on the timing and amount of the withdrawal). See "Additional Benefits – Income Guarantee Features." When you make a partial withdrawal, we determine the number of Accumulation Units for each Sub-Account that correspond to the dollar amount of the withdrawal, and reduce the Accumulation Units credited to you by that number.

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When you make a full withdrawal you will receive your Contract Value:

• less
 any applicable CDSC;

• less
 any applicable Premium Tax;

• less
 any applicable annual contract maintenance charge; and

• less
 any Purchase Payments we credited to your Contract that have not cleared the bank, until they clear the bank.

See "Appendix B – Contingent Deferred Sales Charge (CDSC) Example."

**Requests in Writing**

To request a withdrawal in writing, submit either a partial withdrawal or full withdrawal form in Good Order to our Service Center. If your withdrawal involves an exchange or transfer of assets to another financial institution, we also require a "letter of acceptance" from the financial institution.

**Requests by Other Means**

You may request certain partial and total withdrawals by other means we authorize such as email, telephone, or fax. Contact our Service Center for details.

**Withdrawal Effective Date**

Your withdrawal is effective on the Business Day we receive it in Good Order at our Service Center:

• a
 partial withdrawal form or full withdrawal form acceptable to us; and

• if
 applicable, a "letter of acceptance."

If we receive this/these item(s) at our Service Center on a Non-Business Day or after the Close of Business, your withdrawal request will be effective on the next Business Day. For email, telephone or fax requests, your withdrawal is effective on the Business Day we receive your request in Good Order, provided it is received prior to the Close of Business. For requests received after the Close of Business, your withdrawal will be effective on the next Business Day.

**Delivery of Withdrawal Amount**

We will pay any withdrawal amount within seven calendar days of the withdrawal effective date unless we are required to suspend or postpone withdrawal payments. See "Other Information – Payments We Make."

**We will generally pay any full or partial withdrawal to the Owner, unless you direct otherwise. If the Owner is a non-natural** **person, withdrawals will be paid to the Owner.**

**Systematic Withdrawal Program**

*For detailed rules and restrictions pertaining to this program and instructions for electing the program contact our Service Center.*

The Systematic Withdrawal Program (SWP) allows you to set up automatic periodic withdrawals from your Contract Value.

We will take any withdrawal under this program proportionally from your Contract Value in your selected investment options.

Your SWP will end:

• if
 you withdraw your total Contract Value;

• if
 we receive, in Good Order, a notification of the Owner's death;

• if
 we receive, in Good Order, a notification of the Annuitant's death if the Owner is a non-natural person;

• if
 we process the last withdrawal for the period you selected, if applicable;

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• if
 the next withdrawal will lower your Contract Value below the minimum Contract Value we allow following a partial withdrawal,
 unless your withdrawal is a RMD, is an allowable SWP under an income guarantee feature, or is made under a SWP
 intended to qualify as a series of substantially equal periodic payments for purposes of avoiding the additional 10% tax applicable
 to distributions that occur prior to age 59½;

• if
 you apply your Contract Value to an Annuity Option; or

• if
 you give us a Written Request or request over the telephone, in Good Order, to terminate your program any time on or before
 the next withdrawal date. If your Contract is a Beneficiary IRA, your SWP cannot be terminated.

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Taxes

The information in this prospectus is general and is not an exhaustive discussion of all tax questions that might arise under the Contract. The information is not written or intended as tax or legal advice. You should consult a tax adviser about your own circumstances. In addition, we do not profess to know the likelihood that current federal income tax laws and Treasury Regulations or the current interpretations of the Internal Revenue Code, Regulations, and other guidance will continue. We cannot make any guarantee regarding the future tax treatment of any contract. We reserve the right to make changes in the Contract to assure that it continues to qualify as an annuity for tax purposes.

No attempt is made in this prospectus to consider any applicable state or other tax laws.

**Taxation of the Company**

MassMutual is taxed as a life insurance company under the Internal Revenue Code of 1986, as amended (IRC). For federal income tax purposes, the Separate Account is not a separate entity from MassMutual, and its operations form a part of MassMutual.

Investment income and any realized gains on Separate Account assets generally are reflected in the Contract Value, although treated as accruing to the Company and not to you. As a result, no taxes are due currently on interest, dividends and short or long-term gains earned by the Separate Account with respect to your Contract. The Company may be entitled to certain tax benefits related to the investment of Company assets, including assets of the Separate Account. These tax benefits, which may include foreign tax credits and the corporate dividends received deduction, are not passed back to you since the Company is the owner of the assets from which the tax benefits are derived.

**Annuities in General**

Annuity contracts are a means of both setting aside money for future needs – usually retirement – and for providing a mechanism to administer the payout of those funds. Congress recognized how important providing for retirement was and created special rules in the IRC for annuities. Simply stated, these rules provide that you will generally not be taxed on the earnings on the money held in your annuity contract until you take the money out. This is referred to as tax deferral.

**Diversification**

IRC Section 817(h) imposes certain diversification standards on the underlying assets of variable annuity contracts. The IRC provides that a variable annuity contract will not be treated as an annuity contract for any period (and any subsequent period) for which the investments are not, in accordance with regulations prescribed by the United States Treasury Department, adequately diversified. Disqualification of the Contract as an annuity contract would result in a loss of tax deferral, meaning the imposition of federal income tax to the Owner with respect to earnings under the Contract prior to the receipt of payments under the Contract. We intend that all investment portfolios underlying the Contracts will be managed in such a manner as to comply with these diversification requirements.

**Investor Control of Assets**

For variable annuity contracts, tax deferral also depends on the insurance company, and not you, having control of the assets held in the Separate Accounts. You can transfer among the Sub-Accounts but cannot direct the investments each underlying Fund makes. If you have too much investor control of the assets supporting the Separate Account Funds, then you will be taxed on the gain in the Contract as it is earned rather than when it is withdrawn. The IRS has provided some guidance on investor control by issuing Revenue Rulings 2003-91 and 2003-92, but some issues remain unclear. One unanswered question is whether an Owner will be deemed to own the assets in the contract if a variable contract offers too large a choice of Funds in which to invest, and if so, what that number might be. We do not know if the IRS will issue any further guidance on this question. We do not know if any guidance would have a retroactive effect. Consequently, we reserve the right to modify the Contract, as necessary, so that you will not be treated as having investor control of the assets held under the Separate Account.

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**Non-Qualified Contracts**

Your Contract is referred to as a Non-Qualified Contract if it is not used to fund a qualified plan such as an Individual Retirement Annuity (IRA) or Roth IRA.

**Qualified Contracts**

Your Contract is referred to as a Qualified Contract if it is used to fund a qualified plan such as an Individual Retirement Annuity (IRA) or Roth IRA. Qualified plans are subject to various limitations on eligibility, contributions, transferability and distributions based on the type of plan. The tax rules regarding qualified plans are very complex and will have differing applications depending on individual facts and circumstances. You should consult a tax adviser as to the tax treatment and suitability of such an investment.

Taxation of participants in each qualified plan varies with the type of plan and terms and conditions of each specific plan. Owners, Annuitants and Beneficiaries are cautioned that benefits under a qualified plan may be subject to the terms and conditions of the plan regardless of the terms and conditions of the contracts issued pursuant to the plan. Some retirement plans are subject to distribution and other requirements that are not incorporated into our administrative procedures. Owners, participants and Beneficiaries are responsible for determining that contributions, distributions and other transactions with respect to the contracts comply with applicable law.

Contracts issued under a qualified plan include special provisions restricting Contract provisions that may otherwise be available as described in this prospectus. Generally, Contracts issued under a qualified plan are not transferable. Various penalty and excise taxes may apply to contributions or distributions made in violation of applicable limitations. Furthermore, certain withdrawal penalties and restrictions may apply to distributions from Qualified Contracts. See "Taxes – Taxation of Qualified Contracts."

Eligible rollover distributions from an IRA, TSA, qualified plan or governmental 457(b) deferred compensation plan may generally be rolled over into another IRA, TSA, qualified plan or governmental 457(b) deferred compensation plan, if permitted by the plan.

These amounts may be transferred directly from one qualified plan or account to another, or as an indirect rollover, in which the plan participant receives a distribution from the qualified plan or account, and reinvests it in the receiving qualified plan or account within 60 days of receiving the distribution.

IRC Section 408(d)(3)(B) provides that an individual is only permitted to make one indirect rollover from an IRA to another IRA in any 1-year period. The IRS previously applied this limitation on an IRA-by-IRA basis, allowing a taxpayer to make an indirect rollover from an IRA, so long as he or she had not made an indirect rollover from that same IRA within the preceding 1-year period, even if he or she had made indirect rollovers from a different IRA. Effective for distributions on or after January 1, 2015 the limitation applies on an aggregate basis, meaning that an individual cannot make an indirect rollover from one IRA to another if he or she has made an indirect rollover involving any IRA (including a Roth, SEP, or SIMPLE IRA) within one year.

It is important to note that the one rollover per year limitation does not apply to amounts transferred directly between IRAs in a trustee-to-trustee transfer.

On July 6, 1983, the Supreme Court decided in Arizona Governing Committee v. Norris that optional annuity benefits provided under an employer's deferred compensation plan could not, under Title VII of the Civil Rights Act of 1964, vary between men and women. The Contracts we sell in connection with employer-sponsored qualified plans use annuity tables which do not differentiate on the basis of sex. Such annuity tables are also available for use in connection with certain non-qualified deferred compensation plans.

Following are general descriptions of the types of qualified plans with which the Contracts may be used. Such descriptions are not exhaustive and are for general informational purposes only. The tax rules regarding qualified plans are very complex and will have differing applications depending on individual facts and circumstances. You should consult a tax adviser as to the tax treatment and suitability of your investment. The contribution limits referenced in the plan descriptions below are the limits for 2025, and may change in subsequent years.

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**Individual Retirement Annuities**

IRC Section 408(b) permits eligible individuals to contribute to an individual retirement program known as an Individual Retirement Annuity (IRA). IRAs are subject to limitations on eligibility, contributions, transferability and distributions. See "Taxes – Taxation of Qualified Contracts." IRA contributions are limited to the lesser of $7,000 or 100% of compensation, and an additional catch-up contribution of $1,000 is available for individuals age 50 and over. Contributions are deductible, unless you are an active participant in a qualified plan and your modified adjusted gross income exceeds certain limits. Contracts issued for use with IRAs are subject to special requirements by the IRC, including the requirement that certain informational disclosure be given to persons desiring to establish an IRA. You should consult a tax adviser as to the tax treatment and suitability of such an investment.

**SEP IRAs**

IRC Section 408(k) permits certain employers to establish IRAs for employees that qualify as Simplified Employee Pension (SEP) IRAs. Contributions to the plan for the benefit of employees will not be includible in the gross income of the employees until distributed from the plan. SEP IRAs are treated as defined contribution plans for purposes of the limits on employer contributions. Employer contributions cannot exceed the lesser of:

• $70,000;
 or

• 25%
 of compensation (a maximum of $350,000 of compensation may be considered).

The employee may treat the SEP account as a traditional IRA and make deductible and non-deductible contributions if the general IRA requirements are met. SEP IRAs are subject to additional restrictions, including on items such as: the form, manner and timing of distributions; transferability of benefits; vesting and nonforfeitability of interests; nondiscrimination in eligibility and participation; and the tax treatment of distributions and withdrawals. See "Taxes – Taxation of Qualified Contracts." You should consult a tax adviser as to the tax treatment and suitability of such an investment.

**SIMPLE IRAs**

IRC Section 408(p) permits certain small employers to establish a Savings Incentive Match Plan for Employees (SIMPLE) IRA. SIMPLE IRA plans permit employees to make elective contributions only through a qualified salary reduction agreement.

Employers can make contributions to the plan through either matching contributions or non-elective contributions. An employee's annual elective salary reduction contributions are limited to the lesser of $16,500 or 100% of compensation, and an additional catch-up contribution is available for individuals age 50 and over, up to the lesser of $3,500 or total compensation less any other elective deferrals. For employees age 60–63, this catch-up contribution limit is increased to $5,250. Elective contributions made to a SIMPLE IRA are counted against the overall limit on elective deferrals by any individual (the lesser of $23,500 or 100% of compensation). Plans of certain small employers may be eligible for increased limits. The employer must make certain matching contributions or non-elective contributions to the employee's account. SIMPLE IRAs are subject to additional restrictions, including on items such as: the form, manner and timing of distributions; transferability of benefits; vesting and nonforfeitability of interests; nondiscrimination in eligibility and participation; and the tax treatment of distributions and withdrawals. See "Taxes – Taxation of Qualified Contracts." You should consult a tax adviser as to tax treatment and suitability of such an investment.

**Roth IRAs**

IRC Section 408A permits eligible individuals to contribute to a non-deductible IRA, known as a Roth IRA. Roth IRAs are subject to limitations on eligibility, contributions, transferability and distributions. Roth IRA contributions are limited to the lesser of $7,000 or 100% of compensation, and an additional catch-up contribution of $1,000 is available for individuals age 50 or over. The maximums are decreased by any contributions made to a traditional IRA for the same tax year. Lower maximum Roth IRA contribution limits apply to individuals whose modified adjusted gross income exceeds certain limits. Amounts may be rolled over from one Roth IRA to another Roth IRA. Furthermore, an individual may make a rollover contribution from a non-Roth IRA to a Roth IRA, known as a conversion. The individual must pay tax on any portion of the IRA being rolled over that represents income or previously deductible IRA contributions. The determination of taxable income is based on the fair market value of the IRA at the time of the conversion. See "Taxes – Required Minimum Distributions for Qualified Contracts" for information on the determination of the fair market value of an annuity contract that provides additional benefits (such as certain living or death benefits). You should consult a tax adviser as to the tax treatment and suitability of such an investment.

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**Taxation of Non-Qualified Contracts**

You, as the Owner of a non-qualified annuity, will generally not be taxed on any increases in the value of your Contract until a distribution occurs. There are different rules as to how you are taxed depending on whether the distribution is a withdrawal or an Annuity Payment.

**Withdrawals**

The IRC generally treats any withdrawal (1) allocable to investment in the Contract made after August 13, 1982 in an annuity contract entered into prior to August 14, 1982 and (2) from an annuity contract entered into after August 13, 1982, as first coming from earnings and then from your investment in the Contract. The withdrawn earnings are subject to tax as ordinary income.

**Annuity Payments**

Annuity Payments occur as the result of the Contract reaching its annuity starting date. Non-annuitized life expectancy distributions made to a Beneficiary, under a Non-Qualified Beneficiary Annuity SWP program that we administer, are also treated as Annuity Payments. A portion of each Annuity Payment is treated as a partial return of your investment in the Contract and is not taxed. The remaining portion of the Annuity Payment is treated as ordinary income. The Annuity Payment is divided between these taxable and non-taxable portions based on the calculation of an exclusion amount.

The exclusion amount for Annuity Payments based on a fixed Annuity Option is determined by multiplying the payment by the ratio that the cost basis of the Contract (adjusted for any period certain or refund feature) bears to the expected return under the Contract. The exclusion amount for Annuity Payments based on a variable Annuity Option is determined by dividing the cost basis of the Contract (adjusted for any period certain or refund guarantee) by the number of years over which the annuity is expected to be paid. If, in any year, total payments received under a variable Annuity Option are less than the exclusion amount allocable to that year, Treasury Regulations allow you to choose to recalculate your exclusion amount in subsequent years, by filing a statement with your income tax return. We will continue to report distributions using the exclusion amount as originally calculated. For additional information, please consult with your tax advisor and see IRS Publication 939. Annuity Payments received after you have recovered all of your investment in the Contract are fully taxable.

The IRC also provides that any amount received (both Annuity Payments and withdrawals) under an annuity contract which is included in income may be subject to an additional income tax. The amount of the additional tax is an additional tax equal to 10% of the amount that is includible in income. Some withdrawals will be exempt from the additional tax. They include any amounts:

(1) paid
 on or after you reach age 59½;

(2) paid
 to your Beneficiary after you die;

(3) paid
 if you become totally disabled (as that term is defined in the IRC);

(4) paid
 in a series of substantially equal periodic payments made annually (or more frequently) for your life or life expectancy or
 for the joint lives or joint life expectancies of you and your designated Beneficiary. Annuity Payments may qualify for this exception
 if they satisfy the RMD rules applicable to Annuity Payments from qualified plans and IRAs;

(5) paid
 under an immediate annuity; or

(6) which
 come from investment in the Contract made before August 14, 1982.

With respect to (4) above, if the series of substantially equal periodic payments is modified before the later of your attaining age 59½ or five years from the date of the first periodic payment, then the tax for the year of the modification is increased by an amount equal to the tax which would have been imposed (the 10% additional tax), but for the exception, plus interest for the tax years in which the exception was used. A withdrawal outside of the series of substantially equal period payments, or an additional Purchase Payment into your Contract, may be considered an impermissible modification. However, after 2023, a tax-free rollover or transfer to another qualified plan or IRA, from which a series of substantially equal periodic payments is received, will not result in a modification if the combined distributions from the old and new arrangements continue to satisfy the exception. The rules governing substantially equal periodic payments are complex. You should consult a tax adviser for more specific information.

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**Multiple Contracts**

The IRC provides that multiple non-qualified annuity contracts which are issued within a calendar year to the same owner by one company or its affiliates are treated as one deferred annuity contract for purposes of determining the tax consequences of any distribution. Such treatment may result in adverse tax consequences including more rapid taxation of the distributed amounts from such combination of contracts. This rule does not apply to immediate annuities.

**Tax Treatment of Assignments**

An assignment or pledge of a Contract may be a taxable event. You should consult a tax adviser if you wish to assign or pledge your Contract. Annuity contracts issued after April 22, 1987 that are transferred for less than full and adequate consideration (including gifts) are subject to tax to the extent of gain in the Contract. This does not apply to transfers between spouses or certain transfers incident to a divorce under IRC Section 1041.

**Distributions After Death of an Owner**

In order to be treated as an annuity contract for federal income tax purposes, IRC Section 72(s) requires any Non-Qualified Contract to contain certain provisions specifying how your interest in the Contract will be distributed in the event of the death of an Owner of the Contract. Specifically, IRC Section 72(s) requires that:

(a) if
 any Owner dies on or after the annuity starting date, but prior to the time the entire interest in the Contract has been distributed,
 the entire interest in the Contract will be distributed at least as rapidly as under the method of distribution being used
 as of the date of such Owner's death; and

(b) if
 any Owner dies prior to the annuity starting date, the entire interest in the Contract will be distributed within five years after
 the date of such Owner's death.

These requirements will be considered satisfied as to any portion of an Owner's interest which is payable to or for the benefit of a designated Beneficiary and which is distributed over the life of such designated Beneficiary or over a period not extending beyond the life expectancy of that Beneficiary, provided that such distributions begin within one year of the Owner's death. The designated Beneficiary refers to a natural person designated by the Owner as a Beneficiary and to whom ownership of the Contract passes by reason of death. However, if the designated Beneficiary is the surviving spouse of the deceased Owner, the Contract may be continued with the surviving spouse as the new Owner. The Non-Qualified Contracts contain provisions that are intended to comply with these IRC requirements, although no regulations interpreting these requirements have yet been issued. We intend to review such provisions and modify them if necessary to assure that they comply with the applicable requirements when such requirements are clarified by regulation or otherwise.

**Taxation of Qualified Contracts**

If you have no cost basis for your interest in a Qualified Contract, the full amount of any distribution is taxable to you as ordinary income. If you do have a cost basis for all or some of your interest, a portion of the distribution is taxable, generally based on the ratio of your cost basis to your total Contract Value. Special tax rules may be available for certain distributions from a qualified plan.

IRC Section 72(t) imposes a 10% additional income tax on the taxable portion of any distribution from qualified plans, including Contracts issued and qualified under IRC Sections 408 (IRAs) and 408A (Roth IRAs). With respect to SIMPLE IRAs, the 10% additional tax is increased to 25% if the distribution occurs within the first two years after the commencement of the employee's participation in the plan. Exceptions from the additional tax are as follows:

(1) distributions
 made on or after you reach age 59½;

(2) distributions
 made after your death;

(3) distributions
 made that are attributable to the employee being disabled as defined in the IRC;

(4) after
 severance from employment, distributions that are part of a series of substantially equal periodic payments made not less
 frequently than annually for your life (or life expectancy) or the joint lives (or joint life expectancies) of you and your designated
 Beneficiary (in applying this exception to distributions from IRAs, a severance of employment is not required). Annuity
 Payments may qualify for this exception if they satisfy the RMD rules applicable to Annuity Payments from qualified
 plans and IRAs;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5) distributions
 made to you up to the amount allowable as a deduction to you under IRC Section 213 for amounts you paid during
 the taxable year for medical care;

(6) corrective
 distributions of amounts that exceed tax law limitations;

(7) distributions
 made on account of an IRS levy made on a qualified retirement plan or IRA;

(8) distributions
 from an IRA for the purchase of medical insurance (as described in IRC Section 213(d)(1)(D)) for you and your spouse
 and dependents if you received unemployment compensation for at least 12 weeks and have not been re-employed for
 at least 60 days;

(9) certain
 qualified reservist distributions;

(10) distributions
 from an IRA to the extent they do not exceed your qualified higher education expenses (as defined in IRC Section
 72(t)(7)) for the taxable year;

(11) distributions
 from an IRA which are qualified first-time homebuyer distributions (as defined in IRC Section 72(t)(8));

(12) distributions
 which are qualified birth or adoption distributions (as defined in IRC Section 72(t)(2)(H)). Such distributions can
 be recontributed within the three year period beginning on the date received;

(13) certain
 distributions made after December 31, 2023 for emergency personal expenses (as provided in IRC Section 72(t)(2)(I)).
 Such distributions can be recontributed within the three-year period beginning on the date received;

(14) payments
 of net income attributable to an excess IRA contribution made in a calendar year where such amounts are distributed
 by tax return deadline for the year (including extensions) and no deduction is allowed for the excess contribution;

(15) eligible
 distributions made after December 31, 2023 to you if you are a victim of domestic abuse (as provided in IRC Section 72(t)(2)(K)).
 Such distributions may be recontributed within the three-year period beginning on the date received;

(16) distributions
 made to you if you are a terminally ill individual (as provided in IRC Section 72(t)(2)(L)). Such distributions may
 be recontributed within the three-year period beginning on the date received; and

(17) distributions
 that are qualified disaster recovery distributions under IRC  Section 72(t)(2)(M). Such distributions may be recontributed
 within the three-year period beginning on the date received.

With respect to (4) above, if the series of substantially equal periodic payments is modified before the later of your attaining age 59½ or five years from the date of the first periodic payment, then the tax for the year of the modification is increased by an amount equal to the tax which would have been imposed (the 10% additional tax) but for the exception, plus interest for the tax years in which the exception was used. A withdrawal outside of the series of substantially equal period payments, or an additional purchase payment into your contract, may be considered an impermissible modification. However, after 2023, a tax-free rollover or transfer to another qualified plan or IRA, from which a series of substantially equal periodic payments is received, will not result in a modification if the combined distributions from the old and new arrangements continue to satisfy the exception. The rules governing substantially equal periodic payments are complex. You should consult a tax adviser or IRS Notice 2022-6 for more specific information.

**Required Minimum Distributions for Qualified Contracts**

For Qualified Contracts other than Roth IRAs, distributions generally must begin no later than April 1<sup>st</sup> of the calendar year following the later of:

(1) the
 calendar year in which you attained the "applicable age" as defined in IRC Section 401(a)(9); or

(2) the
 calendar year in which you retire.

If you were born after December 31, 1950 and before January 1, 1960, your applicable age is 73. If you were born after December 31, 1959, your applicable age is 75. Previously, the age at which RMDs were required to begin was 70½ for those born before July 1, 1949, and 72 for those born after June 30, 1949 and before January 1, 1951.

The date set forth in (2) does not apply to an IRA or to a five percent owner of the employer maintaining the plan. Required distributions generally must be over a period not exceeding your life or life expectancy or the joint lives or joint life expectancies of you and your designated Beneficiary. Upon your death, additional distribution requirements are imposed. If your Contract is held as a Roth IRA, there are no RMDs during your life. However, upon your death your Beneficiary is subject to RMD requirements. If RMDs are not made, a penalty tax of up to 25% is imposed on the amount that should have been distributed.

These rules were significantly changed under the Setting Every Community Up for Retirement Enhancement (SECURE) Act, enacted in late 2019, and differ for Qualified Contracts when death occurs after December 31, 2019 versus those where death occurred on or

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before December 31, 2019 (on or before December 31, 2021 for participants of a governmental plan or a plan maintained pursuant to a collective bargaining agreement).

Where the Owner's death occurred on or before December 31, 2019 (on or before December 31, 2021 for participants of a governmental plan or a plan maintained pursuant to a collective bargaining agreement), if the Contract had not yet entered the Annuity Phase and death occurred after the required beginning date, distributions must be made at least as rapidly as under the method in effect at the time of the Owner's death, or over the life or life expectancy of the designated Beneficiary. If the Contract had not entered the Annuity Phase and death occurred before the required beginning date, the remaining interest must be distributed within five years or over the life or life expectancy of the designated Beneficiary. If the Owner's death occurred after the Contract had entered the Annuity Phase, distributions must be made at least as rapidly as under the method in effect at the time of the Owner's death.

If your death occurs after December 31, 2019 (after December 31, 2021 for participants of a governmental plan or a plan maintained pursuant to a collective bargaining agreement) and your designated Beneficiary is not an "Eligible Designated Beneficiary" as defined in IRC Section 401(a)(9), the remaining interest must be distributed within ten years, regardless of whether your death occurs before or after your required beginning date or whether your Contract had entered the Annuity Phase. In addition, if your death occurs on or after your required beginning date, your Beneficiary must take annual RMDs during the ten year distribution period. If your designated Beneficiary is considered an Eligible Designated Beneficiary, the remaining interest must be distributed within ten years or over the life or life expectancy of the designated Beneficiary. We only offer a life or life expectancy distribution option to a designated Beneficiary who either (1) is the surviving spouse of the deceased qualified plan participant or IRA Owner or, (2) is not more than ten years younger than the deceased qualified plan participant or IRA Owner. In the future, we may allow additional classes of Eligible Designated Beneficiaries to elect a life or life expectancy distribution option.

If your death occurs after December 31, 2019 (after December 31, 2021 for participants of a governmental plan or a plan maintained pursuant to a collective bargaining agreement) and you do not have a designated Beneficiary (including where your estate or certain trusts are the Beneficiary), the pre-2019 distribution rules generally apply. If your Contract has not yet entered the Annuity Phase and death occurs after your required beginning date, distributions must be made at least as rapidly as under the method in effect at the time of your death. If the Contract has not yet entered the Annuity Phase and your death occurs before your required beginning date, the remaining interest must be distributed within five years. If your death occurs after your Contract has entered the Annuity Phase, distributions must be made at least as rapidly as under the method in effect at the time of your death.

For purposes of these rules, the Owner of a Roth IRA is always treated as having died before their required beginning date, since RMDs are not required during the owner's lifetime.

The Regulations under IRC Section 401(a)(9) include a provision that could increase the dollar amount of RMDs for individuals who fund their IRA or qualified retirement plan with an annuity contract. During the Accumulation Phase of the annuity Contract, Treasury Regulations Section 1.401(a)(9)-6, Q&A-12 requires that individuals add the actuarial present value of any additional benefits provided under the annuity (such as certain living or death benefits) to the dollar amount credited to the Owner or Beneficiary under the Contract in order to determine the fair market value of the Contract. A larger fair market value will result in the calculation of a higher RMD amount. You should consult a tax adviser to determine how this may impact your specific circumstances.

**Taxation of Death Benefit Proceeds**

Amounts may be distributed from a Contract because of your death or the death of the Annuitant. Generally, such amounts are includible in the income of the recipient as follows:

• if
 distributed under Death Benefit Payment Option 1 (lump sum) or Option 2 (payment within five years of the date of the Owner's
 death), they will be treated in the same manner as a withdrawal from the Contract; or

• if
 distributed under Death Benefit Payment Option 3, they will be treated as Annuity Payments.

**Section 1035 Tax Free Exchanges**

IRC Section 1035 provides that a life insurance, endowment, or annuity contract may be exchanged for an annuity contract on a tax free basis. When this type of exchange occurs, the gain in the original contract is preserved in the new contract by transferring the cost basis under the original contract to the new contract. The IRS has provided guidance on the partial exchange of an annuity contract for another annuity contract. According to the guidance, partial exchanges occurring on or after October 24, 2011 will be tax free if no

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distribution takes place from either contract within 180 days after the exchange. If a distribution occurs within 180 days after the exchange, the IRS will apply general tax principles to determine the tax treatment of the transfer. The limitation on distributions within 180 days does not apply to Annuity Payments that are based on life expectancy or on a period certain of ten or more years. You should consult a tax adviser before entering into any 1035 exchange.

Partial exchanges which occurred prior to October 24, 2011 were subject to more restrictive guidance. You should consult a tax adviser if you have questions regarding the taxation of a prior exchange.

Beginning January 1, 2010, the Pension Protection Act of 2006 permits the exchange of an annuity contract for a qualified long-term care contract to qualify as a tax free 1035 exchange. However, if an annuity contract has entered the Annuity Phase, there is uncertainty and a lack of guidance regarding whether the exchange can qualify. Therefore, if an annuity contract has entered the Annuity Phase and the Contract or the resulting Annuity Payments are exchanged for a qualified long-term care contract, we will not treat that as a tax free 1035 exchange.

The IRS has also issued guidance allowing a Beneficiary of a non-qualified annuity contract to enter into a 1035 exchange of the death benefit for a new annuity contract, provided that the new contract will be administered as if the Owner is deceased for purposes of the death benefit requirements of IRC Section 72(s). In order to allow the death benefit under a non-qualified annuity contract to be exchanged, we may require additional documentation from the issuer of the new contract, in order to ensure that this requirement is met.

**Income Tax Reporting and Withholding**

Federal law requires that we file an information return on Form 1099-R with the IRS (with a copy to you) reporting any taxable amounts paid to you under the annuity contract. By January 31 of the calendar year following the year of any payment(s), we will issue the Form 1099-R to the Owner of the annuity contract. Following the death of the Owner the Form 1099-R will be sent to each Beneficiary who receives a payment under the Contract.

The portion of any distribution that is includible in the gross income of the Owner is subject to federal income tax withholding. The amount of the withholding depends on the type of distribution. Withholding for periodic payments is at the same rate as wages and at the rate of 10% from non-periodic payments. However, the Owner, in most cases, may elect not to have taxes withheld or to have withholding done at a different rate.

You should consult a tax adviser regarding withholding requirements.

**Generation Skipping Transfer Tax Withholding**

Under certain circumstances, the IRC may impose a generation skipping transfer tax when all or part of an annuity contract is transferred to, or a death benefit is paid to, an individual two or more generations younger than the Owner. Regulations issued under the IRC may require us to deduct the tax from your Contract, or from any applicable payment, and pay it directly to the IRS.

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**Medicare Hospital Insurance Tax**

A Medicare Hospital Insurance Tax (known as the Unearned Income Medicare Contribution) applies to all or part of a taxpayer's net investment income, at a rate of 3.8%, when certain income thresholds are met. Net investment income is defined to include, among other things, non-qualified annuities and net gain attributable to the disposition of property. Under final tax regulations, the taxable portion of any distribution from a non-qualified annuity contract – including withdrawals and Annuity Payments – is included in net investment income. Net investment income also includes the gain from the sale of a non-qualified annuity contract. Under current guidance, we are required to report to the IRS whether a distribution is potentially subject to the tax. You should consult a tax adviser as to the potential impact of the Medicare Hospital Insurance Tax on your Contract.

**Non-Resident Aliens and Foreign Entities**

Generally, a distribution from a Contract to a non-resident alien or foreign entity is subject to federal tax withholding at a rate of 30% of the amount of income that is distributed. A non-resident alien is a person who is neither a citizen, nor a resident, of the United States of America (U.S.). We are required to withhold the tax and send it to the IRS. Some distributions to non-resident aliens or foreign entities may be subject to a lower (or no) tax if a treaty applies. In order to obtain the benefits of such a treaty, the non-resident alien must claim the treaty benefit on Form W-8BEN (or the equivalent form), providing us with:

(1) proof of residency (in accordance with IRS requirements), and

(2) the applicable taxpayer identification number.

If the above conditions are not met, we will withhold 30% of the income from the distribution. Additionally, under the Foreign Account Tax Compliance Act effective July 1, 2014, U.S. withholding may occur with respect to certain foreign entity Owners (including foreign financial institutions and non-financial foreign entities (such as corporations, partnerships, and trusts)) at a 30% rate without regard to lower treaty rates.

**Civil Unions and Domestic Partnerships**

Parties to a civil union or domestic partnership are not treated as spouses under federal law. Consequently, certain transactions, such as a change of ownership or continuation of the Contract after death, may be taxable to those individuals. You should consult a tax adviser for more information on this subject.

**Non-Natural Owner**

When a Non-Qualified Contract is owned by a non-natural person (e.g., a corporation, limited liability company, partnership, trust or certain other entities) the Contract will generally not be treated as an annuity for tax purposes. This means that gain in the Contract will be taxed each year while the Contract is in the Accumulation Phase. This treatment is not generally applied to a Contract held by a trust or other entity as an agent for a natural person. If a trust is not a grantor trust for income tax purposes, and any beneficiary (including a contingent beneficiary) of the trust is a non-natural person, the Contract will not be treated as owned by an agent for a natural person, and gain in the Contract will be taxed annually. This treatment also does not apply to a Contract that qualifies as an immediate annuity. Before purchasing a Contract to be owned by a non-natural person or changing ownership on an existing Contract that will result in it being owned by a non-natural person, you should consult a tax adviser to determine the tax impact.

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Distribution

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

MMLIS and MSD are registered with the SEC as broker-dealers under the Securities Exchange Act of 1934 and are members of the Financial Industry Regulatory Authority (FINRA). MMLIS and MSD also receive compensation for their actions as principal underwriters of the Contracts.

**Commissions and Allowances Paid**

Commissions for sales of the Contract by MMLIS registered representatives are paid on behalf of MMLIS by MassMutual to MMLIS registered representatives. Commissions for sales of the Contract by registered representatives of other broker-dealers are paid on behalf of MSD by MassMutual to those broker-dealers. The maximum commission payable for the Contract is 8.63% of Purchase Payments made to a Contract and/or up to 2.4% of Contract Value annually.

**Additional Compensation Paid to MMLIS**

Most MMLIS registered representatives are also MassMutual insurance agents, and as such, are eligible for certain cash and non-cash benefits from MassMutual. Cash compensation includes bonuses and allowances based on factors such as sales, productivity and persistency. Non-cash compensation includes various recognition items such as prizes and awards as well as attendance at, and payment of the costs associated with attendance at, conferences, seminars and recognition trips, and also includes contributions to certain individual plans such as pension and medical plans. Sales of the Contract may help these registered representatives and their supervisors qualify for such benefits. MMLIS registered representatives who are also general agents or sales managers of MassMutual also may receive overrides, allowances and other compensation that is based on sales of the Contract by their registered representatives.

**Additional Compensation Paid to Certain Broker-Dealers**

We and MSD make additional commission payments to certain broker-dealers in the form of asset-based payments and sales-based payments. We also make cash payments and non-cash payments to certain broker-dealers. The asset-based and sales-based payments are made to participate in those broker-dealers' preferred provider programs or marketing support programs, or to otherwise promote the Contract. Asset-based payments are based on the value of the assets in the MassMutual contracts sold by that broker-dealer. Sales-based payments are paid on each sale of the Contract and each subsequent Purchase Payment applied to the Contract. Cash payments are made to attend sales conferences and educational seminars sponsored by certain broker-dealers. Non-cash payments include various promotional items. For a list of the broker-dealers to whom we currently pay additional compensation for selling the Contract, visit www.MassMutual.com/legal/compensation-arrangements or call our Service Center.

The additional compensation arrangements described in the preceding paragraphs are not offered to all broker-dealers and the terms of such arrangements may differ among broker-dealers. Some broker-dealers may receive two or more of these payments. Such payments may give us greater access to the registered representatives of the broker-dealers that receive such compensation or may influence the way that a broker-dealer markets the Contract. Any such compensation will be paid by MSD or us and will not result in any additional direct charge to you.

**Compensation in General**

The compensation arrangements described above may provide a registered representative with an incentive to sell the Contract over other available contracts whose issuers do not provide such compensation. You may want to take these compensation arrangements into account when evaluating any recommendation regarding the Contract.

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We intend to recoup a portion of the cash and non-cash compensation payments that we make through the assessment of certain charges described in this prospectus. We may also use some of the 12b-1 distribution fee payments and other payments that we receive from certain Funds to help us make these cash and non-cash payments.

You may want to contact MMLIS or your registered representative to find out more about the compensation they receive in connection with your purchase of a Contract.

Commissions or overrides may also be paid to broker-dealers providing wholesaling services (such as providing sales support and training for sales representatives who sell the Contracts).

Other Information

**Collateral Assignment**

In certain states, you cannot assign the Contract without our approval. We will refuse or accept any request to assign the Contract on a non-discriminatory basis. Please refer to your Contract.

We must receive a Written Request from you, in Good Order, for any assignment we allow to be binding on us. We will not be liable for any payment or other action we take in accordance with the Contract before we receive notice of the assignment. We are not responsible for the validity of an assignment. You may be subject to tax consequences if you assign your Contract.

In most states, you cannot assign the Contract if an Income Guarantee Feature is in effect. See "Appendix G – State Variations of Certain Contract Features."

If the Contract is issued pursuant to a qualified plan, there may be limitations on your ability to assign the Contract. If you assign your Contract, your rights may only be exercised with the consent of the assignee of record.

**Registered Representative Transaction Authority**

You may authorize us to accept instructions from the registered representative assigned to your Contract in order to make transfers among investment options and changes to allocations for future Purchase Payments. To authorize the registered representative assigned to your Contract to make premium allocations and transfers, you must send a completed Producer Transaction Authorization Form to our Service Center. We may revoke transaction authorization privileges for certain Owners. Transaction authorization may be elected, changed or canceled at any time. We will confirm all transactions in writing.

We are not liable for any loss, cost or expense for action on instructions which are believed to be genuine in accordance with the procedures. As these parties act on your behalf, you are responsible for and bear the consequences of their instructions and other actions, including any limits on transfers.

**Unclaimed Property**

Every state has some form of unclaimed property law that imposes varying legal and practical obligations on insurers and, indirectly, on Owners, Beneficiaries, and any other payees of proceeds from a Contract.

Unclaimed property laws generally provide for the transfer of benefits or payments under various circumstances to the abandoned property division or unclaimed property office in the state of last residence. This process is known as escheatment. To help avoid escheatment, keep your own information, as well as Beneficiary and any other payee information up-to-date, including: full names, postal and electronic media addresses, telephone numbers, dates of birth, and social security numbers. To update this information, contact our Service Center. IRS guidance requires us to withhold federal income tax from escheated payments from certain qualified contracts, and to report such payments to the IRS on Form 1099-R.

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**Anti-Money Laundering**

Federal laws designed to counter terrorism and prevent money laundering might, in certain circumstances, require us to reject a Purchase Payment or block an Owner's ability to make certain transactions and thereby refuse to accept any request for transfers, withdrawals, or death benefits, until instructions are received from the appropriate regulator. We may also be required to provide additional information about you and your Contract to government regulators.

**Payments We Make**

We may be required to suspend or postpone payments for withdrawals or transfers from the Sub-Accounts for any period when:

• the
 NYSE is closed (other than customary weekend and holiday closings);

• trading
 on the NYSE is restricted;

• an
 emergency exists as a result of which disposal of shares of the Funds is not reasonably practicable or we cannot reasonably
 value the shares of the Funds; or

• during
 any other period when the SEC, by order, so permits for your protection.

In addition, if, pursuant to the SEC's rules, a money market fund suspends payment of redemption proceeds in connection with a liquidation of that Fund, we will delay payment of any transfer, withdrawal or death benefit from the applicable money market Sub-Account until the Fund is liquidated.

Federal laws designed to counter terrorism and prevent money laundering might, in certain circumstances, require us to reject a Purchase Payment or block an Owner's ability to make certain transactions and thereby refuse to accept any request for transfers, withdrawals, or death benefits, until instructions are received from the appropriate regulator. We may also be required to provide additional information about you and your Contract to government regulators.

**Changes to the Contract**

We reserve the right to amend the Contract to meet the requirements of applicable federal or state laws or regulations, or as otherwise provided in the Contract. We will notify you by Written Notice of such amendments.

**Special Arrangements**

For certain group or sponsored arrangements there may be expense savings that can be passed on to the customer because our cost for sales, administration, and mortality generally vary with the size of the customer. We will consider factors such as the size of the group, the nature of the sale, the expected Purchase Payment volume, and other factors we consider significant in determining whether to reduce charges. Subject to applicable state laws and regulations, we reserve the right to reduce or waive the mortality and expense risk charge, the administrative charge, the annual contract maintenance charge or any other charge that is appropriate to reflect any expense savings. We will make any reductions according to our rules in effect when an application for a Contract is approved. We may change these rules from time to time. Any reduction in charges will reflect differences in costs or services, and will not be unfairly discriminatory.

We reserve the right to modify or terminate such arrangements.

**Termination of the Contract**

We will terminate your Contract upon the occurrence of any of the following events:

• the
 date of the last Annuity Payment; or

• the
 date payment is made of the entire Contract Withdrawal Value, unless an Income Guarantee Feature is in effect and the Benefit
 Base is greater than zero after the withdrawal; or

• the
 date of the last death benefit payment; or

• the
 date your Contract is returned under the right to examine Contract provision.

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In addition, in most states we reserve the right to terminate your Contract if the following conditions are met:

(1) if
 you elected an Income Guarantee Feature and the Benefit Base is zero;

(2) no
 Purchase Payment has been made for at least two consecutive years measured from the date we received the last Purchase Payment;
 and

(3) each
 of the following amounts is less than $2,000 on the date we send Written Notice of our election to terminate your Contract
 provided that no Annuity Option is in effect at that time:

○ your
 Contract Value less any Premium Tax deducted; and

○ the
 sum of all Purchase Payments made into your Contract adjusted for any partial withdrawals.

If we exercise the right to terminate the Contract, we will send you a Written Notice of termination at your last known address shown on our records. This Written Notice will state that the Contract will terminate thirty calendar days after we have mailed the notice unless we receive a Purchase Payment that brings the Contract Value (less any Premium Tax) to at least $2,000 before that time. If the Contract is terminated pursuant to the reserved right to terminate the Contract, we will pay the Contract Value to you.

**Reservation of Rights**

If we reserve the right to limit a contractual right, we will do so by providing prior Written Notice and on a non-discriminatory basis in order to respond to changes in any of the following:

• market
 or economic conditions;

• regulatory
 requirements;

• current
 and future anticipated expenses;

• unfavorable
 mortality experience;

• our
 financial condition.

**Computer System, Cybersecurity, and Service Disruption Risks**

The Company and its business partners rely on computer systems to conduct business, including customer service, marketing and sales activities, customer relationship management and producing financial statements. While the Company and its business partners have policies, procedures, automation and backup plans designed to prevent or limit the effect of failures, our respective computer systems may be vulnerable to disruptions or breaches as the result of natural disasters, man-made disasters, criminal activity, pandemics, or other events beyond our control. The failure of our or our business partners' computer systems for any reason could disrupt operations, result in the loss of customer business and adversely impact profitability.

The Company and its business partners retain confidential information on our respective computer systems, including customer information and proprietary business information. Any compromise of the security of our or our business partners' computer systems that results in the disclosure of personally identifiable customer information could damage our reputation, expose us to litigation, increase regulatory scrutiny and require us to incur significant technical, legal, and other expenses. The risk of cyber-attacks may be higher during periods of geopolitical turmoil (such as the Russian invasion of Ukraine and the responses by the United States and other governments).

Geopolitical and other events, including natural disasters, war, terrorism, economic uncertainty, trade disputes, public health crises and related geopolitical events, and widespread disease, including pandemics (such as COVID-19) and epidemics, have led, and in the future may lead, to increased market volatility, which may disrupt U.S. and world economies and markets and may have significant adverse direct or indirect effects on the Company. These events may adversely affect computer and other systems on which the Company relies, interfere with the processing of Contract-related transactions (including the processing of orders from Owners and orders with the Funds) and the Company's ability to administer the Contract in a timely manner, or have other possible negative effects. These events may also impact the issuers of securities in which the Funds invest, which may cause the Funds underlying the Contract to lose value. There can be no assurance that we, the Funds or our service providers will avoid losses affecting the Contract due to these geopolitical and other events. If we are unable to receive U.S. mail or fax transmissions due to a closure of U.S. mail delivery by the government or due to the need to protect the health of our employees, you may still be able to submit transaction requests to the Company electronically or over the telephone. Our inability to receive U.S. mail or fax transmissions may cause delays in the pricing and processing of transaction requests submitted to us by U.S. mail or by fax during that time period.

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**Legal Proceedings**

The Company is subject to legal and regulatory actions, including class action lawsuits, in the ordinary course of its business. Our pending legal and regulatory actions include proceedings specific to us, as well as proceedings generally applicable to business practices in the industry in which we operate. From time to time, we also are subject to governmental and administrative proceedings and regulatory inquiries, examinations, and investigations in the ordinary course of our business. In addition, we, along with other industry participants, may occasionally be subject to investigations, examinations, and inquiries (in some cases industry-wide) concerning issues upon which regulators have decided to focus. Some of these proceedings involve requests for substantial and/or unspecified amounts, including compensatory or punitive damages.

While it is not possible to predict with certainty the ultimate outcome of any pending litigation proceedings or regulatory action, management believes, based on information currently known to it, that the ultimate outcome of all pending litigation and regulatory matters, after consideration of applicable reserves and rights to indemnification, is not likely to have a material adverse effect upon the Separate Account, the ability of the principal underwriter(s) to perform in accordance with its contracts with the Company on behalf of the Separate Account, or the ability of the Company to meet its obligations under the Contract.

For more information regarding the Company's litigation and other legal proceedings, please see the notes to the Company's financial statements contained within the SAI.

**Our Financial Statements**

The financial statements for the Separate Account and the Company are included in the SAI. Our financial statements should be distinguished from the financial statements of the Separate Account, and you should consider our financial statements as bearing only upon our ability to meet our obligations under the Contracts. Contact us at our Service Center for a free copy of these financial statements and the SAI.

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Appendix A

**Investment Options Available Under the Contract**

**Funds Available Under the Contract**

The following is a list of Funds currently available under the Contract. The list of Funds is subject to change, as discussed in the prospectus for the Contract. While an Income Guarantee Feature is in effect, the investment options available to you are restricted. Please see the current Rate Sheet Prospectus Supplement (for prospective Contract Owners) or Appendix H (for existing Contract Owners)to see the investment options available to you while an Income Guarantee Feature is in effect. Before you invest, you should review the prospectuses for the Funds. These prospectuses contain more information about the Funds and their risks and may be amended from time to time. You can find the prospectuses and other information about the Funds online at www.MassMutual.com/Envision. You can also request this information at no cost by calling (800) 272-2216 or sending an email request to ANNfax@MassMutual.com.

The current expenses and performance information below reflects fees and expenses of the Funds, but does not reflect the other fees and expenses that your Contract may charge. Expenses would be higher and performance would be lower if these charges were included. Each Fund's past performance is not necessarily an indication of future performance.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund Type** | **Current** **Expenses** **(expenses/** **average assets)** | **Average Annual Total Returns**<br>**(as of 12/31/2024)** | **Average Annual Total Returns**<br>**(as of 12/31/2024)** | **Average Annual Total Returns**<br>**(as of 12/31/2024)** |
| **Fund Type** | **Current** **Expenses** **(expenses/** **average assets)** | **1 Year** | **5 Year** | **10 Year** |
| Asset Allocation<br> MML Aggressive Allocation Fund (Service Class)<sup>(1)</sup><br>***Adviser:*** MML Investment Advisers, LLC<br>***Sub-Adviser:*** N/A | 1.25<br> %<br>| 12.54<br> %<br>| 7.95<br> %<br>| 7.73<br> %<br>|
| Asset Allocation<br> MML American Funds Core Allocation Fund (Service Class I)<sup>(1)</sup><br>***Adviser:*** MML Investment Advisers, LLC<br>***Sub-Adviser:*** N/A | 1.01<br> %<br>| 11.87<br> %<br>| 6.78<br> %<br>| 6.81<br> %<br>|
| Asset Allocation<br> MML Balanced Allocation Fund (Service Class)<sup>(1)</sup><br>***Adviser:*** MML Investment Advisers, LLC<br>***Sub-Adviser:*** N/A | 1.11<br> %<br>| 7.37<br> %<br>| 4.46<br> %<br>| 4.91<br> %<br>|
| Asset Allocation<br> MML Conservative Allocation Fund (Service Class)<sup>(1)</sup><br>***Adviser:*** MML Investment Advisers, LLC<br>***Sub-Adviser:*** N/A | 1.10<br> %<br>| 6.41<br> %<br>| 3.67<br> %<br>| 4.27<br> %<br>|
| Asset Allocation<br> MML Growth Allocation Fund (Service Class)<sup>(1)</sup><br>***Adviser:*** MML Investment Advisers, LLC<br>***Sub-Adviser:*** N/A | 1.17<br> %<br>| 10.50<br> %<br>| 6.76<br> %<br>| 6.72<br> %<br>|
| Asset Allocation<br> MML Moderate Allocation Fund (Service Class)<sup>(2)</sup><br>***Adviser:*** MML Investment Advisers, LLC <br>***Sub-Adviser:*** N/A | 1.13<br> %<br>| 8.58<br> %<br>| 5.19<br> %<br>| 5.55<br> %<br>|
| Asset Allocation<br> MML VIP BlackRock iShares<sup>®</sup> 60/40 Allocation Fund<br>(Service Class I)<sup>(1)</sup><br>***Adviser:*** MML Investment Advisers, LLC<br>***Sub-Adviser:*** BlackRock Investment Management, LLC | 0.75<br> %<br> <sup>(\*)</sup><br>| 10.61<br> %<br>|  |  |
| Asset Allocation<br> MML VIP BlackRock iShares<sup>®</sup> 80/20 Allocation Fund<br>(Service Class I)<sup>(1)</sup><br>***Adviser:*** MML Investment Advisers, LLC<br>***Sub-Adviser:*** BlackRock Investment Management, LLC | 0.75<br> %<br> <sup>(\*)</sup><br>| 14.19<br> %<br>|  |  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund Type** | **Fund and Adviser/Sub-Adviser** | **Current** **Expenses** **(expenses/** **average assets)** | **Average Annual Total Returns**<br>**(as of 12/31/2024)** | **Average Annual Total Returns**<br>**(as of 12/31/2024)** | **Average Annual Total Returns**<br>**(as of 12/31/2024)** |
| **Fund Type** | **Fund and Adviser/Sub-Adviser** | **Current** **Expenses** **(expenses/** **average assets)** | **1 Year** | **5 Year** | **10 Year**  |
| Money Market | MML U.S. Government Money Market Fund (Initial Class)<sup>(3)</sup><br>***Adviser:*** MML Investment Advisers, LLC<br>***Sub-Adviser:*** Barings LLC | 0.51<br> %<br>| 4.80<br> %<br>| 2.16<br> %<br>| 1.43<br> %<br>|
| Fixed Income | Fidelity<sup>®</sup> VIP Strategic Income Portfolio (Service Class 2)<br>***Adviser:*** Fidelity Management & Research Company LLC<br>***Sub-Advisers:*** FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, Fidelity Management & Research (Japan) Limited, FIL Investment Advisors, FIL Investment Advisors (UK), FIL Investments (Japan) Limited | 0.89<br> %<br>| 6.08<br> %<br>| 2.81<br> %<br>| 3.60<br> %<br>|
| Fixed Income | Invesco V.I. Global Strategic Income Fund (Series II)<br>***Adviser:*** Invesco Advisers, Inc.<br>***Sub-Adviser:*** N/A | 1.18<br> %<br> <sup>(\*)</sup><br>| 2.79<br> %<br>| –0.43<br> %<br>| 1.28<br> %<br>|
| Fixed Income | MML Inflation-Protected and Income Fund (Service Class)<br>***Adviser:*** MML Investment Advisers, LLC<br>***Sub-Adviser:*** Barings LLC | 0.89<br> %<br> <sup>(\*)</sup><br>| 2.59<br> %<br>| 1.85<br> %<br>| 2.16<br> %<br>|
| Fixed Income | MML Managed Bond Fund (Service Class)<br>***Adviser:*** MML Investment Advisers, LLC<br>***Sub-Adviser:*** Barings LLC | 0.70<br> %<br>| 3.62<br> %<br>| 0.20<br> %<br>| 1.54<br> %<br>|
| Fixed Income | MML Short-Duration Bond Fund (Service Class I)<br>***Adviser:*** MML Investment Advisers, LLC<br>***Sub-Adviser:*** Barings LLC | 0.85<br> %<br>| 6.11<br> %<br>| 1.43<br> %<br>| 1.81<br> %<br>|
| Fixed Income | MML VIP Fidelity Institutional AM<sup>®</sup> Core Plus Bond Fund (Service Class I)<br>***Adviser:*** MML Investment Advisers, LLC<br>***Sub-Adviser:*** FIAM LLC | 0.88<br> %<br>| 0.26<br> %<br>| –0.81<br> %<br>| 0.88<br> %<br>|
| Fixed Income | PIMCO Income Portfolio (Advisor Class)<br>***Adviser:*** Pacific Investment Management Company LLC<br>***Sub-Adviser:*** N/A | 1.16<br> %<br>| 5.31<br> %<br>| 2.62<br> %<br>|  |
| Balanced | MML Blend Fund (Service Class)<sup>(1)</sup><br>***Adviser:*** MML Investment Advisers, LLC<br>***Sub-Adviser:*** BlackRock Investment Management, LLC | 0.75<br> %<br>| 14.36<br> %<br>| 7.59<br> %<br>| 7.63<br> %<br>|
| Large Cap Value | American Funds Insurance Series<sup>®</sup> Washington Mutual Investors Fund (Class 4)<br>***Adviser:*** Capital Research and Management Company<sup>SM</sup><br>***Sub-Adviser:*** N/A | 0.75<br> %<br> <sup>(\*)</sup><br>| 18.85<br> %<br>| 11.92<br> %<br>| 9.99<br> %<br>|
| Large Cap Value | MML Equity Fund (Service Class)<br>***Adviser:*** MML Investment Advisers, LLC<br>***Sub-Adviser:*** Brandywine Global Investment Management, LLC | 0.68<br> %<br>| 19.09<br> %<br>| 10.53<br> %<br>| 8.80<br> %<br>|
| Large Cap Value | MML Equity Income Fund (Service Class)<br>***Adviser:*** MML Investment Advisers, LLC<br>***Sub-Adviser:*** T. Rowe Price Associates, Inc. | 1.04<br> %<br>| 11.41<br> %<br>| 8.20<br> %<br>| 7.99<br> %<br>|
| Large Cap Value | MML Income & Growth Fund (Service Class)<br>***Adviser:*** MML Investment Advisers, LLC<br>***Sub-Adviser:*** Barrow, Hanley, Mewhinney & Strauss, LLC | 0.98<br> %<br>| 14.55<br> %<br>| 9.94<br> %<br>| 9.06<br> %<br>|
| Large Cap Blend | Columbia Variable Portfolio – Contrarian Core Fund (Class 2)<br>***Adviser:*** Columbia Management Investment Advisers, LLC<br>***Sub-Adviser:*** N/A | 0.95<br> %<br> <sup>(\*)</sup><br>| 23.10<br> %<br>| 14.78<br> %<br>| 12.52<br> %<br>|

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund Type** | **Fund and Adviser/Sub-Adviser** | **Current** **Expenses** **(expenses/** **average assets)** | **Average Annual Total Returns**<br>**(as of 12/31/2024)** | **Average Annual Total Returns**<br>**(as of 12/31/2024)** | **Average Annual Total Returns**<br>**(as of 12/31/2024)** |
| **Fund Type** | **Fund and Adviser/Sub-Adviser** | **Current** **Expenses** **(expenses/** **average assets)** | **1 Year** | **5 Year** | **10 Year**  |
| Large Cap Blend | Fidelity<sup>®</sup> VIP Contrafund<sup>®</sup> Portfolio (Service Class 2)<br>***Adviser:*** Fidelity Management & Research Company LLC<br>***Sub-Advisers:*** FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited | 0.81<br> %<br>| 33.45<br> %<br>| 16.74<br> %<br>| 13.33<br> %<br>|
| Large Cap Blend | MML Focused Equity Fund (Service Class I)<br>***Adviser:*** MML Investment Advisers, LLC<br>***Sub-Adviser:*** Wellington Management Company LLP | 1.13<br> %<br>| 9.78<br> %<br>| 9.42<br> %<br>| 10.33<br> %<br>|
| Large Cap Blend | MML Fundamental Equity Fund (Service Class I)<br>***Adviser:*** MML Investment Advisers, LLC<br>***Sub-Adviser:*** Invesco Advisers, Inc. | 1.06<br> %<br>| 23.36<br> %<br>| 12.91<br> %<br>| 13.15<br> %<br>|
| Large Cap Blend | MML Sustainable Equity Fund (Service Class)<br>***Adviser:*** MML Investment Advisers, LLC<br>***Sub-Adviser:*** American Century Investment Management, Inc. | 0.82<br> %<br>| 19.60<br> %<br>| 12.24<br> %<br>| 11.53<br> %<br>|
| Large Cap Growth | Nomura VIP Growth Series (Service Class)<br>***Adviser:*** Delaware Management Company<br>***Sub-Adviser:*** N/A | 1.00<br> %<br>| 23.90<br> %<br>| 16.13<br> %<br>| 15.27<br> %<br>|
| Large Cap Growth | MML American Funds Growth Fund (Service Class I)<sup>(4)</sup><sup>(5)</sup><br>***Adviser:*** MML Investment Advisers, LLC<br>***Sub-Adviser:*** N/A | 1.02<br> %<br>| 31.11<br> %<br>| 18.33<br> %<br>| 16.10<br> %<br>|
| Large Cap Growth | MML Blue Chip Growth Fund (Service Class)<br>***Adviser:*** MML Investment Advisers, LLC<br>***Sub-Adviser:*** T. Rowe Price Associates, Inc. | 1.02<br> %<br>| 35.38<br> %<br>| 13.63<br> %<br>| 14.22<br> %<br>|
| Large Cap Growth | MML VIP Loomis Sayles Large Cap Growth Fund (Service Class)<br>***Adviser:*** MML Investment Advisers, LLC<br>***Sub-Adviser:*** Loomis, Sayles & Company, L.P. | 0.95<br> %<br>| 33.77<br> %<br>| 17.85<br> %<br>| 15.00<br> %<br>|
| Small/Mid-Cap Value | MML Small/Mid Cap Value Fund (Service Class)<br>***Adviser:*** MML Investment Advisers, LLC<br>***Sub-Adviser:*** AllianceBernstein L.P. | 1.08<br> %<br>| 9.89<br> %<br>| 8.86<br> %<br>| 7.55<br> %<br>|
| Small/Mid-Cap Value | MML VIP American Century Mid Cap Value Fund (Service Class)<br>***Adviser:*** MML Investment Advisers, LLC<br>***Sub-Adviser:*** American Century Investment Management, Inc. | 1.14<br> %<br>| 8.29<br> %<br>| 7.05<br> %<br>| 7.79<br> %<br>|
| Small/Mid-Cap Value | MML VIP American Century Small Company Value Fund (Service Class I)<br>***Adviser:*** MML Investment Advisers, LLC<br>***Sub-Adviser:*** American Century Investment Management, Inc. | 1.24<br> %<br> <sup>(\*)</sup><br>| 6.97<br> %<br>| 7.50<br> %<br>| 8.05<br> %<br>|
| Small/Mid-Cap Blend | MML VIP Invesco Small Cap Equity Fund (Service Class)<br>***Adviser:*** MML Investment Advisers, LLC<br>***Sub-Adviser:*** Invesco Advisers, Inc. | 0.96<br> %<br>| 12.66<br> %<br>| 10.37<br> %<br>| 8.89<br> %<br>|
| Small/Mid-Cap Growth | Janus Henderson Enterprise Portfolio (Service)<br>***Adviser:*** Janus Henderson Investors US LLC<br>***Sub-Adviser:*** N/A | 0.97<br> %<br>| 15.32<br> %<br>| 9.61<br> %<br>| 12.12<br> %<br>|
| Small/Mid-Cap Growth | MML Invesco Discovery Mid Cap Fund (Service Class I)<sup>(\*\*)</sup><br>***Adviser:*** MML Investment Advisers, LLC<br>***Sub-Adviser:*** Invesco Advisers, Inc. | 1.08<br> %<br>|  |  |  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund Type** | **Fund and Adviser/Sub-Adviser** | **Current** **Expenses** **(expenses/** **average assets)** | **Average Annual Total Returns**<br>**(as of 12/31/2024)** | **Average Annual Total Returns**<br>**(as of 12/31/2024)** | **Average Annual Total Returns**<br>**(as of 12/31/2024)** |
| **Fund Type** | **Fund and Adviser/Sub-Adviser** | **Current** **Expenses** **(expenses/** **average assets)** | **1 Year** | **5 Year** | **10 Year**  |
| Small/Mid-Cap Growth | MML Mid Cap Growth Fund (Service Class)<br>***Adviser:*** MML Investment Advisers, LLC<br>***Sub-Adviser:*** T. Rowe Price Associates, Inc. | 1.08<br> %<br>| 10.82<br> %<br>| 7.46<br> %<br>| 9.92<br> %<br>|
| Small/Mid-Cap Growth | MML Small Cap Growth Equity Fund (Service Class)<br>***Adviser:*** MML Investment Advisers, LLC<br>***Sub-Adviser:*** Wellington Management Company LLP | 1.33<br> %<br> <sup>(\*)</sup><br>| 10.01<br> %<br>| 7.31<br> %<br>| 8.97<br> %<br>|
| International/Global | American Funds Insurance Series<sup>®</sup> Global Small Capitalization Fund (Class 4)<br>***Adviser:*** Capital Research and Management Company<sup>SM</sup><br>***Sub-Adviser:*** N/A | 1.15<br> %<br> <sup>(\*)</sup><br>| 2.12<br> %<br>| 2.74<br> %<br>| 5.54<br> %<br>|
| International/Global | American Funds Insurance Series<sup>®</sup> New World Fund<sup>®</sup> (Class 4)<br>***Adviser:*** Capital Research and Management Company<sup>SM</sup><br>***Sub-Adviser:*** N/A | 1.07<br> %<br> <sup>(\*)</sup><br>| 6.33<br> %<br>| 4.29<br> %<br>| 5.96<br> %<br>|
| International/Global | Fidelity<sup>®</sup> VIP Overseas Portfolio (Service Class 2)<br>***Adviser:*** Fidelity Management & Research Company LLC<br>***Sub-Advisers:*** FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, Fidelity Management & Research (Japan) Limited, FIL Investment Advisors, FIL Investment Advisors (UK) Limited, and FIL Investments (Japan) Limited | 0.98<br> %<br>| 4.81<br> %<br>| 5.50<br> %<br>| 6.06<br> %<br>|
| International/Global | Invesco V.I. International Growth Fund (Series II)<br>***Adviser:*** Invesco Advisers, Inc.<br>***Sub-Adviser:*** N/A | 1.25<br> %<br> <sup>(\*)</sup><br>| –1.81<br> %<br>| 2.83<br> %<br>| 4.15<br> %<br>|
| International/Global | Janus Henderson Overseas Portfolio (Service)<br>***Adviser:*** Janus Henderson Investors US LLC<br>***Sub-Adviser:*** N/A | 1.13<br> %<br>| 31.76<br> %<br>| 17.80<br> %<br>| 19.06<br> %<br>|
| International/Global | MML Foreign Fund (Service Class)<br>***Adviser:*** MML Investment Advisers, LLC<br>***Sub-Adviser:*** Thompson, Siegel and Walmsley LLC | 1.21<br> %<br>| 3.12<br> %<br>| 3.95<br> %<br>| 3.04<br> %<br>|
| International/Global | MML Global Fund (Service Class I)<br>***Adviser:*** MML Investment Advisers, LLC<br>***Sub-Adviser:*** Invesco Advisers, Inc. | 1.06<br> %<br> <sup>(\*)</sup><br>| 5.46<br> %<br>| 5.62<br> %<br>| 7.29<br> %<br>|
| International/Global | MML VIP MFS International Equity Fund (Service Class I)<br>***Adviser:*** MML Investment Advisers, LLC<br>***Sub-Advisers:*** Massachusetts Financial Services Company  | 1.21<br> %<br> <sup>(\*)</sup><br>| 0.66<br> %<br>| 3.38<br> %<br>| 4.05<br> %<br>|
| Specialty <sup>(6)</sup> | Fidelity<sup>®</sup> VIP Health Care Portfolio (Service Class 2)<br>***Adviser:*** Fidelity Management & Research Company LLC<br>***Sub-Advisers:*** FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited | 0.84<br> %<br>| 4.86<br> %<br>| 5.19<br> %<br>| 7.69<br> %<br>|
| Specialty <sup>(6)</sup> | Fidelity<sup>®</sup> VIP Real Estate Portfolio (Service Class 2)<br>***Adviser:*** Fidelity Management & Research Company LLC<br>***Sub-Advisers:*** FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited | 0.86<br> %<br>| 6.25<br> %<br>| 1.94<br> %<br>| 3.67<br> %<br>|
| Specialty <sup>(6)</sup> | Janus Henderson Global Technology and Innovation Portfolio (Service)<br>***Adviser:*** Janus Henderson Investors US LLC<br>***Sub-Adviser:*** N/A | 0.97<br> %<br>| 31.76<br> %<br>| 17.80<br> %<br>| 19.06<br> %<br>|

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund Type** | **Fund and Adviser/Sub-Adviser** | **Current** **Expenses** **(expenses/** **average assets)** | **Average Annual Total Returns**<br>**(as of 12/31/2024)** | **Average Annual Total Returns**<br>**(as of 12/31/2024)** | **Average Annual Total Returns**<br>**(as of 12/31/2024)** |
| **Fund Type** | **Fund and Adviser/Sub-Adviser** | **Current** **Expenses** **(expenses/** **average assets)** | **1 Year** | **5 Year** | **10 Year**  |
| Specialty <sup>(6)</sup> | Nomura VIP Asset Strategy Series (Service Class)<br>***Adviser:*** Delaware Management Company<br>***Sub-Advisers:*** Nomura Investment Management Austria Kapitalanlage AG and Macquarie Investment Management Global Limited | 0.85<br> %<br> <sup>(\*)</sup><br>| 12.44<br> %<br>| 6.56<br> %<br>| 5.27<br> %<br>|
| Specialty <sup>(6)</sup> | MML Managed Volatility Fund (Service Class)<br>***Adviser:*** MML Investment Advisers, LLC<br>***Sub-Adviser:*** Gateway Investment Advisers, LLC | 1.43<br> %<br>| 14.56<br> %<br>| 6.03<br> %<br>| 5.09<br> %<br>|

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Fidelity, Contrafund and Fidelity Institutional AM are registered service marks of FMR LLC. Used with permission.

(\*) This fund is subject to an expense reimbursement or fee waiver arrangement. As a result, this fund's annual expenses reflect temporary expense reductions. See the fund prospectus for additional information.

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| | |
|:---|:---|
| (\*\*) | The expenses are based on estimated amounts for the current fiscal year of the Fund. The Fund has not been in operation for a full calendar year, and therefore has no performance history. Performance history will be available for the Fund after it has been in operation for one calendar year. |

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(1) These
 are fund-of-funds investment choices. They are known as fund-of-funds because they invest in other underlying funds. A fund offered in
 a fund-of-funds structure
 may have higher expenses than a direct investment in its underlying funds because a fund-of-funds bears its own expenses and indirectly
 bears its proportionate
 share of expenses of the underlying funds in which it invests.

(2) These
 are fund-of-funds investment choices. They are known as fund-of-funds because they invest in other underlying funds. A fund offered in
 a fund-of-funds structure
 may have higher expenses than a direct investment in its underlying funds because a fund-of-funds bears its own expenses and indirectly
 bears its proportionate
 share of expenses of the underlying funds in which it invests.

(3) You
 could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot
 guarantee it will do so.
 An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The
 Fund's sponsor has no
 legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to
 the Fund at any time. The yield
 of this Fund may become very low during periods of low interest rates. After deduction of Separate Account charges, the yield in the division
 that invests in this
 Fund could be negative.

(4) The
 Fund is a "feeder" fund, meaning that it does not buy investment securities directly, but instead invests in shares of a corresponding
 "master" fund, which in turn
 purchases investment securities. A fund offered in a master feeder structure may have higher expenses than those of a fund which invests
 directly in securities because
 the "feeder" fund bears its own expenses in addition to those of the "master" fund. You should read the Fund prospectuses
 for more information about this "feeder"
 fund.

(5) The
 MML American Funds Growth Fund invests all of its assets in the Class 1 shares of the American Funds Insurance Series <sup>®</sup> – Growth Fund. However, this Fund
 is not available directly as an investment choice under your MassMutual variable product. You should read the prospectus along with the
 prospectus for the MML
 American Funds Growth Fund.

(6) Specialty
 funds are an all-encompassing category that consists of funds that forgo broad diversification to concentrate on a certain segment of
 the economy or a specific
 targeted strategy. For example, sector funds are targeted strategy funds aimed at specific sectors of the economy, such as financial,
 technology, healthcare, and
 so on. Sector funds can, therefore, be more volatile than a more diversified equity fund since the stocks in a given sector tend to be
 highly correlated with each
 other.

**Fixed Account Investment Options Available Under the Contract**

The following is a list of fixed options currently available under the Contract. We may change the features of the fixed options listed below, offer new fixed options, and terminate existing fixed options. We will provide you with written notice before doing so. While an Income Guarantee Feature is in effect, the investment options available to you are restricted. You may not participate in the DCA Fixed Account if an Income Guarantee Feature is in effect. See "General Information about Massachusetts Mutual Life Insurance Company, the Separate Account and the Investment Options – Fixed Account for Dollar Cost Averaging (DCA Fixed Account)" for more information.

---

| | |
|:---|:---|
| &nbsp;&nbsp; ***Name*** | &nbsp;&nbsp; ***Minimum Guaranteed Interest Rate*** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6 Month DCA Fixed Account | &nbsp;&nbsp;&nbsp;&nbsp; 1% |
| &nbsp;&nbsp;&nbsp;&nbsp; 12 Month DCA Fixed Account | &nbsp;&nbsp;&nbsp;&nbsp; 1% |

---

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Appendix B

**Contingent Deferred Sales Charge (CDSC) Example**

The values shown are based on the following assumptions:

• The
 following Purchase Payments are made:

---

| | | | |
|:---|:---|:---|:---|
| **Purchase Payment** | **Contract Year** | **Date** | **Amount** |
| &nbsp;&nbsp; 1 *(on Issue Date)* | 1 | January 15 | $100000 |
| &nbsp;&nbsp; 2 | 1 | May 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 |
| &nbsp;&nbsp; 3 | 2 | January 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 |

---

• On
 February 15 of Contract Year 4, the Contract Value is $350,000 and a partial withdrawal of $150,000 is made.

To calculate the CDSC, we first determine the withdrawal amount not subject to a CDSC:

(1) First,
 the earnings of $40,000 ($350,000 – $310,000) are not subject to a CDSC.

(2) Next,
 we would take the withdrawal amount from any Purchase Payments no longer subject to a CDSC. Because all of the Purchase
 Payments were made within the last seven years, and are therefore still subject to a CDSC, we can ignore this step.

(3) Finally,
 we look at the Free Withdrawal Amount, which is 10% of the Purchase Payments still subject to a CDSC. The Free Withdrawal
 Amount is $31,000 (10% x $310,000) and is not subject to a  CDSC.

Based on the withdrawal amount not subject to a CDSC, we can determine that $79,000 ($150,000 – $40,000 – $31,000) is the withdrawal amount that is subject to a CDSC.

Next, we calculate the amount of the CDSC:

(1) First,
 we look at the amount of CDSC from Purchase Payment #1. After reducing Purchase Payment #1 by the Free Withdrawal
 Amount, the amount remaining subject to a CDSC is $69,000 ($100,000 – $31,000). Since Purchase Payment #1 is
 three years from the date that Purchase Payment was applied, the CDSC charge is 6% or $4,140 ($69,000 x 6%).

(2) The
 remaining withdrawal amount still subject to a CDSC is $10,000 ($79,000 – $69,000).

(3) Next,
 we look at the amount of CDSC from Purchase Payment #2. The Purchase Payment #2 amount is $10,000 and since Purchase
 Payment #2 is two years from the date that Purchase Payment was applied, the CDSC charge is 7% or $700 ($10,000
 x 7%).

(4) There
 is no available remaining withdrawal amount still subject to a CDSC ($10,000 – $10,000).

(5) The
 total CDSC is $4,840, which is the sum of the charges on each Purchase Payment ($4,140 + $700).

The total CDSC for this withdrawal is $4,840, which is deducted from the withdrawal amount of $150,000. The net amount of $145,160 ($150,000 – $4,840) is paid to the Owner, unless otherwise instructed.

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Appendix C

**Free Withdrawal Amount Examples**

***Example 1 ~ Free Withdrawal Amount in Contract Year 1***

------

The values shown are based on the following assumptions:

• Your
 Issue Date is January 15. This is the date when we credit your initial Purchase Payment to your Contract.

• The
 following Purchase Payments are made:

---

| | | | |
|:---|:---|:---|:---|
| **Purchase Payment** | **Contract Year** | **Date** | **Amount** |
| &nbsp;&nbsp; 1 *(on Issue Date)* | 1 | January 15 | $100000 |
| &nbsp;&nbsp; 2 | 1 | May 15 | 10000 |

---

To calculate the Free Withdrawal Amount for Contract Year 1, we do the following:

• We
 multiply the initial Purchase Payment applied on the Issue Date by 10% ($100,000 x 10% = $10,000).

• We
 then multiply the subsequent Purchase Payment received on May 15 by 10% ($10,000 x 10% = $1,000).

• The
 total Free Withdrawal Amount in Contract Year 1 is $11,000 ($10,000 + $1,000).

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***Example 2 ~ Free Withdrawal Amount in Fifth Contract Year with a Withdrawal in Contract Year 4***

------

The values shown are based on the following assumptions:

• Your
 Issue Date is January 15. This is the date when we credit your initial Purchase Payment to your Contract.

• The
 following Purchase Payments are made:

---

| | | | |
|:---|:---|:---|:---|
| **Purchase Payment** | **Contract Year** | **Date** | **Amount** |
| &nbsp;&nbsp; 1 *(on Issue Date)* | 1 | January 15 | $100000 |
| &nbsp;&nbsp; 2 | 1 | May 15 | 10000 |
| &nbsp;&nbsp; 3 | 2 | January 15 | 200000 |
| &nbsp;&nbsp; 4 | 4 | March 15 | 15000 |

---

• On
 February 15 of Contract Year 4, the Contract Value is $350,000 and a partial withdrawal of $145,000 is made.

To determine the total Purchase Payments still subject to a CDSC as of the previous Contract Anniversary (the fourth Contract Anniversary), we do the following:

Before calculating amounts for Contract Year 5, we first need to calculate the impact of the February 15 withdrawal in Contract Year 4 on the remaining Purchase Payments in the Contract:

• We
 calculate the total remaining Purchase Payments in the Contract as of February 15 is $310,000 ($100,000 + $10,000 + $200,000).
 The March 15 Purchase Payment is not included because it happened after the February 15 withdrawal.

• Next,
 the earnings of $40,000 ($350,000 – $310,000) are withdrawn.

• The
 remaining withdrawal ($145,000 – $40,000 = $105,000) is applied to Purchase Payment #1 of $100,000, reducing Purchase
 Payment #1 to $0.

• Then
 the remaining withdrawal after Purchase Payment #1 ($105,000 – $100,000 = $5,000) is applied to reduce the amount of
 Purchase Payment #2 that is subject to a CDSC ($10,000 – $5,000 = $5,000).

• Now,
 none of the $145,000 withdrawal is left to apply to a previous Purchase Payment ($5,000 – $5,000).

After the withdrawal, we also have a Purchase Payment in Contract Year 4 on March 15, so we have remaining Purchase Payments as follows at the beginning of Contract Year 5:

---

| | | | |
|:---|:---|:---|:---|
| **Purchase Payment** | **Contract Year** | **Date** | **Amount Remaining** |
| &nbsp;&nbsp; 1 *(on Issue Date)* | 1 | January 15 | $0 |
| &nbsp;&nbsp; 2 | 1 | May 15 | 5000 |
| &nbsp;&nbsp; 3 | 2 | January 15 | 200000 |
| &nbsp;&nbsp; 4 | 4 | March 15 | 15000 |

---

Having determined the impact of the withdrawal to the remaining Purchase Payments, we can now determine the Free Withdrawal Amount available at the beginning of Contract Year 5. The Free Withdrawal Amount is based on the remaining Purchase Payments subject to a CDSC at the beginning of Contract Year 5 (4<sup>th</sup> Contract Anniversary):

• All
 the remaining Purchase Payments are subject to a CDSC.

• We
 calculate the remaining Purchase Payments subject to a CDSC ($5,000 + $200,000 + $15,000 = $220,000).

• The
 Free Withdrawal Amount is then calculated as 10% of the remaining Purchase Payments (10% x $220,000 = $22,000).

So if there are any withdrawals taken in Contract Year 5, a starting Free Withdrawal Amount of $22,000 is available.

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Appendix D – Death Benefit Examples

**Return of Purchase Payment Death Benefit Examples**

***Example 1 ~ Impact of Purchase Payments and Determination of Benefit***

------

The values shown are based on the following assumptions:

• Initial
 Purchase Payment = $100,000

• A
 subsequent Purchase Payment of $10,000 is made at beginning of Contract Year 2

• Owner
 dies in Contract Year 5

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Beginning of Contract Year** | **Purchase** **Payment** | **Withdrawal** | **Contract Value** | **Total Purchase Payments**<br>**Adjusted for Withdrawals** |
| 1 | $100000 |  | $100000 | $100000 |
| &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110000 |
| &nbsp;&nbsp; 5 *(receive due proof of Owner's death and election of the payment method)* |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110000 |

---

• On
 the Issue Date, a $100,000 Purchase Payment is made. This is the initial total Purchase Payments adjusted for withdrawals.

• At
 the beginning of Contract Year 2, a $10,000 subsequent Purchase Payment is made, bringing the total Purchase Payments adjusted
 for withdrawals to $110,000.

• Owner
 dies in Contract Year 5. When we receive due proof of death and election of the payment method for the death benefit,
 the Contract Value is $101,000. The total Purchase Payments adjusted for withdrawals is $110,000. The Return of Purchase
 Payment Death Benefit is the greater of the Contract Value and the total Purchase Payments adjusted for withdrawals.
 Therefore, the death benefit is $110,000.

------

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***Example 2 ~ Impact of Withdrawal and Determination of Benefit***

------

The values shown are based on the following assumptions:

• Initial
 Purchase Payment = $100,000

• A
 subsequent Purchase Payment of $10,000 is made at beginning of Contract Year 2

• A
 withdrawal of $20,000 is made at beginning of Contract Year 3

• Owner
 dies in Contract Year 5

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Beginning of Contract Year** | **Purchase** **Payment** | **Withdrawal** | **Contract** **Value** | **Total Purchase Payments**<br>**Adjusted for Withdrawals** |
| &nbsp;&nbsp; 1 | $100000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $100000 | $100000 |
| &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110000 |
| &nbsp;&nbsp; 3 *(immediately prior to withdrawal)* |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110000 |
| &nbsp;&nbsp; 3 *(immediately after withdrawal)* |  | $20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91781 |
| &nbsp;&nbsp; 4 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91781 |
| &nbsp;&nbsp; 5 *(receive due proof of Owner's death)* |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91781 |

---

• On
 the Issue Date, a $100,000 Purchase Payment is made. This is the initial total Purchase Payments adjusted for withdrawals.

• At
 the beginning of Contract Year 2, a $10,000 subsequent deposit is made, bringing the total Purchase Payments adjusted for
 withdrawals to $110,000.

• At
 the beginning of Contract Year 3, a $20,000 withdrawal (including any CDSC) is made.

• Immediately
 prior to when the withdrawal is made, the Contract Value is $120,750, and the total Purchase Payments adjusted for
 withdrawals is $110,000.

• Immediately
 after the withdrawal is made, the Contract Value is reduced by 16.56% ($20,000 / $120,750) to become $100,750
 ($120,750 – $20,000), and the total Purchase Payments adjusted for withdrawals is reduced by the same proportion of
 16.56% that the Contract Value is reduced:

Total Purchase Payments adjusted for withdrawals (immediately after the withdrawal) = total Purchase Payments adjusted for withdrawals (immediately prior to the withdrawal) – (withdrawal amount / Contract Value immediately prior to the withdrawal) x total Purchase Payments adjusted for withdrawals (immediately prior to the withdrawal) <br>= $110,000 – ($20,000 / $120,750) x $110,000<br>= $110,000 – $18,219<br>= $91,781

• Owner
 dies in Contract Year 5. When we receive due proof of death, the Contract Value is $90,927. The total Purchase Payments
 adjusted for withdrawals is $91,781. The Return of Purchase Payment Death Benefit is the greater of the Contract Value
 and the total Purchase Payments adjusted for withdrawals. Therefore, the death benefit is $91,781.

**Highest Quarterly Value Death Benefit Examples**

***Example 1 ~ Impact of Purchase Payments and Withdrawals and Determination of Benefit***

------

The values shown are based on the following assumptions:

• Initial
 Purchase Payment on 1/15/2021 = $100,000

• A
 subsequent Purchase Payment of $10,000 is made on 3/6/2021.

• A
 withdrawal of $20,000 is made on 5/21/2021.

• Owner
 dies in Contract Year 2 within the First Contract Quarter. <br>

------

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Date** | **Event** | **Total**<br>**Purchase** **Payments**<br>**Adjusted for**<br>**Withdrawals** | **Withdrawal** | **Contract**<br>**Value** | **ALIF** | **HQV** |
| 1/15/2021 | Beginning of Contract Year 1 | $100000 |  | $100000 | $100000 | $100000 |
| 3/6/2021 | Subsequent Purchase Payment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110000 |
| 4/14/2021 | End of First Contract Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110000 |
| 5/21/2021 | Immediately Prior to Withdrawal | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110000 |
| 5/21/2021 | Immediately After Withdrawal | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91667 | $20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91667 |
| 7/14/2021 | End of Second Contract Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91667 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91667 |
| 10/14/2021 | End of Third Contract Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91667 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91667 |
| 1/14/2022 | End of Fourth Contract Quarter *(last Calendar Day of Contract Year 1)* | 91667 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91667 |
| 1/15/2022 | Beginning of Contract Year 2 *(first Calendar Day of Contract Year 2)* | 91667 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120000 |
| 2/15/2022 | Receive due proof of Owner's death and election of the payment method | 91667 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120000 |

---

• On
 the Issue Date, a $100,000 Purchase Payment is made. This is the initial total Purchase Payments Adjusted for Withdrawals.
 The initial Annual Lock-In Feature (ALIF) is equal to the initial purchase payment. The Highest Quarterly Value
 (HQV) is the greater of the ALIF ($100,000) or the Total Purchase Payments Adjusted for Withdrawals (also $100,000).

• On
 3/6/2021, a $10,000 subsequent Purchase Payment is made, bringing the total Purchase Payments Adjusted for Withdrawals
 to $110,000 ($100,000 + $10,000).

○ The
 subsequent Purchase Payment is added to the most recently calculated  ALIF. The new ALIF is $110,000 ($100,000 +
 $10,000).

○ The
  HQV is the greater of the Total Purchase Payments Adjusted for Withdrawals or the current ALIF. The new HQV is $110,000
 (greatest of $110,000 or $110,000).

• On
 5/21/2021, a $20,000 withdrawal is taken. The withdrawal will reduce the Total Purchase Payments Adjusted for Withdrawals,
 the  ALIF, and the HQV in the same proportion as the reduction in Contract Value.

○ The
 Contract Value is reduced by the withdrawal amount ($20,000) divided by the Contract Value immediately prior to the
 withdrawal ($120,000), which is 16.67%.

○ The
 Total Purchase Payments Adjusted for Withdrawals,  ALIF, and HQV (which are each $110,000) are reduced by the same
 proportion (16.67%). The new Total Purchase Payments Adjusted for Withdrawals, ALIF, and HQV are all $91,667
 ($110,000 - $110,000 \* 16.67%).

• At
 the beginning of Contract Year 2 the  ALIF and HQV are recalculated.

○ The
  ALIF is the greatest of the most recently calculated ALIF or the highest Contract Quarter Value within the prior Contract
 Year, adjusted for withdrawals.

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■ The
 most recently calculated  ALIF is $91,667.

■ The
 end of the First Contract Quarter occurred prior to the withdrawal and so the First Contract Quarter Value ($117,000)
 is reduced by the same proportion as the reduction in Contract Value due to the withdrawal. Therefore, the
 First Contract Quarter Value is $97,500 ($117,000 - $117,000 \* 16.67%).

■ The
 end of the Second Contract Quarter, Third Contract Quarter, and Fourth Contract Quarter occurred after the withdrawal
 and so are not reduced due to the withdrawal.

■ The
 highest Contract Quarter Value within the prior Contract Year is $120,000, which is the greatest of $97,500 (First
 Contract Quarter Value), $115,000 (Second Contract Quarter Value), $120,000 (Third Contract Quarter Value),
 or $111,000 (Fourth Contract Quarter Value).

■ The
 recalculated  ALIF is $120,000, which is the greater of $91,667 or $120,000.

○ The
  HQV is the greater of the Total Purchase Payments Adjusted for Withdrawals ($91,667) or the ALIF ($120,000). Therefore,
 the HQV is $120,000.

• Owner
 dies in Contract Year 2 within the First Contract Quarter. When we receive due proof of death and election of the payment
 method for the Death Benefit, the Contract Value is $105,000. The Total Purchase Payments Adjusted for Withdrawals
 is $91,667.

○ The
 Death Benefit is the greater of the current Contract Value ($105,000) or the  HQV ($120,000). Therefore, the Death Benefit
 is $120,000.

------

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Appendix E

**Commuted Value Withdrawal Example**

The values shown are based on the following assumptions:

• Contract
 Annuitized for a life with fifteen year period certain at the beginning of Contract Year 20.

• The
 Annuity Payments are $1,000 quarterly.

• Owner
 requests a $10,000 commuted value withdrawal at the beginning of Contract Year 25.

• The
 commuted value of the remaining guaranteed Annuity Payments is $40,000 at the beginning of Contract Year 25.

---

| | | | |
|:---|:---|:---|:---|
| **Beginning of Contract Year** | **Quarterly**<br>**Annuity Payout** | **Withdrawal** | **Commuted Value** |
| &nbsp;&nbsp; 25 (before commuted value withdrawal) | $1000 |  | $40000 |
| &nbsp;&nbsp; 25 (after commuted value withdrawal) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750 | $10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 |
| &nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000 |  |  |

---

• At
 the beginning of Contract Year 25, $10,000 is 25% of the total commuted value ($10,000 / $40,000).

• The
 annuity payout is reduced by $250 ($1,000 x 25%) to $750 ($1,000 – $250) until the end of the period certain.

• The
 remaining commuted value is $30,000 ($40,000 – $10,000).

• At
 the beginning of Contract Year 35, the period certain ends. The Owner is still due payments as provided by the life guarantee.
 The life payments are for $1,000 as they were not reduced by the commuted value withdrawal.

• The
 commuted value of the remaining life only annuity payouts is $0 because there are no remaining guaranteed Annuity Payments.

------

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Appendix F

**RetirePay Examples**

***Example 1A ~ Highest Anniversary Step-Up***

------

The values shown are based on the following assumptions:

• Initial
 Purchase Payment of $100,000 is made on 9/1/2021 (RetirePay Issue Date).

---

| | | | |
|:---|:---|:---|:---|
| **Date** | **Event** | **Contract Value** | **Benefit Base** |
| 9/1/2021 | Beginning of Contract Year 1 | $100000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $100000  |
| 8/31/2022 | Last Calendar Day of Contract Year 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 |
| 9/1/2022 | First Calendar Day of Contract Year 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110000 |

---

• At
 the beginning of Contract Year 1, the Benefit Base is set to the Initial Purchase Payment of $100,000.

• On
 the First Calendar Day of Contract Year 2, the Contract Value on the Last Calendar Day of Contract Year 1 is compared to
 the most recently calculated Benefit Base. The Contract Value ($110,000) is greater than the Benefit Base ($100,000) so the
 new Benefit Base is set to the Contract Value ($110,000).

***Example 1B ~ Highest Quarterly Value Step-Up with Impact of Withdrawals***

------

The values shown are based on the following assumptions:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Date** | **Event** | **Contract Value** | **Remaining Annual**<br>**Lifetime Benefit**<br>**Amount** | **Benefit Base** |
| 4/6/2022 | Beginning of Contract Year | $117000 | $6000 | $115000 |
| 5/15/2022 | Withdrawal of $2,000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115000 |
| 7/5/2022 | End of First Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115000 |
| 7/15/2022 | Withdrawal of $1,000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115000 |
| 10/5/2022 | End of Second Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115000 |
| 11/15/2022 | Withdrawal of $3,000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115000 |
| 1/5/2023 | End of Third Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115000 |
| 2/15/2023 | Immediately Prior to Withdrawal of $1,500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115000 |
| 2/15/2023 | Immediately After Withdrawal of $1,500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113632 |
| 4/5/2023 | End of Fourth Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113632 |

---

• On
 2/15/2023, a withdrawal of $1,500 is taken and is an Excess Withdrawal because there is no remaining Annual Lifetime Benefit.
 This represents a 1.19% reduction in the Contract Value ($1,500 / $126,000). Excess Withdrawals reduce the Benefit
 Base proportionally.

• On
 2/15/2023, after the Excess Withdrawal, the Benefit Base is reduced by 1.19% to $113,632.

------

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For the purpose of determining the highest quarterly value step-up:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Date** | **Event** | **Contract** **Value** | **Adjustment** **to**<br>**Quarterly** **Value** | **Adjusted**<br>**Q1 Value** | **Adjusted**<br>**Q2 Value** | **Adjusted**<br>**Q3 Value** | **Q4 Value** |
| 4/6/2022 | Beginning<br>of Contract Year | $117000 |  |  |  |  |  |
| 5/15/2022 | Withdrawal |  |  |  |  |  |  |
| 7/5/2022 | End of First<br>Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125000 |  | 125000 |  |  |  |
| 7/15/2022 | Withdrawal |  | $1000 | 124000 |  |  |  |
| 10/5/2022 | End of Second Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128000 |  | 124000 | 128000 |  |  |
| 11/15/2022 | Withdrawal |  | 3000 | 121000 | 125000 |  |  |
| 1/5/2023 | End of Third Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127000 |  | 121000 | 125000 | 127000 |  |
| 2/15/2023 | Before Withdrawal | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126500 |  | 121000 | 125000 | 127000 |  |
| 2/15/2023 | After Withdrawal | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125000 | 1.19%<br>Reduction | 119560 | 123512 | 125489 |  |
| 4/5/2023 | End of Fourth Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125000 |  | 119560 | 123512 | 125489 | 125000 |

---

• The
 withdrawal of $2,000 which occurred on 5/15/2022 did not have an impact on the determination of the highest quarterly value
 step-up as it occurred prior to the end of the first Contract Year quarter.

○ The
 withdrawal of $1,000 on 7/15/2022 reduced the First Contract Quarter Value ($125,000) by $1,000 because the withdrawal
 occurred after the end of the First Contract Quarter. It did not have an impact on the Second Contract Quarter
 Value, Third Contract Quarter Value, or Fourth Contract Quarter Value because it occurred prior to the end of those
 Contract Quarters.

○ The
 withdrawal of $3,000 on 11/15/2022 additionally reduced the First Contract Quarter Value ($124,000) by $3,000 and
 reduced the Second Contract Quarter Value ($124,000) by $3,000 because the withdrawal occurred after the end of those
 Contract Quarters. It did not have an impact on the Third Contract Quarter Value or Fourth Contract Quarter Value
 because it occurred prior to the end of those Contract Quarters.

• The
 withdrawal on 2/15/2023 represented a 1.19% reduction in the Contract Value.

○ The
 reduction for the Excess Withdrawal for the first Contract Year quarter is equal to $1,440 (1.19% x ($125,000 – $1,000
 – $3,000)). The Contract Value for the first Contract Year quarter is equal to $119,560 ($125,000 – $1,000 – $3,000
 – $1,440).

○ The
 reduction for the Excess Withdrawal for the second Contract Year quarter is equal to $1,488 (1.19% x ($128,000 – $3,000)).
 The Contract Value for the first Contract Year quarter is equal to $123,512 ($128,000 – $3,000 – $1,488).

○ The
 reduction for the Excess Withdrawal for the third Contract Year quarter is equal to $1,511 (1.19% x $127,000). The Contract
 Value for the third Contract Year quarter is equal to $125,489 ($127,000 – $1,511).

• The
 Contract Value for the fourth Contract Year quarter is $125,000.

The Highest Quarterly Value Step-Up for the Contract Year is the adjusted Q3 Value of $125,489. This amount becomes the new Benefit Base at the beginning of the next Contract Year (April 6, 2023) because it is greater than the end of the fourth quarter Benefit Base of $113,636.

------

[Back to **Table of Contents**](#TOC_1054)

***Example 2 ~ Calculation of Annual Lifetime Benefit Amounts***

------

This example uses these hypothetical Joint Life Withdrawal Rates where applicable. Current Joint Life Withdrawal Rates may be different.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Number of Full Contract Years from the Rider Effective Date** | **Number of Full Contract Years from the Rider Effective Date** | **Number of Full Contract Years from the Rider Effective Date** | **Number of Full Contract Years from the Rider Effective Date** | **Number of Full Contract Years from the Rider Effective Date** | **Number of Full Contract Years from the Rider Effective Date** | **Number of Full Contract Years from the Rider Effective Date** | **Number of Full Contract Years from the Rider Effective Date** |  |
| **Youngest** **Covered** **Person** **Age** | **0** | **1** | **2** | **3** | **4** | **5** | **6** | **7** | **8** | **9** | **10+** |
| 59.5-61 | 3.50% | 3.62% | 3.74% | 3.86% | 3.98% | 4.50% | 4.62% | 4.74% | 4.86% | 4.98% | 5.50% |
| 62-66 | 4.00% | 4.14% | 4.27% | 4.41% | 4.54% | 5.13% | 5.26% | 5.40% | 5.53% | 5.67% | 6.25% |
| 67-71 | 4.50% | 4.72% | 4.80% | 4.95% | 5.10% | 5.75% | 5.90% | 6.05% | 6.20% | 6.35% | 7.00% |
| 72+ | 5.25% | 5.42% | 5.60% | 5.77% | 5.94% | 6.69% | 6.86% | 7.03% | 7.20% | 7.37% | 8.15% |

---

• The
 rider effective date is the same as the Issue Date, 9/1/2021.

• The
 Owner elects the joint life version of the rider.

• The
 Owner's birthdate is 8/1/1953.

• The
 birthdate of the Owner's spouse is 2/1/1960.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Date** | **Event** | **Benefit Base** | **Age of Youngest** **Covered Person** | **Number of Full** **Contract Years** **from the Rider** **Effective Date** | **Withdrawal Rate** | **Annual Lifetime** **Benefit Amount<sup>(\*)</sup>** |
| 9/1/2021 | Beginning of Contract Year 1 | $100000 | 61 | 0 | 3.50% | $3500 |
| 6/1/2022 | Beginning of Fourth Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | 62 | 0 | 4.00% | $4000 |
| 9/1/2022 | Beginning of Contract Year 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | 62 | 1 | 4.14% | $4140 |

---

---

| | |
|:---|:---|
| (\*) | The Annual Lifetime Benefit Amount is not set until the Guaranteed Lifetime Withdrawal Date is elected by the Owner. These values assume the Guaranteed Lifetime Withdrawal Date is set at the date shown. See explanation of how these values are determined below. |

---

For the purpose of determining the Annual Lifetime Benefit Amount:

• If
 the Owner elected the Guaranteed Lifetime Withdrawal Date on the RetirePay Issue Date, the youngest Covered Person is Age
 61 (on 9/1/2021 with a birthdate of 2/1/1960) and the Number of Full Years from the RetirePay Issue Date is 0 so the rate
 is 3.50%. This is multiplied by the Benefit Base for an Annual Lifetime Benefit Amount of $3,500 (3.50% x $100,000).

• If
 the Owner elected the Guaranteed Lifetime Withdrawal Date on 6/1/2022, the youngest Covered Person is Age 62 <br> (on
 6/1/2022 with a birthdate of 2/1/1960) and the Number of Full Years from the RetirePay Issue Date is 0 so the Withdrawal
 Rate is 4.00%. This is multiplied by  the Benefit Base for an Annual Lifetime Benefit Amount of $4,000 (4.00% x
 $100,000).

• If
 the Owner elected the Guaranteed Lifetime Withdrawal Date at the beginning of Contract Year 2 on 9/1/2022, the youngest
 Covered Person is Age 62 (on 9/1/2022 with a birthdate of 2/1/1960) and the Number of Full Years from the RetirePay
 Issue Date is 1 so the Withdrawal Rate is 4.14%. Assume there was no increase in the Contract Value so there was no
 Step-Up and the Benefit Base remains $100,000. The Withdrawal Rate of 4.14%  is multiplied by the Benefit Base for an Annual
 Lifetime Benefit Amount of $4,140 (4.14%  x $100,000).

------

[Back to **Table of Contents**](#TOC_1054)

***Example 3A ~ Redetermination of Benefit Base for Excess Withdrawal Prior to Guaranteed Lifetime*** ***Withdrawal Date***

------

The values shown are based on the following assumptions:

• On
 9/1/2021, an Initial Purchase Payment of $100,000 is made.

• On
 8/31/2022, the Contract Value as of the last Calendar Day of Contract Year 1 is $95,000.

• On
 10/1/2022, a withdrawal of $12,000 is made where the Contract Value prior to the withdrawal is $96,000.

• The
 Owner has not elected a Guaranteed Lifetime Withdrawal Date.

---

| | | | |
|:---|:---|:---|:---|
| **Date** | **Event** | **Contract Value** | **Benefit Base** |
| 9/1/2021 | First Calendar Day of Contract Year 1 | $100000 | $100000 |
| 8/31/2022 | Last Calendar Day of Contract Year 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 |
| 9/1/2022 | First Calendar Day of Contract Year 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 |
| 10/1/2022 | Immediately Prior to Withdrawal | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 |
| 10/1/2022 | Immediately After Withdrawal | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87500 |

---

• On
 9/1/2021, the Benefit Base is set to the Contract Value of $100,000.

• On
 9/1/2022, the Contract Value from the last Calendar Day of Contract Year 1 is compared to the most recently calculated Benefit
 Base. The Contract Value ($95,000) is less than the Benefit Base, so the Benefit Base remains $100,000.

• On
 10/1/2022, the Benefit Base is redetermined for the withdrawal. Until a Guaranteed Lifetime Withdrawal Date is elected, there
 is no Annual Lifetime Benefit Amount. So, the entire withdrawal is treated as an Excess Withdrawal. <br> The
 Benefit Base is reduced by the proportional reduction of the Contract Value, which is 12.50% ($12,000 / $96,000) for a total
 reduction of $12,500 (12.50% × $100,000). The remaining Benefit Base after the withdrawal is $87,500 ($100,000 – $12,500).

------

[Back to **Table of Contents**](#TOC_1054)

***Example 3B ~ Redetermination of Benefit Base for a Withdrawal Greater than Annual Lifetime***<br>***Benefit Amount***

------

The values shown are based on the following assumptions, which match the assumptions in example 3A, except that the Owner elects a Guaranteed Lifetime Withdrawal Date prior to the withdrawal:

• On
 9/1/2021, an Initial Purchase Payment of $100,000 is made.

• On
 8/31/2022, the Contract Value as of the last Calendar Day of Contract Year 1 is $95,000.

• On
 10/1/2022, the Owner elects a Guaranteed Withdrawal Date where the Annual Lifetime Benefit Amount is $4,000.

• On
 10/1/2022, a withdrawal of $12,000 is made where the Contract Value prior to the withdrawal is $96,000.

For the purposes of determining the Benefit Base:

• The
 withdrawal reduces the Annual Lifetime Benefit Amount to $0.

• The
 withdrawal remaining after the Annual Lifetime Benefit Amount is $8,000 ($12,000 – $4,000).

• The
 Contract Value remaining after the withdrawal of the Annual Lifetime Benefit Amount is $92,000 ($96,000 – $4,000). The
 withdrawal of the Annual Lifetime Benefit Amount does not impact the Benefit Base.

• The
 excess withdrawal reduced the Benefit Base by 8.70% (8,000 / 92,000) for a total reduction of $8,700 (8.70% x $100,000).
 The remaining Benefit Base after the withdrawal is $91,300 ($100,000 – $8,700).

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Date** | **Event** | **Remaining** **Withdrawal** | **Remaining Annual** **Lifetime Benefit** **Amount** | **Contract Value** | **Benefit Base** |
| 9/1/2021 | First Calendar Day of Contract Year 1 |  |  | $100000 | $100000 |
| 8/31/2022 | Last Calendar Day of Contract Year 1 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 |
| 9/1/2022 | First Calendar Day of Contract Year 2 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 |
| 10/1/2022 | Immediately Prior to Withdrawal | $12000 | $4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 |
| 10/1/2022 | After Withdrawal of the Annual Lifetime Benefit Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 |
| 10/1/2022 | After Reduction of the Benefit Base due to Excess Withdrawal | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91300 |

---

------

[Back to **Table of Contents**](#TOC_1054)

***Example 4 ~ Impact of Contract Value being reduced to $0 because of the withdrawal of Annual Lifetime*** ***Benefit Amount***

------

Lifetime Withdrawal Rates for this example.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Number of Full Contract Years from the Rider Effective Date** | **Number of Full Contract Years from the Rider Effective Date** | **Number of Full Contract Years from the Rider Effective Date** | **Number of Full Contract Years from the Rider Effective Date** | **Number of Full Contract Years from the Rider Effective Date** | **Number of Full Contract Years from the Rider Effective Date** | **Number of Full Contract Years from the Rider Effective Date** | **Number of Full Contract Years from the Rider Effective Date** |  |
| **Youngest** **Covered** **Person** **Age** | **0** | **1** | **2** | **3** | **4** | **5** | **6** | **7** | **8** | **9** | **10+** |
| 67 | 5.00% | 5.25% | 5.40% | 5.55% | 5.70% | 5.85% | 6.00% | 6.15% | 6.30% | 6.45% | 6.60% |

---

• On
 4/6/2022, the Contract is issued with RetirePay.

• On
 4/6/2028, the Owner Elected the Guaranteed Lifetime Withdrawal Date. <br> The
 Benefit Base is $100,000. <br> The
 Youngest Covered Person is 67. <br> The
 Contract is six full Contract Years from the RetirePay Issue Date, so the Withdrawal Rate is 6.00% and the Annual Lifetime
 Benefit Amount is $6,000.

• On
 4/6/2032, the current Contract Year began. <br> The
 Contract Value is $4,000. <br> The
 Benefit Base is $100,000. <br> The
 Annual Lifetime Benefit Amount is $6,000.

• On
 5/15/2032, a withdrawal of $3,000 is taken with $4,000 in Contract Value prior to the withdrawal.

• On
 11/15/2032, a withdrawal of $3,000 is taken with $1,000 in Contract Value prior to the withdrawal.

• On
 4/5/2033, the Benefit Base is $100,000.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Date** | **Event** | **Contract Value** | **Remaining Annual Lifetime** **Benefit Amount** | **Benefit Base** |
| 04/06/2032 | Beginning of Contract Year 10 | $4000 | $6000 | $100000 |
| 05/15/2032 | Immediately Prior to Withdrawal | 4000 | 6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 |
| 05/15/2032 | Immediately After Withdrawal | 1000 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 |
| 11/15/2032 | Immediately Prior to Withdrawal | 1000 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 |
| 11/15/2032 | Immediately After Withdrawal | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 |
| 11/15/2032 | After Payout of Remaining Annual Lifetime Benefit Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 |
| 04/06/2033 | Beginning of Contract Year 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 | 6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 |

---

For determining the values because of the Contract Value reaching $0, we have:

• On
 5/15/2032, the withdrawal of $3,000 reduces the Contract Value to $1,000 ($4,000 – $3,000). The Remaining Annual Lifetime
 Benefit Amount is $3,000 ($6,000 – $3,000).

• On
 11/15/2032, the withdrawal of $3,000 reduces the Contract Value to $0 by first withdrawing the available $1,000 from the
 Contract Value. <br> The
 Remaining Annual Lifetime Benefit Amount is $2,000 ($3,000 – $1,000). <br> The
 Remaining Annual Lifetime Benefit Amount is added to the partial withdrawal of $1,000 for a payout of $3,000 ($1,000 +
 $2,000). <br> The Contract
 enters the Settlement Phase. <br> The
 Annual Lifetime Benefit Amount remains at $6,000. This is paid in monthly payments of $500 ($6,000 / 12).

------

[Back to **Table of Contents**](#TOC_1054)

**RetireCore Examples**

***Example 1A ~ Highest Anniversary Step-Up and Determination of Roll-Up Value***

------

The values shown are based on the following assumptions:

• Initial
 Purchase Payment of $100,000 is made at Issue on 9/1/2021.

• The
 Roll-Up Percentage is 6%.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Date** | **Event** | **Contract Value** | **Roll-Up Base** | **Roll-Up** **Amount** | **Roll-Up Value** | **Step-Up Value** | **Benefit Base** |
| 9/1/2021 | First Calendar Day of Contract Year 1 | $100000 | $100000 |  | $100000 |  | $100000 |
| 8/31/2022 | Last Calendar Day of Contract Year 1 | 110000 | 100000 |  | 100000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 |
| 9/1/2022 | First Calendar Day of Contract Year 2 | 110100 | 100000 | $6000 | 106000 | 110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110000 |
| 9/1/2023 | First Calendar Day of Contract Year 3 | 108000 | 100000 | 6000 | 112000 | 108000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112000 |
| 9/1/2024 | First Calendar Day of Contract Year 4 | 115000 | 100000 | 6000 | 118000 | 115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118000 |

---

• At
 contract issue on 9/1/2021, the Roll-Up Base, Roll-Up Value and Benefit Base are set to the Initial Purchase Payment of $100,000.

• On
 each contract anniversary:

○ If
 no withdrawals were made during the immediately preceding Contract Year, the Roll-Up Value will increase by the Roll-Up
 Amount, which is the most recently calculated Roll-Up Base multiplied by the Roll-Up Percentage ($100,000 \* 6.00%
 = $6,000).

○ The
 Benefit Base will be recalculated to the greatest of the most recently calculated Benefit Base prior to the Contract Anniversary,
 the current Roll-Up Value, or the current Step-Up Value.

• On
 the first Calendar Day of Contract Year 2:

○ The
 Roll-Up Value ($100,000) increases by the Roll-Up Amount ($6,000) to be $106,000 because there were no withdrawals
 in the prior Contract Year.

○ The
 Step-Up Value is the Contract Value on the last Calendar Day of Contract Year 1 ($110,000).

○ The
 Benefit Base increases to the Step-Up Value of $110,000, which is the greatest of the most recently calculated Benefit
 Base ($100,000), the Roll-Up Value ($106,000), or the Step-Up Value ($110,000).

• On
 the first Calendar Day of Contract Year 3:

○ The
 Roll-Up Value ($106,000) increases by the Roll-Up Amount ($6,000) to be $112,000 because there were no withdrawals
 in the prior Contract Year.

○ The
 Step-Up Value is the Contract Value on the last Calendar Day of Contract Year 2 ($108,000).

○ The
 Benefit Base increases to the Roll-Up Value of $112,000, which is the greatest of the most recently calculated Benefit
 Base ($110,000), the Roll-Up Value ($112,000), or the Step-Up Value ($108,000).

• On
 the first Calendar Day of Contract Year 4:

○ The
 Roll-Up Value ($112,000) increases by the Roll-Up Amount ($6,000) to be $118,000 because there were no withdrawals
 in the prior Contract Year.

○ The
 Step-Up Value is the Contract Value on the last Calendar Day of Contract Year 2 ($115,000).

○ The
 Benefit Base increases to the Roll-Up Value of $118,000, which is the greatest of the most recently calculated Benefit
 Base ($112,000), the Roll-Up Value ($118,000), or the Step-Up Value ($115,000).

------

[Back to **Table of Contents**](#TOC_1054)

***Example 1B ~ Highest Quarterly Value Step-Up and Determination of Roll-Up Value with Impact of*** ***Withdrawals***

------

The values shown are based on the following assumptions:

• An
 initial Purchase Payment of $100,000 is made at Issue on 4/6/2022.

• The
 Roll-Up Percentage is 6%.

• The
 Annual Lifetime Benefit Amount is $6,000.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Date** | **Event** | **Contract** **Value** | **Remaining** **Annual** **Lifetime** **Benefit** **Amount** | **Roll-Up** **Base** | **Roll-Up** **Amount** | **Roll-Up** **Value** | **Step-Up** **Value** | **Benefit Base** |
| 4/6/2022 | First Calendar Day of Contract Year 1 | $100000 | $6000 | $100000 |  | $100000 |  | $100000 |
| 5/15/2022 | Withdrawal of $2,000 |  | 4000 | 100000 |  | 100000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 |
| 7/5/2022 | Last Calendar Day of First Quarter | 125000 | 4000 | 100000 |  | 100000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 |
| 10/5/2022 | Last Calendar Day of Second Quarter | 128000 | 4000 | 100000 |  | 100000 |  | 100000 |
| 11/15/2022 | Withdrawal of $4,000 |  | 0 | 100000 |  | 100000 |  | 100000 |
| 1/5/2023 | Last Calendar Day of Third Quarter | 127000 | 0 | 100000 |  | 100000 |  | 100000 |
| 2/15/2023 | Immediately Prior to Withdrawal of $1,500 | 126500 | 0 | 100000 |  | 100000 |  | 100000 |
| 2/15/2023 | Immediately After Withdrawal of $1,500 | 125000 | 0 | 98810 |  | 98810 |  | 98810 |
| 4/5/2023 | Last Calendar Day of Fourth Quarter | 124000 | 0 | 98810 |  | 98810 |  | 98810 |
| 4/6/2023 | First Calendar Day of Contract Year 2 | 124100 | 6000 | 98810 | 0 | 98810 | $125489 | 125489 |
| 4/6/2024 | First Calendar Day of Contract Year 3 | 128000 | 6000 | 98810 | 5929 | 104739 | 128000 | 128000 |

---

• At
 contract issue on 4/6/2022, the Roll-Up Base, Roll-Up Value and Benefit Base are set to the Initial Purchase Payment of $100,000.

• On
 each contract anniversary:

○ If
 no withdrawals were made during the immediately preceding Contract Year, the Roll-Up Value will increase by the Roll-Up
 Amount, which is the most recently calculated Roll-Up Base multiplied by the Roll-Up Percentage ($100,000 \* 6.00%
 = $6,000). If a withdrawal did occur, the Roll-Up Amount is $0.

○ The
 Benefit Base will be recalculated to the greatest of the most recently calculated Benefit Base prior to the Contract Anniversary,
 the current Roll-Up Value, or the current Step-Up Value.

• On
 2/15/2023, there is no remaining Annual Lifetime Benefit Amount. The withdrawal amount of $1,500 is therefore an excess
 withdrawal. The excess withdrawal reduces the Roll-Up Base, Roll-Up Value, and Benefit Base by the same proportional
 reduction as the reduction to the Contract Value.

○ The
 proportional reduction to the Contract Value is the amount of the withdrawal divided by the Contract Value immediately
 prior to the withdrawal, which is 1.19% ($1,500 / $126,000).

○ The
 Roll-Up Base, Roll-Up Value, and Benefit Base (where are each $100,000) are reduced by 1.19% to $98,810 ($100,000
 – $100,000 \* 1.19%).

• On
 the first Calendar Day of Contract Year 2:

------

[Back to **Table of Contents**](#TOC_1054)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

○ The
 Roll-Up Value ($98,810) does not increase because the Roll-Up Amount is $0 due to the withdrawals in the prior Contract
 Year.

○ The
 Step-Up Value is the highest Quarterly Contract Value adjusted for withdrawals, which is $125,489. See the table below
 for determining the highest Quarterly Contract value.

○ The
 Benefit Base increases to the Step-Up Value of $125,489, which is the greatest of the most recently calculated Benefit
 Base ($98,810), the Roll-Up Value ($98,810), or the Step-Up Value ($125,489).

• On
 the first Calendar Day of Contract Year 3:

○ The
 Roll-Up Value increases by the Roll-Up Amount because there were no withdrawals in the prior Contract Year. The Roll-Up
 Amount is the Roll-Up Base ($98,810) multiplied by the Roll-Up Percentage (6%), which is $5,929. Therefore, the
 Roll-Up Value is $104,739 ($98,810 + $5,929).

○ The
 Step-Up Value is the highest Quarterly Contract Value adjusted for withdrawals, which is assumed to be $128,000.

○ The
 Benefit Base increases to the Step-Up Value of $128,000, which is the greatest of the most recently calculated Benefit
 Base ($125,489), the Roll-Up Value ($104,739), or the Step-Up Value ($128,000).

To determine the Highest Quarterly Value Step-Up in Contract Year 1, which is used in the recalculation of the Benefit Base on the first Calendar Day of Contract Year 2:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Date** | **Event** | **Contract Value** | **Adjustment to** **Quarterly** **Value** | **Adjusted Q1** **Value** | **Adjusted Q2** **Value** | **Adjusted Q3** **Value** | **Q4 Value** |
| 4/6/2022 | First Calendar Day of Contract Year 1 | $117000 |  |  |  |  |  |
| 5/15/2022 | Withdrawal of $2,000 |  |  |  |  |  |  |
| 7/5/2022 | Last Calendar Day of First Quarter | 125000 |  | 125000 |  |  |  |
| 10/5/2022 | Last Calendar Day of Second Quarter | 128000 |  | 125000 | 128000 |  |  |
| 11/15/2022 | Withdrawal of $4,000 |  | $4000 | 121000 | 124000 |  |  |
| 1/5/2023 | Last Calendar Day of Third Quarter | 127000 |  | 121000 | 124000 | 127000 |  |
| 2/15/2023 | Immediately Prior to Withdrawal of $1,500 | 126500 |  | 121000 | 124000 | 127000 |  |
| 2/15/2023 | Immediately After Withdrawal of $1,500 | 125000 | 1.19% Reduction | 119560 | 122524 | 125489 |  |
| 4/5/2023 | Last Calendar Day of Fourth Quarter | 128000 |  | 119560 | 122524 | 125489 | 124000 |

---

• The
 withdrawal of $2,000 which occurred on 5/15/2022 did not have an impact on the determination of the highest quarterly value
 step-up as it occurred prior to the end of the first Contract Year quarter.

• The
 withdrawal of $4,000 on 11/15/2022 reduced the First Contract Quarter Value ($125,000) and the Second Contract Quarter
 Value ($128,000) by $4,000 because the withdrawal occurred after the end of those Contract Quarters. It did not have
 an impact on the Third Contract Quarter Value or Fourth Contract Quarter Value because it occurred prior to the end of those
 Contract Quarters.

• The
 withdrawal on 2/15/2023 represented a 1.19% reduction in the Contract Value, which is determined by taking the amount
 of the withdrawal divided by the Contract Value immediately prior to the withdrawal ($1,500 / $126,500).

------

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

○ The
 reduction for the Excess Withdrawal for the first Contract Year quarter is equal to $1,440 (1.19%  x ($125,000 – $4,000)).
 The Contract Value for the first Contract Year quarter is equal to $119,560 ($125,000 – $4,000 – $1,440).

○ The
 reduction for the Excess Withdrawal for the second Contract Year quarter is equal to $1,476 (1.19% x ($128,000 – $4,000)).
 The Contract Value for the first Contract Year quarter is equal to $123,512 ($128,000 – $4,000 – $1,476).

○ The
 reduction for the Excess Withdrawal for the third Contract Year quarter is equal to $1,511 (1.19% x $127,000). The Contract
 Value for the third Contract Year quarter is equal to $125,489 ($127,000 – $1,511).

• The
 Contract Value for the fourth Contract Year quarter is $124,000.

• The
 Highest Quarterly Value Step-Up for the Contract Year is the adjusted Third Contract Quarter Value of $125,489.

***Example 2 ~ Calculation of Annual Lifetime Benefit Amounts***

------

This example uses these hypothetical Joint Life Withdrawal Rates where applicable. Current Joint Life Withdrawal Rates may be different.

---

| | | |
|:---|:---|:---|
| **Start Age of Youngest Covered Person** | **End Age of Youngest Covered Person** | **Withdrawal Rate** |
| 59.5 | 64 | 5.30% |
| 65 | 69 | 6.80% |
| 70 | 74 | 7.05% |
| 75 | 121 | 7.30% |

---

• The
 rider effective date is the same as the Issue Date, 9/1/2021.

• The
 Owner elects the joint life version of the rider.

• The
 Owner's birthdate is 8/1/1953.

• The
 birthdate of the Owner's spouse is 2/1/1957.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Date** | **Event** | **Benefit Base** | **Age of Youngest** **Covered Person** | **Withdrawal Rate** | **Annual Lifetime Benefit** **Amount<sup>(\*)</sup>** |
| 9/1/2021 | Beginning of Contract Year 1 | $100000 | 64 | 5.30% | $5300 |

---

(\*) There is no Annual Lifetime Benefit Amount prior to the Guaranteed Lifetime Withdrawal Date. These values assume the Guaranteed Lifetime Withdrawal Date is set at the date shown. See explanation of how these values are determined below.

If the Owner elected the Guaranteed Lifetime Withdrawal Date on the RetireCore Issue Date, the youngest Covered Person is Age 64 (on 9/1/2021 with a birthdate of 2/1/1957) so the withdrawal rate is 5.30%. The Benefit Base is multiplied by the withdrawal rate to determine an Annual Lifetime Benefit Amount of $5,300 (5.30% x $100,000).

***Example 3A ~ Redetermination of Benefit Base for Excess Withdrawal Prior to Guaranteed Lifetime*** ***Withdrawal Date***

------

The values shown are based on the following assumptions:

• On
 9/1/2021, an Initial Purchase Payment of $100,000 is made.

• The
 Roll-Up Percentage is 6%.

• The
 withdrawal occurs prior to the Guaranteed Lifetime Withdrawal Date.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Date** | **Event** | **Contract Value** | **Roll-Up Base** | **Roll-Up Value** | **Benefit Base** |
| 9/1/2021 | First Calendar Day of Contract Year 1 | $100000 | $100000 | $100000 | $100000 |
| 10/1/2021 | Immediately Prior to Withdrawal of $12,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 |

---

------

[Back to **Table of Contents**](#TOC_1054)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Date** | **Event** | **Contract Value** | **Roll-Up Base** | **Roll-Up Value** | **Benefit Base** |
| 10/1/2021 | Immediately After Withdrawal of $12,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87500 |

---

• At
 contract issue on 9/1/2021, the Roll-Up Base, Roll-Up Value, and Benefit Base are set to the initial Purchase Payment of $100,000.

• On
 10/1/2021, a withdrawal of $12,000 occurs. Until a Guaranteed Lifetime Withdrawal Date is elected, there is no Annual Lifetime
 Benefit Amount. So, the entire withdrawal is treated as an Excess Withdrawal. The Roll-Up Base, Roll-Up Value, and
 Benefit Base are all reduced in the same proportion as the reduction in Contract Value.

• The
 proportional reduction in Contract Value is the amount of the withdrawal divided by the Contract Value immediately prior
 to the withdrawal, which is 12.50% ($12,000 / $96,000).

• The
 Roll-Up Base, Roll-Up Value, and Benefit Base (which are each $100,000) are reduced by 12.50% to $87,500 ($100,000
 - $100,000 \* 12.50%).

***Example 3B ~ Redetermination of Benefit Base for a Withdrawal Greater than Annual Lifetime***<br>***Benefit Amount***

------

The values shown are based on the following assumptions, which match the assumptions in example 3A above, except that the Owner elects a Guaranteed Lifetime Withdrawal Date prior to the withdrawal:

• On
 9/1/2021, an Initial Purchase Payment of $100,000 is made.

• The
 Roll-Up Percentage is 6%

• On
 10/1/2021, the Owner elects a Guaranteed Withdrawal Date where the Annual Lifetime Benefit Amount is $4,000.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Date** | **Event** | **Remaining** **Withdrawal** | **Remaining** **Annual** **Lifetime** **Benefit Amount** | **Contract Value** | **Roll-Up Base** | **Roll-Up Value** | **Benefit Base** |
| 9/1/2021 | First Calendar Day of Contract Year 1 |  |  | $100000 | $100000 | $100000 | $100000 |
| 10/1/2021 | Immediately Prior to Withdrawal of $12,000 | $12000 | $4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96000 | 100000 | 100000 | 100000 |
| 10/1/2021 | After Withdrawal of the Annual Lifetime Benefit Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8000 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92000 | 100000 | 100000 | 100000 |
| 10/1/2021 | After Reduction of the Benefit Base due to Excess Withdrawal | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84000 | 91300 | 91300 | 91300 |

---

• At
 contract issue on 9/1/2021, the Roll-Up Base, Roll-Up Value, and Benefit Base are set to the initial Purchase Payment of $100,000.

• The
 withdrawal of $12,000 first reduces the Annual Lifetime Benefit Amount to $0. The withdrawal remaining after the Annual
 Lifetime Benefit Amount is $8,000 ($12,000 – $4,000). Because the Annual Lifetime Benefit Amount is exhausted, the
 $8,000 withdrawal is an excess withdrawal.

• The
 Contract Value remaining after the withdrawal of the Annual Lifetime Benefit Amount is $92,000 ($96,000 – $4,000).

• The
 Roll-Up Base, Roll-Up Value, and Benefit Base are all reduced in the same proportion as the reduction in Contract Value
 due to the excess withdrawal

• The
 proportional reduction in Contract Value is the amount of the excess withdrawal divided by the Contract Value immediately
 prior to the excess withdrawal, which is 8.70% ($8,000 / $92,000).

• The
 Roll-Up Base, Roll-Up Value, and Benefit Base (which are each $100,000) are reduced by 8.70% to $91,300 ($100,000 -
 $100,000 \* 8.70%).

------

[Back to **Table of Contents**](#TOC_1054)

***Example 4 ~ RetireCore Impact of Contract Value being reduced to $0 because of the withdrawal of Annual*** ***Lifetime*** ***Benefit Amount***

------

Withdrawal Rates and Lifetime Guarantee Rates for this example.

---

| | | |
|:---|:---|:---|
| **Start Age of Youngest Covered Person** | **End Age of Youngest Covered Person** | **Withdrawal Rates and Lifetime Guarantee** **Rates** |
| 59.5 | 64 | 5.30% |
| 65 | 69 | 6.80% |
| 70 | 74 | 7.05% |
| 75 | 121 | 7.30% |

---

• On
 4/6/2022, the Contract is issued with a  RetireCore Issue Date of 4/6/2022.

• On
 4/6/2029, the Owner Elected the Guaranteed Lifetime Withdrawal Date. <br> The
 Benefit Base is $100,000. <br> The
 Youngest Covered Person is 67. <br> The
 Withdrawal Rate is 6.80% and the Annual Lifetime Benefit Amount is $6,800.

• On
 4/6/2032, the current Contract Year began. <br> The
 Contract Value is $4,000. <br> The
 Benefit Base is $100,000. <br> The
 Annual Lifetime Benefit Amount is $6,800.

• On
 5/15/2032, a withdrawal of $3,000 is taken. The Contract Value is $4,000 prior to the withdrawal.

• On
 11/15/2032, a withdrawal of $3,000 is taken. The Contract Value is $1,000 prior to the withdrawal.

• On
 4/5/2033, the Benefit Base is $100,000.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Date** | **Event** | **Contract Value** | **Remaining Annual Lifetime** **Benefit Amount** | **Benefit Base** |
| 04/06/2032 | Beginning of Contract Year 10 | $4000 | $6800 | $100000 |
| 5/15/2032 | Immediately Prior to Withdrawal of $3,000 | 4000 | 6800 | 100000 |
| 5/15/2032 | Immediately After Withdrawal of $3,000 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3800 | 100000 |
| 11/15/2032 | Immediately Prior to Withdrawal of $3,000 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3800 | 100000 |
| 11/15/2032 | Immediately After Withdrawal of $3,000 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2800 | 100000 |
| 11/15/2032 | After Payout of Remaining Annual Lifetime Benefit Amount | 0 | 0 | 100000 |
| 04/06/2033 | Beginning of Contract Year 11 | 0 | 6800 | 100000 |

---

• On
 5/15/2032, the withdrawal of $3,000 reduces the Contract Value to $1,000 ($4,000 – $3,000). <br> The
 Remaining Annual Lifetime Benefit Amount is $3,800 ($6,800 – $3,000).

• On
 11/15/2032, the withdrawal of $3,000 reduces the Contract Value to $0 by first withdrawing the available $1,000 from the
 Contract Value. <br> The
 Remaining Annual Lifetime Benefit Amount is $2,800 ($3,800 – $1,000). <br> The
 Remaining Annual Lifetime Benefit Amount is added to the partial withdrawal of $1,000 for a payout of $3,800 ($1,000 +
 $2,800). <br> The Contract
 enters the Settlement Phase. <br> The
 Annual Lifetime Benefit Amount remains at $6,800 because the Lifetime Guarantee Rate is the same as the Withdrawal Rate.
 This is paid in monthly payments of $567 ($6,800 / 12).

------

[Back to **Table of Contents**](#TOC_1054)

**RetireCore Stacking Examples**

***Example 1A ~ Highest Anniversary Step-Up and Roll-Up***

------

The values shown are based on the following assumptions:

• Initial
 Purchase Payment of $100,000 is made at Issue on 9/1/2021.

• The
 Roll-Up Percentage is 6%.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Date** | **Event** | **Contract** **Value** | **Roll-Up** **Base** | **Roll-Up %** | **Roll-Up** | **Benefit Base** **+ Roll-Up** | **Step-Up** **Value** | **Benefit Base** |
| 9/1/2021 | First Calendar Day of Contract Year 1 | $100000 | $100000 | 6% |  |  |  | $100000 |
| 8/31/2022 | Last Calendar Day of Contract Year 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | 6% |  |  |  | 100000 |
| 9/1/2022 | First Calendar Day of Contract Year 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108000 | 6% | 6000 | 106000 | 108000 | 108000 |
| 9/1/2023 | First Calendar Day of Contract Year 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108000 | 6% | 6480 | 112480 | 110000 | 112480 |
| 9/1/2024 | First Calendar Day of Contract Year 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108000 | 6% | 6480 | 118960 | 112000 | 118960 |

---

• At
 contract issue on 9/1/2021, the Roll-Up Base and Benefit Base are set to the Initial Purchase Payment of $100,000.

• On
 each contract anniversary:

○ If
 no withdrawals were made during the immediately preceding Contract Year, the Benefit Base is first increased by a Roll-Up,
 if any. The Roll-Up is the most recently calculated Roll-Up Base multiplied by the Roll-Up Percentage.

○ Then,
 the Benefit Base may increase by an Automatic Step-Up, if any.

○ If
 there is an Automatic Step-Up, the Roll-Up Base will then increase to match the Benefit Base.

• On
 the First Calendar Day of Contract Year 2,

○ The
 Benefit Base first increases by the Roll-Up of $6,000 ($100,000 \* 6%) to $106,000.

○ The
 Step-Up Value is the Contract Value on the last Calendar Day of Contract Year 1 ($108,000). The Step-Up Value is greater
 than the Benefit Base + Roll-Up, so the Benefit Base then increases to $108,000.

○ Since
 the Benefit Base increased due to an Automatic Step-Up, the Roll-Up Base increases to match the Benefit Base ($108,000).
 This increased Roll-Up Base will be used to calculate the Roll-Up Amount at the next contract anniversary.

• On
 the First Calendar Day of Contract Year 3,

○ The
 Benefit Base first increases by the Roll-Up of $6,480 ($108,000 \* 6%) to $112,480.

○ The
 Step-Up Value is the Contract Value on the last Calendar Day of Contract Year 2 ($110,000). The Step-Up Value is not
 greater than the Benefit Base + Roll-Up, so the Benefit Base remains at $112,480.

○ Since
 the Benefit Base did not increase due to an Automatic Step-Up, the Roll-Up Base remains unchanged.

• On
 the First Calendar Day of Contract Year 4,

○ The
 Benefit Base first increases by the Roll-Up of $6,480 ($108,000 \* 6%) to $118,960.

○ The
 Step-Up Value is the Contract Value on the last Calendar Day of Contract Year 3 ($112,000). <br> The
 Step-Up Value is not greater than the Benefit Base + Roll-Up, so the Benefit Base remains at $118,960.

○ Since
 the Benefit Base did not increase due to an Automatic Step-Up, the Roll-Up Base remains unchanged.

------

[Back to **Table of Contents**](#TOC_1054)

***Example 1B ~ Highest Quarterly Value Step-Up and Roll-Up with Impact of Withdrawals***

------

The values shown are based on the following assumptions:

• An
 initial Purchase Payment of $100,000 is made at Issue on 4/6/2022.

• The
 Roll-Up Percentage is 6%.

• The
 Annual Lifetime Benefit Amount is $6,000.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Date** | **Event** | **Contract** **Value** | **Remaining** **Annual** **Lifetime** **Benefit** **Amount** | **Roll-Up** **Base** | **Roll-Up** | **Benefit Base** **+ Roll-Up** | **Step-Up** **Value** | **Benefit Base** |
| 4/6/2022 | First Calendar Day of Contract Year 1 | $100000 | $6000 | $100000 |  |  |  | $100000 |
| 5/15/2022 | Withdrawal of $2,000 |  | 4000 | 100000 |  |  |  | 100000 |
| 7/5/2022 | Last Calendar Day of First Quarter | 125000 | 4000 | 100000 |  |  |  | 100000 |
| 10/5/2022 | Last Calendar Day of Second Quarter | 128000 | 4000 | 100000 |  |  |  | 100000 |
| 11/15/2022 | Withdrawal of $4,000 |  | 0 | 100000 |  |  |  | 100000 |
| 1/5/2023 | Last Calendar Day of Third Quarter | 127000 | 0 | 100000 |  |  |  | 100000 |
| 2/15/2023 | Immediately Prior to Withdrawal of $1,500 | 126500 | 0 | 100000 |  |  |  | 100000 |
| 2/15/2023 | Immediately After Withdrawal of $1,500 | 125000 | 0 | 98810 |  |  |  | 98810 |
| 4/5/2023 | Last Calendar Day of Fourth Quarter | 124000 | 0 | 98810 |  |  |  | 98810 |
| 4/6/2023 | First Calendar Day of Contract Year 2 | 124100 | 6000 | 125489 | $0 | $98810 | $125489 | 125489 |
| 4/6/2024 | First Calendar Day of Contract Year 3 | 128000 | 6000 | 125489 | 7529 | 133018 | 128000 | 133018 |

---

• At
 contract issue on 9/1/2021, the Roll-Up Base and Benefit Base are set to the Initial Purchase Payment of $100,000.

• On
 each contract anniversary:

○ If
 no withdrawals were made during the immediately preceding Contract Year, the Benefit Base is first increased by a Roll-Up,
 if any. The Roll-Up is the most recently calculated Roll-Up Base multiplied by the Roll-Up Percentage.

○ Then,
 the Benefit Base may increase by an Automatic Step-Up, if any.

○ If
 there is an Automatic Step-Up, the Roll-Up Base will then increase to match the Benefit Base.

• On
 2/15/2023, there is no remaining Annual Lifetime Benefit Amount. The withdrawal amount of $1,500 is therefore an excess
 withdrawal. The excess withdrawal reduces the Roll-Up Base and Benefit Base by the same proportional reduction as the
 reduction to the Contract Value.

○ The
 proportional reduction to the Contract Value is the amount of the withdrawal divided by the Contract Value immediately
 prior to the withdrawal, which is 1.19% ($1,500 / $126,000).

○ The
 Roll-Up Base and Benefit Base (where are each $100,000) are reduced by 1.19% to $98,810 ($100,000 – $100,000 \*
 1.19%).

• On
 the First Calendar Day of Contract Year 2,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

○ The
 Roll-Up is $0 because there were withdrawals within the prior Contract Year. So, the Benefit Base does not increase
 by a Roll-Up and remains $98,810.

○ The
 Step-Up Value is the highest Quarterly Contract Value adjusted for withdrawals, which is $125,489. See the table below
 for determining the highest Quarterly Contract value. The Step-Up Value is greater than the Benefit Base + Roll-Up
 ($98,810), so the Benefit Base then increases to $125,489.

○ Since
 the Benefit Base increased due to an Automatic Step-Up, the Roll-Up Base increases to match the Benefit Base ($125,489).
 This increased Roll-Up Base will be used to calculate the Roll-Up Amount at the next contract anniversary.

• On
 the First Calendar Day of Contract Year 3,

○ The
 Benefit Base first increases by the Roll-Up of $7,529 ($125,489 \* 6%) to $133,018.

○ The
 Step-Up Value is the highest Quarterly Contract Value adjusted for withdrawals, which is assumed to be $128,000. The
 Step-Up Value is not greater than the Benefit Base + Roll-Up, so the Benefit Base remains at $133,018.

○ Since
 the Benefit Base did not increase due to an Automatic Step-Up, the Roll-Up Base remains unchanged.

To determine the Highest Quarterly Value Step-Up in Contract Year 1, which is used in the recalculation of the Benefit Base on the first Calendar Day of Contract Year 2:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Date** | **Event** | **Contract Value** | **Adjustment to** **Quarterly** **Value** | **Adjusted Q1** **Value** | **Adjusted Q2** **Value** | **Adjusted Q3** **Value** | **Q4 Value** |
| 4/6/2022 | First Calendar Day of Contract Year 1 | $117000 |  |  |  |  |  |
| 5/15/2022 | Withdrawal of $2,000 |  |  |  |  |  |  |
| 7/5/2022 | Last Calendar Day of First Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125000 |  | 125000 |  |  |  |
| 10/5/2022 | Last Calendar Day of Second Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128000 |  | 125000 | 128000 |  |  |
| 11/15/2022 | Withdrawal of $4,000 |  | $4000 | 121000 | 124000 |  |  |
| 1/5/2023 | Last Calendar Day of Third Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127000 |  | 121000 | 124000 | 127000 |  |
| 2/15/2023 | Immediately Prior to Withdrawal of $1,500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126500 |  | 121000 | 124000 | 127000 |  |
| 2/15/2023 | Immediately After Withdrawal of $1,500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125000 | 1.19% Reduction | 119560 | 122524 | 125489 |  |
| 4/5/2023 | Last Calendar Day of Fourth Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128000 |  | 119560 | 122524 | 125489 | 124000 |

---

• The
 withdrawal of $2,000 which occurred on 5/15/2022 did not have an impact on the determination of the highest quarterly value
 step-up as it occurred prior to the end of the first Contract Year quarter.

• The
 withdrawal of $4,000 on 11/15/2022 reduced the First Contract Quarter Value ($125,000) and the Second Contract Quarter
 Value ($128,000) by $4,000 because the withdrawal occurred after the end of those Contract Quarters. It did not have
 an impact on the Third Contract Quarter Value or Fourth Contract Quarter Value because it occurred prior to the end of those
 Contract Quarters.

• The
 withdrawal on 2/15/2023 represented a 1.19% reduction in the Contract Value, which is determined by taking the amount
 of the withdrawal divided by the Contract Value immediately prior to the withdrawal ($1,500 / $126,500).

○ The
 reduction for the Excess Withdrawal for the first Contract Year quarter is equal to $1,440 (1.19%  x ($125,000 – $4,000)).
 The Contract Value for the first Contract Year quarter is equal to $119,560 ($125,000 – $4,000 – $1,440).

○ The
 reduction for the Excess Withdrawal for the second Contract Year quarter is equal to $1,476 (1.19%  x ($128,000 – $4,000)).
 The Contract Value for the first Contract Year quarter is equal to $123,512 ($128,000 – $4,000 – $1,476).

○ The
 reduction for the Excess Withdrawal for the third Contract Year quarter is equal to $1,511 (1.19%  x $127,000). The Contract
 Value for the third Contract Year quarter is equal to $125,489 ($127,000 – $1,511).

• The
 Contract Value for the fourth Contract Year quarter is $124,000.

• The
 Highest Quarterly Value Step-Up for the Contract Year is the adjusted Third Contract Quarter Value of $125,489.

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***Example 2 ~ Calculation of Annual Lifetime Benefit Amounts***

------

This example uses these hypothetical Joint Life Withdrawal Rates where applicable. Current Joint Life Withdrawal Rates may be different.

---

| | | |
|:---|:---|:---|
| **Start Age of Youngest Covered Person** | **End Age of Youngest Covered Person** | **Withdrawal Rate** |
| 59.5 | 64 | 5.30% |
| 65 | 69 | 6.80% |
| 70 | 74 | 7.05% |
| 75 | 121 | 7.30% |

---

• The
 rider effective date is the same as the Issue Date, 9/1/2021.

• The
 Owner elects the joint life version of the rider.

• The
 Owner's birthdate is 8/1/1953.

• The
  birthdate of the Owner's spouse is 2/1/1957.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Date** | **Event** | **Benefit Base** | **Age of Youngest** **Covered Person** | **Withdrawal Rate** | **Annual Lifetime Benefit** **Amount<sup>(\*)</sup>** |
| 9/1/2021 | Beginning of Contract Year 1 | $100000 | 64 | 5.30% | $5300 |

---

(\*) There is no Annual Lifetime Benefit Amount prior to the Guaranteed Lifetime Withdrawal Date. These values assume the Guaranteed Lifetime Withdrawal Date is set at the date shown. See explanation of how these values are determined below.

If the Owner elected the Guaranteed Lifetime Withdrawal Date on the RetireCore Issue Date, the youngest Covered Person is Age 64 (on 9/1/2021 with a birthdate of 2/1/1957) so the withdrawal rate is 5.30%. The Benefit Base is multiplied by the withdrawal rate to determine an Annual Lifetime Benefit Amount of $5,300 (5.30% x $100,000).

***Example 3A ~ Redetermination of Benefit Base for Excess Withdrawal Prior to Guaranteed Lifetime*** ***Withdrawal Date***

------

The values shown are based on the following assumptions:

• On
 9/1/2021, an Initial Purchase Payment of $100,000 is made.

• The
 Roll-Up Percentage is 6%.

• The
 withdrawal occurs prior to the Guaranteed Lifetime Withdrawal Date.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Date** | **Event** | **Contract Value** | **Roll-Up Base** | **Benefit Base** |
| 9/1/2021 | First Calendar Day of Contract Year 1 | $100000 | $100000 | $100000 |
| 10/1/2021 | Immediately Prior to Withdrawal of $12,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96000 | 100000 | 100000 |
| 10/1/2021 | Immediately After Withdrawal of $12,000 | 84000 | 87500 | 87500 |

---

• At
 contract issue on 9/1/2021, the Roll-Up Base and Benefit Base are set to the initial Purchase Payment of $100,000.

• On
 10/1/2021, a withdrawal of $12,000 occurs. Until a Guaranteed Lifetime Withdrawal Date is elected, there is no Annual Lifetime
 Benefit Amount. So, the entire withdrawal is treated as an Excess Withdrawal. The Roll-Up Base and Benefit Base are
 all reduced in the same proportion as the reduction in Contract Value.

• The
 proportional reduction in Contract Value is the amount of the withdrawal divided by the Contract Value immediately prior
 to the withdrawal, which is 12.50% ($12,000 / $96,000).

• The
 Roll-Up Base and Benefit Base (which are each $100,000) are reduced by 12.50% to $87,500 ($100,000 - $100,000 \* 12.50%).

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***Example 3B ~ Redetermination of Benefit Base for a Withdrawal Greater than Annual Lifetime***<br>***Benefit Amount***

------

The values shown are based on the following assumptions, which match the assumptions in example 3A above, except that the Owner elects a Guaranteed Lifetime Withdrawal Date prior to the withdrawal:

• On
 9/1/2021, an Initial Purchase Payment of $100,000 is made.

• The
 Roll-Up Percentage is 6%.

• On
 10/1/2021, the Owner elects a Guaranteed Withdrawal Date where the Annual Lifetime Benefit Amount is $4,000.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Date** | **Event** | **Remaining** **Withdrawal** | **Remaining** **Annual** **Lifetime** **Benefit Amount** | **Contract Value** | **Roll-Up Base** | **Benefit Base** |
| 9/1/2021 | First Calendar Day of Contract Year 1 |  |  | $100000 | $100000 | $100000 |
| 10/1/2021 | Immediately Prior to Withdrawal of $12,000 | $12000 | $4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96000 | 100000 | 100000 |
| 10/1/2021 | After Withdrawal of the Annual Lifetime Benefit Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8000 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92000 | 100000 | 100000 |
| 10/1/2021 | After Reduction of the Benefit Base due to Excess Withdrawal | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84000 | 91300 | 91300 |

---

• At
 contract issue on 9/1/2021, the Roll-Up Base and Benefit Base are set to the initial Purchase Payment of $100,000.

• The
 withdrawal of $12,000 first reduces the Annual Lifetime Benefit Amount to $0. The withdrawal remaining after the Annual
 Lifetime Benefit Amount is $8,000 ($12,000 – $4,000). Because the Annual Lifetime Benefit Amount is exhausted, the
 $8,000 withdrawal is an excess withdrawal.

• The
 Contract Value remaining after the withdrawal of the Annual Lifetime Benefit Amount is $92,000 ($96,000 – $4,000).

• The
 Roll-Up Base and Benefit Base are all reduced in the same proportion as the reduction in Contract Value due to the excess
 withdrawal

• The
 proportional reduction in Contract Value is the amount of the excess withdrawal divided by the Contract Value immediately
 prior to the excess withdrawal, which is 8.70% ($8,000 / $92,000).

• The
 Roll-Up Base and Benefit Base (which are each $100,000) are reduced by 8.70% to $91,300 ($100,000 - $100,000 \* 8.70%).

***Example 4 ~ RetireCore Stacking Impact of Contract Value being reduced to $0 because of the withdrawal of*** ***Annual Lifetime Benefit Amount***

------

Withdrawal Rates and Lifetime Guarantee Rates for this example.

---

| | | |
|:---|:---|:---|
| **Start Age of Youngest Covered Person** | **End Age of Youngest Covered Person** | **Withdrawal Rates and Lifetime Guarantee** **Rates** |
| 59.5 | 64 | 5.30% |
| 65 | 69 | 6.80% |
| 70 | 74 | 7.05% |
| 75 | 121 | 7.30% |

---

• On
 4/6/2022, the Contract is issued with a  RetireCore Stacking Issue Date of 4/6/2022.

• On
 4/6/2029, the Owner Elected the Guaranteed Lifetime Withdrawal Date. <br> The
 Benefit Base is $100,000. <br> The
 Youngest Covered Person is 67. <br> The
 Withdrawal Rate is 6.80% and the Annual Lifetime Benefit Amount is $6,800.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• On
 4/6/2032, the current Contract Year began. <br> The
 Contract Value is $4,000. <br> The
 Benefit Base is $100,000. <br> The
 Annual Lifetime Benefit Amount is $6,800.

• On
 5/15/2032, a withdrawal of $3,000 is taken.  The Contract Value is $4,000 prior to the withdrawal.

• On
 11/15/2032, a withdrawal of $3,000 is taken. The Contract Value is $1,000 prior to the withdrawal.

• On
 4/5/2033, the Benefit Base is $100,000.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Date** | **Event** | **Contract Value** | **Remaining Annual Lifetime** **Benefit Amount** | **Benefit Base** |
| 04/06/2032 | Beginning of Contract Year 10 | $4000 | $6800 | $100000 |
| 5/15/2032 | Immediately Prior to Withdrawal of $3,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6800  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 |
| 5/15/2032 | Immediately After Withdrawal of $3,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3800  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 |
| 11/15/2032 | Immediately Prior to Withdrawal of $3,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3800  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 |
| 11/15/2032 | Immediately After Withdrawal of $3,000 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2800  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 |
| 11/15/2032 | After Payout of Remaining Annual Lifetime Benefit Amount | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 |
| 04/06/2033 | Beginning of Contract Year 11 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 |

---

• On
 5/15/2032, the withdrawal of $3,000 reduces the Contract Value to $1,000 ($4,000 – $3,000). The Remaining Annual Lifetime
 Benefit Amount is $3,800 ($6,800 – $3,000).

• On
 11/15/2032, the withdrawal of $3,000 reduces the Contract Value to $0 by first withdrawing the available $1,000 from the
 Contract Value. <br> The
 Remaining Annual Lifetime Benefit Amount is $2,800 ($3,800 – $1,000). <br> The
 Remaining Annual Lifetime Benefit Amount is added to the partial withdrawal of $1,000 for a  payout of $3,800 ($1,000 +
 $2,800). <br> The Contract
 enters the Settlement Phase. <br> The
 Annual Lifetime Benefit Amount remains at $6,800 because the Lifetime Guarantee Rate is the same as the Withdrawal Rate.
 This is paid in monthly payments of $567 ($6,800 / 12).

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Appendix G – State Variations of Certain Contract Features

The following chart describes the material variation of certain features and/or benefits of the Contract in states where the Contract has been approved as of the date of the prospectus.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **State** | **Feature** | **Variation** |
| &nbsp;&nbsp; California | Right to Cancel Your Contract | &nbsp;&nbsp;&nbsp;&nbsp; For ages 59 and younger, Contract may be returned within 10 days of receipt; or within 30 days if Contract is issued in replacement of another annuity contract or life insurance policy. Upon its return, Company will refund, within seven calendar days, the Contract Value, plus any fees or charges deducted from Purchase Payments, as of the Business Day Company receives Contract at our Service Center.<br> For ages 60 and older, Contract may be returned within 30 days of receipt. During that 30-day period, Purchase Payments will be allocated to a fixed account or to Money Market Sub-Account unless you tell us to allocate Purchase Payments to any other Sub-Account(s).<br> •  If no Purchase Payments are allocated to any other Sub-Account(s) and Contract is returned within 30 days of receipt, Company will refund Purchase Payments, plus any fees.<br> •  If Purchase Payments are allocated to any other Sub-Account(s) and Contract is returned within 30 days of receipt, Company will refund Contract Value, as of the Business Day Contract is received by agent who sold it or by Company at our Service Center. The amount refunded could be less than Purchase Payments, plus any fees. |
| &nbsp;&nbsp; California | Change of Owners | Prohibits Company pre-approval requirement for change of Owner or collateral assignment, including when an Income Guarantee Feature is in effect. |
| &nbsp;&nbsp; California | Nursing Home and Hospital Withdrawal Benefit Rider | Not available. |
| &nbsp;&nbsp; Delaware | Right to Cancel Your Contract | Requires 20-day free look period for replacements. |
| &nbsp;&nbsp; Florida | Right to Cancel Your Contract | Requires 21-day free look period for both new business and replacements. |
| &nbsp;&nbsp; Florida | Maximum Total Purchase Payments | Prohibits aggregating multiple Contracts to determine cumulative Purchase Payment limit. |
| &nbsp;&nbsp; Florida | Annuity Date | The Annuity Date cannot be earlier than 13 months after the Contract is purchased. |

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---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **State** | **Feature** | **Variation**  |
| &nbsp;&nbsp; New York | Right to Cancel Your Contract | Requires 60-day free look period for replacements. Request to return Contract is effective on the day it was mailed to us or the date it is delivered to us or our agent. |
| &nbsp;&nbsp; New York | Change of Owners | Prohibits Company pre-approval requirement for change of Owner or collateral assignment, including when an Income Guarantee Feature is in effect. |
| &nbsp;&nbsp; New York | Annuity Date | The Annuity Date cannot be earlier than 13 months after the Contract is purchased. |
| &nbsp;&nbsp; New York | The Annuity Phase | The minimum amount that may be applied to an Annuity Option is $5,000 and the minimum initial monthly Annuity Payment must be $20 or greater. |
| &nbsp;&nbsp; New York | Betterment of Rates | Requires amount of annuity benefits not be less than what would be provided by single immediate annuity contract offered by the Company to same class of annuitants. Amount applied to an Annuity Option on the Annuity Date is equal to the greater of the Contract Withdrawal Value or 95% of what the Contract Withdrawal Value would have been if there was no CDSC. |
| &nbsp;&nbsp; New York | Annual Contract Maintenance Charge Waived for Full Withdrawal | When you make a full withdrawal we will assess a pro-rated charge based on the ratio of (a) the total calendar days elapsed since the last Contract Anniversary and (b) the total calendar days in the Contract Year. |
| &nbsp;&nbsp; New York | Annuity Payment Commutation Rider | Not available. |
| &nbsp;&nbsp; New York | Income Guarantee Feature | The Withdrawal Rate applies prior to and during the Settlement Phase while an Income Guarantee Feature is in effect. All references to "Lifetime Guarantee Rate" are replaced with "Withdrawal Rate." |
| &nbsp;&nbsp; New York | DCA Fixed Account | We will exercise the right to reject subsequent Purchase Payments into the DCA Fixed Account to establish a DCA Term only if the yield on investments would not support the minimum guaranteed interest rate. If we exercise this right, we will do so in the same manner for all Owners, and we will provide Owners with thirty (30) calendar days prior Written Notice of any change in procedures related to the duration of the DCA Term, our refusal of Purchase Payments into the DCA Fixed Account or a decision to discontinue offering the DCA Fixed Account. |
| &nbsp;&nbsp; North Dakota | Right to Cancel Your Contract | Contract must be returned within 20 days of receipt, including where Contract is issued as a replacement. |

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Appendix H – Superseded Rate Sheet Prospectus Supplement Information

If you need assistance identifying the Rate Sheet Prospectus Supplement applicable to your Contract, please contact your registered representative or call our Service Center at (800) 272-2216 (8 a.m.–8 p.m. Eastern Time).

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**<u>FOR CONTRACTS ISSUED IN ALL STATES EXCEPT NEW YORK</u>**

**Rate Sheet Prospectus Supplement dated November 14, 2025**<br>**to the Prospectus dated April 28, 2025, as supplemented**<br>**and the Initial Summary Prospectus dated April 28, 2025, as supplemented for**:

**MassMutual Envision<sup>SM</sup>** **Variable Annuity**<br>*Issued by Massachusetts Mutual Life Insurance Company*<br>*Massachusetts Mutual Variable Annuity Separate Account 4*

**This Rate Sheet Prospectus Supplement ("Rate Sheet") should be read carefully and retained with the Prospectus dated April** **28, 2025, as supplemented, for the MassMutual Envision<sup>SM</sup>** **Variable Annuity. You may obtain a current Prospectus** **at** **www.MassMutual.com/Envision** **or by calling (800) 272-2216, sending an email request to ANNfax@MassMutual.com, or** **writing to MassMutual, PO Box 9067, Springfield, MA 01102-9067.**

We are issuing this Rate Sheet to update the following information regarding the MassMutual RetirePay<sup>SM</sup> Guaranteed Lifetime Withdrawal Benefit (RetirePay):

• Withdrawal
 Rates,

• Lifetime
 Guarantee Rates,

• RetirePay
 Charges, and

• Investment
 Allocation Restrictions

(collectively, referred to as the "RetirePay Terms.")

**The RetirePay Terms included in this Rate Sheet are effective for applications submitted on or after November 17, 2025 until a** **new Rate Sheet is issued that replaces and supersedes this Rate Sheet.**

This Rate Sheet replaces and supersedes any previously issued Rate Sheet. This Rate Sheet has no specified end date. This Rate Sheet must be used in conjunction with an effective MassMutual Envision<sup>SM</sup> Variable Annuity Prospectus. For complete information about RetirePay, see the "Additional Benefits — MassMutual RetirePay<sup>SM</sup>" section in the MassMutual Envision<sup>SM</sup> Variable Annuity Prospectus.

If we change the RetirePay Terms, we will issue a new Rate Sheet. In the event we issue a new Rate Sheet, we will provide at least 10 business days' notice of the effective date of the superseding Rate Sheet.

**Rate Sheet Eligibility Conditions**

Certain Rate Sheet eligibility conditions apply when we have issued a superseding Rate Sheet after you apply for your contract and prior to your issue date.

In order for the RetirePay Terms in this Rate Sheet to apply to your Contract, your necessary application information, including any applicable transfer form(s), must be submitted to an order entry system utilized to issue the Contract ("application submit date") on or after November 17, 2025 and prior to the effective date of the superseding Rate Sheet. *For purposes of this process, the application submit date is also defined to include the date the application is signed if a paper application is necessary.*

*<u>Application Information Submitted with a Purchase Payment</u>*

In addition to the submission of your necessary application information, we also require payment of at least the minimum initial Purchase Payment and the application information to be in Good Order within 10 business days after the application submit date.

If these Rate Sheet Eligibility Conditions are met, and the Contract is issued, the RetirePay Terms in this Rate Sheet will apply, unless a beneficial superseding rate sheet applies, as described under "Rate Sheet Comparison Process."

If these Rate Sheet Eligibility Conditions are not met, we will cancel the application and return your Purchase Payment.

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*<u>Application Information Submitted without a Purchase Payment</u>*

If you plan to pay the initial Purchase Payment with proceeds from an IRS Section 1035 exchange or direct transfer, your transfer form(s) and application information must be in Good Order within 10 Business Days after the application submit date. In addition, the initial Purchase Payment necessary to issue the Contract must be received within 90 calendar days after the application submit date.

If these Rate Sheet Eligibility Conditions are met, and the Contract is issued, the RetirePay Terms in this Rate Sheet will apply, unless a beneficial superseding rate sheet applies, as described under "Rate Sheet Comparison Process."

If these Rate Sheet Eligibility Conditions are not met, we will inform you and request instructions regarding whether to issue the Contract with the RetirePay Terms in effect under the superseding Rate Sheet or cancel the application.

If you have not provided us with the requested instructions within 2 business days after we have received your Purchase Payment, we will return your Purchase Payment to the original source.

The requirement to have the necessary application information in Good Order within 10 Business Days for application information received with a Purchase Payment or without a Purchase Payment includes completion of the broker-dealer suitability review.

**Rate Sheet Comparison Process**

Subject to satisfying the Rate Sheet Eligibility Conditions established in this Rate Sheet, if after your application submit date and prior to your Issue Date, a subsequent Rate Sheet is issued with only beneficial changes to the RetirePay Terms, the subsequent Rate Sheet will apply. The changes will be considered to be beneficial unless any of the following occurs:

• Withdrawal
 Rates and/or Lifetime Guarantee Rates have decreased,

• RetirePay
 Charges have increased, or

• Investment
 Allocation Restrictions have changed (unless the sole change to the Investment Allocation Restrictions is the addition
 of available investment options).

*For example, if the RetirePay Charges have increased, you will receive the RetirePay Terms included in the Rate Sheet in effect on your application submit date even if the Withdrawal Rates and/or Lifetime Guarantee Rates have increased in the subsequent Rate Sheet.*

You should not purchase RetirePay without first obtaining the applicable Rate Sheet. To obtain a current Rate Sheet:

• Contact
 your financial advisor

• Contact
 us toll-free at (800) 272-2216

• Go
 to www.MassMutual.com/Envision

On the Guaranteed Lifetime Withdrawal Date, we will determine the Withdrawal Rate and the Lifetime Guarantee Rate using the number of full Contract Years from the RetirePay Issue Date until the Guaranteed Lifetime Withdrawal Date and the Age of the youngest Covered Person on the Guaranteed Lifetime Withdrawal Date. However, if the RetirePay Charge is increased and you elect the RetirePay Charge Increase Opt-Out prior to the youngest Covered Person attaining age 59½, the Withdrawal Rate is determined using the number of years from the RetirePay Issue Date until the effective date of the RetirePay Charge Increase Opt-Out, and the date the youngest Covered Person attains age 59½.

The Withdrawal Rate applies when your Contract Value is greater than zero. The Lifetime Guarantee Rate applies when your Contract Value is zero. Once the contract is issued, the Withdrawal Rates and the Lifetime Guarantee Rates applicable to your Contract below will not change for the life of your Contract.

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**SINGLE LIFE WITHDRAWAL RATES:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date |
|  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 10+ |
| &nbsp;&nbsp; Age Range | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates |
| &nbsp;&nbsp; 59½ – 61 | &nbsp;&nbsp; 5.00% | &nbsp;&nbsp; 5.20% | &nbsp;&nbsp; 5.40% | &nbsp;&nbsp; 5.60% | &nbsp;&nbsp; 5.80% | &nbsp;&nbsp; 6.00% | &nbsp;&nbsp; 6.20% | &nbsp;&nbsp; 6.40% | &nbsp;&nbsp; 6.60% | &nbsp;&nbsp; 6.80% | &nbsp;&nbsp; 7.00% |
| &nbsp;&nbsp; 62 – 66 | &nbsp;&nbsp; 5.50% | &nbsp;&nbsp; 5.70% | &nbsp;&nbsp; 5.90% | &nbsp;&nbsp; 6.10% | &nbsp;&nbsp; 6.30% | &nbsp;&nbsp; 6.50% | &nbsp;&nbsp; 6.70% | &nbsp;&nbsp; 6.90% | &nbsp;&nbsp; 7.10% | &nbsp;&nbsp; 7.30% | &nbsp;&nbsp; 7.50% |
| &nbsp;&nbsp; 67 – 71 | &nbsp;&nbsp; 6.00% | &nbsp;&nbsp; 6.20% | &nbsp;&nbsp; 6.40% | &nbsp;&nbsp; 6.60% | &nbsp;&nbsp; 6.80% | &nbsp;&nbsp; 7.00% | &nbsp;&nbsp; 7.20% | &nbsp;&nbsp; 7.40% | &nbsp;&nbsp; 7.60% | &nbsp;&nbsp; 7.80% | &nbsp;&nbsp; 8.00% |
| &nbsp;&nbsp; 72 – 76 | &nbsp;&nbsp; 6.50% | &nbsp;&nbsp; 6.70% | &nbsp;&nbsp; 6.90% | &nbsp;&nbsp; 7.10% | &nbsp;&nbsp; 7.30% | &nbsp;&nbsp; 7.50% | &nbsp;&nbsp; 7.70% | &nbsp;&nbsp; 7.90% | &nbsp;&nbsp; 8.10% | &nbsp;&nbsp; 8.30% | &nbsp;&nbsp; 8.50% |
| &nbsp;&nbsp; 77+ | &nbsp;&nbsp; 7.00% | &nbsp;&nbsp; 7.20% | &nbsp;&nbsp; 7.40% | &nbsp;&nbsp; 7.60% | &nbsp;&nbsp; 7.80% | &nbsp;&nbsp; 8.00% | &nbsp;&nbsp; 8.20% | &nbsp;&nbsp; 8.40% | &nbsp;&nbsp; 8.60% | &nbsp;&nbsp; 8.80% | &nbsp;&nbsp; 9.00% |

---

**JOINT LIFE WITHDRAWAL RATES:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date |
|  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 10+ |
| &nbsp;&nbsp; Age Range | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates |
| &nbsp;&nbsp; 59½ – 61 | &nbsp;&nbsp; 4.45% | &nbsp;&nbsp; 4.65% | &nbsp;&nbsp; 4.85% | &nbsp;&nbsp; 5.05% | &nbsp;&nbsp; 5.25% | &nbsp;&nbsp; 5.45% | &nbsp;&nbsp; 5.65% | &nbsp;&nbsp; 5.85% | &nbsp;&nbsp; 6.05% | &nbsp;&nbsp; 6.25% | &nbsp;&nbsp; 6.45% |
| &nbsp;&nbsp; 62 – 66 | &nbsp;&nbsp; 4.95% | &nbsp;&nbsp; 5.15% | &nbsp;&nbsp; 5.35% | &nbsp;&nbsp; 5.55% | &nbsp;&nbsp; 5.75% | &nbsp;&nbsp; 5.95% | &nbsp;&nbsp; 6.15% | &nbsp;&nbsp; 6.35% | &nbsp;&nbsp; 6.55% | &nbsp;&nbsp; 6.75% | &nbsp;&nbsp; 6.95% |
| &nbsp;&nbsp; 67 – 71 | &nbsp;&nbsp; 5.45% | &nbsp;&nbsp; 5.65% | &nbsp;&nbsp; 5.85% | &nbsp;&nbsp; 6.05% | &nbsp;&nbsp; 6.25% | &nbsp;&nbsp; 6.45% | &nbsp;&nbsp; 6.65% | &nbsp;&nbsp; 6.85% | &nbsp;&nbsp; 7.05% | &nbsp;&nbsp; 7.25% | &nbsp;&nbsp; 7.45% |
| &nbsp;&nbsp; 72 – 76 | &nbsp;&nbsp; 5.95% | &nbsp;&nbsp; 6.15% | &nbsp;&nbsp; 6.35% | &nbsp;&nbsp; 6.55% | &nbsp;&nbsp; 6.75% | &nbsp;&nbsp; 6.95% | &nbsp;&nbsp; 7.15% | &nbsp;&nbsp; 7.35% | &nbsp;&nbsp; 7.55% | &nbsp;&nbsp; 7.75% | &nbsp;&nbsp; 7.95% |
| &nbsp;&nbsp; 77+ | &nbsp;&nbsp; 6.45% | &nbsp;&nbsp; 6.65% | &nbsp;&nbsp; 6.85% | &nbsp;&nbsp; 7.05% | &nbsp;&nbsp; 7.25% | &nbsp;&nbsp; 7.45% | &nbsp;&nbsp; 7.65% | &nbsp;&nbsp; 7.85% | &nbsp;&nbsp; 8.05% | &nbsp;&nbsp; 8.25% | &nbsp;&nbsp; 8.45% |

---

**SINGLE LIFE LIFETIME GUARANTEE RATES:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date |
|  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 10+ |
| &nbsp;&nbsp; Age Range | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates |
| &nbsp;&nbsp; 59½ – 61 | &nbsp;&nbsp; 5.00% | &nbsp;&nbsp; 5.20% | &nbsp;&nbsp; 5.40% | &nbsp;&nbsp; 5.60% | &nbsp;&nbsp; 5.80% | &nbsp;&nbsp; 6.00% | &nbsp;&nbsp; 6.20% | &nbsp;&nbsp; 6.40% | &nbsp;&nbsp; 6.60% | &nbsp;&nbsp; 6.80% | &nbsp;&nbsp; 7.00% |
| &nbsp;&nbsp; 62 – 66 | &nbsp;&nbsp; 5.50% | &nbsp;&nbsp; 5.70% | &nbsp;&nbsp; 5.90% | &nbsp;&nbsp; 6.10% | &nbsp;&nbsp; 6.30% | &nbsp;&nbsp; 6.50% | &nbsp;&nbsp; 6.70% | &nbsp;&nbsp; 6.90% | &nbsp;&nbsp; 7.10% | &nbsp;&nbsp; 7.30% | &nbsp;&nbsp; 7.50% |
| &nbsp;&nbsp; 67 – 71 | &nbsp;&nbsp; 6.00% | &nbsp;&nbsp; 6.20% | &nbsp;&nbsp; 6.40% | &nbsp;&nbsp; 6.60% | &nbsp;&nbsp; 6.80% | &nbsp;&nbsp; 7.00% | &nbsp;&nbsp; 7.20% | &nbsp;&nbsp; 7.40% | &nbsp;&nbsp; 7.60% | &nbsp;&nbsp; 7.80% | &nbsp;&nbsp; 8.00% |
| &nbsp;&nbsp; 72 – 76 | &nbsp;&nbsp; 6.50% | &nbsp;&nbsp; 6.70% | &nbsp;&nbsp; 6.90% | &nbsp;&nbsp; 7.10% | &nbsp;&nbsp; 7.30% | &nbsp;&nbsp; 7.50% | &nbsp;&nbsp; 7.70% | &nbsp;&nbsp; 7.90% | &nbsp;&nbsp; 8.10% | &nbsp;&nbsp; 8.30% | &nbsp;&nbsp; 8.50% |
| &nbsp;&nbsp; 77+ | &nbsp;&nbsp; 7.00% | &nbsp;&nbsp; 7.20% | &nbsp;&nbsp; 7.40% | &nbsp;&nbsp; 7.60% | &nbsp;&nbsp; 7.80% | &nbsp;&nbsp; 8.00% | &nbsp;&nbsp; 8.20% | &nbsp;&nbsp; 8.40% | &nbsp;&nbsp; 8.60% | &nbsp;&nbsp; 8.80% | &nbsp;&nbsp; 9.00% |

---

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**JOINT LIFE LIFETIME GUARANTEE RATES:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date |
|  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 10+ |
| &nbsp;&nbsp; Age Range | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates |
| &nbsp;&nbsp; 59½ – 61 | &nbsp;&nbsp; 4.45% | &nbsp;&nbsp; 4.65% | &nbsp;&nbsp; 4.85% | &nbsp;&nbsp; 5.05% | &nbsp;&nbsp; 5.25% | &nbsp;&nbsp; 5.45% | &nbsp;&nbsp; 5.65% | &nbsp;&nbsp; 5.85% | &nbsp;&nbsp; 6.05% | &nbsp;&nbsp; 6.25% | &nbsp;&nbsp; 6.45% |
| &nbsp;&nbsp; 62 – 66 | &nbsp;&nbsp; 4.95% | &nbsp;&nbsp; 5.15% | &nbsp;&nbsp; 5.35% | &nbsp;&nbsp; 5.55% | &nbsp;&nbsp; 5.75% | &nbsp;&nbsp; 5.95% | &nbsp;&nbsp; 6.15% | &nbsp;&nbsp; 6.35% | &nbsp;&nbsp; 6.55% | &nbsp;&nbsp; 6.75% | &nbsp;&nbsp; 6.95% |
| &nbsp;&nbsp; 67 – 71 | &nbsp;&nbsp; 5.45% | &nbsp;&nbsp; 5.65% | &nbsp;&nbsp; 5.85% | &nbsp;&nbsp; 6.05% | &nbsp;&nbsp; 6.25% | &nbsp;&nbsp; 6.45% | &nbsp;&nbsp; 6.65% | &nbsp;&nbsp; 6.85% | &nbsp;&nbsp; 7.05% | &nbsp;&nbsp; 7.25% | &nbsp;&nbsp; 7.45% |
| &nbsp;&nbsp; 72 – 76 | &nbsp;&nbsp; 5.95% | &nbsp;&nbsp; 6.15% | &nbsp;&nbsp; 6.35% | &nbsp;&nbsp; 6.55% | &nbsp;&nbsp; 6.75% | &nbsp;&nbsp; 6.95% | &nbsp;&nbsp; 7.15% | &nbsp;&nbsp; 7.35% | &nbsp;&nbsp; 7.55% | &nbsp;&nbsp; 7.75% | &nbsp;&nbsp; 7.95% |
| &nbsp;&nbsp; 77+ | &nbsp;&nbsp; 6.45% | &nbsp;&nbsp; 6.65% | &nbsp;&nbsp; 6.85% | &nbsp;&nbsp; 7.05% | &nbsp;&nbsp; 7.25% | &nbsp;&nbsp; 7.45% | &nbsp;&nbsp; 7.65% | &nbsp;&nbsp; 7.85% | &nbsp;&nbsp; 8.05% | &nbsp;&nbsp; 8.25% | &nbsp;&nbsp; 8.45% |

---

**CURRENT RETIREPAY CHARGES**

The current RetirePay Charges applicable to your Contract are as follows:

---

| | |
|:---|:---|
| **•** **Single Life Highest Anniversary Value Step-up Charge**<br>• **Joint Life Highest Anniversary Value Step-up Charge**<br>• **Single Life Highest Quarterly Value Step-up Charge**<br>• **Joint Life Highest Quarterly Value Step-up Charge** | **1.45%**<br>**1.45%**<br>**1.60%**<br>**1.60%** |

---

The amount that is deducted from your Contract Value is equal to the RetirePay Charge multiplied by the Benefit Base. We may increase the RetirePay Charges effective on any Contract Anniversary, with prior notice, but the charges will never exceed the maximum RetirePay Charge. The maximum charge and additional information about the RetirePay Charge can be found in the "Additional Benefits — MassMutual RetirePay<sup>SM</sup> — RetirePay Charge" section of the current MassMutual Envision prospectus.

**INVESTMENT ALLOCATION RESTRICTIONS**

While RetirePay is in effect, your investment allocations are restricted.

You must either be invested 100% in one of the MML Asset Allocation Sub-Accounts or invested 100% in the Custom Allocation Program.

**MML Asset Allocation Sub-Accounts:**

MML American Funds Core Allocation<br>MML Balanced Allocation<br>MML BlackRock iShares<sup>®</sup> 60/40<br>MML BlackRock iShares<sup>®</sup> 80/20<br>MML Blend<br>MML Conservative Allocation<br>MML Growth Allocation<br>MML Moderate Allocation

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**Custom Allocation Program:**

Multiple Sub-Accounts can be selected within each category. The total allocation for all Sub-Accounts within each category must be between the minimum and maximum allocation. The Contract Value in the Custom Allocation Program will be rebalanced based on your elected frequency. If no election is made, rebalancing will occur quarterly during each calendar year.

---

| | | |
|:---|:---|:---|
|  | **Minimum**<br>**Allocation** | **Maximum**<br>**Allocation** |
| &nbsp;&nbsp; Allocation Category 1 | 30% | 30% |
| &nbsp;&nbsp; <u>Available sub-accounts:</u><br>MML Fidelity Institutional AM<sup>®</sup> Core Plus Bond<br>MML Inflation-Protected and Income<br>MML Managed Bond<br>MML Short-Duration Bond<br>MML U.S. Government Money Market |  |  |
| &nbsp;&nbsp; Allocation Category 2 | 40% | 70% |
| &nbsp;&nbsp; <u>Available sub-accounts:</u><br>American Funds Insurance Series<sup>®</sup> Global Small Capitalization<br>American Funds Insurance Series<sup>®</sup> New World<sup>®</sup><br>American Funds Insurance Series<sup>®</sup> Washington Mutual Investors<br>Columbia Variable Portfolio - Contrarian Core<br>Janus Henderson Enterprise<br>Janus Henderson Overseas<br>Macquarie VIP Growth<br>MML American Century Mid Cap Value<br>MML American Funds Growth<br>MML Blue Chip Growth<br>MML Equity Income<br>MML Focused Equity<br>MML Foreign<br>MML Fundamental Equity<br>MML Global<br>MML Income & Growth<br>MML Invesco Small Cap Equity<br>MML Loomis Sayles Large Cap Growth<br>MML MFS International Equity<br>MML Mid Cap Growth<br>MML Small Cap Growth Equity |  |  |

---

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---

| | | |
|:---|:---|:---|
|  | **Minimum**<br>**Allocation** | **Maximum**<br>**Allocation** |
| &nbsp;&nbsp; Allocation Category 3 | 0% | 30% |
| &nbsp;&nbsp; <u>Available sub-accounts:</u><br>Fidelity<sup>®</sup> VIP Contrafund<sup>®</sup><br>Fidelity<sup>®</sup> VIP Health Care<br>Fidelity<sup>®</sup> VIP Overseas<br>Fidelity<sup>®</sup> VIP Real Estate<br>Fidelity<sup>®</sup> VIP Strategic Income<br>Invesco V.I. Global Strategic Income<br>Invesco V.I. International Growth<br>Janus Henderson Global Technology and Innovation<br>Macquarie VIP Asset Strategy<br>MML American Century Small Company Value<br>MML Equity<br>MML Invesco Discovery Mid Cap<br>MML Small/Mid Cap Value<br>MML Sustainable Equity<br>PIMCO Income Portfolio<br>|  |  |

---

If a requested change in your allocations or a transfer of any portion of your contract value does not comply with these investment restrictions, you will be required to terminate your RetirePay by written request before the allocation change or transfer can be processed. We reserve the right, upon thirty calendar days advance notice to you, to change the investment restrictions. If we change the investment restrictions, you must change your allocations to comply within thirty calendar days of the restrictions becoming effective, or we will terminate your RetirePay.

*If you have any questions regarding this Rate Sheet, please contact us toll free at (800) 272-2216.*

**Please keep this Rate Sheet for future reference.**

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**<u>FOR CONTRACTS ISSUED IN NEW YORK ONLY</u>**

**Rate Sheet Prospectus Supplement dated November 14, 2025**<br> **to the Prospectus dated April 28, 2025, as supplemented**<br>**and the Initial Summary Prospectus dated April 28, 2025, as supplemented, for**:

**MassMutual Envision<sup>SM</sup>** **Variable Annuity**<br>*Issued by Massachusetts Mutual Life Insurance Company*<br>*Massachusetts Mutual Variable Annuity Separate Account 4*

**This Rate Sheet Prospectus Supplement ("Rate Sheet") should be read carefully and retained with the Prospectus dated April** **28, 2025, as supplemented, for the MassMutual Envision<sup>SM</sup>** **Variable Annuity. You may obtain a current Prospectus at** **www.MassMutual.com/Envision** **or by calling (800) 272-2216, sending an email request to ANNfax@MassMutual.com, or** **writing to MassMutual, PO Box 9067, Springfield, MA 01102-9067.**

We are issuing this Rate Sheet to update the following information regarding the MassMutual RetirePay<sup>SM</sup> Guaranteed Lifetime Withdrawal Benefit (RetirePay):

• Withdrawal
 Rates,

• RetirePay
 Charges, and

• Investment
 Allocation Restrictions

(collectively, referred to as the "RetirePay Terms.")

**The RetirePay Terms included in this Rate Sheet are effective for applications submitted on or after November 17, 2025 until a** **new Rate Sheet is issued that replaces and supersedes this Rate Sheet.**

This Rate Sheet replaces and supersedes any previously issued Rate Sheet. This Rate Sheet has no specified end date. This Rate Sheet must be used in conjunction with an effective MassMutual Envision<sup>SM</sup> Variable Annuity Prospectus. For complete information about RetirePay, see the "Additional Benefits — MassMutual RetirePay<sup>SM</sup>" section in the MassMutual Envision<sup>SM</sup> Variable Annuity Prospectus.

If we change the RetirePay Terms, we will issue a new Rate Sheet. In the event we issue a new Rate Sheet, we will provide at least 10 business days' notice of the effective date of the superseding Rate Sheet.

**Rate Sheet Eligibility Conditions**

Certain Rate Sheet eligibility conditions apply when we have issued a superseding Rate Sheet after you apply for your contract and prior to your issue date.

In order for the RetirePay Terms in this Rate Sheet to apply to your Contract, your necessary application information, including any applicable transfer form(s), must be submitted to an order entry system utilized to issue the Contract ("application submit date") on or after November 17, 2025 and prior to the effective date of the superseding Rate Sheet. *For purposes of this process, the application submit date is also defined to include the date the application is signed if a paper application is necessary.*

**Application Information Submitted with a Purchase Payment**

In addition to the submission of your necessary application information, we also require payment of at least the minimum initial Purchase Payment and the application information to be in Good Order within 10 business days after the application submit date.

If these Rate Sheet Eligibility Conditions are met, and the Contract is issued, the RetirePay Terms in this Rate Sheet will apply, unless a beneficial superseding rate sheet applies, as described under "Rate Sheet Comparison Process."

If these Rate Sheet Eligibility Conditions are not met, we will cancel the application and return your Purchase Payment.

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*<u>Application Information Submitted without a Purchase Payment</u>*

If you plan to pay the initial Purchase Payment with proceeds from an IRS Section 1035 exchange or direct transfer, your transfer form(s) and application information must be in Good Order within 10 Business Days after the application submit date. In addition, the initial Purchase Payment necessary to issue the Contract must be received within 90 calendar days after the application submit date.

If these Rate Sheet Eligibility Conditions are met, and the Contract is issued, the RetirePay Terms in this Rate Sheet will apply, unless a beneficial superseding rate sheet applies, as described under "Rate Sheet Comparison Process."

If these Rate Sheet Eligibility Conditions are not met, we will inform you and request instructions regarding whether to issue the Contract with the RetirePay Terms in effect under the superseding Rate Sheet or cancel the application.

If you have not provided us with the requested instructions within 2 business days after we have received your Purchase Payment, we will return your Purchase Payment to the original source.

The requirement to have the necessary application information in Good Order within 10 Business Days for application information received with a Purchase Payment or without a Purchase Payment includes completion of the broker-dealer suitability review.

**Rate Sheet Comparison Process**

Subject to satisfying the Rate Sheet Eligibility Conditions established in this Rate Sheet, if after your application submit date and prior to your Issue Date, a subsequent Rate Sheet is issued with only beneficial changes to the RetirePay Terms, the subsequent Rate Sheet will apply. The changes will be considered to be beneficial unless any of the following occurs:

• Withdrawal
 Rates have decreased,

• RetirePay
 Charges have increased, or

• Investment
 Allocation Restrictions have changed (unless the sole change to the Investment Allocation Restrictions is the addition
 of available investment options).

*For example, if the RetirePay Charges have increased, you will receive the RetirePay Terms included in the Rate Sheet in effect on your application submit date even if the Withdrawal Rates have increased in the subsequent Rate Sheet.*

You should not purchase RetirePay without first obtaining the applicable Rate Sheet. To obtain a current Rate Sheet:

• Contact
 your financial advisor

• Contact
 us toll-free at (800) 272-2216

• Go
 to www.MassMutual.com/Envision

On the Guaranteed Lifetime Withdrawal Date, we will determine the Withdrawal Rate using the number of full Contract Years from the RetirePay Issue Date until the Guaranteed Lifetime Withdrawal Date and the Age of the youngest Covered Person on the Guaranteed Lifetime Withdrawal Date. However, if the RetirePay Charge is increased and you elect the RetirePay Charge Increase Opt-Out prior to the youngest Covered Person attaining age 59½, the Withdrawal Rate is determined using the number of years from the RetirePay Issue Date until the effective date of the RetirePay Charge Increase Opt-Out, and the date the youngest Covered Person attains age 59½.

Once the contract is issued, the Withdrawal Rates applicable to your Contract below will not change for the life of your Contract.

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**SINGLE LIFE WITHDRAWAL RATES:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date |
|  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 10+ |
| &nbsp;&nbsp; Age Range | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates |
| &nbsp;&nbsp; 59½ – 61 | &nbsp;&nbsp; 4.55% | &nbsp;&nbsp; 4.75% | &nbsp;&nbsp; 4.95% | &nbsp;&nbsp; 5.15% | &nbsp;&nbsp; 5.35% | &nbsp;&nbsp; 5.55% | &nbsp;&nbsp; 5.75% | &nbsp;&nbsp; 5.95% | &nbsp;&nbsp; 6.15% | &nbsp;&nbsp; 6.35% | &nbsp;&nbsp; 6.55% |
| &nbsp;&nbsp; 62 – 66 | &nbsp;&nbsp; 5.20% | &nbsp;&nbsp; 5.40% | &nbsp;&nbsp; 5.60% | &nbsp;&nbsp; 5.80% | &nbsp;&nbsp; 6.00% | &nbsp;&nbsp; 6.20% | &nbsp;&nbsp; 6.40% | &nbsp;&nbsp; 6.60% | &nbsp;&nbsp; 6.80% | &nbsp;&nbsp; 7.00% | &nbsp;&nbsp; 7.20% |
| &nbsp;&nbsp; 67 – 71 | &nbsp;&nbsp; 5.85% | &nbsp;&nbsp; 6.05% | &nbsp;&nbsp; 6.25% | &nbsp;&nbsp; 6.45% | &nbsp;&nbsp; 6.65% | &nbsp;&nbsp; 6.85% | &nbsp;&nbsp; 7.05% | &nbsp;&nbsp; 7.25% | &nbsp;&nbsp; 7.45% | &nbsp;&nbsp; 7.65% | &nbsp;&nbsp; 7.85% |
| &nbsp;&nbsp; 72 – 76 | &nbsp;&nbsp; 6.50% | &nbsp;&nbsp; 6.70% | &nbsp;&nbsp; 6.90% | &nbsp;&nbsp; 7.10% | &nbsp;&nbsp; 7.30% | &nbsp;&nbsp; 7.50% | &nbsp;&nbsp; 7.70% | &nbsp;&nbsp; 7.90% | &nbsp;&nbsp; 8.10% | &nbsp;&nbsp; 8.30% | &nbsp;&nbsp; 8.50% |
| &nbsp;&nbsp; 77 – 81 | &nbsp;&nbsp; 7.15% | &nbsp;&nbsp; 7.35% | &nbsp;&nbsp; 7.55% | &nbsp;&nbsp; 7.75% | &nbsp;&nbsp; 7.95% | &nbsp;&nbsp; 8.15% | &nbsp;&nbsp; 8.35% | &nbsp;&nbsp; 8.55% | &nbsp;&nbsp; 8.75% | &nbsp;&nbsp; 9.00% | &nbsp;&nbsp; 9.20% |
| &nbsp;&nbsp; 82 – 86 |  | &nbsp;&nbsp; 8.75% | &nbsp;&nbsp; 8.95% | &nbsp;&nbsp; 9.15% | &nbsp;&nbsp; 9.35% | &nbsp;&nbsp; 9.55% | &nbsp;&nbsp; 9.75% | &nbsp;&nbsp; 9.95% | &nbsp;&nbsp; 10.15% | &nbsp;&nbsp; 10.40% | &nbsp;&nbsp; 10.60% |
| &nbsp;&nbsp; 87 – 91 |  |  |  |  |  |  | &nbsp;&nbsp; 11.15% | &nbsp;&nbsp; 11.35% | &nbsp;&nbsp; 11.55% | &nbsp;&nbsp; 11.80% | &nbsp;&nbsp; 12.00% |
| &nbsp;&nbsp; 92+ |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp; 13.45% |

---

**JOINT LIFE WITHDRAWAL RATES:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date |
|  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 10+ |
| &nbsp;&nbsp; Age Range | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates |
| &nbsp;&nbsp; 59½ – 61 | &nbsp;&nbsp; 4.00% | &nbsp;&nbsp; 4.20% | &nbsp;&nbsp; 4.40% | &nbsp;&nbsp; 4.60% | &nbsp;&nbsp; 4.80% | &nbsp;&nbsp; 5.00% | &nbsp;&nbsp; 5.20% | &nbsp;&nbsp; 5.40% | &nbsp;&nbsp; 5.60% | &nbsp;&nbsp; 5.80% | &nbsp;&nbsp; 6.00% |
| &nbsp;&nbsp; 62 – 66 | &nbsp;&nbsp; 4.65% | &nbsp;&nbsp; 4.85% | &nbsp;&nbsp; 5.05% | &nbsp;&nbsp; 5.25% | &nbsp;&nbsp; 5.45% | &nbsp;&nbsp; 5.65% | &nbsp;&nbsp; 5.85% | &nbsp;&nbsp; 6.05% | &nbsp;&nbsp; 6.25% | &nbsp;&nbsp; 6.45% | &nbsp;&nbsp; 6.65% |
| &nbsp;&nbsp; 67 – 71 | &nbsp;&nbsp; 5.30% | &nbsp;&nbsp; 5.50% | &nbsp;&nbsp; 5.70% | &nbsp;&nbsp; 5.90% | &nbsp;&nbsp; 6.10% | &nbsp;&nbsp; 6.30% | &nbsp;&nbsp; 6.50% | &nbsp;&nbsp; 6.70% | &nbsp;&nbsp; 6.90% | &nbsp;&nbsp; 7.10% | &nbsp;&nbsp; 7.30% |
| &nbsp;&nbsp; 72 – 76 | &nbsp;&nbsp; 5.95% | &nbsp;&nbsp; 6.15% | &nbsp;&nbsp; 6.35% | &nbsp;&nbsp; 6.55% | &nbsp;&nbsp; 6.75% | &nbsp;&nbsp; 6.95% | &nbsp;&nbsp; 7.15% | &nbsp;&nbsp; 7.35% | &nbsp;&nbsp; 7.55% | &nbsp;&nbsp; 7.75% | &nbsp;&nbsp; 7.95% |
| &nbsp;&nbsp; 77 – 81 | &nbsp;&nbsp; 6.60% | &nbsp;&nbsp; 6.80% | &nbsp;&nbsp; 7.00% | &nbsp;&nbsp; 7.20% | &nbsp;&nbsp; 7.40% | &nbsp;&nbsp; 7.60% | &nbsp;&nbsp; 7.80% | &nbsp;&nbsp; 8.00% | &nbsp;&nbsp; 8.20% | &nbsp;&nbsp; 8.45% | &nbsp;&nbsp; 8.65% |
| &nbsp;&nbsp; 82 – 86 |  | &nbsp;&nbsp; 8.20% | &nbsp;&nbsp; 8.40% | &nbsp;&nbsp; 8.60% | &nbsp;&nbsp; 8.80% | &nbsp;&nbsp; 9.00% | &nbsp;&nbsp; 9.20% | &nbsp;&nbsp; 9.40% | &nbsp;&nbsp; 9.60% | &nbsp;&nbsp; 9.85% | &nbsp;&nbsp; 10.05% |
| &nbsp;&nbsp; 87 – 91 |  |  |  |  |  |  | &nbsp;&nbsp; 10.60% | &nbsp;&nbsp; 10.80% | &nbsp;&nbsp; 11.00% | &nbsp;&nbsp; 11.25% | &nbsp;&nbsp; 11.45% |
| &nbsp;&nbsp; 92+ |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp; 12.90% |

---

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**CURRENT RETIREPAY CHARGES**

The current RetirePay Charges applicable to your Contract are as follows:

---

| | |
|:---|:---|
| **•** **Single Life Highest Anniversary Value Step-up Charge**<br>• **Joint Life Highest Anniversary Value Step-up Charge**<br>• **Single Life Highest Quarterly Value Step-up Charge**<br>• **Joint Life Highest Quarterly Value Step-up Charge** | **1.45%**<br>**1.45%**<br>**1.60%**<br>**1.60%** |

---

The amount that is deducted from your Contract Value is equal to the RetirePay Charge multiplied by the Benefit Base. We may increase the RetirePay Charges effective on any Contract Anniversary, with prior notice, but the charges will never exceed the maximum RetirePay Charge. The maximum charge and additional information about the RetirePay Charge can be found in the "Additional Benefits — MassMutual RetirePay<sup>SM</sup> — RetirePay Charge" section of the current MassMutual Envision prospectus.

