# EDGAR Filing Document

**Accession Number:** 0000814848
**File Stem:** 0000814848-26-000025
**Filing Date:** 2026-4
**Character Count:** 899759
**Document Hash:** 4810b149d953b4316573a004b613160a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000814848-26-000025.hdr.sgml**: 20260424

**ACCESSION NUMBER**: 0000814848-26-000025

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 9

**FILED AS OF DATE**: 20260424

**DATE AS OF CHANGE**: 20260424

**EFFECTIVENESS DATE**: 20260501

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERITAS VARIABLE SEPARATE ACCOUNT VA-2
- **CENTRAL INDEX KEY:** 0000814848

**ORGANIZATION NAME:**
- **EIN:** 470098400
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05192
- **FILM NUMBER:** 26894330

**BUSINESS ADDRESS:**
- **STREET 1:** 5900 O ST
- **STREET 2:** C/O AMERITAS LIFE INSURANCE CORP
- **CITY:** LINCOLN
- **STATE:** NE
- **ZIP:** 68510
- **BUSINESS PHONE:** 4024671122

**MAIL ADDRESS:**
- **STREET 1:** 5900 O STREET
- **STREET 2:** P O BOX 81889
- **CITY:** LINCOLN
- **STATE:** NE
- **ZIP:** 68501

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AMERITAS VARIABLE LIFE INSURANCE CO SEPARATE ACCT VA-2
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BANKERS LIFE ASSURANCE CO OF NEBRASKA SEPARATE ACCT VA-2
- **DATE OF NAME CHANGE:** 19881227
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERITAS VARIABLE SEPARATE ACCOUNT VA-2
- **CENTRAL INDEX KEY:** 0000814848

**ORGANIZATION NAME:**
- **EIN:** 470098400
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-206889
- **FILM NUMBER:** 26894329

**BUSINESS ADDRESS:**
- **STREET 1:** 5900 O ST
- **STREET 2:** C/O AMERITAS LIFE INSURANCE CORP
- **CITY:** LINCOLN
- **STATE:** NE
- **ZIP:** 68510
- **BUSINESS PHONE:** 4024671122

**MAIL ADDRESS:**
- **STREET 1:** 5900 O STREET
- **STREET 2:** P O BOX 81889
- **CITY:** LINCOLN
- **STATE:** NE
- **ZIP:** 68501

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AMERITAS VARIABLE LIFE INSURANCE CO SEPARATE ACCT VA-2
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BANKERS LIFE ASSURANCE CO OF NEBRASKA SEPARATE ACCT VA-2
- **DATE OF NAME CHANGE:** 19881227

## Series and Classes Contracts Data

### AMERITAS VARIABLE SEPARATE ACCOUNT VA-2 (Series ID: S000011621)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000162725 | Direction Variable Annuity |  |

---

| | |
|:---|:---|
| Securities Act Registration No. 333-206889 | Securities Act Registration No. 333-206889 |
| Investment Act Registration No. 811-05192 | Investment Act Registration No. 811-05192 |
| UNITED STATES | UNITED STATES |
| SECURITIES AND EXCHANGE COMMISSION | SECURITIES AND EXCHANGE COMMISSION |
| Washington, D.C. 20549 | Washington, D.C. 20549 |
| **FORM N-4** | **FORM N-4** |
| **REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933** |  |
| Pre-Effective Amendment No. | [ ] |
| Post-Effective Amendment No. 18 | [X] |
| **REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940** |  |
| Amendment No. 201 | [X] |
| **<u>(Check appropriate box or boxes.)</u>** | **<u>(Check appropriate box or boxes.)</u>** |
| AMERITAS VARIABLE SEPARATE ACCOUNT VA-2 | AMERITAS VARIABLE SEPARATE ACCOUNT VA-2 |
| (*Registered Separate Account)* | (*Registered Separate Account)* |
| AMERITAS LIFE INSURANCE CORP. | AMERITAS LIFE INSURANCE CORP. |
| *(Insurance Company)* | *(Insurance Company)* |
| 5900 O Street, Lincoln, Nebraska 68510 | 5900 O Street, Lincoln, Nebraska 68510 |
| *(Address of Insurance Company's Principal Executive Offices) (Zip Code)* | *(Address of Insurance Company's Principal Executive Offices) (Zip Code)* |
| 402-467-1122 | 402-467-1122 |
| *(Insurance Company's Telephone Number, including Area Code)* | *(Insurance Company's Telephone Number, including Area Code)* |
| MORGAN B.S. LORENZEN | MORGAN B.S. LORENZEN |
| Second Vice President, Assistant General Counsel | Second Vice President, Assistant General Counsel |
| Ameritas Life Insurance Corp. | Ameritas Life Insurance Corp. |
| 5900 O Street, Lincoln, Nebraska 68510 | 5900 O Street, Lincoln, Nebraska 68510 |
| *(Name and Address of Agent for Service)* | *(Name and Address of Agent for Service)* |
| Approximate Date of Proposed Public Offering: As soon as practicable after effective date ____________________. | Approximate Date of Proposed Public Offering: As soon as practicable after effective date ____________________. |

---

---

| | |
|:---|:---|
| **It is proposed that this filing will become effective:** | **It is proposed that this filing will become effective:** |
| | immediately upon filing pursuant to paragraph (b) |
| X | on May 1, 2026 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:** | **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:** | **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) |

---

---

| | |
|:---|:---|
| <br> Direction Variable Annuity<br> Flexible Premium Deferred Variable Annuity | ![](image_004.jpg) |
| Ameritas Life Insurance Corp. | Ameritas Life |
| Ameritas Variable Separate Account VA-2 | 5900 O Street |
| May 1, 2026 | Lincoln, NE 68510 |

---

***This Policy is no longer available for sale effective March 31, 2025.***

***The features, benefits, and risks are applicable to existing Policy Owners.***

This prospectus describes the Direction Variable Annuity a flexible premium deferred variable annuity (the "Policy"), especially its Registered Separate Account. The Policy is designed to help you, the Policy Owner, invest on a tax-deferred basis and meet long-term financial goals. It provides optional riders for you to select from to meet your particular needs, ask your sales representative or us which of these riders are available in your state. As an annuity, the Policy provides you with several ways to receive regular income from your investment. An initial minimum payment is required. Further investment is optional.

If previously elected as an optional rider, the Policy includes a Waypoint Income Rider that is not available for sale after September 1, 2020. Once activated, it guarantees a series of annualized withdrawals from your Policy, regardless of the Accumulation Value, until the death of the last surviving Covered Person. Policy expenses are higher when the Waypoint Income Rider is activated and if other optional riders are selected.

You may allocate all or part of your Accumulation Value among a variety of Subaccount Variable Investment Options where you have the investment risk, including possible loss of principal. (The Subaccounts are listed in **APPENDIX A: PORTFOLIO COMPANIES AVAILABLE UNDER THE POLICY** ("**APPENDIX A**") of this prospectus.)

You may also allocate all or part of your investment to the Fixed Option also referred to as the Fixed Account which pays a fixed interest rate where we have the investment risk and guarantee a certain return on your investment. The Fixed Account is part of our General Account and is subject to the financial strength and claims paying ability of the Insurance Company.

You may access certain documents relating to the Policy and Subaccounts electronically. Current prospectuses and reports for the Policy and Subaccounts are available on our website, and updated prospectuses are posted on or about May 1 of each year. Prospectuses may be supplemented throughout the year, and copies of all supplements are also available on our website. We post annual reports on our website shortly after March 1 each year.

We may make other documents available to you electronically through the email address that you provide to us. When electronic delivery becomes available, and upon your election to receive information online, we will notify you when a transaction pertaining to your Policy has occurred or a document impacting your Policy or the Subaccounts has been posted. In order to receive your Policy documents online you should have regular and continuous Internet access.

**<u>Please Read this Prospectus Carefully and Keep It for Future Reference</u>.**<br>It provides information you should consider before investing in a Policy.<br>Prospectuses for the portfolios that underlie the Subaccount variable Investment Options are<br> available without charge from your sales representative or from our Service Center.<br>This Policy is a complex investment and involves risks, including potential loss of principal.<br>This Policy is not a short-term investment and is not appropriate for an investor who needs ready access to cash.<br> Withdrawals could result in surrender charges, taxes, and tax penalties, as applicable.<br>**Policy guarantees, which are obligations of the General Account,** <br> **are subject to the financial strength and claims paying ability of the Insurance Company**.<br>

*The Securities and Exchange Commission ("SEC") does not pass upon the accuracy or adequacy of this prospectus, and has not approved or disapproved the Policy. Any representation to the contrary is a criminal offense.*

*Additional information about certain investment products, including variable annuities, has been prepared by the* 

*SEC's staff and is available at investor.gov .*

*This prospectus may only be used to offer the Policy where the Policy may lawfully be sold.*

*The Policy, and certain features described in this prospectus, may not be available in all states.*

*If your Policy is issued as part of a qualified plan under the Internal Revenue Code, refer to any plan documents* 

*and disclosures for information about how some of the benefits and rights of the Policy may be affected.*

 

*No one is authorized to give information or make any representation about the Policy*

*that is not in this prospectus. If anyone does so, you should not rely upon it as being accurate or adequate.*

---

| |
|:---|
| **NOT FDIC INSURED ■ MAY LOSE VALUE ■ NO BANK GUARANTEE** |
| **Ameritas Life Insurance Corp.** *(Insurance Company, we, us, our, Ameritas Life)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Service Center, P.O. Box 81889, Lincoln, Nebraska 68501 800-745-1112 ameritas.com**<br>|

---

**Direction Variable Annuity**<sub>1</sub>

 

