N-VPFS 1 app10046591_nvpfs.htm MASSACHUSETTS MUTUAL VARIABLE ANNUITY SEPARATE ACCOUNT 1

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 1:

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of the divisions in Appendix A that comprise Massachusetts Mutual Variable Annuity Separate Account 1 (collectively, the “Separate Account”), as of December 31, 2022, the related statements of operations and changes in net assets for each of the years in the two-year period then ended, and the related notes including the financial highlights in Note 8 for each of the years or periods in the five-year period then ended (collectively, the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each division as of December 31, 2022, and the results of their operations and changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Such procedures also included confirmation of securities owned as of December 31, 2022, by correspondence with the underlying mutual funds or their transfer agent. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ KPMG LLP

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

Boston, Massachusetts

March 8, 2023

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

KPMG global organization of independent member firms affiliated with

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

F-1

Appendix A

Massachusetts Mutual Variable Annuity Separate Account 1 was comprised of the following divisions as of December 31, 2022.

Divisions

Invesco V.I. Discovery Mid Cap Growth Division

Invesco V.I. Global Division

Invesco V.I. Global Strategic Income Division

MML Blend Division

MML Equity Division

MML Managed Bond Division

MML U.S. Government Money Market Division

F-2

Massachusetts Mutual Variable Annuity Separate Account 1

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2022

			Invesco V.I. Discovery Mid Cap Growth Division		Invesco V.I. Global Division		Invesco V.I. Global Strategic Income Division		MML Blend Division		MML Equity Division		MML Managed Bond Division		MML U.S. Government Money Market Division
ASSETS
Investments
	Number of shares			1,697,614		2,397,399		1,694,329		10,611,342		7,305,019		1,213,505		6,711,412
	Identified cost		$	121,638,927	$	87,941,959	$	8,387,608	$	223,773,724	$	180,926,317	$	15,296,954	$	6,711,401
	Value		$	94,234,545	$	74,559,116	$	6,675,656	$	178,514,786	$	195,491,715	$	12,862,434	$	6,711,411
Dividends receivable				-		-		-		-		-		-		1
Receivable from Massachusetts Mutual Life Insurance Company				3,075		2,728		161		-		2,017		-		1,207
		Total assets		94,237,620		74,561,844		6,675,817		178,514,786		195,493,732		12,862,434		6,712,619
LIABILITIES
Payable to fund Annuitant mortality fluctuation reserve				66,930		45,703		2,921		223,301		180,567		9,908		52,848
Payable to Massachusetts Mutual Life Insurance Company				-		-		-		3,118		-		65		-
		Total liabilities		66,930		45,703		2,921		226,419		180,567		9,973		52,848
NET ASSETS			$	94,170,690	$	74,516,141	$	6,672,896	$	178,288,367	$	195,313,165	$	12,852,461	$	6,659,771
Net Assets:
Accumulation units - value			$	91,939,693	$	72,992,719	$	6,575,515	$	171,458,440	$	189,294,273	$	12,522,211	$	4,898,162
Contracts in payout (annuitization) period				2,230,997		1,523,422		97,381		6,829,927		6,018,892		330,250		1,761,609
		Net assets	$	94,170,690	$	74,516,141	$	6,672,896	$	178,288,367	$	195,313,165	$	12,852,461	$	6,659,771
Outstanding units
	Contract owners			14,508,807		11,088,541		2,566,857		19,414,809		17,774,666		2,935,430		3,646,403
UNIT VALUE
	Flex Extra (Qualified)		$	6.49	$	6.72	$	2.60	$	8.55	$	10.47	$	4.21	$	1.71
	Variable Annuity Fund 4			-		-		-		17.51		35.46		9.60		3.20
	Flex-Annuity IV (Qualified)			-		-		-		14.31		28.82		7.18		2.41

See Notes to Financial Statements.