**INVESTMENT ALLOCATION RESTRICTIONS**

While RetirePay is in effect, your investment allocations are restricted.

You must either be invested 100% in one of the MML Asset Allocation Sub-Accounts or invested 100% in the Custom Allocation Program.

**MML Asset Allocation Sub-Accounts:**

MML American Funds Core Allocation<br>MML Balanced Allocation<br>MML BlackRock iShares<sup>®</sup> 60/40<br>MML BlackRock iShares<sup>®</sup> 80/20<br>MML Blend<br>MML Conservative Allocation<br>MML Growth Allocation<br>MML Moderate Allocation

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**Custom Allocation Program:**

Multiple Sub-Accounts can be selected within each category. The total allocation for all Sub-Accounts within each category must be between the minimum and maximum allocation. The Contract Value in the Custom Allocation Program will be rebalanced based on your elected frequency. If no election is made, rebalancing will occur quarterly during each calendar year.

---

| | | |
|:---|:---|:---|
|  | **Minimum**<br>**Allocation** | **Maximum**<br>**Allocation** |
| &nbsp;&nbsp; Allocation Category 1 | 30% | 30% |
| &nbsp;&nbsp; <u>Available sub-accounts:</u><br>MML Fidelity Institutional AM<sup>®</sup> Core Plus Bond<br>MML Inflation-Protected and Income<br>MML Managed Bond<br>MML Short-Duration Bond<br>MML U.S. Government Money Market |  |  |
| &nbsp;&nbsp; Allocation Category 2 | 40% | 70% |
| &nbsp;&nbsp; <u>Available sub-accounts:</u><br>American Funds Insurance Series<sup>®</sup> Global Small Capitalization<br>American Funds Insurance Series<sup>®</sup> New World<sup>®</sup><br>American Funds Insurance Series<sup>®</sup> Washington Mutual Investors<br>Columbia Variable Portfolio - Contrarian Core<br>Janus Henderson Enterprise<br>Janus Henderson Overseas<br>Macquarie VIP Growth<br>MML American Century Mid Cap Value<br>MML American Funds Growth<br>MML Blue Chip Growth<br>MML Equity Income<br>MML Focused Equity<br>MML Foreign<br>MML Fundamental Equity<br>MML Global<br>MML Income & Growth<br>MML Invesco Small Cap Equity<br>MML Loomis Sayles Large Cap Growth<br>MML MFS International Equity<br>MML Mid Cap Growth<br>MML Small Cap Growth Equity |  |  |

---

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---

| | | |
|:---|:---|:---|
|  | **Minimum**<br>**Allocation** | **Maximum**<br>**Allocation** |
| &nbsp;&nbsp; Allocation Category 3 | 0% | 30% |
| &nbsp;&nbsp; <u>Available sub-accounts:</u><br>Fidelity<sup>®</sup> VIP Contrafund<sup>®</sup><br>Fidelity<sup>®</sup> VIP Health Care<br>Fidelity<sup>®</sup> VIP Overseas<br>Fidelity<sup>®</sup> VIP Real Estate<br>Fidelity<sup>®</sup> VIP Strategic Income<br>Invesco V.I. Global Strategic Income<br>Invesco V.I. International Growth<br>Janus Henderson Global Technology and Innovation<br>Macquarie VIP Asset Strategy<br>MML American Century Small Company Value<br>MML Equity<br>MML Invesco Discovery Mid Cap<br>MML Small/Mid Cap Value<br>MML Sustainable Equity<br>PIMCO Income Portfolio<br>|  |  |

---

If a requested change in your allocations or a transfer of any portion of your contract value does not comply with these investment restrictions, you will be required to terminate your RetirePay by written request before the allocation change or transfer can be processed. We reserve the right, upon thirty calendar days advance notice to you, to change the investment restrictions. No change will be made without prior approval of the New York State Department of Financial Services. If we change the investment restrictions, you must change your allocations to comply within thirty calendar days of the restrictions becoming effective, or we will terminate your RetirePay.

*If you have any questions regarding this Rate Sheet, please contact us toll free at (800) 272-2216.*

**Please keep this Rate Sheet for future reference.**

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**<u>FOR CONTRACTS ISSUED IN ALL STATES EXCEPT NEW YORK</u>**

**Rate Sheet Prospectus Supplement dated September 22, 2025**<br>**to the Prospectus dated April 28, 2025,**<br>**and the Initial Summary Prospectus dated April 28, 2025, for**:

**MassMutual Envision<sup>SM</sup>** **Variable Annuity**<br>*Issued by Massachusetts Mutual Life Insurance Company*<br>*Massachusetts Mutual Variable Annuity Separate Account 4*

**This Rate Sheet Prospectus Supplement ("Rate Sheet") should be read carefully and retained with the Prospectus dated April** **28, 2025, for the MassMutual Envision<sup>SM</sup>** **Variable Annuity. You may obtain a current Prospectus at** **www.MassMutual.com/** **Envision** **or by calling (800) 272-2216, sending an email request to ANNfax@MassMutual.com, or writing to MassMutual, PO** **Box 9067, Springfield, MA 01102-9067.**

We are issuing this Rate Sheet to update the following information regarding the MassMutual RetirePay<sup>SM</sup> Guaranteed Lifetime Withdrawal Benefit (RetirePay):

• Withdrawal
 Rates,

• Lifetime
 Guarantee Rates,

• RetirePay
 Charges, and

• Investment
 Allocation Restrictions

(collectively, referred to as the "RetirePay Terms.")

**The RetirePay Terms included in this Rate Sheet are effective for applications submitted on or after October 6, 2025 until a** **new Rate Sheet is issued that replaces and supersedes this Rate Sheet.**

This Rate Sheet replaces and supersedes any previously issued Rate Sheet. This Rate Sheet has no specified end date. This Rate Sheet must be used in conjunction with an effective MassMutual Envision<sup>SM</sup> Variable Annuity Prospectus. For complete information about RetirePay, see the "Additional Benefits — MassMutual RetirePay<sup>SM</sup>" section in the MassMutual Envision<sup>SM</sup> Variable Annuity Prospectus.

If we change the RetirePay Terms, we will issue a new Rate Sheet. In the event we issue a new Rate Sheet, we will provide at least 10 business days' notice of the effective date of the superseding Rate Sheet.

**Rate Sheet Eligibility Conditions**

Certain Rate Sheet eligibility conditions apply when we have issued a superseding Rate Sheet after you apply for your contract and prior to your issue date.

In order for the RetirePay Terms in this Rate Sheet to apply to your Contract, your necessary application information, including any applicable transfer form(s), must be submitted to an order entry system utilized to issue the Contract ("application submit date") on or after October 6, 2025 and prior to the effective date of the superseding Rate Sheet. *For purposes of this process, the application submit date is also defined to include the date the application is signed if a paper application is necessary.*

*<u>Application Information Submitted with a Purchase Payment</u>*

In addition to the submission of your necessary application information, we also require payment of at least the minimum initial Purchase Payment and the application information to be in Good Order within 10 business days after the application submit date.

If these Rate Sheet Eligibility Conditions are met, and the Contract is issued, the RetirePay Terms in this Rate Sheet will apply, unless a beneficial superseding rate sheet applies, as described under "Rate Sheet Comparison Process."

If these Rate Sheet Eligibility Conditions are not met, we will cancel the application and return your Purchase Payment.

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*<u>Application Information Submitted without a Purchase Payment</u>*

If you plan to pay the initial Purchase Payment with proceeds from an IRS Section 1035 exchange or direct transfer, your transfer form(s) and application information must be in Good Order within 10 Business Days after the application submit date. In addition, the initial Purchase Payment necessary to issue the Contract must be received within 90 calendar days after the application submit date.

If these Rate Sheet Eligibility Conditions are met, and the Contract is issued, the RetirePay Terms in this Rate Sheet will apply, unless a beneficial superseding rate sheet applies, as described under "Rate Sheet Comparison Process."

If these Rate Sheet Eligibility Conditions are not met, we will inform you and request instructions regarding whether to issue the Contract with the RetirePay Terms in effect under the superseding Rate Sheet or cancel the application.

If you have not provided us with the requested instructions within 2 business days after we have received your Purchase Payment, we will return your Purchase Payment to the original source.

The requirement to have the necessary application information in Good Order within 10 Business Days for application information received with a Purchase Payment or without a Purchase Payment includes completion of the broker-dealer suitability review.

**Rate Sheet Comparison Process**

Subject to satisfying the Rate Sheet Eligibility Conditions established in this Rate Sheet, if after your application submit date and prior to your Issue Date, a subsequent Rate Sheet is issued with only beneficial changes to the RetirePay Terms, the subsequent Rate Sheet will apply. The changes will be considered to be beneficial unless any of the following occurs:

• Withdrawal
 Rates and/or Lifetime Guarantee Rates have decreased,

• RetirePay
 Charges have increased, or

• Investment
 Allocation Restrictions have changed (unless the sole change to the Investment Allocation Restrictions is the addition
 of available investment options).

*For example, if the RetirePay Charges have increased, you will receive the RetirePay Terms included in the Rate Sheet in effect on your application submit date even if the Withdrawal Rates and/or Lifetime Guarantee Rates have increased in the subsequent Rate Sheet.*

You should not purchase RetirePay without first obtaining the applicable Rate Sheet. To obtain a current Rate Sheet:

• Contact
 your financial advisor

• Contact
 us toll-free at (800) 272-2216

• Go
 to www.MassMutual.com/Envision

On the Guaranteed Lifetime Withdrawal Date, we will determine the Withdrawal Rate and the Lifetime Guarantee Rate using the number of full Contract Years from the RetirePay Issue Date until the Guaranteed Lifetime Withdrawal Date and the Age of the youngest Covered Person on the Guaranteed Lifetime Withdrawal Date. However, if the RetirePay Charge is increased and you elect the RetirePay Charge Increase Opt-Out prior to the youngest Covered Person attaining age 59½, the Withdrawal Rate is determined using the number of years from the RetirePay Issue Date until the effective date of the RetirePay Charge Increase Opt-Out, and the date the youngest Covered Person attains age 59½.

The Withdrawal Rate applies when your Contract Value is greater than zero. The Lifetime Guarantee Rate applies when your Contract Value is zero. Once the contract is issued, the Withdrawal Rates and the Lifetime Guarantee Rates applicable to your Contract below will not change for the life of your Contract.

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**SINGLE LIFE WITHDRAWAL RATES:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date |
|  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 10+ |
| &nbsp;&nbsp; Age Range | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates |
| &nbsp;&nbsp; 59½ – 61 | &nbsp;&nbsp; 5.00% | &nbsp;&nbsp; 5.20% | &nbsp;&nbsp; 5.40% | &nbsp;&nbsp; 5.60% | &nbsp;&nbsp; 5.80% | &nbsp;&nbsp; 6.00% | &nbsp;&nbsp; 6.20% | &nbsp;&nbsp; 6.40% | &nbsp;&nbsp; 6.60% | &nbsp;&nbsp; 6.80% | &nbsp;&nbsp; 7.00% |
| &nbsp;&nbsp; 62 – 66 | &nbsp;&nbsp; 5.50% | &nbsp;&nbsp; 5.70% | &nbsp;&nbsp; 5.90% | &nbsp;&nbsp; 6.10% | &nbsp;&nbsp; 6.30% | &nbsp;&nbsp; 6.50% | &nbsp;&nbsp; 6.70% | &nbsp;&nbsp; 6.90% | &nbsp;&nbsp; 7.10% | &nbsp;&nbsp; 7.30% | &nbsp;&nbsp; 7.50% |
| &nbsp;&nbsp; 67 – 71 | &nbsp;&nbsp; 6.00% | &nbsp;&nbsp; 6.20% | &nbsp;&nbsp; 6.40% | &nbsp;&nbsp; 6.60% | &nbsp;&nbsp; 6.80% | &nbsp;&nbsp; 7.00% | &nbsp;&nbsp; 7.20% | &nbsp;&nbsp; 7.40% | &nbsp;&nbsp; 7.60% | &nbsp;&nbsp; 7.80% | &nbsp;&nbsp; 8.00% |
| &nbsp;&nbsp; 72 – 76 | &nbsp;&nbsp; 6.50% | &nbsp;&nbsp; 6.70% | &nbsp;&nbsp; 6.90% | &nbsp;&nbsp; 7.10% | &nbsp;&nbsp; 7.30% | &nbsp;&nbsp; 7.50% | &nbsp;&nbsp; 7.70% | &nbsp;&nbsp; 7.90% | &nbsp;&nbsp; 8.10% | &nbsp;&nbsp; 8.30% | &nbsp;&nbsp; 8.50% |
| &nbsp;&nbsp; 77+ | &nbsp;&nbsp; 7.00% | &nbsp;&nbsp; 7.20% | &nbsp;&nbsp; 7.40% | &nbsp;&nbsp; 7.60% | &nbsp;&nbsp; 7.80% | &nbsp;&nbsp; 8.00% | &nbsp;&nbsp; 8.20% | &nbsp;&nbsp; 8.40% | &nbsp;&nbsp; 8.60% | &nbsp;&nbsp; 8.80% | &nbsp;&nbsp; 9.00% |

---

**JOINT LIFE WITHDRAWAL RATES:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date |
|  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 10+ |
| &nbsp;&nbsp; Age Range | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates |
| &nbsp;&nbsp; 59½ – 61 | &nbsp;&nbsp; 4.45% | &nbsp;&nbsp; 4.65% | &nbsp;&nbsp; 4.85% | &nbsp;&nbsp; 5.05% | &nbsp;&nbsp; 5.25% | &nbsp;&nbsp; 5.45% | &nbsp;&nbsp; 5.65% | &nbsp;&nbsp; 5.85% | &nbsp;&nbsp; 6.05% | &nbsp;&nbsp; 6.25% | &nbsp;&nbsp; 6.45% |
| &nbsp;&nbsp; 62 – 66 | &nbsp;&nbsp; 4.95% | &nbsp;&nbsp; 5.15% | &nbsp;&nbsp; 5.35% | &nbsp;&nbsp; 5.55% | &nbsp;&nbsp; 5.75% | &nbsp;&nbsp; 5.95% | &nbsp;&nbsp; 6.15% | &nbsp;&nbsp; 6.35% | &nbsp;&nbsp; 6.55% | &nbsp;&nbsp; 6.75% | &nbsp;&nbsp; 6.95% |
| &nbsp;&nbsp; 67 – 71 | &nbsp;&nbsp; 5.45% | &nbsp;&nbsp; 5.65% | &nbsp;&nbsp; 5.85% | &nbsp;&nbsp; 6.05% | &nbsp;&nbsp; 6.25% | &nbsp;&nbsp; 6.45% | &nbsp;&nbsp; 6.65% | &nbsp;&nbsp; 6.85% | &nbsp;&nbsp; 7.05% | &nbsp;&nbsp; 7.25% | &nbsp;&nbsp; 7.45% |
| &nbsp;&nbsp; 72 – 76 | &nbsp;&nbsp; 5.95% | &nbsp;&nbsp; 6.15% | &nbsp;&nbsp; 6.35% | &nbsp;&nbsp; 6.55% | &nbsp;&nbsp; 6.75% | &nbsp;&nbsp; 6.95% | &nbsp;&nbsp; 7.15% | &nbsp;&nbsp; 7.35% | &nbsp;&nbsp; 7.55% | &nbsp;&nbsp; 7.75% | &nbsp;&nbsp; 7.95% |
| &nbsp;&nbsp; 77+ | &nbsp;&nbsp; 6.45% | &nbsp;&nbsp; 6.65% | &nbsp;&nbsp; 6.85% | &nbsp;&nbsp; 7.05% | &nbsp;&nbsp; 7.25% | &nbsp;&nbsp; 7.45% | &nbsp;&nbsp; 7.65% | &nbsp;&nbsp; 7.85% | &nbsp;&nbsp; 8.05% | &nbsp;&nbsp; 8.25% | &nbsp;&nbsp; 8.45% |

---

**SINGLE LIFE LIFETIME GUARANTEE RATES:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date |
|  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 10+ |
| &nbsp;&nbsp; Age Range | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates |
| &nbsp;&nbsp; 59½ – 61 | &nbsp;&nbsp; 5.00% | &nbsp;&nbsp; 5.20% | &nbsp;&nbsp; 5.40% | &nbsp;&nbsp; 5.60% | &nbsp;&nbsp; 5.80% | &nbsp;&nbsp; 6.00% | &nbsp;&nbsp; 6.20% | &nbsp;&nbsp; 6.40% | &nbsp;&nbsp; 6.60% | &nbsp;&nbsp; 6.80% | &nbsp;&nbsp; 7.00% |
| &nbsp;&nbsp; 62 – 66 | &nbsp;&nbsp; 5.50% | &nbsp;&nbsp; 5.70% | &nbsp;&nbsp; 5.90% | &nbsp;&nbsp; 6.10% | &nbsp;&nbsp; 6.30% | &nbsp;&nbsp; 6.50% | &nbsp;&nbsp; 6.70% | &nbsp;&nbsp; 6.90% | &nbsp;&nbsp; 7.10% | &nbsp;&nbsp; 7.30% | &nbsp;&nbsp; 7.50% |
| &nbsp;&nbsp; 67 – 71 | &nbsp;&nbsp; 6.00% | &nbsp;&nbsp; 6.20% | &nbsp;&nbsp; 6.40% | &nbsp;&nbsp; 6.60% | &nbsp;&nbsp; 6.80% | &nbsp;&nbsp; 7.00% | &nbsp;&nbsp; 7.20% | &nbsp;&nbsp; 7.40% | &nbsp;&nbsp; 7.60% | &nbsp;&nbsp; 7.80% | &nbsp;&nbsp; 8.00% |
| &nbsp;&nbsp; 72 – 76 | &nbsp;&nbsp; 6.50% | &nbsp;&nbsp; 6.70% | &nbsp;&nbsp; 6.90% | &nbsp;&nbsp; 7.10% | &nbsp;&nbsp; 7.30% | &nbsp;&nbsp; 7.50% | &nbsp;&nbsp; 7.70% | &nbsp;&nbsp; 7.90% | &nbsp;&nbsp; 8.10% | &nbsp;&nbsp; 8.30% | &nbsp;&nbsp; 8.50% |
| &nbsp;&nbsp; 77+ | &nbsp;&nbsp; 7.00% | &nbsp;&nbsp; 7.20% | &nbsp;&nbsp; 7.40% | &nbsp;&nbsp; 7.60% | &nbsp;&nbsp; 7.80% | &nbsp;&nbsp; 8.00% | &nbsp;&nbsp; 8.20% | &nbsp;&nbsp; 8.40% | &nbsp;&nbsp; 8.60% | &nbsp;&nbsp; 8.80% | &nbsp;&nbsp; 9.00% |

---

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**JOINT LIFE LIFETIME GUARANTEE RATES:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date |
|  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 10+ |
| &nbsp;&nbsp; Age Range | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates |
| &nbsp;&nbsp; 59½ – 61 | &nbsp;&nbsp; 4.45% | &nbsp;&nbsp; 4.65% | &nbsp;&nbsp; 4.85% | &nbsp;&nbsp; 5.05% | &nbsp;&nbsp; 5.25% | &nbsp;&nbsp; 5.45% | &nbsp;&nbsp; 5.65% | &nbsp;&nbsp; 5.85% | &nbsp;&nbsp; 6.05% | &nbsp;&nbsp; 6.25% | &nbsp;&nbsp; 6.45% |
| &nbsp;&nbsp; 62 – 66 | &nbsp;&nbsp; 4.95% | &nbsp;&nbsp; 5.15% | &nbsp;&nbsp; 5.35% | &nbsp;&nbsp; 5.55% | &nbsp;&nbsp; 5.75% | &nbsp;&nbsp; 5.95% | &nbsp;&nbsp; 6.15% | &nbsp;&nbsp; 6.35% | &nbsp;&nbsp; 6.55% | &nbsp;&nbsp; 6.75% | &nbsp;&nbsp; 6.95% |
| &nbsp;&nbsp; 67 – 71 | &nbsp;&nbsp; 5.45% | &nbsp;&nbsp; 5.65% | &nbsp;&nbsp; 5.85% | &nbsp;&nbsp; 6.05% | &nbsp;&nbsp; 6.25% | &nbsp;&nbsp; 6.45% | &nbsp;&nbsp; 6.65% | &nbsp;&nbsp; 6.85% | &nbsp;&nbsp; 7.05% | &nbsp;&nbsp; 7.25% | &nbsp;&nbsp; 7.45% |
| &nbsp;&nbsp; 72 – 76 | &nbsp;&nbsp; 5.95% | &nbsp;&nbsp; 6.15% | &nbsp;&nbsp; 6.35% | &nbsp;&nbsp; 6.55% | &nbsp;&nbsp; 6.75% | &nbsp;&nbsp; 6.95% | &nbsp;&nbsp; 7.15% | &nbsp;&nbsp; 7.35% | &nbsp;&nbsp; 7.55% | &nbsp;&nbsp; 7.75% | &nbsp;&nbsp; 7.95% |
| &nbsp;&nbsp; 77+ | &nbsp;&nbsp; 6.45% | &nbsp;&nbsp; 6.65% | &nbsp;&nbsp; 6.85% | &nbsp;&nbsp; 7.05% | &nbsp;&nbsp; 7.25% | &nbsp;&nbsp; 7.45% | &nbsp;&nbsp; 7.65% | &nbsp;&nbsp; 7.85% | &nbsp;&nbsp; 8.05% | &nbsp;&nbsp; 8.25% | &nbsp;&nbsp; 8.45% |

---

**CURRENT RETIREPAY CHARGES**

The current RetirePay Charges applicable to your Contract are as follows:

---

| | |
|:---|:---|
| **•** **Single Life Highest Anniversary Value Step-up Charge**<br>• **Joint Life Highest Anniversary Value Step-up Charge**<br>• **Single Life Highest Quarterly Value Step-up Charge**<br>• **Joint Life Highest Quarterly Value Step-up Charge** | **1.45%**<br>**1.45%**<br>**1.60%**<br>**1.60%** |

---

The amount that is deducted from your Contract Value is equal to the RetirePay Charge multiplied by the Benefit Base. We may increase the RetirePay Charges effective on any Contract Anniversary, with prior notice, but the charges will never exceed the maximum RetirePay Charge. The maximum charge and additional information about the RetirePay Charge can be found in the "Additional Benefits — MassMutual RetirePay<sup>SM</sup> — RetirePay Charge" section of the current MassMutual Envision prospectus.

**INVESTMENT ALLOCATION RESTRICTIONS**

While RetirePay is in effect, your investment allocations are restricted.

You must either be invested 100% in one of the MML Asset Allocation Sub-Accounts or invested 100% in the Custom Allocation Program.

**MML Asset Allocation Sub-Accounts:**

MML American Funds Core Allocation<br>MML Balanced Allocation<br>MML Blend<br>MML Conservative Allocation<br>MML Growth Allocation<br>MML iShares<sup>®</sup> 80/20 Allocation<br>MML iShares<sup>®</sup> 60/40 Allocation<br>MML Moderate Allocation

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**Custom Allocation Program:**

Multiple Sub-Accounts can be selected within each category. The total allocation for all Sub-Accounts within each category must be between the minimum and maximum allocation. The Contract Value in the Custom Allocation Program will be rebalanced based on your elected frequency. If no election is made, rebalancing will occur quarterly during each calendar year.

---

| | | |
|:---|:---|:---|
|  | **Minimum**<br>**Allocation** | **Maximum**<br>**Allocation** |
| &nbsp;&nbsp; Allocation Category 1 | 30% | 30% |
| &nbsp;&nbsp; <u>Available sub-accounts:</u><br>MML Inflation-Protected and Income<br>MML Managed Bond<br>MML Short-Duration Bond<br>MML Total Return Bond<br>MML U.S. Government Money Market |  |  |
| &nbsp;&nbsp; Allocation Category 2 | 40% | 70% |
| &nbsp;&nbsp; <u>Available sub-accounts:</u><br>American Funds Insurance Series<sup>®</sup> Global Small Capitalization<br>American Funds Insurance Series<sup>®</sup> New World<sup>®</sup><br>American Funds Insurance Series<sup>®</sup> Washington Mutual Investors<br>Columbia Variable Portfolio - Contrarian Core<br>Janus Henderson Enterprise<br>Janus Henderson Overseas<br>Macquarie VIP Growth<br>MML American Funds Growth<br>MML Blue Chip Growth<br>MML Equity Income<br>MML Focused Equity<br>MML Foreign<br>MML Fundamental Equity<br>MML Global<br>MML Income & Growth<br>MML International Equity<br>MML Large Cap Growth<br>MML Mid Cap Growth<br>MML Mid Cap Value<br>MML Small Cap Equity<br>MML Small Cap Growth Equity<br>Vest US Large Cap 10% Buffer Strategies VI |  |  |

---

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---

| | | |
|:---|:---|:---|
|  | **Minimum**<br>**Allocation** | **Maximum**<br>**Allocation** |
| &nbsp;&nbsp; Allocation Category 3 | 0% | 30% |
| &nbsp;&nbsp; <u>Available sub-accounts:</u><br>Fidelity<sup>®</sup> VIP Contrafund<sup>®</sup><br>Fidelity<sup>®</sup> VIP Health Care<br>Fidelity<sup>®</sup> VIP Overseas<br>Fidelity<sup>®</sup> VIP Real Estate<br>Fidelity<sup>®</sup> VIP Strategic Income<br>Invesco V.I. Discovery Mid Cap Growth<br>Invesco V.I. Global Strategic Income<br>Invesco V.I. International Growth<br>Janus Henderson Global Technology and Innovation<br>Macquarie VIP Asset Strategy<br>MML Equity<br>MML Small Company Value<br>MML Small/Mid Cap Value<br>MML Sustainable Equity<br>PIMCO Income Portfolio<br>|  |  |

---

If a requested change in your allocations or a transfer of any portion of your contract value does not comply with these investment restrictions, you will be required to terminate your RetirePay by written request before the allocation change or transfer can be processed. We reserve the right, upon thirty calendar days advance notice to you, to change the investment restrictions. If we change the investment restrictions, you must change your allocations to comply within thirty calendar days of the restrictions becoming effective, or we will terminate your RetirePay.

*If you have any questions regarding this Rate Sheet, please contact us toll free at (800) 272-2216.*

**Please keep this Rate Sheet for future reference.**

------

[Back to **Table of Contents**](#TOC_1054)

**<u>FOR CONTRACTS ISSUED IN NEW YORK ONLY</u>**

**Rate Sheet Prospectus Supplement dated September 22, 2025**<br> **to the Prospectus dated April 28, 2025, as supplemented**<br>**and the Initial Summary Prospectus dated April 28, 2025, as supplemented, for**:

**MassMutual Envision<sup>SM</sup>** **Variable Annuity**<br>*Issued by Massachusetts Mutual Life Insurance Company*<br>*Massachusetts Mutual Variable Annuity Separate Account 4*

**This Rate Sheet Prospectus Supplement ("Rate Sheet") should be read carefully and retained with the Prospectus dated April** **28, 2025, as supplemented, for the MassMutual Envision<sup>SM</sup>** **Variable Annuity. You may obtain a current Prospectus at** **www.MassMutual.com/Envision** **or by calling (800) 272-2216, sending an email request to ANNfax@MassMutual.com, or** **writing to MassMutual, PO Box 9067, Springfield, MA 01102-9067.**

We are issuing this Rate Sheet to update the following information regarding the MassMutual RetirePay<sup>SM</sup> Guaranteed Lifetime Withdrawal Benefit (RetirePay):

• Withdrawal
 Rates,

• RetirePay
 Charges, and

• Investment
 Allocation Restrictions

(collectively, referred to as the "RetirePay Terms.")

**The RetirePay Terms included in this Rate Sheet are effective for applications submitted on or after October 6, 2025 until a** **new Rate Sheet is issued that replaces and supersedes this Rate Sheet.**

This Rate Sheet replaces and supersedes any previously issued Rate Sheet. This Rate Sheet has no specified end date. This Rate Sheet must be used in conjunction with an effective MassMutual Envision<sup>SM</sup> Variable Annuity Prospectus. For complete information about RetirePay, see the "Additional Benefits — MassMutual RetirePay<sup>SM</sup>" section in the MassMutual Envision<sup>SM</sup> Variable Annuity Prospectus.

If we change the RetirePay Terms, we will issue a new Rate Sheet. In the event we issue a new Rate Sheet, we will provide at least 10 business days' notice of the effective date of the superseding Rate Sheet.

**Rate Sheet Eligibility Conditions**

Certain Rate Sheet eligibility conditions apply when we have issued a superseding Rate Sheet after you apply for your contract and prior to your issue date.

In order for the RetirePay Terms in this Rate Sheet to apply to your Contract, your necessary application information, including any applicable transfer form(s), must be submitted to an order entry system utilized to issue the Contract ("application submit date") on or after October 6, 2025 and prior to the effective date of the superseding Rate Sheet. *For purposes of this process, the application submit date is also defined to include the date the application is signed if a paper application is necessary.*

**Application Information Submitted with a Purchase Payment**

In addition to the submission of your necessary application information, we also require payment of at least the minimum initial Purchase Payment and the application information to be in Good Order within 10 business days after the application submit date.

If these Rate Sheet Eligibility Conditions are met, and the Contract is issued, the RetirePay Terms in this Rate Sheet will apply, unless a beneficial superseding rate sheet applies, as described under "Rate Sheet Comparison Process."

If these Rate Sheet Eligibility Conditions are not met, we will cancel the application and return your Purchase Payment.

------

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*<u>Application Information Submitted without a Purchase Payment</u>*

If you plan to pay the initial Purchase Payment with proceeds from an IRS Section 1035 exchange or direct transfer, your transfer form(s) and application information must be in Good Order within 10 Business Days after the application submit date. In addition, the initial Purchase Payment necessary to issue the Contract must be received within 90 calendar days after the application submit date.

If these Rate Sheet Eligibility Conditions are met, and the Contract is issued, the RetirePay Terms in this Rate Sheet will apply, unless a beneficial superseding rate sheet applies, as described under "Rate Sheet Comparison Process."

If these Rate Sheet Eligibility Conditions are not met, we will inform you and request instructions regarding whether to issue the Contract with the RetirePay Terms in effect under the superseding Rate Sheet or cancel the application.

If you have not provided us with the requested instructions within 2 business days after we have received your Purchase Payment, we will return your Purchase Payment to the original source.

The requirement to have the necessary application information in Good Order within 10 Business Days for application information received with a Purchase Payment or without a Purchase Payment includes completion of the broker-dealer suitability review.

**Rate Sheet Comparison Process**

Subject to satisfying the Rate Sheet Eligibility Conditions established in this Rate Sheet, if after your application submit date and prior to your Issue Date, a subsequent Rate Sheet is issued with only beneficial changes to the RetirePay Terms, the subsequent Rate Sheet will apply. The changes will be considered to be beneficial unless any of the following occurs:

• Withdrawal
 Rates have decreased,

• RetirePay
 Charges have increased, or

• Investment
 Allocation Restrictions have changed (unless the sole change to the Investment Allocation Restrictions is the addition
 of available investment options).

*For example, if the RetirePay Charges have increased, you will receive the RetirePay Terms included in the Rate Sheet in effect on your application submit date even if the Withdrawal Rates have increased in the subsequent Rate Sheet.*

You should not purchase RetirePay without first obtaining the applicable Rate Sheet. To obtain a current Rate Sheet:

• Contact
 your financial advisor

• Contact
 us toll-free at (800) 272-2216

• Go
 to www.MassMutual.com/Envision

On the Guaranteed Lifetime Withdrawal Date, we will determine the Withdrawal Rate using the number of full Contract Years from the RetirePay Issue Date until the Guaranteed Lifetime Withdrawal Date and the Age of the youngest Covered Person on the Guaranteed Lifetime Withdrawal Date. However, if the RetirePay Charge is increased and you elect the RetirePay Charge Increase Opt-Out prior to the youngest Covered Person attaining age 59½, the Withdrawal Rate is determined using the number of years from the RetirePay Issue Date until the effective date of the RetirePay Charge Increase Opt-Out, and the date the youngest Covered Person attains age 59½.

Once the contract is issued, the Withdrawal Rates applicable to your Contract below will not change for the life of your Contract.

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**SINGLE LIFE WITHDRAWAL RATES:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date |
|  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 10+ |
| &nbsp;&nbsp; Age Range | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates |
| &nbsp;&nbsp; 59½ – 61 | &nbsp;&nbsp; 4.55% | &nbsp;&nbsp; 4.75% | &nbsp;&nbsp; 4.95% | &nbsp;&nbsp; 5.15% | &nbsp;&nbsp; 5.35% | &nbsp;&nbsp; 5.55% | &nbsp;&nbsp; 5.75% | &nbsp;&nbsp; 5.95% | &nbsp;&nbsp; 6.15% | &nbsp;&nbsp; 6.35% | &nbsp;&nbsp; 6.55% |
| &nbsp;&nbsp; 62 – 66 | &nbsp;&nbsp; 5.20% | &nbsp;&nbsp; 5.40% | &nbsp;&nbsp; 5.60% | &nbsp;&nbsp; 5.80% | &nbsp;&nbsp; 6.00% | &nbsp;&nbsp; 6.20% | &nbsp;&nbsp; 6.40% | &nbsp;&nbsp; 6.60% | &nbsp;&nbsp; 6.80% | &nbsp;&nbsp; 7.00% | &nbsp;&nbsp; 7.20% |
| &nbsp;&nbsp; 67 – 71 | &nbsp;&nbsp; 5.85% | &nbsp;&nbsp; 6.05% | &nbsp;&nbsp; 6.25% | &nbsp;&nbsp; 6.45% | &nbsp;&nbsp; 6.65% | &nbsp;&nbsp; 6.85% | &nbsp;&nbsp; 7.05% | &nbsp;&nbsp; 7.25% | &nbsp;&nbsp; 7.45% | &nbsp;&nbsp; 7.65% | &nbsp;&nbsp; 7.85% |
| &nbsp;&nbsp; 72 – 76 | &nbsp;&nbsp; 6.50% | &nbsp;&nbsp; 6.70% | &nbsp;&nbsp; 6.90% | &nbsp;&nbsp; 7.10% | &nbsp;&nbsp; 7.30% | &nbsp;&nbsp; 7.50% | &nbsp;&nbsp; 7.70% | &nbsp;&nbsp; 7.90% | &nbsp;&nbsp; 8.10% | &nbsp;&nbsp; 8.30% | &nbsp;&nbsp; 8.50% |
| &nbsp;&nbsp; 77 – 81 | &nbsp;&nbsp; 7.15% | &nbsp;&nbsp; 7.35% | &nbsp;&nbsp; 7.55% | &nbsp;&nbsp; 7.75% | &nbsp;&nbsp; 7.95% | &nbsp;&nbsp; 8.15% | &nbsp;&nbsp; 8.35% | &nbsp;&nbsp; 8.55% | &nbsp;&nbsp; 8.75% | &nbsp;&nbsp; 9.00% | &nbsp;&nbsp; 9.20% |
| &nbsp;&nbsp; 82 – 86 |  | &nbsp;&nbsp; 8.75% | &nbsp;&nbsp; 8.95% | &nbsp;&nbsp; 9.15% | &nbsp;&nbsp; 9.35% | &nbsp;&nbsp; 9.55% | &nbsp;&nbsp; 9.75% | &nbsp;&nbsp; 9.95% | &nbsp;&nbsp; 10.15% | &nbsp;&nbsp; 10.40% | &nbsp;&nbsp; 10.60% |
| &nbsp;&nbsp; 87 – 91 |  |  |  |  |  |  | &nbsp;&nbsp; 11.15% | &nbsp;&nbsp; 11.35% | &nbsp;&nbsp; 11.55% | &nbsp;&nbsp; 11.80% | &nbsp;&nbsp; 12.00% |
| &nbsp;&nbsp; 92+ |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp; 13.45% |

---

**JOINT LIFE WITHDRAWAL RATES:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date |
|  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 10+ |
| &nbsp;&nbsp; Age Range | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates |
| &nbsp;&nbsp; 59½ – 61 | &nbsp;&nbsp; 4.00% | &nbsp;&nbsp; 4.20% | &nbsp;&nbsp; 4.40% | &nbsp;&nbsp; 4.60% | &nbsp;&nbsp; 4.80% | &nbsp;&nbsp; 5.00% | &nbsp;&nbsp; 5.20% | &nbsp;&nbsp; 5.40% | &nbsp;&nbsp; 5.60% | &nbsp;&nbsp; 5.80% | &nbsp;&nbsp; 6.00% |
| &nbsp;&nbsp; 62 – 66 | &nbsp;&nbsp; 4.65% | &nbsp;&nbsp; 4.85% | &nbsp;&nbsp; 5.05% | &nbsp;&nbsp; 5.25% | &nbsp;&nbsp; 5.45% | &nbsp;&nbsp; 5.65% | &nbsp;&nbsp; 5.85% | &nbsp;&nbsp; 6.05% | &nbsp;&nbsp; 6.25% | &nbsp;&nbsp; 6.45% | &nbsp;&nbsp; 6.65% |
| &nbsp;&nbsp; 67 – 71 | &nbsp;&nbsp; 5.30% | &nbsp;&nbsp; 5.50% | &nbsp;&nbsp; 5.70% | &nbsp;&nbsp; 5.90% | &nbsp;&nbsp; 6.10% | &nbsp;&nbsp; 6.30% | &nbsp;&nbsp; 6.50% | &nbsp;&nbsp; 6.70% | &nbsp;&nbsp; 6.90% | &nbsp;&nbsp; 7.10% | &nbsp;&nbsp; 7.30% |
| &nbsp;&nbsp; 72 – 76 | &nbsp;&nbsp; 5.95% | &nbsp;&nbsp; 6.15% | &nbsp;&nbsp; 6.35% | &nbsp;&nbsp; 6.55% | &nbsp;&nbsp; 6.75% | &nbsp;&nbsp; 6.95% | &nbsp;&nbsp; 7.15% | &nbsp;&nbsp; 7.35% | &nbsp;&nbsp; 7.55% | &nbsp;&nbsp; 7.75% | &nbsp;&nbsp; 7.95% |
| &nbsp;&nbsp; 77 – 81 | &nbsp;&nbsp; 6.60% | &nbsp;&nbsp; 6.80% | &nbsp;&nbsp; 7.00% | &nbsp;&nbsp; 7.20% | &nbsp;&nbsp; 7.40% | &nbsp;&nbsp; 7.60% | &nbsp;&nbsp; 7.80% | &nbsp;&nbsp; 8.00% | &nbsp;&nbsp; 8.20% | &nbsp;&nbsp; 8.45% | &nbsp;&nbsp; 8.65% |
| &nbsp;&nbsp; 82 – 86 |  | &nbsp;&nbsp; 8.20% | &nbsp;&nbsp; 8.40% | &nbsp;&nbsp; 8.60% | &nbsp;&nbsp; 8.80% | &nbsp;&nbsp; 9.00% | &nbsp;&nbsp; 9.20% | &nbsp;&nbsp; 9.40% | &nbsp;&nbsp; 9.60% | &nbsp;&nbsp; 9.85% | &nbsp;&nbsp; 10.05% |
| &nbsp;&nbsp; 87 – 91 |  |  |  |  |  |  | &nbsp;&nbsp; 10.60% | &nbsp;&nbsp; 10.80% | &nbsp;&nbsp; 11.00% | &nbsp;&nbsp; 11.25% | &nbsp;&nbsp; 11.45% |
| &nbsp;&nbsp; 92+ |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp; 12.90% |

---

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**CURRENT RETIREPAY CHARGES**

The current RetirePay Charges applicable to your Contract are as follows:

---

| | |
|:---|:---|
| **•** **Single Life Highest Anniversary Value Step-up Charge**<br>• **Joint Life Highest Anniversary Value Step-up Charge**<br>• **Single Life Highest Quarterly Value Step-up Charge**<br>• **Joint Life Highest Quarterly Value Step-up Charge** | **1.45%**<br>**1.45%**<br>**1.60%**<br>**1.60%** |

---

The amount that is deducted from your Contract Value is equal to the RetirePay Charge multiplied by the Benefit Base. We may increase the RetirePay Charges effective on any Contract Anniversary, with prior notice, but the charges will never exceed the maximum RetirePay Charge. The maximum charge and additional information about the RetirePay Charge can be found in the "Additional Benefits — MassMutual RetirePay<sup>SM</sup> — RetirePay Charge" section of the current MassMutual Envision prospectus.

**INVESTMENT ALLOCATION RESTRICTIONS**

While RetirePay is in effect, your investment allocations are restricted.

You must either be invested 100% in one of the MML Asset Allocation Sub-Accounts or invested 100% in the Custom Allocation Program.

**MML Asset Allocation Sub-Accounts:**

MML American Funds Core Allocation<br>MML Balanced Allocation<br>MML Blend<br>MML Conservative Allocation<br>MML Growth Allocation<br>MML iShares<sup>®</sup> 80/20 Allocation<br>MML iShares<sup>®</sup> 60/40 Allocation<br>MML Moderate Allocation

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**Custom Allocation Program:**

Multiple Sub-Accounts can be selected within each category. The total allocation for all Sub-Accounts within each category must be between the minimum and maximum allocation. The Contract Value in the Custom Allocation Program will be rebalanced based on your elected frequency. If no election is made, rebalancing will occur quarterly during each calendar year.

---

| | | |
|:---|:---|:---|
|  | **Minimum**<br>**Allocation** | **Maximum**<br>**Allocation** |
| &nbsp;&nbsp; Allocation Category 1 | 30% | 30% |
| &nbsp;&nbsp; <u>Available sub-accounts:</u><br>MML Inflation-Protected and Income<br>MML Managed Bond<br>MML Short-Duration Bond<br>MML Total Return Bond<br>MML U.S. Government Money Market |  |  |
| &nbsp;&nbsp; Allocation Category 2 | 40% | 70% |
| &nbsp;&nbsp; <u>Available sub-accounts:</u><br>American Funds Insurance Series<sup>®</sup> Global Small Capitalization<br>American Funds Insurance Series<sup>®</sup> New World<sup>®</sup><br>American Funds Insurance Series<sup>®</sup> Washington Mutual Investors<br>Columbia Variable Portfolio - Contrarian Core<br>Janus Henderson Enterprise<br>Janus Henderson Overseas<br>Macquarie VIP Growth<br>MML American Funds Growth<br>MML Blue Chip Growth<br>MML Equity Income<br>MML Focused Equity<br>MML Foreign<br>MML Fundamental Equity<br>MML Global<br>MML Income & Growth<br>MML International Equity<br>MML Large Cap Growth<br>MML Mid Cap Growth<br>MML Mid Cap Value<br>MML Small Cap Equity<br>MML Small Cap Growth Equity |  |  |

---

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---

| | | |
|:---|:---|:---|
|  | **Minimum**<br>**Allocation** | **Maximum**<br>**Allocation** |
| &nbsp;&nbsp; Allocation Category 3 | 0% | 30% |
| &nbsp;&nbsp; <u>Available sub-accounts:</u><br>Fidelity<sup>®</sup> VIP Contrafund<sup>®</sup><br>Fidelity<sup>®</sup> VIP Health Care<br>Fidelity<sup>®</sup> VIP Overseas<br>Fidelity<sup>®</sup> VIP Real Estate<br>Fidelity<sup>®</sup> VIP Strategic Income<br>Invesco V.I. Discovery Mid Cap Growth<br>Invesco V.I. Global Strategic Income<br>Invesco V.I. International Growth<br>Janus Henderson Global Technology and Innovation<br>Macquarie VIP Asset Strategy<br>MML Equity<br>MML Small Company Value<br>MML Small/Mid Cap Value<br>MML Sustainable Equity<br>PIMCO Income Portfolio |  |  |

---

If a requested change in your allocations or a transfer of any portion of your contract value does not comply with these investment restrictions, you will be required to terminate your RetirePay by written request before the allocation change or transfer can be processed. We reserve the right, upon thirty calendar days advance notice to you, to change the investment restrictions. No change will be made without prior approval of the New York State Department of Financial Services. If we change the investment restrictions, you must change your allocations to comply within thirty calendar days of the restrictions becoming effective, or we will terminate your RetirePay.

*If you have any questions regarding this Rate Sheet, please contact us toll free at (800) 272-2216.*

**Please keep this Rate Sheet for future reference.**

------

[Back to **Table of Contents**](#TOC_1054)

**<u>FOR CONTRACTS ISSUED IN NEW YORK ONLY</u>**

**Rate Sheet Prospectus Supplement dated June 30, 2025**<br> **to the Prospectus dated April 28, 2025, as supplemented**<br>**and the Initial Summary Prospectus dated April 28, 2025, as supplemented, for:**

**MassMutual Envision<sup>SM</sup>** **Variable Annuity**<br>*Issued by Massachusetts Mutual Life Insurance Company*<br>*Massachusetts Mutual Variable Annuity Separate Account 4*

**This Rate Sheet Prospectus Supplement ("Rate Sheet") should be read carefully and retained with the Prospectus dated April** **28, 2025, as supplemented, for the MassMutual Envision<sup>SM</sup>** **Variable Annuity. You may obtain a current Prospectus at** **www.MassMutual.com/Envision** **or by calling (800) 272-2216, sending an email request to ANNfax@MassMutual.com, or** **writing to MassMutual, PO Box 9067, Springfield, MA 01102-9067.**

We are issuing this Rate Sheet to update the following information regarding the MassMutual RetirePay<sup>SM</sup> Guaranteed Lifetime Withdrawal Benefit (RetirePay):

• Withdrawal
 Rates,

• RetirePay
 Charges, and

• Investment
 Allocation Restrictions

(collectively, referred to as the "RetirePay Terms.")

**The RetirePay Terms included in this Rate Sheet are effective for applications submitted on or after July 14, 2025 until a new** **Rate Sheet is issued that replaces and supersedes this Rate Sheet.**

This Rate Sheet replaces and supersedes any previously issued Rate Sheet. This Rate Sheet has no specified end date. This Rate Sheet must be used in conjunction with an effective MassMutual Envision<sup>SM</sup> Variable Annuity Prospectus. For complete information about RetirePay, see the "Additional Benefits — MassMutual RetirePay<sup>SM</sup>" section in the MassMutual Envision<sup>SM</sup> Variable Annuity Prospectus.

If we change the RetirePay Terms, we will issue a new Rate Sheet. In the event we issue a new Rate Sheet, we will provide at least 10 business days' notice of the effective date of the superseding Rate Sheet.

**Rate Sheet Eligibility Conditions**

Certain Rate Sheet eligibility conditions apply when we have issued a superseding Rate Sheet after you apply for your contract and prior to your issue date.

In order for the RetirePay Terms in this Rate Sheet to apply to your Contract, your necessary application information, including any applicable transfer form(s), must be submitted to an order entry system utilized to issue the Contract ("application submit date") on or after July 14, 2025 and prior to the effective date of the superseding Rate Sheet. *For purposes of this process, the application submit date is also defined to include the date the application is signed if a paper application is necessary.*

**Application Information Submitted with a Purchase Payment**

In addition to the submission of your necessary application information, we also require payment of at least the minimum initial Purchase Payment and the application information to be in Good Order within 10 business days after the application submit date.

If these Rate Sheet Eligibility Conditions are met, and the Contract is issued, the RetirePay Terms in this Rate Sheet will apply, unless a beneficial superseding rate sheet applies, as described under "Rate Sheet Comparison Process."

If these Rate Sheet Eligibility Conditions are not met, we will cancel the application and return your Purchase Payment.

------

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*<u>Application Information Submitted without a Purchase Payment</u>*

If you plan to pay the initial Purchase Payment with proceeds from an IRS Section 1035 exchange or direct transfer, your transfer form(s) and application information must be in Good Order within 10 Business Days after the application submit date. In addition, the initial Purchase Payment necessary to issue the Contract must be received within 90 calendar days after the application submit date.

If these Rate Sheet Eligibility Conditions are met, and the Contract is issued, the RetirePay Terms in this Rate Sheet will apply, unless a beneficial superseding rate sheet applies, as described under "Rate Sheet Comparison Process."

If these Rate Sheet Eligibility Conditions are not met, we will inform you and request instructions regarding whether to issue the Contract with the RetirePay Terms in effect under the superseding Rate Sheet or cancel the application.

If you have not provided us with the requested instructions within 2 business days after we have received your Purchase Payment, we will return your Purchase Payment to the original source.

The requirement to have the necessary application information in Good Order within 10 Business Days for application information received with a Purchase Payment or without a Purchase Payment includes completion of the broker-dealer suitability review.

**Rate Sheet Comparison Process**

Subject to satisfying the Rate Sheet Eligibility Conditions established in this Rate Sheet, if after your application submit date and prior to your Issue Date, a subsequent Rate Sheet is issued with only beneficial changes to the RetirePay Terms, the subsequent Rate Sheet will apply. The changes will be considered to be beneficial unless any of the following occurs:

• Withdrawal
 Rates have decreased,

• RetirePay
 Charges have increased, or

• Investment
 Allocation Restrictions have changed (unless the sole change to the Investment Allocation Restrictions is the addition
 of available investment options).

*For example, if the RetirePay Charges have increased, you will receive the RetirePay Terms included in the Rate Sheet in effect on your application submit date even if the Withdrawal Rates have increased in the subsequent Rate Sheet.*

You should not purchase RetirePay without first obtaining the applicable Rate Sheet. To obtain a current Rate Sheet:

• Contact
 your financial advisor

• Contact
 us toll-free at (800) 272-2216

• Go
 to www.MassMutual.com/Envision

On the Guaranteed Lifetime Withdrawal Date, we will determine the Withdrawal Rate using the number of full Contract Years from the RetirePay Issue Date until the Guaranteed Lifetime Withdrawal Date and the Age of the youngest Covered Person on the Guaranteed Lifetime Withdrawal Date. However, if the RetirePay Charge is increased and you elect the RetirePay Charge Increase Opt-Out prior to the youngest Covered Person attaining age 59½, the Withdrawal Rate is determined using the number of years from the RetirePay Issue Date until the effective date of the RetirePay Charge Increase Opt-Out, and the date the youngest Covered Person attains age 59½.

Once the contract is issued, the Withdrawal Rates applicable to your Contract below will not change for the life of your Contract.

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**SINGLE LIFE WITHDRAWAL RATES:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date |
|  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 10+ |
| &nbsp;&nbsp; Age Range | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates |
| &nbsp;&nbsp; 59½ – 61 | &nbsp;&nbsp; 4.35% | &nbsp;&nbsp; 4.55% | &nbsp;&nbsp; 4.75% | &nbsp;&nbsp; 4.95% | &nbsp;&nbsp; 5.15% | &nbsp;&nbsp; 5.35% | &nbsp;&nbsp; 5.55% | &nbsp;&nbsp; 5.75% | &nbsp;&nbsp; 5.95% | &nbsp;&nbsp; 6.15% | &nbsp;&nbsp; 6.35% |
| &nbsp;&nbsp; 62 – 66 | &nbsp;&nbsp; 5.00% | &nbsp;&nbsp; 5.20% | &nbsp;&nbsp; 5.40% | &nbsp;&nbsp; 5.60% | &nbsp;&nbsp; 5.80% | &nbsp;&nbsp; 6.00% | &nbsp;&nbsp; 6.20% | &nbsp;&nbsp; 6.40% | &nbsp;&nbsp; 6.60% | &nbsp;&nbsp; 6.80% | &nbsp;&nbsp; 7.00% |
| &nbsp;&nbsp; 67 – 71 | &nbsp;&nbsp; 5.65% | &nbsp;&nbsp; 5.85% | &nbsp;&nbsp; 6.05% | &nbsp;&nbsp; 6.25% | &nbsp;&nbsp; 6.45% | &nbsp;&nbsp; 6.65% | &nbsp;&nbsp; 6.85% | &nbsp;&nbsp; 7.05% | &nbsp;&nbsp; 7.25% | &nbsp;&nbsp; 7.45% | &nbsp;&nbsp; 7.65% |
| &nbsp;&nbsp; 72 – 76 | &nbsp;&nbsp; 6.30% | &nbsp;&nbsp; 6.50% | &nbsp;&nbsp; 6.70% | &nbsp;&nbsp; 6.90% | &nbsp;&nbsp; 7.10% | &nbsp;&nbsp; 7.30% | &nbsp;&nbsp; 7.50% | &nbsp;&nbsp; 7.70% | &nbsp;&nbsp; 7.90% | &nbsp;&nbsp; 8.10% | &nbsp;&nbsp; 8.30% |
| &nbsp;&nbsp; 77 – 81 | &nbsp;&nbsp; 6.95% | &nbsp;&nbsp; 7.15% | &nbsp;&nbsp; 7.35% | &nbsp;&nbsp; 7.55% | &nbsp;&nbsp; 7.75% | &nbsp;&nbsp; 7.95% | &nbsp;&nbsp; 8.15% | &nbsp;&nbsp; 8.35% | &nbsp;&nbsp; 8.55% | &nbsp;&nbsp; 8.75% | &nbsp;&nbsp; 9.00% |
| &nbsp;&nbsp; 82 – 86 |  | &nbsp;&nbsp; 8.55% | &nbsp;&nbsp; 8.75% | &nbsp;&nbsp; 8.95% | &nbsp;&nbsp; 9.15% | &nbsp;&nbsp; 9.35% | &nbsp;&nbsp; 9.55% | &nbsp;&nbsp; 9.75% | &nbsp;&nbsp; 9.95% | &nbsp;&nbsp; 10.15% | &nbsp;&nbsp; 10.40% |
| &nbsp;&nbsp; 87 – 91 |  |  |  |  |  |  | &nbsp;&nbsp; 10.95% | &nbsp;&nbsp; 11.15% | &nbsp;&nbsp; 11.35% | &nbsp;&nbsp; 11.55% | &nbsp;&nbsp; 11.80% |
| &nbsp;&nbsp; 92+ |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp; 13.25% |

---

**JOINT LIFE WITHDRAWAL RATES:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date |
|  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 10+ |
| &nbsp;&nbsp; Age Range | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates |
| &nbsp;&nbsp; 59½ – 61 | &nbsp;&nbsp; 3.80% | &nbsp;&nbsp; 4.00% | &nbsp;&nbsp; 4.20% | &nbsp;&nbsp; 4.40% | &nbsp;&nbsp; 4.60% | &nbsp;&nbsp; 4.80% | &nbsp;&nbsp; 5.00% | &nbsp;&nbsp; 5.20% | &nbsp;&nbsp; 5.40% | &nbsp;&nbsp; 5.60% | &nbsp;&nbsp; 5.80% |
| &nbsp;&nbsp; 62 – 66 | &nbsp;&nbsp; 4.45% | &nbsp;&nbsp; 4.65% | &nbsp;&nbsp; 4.85% | &nbsp;&nbsp; 5.05% | &nbsp;&nbsp; 5.25% | &nbsp;&nbsp; 5.45% | &nbsp;&nbsp; 5.65% | &nbsp;&nbsp; 5.85% | &nbsp;&nbsp; 6.05% | &nbsp;&nbsp; 6.25% | &nbsp;&nbsp; 6.45% |
| &nbsp;&nbsp; 67 – 71 | &nbsp;&nbsp; 5.10% | &nbsp;&nbsp; 5.30% | &nbsp;&nbsp; 5.50% | &nbsp;&nbsp; 5.70% | &nbsp;&nbsp; 5.90% | &nbsp;&nbsp; 6.10% | &nbsp;&nbsp; 6.30% | &nbsp;&nbsp; 6.50% | &nbsp;&nbsp; 6.70% | &nbsp;&nbsp; 6.90% | &nbsp;&nbsp; 7.10% |
| &nbsp;&nbsp; 72 – 76 | &nbsp;&nbsp; 5.75% | &nbsp;&nbsp; 5.95% | &nbsp;&nbsp; 6.15% | &nbsp;&nbsp; 6.35% | &nbsp;&nbsp; 6.55% | &nbsp;&nbsp; 6.75% | &nbsp;&nbsp; 6.95% | &nbsp;&nbsp; 7.15% | &nbsp;&nbsp; 7.35% | &nbsp;&nbsp; 7.55% | &nbsp;&nbsp; 7.75% |
| &nbsp;&nbsp; 77 – 81 | &nbsp;&nbsp; 6.40% | &nbsp;&nbsp; 6.60% | &nbsp;&nbsp; 6.80% | &nbsp;&nbsp; 7.00% | &nbsp;&nbsp; 7.20% | &nbsp;&nbsp; 7.40% | &nbsp;&nbsp; 7.60% | &nbsp;&nbsp; 7.80% | &nbsp;&nbsp; 8.00% | &nbsp;&nbsp; 8.20% | &nbsp;&nbsp; 8.45% |
| &nbsp;&nbsp; 82 – 86 |  | &nbsp;&nbsp; 8.00% | &nbsp;&nbsp; 8.20% | &nbsp;&nbsp; 8.40% | &nbsp;&nbsp; 8.60% | &nbsp;&nbsp; 8.80% | &nbsp;&nbsp; 9.00% | &nbsp;&nbsp; 9.20% | &nbsp;&nbsp; 9.40% | &nbsp;&nbsp; 9.60% | &nbsp;&nbsp; 9.85% |
| &nbsp;&nbsp; 87 – 91 |  |  |  |  |  |  | &nbsp;&nbsp; 10.40% | &nbsp;&nbsp; 10.60% | &nbsp;&nbsp; 10.80% | &nbsp;&nbsp; 11.00% | &nbsp;&nbsp; 11.25% |
| &nbsp;&nbsp; 92+ |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp; 12.70% |

---

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**CURRENT RETIREPAY CHARGES**

The current RetirePay Charges applicable to your Contract are as follows:

---

| | |
|:---|:---|
| **•** **Single Life Highest Anniversary Value Step-up Charge**<br>• **Joint Life Highest Anniversary Value Step-up Charge**<br>• **Single Life Highest Quarterly Value Step-up Charge**<br>• **Joint Life Highest Quarterly Value Step-up Charge** | **1.45%**<br>**1.45%**<br>**1.60%**<br>**1.60%** |

---

The amount that is deducted from your Contract Value is equal to the RetirePay Charge multiplied by the Benefit Base. We may increase the RetirePay Charges effective on any Contract Anniversary, with prior notice, but the charges will never exceed the maximum RetirePay Charge. The maximum charge and additional information about the RetirePay Charge can be found in the "Additional Benefits — MassMutual RetirePay<sup>SM</sup> — RetirePay Charge" section of the current MassMutual Envision prospectus.

**INVESTMENT ALLOCATION RESTRICTIONS**

While RetirePay is in effect, your investment allocations are restricted.

You must either be invested 100% in one of the MML Asset Allocation Sub-Accounts or invested 100% in the Custom Allocation Program.

**MML Asset Allocation Sub-Accounts:**

MML American Funds Core Allocation<br>MML Balanced Allocation<br>MML Blend<br>MML Conservative Allocation<br>MML Growth Allocation<br>MML iShares<sup>®</sup> 80/20 Allocation<br>MML iShares<sup>®</sup> 60/40 Allocation<br>MML Moderate Allocation

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**Custom Allocation Program:**

Multiple Sub-Accounts can be selected within each category. The total allocation for all Sub-Accounts within each category must be between the minimum and maximum allocation. The Contract Value in the Custom Allocation Program will be rebalanced based on your elected frequency. If no election is made, rebalancing will occur quarterly during each calendar year.

---

| | | |
|:---|:---|:---|
|  | **Minimum**<br>**Allocation** | **Maximum**<br>**Allocation** |
| &nbsp;&nbsp; Allocation Category 1 | 30% | 30% |
| &nbsp;&nbsp; <u>Available sub-accounts:</u><br>MML Inflation-Protected and Income<br>MML Managed Bond<br>MML Short-Duration Bond<br>MML Total Return Bond<br>MML U.S. Government Money Market |  |  |
| &nbsp;&nbsp; Allocation Category 2 | 40% | 70% |
| &nbsp;&nbsp; <u>Available sub-accounts:</u><br>American Funds Insurance Series<sup>®</sup> Global Small Capitalization<br>American Funds Insurance Series<sup>®</sup> New World<sup>®</sup><br>American Funds Insurance Series<sup>®</sup> Washington Mutual Investors<br>Columbia Variable Portfolio - Contrarian Core<br>Janus Henderson Enterprise<br>Janus Henderson Overseas<br>Macquarie VIP Growth<br>MML American Funds Growth<br>MML Blue Chip Growth<br>MML Equity Income<br>MML Focused Equity<br>MML Foreign<br>MML Fundamental Equity<br>MML Global<br>MML Income & Growth<br>MML International Equity<br>MML Large Cap Growth<br>MML Mid Cap Growth<br>MML Mid Cap Value<br>MML Small Cap Equity<br>MML Small Cap Growth Equity |  |  |

---

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---

| | | |
|:---|:---|:---|
|  | **Minimum**<br>**Allocation** | **Maximum**<br>**Allocation** |
| &nbsp;&nbsp; Allocation Category 3 | 0% | 30% |
| &nbsp;&nbsp; <u>Available sub-accounts:</u><br>Fidelity<sup>®</sup> VIP Contrafund<sup>®</sup><br>Fidelity<sup>®</sup> VIP Health Care<br>Fidelity<sup>®</sup> VIP Overseas<br>Fidelity<sup>®</sup> VIP Real Estate<br>Fidelity<sup>®</sup> VIP Strategic Income<br>Invesco V.I. Discovery Mid Cap Growth<br>Invesco V.I. Global Strategic Income<br>Invesco Oppenheimer V.I. International Growth<br>Janus Henderson Global Technology and Innovation<br>Macquarie VIP Asset Strategy<br>MML Equity<br>MML Small Company Value<br>MML Small/Mid Cap Value<br>MML Sustainable Equity<br>PIMCO Income Portfolio |  |  |

---

If a requested change in your allocations or a transfer of any portion of your contract value does not comply with these investment restrictions, you will be required to terminate your RetirePay by written request before the allocation change or transfer can be processed. We reserve the right, upon thirty calendar days advance notice to you, to change the investment restrictions. No change will be made without prior approval of the New York State Department of Financial Services. If we change the investment restrictions, you must change your allocations to comply within thirty calendar days of the restrictions becoming effective, or we will terminate your RetirePay.

*If you have any questions regarding this Rate Sheet, please contact us toll free at (800) 272-2216.*

**Please keep this Rate Sheet for future reference.**

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**<u>FOR CONTRACTS ISSUED IN NEW YORK ONLY</u>**

**Rate Sheet Prospectus Supplement dated April 28, 2025**<br> **to the Prospectus dated April 28, 2025,**<br>**and the Initial Summary Prospectus dated April 28, 2025, for:**

**MassMutual Envision<sup>SM</sup>** **Variable Annuity**<br>*Issued by Massachusetts Mutual Life Insurance Company*<br>*Massachusetts Mutual Variable Annuity Separate Account 4*

**This Rate Sheet Prospectus Supplement ("Rate Sheet") should be read carefully and retained with the Prospectus dated April** **28, 2025, as supplemented, for the MassMutual Envision<sup>SM</sup>** **Variable Annuity. You may obtain a current Prospectus at** **www.MassMutual.com/Envision** **or by calling (800) 272-2216, sending an email request to ANNfax@MassMutual.com, or** **writing to MassMutual, PO Box 9067, Springfield, MA 01102-9067.**

We are issuing this Rate Sheet to update the following information regarding the MassMutual RetirePay<sup>SM</sup> Guaranteed Lifetime Withdrawal Benefit (RetirePay):

• Withdrawal
 Rates,

• RetirePay
 Charges, and

• Investment
 Allocation Restrictions

(collectively, referred to as the "RetirePay Terms.")

**The RetirePay Terms included in this Rate Sheet are effective for applications submitted on or after April 28, 2025 until a new** **Rate Sheet is issued that replaces and supersedes this Rate Sheet.**

This Rate Sheet replaces and supersedes any previously issued Rate Sheet. This Rate Sheet has no specified end date. This Rate Sheet must be used in conjunction with an effective MassMutual Envision<sup>SM</sup> Variable Annuity Prospectus. For complete information about RetirePay, see the "Additional Benefits — MassMutual RetirePay<sup>SM</sup>" section in the MassMutual Envision<sup>SM</sup> Variable Annuity Prospectus.

If we change the RetirePay Terms, we will issue a new Rate Sheet. In the event we issue a new Rate Sheet, we will provide at least 10 business days' notice of the effective date of the superseding Rate Sheet.

**Rate Sheet Eligibility Conditions**

Certain Rate Sheet eligibility conditions apply when we have issued a superseding Rate Sheet after you apply for your contract and prior to your issue date.

In order for the RetirePay Terms in this Rate Sheet to apply to your Contract, your necessary application information, including any applicable transfer form(s), must be submitted to an order entry system utilized to issue the Contract ("application submit date") on or after April 28, 2025 and prior to the effective date of the superseding Rate Sheet. *For purposes of this process, the application submit date is also defined to include the date the application is signed if a paper application is necessary.*

**Application Information Submitted with a Purchase Payment**

In addition to the submission of your necessary application information, we also require payment of at least the minimum initial Purchase Payment and the application information to be in Good Order within 10 business days after the application submit date.

If these Rate Sheet Eligibility Conditions are met, and the Contract is issued, the RetirePay Terms in this Rate Sheet will apply, unless a beneficial superseding rate sheet applies, as described under "Rate Sheet Comparison Process."

If these Rate Sheet Eligibility Conditions are not met, we will cancel the application and return your Purchase Payment.

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*<u>Application Information Submitted without a Purchase Payment</u>*

If you plan to pay the initial Purchase Payment with proceeds from an IRS Section 1035 exchange or direct transfer, your transfer form(s) and application information must be in Good Order within 10 Business Days after the application submit date. In addition, the initial Purchase Payment necessary to issue the Contract must be received within 90 calendar days after the application submit date.

If these Rate Sheet Eligibility Conditions are met, and the Contract is issued, the RetirePay Terms in this Rate Sheet will apply, unless a beneficial superseding rate sheet applies, as described under "Rate Sheet Comparison Process."

If these Rate Sheet Eligibility Conditions are not met, we will inform you and request instructions regarding whether to issue the Contract with the RetirePay Terms in effect under the superseding Rate Sheet or cancel the application.

If you have not provided us with the requested instructions within 2 business days after we have received your Purchase Payment, we will return your Purchase Payment to the original source.

The requirement to have the necessary application information in Good Order within 10 Business Days for application information received with a Purchase Payment or without a Purchase Payment includes completion of the broker-dealer suitability review.

**Rate Sheet Comparison Process**

Subject to satisfying the Rate Sheet Eligibility Conditions established in this Rate Sheet, if after your application submit date and prior to your Issue Date, a subsequent Rate Sheet is issued with only beneficial changes to the RetirePay Terms, the subsequent Rate Sheet will apply. The changes will be considered to be beneficial unless any of the following occurs:

• Withdrawal
 Rates have decreased,

• RetirePay
 Charges have increased, or

• Investment
 Allocation Restrictions have changed (unless the sole change to the Investment Allocation Restrictions is the addition
 of available investment options).

*For example, if the RetirePay Charges have increased, you will receive the RetirePay Terms included in the Rate Sheet in effect on your application submit date even if the Withdrawal Rates have increased in the subsequent Rate Sheet.*

You should not purchase RetirePay without first obtaining the applicable Rate Sheet. To obtain a current Rate Sheet:

• Contact
 your financial advisor

• Contact
 us toll-free at (800) 272-2216

• Go
 to www.MassMutual.com/Envision

On the Guaranteed Lifetime Withdrawal Date, we will determine the Withdrawal Rate using the number of full Contract Years from the RetirePay Issue Date until the Guaranteed Lifetime Withdrawal Date and the Age of the youngest Covered Person on the Guaranteed Lifetime Withdrawal Date. However, if the RetirePay Charge is increased and you elect the RetirePay Charge Increase Opt-Out prior to the youngest Covered Person attaining age 59½, the Withdrawal Rate is determined using the number of years from the RetirePay Issue Date until the effective date of the RetirePay Charge Increase Opt-Out, and the date the youngest Covered Person attains age 59½.

Once the contract is issued, the Withdrawal Rates applicable to your Contract below will not change for the life of your Contract.

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**SINGLE LIFE WITHDRAWAL RATES:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date |
|  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 10+ |
| &nbsp;&nbsp; Age Range | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates |
| &nbsp;&nbsp; 59½ – 61 | &nbsp;&nbsp; 4.35% | &nbsp;&nbsp; 4.55% | &nbsp;&nbsp; 4.75% | &nbsp;&nbsp; 4.95% | &nbsp;&nbsp; 5.15% | &nbsp;&nbsp; 5.35% | &nbsp;&nbsp; 5.55% | &nbsp;&nbsp; 5.75% | &nbsp;&nbsp; 5.95% | &nbsp;&nbsp; 6.15% | &nbsp;&nbsp; 6.35% |
| &nbsp;&nbsp; 62 – 66 | &nbsp;&nbsp; 5.00% | &nbsp;&nbsp; 5.20% | &nbsp;&nbsp; 5.40% | &nbsp;&nbsp; 5.60% | &nbsp;&nbsp; 5.80% | &nbsp;&nbsp; 6.00% | &nbsp;&nbsp; 6.20% | &nbsp;&nbsp; 6.40% | &nbsp;&nbsp; 6.60% | &nbsp;&nbsp; 6.80% | &nbsp;&nbsp; 7.00% |
| &nbsp;&nbsp; 67 – 71 | &nbsp;&nbsp; 5.65% | &nbsp;&nbsp; 5.85% | &nbsp;&nbsp; 6.05% | &nbsp;&nbsp; 6.25% | &nbsp;&nbsp; 6.45% | &nbsp;&nbsp; 6.65% | &nbsp;&nbsp; 6.85% | &nbsp;&nbsp; 7.05% | &nbsp;&nbsp; 7.25% | &nbsp;&nbsp; 7.45% | &nbsp;&nbsp; 7.65% |
| &nbsp;&nbsp; 72 – 76 | &nbsp;&nbsp; 6.30% | &nbsp;&nbsp; 6.50% | &nbsp;&nbsp; 6.70% | &nbsp;&nbsp; 6.90% | &nbsp;&nbsp; 7.10% | &nbsp;&nbsp; 7.30% | &nbsp;&nbsp; 7.50% | &nbsp;&nbsp; 7.70% | &nbsp;&nbsp; 7.90% | &nbsp;&nbsp; 8.10% | &nbsp;&nbsp; 8.30% |
| &nbsp;&nbsp; 77 – 81 | &nbsp;&nbsp; 6.95% | &nbsp;&nbsp; 7.15% | &nbsp;&nbsp; 7.35% | &nbsp;&nbsp; 7.55% | &nbsp;&nbsp; 7.75% | &nbsp;&nbsp; 7.95% | &nbsp;&nbsp; 8.15% | &nbsp;&nbsp; 8.35% | &nbsp;&nbsp; 8.55% | &nbsp;&nbsp; 8.75% | &nbsp;&nbsp; 9.00% |
| &nbsp;&nbsp; 82 – 86 |  |  | &nbsp;&nbsp; 8.75% | &nbsp;&nbsp; 8.95% | &nbsp;&nbsp; 9.15% | &nbsp;&nbsp; 9.35% | &nbsp;&nbsp; 9.55% | &nbsp;&nbsp; 9.75% | &nbsp;&nbsp; 9.95% | &nbsp;&nbsp; 10.15% | &nbsp;&nbsp; 10.40% |
| &nbsp;&nbsp; 87 – 91 |  |  |  |  |  |  |  | &nbsp;&nbsp; 11.15% | &nbsp;&nbsp; 11.35% | &nbsp;&nbsp; 11.55% | &nbsp;&nbsp; 11.80% |
| &nbsp;&nbsp; 92+ |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp; 13.25% |

---

**JOINT LIFE WITHDRAWAL RATES:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date |
|  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 10+ |
| &nbsp;&nbsp; Age Range | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates |
| &nbsp;&nbsp; 59½ – 61 | &nbsp;&nbsp; 3.80% | &nbsp;&nbsp; 4.00% | &nbsp;&nbsp; 4.20% | &nbsp;&nbsp; 4.40% | &nbsp;&nbsp; 4.60% | &nbsp;&nbsp; 4.80% | &nbsp;&nbsp; 5.00% | &nbsp;&nbsp; 5.20% | &nbsp;&nbsp; 5.40% | &nbsp;&nbsp; 5.60% | &nbsp;&nbsp; 5.80% |
| &nbsp;&nbsp; 62 – 66 | &nbsp;&nbsp; 4.45% | &nbsp;&nbsp; 4.65% | &nbsp;&nbsp; 4.85% | &nbsp;&nbsp; 5.05% | &nbsp;&nbsp; 5.25% | &nbsp;&nbsp; 5.45% | &nbsp;&nbsp; 5.65% | &nbsp;&nbsp; 5.85% | &nbsp;&nbsp; 6.05% | &nbsp;&nbsp; 6.25% | &nbsp;&nbsp; 6.45% |
| &nbsp;&nbsp; 67 – 71 | &nbsp;&nbsp; 5.10% | &nbsp;&nbsp; 5.30% | &nbsp;&nbsp; 5.50% | &nbsp;&nbsp; 5.70% | &nbsp;&nbsp; 5.90% | &nbsp;&nbsp; 6.10% | &nbsp;&nbsp; 6.30% | &nbsp;&nbsp; 6.50% | &nbsp;&nbsp; 6.70% | &nbsp;&nbsp; 6.90% | &nbsp;&nbsp; 7.10% |
| &nbsp;&nbsp; 72 – 76 | &nbsp;&nbsp; 5.75% | &nbsp;&nbsp; 5.95% | &nbsp;&nbsp; 6.15% | &nbsp;&nbsp; 6.35% | &nbsp;&nbsp; 6.55% | &nbsp;&nbsp; 6.75% | &nbsp;&nbsp; 6.95% | &nbsp;&nbsp; 7.15% | &nbsp;&nbsp; 7.35% | &nbsp;&nbsp; 7.55% | &nbsp;&nbsp; 7.75% |
| &nbsp;&nbsp; 77 – 81 | &nbsp;&nbsp; 6.40% | &nbsp;&nbsp; 6.60% | &nbsp;&nbsp; 6.80% | &nbsp;&nbsp; 7.00% | &nbsp;&nbsp; 7.20% | &nbsp;&nbsp; 7.40% | &nbsp;&nbsp; 7.60% | &nbsp;&nbsp; 7.80% | &nbsp;&nbsp; 8.00% | &nbsp;&nbsp; 8.20% | &nbsp;&nbsp; 8.45% |
| &nbsp;&nbsp; 82 – 86 |  |  | &nbsp;&nbsp; 8.20% | &nbsp;&nbsp; 8.40% | &nbsp;&nbsp; 8.60% | &nbsp;&nbsp; 8.80% | &nbsp;&nbsp; 9.00% | &nbsp;&nbsp; 9.20% | &nbsp;&nbsp; 9.40% | &nbsp;&nbsp; 9.60% | &nbsp;&nbsp; 9.85% |
| &nbsp;&nbsp; 87 – 91 |  |  |  |  |  |  |  | &nbsp;&nbsp; 10.60% | &nbsp;&nbsp; 10.80% | &nbsp;&nbsp; 11.00% | &nbsp;&nbsp; 11.25% |
| &nbsp;&nbsp; 92+ |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp; 12.70% |

---

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**CURRENT RETIREPAY CHARGES**

The current RetirePay Charges applicable to your Contract are as follows:

---

| | |
|:---|:---|
| **•** **Single Life Highest Anniversary Value Step-up Charge**<br>• **Joint Life Highest Anniversary Value Step-up Charge**<br>• **Single Life Highest Quarterly Value Step-up Charge**<br>• **Joint Life Highest Quarterly Value Step-up Charge** | **1.45%**<br>**1.45%**<br>**1.60%**<br>**1.60%** |

---

The amount that is deducted from your Contract Value is equal to the RetirePay Charge multiplied by the Benefit Base. We may increase the RetirePay Charges effective on any Contract Anniversary, with prior notice, but the charges will never exceed the maximum RetirePay Charge. The maximum charge and additional information about the RetirePay Charge can be found in the "Additional Benefits — MassMutual RetirePay<sup>SM</sup> — RetirePay Charge" section of the current MassMutual Envision prospectus.

**INVESTMENT ALLOCATION RESTRICTIONS**

While RetirePay is in effect, your investment allocations are restricted.

You must either be invested 100% in one of the MML Asset Allocation Sub-Accounts or invested 100% in the Custom Allocation Program.

**MML Asset Allocation Sub-Accounts:**

MML American Funds Core Allocation<br>MML Balanced Allocation<br>MML Blend<br>MML Conservative Allocation<br>MML Growth Allocation<br>MML iShares<sup>®</sup> 80/20 Allocation<br>MML iShares<sup>®</sup> 60/40 Allocation<br>MML Moderate Allocation

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**Custom Allocation Program:**

Multiple Sub-Accounts can be selected within each category. The total allocation for all Sub-Accounts within each category must be between the minimum and maximum allocation. The Contract Value in the Custom Allocation Program will be rebalanced based on your elected frequency. If no election is made, rebalancing will occur quarterly during each calendar year.

---

| | | |
|:---|:---|:---|
|  | **Minimum**<br>**Allocation** | **Maximum**<br>**Allocation** |
| &nbsp;&nbsp; Allocation Category 1 | 30% | 30% |
| &nbsp;&nbsp; <u>Available sub-accounts:</u><br>MML Inflation-Protected and Income<br>MML Managed Bond<br>MML Short-Duration Bond<br>MML Total Return Bond<br>MML U.S. Government Money Market |  |  |
| &nbsp;&nbsp; Allocation Category 2 | 40% | 70% |
| &nbsp;&nbsp; <u>Available sub-accounts:</u><br>American Funds Insurance Series<sup>®</sup> Global Small Capitalization<br>American Funds Insurance Series<sup>®</sup> New World<sup>®</sup><br>American Funds Insurance Series<sup>®</sup> Washington Mutual Investors<br>Columbia Variable Portfolio - Contrarian Core<br>Janus Henderson Enterprise<br>Janus Henderson Overseas<br>Macquarie VIP Growth<br>MML American Funds Growth<br>MML Blue Chip Growth<br>MML Equity Income<br>MML Focused Equity<br>MML Foreign<br>MML Fundamental Equity<br>MML Global<br>MML Income & Growth<br>MML International Equity<br>MML Large Cap Growth<br>MML Mid Cap Growth<br>MML Mid Cap Value<br>MML Small Cap Equity<br>MML Small Cap Growth Equity |  |  |

---

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---

| | | |
|:---|:---|:---|
|  | **Minimum**<br>**Allocation** | **Maximum**<br>**Allocation** |
| &nbsp;&nbsp; Allocation Category 3 | 0% | 30% |
| &nbsp;&nbsp; <u>Available sub-accounts:</u><br>Fidelity<sup>®</sup> VIP Contrafund<sup>®</sup><br>Fidelity<sup>®</sup> VIP Health Care<br>Fidelity<sup>®</sup> VIP Overseas<br>Fidelity<sup>®</sup> VIP Real Estate<br>Fidelity<sup>®</sup> VIP Strategic Income<br>Invesco V.I. Discovery Mid Cap Growth<br>Invesco V.I. Global Strategic Income<br>Invesco Oppenheimer V.I. International Growth<br>Janus Henderson Global Technology and Innovation<br>Macquarie VIP Asset Strategy<br>MML Equity<br>MML Small Company Value<br>MML Small/Mid Cap Value<br>MML Sustainable Equity<br>PIMCO Income Portfolio |  |  |

---

If a requested change in your allocations or a transfer of any portion of your contract value does not comply with these investment restrictions, you will be required to terminate your RetirePay by written request before the allocation change or transfer can be processed. We reserve the right, upon thirty calendar days advance notice to you, to change the investment restrictions. No change will be made without prior approval of the New York State Department of Financial Services. If we change the investment restrictions, you must change your allocations to comply within thirty calendar days of the restrictions becoming effective, or we will terminate your RetirePay.

*If you have any questions regarding this Rate Sheet, please contact us toll free at (800) 272-2216.*

**Please keep this Rate Sheet for future reference.**

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**<u>FOR CONTRACTS ISSUED IN ALL STATES EXCEPT NEW YORK</u>**

**Rate Sheet Prospectus Supplement dated February 24, 2025**<br>**to the Prospectus dated April 29, 2024, as supplemented,**<br>**and the Initial Summary Prospectus dated April 29, 2024, as supplemented, for:**

**MassMutual Envision<sup>SM</sup>** **Variable Annuity**<br>*Issued by Massachusetts Mutual Life Insurance Company*<br>*Massachusetts Mutual Variable Annuity Separate Account 4*

**This Rate Sheet Prospectus Supplement ("Rate Sheet") should be read carefully and retained with the Prospectus dated April** **29, 2024, as supplemented, for the MassMutual Envision<sup>SM</sup>** **Variable Annuity. You may obtain a current Prospectus** **at** **www.MassMutual.com/Envision** **or by calling (800) 272-2216, sending an email request to ANNfax@MassMutual.com, or** **writing to MassMutual, PO Box 9067, Springfield, MA 01102-9067.**

We are issuing this Rate Sheet to update the following information regarding the MassMutual RetirePay<sup>SM</sup> Guaranteed Lifetime Withdrawal Benefit (RetirePay):

• Withdrawal
 Rates,

• Lifetime
 Guarantee Rates,

• RetirePay
 Charges, and

• Investment
 Allocation Restrictions

(collectively, referred to as the "RetirePay Terms.")

**The RetirePay Terms included in this Rate Sheet are effective for applications submitted on or after March 10, 2025 until a** **new Rate Sheet is issued that replaces and supersedes this Rate Sheet.**

This Rate Sheet replaces and supersedes any previously issued Rate Sheet. This Rate Sheet has no specified end date. This Rate Sheet must be used in conjunction with an effective MassMutual Envision<sup>SM</sup> Variable Annuity Prospectus. For complete information about RetirePay, see the "Additional Benefits — MassMutual RetirePay<sup>SM</sup>" section in the MassMutual Envision<sup>SM</sup> Variable Annuity Prospectus.

If we change the RetirePay Terms, we will issue a new Rate Sheet. In the event we issue a new Rate Sheet, we will provide at least 10 business days' notice of the effective date of the superseding Rate Sheet.

**Rate Sheet Eligibility Conditions**

Certain Rate Sheet eligibility conditions apply when we have issued a superseding Rate Sheet after you apply for your contract and prior to your issue date.

In order for the RetirePay Terms in this Rate Sheet to apply to your Contract, your necessary application information, including any applicable transfer form(s), must be submitted to an order entry system utilized to issue the Contract ("application submit date") on or after March 10, 2025 and prior to the effective date of the superseding Rate Sheet. *For purposes of this process, the application submit date is also defined to include the date the application is signed if a paper application is necessary.*

*<u>Application Information Submitted with a Purchase Payment</u>*

In addition to the submission of your necessary application information, we also require payment of at least the minimum initial Purchase Payment and the application information to be in Good Order within 10 business days after the application submit date.

If these Rate Sheet Eligibility Conditions are met, and the Contract is issued, the RetirePay Terms in this Rate Sheet will apply, unless a beneficial superseding rate sheet applies, as described under "Rate Sheet Comparison Process."

If these Rate Sheet Eligibility Conditions are not met, we will cancel the application and return your Purchase Payment.

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*<u>Application Information Submitted without a Purchase Payment</u>*

If you plan to pay the initial Purchase Payment with proceeds from an IRS Section 1035 exchange or direct transfer, your transfer form(s) and application information must be in Good Order within 10 Business Days after the application submit date. In addition, the initial Purchase Payment necessary to issue the Contract must be received within 90 calendar days after the application submit date.

If these Rate Sheet Eligibility Conditions are met, and the Contract is issued, the RetirePay Terms in this Rate Sheet will apply, unless a beneficial superseding rate sheet applies, as described under "Rate Sheet Comparison Process."

If these Rate Sheet Eligibility Conditions are not met, we will inform you and request instructions regarding whether to issue the Contract with the RetirePay Terms in effect under the superseding Rate Sheet or cancel the application.

If you have not provided us with the requested instructions within 2 business days after we have received your Purchase Payment, we will return your Purchase Payment to the original source.

The requirement to have the necessary application information in Good Order within 10 Business Days for application information received with a Purchase Payment or without a Purchase Payment includes completion of the broker-dealer suitability review.

**Rate Sheet Comparison Process**

Subject to satisfying the Rate Sheet Eligibility Conditions established in this Rate Sheet, if after your application submit date and prior to your Issue Date, a subsequent Rate Sheet is issued with only beneficial changes to the RetirePay Terms, the subsequent Rate Sheet will apply. The changes will be considered to be beneficial unless any of the following occurs:

• Withdrawal
 Rates and/or Lifetime Guarantee Rates have decreased,

• RetirePay
 Charges have increased, or

• Investment
 Allocation Restrictions have changed (unless the sole change to the Investment Allocation Restrictions is the addition
 of available investment options).

*For example, if the RetirePay Charges have increased, you will receive the RetirePay Terms included in the Rate Sheet in effect on your application submit date even if the Withdrawal Rates and/or Lifetime Guarantee Rates have increased in the subsequent Rate Sheet.*

You should not purchase RetirePay without first obtaining the applicable Rate Sheet. To obtain a current Rate Sheet:

• Contact
 your financial advisor

• Contact
 us toll-free at (800) 272-2216

• Go
 to www.MassMutual.com/Envision

On the Guaranteed Lifetime Withdrawal Date, we will determine the Withdrawal Rate and the Lifetime Guarantee Rate using the number of full Contract Years from the RetirePay Issue Date until the Guaranteed Lifetime Withdrawal Date and the Age of the youngest Covered Person on the Guaranteed Lifetime Withdrawal Date. However, if the RetirePay Charge is increased and you elect the RetirePay Charge Increase Opt-Out prior to the youngest Covered Person attaining age 59½, the Withdrawal Rate is determined using the number of years from the RetirePay Issue Date until the effective date of the RetirePay Charge Increase Opt-Out, and the date the youngest Covered Person attains age 59½.

The Withdrawal Rate applies when your Contract Value is greater than zero. The Lifetime Guarantee Rate applies when your Contract Value is zero. Once the contract is issued, the Withdrawal Rates and the Lifetime Guarantee Rates applicable to your Contract below will not change for the life of your Contract.

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**SINGLE LIFE WITHDRAWAL RATES:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date |
|  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 10+ |
| &nbsp;&nbsp; Age Range | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates |
| &nbsp;&nbsp; 59½ – 61 | &nbsp;&nbsp; 4.80% | &nbsp;&nbsp; 5.00% | &nbsp;&nbsp; 5.20% | &nbsp;&nbsp; 5.40% | &nbsp;&nbsp; 5.60% | &nbsp;&nbsp; 5.80% | &nbsp;&nbsp; 6.00% | &nbsp;&nbsp; 6.20% | &nbsp;&nbsp; 6.40% | &nbsp;&nbsp; 6.60% | &nbsp;&nbsp; 6.80% |
| &nbsp;&nbsp; 62 – 66 | &nbsp;&nbsp; 5.30% | &nbsp;&nbsp; 5.50% | &nbsp;&nbsp; 5.70% | &nbsp;&nbsp; 5.90% | &nbsp;&nbsp; 6.10% | &nbsp;&nbsp; 6.30% | &nbsp;&nbsp; 6.50% | &nbsp;&nbsp; 6.70% | &nbsp;&nbsp; 6.90% | &nbsp;&nbsp; 7.10% | &nbsp;&nbsp; 7.30% |
| &nbsp;&nbsp; 67 – 71 | &nbsp;&nbsp; 5.80% | &nbsp;&nbsp; 6.00% | &nbsp;&nbsp; 6.20% | &nbsp;&nbsp; 6.40% | &nbsp;&nbsp; 6.60% | &nbsp;&nbsp; 6.80% | &nbsp;&nbsp; 7.00% | &nbsp;&nbsp; 7.20% | &nbsp;&nbsp; 7.40% | &nbsp;&nbsp; 7.60% | &nbsp;&nbsp; 7.80% |
| &nbsp;&nbsp; 72 – 76 | &nbsp;&nbsp; 6.30% | &nbsp;&nbsp; 6.50% | &nbsp;&nbsp; 6.70% | &nbsp;&nbsp; 6.90% | &nbsp;&nbsp; 7.10% | &nbsp;&nbsp; 7.30% | &nbsp;&nbsp; 7.50% | &nbsp;&nbsp; 7.70% | &nbsp;&nbsp; 7.90% | &nbsp;&nbsp; 8.10% | &nbsp;&nbsp; 8.30% |
| &nbsp;&nbsp; 77+ | &nbsp;&nbsp; 6.80% | &nbsp;&nbsp; 7.00% | &nbsp;&nbsp; 7.20% | &nbsp;&nbsp; 7.40% | &nbsp;&nbsp; 7.60% | &nbsp;&nbsp; 7.80% | &nbsp;&nbsp; 8.00% | &nbsp;&nbsp; 8.20% | &nbsp;&nbsp; 8.40% | &nbsp;&nbsp; 8.60% | &nbsp;&nbsp; 8.80% |

---

**JOINT LIFE WITHDRAWAL RATES:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date |
|  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 10+ |
| &nbsp;&nbsp; Age Range | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates |
| &nbsp;&nbsp; 59½ – 61 | &nbsp;&nbsp; 4.25% | &nbsp;&nbsp; 4.45% | &nbsp;&nbsp; 4.65% | &nbsp;&nbsp; 4.85% | &nbsp;&nbsp; 5.05% | &nbsp;&nbsp; 5.25% | &nbsp;&nbsp; 5.45% | &nbsp;&nbsp; 5.65% | &nbsp;&nbsp; 5.85% | &nbsp;&nbsp; 6.05% | &nbsp;&nbsp; 6.25% |
| &nbsp;&nbsp; 62 – 66 | &nbsp;&nbsp; 4.75% | &nbsp;&nbsp; 4.95% | &nbsp;&nbsp; 5.15% | &nbsp;&nbsp; 5.35% | &nbsp;&nbsp; 5.55% | &nbsp;&nbsp; 5.75% | &nbsp;&nbsp; 5.95% | &nbsp;&nbsp; 6.15% | &nbsp;&nbsp; 6.35% | &nbsp;&nbsp; 6.55% | &nbsp;&nbsp; 6.75% |
| &nbsp;&nbsp; 67 – 71 | &nbsp;&nbsp; 5.25% | &nbsp;&nbsp; 5.45% | &nbsp;&nbsp; 5.65% | &nbsp;&nbsp; 5.85% | &nbsp;&nbsp; 6.05% | &nbsp;&nbsp; 6.25% | &nbsp;&nbsp; 6.45% | &nbsp;&nbsp; 6.65% | &nbsp;&nbsp; 6.85% | &nbsp;&nbsp; 7.05% | &nbsp;&nbsp; 7.25% |
| &nbsp;&nbsp; 72 – 76 | &nbsp;&nbsp; 5.75% | &nbsp;&nbsp; 5.95% | &nbsp;&nbsp; 6.15% | &nbsp;&nbsp; 6.35% | &nbsp;&nbsp; 6.55% | &nbsp;&nbsp; 6.75% | &nbsp;&nbsp; 6.95% | &nbsp;&nbsp; 7.15% | &nbsp;&nbsp; 7.35% | &nbsp;&nbsp; 7.55% | &nbsp;&nbsp; 7.75% |
| &nbsp;&nbsp; 77+ | &nbsp;&nbsp; 6.25% | &nbsp;&nbsp; 6.45% | &nbsp;&nbsp; 6.65% | &nbsp;&nbsp; 6.85% | &nbsp;&nbsp; 7.05% | &nbsp;&nbsp; 7.25% | &nbsp;&nbsp; 7.45% | &nbsp;&nbsp; 7.65% | &nbsp;&nbsp; 7.85% | &nbsp;&nbsp; 8.05% | &nbsp;&nbsp; 8.25% |

---

**SINGLE LIFE LIFETIME GUARANTEE RATES:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date |
|  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 10+ |
| &nbsp;&nbsp; Age Range | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates |
| &nbsp;&nbsp; 59½ – 61 | &nbsp;&nbsp; 4.80% | &nbsp;&nbsp; 5.00% | &nbsp;&nbsp; 5.20% | &nbsp;&nbsp; 5.40% | &nbsp;&nbsp; 5.60% | &nbsp;&nbsp; 5.80% | &nbsp;&nbsp; 6.00% | &nbsp;&nbsp; 6.20% | &nbsp;&nbsp; 6.40% | &nbsp;&nbsp; 6.60% | &nbsp;&nbsp; 6.80% |
| &nbsp;&nbsp; 62 – 66 | &nbsp;&nbsp; 5.30% | &nbsp;&nbsp; 5.50% | &nbsp;&nbsp; 5.70% | &nbsp;&nbsp; 5.90% | &nbsp;&nbsp; 6.10% | &nbsp;&nbsp; 6.30% | &nbsp;&nbsp; 6.50% | &nbsp;&nbsp; 6.70% | &nbsp;&nbsp; 6.90% | &nbsp;&nbsp; 7.10% | &nbsp;&nbsp; 7.30% |
| &nbsp;&nbsp; 67 – 71 | &nbsp;&nbsp; 5.80% | &nbsp;&nbsp; 6.00% | &nbsp;&nbsp; 6.20% | &nbsp;&nbsp; 6.40% | &nbsp;&nbsp; 6.60% | &nbsp;&nbsp; 6.80% | &nbsp;&nbsp; 7.00% | &nbsp;&nbsp; 7.20% | &nbsp;&nbsp; 7.40% | &nbsp;&nbsp; 7.60% | &nbsp;&nbsp; 7.80% |
| &nbsp;&nbsp; 72 – 76 | &nbsp;&nbsp; 6.30% | &nbsp;&nbsp; 6.50% | &nbsp;&nbsp; 6.70% | &nbsp;&nbsp; 6.90% | &nbsp;&nbsp; 7.10% | &nbsp;&nbsp; 7.30% | &nbsp;&nbsp; 7.50% | &nbsp;&nbsp; 7.70% | &nbsp;&nbsp; 7.90% | &nbsp;&nbsp; 8.10% | &nbsp;&nbsp; 8.30% |
| &nbsp;&nbsp; 77+ | &nbsp;&nbsp; 6.80% | &nbsp;&nbsp; 7.00% | &nbsp;&nbsp; 7.20% | &nbsp;&nbsp; 7.40% | &nbsp;&nbsp; 7.60% | &nbsp;&nbsp; 7.80% | &nbsp;&nbsp; 8.00% | &nbsp;&nbsp; 8.20% | &nbsp;&nbsp; 8.40% | &nbsp;&nbsp; 8.60% | &nbsp;&nbsp; 8.80% |

---

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**JOINT LIFE LIFETIME GUARANTEE RATES:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date |
|  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 10+ |
| &nbsp;&nbsp; Age Range | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates |
| &nbsp;&nbsp; 59½ – 61 | &nbsp;&nbsp; 4.25% | &nbsp;&nbsp; 4.45% | &nbsp;&nbsp; 4.65% | &nbsp;&nbsp; 4.85% | &nbsp;&nbsp; 5.05% | &nbsp;&nbsp; 5.25% | &nbsp;&nbsp; 5.45% | &nbsp;&nbsp; 5.65% | &nbsp;&nbsp; 5.85% | &nbsp;&nbsp; 6.05% | &nbsp;&nbsp; 6.25% |
| &nbsp;&nbsp; 62 – 66 | &nbsp;&nbsp; 4.75% | &nbsp;&nbsp; 4.95% | &nbsp;&nbsp; 5.15% | &nbsp;&nbsp; 5.35% | &nbsp;&nbsp; 5.55% | &nbsp;&nbsp; 5.75% | &nbsp;&nbsp; 5.95% | &nbsp;&nbsp; 6.15% | &nbsp;&nbsp; 6.35% | &nbsp;&nbsp; 6.55% | &nbsp;&nbsp; 6.75% |
| &nbsp;&nbsp; 67 – 71 | &nbsp;&nbsp; 5.25% | &nbsp;&nbsp; 5.45% | &nbsp;&nbsp; 5.65% | &nbsp;&nbsp; 5.85% | &nbsp;&nbsp; 6.05% | &nbsp;&nbsp; 6.25% | &nbsp;&nbsp; 6.45% | &nbsp;&nbsp; 6.65% | &nbsp;&nbsp; 6.85% | &nbsp;&nbsp; 7.05% | &nbsp;&nbsp; 7.25% |
| &nbsp;&nbsp; 72 – 76 | &nbsp;&nbsp; 5.75% | &nbsp;&nbsp; 5.95% | &nbsp;&nbsp; 6.15% | &nbsp;&nbsp; 6.35% | &nbsp;&nbsp; 6.55% | &nbsp;&nbsp; 6.75% | &nbsp;&nbsp; 6.95% | &nbsp;&nbsp; 7.15% | &nbsp;&nbsp; 7.35% | &nbsp;&nbsp; 7.55% | &nbsp;&nbsp; 7.75% |
| &nbsp;&nbsp; 77+ | &nbsp;&nbsp; 6.25% | &nbsp;&nbsp; 6.45% | &nbsp;&nbsp; 6.65% | &nbsp;&nbsp; 6.85% | &nbsp;&nbsp; 7.05% | &nbsp;&nbsp; 7.25% | &nbsp;&nbsp; 7.45% | &nbsp;&nbsp; 7.65% | &nbsp;&nbsp; 7.85% | &nbsp;&nbsp; 8.05% | &nbsp;&nbsp; 8.25% |

---

**CURRENT RETIREPAY CHARGES**

The current RetirePay Charges applicable to your Contract are as follows:

---

| | |
|:---|:---|
| **•** **Single Life Highest Anniversary Value Step-up Charge**<br>• **Joint Life Highest Anniversary Value Step-up Charge**<br>• **Single Life Highest Quarterly Value Step-up Charge**<br>• **Joint Life Highest Quarterly Value Step-up Charge** | **1.45%**<br>**1.45%**<br>**1.60%**<br>**1.60%** |

---

The amount that is deducted from your Contract Value is equal to the RetirePay Charge multiplied by the Benefit Base. We may increase the RetirePay Charges effective on any Contract Anniversary, with prior notice, but the charges will never exceed the maximum RetirePay Charge. The maximum charge and additional information about the RetirePay Charge can be found in the "Additional Benefits — MassMutual RetirePay<sup>SM</sup> — RetirePay Charge" section of the current MassMutual Envision prospectus.

**INVESTMENT ALLOCATION RESTRICTIONS**

While RetirePay is in effect, your investment allocations are restricted.

You must either be invested 100% in one of the MML Asset Allocation Sub-Accounts or invested 100% in the Custom Allocation Program.

**MML Asset Allocation Sub-Accounts:**

MML American Funds Core Allocation<br>MML Balanced Allocation<br>MML Blend<br>MML Conservative Allocation<br>MML Growth Allocation<br>MML iShares<sup>®</sup> 80/20 Allocation<br>MML iShares<sup>®</sup> 60/40 Allocation<br>MML Moderate Allocation

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**Custom Allocation Program:**

Multiple Sub-Accounts can be selected within each category. The total allocation for all Sub-Accounts within each category must be between the minimum and maximum allocation. The Contract Value in the Custom Allocation Program will be rebalanced based on your elected frequency. If no election is made, rebalancing will occur quarterly during each calendar year.

---

| | | |
|:---|:---|:---|
|  | **Minimum**<br>**Allocation** | **Maximum**<br>**Allocation** |
| &nbsp;&nbsp; Allocation Category 1 | 30% | 30% |
| &nbsp;&nbsp; <u>Available sub-accounts:</u><br>MML Dynamic Bond<br>MML Inflation-Protected and Income<br>MML Managed Bond<br>MML Short-Duration Bond<br>MML Total Return Bond<br>MML U.S. Government Money Market |  |  |
| &nbsp;&nbsp; Allocation Category 2 | 40% | 70% |
| &nbsp;&nbsp; <u>Available sub-accounts:</u><br>American Funds Insurance Series<sup>®</sup> Global Small Capitalization<br>American Funds Insurance Series<sup>®</sup> New World<sup>®</sup><br>American Funds Insurance Series<sup>®</sup> Washington Mutual Investors<br>Columbia Variable Portfolio - Contrarian Core<br>Janus Henderson Enterprise<br>Janus Henderson Overseas<br>Macquarie VIP Growth<br>MML American Funds Growth<br>MML Blue Chip Growth<br>MML Equity Income<br>MML Focused Equity<br>MML Foreign<br>MML Fundamental Equity<br>MML Fundamental Value<br>MML Global<br>MML High Yield<br>MML Income & Growth<br>MML International Equity<br>MML Large Cap Growth<br>MML Mid Cap Growth<br>MML Mid Cap Value<br>MML Small Cap Equity<br>MML Small Cap Growth Equity<br>MML Strategic Emerging Markets<br>Vest US Large Cap 10% Buffer Strategies VI |  |  |

---

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---

| | | |
|:---|:---|:---|
|  | **Minimum**<br>**Allocation** | **Maximum**<br>**Allocation** |
| &nbsp;&nbsp; Allocation Category 3 | 0% | 30% |
| &nbsp;&nbsp; <u>Available sub-accounts:</u><br>Fidelity<sup>®</sup> VIP Contrafund<sup>®</sup><br>Fidelity<sup>®</sup> VIP Health Care<br>Fidelity<sup>®</sup> VIP Overseas<br>Fidelity<sup>®</sup> VIP Real Estate<br>Fidelity<sup>®</sup> VIP Strategic Income<br>Invesco V.I. Global Strategic Income<br>Invesco V.I. Discovery Mid Cap Growth<br>Invesco V.I. Global<br>Invesco Oppenheimer V.I. International Growth<br>Janus Henderson Global Technology and Innovation<br>Macquarie VIP Asset Strategy<br>MML Equity<br>MML Equity Rotation<br>MML Small Company Value<br>MML Small/Mid Cap Value<br>MML Sustainable Equity<br>PIMCO Income Portfolio<br>|  |  |

---

If a requested change in your allocations or a transfer of any portion of your contract value does not comply with these investment restrictions, you will be required to terminate your RetirePay by written request before the allocation change or transfer can be processed. We reserve the right, upon thirty calendar days advance notice to you, to change the investment restrictions. If we change the investment restrictions, you must change your allocations to comply within thirty calendar days of the restrictions becoming effective, or we will terminate your RetirePay.

*If you have any questions regarding this Rate Sheet, please contact us toll free at (800) 272-2216.*

**Please keep this Rate Sheet for future reference.**

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**<u>FOR CONTRACTS ISSUED IN NEW YORK ONLY</u>**

**Rate Sheet Prospectus Supplement dated February 24, 2025**<br> **to the Prospectus dated April 29, 2024, as supplemented,**<br>**and the Initial Summary Prospectus dated April 29, 2024, as supplemented, for:**

**MassMutual Envision<sup>SM</sup>** **Variable Annuity**<br>*Issued by Massachusetts Mutual Life Insurance Company*<br>*Massachusetts Mutual Variable Annuity Separate Account 4*

**This Rate Sheet Prospectus Supplement ("Rate Sheet") should be read carefully and retained with the Prospectus dated April** **29, 2024, as supplemented, for the MassMutual Envision<sup>SM</sup>** **Variable Annuity. You may obtain a current Prospectus at** **www.MassMutual.com/Envision** **or by calling (800) 272-2216, sending an email request to ANNfax@MassMutual.com, or** **writing to MassMutual, PO Box 9067, Springfield, MA 01102-9067.**

We are issuing this Rate Sheet to update the following information regarding the MassMutual RetirePay<sup>SM</sup> Guaranteed Lifetime Withdrawal Benefit (RetirePay):

• Withdrawal
 Rates,

• RetirePay
 Charges, and

• Investment
 Allocation Restrictions

(collectively, referred to as the "RetirePay Terms.")

**The RetirePay Terms included in this Rate Sheet are effective for applications submitted on or after March 10, 2025 until a** **new Rate Sheet is issued that replaces and supersedes this Rate Sheet.**

This Rate Sheet replaces and supersedes any previously issued Rate Sheet. This Rate Sheet has no specified end date. This Rate Sheet must be used in conjunction with an effective MassMutual Envision<sup>SM</sup> Variable Annuity Prospectus. For complete information about RetirePay, see the "Additional Benefits — MassMutual RetirePay<sup>SM</sup>" section in the MassMutual Envision<sup>SM</sup> Variable Annuity Prospectus.

If we change the RetirePay Terms, we will issue a new Rate Sheet. In the event we issue a new Rate Sheet, we will provide at least 10 business days' notice of the effective date of the superseding Rate Sheet.

**Rate Sheet Eligibility Conditions**

Certain Rate Sheet eligibility conditions apply when we have issued a superseding Rate Sheet after you apply for your contract and prior to your issue date.

In order for the RetirePay Terms in this Rate Sheet to apply to your Contract, your necessary application information, including any applicable transfer form(s), must be submitted to an order entry system utilized to issue the Contract ("application submit date") on or after March 10, 2025 and prior to the effective date of the superseding Rate Sheet. *For purposes of this process, the application submit date is also defined to include the date the application is signed if a paper application is necessary.*

**Application Information Submitted with a Purchase Payment**

In addition to the submission of your necessary application information, we also require payment of at least the minimum initial Purchase Payment and the application information to be in Good Order within 10 business days after the application submit date.

If these Rate Sheet Eligibility Conditions are met, and the Contract is issued, the RetirePay Terms in this Rate Sheet will apply, unless a beneficial superseding rate sheet applies, as described under "Rate Sheet Comparison Process."

If these Rate Sheet Eligibility Conditions are not met, we will cancel the application and return your Purchase Payment.

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*<u>Application Information Submitted without a Purchase Payment</u>*

If you plan to pay the initial Purchase Payment with proceeds from an IRS Section 1035 exchange or direct transfer, your transfer form(s) and application information must be in Good Order within 10 Business Days after the application submit date. In addition, the initial Purchase Payment necessary to issue the Contract must be received within 90 calendar days after the application submit date.

If these Rate Sheet Eligibility Conditions are met, and the Contract is issued, the RetirePay Terms in this Rate Sheet will apply, unless a beneficial superseding rate sheet applies, as described under "Rate Sheet Comparison Process."

If these Rate Sheet Eligibility Conditions are not met, we will inform you and request instructions regarding whether to issue the Contract with the RetirePay Terms in effect under the superseding Rate Sheet or cancel the application.

If you have not provided us with the requested instructions within 2 business days after we have received your Purchase Payment, we will return your Purchase Payment to the original source.

The requirement to have the necessary application information in Good Order within 10 Business Days for application information received with a Purchase Payment or without a Purchase Payment includes completion of the broker-dealer suitability review.

**Rate Sheet Comparison Process**

Subject to satisfying the Rate Sheet Eligibility Conditions established in this Rate Sheet, if after your application submit date and prior to your Issue Date, a subsequent Rate Sheet is issued with only beneficial changes to the RetirePay Terms, the subsequent Rate Sheet will apply. The changes will be considered to be beneficial unless any of the following occurs:

• Withdrawal
 Rates have decreased,

• RetirePay
 Charges have increased, or

• Investment
 Allocation Restrictions have changed (unless the sole change to the Investment Allocation Restrictions is the addition
 of available investment options).

*For example, if the RetirePay Charges have increased, you will receive the RetirePay Terms included in the Rate Sheet in effect on your application submit date even if the Withdrawal Rates have increased in the subsequent Rate Sheet.*

You should not purchase RetirePay without first obtaining the applicable Rate Sheet. To obtain a current Rate Sheet:

• Contact
 your financial advisor

• Contact
 us toll-free at (800) 272-2216

• Go
 to www.MassMutual.com/Envision

On the Guaranteed Lifetime Withdrawal Date, we will determine the Withdrawal Rate using the number of full Contract Years from the RetirePay Issue Date until the Guaranteed Lifetime Withdrawal Date and the Age of the youngest Covered Person on the Guaranteed Lifetime Withdrawal Date. However, if the RetirePay Charge is increased and you elect the RetirePay Charge Increase Opt-Out prior to the youngest Covered Person attaining age 59½, the Withdrawal Rate is determined using the number of years from the RetirePay Issue Date until the effective date of the RetirePay Charge Increase Opt-Out, and the date the youngest Covered Person attains age 59½.

Once the contract is issued, the Withdrawal Rates applicable to your Contract below will not change for the life of your Contract.

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**SINGLE LIFE WITHDRAWAL RATES:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date |
|  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 10+ |
| &nbsp;&nbsp; Age Range | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates |
| &nbsp;&nbsp; 59½ – 61 | &nbsp;&nbsp; 4.35% | &nbsp;&nbsp; 4.55% | &nbsp;&nbsp; 4.75% | &nbsp;&nbsp; 4.95% | &nbsp;&nbsp; 5.15% | &nbsp;&nbsp; 5.35% | &nbsp;&nbsp; 5.55% | &nbsp;&nbsp; 5.75% | &nbsp;&nbsp; 5.95% | &nbsp;&nbsp; 6.15% | &nbsp;&nbsp; 6.35% |
| &nbsp;&nbsp; 62 – 66 | &nbsp;&nbsp; 5.00% | &nbsp;&nbsp; 5.20% | &nbsp;&nbsp; 5.40% | &nbsp;&nbsp; 5.60% | &nbsp;&nbsp; 5.80% | &nbsp;&nbsp; 6.00% | &nbsp;&nbsp; 6.20% | &nbsp;&nbsp; 6.40% | &nbsp;&nbsp; 6.60% | &nbsp;&nbsp; 6.80% | &nbsp;&nbsp; 7.00% |
| &nbsp;&nbsp; 67 – 71 | &nbsp;&nbsp; 5.65% | &nbsp;&nbsp; 5.85% | &nbsp;&nbsp; 6.05% | &nbsp;&nbsp; 6.25% | &nbsp;&nbsp; 6.45% | &nbsp;&nbsp; 6.65% | &nbsp;&nbsp; 6.85% | &nbsp;&nbsp; 7.05% | &nbsp;&nbsp; 7.25% | &nbsp;&nbsp; 7.45% | &nbsp;&nbsp; 7.65% |
| &nbsp;&nbsp; 72 – 76 | &nbsp;&nbsp; 6.30% | &nbsp;&nbsp; 6.50% | &nbsp;&nbsp; 6.70% | &nbsp;&nbsp; 6.90% | &nbsp;&nbsp; 7.10% | &nbsp;&nbsp; 7.30% | &nbsp;&nbsp; 7.50% | &nbsp;&nbsp; 7.70% | &nbsp;&nbsp; 7.90% | &nbsp;&nbsp; 8.10% | &nbsp;&nbsp; 8.30% |
| &nbsp;&nbsp; 77 – 81 | &nbsp;&nbsp; 6.95% | &nbsp;&nbsp; 7.15% | &nbsp;&nbsp; 7.35% | &nbsp;&nbsp; 7.55% | &nbsp;&nbsp; 7.75% | &nbsp;&nbsp; 7.95% | &nbsp;&nbsp; 8.15% | &nbsp;&nbsp; 8.35% | &nbsp;&nbsp; 8.55% | &nbsp;&nbsp; 8.75% | &nbsp;&nbsp; 9.00% |
| &nbsp;&nbsp; 82 – 86 |  |  | &nbsp;&nbsp; 8.75% | &nbsp;&nbsp; 8.95% | &nbsp;&nbsp; 9.15% | &nbsp;&nbsp; 9.35% | &nbsp;&nbsp; 9.55% | &nbsp;&nbsp; 9.75% | &nbsp;&nbsp; 9.95% | &nbsp;&nbsp; 10.15% | &nbsp;&nbsp; 10.40% |
| &nbsp;&nbsp; 87 – 91 |  |  |  |  |  |  |  | &nbsp;&nbsp; 11.15% | &nbsp;&nbsp; 11.35% | &nbsp;&nbsp; 11.55% | &nbsp;&nbsp; 11.80% |
| &nbsp;&nbsp; 92+ |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp; 13.25% |

---

**JOINT LIFE WITHDRAWAL RATES:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date |
|  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 10+ |
| &nbsp;&nbsp; Age Range | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates |
| &nbsp;&nbsp; 59½ – 61 | &nbsp;&nbsp; 3.80% | &nbsp;&nbsp; 4.00% | &nbsp;&nbsp; 4.20% | &nbsp;&nbsp; 4.40% | &nbsp;&nbsp; 4.60% | &nbsp;&nbsp; 4.80% | &nbsp;&nbsp; 5.00% | &nbsp;&nbsp; 5.20% | &nbsp;&nbsp; 5.40% | &nbsp;&nbsp; 5.60% | &nbsp;&nbsp; 5.80% |
| &nbsp;&nbsp; 62 – 66 | &nbsp;&nbsp; 4.45% | &nbsp;&nbsp; 4.65% | &nbsp;&nbsp; 4.85% | &nbsp;&nbsp; 5.05% | &nbsp;&nbsp; 5.25% | &nbsp;&nbsp; 5.45% | &nbsp;&nbsp; 5.65% | &nbsp;&nbsp; 5.85% | &nbsp;&nbsp; 6.05% | &nbsp;&nbsp; 6.25% | &nbsp;&nbsp; 6.45% |
| &nbsp;&nbsp; 67 – 71 | &nbsp;&nbsp; 5.10% | &nbsp;&nbsp; 5.30% | &nbsp;&nbsp; 5.50% | &nbsp;&nbsp; 5.70% | &nbsp;&nbsp; 5.90% | &nbsp;&nbsp; 6.10% | &nbsp;&nbsp; 6.30% | &nbsp;&nbsp; 6.50% | &nbsp;&nbsp; 6.70% | &nbsp;&nbsp; 6.90% | &nbsp;&nbsp; 7.10% |
| &nbsp;&nbsp; 72 – 76 | &nbsp;&nbsp; 5.75% | &nbsp;&nbsp; 5.95% | &nbsp;&nbsp; 6.15% | &nbsp;&nbsp; 6.35% | &nbsp;&nbsp; 6.55% | &nbsp;&nbsp; 6.75% | &nbsp;&nbsp; 6.95% | &nbsp;&nbsp; 7.15% | &nbsp;&nbsp; 7.35% | &nbsp;&nbsp; 7.55% | &nbsp;&nbsp; 7.75% |
| &nbsp;&nbsp; 77 – 81 | &nbsp;&nbsp; 6.40% | &nbsp;&nbsp; 6.60% | &nbsp;&nbsp; 6.80% | &nbsp;&nbsp; 7.00% | &nbsp;&nbsp; 7.20% | &nbsp;&nbsp; 7.40% | &nbsp;&nbsp; 7.60% | &nbsp;&nbsp; 7.80% | &nbsp;&nbsp; 8.00% | &nbsp;&nbsp; 8.20% | &nbsp;&nbsp; 8.45% |
| &nbsp;&nbsp; 82 – 86 |  |  | &nbsp;&nbsp; 8.20% | &nbsp;&nbsp; 8.40% | &nbsp;&nbsp; 8.60% | &nbsp;&nbsp; 8.80% | &nbsp;&nbsp; 9.00% | &nbsp;&nbsp; 9.20% | &nbsp;&nbsp; 9.40% | &nbsp;&nbsp; 9.60% | &nbsp;&nbsp; 9.85% |
| &nbsp;&nbsp; 87 – 91 |  |  |  |  |  |  |  | &nbsp;&nbsp; 10.60% | &nbsp;&nbsp; 10.80% | &nbsp;&nbsp; 11.00% | &nbsp;&nbsp; 11.25% |
| &nbsp;&nbsp; 92+ |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp; 12.70% |

---

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**CURRENT RETIREPAY CHARGES**

The current RetirePay Charges applicable to your Contract are as follows:

---

| | |
|:---|:---|
| **•** **Single Life Highest Anniversary Value Step-up Charge**<br>• **Joint Life Highest Anniversary Value Step-up Charge**<br>• **Single Life Highest Quarterly Value Step-up Charge**<br>• **Joint Life Highest Quarterly Value Step-up Charge** | **1.45%**<br>**1.45%**<br>**1.60%**<br>**1.60%** |

---

The amount that is deducted from your Contract Value is equal to the RetirePay Charge multiplied by the Benefit Base. We may increase the RetirePay Charges effective on any Contract Anniversary, with prior notice, but the charges will never exceed the maximum RetirePay Charge. The maximum charge and additional information about the RetirePay Charge can be found in the "Additional Benefits — MassMutual RetirePay<sup>SM</sup> — RetirePay Charge" section of the current MassMutual Envision prospectus.

**INVESTMENT ALLOCATION RESTRICTIONS**

While RetirePay is in effect, your investment allocations are restricted.

You must either be invested 100% in one of the MML Asset Allocation Sub-Accounts or invested 100% in the Custom Allocation Program.

**MML Asset Allocation Sub-Accounts:**

MML American Funds Core Allocation<br>MML Balanced Allocation<br>MML Blend<br>MML Conservative Allocation<br>MML Growth Allocation<br>MML iShares<sup>®</sup> 80/20 Allocation<br>MML iShares<sup>®</sup> 60/40 Allocation<br>MML Moderate Allocation

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**Custom Allocation Program:**

Multiple Sub-Accounts can be selected within each category. The total allocation for all Sub-Accounts within each category must be between the minimum and maximum allocation. The Contract Value in the Custom Allocation Program will be rebalanced based on your elected frequency. If no election is made, rebalancing will occur quarterly during each calendar year.

---

| | | |
|:---|:---|:---|
|  | **Minimum**<br>**Allocation** | **Maximum**<br>**Allocation** |
| &nbsp;&nbsp; Allocation Category 1 | 30% | 30% |
| &nbsp;&nbsp; <u>Available sub-accounts:</u><br>MML Dynamic Bond<br>MML Inflation-Protected and Income<br>MML Managed Bond<br>MML Short-Duration Bond<br>MML Total Return Bond<br>MML U.S. Government Money Market |  |  |
| &nbsp;&nbsp; Allocation Category 2 | 40% | 70% |
| &nbsp;&nbsp; <u>Available sub-accounts:</u><br>American Funds Insurance Series<sup>®</sup> Global Small Capitalization<br>American Funds Insurance Series<sup>®</sup> New World<sup>®</sup><br>American Funds Insurance Series<sup>®</sup> Washington Mutual Investors<br>Columbia Variable Portfolio - Contrarian Core<br>Janus Henderson Enterprise<br>Janus Henderson Overseas<br>Macquarie VIP Growth<br>MML American Funds Growth<br>MML Blue Chip Growth<br>MML Equity Income<br>MML Focused Equity<br>MML Foreign<br>MML Fundamental Equity<br>MML Fundamental Value<br>MML Global<br>MML High Yield<br>MML Income & Growth<br>MML International Equity<br>MML Large Cap Growth<br>MML Mid Cap Growth<br>MML Mid Cap Value<br>MML Small Cap Equity<br>MML Small Cap Growth Equity<br>MML Strategic Emerging Markets |  |  |

---

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---

| | | |
|:---|:---|:---|
|  | **Minimum**<br>**Allocation** | **Maximum**<br>**Allocation** |
| &nbsp;&nbsp; Allocation Category 3 | 0% | 30% |
| &nbsp;&nbsp; <u>Available sub-accounts:</u><br>Fidelity<sup>®</sup> VIP Contrafund<sup>®</sup><br>Fidelity<sup>®</sup> VIP Health Care<br>Fidelity<sup>®</sup> VIP Overseas<br>Fidelity<sup>®</sup> VIP Real Estate<br>Fidelity<sup>®</sup> VIP Strategic Income<br>Invesco V.I. Global Strategic Income<br>Invesco V.I. Discovery Mid Cap Growth<br>Invesco V.I. Global<br>Invesco Oppenheimer V.I. International Growth<br>Janus Henderson Global Technology and Innovation<br>Macquarie VIP Asset Strategy<br>MML Equity<br>MML Equity Rotation<br>MML Small Company Value<br>MML Small/Mid Cap Value<br>MML Sustainable Equity<br>PIMCO Income Portfolio |  |  |

---

If a requested change in your allocations or a transfer of any portion of your contract value does not comply with these investment restrictions, you will be required to terminate your RetirePay by written request before the allocation change or transfer can be processed. We reserve the right, upon thirty calendar days advance notice to you, to change the investment restrictions. No change will be made without prior approval of the New York State Department of Financial Services. If we change the investment restrictions, you must change your allocations to comply within thirty calendar days of the restrictions becoming effective, or we will terminate your RetirePay.

*If you have any questions regarding this Rate Sheet, please contact us toll free at (800) 272-2216.*

**Please keep this Rate Sheet for future reference.**

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**<u>FOR CONTRACTS ISSUED IN ALL STATES EXCEPT NEW YORK</u>**

**Rate Sheet Prospectus Supplement dated April 29, 2024 to the Prospectus dated April 29, 2024**<br>**and the Initial Summary Prospectus dated April 29, 2024 for**<br>**MassMutual Envision<sup>SM</sup>** **Variable Annuity Issued by Massachusetts Mutual Life Insurance Company**<br>**Massachusetts Mutual Variable Annuity Separate Account 4**

***This Rate Sheet Prospectus Supplement ("Rate Sheet") should be read carefully and retained with the Prospectus dated*** ***April 29, 2024 for the*** **MassMutual Envision<sup>SM</sup>** **Variable Annuity.** **You may obtain a current Prospectus at** **www.MassMutual.com/Envision or by calling (800) 272-2216, sending an email request to ANNfax@MassMutual.com, or** **writing to MassMutual, PO Box 9067, Springfield, MA 01102-9067.**

We are issuing this Rate Sheet to update the following information regarding the MassMutual RetirePay<sup>SM</sup> Guaranteed Lifetime Withdrawal Benefit (RetirePay):

• Withdrawal
 Rates,

• Lifetime
 Guarantee Rates,

• RetirePay
 Charges, and

• Investment
 Allocation Restrictions

(collectively, referred to as the "RetirePay Terms.")

**The RetirePay Terms included in this Rate Sheet are effective for applications submitted on or after April 29, 2024 until a new** **Rate Sheet is issued that replaces and supersedes this Rate Sheet.**

This Rate Sheet replaces and supersedes any previously issued Rate Sheet. This Rate Sheet has no specified end date. This Rate Sheet must be used in conjunction with an effective MassMutual Envision<sup>SM</sup> Variable Annuity Prospectus. For complete information about RetirePay, see the "Additional Benefits — MassMutual RetirePay<sup>SM</sup>" section in the MassMutual Envision<sup>SM</sup> Variable Annuity Prospectus.

If we change the RetirePay Terms, we will issue a new Rate Sheet. In the event we issue a new Rate Sheet, we will provide at least 10 business days' notice of the effective date of the superseding Rate Sheet.

**Rate Sheet Eligibility Conditions**

Certain Rate Sheet eligibility conditions apply when we have issued a superseding Rate Sheet after you apply for your contract and prior to your issue date.

In order for the RetirePay Terms in this Rate Sheet to apply to your Contract, your necessary application information, including any applicable transfer form(s), must be submitted to an order entry system utilized to issue the Contract ("application submit date") on or after April 29, 2024 and prior to the effective date of the superseding Rate Sheet. *For purposes of this process, the application submit date is also defined to include the date the application is signed if a paper application is necessary.*

*<u>Application Information Submitted with a Purchase Payment</u>*

In addition to the submission of your necessary application information, we also require payment of at least the minimum initial Purchase Payment and the application information to be in Good Order within 10 business days after the application submit date.

If these Rate Sheet Eligibility Conditions are met, and the Contract is issued, the RetirePay Terms in this Rate Sheet will apply, unless a beneficial superseding rate sheet applies, as described under "Rate Sheet Comparison Process."

If these Rate Sheet Eligibility Conditions are not met, we will cancel the application and return your Purchase Payment.

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*<u>Application Information Submitted without a Purchase Payment</u>*

If you plan to pay the initial Purchase Payment with proceeds from an IRS Section 1035 exchange or direct transfer, your transfer form(s) and application information must be in Good Order within 10 Business Days after the application submit date. In addition, the initial Purchase Payment necessary to issue the Contract must be received within 90 calendar days after the application submit date.

If these Rate Sheet Eligibility Conditions are met, and the Contract is issued, the RetirePay Terms in this Rate Sheet will apply, unless a beneficial superseding rate sheet applies, as described under "Rate Sheet Comparison Process."

If these Rate Sheet Eligibility Conditions are not met, we will inform you and request instructions regarding whether to issue the Contract with the RetirePay Terms in effect under the superseding Rate Sheet or cancel the application.

If you have not provided us with the requested instructions within 2 business days after we have received your Purchase Payment, we will return your Purchase Payment to the original source.

The requirement to have the necessary application information in Good Order within 10 Business Days for application information received with a Purchase Payment or without a Purchase Payment includes completion of the broker-dealer suitability review.

**Rate Sheet Comparison Process**

Subject to satisfying the Rate Sheet Eligibility Conditions established in this Rate Sheet, if after your application submit date and prior to your Issue Date, a subsequent Rate Sheet is issued with only beneficial changes to the RetirePay Terms, the subsequent Rate Sheet will apply. The changes will be considered to be beneficial unless any of the following occurs:

• Withdrawal
 Rates and/or Lifetime Guarantee Rates have decreased,

• RetirePay
 Charges have increased, or

• Investment
 Allocation Restrictions have changed (unless the sole change to the Investment Allocation Restrictions is the addition
 of available investment options).

*For example, if the RetirePay Charges have increased, you will receive the RetirePay Terms included in the Rate Sheet in effect on your application submit date even if the Withdrawal Rates and/or Lifetime Guarantee Rates have increased in the subsequent Rate Sheet.*

You should not purchase RetirePay without first obtaining the applicable Rate Sheet. To obtain a current Rate Sheet:

• Contact
 your financial advisor

• Contact
 us toll-free at (800) 272-2216

• Go
 to www.MassMutual.com/Envision

On the Guaranteed Lifetime Withdrawal Date, we will determine the Withdrawal Rate and the Lifetime Guarantee Rate using the number of full Contract Years from the RetirePay Issue Date until the Guaranteed Lifetime Withdrawal Date and the Age of the youngest Covered Person on the Guaranteed Lifetime Withdrawal Date. However, if the RetirePay Charge is increased and you elect the RetirePay Charge Increase Opt-Out prior to the youngest Covered Person attaining age 59½, the Withdrawal Rate is determined using the number of years from the RetirePay Issue Date until the effective date of the RetirePay Charge Increase Opt-Out, and the date the youngest Covered Person attains age 59½.

The Withdrawal Rate applies when your Contract Value is greater than zero. The Lifetime Guarantee Rate applies when your Contract Value is zero. Once the contract is issued, the Withdrawal Rates and the Lifetime Guarantee Rates applicable to your Contract below will not change for the life of your Contract.

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**SINGLE LIFE WITHDRAWAL RATES:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date |
|  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 10+ |
| &nbsp;&nbsp; Age Range | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates |
| &nbsp;&nbsp; 59½ – 61 | &nbsp;&nbsp; 4.65% | &nbsp;&nbsp; 4.85% | &nbsp;&nbsp; 5.05% | &nbsp;&nbsp; 5.25% | &nbsp;&nbsp; 5.45% | &nbsp;&nbsp; 5.65% | &nbsp;&nbsp; 5.85% | &nbsp;&nbsp; 6.05% | &nbsp;&nbsp; 6.25% | &nbsp;&nbsp; 6.45% | &nbsp;&nbsp; 6.65% |
| &nbsp;&nbsp; 62 – 66 | &nbsp;&nbsp; 5.15% | &nbsp;&nbsp; 5.35% | &nbsp;&nbsp; 5.55% | &nbsp;&nbsp; 5.75% | &nbsp;&nbsp; 5.95% | &nbsp;&nbsp; 6.15% | &nbsp;&nbsp; 6.35% | &nbsp;&nbsp; 6.55% | &nbsp;&nbsp; 6.75% | &nbsp;&nbsp; 6.95% | &nbsp;&nbsp; 7.15% |
| &nbsp;&nbsp; 67 – 71 | &nbsp;&nbsp; 5.65% | &nbsp;&nbsp; 5.85% | &nbsp;&nbsp; 6.05% | &nbsp;&nbsp; 6.25% | &nbsp;&nbsp; 6.45% | &nbsp;&nbsp; 6.65% | &nbsp;&nbsp; 6.85% | &nbsp;&nbsp; 7.05% | &nbsp;&nbsp; 7.25% | &nbsp;&nbsp; 7.45% | &nbsp;&nbsp; 7.65% |
| &nbsp;&nbsp; 72 – 76 | &nbsp;&nbsp; 6.15% | &nbsp;&nbsp; 6.35% | &nbsp;&nbsp; 6.55% | &nbsp;&nbsp; 6.75% | &nbsp;&nbsp; 6.95% | &nbsp;&nbsp; 7.15% | &nbsp;&nbsp; 7.35% | &nbsp;&nbsp; 7.55% | &nbsp;&nbsp; 7.75% | &nbsp;&nbsp; 7.95% | &nbsp;&nbsp; 8.15% |
| &nbsp;&nbsp; 77+ | &nbsp;&nbsp; 6.65% | &nbsp;&nbsp; 6.85% | &nbsp;&nbsp; 7.05% | &nbsp;&nbsp; 7.25% | &nbsp;&nbsp; 7.45% | &nbsp;&nbsp; 7.65% | &nbsp;&nbsp; 7.85% | &nbsp;&nbsp; 8.05% | &nbsp;&nbsp; 8.25% | &nbsp;&nbsp; 8.45% | &nbsp;&nbsp; 8.65% |

---

**JOINT LIFE WITHDRAWAL RATES:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date |
|  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 10+ |
| &nbsp;&nbsp; Age Range | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates |
| &nbsp;&nbsp; 59½ – 61 | &nbsp;&nbsp; 4.10% | &nbsp;&nbsp; 4.30% | &nbsp;&nbsp; 4.50% | &nbsp;&nbsp; 4.70% | &nbsp;&nbsp; 4.90% | &nbsp;&nbsp; 5.10% | &nbsp;&nbsp; 5.30% | &nbsp;&nbsp; 5.50% | &nbsp;&nbsp; 5.70% | &nbsp;&nbsp; 5.90% | &nbsp;&nbsp; 6.10% |
| &nbsp;&nbsp; 62 – 66 | &nbsp;&nbsp; 4.60% | &nbsp;&nbsp; 4.80% | &nbsp;&nbsp; 5.00% | &nbsp;&nbsp; 5.20% | &nbsp;&nbsp; 5.40% | &nbsp;&nbsp; 5.60% | &nbsp;&nbsp; 5.80% | &nbsp;&nbsp; 6.00% | &nbsp;&nbsp; 6.20% | &nbsp;&nbsp; 6.40% | &nbsp;&nbsp; 6.60% |
| &nbsp;&nbsp; 67 – 71 | &nbsp;&nbsp; 5.10% | &nbsp;&nbsp; 5.30% | &nbsp;&nbsp; 5.50% | &nbsp;&nbsp; 5.70% | &nbsp;&nbsp; 5.90% | &nbsp;&nbsp; 6.10% | &nbsp;&nbsp; 6.30% | &nbsp;&nbsp; 6.50% | &nbsp;&nbsp; 6.70% | &nbsp;&nbsp; 6.90% | &nbsp;&nbsp; 7.10% |
| &nbsp;&nbsp; 72 – 76 | &nbsp;&nbsp; 5.60% | &nbsp;&nbsp; 5.80% | &nbsp;&nbsp; 6.00% | &nbsp;&nbsp; 6.20% | &nbsp;&nbsp; 6.40% | &nbsp;&nbsp; 6.60% | &nbsp;&nbsp; 6.80% | &nbsp;&nbsp; 7.00% | &nbsp;&nbsp; 7.20% | &nbsp;&nbsp; 7.40% | &nbsp;&nbsp; 7.60% |
| &nbsp;&nbsp; 77+ | &nbsp;&nbsp; 6.10% | &nbsp;&nbsp; 6.30% | &nbsp;&nbsp; 6.50% | &nbsp;&nbsp; 6.70% | &nbsp;&nbsp; 6.90% | &nbsp;&nbsp; 7.10% | &nbsp;&nbsp; 7.30% | &nbsp;&nbsp; 7.50% | &nbsp;&nbsp; 7.70% | &nbsp;&nbsp; 7.90% | &nbsp;&nbsp; 8.10% |

---

**SINGLE LIFE LIFETIME GUARANTEE RATES:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date |
|  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 10+ |
| &nbsp;&nbsp; Age Range | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates |
| &nbsp;&nbsp; 59½ – 61 | &nbsp;&nbsp; 4.65% | &nbsp;&nbsp; 4.85% | &nbsp;&nbsp; 5.05% | &nbsp;&nbsp; 5.25% | &nbsp;&nbsp; 5.45% | &nbsp;&nbsp; 5.65% | &nbsp;&nbsp; 5.85% | &nbsp;&nbsp; 6.05% | &nbsp;&nbsp; 6.25% | &nbsp;&nbsp; 6.45% | &nbsp;&nbsp; 6.65% |
| &nbsp;&nbsp; 62 – 66 | &nbsp;&nbsp; 5.15% | &nbsp;&nbsp; 5.35% | &nbsp;&nbsp; 5.55% | &nbsp;&nbsp; 5.75% | &nbsp;&nbsp; 5.95% | &nbsp;&nbsp; 6.15% | &nbsp;&nbsp; 6.35% | &nbsp;&nbsp; 6.55% | &nbsp;&nbsp; 6.75% | &nbsp;&nbsp; 6.95% | &nbsp;&nbsp; 7.15% |
| &nbsp;&nbsp; 67 – 71 | &nbsp;&nbsp; 5.65% | &nbsp;&nbsp; 5.85% | &nbsp;&nbsp; 6.05% | &nbsp;&nbsp; 6.25% | &nbsp;&nbsp; 6.45% | &nbsp;&nbsp; 6.65% | &nbsp;&nbsp; 6.85% | &nbsp;&nbsp; 7.05% | &nbsp;&nbsp; 7.25% | &nbsp;&nbsp; 7.45% | &nbsp;&nbsp; 7.65% |
| &nbsp;&nbsp; 72 – 76 | &nbsp;&nbsp; 6.15% | &nbsp;&nbsp; 6.35% | &nbsp;&nbsp; 6.55% | &nbsp;&nbsp; 6.75% | &nbsp;&nbsp; 6.95% | &nbsp;&nbsp; 7.15% | &nbsp;&nbsp; 7.35% | &nbsp;&nbsp; 7.55% | &nbsp;&nbsp; 7.75% | &nbsp;&nbsp; 7.95% | &nbsp;&nbsp; 8.15% |
| &nbsp;&nbsp; 77+ | &nbsp;&nbsp; 6.65% | &nbsp;&nbsp; 6.85% | &nbsp;&nbsp; 7.05% | &nbsp;&nbsp; 7.25% | &nbsp;&nbsp; 7.45% | &nbsp;&nbsp; 7.65% | &nbsp;&nbsp; 7.85% | &nbsp;&nbsp; 8.05% | &nbsp;&nbsp; 8.25% | &nbsp;&nbsp; 8.45% | &nbsp;&nbsp; 8.65% |

---

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**JOINT LIFE LIFETIME GUARANTEE RATES:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date |
|  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 10+ |
| &nbsp;&nbsp; Age Range | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates |
| &nbsp;&nbsp; 59½ – 61 | &nbsp;&nbsp; 4.10% | &nbsp;&nbsp; 4.30% | &nbsp;&nbsp; 4.50% | &nbsp;&nbsp; 4.70% | &nbsp;&nbsp; 4.90% | &nbsp;&nbsp; 5.10% | &nbsp;&nbsp; 5.30% | &nbsp;&nbsp; 5.50% | &nbsp;&nbsp; 5.70% | &nbsp;&nbsp; 5.90% | &nbsp;&nbsp; 6.10% |
| &nbsp;&nbsp; 62 – 66 | &nbsp;&nbsp; 4.60% | &nbsp;&nbsp; 4.80% | &nbsp;&nbsp; 5.00% | &nbsp;&nbsp; 5.20% | &nbsp;&nbsp; 5.40% | &nbsp;&nbsp; 5.60% | &nbsp;&nbsp; 5.80% | &nbsp;&nbsp; 6.00% | &nbsp;&nbsp; 6.20% | &nbsp;&nbsp; 6.40% | &nbsp;&nbsp; 6.60% |
| &nbsp;&nbsp; 67 – 71 | &nbsp;&nbsp; 5.10% | &nbsp;&nbsp; 5.30% | &nbsp;&nbsp; 5.50% | &nbsp;&nbsp; 5.70% | &nbsp;&nbsp; 5.90% | &nbsp;&nbsp; 6.10% | &nbsp;&nbsp; 6.30% | &nbsp;&nbsp; 6.50% | &nbsp;&nbsp; 6.70% | &nbsp;&nbsp; 6.90% | &nbsp;&nbsp; 7.10% |
| &nbsp;&nbsp; 72 – 76 | &nbsp;&nbsp; 5.60% | &nbsp;&nbsp; 5.80% | &nbsp;&nbsp; 6.00% | &nbsp;&nbsp; 6.20% | &nbsp;&nbsp; 6.40% | &nbsp;&nbsp; 6.60% | &nbsp;&nbsp; 6.80% | &nbsp;&nbsp; 7.00% | &nbsp;&nbsp; 7.20% | &nbsp;&nbsp; 7.40% | &nbsp;&nbsp; 7.60% |
| &nbsp;&nbsp; 77+ | &nbsp;&nbsp; 6.10% | &nbsp;&nbsp; 6.30% | &nbsp;&nbsp; 6.50% | &nbsp;&nbsp; 6.70% | &nbsp;&nbsp; 6.90% | &nbsp;&nbsp; 7.10% | &nbsp;&nbsp; 7.30% | &nbsp;&nbsp; 7.50% | &nbsp;&nbsp; 7.70% | &nbsp;&nbsp; 7.90% | &nbsp;&nbsp; 8.10% |

---

**CURRENT RETIREPAY CHARGES**

The current RetirePay Charges applicable to your Contract are as follows:

---

| | |
|:---|:---|
| **•** **Single Life Highest Anniversary Value Step-up Charge**<br>• **Joint Life Highest Anniversary Value Step-up Charge**<br>• **Single Life Highest Quarterly Value Step-up Charge**<br>• **Joint Life Highest Quarterly Value Step-up Charge** | **1.45%**<br>**1.45%**<br>**1.60%**<br>**1.60%** |

---

The amount that is deducted from your Contract Value is equal to the RetirePay Charge multiplied by the Benefit Base. We may increase the RetirePay Charges effective on any Contract Anniversary, with prior notice, but the charges will never exceed the maximum RetirePay Charge. The maximum charge and additional information about the RetirePay Charge can be found in the "Additional Benefits — MassMutual RetirePay<sup>SM</sup> — RetirePay Charge" section of the current MassMutual Envision prospectus.

**INVESTMENT ALLOCATION RESTRICTIONS**

While RetirePay is in effect, your investment allocations are restricted.

You must either be invested 100% in one of the MML Asset Allocation Sub-Accounts or invested 100% in the Custom Allocation Program.

**MML Asset Allocation Sub-Accounts:**

MML American Funds Core Allocation<br>MML Balanced Allocation<br>MML Blend<br>MML Conservative Allocation<br>MML Growth Allocation<br>MML iShares<sup>®</sup> 80/20 Allocation<br>MML iShares<sup>®</sup> 60/40 Allocation<br>MML Moderate Allocation

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**Custom Allocation Program:**

Multiple Sub-Accounts can be selected within each category. The total allocation for all Sub-Accounts within each category must be between the minimum and maximum allocation. The Contract Value in the Custom Allocation Program will be rebalanced based on your elected frequency. If no election is made, rebalancing will occur quarterly during each calendar year.

---

| | | |
|:---|:---|:---|
|  | **Minimum**<br>**Allocation** | **Maximum**<br>**Allocation** |
| &nbsp;&nbsp; Allocation Category 1 | 30% | 30% |
| &nbsp;&nbsp; <u>Available sub-accounts:</u><br>MML Dynamic Bond<br>MML Inflation-Protected and Income<br>MML Managed Bond<br>MML Short-Duration Bond<br>MML Total Return Bond<br>MML U.S. Government Money Market |  |  |
| &nbsp;&nbsp; Allocation Category 2 | 40% | 70% |
| &nbsp;&nbsp; <u>Available sub-accounts:</u><br>American Funds Insurance Series<sup>®</sup> Global Small Capitalization<br>American Funds Insurance Series<sup>®</sup> New World<sup>®</sup><br>American Funds Insurance Series<sup>®</sup> Washington Mutual Investors<br>Columbia Variable Portfolio - Contrarian Core<br>Janus Henderson Enterprise<br>Janus Henderson Overseas<br>Macquarie VIP Growth<br>MML American Funds Growth<br>MML Blue Chip Growth<br>MML Equity Income<br>MML Focused Equity<br>MML Foreign<br>MML Fundamental Equity<br>MML Fundamental Value<br>MML Global<br>MML High Yield<br>MML Income & Growth<br>MML International Equity<br>MML Large Cap Growth<br>MML Mid Cap Growth<br>MML Mid Cap Value<br>MML Small Cap Equity<br>MML Small Cap Growth Equity<br>MML Strategic Emerging Markets<br>Vest US Large Cap 10% Buffer Strategies VI |  |  |

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---

| | | |
|:---|:---|:---|
|  | **Minimum**<br>**Allocation** | **Maximum**<br>**Allocation** |
| &nbsp;&nbsp; Allocation Category 3 | 0% | 30% |
| &nbsp;&nbsp; <u>Available sub-accounts:</u><br>Fidelity<sup>®</sup> VIP Contrafund<sup>®</sup><br>Fidelity<sup>®</sup> VIP Health Care<br>Fidelity<sup>®</sup> VIP Overseas<br>Fidelity<sup>®</sup> VIP Real Estate<br>Fidelity<sup>®</sup> VIP Strategic Income<br>Invesco V.I. Global Strategic Income<br>Invesco V.I. Discovery Mid Cap Growth<br>Invesco V.I. Global<br>Invesco Oppenheimer V.I. International Growth<br>Janus Henderson Global Technology and Innovation<br>Macquarie VIP Asset Strategy<br>MML Equity<br>MML Equity Rotation<br>MML Small Company Value<br>MML Small/Mid Cap Value<br>MML Sustainable Equity<br>PIMCO Income Portfolio<br>|  |  |

---

If a requested change in your allocations or a transfer of any portion of your contract value does not comply with these investment restrictions, you will be required to terminate your RetirePay by written request before the allocation change or transfer can be processed. We reserve the right, upon thirty calendar days advance notice to you, to change the investment restrictions. If we change the investment restrictions, you must change your allocations to comply within thirty calendar days of the restrictions becoming effective, or we will terminate your RetirePay.

*If you have any questions regarding this Rate Sheet, please contact us toll free at (800) 272-2216.*

**Please keep this Rate Sheet for future reference.**

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**<u>FOR CONTRACTS ISSUED IN NEW YORK ONLY</u>**

**Rate Sheet Prospectus Supplement dated April 29, 2024 to the Prospectus dated April 29, 2024**<br>**and the Initial Summary Prospectus dated April 29, 2024 for**<br>**MassMutual Envision<sup>SM</sup>** **Variable Annuity Issued by Massachusetts Mutual Life Insurance Company**<br>**Massachusetts Mutual Variable Annuity Separate Account 4**

***This Rate Sheet Prospectus Supplement ("Rate Sheet") should be read carefully and retained with the Prospectus dated*** ***April 29, 2024 for the*** **MassMutual Envision<sup>SM</sup>** **Variable Annuity.** **You may obtain a current Prospectus at** **www.MassMutual.com/Envision or by calling (800) 272-2216, sending an email request to ANNfax@MassMutual.com, or** **writing to MassMutual, PO Box 9067, Springfield, MA 01102-9067.**

We are issuing this Rate Sheet to update the following information regarding the MassMutual RetirePay<sup>SM</sup> Guaranteed Lifetime Withdrawal Benefit (RetirePay):

• Withdrawal
 Rates,

• RetirePay
 Charges, and

• Investment
 Allocation Restrictions

(collectively, referred to as the "RetirePay Terms.")

**The RetirePay Terms included in this Rate Sheet are effective for applications submitted on or after April 29, 2024 until a new** **Rate Sheet is issued that replaces and supersedes this Rate Sheet.**

This Rate Sheet replaces and supersedes any previously issued Rate Sheet. This Rate Sheet has no specified end date. This Rate Sheet must be used in conjunction with an effective MassMutual Envision<sup>SM</sup> Variable Annuity Prospectus. For complete information about RetirePay, see the "Additional Benefits — MassMutual RetirePay<sup>SM</sup>" section in the MassMutual Envision<sup>SM</sup> Variable Annuity Prospectus.

If we change the RetirePay Terms, we will issue a new Rate Sheet. In the event we issue a new Rate Sheet, we will provide at least 10 business days' notice of the effective date of the superseding Rate Sheet.

**Rate Sheet Eligibility Conditions**

Certain Rate Sheet eligibility conditions apply when we have issued a superseding Rate Sheet after you apply for your contract and prior to your issue date.

In order for the RetirePay Terms in this Rate Sheet to apply to your Contract, your necessary application information, including any applicable transfer form(s), must be submitted to an order entry system utilized to issue the Contract ("application submit date") on or after April 29, 2024 and prior to the effective date of the superseding Rate Sheet. *For purposes of this process, the application submit date is also defined to include the date the application is signed if a paper application is necessary.*

**Application Information Submitted with a Purchase Payment**

In addition to the submission of your necessary application information, we also require payment of at least the minimum initial Purchase Payment and the application information to be in Good Order within 10 business days after the application submit date.

If these Rate Sheet Eligibility Conditions are met, and the Contract is issued, the RetirePay Terms in this Rate Sheet will apply, unless a beneficial superseding rate sheet applies, as described under "Rate Sheet Comparison Process."

If these Rate Sheet Eligibility Conditions are not met, we will cancel the application and return your Purchase Payment.

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*<u>Application Information Submitted without a Purchase Payment</u>*

If you plan to pay the initial Purchase Payment with proceeds from an IRS Section 1035 exchange or direct transfer, your transfer form(s) and application information must be in Good Order within 10 Business Days after the application submit date. In addition, the initial Purchase Payment necessary to issue the Contract must be received within 90 calendar days after the application submit date.

If these Rate Sheet Eligibility Conditions are met, and the Contract is issued, the RetirePay Terms in this Rate Sheet will apply, unless a beneficial superseding rate sheet applies, as described under "Rate Sheet Comparison Process."

If these Rate Sheet Eligibility Conditions are not met, we will inform you and request instructions regarding whether to issue the Contract with the RetirePay Terms in effect under the superseding Rate Sheet or cancel the application.

If you have not provided us with the requested instructions within 2 business days after we have received your Purchase Payment, we will return your Purchase Payment to the original source.

The requirement to have the necessary application information in Good Order within 10 Business Days for application information received with a Purchase Payment or without a Purchase Payment includes completion of the broker-dealer suitability review.

**Rate Sheet Comparison Process**

Subject to satisfying the Rate Sheet Eligibility Conditions established in this Rate Sheet, if after your application submit date and prior to your Issue Date, a subsequent Rate Sheet is issued with only beneficial changes to the RetirePay Terms, the subsequent Rate Sheet will apply. The changes will be considered to be beneficial unless any of the following occurs:

• Withdrawal
 Rates have decreased,

• RetirePay
 Charges have increased, or

• Investment
 Allocation Restrictions have changed (unless the sole change to the Investment Allocation Restrictions is the addition
 of available investment options).

*For example, if the RetirePay Charges have increased, you will receive the RetirePay Terms included in the Rate Sheet in effect on your application submit date even if the Withdrawal Rates have increased in the subsequent Rate Sheet.*

You should not purchase RetirePay without first obtaining the applicable Rate Sheet. To obtain a current Rate Sheet:

• Contact
 your financial advisor

• Contact
 us toll-free at (800) 272-2216

• Go
 to www.MassMutual.com/Envision

On the Guaranteed Lifetime Withdrawal Date, we will determine the Withdrawal Rate using the number of full Contract Years from the RetirePay Issue Date until the Guaranteed Lifetime Withdrawal Date and the Age of the youngest Covered Person on the Guaranteed Lifetime Withdrawal Date. However, if the RetirePay Charge is increased and you elect the RetirePay Charge Increase Opt-Out prior to the youngest Covered Person attaining age 59½, the Withdrawal Rate is determined using the number of years from the RetirePay Issue Date until the effective date of the RetirePay Charge Increase Opt-Out, and the date the youngest Covered Person attains age 59½.

Once the contract is issued, the Withdrawal Rates applicable to your Contract below will not change for the life of your Contract.

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**SINGLE LIFE WITHDRAWAL RATES:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date |
|  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 10+ |
| &nbsp;&nbsp; Age Range | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates |
| &nbsp;&nbsp; 59½ – 61 | &nbsp;&nbsp; 4.20% | &nbsp;&nbsp; 4.40% | &nbsp;&nbsp; 4.60% | &nbsp;&nbsp; 4.80% | &nbsp;&nbsp; 5.00% | &nbsp;&nbsp; 5.20% | &nbsp;&nbsp; 5.40% | &nbsp;&nbsp; 5.60% | &nbsp;&nbsp; 5.80% | &nbsp;&nbsp; 6.00% | &nbsp;&nbsp; 6.20% |
| &nbsp;&nbsp; 62 – 66 | &nbsp;&nbsp; 4.85% | &nbsp;&nbsp; 5.05% | &nbsp;&nbsp; 5.25% | &nbsp;&nbsp; 5.45% | &nbsp;&nbsp; 5.65% | &nbsp;&nbsp; 5.85% | &nbsp;&nbsp; 6.05% | &nbsp;&nbsp; 6.25% | &nbsp;&nbsp; 6.45% | &nbsp;&nbsp; 6.65% | &nbsp;&nbsp; 6.85% |
| &nbsp;&nbsp; 67 – 71 | &nbsp;&nbsp; 5.50% | &nbsp;&nbsp; 5.70% | &nbsp;&nbsp; 5.90% | &nbsp;&nbsp; 6.10% | &nbsp;&nbsp; 6.30% | &nbsp;&nbsp; 6.50% | &nbsp;&nbsp; 6.70% | &nbsp;&nbsp; 6.90% | &nbsp;&nbsp; 7.10% | &nbsp;&nbsp; 7.30% | &nbsp;&nbsp; 7.50% |
| &nbsp;&nbsp; 72 – 76 | &nbsp;&nbsp; 6.15% | &nbsp;&nbsp; 6.35% | &nbsp;&nbsp; 6.55% | &nbsp;&nbsp; 6.75% | &nbsp;&nbsp; 6.95% | &nbsp;&nbsp; 7.15% | &nbsp;&nbsp; 7.35% | &nbsp;&nbsp; 7.55% | &nbsp;&nbsp; 7.75% | &nbsp;&nbsp; 7.95% | &nbsp;&nbsp; 8.15% |
| &nbsp;&nbsp; 77 – 81 | &nbsp;&nbsp; 6.80% | &nbsp;&nbsp; 7.00% | &nbsp;&nbsp; 7.20% | &nbsp;&nbsp; 7.40% | &nbsp;&nbsp; 7.60% | &nbsp;&nbsp; 7.80% | &nbsp;&nbsp; 8.00% | &nbsp;&nbsp; 8.20% | &nbsp;&nbsp; 8.40% | &nbsp;&nbsp; 8.60% | &nbsp;&nbsp; 8.80% |
| &nbsp;&nbsp; 82 – 86 |  |  | &nbsp;&nbsp; 8.60% | &nbsp;&nbsp; 8.80% | &nbsp;&nbsp; 9.00% | &nbsp;&nbsp; 9.20% | &nbsp;&nbsp; 9.40% | &nbsp;&nbsp; 9.60% | &nbsp;&nbsp; 9.80% | &nbsp;&nbsp; 10.00% | &nbsp;&nbsp; 10.20% |
| &nbsp;&nbsp; 87 – 91 |  |  |  |  |  |  |  | &nbsp;&nbsp; 11.00% | &nbsp;&nbsp; 11.20% | &nbsp;&nbsp; 11.40% | &nbsp;&nbsp; 11.60% |
| &nbsp;&nbsp; 92+ |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp; 13.00% |

---

**JOINT LIFE WITHDRAWAL RATES:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date |
|  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 10+ |
| &nbsp;&nbsp; Age Range | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates |
| &nbsp;&nbsp; 59½ – 61 | &nbsp;&nbsp; 3.65% | &nbsp;&nbsp; 3.85% | &nbsp;&nbsp; 4.05% | &nbsp;&nbsp; 4.25% | &nbsp;&nbsp; 4.45% | &nbsp;&nbsp; 4.65% | &nbsp;&nbsp; 4.85% | &nbsp;&nbsp; 5.05% | &nbsp;&nbsp; 5.25% | &nbsp;&nbsp; 5.45% | &nbsp;&nbsp; 5.65% |
| &nbsp;&nbsp; 62 – 66 | &nbsp;&nbsp; 4.30% | &nbsp;&nbsp; 4.50% | &nbsp;&nbsp; 4.70% | &nbsp;&nbsp; 4.90% | &nbsp;&nbsp; 5.10% | &nbsp;&nbsp; 5.30% | &nbsp;&nbsp; 5.50% | &nbsp;&nbsp; 5.70% | &nbsp;&nbsp; 5.90% | &nbsp;&nbsp; 6.10% | &nbsp;&nbsp; 6.30% |
| &nbsp;&nbsp; 67 – 71 | &nbsp;&nbsp; 4.95% | &nbsp;&nbsp; 5.15% | &nbsp;&nbsp; 5.35% | &nbsp;&nbsp; 5.55% | &nbsp;&nbsp; 5.75% | &nbsp;&nbsp; 5.95% | &nbsp;&nbsp; 6.15% | &nbsp;&nbsp; 6.35% | &nbsp;&nbsp; 6.55% | &nbsp;&nbsp; 6.75% | &nbsp;&nbsp; 6.95% |
| &nbsp;&nbsp; 72 – 76 | &nbsp;&nbsp; 5.60% | &nbsp;&nbsp; 5.80% | &nbsp;&nbsp; 6.00% | &nbsp;&nbsp; 6.20% | &nbsp;&nbsp; 6.40% | &nbsp;&nbsp; 6.60% | &nbsp;&nbsp; 6.80% | &nbsp;&nbsp; 7.00% | &nbsp;&nbsp; 7.20% | &nbsp;&nbsp; 7.40% | &nbsp;&nbsp; 7.60% |
| &nbsp;&nbsp; 77 – 81 | &nbsp;&nbsp; 6.25% | &nbsp;&nbsp; 6.45% | &nbsp;&nbsp; 6.65% | &nbsp;&nbsp; 6.85% | &nbsp;&nbsp; 7.05% | &nbsp;&nbsp; 7.25% | &nbsp;&nbsp; 7.45% | &nbsp;&nbsp; 7.65% | &nbsp;&nbsp; 7.85% | &nbsp;&nbsp; 8.05% | &nbsp;&nbsp; 8.25% |
| &nbsp;&nbsp; 82 – 86 |  |  | &nbsp;&nbsp; 8.05% | &nbsp;&nbsp; 8.25% | &nbsp;&nbsp; 8.45% | &nbsp;&nbsp; 8.65% | &nbsp;&nbsp; 8.85% | &nbsp;&nbsp; 9.05% | &nbsp;&nbsp; 9.25% | &nbsp;&nbsp; 9.45% | &nbsp;&nbsp; 9.65% |
| &nbsp;&nbsp; 87 – 91 |  |  |  |  |  |  |  | &nbsp;&nbsp; 10.45% | &nbsp;&nbsp; 10.65% | &nbsp;&nbsp; 10.85% | &nbsp;&nbsp; 11.05% |
| &nbsp;&nbsp; 92+ |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp; 12.45% |

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**CURRENT RETIREPAY CHARGES**

The current RetirePay Charges applicable to your Contract are as follows:

---

| | |
|:---|:---|
| **•** **Single Life Highest Anniversary Value Step-up Charge**<br>• **Joint Life Highest Anniversary Value Step-up Charge**<br>• **Single Life Highest Quarterly Value Step-up Charge**<br>• **Joint Life Highest Quarterly Value Step-up Charge** | **1.45%**<br>**1.45%**<br>**1.60%**<br>**1.60%** |

---

The amount that is deducted from your Contract Value is equal to the RetirePay Charge multiplied by the Benefit Base. We may increase the RetirePay Charges effective on any Contract Anniversary, with prior notice, but the charges will never exceed the maximum RetirePay Charge. The maximum charge and additional information about the RetirePay Charge can be found in the "Additional Benefits — MassMutual RetirePay<sup>SM</sup> — RetirePay Charge" section of the current MassMutual Envision prospectus.

**INVESTMENT ALLOCATION RESTRICTIONS**

While RetirePay is in effect, your investment allocations are restricted.

You must either be invested 100% in one of the MML Asset Allocation Sub-Accounts or invested 100% in the Custom Allocation Program.

**MML Asset Allocation Sub-Accounts:**

MML American Funds Core Allocation<br>MML Balanced Allocation<br>MML Blend<br>MML Conservative Allocation<br>MML Growth Allocation<br>MML iShares<sup>®</sup> 80/20 Allocation<br>MML iShares<sup>®</sup> 60/40 Allocation<br>MML Moderate Allocation

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**Custom Allocation Program:**

Multiple Sub-Accounts can be selected within each category. The total allocation for all Sub-Accounts within each category must be between the minimum and maximum allocation. The Contract Value in the Custom Allocation Program will be rebalanced based on your elected frequency. If no election is made, rebalancing will occur quarterly during each calendar year.

---

| | | |
|:---|:---|:---|
|  | **Minimum**<br>**Allocation** | **Maximum**<br>**Allocation** |
| &nbsp;&nbsp; Allocation Category 1 | 30% | 30% |
| &nbsp;&nbsp; <u>Available sub-accounts:</u><br>MML Dynamic Bond<br>MML Inflation-Protected and Income<br>MML Managed Bond<br>MML Short-Duration Bond<br>MML Total Return Bond<br>MML U.S. Government Money Market |  |  |
| &nbsp;&nbsp; Allocation Category 2 | 40% | 70% |
| &nbsp;&nbsp; <u>Available sub-accounts:</u><br>American Funds Insurance Series<sup>®</sup> Global Small Capitalization<br>American Funds Insurance Series<sup>®</sup> New World<sup>®</sup><br>American Funds Insurance Series<sup>®</sup> Washington Mutual Investors<br>Columbia Variable Portfolio - Contrarian Core<br>Janus Henderson Enterprise<br>Janus Henderson Overseas<br>Macquarie VIP Growth<br>MML American Funds Growth<br>MML Blue Chip Growth<br>MML Equity Income<br>MML Focused Equity<br>MML Foreign<br>MML Fundamental Equity<br>MML Fundamental Value<br>MML Global<br>MML High Yield<br>MML Income & Growth<br>MML International Equity<br>MML Large Cap Growth<br>MML Mid Cap Growth<br>MML Mid Cap Value<br>MML Small Cap Equity<br>MML Small Cap Growth Equity<br>MML Strategic Emerging Markets |  |  |

---

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---

| | | |
|:---|:---|:---|
|  | **Minimum**<br>**Allocation** | **Maximum**<br>**Allocation** |
| &nbsp;&nbsp; Allocation Category 3 | 0% | 30% |
| &nbsp;&nbsp; <u>Available sub-accounts:</u><br>Fidelity<sup>®</sup> VIP Contrafund<sup>®</sup><br>Fidelity<sup>®</sup> VIP Health Care<br>Fidelity<sup>®</sup> VIP Overseas<br>Fidelity<sup>®</sup> VIP Real Estate<br>Fidelity<sup>®</sup> VIP Strategic Income<br>Invesco V.I. Global Strategic Income<br>Invesco V.I. Discovery Mid Cap Growth<br>Invesco V.I. Global<br>Invesco Oppenheimer V.I. International Growth<br>Janus Henderson Global Technology and Innovation<br>Macquarie VIP Asset Strategy<br>MML Equity<br>MML Equity Rotation<br>MML Small Company Value<br>MML Small/Mid Cap Value<br>MML Sustainable Equity<br>PIMCO Income Portfolio |  |  |

---

If a requested change in your allocations or a transfer of any portion of your contract value does not comply with these investment restrictions, you will be required to terminate your RetirePay by written request before the allocation change or transfer can be processed. We reserve the right, upon thirty calendar days advance notice to you, to change the investment restrictions. No change will be made without prior approval of the New York State Department of Financial Services. If we change the investment restrictions, you must change your allocations to comply within thirty calendar days of the restrictions becoming effective, or we will terminate your RetirePay.

*If you have any questions regarding this Rate Sheet, please contact us toll free at (800) 272-2216.*

**Please keep this Rate Sheet for future reference.**

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**<u>FOR CONTRACTS ISSUED IN ALL STATES EXCEPT NEW YORK</u>**

**Rate Sheet Prospectus Supplement dated March 18, 2024 to the Prospectus dated November 28, 2023, as supplemented,**<br>**and the Initial Summary Prospectus dated November 28, 2023, as supplemented, for**<br>**MassMutual Envision<sup>SM</sup>** **Variable Annuity Issued by Massachusetts Mutual Life Insurance Company**<br>**Massachusetts Mutual Variable Annuity Separate Account 4**

***This Rate Sheet Prospectus Supplement ("Rate Sheet") should be read carefully and retained with the Prospectus dated*** ***November 28, 2023 for the*** **MassMutual Envision<sup>SM</sup>** **Variable Annuity.** **You may obtain a current Prospectus at** **www.MassMutual.com/Envision or by calling (800) 272-2216, sending an email request to ANNfax@MassMutual.com, or** **writing to MassMutual, PO Box 9067, Springfield, MA 01102-9067.**

We are issuing this Rate Sheet to update the following information regarding the MassMutual RetirePay<sup>SM</sup> Guaranteed Lifetime Withdrawal Benefit (RetirePay):

• Withdrawal
 Rates,

• Lifetime
 Guarantee Rates,

• RetirePay
 Charges, and

• Investment
 Allocation Restrictions

(collectively, referred to as the "RetirePay Terms.")

**The RetirePay Terms included in this Rate Sheet are effective for applications submitted on or after April 1, 2024 until a new** **Rate Sheet is issued that replaces and supersedes this Rate Sheet.**

This Rate Sheet replaces and supersedes any previously issued Rate Sheet. This Rate Sheet has no specified end date. This Rate Sheet must be used in conjunction with an effective MassMutual Envision<sup>SM</sup> Variable Annuity Prospectus. For complete information about RetirePay, see the "Additional Benefits — MassMutual RetirePay<sup>SM</sup>" section in the MassMutual Envision<sup>SM</sup> Variable Annuity Prospectus.

If we change the RetirePay Terms, we will issue a new Rate Sheet. In the event we issue a new Rate Sheet, we will provide at least 10 business days' notice of the effective date of the superseding Rate Sheet.

**Rate Sheet Eligibility Conditions**

Certain Rate Sheet eligibility conditions apply when we have issued a superseding Rate Sheet after you apply for your contract and prior to your issue date.

In order for the RetirePay Terms in this Rate Sheet to apply to your Contract, your necessary application information, including any applicable transfer form(s), must be submitted to an order entry system utilized to issue the Contract ("application submit date") on or after April 1, 2024 and prior to the effective date of the superseding Rate Sheet. *For purposes of this process, the application submit date is also defined to include the date the application is signed if a paper application is necessary.*

*<u>Application Information Submitted with a Purchase Payment</u>*

In addition to the submission of your necessary application information, we also require payment of at least the minimum initial Purchase Payment and the application information to be in Good Order within 10 business days after the application submit date.

If these Rate Sheet Eligibility Conditions are met, and the Contract is issued, the RetirePay Terms in this Rate Sheet will apply, unless a beneficial superseding rate sheet applies, as described under "Rate Sheet Comparison Process."

If these Rate Sheet Eligibility Conditions are not met, we will cancel the application and return your Purchase Payment.

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*<u>Application Information Submitted without a Purchase Payment</u>*

If you plan to pay the initial Purchase Payment with proceeds from an IRS Section 1035 exchange or direct transfer, your transfer form(s) and application information must be in Good Order within 10 Business Days after the application submit date. In addition, the initial Purchase Payment necessary to issue the Contract must be received within 90 calendar days after the application submit date.

If these Rate Sheet Eligibility Conditions are met, and the Contract is issued, the RetirePay Terms in this Rate Sheet will apply, unless a beneficial superseding rate sheet applies, as described under "Rate Sheet Comparison Process."

If these Rate Sheet Eligibility Conditions are not met, we will inform you and request instructions regarding whether to issue the Contract with the RetirePay Terms in effect under the superseding Rate Sheet or cancel the application.

If you have not provided us with the requested instructions within 2 business days after we have received your Purchase Payment, we will return your Purchase Payment to the original source.

The requirement to have the necessary application information in Good Order within 10 Business Days for application information received with a Purchase Payment or without a Purchase Payment includes completion of the broker-dealer suitability review.

**Rate Sheet Comparison Process**

Subject to satisfying the Rate Sheet Eligibility Conditions established in this Rate Sheet, if after your application submit date and prior to your Issue Date, a subsequent Rate Sheet is issued with only beneficial changes to the RetirePay Terms, the subsequent Rate Sheet will apply. The changes will be considered to be beneficial unless any of the following occurs:

• Withdrawal
 Rates and/or Lifetime Guarantee Rates have decreased,

• RetirePay
 Charges have increased, or

• Investment
 Allocation Restrictions have changed (unless the sole change to the Investment Allocation Restrictions is the addition
 of available investment options).

*For example, if the RetirePay Charges have increased, you will receive the RetirePay Terms included in the Rate Sheet in effect on your application submit date even if the Withdrawal Rates and/or Lifetime Guarantee Rates have increased in the subsequent Rate Sheet.*

You should not purchase RetirePay without first obtaining the applicable Rate Sheet. To obtain a current Rate Sheet:

• Contact
 your financial advisor

• Contact
 us toll-free at (800) 272-2216

• Go
 to www.MassMutual.com/Envision

On the Guaranteed Lifetime Withdrawal Date, we will determine the Withdrawal Rate and the Lifetime Guarantee Rate on the number of full Contract Years from the RetirePay Issue Date and the Age of the Covered Person.

The Withdrawal Rate applies when your Contract Value is greater than zero. The Lifetime Guarantee Rate applies when your Contract Value is zero. Once the contract is issued, the Withdrawal Rates and the Lifetime Guarantee Rates applicable to your Contract below will not change for the life of your Contract.

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**SINGLE LIFE WITHDRAWAL RATES:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date |
|  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 10+ |
| &nbsp;&nbsp; Age Range | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates |
| &nbsp;&nbsp; 59½ – 61 | &nbsp;&nbsp; 4.65% | &nbsp;&nbsp; 4.85% | &nbsp;&nbsp; 5.05% | &nbsp;&nbsp; 5.25% | &nbsp;&nbsp; 5.45% | &nbsp;&nbsp; 5.65% | &nbsp;&nbsp; 5.85% | &nbsp;&nbsp; 6.05% | &nbsp;&nbsp; 6.25% | &nbsp;&nbsp; 6.45% | &nbsp;&nbsp; 6.65% |
| &nbsp;&nbsp; 62 – 66 | &nbsp;&nbsp; 5.15% | &nbsp;&nbsp; 5.35% | &nbsp;&nbsp; 5.55% | &nbsp;&nbsp; 5.75% | &nbsp;&nbsp; 5.95% | &nbsp;&nbsp; 6.15% | &nbsp;&nbsp; 6.35% | &nbsp;&nbsp; 6.55% | &nbsp;&nbsp; 6.75% | &nbsp;&nbsp; 6.95% | &nbsp;&nbsp; 7.15% |
| &nbsp;&nbsp; 67 – 71 | &nbsp;&nbsp; 5.65% | &nbsp;&nbsp; 5.85% | &nbsp;&nbsp; 6.05% | &nbsp;&nbsp; 6.25% | &nbsp;&nbsp; 6.45% | &nbsp;&nbsp; 6.65% | &nbsp;&nbsp; 6.85% | &nbsp;&nbsp; 7.05% | &nbsp;&nbsp; 7.25% | &nbsp;&nbsp; 7.45% | &nbsp;&nbsp; 7.65% |
| &nbsp;&nbsp; 72 – 76 | &nbsp;&nbsp; 6.15% | &nbsp;&nbsp; 6.35% | &nbsp;&nbsp; 6.55% | &nbsp;&nbsp; 6.75% | &nbsp;&nbsp; 6.95% | &nbsp;&nbsp; 7.15% | &nbsp;&nbsp; 7.35% | &nbsp;&nbsp; 7.55% | &nbsp;&nbsp; 7.75% | &nbsp;&nbsp; 7.95% | &nbsp;&nbsp; 8.15% |
| &nbsp;&nbsp; 77+ | &nbsp;&nbsp; 6.65% | &nbsp;&nbsp; 6.85% | &nbsp;&nbsp; 7.05% | &nbsp;&nbsp; 7.25% | &nbsp;&nbsp; 7.45% | &nbsp;&nbsp; 7.65% | &nbsp;&nbsp; 7.85% | &nbsp;&nbsp; 8.05% | &nbsp;&nbsp; 8.25% | &nbsp;&nbsp; 8.45% | &nbsp;&nbsp; 8.65% |

---

**JOINT LIFE WITHDRAWAL RATES:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date |
|  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 10+ |
| &nbsp;&nbsp; Age Range | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates |
| &nbsp;&nbsp; 59½ – 61 | &nbsp;&nbsp; 4.10% | &nbsp;&nbsp; 4.30% | &nbsp;&nbsp; 4.50% | &nbsp;&nbsp; 4.70% | &nbsp;&nbsp; 4.90% | &nbsp;&nbsp; 5.10% | &nbsp;&nbsp; 5.30% | &nbsp;&nbsp; 5.50% | &nbsp;&nbsp; 5.70% | &nbsp;&nbsp; 5.90% | &nbsp;&nbsp; 6.10% |
| &nbsp;&nbsp; 62 – 66 | &nbsp;&nbsp; 4.60% | &nbsp;&nbsp; 4.80% | &nbsp;&nbsp; 5.00% | &nbsp;&nbsp; 5.20% | &nbsp;&nbsp; 5.40% | &nbsp;&nbsp; 5.60% | &nbsp;&nbsp; 5.80% | &nbsp;&nbsp; 6.00% | &nbsp;&nbsp; 6.20% | &nbsp;&nbsp; 6.40% | &nbsp;&nbsp; 6.60% |
| &nbsp;&nbsp; 67 – 71 | &nbsp;&nbsp; 5.10% | &nbsp;&nbsp; 5.30% | &nbsp;&nbsp; 5.50% | &nbsp;&nbsp; 5.70% | &nbsp;&nbsp; 5.90% | &nbsp;&nbsp; 6.10% | &nbsp;&nbsp; 6.30% | &nbsp;&nbsp; 6.50% | &nbsp;&nbsp; 6.70% | &nbsp;&nbsp; 6.90% | &nbsp;&nbsp; 7.10% |
| &nbsp;&nbsp; 72 – 76 | &nbsp;&nbsp; 5.60% | &nbsp;&nbsp; 5.80% | &nbsp;&nbsp; 6.00% | &nbsp;&nbsp; 6.20% | &nbsp;&nbsp; 6.40% | &nbsp;&nbsp; 6.60% | &nbsp;&nbsp; 6.80% | &nbsp;&nbsp; 7.00% | &nbsp;&nbsp; 7.20% | &nbsp;&nbsp; 7.40% | &nbsp;&nbsp; 7.60% |
| &nbsp;&nbsp; 77+ | &nbsp;&nbsp; 6.10% | &nbsp;&nbsp; 6.30% | &nbsp;&nbsp; 6.50% | &nbsp;&nbsp; 6.70% | &nbsp;&nbsp; 6.90% | &nbsp;&nbsp; 7.10% | &nbsp;&nbsp; 7.30% | &nbsp;&nbsp; 7.50% | &nbsp;&nbsp; 7.70% | &nbsp;&nbsp; 7.90% | &nbsp;&nbsp; 8.10% |

---

**SINGLE LIFE LIFETIME GUARANTEE RATES:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date |
|  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 10+ |
| &nbsp;&nbsp; Age Range | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates |
| &nbsp;&nbsp; 59½ – 61 | &nbsp;&nbsp; 4.65% | &nbsp;&nbsp; 4.85% | &nbsp;&nbsp; 5.05% | &nbsp;&nbsp; 5.25% | &nbsp;&nbsp; 5.45% | &nbsp;&nbsp; 5.65% | &nbsp;&nbsp; 5.85% | &nbsp;&nbsp; 6.05% | &nbsp;&nbsp; 6.25% | &nbsp;&nbsp; 6.45% | &nbsp;&nbsp; 6.65% |
| &nbsp;&nbsp; 62 – 66 | &nbsp;&nbsp; 5.15% | &nbsp;&nbsp; 5.35% | &nbsp;&nbsp; 5.55% | &nbsp;&nbsp; 5.75% | &nbsp;&nbsp; 5.95% | &nbsp;&nbsp; 6.15% | &nbsp;&nbsp; 6.35% | &nbsp;&nbsp; 6.55% | &nbsp;&nbsp; 6.75% | &nbsp;&nbsp; 6.95% | &nbsp;&nbsp; 7.15% |
| &nbsp;&nbsp; 67 – 71 | &nbsp;&nbsp; 5.65% | &nbsp;&nbsp; 5.85% | &nbsp;&nbsp; 6.05% | &nbsp;&nbsp; 6.25% | &nbsp;&nbsp; 6.45% | &nbsp;&nbsp; 6.65% | &nbsp;&nbsp; 6.85% | &nbsp;&nbsp; 7.05% | &nbsp;&nbsp; 7.25% | &nbsp;&nbsp; 7.45% | &nbsp;&nbsp; 7.65% |
| &nbsp;&nbsp; 72 – 76 | &nbsp;&nbsp; 6.15% | &nbsp;&nbsp; 6.35% | &nbsp;&nbsp; 6.55% | &nbsp;&nbsp; 6.75% | &nbsp;&nbsp; 6.95% | &nbsp;&nbsp; 7.15% | &nbsp;&nbsp; 7.35% | &nbsp;&nbsp; 7.55% | &nbsp;&nbsp; 7.75% | &nbsp;&nbsp; 7.95% | &nbsp;&nbsp; 8.15% |
| &nbsp;&nbsp; 77+ | &nbsp;&nbsp; 6.65% | &nbsp;&nbsp; 6.85% | &nbsp;&nbsp; 7.05% | &nbsp;&nbsp; 7.25% | &nbsp;&nbsp; 7.45% | &nbsp;&nbsp; 7.65% | &nbsp;&nbsp; 7.85% | &nbsp;&nbsp; 8.05% | &nbsp;&nbsp; 8.25% | &nbsp;&nbsp; 8.45% | &nbsp;&nbsp; 8.65% |

---

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**JOINT LIFE LIFETIME GUARANTEE RATES:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date |
|  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 10+ |
| &nbsp;&nbsp; Age Range | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates |
| &nbsp;&nbsp; 59½ – 61 | &nbsp;&nbsp; 4.10% | &nbsp;&nbsp; 4.30% | &nbsp;&nbsp; 4.50% | &nbsp;&nbsp; 4.70% | &nbsp;&nbsp; 4.90% | &nbsp;&nbsp; 5.10% | &nbsp;&nbsp; 5.30% | &nbsp;&nbsp; 5.50% | &nbsp;&nbsp; 5.70% | &nbsp;&nbsp; 5.90% | &nbsp;&nbsp; 6.10% |
| &nbsp;&nbsp; 62 – 66 | &nbsp;&nbsp; 4.60% | &nbsp;&nbsp; 4.80% | &nbsp;&nbsp; 5.00% | &nbsp;&nbsp; 5.20% | &nbsp;&nbsp; 5.40% | &nbsp;&nbsp; 5.60% | &nbsp;&nbsp; 5.80% | &nbsp;&nbsp; 6.00% | &nbsp;&nbsp; 6.20% | &nbsp;&nbsp; 6.40% | &nbsp;&nbsp; 6.60% |
| &nbsp;&nbsp; 67 – 71 | &nbsp;&nbsp; 5.10% | &nbsp;&nbsp; 5.30% | &nbsp;&nbsp; 5.50% | &nbsp;&nbsp; 5.70% | &nbsp;&nbsp; 5.90% | &nbsp;&nbsp; 6.10% | &nbsp;&nbsp; 6.30% | &nbsp;&nbsp; 6.50% | &nbsp;&nbsp; 6.70% | &nbsp;&nbsp; 6.90% | &nbsp;&nbsp; 7.10% |
| &nbsp;&nbsp; 72 – 76 | &nbsp;&nbsp; 5.60% | &nbsp;&nbsp; 5.80% | &nbsp;&nbsp; 6.00% | &nbsp;&nbsp; 6.20% | &nbsp;&nbsp; 6.40% | &nbsp;&nbsp; 6.60% | &nbsp;&nbsp; 6.80% | &nbsp;&nbsp; 7.00% | &nbsp;&nbsp; 7.20% | &nbsp;&nbsp; 7.40% | &nbsp;&nbsp; 7.60% |
| &nbsp;&nbsp; 77+ | &nbsp;&nbsp; 6.10% | &nbsp;&nbsp; 6.30% | &nbsp;&nbsp; 6.50% | &nbsp;&nbsp; 6.70% | &nbsp;&nbsp; 6.90% | &nbsp;&nbsp; 7.10% | &nbsp;&nbsp; 7.30% | &nbsp;&nbsp; 7.50% | &nbsp;&nbsp; 7.70% | &nbsp;&nbsp; 7.90% | &nbsp;&nbsp; 8.10% |

---

**CURRENT RETIREPAY CHARGES**

The current RetirePay Charges applicable to your Contract are as follows:

---

| | |
|:---|:---|
| **•** **Single Life Highest Anniversary Value Step-up Charge**<br>• **Joint Life Highest Anniversary Value Step-up Charge**<br>• **Single Life Highest Quarterly Value Step-up Charge**<br>• **Joint Life Highest Quarterly Value Step-up Charge** | **1.45%**<br>**1.45%**<br>**1.60%**<br>**1.60%** |

---

The amount that is deducted from your Contract Value is equal to the RetirePay Charge multiplied by the Benefit Base. We may increase the RetirePay Charges at any time, with prior notice, but the charges will never exceed the maximum RetirePay Charge. The maximum charge can be found in the "RetirePay Charge" section of the current MassMutual Envision prospectus.

**INVESTMENT ALLOCATION RESTRICTIONS**

While RetirePay is in effect, your investment allocations are restricted.

You must either be invested 100% in one of the MML Asset Allocation Sub-Accounts or invested 100% in the Custom Allocation Program.

**MML Asset Allocation Sub-Accounts:**

MML American Funds Core Allocation<br>MML Balanced Allocation<br>MML Blend<br>MML Conservative Allocation<br>MML Growth Allocation<br>MML iShares<sup>®</sup> 80/20 Allocation<br>MML iShares<sup>®</sup> 60/40 Allocation<br>MML Moderate Allocation

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**Custom Allocation Program:**

Multiple Sub-Accounts can be selected within each category. The total allocation for all Sub-Accounts within each category must be between the minimum and maximum allocation. The Contract Value in the Custom Allocation Program will be rebalanced based on your elected frequency. If no election is made, rebalancing will occur quarterly during each calendar year.

---

| | | |
|:---|:---|:---|
|  | **Minimum**<br>**Allocation** | **Maximum**<br>**Allocation** |
| &nbsp;&nbsp; Allocation Category 1 | 30% | 30% |
| &nbsp;&nbsp; <u>Available sub-accounts:</u><br>MML Dynamic Bond<br>MML Inflation-Protected and Income<br>MML Managed Bond<br>MML Short-Duration Bond<br>MML Total Return Bond<br>MML U.S. Government Money Market |  |  |
| &nbsp;&nbsp; Allocation Category 2 | 40% | 70% |
| &nbsp;&nbsp; <u>Available sub-accounts:</u><br>MML American Funds Growth<br>MML Blue Chip Growth<br>MML Equity Income<br>MML Focused Equity<br>MML Foreign<br>MML Fundamental Equity<br>MML Fundamental Value<br>MML Global<br>MML High Yield<br>MML Income & Growth<br>MML International Equity<br>MML Large Cap Growth<br>MML Mid Cap Growth<br>MML Mid Cap Value<br>MML Small Cap Equity<br>MML Small Cap Growth Equity<br>MML Strategic Emerging Markets<br>Vest US Large Cap 10% Buffer Strategies VI |  |  |

---

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---

| | | |
|:---|:---|:---|
|  | **Minimum**<br>**Allocation** | **Maximum**<br>**Allocation** |
| &nbsp;&nbsp; Allocation Category 3 | 0% | 30% |
| &nbsp;&nbsp; <u>Available sub-accounts:</u><br>Delaware Ivy VIP Asset Strategy<br>Fidelity<sup>®</sup> VIP Contrafund<sup>®</sup><br>Fidelity<sup>®</sup> VIP Health Care<br>Fidelity<sup>®</sup> VIP Overseas<br>Fidelity<sup>®</sup> VIP Real Estate<br>Fidelity<sup>®</sup> VIP Strategic Income<br>Invesco V.I. Global Strategic Income<br>Invesco V.I. Discovery Mid Cap Growth<br>Invesco V.I. Global<br>Invesco Oppenheimer V.I. International Growth<br>Janus Henderson Global Technology and Innovation<br>MML Equity<br>MML Equity Rotation<br>MML Small Company Value<br>MML Small/Mid Cap Value<br>MML Sustainable Equity<br>PIMCO Income Portfolio |  |  |

---

If a requested change in your allocations or a transfer of any portion of your contract value does not comply with these investment restrictions, you will be required to terminate your RetirePay by written request before the allocation change or transfer can be processed. We reserve the right, upon thirty calendar days advance notice to you, to change the investment restrictions. If we change the investment restrictions, you must change your allocations to comply within thirty calendar days of the restrictions becoming effective, or we will terminate your RetirePay.

*If you have any questions regarding this Rate Sheet, please contact us toll free at (800) 272-2216.*

**Please keep this Rate Sheet for future reference.**

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**<u>FOR CONTRACTS ISSUED IN NEW YORK ONLY</u>**

**Rate Sheet Prospectus Supplement dated March 18, 2024 to the Prospectus dated November 28, 2023**<br>**and the Initial Summary Prospectus dated November 28, 2023 for**<br>**MassMutual Envision<sup>SM</sup>** **Variable Annuity Issued by Massachusetts Mutual Life Insurance Company**<br>**Massachusetts Mutual Variable Annuity Separate Account 4**

***This Rate Sheet Prospectus Supplement ("Rate Sheet") should be read carefully and retained with the Prospectus dated*** ***November 28, 2023 for the*** **MassMutual Envision<sup>SM</sup>** **Variable Annuity.** **You may obtain a current Prospectus at** **www.MassMutual.com/Envision or by calling (800) 272-2216, sending an email request to ANNfax@MassMutual.com, or** **writing to MassMutual, PO Box 9067, Springfield, MA 01102-9067.**

We are issuing this Rate Sheet to update the following information regarding the MassMutual RetirePay<sup>SM</sup> Guaranteed Lifetime Withdrawal Benefit (RetirePay):

• Withdrawal
 Rates,

• RetirePay
 Charges, and

• Investment
 Allocation Restrictions

(collectively, referred to as the "RetirePay Terms.")

**The RetirePay Terms included in this Rate Sheet are effective for applications submitted on or after April 1, 2024 until a new** **Rate Sheet is issued that replaces and supersedes this Rate Sheet.**

This Rate Sheet replaces and supersedes any previously issued Rate Sheet. This Rate Sheet has no specified end date. This Rate Sheet must be used in conjunction with an effective MassMutual Envision<sup>SM</sup> Variable Annuity Prospectus. For complete information about RetirePay, see the "Additional Benefits — MassMutual RetirePay<sup>SM</sup>" section in the MassMutual Envision<sup>SM</sup> Variable Annuity Prospectus.

If we change the RetirePay Terms, we will issue a new Rate Sheet. In the event we issue a new Rate Sheet, we will provide at least 10 business days' notice of the effective date of the superseding Rate Sheet.

**Rate Sheet Eligibility Conditions**

Certain Rate Sheet eligibility conditions apply when we have issued a superseding Rate Sheet after you apply for your contract and prior to your issue date.

In order for the RetirePay Terms in this Rate Sheet to apply to your Contract, your necessary application information, including any applicable transfer form(s), must be submitted to an order entry system utilized to issue the Contract ("application submit date") on or after April 1, 2024 and prior to the effective date of the superseding Rate Sheet. *For purposes of this process, the application submit date is also defined to include the date the application is signed if a paper application is necessary.*

**Application Information Submitted with a Purchase Payment**

In addition to the submission of your necessary application information, we also require payment of at least the minimum initial Purchase Payment and the application information to be in Good Order within 10 business days after the application submit date.

If these Rate Sheet Eligibility Conditions are met, and the Contract is issued, the RetirePay Terms in this Rate Sheet will apply, unless a beneficial superseding rate sheet applies, as described under "Rate Sheet Comparison Process."

If these Rate Sheet Eligibility Conditions are not met, we will cancel the application and return your Purchase Payment.