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| **TABLE OF CONTENTS** |  | &nbsp;&nbsp; **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| [**DEFINED TERMS**](#Defined_Terms) | &nbsp;&nbsp;**3** | &nbsp;&nbsp; **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| [**OVERVIEW OF THE POLICY**](#Overview) | &nbsp;&nbsp;**4** | &nbsp;&nbsp; **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| [**KEY INFORMATION**](#Key_Information) | &nbsp;&nbsp;**5** | &nbsp;&nbsp; **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| [**FEE TABLE**](#Fee_Table) | &nbsp;&nbsp;**7** | &nbsp;&nbsp; **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| [**PRINCIPAL RISKS OF INVESTING**](#Principal_Risks) | &nbsp;&nbsp;**9** | &nbsp;&nbsp; **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| [**THE_INSURANCE_COMPANY**](#The_Insurance_Company) | &nbsp;&nbsp;**11** | &nbsp;&nbsp; **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| [**FEES AND PAYMENTS RECEIVED**](#Fees_And_Payments) | &nbsp;&nbsp;**11** | &nbsp;&nbsp; **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| [**THE REGISTERED SEPARATE ACCOUNT**](#The_Separate_Account) | &nbsp;&nbsp;**12** | &nbsp;&nbsp; **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| [**VARIABLE OPTIONS**](#a_VARIABLE_OPTIONS) | &nbsp;&nbsp;**12** | &nbsp;&nbsp; **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| [**VOTING RIGHTS**](#Voting_Rights) | &nbsp;&nbsp;**13** | &nbsp;&nbsp; **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| [**THE FIXED ACCOUNT FIXED INTEREST RATE OPTION**](#a_THE_FIXED_ACCOUNT) | &nbsp;&nbsp;**13** | &nbsp;&nbsp; **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| [**CHARGES**](#Charges) | &nbsp;&nbsp;**14** | &nbsp;&nbsp; **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| [**GENERAL DESCRIPTION OF THE POLICY**](#General_Description) | &nbsp;&nbsp;**17** | &nbsp;&nbsp; **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;Policy Rights |  | &nbsp;&nbsp; **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;State Variations |  | &nbsp;&nbsp; **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;Policy Provisions and Limitations |  | &nbsp;&nbsp; **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;General Account |  | &nbsp;&nbsp; **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;Policy or Registrant Changes |  | &nbsp;&nbsp; **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| [**ANNUITY PERIOD**](#Annuity_Period) | &nbsp;&nbsp;**24** | &nbsp;&nbsp; **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| [**BENEFITS AVAILABLE UNDER THE POLICY**](#Benefits) | &nbsp;&nbsp;**26** | &nbsp;&nbsp; **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;Allowable Benefit Rider Combinations |  | &nbsp;&nbsp; **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;Additional Information On Benefits Available Under The Policy |  | &nbsp;&nbsp; **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| [**PURCHASES AND ACCUMULATION VALUE**](#Purchase_Accumulation) | **40** | &nbsp;&nbsp; **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| [**SURRENDERS AND WITHDRAWALS**](#Surrenders_Withdrawals) | &nbsp;&nbsp;**42** | &nbsp;&nbsp; **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| [**TAXES**](#Taxes) | &nbsp;&nbsp;**44** | &nbsp;&nbsp; **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| [**LEGAL PROCEEDINGS**](#Legal_Proceedings) | &nbsp;&nbsp;**45** | &nbsp;&nbsp; **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| [**FINANCIAL INFORMATION**](#Financial_Information) | &nbsp;&nbsp;**45** | &nbsp;&nbsp; **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| [**APPENDIX A: PORTFOLIO COMPANIES AVAILABLE UNDER THE POLICY**](#Appendix_A) | &nbsp;&nbsp;**46** | &nbsp;&nbsp; **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| [**APPENDIX B: TAX-QUALIFIED PLAN DISCLOSURES**](#Appendix_B) | &nbsp;&nbsp;**51** | &nbsp;&nbsp; **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| [**STATEMENT OF ADDITIONAL INFORMATION; REGISTRATION STATEMENT**](#a_STATEMENT_OF_ADDITIONAL) | &nbsp;&nbsp;**57** | &nbsp;&nbsp; **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| [**REPORTS TO YOU**](#a_REPORTS_TO_YOU) | &nbsp;&nbsp;**57** | &nbsp;&nbsp; **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
| &nbsp;&nbsp;&nbsp;FINRA PUBLIC DISCLOSURE PROGRAM |  | &nbsp;&nbsp; **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
|  |  | &nbsp;&nbsp; **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
|  |  | &nbsp;&nbsp; **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
|  |  | &nbsp;&nbsp; **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |
|  |  | &nbsp;&nbsp; **Contacting Us.** To have questions answered or to send additional premiums, contact your sales representative or write or call us at:<br>Ameritas Life Insurance Corp.,<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> OR<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax:<br> 402-467-7923<br> ameritas.com<br> Email: clientservices@ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address.<br>**Remember, the correct form of Written Notice "in good order"** is important for us to accurately process your Policy elections and changes. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need and tell you the information we require.<br>**Written Notice.** To provide you with timely service, we accept some Written Notices by email and fax. However, by not requiring your original signature, there is a greater risk unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge. We are entitled to act upon email and faxed signatures that reasonably appear to us to be genuine.<br>**Make checks payable to:**<br> "Ameritas Life Insurance Corp."<br>Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp. |

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**Direction Variable Annuity**<sub>2</sub>

 

**DEFINED TERMS**

*Defined terms, other than "we, us, our" and "you and your," are shown using initial capital letters in this prospectus.*

**Accumulation Units** are accounting units of measurement used to calculate the Accumulation Value allocated to Subaccounts of the Registered Separate Account. They are similar to shares of a mutual fund. The Policy describes how Accumulation Units are calculated.

**Account Value/Accumulation Value/Policy Value** is the value of the Policy before any applicable surrender charge. On the Maturity Date, the Account Value/Accumulation Value/Policy Value will be used to determine the annuity payments under the annuity option you select.

**Annuitant** is the individual, or individuals if there are joint Annuitants, whose life is used to determine the duration of any annuity payments involving life contingencies. While the Annuitant is alive, and prior to the Maturity Date, you, as Owner, may name a new Annuitant by providing us Written Notice, unless the Owner is not a natural person.

**Attained Age** is age on nearest birthday.

**Beneficiary(ies)** means the person(s) designated to receive any benefits under the Policy upon the death of the Owner or, after annuity income payments begin, the death of the Annuitant.

**Business Day** is each day that the New York Stock Exchange is open for trading.

**Cash Surrender Value** is the Accumulation Value less applicable surrender charges, Policy fees, and any premium tax charge not previously deducted.

**Fixed Account/Fixed Option** is an Investment Option under the Policy pursuant to which the value of the Policy, either during an accumulation period or after annuitization, or both, will earn interest at a rate specified by the Insurance Company, subject to a minimum guaranteed rate under the Policy. It is part of our General Account.

**General Account** is made up of all the general assets of the Insurance Company, other than those in the Registered Separate Account or other segregated accounts.

**Insurance Company, we, us, our, Ameritas Life refers to** Ameritas Life Insurance Corp.

**Investment Options** means collectively the Subaccounts and the Fixed Account. You may allocate Net Premiums and reallocate Account Value among the Investment Options.

**Maturity Date** is the date annuity payments are scheduled to begin. You may change this date, as permitted by the Policy and described in this prospectus. The earliest date that you may choose is three years after your Policy Date.

**Net Premium** is any premium received less any applicable premium taxes.

**Owner, you, your** is you - the person, or persons if there are joint Owners, named in the application or in the latest change for which we receive Written Notice. The Owner may exercise Policy rights, subject to any assignment and to the rights of any irrevocable Beneficiary.

**Policy Date** is the date two Business Days after we receive your application in good order and the initial premium. It is the date used to determine Policy Years, Policy Months and Policy Anniversaries.

**Policy Year/Month/Anniversary** is measured from the respective anniversary dates of this Policy.

**Portfolio Company** is any company in which the Registrant invests and which may be selected as an option by you.

**Pro-Rata** is allocating a dollar amount among the Investment Options in proportion to the Accumulation Value in those Investment Options.

**Registered Separate Account** is a separate investment account established and maintained by us in accordance with Nebraska law and registered in accordance with the Investment Company Act of 1940, as amended.

**Rider Charge Base** is the value used to calculate the monthly Waypoint Income Rider charge for each Policy Month.

**Subaccounts** are the divisions within the Registered Separate Account for which Accumulation Units are separately maintained. Each Subaccount corresponds to a single underlying portfolio. (Also referred to as an Investment Option or Variable Option.)

**Variable Option** is an Investment Option under any Policy pursuant to which the value of the Policy during an accumulation period varies according to the investment experience of a Portfolio Company.

**Written Notice or Request** refers to written notice, signed by you, in good order, and on a form approved by or acceptable to us, that gives us the information we require and is received at Ameritas Life, Service Center, P.O. Box 81889, Lincoln, NE 68501 (or 5900 O Street, Lincoln, NE 68510), by email, or by faxing 402-467-7335. Call us if you have questions about what form or information is required. When notice is permitted and sent to us by email or fax, we have the right to implement the request if the copied or faxed signature appears to be a copy of your genuine original signature.

**Direction Variable Annuity**<sub>3</sub>

**OVERVIEW OF THE POLICY**

The **Direction Variable Annuity** Policy is a flexible premium deferred variable annuity policy designed to help you meet long-term financial goals. The Policy allows you to save and invest your assets on a tax-deferred basis. A feature of the Policy distinguishing it from non-annuity investments is its ability to guarantee annuity payments to you for as long as the Annuitant lives or for some other period you select. In addition, if you die before those payments begin, the Policy will pay a death benefit to your Beneficiary. Many key rights and benefits under the Policy are summarized in this prospectus. You may obtain a copy of the Policy from us. The Policy can be purchased as a tax-qualified or nonqualified annuity. The Policy remains in force until surrendered for its Cash Surrender Value, or until all proceeds have been paid under an annuity income option, as a death benefit, or a benefit under an applicable rider.

The Policy includes optional riders for you to select from to meet your particular needs; not all will be available in all states. Associated charges are discussed in this prospectus' **FEE TABLE** and **CHARGES** sections.

A significant advantage of the Policy is that it provides the ability to accumulate capital on a tax-deferred basis. The purchase of a Policy to fund a tax-qualified retirement account does not provide any additional tax deferred treatment beyond the treatment provided by the tax-qualified retirement plan itself. However, the Policy does provide benefits such as lifetime income payments, family protection through death benefits and guaranteed fees.