F-3

Massachusetts Mutual Variable Annuity Separate Account 1

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

For The Year Ended December 31, 2022

		Invesco V.I. Discovery Mid Cap Growth Division		Invesco V.I. Global Division		Invesco V.I. Global Strategic Income Division		MML Blend Division		MML Equity Division		MML Managed Bond Division		MML U.S. Government Money Market Division
Investment Income
Dividends		$	-	$	-	$	-	$	2,715,852	$	3,272,440	$	437,464	$	84,285
Expenses
Mortality and expense risk fees and administrative expense charges			1,386,012		1,119,042		93,924		2,580,383		2,628,654		182,501		87,164
Net investment income (loss)			(1,386,012)		(1,119,042)		(93,924)		135,469		643,786		254,963		(2,879)
Net realized and unrealized gain (loss) on investments
Realized gain (loss) on sale of fund shares			5,990,407		6,562,227		(455,337)		2,115,905		4,025,519		(186,872)		-
Realized gain distribution			28,854,453		14,548,379		-		3,636,697		21,874,672		146,383		-
Realized gain (loss)			34,844,860		21,110,606		(455,337)		5,752,602		25,900,191		(40,489)		-
Change in net unrealized appreciation/depreciation of investments			(80,314,355)		(58,708,943)		(517,378)		(47,333,917)		(40,053,947)		(2,812,712)		-
Net gain (loss) on investments			(45,469,495)		(37,598,337)		(972,715)		(41,581,315)		(14,153,756)		(2,853,201)		-
Net increase (decrease) in net assets resulting from operations			(46,855,507)		(38,717,379)		(1,066,639)		(41,445,846)		(13,509,970)		(2,598,238)		(2,879)
Capital transactions:
	Transfers of net premiums		1,446,187		790,931		129,253		1,250,909		3,193,767		164,402		55,827
	Transfers due to death benefits		(539,897)		(387,995)		(35,033)		(4,339,780)		(2,248,302)		(60,905)		(24,753)
	Transfers due to annuity benefit payments		(225,964)		(148,446)		(10,363)		(744,129)		(567,035)		(32,646)		(177,303)
	Transfers due to withdrawal of funds		(8,556,876)		(7,351,728)		(971,748)		(15,726,806)		(17,565,163)		(1,125,016)		(1,123,071)
	Transfers due to annual administrative and contingent deferred sales charges		(53,815)		(25,183)		(2,247)		(244,155)		(201,128)		(52,090)		(6,097)
	Transfers due to net charge (credit) to annuitant mortality fluctuation reserve		(110,155)		(158,311)		(1,280)		(176,004)		(153,233)		(27,766)		(49,583)
	Transfers between divisions and to/from General Account		(838,304)		(1,139,324)		(19,011)		(1,471,132)		(1,591,616)		25,917		1,362,063
Net increase (decrease) in net assets resulting from capital transactions			(8,878,824)		(8,420,056)		(910,429)		(21,451,097)		(19,132,710)		(1,108,104)		37,083
Total increase (decrease)			(55,734,331)		(47,137,435)		(1,977,068)		(62,896,943)		(32,642,680)		(3,706,342)		34,204
NET ASSETS, at beginning of the year			149,905,021		121,653,576		8,649,964		241,185,310		227,955,845		16,558,803		6,625,567
NET ASSETS, at end of the year		$	94,170,690	$	74,516,141	$	6,672,896	$	178,288,367	$	195,313,165	$	12,852,461	$	6,659,771

See Notes to Financial Statements.