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*<u>Application Information Submitted without a Purchase Payment</u>*

If you plan to pay the initial Purchase Payment with proceeds from an IRS Section 1035 exchange or direct transfer, your transfer form(s) and application information must be in Good Order within 10 Business Days after the application submit date. In addition, the initial Purchase Payment necessary to issue the Contract must be received within 90 calendar days after the application submit date.

If these Rate Sheet Eligibility Conditions are met, and the Contract is issued, the RetirePay Terms in this Rate Sheet will apply, unless a beneficial superseding rate sheet applies, as described under "Rate Sheet Comparison Process."

If these Rate Sheet Eligibility Conditions are not met, we will inform you and request instructions regarding whether to issue the Contract with the RetirePay Terms in effect under the superseding Rate Sheet or cancel the application.

If you have not provided us with the requested instructions within 2 business days after we have received your Purchase Payment, we will return your Purchase Payment to the original source.

The requirement to have the necessary application information in Good Order within 10 Business Days for application information received with a Purchase Payment or without a Purchase Payment includes completion of the broker-dealer suitability review.

**Rate Sheet Comparison Process**

Subject to satisfying the Rate Sheet Eligibility Conditions established in this Rate Sheet, if after your application submit date and prior to your Issue Date, a subsequent Rate Sheet is issued with only beneficial changes to the RetirePay Terms, the subsequent Rate Sheet will apply. The changes will be considered to be beneficial unless any of the following occurs:

• Withdrawal
 Rates have decreased,

• RetirePay
 Charges have increased, or

• Investment
 Allocation Restrictions have changed (unless the sole change to the Investment Allocation Restrictions is the addition
 of available investment options).

*For example, if the RetirePay Charges have increased, you will receive the RetirePay Terms included in the Rate Sheet in effect on your application submit date even if the Withdrawal Rates have increased in the subsequent Rate Sheet.*

You should not purchase RetirePay without first obtaining the applicable Rate Sheet. To obtain a current Rate Sheet:

• Contact
 your financial advisor

• Contact
 us toll-free at (800) 272-2216

• Go
 to www.MassMutual.com/Envision

On the Guaranteed Lifetime Withdrawal Date, we will determine the Withdrawal Rate based on the number of full Contract Years from the RetirePay Issue Date and the Age of the Covered Person (or the youngest Covered Person for a Joint Life Version). Once the contract is issued, the Withdrawal Rates applicable to your Contract below will not change for the life of your Contract.

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**SINGLE LIFE WITHDRAWAL RATES:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date |
|  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 10+ |
| &nbsp;&nbsp; Age Range | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates |
| &nbsp;&nbsp; 59½ – 61 | &nbsp;&nbsp; 4.20% | &nbsp;&nbsp; 4.40% | &nbsp;&nbsp; 4.60% | &nbsp;&nbsp; 4.80% | &nbsp;&nbsp; 5.00% | &nbsp;&nbsp; 5.20% | &nbsp;&nbsp; 5.40% | &nbsp;&nbsp; 5.60% | &nbsp;&nbsp; 5.80% | &nbsp;&nbsp; 6.00% | &nbsp;&nbsp; 6.20% |
| &nbsp;&nbsp; 62 – 66 | &nbsp;&nbsp; 4.85% | &nbsp;&nbsp; 5.05% | &nbsp;&nbsp; 5.25% | &nbsp;&nbsp; 5.45% | &nbsp;&nbsp; 5.65% | &nbsp;&nbsp; 5.85% | &nbsp;&nbsp; 6.05% | &nbsp;&nbsp; 6.25% | &nbsp;&nbsp; 6.45% | &nbsp;&nbsp; 6.65% | &nbsp;&nbsp; 6.85% |
| &nbsp;&nbsp; 67 – 71 | &nbsp;&nbsp; 5.50% | &nbsp;&nbsp; 5.70% | &nbsp;&nbsp; 5.90% | &nbsp;&nbsp; 6.10% | &nbsp;&nbsp; 6.30% | &nbsp;&nbsp; 6.50% | &nbsp;&nbsp; 6.70% | &nbsp;&nbsp; 6.90% | &nbsp;&nbsp; 7.10% | &nbsp;&nbsp; 7.30% | &nbsp;&nbsp; 7.50% |
| &nbsp;&nbsp; 72 – 76 | &nbsp;&nbsp; 6.15% | &nbsp;&nbsp; 6.35% | &nbsp;&nbsp; 6.55% | &nbsp;&nbsp; 6.75% | &nbsp;&nbsp; 6.95% | &nbsp;&nbsp; 7.15% | &nbsp;&nbsp; 7.35% | &nbsp;&nbsp; 7.55% | &nbsp;&nbsp; 7.75% | &nbsp;&nbsp; 7.95% | &nbsp;&nbsp; 8.15% |
| &nbsp;&nbsp; 77 – 81 | &nbsp;&nbsp; 6.80% | &nbsp;&nbsp; 7.00% | &nbsp;&nbsp; 7.20% | &nbsp;&nbsp; 7.40% | &nbsp;&nbsp; 7.60% | &nbsp;&nbsp; 7.80% | &nbsp;&nbsp; 8.00% | &nbsp;&nbsp; 8.20% | &nbsp;&nbsp; 8.40% | &nbsp;&nbsp; 8.60% | &nbsp;&nbsp; 8.80% |
| &nbsp;&nbsp; 82 – 86 |  |  | &nbsp;&nbsp; 8.60% | &nbsp;&nbsp; 8.80% | &nbsp;&nbsp; 9.00% | &nbsp;&nbsp; 9.20% | &nbsp;&nbsp; 9.40% | &nbsp;&nbsp; 9.60% | &nbsp;&nbsp; 9.80% | &nbsp;&nbsp; 10.00% | &nbsp;&nbsp; 10.20% |
| &nbsp;&nbsp; 87 – 91 |  |  |  |  |  |  |  | &nbsp;&nbsp; 11.00% | &nbsp;&nbsp; 11.20% | &nbsp;&nbsp; 11.40% | &nbsp;&nbsp; 11.60% |
| &nbsp;&nbsp; 92+ |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp; 13.00% |

---

**JOINT LIFE WITHDRAWAL RATES:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date |
|  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 10+ |
| &nbsp;&nbsp; Age Range | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates |
| &nbsp;&nbsp; 59½ – 61 | &nbsp;&nbsp; 3.65% | &nbsp;&nbsp; 3.85% | &nbsp;&nbsp; 4.05% | &nbsp;&nbsp; 4.25% | &nbsp;&nbsp; 4.45% | &nbsp;&nbsp; 4.65% | &nbsp;&nbsp; 4.85% | &nbsp;&nbsp; 5.05% | &nbsp;&nbsp; 5.25% | &nbsp;&nbsp; 5.45% | &nbsp;&nbsp; 5.65% |
| &nbsp;&nbsp; 62 – 66 | &nbsp;&nbsp; 4.30% | &nbsp;&nbsp; 4.50% | &nbsp;&nbsp; 4.70% | &nbsp;&nbsp; 4.90% | &nbsp;&nbsp; 5.10% | &nbsp;&nbsp; 5.30% | &nbsp;&nbsp; 5.50% | &nbsp;&nbsp; 5.70% | &nbsp;&nbsp; 5.90% | &nbsp;&nbsp; 6.10% | &nbsp;&nbsp; 6.30% |
| &nbsp;&nbsp; 67 – 71 | &nbsp;&nbsp; 4.95% | &nbsp;&nbsp; 5.15% | &nbsp;&nbsp; 5.35% | &nbsp;&nbsp; 5.55% | &nbsp;&nbsp; 5.75% | &nbsp;&nbsp; 5.95% | &nbsp;&nbsp; 6.15% | &nbsp;&nbsp; 6.35% | &nbsp;&nbsp; 6.55% | &nbsp;&nbsp; 6.75% | &nbsp;&nbsp; 6.95% |
| &nbsp;&nbsp; 72 – 76 | &nbsp;&nbsp; 5.60% | &nbsp;&nbsp; 5.80% | &nbsp;&nbsp; 6.00% | &nbsp;&nbsp; 6.20% | &nbsp;&nbsp; 6.40% | &nbsp;&nbsp; 6.60% | &nbsp;&nbsp; 6.80% | &nbsp;&nbsp; 7.00% | &nbsp;&nbsp; 7.20% | &nbsp;&nbsp; 7.40% | &nbsp;&nbsp; 7.60% |
| &nbsp;&nbsp; 77 – 81 | &nbsp;&nbsp; 6.25% | &nbsp;&nbsp; 6.45% | &nbsp;&nbsp; 6.65% | &nbsp;&nbsp; 6.85% | &nbsp;&nbsp; 7.05% | &nbsp;&nbsp; 7.25% | &nbsp;&nbsp; 7.45% | &nbsp;&nbsp; 7.65% | &nbsp;&nbsp; 7.85% | &nbsp;&nbsp; 8.05% | &nbsp;&nbsp; 8.25% |
| &nbsp;&nbsp; 82 – 86 |  |  | &nbsp;&nbsp; 8.05% | &nbsp;&nbsp; 8.25% | &nbsp;&nbsp; 8.45% | &nbsp;&nbsp; 8.65% | &nbsp;&nbsp; 8.85% | &nbsp;&nbsp; 9.05% | &nbsp;&nbsp; 9.25% | &nbsp;&nbsp; 9.45% | &nbsp;&nbsp; 9.65% |
| &nbsp;&nbsp; 87 – 91 |  |  |  |  |  |  |  | &nbsp;&nbsp; 10.45% | &nbsp;&nbsp; 10.65% | &nbsp;&nbsp; 10.85% | &nbsp;&nbsp; 11.05% |
| &nbsp;&nbsp; 92+ |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp; 12.45% |

---

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**CURRENT RETIREPAY CHARGES**

The current RetirePay Charges applicable to your Contract are as follows:

---

| | |
|:---|:---|
| **•** **Single Life Highest Anniversary Value Step-up Charge**<br>• **Joint Life Highest Anniversary Value Step-up Charge**<br>• **Single Life Highest Quarterly Value Step-up Charge**<br>• **Joint Life Highest Quarterly Value Step-up Charge** | **1.45%**<br>**1.45%**<br>**1.60%**<br>**1.60%** |

---

The amount that is deducted from your Contract Value is equal to the RetirePay Charge multiplied by the Benefit Base. We may increase the RetirePay Charges at any time, with prior notice, but the charges will never exceed the maximum RetirePay Charge. The maximum charge can be found in the "RetirePay Charge" section of the current MassMutual Envision prospectus.

**INVESTMENT ALLOCATION RESTRICTIONS**

While RetirePay is in effect, your investment allocations are restricted.

You must either be invested 100% in one of the MML Asset Allocation Sub-Accounts or invested 100% in the Custom Allocation Program.

**MML Asset Allocation Sub-Accounts:**

MML American Funds Core Allocation<br>MML Balanced Allocation<br>MML Blend<br>MML Conservative Allocation<br>MML Growth Allocation<br>MML iShares<sup>®</sup> 80/20 Allocation<br>MML iShares<sup>®</sup> 60/40 Allocation<br>MML Moderate Allocation

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**Custom Allocation Program:**

Multiple Sub-Accounts can be selected within each category. The total allocation for all Sub-Accounts within each category must be between the minimum and maximum allocation. The Contract Value in the Custom Allocation Program will be rebalanced based on your elected frequency. If no election is made, rebalancing will occur quarterly during each calendar year.

---

| | | |
|:---|:---|:---|
|  | **Minimum**<br>**Allocation** | **Maximum**<br>**Allocation** |
| &nbsp;&nbsp; Allocation Category 1 | 30% | 30% |
| &nbsp;&nbsp; <u>Available sub-accounts:</u><br>MML Dynamic Bond<br>MML Inflation-Protected and Income<br>MML Managed Bond<br>MML Short-Duration Bond<br>MML Total Return Bond<br>MML U.S. Government Money Market |  |  |
| &nbsp;&nbsp; Allocation Category 2 | 40% | 70% |
| &nbsp;&nbsp; <u>Available sub-accounts:</u><br>MML American Funds Growth<br>MML Blue Chip Growth<br>MML Equity Income<br>MML Focused Equity<br>MML Foreign<br>MML Fundamental Equity<br>MML Fundamental Value<br>MML Global<br>MML High Yield<br>MML Income & Growth<br>MML International Equity<br>MML Large Cap Growth<br>MML Mid Cap Growth<br>MML Mid Cap Value<br>MML Small Cap Equity<br>MML Small Cap Growth Equity<br>MML Strategic Emerging Markets |  |  |

---

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---

| | | |
|:---|:---|:---|
|  | **Minimum**<br>**Allocation** | **Maximum**<br>**Allocation** |
| &nbsp;&nbsp; Allocation Category 3 | 0% | 30% |
| &nbsp;&nbsp; <u>Available sub-accounts:</u><br>Delaware Ivy VIP Asset Strategy<br>Fidelity<sup>®</sup> VIP Contrafund<sup>®</sup><br>Fidelity<sup>®</sup> VIP Health Care<br>Fidelity<sup>®</sup> VIP Overseas<br>Fidelity<sup>®</sup> VIP Real Estate<br>Fidelity<sup>®</sup> VIP Strategic Income<br>Invesco V.I. Global Strategic Income<br>Invesco V.I. Discovery Mid Cap Growth<br>Invesco V.I. Global<br>Invesco Oppenheimer V.I. International Growth<br>Janus Henderson Global Technology and Innovation<br>MML Equity<br>MML Equity Rotation<br>MML Small Company Value<br>MML Small/Mid Cap Value<br>MML Sustainable Equity<br>PIMCO Income Portfolio |  |  |

---

If a requested change in your allocations or a transfer of any portion of your contract value does not comply with these investment restrictions, you will be required to terminate your RetirePay by written request before the allocation change or transfer can be processed. We reserve the right, upon thirty calendar days advance notice to you, to change the investment restrictions. No change will be made without prior approval of the New York State Department of Financial Services. If we change the investment restrictions, you must change your allocations to comply within thirty calendar days of the restrictions becoming effective, or we will terminate your RetirePay.

*If you have any questions regarding this Rate Sheet, please contact us toll free at (800) 272-2216.*

**Please keep this Rate Sheet for future reference.**

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**<u>FOR CONTRACTS ISSUED IN ALL STATES EXCEPT NEW YORK</u>**

**Rate Sheet Prospectus Supplement dated January 4, 2024 to the Prospectus dated November 28, 2023, as supplemented,**<br>**and the Initial Summary Prospectus dated November 28, 2023, as supplemented, for**<br>**MassMutual Envision<sup>SM</sup>** **Variable Annuity Issued by Massachusetts Mutual Life Insurance Company**<br>**Massachusetts Mutual Variable Annuity Separate Account 4**

***This Rate Sheet Prospectus Supplement ("Rate Sheet") should be read carefully and retained with the Prospectus dated*** ***November 28, 2023 for the*** **MassMutual Envision<sup>SM</sup>** **Variable Annuity.** **You may obtain a current Prospectus at** **www.MassMutual.com/Envision or by calling (800) 272-2216, sending an email request to ANNfax@MassMutual.com, or** **writing to MassMutual, PO Box 9067, Springfield, MA 01102-9067.**

We are issuing this Rate Sheet to update the following information regarding the MassMutual RetirePay<sup>SM</sup> Guaranteed Lifetime Withdrawal Benefit (RetirePay):

• Withdrawal
 Rates,

• Lifetime
 Guarantee Rates,

• RetirePay
 Charges, and

• Investment
 Allocation Restrictions

(collectively, referred to as the "RetirePay Terms.")

**The RetirePay Terms included in this Rate Sheet are effective for applications submitted on or after January 4, 2024 until a** **new Rate Sheet is issued that replaces and supersedes this Rate Sheet.**

This Rate Sheet replaces and supersedes any previously issued Rate Sheet. This Rate Sheet has no specified end date. This Rate Sheet must be used in conjunction with an effective MassMutual Envision<sup>SM</sup> Variable Annuity Prospectus. For complete information about RetirePay, see the "Additional Benefits — MassMutual RetirePay<sup>SM</sup>" section in the MassMutual Envision<sup>SM</sup> Variable Annuity Prospectus.

If we change the RetirePay Terms, we will issue a new Rate Sheet. In the event we issue a new Rate Sheet, we will provide at least 10 business days' notice of the effective date of the superseding Rate Sheet.

**Rate Sheet Eligibility Conditions**

Certain Rate Sheet eligibility conditions apply when we have issued a superseding Rate Sheet after you apply for your contract and prior to your issue date.

In order for the RetirePay Terms in this Rate Sheet to apply to your Contract, your necessary application information, including any applicable transfer form(s), must be submitted to an order entry system utilized to issue the Contract ("application submit date") on or after January 4, 2024 and prior to the effective date of the superseding Rate Sheet. *For purposes of this process, the application submit date is also defined to include the date the application is signed if a paper application is necessary.*

*<u>Application Information Submitted with a Purchase Payment</u>*

In addition to the submission of your necessary application information, we also require payment of at least the minimum initial Purchase Payment and the application information to be in Good Order within 10 business days after the application submit date.

If these Rate Sheet Eligibility Conditions are met, and the Contract is issued, the RetirePay Terms in this Rate Sheet will apply, unless a beneficial superseding rate sheet applies, as described under "Rate Sheet Comparison Process."

If these Rate Sheet Eligibility Conditions are not met, we will cancel the application and return your Purchase Payment.

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*<u>Application Information Submitted without a Purchase Payment</u>*

If you plan to pay the initial Purchase Payment with proceeds from an IRS Section 1035 exchange or direct transfer, your transfer form(s) and application information must be in Good Order within 10 Business Days after the application submit date. In addition, the initial Purchase Payment necessary to issue the Contract must be received within 90 calendar days after the application submit date.

If these Rate Sheet Eligibility Conditions are met, and the Contract is issued, the RetirePay Terms in this Rate Sheet will apply, unless a beneficial superseding rate sheet applies, as described under "Rate Sheet Comparison Process."

If these Rate Sheet Eligibility Conditions are not met, we will inform you and request instructions regarding whether to issue the Contract with the RetirePay Terms in effect under the superseding Rate Sheet or cancel the application.

If you have not provided us with the requested instructions within 2 business days after we have received your Purchase Payment, we will return your Purchase Payment to the original source.

The requirement to have the necessary application information in Good Order within 10 Business Days for application information received with a Purchase Payment or without a Purchase Payment includes completion of the broker-dealer suitability review.

**Rate Sheet Comparison Process**

Subject to satisfying the Rate Sheet Eligibility Conditions established in this Rate Sheet, if after your application submit date and prior to your Issue Date, a subsequent Rate Sheet is issued with only beneficial changes to the RetirePay Terms, the subsequent Rate Sheet will apply. The changes will be considered to be beneficial unless any of the following occurs:

• Withdrawal
 Rates and/or Lifetime Guarantee Rates have decreased,

• RetirePay
 Charges have increased, or

• Investment
 Allocation Restrictions have changed (unless the sole change to the Investment Allocation Restrictions is the addition
 of available investment options).

*For example, if the RetirePay Charges have increased, you will receive the RetirePay Terms included in the Rate Sheet in effect on your application submit date even if the Withdrawal Rates and/or Lifetime Guarantee Rates have increased in the subsequent Rate Sheet.*

You should not purchase RetirePay without first obtaining the applicable Rate Sheet. To obtain a current Rate Sheet:

• Contact
 your financial advisor

• Contact
 us toll-free at (800) 272-2216

• Go
 to www.MassMutual.com/Envision

On the Guaranteed Lifetime Withdrawal Date, we will determine the Withdrawal Rate and the Lifetime Guarantee Rate on the number of full Contract Years from the RetirePay Issue Date and the Age of the Covered Person.

The Withdrawal Rate applies when your Contract Value is greater than zero. The Lifetime Guarantee Rate applies when your Contract Value is zero. Once the contract is issued, the Withdrawal Rates and the Lifetime Guarantee Rates applicable to your Contract below will not change for the life of your Contract.

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**SINGLE LIFE WITHDRAWAL RATES:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date |
|  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 10+ |
| &nbsp;&nbsp; Age Range | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates |
| &nbsp;&nbsp; 59½ – 61 | &nbsp;&nbsp; 4.50% | &nbsp;&nbsp; 4.70% | &nbsp;&nbsp; 4.90% | &nbsp;&nbsp; 5.10% | &nbsp;&nbsp; 5.30% | &nbsp;&nbsp; 5.50% | &nbsp;&nbsp; 5.70% | &nbsp;&nbsp; 5.90% | &nbsp;&nbsp; 6.10% | &nbsp;&nbsp; 6.30% | &nbsp;&nbsp; 6.50% |
| &nbsp;&nbsp; 62 – 66 | &nbsp;&nbsp; 5.00% | &nbsp;&nbsp; 5.20% | &nbsp;&nbsp; 5.40% | &nbsp;&nbsp; 5.60% | &nbsp;&nbsp; 5.80% | &nbsp;&nbsp; 6.00% | &nbsp;&nbsp; 6.20% | &nbsp;&nbsp; 6.40% | &nbsp;&nbsp; 6.60% | &nbsp;&nbsp; 6.80% | &nbsp;&nbsp; 7.00% |
| &nbsp;&nbsp; 67 – 71 | &nbsp;&nbsp; 5.50% | &nbsp;&nbsp; 5.70% | &nbsp;&nbsp; 5.90% | &nbsp;&nbsp; 6.10% | &nbsp;&nbsp; 6.30% | &nbsp;&nbsp; 6.50% | &nbsp;&nbsp; 6.70% | &nbsp;&nbsp; 6.90% | &nbsp;&nbsp; 7.10% | &nbsp;&nbsp; 7.30% | &nbsp;&nbsp; 7.50% |
| &nbsp;&nbsp; 72 – 76 | &nbsp;&nbsp; 6.00% | &nbsp;&nbsp; 6.20% | &nbsp;&nbsp; 6.40% | &nbsp;&nbsp; 6.60% | &nbsp;&nbsp; 6.80% | &nbsp;&nbsp; 7.00% | &nbsp;&nbsp; 7.20% | &nbsp;&nbsp; 7.40% | &nbsp;&nbsp; 7.60% | &nbsp;&nbsp; 7.80% | &nbsp;&nbsp; 8.00% |
| &nbsp;&nbsp; 77+ | &nbsp;&nbsp; 6.50% | &nbsp;&nbsp; 6.70% | &nbsp;&nbsp; 6.90% | &nbsp;&nbsp; 7.10% | &nbsp;&nbsp; 7.30% | &nbsp;&nbsp; 7.50% | &nbsp;&nbsp; 7.70% | &nbsp;&nbsp; 7.90% | &nbsp;&nbsp; 8.10% | &nbsp;&nbsp; 8.30% | &nbsp;&nbsp; 8.50% |

---

**JOINT LIFE WITHDRAWAL RATES:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date |
|  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 10+ |
| &nbsp;&nbsp; Age Range | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates |
| &nbsp;&nbsp; 59½ – 61 | &nbsp;&nbsp; 3.95% | &nbsp;&nbsp; 4.15% | &nbsp;&nbsp; 4.35% | &nbsp;&nbsp; 4.55% | &nbsp;&nbsp; 4.75% | &nbsp;&nbsp; 4.95% | &nbsp;&nbsp; 5.15% | &nbsp;&nbsp; 5.35% | &nbsp;&nbsp; 5.55% | &nbsp;&nbsp; 5.75% | &nbsp;&nbsp; 5.95% |
| &nbsp;&nbsp; 62 – 66 | &nbsp;&nbsp; 4.45% | &nbsp;&nbsp; 4.65% | &nbsp;&nbsp; 4.85% | &nbsp;&nbsp; 5.05% | &nbsp;&nbsp; 5.25% | &nbsp;&nbsp; 5.45% | &nbsp;&nbsp; 5.65% | &nbsp;&nbsp; 5.85% | &nbsp;&nbsp; 6.05% | &nbsp;&nbsp; 6.25% | &nbsp;&nbsp; 6.45% |
| &nbsp;&nbsp; 67 – 71 | &nbsp;&nbsp; 4.95% | &nbsp;&nbsp; 5.15% | &nbsp;&nbsp; 5.35% | &nbsp;&nbsp; 5.55% | &nbsp;&nbsp; 5.75% | &nbsp;&nbsp; 5.95% | &nbsp;&nbsp; 6.15% | &nbsp;&nbsp; 6.35% | &nbsp;&nbsp; 6.55% | &nbsp;&nbsp; 6.75% | &nbsp;&nbsp; 6.95% |
| &nbsp;&nbsp; 72 – 76 | &nbsp;&nbsp; 5.45% | &nbsp;&nbsp; 5.65% | &nbsp;&nbsp; 5.85% | &nbsp;&nbsp; 6.05% | &nbsp;&nbsp; 6.25% | &nbsp;&nbsp; 6.45% | &nbsp;&nbsp; 6.65% | &nbsp;&nbsp; 6.85% | &nbsp;&nbsp; 7.05% | &nbsp;&nbsp; 7.25% | &nbsp;&nbsp; 7.45% |
| &nbsp;&nbsp; 77+ | &nbsp;&nbsp; 5.95% | &nbsp;&nbsp; 6.15% | &nbsp;&nbsp; 6.35% | &nbsp;&nbsp; 6.55% | &nbsp;&nbsp; 6.75% | &nbsp;&nbsp; 6.95% | &nbsp;&nbsp; 7.15% | &nbsp;&nbsp; 7.35% | &nbsp;&nbsp; 7.55% | &nbsp;&nbsp; 7.75% | &nbsp;&nbsp; 7.95% |

---

**SINGLE LIFE LIFETIME GUARANTEE RATES:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date |
|  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 10+ |
| &nbsp;&nbsp; Age Range | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates |
| &nbsp;&nbsp; 59½ – 61 | &nbsp;&nbsp; 4.50% | &nbsp;&nbsp; 4.70% | &nbsp;&nbsp; 4.90% | &nbsp;&nbsp; 5.10% | &nbsp;&nbsp; 5.30% | &nbsp;&nbsp; 5.50% | &nbsp;&nbsp; 5.70% | &nbsp;&nbsp; 5.90% | &nbsp;&nbsp; 6.10% | &nbsp;&nbsp; 6.30% | &nbsp;&nbsp; 6.50% |
| &nbsp;&nbsp; 62 – 66 | &nbsp;&nbsp; 5.00% | &nbsp;&nbsp; 5.20% | &nbsp;&nbsp; 5.40% | &nbsp;&nbsp; 5.60% | &nbsp;&nbsp; 5.80% | &nbsp;&nbsp; 6.00% | &nbsp;&nbsp; 6.20% | &nbsp;&nbsp; 6.40% | &nbsp;&nbsp; 6.60% | &nbsp;&nbsp; 6.80% | &nbsp;&nbsp; 7.00% |
| &nbsp;&nbsp; 67 – 71 | &nbsp;&nbsp; 5.50% | &nbsp;&nbsp; 5.70% | &nbsp;&nbsp; 5.90% | &nbsp;&nbsp; 6.10% | &nbsp;&nbsp; 6.30% | &nbsp;&nbsp; 6.50% | &nbsp;&nbsp; 6.70% | &nbsp;&nbsp; 6.90% | &nbsp;&nbsp; 7.10% | &nbsp;&nbsp; 7.30% | &nbsp;&nbsp; 7.50% |
| &nbsp;&nbsp; 72 – 76 | &nbsp;&nbsp; 6.00% | &nbsp;&nbsp; 6.20% | &nbsp;&nbsp; 6.40% | &nbsp;&nbsp; 6.60% | &nbsp;&nbsp; 6.80% | &nbsp;&nbsp; 7.00% | &nbsp;&nbsp; 7.20% | &nbsp;&nbsp; 7.40% | &nbsp;&nbsp; 7.60% | &nbsp;&nbsp; 7.80% | &nbsp;&nbsp; 8.00% |
| &nbsp;&nbsp; 77+ | &nbsp;&nbsp; 6.50% | &nbsp;&nbsp; 6.70% | &nbsp;&nbsp; 6.90% | &nbsp;&nbsp; 7.10% | &nbsp;&nbsp; 7.30% | &nbsp;&nbsp; 7.50% | &nbsp;&nbsp; 7.70% | &nbsp;&nbsp; 7.90% | &nbsp;&nbsp; 8.10% | &nbsp;&nbsp; 8.30% | &nbsp;&nbsp; 8.50% |

---

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**JOINT LIFE LIFETIME GUARANTEE RATES:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date |
|  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 10+ |
| &nbsp;&nbsp; Age Range | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates |
| &nbsp;&nbsp; 59½ – 61 | &nbsp;&nbsp; 3.95% | &nbsp;&nbsp; 4.15% | &nbsp;&nbsp; 4.35% | &nbsp;&nbsp; 4.55% | &nbsp;&nbsp; 4.75% | &nbsp;&nbsp; 4.95% | &nbsp;&nbsp; 5.15% | &nbsp;&nbsp; 5.35% | &nbsp;&nbsp; 5.55% | &nbsp;&nbsp; 5.75% | &nbsp;&nbsp; 5.95% |
| &nbsp;&nbsp; 62 – 66 | &nbsp;&nbsp; 4.45% | &nbsp;&nbsp; 4.65% | &nbsp;&nbsp; 4.85% | &nbsp;&nbsp; 5.05% | &nbsp;&nbsp; 5.25% | &nbsp;&nbsp; 5.45% | &nbsp;&nbsp; 5.65% | &nbsp;&nbsp; 5.85% | &nbsp;&nbsp; 6.05% | &nbsp;&nbsp; 6.25% | &nbsp;&nbsp; 6.45% |
| &nbsp;&nbsp; 67 – 71 | &nbsp;&nbsp; 4.95% | &nbsp;&nbsp; 5.15% | &nbsp;&nbsp; 5.35% | &nbsp;&nbsp; 5.55% | &nbsp;&nbsp; 5.75% | &nbsp;&nbsp; 5.95% | &nbsp;&nbsp; 6.15% | &nbsp;&nbsp; 6.35% | &nbsp;&nbsp; 6.55% | &nbsp;&nbsp; 6.75% | &nbsp;&nbsp; 6.95% |
| &nbsp;&nbsp; 72 – 76 | &nbsp;&nbsp; 5.45% | &nbsp;&nbsp; 5.65% | &nbsp;&nbsp; 5.85% | &nbsp;&nbsp; 6.05% | &nbsp;&nbsp; 6.25% | &nbsp;&nbsp; 6.45% | &nbsp;&nbsp; 6.65% | &nbsp;&nbsp; 6.85% | &nbsp;&nbsp; 7.05% | &nbsp;&nbsp; 7.25% | &nbsp;&nbsp; 7.45% |
| &nbsp;&nbsp; 77+ | &nbsp;&nbsp; 5.95% | &nbsp;&nbsp; 6.15% | &nbsp;&nbsp; 6.35% | &nbsp;&nbsp; 6.55% | &nbsp;&nbsp; 6.75% | &nbsp;&nbsp; 6.95% | &nbsp;&nbsp; 7.15% | &nbsp;&nbsp; 7.35% | &nbsp;&nbsp; 7.55% | &nbsp;&nbsp; 7.75% | &nbsp;&nbsp; 7.95% |

---

**CURRENT RETIREPAY CHARGES**

The current RetirePay Charges applicable to your Contract are as follows:

---

| | |
|:---|:---|
| **•** **Single Life Highest Anniversary Value Step-up Charge**<br>• **Joint Life Highest Anniversary Value Step-up Charge**<br>• **Single Life Highest Quarterly Value Step-up Charge**<br>• **Joint Life Highest Quarterly Value Step-up Charge** | **1.45%**<br>**1.45%**<br>**1.60%**<br>**1.60%** |

---

The amount that is deducted from your Contract Value is equal to the RetirePay Charge multiplied by the Benefit Base. We may increase the RetirePay Charges at any time, with prior notice, but the charges will never exceed the maximum RetirePay Charge. The maximum charge can be found in the "RetirePay Charge" section of the current MassMutual Envision prospectus.

**INVESTMENT ALLOCATION RESTRICTIONS**

While RetirePay is in effect, your investment allocations are restricted.

You must either be invested 100% in one of the MML Asset Allocation Sub-Accounts or invested 100% in the Custom Allocation Program.

**MML Asset Allocation Sub-Accounts:**

MML American Funds Core Allocation<br>MML Balanced Allocation<br>MML Blend<br>MML Conservative Allocation<br>MML Growth Allocation<br>MML iShares<sup>®</sup> 80/20 Allocation<br>MML iShares<sup>®</sup> 60/40 Allocation<br>MML Moderate Allocation

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**Custom Allocation Program:**

Multiple Sub-Accounts can be selected within each category. The total allocation for all Sub-Accounts within each category must be between the minimum and maximum allocation. The Contract Value in the Custom Allocation Program will be rebalanced based on your elected frequency. If no election is made, rebalancing will occur quarterly during each calendar year.

---

| | | |
|:---|:---|:---|
|  | **Minimum**<br>**Allocation** | **Maximum**<br>**Allocation** |
| &nbsp;&nbsp; Allocation Category 1 | 30% | 30% |
| &nbsp;&nbsp; <u>Available sub-accounts:</u><br>MML Dynamic Bond<br>MML Inflation-Protected and Income<br>MML Managed Bond<br>MML Short-Duration Bond<br>MML Total Return Bond<br>MML U.S. Government Money Market |  |  |
| &nbsp;&nbsp; Allocation Category 2 | 40% | 70% |
| &nbsp;&nbsp; <u>Available sub-accounts:</u><br>MML American Funds Growth<br>MML Blue Chip Growth<br>MML Equity Income<br>MML Focused Equity<br>MML Foreign<br>MML Fundamental Equity<br>MML Fundamental Value<br>MML Global<br>MML High Yield<br>MML Income & Growth<br>MML International Equity<br>MML Large Cap Growth<br>MML Mid Cap Growth<br>MML Mid Cap Value<br>MML Small Cap Equity<br>MML Small Cap Growth Equity<br>MML Strategic Emerging Markets<br>Vest US Large Cap 10% Buffer Strategies VI |  |  |

---

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---

| | | |
|:---|:---|:---|
|  | **Minimum**<br>**Allocation** | **Maximum**<br>**Allocation** |
| &nbsp;&nbsp; Allocation Category 3 | 0% | 30% |
| &nbsp;&nbsp; <u>Available sub-accounts:</u><br>Delaware Ivy VIP Asset Strategy<br>Fidelity<sup>®</sup> VIP Contrafund<sup>®</sup><br>Fidelity<sup>®</sup> VIP Health Care<br>Fidelity<sup>®</sup> VIP Overseas<br>Fidelity<sup>®</sup> VIP Real Estate<br>Fidelity<sup>®</sup> VIP Strategic Income<br>Invesco V.I. Global Strategic Income<br>Invesco V.I. Discovery Mid Cap Growth<br>Invesco V.I. Global<br>Invesco Oppenheimer V.I. International Growth<br>Janus Henderson Global Technology and Innovation<br>MML Equity<br>MML Equity Rotation<br>MML Small Company Value<br>MML Small/Mid Cap Value<br>MML Sustainable Equity<br>PIMCO Income Portfolio |  |  |

---

If a requested change in your allocations or a transfer of any portion of your contract value does not comply with these investment restrictions, you will be required to terminate your RetirePay by written request before the allocation change or transfer can be processed. We reserve the right, upon thirty calendar days advance notice to you, to change the investment restrictions. If we change the investment restrictions, you must change your allocations to comply within thirty calendar days of the restrictions becoming effective, or we will terminate your RetirePay.

*If you have any questions regarding this Rate Sheet, please contact us toll free at (800) 272-2216.*

**Please keep this Rate Sheet for future reference.**

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**<u>FOR CONTRACTS ISSUED IN NEW YORK ONLY</u>**

**Rate Sheet Prospectus Supplement dated December 11, 2023 to the Prospectus dated November 28, 2023**<br>**and the Initial Summary Prospectus dated November 28, 2023 for**<br>**MassMutual Envision<sup>SM</sup>** **Variable Annuity Issued by Massachusetts Mutual Life Insurance Company**<br>**Massachusetts Mutual Variable Annuity Separate Account 4**

***This Rate Sheet Prospectus Supplement ("Rate Sheet") should be read carefully and retained with the Prospectus dated*** ***November 28, 2023 for the*** **MassMutual Envision<sup>SM</sup>** **Variable Annuity.** **You may obtain a current Prospectus at** **www.MassMutual.com/Envision or by calling (800) 272-2216, sending an email request to ANNfax@MassMutual.com, or** **writing to MassMutual, PO Box 9067, Springfield, MA 01102-9067.**

We are issuing this Rate Sheet to update the following information regarding the MassMutual RetirePay<sup>SM</sup> Guaranteed Lifetime Withdrawal Benefit (RetirePay):

• Withdrawal
 Rates,

• RetirePay
 Charges, and

• Investment
 Allocation Restrictions

(collectively, referred to as the "RetirePay Terms.")

**The RetirePay Terms included in this Rate Sheet are effective for applications submitted on or after December 11, 2023 until a** **new Rate Sheet is issued that replaces and supersedes this Rate Sheet.**

This Rate Sheet replaces and supersedes any previously issued Rate Sheet. This Rate Sheet has no specified end date. This Rate Sheet must be used in conjunction with an effective MassMutual Envision<sup>SM</sup> Variable Annuity Prospectus. For complete information about RetirePay, see the "Additional Benefits — MassMutual RetirePay<sup>SM</sup>" section in the MassMutual Envision<sup>SM</sup> Variable Annuity Prospectus.

If we change the RetirePay Terms, we will issue a new Rate Sheet. In the event we issue a new Rate Sheet, we will provide at least 10 business days' notice of the effective date of the superseding Rate Sheet.

**Rate Sheet Eligibility Conditions**

Certain Rate Sheet eligibility conditions apply when we have issued a superseding Rate Sheet after you apply for your contract and prior to your issue date.

In order for the RetirePay Terms in this Rate Sheet to apply to your Contract, your necessary application information, including any applicable transfer form(s), must be submitted to an order entry system utilized to issue the Contract ("application submit date") on or after December 11, 2023 and prior to the effective date of the superseding Rate Sheet. *For purposes of this process, the application submit date is also defined to include the date the application is signed if a paper application is necessary.*

**Application Information Submitted with a Purchase Payment**

In addition to the submission of your necessary application information, we also require payment of at least the minimum initial Purchase Payment and the application information to be in Good Order within 10 business days after the application submit date.

If these Rate Sheet Eligibility Conditions are met, and the Contract is issued, the RetirePay Terms in this Rate Sheet will apply, unless a beneficial superseding rate sheet applies, as described under "Rate Sheet Comparison Process."

If these Rate Sheet Eligibility Conditions are not met, we will cancel the application and return your Purchase Payment.

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*<u>Application Information Submitted without a Purchase Payment</u>*

If you plan to pay the initial Purchase Payment with proceeds from an IRS Section 1035 exchange or direct transfer, your transfer form(s) and application information must be in Good Order within 10 Business Days after the application submit date. In addition, the initial Purchase Payment necessary to issue the Contract must be received within 90 calendar days after the application submit date.

If these Rate Sheet Eligibility Conditions are met, and the Contract is issued, the RetirePay Terms in this Rate Sheet will apply, unless a beneficial superseding rate sheet applies, as described under "Rate Sheet Comparison Process."

If these Rate Sheet Eligibility Conditions are not met, we will inform you and request instructions regarding whether to issue the Contract with the RetirePay Terms in effect under the superseding Rate Sheet or cancel the application.

If you have not provided us with the requested instructions within 2 business days after we have received your Purchase Payment, we will return your Purchase Payment to the original source.

The requirement to have the necessary application information in Good Order within 10 Business Days for application information received with a Purchase Payment or without a Purchase Payment includes completion of the broker-dealer suitability review.

**Rate Sheet Comparison Process**

Subject to satisfying the Rate Sheet Eligibility Conditions established in this Rate Sheet, if after your application submit date and prior to your Issue Date, a subsequent Rate Sheet is issued with only beneficial changes to the RetirePay Terms, the subsequent Rate Sheet will apply. The changes will be considered to be beneficial unless any of the following occurs:

• Withdrawal
 Rates have decreased,

• RetirePay
 Charges have increased, or

• Investment
 Allocation Restrictions have changed (unless the sole change to the Investment Allocation Restrictions is the addition
 of available investment options).

*For example, if the RetirePay Charges have increased, you will receive the RetirePay Terms included in the Rate Sheet in effect on your application submit date even if the Withdrawal Rates have increased in the subsequent Rate Sheet.*

You should not purchase RetirePay without first obtaining the applicable Rate Sheet. To obtain a current Rate Sheet:

• Contact
 your financial advisor

• Contact
 us toll-free at (800) 272-2216

• Go
 to www.MassMutual.com/Envision

On the Guaranteed Lifetime Withdrawal Date, we will determine the Withdrawal Rate based on the number of full Contract Years from the RetirePay Issue Date and the Age of the Covered Person (or the youngest Covered Person for a Joint Life Version). Once the contract is issued, the Withdrawal Rates applicable to your Contract below will not change for the life of your Contract.

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**SINGLE LIFE WITHDRAWAL RATES:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date |
|  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 10+ |
| &nbsp;&nbsp; Age Range | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates |
| &nbsp;&nbsp; 59½ – 61 | &nbsp;&nbsp; 4.05% | &nbsp;&nbsp; 4.25% | &nbsp;&nbsp; 4.45% | &nbsp;&nbsp; 4.65% | &nbsp;&nbsp; 4.85% | &nbsp;&nbsp; 5.05% | &nbsp;&nbsp; 5.25% | &nbsp;&nbsp; 5.45% | &nbsp;&nbsp; 5.65% | &nbsp;&nbsp; 5.85% | &nbsp;&nbsp; 6.05% |
| &nbsp;&nbsp; 62 – 66 | &nbsp;&nbsp; 4.70% | &nbsp;&nbsp; 4.90% | &nbsp;&nbsp; 5.10% | &nbsp;&nbsp; 5.30% | &nbsp;&nbsp; 5.50% | &nbsp;&nbsp; 5.70% | &nbsp;&nbsp; 5.90% | &nbsp;&nbsp; 6.10% | &nbsp;&nbsp; 6.30% | &nbsp;&nbsp; 6.50% | &nbsp;&nbsp; 6.70% |
| &nbsp;&nbsp; 67 – 71 | &nbsp;&nbsp; 5.35% | &nbsp;&nbsp; 5.55% | &nbsp;&nbsp; 5.75% | &nbsp;&nbsp; 5.95% | &nbsp;&nbsp; 6.15% | &nbsp;&nbsp; 6.35% | &nbsp;&nbsp; 6.55% | &nbsp;&nbsp; 6.75% | &nbsp;&nbsp; 6.95% | &nbsp;&nbsp; 7.15% | &nbsp;&nbsp; 7.35% |
| &nbsp;&nbsp; 72 – 76 | &nbsp;&nbsp; 6.00% | &nbsp;&nbsp; 6.20% | &nbsp;&nbsp; 6.40% | &nbsp;&nbsp; 6.60% | &nbsp;&nbsp; 6.80% | &nbsp;&nbsp; 7.00% | &nbsp;&nbsp; 7.20% | &nbsp;&nbsp; 7.40% | &nbsp;&nbsp; 7.60% | &nbsp;&nbsp; 7.80% | &nbsp;&nbsp; 8.00% |
| &nbsp;&nbsp; 77 – 81 | &nbsp;&nbsp; 6.65% | &nbsp;&nbsp; 6.85% | &nbsp;&nbsp; 7.05% | &nbsp;&nbsp; 7.25% | &nbsp;&nbsp; 7.45% | &nbsp;&nbsp; 7.65% | &nbsp;&nbsp; 7.85% | &nbsp;&nbsp; 8.05% | &nbsp;&nbsp; 8.25% | &nbsp;&nbsp; 8.45% | &nbsp;&nbsp; 8.65% |
| &nbsp;&nbsp; 82 – 86 |  |  | &nbsp;&nbsp; 8.45% | &nbsp;&nbsp; 8.65% | &nbsp;&nbsp; 8.85% | &nbsp;&nbsp; 9.05% | &nbsp;&nbsp; 9.25% | &nbsp;&nbsp; 9.45% | &nbsp;&nbsp; 9.65% | &nbsp;&nbsp; 9.85% | &nbsp;&nbsp; 10.05% |
| &nbsp;&nbsp; 87 – 91 |  |  |  |  |  |  |  | &nbsp;&nbsp; 10.85% | &nbsp;&nbsp; 11.05% | &nbsp;&nbsp; 11.25% | &nbsp;&nbsp; 11.45% |
| &nbsp;&nbsp; 92+ |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp; 12.85% |

---

**JOINT LIFE WITHDRAWAL RATES:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date |
|  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 10+ |
| &nbsp;&nbsp; Age Range | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates |
| &nbsp;&nbsp; 59½ – 61 | &nbsp;&nbsp; 3.50% | &nbsp;&nbsp; 3.70% | &nbsp;&nbsp; 3.90% | &nbsp;&nbsp; 4.10% | &nbsp;&nbsp; 4.30% | &nbsp;&nbsp; 4.50% | &nbsp;&nbsp; 4.70% | &nbsp;&nbsp; 4.90% | &nbsp;&nbsp; 5.10% | &nbsp;&nbsp; 5.30% | &nbsp;&nbsp; 5.50% |
| &nbsp;&nbsp; 62 – 66 | &nbsp;&nbsp; 4.15% | &nbsp;&nbsp; 4.35% | &nbsp;&nbsp; 4.55% | &nbsp;&nbsp; 4.75% | &nbsp;&nbsp; 4.95% | &nbsp;&nbsp; 5.15% | &nbsp;&nbsp; 5.35% | &nbsp;&nbsp; 5.55% | &nbsp;&nbsp; 5.75% | &nbsp;&nbsp; 5.95% | &nbsp;&nbsp; 6.15% |
| &nbsp;&nbsp; 67 – 71 | &nbsp;&nbsp; 4.80% | &nbsp;&nbsp; 5.00% | &nbsp;&nbsp; 5.20% | &nbsp;&nbsp; 5.40% | &nbsp;&nbsp; 5.60% | &nbsp;&nbsp; 5.80% | &nbsp;&nbsp; 6.00% | &nbsp;&nbsp; 6.20% | &nbsp;&nbsp; 6.40% | &nbsp;&nbsp; 6.60% | &nbsp;&nbsp; 6.80% |
| &nbsp;&nbsp; 72 – 76 | &nbsp;&nbsp; 5.45% | &nbsp;&nbsp; 5.65% | &nbsp;&nbsp; 5.85% | &nbsp;&nbsp; 6.05% | &nbsp;&nbsp; 6.25% | &nbsp;&nbsp; 6.45% | &nbsp;&nbsp; 6.65% | &nbsp;&nbsp; 6.85% | &nbsp;&nbsp; 7.05% | &nbsp;&nbsp; 7.25% | &nbsp;&nbsp; 7.45% |
| &nbsp;&nbsp; 77 – 81 | &nbsp;&nbsp; 6.10% | &nbsp;&nbsp; 6.30% | &nbsp;&nbsp; 6.50% | &nbsp;&nbsp; 6.70% | &nbsp;&nbsp; 6.90% | &nbsp;&nbsp; 7.10% | &nbsp;&nbsp; 7.30% | &nbsp;&nbsp; 7.50% | &nbsp;&nbsp; 7.70% | &nbsp;&nbsp; 7.90% | &nbsp;&nbsp; 8.10% |
| &nbsp;&nbsp; 82 – 86 |  |  | &nbsp;&nbsp; 7.90% | &nbsp;&nbsp; 8.10% | &nbsp;&nbsp; 8.30% | &nbsp;&nbsp; 8.50% | &nbsp;&nbsp; 8.70% | &nbsp;&nbsp; 8.90% | &nbsp;&nbsp; 9.10% | &nbsp;&nbsp; 9.30% | &nbsp;&nbsp; 9.50% |
| &nbsp;&nbsp; 87 – 91 |  |  |  |  |  |  |  | &nbsp;&nbsp; 10.30% | &nbsp;&nbsp; 10.50% | &nbsp;&nbsp; 10.70% | &nbsp;&nbsp; 10.90% |
| &nbsp;&nbsp; 92+ |  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp; 12.30% |

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**CURRENT RETIREPAY CHARGES**

The current RetirePay Charges applicable to your Contract are as follows:

---

| | |
|:---|:---|
| **•** **Single Life Highest Anniversary Value Step-up Charge**<br>• **Joint Life Highest Anniversary Value Step-up Charge**<br>• **Single Life Highest Quarterly Value Step-up Charge**<br>• **Joint Life Highest Quarterly Value Step-up Charge** | **1.45%**<br>**1.45%**<br>**1.60%**<br>**1.60%** |

---

The amount that is deducted from your Contract Value is equal to the RetirePay Charge multiplied by the Benefit Base. We may increase the RetirePay Charges at any time, with prior notice, but the charges will never exceed the maximum RetirePay Charge. The maximum charge can be found in the "RetirePay Charge" section of the current MassMutual Envision prospectus.

**INVESTMENT ALLOCATION RESTRICTIONS**

While RetirePay is in effect, your investment allocations are restricted.

You must either be invested 100% in one of the MML Asset Allocation Sub-Accounts or invested 100% in the Custom Allocation Program.

**MML Asset Allocation Sub-Accounts:**

MML American Funds Core Allocation<br>MML Balanced Allocation<br>MML Blend<br>MML Conservative Allocation<br>MML Growth Allocation<br>MML iShares<sup>®</sup> 80/20 Allocation<br>MML iShares<sup>®</sup> 60/40 Allocation<br>MML Moderate Allocation

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**Custom Allocation Program:**

Multiple Sub-Accounts can be selected within each category. The total allocation for all Sub-Accounts within each category must be between the minimum and maximum allocation. The Contract Value in the Custom Allocation Program will be rebalanced based on your elected frequency. If no election is made, rebalancing will occur quarterly during each calendar year.

---

| | | |
|:---|:---|:---|
|  | **Minimum**<br>**Allocation** | **Maximum**<br>**Allocation** |
| &nbsp;&nbsp; Allocation Category 1 | 30% | 30% |
| &nbsp;&nbsp; <u>Available sub-accounts:</u><br>MML Dynamic Bond<br>MML Inflation-Protected and Income<br>MML Managed Bond<br>MML Short-Duration Bond<br>MML Total Return Bond<br>MML U.S. Government Money Market |  |  |
| &nbsp;&nbsp; Allocation Category 2 | 40% | 70% |
| &nbsp;&nbsp; <u>Available sub-accounts:</u><br>MML American Funds Growth<br>MML Blue Chip Growth<br>MML Equity Income<br>MML Focused Equity<br>MML Foreign<br>MML Fundamental Equity<br>MML Fundamental Value<br>MML Global<br>MML High Yield<br>MML Income & Growth<br>MML International Equity<br>MML Large Cap Growth<br>MML Mid Cap Growth<br>MML Mid Cap Value<br>MML Small Cap Equity<br>MML Small Cap Growth Equity<br>MML Strategic Emerging Markets |  |  |

---

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---

| | | |
|:---|:---|:---|
|  | **Minimum**<br>**Allocation** | **Maximum**<br>**Allocation** |
| &nbsp;&nbsp; Allocation Category 3 | 0% | 30% |
| &nbsp;&nbsp; <u>Available sub-accounts:</u><br>Delaware Ivy VIP Asset Strategy<br>Fidelity<sup>®</sup> VIP Contrafund<sup>®</sup><br>Fidelity<sup>®</sup> VIP Health Care<br>Fidelity<sup>®</sup> VIP Overseas<br>Fidelity<sup>®</sup> VIP Real Estate<br>Fidelity<sup>®</sup> VIP Strategic Income<br>Invesco V.I. Global Strategic Income<br>Invesco V.I. Discovery Mid Cap Growth<br>Invesco V.I. Global<br>Invesco Oppenheimer V.I. International Growth<br>Janus Henderson Global Technology and Innovation<br>MML Equity<br>MML Equity Rotation<br>MML Small Company Value<br>MML Small/Mid Cap Value<br>MML Sustainable Equity<br>PIMCO Income Portfolio |  |  |

---

If a requested change in your allocations or a transfer of any portion of your contract value does not comply with these investment restrictions, you will be required to terminate your RetirePay by written request before the allocation change or transfer can be processed. We reserve the right, upon thirty calendar days advance notice to you, to change the investment restrictions. No change will be made without prior approval of the New York State Department of Financial Services. If we change the investment restrictions, you must change your allocations to comply within thirty calendar days of the restrictions becoming effective, or we will terminate your RetirePay.

*If you have any questions regarding this Rate Sheet, please contact us toll free at (800) 272-2216.*

**Please keep this Rate Sheet for future reference.**

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**<u>FOR CONTRACTS ISSUED IN ALL STATES EXCEPT NEW YORK</u>**

**Rate Sheet Prospectus Supplement dated November 28, 2023 to the Prospectus dated November 28, 2023**<br>**and the Initial Summary Prospectus dated November 28, 2023 for**<br>**MassMutual Envision<sup>SM</sup>** **Variable Annuity Issued by Massachusetts Mutual Life Insurance Company**<br>**Massachusetts Mutual Variable Annuity Separate Account 4**

***This Rate Sheet Prospectus Supplement ("Rate Sheet") should be read carefully and retained with the Prospectus dated*** ***November 28, 2023 for the*** **MassMutual Envision<sup>SM</sup>** **Variable Annuity.** **You may obtain a current Prospectus at** **www.MassMutual.com/Envision or by calling (800) 272-2216, sending an email request to ANNfax@MassMutual.com, or** **writing to MassMutual, PO Box 9067, Springfield, MA 01102-9067.**

We are issuing this Rate Sheet to update the following information regarding the MassMutual RetirePay<sup>SM</sup> Guaranteed Lifetime Withdrawal Benefit (RetirePay):

• Withdrawal
 Rates,

• Lifetime
 Guarantee Rates,

• RetirePay
 Charges, and

• Investment
 Allocation Restrictions

(collectively, referred to as the "RetirePay Terms.")

**The RetirePay Terms included in this Rate Sheet are effective for applications submitted on or after November 28, 2023 until a** **new Rate Sheet is issued that replaces and supersedes this Rate Sheet.**

This Rate Sheet replaces and supersedes any previously issued Rate Sheet. This Rate Sheet has no specified end date. This Rate Sheet must be used in conjunction with an effective MassMutual Envision<sup>SM</sup> Variable Annuity Prospectus. For complete information about RetirePay, see the "Additional Benefits — MassMutual RetirePay<sup>SM</sup>" section in the MassMutual Envision<sup>SM</sup> Variable Annuity Prospectus.

If we change the RetirePay Terms, we will issue a new Rate Sheet. In the event we issue a new Rate Sheet, we will provide at least 10 business days' notice of the effective date of the superseding Rate Sheet.

**Rate Sheet Eligibility Conditions**

Certain Rate Sheet eligibility conditions apply when we have issued a superseding Rate Sheet after you apply for your contract and prior to your issue date.

In order for the RetirePay Terms in this Rate Sheet to apply to your Contract, your necessary application information, including any applicable transfer form(s), must be submitted to an order entry system utilized to issue the Contract ("application submit date") on or after November 28, 2023 and prior to the effective date of the superseding Rate Sheet. *For purposes of this process, the application submit date is also defined to include the date the application is signed if a paper application is necessary.*

*<u>Application Information Submitted with a Purchase Payment</u>*

In addition to the submission of your necessary application information, we also require payment of at least the minimum initial Purchase Payment and the application information to be in Good Order within 10 business days after the application submit date.

If these Rate Sheet Eligibility Conditions are met, and the Contract is issued, the RetirePay Terms in this Rate Sheet will apply, unless a beneficial superseding rate sheet applies, as described under "Rate Sheet Comparison Process."

If these Rate Sheet Eligibility Conditions are not met, we will cancel the application and return your Purchase Payment.

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*<u>Application Information Submitted without a Purchase Payment</u>*

If you plan to pay the initial Purchase Payment with proceeds from an IRS Section 1035 exchange or direct transfer, your transfer form(s) and application information must be in Good Order within 10 Business Days after the application submit date. In addition, the initial Purchase Payment necessary to issue the Contract must be received within 90 calendar days after the application submit date.

If these Rate Sheet Eligibility Conditions are met, and the Contract is issued, the RetirePay Terms in this Rate Sheet will apply, unless a beneficial superseding rate sheet applies, as described under "Rate Sheet Comparison Process."

If these Rate Sheet Eligibility Conditions are not met, we will inform you and request instructions regarding whether to issue the Contract with the RetirePay Terms in effect under the superseding Rate Sheet or cancel the application.

If you have not provided us with the requested instructions within 2 business days after we have received your Purchase Payment, we will return your Purchase Payment to the original source.

The requirement to have the necessary application information in Good Order within 10 Business Days for application information received with a Purchase Payment or without a Purchase Payment includes completion of the broker-dealer suitability review.

**Rate Sheet Comparison Process**

Subject to satisfying the Rate Sheet Eligibility Conditions established in this Rate Sheet, if after your application submit date and prior to your Issue Date, a subsequent Rate Sheet is issued with only beneficial changes to the RetirePay Terms, the subsequent Rate Sheet will apply. The changes will be considered to be beneficial unless any of the following occurs:

• Withdrawal
 Rates and/or Lifetime Guarantee Rates have decreased,

• RetirePay
 Charges have increased, or

• Investment
 Allocation Restrictions have changed (unless the sole change to the Investment Allocation Restrictions is the addition
 of available investment options).

*For example, if the RetirePay Charges have increased, you will receive the RetirePay Terms included in the Rate Sheet in effect on your application submit date even if the Withdrawal Rates and/or Lifetime Guarantee Rates have increased in the subsequent Rate Sheet.*

You should not purchase RetirePay without first obtaining the applicable Rate Sheet. To obtain a current Rate Sheet:

• Contact
 your financial advisor

• Contact
 us toll-free at (800) 272-2216

• Go
 to www.MassMutual.com/Envision

On the Guaranteed Lifetime Withdrawal Date, we will determine the Withdrawal Rate and the Lifetime Guarantee Rate based on the number of full Contract Years from the RetirePay Issue Date and the Age of the Covered Person (or the youngest Covered Person for a Joint Life Version). The Withdrawal Rate applies when your Contract Value is greater than zero. The Lifetime Guarantee Rate applies when your Contract Value is zero. Once the contract is issued, the Withdrawal Rates and the Lifetime Guarantee Rates applicable to your Contract below will not change for the life of your Contract.

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**SINGLE LIFE WITHDRAWAL RATES:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date |
|  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 10+ |
| &nbsp;&nbsp; Age Range | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates |
| &nbsp;&nbsp; 59½ – 61 | &nbsp;&nbsp; 4.50% | &nbsp;&nbsp; 4.70% | &nbsp;&nbsp; 4.90% | &nbsp;&nbsp; 5.10% | &nbsp;&nbsp; 5.30% | &nbsp;&nbsp; 5.50% | &nbsp;&nbsp; 5.70% | &nbsp;&nbsp; 5.90% | &nbsp;&nbsp; 6.10% | &nbsp;&nbsp; 6.30% | &nbsp;&nbsp; 6.50% |
| &nbsp;&nbsp; 62 – 66 | &nbsp;&nbsp; 5.00% | &nbsp;&nbsp; 5.20% | &nbsp;&nbsp; 5.40% | &nbsp;&nbsp; 5.60% | &nbsp;&nbsp; 5.80% | &nbsp;&nbsp; 6.00% | &nbsp;&nbsp; 6.20% | &nbsp;&nbsp; 6.40% | &nbsp;&nbsp; 6.60% | &nbsp;&nbsp; 6.80% | &nbsp;&nbsp; 7.00% |
| &nbsp;&nbsp; 67 – 71 | &nbsp;&nbsp; 5.50% | &nbsp;&nbsp; 5.70% | &nbsp;&nbsp; 5.90% | &nbsp;&nbsp; 6.10% | &nbsp;&nbsp; 6.30% | &nbsp;&nbsp; 6.50% | &nbsp;&nbsp; 6.70% | &nbsp;&nbsp; 6.90% | &nbsp;&nbsp; 7.10% | &nbsp;&nbsp; 7.30% | &nbsp;&nbsp; 7.50% |
| &nbsp;&nbsp; 72 – 76 | &nbsp;&nbsp; 6.00% | &nbsp;&nbsp; 6.20% | &nbsp;&nbsp; 6.40% | &nbsp;&nbsp; 6.60% | &nbsp;&nbsp; 6.80% | &nbsp;&nbsp; 7.00% | &nbsp;&nbsp; 7.20% | &nbsp;&nbsp; 7.40% | &nbsp;&nbsp; 7.60% | &nbsp;&nbsp; 7.80% | &nbsp;&nbsp; 8.00% |
| &nbsp;&nbsp; 77+ | &nbsp;&nbsp; 6.50% | &nbsp;&nbsp; 6.70% | &nbsp;&nbsp; 6.90% | &nbsp;&nbsp; 7.10% | &nbsp;&nbsp; 7.30% | &nbsp;&nbsp; 7.50% | &nbsp;&nbsp; 7.70% | &nbsp;&nbsp; 7.90% | &nbsp;&nbsp; 8.10% | &nbsp;&nbsp; 8.30% | &nbsp;&nbsp; 8.50% |

---

**JOINT LIFE WITHDRAWAL RATES:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date |
|  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 10+ |
| &nbsp;&nbsp; Age Range | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates |
| &nbsp;&nbsp; 59½ – 61 | &nbsp;&nbsp; 3.95% | &nbsp;&nbsp; 4.15% | &nbsp;&nbsp; 4.35% | &nbsp;&nbsp; 4.55% | &nbsp;&nbsp; 4.75% | &nbsp;&nbsp; 4.95% | &nbsp;&nbsp; 5.15% | &nbsp;&nbsp; 5.35% | &nbsp;&nbsp; 5.55% | &nbsp;&nbsp; 5.75% | &nbsp;&nbsp; 5.95% |
| &nbsp;&nbsp; 62 – 66 | &nbsp;&nbsp; 4.45% | &nbsp;&nbsp; 4.65% | &nbsp;&nbsp; 4.85% | &nbsp;&nbsp; 5.05% | &nbsp;&nbsp; 5.25% | &nbsp;&nbsp; 5.45% | &nbsp;&nbsp; 5.65% | &nbsp;&nbsp; 5.85% | &nbsp;&nbsp; 6.05% | &nbsp;&nbsp; 6.25% | &nbsp;&nbsp; 6.45% |
| &nbsp;&nbsp; 67 – 71 | &nbsp;&nbsp; 4.95% | &nbsp;&nbsp; 5.15% | &nbsp;&nbsp; 5.35% | &nbsp;&nbsp; 5.55% | &nbsp;&nbsp; 5.75% | &nbsp;&nbsp; 5.95% | &nbsp;&nbsp; 6.15% | &nbsp;&nbsp; 6.35% | &nbsp;&nbsp; 6.55% | &nbsp;&nbsp; 6.75% | &nbsp;&nbsp; 6.95% |
| &nbsp;&nbsp; 72 – 76 | &nbsp;&nbsp; 5.45% | &nbsp;&nbsp; 5.65% | &nbsp;&nbsp; 5.85% | &nbsp;&nbsp; 6.05% | &nbsp;&nbsp; 6.25% | &nbsp;&nbsp; 6.45% | &nbsp;&nbsp; 6.65% | &nbsp;&nbsp; 6.85% | &nbsp;&nbsp; 7.05% | &nbsp;&nbsp; 7.25% | &nbsp;&nbsp; 7.45% |
| &nbsp;&nbsp; 77+ | &nbsp;&nbsp; 5.95% | &nbsp;&nbsp; 6.15% | &nbsp;&nbsp; 6.35% | &nbsp;&nbsp; 6.55% | &nbsp;&nbsp; 6.75% | &nbsp;&nbsp; 6.95% | &nbsp;&nbsp; 7.15% | &nbsp;&nbsp; 7.35% | &nbsp;&nbsp; 7.55% | &nbsp;&nbsp; 7.75% | &nbsp;&nbsp; 7.95% |

---

**SINGLE LIFE LIFETIME GUARANTEE RATES:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date |
|  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 10+ |
| &nbsp;&nbsp; Age Range | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates |
| &nbsp;&nbsp; 59½ – 61 | &nbsp;&nbsp; 4.50% | &nbsp;&nbsp; 4.70% | &nbsp;&nbsp; 4.90% | &nbsp;&nbsp; 5.10% | &nbsp;&nbsp; 5.30% | &nbsp;&nbsp; 5.50% | &nbsp;&nbsp; 5.70% | &nbsp;&nbsp; 5.90% | &nbsp;&nbsp; 6.10% | &nbsp;&nbsp; 6.30% | &nbsp;&nbsp; 6.50% |
| &nbsp;&nbsp; 62 – 66 | &nbsp;&nbsp; 5.00% | &nbsp;&nbsp; 5.20% | &nbsp;&nbsp; 5.40% | &nbsp;&nbsp; 5.60% | &nbsp;&nbsp; 5.80% | &nbsp;&nbsp; 6.00% | &nbsp;&nbsp; 6.20% | &nbsp;&nbsp; 6.40% | &nbsp;&nbsp; 6.60% | &nbsp;&nbsp; 6.80% | &nbsp;&nbsp; 7.00% |
| &nbsp;&nbsp; 67 – 71 | &nbsp;&nbsp; 5.50% | &nbsp;&nbsp; 5.70% | &nbsp;&nbsp; 5.90% | &nbsp;&nbsp; 6.10% | &nbsp;&nbsp; 6.30% | &nbsp;&nbsp; 6.50% | &nbsp;&nbsp; 6.70% | &nbsp;&nbsp; 6.90% | &nbsp;&nbsp; 7.10% | &nbsp;&nbsp; 7.30% | &nbsp;&nbsp; 7.50% |
| &nbsp;&nbsp; 72 – 76 | &nbsp;&nbsp; 6.00% | &nbsp;&nbsp; 6.20% | &nbsp;&nbsp; 6.40% | &nbsp;&nbsp; 6.60% | &nbsp;&nbsp; 6.80% | &nbsp;&nbsp; 7.00% | &nbsp;&nbsp; 7.20% | &nbsp;&nbsp; 7.40% | &nbsp;&nbsp; 7.60% | &nbsp;&nbsp; 7.80% | &nbsp;&nbsp; 8.00% |
| &nbsp;&nbsp; 77+ | &nbsp;&nbsp; 6.50% | &nbsp;&nbsp; 6.70% | &nbsp;&nbsp; 6.90% | &nbsp;&nbsp; 7.10% | &nbsp;&nbsp; 7.30% | &nbsp;&nbsp; 7.50% | &nbsp;&nbsp; 7.70% | &nbsp;&nbsp; 7.90% | &nbsp;&nbsp; 8.10% | &nbsp;&nbsp; 8.30% | &nbsp;&nbsp; 8.50% |

---

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**JOINT LIFE LIFETIME GUARANTEE RATES:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date |
|  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 10+ |
| &nbsp;&nbsp; Age Range | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates |
| &nbsp;&nbsp; 59½ – 61 | &nbsp;&nbsp; 3.95% | &nbsp;&nbsp; 4.15% | &nbsp;&nbsp; 4.35% | &nbsp;&nbsp; 4.55% | &nbsp;&nbsp; 4.75% | &nbsp;&nbsp; 4.95% | &nbsp;&nbsp; 5.15% | &nbsp;&nbsp; 5.35% | &nbsp;&nbsp; 5.55% | &nbsp;&nbsp; 5.75% | &nbsp;&nbsp; 5.95% |
| &nbsp;&nbsp; 62 – 66 | &nbsp;&nbsp; 4.45% | &nbsp;&nbsp; 4.65% | &nbsp;&nbsp; 4.85% | &nbsp;&nbsp; 5.05% | &nbsp;&nbsp; 5.25% | &nbsp;&nbsp; 5.45% | &nbsp;&nbsp; 5.65% | &nbsp;&nbsp; 5.85% | &nbsp;&nbsp; 6.05% | &nbsp;&nbsp; 6.25% | &nbsp;&nbsp; 6.45% |
| &nbsp;&nbsp; 67 – 71 | &nbsp;&nbsp; 4.95% | &nbsp;&nbsp; 5.15% | &nbsp;&nbsp; 5.35% | &nbsp;&nbsp; 5.55% | &nbsp;&nbsp; 5.75% | &nbsp;&nbsp; 5.95% | &nbsp;&nbsp; 6.15% | &nbsp;&nbsp; 6.35% | &nbsp;&nbsp; 6.55% | &nbsp;&nbsp; 6.75% | &nbsp;&nbsp; 6.95% |
| &nbsp;&nbsp; 72 – 76 | &nbsp;&nbsp; 5.45% | &nbsp;&nbsp; 5.65% | &nbsp;&nbsp; 5.85% | &nbsp;&nbsp; 6.05% | &nbsp;&nbsp; 6.25% | &nbsp;&nbsp; 6.45% | &nbsp;&nbsp; 6.65% | &nbsp;&nbsp; 6.85% | &nbsp;&nbsp; 7.05% | &nbsp;&nbsp; 7.25% | &nbsp;&nbsp; 7.45% |
| &nbsp;&nbsp; 77+ | &nbsp;&nbsp; 5.95% | &nbsp;&nbsp; 6.15% | &nbsp;&nbsp; 6.35% | &nbsp;&nbsp; 6.55% | &nbsp;&nbsp; 6.75% | &nbsp;&nbsp; 6.95% | &nbsp;&nbsp; 7.15% | &nbsp;&nbsp; 7.35% | &nbsp;&nbsp; 7.55% | &nbsp;&nbsp; 7.75% | &nbsp;&nbsp; 7.95% |

---

**CURRENT RETIREPAY CHARGES**

The current RetirePay Charges applicable to your Contract are as follows:

---

| | |
|:---|:---|
| **•** **Single Life Highest Anniversary Value Step-up Charge**<br>• **Joint Life Highest Anniversary Value Step-up Charge**<br>• **Single Life Highest Quarterly Value Step-up Charge**<br>• **Joint Life Highest Quarterly Value Step-up Charge** | **1.45%**<br>**1.45%**<br>**1.60%**<br>**1.60%** |

---

The amount that is deducted from your Contract Value is equal to the RetirePay Charge multiplied by the Benefit Base. We may increase the RetirePay Charges at any time, with prior notice, but the charges will never exceed the maximum RetirePay Charge. The maximum charge can be found in the "RetirePay Charge" section of the current MassMutual Envision prospectus.

**INVESTMENT ALLOCATION RESTRICTIONS**

While RetirePay is in effect, your investment allocations are restricted.

You must either be invested 100% in one of the MML Asset Allocation Sub-Accounts or invested 100% in the Custom Allocation Program.

**MML Asset Allocation Sub-Accounts:**

MML American Funds Core Allocation<br>MML Balanced Allocation<br>MML Blend<br>MML Conservative Allocation<br>MML Growth Allocation<br>MML iShares<sup>®</sup> 80/20 Allocation<br>MML iShares<sup>®</sup> 60/40 Allocation<br>MML Moderate Allocation

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**Custom Allocation Program:**

Multiple Sub-Accounts can be selected within each category. The total allocation for all Sub-Accounts within each category must be between the minimum and maximum allocation. The Contract Value in the Custom Allocation Program will be rebalanced based on your elected frequency. If no election is made, rebalancing will occur quarterly during each calendar year.

---

| | | |
|:---|:---|:---|
|  | **Minimum**<br>**Allocation** | **Maximum**<br>**Allocation** |
| &nbsp;&nbsp; Allocation Category 1 | 30% | 30% |
| &nbsp;&nbsp; <u>Available sub-accounts:</u><br>MML Dynamic Bond<br>MML Inflation-Protected and Income<br>MML Managed Bond<br>MML Short-Duration Bond<br>MML Total Return Bond<br>MML U.S. Government Money Market |  |  |
| &nbsp;&nbsp; Allocation Category 2 | 40% | 70% |
| &nbsp;&nbsp; <u>Available sub-accounts:</u><br>Cboe Vest US Large Cap 10% Buffer Strategies VI<br>MML American Funds Growth<br>MML Blue Chip Growth<br>MML Equity Income<br>MML Focused Equity<br>MML Foreign<br>MML Fundamental Equity<br>MML Fundamental Value<br>MML Global<br>MML High Yield<br>MML Income & Growth<br>MML International Equity<br>MML Large Cap Growth<br>MML Mid Cap Growth<br>MML Mid Cap Value<br>MML Small Cap Equity<br>MML Small Cap Growth Equity<br>MML Strategic Emerging Markets |  |  |

---

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---

| | | |
|:---|:---|:---|
|  | **Minimum**<br>**Allocation** | **Maximum**<br>**Allocation** |
| &nbsp;&nbsp; Allocation Category 3 | 0% | 30% |
| &nbsp;&nbsp; <u>Available sub-accounts:</u><br>Delaware Ivy VIP Asset Strategy<br>Fidelity<sup>®</sup> VIP Contrafund<sup>®</sup><br>Fidelity<sup>®</sup> VIP Health Care<br>Fidelity<sup>®</sup> VIP Overseas<br>Fidelity<sup>®</sup> VIP Real Estate<br>Fidelity<sup>®</sup> VIP Strategic Income<br>Invesco V.I. Global Strategic Income<br>Invesco V.I. Discovery Mid Cap Growth<br>Invesco V.I. Global<br>Invesco Oppenheimer V.I. International Growth<br>Janus Henderson Global Technology and Innovation<br>MML Equity<br>MML Equity Rotation<br>MML Small Company Value<br>MML Small/Mid Cap Value<br>MML Sustainable Equity<br>PIMCO Income Portfolio |  |  |

---

If a requested change in your allocations or a transfer of any portion of your contract value does not comply with these investment restrictions, you will be required to terminate your RetirePay by written request before the allocation change or transfer can be processed. We reserve the right, upon thirty calendar days advance notice to you, to change the investment restrictions. If we change the investment restrictions, you must change your allocations to comply within thirty calendar days of the restrictions becoming effective, or we will terminate your RetirePay.

*If you have any questions regarding this Rate Sheet, please contact us toll free at (800) 272-2216.*

**Please keep this Rate Sheet for future reference.**

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[Back to **Table of Contents**](#TOC_1054)

**Rate Sheet Prospectus Supplement dated April 17, 2023 to the Prospectus dated May 1, 2023**<br>**and the Initial Summary Prospectus dated May 1, 2023 for**<br>**MassMutual Envision<sup>SM</sup>** **Variable Annuity Issued by Massachusetts Mutual Life Insurance Company**<br>**Massachusetts Mutual Variable Annuity Separate Account 4**

***This Rate Sheet Prospectus Supplement ("Rate Sheet") should be read carefully and retained with the Prospectus dated*** ***May 1, 2023 for the*** **MassMutual Envision<sup>SM</sup>** **Variable Annuity.** **You may obtain a current Prospectus at www.MassMutual.com/** **Envision or by calling (800) 272-2216, sending an email request to ANNfax@MassMutual.com, or writing to MassMutual, PO** **Box 9067, Springfield, MA 01102-9067.**

We are issuing this Rate Sheet to update the following information regarding the MassMutual RetirePay<sup>SM</sup> Guaranteed Lifetime Withdrawal Benefit (RetirePay):

• Withdrawal
 Rates,

• Lifetime
 Guarantee Rates,

• RetirePay
 Charges, and

• Investment
 Allocation Restrictions

(collectively, referred to as the "RetirePay Terms.")

**The RetirePay Terms included in this Rate Sheet are effective for applications submitted on or after May 1, 2023 until a new** **Rate Sheet is issued that replaces and supersedes this Rate Sheet.**

This Rate Sheet replaces and supersedes any previously issued Rate Sheet. This Rate Sheet has no specified end date. This Rate Sheet must be used in conjunction with an effective MassMutual Envision<sup>SM</sup> Variable Annuity Prospectus. For complete information about RetirePay, see the "Additional Benefits — MassMutual RetirePay<sup>SM</sup>" section in the MassMutual Envision<sup>SM</sup> Variable Annuity Prospectus.

If we change the RetirePay Terms, we will issue a new Rate Sheet. In the event we issue a new Rate Sheet, we will provide at least 10 business days' notice of the effective date of the superseding Rate Sheet.

**Rate Sheet Eligibility Conditions**

Certain Rate Sheet eligibility conditions apply when we have issued a superseding Rate Sheet after you apply for your contract and prior to your issue date.

In order for the RetirePay Terms in this Rate Sheet to apply to your Contract, your necessary application information, including any applicable transfer form(s), must be submitted to an order entry system utilized to issue the Contract ("application submit date") on or after May 1, 2023 and prior to the effective date of the superseding Rate Sheet. *For purposes of this process, the application submit date is also defined to include the date the application is signed if a paper application is necessary.*

*<u>Application Information Submitted with a Purchase Payment</u>*

In addition to the submission of your necessary application information, we also require payment of at least the minimum initial Purchase Payment and the application information to be in Good Order within 10 business days after the application submit date.

If these Rate Sheet Eligibility Conditions are met, and the Contract is issued, the RetirePay Terms in this Rate Sheet will apply, unless a beneficial superseding rate sheet applies, as described under "Rate Sheet Comparison Process."

If these Rate Sheet Eligibility Conditions are not met, we will cancel the application and return your Purchase Payment.

------

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*<u>Application Information Submitted without a Purchase Payment</u>*

If you plan to pay the initial Purchase Payment with proceeds from an IRS Section 1035 exchange or direct transfer, your transfer form(s) and application information must be in Good Order within 10 Business Days after the application submit date. In addition, the initial Purchase Payment necessary to issue the Contract must be received within 90 calendar days after the application submit date.

If these Rate Sheet Eligibility Conditions are met, and the Contract is issued, the RetirePay Terms in this Rate Sheet will apply, unless a beneficial superseding rate sheet applies, as described under "Rate Sheet Comparison Process."

If these Rate Sheet Eligibility Conditions are not met, we will inform you and request instructions regarding whether to issue the Contract with the RetirePay Terms in effect under the superseding Rate Sheet or cancel the application.

If you have not provided us with the requested instructions within 2 business days after we have received your Purchase Payment, we will return your Purchase Payment to the original source.

The requirement to have the necessary application information in Good Order within 10 Business Days for application information received with a Purchase Payment or without a Purchase Payment includes completion of the broker-dealer suitability review.

**Rate Sheet Comparison Process**

Subject to satisfying the Rate Sheet Eligibility Conditions established in this Rate Sheet, if after your application submit date and prior to your Issue Date, a subsequent Rate Sheet is issued with only beneficial changes to the RetirePay Terms, the subsequent Rate Sheet will apply. The changes will be considered to be beneficial unless any of the following occurs:

• Withdrawal
 Rates and/or Lifetime Guarantee Rates have decreased,

• RetirePay
 Charges have increased, or

• Investment
 Allocation Restrictions have changed (unless the sole change to the Investment Allocation Restrictions is the addition
 of available investment options).

*For example, if the RetirePay Charges have increased, you will receive the RetirePay Terms included in the Rate Sheet in effect on your application submit date even if the Withdrawal Rates and/or Lifetime Guarantee Rates have increased in the subsequent Rate Sheet.*

You should not purchase RetirePay without first obtaining the applicable Rate Sheet. To obtain a current Rate Sheet:

• Contact
 your financial advisor

• Contact
 us toll-free at (800) 272-2216

• Go
 to www.MassMutual.com/Envision

On the Guaranteed Lifetime Withdrawal Date, we will determine the Withdrawal Rate and the Lifetime Guarantee Rate based on the number of full Contract Years from the RetirePay Issue Date and the Age of the Covered Person (or the youngest Covered Person for a Joint Life Version). The Withdrawal Rate applies when your Contract Value is greater than zero. The Lifetime Guarantee Rate applies when your Contract Value is zero. Once the contract is issued, the Withdrawal Rates and the Lifetime Guarantee Rates applicable to your Contract below will not change for the life of your Contract.

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**SINGLE LIFE WITHDRAWAL RATES:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date |
|  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 10+ |
| &nbsp;&nbsp; Age Range | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates |
| &nbsp;&nbsp; 59½ – 61 | &nbsp;&nbsp; 4.50% | &nbsp;&nbsp; 4.70% | &nbsp;&nbsp; 4.90% | &nbsp;&nbsp; 5.10% | &nbsp;&nbsp; 5.30% | &nbsp;&nbsp; 5.50% | &nbsp;&nbsp; 5.70% | &nbsp;&nbsp; 5.90% | &nbsp;&nbsp; 6.10% | &nbsp;&nbsp; 6.30% | &nbsp;&nbsp; 6.50% |
| &nbsp;&nbsp; 62 – 66 | &nbsp;&nbsp; 5.00% | &nbsp;&nbsp; 5.20% | &nbsp;&nbsp; 5.40% | &nbsp;&nbsp; 5.60% | &nbsp;&nbsp; 5.80% | &nbsp;&nbsp; 6.00% | &nbsp;&nbsp; 6.20% | &nbsp;&nbsp; 6.40% | &nbsp;&nbsp; 6.60% | &nbsp;&nbsp; 6.80% | &nbsp;&nbsp; 7.00% |
| &nbsp;&nbsp; 67 – 71 | &nbsp;&nbsp; 5.50% | &nbsp;&nbsp; 5.70% | &nbsp;&nbsp; 5.90% | &nbsp;&nbsp; 6.10% | &nbsp;&nbsp; 6.30% | &nbsp;&nbsp; 6.50% | &nbsp;&nbsp; 6.70% | &nbsp;&nbsp; 6.90% | &nbsp;&nbsp; 7.10% | &nbsp;&nbsp; 7.30% | &nbsp;&nbsp; 7.50% |
| &nbsp;&nbsp; 72 – 76 | &nbsp;&nbsp; 6.00% | &nbsp;&nbsp; 6.20% | &nbsp;&nbsp; 6.40% | &nbsp;&nbsp; 6.60% | &nbsp;&nbsp; 6.80% | &nbsp;&nbsp; 7.00% | &nbsp;&nbsp; 7.20% | &nbsp;&nbsp; 7.40% | &nbsp;&nbsp; 7.60% | &nbsp;&nbsp; 7.80% | &nbsp;&nbsp; 8.00% |
| &nbsp;&nbsp; 77+ | &nbsp;&nbsp; 6.50% | &nbsp;&nbsp; 6.70% | &nbsp;&nbsp; 6.90% | &nbsp;&nbsp; 7.10% | &nbsp;&nbsp; 7.30% | &nbsp;&nbsp; 7.50% | &nbsp;&nbsp; 7.70% | &nbsp;&nbsp; 7.90% | &nbsp;&nbsp; 8.10% | &nbsp;&nbsp; 8.30% | &nbsp;&nbsp; 8.50% |

---

**JOINT LIFE WITHDRAWAL RATES:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date |
|  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 10+ |
| &nbsp;&nbsp; Age Range | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates |
| &nbsp;&nbsp; 59½ – 61 | &nbsp;&nbsp; 3.95% | &nbsp;&nbsp; 4.15% | &nbsp;&nbsp; 4.35% | &nbsp;&nbsp; 4.55% | &nbsp;&nbsp; 4.75% | &nbsp;&nbsp; 4.95% | &nbsp;&nbsp; 5.15% | &nbsp;&nbsp; 5.35% | &nbsp;&nbsp; 5.55% | &nbsp;&nbsp; 5.75% | &nbsp;&nbsp; 5.95% |
| &nbsp;&nbsp; 62 – 66 | &nbsp;&nbsp; 4.45% | &nbsp;&nbsp; 4.65% | &nbsp;&nbsp; 4.85% | &nbsp;&nbsp; 5.05% | &nbsp;&nbsp; 5.25% | &nbsp;&nbsp; 5.45% | &nbsp;&nbsp; 5.65% | &nbsp;&nbsp; 5.85% | &nbsp;&nbsp; 6.05% | &nbsp;&nbsp; 6.25% | &nbsp;&nbsp; 6.45% |
| &nbsp;&nbsp; 67 – 71 | &nbsp;&nbsp; 4.95% | &nbsp;&nbsp; 5.15% | &nbsp;&nbsp; 5.35% | &nbsp;&nbsp; 5.55% | &nbsp;&nbsp; 5.75% | &nbsp;&nbsp; 5.95% | &nbsp;&nbsp; 6.15% | &nbsp;&nbsp; 6.35% | &nbsp;&nbsp; 6.55% | &nbsp;&nbsp; 6.75% | &nbsp;&nbsp; 6.95% |
| &nbsp;&nbsp; 72 – 76 | &nbsp;&nbsp; 5.45% | &nbsp;&nbsp; 5.65% | &nbsp;&nbsp; 5.85% | &nbsp;&nbsp; 6.05% | &nbsp;&nbsp; 6.25% | &nbsp;&nbsp; 6.45% | &nbsp;&nbsp; 6.65% | &nbsp;&nbsp; 6.85% | &nbsp;&nbsp; 7.05% | &nbsp;&nbsp; 7.25% | &nbsp;&nbsp; 7.45% |
| &nbsp;&nbsp; 77+ | &nbsp;&nbsp; 5.95% | &nbsp;&nbsp; 6.15% | &nbsp;&nbsp; 6.35% | &nbsp;&nbsp; 6.55% | &nbsp;&nbsp; 6.75% | &nbsp;&nbsp; 6.95% | &nbsp;&nbsp; 7.15% | &nbsp;&nbsp; 7.35% | &nbsp;&nbsp; 7.55% | &nbsp;&nbsp; 7.75% | &nbsp;&nbsp; 7.95% |

---

**SINGLE LIFE LIFETIME GUARANTEE RATES:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date |
|  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 10+ |
| &nbsp;&nbsp; Age Range | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates |
| &nbsp;&nbsp; 59½ – 61 | &nbsp;&nbsp; 4.50% | &nbsp;&nbsp; 4.70% | &nbsp;&nbsp; 4.90% | &nbsp;&nbsp; 5.10% | &nbsp;&nbsp; 5.30% | &nbsp;&nbsp; 5.50% | &nbsp;&nbsp; 5.70% | &nbsp;&nbsp; 5.90% | &nbsp;&nbsp; 6.10% | &nbsp;&nbsp; 6.30% | &nbsp;&nbsp; 6.50% |
| &nbsp;&nbsp; 62 – 66 | &nbsp;&nbsp; 5.00% | &nbsp;&nbsp; 5.20% | &nbsp;&nbsp; 5.40% | &nbsp;&nbsp; 5.60% | &nbsp;&nbsp; 5.80% | &nbsp;&nbsp; 6.00% | &nbsp;&nbsp; 6.20% | &nbsp;&nbsp; 6.40% | &nbsp;&nbsp; 6.60% | &nbsp;&nbsp; 6.80% | &nbsp;&nbsp; 7.00% |
| &nbsp;&nbsp; 67 – 71 | &nbsp;&nbsp; 5.50% | &nbsp;&nbsp; 5.70% | &nbsp;&nbsp; 5.90% | &nbsp;&nbsp; 6.10% | &nbsp;&nbsp; 6.30% | &nbsp;&nbsp; 6.50% | &nbsp;&nbsp; 6.70% | &nbsp;&nbsp; 6.90% | &nbsp;&nbsp; 7.10% | &nbsp;&nbsp; 7.30% | &nbsp;&nbsp; 7.50% |
| &nbsp;&nbsp; 72 – 76 | &nbsp;&nbsp; 6.00% | &nbsp;&nbsp; 6.20% | &nbsp;&nbsp; 6.40% | &nbsp;&nbsp; 6.60% | &nbsp;&nbsp; 6.80% | &nbsp;&nbsp; 7.00% | &nbsp;&nbsp; 7.20% | &nbsp;&nbsp; 7.40% | &nbsp;&nbsp; 7.60% | &nbsp;&nbsp; 7.80% | &nbsp;&nbsp; 8.00% |
| &nbsp;&nbsp; 77+ | &nbsp;&nbsp; 6.50% | &nbsp;&nbsp; 6.70% | &nbsp;&nbsp; 6.90% | &nbsp;&nbsp; 7.10% | &nbsp;&nbsp; 7.30% | &nbsp;&nbsp; 7.50% | &nbsp;&nbsp; 7.70% | &nbsp;&nbsp; 7.90% | &nbsp;&nbsp; 8.10% | &nbsp;&nbsp; 8.30% | &nbsp;&nbsp; 8.50% |

---

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**JOINT LIFE LIFETIME GUARANTEE RATES:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date |
|  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 10+ |
| &nbsp;&nbsp; Age Range | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates |
| &nbsp;&nbsp; 59½ – 61 | &nbsp;&nbsp; 3.95% | &nbsp;&nbsp; 4.15% | &nbsp;&nbsp; 4.35% | &nbsp;&nbsp; 4.55% | &nbsp;&nbsp; 4.75% | &nbsp;&nbsp; 4.95% | &nbsp;&nbsp; 5.15% | &nbsp;&nbsp; 5.35% | &nbsp;&nbsp; 5.55% | &nbsp;&nbsp; 5.75% | &nbsp;&nbsp; 5.95% |
| &nbsp;&nbsp; 62 – 66 | &nbsp;&nbsp; 4.45% | &nbsp;&nbsp; 4.65% | &nbsp;&nbsp; 4.85% | &nbsp;&nbsp; 5.05% | &nbsp;&nbsp; 5.25% | &nbsp;&nbsp; 5.45% | &nbsp;&nbsp; 5.65% | &nbsp;&nbsp; 5.85% | &nbsp;&nbsp; 6.05% | &nbsp;&nbsp; 6.25% | &nbsp;&nbsp; 6.45% |
| &nbsp;&nbsp; 67 – 71 | &nbsp;&nbsp; 4.95% | &nbsp;&nbsp; 5.15% | &nbsp;&nbsp; 5.35% | &nbsp;&nbsp; 5.55% | &nbsp;&nbsp; 5.75% | &nbsp;&nbsp; 5.95% | &nbsp;&nbsp; 6.15% | &nbsp;&nbsp; 6.35% | &nbsp;&nbsp; 6.55% | &nbsp;&nbsp; 6.75% | &nbsp;&nbsp; 6.95% |
| &nbsp;&nbsp; 72 – 76 | &nbsp;&nbsp; 5.45% | &nbsp;&nbsp; 5.65% | &nbsp;&nbsp; 5.85% | &nbsp;&nbsp; 6.05% | &nbsp;&nbsp; 6.25% | &nbsp;&nbsp; 6.45% | &nbsp;&nbsp; 6.65% | &nbsp;&nbsp; 6.85% | &nbsp;&nbsp; 7.05% | &nbsp;&nbsp; 7.25% | &nbsp;&nbsp; 7.45% |
| &nbsp;&nbsp; 77+ | &nbsp;&nbsp; 5.95% | &nbsp;&nbsp; 6.15% | &nbsp;&nbsp; 6.35% | &nbsp;&nbsp; 6.55% | &nbsp;&nbsp; 6.75% | &nbsp;&nbsp; 6.95% | &nbsp;&nbsp; 7.15% | &nbsp;&nbsp; 7.35% | &nbsp;&nbsp; 7.55% | &nbsp;&nbsp; 7.75% | &nbsp;&nbsp; 7.95% |

---

**CURRENT RETIREPAY CHARGES**

The current RetirePay Charges applicable to your Contract are as follows:

---

| | |
|:---|:---|
| **•** **Single Life Highest Anniversary Value Step-up Charge**<br>• **Joint Life Highest Anniversary Value Step-up Charge**<br>• **Single Life Highest Quarterly Value Step-up Charge**<br>• **Joint Life Highest Quarterly Value Step-up Charge** | **1.45%**<br>**1.45%**<br>**1.60%**<br>**1.60%** |

---

The amount that is deducted from your Contract Value is equal to the RetirePay Charge multiplied by the Benefit Base. We may increase the RetirePay Charges at any time, with prior notice, but the charges will never exceed the maximum RetirePay Charge. The maximum charge can be found in the "RetirePay Charge" section of the current MassMutual Envision prospectus.

**INVESTMENT ALLOCATION RESTRICTIONS**

While RetirePay is in effect, your investment allocations are restricted.

You must either be invested 100% in one of the MML Asset Allocation Sub-Accounts or invested 100% in the Custom Allocation Program.

**MML Asset Allocation Sub-Accounts:**

MML American Funds Core Allocation<br>MML Balanced Allocation<br>MML Blend<br>MML Conservative Allocation<br>MML Growth Allocation<br>MML iShares<sup>®</sup> 80/20 Allocation<br>MML iShares<sup>®</sup> 60/40 Allocation<br>MML Moderate Allocation

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**Custom Allocation Program:**

Multiple Sub-Accounts can be selected within each category. The total allocation for all Sub-Accounts within each category must be between the minimum and maximum allocation. The Contract Value in the Custom Allocation Program will be rebalanced based on your elected frequency. If no election is made, rebalancing will occur quarterly during each calendar year.

---

| | | |
|:---|:---|:---|
|  | **Minimum**<br>**Allocation** | **Maximum**<br>**Allocation** |
| &nbsp;&nbsp; Allocation Category 1 | 30% | 30% |
| &nbsp;&nbsp; <u>Available sub-accounts:</u><br>MML Dynamic Bond<br>MML Inflation-Protected and Income<br>MML Managed Bond<br>MML Short-Duration Bond<br>MML Total Return Bond<br>MML U.S. Government Money Market |  |  |
| &nbsp;&nbsp; Allocation Category 2 | 40% | 70% |
| &nbsp;&nbsp; <u>Available sub-accounts:</u><br>Cboe Vest US Large Cap 10% Buffer Strategies VI<br>MML American Funds Growth<br>MML Blue Chip Growth<br>MML Equity Income<br>MML Focused Equity<br>MML Foreign<br>MML Fundamental Equity<br>MML Fundamental Value<br>MML Global<br>MML High Yield<br>MML Income & Growth<br>MML International Equity<br>MML Large Cap Growth<br>MML Mid Cap Growth<br>MML Mid Cap Value<br>MML Small Cap Equity<br>MML Small Cap Growth Equity<br>MML Strategic Emerging Markets |  |  |

---

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---

| | | |
|:---|:---|:---|
|  | **Minimum**<br>**Allocation** | **Maximum**<br>**Allocation** |
| &nbsp;&nbsp; Allocation Category 3 | 0% | 30% |
| &nbsp;&nbsp; <u>Available sub-accounts:</u><br>Delaware Ivy VIP Asset Strategy<br>Fidelity<sup>®</sup> VIP Contrafund<sup>®</sup><br>Fidelity<sup>®</sup> VIP Health Care<br>Fidelity<sup>®</sup> VIP Overseas<br>Fidelity<sup>®</sup> VIP Real Estate<br>Fidelity<sup>®</sup> VIP Strategic Income<br>Invesco V.I. Global Strategic Income<br>Invesco V.I. Discovery Mid Cap Growth<br>Invesco V.I. Global<br>Invesco Oppenheimer V.I. International Growth<br>Janus Henderson Global Technology and Innovation<br>MML Equity<br>MML Equity Rotation<br>MML Small Company Value<br>MML Small/Mid Cap Value<br>MML Sustainable Equity<br>PIMCO Income Portfolio |  |  |

---

If a requested change in your allocations or a transfer of any portion of your contract value does not comply with these investment restrictions, you will be required to terminate your RetirePay by written request before the allocation change or transfer can be processed. We reserve the right, upon thirty calendar days advance notice to you, to change the investment restrictions. If we change the investment restrictions, you must change your allocations to comply within thirty calendar days of the restrictions becoming effective, or we will terminate your RetirePay.

*If you have any questions regarding this Rate Sheet, please contact us toll free at (800) 272-2216.*

**Please keep this Rate Sheet for future reference.**

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**Rate Sheet Prospectus Supplement Dated February 27, 2023 to the Prospectus dated May 1, 2022, as supplemented**<br>**and the Initial Summary Prospectus dated May 1, 2022, as supplemented for**<br>**MassMutual Envision<sup>SM</sup>** **Variable Annuity Issued by Massachusetts Mutual Life Insurance Company**<br>**Massachusetts Mutual Variable Annuity Separate Account 4**

***This Rate Sheet Prospectus Supplement ("Rate Sheet") should be read carefully and retained with the Prospectus dated*** ***May 1, 2022 for the*** **MassMutual Envision<sup>SM</sup>** **Variable Annuity.** **You may obtain a current Prospectus at www.MassMutual.com/** **Envision or by calling (800) 272-2216, sending an email request to ANNfax@MassMutual.com, or writing to MassMutual, PO** **Box 9067, Springfield, MA 01102-9067.**

We are issuing this Rate Sheet to update the following information regarding the MassMutual RetirePay<sup>SM</sup> Guaranteed Lifetime Withdrawal Benefit (RetirePay):

• Withdrawal
 Rates,

• Lifetime
 Guarantee Rates,

• RetirePay
 Charges, and

• Investment
 Allocation Restrictions

(collectively, referred to as the "RetirePay Terms.")

**The RetirePay Terms included in this Rate Sheet are effective for applications submitted on or after March 13, 2023 until a** **new Rate Sheet is issued that replaces and supersedes this Rate Sheet.**

This Rate Sheet replaces and supersedes any previously issued Rate Sheet. This Rate Sheet has no specified end date. This Rate Sheet must be used in conjunction with an effective MassMutual Envision<sup>SM</sup> Variable Annuity Prospectus. For complete information about RetirePay, see the "Additional Benefits — MassMutual RetirePay<sup>SM</sup>" section in the MassMutual Envision<sup>SM</sup> Variable Annuity Prospectus.

If we change the RetirePay Terms, we will issue a new Rate Sheet. In the event we issue a new Rate Sheet, we will provide at least 10 business days' notice of the effective date of the superseding Rate Sheet.

**Rate Sheet Eligibility Conditions**

Certain Rate Sheet eligibility conditions apply when we have issued a superseding Rate Sheet after you apply for your contract and prior to your issue date.

In order for the RetirePay Terms in this Rate Sheet to apply to your Contract, your necessary application information, including any applicable transfer form(s), must be submitted to an order entry system utilized to issue the Contract ("application submit date") on or after March 13, 2023 and prior to the effective date of the superseding Rate Sheet. *For purposes of this process, the application submit date is also defined to include the date the application is signed if a paper application is necessary.*

*<u>Application Information Submitted with a Purchase Payment</u>*

In addition to the submission of your necessary application information, we also require payment of at least the minimum initial Purchase Payment and the application information to be in Good Order within 10 business days after the application submit date.

If these Rate Sheet Eligibility Conditions are met, and the Contract is issued, the RetirePay Terms in this Rate Sheet will apply, unless a beneficial superseding rate sheet applies, as described under "Rate Sheet Comparison Process."

If these Rate Sheet Eligibility Conditions are not met, we will cancel the application and return your Purchase Payment.

------

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*<u>Application Information Submitted without a Purchase Payment</u>*

If you plan to pay the initial Purchase Payment with proceeds from an IRS Section 1035 exchange or direct transfer, your transfer form(s) and application information must be in Good Order within 10 Business Days after the application submit date. In addition, the initial Purchase Payment necessary to issue the Contract must be received within 90 calendar days after the application submit date.

If these Rate Sheet Eligibility Conditions are met, and the Contract is issued, the RetirePay Terms in this Rate Sheet will apply, unless a beneficial superseding rate sheet applies, as described under "Rate Sheet Comparison Process."

If these Rate Sheet Eligibility Conditions are not met, we will inform you and request instructions regarding whether to issue the Contract with the RetirePay Terms in effect under the superseding Rate Sheet or cancel the application.

If you have not provided us with the requested instructions within 2 business days after we have received your Purchase Payment, we will return your Purchase Payment to the original source.

The requirement to have the necessary application information in Good Order within 10 Business Days for application information received with a Purchase Payment or without a Purchase Payment includes completion of the broker-dealer suitability review.

**Rate Sheet Comparison Process**

Subject to satisfying the Rate Sheet Eligibility Conditions established in this Rate Sheet, if after your application submit date and prior to your Issue Date, a subsequent Rate Sheet is issued with only beneficial changes to the RetirePay Terms, the subsequent Rate Sheet will apply. The changes will be considered to be beneficial unless any of the following occurs:

• Withdrawal
 Rates and/or Lifetime Guarantee Rates have decreased,

• RetirePay
 Charges have increased, or

• Investment
 Allocation Restrictions have changed (unless the sole change to the Investment Allocation Restrictions is the addition
 of available investment options).

*For example, if the RetirePay Charges have increased, you will receive the RetirePay Terms included in the Rate Sheet in effect on your application submit date even if the Withdrawal Rates and/or Lifetime Guarantee Rates have increased in the subsequent Rate Sheet.*

You should not purchase RetirePay without first obtaining the applicable Rate Sheet. To obtain a current Rate Sheet:

• Contact
 your financial advisor

• Contact
 us toll-free at (800) 272-2216

• Go
 to www.MassMutual.com/Envision

On the Guaranteed Lifetime Withdrawal Date, we will determine the Withdrawal Rate and the Lifetime Guarantee Rate based on the number of full Contract Years from the RetirePay Issue Date and the Age of the Covered Person (or the youngest Covered Person for a Joint Life Version). The Withdrawal Rate applies when your Contract Value is greater than zero. The Lifetime Guarantee Rate applies when your Contract Value is zero. Once the contract is issued, the Withdrawal Rates and the Lifetime Guarantee Rates applicable to your Contract below will not change for the life of your Contract.

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**SINGLE LIFE WITHDRAWAL RATES:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date |
|  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 10+ |
| &nbsp;&nbsp; Age Range | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates |
| &nbsp;&nbsp; 59½ – 61 | &nbsp;&nbsp; 4.50% | &nbsp;&nbsp; 4.70% | &nbsp;&nbsp; 4.90% | &nbsp;&nbsp; 5.10% | &nbsp;&nbsp; 5.30% | &nbsp;&nbsp; 5.50% | &nbsp;&nbsp; 5.70% | &nbsp;&nbsp; 5.90% | &nbsp;&nbsp; 6.10% | &nbsp;&nbsp; 6.30% | &nbsp;&nbsp; 6.50% |
| &nbsp;&nbsp; 62 – 66 | &nbsp;&nbsp; 5.00% | &nbsp;&nbsp; 5.20% | &nbsp;&nbsp; 5.40% | &nbsp;&nbsp; 5.60% | &nbsp;&nbsp; 5.80% | &nbsp;&nbsp; 6.00% | &nbsp;&nbsp; 6.20% | &nbsp;&nbsp; 6.40% | &nbsp;&nbsp; 6.60% | &nbsp;&nbsp; 6.80% | &nbsp;&nbsp; 7.00% |
| &nbsp;&nbsp; 67 – 71 | &nbsp;&nbsp; 5.50% | &nbsp;&nbsp; 5.70% | &nbsp;&nbsp; 5.90% | &nbsp;&nbsp; 6.10% | &nbsp;&nbsp; 6.30% | &nbsp;&nbsp; 6.50% | &nbsp;&nbsp; 6.70% | &nbsp;&nbsp; 6.90% | &nbsp;&nbsp; 7.10% | &nbsp;&nbsp; 7.30% | &nbsp;&nbsp; 7.50% |
| &nbsp;&nbsp; 72 – 76 | &nbsp;&nbsp; 6.00% | &nbsp;&nbsp; 6.20% | &nbsp;&nbsp; 6.40% | &nbsp;&nbsp; 6.60% | &nbsp;&nbsp; 6.80% | &nbsp;&nbsp; 7.00% | &nbsp;&nbsp; 7.20% | &nbsp;&nbsp; 7.40% | &nbsp;&nbsp; 7.60% | &nbsp;&nbsp; 7.80% | &nbsp;&nbsp; 8.00% |
| &nbsp;&nbsp; 77+ | &nbsp;&nbsp; 6.50% | &nbsp;&nbsp; 6.70% | &nbsp;&nbsp; 6.90% | &nbsp;&nbsp; 7.10% | &nbsp;&nbsp; 7.30% | &nbsp;&nbsp; 7.50% | &nbsp;&nbsp; 7.70% | &nbsp;&nbsp; 7.90% | &nbsp;&nbsp; 8.10% | &nbsp;&nbsp; 8.30% | &nbsp;&nbsp; 8.50% |

---

**JOINT LIFE WITHDRAWAL RATES:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date |
|  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 10+ |
| &nbsp;&nbsp; Age Range | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates |
| &nbsp;&nbsp; 59½ – 61 | &nbsp;&nbsp; 3.95% | &nbsp;&nbsp; 4.15% | &nbsp;&nbsp; 4.35% | &nbsp;&nbsp; 4.55% | &nbsp;&nbsp; 4.75% | &nbsp;&nbsp; 4.95% | &nbsp;&nbsp; 5.15% | &nbsp;&nbsp; 5.35% | &nbsp;&nbsp; 5.55% | &nbsp;&nbsp; 5.75% | &nbsp;&nbsp; 5.95% |
| &nbsp;&nbsp; 62 – 66 | &nbsp;&nbsp; 4.45% | &nbsp;&nbsp; 4.65% | &nbsp;&nbsp; 4.85% | &nbsp;&nbsp; 5.05% | &nbsp;&nbsp; 5.25% | &nbsp;&nbsp; 5.45% | &nbsp;&nbsp; 5.65% | &nbsp;&nbsp; 5.85% | &nbsp;&nbsp; 6.05% | &nbsp;&nbsp; 6.25% | &nbsp;&nbsp; 6.45% |
| &nbsp;&nbsp; 67 – 71 | &nbsp;&nbsp; 4.95% | &nbsp;&nbsp; 5.15% | &nbsp;&nbsp; 5.35% | &nbsp;&nbsp; 5.55% | &nbsp;&nbsp; 5.75% | &nbsp;&nbsp; 5.95% | &nbsp;&nbsp; 6.15% | &nbsp;&nbsp; 6.35% | &nbsp;&nbsp; 6.55% | &nbsp;&nbsp; 6.75% | &nbsp;&nbsp; 6.95% |
| &nbsp;&nbsp; 72 – 76 | &nbsp;&nbsp; 5.45% | &nbsp;&nbsp; 5.65% | &nbsp;&nbsp; 5.85% | &nbsp;&nbsp; 6.05% | &nbsp;&nbsp; 6.25% | &nbsp;&nbsp; 6.45% | &nbsp;&nbsp; 6.65% | &nbsp;&nbsp; 6.85% | &nbsp;&nbsp; 7.05% | &nbsp;&nbsp; 7.25% | &nbsp;&nbsp; 7.45% |
| &nbsp;&nbsp; 77+ | &nbsp;&nbsp; 5.95% | &nbsp;&nbsp; 6.15% | &nbsp;&nbsp; 6.35% | &nbsp;&nbsp; 6.55% | &nbsp;&nbsp; 6.75% | &nbsp;&nbsp; 6.95% | &nbsp;&nbsp; 7.15% | &nbsp;&nbsp; 7.35% | &nbsp;&nbsp; 7.55% | &nbsp;&nbsp; 7.75% | &nbsp;&nbsp; 7.95% |

---

**SINGLE LIFE LIFETIME GUARANTEE RATES:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date |
|  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 10+ |
| &nbsp;&nbsp; Age Range | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates |
| &nbsp;&nbsp; 59½ – 61 | &nbsp;&nbsp; 4.50% | &nbsp;&nbsp; 4.70% | &nbsp;&nbsp; 4.90% | &nbsp;&nbsp; 5.10% | &nbsp;&nbsp; 5.30% | &nbsp;&nbsp; 5.50% | &nbsp;&nbsp; 5.70% | &nbsp;&nbsp; 5.90% | &nbsp;&nbsp; 6.10% | &nbsp;&nbsp; 6.30% | &nbsp;&nbsp; 6.50% |
| &nbsp;&nbsp; 62 – 66 | &nbsp;&nbsp; 5.00% | &nbsp;&nbsp; 5.20% | &nbsp;&nbsp; 5.40% | &nbsp;&nbsp; 5.60% | &nbsp;&nbsp; 5.80% | &nbsp;&nbsp; 6.00% | &nbsp;&nbsp; 6.20% | &nbsp;&nbsp; 6.40% | &nbsp;&nbsp; 6.60% | &nbsp;&nbsp; 6.80% | &nbsp;&nbsp; 7.00% |
| &nbsp;&nbsp; 67 – 71 | &nbsp;&nbsp; 5.50% | &nbsp;&nbsp; 5.70% | &nbsp;&nbsp; 5.90% | &nbsp;&nbsp; 6.10% | &nbsp;&nbsp; 6.30% | &nbsp;&nbsp; 6.50% | &nbsp;&nbsp; 6.70% | &nbsp;&nbsp; 6.90% | &nbsp;&nbsp; 7.10% | &nbsp;&nbsp; 7.30% | &nbsp;&nbsp; 7.50% |
| &nbsp;&nbsp; 72 – 76 | &nbsp;&nbsp; 6.00% | &nbsp;&nbsp; 6.20% | &nbsp;&nbsp; 6.40% | &nbsp;&nbsp; 6.60% | &nbsp;&nbsp; 6.80% | &nbsp;&nbsp; 7.00% | &nbsp;&nbsp; 7.20% | &nbsp;&nbsp; 7.40% | &nbsp;&nbsp; 7.60% | &nbsp;&nbsp; 7.80% | &nbsp;&nbsp; 8.00% |
| &nbsp;&nbsp; 77+ | &nbsp;&nbsp; 6.50% | &nbsp;&nbsp; 6.70% | &nbsp;&nbsp; 6.90% | &nbsp;&nbsp; 7.10% | &nbsp;&nbsp; 7.30% | &nbsp;&nbsp; 7.50% | &nbsp;&nbsp; 7.70% | &nbsp;&nbsp; 7.90% | &nbsp;&nbsp; 8.10% | &nbsp;&nbsp; 8.30% | &nbsp;&nbsp; 8.50% |

---

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**JOINT LIFE LIFETIME GUARANTEE RATES:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date |
|  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 10+ |
| &nbsp;&nbsp; Age Range | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates |
| &nbsp;&nbsp; 59½ – 61 | &nbsp;&nbsp; 3.95% | &nbsp;&nbsp; 4.15% | &nbsp;&nbsp; 4.35% | &nbsp;&nbsp; 4.55% | &nbsp;&nbsp; 4.75% | &nbsp;&nbsp; 4.95% | &nbsp;&nbsp; 5.15% | &nbsp;&nbsp; 5.35% | &nbsp;&nbsp; 5.55% | &nbsp;&nbsp; 5.75% | &nbsp;&nbsp; 5.95% |
| &nbsp;&nbsp; 62 – 66 | &nbsp;&nbsp; 4.45% | &nbsp;&nbsp; 4.65% | &nbsp;&nbsp; 4.85% | &nbsp;&nbsp; 5.05% | &nbsp;&nbsp; 5.25% | &nbsp;&nbsp; 5.45% | &nbsp;&nbsp; 5.65% | &nbsp;&nbsp; 5.85% | &nbsp;&nbsp; 6.05% | &nbsp;&nbsp; 6.25% | &nbsp;&nbsp; 6.45% |
| &nbsp;&nbsp; 67 – 71 | &nbsp;&nbsp; 4.95% | &nbsp;&nbsp; 5.15% | &nbsp;&nbsp; 5.35% | &nbsp;&nbsp; 5.55% | &nbsp;&nbsp; 5.75% | &nbsp;&nbsp; 5.95% | &nbsp;&nbsp; 6.15% | &nbsp;&nbsp; 6.35% | &nbsp;&nbsp; 6.55% | &nbsp;&nbsp; 6.75% | &nbsp;&nbsp; 6.95% |
| &nbsp;&nbsp; 72 – 76 | &nbsp;&nbsp; 5.45% | &nbsp;&nbsp; 5.65% | &nbsp;&nbsp; 5.85% | &nbsp;&nbsp; 6.05% | &nbsp;&nbsp; 6.25% | &nbsp;&nbsp; 6.45% | &nbsp;&nbsp; 6.65% | &nbsp;&nbsp; 6.85% | &nbsp;&nbsp; 7.05% | &nbsp;&nbsp; 7.25% | &nbsp;&nbsp; 7.45% |
| &nbsp;&nbsp; 77+ | &nbsp;&nbsp; 5.95% | &nbsp;&nbsp; 6.15% | &nbsp;&nbsp; 6.35% | &nbsp;&nbsp; 6.55% | &nbsp;&nbsp; 6.75% | &nbsp;&nbsp; 6.95% | &nbsp;&nbsp; 7.15% | &nbsp;&nbsp; 7.35% | &nbsp;&nbsp; 7.55% | &nbsp;&nbsp; 7.75% | &nbsp;&nbsp; 7.95% |

---

**CURRENT RETIREPAY CHARGES**

The current RetirePay Charges applicable to your Contract are as follows:

---

| | |
|:---|:---|
| **•** **Single Life Highest Anniversary Value Step-up Charge**<br>• **Joint Life Highest Anniversary Value Step-up Charge**<br>• **Single Life Highest Quarterly Value Step-up Charge**<br>• **Joint Life Highest Quarterly Value Step-up Charge** | **1.45%**<br>**1.45%**<br>**1.60%**<br>**1.60%** |

---

The amount that is deducted from your Contract Value is equal to the RetirePay Charge multiplied by the Benefit Base. We may increase the RetirePay Charges at any time, with prior notice, but the charges will never exceed the maximum RetirePay Charge. The maximum charge can be found in the "RetirePay Charge" section of the current MassMutual Envision prospectus.

**INVESTMENT ALLOCATION RESTRICTIONS**

While RetirePay is in effect, your investment allocations are restricted.

You must either be invested 100% in one of the MML Asset Allocation Sub-Accounts or invested 100% in the Custom Allocation Program.

**MML Asset Allocation Sub-Accounts:**

MML Conservative Allocation<br>MML Moderate Allocation<br>MML Balanced Allocation<br>MML American Funds Core Allocation<br>MML Growth Allocation<br>MML Blend<br>MML iShares<sup>®</sup> 80/20 Allocation<br>MML iShares<sup>®</sup> 60/40 Allocation

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**Custom Allocation Program:**

Multiple Sub-Accounts can be selected within each category. The total allocation for all Sub-Accounts within each category must be between the minimum and maximum allocation. The Contract Value in the Custom Allocation Program will be rebalanced based on your elected frequency. If no election is made, rebalancing will occur quarterly during each calendar year.

---

| | | |
|:---|:---|:---|
|  | **Minimum**<br>**Allocation** | **Maximum**<br>**Allocation** |
| &nbsp;&nbsp; Allocation Category 1 | 30% | 30% |
| &nbsp;&nbsp; <u>Available sub-accounts:</u><br>MML U.S. Government Money Market<br>MML Dynamic Bond<br>MML Managed Bond<br>MML Short-Duration Bond<br>MML Total Return Bond<br>MML Inflation-Protected and Income |  |  |
| &nbsp;&nbsp; Allocation Category 2 | 40% | 70% |
| &nbsp;&nbsp; <u>Available sub-accounts:</u><br>MML Blue Chip Growth<br>MML Large Cap Growth<br>MML American Funds Growth<br>MML Focused Equity<br>MML Fundamental Equity<br>MML Equity Income<br>MML Fundamental Value<br>MML Income & Growth<br>MML Mid Cap Growth<br>MML Small Cap Growth Equity<br>MML Small Cap Equity<br>MML Mid Cap Value<br>MML Foreign<br>MML Global<br>MML International Equity<br>MML Strategic Emerging Markets<br>MML High Yield |  |  |

---

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---

| | | |
|:---|:---|:---|
|  | **Minimum**<br>**Allocation** | **Maximum**<br>**Allocation** |
| &nbsp;&nbsp; Allocation Category 3 | 0% | 30% |
| &nbsp;&nbsp; <u>Available sub-accounts:</u><br>MML Sustainable Equity<br>Fidelity<sup>®</sup> VIP Contrafund<sup>®</sup><br>MML Equity<br>MML Equity Rotation<br>Invesco V.I. Global Strategic Income<br>Invesco V.I. Discovery Mid Cap Growth<br>MML Small Company Value<br>MML Small/Mid Cap Value<br>Invesco V.I. Global<br>Invesco Oppenheimer V.I. International Growth<br>Delaware Ivy VIP Asset Strategy<br>Janus Henderson Global Technology and Innovation<br>Fidelity<sup>®</sup> VIP Real Estate<br>Fidelity<sup>®</sup> VIP Health Care<br>Fidelity<sup>®</sup> VIP Strategic Income<br>PIMCO Income Portfolio |  |  |

---

If a requested change in your allocations or a transfer of any portion of your contract value does not comply with these investment restrictions, you will be required to terminate your RetirePay by written request before the allocation change or transfer can be processed. We reserve the right, upon thirty calendar days advance notice to you, to change the investment restrictions. If we change the investment restrictions, you must change your allocations to comply within thirty calendar days of the restrictions becoming effective, or we will terminate your RetirePay.

*If you have any questions regarding this Rate Sheet, please contact us toll free at (800) 272-2216.*

**Please keep this Rate Sheet for future reference.**

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**Rate Sheet Prospectus Supplement Dated October 17, 2022 to the Prospectus dated May 1, 2022, as supplemented**<br>**and the Initial Summary Prospectus dated May 1, 2022, as supplemented for**<br>**MassMutual Envision<sup>SM</sup>** **Variable Annuity Issued by Massachusetts Mutual Life Insurance Company**<br>**Massachusetts Mutual Variable Annuity Separate Account 4**

***This Rate Sheet Prospectus Supplement ("Rate Sheet") should be read carefully and retained with the Prospectus dated*** ***May 1, 2022 for the*** **MassMutual Envision<sup>SM</sup>** **Variable Annuity.** **You may obtain a current Prospectus at www.MassMutual.com/** **Envision or by calling (800) 272-2216, sending an email request to ANNfax@MassMutual.com, or writing to MassMutual, PO** **Box 9067, Springfield, MA 01102-9067.**

We are issuing this Rate Sheet to update the following information regarding the MassMutual RetirePay<sup>SM</sup> Guaranteed Lifetime Withdrawal Benefit (RetirePay):

• Withdrawal
 Rates,

• Lifetime
 Guarantee Rates,

• RetirePay
 Charges, and

• Investment
 Allocation Restrictions

(collectively, referred to as the "RetirePay Terms.")

**The RetirePay Terms included in this Rate Sheet are effective for applications submitted on or after November 4, 2022 until a** **new Rate Sheet is issued that replaces and supersedes this Rate Sheet.**

This Rate Sheet replaces and supersedes any previously issued Rate Sheet. This Rate Sheet has no specified end date. This Rate Sheet must be used in conjunction with an effective MassMutual Envision<sup>SM</sup> Variable Annuity Prospectus. For complete information about RetirePay, see the "Additional Benefits — MassMutual RetirePay<sup>SM</sup>" section in the MassMutual Envision<sup>SM</sup> Variable Annuity Prospectus.

If we change the RetirePay Terms, we will issue a new Rate Sheet. In the event we issue a new Rate Sheet, we will provide at least 10 business days' notice of the effective date of the superseding Rate Sheet.

**Rate Sheet Eligibility Conditions**

Certain Rate Sheet eligibility conditions apply when we have issued a superseding Rate Sheet after you apply for your contract and prior to your issue date.

In order for the RetirePay Terms in this Rate Sheet to apply to your Contract, your necessary application information, including any applicable transfer form(s), must be submitted to an order entry system utilized to issue the Contract ("application submit date") on or after November 4, 2022 and prior to the effective date of the superseding Rate Sheet. *For purposes of this process, the application submit date is also defined to include the date the application is signed if a paper application is necessary.*

*<u>Application Information Submitted with a Purchase Payment</u>*

In addition to the submission of your necessary application information, we also require payment of at least the minimum initial Purchase Payment and the application information to be in Good Order within 10 business days after the application submit date.

If these Rate Sheet Eligibility Conditions are met, and the Contract is issued, the RetirePay Terms in this Rate Sheet will apply, unless a beneficial superseding rate sheet applies, as described under "Rate Sheet Comparison Process."

If these Rate Sheet Eligibility Conditions are not met, we will cancel the application and return your Purchase Payment.

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*<u>Application Information Submitted without a Purchase Payment</u>*

If you plan to pay the initial Purchase Payment with proceeds from an IRS Section 1035 exchange or direct transfer, your transfer form(s) and application information must be in Good Order within 10 Business Days after the application submit date. In addition, the initial Purchase Payment necessary to issue the Contract must be received within 90 calendar days after the application submit date.

If these Rate Sheet Eligibility Conditions are met, and the Contract is issued, the RetirePay Terms in this Rate Sheet will apply, unless a beneficial superseding rate sheet applies, as described under "Rate Sheet Comparison Process."

If these Rate Sheet Eligibility Conditions are not met, we will inform you and request instructions regarding whether to issue the Contract with the RetirePay Terms in effect under the superseding Rate Sheet or cancel the application.

If you have not provided us with the requested instructions within 2 business days after we have received your Purchase Payment, we will return your Purchase Payment to the original source.

The requirement to have the necessary application information in Good Order within 10 Business Days for application information received with a Purchase Payment or without a Purchase Payment includes completion of the broker-dealer suitability review.

**Rate Sheet Comparison Process**

Subject to satisfying the Rate Sheet Eligibility Conditions established in this Rate Sheet, if after your application submit date and prior to your Issue Date, a subsequent Rate Sheet is issued with only beneficial changes to the RetirePay Terms, the subsequent Rate Sheet will apply. The changes will be considered to be beneficial unless any of the following occurs:

• Withdrawal
 Rates and/or Lifetime Guarantee Rates have decreased,

• RetirePay
 Charges have increased, or

• Investment
 Allocation Restrictions have changed (unless the sole change to the Investment Allocation Restrictions is the addition
 of available investment options).

*For example, if the RetirePay Charges have increased, you will receive the RetirePay Terms included in the Rate Sheet in effect on your application submit date even if the Withdrawal Rates and/or Lifetime Guarantee Rates have increased in the subsequent Rate Sheet.*

You should not purchase RetirePay without first obtaining the applicable Rate Sheet. To obtain a current Rate Sheet:

• Contact
 your financial advisor

• Contact
 us toll-free at (800) 272-2216

• Go
 to www.MassMutual.com/Envision

On the Guaranteed Lifetime Withdrawal Date, we will determine the Withdrawal Rate and the Lifetime Guarantee Rate based on the number of full Contract Years from the RetirePay Issue Date and the Age of the Covered Person (or the youngest Covered Person for a Joint Life Version). The Withdrawal Rate applies when your Contract Value is greater than zero. The Lifetime Guarantee Rate applies when your Contract Value is zero. Once the contract is issued, the Withdrawal Rates and the Lifetime Guarantee Rates applicable to your Contract below will not change for the life of your Contract.

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**SINGLE LIFE WITHDRAWAL RATES:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date |
|  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 10+ |
| &nbsp;&nbsp; Age Range | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates |
| &nbsp;&nbsp; 59½ – 61 | &nbsp;&nbsp; 4.25% | &nbsp;&nbsp; 4.35% | &nbsp;&nbsp; 4.45% | &nbsp;&nbsp; 4.55% | &nbsp;&nbsp; 4.65% | &nbsp;&nbsp; 4.95% | &nbsp;&nbsp; 5.10% | &nbsp;&nbsp; 5.25% | &nbsp;&nbsp; 5.40% | &nbsp;&nbsp; 5.55% | &nbsp;&nbsp; 5.85% |
| &nbsp;&nbsp; 62 – 66 | &nbsp;&nbsp; 4.60% | &nbsp;&nbsp; 4.75% | &nbsp;&nbsp; 4.90% | &nbsp;&nbsp; 5.05% | &nbsp;&nbsp; 5.20% | &nbsp;&nbsp; 5.55% | &nbsp;&nbsp; 5.65% | &nbsp;&nbsp; 5.75% | &nbsp;&nbsp; 5.85% | &nbsp;&nbsp; 5.95% | &nbsp;&nbsp; 6.15% |
| &nbsp;&nbsp; 67 – 71 | &nbsp;&nbsp; 5.25% | &nbsp;&nbsp; 5.35% | &nbsp;&nbsp; 5.45% | &nbsp;&nbsp; 5.55% | &nbsp;&nbsp; 5.60% | &nbsp;&nbsp; 6.20% | &nbsp;&nbsp; 6.30% | &nbsp;&nbsp; 6.40% | &nbsp;&nbsp; 6.50% | &nbsp;&nbsp; 6.55% | &nbsp;&nbsp; 7.25% |
| &nbsp;&nbsp; 72 – 76 | &nbsp;&nbsp; 5.75% | &nbsp;&nbsp; 5.90% | &nbsp;&nbsp; 6.05% | &nbsp;&nbsp; 6.20% | &nbsp;&nbsp; 6.30% | &nbsp;&nbsp; 6.60% | &nbsp;&nbsp; 6.80% | &nbsp;&nbsp; 7.00% | &nbsp;&nbsp; 7.20% | &nbsp;&nbsp; 7.40% | &nbsp;&nbsp; 7.80% |
| &nbsp;&nbsp; 77+ | &nbsp;&nbsp; 6.25% | &nbsp;&nbsp; 6.45% | &nbsp;&nbsp; 6.65% | &nbsp;&nbsp; 6.85% | &nbsp;&nbsp; 7.05% | &nbsp;&nbsp; 7.45% | &nbsp;&nbsp; 7.60% | &nbsp;&nbsp; 7.75% | &nbsp;&nbsp; 7.85% | &nbsp;&nbsp; 7.95% | &nbsp;&nbsp; 8.20% |

---

**JOINT LIFE WITHDRAWAL RATES:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date |
|  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 10+ |
| &nbsp;&nbsp; Age Range | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates |
| &nbsp;&nbsp; 59½ – 61 | &nbsp;&nbsp; 3.80% | &nbsp;&nbsp; 3.90% | &nbsp;&nbsp; 4.00% | &nbsp;&nbsp; 4.05% | &nbsp;&nbsp; 4.15% | &nbsp;&nbsp; 4.45% | &nbsp;&nbsp; 4.55% | &nbsp;&nbsp; 4.70% | &nbsp;&nbsp; 4.85% | &nbsp;&nbsp; 4.95% | &nbsp;&nbsp; 5.25% |
| &nbsp;&nbsp; 62 – 66 | &nbsp;&nbsp; 4.10% | &nbsp;&nbsp; 4.25% | &nbsp;&nbsp; 4.35% | &nbsp;&nbsp; 4.50% | &nbsp;&nbsp; 4.65% | &nbsp;&nbsp; 4.95% | &nbsp;&nbsp; 5.05% | &nbsp;&nbsp; 5.15% | &nbsp;&nbsp; 5.20% | &nbsp;&nbsp; 5.30% | &nbsp;&nbsp; 5.50% |
| &nbsp;&nbsp; 67 – 71 | &nbsp;&nbsp; 4.75% | &nbsp;&nbsp; 4.85% | &nbsp;&nbsp; 4.95% | &nbsp;&nbsp; 5.00% | &nbsp;&nbsp; 5.05% | &nbsp;&nbsp; 5.60% | &nbsp;&nbsp; 5.70% | &nbsp;&nbsp; 5.80% | &nbsp;&nbsp; 5.90% | &nbsp;&nbsp; 5.95% | &nbsp;&nbsp; 6.55% |
| &nbsp;&nbsp; 72 – 76 | &nbsp;&nbsp; 5.35% | &nbsp;&nbsp; 5.50% | &nbsp;&nbsp; 5.65% | &nbsp;&nbsp; 5.75% | &nbsp;&nbsp; 5.85% | &nbsp;&nbsp; 6.15% | &nbsp;&nbsp; 6.35% | &nbsp;&nbsp; 6.50% | &nbsp;&nbsp; 6.70% | &nbsp;&nbsp; 6.90% | &nbsp;&nbsp; 7.25% |
| &nbsp;&nbsp; 77+ | &nbsp;&nbsp; 5.85% | &nbsp;&nbsp; 6.05% | &nbsp;&nbsp; 6.20% | &nbsp;&nbsp; 6.40% | &nbsp;&nbsp; 6.60% | &nbsp;&nbsp; 6.95% | &nbsp;&nbsp; 7.10% | &nbsp;&nbsp; 7.25% | &nbsp;&nbsp; 7.35% | &nbsp;&nbsp; 7.45% | &nbsp;&nbsp; 7.70% |

---

**SINGLE LIFE LIFETIME GUARANTEE RATES:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date |
|  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 10+ |
| &nbsp;&nbsp; Age Range | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates |
| &nbsp;&nbsp; 59½ – 61 | &nbsp;&nbsp; 4.25% | &nbsp;&nbsp; 4.35% | &nbsp;&nbsp; 4.45% | &nbsp;&nbsp; 4.55% | &nbsp;&nbsp; 4.65% | &nbsp;&nbsp; 4.95% | &nbsp;&nbsp; 5.10% | &nbsp;&nbsp; 5.25% | &nbsp;&nbsp; 5.40% | &nbsp;&nbsp; 5.55% | &nbsp;&nbsp; 5.85% |
| &nbsp;&nbsp; 62 – 66 | &nbsp;&nbsp; 4.60% | &nbsp;&nbsp; 4.75% | &nbsp;&nbsp; 4.90% | &nbsp;&nbsp; 5.05% | &nbsp;&nbsp; 5.20% | &nbsp;&nbsp; 5.55% | &nbsp;&nbsp; 5.65% | &nbsp;&nbsp; 5.75% | &nbsp;&nbsp; 5.85% | &nbsp;&nbsp; 5.95% | &nbsp;&nbsp; 6.15% |
| &nbsp;&nbsp; 67 – 71 | &nbsp;&nbsp; 5.25% | &nbsp;&nbsp; 5.35% | &nbsp;&nbsp; 5.45% | &nbsp;&nbsp; 5.55% | &nbsp;&nbsp; 5.60% | &nbsp;&nbsp; 6.20% | &nbsp;&nbsp; 6.30% | &nbsp;&nbsp; 6.40% | &nbsp;&nbsp; 6.50% | &nbsp;&nbsp; 6.55% | &nbsp;&nbsp; 7.25% |
| &nbsp;&nbsp; 72 – 76 | &nbsp;&nbsp; 5.75% | &nbsp;&nbsp; 5.90% | &nbsp;&nbsp; 6.05% | &nbsp;&nbsp; 6.20% | &nbsp;&nbsp; 6.30% | &nbsp;&nbsp; 6.60% | &nbsp;&nbsp; 6.80% | &nbsp;&nbsp; 7.00% | &nbsp;&nbsp; 7.20% | &nbsp;&nbsp; 7.40% | &nbsp;&nbsp; 7.80% |
| &nbsp;&nbsp; 77+ | &nbsp;&nbsp; 6.25% | &nbsp;&nbsp; 6.45% | &nbsp;&nbsp; 6.65% | &nbsp;&nbsp; 6.85% | &nbsp;&nbsp; 7.05% | &nbsp;&nbsp; 7.45% | &nbsp;&nbsp; 7.60% | &nbsp;&nbsp; 7.75% | &nbsp;&nbsp; 7.85% | &nbsp;&nbsp; 7.95% | &nbsp;&nbsp; 8.20% |

---

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**JOINT LIFE LIFETIME GUARANTEE RATES:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date |
|  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 10+ |
| &nbsp;&nbsp; Age Range | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates |
| &nbsp;&nbsp; 59½ – 61 | &nbsp;&nbsp; 3.80% | &nbsp;&nbsp; 3.90% | &nbsp;&nbsp; 4.00% | &nbsp;&nbsp; 4.05% | &nbsp;&nbsp; 4.15% | &nbsp;&nbsp; 4.45% | &nbsp;&nbsp; 4.55% | &nbsp;&nbsp; 4.70% | &nbsp;&nbsp; 4.85% | &nbsp;&nbsp; 4.95% | &nbsp;&nbsp; 5.25% |
| &nbsp;&nbsp; 62 – 66 | &nbsp;&nbsp; 4.10% | &nbsp;&nbsp; 4.25% | &nbsp;&nbsp; 4.35% | &nbsp;&nbsp; 4.50% | &nbsp;&nbsp; 4.65% | &nbsp;&nbsp; 4.95% | &nbsp;&nbsp; 5.05% | &nbsp;&nbsp; 5.15% | &nbsp;&nbsp; 5.20% | &nbsp;&nbsp; 5.30% | &nbsp;&nbsp; 5.50% |
| &nbsp;&nbsp; 67 – 71 | &nbsp;&nbsp; 4.75% | &nbsp;&nbsp; 4.85% | &nbsp;&nbsp; 4.95% | &nbsp;&nbsp; 5.00% | &nbsp;&nbsp; 5.05% | &nbsp;&nbsp; 5.60% | &nbsp;&nbsp; 5.70% | &nbsp;&nbsp; 5.80% | &nbsp;&nbsp; 5.90% | &nbsp;&nbsp; 5.95% | &nbsp;&nbsp; 6.55% |
| &nbsp;&nbsp; 72 – 76 | &nbsp;&nbsp; 5.35% | &nbsp;&nbsp; 5.50% | &nbsp;&nbsp; 5.65% | &nbsp;&nbsp; 5.75% | &nbsp;&nbsp; 5.85% | &nbsp;&nbsp; 6.15% | &nbsp;&nbsp; 6.35% | &nbsp;&nbsp; 6.50% | &nbsp;&nbsp; 6.70% | &nbsp;&nbsp; 6.90% | &nbsp;&nbsp; 7.25% |
| &nbsp;&nbsp; 77+ | &nbsp;&nbsp; 5.85% | &nbsp;&nbsp; 6.05% | &nbsp;&nbsp; 6.20% | &nbsp;&nbsp; 6.40% | &nbsp;&nbsp; 6.60% | &nbsp;&nbsp; 6.95% | &nbsp;&nbsp; 7.10% | &nbsp;&nbsp; 7.25% | &nbsp;&nbsp; 7.35% | &nbsp;&nbsp; 7.45% | &nbsp;&nbsp; 7.70% |

---

**CURRENT RETIREPAY CHARGES**

The current RetirePay Charges applicable to your Contract are as follows:

---

| | |
|:---|:---|
| **•** **Single Life Highest Anniversary Value Step-up Charge**<br>• **Joint Life Highest Anniversary Value Step-up Charge**<br>• **Single Life Highest Quarterly Value Step-up Charge**<br>• **Joint Life Highest Quarterly Value Step-up Charge** | **1.45%**<br>**1.45%**<br>**1.60%**<br>**1.60%** |

---

The amount that is deducted from your Contract Value is equal to the RetirePay Charge multiplied by the Benefit Base. We may increase the RetirePay Charges at any time, with prior notice, but the charges will never exceed the maximum RetirePay Charge. The maximum charge can be found in the "RetirePay Charge" section of the current MassMutual Envision prospectus.

**INVESTMENT ALLOCATION RESTRICTIONS**

While RetirePay is in effect, your investment allocations are restricted.

You must either be invested 100% in one of the MML Asset Allocation Sub-Accounts or invested 100% in the Custom Allocation Program.

**MML Asset Allocation Sub-Accounts:**

MML Conservative Allocation<br>MML Moderate Allocation<br>MML Balanced Allocation<br>MML American Funds Core Allocation<br>MML Growth Allocation<br>MML Blend<br>MML iShares<sup>®</sup> 80/20 Allocation<br>MML iShares<sup>®</sup> 60/40 Allocation

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**Custom Allocation Program:**

Multiple Sub-Accounts can be selected within each category. The total allocation for all Sub-Accounts within each category must be between the minimum and maximum allocation. The Contract Value in the Custom Allocation Program will be rebalanced based on your elected frequency. If no election is made, rebalancing will occur quarterly during each calendar year.

---

| | | |
|:---|:---|:---|
|  | **Minimum**<br>**Allocation** | **Maximum**<br>**Allocation** |
| &nbsp;&nbsp; Allocation Category 1 | 30% | 30% |
| &nbsp;&nbsp; <u>Available sub-accounts:</u><br>MML U.S. Government Money Market<br>MML Dynamic Bond<br>MML Managed Bond<br>MML Short-Duration Bond<br>MML Total Return Bond<br>MML Inflation-Protected and Income |  |  |
| &nbsp;&nbsp; Allocation Category 2 | 40% | 70% |
| &nbsp;&nbsp; <u>Available sub-accounts:</u><br>MML Blue Chip Growth<br>MML Large Cap Growth<br>MML American Funds Growth<br>MML Focused Equity<br>MML Fundamental Equity<br>MML Equity Income<br>MML Fundamental Value<br>MML Income & Growth<br>MML Mid Cap Growth<br>MML Small Cap Growth Equity<br>MML Small Cap Equity<br>MML Mid Cap Value<br>MML Foreign<br>MML Global<br>MML International Equity<br>MML Strategic Emerging Markets<br>MML High Yield |  |  |

---

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---

| | | |
|:---|:---|:---|
|  | **Minimum**<br>**Allocation** | **Maximum**<br>**Allocation** |
| &nbsp;&nbsp; Allocation Category 3 | 0% | 30% |
| &nbsp;&nbsp; <u>Available sub-accounts:</u><br>MML Sustainable Equity<br>Fidelity<sup>®</sup> VIP Contrafund<sup>®</sup><br>MML Equity<br>MML Equity Rotation<br>Invesco V.I. Global Strategic Income<br>Invesco V.I. Discovery Mid Cap Growth<br>MML Small Company Value<br>MML Small/Mid Cap Value<br>Invesco V.I. Global<br>Invesco Oppenheimer V.I. International Growth<br>Delaware Ivy VIP Asset Strategy<br>Janus Henderson Global Technology and Innovation<br>Fidelity<sup>®</sup> VIP Real Estate<br>Fidelity<sup>®</sup> VIP Health Care<br>Fidelity<sup>®</sup> VIP Strategic Income<br>PIMCO Income Portfolio |  |  |

---

If a requested change in your allocations or a transfer of any portion of your contract value does not comply with these investment restrictions, you will be required to terminate your RetirePay by written request before the allocation change or transfer can be processed. We reserve the right, upon thirty calendar days advance notice to you, to change the investment restrictions. If we change the investment restrictions, you must change your allocations to comply within thirty calendar days of the restrictions becoming effective, or we will terminate your RetirePay.

*If you have any questions regarding this Rate Sheet, please contact us toll free at (800) 272-2216.*

**Please keep this Rate Sheet for future reference.**

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**Rate Sheet Prospectus Supplement Dated July 18, 2022 to the Prospectus dated May 1, 2022, as supplemented**<br>**and the Initial Summary Prospectus dated May 1, 2022, as supplemented for**<br>**MassMutual Envision<sup>SM</sup>** **Variable Annuity Issued by Massachusetts Mutual Life Insurance Company**<br>**Massachusetts Mutual Variable Annuity Separate Account 4**

***This Rate Sheet Prospectus Supplement ("Rate Sheet") should be read carefully and retained with the Prospectus dated*** ***May 1, 2022 for the*** **MassMutual Envision<sup>SM</sup>** **Variable Annuity.** **You may obtain a current Prospectus at www.MassMutual.com/** **Envision or by calling (800) 272-2216, sending an email request to ANNfax@MassMutual.com, or writing to MassMutual, PO** **Box 9067, Springfield, MA 01102-9067.**

We are issuing this Rate Sheet to update the following information regarding the MassMutual RetirePay<sup>SM</sup> Guaranteed Lifetime Withdrawal Benefit (RetirePay):

• Withdrawal
 Rates,

• Lifetime
 Guarantee Rates,

• RetirePay
 Charges, and

• Investment
 Allocation Restrictions

(collectively, referred to as the "RetirePay Terms.")

**The RetirePay Terms included in this Rate Sheet are effective for applications submitted on or after August 1, 2022 until a new** **Rate Sheet is issued that replaces and supersedes this Rate Sheet.**

This Rate Sheet replaces and supersedes any previously issued Rate Sheet. This Rate Sheet has no specified end date. This Rate Sheet must be used in conjunction with an effective MassMutual Envision<sup>SM</sup> Variable Annuity Prospectus. For complete information about RetirePay, see the "Additional Benefits — MassMutual RetirePay<sup>SM</sup>" section in the MassMutual Envision<sup>SM</sup> Variable Annuity Prospectus.

If we change the RetirePay Terms, we will issue a new Rate Sheet. In the event we issue a new Rate Sheet, we will provide at least 10 business days' notice of the effective date of the superseding Rate Sheet.

**Rate Sheet Eligibility Conditions**

Certain Rate Sheet eligibility conditions apply when we have issued a superseding Rate Sheet after you apply for your contract and prior to your issue date.

In order for the RetirePay Terms in this Rate Sheet to apply to your Contract, your necessary application information, including any applicable transfer form(s), must be submitted to an order entry system utilized to issue the Contract ("application submit date") on or after August 1, 2022 and prior to the effective date of the superseding Rate Sheet. *For purposes of this process, the application submit date is also defined to include the date the application is signed if a paper application is necessary.*

*<u>Application Information Submitted with a Purchase Payment</u>*

In addition to the submission of your necessary application information, we also require payment of at least the minimum initial Purchase Payment and the application information to be in Good Order within 10 business days after the application submit date.

If these Rate Sheet Eligibility Conditions are met, and the Contract is issued, the RetirePay Terms in this Rate Sheet will apply, unless a beneficial superseding rate sheet applies, as described under "Rate Sheet Comparison Process."

If these Rate Sheet Eligibility Conditions are not met, we will cancel the application and return your Purchase Payment.

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*<u>Application Information Submitted without a Purchase Payment</u>*

If you plan to pay the initial Purchase Payment with proceeds from an IRS Section 1035 exchange or direct transfer, your transfer form(s) and application information must be in Good Order within 10 Business Days after the application submit date. In addition, the initial Purchase Payment necessary to issue the Contract must be received within 90 calendar days after the application submit date.

If these Rate Sheet Eligibility Conditions are met, and the Contract is issued, the RetirePay Terms in this Rate Sheet will apply, unless a beneficial superseding rate sheet applies, as described under "Rate Sheet Comparison Process."

If these Rate Sheet Eligibility Conditions are not met, we will inform you and request instructions regarding whether to issue the Contract with the RetirePay Terms in effect under the superseding Rate Sheet or cancel the application.

If you have not provided us with the requested instructions within 2 business days after we have received your Purchase Payment, we will return your Purchase Payment to the original source.

The requirement to have the necessary application information in Good Order within 10 Business Days for application information received with a Purchase Payment or without a Purchase Payment includes completion of the broker-dealer suitability review.

**Rate Sheet Comparison Process**

Subject to satisfying the Rate Sheet Eligibility Conditions established in this Rate Sheet, if after your application submit date and prior to your Issue Date, a subsequent Rate Sheet is issued with only beneficial changes to the RetirePay Terms, the subsequent Rate Sheet will apply. The changes will be considered to be beneficial unless any of the following occurs:

• Withdrawal
 Rates and/or Lifetime Guarantee Rates have decreased,

• RetirePay
 Charges have increased, or

• Investment
 Allocation Restrictions have changed (unless the sole change to the Investment Allocation Restrictions is the addition
 of available investment options).

*For example, if the RetirePay Charges have increased, you will receive the RetirePay Terms included in the Rate Sheet in effect on your application submit date even if the Withdrawal Rates and/or Lifetime Guarantee Rates have increased in the subsequent Rate Sheet.*

You should not purchase RetirePay without first obtaining the applicable Rate Sheet. To obtain a current Rate Sheet:

• Contact
 your financial advisor

• Contact
 us toll-free at (800) 272-2216

• Go
 to www.MassMutual.com/Envision

On the Guaranteed Lifetime Withdrawal Date, we will determine the Withdrawal Rate and the Lifetime Guarantee Rate based on the number of full Contract Years from the RetirePay Issue Date and the Age of the Covered Person (or the youngest Covered Person for a Joint Life Version). The Withdrawal Rate applies when your Contract Value is greater than zero. The Lifetime Guarantee Rate applies when your Contract Value is zero. Once the contract is issued, the Withdrawal Rates and the Lifetime Guarantee Rates applicable to your Contract below will not change for the life of your Contract.

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**SINGLE LIFE WITHDRAWAL RATES:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date |
|  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 10+ |
| &nbsp;&nbsp; Age Range | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates |
| &nbsp;&nbsp; 59½ – 61 | &nbsp;&nbsp; 4.25% | &nbsp;&nbsp; 4.30% | &nbsp;&nbsp; 4.35% | &nbsp;&nbsp; 4.40% | &nbsp;&nbsp; 4.45% | &nbsp;&nbsp; 4.75% | &nbsp;&nbsp; 4.85% | &nbsp;&nbsp; 4.95% | &nbsp;&nbsp; 5.05% | &nbsp;&nbsp; 5.15% | &nbsp;&nbsp; 5.65% |
| &nbsp;&nbsp; 62 – 66 | &nbsp;&nbsp; 4.60% | &nbsp;&nbsp; 4.75% | &nbsp;&nbsp; 4.90% | &nbsp;&nbsp; 5.05% | &nbsp;&nbsp; 5.15% | &nbsp;&nbsp; 5.40% | &nbsp;&nbsp; 5.45% | &nbsp;&nbsp; 5.50% | &nbsp;&nbsp; 5.55% | &nbsp;&nbsp; 5.65% | &nbsp;&nbsp; 5.80% |
| &nbsp;&nbsp; 67 – 71 | &nbsp;&nbsp; 5.15% | &nbsp;&nbsp; 5.25% | &nbsp;&nbsp; 5.35% | &nbsp;&nbsp; 5.45% | &nbsp;&nbsp; 5.50% | &nbsp;&nbsp; 5.70% | &nbsp;&nbsp; 5.85% | &nbsp;&nbsp; 6.00% | &nbsp;&nbsp; 6.15% | &nbsp;&nbsp; 6.30% | &nbsp;&nbsp; 6.65% |
| &nbsp;&nbsp; 72 – 76 | &nbsp;&nbsp; 5.75% | &nbsp;&nbsp; 5.90% | &nbsp;&nbsp; 6.05% | &nbsp;&nbsp; 6.20% | &nbsp;&nbsp; 6.30% | &nbsp;&nbsp; 6.55% | &nbsp;&nbsp; 6.65% | &nbsp;&nbsp; 6.75% | &nbsp;&nbsp; 6.85% | &nbsp;&nbsp; 7.00% | &nbsp;&nbsp; 7.35% |
| &nbsp;&nbsp; 77+ | &nbsp;&nbsp; 6.25% | &nbsp;&nbsp; 6.35% | &nbsp;&nbsp; 6.45% | &nbsp;&nbsp; 6.55% | &nbsp;&nbsp; 6.65% | &nbsp;&nbsp; 7.05% | &nbsp;&nbsp; 7.10% | &nbsp;&nbsp; 7.15% | &nbsp;&nbsp; 7.20% | &nbsp;&nbsp; 7.25% | &nbsp;&nbsp; 7.70% |

---

**JOINT LIFE WITHDRAWAL RATES:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date |
|  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 10+ |
| &nbsp;&nbsp; Age Range | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates |
| &nbsp;&nbsp; 59½ – 61 | &nbsp;&nbsp; 3.75% | &nbsp;&nbsp; 3.80% | &nbsp;&nbsp; 3.85% | &nbsp;&nbsp; 3.90% | &nbsp;&nbsp; 3.95% | &nbsp;&nbsp; 4.20% | &nbsp;&nbsp; 4.30% | &nbsp;&nbsp; 4.35% | &nbsp;&nbsp; 4.45% | &nbsp;&nbsp; 4.55% | &nbsp;&nbsp; 5.00% |
| &nbsp;&nbsp; 62 – 66 | &nbsp;&nbsp; 4.10% | &nbsp;&nbsp; 4.25% | &nbsp;&nbsp; 4.35% | &nbsp;&nbsp; 4.50% | &nbsp;&nbsp; 4.60% | &nbsp;&nbsp; 4.80% | &nbsp;&nbsp; 4.85% | &nbsp;&nbsp; 4.90% | &nbsp;&nbsp; 4.95% | &nbsp;&nbsp; 5.05% | &nbsp;&nbsp; 5.25% |
| &nbsp;&nbsp; 67 – 71 | &nbsp;&nbsp; 4.65% | &nbsp;&nbsp; 4.75% | &nbsp;&nbsp; 4.85% | &nbsp;&nbsp; 4.90% | &nbsp;&nbsp; 4.95% | &nbsp;&nbsp; 5.15% | &nbsp;&nbsp; 5.30% | &nbsp;&nbsp; 5.40% | &nbsp;&nbsp; 5.55% | &nbsp;&nbsp; 5.70% | &nbsp;&nbsp; 6.00% |
| &nbsp;&nbsp; 72 – 76 | &nbsp;&nbsp; 5.25% | &nbsp;&nbsp; 5.40% | &nbsp;&nbsp; 5.50% | &nbsp;&nbsp; 5.65% | &nbsp;&nbsp; 5.75% | &nbsp;&nbsp; 6.00% | &nbsp;&nbsp; 6.05% | &nbsp;&nbsp; 6.15% | &nbsp;&nbsp; 6.25% | &nbsp;&nbsp; 6.40% | &nbsp;&nbsp; 6.70% |
| &nbsp;&nbsp; 77+ | &nbsp;&nbsp; 5.75% | &nbsp;&nbsp; 5.85% | &nbsp;&nbsp; 5.95% | &nbsp;&nbsp; 6.05% | &nbsp;&nbsp; 6.10% | &nbsp;&nbsp; 6.50% | &nbsp;&nbsp; 6.55% | &nbsp;&nbsp; 6.60% | &nbsp;&nbsp; 6.65% | &nbsp;&nbsp; 6.70% | &nbsp;&nbsp; 7.10% |

---

**SINGLE LIFE LIFETIME GUARANTEE RATES:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date |
|  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 10+ |
| &nbsp;&nbsp; Age Range | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates |
| &nbsp;&nbsp; 59½ – 61 | &nbsp;&nbsp; 4.25% | &nbsp;&nbsp; 4.30% | &nbsp;&nbsp; 4.35% | &nbsp;&nbsp; 4.40% | &nbsp;&nbsp; 4.45% | &nbsp;&nbsp; 4.75% | &nbsp;&nbsp; 4.85% | &nbsp;&nbsp; 4.95% | &nbsp;&nbsp; 5.05% | &nbsp;&nbsp; 5.15% | &nbsp;&nbsp; 5.65% |
| &nbsp;&nbsp; 62 – 66 | &nbsp;&nbsp; 4.60% | &nbsp;&nbsp; 4.75% | &nbsp;&nbsp; 4.90% | &nbsp;&nbsp; 5.05% | &nbsp;&nbsp; 5.15% | &nbsp;&nbsp; 5.40% | &nbsp;&nbsp; 5.45% | &nbsp;&nbsp; 5.50% | &nbsp;&nbsp; 5.55% | &nbsp;&nbsp; 5.65% | &nbsp;&nbsp; 5.80% |
| &nbsp;&nbsp; 67 – 71 | &nbsp;&nbsp; 5.15% | &nbsp;&nbsp; 5.25% | &nbsp;&nbsp; 5.35% | &nbsp;&nbsp; 5.45% | &nbsp;&nbsp; 5.50% | &nbsp;&nbsp; 5.70% | &nbsp;&nbsp; 5.85% | &nbsp;&nbsp; 6.00% | &nbsp;&nbsp; 6.15% | &nbsp;&nbsp; 6.30% | &nbsp;&nbsp; 6.65% |
| &nbsp;&nbsp; 72 – 76 | &nbsp;&nbsp; 5.75% | &nbsp;&nbsp; 5.90% | &nbsp;&nbsp; 6.05% | &nbsp;&nbsp; 6.20% | &nbsp;&nbsp; 6.30% | &nbsp;&nbsp; 6.55% | &nbsp;&nbsp; 6.65% | &nbsp;&nbsp; 6.75% | &nbsp;&nbsp; 6.85% | &nbsp;&nbsp; 7.00% | &nbsp;&nbsp; 7.35% |
| &nbsp;&nbsp; 77+ | &nbsp;&nbsp; 6.25% | &nbsp;&nbsp; 6.35% | &nbsp;&nbsp; 6.45% | &nbsp;&nbsp; 6.55% | &nbsp;&nbsp; 6.65% | &nbsp;&nbsp; 7.05% | &nbsp;&nbsp; 7.10% | &nbsp;&nbsp; 7.15% | &nbsp;&nbsp; 7.20% | &nbsp;&nbsp; 7.25% | &nbsp;&nbsp; 7.70% |

---

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[Back to **Table of Contents**](#TOC_1054)

**JOINT LIFE LIFETIME GUARANTEE RATES:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date |
|  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 10+ |
| &nbsp;&nbsp; Age Range | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates |
| &nbsp;&nbsp; 59½ – 61 | &nbsp;&nbsp; 3.75% | &nbsp;&nbsp; 3.80% | &nbsp;&nbsp; 3.85% | &nbsp;&nbsp; 3.90% | &nbsp;&nbsp; 3.95% | &nbsp;&nbsp; 4.20% | &nbsp;&nbsp; 4.30% | &nbsp;&nbsp; 4.35% | &nbsp;&nbsp; 4.45% | &nbsp;&nbsp; 4.55% | &nbsp;&nbsp; 5.00% |
| &nbsp;&nbsp; 62 – 66 | &nbsp;&nbsp; 4.10% | &nbsp;&nbsp; 4.25% | &nbsp;&nbsp; 4.35% | &nbsp;&nbsp; 4.50% | &nbsp;&nbsp; 4.60% | &nbsp;&nbsp; 4.80% | &nbsp;&nbsp; 4.85% | &nbsp;&nbsp; 4.90% | &nbsp;&nbsp; 4.95% | &nbsp;&nbsp; 5.05% | &nbsp;&nbsp; 5.25% |
| &nbsp;&nbsp; 67 – 71 | &nbsp;&nbsp; 4.65% | &nbsp;&nbsp; 4.75% | &nbsp;&nbsp; 4.85% | &nbsp;&nbsp; 4.90% | &nbsp;&nbsp; 4.95% | &nbsp;&nbsp; 5.15% | &nbsp;&nbsp; 5.30% | &nbsp;&nbsp; 5.40% | &nbsp;&nbsp; 5.55% | &nbsp;&nbsp; 5.70% | &nbsp;&nbsp; 6.00% |
| &nbsp;&nbsp; 72 – 76 | &nbsp;&nbsp; 5.25% | &nbsp;&nbsp; 5.40% | &nbsp;&nbsp; 5.50% | &nbsp;&nbsp; 5.65% | &nbsp;&nbsp; 5.75% | &nbsp;&nbsp; 6.00% | &nbsp;&nbsp; 6.05% | &nbsp;&nbsp; 6.15% | &nbsp;&nbsp; 6.25% | &nbsp;&nbsp; 6.40% | &nbsp;&nbsp; 6.70% |
| &nbsp;&nbsp; 77+ | &nbsp;&nbsp; 5.75% | &nbsp;&nbsp; 5.85% | &nbsp;&nbsp; 5.95% | &nbsp;&nbsp; 6.05% | &nbsp;&nbsp; 6.10% | &nbsp;&nbsp; 6.50% | &nbsp;&nbsp; 6.55% | &nbsp;&nbsp; 6.60% | &nbsp;&nbsp; 6.65% | &nbsp;&nbsp; 6.70% | &nbsp;&nbsp; 7.10% |

---

**CURRENT RETIREPAY CHARGES**

The current RetirePay Charges applicable to your Contract are as follows:

---

| | |
|:---|:---|
| **•** **Single Life Highest Anniversary Value Step-up Charge**<br>• **Joint Life Highest Anniversary Value Step-up Charge**<br>• **Single Life Highest Quarterly Value Step-up Charge**<br>• **Joint Life Highest Quarterly Value Step-up Charge** | **1.45%**<br>**1.45%**<br>**1.60%**<br>**1.60%** |

---

The amount that is deducted from your Contract Value is equal to the RetirePay Charge multiplied by the Benefit Base. We may increase the RetirePay Charges at any time, with prior notice, but the charges will never exceed the maximum RetirePay Charge. The maximum charge can be found in the "RetirePay Charge" section of the current MassMutual Envision prospectus.

**INVESTMENT ALLOCATION RESTRICTIONS**

While RetirePay is in effect, your investment allocations are restricted.

You must either be invested 100% in one of the MML Asset Allocation Sub-Accounts or invested 100% in the Custom Allocation Program.

**MML Asset Allocation Sub-Accounts:**

MML Conservative Allocation<br>MML Moderate Allocation<br>MML Balanced Allocation<br>MML American Funds Core Allocation<br>MML Growth Allocation<br>MML Blend<br>MML iShares<sup>®</sup> 80/20 Allocation<br>MML iShares<sup>®</sup> 60/40 Allocation

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**Custom Allocation Program:**

Multiple Sub-Accounts can be selected within each category. The total allocation for all Sub-Accounts within each category must be between the minimum and maximum allocation. The Contract Value in the Custom Allocation Program will be rebalanced based on your elected frequency. If no election is made, rebalancing will occur quarterly during each calendar year.

---

| | | |
|:---|:---|:---|
|  | **Minimum**<br>**Allocation** | **Maximum**<br>**Allocation** |
| &nbsp;&nbsp; Allocation Category 1 | 30% | 30% |
| &nbsp;&nbsp; <u>Available sub-accounts:</u><br>MML U.S. Government Money Market<br>MML Dynamic Bond<br>MML Managed Bond<br>MML Short-Duration Bond<br>MML Total Return Bond<br>MML Inflation-Protected and Income |  |  |
| &nbsp;&nbsp; Allocation Category 2 | 40% | 70% |
| &nbsp;&nbsp; <u>Available sub-accounts:</u><br>MML Blue Chip Growth<br>MML Large Cap Growth<br>MML American Funds Growth<br>MML Focused Equity<br>MML Fundamental Equity<br>MML Equity Income<br>MML Fundamental Value<br>MML Income & Growth<br>MML Mid Cap Growth<br>MML Small Cap Growth Equity<br>MML Small Cap Equity<br>MML Mid Cap Value<br>MML Foreign<br>MML Global<br>MML American Funds International<br>MML International Equity<br>MML Strategic Emerging Markets<br>MML High Yield |  |  |

---

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---

| | | |
|:---|:---|:---|
|  | **Minimum**<br>**Allocation** | **Maximum**<br>**Allocation** |
| &nbsp;&nbsp; Allocation Category 3 | 0% | 30% |
| &nbsp;&nbsp; <u>Available sub-accounts:</u><br>MML Sustainable Equity<br>Fidelity<sup>®</sup> VIP Contrafund<sup>®</sup><br>MML Equity<br>MML Equity Momentum<br>MML Equity Rotation<br>Invesco V.I. Global Strategic Income<br>Invesco V.I. Discovery Mid Cap Growth<br>MML Small Company Value<br>MML Small/Mid Cap Value<br>Invesco V.I. Global<br>Invesco Oppenheimer V.I. International Growth<br>MML Special Situations<br>Delaware Ivy VIP Asset Strategy<br>Janus Henderson Global Technology and Innovation<br>Fidelity<sup>®</sup> VIP Real Estate<br>Fidelity<sup>®</sup> VIP Health Care<br>Fidelity<sup>®</sup> VIP Strategic Income<br>PIMCO Income Portfolio<br>|  |  |

---

If a requested change in your allocations or a transfer of any portion of your contract value does not comply with these investment restrictions, you will be required to terminate your RetirePay by written request before the allocation change or transfer can be processed. We reserve the right, upon thirty calendar days advance notice to you, to change the investment restrictions. If we change the investment restrictions, you must change your allocations to comply within thirty calendar days of the restrictions becoming effective, or we will terminate your RetirePay.

*If you have any questions regarding this Rate Sheet, please contact us toll free at (800) 272-2216.*

**Please keep this Rate Sheet for future reference.**

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**Rate Sheet Prospectus Supplement Dated May 1, 2022 to the Prospectus dated May 1, 2022 for**<br>**MassMutual Envision<sup>SM</sup>** **Variable Annuity Issued by Massachusetts Mutual Life Insurance Company**<br>**Massachusetts Mutual Variable Annuity Separate Account 4**

***This Rate Sheet Prospectus Supplement ("Rate Sheet") should be read carefully and retained with the Prospectus dated*** ***May 1, 2022 for the*** **MassMutual Envision<sup>SM</sup>** **Variable Annuity.** **You may obtain a current Prospectus at www.MassMutual.com/** **Envision or by calling (800) 272-2216, sending an email request to ANNfax@MassMutual.com, or writing to MassMutual, PO** **Box 9067, Springfield, MA 01102-9067.**

We are issuing this Rate Sheet to update the following information regarding the MassMutual RetirePay<sup>SM</sup> Guaranteed Lifetime Withdrawal Benefit (RetirePay):

• Withdrawal
 Rates,

• Lifetime
 Guarantee Rates,

• RetirePay
 Charges, and

• Investment
 Allocation Restrictions

(collectively, referred to as the "RetirePay Terms.")

**The RetirePay Terms included in this Rate Sheet are effective for applications submitted on or after May 1, 2022 until a new** **Rate Sheet is issued that replaces and supersedes this Rate Sheet.**

This Rate Sheet replaces and supersedes any previously issued Rate Sheet. This Rate Sheet has no specified end date. This Rate Sheet must be used in conjunction with an effective MassMutual Envision<sup>SM</sup> Variable Annuity Prospectus. For complete information about RetirePay, see the "Additional Benefits — MassMutual RetirePay<sup>SM</sup>" section in the MassMutual Envision<sup>SM</sup> Variable Annuity Prospectus.

If we change the RetirePay Terms, we will issue a new Rate Sheet. In the event we issue a new Rate Sheet, we will provide at least 10 business days' notice of the effective date of the superseding Rate Sheet.

**Rate Sheet Eligibility Conditions**

Certain Rate Sheet eligibility conditions apply when we have issued a superseding Rate Sheet after you apply for your contract and prior to your issue date.

In order for the RetirePay Terms in this Rate Sheet to apply to your Contract, your necessary application information, including any applicable transfer form(s), must be submitted to an order entry system utilized to issue the Contract ("application submit date") on or after May 1, 2022 and prior to the effective date of the superseding Rate Sheet. *For purposes of this process, the application submit date is also defined to include the date the application is signed if a paper application is necessary.*

*<u>Application Information Submitted with a Purchase Payment</u>*

In addition to the submission of your necessary application information, we also require payment of at least the minimum initial Purchase Payment and the application information to be in Good Order within 10 business days after the application submit date.

If these Rate Sheet Eligibility Conditions are met, and the Contract is issued, the RetirePay Terms in this Rate Sheet will apply, unless a beneficial superseding rate sheet applies, as described under "Rate Sheet Comparison Process."

If these Rate Sheet Eligibility Conditions are not met, we will cancel the application and return your Purchase Payment.

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*<u>Application Information Submitted without a Purchase Payment</u>*

If you plan to pay the initial Purchase Payment with proceeds from an IRS Section 1035 exchange or direct transfer, your transfer form(s) and application information must be in Good Order within 10 Business Days after the application submit date. In addition, the initial Purchase Payment necessary to issue the Contract must be received within 90 calendar days after the application submit date.

If these Rate Sheet Eligibility Conditions are met, and the Contract is issued, the RetirePay Terms in this Rate Sheet will apply, unless a beneficial superseding rate sheet applies, as described under "Rate Sheet Comparison Process."

If these Rate Sheet Eligibility Conditions are not met, we will inform you and request instructions regarding whether to issue the Contract with the RetirePay Terms in effect under the superseding Rate Sheet or cancel the application.

If you have not provided us with the requested instructions within 2 business days after we have received your Purchase Payment, we will return your Purchase Payment to the original source.

The requirement to have the necessary application information in Good Order within 10 Business Days for application information received with a Purchase Payment or without a Purchase Payment includes completion of the broker-dealer suitability review.

**Rate Sheet Comparison Process**

Subject to satisfying the Rate Sheet Eligibility Conditions established in this Rate Sheet, if after your application submit date and prior to your Issue Date, a subsequent Rate Sheet is issued with only beneficial changes to the RetirePay Terms, the subsequent Rate Sheet will apply. The changes will be considered to be beneficial unless any of the following occurs:

• Withdrawal
 Rates and/or Lifetime Guarantee Rates have decreased,

• RetirePay
 Charges have increased, or

• Investment
 Allocation Restrictions have changed (unless the sole change to the Investment Allocation Restrictions is the addition
 of available investment options).

*For example, if the RetirePay Charges have increased, you will receive the RetirePay Terms included in the Rate Sheet in effect on your application submit date even if the Withdrawal Rates and/or Lifetime Guarantee Rates have increased in the subsequent Rate Sheet.*

You should not purchase RetirePay without first obtaining the applicable Rate Sheet. To obtain a current Rate Sheet:

• Contact
 your financial advisor

• Contact
 us toll-free at (800) 272-2216

• Go
 to www.MassMutual.com/Envision

On the Guaranteed Lifetime Withdrawal Date, we will determine the Withdrawal Rate and the Lifetime Guarantee Rate based on the number of full Contract Years from the RetirePay Issue Date and the Age of the Covered Person (or the youngest Covered Person for a Joint Life Version). The Withdrawal Rate applies when your Contract Value is greater than zero. The Lifetime Guarantee Rate applies when your Contract Value is zero. Once the contract is issued, the Withdrawal Rates and the Lifetime Guarantee Rates applicable to your Contract below will not change for the life of your Contract.

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**SINGLE LIFE WITHDRAWAL RATES:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date |
|  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 10+ |
| &nbsp;&nbsp; Age Range | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates |
| &nbsp;&nbsp; 59½ – 61 | &nbsp;&nbsp; 3.75% | &nbsp;&nbsp; 3.85% | &nbsp;&nbsp; 3.90% | &nbsp;&nbsp; 4.00% | &nbsp;&nbsp; 4.05% | &nbsp;&nbsp; 4.50% | &nbsp;&nbsp; 4.60% | &nbsp;&nbsp; 4.65% | &nbsp;&nbsp; 4.75% | &nbsp;&nbsp; 4.80% | &nbsp;&nbsp; 5.65% |
| &nbsp;&nbsp; 62 – 66 | &nbsp;&nbsp; 4.00% | &nbsp;&nbsp; 4.10% | &nbsp;&nbsp; 4.15% | &nbsp;&nbsp; 4.25% | &nbsp;&nbsp; 4.30% | &nbsp;&nbsp; 4.60% | &nbsp;&nbsp; 4.70% | &nbsp;&nbsp; 4.75% | &nbsp;&nbsp; 4.85% | &nbsp;&nbsp; 4.90% | &nbsp;&nbsp; 5.80% |
| &nbsp;&nbsp; 67 – 71 | &nbsp;&nbsp; 4.75% | &nbsp;&nbsp; 4.85% | &nbsp;&nbsp; 4.95% | &nbsp;&nbsp; 5.05% | &nbsp;&nbsp; 5.15% | &nbsp;&nbsp; 5.45% | &nbsp;&nbsp; 5.55% | &nbsp;&nbsp; 5.65% | &nbsp;&nbsp; 5.75% | &nbsp;&nbsp; 5.85% | &nbsp;&nbsp; 6.65% |
| &nbsp;&nbsp; 72 – 76 | &nbsp;&nbsp; 5.25% | &nbsp;&nbsp; 5.35% | &nbsp;&nbsp; 5.45% | &nbsp;&nbsp; 5.55% | &nbsp;&nbsp; 5.65% | &nbsp;&nbsp; 6.05% | &nbsp;&nbsp; 6.15% | &nbsp;&nbsp; 6.25% | &nbsp;&nbsp; 6.35% | &nbsp;&nbsp; 6.45% | &nbsp;&nbsp; 7.35% |
| &nbsp;&nbsp; 77+ | &nbsp;&nbsp; 5.50% | &nbsp;&nbsp; 5.60% | &nbsp;&nbsp; 5.70% | &nbsp;&nbsp; 5.85% | &nbsp;&nbsp; 5.95% | &nbsp;&nbsp; 6.35% | &nbsp;&nbsp; 6.45% | &nbsp;&nbsp; 6.55% | &nbsp;&nbsp; 6.65% | &nbsp;&nbsp; 6.75% | &nbsp;&nbsp; 7.70% |

---

**JOINT LIFE WITHDRAWAL RATES:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date |
|  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 10+ |
| &nbsp;&nbsp; Age Range | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates |
| &nbsp;&nbsp; 59½ – 61 | &nbsp;&nbsp; 3.10% | &nbsp;&nbsp; 3.15% | &nbsp;&nbsp; 3.20% | &nbsp;&nbsp; 3.30% | &nbsp;&nbsp; 3.35% | &nbsp;&nbsp; 3.70% | &nbsp;&nbsp; 3.80% | &nbsp;&nbsp; 3.85% | &nbsp;&nbsp; 3.90% | &nbsp;&nbsp; 3.95% | &nbsp;&nbsp; 4.65% |
| &nbsp;&nbsp; 62 – 66 | &nbsp;&nbsp; 3.35% | &nbsp;&nbsp; 3.40% | &nbsp;&nbsp; 3.50% | &nbsp;&nbsp; 3.55% | &nbsp;&nbsp; 3.60% | &nbsp;&nbsp; 3.85% | &nbsp;&nbsp; 3.90% | &nbsp;&nbsp; 4.00% | &nbsp;&nbsp; 4.05% | &nbsp;&nbsp; 4.10% | &nbsp;&nbsp; 4.85% |
| &nbsp;&nbsp; 67 – 71 | &nbsp;&nbsp; 4.10% | &nbsp;&nbsp; 4.20% | &nbsp;&nbsp; 4.25% | &nbsp;&nbsp; 4.35% | &nbsp;&nbsp; 4.45% | &nbsp;&nbsp; 4.70% | &nbsp;&nbsp; 4.80% | &nbsp;&nbsp; 4.90% | &nbsp;&nbsp; 4.95% | &nbsp;&nbsp; 5.05% | &nbsp;&nbsp; 5.75% |
| &nbsp;&nbsp; 72 – 76 | &nbsp;&nbsp; 4.60% | &nbsp;&nbsp; 4.70% | &nbsp;&nbsp; 4.80% | &nbsp;&nbsp; 4.90% | &nbsp;&nbsp; 4.95% | &nbsp;&nbsp; 5.30% | &nbsp;&nbsp; 5.40% | &nbsp;&nbsp; 5.45% | &nbsp;&nbsp; 5.55% | &nbsp;&nbsp; 5.65% | &nbsp;&nbsp; 6.45% |
| &nbsp;&nbsp; 77+ | &nbsp;&nbsp; 4.85% | &nbsp;&nbsp; 4.95% | &nbsp;&nbsp; 5.05% | &nbsp;&nbsp; 5.15% | &nbsp;&nbsp; 5.25% | &nbsp;&nbsp; 5.60% | &nbsp;&nbsp; 5.65% | &nbsp;&nbsp; 5.75% | &nbsp;&nbsp; 5.85% | &nbsp;&nbsp; 5.95% | &nbsp;&nbsp; 6.80% |

---

**SINGLE LIFE LIFETIME GUARANTEE RATES:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date |
|  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 10+ |
| &nbsp;&nbsp; Age Range | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates |
| &nbsp;&nbsp; 59½ – 61 | &nbsp;&nbsp; 3.75% | &nbsp;&nbsp; 3.85% | &nbsp;&nbsp; 3.90% | &nbsp;&nbsp; 4.00% | &nbsp;&nbsp; 4.05% | &nbsp;&nbsp; 4.50% | &nbsp;&nbsp; 4.60% | &nbsp;&nbsp; 4.65% | &nbsp;&nbsp; 4.75% | &nbsp;&nbsp; 4.80% | &nbsp;&nbsp; 5.65% |
| &nbsp;&nbsp; 62 – 66 | &nbsp;&nbsp; 4.00% | &nbsp;&nbsp; 4.10% | &nbsp;&nbsp; 4.15% | &nbsp;&nbsp; 4.25% | &nbsp;&nbsp; 4.30% | &nbsp;&nbsp; 4.60% | &nbsp;&nbsp; 4.70% | &nbsp;&nbsp; 4.75% | &nbsp;&nbsp; 4.85% | &nbsp;&nbsp; 4.90% | &nbsp;&nbsp; 5.80% |
| &nbsp;&nbsp; 67 – 71 | &nbsp;&nbsp; 4.75% | &nbsp;&nbsp; 4.85% | &nbsp;&nbsp; 4.95% | &nbsp;&nbsp; 5.05% | &nbsp;&nbsp; 5.15% | &nbsp;&nbsp; 5.45% | &nbsp;&nbsp; 5.55% | &nbsp;&nbsp; 5.65% | &nbsp;&nbsp; 5.75% | &nbsp;&nbsp; 5.85% | &nbsp;&nbsp; 6.65% |
| &nbsp;&nbsp; 72 – 76 | &nbsp;&nbsp; 5.25% | &nbsp;&nbsp; 5.35% | &nbsp;&nbsp; 5.45% | &nbsp;&nbsp; 5.55% | &nbsp;&nbsp; 5.65% | &nbsp;&nbsp; 6.05% | &nbsp;&nbsp; 6.15% | &nbsp;&nbsp; 6.25% | &nbsp;&nbsp; 6.35% | &nbsp;&nbsp; 6.45% | &nbsp;&nbsp; 7.35% |
| &nbsp;&nbsp; 77+ | &nbsp;&nbsp; 5.50% | &nbsp;&nbsp; 5.60% | &nbsp;&nbsp; 5.70% | &nbsp;&nbsp; 5.85% | &nbsp;&nbsp; 5.95% | &nbsp;&nbsp; 6.35% | &nbsp;&nbsp; 6.45% | &nbsp;&nbsp; 6.55% | &nbsp;&nbsp; 6.65% | &nbsp;&nbsp; 6.75% | &nbsp;&nbsp; 7.70% |

---

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**JOINT LIFE LIFETIME GUARANTEE RATES:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date |
|  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 10+ |
| &nbsp;&nbsp; Age Range | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates |
| &nbsp;&nbsp; 59½ – 61 | &nbsp;&nbsp; 3.10% | &nbsp;&nbsp; 3.15% | &nbsp;&nbsp; 3.20% | &nbsp;&nbsp; 3.30% | &nbsp;&nbsp; 3.35% | &nbsp;&nbsp; 3.70% | &nbsp;&nbsp; 3.80% | &nbsp;&nbsp; 3.85% | &nbsp;&nbsp; 3.90% | &nbsp;&nbsp; 3.95% | &nbsp;&nbsp; 4.65% |
| &nbsp;&nbsp; 62 – 66 | &nbsp;&nbsp; 3.35% | &nbsp;&nbsp; 3.40% | &nbsp;&nbsp; 3.50% | &nbsp;&nbsp; 3.55% | &nbsp;&nbsp; 3.60% | &nbsp;&nbsp; 3.85% | &nbsp;&nbsp; 3.90% | &nbsp;&nbsp; 4.00% | &nbsp;&nbsp; 4.05% | &nbsp;&nbsp; 4.10% | &nbsp;&nbsp; 4.85% |
| &nbsp;&nbsp; 67 – 71 | &nbsp;&nbsp; 4.10% | &nbsp;&nbsp; 4.20% | &nbsp;&nbsp; 4.25% | &nbsp;&nbsp; 4.35% | &nbsp;&nbsp; 4.45% | &nbsp;&nbsp; 4.70% | &nbsp;&nbsp; 4.80% | &nbsp;&nbsp; 4.90% | &nbsp;&nbsp; 4.95% | &nbsp;&nbsp; 5.05% | &nbsp;&nbsp; 5.75% |
| &nbsp;&nbsp; 72 – 76 | &nbsp;&nbsp; 4.60% | &nbsp;&nbsp; 4.70% | &nbsp;&nbsp; 4.80% | &nbsp;&nbsp; 4.90% | &nbsp;&nbsp; 4.95% | &nbsp;&nbsp; 5.30% | &nbsp;&nbsp; 5.40% | &nbsp;&nbsp; 5.45% | &nbsp;&nbsp; 5.55% | &nbsp;&nbsp; 5.65% | &nbsp;&nbsp; 6.45% |
| &nbsp;&nbsp; 77+ | &nbsp;&nbsp; 4.85% | &nbsp;&nbsp; 4.95% | &nbsp;&nbsp; 5.05% | &nbsp;&nbsp; 5.15% | &nbsp;&nbsp; 5.25% | &nbsp;&nbsp; 5.60% | &nbsp;&nbsp; 5.65% | &nbsp;&nbsp; 5.75% | &nbsp;&nbsp; 5.85% | &nbsp;&nbsp; 5.95% | &nbsp;&nbsp; 6.80% |

---

**CURRENT RETIREPAY CHARGES**

The current RetirePay Charges applicable to your Contract are as follows:

---

| | |
|:---|:---|
| **•** **Single Life Highest Anniversary Value Step-up Charge**<br>• **Joint Life Highest Anniversary Value Step-up Charge**<br>• **Single Life Highest Quarterly Value Step-up Charge**<br>• **Joint Life Highest Quarterly Value Step-up Charge** | **1.45%**<br>**1.45%**<br>**1.60%**<br>**1.60%** |

---

The amount that is deducted from your Contract Value is equal to the RetirePay Charge multiplied by the Benefit Base. We may increase the RetirePay Charges at any time, with prior notice, but the charges will never exceed the maximum RetirePay Charge. The maximum charge can be found in the "RetirePay Charge" section of the current MassMutual Envision prospectus.

**INVESTMENT ALLOCATION RESTRICTIONS**

While RetirePay is in effect, your investment allocations are restricted.

You must either be invested 100% in one of the MML Asset Allocation Sub-Accounts or invested 100% in the Custom Allocation Program.

**MML Asset Allocation Sub-Accounts:**

MML Conservative Allocation<br>MML Moderate Allocation<br>MML Balanced Allocation<br>MML American Funds Core Allocation<br>MML Growth Allocation<br>MML Blend<br>MML iShares<sup>®</sup> 80/20 Allocation<br>MML iShares<sup>®</sup> 60/40 Allocation

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**Custom Allocation Program:**

Multiple Sub-Accounts can be selected within each category. The total allocation for all Sub-Accounts within each category must be between the minimum and maximum allocation. The Contract Value in the Custom Allocation Program will be rebalanced based on your elected frequency. If no election is made, rebalancing will occur quarterly during each calendar year.

---

| | | |
|:---|:---|:---|
|  | **Minimum**<br>**Allocation** | **Maximum**<br>**Allocation** |
| &nbsp;&nbsp; Allocation Category 1 | 30% | 30% |
| &nbsp;&nbsp; <u>Available sub-accounts:</u><br>MML U.S. Government Money Market<br>MML Dynamic Bond<br>MML Managed Bond<br>MML Short-Duration Bond<br>MML Total Return Bond<br>MML Inflation-Protected and Income |  |  |
| &nbsp;&nbsp; Allocation Category 2 | 40% | 70% |
| &nbsp;&nbsp; <u>Available sub-accounts:</u><br>MML Blue Chip Growth<br>MML Large Cap Growth<br>MML American Funds Growth<br>MML Focused Equity<br>MML Fundamental Equity<br>MML Equity Income<br>MML Fundamental Value<br>MML Income & Growth<br>MML Mid Cap Growth<br>MML Small Cap Growth Equity<br>MML Small Cap Equity<br>MML Mid Cap Value<br>MML Foreign<br>MML Global<br>MML American Funds International<br>MML International Equity<br>MML Strategic Emerging Markets<br>MML High Yield<br>|  |  |

---

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---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; Allocation Category 3 | 0% | 30% |
| &nbsp;&nbsp; <u>Available sub-accounts:</u><br>MML Growth & Income<br>Fidelity<sup>®</sup> VIP Contrafund<sup>®</sup><br>MML Equity<br>MML Equity Momentum<br>MML Equity Rotation<br>Invesco V.I. Global Strategic Income<br>Invesco V.I. Discovery Mid Cap Growth<br>MML Small Company Value<br>MML Small/Mid Cap Value<br>Invesco V.I. Global<br>Invesco Oppenheimer V.I. International Growth<br>MML Special Situations<br>Delaware Ivy VIP Asset Strategy<br>Janus Henderson Global Technology and Innovation<br>Fidelity<sup>®</sup> VIP Real Estate<br>Fidelity<sup>®</sup> VIP Health Care<br>Fidelity<sup>®</sup> VIP Strategic Income<br>PIMCO Income Portfolio<br>|  |  |

---

If a requested change in your allocations or a transfer of any portion of your contract value does not comply with these investment restrictions, you will be required to terminate your RetirePay by written request before the allocation change or transfer can be processed. We reserve the right, upon thirty calendar days advance notice to you, to change the investment restrictions. If we change the investment restrictions, you must change your allocations to comply within thirty calendar days of the restrictions becoming effective, or we will terminate your RetirePay.

*If you have any questions regarding this Rate Sheet, please contact us toll free at (800) 272-2216.*

**Please keep this Rate Sheet for future reference.**

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**Rate Sheet Prospectus Supplement Dated September 1, 2021 to the Prospectus dated September 1, 2021 for**<br>**MassMutual Envision<sup>SM</sup>** **Variable Annuity Issued by Massachusetts Mutual Life Insurance Company**<br>**Massachusetts Mutual Variable Annuity Separate Account 4**

***This Rate Sheet Prospectus Supplement ("Rate Sheet") should be read carefully and retained with the Prospectus dated*** ***September 1, 2021 for the*** **MassMutual Envision<sup>SM</sup>** **Variable Annuity.** **You may obtain a current Prospectus at** **www.MassMutual.com/Envision or by calling (800) 272-2216, sending an email request to ANNfax@MassMutual.com, or** **writing to MassMutual, PO Box 9067, Springfield, MA 01102-9067.**

We are issuing this Rate Sheet to update the following information regarding the MassMutual RetirePay<sup>SM</sup> Guaranteed Lifetime Withdrawal Benefit (RetirePay):

• Withdrawal
 Rates,

• Lifetime
 Guarantee Rates,

• RetirePay
 Charges, and

• Investment
 Allocation Restrictions

(collectively, referred to as the "RetirePay Terms.")

**The RetirePay Terms included in this Rate Sheet are effective for applications submitted on or after September 1, 2021 until a** **new Rate Sheet is issued that replaces and supersedes this Rate Sheet.**

This Rate Sheet replaces and supersedes any previously issued Rate Sheet. This Rate Sheet has no specified end date. This Rate Sheet must be used in conjunction with an effective MassMutual Envision<sup>SM</sup> Variable Annuity Prospectus. For complete information about RetirePay, see the "Additional Benefits — MassMutual RetirePay<sup>SM</sup>" section in the MassMutual Envision<sup>SM</sup> Variable Annuity Prospectus.

If we change the RetirePay Terms, we will issue a new Rate Sheet. In the event we issue a new Rate Sheet, we will provide at least 10 business days' notice of the effective date of the superseding Rate Sheet.

**Rate Sheet Eligibility Conditions**

Certain Rate Sheet eligibility conditions apply when we have issued a superseding Rate Sheet after you apply for your contract and prior to your issue date.

In order for the RetirePay Terms in this Rate Sheet to apply to your Contract, your necessary application information, including any applicable transfer form(s), must be submitted to an order entry system utilized to issue the Contract ("application submit date") on or after September 1, 2021 and prior to the effective date of the superseding Rate Sheet. *For purposes of this process, the application submit date is also defined to include the date the application is signed if a paper application is necessary.*

*<u>Application Information Submitted with a Purchase Payment</u>*

In addition to the submission of your necessary application information, we also require payment of at least the minimum initial Purchase Payment and the application information to be in Good Order within 10 business days after the application submit date.

If these Rate Sheet Eligibility Conditions are met, and the Contract is issued, the RetirePay Terms in this Rate Sheet will apply, unless a beneficial superseding rate sheet applies, as described under "Rate Sheet Comparison Process."

If these Rate Sheet Eligibility Conditions are not met, we will cancel the application and return your Purchase Payment.

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*<u>Application Information Submitted without a Purchase Payment</u>*

If you plan to pay the initial Purchase Payment with proceeds from an IRS Section 1035 exchange or direct transfer, your transfer form(s) and application information must be in Good Order within 10 Business Days after the application submit date. In addition, the initial Purchase Payment necessary to issue the Contract must be received within 90 calendar days after the application submit date.

If these Rate Sheet Eligibility Conditions are met, and the Contract is issued, the RetirePay Terms in this Rate Sheet will apply, unless a beneficial superseding rate sheet applies, as described under "Rate Sheet Comparison Process."

If these Rate Sheet Eligibility Conditions are not met, we will inform you and request instructions regarding whether to issue the Contract with the RetirePay Terms in effect under the superseding Rate Sheet or cancel the application.

If you have not provided us with the requested instructions within 2 business days after we have received your Purchase Payment, we will return your Purchase Payment to the original source.

The requirement to have the necessary application information in Good Order within 10 Business Days for application information received with a Purchase Payment or without a Purchase Payment includes completion of the broker-dealer suitability review.

**Rate Sheet Comparison Process**

Subject to satisfying the Rate Sheet Eligibility Conditions established in this Rate Sheet, if after your application submit date and prior to your Issue Date, a subsequent Rate Sheet is issued with only beneficial changes to the RetirePay Terms, the subsequent Rate Sheet will apply. The changes will be considered to be beneficial unless any of the following occurs:

• Withdrawal
 Rates and/or Lifetime Guarantee Rates have decreased,

• RetirePay
 Charges have increased, or

• Investment
 Allocation Restrictions have changed (unless the sole change to the Investment Allocation Restrictions is the addition
 of available investment options).

*For example, if the RetirePay Charges have increased, you will receive the RetirePay Terms included in the Rate Sheet in effect on your application submit date even if the Withdrawal Rates and/or Lifetime Guarantee Rates have increased in the subsequent Rate Sheet.*

You should not purchase RetirePay without first obtaining the applicable Rate Sheet. To obtain a current Rate Sheet:

• Contact
 your financial advisor

• Contact
 us toll-free at (800) 272-2216

• Go
 to www.MassMutual.com/Envision

On the Guaranteed Lifetime Withdrawal Date, we will determine the Withdrawal Rate and the Lifetime Guarantee Rate based on the number of full Contract Years from the RetirePay Issue Date and the Age of the Covered Person (or the youngest Covered Person for a Joint Life Version). The Withdrawal Rate applies when your Contract Value is greater than zero. The Lifetime Guarantee Rate applies when your Contract Value is zero. Once the contract is issued, the Withdrawal Rates and the Lifetime Guarantee Rates applicable to your Contract below will not change for the life of your Contract.