The Policy can be used to fund a tax-qualified plan such as an IRA or Roth IRA (including for rollovers from tax-sheltered annuities), SEP, or SIMPLE IRA, Tax-Sheltered Annuities, etc. This prospectus generally addresses the terms that affect a non-tax-qualified annuity. If your Policy funds a tax-qualified plan, read the Qualified Plan Disclosures in this prospectus' **APPENDIX B: TAX-QUALIFIED PLAN DISCLOSURES ("APPENDIX B")** to see how they might change your Policy rights and requirements. Contact us if you have questions about the use of the Policy in these or other tax qualified plans.

The Policy is a deferred annuity: it has an accumulation (or deferral) period and an annuity income period.

***Accumulation Period****.* During the accumulation period, any earnings that you leave in the Policy are not taxed. During this period you can invest additional money into the Policy, transfer amounts among the Investment Options, and withdraw some or all of the value of your Policy. You can allocate your premiums among a wide spectrum of Investment Options. In the Registered Separate Account variable Investment Options you may gain or lose money on your investment. In the Fixed Account option, we guarantee you will earn a fixed rate of interest. **The Investment Options are described on this prospectus' APPENDIX A.** Some restrictions may apply to transfers (especially to transfers into and out of the Fixed Account). Withdrawals may be subject to a withdrawal charge, income tax and a penalty tax.

***Annuity Income Period.*** The accumulation period ends and the annuity income period begins on a date you select or the later of the third Policy Anniversary or the Policy Anniversary nearest the Annuitant's 95<sup>th</sup> birthday. During the annuity income period, we will pay a stream of periodic payments to the Annuitant, unless you specify otherwise. You can select payments that are guaranteed to last for the Annuitant's entire life or for some other period. Some or all of each payment will be taxable. During the annuity income period, you will be unable to make withdrawals, and death benefits and living benefits will terminate.

<u>Guarantees, which are obligations of the General Account are subject to the financial strength and claims paying ability of the Insurance Company.</u>

**Death Benefit**

▪ A standard death benefit is paid upon the death of the Owner unless a different death benefit is payable by means of an optional death
benefit rider.

▪ The standard death benefit is the Accumulation Value if paid before the Maturity Date. After the Maturity Date, no death benefit is
payable, but any remaining proceeds will be paid to the designated annuity benefit payee based on the annuity income option in effect
at the time of death.

**Surrenders and Withdrawals**

You can surrender the Policy in full at any time prior to the Maturity Date for its Cash Surrender Value, or, within limits, withdraw part of the Accumulation Value. Applicable charges are shown in the **FEE TABLE.**

**Withdrawals**

▪ Surrender charges apply to withdrawals from the base Policy for 7 years after premium is received.

▪ Riders with shorter surrender charge schedules are available for an additional charge.

▪ Each year after the first Policy Year you may withdraw 10% of the Accumulation Value without a surrender charge.

▪ Surrender charges may be waived under certain circumstances involving terminal illness or confinement.

▪ Each withdrawal must be at least $250.

**Annuity Income**

Several fixed annuity income options are available.

**Optional Riders**

This Policy allows you the opportunity to select, and pay for, only those variable annuity Policy riders you want by "unbundling" riders that are often incorporated into a base variable annuity Policy. These options are currently only

**Direction Variable Annuity**<sub>4</sub>

available at Policy issue. Certain options may not be available in combination with other options. Some of these riders are not available in some states. For riders not available in your state on the date of your purchase, we may make them available to existing Owners for a limited time after the option becomes available. Each of the options is principally described in **BENEFITS AVAILABLE UNDER THE POLICY** section. More detail concerning fees can be found in the **FEE TABLE**.

**KEY INFORMATION**

*Important Information You Should Consider About the Policy*

---

| | | |
|:---|:---|:---|
| | **Fees, Expenses and Adjustments** | **Location in** <br> **Prospectus** |
| **Are There Charges or Adjustments for Early Withdrawals?** | <br> **Yes.** In general, if you withdraw money from or surrender your Policy, within 7 years following your last premium payment you will be assessed a withdrawal charge. The maximum withdrawal charge is 8% of the premium withdrawn, and the maximum number of years that a withdrawal charge may be assessed since the last premium payment is 7 years. The withdrawal charge is a percentage of each premium payment based on the date each premium is received. Funds are distributed on first-in, first-out basis, for withdrawal charge purpose only. Withdrawal charges can be found in the **FEE TABLE** section.<br>For example, the maximum withdrawal charge during the first Policy Year assuming an Accumulation Value of $100,000, is $8,000. This loss will be greater if there are taxes or tax penalties.<br>Free partial withdrawals are available during the withdrawal charge period, as provided by optional riders, at additional charge. If a withdrawal is made pursuant to a free withdrawal rider in excess of the free withdrawal amount, premiums are withdrawn first and are subject to withdrawal charges.<br>| **[FEE TABLE](#Fee_Table)**<br>**[CHARGES](#Charges)**<br>**[SURRENDERS AND WITHDRAWALS](#Surrenders_Withdrawals)** |
| **Are There Transaction Charges?** | <br> **Yes.** In addition to withdrawal charges, you may be charged for other transactions, such as when you make a premium payment (state premium taxes) or transfer Accumulation Value between Investment Options (Transfer Fee).<br>You will be charged a $14 fee for a wire transfer if you request one. The fee is deducted from the gross amount of the partial withdrawal or surrender.<br>| **[FEE TABLE](#Fee_Table)**<br>**[CHARGES](#Charges)** |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Are There Ongoing Fees and Expenses?** | **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 Policy specifications page for information about the specific fees you will pay each year based on the options you have elected. | **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 Policy specifications page for information about the specific fees you will pay each year based on the options you have elected. | **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 Policy specifications page for information about the specific fees you will pay each year based on the options you have elected. | **[FEE TABLE](#Fee_Table)**<br>**[CHARGES](#Charges)**<br>**[APPENDIX A](#Appendix_A)** |
| **Are There Ongoing Fees and Expenses?** | **ANNUAL FEE** | **MINIMUM** | **MAXIMUM** | **[FEE TABLE](#Fee_Table)**<br>**[CHARGES](#Charges)**<br>**[APPENDIX A](#Appendix_A)** |
| **Are There Ongoing Fees and Expenses?** | Base Policy <sup>(1) (2) (3)</sup> | 1.00% | 1.35% | **[FEE TABLE](#Fee_Table)**<br>**[CHARGES](#Charges)**<br>**[APPENDIX A](#Appendix_A)** |
| **Are There Ongoing Fees and Expenses?** | Base Policy <sup>(3)</sup> | $40 | $50 | **[FEE TABLE](#Fee_Table)**<br>**[CHARGES](#Charges)**<br>**[APPENDIX A](#Appendix_A)** |
| **Are There Ongoing Fees and Expenses?** | Portfolio Company fees and expenses <sup>(4)</sup> | 0.34% | 3.48% | **[FEE TABLE](#Fee_Table)**<br>**[CHARGES](#Charges)**<br>**[APPENDIX A](#Appendix_A)** |
| **Are There Ongoing Fees and Expenses?** | Optional benefits available for an additional charge (for a single optional benefit, if elected) | 0.10% <sup>(5)</sup> | 1.40% <sup>(6)</sup> | **[FEE TABLE](#Fee_Table)**<br>**[CHARGES](#Charges)**<br>**[APPENDIX A](#Appendix_A)** |

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*(1)* *Deducted daily from assets allocated to the Registered Separate Account to equal the annual percentage shown.*

*(2)* *The total of mortality and expense risk charge plus administrative fee.*

*(3)* *An Annual Policy Fee is also withdrawn each Policy Anniversary. The Maximum Annual Policy Fee is $50, and the Minimum Annual Policy Fee is $40. The Annual Policy Fee is waived only in those Policy Years that Accumulation Value is at least $50,000 on a Policy Anniversary.* 

*(4)* *Total operating expenses charged by the portfolio companies before any waivers or reductions.* 

*(5)* *Deducted monthly from Accumulation Value to equal the annual % shown. This charge is the current charge for the least expensive optional benefit, the Return of Premium Death Benefit Rider.*

*(6)* *Charge is determined by applying the percentage to the Rider Charge Base and is deducted during the accumulation and withdrawal phases. Deducted monthly from Accumulation Value to equal the annual % shown. This charge is the current charge for the most expensive optional benefit, the Waypoint Income Rider – Joint Spousal. Not available in qualified employer retirement plans. Available in IRAs (Traditional, Roth, SEP, and SIMPLE) and non-qualified plans.*