F-4

Massachusetts Mutual Variable Annuity Separate Account 1

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

For The Year Ended December 31, 2021

		Invesco V.I. Discovery Mid Cap Growth Division		Invesco V.I. Global Division		Invesco V.I. Global Strategic Income Division		MML Blend Division		MML Equity Division		MML Managed Bond Division		MML U.S. Government Money Market Division
Investment Income
Dividends		$	-	$	-	$	421,103	$	5,065,679	$	3,656,183	$	540,451	$	-
Expenses
Mortality and expense risk fees and administrative expense charges			1,910,786		1,582,573		120,069		3,087,232		2,851,056		222,801		90,567
Net investment income (loss)			(1,910,786)		(1,582,573)		301,034		1,978,447		805,127		317,650		(90,567)
Net realized and unrealized gain (loss) on investments
Realized gain (loss) on sale of fund shares			10,147,873		6,914,486		(168,719)		8,831,923		4,980,262		118,688		(2)
Realized gain distribution			15,582,852		6,170,146		-		60,744,080		-		315,252		-
Realized gain (loss)			25,730,725		13,084,632		(168,719)		69,576,003		4,980,262		433,940		(2)
Change in net unrealized appreciation/depreciation of investments			(182,825)		4,290,576		(585,007)		(41,105,917)		48,190,839		(842,434)		2
Net gain (loss) on investments			25,547,900		17,375,208		(753,726)		28,470,086		53,171,101		(408,494)		-
Net increase (decrease) in net assets resulting from operations			23,637,114		15,792,635		(452,692)		30,448,533		53,976,228		(90,844)		(90,567)
Capital transactions:
	Transfers of net premiums		1,647,455		1,862,624		150,706		1,973,146		3,329,980		273,014		278,872
	Transfers due to death benefits		(749,100)		(536,974)		(66,874)		(3,677,833)		(2,510,784)		(271,759)		(125,231)
	Transfers due to annuity benefit payments		(251,481)		(164,818)		(10,546)		(750,219)		(514,836)		(35,652)		(168,899)
	Transfers due to withdrawal of funds		(11,774,260)		(9,911,113)		(911,341)		(20,139,865)		(17,950,685)		(1,521,908)		(917,800)
	Transfers due to annual administrative and contingent deferred sales charges		(57,280)		(26,691)		(2,557)		(267,802)		(218,039)		(58,890)		(6,946)
	Transfers due to net charge (credit) to annuitant mortality fluctuation reserve		(107,639)		(114,806)		(704)		(309,243)		(365,277)		(4,489)		(62,276)
	Transfers between divisions and to/from General Account		(2,519,532)		(1,842,813)		(11,102)		(867,346)		(3,144,102)		(44,600)		553,855
Net increase (decrease) in net assets resulting from capital transactions			(13,811,837)		(10,734,591)		(852,418)		(24,039,162)		(21,373,743)		(1,664,284)		(448,425)
Total increase (decrease)			9,825,277		5,058,044		(1,305,110)		6,409,371		32,602,485		(1,755,128)		(538,992)
NET ASSETS, at beginning of the year			140,079,744		116,595,532		9,955,074		234,775,939		195,353,360		18,313,931		7,164,559
NET ASSETS, at end of the year		$	149,905,021	$	121,653,576	$	8,649,964	$	241,185,310	$	227,955,845	$	16,558,803	$	6,625,567

See Notes to Financial Statements.

F-5

Massachusetts Mutual Variable Annuity Separate Account 1

Notes To Financial Statements

ORGANIZATION

Massachusetts Mutual Variable Annuity Separate Account 1 (“the Separate Account”) is a separate investment account of Massachusetts Mutual Life Insurance Company (“MassMutual”) established on April 8, 1981. The Separate Account is registered as a unit investment trust under the Investment Company Act of 1940 (“the 1940 Act”).

MassMutual maintains three segments within the Separate Account, they are: Variable Annuity Fund 4, Flex-Annuity IV (Qualified) and Flex Extra (Qualified).

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.

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

	As of December 31, 2022, the Separate Account consists of seven divisions which invest in the following mutual funds. All of the funds may not be available to all of the three segments of the Separate Account:

		The division listed in the first column
	Divisions	invests in the fund in this column
	Invesco V.I. Discovery Mid Cap Growth Division¹	Invesco V.I. Discovery Mid Cap Growth Fund^1,4
	Invesco V.I. Global Division²	Invesco V.I. Global Fund^2,4
	Invesco V.I. Global Strategic Income Division³	Invesco V.I. Global Strategic Income Fund^3,4
	MML Blend Division	MML Blend Fund⁵
	MML Equity Division	MML Equity Fund⁵
	MML Managed Bond Division	MML Managed Bond Fund⁵
	MML U.S. Government Money Market Division	MML U.S. Government Money Market Fund⁵

	In addition to the seven divisions, 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.

	¹Prior to April 30, 2021, known as Invesco Oppenheimer V.I. Discovery Mid Cap Growth Division/Fund.
	²Prior to April 30, 2021, known as Invesco Oppenheimer V.I. Global Division/Fund.
	³Prior to April 30, 2021, known as Invesco Oppenheimer V.I. Global Strategic Income Division/Fund.
	⁴Invesco Advisers, Inc. is the investment adviser to this Fund.
	⁵MML Investment Advisers, LLC is the investment adviser to this Fund.

F-6

Notes To Financial Statements (Continued)

SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies followed by the Separate Account in preparation of the financial statements in conformity with generally accepted accounting principles. Separate Account Massachusetts Mutual Variable Annuity Separate Account 1 follows the accounting and reporting guidance in FASB Accounting Standards Codification 946.