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**SINGLE LIFE WITHDRAWAL RATES:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date |
|  | 0 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10+ |
| &nbsp;&nbsp; Age Range | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates |
| &nbsp;&nbsp; 59½ – 61 | 3.75% | 3.85% | 3.90% | 4.00% | 4.05% | 4.50% | 4.60% | 4.65% | 4.75% | 4.80% | 5.65% |
| &nbsp;&nbsp; 62 – 66 | 4.00% | 4.10% | 4.15% | 4.25% | 4.30% | 4.60% | 4.70% | 4.75% | 4.85% | 4.90% | 5.80% |
| &nbsp;&nbsp; 67 – 71 | 4.75% | 4.85% | 4.95% | 5.05% | 5.15% | 5.45% | 5.55% | 5.65% | 5.75% | 5.85% | 6.65% |
| &nbsp;&nbsp; 72 – 76 | 5.25% | 5.35% | 5.45% | 5.55% | 5.65% | 6.05% | 6.15% | 6.25% | 6.35% | 6.45% | 7.35% |
| &nbsp;&nbsp; 77+ | 5.50% | 5.60% | 5.70% | 5.85% | 5.95% | 6.35% | 6.45% | 6.55% | 6.65% | 6.75% | 7.70% |

---

**JOINT LIFE WITHDRAWAL RATES:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date |
|  | 0 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10+ |
| &nbsp;&nbsp; Age Range | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates | Withdrawal Rates |
| &nbsp;&nbsp; 59½ – 61 | 3.10% | 3.15% | 3.20% | 3.30% | 3.35% | 3.70% | 3.80% | 3.85% | 3.90% | 3.95% | 4.65% |
| &nbsp;&nbsp; 62 – 66 | 3.35% | 3.40% | 3.50% | 3.55% | 3.60% | 3.85% | 3.90% | 4.00% | 4.05% | 4.10% | 4.85% |
| &nbsp;&nbsp; 67 – 71 | 4.10% | 4.20% | 4.25% | 4.35% | 4.45% | 4.70% | 4.80% | 4.90% | 4.95% | 5.05% | 5.75% |
| &nbsp;&nbsp; 72 – 76 | 4.60% | 4.70% | 4.80% | 4.90% | 4.95% | 5.30% | 5.40% | 5.45% | 5.55% | 5.65% | 6.45% |
| &nbsp;&nbsp; 77+ | 4.85% | 4.95% | 5.05% | 5.15% | 5.25% | 5.60% | 5.65% | 5.75% | 5.85% | 5.95% | 6.80% |

---

**SINGLE LIFE LIFETIME GUARANTEE RATES:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date |
|  | 0 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10+ |
| &nbsp;&nbsp; Age Range | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates |
| &nbsp;&nbsp; 59½ – 61 | 3.75% | 3.85% | 3.90% | 4.00% | 4.05% | 4.50% | 4.60% | 4.65% | 4.75% | 4.80% | 5.65% |
| &nbsp;&nbsp; 62 – 66 | 4.00% | 4.10% | 4.15% | 4.25% | 4.30% | 4.60% | 4.70% | 4.75% | 4.85% | 4.90% | 5.80% |
| &nbsp;&nbsp; 67 – 71 | 4.75% | 4.85% | 4.95% | 5.05% | 5.15% | 5.45% | 5.55% | 5.65% | 5.75% | 5.85% | 6.65% |
| &nbsp;&nbsp; 72 – 76 | 5.25% | 5.35% | 5.45% | 5.55% | 5.65% | 6.05% | 6.15% | 6.25% | 6.35% | 6.45% | 7.35% |
| &nbsp;&nbsp; 77+ | 5.50% | 5.60% | 5.70% | 5.85% | 5.95% | 6.35% | 6.45% | 6.55% | 6.65% | 6.75% | 7.70% |

---

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[Back to **Table of Contents**](#TOC_1054)

**JOINT LIFE LIFETIME GUARANTEE RATES:**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date | Full Contract Years from the RetirePay Issue Date |
|  | 0 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10+ |
| &nbsp;&nbsp; Age Range | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates | Lifetime Guarantee Rates |
| &nbsp;&nbsp; 59½ – 61 | 3.10% | 3.15% | 3.20% | 3.30% | 3.35% | 3.70% | 3.80% | 3.85% | 3.90% | 3.95% | 4.65% |
| &nbsp;&nbsp; 62 – 66 | 3.35% | 3.40% | 3.50% | 3.55% | 3.60% | 3.85% | 3.90% | 4.00% | 4.05% | 4.10% | 4.85% |
| &nbsp;&nbsp; 67 – 71 | 4.10% | 4.20% | 4.25% | 4.35% | 4.45% | 4.70% | 4.80% | 4.90% | 4.95% | 5.05% | 5.75% |
| &nbsp;&nbsp; 72 – 76 | 4.60% | 4.70% | 4.80% | 4.90% | 4.95% | 5.30% | 5.40% | 5.45% | 5.55% | 5.65% | 6.45% |
| &nbsp;&nbsp; 77+ | 4.85% | 4.95% | 5.05% | 5.15% | 5.25% | 5.60% | 5.65% | 5.75% | 5.85% | 5.95% | 6.80% |

---

**CURRENT RETIREPAY CHARGES**

The current RetirePay Charges applicable to your Contract are as follows:

---

| | |
|:---|:---|
| **•** **Single Life Highest Anniversary Value Step-up Charge**<br>• **Joint Life Highest Anniversary Value Step-up Charge**<br>• **Single Life Highest Quarterly Value Step-up Charge**<br>• **Joint Life Highest Quarterly Value Step-up Charge** | **1.45%**<br>**1.45%**<br>**1.60%**<br>**1.60%** |

---

The amount that is deducted from your Contract Value is equal to the RetirePay Charge multiplied by the Benefit Base. We may increase the RetirePay Charges at any time, with prior notice, but the charges will never exceed the maximum RetirePay Charge. The maximum charge can be found in the "RetirePay Charge" section of the current MassMutual Envision prospectus.

**INVESTMENT ALLOCATION RESTRICTIONS**

While RetirePay is in effect, your investment allocations are restricted.

You must either be invested 100% in one of the MML Asset Allocation Sub-Accounts or invested 100% in the Custom Allocation Program.

**MML Asset Allocation Sub-Accounts:**

MML Conservative Allocation<br>MML Moderate Allocation<br>MML Balanced Allocation<br>MML American Funds Core Allocation<br>MML Growth Allocation<br>MML Blend<br>MML iShares<sup>®</sup> 80/20 Allocation<br>MML iShares<sup>®</sup> 60/40 Allocation

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**Custom Allocation Program:**

Multiple Sub-Accounts can be selected within each category. The total allocation for all Sub-Accounts within each category must be between the minimum and maximum allocation. The Contract Value in the Custom Allocation Program will be rebalanced based on your elected frequency. If no election is made, rebalancing will occur quarterly during each calendar year.

---

| | | |
|:---|:---|:---|
|  | **Minimum**<br>**Allocation** | **Maximum**<br>**Allocation** |
| &nbsp;&nbsp; Allocation Category 1 | 30% | 30% |
| &nbsp;&nbsp; <u>Available sub-accounts:</u><br>MML U.S. Government Money Market<br>MML Dynamic Bond<br>MML Managed Bond<br>MML Short-Duration Bond<br>MML Total Return Bond<br>MML Inflation-Protected and Income |  |  |
| &nbsp;&nbsp; Allocation Category 2 | 40% | 70% |
| &nbsp;&nbsp; <u>Available sub-accounts:</u><br>MML Blue Chip Growth<br>MML Large Cap Growth<br>MML American Funds Growth<br>MML Focused Equity<br>MML Fundamental Equity<br>MML Equity Income<br>MML Fundamental Value<br>MML Income & Growth<br>MML Mid Cap Growth | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>MML Small Cap Growth Equity<br>MML Small Cap Equity<br>MML Mid Cap Value<br>MML Foreign<br>MML Global<br>MML American Funds International<br>MML International Equity<br>MML Strategic Emerging Markets<br>MML High Yield |  |
| &nbsp;&nbsp; Allocation Category 3 | 0% | 30% |
| &nbsp;&nbsp; <u>Available sub-accounts:</u><br>MML Growth & Income<br>Fidelity<sup>®</sup> VIP Contrafund<sup>®</sup><br>MML Equity<br>MML Equity Momentum<br>MML Equity Rotation<br>Invesco V.I. Global Strategic Income<br>Invesco V.I. Discovery Mid Cap Growth<br>MML Small Company Value<br>MML Small/Mid Cap Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>Invesco V.I. Global<br>Invesco Oppenheimer V.I. International Growth<br>MML Special Situations<br>Delaware Ivy VIP Asset Strategy<br>Janus Henderson Global Technology and Innovation<br>Fidelity<sup>®</sup> VIP Real Estate<br>Fidelity<sup>®</sup> VIP Health Care<br>Fidelity<sup>®</sup> VIP Strategic Income<br>PIMCO Income Portfolio |  |

---

If a requested change in your allocations or a transfer of any portion of your contract value does not comply with these investment restrictions, you will be required to terminate your RetirePay by written request before the allocation change or transfer can be processed. We reserve the right, upon thirty calendar days advance notice to you, to change the investment restrictions. If we change the investment restrictions, you must change your allocations to comply within thirty calendar days of the restrictions becoming effective, or we will terminate your RetirePay.

*If you have any questions regarding this Rate Sheet, please contact us toll free at (800) 272-2216.*

**Please keep this Rate Sheet for future reference.**

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[Back to **Table of Contents**](#TOC_1054)

The SAI contains additional information about the Separate Account. The SAI is incorporated into this prospectus by reference and it is legally part of this prospectus. We filed the SAI with the SEC. The SEC maintains a website (www.sec.gov) that contains the SAI, material incorporated by reference and other information regarding companies that file electronically with the SEC.

Reports and other information about the Separate Account, including the SAI, are available on the SEC website (www.sec.gov).

For a free copy of the SAI, other information about this Contract, or general inquiries, contact our Service Center:

MassMutual<br>Document Management Services – Annuities W360<br>PO Box 9067<br>Springfield, MA 01102-9067<br>(800) 272-2216<br>(Fax) (866) 329-4272<br>(Email) ANNfax@MassMutual.com<br>www.MassMutual.com

Investment Company Act file number: 811-08619<br>Securities Act file number: 333-255824<br>Class (Contract) Identifier: C000228859

AN2703

------

**STATEMENT OF ADDITIONAL INFORMATION**

**MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY**<br>**(Insurance Company)**<br>**MASSACHUSETTS MUTUAL VARIABLE ANNUITY SEPARATE ACCOUNT 4**<br>**(Registered Separate Account)**<br>**MASSMUTUAL ENVISION<sup>SM</sup>** **VARIABLE ANNUITY**<br>An individual flexible premium deferred variable annuity<br>**Contract Class: B-Share**<br>**December 18, 2025**

This is not a prospectus. This Statement of Additional Information (SAI) should be read in conjunction with the prospectus dated December 18, 2025 for the individual flexible premium deferred variable annuity contracts (Contracts) that are referred to herein.

For a copy of the prospectus call (800) 272-2216, visit online at www.MassMutual.com/Envision, send an email request to ANNfax@MassMutual.com, or write to MassMutual<sup>®</sup>, PO Box 9067, Springfield, MA 01102-9067.

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **SAI** | &nbsp;&nbsp;&nbsp;&nbsp; **Prospectus** |
| [The Company](#chapter_2_1042) .......................................... | &nbsp;&nbsp;&nbsp;&nbsp; [2](#chapter_2_1042) | &nbsp;&nbsp;&nbsp;&nbsp; 19 |
| [The Separate Account](#chapter_3_1042) .................................. | &nbsp;&nbsp;&nbsp;&nbsp; [2](#chapter_3_1042) | &nbsp;&nbsp;&nbsp;&nbsp; 19 |
| [Services](#chapter_4_1042) ................................................ | &nbsp;&nbsp;&nbsp;&nbsp; [2](#chapter_4_1042) | &nbsp;&nbsp;&nbsp;&nbsp; 98 |
| [Distribution](#chapter_5_1042) ............................................ | &nbsp;&nbsp;&nbsp;&nbsp; [2](#chapter_5_1042) | &nbsp;&nbsp;&nbsp;&nbsp; 98 |
| [Fixed Annuity Payout Rates](#chapter_6_1042) ............................ | &nbsp;&nbsp;&nbsp;&nbsp; [3](#chapter_6_1042) | &nbsp;&nbsp;&nbsp;&nbsp; 36 |
| [Payment of Death Benefit](#chapter_7_1042) .............................. | &nbsp;&nbsp;&nbsp;&nbsp; [3](#chapter_7_1042) | &nbsp;&nbsp;&nbsp;&nbsp; 45 |
| [Experts](#chapter_8_1042) ................................................ | &nbsp;&nbsp;&nbsp;&nbsp; [3](#chapter_8_1042) |  |
| [Financial Statements](#chapter_9_1042) ................................... | &nbsp;&nbsp;&nbsp;&nbsp; [4](#chapter_9_1042) |  |

---

AN2703-SAI

------

**THE COMPANY**

In this Statement of Additional Information, the "Company," "we," "us," and "our" refer to Massachusetts Mutual Life Insurance Company (MassMutual<sup>®</sup>). MassMutual 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 U.S., the District of Columbia and Puerto Rico. Products and services are offered primarily through MassMutual's distribution channels: MassMutual Financial Advisors, MassMutual Strategic Distributors, Institutional Solutions and Worksite.

MassMutual was established on May 15, 1851 and is organized as a mutual life insurance company in the Commonwealth of Massachusetts. MassMutual's home office is located at 1295 State Street, Springfield, Massachusetts 01111-0001.

**THE SEPARATE ACCOUNT**

We established Massachusetts Mutual Variable Annuity Separate Account 4 (Separate Account) as a separate account under Massachusetts law on July 9, 1997. The Separate Account is registered with the SEC as a unit investment trust under the 1940 Act.

The Separate Account holds the assets that underlie the Contracts (and certain other contracts that we issue), except any assets allocated to our General Account. We keep the Separate Account assets separate from the assets of our General Account and other separate accounts. The Separate Account is divided into Sub-Accounts, each of which invests exclusively in a single Fund.

We own the assets of the Separate Account. We credit gains to, or charge losses against, the Separate Account, whether or not realized, without regard to the performance of other investment accounts. The Separate Account's assets may not be used to pay any of our liabilities other than those arising from the Contracts (or other contracts that we issue and that are funded by the Separate Account). If the Separate Account's assets exceed the required reserves and other liabilities, we may transfer the excess to our General Account. The obligations of the Separate Account are not our generalized obligations and will be satisfied solely by the assets of the Separate Account. We are obligated to pay all amounts promised to investors under the Contract.

**SERVICES**

MassMutual holds title to the assets of the Separate Account. MassMutual maintains the records and accounts relating to the Guaranteed Principal Account, the Separate Account, the segment within the Separate Account established to receive and invest premium payments for the Contracts, and divisions of that segment. MassMutual's principal business address is 1295 State Street, Springfield, Massachusetts 01111-0001.

**DISTRIBUTION**

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

MMLIS and MSD are located at 1295 State Street, Springfield, MA 01111-0001. MMLIS and MSD are registered with the SEC as broker-dealers under the Securities and Exchange Act of 1934 and are members of the Financial Industry Regulatory Authority (FINRA).

During the last three years, MMLIS and MSD were paid the compensation amounts shown below for their actions as principal underwriters for the Contracts described in the prospectus.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Year** | &nbsp;&nbsp;&nbsp;&nbsp; **MMLIS** | &nbsp;&nbsp;&nbsp;&nbsp; **MSD** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | &nbsp;&nbsp;&nbsp;&nbsp; $914598 | &nbsp;&nbsp;&nbsp;&nbsp; $120424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | &nbsp;&nbsp;&nbsp;&nbsp; $540096 | &nbsp;&nbsp;&nbsp;&nbsp; $0 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | &nbsp;&nbsp;&nbsp;&nbsp; $381750 | &nbsp;&nbsp;&nbsp;&nbsp; $0 |

---

------

Commissions for sales of the Contract by MMLIS registered representatives are paid by MassMutual on behalf of MMLIS to MMLIS registered representatives. Commissions for sales of the Contract by registered representatives of other broker-dealers are paid by MassMutual on behalf of MSD to those broker-dealers.

During the last three years, commissions, as described in the prospectus, were paid by MassMutual through MMLIS and MSD as shown below.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Year** | &nbsp;&nbsp;&nbsp;&nbsp; **MMLIS** | &nbsp;&nbsp;&nbsp;&nbsp; **MSD** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | &nbsp;&nbsp;&nbsp;&nbsp; $5060509 | &nbsp;&nbsp;&nbsp;&nbsp; $880844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2023 | &nbsp;&nbsp;&nbsp;&nbsp; $2512218 | &nbsp;&nbsp;&nbsp;&nbsp; $0 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | &nbsp;&nbsp;&nbsp;&nbsp; $2191613 | &nbsp;&nbsp;&nbsp;&nbsp; $0 |

---

**FIXED ANNUITY PAYOUT RATES**

The assumptions for determining the Fixed Annuity Payout Rates are:

&nbsp;&nbsp;&nbsp;&nbsp;(1) The 2012 Individual Annuity Mortality (IAM) mortality table, projected to the year 2052 with 100% of Projection Scale G2 for both males and females, applies to all Annuity Options which include life contingent payments. Where applicable, unisex mortality rates and projection factors are based on a 30%/70% male/female weighting.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Age will be determined based on each Annuitant's birthday nearest the applicable Annuity Date with a five-year Age setback applied in all instances. For example, Age 65 is considered the period of time between age 64 years, 6 months and one day and age 65 years and 6 months. Once the Age has been determined, the setback would then be applied (e.g. Age 65 will be considered Age 60).

&nbsp;&nbsp;&nbsp;&nbsp;(3) An effective annual interest rate of 0.10% (0.50% for Contracts issued in New York).

If the single premium immediate annuity rates we offer to the same class of Annuitants and designate for this purpose on the Annuity Date are higher than the Fixed Annuity Payout Rates for the Contract, the higher rates will be used.

**PAYMENT OF DEATH BENEFIT**

MassMutual will require due proof of death before any death benefit is paid. Due proof of death will be:

&nbsp;&nbsp;&nbsp;&nbsp;(1) a certified death certificate;

&nbsp;&nbsp;&nbsp;&nbsp;(2) a certified decree of a court of competent jurisdiction as to the finding of death; or

&nbsp;&nbsp;&nbsp;&nbsp;(3) any other proof satisfactory to MassMutual.

All death benefits will be paid in accordance with applicable law or regulations governing death benefit payments.

The Beneficiary designation in effect on the date we issue the Contract will remain in effect until changed. Unless you provide otherwise, the death benefit will be paid in equal shares to the Beneficiary(ies) as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(1) to the primary Beneficiary(ies) who survive your death and/or the Annuitant's death, as applicable; or

&nbsp;&nbsp;&nbsp;&nbsp;(2) if there is no primary Beneficiary who survives your death and/or any Annuitant's death, as applicable, to the contingent Beneficiary(ies) who survive the Owner's and/or the Annuitant's death, as applicable; or

&nbsp;&nbsp;&nbsp;&nbsp;(3) if there is no primary or contingent Beneficiary who survives your death, and/or any Annuitant's death, as applicable, to you or your estate.

You may name an irrevocable Beneficiary(ies). In that case, a change involving the irrevocable Beneficiary requires the consent of the irrevocable Beneficiary. If an irrevocable Beneficiary is named, the Contract Owner retains all other contractual rights.

See the "Death Benefit" section in the prospectus for more information on death benefits.

------

**EXPERTS**

The financial statements of Massachusetts Mutual Variable Annuity Separate Account 4 as of December 31, 2024 and for each of the years in the two-year period then ended and the financial highlights for each of the years in the five-year period then ended and the statutory financial statements of Massachusetts Mutual Life Insurance Company (the Company) as of December 31, 2024 and 2023, and for each of the years in the three-year period ended December 31, 2024, each have been included in this Statement of Additional Information herein in reliance upon the reports of KPMG LLP, an independent registered public accounting firm, each of which are also included herein, and upon the authority of said firm as experts in accounting and auditing. KPMG LLP's report, dated March 3, 2025, states that the Company prepared its financial statements using statutory accounting practices prescribed or permitted by the Commonwealth of Massachusetts Division of Insurance (statutory accounting practices), which is a basis of accounting other than U.S. generally accepted accounting principles. Accordingly, KPMG LLP's report states that the financial statements of the Company are not intended to be and, therefore, are not presented fairly in accordance with U.S. generally accepted accounting principles and further states that those statements are presented fairly, in all material respects, in accordance with the statutory accounting practices. The principal business address of KPMG LLP is One Financial Plaza, 755 Main Street, Hartford, Connecticut 06103.

**FINANCIAL STATEMENTS**

**The Registered Separate Account**

Report of Independent Registered Public Accounting Firm

Statement of Assets and Liabilities as of December 31, 2024

Statements of Operations and Changes in Net Assets for the years ended December 31, 2024 and 2023

Notes to Financial Statements

**The Insurance Company**

Independent Auditors' Report

Statutory Statements of Financial Position as of December 31, 2024 and 2023

Statutory Statements of Operations for the years ended December 31, 2024, 2023 and 2022

Statutory Statements of Changes in Surplus for the years ended December 31, 2024, 2023 and 2022

Statutory Statements of Cash Flows for the years ended December 31, 2024, 2023 and 2022

Notes to Statutory Financial Statements

AN2703-SAI

![](image_001.jpg)

KPMG LLP

Two Financial Center 60 South Street

Boston, MA 02111

**Report of Independent Registered Public Accounting Firm**

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

*Opinion on the Financial Statements*

We have audited the accompanying statements of assets and liabilities of the sub-accounts listed in Appendix A that comprise Massachusetts Mutual Variable Annuity Separate Account 4 (Separate Account), as of December 31, 2024, the related statements of operations and changes in net assets for each of the years in the two-year period then ended (or for the period indicated in Appendix A), and the related notes, including the financial highlights in Note 8, for each of the years or periods in the five-year period then ended (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of each sub-account as of December 31, 2024, and the results of their operations and changes in their 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, 2024, 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.

![](image_006.jpg)

We have served as the Separate Account's auditor since 2004.

Boston, Massachusetts

March 6, 2025

LA2054

KPMG LLP, a Delaware limited liability partnership and a member firm of <br> the KPMG global organization of independent member firms affiliated with<br> KPMG International Limited, a private English company limited by guarantee.

**Appendix A**

Massachusetts Mutual Variable Annuity Separate Account 4 was comprised of the following sub-accounts. Statements of assets and liabilities as of December 31, 2024, statements of operations and changes in net assets for each of the years in the two-year period then ended and financial highlights for each of the years in the five-year period then ended unless noted otherwise.

**Sub-Accounts**

---

| | |
|:---|:---|
| &nbsp;&nbsp; American Funds Insurance Series® Global Small Capitalization Sub-Account\*\*<br> American Funds Insurance Series® New World Sub-Account\*\*<br> American Funds Insurance Series® Washington Mutual Investors Sub-Account\*\*<br> BlackRock 60/40 Target Allocation ETF V.I. Sub-Account<br> Columbia Variable Portfolio - Contrarian Core Sub-Account\*\*<br> Fidelity® VIP Contrafund® Sub-Account (Initial Class)<br> Fidelity® VIP Contrafund® Sub-Account (Service Class 2)<br> Fidelity® VIP Health Care Sub-Account<br> Fidelity® VIP Overseas Sub-Account<br> Fidelity® VIP Real Estate Sub-Account<br> Fidelity® VIP Strategic Income Sub-Account<br> Invesco Oppenheimer V.I. International Growth Sub-Account (Series I)<br> Invesco Oppenheimer V.I. International Growth Sub-Account (Series II)<br> Invesco V.I. Capital Appreciation Sub-Account (Series I)<br> Invesco V.I. Capital Appreciation Sub-Account (Series II)<br> Invesco V.I. Core Plus Bond Sub-Account<br> Invesco V.I. Discovery Mid Cap Growth Sub-Account (Series I)<br> Invesco V.I. Discovery Mid Cap Growth Sub-Account (Series II)<br> Invesco V.I. Diversified Dividend Sub-Account (Series I)<br> Invesco V.I. Diversified Dividend Sub-Account (Series II)<br> Invesco V.I. Equity and Income Sub-Account (Series I)\*<br> Invesco V.I. Equity and Income Sub-Account (Series II)\*<br> Invesco V.I. Global Sub-Account (Series I)<br> Invesco V.I. Global Sub-Account (Series II)<br> Invesco V.I. Global Strategic Income Sub-Account (Series I)<br> Invesco V.I. Global Strategic Income Sub-Account (Series II)<br> Invesco V.I. Health Care Sub-Account (Series I)<br> Invesco V.I. Health Care Sub-Account (Series II)<br> Invesco V.I. Main Street Sub-Account (Series I) | &nbsp;&nbsp; Invesco V.I. Main Street Sub-Account (Series II)<br> Invesco V.I. Technology Sub-Account (Series I)<br> Invesco V.I. Technology Sub-Account (Series II)<br> Invesco V.I. U.S. Government Money Sub-Account<br> Janus Henderson Enterprise Sub-Account\*\*<br> Janus Henderson Global Technology and Innovation Sub-Account<br> Janus Henderson Overseas Sub-Account\*\*<br> Macquarie VIP Asset Strategy Sub-Account\*<br> Macquarie VIP Growth Sub-Account \*\*<br> MML Aggressive Allocation Sub-Account (Initial Class)<br> MML Aggressive Allocation Sub-Account (Service Class)<br> MML American Funds Core Allocation Sub-Account<br> MML American Funds Growth Sub-Account<br> MML American Funds International Sub-Account\*\*\*<br> MML Balanced Allocation Sub-Account (Initial Class)<br> MML Balanced Allocation Sub-Account (Service Class)<br> MML Blend Sub-Account (Initial Class)<br> MML Blend Sub-Account (Service Class)<br> MML Blue Chip Growth Sub-Account (Initial Class)<br> MML Blue Chip Growth Sub-Account (Service Class)<br> MML Conservative Allocation Sub-Account (Initial Class)<br> MML Conservative Allocation Sub-Account (Service Class)<br> MML Dynamic Bond Sub-Account<br> MML Equity Sub-Account (Initial Class)<br> MML Equity Sub-Account (Service Class)<br> MML Equity Income Sub-Account (Initial Class)<br> MML Equity Income Sub-Account (Service Class)<br> MML Equity Index Sub-Account (Class I)<br> MML Equity Index Sub-Account (Service Class I)<br> MML Equity Momentum Sub-Account (Service Class I)\*\*\*<br> MML Equity Rotation Sub-Account<br> MML Focused Equity Sub-Account<br> MML Foreign Sub-Account (Initial Class)<br> MML Foreign Sub-Account (Service Class)<br> MML Fundamental Equity Sub-Account<br> MML Fundamental Value Sub-Account<br> MML Global Sub-Account (Class I)<br> MML Global Sub-Account (Class II) |

---

---

| | |
|:---|:---|
| LA2054 | F-2 |

---

---

| | |
|:---|:---|
| MML Global Sub-Account (Service Class I)<br> MML Growth Allocation Sub-Account (Initial Class)<br> MML Growth Allocation Sub-Account (Service Class)<br> MML High Yield Sub-Account<br> MML Income & Growth Sub-Account (Initial Class)<br> MML Income & Growth Sub-Account (Service Class)<br> MML Inflation-Protected and Income Sub-Account (Initial Class)<br> MML Inflation-Protected and Income Sub-Account (Service Class)<br> MML International Equity Sub-Account<br> MML iShares® 60/40 Allocation Sub-Account<br> MML iShares® 80/20 Allocation Sub-Account<br> MML Large Cap Growth Sub-Account (Initial Class)<br> MML Large Cap Growth Sub-Account (Service Class)<br> MML Managed Bond Sub-Account (Initial Class)<br> MML Managed Bond Sub-Account (Service Class)<br> MML Managed Volatility Sub-Account (Initial Class)<br> MML Managed Volatility Sub-Account (Service Class)<br> MML Mid Cap Growth Sub-Account (Initial Class)<br> MML Mid Cap Growth Sub-Account (Service Class)<br> MML Mid Cap Value Sub-Account (Initial Class)<br> MML Mid Cap Value Sub-Account (Service Class)<br> MML Moderate Allocation Sub-Account (Initial Class) | MML Moderate Allocation Sub-Account (Service Class)<br> MML Short-Duration Bond Sub-Account<br> MML Small Cap Equity Sub-Account (Initial Class)<br> MML Small Cap Equity Sub-Account (Service Class)<br> MML Small Cap Growth Equity Sub-Account (Initial Class)<br> MML Small Cap Growth Equity Sub-Account (Service Class)<br> MML Small Company Value Sub-Account<br> MML Small/Mid Cap Value Sub-Account (Initial Class)<br> MML Small/Mid Cap Value Sub-Account (Service Class)<br> MML Special Situations Sub-Account (Service Class I)\*\*\*<br> MML Strategic Emerging Markets Sub-Account<br> MML Sustainable Equity Sub-Account (Initial Class)<br> MML Sustainable Equity Sub-Account (Service Class)<br> MML Total Return Bond Sub-Account<br> MML U.S. Government Money Market Sub-Account<br> PIMCO CommodityRealReturn® Strategy Sub-Account<br> PIMCO Income Sub-Account<br> Vest US Large Cap 10% Buffer Strategies VI Sub-Account \*<br> VY® CBRE Global Real Estate Sub-Account |

---

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

\*\*Statement of assets and liabilities as of December 31, 2024 and statement of operations, statement of changes in net assets and financial highlights for the year then ended.

\*\*\*Financial highlights for each of the years in the two-year period ended December 31, 2021.

---

| | |
|:---|:---|
| LA2054 | F-3 |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *STATEMENTS OF ASSETS AND LIABILITIES* | *STATEMENTS OF ASSETS AND LIABILITIES* | *STATEMENTS OF ASSETS AND LIABILITIES* | *STATEMENTS OF ASSETS AND LIABILITIES* | *STATEMENTS OF ASSETS AND LIABILITIES* | *STATEMENTS OF ASSETS AND LIABILITIES* | *STATEMENTS OF ASSETS AND LIABILITIES* | *STATEMENTS OF ASSETS AND LIABILITIES* |
| ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** |
|  | **American Funds** |  | **American Funds** | **BlackRock** | **Columbia** |  |  |
|  | **Insurance Series®** | **American Funds** | **Insurance Series®** | **60/40 Target** | **Variable** | **Fidelity®** | **Fidelity®** |
|  | **Global Small** | **Insurance Series®** | **Washington** | **Allocation** | **Portfolio -** | **VIP** | **VIP** |
|  | **Capitalization** | **New World** | **Mutual Investors** | **ETF V.I.** | **Contrarian Core** | **Contrafund®** | **Contrafund®** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  |  |  |  |  |  | **(Initial Class)** | **(Service Class 2)** |
| **ASSETS** |  |  |  |  |  |  |  |
| Investments |  |  |  |  |  |  |  |
| Number of shares | 24880 | 8402 | 75305 | 1577646 | 11321 | 3479992 | 4911230 |
| Identified cost | $426854 | $228146 | $1241049 | $21246745 | $596461 | $150214779 | $213046946 |
| Value | $423212 | $219291 | $1230491 | $21345556 | $592553 | $201630765 | $272573253 |
| Dividends receivable |  |  |  |  |  |  |  |
| Receivable from Massachusetts Mutual Life Insurance Company | - | - | - | - | - | - | - |
| **Total assets** | **423212** | **219291** | **1230491** | **21345556** | **592553** | **201630765** | **272573253** |
| **LIABILITIES** |  |  |  |  |  |  |  |
| Payable to Annuitant mortality fluctuation fund reserve |  |  |  |  |  | 13002 |  |
| Payable to Massachusetts Mutual Life Insurance Company | - | 8 | 1 | - | - | 1019 | 13 |
| **Total liabilities** | **-** | **8** | **1** | **-** | **-** | **14021** | **13** |
| **NET ASSETS** | $**423212** | $**219283** | $**1230490** | $**21345556** | $**592553** | $**201616744** | $**272573240** |
| **Net Assets:** |  |  |  |  |  |  |  |
| Accumulation units - value | $423212 | $219283 | $1230490 | $21345556 | $592553 | $194181094 | $272568331 |
| Contracts in payout (annuitization) period | - | - | - | - | - | 7435650 | 4909 |
| **Net assets** | $**423212** | $**219283** | $**1230490** | $**21345556** | $**592553** | $**201616744** | $**272573240** |
| **Outstanding units** |  |  |  |  |  |  |  |
| Contract owners | **41687** | **21779** | **111050** | **1234920** | **52689** | **2651079** | **7824611** |
| **UNIT VALUE** |  |  |  |  |  |  |  |
| Panorama Premier | $- | $- | $- | $- | $- | $100.67 | $- |
| Panorama Passage® |  |  |  |  |  |  |  |
| Tier 1 |  |  |  |  |  | 75.04 |  |
| Tier 2 |  |  |  |  |  | 72.48 |  |
| Tier 3 |  |  |  |  |  | 79.93 |  |
| Tier 4 |  |  |  |  |  | 75.55 |  |
| MassMutual Artistry |  |  |  |  |  | 68.95 |  |
| MassMutual Transitions® |  |  |  |  |  |  |  |
| Custom Plan |  |  |  |  |  | 88.28 |  |
| Package Plan I |  |  |  |  |  | 88.28 |  |
| Package Plan II |  |  |  |  |  | 81.57 |  |
| Package Plan III |  |  |  |  |  | 77.09 |  |

---

*See Notes to Financial Statements*

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* |
| ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** |
|  | **American Funds** |  | **American Funds** | **BlackRock** | **Columbia** |  |  |
|  | **Insurance Series®** | **American Funds** | **Insurance Series®** | **60/40 Target** | **Variable** | **Fidelity®** | **Fidelity®** |
|  | **Global Small** | **Insurance Series®** | **Washington** | **Allocation** | **Portfolio -** | **VIP** | **VIP** |
|  | **Capitalization** | **New World** | **Mutual Investors** | **ETF V.I.** | **Contrarian Core** | **Contrafund®** | **Contrafund®** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  |  |  |  |  |  | **(Initial Class)** | **(Service Class 2)** |
| **UNIT VALUE (continued)** |  |  |  |  |  |  |  |
| MassMutual Evolution<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 |  |  |  |  |  | 66.97 |  |
| Tier 2 |  |  |  |  |  | 61.62 |  |
| Tier 3 |  |  |  |  |  | 58.49 |  |
| Tier 4 |  |  |  |  |  | 61.52 |  |
| Tier 5 |  |  |  |  |  | 56.60 |  |
| Tier 6 |  |  |  |  |  | 53.73 |  |
| Tier 7 |  |  |  |  |  | 60.50 |  |
| Tier 8 |  |  |  |  |  | 55.57 |  |
| Tier 9 |  |  |  |  |  |  | 56.21 |
| Tier 10 |  |  |  |  |  |  | 62.23 |
| Tier 11 |  |  |  |  |  |  | 51.64 |
| Tier 12 |  |  |  |  |  |  | 58.30 |
| Tier 13 |  |  |  |  |  |  | 48.34 |
| Tier 14 |  |  |  |  |  |  | 52.62 |
| MassMutual RetireEase Select<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 |  |  |  |  |  | 43.78 |  |
| Tier 2 |  |  |  |  |  | 47.81 |  |
| MassMutual Transitions Select<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 |  |  |  |  |  | 77.59 |  |
| Tier 2 |  |  |  |  |  |  | 74.48 |
| MassMutual Equity Edge<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 |  |  |  |  |  |  |  |
| Tier 2 |  |  |  |  |  |  |  |
| Tier 3 |  |  |  |  |  |  |  |
| Tier 4 |  |  |  |  |  |  |  |
| MassMutual Transitions Select<sup>SM</sup> II |  |  |  |  |  |  |  |
| Tier 1 |  |  |  |  |  |  | 30.75 |
| Tier 2 |  |  |  |  |  |  | 29.78 |
| Tier 3 |  |  |  |  |  |  | 30.75 |
| MassMutual Capital Vantage<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 |  |  |  | 16.75 |  |  | 30.61 |
| Tier 2 |  |  |  | 17.30 |  |  | 31.61 |
| Tier 3 |  |  |  | 16.07 |  |  | 29.37 |
| Tier 4 |  |  |  | 16.75 |  |  | 30.61 |
| Tier 5 |  |  |  | 16.60 |  |  | 30.33 |
| Tier 6 |  |  |  | 17.30 |  |  | 31.61 |
| MassMutual Envision VA | 10.15 | 10.07 | 11.08 |  | 11.25 |  | 14.66 |

---

*See Notes to Financial Statements*

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* |
| ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** |
|  |  |  |  | **Fidelity®** | **Invesco** | **Invesco** |  |
|  | **Fidelity®** | **Fidelity®** | **Fidelity®** | **VIP** | **Oppenheimer V.I.** | **Oppenheimer V.I.** | **Invesco V.I.** |
|  | **VIP** | **VIP** | **VIP** | **Strategic** | **International** | **International** | **Capital** |
|  | **Health Care** | **Overseas** | **Real Estate** | **Income** | **Growth** | **Growth** | **Appreciation** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  |  |  |  |  | **(Series I)** | **(Series II)** | **(Series I)** |
| **ASSETS** |  |  |  |  |  |  |  |
| Investments |  |  |  |  |  |  |  |
| Number of shares | 56770 | 20454 | 47089 | 106141 | 9913607 | 9108908 | 1846743 |
| Identified cost | $1983981 | $539919 | $794738 | $1115029 | $21110627 | $19800609 | $78824120 |
| Value | $2021591 | $514423 | $813233 | $1121911 | $18241037 | $17853459 | $116621811 |
| Dividends receivable |  |  |  |  |  |  |  |
| Receivable from Massachusetts Mutual Life Insurance Company | - | - | - | - | - | - | - |
| **Total assets** | **2021591** | **514423** | **813233** | **1121911** | **18241037** | **17853459** | **116621811** |
| **LIABILITIES** |  |  |  |  |  |  |  |
| Payable to Annuitant mortality fluctuation fund reserve |  |  |  |  | 254 |  | 8483 |
| Payable to Massachusetts Mutual Life Insurance Company | - | - | 1 | - | 71 | 12 | 832 |
| **Total liabilities** | **-** | **-** | **1** | **-** | **325** | **12** | **9315** |
| **NET ASSETS** | $**2021591** | $**514423** | $**813232** | $**1121911** | $**18240712** | $**17853447** | $**116612496** |
| **Net Assets:** |  |  |  |  |  |  |  |
| Accumulation units - value | $2021591 | $514423 | $813232 | $1121911 | $17516936 | $17853447 | $112843203 |
| Contracts in payout (annuitization) period | - | - | - | - | 723776 | - | 3769293 |
| **Net assets** | $**2021591** | $**514423** | $**813232** | $**1121911** | $**18240712** | $**17853447** | $**116612496** |
| **Outstanding units** |  |  |  |  |  |  |  |
| Contract owners | **186062** | **47211** | **86017** | **109832** | **655815** | **1004408** | **2156138** |
| **UNIT VALUE** |  |  |  |  |  |  |  |
| Panorama Premier | $- | $- | $- | $- | $39.73 | $- | $52.00 |
| Panorama Passage® |  |  |  |  |  |  |  |
| Tier 1 |  |  |  |  | 25.44 |  | 51.74 |
| Tier 2 |  |  |  |  | 24.57 |  | 49.98 |
| Tier 3 |  |  |  |  | 27.10 |  | 55.11 |
| Tier 4 |  |  |  |  | 25.61 |  | 52.09 |
| MassMutual Artistry |  |  |  |  | 19.24 |  | 38.63 |
| MassMutual Transitions® |  |  |  |  |  |  |  |
| Custom Plan |  |  |  |  | 31.55 |  | 59.64 |
| Package Plan I |  |  |  |  | 31.55 |  | 59.64 |
| Package Plan II |  |  |  |  | 29.15 |  | 55.11 |
| Package Plan III |  |  |  |  | 27.55 |  | 52.08 |

---

*See Notes to Financial Statements*

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* |
| ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** |
|  |  |  |  | **Fidelity®** | **Invesco** | **Invesco** |  |
|  | **Fidelity®** | **Fidelity®** | **Fidelity®** | **VIP** | **Oppenheimer V.I.** | **Oppenheimer V.I.** | **Invesco V.I.** |
|  | **VIP** | **VIP** | **VIP** | **Strategic** | **International** | **International** | **Capital** |
|  | **Health Care** | **Overseas** | **Real Estate** | **Income** | **Growth** | **Growth** | **Appreciation** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  |  |  |  |  | **(Series I)** | **(Series II)** | **(Series I)** |
| **UNIT VALUE (continued)** |  |  |  |  |  |  |  |
| MassMutual Evolution<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 |  |  |  |  | 25.37 |  | 48.92 |
| Tier 2 |  |  |  |  | 23.34 |  | 45.01 |
| Tier 3 |  |  |  |  | 22.16 |  | 42.72 |
| Tier 4 |  |  |  |  | 23.31 |  | 44.94 |
| Tier 5 |  |  |  |  | 21.44 |  | 41.34 |
| Tier 6 |  |  |  |  | 20.35 |  | 39.24 |
| Tier 7 |  |  |  |  | 22.92 |  | 44.19 |
| Tier 8 |  |  |  |  | 21.05 |  | 40.59 |
| Tier 9 |  |  |  |  |  | 21.33 |  |
| Tier 10 |  |  |  |  |  | 23.61 |  |
| Tier 11 |  |  |  |  |  | 19.59 |  |
| Tier 12 |  |  |  |  |  | 22.12 |  |
| Tier 13 |  |  |  |  |  | 18.34 |  |
| Tier 14 |  |  |  |  |  | 19.97 |  |
| MassMutual RetireEase Select<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 |  |  |  |  | 13.81 |  | 39.16 |
| Tier 2 |  |  |  |  | 15.07 |  | 42.76 |
| MassMutual Transitions Select<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 |  |  |  |  | 30.70 |  | 57.69 |
| Tier 2 |  |  |  |  |  | 29.52 |  |
| MassMutual Equity Edge<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 |  |  |  |  |  |  |  |
| Tier 2 |  |  |  |  |  |  |  |
| Tier 3 |  |  |  |  |  |  |  |
| Tier 4 |  |  |  |  |  |  |  |
| MassMutual Transitions Select<sup>SM</sup> II |  |  |  |  |  |  |  |
| Tier 1 |  |  |  |  |  | 12.70 |  |
| Tier 2 |  |  |  |  |  | 12.30 |  |
| Tier 3 |  |  |  |  |  | 12.70 |  |
| MassMutual Capital Vantage<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 |  |  |  |  |  | 12.64 |  |
| Tier 2 |  |  |  |  |  | 13.06 |  |
| Tier 3 |  |  |  |  |  | 12.13 |  |
| Tier 4 |  |  |  |  |  | 12.64 |  |
| Tier 5 |  |  |  |  |  | 12.53 |  |
| Tier 6 |  |  |  |  |  | 13.06 |  |
| MassMutual Envision VA | 10.87 | 10.90 | 9.45 | 10.21 |  | 9.86 |  |

---

*See Notes to Financial Statements*

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

 ****

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* |
| ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** |
|  | **Invesco V.I.** | **Invesco V.I.** | **Invesco V.I.** | **Invesco V.I.** | **Invesco V.I.** | **Invesco V.I.** | **Invesco V.I.** |
|  | **Capital** | **Core Plus** | **Discovery** | **Discovery** | **Diversified** | **Diversified** | **Equity and** |
|  | **Appreciation** | **Bond** | **Mid Cap Growth** | **Mid Cap Growth** | **Dividend** | **Dividend** | **Income** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **(Series II)** |  | **(Series I)** | **(Series II)** | **(Series I)** | **(Series II)** | **(Series I)** |
| **ASSETS** |  |  |  |  |  |  |  |
| Investments |  |  |  |  |  |  |  |
| Number of shares | 144546 | 227931 | 915050 | 431787 | 176572 | 244158 | 289583 |
| Identified cost | $6056391 | $1500195 | $66035686 | $29150065 | $4463575 | $6048560 | $4994522 |
| Value | $8635201 | $1299209 | $71401385 | $28899503 | $4569694 | $6250445 | $5056126 |
| Dividends receivable |  |  |  |  |  |  |  |
| Receivable from Massachusetts Mutual Life Insurance Company | - | - | - | - | - | - | - |
| **Total assets** | **8635201** | **1299209** | **71401385** | **28899503** | **4569694** | **6250445** | **5056126** |
| **LIABILITIES** |  |  |  |  |  |  |  |
| Payable to Annuitant mortality fluctuation fund reserve |  | 300 | 5835 |  |  |  | 111 |
| Payable to Massachusetts Mutual Life Insurance Company | 11 | 17 | 542 | 9 | 60 | 7 | 51 |
| **Total liabilities** | **11** | **317** | **6377** | **9** | **60** | **7** | **162** |
| **NET ASSETS** | $**8635190** | $**1298892** | $**71395008** | $**28899494** | $**4569634** | $**6250438** | $**5055964** |
| **Net Assets:** |  |  |  |  |  |  |  |
| Accumulation units - value | $8635190 | $1288901 | $68532699 | $28897675 | $4439726 | $6250438 | $5052270 |
| Contracts in payout (annuitization) period | - | 9991 | 2862309 | 1819 | 129908 | - | 3694 |
| **Net assets** | $**8635190** | $**1298892** | $**71395008** | $**28899494** | $**4569634** | $**6250438** | $**5055964** |
| **Outstanding units** |  |  |  |  |  |  |  |
| Contract owners | **169396** | **89438** | **1634057** | **1168960** | **260704** | **405397** | **247140** |
| **UNIT VALUE** |  |  |  |  |  |  |  |
| Panorama Premier | $- | $14.52 | $36.21 | $- | $19.33 | $- | $19.57 |
| Panorama Passage® |  |  |  |  |  |  |  |
| Tier 1 |  |  | 35.52 |  | 18.90 |  | 19.14 |
| Tier 2 |  |  | 34.31 |  | 18.26 |  | 18.49 |
| Tier 3 |  |  | 37.84 |  | 20.10 |  | 20.36 |
| Tier 4 |  |  | 35.76 |  | 19.00 |  | 19.24 |
| MassMutual Artistry |  |  | 20.29 |  | 17.74 |  | 20.01 |
| MassMutual Transitions® |  |  |  |  |  |  |  |
| Custom Plan |  |  | 52.19 |  | 19.16 |  | 22.12 |
| Package Plan I |  |  | 52.19 |  | 19.16 |  | 22.12 |
| Package Plan II |  |  | 48.22 |  | 17.71 |  | 20.43 |
| Package Plan III |  |  | 45.57 |  | 16.73 |  | 19.31 |

---

*See Notes to Financial Statements*

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* |
| ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** |
|  | **Invesco V.I.** | **Invesco V.I.** | **Invesco V.I.** | **Invesco V.I.** | **Invesco V.I.** | **Invesco V.I.** | **Invesco V.I.** |
|  | **Capital** | **Core Plus** | **Discovery** | **Discovery** | **Diversified** | **Diversified** | **Equity and** |
|  | **Appreciation** | **Bond** | **Mid Cap Growth** | **Mid Cap Growth** | **Dividend** | **Dividend** | **Income** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **(Series II)** |  | **(Series I)** | **(Series II)** | **(Series I)** | **(Series II)** | **(Series I)** |
| **UNIT VALUE (continued)** |  |  |  |  |  |  |  |
| MassMutual Evolution<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 |  |  | 43.80 |  | 14.66 |  | 16.79 |
| Tier 2 |  |  | 40.29 |  | 13.49 |  | 15.45 |
| Tier 3 |  |  | 38.25 |  | 12.81 |  | 14.66 |
| Tier 4 |  |  | 40.23 |  | 13.47 |  | 15.42 |
| Tier 5 |  |  | 37.01 |  | 12.39 |  | 14.19 |
| Tier 6 |  |  | 35.14 |  | 11.76 |  | 13.47 |
| Tier 7 |  |  | 39.56 |  | 13.25 |  | 15.17 |
| Tier 8 |  |  | 36.34 |  | 12.17 |  | 13.93 |
| Tier 9 | 41.05 |  |  | 36.73 |  | 12.34 |  |
| Tier 10 | 45.45 |  |  | 40.66 |  | 13.66 |  |
| Tier 11 | 37.71 |  |  | 33.74 |  | 11.33 |  |
| Tier 12 | 42.58 |  |  | 38.09 |  | 12.79 |  |
| Tier 13 | 35.30 |  |  | 31.59 |  | 10.61 |  |
| Tier 14 | 38.43 |  |  | 34.39 |  | 11.55 |  |
| MassMutual RetireEase Select<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 |  |  | 31.71 |  | 11.44 |  | 13.09 |
| Tier 2 |  |  | 34.63 |  | 12.49 |  | 14.30 |
| MassMutual Transitions Select<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 |  |  | 51.17 |  | 17.43 |  | 19.21 |
| Tier 2 | 55.37 |  |  | 49.08 |  | 16.77 |  |
| MassMutual Equity Edge<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 |  |  |  |  |  |  |  |
| Tier 2 |  |  |  |  |  |  |  |
| Tier 3 |  |  |  |  |  |  |  |
| Tier 4 |  |  |  |  |  |  |  |
| MassMutual Transitions Select<sup>SM</sup> II |  |  |  |  |  |  |  |
| Tier 1 |  |  |  | 24.35 |  |  |  |
| Tier 2 |  |  |  | 23.58 |  |  |  |
| Tier 3 |  |  |  | 24.35 |  |  |  |
| MassMutual Capital Vantage<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 |  |  |  | 24.24 |  |  |  |
| Tier 2 |  |  |  | 25.03 |  |  |  |
| Tier 3 |  |  |  | 23.26 |  |  |  |
| Tier 4 |  |  |  | 24.24 |  |  |  |
| Tier 5 |  |  |  | 24.02 |  |  |  |
| Tier 6 |  |  |  | 25.03 |  |  |  |
| MassMutual Envision VA |  |  |  | 11.47 |  |  |  |

---

*See Notes to Financial Statements*

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* |
| ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** |
|  | **Invesco V.I.** |  |  | **Invesco V.I.** | **Invesco V.I.** |  |  |
|  | **Equity and** | **Invesco V.I.** | **Invesco V.I.** | **Global Strategic** | **Global Strategic** | **Invesco V.I.** | **Invesco V.I.** |
|  | **Income** | **Global** | **Global** | **Income** | **Income** | **Health Care** | **Health Care** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **(Series II)** | **(Series I)** | **(Series II)** | **(Series I)** | **(Series II)** | **(Series I)** | **(Series II)** |
| **ASSETS** |  |  |  |  |  |  |  |
| Investments |  |  |  |  |  |  |  |
| Number of shares | 710 | 3080899 | 1433635 | 21578549 | 8954768 | 273291 | 240461 |
| Identified cost | $12131 | $115801338 | $52308673 | $99597058 | $42571986 | $7613819 | $6358453 |
| Value | $12295 | $123205139 | $55424346 | $92571975 | $39580073 | $7376125 | $5939377 |
| Dividends receivable |  |  |  |  |  |  |  |
| Receivable from Massachusetts Mutual Life Insurance Company | 2 | - | - | - | - | - | 1 |
| **Total assets** | **12297** | **123205139** | **55424346** | **92571975** | **39580073** | **7376125** | **5939378** |
| **LIABILITIES** |  |  |  |  |  |  |  |
| Payable to Annuitant mortality fluctuation fund reserve |  | 7335 |  | 6522 |  | 715 |  |
| Payable to Massachusetts Mutual Life Insurance Company | - | 804 | 20 | 1062 | - | 105 | - |
| **Total liabilities** | **-** | **8139** | **20** | **7584** | **-** | **820** | **-** |
| **NET ASSETS** | $**12297** | $**123197000** | $**55424326** | $**92564391** | $**39580073** | $**7375305** | $**5939378** |
| **Net Assets:** |  |  |  |  |  |  |  |
| Accumulation units - value | $12297 | $119407586 | $55420025 | $89495589 | $39580073 | $7045953 | $5939378 |
| Contracts in payout (annuitization) period | - | 3789414 | 4301 | 3068802 | - | 329352 | - |
| **Net assets** | $**12297** | $**123197000** | $**55424326** | $**92564391** | $**39580073** | $**7375305** | $**5939378** |
| **Outstanding units** |  |  |  |  |  |  |  |
| Contract owners | **667** | **2524262** | **1963799** | **5611693** | **3021736** | **206912** | **173135** |
| **UNIT VALUE** |  |  |  |  |  |  |  |
| Panorama Premier | $- | $60.29 | $- | $20.88 | $- | $35.74 | $- |
| Panorama Passage® |  |  |  |  |  |  |  |
| Tier 1 |  | 59.15 |  | 20.31 |  | 34.96 |  |
| Tier 2 |  | 57.13 |  | 19.62 |  | 33.77 |  |
| Tier 3 |  | 63.00 |  | 21.64 |  | 37.18 |  |
| Tier 4 |  | 59.55 |  | 20.45 |  | 35.15 |  |
| MassMutual Artistry |  | 42.25 |  | 21.02 |  | 32.54 |  |
| MassMutual Transitions® |  |  |  |  |  |  |  |
| Custom Plan |  | 55.46 |  | 20.93 |  | 40.65 |  |
| Package Plan I |  | 55.46 |  | 20.93 |  | 40.65 |  |
| Package Plan II |  | 51.24 |  | 19.34 |  | 37.56 |  |
| Package Plan III |  | 48.43 |  | 18.28 |  | 35.50 |  |

---

*See Notes to Financial Statements*

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* |
| ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** |
|  | **Invesco V.I.** |  |  | **Invesco V.I.** | **Invesco V.I.** |  |  |
|  | **Equity and** | **Invesco V.I.** | **Invesco V.I.** | **Global Strategic** | **Global Strategic** | **Invesco V.I.** | **Invesco V.I.** |
|  | **Income** | **Global** | **Global** | **Income** | **Income** | **Health Care** | **Health Care** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **(Series II)** | **(Series I)** | **(Series II)** | **(Series I)** | **(Series II)** | **(Series I)** | **(Series II)** |
| **UNIT VALUE (continued)** |  |  |  |  |  |  |  |
| MassMutual Evolution<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 |  | 41.71 |  | 15.10 |  | 32.00 |  |
| Tier 2 |  | 38.38 |  | 13.89 |  | 29.44 |  |
| Tier 3 |  | 36.43 |  | 13.18 |  | 27.94 |  |
| Tier 4 |  | 38.31 |  | 13.87 |  | 29.39 |  |
| Tier 5 |  | 35.25 |  | 12.76 |  | 27.04 |  |
| Tier 6 |  | 33.46 |  | 12.11 |  | 25.67 |  |
| Tier 7 |  | 37.68 |  | 13.64 |  | 28.90 |  |
| Tier 8 |  | 34.61 |  | 12.53 |  | 26.55 |  |
| Tier 9 | 14.09 |  | 35.02 |  | 12.64 |  | 26.86 |
| Tier 10 | 15.60 |  | 38.77 |  | 14.00 |  | 29.73 |
| Tier 11 | 12.95 |  | 32.17 |  | 11.61 |  | 24.67 |
| Tier 12 | 14.62 |  | 36.32 |  | 13.11 |  | 27.85 |
| Tier 13 |  |  | 30.11 |  | 10.87 |  | 23.09 |
| Tier 14 |  |  | 32.78 |  | 11.84 |  | 25.14 |
| MassMutual RetireEase Select<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 |  | 25.87 |  | 12.35 |  | 26.00 |  |
| Tier 2 |  | 28.25 |  | 13.49 |  | 28.39 |  |
| MassMutual Transitions Select<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 |  | 50.37 |  | 16.34 |  | 38.33 |  |
| Tier 2 | 18.44 |  | 48.36 |  | 15.65 |  | 36.80 |
| MassMutual Equity Edge<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 |  |  |  |  |  |  |  |
| Tier 2 |  |  |  |  |  |  |  |
| Tier 3 |  |  |  |  |  |  |  |
| Tier 4 |  |  |  |  |  |  |  |
| MassMutual Transitions Select<sup>SM</sup> II |  |  |  |  |  |  |  |
| Tier 1 |  |  | 20.82 |  | 10.07 |  |  |
| Tier 2 |  |  | 20.16 |  | 9.75 |  |  |
| Tier 3 |  |  | 20.82 |  | 10.07 |  |  |
| MassMutual Capital Vantage<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 |  |  | 20.72 |  | 10.03 |  |  |
| Tier 2 |  |  | 21.40 |  | 10.35 |  |  |
| Tier 3 |  |  | 19.89 |  | 9.62 |  |  |
| Tier 4 |  |  | 20.72 |  | 10.03 |  |  |
| Tier 5 |  |  | 20.54 |  | 9.94 |  |  |
| Tier 6 |  |  | 21.40 |  | 10.35 |  |  |
| MassMutual Envision VA |  |  | 12.29 |  | 9.77 |  |  |

---

*See Notes to Financial Statements*

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* |
| ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** |
|  |  |  |  |  |  |  | **Janus Henderson** |
|  |  |  |  |  | **Invesco V.I.** |  | **Global** |
|  | **Invesco V.I.** | **Invesco V.I.** | **Invesco V.I.** | **Invesco V.I.** | **U.S. Government** | **Janus Henderson** | **Technology and** |
|  | **Main Street** | **Main Street** | **Technology** | **Technology** | **Money** | **Enterprise** | **Innovation** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **(Series I)** | **(Series II)** | **(Series I)** | **(Series II)** |  |  |  |
| **ASSETS** |  |  |  |  |  |  |  |
| Investments |  |  |  |  |  |  |  |
| Number of shares | 1581587 | 1037080 | 348609 | 414669 | 5644696 | 3787 | 143902 |
| Identified cost | $32678460 | $20201723 | $6226290 | $5355546 | $5644696 | $283007 | $2619972 |
| Value | $32280177 | $20544545 | $8296886 | $8372166 | $5644695 | $282963 | $3044971 |
| Dividends receivable |  |  |  |  |  |  |  |
| Receivable from Massachusetts Mutual Life Insurance Company | - | - | - | - | - | - | - |
| **Total assets** | **32280177** | **20544545** | **8296886** | **8372166** | **5644695** | **282963** | **3044971** |
| **LIABILITIES** |  |  |  |  |  |  |  |
| Payable to Annuitant mortality fluctuation fund reserve | 3085 |  | 1540 |  | 2338 |  |  |
| Payable to Massachusetts Mutual Life Insurance Company | 136 | 13 | 129 | - | 1371 | - | - |
| **Total liabilities** | **3221** | **13** | **1669** | **-** | **3709** | **-** | **-** |
| **NET ASSETS** | $**32276956** | $**20544532** | $**8295217** | $**8372166** | $**5640986** | $**282963** | $**3044971** |
| **Net Assets:** |  |  |  |  |  |  |  |
| Accumulation units - value | $31930618 | $20544532 | $8070080 | $8369975 | $5514486 | $282963 | $3044971 |
| Contracts in payout (annuitization) period | 346338 | - | 225137 | 2191 | 126500 | - | - |
| **Net assets** | $**32276956** | $**20544532** | $**8295217** | $**8372166** | $**5640986** | $**282963** | $**3044971** |
| **Outstanding units** |  |  |  |  |  |  |  |
| Contract owners | **694353** | **742894** | **288501** | **138474** | **507739** | **25911** | **203266** |
| **UNIT VALUE** |  |  |  |  |  |  |  |
| Panorama Premier | $40.36 | $- | $15.22 | $- | $12.42 | $- | $- |
| Panorama Passage® |  |  |  |  |  |  |  |
| Tier 1 | 40.84 |  | 14.89 |  | 10.62 |  |  |
| Tier 2 | 39.45 |  | 14.38 |  | 10.26 |  |  |
| Tier 3 | 43.50 |  | 15.83 |  | 11.31 |  |  |
| Tier 4 | 41.12 |  | 14.97 |  | 10.69 |  |  |
| MassMutual Artistry | 38.01 |  | 15.13 |  | 11.03 |  |  |
| MassMutual Transitions® |  |  |  |  |  |  |  |
| Custom Plan | 53.21 |  | 59.92 |  | 11.11 |  |  |
| Package Plan I | 53.21 |  | 59.92 |  | 11.11 |  |  |
| Package Plan II | 49.17 |  | 55.36 |  | 10.26 |  |  |
| Package Plan III | 46.47 |  | 52.32 |  | 9.70 |  |  |

---

*See Notes to Financial Statements*

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* |
| ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** |
|  |  |  |  |  |  |  | **Janus Henderson** |
|  |  |  |  |  | **Invesco V.I.** |  | **Global** |
|  | **Invesco V.I.** | **Invesco V.I.** | **Invesco V.I.** | **Invesco V.I.** | **U.S. Government** | **Janus Henderson** | **Technology and** |
|  | **Main Street** | **Main Street** | **Technology** | **Technology** | **Money** | **Enterprise** | **Innovation** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **(Series I)** | **(Series II)** | **(Series I)** | **(Series II)** |  |  |  |
| **UNIT VALUE (continued)** |  |  |  |  |  |  |  |
| MassMutual Evolution<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 | 43.64 |  | 52.81 |  | 9.77 |  |  |
| Tier 2 | 40.15 |  | 48.59 |  | 8.99 |  |  |
| Tier 3 | 38.11 |  | 46.12 |  | 8.53 |  |  |
| Tier 4 | 40.08 |  | 48.51 |  | 8.97 |  |  |
| Tier 5 | 36.88 |  | 44.63 |  | 8.26 |  |  |
| Tier 6 | 35.01 |  | 42.37 |  | 7.84 |  |  |
| Tier 7 | 39.42 |  | 47.71 |  | 8.82 |  |  |
| Tier 8 | 36.21 |  | 43.82 |  | 8.11 |  |  |
| Tier 9 |  | 36.64 |  | 44.30 |  |  |  |
| Tier 10 |  | 40.56 |  | 49.05 |  |  |  |
| Tier 11 |  | 33.66 |  | 40.70 |  |  |  |
| Tier 12 |  | 38.00 |  | 45.95 |  |  |  |
| Tier 13 |  | 31.51 |  | 38.10 |  |  |  |
| Tier 14 |  | 34.30 |  | 41.47 |  |  |  |
| MassMutual RetireEase Select<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 | 32.19 |  | 45.42 |  |  |  |  |
| Tier 2 | 35.15 |  | 49.60 |  |  |  |  |
| MassMutual Transitions Select<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 | 51.04 |  | 71.69 |  | 10.64 |  |  |
| Tier 2 |  | 49.02 |  | 68.78 |  |  |  |
| MassMutual Equity Edge<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 |  |  |  |  |  |  |  |
| Tier 2 |  |  |  |  |  |  |  |
| Tier 3 |  |  |  |  |  |  |  |
| Tier 4 |  |  |  |  |  |  |  |
| MassMutual Transitions Select<sup>SM</sup> II |  |  |  |  |  |  |  |
| Tier 1 |  | 24.22 |  |  |  |  |  |
| Tier 2 |  | 23.45 |  |  |  |  |  |
| Tier 3 |  | 24.22 |  |  |  |  |  |
| MassMutual Capital Vantage<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 |  | 24.11 |  |  |  |  |  |
| Tier 2 |  | 24.90 |  |  |  |  |  |
| Tier 3 |  | 23.13 |  |  |  |  |  |
| Tier 4 |  | 24.11 |  |  |  |  |  |
| Tier 5 |  | 23.89 |  |  |  |  |  |
| Tier 6 |  | 24.90 |  |  |  |  |  |
| MassMutual Envision VA |  |  |  |  |  | 10.92 | 14.98 |

---

*See Notes to Financial Statements*

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* |
| ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** |
|  |  | **Macquarie** |  |  |  | **MML** | **MML** |
|  |  | **VIP** | **Macquarie** | **MML** | **MML** | **American** | **American** |
|  | **Janus Henderson** | **Asset** | **VIP** | **Aggressive** | **Aggressive** | **Funds** | **Funds** |
|  | **Overseas** | **Strategy** | **Growth** | **Allocation** | **Allocation** | **Core Allocation** | **Growth** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  |  |  |  | **(Initial Class)** | **(Service Class)** |  |  |
| **ASSETS** |  |  |  |  |  |  |  |
| Investments |  |  |  |  |  |  |  |
| Number of shares | 1206 | 1010936 | 22247 | 2786407 | 7166576 | 52381678 | 16390240 |
| Identified cost | $50824 | $9336701 | $234495 | $25884532 | $64099766 | $571901391 | $247010289 |
| Value | $50374 | $9391599 | $237817 | $25412031 | $63710864 | $569388836 | $277486771 |
| Dividends receivable |  |  |  |  |  |  |  |
| Receivable from Massachusetts Mutual Life Insurance Company | - | - | - | - | - | - | - |
| **Total assets** | **50374** | **9391599** | **237817** | **25412031** | **63710864** | **569388836** | **277486771** |
| **LIABILITIES** |  |  |  |  |  |  |  |
| Payable to Annuitant mortality fluctuation fund reserve |  |  |  |  |  |  |  |
| Payable to Massachusetts Mutual Life Insurance Company | 2 | 17 | 8 | 23 | 4 | 32 | 42 |
| **Total liabilities** | **2** | **17** | **8** | **23** | **4** | **32** | **42** |
| **NET ASSETS** | $**50372** | $**9391582** | $**237809** | $**25412008** | $**63710860** | $**569388804** | $**277486729** |
| **Net Assets:** |  |  |  |  |  |  |  |
| Accumulation units - value | $50372 | $9391582 | $237809 | $25412008 | $63710860 | $569041527 | $277256649 |
| Contracts in payout (annuitization) period | - | - | - | - | - | 347277 | 230080 |
| **Net assets** | $**50372** | $**9391582** | $**237809** | $**25412008** | $**63710860** | $**569388804** | $**277486729** |
| **Outstanding units** |  |  |  |  |  |  |  |
| Contract owners | **5200** | **596470** | **20586** | **882659** | **2852095** | **26617261** | **8263061** |
| **UNIT VALUE** |  |  |  |  |  |  |  |
| Panorama Premier | $- | $- | $- | $27.92 | $- | $- | $- |
| Panorama Passage® |  |  |  |  |  |  |  |
| Tier 1 |  |  |  | 27.49 |  |  |  |
| Tier 2 |  |  |  | 26.76 |  |  |  |
| Tier 3 |  |  |  | 28.68 |  |  |  |
| Tier 4 |  |  |  | 27.45 |  |  |  |
| MassMutual Artistry |  |  |  | 28.98 |  | 30.65 | 88.82 |
| MassMutual Transitions® |  |  |  |  |  |  |  |
| Custom Plan |  |  |  | 30.13 |  |  |  |
| Package Plan I |  |  |  | 30.13 |  |  |  |
| Package Plan II |  |  |  | 28.39 |  |  |  |
| Package Plan III |  |  |  | 27.22 |  |  |  |

---

*See Notes to Financial Statements*

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* |
| ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** |
|  |  | **Macquarie** |  |  |  | **MML** | **MML** |
|  |  | **VIP** | **Macquarie** | **MML** | **MML** | **American** | **American** |
|  | **Janus Henderson** | **Asset** | **VIP** | **Aggressive** | **Aggressive** | **Funds** | **Funds** |
|  | **Overseas** | **Strategy** | **Growth** | **Allocation** | **Allocation** | **Core Allocation** | **Growth** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  |  |  |  | **(Initial Class)** | **(Service Class)** |  |  |
| **UNIT VALUE (continued)** |  |  |  |  |  |  |  |
| MassMutual Evolution<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 |  | 17.23 |  | 27.22 |  | 22.95 | 59.65 |
| Tier 2 |  | 16.41 |  | 25.43 |  | 21.50 | 55.88 |
| Tier 3 |  | 15.92 |  | 24.38 |  | 20.64 | 53.65 |
| Tier 4 |  | 16.41 |  | 25.43 |  | 21.50 | 55.88 |
| Tier 5 |  | 15.63 |  | 23.77 |  | 20.14 | 52.35 |
| Tier 6 |  | 15.16 |  | 22.78 |  | 19.33 | 50.26 |
| Tier 7 |  | 16.21 |  | 25.01 |  | 21.15 | 54.98 |
| Tier 8 |  | 15.44 |  | 23.37 |  | 19.81 | 51.51 |
| Tier 9 |  | 15.82 |  |  | 23.23 | 20.47 | 53.21 |
| Tier 10 |  | 16.82 |  |  | 25.28 | 22.21 | 57.74 |
| Tier 11 |  | 15.07 |  |  | 21.70 | 19.18 | 49.85 |
| Tier 12 |  | 16.02 |  |  | 23.68 | 20.81 | 54.09 |
| Tier 13 |  | 14.27 |  |  | 20.32 | 17.95 | 46.67 |
| Tier 14 |  | 14.98 |  |  | 21.74 | 19.16 | 49.82 |
| MassMutual RetireEase Select<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 |  |  |  |  |  |  |  |
| Tier 2 |  |  |  |  |  |  |  |
| MassMutual Transitions Select<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 |  | 18.09 |  | 29.12 |  | 24.49 | 63.67 |
| Tier 2 |  | 18.09 |  |  | 27.95 | 24.49 | 63.67 |
| MassMutual Equity Edge<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 |  |  |  |  |  |  |  |
| Tier 2 |  |  |  |  |  |  |  |
| Tier 3 |  |  |  |  |  |  |  |
| Tier 4 |  |  |  |  |  |  |  |
| MassMutual Transitions Select<sup>SM</sup> II |  |  |  |  |  |  |  |
| Tier 1 |  | 15.60 |  |  | 18.52 | 16.99 | 37.06 |
| Tier 2 |  | 15.11 |  |  | 17.93 | 16.45 | 35.89 |
| Tier 3 |  | 15.60 |  |  | 18.52 | 16.99 | 37.06 |
| MassMutual Capital Vantage<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 |  | 15.53 |  |  | 18.43 | 16.91 | 36.89 |
| Tier 2 |  | 16.04 |  |  | 19.03 | 17.47 | 38.10 |
| Tier 3 |  | 14.90 |  |  | 17.69 | 16.23 | 35.40 |
| Tier 4 |  | 15.53 |  |  | 18.43 | 16.91 | 36.89 |
| Tier 5 |  | 15.39 |  |  | 18.26 | 16.76 | 36.55 |
| Tier 6 |  | 16.04 |  |  | 19.03 | 17.47 | 38.10 |
| MassMutual Envision VA | 9.69 | 11.17 | 11.55 |  | 11.56 | 11.40 | 14.28 |

---

*See Notes to Financial Statements*

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* |
| ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** |
|  | **MML** | **MML** |  |  | **MML** | **MML** | **MML** |
|  | **Balanced** | **Balanced** | **MML** | **MML** | **Blue Chip** | **Blue Chip** | **Conservative** |
|  | **Allocation** | **Allocation** | **Blend** | **Blend** | **Growth** | **Growth** | **Allocation** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Initial Class)** |
| **ASSETS** |  |  |  |  |  |  |  |
| Investments |  |  |  |  |  |  |  |
| Number of shares | 5941748 | 25648818 | 2276419 | 9215075 | 2505241 | 10063406 | 5183075 |
| Identified cost | $55293317 | $233588717 | $47893880 | $191887063 | $41868186 | $157888730 | $48210095 |
| Value | $51396121 | $219297396 | $49364400 | $198194660 | $50505658 | $184663492 | $43123187 |
| Dividends receivable |  |  |  |  |  |  |  |
| Receivable from Massachusetts Mutual Life Insurance Company | - | - | - | - | - | - | - |
| **Total assets** | **51396121** | **219297396** | **49364400** | **198194660** | **50505658** | **184663492** | **43123187** |
| **LIABILITIES** |  |  |  |  |  |  |  |
| Payable to Annuitant mortality fluctuation fund reserve |  |  | 743 |  | 1781 |  |  |
| Payable to Massachusetts Mutual Life Insurance Company | 68 | 6 | 85 | 9 | 143 | 12 | 43 |
| **Total liabilities** | **68** | **6** | **828** | **9** | **1924** | **12** | **43** |
| **NET ASSETS** | $**51396053** | $**219297390** | $**49363572** | $**198194651** | $**50503734** | $**184663480** | $**43123144** |
| **Net Assets:** |  |  |  |  |  |  |  |
| Accumulation units - value | $51396053 | $219187102 | $48032336 | $198194651 | $49273046 | $184657097 | $42933719 |
| Contracts in payout (annuitization) period | - | 110288 | 1331236 | - | 1230688 | 6383 | 189425 |
| **Net assets** | $**51396053** | $**219297390** | $**49363572** | $**198194651** | $**50503734** | $**184663480** | $**43123144** |
| **Outstanding units** |  |  |  |  |  |  |  |
| Contract owners | **2543623** | **13178062** | **1402386** | **10032008** | **641949** | **5664205** | **2262453** |
| **UNIT VALUE** |  |  |  |  |  |  |  |
| Panorama Premier | $19.82 | $- | $30.92 | $- | $86.47 | $- | $18.51 |
| Panorama Passage® |  |  |  |  |  |  |  |
| Tier 1 | 19.52 |  | 32.55 |  | 84.80 |  | 18.23 |
| Tier 2 | 19.00 |  | 31.44 |  | 81.91 |  | 17.74 |
| Tier 3 | 20.37 |  | 34.67 |  | 89.52 |  | 19.02 |
| Tier 4 | 19.49 |  | 32.77 |  | 84.61 |  | 18.20 |
| MassMutual Artistry | 20.58 |  | 34.45 |  | 90.69 |  | 19.21 |
| MassMutual Transitions® |  |  |  |  |  |  |  |
| Custom Plan | 21.39 |  | 41.27 |  | 83.91 |  | 19.97 |
| Package Plan I | 21.39 |  | 41.27 |  | 83.91 |  | 19.97 |
| Package Plan II | 20.16 |  | 38.13 |  | 77.53 |  | 18.82 |
| Package Plan III | 19.33 |  | 36.04 |  | 73.28 |  | 18.04 |

---

*See Notes to Financial Statements*

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* |
| ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** |
|  | **MML** | **MML** |  |  | **MML** | **MML** | **MML** |
|  | **Balanced** | **Balanced** | **MML** | **MML** | **Blue Chip** | **Blue Chip** | **Conservative** |
|  | **Allocation** | **Allocation** | **Blend** | **Blend** | **Growth** | **Growth** | **Allocation** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Initial Class)** |
| **UNIT VALUE (continued)** |  |  |  |  |  |  |  |
| MassMutual Evolution<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 | 19.33 |  | 33.25 |  | 67.29 |  | 18.04 |
| Tier 2 | 18.06 |  | 30.59 |  | 61.91 |  | 16.86 |
| Tier 3 | 17.31 |  | 29.04 |  | 58.77 |  | 16.16 |
| Tier 4 | 18.06 |  | 30.54 |  | 61.81 |  | 16.86 |
| Tier 5 | 16.88 |  | 28.10 |  | 56.87 |  | 15.76 |
| Tier 6 | 16.18 |  | 26.68 |  | 53.98 |  | 15.10 |
| Tier 7 | 17.76 |  | 30.04 |  | 60.79 |  | 16.58 |
| Tier 8 | 16.59 |  | 27.59 |  | 55.84 |  | 15.49 |
| Tier 9 |  | 16.51 |  | 27.91 |  | 56.46 |  |
| Tier 10 |  | 17.97 |  | 30.90 |  | 62.51 |  |
| Tier 11 |  | 15.43 |  | 25.64 |  | 51.87 |  |
| Tier 12 |  | 16.84 |  | 28.95 |  | 58.56 |  |
| Tier 13 |  | 14.45 |  | 24.00 |  | 48.55 |  |
| Tier 14 |  | 15.46 |  | 26.13 |  | 52.86 |  |
| MassMutual RetireEase Select<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 |  |  | 26.10 |  | 51.83 |  |  |
| Tier 2 |  |  | 28.50 |  | 56.60 |  |  |
| MassMutual Transitions Select<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 | 20.68 |  | 37.68 |  | 80.25 |  | 19.31 |
| Tier 2 |  | 19.87 |  | 36.17 |  | 77.02 |  |
| MassMutual Equity Edge<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 |  |  |  |  |  |  |  |
| Tier 2 |  |  |  |  |  |  |  |
| Tier 3 |  |  |  |  |  |  |  |
| Tier 4 |  |  |  |  |  |  |  |
| MassMutual Transitions Select<sup>SM</sup> II |  |  |  |  |  |  |  |
| Tier 1 |  | 14.19 |  | 18.35 |  | 30.59 |  |
| Tier 2 |  | 13.74 |  | 17.77 |  | 29.63 |  |
| Tier 3 |  | 14.19 |  | 18.35 |  | 30.59 |  |
| MassMutual Capital Vantage<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 |  | 14.12 |  | 18.27 |  | 30.45 |  |
| Tier 2 |  | 14.58 |  | 18.87 |  | 31.45 |  |
| Tier 3 |  | 13.55 |  | 17.53 |  | 29.22 |  |
| Tier 4 |  | 14.12 |  | 18.27 |  | 30.45 |  |
| Tier 5 |  | 13.99 |  | 18.10 |  | 30.18 |  |
| Tier 6 |  | 14.58 |  | 18.87 |  | 31.45 |  |
| MassMutual Envision VA |  | 10.46 |  | 11.63 |  | 14.36 |  |

---

*See Notes to Financial Statements*

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* |
| ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** |
|  | **MML** | **MML** |  |  |  |  | **MML** |
|  | **Conservative** | **Dynamic** | **MML** | **MML** | **MML** | **MML** | **Equity** |
|  | **Allocation** | **Bond** | **Equity** | **Equity** | **Equity Income** | **Equity Income** | **Index** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **(Service Class)** |  | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Class I)** |
| **ASSETS** |  |  |  |  |  |  |  |
| Investments |  |  |  |  |  |  |  |
| Number of shares | 22193906 | 1629614 | 721393 | 2466784 | 10018049 | 6795428 | 898677 |
| Identified cost | $200103433 | $15105934 | $18611805 | $61854862 | $98081830 | $66653822 | $26167157 |
| Value | $182211966 | $13134689 | $21963866 | $73441388 | $101182292 | $67206782 | $32307456 |
| Dividends receivable |  |  |  |  |  |  |  |
| Receivable from Massachusetts Mutual Life Insurance Company | - | - | - | - | - | - | - |
| **Total assets** | **182211966** | **13134689** | **21963866** | **73441388** | **101182292** | **67206782** | **32307456** |
| **LIABILITIES** |  |  |  |  |  |  |  |
| Payable to Annuitant mortality fluctuation fund reserve |  |  | 639 |  | 2731 |  | 977 |
| Payable to Massachusetts Mutual Life Insurance Company | 10 | 1 | 94 | - | 492 | 8 | 102 |
| **Total liabilities** | **10** | **1** | **733** | **-** | **3223** | **8** | **1079** |
| **NET ASSETS** | $**182211956** | $**13134688** | $**21963133** | $**73441388** | $**101179069** | $**67206774** | $**32306377** |
| **Net Assets:** |  |  |  |  |  |  |  |
| Accumulation units - value | $182135364 | $13134688 | $21154738 | $73441388 | $97346250 | $67201359 | $31767828 |
| Contracts in payout (annuitization) period | 76592 | - | 808395 | - | 3832819 | 5415 | 538549 |
| **Net assets** | $**182211956** | $**13134688** | $**21963133** | $**73441388** | $**101179069** | $**67206774** | $**32306377** |
| **Outstanding units** |  |  |  |  |  |  |  |
| Contract owners | **11315855** | **1356841** | **619403** | **2804714** | **2741257** | **2667336** | **651476** |
| **UNIT VALUE** |  |  |  |  |  |  |  |
| Panorama Premier | $- | $- | $28.54 | $- | $44.21 | $- | $43.80 |
| Panorama Passage® |  |  |  |  |  |  |  |
| Tier 1 |  |  | 31.54 |  | 43.36 |  | 45.26 |
| Tier 2 |  |  | 30.46 |  | 41.88 |  | 43.72 |
| Tier 3 |  |  | 33.59 |  | 45.77 |  | 48.21 |
| Tier 4 |  |  | 31.75 |  | 43.26 |  | 45.57 |
| MassMutual Artistry |  |  | 34.44 |  | 46.37 |  | 42.06 |
| MassMutual Transitions® |  |  |  |  |  |  |  |
| Custom Plan |  |  | 43.82 |  | 41.66 |  | 62.28 |
| Package Plan I |  |  | 43.82 |  | 41.66 |  | 62.28 |
| Package Plan II |  |  | 40.49 |  | 38.49 |  | 57.54 |
| Package Plan III |  |  | 38.27 |  | 36.38 |  | 54.38 |

---

*See Notes to Financial Statements*

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* |
| ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** |
|  | **MML** | **MML** |  |  |  |  | **MML** |
|  | **Conservative** | **Dynamic** | **MML** | **MML** | **MML** | **MML** | **Equity** |
|  | **Allocation** | **Bond** | **Equity** | **Equity** | **Equity Income** | **Equity Income** | **Index** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **(Service Class)** |  | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Class I)** |
| **UNIT VALUE (continued)** |  |  |  |  |  |  |  |
| MassMutual Evolution<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 |  |  | 35.23 |  | 33.56 |  | 50.62 |
| Tier 2 |  |  | 32.41 |  | 30.87 |  | 46.57 |
| Tier 3 |  |  | 30.77 |  | 29.31 |  | 44.21 |
| Tier 4 |  |  | 32.36 |  | 30.82 |  | 46.50 |
| Tier 5 |  |  | 29.77 |  | 28.36 |  | 42.78 |
| Tier 6 |  |  | 28.26 |  | 26.92 |  | 40.61 |
| Tier 7 |  |  | 31.82 |  | 30.31 |  | 45.72 |
| Tier 8 |  |  | 29.23 |  | 27.84 |  | 42.00 |
| Tier 9 | 15.39 |  |  | 29.58 |  | 28.17 |  |
| Tier 10 | 16.75 |  |  | 32.74 |  | 31.19 |  |
| Tier 11 | 14.38 |  |  | 27.17 |  | 25.88 |  |
| Tier 12 | 15.69 |  |  | 30.67 |  | 29.22 |  |
| Tier 13 | 13.47 |  |  | 25.43 |  | 24.23 |  |
| Tier 14 | 14.41 |  |  | 27.69 |  | 26.37 |  |
| MassMutual RetireEase Select<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 |  |  | 23.70 |  | 23.15 |  | 37.44 |
| Tier 2 |  |  | 25.87 |  | 25.27 |  | 40.88 |
| MassMutual Transitions Select<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 |  |  | 39.86 |  | 38.01 |  | 58.88 |
| Tier 2 | 18.52 |  |  | 38.27 |  | 36.50 |  |
| MassMutual Equity Edge<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 |  |  |  |  |  |  | 43.85 |
| Tier 2 |  |  |  |  |  |  | 44.67 |
| Tier 3 |  |  |  |  |  |  | 46.81 |
| Tier 4 |  |  |  |  |  |  | 46.81 |
| MassMutual Transitions Select<sup>SM</sup> II |  |  |  |  |  |  |  |
| Tier 1 | 13.33 | 9.78 |  | 20.98 |  | 20.17 |  |
| Tier 2 | 12.91 | 9.47 |  | 20.31 |  | 19.53 |  |
| Tier 3 | 13.33 | 9.78 |  | 20.98 |  | 20.17 |  |
| MassMutual Capital Vantage<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 | 13.27 | 9.73 |  | 20.88 |  | 20.07 |  |
| Tier 2 | 13.70 | 10.05 |  | 21.56 |  | 20.73 |  |
| Tier 3 | 12.73 | 9.34 |  | 20.04 |  | 19.26 |  |
| Tier 4 | 13.27 | 9.73 |  | 20.88 |  | 20.07 |  |
| Tier 5 | 13.15 | 9.64 |  | 20.69 |  | 19.89 |  |
| Tier 6 | 13.70 | 10.05 |  | 21.56 |  | 20.73 |  |
| MassMutual Envision VA | 10.24 | 9.12 |  | 12.38 |  | 11.22 |  |

---

*See Notes to Financial Statements*

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* |
| ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** |
|  | **MML** | **MML** | **MML** |  |  | **MML** | **MML** |
|  | **Equity** | **Equity** | **Focused** | **MML** | **MML** | **Fundamental** | **Fundamental** |
|  | **Index** | **Rotation** | **Equity** | **Foreign** | **Foreign** | **Equity** | **Value** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **(Service Class I)** |  |  | **(Initial Class)** | **(Service Class)** |  |  |
| **ASSETS** |  |  |  |  |  |  |  |
| Investments |  |  |  |  |  |  |  |
| Number of shares | 638629 | 124709 | 2866416 | 8082403 | 912451 | 2316620 | 1930523 |
| Identified cost | $17672763 | $1549919 | $19559016 | $71405721 | $7869120 | $22752584 | $23038722 |
| Value | $21617603 | $1508976 | $20265561 | $77348599 | $8668284 | $25065830 | $23629603 |
| Dividends receivable |  |  |  |  |  |  |  |
| Receivable from Massachusetts Mutual Life Insurance Company | - | - | - | - | - | - | - |
| **Total assets** | **21617603** | **1508976** | **20265561** | **77348599** | **8668284** | **25065830** | **23629603** |
| **LIABILITIES** |  |  |  |  |  |  |  |
| Payable to Annuitant mortality fluctuation fund reserve |  |  |  | 1851 |  |  |  |
| Payable to Massachusetts Mutual Life Insurance Company | 4 | 8 | 46 | 375 | 12 | 29 | 35 |
| **Total liabilities** | **4** | **8** | **46** | **2226** | **12** | **29** | **35** |
| **NET ASSETS** | $**21617599** | $**1508968** | $**20265515** | $**77346373** | $**8668272** | $**25065801** | $**23629568** |
| **Net Assets:** |  |  |  |  |  |  |  |
| Accumulation units - value | $21617599 | $1508968 | $20265515 | $73787057 | $8668272 | $24980018 | $23629568 |
| Contracts in payout (annuitization) period | - | - | - | 3559316 | - | 85783 | - |
| **Net assets** | $**21617599** | $**1508968** | $**20265515** | $**77346373** | $**8668272** | $**25065801** | $**23629568** |
| **Outstanding units** |  |  |  |  |  |  |  |
| Contract owners | **399394** | **70827** | **819220** | **4395190** | **558569** | **935830** | **1184496** |
| **UNIT VALUE** |  |  |  |  |  |  |  |
| Panorama Premier | $- | $- | $35.90 | $16.70 | $- | $41.04 | $28.37 |
| Panorama Passage® |  |  |  |  |  |  |  |
| Tier 1 |  |  | 35.50 | 16.75 |  | 40.58 | 28.05 |
| Tier 2 |  |  | 34.79 | 16.18 |  | 39.76 | 27.49 |
| Tier 3 |  |  | 36.64 | 17.84 |  | 41.88 | 28.95 |
| Tier 4 |  |  | 35.45 | 16.86 |  | 40.52 | 28.01 |
| MassMutual Artistry |  |  | 36.92 | 15.95 |  | 42.20 | 29.17 |
| MassMutual Transitions® |  |  |  |  |  |  |  |
| Custom Plan |  |  | 38.01 | 20.20 |  | 43.45 | 30.04 |
| Package Plan I |  |  | 38.01 | 20.20 |  | 43.45 | 30.04 |
| Package Plan II |  |  | 36.36 | 18.66 |  | 41.56 | 28.73 |
| Package Plan III |  |  | 35.23 | 17.63 |  | 40.27 | 27.84 |

---

*See Notes to Financial Statements*

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* |
| ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** |
|  | **MML** | **MML** | **MML** |  |  | **MML** | **MML** |
|  | **Equity** | **Equity** | **Focused** | **MML** | **MML** | **Fundamental** | **Fundamental** |
|  | **Index** | **Rotation** | **Equity** | **Foreign** | **Foreign** | **Equity** | **Value** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **(Service Class I)** |  |  | **(Initial Class)** | **(Service Class)** |  |  |
| **UNIT VALUE (continued)** |  |  |  |  |  |  |  |
| MassMutual Evolution<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 |  |  | 35.23 | 16.59 |  | 40.27 | 27.84 |
| Tier 2 |  |  | 33.49 | 15.26 |  | 38.28 | 26.46 |
| Tier 3 |  |  | 32.44 | 14.49 |  | 37.09 | 25.64 |
| Tier 4 |  |  | 33.49 | 15.24 |  | 38.28 | 26.46 |
| Tier 5 |  |  | 31.83 | 14.02 |  | 36.39 | 25.15 |
| Tier 6 |  |  | 30.84 | 13.31 |  | 35.25 | 24.37 |
| Tier 7 |  |  | 33.07 | 14.98 |  | 37.80 | 26.13 |
| Tier 8 |  |  | 31.43 | 13.76 |  | 35.93 | 24.84 |
| Tier 9 | 42.47 |  | 32.24 |  | 13.92 | 36.85 | 25.48 |
| Tier 10 | 47.02 |  | 34.35 |  | 15.41 | 39.26 | 27.14 |
| Tier 11 | 39.02 |  | 30.65 |  | 12.79 | 35.03 | 24.22 |
| Tier 12 | 44.05 |  | 32.65 |  | 14.44 | 37.32 | 25.80 |
| Tier 13 | 36.53 |  | 28.95 |  | 11.97 | 33.09 | 22.87 |
| Tier 14 | 39.76 |  | 30.45 |  | 13.03 | 34.81 | 24.06 |
| MassMutual RetireEase Select<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 |  |  |  | 10.01 |  |  |  |
| Tier 2 |  |  |  | 10.93 |  |  |  |
| MassMutual Transitions Select<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 |  |  | 37.06 | 19.05 |  | 42.36 | 29.28 |
| Tier 2 | 56.51 |  | 37.06 |  | 18.29 | 42.36 | 29.28 |
| MassMutual Equity Edge<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 |  |  |  |  |  |  |  |
| Tier 2 |  |  |  |  |  |  |  |
| Tier 3 |  |  |  |  |  |  |  |
| Tier 4 |  |  |  |  |  |  |  |
| MassMutual Transitions Select<sup>SM</sup> II |  |  |  |  |  |  |  |
| Tier 1 |  |  | 25.18 |  | 11.82 | 28.72 | 20.32 |
| Tier 2 |  |  | 24.38 |  | 11.45 | 27.82 | 19.67 |
| Tier 3 |  |  | 25.18 |  | 11.82 | 28.72 | 20.32 |
| MassMutual Capital Vantage<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 |  | 24.30 | 25.06 |  | 11.77 | 28.59 | 20.22 |
| Tier 2 |  | 25.09 | 25.88 |  | 12.15 | 29.53 | 20.88 |
| Tier 3 |  | 23.31 | 24.05 |  | 11.29 | 27.44 | 19.41 |
| Tier 4 |  | 24.30 | 25.06 |  | 11.77 | 28.59 | 20.22 |
| Tier 5 |  | 24.08 | 24.83 |  | 11.66 | 28.33 | 20.04 |
| Tier 6 |  | 25.09 | 25.88 |  | 12.15 | 29.53 | 20.88 |
| MassMutual Envision VA |  | 11.88 | 11.76 |  | 10.14 | 12.84 | 12.17 |

---

*See Notes to Financial Statements*

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* |
| ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** |
|  |  |  |  | **MML** | **MML** |  | **MML** |
|  | **MML** | **MML** | **MML** | **Growth** | **Growth** | **MML** | **Income** |
|  | **Global** | **Global** | **Global** | **Allocation** | **Allocation** | **High Yield** | **& Growth** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **(Class I)** | **(Class II)** | **(Service Class I)** | **(Initial Class)** | **(Service Class)** |  | **(Initial Class)** |
| **ASSETS** |  |  |  |  |  |  |  |
| Investments |  |  |  |  |  |  |  |
| Number of shares | 1086040 | 793729 | 5123698 | 35426720 | 73490008 | 4615990 | 2076427 |
| Identified cost | $4889688 | $3472124 | $20159785 | $292685876 | $599495725 | $41919434 | $20434169 |
| Value | $4572228 | $3643217 | $20238606 | $278808285 | $571017362 | $40205270 | $20411274 |
| Dividends receivable |  |  |  |  |  |  |  |
| Receivable from Massachusetts Mutual Life Insurance Company | - | - | - | - | 6 | - | - |
| **Total assets** | **4572228** | **3643217** | **20238606** | **278808285** | **571017368** | **40205270** | **20411274** |
| **LIABILITIES** |  |  |  |  |  |  |  |
| Payable to Annuitant mortality fluctuation fund reserve |  | 4 |  |  |  | 81 | 1368 |
| Payable to Massachusetts Mutual Life Insurance Company | 74 | 17 | 8 | 41 | - | 58 | 106 |
| **Total liabilities** | **74** | **21** | **8** | **41** | **-** | **139** | **1474** |
| **NET ASSETS** | $**4572154** | $**3643196** | $**20238598** | $**278808244** | $**571017368** | $**40205131** | $**20409800** |
| **Net Assets:** |  |  |  |  |  |  |  |
| Accumulation units - value | $4258857 | $3643057 | $20238598 | $278808244 | $571017368 | $40202442 | $19563143 |
| Contracts in payout (annuitization) period | 313297 | 139 | - | - | - | 2689 | 846657 |
| **Net assets** | $**4572154** | $**3643196** | $**20238598** | $**278808244** | $**571017368** | $**40205131** | $**20409800** |
| **Outstanding units** |  |  |  |  |  |  |  |
| Contract owners | **171523** | **189802** | **1029473** | **11068197** | **25150616** | **2618990** | **563962** |
| **UNIT VALUE** |  |  |  |  |  |  |  |
| Panorama Premier | $- | $21.92 | $- | $24.75 | $- | $19.63 | $40.42 |
| Panorama Passage® |  |  |  |  |  |  |  |
| Tier 1 |  | 21.14 |  | 24.38 |  | 19.37 | 30.99 |
| Tier 2 |  | 20.42 |  | 23.73 |  | 18.93 | 29.94 |
| Tier 3 |  | 22.52 |  | 25.43 |  | 20.10 | 33.01 |
| Tier 4 |  | 21.28 |  | 24.34 |  | 19.35 | 31.21 |
| MassMutual Artistry |  | 15.89 |  | 25.69 |  | 20.28 | 29.82 |
| MassMutual Transitions® |  |  |  |  |  |  |  |
| Custom Plan | 27.84 |  |  | 26.71 |  | 20.97 | 40.40 |
| Package Plan I | 27.84 |  |  | 26.71 |  | 20.97 | 40.40 |
| Package Plan II | 25.73 |  |  | 25.17 |  | 19.92 | 37.33 |
| Package Plan III | 24.31 |  |  | 24.13 |  | 19.20 | 35.28 |

---

*See Notes to Financial Statements*

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* |
| ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** |
|  |  |  |  | **MML** | **MML** |  | **MML** |
|  | **MML** | **MML** | **MML** | **Growth** | **Growth** | **MML** | **Income** |
|  | **Global** | **Global** | **Global** | **Allocation** | **Allocation** | **High Yield** | **& Growth** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **(Class I)** | **(Class II)** | **(Service Class I)** | **(Initial Class)** | **(Service Class)** |  | **(Initial Class)** |
| **UNIT VALUE (continued)** |  |  |  |  |  |  |  |
| MassMutual Evolution<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 | 24.14 |  |  | 24.13 |  | 19.20 | 31.94 |
| Tier 2 | 22.21 |  |  | 22.55 |  | 18.11 | 29.38 |
| Tier 3 | 21.09 |  |  | 21.61 |  | 17.46 | 27.89 |
| Tier 4 | 22.18 |  |  | 22.55 |  | 18.11 | 29.34 |
| Tier 5 | 20.40 |  |  | 21.07 |  | 17.08 | 26.99 |
| Tier 6 | 19.37 |  |  | 20.20 |  | 16.46 | 25.62 |
| Tier 7 | 21.81 |  |  | 22.17 |  | 17.85 | 28.85 |
| Tier 8 | 20.03 |  |  | 20.72 |  | 16.83 | 26.50 |
| Tier 9 |  |  | 20.36 |  | 20.61 | 17.33 |  |
| Tier 10 |  |  | 22.54 |  | 22.43 | 18.65 |  |
| Tier 11 |  |  | 18.70 |  | 19.26 | 16.34 |  |
| Tier 12 |  |  | 21.12 |  | 21.01 | 17.59 |  |
| Tier 13 |  |  | 17.51 |  | 18.03 | 15.30 |  |
| Tier 14 |  |  | 19.06 |  | 19.29 | 16.23 |  |
| MassMutual RetireEase Select<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 | 19.18 |  |  |  |  |  | 22.55 |
| Tier 2 | 20.94 |  |  |  |  |  | 24.62 |
| MassMutual Transitions Select<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 | 29.88 |  |  | 25.82 |  | 20.36 | 36.71 |
| Tier 2 |  |  | 28.82 |  | 24.80 | 20.36 |  |
| MassMutual Equity Edge<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 |  |  |  |  |  |  |  |
| Tier 2 |  |  |  |  |  |  |  |
| Tier 3 |  |  |  |  |  |  |  |
| Tier 4 |  |  |  |  |  |  |  |
| MassMutual Transitions Select<sup>SM</sup> II |  |  |  |  |  |  |  |
| Tier 1 |  |  | 17.70 |  | 16.85 | 14.19 |  |
| Tier 2 |  |  | 17.14 |  | 16.32 | 13.74 |  |
| Tier 3 |  |  | 17.70 |  | 16.85 | 14.19 |  |
| MassMutual Capital Vantage<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 |  |  | 17.61 |  | 16.78 | 14.12 |  |
| Tier 2 |  |  | 18.19 |  | 17.32 | 14.58 |  |
| Tier 3 |  |  | 16.90 |  | 16.10 | 13.55 |  |
| Tier 4 |  |  | 17.61 |  | 16.78 | 14.12 |  |
| Tier 5 |  |  | 17.45 |  | 16.62 | 13.99 |  |
| Tier 6 |  |  | 18.19 |  | 17.32 | 14.58 |  |
| MassMutual Envision VA |  |  | 10.41 |  | 11.14 | 10.81 |  |

---

*See Notes to Financial Statements*

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* |
| ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** |
|  |  | **MML** | **MML** |  |  |  |  |
|  | **MML** | **Inflation-** | **Inflation-** | **MML** | **MML** | **MML** | **MML** |
|  | **Income** | **Protected** | **Protected** | **International** | **iShares® 60/40** | **iShares® 80/20** | **Large Cap** |
|  | **& Growth** | **and Income** | **and Income** | **Equity** | **Allocation** | **Allocation** | **Growth** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **(Service Class)** | **(Initial Class)** | **(Service Class)** |  |  |  | **(Initial Class)** |
| **ASSETS** |  |  |  |  |  |  |  |
| Investments |  |  |  |  |  |  |  |
| Number of shares | 3053790 | 9457798 | 4721896 | 957620 | 2327506 | 5742628 | 1021822 |
| Identified cost | $29502441 | $94174157 | $46746131 | $8837873 | $22882134 | $56217917 | $12447976 |
| Value | $29224767 | $80958749 | $40041677 | $9652806 | $24648289 | $64202586 | $17575334 |
| Dividends receivable |  |  |  |  |  |  |  |
| Receivable from Massachusetts Mutual Life Insurance Company | - | - | 1 | - | - | - | - |
| **Total assets** | **29224767** | **80958749** | **40041678** | **9652806** | **24648289** | **64202586** | **17575334** |
| **LIABILITIES** |  |  |  |  |  |  |  |
| Payable to Annuitant mortality fluctuation fund reserve |  | 4535 |  |  |  |  | 339 |
| Payable to Massachusetts Mutual Life Insurance Company | 13 | 1171 | - | 28 | 1 | 3 | 66 |
| **Total liabilities** | **13** | **5706** | **-** | **28** | **1** | **3** | **405** |
| **NET ASSETS** | $**29224754** | $**80953043** | $**40041678** | $**9652778** | $**24648288** | $**64202583** | $**17574929** |
| **Net Assets:** |  |  |  |  |  |  |  |
| Accumulation units - value | $29224754 | $77939731 | $40037801 | $9652778 | $24648288 | $64202583 | $17430216 |
| Contracts in payout (annuitization) period | - | 3013312 | 3877 | - | - | - | 144713 |
| **Net assets** | $**29224754** | $**80953043** | $**40041678** | $**9652778** | $**24648288** | $**64202583** | $**17574929** |
| **Outstanding units** |  |  |  |  |  |  |  |
| Contract owners | **1247997** | **5652410** | **3449679** | **769674** | **2237755** | **5511250** | **302650** |
| **UNIT VALUE** |  |  |  |  |  |  |  |
| Panorama Premier | $- | $14.92 | $- | $- | $- | $- | $46.45 |
| Panorama Passage® |  |  |  |  |  |  |  |
| Tier 1 |  | 14.63 |  |  |  |  | 46.66 |
| Tier 2 |  | 14.13 |  |  |  |  | 45.07 |
| Tier 3 |  | 15.44 |  |  |  |  | 49.70 |
| Tier 4 |  | 14.60 |  |  |  |  | 46.97 |
| MassMutual Artistry |  | 15.64 |  | 12.09 |  |  | 38.62 |
| MassMutual Transitions® |  |  |  |  |  |  |  |
| Custom Plan |  | 16.44 |  | 12.39 |  |  | 67.66 |
| Package Plan I |  | 16.44 |  | 12.39 |  |  | 67.66 |
| Package Plan II |  | 15.24 |  | 11.94 |  |  | 62.52 |
| Package Plan III |  | 14.44 |  | 11.62 |  |  | 59.09 |

---

*See Notes to Financial Statements*

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* |
| ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** |
|  |  | **MML** | **MML** |  |  |  |  |
|  | **MML** | **Inflation-** | **Inflation-** | **MML** | **MML** | **MML** | **MML** |
|  | **Income** | **Protected** | **Protected** | **International** | **iShares® 60/40** | **iShares® 80/20** | **Large Cap** |
|  | **& Growth** | **and Income** | **and Income** | **Equity** | **Allocation** | **Allocation** | **Growth** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **(Service Class)** | **(Initial Class)** | **(Service Class)** |  |  |  | **(Initial Class)** |
| **UNIT VALUE (continued)** |  |  |  |  |  |  |  |
| MassMutual Evolution<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 |  | 13.54 |  | 11.62 |  |  | 55.93 |
| Tier 2 |  | 12.46 |  | 11.14 |  |  | 51.46 |
| Tier 3 |  | 11.82 |  | 10.84 |  |  | 48.85 |
| Tier 4 |  | 12.44 |  | 11.14 |  |  | 51.38 |
| Tier 5 |  | 11.44 |  | 10.67 |  |  | 47.27 |
| Tier 6 |  | 10.86 |  | 10.39 |  |  | 44.87 |
| Tier 7 |  | 12.23 |  | 11.02 |  |  | 50.53 |
| Tier 8 |  | 11.23 |  | 10.56 |  |  | 46.41 |
| Tier 9 | 26.81 |  | 11.36 | 10.79 |  |  |  |
| Tier 10 | 29.68 |  | 12.58 | 11.38 |  |  |  |
| Tier 11 | 24.63 |  | 10.44 | 10.33 |  |  |  |
| Tier 12 | 27.81 |  | 11.78 | 10.90 |  |  |  |
| Tier 13 | 23.06 |  | 9.77 | 9.85 |  |  |  |
| Tier 14 | 25.10 |  | 10.63 | 10.28 |  |  |  |
| MassMutual RetireEase Select<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 |  | 12.93 |  |  |  |  | 48.59 |
| Tier 2 |  | 14.12 |  |  |  |  | 53.06 |
| MassMutual Transitions Select<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 |  | 14.71 |  | 12.13 |  |  | 70.63 |
| Tier 2 | 35.25 |  | 14.11 | 12.13 |  |  |  |
| MassMutual Equity Edge<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 |  |  |  |  |  |  |  |
| Tier 2 |  |  |  |  |  |  |  |
| Tier 3 |  |  |  |  |  |  |  |
| Tier 4 |  |  |  |  |  |  |  |
| MassMutual Transitions Select<sup>SM</sup> II |  |  |  |  |  |  |  |
| Tier 1 | 21.13 |  | 11.03 | 13.10 |  |  |  |
| Tier 2 | 20.46 |  | 10.68 | 12.69 |  |  |  |
| Tier 3 | 21.13 |  | 11.03 | 13.10 |  |  |  |
| MassMutual Capital Vantage<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 | 21.04 |  | 10.98 | 13.04 |  |  |  |
| Tier 2 | 21.72 |  | 11.34 | 13.47 |  |  |  |
| Tier 3 | 20.18 |  | 10.53 | 12.51 |  |  |  |
| Tier 4 | 21.04 |  | 10.98 | 13.04 |  |  |  |
| Tier 5 | 20.84 |  | 10.88 | 12.92 |  |  |  |
| Tier 6 | 21.72 |  | 11.34 | 13.47 |  |  |  |
| MassMutual Envision VA | 12.15 |  | 9.30 | 10.19 | 11.01 | 11.65 |  |

---

*See Notes to Financial Statements*

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* |
| ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** |
|  | **MML** | **MML** | **MML** | **MML** | **MML** |  |  |
|  | **Large Cap** | **Managed** | **Managed** | **Managed** | **Managed** | **MML** | **MML** |
|  | **Growth** | **Bond** | **Bond** | **Volatility** | **Volatility** | **Mid Cap Growth** | **Mid Cap Growth** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** |
| **ASSETS** |  |  |  |  |  |  |  |
| Investments |  |  |  |  |  |  |  |
| Number of shares | 2489282 | 6292132 | 14186774 | 4548478 | 1245547 | 5191412 | 8066588 |
| Identified cost | $31589241 | $76983686 | $172083873 | $58257061 | $15797135 | $66984606 | $90743044 |
| Value | $39878298 | $67749275 | $152160302 | $61474154 | $16685470 | $58818699 | $80907874 |
| Dividends receivable |  |  |  |  |  |  |  |
| Receivable from Massachusetts Mutual Life Insurance Company | - | - | 5 | - | - | - | - |
| **Total assets** | **39878298** | **67749275** | **152160307** | **61474154** | **16685470** | **58818699** | **80907874** |
| **LIABILITIES** |  |  |  |  |  |  |  |
| Payable to Annuitant mortality fluctuation fund reserve |  | 3578 |  | 1878 |  | 2722 |  |
| Payable to Massachusetts Mutual Life Insurance Company | 2 | 949 | - | 446 | 28 | 204 | 20 |
| **Total liabilities** | **2** | **4527** | **-** | **2324** | **28** | **2926** | **20** |
| **NET ASSETS** | $**39878296** | $**67744748** | $**152160307** | $**61471830** | $**16685442** | $**58815773** | $**80907854** |
| **Net Assets:** |  |  |  |  |  |  |  |
| Accumulation units - value | $39878296 | $65102021 | $152155517 | $58938595 | $16685442 | $57599723 | $80907854 |
| Contracts in payout (annuitization) period | - | 2642727 | 4790 | 2533235 | - | 1216050 | - |
| **Net assets** | $**39878296** | $**67744748** | $**152160307** | $**61471830** | $**16685442** | $**58815773** | $**80907854** |
| **Outstanding units** |  |  |  |  |  |  |  |
| Contract owners | **1273254** | **4284607** | **12202689** | **2839878** | **905987** | **866413** | **3089885** |
| **UNIT VALUE** |  |  |  |  |  |  |  |
| Panorama Premier | $- | $- | $12.69 | $19.79 | $- | $113.00 | $- |
| Panorama Passage® |  |  |  |  |  |  |  |
| Tier 1 |  | 19.30 |  | 19.35 |  | 83.38 |  |
| Tier 2 |  | 18.64 |  | 18.70 |  | 80.54 |  |
| Tier 3 |  | 20.56 |  | 20.59 |  | 88.81 |  |
| Tier 4 |  | 19.43 |  | 19.46 |  | 83.94 |  |
| MassMutual Artistry |  | 19.81 |  | 20.71 |  | 68.28 |  |
| MassMutual Transitions® |  |  |  |  |  |  |  |
| Custom Plan |  | 18.45 |  | 26.24 |  | 77.99 |  |
| Package Plan I |  | 18.45 |  | 26.24 |  | 77.99 |  |
| Package Plan II |  | 17.05 |  | 24.25 |  | 72.06 |  |
| Package Plan III |  | 16.11 |  | 22.92 |  | 68.10 |  |

---

*See Notes to Financial Statements*

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* |
| ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** |
|  | **MML** | **MML** | **MML** | **MML** | **MML** |  |  |
|  | **Large Cap** | **Managed** | **Managed** | **Managed** | **Managed** | **MML** | **MML** |
|  | **Growth** | **Bond** | **Bond** | **Volatility** | **Volatility** | **Mid Cap Growth** | **Mid Cap Growth** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** |
| **UNIT VALUE (continued)** |  |  |  |  |  |  |  |
| MassMutual Evolution<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 |  | 14.47 |  | 19.91 |  | 45.11 |  |
| Tier 2 |  | 13.31 |  | 18.32 |  | 41.86 |  |
| Tier 3 |  | 12.64 |  | 17.39 |  | 39.95 |  |
| Tier 4 |  | 13.29 |  | 18.29 |  | 41.86 |  |
| Tier 5 |  | 12.23 |  | 16.83 |  | 38.85 |  |
| Tier 6 |  | 11.61 |  | 15.98 |  | 37.08 |  |
| Tier 7 |  | 13.07 |  | 17.99 |  | 41.10 |  |
| Tier 8 |  | 12.01 |  | 16.52 |  | 38.14 |  |
| Tier 9 | 46.93 |  | 12.15 |  | 16.72 |  | 38.18 |
| Tier 10 | 51.96 |  | 13.45 |  | 18.51 |  | 41.90 |
| Tier 11 | 43.11 |  | 11.16 |  | 15.36 |  | 35.43 |
| Tier 12 | 48.67 |  | 12.60 |  | 17.34 |  | 39.26 |
| Tier 13 | 40.36 |  | 10.44 |  | 14.38 |  | 33.17 |
| Tier 14 | 43.94 |  | 11.37 |  | 15.65 |  | 35.74 |
| MassMutual RetireEase Select<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 |  | 13.32 |  | 14.38 |  | 38.60 |  |
| Tier 2 |  | 14.54 |  | 15.70 |  | 42.15 |  |
| MassMutual Transitions Select<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 |  | 15.76 |  | 23.03 |  | 48.60 |  |
| Tier 2 | 67.78 |  | 15.14 |  | 22.11 |  | 46.65 |
| MassMutual Equity Edge<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 |  |  |  |  |  |  |  |
| Tier 2 |  |  |  |  |  |  |  |
| Tier 3 |  |  |  |  |  |  |  |
| Tier 4 |  |  |  |  |  |  |  |
| MassMutual Transitions Select<sup>SM</sup> II |  |  |  |  |  |  |  |
| Tier 1 | 34.28 |  | 10.25 |  | 14.23 |  | 21.52 |
| Tier 2 | 33.19 |  | 9.93 |  | 13.78 |  | 20.84 |
| Tier 3 | 34.28 |  | 10.25 |  | 14.23 |  | 21.52 |
| MassMutual Capital Vantage<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 | 34.12 |  | 10.20 |  | 14.17 |  | 21.42 |
| Tier 2 | 35.23 |  | 10.54 |  | 14.63 |  | 22.12 |
| Tier 3 | 32.74 |  | 9.79 |  | 13.59 |  | 20.55 |
| Tier 4 | 34.12 |  | 10.20 |  | 14.17 |  | 21.42 |
| Tier 5 | 33.81 |  | 10.11 |  | 14.04 |  | 21.22 |
| Tier 6 | 35.23 |  | 10.54 |  | 14.63 |  | 22.12 |
| MassMutual Envision VA | 16.08 |  | 9.39 |  | 11.51 |  | 11.59 |

---

*See Notes to Financial Statements*

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* |
| ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** |
|  |  |  | **MML** | **MML** | **MML** | **MML** | **MML** |
|  | **MML** | **MML** | **Moderate** | **Moderate** | **Short-Duration** | **Small Cap** | **Small Cap** |
|  | **Mid Cap Value** | **Mid Cap Value** | **Allocation** | **Allocation** | **Bond** | **Equity** | **Equity** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** |  | **(Initial Class)** | **(Service Class)** |
| **ASSETS** |  |  |  |  |  |  |  |
| Investments |  |  |  |  |  |  |  |
| Number of shares | 11252826 | 5609411 | 16636348 | 90182113 | 3114742 | 1861571 | 2231496 |
| Identified cost | $99180815 | $48989937 | $160126821 | $849843508 | $28469986 | $18416094 | $22350745 |
| Value | $91372946 | $43921688 | $150392585 | $802620807 | $28281858 | $21575522 | $25061257 |
| Dividends receivable |  |  |  |  |  |  |  |
| Receivable from Massachusetts Mutual Life Insurance Company | - | - | - | 57 | - | - | - |
| **Total assets** | 91372946 | 43921688 | 150392585 | 802620864 | 28281858 | 21575522 | 25061257 |
| **LIABILITIES** |  |  |  |  |  |  |  |
| Payable to Annuitant mortality fluctuation fund reserve | 4864 |  |  |  | 61 | 2998 |  |
| Payable to Massachusetts Mutual Life Insurance Company | 608 | 12 | 108 | - | 50 | 138 | 11 |
| **Total liabilities** | 5472 | 12 | 108 | - | 111 | 3136 | 11 |
| **NET ASSETS** | $91367474 | $43921676 | $150392477 | $802620864 | $28281747 | $21572386 | $25061246 |
| **Net Assets:** |  |  |  |  |  |  |  |
| Accumulation units - value | $88017442 | $43921676 | $150346487 | $802527441 | $28279717 | $21268845 | $25061246 |
| Contracts in payout (annuitization) period | 3350032 | - | 45990 | 93423 | 2030 | 303541 | - |
| **Net assets** | $91367474 | $43921676 | $150392477 | $802620864 | $28281747 | $21572386 | $25061246 |
| **Outstanding units** |  |  |  |  |  |  |  |
| Contract owners | 1900940 | 1865418 | 6775250 | 41828300 | 2667530 | 426694 | 1056531 |
| **UNIT VALUE** |  |  |  |  |  |  |  |
| Panorama Premier | $59.88 | $- | $21.66 | $- | $10.84 | $60.60 | $- |
| Panorama Passage® |  |  |  |  |  |  |  |
| Tier 1 | 63.18 |  | 21.33 |  | 10.69 | 54.35 |  |
| Tier 2 | 61.02 |  | 20.76 |  | 10.45 | 52.50 |  |
| Tier 3 | 67.29 |  | 22.26 |  | 11.09 | 57.90 |  |
| Tier 4 | 63.61 |  | 21.30 |  | 10.68 | 54.72 |  |
| MassMutual Artistry | 68.47 |  | 22.48 |  | 11.19 | 53.27 |  |
| MassMutual Transitions® |  |  |  |  |  |  |  |
| Custom Plan | 55.84 |  | 23.38 |  | 11.58 | 52.23 |  |
| Package Plan I | 55.84 |  | 23.38 |  | 11.58 | 52.23 |  |
| Package Plan II | 51.59 |  | 22.03 |  | 11.00 | 48.26 |  |
| Package Plan III | 48.76 |  | 21.12 |  | 10.60 | 45.61 |  |

---

*See Notes to Financial Statements*

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* |
| ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** |
|  |  |  | **MML** | **MML** | **MML** | **MML** | **MML** |
|  | **MML** | **MML** | **Moderate** | **Moderate** | **Short-Duration** | **Small Cap** | **Small Cap** |
|  | **Mid Cap Value** | **Mid Cap Value** | **Allocation** | **Allocation** | **Bond** | **Equity** | **Equity** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** |  | **(Initial Class)** | **(Service Class)** |
| **UNIT VALUE (continued)** |  |  |  |  |  |  |  |
| MassMutual Evolution<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 | 42.64 |  | 21.12 |  | 10.60 | 40.15 |  |
| Tier 2 | 39.23 |  | 19.73 |  | 10.00 | 36.94 |  |
| Tier 3 | 37.24 |  | 18.92 |  | 9.64 | 35.07 |  |
| Tier 4 | 39.17 |  | 19.73 |  | 10.00 | 36.88 |  |
| Tier 5 | 36.04 |  | 18.44 |  | 9.43 | 33.93 |  |
| Tier 6 | 34.21 |  | 17.68 |  | 9.09 | 32.21 |  |
| Tier 7 | 38.52 |  | 19.40 |  | 9.85 | 36.27 |  |
| Tier 8 | 35.38 |  | 18.13 |  | 9.29 | 33.32 |  |
| Tier 9 |  | 35.80 |  | 18.03 | 9.57 |  | 33.64 |
| Tier 10 |  | 39.63 |  | 19.62 | 10.29 |  | 37.25 |
| Tier 11 |  | 32.88 |  | 16.85 | 9.02 |  | 30.91 |
| Tier 12 |  | 37.12 |  | 18.39 | 9.71 |  | 34.89 |
| Tier 13 |  | 30.78 |  | 15.77 | 8.45 |  | 28.93 |
| Tier 14 |  | 33.51 |  | 16.88 | 8.96 |  | 31.50 |
| MassMutual RetireEase Select<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 | 29.37 |  |  |  |  | 30.06 |  |
| Tier 2 | 32.07 |  |  |  |  | 32.83 |  |
| MassMutual Transitions Select<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 | 47.72 |  | 22.60 |  | 11.24 | 48.04 |  |
| Tier 2 |  | 45.82 |  | 21.70 | 11.24 |  | 46.04 |
| MassMutual Equity Edge<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 |  |  |  |  |  |  |  |
| Tier 2 |  |  |  |  |  |  |  |
| Tier 3 |  |  |  |  |  |  |  |
| Tier 4 |  |  |  |  |  |  |  |
| MassMutual Transitions Select<sup>SM</sup> II |  |  |  |  |  |  |  |
| Tier 1 |  | 18.77 |  | 15.10 | 10.42 |  | 22.01 |
| Tier 2 |  | 18.18 |  | 14.62 | 10.09 |  | 21.32 |
| Tier 3 |  | 18.77 |  | 15.10 | 10.42 |  | 22.01 |
| MassMutual Capital Vantage<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 |  | 18.69 |  | 15.03 | 10.37 |  | 21.91 |
| Tier 2 |  | 19.30 |  | 15.52 | 10.71 |  | 22.63 |
| Tier 3 |  | 17.93 |  | 14.42 | 9.95 |  | 21.03 |
| Tier 4 |  | 18.69 |  | 15.03 | 10.37 |  | 21.91 |
| Tier 5 |  | 18.51 |  | 14.89 | 10.28 |  | 21.71 |
| Tier 6 |  | 19.30 |  | 15.52 | 10.71 |  | 22.63 |
| MassMutual Envision VA |  | 10.93 |  | 10.72 | 10.26 |  | 11.71 |

---

*See Notes to Financial Statements*

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* |
| ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** |
|  |  |  |  |  |  | **MML** |  |
|  | **MML** | **MML** | **MML** | **MML** | **MML** | **Strategic** | **MML** |
|  | **Small Cap** | **Small Cap** | **Small** | **Small/Mid Cap** | **Small/Mid Cap** | **Emerging** | **Sustainable** |
|  | **Growth Equity** | **Growth Equity** | **Company Value** | **Value** | **Value** | **Markets** | **Equity** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **(Initial Class)** | **(Service Class)** |  | **(Initial Class)** | **(Service Class)** |  | **(Initial Class)** |
| **ASSETS** |  |  |  |  |  |  |  |
| Investments |  |  |  |  |  |  |  |
| Number of shares | 5668371 | 2462851 | 2597790 | 7414631 | 2510967 | 1878916 | 3558575 |
| Identified cost | $63714856 | $25331855 | $21733092 | $66994593 | $24568109 | $12135464 | $57511430 |
| Value | $61058231 | $22824853 | $21353830 | $68214607 | $22548483 | $9770366 | $59250280 |
| Dividends receivable |  |  |  |  |  |  |  |
| Receivable from Massachusetts Mutual Life Insurance Company | - | - | - | - | - | - | 576 |
| **Total assets** | 61058231 | 22824853 | 21353830 | 68214607 | 22548483 | 9770366 | 59250856 |
| **LIABILITIES** |  |  |  |  |  |  |  |
| Payable to Annuitant mortality fluctuation fund reserve | 3081 |  |  | 2012 |  |  | 6739 |
| Payable to Massachusetts Mutual Life Insurance Company | 359 | 12 | 30 | 394 | 1 | 48 | - |
| **Total liabilities** | 3440 | 12 | 30 | 2406 | 1 | 48 | 6739 |
| **NET ASSETS** | $61054791 | $22824841 | $21353800 | $68212201 | $22548482 | $9770318 | $59244117 |
| **Net Assets:** |  |  |  |  |  |  |  |
| Accumulation units - value | $58513689 | $22824841 | $21353800 | $65357574 | $22548482 | $9770318 | $58825446 |
| Contracts in payout (annuitization) period | 2541102 | - | - | 2854627 | - | - | 418671 |
| **Net assets** | $61054791 | $22824841 | $21353800 | $68212201 | $22548482 | $9770318 | $59244117 |
| **Outstanding units** |  |  |  |  |  |  |  |
| Contract owners | 1387695 | 854847 | 946261 | 1725101 | 1006815 | 895960 | 1097975 |
| **UNIT VALUE** |  |  |  |  |  |  |  |
| Panorama Premier | $61.50 | $- | $- | $51.28 | $- | $- | $53.87 |
| Panorama Passage® |  |  |  |  |  |  |  |
| Tier 1 | 54.10 |  |  | 50.29 |  |  | 52.83 |
| Tier 2 | 52.25 |  |  | 48.57 |  |  | 51.03 |
| Tier 3 | 57.62 |  |  | 53.09 |  |  | 55.77 |
| Tier 4 | 54.47 |  |  | 50.18 |  |  | 52.71 |
| MassMutual Artistry | 39.23 |  | 42.12 | 53.78 |  | 13.19 | 56.50 |
| MassMutual Transitions® |  |  |  |  |  |  |  |
| Custom Plan | 61.56 |  |  | 56.53 |  |  | 59.38 |
| Package Plan I | 61.56 |  |  | 56.53 |  |  | 59.38 |
| Package Plan II | 56.88 |  |  | 52.40 |  |  | 55.05 |
| Package Plan III | 53.75 |  |  | 49.64 |  |  | 52.14 |

---

*See Notes to Financial Statements*

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* |
| ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** |
|  |  |  |  |  |  | **MML** |  |
|  | **MML** | **MML** | **MML** | **MML** | **MML** | **Strategic** | **MML** |
|  | **Small Cap** | **Small Cap** | **Small** | **Small/Mid Cap** | **Small/Mid Cap** | **Emerging** | **Sustainable** |
|  | **Growth Equity** | **Growth Equity** | **Company Value** | **Value** | **Value** | **Markets** | **Equity** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **(Initial Class)** | **(Service Class)** |  | **(Initial Class)** | **(Service Class)** |  | **(Initial Class)** |
| **UNIT VALUE (continued)** |  |  |  |  |  |  |  |
| MassMutual Evolution<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 | 44.46 |  | 39.74 | 35.64 |  | 10.13 | 39.83 |
| Tier 2 | 40.91 |  | 37.33 | 32.79 |  | 9.49 | 36.64 |
| Tier 3 | 38.83 |  | 35.90 | 31.12 |  | 9.11 | 34.78 |
| Tier 4 | 40.84 |  | 37.33 | 32.74 |  | 9.49 | 36.58 |
| Tier 5 | 37.57 |  | 35.06 | 30.12 |  | 8.89 | 33.66 |
| Tier 6 | 35.67 |  | 33.72 | 28.59 |  | 8.54 | 31.95 |
| Tier 7 | 40.16 |  | 36.75 | 32.19 |  | 9.34 | 35.98 |
| Tier 8 | 36.89 |  | 34.52 | 29.57 |  | 8.75 | 33.05 |
| Tier 9 |  | 37.31 | 35.62 |  | 29.89 | 9.04 |  |
| Tier 10 |  | 41.31 | 38.52 |  | 33.09 | 9.81 |  |
| Tier 11 |  | 34.28 | 33.45 |  | 27.46 | 8.47 |  |
| Tier 12 |  | 38.70 | 36.18 |  | 31.00 | 9.19 |  |
| Tier 13 |  | 32.09 | 31.32 |  | 25.70 | 7.93 |  |
| Tier 14 |  | 34.93 | 33.34 |  | 27.98 | 8.46 |  |
| MassMutual RetireEase Select<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 | 31.02 |  |  | 23.26 |  |  | 30.94 |
| Tier 2 | 33.87 |  |  | 25.39 |  |  | 33.79 |
| MassMutual Transitions Select<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 | 55.27 |  | 42.31 | 39.75 |  | 10.82 | 46.26 |
| Tier 2 |  | 53.06 | 42.31 |  | 38.13 | 10.82 |  |
| MassMutual Equity Edge<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 |  |  |  |  |  |  |  |
| Tier 2 |  |  |  |  |  |  |  |
| Tier 3 |  |  |  |  |  |  |  |
| Tier 4 |  |  |  |  |  |  |  |
| MassMutual Transitions Select<sup>SM</sup> II |  |  |  |  |  |  |  |
| Tier 1 |  | 21.62 | 19.53 |  | 18.86 | 11.21 |  |
| Tier 2 |  | 20.93 | 18.91 |  | 18.27 | 10.86 |  |
| Tier 3 |  | 21.62 | 19.53 |  | 18.86 | 11.21 |  |
| MassMutual Capital Vantage<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 |  | 21.52 | 19.44 |  | 18.78 | 11.16 |  |
| Tier 2 |  | 22.22 | 20.07 |  | 19.39 | 11.52 |  |
| Tier 3 |  | 20.65 | 18.65 |  | 18.02 | 10.71 |  |
| Tier 4 |  | 21.52 | 19.44 |  | 18.78 | 11.16 |  |
| Tier 5 |  | 21.32 | 19.26 |  | 18.61 | 11.06 |  |
| Tier 6 |  | 22.22 | 20.07 |  | 19.39 | 11.52 |  |
| MassMutual Envision VA | 10.80 |  | 10.67 |  | 11.02 | 8.24 |  |

---

*See Notes to Financial Statements*

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* |
| ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** |
|  |  |  |  | **PIMCO** |  | **Vest** | **VY®** |
|  | **MML** |  | **MML U.S.** | **Commodity** |  | **US Large Cap** | **CBRE** |
|  | **Sustainable** | **MML Total** | **Government** | **RealReturn®** | **PIMCO** | **10% Buffer** | **Global** |
|  | **Equity** | **Return Bond** | **Money Market** | **Strategy** | **Income** | **Strategies V.I.** | **Real Estate** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **(Service Class)** |  |  |  |  |  |  |
| **ASSETS** |  |  |  |  |  |  |  |
| Investments |  |  |  |  |  |  |  |
| Number of shares | 3131181 | 4597972 | 109763295 | 1045253 | 318133 | 186221 | 770846 |
| Identified cost | $52481637 | $45618624 | $109762853 | $7506639 | $3132245 | $4784526 | $7903283 |
| Value | $51132186 | $39588537 | $109763293 | $5811609 | $3146333 | $4836150 | $7677623 |
| Dividends receivable |  |  |  |  |  |  |  |
| Receivable from Massachusetts Mutual Life Insurance Company | - | - | 950 | - | - | - | - |
| **Total assets** | 51132186 | 39588537 | 109764243 | 5811609 | 3146333 | 4836150 | 7677623 |
| **LIABILITIES** |  |  |  |  |  |  |  |
| Payable to Annuitant mortality fluctuation fund reserve |  |  | 3802 | 52 |  |  | 50 |
| Payable to Massachusetts Mutual Life Insurance Company | 10 | 37 | - | 111 | 35 | - | 74 |
| **Total liabilities** | 10 | 37 | 3802 | 163 | 35 | - | 124 |
| **NET ASSETS** | $51132176 | $39588500 | $109760441 | $5811446 | $3146298 | $4836150 | $7677499 |
| **Net Assets:** |  |  |  |  |  |  |  |
| Accumulation units - value | $51132176 | $39588500 | $109057099 | $5581329 | $3146298 | $4836150 | $7238222 |
| Contracts in payout (annuitization) period | - | - | 703342 | 230117 | - | - | 439277 |
| **Net assets** | $51132176 | $39588500 | $109760441 | $5811446 | $3146298 | $4836150 | $7677499 |
| **Outstanding units** |  |  |  |  |  |  |  |
| Contract owners | 1753555 | 4119422 | 11080174 | 812300 | 304232 | 383925 | 459868 |
| **UNIT VALUE** |  |  |  |  |  |  |  |
| Panorama Premier | $- | $9.85 | $9.26 | $7.00 | $- | $- | $16.48 |
| Panorama Passage® |  |  |  |  |  |  |  |
| Tier 1 |  | 9.73 | 9.12 | 6.88 |  |  | 16.21 |
| Tier 2 |  | 9.54 | 8.88 | 6.68 |  |  | 15.73 |
| Tier 3 |  | 10.05 | 9.52 | 7.21 |  |  | 16.98 |
| Tier 4 |  | 9.72 | 9.11 | 6.87 |  |  | 16.18 |
| MassMutual Artistry |  | 10.12 | 9.62 | 7.29 |  |  | 17.17 |
| MassMutual Transitions® |  |  |  |  |  |  |  |
| Custom Plan |  | 10.42 | 10.00 | 7.61 |  |  | 17.93 |
| Package Plan I |  | 10.42 | 10.00 | 7.61 |  |  | 17.93 |
| Package Plan II |  | 9.97 | 9.42 | 7.13 |  |  | 16.79 |
| Package Plan III |  | 9.66 | 9.03 | 6.80 |  |  | 16.03 |

---

*See Notes to Financial Statements*

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* | *STATEMENTS OF ASSETS AND LIABILITIES (Continued)* |
| ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** | ***December 31, 2024*** |
|  |  |  |  | **PIMCO** |  | **Vest** | **VY®** |
|  | **MML** |  | **MML U.S.** | **Commodity** |  | **US Large Cap** | **CBRE** |
|  | **Sustainable** | **MML Total** | **Government** | **RealReturn®** | **PIMCO** | **10% Buffer** | **Global** |
|  | **Equity** | **Return Bond** | **Money Market** | **Strategy** | **Income** | **Strategies V.I.** | **Real Estate** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **(Service Class)** |  |  |  |  |  |  |
| **UNIT VALUE (continued)** |  |  |  |  |  |  |  |
| MassMutual Evolution<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 |  | 9.66 | 9.03 | 6.80 |  |  | 16.02 |
| Tier 2 |  | 9.18 | 8.44 | 6.31 |  |  | 14.87 |
| Tier 3 |  | 8.90 | 8.09 | 6.02 |  |  | 14.19 |
| Tier 4 |  | 9.18 | 8.44 | 6.31 |  |  | 14.87 |
| Tier 5 |  | 8.73 | 7.89 | 5.86 |  |  | 13.80 |
| Tier 6 |  | 8.46 | 7.56 | 5.59 |  |  | 13.17 |
| Tier 7 |  | 9.07 | 8.30 | 6.20 |  |  | 14.60 |
| Tier 8 |  | 8.62 | 7.75 | 5.75 |  |  | 13.55 |
| Tier 9 | 33.41 | 8.84 | 8.03 | 6.00 |  |  | 14.13 |
| Tier 10 | 36.99 | 9.42 | 8.74 | 6.58 |  |  | 15.51 |
| Tier 11 | 30.69 | 8.40 | 7.51 | 5.57 |  |  | 13.11 |
| Tier 12 | 34.65 | 8.95 | 8.19 | 6.17 |  |  | 14.53 |
| Tier 13 | 28.73 | 7.94 | 7.03 | 5.21 |  |  | 12.28 |
| Tier 14 | 31.28 | 8.35 | 7.52 | 5.62 |  |  | 13.23 |
| MassMutual RetireEase Select<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 |  |  | 9.23 | 6.82 |  |  | 12.83 |
| Tier 2 |  |  | 9.70 | 7.45 |  |  | 14.01 |
| MassMutual Transitions Select<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 |  | 10.16 | 9.67 | 7.33 |  |  | 17.26 |
| Tier 2 | 44.38 | 10.16 | 9.67 | 7.33 |  |  | 17.26 |
| MassMutual Equity Edge<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 |  |  | 9.12 |  |  |  |  |
| Tier 2 |  |  |  |  |  |  |  |
| Tier 3 |  |  |  |  |  |  |  |
| Tier 4 |  |  | 9.57 |  |  |  |  |
| MassMutual Transitions Select<sup>SM</sup> II |  |  |  |  |  |  |  |
| Tier 1 | 26.08 | 9.62 | 10.22 |  |  |  |  |
| Tier 2 | 25.26 | 9.31 | 9.90 |  |  |  |  |
| Tier 3 | 26.08 | 9.62 | 10.22 |  |  |  |  |
| MassMutual Capital Vantage<sup>SM</sup> |  |  |  |  |  |  |  |
| Tier 1 | 25.96 | 9.57 | 10.18 |  |  |  |  |
| Tier 2 | 26.81 | 9.89 | 10.51 |  |  |  |  |
| Tier 3 | 24.91 | 9.19 | 9.76 |  |  |  |  |
| Tier 4 | 25.96 | 9.57 | 10.18 |  |  |  |  |
| Tier 5 | 25.72 | 9.49 | 10.08 |  |  |  |  |
| Tier 6 | 26.81 | 9.89 | 10.51 |  |  |  |  |
| MassMutual Envision VA | 13.14 | 9.01 | 10.70 |  | 10.34 | 12.60 |  |

---

*See Notes to Financial Statements*

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS* |
| ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** |
|  | **American Funds** |  | **American Funds** | **BlackRock** | **Columbia** |  |  |
|  | **Insurance Series®** | **American Funds** | **Insurance Series®** | **60/40 Target** | **Variable** | **Fidelity®** | **Fidelity®** |
|  | **Global Small** | **Insurance Series®** | **Washington** | **Allocation** | **Portfolio -** | **VIP** | **VIP** |
|  | **Capitalization** | **New World** | **Mutual Investors** | **ETF V.I.** | **Contrarian Core** | **Contrafund®** | **Contrafund®** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  |  |  |  |  |  | **(Initial Class)** | **(Service Class 2)** |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends | $213 | $1697 | $11319 | $444692 | $- | $371925 | $87228 |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality and expense risk charge and administrative charges | 1294 | 611 | 3576 | 201907 | 1058 | 2505994 | 3359145 |
| **Net Investment income (loss)** | **(1081)** | **1086** | **7743** | **242785** | **(1058)** | **(2134069)** | **(3271917)** |
| **Net realized and unrealized gain (loss) on investments** | **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | 115 | 36 | 5741 | 308609 | 871 | 20661395 | 19799593 |
| Realized gain distribution | - | - | - | 1193550 | - | 23310630 | 32005777 |
| Realized gain (loss) | 115 | 36 | 5741 | 1502159 | 871 | 43972025 | 51805370 |
| Change in net unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) of investments | (3643) | (8855) | (10558) | 126616 | (3908) | 14278654 | 22018088 |
| **Net gain (loss) on investments** | **(3528)** | **(8819)** | **(4817)** | **1628775** | **(3037)** | **58250679** | **73823458** |
| **Net increase (decrease) in net assets** |  |  |  |  |  |  |  |
| **resulting from operations** | **(4609)** | **(7733)** | **2926** | **1871560** | **(4095)** | **56116610** | **70551541** |
| Capital transactions: |  |  |  |  |  |  |  |
| Transfers of net premiums | 429105 | 226316 | 1229041 | 2120703 | 600500 | 1052671 | 14648949 |
| Transfers due to death benefits |  |  |  | (22233) |  | (2387106) | (3223650) |
| Transfers due to annuity benefit payments |  |  |  |  |  | (859311) | (551) |
| Transfers due to withdrawal of funds | (1997) | (1928) | (681) | (1323975) | (9032) | (25483059) | (35325001) |
| Transfers due to loans, net of repayments |  |  |  |  |  | (29440) |  |
| Transfers due to charges for administrative |  |  |  |  |  |  |  |
| and insurance costs |  |  |  |  |  | (459705) | (189407) |
| Transfers due to contingent deferred sales charges | (451) | (216) | (1244) |  | (265) | (1277) | (56483) |
| Transfers due to net charge (credit) to |  |  |  |  |  |  |  |
| annuitant mortality fluctuation |  |  |  |  |  | (68792) | 72 |
| Transfers between Sub-Accounts |  |  |  |  |  |  |  |
| and (to) from General Account | 1164 | 2844 | 448 | (123985) | 5445 | (13675517) | (5218894) |
| Net increase (decrease) in net assets |  |  |  |  |  |  |  |
| resulting from capital transactions | 427821 | 227016 | 1227564 | 650510 | 596648 | (41911536) | (29364965) |
| **Total increase (decrease)** | **423212** | **219283** | **1230490** | **2522070** | **592553** | **14205074** | **41186576** |
| **NET ASSETS, at beginning of the year** | **-** | **-** | **-** | **18823486** | **-** | **187411670** | **231386664** |
| **NET ASSETS, at end of the year** | $**423212** | $**219283** | $**1230490** | $**21345556** | $**592553** | $**201616744** | $**272573240** |

---

*See Notes to Financial Statements*

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* |
| ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** |
|  |  |  |  | **Fidelity®** | **Invesco** | **Invesco** |  |
|  | **Fidelity®** | **Fidelity®** | **Fidelity®** | **VIP** | **Oppenheimer V.I.** | **Oppenheimer V.I.** | **Invesco V.I.** |
|  | **VIP** | **VIP** | **VIP** | **Strategic** | **International** | **International** | **Capital** |
|  | **Health Care** | **Overseas** | **Real Estate** | **Income** | **Growth** | **Growth** | **Appreciation** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  |  |  |  |  | **(Series I)** | **(Series II)** | **(Series I)** |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends | $- | $5925 | $30627 | $39054 | $127276 | $66261 | $- |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality and expense risk charge and administrative charges | 20254 | 3112 | 8356 | 11660 | 244254 | 247286 | 1486570 |
| **Net Investment income (loss)** | **(20254)** | **2813** | **22271** | **27394** | **(116978)** | **(181025)** | **(1486570)** |
| **Net realized and unrealized gain (loss) on investments** | **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | 32531 | 682 | (7757) | 7073 | (235778) | (388230) | (3697001) |
| Realized gain distribution | - | 21346 | - | - | 1305278 | 1178446 | - |
| Realized gain (loss) | 32531 | 22028 | (7757) | 7073 | 1069500 | 790216 | (3697001) |
| Change in net unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) of investments | (4440) | (34852) | 12101 | 990 | (1394734) | (1067491) | 39255505 |
| **Net gain (loss) on investments** | **28091** | **(12824)** | **4344** | **8063** | **(325234)** | **(277275)** | **35558504** |
| **Net increase (decrease) in net assets** |  |  |  |  |  |  |  |
| **resulting from operations** | **7837** | **(10011)** | **26615** | **35457** | **(442212)** | **(458300)** | **34071934** |
| Capital transactions: |  |  |  |  |  |  |  |
| Transfers of net premiums | 992394 | 360332 | 257288 | 330271 | 128562 | 688379 | 330846 |
| Transfers due to death benefits |  |  |  |  | (210868) | (80777) | (2032806) |
| Transfers due to annuity benefit payments |  |  |  |  | (77845) |  | (367212) |
| Transfers due to withdrawal of funds | (16007) | (2176) | (2679) | (5610) | (2724401) | (3076716) | (16843701) |
| Transfers due to loans, net of repayments |  |  |  |  | 5268 |  | (1486) |
| Transfers due to charges for administrative |  |  |  |  |  |  |  |
| and insurance costs |  |  |  |  | (81426) | (83817) | (379996) |
| Transfers due to contingent deferred sales charges | (7992) | (1446) | (2053) | (4368) | (247) | (3433) | (498) |
| Transfers due to net charge (credit) to |  |  |  |  |  |  |  |
| annuitant mortality fluctuation |  |  |  |  | (2399) |  | 45147 |
| Transfers between Sub-Accounts |  |  |  |  |  |  |  |
| and (to) from General Account | (24238) | 13728 | 2689 | 67408 | 432244 | 534585 | (14577019) |
| Net increase (decrease) in net assets |  |  |  |  |  |  |  |
| resulting from capital transactions | 944157 | 370438 | 255245 | 387701 | (2531112) | (2021779) | (33826725) |
| **Total increase (decrease)** | **951994** | **360427** | **281860** | **423158** | **(2973324)** | **(2480079)** | **245209** |
| **NET ASSETS, at beginning of the year** | **1069597** | **153996** | **531372** | **698753** | **21214036** | **20333526** | **116367287** |
| **NET ASSETS, at end of the year** | $**2021591** | $**514423** | $**813232** | $**1121911** | $**18240712** | $**17853447** | $**116612496** |

---

*See Notes to Financial Statements*

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* |
| ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** |
|  | **Invesco V.I.** | **Invesco V.I.** | **Invesco V.I.** | **Invesco V.I.** | **Invesco V.I.** | **Invesco V.I.** | **Invesco V.I.** |
|  | **Capital** | **Core Plus** | **Discovery** | **Discovery** | **Diversified** | **Diversified** | **Equity and** |
|  | **Appreciation** | **Bond** | **Mid Cap Growth** | **Mid Cap Growth** | **Dividend** | **Dividend** | **Income** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **(Series II)** |  | **(Series I)** | **(Series II)** | **(Series I)** | **(Series II)** | **(Series I)** |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends | $- | $49426 | $- | $- | $86663 | $106855 | $230071 |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality and expense risk charge and administrative charges | 119083 | 17484 | 951694 | 346259 | 55848 | 104137 | 60468 |
| **Net Investment income (loss)** | **(119083)** | **31942** | **(951694)** | **(346259)** | **30815** | **2718** | **169603** |
| **Net realized and unrealized gain (loss) on investments** | **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | (243210) | (10933) | (1399309) | (1066180) | 3983 | 45875 | 445193 |
| Realized gain distribution | - | - | - | - | 184454 | 260468 | 196797 |
| Realized gain (loss) | (243210) | (10933) | (1399309) | (1066180) | 188437 | 306343 | 641990 |
| Change in net unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) of investments | 2855461 | 2219 | 17870905 | 6779364 | 300618 | 599005 | (356298) |
| **Net gain (loss) on investments** | **2612251** | **(8714)** | **16471596** | **5713184** | **489055** | **905348** | **285692** |
| **Net increase (decrease) in net assets** |  |  |  |  |  |  |  |
| **resulting from operations** | **2493168** | **23228** | **15519902** | **5366925** | **519870** | **908066** | **455295** |
| Capital transactions: |  |  |  |  |  |  |  |
| Transfers of net premiums | 59505 |  | 305704 | 1630926 | 64835 | 44822 | 14773 |
| Transfers due to death benefits | (58855) | (26753) | (1001794) | (329161) | (35172) | (62073) | (102608) |
| Transfers due to annuity benefit payments |  | (1386) | (278282) | (207) | (13738) |  | (209) |
| Transfers due to withdrawal of funds | (2065335) | (39565) | (10605709) | (2879077) | (390591) | (2909196) | (644648) |
| Transfers due to loans, net of repayments |  |  | 1183 |  | 5580 |  | 799 |
| Transfers due to charges for administrative |  |  |  |  |  |  |  |
| and insurance costs | (20299) |  | (266114) | (14221) | (7771) | (6158) | (3587) |
| Transfers due to contingent deferred sales charges |  | (22) | (128) | (3295) |  |  | (53) |
| Transfers due to net charge (credit) to |  |  |  |  |  |  |  |
| annuitant mortality fluctuation |  | (1063) | 71727 | 27 | 1486 |  | (1107) |
| Transfers between Sub-Accounts |  |  |  |  |  |  |  |
| and (to) from General Account | (474147) | (1) | (4843970) | 492318 | 337 | (272541) | (45269) |
| Net increase (decrease) in net assets |  |  |  |  |  |  |  |
| resulting from capital transactions | (2559131) | (68790) | (16617383) | (1102690) | (375034) | (3205146) | (781909) |
| **Total increase (decrease)** | **(65963)** | **(45562)** | **(1097481)** | **4264235** | **144836** | **(2297080)** | **(326614)** |
| **NET ASSETS, at beginning of the year** | **8701153** | **1344454** | **72492489** | **24635259** | **4424798** | **8547518** | **5382578** |
| **NET ASSETS, at end of the year** | $**8635190** | $**1298892** | $**71395008** | $**28899494** | $**4569634** | $**6250438** | $**5055964** |

---

*See Notes to Financial Statements*

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* |
| ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** |
|  | **Invesco V.I.** |  |  | **Invesco V.I.** | **Invesco V.I.** |  |  |
|  | **Equity and** | **Invesco V.I.** | **Invesco V.I.** | **Global Strategic** | **Global Strategic** | **Invesco V.I.** | **Invesco V.I.** |
|  | **Income** | **Global** | **Global** | **Income** | **Income** | **Health Care** | **Health Care** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **(Series II)** | **(Series I)** | **(Series II)** | **(Series I)** | **(Series II)** | **(Series I)** | **(Series II)** |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends | $516 | $- | $- | $2891997 | $1089393 | $- | $- |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality and expense risk charge and administrative charges | 148 | 1556576 | 742797 | 1225366 | 514546 | 100658 | 91081 |
| **Net Investment income (loss)** | **368** | **(1556576)** | **(742797)** | **1666631** | **574847** | **(100658)** | **(91081)** |
| **Net realized and unrealized gain (loss) on investments** | **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | (218) | 1180430 | (708056) | (2464396) | (1168649) | 110005 | 113335 |
| Realized gain distribution | 474 | 7169493 | 3372313 | - | - | - | - |
| Realized gain (loss) | 256 | 8349923 | 2664257 | (2464396) | (1168649) | 110005 | 113335 |
| Change in net unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) of investments | 415 | 10863131 | 5980728 | 2644531 | 1189420 | 329109 | 277945 |
| **Net gain (loss) on investments** | **671** | **19213054** | **8644985** | **180135** | **20771** | **439114** | **391280** |
| **Net increase (decrease) in net assets** |  |  |  |  |  |  |  |
| **resulting from operations** | **1039** | **17656478** | **7902188** | **1846766** | **595618** | **338456** | **300199** |
| Capital transactions: |  |  |  |  |  |  |  |
| Transfers of net premiums |  | 568405 | 1452466 | 466036 | 1107908 | 112012 | 38824 |
| Transfers due to death benefits |  | (1456332) | (286058) | (1971654) | (472878) | (23293) | (67402) |
| Transfers due to annuity benefit payments |  | (384463) | (510) | (326947) |  | (37517) |  |
| Transfers due to withdrawal of funds | (2278) | (16086818) | (9899061) | (14294394) | (5642888) | (1276838) | (1935678) |
| Transfers due to loans, net of repayments |  | (8206) |  | 2011 |  | (4152) |  |
| Transfers due to charges for administrative |  |  |  |  |  |  |  |
| and insurance costs | 3 | (306393) | (138340) | (424655) | (255483) | (8375) | (13675) |
| Transfers due to contingent deferred sales charges |  | (717) | (2192) | (387) | (826) | (175) |  |
| Transfers due to net charge (credit) to |  |  |  |  |  |  |  |
| annuitant mortality fluctuation |  | (10940) | 67 | 119197 |  | (19466) |  |
| Transfers between Sub-Accounts |  |  |  |  |  |  |  |
| and (to) from General Account | 1 | (3880334) | (1699771) | 8174977 | 2464033 | 15436 | 171926 |
| Net increase (decrease) in net assets |  |  |  |  |  |  |  |
| resulting from capital transactions | (2274) | (21565798) | (10573399) | (8255816) | (2800134) | (1242368) | (1806005) |
| **Total increase (decrease)** | **(1235)** | **(3909320)** | **(2671211)** | **(6409050)** | **(2204516)** | **(903912)** | **(1505806)** |
| **NET ASSETS, at beginning of the year** | **13532** | **127106320** | **58095537** | **98973441** | **41784589** | **8279217** | **7445184** |
| **NET ASSETS, at end of the year** | $**12297** | $**123197000** | $**55424326** | $**92564391** | $**39580073** | $**7375305** | $**5939378** |

---

*See Notes to Financial Statements*

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* |
| ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** |
|  |  |  |  |  |  |  | **Janus Henderson** |
|  |  |  |  |  | **Invesco V.I.** |  | **Global** |
|  | **Invesco V.I.** | **Invesco V.I.** | **Invesco V.I.** | **Invesco V.I.** | **U.S. Government** | **Janus Henderson** | **Technology and** |
|  | **Main Street** | **Main Street** | **Technology** | **Technology** | **Money** | **Enterprise** | **Innovation** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **(Series I)** | **(Series II)** | **(Series I)** | **(Series II)** |  |  |  |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends | $- | $- | $- | $- | $266165 | $129 | $- |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality and expense risk charge and administrative charges | 361296 | 261824 | 97342 | 110571 | 62872 | 758 | 19441 |
| **Net Investment income (loss)** | **(361296)** | **(261824)** | **(97342)** | **(110571)** | **203293** | **(629)** | **(19441)** |
| **Net realized and unrealized gain (loss) on investments** | **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | (1446922) | (1706854) | (866357) | (2321476) |  | 43 | 5400 |
| Realized gain distribution | 3109223 | 2058887 | 337259 | 405939 | - | 31 | - |
| Realized gain (loss) | 1662301 | 352033 | (529098) | (1915537) | - | 74 | 5400 |
| Change in net unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) of investments | 5064736 | 4051845 | 2946484 | 4386412 | - | (43) | 295750 |
| **Net gain (loss) on investments** | **6727037** | **4403878** | **2417386** | **2470875** | **-** | **31** | **301150** |
| **Net increase (decrease) in net assets** |  |  |  |  |  |  |  |
| **resulting from operations** | **6365741** | **4142054** | **2320044** | **2360304** | **203293** | **(598)** | **281709** |
| Capital transactions: |  |  |  |  |  |  |  |
| Transfers of net premiums | 128747 | 494379 | 127284 | 77611 | 175777 | 277683 | 1879358 |
| Transfers due to death benefits | (363253) | (113234) | (90841) | (35722) | (35866) |  | (16588) |
| Transfers due to annuity benefit payments | (26325) |  | (26211) | (236) | (12187) |  |  |
| Transfers due to withdrawal of funds | (3156772) | (3776880) | (914588) | (1942180) | (1284531) | (505) | (20581) |
| Transfers due to loans, net of repayments | (11330) |  | (573) |  |  |  |  |
| Transfers due to charges for administrative |  |  |  |  |  |  |  |
| and insurance costs | (18402) | (4682) | (10014) | (5803) | 9482 |  |  |
| Transfers due to contingent deferred sales charges | (297) |  | (109) |  | (90) | (551) | (5907) |
| Transfers due to net charge (credit) to |  |  |  |  |  |  |  |
| annuitant mortality fluctuation | (5789) |  | (20878) | 30 | (381) |  |  |
| Transfers between Sub-Accounts |  |  |  |  |  |  |  |
| and (to) from General Account | (124341) | (488778) | (900771) | (404805) | 594988 | 6934 | 223130 |
| Net increase (decrease) in net assets |  |  |  |  |  |  |  |
| resulting from capital transactions | (3577762) | (3889195) | (1836701) | (2311105) | (552808) | 283561 | 2059412 |
| **Total increase (decrease)** | **2787979** | **252859** | **483343** | **49199** | **(349515)** | **282963** | **2341121** |
| **NET ASSETS, at beginning of the year** | **29488977** | **20291673** | **7811874** | **8322967** | **5990501** | **-** | **703850** |
| **NET ASSETS, at end of the year** | $**32276956** | $**20544532** | $**8295217** | $**8372166** | $**5640986** | $**282963** | $**3044971** |

---

*See Notes to Financial Statements*

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* |
| ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** |
|  |  | **Macquarie** |  |  |  | **MML** | **MML** |
|  |  | **VIP** | **Macquarie** | **MML** | **MML** | **American** | **American** |
|  | **Janus Henderson** | **Asset** | **VIP** | **Aggressive** | **Aggressive** | **Funds** | **Funds** |
|  | **Overseas** | **Strategy** | **Growth** | **Allocation** | **Allocation** | **Core Allocation** | **Growth** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  |  |  |  | **(Initial Class)** | **(Service Class)** |  |  |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends | $405 | $179567 | $- | $296165 | $622052 | $10861048 | $- |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality and expense risk charge and administrative charges | 86 | 131458 | 687 | 319880 | 842895 | 8061377 | 3233727 |
| **Net Investment income (loss)** | **319** | **48109** | **(687)** | **(23715)** | **(220843)** | **2799671** | **(3233727)** |
| **Net realized and unrealized gain (loss) on investments** | **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | 1 | 179352 | 36 | (703922) | (2217142) | (23050766) | 5132369 |
| Realized gain distribution | - | 358750 | - | 473898 | 1270211 | 10220870 | 19133221 |
| Realized gain (loss) | 1 | 538102 | 36 | (230024) | (946931) | (12829896) | 24265590 |
| Change in net unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) of investments | (451) | 517509 | 3321 | 3109041 | 8584170 | 72505505 | 44193957 |
| **Net gain (loss) on investments** | **(450)** | **1055611** | **3357** | **2879017** | **7637239** | **59675609** | **68459547** |
| **Net increase (decrease) in net assets** |  |  |  |  |  |  |  |
| **resulting from operations** | **(131)** | **1103720** | **2670** | **2855302** | **7416396** | **62475280** | **65225820** |
| Capital transactions: |  |  |  |  |  |  |  |
| Transfers of net premiums | 50603 | 313557 | 210075 | 420474 | 2206304 | 14471569 | 29096660 |
| Transfers due to death benefits |  | (122370) |  | (223786) | (503471) | (4109842) | (1749039) |
| Transfers due to annuity benefit payments |  |  |  |  |  | (38800) | (27900) |
| Transfers due to withdrawal of funds | (151) | (2965201) | 7762 | (3474482) | (14493390) | (157533088) | (35838681) |
| Transfers due to loans, net of repayments |  |  |  | 8996 |  | (48712) | 2974 |
| Transfers due to charges for administrative |  |  |  |  |  |  |  |
| and insurance costs |  | 2167 |  | (86049) | (117724) | (4793109) | (368404) |
| Transfers due to contingent deferred sales charges | (18) | (1566) | (368) | (6) |  | (82874) | (212565) |
| Transfers due to net charge (credit) to |  |  |  |  |  |  |  |
| annuitant mortality fluctuation |  |  |  |  |  | 6987 | 4003 |
| Transfers between Sub-Accounts |  |  |  |  |  |  |  |
| and (to) from General Account | 69 | (27775) | 17670 | (713531) | (1293235) | 627699 | (13578285) |
| Net increase (decrease) in net assets |  |  |  |  |  |  |  |
| resulting from capital transactions | 50503 | (2801188) | 235139 | (4068384) | (14201516) | (151500170) | (22671237) |
| **Total increase (decrease)** | **50372** | **(1697468)** | **237809** | **(1213082)** | **(6785120)** | **(89024890)** | **42554583** |
| **NET ASSETS, at beginning of the year** | **-** | **11089050** | **-** | **26625090** | **70495980** | **658413694** | **234932146** |
| **NET ASSETS, at end of the year** | $**50372** | $**9391582** | $**237809** | $**25412008** | $**63710860** | $**569388804** | $**277486729** |

---

*See Notes to Financial Statements*

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* |
| ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** |
|  | **MML** | **MML** |  |  | **MML** | **MML** | **MML** |
|  | **Balanced** | **Balanced** | **MML** | **MML** | **Blue Chip** | **Blue Chip** | **Conservative** |
|  | **Allocation** | **Allocation** | **Blend** | **Blend** | **Growth** | **Growth** | **Allocation** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Initial Class)** |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends | $1237359 | $4897445 | $946277 | $3200851 | $- | $- | $1170447 |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality and expense risk charge and administrative charges | 688635 | 3040581 | 625147 | 2455100 | 610824 | 2246335 | 560163 |
| **Net Investment income (loss)** | **548724** | **1856864** | **321130** | **745751** | **(610824)** | **(2246335)** | **610284** |
| **Net realized and unrealized gain (loss) on investments** | **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | (1490859) | (8828268) | (427269) | (1590587) | 1368492 | 3856774 | (1463558) |
| Realized gain distribution | - | - | 472474 | 1821686 | 3633777 | 13955171 | - |
| Realized gain (loss) | (1490859) | (8828268) | 45205 | 231099 | 5002269 | 17811945 | (1463558) |
| Change in net unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) of investments | 4233386 | 21220999 | 5950619 | 22328450 | 10257791 | 34378010 | 3216705 |
| **Net gain (loss) on investments** | **2742527** | **12392731** | **5995824** | **22559549** | **15260060** | **52189955** | **1753147** |
| **Net increase (decrease) in net assets** |  |  |  |  |  |  |  |
| **resulting from operations** | **3291251** | **14249595** | **6316954** | **23305300** | **14649236** | **49943620** | **2363431** |
| Capital transactions: |  |  |  |  |  |  |  |
| Transfers of net premiums | 127784 | 6154583 | 222330 | 8549433 | 280752 | 8308752 | 56506 |
| Transfers due to death benefits | (623541) | (3635975) | (305465) | (1520842) | (384357) | (1695249) | (1852085) |
| Transfers due to annuity benefit payments |  | (8314) | (123382) |  | (118845) | (701) | (17693) |
| Transfers due to withdrawal of funds | (5816448) | (47949684) | (7503997) | (21771202) | (8213632) | (22596775) | (5485905) |
| Transfers due to loans, net of repayments | 15704 |  | 7206 |  | (1160) |  |  |
| Transfers due to charges for administrative |  |  |  |  |  |  |  |
| and insurance costs | (398999) | (1071806) | (52270) | (53450) | (66739) | (60473) | (375484) |
| Transfers due to contingent deferred sales charges |  | (33284) | (690) | (35100) | (527) | (58290) | (4) |
| Transfers due to net charge (credit) to |  |  |  |  |  |  |  |
| annuitant mortality fluctuation |  | 899 | 24559 |  | 31842 | 91 | 923 |
| Transfers between Sub-Accounts |  |  |  |  |  |  |  |
| and (to) from General Account | 358223 | (892190) | (34150) | 2069377 | (2219169) | (4104656) | (227735) |
| Net increase (decrease) in net assets |  |  |  |  |  |  |  |
| resulting from capital transactions | (6337277) | (47435771) | (7765859) | (12761784) | (10691835) | (20207301) | (7901477) |
| **Total increase (decrease)** | **(3046026)** | **(33186176)** | **(1448905)** | **10543516** | **3957401** | **29736319** | **(5538046)** |
| **NET ASSETS, at beginning of the year** | **54442079** | **252483566** | **50812477** | **187651135** | **46546333** | **154927161** | **48661190** |
| **NET ASSETS, at end of the year** | $**51396053** | $**219297390** | $**49363572** | $**198194651** | $**50503734** | $**184663480** | $**43123144** |

---

*See Notes to Financial Statements*

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* |
| ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** |
|  | **MML** | **MML** |  |  |  |  | **MML** |
|  | **Conservative** | **Dynamic** | **MML** | **MML** | **MML** | **MML** | **Equity** |
|  | **Allocation** | **Bond** | **Equity** | **Equity** | **Equity Income** | **Equity Income** | **Index** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **(Service Class)** |  | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Class I)** |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends | $4619386 | $642740 | $445563 | $1389113 | $2173665 | $1265065 | $332331 |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality and expense risk charge and administrative charges | 2575880 | 154996 | 284342 | 1014976 | 1331678 | 905415 | 425070 |
| **Net Investment income (loss)** | **2043506** | **487744** | **161221** | **374137** | **841987** | **359650** | **(92739)** |
| **Net realized and unrealized gain (loss) on investments** | **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | (9113718) | (289144) | 582632 | 3230091 | 1140614 | 149156 | 1110744 |
| Realized gain distribution | - | - | 237308 | 846020 | 7094960 | 4727051 | 1042291 |
| Realized gain (loss) | (9113718) | (289144) | 819940 | 4076111 | 8235574 | 4876207 | 2153035 |
| Change in net unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) of investments | 17108598 | (447469) | 2743709 | 8603003 | 1563982 | 1628446 | 4872328 |
| **Net gain (loss) on investments** | **7994880** | **(736613)** | **3563649** | **12679114** | **9799556** | **6504653** | **7025363** |
| **Net increase (decrease) in net assets** |  |  |  |  |  |  |  |
| **resulting from operations** | **10038386** | **(248869)** | **3724870** | **13053251** | **10641543** | **6864303** | **6932624** |
| Capital transactions: |  |  |  |  |  |  |  |
| Transfers of net premiums | 1666255 | 1602360 | 170669 | 1938568 | 398473 | 1801851 | 274786 |
| Transfers due to death benefits | (2214912) | (205467) | (216350) | (880625) | (1502443) | (713898) | (182619) |
| Transfers due to annuity benefit payments | (7343) |  | (76879) |  | (387247) | (651) | (185100) |
| Transfers due to withdrawal of funds | (42702276) | (996031) | (3237247) | (18693060) | (14979480) | (11188343) | (5312291) |
| Transfers due to loans, net of repayments |  |  | 7016 |  | 6877 |  | 8292 |
| Transfers due to charges for administrative |  |  |  |  |  |  |  |
| and insurance costs | (941689) |  | (40557) | (241701) | (374014) | (313235) | (12783) |
| Transfers due to contingent deferred sales charges | (7955) | (19825) | (169) | (6642) | (228) | (14660) | (322) |
| Transfers due to net charge (credit) to |  |  |  |  |  |  |  |
| annuitant mortality fluctuation | 1501 |  | (29915) |  | 123917 | 85 | 41496 |
| Transfers between Sub-Accounts |  |  |  |  |  |  |  |
| and (to) from General Account | 3969733 | 543468 | (114554) | (721664) | 498029 | (458038) | (1071482) |
| Net increase (decrease) in net assets |  |  |  |  |  |  |  |
| resulting from capital transactions | (40236686) | 924505 | (3537986) | (18605124) | (16216116) | (10886889) | (6440023) |
| **Total increase (decrease)** | **(30198300)** | **675636** | **186884** | **(5551873)** | **(5574573)** | **(4022586)** | **492601** |
| **NET ASSETS, at beginning of the year** | **212410256** | **12459052** | **21776249** | **78993261** | **106753642** | **71229360** | **31813776** |
| **NET ASSETS, at end of the year** | $**182211956** | $**13134688** | $**21963133** | $**73441388** | $**101179069** | $**67206774** | $**32306377** |

---

*See Notes to Financial Statements*

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* |
| ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** |
|  | **MML** | **MML** | **MML** |  |  | **MML** | **MML** |
|  | **Equity** | **Equity** | **Focused** | **MML** | **MML** | **Fundamental** | **Fundamental** |
|  | **Index** | **Rotation** | **Equity** | **Foreign** | **Foreign** | **Equity** | **Value** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **(Service Class I)** |  |  | **(Initial Class)** | **(Service Class)** |  |  |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends | $167686 | $8456 | $168370 | $2451328 | $259227 | $143102 | $196319 |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality and expense risk charge and administrative charges | 312290 | 15912 | 270330 | 1042271 | 113620 | 306438 | 298338 |
| **Net Investment income (loss)** | **(144604)** | **(7456)** | **(101960)** | **1409057** | **145607** | **(163336)** | **(102019)** |
| **Net realized and unrealized gain (loss) on investments** | **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | 2140458 | (57023) | 629840 | (531554) | 79139 | 517022 | 476472 |
| Realized gain distribution | 770260 | 105807 | 1009999 | - | - | 2128082 | 1946796 |
| Realized gain (loss) | 2910718 | 48784 | 1639839 | (531554) | 79139 | 2645104 | 2423268 |
| Change in net unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) of investments | 2411435 | 25623 | 263159 | 1143946 | (24523) | 2176759 | 682447 |
| **Net gain (loss) on investments** | **5322153** | **74407** | **1902998** | **612392** | **54616** | **4821863** | **3105715** |
| **Net increase (decrease) in net assets** |  |  |  |  |  |  |  |
| **resulting from operations** | **5177549** | **66951** | **1801038** | **2021449** | **200223** | **4658527** | **3003696** |
| Capital transactions: |  |  |  |  |  |  |  |
| Transfers of net premiums | 96453 | 52378 | 640097 | 277396 | 223707 | 1737620 | 1494139 |
| Transfers due to death benefits | (469738) | (9099) | (88470) | (1105414) | (125328) | (173087) | (121975) |
| Transfers due to annuity benefit payments |  |  |  | (347487) |  | (11678) |  |
| Transfers due to withdrawal of funds | (9371185) | (296004) | (2859078) | (11527749) | (1313481) | (3041638) | (3434350) |
| Transfers due to loans, net of repayments |  |  |  | 2735 |  |  |  |
| Transfers due to charges for administrative |  |  |  |  |  |  |  |
| and insurance costs | (88562) |  | 356 | (357049) | (68776) | (554) | 290 |
| Transfers due to contingent deferred sales charges |  | (2991) | (5603) | (56) | (2368) | (8105) | (13906) |
| Transfers due to net charge (credit) to |  |  |  |  |  |  |  |
| annuitant mortality fluctuation |  |  |  | 109480 |  | 2497 |  |
| Transfers between Sub-Accounts |  |  |  |  |  |  |  |
| and (to) from General Account | (1164372) | 14282 | (1128431) | 5746731 | 506008 | 467047 | 1303127 |
| Net increase (decrease) in net assets |  |  |  |  |  |  |  |
| resulting from capital transactions | (10997404) | (241434) | (3441129) | (7201413) | (780238) | (1027898) | (772675) |
| **Total increase (decrease)** | **(5819855)** | **(174483)** | **(1640091)** | **(5179964)** | **(580015)** | **3630629** | **2231021** |
| **NET ASSETS, at beginning of the year** | **27437454** | **1683451** | **21905606** | **82526337** | **9248287** | **21435172** | **21398547** |
| **NET ASSETS, at end of the year** | $**21617599** | $**1508968** | $**20265515** | $**77346373** | $**8668272** | $**25065801** | $**23629568** |

---

*See Notes to Financial Statements*

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* |
| ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** |
|  |  |  |  | **MML** | **MML** |  | **MML** |
|  | **MML** | **MML** | **MML** | **Growth** | **Growth** | **MML** | **Income** |
|  | **Global** | **Global** | **Global** | **Allocation** | **Allocation** | **High Yield** | **& Growth** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **(Class I)** | **(Class II)** | **(Service Class I)** | **(Initial Class)** | **(Service Class)** |  | **(Initial Class)** |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends | $49782 | $36803 | $186976 | $4507209 | $8017302 | $2365475 | $437556 |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality and expense risk charge and administrative charges | 55272 | 50991 | 263242 | 3731404 | 7407008 | 499810 | 249557 |
| **Net Investment income (loss)** | **(5490)** | **(14188)** | **(76266)** | **775805** | **610294** | **1865665** | **187999** |
| **Net realized and unrealized gain (loss) on investments** | **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | (1071500) | (1291205) | (3387000) | (7961038) | (21076541) | (673784) | 83290 |
| Realized gain distribution | 249598 | 185748 | 1170025 | 179523 | 377876 | - | 2741399 |
| Realized gain (loss) | (821902) | (1105457) | (2216975) | (7781515) | (20698665) | (673784) | 2824689 |
| Change in net unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) of investments | 1042886 | 1293752 | 3184396 | 33193369 | 73007003 | 1759656 | (364344) |
| **Net gain (loss) on investments** | **220984** | **188295** | **967421** | **25411854** | **52308338** | **1085872** | **2460345** |
| **Net increase (decrease) in net assets** |  |  |  |  |  |  |  |
| **resulting from operations** | **215494** | **174107** | **891155** | **26187659** | **52918632** | **2951537** | **2648344** |
| Capital transactions: |  |  |  |  |  |  |  |
| Transfers of net premiums | 11788 | 38751 | 605558 | 790641 | 10483451 | 1708308 | 138188 |
| Transfers due to death benefits | (21626) | (33741) | (108607) | (2076088) | (3063116) | (375820) | (192044) |
| Transfers due to annuity benefit payments | (41338) | (34) |  |  |  | (548) | (104141) |
| Transfers due to withdrawal of funds | (427355) | (701403) | (2687366) | (27427148) | (80798611) | (5514663) | (2256434) |
| Transfers due to loans, net of repayments |  | 6634 |  | (670) |  | 2525 | (4901) |
| Transfers due to charges for administrative |  |  |  |  |  |  |  |
| and insurance costs | (19427) |  | (54429) | (4010419) | (6197391) | 1926 | (29183) |
| Transfers due to contingent deferred sales charges |  | (100) | (7759) | (256) | (99253) | (6436) | (365) |
| Transfers due to net charge (credit) to |  |  |  |  |  |  |  |
| annuitant mortality fluctuation | 5544 | 9 |  |  |  | 268 | 27378 |
| Transfers between Sub-Accounts |  |  |  |  |  |  |  |
| and (to) from General Account | 205012 | 17522 | 260173 | (299701) | (6995829) | 2011215 | (154123) |
| Net increase (decrease) in net assets |  |  |  |  |  |  |  |
| resulting from capital transactions | (287402) | (672362) | (1992430) | (33023641) | (86670749) | (2173225) | (2575625) |
| **Total increase (decrease)** | **(71908)** | **(498255)** | **(1101275)** | **(6835982)** | **(33752117)** | **778312** | **72719** |
| **NET ASSETS, at beginning of the year** | **4644062** | **4141451** | **21339873** | **285644226** | **604769485** | **39426819** | **20337081** |
| **NET ASSETS, at end of the year** | $**4572154** | $**3643196** | $**20238598** | $**278808244** | $**571017368** | $**40205131** | $**20409800** |

---

*See Notes to Financial Statements*

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* |
| ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** |
|  |  | **MML** | **MML** |  |  |  |  |
|  | **MML** | **Inflation-** | **Inflation-** | **MML** | **MML** | **MML** | **MML** |
|  | **Income** | **Protected** | **Protected** | **International** | **iShares® 60/40** | **iShares® 80/20** | **Large Cap** |
|  | **& Growth** | **and Income** | **and Income** | **Equity** | **Allocation** | **Allocation** | **Growth** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **(Service Class)** | **(Initial Class)** | **(Service Class)** |  |  |  | **(Initial Class)** |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends | $560601 | $3795323 | $1708253 | $139788 | $414982 | $873734 | $- |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality and expense risk charge and administrative charges | 370840 | 1107039 | 514946 | 122685 | 232394 | 649001 | 181869 |
| **Net Investment income (loss)** | **189761** | **2688284** | **1193307** | **17103** | **182588** | **224733** | **(181869)** |
| **Net realized and unrealized gain (loss) on investments** | **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | 294417 | (3085049) | (1690118) | 107524 | 53830 | 220501 | 904422 |
| Realized gain distribution | 3938839 | - | - | - | 71114 | 250961 | 1265945 |
| Realized gain (loss) | 4233256 | (3085049) | (1690118) | 107524 | 124944 | 471462 | 2170367 |
| Change in net unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) of investments | (825344) | 1632701 | 1018065 | (168491) | 1069472 | 4727190 | 2658768 |
| **Net gain (loss) on investments** | **3407912** | **(1452348)** | **(672053)** | **(60967)** | **1194416** | **5198652** | **4829135** |
| **Net increase (decrease) in net assets** |  |  |  |  |  |  |  |
| **resulting from operations** | **3597673** | **1235936** | **521254** | **(43864)** | **1377004** | **5423385** | **4647266** |
| Capital transactions: |  |  |  |  |  |  |  |
| Transfers of net premiums | 1285078 | 398744 | 3605682 | 803285 | 10877636 | 21811185 | 117118 |
| Transfers due to death benefits | (361053) | (1867680) | (424082) | (84724) | (802) |  | (400335) |
| Transfers due to annuity benefit payments |  | (319440) | (473) |  |  |  | (13074) |
| Transfers due to withdrawal of funds | (3694756) | (13884070) | (5430496) | (947998) | (165771) | (367519) | (1744847) |
| Transfers due to loans, net of repayments |  | 2314 |  |  |  |  | 3506 |
| Transfers due to charges for administrative |  |  |  |  |  |  |  |
| and insurance costs | (15800) | (354160) | (132281) | 309 |  |  | (12045) |
| Transfers due to contingent deferred sales charges | (10046) | (7) | (50857) | (5076) | (191110) | (637441) | (194) |
| Transfers due to net charge (credit) to |  |  |  |  |  |  |  |
| annuitant mortality fluctuation |  | 123329 | 62 |  |  |  | 4237 |
| Transfers between Sub-Accounts |  |  |  |  |  |  |  |
| and (to) from General Account | 187979 | 9503442 | 1834005 | 247463 | 250016 | 21511 | (265640) |
| Net increase (decrease) in net assets |  |  |  |  |  |  |  |
| resulting from capital transactions | (2608598) | (6397528) | (598440) | 13259 | 10769969 | 20827736 | (2311274) |
| **Total increase (decrease)** | **989075** | **(5161592)** | **(77186)** | **(30605)** | **12146973** | **26251121** | **2335992** |
| **NET ASSETS, at beginning of the year** | **28235679** | **86114635** | **40118864** | **9683383** | **12501315** | **37951462** | **15238937** |
| **NET ASSETS, at end of the year** | $**29224754** | $**80953043** | $**40041678** | $**9652778** | $**24648288** | $**64202583** | $**17574929** |

---

*See Notes to Financial Statements*

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* |
| ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** |
|  | **MML** | **MML** | **MML** | **MML** | **MML** |  |  |
|  | **Large Cap** | **Managed** | **Managed** | **Managed** | **Managed** | **MML** | **MML** |
|  | **Growth** | **Bond** | **Bond** | **Volatility** | **Volatility** | **Mid Cap Growth** | **Mid Cap Growth** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends | $- | $3277829 | $6737267 | $380137 | $58617 | $- | $- |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality and expense risk charge and administrative charges | 444576 | 899978 | 2000023 | 828614 | 224199 | 713365 | 1086761 |
| **Net Investment income (loss)** | **(444576)** | **2377851** | **4737244** | **(448477)** | **(165582)** | **(713365)** | **(1086761)** |
| **Net realized and unrealized gain (loss) on investments** | **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | 1866320 | (2044848) | (5075079) | 725646 | 340998 | (3943181) | (8055692) |
| Realized gain distribution | 2929260 | - | - | 2012675 | 554551 | 3276425 | 5152695 |
| Realized gain (loss) | 4795580 | (2044848) | (5075079) | 2738321 | 895549 | (666756) | (2902997) |
| Change in net unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) of investments | 5351531 | 1561343 | 3885139 | 5770961 | 1436414 | 7135348 | 11770539 |
| **Net gain (loss) on investments** | **10147111** | **(483505)** | **(1189940)** | **8509282** | **2331963** | **6468592** | **8867542** |
| **Net increase (decrease) in net assets** |  |  |  |  |  |  |  |
| **resulting from operations** | **9702535** | **1894346** | **3547304** | **8060805** | **2166381** | **5755227** | **7780781** |
| Capital transactions: |  |  |  |  |  |  |  |
| Transfers of net premiums | 4113761 | 392637 | 9116388 | 242498 | 414745 | 416622 | 1713195 |
| Transfers due to death benefits | (90929) | (1703357) | (1233606) | (935187) | (264907) | (658814) | (377916) |
| Transfers due to annuity benefit payments |  | (258085) | (580) | (252823) |  | (170953) |  |
| Transfers due to withdrawal of funds | (4019536) | (10880594) | (36003878) | (9538281) | (3263844) | (7615525) | (14797071) |
| Transfers due to loans, net of repayments |  | 579 |  | 1039 |  | 12611 |  |
| Transfers due to charges for administrative |  |  |  |  |  |  |  |
| and insurance costs | (10633) | (240250) | (678503) | (299790) | (79668) | (67057) | (139476) |
| Transfers due to contingent deferred sales charges | (22866) | (108) | (73825) | (286) |  | (1221) | (23280) |
| Transfers due to net charge (credit) to |  |  |  |  |  |  |  |
| annuitant mortality fluctuation |  | 106185 | 76 | 61742 |  | 7053 |  |
| Transfers between Sub-Accounts |  |  |  |  |  |  |  |
| and (to) from General Account | 1424198 | 5282433 | 13523655 | 2668634 | 349451 | (710344) | (1007263) |
| Net increase (decrease) in net assets |  |  |  |  |  |  |  |
| resulting from capital transactions | 1393995 | (7300560) | (15350273) | (8052454) | (2844223) | (8787628) | (14631811) |
| **Total increase (decrease)** | **11096530** | **(5406214)** | **(11802969)** | **8351** | **(677842)** | **(3032401)** | **(6851030)** |
| **NET ASSETS, at beginning of the year** | **28781766** | **73150962** | **163963276** | **61463479** | **17363284** | **61848174** | **87758884** |
| **NET ASSETS, at end of the year** | $**39878296** | $**67744748** | $**152160307** | $**61471830** | $**16685442** | $**58815773** | $**80907854** |

---

*See Notes to Financial Statements*

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* |
| ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** |
|  |  |  | **MML** | **MML** | **MML** | **MML** | **MML** |
|  | **MML** | **MML** | **Moderate** | **Moderate** | **Short-Duration** | **Small Cap** | **Small Cap** |
|  | **Mid Cap Value** | **Mid Cap Value** | **Allocation** | **Allocation** | **Bond** | **Equity** | **Equity** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** |  | **(Initial Class)** | **(Service Class)** |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends | $1736471 | $723877 | $3315640 | $16257753 | $1030942 | $- | $- |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality and expense risk charge and administrative charges | 1199745 | 574310 | 1973419 | 11452769 | 364400 | 254367 | 320548 |
| **Net Investment income (loss)** | **536726** | **149567** | **1342221** | **4804984** | **666542** | **(254367)** | **(320548)** |
| **Net realized and unrealized gain (loss) on investments** | **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | (4096898) | (2188815) | (5000704) | (45739529) | (607261) | 765405 | 1158490 |
| Realized gain distribution | 3523603 | 1708517 | - | - | - | 1371578 | 1645371 |
| Realized gain (loss) | (573295) | (480298) | (5000704) | (45739529) | (607261) | 2136983 | 2803861 |
| Change in net unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) of investments | 6941132 | 3415397 | 15184380 | 105065762 | 1284467 | 577475 | 246744 |
| **Net gain (loss) on investments** | **6367837** | **2935099** | **10183676** | **59326233** | **677206** | **2714458** | **3050605** |
| **Net increase (decrease) in net assets** |  |  |  |  |  |  |  |
| **resulting from operations** | **6904563** | **3084666** | **11525897** | **64131217** | **1343748** | **2460091** | **2730057** |
| Capital transactions: |  |  |  |  |  |  |  |
| Transfers of net premiums | 503486 | 1495902 | 1233737 | 10584329 | 3055784 | 107507 | 1711041 |
| Transfers due to death benefits | (1611119) | (238527) | (1878820) | (6385685) | (137435) | (167250) | (130302) |
| Transfers due to annuity benefit payments | (345976) |  | (1889) | (9795) | (452) | (32848) |  |
| Transfers due to withdrawal of funds | (13734374) | (6894221) | (18527486) | (210056910) | (7564273) | (2987862) | (4032139) |
| Transfers due to loans, net of repayments | 7498 |  | 18707 |  |  | 1630 |  |
| Transfers due to charges for administrative |  |  |  |  |  |  |  |
| and insurance costs | (309666) | (96292) | (1785617) | (5519978) | (1071) | (23261) | (32289) |
| Transfers due to contingent deferred sales charges | (1657) | (10945) | (6) | (44016) | (23718) | (396) | (4059) |
| Transfers due to net charge (credit) to |  |  |  |  |  |  |  |
| annuitant mortality fluctuation | 74353 |  | (1363) | 763 | 204 | 8261 |  |
| Transfers between Sub-Accounts |  |  |  |  |  |  |  |
| and (to) from General Account | 1980291 | 526987 | 646392 | (6104310) | 1251238 | 1097 | (474005) |
| Net increase (decrease) in net assets |  |  |  |  |  |  |  |
| resulting from capital transactions | (13437164) | (5217096) | (20296345) | (217535602) | (3419723) | (3093122) | (2961753) |
| **Total increase (decrease)** | **(6532601)** | **(2132430)** | **(8770448)** | **(153404385)** | **(2075975)** | **(633031)** | **(231696)** |
| **NET ASSETS, at beginning of the year** | **97900075** | **46054106** | **159162925** | **956025249** | **30357722** | **22205417** | **25292942** |
| **NET ASSETS, at end of the year** | $**91367474** | $**43921676** | $**150392477** | $**802620864** | $**28281747** | $**21572386** | $**25061246** |

---

*See Notes to Financial Statements*

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* |
| ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** |
|  |  |  |  |  |  | **MML** |  |
|  | **MML** | **MML** | **MML** | **MML** | **MML** | **Strategic** | **MML** |
|  | **Small Cap** | **Small Cap** | **Small** | **Small/Mid Cap** | **Small/Mid Cap** | **Emerging** | **Sustainable** |
|  | **Growth Equity** | **Growth Equity** | **Company Value** | **Value** | **Value** | **Markets** | **Equity** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **(Initial Class)** | **(Service Class)** |  | **(Initial Class)** | **(Service Class)** |  | **(Initial Class)** |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends | $28790 | $- | $249138 | $599734 | $142329 | $45030 | $606420 |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality and expense risk charge and administrative charges | 809652 | 294097 | 285387 | 899485 | 298852 | 130389 | 662477 |
| **Net Investment income (loss)** | **(780862)** | **(294097)** | **(36249)** | **(299751)** | **(156523)** | **(85359)** | **(56057)** |
| **Net realized and unrealized gain (loss) on investments** | **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | (2187418) | (1812925) | (3076684) | 235206 | (513815) | (2986499) | 3796273 |
| Realized gain distribution | - | - | - | 4544584 | 1522186 | - | 2902034 |
| Realized gain (loss) | (2187418) | (1812925) | (3076684) | 4779790 | 1008371 | (2986499) | 6698307 |
| Change in net unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) of investments | 8435864 | 4050627 | 4338881 | 1680298 | 1108376 | 2811875 | 3853390 |
| **Net gain (loss) on investments** | **6248446** | **2237702** | **1262197** | **6460088** | **2116747** | **(174624)** | **10551697** |
| **Net increase (decrease) in net assets** |  |  |  |  |  |  |  |
| **resulting from operations** | **5467584** | **1943605** | **1225948** | **6160337** | **1960224** | **(259983)** | **10495640** |
| Capital transactions: |  |  |  |  |  |  |  |
| Transfers of net premiums | 1072961 | 496590 | 529518 | 335312 | 847143 | 652279 | 324273 |
| Transfers due to death benefits | (783211) | (91478) | (100772) | (1058032) | (390799) | (131912) | (840578) |
| Transfers due to annuity benefit payments | (256326) |  |  | (294972) |  |  | (54387) |
| Transfers due to withdrawal of funds | (8649766) | (2749162) | (4201999) | (10302784) | (3563305) | (2211933) | (8801197) |
| Transfers due to loans, net of repayments | (7584) |  | 2629 | (4614) |  | (388) | (5250) |
| Transfers due to charges for administrative |  |  |  |  |  |  |  |
| and insurance costs | (250963) | (43174) | (19353) | (259664) | (67328) | (24502) | (58109) |
| Transfers due to contingent deferred sales charges | (15451) |  | (2635) | (7) | (5898) | (3516) | (283) |
| Transfers due to net charge (credit) to |  |  |  |  |  |  |  |
| annuitant mortality fluctuation | 43684 |  |  | 59520 |  |  | 26581 |
| Transfers between Sub-Accounts |  |  |  |  |  |  |  |
| and (to) from General Account | (29574) | (152349) | (481782) | (700338) | (829458) | 551937 | (1600195) |
| Net increase (decrease) in net assets |  |  |  |  |  |  |  |
| resulting from capital transactions | (8876230) | (2539573) | (4274394) | (12225579) | (4009645) | (1168035) | (11009145) |
| **Total increase (decrease)** | **(3408646)** | **(595968)** | **(3048446)** | **(6065242)** | **(2049421)** | **(1428018)** | **(513505)** |
| **NET ASSETS, at beginning of the year** | **64463437** | **23420809** | **24402246** | **74277443** | **24597903** | **11198336** | **59757622** |
| **NET ASSETS, at end of the year** | $**61054791** | $**22824841** | $**21353800** | $**68212201** | $**22548482** | $**9770318** | $**59244117** |