**Direction Variable Annuity**<sub>5</sub>

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| | | | |
|:---|:---|:---|:---|
| | **Fees, Expenses, and Adjustments** | **Fees, Expenses, and Adjustments** | **Location in** <br> **Prospectus** |
| **Are There Ongoing Fees and Expenses? (continued)** | <br> Because your Policy is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your Policy, 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 Policy, **which could add surrender charges that substantially increase costs**. | <br> Because your Policy is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your Policy, 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 Policy, **which could add surrender charges that substantially increase costs**. | |
| **Are There Ongoing Fees and Expenses? (continued)** | **Lowest Annual Cost:**<br> **$1,598**<br> Assumes:<br> · Investment of $100,000<br> · 5% annual appreciation<br> · Least expensive combination of Policy Classes and Portfolio Company fees and expenses<br> · No optional benefits<br> · No sales charges<br> · No additional purchase payments, transfers or withdrawals | **Highest Annual Cost:**<br> **$7,829**<br> Assumes:<br> · Investment of $100,000<br> · 5% annual appreciation<br> · Most expensive combination of Policy Classes, optional benefits, and Portfolio Company fees and expenses<br> · No sales charges<br> · No additional purchase payments, transfers or withdrawals | |
| | **Restrictions** | **Restrictions** | |
| **Are There Restrictions on the Investment Options?** | <br> **Yes.** In addition to the right of each Portfolio Company to impose restrictions on excessive trading, we reserve the right to reject or restrict, in our sole discretion, transfers initiated by a market timing organization or individual or other party authorized to give transfer instructions. We further reserve the right to impose restrictions on transfers we determine, in our sole discretion, will disadvantage or potentially hurt the rights or interest of other Policy Owners.<br>Transfers among Subaccounts or the Fixed Account must be at least $250, or the entire Subaccount or Fixed Account if less. The first 15 transfers each Policy Year are free. Thereafter, we charge $10 for each transfer.<br>For Policies issued with the No Surrender Charge Rider, the allocation of any premium to the Fixed Account may not exceed 25% without our prior consent. If our prior consent is not received, we reserve the right to reallocate any excess Fixed Account allocation proportionately to the remaining Investment Options you selected in your latest allocation instructions.<br>A transfer from the Fixed Account (except made pursuant to a systematic transfer program) may be made only once each Policy Year; may be delayed up to six months and is limited during any Policy Year to the greater of 25% of the Fixed Account value on the date of the transfer during that Policy Year, the greatest amount of any non-systematic transfer out of the Fixed Account during the previous 13 months; or $1,000.<br>Ameritas Life reserves the right to remove or substitute portfolio companies as Investment Options that are available under the Policy. | <br> **Yes.** In addition to the right of each Portfolio Company to impose restrictions on excessive trading, we reserve the right to reject or restrict, in our sole discretion, transfers initiated by a market timing organization or individual or other party authorized to give transfer instructions. We further reserve the right to impose restrictions on transfers we determine, in our sole discretion, will disadvantage or potentially hurt the rights or interest of other Policy Owners.<br>Transfers among Subaccounts or the Fixed Account must be at least $250, or the entire Subaccount or Fixed Account if less. The first 15 transfers each Policy Year are free. Thereafter, we charge $10 for each transfer.<br>For Policies issued with the No Surrender Charge Rider, the allocation of any premium to the Fixed Account may not exceed 25% without our prior consent. If our prior consent is not received, we reserve the right to reallocate any excess Fixed Account allocation proportionately to the remaining Investment Options you selected in your latest allocation instructions.<br>A transfer from the Fixed Account (except made pursuant to a systematic transfer program) may be made only once each Policy Year; may be delayed up to six months and is limited during any Policy Year to the greater of 25% of the Fixed Account value on the date of the transfer during that Policy Year, the greatest amount of any non-systematic transfer out of the Fixed Account during the previous 13 months; or $1,000.<br>Ameritas Life reserves the right to remove or substitute portfolio companies as Investment Options that are available under the Policy. | **[PRINCIPAL RISKS OF INVESTING IN THE POLICY](#Principal_Risks)**<br>**[GENERAL DESCRIPTION OF THE POLICY](#General_Description)**<br>**[BENEFITS AVAILABLE UNDER THE POLICY](#Benefits)**<br>**[APPENDIX A](#Appendix_A)**<br>|
| **Are There any Restrictions on Policy Benefits?** | <br> **Yes.** Some optional benefits were available to be elected at Policy issue only. Certain optional benefits limit or restrict the Investment Options that you may select under the Policy. We may change these restrictions in the future. Withdrawals that exceed the limits of an optional benefit rider may affect the availability of the benefit by reducing the benefit, and/or could transition the rider into a new phase automatically. We may discontinue offering, or modify the terms of, optional benefits for new sales at any time.<br>While the Waypoint Income Rider is in force, all Policy Accumulation Value must be allocated to the permitted Investment Options approved for this rider. | <br> **Yes.** Some optional benefits were available to be elected at Policy issue only. Certain optional benefits limit or restrict the Investment Options that you may select under the Policy. We may change these restrictions in the future. Withdrawals that exceed the limits of an optional benefit rider may affect the availability of the benefit by reducing the benefit, and/or could transition the rider into a new phase automatically. We may discontinue offering, or modify the terms of, optional benefits for new sales at any time.<br>While the Waypoint Income Rider is in force, all Policy Accumulation Value must be allocated to the permitted Investment Options approved for this rider. | [**BENEFITS AVAILABLE UNDER THE POLICY**](#Benefits) |
| | **Taxes** | **Taxes** | |
| **What Are the Policy's Tax Implications?** | <br> You should consult with a tax professional to determine the tax implications of an investment in and payments received under this Policy.<br>There is no additional tax benefit if you purchase the Policy through a tax-qualified plan or individual retirement account (IRA).<br>Withdrawals will be subject to ordinary income tax and may be subject to tax penalties. | <br> You should consult with a tax professional to determine the tax implications of an investment in and payments received under this Policy.<br>There is no additional tax benefit if you purchase the Policy through a tax-qualified plan or individual retirement account (IRA).<br>Withdrawals will be subject to ordinary income tax and may be subject to tax penalties. | **[TAXES](#Taxes)**<br>**[APPENDIX B](#Appendix_B)** |

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**Direction Variable Annuity**<sub>6</sub>

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| | | |
|:---|:---|:---|
| | **Conflicts of Interest** | |
| **How Are Investment Professionals Compensated?** | <br> Your representative may receive compensation for selling this Policy to you, both in the form of commissions and additional cash benefits (e.g., bonuses), and non-cash compensation. This conflict of interest may influence your representative to recommend this Policy over another investment for which the representative is not compensated or compensated less. | [**CHARGES**](#Charges) |
| **Should I Exchange My Policy?** | <br> Some representatives may have financial incentive to offer you a new policy in place of the one you already own. You should only exchange your policy if you determine, after comparing the features, fees, and risks of both policies, and any fees or penalties to terminate the existing policy, that it is preferable to purchase the new policy, rather than continue to own your current policy. | [**CHARGES**](#Charges) |

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**FEE TABLE**

The following tables describe the fees and expenses that you will pay when buying, owning, and surrendering or making withdrawals from an Investment Option or from the Policy. Please refer to your Policy specifications page 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 Policy, surrender or make withdrawals from an Investment Option or from the Policy or transfer Policy value between Investment Options. State premium taxes may also be deducted.

***<u>► denotes Base Policy;</u>* <u>❖ *denotes Optional Rider*</u>**

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| | |
|:---|:---|
| **TRANSACTION EXPENSES** | **TRANSACTION EXPENSES** |
| Sales Load Imposed on Purchases | 0% |
| Premium Taxes \* | 3.5% |
| Deferred Sales Load (or Surrender Charge) (as a percentage of amount surrendered) \* | 8% |
| Transfer Fee \* | $10 |
| Wire Transfer Fee (per wire) \* | $14 |

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\* Charges and Fees are more fully explained in the **CHARGES** section.

The next table describes the fees and expenses that you will pay *each year* during the time that you own the Policy (not including Portfolio Company fees and expenses).

If you choose to purchase an optional benefit, you will pay additional charges, as shown below.

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| | | |
|:---|:---|:---|
| **ANNUAL POLICY EXPENSES** | **ANNUAL POLICY EXPENSES** | **ANNUAL POLICY EXPENSES** |
| | **Guaranteed Maximum Fees** | **Current Fees** |
| **ADMINISTRATIVE EXPENSES** <sup>(1, 2)</sup> | $50 | $40 |
| **BASE POLICY EXPENSES** <sup>(3)</sup> | 1.35% | 1.00% |
| **OPTIONAL BENEFIT EXPENSES** <sup>(4)</sup> | **OPTIONAL BENEFIT EXPENSES** <sup>(4)</sup> | **OPTIONAL BENEFIT EXPENSES** <sup>(4)</sup> |
| ❖ **Annual Fees For Optional Withdrawal Charge Riders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;❖ 4-Year Surrender Charge Rider <sup>(5) (6)</sup> | 0.35% | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;❖ No Surrender Charge Rider <sup>(5)</sup> | 0.60% | 0.40% |
| ❖ **Minimum Premium Rider** <sup>(5) (7)</sup> | 0.50% | 0.35% |
| ❖ **Step-Up Death Benefit Rider** <sup>(5)</sup> | 0.50% | 0.25% |
| ❖ **Return of Premium Death Benefit Rider** <sup>(5)</sup> | 0.20% | 0.10% |
| ❖ **Enhanced Death Benefit Rider** <sup>(5)</sup> | 0.40% | 0.30% |
| ❖ **Waypoint Income Rider** <sup>(5) (8)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Single Life | 2.00% | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Joint Spousal | 2.50% | 1.40% |

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*(1)* *Annual Policy Fee waived only in those Policy Years that Accumulation Value is at least $50,000 on a Policy Anniversary.* 

*(2)* *Deducted at the end of the Policy Year or upon a total surrender.* 

*(3)* *Base Policy Expenses include both the mortality and expense charge and administrative fee. These expenses are deducted <u>daily</u> from assets allocated to the Registered Separate Account to equal the annual % shown.* 

*(4)* *Charges are a percentage of Accumulation Value, except for the charge for the Waypoint Income Rider which is a percentage of Rider Charge Base. See "Rider Charge Base" in the **Waypoint Income Rider** section.* 

*(5)* *Deducted monthly to equal the annual percentage shown.* 

*(6)* *10% of the Accumulation Value may be withdrawn each year after the first Policy Year without a surrender charge. Surrender charges may be waived under certain circumstances involving terminal illness or confinement.* 

*(7)* *Waived in all years after waiver threshold of $25,000 is met on a Policy Anniversary.* 

*(8)* *Charge is determined by applying the percentage to the Rider Charge Base and is deducted during the accumulation and withdrawal phases.* 

**Direction Variable Annuity**<sub>7</sub>

The next item shows the minimum and maximum total operating expenses charged by the Portfolio Companies that you may pay periodically during the time that you own the Policy. Expenses shown may change over time and may be higher or lower in the future. A complete list of Portfolio Companies available under the Policy, including their annual expenses may be found at the back of this document.

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| | | |
|:---|:---|:---|
| **<u>Annual Portfolio Company Expenses</u>** | **<u>Minimum</u>** | **<u>Maximum</u>** |
| Expenses that are deducted from Portfolio Company assets, including management fees, distribution and/or service (12b-1) fees, and other expenses. \* | 0.34% | 3.48% |

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*\** *Before any waivers and reductions.*

**EXAMPLE**

This Example is intended to help you compare the cost of investing in the Variable Options with the cost of investing in other variable annuity policies that offer variable options. These costs include transaction expenses, annual Policy expenses, and Annual Portfolio Company Expenses.