Investment Valuation

Investments in the underlying funds held by each division 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.

Accounting for Investments

Investment transactions are accounted for on a trade-date basis and identified cost is the basis followed in determining the cost of investments sold for financial statement purposes. Dividend income and gains from realized gain distributions are recorded on the ex-distribution date and they are generally reinvested in the underlying investment funds.

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 company tax liability attributable to the Separate Account.

Contract Charges

See Note 8B for charges associated with the contracts.

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.

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 participants can take, and there is a required loan repayment schedule. When a loan is made, the Separate Account transfers the amount of the loan to MassMutual, thereby decreasing both the investments and net assets of the Separate Account. The contract owner is charged interest on the outstanding loan amount based on the interest rate then in effect.

Annuitant Mortality Fluctuation

The Separate Account contributes to an Annuitant Mortality Fluctuation Fund (AMFF) reserve maintained by MassMutual as required by regulatory authorities to provide for mortality losses incurred. The AMFF reserve is adjusted quarterly for mortality losses and gains and its proportionate share of changes in value. Transfers to or from MassMutual are then made quarterly to adjust the AMFF reserve which is held in the Separate Account. Net transfers from the Separate Account to MassMutual totaled $676,332 and $964,434 for the years ended December 31, 2022 and 2021, respectively. The AMFF reserve is subject to a maximum of 3% of the Separate Account’s annuity reserves. Any mortality losses in excess of this reserve will be borne by MassMutual. The AMFF

F-7

Notes To Financial Statements (Continued)

reserve is not available to owners of the contracts except to the extent necessary to cover mortality losses under the contracts.

Annuity Reserves

Annuity reserves are developed by using accepted actuarial methods and are computed using the 83 IAM, 1994 MGDB or Annuity 2000 table, depending on the year of issue.

FAIR VALUE OF FINANCIAL INSTRUMENTS

The Separate Account defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, the Separate Account generally uses the market approach as the valuation technique due to the nature of the mutual fund investments offered in the Separate Account. This technique maximizes the use of observable inputs and minimizes the use of unobservable inputs. Investments in mutual funds are valued at the mutual fund’s closing net asset value per share on the day of valuation.

Valuation Inputs: Various inputs are used to determine the value of the Separate Account’s investments. These inputs are summarized in the three broad levels listed below:

•

Level 1 – quoted prices in active markets for identical securities

•

Level 2 – observable inputs other than Level 1 quoted prices (including, but not limited to, quoted prices for similar securities, interest rates, prepayment speeds and credit risk)

•

Level 3 – unobservable inputs

The investments of the Separate Account are measured at fair value. All the investments are categorized as Level 1 as of December 31, 2022. There have been no transfers between levels for the year ended December 31, 2022.

RELATED PARTY TRANSACTIONS

Sales Agreements

Pursuant to separate underwriting agreements with MassMutual, on its own behalf and on behalf of the Separate Account, MML Investors Services, LLC (“MMLIS”) serves as principal underwriter of the contracts sold by its registered representatives, and MML Strategic Distributors, LLC (“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 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.

The contracts are no longer offered for sale. Contract owners may continue, however, to make purchase payments under existing contracts.

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.

F-8

Notes To Financial Statements (Continued)

6. PURCHASES AND SALES OF INVESTMENTS

The cost of purchases and proceeds from sales of investments for each of the years or periods in the two-year period ended December 31, 2022 were as follows:

	Invesco V.I.				Invesco V.I.
	Discovery		Invesco V.I.		Global		MML		MML
	Mid Cap Growth		Global		Strategic Income		Blend		Equity
	Division		Division		Division		Division		Division
2022
Cost of purchases	$	29,951,241	$	15,173,592	$	216,968	$	7,672,692	$	26,627,687
Proceeds from sales		(11,384,447)		(10,177,596)		(1,221,536)		(25,414,731)		(23,247,042)

MML

MML U.S.

Managed

Government

Bond

Money Market

Division

2022 (continued)

Cost of purchases

814,635

2,048,242

Proceeds from sales

(1,521,925)

(2,014,970)

	Invesco V.I.				Invesco V.I.
	Discovery		Invesco V.I.		Global		MML		MML
	Mid Cap Growth		Global		Strategic Income		Blend		Equity
	Division		Division		Division		Division		Division
2021
Cost of purchases	$	16,579,297	$	7,601,045	$	605,503	$	68,017,187	$	6,099,816
Proceeds from sales		(16,701,808)		(13,736,204)		(1,157,216)		(29,288,183)		(26,603,511)

MML

MML U.S.