---

*See Notes to Financial Statements*

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* |
| ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** | ***For The Year Ended December 31, 2024*** |
|  |  |  |  | **PIMCO** |  | **Vest** | **VY®** |
|  | **MML** |  | **MML U.S.** | **Commodity** |  | **US Large Cap** | **CBRE** |
|  | **Sustainable** | **MML Total** | **Government** | **RealReturn®** | **PIMCO** | **10% Buffer** | **Global** |
|  | **Equity** | **Return Bond** | **Money Market** | **Strategy** | **Income** | **Strategies V.I.** | **Real Estate** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **(Service Class)** |  |  |  |  |  |  |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends | $401276 | $1394388 | $5311604 | $128854 | $143833 | $- | $236950 |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality and expense risk charge and administrative charges | 658185 | 472478 | 1391579 | 81272 | 32692 | 17969 | 103697 |
| **Net Investment income (loss)** | **(256909)** | **921910** | **3920025** | **47582** | **111141** | **(17969)** | **133253** |
| **Net realized and unrealized gain (loss) on investments** | **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | (719047) | (1037723) | 89 | (623657) | 1055 | 42318 | (246419) |
| Realized gain distribution | 2489487 | - | - | - | - | 60169 | - |
| Realized gain (loss) | 1770440 | (1037723) | 89 | (623657) | 1055 | 102487 | (246419) |
| Change in net unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) of investments | 7096884 | (249154) | (89) | 761920 | (23496) | 22079 | 39800 |
| **Net gain (loss) on investments** | **8867324** | **(1286877)** | **-** | **138263** | **(22441)** | **124566** | **(206619)** |
| **Net increase (decrease) in net assets** |  |  |  |  |  |  |  |
| **resulting from operations** | **8610415** | **(364967)** | **3920025** | **185845** | **88700** | **106597** | **(73366)** |
| Capital transactions: |  |  |  |  |  |  |  |
| Transfers of net premiums | 330412 | 5459290 | 4872393 | 109044 | 801748 | 4392977 | 74172 |
| Transfers due to death benefits | (367869) | (135883) | (1718201) | (50604) | (753) |  | (105590) |
| Transfers due to annuity benefit payments |  |  | (65050) | (17792) |  |  | (41142) |
| Transfers due to withdrawal of funds | (6624418) | (4099353) | (36127051) | (1230003) | (24635) | (78201) | (1429595) |
| Transfers due to loans, net of repayments |  | (2109) | 13629 | (739) |  |  | (39) |
| Transfers due to charges for administrative |  |  |  |  |  |  |  |
| and insurance costs | (33624) | 3340 | (163856) | (35801) |  |  | (41318) |
| Transfers due to contingent deferred sales charges | (1594) | (39266) | (18264) | (2) | (12298) | (6528) | (12) |
| Transfers due to net charge (credit) to |  |  |  |  |  |  |  |
| annuitant mortality fluctuation |  |  | 11101 | 4807 |  |  | 10460 |
| Transfers between Sub-Accounts |  |  |  |  |  |  |  |
| and (to) from General Account | (1262481) | 2441278 | 22322039 | (9486) | 179357 | (66734) | 122606 |
| Net increase (decrease) in net assets |  |  |  |  |  |  |  |
| resulting from capital transactions | (7959574) | 3627297 | (10873260) | (1230576) | 943419 | 4241514 | (1410458) |
| **Total increase (decrease)** | **650841** | **3262330** | **(6953235)** | **(1044731)** | **1032119** | **4348111** | **(1483824)** |
| **NET ASSETS, at beginning of the year** | **50481335** | **36326170** | **116713676** | **6856177** | **2114179** | **488039** | **9161323** |
| **NET ASSETS, at end of the year** | $**51132176** | $**39588500** | $**109760441** | $**5811446** | $**3146298** | $**4836150** | $**7677499** |

---

*See Notes to Financial Statements*

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS* |
| ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** |
|  | **BlackRock** | **Cboe Vest** | **Delaware** |  |  |  |  |
|  | **60/40 Target** | **US Large Cap** | **Ivy VIP** | **Fidelity®** | **Fidelity®** | **Fidelity®** | **Fidelity®** |
|  | **Allocation** | **10% Buffer** | **Asset** | **VIP** | **VIP** | **VIP** | **VIP** |
|  | **ETF V.I.** | **Strategies V.I.** | **Strategy** | **Contrafund®** | **Contrafund®** | **Health Care** | **Overseas** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  |  |  | **(Class II)** | **(Initial Class)** | **(Service Class 2)** |  |  |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends | $335506 | $- | $228800 | $835624 | $549089 | $- | $1156 |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality and expense risk charge and administrative charges | 177425 | 2670 | 140298 | 2212449 | 2696527 | 8990 | 558 |
| **Net Investment income (loss)** | **158081** | **(2670)** | **88502** | **(1376825)** | **(2147438)** | **(8990)** | **598** |
| **Net realized and unrealized gain (loss) on investments** | **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | 28252 | 280 | (63290) | 9383835 | 7157514 | (919) | 12 |
| Realized gain distribution | - | 3828 | - | 6224310 | 7795141 | - | 387 |
| Realized gain (loss) | 28252 | 4108 | (63290) | 15608145 | 14952655 | (919) | 399 |
| Change in net unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) of investments | 2154128 | 29545 | 1254431 | 35467457 | 45038983 | 39550 | 9356 |
| **Net gain (loss) on investments** | **2182380** | **33653** | **1191141** | **51075602** | **59991638** | **38631** | **9755** |
| **Net increase (decrease) in net assets** |  |  |  |  |  |  |  |
| **resulting from operations** | **2340461** | **30983** | **1279643** | **49698777** | **57844200** | **29641** | **10353** |
| Capital transactions: |  |  |  |  |  |  |  |
| Transfers of net premiums | 800851 | 462023 | 217872 | 1174846 | 8454485 | 472009 | 143726 |
| Transfers due to death benefits |  |  | (88514) | (3055994) | (2102699) |  |  |
| Transfers due to annuity benefit payments |  |  |  | (669373) | (420) |  |  |
| Transfers due to withdrawal of funds | (1014571) | (64) | (1273906) | (19495263) | (24133091) | (4311) | 14 |
| Transfers due to loans, net of repayments |  |  |  | 8526 |  |  |  |
| Transfers due to cost of insurance |  |  | 2226 | (495944) | (187266) |  |  |
| Transfers due to contingent deferred sales charges |  | (2803) | (1423) | (1051) | (23129) | (3616) | (231) |
| Transfers due to net charge (credit) to |  |  |  |  |  |  |  |
| annuitant mortality fluctuation | 1 |  |  | 280386 | 47 |  |  |
| Transfers between Sub-Accounts |  |  |  |  |  |  |  |
| and (to) from General Account | 271554 | (2100) | 79010 | (8337453) | (133028) | 128847 | 134 |
| Net increase (decrease) in net assets |  |  |  |  |  |  |  |
| resulting from capital transactions | 57835 | 457056 | (1064735) | (30591320) | (18125101) | 592929 | 143643 |
| **Total increase (decrease)** | **2398296** | **488039** | **214908** | **19107457** | **39719099** | **622570** | **153996** |
| **NET ASSETS, at beginning of the year** | **16425190** | **-** | **10874142** | **168304213** | **191667565** | **447027** | **-** |
| **NET ASSETS, at end of the year** | $**18823486** | $**488039** | $**11089050** | $**187411670** | $**231386664** | $**1069597** | $**153996** |

---

*See Notes to Financial Statements*

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* |
| ***For The Year Ended December 31, 2023***<br> **** | ***For The Year Ended December 31, 2023***<br> **** | ***For The Year Ended December 31, 2023***<br> **** | ***For The Year Ended December 31, 2023***<br> **** | ***For The Year Ended December 31, 2023***<br> **** | ***For The Year Ended December 31, 2023***<br> **** | ***For The Year Ended December 31, 2023***<br> **** | ***For The Year Ended December 31, 2023***<br> **** |
|  |  | **Fidelity®** | **Invesco** | **Invesco** |  |  |  |
|  | **Fidelity®** | **VIP** | **Oppenheimer V.I.** | **Oppenheimer V.I.** | **Invesco V.I.** | **Invesco V.I.** | **Invesco V.I.** |
|  | **VIP** | **Strategic** | **International** | **International** | **Capital** | **Capital** | **Conservative** |
|  | **Real Estate** | **Income** | **Growth** | **Growth** | **Appreciation** | **Appreciation** | **Balanced** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  |  |  | **(Series I)** | **(Series II)** | **(Series I)** | **(Series II)** | **(Series I)** |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends | $9941 | $29195 | $120451 | $59351 | $- | $- | $99964 |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality and expense risk charge and administrative charges | 3738 | 4792 | 245846 | 245724 | 1387182 | 107541 | 60978 |
| **Net Investment income (loss)** | **6203** | **24403** | **(125395)** | **(186373)** | **(1387182)** | **(107541)** | **38986** |
| **Net realized and unrealized gain (loss) on investments** | **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | (4851) | (1421) | (784661) | (772395) | (7981198) | (776244) | 176483 |
| Realized gain distribution | 6570 | - | - | - | - | - | - |
| Realized gain (loss) | 1719 | (1421) | (784661) | (772395) | (7981198) | (776244) | 176483 |
| Change in net unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) of investments | 37122 | 14746 | 4663626 | 4400291 | 42395373 | 3214244 | 355762 |
| **Net gain (loss) on investments** | **38841** | **13325** | **3878965** | **3627896** | **34414175** | **2438000** | **532245** |
| **Net increase (decrease) in net assets** |  |  |  |  |  |  |  |
| **resulting from operations** | **45044** | **37728** | **3753570** | **3441523** | **33026993** | **2330459** | **571231** |
| Capital transactions: |  |  |  |  |  |  |  |
| Transfers of net premiums | 309371 | 447616 | 138678 | 438460 | 443192 | 45984 | 19942 |
| Transfers due to death benefits |  |  | (281029) | (118269) | (1567789) | (8939) | (71229) |
| Transfers due to annuity benefit payments |  |  | (65687) |  | (306035) |  | (3954) |
| Transfers due to withdrawal of funds | (164) | (1320) | (1713790) | (2454765) | (12575713) | (1581762) | (427251) |
| Transfers due to loans, net of repayments |  |  | (2142) |  | 2590 |  | (198) |
| Transfers due to cost of insurance |  |  | (90086) | (86728) | (394624) | (19385) | (3947) |
| Transfers due to contingent deferred sales charges | (1415) | (3091) | (226) | (1725) | (428) |  | (48) |
| Transfers due to net charge (credit) to |  |  |  |  |  |  |  |
| annuitant mortality fluctuation |  |  | (10576) |  | 48123 |  | (41) |
| Transfers between Sub-Accounts |  |  |  |  |  |  |  |
| and (to) from General Account | 26311 | 16677 | (813155) | 266281 | (5865461) | 528927 | (40404) |
| Net increase (decrease) in net assets |  |  |  |  |  |  |  |
| resulting from capital transactions | 334103 | 459882 | (2838013) | (1956746) | (20216145) | (1035175) | (527130) |
| **Total increase (decrease)** | **379147** | **497610** | **915557** | **1484777** | **12810848** | **1295284** | **44101** |
| **NET ASSETS, at beginning of the year** | **152225** | **201143** | **20298479** | **18848749** | **103556439** | **7405869** | **5338477** |
| **NET ASSETS, at end of the year** | $**531372** | $**698753** | $**21214036** | $**20333526** | $**116367287** | $**8701153** | $**5382578** |

---

*See Notes to Financial Statements*

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* |
| ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** |
|  | **Invesco V.I.** | **Invesco V.I.** | **Invesco V.I.** | **Invesco V.I.** | **Invesco V.I.** | **Invesco V.I.** |  |
|  | **Conservative** | **Core Plus** | **Discovery** | **Discovery** | **Diversified** | **Diversified** | **Invesco V.I.** |
|  | **Balanced** | **Bond** | **Mid Cap Growth** | **Mid Cap Growth** | **Dividend** | **Dividend** | **Global** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **(Series II)** |  | **(Series I)** | **(Series II)** | **(Series I)** | **(Series II)** | **(Series I)** |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends | $226 | $35956 | $- | $- | $84978 | $149624 | $268590 |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality and expense risk charge and administrative charges | 427 | 17964 | 903052 | 296622 | 51440 | 115769 | 1481253 |
| **Net Investment income (loss)** | **(201)** | **17992** | **(903052)** | **(296622)** | **33538** | **33855** | **(1212663)** |
| **Net realized and unrealized gain (loss) on investments** | **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | 6203 | (23359) | (3637913) | (1529651) | (37127) | (185296) | (2473795) |
| Realized gain distribution | - | - | - | - | 349966 | 710680 | 13582538 |
| Realized gain (loss) | 6203 | (23359) | (3637913) | (1529651) | 312839 | 525384 | 11108743 |
| Change in net unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) of investments | (2647) | 67752 | 12553712 | 4377718 | (28749) | 29459 | 24990251 |
| **Net gain (loss) on investments** | **3556** | **44393** | **8915799** | **2848067** | **284090** | **554843** | **36098994** |
| **Net increase (decrease) in net assets** |  |  |  |  |  |  |  |
| **resulting from operations** | **3355** | **62385** | **8012747** | **2551445** | **317628** | **588698** | **34886331** |
| Capital transactions: |  |  |  |  |  |  |  |
| Transfers of net premiums |  |  | 352755 | 1338725 | 96817 | 43096 | 666762 |
| Transfers due to death benefits |  | (81383) | (757126) | (167654) | (21388) | (79886) | (2044181) |
| Transfers due to annuity benefit payments |  | (41) | (234329) | (178) | (11720) |  | (335775) |
| Transfers due to withdrawal of funds | (35253) | (55589) | (8193830) | (1867419) | (589720) | (1326971) | (12759321) |
| Transfers due to loans, net of repayments |  |  | (5385) |  | (16297) |  | 3383 |
| Transfers due to cost of insurance | 3 |  | (271343) | (13289) | (8102) | (5359) | (336764) |
| Transfers due to contingent deferred sales charges |  | (26) | (123) | (1596) |  |  | (630) |
| Transfers due to net charge (credit) to |  |  |  |  |  |  |  |
| annuitant mortality fluctuation |  | 8 | 39977 | 20 | 3125 |  | 74573 |
| Transfers between Sub-Accounts |  |  |  |  |  |  |  |
| and (to) from General Account | - | (673) | 4233963 | (51089) | 50754 | (161766) | (8971801) |
| Net increase (decrease) in net assets |  |  |  |  |  |  |  |
| resulting from capital transactions | (35250) | (137704) | (4835441) | (762480) | (496531) | (1530886) | (23703754) |
| **Total increase (decrease)** | **(31895)** | **(75319)** | **3177306** | **1788965** | **(178903)** | **(942188)** | **11182577** |
| **NET ASSETS, at beginning of the year** | **45427** | **1419773** | **69315183** | **22846294** | **4603701** | **9489706** | **115923743** |
| **NET ASSETS, at end of the year** | $**13532** | $**1344454** | $**72492489** | $**24635259** | $**4424798** | $**8547518** | $**127106320** |

---

*See Notes to Financial Statements*

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* |
| ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** |
|  |  | **Invesco V.I.** | **Invesco V.I.** |  |  |  |  |
|  | **Invesco V.I.** | **Global Strategic** | **Global Strategic** | **Invesco V.I.** | **Invesco V.I.** | **Invesco V.I.** | **Invesco V.I.** |
|  | **Global** | **Income** | **Income** | **Health Care** | **Health Care** | **Main Street** | **Main Street** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **(Series II)** | **(Series I)** | **(Series II)** | **(Series I)** | **(Series II)** | **(Series I)** | **(Series II)** |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends | $- | $- | $- | $- | $- | $234871 | $97444 |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality and expense risk charge and administrative charges | 696119 | 1285152 | 526924 | 98319 | 99377 | 317149 | 246848 |
| **Net Investment income (loss)** | **(696119)** | **(1285152)** | **(526924)** | **(98319)** | **(99377)** | **(82278)** | **(149404)** |
| **Net realized and unrealized gain (loss) on investments** | **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | (2245671) | (4744220) | (1341756) | (136822) | (179822) | (2056271) | (2281032) |
| Realized gain distribution | 6377757 | - | - | - | - | 1909803 | 1391303 |
| Realized gain (loss) | 4132086 | (4744220) | (1341756) | (136822) | (179822) | (146468) | (889729) |
| Change in net unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) of investments | 12009906 | 13299904 | 4802945 | 373053 | 369508 | 5838277 | 4886764 |
| **Net gain (loss) on investments** | **16141992** | **8555684** | **3461189** | **236231** | **189686** | **5691809** | **3997035** |
| **Net increase (decrease) in net assets** |  |  |  |  |  |  |  |
| **resulting from operations** | **15445873** | **7270532** | **2934265** | **137912** | **90309** | **5609531** | **3847631** |
| Capital transactions: |  |  |  |  |  |  |  |
| Transfers of net premiums | 1329874 | 559455 | 383955 | 97305 | 68282 | 90002 | 306678 |
| Transfers due to death benefits | (522398) | (1884936) | (388601) | (123644) | (3378) | (532640) | (130778) |
| Transfers due to annuity benefit payments | (425) | (307538) |  | (34070) |  | (24014) |  |
| Transfers due to withdrawal of funds | (6971294) | (11686565) | (4156207) | (858716) | (1165229) | (2009811) | (2241866) |
| Transfers due to loans, net of repayments |  | 2938 |  | 881 |  | 2652 |  |
| Transfers due to cost of insurance | (148852) | (456364) | (275400) | (8435) | (12585) | (17400) | (3424) |
| Transfers due to contingent deferred sales charges | (793) | (446) | (10) | (169) |  | (289) |  |
| Transfers due to net charge (credit) to |  |  |  |  |  |  |  |
| annuitant mortality fluctuation | 48 | 79489 |  | 10043 |  | 4755 |  |
| Transfers between Sub-Accounts |  |  |  |  |  |  |  |
| and (to) from General Account | (464009) | (220446) | 378468 | 64995 | (176546) | (495649) | (445896) |
| Net increase (decrease) in net assets |  |  |  |  |  |  |  |
| resulting from capital transactions | (6777849) | (13914413) | (4057795) | (851810) | (1289456) | (2982394) | (2515286) |
| **Total increase (decrease)** | **8668024** | **(6643881)** | **(1123530)** | **(713898)** | **(1199147)** | **2627137** | **1332345** |
| **NET ASSETS, at beginning of the year** | **49427513** | **105617322** | **42908119** | **8993115** | **8644331** | **26861840** | **18959328** |
| **NET ASSETS, at end of the year** | $**58095537** | $**98973441** | $**41784589** | $**8279217** | $**7445184** | $**29488977** | $**20291673** |

---

*See Notes to Financial Statements*

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* |
| ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** |
|  |  |  |  | **Janus Henderson** |  |  | **MML** |
|  |  |  | **Invesco V.I.** | **Global** | **MML** | **MML** | **American** |
|  | **Invesco V.I.** | **Invesco V.I.** | **U.S. Government** | **Technology and** | **Aggressive** | **Aggressive** | **Funds** |
|  | **Technology** | **Technology** | **Money** | **Innovation** | **Allocation** | **Allocation** | **Core Allocation** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **(Series I)** | **(Series II)** |  |  | **(Initial Class)** | **(Service Class)** |  |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends | $- | $- | $271935 | $- | $763010 | $1792157 | $25340067 |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality and expense risk charge and administrative charges | 76297 | 94348 | 66588 | 5526 | 316616 | 841692 | 8702428 |
| **Net Investment income (loss)** | **(76297)** | **(94348)** | **205347** | **(5526)** | **446394** | **950465** | **16637639** |
| **Net realized and unrealized gain (loss) on investments** | **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | (637555) | (1339567) |  | (8855) | (1147266) | (2332809) | (23357096) |
| Realized gain distribution | - | - | - | - | 3141376 | 8191454 | 74634687 |
| Realized gain (loss) | (637555) | (1339567) | - | (8855) | 1994110 | 5858645 | 51277591 |
| Change in net unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) of investments | 3108300 | 4124012 | - | 181473 | 1654005 | 3732575 | 12762460 |
| **Net gain (loss) on investments** | **2470745** | **2784445** | **-** | **172618** | **3648115** | **9591220** | **64040051** |
| **Net increase (decrease) in net assets** |  |  |  |  |  |  |  |
| **resulting from operations** | **2394448** | **2690097** | **205347** | **167092** | **4094509** | **10541685** | **80677690** |
| Capital transactions: |  |  |  |  |  |  |  |
| Transfers of net premiums | 143423 | 78544 | 95018 | 254391 | 476691 | 2080469 | 5600402 |
| Transfers due to death benefits | (122159) | (7767) | (619039) |  | (4254) | (166364) | (4527322) |
| Transfers due to annuity benefit payments | (20110) | (180) | (7924) |  |  |  | (35172) |
| Transfers due to withdrawal of funds | (659704) | (1197588) | (1400368) | 234 | (4208351) | (10415598) | (111881308) |
| Transfers due to loans, net of repayments | (3) |  |  |  | (4371) |  | 24688 |
| Transfers due to cost of insurance | (8326) | (3940) | 25644 |  | (93219) | (100400) | (5341754) |
| Transfers due to contingent deferred sales charges | (91) |  | (147) | (2531) | (5) |  | (48238) |
| Transfers due to net charge (credit) to |  |  |  |  |  |  |  |
| annuitant mortality fluctuation | 7921 | 21 | 1835 |  |  |  | 7291 |
| Transfers between Sub-Accounts |  |  |  |  |  |  |  |
| and (to) from General Account | 662106 | 252018 | 988284 | 39935 | (89482) | 78342 | 1126139 |
| Net increase (decrease) in net assets |  |  |  |  |  |  |  |
| resulting from capital transactions | 3057 | (878892) | (916697) | 292029 | (3922991) | (8523551) | (115075274) |
| **Total increase (decrease)** | **2397505** | **1811205** | **(711350)** | **459121** | **171518** | **2018134** | **(34397584)** |
| **NET ASSETS, at beginning of the year** | **5414369** | **6511762** | **6701851** | **244729** | **26453572** | **68477846** | **692811278** |
| **NET ASSETS, at end of the year** | $**7811874** | $**8322967** | $**5990501** | $**703850** | $**26625090** | $**70495980** | $**658413694** |

---

*See Notes to Financial Statements*

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* |
| ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** |
|  | **MML** |  |  |  |  |  |  |
|  | **American** | **MML** | **MML** |  |  | **MML** | **MML** |
|  | **Funds** | **Balanced** | **Balanced** | **MML** | **MML** | **Blue Chip** | **Blue Chip** |
|  | **Growth** | **Allocation** | **Allocation** | **Blend** | **Blend** | **Growth** | **Growth** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  |  | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends | $3043123 | $1744712 | $7467948 | $855642 | $2598291 | $- | $- |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality and expense risk charge and administrative charges | 2675950 | 722922 | 3286951 | 616663 | 2253778 | 523403 | 1767054 |
| **Net Investment income (loss)** | **367173** | **1021790** | **4180997** | **238979** | **344513** | **(523403)** | **(1767054)** |
| **Net realized and unrealized gain (loss) on investments** | **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | (3176254) | (2062745) | (10064997) | (2002744) | (4757525) | (1931615) | (8800208) |
| Realized gain distribution | 32471054 | 4484866 | 21140489 | - | - | - | - |
| Realized gain (loss) | 29294800 | 2422121 | 11075492 | (2002744) | (4757525) | (1931615) | (8800208) |
| Change in net unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) of investments | 35768361 | 2406622 | 11117082 | 9377779 | 30809868 | 19199647 | 63361099 |
| **Net gain (loss) on investments** | **65063161** | **4828743** | **22192574** | **7375035** | **26052343** | **17268032** | **54560891** |
| **Net increase (decrease) in net assets** |  |  |  |  |  |  |  |
| **resulting from operations** | **65430334** | **5850533** | **26373571** | **7614014** | **26396856** | **16744629** | **52793837** |
| Capital transactions: |  |  |  |  |  |  |  |
| Transfers of net premiums | 12820964 | 285695 | 5742689 | 233108 | 4454411 | 329069 | 4320675 |
| Transfers due to death benefits | (1958051) | (916092) | (2773018) | (1431250) | (1792776) | (731433) | (1314927) |
| Transfers due to annuity benefit payments | (21699) |  | (7799) | (105398) |  | (98066) | (523) |
| Transfers due to withdrawal of funds | (27984669) | (8564010) | (40067000) | (6467804) | (15089735) | (5164684) | (15660692) |
| Transfers due to loans, net of repayments | (6340) | 9678 |  | (8481) |  | (7521) |  |
| Transfers due to cost of insurance | (444628) | (440288) | (1218191) | (58171) | (47582) | (64134) | (64339) |
| Transfers due to contingent deferred sales charges | (58729) |  | (13578) | (744) | (17468) | (399) | (26187) |
| Transfers due to net charge (credit) to |  |  |  |  |  |  |  |
| annuitant mortality fluctuation | 2693 |  | 817 | (61083) |  | 29352 | 59 |
| Transfers between Sub-Accounts |  |  |  |  |  |  |  |
| and (to) from General Account | 28449 | (413413) | (2930521) | (199989) | 1233174 | (1510068) | (1277636) |
| Net increase (decrease) in net assets |  |  |  |  |  |  |  |
| resulting from capital transactions | (17622010) | (10038430) | (41266601) | (8099812) | (11259976) | (7217884) | (14023570) |
| **Total increase (decrease)** | **47808324** | **(4187897)** | **(14893030)** | **(485798)** | **15136880** | **9526745** | **38770267** |
| **NET ASSETS, at beginning of the year** | **187123822** | **58629976** | **267376596** | **51298275** | **172514255** | **37019588** | **116156894** |
| **NET ASSETS, at end of the year** | $**234932146** | $**54442079** | $**252483566** | $**50812477** | $**187651135** | $**46546333** | $**154927161** |

---

*See Notes to Financial Statements*

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* |
| ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** |
|  | **MML** | **MML** | **MML** |  |  |  |  |
|  | **Conservative** | **Conservative** | **Dynamic** | **MML** | **MML** | **MML** | **MML** |
|  | **Allocation** | **Allocation** | **Bond** | **Equity** | **Equity** | **Equity Income** | **Equity Income** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **(Initial Class)** | **(Service Class)** |  | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends | $1572900 | $6698734 | $509004 | $456547 | $1474261 | $2405604 | $1483820 |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality and expense risk charge and administrative charges | 599063 | 2877779 | 147978 | 268029 | 1012826 | 1316201 | 930507 |
| **Net Investment income (loss)** | **973837** | **3820955** | **361026** | **188518** | **461435** | **1089403** | **553313** |
| **Net realized and unrealized gain (loss) on investments** | **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | (2065831) | (9694518) | (329684) | 52251 | (1948485) | (2703032) | (3052626) |
| Realized gain distribution | 3529951 | 16509017 | - | 1739740 | 6504460 | 8645605 | 6074701 |
| Realized gain (loss) | 1464120 | 6814499 | (329684) | 1791991 | 4555975 | 5942573 | 3022075 |
| Change in net unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) of investments | 2334585 | 10039522 | 737415 | (329235) | 727912 | 1250299 | 1722592 |
| **Net gain (loss) on investments** | **3798705** | **16854021** | **407731** | **1462756** | **5283887** | **7192872** | **4744667** |
| **Net increase (decrease) in net assets** |  |  |  |  |  |  |  |
| **resulting from operations** | **4772542** | **20674976** | **768757** | **1651274** | **5745322** | **8282275** | **5297980** |
| Capital transactions: |  |  |  |  |  |  |  |
| Transfers of net premiums | 92483 | 2811327 | 739207 | 128315 | 1093295 | 507067 | 1463163 |
| Transfers due to death benefits | (105465) | (4103353) | (38995) | (306946) | (311471) | (1352911) | (526571) |
| Transfers due to annuity benefit payments | (15574) | (6983) |  | (61837) |  | (337792) | (586) |
| Transfers due to withdrawal of funds | (7755542) | (34471497) | (1440121) | (1907479) | (11837091) | (13281142) | (10478680) |
| Transfers due to loans, net of repayments |  |  |  | 3621 |  | (11673) |  |
| Transfers due to cost of insurance | (414377) | (1068669) |  | (46936) | (270590) | (391914) | (347746) |
| Transfers due to contingent deferred sales charges | (6) | (3703) | (9848) | (143) | (3025) | (223) | (6206) |
| Transfers due to net charge (credit) to |  |  |  |  |  |  |  |
| annuitant mortality fluctuation | 2471 | 1360 |  | 24898 |  | 80277 | 67 |
| Transfers between Sub-Accounts |  |  |  |  |  |  |  |
| and (to) from General Account | 1237961 | (4239955) | 545311 | (454276) | (2612413) | 391409 | (2583977) |
| Net increase (decrease) in net assets |  |  |  |  |  |  |  |
| resulting from capital transactions | (6958049) | (41081473) | (204446) | (2620783) | (13941295) | (14396902) | (12480536) |
| **Total increase (decrease)** | **(2185507)** | **(20406497)** | **564311** | **(969509)** | **(8195973)** | **(6114627)** | **(7182556)** |
| **NET ASSETS, at beginning of the year** | **50846697** | **232816753** | **11894741** | **22745758** | **87189234** | **112868269** | **78411916** |
| **NET ASSETS, at end of the year** | $**48661190** | $**212410256** | $**12459052** | $**21776249** | $**78993261** | $**106753642** | $**71229360** |

---

*See Notes to Financial Statements*

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* |
| ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** |
|  | **MML** | **MML** | **MML** | **MML** |  |  | **MML** |
|  | **Equity** | **Equity** | **Equity** | **Focused** | **MML** | **MML** | **Fundamental** |
|  | **Index** | **Index** | **Rotation** | **Equity** | **Foreign** | **Foreign** | **Equity** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **(Class I)** | **(Service Class I)** |  |  | **(Initial Class)** | **(Service Class)** |  |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends | $375603 | $284275 | $26997 | $174709 | $1137707 | $113003 | $154835 |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality and expense risk charge and administrative charges | 381446 | 359677 | 19860 | 271584 | 1054599 | 115106 | 255764 |
| **Net Investment income (loss)** | **(5843)** | **(75402)** | **7137** | **(96875)** | **83108** | **(2103)** | **(100929)** |
| **Net realized and unrealized gain (loss) on investments** | **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | 187774 | (724460) | (89087) | 542247 | (2297790) | (249869) | (431614) |
| Realized gain distribution | 2776996 | 2846180 | 2821 | 2060558 | - | - | - |
| Realized gain (loss) | 2964770 | 2121720 | (86266) | 2602805 | (2297790) | (249869) | (431614) |
| Change in net unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) of investments | 3594585 | 4215810 | 407709 | (766537) | 13616161 | 1481723 | 4418895 |
| **Net gain (loss) on investments** | **6559355** | **6337530** | **321443** | **1836268** | **11318371** | **1231854** | **3987281** |
| **Net increase (decrease) in net assets** |  |  |  |  |  |  |  |
| **resulting from operations** | **6553512** | **6262128** | **328580** | **1739393** | **11401479** | **1229751** | **3886352** |
| Capital transactions: |  |  |  |  |  |  |  |
| Transfers of net premiums | 294705 | 117230 | 164536 | 1280261 | 333381 | 108410 | 861025 |
| Transfers due to death benefits | (370220) | (118574) | (26040) | (111310) | (890522) | (82526) | (139012) |
| Transfers due to annuity benefit payments | (109006) |  |  |  | (313399) |  | (9690) |
| Transfers due to withdrawal of funds | (3339807) | (8032854) | (561139) | (2324407) | (9854374) | (904602) | (2801568) |
| Transfers due to loans, net of repayments | 4192 |  |  |  | (4559) |  |  |
| Transfers due to cost of insurance | (16925) | (100508) |  | 119 | (381312) | (72202) | (402) |
| Transfers due to contingent deferred sales charges | (270) |  | (2345) | (4100) | (52) | (129) | (957) |
| Transfers due to net charge (credit) to |  |  |  |  |  |  |  |
| annuitant mortality fluctuation | (123875) |  |  |  | 61823 |  | 1881 |
| Transfers between Sub-Accounts |  |  |  |  |  |  |  |
| and (to) from General Account | 1099618 | (329714) | (84347) | (261059) | (7261854) | 146177 | 896830 |
| Net increase (decrease) in net assets |  |  |  |  |  |  |  |
| resulting from capital transactions | (2561588) | (8464420) | (509335) | (1420496) | (18310868) | (804872) | (1191893) |
| **Total increase (decrease)** | **3991924** | **(2202292)** | **(180755)** | **318897** | **(6909389)** | **424879** | **2694459** |
| **NET ASSETS, at beginning of the year** | **27821852** | **29639746** | **1864206** | **21586709** | **89435726** | **8823408** | **18740713** |
| **NET ASSETS, at end of the year** | $**31813776** | $**27437454** | $**1683451** | $**21905606** | $**82526337** | $**9248287** | $**21435172** |

---

*See Notes to Financial Statements*

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* |
| ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** |
|  | **MML** |  |  |  | **MML** | **MML** |  |
|  | **Fundamental** | **MML** | **MML** | **MML** | **Growth** | **Growth** | **MML** |
|  | **Value** | **Global** | **Global** | **Global** | **Allocation** | **Allocation** | **High Yield** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  |  | **(Class I)** | **(Class II)** | **(Service Class I)** | **(Initial Class)** | **(Service Class)** |  |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends | $230159 | $40232 | $33820 | $169993 | $8248879 | $15769825 | $2520925 |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality and expense risk charge and administrative charges | 256219 | 50534 | 52438 | 258572 | 3651810 | 7219225 | 465087 |
| **Net Investment income (loss)** | **(26060)** | **(10302)** | **(18618)** | **(88579)** | **4597069** | **8550600** | **2055838** |
| **Net realized and unrealized gain (loss) on investments** | **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | (562255) | (874429) | (919351) | (4906565) | (9349681) | (18077377) | (1375246) |
| Realized gain distribution | 1284440 | 281910 | 233464 | 1376521 | 35934536 | 75625592 | - |
| Realized gain (loss) | 722185 | (592519) | (685887) | (3530044) | 26584855 | 57548215 | (1375246) |
| Change in net unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) of investments | 1638351 | 1145088 | 1202798 | 6063474 | 7114365 | 13303559 | 3423428 |
| **Net gain (loss) on investments** | **2360536** | **552569** | **516911** | **2533430** | **33699220** | **70851774** | **2048182** |
| **Net increase (decrease) in net assets** |  |  |  |  |  |  |  |
| **resulting from operations** | **2334476** | **542267** | **498293** | **2444851** | **38296289** | **79402374** | **4104020** |
| Capital transactions: |  |  |  |  |  |  |  |
| Transfers of net premiums | 1258815 | 14690 | 44781 | 1079562 | 2394141 | 9244641 | 1042323 |
| Transfers due to death benefits | (260664) | (33530) | (64742) | (74820) | (1649388) | (3221497) | (635404) |
| Transfers due to annuity benefit payments |  | (35074) | (32) |  |  |  | (506) |
| Transfers due to withdrawal of funds | (2629335) | (281377) | (321253) | (1623354) | (28671051) | (56320830) | (5085697) |
| Transfers due to loans, net of repayments | 65 |  | 4819 |  | 8741 |  | 6415 |
| Transfers due to cost of insurance | 788 | (16268) |  | (68766) | (4044211) | (6289577) | 2741 |
| Transfers due to contingent deferred sales charges | (5981) |  | (107) | (3551) | (223) | (43775) | (2475) |
| Transfers due to net charge (credit) to |  |  |  |  |  |  |  |
| annuitant mortality fluctuation |  | 14358 | 7 |  |  |  | 248 |
| Transfers between Sub-Accounts |  |  |  |  |  |  |  |
| and (to) from General Account | 69663 | 341869 | 3282 | (40390) | (2746670) | (1720663) | 2506646 |
| Net increase (decrease) in net assets |  |  |  |  |  |  |  |
| resulting from capital transactions | (1566649) | 4668 | (333245) | (731319) | (34708661) | (58351701) | (2165709) |
| **Total increase (decrease)** | **767827** | **546935** | **165048** | **1713532** | **3587628** | **21050673** | **1938311** |
| **NET ASSETS, at beginning of the year** | **20630720** | **4097127** | **3976403** | **19626341** | **282056598** | **583718812** | **37488508** |
| **NET ASSETS, at end of the year** | $**21398547** | $**4644062** | $**4141451** | $**21339873** | $**285644226** | $**604769485** | $**39426819** |

---

*See Notes to Financial Statements*

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* |
| ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** |
|  |  |  | **MML** | **MML** |  |  |  |
|  | **MML** | **MML** | **Inflation-** | **Inflation-** | **MML** | **MML** | **MML** |
|  | **Income** | **Income** | **Protected** | **Protected** | **International** | **iShares® 60/40** | **iShares® 80/20** |
|  | **& Growth** | **& Growth** | **and Income** | **and Income** | **Equity** | **Allocation** | **Allocation** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** |  |  |  |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends | $421826 | $513069 | $4107884 | $1819353 | $100166 | $191861 | $469537 |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality and expense risk charge and administrative charges | 236902 | 343435 | 1152429 | 535486 | 106614 | 110772 | 358540 |
| **Net Investment income (loss)** | **184924** | **169634** | **2955455** | **1283867** | **(6448)** | **81089** | **110997** |
| **Net realized and unrealized gain (loss) on investments** | **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | (299293) | (467185) | (2866814) | (1394378) | 11168 | (16767) | (127733) |
| Realized gain distribution | 2545666 | 3537920 | - | - | - | - | - |
| Realized gain (loss) | 2246373 | 3070735 | (2866814) | (1394378) | 11168 | (16767) | (127733) |
| Change in net unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) of investments | (888514) | (1295894) | 3379201 | 1605287 | 1332707 | 1047039 | 4443400 |
| **Net gain (loss) on investments** | **1357859** | **1774841** | **512387** | **210909** | **1343875** | **1030272** | **4315667** |
| **Net increase (decrease) in net assets** |  |  |  |  |  |  |  |
| **resulting from operations** | **1542783** | **1944475** | **3467842** | **1494776** | **1337427** | **1111361** | **4426664** |
| Capital transactions: |  |  |  |  |  |  |  |
| Transfers of net premiums | 146295 | 1158964 | 466330 | 1600054 | 634263 | 6390304 | 15331247 |
| Transfers due to death benefits | (477768) | (221361) | (1726456) | (283744) | (36853) | (19297) |  |
| Transfers due to annuity benefit payments | (85562) |  | (298644) | (476) |  |  |  |
| Transfers due to withdrawal of funds | (2100367) | (2909361) | (10882635) | (4766688) | (597355) | (61201) | (119531) |
| Transfers due to loans, net of repayments | 322 |  | 1538 |  | (6073) |  |  |
| Transfers due to cost of insurance | (30239) | (28189) | (377307) | (137593) | 349 |  |  |
| Transfers due to contingent deferred sales charges | (365) | (4035) | (28) | (24129) | (3210) | (96060) | (383160) |
| Transfers due to net charge (credit) to |  |  |  |  |  |  |  |
| annuitant mortality fluctuation | (15965) |  | 69863 | 55 |  |  |  |
| Transfers between Sub-Accounts |  |  |  |  |  |  |  |
| and (to) from General Account | 242842 | (123117) | 6526597 | (878968) | 568730 | 101417 | 71697 |
| Net increase (decrease) in net assets |  |  |  |  |  |  |  |
| resulting from capital transactions | (2320807) | (2127099) | (6220742) | (4491489) | 559851 | 6315163 | 14900253 |
| **Total increase (decrease)** | **(778024)** | **(182624)** | **(2752900)** | **(2996713)** | **1897278** | **7426524** | **19326917** |
| **NET ASSETS, at beginning of the year** | **21115105** | **28418303** | **88867535** | **43115577** | **7786105** | **5074791** | **18624545** |
| **NET ASSETS, at end of the year** | $**20337081** | $**28235679** | $**86114635** | $**40118864** | $**9683383** | $**12501315** | $**37951462** |

---

*See Notes to Financial Statements*

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* |
| ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** |
|  | **MML** | **MML** | **MML** | **MML** | **MML** | **MML** |  |
|  | **Large Cap** | **Large Cap** | **Managed** | **Managed** | **Managed** | **Managed** | **MML** |
|  | **Growth** | **Growth** | **Bond** | **Bond** | **Volatility** | **Volatility** | **Mid Cap Growth** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Initial Class)** |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends | $- | $- | $2963630 | $6282117 | $364524 | $49436 | $- |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality and expense risk charge and administrative charges | 153880 | 294302 | 937389 | 2163597 | 820846 | 236009 | 695501 |
| **Net Investment income (loss)** | **(153880)** | **(294302)** | **2026241** | **4118520** | **(456322)** | **(186573)** | **(695501)** |
| **Net realized and unrealized gain (loss) on investments** | **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | 572711 | 341943 | (2259706) | (6460151) | 1101466 | 448707 | (4699133) |
| Realized gain distribution | 983474 | 1707712 | - | - | 11567188 | 3326001 | - |
| Realized gain (loss) | 1556185 | 2049655 | (2259706) | (6460151) | 12668654 | 3774708 | (4699133) |
| Change in net unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) of investments | 4114460 | 7120537 | 4039191 | 10551914 | (5323343) | (1644433) | 16870232 |
| **Net gain (loss) on investments** | **5670645** | **9170192** | **1779485** | **4091763** | **7345311** | **2130275** | **12171099** |
| **Net increase (decrease) in net assets** |  |  |  |  |  |  |  |
| **resulting from operations** | **5516765** | **8875890** | **3805726** | **8210283** | **6888989** | **1943702** | **11475598** |
| Capital transactions: |  |  |  |  |  |  |  |
| Transfers of net premiums | 102757 | 1834772 | 526777 | 5379996 | 271092 | 239566 | 480196 |
| Transfers due to death benefits | (99060) | (194404) | (1350522) | (1916884) | (843737) | (103031) | (1116066) |
| Transfers due to annuity benefit payments | (10925) |  | (239871) | (573) | (224104) |  | (130362) |
| Transfers due to withdrawal of funds | (2002259) | (1347495) | (9291686) | (32918171) | (7419268) | (3243762) | (5300287) |
| Transfers due to loans, net of repayments | 2940 |  | 3980 |  | 2143 |  | (8483) |
| Transfers due to cost of insurance | (12271) | (6291) | (248704) | (864433) | (311758) | (87157) | (74359) |
| Transfers due to contingent deferred sales charges | (169) | (4975) | (144) | (21812) | (255) |  | (1191) |
| Transfers due to net charge (credit) to |  |  |  |  |  |  |  |
| annuitant mortality fluctuation | 3506 |  | 56262 | 66 | 38403 |  | 10165 |
| Transfers between Sub-Accounts |  |  |  |  |  |  |  |
| and (to) from General Account | 479115 | 1659722 | 3515356 | 5137420 | (437591) | (665892) | (1049361) |
| Net increase (decrease) in net assets |  |  |  |  |  |  |  |
| resulting from capital transactions | (1536366) | 1941329 | (7028552) | (25204391) | (8925075) | (3860276) | (7189748) |
| **Total increase (decrease)** | **3980399** | **10817219** | **(3222826)** | **(16994108)** | **(2036086)** | **(1916574)** | **4285850** |
| **NET ASSETS, at beginning of the year** | **11258538** | **17964547** | **76373788** | **180957384** | **63499565** | **19279858** | **57562324** |
| **NET ASSETS, at end of the year** | $**15238937** | $**28781766** | $**73150962** | $**163963276** | $**61463479** | $**17363284** | $**61848174** |

---

*See Notes to Financial Statements*

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* |
| ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** |
|  |  |  |  | **MML** | **MML** | **MML** | **MML** |
|  | **MML** | **MML** | **MML** | **Moderate** | **Moderate** | **Short-Duration** | **Small Cap** |
|  | **Mid Cap Growth** | **Mid Cap Value** | **Mid Cap Value** | **Allocation** | **Allocation** | **Bond** | **Equity** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** |  | **(Initial Class)** |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends | $- | $2525730 | $1130263 | $5253921 | $29646564 | $984089 | $274451 |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality and expense risk charge and administrative charges | 1063626 | 1210233 | 597366 | 1993743 | 12725925 | 361883 | 241920 |
| **Net Investment income (loss)** | **(1063626)** | **1315497** | **532897** | **3260178** | **16920639** | **622206** | **32531** |
| **Net realized and unrealized gain (loss) on investments** | **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | (10770475) | (5436318) | (3410367) | (5585220) | (52618353) | (672791) | 464368 |
| Realized gain distribution | - | 15168462 | 7571864 | 15826168 | 98261489 | - | - |
| Realized gain (loss) | (10770475) | 9732144 | 4161497 | 10240948 | 45643136 | (672791) | 464368 |
| Change in net unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) of investments | 27774668 | (6571471) | (2801158) | 5157005 | 50844336 | 1603135 | 2787104 |
| **Net gain (loss) on investments** | **17004193** | **3160673** | **1360339** | **15397953** | **96487472** | **930344** | **3251472** |
| **Net increase (decrease) in net assets** |  |  |  |  |  |  |  |
| **resulting from operations** | **15940567** | **4476170** | **1893236** | **18658131** | **113408111** | **1552550** | **3284003** |
| Capital transactions: |  |  |  |  |  |  |  |
| Transfers of net premiums | 2366708 | 475172 | 1905884 | 813855 | 9986192 | 3389867 | 127153 |
| Transfers due to death benefits | (634563) | (1643817) | (462320) | (1840512) | (11199082) | (148908) | (244454) |
| Transfers due to annuity benefit payments |  | (306093) |  |  | (4337) | (405) | (26715) |
| Transfers due to withdrawal of funds | (10741152) | (10958098) | (5800385) | (17927219) | (190446381) | (4105732) | (2057599) |
| Transfers due to loans, net of repayments |  | 5411 |  | 26722 |  |  | (1137) |
| Transfers due to cost of insurance | (155900) | (327282) | (105687) | (1813619) | (6476116) | 484 | (21265) |
| Transfers due to contingent deferred sales charges | (11390) | (1618) | (6670) | (5) | (20377) | (6835) | (386) |
| Transfers due to net charge (credit) to |  |  |  |  |  |  |  |
| annuitant mortality fluctuation |  | 64145 |  |  | (10379) | 203 | 6290 |
| Transfers between Sub-Accounts |  |  |  |  |  |  |  |
| and (to) from General Account | (52139) | 1353022 | (1673506) | 142498 | (3711017) | 327503 | (273289) |
| Net increase (decrease) in net assets |  |  |  |  |  |  |  |
| resulting from capital transactions | (9228436) | (11339158) | (6142684) | (20598280) | (201881497) | (543823) | (2491402) |
| **Total increase (decrease)** | **6712131** | **(6862988)** | **(4249448)** | **(1940149)** | **(88473386)** | **1008727** | **792601** |
| **NET ASSETS, at beginning of the year** | **81046753** | **104763063** | **50303554** | **161103074** | **1044498635** | **29348995** | **21412816** |
| **NET ASSETS, at end of the year** | $**87758884** | $**97900075** | $**46054106** | $**159162925** | **956025249** | **30357722** | **22205417** |

---

*See Notes to Financial Statements*

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* |
| ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** |
|  |  |  |  |  |  |  | **MML** |
|  | **MML** | **MML** | **MML** | **MML** | **MML** | **MML** | **Strategic** |
|  | **Small Cap** | **Small Cap** | **Small Cap** | **Small** | **Small/Mid Cap** | **Small/Mid Cap** | **Emerging** |
|  | **Equity** | **Growth Equity** | **Growth Equity** | **Company Value** | **Value** | **Value** | **Markets** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **(Service Class)** | **(Initial Class)** | **(Service Class)** |  | **(Initial Class)** | **(Service Class)** |  |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends | $248123 | $- | $- | $201235 | $774841 | $199242 | $- |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality and expense risk charge and administrative charges | 297172 | 782158 | 280537 | 295481 | 891831 | 292754 | 136622 |
| **Net Investment income (loss)** | **(49049)** | **(782158)** | **(280537)** | **(94246)** | **(116990)** | **(93512)** | **(136622)** |
| **Net realized and unrealized gain (loss) on investments** | **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | 20281 | (4934899) | (2376965) | (4021572) | (3030369) | (1310343) | (2060408) |
| Realized gain distribution | - | - | - | 59615 | 8916199 | 3026006 | - |
| Realized gain (loss) | 20281 | (4934899) | (2376965) | (3961957) | 5885830 | 1715663 | (2060408) |
| Change in net unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) of investments | 3673532 | 14637404 | 5818332 | 7265882 | 4659468 | 1747590 | 3179801 |
| **Net gain (loss) on investments** | **3693813** | **9702505** | **3441367** | **3303925** | **10545298** | **3463253** | **1119393** |
| **Net increase (decrease) in net assets** |  |  |  |  |  |  |  |
| **resulting from operations** | **3644764** | **8920347** | **3160830** | **3209679** | **10428308** | **3369741** | **982771** |
| Capital transactions: |  |  |  |  |  |  |  |
| Transfers of net premiums | 670562 | 1360532 | 489553 | 522810 | 335272 | 396123 | 393281 |
| Transfers due to death benefits | (241389) | (748082) | (530833) | (236233) | (802613) | (183216) | (33462) |
| Transfers due to annuity benefit payments |  | (220222) |  |  | (257956) |  |  |
| Transfers due to withdrawal of funds | (3023135) | (7043662) | (2467615) | (2432589) | (8173301) | (2570409) | (1174257) |
| Transfers due to loans, net of repayments |  | (7837) |  | 6608 | (3097) |  | 120 |
| Transfers due to cost of insurance | (31888) | (263885) | (41829) | (19371) | (277845) | (62852) | (24399) |
| Transfers due to contingent deferred sales charges | (653) | (5916) |  | (1588) | (11) | (3741) | (2424) |
| Transfers due to net charge (credit) to |  |  |  |  |  |  |  |
| annuitant mortality fluctuation |  | 34717 |  |  | 56728 |  |  |
| Transfers between Sub-Accounts |  |  |  |  |  |  |  |
| and (to) from General Account | 657349 | 2024072 | 160783 | (415754) | 542311 | 218782 | 117177 |
| Net increase (decrease) in net assets |  |  |  |  |  |  |  |
| resulting from capital transactions | (1969154) | (4870283) | (2389941) | (2576117) | (8580512) | (2205313) | (723964) |
| **Total increase (decrease)** | **1675610** | **4050064** | **770889** | **633562** | **1847796** | **1164428** | **258807** |
| **NET ASSETS, at beginning of the year** | **23617332** | **60413373** | **22649920** | **23768684** | **72429647** | **23433475** | **10939529** |
| **NET ASSETS, at end of the year** | $**25292942** | $**64463437** | $**23420809** | $**24402246** | $**74277443** | $**24597903** | $**11198336** |

---

*See Notes to Financial Statements*

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* | *STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS (Continued)* |
| ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** | ***For The Year Ended December 31, 2023*** |
|  |  |  |  |  | **PIMCO** |  | **VY®** |
|  | **MML** | **MML** |  | **MML U.S.** | **Commodity** |  | **CBRE** |
|  | **Sustainable** | **Sustainable** | **MML Total** | **Government** | **RealReturn®** | **PIMCO** | **Global** |
|  | **Equity** | **Equity** | **Return Bond** | **Money Market** | **Strategy** | **Income** | **Real Estate** |
|  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **(Initial Class)** | **(Service Class)** |  |  |  |  |  |
| **Investment income** |  |  |  |  |  |  |  |
| Dividends | $550710 | $324085 | $762741 | $5525061 | $1264216 | $82750 | $157412 |
| **Expenses** |  |  |  |  |  |  |  |
| Mortality and expense risk charge and administrative charges | 616592 | 596497 | 445938 | 1498253 | 98101 | 20328 | 110512 |
| **Net Investment income (loss)** | **(65882)** | **(272412)** | **316803** | **4026808** | **1166115** | **62422** | **46900** |
| **Net realized and unrealized gain (loss) on investments** | **Net realized and unrealized gain (loss) on investments** |  |  |  |  |  |  |
| Realized gain (loss) on sale of fund shares | 4524035 | 310967 | (1302544) | 347 | (233858) | (2034) | (392710) |
| Realized gain distribution | 17662152 | 14495443 | - | - | - | - | 94261 |
| Realized gain (loss) | 22186187 | 14806410 | (1302544) | 347 | (233858) | (2034) | (298449) |
| Change in net unrealized appreciation |  |  |  |  |  |  |  |
| (depreciation) of investments | (10157739) | (4754225) | 2373357 | (347) | (1695592) | 47958 | 1174809 |
| **Net gain (loss) on investments** | **12028448** | **10052185** | **1070813** | **-** | **(1929450)** | **45924** | **876360** |
| **Net increase (decrease) in net assets** |  |  |  |  |  |  |  |
| **resulting from operations** | **11962566** | **9779773** | **1387616** | **4026808** | **(763335)** | **108346** | **923260** |
| Capital transactions: |  |  |  |  |  |  |  |
| Transfers of net premiums | 282301 | 252745 | 2299122 | 4668859 | 124385 | 1129941 | 96630 |
| Transfers due to death benefits | (554720) | (230043) | (394840) | (2069097) | (46669) |  | (30516) |
| Transfers due to annuity benefit payments | (44114) |  |  | (65843) | (17750) |  | (35602) |
| Transfers due to withdrawal of funds | (5644655) | (5722974) | (3942575) | (40519754) | (967252) | (2732) | (976880) |
| Transfers due to loans, net of repayments | (2602) |  | 478 | 9672 | 10675 |  | 685 |
| Transfers due to cost of insurance | (62648) | (53628) | 3752 | (170846) | (38500) |  | (47488) |
| Transfers due to contingent deferred sales charges | (385) | (1012) | (16769) | (8280) | (8) | (6592) | (11) |
| Transfers due to net charge (credit) to |  |  |  |  |  |  |  |
| annuitant mortality fluctuation | 20575 |  |  | 16380 | 5030 |  | 10397 |
| Transfers between Sub-Accounts |  |  |  |  |  |  |  |
| and (to) from General Account | (1436070) | (117308) | 1014705 | 19519907 | (545666) | 49912 | 85466 |
| Net increase (decrease) in net assets |  |  |  |  |  |  |  |
| resulting from capital transactions | (7442318) | (5872220) | (1036127) | (18619002) | (1475755) | 1170529 | (897319) |
| **Total increase (decrease)** | **4520248** | **3907553** | **351489** | **(14592194)** | **(2239090)** | **1278875** | **25941** |
| **NET ASSETS, at beginning of the year** | **55237374** | **46573782** | **35974681** | **131305870** | **9095267** | **835304** | **9135382** |
| **NET ASSETS, at end of the year** | $**59757622** | $**50481335** | $**36326170** | $**116713676** | $**6856177** | $**2114179** | $**9161323** |

---

*See Notes to Financial Statements*

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

***Notes To Financial Statements***

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

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

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

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

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

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| | |
|:---|:---|
| ***2.*** | ***INVESTMENT OF THE SEPARATE ACCOUNT'S ASSETS*** |
|  | For the year or period ended December 31, 2024, the Separate Account consists of one hundred-five sub-accounts which invest in the following mutual funds. All of the sub-account/funds may not be available through each of the products within the Separate Account: |

---

---

| |
|:---|
| **Sub-Accounts** |
| American Funds Insurance Series® Global Small Capitalization Sub-Account American Funds Insurance Series® Global Small Capitalization Fund <sup>8, 11</sup> |
| American Funds Insurance Series® New World Sub-Account American Funds Insurance Series® New World Fund® <sup>8, 11</sup> |
| American Funds Insurance Series® Washington Mutual Investors Sub-Account American Funds Insurance Series® Washington Mutual Investors Fund <sup>8, 11</sup> |
| BlackRock 60/40 Target Allocation ETF V.I. Sub-<br> Account<br> BlackRock 60/40 Target Allocation ETF V.I.<br> Fund <sup>7</sup> |
| Columbia Variable Portfolio - Contrarian Core Sub-<br> Account<br> Columbia Variable Portfolio - Contrarian Core<br> Fund <sup>9, 11</sup> |
| Fidelity® VIP Contrafund® Sub-Account (Initial Class) Fidelity® VIP Contrafund® Portfolio (Initial Class)<sup>1</sup> |
| Fidelity® VIP Contrafund® Sub-Account (Service Class 2) Fidelity® VIP Contrafund® Portfolio (Service Class 2)<sup>1</sup> |
| Fidelity® VIP Health Care Sub-Account Fidelity® VIP Health Care Portfolio<sup>1</sup> |
| Fidelity® VIP Overseas Sub-Account Fidelity® VIP Overseas Portfolio<sup>1, 15</sup> |
| Fidelity® VIP Real Estate Sub-Account Fidelity® VIP Real Estate Portfolio<sup>1</sup> |
| Fidelity® VIP Strategic Income Sub-Account Fidelity® VIP Strategic Income Portfolio<sup>1</sup> |
| Invesco Oppenheimer V.I. International Growth Sub-Account (Series I) Invesco Oppenheimer V.I. International Growth Fund (Series I)<sup>3</sup> |
| Invesco Oppenheimer V.I. International Growth Sub-Account (Series II) Invesco Oppenheimer V.I. International Growth Fund (Series II)<sup>3</sup> |
| Invesco V.I. Capital Appreciation Sub-Account (Series I) Invesco V.I. Capital Appreciation Fund (Series I)<sup>3</sup> |
| Invesco V.I. Capital Appreciation Sub-Account (Series II) Invesco V.I. Capital Appreciation Fund (Series II)<sup>3</sup> |
| Invesco V.I. Core Plus Bond Sub-Account Invesco V.I. Core Plus Bond Fund<sup>3</sup> |
| Invesco V.I. Discovery Mid Cap Growth Sub-Account (Series I) Invesco V.I. Discovery Mid Cap Growth Fund (Series I)<sup>3</sup> |
| Invesco V.I. Discovery Mid Cap Growth Sub-Account (Series II) Invesco V.I. Discovery Mid Cap Growth Fund(Series II)<sup>3</sup> |
| Invesco V.I. Diversified Dividend Sub-Account (Series I) Invesco V.I. Diversified Dividend Fund (Series I)<sup>3</sup> |
| Invesco V.I. Diversified Dividend Sub-Account (Series II) Invesco V.I. Diversified Dividend Fund (Series II)<sup>3</sup> |
| Invesco V.I. Equity and Income Sub-Account (Series I) Invesco V.I. Equity and Income Fund (Series I)<sup>3, 16</sup> |
| Invesco V.I. Equity and Income Sub-Account (Series II) Invesco V.I. Equity and Income Fund (Series II)<sup>3, 17</sup> |
| Invesco V.I. Global Sub-Account (Series I) Invesco V.I. Global Fund (Series I)<sup>3</sup> |
| Invesco V.I. Global Sub-Account (Series II) Invesco V.I. Global Fund (Series II)<sup>3</sup> |
| Invesco V.I. Global Strategic Income Sub-Account (Series I) Invesco V.I. Global Strategic Income Fund (Series I)<sup>3</sup> |
| Invesco V.I. Global Strategic Income Sub-Account (Series II) Invesco V.I. Global Strategic Income Fund (Series II)<sup>3</sup> |
| Invesco V.I. Health Care Sub-Account (Series I) Invesco V.I. Health Care Fund (Series I)<sup>3</sup> |
| Invesco V.I. Health Care Sub-Account (Series II) Invesco V.I. Health Care Fund (Series II)<sup>3</sup> |
| Invesco V.I. Main Street Sub-Account (Series I) Invesco V.I. Main Street Fund® (Series I)<sup>3</sup> |
| Invesco V.I. Main Street Sub-Account (Series II) Invesco V.I. Main Street Fund® (Series II)<sup>3</sup> |
| Invesco V.I. Technology Sub-Account (Series I) Invesco V.I. Technology Fund (Series I)<sup>3</sup> |
| Invesco V.I. Technology Sub-Account (Series II) Invesco V.I. Technology Fund (Series II)<sup>3</sup> |
| Invesco V.I. U.S. Government Money Sub-Account Invesco V.I. U.S. Government Money Fund<sup>3</sup> |
| Janus Henderson Enterprise Sub-Account Janus Henderson Enterprise Fund <sup>11, 13</sup> |

---

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

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| |
|:---|
| Janus Henderson Global Technology and Innovation Sub-Account |
| Janus Henderson Overseas Sub-Account Janus Henderson Overseas Fund <sup>11, 13</sup> |
| Macquarie VIP Asset Strategy Sub-Account <sup>10</sup> Macquarie VIP Asset Strategy Portfolio <sup>6, 10</sup> |
| Macquarie VIP Growth Sub-Account Macquarie VIP Growth Fund <sup>6, 11</sup> |
| MML Aggressive Allocation Sub-Account (Initial Class) MML Aggressive Allocation Fund (Initial Class)<sup>4</sup> |
| MML Aggressive Allocation Sub-Account (Service Class) MML Aggressive Allocation Fund (Service Class)<sup>4</sup> |
| MML American Funds Core Allocation Sub-Account MML American Funds Core Allocation Fund<sup>4</sup> |
| MML American Funds Growth Sub-Account MML American Funds Growth Fund<sup>4</sup> |
| MML Balanced Allocation Sub-Account (Initial Class) MML Balanced Allocation Fund (Initial Class)<sup>4</sup> |
| MML Balanced Allocation Sub-Account (Service Class) MML Balanced Allocation Fund (Service Class)<sup>4</sup> |
| MML Blend Sub-Account (Initial Class) MML Blend Fund (Initial Class)<sup>4</sup> |
| MML Blend Sub-Account (Service Class) MML Blend Fund (Service Class)<sup>4</sup> |
| MML Blue Chip Growth Sub-Account (Initial Class) MML Blue Chip Growth Fund (Initial Class)<sup>4</sup> |
| MML Blue Chip Growth Sub-Account (Service Class) MML Blue Chip Growth Fund (Service Class)<sup>4</sup> |
| MML Conservative Allocation Sub-Account (Initial Class) MML Conservative Allocation Fund (Initial Class)<sup>4</sup> |
| MML Conservative Allocation Sub-Account (Service Class) MML Conservative Allocation Fund (Service Class)<sup>4</sup> |
| MML Dynamic Bond Sub-Account MML Dynamic Bond Fund <sup>4</sup> |
| MML Equity Sub-Account (Initial Class) MML Equity Fund (Initial Class)<sup>4</sup> |
| MML Equity Sub-Account (Service Class) MML Equity Fund (Service Class)<sup>4</sup> |
| MML Equity Income Sub-Account (Initial Class) MML Equity Income Fund (Initial Class)<sup>4</sup> |
| MML Equity Income Sub-Account (Service Class) MML Equity Income Fund (Service Class)<sup>4</sup> |
| MML Equity Index Sub-Account (Class I) MML Equity Index Fund (Class I)<sup>4</sup> |
| MML Equity Index Sub-Account (Service Class I) MML Equity Index Fund (Service Class I)<sup>4</sup> |
| MML Equity Rotation Sub-Account MML Equity Rotation Fund<sup>4</sup> |
| MML Focused Equity Sub-Account MML Focused Equity Fund (Initial Class)<sup>4</sup> |
| MML Foreign Sub-Account (Initial Class) MML Foreign Fund (Initial Class)<sup>4</sup> |
| MML Foreign Sub-Account (Service Class) MML Foreign Fund (Service Class)<sup>4</sup> |
| MML Fundamental Equity Sub-Account MML Fundamental Equity Fund (Initial Class)<sup>4</sup> |
| MML Fundamental Value Sub-Account MML Fundamental Value Fund (Initial Class)<sup>4</sup> |
| MML Global Sub-Account (Class I) MML Global Fund (Class I)<sup>4</sup> |
| MML Global Sub-Account (Class II) MML Global Fund (Class II)<sup>4</sup> |
| MML Global Sub-Account (Service Class I) MML Global Fund (Service Class I)<sup>4</sup> |
| MML Growth Allocation Sub-Account (Initial Class) MML Growth Allocation Fund (Initial Class)<sup>4</sup> |
| MML Growth Allocation Sub-Account (Service Class) MML Growth Allocation Fund (Service Class)<sup>4</sup> |
| MML High Yield Sub-Account MML High Yield Fund<sup>4</sup> |
| MML Income & Growth Sub-Account (Initial Class) MML Income & Growth Fund (Initial Class)<sup>4</sup> |
| MML Income & Growth Sub-Account (Service Class) MML Income & Growth Fund (Service Class)<sup>4</sup> |
| MML Inflation-Protected and Income Sub-Account (Initial Class) MML Inflation-Protected and Income Fund (Initial Class)<sup>4</sup> |
| MML Inflation-Protected and Income Sub-Account (Service Class) MML Inflation-Protected and Income Fund (Service Class)<sup>4</sup> |
| MML International Equity Sub-Account MML International Equity Fund<sup>4</sup> |
| MML iShares® 60/40 Allocation Sub-Account MML iShares® 60/40 Allocation Fund<sup>4</sup> |
| MML iShares® 80/20 Allocation Sub-Account MML iShares® 80/20 Allocation Fund<sup>4</sup> |
| MML Large Cap Growth Sub-Account (Initial Class) MML Large Cap Growth Fund (Initial Class)<sup>4</sup> |
| MML Large Cap Growth Sub-Account (Service Class) MML Large Cap Growth Fund (Service Class)<sup>4</sup> |
| MML Managed Bond Sub-Account (Initial Class) MML Managed Bond Fund (Initial Class)<sup>4</sup> |

---

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

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| | |
|:---|:---|
| MML Managed Bond Sub-Account (Service Class) | MML Managed Bond Sub-Account (Service Class) |
| MML Managed Volatility Sub-Account (Initial Class) | MML Managed Volatility Sub-Account (Initial Class) MML Managed Volatility Fund (Initial Class)<sup>4</sup> |
| MML Managed Volatility Sub-Account (Service Class) | MML Managed Volatility Sub-Account (Service Class) MML Managed Volatility Fund (Service Class)<sup>4</sup> |
| MML Mid Cap Growth Sub-Account (Initial Class) | MML Mid Cap Growth Sub-Account (Initial Class) MML Mid Cap Growth Fund (Initial Class)<sup>4</sup> |
| MML Mid Cap Growth Sub-Account (Service Class) | MML Mid Cap Growth Sub-Account (Service Class) MML Mid Cap Growth Fund (Service Class)<sup>4</sup> |
| MML Mid Cap Value Sub-Account (Initial Class) | MML Mid Cap Value Sub-Account (Initial Class) MML Mid Cap Value Fund (Initial Class)<sup>4</sup> |
| MML Mid Cap Value Sub-Account (Service Class) | MML Mid Cap Value Sub-Account (Service Class) MML Mid Cap Value Fund (Service Class)<sup>4</sup> |
| MML Moderate Allocation Sub-Account (Initial Class) | MML Moderate Allocation Sub-Account (Initial Class) MML Moderate Allocation Fund (Initial Class)<sup>4</sup> |
| MML Moderate Allocation Sub-Account (Service Class) | MML Moderate Allocation Sub-Account (Service Class) MML Moderate Allocation Fund (Service Class)<sup>4</sup> |
| MML Short-Duration Bond Sub-Account | MML Short-Duration Bond Sub-Account MML Short-Duration Bond Fund<sup>4</sup> |
| MML Small Cap Equity Sub-Account (Initial Class) | MML Small Cap Equity Sub-Account (Initial Class) MML Small Cap Equity Fund (Initial Class)<sup>4</sup> |
| MML Small Cap Equity Sub-Account (Service Class) | MML Small Cap Equity Sub-Account (Service Class) MML Small Cap Equity Fund (Service Class)<sup>4</sup> |
| MML Small Cap Growth Equity Sub-Account (Initial Class) | MML Small Cap Growth Equity Sub-Account (Initial Class) MML Small Cap Growth Equity Fund (Initial Class)<sup>4</sup> |
| MML Small Cap Growth Equity Sub-Account (Service Class) | MML Small Cap Growth Equity Sub-Account (Service Class) MML Small Cap Growth Equity Fund (ServiceClass)<sup>4</sup> |
| MML Small Company Value Sub-Account | MML Small Company Value Sub-Account MML Small Company Value Fund<sup>4</sup> |
| MML Small/Mid Cap Value Sub-Account (Initial Class) | MML Small/Mid Cap Value Sub-Account (Initial Class) MML Small/Mid Cap Value Fund (Initial Class)<sup>4</sup> |
| MML Small/Mid Cap Value Sub-Account (Service Class) | MML Small/Mid Cap Value Sub-Account (Service Class) MML Small/Mid Cap Value Fund (Service Class)<sup>4</sup> |
| MML Strategic Emerging Markets Sub-Account | MML Strategic Emerging Markets Sub-Account MML Strategic Emerging Markets Fund<sup>4</sup> |
| MML Sustainable Equity Sub-Account (Initial Class) | MML Sustainable Equity Sub-Account (Initial Class) MML Sustainable Equity Fund (Initial Class)<sup>4</sup> |
| MML Sustainable Equity Sub-Account (Service Class) | MML Sustainable Equity Sub-Account (Service Class) MML Sustainable Equity Fund (Service Class)<sup>4</sup> |
| MML Total Return Bond Sub-Account | MML Total Return Bond Sub-Account MML Total Return Bond Fund<sup>4</sup> |
| MML U.S. Government Money Market Sub-Account | MML U.S. Government Money Market Sub-Account MML U.S. Government Money Market Fund<sup>4</sup> |
| PIMCO CommodityRealReturn® Strategy Sub-Account | PIMCO CommodityRealReturn® Strategy Sub-Account PIMCO CommodityRealReturn® Strategy Portfolio<sup>5</sup> |
| PIMCO Income Sub-Account | PIMCO Income Sub-Account PIMCO Income Portfolio<sup>5</sup> |
| Vest US Large Cap 10% Buffer Strategies VI Sub-Account<sup>12</sup> | Vest US Large Cap 10% Buffer Strategies VI Sub-Account<sup>12</sup> Vest US Large Cap 10% Buffer Strategies VI Fund<sup>12, 14, 15</sup> |
| VY® CBRE Global Real Estate Sub-Account | VY® CBRE Global Real Estate Sub-Account VY® CBRE Global Real Estate Fund<sup>2</sup> |
|  | In addition to the ninety-eight sub-accounts, some contract owners may also allocate funds to the Fixed Interest Account ("FIA"), which is part of MassMutual's general investment account ("General Account"). Because of exemptive and exclusionary provisions in the securities law, interests in the FIA are not registered under the Securities Act of 1933, and the General Account and the FIA are not registered as an investment company under the 1940 Act. |
|  | <sup>1</sup> Fidelity Management & Research Company LLC is the investment adviser to this Portfolio. |
|  | <sup>2</sup> Voya Investments, LLC is the investment adviser to this Fund. |
|  | <sup>3</sup> Invesco Advisers, Inc. is the investment adviser to this Fund. |
|  | <sup>4</sup> MML Investment Advisers, LLC is the investment adviser to this Fund. |
|  | <sup>5</sup> Pacific Investment Management Company LLC is the investment adviser to this Portfolio. |
|  | <sup>6</sup> Delaware Investment Management, a series of Macquarie Investment Management Business Trust, is the investment adviser to this Portfolio. |
|  | <sup>7</sup> BlackRock Advisors, LLC is the investment adviser for this Fund. |
|  | <sup>8</sup> Capital Research and Management Company is the investment adviser for this Fund. |
|  | <sup>9</sup> Columbia Management Investment Advisers, LLC is the investment adviser for this Fund. |
|  | <sup>10</sup> Prior to April 30, 2024, known as Delaware Ivy VIP Asset Strategy Sub-Account. |
|  | <sup>11</sup> This Sub-Account/Fund became available to the Separate Account as an investment option on April 29, 2024. |
|  | <sup>12</sup> Prior to February 1, 2024, known as Cboe Vest US Large Cap 10% Buffer Strategies VI Sub-Account/Fund. |
|  | <sup>13</sup> Janus Henderson Investors US, LLC is the investment adviser to this Fund. |
|  | <sup>14</sup> Vest Financial LLC is the investment adviser to this Fund. |
|  | <sup>15</sup> This Sub-Account/Fund became available to the Separate Account as an investment option on May 1, 2023. |
|  | <sup>16</sup> After the close of business on April 26, 2024, Invesco V.I. Equity and Income Fund (Series I) acquired all the net assets of Invesco V.I. Conservative Balanced Fund (Series I) pursuant to a plan of reorganization approved by the Board of Trustees of the Invesco Funds on September 20, 2023 and by the shareholders of the Invesco V.I. Conservative Balanced Fund (Series I) on January 18, 2024. Shares of Invesco V.I. Conservative Balanced Fund (Series I) were exchanged for the like class of shares of Invesco V.I. Equity and Income Fund (Series I), based on the relative net asset value of the two funds which resulted in Invesco V.I. Conservative Balanced Fund (Series I) receiving 0.89134224 shares of Invesco V.I. Equity and Income Fund (Series I) in exchange of 1 share of Invesco V.I. Conservative Balanced Fund (Series I). As a result of the underlying fund merger, the sub-account name changed from Invesco V.I. Conservative Balanced Fund (Series I) to Invesco V.I. Equity Fund and Income Fund (Series I). |

---

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

<sup>17</sup>After the close of business on April 26, 2024, Invesco V.I. Equity and Income Fund (Series II) acquired all the net assets of Invesco V.I. Conservative Balanced Fund (Series II) pursuant to a plan of reorganization approved by the Board of Trustees of the Invesco Funds on September 20, 2023 and by the shareholders of the Invesco V.I. Conservative Balanced Fund (Series II) on January 18, 2024. Shares of Invesco V.I. Conservative Balanced Fund (Series II) were exchanged for the like class of shares of Invesco V.I. Equity and Income Fund (Series II), based on the relative net asset value of the two funds which resulted in Invesco V.I. Conservative Balanced Fund (Series II) receiving 0.89134224 shares of Invesco V.I. Equity and Income Fund (Series II) in exchange of 1 share of Invesco V.I. Conservative Balanced Fund (Series II). As a result of the underlying fund merger, the sub-account name changed from Invesco V.I. Conservative Balanced Fund (Series II) to Invesco V.I. Equity Fund and Income Fund (Series II).

&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. Massachusetts Mutual Variable Annuity Separate Account 4 follows the accounting and reporting guidance in FASB Accounting Standards Codification 946.

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

Investments in the underlying funds held by each sub-account are carried at fair value which is based on the closing net asset value of each of the respective underlying funds, which value their investment securities at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Accounting for Investments** 

Investment transactions are accounted for on a trade-date basis and identified cost is the basis followed in determining the cost of investments sold for financial statement purposes. Dividend income and gains from realized gain distributions are recorded on the ex-distribution date and they are generally reinvested in the underlying funds.

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

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

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

See Note 8B for charges associated with the contracts.

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

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

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

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

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

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

The Separate Account contributes to an Annuitant Mortality Fluctuation Fund (AMFF) reserve maintained by MassMutual as required by regulatory authorities to provide for mortality losses incurred. The AMFF reserve is adjusted quarterly for mortality losses and gains and its proportionate share of changes in value. Transfers to or from MassMutual are then made quarterly to adjust the AMFF reserve which is held in the Separate Account. Net transfers from the MassMutual to the Separate Account totaled $999,557 and $948,840 for the years ended December 31, 2024 and 2023, respectively. The AMFF reserve is subject to a maximum of 3% of the Separate Account's annuity reserves. Any mortality losses in excess of this reserve will be borne by MassMutual. The AMFF reserve is not available to owners of the contracts except to the extent necessary to cover mortality losses under the contracts.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Single Reportable Segment** 

The Separate Account derives revenues from variable annuity products. MassMutual has identified the Head of Brand, Product, and Affiliate Distribution and their Team as the chief operating decision maker (CODM) for overseeing the products and the performance of the underlying funds to evaluate the results of the business and make operational decisions. The Separate Account's products constitute as a single operating segment and therefore, a single reportable segment. Separate Accounts are structured with a limited purpose by design and their sole purpose, which records and reports the invested funds and activities and performance chosen by contract/policy holders. Investment performance of funds may vary based on the underlying fund's investment objectives specified in the fund prospectuses. The accounting policies used to measure the profit and loss of the segment are the same as those described in the summary of significant accounting policies herein.

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

Financial Accounting Standards Board ("FASB") ASC Topic 820, Fair Value Measurement ("ASC 820") defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, the Separate Account generally uses the market approach as the valuation technique due to the nature of the mutual fund investments offered in the Separate Account. This technique maximizes the use of observable inputs and minimizes the use of unobservable inputs. Investments in mutual funds are valued at the mutual fund's closing net asset value per share on the day of valuation.

**Valuation Inputs:** Various inputs are used to determine the value of the Separate Account's investments. These inputs are summarized in the three broad levels listed below:

&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, 2024. There have been no transfers between levels for the year ended December 31, 2024.

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

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

 ****

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

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

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

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

Certain fees such as mortality and expense risk fees are charges paid between the general investment account (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*** | ***PURCHASES AND SALES OF INVESTMENTS*** | ***PURCHASES AND SALES OF INVESTMENTS*** | ***PURCHASES AND SALES OF INVESTMENTS*** | ***PURCHASES AND SALES OF INVESTMENTS*** | ***PURCHASES AND SALES OF INVESTMENTS*** |  |  |
|  | The cost of purchases and proceeds from sales of investments for each of the years in the two-year period ended December 41, 2024 were as follows: | The cost of purchases and proceeds from sales of investments for each of the years in the two-year period ended December 41, 2024 were as follows: | The cost of purchases and proceeds from sales of investments for each of the years in the two-year period ended December 41, 2024 were as follows: | The cost of purchases and proceeds from sales of investments for each of the years in the two-year period ended December 41, 2024 were as follows: | The cost of purchases and proceeds from sales of investments for each of the years in the two-year period ended December 41, 2024 were as follows: | The cost of purchases and proceeds from sales of investments for each of the years in the two-year period ended December 41, 2024 were as follows: | The cost of purchases and proceeds from sales of investments for each of the years in the two-year period ended December 41, 2024 were as follows: | The cost of purchases and proceeds from sales of investments for each of the years in the two-year period ended December 41, 2024 were as follows: |
|  |  | **American Funds** |  | **American Funds** | **BlackRock** | **Columbia** |  |  |
|  |  | **Insurance Series®** | **American Funds** | **Insurance Series®** | **60/40 Target** | **Variable** | **Fidelity®** | **Fidelity®** |
|  |  | **Global Small** | **Insurance Series®** | **Washington** | **Allocation** | **Portfolio -** | **VIP** | **VIP** |
|  |  | **Capitalization** | **New World** | **Mutual Investors** | **ETF V.I.** | **Contrarian Core** | **Contrafund®** | **Contrafund®** |
|  |  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  |  |  |  |  |  |  | **(Initial Class)** | **(Service Class 2)** |
|  | **<u>2024</u>** |  |  |  |  |  |  |  |
|  | Cost of purchases | $431656 | $229799 | $1315605 | $4126110 | $613862 | $28615188 | $50174576 |
|  | Proceeds from sales | (4916) | (1689) | (80297) | (2039265) | (18273) | (49347222) | (50805672) |
|  |  |  |  |  | **Fidelity®** | **Invesco** | **Invesco** |  |
|  |  | **Fidelity®** | **Fidelity®** | **Fidelity®** | **VIP** | **Oppenheimer V.I.** | **Oppenheimer V.I.** | **Invesco V.I.** |
|  |  | **VIP** | **VIP** | **VIP** | **Strategic** | **International** | **International** | **Capital** |
|  |  | **Health Care** | **Overseas** | **Real Estate** | **Income** | **Growth** | **Growth** | **Appreciation** |
|  |  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  |  |  |  |  |  | **(Series I)** | **(Series II)** | **(Series I)** |
|  | **<u>2024 (Continued)</u>** |  |  |  |  |  |  |  |
|  | Cost of purchases | $1177839 | $400041 | $323615 | $566954 | $2440002 | $2760694 | $4206840 |
|  | Proceeds from sales | (253935) | (5449) | (46098) | (151859) | (3782946) | (3785062) | (39517550) |
|  |  | **Invesco V.I.** | **Invesco V.I.** | **Invesco V.I.** | **Invesco V.I.** | **Invesco V.I.** | **Invesco V.I.** | **Invesco V.I.** |
|  |  | **Capital** | **Core Plus** | **Discovery** | **Discovery** | **Diversified** | **Diversified** | **Equity and** |
|  |  | **Appreciation** | **Bond** | **Mid Cap Growth** | **Mid Cap Growth** | **Dividend** | **Dividend** | **Income** |
|  |  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  |  | **(Series II)** |  | **(Series I)** | **(Series II)** | **(Series I)** | **(Series II)** | **(Series I)** |
|  | **<u>2024 (Continued)</u>** |  |  |  |  |  |  |  |
|  | Cost of purchases | $142176 | $60633 | $3691898 | $3281296 | $425462 | $588238 | $5908960 |
|  | Proceeds from sales | (2820393) | (97173) | (21259586) | (4730245) | (585244) | (3530201) | (6325511) |
|  |  | **Invesco V.I.** |  |  | **Invesco V.I.** | **Invesco V.I.** |  |  |
|  |  | **Equity and** | **Invesco V.I.** | **Invesco V.I.** | **Global Strategic** | **Global Strategic** | **Invesco V.I.** | **Invesco V.I.** |
|  |  | **Income** | **Global** | **Global** | **Income** | **Income** | **Health Care** | **Health Care** |
|  |  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  |  | **(Series II)** | **(Series I)** | **(Series II)** | **(Series I)** | **(Series II)** | **(Series I)** | **(Series II)** |
|  | **<u>2024 (Continued)</u>** |  |  |  |  |  |  |  |
|  | Cost of purchases | $14296 | $10285288 | $6206917 | $13254565 | $5357725 | $264970 | $292413 |
|  | Proceeds from sales | (15736) | (26236758) | (14150801) | (19844019) | (7583028) | (1607991) | (2189499) |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***6.*** | ***PURCHASES AND SALES OF INVESTMENTS*** *(Continued)* | ***PURCHASES AND SALES OF INVESTMENTS*** *(Continued)* | ***PURCHASES AND SALES OF INVESTMENTS*** *(Continued)* | ***PURCHASES AND SALES OF INVESTMENTS*** *(Continued)* | ***PURCHASES AND SALES OF INVESTMENTS*** *(Continued)* | ***PURCHASES AND SALES OF INVESTMENTS*** *(Continued)* |  |  |
|  |  |  |  |  |  |  |  | **Janus Henderson** |
|  |  |  |  |  |  | **Invesco V.I.** |  | **Global** |
|  |  | **Invesco V.I.** | **Invesco V.I.** | **Invesco V.I.** | **Invesco V.I.** | **U.S. Government** | **Janus Henderson** | **Technology and** |
|  |  | **Main Street** | **Main Street** | **Technology** | **Technology** | **Money** | **Enterprise** | **Innovation** |
|  |  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  |  | **(Series I)** | **(Series II)** | **(Series I)** | **(Series II)** |  |  |  |
|  | **<u>2024 (Continued)</u>** |  |  |  |  |  |  |  |
|  | Cost of purchases | $3445343 | $2752632 | $581028 | $726756 | $1117938 | $284187 | $2112810 |
|  | Proceeds from sales | (4274016) | (4844769) | (2177543) | (2742494) | (1466412) | (1224) | (72838) |
|  |  |  | **Macquarie** |  |  |  | **MML** | **MML** |
|  |  |  | **VIP** | **Macquarie** | **MML** | **MML** | **American** | **American** |
|  |  | **Janus Henderson** | **Asset** | **VIP** | **Aggressive** | **Aggressive** | **Funds** | **Funds** |
|  |  | **Overseas** | **Strategy** | **Growth** | **Allocation** | **Allocation** | **Core Allocation** | **Growth** |
|  |  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  |  |  |  |  | **(Initial Class)** | **(Service Class)** |  |  |
|  | **<u>2024 (Continued)</u>** |  |  |  |  |  |  |  |
|  | Cost of purchases | $51065 | $1016179 | $235062 | $1448428 | $4883649 | $40307756 | $50665795 |
|  | Proceeds from sales | (242) | (3410511) | (602) | (5066646) | (18035816) | (178787435) | (57437535) |
|  |  | **MML** | **MML** |  |  | **MML** | **MML** | **MML** |
|  |  | **Balanced** | **Balanced** | **MML** | **MML** | **Blue Chip** | **Blue Chip** | **Conservative** |
|  |  | **Allocation** | **Allocation** | **Blend** | **Blend** | **Growth** | **Growth** | **Allocation** |
|  |  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  |  | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Initial Class)** |
|  | **<u>2024 (Continued)</u>** |  |  |  |  |  |  |  |
|  | Cost of purchases | $4273025 | $13316839 | $2319678 | $17877274 | $4431185 | $24327054 | $1720519 |
|  | Proceeds from sales | (10061574) | (58895751) | (9291476) | (28071625) | (12099841) | (32825530) | (9011702) |
|  |  | **MML** | **MML** |  |  |  |  | **MML** |
|  |  | **Conservative** | **Dynamic** | **MML** | **MML** | **MML** | **MML** | **Equity** |
|  |  | **Allocation** | **Bond** | **Equity** | **Equity** | **Equity Income** | **Equity Income** | **Index** |
|  |  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  |  | **(Service Class)** |  | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Class I)** |
|  | **<u>2024 (Continued)</u>** |  |  |  |  |  |  |  |
|  | Cost of purchases | $14005764 | $3039164 | $1206553 | $5704438 | $12890038 | $9308816 | $2425722 |
|  | Proceeds from sales | (52198952) | (1626913) | (4345682) | (23089415) | (21168846) | (15109011) | (7916184) |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***6.*** | ***PURCHASES AND SALES OF INVESTMENTS*** *(Continued)* | ***PURCHASES AND SALES OF INVESTMENTS*** *(Continued)* | ***PURCHASES AND SALES OF INVESTMENTS*** *(Continued)* | ***PURCHASES AND SALES OF INVESTMENTS*** *(Continued)* | ***PURCHASES AND SALES OF INVESTMENTS*** *(Continued)* | ***PURCHASES AND SALES OF INVESTMENTS*** *(Continued)* |  |  |
|  |  | **MML** | **MML** | **MML** |  |  | **MML** | **MML** |
|  |  | **Equity** | **Equity** | **Focused** | **MML** | **MML** | **Fundamental** | **Fundamental** |
|  |  | **Index** | **Rotation** | **Equity** | **Foreign** | **Foreign** | **Equity** | **Value** |
|  |  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  |  | **(Service Class I)** |  |  | **(Initial Class)** | **(Service Class)** |  |  |
|  | **<u>2024 (Continued)</u>** |  |  |  |  |  |  |  |
|  | Cost of purchases | $1833181 | $317129 | $2462001 | $10773621 | $1038587 | $5227558 | $5605223 |
|  | Proceeds from sales | (12204945) | (460213) | (4995101) | (16565885) | (1673232) | (4290725) | (4533135) |
|  |  |  |  |  | **MML** | **MML** |  | **MML** |
|  |  | **MML** | **MML** | **MML** | **Growth** | **Growth** | **MML** | **Income** |
|  |  | **Global** | **Global** | **Global** | **Allocation** | **Allocation** | **High Yield** | **& Growth** |
|  |  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  |  | **(Class I)** | **(Class II)** | **(Service Class I)** | **(Initial Class)** | **(Service Class)** |  | **(Initial Class)** |
|  | **<u>2024 (Continued)</u>** |  |  |  |  |  |  |  |
|  | Cost of purchases | $684415 | $304108 | $2473204 | $6212602 | $18551269 | $6232412 | $3657809 |
|  | Proceeds from sales | (727719) | (804904) | (3371879) | (38280922) | (104233895) | (6539943) | (3302880) |
|  |  |  | **MML** | **MML** |  |  |  |  |
|  |  | **MML** | **Inflation-** | **Inflation-** | **MML** | **MML** | **MML** | **MML** |
|  |  | **Income** | **Protected** | **Protected** | **International** | **iShares® 60/40** | **iShares® 80/20** | **Large Cap** |
|  |  | **& Growth** | **and Income** | **and Income** | **Equity** | **Allocation** | **Allocation** | **Growth** |
|  |  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  |  | **(Service Class)** | **(Initial Class)** | **(Service Class)** |  |  |  | **(Initial Class)** |
|  | **<u>2024 (Continued)</u>** |  |  |  |  |  |  |  |
|  | Cost of purchases | $6555064 | $14845371 | $8325986 | $1407350 | $11735631 | $23116790 | $1716525 |
|  | Proceeds from sales | (5035067) | (18554555) | (7731134) | (1376988) | (711960) | (1813356) | (2943685) |
|  |  | **MML** | **MML** | **MML** | **MML** | **MML** |  |  |
|  |  | **Large Cap** | **Managed** | **Managed** | **Managed** | **Managed** | **MML** | **MML** |
|  |  | **Growth** | **Bond** | **Bond** | **Volatility** | **Volatility** | **Mid Cap Growth** | **Mid Cap Growth** |
|  |  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  |  | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** |
|  | **<u>2024 (Continued)</u>** |  |  |  |  |  |  |  |
|  | Cost of purchases | $10594685 | $9875412 | $28494410 | $8239942 | 1784230 | 4159929 | 8010752 |
|  | Proceeds from sales | (6716006) | (14798236) | (39107456) | (14728013) | (4239470) | (10384719) | (18576624) |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***6.*** | ***PURCHASES AND SALES OF INVESTMENTS*** *(Continued)* | ***PURCHASES AND SALES OF INVESTMENTS*** *(Continued)* | ***PURCHASES AND SALES OF INVESTMENTS*** *(Continued)* | ***PURCHASES AND SALES OF INVESTMENTS*** *(Continued)* | ***PURCHASES AND SALES OF INVESTMENTS*** *(Continued)* | ***PURCHASES AND SALES OF INVESTMENTS*** *(Continued)* |  |  |
|  |  |  |  | **MML** | **MML** | **MML** | **MML** | **MML** |
|  |  | **MML** | **MML** | **Moderate** | **Moderate** | **Short-Duration** | **Small Cap** | **Small Cap** |
|  |  | **Mid Cap Value** | **Mid Cap Value** | **Allocation** | **Allocation** | **Bond** | **Equity** | **Equity** |
|  |  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  |  | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** |  | **(Initial Class)** | **(Service Class)** |
|  | **<u>2024 (Continued)</u>** |  |  |  |  |  |  |  |
|  | Cost of purchases | $12603633 | $5451962 | $7639901 | $29884705 | $6653295 | $1945400 | $3957310 |
|  | Proceeds from sales | (21979569) | (8810985) | (26593996) | (242615419) | (9406471) | (3920845) | (5594243) |
|  |  |  |  |  |  |  | **MML** |  |
|  |  | **MML** | **MML** | **MML** | **MML** | **MML** | **Strategic** | **MML** |
|  |  | **Small Cap** | **Small Cap** | **Small** | **Small/Mid Cap** | **Small/Mid Cap** | **Emerging** | **Sustainable** |
|  |  | **Growth Equity** | **Growth Equity** | **Company Value** | **Value** | **Value** | **Markets** | **Equity** |
|  |  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  |  | **(Initial Class)** | **(Service Class)** |  | **(Initial Class)** | **(Service Class)** |  | **(Initial Class)** |
|  | **<u>2024 (Continued)</u>** |  |  |  |  |  |  |  |
|  | Cost of purchases | $5005235 | $1198941 | $1126591 | $9321794 | $3099098 | $1401843 | $3787837 |
|  | Proceeds from sales | (14662331) | (4032621) | (5437235) | (17302461) | (5743079) | (2655257) | (11950781) |
|  |  |  |  |  | **PIMCO** |  | **Vest** | **VY®** |
|  |  | **MML** |  | **MML U.S.** | **Commodity** |  | **US Large Cap** | **CBRE** |
|  |  | **Sustainable** | **MML Total** | **Government** | **RealReturn®** | **PIMCO** | **10% Buffer** | **Global** |
|  |  | **Equity** | **Return Bond** | **Money Market** | **Strategy** | **Income** | **Strategies V.I.** | **Real Estate** |
|  |  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  |  | **(Service Class)** |  |  |  |  |  |  |
|  | **<u>2024 (Continued)</u>** |  |  |  |  |  |  |  |
|  | Cost of purchases | $3842086 | $9303304 | $42137035 | $851437 | $1221288 | $4602779 | $823535 |
|  | Proceeds from sales | (9569089) | (4754089) | (49090317) | (2034436) | (166514) | (319064) | (2100753) |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***6.*** | ***PURCHASES AND SALES OF INVESTMENTS*** *(Continued)* | ***PURCHASES AND SALES OF INVESTMENTS*** *(Continued)* | ***PURCHASES AND SALES OF INVESTMENTS*** *(Continued)* | ***PURCHASES AND SALES OF INVESTMENTS*** *(Continued)* | ***PURCHASES AND SALES OF INVESTMENTS*** *(Continued)* | ***PURCHASES AND SALES OF INVESTMENTS*** *(Continued)* |  |  |
|  |  | **BlackRock** | **Cboe Vest** | **Delaware** |  |  |  |  |
|  |  | **60/40 Target** | **US Large Cap** | **Ivy VIP** | **Fidelity®** | **Fidelity®** | **Fidelity®** | **Fidelity®** |
|  |  | **Allocation** | **10% Buffer** | **Asset** | **VIP** | **VIP** | **VIP** | **VIP** |
|  |  | **ETF V.I.** | **Strategies V.I.** | **Strategy** | **Contrafund®** | **Contrafund®** | **Health Care** | **Overseas** |
|  |  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  |  |  |  | **(Class II)** | **(Initial Class)** | **(Service Class 2)** |  |  |
|  | **<u>2023</u>** |  |  |  |  |  |  |  |
|  | Cost of purchases | $1408248 | $465572 | $512195 | $11045437 | $19845188 | $608368 | $145843 |
|  | Proceeds from sales | (1192333) | (7358) | (1488430) | (36788207) | (32322582) | (24429) | (1210) |
|  |  |  | **Fidelity®** | **Invesco** | **Invesco** |  |  |  |
|  |  | **Fidelity®** | **VIP** | **Oppenheimer V.I.** | **Oppenheimer V.I.** | **Invesco V.I.** | **Invesco V.I.** | **Invesco V.I.** |
|  |  | **VIP** | **Strategic** | **International** | **International** | **Capital** | **Capital** | **Conservative** |
|  |  | **Real Estate** | **Income** | **Growth** | **Growth** | **Appreciation** | **Appreciation** | **Balanced** |
|  |  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  |  |  |  | **(Series I)** | **(Series II)** | **(Series I)** | **(Series II)** | **(Series I)** |
|  | **<u>2023 (Continued)</u>** |  |  |  |  |  |  |  |
|  | Cost of purchases | $363521 | $517514 | $463946 | $1328341 | $5988728 | $745568 | $123415 |
|  | Proceeds from sales | (16641) | (33236) | (3427319) | (3471443) | (27590740) | (1888281) | (611536) |
|  |  | **Invesco V.I.** | **Invesco V.I.** | **Invesco V.I.** | **Invesco V.I.** | **Invesco V.I.** | **Invesco V.I.** |  |
|  |  | **Conservative** | **Core Plus** | **Discovery** | **Discovery** | **Diversified** | **Diversified** | **Invesco V.I.** |
|  |  | **Balanced** | **Bond** | **Mid Cap Growth** | **Mid Cap Growth** | **Dividend** | **Dividend** | **Global** |
|  |  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  |  | **(Series II)** |  | **(Series I)** | **(Series II)** | **(Series I)** | **(Series II)** | **(Series I)** |
|  | **<u>2023 (Continued)</u>** |  |  |  |  |  |  |  |
|  | Cost of purchases | $227 | $36176 | $5956629 | $2064650 | $783671 | $1187934 | $14872907 |
|  | Proceeds from sales | (35678) | (155889) | (11695206) | (3123755) | (896666) | (1974283) | (26205538) |
|  |  |  | **Invesco V.I.** | **Invesco V.I.** |  |  |  |  |
|  |  | **Invesco V.I.** | **Global Strategic** | **Global Strategic** | **Invesco V.I.** | **Invesco V.I.** | **Invesco V.I.** | **Invesco V.I.** |
|  |  | **Global** | **Income** | **Income** | **Health Care** | **Health Care** | **Main Street** | **Main Street** |
|  |  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  |  | **(Series II)** | **(Series I)** | **(Series II)** | **(Series I)** | **(Series II)** | **(Series I)** | **(Series II)** |
|  | **<u>2023 (Continued)</u>** |  |  |  |  |  |  |  |
|  | Cost of purchases | $9661292 | $4382891 | $1756553 | $322993 | $182116 | $2372466 | $2154255 |
|  | Proceeds from sales | (10757487) | (19582716) | (6341266) | (1273222) | (1570948) | (3527250) | (3427627) |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***6.*** | ***PURCHASES AND SALES OF INVESTMENTS*** *(Continued)* | ***PURCHASES AND SALES OF INVESTMENTS*** *(Continued)* | ***PURCHASES AND SALES OF INVESTMENTS*** *(Continued)* | ***PURCHASES AND SALES OF INVESTMENTS*** *(Continued)* | ***PURCHASES AND SALES OF INVESTMENTS*** *(Continued)* | ***PURCHASES AND SALES OF INVESTMENTS*** *(Continued)* |  |  |
|  |  |  |  |  | **Janus Henderson** |  |  | **MML** |
|  |  |  |  | **Invesco V.I.** | **Global** | **MML** | **MML** | **American** |
|  |  | **Invesco V.I.** | **Invesco V.I.** | **U.S. Government** | **Technology and** | **Aggressive** | **Aggressive** | **Funds** |
|  |  | **Technology** | **Technology** | **Money** | **Innovation** | **Allocation** | **Allocation** | **Core Allocation** |
|  |  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  |  | **(Series I)** | **(Series II)** |  |  | **(Initial Class)** | **(Service Class)** |  |
|  | **<u>2023 (Continued)</u>** |  |  |  |  |  |  |  |
|  | Cost of purchases | $1032349 | $677423 | $1861345 | $321303 | $4513061 | $12555132 | $108562080 |
|  | Proceeds from sales | (1105256) | (1650668) | (2571561) | (34810) | (4848262) | (11936760) | (132364921) |
|  |  | **MML** |  |  |  |  |  |  |
|  |  | **American** | **MML** | **MML** |  |  | **MML** | **MML** |
|  |  | **Funds** | **Balanced** | **Balanced** | **MML** | **MML** | **Blue Chip** | **Blue Chip** |
|  |  | **Growth** | **Allocation** | **Allocation** | **Blend** | **Blend** | **Growth** | **Growth** |
|  |  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  |  |  | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** |
|  | **<u>2023 (Continued)</u>** |  |  |  |  |  |  |  |
|  | Cost of purchases | $53998707 | $7285252 | $35887918 | $1634929 | $9656752 | $1281389 | $7334611 |
|  | Proceeds from sales | (38782479) | (11817024) | (51833026) | (9495746) | (20572217) | (9022334) | (23125220) |
|  |  | **MML** | **MML** | **MML** |  |  |  |  |
|  |  | **Conservative** | **Conservative** | **Dynamic** | **MML** | **MML** | **MML** | **MML** |
|  |  | **Allocation** | **Allocation** | **Bond** | **Equity** | **Equity** | **Equity Income** | **Equity Income** |
|  |  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  |  | **(Initial Class)** | **(Service Class)** |  | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** |
|  | **<u>2023 (Continued)</u>** |  |  |  |  |  |  |  |
|  | Cost of purchases | $7884760 | $30132742 | $2170509 | $2739711 | $10705707 | $16922914 | $11083453 |
|  | Proceeds from sales | (10339019) | (50884223) | (2013929) | (3432228) | (17681104) | (21584808) | (16935976) |
|  |  | **MML** | **MML** | **MML** | **MML** |  |  | **MML** |
|  |  | **Equity** | **Equity** | **Equity** | **Focused** | **MML** | **MML** | **Fundamental** |
|  |  | **Index** | **Index** | **Rotation** | **Equity** | **Foreign** | **Foreign** | **Equity** |
|  |  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  |  | **(Class I)** | **(Service Class I)** |  |  | **(Initial Class)** | **(Service Class)** |  |
|  | **<u>2023 (Continued)</u>** |  |  |  |  |  |  |  |
|  | Cost of purchases | $5109783 | $3747374 | $299613 | $4869194 | $4532896 | $1083293 | $2634588 |
|  | Proceeds from sales | (4900033) | (9441003) | (798981) | (4325992) | (22760528) | (1890264) | (3927387) |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***6.*** | ***PURCHASES AND SALES OF INVESTMENTS*** *(Continued)* | ***PURCHASES AND SALES OF INVESTMENTS*** *(Continued)* | ***PURCHASES AND SALES OF INVESTMENTS*** *(Continued)* | ***PURCHASES AND SALES OF INVESTMENTS*** *(Continued)* | ***PURCHASES AND SALES OF INVESTMENTS*** *(Continued)* | ***PURCHASES AND SALES OF INVESTMENTS*** *(Continued)* |  |  |
|  |  | **MML** |  |  |  | **MML** | **MML** |  |
|  |  | **Fundamental** | **MML** | **MML** | **MML** | **Growth** | **Growth** | **MML** |
|  |  | **Value** | **Global** | **Global** | **Global** | **Allocation** | **Allocation** | **High Yield** |
|  |  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  |  |  | **(Class I)** | **(Class II)** | **(Service Class I)** | **(Initial Class)** | **(Service Class)** |  |
|  | **<u>2023 (Continued)</u>** |  |  |  |  |  |  |  |
|  | Cost of purchases | $4290671 | $748663 | $441664 | $3338227 | $47341099 | $101334041 | $6782921 |
|  | Proceeds from sales | (4598924) | (472388) | (560061) | (2781610) | (41518153) | (75509560) | (6892787) |
|  |  |  |  | **MML** | **MML** |  |  |  |
|  |  | **MML** | **MML** | **Inflation-** | **Inflation-** | **MML** | **MML** | **MML** |
|  |  | **Income** | **Income** | **Protected** | **Protected** | **International** | **iShares® 60/40** | **iShares® 80/20** |
|  |  | **& Growth** | **& Growth** | **and Income** | **and Income** | **Equity** | **Allocation** | **Allocation** |
|  |  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  |  | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** |  |  |  |
|  | **<u>2023 (Continued)</u>** |  |  |  |  |  |  |  |
|  | Cost of purchases | $3784211 | $6536306 | $13308684 | $4717110 | $1769768 | $6658858 | $17747705 |
|  | Proceeds from sales | (3374419) | (4955845) | (16573698) | (7924161) | (1216375) | (262603) | (2736453) |
|  |  | **MML** | **MML** | **MML** | **MML** | **MML** | **MML** |  |
|  |  | **Large Cap** | **Large Cap** | **Managed** | **Managed** | **Managed** | **Managed** | **MML** |
|  |  | **Growth** | **Growth** | **Bond** | **Bond** | **Volatility** | **Volatility** | **Mid Cap Growth** |
|  |  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  |  | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Initial Class)** |
|  | **<u>2023 (Continued)</u>** |  |  |  |  |  |  |  |
|  | Cost of purchases | $2257133 | $6292436 | $8067912 | $16778620 | $14095459 | $3856363 | $790566 |
|  | Proceeds from sales | (2963835) | (2937703) | (13070622) | (37864477) | (11909607) | (4577203) | (8675724) |
|  |  |  |  |  | **MML** | **MML** | **MML** | **MML** |
|  |  | **MML** | **MML** | **MML** | **Moderate** | **Moderate** | **Short-Duration** | **Small Cap** |
|  |  | **Mid Cap Growth** | **Mid Cap Value** | **Mid Cap Value** | **Allocation** | **Allocation** | **Bond** | **Equity** |
|  |  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  |  | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** |  | **(Initial Class)** |
|  | **<u>2023 (Continued)</u>** |  |  |  |  |  |  |  |
|  | Cost of purchases | $3521879 | $24672465 | $11909398 | $24122948 | $140656460 | $6252387 | $606888 |
|  | Proceeds from sales | (13813944) | (19528048) | (9947322) | (25634865) | (227355739) | (6174004) | (3065607) |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***6.*** | ***PURCHASES AND SALES OF INVESTMENTS (Continued)*** | ***PURCHASES AND SALES OF INVESTMENTS (Continued)*** | ***PURCHASES AND SALES OF INVESTMENTS (Continued)*** | ***PURCHASES AND SALES OF INVESTMENTS (Continued)*** | ***PURCHASES AND SALES OF INVESTMENTS (Continued)*** | ***PURCHASES AND SALES OF INVESTMENTS (Continued)*** |  |  |
|  |  |  |  |  |  |  |  | **MML** |
|  |  | **MML** | **MML** | **MML** | **MML** | **MML** | **MML** | **Strategic** |
|  |  | **Small Cap** | **Small Cap** | **Small Cap** | **Small** | **Small/Mid Cap** | **Small/Mid Cap** | **Emerging** |
|  |  | **Equity** | **Growth Equity** | **Growth Equity** | **Company Value** | **Value** | **Value** | **Markets** |
|  |  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  |  | **(Service Class)** | **(Initial Class)** | **(Service Class)** |  | **(Initial Class)** | **(Service Class)** |  |
|  | **<u>2023 (Continued)</u>** |  |  |  |  |  |  |  |
|  | Cost of purchases | $2299808 | $5399898 | $953581 | $1445599 | $12826743 | $4420416 | $996804 |
|  | Proceeds from sales | (4317999) | (11052205) | (3624049) | (4056341) | (12607938) | (3693240) | (1857338) |
|  |  |  |  |  |  | **PIMCO** |  | **VY®** |
|  |  | **MML** | **MML** |  | **MML U.S.** | **Commodity** |  | **CBRE** |
|  |  | **Sustainable** | **Sustainable** | **MML Total** | **Government** | **RealReturn®** | **PIMCO** | **Global** |
|  |  | **Equity** | **Equity** | **Return Bond** | **Money Market** | **Strategy** | **Income** | **Real Estate** |
|  |  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  |  | **(Initial Class)** | **(Service Class)** |  |  |  |  |  |
|  | **<u>2023 (Continued)</u>** |  |  |  |  |  |  |  |
|  | Cost of purchases | $18695587 | $16391572 | $5119535 | $41619200 | $1861740 | $1265650 | $809966 |
|  | Proceeds from sales | (8541008) | (8040734) | (5838837) | (56212686) | (2171415) | (32871) | (1566092) |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***7.*** | ***NET INCREASE (DECREASE) IN OUTSTANDING UNITS*** | ***NET INCREASE (DECREASE) IN OUTSTANDING UNITS*** | ***NET INCREASE (DECREASE) IN OUTSTANDING UNITS*** | ***NET INCREASE (DECREASE) IN OUTSTANDING UNITS*** | ***NET INCREASE (DECREASE) IN OUTSTANDING UNITS*** | ***NET INCREASE (DECREASE) IN OUTSTANDING UNITS*** |  |  |
|  | The changes in outstanding units for the two years ended December 31, 2024 were as follows: | The changes in outstanding units for the two years ended December 31, 2024 were as follows: | The changes in outstanding units for the two years ended December 31, 2024 were as follows: | The changes in outstanding units for the two years ended December 31, 2024 were as follows: | The changes in outstanding units for the two years ended December 31, 2024 were as follows: | The changes in outstanding units for the two years ended December 31, 2024 were as follows: | The changes in outstanding units for the two years ended December 31, 2024 were as follows: | The changes in outstanding units for the two years ended December 31, 2024 were as follows: |
|  |  | **American Funds** |  | **American Funds** | **BlackRock** | **Columbia** |  |  |
|  |  | **Insurance Series®** | **American Funds** | **Insurance Series®** | **60/40 Target** | **Variable** | **Fidelity®** | **Fidelity®** |
|  |  | **Global Small** | **Insurance Series®** | **Washington** | **Allocation** | **Portfolio -** | **VIP** | **VIP** |
|  |  | **Capitalization** | **New World** | **Mutual Investors** | **ETF V.I.** | **Contrarian Core** | **Contrafund®** | **Contrafund®** |
|  |  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **<u>2024</u>** |  |  |  |  |  | **(Initial Class)** | **(Service Class 2)** |
|  | Units purchased | 41812 | 21705 | 111231 | 145441 | 53036 | 18652 | 840578 |
|  | Units withdrawn | (235) | (209) | (204) | (113519) | (152) | (427106) | (1079461) |
|  | Units transferred between Sub-Accounts |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;and (to) from the General Account | 110 | 283 | 23 | 1919 | (195) | (210294) | (118048) |
|  | Net increase (decrease) | 41687 | 21779 | 111050 | 33841 | 52689 | (618748) | (356931) |
|  |  |  |  |  | **Fidelity®** | **Invesco** | **Invesco** |  |
|  |  | **Fidelity®** | **Fidelity®** | **Fidelity®** | **VIP** | **Oppenheimer V.I.** | **Oppenheimer V.I.** | **Invesco V.I.** |
|  |  | **VIP** | **VIP** | **VIP** | **Strategic** | **International** | **International** | **Capital** |
|  |  | **Health Care** | **Overseas** | **Real Estate** | **Income** | **Growth** | **Growth** | **Appreciation** |
|  |  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **<u>2024 (Continued)</u>** |  |  |  |  | **(Series I)** | **(Series II)** | **(Series I)** |
|  | Units purchased | 88158 | 31652 | 27042 | 32603 | 5805 | 73522 | 11160 |
|  | Units withdrawn | (2139) | (315) | (517) | (1001) | (104828) | (158600) | (405115) |
|  | Units transferred between Sub-Accounts |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;and (to) from the General Account | (1843) | 1254 | 550 | 6810 | 13846 | 17023 | (297698) |
|  | Net increase (decrease) | 84176 | 32591 | 27075 | 38412 | (85177) | (68055) | (691653) |
|  |  | **Invesco V.I.** | **Invesco V.I.** | **Invesco V.I.** | **Invesco V.I.** | **Invesco V.I.** | **Invesco V.I.** | **Invesco V.I.** |
|  |  | **Capital** | **Core Plus** | **Discovery** | **Discovery** | **Diversified** | **Diversified** | **Equity and** |
|  |  | **Appreciation** | **Bond** | **Mid Cap Growth** | **Mid Cap Growth** | **Dividend** | **Dividend** | **Income** |
|  |  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **<u>2024 (Continued)</u>** | **(Series II)** |  | **(Series I)** | **(Series II)** | **(Series I)** | **(Series II)** | **(Series I)** |
|  | Units purchased | 1286 | 835 | 14229 | 166275 | 4498 | 3167 | 661 |
|  | Units withdrawn | (45124) | (5470) | (296094) | (147861) | (26905) | (190132) | (38799) |
|  | Units transferred between Sub-Accounts |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;and (to) from the General Account | (10152) | - | (101415) | 12725 | 516 | (18445) | (1893) |
|  | Net increase (decrease) | (53990) | (4635) | (383280) | 31139 | (21891) | (205410) | (40031) |
|  |  | **Invesco V.I.** |  |  | **Invesco V.I.** | **Invesco V.I.** |  |  |
|  |  | **Equity and** | **Invesco V.I.** | **Invesco V.I.** | **Global Strategic** | **Global Strategic** | **Invesco V.I.** | **Invesco V.I.** |
|  |  | **Income** | **Global** | **Global** | **Income** | **Income** | **Health Care** | **Health Care** |
|  |  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **<u>2024 (Continued)</u>** | **(Series II)** | **(Series I)** | **(Series II)** | **(Series I)** | **(Series II)** | **(Series I)** | **(Series II)** |
|  | Units purchased |  | 17122 | 111286 | 37686 | 168677 | 3258 | 952 |
|  | Units withdrawn | (130) | (394398) | (388397) | (1051811) | (508990) | (35331) | (53849) |
|  | Units transferred between Sub-Accounts |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;and (to) from the General Account | - | (88753) | (22709) | 527335 | 140884 | 1155 | 4971 |
|  | Net increase (decrease) | (130) | (466029) | (299820) | (486790) | (199429) | (30918) | (47926) |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***7.*** | ***NET INCREASE (DECREASE) IN OUTSTANDING UNITS*** *(Continued)* | ***NET INCREASE (DECREASE) IN OUTSTANDING UNITS*** *(Continued)* | ***NET INCREASE (DECREASE) IN OUTSTANDING UNITS*** *(Continued)* | ***NET INCREASE (DECREASE) IN OUTSTANDING UNITS*** *(Continued)* | ***NET INCREASE (DECREASE) IN OUTSTANDING UNITS*** *(Continued)* | ***NET INCREASE (DECREASE) IN OUTSTANDING UNITS*** *(Continued)* |  |  |
|  |  |  |  |  |  |  |  | **Janus Henderson** |
|  |  |  |  |  |  | **Invesco V.I.** |  | **Global** |
|  |  | **Invesco V.I.** | **Invesco V.I.** | **Invesco V.I.** | **Invesco V.I.** | **U.S. Government** | **Janus Henderson** | **Technology and** |
|  |  | **Main Street** | **Main Street** | **Technology** | **Technology** | **Money** | **Enterprise** | **Innovation** |
|  |  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **<u>2024 (Continued)</u>** | **(Series I)** | **(Series II)** | **(Series I)** | **(Series II)** |  |  |  |
|  | Units purchased | 4487 | 23991 | 6704 | 1394 | 12671 | 25381 | 128835 |
|  | Units withdrawn | (85330) | (161965) | (42153) | (35233) | (127080) | (91) | (2948) |
|  | Units transferred between Sub-Accounts |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;and (to) from the General Account | (3175) | (425) | (17087) | (9039) | 62480 | 621 | 16278 |
|  | Net increase (decrease) | (84018) | (138399) | (52536) | (42878) | (51929) | 25911 | 142165 |
|  |  |  | **Macquarie** |  |  |  | **MML** | **MML** |
|  |  |  | **VIP** | **Macquarie** | **MML** | **MML** | **American** | **American** |
|  |  | **Janus Henderson** | **Asset** | **VIP** | **Aggressive** | **Aggressive** | **Funds** | **Funds** |
|  |  | **Overseas** | **Strategy** | **Growth** | **Allocation** | **Allocation** | **Core Allocation** | **Growth** |
|  |  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **<u>2024 (Continued)</u>** |  |  |  | **(Initial Class)** | **(Service Class)** |  |  |
|  | Units purchased | 5209 | 32226 | 18375 | 16323 | 173741 | 1094953 | 2060767 |
|  | Units withdrawn | (17) | (195015) | (32) | (135847) | (691094) | (7784269) | (1024944) |
|  | Units transferred between Sub-Accounts |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;and (to) from the General Account | 7 | (1024) | 2243 | (25615) | (37186) | (48020) | (304582) |
|  | Net increase (decrease) | 5199 | (163813) | 20586 | (145139) | (554539) | (6737336) | 731241 |
|  |  | **MML** | **MML** |  |  | **MML** | **MML** | **MML** |
|  |  | **Balanced** | **Balanced** | **MML** | **MML** | **Blue Chip** | **Blue Chip** | **Conservative** |
|  |  | **Allocation** | **Allocation** | **Blend** | **Blend** | **Growth** | **Growth** | **Allocation** |
|  |  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **<u>2024 (Continued)</u>** | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Initial Class)** |
|  | Units purchased | 6926 | 587390 | 7950 | 681538 | 4354 | 594606 | 4380 |
|  | Units withdrawn | (346665) | (3212139) | (232053) | (1189358) | (123572) | (782484) | (424590) |
|  | Units transferred between Sub-Accounts |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;and (to) from the General Account | 9522 | (44262) | (501) | 158459 | (33686) | (63414) | (12288) |
|  | Net increase (decrease) | (330217) | (2669011) | (224604) | (349361) | (152904) | (251292) | (432498) |
|  |  | **MML** | **MML** |  |  |  |  | **MML** |
|  |  | **Conservative** | **Dynamic** | **MML** | **MML** | **MML** | **MML** | **Equity** |
|  |  | **Allocation** | **Bond** | **Equity** | **Equity** | **Equity Income** | **Equity Income** | **Index** |
|  |  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **<u>2024 (Continued)</u>** | **(Service Class)** |  | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Class I)** |
|  | Units purchased | 207714 | 226253 | 3958 | 148753 | 16214 | 130383 | 8179 |
|  | Units withdrawn | (3049818) | (145007) | (101899) | (766056) | (477139) | (482837) | (124361) |
|  | Units transferred between Sub-Accounts |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;and (to) from the General Account | 264488 | 26142 | (3419) | 3800 | 12437 | 19177 | (25004) |
|  | Net increase (decrease) | (2577616) | 107388 | (101360) | (613503) | (448488) | (333277) | (141186) |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***7.*** | ***NET INCREASE (DECREASE) IN OUTSTANDING UNITS*** *(Continued)* | ***NET INCREASE (DECREASE) IN OUTSTANDING UNITS*** *(Continued)* | ***NET INCREASE (DECREASE) IN OUTSTANDING UNITS*** *(Continued)* | ***NET INCREASE (DECREASE) IN OUTSTANDING UNITS*** *(Continued)* | ***NET INCREASE (DECREASE) IN OUTSTANDING UNITS*** *(Continued)* | ***NET INCREASE (DECREASE) IN OUTSTANDING UNITS*** *(Continued)* |  |  |
|  |  | **MML** | **MML** | **MML** |  |  | **MML** | **MML** |
|  |  | **Equity** | **Equity** | **Focused** | **MML** | **MML** | **Fundamental** | **Fundamental** |
|  |  | **Index** | **Rotation** | **Equity** | **Foreign** | **Foreign** | **Equity** | **Value** |
|  |  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **<u>2024 (Continued)</u>** | **(Service Class I)** |  |  | **(Initial Class)** | **(Service Class)** |  |  |
|  | Units purchased | 1915 | 5102 | 64231 | 27076 | 24237 | 144300 | 156632 |
|  | Units withdrawn | (195562) | (15321) | (159086) | (733307) | (94690) | (124039) | (171075) |
|  | Units transferred between Sub-Accounts |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;and (to) from the General Account | (23090) | 10 | (1598) | 325349 | 34342 | 7031 | 38463 |
|  | Net increase (decrease) | (216737) | (10209) | (96453) | (380882) | (36111) | 27292 | 24020 |
|  |  |  |  |  | **MML** | **MML** |  | **MML** |
|  |  | **MML** | **MML** | **MML** | **Growth** | **Growth** | **MML** | **Income** |
|  |  | **Global** | **Global** | **Global** | **Allocation** | **Allocation** | **High Yield** | **& Growth** |
|  |  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **<u>2024 (Continued)</u>** | **(Class I)** | **(Class II)** | **(Service Class I)** | **(Initial Class)** | **(Service Class)** |  | **(Initial Class)** |
|  | Units purchased | 1106 | 2846 | 54003 | 32264 | 737754 | 226883 | 6872 |
|  | Units withdrawn | (19502) | (38276) | (134969) | (1367072) | (4160709) | (354307) | (77421) |
|  | Units transferred between Sub-Accounts |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;and (to) from the General Account | 7868 | 912 | 9180 | (13008) | (217387) | 23314 | (3507) |
|  | Net increase (decrease) | (10528) | (34518) | (71786) | (1347816) | (3640342) | (104110) | (74056) |
|  |  |  | **MML** | **MML** |  |  |  |  |
|  |  | **MML** | **Inflation-** | **Inflation-** | **MML** | **MML** | **MML** | **MML** |
|  |  | **Income** | **Protected** | **Protected** | **International** | **iShares® 60/40** | **iShares® 80/20** | **Large Cap** |
|  |  | **& Growth** | **and Income** | **and Income** | **Equity** | **Allocation** | **Allocation** | **Growth** |
|  |  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **<u>2024 (Continued)</u>** | **(Service Class)** | **(Initial Class)** | **(Service Class)** |  |  |  | **(Initial Class)** |
|  | Units purchased | 90622 | 32871 | 458834 | 81239 | 1009693 | 1925895 | 2932 |
|  | Units withdrawn | (186816) | (1155776) | (541060) | (84735) | (33119) | (89739) | (44169) |
|  | Units transferred between Sub-Accounts |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;and (to) from the General Account | 6091 | 681273 | 143221 | 13442 | 22067 | 3253 | (4771) |
|  | Net increase (decrease) | (90103) | (441632) | 60995 | 9946 | 998641 | 1839409 | (46008) |
|  |  | **MML** | **MML** | **MML** | **MML** | **MML** |  |  |
|  |  | **Large Cap** | **Managed** | **Managed** | **Managed** | **Managed** | **MML** | **MML** |
|  |  | **Growth** | **Bond** | **Bond** | **Volatility** | **Volatility** | **Mid Cap Growth** | **Mid Cap Growth** |
|  |  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **<u>2024 (Continued)</u>** | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** |
|  | Units purchased | 313922 | 31835 | 1053074 | 16678 | 52427 | 7173 | 124691 |
|  | Units withdrawn | (173190) | (846830) | (2750154) | (531085) | (200806) | (137958) | (510517) |
|  | Units transferred between Sub-Accounts |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;and (to) from the General Account | 17194 | 350333 | 784860 | 142122 | (1258) | (9717) | (8749) |
|  | Net increase (decrease) | 157926 | (464662) | (912220) | (372285) | (149637) | (140502) | (394575) |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***7.*** | ***NET INCREASE (DECREASE) IN OUTSTANDING UNITS*** *(Continued)* | ***NET INCREASE (DECREASE) IN OUTSTANDING UNITS*** *(Continued)* | ***NET INCREASE (DECREASE) IN OUTSTANDING UNITS*** *(Continued)* | ***NET INCREASE (DECREASE) IN OUTSTANDING UNITS*** *(Continued)* | ***NET INCREASE (DECREASE) IN OUTSTANDING UNITS*** *(Continued)* | ***NET INCREASE (DECREASE) IN OUTSTANDING UNITS*** *(Continued)* |  |  |
|  |  |  |  | **MML** | **MML** | **MML** | **MML** | **MML** |
|  |  | **MML** | **MML** | **Moderate** | **Moderate** | **Short-Duration** | **Small Cap** | **Small Cap** |
|  |  | **Mid Cap Value** | **Mid Cap Value** | **Allocation** | **Allocation** | **Bond** | **Equity** | **Equity** |
|  |  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **<u>2024 (Continued)</u>** | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** |  | **(Initial Class)** | **(Service Class)** |
|  | Units purchased | 13217 | 114258 | 59566 | 690382 | 397511 | 2690 | 145115 |
|  | Units withdrawn | (342381) | (282278) | (1023201) | (11527092) | (802884) | (66339) | (184072) |
|  | Units transferred between Sub-Accounts |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;and (to) from the General Account | 51398 | 17691 | 27700 | (278361) | 85805 | 638 | 2291 |
|  | Net increase (decrease) | (277766) | (150329) | (935935) | (11115071) | (319568) | (63011) | (36666) |
|  |  |  |  |  |  |  | **MML** |  |
|  |  | **MML** | **MML** | **MML** | **MML** | **MML** | **Strategic** | **MML** |
|  |  | **Small Cap** | **Small Cap** | **Small** | **Small/Mid Cap** | **Small/Mid Cap** | **Emerging** | **Sustainable** |
|  |  | **Growth Equity** | **Growth Equity** | **Company Value** | **Value** | **Value** | **Markets** | **Equity** |
|  |  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **<u>2024 (Continued)</u>** | **(Initial Class)** | **(Service Class)** |  | **(Initial Class)** | **(Service Class)** |  | **(Initial Class)** |
|  | Units purchased | 85111 | 45824 | 44477 | 11062 | 81082 | 78866 | 7916 |
|  | Units withdrawn | (203903) | (135296) | (193045) | (312418) | (197907) | (201458) | (197499) |
|  | Units transferred between Sub-Accounts |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;and (to) from the General Account | 2217 | 855 | (207) | (20318) | (3103) | 31793 | (33744) |
|  | Net increase (decrease) | (116575) | (88617) | (148775) | (321674) | (119928) | (90799) | (223327) |
|  |  |  |  |  | **PIMCO** |  | **Vest** | **VY®** |
|  |  | **MML** |  | **MML U.S.** | **Commodity** |  | **US Large Cap** | **CBRE** |
|  |  | **Sustainable** | **MML Total** | **Government** | **RealReturn®** | **PIMCO** | **10% Buffer** | **Global** |
|  |  | **Equity** | **Return Bond** | **Money Market** | **Strategy** | **Income** | **Strategies V.I.** | **Real Estate** |
|  |  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **<u>2024 (Continued)</u>** | **(Service Class)** |  |  |  |  |  |  |
|  | Units purchased | 34727 | 701932 | 1669660 | 15614 | 77638 | 353124 | 5304 |
|  | Units withdrawn | (310652) | (420093) | (4650417) | (186105) | (3680) | (7159) | (96261) |
|  | Units transferred between Sub-Accounts |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;and (to) from the General Account | (8701) | 125760 | 1830656 | (2994) | 17775 | (6087) | 8759 |
|  | Net increase (decrease) | (284626) | 407599 | (1150101) | (173485) | 91733 | 339878 | (82198) |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***7.*** | ***NET INCREASE (DECREASE) IN OUTSTANDING UNITS*** *(Continued)* | ***NET INCREASE (DECREASE) IN OUTSTANDING UNITS*** *(Continued)* | ***NET INCREASE (DECREASE) IN OUTSTANDING UNITS*** *(Continued)* | ***NET INCREASE (DECREASE) IN OUTSTANDING UNITS*** *(Continued)* | ***NET INCREASE (DECREASE) IN OUTSTANDING UNITS*** *(Continued)* | ***NET INCREASE (DECREASE) IN OUTSTANDING UNITS*** *(Continued)* |  |  |
|  |  | **BlackRock** | **Cboe Vest** | **Delaware** |  |  |  |  |
|  |  | **60/40 Target** | **US Large Cap** | **Ivy VIP** | **Fidelity®** | **Fidelity®** | **Fidelity®** | **Fidelity®** |
|  |  | **Allocation** | **10% Buffer** | **Asset** | **VIP** | **VIP** | **VIP** | **VIP** |
|  |  | **ETF V.I.** | **Strategies V.I.** | **Strategy** | **Contrafund®** | **Contrafund®** | **Health Care** | **Overseas** |
|  |  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **<u>2023</u>** |  |  | **(Class II)** | **(Initial Class)** | **(Service Class 2)** |  |  |
|  | Units purchased | 75966 | 44509 | 20515 | 35377 | 647341 | 46113 | 14630 |
|  | Units withdrawn | (70450) | (261) | (87372) | (473574) | (963721) | (802) | (23) |
|  | Units transferred between Sub-Accounts |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;and (to) from the General Account | (768) | (200) | (6183) | (168906) | 119851 | 12855 | 13 |
|  | Net increase (decrease) | 4748 | 44048 | (73040) | (607103) | (196529) | 58166 | 14620 |
|  |  |  | **Fidelity®** | **Invesco** | **Invesco** |  |  |  |
|  |  | **Fidelity®** | **VIP** | **Oppenheimer V.I.** | **Oppenheimer V.I.** | **Invesco V.I.** | **Invesco V.I.** | **Invesco V.I.** |
|  |  | **VIP** | **Strategic** | **International** | **International** | **Capital** | **Capital** | **Conservative** |
|  |  | **Real Estate** | **Income** | **Growth** | **Growth** | **Appreciation** | **Appreciation** | **Balanced** |
|  |  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **<u>2023 (Continued)</u>** |  |  | **(Series I)** | **(Series II)** | **(Series I)** | **(Series II)** | **(Series I)** |
|  | Units purchased | 37360 | 48029 | 7058 | 69627 | 16223 | 1349 | 1284 |
|  | Units withdrawn | (195) | (487) | (83881) | (178269) | (418829) | (47740) | (28735) |
|  | Units transferred between Sub-Accounts |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;and (to) from the General Account | 3293 | 1722 | (27831) | 18080 | (135544) | 18869 | (2289) |
|  | Net increase (decrease) | 40458 | 49264 | (104654) | (90562) | (538150) | (27522) | (29740) |
|  |  | **Invesco V.I.** | **Invesco V.I.** | **Invesco V.I.** | **Invesco V.I.** | **Invesco V.I.** | **Invesco V.I.** |  |
|  |  | **Conservative** | **Core Plus** | **Discovery** | **Discovery** | **Diversified** | **Diversified** | **Invesco V.I.** |
|  |  | **Balanced** | **Bond** | **Mid Cap Growth** | **Mid Cap Growth** | **Dividend** | **Dividend** | **Global** |
|  |  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **<u>2023 (Continued)</u>** | **(Series II)** |  | **(Series I)** | **(Series II)** | **(Series I)** | **(Series II)** | **(Series I)** |
|  | Units purchased |  | 1 | 16962 | 118931 | 7131 | 3453 | 22224 |
|  | Units withdrawn | (2173) | (9860) | (270262) | (118587) | (45451) | (106477) | (412832) |
|  | Units transferred between Sub-Accounts |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;and (to) from the General Account | - | (47) | 125494 | 4249 | 3077 | (14949) | (252398) |
|  | Net increase (decrease) | (2173) | (9906) | (127806) | 4593 | (35243) | (117973) | (643006) |
|  |  |  | **Invesco V.I.** | **Invesco V.I.** |  |  |  |  |
|  |  | **Invesco V.I.** | **Global Strategic** | **Global Strategic** | **Invesco V.I.** | **Invesco V.I.** | **Invesco V.I.** | **Invesco V.I.** |
|  |  | **Global** | **Income** | **Income** | **Health Care** | **Health Care** | **Main Street** | **Main Street** |
|  |  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **<u>2023 (Continued)</u>** | **(Series II)** | **(Series I)** | **(Series II)** | **(Series I)** | **(Series II)** | **(Series I)** | **(Series II)** |
|  | Units purchased | 145976 | 41222 | 87699 | 3542 | 1941 | 3148 | 30050 |
|  | Units withdrawn | (388183) | (926606) | (397794) | (29588) | (35973) | (73235) | (136000) |
|  | Units transferred between Sub-Accounts |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;and (to) from the General Account | (598) | 1338 | 7914 | 2536 | (5515) | (13987) | (3027) |
|  | Net increase (decrease) | (242805) | (884046) | (302181) | (23510) | (39547) | (84074) | (108977) |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***7.*** | ***NET INCREASE (DECREASE) IN OUTSTANDING UNITS*** *(Continued)* | ***NET INCREASE (DECREASE) IN OUTSTANDING UNITS*** *(Continued)* | ***NET INCREASE (DECREASE) IN OUTSTANDING UNITS*** *(Continued)* | ***NET INCREASE (DECREASE) IN OUTSTANDING UNITS*** *(Continued)* | ***NET INCREASE (DECREASE) IN OUTSTANDING UNITS*** *(Continued)* | ***NET INCREASE (DECREASE) IN OUTSTANDING UNITS*** *(Continued)* |  |  |
|  |  |  |  |  | **Janus Henderson** |  |  | **MML** |
|  |  |  |  | **Invesco V.I.** | **Global** | **MML** | **MML** | **American** |
|  |  | **Invesco V.I.** | **Invesco V.I.** | **U.S. Government** | **Technology and** | **Aggressive** | **Aggressive** | **Funds** |
|  |  | **Technology** | **Technology** | **Money** | **Innovation** | **Allocation** | **Allocation** | **Core Allocation** |
|  |  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **<u>2023 (Continued)</u>** | **(Series I)** | **(Series II)** |  |  | **(Initial Class)** | **(Service Class)** |  |
|  | Units purchased | 9525 | 1990 | 7637 | 25201 | 20498 | 158859 | 354195 |
|  | Units withdrawn | (39183) | (30968) | (192455) | (271) | (179907) | (546308) | (6485414) |
|  | Units transferred between Sub-Accounts |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;and (to) from the General Account | 16011 | 6373 | 93126 | 3817 | (4793) | 4169 | 50070 |
|  | Net increase (decrease) | (13647) | (22605) | (91692) | 28747 | (164202) | (383280) | (6081149) |
|  |  | **MML** |  |  |  |  |  |  |
|  |  | **American** | **MML** | **MML** |  |  | **MML** | **MML** |
|  |  | **Funds** | **Balanced** | **Balanced** | **MML** | **MML** | **Blue Chip** | **Blue Chip** |
|  |  | **Growth** | **Allocation** | **Allocation** | **Blend** | **Blend** | **Growth** | **Growth** |
|  |  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **<u>2023 (Continued)</u>** |  | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** |
|  | Units purchased | 1056639 | 16296 | 534552 | 9217 | 488355 | 6622 | 368782 |
|  | Units withdrawn | (925146) | (556796) | (2907212) | (272188) | (1029778) | (117042) | (766078) |
|  | Units transferred between Sub-Accounts |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;and (to) from the General Account | 59638 | (21375) | (167964) | (8593) | 2686 | (24777) | 21980 |
|  | Net increase (decrease) | 191131 | (561875) | (2540624) | (271564) | (538737) | (135197) | (375316) |
|  |  | **MML** | **MML** | **MML** |  |  |  |  |
|  |  | **Conservative** | **Conservative** | **Dynamic** | **MML** | **MML** | **MML** | **MML** |
|  |  | **Allocation** | **Allocation** | **Bond** | **Equity** | **Equity** | **Equity Income** | **Equity Income** |
|  |  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **<u>2023 (Continued)</u>** | **(Initial Class)** | **(Service Class)** |  | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** |
|  | Units purchased | 7019 | 309248 | 170594 | 5686 | 102634 | 19757 | 145659 |
|  | Units withdrawn | (488076) | (2865731) | (180690) | (80960) | (568999) | (491709) | (591498) |
|  | Units transferred between Sub-Accounts |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;and (to) from the General Account | 71714 | (156342) | (6127) | (12383) | (77407) | 18576 | (17147) |
|  | Net increase (decrease) | (409343) | (2712825) | (16223) | (87657) | (543772) | (453376) | (462986) |
|  |  | **MML** | **MML** | **MML** | **MML** |  |  | **MML** |
|  |  | **Equity** | **Equity** | **Equity** | **Focused** | **MML** | **MML** | **Fundamental** |
|  |  | **Index** | **Index** | **Rotation** | **Equity** | **Foreign** | **Foreign** | **Equity** |
|  |  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **<u>2023 (Continued)</u>** | **(Class I)** | **(Service Class I)** |  |  | **(Initial Class)** | **(Service Class)** |  |
|  | Units purchased | 9042 | 2941 | 14878 | 113199 | 25794 | 18788 | 97598 |
|  | Units withdrawn | (105034) | (200779) | (35219) | (143704) | (702709) | (87309) | (129645) |
|  | Units transferred between Sub-Accounts |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;and (to) from the General Account | 33339 | (6614) | 3823 | 9959 | (472592) | 10881 | 30614 |
|  | Net increase (decrease) | (62653) | (204452) | (16518) | (20546) | (1149507) | (57640) | (1433) |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***7.*** | ***NET INCREASE (DECREASE) IN OUTSTANDING UNITS*** *(Continued)* | ***NET INCREASE (DECREASE) IN OUTSTANDING UNITS*** *(Continued)* | ***NET INCREASE (DECREASE) IN OUTSTANDING UNITS*** *(Continued)* | ***NET INCREASE (DECREASE) IN OUTSTANDING UNITS*** *(Continued)* | ***NET INCREASE (DECREASE) IN OUTSTANDING UNITS*** *(Continued)* | ***NET INCREASE (DECREASE) IN OUTSTANDING UNITS*** *(Continued)* |  |  |
|  |  | **MML** |  |  |  | **MML** | **MML** |  |
|  |  | **Fundamental** | **MML** | **MML** | **MML** | **Growth** | **Growth** | **MML** |
|  |  | **Value** | **Global** | **Global** | **Global** | **Allocation** | **Allocation** | **High Yield** |
|  |  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **<u>2023 (Continued)</u>** |  | **(Class I)** | **(Class II)** | **(Service Class I)** | **(Initial Class)** | **(Service Class)** |  |
|  | Units purchased | 146714 | 1330 | 3713 | 88873 | 112187 | 722388 | 302182 |
|  | Units withdrawn | (210919) | (14756) | (23468) | (95174) | (1609402) | (3361658) | (418133) |
|  | Units transferred between Sub-Accounts |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;and (to) from the General Account | 11110 | 13997 | (143) | (463) | (128703) | (47120) | 9054 |
|  | Net increase (decrease) | (53095) | 571 | (19898) | (6764) | (1625918) | (2686390) | (106897) |
|  |  |  |  | **MML** | **MML** |  |  |  |
|  |  | **MML** | **MML** | **Inflation-** | **Inflation-** | **MML** | **MML** | **MML** |
|  |  | **Income** | **Income** | **Protected** | **Protected** | **International** | **iShares® 60/40** | **iShares® 80/20** |
|  |  | **& Growth** | **& Growth** | **and Income** | **and Income** | **Equity** | **Allocation** | **Allocation** |
|  |  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **<u>2023 (Continued)</u>** | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** |  |  |  |
|  | Units purchased | 5936 | 122429 | 36913 | 224327 | 92200 | 676164 | 1613468 |
|  | Units withdrawn | (87930) | (198813) | (961935) | (551259) | (73434) | (18734) | (52155) |
|  | Units transferred between Sub-Accounts |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;and (to) from the General Account | 8354 | 5204 | 482863 | (10199) | 40411 | 10724 | 7650 |
|  | Net increase (decrease) | (73640) | (71180) | (442159) | (337131) | 59177 | 668154 | 1568963 |
|  |  | **MML** | **MML** | **MML** | **MML** | **MML** | **MML** |  |
|  |  | **Large Cap** | **Large Cap** | **Managed** | **Managed** | **Managed** | **Managed** | **MML** |
|  |  | **Growth** | **Growth** | **Bond** | **Bond** | **Volatility** | **Volatility** | **Mid Cap Growth** |
|  |  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **<u>2023 (Continued)</u>** | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Initial Class)** |
|  | Units purchased | 3418 | 230678 | 37445 | 671056 | 18242 | 25609 | 10092 |
|  | Units withdrawn | (54796) | (97369) | (751475) | (2809634) | (483656) | (252460) | (127368) |
|  | Units transferred between Sub-Accounts |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;and (to) from the General Account | 13848 | 8771 | 255063 | 287528 | (19780) | (16229) | (12082) |
|  | Net increase (decrease) | (37530) | 142080 | (458967) | (1851050) | (485194) | (243080) | (129358) |
|  |  |  |  |  | **MML** | **MML** | **MML** | **MML** |
|  |  | **MML** | **MML** | **MML** | **Moderate** | **Moderate** | **Short-Duration** | **Small Cap** |
|  |  | **Mid Cap Growth** | **Mid Cap Value** | **Mid Cap Value** | **Allocation** | **Allocation** | **Bond** | **Equity** |
|  |  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **<u>2023 (Continued)</u>** | **(Service Class)** | **(Initial Class)** | **(Service Class)** | **(Initial Class)** | **(Service Class)** |  | **(Initial Class)** |
|  | Units purchased | 224962 | 12623 | 172305 | 42339 | 829091 | 457051 | 3438 |
|  | Units withdrawn | (472611) | (310361) | (356864) | (1124713) | (12210700) | (536580) | (56978) |
|  | Units transferred between Sub-Accounts |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;and (to) from the General Account | (1369) | 39091 | (7239) | 9732 | (84764) | 35697 | (5787) |
|  | Net increase (decrease) | (249018) | (258647) | (191798) | (1072642) | (11466373) | (43832) | (59327) |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***7.*** | ***NET INCREASE (DECREASE) IN OUTSTANDING UNITS*** *(Continued)* | ***NET INCREASE (DECREASE) IN OUTSTANDING UNITS*** *(Continued)* | ***NET INCREASE (DECREASE) IN OUTSTANDING UNITS*** *(Continued)* | ***NET INCREASE (DECREASE) IN OUTSTANDING UNITS*** *(Continued)* | ***NET INCREASE (DECREASE) IN OUTSTANDING UNITS*** *(Continued)* | ***NET INCREASE (DECREASE) IN OUTSTANDING UNITS*** *(Continued)* |  |  |
|  |  |  |  |  |  |  |  | **MML** |
|  |  | **MML** | **MML** | **MML** | **MML** | **MML** | **MML** | **Strategic** |
|  |  | **Small Cap** | **Small Cap** | **Small Cap** | **Small** | **Small/Mid Cap** | **Small/Mid Cap** | **Emerging** |
|  |  | **Equity** | **Growth Equity** | **Growth Equity** | **Company Value** | **Value** | **Value** | **Markets** |
|  |  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **<u>2023 (Continued)</u>** | **(Service Class)** | **(Initial Class)** | **(Service Class)** |  | **(Initial Class)** | **(Service Class)** |  |
|  | Units purchased | 117688 | 127110 | 44529 | 53541 | 12019 | 69380 | 74073 |
|  | Units withdrawn | (148737) | (196577) | (127905) | (161659) | (296976) | (156463) | (145846) |
|  | Units transferred between Sub-Accounts |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;and (to) from the General Account | (17180) | 62034 | 368 | 321 | 25019 | 13652 | 9728 |
|  | Net increase (decrease) | (48229) | (7433) | (83008) | (107797) | (259938) | (73431) | (62045) |
|  |  |  |  |  |  | **PIMCO** |  | **VY®** |
|  |  | **MML** | **MML** |  | **MML U.S.** | **Commodity** |  | **CBRE** |
|  |  | **Sustainable** | **Sustainable** | **MML Total** | **Government** | **RealReturn®** | **PIMCO** | **Global** |
|  |  | **Equity** | **Equity** | **Return Bond** | **Money Market** | **Strategy** | **Income** | **Real Estate** |
|  |  | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** | **Sub-Account** |
|  | **<u>2023 (Continued)</u>** | **(Initial Class)** | **(Service Class)** |  |  |  |  |  |
|  | Units purchased | 8021 | 75324 | 365993 | 1789357 | 18945 | 118671 | 7316 |
|  | Units withdrawn | (155778) | (312859) | (505255) | (5068783) | (147190) | (1002) | (70669) |
|  | Units transferred between Sub-Accounts |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;and (to) from the General Account | (33492) | (11558) | 49594 | 1218644 | (73682) | 5193 | 6190 |
|  | Net increase (decrease) | (181249) | (249093) | (89668) | (2060782) | (201927) | 122862 | (57163) |

---

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

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***8.*** | ***FINANCIAL HIGHLIGHTS*** | ***FINANCIAL HIGHLIGHTS*** | ***FINANCIAL HIGHLIGHTS*** | ***FINANCIAL HIGHLIGHTS*** | ***FINANCIAL HIGHLIGHTS*** | ***FINANCIAL HIGHLIGHTS*** | ***FINANCIAL HIGHLIGHTS*** | ***FINANCIAL HIGHLIGHTS*** | ***FINANCIAL HIGHLIGHTS*** | ***FINANCIAL HIGHLIGHTS*** | ***FINANCIAL HIGHLIGHTS*** |  |  |
|  | **A.** | A summary of units outstanding, unit values, net assets, investment income ratios, expense ratios (excluding expenses of the underlying funds) and total return ratios for each of the years in the five-year period ended December 31, 2024 follows: | A summary of units outstanding, unit values, net assets, investment income ratios, expense ratios (excluding expenses of the underlying funds) and total return ratios for each of the years in the five-year period ended December 31, 2024 follows: | A summary of units outstanding, unit values, net assets, investment income ratios, expense ratios (excluding expenses of the underlying funds) and total return ratios for each of the years in the five-year period ended December 31, 2024 follows: | A summary of units outstanding, unit values, net assets, investment income ratios, expense ratios (excluding expenses of the underlying funds) and total return ratios for each of the years in the five-year period ended December 31, 2024 follows: | A summary of units outstanding, unit values, net assets, investment income ratios, expense ratios (excluding expenses of the underlying funds) and total return ratios for each of the years in the five-year period ended December 31, 2024 follows: | A summary of units outstanding, unit values, net assets, investment income ratios, expense ratios (excluding expenses of the underlying funds) and total return ratios for each of the years in the five-year period ended December 31, 2024 follows: | A summary of units outstanding, unit values, net assets, investment income ratios, expense ratios (excluding expenses of the underlying funds) and total return ratios for each of the years in the five-year period ended December 31, 2024 follows: | A summary of units outstanding, unit values, net assets, investment income ratios, expense ratios (excluding expenses of the underlying funds) and total return ratios for each of the years in the five-year period ended December 31, 2024 follows: | A summary of units outstanding, unit values, net assets, investment income ratios, expense ratios (excluding expenses of the underlying funds) and total return ratios for each of the years in the five-year period ended December 31, 2024 follows: | A summary of units outstanding, unit values, net assets, investment income ratios, expense ratios (excluding expenses of the underlying funds) and total return ratios for each of the years in the five-year period ended December 31, 2024 follows: | A summary of units outstanding, unit values, net assets, investment income ratios, expense ratios (excluding expenses of the underlying funds) and total return ratios for each of the years in the five-year period ended December 31, 2024 follows: | A summary of units outstanding, unit values, net assets, investment income ratios, expense ratios (excluding expenses of the underlying funds) and total return ratios for each of the years in the five-year period ended December 31, 2024 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,** |
|  |  |  |  |  |  |  | **Investment** |  |  |  |  |  |  |
|  |  |  |  | **Unit Value<sup>3</sup>** | **Unit Value<sup>3</sup>** |  | **Income** | **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>** |
|  |  |  | **Units** | **(Lowest to Highest)** | **(Lowest to Highest)** | **Net Assets** | **Ratio<sup>1</sup>** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** |
| **American Funds Insurance Series® Global Small Capitalization Sub-Account** | **American Funds Insurance Series® Global Small Capitalization Sub-Account** | **American Funds Insurance Series® Global Small Capitalization Sub-Account** | **American Funds Insurance Series® Global Small Capitalization Sub-Account** | **American Funds Insurance Series® Global Small Capitalization Sub-Account** | **American Funds Insurance Series® Global Small Capitalization Sub-Account** | **American Funds Insurance Series® Global Small Capitalization Sub-Account** |  |  |  |  |  |  |  |
|  | 2024 | 2024 | 41687 | $- | $10.15 | $423212 | 0.12% | -% |  | 1.30% | -% |  | 1.52% |
| **American Funds Insurance Series® New World Sub-Account** | **American Funds Insurance Series® New World Sub-Account** | **American Funds Insurance Series® New World Sub-Account** | **American Funds Insurance Series® New World Sub-Account** | **American Funds Insurance Series® New World Sub-Account** | **American Funds Insurance Series® New World Sub-Account** | **American Funds Insurance Series® New World Sub-Account** |  |  |  |  |  |  |  |
|  | 2024 | 2024 | 21779 |  | 10.07 | 219283 | 1.88 |  |  | 1.30 |  |  | 0.69 |
| **American Funds Insurance Series® Washington Mutual Investors Sub-Account** | **American Funds Insurance Series® Washington Mutual Investors Sub-Account** | **American Funds Insurance Series® Washington Mutual Investors Sub-Account** | **American Funds Insurance Series® Washington Mutual Investors Sub-Account** | **American Funds Insurance Series® Washington Mutual Investors Sub-Account** | **American Funds Insurance Series® Washington Mutual Investors Sub-Account** | **American Funds Insurance Series® Washington Mutual Investors Sub-Account** | **American Funds Insurance Series® Washington Mutual Investors Sub-Account** |  |  |  |  |  |  |
|  | 2024 | 2024 | 111050 |  | 11.08 | 1230490 | 2.36 |  |  | 1.30 |  |  | 10.81 |
| **BlackRock 60/40 Target Allocation ETF V.I. Sub-Account** | **BlackRock 60/40 Target Allocation ETF V.I. Sub-Account** | **BlackRock 60/40 Target Allocation ETF V.I. Sub-Account** | **BlackRock 60/40 Target Allocation ETF V.I. Sub-Account** | **BlackRock 60/40 Target Allocation ETF V.I. Sub-Account** | **BlackRock 60/40 Target Allocation ETF V.I. Sub-Account** | **BlackRock 60/40 Target Allocation ETF V.I. Sub-Account** |  |  |  |  |  |  |  |
|  | 2024 | 2024 | 1234920 | 16.07 | 17.30 | 21345556 | 2.23 | 1.00 | to | 1.80 | 9.36 | to | 10.25 |
|  | 2023 | 2023 | 1201079 | 14.69 | 15.69 | 18823486 | 1.91 | 1.00 | to | 1.80 | 13.26 | to | 14.17 |
|  | 2022 | 2022 | 1196331 | 12.97 | 13.40 | 16425190 | 1.90 | 1.00 | to | 1.80 | (16.55) | to | (16.17) |
|  | 2021 | 2021 | 1135192 | 15.55 | 16.33 | 18530683 | 2.15 | 1.00 | to | 1.80 | 9.71 | to | 10.59 |
|  | 2020 | 2020 | 603542 | 14.17 | 14.77 | 8908234 | 1.89 | 1.00 | to | 1.80 | 12.31 | to | 13.21 |
| **Columbia Variable Portfolio - Contrarian Core Sub-Account** | **Columbia Variable Portfolio - Contrarian Core Sub-Account** | **Columbia Variable Portfolio - Contrarian Core Sub-Account** | **Columbia Variable Portfolio - Contrarian Core Sub-Account** | **Columbia Variable Portfolio - Contrarian Core Sub-Account** | **Columbia Variable Portfolio - Contrarian Core Sub-Account** | **Columbia Variable Portfolio - Contrarian Core Sub-Account** |  |  |  |  |  |  |  |
|  | 2024 | 2024 | 52689 |  | 11.25 | 592553 |  |  |  | 1.30 |  |  | 12.48 |
| **Fidelity® VIP Contrafund® Sub-Account (Initial Class)** | **Fidelity® VIP Contrafund® Sub-Account (Initial Class)** | **Fidelity® VIP Contrafund® Sub-Account (Initial Class)** | **Fidelity® VIP Contrafund® Sub-Account (Initial Class)** | **Fidelity® VIP Contrafund® Sub-Account (Initial Class)** | **Fidelity® VIP Contrafund® Sub-Account (Initial Class)** | **Fidelity® VIP Contrafund® Sub-Account (Initial Class)** |  |  |  |  |  |  |  |
|  | 2024 | 2024 | 2651079 | 53.73 | 88.28 | 201616744 | 0.18 | 0.95 | to | 2.60 | 30.34 | to | 32.52 |
|  | 2023 | 2023 | 3269827 | 41.22 | 66.62 | 187411670 | 0.46 | 0.95 | to | 2.60 | 30.04 | to | 32.19 |
|  | 2022 | 2022 | 3876930 | 31.70 | 50.39 | 168304213 | 0.49 | 0.95 | to | 2.60 | (28.20) | to | (27.01) |
|  | 2021 | 2021 | 4187353 | 44.15 | 69.04 | 250765962 | 0.06 | 0.95 | to | 2.60 | 24.56 | to | 26.63 |
|  | 2020 | 2020 | 4994284 | 35.45 | 54.52 | 237247151 | 0.24 | 0.95 | to | 2.60 | 27.22 | to | 29.33 |
| **Fidelity® VIP Contrafund® Sub-Account (Service Class 2)** | **Fidelity® VIP Contrafund® Sub-Account (Service Class 2)** | **Fidelity® VIP Contrafund® Sub-Account (Service Class 2)** | **Fidelity® VIP Contrafund® Sub-Account (Service Class 2)** | **Fidelity® VIP Contrafund® Sub-Account (Service Class 2)** | **Fidelity® VIP Contrafund® Sub-Account (Service Class 2)** | **Fidelity® VIP Contrafund® Sub-Account (Service Class 2)** |  |  |  |  |  |  |  |
|  | 2024 | 2024 | 7824611 | 31.61 | 48.34 | 272573240 | 0.03 | 1.00 | to | 3.10 | 29.36 | to | 32.11 |
|  | 2023 | 2023 | 8181542 | 23.92 | 37.37 | 231386664 | 0.26 | 1.00 | to | 3.10 | 29.07 | to | 31.80 |
|  | 2022 | 2022 | 8378070 | 18.15 | 28.95 | 191667565 | 0.26 | 1.00 | to | 3.10 | (28.73) | to | (27.22) |
|  | 2021 | 2021 | 8481331 | 24.94 | 40.62 | 279055343 | 0.03 | 1.00 | to | 3.10 | 23.62 | to | 26.24 |
|  | 2020 | 2020 | 8326913 | 19.76 | 32.86 | 229257699 | 0.08 | 1.00 | to | 3.10 | 26.26 | to | 28.94 |
| **Fidelity® VIP Health Care Sub-Account**<sup>5</sup> | **Fidelity® VIP Health Care Sub-Account**<sup>5</sup> | **Fidelity® VIP Health Care Sub-Account**<sup>5</sup> | **Fidelity® VIP Health Care Sub-Account**<sup>5</sup> | **Fidelity® VIP Health Care Sub-Account**<sup>5</sup> | **Fidelity® VIP Health Care Sub-Account**<sup>5</sup> | **Fidelity® VIP Health Care Sub-Account**<sup>5</sup> |  |  |  |  |  |  |  |
|  | 2024 | 2024 | 186062 |  | 10.87 | 2021591 |  |  |  | 1.30 |  |  | 3.50 |
|  | 2023 | 2023 | 101885 |  | 10.50 | 1069597 |  | 1.00 | to | 3.10 |  |  | 2.67 |
|  | 2022 | 2022 | 43720 |  | 10.22 | 447027 |  | 1.00 | to | 3.10 |  |  |  |
| **Fidelity® VIP Overseas Sub-Account**<sup>7</sup> | **Fidelity® VIP Overseas Sub-Account**<sup>7</sup> | **Fidelity® VIP Overseas Sub-Account**<sup>7</sup> | **Fidelity® VIP Overseas Sub-Account**<sup>7</sup> | **Fidelity® VIP Overseas Sub-Account**<sup>7</sup> | **Fidelity® VIP Overseas Sub-Account**<sup>7</sup> | **Fidelity® VIP Overseas Sub-Account**<sup>7</sup> |  |  |  |  |  |  |  |
|  | 2024 | 2024 | 47211 |  | 10.90 | 514423 | 2.47 |  |  | 1.30 |  |  | 3.45 |
|  | 2023 | 2023 | 14620 |  | 10.53 | 153996 | 1.48 | 1.00 | to | 3.10 |  |  |  |
| **Fidelity® VIP Real Estate Sub-Account**<sup>5</sup> | **Fidelity® VIP Real Estate Sub-Account**<sup>5</sup> | **Fidelity® VIP Real Estate Sub-Account**<sup>5</sup> | **Fidelity® VIP Real Estate Sub-Account**<sup>5</sup> | **Fidelity® VIP Real Estate Sub-Account**<sup>5</sup> | **Fidelity® VIP Real Estate Sub-Account**<sup>5</sup> | **Fidelity® VIP Real Estate Sub-Account**<sup>5</sup> |  |  |  |  |  |  |  |
|  | 2024 | 2024 | 86017 |  | 9.45 | 813232 | 4.78 |  |  | 1.30 |  |  | 4.87 |
|  | 2023 | 2023 | 58941 |  | 9.02 | 531372 | 3.41 | 1.00 | to | 3.10 |  |  | 9.46 |
|  | 2022 | 2022 | 18483 |  | 8.24 | 152225 | 1.70 | 1.00 | to | 3.10 |  |  |  |
| **Fidelity® VIP Strategic Income Sub-Account**<sup>5</sup> | **Fidelity® VIP Strategic Income Sub-Account**<sup>5</sup> | **Fidelity® VIP Strategic Income Sub-Account**<sup>5</sup> | **Fidelity® VIP Strategic Income Sub-Account**<sup>5</sup> | **Fidelity® VIP Strategic Income Sub-Account**<sup>5</sup> | **Fidelity® VIP Strategic Income Sub-Account**<sup>5</sup> | **Fidelity® VIP Strategic Income Sub-Account**<sup>5</sup> |  |  |  |  |  |  |  |
|  | 2024 | 2024 | 109832 |  | 10.21 | 1121911 | 4.36 |  |  | 1.30 |  |  | 4.41 |
|  | 2023 | 2023 | 71420 |  | 9.78 | 698753 | 7.82 | 0.95 | to | 3.10 |  |  | 7.77 |
|  | 2022 | 2022 | 22156 |  | 9.08 | 201143 | 6.33 | 0.95 | to | 3.10 |  |  |  |

---

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***8.*** | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***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,** |
|  |  |  |  |  |  | **Investment** |  |  |  |  |  |  |
|  |  |  | **Unit Value<sup>3</sup>** | **Unit Value<sup>3</sup>** |  | **Income** | **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>** |
|  |  | **Units** | **(Lowest to Highest)** | **(Lowest to Highest)** | **Net Assets** | **Ratio<sup>1</sup>** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** |
| **Invesco Oppenheimer V.I. International Growth Sub-Account (Series I)** | **Invesco Oppenheimer V.I. International Growth Sub-Account (Series I)** | **Invesco Oppenheimer V.I. International Growth Sub-Account (Series I)** | **Invesco Oppenheimer V.I. International Growth Sub-Account (Series I)** | **Invesco Oppenheimer V.I. International Growth Sub-Account (Series I)** | **Invesco Oppenheimer V.I. International Growth Sub-Account (Series I)** |  |  |  |  |  |  |  |
|  | 2024 | 655815 | $20.35 | $31.55 | $18240712 | 0.63% | 0.95% | to | 2.60% | (4.21)% | to | (2.61)% |
|  | 2023 | 740991 | 21.25 | 32.39 | 21214036 | 0.58 | 0.95 | to | 2.60 | 17.97 | to | 19.92 |
|  | 2022 | 845645 | 18.01 | 27.01 | 20298479 |  | 0.95 | to | 2.60 | (29.00) | to | (27.82) |
|  | 2021 | 857957 | 25.37 | 37.42 | 28738025 |  | 0.95 | to | 2.60 | 7.39 | to | 9.18 |
|  | 2020 | 1029713 | 23.62 | 34.27 | 32043570 | 0.93 | 0.95 | to | 2.60 | 18.38 | to | 20.35 |
| **Invesco Oppenheimer V.I. International Growth Sub-Account (Series II)** | **Invesco Oppenheimer V.I. International Growth Sub-Account (Series II)** | **Invesco Oppenheimer V.I. International Growth Sub-Account (Series II)** | **Invesco Oppenheimer V.I. International Growth Sub-Account (Series II)** | **Invesco Oppenheimer V.I. International Growth Sub-Account (Series II)** | **Invesco Oppenheimer V.I. International Growth Sub-Account (Series II)** |  |  |  |  |  |  |  |
|  | 2024 | 1004408 | 13.06 | 18.34 | 17853447 | 0.34 | 1.00 | to | 3.10 | (4.83) | to | (2.80) |
|  | 2023 | 1072463 | 13.43 | 19.27 | 20333526 | 0.30 | 1.00 | to | 3.10 | 16.97 | to | 19.44 |
|  | 2022 | 1163026 | 11.24 | 16.48 | 18848749 |  | 1.00 | to | 3.10 | (29.39) | to | (27.89) |
|  | 2021 | 1142992 | 15.59 | 23.33 | 26049458 |  | 1.00 | to | 3.10 | 6.76 | to | 9.02 |
|  | 2020 | 1189787 | 14.30 | 21.85 | 25837159 | 0.62 | 1.00 | to | 3.10 | 17.35 | to | 19.84 |
| **Invesco V.I. Capital Appreciation Sub-Account (Series I)** | **Invesco V.I. Capital Appreciation Sub-Account (Series I)** | **Invesco V.I. Capital Appreciation Sub-Account (Series I)** | **Invesco V.I. Capital Appreciation Sub-Account (Series I)** | **Invesco V.I. Capital Appreciation Sub-Account (Series I)** | **Invesco V.I. Capital Appreciation Sub-Account (Series I)** |  |  |  |  |  |  |  |
|  | 2024 | 2156138 | 39.24 | 59.64 | 116612496 |  | 0.95 | to | 2.60 | 30.70 | to | 32.89 |
|  | 2023 | 2847791 | 30.03 | 44.88 | 116367287 |  | 0.95 | to | 2.60 | 31.92 | to | 34.10 |
|  | 2022 | 3385941 | 22.76 | 33.47 | 103556439 |  | 0.95 | to | 2.60 | (32.56) | to | (31.44) |
|  | 2021 | 3595992 | 33.75 | 48.81 | 161466451 |  | 0.95 | to | 2.60 | 19.42 | to | 21.41 |
|  | 2020 | 4332520 | 28.26 | 40.20 | 160848549 |  | 0.95 | to | 2.60 | 33.08 | to | 35.30 |
| **Invesco V.I. Capital Appreciation Sub-Account (Series II)** | **Invesco V.I. Capital Appreciation Sub-Account (Series II)** | **Invesco V.I. Capital Appreciation Sub-Account (Series II)** | **Invesco V.I. Capital Appreciation Sub-Account (Series II)** | **Invesco V.I. Capital Appreciation Sub-Account (Series II)** | **Invesco V.I. Capital Appreciation Sub-Account (Series II)** |  |  |  |  |  |  |  |
|  | 2024 | 169396 | 35.30 | 55.37 | 8635190 |  | 1.15 | to | 3.10 | 29.72 | to | 32.29 |
|  | 2023 | 223386 | 27.21 | 41.86 | 8701153 |  | 1.15 | to | 3.10 | 30.92 | to | 33.49 |
|  | 2022 | 250907 | 20.79 | 31.36 | 7405869 |  | 1.15 | to | 3.10 | (33.07) | to | (31.75) |
|  | 2021 | 311599 | 31.06 | 45.94 | 13493003 |  | 1.15 | to | 3.10 | 18.55 | to | 20.88 |
|  | 2020 | 366591 | 26.20 | 38.01 | 13216783 |  | 1.15 | to | 3.10 | 32.08 | to | 34.68 |
| **Invesco V.I. Core Plus Bond Sub-Account**<sup>10</sup> | **Invesco V.I. Core Plus Bond Sub-Account**<sup>10</sup> | **Invesco V.I. Core Plus Bond Sub-Account**<sup>10</sup> | **Invesco V.I. Core Plus Bond Sub-Account**<sup>10</sup> | **Invesco V.I. Core Plus Bond Sub-Account**<sup>10</sup> | **Invesco V.I. Core Plus Bond Sub-Account**<sup>10</sup> |  |  |  |  |  |  |  |
|  | 2024 | 89438 |  | 14.52 | 1298892 | 3.69 |  |  | 1.40 |  |  | 1.62 |
|  | 2023 | 94073 |  | 14.29 | 1344454 | 2.60 |  |  | 1.40 |  |  | 4.67 |
|  | 2022 | 103980 |  | 13.65 | 1419773 | 1.93 |  |  | 1.40 |  |  | (15.22) |
|  | 2021 | 110047 |  | 16.11 | 1772416 | 2.05 |  |  | 1.40 |  |  | (3.02) |
|  | 2020 | 120583 |  | 16.61 | 2002482 | 3.09 |  |  | 1.40 |  |  | 8.18 |
| **Invesco V.I. Discovery Mid Cap Growth Sub-Account (Series I)** | **Invesco V.I. Discovery Mid Cap Growth Sub-Account (Series I)** | **Invesco V.I. Discovery Mid Cap Growth Sub-Account (Series I)** | **Invesco V.I. Discovery Mid Cap Growth Sub-Account (Series I)** | **Invesco V.I. Discovery Mid Cap Growth Sub-Account (Series I)** | **Invesco V.I. Discovery Mid Cap Growth Sub-Account (Series I)** |  |  |  |  |  |  |  |
|  | 2024 | 1634057 | 35.14 | 52.19 | 71395008 |  | 0.95 | to | 2.60 | 21.03 | to | 23.05 |
|  | 2023 | 2017336 | 29.03 | 42.42 | 72492489 |  | 0.95 | to | 2.60 | 10.26 | to | 12.08 |
|  | 2022 | 2145143 | 26.33 | 37.84 | 69315183 |  | 0.95 | to | 2.60 | (32.75) | to | (31.63) |
|  | 2021 | 2211697 | 39.15 | 55.35 | 105647787 |  | 0.95 | to | 2.60 | 16.04 | to | 17.97 |
|  | 2020 | 2592033 | 33.74 | 46.92 | 106383035 | 0.04 | 0.95 | to | 2.60 | 37.08 | to | 39.36 |
| **Invesco V.I. Discovery Mid Cap Growth Sub-Account (Series II)** | **Invesco V.I. Discovery Mid Cap Growth Sub-Account (Series II)** | **Invesco V.I. Discovery Mid Cap Growth Sub-Account (Series II)** | **Invesco V.I. Discovery Mid Cap Growth Sub-Account (Series II)** | **Invesco V.I. Discovery Mid Cap Growth Sub-Account (Series II)** | **Invesco V.I. Discovery Mid Cap Growth Sub-Account (Series II)** |  |  |  |  |  |  |  |
|  | 2024 | 1168960 | 25.03 | 31.59 | 28899494 |  | 1.00 | to | 3.10 | 20.12 | to | 22.68 |
|  | 2023 | 1137821 | 20.40 | 26.30 | 24635259 |  | 1.00 | to | 3.10 | 9.42 | to | 11.73 |
|  | 2022 | 1133228 | 18.26 | 24.03 | 22846294 |  | 1.00 | to | 3.10 | (33.23) | to | (31.82) |
|  | 2021 | 1126999 | 26.78 | 35.99 | 34332308 |  | 1.00 | to | 3.10 | 15.17 | to | 17.61 |
|  | 2020 | 1067971 | 22.77 | 31.25 | 28338933 |  | 1.00 | to | 3.10 | 35.96 | to | 38.85 |
| **Invesco V.I. Diversified Dividend Sub-Account (Series I)** | **Invesco V.I. Diversified Dividend Sub-Account (Series I)** | **Invesco V.I. Diversified Dividend Sub-Account (Series I)** | **Invesco V.I. Diversified Dividend Sub-Account (Series I)** | **Invesco V.I. Diversified Dividend Sub-Account (Series I)** | **Invesco V.I. Diversified Dividend Sub-Account (Series I)** |  |  |  |  |  |  |  |
|  | 2024 | 260704 | 11.76 | 19.16 | 4569634 | 1.87 | 0.95 | to | 2.60 | 10.30 | to | 12.14 |
|  | 2023 | 282594 | 10.66 | 17.09 | 4424798 | 1.97 | 0.95 | to | 2.60 | 6.25 | to | 8.02 |
|  | 2022 | 317837 | 10.04 | 15.82 | 4603701 | 1.89 | 0.95 | to | 2.60 | (4.20) | to | (2.61) |
|  | 2021 | 331261 | 10.48 | 16.24 | 4919882 | 1.76 | 0.95 | to | 2.60 | 15.84 | to | 17.77 |
|  | 2020 | 483803 | 9.04 | 13.79 | 6302426 | 3.18 | 0.95 | to | 2.60 | (2.43) | to | (0.81) |

---

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***8.*** | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***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,** |
|  |  |  |  |  |  | **Investment** |  |  |  |  |  |  |
|  |  |  | **Unit Value<sup>3</sup>** | **Unit Value<sup>3</sup>** |  | **Income** | **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>** |
|  |  | **Units** | **(Lowest to Highest)** | **(Lowest to Highest)** | **Net Assets** | **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. Diversified Dividend Sub-Account (Series II)** | **Invesco V.I. Diversified Dividend Sub-Account (Series II)** | **Invesco V.I. Diversified Dividend Sub-Account (Series II)** | **Invesco V.I. Diversified Dividend Sub-Account (Series II)** | **Invesco V.I. Diversified Dividend Sub-Account (Series II)** | **Invesco V.I. Diversified Dividend Sub-Account (Series II)** |  |  |  |  |  |  |  |
|  | 2024 | 405397 | $10.61 | $16.77 | $6250438 | 1.36% | 1.15% | to | 3.10% | 9.50% | to | 11.66% |
|  | 2023 | 610808 | 9.69 | 15.02 | 8547518 | 1.71 | 1.15 | to | 3.10 | 5.46 | to | 7.53 |
|  | 2022 | 728781 | 9.19 | 13.97 | 9489706 | 1.58 | 1.15 | to | 3.10 | (4.91) | to | (3.04) |
|  | 2021 | 841059 | 9.66 | 14.40 | 11345055 | 1.94 | 1.15 | to | 3.10 | 14.98 | to | 17.24 |
|  | 2020 | 945327 | 8.40 | 12.29 | 10939473 | 2.70 | 1.15 | to | 3.10 | (3.18) | to | (1.28) |
| **Invesco V.I. Equity and Income Sub-Account (Series I)**<sup>8</sup> | **Invesco V.I. Equity and Income Sub-Account (Series I)**<sup>8</sup> | **Invesco V.I. Equity and Income Sub-Account (Series I)**<sup>8</sup> | **Invesco V.I. Equity and Income Sub-Account (Series I)**<sup>8</sup> | **Invesco V.I. Equity and Income Sub-Account (Series I)**<sup>8</sup> | **Invesco V.I. Equity and Income Sub-Account (Series I)**<sup>8</sup> |  |  |  |  |  |  |  |
|  | 2024 | 247140 | 13.47 | 22.12 | 5055964 | 2.17 | 0.95 | to | 2.60 | 7.18 | to | 8.92 |
|  | 2023 | 287172 | 12.56 | 20.28 | 5382578 | 1.86 | 0.95 | to | 2.60 | 9.72 | to | 11.54 |
|  | 2022 | 316912 | 11.44 | 18.18 | 5338477 | 1.36 | 0.95 | to | 2.60 | (18.99) | to | (17.64) |
|  | 2021 | 340713 | 14.13 | 22.07 | 6987321 | 1.47 | 0.95 | to | 2.60 | 7.79 | to | 9.59 |
|  | 2020 | 377168 | 13.10 | 20.14 | 7060991 | 2.07 | 0.95 | to | 2.60 | 11.91 | to | 13.77 |
| **Invesco V.I. Equity and Income Sub-Account (Series II)**<sup>9</sup> | **Invesco V.I. Equity and Income Sub-Account (Series II)**<sup>9</sup> | **Invesco V.I. Equity and Income Sub-Account (Series II)**<sup>9</sup> | **Invesco V.I. Equity and Income Sub-Account (Series II)**<sup>9</sup> | **Invesco V.I. Equity and Income Sub-Account (Series II)**<sup>9</sup> | **Invesco V.I. Equity and Income Sub-Account (Series II)**<sup>9</sup> |  |  |  |  |  |  |  |
|  | 2024 | 667 | 12.95 | 18.44 | 12297 | 2.00 | 1.15 | to | 2.80 | 6.88 | to | 8.45 |
|  | 2023 | 797 | 12.10 | 16.98 | 13532 | 0.61 | 1.15 | to | 2.80 | 9.38 | to | 11.03 |
|  | 2022 | 2970 | 11.07 | 15.29 | 45427 | 1.15 | 1.15 | to | 2.80 | (19.19) | to | (17.97) |
|  | 2021 | 3042 | 13.69 | 18.64 | 56716 | 0.99 | 1.15 | to | 2.80 | 7.41 | to | 9.04 |
|  | 2020 | 4777 | 12.75 | 17.10 | 76534 | 1.88 | 1.15 | to | 2.65 | 11.59 | to | 13.28 |
| **Invesco V.I. Global Sub-Account (Series I)** | **Invesco V.I. Global Sub-Account (Series I)** | **Invesco V.I. Global Sub-Account (Series I)** | **Invesco V.I. Global Sub-Account (Series I)** | **Invesco V.I. Global Sub-Account (Series I)** | **Invesco V.I. Global Sub-Account (Series I)** |  |  |  |  |  |  |  |
|  | 2024 | 2524262 | 33.46 | 55.46 | 123197000 |  | 0.95 | to | 2.60 | 13.07 | to | 14.96 |
|  | 2023 | 2990290 | 29.59 | 48.24 | 127106320 | 0.22 | 0.95 | to | 2.60 | 31.29 | to | 33.47 |
|  | 2022 | 3633296 | 22.54 | 36.14 | 115923743 |  | 0.95 | to | 2.60 | (33.52) | to | (32.41) |
|  | 2021 | 3694110 | 33.90 | 53.48 | 176055227 |  | 0.95 | to | 2.60 | 12.53 | to | 14.40 |
|  | 2020 | 4227403 | 30.13 | 46.75 | 176607524 | 0.67 | 0.95 | to | 2.60 | 24.36 | to | 26.43 |
| **Invesco V.I. Global Sub-Account (Series II)** | **Invesco V.I. Global Sub-Account (Series II)** | **Invesco V.I. Global Sub-Account (Series II)** | **Invesco V.I. Global Sub-Account (Series II)** | **Invesco V.I. Global Sub-Account (Series II)** | **Invesco V.I. Global Sub-Account (Series II)** |  |  |  |  |  |  |  |
|  | 2024 | 1963799 | 21.40 | 30.11 | 55424326 |  | 1.00 | to | 3.10 | 12.23 | to | 14.63 |
|  | 2023 | 2263619 | 18.67 | 26.83 | 58095537 |  | 1.00 | to | 3.10 | 30.36 | to | 33.11 |
|  | 2022 | 2506424 | 14.03 | 20.58 | 49427513 |  | 1.00 | to | 3.10 | (34.01) | to | (32.61) |
|  | 2021 | 2571246 | 20.81 | 31.19 | 77475203 |  | 1.00 | to | 3.10 | 11.66 | to | 14.02 |
|  | 2020 | 2759316 | 18.25 | 27.94 | 75781828 | 0.44 | 1.00 | to | 3.10 | 23.45 | to | 26.07 |
| **Invesco V.I. Global Strategic Income Sub-Account (Series I)** | **Invesco V.I. Global Strategic Income Sub-Account (Series I)** | **Invesco V.I. Global Strategic Income Sub-Account (Series I)** | **Invesco V.I. Global Strategic Income Sub-Account (Series I)** | **Invesco V.I. Global Strategic Income Sub-Account (Series I)** | **Invesco V.I. Global Strategic Income Sub-Account (Series I)** |  |  |  |  |  |  |  |
|  | 2024 | 5611693 | 12.11 | 20.93 | 92564391 | 3.00 | 0.95 | to | 2.60 | 0.50 | to | 2.18 |
|  | 2023 | 6098483 | 12.05 | 20.49 | 98973441 |  | 0.95 | to | 2.60 | 6.10 | to | 7.86 |
|  | 2022 | 6982530 | 11.36 | 18.99 | 105617322 |  | 0.95 | to | 2.60 | (13.73) | to | (12.30) |
|  | 2021 | 8302751 | 13.17 | 21.66 | 143423120 | 4.69 | 0.95 | to | 2.60 | (5.89) | to | (4.33) |
|  | 2020 | 8478804 | 13.99 | 22.64 | 154124943 | 5.81 | 0.95 | to | 2.60 | 0.75 | to | 2.42 |
| **Invesco V.I. Global Strategic Income Sub-Account (Series II)** | **Invesco V.I. Global Strategic Income Sub-Account (Series II)** | **Invesco V.I. Global Strategic Income Sub-Account (Series II)** | **Invesco V.I. Global Strategic Income Sub-Account (Series II)** | **Invesco V.I. Global Strategic Income Sub-Account (Series II)** | **Invesco V.I. Global Strategic Income Sub-Account (Series II)** |  |  |  |  |  |  |  |
|  | 2024 | 3021736 | 10.35 | 10.87 | 39580073 | 2.67 | 1.00 | to | 3.10 | (0.37) | to | 1.76 |
|  | 2023 | 3221166 | 10.18 | 10.91 | 41784589 |  | 1.00 | to | 3.10 | 5.29 | to | 7.52 |
|  | 2022 | 3523347 | 9.46 | 10.36 | 42908119 |  | 1.00 | to | 3.10 | (14.40) | to | (12.59) |
|  | 2021 | 4059143 | 10.83 | 12.11 | 57328981 | 4.29 | 1.00 | to | 3.10 | (6.51) | to | (4.52) |
|  | 2020 | 4076835 | 11.34 | 12.95 | 61117704 | 5.16 | 1.00 | to | 3.10 | (0.15) | to | 1.97 |
| **Invesco V.I. Health Care Sub-Account (Series I)** | **Invesco V.I. Health Care Sub-Account (Series I)** | **Invesco V.I. Health Care Sub-Account (Series I)** | **Invesco V.I. Health Care Sub-Account (Series I)** | **Invesco V.I. Health Care Sub-Account (Series I)** | **Invesco V.I. Health Care Sub-Account (Series I)** |  |  |  |  |  |  |  |
|  | 2024 | 206912 | 25.67 | 40.65 | 7375305 |  | 0.95 | to | 2.60 | 1.48 | to | 3.18 |
|  | 2023 | 237830 | 25.29 | 39.40 | 8279217 |  | 0.95 | to | 2.60 | 0.39 | to | 2.05 |
|  | 2022 | 261340 | 25.20 | 38.61 | 8993115 |  | 0.95 | to | 2.60 | (15.54) | to | (14.14) |
|  | 2021 | 282080 | 29.83 | 44.97 | 11396798 | 0.20 | 0.95 | to | 2.60 | 9.42 | to | 11.24 |
|  | 2020 | 309109 | 27.26 | 40.42 | 11325826 | 0.31 | 0.95 | to | 2.60 | 11.52 | to | 13.38 |

---

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***8.*** | ***FINANCIAL HIGHLIGHTS (Continued)*** | ***FINANCIAL HIGHLIGHTS (Continued)*** | ***FINANCIAL HIGHLIGHTS (Continued)*** | ***FINANCIAL HIGHLIGHTS (Continued)*** | ***FINANCIAL HIGHLIGHTS (Continued)*** | ***FINANCIAL HIGHLIGHTS (Continued)*** | ***FINANCIAL HIGHLIGHTS (Continued)*** | ***FINANCIAL HIGHLIGHTS (Continued)*** | ***FINANCIAL HIGHLIGHTS (Continued)*** | ***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,** |
|  |  |  |  |  |  | **Investment** |  |  |  |  |  |  |
|  |  |  | **Unit Value<sup>3</sup>** | **Unit Value<sup>3</sup>** |  | **Income** | **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>** |
|  |  | **Units** | **(Lowest to Highest)** | **(Lowest to Highest)** | **Net Assets** | **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. Health Care Sub-Account (Series II)** | **Invesco V.I. Health Care Sub-Account (Series II)** | **Invesco V.I. Health Care Sub-Account (Series II)** | **Invesco V.I. Health Care Sub-Account (Series II)** | **Invesco V.I. Health Care Sub-Account (Series II)** | **Invesco V.I. Health Care Sub-Account (Series II)** |  |  |  |  |  |  |  |
|  | 2024 | 173135 | $23.09 | $36.80 | $5939378 | -% | 1.15% | to | 3.10% | 0.68% | to | 2.67% |
|  | 2023 | 221061 | 22.94 | 35.84 | 7445184 |  | 1.15 | to | 3.10 | (0.36) | to | 1.59 |
|  | 2022 | 260608 | 23.02 | 35.28 | 8644331 |  | 1.15 | to | 3.10 | (16.17) | to | (14.52) |
|  | 2021 | 298106 | 27.46 | 41.27 | 11700675 |  | 1.15 | to | 3.10 | 8.62 | to | 10.76 |
|  | 2020 | 350828 | 25.28 | 37.26 | 12414240 | 0.09 | 1.15 | to | 3.10 | 10.71 | to | 12.89 |
| **Invesco V.I. Main Street Sub-Account (Series I)** | **Invesco V.I. Main Street Sub-Account (Series I)** | **Invesco V.I. Main Street Sub-Account (Series I)** | **Invesco V.I. Main Street Sub-Account (Series I)** | **Invesco V.I. Main Street Sub-Account (Series I)** | **Invesco V.I. Main Street Sub-Account (Series I)** |  |  |  |  |  |  |  |
|  | 2024 | 694353 | 35.01 | 53.21 | 32276956 |  | 0.95 | to | 2.60 | 20.46 | to | 22.47 |
|  | 2023 | 778371 | 29.06 | 43.45 | 29488977 | 0.83 | 0.95 | to | 2.60 | 20.07 | to | 22.06 |
|  | 2022 | 862445 | 24.21 | 35.60 | 26861840 | 1.45 | 0.95 | to | 2.60 | (22.18) | to | (20.89) |
|  | 2021 | 939913 | 31.10 | 45.00 | 37181449 | 0.70 | 0.95 | to | 2.60 | 24.30 | to | 26.36 |
|  | 2020 | 1047878 | 25.02 | 35.61 | 33044884 | 1.49 | 0.95 | to | 2.60 | 11.02 | to | 12.87 |
| **Invesco V.I. Main Street Sub-Account (Series II)** | **Invesco V.I. Main Street Sub-Account (Series II)** | **Invesco V.I. Main Street Sub-Account (Series II)** | **Invesco V.I. Main Street Sub-Account (Series II)** | **Invesco V.I. Main Street Sub-Account (Series II)** | **Invesco V.I. Main Street Sub-Account (Series II)** |  |  |  |  |  |  |  |
|  | 2024 | 742894 | 24.90 | 31.51 | 20544532 |  | 1.00 | to | 3.10 | 19.61 | to | 22.16 |
|  | 2023 | 881293 | 20.38 | 26.34 | 20291673 | 0.49 | 1.00 | to | 3.10 | 19.09 | to | 21.61 |
|  | 2022 | 990269 | 16.76 | 22.12 | 18959328 | 1.09 | 1.00 | to | 3.10 | (22.74) | to | (21.10) |
|  | 2021 | 1068989 | 21.24 | 28.63 | 26323196 | 0.52 | 1.00 | to | 3.10 | 23.35 | to | 25.97 |
|  | 2020 | 1040875 | 16.86 | 23.21 | 21292780 | 1.17 | 1.00 | to | 3.10 | 10.22 | to | 12.56 |
| **Invesco V.I. Technology Sub-Account (Series I)** | **Invesco V.I. Technology Sub-Account (Series I)** | **Invesco V.I. Technology Sub-Account (Series I)** | **Invesco V.I. Technology Sub-Account (Series I)** | **Invesco V.I. Technology Sub-Account (Series I)** | **Invesco V.I. Technology Sub-Account (Series I)** |  |  |  |  |  |  |  |
|  | 2024 | 288501 | 42.37 | 59.92 | 8295217 |  | 0.95 | to | 2.60 | 30.81 | to | 32.99 |
|  | 2023 | 341037 | 32.39 | 45.06 | 7811874 |  | 0.95 | to | 2.60 | 43.19 | to | 45.56 |
|  | 2022 | 354685 | 22.62 | 30.95 | 5414369 |  | 0.95 | to | 2.60 | (41.49) | to | (40.52) |
|  | 2021 | 361364 | 38.66 | 52.04 | 9838777 |  | 0.95 | to | 2.60 | 11.47 | to | 13.33 |
|  | 2020 | 381843 | 34.68 | 45.92 | 9461356 |  | 0.95 | to | 2.60 | 42.37 | to | 44.74 |
| **Invesco V.I. Technology Sub-Account (Series II)** | **Invesco V.I. Technology Sub-Account (Series II)** | **Invesco V.I. Technology Sub-Account (Series II)** | **Invesco V.I. Technology Sub-Account (Series II)** | **Invesco V.I. Technology Sub-Account (Series II)** | **Invesco V.I. Technology Sub-Account (Series II)** |  |  |  |  |  |  |  |
|  | 2024 | 138474 | 38.10 | 68.78 | 8372166 |  | 1.15 | to | 3.10 | 29.75 | to | 32.32 |
|  | 2023 | 181352 | 29.36 | 51.98 | 8322967 |  | 1.15 | to | 3.10 | 42.26 | to | 45.05 |
|  | 2022 | 203958 | 20.64 | 35.84 | 6511762 |  | 1.15 | to | 3.10 | (41.94) | to | (40.80) |
|  | 2021 | 236464 | 35.55 | 60.54 | 12810416 |  | 1.15 | to | 3.10 | 10.60 | to | 12.77 |
|  | 2020 | 274028 | 32.15 | 53.68 | 13181326 |  | 1.15 | to | 3.10 | 41.35 | to | 44.13 |
| **Invesco V.I. U.S. Government Money Sub-Account** | **Invesco V.I. U.S. Government Money Sub-Account** | **Invesco V.I. U.S. Government Money Sub-Account** | **Invesco V.I. U.S. Government Money Sub-Account** | **Invesco V.I. U.S. Government Money Sub-Account** | **Invesco V.I. U.S. Government Money Sub-Account** |  |  |  |  |  |  |  |
|  | 2024 | 507739 | 7.84 | 11.11 | 5640986 | 4.53 | 0.95 | to | 2.60 | 1.94 | to | 3.65 |
|  | 2023 | 559667 | 7.69 | 10.71 | 5990501 | 4.40 | 0.95 | to | 2.60 | 1.85 | to | 3.54 |
|  | 2022 | 651358 | 7.55 | 10.35 | 6701851 | 1.29 | 0.95 | to | 2.60 | (1.31) | to | 0.33 |
|  | 2021 | 565742 | 7.65 | 10.31 | 5812814 | 0.01 | 0.95 | to | 2.60 | (2.56) | to | (0.94) |
|  | 2020 | 657647 | 7.85 | 10.41 | 6847355 | 0.22 | 0.95 | to | 2.60 | (2.35) | to | (0.73) |
| **Janus Henderson Enterprise Sub-Account⁸** | **Janus Henderson Enterprise Sub-Account⁸** | **Janus Henderson Enterprise Sub-Account⁸** | **Janus Henderson Enterprise Sub-Account⁸** | **Janus Henderson Enterprise Sub-Account⁸** | **Janus Henderson Enterprise Sub-Account⁸** | **Janus Henderson Enterprise Sub-Account⁸** | **Janus Henderson Enterprise Sub-Account⁸** |  |  |  |  |  |
|  | 2024 | 25911 |  | 10.92 | 282963 | 0.13 |  |  | 1.30 |  |  | 9.21 |
| **Janus Henderson Global Technology and Innovation Sub-Account**<sup>5</sup> | **Janus Henderson Global Technology and Innovation Sub-Account**<sup>5</sup> | **Janus Henderson Global Technology and Innovation Sub-Account**<sup>5</sup> | **Janus Henderson Global Technology and Innovation Sub-Account**<sup>5</sup> | **Janus Henderson Global Technology and Innovation Sub-Account**<sup>5</sup> | **Janus Henderson Global Technology and Innovation Sub-Account**<sup>5</sup> |  |  |  |  |  |  |  |
|  | 2024 | 203266 |  | 14.98 | 3044971 |  |  |  | 1.30 |  |  | 30.05 |
|  | 2023 | 61103 |  | 11.52 | 703850 |  | 0.95 | to | 2.60 |  |  | 52.29 |
|  | 2022 | 32355 |  | 7.56 | 244729 |  | 0.95 | to | 2.60 |  |  |  |
| **Janus Henderson Overseas Sub-Account** | **Janus Henderson Overseas Sub-Account** | **Janus Henderson Overseas Sub-Account** | **Janus Henderson Overseas Sub-Account** | **Janus Henderson Overseas Sub-Account** | **Janus Henderson Overseas Sub-Account** |  |  |  |  |  |  |  |
|  | 2024 | 5200 |  | 9.69 | 50372 | 1.95 |  |  | 1.30 |  |  | (3.12) |