The Example assumes that you invest $100,000 in the Policy 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 Portfolio Company Expenses and optional benefits available for an additional charge. Note that the Example assumes a $50 guaranteed maximum Policy fee for purposes of the first three examples listed ("*surrender*," "*annuitize*," "*do not surrender*") even though this fee currently would not be charged on a $100,000 Policy. Minimum Policy Expenses listed do <u>not</u> include the $50 Policy fee. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| If you *surrender* your Policy at the end of the applicable time period: | <u>1 year</u> | <u>3 years</u> | <u>5 years</u> | <u>10 years</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Base Policy with highest combination of expenses <sup>(1)</sup> | $16548 | $32614 | $47191 | $80774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Four-Year Surrender Charge Rider <sup>(2)</sup> | $13790 | $24432 | $28418 | $55541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Surrender Charge Rider <sup>(3)</sup> | $6031 | $17882 | $29457 | $57223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Base Policy minimum expenses <sup>(4)</sup> | $9355 | $11324 | $12566 | $15978 |

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| | | | | |
|:---|:---|:---|:---|:---|
| If you *annuitize* at the end of the applicable time period: | <u>1 year</u> | <u>3 years</u> | <u>5 years</u> | <u>10 years</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Base Policy with highest combination of expenses <sup>(1)</sup> | $8548 | $25321 | $41673 | $80774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Four-Year Surrender Charge Rider <sup>(2)</sup> | $5790 | $17210 | $28418 | $55541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Surrender Charge Rider <sup>(3)</sup> | $6031 | $17882 | $29457 | $57223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Base Policy minimum expenses <sup>(4)</sup> | $1355 | $4213 | $7282 | $15978 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| If you *do not surrender* your Policy: | <u>1 year</u> | <u>3 years</u> | <u>5 years</u> | <u>10 years</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Base Policy with highest combination of expenses <sup>(1)</sup> | $8548 | $25321 | $41673 | $80774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Four-Year Surrender Charge Rider <sup>(2)</sup> | $5790 | $17210 | $28418 | $55541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Surrender Charge Rider <sup>(3)</sup> | $6031 | $17882 | $29457 | $57223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Base Policy minimum expenses <sup>(4)</sup> | $1355 | $4213 | $7282 | $15978 |

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*(1)* *This example assumes maximum charges of 1.35% for Registered Separate Account annual expenses; a $50 guaranteed maximum annual policy fee; 3.90% for the maximum combination of optional rider charges (2.50% for the Waypoint Income Rider – joint spousal; 0.50% for the Minimum Premium Rider; 0.40% for the Enhanced Death Benefit Rider; and 0.50% for the Step-Up Death Benefit Rider); plus the maximum fees and expenses before any waivers or reductions of any of the portfolio companies (3.48%).* 

*(2)* *This example assumes maximum charges of 1.35% for Registered Separate Account annual expenses; a $50 guaranteed maximum annual policy fee; 1.05% for the maximum combination of optional rider charges (0.35% for the Four-Year Surrender Charge Rider; 0.50% for the Minimum Premium Rider; and 0.20% for the Return of Premium Death Benefit Rider); plus the maximum fees and expenses before any waivers or reductions of any of the portfolio companies (3.48%).* 

*(3)* *This example assumes maximum charges of 1.35% for Registered Separate Account annual expenses; a $50 guaranteed maximum annual policy fee; 1.30% for the maximum combination of optional rider charges (0.60% for the No Surrender Charge Rider; 0.50% for the Minimum Premium Rider; and 0.20% for the Return of Premium Death Benefit Rider); plus the maximum fees and expenses before any waivers or reductions of any of the portfolio companies (3.48%).* 

*(4)* *This example assumes current charges of 1.00% for Registered Separate Account annual expenses; no riders; no annual policy fee (based on a $100,000 Policy); plus the minimum fees and expenses after any waivers or reductions of any of the portfolio companies (0.34%).* 

**Direction Variable Annuity**<sub>8</sub>

**PRINCIPAL RISKS OF INVESTING IN THE POLICY**

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| |
|:---|
| **Market Risk**<br> Your Account Value will fluctuate with the performance of the Investment Options you choose. You assume the risk that your Account Value may decline or not perform to your expectations. Each underlying portfolio has various and unique investment risks and some have greater risks than others. If you are also invested in the Fixed Account, interest rates may also vary or not perform to your expectations.<br>There is no assurance that any underlying portfolio will meet its objectives. You should review the available Investment Options before making an investment decision. **Prospectuses for Investment Options are available at our website,** **ameritas.com/investments/fund-prospectuses** **or by calling 800-745-1112.**<br>|
| **Early Withdrawal Risk**<br> ***The Policy is unsuitable for short-term savings and is subject to investment risk, including the loss of principal*.** This Policy is not considered a short-term investment because of the 7-year surrender charge and the possibility for a tax penalty at the time of surrender. You should evaluate the Policy's long-term investment potential and risks before purchasing a Policy. You should purchase a Policy only if you have the financial capability and the intent to keep the Policy in force for a substantial period of time.<br>|
| **Fixed Account Risks**<br> The Fixed Account is part of the General Account of Ameritas Life Insurance Corp. The obligations of the General Account including any interest credited to the Fixed Account, and any guaranteed benefits we may provide under the Policy that exceed the value of the amounts held in the Registered Separate Account, are subject to the claims of our creditors, the financial strength and the claims paying ability of the Insurance Company. The General Account is not a bank account and it is not insured by the FDIC or any other government agency.<br>|
| **Insurance Company Risks**<br> Ameritas Life has sole legal responsibility to pay amounts that are owed under the annuity. You should look to the financial strength of Ameritas Life for its claims-paying ability. We are also exposed to risks related to natural and human-made disasters or other events, including (but not limited to) earthquakes, fires, floods, storms, epidemics and pandemics (such as COVID-19), terrorist acts, civil unrest, malicious acts and/or other events that could adversely affect our ability to conduct business. The risks from such events are common to all insurers. To mitigate such risks, we have business continuity plans in place that include remote workforces, remote system and telecommunication accessibility, and other plans to ensure availability of critical resources and business continuity during an event. Such events can also have an adverse impact on financial markets, U.S. and global economies, service providers, and Fund performance for the portfolios available through your Policy. There can be no assurance that we, the Funds, or our service providers will avoid such adverse impacts due to such event and some events may be beyond control and cannot be fully mitigated or foreseen.<br>|
| **Policy Changes Risk**<br> We do not control the Subaccounts' underlying portfolios, so we cannot guarantee that any of the portfolios will always be available.<br>We retain the right to change the investments of the Registered Separate Account, and to eliminate the shares of any Subaccount's underlying portfolio and substitute shares of another series fund portfolio, if the shares of an underlying portfolio are no longer available for investment or if, in our judgment, investment in the portfolio would be inappropriate in view of the purposes of the Registered Separate Account. We may add new Registered Separate Account underlying portfolios, or eliminate existing underlying portfolios, when, in our sole discretion, conditions warrant a change. In all of these situations, we will receive any necessary SEC and state approval before making any such change.<br>We will notify you of any changes to the variable Investment Options.<br>|
| **Surrender Risks**<br> Upon a full surrender from your Policy, we deduct a withdrawal charge, if applicable, from the total Accumulation Value. Withdrawal charges apply for up to 7 years after your last premium payment. Depending on your Accumulation Value and the time at which you are considering surrender, there may be little or no Cash Surrender Value payable to you. Following a full surrender of the Policy, or at any time the Accumulation Value is zero, all of your rights in the Policy end. A surrender before age 59 ½ may also result in tax penalties.<br>|
| **Partial Withdrawal Risks**<br> Upon a partial withdrawal from your Policy, we will deduct a withdrawal charge, if applicable. This fee will be deducted from the Investment Options and in the same allocation as your partial withdrawal allocation instruction; if that is not possible (due to insufficient value in one of the Investment Options you elect) or you have not given such instructions, we will deduct this fee on a Pro-Rata basis from balances in all Subaccounts and the Fixed Account. Partial withdrawals may reduce the amount of the death benefit. Taxes and tax penalties may apply.<br>|

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**Direction Variable Annuity**<sub>9</sub>