Managed

Government

Bond

Money Market

Division

2021 (continued)

Cost of purchases

1,550,493

1,373,751

Proceeds from sales

(2,582,080)

(1,909,098)

F-9

Notes To Financial Statements (Continued)

7. NET INCREASE (DECREASE) IN OUTSTANDING UNITS

The changes in outstanding units for each of the years or periods in the two-year period ended December 31, 2022 were as follows:

	Invesco V.I.				Invesco V.I.
	Discovery		Invesco V.I.		Global		MML		MML
	Mid Cap Growth		Global		Strategic Income		Blend		Equity
2022	Division		Division		Division		Division		Division
Units purchased		295,513		192,009		56,182		271,889		400,424
Units withdrawn		(1,399,586)		(1,145,096)		(391,366)		(2,278,736)		(1,970,858)
Units transferred between divisions and to/from General Account		(121,627)		(151,436)		(6,007)		(150,356)		(147,047)
Net increase (decrease)		(1,225,700)		(1,104,523)		(341,191)		(2,157,203)		(1,717,481)

MML

MML U.S.

Managed

Government

Bond

Money Market

2022 (continued)

Division

Units purchased

59,188

197,192

Units withdrawn

(304,748)

(952,035)

Units transferred between divisions and to/from General Account

7,984

738,937

Net increase (decrease)

(237,576)

(15,906)


	Invesco V.I.				Invesco V.I.
	Discovery		Invesco V.I.		Global		MML		MML
	Mid Cap Growth		Global		Strategic Income		Blend		Equity
2021	Division		Division		Division		Division		Division
Units purchased		234,775		237,227		55,978		333,087		428,816
Units withdrawn		(1,502,807)		(1,168,927)		(335,028)		(2,517,934)		(2,135,573)
Units transferred between divisions and to/from General Account		(282,640)		(197,180)		(3,732)		(98,105)		(288,151)
Net increase (decrease)		(1,550,671)		(1,128,880)		(282,781)		(2,282,952)		(1,994,908)

MML

MML U.S.

Managed

Government

Bond

Money Market

2021 (continued)

Division

Units purchased

62,644

376,278

Units withdrawn

(375,206)

(952,706)

Units transferred between divisions and to/from General Account

(23,535)

319,667

Net increase (decrease)

(336,096)

(256,761)

F-10

Notes To Financial Statements (Continued)

8. FINANCIAL HIGHLIGHTS

A summary of units outstanding, unit values, net assets, investment income ratios, expense ratios (excluding expenses of the underlying funds) and total return ratios for each of the years or periods in the five-year period ended December 31, 2022 follows:

		At December 31,								For the Years Ended December 31,
										Investment
			Unit Value³							Income		Expense Ratio²					Total Return³
		Units	(Lowest to Highest)					Net Assets		Ratio¹		(Lowest to Highest)					(Lowest to Highest)
Invesco V.I. Discovery Mid Cap Growth Division⁴
	2022	14,508,807	$			$	6.49	$	94,170,690	-	%		%		1.30	%		%		(31.87)	%
	2021	15,734,508					9.53		149,905,021	-					1.30					17.56
	2020	17,285,180					8.10		140,079,744	0.04					1.30					38.87
	2019	19,414,886					5.84		113,297,678	-					1.30					37.56
	2018	21,601,324					4.24		91,635,575	-					1.30					(7.30)
Invesco V.I. Global Division⁴
	2022	11,088,541					6.72		74,516,141	-					1.30					(32.65)
	2021	12,193,063					9.98		121,653,576	-					1.30					14.00
	2020	13,321,943					8.75		116,595,532	0.70					1.30					25.99
	2019	14,820,580					6.95		102,954,417	0.90					1.30					30.09
	2018	16,576,166					5.34		88,518,710	0.99					1.30					(14.31)
Invesco V.I. Global Strategic Income Division⁴
	2022	2,566,857					2.60		6,672,896	-					1.30					(12.60)
	2021	2,908,049					2.97		8,649,964	4.57					1.30					(4.66)
	2020	3,190,830					3.12		9,955,074	5.82					1.30					2.07
	2019	3,492,081					3.06		10,674,503	3.79					1.30					9.37
	2018	3,888,716					2.79		10,868,296	4.95					1.30					(5.64)
MML Blend Division
	2022	19,414,809		8.55	to		17.51		178,288,367	1.35		0.73		to	1.30		(17.67)		to	(17.20)
	2021	21,572,012		10.39	to		21.15		241,185,310	2.11		0.73		to	1.30		13.54		to	14.19
	2020	23,854,964		9.15	to		18.52		234,775,939	-		0.73		to	1.30		11.41		to	12.05
	2019	26,441,844		8.21	to		16.53		232,931,445	2.42		0.73		to	1.30		19.81		to	20.50
	2018	29,662,205		6.85	to		13.72		218,328,901	2.11		0.73		to	1.30		(5.58)		to	(5.04)
MML Equity Division
	2022	17,774,666		10.47	to		35.46		195,313,165	1.61		0.73		to	1.30		(5.87)		to	(5.34)
	2021	19,492,149		11.12	to		37.46		227,955,845	1.66		0.73		to	1.30		28.58		to	29.31
	2020	21,487,056		8.65	to		28.97		195,353,360	2.31		0.73		to	1.30		1.69		to	2.28
	2019	23,850,325		8.50	to		28.32		213,018,172	2.03		0.73		to	1.30		24.30		to	25.01
	2018	26,338,675		6.84	to		22.66		189,237,032	1.77		0.73		to	1.30		(11.16)		to	(10.65)
MML Managed Bond Division
	2022	2,935,430		4.21	to		9.60		12,852,461	3.09		0.73		to	1.30		(16.10)		to	(15.63)
	2021	3,173,007		5.01	to		11.38		16,558,803	3.13		0.73		to	1.30		(0.49)		to	0.08
	2020	3,509,103		5.04	to		11.37		18,313,931	0.09		0.73		to	1.30		6.32		to	6.93
	2019	3,827,248		4.74	to		10.64		18,807,923	3.67		0.73		to	1.30		8.39		to	9.01
	2018	4,246,858		4.37	to		9.76		19,268,935	3.43		0.73		to	1.30		(1.73)		to	(1.17)
MML U.S. Government Money Market Division
	2022	3,646,403		1.71	to		3.20		6,659,771	1.24		0.73		to	1.30		(0.09)		to	0.48
	2021	3,662,309		1.72	to		3.18		6,625,567	-		0.73		to	1.30		(1.29)		to	(0.73)
	2020	3,919,070		1.74	to		3.20		7,164,559	0.22		0.73		to	1.30		(1.06)		to	(0.50)
	2019	3,634,786		1.76	to		3.22		6,706,503	1.69		0.73		to	1.30		0.40		to	0.97
	2018	3,702,921		1.75	to		3.19		6,786,391	1.33		0.73		to	1.30		0.02		to	0.59

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

F-11

Notes To Financial Statements (Continued)

2	The expense ratios represent the annualized policy expense of the divisions of the Separate Account, consisting primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction of unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying fund have been excluded.
3	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 minimum and maximum expense ratio amounts, some individual contract total returns and unit values are not within the ranges presented.
4	See Note 2 to the financial statements for the previous name of this division.

B.	The Separate Account assesses charges associated with the contract. These charges are either assessed as a direct reduction in unit values, a reduction in the number of units purchased, or through a redemption of units for all contracts contained within the Separate Account.


	Mortality and Expense Risk Charge	This charge is equal, on an annual basis, to 0.73%-1.25% of the daily value of the assets invested in each fund.
	This charge is assessed through reduction of unit values.

	Administrative Expense Charge	This charge is equal, on an annual basis, to 0.00%-0.15% of the daily value of the assets invested in each fund.
	This charge is assessed through reduction of unit values.

	Annual Administrative Charge	$30 - $35 per contract, annually.
	This charge is assessed through the redemption of units.

	Contingent Deferred Sales Charge	0.00% - 11.00%
	This charge is assessed through the redemption of units.

	Sales and Administrative Charges	8.75% for single purchase payment
	This charge is assessed through a reduction in the number of units purchased.	9.00% for periodic purchase payments

SUBSEQUENT EVENTS

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

F-12