---

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***8.*** | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***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,** |
|  |  |  |  |  |  | **Investment** |  |  |  |  |  |  |
|  |  |  | **Unit Value<sup>3</sup>** | **Unit Value<sup>3</sup>** |  | **Income** | **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>** |
|  |  | **Units** | **(Lowest to Highest)** | **(Lowest to Highest)** | **Net Assets** | **Ratio<sup>1</sup>** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** |
| **Macquarie VIP Asset Strategy Sub-Account**<sup>4</sup> | **Macquarie VIP Asset Strategy Sub-Account**<sup>4</sup> | **Macquarie VIP Asset Strategy Sub-Account**<sup>4</sup> | **Macquarie VIP Asset Strategy Sub-Account**<sup>4</sup> | **Macquarie VIP Asset Strategy Sub-Account**<sup>4</sup> | **Macquarie VIP Asset Strategy Sub-Account**<sup>4</sup> |  |  |  |  |  |  |  |
|  | 2024 | 596470 | $14.27 | $16.04 | $9391582 | 1.77% | 1.00% | to | 3.10% | 8.99% | to | 11.31% |
|  | 2023 | 760284 | 13.09 | 14.41 | 11089050 | 2.11 | 1.00 | to | 3.10 | 10.47 | to | 12.81 |
|  | 2022 | 833323 | 11.85 | 12.77 | 10874142 | 1.57 | 1.00 | to | 3.10 | (17.34) | to | (15.59) |
|  | 2021 | 841382 | 14.34 | 15.13 | 13346595 | 1.55 | 1.00 | to | 3.10 | 7.07 | to | 9.34 |
|  | 2020 | 904514 | 13.39 | 13.84 | 13270558 | 2.02 | 1.00 | to | 3.10 | 10.40 | to | 12.74 |
| **Macquarie VIP Growth Sub-Account** | **Macquarie VIP Growth Sub-Account** | **Macquarie VIP Growth Sub-Account** | **Macquarie VIP Growth Sub-Account** | **Macquarie VIP Growth Sub-Account** | **Macquarie VIP Growth Sub-Account** |  |  |  |  |  |  |  |
|  | 2024 | 20586 |  | 11.55 | 237809 |  |  |  | 1.30 |  |  | 15.48 |
| **MML Aggressive Allocation Sub-Account (Initial Class)** | **MML Aggressive Allocation Sub-Account (Initial Class)** | **MML Aggressive Allocation Sub-Account (Initial Class)** | **MML Aggressive Allocation Sub-Account (Initial Class)** | **MML Aggressive Allocation Sub-Account (Initial Class)** | **MML Aggressive Allocation Sub-Account (Initial Class)** |  |  |  |  |  |  |  |
|  | 2024 | 882659 | 22.78 | 30.13 | 25412008 | 1.13 | 0.95 | to | 2.60 | 9.83 | to | 11.67 |
|  | 2023 | 1027797 | 20.74 | 26.98 | 26625090 | 2.88 | 0.95 | to | 2.60 | 15.29 | to | 17.20 |
|  | 2022 | 1192000 | 17.99 | 23.02 | 26453572 | 2.02 | 0.95 | to | 2.60 | (18.05) | to | (16.69) |
|  | 2021 | 1359322 | 21.95 | 27.63 | 36316920 | 1.25 | 0.95 | to | 2.60 | 13.65 | to | 15.54 |
|  | 2020 | 1451095 | 19.32 | 23.92 | 33588339 | 1.67 | 0.95 | to | 2.60 | 10.44 | to | 12.27 |
| **MML Aggressive Allocation Sub-Account (Service Class)** | **MML Aggressive Allocation Sub-Account (Service Class)** | **MML Aggressive Allocation Sub-Account (Service Class)** | **MML Aggressive Allocation Sub-Account (Service Class)** | **MML Aggressive Allocation Sub-Account (Service Class)** | **MML Aggressive Allocation Sub-Account (Service Class)** |  |  |  |  |  |  |  |
|  | 2024 | 2852095 | 19.03 | 20.32 | 63710860 | 0.91 | 1.00 | to | 3.10 | 9.09 | to | 11.42 |
|  | 2023 | 3406635 | 17.08 | 18.62 | 70495980 | 2.61 | 1.00 | to | 3.10 | 14.38 | to | 16.80 |
|  | 2022 | 3789915 | 14.63 | 16.28 | 68477846 | 1.81 | 1.00 | to | 3.10 | (18.68) | to | (16.96) |
|  | 2021 | 4300766 | 17.61 | 20.02 | 95058178 | 1.03 | 1.00 | to | 3.10 | 12.85 | to | 15.25 |
|  | 2020 | 4774344 | 15.28 | 17.74 | 93600335 | 1.38 | 1.00 | to | 3.10 | 9.63 | to | 11.95 |
| **MML American Funds Core Allocation Sub-Account** | **MML American Funds Core Allocation Sub-Account** | **MML American Funds Core Allocation Sub-Account** | **MML American Funds Core Allocation Sub-Account** | **MML American Funds Core Allocation Sub-Account** | **MML American Funds Core Allocation Sub-Account** |  |  |  |  |  |  |  |
|  | 2024 | 26617261 | 17.47 | 17.95 | 569388804 | 1.76 | 1.00 | to | 3.10 | 8.44 | to | 10.75 |
|  | 2023 | 33354597 | 15.77 | 16.56 | 658413694 | 3.79 | 1.00 | to | 3.10 | 10.89 | to | 13.24 |
|  | 2022 | 39435747 | 13.93 | 14.93 | 692811278 | 2.13 | 1.00 | to | 3.10 | (16.33) | to | (14.56) |
|  | 2021 | 44078410 | 16.30 | 17.84 | 919106679 | 1.31 | 1.00 | to | 3.10 | 9.41 | to | 11.73 |
|  | 2020 | 49211939 | 14.59 | 16.31 | 930308860 | 1.73 | 1.00 | to | 3.10 | 7.99 | to | 10.28 |
| **MML American Funds Growth Sub-Account** | **MML American Funds Growth Sub-Account** | **MML American Funds Growth Sub-Account** | **MML American Funds Growth Sub-Account** | **MML American Funds Growth Sub-Account** |  |  |  |  |  |  |  |  |
|  | 2024 | 8263061 | 38.10 | 46.67 | 277486729 |  | 1.00 | to | 3.10 | 27.09 | to | 29.80 |
|  | 2023 | 7531821 | 29.35 | 36.72 | 234932146 | 1.43 | 1.00 | to | 3.10 | 33.76 | to | 36.59 |
|  | 2022 | 7340690 | 21.49 | 27.45 | 187123822 | 0.43 | 1.00 | to | 3.10 | (32.42) | to | (30.98) |
|  | 2021 | 7241440 | 31.13 | 40.62 | 282628214 |  | 1.00 | to | 3.10 | 17.84 | to | 20.34 |
|  | 2020 | 7372819 | 25.87 | 34.47 | 249753195 | 0.72 | 1.00 | to | 3.10 | 46.80 | to | 49.91 |
| **MML American Funds International Sub-Account**<sup>6</sup> | **MML American Funds International Sub-Account**<sup>6</sup> | **MML American Funds International Sub-Account**<sup>6</sup> | **MML American Funds International Sub-Account**<sup>6</sup> | **MML American Funds International Sub-Account**<sup>6</sup> | **MML American Funds International Sub-Account**<sup>6</sup> |  |  |  |  |  |  |  |
|  | 2024 |  |  |  |  |  |  |  |  |  |  |  |
|  | 2023 |  |  |  |  |  |  |  |  |  |  |  |
|  | 2022 |  |  |  |  |  |  |  |  |  |  |  |
|  | 2021 | 3575717 | 13.26 | 14.27 | 57592722 | 0.13 | 1.00 | to | 3.10 | (4.95) | to | (2.93) |
|  | 2020 | 3496882 | 13.95 | 14.70 | 58820176 | 1.03 | 1.00 | to | 3.10 | 9.98 | to | 12.31 |
| **MML Balanced Allocation Sub-Account (Initial Class)** | **MML Balanced Allocation Sub-Account (Initial Class)** | **MML Balanced Allocation Sub-Account (Initial Class)** | **MML Balanced Allocation Sub-Account (Initial Class)** | **MML Balanced Allocation Sub-Account (Initial Class)** | **MML Balanced Allocation Sub-Account (Initial Class)** |  |  |  |  |  |  |  |
|  | 2024 | 2543623 | 16.18 | 21.39 | 51396053 | 2.33 | 0.95 | to | 2.60 | 4.92 | to | 6.67 |
|  | 2023 | 2873841 | 15.42 | 20.06 | 54442079 | 3.13 | 0.95 | to | 2.60 | 9.59 | to | 11.41 |
|  | 2022 | 3435716 | 14.07 | 18.00 | 58629976 | 3.59 | 0.95 | to | 2.60 | (16.91) | to | (15.53) |
|  | 2021 | 3892604 | 16.93 | 21.31 | 78951185 | 1.25 | 0.95 | to | 2.60 | 7.16 | to | 8.94 |
|  | 2020 | 4442634 | 15.80 | 19.56 | 83010888 | 2.67 | 0.95 | to | 2.60 | 8.09 | to | 9.89 |

---

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***8.*** | ***FINANCIAL HIGHLIGHTS (Continued)*** | ***FINANCIAL HIGHLIGHTS (Continued)*** | ***FINANCIAL HIGHLIGHTS (Continued)*** | ***FINANCIAL HIGHLIGHTS (Continued)*** | ***FINANCIAL HIGHLIGHTS (Continued)*** | ***FINANCIAL HIGHLIGHTS (Continued)*** | ***FINANCIAL HIGHLIGHTS (Continued)*** | ***FINANCIAL HIGHLIGHTS (Continued)*** | ***FINANCIAL HIGHLIGHTS (Continued)*** | ***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,** |
|  |  |  |  |  |  | **Investment** |  |  |  |  |  |  |
|  |  |  | **Unit Value<sup>3</sup>** | **Unit Value<sup>3</sup>** |  | **Income** | **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>** |
|  |  | **Units** | **(Lowest to Highest)** | **(Lowest to Highest)** | **Net Assets** | **Ratio<sup>1</sup>** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** |
| **MML Balanced Allocation Sub-Account (Service Class)** | **MML Balanced Allocation Sub-Account (Service Class)** | **MML Balanced Allocation Sub-Account (Service Class)** | **MML Balanced Allocation Sub-Account (Service Class)** | **MML Balanced Allocation Sub-Account (Service Class)** | **MML Balanced Allocation Sub-Account (Service Class)** |  |  |  |  |  |  |  |
|  | 2024 | 13178062 | $14.58 | $14.45 | $219297390 | 2.06% | 1.00% | to | 3.10% | 4.07% | to | 6.29% |
|  | 2023 | 15847072 | 13.72 | 13.88 | 252483566 | 2.90 | 1.00 | to | 3.10 | 8.84 | to | 11.15 |
|  | 2022 | 18387696 | 12.34 | 12.75 | 267376596 | 3.34 | 1.00 | to | 3.10 | (17.56) | to | (15.81) |
|  | 2021 | 20676935 | 14.66 | 15.47 | 363104191 | 1.01 | 1.00 | to | 3.10 | 6.35 | to | 8.61 |
|  | 2020 | 22692373 | 13.50 | 14.54 | 373173046 | 2.42 | 1.00 | to | 3.10 | 7.27 | to | 9.54 |
| **MML Blend Sub-Account (Initial Class)** | **MML Blend Sub-Account (Initial Class)** | **MML Blend Sub-Account (Initial Class)** | **MML Blend Sub-Account (Initial Class)** | **MML Blend Sub-Account (Initial Class)** | **MML Blend Sub-Account (Initial Class)** |  |  |  |  |  |  |  |
|  | 2024 | 1402386 | 26.68 | 41.27 | 49363572 | 1.87 | 0.95 | to | 2.60 | 11.69 | to | 13.55 |
|  | 2023 | 1626991 | 23.88 | 36.34 | 50812477 | 1.69 | 0.95 | to | 2.60 | 14.61 | to | 16.51 |
|  | 2022 | 1898554 | 20.84 | 31.19 | 51298275 | 1.35 | 0.95 | to | 2.60 | (18.73) | to | (17.38) |
|  | 2021 | 2100227 | 25.64 | 37.75 | 68982917 | 2.11 | 0.95 | to | 2.60 | 12.07 | to | 13.94 |
|  | 2020 | 2246956 | 22.88 | 33.14 | 65024452 |  | 0.95 | to | 2.60 | 9.97 | to | 11.80 |
| **MML Blend Sub-Account (Service Class)** | **MML Blend Sub-Account (Service Class)** | **MML Blend Sub-Account (Service Class)** | **MML Blend Sub-Account (Service Class)** | **MML Blend Sub-Account (Service Class)** | **MML Blend Sub-Account (Service Class)** |  |  |  |  |  |  |  |
|  | 2024 | 10032008 | 18.87 | 24.00 | 198194651 | 1.65 | 1.00 | to | 3.10 | 10.85 | to | 13.21 |
|  | 2023 | 10381369 | 16.66 | 21.65 | 187651135 | 1.45 | 1.00 | to | 3.10 | 13.75 | to | 16.16 |
|  | 2022 | 10920106 | 14.35 | 19.03 | 172514255 | 1.12 | 1.00 | to | 3.10 | (19.34) | to | (17.63) |
|  | 2021 | 11045227 | 17.42 | 23.60 | 217290953 | 1.97 | 1.00 | to | 3.10 | 11.24 | to | 13.60 |
|  | 2020 | 10470381 | 15.33 | 21.21 | 185705276 |  | 1.00 | to | 3.10 | 9.14 | to | 11.45 |
| **MML Blue Chip Growth Sub-Account (Initial Class)** | **MML Blue Chip Growth Sub-Account (Initial Class)** | **MML Blue Chip Growth Sub-Account (Initial Class)** | **MML Blue Chip Growth Sub-Account (Initial Class)** | **MML Blue Chip Growth Sub-Account (Initial Class)** | **MML Blue Chip Growth Sub-Account (Initial Class)** |  |  |  |  |  |  |  |
|  | 2024 | 641949 | 53.98 | 83.91 | 50503734 |  | 0.95 | to | 2.60 | 32.20 | to | 34.41 |
|  | 2023 | 794854 | 40.83 | 62.43 | 46546333 |  | 0.95 | to | 2.60 | 45.71 | to | 48.13 |
|  | 2022 | 930051 | 28.02 | 42.15 | 37019588 |  | 0.95 | to | 2.60 | (41.05) | to | (40.07) |
|  | 2021 | 999401 | 47.54 | 70.33 | 66935027 |  | 0.95 | to | 2.60 | 13.35 | to | 15.24 |
|  | 2020 | 1113935 | 41.94 | 61.03 | 64905396 |  | 0.95 | to | 2.60 | 30.96 | to | 33.13 |
| **MML Blue Chip Growth Sub-Account (Service Class)** | **MML Blue Chip Growth Sub-Account (Service Class)** | **MML Blue Chip Growth Sub-Account (Service Class)** | **MML Blue Chip Growth Sub-Account (Service Class)** | **MML Blue Chip Growth Sub-Account (Service Class)** | **MML Blue Chip Growth Sub-Account (Service Class)** |  |  |  |  |  |  |  |
|  | 2024 | 5664205 | 31.45 | 48.55 | 184663480 |  | 1.00 | to | 3.10 | 31.23 | to | 34.02 |
|  | 2023 | 5915497 | 23.46 | 37.00 | 154927161 |  | 1.00 | to | 3.10 | 44.56 | to | 47.61 |
|  | 2022 | 6290813 | 15.90 | 25.60 | 116156894 |  | 1.00 | to | 3.10 | (41.49) | to | (40.25) |
|  | 2021 | 6267018 | 26.60 | 43.75 | 203462318 |  | 1.00 | to | 3.10 | 12.54 | to | 14.92 |
|  | 2020 | 6214398 | 23.15 | 38.87 | 181685317 |  | 1.00 | to | 3.10 | 29.91 | to | 32.66 |
| **MML Conservative Allocation Sub-Account (Initial Class)** | **MML Conservative Allocation Sub-Account (Initial Class)** | **MML Conservative Allocation Sub-Account (Initial Class)** | **MML Conservative Allocation Sub-Account (Initial Class)** | **MML Conservative Allocation Sub-Account (Initial Class)** | **MML Conservative Allocation Sub-Account (Initial Class)** |  |  |  |  |  |  |  |
|  | 2024 | 2262453 | 15.10 | 19.97 | 43123144 | 2.58 | 0.95 | to | 2.60 | 3.86 | to | 5.60 |
|  | 2023 | 2694952 | 14.54 | 18.91 | 48661190 | 3.24 | 0.95 | to | 2.60 | 8.80 | to | 10.60 |
|  | 2022 | 3104296 | 13.37 | 17.10 | 50846697 | 3.88 | 0.95 | to | 2.60 | (16.92) | to | (15.54) |
|  | 2021 | 3386413 | 16.09 | 20.25 | 65736943 | 1.18 | 0.95 | to | 2.60 | 5.81 | to | 7.57 |
|  | 2020 | 4208998 | 15.20 | 18.82 | 76130207 | 2.60 | 0.95 | to | 2.60 | 7.11 | to | 8.89 |
| **MML Conservative Allocation Sub-Account (Service Class)** | **MML Conservative Allocation Sub-Account (Service Class)** | **MML Conservative Allocation Sub-Account (Service Class)** | **MML Conservative Allocation Sub-Account (Service Class)** | **MML Conservative Allocation Sub-Account (Service Class)** | **MML Conservative Allocation Sub-Account (Service Class)** |  |  |  |  |  |  |  |
|  | 2024 | 11315855 | 13.47 | 13.70 | 182211956 | 2.32 | 1.00 | to | 3.10 | 3.14 | to | 5.34 |
|  | 2023 | 13893472 | 13.01 | 13.06 | 212410256 | 3.02 | 1.00 | to | 3.10 | 7.93 | to | 10.21 |
|  | 2022 | 16606296 | 11.80 | 12.10 | 232816753 | 3.59 | 1.00 | to | 3.10 | (17.50) | to | (15.75) |
|  | 2021 | 18550323 | 14.01 | 14.66 | 314438147 | 0.93 | 1.00 | to | 3.10 | 5.02 | to | 7.25 |
|  | 2020 | 21085898 | 13.06 | 13.96 | 338139060 | 2.48 | 1.00 | to | 3.10 | 6.32 | to | 8.58 |
| **MML Dynamic Bond Sub-Account** | **MML Dynamic Bond Sub-Account** | **MML Dynamic Bond Sub-Account** | **MML Dynamic Bond Sub-Account** | **MML Dynamic Bond Sub-Account** | **MML Dynamic Bond Sub-Account** |  |  |  |  |  |  |  |
|  | 2024 | 1356841 | 9.34 | 10.05 | 13134688 | 5.14 | 1.00 | to | 1.80 | (2.50) | to | (1.71) |
|  | 2023 | 1249453 | 9.58 | 10.22 | 12459052 | 4.19 | 1.00 | to | 1.80 | 5.87 | to | 6.72 |
|  | 2022 | 1265675 | 9.05 | 9.58 | 11894741 | 3.60 | 1.00 | to | 1.80 | (15.78) | to | (15.11) |
|  | 2021 | 1219346 | 10.74 | 11.28 | 13575976 | 3.53 | 1.00 | to | 1.80 | (1.96) | to | (1.18) |
|  | 2020 | 1102442 | 10.96 | 11.42 | 12453262 | 0.34 | 1.00 | to | 1.80 | 1.67 | to | 2.48 |

---

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***8.*** | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***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,** |
|  |  |  |  |  |  | **Investment** |  |  |  |  |  |  |
|  |  |  | **Unit Value<sup>3</sup>** | **Unit Value<sup>3</sup>** |  | **Income** | **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>** |
|  |  | **Units** | **(Lowest to Highest)** | **(Lowest to Highest)** | **Net Assets** | **Ratio<sup>1</sup>** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** |
| **MML Equity Sub-Account (Initial Class)** | **MML Equity Sub-Account (Initial Class)** | **MML Equity Sub-Account (Initial Class)** | **MML Equity Sub-Account (Initial Class)** | **MML Equity Sub-Account (Initial Class)** | **MML Equity Sub-Account (Initial Class)** |  |  |  |  |  |  |  |
|  | 2024 | 619403 | $28.26 | $43.82 | $21963133 | 1.97% | 0.95% | to | 2.60% | 16.31% | to | 18.25% |
|  | 2023 | 720763 | 24.30 | 37.06 | 21776249 | 2.11 | 0.95 | to | 2.60 | 6.53 | to | 8.29 |
|  | 2022 | 808421 | 22.81 | 34.22 | 22745758 | 1.60 | 0.95 | to | 2.60 | (7.09) | to | (5.55) |
|  | 2021 | 857014 | 24.55 | 36.23 | 25600018 | 1.66 | 0.95 | to | 2.60 | 26.92 | to | 29.03 |
|  | 2020 | 925884 | 19.34 | 28.08 | 21590756 | 2.35 | 0.95 | to | 2.60 | 0.38 | to | 2.05 |
| **MML Equity Sub-Account (Service Class)** | **MML Equity Sub-Account (Service Class)** | **MML Equity Sub-Account (Service Class)** | **MML Equity Sub-Account (Service Class)** | **MML Equity Sub-Account (Service Class)** | **MML Equity Sub-Account (Service Class)** |  |  |  |  |  |  |  |
|  | 2024 | 2804714 | 21.56 | 25.43 | 73441388 | 1.76 | 1.00 | to | 3.10 | 15.43 | to | 17.90 |
|  | 2023 | 3418217 | 18.29 | 22.03 | 78993261 | 1.85 | 1.00 | to | 3.10 | 5.73 | to | 7.97 |
|  | 2022 | 3961989 | 16.94 | 20.84 | 87189234 | 1.35 | 1.00 | to | 3.10 | (7.78) | to | (5.83) |
|  | 2021 | 4388637 | 17.99 | 22.60 | 104959878 | 1.47 | 1.00 | to | 3.10 | 25.97 | to | 28.64 |
|  | 2020 | 4851758 | 13.98 | 17.94 | 94339624 | 2.14 | 1.00 | to | 3.10 | (0.37) | to | 1.75 |
| **MML Equity Income Sub-Account (Initial Class)** | **MML Equity Income Sub-Account (Initial Class)** | **MML Equity Income Sub-Account (Initial Class)** | **MML Equity Income Sub-Account (Initial Class)** | **MML Equity Income Sub-Account (Initial Class)** | **MML Equity Income Sub-Account (Initial Class)** |  |  |  |  |  |  |  |
|  | 2024 | 2741257 | 26.92 | 41.66 | 101179069 | 2.05 | 0.95 | to | 2.60 | 8.79 | to | 10.61 |
|  | 2023 | 3189746 | 24.74 | 37.66 | 106753642 | 2.28 | 0.95 | to | 2.60 | 6.74 | to | 8.51 |
|  | 2022 | 3643121 | 23.18 | 34.71 | 112868269 | 1.68 | 0.95 | to | 2.60 | (6.04) | to | (4.48) |
|  | 2021 | 4476832 | 24.67 | 36.34 | 145517882 | 2.19 | 0.95 | to | 2.60 | 22.36 | to | 24.39 |
|  | 2020 | 5424458 | 20.16 | 29.21 | 141959006 | 2.46 | 0.95 | to | 2.60 | (1.26) | to | 0.38 |
| **MML Equity Income Sub-Account (Service Class)** | **MML Equity Income Sub-Account (Service Class)** | **MML Equity Income Sub-Account (Service Class)** | **MML Equity Income Sub-Account (Service Class)** | **MML Equity Income Sub-Account (Service Class)** | **MML Equity Income Sub-Account (Service Class)** |  |  |  |  |  |  |  |
|  | 2024 | 2667336 | 20.73 | 24.23 | 67206774 | 1.80 | 1.00 | to | 3.10 | 7.99 | to | 10.29 |
|  | 2023 | 3000613 | 18.79 | 22.43 | 71229360 | 2.03 | 1.00 | to | 3.10 | 5.96 | to | 8.20 |
|  | 2022 | 3463599 | 17.37 | 21.17 | 78411916 | 1.51 | 1.00 | to | 3.10 | (6.75) | to | (4.77) |
|  | 2021 | 3576293 | 18.24 | 22.71 | 88613015 | 2.04 | 1.00 | to | 3.10 | 21.36 | to | 23.93 |
|  | 2020 | 3974069 | 14.72 | 18.71 | 82700285 | 2.20 | 1.00 | to | 3.10 | (1.92) | to | 0.16 |
| **MML Equity Index Sub-Account (Class I)** | **MML Equity Index Sub-Account (Class I)** | **MML Equity Index Sub-Account (Class I)** | **MML Equity Index Sub-Account (Class I)** | **MML Equity Index Sub-Account (Class I)** | **MML Equity Index Sub-Account (Class I)** |  |  |  |  |  |  |  |
|  | 2024 | 651476 | 40.61 | 62.28 | 32306377 | 0.99 | 0.95 | to | 2.60 | 21.23 | to | 23.26 |
|  | 2023 | 792661 | 33.50 | 50.53 | 31813776 | 1.25 | 0.95 | to | 2.60 | 22.54 | to | 24.57 |
|  | 2022 | 855314 | 27.34 | 40.56 | 27821852 | 1.01 | 0.95 | to | 2.60 | (20.58) | to | (19.26) |
|  | 2021 | 943721 | 34.42 | 50.24 | 38036347 | 1.27 | 0.95 | to | 2.60 | 24.90 | to | 26.98 |
|  | 2020 | 1036338 | 27.56 | 39.57 | 32974512 | 1.64 | 0.95 | to | 2.60 | 15.03 | to | 16.94 |
| **MML Equity Index Sub-Account (Service Class I)** | **MML Equity Index Sub-Account (Service Class I)** | **MML Equity Index Sub-Account (Service Class I)** | **MML Equity Index Sub-Account (Service Class I)** | **MML Equity Index Sub-Account (Service Class I)** | **MML Equity Index Sub-Account (Service Class I)** |  |  |  |  |  |  |  |
|  | 2024 | 399394 | 36.53 | 56.51 | 21617599 | 0.67 | 1.15 | to | 3.10 | 20.28 | to | 22.67 |
|  | 2023 | 616130 | 30.37 | 46.07 | 27437454 | 0.97 | 1.15 | to | 3.10 | 21.63 | to | 24.01 |
|  | 2022 | 820581 | 24.97 | 37.15 | 29639746 | 0.78 | 1.15 | to | 3.10 | (21.17) | to | (19.61) |
|  | 2021 | 1029840 | 31.67 | 46.21 | 46175143 | 1.15 | 1.15 | to | 3.10 | 23.96 | to | 26.40 |
|  | 2020 | 1247806 | 25.55 | 36.56 | 44360172 | 1.46 | 1.15 | to | 3.10 | 14.14 | to | 16.39 |
| **MML Equity Momentum Sub-Account (Service Class I)**<sup>6</sup> | **MML Equity Momentum Sub-Account (Service Class I)**<sup>6</sup> | **MML Equity Momentum Sub-Account (Service Class I)**<sup>6</sup> | **MML Equity Momentum Sub-Account (Service Class I)**<sup>6</sup> | **MML Equity Momentum Sub-Account (Service Class I)**<sup>6</sup> | **MML Equity Momentum Sub-Account (Service Class I)**<sup>6</sup> |  |  |  |  |  |  |  |
|  | 2024 |  |  |  |  |  |  |  |  |  |  |  |
|  | 2023 |  |  |  |  |  |  |  |  |  |  |  |
|  | 2022 |  |  |  |  |  |  |  |  |  |  |  |
|  | 2021 | 96460 | 21.35 | 22.43 | 2161734 |  | 1.00 | to | 1.80 | 19.43 | to | 20.39 |
|  | 2020 | 109941 | 17.88 | 18.63 | 2048092 | 0.01 | 1.00 | to | 1.80 | 17.86 | to | 18.81 |

---

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***8.*** | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***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,** |
|  |  |  |  |  |  | **Investment** |  |  |  |  |  |  |
|  |  |  | **Unit Value<sup>3</sup>** | **Unit Value<sup>3</sup>** |  | **Income** | **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>** |
|  |  | **Units** | **(Lowest to Highest)** | **(Lowest to Highest)** | **Net Assets** | **Ratio<sup>1</sup>** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** |
| **MML Equity Rotation Sub-Account** | **MML Equity Rotation Sub-Account** | **MML Equity Rotation Sub-Account** | **MML Equity Rotation Sub-Account** | **MML Equity Rotation Sub-Account** | **MML Equity Rotation Sub-Account** |  |  |  |  |  |  |  |
|  | 2024 | 70827 | $23.31 | $25.09 | $1508968 | 0.57% | 1.00% | to | 1.80% | 4.17% | to | 5.01% |
|  | 2023 | 81036 | 22.38 | 23.89 | 1683451 | 1.40 | 1.00 | to | 1.80 | 18.47 | to | 19.42 |
|  | 2022 | 97555 | 18.89 | 20.01 | 1864206 |  | 1.00 | to | 1.80 | (15.99) | to | (15.31) |
|  | 2021 | 105214 | 22.49 | 23.63 | 2484746 | 0.43 | 1.00 | to | 1.80 | 25.72 | to | 26.73 |
|  | 2020 | 108233 | 17.89 | 18.64 | 2017490 | 1.39 | 1.00 | to | 1.80 | 20.39 | to | 21.35 |
| **MML Focused Equity Sub-Account** | **MML Focused Equity Sub-Account** | **MML Focused Equity Sub-Account** | **MML Focused Equity Sub-Account** | **MML Focused Equity Sub-Account** | **MML Focused Equity Sub-Account** |  |  |  |  |  |  |  |
|  | 2024 | 819220 | 28.95 | 38.01 | 20265515 | 0.78 | 0.95 | to | 3.10 | 6.41 | to | 8.74 |
|  | 2023 | 915673 | 27.21 | 34.96 | 21905606 | 0.79 | 0.95 | to | 3.10 | 6.35 | to | 8.65 |
|  | 2022 | 936219 | 25.58 | 32.17 | 21586709 | 0.63 | 0.95 | to | 3.10 | (7.91) | to | (5.91) |
|  | 2021 | 865951 | 27.78 | 34.19 | 22092990 | 0.92 | 0.95 | to | 3.10 | 18.16 | to | 20.73 |
|  | 2020 | 881782 | 23.51 | 28.32 | 18957860 | 0.64 | 0.95 | to | 3.10 | 9.10 | to | 11.47 |
| **MML Foreign Sub-Account (Initial Class)** | **MML Foreign Sub-Account (Initial Class)** | **MML Foreign Sub-Account (Initial Class)** | **MML Foreign Sub-Account (Initial Class)** | **MML Foreign Sub-Account (Initial Class)** | **MML Foreign Sub-Account (Initial Class)** |  |  |  |  |  |  |  |
|  | 2024 | 4395190 | 13.31 | 20.20 | 77346373 | 3.05 | 0.95 | to | 2.60 | 0.79 | to | 2.48 |
|  | 2023 | 4776071 | 13.20 | 19.71 | 82526337 | 1.39 | 0.95 | to | 2.60 | 13.25 | to | 15.12 |
|  | 2022 | 5925578 | 11.66 | 17.12 | 89435726 | 3.71 | 0.95 | to | 2.60 | (16.77) | to | (15.39) |
|  | 2021 | 6441988 | 14.01 | 20.23 | 115578289 | 2.54 | 0.95 | to | 2.60 | 10.14 | to | 11.98 |
|  | 2020 | 7346537 | 12.72 | 18.07 | 118344969 | 3.10 | 0.95 | to | 2.60 | 3.21 | to | 4.93 |
| **MML Foreign Sub-Account (Service Class)** | **MML Foreign Sub-Account (Service Class)** | **MML Foreign Sub-Account (Service Class)** | **MML Foreign Sub-Account (Service Class)** | **MML Foreign Sub-Account (Service Class)** | **MML Foreign Sub-Account (Service Class)** |  |  |  |  |  |  |  |
|  | 2024 | 558569 | 11.97 | 12.15 | 8668272 | 2.83 | 1.00 | to | 3.10 | (0.04) | to | 2.09 |
|  | 2023 | 594680 | 11.91 | 11.98 | 9248287 | 1.21 | 1.00 | to | 3.10 | 12.44 | to | 14.82 |
|  | 2022 | 652319 | 10.37 | 10.65 | 8823408 | 3.38 | 1.00 | to | 3.10 | (17.47) | to | (15.72) |
|  | 2021 | 520191 | 12.30 | 12.91 | 8065680 | 2.30 | 1.00 | to | 3.10 | 9.51 | to | 11.83 |
|  | 2020 | 584504 | 11.00 | 11.79 | 8319183 | 2.84 | 1.00 | to | 3.10 | 2.34 | to | 4.52 |
| **MML Fundamental Equity Sub-Account** | **MML Fundamental Equity Sub-Account** | **MML Fundamental Equity Sub-Account** | **MML Fundamental Equity Sub-Account** | **MML Fundamental Equity Sub-Account** | **MML Fundamental Equity Sub-Account** |  |  |  |  |  |  |  |
|  | 2024 | 935830 | 33.09 | 43.45 | 25065801 | 0.59 | 0.95 | to | 3.10 | 19.58 | to | 22.19 |
|  | 2023 | 908537 | 27.67 | 35.56 | 21435172 | 0.76 | 0.95 | to | 3.10 | 19.02 | to | 21.60 |
|  | 2022 | 909971 | 23.25 | 29.24 | 18740713 | 0.36 | 0.95 | to | 3.10 | (22.86) | to | (21.19) |
|  | 2021 | 890049 | 30.14 | 37.10 | 23979880 | 0.33 | 0.95 | to | 3.10 | 23.50 | to | 26.18 |
|  | 2020 | 880974 | 24.41 | 29.41 | 19006450 |  | 0.95 | to | 3.10 | 15.94 | to | 18.46 |
| **MML Fundamental Value Sub-Account** | **MML Fundamental Value Sub-Account** | **MML Fundamental Value Sub-Account** | **MML Fundamental Value Sub-Account** | **MML Fundamental Value Sub-Account** | **MML Fundamental Value Sub-Account** |  |  |  |  |  |  |  |
|  | 2024 | 1184496 | 22.87 | 30.04 | 23629568 | 0.83 | 0.95 | to | 3.10 | 11.64 | to | 14.08 |
|  | 2023 | 1160477 | 20.49 | 26.33 | 21398547 | 1.12 | 0.95 | to | 3.10 | 9.96 | to | 12.34 |
|  | 2022 | 1213572 | 18.63 | 23.44 | 20630720 | 0.84 | 0.95 | to | 3.10 | (7.92) | to | (5.92) |
|  | 2021 | 1116028 | 20.24 | 24.91 | 20520581 | 1.64 | 0.95 | to | 3.10 | 25.73 | to | 28.46 |
|  | 2020 | 1019772 | 16.10 | 19.39 | 14865608 | 1.08 | 0.95 | to | 3.10 | (0.76) | to | 1.40 |
| **MML Global Sub-Account (Class I)** | **MML Global Sub-Account (Class I)** | **MML Global Sub-Account (Class I)** | **MML Global Sub-Account (Class I)** | **MML Global Sub-Account (Class I)** | **MML Global Sub-Account (Class I)** |  |  |  |  |  |  |  |
|  | 2024 | 171523 | 19.37 | 27.84 | 4572154 | 1.04 | 0.95 | to | 2.60 | 2.87 | to | 4.59 |
|  | 2023 | 182051 | 18.83 | 26.62 | 4644062 | 0.91 | 0.95 | to | 2.60 | 11.58 | to | 13.43 |
|  | 2022 | 181481 | 16.87 | 23.47 | 4097127 | 1.46 | 0.95 | to | 2.60 | (19.89) | to | (18.56) |
|  | 2021 | 184374 | 21.06 | 28.82 | 5128057 | 0.88 | 0.95 | to | 2.60 | 14.31 | to | 16.21 |
|  | 2020 | 214433 | 18.43 | 24.80 | 5164484 | 1.09 | 0.95 | to | 2.60 | 11.09 | to | 12.94 |
| **MML Global Sub-Account (Class II)** | **MML Global Sub-Account (Class II)** | **MML Global Sub-Account (Class II)** | **MML Global Sub-Account (Class II)** | **MML Global Sub-Account (Class II)** | **MML Global Sub-Account (Class II)** |  |  |  |  |  |  |  |
|  | 2024 | 189802 | 15.89 | 20.42 | 3643196 | 0.92 | 1.18 | to | 1.65 | 3.85 | to | 4.34 |
|  | 2023 | 224321 | 15.23 | 19.66 | 4141451 | 0.82 | 1.18 | to | 1.65 | 12.51 | to | 13.03 |
|  | 2022 | 244219 | 13.47 | 17.48 | 3976403 | 1.63 | 1.18 | to | 1.65 | (19.06) | to | (18.68) |
|  | 2021 | 245084 | 16.57 | 21.59 | 4977478 | 0.90 | 1.18 | to | 1.65 | 15.50 | to | 16.05 |
|  | 2020 | 256171 | 14.28 | 18.69 | 4487312 | 1.05 | 1.18 | to | 1.65 | 12.10 | to | 12.63 |

---

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***8.*** | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***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,** |
|  |  |  |  |  |  | **Investment** |  |  |  |  |  |  |
|  |  |  | **Unit Value<sup>3</sup>** | **Unit Value<sup>3</sup>** |  | **Income** | **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>** |
|  |  | **Units** | **(Lowest to Highest)** | **(Lowest to Highest)** | **Net Assets** | **Ratio<sup>1</sup>** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** |
| **MML Global Sub-Account (Service Class I)** | **MML Global Sub-Account (Service Class I)** | **MML Global Sub-Account (Service Class I)** | **MML Global Sub-Account (Service Class I)** | **MML Global Sub-Account (Service Class I)** | **MML Global Sub-Account (Service Class I)** |  |  |  |  |  |  |  |
|  | 2024 | 1029473 | $17.51 | $18.19 | $20238598 | 0.89% | 1.00% | to | 3.10% | 2.22% | to | 4.40% |
|  | 2023 | 1101260 | 17.13 | 17.42 | 21339873 | 0.82 | 1.00 | to | 3.10 | 10.61 | to | 12.95 |
|  | 2022 | 1108024 | 15.42 | 15.49 | 19626341 | 1.34 | 1.00 | to | 3.10 | (20.50) | to | (18.81) |
|  | 2021 | 888586 | 19.00 | 19.48 | 19462328 | 0.76 | 1.00 | to | 3.10 | 13.58 | to | 15.99 |
|  | 2020 | 924023 | 16.38 | 17.15 | 18084268 | 0.90 | 1.00 | to | 3.10 | 10.23 | to | 12.57 |
| **MML Growth Allocation Sub-Account (Initial Class)** | **MML Growth Allocation Sub-Account (Initial Class)** | **MML Growth Allocation Sub-Account (Initial Class)** | **MML Growth Allocation Sub-Account (Initial Class)** | **MML Growth Allocation Sub-Account (Initial Class)** | **MML Growth Allocation Sub-Account (Initial Class)** |  |  |  |  |  |  |  |
|  | 2024 | 11068197 | 20.20 | 26.71 | 278808244 | 1.57 | 0.95 | to | 2.60 | 8.07 | to | 9.88 |
|  | 2023 | 12416012 | 18.69 | 24.31 | 285644226 | 2.92 | 0.95 | to | 2.60 | 13.01 | to | 14.89 |
|  | 2022 | 14041930 | 16.54 | 21.16 | 282056598 | 2.65 | 0.95 | to | 2.60 | (17.47) | to | (16.10) |
|  | 2021 | 15565856 | 20.04 | 25.22 | 373971831 | 1.56 | 0.95 | to | 2.60 | 11.40 | to | 13.25 |
|  | 2020 | 18484124 | 17.99 | 22.27 | 393392881 | 2.15 | 0.95 | to | 2.60 | 9.87 | to | 11.69 |
| **MML Growth Allocation Sub-Account (Service Class)** | **MML Growth Allocation Sub-Account (Service Class)** | **MML Growth Allocation Sub-Account (Service Class)** | **MML Growth Allocation Sub-Account (Service Class)** | **MML Growth Allocation Sub-Account (Service Class)** | **MML Growth Allocation Sub-Account (Service Class)** |  |  |  |  |  |  |  |
|  | 2024 | 25150616 | 17.32 | 18.03 | 571017368 | 1.34 | 1.00 | to | 3.10 | 7.11 | to | 9.40 |
|  | 2023 | 28790959 | 15.84 | 16.83 | 604769485 | 2.68 | 1.00 | to | 3.10 | 12.30 | to | 14.68 |
|  | 2022 | 31477349 | 13.81 | 14.99 | 583718812 | 2.38 | 1.00 | to | 3.10 | (18.03) | to | (16.29) |
|  | 2021 | 34135820 | 16.50 | 18.28 | 763512275 | 1.29 | 1.00 | to | 3.10 | 10.45 | to | 12.79 |
|  | 2020 | 39460627 | 14.63 | 16.55 | 788648224 | 1.88 | 1.00 | to | 3.10 | 9.04 | to | 11.35 |
| **MML High Yield Sub-Account** | **MML High Yield Sub-Account** | **MML High Yield Sub-Account** | **MML High Yield Sub-Account** | **MML High Yield Sub-Account** | **MML High Yield Sub-Account** |  |  |  |  |  |  |  |
|  | 2024 | 2618990 | 15.30 | 20.97 | 40205131 | 5.92 | 0.95 | to | 3.10 | 5.66 | to | 7.97 |
|  | 2023 | 2723099 | 14.48 | 19.42 | 39426819 | 6.72 | 0.95 | to | 3.10 | 9.38 | to | 11.75 |
|  | 2022 | 2829996 | 13.24 | 17.38 | 37488508 | 7.26 | 0.95 | to | 3.10 | (14.65) | to | (12.80) |
|  | 2021 | 3120712 | 15.51 | 19.93 | 48073933 | 8.60 | 0.95 | to | 3.10 | 4.59 | to | 6.86 |
|  | 2020 | 2894882 | 14.83 | 18.65 | 42643144 | 0.02 | 0.95 | to | 3.10 | 2.16 | to | 4.38 |
| **MML Income & Growth Sub-Account (Initial Class)** | **MML Income & Growth Sub-Account (Initial Class)** | **MML Income & Growth Sub-Account (Initial Class)** | **MML Income & Growth Sub-Account (Initial Class)** | **MML Income & Growth Sub-Account (Initial Class)** | **MML Income & Growth Sub-Account (Initial Class)** |  |  |  |  |  |  |  |
|  | 2024 | 563962 | 25.62 | 40.40 | 20409800 | 2.10 | 0.95 | to | 2.60 | 11.93 | to | 13.81 |
|  | 2023 | 638019 | 22.89 | 35.50 | 20337081 | 2.10 | 0.95 | to | 2.60 | 6.40 | to | 8.16 |
|  | 2022 | 711659 | 21.51 | 32.82 | 21115105 | 1.46 | 0.95 | to | 2.60 | (2.87) | to | (1.25) |
|  | 2021 | 777632 | 22.15 | 33.24 | 23466564 | 1.74 | 0.95 | to | 2.60 | 23.03 | to | 25.08 |
|  | 2020 | 893631 | 18.00 | 26.57 | 21695092 | 2.03 | 0.95 | to | 2.60 | 0.38 | to | 2.05 |
| **MML Income & Growth Sub-Account (Service Class)** | **MML Income & Growth Sub-Account (Service Class)** | **MML Income & Growth Sub-Account (Service Class)** | **MML Income & Growth Sub-Account (Service Class)** | **MML Income & Growth Sub-Account (Service Class)** | **MML Income & Growth Sub-Account (Service Class)** |  |  |  |  |  |  |  |
|  | 2024 | 1247997 | 21.72 | 23.06 | 29224754 | 1.91 | 1.00 | to | 3.10 | 11.03 | to | 13.40 |
|  | 2023 | 1338100 | 19.16 | 20.77 | 28235679 | 1.89 | 1.00 | to | 3.10 | 5.66 | to | 7.90 |
|  | 2022 | 1409280 | 17.75 | 19.65 | 28418303 | 1.23 | 1.00 | to | 3.10 | (3.62) | to | (1.58) |
|  | 2021 | 1496875 | 18.04 | 20.39 | 31561723 | 1.61 | 1.00 | to | 3.10 | 22.10 | to | 24.69 |
|  | 2020 | 1567693 | 14.47 | 16.70 | 27009775 | 1.83 | 1.00 | to | 3.10 | (0.35) | to | 1.76 |
| **MML Inflation-Protected and Income Sub-Account (Initial Class)** | **MML Inflation-Protected and Income Sub-Account (Initial Class)** | **MML Inflation-Protected and Income Sub-Account (Initial Class)** | **MML Inflation-Protected and Income Sub-Account (Initial Class)** | **MML Inflation-Protected and Income Sub-Account (Initial Class)** | **MML Inflation-Protected and Income Sub-Account (Initial Class)** |  |  |  |  |  |  |  |
|  | 2024 | 5652410 | 10.86 | 16.44 | 80953043 | 4.47 | 0.95 | to | 2.60 | 0.07 | to | 1.75 |
|  | 2023 | 6094042 | 10.85 | 16.16 | 86114635 | 4.62 | 0.95 | to | 2.60 | 2.73 | to | 4.44 |
|  | 2022 | 6536201 | 10.56 | 15.48 | 88867535 | 2.51 | 0.95 | to | 2.60 | (15.57) | to | (14.17) |
|  | 2021 | 7993007 | 12.51 | 18.03 | 126908902 | 1.07 | 0.95 | to | 2.60 | 3.67 | to | 5.39 |
|  | 2020 | 8662812 | 12.07 | 17.11 | 130964666 | 0.11 | 0.95 | to | 2.60 | 8.26 | to | 10.06 |
| **MML Inflation-Protected and Income Sub-Account (Service Class)** | **MML Inflation-Protected and Income Sub-Account (Service Class)** | **MML Inflation-Protected and Income Sub-Account (Service Class)** | **MML Inflation-Protected and Income Sub-Account (Service Class)** | **MML Inflation-Protected and Income Sub-Account (Service Class)** | **MML Inflation-Protected and Income Sub-Account (Service Class)** |  |  |  |  |  |  |  |
|  | 2024 | 3449679 | 9.77 | 11.34 | 40041678 | 4.27 | 1.00 | to | 3.10 | (0.55) | to | 1.57 |
|  | 2023 | 3388684 | 9.82 | 11.16 | 40118864 | 4.34 | 1.00 | to | 3.10 | 1.85 | to | 4.01 |
|  | 2022 | 3725815 | 9.64 | 10.73 | 43115577 | 2.41 | 1.00 | to | 3.10 | (16.22) | to | (14.45) |
|  | 2021 | 3822173 | 11.51 | 12.54 | 52995919 | 0.86 | 1.00 | to | 3.10 | 2.88 | to | 5.06 |
|  | 2020 | 3431376 | 11.19 | 11.94 | 46199752 | 0.11 | 1.00 | to | 3.10 | 7.49 | to | 9.77 |

---

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***8.*** | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***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,** |
|  |  |  |  |  |  | **Investment** |  |  |  |  |  |  |
|  |  |  | **Unit Value<sup>3</sup>** | **Unit Value<sup>3</sup>** |  | **Income** | **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>** |
|  |  | **Units** | **(Lowest to Highest)** | **(Lowest to Highest)** | **Net Assets** | **Ratio<sup>1</sup>** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** |
| **MML International Equity Sub-Account** | **MML International Equity Sub-Account** | **MML International Equity Sub-Account** | **MML International Equity Sub-Account** | **MML International Equity Sub-Account** | **MML International Equity Sub-Account** |  |  |  |  |  |  |  |
|  | 2024 | 769674 | $9.85 | $12.39 | $9652778 | 1.41% | 0.95% | to | 3.10% | (2.43)% | to | (0.30)% |
|  | 2023 | 759728 | 10.10 | 12.43 | 9683383 | 1.14 | 0.95 | to | 3.10 | 14.68 | to | 17.16 |
|  | 2022 | 700551 | 8.80 | 10.61 | 7786105 | 0.84 | 0.95 | to | 3.10 | (17.93) | to | (16.15) |
|  | 2021 | 620555 | 10.73 | 12.65 | 8307912 | 0.50 | 0.95 | to | 3.10 | 8.09 | to | 10.44 |
|  | 2020 | 562014 | 9.92 | 11.45 | 6833772 | 3.20 | 0.95 | to | 3.10 | 1.86 | to | 4.07 |
| **MML iShares® 60/40 Allocation Sub-Account**<sup>5</sup> | **MML iShares® 60/40 Allocation Sub-Account**<sup>5</sup> | **MML iShares® 60/40 Allocation Sub-Account**<sup>5</sup> | **MML iShares® 60/40 Allocation Sub-Account**<sup>5</sup> | **MML iShares® 60/40 Allocation Sub-Account**<sup>5</sup> | **MML iShares® 60/40 Allocation Sub-Account**<sup>5</sup> |  |  |  |  |  |  |  |
|  | 2024 | 2237755 |  | 11.01 | 24648288 | 2.32 |  |  | 1.30 |  |  | 9.18 |
|  | 2023 | 1239115 |  | 10.09 | 12501315 | 2.23 | 0.95 | to | 3.10 |  |  | 13.51 |
|  | 2022 | 570961 |  | 8.89 | 5074791 | 2.14 | 0.95 | to | 3.10 |  |  |  |
| **MML iShares® 80/20 Allocation Sub-Account**<sup>5</sup> | **MML iShares® 80/20 Allocation Sub-Account**<sup>5</sup> | **MML iShares® 80/20 Allocation Sub-Account**<sup>5</sup> | **MML iShares® 80/20 Allocation Sub-Account**<sup>5</sup> | **MML iShares® 80/20 Allocation Sub-Account**<sup>5</sup> | **MML iShares® 80/20 Allocation Sub-Account**<sup>5</sup> |  |  |  |  |  |  |  |
|  | 2024 | 5511250 |  | 11.65 | 64202583 | 1.75 |  |  | 1.30 |  |  | 12.71 |
|  | 2023 | 3671842 |  | 10.34 | 37951462 | 1.69 | 0.95 | to | 3.10 |  |  | 16.70 |
|  | 2022 | 2102879 |  | 8.86 | 18624545 | 2.12 | 0.95 | to | 3.10 |  |  |  |
| **MML Large Cap Growth Sub-Account (Initial Class)** | **MML Large Cap Growth Sub-Account (Initial Class)** | **MML Large Cap Growth Sub-Account (Initial Class)** | **MML Large Cap Growth Sub-Account (Initial Class)** | **MML Large Cap Growth Sub-Account (Initial Class)** | **MML Large Cap Growth Sub-Account (Initial Class)** |  |  |  |  |  |  |  |
|  | 2024 | 302650 | 44.87 | 67.66 | 17574929 |  | 0.95 | to | 2.60 | 30.63 | to | 32.82 |
|  | 2023 | 348658 | 34.35 | 50.94 | 15238937 |  | 0.95 | to | 2.60 | 47.83 | to | 50.28 |
|  | 2022 | 386186 | 23.24 | 33.90 | 11258538 |  | 0.95 | to | 2.60 | (29.41) | to | (28.23) |
|  | 2021 | 428715 | 32.92 | 47.24 | 17656357 | 0.05 | 0.95 | to | 2.60 | 15.38 | to | 17.30 |
|  | 2020 | 492342 | 28.53 | 40.27 | 17478633 | 0.33 | 0.95 | to | 2.60 | 28.40 | to | 30.53 |
| **MML Large Cap Growth Sub-Account (Service Class)** | **MML Large Cap Growth Sub-Account (Service Class)** | **MML Large Cap Growth Sub-Account (Service Class)** | **MML Large Cap Growth Sub-Account (Service Class)** | **MML Large Cap Growth Sub-Account (Service Class)** | **MML Large Cap Growth Sub-Account (Service Class)** |  |  |  |  |  |  |  |
|  | 2024 | 1273254 | 35.23 | 40.36 | 39878296 |  | 1.00 | to | 3.10 | 29.67 | to | 32.44 |
|  | 2023 | 1115328 | 26.60 | 31.12 | 28781766 |  | 1.00 | to | 3.10 | 46.77 | to | 49.87 |
|  | 2022 | 973248 | 17.75 | 21.21 | 17964547 |  | 1.00 | to | 3.10 | (29.94) | to | (28.45) |
|  | 2021 | 978368 | 24.81 | 30.27 | 25898086 |  | 1.00 | to | 3.10 | 14.48 | to | 16.91 |
|  | 2020 | 965919 | 21.22 | 26.44 | 22228571 | 0.17 | 1.00 | to | 3.10 | 27.52 | to | 30.22 |
| **MML Managed Bond Sub-Account (Initial Class)** | **MML Managed Bond Sub-Account (Initial Class)** | **MML Managed Bond Sub-Account (Initial Class)** | **MML Managed Bond Sub-Account (Initial Class)** | **MML Managed Bond Sub-Account (Initial Class)** | **MML Managed Bond Sub-Account (Initial Class)** |  |  |  |  |  |  |  |
|  | 2024 | 4284607 | 11.61 | 18.45 | 67744748 | 4.60 | 0.95 | to | 2.60 | 1.20 | to | 2.89 |
|  | 2023 | 4749269 | 11.47 | 17.93 | 73150962 | 3.97 | 0.95 | to | 2.60 | 3.97 | to | 5.69 |
|  | 2022 | 5208236 | 11.03 | 16.96 | 76373788 | 3.00 | 0.95 | to | 2.60 | (17.19) | to | (15.81) |
|  | 2021 | 6154434 | 13.32 | 20.15 | 107430616 | 3.16 | 0.95 | to | 2.60 | (1.77) | to | (0.14) |
|  | 2020 | 6518330 | 13.56 | 20.18 | 114405900 | 0.10 | 0.95 | to | 2.60 | 4.95 | to | 6.69 |
| **MML Managed Bond Sub-Account (Service Class)** | **MML Managed Bond Sub-Account (Service Class)** | **MML Managed Bond Sub-Account (Service Class)** | **MML Managed Bond Sub-Account (Service Class)** | **MML Managed Bond Sub-Account (Service Class)** | **MML Managed Bond Sub-Account (Service Class)** |  |  |  |  |  |  |  |
|  | 2024 | 12202689 | 10.44 | 10.54 | 152160307 | 4.30 | 1.00 | to | 3.10 | 0.44 | to | 2.59 |
|  | 2023 | 13114910 | 10.27 | 10.40 | 163963276 | 3.67 | 1.00 | to | 3.10 | 3.19 | to | 5.38 |
|  | 2022 | 14965961 | 9.75 | 10.08 | 180957384 | 2.73 | 1.00 | to | 3.10 | (17.80) | to | (16.06) |
|  | 2021 | 17341820 | 11.61 | 12.26 | 253912380 | 2.96 | 1.00 | to | 3.10 | (2.51) | to | (0.44) |
|  | 2020 | 17765196 | 11.66 | 12.58 | 266777188 | 0.10 | 1.00 | to | 3.10 | 4.16 | to | 6.37 |
| **MML Managed Volatility Sub-Account (Initial Class)** | **MML Managed Volatility Sub-Account (Initial Class)** | **MML Managed Volatility Sub-Account (Initial Class)** | **MML Managed Volatility Sub-Account (Initial Class)** | **MML Managed Volatility Sub-Account (Initial Class)** | **MML Managed Volatility Sub-Account (Initial Class)** |  |  |  |  |  |  |  |
|  | 2024 | 2839878 | 15.98 | 26.24 | 61471830 | 0.59 | 0.95 | to | 2.60 | 11.89 | to | 13.76 |
|  | 2023 | 3212163 | 14.28 | 23.07 | 61463479 | 0.57 | 0.95 | to | 2.60 | 9.98 | to | 11.81 |
|  | 2022 | 3697357 | 12.98 | 20.63 | 63499565 | 0.47 | 0.95 | to | 2.60 | (14.30) | to | (12.88) |
|  | 2021 | 4569936 | 15.15 | 23.68 | 90531793 | 0.97 | 0.95 | to | 2.60 | 8.68 | to | 10.49 |
|  | 2020 | 5170638 | 13.94 | 21.43 | 93221623 | 1.40 | 0.95 | to | 2.60 | 3.94 | to | 5.67 |

---

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***8.*** | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***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,** |
|  |  |  |  |  |  | **Investment** |  |  |  |  |  |  |
|  |  |  | **Unit Value<sup>3</sup>** | **Unit Value<sup>3</sup>** |  | **Income** | **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>** |
|  |  | **Units** | **(Lowest to Highest)** | **(Lowest to Highest)** | **Net Assets** | **Ratio<sup>1</sup>** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** |
| **MML Managed Volatility Sub-Account (Service Class)** | **MML Managed Volatility Sub-Account (Service Class)** | **MML Managed Volatility Sub-Account (Service Class)** | **MML Managed Volatility Sub-Account (Service Class)** | **MML Managed Volatility Sub-Account (Service Class)** | **MML Managed Volatility Sub-Account (Service Class)** |  |  |  |  |  |  |  |
|  | 2024 | 905987 | $14.38 | $14.63 | $16685442 | 0.34% | 1.00% | to | 3.10% | 11.05% | to | 13.42% |
|  | 2023 | 1055623 | 12.90 | 12.95 | 17363284 | 0.27 | 1.00 | to | 3.10 | 9.16 | to | 11.47 |
|  | 2022 | 1298703 | 11.57 | 11.86 | 19279858 | 0.19 | 1.00 | to | 3.10 | (14.94) | to | (13.14) |
|  | 2021 | 1489972 | 13.32 | 13.94 | 25981811 | 0.71 | 1.00 | to | 3.10 | 7.87 | to | 10.16 |
|  | 2020 | 1669075 | 12.09 | 12.93 | 26903885 | 1.15 | 1.00 | to | 3.10 | 3.17 | to | 5.36 |
| **MML Mid Cap Growth Sub-Account (Initial Class)** | **MML Mid Cap Growth Sub-Account (Initial Class)** | **MML Mid Cap Growth Sub-Account (Initial Class)** | **MML Mid Cap Growth Sub-Account (Initial Class)** | **MML Mid Cap Growth Sub-Account (Initial Class)** | **MML Mid Cap Growth Sub-Account (Initial Class)** |  |  |  |  |  |  |  |
|  | 2024 | 866413 | 37.08 | 77.99 | 58815773 |  | 0.95 | to | 2.60 | 8.29 | to | 10.11 |
|  | 2023 | 1006915 | 34.24 | 70.83 | 61848174 |  | 0.95 | to | 2.60 | 19.50 | to | 21.48 |
|  | 2022 | 1136273 | 28.65 | 58.31 | 57562324 |  | 0.95 | to | 2.60 | (27.03) | to | (25.82) |
|  | 2021 | 1246633 | 39.26 | 78.60 | 85664131 |  | 0.95 | to | 2.60 | 10.31 | to | 12.14 |
|  | 2020 | 1454733 | 35.60 | 70.09 | 89949266 | 0.08 | 0.95 | to | 2.60 | 22.35 | to | 24.38 |
| **MML Mid Cap Growth Sub-Account (Service Class)** | **MML Mid Cap Growth Sub-Account (Service Class)** | **MML Mid Cap Growth Sub-Account (Service Class)** | **MML Mid Cap Growth Sub-Account (Service Class)** | **MML Mid Cap Growth Sub-Account (Service Class)** | **MML Mid Cap Growth Sub-Account (Service Class)** |  |  |  |  |  |  |  |
|  | 2024 | 3089885 | 22.12 | 33.17 | 80907854 |  | 1.00 | to | 3.10 | 7.42 | to | 9.71 |
|  | 2023 | 3484460 | 20.16 | 30.88 | 87758884 |  | 1.00 | to | 3.10 | 18.61 | to | 21.12 |
|  | 2022 | 3733478 | 16.65 | 26.04 | 81046753 |  | 1.00 | to | 3.10 | (27.59) | to | (26.05) |
|  | 2021 | 3879781 | 22.51 | 35.95 | 118152584 |  | 1.00 | to | 3.10 | 9.54 | to | 11.87 |
|  | 2020 | 4168210 | 20.12 | 32.82 | 117785877 |  | 1.00 | to | 3.10 | 21.43 | to | 24.01 |
| **MML Mid Cap Value Sub-Account (Initial Class)** | **MML Mid Cap Value Sub-Account (Initial Class)** | **MML Mid Cap Value Sub-Account (Initial Class)** | **MML Mid Cap Value Sub-Account (Initial Class)** | **MML Mid Cap Value Sub-Account (Initial Class)** | **MML Mid Cap Value Sub-Account (Initial Class)** |  |  |  |  |  |  |  |
|  | 2024 | 1900940 | 34.21 | 55.84 | 91367474 | 1.82 | 0.95 | to | 2.60 | 5.73 | to | 7.49 |
|  | 2023 | 2178707 | 32.35 | 51.94 | 97900075 | 2.60 | 0.95 | to | 2.60 | 3.26 | to | 4.97 |
|  | 2022 | 2437354 | 31.33 | 49.48 | 104763063 | 2.02 | 0.95 | to | 2.60 | (3.86) | to | (2.26) |
|  | 2021 | 3020014 | 32.59 | 50.63 | 132262516 | 1.40 | 0.95 | to | 2.60 | 20.15 | to | 22.15 |
|  | 2020 | 3707481 | 27.13 | 41.45 | 133181143 | 1.82 | 0.95 | to | 2.60 | (0.90) | to | 0.75 |
| **MML Mid Cap Value Sub-Account (Service Class)** | **MML Mid Cap Value Sub-Account (Service Class)** | **MML Mid Cap Value Sub-Account (Service Class)** | **MML Mid Cap Value Sub-Account (Service Class)** | **MML Mid Cap Value Sub-Account (Service Class)** | **MML Mid Cap Value Sub-Account (Service Class)** |  |  |  |  |  |  |  |
|  | 2024 | 1865418 | 19.30 | 30.78 | 43921676 | 1.60 | 1.00 | to | 3.10 | 4.97 | to | 7.21 |
|  | 2023 | 2015747 | 18.00 | 29.33 | 46054106 | 2.40 | 1.00 | to | 3.10 | 2.48 | to | 4.65 |
|  | 2022 | 2207545 | 17.20 | 28.62 | 50303554 | 1.88 | 1.00 | to | 3.10 | (4.56) | to | (2.54) |
|  | 2021 | 2249934 | 17.65 | 29.98 | 55688323 | 1.25 | 1.00 | to | 3.10 | 19.20 | to | 21.72 |
|  | 2020 | 2406081 | 14.50 | 25.16 | 51269948 | 1.58 | 1.00 | to | 3.10 | (1.62) | to | 0.47 |
| **MML Moderate Allocation Sub-Account (Initial Class)** | **MML Moderate Allocation Sub-Account (Initial Class)** | **MML Moderate Allocation Sub-Account (Initial Class)** | **MML Moderate Allocation Sub-Account (Initial Class)** | **MML Moderate Allocation Sub-Account (Initial Class)** | **MML Moderate Allocation Sub-Account (Initial Class)** |  |  |  |  |  |  |  |
|  | 2024 | 6775250 | 17.68 | 23.38 | 150392477 | 2.11 | 0.95 | to | 2.60 | 6.06 | to | 7.83 |
|  | 2023 | 7711185 | 16.67 | 21.68 | 159162925 | 3.30 | 0.95 | to | 2.60 | 10.98 | to | 12.82 |
|  | 2022 | 8783827 | 15.02 | 19.21 | 161103074 | 3.27 | 0.95 | to | 2.60 | (17.15) | to | (15.78) |
|  | 2021 | 9831320 | 18.13 | 22.81 | 214743239 | 1.34 | 0.95 | to | 2.60 | 9.12 | to | 10.94 |
|  | 2020 | 11897524 | 16.61 | 20.57 | 235097461 | 2.55 | 0.95 | to | 2.60 | 7.71 | to | 9.50 |
| **MML Moderate Allocation Sub-Account (Service Class)** | **MML Moderate Allocation Sub-Account (Service Class)** | **MML Moderate Allocation Sub-Account (Service Class)** | **MML Moderate Allocation Sub-Account (Service Class)** | **MML Moderate Allocation Sub-Account (Service Class)** | **MML Moderate Allocation Sub-Account (Service Class)** |  |  |  |  |  |  |  |
|  | 2024 | 41828300 | 15.52 | 15.77 | 802620864 | 1.83 | 1.00 | to | 3.10 | 5.25 | to | 7.49 |
|  | 2023 | 52943371 | 14.44 | 14.99 | 956025249 | 2.99 | 1.00 | to | 3.10 | 10.16 | to | 12.50 |
|  | 2022 | 64409744 | 12.83 | 13.60 | 1044498635 | 2.96 | 1.00 | to | 3.10 | (17.71) | to | (15.96) |
|  | 2021 | 74645263 | 15.27 | 16.53 | 1461000467 | 1.11 | 1.00 | to | 3.10 | 8.26 | to | 10.56 |
|  | 2020 | 87882437 | 13.81 | 15.27 | 1575429932 | 2.23 | 1.00 | to | 3.10 | 6.80 | to | 9.07 |
| **MML Short-Duration Bond Sub-Account** | **MML Short-Duration Bond Sub-Account** | **MML Short-Duration Bond Sub-Account** | **MML Short-Duration Bond Sub-Account** | **MML Short-Duration Bond Sub-Account** | **MML Short-Duration Bond Sub-Account** |  |  |  |  |  |  |  |
|  | 2024 | 2667530 | 8.45 | 11.58 | 28281747 | 3.56 | 0.95 | to | 3.10 | 2.85 | to | 5.10 |
|  | 2023 | 2987098 | 8.21 | 11.01 | 30357722 | 3.37 | 0.95 | to | 3.10 | 3.45 | to | 5.70 |
|  | 2022 | 3030930 | 7.94 | 10.42 | 29348995 | 3.02 | 0.95 | to | 3.10 | (10.80) | to | (8.86) |
|  | 2021 | 3188272 | 8.90 | 11.43 | 34025850 | 2.93 | 0.95 | to | 3.10 | (1.41) | to | 0.73 |
|  | 2020 | 4150563 | 9.03 | 11.35 | 44272880 |  | 0.95 | to | 3.10 | (1.75) | to | 0.39 |

---

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***8.*** | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***FINANCIAL HIGHLIGHTS*** *(Continued)* | ***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,** |
|  |  |  |  |  |  | **Investment** |  |  |  |  |  |  |
|  |  |  | **Unit Value<sup>3</sup>** | **Unit Value<sup>3</sup>** |  | **Income** | **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>** |
|  |  | **Units** | **(Lowest to Highest)** | **(Lowest to Highest)** | **Net Assets** | **Ratio<sup>1</sup>** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** |
| **MML Small Cap Equity Sub-Account (Initial Class)** | **MML Small Cap Equity Sub-Account (Initial Class)** | **MML Small Cap Equity Sub-Account (Initial Class)** | **MML Small Cap Equity Sub-Account (Initial Class)** | **MML Small Cap Equity Sub-Account (Initial Class)** | **MML Small Cap Equity Sub-Account (Initial Class)** |  |  |  |  |  |  |  |
|  | 2024 | 426694 | $32.21 | $52.23 | $21572386 | -% | 0.95% | to | 2.60% | 10.03% | to | 11.87% |
|  | 2023 | 489705 | 29.28 | 46.69 | 22205417 | 1.28 | 0.95 | to | 2.60 | 14.80 | to | 16.70 |
|  | 2022 | 549032 | 25.50 | 40.01 | 21412816 | 0.71 | 0.95 | to | 2.60 | (18.04) | to | (16.67) |
|  | 2021 | 623139 | 31.11 | 48.02 | 29197903 | 0.44 | 0.95 | to | 2.60 | 19.60 | to | 21.59 |
|  | 2020 | 706873 | 26.01 | 39.49 | 27259529 | 0.53 | 0.95 | to | 2.60 | 17.60 | to | 19.55 |
| **MML Small Cap Equity Sub-Account (Service Class)** | **MML Small Cap Equity Sub-Account (Service Class)** | **MML Small Cap Equity Sub-Account (Service Class)** | **MML Small Cap Equity Sub-Account (Service Class)** | **MML Small Cap Equity Sub-Account (Service Class)** | **MML Small Cap Equity Sub-Account (Service Class)** |  |  |  |  |  |  |  |
|  | 2024 | 1056531 | 22.63 | 28.93 | 25061246 |  | 1.00 | to | 3.10 | 9.20 | to | 11.53 |
|  | 2023 | 1093197 | 20.29 | 26.49 | 25292942 | 1.04 | 1.00 | to | 3.10 | 13.94 | to | 16.35 |
|  | 2022 | 1141426 | 17.44 | 23.25 | 23617332 | 0.43 | 1.00 | to | 3.10 | (18.65) | to | (16.92) |
|  | 2021 | 1198581 | 20.99 | 28.58 | 30289216 | 0.27 | 1.00 | to | 3.10 | 18.71 | to | 21.23 |
|  | 2020 | 1169902 | 17.31 | 24.08 | 25344927 | 0.30 | 1.00 | to | 3.10 | 16.72 | to | 19.20 |
| **MML Small Cap Growth Equity Sub-Account (Initial Class)** | **MML Small Cap Growth Equity Sub-Account (Initial Class)** | **MML Small Cap Growth Equity Sub-Account (Initial Class)** | **MML Small Cap Growth Equity Sub-Account (Initial Class)** | **MML Small Cap Growth Equity Sub-Account (Initial Class)** | **MML Small Cap Growth Equity Sub-Account (Initial Class)** |  |  |  |  |  |  |  |
|  | 2024 | 1387695 | 35.67 | 61.56 | 61054791 | 0.05 | 0.95 | to | 2.60 | 7.44 | to | 9.24 |
|  | 2023 | 1504269 | 33.20 | 56.35 | 64463437 |  | 0.95 | to | 2.60 | 13.85 | to | 15.74 |
|  | 2022 | 1511703 | 29.16 | 48.69 | 60413373 |  | 0.95 | to | 2.60 | (25.13) | to | (23.88) |
|  | 2021 | 1630525 | 38.94 | 63.96 | 87699978 |  | 0.95 | to | 2.60 | 4.55 | to | 6.29 |
|  | 2020 | 1790589 | 37.25 | 60.18 | 90992101 |  | 0.95 | to | 2.60 | 32.15 | to | 34.34 |
| **MML Small Cap Growth Equity Sub-Account (Service Class)** | **MML Small Cap Growth Equity Sub-Account (Service Class)** | **MML Small Cap Growth Equity Sub-Account (Service Class)** | **MML Small Cap Growth Equity Sub-Account (Service Class)** | **MML Small Cap Growth Equity Sub-Account (Service Class)** | **MML Small Cap Growth Equity Sub-Account (Service Class)** |  |  |  |  |  |  |  |
|  | 2024 | 854847 | 22.22 | 32.09 | 22824841 |  | 1.00 | to | 3.10 | 6.64 | to | 8.91 |
|  | 2023 | 943464 | 20.40 | 30.09 | 23420809 |  | 1.00 | to | 3.10 | 13.00 | to | 15.39 |
|  | 2022 | 1026472 | 17.68 | 26.63 | 22649920 |  | 1.00 | to | 3.10 | (25.69) | to | (24.11) |
|  | 2021 | 1096162 | 23.30 | 35.83 | 32664648 |  | 1.00 | to | 3.10 | 3.77 | to | 5.98 |
|  | 2020 | 1072366 | 21.98 | 34.53 | 31164764 |  | 1.00 | to | 3.10 | 31.16 | to | 33.94 |
| **MML Small Company Value Sub-Account** | **MML Small Company Value Sub-Account** | **MML Small Company Value Sub-Account** | **MML Small Company Value Sub-Account** | **MML Small Company Value Sub-Account** | **MML Small Company Value Sub-Account** |  |  |  |  |  |  |  |
|  | 2024 | 946261 | 20.07 | 31.32 | 21353800 | 1.11 | 1.00 | to | 3.10 | 3.69 | to | 5.90 |
|  | 2023 | 1095035 | 18.95 | 30.20 | 24402246 | 0.86 | 1.00 | to | 3.10 | 12.39 | to | 14.77 |
|  | 2022 | 1202832 | 16.51 | 26.87 | 23768684 |  | 1.00 | to | 3.10 | (17.65) | to | (15.90) |
|  | 2021 | 1245949 | 19.64 | 32.63 | 29889996 | 0.19 | 1.00 | to | 3.10 | 21.30 | to | 23.88 |
|  | 2020 | 1280052 | 15.85 | 26.90 | 25549702 | 0.06 | 1.00 | to | 3.10 | 5.60 | to | 7.84 |
| **MML Small/Mid Cap Value Sub-Account (Initial Class)** | **MML Small/Mid Cap Value Sub-Account (Initial Class)** | **MML Small/Mid Cap Value Sub-Account (Initial Class)** | **MML Small/Mid Cap Value Sub-Account (Initial Class)** | **MML Small/Mid Cap Value Sub-Account (Initial Class)** | **MML Small/Mid Cap Value Sub-Account (Initial Class)** |  |  |  |  |  |  |  |
|  | 2024 | 1725101 | 28.59 | 56.53 | 68212201 | 0.85 | 0.95 | to | 2.60 | 7.45 | to | 9.25 |
|  | 2023 | 2046774 | 26.61 | 51.75 | 74277443 | 1.09 | 0.95 | to | 2.60 | 14.13 | to | 16.02 |
|  | 2022 | 2306713 | 23.31 | 44.60 | 72429647 | 1.24 | 0.95 | to | 2.60 | (17.85) | to | (16.49) |
|  | 2021 | 2639896 | 28.38 | 53.41 | 99423759 | 1.01 | 0.95 | to | 2.60 | 32.46 | to | 34.66 |
|  | 2020 | 3498522 | 21.43 | 39.66 | 97698172 | 1.10 | 0.95 | to | 2.60 | 1.96 | to | 3.66 |
| **MML Small/Mid Cap Value Sub-Account (Service Class)** | **MML Small/Mid Cap Value Sub-Account (Service Class)** | **MML Small/Mid Cap Value Sub-Account (Service Class)** | **MML Small/Mid Cap Value Sub-Account (Service Class)** | **MML Small/Mid Cap Value Sub-Account (Service Class)** | **MML Small/Mid Cap Value Sub-Account (Service Class)** |  |  |  |  |  |  |  |
|  | 2024 | 1006815 | 19.39 | 25.70 | 22548482 | 0.60 | 1.00 | to | 3.10 | 6.52 | to | 8.79 |
|  | 2023 | 1126743 | 17.82 | 24.13 | 24597903 | 0.85 | 1.00 | to | 3.10 | 13.33 | to | 15.73 |
|  | 2022 | 1200173 | 15.40 | 21.29 | 23433475 | 1.00 | 1.00 | to | 3.10 | (18.46) | to | (16.73) |
|  | 2021 | 1239236 | 18.50 | 26.11 | 29944498 | 0.88 | 1.00 | to | 3.10 | 31.51 | to | 34.29 |
|  | 2020 | 1139563 | 13.77 | 19.86 | 22292450 | 0.84 | 1.00 | to | 3.10 | 1.14 | to | 3.29 |
| **MML Special Situations Sub-Account (Service Class I)**<sup>6</sup> | **MML Special Situations Sub-Account (Service Class I)**<sup>6</sup> | **MML Special Situations Sub-Account (Service Class I)**<sup>6</sup> | **MML Special Situations Sub-Account (Service Class I)**<sup>6</sup> | **MML Special Situations Sub-Account (Service Class I)**<sup>6</sup> | **MML Special Situations Sub-Account (Service Class I)**<sup>6</sup> |  |  |  |  |  |  |  |
|  | 2024 |  |  |  |  |  |  |  |  |  |  |  |
|  | 2023 |  |  |  |  |  |  |  |  |  |  |  |
|  | 2022 |  |  |  |  |  |  |  |  |  |  |  |
|  | 2021 | 57104 | 18.03 | 18.94 | 1081248 |  | 1.00 | to | 1.80 | (0.39) | to | 0.41 |
|  | 2020 | 50391 | 18.10 | 18.87 | 950460 | 0.03 | 1.00 | to | 1.80 | 26.93 | to | 27.95 |
| **MML Strategic Emerging Markets Sub-Account** | **MML Strategic Emerging Markets Sub-Account** | **MML Strategic Emerging Markets Sub-Account** | **MML Strategic Emerging Markets Sub-Account** | **MML Strategic Emerging Markets Sub-Account** | **MML Strategic Emerging Markets Sub-Account** |  |  |  |  |  |  |  |
|  | 2024 | 895960 | 7.93 | 11.52 | 9770318 | 0.43 | 1.00 | to | 3.10 | (4.67) | to | (2.63) |
|  | 2023 | 986758 | 8.31 | 11.83 | 11198336 |  | 1.00 | to | 3.10 | 0.07 | to | 0.09 |
|  | 2022 | 1048803 | 7.77 | 10.83 | 10939529 | 0.03 | 1.00 | to | 3.10 | (0.29) | to | (0.28) |
|  | 2021 | 1062107 | 10.95 | 14.95 | 15351011 |  | 1.00 | to | 3.10 | (11.15) | to | (9.26) |
|  | 2020 | 1017814 | 12.33 | 16.47 | 16215171 | 0.20 | 1.00 | to | 3.10 | 13.68 | to | 16.09 |

---

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

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***8.*** | ***FINANCIAL HIGHLIGHTS (Continued)*** | ***FINANCIAL HIGHLIGHTS (Continued)*** | ***FINANCIAL HIGHLIGHTS (Continued)*** | ***FINANCIAL HIGHLIGHTS (Continued)*** | ***FINANCIAL HIGHLIGHTS (Continued)*** | ***FINANCIAL HIGHLIGHTS (Continued)*** | ***FINANCIAL HIGHLIGHTS (Continued)*** | ***FINANCIAL HIGHLIGHTS (Continued)*** | ***FINANCIAL HIGHLIGHTS (Continued)*** | ***FINANCIAL HIGHLIGHTS (Continued)*** | ***FINANCIAL HIGHLIGHTS (Continued)*** |  |  |
|  |  | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  |  |  |  |  |  |  | **Investment** |  |  |  |  |  |  |
|  |  |  | **Unit Value<sup>3</sup>** | **Unit Value<sup>3</sup>** | **Unit Value<sup>3</sup>** |  | **Income** | **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>** |
|  |  | **Units** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** | **Net Assets** | **Ratio<sup>1</sup>** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** | **(Lowest to Highest)** |
| **MML Sustainable Equity Sub-Account (Initial Class)** | **MML Sustainable Equity Sub-Account (Initial Class)** | **MML Sustainable Equity Sub-Account (Initial Class)** | **MML Sustainable Equity Sub-Account (Initial Class)** | **MML Sustainable Equity Sub-Account (Initial Class)** | **MML Sustainable Equity Sub-Account (Initial Class)** | **MML Sustainable Equity Sub-Account (Initial Class)** |  |  |  |  |  |  |  |
|  | 2024 | 1097975 | 31.95 | to | 59.38 | 59244117 | 0.99% | 0.95% | to | 2.60% | 16.84% | to | 18.80% |
|  | 2023 | 1321303 | 27.34 | to | 49.99 | 59757622 | 0.96 | 0.95 | to | 2.60 | 21.32 | to | 23.33 |
|  | 2022 | 1502553 | 22.54 | to | 40.53 | 55237374 | 0.94 | 0.95 | to | 2.60 | (19.14) | to | (17.80) |
|  | 2021 | 1664117 | 27.87 | to | 49.30 | 74572321 | 0.81 | 0.95 | to | 2.60 | 23.88 | to | 25.94 |
|  | 2020 | 1995917 | 22.50 | to | 39.15 | 71531066 | 0.91 | 0.95 | to | 2.60 | 11.57 | to | 13.43 |
| **MML Sustainable Equity Sub-Account (Service Class)** | **MML Sustainable Equity Sub-Account (Service Class)** | **MML Sustainable Equity Sub-Account (Service Class)** | **MML Sustainable Equity Sub-Account (Service Class)** | **MML Sustainable Equity Sub-Account (Service Class)** | **MML Sustainable Equity Sub-Account (Service Class)** | **MML Sustainable Equity Sub-Account (Service Class)** |  |  |  |  |  |  |  |
|  | 2024 | 1753555 | 26.81 | to | 28.73 | 51132176 | 0.77 | 1.00 | to | 3.10 | 15.93 | to | 18.41 |
|  | 2023 | 2038182 | 22.64 | to | 24.78 | 50481335 | 0.68 | 1.00 | to | 3.10 | 20.42 | to | 22.96 |
|  | 2022 | 2287275 | 18.41 | to | 20.58 | 46573782 | 0.69 | 1.00 | to | 3.10 | (19.72) | to | (18.02) |
|  | 2021 | 2420106 | 22.46 | to | 25.64 | 60960010 | 0.66 | 1.00 | to | 3.10 | 22.91 | to | 25.52 |
|  | 2020 | 2420663 | 17.89 | to | 20.86 | 49795171 | 0.72 | 1.00 | to | 3.10 | 10.75 | to | 13.10 |
| **MML Total Return Bond Sub-Account** | **MML Total Return Bond Sub-Account** | **MML Total Return Bond Sub-Account** | **MML Total Return Bond Sub-Account** | **MML Total Return Bond Sub-Account** | **MML Total Return Bond Sub-Account** | **MML Total Return Bond Sub-Account** |  |  |  |  |  |  |  |
|  | 2024 | 4119422 | 7.94 | to | 10.42 | 39588500 | 3.73 | 0.95 | to | 3.10 | (2.82) | to | (0.70) |
|  | 2023 | 3711823 | 8.17 | to | 10.50 | 36326170 | 2.14 | 0.95 | to | 3.10 | 1.99 | to | 4.21 |
|  | 2022 | 3801490 | 8.01 | to | 10.07 | 35974681 | 1.32 | 0.95 | to | 3.10 | (17.50) | to | (15.71) |
|  | 2021 | 4187985 | 9.71 | to | 11.95 | 47397082 | 1.63 | 0.95 | to | 3.10 | (4.51) | to | (2.44) |
|  | 2020 | 4106252 | 10.17 | to | 12.25 | 47980688 | 3.09 | 0.95 | to | 3.10 | 5.28 | to | 7.57 |
| **MML U.S. Government Money Market Sub-Account** | **MML U.S. Government Money Market Sub-Account** | **MML U.S. Government Money Market Sub-Account** | **MML U.S. Government Money Market Sub-Account** | **MML U.S. Government Money Market Sub-Account** | **MML U.S. Government Money Market Sub-Account** | **MML U.S. Government Money Market Sub-Account** |  |  |  |  |  |  |  |
|  | 2024 | 11080174 | 7.03 | to | 10.00 | 109760441 | 4.69 | 0.95 | to | 3.10 | 1.59 | to | 3.81 |
|  | 2023 | 12230273 | 6.92 | to | 9.63 | 116713676 | 4.52 | 0.95 | to | 3.10 | 1.45 | to | 3.65 |
|  | 2022 | 14291056 | 6.82 | to | 9.29 | 131305870 | 1.38 | 0.95 | to | 3.10 | (1.86) | to | 0.26 |
|  | 2021 | 9905255 | 6.95 | to | 9.27 | 90771755 |  | 0.95 | to | 3.10 | (3.05) | to | (0.95) |
|  | 2020 | 15675879 | 7.17 | to | 9.36 | 143711817 | 0.17 | 0.95 | to | 3.10 | (2.83) | to | (0.72) |
| **PIMCO CommodityRealReturn® Strategy Sub-Account** | **PIMCO CommodityRealReturn® Strategy Sub-Account** | **PIMCO CommodityRealReturn® Strategy Sub-Account** | **PIMCO CommodityRealReturn® Strategy Sub-Account** | **PIMCO CommodityRealReturn® Strategy Sub-Account** | **PIMCO CommodityRealReturn® Strategy Sub-Account** | **PIMCO CommodityRealReturn® Strategy Sub-Account** |  |  |  |  |  |  |  |
|  | 2024 | 812300 | 5.21 | to | 7.61 | 5811446 | 1.99 | 0.95 | to | 3.10 | 0.78 | to | 2.98 |
|  | 2023 | 985786 | 5.17 | to | 7.39 | 6856177 | 16.20 | 0.95 | to | 3.10 | (10.74) | to | (8.80) |
|  | 2022 | 1187713 | 5.79 | to | 8.10 | 9095267 | 21.08 | 0.95 | to | 3.10 | 5.36 | to | 7.64 |
|  | 2021 | 1195842 | 5.50 | to | 7.53 | 8564039 | 4.06 | 0.95 | to | 3.10 | 29.05 | to | 31.85 |
|  | 2020 | 1401409 | 4.26 | to | 5.71 | 7627491 | 6.33 | 0.95 | to | 3.10 | (1.86) | to | 0.27 |
| **PIMCO Income Sub-Account**<sup>5</sup> | **PIMCO Income Sub-Account**<sup>5</sup> | **PIMCO Income Sub-Account**<sup>5</sup> | **PIMCO Income Sub-Account**<sup>5</sup> | **PIMCO Income Sub-Account**<sup>5</sup> | **PIMCO Income Sub-Account**<sup>5</sup> | **PIMCO Income Sub-Account**<sup>5</sup> |  |  |  |  |  |  |  |
|  | 2024 | 304232 |  |  | 10.34 | 3146298 | 5.74 |  |  | 1.30 |  |  | 3.95 |
|  | 2023 | 212500 |  |  | 9.95 | 2114179 | 5.24 | 0.95 | to | 3.10 |  |  | 6.77 |
|  | 2022 | 89638 |  |  | 9.32 | 835304 | 3.28 | 0.95 | to | 3.10 |  |  |  |
| **Vest US Large Cap 10% Buffer Strategies V.I. Sub-Account**<sup>4,7</sup> | **Vest US Large Cap 10% Buffer Strategies V.I. Sub-Account**<sup>4,7</sup> | **Vest US Large Cap 10% Buffer Strategies V.I. Sub-Account**<sup>4,7</sup> | **Vest US Large Cap 10% Buffer Strategies V.I. Sub-Account**<sup>4,7</sup> | **Vest US Large Cap 10% Buffer Strategies V.I. Sub-Account**<sup>4,7</sup> | **Vest US Large Cap 10% Buffer Strategies V.I. Sub-Account**<sup>4,7</sup> | **Vest US Large Cap 10% Buffer Strategies V.I. Sub-Account**<sup>4,7</sup> |  |  |  |  |  |  |  |
|  | 2024 | 383925 |  |  | 12.60 | 4836150 |  |  |  | 1.30 |  |  | 13.69 |
|  | 2023 | 44048 |  |  | 11.08 | 488039 |  | 1.00 | to | 1.80 |  |  |  |
| **VY® CBRE Global Real Estate Sub-Account** | **VY® CBRE Global Real Estate Sub-Account** | **VY® CBRE Global Real Estate Sub-Account** | **VY® CBRE Global Real Estate Sub-Account** | **VY® CBRE Global Real Estate Sub-Account** | **VY® CBRE Global Real Estate Sub-Account** | **VY® CBRE Global Real Estate Sub-Account** |  |  |  |  |  |  |  |
|  | 2024 | 459868 | 12.28 | to | 17.93 | 7677499 | 2.87 | 0.95 | to | 3.10 | (2.95) | to | (0.83) |
|  | 2023 | 542067 | 12.65 | to | 18.08 | 9161323 | 1.78 | 0.95 | to | 3.10 | 8.91 | to | 11.27 |
|  | 2022 | 599231 | 11.61 | to | 16.25 | 9135382 | 3.01 | 0.95 | to | 3.10 | (27.41) | to | (25.83) |
|  | 2021 | 660849 | 16.00 | to | 21.91 | 13624068 | 2.65 | 0.95 | to | 3.10 | 30.05 | to | 32.87 |
|  | 2020 | 807288 | 12.30 | to | 16.49 | 12571760 | 5.83 | 0.95 | to | 3.10 | (7.94) | to | (5.94) |
|  | <sup>1</sup> The investment income ratios represent the dividends, excluding distributions of capital gains, received by the sub-accounts from the underlying fund, divided by the average net assets. These ratios exclude those expenses, such as mortality and expense charges, that are assessed against contract owner accounts either through reductions in the unit values or the redemption of units. The recognition of investment income by the sub-accounts is affected by the timing of the declaration of dividends by the underlying fund in which the sub-account invests. | <sup>1</sup> The investment income ratios represent the dividends, excluding distributions of capital gains, received by the sub-accounts from the underlying fund, divided by the average net assets. These ratios exclude those expenses, such as mortality and expense charges, that are assessed against contract owner accounts either through reductions in the unit values or the redemption of units. The recognition of investment income by the sub-accounts is affected by the timing of the declaration of dividends by the underlying fund in which the sub-account invests. | <sup>1</sup> The investment income ratios represent the dividends, excluding distributions of capital gains, received by the sub-accounts from the underlying fund, divided by the average net assets. These ratios exclude those expenses, such as mortality and expense charges, that are assessed against contract owner accounts either through reductions in the unit values or the redemption of units. The recognition of investment income by the sub-accounts is affected by the timing of the declaration of dividends by the underlying fund in which the sub-account invests. | <sup>1</sup> The investment income ratios represent the dividends, excluding distributions of capital gains, received by the sub-accounts from the underlying fund, divided by the average net assets. These ratios exclude those expenses, such as mortality and expense charges, that are assessed against contract owner accounts either through reductions in the unit values or the redemption of units. The recognition of investment income by the sub-accounts is affected by the timing of the declaration of dividends by the underlying fund in which the sub-account invests. | <sup>1</sup> The investment income ratios represent the dividends, excluding distributions of capital gains, received by the sub-accounts from the underlying fund, divided by the average net assets. These ratios exclude those expenses, such as mortality and expense charges, that are assessed against contract owner accounts either through reductions in the unit values or the redemption of units. The recognition of investment income by the sub-accounts is affected by the timing of the declaration of dividends by the underlying fund in which the sub-account invests. | <sup>1</sup> The investment income ratios represent the dividends, excluding distributions of capital gains, received by the sub-accounts from the underlying fund, divided by the average net assets. These ratios exclude those expenses, such as mortality and expense charges, that are assessed against contract owner accounts either through reductions in the unit values or the redemption of units. The recognition of investment income by the sub-accounts is affected by the timing of the declaration of dividends by the underlying fund in which the sub-account invests. | <sup>1</sup> The investment income ratios represent the dividends, excluding distributions of capital gains, received by the sub-accounts from the underlying fund, divided by the average net assets. These ratios exclude those expenses, such as mortality and expense charges, that are assessed against contract owner accounts either through reductions in the unit values or the redemption of units. The recognition of investment income by the sub-accounts is affected by the timing of the declaration of dividends by the underlying fund in which the sub-account invests. | <sup>1</sup> The investment income ratios represent the dividends, excluding distributions of capital gains, received by the sub-accounts from the underlying fund, divided by the average net assets. These ratios exclude those expenses, such as mortality and expense charges, that are assessed against contract owner accounts either through reductions in the unit values or the redemption of units. The recognition of investment income by the sub-accounts is affected by the timing of the declaration of dividends by the underlying fund in which the sub-account invests. | <sup>1</sup> The investment income ratios represent the dividends, excluding distributions of capital gains, received by the sub-accounts from the underlying fund, divided by the average net assets. These ratios exclude those expenses, such as mortality and expense charges, that are assessed against contract owner accounts either through reductions in the unit values or the redemption of units. The recognition of investment income by the sub-accounts is affected by the timing of the declaration of dividends by the underlying fund in which the sub-account invests. | <sup>1</sup> The investment income ratios represent the dividends, excluding distributions of capital gains, received by the sub-accounts from the underlying fund, divided by the average net assets. These ratios exclude those expenses, such as mortality and expense charges, that are assessed against contract owner accounts either through reductions in the unit values or the redemption of units. The recognition of investment income by the sub-accounts is affected by the timing of the declaration of dividends by the underlying fund in which the sub-account invests. | <sup>1</sup> The investment income ratios represent the dividends, excluding distributions of capital gains, received by the sub-accounts from the underlying fund, divided by the average net assets. These ratios exclude those expenses, such as mortality and expense charges, that are assessed against contract owner accounts either through reductions in the unit values or the redemption of units. The recognition of investment income by the sub-accounts is affected by the timing of the declaration of dividends by the underlying fund in which the sub-account invests. | <sup>1</sup> The investment income ratios represent the dividends, excluding distributions of capital gains, received by the sub-accounts from the underlying fund, divided by the average net assets. These ratios exclude those expenses, such as mortality and expense charges, that are assessed against contract owner accounts either through reductions in the unit values or the redemption of units. The recognition of investment income by the sub-accounts is affected by the timing of the declaration of dividends by the underlying fund in which the sub-account invests. | <sup>1</sup> The investment income ratios represent the dividends, excluding distributions of capital gains, received by the sub-accounts from the underlying fund, divided by the average net assets. These ratios exclude those expenses, such as mortality and expense charges, that are assessed against contract owner accounts either through reductions in the unit values or the redemption of units. The recognition of investment income by the sub-accounts is affected by the timing of the declaration of dividends by the underlying fund in which the sub-account invests. |
|  | <sup>2</sup> The expense ratios represent the annualized contract expense of the sub-accounts of the Separate Account, consisting primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction of unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying fund have been excluded. | <sup>2</sup> The expense ratios represent the annualized contract expense of the sub-accounts of the Separate Account, consisting primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction of unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying fund have been excluded. | <sup>2</sup> The expense ratios represent the annualized contract expense of the sub-accounts of the Separate Account, consisting primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction of unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying fund have been excluded. | <sup>2</sup> The expense ratios represent the annualized contract expense of the sub-accounts of the Separate Account, consisting primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction of unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying fund have been excluded. | <sup>2</sup> The expense ratios represent the annualized contract expense of the sub-accounts of the Separate Account, consisting primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction of unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying fund have been excluded. | <sup>2</sup> The expense ratios represent the annualized contract expense of the sub-accounts of the Separate Account, consisting primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction of unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying fund have been excluded. | <sup>2</sup> The expense ratios represent the annualized contract expense of the sub-accounts of the Separate Account, consisting primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction of unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying fund have been excluded. | <sup>2</sup> The expense ratios represent the annualized contract expense of the sub-accounts of the Separate Account, consisting primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction of unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying fund have been excluded. | <sup>2</sup> The expense ratios represent the annualized contract expense of the sub-accounts of the Separate Account, consisting primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction of unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying fund have been excluded. | <sup>2</sup> The expense ratios represent the annualized contract expense of the sub-accounts of the Separate Account, consisting primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction of unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying fund have been excluded. | <sup>2</sup> The expense ratios represent the annualized contract expense of the sub-accounts of the Separate Account, consisting primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction of unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying fund have been excluded. | <sup>2</sup> The expense ratios represent the annualized contract expense of the sub-accounts of the Separate Account, consisting primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction of unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying fund have been excluded. | <sup>2</sup> The expense ratios represent the annualized contract expense of the sub-accounts of the Separate Account, consisting primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction of unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying fund have been excluded. |

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

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| |
|:---|
| <sup>3</sup> The total returns are for the periods indicated, including changes in the value of the underlying fund, and the expenses assessed through the reduction of unit values. These ratios do not include any expenses assessed through the redemption of units. As the total return is presented as a range of minimum to maximum values, based on the product grouping representing the related minimum and maximum expense ratio amounts, some individual contract total returns and unit values are not within the ranges presented. |
| <sup>4</sup> See Note 2 to the financial statements for the previous name of this Sub-Account. |
| <sup>5</sup> This fund/sub-account became available to the Separate Account as an investment option on February 28, 2022, and is presented from the year when the investment or unit activity has been started. |
| <sup>6</sup> For the period January 1, 2022 to November 4, 2022. Effective November 4, 2022 this Sub-Account liquidated and any contract value in the Sub-Account after the close of the New York Stock Exchange on November 4, 2022 was automatically transferred to the MML U.S. Government Money Market Sub-Account. |
| <sup>7</sup> This fund/sub-account became available to the Separate Account as an investment option on May 1, 2023, and is presented from the year when the investment or unit activity has been started. |
| <sup>8</sup> After the close of business on April 26, 2024, Invesco V.I. Equity and Income Fund (Series I) acquired all the net assets of Invesco V.I. Conservative Balanced Fund (Series I) pursuant to a plan of reorganization approved by the Board of Trustees of the Invesco Funds on September 20, 2023 and by the shareholders of the Invesco V.I. Conservative Balanced Fund (Series I) on January 18, 2024. Shares of Invesco V.I. Conservative Balanced Fund (Series I) were exchanged for the like class of shares of Invesco V.I. Equity and Income Fund (Series I), based on the relative net asset value of the two funds which resulted in Invesco V.I. Conservative Balanced Fund (Series I) receiving 0.89134224 shares of Invesco V.I. Equity and Income Fund (Series I) in exchange of 1 share of Invesco V.I. Conservative Balanced Fund (Series I). As a result of the underlying fund merger, the sub-account name changed from Invesco V.I. Conservative Balanced Fund (Series I) to Invesco V.I. Equity Fund and Income Fund (Series I). Financial Highlights for the years 2020-2023 correspond to the Invesco V.I. Conservative Balanced Sub-Account (Series I). |
| <sup>9</sup> After the close of business on April 26, 2024, Invesco V.I. Equity and Income Fund (Series II) acquired all the net assets of Invesco V.I. Conservative Balanced Fund (Series II) pursuant to a plan of reorganization approved by the Board of Trustees of the Invesco Funds on September 20, 2023 and by the shareholders of the Invesco V.I. Conservative Balanced Fund (Series II) on January 18, 2024. Shares of Invesco V.I. Conservative Balanced Fund (Series II) were exchanged for the like class of shares of Invesco V.I. Equity and Income Fund (Series II), based on the relative net asset value of the two funds which resulted in Invesco V.I. Conservative Balanced Fund (Series II) receiving 0.89134224 shares of Invesco V.I. Equity and Income Fund (Series II) in exchange of 1 share of Invesco V.I. Conservative Balanced Fund (Series II). As a result of the underlying fund merger, the sub-account name changed from Invesco V.I. Conservative Balanced Fund (Series II) to Invesco V.I. Equity Fund and Income Fund (Series II). Financial Highlights for the years 2020-2023 correspond to the Invesco V.I. Conservative Balanced Sub-Account (Series II). |
| <sup>10</sup> After the close of business on April 29, 2022, Invesco V.I. Core Plus Bond Fund acquired all the net assets of Invesco V.I. Core Bond Fund pursuant to a plan of reorganization approved by the Board of Trustees of the Invesco V.I. Core Plus Bond Fund on December 1, 2021 and by the shareholders of the Invesco V.I. Core Bond Fund on March 31, 2022. The acquisition was accomplished by a tax-free exchange as of the close of business on April 29, 2022. Shares of Invesco V.I. Core Bond Fund were exchanged for the like class of shares of Invesco V.I. Core Plus Bond Fund, based on the relative net asset value of the two funds which resulted in Invesco V.I. Core Bond Fund receiving 1.15816327 shares of Invesco V.I. Core Plus Bond in exchange of 1 share of Invesco V.I Core Bond. As a result of the underlying fund merger, the sub account name changed from Invesco V.I. Core Bond Fund to Invesco V.I. Core Plus Bond Fund. Financial Highlights for the years 2020-2021 correspond to the Invesco V.I. Core Bond Sub-Account. |

---

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

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| | | | |
|:---|:---|:---|:---|
| ***8.*** | ***Financial Highlights*** *(Continued)* | ***Financial Highlights*** *(Continued)* | ***Financial Highlights*** *(Continued)* |
|  | **B.** | The Separate Account reflects charges associated with the contract. These charges are either assessed in the direct pricing of unit values or through a redemption of units from contracts contained within the Separate Account. The assessment of charges is based on the actual product and additional benefits or riders purchased. | The Separate Account reflects charges associated with the contract. These charges are either assessed in the direct pricing of unit values or through a redemption of units from contracts contained within the Separate Account. The assessment of charges is based on the actual product and additional benefits or riders purchased. |
|  |  | **Mortality and Expense Risk Charge**<sup>1</sup><br><sup>This charge is assessed through daily pricing of unit values.</sup> | This charge is equal, on an annual basis, to 0.80% - 1.60% of the daily value of the assets invested in each fund. |
|  |  | **Administrative Charge<sup>2</sup>**<br><sup>This charge is assessed through daily pricing of unit values.</sup> | This charge is equal, on an annual basis, to 0.15% of the daily value of the assets invested in each fund. |
|  |  | **Administrative Contract Maintenance Charge<sup>3</sup>** | $0 - $40 per contract, annually. |
|  |  | This charge is assessed through the redemption of units. |  |
|  |  | **Contingent Deferred Sales Charge/Surrender Charge** | 0% - 8% |
|  |  | This charge is assessed through the redemption of units. |  |
|  |  | **Payment Protector Charge**<br>This charge is assessed through daily pricing of unit values. | This charge is equal, on an annual basis, to 0.00% - 0.50% of the daily value of the assets invested in each fund. |
|  |  | **Additional Death Benefit Options** |  |
|  |  | These charges are annualized and are assessed through either daily pricing of unit values or the redemption of units. |  |
|  |  | **A.&nbsp;&nbsp;&nbsp;&nbsp;Reset Death Benefit<sup>4</sup>** | 0.00% - 0.20% |
|  |  | **B.&nbsp;&nbsp;&nbsp;&nbsp;Ratchet Death Benefit<sup>5</sup>** | 0.00% - 0.70% |
|  |  | **C.&nbsp;&nbsp;&nbsp;&nbsp;5% roll Up Death Benefit** | 0.00% - 0.40% |
|  |  | **D.&nbsp;&nbsp;&nbsp;&nbsp;Basic Death Benefit with Combination Feature** | 0.00% - 0.45% |
|  |  | **E.&nbsp;&nbsp;&nbsp;&nbsp;Return of Purchase Payment** | 0.00% - 0.35% |

---

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

---

| | | |
|:---|:---|:---|
| ***8.*** | ***Financial Highlights*** *(Continued)* | ***Financial Highlights*** *(Continued)* |
|  | **Rider Charges** |  |
|  | These charges are annualized and are assessed through either daily pricing of unit values or the redemption of units. |  |
|  | **A. Equalizer Benefit** | 0.00% - 0.50% |
|  | **B. Nursing Home Waiver** | 0.00% - 0.05% |
|  | **C. Earnings Enhancement Benefit** | 0.00% - 0.30% |
|  | **D. 10% / 20% Free Withdrawal Amount** | 0.00% - 0.25% |
|  | **E. 15% / 30% Free Withdrawal Amount** | 0.00% - 0.15% |
|  | **F. Guaranteed Minimum Income Benefit (GMIB)** | 0.00% - 1.50% |
|  | **G. Guaranteed Minimum Accumulation Benefit (GMAB)** | 0.00% - 1.40% |
|  | **H. Guaranteed Lifetime Withdrawal Benefit (GLWB)** | 0.00% - 1.60% |
| <sup>1</sup> | For MassMutual Artistry the charges are 1.03% but right reserved to increase to 1.25%. | For MassMutual Artistry the charges are 1.03% but right reserved to increase to 1.25%. |
| <sup>2</sup> | Right reserved to increase to 0.25%. |  |
| <sup>3</sup> | Right reserved to increase to $60. |  |
| <sup>4</sup> | For Panorama Passage the charge for the Reset Death Benefit is 0.10% on an annual basis of the daily value of the certificate value allocated to the funds and the fixed accounts, unless the charge exceeds the maximum charge, in which case, the charge is the maximum charge. The maximum charge is 0.20% on an annual basis of the daily value of the certificate value allocated to the funds. | For Panorama Passage the charge for the Reset Death Benefit is 0.10% on an annual basis of the daily value of the certificate value allocated to the funds and the fixed accounts, unless the charge exceeds the maximum charge, in which case, the charge is the maximum charge. The maximum charge is 0.20% on an annual basis of the daily value of the certificate value allocated to the funds. |
| <sup>5</sup> | The Ratchet Death Benefit is 0.25% for Panorama Passage and 0.15% for Panorama Premier on an annual basis of the daily value of the certificate value allocated to the funds and the fixed accounts, unless that charge exceeds the maximum, in this case the charge is the maximum charge. The maximum charge is 0.35% if age 60 or less at certificate issue, 0.50% if age 61 through age 70 at certificate issue, and 0.70% if age 71 or older at certificate issue, of the certificate value allocated to the funds. | The Ratchet Death Benefit is 0.25% for Panorama Passage and 0.15% for Panorama Premier on an annual basis of the daily value of the certificate value allocated to the funds and the fixed accounts, unless that charge exceeds the maximum, in this case the charge is the maximum charge. The maximum charge is 0.35% if age 60 or less at certificate issue, 0.50% if age 61 through age 70 at certificate issue, and 0.70% if age 71 or older at certificate issue, of the certificate value allocated to the funds. |
|  | Certain contracts may offer credits which will result in the purchase of units. | Certain contracts may offer credits which will result in the purchase of units. |

---

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

The Separate Account's management has reviewed events occurring through March 6, 2025, the date the financial statements were issued, and no subsequent events occurred requiring accrual or disclosure.

**MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY**

STATUTORY FINANCIAL STATEMENTS

As of December 31, 2024 and 2023 and

for the years ended December 31, 2024, 2023 and 2022

**Table of Contents**

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| | | | |
|:---|:---|:---|:---|
| | | | Page |
| [Independent Auditors' Report](#a_037) | [Independent Auditors' Report](#a_037) | [Independent Auditors' Report](#a_037) | 3 |
| [Statements of Financial Position](#a_001) | [Statements of Financial Position](#a_001) | [Statements of Financial Position](#a_001) | 5 |
| [Statutory Statements of Operations](#a_002) | [Statutory Statements of Operations](#a_002) | [Statutory Statements of Operations](#a_002) | 6 |
| [Statutory Statements of Changes in Surplus](#a_003) | [Statutory Statements of Changes in Surplus](#a_003) | [Statutory Statements of Changes in Surplus](#a_003) | 7 |
| [Statutory Statements of Cash Flows](#a_004) | [Statutory Statements of Cash Flows](#a_004) | [Statutory Statements of Cash Flows](#a_004) | 8 |
| Notes to Statutory Financial Statements: | Notes to Statutory Financial Statements: | Notes to Statutory Financial Statements: |  |
| 1. |  | [Nature of operations](#a_005) | 9 |
| 2. |  | [Summary of significant accounting policies](#a_006) | 9 |
| 3. |  | [New accounting standards](#a_007) | 23 |
| 4. |  | [Fair value of financial instruments](#a_008) | 25 |
| 5. |  | [Investments](#a_005inv) | 32 |
|  | a. | [Bonds](#a_009) | 32 |
|  | b. | [5GI Securities](#a_010) | 36 |
|  | c. | [Preferred Stock](#a_011) | 37 |
|  | d. | [Common stocks – subsidiaries and affiliates](#a_012) | 37 |
|  | e. | [Common stocks – unaffiliated](#a_013) | 39 |
|  | f. | [Mortgage loans](#a_014) | 39 |
|  | g. | [Real estate](#a_015) | 44 |
|  | h. | [Partnerships and limited liability companies](#a_016) | 44 |
|  | i. | [Derivatives](#a_017) | 45 |
|  | j. | [Repurchase agreements](#a_018) | 48 |
|  | k. | [Net investment income](#a_019) | 52 |
|  | l. | [Net realized capital (losses) gains](#a_020) | 53 |
|  | m. | [Restricted assets](#a_021) | 54 |
| 6. |  | [Federal income taxes](#a_022) | 55 |
| 7. |  | [Other than invested assets](#a_023) | 61 |
| 8. |  | [Policyholders' liabilities](#a_024) | 63 |
| 9. |  | [Reinsurance](#a_025) | 69 |
| 10. |  | [Withdrawal characteristics](#a_026) | 72 |
| 11. |  | [Debt](#a_027) | 76 |
| 12. |  | [Employee benefit plans](#a_028) | 76 |
| 13. |  | [Employee compensation plans](#a_029) | 83 |
| 14. |  | [Surplus notes](#a_030) | 85 |
| 15. |  | [Presentation of the Statutory Statements of Cash Flows](#a_031) | 86 |
| 16. |  | [Business risks, commitments and contingencies](#a_032) | 86 |
| 17. |  | [Related party transactions](#a_033) | 92 |
| 18. |  | [Subsidiaries and affiliated companies](#a_034) | 94 |
| 19. |  | [Subsequent events](#a_035) | 98 |
| 20. |  | [Impairment listing for loan-backed and structured securities](#a_036) | 99 |

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![](image_001c.jpg)

KPMG LLP One Financial Plaza<br> 755 Main Street Hartford, CT 06103

**Independent Auditors' Report**

Audit Committee of the Board of Directors

Massachusetts Mutual Life Insurance Company:

*Opinions*

We have audited the financial statements of Massachusetts Mutual Life Insurance Company (the Company), which comprise the statutory statements of financial position as of December 31, 2024 and 2023, and the related statutory statements of operations, changes in surplus, and cash flows for the three-year period ended December 31, 2024, 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, 2024 and 2023, and the results of its operations and its cash flows for the three-year period ended December 31, 2024, in accordance with accounting practices prescribed or permitted by the Commonwealth of Massachusetts Division of Insurance 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, 2024 and 2023, or the results of its operations or its cash flows for the three-year period ended December 31, 2024.

*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 Commonwealth of Massachusetts Division of Insurance, 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 Commonwealth of Massachusetts Division of

KPMG LLP, a Delaware limited liability partnership and a member firm of<br> the KPMG global organization of independent member firms affiliated with<br> KPMG International Limited, a private English company limited by guarantee.

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Insurance. 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.

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Hartford, Connecticut <br> March 3, 2025

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY

STATUTORY STATEMENTS OF FINANCIAL POSITION

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| | | |
|:---|:---|:---|
|  | December 31,<br>2024 | December 31,<br>2023 |
|  | (In Millions) | (In Millions) |
| **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Bonds | $163629 | $144433 |
| &nbsp;&nbsp;&nbsp;Preferred stocks | 1019 | 446 |
| &nbsp;&nbsp;&nbsp;Common stocks – subsidiaries and affiliates | 25840 | 25496 |
| &nbsp;&nbsp;&nbsp;Common stocks – unaffiliated | 1198 | 1623 |
| &nbsp;&nbsp;&nbsp;Mortgage loans | 23692 | 24021 |
| &nbsp;&nbsp;&nbsp;Policy loans | 17658 | 15897 |
| &nbsp;&nbsp;&nbsp;Real estate | 323 | 329 |
| &nbsp;&nbsp;&nbsp;Partnerships and limited liability companies | 14747 | 12907 |
| &nbsp;&nbsp;&nbsp;Derivatives | 24220 | 20740 |
| &nbsp;&nbsp;&nbsp;Cash, cash equivalents and short-term investments | 6004 | 11134 |
| &nbsp;&nbsp;&nbsp;Other invested assets | 3515 | 2401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total invested assets | 281845 | 259427 |
| &nbsp;&nbsp;&nbsp;Investment income due and accrued | 5347 | 5236 |
| &nbsp;&nbsp;&nbsp;Federal income taxes | 552 | 280 |
| &nbsp;&nbsp;&nbsp;Net deferred income taxes | 1857 | 1660 |
| &nbsp;&nbsp;&nbsp;Other than invested assets | 6334 | 5670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets excluding separate accounts | 295935 | 272273 |
| &nbsp;&nbsp;&nbsp;Separate account assets | 49251 | 52593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $345186 | $324866 |
| **Liabilities and Surplus:** |  |  |
| &nbsp;&nbsp;&nbsp;Policyholders' reserves | $178258 | $167250 |
| &nbsp;&nbsp;&nbsp;Liabilities for deposit-type contracts | 21228 | 19645 |
| &nbsp;&nbsp;&nbsp;Contract claims and other benefits | 595 | 714 |
| &nbsp;&nbsp;&nbsp;Policyholders' dividends | 2533 | 2150 |
| &nbsp;&nbsp;&nbsp;General expenses due or accrued | 917 | 1049 |
| &nbsp;&nbsp;&nbsp;Asset valuation reserve | 5952 | 5989 |
| &nbsp;&nbsp;&nbsp;Repurchase agreements | 3408 | 3219 |
| &nbsp;&nbsp;&nbsp;Debt | 250 | 50 |
| &nbsp;&nbsp;&nbsp;Collateral | 1915 | 2073 |
| &nbsp;&nbsp;&nbsp;Derivatives | 16774 | 13734 |
| &nbsp;&nbsp;&nbsp;Funds held under coinsurance | 29625 | 22520 |
| &nbsp;&nbsp;&nbsp;Other liabilities | 6741 | 5141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities excluding separate accounts | 268196 | 243534 |
| &nbsp;&nbsp;&nbsp;Separate account liabilities | 49108 | 52455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 317304 | 295989 |
| &nbsp;&nbsp;&nbsp;Surplus | 27882 | 28877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and surplus | $345186 | $324866 |

---

See accompanying notes to statutory financial statements

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY

STATUTORY STATEMENTS OF OPERATIONS

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| | | | |
|:---|:---|:---|:---|
|  | Years Ended December 31, | Years Ended December 31, | Years Ended December 31, |
|  | 2024 | 2023 | 2022 |
|  | (In Millions) | (In Millions) | (In Millions) |
| **Revenue:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Premium income | $21198 | $25490 | $23524 |
| &nbsp;&nbsp;&nbsp;Net investment income | 11661 | 11043 | 9302 |
| &nbsp;&nbsp;&nbsp;Fees and other income | 1258 | 1028 | 1139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 34117 | 37561 | 33965 |
| **Benefits, expenses and other deductions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Policyholders' benefits | 16945 | 17369 | 16937 |
| &nbsp;&nbsp;&nbsp;Change in policyholders' reserves | 9047 | 12273 | 10278 |
| &nbsp;&nbsp;&nbsp;General insurance expenses | 2337 | 2333 | 2191 |
| &nbsp;&nbsp;&nbsp;Commissions | 1435 | 1423 | 1324 |
| &nbsp;&nbsp;&nbsp;State taxes, licenses and fees | 325 | 329 | 310 |
| &nbsp;&nbsp;&nbsp;Other deductions | 1070 | 1122 | 677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total benefits and expenses | 31159 | 34849 | 31717 |
| &nbsp;&nbsp;&nbsp;Net gain from operations before dividends and federal income taxes | 2958 | 2712 | 2248 |
| &nbsp;&nbsp;&nbsp;Dividends to policyholders | 2501 | 2131 | 1906 |
| &nbsp;&nbsp;&nbsp;Net gain from operations before federal income taxes | 457 | 581 | 342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal income tax (benefit) expense | (293) | 116 | (64) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain from operations | 750 | 465 | 406 |
| &nbsp;&nbsp;&nbsp;Net realized capital (losses) gains | (801) | (490) | 326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Net loss) income | $(51) | $(25) | $732 |

---

See accompanying notes to statutory financial statements

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY

STATUTORY STATEMENTS OF CHANGE IN SURPLUS

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| | | | |
|:---|:---|:---|:---|
|  | Years Ended December 31, | Years Ended December 31, | Years Ended December 31, |
|  | 2024 | 2023 | 2022 |
|  | (In Millions) | (In Millions) | (In Millions) |
| Surplus, beginning of year | $28877 | $27941 | $26979 |
| Net (decrease) increase due to: |  |  |  |
| &nbsp;&nbsp;&nbsp;(Net loss) income | (51) | (25) | 732 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized capital (losses) gains, net of tax | (194) | 8 | 871 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized foreign exchange capital (losses) gains, net of tax | (261) | 376 | (1739) |
| &nbsp;&nbsp;&nbsp;Change in other net deferred income taxes | 244 | 462 | 662 |
| &nbsp;&nbsp;&nbsp;Change in nonadmitted assets | (191) | 365 | (563) |
| &nbsp;&nbsp;&nbsp;Change in asset valuation reserve | 37 | (315) | 740 |
| &nbsp;&nbsp;&nbsp;Change in reserve valuation basis |  |  | (12) |
| &nbsp;&nbsp;&nbsp;Change in surplus notes | (50) | (149) | 413 |
| &nbsp;&nbsp;&nbsp;Change in minimum pension liability | 39 | (7) | 40 |
| &nbsp;&nbsp;&nbsp;Prior period adjustments | (328) | 173 | (44) |
| &nbsp;&nbsp;&nbsp;Other | (240) | 48 | (138) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (decrease) increase | (995) | 936 | 962 |
| Surplus, end of year | $27882 | $28877 | $27941 |

---

See accompanying notes to statutory financial statements

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY

STATUTORY STATEMENTS OF CASH FLOWS

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| | | | |
|:---|:---|:---|:---|
|  | Years Ended December 31, | Years Ended December 31, | Years Ended December 31, |
|  | 2024 | 2023 | 2022 |
|  | (In Millions) | (In Millions) | (In Millions) |
| **Cash from operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Premium and other income collected | $22405 | $26418 | $24719 |
| &nbsp;&nbsp;&nbsp;Net investment income | 10079 | 12269 | 8172 |
| &nbsp;&nbsp;&nbsp;Benefit payments | (16553) | (17077) | (16698) |
| &nbsp;&nbsp;&nbsp;Net transfers from separate accounts | 1943 | 1611 | 4947 |
| &nbsp;&nbsp;&nbsp;Commissions and other expenses | (5132) | (5208) | (5292) |
| &nbsp;&nbsp;&nbsp;Dividends paid to policyholders | (2118) | (1908) | (1806) |
| &nbsp;&nbsp;&nbsp;Federal and foreign income taxes paid | 82 | 58 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash from operations | 10706 | 16163 | 14047 |
| **Cash from investments:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from investments sold, matured or repaid: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds | 40246 | 23801 | 28498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred and common stocks – unaffiliated | 251 | 290 | 422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stocks – affiliated | 191 | 105 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans | 4545 | 3621 | 3784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate | (21) | 5 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Partnerships and limited liability companies | 2740 | 1830 | 2910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivatives | (533) | (214) | (384) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | (1093) | (518) | (655) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment proceeds | 46326 | 28920 | 34824 |
| &nbsp;&nbsp;&nbsp;Cost of investments acquired: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds | (60110) | (32278) | (43003) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred and common stocks – unaffiliated | (1069) | (316) | (572) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stocks – affiliated | (177) | (256) | (624) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans | (4667) | (2896) | (2095) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate | (3) | (8) | (13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Partnerships and limited liability companies | (3231) | (2988) | (3932) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivatives | 248 |  | (267) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 441 | 153 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments acquired | (68568) | (38589) | (50495) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (increase) decrease in policy loans | (1762) | 1158 | (935) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (24004) | (8511) | (16606) |
| **Cash from financing and miscellaneous sources:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net deposits on deposit-type contracts | 1219 | 1238 | 806 |
| &nbsp;&nbsp;&nbsp;Change in surplus notes | (50) | (150) | 413 |
| &nbsp;&nbsp;&nbsp;Change in repurchase agreements | 195 | 171 | 241 |
| &nbsp;&nbsp;&nbsp;Change in collateral | (114) | (2024) | (2089) |
| &nbsp;&nbsp;&nbsp;Other cash provided (used) | 6918 | (1321) | 2813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash from (used in) financing and miscellaneous sources | 8168 | (2086) | 2184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in cash, cash equivalents and short-term investments | (5130) | 5566 | (375) |
| Cash, cash equivalents and short-term investments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of year | 11134 | 5568 | 5943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of year | $6004 | $11134 | 5568 |

---

See accompanying notes to statutory financial statements

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS

***1.***  ***Nature of operations*** 

Massachusetts Mutual Life Insurance Company (MassMutual or the Company), a mutual life insurance company domiciled in the Commonwealth of Massachusetts, and its domestic life insurance subsidiaries provide individual and group life insurance, disability income insurance (DI), individual and group annuities and guaranteed interest contracts (GIC) to individual and institutional customers in all 50 states of the United States of America (U.S.), the District of Columbia and Puerto Rico. Products and services are offered primarily through the Company's affiliated distribution channel, MassMutual Strategic Distributors (MMSD), Institutional Solutions (IS) and Worksite distribution channels.

The affiliated distribution channel is a sales force of financial professionals that operate in the U.S. The affiliated distribution channel sells life insurance, annuities, hybrid life and long term care insurance (LTC) and DI. The Company's MMSD channel sells life insurance, DI, annuity, and hybrid life and LTC solutions through a network of third-party distribution partners. The Company's IS distribution channel places group annuities, life insurance and GIC primarily through retirement advisory firms, actuarial consulting firms, investment banks, insurance benefit advisors and investment management companies. The Company's Worksite channel works with advisors and employers across the country to provide American workers with voluntary and executive benefits such as group whole life insurance, group critical illness insurance, group accident insurance and DI, through the workplace.

***2.***  ***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 Commonwealth of Massachusetts Division of Insurance (the Division).

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

*Invested assets*

 

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

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

&nbsp;&nbsp;&nbsp;&nbsp;• Interest rate and credit default swaps associated with replicated synthetic investment transactions are carried
 at amortized cost, whereas U.S. GAAP would carry them at fair value

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

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

&nbsp;&nbsp;&nbsp;&nbsp;• Financial assets including mortgage and other commercial loans, equipment loans, held-to-maturity debt securities,
 and trade, lease, reinsurance and other receivables are accounted for using the other-than-temporary impairments(s) (OTTI) model described
 in Note 2dd, whereas U.S. GAAP would use the current expected credit loss impairment model for these financial assets carried at amortized
 cost.

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

*Policyholders' liabilities*

 

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

&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;*•* 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;• 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 (losses) gains*

 

&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

*Surplus*

 

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

&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 Surplus, whereas U.S. GAAP follows the current expected credit losses model

&nbsp;&nbsp;&nbsp;&nbsp;• The overfunded status of pension and other postretirement plans, which is the excess of the fair value of
 the plan assets over the projected benefit obligation, is a nonadmitted asset for statutory accounting whereas U.S. GAAP recognizes the
 overfunded status as an asset

&nbsp;&nbsp;&nbsp;&nbsp;• Surplus notes issued by the Company are reported in surplus, whereas U.S. GAAP reports these notes as liabilities

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

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

&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

*Other*

&nbsp;&nbsp;&nbsp;&nbsp;• Assets and liabilities associated with certain group annuity and variable universal life contracts, which
 do not pass-through all investment experience to contract holders, are maintained in separate accounts and are presented on a single line
 in the statutory financial statements, whereas U.S. GAAP reports these contracts as general investments and liabilities of the Company

The preparation of financial statements requires management to make estimates and assumptions that impact the reported amounts of assets and liabilities, the disclosure of assets and liabilities as of the date of these statutory financial statements and the reported amounts of revenues and expenses during the reporting periods. The most significant estimates and assumptions include those used in determining the carrying values of investments including the amount of mortgage loan investment valuation reserves, other-than-temporary impairment, the value of the investment in MassMutual Holding LLC (MMHLLC), the liabilities for policyholders' reserves, the determination of admissible deferred tax assets (DTA), the liability for taxes and the liability for litigation or other contingencies. Future events including, but not limited to, changes in the level of mortality, morbidity, interest rates, persistency, asset valuations and defaults could cause results to differ from the estimates used in these statutory financial statements. Although some variability is inherent in these estimates, management believes the amounts presented are appropriate.

Certain prior year amounts within these financial statements have been reclassified to conform to the current year presentation.

***b.***  ***Corrections of errors and reclassifications*** 

For the years ended December 31, 2024 and 2023 corrections of prior years' errors were recorded in surplus, net of tax:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Years Ended December 31, 2024 and 2023 | Years Ended December 31, 2024 and 2023 | Years Ended December 31, 2024 and 2023 | Years Ended December 31, 2024 and 2023 | Years Ended December 31, 2024 and 2023 | Years Ended December 31, 2024 and 2023 |
|  | Increase (Decrease) to: | Increase (Decrease) to: | Increase (Decrease) to: | Increase (Decrease) to: | Increase (Decrease) to: | Increase (Decrease) to: |
|  | Prior Years' <br>Net Income | Prior Years' <br>Net Income | Current Year <br> Surplus | Current Year <br> Surplus | Asset or Liability <br> Balances | Asset or Liability <br> Balances |
|  | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| Bonds | $(82) | $— | $(82) | $— | $(82) | $— |
| Common stocks - subsidiaries and affiliates | (1) | 19 | (1) | 19 | (1) | 19 |
| Partnerships and limited liability companies | (3) | 15 | (3) | 15 | (3) | 15 |
| Derivative assets |  |  |  | (125) |  | (125) |
| Cash, cash equivalents and short-term investments | 16 |  | 16 |  | 16 |  |
| Other invested assets |  | 22 |  | 22 |  | 22 |
| Investment income due and accrued | (156) | 230 | (156) | 230 | (156) | 230 |
| Policyholders' reserves | (15) | (143) | (15) | (143) | (15) | 143 |
| Derivative liabilities |  |  |  | 7 |  | (7) |
| Other liabilities | (87) | 30 | (87) | 30 | 87 | 30 |
| &nbsp;&nbsp;&nbsp;Total | $(328) | $173 | $(328) | $55 |  |  |

---

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

***c.***  ***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 2dd. "Net realized capital (losses) gains including other-than-temporary impairments and unrealized capital gains (losses)"* for information on the Company's policy for determining OTTI.

***d.***  ***Preferred stocks*** 

 ****

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

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

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

***e.***  ***Common stocks - subsidiaries and affiliates*** 

 ****

Common stocks of unconsolidated subsidiaries, primarily MMHLLC, Glidepath Holdings Inc. (Glidepath) and MM Investment Holding (MMIH), are accounted for using the statutory equity method. The Company accounts for the value of MMHLLC at its underlying U.S. GAAP equity value less adjustments for the limited statutory basis of accounting related to foreign insurance subsidiaries and controlled affiliated entities as well as an adjustment of $305 million as of December 31, 2024 for a portion of its noncontrolling interests (NCI). Glidepath is valued on its underlying GAAP equity with adjustment to recognize its investment in MassMutual Ascend Life Insurance Company and other subsidiaries and affiliated entities (MM Ascend) based on MM Ascend's underlying statutory surplus, adjusted for any unamortized goodwill recognized under the statutory purchase method. Operating results, less dividends declared, for MMHLLC, Glidepath and MMIH are reflected as net unrealized capital gains in the Statutory Statements of Changes in Surplus. Dividends declared from MMHLLC, Glidepath and MMIH are recorded in net investment income when declared and are limited to MMHLLC, Glidepath and MMIH's U.S. GAAP retained earnings. The cost basis of common stocks – subsidiaries and affiliates is adjusted for impairments deemed to be other than temporary.

Refer to *Note 5c. "Common stocks - subsidiaries and affiliates"* for further information on the valuation of MMHLLC.

***f.***  ***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 2dd. "Net realized capital (losses) gains including other-than-temporary impairments and unrealized capital gains (losses)"* for information on the Company's policy for determining OTTI.

***g.***  ***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 2dd. "Net realized capital (losses) gains including other-than-temporary impairments and unrealized capital gains (losses)"* for information on the Company's policy for determining OTTI.

***h.***  ***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.

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

***i.***  ***Real estate*** 

 ****

Investment real estate, which the Company has the intent to hold for the production of income, and real estate occupied by the Company are carried at depreciated cost, less encumbrances. Depreciation is calculated using the straight-line method over the estimated useful life of the real estate holding, not to exceed 40 years. Depreciation expense is included in net investment income.

Real estate held for sale is initially carried at the lower of depreciated cost or fair value less estimated selling costs and is no longer depreciated. Adjustments to carrying value, including for further declines in fair value, are recorded in a valuation reserve, which is included in net realized capital (losses) gains.

Fair value is generally estimated using the present value of expected future cash flows discounted at a rate commensurate with the underlying risks, net of encumbrances. The Company also obtains external appraisals for a rotating selection of properties annually. If an external appraisal is not obtained, an internal appraisal is performed.

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

***j.***  ***Partnerships and limited liability companies*** 

 ****

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

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

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

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

***k.***  ***Derivatives*** 

 ****

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

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

***l.***  ***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, money market mutual funds 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.

***m.***  ***Investment income due and accrued*** 

 ****

Accrued investment income consists primarily of interest and dividends. Interest is recognized on an accrual basis and dividends are recorded as earned on the ex-dividend date.

***n.***  ***Federal income taxes*** 

 ****

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

***o.***  ***Other than invested assets*** 

 ****

Other than invested assets primarily includes the Company's investment in corporate-owned life insurance, deferred and uncollected life insurance premium, receivable from subsidiaries and affiliates, reinsurance recoverable, fixed assets and other receivables.

***p.***  ***Separate accounts*** 

 ****

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

Assets may be transferred from the general investments of the Company to seed the separate accounts. When assets are transferred, they are transferred at fair market value. Gains related to the transfer are deferred to the extent that the Company maintains a proportionate interest in the separate account. The deferred gain is recognized as the Company's ownership decreases or when the underlying assets are sold. Losses associated with these transfers are recognized immediately.

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

Separate accounts reflect two categories of risk assumption: nonguaranteed separate accounts for which the policyholder/contract holder assumes the investment risk and guaranteed separate accounts for which the Company contractually guarantees a minimum return, a minimum account value, or both to the policyholder/contract holder. For certain guaranteed separate account products such as interest rate guaranteed products and indexed separate account products, reserve adequacy is performed on a contract-by-contract basis using, as applicable, prescribed interest rates, mortality rates and asset risk deductions. If the outcome from this adequacy analysis produces a deficiency relative to the current account value, a liability is recorded in policyholders' reserves or liabilities for deposit-type contracts in the Statutory Statements of Financial Position with the corresponding change in the liability recorded as change in policyholders' reserves or policyholders' benefits in the Statutory Statements of Operations.

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

***q.***  ***Nonadmitted assets*** 

 ****

Assets designated as nonadmitted by the NAIC primarily include pension plan assets, intangibles, certain electronic data processing equipment, advances and prepayments, certain investments in partnerships and limited liability companies for which qualifying audits are not performed, the amount of deferred tax assets (DTA) (subject to certain limitations) that will not be realized by the end of the third calendar year following the current year end, furniture and equipment, certain other receivables and uncollected premium greater than 90 days past due. Due and accrued income is nonadmitted on: (a) bonds delinquent more than 90 days or where collection of interest is improbable; (b) impaired bonds more than 60 days past due; (c) bonds in default; (d) mortgage loans in default where interest is 180 days past due; (e) rent in arrears for more than 90 days; and (f) policy loan interest due and accrued more than 90 days past due and included in the unpaid balance of the policy loan in excess of the cash surrender value of the underlying contract. Assets that are designated as nonadmitted are excluded from the Statutory Statements of Financial Position through a change in nonadmitted assets on the Statutory Statements of Changes in Surplus.

***r.***  ***Reinsurance*** 

 ****

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

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

***s.***  ***Policyholders' reserves*** 

 ****

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

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

The Company waives deduction of deferred fractional premium at death and returns any portion of the final premium beyond the date of death. Reserves are computed using continuous functions to reflect these practices.

The Company charges a higher premium on certain contracts that cover substandard mortality risk. For these policies, the reserve calculations are based on a substandard mortality rate, which is a multiple of the standard mortality tables.

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

Certain individual variable annuity and fixed annuity products have a variety of additional guarantees such as GMDB and variable annuity guaranteed living benefits (VAGLB). The primary types of VAGLBs include guaranteed minimum accumulation benefits (GMAB), guaranteed minimum income benefits (GMIB) including GMIB Basic and GMIB Plus and guaranteed lifetime withdrawal benefits (GLWB). In general, these benefit guarantees require the contract owner or policyholder to adhere to a company-approved asset allocation strategy. The liabilities for individual variable annuity GMDB and VAGLB are included in policyholders' reserves in the Statements of Financial Position and the related changes in these liabilities are included in change in policyholders' reserves in the Statutory Statements of Operations.

Separate accounts include certain group annuity contracts used to fund retirement plans that offer a guarantee of a contract holder's principal, which can be withdrawn over a stated period of time. These contracts offer a stated rate of return backed by the Company. Contract payments are not contingent upon the life of the retirement plan participants.

Unpaid claims and claim expense reserves are related to disability and LTC claims. Unpaid disability claim liabilities are projected based on the average of the last three disability payments. LTC unpaid claim liabilities are projected using policy specific daily benefit amounts and aggregate utilization factors. Claim expense reserves are based on an analysis of the unit expenses related to the processing and examination of new and ongoing claims. Interest accrued on reserves is calculated by applying NAIC prescribed interest rates to the average reserves by year incurred.

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

All policyholders' reserves and accruals are presented net of reinsurance. Management believes that these liabilities and accruals follow statutory accounting requirements and are sufficient, in conjunction with future revenues, to meet future anticipated obligations of policies and contracts in force.

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

Liabilities for funding agreements, dividend accumulations, premium deposit funds, investment-type contracts such as supplementary contracts not involving life contingencies and certain structured settlement annuities are based on account value or accepted actuarial methods using applicable interest rates.

 ****

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

***u.***  ***Participating contracts*** 

Participating contracts are those that may be eligible to share in any dividends declared by the Company. Participating contracts issued by the Company represented 52% and 53% of the Company's policyholders' reserves and liabilities for deposit-type contracts as of December 31, 2024 and 2023, respectively.

***v.***  ***Policyholders' dividends*** 

 ****

Dividends expected to be paid to policyholders in the following year are approved annually by MassMutual's Board of Directors and are recorded as an expense in the current year. The allocation of these dividends to policyholders reflects the relative contribution of each group of participating policies to surplus and considers, among other factors, investment returns, mortality and morbidity experience, expenses and taxes. The liability for policyholders' dividends includes the estimated amount of annual dividends and settlement dividends. A settlement dividend is an extra dividend payable at termination of a policy upon maturity, death or surrender.

***w.***  ***Asset valuation reserve*** 

 ****

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

***x.***  ***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.

***y.***  ***Commercial paper*** 

 ****

The Company issues commercial paper (CP) in the form of unsecured notes. Interest on CP is calculated using a 360-day year based on the actual number of days elapsed. Due to the short-term nature of CP, the carrying value approximates fair value.

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

***z.***  ***Interest maintenance reserve*** 

 ****

The Company maintains an IMR that is used to stabilize net income against fluctuations in interest rates. After-tax realized capital gains (losses), which result from changes in interest rates for all types of fixed-income investments and interest-related derivatives, are deferred into the IMR and amortized into net investment income using the grouped amortization method. In the grouped amortization method, assets are grouped based on years of maturity. IMR is reduced by the amount ceded to reinsurers when entering into in force coinsurance ceding agreements. The IMR is included in other liabilities or, if negative, is included as net negative (Disallowed) IMR for any admitted portion in other than invested assets. Refer to *Note 3. "New accounting standards - Adoption of new accounting standards"* for further information on the adoption of INT 23-O1T - Disallowed IMR. Refer to *Note 7. "Other than invested assets"* for further information on the amount admitted as disallowed IMR.

---

| | |
|:---|:---|
| ***aa.*** | ***Employee compensation plans*** |

---

 ****

The Company has a long-term incentive compensation plan, under which certain employees of the Company and its subsidiaries may be issued phantom share-based compensation awards. These awards include Phantom Stock Appreciation Rights (PSARs) and Phantom Restricted Stock (PRS). These awards do not grant an equity or ownership interest in the Company.

PSARs provide the participant with the opportunity to share in the value created in the total enterprise. The PSAR value is the appreciation in the phantom stock price between the grant price and the share price at the time of exercise. Awards can only be settled in cash. PSARs typically cliff vest at the end of three years and expire six years after the date of grant. Vested PSARs may be exercised during quarterly two-week exercise periods prior to expiration. The compensation expense for an individual award is recognized over the service period.

PRS provide the participant with the opportunity to share in the value created in the total enterprise. Participants receive the full phantom share value (grant price plus/minus any change in share price) over the award period. Awards can only be settled in cash. PRS typically vests on a graded basis over five years, one third per year after years three, four and five. On each vesting date, a lump sum cash settlement is paid to the participant based on the number of shares vested multiplied by the most recent phantom stock price. Compensation expense is recognized on the accelerated attribution method. The accelerated attribution method recognizes compensation expense over the vesting period by which each separate payout year is treated as if it were, in substance, a separate award.

All awards granted under the Company's plans are compensatory classified awards. Compensation costs are based on the most recent quarterly calculated intrinsic value of the PSARs (current share price less grant price per share not less than zero) and PRS (current share price per share), considering vesting provisions, net of forfeiture assumptions and are included in the Statutory Statements of Financial Position as a liability in general expenses due or accrued. The compensation expense for an individual award is recognized over the service period. The cumulative compensation expense for all outstanding awards in any period is equal to the change in calculated liability period over period. The requisite service period for the awards is the vesting period.

At the time of death or disability, awards contain vesting conditions, whereby employees' unvested awards immediately vest on an accelerated basis with a one-year exercise period for PSARs, full accelerated vesting and settlement for PRS awards.

At the time of retirement, both PRS and PSAR vest according to the original grant terms.

The phantom share price is determined using the enterprise value of each entity within the organization provided it is within a pre-established range calculated using management basis equity method. If outside the range, the maximum or minimum share price established by the management basis equity method would apply, as appropriate.

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

---

| | |
|:---|:---|
| ***bb.*** | ***Other liabilities*** |

---

 ****

Other liabilities primarily consist of the derivative interest expense liability, remittances and items not allocated, other miscellaneous liabilities, liabilities for employee benefits and accrued separate account transfers.

***cc.***  ***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. DI and LTC premium is recognized as revenue when due.

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.

***dd.***  ***Net realized capital (losses) gains including other-than-temporary impairments and unrealized capital gains (losses)*** 

 ****

Net realized capital (losses) gains, net of taxes, exclude gains (losses) deferred into the IMR and gains (losses) of the separate accounts. Net realized capital (losses) gains, 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.

*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.

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

The Company analyzes investments whose fair value is below the cost for impairment. Generally, if the investment experiences significant credit or interest rate related deterioration, the cost of the investment is not recoverable, or the Company intends to sell the investment before anticipated recovery, an OTTI is recognized as realized investment loss.

*Bonds - loan-backed and structured securities*

 

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

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

The Company has a review process for determining if CDOs are at risk for OTTI. For the senior, mezzanine and junior debt tranches, cash flows are modeled using multiple scenarios based on the current ratings and values of the underlying corporate credit risks and incorporating prepayment and default assumptions that vary according to collateral attributes of each 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.

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> 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.

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

*Unrealized capital gains (losses)*

 

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

***3.***  ***New accounting standards*** 

***Adoption of new accounting standards***

In August 2023, the NAIC adopted INT 23-01T — Disallowed IMR ("INT 23-01T"). INT 23-01T provides optional, limited-term guidance for the assessment of disallowed IMR for up to 10% of adjusted general account capital and surplus. An insurer's capital and surplus must first be adjusted to exclude certain "soft assets" including net positive goodwill, electronic data processing equipment and operating system software, net deferred tax assets and admitted disallowed IMR. An insurer will only be able to admit the negative IMR if the insurer's risk-based capital is over 300% authorized control level after adjusting to remove the assets described above.

As adopted, negative IMR may be admitted first in the insurer's general account and then, if all disallowed IMR in the general account is admitted and the percentage limit is not reached, to the separate account proportionately between insulated and noninsulated accounts. If the insurer can demonstrate historical practice in which acquired gains from derivatives were also reversed to IMR (as liabilities) and amortized, there is no exclusion for derivatives losses. INT 23-01T was adopted by the Company as of September 30, 2023 and will be effective through December 31, 2025. To the extent the Company's IMR balance is a net negative, the effects of INT 23-01T will be reflected in the Company's financial position, results of operations, and financial statement disclosures. The Company has adopted this guidance and the adoption resulted in an admitted disallowed IMR of $1,112 million for MassMutual.

In March 2023, the NAIC adopted modifications to SSAP No. 34 – Investment Income Due and Accrued, effective December 31, 2023. The modifications require additional disclosures and data capture related to gross, non-admitted and admitted amounts for interest income due and accrued, deferred interest, and paid-in-kind (PIK) interest. In August 2023, the NAIC adopted revisions to further clarify the PIK interest disclosure in SSAP No. 34, effective December 31, 2023. The revisions clarify that decreasing amounts to principal balances are first applied to any PIK interest included in the principal balance. The original principal would not be reduced until the PIK interest had been fully eliminated from the balance. The revisions also provide a practical expedient for determining the PIK interest in the cumulative balance by subtracting the original principal/ par value from the current principal/ par value, with the resulting PIK interest not to go less than zero. The modifications did not have a material effect on the Company's financial statements.

In December 2023, the NAIC adopted revisions, effective January 1, 2024, to avoid allocating realized gains or losses from bond sales to the IMR when sold before a rating downgrade. Revisions were also made to avoid allocating realized gains or losses from mortgage loan sales when there is a credit loss allowance, where payments are not 90 days past due. Revisions were also made to update guidance on changes in credit ratings used to allocate credit or interest rate related gains or losses, requiring identification of realized losses from acute credit events to be allocated to AVR. The modifications did not have a material effect on the Company's financial statements.

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

In March 2024, the NAIC adopted revisions to the requirements of audit and admissibility in SSAP No. 97 – Investments in Subsidiary, Controlled and Affiliated Entities, effective March 16, 2024, to better align with the guidance on the look-through methodology. The revisions allow for admitting audited investments in entities owned by unaudited downstream noninsurance holding company SCA entity. The modifications did not have a material effect on the Company's financial statements.

***Future adoption of new accounting standards***

In August 2023, the NAIC adopted revisions to clarify and incorporate a new bond definition within disclosures SSAP No. 26 – Bonds, SSAP No. 43 – Asset-Backed Securities, and other related SSAPs, which will become effective January 1, 2025. The revisions were issued in connection with its principle-based bond definition project, "the Bond Project".

The Bond Project began in October 2020 through the development of a principle-based bond definition to be used for all securities in determining whether they qualify for reporting on the statutory annual statement Schedule D. Within the new bond definition, bonds are classified as an "issuer credit obligation" or an "asset-backed security."

An "issuer credit obligation" is defined as a bond where repayment is supported by the general creditworthiness of an operating entity, and an "asset-backed security" is defined as a bond issued by an entity created for the primary purpose of raising capital through debt backed by financial assets. The revisions to SSAP No. 26 reflect the principle-based bond definition, and SSAP No. 43 provides accounting and reporting guidance for investments that qualify as asset-backed securities under the new bond definition. Upon adoption, investments that do not qualify as bonds will not be permitted to be reported as bonds on Schedule D, Part 1 thereafter as there will be no grandfathering for existing investments that do not qualify under the revised SSAPs. The Company is currently assessing the impacts of the adopted SSAP No. 26, SSAP No. 43 and other related SSAPs in relation to the financial statements.

In March 2024, the NAIC adopted revisions to SSAP No. 21 - Other Admitted Assets, effective January 1, 2025, clarifying that residuals follow the effective yield approach with a cap and providing an election for the cost recovery method. The modifications are not expected to have a material effect on the Company's financial statements. The Company will elect the effective yield method using the allowable earned yield, capped by the amount of cash distributions received. The Company is assessing the potential impact on the Company's financial statements.

Effective January 1, 2025, revisions will be made to short-term investments, which include excluding additional investment types from being reported as cash equivalents or short-term investments regardless of maturity date of the investment at the date of acquisition. Investments will be eliminated from being reported as cash equivalents or short-term investments unless they would qualify under SSAP No. 26 – Bonds as an issuer credit obligation. Such investments will then only qualify as a cash equivalent or short-term investment if they have a maturity date within 3-months (cash equivalents) or 12-months (short-term) from the date of acquisition or meet the specifics requirements for money market mutual funds or cash pooling arrangement. The Company is assessing the potential impact on the Company's financial statements.

The NAIC adopted revisions to various SSAPs at the Spring 2024 National Meeting for investments in tax credits and acquired tax credits in response to the comments received, as well as updated annual statement reporting categories for tax credit investment risk-based capital. These revisions are in addition to the previous ones, which include broad criteria to scope in various tax credit programs, including solar programs and state specific programs. Proportional amortization will be the measurement approach as with existing low-income housing tax credits, which means recording amortization of the investment in the partnership through net investment income and use of the tax credits in the appropriate tax line. The adopted revisions will be effective on January 1, 2025. The Company is assessing the potential impact on the Company's financial statements.

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> 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:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Carrying<br> Value | Fair<br> Value | Level 1 | Level 2 | Level 3 |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| Financial assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bonds: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U. S. government and agencies | $5604 | $4968 | $— | $4968 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All other governments | 979 | 809 |  | 801 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;States, territories and possessions | 157 | 146 |  | 146 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Political subdivisions | 276 | 265 |  | 265 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special revenue | 3402 | 3321 |  | 3285 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial and miscellaneous | 139384 | 130914 | 725 | 65638 | 64551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hybrid securities | 1019 | 1041 |  | 1041 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parent, subsidiaries and affiliates | 12808 | 12429 |  | 3489 | 8940 |
| &nbsp;&nbsp;&nbsp;Preferred stocks | 1019 | 1145 | 187 | 3 | 955 |
| &nbsp;&nbsp;&nbsp;Common stocks - subsidiaries and affiliates | 150 | 150 | 16 |  | 134 |
| &nbsp;&nbsp;&nbsp;Common stocks - unaffiliated | 1198 | 1198 | 292 |  | 906 |
| &nbsp;&nbsp;&nbsp;Mortgage loans - commercial | 16962 | 15575 |  |  | 15575 |
| &nbsp;&nbsp;&nbsp;Mortgage loans - residential | 6730 | 6570 |  |  | 6570 |
| &nbsp;&nbsp;&nbsp;Derivatives: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps | 20513 | 14364 |  | 14364 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options | 567 | 566 | 113 | 453 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency swaps | 2711 | 2662 |  | 2662 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward contracts | 412 | 412 |  | 412 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit default swaps | 2 | 2 |  | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Futures | 15 | 15 | 15 |  |  |
| &nbsp;&nbsp;&nbsp;Cash, cash equivalents and short-term investments | 6004 | 6004 | 572 | 5432 |  |
| &nbsp;&nbsp;&nbsp;Separate account assets | 49251 | 49251 | 33240 | 14194 | 1817 |
| Financial liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;GICs | 17955 | 17249 |  |  | 17249 |
| &nbsp;&nbsp;&nbsp;Group annuity contracts and other deposits | 1714 | 1570 |  |  | 1570 |
| &nbsp;&nbsp;&nbsp;Individual annuity contracts | 29402 | 30328 |  |  | 30328 |
| &nbsp;&nbsp;&nbsp;Supplementary contracts | 844 | 845 |  |  | 845 |
| &nbsp;&nbsp;&nbsp;Repurchase agreements | 3408 | 3420 |  | 3420 |  |
| &nbsp;&nbsp;&nbsp;Debt | 250 | 250 |  | 250 |  |
| &nbsp;&nbsp;&nbsp;Derivatives: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps | 15665 | 16192 |  | 16192 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options | 63 | 63 | 63 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency swaps | 792 | 735 |  | 735 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward contracts | 67 | 63 |  | 63 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit default swaps | 175 | 175 |  | 175 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial futures | 12 | 12 | 12 |  |  |

---

Common stocks - subsidiaries and affiliates do not include unconsolidated subsidiaries, which had statutory carrying values of $25,690 million.

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 |
|  | Carrying<br> Value | Fair <br> Value | Level 1 | Level 2 | Level 3 |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| Financial assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bonds: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U. S. government and agencies | $5060 | $4744 | $— | $4744 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All other governments | 1242 | 1092 |  | 1062 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;States, territories and possessions | 231 | 229 |  | 229 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Political subdivisions | 363 | 353 |  | 353 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special revenue | 4986 | 4975 |  | 4938 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial and miscellaneous | 122035 | 113940 | 66 | 50235 | 63639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hybrid securities | 686 | 658 |  | 658 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parent, subsidiaries and affiliates | 9830 | 9410 |  | 1406 | 8004 |
| &nbsp;&nbsp;&nbsp;Preferred stocks | 446 | 470 | 96 |  | 374 |
| &nbsp;&nbsp;&nbsp;Common stocks - subsidiaries and affiliates | 430 | 430 | 253 |  | 177 |
| &nbsp;&nbsp;&nbsp;Common stocks - unaffiliated | 1623 | 1623 | 666 |  | 957 |
| &nbsp;&nbsp;&nbsp;Mortgage loans - commercial | 19299 | 17885 |  |  | 17885 |
| &nbsp;&nbsp;&nbsp;Mortgage loans - residential | 4722 | 4449 |  |  | 4449 |
| &nbsp;&nbsp;&nbsp;Derivatives: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps | 17292 | 12277 |  | 12277 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options | 547 | 547 | 68 | 479 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency swaps | 2831 | 2831 |  | 2831 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward contracts | 13 | 13 |  | 13 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit default swaps | 1 | 1 |  | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Futures | 56 | 56 | 56 |  |  |
| &nbsp;&nbsp;&nbsp;Cash, cash equivalents and short-term investments | 11134 | 11134 | 782 | 10352 |  |
| &nbsp;&nbsp;&nbsp;Separate account assets | 52593 | 52593 | 35002 | 15677 | 1914 |
| Financial liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;GICs | 16207 | 15550 |  |  | 15550 |
| &nbsp;&nbsp;&nbsp;Group annuity contracts and other deposits | 2053 | 1841 |  |  | 1841 |
| &nbsp;&nbsp;&nbsp;Individual annuity contracts | 25861 | 24495 |  |  | 24495 |
| &nbsp;&nbsp;&nbsp;Supplementary contracts | 942 | 943 |  |  | 943 |
| &nbsp;&nbsp;&nbsp;Repurchase agreements | 3219 | 3219 |  | 3219 |  |
| &nbsp;&nbsp;&nbsp;Debt | 50 | 50 |  | 50 |  |
| &nbsp;&nbsp;&nbsp;Derivatives: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps | 11922 | 12289 |  | 12289 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options | 35 | 35 | 35 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency swaps | 1294 | 1309 |  | 1309 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward contracts | 301 | 303 |  | 303 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit default swaps | 153 | 152 |  | 152 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial futures | 29 | 29 | 29 |  |  |

---

Common stocks - subsidiaries and affiliates do not include unconsolidated subsidiaries, which had statutory carrying values of $25,066 million.

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> 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 SOFR, cash flow estimates and earnings before interest, taxes, depreciation and amortization estimates. Investments that are priced with such unobservable inputs are classified within Level 3 of the fair value hierarchy.

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

The fair value of group annuity contracts and other deposits is determined by multiplying the book value of the contract by an average market value adjustment factor. The market value adjustment factor is directly related to the difference between the book value of client liabilities and the present value of installment payments discounted at current market value yields. The market value yield is measured by the Barclay's Aggregate Bond Index, subject to certain adjustments, and the installment period is equivalent to the duration of the Company's invested asset portfolio.

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

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Level 1 | Level 2 | Level 3 | Total |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| Financial assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bonds: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special revenue | $— | $1 | $— | $1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial and miscellaneous | 725 | 111 | 265 | 1101 |
| &nbsp;&nbsp;&nbsp;Preferred stocks | 44 |  | 46 | 90 |
| &nbsp;&nbsp;&nbsp;Common stocks - subsidiaries and affiliates | 16 |  | 134 | 150 |
| &nbsp;&nbsp;&nbsp;Common stocks - unaffiliated | 293 |  | 905 | 1198 |
| &nbsp;&nbsp;&nbsp;Derivatives: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps |  | 20508 |  | 20508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options | 114 | 453 |  | 567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency swaps |  | 2631 |  | 2631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward contracts |  | 412 |  | 412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit default swaps |  | 2 |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Futures | 15 |  |  | 15 |
| &nbsp;&nbsp;&nbsp;Separate account assets | 33240 | 14194 | 1817 | 49251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total financial assets carried at fair value | $34447 | $38312 | $3167 | $75926 |
| Financial liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Derivatives: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps | $— | $15665 | $— | $15665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options | 63 |  |  | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency swaps |  | 201 |  | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward contracts |  | 67 |  | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit default swaps |  | 175 |  | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial futures | 12 |  |  | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total financial liabilities carried at fair value | $75 | $16108 | $— | $16183 |

---

The Company does not have any financial instruments that were carried at net asset value as a practical expedient.

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> 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, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 |
|  | 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;Special revenue | $— | $2 | $— | $2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial and miscellaneous | 66 | 107 | 172 | 345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hybrid securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred stocks | 24 |  | 63 | 87 |
| &nbsp;&nbsp;&nbsp;Common stocks - subsidiaries and affiliates | 253 |  | 177 | 430 |
| &nbsp;&nbsp;&nbsp;Common stocks - unaffiliated | 666 |  | 957 | 1623 |
| Derivatives: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps |  | 17287 |  | 17287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options | 68 | 479 |  | 547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency swaps |  | 2831 |  | 2831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward contracts |  | 13 |  | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Futures | 56 |  |  | 56 |
| &nbsp;&nbsp;&nbsp;Separate account assets | 35002 | 15677 | 1914 | 52593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total financial assets carried at fair value | $36135 | $36396 | $3283 | $75814 |
| Financial liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Derivatives: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps | $— | $11922 | $— | $11922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options | 35 |  |  | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency swaps |  | 192 |  | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward contracts |  | 301 |  | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit default swaps |  | 153 |  | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial futures | 29 |  |  | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total financial liabilities carried at fair value | $64 | $12568 | $— | $12632 |

---

The Company reviews the fair value hierarchy classifications each reporting period. Changes in the observability of the valuation attributes and the level of market activity may result in a reclassification of certain financial assets or liabilities between fair value hierarchy classifications. Such reclassifications are reported as transfers between levels in the beginning fair value for the reporting period in which the changes occur.

*Valuation Techniques and Inputs*

 

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

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

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

*Separate account assets –* These assets primarily include bonds (industrial and miscellaneous; U.S. government and agencies), and derivatives. Their fair values are determined as follows:

*Bonds (Industrial and miscellaneous) –* These securities are principally valued using the market or the income approaches. Level 2 valuations are based primarily on quoted prices in markets that are not active, broker quotes, matrix pricing or other similar techniques that use standard market observable inputs such as benchmark yields, spreads versus benchmark yields, new issuances, issuer ratings, duration, and trades of identical or comparable securities. Privately placed securities are valued using discounted cash flow models using standard market observable inputs and inputs derived from, or corroborated by, market observable data including market yield curve, duration, call provisions, observable prices and spreads for similar publicly traded or privately traded issuances that incorporate the credit quality and industry sector of the issuer. This level also includes securities priced by independent pricing services that use observable inputs. Valuations based on matrix pricing or other similar techniques that utilize significant unobservable inputs or inputs that cannot be derived principally from, or corroborated by, observable market data, including adjustments for illiquidity, delta spread adjustments or spreads to reflect industry trends or specific credit-related issues are classified as Level 3. In addition, inputs including quoted prices for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2 are classified as Level 3.

*Bonds (U.S. government and agencies)* – These securities are principally valued using the market approach. Level 2 valuations are based primarily on quoted prices in markets that are not active, or using matrix pricing or other similar techniques using standard market observable inputs such as the benchmark U.S. Treasury yield curve, the spreads versus the U.S. Treasury yield curve for the identical security and comparable securities that are actively traded.

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

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

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

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

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | | | Transfers | Transfers | | |
|  | Balance <br> as of<br>01/01/24 | Gains<br> (Losses)<br> in Net<br>Income | Losses<br> (Gains)<br> in<br>Surplus |<br>Purchases |<br>Issuances |<br>Sales |<br>Settlements | In | Out |<br>Other | Balance<br> as of<br>12/31/24 |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| Financial assets: |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bonds: |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial and miscellaneous | $172 | $(130) | $9 | $7 | $3 | $— | $(10) | $— | $— | $214 | $265 |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stocks | 63 | (9) | 8 |  |  |  |  |  |  | (16) | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks: |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subsidiaries and affiliates | 177 | 3 | 3 | 415 | (259) | 66 | (346) |  | (156) | 231 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated | 957 | (6) | 136 | 258 | 221 | (12) | (674) | 25 |  |  | 905 |
| &nbsp;&nbsp;&nbsp;&nbsp;Separate account assets | 1914 | 83 |  | 21 |  | (196) | (5) |  |  |  | 1817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total financial assets | $3283 | $(59) | $156 | $701 | $(35) | $(142) | $(1035) | $25 | $(156) | $429 | $3167 |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | | | Transfers | Transfers | | |
|  | Balance <br> as of<br>01/01/23 | Gains<br> (Losses)<br> in Net<br>Income | Losses<br> (Gains)<br> in<br>Surplus |<br>Purchases |<br>Issuances |<br>Sales |<br>Settlements | In | Out |<br>Other | Balance<br> as of<br>12/31/23 |
|  | (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;&nbsp;Bonds: |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial and miscellaneous | $220 | $(4) | $(10) | $36 | $1 | $(2) | $(13) | $— | $— | $(56) | $172 |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stocks | 47 |  | 11 | 3 |  |  |  |  |  | 2 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks: |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subsidiaries and affiliates | 350 | 7 | (216) | 21 | 20 | (47) |  | 48 |  | (6) | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated | 970 | 24 | (53) | 60 | 26 | (29) | (38) |  |  | (3) | 957 |
| &nbsp;&nbsp;&nbsp;&nbsp;Separate account assets | 1693 | 271 |  | 134 |  | (182) | (2) |  |  |  | 1914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total financial assets | $3280 | $298 | $(268) | $254 | $47 | $(260) | $(53) | $48 | $— | $(63) | $3283 |

---

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. Industrial and miscellaneous bonds in other contain assets that are now carried at fair value due to ratings changes and assets are no longer carried at fair value where the fair value is now higher than the book value.

Level 3 transfers in are assets that are consistently carried at fair value but have had a level change. Common stocks unaffiliated assets were transferred from Level 2 to Level 3 due to a change in the observability of pricing inputs, at the beginning fair value for the reporting period.

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> 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, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Carrying<br> Value | Gross<br> Unrealized<br> Gains | Gross<br> Unrealized<br> Losses | Fair <br>Value |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| U.S. government and agencies | $5604 | $22 | $658 | $4968 |
| All other governments | 979 | 6 | 176 | 809 |
| States, territories and possessions | 157 |  | 11 | 146 |
| Political subdivisions | 276 | 5 | 16 | 265 |
| Special revenue | 3402 | 36 | 117 | 3321 |
| Industrial and miscellaneous | 139384 | 743 | 9213 | 130914 |
| Hybrid securities | 1019 | 44 | 22 | 1041 |
| Parent, subsidiaries and affiliates | 12808 | 29 | 408 | 12429 |
| &nbsp;&nbsp;&nbsp;Total | $163629 | $885 | $10621 | $153893 |

---

The December 31, 2024 gross unrealized losses exclude $186 million of losses included in the carrying value. These losses include $183 million from NAIC Class 6 bonds and $3 million from RMBS and CMBS whose ratings were obtained from third-party modelers. These losses were primarily included in industrial and miscellaneous or parent, subsidiaries and affiliates.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 |
|  | Carrying<br> Value | Gross<br> Unrealized<br> Gains | Gross<br> Unrealized<br> Losses | Fair <br>Value |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| U.S. government and agencies | $5060 | $70 | $385 | $4744 |
| All other governments | 1242 | 13 | 163 | 1092 |
| States, territories and possessions | 231 | 4 | 6 | 229 |
| Political subdivisions | 363 | 7 | 17 | 353 |
| Special revenue | 4986 | 113 | 125 | 4975 |
| Industrial and miscellaneous | 122035 | 823 | 8918 | 113940 |
| Hybrid securities | 686 | 18 | 46 | 658 |
| Parent, subsidiaries and affiliates | 9830 | 20 | 439 | 9410 |
| &nbsp;&nbsp;&nbsp;Total | $144433 | $1068 | $10099 | $135401 |

---

The December 31, 2023 gross unrealized losses exclude $127 million of losses included in the carrying value. These losses include $126 million from NAIC Class 6 bonds and $1 million from RMBS and CMBS whose ratings were obtained from third-party modelers. These losses were primarily included in industrial and miscellaneous or parent, subsidiaries and affiliates.

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | December 31, | December 31, | December 31, | December 31, |
|  |  | 2024 | 2024 | 2023 | 2023 |
| NAIC Class | Equivalent Rating <br> Agency Designation | Carrying<br> Value | % of Total | Carrying<br> Value | % of Total |
|  |  | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| 1 | Aaa/Aa/A | $95519 | 59% | $81184 | 56% |
| 2 | Baa | 60140 | 37 | 53888 | 37 |
| 3 | Ba | 3324 | 2 | 3617 | 3 |
| 4 | B | 2227 | 1 | 2842 | 2 |
| 5 | Caa and lower | 1862 | 1 | 2512 | 2 |
| 6 | In or near default | 557 |  | 390 |  |
|  | &nbsp;&nbsp;&nbsp;Total | $163629 | 100% | $144433 | 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, |
|  | 2024 | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | 2023 |
|  | RMBS | RMBS | CMBS | CMBS | RMBS | RMBS | CMBS | CMBS |
| NAIC<br> Class | Carrying<br> Value | % of <br>Total | Carrying<br> Value | % of <br>Total | Carrying<br> Value | % of <br>Total | Carrying<br> Value | % of <br>Total |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| 1 | $&nbsp;&nbsp;&nbsp;&nbsp;614 | 86% | $&nbsp;&nbsp;&nbsp;&nbsp; 2162 | 79% | $246 | 95% | $&nbsp;&nbsp;&nbsp;&nbsp;2020 | 75% |
| 2 | 91 | 13 | 160 | 6 |  |  | 237 | 9 |
| 3 | 4 | 1 | 160 | 6 | 1 |  | 155 | 6 |
| 4 | 1 |  | 34 | 1 | 5 | 2 | 143 | 5 |
| 5 | 1 |  | 135 | 5 | 7 | 3 | 63 | 2 |
| 6 |  |  | 87 | 3 |  |  | 72 | 3 |
|  | $711 | 100% | $2738 | 100% | $259 | 100% | $2690 | 100% |

---

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

The following is a summary of the carrying value and fair value of bonds as of December 31, 2024 and 2023 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.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 2024 | 2024 | 2023 | 2023 |
|  | Carrying<br> Value | Fair <br>Value | Carrying Value | Fair <br>Value |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| Due in one year or less | $5558 | $5541 | $8289 | $7949 |
| Due after one year through five years | 47307 | 46549 | 32923 | 32288 |
| Due after five years through ten years | 38692 | 37385 | 38086 | 36551 |
| Due after ten years | 72072 | 64417 | 65135 | 58613 |
| &nbsp;&nbsp;&nbsp;Total | $163629 | $153892 | $144433 | $135401 |

---

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, |
|  | 2024 | 2023 | 2022 |
|  | (In Millions) | (In Millions) | (In Millions) |
| Proceeds from sales | $18349 | $11489 | $16097 |
| Gross realized capital gains from sales | 210 | 102 | 143 |
| Gross realized capital losses from sales | (451) | (645) | (624) |

---

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, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Less Than 12 Months | Less Than 12 Months | Less Than 12 Months | 12 Months of Longer | 12 Months of Longer | 12 Months of Longer |
|  | Fair Value | Unrealized<br> Losses | Number of<br> Issuers | Fair Value | Unrealized<br> Losses | Number of<br> Issuers |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| U. S. government and agencies | $1240 | $88 | 6 | $2440 | $570 | 13 |
| All other governments | 61 | 2 | 14 | 622 | 174 | 27 |
| States, territories and possessions | 19 |  | 4 | 109 | 11 | 7 |
| Political subdivisions | 36 | 1 | 4 | 143 | 15 | 9 |
| Special revenue | 377 | 10 | 39 | 1077 | 107 | 119 |
| Industrial and miscellaneous | 14133 | 249 | 1117 | 52840 | 9150 | 2215 |
| Hybrid securities | 159 | 3 | 14 | 174 | 20 | 23 |
| Parent, subsidiaries and affiliates | 1304 | 10 | 12 | 6865 | 398 | 8 |
| &nbsp;&nbsp;&nbsp;Total | $17329 | $363 | 1210 | $64270 | $10445 | 2421 |

---

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 |
|  | Less Than 12 Months | Less Than 12 Months | Less Than 12 Months | 12 Months of Longer | 12 Months of Longer | 12 Months of Longer |
|  | Fair Value | Unrealized<br> Losses | Number of<br> Issuers | Fair Value | Unrealized<br> Losses | Number of<br> Issuers |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| U. S. government and agencies | $576 | $5 | 6 | $2067 | $380 | 13 |
| All other governments | 26 |  | 5 | 882 | 163 | 32 |
| States, territories and possessions | 10 |  | 3 | 98 | 6 | 8 |
| Political subdivisions | 13 |  | 3 | 176 | 17 | 10 |
| Special revenue | 331 | 8 | 27 | 1260 | 118 | 163 |
| Industrial and miscellaneous | 5713 | 264 | 585 | 65698 | 8795 | 2907 |
| Hybrid securities | 49 | 1 | 7 | 230 | 45 | 33 |
| Parent, subsidiaries and affiliates | 5042 | 316 | 10 | 2429 | 123 | 21 |
| &nbsp;&nbsp;&nbsp;Total | $11760 | $594 | 646 | $72840 | $9647 | 3187 |

---

As of December 31, 2024 and 2023, 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, 2024, investments in structured and loan-backed securities that had unrealized losses, which were not recognized in earnings, had a fair value of $11,250 million. Securities in an unrealized loss position for less than 12 months had a fair value of $4,249 million and unrealized losses of $42 million. Securities in an unrealized loss position for greater than 12 months had a fair value of $7,001 million and unrealized losses of $887 million. These securities were primarily categorized as industrial and miscellaneous or parent, subsidiaries and affiliates.

As of December 31, 2023, investments in structured and loan-backed securities that had unrealized losses, which were not recognized in earnings, had a fair value of $17,178 million. Securities in an unrealized loss position for less than 12 months had a fair value of $2,151 million and unrealized losses of $48 million. Securities in an unrealized loss position for greater than 12 months had a fair value of $15,027 million and unrealized losses of $1,261 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, 2024 or 2023 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 $10 million as of December 31, 2024 and 2023.

 

*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.

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

As of December 31, 2024, RMBS had a total carrying value of $3,882 million and a fair value of $3,904 million of which approximately 2%, based on carrying value, was classified as Alt-A. Alt-A and subprime RMBS had a total carrying value of $2,246 million and a fair value of $2,268 million. As of December 31, 2023, RMBS had a total carrying value of $3,775 million and a fair value of $3,756 million of which approximately 4%, based on carrying value, was classified as Alt-A. Alt-A and subprime RMBS had a total carrying value of $1,326 million and a fair value of $1,312 million.

During the years ended December 31, 2024, there were no significant credit downgrades for the securities held by the Company that were backed by residential mortgage pools.

*Leveraged loan exposure*

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

As of December 31, 2024, total leveraged loans had a carrying value of $3,386 million and a fair value of $3,394 million, of which approximately 45%, based on carrying value, were domestic leveraged loans. As of December 31, 2023, total leveraged loans had a carrying value of $4,708 million and a fair value of $4,690 million, of which approximately 51%, based on carrying value, were domestic leveraged loans.

In 2024, the Company refined its definition of leveraged loans to include commercial loans to high-yield corporations.

*Commercial mortgage-backed exposure*

 

The Company holds bonds backed by pools of commercial mortgages. The mortgages in these pools have varying risk characteristics related to underlying collateral type, borrower's risk profile and ability to refinance and the return provided to the borrower from the underlying collateral. These investments had a carrying value of $2,749 million and fair value of $2,449 million as of December 31, 2024 and a carrying value of $2,693 million and fair value of $2,285 million as of December 31, 2023.

***b.***  ***5GI Securities*** 

 ****

Securities owned by the Company with an NAIC designation of 5GI securities:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2023 | December 31, 2023 | December 31, 2023 |
|  | Number<br> of 5GI<br> Securities | Carrying<br> Value | Fair <br>Value | Number<br> of 5GI<br> Securities | Carrying<br> Value | Fair <br>Value |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| Investments: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bonds - amortized cost | 242 | $1002 | $987 | 245 | $1458 | $1430 |
| &nbsp;&nbsp;&nbsp;Preferred stock - amortized cost |  |  |  | 3 | 1 | 9 |
| &nbsp;&nbsp;&nbsp;Preferred stock - fair value | 2 | 1 | 1 | 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 244 | $1003 | $988 | 249 | $1459 | $1439 |

---

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

***c.***  ***Preferred stocks*** 

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

---

| | | |
|:---|:---|:---|
|  | December 31, | December 31, |
|  | 2024 | 2023 |
|  | (In Millions) | (In Millions) |
| Carrying value | $1019 | $446 |
| Gross unrealized gains | 129 | 29 |
| Gross unrealized losses | (3) | (5) |
| Fair value | $1145 | $470 |

---

As of December 31, 2024, investments in preferred stocks in an unrealized loss position included holdings with a fair value of $178 million in 12 issuers, $141 million of which was in an unrealized loss position for more than 12 months. As of December 31, 2023, investments in preferred stocks in an unrealized loss position included holdings with a fair value of $267 million in 19 issuers, $265 million of which was in an unrealized loss position for more than 12 months. Based upon the Company's impairment review process discussed in *Note 2dd. "Net realized capital (losses) gains 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, 2024 or 2023.

As of December 31, 2024 and 2023, the Company held preferred stocks for which the transfer of ownership was restricted by contractual requirements with carrying values of $96 million and $201 million, respectively.

***d.***  ***Common stocks – subsidiaries and affiliates*** 

The Company has two primary domestic life insurance subsidiaries, C.M. Life Insurance Company (C.M. Life), which primarily provides fixed and variable annuities and universal life insurance business, and MML Bay State Life Insurance Company (MML Bay State), a subsidiary of C.M. Life, which primarily issues variable life and bank-owned life insurance policies.

Summarized below is certain combined statutory financial information for the unconsolidated domestic life insurance subsidiaries:

---

| | | | |
|:---|:---|:---|:---|
|  | As of and for the Years Ended December 31, | As of and for the Years Ended December 31, | As of and for the Years Ended December 31, |
|  | 2024 | 2023 | 2022 |
|  | (In Millions) | (In Millions) | (In Millions) |
| Total Revenue | $341 | $433 | $577 |
| Net income | 9 | 48 | 155 |
| Assets | 12451 | 12653 | 12870 |
| Liabilities | 10531 | 10515 | 11090 |
| Shareholder's equity | 1920 | 2138 | 1780 |

---

In 2024, C.M. Life paid $190 million in dividends to MassMutual, and did not pay any dividends to MassMutual in 2023.

MassMutual did not make any contributions to C.M. Life in 2024 and 2023.

MMHLLC, a wholly-owned subsidiary of MassMutual, is the parent of subsidiaries that include Barings LLC (Barings) and deals in markets that include retail and institutional asset management entities and registered broker dealers.

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

The MMHLLC statutory carrying value was $17.2 billion, which included $122 million of nonadmitted asset adjustments as of December 31, 2024 and $17.6 billion as of December 31, 2023, which included $106 million of nonadmitted asset adjustments.

Summarized below is certain U.S. GAAP financial information for MMHLLC:

---

| | | | |
|:---|:---|:---|:---|
|  | As of and for the Years Ended December 31, | As of and for the Years Ended December 31, | As of and for the Years Ended December 31, |
|  | 2024 | 2023 | 2022 |
|  | (In Billions) | (In Billions) | (In Billions) |
| Total Revenue | $5.1 | $3.4 | $3.6 |
| Net income | 1.2 | 0.7 | 0.6 |
| Assets | 27.7 | 27.2 | 27.2 |
| Liabilities | 9.5 | 9.1 | 8.2 |
| Member's equity | 18.2 | 18.1 | 18.9 |

---

MMHLLC paid $785 million in dividends to MassMutual for the year ended December 31, 2024, $630 million of which were declared in 2023, and paid $730 million in dividends to MassMutual for the year ended December 31, 2023, $450 million of which were declared in 2022.

MMHLLC declared an additional $570 million in dividends to MassMutual for the year ended December 31, 2024, which will be paid in 2025.

MassMutual contributed capital of $32 million to MMHLLC for the year ended December 31, 2024, and $235 million for the year ended December 31, 2023.

As of December 31, 2024 and 2023 the Glidepath statutory carrying value was $4.7 billion and $3.6 billion, respectively.

Summarized below is certain U.S. GAAP financial information for Glidepath:

---

| | | |
|:---|:---|:---|
|  | As of and for the Years Ended<br> December 31, | As of and for the Years Ended<br> December 31, |
|  | 2024 | 2023 |
|  | (In Billions) | (In Billions) |
| Total Revenue | $&nbsp;&nbsp;&nbsp;&nbsp;3.0 | $&nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Net income | 0.3 | 0.8 |
| Assets | 58.6 | 53.4 |
| Liabilities | 55.0 | 51.5 |
| Shareholder's equity | 3.6 | 1.9 |

---

Summarized below is certain U.S. GAAP financial information for MMIH:

---

| | | | |
|:---|:---|:---|:---|
|  | As of and for the Years Ended December 31, | As of and for the Years Ended December 31, | As of and for the Years Ended December 31, |
|  | 2024 | 2023 | 2022 |
|  | (In Billions) | (In Billions) | (In Billions) |
| Total Revenue | $&nbsp;&nbsp;&nbsp;&nbsp;0.5 | $&nbsp;&nbsp;&nbsp;&nbsp;0.4 | $&nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Net income | 0.1 | 0.1 | 0.1 |
| Assets | 10.9 | 10.1 | 9.3 |
| Liabilities | 9.0 | 8.2 | 7.6 |
| Member's equity | 1.9 | 1.9 | 1.7 |

---

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

Subsidiaries of MMHLLC are involved in litigation and investigations arising in the ordinary course of their business, which seek compensatory damages, punitive damages and equitable remedies. Although the Company is not aware of any actions or allegations that reasonably could give rise to a material adverse impact to the Company's financial position or liquidity, the outcome of litigation cannot be foreseen with certainty. It is the opinion of management that the ultimate resolution of these matters will not materially impact the Company's financial position or liquidity. However, the outcome of a particular proceeding may be material to the Company's Statutory Statements of Changes in Surplus for a particular period depending upon, among other factors, the size of the loss and the level of the Company's changes in surplus for the period.

The Company does not rely on dividends from its subsidiaries to meet its operating cash flow requirements. For the domestic life insurance subsidiaries, substantially all of their statutory shareholder's equity of $1,701 million and $1,905 million as of December 31, 2024 and 2023, respectively, was subject to dividend restrictions imposed by the State of Connecticut.

For further information on related party transactions with subsidiaries and affiliates, see *Note 17. "Related party transactions".*

***e.***  ***Common stocks – unaffiliated*** 

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

---

| | | |
|:---|:---|:---|
|  | December 31, | December 31, |
|  | 2024 | 2023 |
|  | (In Millions) | (In Millions) |
| Adjusted cost basis | $783 | $1268 |
| Gross unrealized gains | 437 | 407 |
| Gross unrealized losses | (22) | (52) |
| &nbsp;&nbsp;&nbsp;Carrying value | $1198 | $1623 |

---

As of December 31, 2024, investments in unaffiliated common stocks in an unrealized loss position included holdings with a fair value of $41 million in 22 issuers, $18 million of which were in an unrealized loss position for more than 12 months. As of December 31, 2023, investments in unaffiliated common stocks in an unrealized loss position included holdings with a fair value of $308 million in 30 issuers, $289 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 2dd. "Net realized capital (losses) gains 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, 2024 or 2023.

As of December 31, 2024 and 2023 the Company held common stocks, for which the transfer of ownership was restricted by contractual requirements, with carrying values of $6 million and $106 million, respectively.

***f.***  ***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 the primary lender or a participant or co-lender in a mortgage loan agreement and mezzanine loans that are subordinate to senior secured first liens. The Company's loan agreements with the senior lender contain negotiated provisions that are designed to maximize the Company's influence with the objective of mitigating the Company's risks as the secondary lender for mezzanine loans. Commercial mortgage loans have varying risk characteristics including, among others, the borrower's liquidity, the underlying percentage of completion of a project, the returns generated by the collateral, the refinance risk associated with maturity of the loan and deteriorating collateral value.

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

Residential mortgage loans are primarily seasoned pools of homogeneous residential mortgage loans some of which are backed by Federal Housing Administration (FHA) and Veterans Administration (VA) guarantees. As of December 31, 2024 and 2023, 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, 2024 or 2023.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2023 | December 31, 2023 |
|  | 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 | $16854 | $15477 | $19162 | $17766 |
| &nbsp;&nbsp;&nbsp;Mezzanine loans | 108 | 98 | 137 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial mortgage loans | 16962 | 15575 | 19299 | 17885 |
| Residential mortgage loans: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;FHA insured and VA guaranteed | 1599 | 1487 | 1833 | 1699 |
| &nbsp;&nbsp;&nbsp;Other residential loans | 5131 | 5083 | 2889 | 2750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total residential mortgage loans | 6730 | 6570 | 4722 | 4449 |
| Total mortgage loans | $23692 | $22145 | $24021 | $22334 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Less Than<br> 81% | 81% to 95% | Above 95% | Total | % of Total |
|  | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) |
| Office | $2865 | $1319 | $1423 | $5607 | 33% |
| Apartments | 4604 | 409 | 371 | 5384 | 32 |
| Industrial and other | 2641 | 24 | 73 | 2738 | 16 |
| Retail | 1524 | 145 | 34 | 1703 | 10 |
| Hotels | 1260 | 179 | 90 | 1529 | 9 |
| &nbsp;&nbsp;&nbsp;Total | $12894 | $2076 | $1991 | $16961 | 100% |

---

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 |
|  | Less Than<br> 81% | 81% to 95% | Above 95% | Total | % of Total |
|  | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) |
| Office | $4957 | $508 | $1042 | $6507 | 34% |
| Apartments | 5064 | 417 | 235 | 5716 | 30 |
| Industrial and other | 2765 | 25 | 24 | 2814 | 15 |
| Retail | 2276 |  | 70 | 2346 | 12 |
| Hotels | 1742 | 82 | 92 | 1916 | 10 |
| &nbsp;&nbsp;&nbsp;Total | $16804 | $1032 | $1463 | $19299 | 100% |

---

For the years ended December 31, 2024 and 2023, the Company's commercial mortgage loans' loan-to-value ratios below 81% were 76% and 87%, respectively.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | AAA/<br> AA/A | BBB | BB | B | CCC and<br> Lower | Total |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| Commercial mortgage loans: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Primary lender | $4324 | $8145 | $2718 | $978 | $689 | $16854 |
| &nbsp;&nbsp;&nbsp;Mezzanine loans |  | 72 | 36 |  |  | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial mortgage loans | 4324 | 8217 | 2754 | 978 | 689 | 16962 |
| Residential mortgage loans: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;FHA insured and VA guaranteed | 1599 |  |  |  |  | 1599 |
| &nbsp;&nbsp;&nbsp;Other residential loans | 745 | 4365 | 20 | 1 |  | 5131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total residential mortgage loans | 2344 | 4365 | 20 | 1 |  | 6730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total mortgage loans | $6668 | $12582 | $2774 | $979 | $689 | $23692 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 |
|  | AAA/<br> AA/A | BBB | BB | B | CCC and<br> Lower | Total |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| Commercial mortgage loans: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Primary lender | $6014 | $9680 | $2156 | $875 | $437 | $19162 |
| &nbsp;&nbsp;&nbsp;Mezzanine loans |  | 80 | 57 |  |  | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total commercial mortgage loans | 6014 | 9760 | 2213 | 875 | 437 | 19299 |
| Residential mortgage loans: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;FHA insured and VA guaranteed | 1832 |  |  |  |  | 1832 |
| &nbsp;&nbsp;&nbsp;Other residential loans |  | 2759 | 23 | 108 |  | 2889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total residential mortgage loans | 1832 | 2759 | 23 | 108 |  | 4722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total mortgage loans | $7846 | $12519 | $2236 | $983 | $437 | $24021 |

---

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

As of December 31, 2024 and 2023 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 79.75% and 80%, respectively.

The geographic distribution of commercial mortgage loans was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2023 | December 31, 2023 |
|  | Carrying <br>Value | Average <br>Loan-to-Value <br>Ratio | Carrying <br>Value | Average <br>Loan-to-Value <br>Ratio |
|  | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) |
| California | $3465 | 83% | $3904 | 66% |
| Texas | 1852 | 63% | 1812 | 56% |
| United Kingdom | 1710 | 55% | 2110 | 51% |
| New York | 1565 | 81% | 1894 | 66% |
| Illinois | 1033 | 55% | 1444 | 56% |
| District of Columbia | 875 | 80% | 929 | 82% |
| Washington | 766 | 62% | 1018 | 70% |
| All other | 5694 | 76% | 6190 | 72% |
| &nbsp;&nbsp;&nbsp;Total commercial mortgage loans | $16960 | 73% | $19301 | 66% |

---

For the years ended December 31, 2024 and 2023, all other consists of 29 jurisdictions with no individual exposure exceeding $760 million and 30 jurisdictions with no individual exposure exceeding $878 million, respectively.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Years Ended December 31, | Years Ended December 31, | Years Ended December 31, | Years Ended December 31, |
|  | 2024 | 2024 | 2023 | 2023 |
|  | Low | High | Low | High |
| Commercial mortgage loans | 2.5% | 12.2% | 1.8% | 12.9% |
| Residential mortgage loans | 2.2% | 12.2% | 2.2% | 11.8% |
| Mezzanine mortgage loans | 5.3% | 13.7% | 5.3% | 14.4% |

---

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, |
|  | 2024 | 2024 | 2023 | 2023 |
|  | Low | High | Low | High |
| Commercial mortgage loans | 4.3% | 11.3% | 4.3% | 11.0% |
| Residential mortgage loans | 4.1% | 11.7% | 4.2% | 11.8% |
| Mezzanine mortgage loans | —% | —% | 5.5% | 8.0% |

---

As of December 31, 2024, 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.

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

The following presents a summary of the Company's impaired mortgage loans as of December 31, 2024 and December 31, 2023:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Carrying<br> Value | Average<br> Carrying<br> Value | Unpaid<br> Principal<br> Balance | Valuation<br> Allowance | Interest<br> Income |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| With allowance recorded: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial mortgage loans: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Primary lender | $&nbsp;&nbsp;&nbsp;&nbsp;88 | $&nbsp;&nbsp;&nbsp;&nbsp;102 | $&nbsp;&nbsp;&nbsp;&nbsp;125 | $&nbsp;&nbsp;&nbsp;&nbsp; (35) | $&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 88 | 102 | 125 | (35) | 4 |
| With no allowance recorded: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial mortgage loans: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Primary lender | $399 | $403 | $552 | $— | $3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 399 | 403 | 552 |  | 3 |
| Total impaired commercial mortgage loans | $487 | $505 | $677 | $(35) | $7 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 |
|  | Carrying<br> Value | Average<br> Carrying<br> Value | Unpaid<br> Principal<br> Balance | Valuation<br> Allowance | Interest<br> Income |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| With allowance recorded: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial mortgage loans: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Primary lender | $&nbsp;&nbsp;&nbsp;&nbsp;465 | $&nbsp;&nbsp;&nbsp;&nbsp;537 | $&nbsp;&nbsp;&nbsp;&nbsp;624 | $&nbsp;&nbsp;&nbsp;&nbsp;(157) | $&nbsp;&nbsp;&nbsp;&nbsp;24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 465 | 537 | 624 | (157) | 24 |
| Total impaired commercial mortgage loans | $465 | $537 | $624 | $(157) | $24 |

---

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, 2024 or 2023. As of December 31, 2024 and 2023 the carrying value of commercial mortgage loans subject to a participant or co-lender mortgage loan agreement was $724 million and $855 million, respectively.

Allowance for credit losses:

---

| | | |
|:---|:---|:---|
|  | Years Ended December 31, | Years Ended December 31, |
|  | 2024 | 2023 |
| Balance at the beginning of period | $(157) | $— |
| &nbsp;&nbsp;&nbsp;Additions charged to operations | (94) | (171) |
| &nbsp;&nbsp;&nbsp;Direct write-downs charged against the allowances |  | 1 |
| &nbsp;&nbsp;&nbsp;Recoveries of amounts previously charged off | 216 | 13 |
| Balance at the end of the period | $(35) | $(157) |

---

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

***g.***  ***Real estate*** 

The carrying value of real estate was as follows:

---

| | | |
|:---|:---|:---|
|  | December 31, | December 31, |
|  | 2024 | 2023 |
|  | (In Millions) | (In Millions) |
| Held for the production of income | $356 | $355 |
| Accumulated depreciation | (109) | (94) |
| Encumbrances | (264) | (285) |
| &nbsp;&nbsp;&nbsp;Held for the production of income, net | (17) | (24) |
| Held for sale | 76 | 76 |
| Accumulated depreciation | (74) | (74) |
| &nbsp;&nbsp;&nbsp;Held for sale, net | 2 | 2 |
| Occupied by the Company | 568 | 566 |
| Accumulated depreciation | (230) | (215) |
| &nbsp;&nbsp;&nbsp;Occupied by the Company, net | 338 | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total real estate | $323 | $329 |

---

Depreciation expense on real estate was $30 million for the year ended December 31, 2024, $31 million for the year ended December 31, 2023 and $36 million for the year ended December 31, 2022.