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| |
|:---|
| **Limitations on Access to Cash Value**<br> We limit partial withdrawals to amounts not less than $250 and require you to have not less than $1,000 in remaining Cash Surrender Value. We will usually pay any amounts requested as a full surrender or partial withdrawal from the Registered Separate Account within 7 days after we receive your Written Notice. We can postpone payments or any transfers out of a Subaccount if: (i) the New York Stock Exchange (NYSE) is closed for other than customary weekend and holiday closings; (ii) trading on the NYSE is restricted; (iii) an emergency exists as determined by the SEC; or (iv) the SEC permits delay for the protection of security holders. We may defer payments of a full or partial surrender or a transfer from the Fixed Account for up to six months from the date we received your Written Notice requesting the surrender after we request and receive approval from the department of insurance of the State where the Policy is delivered. The applicable rules of the SEC will govern as to whether the conditions in (iii) or (iv) exist.<br>|
| **Waypoint Income Rider Risks**<br> For Policies issued on or after September 1, 2020, the Waypoint Income Rider is not available to be elected at issue or added after issue. The Waypoint Income Rider benefit does not guarantee the Policy Value at any time. If the Waypoint Income Rider is elected, it guarantees the ultimate withdrawal benefit, NOT the Policy Value.<br>While the Waypoint Income Rider is in force, all of your Policy's Accumulation Value must be allocated to the permitted Investment Options approved for use with this rider. See **Appendix A** for allocation limitations relating to the Waypoint Income Rider. You may transfer your Policy's Accumulation Value between the permitted Investment Options; however, any transfer of your Policy's Accumulation Value to an Investment Option that is not a permitted Investment Option will result in termination of the Waypoint Income Rider.<br>Although these Investment Options are intended to mitigate investment risk, there is a risk that investing pursuant to a permitted Investment Option will still lose value. For information about risks related to, and more detail about the permitted Investment Options, including more information about conflicts of interest, see the prospectuses for the underlying Investment Options. We reserve the right to change at any time the permitted Investment Options and/or place additional restrictions on the number of Investment Options that you are allowed to select, or the percentages you may allocate to each Investment Option while the Waypoint Income Rider is in force. <br>**The Waypoint Income Rider will terminate if you allocate any portion of your Policy's Accumulation Value or subsequent premium payment to an Investment Option that is inconsistent with the permitted Investment Options.**<br>|
| **Transfer Risks**<br> There is a risk that you will not be able to transfer your Account Value from one Investment Option to another because of limits on the dollar amount or frequency of transfers you can make which the portfolio companies impose. We are required to restrict or prohibit transfer by Policy Owners identified as having engaged in transactions that violate fund trading policies. You should read each Portfolio Company's prospectus for further details. Limitations on transfers out of the Fixed Account are more restrictive than those that apply to transfers out of the Subaccounts.<br>To discourage disruptive frequent trading activity, we impose restrictions on transfers (see **GENERAL DESCRIPTION OF THE POLICY**/**Disruptive Trading Procedures** section) and reserve the right to change, suspend or terminate telephone, fax and Internet transaction privileges (See **GENERAL DESCRIPTION OF THE POLICY**/**Transfers** section). In addition, we reserve the right to take other actions at any time to restrict trading, including, but not limited to: (i) restricting the number of transfers made during a defined period, (ii) restricting the dollar amount of transfers, and (iii) restricting transfers into and out of certain Subaccounts. We also reserve the right to defer a transfer at any time we are unable to purchase or redeem shares of the underlying portfolio.<br>While we seek to identify and prevent disruptive frequent trading activity, it may not always be possible to do so. *Therefore, no assurance can be given that the restrictions we impose will be successful in preventing all disruptive frequent trading and avoiding harm to long-term investors.*<br>|
| **Potential for Increased Charges**<br> The actual charges deducted are current charges on your Policy. However, we have the right to increase those charges at any time up to the guaranteed maximum charges as stated in your Policy.<br>|
| **Market Timing Risks**<br> Investments in variable annuity products can be a prime target for abusive transfer activity because these products value their Subaccounts on a daily basis and allow transfers among Subaccounts without immediate tax consequences. As a result, some investors may seek to frequently transfer into and out of Subaccounts in reaction to market news or to exploit a perceived pricing inefficiency. Whatever the reason, long-term investors in a Subaccount can be harmed by frequent transfer activity since such activity may expose the Investment Option's underlying portfolio to increased portfolio transaction costs and/or disrupt the portfolio manager's ability to effectively manage the portfolio's investments in accordance with the portfolio's investment objectives and policies, both of which may result in dilution with respect to interests held for long-term investment.<br>|

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**Direction Variable Annuity**<sub>10</sub>

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| |
|:---|
| **Termination Risks**<br> Ameritas Life has the right to terminate the Policy if the Accumulation Value is less than $1,000 and no premiums have been paid in 24 months (does not apply to IRAs). Also, it is possible that either through low investment returns or interest credited to the Fixed Account, there may not be sufficient Accumulation Value to cover any applicable Policy fees. If this happens, the Policy Owner may need to add premium either to meet the 24 month rule, or to keep the Accumulation Value positive.<br>|
| **Tax Risks**<br> Federal income tax laws may affect your investment in your Policy. This discussion is based on our understanding of current laws as interpreted by the Internal Revenue Service ("IRS"). This prospectus is NOT intended as tax advice. All information is subject to change without notice. We make no attempt to review any state or local laws, or to address estate or inheritance laws or other tax consequences of annuity ownership or receipt of distributions. You should consult a competent tax adviser to learn how tax laws apply to your annuity interests.<br>Withdrawals are included in gross income to the extent of any allocable income. Any amount in excess of the investment in the Policy is allocable to income. In addition, a 10% penalty may apply.<br>A death benefit paid under the Policy may be taxable income to the Beneficiary. The rules on taxation of an annuity apply. Estate taxes may also apply to your estate, even if all or a portion of the benefit is subject to federal income taxes.<br>|
| **Cybersecurity Risk**<br> We are at risk for cyber security failures or breaches of our information and processing systems and the systems of our business partners that could have negative impacts on you. These impacts include, but are not limited to, potential financial losses under your Policy, your inability to conduct transactions under your Policy, our inability to calculate your Policy's values, and the disclosure of your personal or confidential information.<br>|
| **Restrictions on Financial Transactions**<br> Applicable laws designed to counter terrorism and prevent money laundering might, in certain circumstances, require us to reject a premium payment and/or block or "freeze" your Policy. If these laws apply in a particular situation, we would not be allowed to process any request for withdrawals, surrenders, or death benefits, make transfers, or continue making payments under your death benefit option until instructions are received from the appropriate regulator. We also may be required to provide additional information about you or your Policy to government regulators.<br>|
| **Other Matters** <br> Pandemics and their related major public health issues have a major impact on the global economy and financial markets. Governmental and non-governmental organizations may not effectively combat the spread and severity of such a pandemic, increasing its harm to Ameritas Life. Any of these events could materially adversely affect the Company's operations, business, financial results, or financial condition. |

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**THE INSURANCE COMPANY**

The **Direction Variable Annuity** Policy is offered and issued by Ameritas Life Insurance Corp. (the "Insurance Company"), 5900 O Street, Lincoln, Nebraska 68510. The Insurance Company is obligated to pay all amounts promised to investors under the Policies, subject to its financial strength and claims-paying ability.

**FEES AND PAYMENTS RECEIVED**

The Company receives certain fees and payments from both the funds and the fund companies.

The Company and its affiliate, Ameritas Investment Company, LLC, receive compensation from certain underlying funds pursuant to Rule 12b-1 under the 1940 Act for performing defined services and incurring certain expenses in promoting and distributing the underlying funds. This compensation varies and is paid out of the underlying fund's assets and is as much as 0.25% of the average net assets of the underlying fund that are attributable to the variable life insurance products issued by us that offer the particular fund (the Company's variable policies). The payment of Rule 12b-1 fees by the underlying fund increases the cost of investment in the Subaccount, as the payment of Rule 12b-1 fees results in a lower net asset value per share.

Information regarding investment advisory fees, expenses, and Rule 12b-1 fees are described in more detail in each fund's prospectus.

In addition, the Company receives negotiated payments from certain fund companies for providing services for the fund including, but not limited to, the maintenance of books and records, purchase and redemption orders, fund-related policy owner services, and other administrative support.

**Direction Variable Annuity**<sub>11</sub>

**Conflicts of Interest**

Certain funds in our Separate Accounts have 12b-1 fees and other negotiated payment arrangements, which create a conflict of interest for the Company. The 12b-1 fees and other negotiated payments vary by fund and fund company. When deciding to include a class of shares of a fund as an investment option under the Policy, we consider such fees and payments in addition to a number of factors including, but not limited to, the internal structure of our products as well as a fund's investment strategy, asset class, manager's reputation, and performance. Before a fund can be added to the Separate Account as an available investment option, the fund must undergo review and approval by an internal oversight committee. This committee evaluates whether a fund is an appropriate investment option within the Separate Account based on established criteria with due consideration for potential conflicts of interest, and all applicable laws, rules and regulations. Other funds (or share classes) not offered may have lower fees and better performance than the funds offered under the Policy.

**THE REGISTERED SEPARATE ACCOUNT**

The Registrant is Ameritas Variable Separate Account VA-2 (the "Registered Separate Account"). The Registered Separate Account is registered with the SEC as a unit investment trust. However, the SEC does not supervise the management or the investment practices or policies of the Registered Separate Account or the Insurance Company. Under Nebraska law, income, gains, and losses credited to or charged against, the Separate Account reflect the Separate Account's own investment experience and not the investment experience of the Insurance Company's other assets. The assets of the Separate Account may not be used to pay any liabilities of the Insurance Company other than those arising from the Policies. The Insurance Company is obligated to pay all amounts promised to investors under the Policies. Any and all distributions made by the underlying portfolios, with respect to the shares held by the Registered Separate Account, will be reinvested in additional shares at net asset value. We are responsible to you for meeting the obligations of the Policy, but we do not guarantee the investment performance of any of the variable Investment Options' underlying portfolios. We do not make any representations about their future performance.

The Registered Separate Account provides you with variable Investment Options in the form of underlying portfolio investments. Each underlying portfolio is an open-end investment management company. When you allocate investments to an underlying portfolio, those investments are placed in a Subaccount of the Registered Separate Account corresponding to that portfolio, and the Subaccount in turn invests in the portfolio. The Accumulation Value of your Policy depends directly on the investment performance of the portfolios that you select.

**VARIABLE OPTIONS**

The Policy allows you to choose from a wide array of Investment Options – each chosen for its potential to meet specific investment objectives.

**The underlying portfolios in the Registered Separate Account are NOT publicly traded mutual funds and are NOT the same as other publicly traded mutual funds with very similar names.** The portfolios are only available as Registered Separate Account Investment Options in life insurance or variable annuity policies issued by insurance companies, or through participation in certain qualified pension or retirement plans.

Even if the Investment Options and policies of some underlying portfolios available under the Policy may be very similar to the investment objectives and policies of publicly traded mutual funds that may be managed by the same investment adviser, the investment performance and results of the portfolios available under the Policy may vary significantly from the investment results of such other publicly traded mutual funds.

You may allocate all or a part of your premiums among the Registered Separate Account variable Investment Options or the Fixed Account fixed interest rate option. Allocations must be in whole percentages and total 100%.

Information regarding each Portfolio Company, including (i) its name; (ii) its objective; (iii) its investment adviser and any sub-investment advisers; (iv) current expenses; and (v) performance, is found in **APPENDIX A.** Each Portfolio Company has issued a prospectus that contains more detailed information about the Portfolio Company. You may obtain paper copies of the prospectuses at no cost by calling our Service Center at 800-745-1112 or by sending an email request to alictd@ameritas.com.

You may also view the prospectuses on our website at ameritas.com/investments/fund-prospectuses.