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

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

---

| | | |
|:---|:---|:---|
|  | December 31, | December 31, |
|  | 2024 | 2023 |
|  | (In Millions) | (In Millions) |
| Joint venture interests: |  |  |
| &nbsp;&nbsp;&nbsp;Common stocks - subsidiaries and affiliates | $2189 | $2001 |
| &nbsp;&nbsp;&nbsp;Common stocks - unaffiliated | 3268 | 3462 |
| &nbsp;&nbsp;&nbsp;Real estate | 3497 | 2382 |
| &nbsp;&nbsp;&nbsp;Bonds / preferred stock | 959 | 735 |
| &nbsp;&nbsp;&nbsp;Other | 1716 | 1718 |
| Mortgage loans | 2563 | 2096 |
| Surplus notes | 440 | 385 |
| LIHTCs | 115 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $14747 | $12907 |

---

As of December 31, 2024 and 2023, the Company held 14 affiliated partnerships and limited liability companies in a loss position with accumulated losses of $57 million and 13 affiliated partnerships and limited liability companies in a loss position with accumulated losses of $63 million, respectively.

The Company's unexpired tax credits expire within a range of less than 1 year to 12 years.

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

As of December 31, 2024 and 2023, the Company recorded tax credits on these investments of $57 million and $55 million, respectively. The minimum holding period required for the Company's LIHTC investments extends from 1 year to 15 years.

For determining impairments for LIHTC investments, the Company uses the present value of all future benefits, the majority of which are tax credits, discounted at a risk-free rate ranging from 4.2% for future benefits of two years to 4.6% for future benefits of ten or more years, and compares the result to its current carry value. The Company recorded no impairments for the year ended December 31, 2024 and $14 million impairments to LIHTC investments for the year ended December 31, 2023.

***i.***  ***Derivatives*** 

The Company uses derivative financial instruments in the normal course of business to manage risks, primarily to reduce currency, interest rate and duration imbalances determined in asset/liability analyses. The Company also uses a combination of derivatives and fixed income investments to create replicated synthetic investments. These replicated synthetic investments are created when they are economically more attractive than the actual instrument or when similar instruments are unavailable. Replicated synthetic investments are created either to hedge and reduce the Company's credit exposure or to create an investment in a particular asset. The Company held replicated synthetic investments with a notional amount of $33,462 million as of December 31, 2024 and $31,687 million as of December 31, 2023, 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.

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 45 years. A swaption is an option to enter an interest rate swap to either receive or pay a fixed rate at a future date. The Company purchases these options for the purpose of managing interest rate risks in its assets and liabilities.

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

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

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

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

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

Net collateral pledged to the counterparties was $441 million as of December 31, 2024, and net collateral pledged by the counterparties was $421 million as of December 31, 2023. In the event of default, the full market value exposure at risk, net of offsets and collateral, was $160 million and $269 million as of December 31, 2024 and 2023, respectively. The statutory net amount at risk, defined as net collateral pledged and statement values excluding accrued interest, was $5,170 million and $5,003 million as of December 31, 2024 and 2023, respectively.

As of December 31, 2024, the company had the right to rehypothecate or repledge securities totaling $1,489 million, pledged by the counterparties, of the $441 million of the net collateral pledged to counterparties. As of December 31, 2023, the company had the right to rehypothecate or repledge securities totaling $1,444 million, pledged by the counterparties, of the $421 million of the net collateral pledged to counterparties. There were no securities rehypothecated to other counterparties as of December 31, 2024 or December 31, 2023.

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 |
|  | Assets | Assets | Liabilities | Liabilities | Assets | Assets | Liabilities | Liabilities |
|  | Carrying Value | Notional Amount | Carrying Value | Notional Amount | Carrying Value | Notional Amount | Carrying Value | Notional Amount |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| Interest rate swaps | $20513 | $173481 | $15665 | $164073 | $17292 | $177596 | $11922 | $128949 |
| Options | 567 | 11002 | 63 | 242 | 547 | 11727 | 35 | 248 |
| Currency swaps | 2711 | 31042 | 792 | 15461 | 2831 | 28593 | 1294 | 14672 |
| Forward contracts | 412 | 12503 | 67 | 5519 | 13 | 993 | 301 | 9162 |
| Credit default swaps | 2 | 162 | 175 | 7903 | 1 | 81 | 153 | 7902 |
| Financial futures | 15 | 567 | 12 | 506 | 56 | 674 | 29 | 257 |
| &nbsp;&nbsp;&nbsp;Total | $24220 | $228757 | $16774 | $193704 | $20740 | $219664 | $13734 | $161190 |

---

The average fair value of outstanding derivative assets was $22,544 and $22,228 million for the years ended December 31, 2024 and 2023, respectively. The average fair value of outstanding derivative liabilities was $15,554 and $14,607 million for the years ended December 31, 2024 and 2023, respectively.

The following summarizes the notional amounts of the Company's credit default swaps by contractual maturity:

---

| | | |
|:---|:---|:---|
|  | December 31, | December 31, |
|  | 2024 | 2023 |
|  | (In Millions) | (In Millions) |
| Due after one year through five years | $8065 | $7983 |
| &nbsp;&nbsp;&nbsp;Total | $8065 | $7983 |

---

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

---

| | | |
|:---|:---|:---|
|  | December 31, | December 31, |
|  | 2024 | 2023 |
|  | (In Millions) | (In Millions) |
| Open interest rate swaps in a fixed pay position | $147691 | $130853 |
| Open interest rate swaps in a fixed receive position | 186865 | 170817 |
| Other interest related swaps | 2998 | 4875 |
| &nbsp;&nbsp;&nbsp;Total interest rate swaps | $337554 | $306545 |

---

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Years Ended December 31, | Years Ended December 31, | Years Ended December 31, | Years Ended December 31, | Years Ended December 31, | Years Ended December 31, |
|  | 2024 | 2024 | 2023 | 2023 | 2022 | 2022 |
|  | Net Realized<br> (Losses)<br> Gains on<br> Closed<br> Contracts | Change in Net<br> Unrealized<br> (Losses) Gains<br> on Open<br> Contracts | Net Realized<br> (Losses)<br> Gains on<br> Closed<br> Contracts | Change in Net<br> Unrealized<br> (Losses) Gains<br> on Open<br> Contracts | Net Realized<br> (Losses)<br> Gains on<br> Closed<br> Contracts | Change in Net<br> Unrealized<br> (Losses) Gains<br> on Open<br> Contracts |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| Interest rate swaps | $(294) | $(521) | $(267) | $118 | $(717) | $846 |
| Currency swaps | 122 | (204) | 101 | (309) | 69 | 2204 |
| Options | (31) | 7 | 31 | (96) | (6) | 385 |
| Credit default swaps | (69) | 43 | (39) | (24) | 2 | (17) |
| Forward contracts | (17) | 633 | (62) | (66) | 853 | (222) |
| Financial futures | (55) | (24) | (107) | 9 | (902) | (15) |
| &nbsp;&nbsp;&nbsp;Total | $(344) | $(66) | $(343) | $(368) | $(702) | $3181 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2023 | December 31, 2023 | December 31, 2023 |
|  | Derivative<br> Assets | Derivative<br> Liabilities | Net | Derivative<br> Assets | Derivative<br> Liabilities | Net |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| Gross | $24220 | $16774 | $7446 | $20740 | $13734 | $7006 |
| Due and accrued | 1421 | 2515 | (1094) | 1371 | 2387 | (1016) |
| Gross amounts offset | (22311) | (22311) |  | (19063) | (19063) |  |
| &nbsp;&nbsp;&nbsp;Net asset | 3330 | (3022) | 6352 | 3048 | (2943) | 5990 |
| Collateral posted | (3366) | (3807) | 441 | (3438) | (3017) | (421) |
| &nbsp;&nbsp;&nbsp;Net | $(36) | $(6829) | $6793 | $(390) | $(5959) | $5569 |

---

***j.***  ***Repurchase agreements*** 

The Company has entered into repurchase agreements whereby the Company sells securities and simultaneously agrees to repurchase the same or substantially the same securities. These repurchase agreements are accounted for as collateralized borrowings with the proceeds from the sale of the securities recorded as a liability and 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, which is at cost, reported in the Company's liabilities as repurchase agreements approximates the fair value.

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

The following table provides contractual maturity, maximum balance during the year, and ending balance for bilateral repurchase agreements:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, | December 31, | December 31, | December 31, |
|  | 2024 | 2024 | 2023 | 2023 |
|  | Maximum<br> Balance | Ending<br> Balance | Maximum<br> Balance | Ending<br> Balance |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| 2 Days to 1 Week | $425 | $— | $— | $— |
| From 1 Week to 1 Month | 1359 |  | 596 |  |
| Greater than 1 Month to 3 Months | 5437 | 2778 | 3247 | 2136 |
| Greater than 3 Months to 1 Year | 630 | 630 | 1088 | 1085 |
| &nbsp;&nbsp;&nbsp;Total | $7851 | $3408 | $4931 | $3221 |

---

The company did not have any repurchase agreements where securities sold and/or acquired resulted in default as of December 31, 2024 and 2023.

The following table presents the fair value and amortized cost of securities sold under bilateral repurchase agreement transactions, which were all NAIC rating of 1, for the years ended December 31, 2024 and 2023:

---

| | | |
|:---|:---|:---|
|  | Maximum Balance | Ending Balance |
|  | (In Millions) | (In Millions) |
| March 31, 2024 |  |  |
| &nbsp;&nbsp;&nbsp;Fair Value | $4473 | $3466 |
| &nbsp;&nbsp;&nbsp;Carrying Value | $— | $3466 |
| June 30, 2024 |  |  |
| &nbsp;&nbsp;&nbsp;Fair Value | $3532 | $3449 |
| &nbsp;&nbsp;&nbsp;Carrying Value | $— | $3799 |
| September 30, 2024 |  |  |
| &nbsp;&nbsp;&nbsp;Fair Value | $3710 | $3671 |
| &nbsp;&nbsp;&nbsp;Carrying Value | $— | $3816 |
| December 31, 2024 |  |  |
| &nbsp;&nbsp;&nbsp;Fair Value | $3650 | $3420 |
| &nbsp;&nbsp;&nbsp;Carrying Value | $— | $3824 |
| March 31, 2023 |  |  |
| &nbsp;&nbsp;&nbsp;Fair Value | $3054 | $3019 |
| &nbsp;&nbsp;&nbsp;Carrying Value | $— | $3019 |
| June 30, 2023 |  |  |
| &nbsp;&nbsp;&nbsp;Fair Value | $3615 | $2910 |
| &nbsp;&nbsp;&nbsp;Carrying Value | $— | $2910 |
| September 30, 2023 |  |  |
| &nbsp;&nbsp;&nbsp;Fair Value | $3563 | $3563 |
| &nbsp;&nbsp;&nbsp;Carrying Value | $— | $3563 |
| December 31, 2023 |  |  |
| &nbsp;&nbsp;&nbsp;Fair Value | $3563 | $3221 |
| &nbsp;&nbsp;&nbsp;Carrying Value | $— | $3221 |

---

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

The following table presents the cash collateral and the fair value of security collateral, which were all NAIC rating of 1, received in the bilateral repurchase agreement transactions for the years ended December 31, 2024 and 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Maximum Balance | Maximum Balance | Ending Balance | Ending Balance |
|  | Cash | Securities | Cash | Securities |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| March 31, 2024 | $96 | $3530 | $16 | $3487 |
| June 30, 2024 | $3741 | $14 | $3431 | $— |
| September 30, 2024 | $5658 | $13 | $3622 | $— |
| December 31, 2024 | $5897 | $1 | $3357 | $1 |
| March 31, 2023 | $130 | $3066 | $19 | $3022 |
| June 30, 2023 | $89 | $3031 | $4 | $2918 |
| September 30, 2023 | $110 | $3247 | $110 | $2717 |
| December 31, 2023 | $137 | $3230 | $1 | $3230 |

---

The following table presents collateral received, aggregate allocation of the collateral by the remaining contractual maturity of the repurchase agreements for the years ended December 31, 2024 and 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Overnight and<br> Continuous | 30 Days or<br> Less | 31 to 90 Days | > 90days |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| Maximum Balance |  |  |  |  |
| &nbsp;&nbsp;&nbsp;March 31, 2024 | $&nbsp;&nbsp;&nbsp;&nbsp; — | $— | $1626 | $1880 |
| &nbsp;&nbsp;&nbsp;June 30, 2024 | $— | $14 | $1551 | $1927 |
| &nbsp;&nbsp;&nbsp;September 30, 2024 | $— | $789 | $2164 | $213 |
| &nbsp;&nbsp;&nbsp;December 31, 2024 | $— | $223 | $3031 | $485 |
| &nbsp;&nbsp;&nbsp;March 31, 2023 | $— | $259 | $2787 | $— |
| &nbsp;&nbsp;&nbsp;June 30, 2023 | $— | $92 | $2925 | $— |
| &nbsp;&nbsp;&nbsp;September 30, 2023 | $— | $— | $3086 | $— |
| &nbsp;&nbsp;&nbsp;December 31, 2023 | $— | $134 | $2716 | $250 |
| Ending Balance |  |  |  |  |
| &nbsp;&nbsp;&nbsp;March 31, 2024 | $— | $— | $1626 | $1880 |
| &nbsp;&nbsp;&nbsp;June 30, 2024 | $— | $14 | $1551 | $1927 |
| &nbsp;&nbsp;&nbsp;September 30, 2024 | $— | $789 | $2164 | $213 |
| &nbsp;&nbsp;&nbsp;December 31, 2024 | $— | $223 | $3031 | $485 |
| &nbsp;&nbsp;&nbsp;March 31, 2023 | $— | $259 | $2787 | $— |
| &nbsp;&nbsp;&nbsp;June 30, 2023 | $— | $92 | $2925 | $— |
| &nbsp;&nbsp;&nbsp;September 30, 2023 | $— | $— | $3086 | $— |
| &nbsp;&nbsp;&nbsp;December 31, 2023 | $— | $134 | $2716 | $250 |

---

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

The following table presents cash collateral received that has been reinvested, the total reinvested cash and the aggregate amortized cost and fair value of the invest asset acquired with the cash collateral for the years ended December 31, 2024 and 2023:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 1 to 2 Years | 1 to 2 Years | 2 to 3 Years | 2 to 3 Years | > 3 Years | > 3 Years |
|  | Amortized Cost | Fair <br>Value | Amortized Cost | Fair <br>Value | Amortized Cost | Fair <br>Value |
| Maximum Balance |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;March 31, 2024 | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;June 30, 2024 | $— | $— | $1125 | $1139 | $2674 | $2310 |
| &nbsp;&nbsp;&nbsp;September 30, 2024 | $— | $— | $1142 | $1183 | $2674 | $2467 |
| &nbsp;&nbsp;&nbsp;December 31, 2024 | $— | $— | $1149 | $1170 | $2256 | $1881 |
| &nbsp;&nbsp;&nbsp;March 31, 2023 | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;June 30, 2023 | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;September 30, 2023 | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;December 31, 2023 | $— | $— | $— | $— | $— | $— |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 1 to 2 Years | 1 to 2 Years | 2 to 3 Years | 2 to 3 Years | > 3 Years | > 3 Years |
|  | Amortized Cost | Fair <br>Value | Amortized Cost | Fair <br>Value | Amortized Cost | Fair <br>Value |
| Ending Balance |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;March 31, 2024 | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;June 30, 2024 | $— | $— | $1125 | $1139 | $2674 | $2310 |
| &nbsp;&nbsp;&nbsp;September 30, 2024 | $— | $— | $1142 | $1183 | $2674 | $2467 |
| &nbsp;&nbsp;&nbsp;December 31, 2024 | $— | $— | $1149 | $1170 | $2256 | $1881 |
| &nbsp;&nbsp;&nbsp;March 31, 2023 | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;June 30, 2023 | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;September 30, 2023 | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;December 31, 2023 | $— | $— | $— | $— | $— | $— |

---

To help manage the mismatch of maturity dates between the security lending transactions and the related reinvestment of the collateral received, the Company invests in highly liquid assets.

The following table presents liability recognized to return cash collateral, and the liability recognized to return securities received as collateral as required pursuant to the terms of the secured borrowing transactions for the years ended December 31, 2024 and 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Maximum Balance | Maximum Balance | Ending Balance | Ending Balance |
|  | Cash | Securities | Cash | Securities |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| March 31, 2024 | $96 | $3530 | $16 | $3487 |
| June 30, 2024 | $3741 | $14 | $3431 | $— |
| September 30, 2024 | $5658 | $13 | $3622 | $— |
| December 31, 2024 | $5897 | $1 | $3357 | $1 |

---

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Maximum Balance | Maximum Balance | Ending Balance | Ending Balance |
|  | Cash | Securities | Cash | Securities |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| March 31, 2023 | $130 | $3066 | $19 | $3022 |
| June 30, 2023 | $89 | $3031 | $4 | $2918 |
| September 30, 2023 | $110 | $3247 | $110 | $2717 |
| December 31, 2023 | $137 | $3230 | $1 | $3230 |

---

The company did not have any reverse repurchase transactions accounted for as secured borrowings as of December 31, 2024 and 2023.

The Company did not have any repurchase agreements or reverse repurchase agreements transactions accounted for as a sale as of December 31, 2024 and 2023.

***k.***  ***Net investment income*** 

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

---

| | | | |
|:---|:---|:---|:---|
|  | Years Ended | Years Ended | Years Ended |
|  | December 31, | December 31, | December 31, |
|  | 2024 | 2023 | 2022 |
|  | (In Millions) | (In Millions) | (In Millions) |
| Bonds | $8415 | $7275 | $5215 |
| Preferred stocks | 24 | 27 | 22 |
| Common stocks - subsidiaries and affiliates | 919 | 1115 | 878 |
| Common stocks - unaffiliated | 125 | 111 | 102 |
| Mortgage loans | 1145 | 1102 | 1118 |
| Policy loans | 1062 | 1058 | 1141 |
| Real estate | 80 | 70 | 79 |
| Partnerships and limited liability companies | 965 | 957 | 1014 |
| Derivatives | (455) | (84) | 464 |
| Cash, cash equivalents and short-term investments | 345 | 363 | 80 |
| Other | 264 | 184 | 35 |
| &nbsp;&nbsp;&nbsp;Subtotal investment income | 12889 | 12178 | 10148 |
| &nbsp;&nbsp;&nbsp;Amortization of the IMR | (127) | (51) | (50) |
| &nbsp;&nbsp;&nbsp;Net gains from separate accounts | 3 | 3 |  |
| &nbsp;&nbsp;&nbsp;Investment expenses | (1104) | (1087) | (796) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $11661 | $11043 | $9302 |

---

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

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

 ****

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, |
|  | 2024 | 2023 | 2022 |
|  | (In Millions) | (In Millions) | (In Millions) |
| Bonds | $(501) | $(720) | $(889) |
| Preferred stocks | 16 |  | (6) |
| Common stocks - subsidiaries and affiliates | 62 | 24 | (13) |
| Common stocks - unaffiliated | (44) | 15 | 64 |
| Mortgage loans | (331) | (73) | (41) |
| Real estate |  | 3 | 127 |
| Partnerships and limited liability companies | (71) | (314) | (355) |
| Derivatives | (345) | (344) | (701) |
| Other | 12 | (7) | (74) |
| &nbsp;&nbsp;&nbsp;Net realized capital losses before federal and state taxes and deferral to the IMR | (1202) | (1416) | (1888) |
| &nbsp;&nbsp;&nbsp;Net federal and state tax (expense) benefit | (28) | 281 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized capital losses before deferral to the IMR | (1230) | (1135) | (1794) |
| Net after tax capital losses deferred to the IMR | 429 | 645 | 2120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized capital (losses) gains | $(801) | $(490) | $326 |

---

OTTI, included in the net realized capital (losses) gains, consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | Years Ended December 31, | Years Ended December 31, | Years Ended December 31, |
|  | 2024 | 2023 | 2022 |
|  | (In Millions) | (In Millions) | (In Millions) |
| Bonds | $(260) | $(178) | $(416) |
| Common stocks - subsidiaries and affiliates | (3) | (1) |  |
| Common stocks - unaffiliated | (18) |  | (2) |
| Preferred stock | (9) |  | (6) |
| Mortgage loans | (216) | (13) | (4) |
| Partnerships and limited liability companies | (128) | (353) | (183) |
| &nbsp;&nbsp;&nbsp;Total OTTI | $(634) | $(545) | $(611) |

---

The Company recognized OTTI of $17 million and $15 million for the years ended December 31, 2024 and 2023, respectively, 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 $260 million of bond OTTI for the year ended December 31, 2024, less than 1% of the $178 million of bond OTTI for the year ended December 31, 2023 and less than 1% of the $416 million of bond OTTI for the year ended December 31, 2022. The remaining OTTI amounts were determined using external inputs such as publicly observable fair values and credit ratings. Refer to *Note 2dd. "Net realized capital (losses) gains including other-than-temporary impairments and unrealized capital gains (losses)"* for more information on assumptions and inputs used in the Company's OTTI models.

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

***m.***  ***Restricted assets*** 

Admitted restricted assets by category:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Gross (Admitted and Non-admitted) Restricted | Gross (Admitted and Non-admitted) Restricted | Gross (Admitted and Non-admitted) Restricted | Gross (Admitted and Non-admitted) Restricted | Gross (Admitted and Non-admitted) Restricted | Gross (Admitted and Non-admitted) Restricted | Percentage | Percentage |
| Restricted Asset <br> Category | Total General <br> Account | Total <br> Separate <br> Account <br> Restricted <br> Assets | Total | Total From <br> Prior Year | Increase <br> (Decrease) | Total<br> Admitted <br> Restricted | Gross <br> Admitted and <br> Non-<br> admitted)<br> Restricted to <br> Total Assets | Admitted <br> Restricted to <br> Total <br> Admitted <br> Assets |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| Subject to repurchase agreements | $3419 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $3419 | $3230 | $189 | $3419 | 0.99% | 0.99% |
| Letter stock or securities restricted as to sale - excluding FHLB capital stock | 102 |  | 102 | 208 | (106) | 102 | 0.03% | 0.03% |
| FHLB capital stock | 99 |  | 99 | 99 |  | 99 | 0.03% | 0.03% |
| On deposit with states | 10 |  | 10 | 10 |  | 10 | —% | —% |
| Pledged collateral to FHLB (including assets backing funding agreements) | 3530 |  | 3530 | 2886 | 644 | 3530 | 1.02% | 1.02% |
| Pledged as collateral not captured in other categories | 5448 |  | 5448 | 4490 | 958 | 5448 | 1.57% | 1.58% |
| Total restricted assets | $12608 | $— | $12608 | $10923 | $1685 | $12608 | 3.64% | 3.65% |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 |
|  | Gross (Admitted and Non-admitted) Restricted | Gross (Admitted and Non-admitted) Restricted | Gross (Admitted and Non-admitted) Restricted | Gross (Admitted and Non-admitted) Restricted | Gross (Admitted and Non-admitted) Restricted | Gross (Admitted and Non-admitted) Restricted | Percentage | Percentage |
| Restricted Asset <br> Category | Total General <br> Account | Total <br> Separate <br> Account <br> Restricted <br> Assets | Total | Total From <br> Prior Year | Increase <br> (Decrease) | Total <br> Admitted <br> Restricted | Gross <br> Admitted and <br> Non-<br> admitted) <br> Restricted to<br> Total Assets | Admitted <br> Restricted to <br> Total <br> Admitted <br> Assets |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| Subject to repurchase agreements | $3230 | $&nbsp;&nbsp;&nbsp;&nbsp; — | $3230 | $3042 | $188 | $3230 | 0.99% | 0.99% |
| Letter stock or securities restricted as to sale - excluding FHLB capital stock | 208 |  | 208 | 358 | (150) | 208 | 0.06% | 0.06% |
| FHLB capital stock | 99 |  | 99 | 99 |  | 99 | 0.03% | 0.03% |
| On deposit with states | 10 |  | 10 | 10 |  | 10 | —% | —% |
| Pledged collateral to FHLB (including assets backing funding agreements) | 2886 |  | 2886 | 2477 | 409 | 2886 | 0.89% | 0.89% |
| Pledged as collateral not captured in other categories | 4490 |  | 4490 | 3280 | 1210 | 4490 | 1.38% | 1.38% |
| Total restricted assets | $10923 | $— | $10923 | $9266 | $1657 | $10923 | 3.35% | 3.35% |

---

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

***6.***  ***Federal income taxes*** 

On August 16th, 2022, the Inflation Reduction Act (IRA) was signed into law and includes certain corporate income tax provisions. Potential impacts to the Company include the imposition of a corporate alternative minimum tax (CAMT). The CAMT imposes a 15% minimum tax on adjusted financial statement income on applicable corporations that have an average adjusted financial statement income over $1 billion in the prior three-year period. The United States Treasury Department and the Internal Revenue Service released proposed regulations on September 12, 2024. As of the reporting date, the Company is not an applicable corporation and therefore not liable for CAMT in 2024.

The Company provides for DTAs in accordance with statutory accounting practices. All of the companies included in these Consolidated Statutory Financial Statements have met the required threshold to utilize the three-year reversal period and 15% of surplus limitation.

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

---

| | | | |
|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Ordinary | Capital | Total |
|  | (In Millions) | (In Millions) | (In Millions) |
| Gross DTAs | $3954 | $761 | $4715 |
| Statutory valuation allowance adjustment |  |  |  |
| &nbsp;&nbsp;&nbsp;Adjusted gross DTAs | 3954 | 761 | 4715 |
| DTAs nonadmitted | (238) |  | (238) |
| &nbsp;&nbsp;&nbsp;Subtotal net admitted DTA | 3716 | 761 | 4477 |
| Total gross DTLs | (1862) | (758) | (2620) |
| &nbsp;&nbsp;&nbsp;Net admitted DTA(L) | $1854 | $3 | $1857 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | December 31, 2023 | December 31, 2023 | December 31, 2023 |
|  | Ordinary | Capital | Total |
|  | (In Millions) | (In Millions) | (In Millions) |
| Gross DTAs | $3943 | $740 | $4683 |
| Statutory valuation allowance adjustment |  |  |  |
| &nbsp;&nbsp;&nbsp;Adjusted gross DTAs | 3943 | 740 | 4683 |
| DTAs nonadmitted | (82) |  | (82) |
| &nbsp;&nbsp;&nbsp;Subtotal net admitted DTA | 3861 | 740 | 4601 |
| Total gross DTLs | (2009) | (932) | (2941) |
| &nbsp;&nbsp;&nbsp;Net admitted DTA(L) | $1852 | $(192) | $1660 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Change | Change | Change |
|  | Ordinary | Capital | Total |
|  | (In Millions) | (In Millions) | (In Millions) |
| Gross DTAs | $11 | $21 | $32 |
| Statutory valuation allowance adjustment |  |  |  |
| &nbsp;&nbsp;&nbsp;Adjusted gross DTAs | 11 | 21 | 32 |
| DTAs nonadmitted | (156) |  | (156) |
| &nbsp;&nbsp;&nbsp;Subtotal net admitted DTA | (145) | 21 | (124) |
| Total gross DTLs | 147 | 174 | 321 |
| &nbsp;&nbsp;&nbsp;Net admitted DTA(L) | $2 | $195 | $197 |

---

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> 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, 2024 | December 31, 2024 | December 31, 2024 |
|  | Ordinary | Capital | Total |
|  | (In Millions) | (In Millions) | (In Millions) |
| Admitted DTA 3 years: |  |  |  |
| &nbsp;&nbsp;&nbsp;Federal income taxes that can be recovered | $— | $29 | $29 |
| &nbsp;&nbsp;&nbsp;Remaining adjusted gross DTAs expected to be realized within 3 years: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp; Adjusted gross DTA to be realized | 1774 | 54 | 1828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp; Adjusted gross DTA allowed per limitation threshold | 3849 | 54 | 3903 |
| &nbsp;&nbsp;&nbsp;Lesser of line 1 or 2 | 1774 | 54 | 1828 |
| &nbsp;&nbsp;&nbsp;Adjusted gross DTAs offset by existing DTLs | 1942 | 678 | 2620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total admitted DTA realized within 3 years | $3716 | $761 | $4477 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | December 31, 2023 | December 31, 2023 | December 31, 2023 |
|  | Ordinary | Capital | Total |
|  | (In Millions) | (In Millions) | (In Millions) |
| Admitted DTA 3 years: |  |  |  |
| &nbsp;&nbsp;&nbsp;Federal income taxes that can be recovered | $— | $90 | $90 |
| &nbsp;&nbsp;&nbsp;Remaining adjusted gross DTAs expected to be realized within 3 years: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp; Adjusted gross DTA to be realized | 1570 |  | 1570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp; Adjusted gross DTA allowed per limitation threshold | 4081 |  | 4081 |
| &nbsp;&nbsp;&nbsp;Lesser of line 1 or 2 | 1570 |  | 1570 |
| &nbsp;&nbsp;&nbsp;Adjusted gross DTAs offset by existing DTLs | 2291 | 650 | 2941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total admitted DTA realized within 3 years | $3861 | $740 | $4601 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | 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 | $— | $(61) | $(61) |
| &nbsp;&nbsp;&nbsp;Remaining adjusted gross DTAs expected to be realized within 3 years: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp; Adjusted gross DTA to be realized | 204 | 54 | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp; Adjusted gross DTA allowed per limitation threshold | (232) | 54 | (178) |
| &nbsp;&nbsp;&nbsp;Lesser of line 1 or 2 | 204 | 54 | 258 |
| &nbsp;&nbsp;&nbsp;Adjusted gross DTAs offset by existing DTLs | (349) | 28 | (321) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total admitted DTA realized within 3 years | $(145) | $21 | $(124) |

---

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

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

---

| | | |
|:---|:---|:---|
|  | Years Ended December 31, | Years Ended December 31, |
|  | 2024 | 2023 |
|  | (In Millions) | (In Millions) |
| Ratio percentage used to determine recovery period and threshold limitation | 883% | 850% |
| Amount of adjusted capital and surplus used to determine recovery period and threshold limitation above | $26020 | $27207 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Ordinary | Capital | Total |
|  | (Percent) | (Percent) | (Percent) |
| Impact of tax-planning strategies: |  |  |  |
| &nbsp;&nbsp;&nbsp;Adjusted gross DTAs |  |  |  |
| &nbsp;&nbsp;&nbsp;(% of total adjusted gross DTAs) | —% | —% | —% |
| &nbsp;&nbsp;&nbsp;Net admitted adjusted gross DTAs |  |  |  |
| &nbsp;&nbsp;&nbsp;(% of total net admitted adjusted gross DTAs) | 72% | 100% | 72% |

---

---

| | | | |
|:---|:---|:---|:---|
|  | December 31, 2023 | December 31, 2023 | December 31, 2023 |
|  | Ordinary | Capital | Total |
|  | (Percent) | (Percent) | (Percent) |
| Impact of tax-planning strategies: |  |  |  |
| &nbsp;&nbsp;&nbsp;Adjusted gross DTAs |  |  |  |
| &nbsp;&nbsp;&nbsp;(% of total adjusted gross DTAs) | —% | —% | —% |
| &nbsp;&nbsp;&nbsp;Net admitted adjusted gross DTAs |  |  |  |
| &nbsp;&nbsp;&nbsp;(% of total net admitted adjusted gross DTAs) | 79% | —% | 79% |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Change | Change | Change |
|  | Ordinary | Capital | Total |
|  | (Percent) | (Percent) | (Percent) |
| Impact of tax-planning strategies: |  |  |  |
| &nbsp;&nbsp;&nbsp;Adjusted gross DTAs |  |  |  |
| &nbsp;&nbsp;&nbsp;(% of total adjusted gross DTAs) | —% | —% | —% |
| &nbsp;&nbsp;&nbsp;Net admitted adjusted gross DTAs |  |  |  |
| &nbsp;&nbsp;&nbsp;(% of total net admitted adjusted gross DTAs) | (7)% | 100% | (7)% |

---

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

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

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

---

| | | | |
|:---|:---|:---|:---|
|  | Years Ended December 31, | Years Ended December 31, | Years Ended December 31, |
|  | 2024 | 2023 | 2022 |
|  | (In Millions) | (In Millions) | (In Millions) |
| Federal income tax expense (benefit) on operating earnings | $(293) | $111 | $(92) |
| Foreign income tax expense on operating earnings |  | 5 | 28 |
| &nbsp;&nbsp;&nbsp;Total federal and foreign income tax expense (benefit) on operating earnings | (293) | 116 | (64) |
| Federal income tax expense (benefit) on net realized capital gains | 26 | (268) | (106) |
| &nbsp;&nbsp;&nbsp;Total federal and foreign income tax expense (benefit) | $(267) | $(152) | $(170) |

---

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> 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, |
|  | 2024 | 2023 | Change |
|  | (In Millions) | (In Millions) | (In Millions) |
| DTAs: |  |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reserve items | $1939 | $1779 | $160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policy acquisition costs | 1008 | 931 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nonadmitted assets | 327 | 320 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policyholders' dividends | 266 | 234 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pension and compensation related items | 95 | 73 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment items | 244 | 207 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expense items | 61 | 66 | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 14 | 333 | (319) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total ordinary DTAs | 3954 | 3943 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nonadmitted DTAs | 238 | 82 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admitted ordinary DTAs | 3716 | 3861 | (145) |
| &nbsp;&nbsp;&nbsp;Capital |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized investment losses | 409 | 434 | (25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expense items | 19 | 18 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment items | 333 | 288 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total capital DTAs | 761 | 740 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nonadmitted DTAs |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admitted capital DTAs | 761 | 740 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admitted DTAs | 4477 | 4601 | (124) |
| DTLs: |  |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reserve items | 74 | 143 | (69) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized investment gains | 1019 | 1128 | (109) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred and uncollected premium | 315 | 309 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pension items | 65 | 64 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 389 | 365 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total ordinary DTLs | 1862 | 2009 | (147) |
| &nbsp;&nbsp;&nbsp;Capital |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized investment gains | 756 | 808 | (52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment items | 2 | 124 | (122) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total capital DTLs | 758 | 932 | (174) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total DTLs | 2620 | 2941 | (321) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net admitted DTA | $1857 | $1660 | $197 |

---

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> 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, |
|  | 2024 | 2023 | 2022 |
|  | (In Millions) | (In Millions) | (In Millions) |
| Net DTA(L) | $353 | $512 | $520 |
| Less: Items not recorded in the change in net deferred income taxes: |  |  |  |
| &nbsp;&nbsp;&nbsp;Tax-effect of unrealized gains/(losses) | (112) | (38) | 105 |
| &nbsp;&nbsp;&nbsp;Tax-effect of changes from investment transfers | 3 | (12) | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in net deferred income taxes | $244 | $462 | $662 |

---

As of December 31, 2024, the Company had no net operating or capital loss carryforwards to include in deferred income taxes. The Company has $9 million in 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 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, |
|  | 2024 | 2023 | 2022 |
|  | (In Millions) | (In Millions) | (In Millions) |
| Provision computed at federal statutory rate of 21% | $(157) | $(175) | $(325) |
| Investment items | (248) | (248) | (188) |
| Nonadmitted assets | (7) | (15) | (10) |
| Tax credits | (69) | (222) | (293) |
| Expense items | (72) | (4) | 19 |
| Foreign governmental income taxes | 1 | 5 | 28 |
| Other | 41 | 45 | (63) |
| &nbsp;&nbsp;&nbsp;Total statutory income tax benefit | $(511) | $(614) | $(832) |
| Federal and foreign income tax benefit | $(267) | $(152) | $(170) |
| Change in net deferred income taxes | (244) | (462) | (662) |
| &nbsp;&nbsp;&nbsp;Total statutory income tax benefit | $(511) | $(614) | $(832) |

---

The Company received refunds in the amount of $82 million in 2024, $58 million in 2023 and $5 million in 2022.

The total income taxes available in the current and prior years that will be available for recoupment in the event of future net capital losses totaled $0 million related to 2024, $0 million related to 2023 and $29 million related to 2022.

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

MassMutual and its eligible U.S. subsidiaries are included in a consolidated U.S. federal income tax return. MassMutual and its eligible U.S. subsidiaries also file income tax returns in various states and foreign jurisdictions. MassMutual and its eligible U.S. subsidiaries and certain affiliates (the Parties) have executed and are subject to a written tax allocation agreement (the Tax Agreement). The Tax Agreement sets forth the manner in which the total combined federal income tax is allocated among the Parties. The Tax Agreement provides MassMutual 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 Tax Agreement provides MassMutual with the enforceable right to utilize its net losses carried forward as an offset to future net income subject to federal income taxes. In accordance with the Tax Agreement, future CAMT is outside of the scope of the general tax allocation method and, consequently any future CAMT liability shall be allocated solely to MassMutual.

Companies are generally required to disclose unrecognized tax benefits, which are the tax effect of positions taken on their tax returns that may be challenged by various taxing authorities, in order to provide users of financial statements more information regarding potential liabilities. The Company recognizes tax benefits and related reserves in accordance with existing statutory accounting practices for liabilities, contingencies and impairments of assets.

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

---

| | |
|:---|:---|
| Balance, January 1, 2024 | $229 |
| &nbsp;&nbsp;&nbsp;Gross change related to positions taken in prior years |  |
| &nbsp;&nbsp;&nbsp;Gross change related to settlements |  |
| &nbsp;&nbsp;&nbsp;Gross change related to positions taken in current year | 2 |
| &nbsp;&nbsp;&nbsp;Gross change related to lapse of statutes of limitations |  |
| Balance, December 31, 2024 | $231 |

---

Included in the liability for unrecognized tax benefits as of December 31, 2024, are $217 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, 2024 includes $9 million of unrecognized tax benefits that, if recognized, would impact the Company's effective tax rate.

The Company recognized an increase of $6 million in accrued interest related to the liability for unrecognized tax benefits as a component of the provision for income taxes. The amount of net interest recognized was $38 million as of December 31, 2024 and $32 million as of December 31, 2023. 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 IRS has completed its examination of MassMutual and its subsidiaries for the year 2016 and prior. The IRS completed the examination of the 2017-2018 tax years and is at Appeals for 3 issues. The adjustments resulting from these examinations are not expected to materially affect the position or liquidity of the Company.

As of December 31, 2024 and 2023, the Company did not recognize any protective deposits as admitted assets.

***7.***  ***Other than invested assets*** 

***a.***  ***Admitted negative (disallowed) IMR*** 

As of December 31, 2024, the Company had $1,424 million of disallowed IMR in aggregate and in the general account.

As of December 31, 2024, the calculated adjusted general capital and surplus was $24,278 million.

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

As of December 31, 2024, the percentage of adjusted general capital and surplus for which the admitted disallowed IMR represents was 6%.

The following represents allocated gains (losses) to IMR from derivatives:

---

| | |
|:---|:---|
|  | December 31,<br> 2024 |
|  | (In Millions) |
| Unamortized fair value derivative gain | $2839 |
| Unamortized fair value derivative losses | (4044) |
| &nbsp;&nbsp;Total allocated net losses to IMR from derivatives | $(1205) |

---

When the Company sells bonds and recognizes losses due to interest-rate related factors, and the realized losses are transferred to the IMR, the sales proceeds are generally used for reinvestment as governed by prudent asset liability management (ALM) policies and procedures. Such sales of bonds are intermittently used to meet liquidity needs and managed within the ALM framework.

IMR losses for fixed income related derivatives were in accordance with documented risk management procedures, as well as the Company's derivative use plans, and reflect the same historical treatment of derivative gains reversed to IMR and amortized rather than immediately recognized as realized gain upon termination.

As of the period ended December 31, 2024, the IMR asset admitted under the currently adopted statutory accounting interpretation includes approximately $127 million, net of tax, related to various Funds Withheld (FWH) reinsurance treaties. Included in the FWH assets are reimbursements of capital losses on the invested assets to back the ceded reinsurance liabilities and are recorded as an adjustment to the income statement. Both the IMR and FWH assets are admitted under statutory accounting guidance.

***b.***  ***Corporate-owned life insurance*** 

 ****

MassMutual holds corporate-owned life insurance issued by unaffiliated third-party insurers to cover the lives of certain qualified senior employees. The primary purpose of the program is to offset future employee benefit expenses. MassMutual pays all premiums and is the owner and beneficiary of these policies. MassMutual had recorded cash surrender values of these policies of $3,023 million and $2,825 million as of December 31, 2024 and 2023, respectively.

The cash surrender value is allocated by the following investment categories:

---

| | | |
|:---|:---|:---|
|  | December 31, | December 31, |
|  | 2024 | 2023 |
| Other invested assets | 50% | 45% |
| Bonds | 27 | 28 |
| Stocks | 18 | 17 |
| Cash and short-term investments | 5 | 7 |
| Real estate |  | 3 |
|  | 100% | 100% |

---

***c.***  ***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.

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

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, |
|  | 2024 | 2024 | 2023 | 2023 |
|  | Gross | Net | Gross | Net |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| Ordinary new business | $146 | $78 | $154 | $88 |
| Ordinary renewal | 1317 | 1256 | 1258 | 1220 |
| Group life | 10 | 10 | 10 | 10 |
| &nbsp;&nbsp;Total | $1473 | $1344 | $1422 | $1318 |

---

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.

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

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

In certain instances, gross premium is less than net premium according to the standard valuation set by the Division and the Department. The gross premium is less than the net premium needed to establish the reserves because the statutory reserves must use standard conservative valuation mortality tables, while the gross premium calculated in pricing uses mortality tables that reflect both the Company's experience and the transfer of mortality risk to reinsurers. The Company had life insurance in force of $63,447 million and $57,978 million as of December 31, 2024 and 2023, respectively.

***8.***  ***Policyholders' liabilities*** 

***a.***  ***Policyholders' reserves*** 

 ****

The Company had life insurance in force of $999 billion and $953 billion as of December 31, 2024 and 2023, respectively.

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

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, |
|  | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 |
|  | Amount | Interest Rates | Interest Rates | Amount | Interest Rates | Interest Rates |
|  | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) |
| Individual life | $85406 | 2.5% | 6.0% | $80071 | 2.5% | 6.0% |
| Group annuities | 20721 | 1.0% | 11.8% | 19737 | 1.0% | 11.8% |
| Individual universal and variable life | 24871 | 3.5% | 6.0% | 25346 | 3.5% | 6.0% |
| Individual annuities | 38878 | 1.0% | 11.8% | 34055 | 1.0% | 11.8% |
| Group life | 4656 | 3.0% | 4.0% | 4178 | 3.0% | 4.0% |
| Disabled life claim reserves | 1836 | 3.0% | 6.0% | 1856 | 3.0% | 6.0% |
| Disability active life reserves | 1364 | 3.0% | 6.0% | 1504 | 3.0% | 6.0% |
| Other | 526 | 2.5% | 6.0% | 503 | 2.5% | 6.0% |
| Total | $178258 |  |  | $167250 |  |  |

---

Individual life includes whole life and term insurance. Group life includes corporate-owned life insurance, group universal life and group variable universal life products. Individual annuities include individual annuity contracts, supplementary contracts involving life contingencies and structured settlements. Group annuities include deferred annuities and single premium annuity contracts. Disabled life claim reserves include disability income and LTC contracts and cover the future payments of known claims. Disability active life reserves include disability income and LTC contracts issued. Other is comprised of disability life and accidental death insurance.

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

 ****

The following summarizes liabilities for deposit-type contracts and the range of interest rates by type of product:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, | December 31, | December 31, | December 31, | December 31, | December 31, |
|  | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 |
|  | Amount | Interest Rates | Interest Rates | Amount | Interest Rates | Interest Rates |
|  | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) |
| GICs: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Note programs | $13986 | 1.2% | 9.0% | $12376 | 0.6% | 5.6% |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Bank of Boston | 2111 | 0.8% | 3.4% | 2111 | 0.8% | 3.4% |
| &nbsp;&nbsp;&nbsp;Municipal contracts | 1858 | 0.0% | 9.0% | 1720 | 0.0% | 7.2% |
| Supplementary contracts | 2825 | 1.0% | 5.3% | 2978 | 1.0% | 6.0% |
| Dividend accumulations | 427 | 3.5% | 3.8% | 439 | 3.0% | 3.5% |
| Other deposits | 21 | 5.0% | 6.5% | 21 | 4.0% | 8.0% |
| &nbsp;&nbsp;&nbsp;Total | $21228 |  |  | $19645 |  |  |

---

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

*Note program*

Funding agreements are investment contracts sold to domestic and international institutional investors. Funding agreement liabilities are equal to the account value and are established by contract deposits, increased by interest credited and decreased by contract coupon payments and maturities. Contract holders do not have the right to terminate the contract prior to the contractually stated maturity date. The Company may retire funding agreements prior to the contractually-stated maturity date by repurchasing the agreement in the market or, in some cases, by calling the agreement. If this occurs, the difference in value is an adjustment to interest credited to liabilities for deposit-type contracts in the Statutory Statements of Operations. Credited interest rates vary by contract and can be fixed or floating. Agreements do not have put provisions or ratings-based triggers. The liability of non-U.S. dollar denominated funding agreements may increase or decrease due to changes in foreign exchange rates. Currency swaps are employed to eliminate foreign exchange risk from all funding agreements issued to back non-U.S. dollar denominated notes.

Under the note program, MassMutual creates special purpose entities (SPEs), which are investment vehicles or trusts, for the purpose of issuing medium-term notes to investors. Proceeds from the sale of the medium-term notes issued by these SPEs are used to purchase funding agreements from MassMutual. The payment terms of any particular series of notes are matched by the payment terms of the funding agreement securing the series. Notes are currently issued from MassMutual's $16.0 billion Global Medium-Term Note Program.

*Federal Home Loan Bank of Boston*

MassMutual has funding agreements with Federal Home Loan Bank (FHLB) of Boston in an investment spread strategy, consistent with its other funding agreements. These funding agreements are collateralized by securities with estimated fair values of $1,972 million as of December 31, 2024. MassMutual's borrowing capacity with FHLB of Boston is subject to the lower of the limitation on the pledge of collateral for a loan set forth by law or by MassMutual's internal limit. MassMutual's unused capacity was $1,303 million as of December 31, 2024. As a member of FHLB of Boston, MassMutual held common stock of FHLB of Boston with a statement value of $92 million and $92 million as of December 31, 2024 and 2023, respectively.

Collateral pledged to FHLB:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2023 | December 31, 2023 | December 31, 2023 |
|  | Fair <br>Value | Carrying<br> Value | Aggregate Total Borrowing | Fair <br>Value | Carrying<br> Value | Aggregate Total Borrowing |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| Total collateral pledged | $5071 | $3414 | $2111 | $4060 | $2944 | $2111 |
| Maximum amount pledged | $5473 | $3925 | $2111 | $4060 | $2994 | $2111 |

---

*Municipal contracts*

Municipal guaranteed investment contracts (municipal contracts) include contracts that contain terms with above market crediting rates. Liabilities for these contracts includes the municipal contracts' account values, which are established by contract deposits, increased by interest credited (fixed or floating) and decreased by contract coupon payments, additional withdrawals, maturities and amortization of premium. Certain municipal contracts allow additional deposits, subject to restrictions, which are credited based on the rates in the contracts. Contracts have scheduled payment dates and amounts and interest is paid periodically. In addition, certain contracts allow additional withdrawals above and beyond the scheduled payments. These additional withdrawals have certain restrictions on the number per year, minimum dollar amount and are limited to the maximum contract balance. The majority of the municipal contracts allow early contract termination under certain conditions.

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

Certain municipal contracts contain make-whole provisions, which document the formula for full contract payout. Certain municipal contracts have ratings-based triggers that allow the trustee to declare the entire balance due and payable. Municipal contracts may also have terms that require the Company to post collateral to a third party based on the contract balance in the event of a downgrade in ratings below certain levels under certain circumstances. When the collateral is other than cash, the collateral value is required to be greater than the account balance. The collateral was $153 million and $216 million as of December 31, 2024 and 2023, respectively. The Company employs a rigorous asset/liability management process to help mitigate the economic impacts of various liability risks. By performing asset liability management and performing other risk management activities, the Company believes that these contract provisions do not create an undue level of operating risk to the Company.

*Other deposits*

Other deposits primarily consist of investment contracts assumed as part of the indemnity reinsurance agreement discussed in *Note 9. "Reinsurance"*. These contracts are used to fund retirement plans. Contract payments are not contingent upon the life of the retirement plan participant.

As of December 31, 2024, the Company's GICs by expected maturity year were as follows (in millions):

---

| | |
|:---|:---|
| 2025 | $2729 |
| 2026 | 3359 |
| 2027 | 3904 |
| 2028 | 1670 |
| 2029 | 1937 |
| Thereafter | 4357 |
| &nbsp;&nbsp;Total | $17956 |

---

Most GICs only mature on their contractual maturity date. Actual maturities for municipal contracts may differ from their contractual maturity dates, as these contracts permit early contract termination under certain conditions.

***c.***  ***Unpaid claims and claim expense reserves*** 

 ****

The Company establishes unpaid claims and claim expense reserves to provide for the estimated costs of claims for individual disability and LTC policies. These reserves include estimates for both claims that have been reported and those that have been incurred but not reported, and include estimates of all future expenses associated with the processing and settling of these claims. This estimation process is primarily based on the assumption that experience is an appropriate indicator of future events and involves a variety of actuarial techniques that analyze experience, trends and other relevant factors. The amounts recorded for unpaid claims and claim expense reserves represent the Company's best estimate based upon facts and actuarial guidelines. Accordingly, actual claim payouts may vary from these estimates.

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

The following summarizes the changes in disabled life and LTC unpaid claims and claim expense reserves:

---

| | | |
|:---|:---|:---|
|  | December 31, | December 31, |
|  | 2024 | 2023 |
|  | (In Millions) | (In Millions) |
| Claim reserves, beginning of year | $2542 | $2232 |
| &nbsp;&nbsp;&nbsp;Less: Reinsurance recoverables | 651 | 367 |
| Net claim reserves, beginning of year | 1891 | 1865 |
| &nbsp;&nbsp;&nbsp;Claims paid related to: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current year | (14) | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior years | (343) | (333) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total claims paid | (357) | (347) |
| &nbsp;&nbsp;&nbsp;Incurred related to: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current year's incurred | 326 | 375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current year's interest | 8 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior year's incurred | (69) | (79) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior year's interest | 67 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total incurred | 332 | 373 |
| Adjustments through surplus |  |  |
| Net claim reserves, end of year | 1866 | 1891 |
| &nbsp;&nbsp;&nbsp;Reinsurance recoverables | 742 | 651 |
| Claim reserves, end of year | $2608 | $2542 |

---

The changes in reserves for incurred claims related to prior years are generally the result of recent loss development trends. The $69 million decrease in the prior years' incurred claims for 2024 and the $79 million decrease in the prior years' incurred claims for 2023 were generally the result of differences between actual termination experience and statutorily prescribed termination tables. In 2024, claim experience included normal claim volume with higher terminations, resulting in a reduction to the incurred reserve from favorable experience, while 2023 claims incurred was due to maturing LTC business partially offset by a corresponding increase in reinsurance recoverable.

The following reconciles disabled life claim reserves to the net claim reserves at the end of the years presented in the previous table. Disabled life claim reserves are recorded in policyholders' reserves. Accrued claim liabilities are recorded in other liabilities.

---

| | | |
|:---|:---|:---|
|  | December 31, | December 31, |
|  | 2024 | 2023 |
|  | (In Millions) | (In Millions) |
| Disabled life claim reserves | $1836 | $1856 |
| Accrued claim liabilities | 30 | 33 |
| Net claim reserves, end of year | $1866 | $1889 |

---

***d.***  ***Additional liability for annuity contracts*** 

 ****

Certain variable annuity contracts include additional death or other insurance benefit features, such GMDB, GMIB, GMAB and GLWB. In general, living benefit guarantees require the contract holder or policyholder to adhere to a company approved asset allocation strategy. Election of these benefit guarantees is generally only available at contract issue.

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

The following shows the changes in the liabilities for GMDB, GMIB, GMAB and GLWB (in millions):

---

| | |
|:---|:---|
| Liability as of January 1, 2023 | $55 |
| &nbsp;&nbsp;&nbsp;Incurred guarantee benefits | 2 |
| &nbsp;&nbsp;&nbsp;Paid guarantee benefits | (8) |
| Liability as of December 31, 2023 | 49 |
| &nbsp;&nbsp;&nbsp;Incurred guarantee benefits | 20 |
| &nbsp;&nbsp;&nbsp;Paid guarantee benefits | (8) |
| Liability as of December 31, 2024 | $61 |

---

The following summarizes the account values, net amount at risk and weighted average attained age for variable annuity contracts with GMDB, GMIB, GMAB and GLWB 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, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2023 | December 31, 2023 | December 31, 2023 |
|  | Account <br> Value | Net<br> Amount at <br> Risk | Weighted<br> Average<br> Attained <br> Age | Account <br> Value | Net<br> Amount at <br> Risk | Weighted<br> Average<br> Attained <br> Age |
|  | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) | ($ In Millions) |
| GMDB | $8161 | $80 | 68 | $8572 | $25 | 66 |
| GMIB Basic | 412 | 3 | 73 | 449 | 7 | 73 |
| GMIB Plus | 1200 | 429 | 69 | 1240 | 448 | 69 |
| GMAB | 1089 | 4 | 64 | 1400 | 20 | 63 |
| GLWB | 82 | 13 | 76 | 94 | 15 | 75 |

---

As of December 31, 2024, the GMDB account value above consists of $819 million within the general account and $7,342 million within separate accounts that includes $3,807 million of Modco assumed. As of December 31, 2023, the GMDB account value above consists of $1,135 million within the general account and $7,437 million within separate accounts that includes $3,712 million of Modco assumed.

Account values of variable annuity contracts with GMDB, GMIB, GMAB and GLWB are summarized below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2023 | December 31, 2023 | December 31, 2023 |
|  | Separate<br> Account | General<br> Account | Total | Separate<br> Account | General<br> Account | Total |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| GMDB | $7342 | $819 | $8161 | $7437 | $1135 | $8572 |
| GMIB Basic | 403 | 9 | 412 | 434 | 15 | 449 |
| GMIB Plus | 1200 |  | 1200 | 1240 |  | 1240 |
| GMAB | 1061 | 28 | 1089 | 1368 | 32 | 1400 |
| GLWB | 82 |  | 82 | 94 |  | 94 |

---

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

***e.***  ***Additional liability for individual life contracts*** 

 ****

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

The following presents the changes in the liability, net of reinsurance, for guarantees on universal life and variable universal life type contracts:

---

| | | |
|:---|:---|:---|
|  | December 31, | December 31, |
|  | 2024 | 2023 |
|  | (In Millions) | (In Millions) |
| Beginning balance | $5486 | $5154 |
| &nbsp;&nbsp;Net liability increase (decrease) | 312 | 332 |
| Ending balance | $5798 | $5486 |

---

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

Refer to *Note 17. "Related party transactions"* for information about the Company's affiliated assumed reinsurance transactions.

There are no reinsurance agreements in effect under which the reinsurer may unilaterally cancel any reinsurance for reasons other than for nonpayment of premium or other similar credits. The Company has no reinsurance agreements in effect such that the amount of losses paid or accrued through the statement date may result in a payment to the reinsurer of amounts which, in aggregate and allowing for offset of mutual credits from other reinsurance agreements with the same reinsurer, exceed the total direct premium collected under the reinsured policies.

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

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

---

| | | | |
|:---|:---|:---|:---|
|  | Years Ended December 31, | Years Ended December 31, | Years Ended December 31, |
|  | 2024 | 2023 | 2022 |
|  | (In Millions) | (In Millions) | (In Millions) |
| Direct premium | $34221 | $34223 | $35530 |
| Premium assumed | 1049 | 977 | 1013 |
| Premium ceded | (14072) | (9711) | (13019) |
| &nbsp;&nbsp;&nbsp;Total net premium | $21198 | $25490 | $23524 |
| Ceded reinsurance recoveries | $1925 | $1842 | $1540 |
| Assumed losses | $524 | $425 | $330 |

---

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

---

| | | |
|:---|:---|:---|
|  | December 31, | December 31, |
|  | 2024 | 2023 |
|  | (In Millions) | (In Millions) |
| Reinsurance reserves |  |  |
| &nbsp;&nbsp;&nbsp;Assumed | $5832 | $6476 |
| &nbsp;&nbsp;&nbsp;Ceded | (54419) | (47326) |
| Ceded amounts recoverable | $322 | $324 |
| Benefits payable on assumed business | $62 | $65 |
| Funds held under coinsurance |  |  |
| &nbsp;&nbsp;&nbsp;Ceded | $29625 | $22520 |

---

Reinsurance reserves ceded to unaffiliated reinsurers as of December 31, 2024, include $9,206 million associated with life insurance policies, $6,916 million for LTC, $19,985 million for annuity, $13 million for disability and $5 million for group life and health. Reinsurance reserves ceded to unaffiliated reinsurers as of December 31, 2023 include $9,219 million associated with life insurance policies, $6,497 million for LTC, $22,659 million for annuity, $14 million for disability and $6 million for group life and health.

LTC policyholders' deficiency reserves were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Direct | Ceded | Net |
|  | (In Millions) | (In Millions) | (In Millions) |
| LTC premium deficiency reserves, beginning of year | $3800 | $(3615) | $185 |
| &nbsp;&nbsp;Assumption changes | (435) | 470 | 35 |
| LTC premium deficiency reserves, end of year | $3365 | $(3145) | $220 |

---

For the year ended December 31, 2024, the Company decreased its gross LTC policyholders' premium deficiency reserve by $435 million primarily through a combination of various assumption changes to reflect the risk inherent in the cash flows of this business. The majority of the risk is ceded to unaffiliated reinsurers resulting in the ceded policyholders' premium deficiency reserves decreasing by $470 million. The total net impact of the change is $35 million, which was recorded as an increase to policyholders' liabilities on the Statutory Statements of Financial Position and an increase to change in policyholders' reserves on the Statutory Statements of Operations.

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

---

| | | | |
|:---|:---|:---|:---|
|  | December 31, 2023 | December 31, 2023 | December 31, 2023 |
|  | Direct | Ceded | Net |
|  | (In Millions) | (In Millions) | (In Millions) |
| LTC premium deficiency reserves, beginning of year | $4390 | $(3910) | $480 |
| &nbsp;&nbsp;&nbsp;Assumption changes | (590) | 295 | (295) |
| LTC premium deficiency reserves, end of year | $3800 | $(3615) | $185 |

---

For the year ended December 31, 2023, the Company decreased its gross LTC policyholders' premium deficiency reserve by $590 million primarily through a combination of various assumption changes to reflect the risk inherent in the cash flows of this business. The majority of the risk is ceded to unaffiliated reinsurers resulting in the ceded policyholders' premium deficiency reserves decreasing by $295 million. The total net impact of the change is $295 million, which was recorded as an increase to policyholders' liabilities on the Statutory Statements of Financial Position and an increase to change in policyholders' reserves on the Statutory Statements of Operations.

As of December 31, 2024, one reinsurer accounted for 26% of the outstanding balance of the reinsurance recoverable and the next largest reinsurer had 24%. The Company continues to monitor its morbidity risk ceded to one reinsurer for its LTC business, in which 79% of the reserves are held in trust.

On July 5, 2023, the Company recaptured approximately $16 million of statutory reserves reinsured on a yearly renewable term (YRT) basis for certain closed blocks of LTC business and reinsured on a coinsurance basis a portion of this product resulting in ceding $692 million statutory reserves to a different reinsurer. The recapture settlement of $17 million relieved the reinsurer of all obligations under the YRT agreement and resulted in an offset to premiums and disability benefits. As part of the coinsurance transaction, the Company transferred $657 million of premium to the reinsurer.

On October 25, 2024, the Company executed a certain coinsurance treaty amendment to increase quota share reinsurance of certain closed long-term care business by 25%. The Company transferred $357 million of premium to the reinsurer in exchange for ceding $325 million in statutory reserves.

The Company holds invested assets associated with FWH that are managed externally, as of December 31, 2024 and 2023, these assets, at carry value, included:

---

| | | |
|:---|:---|:---|
|  | December 31, | December 31, |
|  | 2024 | 2023 |
|  | (In Millions) | (In Millions) |
| Bonds | $21471 | $15215 |
| Preferred stocks | 51 | 79 |
| Mortgage loans | 1556 | 1043 |
| Partnerships and LLCs | 190 | 51 |
| Cash, cash equivalents and short-term investments | 776 | 946 |
| &nbsp;&nbsp;&nbsp;Total | $24044 | $17334 |

---

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

***10.***  ***Withdrawal characteristics*** 

***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, 2024 are illustrated below:

*Individual annuities*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | General <br> Account | Separate <br> Account <br> with <br> Guarantees | Separate <br> Account <br> Non-<br> Guaranteed | Total | % of<br> Total |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| Subject to discretionary withdrawal: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With market value adjustment | $2332 | $— | $— | $2332 | 4% |
| &nbsp;&nbsp;&nbsp;At book value less current surrender charge of 5% or more | 41338 |  |  | 41338 | 63% |
| &nbsp;&nbsp;&nbsp;At fair value |  |  | 7806 | 7806 | 12% |
| Total with market value adjustment or at fair value | 43670 |  | 7806 | 51476 | 79% |
| At book value without adjustment (minimal or no charge or adjustment) | 4375 |  |  | 4375 | 7% |
| Not subject to discretionary withdrawal | 9288 |  |  | 9288 | 14% |
| &nbsp;&nbsp;&nbsp;Total | 57333 |  | 7806 | 65139 | 100% |
| Reinsurance ceded | 18515 |  |  | 18515 |  |
| &nbsp;&nbsp;&nbsp;Total, net of reinsurance | $38818 | $— | $7806 | $46624 |  |
| Amount included in book value moving to at book value without adjustment after statement date | 2058 |  |  | 2058 |  |

---

*Group annuities*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | General <br> Account | Separate <br> Account <br> with <br> Guarantees | Separate <br> Account <br> Non-<br> Guaranteed | Total | % of <br> Total |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| Subject to discretionary withdrawal: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With market value adjustment | $11608 | $— | $— | $11608 | 17% |
| &nbsp;&nbsp;&nbsp;At fair value |  | 9403 | 18973 | 28376 | 43% |
| Total with market value adjustment or at fair value | 11608 | 9403 | 18973 | 39984 | 60% |
| At book value without adjustment (minimal or no charge or adjustment) | 279 | 318 |  | 597 | 1% |
| Not subject to discretionary withdrawal | 26189 |  |  | 26189 | 39% |
| &nbsp;&nbsp;&nbsp;Total | 38076 | 9721 | 18973 | 66770 | 100% |
| Reinsurance ceded | 17380 |  |  | 17380 |  |
| &nbsp;&nbsp;&nbsp;Total, net of reinsurance | $20696 | $9721 | $18973 | $49390 |  |

---

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

*Deposit-type contracts*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | General <br> Account | Separate <br> Account <br> with <br> Guarantees | Separate <br> Account <br> Non-<br> Guaranteed | Total | % of <br> Total |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| Subject to discretionary withdrawal: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;With market value adjustment | $2166 | $— | $— | $2166 | 7% |
| &nbsp;&nbsp;&nbsp;At fair value |  |  | 8935 | 8935 | 27% |
| Total with market value adjustment or at fair value | 2166 |  | 8935 | 11101 | 34% |
| At book value without adjustment (minimal or no charge or adjustment) | 2732 |  |  | 2732 | 8% |
| Not subject to discretionary withdrawal | 18713 |  |  | 18713 | 58% |
| &nbsp;&nbsp;&nbsp;Total | 23611 |  | 8935 | 32546 | 100% |
| Reinsurance ceded | 2383 |  |  | 2383 |  |
| &nbsp;&nbsp;&nbsp;Total, net of reinsurance | $21228 | $— | $8935 | $30163 |  |

---

The following is a summary of total annuity actuarial reserves and liabilities for deposit-type contracts as of December 31, 2024 (in millions):

---

| | |
|:---|:---|
| Statutory Statements of Financial Position: |  |
| &nbsp;&nbsp;&nbsp;Policyholders' reserves – group annuities | $20696 |
| &nbsp;&nbsp;&nbsp;Policyholders' reserves – individual annuities | 38818 |
| &nbsp;&nbsp;&nbsp;Liabilities for deposit-type contracts | 21228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal | 80742 |
| Separate Account Annual Statement: |  |
| &nbsp;&nbsp;&nbsp;Annuities | 36500 |
| &nbsp;&nbsp;&nbsp;Other annuity contract deposit-funds and GICs | 8935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal | 45435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $126177 |

---

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

***b.***  ***Analysis of life actuarial reserves by withdrawal characteristics*** 

The withdrawal characteristics of the Company's life actuarial reserves as of December 31, 2024 are illustrated below:

*General account*

---

| | | | |
|:---|:---|:---|:---|
|  | Account Value | Cash Value | Reserve |
|  | (In Millions) | (In Millions) | (In Millions) |
| Subject to discretionary withdrawal, surrender values, or policy loans: |  |  |  |
| &nbsp;&nbsp;&nbsp;Universal life | $21498 | $21496 | $21551 |
| &nbsp;&nbsp;&nbsp;Universal life with secondary guarantees | 1596 | 1433 | 7315 |
| &nbsp;&nbsp;&nbsp;Other permanent cash value life insurance |  | 85082 | 90020 |
| &nbsp;&nbsp;&nbsp;Variable life | 1 | 1 |  |
| &nbsp;&nbsp;&nbsp;Variable universal life | 1118 | 1116 | 1173 |
| Not subject to discretionary withdrawal or no cash values: |  |  |  |
| &nbsp;&nbsp;&nbsp;Term policies without cash value |  |  | 3023 |
| &nbsp;&nbsp;&nbsp;Accidental death benefits |  |  | 3 |
| &nbsp;&nbsp;&nbsp;Disability - active lives |  |  | 196 |
| &nbsp;&nbsp;&nbsp;Disability - disabled lives |  |  | 323 |
| &nbsp;&nbsp;&nbsp;Miscellaneous reserves |  |  | 1061 |
| Total (gross: direct + assumed) | $24213 | $109128 | $124665 |
| Reinsurance ceded | 4308 | 5141 | 9206 |
| &nbsp;&nbsp;&nbsp;Total (net) | $19905 | $103987 | $115459 |

---

*Separate account with guarantees*

---

| | | | |
|:---|:---|:---|:---|
|  | Account Value | Cash Value | Reserve |
|  | (In Millions) | (In Millions) | (In Millions) |
| Subject to discretionary withdrawal, surrender values, or policy loans: |  |  |  |
| &nbsp;&nbsp;&nbsp;Variable universal life | 1554 | 1554 | 1554 |
| Total (gross: direct + assumed) | $1554 | $1554 | $1554 |
| &nbsp;&nbsp;&nbsp;Total (net) | $1554 | $1554 | $1554 |

---

*Separate account nonguaranteed*

---

| | | | |
|:---|:---|:---|:---|
|  | Account Value | Cash Value | Reserve |
|  | (In Millions) | (In Millions) | (In Millions) |
| Subject to discretionary withdrawal, surrender values, or policy loans: |  |  |  |
| &nbsp;&nbsp;&nbsp;Variable life | $1 | $1 | $2 |
| &nbsp;&nbsp;&nbsp;Variable universal life | 1973 | 1953 | 1959 |
| Total (gross: direct + assumed) | $1974 | $1954 | $1961 |
| &nbsp;&nbsp;&nbsp;Total (net) | $1974 | $1954 | $1961 |

---

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

***c.***  ***Separate accounts*** 

The Company has guaranteed separate accounts classified as the following: nonindexed, which have multiple concurrent guarantees, including a guarantee that applies for as long as the contract is in effect and does not exceed a 4% rate of return. The Company has nonguaranteed separate accounts which are variable accounts where the benefit is determined by the performance and/or market value of the investments held in the separate account with incidental risk, notional expense and minimum death benefit guarantees.

Information regarding the separate accounts of the Company as of and for the year ended December 31, 2024 is as follows:

 ****

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Guaranteed | Guaranteed | | |
|  | Indexed | Nonindexed <br> Less than/ <br> Equal to 4% |<br>Non <br> Guaranteed |<br>Total |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| Net premium, considerations or deposits for the year ended December 31, 2024 | $— | $— | $4474 | $4474 |
| Reserves at December 31, 2024: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;For accounts with assets at: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value | $— | $10038 | $37359 | $47397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortized cost/book value |  | 1554 |  | 1554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal SIA Reserves |  | 11592 | 37359 | 48951 |
| &nbsp;&nbsp;&nbsp;Nonpolicy liabilities |  |  | 157 | 157 |
| Total Separate Account Liabilities | $— | $11592 | $37516 | $49108 |
| Reserves by withdrawal characteristics: |  |  |  |  |
| Subject to discretionary withdrawal: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;At fair value | $— | $10038 | $37359 | $47397 |
| &nbsp;&nbsp;&nbsp;At book value without market value adjustment and current surrender charge of less than 5% |  | 1554 |  | 1554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal |  | 11592 | 37359 | 48951 |
| &nbsp;&nbsp;&nbsp;Nonpolicy liabilities |  |  | 157 | 157 |
| Total Separate Account Liabilities | $— | $11592 | $37516 | $49108 |

---

As of December 31, 2024, the Company has $6,562 million of AVR related to book value separate accounts.

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

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, |
|  | 2024 | 2023 | 2022 |
|  | (In Millions) | (In Millions) | (In Millions) |
| From the Separate Account Annual Statement: |  |  |  |
| &nbsp;&nbsp;&nbsp;Transfers to separate accounts | $1862 | $1935 | $4205 |
| &nbsp;&nbsp;&nbsp;Transfers from separate accounts | (10151) | (9387) | (14220) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal | (8289) | (7452) | (10015) |
| Reconciling adjustments: |  |  |  |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 4816 | 4278 | 3481 |
| &nbsp;&nbsp;&nbsp;Net deposits on deposit-type liabilities | 1531 | 1573 | 1939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net transfers from separate accounts | $(1942) | $(1601) | $(4595) |

---

Net deposits on deposit-type liabilities are not considered premium and therefore are excluded from the Statutory Statements of Operations.

***11.***  ***Debt*** 

 ****

MassMutual issues CP in the form of Notes in minimum denominations of $250 thousand up to a total aggregation of $1,000 million with maturity dates up to a maximum of 270 days from the date of issuance. Noninterest bearing Notes are sold at par less a discount representing an interest factor. Interest bearing Notes are sold at par. The Notes are not redeemable or subject to voluntary prepayments by MassMutual. The Notes have a carrying value and face amount of $250 million as of December 31, 2024 and $50 million as of December 31, 2023. Notes issued in 2024 had interest rates ranging from 4.39% to 5.41% with maturity dates ranging from 1 to 62 days. Interest expense for commercial paper for the years ended December 31, 2024 and 2023, was $20 million and $7 million, respectively.

MassMutual has a $1,500 million five-year credit facility, $1,250 million of undrawn commitment, with a syndicate of lenders that can be used for general corporate purposes and to support CP borrowings. During December 2022, the facility was renewed and the scheduled maturity is December 16, 2027. The facility includes two one-year extension options that may be exercised with proper notification as set forth in the agreement. The facility has an upsize option for an additional $500 million. The terms of the credit facility additionally provide for, among other provisions, covenants pertaining to liens, fundamental changes, transactions with affiliates and adjusted statutory surplus. As of and for the years ended December 31, 2024 and 2023, MassMutual was in compliance with all covenants under the credit facility. For the years ended December 31, 2024 and 2023, there were no draws on the credit facilities. Credit facility fees were less than $1 million for the years ended December 31, 2024 and 2023.

***12.***  ***Employee benefit plans*** 

The Company sponsors multiple employee benefit plans, providing retirement, life, health and other benefits to employees, certain employees of unconsolidated subsidiaries, agents, general agents and retirees who meet plan eligibility requirements.

***a.***  ***Pension plans*** 

The Company sponsors funded and unfunded noncontributory defined benefit pension plans for its eligible employees, agents and retirees.

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

The funded qualified defined benefit plan generally provides benefits under a cash balance formula based on age, service and salary during the participants' careers. Certain eligible participants may be entitled to benefits under a legacy defined benefit formula. The Company's policy is to fund the qualified pension plan in accordance with the Employee Retirement Income Security Act of 1974. There were no contributions in 2024 and 2023.

The Company has announced there will be no new benefit accruals under the plan after December 31, 2024.

***b.***  ***Defined contribution plans*** 

 ****

The Company sponsors funded qualified defined contribution plans and unfunded nonqualified deferred compensation thrift savings plans for its employees, agents and retirees. Defined contribution plan expense for 2024 and 2023 was $58 million and $56 million, respectively.

***c.***  ***Other postretirement benefits*** 

The Company provides certain life insurance and health care benefits (other postretirement benefits) for its retired employees and agents, their beneficiaries and covered dependents. MMHLLC has the obligation to pay the Company's other postretirement benefits. The transfer of this obligation to MMHLLC does not relieve the Company of its primary liability. MMHLLC is allocated other postretirement expenses related to interest cost, amortization of actuarial gains (losses) and expected return on plan assets, whereas service cost and prior service cost are recorded by the Company.

Substantially all of the Company's U.S. employees and agents may become eligible to receive other postretirement benefits. These benefits are funded as the benefits are provided to the participants. For eligible employees who retire after 2009, except certain employees who were close to retirement in 2010, the Company's cost is limited to a retiree health reimbursement account (RHRA), which accumulates during an employee's career and can be drawn down by the retiree to purchase coverage outside of the Company or for other health care costs. Retired employees with a RHRA also may choose to purchase coverage through the private retiree exchange.

For other eligible current and future retired employees, and current and future retired agents, the Company provides access to postretirement health care plans through a private retiree exchange. The Company's cost is limited to the fixed annual subsidy provided to retirees through a Health Reimbursement Account each year that the retiree can use to purchase coverage on the exchange or for other health care costs.

Company-paid basic life insurance is provided to retirees who retired before 2010 and certain employees who retire after 2009 but were close to retirement in 2010. Supplemental life insurance is available to certain retirees on a retiree-pay-all basis.

The Company provides retiree life insurance coverage for home office employees who, as of January 1, 2010, were age 50 with at least 10 years of service or had attained 75 points, generally age plus service, with a minimum 10 years of service.

***d.***  ***Benefit obligations*** 

Accumulated and projected benefit obligations are the present value of pension benefits earned as of a December 31 measurement date (the Measurement Date) based on service and compensation as of that date.

Refer to *Note 12f. "Amounts recognized in the Statutory Statements of Financial Position,"* for details on the funded status of the plans. Accumulated and projected postretirement benefit obligations for other postretirement benefits are the present value of postretirement medical and life insurance benefits earned as of the Measurement Date projected for estimated salary increases to an assumed date with respect to retirement, disability or death.

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

Actuarial (gains) losses represent the difference between the expected results and the actual results used to determine the projected benefit obligation, accumulated benefit obligation and current year expense. Select assumptions used in this calculation include expected future compensation levels, mortality and expected retirement age.

The following presents the total pension and other postretirement accumulated benefit obligation:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, | December 31, | December 31, | December 31, |
|  | 2024 | 2023 | 2024 | 2023 |
|  | Pension Benefits | Pension Benefits | Other Postretirement Benefits | Other Postretirement Benefits |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| Accumulated benefit obligation | $2570 | $2634 | $307 | $313 |

---

The following sets forth the change in projected benefit obligation of the defined benefit pension and other postretirement plans:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, | December 31, | December 31, | December 31, |
|  | 2024 | 2023 | 2024 | 2023 |
|  | Pension Benefits | Pension Benefits | Other Postretirement Benefits | Other Postretirement Benefits |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| Projected benefit obligation, beginning of year | $2634 | $2590 | $313 | $315 |
| &nbsp;&nbsp;&nbsp;Service cost | 99 | 86 | 7 | 7 |
| &nbsp;&nbsp;&nbsp;Interest cost | 123 | 125 | 15 | 15 |
| &nbsp;&nbsp;&nbsp;Actuarial (gains) losses | (5) | 21 | (1) | (14) |
| &nbsp;&nbsp;&nbsp;Benefits paid | (150) | (222) | (15) | (14) |
| &nbsp;&nbsp;&nbsp;Change in discount rate | (138) | 34 | (12) | 4 |
| &nbsp;&nbsp;&nbsp;Change in actuarial assumptions | 7 |  |  |  |
| Projected benefit obligation, end of year | $2570 | $2634 | $307 | $313 |

---

The determination of the discount rate is based upon rates commensurate with current yields on high quality corporate bonds as of the Measurement Date. A spot yield curve is developed from this data that is used to determine the present value for the obligation. The projected plan cash flows are discounted to the Measurement Date based on the spot yield curve. A single discount rate is utilized to ensure the present value of the benefits cash flow equals the present value computed using the spot yield curve. A 25-basis point change in the discount rate results in approximately a $53 million change in the projected pension benefit obligation. The methodology includes producing a cash flow of annual accrued benefits. Refer to *Note 12h. "Assumptions"* for details on the discount rate.

***e.***  ***Plan assets*** 

The assets of the qualified pension plan are invested in a MassMutual group annuity contract and in the MassMutual Pension Plan Trust (Pension Trust). The group annuity contract includes a general investment account (GIA). As of December 31, 2024 and 2023, GIA assets managed by the Company were $143 million and $229 million, respectively. The Company was rated AA+ by Standards and Poor's as of December 31, 2024.

The Company's overall objective is to manage the assets in a liability framework where investments are selected that are expected to have similar changes in fair value as the related liabilities will have upon changes in interest rates. The company invests in a portfolio of both return-seeking and liability-hedging assets, to achieve long-term growth and to insulate the funded position from interest rate volatility.

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

The target range allocations are based on two broad categories, return-seeking (generally equities and alternative investments) and liability-hedging (generally fixed income). The return-seeking allocation range is 46% to 54% and liability-hedging range is 46% to 54%. Of the return-seeking assets, the range is 35% to 55% global public equity and 45% to 65% alternatives. The pension plan assets invested in the GIA through the unallocated group annuity contract earn a fixed interest. These assets comprised approximately 6% and 9% of the plan assets as of December 31, 2024 and 2023, respectively.

The following presents the change in plan assets:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, | December 31, | December 31, | December 31, |
|  | 2024 | 2023 | 2024 | 2023 |
|  | Pension Benefits | Pension Benefits | Other Postretirement Benefits | Other Postretirement Benefits |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| Plan assets, beginning of year | $2521 | $2483 | $4 | $2 |
| &nbsp;&nbsp;&nbsp;Actual return on plan assets | 73 | 230 |  |  |
| &nbsp;&nbsp;&nbsp;Employer contributions | 26 | 30 | 12 | 14 |
| &nbsp;&nbsp;&nbsp;Benefits paid | (150) | (222) | (15) | (14) |
| &nbsp;&nbsp;&nbsp;Other |  |  | (1) | 2 |
| Plan assets, end of year | $2470 | $2521 | $— | $4 |

---

The GIA is designed to provide stable, long-term investment growth. Investments in the GIA are stated at contract value. Contract value is the amount participants would receive if they were to initiate certain transactions under the terms of the plan. It provides for a stated return on principal invested over a specified period and permits withdrawals at contract value for benefit payments, loans, or transfers.

Investments in the Pension Trust are stated at fair value. Noninterest bearing cash is stated at cost value.

*Fair Value Measurements*

The Company's fair value hierarchy is defined in *Note 4. "Fair Value of financial instruments"*.

The following is a description of the valuation methodologies used to measure fair value for the investments in the qualified pension plan.

 

*Cash, cash equivalents and short-term investments:* Short-term investments are stated at cost, which is equal to fair value. Foreign currencies are stated at cost and adjusted for foreign currency gains and losses.

*Government securities:* Marked to market daily based on values provided by third-party vendors or market makers to the extent available or based on model prices. Valuations furnished by a pricing service take into account factors such as institutional-size trading in similar securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data and are therefore classified as Level 2.

*Bonds:* If Level 1 valuations are not available, the fair value is determined using models such as matrix pricing and therefore, is classified as Level 2, which uses quoted market prices of debt securities with similar characteristics. Valued using the closing price reported on the active market on which the individual securities are traded.

 

*Mutual funds:* Mutual funds are valued at the daily closing price as reported by the fund. Certain mutual funds held by the plan are registered with the SEC and are required to publish their daily NAV. These mutual funds held by the Plan are deemed to be actively traded and are therefore classified as Level 1. The remaining mutual funds do not publish their daily NAV and are therefore classified as Level 2.

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

*Collective investment trusts:* Valued using the NAV per unit. The net asset value per unit of the funds is calculated on each business day by dividing the total value of assets, less liabilities, by the number of units outstanding. Unit issuances and redemptions are based on the net asset value determined at the end of the current day and therefore is classified as NAV practical expedient.

*Real estate investment trusts*: Real estate investment trusts are valued using the plan's pro-rata interest in the fund and does not have a lock-up period, a funding commitment, or a specific redemption period but are dependent upon the liquidation of underlying assets. Therefore, these investments are classified as NAV practical expedient.

*Hedge funds:* Hedge funds are based on the plan's pro rata interest in the fund and have a 45-day redemption period and therefore classified as NAV practical expedient.

*Limited partnerships – Private equity/venture capital:* The plan utilizes the NAV practical expedient to calculate fair value of its investments based on the Plan's pro rata interest in net assets of each underlying partnership. All valuations utilize financial information supplied by the partnership, including income, expenses, gains and losses. The underlying investments are accounted for at fair value as described in the partnership's audited financial statements. These funds can be redeemed periodically with notice that generally ranges from 45 to 90 days. There are no lockups or funding commitments.

*Limited partnerships – Real estate:* The plan utilizes the NAV practical expedient to calculate fair value of its investments based on the Plan's pro rata interest in net assets of each underlying partnership. All valuations utilize financial information supplied by the partnership, including income, expenses, gains and losses. The underlying investments of the partnership are accounted for at fair value as described in the partnership's audited financial statements. These funds can be redeemed periodically with notice that generally ranges from 45 to 90 days. There are no lockups or funding commitments.

*Limited partnerships – Hedge:* The Plan utilizes the NAV practical expedient to calculate fair value of its investments based on the Plan's pro rata interest in net assets of each underlying partnership. All valuations utilize financial information supplied by the partnership, including income, expenses, gains and losses. The underlying investments of the partnership are accounted for at fair value as described in the partnership's audited financial statements. The hedge funds can be redeemed semi-annually with 95-days notice. There are no lockups or funding commitments.

*Other investments:* Investments included in this category include asset backed securities, mortgage backed securities, swaps, derivatives, futures and options. Closing prices are not available on the active market. Fair value is determined using models such as matrix pricing and therefore, these securities are classified as Level 2.

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

The following tables set forth by level, within the fair value hierarchy, the plan's assets at fair value as of December 31, 2024 and 2023.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Fair Value as of December 31, 2024 | Fair Value as of December 31, 2024 | Fair Value as of December 31, 2024 | Fair Value as of December 31, 2024 | Fair Value as of December 31, 2024 |
|  | Level 1 | Level 2 | Level 3 | NAV <br> Practical <br> Expedient | Total |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| Cash, cash equivalents, and short-term investments | $44 | $— | $— | $— | $44 |
| Government securities |  | 459 |  |  | 459 |
| Bonds |  | 374 |  |  | 374 |
| Mutual funds | 512 |  |  |  | 512 |
| Real estate investment trusts |  |  |  | 47 | 47 |
| Hedge funds |  |  |  | 34 | 34 |
| Limited partnerships: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Private equity/venture capital |  |  |  | 512 | 512 |
| &nbsp;&nbsp;&nbsp;Real estate |  |  |  | 108 | 108 |
| &nbsp;&nbsp;&nbsp;Hedge |  |  |  | 225 | 225 |
| Other investments |  | 3 |  |  | 3 |
| &nbsp;&nbsp;&nbsp;Total | $556 | $836 | $— | $926 | $2318 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Fair Value as of December 31, 2023 | Fair Value as of December 31, 2023 | Fair Value as of December 31, 2023 | Fair Value as of December 31, 2023 | Fair Value as of December 31, 2023 |
|  | Level 1 | Level 2 | Level 3 | NAV<br> Practical<br> Expedient | Total |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| Cash, cash equivalents, and short-term investments | $76 | $— | $— | $— | $76 |
| Government securities |  | 486 |  |  | 486 |
| Bonds |  | 371 |  |  | 371 |
| Mutual funds | 471 |  |  |  | 471 |
| Real estate investment trusts |  |  |  | 54 | 54 |
| Hedge funds |  |  |  | 31 | 31 |
| Limited partnerships: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Private equity/venture capital |  |  |  | 480 | 480 |
| &nbsp;&nbsp;&nbsp;Real estate |  |  |  | 120 | 120 |
| &nbsp;&nbsp;&nbsp;Hedge |  |  |  | 205 | 205 |
| Other investments |  | 12 |  |  | 12 |
| &nbsp;&nbsp;&nbsp;Total | $547 | $869 | $— | $890 | $2306 |

---

Plan assets measured at contract value and non-interest bearing cash are excluded from the preceding table.

***f.***  ***Amounts recognized in the Statutory Statements of Financial Position*** 

Unrecognized prior service cost is the adjustment to the projected benefit obligation as a result of plan amendments. It represents the increase or decrease in benefits for service performed in prior periods. For pension benefits, this cost is amortized into net periodic benefit cost over the average remaining service years of active employees at the time of the amendment. For other postretirement benefits, this cost is amortized into net periodic benefit cost over the average remaining lifetime of eligible employees and retirees at the time of the amendment.

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

Unrecognized net actuarial (gains) losses are variances between assumptions used and actual experience. These assumptions include return on assets, discount rate, demographics and mortality. The unrecognized net actuarial (gains) losses are amortized if they exceed 10% of the projected benefit obligation and are amortized starting in the period after recognition. These are amortized for pension and other postretirement benefits into net periodic benefit cost over the remaining service-years of active employees.

The prepaid pension asset is a cumulative balance of employer contributions made to the plan netted against the plan's accumulated net periodic benefit costs. The prepaid pension asset is a nonadmitted asset.

The accrued benefit cost recognized is the funded status of the plan adjusted for the remaining balance of unrecognized prior service cost, unrecognized net actuarial loss and the nonadmitted prepaid pension asset.

The following sets forth the projected benefit obligation funded status of the plans:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, | December 31, | December 31, | December 31, |
|  | 2024 | 2023 | 2024 | 2023 |
|  | Pension Benefits | Pension Benefits | Other Postretirement <br> Benefits | Other Postretirement <br> Benefits |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| Projected benefit obligation | $(2570) | $(2634) | $(307) | $(313) |
| Less: plan assets | 2470 | 2521 |  | 4 |
| Projected benefit obligation funded status | $(100) | $(113) | $(307) | $(309) |

---

The qualified pension plan was overfunded by $307 million and $312 million as of December 31, 2024 and 2023, respectively. The nonqualified pension plans are not funded and have total projected benefit obligations of $407 million and $425 million as of December 31, 2024 and 2023, respectively.

The qualified pension plan nonadmitted pension plan asset was $631 million and $653 million as of December 31, 2024 and 2023, respectively.

The Company intends to fund $56 million in 2025 to meet its expected current obligations under its qualified and nonqualified pension plans and other postretirement benefit plans.

***g.***  ***Net periodic cost*** 

The net periodic cost represents the annual accounting income or expense recognized by the Company and is included in general insurance expenses in the Statutory Statements of Operations. The net periodic cost recognized is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Years Ended December 31, | Years Ended December 31, | Years Ended December 31, | Years Ended December 31, | Years Ended December 31, | Years Ended December 31, |
|  | 2024 | 2023 | 2022 | 2024 | 2023 | 2022 |
|  | Pension <br>Benefits | Pension <br>Benefits | Pension <br>Benefits | Other Postretirement Benefits | Other Postretirement Benefits | Other Postretirement Benefits |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| Service cost | $99 | $86 | $97 | $7 | $7 | $9 |
| Interest cost | 123 | 125 | 86 | 15 | 15 | 10 |
| Expected return on plan assets | (171) | (169) | (194) |  |  |  |
| Amortization of unrecognized losses and (gains) | 19 | 27 | 9 | (10) | (9) | (1) |
| Amortization of unrecognized prior service benefit |  |  |  | (5) | (5) | (6) |
| &nbsp;&nbsp;&nbsp;Total net periodic expense | $70 | $69 | $(2) | $7 | $8 | $12 |

---

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

The expected future pension and other postretirement benefit payments which reflect expected future service are as follows:

---

| | | |
|:---|:---|:---|
|  | Pension <br> Benefits | Other <br> Postretirement<br> Benefits |
|  | (In Millions) | (In Millions) |
| 2025 | $205 | $19 |
| 2026 | 203 | 20 |
| 2027 | 195 | 21 |
| 2028 | 194 | 22 |
| 2029 | 187 | 22 |
| 2030 - 2034 | 915 | 114 |

---

***h.***  ***Assumptions*** 

 ****

The assumptions the Company used to calculate the benefit obligations and to determine the benefit costs are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Years Ended December 31, | Years Ended December 31, | Years Ended December 31, | Years Ended December 31, | Years Ended December 31, | Years Ended December 31, |
|  | 2024 | 2023 | 2022 | 2024 | 2023 | 2022 |
|  | Pension Benefits | Pension Benefits | Pension Benefits | Other Postretirement Benefits | Other Postretirement Benefits | Other Postretirement Benefits |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| Weighted-average assumptions used to determine: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Benefit obligations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discount rate | 5.50% | 4.85% | 5.00% | 5.55% | 4.85% | 5.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expected rate of compensation increase | 3.50% | 3.50% | 3.50% | 3.50% | 3.50% | 3.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Crediting rate | 5.00% | 5.00% | 5.00% | 5.55% | 4.85% | 5.05% |
| Net periodic benefit cost: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Discount rate | 4.85% | 5.00% | 2.85% | 4.85% | 5.05% | 2.80% |
| &nbsp;&nbsp;&nbsp;Expected long-term rate of return on plan assets | 7.00% | 7.00% | 6.50% | 3.00% | 3.00% | 3.00% |
| &nbsp;&nbsp;&nbsp;Expected rate of compensation increase | 3.50% | 3.50% | 3.50% | 3.50% | 3.50% | 3.50% |
| &nbsp;&nbsp;&nbsp;Interest Crediting rate | 5.00% | 5.00% | 5.00% | 4.85% | 5.05% | 2.80% |

---

The discount rate used to determine the benefit obligations as of year-end is used to determine the expense in the next fiscal year.

The Company determines its assumptions for the expected rate of return on plan assets for its plans using a "building block" approach, which focuses on ranges of anticipated rates of return for each asset class. A weighted range of nominal rates is determined based on target allocations for each class of asset.

***13.***  ***Employee compensation plans*** 

The Company has a long-term incentive compensation plan under which certain employees of the Company and its subsidiaries may be issued phantom stock-based compensation awards. These awards include PSARs and PRS. These awards do not grant an equity or ownership interest in the Company.

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

A summary of the weighted average grant price of PSARs and PRS shares granted, the intrinsic value of PSARs shares exercised, the PRS liabilities paid and the fair value of shares vested during the year is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | December 31, | December 31, | December 31, |
|  | 2024 | 2023 | 2022 |
| Weighted average grant date fair value: |  |  |  |
| &nbsp;&nbsp;&nbsp;PSARs granted during the year | $151.50 | $145.77 | $243.40 |
| &nbsp;&nbsp;&nbsp;PRS granted during the year | 150.96 | 145.67 | 238.54 |
| Intrinsic value (in thousands): |  |  |  |
| &nbsp;&nbsp;&nbsp;PSARs options exercised | 1986 | 65810 | 135219 |
| &nbsp;&nbsp;&nbsp;PRS liabilities paid | 103656 | 45600 | 70029 |
| &nbsp;&nbsp;&nbsp;Fair value of shares vested during the year | 99903 | 64779 | 136945 |

---

A summary of PSARs and PRS shares is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | PSARs | PSARs | PSARs | PRS | PRS | PRS |
|  | | Weighted Average | Weighted Average | | Weighted Average | Weighted Average |
|  |<br>Number of <br> Share Units | Price | Remaining <br> Contract <br> Terms |<br>Number of <br> Share Units | Price | Remaining <br> Contract <br> Terms |
|  | (In Thousands) | | (In Years) | (In Thousands) | | (In Years) |
| Outstanding as of December 31, 2022 | 3394 | $160.09 | 4.0 | 872 | $151.41 | 2.4 |
| &nbsp;&nbsp;&nbsp;Granted | 2762 | 145.77 |  | 1002 | 145.67 |  |
| &nbsp;&nbsp;&nbsp;Exercised | (1329) | 130.59 |  | (252) | 116.36 |  |
| &nbsp;&nbsp;&nbsp;Forfeited | (788) | 239.79 |  | (37) | 180.80 |  |
| Outstanding as of December 31, 2023 | 4039 | 144.46 | 4.4 | 1585 | 152.73 | 2.1 |
| &nbsp;&nbsp;&nbsp;Granted | 1591 | 151.50 |  | 332 | 150.96 |  |
| &nbsp;&nbsp;&nbsp;Exercised | (215) | 141.60 |  | (684) | 142.11 |  |
| &nbsp;&nbsp;&nbsp;Forfeited | (229) | 147.01 |  | (85) | 160.51 |  |
| Outstanding as of December 31, 2024 | 5186 | 146.66 | 4.0 | 1148 | 157.97 | 2.8 |
| Exercisable as of December 31, 2024 | 1046 | $141.62 | 2.2 | 4 | $142.60 | 0.8 |

---

The PSARs compensation was an expense of $10 million, $17 million and ($34) million for the years ended December 31, 2024, 2023, and 2022, respectively. The PSARs accrued compensation liability was $1 million and $13 million as of December 31, 2024 and 2023, respectively. There was no unrecognized compensation expense related to nonvested PSAR awards as of December 31, 2024, and the unrecognized compensation expense related to nonvested PSAR awards was $20 million as of December 31, 2023 and $19 million as of December 31, 2022. The weighted average period over which the expense is expected to be recognized is 4.0 years. The PSARs unrecognized compensation expense represents the total intrinsic value of all shares issued if 100% vested at current stock price, minus current compensation liability.

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

The PRS compensation expense was $39 million, $96 million and $31 million for the years ended December 31, 2024, 2023, and 2022, respectively. The PRS accrued compensation liability was $85 million and $148 million for the year ended December 31, 2024 and 2023, respectively. The unrecognized compensation expense related to nonvested PRS awards was $66 million, $87 million and $56 million as of December 31, 2024, 2023, and 2022, respectively. The weighted average period over which the expense is expected to be recognized is 2.8 years. The PRS unrecognized compensation expense represents the total value of all shares issued if 100% vested at the current stock price, minus current compensation liability.

***14.***  ***Surplus notes*** 

The following table summarizes the surplus notes issued and outstanding as of December 31, 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Issue Date | Face <br>Amount | Carrying <br>Value | Interest <br>Rate | Maturity <br>Date | Scheduled Interest <br>Payment Dates | Type of Assets<br> Received Upon <br> Issuance |
|  | ($ In Millions) | ($ In Millions) |  |  |  |  |
| 05/12/03 | $193 | $193 | 5.625% | 05/15/33 | May 15 & Nov 15 | Cash |
| 06/01/09 | 130 | 129 | 8.875% | 06/01/39 | Jun 1 & Dec 1 | Cash |
| 01/17/12 | 263 | 263 | 5.375% | 12/01/41 | Jun 1 & Dec 1 | Cash |
| 04/15/15 | 258 | 254 | 4.500% | 04/15/65 | Apr 15 & Oct 15 | Cash |
| 03/23/17 | 475 | 471 | 4.900% | 04/01/77 | Apr 1 & Oct 1 | Cash |
| 10/11/19 | 838 | 603 | 3.729% | 10/15/70 | Apr 15 & Oct 15 | Cash |
| 04/16/20 | 700 | 698 | 3.375% | 04/15/50 | Apr 15 & Oct 15 | Cash |
| 06/26/20 | 600 | 815 | 5.077% | 02/15/69 | Feb 15 & Aug 15 | Treasury Notes |
| 03/01/21 | 200 | 231 | 5.077% | 02/15/69 | Feb 15 & Aug 15 | Treasury Notes |
| 11/18/21 | 675 | 670 | 3.200% | 12/01/61 | Jun 1 & Dec 1 | Treasury Notes |
| 12/01/22 | 500 | 500 | 5.672% | 12/01/52 | Jun 1 & Dec 1 | Treasury Notes |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $4832 | $4827 |  |  |  |  |

---

All payments of interest and principal are subject to the prior approval of the Division. Interest expense is not recorded until approval for payment is received from the Division. As of December 31, 2024, the unapproved interest was $43 million. Through December 31, 2024, MassMutual paid cumulative interest of $2,270 million on surplus notes. Interest of $219 million was approved and paid during the year ended December 31, 2024.

There are no sinking fund requirements for the notes issued in 2003, 2009, 2012, 2015, 2017, 2019, 2020, 2021 or 2022.

These notes are unsecured and subordinate to all present and future indebtedness of MassMutual, all policy claims and all prior claims against MassMutual as provided by the Massachusetts General Laws. The surplus notes are all held by bank custodians for unaffiliated investors. All issuances were approved by the Division. Surplus notes are included in surplus on the Statutory Statements of Financial Position.

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

***15.***  ***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, 2024 and 2023. Accordingly, the Company has excluded these non-cash activities from the Statutory Statements of Cash Flows for the years ended December 31, 2024, 2023 and 2022.

---

| | | | |
|:---|:---|:---|:---|
|  | Years Ended December 31, | Years Ended December 31, | Years Ended December 31, |
|  | 2024 | 2023 | 2022 |
|  | (In Millions) | (In Millions) | (In Millions) |
| Stock conversions | $5747 | $202 | $13 |
| Bond conversions and refinancing | 1815 | 1460 | 1177 |
| Transfer of affiliated common stocks to partnerships and limited liability companies | 1652 | 38 |  |
| Change in market value of corporate owned life insurance asset | 204 | 217 | (46) |
| Transfer of mortgage loans to partnerships and limited liability companies | 186 |  | 40 |
| Transfer of partnerships and limited liability companies to partnerships and limited liability companies | 76 | 277 | 620 |
| Transfer of mortgage loans to bonds | 66 | 132 |  |
| Net investment income payment-in-kind bonds | 31 | 14 | 12 |
| Transfer of mortgage loans to mortgage loans | 17 |  |  |
| Transfer of bonds to partnerships and limited liability companies |  | 122 | 441 |
| Transfer of partnerships and limited liability companies to bonds |  | 100 | 187 |
| Transfer of mortgage loans to short-term investments |  | 60 |  |
| Accrued discount on mortgage loans |  | 10 |  |
| Transfer of partnerships and limited liability companies to stocks |  | 3 |  |
| Transfer of bonds to mortgage loans |  |  | 626 |
| Transfer of partnerships and limited liability companies to common stocks - subsidiaries and affiliates |  |  | 227 |
| Transfer of common stocks unaffiliated to common stocks - subsidiaries and affiliates |  |  | 97 |
| Deferred gain on real estate |  |  | 16 |

---

***16.***  ***Business risks, commitments and contingencies*** 

***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.

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

*Insurance and underwriting risks*

The Company prices its products based on estimated benefit payments reflecting assumptions with respect to mortality, morbidity, longevity, persistency, interest rates and other factors. If actual policy experience emerges that is significantly and adversely different from assumptions used in product pricing, the effect could be material to the profitability of the Company. For participating whole life products, the Company's dividends to policyholders primarily reflect the difference between actual investment, mortality, expense and persistency experience and the experience embedded in the whole life premiums and guaranteed elements. The Company also reinsures certain life insurance and other LTC insurance policies to mitigate the impact of its underwriting risk.

*Investment and interest rate risks*

 

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

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

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

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

*Currency exchange risk*

The Company has currency risk due to its non-U.S. dollar denominated investments and medium-term notes along with its indirect international operations. The Company mitigates a portion of its currency risk through the use of cross-currency swaps and forward contracts. Cross-currency swaps are used to minimize currency risk for certain non-U.S. dollar assets and liabilities through a pre-specified exchange of interest and principal. Forward contracts are used to hedge movements in exchange rates.

*Credit and other market risks*

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

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

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.

Real estate markets are monitored continuously with attention on regional differences in price performance, absorption trends and supply and demand fundamentals that can impact the rate of foreclosures and delinquencies. Public sector strengths and weaknesses, job growth and macro-economic issues are factors that are closely monitored to identify any impact on the Company's real estate related investments.

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.

Market risk arises within the Company's employee benefit plans to the extent that the obligations of the plans are not fully matched by assets with determinable cash flows. Pension and postretirement obligations are subject to change due to fluctuations in the discount rates used to measure the liabilities as well as factors such as changes in inflation, salary increases and participants living longer. The risks are that such fluctuations could result in assets that are insufficient over time to cover the level of projected benefit obligations. In addition, increases in inflation and members living longer could increase the pension and postretirement obligations. Management determines the level of this risk using reports prepared by independent actuaries and takes action, where appropriate, in terms of setting investment strategy and determining contribution levels. In the event that the pension obligations arising under the Company's employee benefit plans exceed the assets set aside to meet the obligations, the Company may be required to make additional contributions or increase its level of contributions to these plans.

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

*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.***  ***Leases*** 

The Company leases office space and equipment in the normal course of business under various noncancelable operating lease agreements. Additionally, the Company, as lessee, has entered various sublease agreements with affiliates for office space, such as Barings. Total rental expense on net operating leases, recorded in general insurance expenses, was $77 million and $93 million for the years ended December 31, 2024 and 2023, respectively. Net operating leases are net of sublease receipts of $9 million and $5 million or the years ended December 31, 2024 and 2023, respectively.

For the years ended December 31, 2024 and 2023, the company has not entered into any sale-leaseback transactions with any unrelated parties.

Future minimum commitments for all lease obligations as of December 31, 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Gross | Affiliated <br> Subleases | Nonaffiliated <br> Subleases | Net |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| 2025 | $83 | $6 | $2 | $75 |
| 2026 | 70 | 6 | 2 | 62 |
| 2027 | 64 | 6 | 2 | 56 |
| 2028 | 59 | 5 | 2 | 52 |
| 2029 | 55 | 4 | 2 | 49 |
| Thereafter | 267 | 16 | 5 | 246 |
| &nbsp;&nbsp;&nbsp;Total | $598 | $43 | $15 | $540 |

---

***c.***  ***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.

***d.***  ***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.

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

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

***e.***  ***Commitments*** 

 ****

In the normal course of business, the Company provides specified guarantees and funding to MMHLLC and certain of its subsidiaries. As of December 31, 2024 and 2023, the Company had approximately $800 million of these unsecured funding commitments to its subsidiaries. The unsecured commitments are included in private placements in the table below. As of December 31, 2024 and 2023, the Company had not funded, nor had an outstanding balance due on, these commitments.

In the normal course of business, the Company enters into letter of credit arrangements. The Company had outstanding letter of credit arrangements of approximately $77 million and $77 million as of December 31, 2024 and 2023, respectively. As of December 31, 2024 and 2023, the Company did not have any funding requests attributable to these letter of credit arrangements.

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

As of December 31, 2024, the Company had the following outstanding commitments:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2026 | 2027 | 2028 | 2029 | Thereafter | Total |
|  | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) | (In Millions) |
| Private placements | $492 | $2431 | $3169 | $2165 | $958 | $4947 | $14162 |
| Mortgage loans | 340 | 421 | 206 | 191 | 139 | 78 | 1375 |
| Partnerships and limited liability companies | 2412 | 1088 | 1338 | 658 | 930 | 1226 | 7652 |
| LIHTCs (including equity contributions) |  | 1 |  | 1 | 1 | 27 | 30 |
| Preferred stock | $56 | $— | $— | $— | $— | $16 | $72 |
| &nbsp;&nbsp;&nbsp;Total | $3300 | $3941 | $4713 | $3015 | $2028 | $6294 | $23291 |

---

In the normal course of business the Company enters into commitments related to property lease arrangements, certain indemnities, investments and other business obligations. As of December 31, 2024 and 2023, the Company had no outstanding obligations attributable to these commitments.

***f.***  ***Guarantees*** 

 ****

In the normal course of business the Company enters into guarantees related to employee and retirement benefits, the maintenance of subsidiary regulatory capital, surplus levels and liquidity sufficient to meet certain obligations, and other property lease arrangements. If the Company were to recognize a liability, the financial statement impact would be to recognize either an expense or an investment in a subsidiary, controlled, or affiliated entity. The Company has no expectations for recoveries from third parties should these guarantees be triggered. As of December 31, 2024 and 2023, the Company had no outstanding obligations to any obligor attributable to these guarantees.

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

The following details contingent guarantees that are made on behalf of the Company's subsidiaries and affiliates as of December 31, 2024.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Type of<br> guarantee | &nbsp;&nbsp;Nature of guarantee (including term) and <br> events and circumstances that would require <br> the guarantor to perform under guarantee | &nbsp;&nbsp;Carrying <br> amount of <br> liability | &nbsp;&nbsp;Maximum potential amount of <br> future payments (undiscounted)<br> required under the guarantee |
| &nbsp;&nbsp;Employee and Retirement Benefits | &nbsp;&nbsp;The Company guarantees the payment of certain employee and retirement benefits for its wholly-owned subsidiary Barings, if the subsidiary is unable to pay. | &nbsp;&nbsp;— | &nbsp;&nbsp;The liabilities for these plans of $599 million have been recorded on the subsidiaries' books and represent the Company's maximum obligation. |
| &nbsp;&nbsp;Capital and Surplus Support of Subsidiaries | &nbsp;&nbsp;Certain guarantees of the Company provide for the maintenance of a subsidiary's regulatory capital, surplus levels and liquidity sufficient to meet certain obligations. These unlimited guarantees are made on behalf of certain wholly-owned subsidiaries. (C.M. Life and MML Bay State). | &nbsp;&nbsp;— | &nbsp;&nbsp;These guarantees are not limited and cannot be estimated. |
| &nbsp;&nbsp;Other Property Lease Arrangements | &nbsp;&nbsp;The Company guarantees the payment of various lease obligations on behalf of its subsidiaries and affiliates. | &nbsp;&nbsp;— | &nbsp;&nbsp;The future maximum potential obligations are immaterial to the Company. |
| &nbsp;&nbsp;Real Estate Development Guarantee | &nbsp;&nbsp;The construction lender for an office building in London, UK required a cost overrun guarantee equivalent to 8% of the total budgeted cost (£6 million). The Company will only be responsible for its pro rata share of any cost overruns with a maximum additional commitment of approximately £2 million. This will remain in place until June 2025. | &nbsp;&nbsp;— | &nbsp;&nbsp;£8 million |
| &nbsp;&nbsp;Deferred Equity Guaranty | &nbsp;&nbsp;The lender for the Kimpton Tryon Park hotel has required a "Deferred Equity Guaranty" in the anticipated amount of $3 million. The Guaranteed Equity Amount is equal to the sum of the remaining costs and expenses necessary to complete a planned renovation project at the hotel, less any amounts over $0.5 million deposited in the FF&E Reserve. The Guaranty will remain in place until the renovation project at the hotel is completed, which is anticipated to occur in April 2025. | &nbsp;&nbsp;— | &nbsp;&nbsp;$3 million |
| &nbsp;&nbsp;Secure Capital for Variable Annuity Separate Accounts | &nbsp;&nbsp;The Company guarantees the capital contributions required to be made by a variable annuity separate account contract holder in the event the contract holder fails to payoff a subscription line utilized to deploy capital for the separate account. | &nbsp;&nbsp;— | &nbsp;&nbsp;$156 million with the right to increase the line to $345 million. |

---

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

***17.***  ***Related party transactions*** 

MassMutual has management and service contracts and cost-sharing arrangements with various subsidiaries and affiliates where MassMutual, for a fee, will furnish a subsidiary or affiliate, as required, operating facilities, human resources, computer software development and managerial services.

MassMutual has agreements with its subsidiaries and affiliates, including MML Investment Advisers LLC, The MassMutual Private Wealth & Trust, FSB, and Baring International Investment Limited, where MassMutual receives revenue for certain recordkeeping and other services that MassMutual provides to customers who select, as investment options, mutual funds managed by these affiliates.

MassMutual has agreements with its subsidiaries, Barings, MML Investment Advisers LLC and MassMutual Intellectual Property LLC, which provide investment advisory services and licensing agreements to MassMutual.

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, |
|  | 2024 | 2023 | 2022 |
|  | (In Millions) | (In Millions) | (In Millions) |
| Fee income: |  |  |  |
| &nbsp;&nbsp;&nbsp;Management and service contracts and cost-sharing arrangements | $471 | $425 | $366 |
| &nbsp;&nbsp;&nbsp;Investment advisory income | 16 | 16 | 18 |
| &nbsp;&nbsp;&nbsp;Recordkeeping and other services | 12 | 11 | 16 |
| Fee expense: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory services | 277 | 221 | 236 |
| &nbsp;&nbsp;&nbsp;Royalty and licensing fees | 83 | 84 | 71 |

---

The Company reported amounts due from subsidiaries and affiliates of $114 million and $132 million as of December 31, 2024 and 2023, respectively. The Company reported amounts due to subsidiaries and affiliates of $108 million and $39 million as of December 31, 2024 and 2023, respectively. Terms generally require settlement of these amounts within 30 to 90 days.

The Company held debt issued by MMHLLC that amounted to $2,144 million as of December 31, 2024 and $2,144 million as of December 31, 2023. The Company recorded interest income on MMHLLC debt of $168 million in 2024 and $125 million in 2023.

As of December 31, 2024, MMIH provided financing of $7,500 million for MassMutual Asset Finance (MMAF) that can be used to finance ongoing asset purchases. During 2024, MMAF borrowed $2,790 million and repaid $1,806 million under the credit facility. During 2023, MMAF borrowed $2,271 million and repaid $2,203 million under the credit facility. Outstanding borrowings under the facility were $6,035 million as of December 31, 2024 and $4,824 million as of December 31, 2023. Interest for these borrowings was $207 million for the year ended December 31, 2024 and $131 million for the year ended December 31, 2023. The floating rate borrowings bear interest at a spread over the 30-day SOFR. The fixed rate borrowings bear an interest at a spread over average life Treasuries.

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

Together, MassMutual and C.M. Life, provide a credit facility to Jefferies Finance, LLC (Jefferies) whereby Jefferies borrows cash through short-term approved financings to fund the purchase of loans for securitization. During 2024, there were no borrowings or repayments recorded. During 2023, Jefferies borrowed $79 million and repaid $79 million under the credit facility. As of December 31, 2024, there were no outstanding borrowings under this facility. All outstanding interest due under the facility, as of December 31, 2024, had been paid. The interest of this facility is calculated based on a full pass through of interest accrued on the underlying loans purchased.

*Capital Contributions from MassMutual*

 

&nbsp;&nbsp;&nbsp;&nbsp;*•* $70 million and $92 million to ITPS Holdings LLC in 2024 and 2023, respectively

&nbsp;&nbsp;&nbsp;&nbsp;• $135 million to DPI Acres Capital LLC in 2024

&nbsp;&nbsp;&nbsp;&nbsp;• $300 million to DPI Ares Mortgage Lending LLC in 2024

&nbsp;&nbsp;&nbsp;&nbsp;• $64 million and $96 million to MassMutual Mortgage Lending LLC in 2024 and 2023, respectively

&nbsp;&nbsp;&nbsp;&nbsp;• $27 million to MMV Europe APAC LP in 2024

&nbsp;&nbsp;&nbsp;&nbsp;• $98 million to MM Ascend in 2024

&nbsp;&nbsp;&nbsp;&nbsp;• $15 million to MMV SEA III in 2024

&nbsp;&nbsp;&nbsp;&nbsp;• $14 million to MassMutual International LLC in 2023

&nbsp;&nbsp;&nbsp;&nbsp;• $50 million to MassMutual Investment Holding LLC in 2023

&nbsp;&nbsp;&nbsp;&nbsp;• $18 million to MML CM LLC in 2023

*Non-Cash Capital Contributions from MassMutual*

 

&nbsp;&nbsp;&nbsp;&nbsp;*•* Investments valued at $1.2 billion to MM Vine Street LLC

&nbsp;&nbsp;&nbsp;&nbsp;• Investments valued at $404 million to Stillings Street LLC

*Return of Capital to MassMutual*

&nbsp;&nbsp;&nbsp;&nbsp;• MMIH paid $50 million in 2024

&nbsp;&nbsp;&nbsp;&nbsp;• MM/Barings Multifamily paid $20 million in 2024

&nbsp;&nbsp;&nbsp;&nbsp;• Glidepath Holdings paid $100 million in 2024

&nbsp;&nbsp;&nbsp;&nbsp;• MM Mortgage Lending paid $10 million in 2024

&nbsp;&nbsp;&nbsp;&nbsp;• Berkshire Way paid $141 million in 2023

&nbsp;&nbsp;&nbsp;&nbsp;• EM Opportunities LLC paid $185 million in 2023

*Dividends paid to MassMutual*

&nbsp;&nbsp;&nbsp;&nbsp;• MMLIA paid $33 million in 2024

&nbsp;&nbsp;&nbsp;&nbsp;• MM/Barings Multifamily paid $22 million in 2024

&nbsp;&nbsp;&nbsp;&nbsp;• MM Mortgage Lending paid $39 million in 2024

&nbsp;&nbsp;&nbsp;&nbsp;• Insurance Road LLC paid $199 million and $181 million in 2024 and 2023, respectively

&nbsp;&nbsp;&nbsp;&nbsp;• Berkshire Way paid $139 million in 2023

&nbsp;&nbsp;&nbsp;&nbsp;• Glidepath Holdings Inc paid $200 million in 2023

&nbsp;&nbsp;&nbsp;&nbsp;• DPI Acres Capital LLC paid $155 million in 2023

The Company has reinsurance agreements with its subsidiary, C.M. Life, and its indirect subsidiary, MML Bay State, including stop-loss, Modco and yearly renewable term agreements on life insurance and annuity products. The Company also has coinsurance agreements with C.M. Life where the Company assumes substantially all of the premium on certain universal life policies.

As of December 31, 2024, the net reinsurance amounts due to C.M. Life and MML Bay State were $19 million and as of December 31, 2023, the net reinsurance amounts due to C.M. Life and MML Bay State were $29 million. These outstanding balances are due and payable with terms ranging from monthly to annually, depending on the agreement in effect.

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

The following table summarizes the reinsurance transactions for these reinsurance agreements:

---

| | | | |
|:---|:---|:---|:---|
|  | Years Ended | Years Ended | Years Ended |
|  | Years Ended December 31, | Years Ended December 31, | Years Ended December 31, |
|  | 2024 | 2023 | 2022 |
|  | (In Millions) | (In Millions) | (In Millions) |
| Premium assumed | $44 | $43 | $44 |
| Modco adjustments, included in fees and other income | 28 | 24 | 12 |
| Expense allowance on reinsurance assumed, included in commissions | (12) | (13) | (13) |
| Policyholders' benefits | (110) | (108) | (88) |
| Experience refunds (paid) received | (2) | 1 | (1) |
| Accrual for stop-loss agreement |  |  | (18) |

---

The Company currently has one longevity swap agreement with Rothesay Life Plc on certain inforce annuity products. Under this agreement, the Company is the reinsurer and Rothesay Life Plc is the cedent.

The following summarizes the related party transactions between the Company and Rothesay Life Plc:

---

| | | | |
|:---|:---|:---|:---|
|  | December 31, | December 31, | December 31, |
|  | 2024 | 2023 | 2022 |
|  | (In Millions) | (In Millions) | (In Millions) |
| Premium assumed | $(351) | $(248) | $(203) |
| Policyholders' benefits | 334 | 235 | 192 |

---

***18.***  ***Subsidiaries and affiliated companies*** 

A summary of ownership and relationship of the Company and its subsidiaries and affiliated companies as of December 31, 2024 is illustrated below. Subsidiaries are wholly owned, except as noted.

---

| |
|:---|
| Subsidiaries and affiliates of MassMutual |
| &nbsp;&nbsp;&nbsp;C.M. Life Insurance Company |
| &nbsp;&nbsp;&nbsp;CML Global Capabilities LLC |
| &nbsp;&nbsp;&nbsp;MM Global Capabilities I LLC |
| &nbsp;&nbsp;&nbsp;MM Global Capabilities II LLC |
| &nbsp;&nbsp;&nbsp;MM Global Capabilities III LLC |
| &nbsp;&nbsp;&nbsp;MM/Barings Multifamily TEBS 2020 LLC |
| &nbsp;&nbsp;&nbsp;Berkshire Way LLC |
| &nbsp;&nbsp;&nbsp;MML Special Situations Investor LLC |
| &nbsp;&nbsp;&nbsp;Timberland Forest Holding LLC |
| &nbsp;&nbsp;&nbsp;Timberland Forest Holding LLC |
| &nbsp;&nbsp;&nbsp;Timberland Forest Holding LLC |
| &nbsp;&nbsp;&nbsp;MSP-SC, LLC |
| &nbsp;&nbsp;&nbsp;Insurance Road LLC |
| &nbsp;&nbsp;&nbsp;ITPS Holding LLC |
| &nbsp;&nbsp;&nbsp;EM Opportunities LLC |
| &nbsp;&nbsp;&nbsp;MassMutual MCAM Insurance Company, Inc. |
| &nbsp;&nbsp;&nbsp;MassMutual Ventures US IV GP, LLC |
| &nbsp;&nbsp;&nbsp;MassMutual Ventures US IV GP, LLC |
| &nbsp;&nbsp;&nbsp;MassMutual Ventures Europe/APAC I GP, LLC |

---

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

&nbsp;&nbsp;&nbsp;Counterpointe Sustainable Advisors LLC

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;Jefferies Finance LLC (50% owned by MMLIC) |
| &nbsp;&nbsp;&nbsp;Glidepath Holdings Inc. |
| &nbsp;&nbsp;&nbsp;MassMutual Mortgage Lending LLC |
| &nbsp;&nbsp;&nbsp;MM Copper Hill Road LLC |
| &nbsp;&nbsp;&nbsp;MMV CTF I GP LLC |
| &nbsp;&nbsp;&nbsp;MM Direct Private Investments Holding LLC |
| &nbsp;&nbsp;&nbsp;DPI-ACRES Capital LLC |
| &nbsp;&nbsp;&nbsp;DPI-ARES Mortgage Lending LLC |
| &nbsp;&nbsp;&nbsp;MM Investment Holding |
| &nbsp;&nbsp;&nbsp;MML CM LLC |
| &nbsp;&nbsp;&nbsp;MML Distributors LLC |
| &nbsp;&nbsp;&nbsp;MML Distributors LLC |
| &nbsp;&nbsp;&nbsp;MML Investment Advisers, LLC |
| &nbsp;&nbsp;&nbsp;MML Strategic Distributors, LLC |
| &nbsp;&nbsp;&nbsp;MassMutual Private Wealth & Trust, FSB |
| &nbsp;&nbsp;&nbsp;MML Private Placement Investment Company I, LLC |
| &nbsp;&nbsp;&nbsp;MML Private Equity Fund Investor LLC |
| &nbsp;&nbsp;&nbsp;MML Private Equity Fund Investor LLC |
| &nbsp;&nbsp;&nbsp;MM Private Equity Intercontinental LLC |
| &nbsp;&nbsp;&nbsp;Pioneers Gate LLC |
| &nbsp;&nbsp;&nbsp;MassMutual Holding LLC |
| &nbsp;&nbsp;&nbsp;Amherst Long Term Holdings, LLC |
| &nbsp;&nbsp;&nbsp;Enroll Confidently, Inc. |
| &nbsp;&nbsp;&nbsp;MassMutual International LLC |
| &nbsp;&nbsp;&nbsp;MassMutual External Benefits Group LLC |
| &nbsp;&nbsp;&nbsp;MM Vine Street LLC |
| &nbsp;&nbsp;&nbsp;Stillings Street LLC |
| &nbsp;&nbsp;&nbsp;5301 Wisconsin Avenue Associates, LLC |
| &nbsp;&nbsp;&nbsp;5301 Wisconsin Avenue GP, LLC |
| Subsidiaries of C.M. Life Insurance Company |
| &nbsp;&nbsp;&nbsp;MML Bay State Life Insurance Company |
| &nbsp;&nbsp;&nbsp;CML Special Situations Investor LLC |
| &nbsp;&nbsp;&nbsp;CM Life Mortgage Lending LLC |
| &nbsp;&nbsp;&nbsp;CML Mezzanine Investor III, LLC |
| Subsidiaries of MML Bay State Life Insurance Company |
| &nbsp;&nbsp;&nbsp;(No subsidiaries) |
| MM Global Capabilities I LLC |
| &nbsp;&nbsp;&nbsp;MassMutual Global Business Services India LLP |
| &nbsp;&nbsp;&nbsp;MM Global Capabilities (Netherlands) B.V. |
| Timberland Forest Holding LLC |
| &nbsp;&nbsp;&nbsp;Lyme Adirondack Forest Company, LLC |

---

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

---

| |
|:---|
| Subsidiaries of Insurance Road LLC |
| &nbsp;&nbsp;&nbsp;MassMutual Trad Private Equity LLC |
| &nbsp;&nbsp;&nbsp;MassMutual Intellectual Property LLC |
| &nbsp;&nbsp;&nbsp;Trad Investments I LLC |

---

---

| |
|:---|
| Subsidiaries of ITPS Holding LLC |
| &nbsp;&nbsp;&nbsp;HITPS LLC |
| Subsidiaries of MassMutual Ventures US IV GP, LLC |
| &nbsp;&nbsp;&nbsp;MassMutual Ventures US IV, L.P. |
| Subsidiaries of MassMutual Ventures Europe/APAC I GP, LLC |
| &nbsp;&nbsp;&nbsp;MassMutual Ventures Europe/APAC I GP, L.P. |
| Subsidiaries of Counterpointe Sustainable Advisors LLC |
| &nbsp;&nbsp;&nbsp;CSA Intermediate Holdco LLC |
| &nbsp;&nbsp;&nbsp;CSA Incentive Holdco LLC |
| Subsidiaries of Jefferies Finance LLC |
| &nbsp;&nbsp;&nbsp;JFIN GP Adviser LLC |
| &nbsp;&nbsp;&nbsp;Jefferies MM Lending LLC |
| &nbsp;&nbsp;&nbsp;Green SPE LLC |
| &nbsp;&nbsp;&nbsp;Jefferies Credit Partners LLC |
| &nbsp;&nbsp;&nbsp;Jefferies Private Credit BDC Inc. |
| &nbsp;&nbsp;&nbsp;JCP Funding 2024 LLC |
| &nbsp;&nbsp;&nbsp;Jefferies Senior Lending LLC |
| &nbsp;&nbsp;&nbsp;JFIN Revolver Holdings LLC |
| &nbsp;&nbsp;&nbsp;JFIN Revolver Holdings II LLC |
| &nbsp;&nbsp;&nbsp;JFIN Co-Issuer Corporation |
| &nbsp;&nbsp;&nbsp;JFIN Europe GP, S.a.r.l. |
| &nbsp;&nbsp;&nbsp;Jefferies Finance Business Credit LLC |
| &nbsp;&nbsp;&nbsp;JFIN Funding 2021 LLC |
| &nbsp;&nbsp;&nbsp;JSPCS MM LLC |
| &nbsp;&nbsp;&nbsp;JFIN LC Fund LLC |
| &nbsp;&nbsp;&nbsp;JFIN Revolver CLO 2017 Ltd. |
| &nbsp;&nbsp;&nbsp;JFIN Revolver CLO 2017-III Ltd. |
| &nbsp;&nbsp;&nbsp;JFIN Revolver CLO 2018 Ltd. |
| &nbsp;&nbsp;&nbsp;JFIN Revolver CLO 2019 Ltd. |
| &nbsp;&nbsp;&nbsp;JFIN Revolver CLO 2019-II Ltd. |
| &nbsp;&nbsp;&nbsp;JFIN Revolver CLO 2020 Ltd. |
| &nbsp;&nbsp;&nbsp;JFIN Revolver CLO 2021-II Ltd. |
| &nbsp;&nbsp;&nbsp;JFIN Revolver CLO 2021-V Ltd. |
| &nbsp;&nbsp;&nbsp;JFIN Revolver CLO 2022-II Ltd. |
| &nbsp;&nbsp;&nbsp;JFIN Revolver CLO 2022-III Ltd. |
| &nbsp;&nbsp;&nbsp;JFIN Revolver CLO 2022-IV Ltd. |
| &nbsp;&nbsp;&nbsp;JFIN Revolver CLO 2024-I Ltd. |

---

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;JFIN Revolver CLO 2022-IV LLC |
| &nbsp;&nbsp;&nbsp;JFIN Revolver Fund, L.P. |
| &nbsp;&nbsp;&nbsp;JFIN Revolver Funding 2021 Ltd. |
| &nbsp;&nbsp;&nbsp;JFIN Revolver Funding 2021 III Ltd. |
| &nbsp;&nbsp;&nbsp;JFIN Revolver Funding 2021 IV Ltd. |
| &nbsp;&nbsp;&nbsp;JFIN Revolver Funding 2022-I Ltd. |

---

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;JFIN Revolver SPE1 2022 LLC |
| &nbsp;&nbsp;&nbsp;JFIN Revolver SPE3 2022 LLC |
| &nbsp;&nbsp;&nbsp;JFIN Revolver SPE4 2022 LLC |
| &nbsp;&nbsp;&nbsp;JFIN Revolver SPE4 2022 Ltd. |
| &nbsp;&nbsp;&nbsp;JCP Private Loan Management GP LLC |
| &nbsp;&nbsp;&nbsp;JF CEI Holdings 1 LLC |
| &nbsp;&nbsp;&nbsp;Apex Credit Holdings LLC |
| &nbsp;&nbsp;&nbsp;Tomorrow Parent, LLC |
| &nbsp;&nbsp;&nbsp;Custom Ecology Holdco, LLC |
| Subsidiaries of Glidepath Holdings Inc. |
| &nbsp;&nbsp;&nbsp;MassMutual Ascend Life Insurance Company |
| Subsidiaries of MMV CTF I GP LLC |
| &nbsp;&nbsp;&nbsp;MassMutual Ventures Climate Technology Fund I LP |
| Subsidiaries of MM Direct Private Investments Holding LLC |
| &nbsp;&nbsp;&nbsp;MM Direct Private Investments UK Limited |
| Subsidiaries of MM Investment Holding |
| &nbsp;&nbsp;&nbsp;MMIH Bond Holdings LLC |
| &nbsp;&nbsp;&nbsp;MassMutual Asset Finance LLC |
| &nbsp;&nbsp;&nbsp;MassMutual Asset Finance LLC |
| &nbsp;&nbsp;&nbsp;MML Management Corporation |
| Subsidiaries of MML CM LLC |
| &nbsp;&nbsp;&nbsp;Blueprint Income LLC |
| &nbsp;&nbsp;&nbsp;Flourish Holding Company LLC |
| Subsidiaries of MassMutual Holding LLC |
| &nbsp;&nbsp;&nbsp;Fern Street LLC |
| &nbsp;&nbsp;&nbsp;Low Carbon Energy Holding |
| &nbsp;&nbsp;&nbsp;Sleeper Street LLC |
| &nbsp;&nbsp;&nbsp;Haven Life Insurance Agency, LLC |
| &nbsp;&nbsp;&nbsp;GASL Holdings LLC |
| &nbsp;&nbsp;&nbsp;Barings Asset-Based Income Fund (US) LP |
| &nbsp;&nbsp;&nbsp;Barings Perpetual European Direct Lending Fund |
| &nbsp;&nbsp;&nbsp;Barings Emerging Generation Fund II |
| &nbsp;&nbsp;&nbsp;Babson Capital Global Special Situation Credit Fund 2 |

---

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;Barings Global Real Assets Fund LP |
| &nbsp;&nbsp;&nbsp;Barings Global Special Situations Credit Fund 3 |
| &nbsp;&nbsp;&nbsp;MassMutual Assignment Company |
| &nbsp;&nbsp;&nbsp;MassMutual Capital Partners LLC |
| &nbsp;&nbsp;&nbsp;Marco Hotel LLC |
| &nbsp;&nbsp;&nbsp;HB Naples Golf Owner LLC |
| &nbsp;&nbsp;&nbsp;RB Apartments LLC |
| &nbsp;&nbsp;&nbsp;Intermodal Holding II LLC |
| &nbsp;&nbsp;&nbsp;MassMutual Ventures Holding LLC |
| &nbsp;&nbsp;&nbsp;MM Catalyst Fund LLC |
| &nbsp;&nbsp;&nbsp;MM Catalyst Fund II LLC |
| &nbsp;&nbsp;&nbsp;MM Rothesay Holdco US LLC |
| &nbsp;&nbsp;&nbsp;MML Investors Services, LLC |
| &nbsp;&nbsp;&nbsp;LifeScore Labs, LLC |
| &nbsp;&nbsp;&nbsp;MM Asset Management Holding LLC |
| Subsidiaries of MassMutual International LLC |
| &nbsp;&nbsp;&nbsp;MassMutual Solutions LLC |
| &nbsp;&nbsp;&nbsp;Yunfeng Financial Group Limited (24.9% owned by MassMutual International LLC) |

---

Information regarding filings of Subsidiaries and Controlled Affiliates

The following presents certain information regarding the Company's valuation filings for controlled affiliates of the Company:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | As of December 31, 2024 | As of December 31, 2024 | As of December 31, 2024 | | | | |
|  | <br>CUSIP | Gross <br> Value | Non-admitted | Admitted | <br>Latest <br> Filing |<br>2023 <br> Approved<br> Valuation | <br>Filing <br> Code | <br>Valuation<br> Method<br> Disallowed? |
|  | ($ in Millions) | ($ in Millions) | ($ in Millions) | ($ in Millions) | ($ in Millions) | ($ in Millions) | ($ in Millions) | ($ in Millions) |
| MassMutual Holding LLC | 57543#-11-8 | $17248 | $— | $17248 | 9/19/2024 | $17592 | Sub-2 | No |
| The MassMutual Trust Co, FSB | 57631@-10-5 | 27 |  | 27 | 6/26/2024 | 25 | Sub-2 | No |
| MM Investment Holding | G5695@10-8 | 758 |  | 758 | 6/26/2024 | 687 | Sub-2 | No |
| MM Investment Holding | G5695@11-6 | 1239 |  | 1239 | 6/26/2024 | 1162 | Sub-2 | No |
| Glidepath Holdings Inc | 37930@-10-5 | 4716 |  | 4716 | 11/11/2022 | 3643 | Sub-2 | No |
| Aggregate Total |  | $23988 | $— | $23988 |  | $23109 |  |  |

---

***19.***  ***Subsequent events*** 

Management of the Company has evaluated subsequent events through March 03, 2025, the date the financial statements were available to be issued to state regulators and subsequently on the Company's website. No events have occurred subsequent to the date of the financial statements, except for:

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

On January 14, 2025, MassMutual issued a $600 million funding agreement with a 4.95% fixed rate and a 5-year maturity.

On February 13, 2025, Barings LLC entered into a definitive agreement to acquire Artemis Real Estate Partners, a US-based real estate debt and equity investment manager with gross assets under management of approximately $11 billion. The total purchase price includes an upfront payment of approximately $392 million and a final payment to be made in 2030 of approximately $208 million. The transaction is subject to customary closing conditions, including regulatory approvals and client consents, and is expected to close on or before March 31, 2025. The acquisition is expected to bolster Barings LLC's position as a key player in the real estate asset management sector. Management is currently evaluating the impact of this acquisition on its statutory financial statements.

***20.***  ***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<br> before Cumulative<br> Adjustment | Cumulative<br> Adjustment | Amortized Cost<br> before OTTI | Projected Cash Flow | Recognized <br>OTTI | Amortized Cost <br>after OTTI | Fair Value |
| December 31, 2024 | $22493605 | $&nbsp;&nbsp;&nbsp;&nbsp; — | $22493605 | $15603907 | $(6889698) | $15603907 | $14525080 |
| September 30, 2024 | 9854964 |  | 9854964 | 8633308 | (1221656) | 8633308 | 8589373 |
| June 30, 2024 | 54957279 |  | 54957279 | 49033522 | (5923757) | 49033522 | 36231196 |
| March 31, 2024 | 36924401 |  | 36924401 | 33979195 | (2945206) | 33979195 | 33244880 |
| December 31, 2023 | 53672524 |  | 53672524 | 51118891 | (2553633) | 51118891 | 42903097 |
| September 30, 2023 | 24928010 |  | 24928010 | 24065666 | (862344) | 24065666 | 21743474 |
| June 30, 2023 | 16432523 |  | 16432523 | 15955963 | (476560) | 15955963 | 15431923 |
| March 31, 2023 | 56797193 |  | 56797193 | 45999577 | (10797616) | 45999577 | 39477567 |
| December 31, 2022 | 47152655 |  | 47152655 | 42630344 | (4522311) | 42630344 | 35962545 |
| September 30, 2022 | 23315048 |  | 23315048 | 22016070 | (1298978) | 22016070 | 19284696 |
| June 30, 2022 | 17306639 |  | 17306639 | 15826391 | (1480248) | 15826391 | 13534918 |
| March 31, 2022 | 30135997 |  | 30135997 | 23857778 | (6278219) | 23857778 | 23674371 |
| December 31, 2021 | 6658614 |  | 6658614 | 6490508 | (168106) | 6490508 | 6369198 |
| September 30, 2021 | 4061382 |  | 4061382 | 3955723 | (105659) | 3955723 | 3595213 |
| June 30, 2021 | 11352643 |  | 11352643 | 10386581 | (966062) | 10386581 | 11323900 |
| March 31, 2021 | 11247256 |  | 11247256 | 5074493 | (6172763) | 5074493 | 5237174 |
| December 31, 2020 | 16071907 |  | 16071907 | 14674300 | (1397607) | 14674300 | 15473517 |
| September 30, 2020 | 21375383 |  | 21375383 | 19160250 | (2215133) | 19160250 | 18862027 |
| June 30, 2020 | 10180123 |  | 10180123 | 8992610 | (1187513) | 8992610 | 9249851 |
| March 31, 2020 | 24799788 |  | 24799788 | 20197344 | (4602444) | 20197344 | 24683947 |
| December 31, 2019 | 3992400 |  | 3992400 | 3539281 | (453119) | 3539281 | 3439138 |
| September 30, 2019 | 16909029 |  | 16909029 | 15191932 | (1717097) | 15191932 | 14639756 |
| June 30, 2019 | 6980030 |  | 6980030 | 6187029 | (793001) | 6187029 | 7133620 |
| March 31, 2019 | 7791000 |  | 7791000 | 7634637 | (156363) | 7634637 | 7683021 |
| December 31, 2018 | 4550173 |  | 4550173 | 3815559 | (734614) | 3815559 | 4014514 |
| September 30, 2018 | 4320826 |  | 4320826 | 3663181 | (657645) | 3663181 | 3687297 |
| June 30, 2018 | 634235 |  | 634235 | 279221 | (355014) | 279221 | 386752 |
| March 31, 2018 | 645690 |  | 645690 | 488181 | (157509) | 488181 | 448494 |
| December 31, 2017 | 3949513 |  | 3949513 | 1958759 | (1990754) | 1958759 | 2023952 |
| September 30, 2017 | 4436542 |  | 4436542 | 876942 | (3559600) | 876942 | 4647683 |
| June 30, 2017 | 40538551 |  | 40538551 | 39808956 | (729595) | 39808956 | 60990732 |
| March 31, 2017 | 41788380 |  | 41788380 | 41391889 | (396491) | 41391889 | 56156936 |
| December 31, 2016 | 42175938 |  | 42175938 | 42045721 | (130217) | 42045721 | 54619477 |
| September 30, 2016 | 44266478 |  | 44266478 | 41890535 | (2375943) | 41890535 | 61300066 |
| June 30, 2016 | 49097217 |  | 49097217 | 48202703 | (894514) | 48202703 | 63207410 |
| March 31, 2016 | 57985071 |  | 57985071 | 55783979 | (2201092) | 55783979 | 70578397 |
| December 31, 2015 | 4881394 |  | 4881394 | 4783194 | (98200) | 4783194 | 4728736 |
| September 30, 2015 | 50531382 |  | 50531382 | 45665859 | (4865523) | 45665859 | 58523652 |
| June 30, 2015 | 66924927 |  | 66924927 | 65240585 | (1684342) | 65240585 | 72953475 |
| March 31, 2015 | 17856447 |  | 17856447 | 17681510 | (174937) | 17681510 | 17553999 |
| December 31, 2014 | 69225743 |  | 69225743 | 68301291 | (924452) | 68301291 | 79410553 |
| September 30, 2014 | 645721 |  | 645721 | 604437 | (41284) | 604437 | 627381 |
| June 30, 2014 | 57012606 |  | 57012606 | 55422168 | (1590438) | 55422168 | 75253388 |
| March 31, 2014 | 91702041 |  | 91702041 | 80744074 | (10957967) | 80744074 | 97672071 |

---

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| December 31, 2013 | 113707951 |  | 113707951 | 108815640 | (4892311) | 108815640 | 111783052 |
| September 30, 2013 | 81945730 |  | 81945730 | 80589482 | (1356248) | 80589482 | 77049314 |
| June 30, 2013 | 147215936 |  | 147215936 | 142140572 | (5075364) | 142140572 | 130973023 |
| March 31, 2013 | 194772025 |  | 194772025 | 188372089 | (6399936) | 188372089 | 176678910 |
| December 31, 2012 | 378096660 |  | 378096660 | 366323110 | (11773550) | 366323110 | 333086073 |
| September 30, 2012 | 816573456 |  | 816573456 | 788350823 | (28222633) | 788350823 | 697683289 |
| June 30, 2012 | 912025937 |  | 912025937 | 890494221 | (21531716) | 890494221 | 708872106 |
| March 31, 2012 | 1095018529 |  | 1095018529 | 1058132041 | (36886488) | 1058132041 | 841095013 |
| December 31, 2011 | 1090904993 |  | 1090904993 | 1056761288 | (34143705) | 1056761288 | 754310838 |
| September 30, 2011 | 762320632 |  | 762320632 | 738510048 | (23810584) | 738510048 | 546494232 |
| June 30, 2011 | 1130732656 |  | 1130732656 | 1078535670 | (52196986) | 1078535670 | 839143290 |
| March 31, 2011 | 1097705351 |  | 1097705351 | 1068852204 | (28853147) | 1068852204 | 816688348 |
| December 31, 2010 | 968742508 |  | 968742508 | 950111417 | (18631091) | 950111417 | 708895637 |
| September 30, 2010 | 915728030 |  | 915728030 | 889896058 | (25831972) | 889896058 | 673462493 |
| June 30, 2010 | 1362887892 |  | 1362887892 | 1335628212 | (27259680) | 1335628212 | 975241506 |
| March 31, 2010 | 1471905696 |  | 1471905696 | 1391337543 | (80568153) | 1391337543 | 1015645802 |
| December 31, 2009 | 1349124214 |  | 1349124214 | 1290817168 | (58307046) | 1290817168 | 852088739 |
| September 30, 2009 | 2953442689 | (106853708) | 2846588981 | 2700948264 | (145640717) | 2700948264 | 1692409640 |
| Totals |  | $(106853708) |  |  | $(711086551) |  |  |

---

The following is the impairment listing for loan-backed and structured securities for the three months ended December 31, 2024:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| CUSIP | Amortized Cost<br> before Cumulative<br> Adjustment | Cumulative<br> Adjustment | Amortized Cost <br> before OTTI | Projected Cash Flow | Recognized <br>OTTI | Amortized Cost <br>after OTTI | Fair Value |
| 62878HAA9 | $16430622 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $16430622 | $10631579 | $(5799043) | $10631579 | $10631579 |
| 61757MAB4 | 2209786 |  | 2209786 | 1691934 | (517852) | 1691934 | 1464726 |
| 07384YPP5 | 204939 |  | 204939 | 12170 | (192769) | 12170 | 12962 |
| 124860CB1 | 8675 |  | 8675 | 3325 | (5350) | 3325 | 2451 |
| 22541N5E5 | 112716 |  | 112716 | 92571 | (20145) | 92571 | 82219 |
| 22541NUB3 | 72527 |  | 72527 | 26613 | (45914) | 26613 | 52715 |
| 22943HAD8 | 2537360 |  | 2537360 | 2311617 | (225743) | 2311617 | 1570185 |
| 86360UAF3 | 878760 |  | 878760 | 803253 | (75507) | 803253 | 678097 |
| 92990GAE3 | 38220 |  | 38220 | 30845 | (7375) | 30845 | 30146 |
| Totals | $22493605 | $— | $22493605 | $15603907 | $(6889698) | $15603907 | $14525080 |

---

The following is the impairment listing for loan-backed and structured securities for the three months ended September 30, 2024:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| CUSIP | Amortized Cost<br> before Cumulative<br> Adjustment | Cumulative<br> Adjustment | Amortized Cost<br> before OTTI | Projected Cash Flow | Recognized <br>OTTI | Amortized Cost <br>after OTTI | Fair Value |
| 12624SAE9 | $283581 | $— | $283581 | $107645 | $(175936) | $107645 | $124189 |
| 040104RV5 | 1316794 |  | 1316794 | 1183932 | (132862) | 1183932 | 1356076 |
| 040104TF8 | 38801 |  | 38801 | 34441 | (4360) | 34441 | 32572 |
| 040104TG6 | 427234 |  | 427234 | 339199 | (88035) | 339199 | 421680 |
| 04012XAC9 | 122612 |  | 122612 | 118150 | (4462) | 118150 | 113225 |
| 05535DCF9 | 1602815 |  | 1602815 | 1326621 | (276194) | 1326621 | 1789110 |
| 17311YAC7 | 1083765 |  | 1083765 | 1024522 | (59243) | 1024522 | 1075634 |
| 30247DAD3 | 485685 |  | 485685 | 469281 | (16404) | 469281 | 463552 |
| 61750FAE0 | 350661 |  | 350661 | 324286 | (26375) | 324286 | 337048 |
| 86359DXD4 | 137432 |  | 137432 | 130525 | (6907) | 130525 | 143263 |
| 86363HAB8 | 31160 |  | 31160 | 30449 | (711) | 30449 | 26908 |
| 22540VG71 | 30645 |  | 30645 | 29526 | (1119) | 29526 | 31168 |
| 22541NUB3 | 113852 |  | 113852 | 80381 | (33471) | 80381 | 68940 |
| 22943HAD8 | 2950342 |  | 2950342 | 2566001 | (384341) | 2566001 | 1826541 |
| 32053LAA0 | 16437 |  | 16437 | 15758 | (679) | 15758 | 15626 |
| 45660LW96 | 648429 |  | 648429 | 648386 | (43) | 648386 | 562907 |
| 761118RJ9 | 65906 |  | 65906 | 59640 | (6266) | 59640 | 57523 |
| 85554NAG5 | 47438 |  | 47438 | 44025 | (3413) | 44025 | 41374 |
| 466247UG6 | 101373 |  | 101373 | 100540 | (833) | 100540 | 102039 |
| Totals | $9854962 | $— | $9854962 | $8633308 | $(1221654) | $8633308 | $8589375 |

---

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> 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, 2024:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| CUSIP | Amortized Cost<br> before Cumulative<br> Adjustment | Cumulative<br> Adjustment | Amortized Cost<br> before OTTI | Projected Cash Flow | Recognized <br>OTTI | Amortized Cost <br>after OTTI | Fair Value |
| 00256DAB8 | $2293480 | $— | $2293480 | $1123558 | $(1169922) | $1123558 | $1133931 |
| 62878HAA9 | 22229665 |  | 22229665 | 19330143 | (2899522) | 19330143 | 10631579 |
| 46639YAX5 | 4840606 |  | 4840606 | 4356606 | (484000) | 4356606 | 2182538 |
| 040104RV5 | 1374485 |  | 1374485 | 1317092 | (57393) | 1317092 | 1289098 |
| 040104TF8 | 40063 |  | 40063 | 38577 | (1486) | 38577 | 31948 |
| 04012XAC9 | 125717 |  | 125717 | 121053 | (4664) | 121053 | 109385 |
| 12479DAC2 | 1568478 |  | 1568478 | 1507516 | (60962) | 1507516 | 1260108 |
| 1248MGAJ3 | 39339 |  | 39339 | 36493 | (2846) | 36493 | 31938 |
| 17311YAC7 | 1130510 |  | 1130510 | 1068361 | (62149) | 1068361 | 1058184 |
| 24763LFY1 | 79137 |  | 79137 | 56898 | (22239) | 56898 | 80148 |
| 30247DAD3 | 503737 |  | 503737 | 488694 | (15043) | 488694 | 456193 |
| 40431KAE0 | 1951281 |  | 1951281 | 1905908 | (45373) | 1905908 | 1943159 |
| 46629NAC7 | 31407 |  | 31407 | 30431 | (976) | 30431 | 25499 |
| 46630KAA4 | 143450 |  | 143450 | 141586 | (1864) | 141586 | 140735 |
| 617463AA2 | 7597 |  | 7597 | 7322 | (275) | 7322 | 6323 |
| 61750FAE0 | 369653 |  | 369653 | 350312 | (19341) | 350312 | 329593 |
| 61750MAB1 | 2958 |  | 2958 | 2835 | (123) | 2835 | 2781 |
| 61755AAB2 | 2454 |  | 2454 | 2359 | (95) | 2359 | 2428 |
| 86359DXD4 | 142667 |  | 142667 | 137350 | (5317) | 137350 | 145141 |
| 86363HAB8 | 32111 |  | 32111 | 31169 | (942) | 31169 | 26424 |
| 92926SAB2 | 392 |  | 392 | 351 | (41) | 351 | 364 |
| 93934XAB9 | 115953 |  | 115953 | 101026 | (14927) | 101026 | 112047 |
| 05535DAN4 | 445322 |  | 445322 | 440021 | (5301) | 440021 | 485938 |
| 18974BAA7 | 118366 |  | 118366 | 118173 | (193) | 118173 | 118788 |
| 22540VG71 | 32306 |  | 32306 | 32221 | (85) | 32221 | 32311 |
| 22541NUB3 | 121803 |  | 121803 | 119790 | (2013) | 119790 | 55976 |
| 22943HAD8 | 3037380 |  | 3037380 | 2969818 | (67562) | 2969818 | 1824526 |
| 251510FB4 | 991980 |  | 991980 | 977715 | (14265) | 977715 | 949619 |
| 251513AQ0 | 38093 |  | 38093 | 37966 | (127) | 37966 | 35832 |
| 32053LAA0 | 16926 |  | 16926 | 16894 | (32) | 16894 | 15685 |
| 45254TRX4 | 52515 |  | 52515 | 52231 | (284) | 52231 | 50916 |
| 45660LW96 | 660160 |  | 660160 | 653133 | (7027) | 653133 | 545339 |
| 45660LYW3 | 681953 |  | 681953 | 671659 | (10294) | 671659 | 610731 |
| 75115DAH8 | 3134 |  | 3134 | 2919 | (215) | 2919 | 2655 |
| 761118FM5 | 1360921 |  | 1360921 | 1317414 | (43507) | 1317414 | 1331404 |
| 761118RJ9 | 68124 |  | 68124 | 66151 | (1973) | 66151 | 57214 |
| 86358HHX0 | 135467 |  | 135467 | 88953 | (46514) | 88953 | 71879 |
| 86359BLQ2 | 646438 |  | 646438 | 619933 | (26505) | 619933 | 466829 |
| 92925VAM2 | 129124 |  | 129124 | 81086 | (48038) | 81086 | 122377 |
| 45660N5H4 | 1036870 |  | 1036870 | 974290 | (62580) | 974290 | 1002198 |
| 61915RBB1 | 1435288 |  | 1435288 | 1426877 | (8411) | 1426877 | 1296802 |
| 92922FWU8 | 335190 |  | 335190 | 333499 | (1691) | 333499 | 328225 |
| 17309FAE8 | 60256 |  | 60256 | 53623 | (6633) | 53623 | 69177 |
| 32051DCJ9 | 24293 |  | 24293 | 24274 | (19) | 24274 | 23660 |
| 362334CN2 | 7052 |  | 7052 | 7052 |  | 7052 | 6748 |
| 362341VU0 | 1258267 |  | 1258267 | 1249922 | (8345) | 1249922 | 1118645 |
| 36298XAB8 | 4703619 |  | 4703619 | 4033800 | (669819) | 4033800 | 4079741 |
| 466247UG6 | 103056 |  | 103056 | 101640 | (1416) | 101640 | 101176 |
| 59024WAB3 | 106858 |  | 106858 | 90598 | (16260) | 90598 | 112505 |
| 86359DME4 | 321381 |  | 321381 | 316230 | (5151) | 316230 | 314754 |
| Totals | $54957282 | $— | $54957282 | $49033522 | $(5923760) | $49033522 | $36231194 |

---

The following is the impairment listing for loan-backed and structured securities for the three months ended March 31, 2024:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| CUSIP | Amortized Cost <br> before Cumulative<br> Adjustment | Cumulative<br> Adjustment | Amortized Cost<br> before OTTI | Projected Cash Flow | Recognized <br>OTTI | Amortized Cost <br>after OTTI | Fair Value |
| 12624SAE9 | $2480393 | $— | $2480393 | $56686 | $(2423707) | $56686 | $241500 |
| 040104RV5 | 1372644 |  | 1372644 | 1353068 | (19576) | 1353068 | 1287522 |

---

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY <br> NOTES TO STATUTORY FINANCIAL STATEMENTS, continued

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 040104TF8 | 40362 | 39469 | (893) | 39469 | 32106 |
| 040104TG6 | 408732 | 408732 |  | 408732 | 415551 |
| 04012XAC9 | 124521 | 124515 | (6) | 124515 | 106576 |
| 12479DAC2 | 1571594 | 1571482 | (112) | 1571482 | 1282896 |
| 1248MGAJ3 | 39783 | 39439 | (344) | 39439 | 33515 |
| 17311YAC7 | 1170871 | 1116200 | (54671) | 1116200 | 1101339 |
| 30247DAD3 | 510622 | 505931 | (4691) | 505931 | 473455 |
| 35729RAE6 | 3439174 | 3413826 | (25348) | 3413826 | 3125685 |
| 46629NAC7 | 31443 | 31252 | (191) | 31252 | 25667 |
| 46630KAA4 | 144821 | 144182 | (639) | 144182 | 141222 |
| 617463AA2 | 8108 | 7554 | (554) | 7554 | 6470 |
| 61749BAB9 | 58393 | 58386 | (7) | 58386 | 62224 |
| 61750FAE0 | 377655 | 367352 | (10303) | 367352 | 338847 |
| 61750MAB1 | 3228 | 2932 | (296) | 2932 | 2831 |
| 617526AE8 | 161089 | 160981 | (108) | 160981 | 184441 |
| 61757MAB4 | 2216577 | 2159573 | (57004) | 2159573 | 1598436 |
| 86359DXD4 | 149656 | 142761 | (6895) | 142761 | 149311 |
| 93934XAB9 | 117534 | 116301 | (1233) | 116301 | 115601 |
| 05535DAN4 | 508829 | 467091 | (41738) | 467091 | 482546 |
| 07387AFX8 | 46064 | 46059 | (5) | 46059 | 48686 |
| 12667GKG7 | 41516 | 40855 | (661) | 40855 | 41704 |
| 12669E6K7 | 203472 | 170046 | (33426) | 170046 | 211716 |
| 17025RAA3 | 216726 | 186092 | (30634) | 186092 | 236121 |
| 18974BAA7 | 125342 | 120261 | (5081) | 120261 | 120791 |
| 18974BAN9 | 63192 | 59615 | (3577) | 59615 | 63277 |
| 22540VG71 | 33573 | 33122 | (451) | 33122 | 33174 |
| 22943HAD8 | 3148442 | 3060640 | (87802) | 3060640 | 1848458 |
| 23321P6A1 | 1123431 | 1114640 | (8791) | 1114640 | 1207067 |
| 251513AQ0 | 38189 | 38155 | (34) | 38155 | 36248 |
| 32053LAA0 | 17947 | 17219 | (728) | 17219 | 15858 |
| 45254TRX4 | 54912 | 53392 | (1520) | 53392 | 52178 |
| 466247XE8 | 516447 | 508389 | (8058) | 508389 | 461123 |
| 589929X29 | 311818 | 309770 | (2048) | 309770 | 315074 |
| 61915RBZ8 | 160029 | 160028 | (1) | 160028 | 139745 |
| 65535VRK6 | 438977 | 425951 | (13026) | 425951 | 439052 |
| 761118RJ9 | 72483 | 70209 | (2274) | 70209 | 59726 |
| 86358HHX0 | 148713 | 94224 | (54489) | 94224 | 73108 |
| 92978EAA2 | 73009 | 73005 | (4) | 73005 | 69366 |
| 23332UCM4 | 18388 | 18314 | (74) | 18314 | 17838 |
| 86360UAF3 | 894861 | 894830 | (31) | 894830 | 697974 |
| 92922FWU8 | 342798 | 338495 | (4303) | 338495 | 331458 |
| 05949CCB0 | 27131 | 27127 | (4) | 27127 | 28180 |
| 12669GTE1 | 4186 | 3956 | (230) | 3956 | 3825 |
| 32051DCJ9 | 26983 | 26968 | (15) | 26968 | 26248 |
| 362341VU0 | 1271263 | 1269383 | (1880) | 1269383 | 1176122 |
| 576433NH5 | 286355 | 253071 | (33284) | 253071 | 199571 |
| 57645LAA2 | 9040600 | 9037867 | (2733) | 9037867 | 10546925 |
| 86359DMC8 | 3241522 | 3239802 | (1720) | 3239802 | 3536527 |
| Totals | $36924398 | $33979198 | $(2945200) | $33979198 | $33244881 |

---

**PART C**<br>**OTHER INFORMATION**

**Item 27. Exhibits**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Exhibit (a)** | [Board of Directors of Massachusetts Mutual Life Insurance Company authorizing the establishment of the Separate Account 4 – Incorporated by reference to Post-Effective Amendment No. 12 to Registration Statement File No. 333-202684 filed April 28, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000110465921056461/tm2035252d1_exa.htm) | [Board of Directors of Massachusetts Mutual Life Insurance Company authorizing the establishment of the Separate Account 4 – Incorporated by reference to Post-Effective Amendment No. 12 to Registration Statement File No. 333-202684 filed April 28, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000110465921056461/tm2035252d1_exa.htm) |
| &nbsp;&nbsp; **Exhibit (b)** | Not Applicable. | Not Applicable. |
| &nbsp;&nbsp; **Exhibit (c)** | i. | [Underwriting and Servicing Agreement dated December 16, 2014 by and between MML Investors Services, LLC and Massachusetts Mutual Life Insurance Company – Incorporated by reference to Post-Effective Amendment No. 28 to Registration Statement File No. 333-45039 filed June 25, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000093041321001239/c101798_ex99-ci.htm) |
|  | ii. | [Underwriting and Servicing Agreement (Distribution Servicing Agreement) dated April 1, 2014 between MML Strategic Distributors, LLC and Massachusetts Mutual Life Insurance Company – Incorporated by reference to Post-Effective Amendment No. 28 to Registration Statement File No. 333-45039 filed June 25, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000093041321001239/c101798_ex99-cii.htm) |
|  | iii. | [Template for Insurance Product Distribution Agreement (version 4/2021) (MML Strategic Distributors, LLC, Massachusetts Mutual Life Insurance Company and C.M. Life Insurance Company) – Incorporated by reference to Post-Effective Amendment No. 2 to Registration Statement No. 333-255824 filed April 25, 2023](https://www.sec.gov/Archives/edgar/data/1052766/000113322823002833/app10048721x1_ex99ciii.htm) |
| &nbsp;&nbsp; **Exhibit (d)** | i. | [Template Individual Variable Deferred Annuity Contract with Flexible Purchase Payments and Schedule – Incorporated by reference to Post-Effective Amendment No. 1 to Registration Statement File No. 333-255824 filed August 24, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000110465921062367/tm218782d1_exdi.htm) |
|  | ii. | [Fixed Account for Dollar Cost Averaging Rider – Incorporated by reference to Initial Registration Statement File No. 333-255824 filed May 6, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000110465921062367/tm218782d1_exdii.htm) |
|  | iii. | [Return of Purchase Payment Death Benefit Rider – Incorporated by reference to Initial Registration Statement File No. 333-255824 filed May 6, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000110465921062367/tm218782d1_exdiii.htm) |
|  | iv. | [Nursing Home and Hospital Withdrawal Benefit Rider – Incorporated by reference to Pre-Effective Amendment No. 2 to Registration Statement File No. 333-202684 filed September 8, 2015](https://www.sec.gov/Archives/edgar/data/1052766/000119312515313978/d848251dex9924b4v.htm) |
|  | v. | [Terminal Illness Withdrawal Benefit Rider – Incorporated by reference to Pre-Effective Amendment No. 2 to Registration Statement File No. 333-202684 filed September 8, 2015](https://www.sec.gov/Archives/edgar/data/1052766/000119312515313978/d848251dex9924b4vi.htm) |
|  | vi. | [Annuity Payment Commutation Rider – Incorporated by reference to Initial Registration Statement File No. 333- 255824 filed May 6, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000110465921062367/tm218782d1_exdvi.htm) |
|  | vii. | [Guaranteed Lifetime Withdrawal Benefit Rider (RetirePay) – Incorporated by reference to Post-Effective Amendment No. 4 to Registration Statement File No. 333-255824 filed January 26, 2024](https://www.sec.gov/Archives/edgar/data/1052766/000113322824000486/envision-html7093_ex99dvii.htm) |
|  | viii. | [Guaranteed Lifetime Withdrawal Benefit Rider (RetireCore)(\*)](envision-efp19550_ex99dviii.htm) |
|  | ix. | [Guaranteed Lifetime Withdrawal Benefit Rider (RetireCore Stacking)(\*)](envision-efp19550_ex99dix.htm) |
|  | x. | [Highest Quarterly Value Death Benefit Rider (\*)](envision-efp19550_ex99dx.htm) |
|  | xi. | [Non-Qualified Beneficiary Annuity Rider – Incorporated by reference to Initial Registration Statement File No. 333-255824 filed May 6, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000110465921062367/tm218782d1_exdviii.htm) |
|  | xii. | [Unisex Rider – Incorporated by reference to Pre-Effective Amendment No. 1 to Registration Statement File No. 333-202684 filed May 29, 2015](https://www.sec.gov/Archives/edgar/data/1052766/000119312515206606/d848251dex9924b4ix.htm) |
|  | xiii. | [Individual Retirement Annuity Rider – Incorporated by reference to Pre-Effective Amendment No. 1 to Registration Statement File No. 333-202684 filed May 29, 2015](https://www.sec.gov/Archives/edgar/data/1052766/000119312515206606/d848251dex9924b4xi.htm) |
|  | xiv. | [Roth Individual Retirement Annuity Rider – Incorporated by reference to Pre-Effective Amendment No. 1 to Registration Statement File No. 333-202684 filed May 29, 2015](https://www.sec.gov/Archives/edgar/data/1052766/000119312515206606/d848251dex9924b4xii.htm) |
|  | xv. | [SIMPLE IRA Rider – Incorporated by reference to Pre-Effective Amendment No. 1 to Registration Statement File No. 333-202684 filed May 29, 2015](https://www.sec.gov/Archives/edgar/data/1052766/000119312515206606/d848251dex9924b4xiii.htm) |
| &nbsp;&nbsp; **Exhibit (e)** | [Individual Variable Deferred Annuity Contract Application – Incorporated by reference to Initial Registration Statement File No. 333-255824 filed May 6, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000110465921062367/tm218782d1_exe.htm) | [Individual Variable Deferred Annuity Contract Application – Incorporated by reference to Initial Registration Statement File No. 333-255824 filed May 6, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000110465921062367/tm218782d1_exe.htm) |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Exhibit (f)** | i. | [Copy of Charter documentation as amended through August 10, 2008 of Massachusetts Mutual Life Insurance Company – Incorporated by reference to Post-Effective Amendment No. 28 to Registration Statement File No. 333-45039 filed June 25, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000093041321001239/c101798_ex99-fi.htm) | [Copy of Charter documentation as amended through August 10, 2008 of Massachusetts Mutual Life Insurance Company – Incorporated by reference to Post-Effective Amendment No. 28 to Registration Statement File No. 333-45039 filed June 25, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000093041321001239/c101798_ex99-fi.htm) | [Copy of Charter documentation as amended through August 10, 2008 of Massachusetts Mutual Life Insurance Company – Incorporated by reference to Post-Effective Amendment No. 28 to Registration Statement File No. 333-45039 filed June 25, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000093041321001239/c101798_ex99-fi.htm) | [Copy of Charter documentation as amended through August 10, 2008 of Massachusetts Mutual Life Insurance Company – Incorporated by reference to Post-Effective Amendment No. 28 to Registration Statement File No. 333-45039 filed June 25, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000093041321001239/c101798_ex99-fi.htm) |
|  | ii. | [By-Laws of Massachusetts Mutual Life Insurance Company as adopted April 8, 2015 – Incorporated by reference to Post-Effective Amendment No. 28 to Registration Statement File No. 333-45039 filed June 25, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000093041321001239/c101798_ex99-fii.htm) | [By-Laws of Massachusetts Mutual Life Insurance Company as adopted April 8, 2015 – Incorporated by reference to Post-Effective Amendment No. 28 to Registration Statement File No. 333-45039 filed June 25, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000093041321001239/c101798_ex99-fii.htm) | [By-Laws of Massachusetts Mutual Life Insurance Company as adopted April 8, 2015 – Incorporated by reference to Post-Effective Amendment No. 28 to Registration Statement File No. 333-45039 filed June 25, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000093041321001239/c101798_ex99-fii.htm) | [By-Laws of Massachusetts Mutual Life Insurance Company as adopted April 8, 2015 – Incorporated by reference to Post-Effective Amendment No. 28 to Registration Statement File No. 333-45039 filed June 25, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000093041321001239/c101798_ex99-fii.htm) |
| &nbsp;&nbsp; **Exhibit (g)** | Not Applicable. | Not Applicable. | Not Applicable. | Not Applicable. | Not Applicable. |
| &nbsp;&nbsp; **Exhibit (h)** | i. | Fund Participation Agreements | Fund Participation Agreements | Fund Participation Agreements | Fund Participation Agreements |
|  |  | a. | AIM Funds (Invesco Funds) | AIM Funds (Invesco Funds) | AIM Funds (Invesco Funds) |
|  |  |  | 1. | [Participation Agreement dated April 30, 2004 with revised Schedule A as of July 6, 2005 (AIM Variable Insurance Funds, AIM Distributors, Inc., and Massachusetts Mutual Life Insurance Company) – Incorporated by reference to Post-Effective Amendment No. 28 to Registration Statement File No. 333- 45039 filed June 25, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000093041321001239/c101798_ex99-hia1.htm) | [Participation Agreement dated April 30, 2004 with revised Schedule A as of July 6, 2005 (AIM Variable Insurance Funds, AIM Distributors, Inc., and Massachusetts Mutual Life Insurance Company) – Incorporated by reference to Post-Effective Amendment No. 28 to Registration Statement File No. 333- 45039 filed June 25, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000093041321001239/c101798_ex99-hia1.htm) |
|  |  |  |  | i. | [Amendment No. 1 effective as of July 1, 2008 – Incorporated by reference to Post-Effective Amendment No. 28 to Registration Statement File No. 333-45039 filed June 25, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000093041321001239/c101798_ex99-hia1a.htm) |
|  |  |  |  | ii. | [Amendment No. 2 effective April 30, 2010 – Incorporated by reference to Post-Effective Amendment No. 28 to Registration Statement File No. 333-45039 filed June 25, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000093041321001239/c101798_ex99-hia1b.htm) |
|  |  |  |  | iii. | [Amendment No. 3 effective May 1, 2011 – Incorporated by reference to Post-Effective Amendment No. 28 to Registration Statement File No. 333-45039 filed June 25, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000093041321001239/c101798_ex99-hia1c.htm) |
|  |  |  |  | iv. | [Amendment dated May 3, 2021 regarding Rules 30e-3 and 498A – Incorporated by reference to Post-Effective Amendment No. 11 to Registration Statement File No. 333-206438 filed November 15, 2021](https://www.sec.gov/Archives/edgar/data/836249/000114036121037839/nc10028325x1_ex9930hia1iv.htm) |
|  |  |  | 2. | [Financial Support Agreement dated October 1, 2016 (Invesco Distributors, Inc. and Massachusetts Mutual Life Insurance Company) – Incorporated by reference to Post-Effective Amendment No. 9 to Registration Statement File No. 333-150916 filed April 26, 2017](https://www.sec.gov/Archives/edgar/data/836249/000119312517139363/d306701dex9926hia.htm) | [Financial Support Agreement dated October 1, 2016 (Invesco Distributors, Inc. and Massachusetts Mutual Life Insurance Company) – Incorporated by reference to Post-Effective Amendment No. 9 to Registration Statement File No. 333-150916 filed April 26, 2017](https://www.sec.gov/Archives/edgar/data/836249/000119312517139363/d306701dex9926hia.htm) |
|  |  |  |  | i. | [Amendment No. 1 to Financial Support Agreement – Incorporated by reference to Post-Effective Amendment No. 11 to Registration Statement File No. 333-206438 filed November 15, 2021](https://www.sec.gov/Archives/edgar/data/836249/000114036121037839/nc10028325x1_ex9930hia2i.htm) |
|  |  |  |  | ii. | [Amendment No. 2 effective April 1, 2022 – Incorporated by reference to Post-Effective Amendment No. 2 to Registration Statement File No. 333-255824 filed April 25, 2023](https://www.sec.gov/Archives/edgar/data/943863/000113322823002832/app10048719x1_ex99hia2ii.htm) |
|  |  |  | 3. | [Administrative Services Agreement dated October 1, 2016 (Invesco Advisers, Inc. and Massachusetts Mutual Life Insurance Company) – Incorporated by reference to Post-Effective Amendment No. 28 to Registration Statement File No. 333-45039 filed June 25, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000093041321001239/c101798_ex99-hia3.htm) | [Administrative Services Agreement dated October 1, 2016 (Invesco Advisers, Inc. and Massachusetts Mutual Life Insurance Company) – Incorporated by reference to Post-Effective Amendment No. 28 to Registration Statement File No. 333-45039 filed June 25, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000093041321001239/c101798_ex99-hia3.htm) |
|  |  | b. | American Funds<sup>®</sup> Funds | American Funds<sup>®</sup> Funds | American Funds<sup>®</sup> Funds |
|  |  |  | 1. | [Participation Agreement dated as of March 7, 2003 (American Funds Insurance Series, Capital Research and Management Company, and Massachusetts Mutual Life Insurance Company) – Incorporated by reference to Post-Effective Amendment No. 34 to Registration Statement File No. 333-50410 filed April 21, 2022](https://www.sec.gov/Archives/edgar/data/836249/000113322822002258/app10035493x1_ex99hic1.htm) | [Participation Agreement dated as of March 7, 2003 (American Funds Insurance Series, Capital Research and Management Company, and Massachusetts Mutual Life Insurance Company) – Incorporated by reference to Post-Effective Amendment No. 34 to Registration Statement File No. 333-50410 filed April 21, 2022](https://www.sec.gov/Archives/edgar/data/836249/000113322822002258/app10035493x1_ex99hic1.htm) |
|  |  |  |  | i. | [Amendment No. 1 dated August 1, 2004 – Incorporated by reference to Post-Effective Amendment No. 34 to Registration Statement File No. 333-50410 filed April 21, 2022](https://www.sec.gov/Archives/edgar/data/836249/000113322822002258/app10035493x1_ex99hic1i.htm) |
|  |  |  |  | ii. | [Amendment No. 2 dated as of May 1, 2006 – Incorporated by reference to Post-Effective Amendment No. 34 to Registration Statement File No. 333-50410 filed April 21, 2022](https://www.sec.gov/Archives/edgar/data/836249/000113322822002258/app10035493x1_ex99hic1ii.htm) |
|  |  |  |  | iii. | [Amendment No. 3 dated as of April 30, 2010 – Incorporated by reference to Post-Effective Amendment No. 34 to Registration Statement File No. 333-50410 filed April 21, 2022](https://www.sec.gov/Archives/edgar/data/836249/000113322822002258/app10035493x1_ex99hic1iii.htm) |
|  |  |  |  | iv. | [Amendment No. 4 dated as of November 18, 2020 – Incorporated by reference to Post-Effective Amendment No. 33 to Registration Statement File No. 333-50410 filed April 28, 2021](https://www.sec.gov/Archives/edgar/data/836249/000110465921056500/tm2035269d1_ex99-hic1.htm) |
|  |  |  |  | v. | [Amendment No. 5 dated as of November 18, 2020 – Incorporated by reference to Post-Effective Amendment No. 34 to Registration Statement File No. 333-50410 filed April 21, 2022](https://www.sec.gov/Archives/edgar/data/836249/000113322822002258/app10035493x1_ex99hic1v.htm) |
|  |  |  |  | vi. | [Amendment No. 6 dated as of April 2, 2024 – Incorporated by reference to Post-Effective Amendment No. 7 to Registration Statement File No. 333-255824 filed April 25, 2024](https://www.sec.gov/Archives/edgar/data/1052766/000113322824004512/envision-html6704_ex99hib1vi.htm)  |
|  |  |  | 2. | [Business Agreement dated March 7, 2003 (Massachusetts Mutual Life Insurance Company, MML Distributors, LLC, American Funds Distributors, Inc. and Capital Research and Management Company) – Incorporated by reference to Post-Effective Amendment No. 34 to Registration Statement File No. 333-50410 filed April 21, 2022](https://www.sec.gov/Archives/edgar/data/836249/000113322822002258/app10035493x1_ex99hic2.htm) | [Business Agreement dated March 7, 2003 (Massachusetts Mutual Life Insurance Company, MML Distributors, LLC, American Funds Distributors, Inc. and Capital Research and Management Company) – Incorporated by reference to Post-Effective Amendment No. 34 to Registration Statement File No. 333-50410 filed April 21, 2022](https://www.sec.gov/Archives/edgar/data/836249/000113322822002258/app10035493x1_ex99hic2.htm) |
|  |  |  |  | i. | [First amendment effective May 1, 2013 – Incorporated by reference to Post-Effective Amendment No. 34 to Registration Statement File No. 333-50410 filed April 21, 2022](https://www.sec.gov/Archives/edgar/data/836249/000113322822002258/app10035493x1_ex99ic2i.htm) |
|  |  |  |  | ii. | [Second amendment dated as of September 1, 2014 – Incorporated by reference to Post-Effective Amendment No. 34 to Registration Statement File No. 333-50410 filed April 21, 2022](https://www.sec.gov/Archives/edgar/data/836249/000113322822002258/app10035493x1_ex99ic2ii.htm) |
|  |  |  |  | iii. | [Third amendment dated as of April 2, 2024 – Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statement File No. 333-259818 filed April 25, 2024](https://www.sec.gov/Archives/edgar/data/943863/000113322824004511/cmes-html6703_ex99hib2iii.htm) |
|  |  | c. | Columbia Funds | Columbia Funds | Columbia Funds |
|  |  |  | 1. | [Form of Participation Agreement (Massachusetts Mutual Life Insurance Company, Columbia Funds Variable Insurance Trust, Columbia Funds Variable Series Trust II, Columbia Management Investment Advisers, LLC, and Columbia Management Investment Distributors Inc.) – Incorporated by reference to Post-Effective Amendment No. 7 to Registration Statement File No. 333-255824 filed April 25, 2024](https://www.sec.gov/Archives/edgar/data/1052766/000113322824004512/envision-html6704_ex99hic1.htm)  | [Form of Participation Agreement (Massachusetts Mutual Life Insurance Company, Columbia Funds Variable Insurance Trust, Columbia Funds Variable Series Trust II, Columbia Management Investment Advisers, LLC, and Columbia Management Investment Distributors Inc.) – Incorporated by reference to Post-Effective Amendment No. 7 to Registration Statement File No. 333-255824 filed April 25, 2024](https://www.sec.gov/Archives/edgar/data/1052766/000113322824004512/envision-html6704_ex99hic1.htm)  |
|  |  |  | 2. | [Form of Services Agreement (Massachusetts Mutual Life Insurance Company and Columbia Management Investment Services Corp.) – Incorporated by reference to Post-Effective Amendment No. 7 to Registration Statement File No. 333-255824 filed April 25, 2024](https://www.sec.gov/Archives/edgar/data/1052766/000113322824004512/envision-html6704_ex99hic2.htm)  | [Form of Services Agreement (Massachusetts Mutual Life Insurance Company and Columbia Management Investment Services Corp.) – Incorporated by reference to Post-Effective Amendment No. 7 to Registration Statement File No. 333-255824 filed April 25, 2024](https://www.sec.gov/Archives/edgar/data/1052766/000113322824004512/envision-html6704_ex99hic2.htm)  |
|  |  | d. | Fidelity Funds | Fidelity Funds | Fidelity Funds |
|  |  |  | 1. | [Amended and Restated Participation Agreement dated May 22, 2017 (Fidelity<sup>®</sup> Variable Insurance Products Fund, Fidelity<sup>®</sup> Variable Insurance Products Fund II, Fidelity<sup>®</sup> Variable Insurance Products Fund III, Fidelity<sup>®</sup> Variable Insurance Products Fund IV, Fidelity<sup>®</sup> Variable Insurance Products Fund V, Fidelity Distributors Corporation and Massachusetts Mutual Life Insurance Company) – Incorporated by reference to Pre-Effective Amendment No. 4 to Registration Statement File No. 333-202684 filed April 24, 2018](https://www.sec.gov/Archives/edgar/data/1052766/000119312518128941/d467913dex99248.htm) | [Amended and Restated Participation Agreement dated May 22, 2017 (Fidelity<sup>®</sup> Variable Insurance Products Fund, Fidelity<sup>®</sup> Variable Insurance Products Fund II, Fidelity<sup>®</sup> Variable Insurance Products Fund III, Fidelity<sup>®</sup> Variable Insurance Products Fund IV, Fidelity<sup>®</sup> Variable Insurance Products Fund V, Fidelity Distributors Corporation and Massachusetts Mutual Life Insurance Company) – Incorporated by reference to Pre-Effective Amendment No. 4 to Registration Statement File No. 333-202684 filed April 24, 2018](https://www.sec.gov/Archives/edgar/data/1052766/000119312518128941/d467913dex99248.htm) |
|  |  |  |  | i. | [First Amendment dated May 22, 2017 to the Amended and Restated Participation Agreement dated May 22, 2017 – Incorporated by reference to Pre-Effective Amendment No. 4 to Registration Statement File No. 333-202684 filed April 24, 2018](https://www.sec.gov/Archives/edgar/data/1052766/000119312518128941/d467913dex992481.htm) |
|  |  |  |  | ii. | [Amendment dated January 21, 2019 to Schedule A of the Amended and Restated Participation Agreement dated May 22, 2017 – Incorporated by reference to Post-Effective Amendment No. 5 to Registration Statement File No. 333-202684 filed April 25, 2019](https://www.sec.gov/Archives/edgar/data/1052766/000114420419021283/a19-5914_33ex99d24dbd8idad1d.htm) |
|  |  |  |  | iii. | [Amendment dated October 1, 2020 to Schedule A of the Amended and Restated Participation Agreement dated May 22, 2017 – Incorporated by reference to Post-Effective Amendment No. 28 to Registration Statement File No. 333-45039 filed June 25, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000093041321001239/c101798_ex99-hib1c.htm) |
|  |  |  |  | iv. | [Amendment dated March 1, 2021 to Schedule A of the Amended and Restated Participation Agreement dated May 22, 2017 – Incorporated by reference to Post-Effective Amendment No. 28 to Registration Statement File No. 333-45039 filed June 25, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000093041321001239/c101798_ex99-hib1d.htm) |
|  |  |  |  | v. | [Amendment dated October 18, 2023 to Schedule A of the Amended and Restated Participation Agreement dated May 22, 2017 – Incorporated by reference to Post-Effective Amendment No. 7 to Registration Statement File No. 333-255824 filed April 25, 2024](https://www.sec.gov/Archives/edgar/data/1052766/000113322824004512/envision-html6704_ex99hidv.htm)  |

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

2. [Summary Prospectus Agreement effective May 1, 2011 (Fidelity Distributors Corporation and Massachusetts Mutual Life Insurance Company, C.M. Life Insurance Company, and MML Bay State Life Insurance Company) – Incorporated by reference to Post-Effective Amendment No. 28 to Registration Statement File No. 333-45039 filed June 25, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000093041321001239/c101798_ex99-hib2.htm)

3. [Service Contract dated January 1, 2004 (MML Investors Services, LLC, MML Strategic Distributors, LLC, and MML Distributors, LLC and Massachusetts Mutual Life Insurance Company) – Incorporated by reference to Pre-Effective Amendment No. 2 to Registration Statement File No. 333-215823 filed June 14, 2017](https://www.sec.gov/Archives/edgar/data/836249/000119312517203509/d256121dex9926hig3.htm)

i. [First Amendment dated October 1, 2008 – Incorporated by reference to Pre-Effective Amendment No. 2 to Registration Statement File No. 333-215823 filed June 14, 2017](https://www.sec.gov/Archives/edgar/data/836249/000119312517203509/d256121dex9926hig3a.htm)

ii. [Second Amendment dated May 22, 2017 – Incorporated by reference to Post-Effective Amendment No. 11 to Registration Statement File No. 333-206438 filed November 15, 2021](https://www.sec.gov/Archives/edgar/data/836249/000114036121037839/nc10028325x1_ex9930hib3ii.htm)

iii. [Third Amendment dated November 1, 2018 – Incorporated by reference to Initial Registration Statement to Registration Statement File No. 333-259818 filed September 27, 2021](https://www.sec.gov/Archives/edgar/data/943863/000114036121032606/nc10028327x1_ex99hii3i.htm)

iv. [Fourth Amendment dated September 28, 2021 (C.M. Life Insurance Company becomes a party to the Agreement) – Incorporated by reference to Registration Statement File No. 333-206438 filed November 15, 2021](https://www.sec.gov/Archives/edgar/data/836249/000114036121037839/nc10028325x1_ex9930hib3iv.htm)

4. [Service Agreement dated October 1, 1999 – Incorporated by reference to Pre-Effective Amendment No. 2 to Registration Statement File No. 333-215823 filed June 14, 2017](https://www.sec.gov/Archives/edgar/data/836249/000119312517203509/d256121dex9926hig4.htm)

i. [Amendment dated May 22, 2017 – Incorporated by reference to Post-Effective Amendment No. 11 to Registration Statement File No. 333-206438 filed November 15, 2021](https://www.sec.gov/Archives/edgar/data/836249/000114036121037839/nc10028325x1_ex9930hib4i.htm)

ii. [Second Amendment dated December 13, 2017 – Incorporated by reference to Post-Effective Amendment No. 10 to Registration Statement File No. 333-150916 filed April 24, 2018](https://www.sec.gov/Archives/edgar/data/836249/000119312518128971/d467481dex9926hib4.htm)

iii. [Third Amendment dated January 1, 2021 – Incorporated by reference to Pre-Effective Amendment No. 12 to Registration Statement File No. 333-202684 filed April 28, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000110465921056461/tm2035252d1_exhib4.htm)

e. Ivy
 Funds

1. [Participation Agreement dated as of October 25, 2012 (Waddell & Reed, Inc., Ivy Funds Variable Insurance Portfolios and Massachusetts Mutual Life Insurance Company) and C.M. Life Insurance Company) – Incorporated by reference to Pre-Effective Amendment No. 1 to Registration Statement File No. 333-255824 filed August 24, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000119312513171227/d458775dex998a.htm)

i. [First Amendment dated January 18, 2013 – Incorporated by reference to Pre-Effective Amendment No. 1 to Registration Statement File No. 333-255824 filed August 24, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000110465921108882/tm218782d9_exhic1a.htm)

ii. [Second Amendment dated June 12, 2015 – Incorporated by reference to Post-Effective Amendment No. 11 to Registration Statement File No. 333-206438 filed November 15, 2021](https://www.sec.gov/Archives/edgar/data/836249/000114036121037839/nc10028325x1_ex9930hic1ii.htm)

iii. [Third Amendment dated February 18, 2016 – Incorporated by reference to Post-Effective Amendment No. 11 to Registration Statement File No. 333-206438 filed November 15, 2021](https://www.sec.gov/Archives/edgar/data/836249/000114036121037839/nc10028325x1_ex9930hic1iii.htm)

iv. [Fourth Amendment dated October 1, 2016 – Incorporated by reference to Post-Effective Amendment No. 11 to Registration Statement File No. 333-206438 filed November 15, 2021](https://www.sec.gov/Archives/edgar/data/836249/000114036121037839/nc10028325x1_ex9930hic1iv.htm)

v. [Fifth Amendment dated March 1, 2017 – Incorporated by reference to Post-Effective Amendment No. 11 to Registration Statement File No. 333-206438 filed November 15, 2021](https://www.sec.gov/Archives/edgar/data/836249/000114036121037839/nc10028325x1_ex9930hic1v.htm)

vi. [Sixth Amendment dated May 1, 2021 regarding Rules 30e-3 and 498a – Incorporated by reference to Post-Effective Amendment No. 35 to Registration Statement File No. 333-112626 filed January 27, 2022](https://www.sec.gov/Archives/edgar/data/1052766/000114036122002851/nc10028323x1_ex9927hic1vi.htm)

vii. [Seventh Amendment dated October 20, 2021 (C.M. Life Insurance Company becomes a party to the Agreement) – Incorporated by reference to Post-Effective Amendment No. 35 to Registration Statement File No. 333-112626 filed January 27, 2022](https://www.sec.gov/Archives/edgar/data/1052766/000114036122002851/nc10028323x1_ex9927hic1vii.htm)

2. [Services Agreement dated October 25, 2012 by and among Waddell & Reed, Inc., Massachusetts Mutual Life Insurance Company and MML Distributors, LLC – Incorporated by reference to Post-Effective Amendment No. 11 to Registration Statement File No. 333-206438 filed November 15, 2021](https://www.sec.gov/Archives/edgar/data/836249/000114036121037839/nc10028325x1_ex9930hic2.htm)

i. [Amendment No. 1 effective April 1, 2014 – Incorporated by reference to Post-Effective Amendment No. 11 to Registration Statement File No. 333-206438 filed November 15, 2021](https://www.sec.gov/Archives/edgar/data/836249/000114036121037839/nc10028325x1_ex9930hic2i.htm)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
|  |  | ii. | [Amendment No. 2 effective April 15, 2015 – Incorporated by reference to Post-Effective Amendment No. 11 to Registration Statement File No. 333-206438 filed November 15, 2021](https://www.sec.gov/Archives/edgar/data/836249/000114036121037839/nc10028325x1_ex9930hic2ii.htm) |
|  |  | iii. | [Amendment No. 3 dated October 1, 2016 – Incorporated by reference to Post-Effective Amendment No. 11 to Registration Statement File No. 333-206438 filed November 15, 2021](https://www.sec.gov/Archives/edgar/data/836249/000114036121037839/nc10028325x1_ex9930hic2iii.htm) |
|  |  | iv. | [Amendment No. 4 dated October 20, 2021 (C.M. Life Insurance Company becomes a party to the Agreement) – Incorporated by reference to Post-Effective Amendment No. 35 to Registration Statement File No. 333-112626 filed January 27, 2022](https://www.sec.gov/Archives/edgar/data/1052766/000114036122002851/nc10028323x1_ex9927hic2.htm) |
| f. | Janus Aspen Funds (Service) | Janus Aspen Funds (Service) | Janus Aspen Funds (Service) |
|  | 1. | [Participation Agreement dated July 12, 2021 (Massachusetts Mutual Life Insurance Company and Janus Aspen Series) – Incorporated by reference to Pre-Effective Amendment No. 1 to Registration Statement File No. 333-255824 filed August 24, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000110465921108882/tm218782d9_exhid1.htm) | [Participation Agreement dated July 12, 2021 (Massachusetts Mutual Life Insurance Company and Janus Aspen Series) – Incorporated by reference to Pre-Effective Amendment No. 1 to Registration Statement File No. 333-255824 filed August 24, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000110465921108882/tm218782d9_exhid1.htm) |
|  |  | i | [Amendment to Fund Participation Agreement Regarding Revocation of Rule 30e-3 dated November 4, 2024 – Incorporated by reference to Post-Effective Amendment No. 8 to Registration Statement File No. 333-255824 filed April 25, 2025](https://www.sec.gov/Archives/edgar/data/1052766/000113322825004345/envision-efp9390_ex99hif1i.htm) |
|  | 2. | [Administrative Services Letter dated July 12, 2021 (Massachusetts Mutual Life Insurance Company and Janus Capital Management LLC) – Incorporated by reference to Pre-Effective Amendment No. 1 to Registration Statement File No. 333-255824 filed August 24, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000110465921108882/tm218782d9_exhid2.htm) | [Administrative Services Letter dated July 12, 2021 (Massachusetts Mutual Life Insurance Company and Janus Capital Management LLC) – Incorporated by reference to Pre-Effective Amendment No. 1 to Registration Statement File No. 333-255824 filed August 24, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000110465921108882/tm218782d9_exhid2.htm) |
|  | 3. | [Distribution and Shareholder Services Agreement dated July 12, 2021 (Massachusetts Mutual Life Insurance Company, and MML Strategic Distributors) – Incorporated by reference to Pre-Effective Amendment No. 1 to Registration Statement File No. 333-255824 filed August 24, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000110465921108882/tm218782d9_exhid3.htm) | [Distribution and Shareholder Services Agreement dated July 12, 2021 (Massachusetts Mutual Life Insurance Company, and MML Strategic Distributors) – Incorporated by reference to Pre-Effective Amendment No. 1 to Registration Statement File No. 333-255824 filed August 24, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000110465921108882/tm218782d9_exhid3.htm) |
| g. | MML Funds | MML Funds | MML Funds |
|  | 1. | [Participation Agreement dated August 15, 2008 (MML Series Investment Fund, American Funds Insurance Series, Capital Research and Management Company, and Massachusetts Mutual Life Insurance Company) – Incorporated by reference to Initial Registration Statement File No. 333-259818 filed September 27, 2021](https://www.sec.gov/Archives/edgar/data/943863/000114036121032606/nc10028327x1_ex99hip1.htm) | [Participation Agreement dated August 15, 2008 (MML Series Investment Fund, American Funds Insurance Series, Capital Research and Management Company, and Massachusetts Mutual Life Insurance Company) – Incorporated by reference to Initial Registration Statement File No. 333-259818 filed September 27, 2021](https://www.sec.gov/Archives/edgar/data/943863/000114036121032606/nc10028327x1_ex99hip1.htm) |
|  | 2. | [Participation Agreement dated November 17, 2005 (MML Series Investment Fund, Massachusetts Mutual Life Insurance Company and MML Bay State Life Insurance Company and C.M. Life Insurance Company) – Incorporated by reference to Post-Effective Amendment No. 28 to Registration Statement File No. 333-45039 filed June 25, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000093041321001239/c101798_ex99-hic1.htm) | [Participation Agreement dated November 17, 2005 (MML Series Investment Fund, Massachusetts Mutual Life Insurance Company and MML Bay State Life Insurance Company and C.M. Life Insurance Company) – Incorporated by reference to Post-Effective Amendment No. 28 to Registration Statement File No. 333-45039 filed June 25, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000093041321001239/c101798_ex99-hic1.htm) |
|  |  | i. | [First Amendment effective November 17, 2005 – Incorporated by reference to Post-Effective Amendment No. 28 to Registration Statement File No. 333-45039 filed June 25, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000093041321001239/c101798_ex99-hic1a.htm) |
|  |  | ii. | [Second Amendment dated as of August 26, 2008 – Incorporated by reference to Post-Effective Amendment No. 28 to Registration Statement File No. 333-45039 filed June 25, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000093041321001239/c101798_ex99-hic1b.htm) |
|  |  | iii. | [Third Amendment dated April 9, 2010 – Incorporated by reference to Post-Effective Amendment No. 28 to Registration Statement File No. 333-45039 filed June 25, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000093041321001239/c101798_ex99-hic1c.htm) |
|  |  | iv. | [Fourth Amendment dated and effective July 23, 2010 – Incorporated by reference to Post-Effective Amendment No. 28 to Registration Statement File No. 333-45039 filed June 25, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000093041321001239/c101798_ex99-hic1d.htm) |
|  |  | v. | [Fifth Amendment dated August 28, 2012 – Incorporated by reference to Post-Effective Amendment No. 28 to Registration Statement File No. 333-45039 filed June 25, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000093041321001239/c101798_ex99-hic1e.htm) |
|  |  | vi. | [Sixth Amendment dated April 1, 2014 – Incorporated by reference to Post-Effective Amendment No. 28 to Registration Statement File No. 333-45039 filed June 25, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000093041321001239/c101798_ex99-hic1f.htm) |
|  |  | vii. | [Seventh Amendment dated August 11, 2015 – Incorporated by reference to Post-Effective Amendment No. 28 to Registration Statement File No. 333-45039 filed June 25, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000093041321001239/c101798_ex99-hic1g.htm) |
|  |  | viii. | [Eighth Amendment dated February 20, 2020 – Incorporated by reference to Post-Effective Amendment No. 7 to Registration Statement File No. 333-202684 filed April 28, 2020](https://www.sec.gov/Archives/edgar/data/1052766/000110465920052022/tm1924860d1_ex99-24b8id.htm) |
|  |  | ix. | [Ninth Amendment dated June 2, 2021 regarding Rules 30e-3 and 498A – Incorporated by reference to Pre-Effective Amendment No. 1 to Registration Statement File No. 333-255824 filed August 24, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000110465921108882/tm218782d9_exhie2i.htm) |
| h. | MML II Funds | MML II Funds | MML II Funds |
|  | 1. | [Participation Agreement dated November 17, 2005 (MML Series Investment Fund II, Massachusetts Mutual Life Insurance Company and MML Bay State Life Insurance Company and C.M. Life Insurance Company) – Incorporated by reference to Post-Effective Amendment No. 28 to Registration Statement File No. 333-45039 filed June 25, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000093041321001239/c101798_ex99-hid1.htm) | [Participation Agreement dated November 17, 2005 (MML Series Investment Fund II, Massachusetts Mutual Life Insurance Company and MML Bay State Life Insurance Company and C.M. Life Insurance Company) – Incorporated by reference to Post-Effective Amendment No. 28 to Registration Statement File No. 333-45039 filed June 25, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000093041321001239/c101798_ex99-hid1.htm) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

i. [First Amendment effective November 17, 2005 – Incorporated by reference to Post-Effective Amendment No. 28 to Registration Statement File No. 333-45039 filed June 25, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000093041321001239/c101798_ex99-hid1a.htm)

ii. [Second Amendment dated as of August 26, 2008 – Incorporated by reference to Post-Effective Amendment No. 28 to Registration Statement File No. 333-45039 filed June 25, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000093041321001239/c101798_ex99-hid1b.htm)

iii. [Third Amendment dated as of April 9, 2010 – Incorporated by reference to Post-Effective Amendment No. 28 to Registration Statement File No. 333-45039 filed June 25, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000093041321001239/c101798_ex99-hid1c.htm)

iv. [Fourth Amendment dated and effective July 23, 2010 – Incorporated by reference to Post-Effective Amendment No. 28 to Registration Statement File No. 333-45039 filed June 25, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000093041321001239/c101798_ex99-hid1d.htm)

v. [Fifth Amendment dated August 1, 2011 – Incorporated by reference to Post-Effective Amendment No. 28 to Registration Statement File No. 333-45039 filed June 25, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000093041321001239/c101798_ex99-hid1e.htm)

vi. [Sixth Amendment dated and effective August 28, 2012 – Incorporated by reference to Post-Effective Amendment No. 28 to Registration Statement File No. 333-45039 filed June 25, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000093041321001239/c101798_ex99-hid1f.htm)

vii. [Seventh Amendment dated and effective November 12, 2012 – Incorporated by reference to Post-Effective Amendment No. 28 to Registration Statement File No. 333-45039 filed June 25, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000093041321001239/c101798_ex99-hid1g.htm)

viii. [Eighth Amendment dated April 1, 2014 – Incorporated by reference to Post-Effective Amendment No. 28 to Registration Statement File No. 333-45039 filed June 25, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000093041321001239/c101798_ex99-hid1h.htm)

ix. [Ninth Amendment dated August 11, 2015 – Incorporated by reference to Post-Effective Amendment No. 28 to Registration Statement File No. 333-45039 filed June 25, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000093041321001239/c101798_ex99-hid1i.htm)

x. [Tenth Amendment dated February 20, 2020 – Incorporated by reference to Post-Effective Amendment No. 7 to Registration Statement File No. 333-202684 filed April 28, 2020](https://www.sec.gov/Archives/edgar/data/1052766/000110465920052022/tm1924860d1_ex99-24b8ie.htm)

xi. [Eleventh Amendment dated June 2, 2021 regarding Rules 30e-3 and 498A – Incorporated by reference to Pre-Effective Amendment No. 1 to Registration Statement File No. 333-255824 filed August 24, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000110465921108882/tm218782d9_exhif1k.htm)

i. PIMCO
 Funds

1. [Participation Agreement dated as of April 21, 2006 (Massachusetts Mutual Life Insurance Company, C.M. Life Insurance Company and PIMCO Variable Insurance Trust and Allianz Global Investors Distributors LLC) – Incorporated by reference to Post-Effective Amendment No. 28 to Registration Statement File No. 333-45039 filed June 25, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000093041321001239/c101798_ex99-hie1.htm)

i. [Amendment No. 1 effective as of June 30, 2008 – Incorporated by reference to Post-Effective Amendment No. 28 to Registration Statement File No. 333-45039 filed June 25, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000093041321001239/c101798_ex99-hie1a.htm)

ii. [New Agreements and Amendments dated November 10, 2010 – Incorporated by reference to Post-Effective Amendment No. 28 to Registration Statement File No. 333-45039 filed June 25, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000093041321001239/c101798_ex99-hie1b.htm)

iii. [Amendment effective as of May 1, 2011 – Incorporated by reference to Post-Effective Amendment No. 28 to Registration Statement File No. 333-45039 filed June 25, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000093041321001239/c101798_ex99-hie1c.htm)

iv. [Amendment signed March 1, 2017 – Incorporated by reference to Post-Effective Amendment No. 18 to Registration Statement File No. 333-95845 filed April 26, 2017](https://www.sec.gov/Archives/edgar/data/928407/000119312517139512/d307514dex998i.htm)

2. [Termination Agreement dated November 10, 2010 – Incorporated by reference to Post-Effective Amendment No. 28 to Registration Statement File No. 333-45039 filed June 25, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000093041321001239/c101798_ex99-hie1b.htm)

3. [Services Agreement (Trust) for PIMCO Variable Insurance Trust (Pacific Investment Management Company LLC, Massachusetts Mutual Life Insurance Company and C.M. Life Insurance Company) effective as of March 1, 2017 – Incorporated by reference to Pre-Effective Amendment No. 2 to Registration Statement File No. 333-215823 filed June 14, 2017](https://www.sec.gov/Archives/edgar/data/836249/000119312517203509/d256121dex9926hiq5.htm)

i. [Amendment No. 1 dated November 1, 2020 – Incorporated by reference to Post-Effective Amendment No. 18 to Registration Statement File No. 333-150916 filed April 28, 2021](https://www.sec.gov/Archives/edgar/data/836249/000110465921056469/tm2035263d1_ex-hie3.htm)

ii. Rule
 22c-2 Agreements (Shareholder Information Agreements)

a. [AIM Variable Insurance Funds effective October 16, 2007 (Massachusetts Mutual Life Insurance Company and C.M. Life Insurance Company) – Incorporated by reference to Post-Effective Amendment No. 28 to Registration Statement File No. 333-45039 filed June 25, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000093041321001239/c101798_ex99-hiia.htm)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  |  | 1. | [Amendment No. 1 – Incorporated by reference to Pre-Effective Amendment No. 3 to Registration Statement File No. 333-229670 filed October 2, 2020](https://www.sec.gov/Archives/edgar/data/836249/000110465920111640/tm1920344d4_ex99-hiia.htm) |
|  | b. | [Fidelity Distributors Corporation effective October 16, 2007 (Massachusetts Mutual Life Insurance Company, MML Bay State Life Insurance Company, and C.M. Life Insurance Company) – Incorporated by reference to Post-Effective Amendment No. 28 to Registration Statement File No. 333-45039 filed June 25, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000093041321001239/c101798_ex99-hiib.htm) | [Fidelity Distributors Corporation effective October 16, 2007 (Massachusetts Mutual Life Insurance Company, MML Bay State Life Insurance Company, and C.M. Life Insurance Company) – Incorporated by reference to Post-Effective Amendment No. 28 to Registration Statement File No. 333-45039 filed June 25, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000093041321001239/c101798_ex99-hiib.htm) |
|  | c. | [Ivy Funds Variable Insurance Portfolios Amended and Restated Agreement dated November 13, 2012 (Massachusetts Mutual Life Insurance Company) – Incorporated by reference to Initial Registration Statement File No. 333-259818 filed September 27, 2021](https://www.sec.gov/Archives/edgar/data/943863/000114036121032606/nc10028327x1_ex99hiii.htm) | [Ivy Funds Variable Insurance Portfolios Amended and Restated Agreement dated November 13, 2012 (Massachusetts Mutual Life Insurance Company) – Incorporated by reference to Initial Registration Statement File No. 333-259818 filed September 27, 2021](https://www.sec.gov/Archives/edgar/data/943863/000114036121032606/nc10028327x1_ex99hiii.htm) |
|  | d. | [Janus Aspen Series effective October 16, 2007 (Massachusetts Mutual Life Insurance Company and C.M. Life Insurance Company) – Incorporated by reference to Post-Effective Amendment No. 34 to Registration Statement File No. 333-50410 filed April 21, 2022](https://www.sec.gov/Archives/edgar/data/836249/000113322822002258/app10035493x1_ex99hiih.htm) | [Janus Aspen Series effective October 16, 2007 (Massachusetts Mutual Life Insurance Company and C.M. Life Insurance Company) – Incorporated by reference to Post-Effective Amendment No. 34 to Registration Statement File No. 333-50410 filed April 21, 2022](https://www.sec.gov/Archives/edgar/data/836249/000113322822002258/app10035493x1_ex99hiih.htm) |
|  | e. | [MML Series Investment Fund effective October 16, 2007 (Massachusetts Mutual Life Insurance Company, MML Bay State Life Insurance Company, and C.M. Life Insurance Company) – Incorporated by reference to Post-Effective Amendment No. 28 to Registration Statement File No. 333-45039 filed June 25, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000093041321001239/c101798_ex99-hiic.htm) | [MML Series Investment Fund effective October 16, 2007 (Massachusetts Mutual Life Insurance Company, MML Bay State Life Insurance Company, and C.M. Life Insurance Company) – Incorporated by reference to Post-Effective Amendment No. 28 to Registration Statement File No. 333-45039 filed June 25, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000093041321001239/c101798_ex99-hiic.htm) |
|  | f. | [MML Series Investment Fund II effective October 16, 2007 (Massachusetts Mutual Life Insurance Company, MML Bay State Life Insurance Company, and C.M. Life Insurance Company) – Incorporated by reference to Post-Effective Amendment No. 28 to Registration Statement File No. 333-45039 filed June 25, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000093041321001239/c101798_ex99-hiid.htm) | [MML Series Investment Fund II effective October 16, 2007 (Massachusetts Mutual Life Insurance Company, MML Bay State Life Insurance Company, and C.M. Life Insurance Company) – Incorporated by reference to Post-Effective Amendment No. 28 to Registration Statement File No. 333-45039 filed June 25, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000093041321001239/c101798_ex99-hiid.htm) |
|  | g. | [PIMCO Variable Insurance Trust effective October 16, 2007 (Massachusetts Mutual Life Insurance Company and C.M. Life Insurance Company) – Incorporated by reference to Post-Effective Amendment No. 28 to Registration Statement File No. 333-45039 filed June 25, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000093041321001239/c101798_ex99-hiie.htm) | [PIMCO Variable Insurance Trust effective October 16, 2007 (Massachusetts Mutual Life Insurance Company and C.M. Life Insurance Company) – Incorporated by reference to Post-Effective Amendment No. 28 to Registration Statement File No. 333-45039 filed June 25, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000093041321001239/c101798_ex99-hiie.htm) |
| &nbsp;&nbsp; **Exhibit (i)** | Not Applicable. | Not Applicable. | Not Applicable. |
| &nbsp;&nbsp; **Exhibit (j)** | Not Applicable. | Not Applicable. | Not Applicable. |
| &nbsp;&nbsp; **Exhibit (k)** | [Opinion and Consent of Counsel – Incorporated by reference to Post-Effective Amendment No. 1 to Registration Statement File No. 333-255824 filed August 24, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000110465921108882/tm218782d9_exki.htm) | [Opinion and Consent of Counsel – Incorporated by reference to Post-Effective Amendment No. 1 to Registration Statement File No. 333-255824 filed August 24, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000110465921108882/tm218782d9_exki.htm) | [Opinion and Consent of Counsel – Incorporated by reference to Post-Effective Amendment No. 1 to Registration Statement File No. 333-255824 filed August 24, 2021](https://www.sec.gov/Archives/edgar/data/1052766/000110465921108882/tm218782d9_exki.htm) |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Exhibit (l)** | i. | [Auditor Consents:](envision-efp19550_ex99li.htm) | [Auditor Consents:](envision-efp19550_ex99li.htm) | [Auditor Consents:](envision-efp19550_ex99li.htm) |
|  |  |  | •  | Company Financial Statements\* |
|  |  |  | •  | Separate Account Financial Statements\* |
|  | ii. | [Resolution Regarding the Rules and Regulations of the Board of Directors dated February 13, 2019 – Incorporated by reference to Pre-Effective Amendment No. 3 to Registration Statement File No. 333-229670 filed October 2, 2020](https://www.sec.gov/Archives/edgar/data/836249/000110465920111640/tm1920344d4_ex99-niii.htm) | [Resolution Regarding the Rules and Regulations of the Board of Directors dated February 13, 2019 – Incorporated by reference to Pre-Effective Amendment No. 3 to Registration Statement File No. 333-229670 filed October 2, 2020](https://www.sec.gov/Archives/edgar/data/836249/000110465920111640/tm1920344d4_ex99-niii.htm) | [Resolution Regarding the Rules and Regulations of the Board of Directors dated February 13, 2019 – Incorporated by reference to Pre-Effective Amendment No. 3 to Registration Statement File No. 333-229670 filed October 2, 2020](https://www.sec.gov/Archives/edgar/data/836249/000110465920111640/tm1920344d4_ex99-niii.htm) |
| &nbsp;&nbsp; **Exhibit (m)** | Not Applicable. | Not Applicable. | Not Applicable. | Not Applicable. |
| &nbsp;&nbsp; **Exhibit (n)** | Not Applicable. | Not Applicable. | Not Applicable. | Not Applicable. |
| &nbsp;&nbsp;**Exhibit (o)** | Not Applicable. | Not Applicable. | Not Applicable. | Not Applicable. |
| &nbsp;&nbsp; **Exhibit (p)** | i. Powers of Attorney for: | i. Powers of Attorney for: | i. Powers of Attorney for: | i. Powers of Attorney for: |
|  |  | •  | Roger W. Crandall | Roger W. Crandall |
|  |  | •  | Kathleen A. Corbet | Kathleen A. Corbet |
|  |  | •  | James H. DeGraffenreidt, Jr. | James H. DeGraffenreidt, Jr. |
|  |  | •  | Mary Jane Fortin | Mary Jane Fortin |
|  |  | •  | Isabella D. Goren | Isabella D. Goren |
|  |  | •  | Bernard A. Harris, Jr. | Bernard A. Harris, Jr. |
|  |  | •  | Michelle K. Lee | Michelle K. Lee |
|  |  | •  | Jeffrey M. Leiden | Jeffrey M. Leiden |
|  |  | •  | Laura J. Sen | Laura J. Sen |
|  |  | •  | William T. Spitz | William T. Spitz |
|  |  | • | Amy M. Stepnowski | Amy M. Stepnowski |
|  |  | •  | H. Todd Stitzer | H. Todd Stitzer |
|  | [– Incorporated by reference to Post-Effective Amendment No. 8 to Registration Statement File No. 333-255824 filed April 25, 2025](https://www.sec.gov/Archives/edgar/data/1052766/000113322825004345/envision-efp9390_ex99pi.htm) | [– Incorporated by reference to Post-Effective Amendment No. 8 to Registration Statement File No. 333-255824 filed April 25, 2025](https://www.sec.gov/Archives/edgar/data/1052766/000113322825004345/envision-efp9390_ex99pi.htm) | [– Incorporated by reference to Post-Effective Amendment No. 8 to Registration Statement File No. 333-255824 filed April 25, 2025](https://www.sec.gov/Archives/edgar/data/1052766/000113322825004345/envision-efp9390_ex99pi.htm) | [– Incorporated by reference to Post-Effective Amendment No. 8 to Registration Statement File No. 333-255824 filed April 25, 2025](https://www.sec.gov/Archives/edgar/data/1052766/000113322825004345/envision-efp9390_ex99pi.htm) |
|  | ii. Powers of Attorney for: | ii. Powers of Attorney for: | ii. Powers of Attorney for: | ii. Powers of Attorney for: |
|  |  | •  | Gregory Giardiello | Gregory Giardiello |
|  |  | •  | David H. Long | David H. Long |
|  | [– Incorporated by reference to Post-Effective Amendment No. 9 to Registration Statement No. 333-255824 filed September 4, 2025](https://www.sec.gov/Archives/edgar/data/1052766/000113322825009420/envision-efp16709_ex99pii.htm) | [– Incorporated by reference to Post-Effective Amendment No. 9 to Registration Statement No. 333-255824 filed September 4, 2025](https://www.sec.gov/Archives/edgar/data/1052766/000113322825009420/envision-efp16709_ex99pii.htm) | [– Incorporated by reference to Post-Effective Amendment No. 9 to Registration Statement No. 333-255824 filed September 4, 2025](https://www.sec.gov/Archives/edgar/data/1052766/000113322825009420/envision-efp16709_ex99pii.htm) | [– Incorporated by reference to Post-Effective Amendment No. 9 to Registration Statement No. 333-255824 filed September 4, 2025](https://www.sec.gov/Archives/edgar/data/1052766/000113322825009420/envision-efp16709_ex99pii.htm) |
|  | iii. [Power of Attorney for:](envision-efp19550_ex99piii.htm) | iii. [Power of Attorney for:](envision-efp19550_ex99piii.htm) | iii. [Power of Attorney for:](envision-efp19550_ex99piii.htm) | iii. [Power of Attorney for:](envision-efp19550_ex99piii.htm) |
|  |  | •  | Michael Thomas Rollings (\*) | Michael Thomas Rollings (\*) |
| &nbsp;&nbsp;**Exhibit (q)** | Not Applicable. | Not Applicable. | Not Applicable. | Not Applicable. |
| &nbsp;&nbsp;**Exhibit (r)** | Not Applicable. | Not Applicable. | Not Applicable. | Not Applicable. |

---

(\*) Filed herewith

------

**Item 28. Directors and Officers of the Insurance Company**

**Directors of Massachusetts Mutual Life Insurance Company**

---

| | | |
|:---|:---|:---|
| *Roger W. Crandall, Director, Chairman*<br> 1295 State Street<br> Springfield, MA 01111 | *Michelle K. Lee, Director*<br> 19952 Moran Lane<br> Saratoga, CA 95070<br>| *William T. Spitz, Director*<br> 16 Wynstone<br> Nashville, TN 37215 |
| *Kathleen A. Corbet, Director*<br> 34 Louises Lane<br> New Canaan, CT 06840 | *Jeffrey M. Leiden, Director*<br> 127 South Beach Road<br> Hobe Sound, FL 33455 | *Amy M. Stepnowski, Director*<br> 29 Newgate Drive<br> Glastonbury, CT 06033  |
| *James H. DeGraffenreidt, Jr., Director*<br> 406 Cedarcroft Road<br> Baltimore, MD 21212  | *David H. Long, Director*<br> 10 Strawberry Hill Street<br> Dover, MA 02030 | *H. Todd Stitzer, Lead Director*<br> 4409 Spring Island<br> Okatie, SC 29909 |
| *Isabella D. Goren, Director*<br> 8030 Acoma Lane<br> Dallas, TX 75252 | *Michael Thomas Rollings, Director*<br> 9625 E AW Tillinghast Road<br> Scottsdale, AZ 85262 |  |
| *Bernard A. Harris, Jr., Director*<br> 3333 Allen Parkway, #1709<br> Houston, Texas 77019 | *Laura J. Sen, Director*<br> 95 Pembroke Street, Unit 1<br> Boston, MA 02118 |  |

---

**Principal Officers of Massachusetts Mutual Life Insurance Company**

---

| | |
|:---|:---|
| *Roger W. Crandall, President and Chief Executive Officer*<br> 1295 State Street<br> Springfield, MA 01111 | *Eric Partlan, Chief Investment Officer*<br> 10 Fan Pier Boulevard<br> Boston, MA 02210 |
| *Elizabeth Marin, Treasurer*<br> 1295 State Street<br> Springfield, MA 01111 | *John Rugel, Head of Operations*<br> 10 Fan Pier Boulevard<br> Boston, MA 02210 |
| *Michael J. O'Connor, General Counsel*<br> 1295 State Street<br> Springfield, MA 01111 | *Susan Cicco, Head of Human Resources & Employee Experience*<br> 1295 State Street<br> Springfield, MA 01111 |
| *Mary Jane Fortin, Chief Financial Officer*<br> 10 Fan Pier Boulevard<br> Boston, MA 02210 | *Sears Merritt, Head of Technology & Experience*<br> 10 Fan Pier Boulevard<br> Boston, MA 02210 |
| *Dominic Blue, Head of Third-Party Distribution and New Markets*<br> 1295 State Street<br> Springfield, MA 01111 | *Geoffrey Craddock, Chief Risk Officer*<br> 10 Fan Pier Boulevard<br> Boston, MA 02210 |
| *Paul LaPiana, Head of Brand, Product and Affiliated Distribution*<br> 1295 State Street<br> Springfield, MA 01111 | *Tokunbo Akinbajo, Corporate Secretary*<br> 1295 State Street<br> Springfield, MA 01111 |
| *Gregory Giardiello, Corporate Controller*<br> 10 Fan Pier Boulevard<br> Boston, MA 02210 |  |

---

------

**Item 29. Persons Controlled by or Under Common Control with the Insurance Company or the Registered Separate Account**

**MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY**

**ORGANIZATIONAL SUMMARY**

**As of 10-31-25**

**I. DIRECT SUBSIDIARIES OF MASSMUTUAL - MassMutual is the sole owner of each subsidiary unless otherwise indicated.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. C.M. Life Insurance Company (May 11, 1981), a Connecticut corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. MML Bay State Life Insurance Company (April 1, 1935), a Connecticut corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. CML Special Situations Investor LLC (November 17, 2014), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. CM Life Mortgage Lending LLC (March 16, 2023), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. MML Distributors, LLC (November 10, 1994), a Connecticut limited liability company (MassMutual – 99% and MassMutual Holding LLC – 1%).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. MassMutual Holding LLC (November 30, 1984), a Delaware limited liability company.

*MassMutual Holding LLC is the sole owner of each subsidiary or affiliate unless otherwise indicated.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. MML Investors Services, LLC (December 31, 1981), a Massachusetts limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) MML Insurance Agency, LLC (November 16, 1990), a Massachusetts limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. MassMutual Assignment Company (October 4, 2000), a North Carolina corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. MassMutual Capital Partners LLC (September 20, 2006), a Delaware single-member limited liability company. MassMutual Holding LLC is the sole member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. LifeScore Labs, LLC (previously, Society of Grownups, LLC) (April 15, 2014), a Massachusetts limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. MassMutual Ventures Holding LLC (March 26, 2018), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Crane APAC I LP (August 22, 2025), a United Kingdom a private fund limited partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) MassMutual Ventures US I LLC (formerly, MassMutual Ventures LLC) (June 10, 2014), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) MassMutual Ventures US II LLC (April 17, 2018), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) MassMutual Ventures US III LLC (May 21, 2020), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) MassMutual Ventures UK LLC (July 12, 2018), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) MassMutual Ventures Southeast Asia I LLC (September 25, 2018), a Delaware company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) MassMutual Ventures Southeast Asia II LLC (December 12, 2019), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h) MassMutual Ventures Management LLC (April 4, 2018), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) MassMutual Ventures SEA Management Private Limited (June 20, 2018), a Singapore company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) MMV UK/SEA Limited (May 23, 2023), a company established in England and Wales.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) MassMutual Ventures India Private Limited (January 10, 2024), an India company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. MM Rothesay Holdco US LLC (September 24, 2013), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Fern Street LLC (April 11, 2013), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Sleeper Street LLC (October 4, 2019), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. MM Catalyst Fund LLC (November 25, 2020), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. MM Catalyst Fund II LLC (February 6, 2023), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. MM Asset Management Holding LLC (November 29, 2011), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Barings LLC (July 5, 1940), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) Barings Securities LLC (July 1, 1994), a Delaware limited liability company.

ii) Barings Guernsey Limited (February 20, 2001), a company organized under the laws of Guernsey.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Barings Europe Limited (June 5, 2017), a company organized under the laws of England and Wales.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Baring Asset Management Limited (April 6, 1994), a company incorporated under the laws of England and Wales.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Baring Fund Managers Limited (October 29, 1968), a company incorporated under the laws of England and Wales.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Baring International Investment Limited (June 7, 1979), a company incorporated under the laws of England and Wales.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Baring Investment Services Limited (May 18, 1988), a company incorporated under the laws of England and Wales.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Barings European Core Property Fund GP Sàrl (October 29, 2015), a special-purpose company organized in Luxembourg.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Barings BME GP Sàrl (July 31, 2020), a company organized under the laws of England and Wales.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Barings GPLF4(S) GP Sàrl (March 18, 2021), a company incorporated under the laws of Luxembourg.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Barings Italy S.r.l. (July 23, 2019), a company incorporated under the laws of Italy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Barings Sweden AB (July 16, 2019), a company incorporated under the laws of Sweden.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Barings Asset Management Spain SL (October 13, 2019), a company incorporated under the laws of Spain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Barings Netherlands B.V. (December 5, 2019), a company incorporated under the laws of the Netherlands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Barings GmbH (formerly Barings Real Estate GmbH) (January 8, 2014), a German limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Barings (U.K.) Limited (January 4, 1995), a company organized under the laws of England and Wales.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Baring France SAS (July 24, 1997), a company incorporated under the laws of France.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Baring International Fund Managers (Ireland) Limited (July 16, 1990), a company incorporated under the laws of Ireland.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Barings Switzerland Sàrl (December 18, 2013), a company established under the laws of Switzerland.

iii) Barings Real Estate Advisers, Inc. (May 11, 2004), a Delaware corporation.

iv) Barings Real Estate Acquisitions LLC (January 10, 2022), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v) BMC Holdings DE LLC (March 29, 2013), a Delaware limited liability company.

vi) Barings Finance LLC (December 12, 2012), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) BCF Europe Funding Limited (August 27, 2013), a company formed in the Republic of Ireland.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) BCF Senior Funding I LLC (August 28, 2013), a limited liability company formed under the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) BCF Senior Funding I Designated Activity Company (January 20, 2016), a company formed in the Republic of Ireland.

vii) Baring Asset Management (Asia) Holdings Limited (June 7, 1985), a company organized in Hong Kong.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Barings Japan Limited (January 13, 1986), a company organized in Japan that is registered as a Financial Business Operator (Registration No. 396-KLFB) for Type II Financial Instruments Business, Investment Advisory and Agency Business, and Investment Management Business with the Financial Services Agency in Japan under the Financial Instruments and Exchange Act (Act No. 25 of 1948).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Barings Real Estate Investment Japan Limited (July 31, 2025), a company organized in Japan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Baring SICE (Taiwan) Limited (March 15, 1990), a regulated company organized in Taiwan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Baring Asset Management (Asia) Limited (March 15, 1985), a company organized in Hong Kong.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Baring Asset Management Korea Limited, a regulated Korean company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Barings Investment Management (Shanghai) Limited (August 3, 2018), a company established under Chinese law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Barings Overseas Investment Fund Management (Shanghai) Limited (August 22, 2018).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Barings Singapore Pte. Ltd. (November 16, 2020), a company established under the laws of Singapore.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Barings Australia Holding Company Pty Ltd (October 12, 2009).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Barings Australia Pty Ltd (October 16, 2009).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Barings Singapore Pte. Ltd. (November 16, 2020), an operating company established under the laws of Singapore.

viii) Barings Australia Real Estate Holdings Pty Ltd (May 4, 2022), a private limited company established under the laws of Australia.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Barings Australia Real Estate Pty Ltd (May 4, 2022), a private limited company established under the laws of Australia.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Barings Australia Property Holdings Pty Ltd (May 5, 2010), a company established under the laws of Australia.

ix) Barings Australia Structured Finance Holdings Pty Ltd (January 11, 2023), a private limited company established under the laws of Australia.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Barings Australia Structured Finance Pty Ltd (January 11, 2023), a private limited company established under the laws of Australia.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Gryphon Capital Partners Pty Ltd (January 2, 2014), a proprietary limited company established under the laws of Australia.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Gryphon Capital Management Pty Ltd (February 28, 2014), a proprietary limited company established under the laws of Australia.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x) Barings Real Estate Holdings LLC (October 7, 2021), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Artemis Real Estate Partners LLC (August 27, 2009), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Artemis Real Estate Advisors, LLC (July 25, 2019), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Artemis Real Estate Partners Acquisitions I, LLC (March 23, 2010), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. MassMutual Private Wealth & Trust, FSB (January 12, 2000), a federally chartered stock savings bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. MML Private Placement Investment Company I, LLC (May 15, 2007), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. MML Private Equity Fund Investor LLC (December 6, 2006), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. MM Private Equity Intercontinental LLC (September 24, 2013), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. MassMutual External Benefits Group LLC (September 23, 2010), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Jefferies Finance LLC (July 26, 2004), a Delaware limited liability company. (MassMutual holds 50% voting ownership interest and Jefferies Financial Group Inc. holds 50% voting ownership interest.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Apex Credit Holdings LLC (formerly known as Apex Credit Partners LLC, October 20, 2014), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. JFIN Co-Issuer Corporation (March 13, 2013), a Delaware corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Jeffries MM Lending LLC (October 14, 2011), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. JFIN LC Fund LLC (February 1, 2016), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. JFIN Revolver Holdings II LLC (May 11, 2018), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. JFIN GP Adviser LLC (May 11, 2018), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. JFIN Europe GP, S.à.r.l. (December 18, 2015), a Luxembourg private limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Jefferies Finance Europe, S.L.P. (July 20, 2020), an alternative investment fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Jefferies Finance Europe, SCSp (March 10, 2016), an alternative investment fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Jefferies Finance Business Credit LLC (August 7, 2013), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) JFIN Business Credit Fund I LLC (August 7, 2013), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. JFIN Funding 2021 LLC (November 5, 2021), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Jefferies Private Credit BDC Inc. (January 14, 2020), a Maryland corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. JCP Funding 2024 LLC (March 12, 2024), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. JSPCS MM LLC (July 8, 2024), a Delaware limited liability company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Jefferies Credit Partners LLC (formerly known as JFIN Asset Management LLC) (June 8, 2020), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) JDLF GP (Europe) S.a.r.l. (November 4, 2022), incorporated and existing under the laws of Luxembourg.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Jefferies Credit Management LLC (December 8, 2022), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Jefferies Direct Lending Europe SCSp SICAV-RAIF (December 9, 2022), incorporated and existing under the laws of Luxembourg.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Jefferies Credit Management LLC (December 8, 2022), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) JCM GP I LLC (October 6, 2023), a Delaware limited liability company.

ii) JCM H-2 Credit Fund GP LLC (May 15, 2024), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) JCP GP I LLC (October 12, 2023), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) JCP Direct Lending CLO 2022 LLC (November 1, 2021), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) JDLF II GP LLC (January 7, 2022), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) JDLF II GP LP (January 7, 2022), a Delaware partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Jefferies Direct Lending Fund II C LP (January 7, 2022), a Delaware partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Jefferies DLF 2 C Holdings LLC (March 28, 2022), a Delaware limited liability company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Jefferies Direct Lending Fund II C SPE LLC (March 28, 2022), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Jefferies DLF2 C Holdings-2 LLC (October 11, 2024), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Jefferies Direct Lending Fund II C SPE-2 LLC (October 11, 2024), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h) JDLF III GP LLC (January 30, 2024), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) JDLF III GP LP (January 30, 2024), a Delaware partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Jefferies Direct Lending Fund III C LP (January 30, 2024), a Delaware partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Jefferies DLF3 C Holdings LLC (December 3, 2024), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Jefferies Direct Lending Fund III C SPE LLC (December 3, 2024), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) JFAM GP LLC (April 13, 2017), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) JFAM GP LP (April 13, 2017), a Delaware partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Jefferies Direct Lending Fund C LP (November 25, 2019), a Delaware partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Jefferies DLF C Holdings LLC (February 11, 2020), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Jefferies Direct Lending Fund C SPE LLC (February 11, 2020), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j) JCP Direct Lending CLO 2023-1 LLC (May 11, 2023), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) JCP Direct Lending CLO 2023 Ltd. (May 23, 2023), a Jersey Channel Islands private limited company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k) Jefferies M Super Private Credit Fund GP LLC (March 19, 2024), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l) Jefferies Credit Partners Europe Limited (September 5, 2024), a private limited company formed in England and Wales.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m) JCP Congaree Credit Fund GP LLC (April 16, 2025), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n) JCP Solaris Credit Fund GP LLC (June 20, 2025), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Jeffries Credit Partners Structured Solutions Fund GP LLC (August 21, 2025), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Apex Credit Partners LLC (formerly known as Apex Newco LLC) (July 15, 2021), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) Green SPE LLC (April 16, 2024), a Delaware limited liability company.

ii) Apex GP I LLC (December 21, 2023), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Apex Securitized Income Fund LP (December 22, 2023), a Delaware limited partnership

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. JFIN Revolver SPE1 2022 LLC (March 9, 2022), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. JFIN Revolver SPE3 2022 LLC (August 31, 2022), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. JFIN Revolver SPE4 2022 LLC (August 31, 2022), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. JFIN Revolver SPE4 2022 Ltd. (August 31, 2022), a Cayman Islands company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. JCP Private Loan Management GP LLC (March 16, 2023), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) JCP Private Loan Management LP (March 16, 2023), a Delaware limited partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. JF CEI Holdings 1 LLC (December 20, 2024), a Delaware limited liability company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) JF CEI Holdings 2 LLC CP (December 20, 2024), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Berkshire Way LLC (June 14, 2012), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. MML Strategic Distributors, LLC (June 7, 2013), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. MML Investment Advisers, LLC (September 24, 2013), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M. Pioneers Gate LLC (October 27, 2014), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N. MML Special Situations Investor LLC (November 17, 2014), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O. Timberland Forest Holding LLC (October 12, 2015), a Delaware limited liability company. MassMutual's ownership is 37% and 63% is held by MassMutual Trad Private Equity LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Lyme Adirondack Forest Company, LLC (April 4, 2006), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Lyme Adirondack Timber Sales, LLC (December 16, 2016), a Delaware company. (Note: Lyme Adirondack Timber Sales, Inc. merged with and into this company effective December 31, 2016.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Lyme Adirondack Timberlands I, LLC (August 16, 2006), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Lyme Adirondack Timberlands II, LLC (August 16, 2006), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P. Insurance Road LLC (May 3, 2017), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. MassMutual Intellectual Property LLC (May 3, 2017), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. MassMutual Trad Private Equity LLC (May 3, 2017), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Trad Investments I LLC (September 11, 2018), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q. MassMutual Mortgage Lending LLC (October 30, 2017), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R. MM Copper Hill Road LLC (October 5, 2017), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S. EM Opportunities LLC (January 16, 2018), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. MassMutual MCAM Insurance Company, Inc. (March 18, 2018), a Vermont captive insurance company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U. CML Global Capabilities (December 2, 2019), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. MM Global Capabilities I LLC (December 2, 2019), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. MassMutual Global Business Services India LLP (December 23, 2019), a limited partnership domiciled in the Republic of India.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W. MM Global Capabilities II LLC (December 2, 2019), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. MM Global Capabilities (Netherlands) B.V. (February 28, 2020), a company domiciled in the Netherlands (MM Global Capabilities I LLC and MM Global Capabilities II LLC are the partners of this company).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) MassMutual Global Business Services Romania S.R.L. (March 31, 2020), a company domiciled in Romania.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. MM Global Capabilities III LLC (December 3, 2019), a Delaware limited liability company that serves as a limited partner and holds ownership shares in MassMutual Global Business Services India LLP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Y. MM Investment Holding (September 21, 2020), a Cayman Islands company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. MML Management Corporation (October 14, 1968), a Massachusetts corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) MassMutual International Holding MSC, Inc. (January 31, 2001), a Massachusetts corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) MassMutual Holding MSC, Inc. (December 26, 1996), a Massachusetts corporation. This subsidiary qualifies as a "Massachusetts Security Corporation" under Chapter 63 of the Massachusetts General Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. MassMutual Asset Finance LLC (formerly known as Winmark Equipment Finance, LLC) (owned 99.61% by MM Investment Holding and 0.39% by C.M. Life Insurance Company).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) MMAF Equipment Finance LLC 2017-B (October 30, 2017), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) MMAF Equipment Finance LLC 2019-B (August 23, 2019), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) MMAF Equipment Finance LLC 2020-A (May 27, 2020), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) MMAF Equipment Finance LLC 2021-A (April 12, 2021), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) MMAF Equipment Finance LLC 2022-A (February 24, 2022), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) MMAF Equipment Finance LLC 2023-A (June 14, 2023), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) MMAF Equipment Finance LLC 2024-A (November 28, 2023), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h) Barings Equipment Finance LLC 2025-A (December 30, 2024), a Delaware limited liability company t

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) Barings Equipment Finance LLC 2025-B (September 25, 2025), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. MMIH Bond Holdings LLC (November 28, 2022), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Z. MML CM LLC (November 10, 2020), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Blueprint Income LLC (May 4, 2016), a New York limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Flourish Holding Company LLC (February 14, 2022), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Flourish Insurance Agency LLC (February 18, 2022), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Flourish Financial LLC (November 3, 2017), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Flourish Technologies LLC (May 11, 2021), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Flourish Digital Assets LLC (May 11, 2021), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) SoraFinance, Inc. (November 8, 2021), a Delaware corporation.

AA. Glidepath Holdings Inc. (February 4, 2021), a Delaware corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. MassMutual Ascend Life Insurance Company (December 29, 1961), an Ohio corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Annuity Investors Life Insurance Company (November 13, 1981), an Ohio corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) MM Ascend Life Investor Services, LLC (formerly Great American Advisors, LLC) (December 10, 1993), an Ohio corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) MM Ascend Mortgage Lending LLC (March 17, 2023), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) MM Vine Street LLC (September 26, 2024), a Delaware limited liability company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Counterpointe – Ascend Mortgage Lending LLC (February 20, 2025), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) Manhattan National Holding Corporation (August 27, 2008), an Ohio corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) Manhattan National Life Insurance Company (May 21, 2014), an Ohio corporation.

BB. MM/Barings Multifamily TEBS 2020 LLC (April 2, 2020) a Delaware limited liability company that engages in bond and mortgage loan securitization transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CC. MassMutual Ventures Europe/APAC I GP, LLC (September 28, 2022), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. MassMutual Ventures Europe/APAC I GP, L.P. (October 21, 2022), a Cayman Islands exempted limited partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) MassMutual Ventures Europe/APAC I, L.P. (October 21, 2022), a Cayman Islands exempted limited partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) MassMutual Ventures Southeast Asia III LLC (January 3, 2022), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) MMV Digital I LLC (May 18, 2022)), a Cayman Islands company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DD. MassMutual Ventures US IV GP, LLC (September 28, 2022), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. MassMutual Ventures US IV, L.P. (September 28, 2022), a Delaware limited partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) MassMutual Ventures US IV LLC (December 8, 2021), a Delaware limited liability company that will hold investments.

EE. MM Direct Private Investments Holding LLC (September 16, 2021), a Delaware limited liability company that acts act as a holding company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. MM Direct Private Investments UK Limited (September 27, 2021), a UK private limited company.

FF. DPI-ACRES Capital LLC (September 16, 2022), a Delaware limited liability company.

GG. MMV CTF I GP, LLC (January 30, 2023), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. MassMutual Ventures Climate Technology Fund I LP (January 30, 2023) a Delaware fund.

HH. DPI-ARES Mortgage Lending LLC (July 5, 2023) a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Counterpointe Sustainable Advisors LLC (April 4, 2023), a Delaware limited liability company. MassMutual has a 80.25% ownership interest in this company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. CSA Incentive Holdco LLC (April 6, 2023), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. CSA Intermediate Holdco LLC (April 4, 2023), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Counterpointe Trust Services LLC (October 14, 2020), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) CP PACE LLC (October 14, 2020), Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) Counterpointe Titling Trust (November 6, 2020), a Delaware statutory trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Counterpointe Energy Solutions II LLC (April 6, 2023), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) Counterpointe Energy Solutions (CA) II LLC (April 6, 2023), a Delaware limited liability company.

ii) Counterpointe Energy Solutions (IL) LLC (July 16, 2018), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Loop-Counterpointe PACE LLC (July 16, 2018), a Delaware limited liability company.

iii) Counterpointe Energy Solutions (FL) II LLC (October 2, 2023), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) CSA Employee Services Company LLC (April 6, 2023), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Counterpointe Sustainable Real Estate II LLC (April 6, 2023), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) Counterpointe Energy Services LLC (March 17, 2015), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) Counterpointe Investment Management LLC (October 10, 2024), a Delaware limited liability company.

JJ. Stillings Street LLC (September 25, 2024), a Delaware limited liability company.

KK. Eclipse Business Capital LLC (October 22, 2015) a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LL. Counterpointe – MM Mortgage Lending LLC (February 20, 2025), a Delaware limited liability company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MM. LNL MM, LLC (February 19, 2025), a Delaware limited liability company.

NN. CapSec LLC (June 25, 2025), a Delaware limited liability company.

OO. LNL MM 2, LLC (May 8, 2025), a Delaware limited liability company.

PP. Port 51 Lending Holdings LLC (June 8, 2022), a Delaware limited liability company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Port 51 Lending LLC (January 2, 2018), a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Port 51 Commercial LLC (July 8, 2025) a Delaware limited liability company.

***The following are investment-related special purpose entities of Barings LLC ("Barings"). All are 100% owned unless otherwise specified.***

**ALAND ROYALTY GP, LLC**

Delaware - 6887128

**ALASKA FUTURE FUND GP, LLC**

Delaware – 7621080

**BAI FUNDS SLP, LLC**

Delaware – 7056431

**BAI GP, LLC**

Delaware – 6972999

**BARINGS ACTIVE PASSIVE EQUITY DIRECT EAFE LLC**

Delaware – 678445

**BARINGS ASSET-BASED INCOME FUND (US) GP, LLC**

Delaware, U.S.A. – 6399905

*61.02% owned by Barings LLC*

**BARINGS CAPITAL SOLUTIONS PERPETUAL FUND (DE), L.P.**

Delaware, U.S.A. – 7354538

*32.63% owned by Barings LLC*

**BARINGS CENTRE STREET CLO EQUITY PARTNERSHIP GP, LLC**

Delaware, U.S.A. – 67009373

**BARINGS CLO INVESTMENT PARTNERS GP, LLC**

Delaware, U.S.A. – 5895167

**BARINGS CORE PROPERTY FUND GP LLC**

Delaware, U.S.A. – 4219093

**BARINGS DIRECT LENDING GP LTD.**

Cayman Islands - WC-331849

**BARINGS DIRECT INVESTMENTS LLC**

Delaware, U.S.A. – 4296453

**BARINGS DIVERSIFIED RESIDENTIAL FUND GP LLC**

Delaware, U.S.A. – 3574626

**BARINGS EMERGING GENERATION FUND GP, LLC**

Delaware, U.S.A. – 7715719

*50% owned by Barings LLC*

**BARINGS EMERGING GENERATION FUND II GP, LLC**

Delaware, U.S.A. – 6638604

**BARINGS EMERGING MARKETS BLENDED FUND I GP, LLC**

Delaware, U.S.A. – 6229845

**BARINGS EPLF4 RATED FEEDER GP LLC**

Delaware, U.S.A. – 7493135

**BARINGS ERS PE EMERGING MANAGER III GP, LLC**

Delaware, U.S.A. – 7443853

**BARINGS FC III LLC**

Delaware, U.S.A. – 3467267

**BARINGS GLOBAL ENERGY INFRASTRUCTURE ADVISORS LLC**

Delaware, U.S.A. – 6187863

**BARINGS GLOBAL INVESTMENT FUNDS (U.S.) MANAGEMENT, LLC**

Delaware, U.S.A. – 4864959

**BARINGS GLOBAL SPECIAL SITUATIONS CREDIT FUND 4 GP, LLC**

Delaware, U.S.A. – 3075964

**BARINGS GLOBAL REAL ASSETS FUND GP, LLC**

Delaware, U.S.A. – 6662271

*55.5% owned by Barings LLC*

**BARINGS GPSF LLC**

Delaware, U.S.A. – 3022744

**BARINGS HOTEL OPPORTUNITY VENTURE I GP, LLC**

Delaware, U.S.A. – 5939453

*50% owned by Barings LLC*

**BARINGS INFINITI FUND MANAGEMENT LLC** 

Delaware, U.S.A. – 7140111

**BARINGS INFRASTRUCTURE CLO EQUITY PARTNERSHIP GP LLC**

Delaware, U.S.A. – 10254364

**BARINGS NAPLF IV RATED FEEDER, L.P.**

Delaware, U.S.A. – 1069319

**BARING INVESTMENT SERIES, LLC**

Delaware, U.S.A. – 4057176

**BARINGS NEW JERSEY EMERGING MANAGER PROGRAM GP, LLC**

Delaware, U.S.A. – 7175727

**BARINGS NORTH AMERICAN PRIVATE LOAN FUND MANAGEMENT, LLC**

Delaware, U.S.A. – 6131639

**BARINGS NORTH AMERICAN PRIVATE LOAN FUND II MANAGEMENT, LLC**

Delaware, U.S.A. – 7868270

**BARINGS NORTH AMERICAN PRIVATE LOAN FUND III MANAGEMENT, LLC**

Delaware, U.S.A. – 6640173

**BARINGS NORTH AMERICAN PRIVATE LOAN FUND IV (CAYMAN)-A, L.P.**

Cayman Islands – WC-133150

**BARINGS NORTH AMERICAN PRIVATE LOAN FUND IV MANAGEMENT, LLC**

Delaware, U.S.A. – 10269278

**BARINGS PORTFOLIO FINANCE IG ISSUER I, LLC**

Delaware, U.S.A. – 10359831

**BARINGS REAL ESTATE EUROPEAN VALUE ADD FUND II FEEDER LLC**

Cayman Islands – MC-3557

**BARINGS SBIC II GP, LLC**

Delaware, U.S.A. – 4948134

**BARINGS SEM GP LLC**

Delaware, U.S.A. – 4639492

**BARINGS SMALL BUSINESS FUND LLC**

Delaware, U.S.A. – 7875829

*54.25% owned by Barings LLC*

**BARINGS TYIDF2 RATED FEEDER GP LLC**

Delaware, U.S.A. – 7493145

**BARINGS TYIDF2 RATED FEEDER, L.P.**

Delaware, U.S.A. – 7493155

**BARINGS – MM REVOLVER FUND GP LLC**

Delaware, U.S.A. – 6354426

**BCLF GP LLC**

Delaware, U.S.A. – 2551895

**BDAE PRIVATE FUND GP LLC**

Delaware, U.S.A. – 33-3672699

**BDAE PRIVATE FUND, LP**

Delaware, U.S.A. – 33-3703068

**BENTON STREET ADVISORS, INC.**

Cayman Islands – MC-186805

**BHOVI INCENTIVE LLC**

Delaware, U.S.A. – 6268804

*50% owned by Barings LLC*

**BIG REAL ESTATE INCENTIVE I LLC** 

Delaware, U.S.A. – 6778920

*50% owned by Barings LLC*

**BIG REAL ESTATE INCENTIVE II LLC** 

Delaware, U.S.A. – 6778922

*50% owned by Barings LLC*

**BMT RE DEBT FUND GP LLC**

Delaware, U.S.A. – 6965646

**BRECS VII GP LLC**

Delaware, U.S.A. – 61147

**BREDIF GP LLC**

Delaware, U.S.A. – 3853440

**CPF SPRINGING MEMBER, LLC**

Delaware, U.S.A. – 3873032

**CREA-MA REORGANIZATION TRUST**

Delaware, U.S.A. – 000933540

**CREF X GP LLC**

Delaware, U.S.A. – 5516583

**GREAT LAKES III GP, LLC**

Delaware, U.S.A. – 5254174

**LAKE JACKSON LLC**

Delaware, U.S.A. – 6339374

**MEZZCO AUSTRALIA II LLC**

Delaware, U.S.A. – 5346304

**MEZZCO III LLC**

Delaware, U.S.A. – 4557758

*50% owned by Barings LLC*

 ****

**MEZZCO IV LLC**

Delaware, U.S.A. – No number available

**RECSA-NY GP LLC**

Delaware, U.S.A. – 6101306

**TERRAPIN MIDDLE MARKET INFRASTRUCTURE FUND, L.P.**

Delaware, U.S.A. – 3903667

***The following are subsidiary companies of MassMutual. The ownership interest is 20% or more. The ownership interest is MassMutual's unless otherwise shown.***

**40 EXCHANGE MM MEMBER LLC**

Ownership – 100%

**100 W. 3<sup>RD</sup> STREET LLC**

Ownership – 100%

**12-18 WEST 55TH STREET PREDEVELOPMENT, LLC** 

Ownership – 90.20%

**21 WEST 86TH LLC**

Ownership **–** 96.24%

**2160 GRAND MANAGER LLC** 

Ownership **–** 100%

**300 SOUTH TRYON HOTEL LLC** 

Ownership **–** 100%

**300 SOUTH TRYON LLC** 

Ownership **–** 100%

**5301 WISCONSIN AVENUE ASSOCIATES, LLC** 

Ownership – 99.00%

**5301 WISCONSIN AVENUE GP, LLC** 

Ownership – 100%

**ALAND ROYALTY HOLDINGS LP**

Ownership – 26.69%

**BARINGS AFFORDABLE HOUSING MORTGAGE FUND I LLC**

Ownership – 100%

**BARINGS AFFORDABLE HOUSING MORTGAGE FUND II LLC** 

Ownership – 100%

**BARINGS AFFORDABLE HOUSING MORTGAGE FUND III LLC** 

Ownership **–** 100%

**BARINGS CAPITAL SOLUTIONS PERPETUAL FUND (CA), L.P.** 

Ownership **–** 39.02%

**BARINGS CONSTRUCTION LENDING FUND LP**

Ownership – 74.16% MassMutual, 25.84% Third Party

**BARINGS DIVERSIFIED RESIDENTIAL FUND LP**

Ownership – 100%

**BARINGS EMERGING GENERATION FUND II LP** 

Ownership – 27.13%

**BARINGS EMERGING GENERATION FUND, LP** 

Ownership **–** 67.74%

**BARINGS GLOBAL ENERGY INFRASTRUCTURE FUND I LP** 

Ownership **–** 99.24%

**BARINGS GLOBAL REAL ASSETS FUND, LP**

Ownership **–** 26.14%%%

**BARINGS HOTEL OPPORTUNITY VENTURE I LP** 

Ownership – 50.00%

**BARINGS MILLER INVESTMENT TRUST**

Ownership – 57.33% MassMutual, 9.33% MM Ascend

**BARINGS REAL ESTATE DEBT INCOME FUND LP** 

Ownership – 100%

**BARINGS REAL ESTATE EUROPEAN VALUE ADD I SCSP** 

Ownership – 49.99%

**BARINGS SMALL BUSINESS FUND, L.P.** 

Ownership – 33.60%

**BARINGS U.S. CORE BOND FUND**

Ownership – 100%

**BARINGS U.S. HIGH YIELD FUND**

Ownership – 33.09%

**BARINGS-MM REVOLVER FUND LP** 

Ownership – 86.00%

**BRAVA5 MALIC INVESTOR LLC** 

Ownership – 100% MM Ascend

**BRAVA5 MM INVESTOR LLC**

Ownership – 100%

**CHASSIS ACQUISITION HOLDING LLC**

Ownership – 30% (MassMutual Holding LLC)

**CORNBROOK PRS HOLDINGS LLC**

Ownership – 100%

**CORNERSTONE FORT PIERCE DEVELOPMENT, LLC** 

Ownership – 90.00%

**CORNERSTONE PERMANENT MORTGAGE FUND II LLC** 

Ownership – 100%

**CORNERSTONE PERMANENT MORTGAGE FUND III LLC**

Ownership – 100%

**CORNERSTONE PERMANENT MORTGAGE FUND IV LLC** 

Ownership – 100%

**CORNERSTONE PERMANENT MORTGAGE FUND LLC**

Ownership – 100%

**CRA AIRCRAFT HOLDING LLC**

Ownership – 40.00%

**RIDGE APARTMENTS, LLC**

Ownership – 100%

**CREA/PPC VENTURE, LLC** 

Ownership – 100%

**CREA/WINDSTAR DUBLIN PLEASANTON, LLC** 

Ownership – 92.00%

**E2E AFFORDABLE HOUSING DEBT FUND LLC** 

Ownership – 100%

**EIP HOLDINGS I, LLC**

Ownership – 28.96%

**EURO REAL ESTATE HOLDINGS LLC** 

Ownership – 100%

**FAN PIER DEVELOPMENT LLC** 

Ownership – 90.00%

**GIA EU HOLDINGS LLC** 

Ownership – 100%

**HB NAPLES GOLF OWNER LLC** 

Ownership – 100% (MassMutual Holding LLC)

**LANDMARK MANCHESTER HOLDINGS LLC** 

Ownership – 100%

**LONDON OFFICE JV HOLDINGS LLC** 

Ownership – 100%

**MALIC AUSTRALIA BSOT LLC**

Ownership – 100%

**MALIC DEBT PARTICIPATIONS LLC** 

Ownership – 100% (MM Ascend)

**MARCO HOTEL LLC**

Ownership – 100% (MassMutual Holding LLC)

**MIAMI DOUGLAS ONE GP LLC** 

Ownership – 100%

**MIAMI DOUGLAS THREE MM, LLC** 

Ownership – 100%

**MIAMI DOUGLAS TWO GP LLC** 

Ownership – 100%

**MIAMI DOUGLAS TWO LP** 

Ownership – 89.99%

**MM 340 MADISON MEMBER LLC**

Ownership – 100%

**MM 1370 AVE OF AM LLC** 

Ownership – 100%

**MM 1400 E 4<sup>TH</sup> STREET MEMBER LLC** 

Ownership – 100%

**MM 425 MONTGOMERY MEMBER LLC**

Ownership – 100%

**MM 550 CORPORATE MEMBER LLC**

Ownership – 100%

**MM BIG PENINSULA CO-INVEST MEMBER LLC** 

Ownership – 27.20%

**MM BROOKHAVEN MEMBER LLC** 

Ownership – 100%

**MM CENTURY SQUARE MEMBER LLC**

Ownership – 100%

**MM DEBT PARTICIPATIONS LLC** 

Ownership – 100%

**MM DEN PAV MEMBER LLC** 

Ownership – 100%

**MM EAST SOUTH CROSSING MEMBER LLC** 

Ownership – 100%

**MM HORIZON SAVANNAH MEMBER LLC** 

Ownership – 100%

**MM HORIZON SAVANNAH MEMBER II LLC** 

Ownership – 100%

**MM HORIZON SAVANNAH MEMBER III LLC** 

Ownership – 100%

**MM IRONHEAD COMMERCE CENTER MEMBER LLC**

Ownership – 100%

**MM KANNAPOLIS INDUSTRIAL MEMBER LLC** 

Ownership – 100%

**MM LIBERTY CENTRE MEMBER LLC** 

Ownership – 100%

**MM MD2 STATION MEMBER LLC** 

Ownership – 100%

**MM NATIONAL SELF-STORAGE PROGRAM MEMBER LLC**

Ownership – 100%

**MM NATIONAL SELF-STORAGE PROGRAM MEMBER II LLC**

Ownership – 100%

**MM REDISCOVER MEMBER LLC**

Ownership – 100%

**MM REED DISTRICT LANDCO MEMBER LLC** 

Ownership – 100%

**MM SEDONA VORTEX INVESTOR LLC** 

Ownership – 100%

**MM SL WILLISTOWN LLC**

Ownership – 100%

**MM SPEEDWAY EL PASO MEMBER LLC**

Ownership – 100%

**MM SPEEDWAY EL PASO MEMBER II LLC**

Ownership – 100%

**MM SUBLINE BORROWER LLC** 

Ownership – 100%

**MM THE GILMAN MEMBER LLC**

Ownership – 100%

**MM TOKYO BTR1 LLC**

Ownership – 70% MassMutual, 30% MM Ascend

**MM VIRGINIAN INVESTOR LLC**

Ownership – 100%

**MMLIC AUSTRALIA BAST LLC**

Ownership – 100%

**MMLIC AUSTRALIA BSOT LLC**

Ownership – 100%

**PACO FRANCE LOGISTICS LLC** 

Ownership – 100%

**PDX SW THIRD HOTEL OWNER LLC**

Ownership – 100%

**RB APARTMENTS LLC**

Ownership – 100% (MassMutual Holding LLC)

**RED LAKE VENTURES, LLC**

Ownership – 31.52%

**RIVERWALK MM MEMBER, LLC** 

Ownership – 100%

**SBNP SIA III LLC**

Ownership – 99.00%

**SBNP SIA IV LLC**

Ownership – 99.00%

**SL WILLISTOWN ONE LLC** 

Ownership – 100%

**STOA HOLDING LLC** 

Ownership – 100%

**TEN FAN PIER BOULEVARD LLC** 

Ownership – 100%

**THREE PW OFFICE HOLDING LLC** 

Ownership – 95.00%

**TRAILSIDE MM MEMBER II LLC** 

Ownership – 100%

**TRAILSIDE MM MEMBER LLC** 

Ownership – 100%

**UNNA, DORTMUND HOLDING LLC** 

Ownership – 100%

**VALIDUS HOLDING COMPANY LLC**

Ownership – 40.44%

**VGS ACQUISITION HOLDING, LLC**

Ownership – 33.33% (MassMutual Holding LLC)

**WASHINGTON GATEWAY APARTMENTS VENTURE LLC** 

Ownership – 95.80%

**WASHINGTON GATEWAY THREE LLC** 

Ownership – 95.00%

**WASHINGTON GATEWAY TWO HOLDINGS LLC** 

Ownership – 95.00%

**WEST 37TH STREET HOTEL LLC** 

Ownership – 93.75%

**WEST 46TH STREET HOTEL LLC** 

Ownership – 100%

 ****

***The following are collateralized loan obligation vehicles of Apex Credit Holdings LLC.***

**JFIN CLO 2012 LTD.**

A Cayman Islands collateralized loan obligation vehicle senior secured term loans. Apex Credit Holdings LLC owns 100% of the subordinated notes of the CLO, and the CLO is managed by Apex Credit Partners LLC.

**JFIN CLO 2013 LTD.** 

A Cayman Islands collateralized loan obligation vehicle senior secured term loans. Apex Credit Holdings LLC owns 100% of the subordinated notes of the CLO, and the CLO is managed by Apex Credit Partners LLC.

**JFIN CLO 2014 LTD.** 

A Cayman Islands collateralized loan obligation vehicle in senior secured term loans. Apex Credit Holdings LLC owns 100% of the subordinated notes of the CLO, and the CLO is managed by Apex Credit Partners LLC.

**JFIN CLO 2014-II LTD.**

A Cayman Islands collateralized loan obligation vehicle in senior secured term loans. Apex Credit Holdings LLC owns 100% of the subordinated notes of the CLO, and the CLO is managed by Apex Credit Partners LLC.

**JFIN CLO 2015 LTD.** 

A Cayman Islands collateralized loan obligation vehicle in senior secured term loans. The CLO is managed by Apex Credit Partners LLC, with Apex Credit Holdings LLC owning 100% of the subordinated notes of the CLO.

**JFIN CLO 2015-II LTD.** 

A Cayman Islands collateralized loan obligation vehicle in senior secured term loans. Apex Credit Holdings LLC owns 85% of this company.

**JFIN CLO 2016 LTD.**

A Cayman Islands collateralized loan obligation vehicle in senior secured term loans. The CLO is managed by Apex Credit Partners LLC, with Apex Credit Holdings LLC owning 100% of the subordinated notes of the CLO.

**JFIN CLO 2017 LTD.**

A Cayman Islands collateralized loan obligation vehicle in senior secured term loans. The CLO is managed by Apex Credit Partners LLC, with Apex Credit Holdings LLC owning 100% of the subordinated notes of the CLO.

**JFIN CLO 2017-II LTD.**

A Cayman Islands collateralized loan obligation vehicle in senior secured term loans. The CLO is managed by Apex Credit Partners LLC, with Apex Credit Holdings LLC owning 100% of the subordinated notes of the CLO.

***The following are collateralized loan obligation vehicles of Jefferies Finance LLC.***

**APEX CREDIT CLO 2024-I LTD.**

A Cayman Islands collateralized loan obligation vehicle in senior secured revolving credit loans. Jefferies Finance LLC owns 100% of the subordinated notes of the CLO.

**JFIN REVOLVER CLO 2017 Ltd.** 

A Cayman Islands collateralized loan obligation vehicle in senior secured revolving credit loans. Jefferies Finance LLC owns 100% of the subordinated notes of the CLO.

**JFIN REVOLVER 2017-III Ltd.** 

A Cayman Islands collateralized loan obligation vehicle in senior secured revolving credit loans. Jefferies Finance LLC owns 100% of the subordinated notes of the CLO.

**JFIN REVOLVER CLO 2018 Ltd.** 

A Cayman Islands collateralized loan obligation vehicle in senior secured revolving credit loans. The CLO is managed by Jefferies Finance LLC owns 100% of the subordinated notes of the CLO.

**JFIN REVOLVER CLO 2019 LTD.**

A Cayman Islands collateralized loan obligation vehicle investing in senior secured revolver credit loans. Jefferies Finance LLC owns 100% of the subordinated notes of the CLO .

**JFIN REVOLVER CLO 2019-II LTD.**

A Cayman Islands collateralized loan obligation vehicle investing in senior secured revolver credit loans. Jefferies Finance LLC owns 100% of the subordinated notes of the CLO.

**JFIN REVOLVER CLO 2020 LTD.**

A Cayman Islands collateralized loan obligation vehicle investing in senior secured revolver credit loans. Jefferies Finance LLC owns 100% of the subordinated notes of the CLO.

**JFIN Revolver CLO 2021-II Ltd.**

A Delaware limited company that invests in revolving credit loans. Jefferies Finance LLC owns 100%.

**JFIN Revolver CLO 2021-V Ltd.**

A Delaware limited company that invests in revolving credit loans. Jefferies Finance LLC owns 100%.

**JFIN REVOLVER CLO 2022-II LTD.** 

A Cayman Islands company that invests in revolving credit loans. Jefferies Finance LLC owns 100%

**JFIN REVOLVER CLO 2022-III LTD.**

A Cayman Islands company that invests in revolving credit loans. Jefferies Finance LLC owns 100%.

**JFIN REVOLVER CLO 2022-IV LLC**

A Cayman Islands company that invests in revolving credit loans. Jefferies Finance LLC owns 100%.

**JFIN REVOLVER CLO 2022-IV LTD.**

A Cayman Islands company that invests in revolving credit loans. Jefferies Finance LLC owns 100%.

**JFIN REVOLVER CLO 2024-I LTD.**

A Cayman Islands company that invests in revolving credit loans. Jefferies Finance LLC owns 100%.

**JFIN REVOLVER CLO 2025-I LTD.**

A Cayman Islands company that invests in revolving credit loans. Jefferies Finance LLC owns 100%.

**JFIN REVOLVER FUND, L.P.** 

A Delaware limited partnership formed to hold investments in revolving credit loans originated by Jefferies Finance LLC. MassMutual ownership is 57.95%

**JFIN REVOLVER FUNDING 2021 LTD.**

A Delaware limited company that invests in revolving credit loans. Jefferies Finance LLC owns 100%.

**JFIN REVOLVER FUNDING 2021-III LTD.**

A Delaware limited company that invests in revolving credit loans. Jefferies Finance LLC owns 100%.

**JFIN REVOLVER FUNDING 2021-IV LTD.**

A Delaware limited company that invests in revolving credit loans. Jefferies Finance LLC owns 100%.

**JFIN REVOLVER FUNDING 2022-I LTD.**

A Delaware limited company that invests in revolving credit loans. Jefferies Finance LLC owns 100%.

***The following are portfolio companies in which Jefferies Finance LLC, together with its subsidiaries, own at least 25% of the equity interests. The ownership percentage is indicated.***

**CUSTOM ECOLOGY HOLDCO, LLC**

100% owned by Jefferies Finance LLC

***The following are investment-related special purpose entities of Baring Asset Management Limited*.** 

**BARINGS CORE FUND FEEDER I GP S.À.R.L.**

Luxembourg – B216891

This company is wholly owned by Baring Asset Management Limited.

**BARINGS EUROPEAN DIRECT LENDING 1GP LLP**

England & Wales – OC398370

A limited liability partnership organized under the laws of England and Wales.

(99.9% owned by Barings Global Advisors Limited and 0.1% owned by Barings Asset Management Limited.)

**BARINGS GPC GP S.À.R.L.**

Luxembourg – No number available

A Luxembourg company that acts as the general partner to Barings Global Credit Fund (LUX) SCSp, SICAV-SIF. This company is wholly owned by Baring Asset Management Limited.

**BARINGS INVESTMENT FUND (LUX) GP S.À.R.L.**

Luxembourg – B127566

A Luxembourg company that acts as the general partner to Barings Investment Fund (LUX) SCSp, SICAV-SIF. This company is wholly owned by Baring Asset Management Limited.

**BARINGS UMBRELLA FUND (LUX) GP S.À.R.L.**

Luxembourg – B240621

A Luxembourg company that acts as the general partner to Barings Investment Fund (LUX) SCSp, SICAV-SIF. This company is wholly owned by Baring Asset Management Limited.

**PREIF HOLDINGS LIMITED PARTNERSHIP**

United Kingdom – SL006640

This company is wholly owned by Baring Asset Management Limited.

***The following is an investment-related special purpose entity of Baring Fund Managers Limited****.*

**BCGSS 2 GP LLP**

England & Wales – OC394864

This entity is 99.9% owned by Baring Fund Managers Limited and 0.1% owned by Barings Asset Management Limited.

***MassMutual or its subsidiaries own a significant minority stake in the companies listed below****.*

**AMHERST LONG TERM OWNER HOLDINGS, LLC**

Delaware, U.S.A – 4439028

MassMutual's interest is 24.5%

**BEAUTY BRANDS ACQUISITION LLC**

Delaware, U.S.A. – 7164322

MassMutual's ownership interest is 32.63%

**CRANE VENTURE PARTNERS LLP**

United Kingdom – No number available.

MassMutual Ventures Holding LLC's interest is 33%

**ENROLL CONFIDENTLY, INC.** 

Delaware – 7051382

MassMutual's interest is 25%

**LOW CARBON ENERGY HOLDING**

United Kingdom – No number available at this time.

MassMutual's interest is 49%

**MARTELLO RE FEEDER LP**

Delaware – 3119360

MassMutual Holding LLC's interest is 58.05%

**MARTELLO RE LP**

Delaware – 6009011

MassMutual Holding LLC has an indirect ownership of 26.20% via Martello Re Feeder LP

**ROTHESAY LIMITED (FORMERLY KNOWN AS ROTHESAY HOLDCO UK LIMITED)**

England & Wales – 08668809.

MM Rothesay Holdco LLC's interest is 47.6%.<br>

**YUNFENG FINANCIAL GROUP LIMITED**

Hong Kong – No number available.

MassMutual International LLC's ownership interest is 23.65%.

***MassMutual has a 47.6% ownership interest in Rothesay Limited (through MM Rothesay Holdco US LLC). The following companies are affiliated with Rothesay Limited.***

 

**LT MORTGAGE FINANCING LIMITED**

England & Wales – 09444756

**ROTHESAY ASSET MANAGEMENT AUSTRALIA PTY LTD**

New South Wales, Australia

**ROTHESAY ASSET MANAGEMENT UK LIMITED**

England & Wales – 10985333

**ROTHESAY ASSET MANAGEMENT NORTH AMERICA LLC**

Delaware, U.S.A. – 6570152

**ROTHESAY FOUNDATION** 

England & Wales – 12263987

**ROTHESAY LIFE PLC**

England & Wales – 06127279

**ROTHESAY MA NO. 1 LIMITED**

England & Wales – 11641166

**ROTHESAY MA NO. 3 LIMITED**

England & Wales – 12300383

**ROTHESAY MA NO. 4 LIMITED**

England & Wales – 12300511

**RIVERTON HOME FINANCE LIMITED**

England & Wales - 11877651

**ROTHESAY PENSIONS MANAGEMENT LIMITED**

England & Wales – 06195160

**ROTHESAY PROPERTY COMPANY 1 LIMITED**

England & Wales – 04346508

**ROTHESAY PROPERTY PARTNERSHIP 1 LLP**

England & Wales – OC436469

***MassMutual has a 32.63% ownership interest in Beauty Brands Acquisition LLC. The following companies are affiliated with Beauty Brands Acquisition LLC.***

**BEAUTY BRANDS ACQUISITION INTERMEDIATE LLC**

Delaware, U.S.A. – 7164303

**FORMA BRANDS, LLC**

Delaware, U.S.A. – 7164339

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** **REGISTERED INVESTMENT COMPANY AFFILIATES: Each of the following entities is a registered investment company sponsored by MassMutual or one of its affiliates.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. MassMutual Select Funds, a Massachusetts business trust that operates as a management investment company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. MassMutual Premier Funds, a Massachusetts business trust that operates as a management investment company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. MassMutual Advantage Funds, a Massachusetts business trust that operates as a management investment company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. MML Series Investment Fund, a Massachusetts business trust that operates as a management investment company. All shares issued by
the Trust are owned by MassMutual and certain of its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. MML Series Investment Fund II, a Massachusetts business trust that operates as a management investment company. All shares issued
by MML Series Investment Fund II are owned by MassMutual and certain of its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Barings Participation Investors, a Massachusetts business trust which operates as a closed-end investment company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Barings Corporate Investors, a Massachusetts business trust which operates as a closed-end investment company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Barings Global Short Duration High Yield Fund, a Massachusetts business trust which operates as a closed-end investment company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Barings BDC, Inc., a Maryland publicly-traded, externally managed business development company.

**Item 30. Indemnification**

MassMutual directors and officers are indemnified under Article V. of the by-laws of Massachusetts Mutual Life Insurance Company, as set forth below.

ARTICLE V. of the By-laws of MassMutual provides for indemnification of directors and officers as follows:

"ARTICLE V.

INDEMNIFICATION

Subject to limitations of law, the Company shall indemnify:

(a) each
 director, officer or employee;

(b) any
 individual who serves at the request of the Company as a director, board member, committee member, partner, trustee, officer or employee
 of any foreign or domestic organization or any separate investment account; or

(c) any
 individual who serves in any capacity with respect to any employee benefit plan,

from and against all loss, liability and expense imposed upon or incurred by such person in connection with any threatened, pending or completed action, claim, suit, investigation or proceeding of any nature whatsoever, in which such person may be involved or with which he or she may be threatened to be involved, by reason of any alleged act, omission or otherwise while serving in any such capacity, whether such action, claim, suit, investigation or proceeding is civil, criminal, administrative, arbitrative, or investigative and/or formal or informal in nature. Indemnification shall be provided although the person no longer serves in such capacity and shall include protection for the person's heirs and legal representatives.

Indemnities hereunder shall include, but not be limited to, all costs and reasonable counsel fees, fines, penalties, judgments or awards of any kind, and the amount of reasonable settlements, whether or not payable to the Company or to any of the other entities described in the preceding paragraph, or to the policyholders or security holders thereof.

Notwithstanding the foregoing, no indemnification shall be provided with respect to:

(1) any
 matter as to which the person shall have been adjudicated in any proceeding not to have acted in good faith in the reasonable belief that
 his or her action was in the best interests of the Company or, to the extent that such matter relates to service with respect to any employee
 benefit plan, in the best interests of the participants or beneficiaries of such employee benefit plan;

(2) any
 liability to any entity which is registered as an investment company under the Federal Investment Company Act of 1940 or to the security
 holders thereof, where the basis for such liability is willful misfeasance, bad faith, gross negligence or reckless disregard of the duties
 involved in the conduct of office; and

(3) any
 action, claim or proceeding voluntarily initiated by any person seeking indemnification, unless such action, claim or proceeding had been
 authorized by the Board of Directors or unless such person's indemnification is awarded by vote of the Board of Directors.

In any matter disposed of by settlement or in the event of an adjudication which in the opinion of the General Counsel or his or her delegate does not make a sufficient determination of conduct which could preclude or permit indemnification in accordance with the preceding paragraphs (1), (2) and (3), the person shall be entitled to indemnification unless, as determined by the majority of the disinterested directors or in the opinion of counsel (who may be an officer of the Company or outside counsel employed by the Company), such person's conduct was such as precludes indemnification under any such paragraph. The termination of any action, claim, suit, investigation or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent shall not, of itself, create a presumption that the person did not act in good faith and in a manner which he or she reasonably believed to be in the best interests of the Company.

The Company may at its option indemnify for expenses incurred in connection with any action or proceeding in advance of its final disposition, upon receipt of a satisfactory undertaking for repayment if it be subsequently determined that the person thus indemnified is not entitled to indemnification under this Article V."

------

To provide certainty and more clarification regarding the indemnification provisions of the Bylaws set forth above, MassMutual has entered into indemnification agreements with each of its directors, and with each of its officers who serve as a director of a subsidiary of MassMutual, (a "Director"). Pursuant to the Agreements, MassMutual agrees to indemnify a Director, to the extent legally permissible, against (a) all expenses, judgments, fines and settlements ("Costs"), liabilities, and penalties paid in connection with a proceeding involving the Director because he or she is a director if the Director (i) acted in good faith, (ii) reasonably believed the conduct was in the Company's best interests; (iii) had no reasonable cause to believe the conduct was unlawful (in a criminal proceeding); and, (iv) engaged in conduct for which the Director shall not be liable under MassMutual's Charter or By-Laws. MassMutual further agrees to indemnify a Director, to the extent permitted by law, against all Costs paid in connection with any proceeding (i) unless the Director breached a duty of loyalty, (ii) except for liability for acts or omissions not in good faith, involving intentional misconduct or a knowing violation of law, (iii) except for liability under Section 6.40 of Chapter 156D of Massachusetts Business Corporation Act ("MBCA"), or (iv) except for liability related to any transaction from which the Director derived an improper benefit. MassMutual will also indemnify a Director, to the fullest extent authorized by the MBCA, against all expenses to the extent the Director has been successful on the merits or in defense of any proceeding. If any court determines that despite an adjudication of liability to MassMutual or its subsidiary that the Director is entitled to indemnification, MassMutual will indemnify the Director to the extent permitted by law. Subject to the Director's obligation to pay MassMutual in the event that the Director is not entitled to indemnification, MassMutual will pay the expenses of the Director prior to a final determination as to whether the Director is entitled to indemnification.

**Item 31. Principal Underwriters**

(a) MML
 Investors Services, LLC ("MMLIS") acts as principal underwriter of the contracts/policies/certificates sold by its registered
 representatives and MML Strategic Distributors, LLC ("MSD") serves as principal underwriter of the contracts/policies/certificates
 sold by registered representatives of other broker-dealers who have entered into distribution agreements with MSD. <br> MMLIS
 and MSD either jointly or individually act as principal underwriters for: Massachusetts
 Mutual Variable Life Separate Account I, Massachusetts Mutual Variable Annuity Separate Account 1, Massachusetts Mutual Variable Annuity
 Separate Account 2, Massachusetts Mutual Variable Annuity Separate Account 3, Massachusetts Mutual Variable Annuity Separate Account 4,
 Panorama Separate Account, Connecticut Mutual Variable Life Separate Account I, MML Bay State Variable Life Separate Account I, MML Bay
 State Variable Annuity Separate Account 1, Panorama Plus Separate Account, C.M. Multi-Account A, C.M. Life Variable Life Separate Account
 I, Massachusetts Mutual Variable Life Separate Account II.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(b) MMLIS
 and MSD are the principal underwriters for this Contract. The following people are officers and directors of MMLIS and officers and directors
 of MSD:

**DIRECTORS AND OFFICERS OF MML INVESTORS SERVICES, LLC**

---

| | | |
|:---|:---|:---|
| **Name** | **Positions and Offices** | **Principal Business Address** |
| Vaughn Bowman | Director, Chairman of the Board, Chief Executive Officer, and President | (\*) |
| John Vaccaro | Director and Chairman Emeritus | (\*) |
| Geoffrey Craddock | Director | 10 Fan Pier Boulevard <br> Boston, MA 02210 |
| Paul LaPiana | Director | (\*) |
| Jennifer Reilly | Director | 10 Fan Pier Boulevard <br> Boston, MA 02210 |
| Joseph Mallee | Director, Agency Field Force Supervisor and Vice President | (\*) |
| David Mink | Vice President and Chief Operations Officer | (\*) |
| Frank Rispoli | Chief Financial Officer and Treasurer | 10 Fan Pier Boulevard <br> Boston, MA 02210 |
| Edward K. Duch, III | Chief Legal Officer, Vice President, and Secretary | (\*) |
| Courtney Reid | Chief Compliance Officer | (\*) |
| James P. Puhala | Deputy Chief Compliance Officer | (\*) |
| Michael Gilliland | Deputy Chief Compliance Officer | (\*) |
| Thomas Bauer | Chief Technology Officer | (\*) |
| Anthony Frogameni | Chief Privacy Officer | (\*) |
| Linda Bestepe | Vice President | (\*) |
| Brian Foley | Vice President | 10 Fan Pier Boulevard <br> Boston, MA 02210 |
| James Langham | Vice President | (\*) |
| Michael Thomas | Vice President | 2 Park Ave.<br> New York, NY 10016 |
| Daken Vanderburg | Vice President | (\*) |
| Mary B. Wilkinson | Vice President | 10 Fan Pier Boulevard <br> Boston, MA 02210 |
| George Randall | Field Risk Officer | (\*) |
| Alyssa O'Connor | Assistant Secretary | (\*) |
| Pablo Cabrera | Assistant Treasurer | 10 Fan Pier Boulevard <br> Boston, MA 02210 |
| Jeffrey Sajdak | Assistant Treasurer | (\*) |
| Elizabeth Marin | Assistant Treasurer | (\*) |
| Kevin Lacomb | Assistant Treasurer | 10 Fan Pier Boulevard <br> Boston, MA 02210 |
| Tricia Cohen | Continuing Education Officer | (\*) |
| Mario Morton | Registration Manager | (\*) |
| Kelly Pirrotta | AML Compliance Officer | (\*) |
| John Rogan | Regional Vice President | (\*) |
| Tanya Wilber | Regional Vice President | (\*) |

---

*(\*)* *1295 State Street, Springfield, MA 01111-0001*

------

**OFFICERS AND DIRECTORS OF MML STRATEGIC DISTRIBUTORS, LLC**

---

| | | |
|:---|:---|:---|
| **Name** | **Positions and Offices** | **Principal Business Address** |
| Dominic Blue | Director and Chairman of the Board | (\*) |
| Matthew DiGangi | Director, Chief Executive Officer, and President | (\*) |
| Geoffrey Craddock | Director | 10 Fan Pier Boulevard <br> Boston, MA 02210 |
| Jennifer Reilly | Director | 10 Fan Pier Boulevard <br> Boston, MA 02210 |
| Frank Rispoli | Chief Financial Officer and Treasurer | 10 Fan Pier Boulevard <br> Boston, MA 02210 |
| Edward K. Duch, III | Chief Legal Officer, Vice President, and Secretary | (\*) |
| James P. Puhala | Vice President and Chief Compliance Officer | (\*) |
| Vincent Baggetta | Chief Risk Officer | (\*) |
| Paul LaPiana | Vice President | (\*) |
| Anna Sciortino | Vice President | (\*) |
| Alyssa O'Connor | Assistant Secretary | (\*) |
| Pablo Cabrera | Assistant Treasurer | 10 Fan Pier Boulevard <br> Boston, MA 02210 |
| Jeffrey Sajdak | Assistant Treasurer | (\*) |
| Elizabeth Marin | Assistant Treasurer | (\*) |
| Mario Morton | Registration Manager | (\*) |
| Kelly Pirrotta | AML Compliance Officer | (\*) |

---

*(\*)* *1295 State Street, Springfield, MA 01111-0001*

(c) Compensation
 From the Registrant <br> For information
 about all commissions and other compensation received by each principal underwriter, directly or indirectly, from the Registered Separate
 Account during the Registered Separate Account's last fiscal year, refer to the "Distribution" section of the Statement
 of Additional Information.

**Item 32. Location of Accounts and Records**

All accounts, books, or other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940 and the rules promulgated thereunder are maintained by the Registered Separate Account through Massachusetts Mutual Life Insurance Company, 1295 State Street, Springfield, Massachusetts 01111-0001.<br>

**Item 33. Management Services**

Not Applicable.

**Item 34. Fee Representation**

**REPRESENTATION UNDER SECTION 26(f)(2)(A) OF <br> THE INVESTMENT COMPANY ACT OF 1940**

Massachusetts Mutual Life Insurance Company hereby represents that the fees and charges deducted under the MassMutual Envision<sup>SM</sup> ("Envision") contract described in this Registration Statement, in the aggregate, are reasonable in relation to the services rendered, the expenses expected to be incurred, and the risks assumed by Massachusetts Mutual Life Insurance Company.<br>

------

**SIGNATURES**

Pursuant to the requirements of Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this registration statement under Rule 485(b) under the Securities Act and has duly caused this registration statement to be signed on its behalf by the undersigned, duly authorized, in the City of Wilmington, and the State of North Carolina on this 18<sup>th</sup> day of December, 2025.

MASSACHUSETTS MUTUAL VARIABLE ANNUITY SEPARATE ACCOUNT 4<br>(Registered Separate Account)

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY<br>(Insurance Company)

---

| | |
|:---|:---|
| **By** | ROGER W. CRANDALL\* |
|  | Roger W. Crandall<br>President and Chief Executive Officer<br>(principal executive officer)<br>Massachusetts Mutual Life Insurance Company |

---

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Signature** | **Title** | **Date** |
| &nbsp;&nbsp; ROGER W. CRANDALL \*<br>Roger W. Crandall | Director and Chief Executive Officer<br>(principal executive officer) | December 18, 2025 |
| &nbsp;&nbsp; MARY JANE FORTIN \*<br>Mary Jane Fortin | Chief Financial Officer<br>(principal financial officer) | December 18, 2025 |
| &nbsp;&nbsp; GREGORY GIARDIELLO \*<br>Gregory Giardiello | Corporate Controller<br>(principal accounting officer) | December 18, 2025 |
| &nbsp;&nbsp; KATHLEEN A. CORBET \*<br>Kathleen A. Corbet | Director | December 18, 2025 |
| &nbsp;&nbsp; JAMES H. DEGRAFFENREIDT, JR. \*<br>James H. DeGraffenreidt, Jr. | Director | December 18, 2025 |
| &nbsp;&nbsp; ISABELLA D. GOREN \*<br>Isabella D. Goren | Director | December 18, 2025 |
| &nbsp;&nbsp; BERNARD A. HARRIS, JR. \*<br>Bernard A. Harris, Jr. | Director | December 18, 2025 |
| &nbsp;&nbsp; MICHELLE K. LEE \*<br>Michelle K. Lee | Director | December 18, 2025 |
| &nbsp;&nbsp; JEFFREY M. LEIDEN \*<br>Jeffrey M. Leiden | Director | December 18, 2025 |
| &nbsp;&nbsp; DAVID H. LONG \*<br>David H. Long | Director | December 18, 2025 |
| &nbsp;&nbsp; MICHAEL THOMAS ROLLINGS \*<br>Michael Thomas Rollings | Director | December 18, 2025 |
| &nbsp;&nbsp; LAURA J. SEN \*<br>Laura J. Sen | Director | December 18, 2025 |
| &nbsp;&nbsp; WILLIAM T. SPITZ \*<br>William T. Spitz | Director | December 18, 2025 |
| &nbsp;&nbsp; AMY M. STEPNOWSKI \*<br>Amy M. Stepnowski | Director | December 18, 2025 |
| &nbsp;&nbsp; H. TODD STITZER \*<br>H. Todd Stitzer | Director | December 18, 2025 |
| &nbsp;&nbsp; /s/ GARY F. MURTAGH<br>\* Gary F. Murtagh<br>Attorney-in-Fact pursuant to Powers of Attorney |  |  |

---

------

**<u>INDEX TO EXHIBITS</u>**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Item No.** | **Exhibit** |  |  |
| &nbsp;&nbsp; Item 27. | Exhibit (d) | viii. | [Guaranteed Lifetime Withdrawal Benefit Rider (RetireCore)](envision-efp19550_ex99dviii.htm) |
|  |  | ix. | [Guaranteed Lifetime Withdrawal Benefit Rider (RetireCore Stacking)](envision-efp19550_ex99dix.htm) |
|  |  | x. | [Highest Quarterly Value Death Benefit Rider](envision-efp19550_ex99dx.htm) |
| &nbsp;&nbsp; Item 27. | Exhiit (l) | i. | [Auditor Consents](envision-efp19550_ex99li.htm)<br> •  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Company Financial Statements<br> •  &nbsp;&nbsp;&nbsp;&nbsp;Separate Account Financial Statements |
| &nbsp;&nbsp; Item 27. | Exhibit (p) | iii. | [Power of Attorney for:](envision-efp19550_ex99piii.htm) |
|  |  |  | •  &nbsp;&nbsp;&nbsp;&nbsp;Michael Thomas Rollings |

---

## Ex-99.(D)Viii

Item 27. Exhibit (d) viii.

**MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY**

**[Springfield, MA 01111-0001]**

**GUARANTEED LIFETIME WITHDRAWAL BENEFIT RIDER**

This Rider forms a part of the Contract to which it is attached and is effective as of the GLWB Rider Issue Date shown on the Rider Schedule. In the case of a conflict with any provision of the Contract, the provisions of this Rider will control. This Rider's provisions will remain part of the Contract until terminated in accordance with the provisions below.

**The purpose of the Guaranteed Lifetime Withdrawal Benefit (GLWB) provided under the Contract is to provide security through a stream of income payments to the Owner. The GLWB will terminate upon a change in ownership of the Contract unless the new Owner meets the qualifications shown in this Rider's Termination of Rider provision. See this Rider's Termination of Rider provision for other situations that will result in termination of this Rider.**

**The Contract is amended as follows:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. On the Cover Page and the last page of the Contract the following is inserted to
follow **INDIVIDUAL VARIABLE DEFERRED ANNUITY CONTRACT WITH FLEXIBLE PURCHASE PAYMENTS**:

**AND GUARANTEED LIFETIME WITHDRAWAL BENEFIT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The following replaces the definition of Age in the Contract:

The attained age of any Owner, or that of any Annuitant or Beneficiary or Covered Person, as applicable, at his or her last birthday except as described in the Contract Schedule under the Fixed Annuity Payout Rates section. If the Contract is owned by a non-natural person (e.g., a trust or other entity), Owner's Age shall mean the attained age of any Annuitant at his or her last birthday except as described in the Contract Schedule under the Fixed Annuity Payout Rates section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The **PURCHASE PAYMENTS** section under the **PURCHASE PAYMENT PROVISIONS** of the Contract is replaced with the following:

**PURCHASE PAYMENTS.** The minimum initial Purchase Payment is required to issue your contract. The minimum and maximum requirements for total and subsequent Purchase Payments are shown on the Contract Schedule, subject to the restrictions shown in this provision and in this Rider's GLWB Rider Charge Increase Opt-Out provision. We reserve the right to reject any Purchase Payment not conforming to the requirements set forth in the Contract Schedule or this Rider or not complying with any state or federal regulatory requirements.

**Restrictions on Subsequent Purchase Payments**

After your first Contract Year and prior to your Guaranteed Lifetime Withdrawal Date, we limit the total dollar amount of subsequent Purchase Payments that can be applied to your Contract during each Contract Year as shown in the Maximum Annual Subsequent Purchase Payments section of the Rider Schedule.

Subsequent Purchase Payments may not be made on or after your Guaranteed Lifetime Withdrawal Date or the effective date of a GLWB Rider Charge Opt-Out.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The **WITHDRAWAL** section under the **WITHDRAWAL PROVISIONS** of the Contract
is amended by adding the following:

If this Rider is in effect, and you take a partial withdrawal, such withdrawal will be taken from the Sub-Accounts in the ratio that your value in each Sub-Account bears to your Contract Value.

ICC25-GLWB-RC 1 [10-25]

**GUARANTEED LIFETIME WITHDRAWAL BENEFIT (GLWB)**

There are two versions of this GLWB, a Single Life Version and a Joint Life Version. Your elected version is shown on the Rider Schedule and cannot be changed after the GLWB Rider Issue Date shown on the Rider Schedule.

This Rider guarantees that you will receive guaranteed lifetime income from the Contract in an amount equal to the Annual Lifetime Benefit Amount each Contract Year, as described under this Rider's Annual Lifetime Benefit Amount When Contract Value Reduces To Zero provision. You will not receive guaranteed lifetime income if your Contract Value is reduced to zero (0) due to a withdrawal prior to the Guaranteed Lifetime Withdrawal Date or due to an Excess Withdrawal.

**GLWB Investment Allocation Restrictions**

While this Rider is in effect, we require that all of your Purchase Payment(s) and total Contract Value be allocated in accordance with certain investment restrictions. The investment restrictions are shown on the Rider Schedule. If a requested change in your allocations or a transfer of any portion of your Contract Value does not comply with these investment restrictions, you will be required to terminate this Rider by Written Request before the allocation change or transfer can be processed. We reserve the right, upon thirty (30) calendar days advance notice to you, to change the investment restrictions. If we change the investment restrictions, you must change your allocations to comply within thirty (30) calendar days of the restrictions becoming effective, or we will terminate this Rider.

**Covered Person(s)**

The Covered Person(s), as shown on the Rider Schedule, is the person(s) whose life is used to determine the duration of the Annual Lifetime Benefit Amount provided under this Rider. The Covered Person(s) is determined on the GLWB Rider Issue Date and cannot be changed after that date, even if there is a divorce involving the Covered Person(s).

If the Single Life Version is elected, the Covered Person is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) the Owner, if the Owner is a natural person,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) the oldest Joint Owner, if the Contract has Joint Owners, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) the Annuitant, if the Owner is a non-natural person.

If the Single Life Version is elected, there may only be one Annuitant, and it must be the Covered Person. However, if you reach your Annuity Date and choose an Annuity Option other than that described under this Rider's Latest Permitted Annuity Date provision, then you may change the Annuitant and/or name a joint Annuitant.

If the Joint Life Version is elected, the Covered Persons are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) the Owner and his/her spouse (or domestic partner or civil union partner for non-qualified
Contracts, other than those held as a Custodial IRA), if the Contract is owned by one (1) natural person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) both Owners, if the Contract is jointly owned. The Joint Owners must be spouses (or
domestic partners or civil union partners), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) the Annuitant and his/her spouse, if the Owner is a Custodial IRA.

The Joint Life Version is not available under a Contract owned by a non-natural person, other than a Custodial IRA.

A surviving Covered Person will be considered the primary Beneficiary, and any other Beneficiary designation will be treated as a contingent Beneficiary (for Custodial IRAs, the Joint Covered Person must be the Beneficiary of the custodial account). However, the Beneficiary may be changed if the Joint Covered Person is no longer the spouse, domestic partner or civil union partner of the Owner, and the Contract has not yet entered the Annuity Phase.

ICC25-GLWB-RC 2 [10-25]

If the Joint Life Version is elected, the Annuitant must be a Covered Person and cannot be changed. If only one Annuitant is named and the Annuitant dies prior to the Annuity Date while this Rider remains in effect, the surviving Covered Person becomes the Annuitant. Upon reaching the Latest Permitted Annuity Date or entering the Settlement Phase, if both Covered Persons are living, they will become joint Annuitants. If you reach your Annuity Date and choose an Annuity Option other than that described under the Latest Permitted Annuity Date section of this Rider, then you may change the Annuitant(s).

However, for qualified contracts and contracts held as Custodial IRAs, if the Covered Person who is not the Owner (Annuitant if the Owner is a Custodial IRA) is no longer the Beneficiary (Beneficiary of the custodial account if the Owner is a Custodial IRA) when the Annuity Date is reached, due to a Beneficiary change after a divorce, then that Covered Person cannot become an Annuitant.

**WITHDRAWALS**

**The Guaranteed Lifetime Withdrawal Date**

The Guaranteed Lifetime Withdrawal Date is the date on which the Company guarantees both the initial Withdrawal Rate and the initial Lifetime Guarantee Rate, and on which you may begin receiving payments of the Annual Lifetime Benefit Amount.

The Guaranteed Lifetime Withdrawal Date cannot be prior to the youngest Covered Person attaining age [59 ½].

The Guaranteed Lifetime Withdrawal Date will be the date of your first withdrawal on or after the youngest Covered Person attains age [59 ½], unless you designate that withdrawal as a Non-Lifetime Withdrawal, in which case it would be the subsequent withdrawal. However, if the GWLB Rider Charge Increase Opt-Out is elected and the Guaranteed Lifetime Withdrawal Date has not been established, the Guaranteed Lifetime Withdrawal Date will be the later of the effective date of that election and the date that the youngest Covered Person attains age [59 ½].

There is no Annual Lifetime Benefit Amount prior to the Guaranteed Lifetime Withdrawal Date.

**Contingent Deferred Sales Charges**

Contingent Deferred Sales Charges (CDSCs) may apply if any Excess Withdrawals exceed the Free Withdrawal Amount, as shown on the Contract Schedule, but will not apply to withdrawal of an Annual Lifetime Benefit Amount that exceeds the Free Withdrawal Amount.

**Non-Lifetime Withdrawal**

You may elect to designate the first withdrawal taken on or after the date that the youngest Covered Person attains age [59 ½] as a Non-Lifetime Withdrawal, as long as the Guaranteed Lifetime Withdrawal Date has not yet been established. Such designation must be made by Written Request at the time of withdrawal.

By designating a withdrawal as a Non-Lifetime Withdrawal:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the Guaranteed Lifetime Withdrawal Date will not be established by that withdrawal, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the withdrawal will be an Excess Withdrawal.

Designation of a withdrawal as a Non-Lifetime Withdrawal is irrevocable once it becomes effective.

**Annual Lifetime Benefit Amount when Contract Value is Greater than Zero**

Beginning on the Guaranteed Lifetime Withdrawal Date, and as long as your Contract Value is greater than zero (0), the Annual Lifetime Benefit Amount is the maximum amount that may be withdrawn in the current Contract Year without being considered an Excess Withdrawal.

ICC25-GLWB-RC 3 [10-25]

On your Guaranteed Lifetime Withdrawal Date, your Annual Lifetime Benefit Amount equals:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) the Benefit Base, multiplied by

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) the applicable Withdrawal Rate, shown on the Rider Schedule.

Each time a withdrawal is made, we decrease the Annual Lifetime Benefit Amount for that Contract Year by such withdrawal and the remaining amount is the Remaining Annual Lifetime Benefit Amount available for that Contract Year. Any Remaining Annual Lifetime Benefit Amount not withdrawn in a Contract Year is not available in later Contract Years.

The Annual Lifetime Benefit Amount is recalculated on each Contract Anniversary after the recalculation of the Benefit Base. The Annual Lifetime Benefit Amount is recalculated before any other transactions are processed on the Contract Anniversary. The Annual Lifetime Benefit Amount will change on a Contract Anniversary if the Benefit Base has changed since the prior Contract Anniversary.

**Withdrawal Rate**

On the Guaranteed Lifetime Withdrawal Date, we will determine the initial Withdrawal Rate as shown in the Withdrawal Rates section of the Rider Schedule. The initial Withdrawal Rate is determined using the Age of the youngest Covered Person on the Guaranteed Lifetime Withdrawal Date.

If the Benefit Base is increased to equal the Automatic Step-Up Value after the Guaranteed Lifetime Withdrawal Date, and if the Age of the youngest Covered Person has moved to a new Age Range, as shown in the Withdrawal Rates section of the Rider Schedule since the last determination of the Withdrawal Rate, then the Withdrawal Rate will be increased to the Withdrawal Rate corresponding to the new Age Range. The Withdrawal Rate may increase after it is initially determined, but it can never decrease.

**Annual Lifetime Benefit Amount when Contract Value Reduces to Zero**

If your Contract Value is reduced to zero (0) due to an Excess Withdrawal, the Annual Lifetime Benefit Amount is no longer available. No further benefits will be payable under this Rider, and this Rider will terminate.

If your Contract Value is reduced to zero (0) due to a withdrawal that is not an Excess Withdrawal, or due to the application of any Contract and Rider charges against your Contract Value, your Contract will enter the Settlement Phase. Once the Contract has entered the Settlement Phase, no Death Benefit will be available, no additional Purchase Payments will be allowed, and no additional charges for this Rider will be assessed.

**Payments During the Settlement Phase**

When the Contract enters the Settlement Phase, we will first pay you any Remaining Annual Lifetime Benefit Amount for that Contract Year.

On the later of your next Contract Anniversary or the date the youngest Covered Person attains age [59 ½]:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Annual Lifetime Benefit Amount will equal:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) the Benefit Base, multiplied by

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) the applicable Lifetime Guarantee Rate, shown in the Lifetime Guarantee Rates section
of the Rider Schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will begin paying you the Annual Lifetime Benefit Amount in monthly installments for the rest of the
Covered Person's life (or if the Joint Life Version was elected, for the rest of the lives of both Covered Persons).

While you are receiving payments of the Annual Lifetime Benefit Amount in the Settlement Phase, the Contract will be considered to be in the Annuity Phase, payments will be treated as Annuity Payments, and the Covered Person(s) will be the Annuitant(s).

ICC25-GLWB-RC 4 [10-25]

If the monthly installment of the Annual Lifetime Benefit Amount is less than $100, the Annual Lifetime Benefit Amount may be paid at any other frequency acceptable to us, but not less frequently than annually, and will be equal to the Annual Lifetime Benefit Amount divided by the number of payments per year.

For contracts with the Joint Life Version, the Annual Lifetime Benefit Amount will be paid for the lives of both Covered Persons. If an Owner dies after the Contract enters the Settlement Phase, and there is a surviving Covered Person, the Annual Lifetime Benefit Amount will be paid to the Beneficiary for the life of the surviving Covered Person. If the surviving Covered Person is not the Beneficiary (due to a Beneficiary change after a divorce or dissolution of a civil union or domestic partnership), the surviving Covered Person will have no rights to the remaining Annual Lifetime Benefit Amount.

However, for contracts held as an IRA or a Custodial IRA, if, at the time the Settlement Phase begins, the Joint Covered Person is no longer the Beneficiary (or the Beneficiary of the custodial account if the Owner is a Custodial IRA), the Joint Covered Person will not become an Annuitant and payments will cease upon death of the Owner (Annuitant if the Owner is a Custodial IRA). Therefore, any change in the Beneficiary due to a divorce could result in a payout based only on a single life even when the Joint Life Version was elected.

**Lifetime Guarantee Rate**

On the Guaranteed Lifetime Withdrawal Date, we will determine the initial Lifetime Guarantee Rate as shown in the Lifetime Guarantee Rates section of the Rider Schedule. The initial Lifetime Guarantee Rate is determined using the Age of the youngest Covered Person on the Guaranteed Lifetime Withdrawal Date.

If the Guaranteed Lifetime Withdrawal Date has not been established when your Contract enters the Settlement Phase, then the later of your next Contract Anniversary or the date the youngest Covered Person attains age [59 ½] will be the Guaranteed Lifetime Withdrawal Date.

Prior to the Settlement Phase, if the Benefit Base is increased to equal the Automatic Step-Up Value on any Contract Anniversary after the Guaranteed Lifetime Withdrawal Date, and if the Age of the youngest Covered Person has moved to a new Age Range, as shown in the Lifetime Guarantee Rates section of the Rider Schedule since the last determination of the Lifetime Guarantee Rate, then the Lifetime Guarantee Rate will be increased to the Lifetime Guarantee Rate corresponding to the new Age Range. The Lifetime Guarantee Rate may increase after it is initially determined, but it can never decrease.

**Excess Withdrawals**

<u>Withdrawals prior to the Guaranteed Lifetime Withdrawal Date</u> :

Any withdrawal (including CDSCs applicable to the withdrawal) that occurs prior to the Guaranteed Lifetime Withdrawal Date will be an Excess Withdrawal. This includes any Free Withdrawal Amounts.

<u>Withdrawals on or after the Guaranteed Lifetime Withdrawal Date</u> :

Any withdrawal taken on or after the Guaranteed Lifetime Withdrawal Date that is less than or equal to the Remaining Annual Lifetime Benefit Amount will not be considered an Excess Withdrawal and will not reduce the Benefit Base.

The portion of a withdrawal (including CDSCs applicable to the withdrawal) from the Contract Value that causes the cumulative withdrawals to exceed the Annual Lifetime Benefit Amount in that Contract Year will be an Excess Withdrawal. Any withdrawal that occurs after the cumulative withdrawals exceed the Annual Lifetime Benefit Amount in that Contract Year will also be an Excess Withdrawal.

ICC25-GLWB-RC 5 [10-25]

An RMD that meets the conditions below will also not be an Excess Withdrawal:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) It must be taken as part of the Company's systematic withdrawal program established
for the payment of RMDs, with no withdrawals outside of the RMD program occurring within the Contract Year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) It is taken after the Guaranteed Lifetime Withdrawal Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) The RMD amount must be calculated by us based solely on the fair market value of the Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) The RMD must be the RMD calculated for the current calendar year.

**BENEFIT BASE**

The Benefit Base is the amount that we use to determine your Annual Lifetime Benefit Amount.

**The Benefit Base cannot be withdrawn, applied to an Annuity Option, or paid as a Death Benefit. It is not an amount that is guaranteed to be returned to you.**

The initial Benefit Base is equal to the Purchase Payment as of the GLWB Rider Issue Date.

The Benefit Base may change as a result of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a subsequent Purchase Payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an Excess Withdrawal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an increase to match an Automatic Step-Up Value; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an increase to match a Roll-Up Value.

**Effect of Subsequent Purchase Payments on Benefit Base**

The Benefit Base will be recalculated with each subsequent Purchase Payment received after the GLWB Rider Issue Date. The Benefit Base, after the application of each subsequent Purchase Payment, will be equal to the Benefit Base immediately prior to the subsequent Purchase Payment, plus the amount of the subsequent Purchase Payment, net of any applicable taxes.

**Effect of Withdrawals on the Benefit Base**

Any Excess Withdrawal will have a negative impact on the Benefit Base. An Excess Withdrawal will decrease the Benefit Base in the same proportion as the amount of the Excess Withdrawal (including CDSCs) divided by the Contract Value prior to the Excess Withdrawal, as shown in the formula below. Any non-Excess Withdrawal does not impact the Benefit Base.

**An Excess Withdrawal will reduce the Benefit Base by more than the dollar amount of the Excess Withdrawal when the Benefit Base is greater than the Contract Value.**

An Excess Withdrawal will reduce the Benefit Base by an amount equal to A divided by B, with the result multiplied by C, where:

A = The Excess Withdrawal including any applicable CDSC;

B = The Contract Value immediately prior to the Excess Withdrawal; and

C = the most recently calculated Benefit Base

<u>Hypothetical Example of the Impact of an Excess Withdrawal on the Benefit Base</u>

*<u>Assumptions</u>*

&nbsp;&nbsp;&nbsp;&nbsp;• Contract Value before withdrawal = $106,000

&nbsp;&nbsp;&nbsp;&nbsp;• CDSC upon Withdrawal of Contract Value = $0

&nbsp;&nbsp;&nbsp;&nbsp;• Withdrawal Amount = $16,000

&nbsp;&nbsp;&nbsp;&nbsp;• Benefit Base before Excess Withdrawal = $120,000

&nbsp;&nbsp;&nbsp;&nbsp;• Remaining Annual Lifetime Benefit Amount = $6,000

ICC25-GLWB-RC 6 [10-25]

*Step 1 – Determine Excess Withdrawal Amount*

Excess Withdrawal Amount

= Withdrawal Amount – Remaining Annual Lifetime Benefit Amount

= $16,000 - $6,000 = $10,000

*Step 2 – Determine the Contract Value prior to the Excess Withdrawal*

Contract Value prior to Excess Withdrawal

= Contract Value before withdrawal – Remaining Annual Lifetime Benefit Amount

= $106,000 - $6,000 = $100,000

*Step 3 – Determine the impact of an Excess Withdrawal on the Benefit Base and Contract Value*

Contract Value after Excess Withdrawal

= Contract Value prior to Excess Withdrawal – Excess Withdrawal amount

= $100,000 – $10,000 = $90,000

Benefit Base after Excess Withdrawal

= Benefit Base prior to Excess Withdrawal -

(Benefit Base prior to Excess Withdrawal x (Excess Withdrawal / Contract Value prior to Excess Withdrawal))

$120,000 - ($120,000 x ($10,000 / $100,000)) = $108,000

**Effect of Automatic Step-Up Value and Roll-Up Value on the Benefit Base**

On each Contract Anniversary, the Benefit Base will become the greatest of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The most recently calculated Benefit Base prior to the Contract Anniversary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The current Automatic Step-Up Value, if any; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The current Roll-Up Value.

4. <u>Automatic Step-Up Value</u>

The Automatic Step-Up Value is calculated differently based on whether it is a (i) Highest Anniversary Value Step-Up or (ii) Highest Quarterly Value Step-Up. You elect one of the two when we issue this Rider. The Automatic Step-Up option you elect appears in the Rider Schedule. You may not discontinue or change the Automatic Step-Up option after the GLWB Rider Issue Date shown on the Rider Schedule.

There is no Automatic Step-Up Value if the Age of the youngest Covered Person on the last calendar day of the prior Contract Year exceeds the Maximum Automatic Step-Up Age shown on the Rider Schedule. If you elect a GLWB Rider Charge Increase Opt-Out, there is no Automatic Step-Up Value after the effective date of the GLWB Rider Charge Increase Opt-Out.

*Highest Anniversary Value Step-Up*

The current Automatic Step-Up Value for the Highest Anniversary Value Step-Up is the Contract Value on the last calendar day of the prior Contract Year after processing any transactions on that day.

*Highest Quarterly Value Step-Up*

The current Automatic Step-Up Value for the Highest Quarterly Anniversary Step-Up is the highest quarterly Contract Value within the prior Contract Year. Each quarterly Contract Value is determined on the last calendar day of the Contract Year quarter after processing any transactions on that day.

ICC25-GLWB-RC 7 [10-25]

For the purpose of determining the highest Quarterly Contract Value, each quarterly Contract Value will be reduced by withdrawals taken after the last calendar day of that Contract Year quarter.

The quarterly Contract Value will be reduced by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) the total dollar amount of all non-Excess Withdrawals, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) if applicable, an amount equal to the same percentage that the Contract Value is reduced as a result of
an Excess Withdrawal. For example, if the Contract Value is reduced by 5% due to an Excess Withdrawal the quarterly Contract Value will
also be reduced by an additional 5%.

If multiple withdrawals occur in a Contract Year, each quarterly Contract Value may be reduced multiple times.

For example, if you request a withdrawal during the second Contract Year quarter, your quarterly Contract Value for the first Contract Year quarter will be reduced by the withdrawal. If you then request another withdrawal during the third Contract Year quarter, your quarterly Contract Value for the first Contract Year quarter will be reduced again by that second withdrawal and your quarterly Contract Value for the second Contract Year quarter will also be reduced by that withdrawal.

<u>Hypothetical Example of Impact of Withdrawals on Calculation of Quarterly Contract Values</u>

*<u>Assumptions:</u>*

Annual Lifetime Benefit Amount: $6,000

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| | | |
|:---|:---|:---|
| | **Date** | **Contract Value** |
| Current Contract Year Begins | 1/6/2026 | $117000 |
| First Contract Year Quarter Ends | 4/5/2026 | $125000 |
| Second Contract Year Quarter Ends | 7/5/2026 | $128000 |
| Third Contract Year Quarter Ends | 10/5/2026 | $127000 |
| Date of Excess Withdrawal | 11/16/2026 | $126500 |
| Fourth Contract Year Quarter Ends | 1/5/2027 | $125000 |

---

---

| | | |
|:---|:---|:---|
| **Date of**<br>**Withdrawal** | **Withdrawal**<br>**Amount** | **Annual Cumulative**<br>**Withdrawal** |
| 2/16/2026 | $2000 | $2000 |
| 4/15/2026 | $4000 | $6000 |
| 11/16/2026 | $1500 | $7500 |

---

On 1/6/2027 we determine the first quarterly Contract Value as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For the first Contract Year quarter, the withdrawal of $2,000 which occurred on 2/16/2026
did not have an impact on the determination of the first quarterly Contract Value as it occurred prior to the end of the first Contract
Year quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The first quarterly Contract Value is reduced dollar-for-dollar by the withdrawal of the
remaining Annual Lifetime Benefit Amount on 4/15/2026 ($125,000 - $4,000 = $121,000).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Next, we adjust for Excess Withdrawals as there is no remaining Annual Lifetime Benefit Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O The Excess Withdrawal on 11/16/2026 represented a 1.19% reduction in the Contract Value ($1,500
/ $126,500 = 1.19%).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O The reduction for the Excess Withdrawal on 11/16/2026 for the first Contract Year quarter
is equal to $1,440 (1.19% x $121,000 = $1,440).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O The first quarterly Contract Value is equal to $119,560 ($121,000 - $1,440 = $119,560).

We determine the second quarterly Contract Value as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For the second Contract Year quarter ending on 7/5/2026, there are no withdrawals of the
Annual Lifetime Benefit Amount after the second Contract Year quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The reduction for the Excess Withdrawal for the second Contract Year quarter is equal to $1,523 (1.19%
x $128,000 = $1,523).

ICC25-GLWB-RC 8 [10-25]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The second quarterly Contract Value is equal to $126,477 ($128,000 - $1,523 = $126,477).

We determine the third quarterly Contract Value as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For the third Contract Year quarter ending on 10/5/2026, there are no withdrawals of the
Annual Lifetime Benefit Amount after the third Contract Year quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The reduction for the Excess Withdrawal for the third Contract Year quarter is equal to $1,511
(1.19% x $127,000 = $1,511).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The third quarterly Contract Value is equal to $125,489 ($127,000 - $1,511 = $125,489).

The fourth quarterly Contract Value is $125,000.

The highest quarterly Contract Value for the Contract Year is $126,477 (greatest of $119,560, $126,477, $125,489, and $125,000).

<u>Roll-Up Value</u>

The initial Roll-Up Value is equal to the Purchase Payment as of the GLWB Rider Issue Date.

On each Contract Anniversary, on or before the Roll-Up Period End Date shown on the Rider Schedule, if no withdrawals occurred in the previous Contract Year, the Roll-Up Value is increased by an amount equal to the current Roll-Up Base multiplied by the Roll-Up Percentage shown on the Rider Schedule.

The Roll-Up Value will change if you make a subsequent Purchase Payment or take an Excess Withdrawal as described below.

There are no further increases to the Roll-Up Value after the Roll-Up Period End Date shown on the Rider Schedule. If you elect a GLWB Rider Charge Increase Opt-Out, there are no further increases to the Roll-Up Value after the effective date of the GLWB Rider Charge Increase Opt-Out.

The Roll-Up Value cannot be withdrawn, applied to an Annuity Option, or paid as a Death Benefit. It is not an amount that is guaranteed to be returned to you.

**<u>Roll-Up Base</u>**

The Roll-Up Base is the amount that we use to determine any applicable increase to the Roll-Up Value.

The initial Roll-Up Base is equal to the Purchase Payment as of the GLWB Rider Issue Date.

The Roll-Up Base will change if you make a subsequent Purchase Payment or take an Excess Withdrawal as described below.

The Roll-Up Base cannot be withdrawn, applied to an Annuity Option, or paid as a Death Benefit. It is not an amount that is guaranteed to be returned to you.

*Effect of Subsequent Purchase Payments on the Roll-Up Base and Roll-Up Value*

The Roll-Up Base and Roll-Up Value will be recalculated with each subsequent Purchase Payment received after the GLWB Rider Issue Date.

After the application of each subsequent Purchase Payment, both the Roll-Up Base and the Roll-Up Value will be equal to their respective amounts immediately prior to the subsequent Purchase Payment, plus the amount of the subsequent Purchase Payment, net of any applicable taxes.

ICC25-GLWB-RC 9 [10-25]

*Effect of Withdrawals on the Roll-Up Base and the Roll-Up Value*

Any Excess Withdrawal will have a negative impact on the Roll-Up Base and the Roll-Up Value. An Excess Withdrawal will decrease both the Roll-Up Base and the Roll-Up Value in the same proportion as the amount of the Excess Withdrawal (including CDSCs) divided by the Contract Value prior to the Excess Withdrawal, as shown in the formula below. Any non-Excess Withdrawal does not impact either the Roll-Up Base or the Roll-Up Value. An Excess Withdrawal will reduce a Roll-Up Base or Roll-Up Value, that is greater than the Contract Value, by more than the dollar amount of the withdrawal.

Any Excess Withdrawal taken will reduce the Roll-Up Base and the Roll-Up Value each by an amount equal to A divided by B, with the result multiplied by C, where:

A = The Excess Withdrawal including any applicable CDSC;

B = The Contract Value immediately prior to the Excess Withdrawal; and

C = the most recently calculated Roll-Up Base or the Roll-Up Value, as applicable.

**GLWB RIDER CHARGE**

We will assess the GLWB Rider Charge on a quarterly basis in arrears. On the last calendar day of each Contract Quarter, a charge will be assessed against your Contract Value. The amount that is deducted from your Contract Value is equal to the GLWB Rider Charge multiplied by the Benefit Base on such day (after taking into account any other transactions processed on such day). The annualized GLWB Rider Charge is shown on the Rider Schedule.

**GLWB Rider Charge Increase Opt-Out**

If we plan to increase your GLWB Rider Charge, we will provide at least 30 (thirty) calendar days advance notice of the increase. The increase will be effective on your next Contract Anniversary.

You have the right to opt-out of a GLWB Rider Charge increase by Written Request. We must receive your Written Request by the Close of Business on the last Business Day prior to your next Contract Anniversary. If you opt-out of the GLWB Rider Charge increase, then your GLWB Rider Charge Increase Opt-Out is effective on your next Contract Anniversary.

By opting-out of the GLWB Rider Charge increase, you will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establish the Guaranteed Lifetime Withdrawal Date, if not previously established;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• determine the Withdrawal Rate, if not previously established;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• determine the Lifetime Guarantee Rate, if not previously established;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• terminate your right to any future Automatic Step-Up Values after the effective date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• terminate your right to any future increases to the Roll-Up Value after the effective date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• terminate your right to make subsequent Purchase Payments on or after the effective date.

A GLWB Rider Charge Increase Opt-Out is irrevocable once it becomes effective.

The GLWB Rider Charge in effect, when the GLWB Rider Charge Increase Opt-Out becomes effective, will apply until this Rider terminates.

<u>GLWB Rider Charge Upon Rider Termination</u>

If this Rider terminates, except for a termination under sections (a), (b) and (c) under the Rider's Termination of Rider provision, a pro-rata portion of the GLWB Rider Charge will be assessed based on the number of days from the first calendar day of the current contract quarter to the date of termination. If this Rider terminates under sections (a), (b) or (c) under this Rider's Termination of Rider provision, the GLWB Rider Charge is waived. If you reach your Latest Permitted Annuity Date, and your Contract Value is applied to an Annuity Option described under the Latest Permitted Annuity Date provision of this Rider, the GLWB Rider Charge is also waived. Once this Rider has terminated there will be no further GLWB Rider Charges assessed.

We deduct the GLWB Rider Charge pro-rata from each Sub-Account in which you are invested.

ICC25-GLWB-RC 10 [10-25]

**CONTRACT CONTINUATION**

If the Joint Life Version of this Rider is elected and a Covered Person continues the Contract under the Spousal Continuance section of the Death Benefit Provisions of the Contract, this Rider will also continue as long as it was in effect at the time of the continuation. The Covered Person is eligible to receive the Annual Lifetime Benefit Amount each year for the remainder of his or her life, (see Annual Lifetime Benefit Amount When Contract Value Reduces to Zero), provided this Rider is not terminated (see Termination of Rider).

If the Joint Life Version of this Rider is elected and you, as IRA Custodian, continue the Contract under the Spousal Continuance section of the Death Benefit Provisions of the Contract, and the deceased Annuitant's surviving spouse is also a Covered Person, this Rider will also continue as long as it was in effect at the time of the continuation. You are guaranteed to receive the Annual Lifetime Benefit Amount each year for the remainder of the Covered Person's life (see Annual Lifetime Benefit Amount When Contract Value Reduces to Zero), provided this Rider is not terminated (see Termination of Rider).

If you (Annuitant for a Custodial IRA) die before the Guaranteed Lifetime Withdrawal Date and if the Contract is continued, then the Guaranteed Lifetime Withdrawal Date elected by the Owner of the continued Contract will determine the Withdrawal Rate and Lifetime Guarantee Rate for the Contract.

If you (Annuitant for a Custodial IRA) die on or after the Guaranteed Lifetime Withdrawal Date and if the Contract is continued, then the Withdrawal Rate and Lifetime Guarantee Rate that apply after the continuation will be the same as the Withdrawal Rate and Lifetime Guarantee Rate in effect prior to the continuation. On any subsequent Contract Anniversary where the Benefit Base is increased to equal the Automatic Step-Up Value, the Withdrawal Rate and Lifetime Guarantee Rate determinations will be based on the age of the surviving Covered Person.

**REPORTS**

While this Rider is in force, the report we will provide to you each year will include the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Before the Guaranteed Lifetime Withdrawal Date, the Benefit Base and the Annual Lifetime Benefit Amount
for the earliest Guaranteed Lifetime Withdrawal Date (or an option to contact us to find out what the Annual Lifetime Benefit Amount would
be for a particular Guaranteed Lifetime Withdrawal Date, assuming future activity is limited to continuation of guarantees in the Contract);
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) After the Guaranteed Lifetime Withdrawal Date, the Annual Lifetime Benefit Amount.

**LATEST PERMITTED ANNUITY DATE**

If this Rider is in effect, you have reached the Latest Permitted Annuity Date of your Contract, and your Contract Value has not reached zero (0), one (1) of the following additional Annuity Options will be available to you based upon the number of Covered Persons still living. Unless you direct us otherwise, we will automatically pay you Annuity Payments under an Installment Refund Annuity Option based upon the number of Covered Persons still living.

<u>One (1) Covered Person – Installment Refund</u>

Beginning on the Annuity Date, we will make Annuity Payments equal to the amount of the Annual Lifetime Benefit Amount for the life of the Annuitant. Annuity Payments cease upon the death of the Annuitant, subject to the Installment Refund guarantee. The Installment Refund guarantees upon the death of the Annuitant, if the total of all Annuity Payments made is less than the Contract Withdrawal Value on the Latest Permitted Annuity Date, Annuity Payments will continue to be paid in the same amount and at the same frequency then in effect, until the total Annuity Payments made is equal to the Contract Withdrawal Value on the Latest Permitted Annuity Date. The Beneficiary(ies) may instead elect to receive the Commuted Value calculated as shown in the Commuted Value Formula section of the Rider Schedule, of any remaining Annuity Payments in a lump sum. If the total of all Annuity Payments made is equal to or greater than the Contract Withdrawal Value on the Latest Permitted Annuity Date, no additional Annuity Payments will be made.

<u>Two (2) Covered Persons – Installment Refund</u>

Beginning on the Annuity Date, we will make Annuity Payments equal to the amount of the Annual Lifetime Benefit Amount for the life of the Annuitant and the joint Annuitant. Annuity Payments cease upon the death of the surviving Annuitant,

ICC25-GLWB-RC 11 [10-25]

subject to the Installment Refund guarantee. The Installment Refund guarantees upon the death of the last surviving Annuitant, if the total of all Annuity Payments made is less than the Contract Withdrawal Value on the Latest Permitted Annuity Date, Annuity Payments will continue to be paid in the same amount and at the same frequency then in effect, until the total Annuity Payments made is equal to the Contract Withdrawal Value on the Latest Permitted Annuity Date. The Beneficiary(ies) may instead elect to receive the Commuted Value calculated as shown in the Commuted Value Formula section of the Rider Schedule, of any remaining Annuity Payments in a lump sum. If the total of all Annuity Payments made is equal to or greater than the Contract Withdrawal Value on the Latest Permitted Annuity Date, no additional Annuity Payments will be made.

However, for qualified contracts and contracts held as Custodial IRAs, if the Covered Person, who is not the Owner (Annuitant if the Owner is a Custodial IRA), is no longer the Beneficiary (Beneficiary of the custodial account if the Owner is a Custodial IRA) when the Latest Permitted Annuity Date is reached (due to a Beneficiary change after a divorce), this section will apply as if that Covered Person were no longer living. Therefore, any change in the Beneficiary after a divorce could result in a payout based only on a single life even when the Joint Life Version was elected.

**COMPLIANCE WITH THE INTERNAL REVENUE CODE (CODE)**

This Rider will be interpreted and administered in accordance with Section 72(s) or Section 401(a)(9) of the Code (including Section 401(a)(9)(B) of the Code) and the regulations thereunder as applicable.

We may amend this Rider and accelerate distributions where necessary to comply with the Code (including, but not limited to, Section 72(s) of the Code or Section 401(a)(9) of the Code).

**TERMINATION OF RIDER**

This Rider will terminate upon the earliest of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Prior to the Settlement Phase or Annuity Phase, Death of the Owner or Joint Owner
(or the Annuitant if the Owner is a non-natural person) unless the Joint Life Version of this Rider is in effect and the Contract is continued
under the Death Benefit Provisions of the Contract and in accordance with this Rider's Contract Continuation provision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Death of the Owner (or the Annuitant if the Owner is a non-natural person) after the
Contract has been continued by the surviving spouse or an IRA Custodian, unless you are receiving payments under one of the Annuity Options
under this Rider at the Latest Permitted Annuity Date, in which case, this Rider will terminate upon the last Annuity Payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) The date you apply your Contract Value to an Annuity Option, unless you are receiving payments under one
of the Annuity Options under this Rider at the Latest Permitted Annuity Date, in which case, this Rider will terminate upon the last Annuity
Payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Upon a change in ownership (or assignment) of the Contract, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. the new Owner or assignee assumes full ownership of the Contract and is essentially the same person as the previous Owner, (e.g., an
individual ownership changed to a personal revocable trust, a change to a court appointed guardian representing the Owner during the
Owner's lifetime, etc.);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. the assignment is for an exchange under Section 1035 of the Code (i.e., this Rider
may continue during the temporary assignment period and not terminate until the Contract is fully surrendered);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. the Contract is transferred to a spouse (or domestic partner or civil union partner
for non-qualified Contracts) and the new Owner was a Covered Person as of the GLWB Rider Issue Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. the Contract is transferred to a spouse (or domestic partner or civil union partner for non-qualified Contracts)
or to a former spouse in connection with a divorce and the new Owner was a Covered Person as of the GLWB Rider Issue Date.

ICC25-GLWB-RC 12 [10-25]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) The date we receive a Written Request to terminate this Rider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) Termination of the Contract to which this Rider is attached.

If this Rider is terminated, it cannot be re-elected at a later date.

**GENERAL PROVISIONS**

The following replace Contract Termination, Evidence of Survival and Misstatement of Age or Sex in the General Provisions of the Contract:

**CONTRACT TERMINATION.** This Contract will terminate upon the occurrence of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the date of the last Annuity Payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the date payment is made of the entire Contract Withdrawal Value unless the Guaranteed Lifetime Withdrawal
Benefit Rider is in effect and the Benefit Base described in that Rider is greater than zero (0) after the withdrawal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. the date of the last Death Benefit payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. the date this Contract is returned under the Right To Examine Contract; or

We reserve the right to terminate this Contract if the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the Benefit Base described in the Guaranteed Lifetime Withdrawal Benefit Rider is zero (0);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. no Purchase Payment has been made for at least two (2) consecutive years measured
from the date we received the last Purchase Payment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. each of the following amounts is less than $2,000 on the date we send Written Notice
of our election to terminate this Contract provided that no Annuity Option is in effect at that time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the Contract Value less any Premium Tax deducted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the sum of all Purchase Payments made into this Contract less any partial withdrawals.

If we exercise the right to terminate this Contract, we will send you Written Notice of termination at your last known address shown in our records. This Written Notice will state that this Contract will terminate thirty (30) calendar days after we have mailed the notice unless we receive a Purchase Payment that brings the Contract Value (less any Premium Tax) to at least $2,000 before that time. If this Contract is terminated pursuant to the reserved right to terminate this Contract, we will pay the Contract Withdrawal Value to you.

**EVIDENCE OF SURVIVAL.** We may require proof that any person(s) on whose life Annuity Payments are based is alive. We may discontinue Annuity Payments until satisfactory proof is received. We may also require proof that any Covered Person on whose life the Annual Lifetime Benefit Amount, or any other benefits under the Guaranteed Lifetime Withdrawal Benefit Rider, is based, is alive. We may discontinue payment of the Annual Lifetime Benefit Amount until satisfactory proof is received.

**MISSTATEMENT OF AGE OR SEX.** We may require proof of the Age or sex of the Annuitant, Owner, Covered Person and/or Beneficiary before making any payments under this Contract that are measured by the Annuitant's, Owner's, Covered Person's or Beneficiary's life. If the Age or sex of the Annuitant, Owner, Covered Person, or Beneficiary has been misstated, the amount payable will be the amount that the Contract Value would have provided at the correct age and sex. After correction, we will pay the sum of any underpayments within thirty

ICC25-GLWB-RC 13 [10-25]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30) calendar days. The amount of any overpayments we made will be charged against the payment(s) following the correction. Any overpayments/underpayments on account of misstatement of Age or sex shall be charged/credited after the correction with interest at a rate of three percent (3.00%) per year.

If an Annuitant's, Owner's, Covered Person's and/or Beneficiary's Age has been incorrectly stated and a Contract was purchased, or an optional Rider was elected, that he/she was otherwise ineligible for, we will terminate the Contract or optional Rider.

For any other benefit for which Age or sex has been incorrectly stated, such benefit and any applicable charges will be adjusted to reflect the correct Age and sex.

Covered Person is described in the Guaranteed Lifetime Withdrawal Benefit Rider.

**Signed for Massachusetts Mutual Life Insurance Company by:**

---

| | |
|:---|:---|
| /s/ Tokunbo Akinbajo | /s/ Roger W. Crandall |
| **[SECRETARY]** | **[PRESIDENT]** |

---

ICC25-GLWB-RC 14 [10-25]

## Ex-99.(D)Ix

Item 27. Exhibit (d) ix.

**MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY**

**[Springfield, MA 01111-0001]**

**GUARANTEED LIFETIME WITHDRAWAL BENEFIT RIDER**

This Rider forms a part of the Contract to which it is attached and is effective as of the GLWB Rider Issue Date shown on the Rider Schedule. In the case of a conflict with any provision of the Contract, the provisions of this Rider will control. This Rider's provisions will remain part of the Contract until terminated in accordance with the provisions below.

**The purpose of the Guaranteed Lifetime Withdrawal Benefit (GLWB) provided under the Contract is to provide security through a stream of income payments to the Owner. The GLWB will terminate upon a change in ownership of the Contract unless the new Owner meets the qualifications shown in this Rider's Termination of Rider provision. See this Rider's Termination of Rider provision for other situations that will result in termination of this Rider.**

**The Contract is amended as follows:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. On the Cover Page and the last page of the Contract the following is inserted to follow **INDIVIDUAL VARIABLE DEFERRED ANNUITY CONTRACT WITH FLEXIBLE PURCHASE PAYMENTS**:

**AND GUARANTEED LIFETIME WITHDRAWAL BENEFIT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The following replaces the definition of Age in the Contract:

The attained age of any Owner, or that of any Annuitant or Beneficiary or Covered Person, as applicable, at his or her last birthday except as described in the Contract Schedule under the Fixed Annuity Payout Rates section. If the Contract is owned by a non-natural person (e.g., a trust or other entity), Owner's Age shall mean the attained age of any Annuitant at his or her last birthday except as described in the Contract Schedule under the Fixed Annuity Payout Rates section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The **PURCHASE PAYMENTS** section under the **PURCHASE PAYMENT PROVISIONS** of the Contract is replaced
with the following:

**PURCHASE PAYMENTS.** The minimum initial Purchase Payment is required to issue your contract. The minimum and maximum requirements for total and subsequent Purchase Payments are shown on the Contract Schedule, subject to the restrictions shown in this provision and in this Rider's GLWB Rider Charge Increase Opt-Out provision. We reserve the right to reject any Purchase Payment not conforming to the requirements set forth in the Contract Schedule or this Rider or not complying with any state or federal regulatory requirements.

**Restrictions on Subsequent Purchase Payments** 

After your first Contract Year and prior to your Guaranteed Lifetime Withdrawal Date, we limit the total dollar amount of subsequent Purchase Payments that can be applied to your Contract during each Contract Year as shown in the Maximum Annual Subsequent Purchase Payments section of the Rider Schedule.

Subsequent Purchase Payments may not be made on or after your Guaranteed Lifetime Withdrawal Date or the effective date of a GLWB Rider Charge Opt-Out.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The **WITHDRAWAL** section under the **WITHDRAWAL PROVISIONS** of the Contract is amended by adding
the following:

If this Rider is in effect, and you take a partial withdrawal, such withdrawal will be taken from the Sub-Accounts in the ratio that your value in each Sub-Account bears to your Contract Value.

ICC25-GLWB-RCS 1 [10-25]

**GUARANTEED LIFETIME WITHDRAWAL BENEFIT (GLWB)**

There are two versions of this GLWB, a Single Life Version and a Joint Life Version. Your elected version is shown on the Rider Schedule and cannot be changed after the GLWB Rider Issue Date shown on the Rider Schedule.

This Rider guarantees that you will receive guaranteed lifetime income from the Contract in an amount equal to the Annual Lifetime Benefit Amount each Contract Year, as described under this Rider's Annual Lifetime Benefit Amount When Contract Value Reduces To Zero provision. You will not receive guaranteed lifetime income if your Contract Value is reduced to zero (0) due to a withdrawal prior to the Guaranteed Lifetime Withdrawal Date or due to an Excess Withdrawal.

**GLWB Investment Allocation Restrictions**

While this Rider is in effect, we require that all of your Purchase Payment(s) and total Contract Value be allocated in accordance with certain investment restrictions. The investment restrictions are shown on the Rider Schedule. If a requested change in your allocations or a transfer of any portion of your Contract Value does not comply with these investment restrictions, you will be required to terminate this Rider by Written Request before the allocation change or transfer can be processed. We reserve the right, upon thirty (30) calendar days advance notice to you, to change the investment restrictions. If we change the investment restrictions, you must change your allocations to comply within thirty (30) calendar days of the restrictions becoming effective, or we will terminate this Rider.

**Covered Person(s)**

The Covered Person(s), as shown on the Rider Schedule, is the person(s) whose life is used to determine the duration of the Annual Lifetime Benefit Amount provided under this Rider. The Covered Person(s) is determined on the GLWB Rider Issue Date and cannot be changed after that date, even if there is a divorce involving the Covered Person(s).

If the Single Life Version is elected, the Covered Person is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) the Owner, if the Owner is a natural person,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) the oldest Joint Owner, if the Contract has Joint Owners, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) the Annuitant, if the Owner is a non-natural person.

If the Single Life Version is elected, there may only be one Annuitant, and it must be the Covered Person. However, if you reach your Annuity Date and choose an Annuity Option other than that described under this Rider's Latest Permitted Annuity Date provision, then you may change the Annuitant and/or name a joint Annuitant.

If the Joint Life Version is elected, the Covered Persons are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) the Owner and his/her spouse (or domestic partner or civil union partner for non-qualified Contracts,
other than those held as a Custodial IRA), if the Contract is owned by one (1) natural person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) both Owners, if the Contract is jointly owned. The Joint Owners must be spouses (or domestic partners
or civil union partners), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) the Annuitant and his/her spouse, if the Owner is a Custodial IRA.

The Joint Life Version is not available under a Contract owned by a non-natural person, other than a Custodial IRA.

A surviving Covered Person will be considered the primary Beneficiary, and any other Beneficiary designation will be treated as a contingent Beneficiary (for Custodial IRAs, the Joint Covered Person must be the Beneficiary of the custodial account). However, the Beneficiary may be changed if the Joint Covered Person is no longer the spouse, domestic partner or civil union partner of the Owner, and the Contract has not yet entered the Annuity Phase.

ICC25-GLWB-RCS 2 [10-25]

If the Joint Life Version is elected, the Annuitant must be a Covered Person and cannot be changed. If only one Annuitant is named and the Annuitant dies prior to the Annuity Date while this Rider remains in effect, the surviving Covered Person becomes the Annuitant. Upon reaching the Latest Permitted Annuity Date or entering the Settlement Phase, if both Covered Persons are living, they will become joint Annuitants. If you reach your Annuity Date and choose an Annuity Option other than that described under the Latest Permitted Annuity Date section of this Rider, then you may change the Annuitant(s).

However, for qualified contracts and contracts held as Custodial IRAs, if the Covered Person who is not the Owner (Annuitant if the Owner is a Custodial IRA) is no longer the Beneficiary (Beneficiary of the custodial account if the Owner is a Custodial IRA) when the Annuity Date is reached, due to a Beneficiary change after a divorce, then that Covered Person cannot become an Annuitant.

**WITHDRAWALS**

**The Guaranteed Lifetime Withdrawal Date**

The Guaranteed Lifetime Withdrawal Date is the date on which the Company guarantees both the initial Withdrawal Rate and the initial Lifetime Guarantee Rate, and on which you may begin receiving payments of the Annual Lifetime Benefit Amount.

The Guaranteed Lifetime Withdrawal Date cannot be prior to the youngest Covered Person attaining age [59 ½].

The Guaranteed Lifetime Withdrawal Date will be the date of your first withdrawal on or after the youngest Covered Person attains age [59 ½], unless you designate that withdrawal as a Non-Lifetime Withdrawal, in which case it would be the subsequent withdrawal. However, if the GWLB Rider Charge Increase Opt-Out is elected and the Guaranteed Lifetime Withdrawal Date has not been established, the Guaranteed Lifetime Withdrawal Date will be the later of the effective date of that election and the date that the youngest Covered Person attains age [59 ½].

There is no Annual Lifetime Benefit Amount prior to the Guaranteed Lifetime Withdrawal Date.

**Contingent Deferred Sales Charges**

Contingent Deferred Sales Charges (CDSCs) may apply if any Excess Withdrawals exceed the Free Withdrawal Amount, as shown on the Contract Schedule, but will not apply to withdrawal of an Annual Lifetime Benefit Amount that exceeds the Free Withdrawal Amount.

**Non-Lifetime Withdrawal**

You may elect to designate the first withdrawal taken on or after the date that the youngest Covered Person attains age [59 ½] as a Non-Lifetime Withdrawal, as long as the Guaranteed Lifetime Withdrawal Date has not yet been established. Such designation must be made by Written Request at the time of withdrawal.

By designating a withdrawal as a Non-Lifetime Withdrawal:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the Guaranteed Lifetime Withdrawal Date will not be established by that withdrawal, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the withdrawal will be an Excess Withdrawal.

Designation of a withdrawal as a Non-Lifetime Withdrawal is irrevocable once it becomes effective.

**Annual Lifetime Benefit Amount when Contract Value is Greater than Zero**

Beginning on the Guaranteed Lifetime Withdrawal Date, and as long as your Contract Value is greater than zero (0), the Annual Lifetime Benefit Amount is the maximum amount that may be withdrawn in the current Contract Year without being considered an Excess Withdrawal.

ICC25-GLWB-RCS 3 [10-25]

On your Guaranteed Lifetime Withdrawal Date, your Annual Lifetime Benefit Amount equals:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) the Benefit Base, multiplied by

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) the applicable Withdrawal Rate, shown on the Rider Schedule.

Each time a withdrawal is made, we decrease the Annual Lifetime Benefit Amount for that Contract Year by such withdrawal and the remaining amount is the Remaining Annual Lifetime Benefit Amount available for that Contract Year. Any Remaining Annual Lifetime Benefit Amount not withdrawn in a Contract Year is not available in later Contract Years.

The Annual Lifetime Benefit Amount is recalculated on each Contract Anniversary after the recalculation of the Benefit Base. The Annual Lifetime Benefit Amount is recalculated before any other transactions are processed on the Contract Anniversary. The Annual Lifetime Benefit Amount will change on a Contract Anniversary if the Benefit Base has changed since the prior Contract Anniversary.

**Withdrawal Rate**

On the Guaranteed Lifetime Withdrawal Date, we will determine the initial Withdrawal Rate as shown in the Withdrawal Rates section of the Rider Schedule. The initial Withdrawal Rate is determined using the Age of the youngest Covered Person on the Guaranteed Lifetime Withdrawal Date.

If an Automatic Step-Up occurs after the Guaranteed Lifetime Withdrawal Date, and if the Age of the youngest Covered Person has moved to a new Age Range, as shown in the Withdrawal Rates section of the Rider Schedule since the last determination of the Withdrawal Rate, then the Withdrawal Rate will be increased to the Withdrawal Rate corresponding to the new Age Range. The Withdrawal Rate may increase after it is initially determined, but it can never decrease.

**Annual Lifetime Benefit Amount when Contract Value Reduces to Zero**

If your Contract Value is reduced to zero (0) due to an Excess Withdrawal, the Annual Lifetime Benefit Amount is no longer available. No further benefits will be payable under this Rider, and this Rider will terminate.

If your Contract Value is reduced to zero (0) due to a withdrawal that is not an Excess Withdrawal, or due to the application of any Contract and Rider charges against your Contract Value, your Contract will enter the Settlement Phase. Once the Contract has entered the Settlement Phase, no Death Benefit will be available, no additional Purchase Payments will be allowed, and no additional charges for this Rider will be assessed.

**Payments During the Settlement Phase**

When the Contract enters the Settlement Phase, we will first pay you any Remaining Annual Lifetime Benefit Amount for that Contract Year.

On the later of your next Contract Anniversary or the date the youngest Covered Person attains age [59 ½]:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Annual Lifetime Benefit Amount will equal:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) the Benefit Base, multiplied by

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) the applicable Lifetime Guarantee Rate, shown in the Lifetime Guarantee Rates section of the Rider Schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will begin paying you the Annual Lifetime Benefit Amount in monthly installments for the rest of the Covered Person's life (or if the Joint Life Version was
elected, for the rest of the lives of both Covered Persons).

While you are receiving payments of the Annual Lifetime Benefit Amount in the Settlement Phase, the Contract will be considered to be in the Annuity Phase, payments will be treated as Annuity Payments, and the Covered Person(s) will be the Annuitant(s).

If the monthly installment of the Annual Lifetime Benefit Amount is less than $100, the Annual Lifetime Benefit Amount may be paid at any other frequency acceptable to us, but not less frequently than annually, and will be equal to the Annual Lifetime Benefit Amount divided by the number of payments per year.

ICC25-GLWB-RCS 4 [10-25]

For contracts with the Joint Life Version, the Annual Lifetime Benefit Amount will be paid for the lives of both Covered Persons. If an Owner dies after the Contract enters the Settlement Phase, and there is a surviving Covered Person, the Annual Lifetime Benefit Amount will be paid to the Beneficiary for the life of the surviving Covered Person. If the surviving Covered Person is not the Beneficiary (due to a Beneficiary change after a divorce or dissolution of a civil union or domestic partnership), the surviving Covered Person will have no rights to the remaining Annual Lifetime Benefit Amount.

However, for contracts held as an IRA or a Custodial IRA, if, at the time the Settlement Phase begins, the Joint Covered Person is no longer the Beneficiary (or the Beneficiary of the custodial account if the Owner is a Custodial IRA), the Joint Covered Person will not become an Annuitant and payments will cease upon death of the Owner (Annuitant if the Owner is a Custodial IRA). Therefore, any change in the Beneficiary due to a divorce could result in a payout based only on a single life even when the Joint Life Version was elected.

**Lifetime Guarantee Rate**

On the Guaranteed Lifetime Withdrawal Date, we will determine the initial Lifetime Guarantee Rate as shown in the Lifetime Guarantee Rates section of the Rider Schedule. The initial Lifetime Guarantee Rate is determined using the Age of the youngest Covered Person on the Guaranteed Lifetime Withdrawal Date.

If the Guaranteed Lifetime Withdrawal Date has not been established when your Contract enters the Settlement Phase, then the later of your next Contract Anniversary or the date the youngest Covered Person attains age [59 ½] will be the Guaranteed Lifetime Withdrawal Date.

Prior to the Settlement Phase, if an Automatic Step-Up occurs after the Guaranteed Lifetime Withdrawal Date, and if the Age of the youngest Covered Person has moved to a new Age Range, as shown in the Lifetime Guarantee Rates section of the Rider Schedule since the last determination of the Lifetime Guarantee Rate, then the Lifetime Guarantee Rate will be increased to the Lifetime Guarantee Rate corresponding to the new Age Range. The Lifetime Guarantee Rate may increase after it is initially determined, but it can never decrease.

**Excess Withdrawals**

<u>Withdrawals prior to the Guaranteed Lifetime Withdrawal Date</u>:

Any withdrawal (including CDSCs applicable to the withdrawal) that occurs prior to the Guaranteed Lifetime Withdrawal Date will be an Excess Withdrawal. This includes any Free Withdrawal Amounts.

<u>Withdrawals on or after the Guaranteed Lifetime Withdrawal Date</u>:

Any withdrawal taken on or after the Guaranteed Lifetime Withdrawal Date that is less than or equal to the Remaining Annual Lifetime Benefit Amount will not be considered an Excess Withdrawal and will not reduce the Benefit Base.

The portion of a withdrawal (including CDSCs applicable to the withdrawal) from the Contract Value that causes the cumulative withdrawals to exceed the Annual Lifetime Benefit Amount in that Contract Year will be an Excess Withdrawal. Any withdrawal that occurs after the cumulative withdrawals exceed the Annual Lifetime Benefit Amount in that Contract Year will also be an Excess Withdrawal.

An RMD that meets the conditions below will also not be an Excess Withdrawal:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) It must be taken as part of the Company's systematic withdrawal program established for the payment
of RMDs, with no withdrawals outside of the RMD program occurring within the Contract Year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) It is taken after the Guaranteed Lifetime Withdrawal Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) The RMD amount must be calculated by us based solely on the fair market value of the Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) The RMD must be the RMD calculated for the current calendar year.

ICC25-GLWB-RCS 5 [10-25]

**BENEFIT BASE**

The Benefit Base is the amount that we use to determine your Annual Lifetime Benefit Amount.

**The Benefit Base cannot be withdrawn, applied to an Annuity Option, or paid as a Death Benefit. It is not an amount that is guaranteed to be returned to you.**

The initial Benefit Base is equal to the Purchase Payment as of the GLWB Rider Issue Date.

The Benefit Base may change as a result of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a subsequent Purchase Payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an Excess Withdrawal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a Roll-Up; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an Automatic Step-Up.

**Effect of Subsequent Purchase Payments on Benefit Base**

The Benefit Base will be recalculated with each subsequent Purchase Payment received after the GLWB Rider Issue Date. The Benefit Base, after the application of each subsequent Purchase Payment, will be equal to the Benefit Base immediately prior to the subsequent Purchase Payment, plus the amount of the subsequent Purchase Payment, net of any applicable taxes.

**Effect of Withdrawals on the Benefit Base**

Any Excess Withdrawal will have a negative impact on the Benefit Base. An Excess Withdrawal will decrease the Benefit Base in the same proportion as the amount of the Excess Withdrawal (including CDSCs) divided by the Contract Value prior to the Excess Withdrawal, as shown in the formula below. Any non-Excess Withdrawal does not impact the Benefit Base.

**An Excess Withdrawal will reduce the Benefit Base by more than the dollar amount of the Excess Withdrawal when the Benefit Base is greater than the Contract Value.**

An Excess Withdrawal will reduce the Benefit Base by an amount equal to A divided by B, with the result multiplied by C, where:

A = The Excess Withdrawal including any applicable CDSC;

B = The Contract Value immediately prior to the Excess Withdrawal; and

C = the most recently calculated Benefit Base

<u>Hypothetical Example of the Impact of an Excess Withdrawal on the Benefit Base</u>

*<u>Assumptions</u>*

&nbsp;&nbsp;&nbsp;&nbsp;• Contract Value before withdrawal = $106,000

&nbsp;&nbsp;&nbsp;&nbsp;• CDSC upon Withdrawal of Contract Value = $0

&nbsp;&nbsp;&nbsp;&nbsp;• Withdrawal Amount = $16,000

&nbsp;&nbsp;&nbsp;&nbsp;• Benefit Base before Excess Withdrawal = $120,000

&nbsp;&nbsp;&nbsp;&nbsp;• Remaining Annual Lifetime Benefit Amount = $6,000

*Step 1 – Determine Excess Withdrawal Amount*

Excess Withdrawal Amount

= Withdrawal Amount – Remaining Annual Lifetime Benefit Amount

= $16,000 - $6,000 = $10,000

*Step 2 – Determine the Contract Value prior to the Excess Withdrawal*

Contract Value prior to Excess Withdrawal

= Contract Value before withdrawal – Remaining Annual Lifetime Benefit Amount

= $106,000 - $6,000 = $100,000

ICC25-GLWB-RCS 6 [10-25]

*Step 3 – Determine the impact of an Excess Withdrawal on the Benefit Base and Contract Value*

Contract Value after Excess Withdrawal

= Contract Value prior to Excess Withdrawal – Excess Withdrawal amount

= $100,000 – $10,000 = $90,000

Benefit Base after Excess Withdrawal

= Benefit Base prior to Excess Withdrawal -

(Benefit Base prior to Excess Withdrawal x (Excess Withdrawal / Contract Value prior to Excess Withdrawal))

$120,000 - ($120,000 x ($10,000 / $100,000)) = $108,000

**Effect of Automatic Step-Up on the Benefit Base**

This Rider describes two Automatic Step-Ups: (i) Highest Anniversary Value Step-Up and (ii) Highest Quarterly Value Step-Up. You elect one of the two when we issue this Rider. The Automatic Step-Up option you elected appears on the Rider Schedule. You may not discontinue or change the Automatic Step-Up option after the GLWB Rider Issue Date shown on the Rider Schedule.

The Benefit Base may increase due to an Automatic Step-Up on each Contract Anniversary. There is no Automatic Step-Up if the Age of the youngest Covered Person on the last calendar day of the prior Contract Year exceeds the Maximum Automatic Step-Up Age shown on the Rider Schedule.

If you elect a GLWB Rider Charge Increase Opt-Out, no further Automatic Step-Ups will occur after the effective date of the GLWB Rider Charge Increase Opt-Out.

<u>Highest Anniversary Value Step-Up</u>

If you elected the Highest Anniversary Value Step-Up option, an Automatic Step-Up will occur on the Contract Anniversary provided that, on the last calendar day of the prior Contract Year, the Contract Value exceeds the Benefit Base after the application of any Roll-Up and immediately before the Automatic Step-Up.

Any applicable Automatic Step-Up will increase the Benefit Base to the Contract Value. When calculating the Automatic Step-Up, the Contract Value that is compared to the Benefit Base will be determined after processing any transactions on the last calendar day of the prior Contract Year.

<u>Highest Quarterly Value Step-Up</u>

If you elected the Highest Quarterly Value Step-Up option, an Automatic Step-Up will occur on the Contract Anniversary provided that the Contract Value, on the last calendar day of any Contract Year quarter within the prior Contract Year, exceeds the Benefit Base after the application of any Roll-Up and immediately before the Automatic Step-Up.

Any applicable Automatic Step-Up will increase the Benefit Base to the highest quarterly Contract Value that occurred during the prior Contract Year. When calculating the Automatic Step-Up, the Contract Value for each Contract Year quarter that is compared to the Benefit Base will be determined after processing any transactions on the last calendar day of that Contract Year quarter.

<u>Impact of Withdrawals on Highest Quarterly Value Step-Up</u>

If the Highest Quarterly Value Step-Up option has been elected, withdrawals may impact the Highest Quarterly Value Step-Up. For the purpose of determining the Highest Quarterly Value Step-Up, each quarterly Contract Value will be reduced by withdrawals taken after the last calendar day of that Contract Year quarter.

The quarterly Contract Value will be reduced by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) the total dollar amount of all non-Excess Withdrawals, and

ICC25-GLWB-RCS 7 [10-25]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) if applicable, an amount equal to the same percentage that the Contract Value is reduced as a result of an Excess Withdrawal. For example,
if the Contract Value is reduced by 5% due to an Excess Withdrawal the quarterly Contract Value will also be reduced by an additional
5%.

If multiple withdrawals occur in a Contract Year, each quarterly Contract Value may be reduced multiple times.

For example, if you request a withdrawal during the second Contract Year quarter, your quarterly Contract Value for the first Contract Year quarter will be reduced by the withdrawal. If you then request another withdrawal during the third Contract Year quarter, your quarterly Contract Value for the first Contract Year quarter will be reduced again by that second withdrawal and your quarterly Contract Value for the second Contract Year quarter will also be reduced by that withdrawal.

<u>Hypothetical Example of Impact of Withdrawals on Calculation of Quarterly Contract Values</u>

*<u>Assumptions:</u>*

Annual Lifetime Benefit Amount: $6,000

---

| | | |
|:---|:---|:---|
| | **Date** | **Contract Value** |
| Current Contract Year Begins | 1/6/2026 | $117000 |
| First Contract Year Quarter Ends | 4/5/2026 | $125000 |
| Second Contract Year Quarter Ends | 7/5/2026 | $128000 |
| Third Contract Year Quarter Ends | 10/5/2026 | $127000 |
| Date of Excess Withdrawal | 11/16/2026 | $126500 |
| Fourth Contract Year Quarter Ends | 1/5/2027 | $125000 |

---

---

| | | |
|:---|:---|:---|
| **Date of**<br>**Withdrawal** | **Withdrawal**<br>**Amount** | **Annual Cumulative**<br>**Withdrawal** |
| 2/16/2026 | $2000 | $2000 |
| 4/15/2026 | $4000 | $6000 |
| 11/16/2026 | $1500 | $7500 |

---

On 1/6/2027 we determine the first quarterly Contract Value as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For the first Contract Year quarter, the withdrawal of $2,000 which occurred on 2/16/2026
did not have an impact on the determination of the first quarterly Contract Value as it occurred prior to the end of the first Contract
Year quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The first quarterly Contract Value is reduced dollar-for-dollar by the withdrawal of the
remaining Annual Lifetime Benefit Amount on 4/15/2026 ($125,000 - $4,000 = $121,000).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Next, we adjust for Excess Withdrawals as there is no remaining Annual Lifetime Benefit Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O The Excess Withdrawal on 11/16/2026 represented a 1.19% reduction in the Contract Value ($1,500
/ $126,500 = 1.19%).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O The reduction for the Excess Withdrawal on 11/16/2026 for the first Contract Year quarter
is equal to $1,440 (1.19% x $121,000 = $1,440).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O The first quarterly Contract Value is equal to $119,560 ($121,000 - $1,440 = $119,560).

We determine the second quarterly Contract Value as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For the second Contract Year quarter ending on 7/5/2026, there are no withdrawals of the
Annual Lifetime Benefit Amount after the second Contract Year quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The reduction for the Excess Withdrawal for the second Contract Year quarter is equal to
$1,523 (1.19% x $128,000 = $1,523).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The second quarterly Contract Value is equal to $126,477 ($128,000 - $1,523 = $126,477).

ICC25-GLWB-RCS 8 [10-25]

We determine the third quarterly Contract Value as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For the third Contract Year quarter ending on 10/5/2026, there are no withdrawals of the
Annual Lifetime Benefit Amount after the third Contract Year quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The reduction for the Excess Withdrawal for the third Contract Year quarter is equal to $1,511
(1.19% x $127,000 = $1,511).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The third quarterly Contract Value is equal to $125,489 ($127,000 - $1,511 = $125,489).

The fourth quarterly Contract Value is $125,000.

The highest quarterly Contract Value for the Contract Year is $126,477 (greatest of $119,560, $126,477, $125,489, and $125,000).

**Effect of the Roll-Up on the Benefit Base**

On each Contract Anniversary, on or before the Roll-Up Period End Date shown on the Rider Schedule, if no withdrawals occurred in the previous Contract Year, the Benefit Base will be increased by a Roll-Up. If a withdrawal occurred in the previous Contract Year, the Benefit Base will not be increased by a Roll-Up.

If you elect a GLWB Rider Charge Increase Opt-Out, no further Roll-Ups will occur after the effective date of the GLWB Rider Charge Increase Opt-Out.

The amount of the Roll-Up will be determined by multiplying the Roll-Up Base by the Roll-Up Percentage shown on the Rider Schedule.

The Benefit Base will not be increased by the Roll-Up after the Roll-Up Period End Date.

The Roll-Up, if applicable, is applied before any Automatic Step-Up occurs on such Contract Anniversary.

**Roll-Up Base**

The Roll-Up Base is the amount that we multiply your Roll-Up Percentage by to determine the amount of any Roll-Up to be credited to your Benefit Base, if applicable. The Roll-Up Base cannot be withdrawn, applied to an Annuity Option, or paid as a Death Benefit. It is not an amount that is guaranteed to be returned to you.

The initial Roll-Up Base is equal to the Purchase Payment as of the GLWB Rider Issue Date.

The Roll-Up Base may change as a result of the following:

&nbsp;&nbsp;&nbsp;&nbsp;• a subsequent Purchase Payment;

&nbsp;&nbsp;&nbsp;&nbsp;• an Excess Withdrawal; or

&nbsp;&nbsp;&nbsp;&nbsp;• an Automatic Step-Up.

**Effect of Subsequent Purchase Payments on Roll-Up Base**

The Roll-Up Base will be recalculated with each subsequent Purchase Payment received after the GLWB Rider Issue Date. The Roll-Up Base, after the application of each subsequent Purchase Payment, will be equal to the Roll-Up Base immediately prior to the subsequent Purchase Payment, plus the amount of the subsequent Purchase Payment, net of any applicable taxes.

**Effect of Withdrawals on Roll-Up Base**

Any Excess Withdrawal will have a negative impact on the Roll-Up Base. An Excess Withdrawal will decrease the Roll-Up Base in the same proportion as the amount of the Excess Withdrawal (including CDSCs) divided by the Contract Value prior to the Excess Withdrawal, as shown in the formula below. Any non-Excess Withdrawal does not impact the Roll-Up Base.

**An Excess Withdrawal will reduce the Roll-Up Base by more than the dollar amount of the Excess Withdrawal when the Roll-Up Base is greater than the Contract Value.**

ICC25-GLWB-RCS 9 [10-25]

Any Excess Withdrawal taken will reduce the Roll-Up Base by an amount equal to A divided by B, with the result multiplied by C, where:

A = The Excess Withdrawal including any applicable CDSC;

B = The Contract Value immediately prior to the Excess Withdrawal; and

C = the most recently calculated Roll-Up Base.

**Impact of the Automatic Step-Up on the Roll-Up Base**

The Roll-Up Base may increase due to an Automatic Step-Up on each Contract Anniversary, provided that an Automatic Step-Up to the Benefit Base occurs as described under the Effect of Automatic Step-Up on the Benefit Base provision. If the Benefit Base is increased as the result of an Automatic Step-Up, the Roll-Up Base will also be increased to equal the Benefit Base immediately after the Automatic Step-Up.

Increases to the Roll-Up Base due to an Automatic Step-Up may occur on each Contract Anniversary. Any increase to the Roll-Up Base will impact any Roll-Up amount calculated at the next Contract Anniversary.

**GLWB RIDER CHARGE**

We will assess the GLWB Rider Charge on a quarterly basis in arrears. On the last calendar day of each Contract Quarter, a charge will be assessed against your Contract Value. The amount that is deducted from your Contract Value is equal to the GLWB Rider Charge multiplied by the Benefit Base on such day (after taking into account any other transactions processed on such day). The annualized GLWB Rider Charge is shown on the Rider Schedule.

**GLWB Rider Charge Increase Opt-Out**

If we plan to increase your GLWB Rider Charge, we will provide at least 30 (thirty) calendar days advance notice of the increase. The increase will be effective on your next Contract Anniversary.

You have the right to opt-out of a GLWB Rider Charge increase by Written Request. We must receive your Written Request by the Close of Business on the last Business Day prior to your next Contract Anniversary. If you opt-out of the GLWB Rider Charge increase, then your GLWB Rider Charge Increase Opt-Out is effective on your next Contract Anniversary.

By opting-out of the GLWB Rider Charge increase, you will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establish the Guaranteed Lifetime Withdrawal Date, if not previously established;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• determine the Withdrawal Rate, if not previously established;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• determine the Lifetime Guarantee Rate, if not previously established;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• terminate your right to any future Automatic Step-Ups after the effective date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• terminate your right to any future Roll-Ups after the effective date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• terminate your right to make subsequent Purchase Payments on or after the effective date.

A GLWB Rider Charge Increase Opt-Out is irrevocable once it becomes effective.

The GLWB Rider Charge in effect, when the GLWB Rider Charge Increase Opt-Out becomes effective, will apply until this Rider terminates.

<u>GLWB Rider Charge Upon Rider Termination</u>

If this Rider terminates, except for a termination under sections (a), (b) and (c) under the Rider's Termination of Rider provision, a pro-rata portion of the GLWB Rider Charge will be assessed based on the number of days from the first calendar day of the current contract quarter to the date of termination. If this Rider terminates under sections (a), (b) or (c) under this Rider's Termination of Rider provision, the GLWB Rider Charge is waived. If you reach your Latest Permitted Annuity Date, and your Contract Value is applied to an Annuity Option described under the Latest Permitted Annuity Date provision of this Rider, the GLWB Rider Charge is also waived. Once this Rider has terminated there will be no further GLWB Rider Charges assessed.

We deduct the GLWB Rider Charge pro-rata from each Sub-Account in which you are invested.

ICC25-GLWB-RCS 10 [10-25]

**CONTRACT CONTINUATION**

If the Joint Life Version of this Rider is elected and a Covered Person continues the Contract under the Spousal Continuance section of the Death Benefit Provisions of the Contract, this Rider will also continue as long as it was in effect at the time of the continuation. The Covered Person is eligible to receive the Annual Lifetime Benefit Amount each year for the remainder of his or her life, (see Annual Lifetime Benefit Amount When Contract Value Reduces to Zero), provided this Rider is not terminated (see Termination of Rider).

If the Joint Life Version of this Rider is elected and you, as IRA Custodian, continue the Contract under the Spousal Continuance section of the Death Benefit Provisions of the Contract, and the deceased Annuitant's surviving spouse is also a Covered Person, this Rider will also continue as long as it was in effect at the time of the continuation. You are guaranteed to receive the Annual Lifetime Benefit Amount each year for the remainder of the Covered Person's life (see Annual Lifetime Benefit Amount When Contract Value Reduces to Zero), provided this Rider is not terminated (see Termination of Rider).

If you (Annuitant for a Custodial IRA) die before the Guaranteed Lifetime Withdrawal Date and if the Contract is continued, then the Guaranteed Lifetime Withdrawal Date elected by the Owner of the continued Contract will determine the Withdrawal Rate and Lifetime Guarantee Rate for the Contract.

If you (Annuitant for a Custodial IRA) die on or after the Guaranteed Lifetime Withdrawal Date and if the Contract is continued, then the Withdrawal Rate and Lifetime Guarantee Rate that apply after the continuation will be the same as the Withdrawal Rate and Lifetime Guarantee Rate in effect prior to the continuation. Upon any future Automatic Step-Up, the Withdrawal Rate and Lifetime Guarantee Rate determinations will be based on the age of the surviving Covered Person.

**REPORTS**

While this Rider is in force, the report we will provide to you each year will include the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Before the Guaranteed Lifetime Withdrawal Date, the Benefit Base and the Annual Lifetime Benefit Amount for the earliest Guaranteed
Lifetime Withdrawal Date (or an option to contact us to find out what the Annual Lifetime Benefit Amount would be for a particular Guaranteed
Lifetime Withdrawal Date, assuming future activity is limited to continuation of guarantees in the Contract); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) After the Guaranteed Lifetime Withdrawal Date, the Annual Lifetime Benefit Amount.

**LATEST PERMITTED ANNUITY DATE**

If this Rider is in effect, you have reached the Latest Permitted Annuity Date of your Contract, and your Contract Value has not reached zero (0), one (1) of the following additional Annuity Options will be available to you based upon the number of Covered Persons still living. Unless you direct us otherwise, we will automatically pay you Annuity Payments under an Installment Refund Annuity Option based upon the number of Covered Persons still living.

<u>One (1) Covered Person – Installment Refund</u>

Beginning on the Annuity Date, we will make Annuity Payments equal to the amount of the Annual Lifetime Benefit Amount for the life of the Annuitant. Annuity Payments cease upon the death of the Annuitant, subject to the Installment Refund guarantee. The Installment Refund guarantees upon the death of the Annuitant, if the total of all Annuity Payments made is less than the Contract Withdrawal Value on the Latest Permitted Annuity Date, Annuity Payments will continue to be paid in the same amount and at the same frequency then in effect, until the total Annuity Payments made is equal to the Contract Withdrawal Value on the Latest Permitted Annuity Date. The Beneficiary(ies) may instead elect to receive the Commuted Value calculated as shown in the Commuted Value Formula section of the Rider Schedule, of any remaining Annuity Payments in a lump sum. If the total of all Annuity Payments made is equal to or greater than the Contract Withdrawal Value on the Latest Permitted Annuity Date, no additional Annuity Payments will be made.

<u>Two (2) Covered Persons – Installment Refund</u>

Beginning on the Annuity Date, we will make Annuity Payments equal to the amount of the Annual Lifetime Benefit Amount for the life of the Annuitant and the joint Annuitant. Annuity Payments cease upon the death of the surviving Annuitant, subject to the Installment Refund guarantee. The Installment Refund guarantees upon the death of the last surviving

ICC25-GLWB-RCS 11 [10-25]

Annuitant, if the total of all Annuity Payments made is less than the Contract Withdrawal Value on the Latest Permitted Annuity Date, Annuity Payments will continue to be paid in the same amount and at the same frequency then in effect, until the total Annuity Payments made is equal to the Contract Withdrawal Value on the Latest Permitted Annuity Date. The Beneficiary(ies) may instead elect to receive the Commuted Value calculated as shown in the Commuted Value Formula section of the Rider Schedule, of any remaining Annuity Payments in a lump sum. If the total of all Annuity Payments made is equal to or greater than the Contract Withdrawal Value on the Latest Permitted Annuity Date, no additional Annuity Payments will be made.

However, for qualified contracts and contracts held as Custodial IRAs, if the Covered Person, who is not the Owner (Annuitant if the Owner is a Custodial IRA), is no longer the Beneficiary (Beneficiary of the custodial account if the Owner is a Custodial IRA) when the Latest Permitted Annuity Date is reached (due to a Beneficiary change after a divorce), this section will apply as if that Covered Person were no longer living. Therefore, any change in the Beneficiary after a divorce could result in a payout based only on a single life even when the Joint Life Version was elected.

**COMPLIANCE WITH THE INTERNAL REVENUE CODE (CODE)**

This Rider will be interpreted and administered in accordance with Section 72(s) or Section 401(a)(9) of the Code (including Section 401(a)(9)(B) of the Code) and the regulations thereunder as applicable.

We may amend this Rider and accelerate distributions where necessary to comply with the Code (including, but not limited to, Section 72(s) of the Code or Section 401(a)(9) of the Code).

**TERMINATION OF RIDER**

This Rider will terminate upon the earliest of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Prior to the Settlement Phase or Annuity Phase, Death of the Owner or Joint Owner (or the Annuitant if
the Owner is a non-natural person) unless the Joint Life Version of this Rider is in effect and the Contract is continued under the Death
Benefit Provisions of the Contract and in accordance with this Rider's Contract Continuation provision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Death of the Owner (or the Annuitant if the Owner is a non-natural person) after the Contract has been
continued by the surviving spouse or an IRA Custodian, unless you are receiving payments under one of the Annuity Options under this Rider
at the Latest Permitted Annuity Date, in which case, this Rider will terminate upon the last Annuity Payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) The date you apply your Contract Value to an Annuity Option, unless you are receiving payments under one of the Annuity Options under
this Rider at the Latest Permitted Annuity Date, in which case, this Rider will terminate upon the last Annuity Payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Upon a change in ownership (or assignment) of the Contract, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. the new Owner or assignee assumes full ownership of the Contract and is essentially the same person as the previous Owner, (e.g., an
individual ownership changed to a personal revocable trust, a change to a court appointed guardian representing the Owner during the
Owner's lifetime, etc.);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. the assignment is for an exchange under Section 1035 of the Code (i.e., this Rider may continue during
the temporary assignment period and not terminate until the Contract is fully surrendered);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. the Contract is transferred to a spouse (or domestic partner or civil union partner for non-qualified
Contracts) and the new Owner was a Covered Person as of the GLWB Rider Issue Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. the Contract is transferred to a spouse (or domestic partner or civil union partner for non-qualified Contracts) or to a former spouse
in connection with a divorce and the new Owner was a Covered Person as of the GLWB Rider Issue Date.

ICC25-GLWB-RCS 12 [10-25]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) The date we receive a Written Request to terminate this Rider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) Termination of the Contract to which this Rider is attached.

If this Rider is terminated, it cannot be re-elected at a later date.

**GENERAL PROVISIONS**

The following replace Contract Termination, Evidence of Survival and Misstatement of Age or Sex in the General Provisions of the Contract:

**CONTRACT TERMINATION.** This Contract will terminate upon the occurrence of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the date of the last Annuity Payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the date payment is made of the entire Contract Withdrawal Value unless the Guaranteed Lifetime Withdrawal
Benefit Rider is in effect and the Benefit Base described in that Rider is greater than zero (0) after the withdrawal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. the date of the last Death Benefit payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. the date this Contract is returned under the Right To Examine Contract; or

We reserve the right to terminate this Contract if the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the Benefit Base described in the Guaranteed Lifetime Withdrawal Benefit Rider is zero (0);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. no Purchase Payment has been made for at least two (2) consecutive years measured from the date we received
the last Purchase Payment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. each of the following amounts is less than $2,000 on the date we send Written Notice of our election to
terminate this Contract provided that no Annuity Option is in effect at that time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the Contract Value less any Premium Tax deducted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the sum of all Purchase Payments made into this Contract less any partial withdrawals.

If we exercise the right to terminate this Contract, we will send you Written Notice of termination at your last known address shown in our records. This Written Notice will state that this Contract will terminate thirty (30) calendar days after we have mailed the notice unless we receive a Purchase Payment that brings the Contract Value (less any Premium Tax) to at least $2,000 before that time. If this Contract is terminated pursuant to the reserved right to terminate this Contract, we will pay the Contract Withdrawal Value to you.

**EVIDENCE OF SURVIVAL.** We may require proof that any person(s) on whose life Annuity Payments are based is alive. We may discontinue Annuity Payments until satisfactory proof is received. We may also require proof that any Covered Person on whose life the Annual Lifetime Benefit Amount, or any other benefits under the Guaranteed Lifetime Withdrawal Benefit Rider, is based, is alive. We may discontinue payment of the Annual Lifetime Benefit Amount until satisfactory proof is received.

**MISSTATEMENT OF AGE OR SEX.** We may require proof of the Age or sex of the Annuitant, Owner, Covered Person and/or Beneficiary before making any payments under this Contract that are measured by the Annuitant's, Owner's, Covered Person's or Beneficiary's life. If the Age or sex of the Annuitant, Owner, Covered Person, or Beneficiary has been misstated, the amount payable will be the amount that the Contract Value would have provided at the correct age and sex. After correction, we will pay the sum of any underpayments within thirty (30) calendar days. The amount of any overpayments we made will be charged against the payment(s) following the correction. Any overpayments/underpayments on account of misstatement of Age or sex shall be charged/credited after the correction with interest at a rate of three percent (3.00%) per year.

ICC25-GLWB-RCS 13 [10-25]

If an Annuitant's, Owner's, Covered Person's and/or Beneficiary's Age has been incorrectly stated and a Contract was purchased, or an optional Rider was elected, that he/she was otherwise ineligible for, we will terminate the Contract or optional Rider and refund, as applicable, any GLWB Rider Charge previously assessed.

For any other benefit for which Age or sex has been incorrectly stated, such benefit and any applicable charges will be adjusted to reflect the correct Age and sex.

Covered Person is described in the Guaranteed Lifetime Withdrawal Benefit Rider.

**Signed for Massachusetts Mutual Life Insurance Company by:**

---

| | |
|:---|:---|
| /s/ Tokunbo Akinbajo | /s/ Roger W. Crandall |
| **[SECRETARY]** | **[PRESIDENT]** |

---

ICC25-GLWB-RCS 14 [10-25]

## Ex-99.(D)X

Item 27. Exhibit (d) x.

**MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY**

**[Springfield, MA 01111-0001]**

**<u>HIGHEST QUARTERLY VALUE DEATH BENEFIT RIDER</u>**

This Rider forms a part of the Contract to which it is attached and is effective as of the Rider Effective Date shown on the Highest Quarterly Value Death Benefit Rider Specifications. In case of a conflict with any provision in the Contract, the provisions of this Rider will control. The Contract is modified as follows:

The following amends and supersedes the Contract description on the cover page and last page of the Contract:

**INDIVIDUAL VARIABLE DEFERRED ANNUITY CONTRACT**

**WITH FLEXIBLE PURCHASE PAYMENTS AND**

**HIGHEST QUARTERLY VALUE DEATH BENEFIT RIDER**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **THIS CONTRACT IS NON-PARTICIPATING. IT DOES NOT PROVIDE FOR THE PAYMENT OF DIVIDENDS.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **THIS CONTRACT PROVIDES WAIVER OF CONTINGENT DEFERRED SALES CHARGE BENEFITS, IF APPLICABLE.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **CONTRACT VALUES AND WITHDRAWAL VALUES PROVIDED BY THIS CONTRACT WITH RESPECT TO AMOUNTS ALLOCATED TO THE SEPARATE ACCOUNT ARE BASED ON THE INVESTMENT EXPERIENCE OF THE SEPARATE ACCOUNT, ARE VARIABLE AND ARE NOT GUARANTEED AS TO DOLLAR AMOUNT.** 

The following amends and supersedes the **DEATH BENEFIT AMOUNT DURING THE ACCUMULATION PHASE** section under the **DEATH BENEFIT PROVISIONS** of the Contract:

**DEATH BENEFIT AMOUNT DURING THE ACCUMULATION PHASE**

The death benefit during the Accumulation Phase will be the greater of the Contract Value and the Highest Quarterly Value.

**Highest Quarterly Value**

The Highest Quarterly Value will be the greater of 1 and 2 below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the total Purchase Payments, reduced by a pro-rata adjustment for each withdrawal.

The adjustment for a withdrawal is equal to A divided by B, with the result multiplied by C, where:

A = the Contract Value withdrawn, including any applicable Contingent Deferred Sales Charge;

B = the Contract Value immediately prior to the withdrawal; and

C = the total Purchase Payments adjusted for any prior withdrawals.

Since withdrawals result in pro-rata adjustment to the total Purchase Payments, the total Purchase Payments may be reduced by more than the actual dollar amount of the withdrawals;

ICC25-HQV-DB 1 [10-2025]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the Annual Lock-In Feature, as described in the Annual Lock-In Feature section.

If the ownership of the Contract is changed to an Owner, (Annuitant, if the Owner is a non-natural person), who was over the maximum age for electing this Rider on the Issue Date of the Contract, the Annual Lock-In Feature will no longer apply. This includes changes as a result of a Spousal Continuance by a surviving spouse upon the death of the Owner. The death benefit will be the greater of the Contract Value and the total Purchase Payments, reduced by a pro-rata adjustment for each withdrawal as previously described in this section. Since the Annual Lock-In Feature will no longer apply, the death benefit value may be reduced at the time of the change in ownership. In this scenario, the Highest Quarterly Value Death Benefit Charge described in the Highest Quarterly Value Death Benefit Rider Specifications will no longer be assessed, and any Investment Allocation Restrictions described in the Highest Quarterly Value Death Benefit Rider Specifications will no longer apply.

**Annual Lock-In Feature**

On the Issue Date, the Annual Lock-In Feature is equal to the Initial Purchase Payment.

After the Issue Date, the Annual Lock-In Feature is recalculated when any of the following occurs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. When a Purchase Payment is Applied to the Contract.

When a Purchase Payment is applied to the Contract, the Annual Lock-In Feature is equal to the most recently calculated Annual Lock-In Feature plus the Purchase Payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. When a Withdrawal of Contract Value Occurs.

When a withdrawal of Contract Value occurs, the Annual Lock-In Feature is equal to the most recently calculated Annual Lock-In Feature reduced by a pro-rata adjustment for that withdrawal.

The adjustment is equal to A divided by B, with the result multiplied by C, where:

A = the Contract Value withdrawn, including any applicable Contingent Deferred Sales Charge;

B = the Contract Value immediately prior to the withdrawal; and

C = the most recently calculated Annual Lock-In Feature benefit.

Since withdrawals result in a pro-rata adjustment to the Annual Lock-In Feature, the Annual Lock-In Feature may be reduced by more than the actual dollar amount of the withdrawals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. On each Contract Anniversary up to and including the Contract Anniversary after the oldest Owner (or oldest
Annuitant, if the Contract is owned by a non-natural person) attains Age [80].

On each Contract Anniversary, the Annual Lock-In Feature is equal to the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the most recently calculated Annual Lock-In Feature; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the highest quarterly Contract Value as determined on the last calendar day of any
Contract Year quarter within the prior Contract Year after processing any transactions.

Once the Contract Anniversary after the oldest Owner (or oldest Annuitant, if the Contract is owned by a non-natural person) attains age [80] has occurred, the Annual Lock-In Feature will no longer recalculate on each Contract Anniversary. The Annual Lock-In will remain as the last calculated Annual Lock-In Feature adjusted by subsequent Purchase Payments and withdrawals as previously described.

ICC25-HQV-DB 2 [10-25]

*Impact of Withdrawals on Highest Quarterly Contract Values*

For the purpose of determining the highest quarterly Contract Value, as referenced under 3. above, each quarterly Contract Value will be reduced by withdrawals taken after the last calendar day of that Contract Year quarter.

The quarterly Contract Value(s) will be reduced by a pro-rata adjustment for each withdrawal.

The adjustment is equal to A divided by B, with the result multiplied by C, where:

A = the Contract Value withdrawn, including any applicable Contingent Deferred Sales Charge;

B = the Contract Value immediately prior to the withdrawal; and

C = the Quarterly Contract Value.

Since withdrawals result in a pro-rata adjustment to the Quarterly Contract Value, the Quarterly Contract Value may be reduced by more than the actual dollar amount of the withdrawals.

If multiple withdrawals occur in a Contract Year, each Quarterly Contract Value may be reduced multiple times.

For example, if you request a withdrawal during the second Contract Year quarter, your quarterly Contract Value for the first Contract Year quarter will be reduced pro-rata by the withdrawal. If you then request another withdrawal during the third Contract Year quarter, your quarterly Contract Value for the first Contract Year quarter will be reduced again pro-rata by that second withdrawal and your quarterly Contract Value for the second Contract Year quarter will also be reduced pro-rata by that withdrawal.

The death benefit that is payable during the Accumulation Phase is determined as of the Close of Business on the Business Day on which we receive both due proof of death and an election of a payment method in Good Order. Where there is more than one Beneficiary, we will determine the death benefit as of the Close of Business on the first Business Day that any Beneficiary submits due proof of death and election of a payment method in Good Order. If the death benefit payable is greater than the Contract Value, we will apply an amount equal to the difference between the death benefit and Contract Value to each Sub-Account and/or Fixed Account(s), if applicable, in the ratio that your value in each bears to your Contract Value. Each Beneficiary's portion of the death benefit will be applied to their chosen death benefit payout option on the Business Day we receive their election of a payment method in Good Order and will be paid from the Sub-Accounts and/or Fixed Account(s), if applicable, on a pro rata basis. The balance of the death benefit will remain in the Sub-Accounts and/or Fixed Account(s), if applicable, based on the current allocation until each of the other Beneficiaries submits their election of a payment method in Good Order. From the time the death benefit is determined until complete distribution is made, any amount in a Sub-Account will be subject to investment risk. This risk is borne by the Beneficiary(ies).

While this Rider is in effect, Investment Allocation Restrictions may apply. Any investment restrictions are shown on the Highest Quarterly Value Death Benefit Rider Specifications. We reserve the right to modify the Investment Allocation Restrictions imposed by this Rider from time to time. We will notify you by Written Notice at least thirty (30) calendar days before any change in these restrictions.

ICC25-HQV-DB 3 [10-25]

The **CONTRACT CHARGES** section of the Contract is amended by adding the following:

**HIGHEST QUARTERLY VALUE DEATH BENEFIT CHARGE.** We will assess the Highest Quarterly Value Death Benefit Charge on a quarterly basis in arrears. On the last calendar day of each contract quarter, a charge will be assessed against your Contract Value in the Sub Accounts in which you are invested. The amount that is deducted from your Contract Value is equal to the Highest Quarterly Value Death Benefit Charge multiplied by the Highest Quarterly Value on such day (after taking into account any other transactions processed on such day). The annualized Highest Quarterly Value Death Benefit Charge is shown on the Highest Quarterly Value Death Benefit Rider Specifications.

If you make a total withdrawal, a pro-rata portion of the charge will be assessed based on the number of calendar days from the first calendar day of the current Contract Year quarter to the date of the total withdrawal.

We will deduct this charge pro-rata from the Sub-Accounts in the same proportion that the amount of the Contract Value in each Sub-Account bears to the total Contract Value in the Sub-Accounts.

**Rider Termination:**

This Rider will terminate if the Contract to which this Rider is attached terminates.

This rider will also terminate upon the earliest of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our receipt of due proof of any Owner's death (Annuitant, if the Owner is a non-natural person)
and election of the payment method by the first Beneficiary to make claim, unless the Contract is continued under Spousal Continuance;
or

• application of the full Contract Value to an Annuity Option. <br>You cannot request that this Rider be terminated.

The **Contract Termination** section of the Contract is amended to provide that we will not exercise the reserved right to terminate the Contract if the death benefit provided by this Rider exceeds the Contract Value.

**Signed for Massachusetts Mutual Life Insurance Company by:**

---

| | |
|:---|:---|
| /s/ Tokunbo Akinbajo | /s/ Roger W. Crandall |
| **[SECRETARY]** | **[PRESIDENT]** |

---

ICC25-HQV-DB 4 [10-25]

## Ex-99.(L)I

*Item 27. Exhibit (l) i.*

 

![](image_001.jpg)

KPMG LLP

One Financial Plaza

&nbsp;&nbsp;&nbsp;&nbsp;755 Main Street

Hartford, CT 06103

**Consent of Independent Registered Public Accounting Firm**

We consent to the use of our report dated March 3, 2025, with respect to the statutory financial statements of Massachusetts Mutual Life Insurance Company, included herein, and to the reference to our firm under the heading "Experts" in the Statement of Additional Information.

/s/ KPMG LLP

Hartford, Connecticut

December 18, 2025

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.

KPMG LLP

Two Financial Center

&nbsp;&nbsp;&nbsp;&nbsp;60 South Street

Boston, MA 02111

**Consent of Independent Registered Public Accounting Firm**

We consent to the use of our report dated March 6, 2025, with respect to the financial statements of Massachusetts Mutual Variable Annuity Separate Account 4, included herein, and to the reference to our firm under the heading "Experts" in the Statement of Additional Information.

/s/ KPMG LLP

Boston, Massachusetts

December 18, 2025

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.

## Ex-99.(P)Iii

*Item 27. Exhibit (p) iii.*

 

**<u>POWER OF ATTORNEY: VARIABLE INSURANCE PRODUCT FILINGS</u>**

The Undersigned, Michael Thomas Rollings, Director of Massachusetts Mutual Life Insurance Company ("MassMutual"), appoints Michael J. O'Connor, General Counsel of MassMutual, and all persons succeeding him in the capacity of General Counsel, Jaime Genua, Head of Legal of MassMutual, and Gary F. Murtagh, Head of Insurance Product & Operations Law of MassMutual (collectively referred to hereafter as "Attorneys"), as the Undersigned's true and lawful attorneys and agents, each with full power to act individually.

This Power of Attorney authorizes each such Attorney to sign the Undersigned's name, solely in his capacity as Director, to any registration statements, amendments thereto, reports, or documents to be filed with the Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended (collectively, the "Acts"), relating to the MassMutual separate accounts and variable insurance product registration statements listed below:

---

| | |
|:---|:---|
| **Separate Account Name** | **Registration Statement Numbers** |
| Massachusetts Mutual Variable Annuity Separate Account 1 | 002-72715, 002-75412, 033-07724, 811-03200 |
| Massachusetts Mutual Variable Annuity Separate Account 2 | 002-75413, 033-07723, 811-03354 |
| Massachusetts Mutual Variable Annuity Separate Account 3 | 033-83798, 811-08758 |
| Massachusetts Mutual Variable Annuity Separate Account 4 | 333-45039, 333-81015, 333-95851, 333-73406, 333-109620, <br> 333-112626, 333-130156, 333-131007, 333-202684, 333-203063, 333-255824, 811-08619 |
| Massachusetts Mutual Variable Life Separate Account I | 033-23126, 033-89798, 333-41657, 333-88503, 333-49475, <br> 333-50410, 333-101495, 333-114171, 033-32361, 033-87904, <br> 333-65887, 333-22557, 333-150916, 333-206438, 333-215823, <br> 333-229670, 811-08075 |
| Massachusetts Mutual Variable Life Separate Account II | 033-31348, 811-04030 |
| Massachusetts Mutual Variable Annuity Fund 1 | 002-30696, 811-01757 |
| Panorama Separate Account | 333-01363, 811-03215 |
| Connecticut Mutual Variable Life Separate Account I | 333-01349, 811-08514 |
| CML Variable Annuity Account A | 333-01369, 811-01733 |
| CML Variable Annuity Account B | 333-01351, 811-01918 |
| CML Accumulation Annuity Account E | 333-01357, 811-02587 |

---

Such Attorneys shall have full authority to take any action and execute all instruments they deem necessary or advisable to enable MassMutual to comply with the Acts and any rule, regulation, order or other requirement of the Securities and Exchange Commission.

This Power of Attorney hereby revokes any powers of attorney previously given by the Undersigned relating to the MassMutual separate accounts listed above, provided that this revocation shall not affect the exercise of such power prior to the date hereof. This Power of Attorney shall not be affected by subsequent disability or incapacity of the Undersigned.

The Undersigned has set his hand this 9th day of December, 2025, in the City of Boston, Commonwealth of Massachusetts.

---

| |
|:---|
| /s/ Michael Thomas Rollings |
| **Michael Thomas Rollings, Director** |

---