**The value of your Policy will increase or decrease based on the investment performance of the variable Investment Options you choose.** The investment results of each variable Investment Option are likely to differ significantly and vary over time. They do not earn a fixed interest rate. Please consider carefully, and on a continuing basis, which Investment Options best suit your long-term investment objectives and risk tolerance.

<u>You bear the risk that the variable Investment Options you select may fail to meet their objectives,</u>

<u>that they could decrease in value, and that you could lose principal. There is a risk of loss of the entire amount invested.</u> 

**Direction Variable Annuity**<sub>12</sub>

Each Subaccount's underlying portfolio operates as a separate variable Investment Option, and the income or losses of one generally have no effect on the investment performance of any other. Restrictions and other material information related to an investment in the variable Investment Options are contained in the prospectuses for each of the underlying portfolios.

The portfolios are designed primarily as investments for variable annuity and variable life insurance policies issued by insurance companies. They are <u>not</u> publicly traded mutual funds available for direct purchase by you. ***There is no assurance the investment objectives will be met*.**

An investment in money market funds is neither insured nor guaranteed by the U.S. Government. There can be no assurance that the funds will be able to maintain a stable net asset value of $1.00 per share.

**VOTING RIGHTS**

As a Policy Owner, you may have voting rights in the portfolios whose shares underlie the Subaccounts in which you invest. You will receive proxy material and have access to reports and other materials relating to each underlying portfolio in which you have voting rights. If you send us written voting instructions, we will follow your instructions in voting the Portfolio shares attributable to your Policy in the same proportions as we vote the shares for which we have received instructions from other Policy Owners. If you do not send us written instructions, we will vote those shares in the same proportions as we vote the shares for which we have received instructions from other Policy Owners. We will vote shares that the Insurance Company beneficially holds in the same proportions as we vote the shares for which we receive instructions from other Policy Owners, this is known as "proportionate voting." As a result of proportionate voting, a small number of Policy Owners could determine the outcome of a shareholder vote. The underlying portfolios may not hold routine annual shareholder meetings.

**THE FIXED ACCOUNT FIXED INTEREST RATE OPTION**

There is one fixed interest rate option (the "Fixed Account"), where we bear the investment risk. You will earn an interest rate of at least 0.25%, compounded annually, however your guaranteed minimum interest rate as shown on the schedule attached to your Policy may be larger. The initial declared interest rate is shown on the Policy schedule and is guaranteed for 12 months from the Policy Date. Each declared interest rate after the initial guarantee period will be guaranteed for 12 months. The declared interest rates that will be periodically declared will never be less than the guaranteed minimum interest rate shown on the Policy schedule. We may declare a higher current interest rate. However, you bear the risk that we will not credit more interest than will yield the minimum guaranteed rate per year for the life of the Policy. The Insurance Company sets the interest rate which is not tied to a benchmark or other formula. We credit interest daily in the Fixed Account and guarantee a declared rate for a 1-year term. The declared interest rate is credited for 12 months from the date of a payment. The same payment will receive a renewal interest rate for another 12-month period following the renewal date. Unless reallocation instructions are received, amounts remain invested in the Fixed Account. *You may obtain information for the declared interest rate or the renewal interest rate at no cost, or you may transfer Policy Value, by calling 800-745-1112, by sending an email request to alictd@ameritas.com or by contacting your financial professional*

We have sole discretion over how assets allocated to the Fixed Account are invested, and we bear the risk that those assets will perform better or worse than the amount of interest we have declared.

The value of the Fixed Account, along with the value in the Registered Separate Account variable Investment Options, constitute the total Accumulation Value. There are no mortality and expense risk charges deducted from the Fixed Account, unlike as are deducted from value in the Registered Separate Account variable Investment Options. Decreases in the Fixed Account value, as a result of Transfer, Systematic Transfer Programs, and partial withdrawals, because they affect Policy Value, could result in your Policy or riders being canceled as described in the **Minimum Accumulation Value** section. See **POLICY PROVISIONS AND LIMITATIONS.** Additional information regarding how the value of the Fixed Account is calculated may be found under the **PURCHASES AND POLICY VALUE** section.

The Fixed Account is not an available Investment Option for Policies with the Waypoint Income Rider.

For Policies issued with the No Surrender Charge Rider, the allocation of any premium to the Fixed Account may not exceed 25% without our prior consent. If our prior consent is not received, we reserve the right to reallocate any excess Fixed Account allocation proportionately to the remaining Investment Options you selected in your latest allocation instructions.

Information regarding the features of the currently offered Fixed Option, including (i) its name, (ii) its term, and (iii) its minimum guaranteed interest rate, is available in **APPENDIX A**.

**Direction Variable Annuity**<sub>13</sub>

**Fixed Account Transfer Limitations**

▪ A transfer from the Fixed Account (except made pursuant to a systematic transfer program):

- may be made only once each Policy Year;

- may be delayed up to six months;

- is limited during any Policy Year to the greater of:

- 25% of the Fixed Account value on the date of the transfer during that Policy Year;

- the greatest amount of any non-systematic transfer out of the Fixed Account during the previous 13 months; or

- $1,000.

▪ The amount transferred into the Fixed Account in any Policy Year cannot exceed 25% of the total value of all Subaccounts in which
you are invested as of the last Policy Anniversary. Prior to the first Policy Anniversary, the last Policy Anniversary is the date the
first transfer is made into the Fixed Account. Systematic transfers into the Fixed Account are not included in this restriction. Subject
to our consent, if your balance in a Subaccount is less than $1,000, you may transfer that amount into the Fixed Account.

For a Policy issued with a No Surrender Charge Rider, the amount transferred into the Fixed Account within any Policy Year (except made pursuant to a systematic transfer program) may not exceed 10% of the Accumulation Value of all Subaccounts as of the most recent Policy Anniversary, unless the remaining value in any single Subaccount would be less than $1,000, in which case you may elect to transfer the entire value of that Subaccount to the Fixed Account. Prior to the first Policy Anniversary, the most recent Policy Anniversary is the date the first transfer is made into the Fixed Account.

▪ We reserve the right to further restrict transfers to the Fixed Account provided that we provide notice to you no less than 30 days
prior to the date the restriction becomes effective.

▪ We reserve the right to limit transfers, or to modify transfer privileges, and we reserve the right to change the transfer rules at
any time.

Transfers and Systematic Transfer Programs involving the Fixed Account may be limited to the terms defined in the **Transfers, Dollar Cost Averaging, Portfolio Rebalancing** and **Earnings Sweep** sections. See the **POLICY PROVISIONS AND LIMITATIONS** subsection.

We reserve the right to credit an interest rate higher than that of the Fixed Account to premium payments designated for participation in the Enhanced Dollar Cost Averaging ("EDCA") program. The EDCA program differs from the Dollar Cost Averaging systematic transfer program, which is described in the Systematic Transfer Program section. The EDCA program will be available for premium only, not transfers from Subaccounts or the Fixed Account. Each premium allocated to the EDCA program must be at least $1,500. Until all premiums designated for participation in the EDCA program are received, amounts will remain in the Fixed Account and will receive the current interest rate declared for the Fixed Account.

We transfer premium allocated to the EDCA program monthly over a period of six months, beginning one month after the date we receive all premium designated for participation in the EDCA program. In the event you withdraw or transfer monies allocated to the EDCA program, we will stop crediting interest under the EDCA program and transfer any remaining balance proportionately to the remaining Investment Options you selected in your latest allocation instructions.

We reserve the right to discontinue offering the EDCA program at any time.

We may allow you to participate in subsequent EDCA program periods. If you are currently participating in an EDCA program period, you may not designate additional premium for participation in a subsequent EDCA program period until the current EDCA program period has ended.

All amounts allocated to the Fixed Account become assets of our General Account and are subject to the Insurance Company's claims paying ability. You should look solely to the financial strength of the Insurance Company for its claims-paying ability. Funds invested in the Fixed Account have not been registered and are not required to be registered under the Securities Act of 1933. The Fixed Account is not required to register as an investment company under the Investment Company Act of 1940 and is not registered as an investment company under the Investment Company Act of 1940. The Fixed Account is subject to generally applicable provisions of the federal securities laws regarding the accuracy and completeness of disclosures.

Refer to the Policy for additional details regarding the Fixed Account.

**CHARGES**

**We may increase Current Fees, but we guarantee that each Current Fee will never exceed the corresponding Guaranteed Maximum Fee.**

The following adds to information provided in the **FEE TABLE** section. Please review both prospectus sections for information on charges.

**Direction Variable Annuity**<sub>14</sub>

**TRANSACTION EXPENSES**

**<u>Premium Taxes</u>**

Some states and municipalities levy a tax on annuities, currently ranging from 0% to 3.5% of your premiums. These tax rates, and the timing of the tax, vary and may change. Presently, we deduct the charge for the tax in those states with a tax either (a) from premiums as they are received, or (b) upon applying proceeds to an annuity income option. No charges are currently made for taxes other than premium taxes. We reserve the right to levy charges in the future for taxes or other economic burdens resulting from taxes that we determine are properly attributable to the Registered Separate Account.

**<u>*► denotes Base Policy;* ❖ *denotes Optional Rider*</u>**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **TRANSACTION EXPENSES** | **TRANSACTION EXPENSES** | **TRANSACTION EXPENSES** | **TRANSACTION EXPENSES** | **TRANSACTION EXPENSES** | **TRANSACTION EXPENSES** | **TRANSACTION EXPENSES** | **TRANSACTION EXPENSES** | **TRANSACTION EXPENSES** |
| | **Guaranteed Maximum Withdrawal Charges** | **Guaranteed Maximum Withdrawal Charges** | **Guaranteed Maximum Withdrawal Charges** | **Guaranteed Maximum Withdrawal Charges** | **Guaranteed Maximum Withdrawal Charges** | **Guaranteed Maximum Withdrawal Charges** | **Guaranteed Maximum Withdrawal Charges** | **Guaranteed Maximum Withdrawal Charges** |
| **DEFERRED SALES LOAD (OR SURRENDER CHARGE) <sup>(12)</sup>** | Completed years since receipt of premium: | Completed years since receipt of premium: | Completed years since receipt of premium: | Completed years since receipt of premium: | Completed years since receipt of premium: | Completed years since receipt of premium: | Completed years since receipt of premium: | Completed years since receipt of premium: |
| *(deducted as a % of each premium withdrawn)* | **1** | **2** | **3** | **4** | **5** | **6** | **7** | **8** |
| ► 7-Year Base Policy Withdrawal Charge | 8% | 8% | 8% | 7% | 6% | 5% | 4% | 0% |
| ❖ 4-Year Surrender Charge Rider | 8% | 8% | 8% | 7% | 0% | 0% | 0% | 0% |
| ❖ No Surrender Charge Rider | 0% | - | - | - | - | - | - | - |
|  | **Guaranteed Maximum Fees** | **Guaranteed Maximum Fees** | **Guaranteed Maximum Fees** | **Guaranteed Maximum Fees** | **Guaranteed Maximum Fees** | **Guaranteed Maximum Fees** | **Guaranteed Maximum Fees** | **Guaranteed Maximum Fees** |
| **TRANSFER FEE** *(per transfer)* |  |  |  |  |  |  |  |  |
| ► First 15 transfers per Policy Year | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| ► Over 15 transfers in one Policy Year, we charge | $10 | $10 | $10 | $10 | $10 | $10 | $10 | $10 |
| **WIRE TRANSFER FEE** *(per wire)* | $14 | $14 | $14 | $14 | $14 | $14 | $14 | $14 |

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*(1)* *Current and maximum. Surrender Charges are lower in states that prohibit our charging the maximum rates shown in the chart.* 

*(2)* *10% of the Accumulation Value may be withdrawn each year after the first Policy Year without a surrender charge. Surrender charges may be waived under certain circumstances involving terminal illness or confinement.* 

**<u>Surrender Charge</u>**

► We will deduct any applicable withdrawal charge from Accumulation Value upon a full surrender or partial withdrawal. The fee is a percentage of each premium withdrawn, and decreases from 8% to 0% based on the number of years since receipt of premium, with 0% charged on and after 8 years from receipt of premium. This charge partially covers our distribution costs, including commissions and other promotional costs. Any deficiency is met from our General Account, including amounts derived from the mortality and expense risk charge.

The amount of a partial withdrawal you request plus any withdrawal charge is deducted from the Accumulation Value on the date we receive your withdrawal request. Partial withdrawals (including any charge) are deducted from the Subaccounts and the Fixed Account on a Pro-Rata basis, unless you instruct us otherwise. The oldest premium is considered to be withdrawn first, the next oldest premium is considered to be withdrawn next, and so on (a "first-in, first-out" basis). For withdrawal purposes only, all premiums are deemed to be withdrawn before any earnings.

**<u>Transfer Fee</u>**

► The first 15 transfers per Policy Year from Subaccounts or the Fixed Account are free. A transfer fee will be imposed for any transfer in excess of 15 per Policy Year. The transfer fee is deducted Pro Rata from each Subaccount (and, if applicable, the Fixed Account) in which the Owner is invested.

**<u>Wire Transfer Fee</u>**

We charge a $14 wire transfer fee if you request a wire transfer when requesting partial withdrawal or surrender. The fee is deducted from the gross amount of the partial withdrawal, or surrender.

**ANNUAL POLICY EXPENSES**

**<u>Administrative Expenses</u> (also known as the Annual Policy Fee)**

► We reserve the right to charge an Annual Policy fee.

Any Annual Policy Fee is deducted from your Accumulation Value on the last Business Day of each Policy Year and upon a complete surrender. This fee is levied by canceling Accumulation Units and making a deduction from the Fixed Account. It is deducted from each Subaccount and the Fixed Account in the same proportion that the value in each Subaccount and the Fixed Account bears to the total Accumulation Value. We currently waive any Policy fee if the Accumulation Value is at least $50,000 on a Policy Anniversary. Administrative fees help us cover our cost to administer your Policy.

**<u>Base Policy Expenses</u>**

Base Policy Expenses include both the mortality and expense risk charge and administrative fee. These expenses are deducted <u>daily</u> from assets allocated to the Registered Separate Account to equal the annual % shown.

**<u>Mortality and Expense Risk Charge</u>**

► We impose a daily fee to compensate us for the mortality and expense risks we have under the Policy. This fee is reflected in the Accumulation Unit values for each Subaccount.

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|:---|:---|
| **Direction Variable Annuity** | 15 |

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Our mortality risk arises from our obligation to make annuity payments and to pay death benefits prior to the Maturity Date. The mortality risk we assume is that Annuitants will live longer than we project, so our cost in making annuity payments will be higher than projected. However, an Annuitant's own longevity, or improvement in general life expectancy, will not affect the periodic annuity payments we pay under your Policy.

Our expense risk is that our costs to administer your Policy will exceed the amount we collect through administrative charges. If the mortality and expense risk charge does not cover our costs, we bear the loss, not you. If the charge exceeds our costs, the excess is our profit. If the surrender charge does not cover our Policy distribution costs, the deficiency is met from our General Account assets, which may include amounts, if any, derived from this mortality and expense risk charge.

**<u>Administrative Charges</u>**

Administrative fees help us cover our cost to administer your Policy.

**Administrative Expense Fee**

► This daily charge is reflected in the Accumulation Unit values for each Subaccount.

**WAYPOINT INCOME RIDER CHARGE**

❖ The guaranteed maximum and current annual charges for the Waypoint Income Rider are listed in the **FEE TABLE** section of this prospectus. Each fee is stated as a percentage that is multiplied by the Rider Charge Base (see the **Waypoint Income Rider** section of this prospectus). The current charge (1.25% annually for Single Life and 1.40% for Joint Spousal) will be deducted from the Accumulation Value on each Monthly Anniversary until the Accumulation Value is reduced to zero or the rider is terminated.

The charges for the rider will be deducted from the Investment Options you select. The rider charge is subject to change upon a Policy Anniversary or upon reset, as described in the **Reset Feature** section of the Waypoint Income Rider description. The rider charge will not exceed the guaranteed maximum charge for this rider listed in the **FEE TABLE** section.

**OPTIONAL DEATH BENEFIT RIDERS**

❖ The fee for the Step-Up Death Benefit Rider, Return of Premium Death Benefit Rider and the Enhanced Death Benefit Rider are a percentage of Accumulation Value that is deducted monthly from Accumulation Value. These fees continue as long as the Policy is in force, and the riders may not be cancelled.

**OPTIONAL WITHDRAWAL CHARGE RIDERS**

❖ Minimum Premium Rider

The charge for the Minimum Premium Rider is a percentage of Accumulation Value that is deducted monthly from Accumulation Value. The charge is levied by canceling Accumulation Units and making a deduction from the Fixed Account. It is deducted from each Subaccount and the Fixed Account on a Pro-Rata basis. We currently waive the charge in all years after your Accumulation Value is at least $25,000 on a Policy Anniversary.

❖ No Surrender Charge Rider (optional)

The fee for the No Surrender Charge Rider is a percentage of Accumulation Value that is deducted monthly from Accumulation Value. This fee continues as long as the Policy is in force, and the rider may not be cancelled.

❖ Four-Year Surrender Charge Rider (optional)

The fee for the Four-Year Surrender Charge Rider is a percentage of Accumulation Value that is deducted monthly from Accumulation Value. This fee continues as long as the Policy is in force, and the rider may not be cancelled.

**WAIVER OF CERTAIN CHARGES**

When the Policy is sold in a manner that results in savings of sales or administrative expenses, we reserve the right to waive all or part of any fee we charge under the Policy (excluding fees charged by the portfolios). Factors we consider include one or more of the following: size and type of group to whom the Policy is issued; amount of expected premiums; relationship with us (employee of us or an affiliated company, receiving distributions or making transfers from other policies we or one of our affiliates issue or transferring amounts held under qualified retirement plans we or one of our affiliates sponsor); type and frequency of administrative and sales services provided; or level of annual maintenance fee and surrender charges. In an exchange for another policy we or an affiliated company issued and where the surrender charge has been waived, the surrender charge for this Policy may be determined based on the dates premiums were received in the prior policy. Any fee waiver will not be discriminatory and will be done according to our rules in effect at the time the Policy is issued. We reserve the right to change these rules. The right to waive any charges may be subject to state approval.

**COMMISSIONS PAID TO DISTRIBUTORS**

Commissions paid to all Distributors may be up to a total of 7.10% of premiums. We may also pay other distribution expenses, marketing support allowances, conference sponsorship fees and production incentive bonuses. These

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|:---|:---|
| **Direction Variable Annuity** | 16 |

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distribution expenses do not result in any additional charges under the Policy other than those described in this prospectus.

**PORTFOLIO COMPANY CHARGES**

Each Subaccount's underlying portfolio has investment advisory fees and expenses. They are set forth in this prospectus' **APPENDIX A** section and are described in more detail in each fund's prospectus. A portfolio's fees and expenses are not deducted from your Accumulation Value. Instead, they are reflected in the daily value of portfolio shares which, in turn, will affect the daily Accumulation Unit value of the Subaccounts. These fees and expenses help to pay the portfolio's investment advisory and operating expenses.

**GENERAL DESCRIPTION OF THE POLICY**

**POLICY RIGHTS**

**<u>Annuitant</u>**

The Annuitant is the person on whose life annuity payments involving life contingencies are based and who receives Policy annuity payments. The Owner also may be the Annuitant.

**<u>Death of Annuitant</u>**

Upon the Annuitant's death prior to 30 days before the Maturity Date, you may generally name a new Annuitant. If any Owner is the Annuitant, then upon that Owner's death, the Policy's applicable death benefit becomes payable to the named Beneficiary(ies). However, if the Beneficiary is the deceased Owner's spouse, then upon that Owner's death the spouse may be permitted under federal tax law to become the new Owner of the Policy and to name an Annuitant and different Beneficiaries.

**<u>Owner</u>**

The Owner (also referred to as Policy Owner) is the person(s) or legal entity who may exercise all rights and privileges under the Policy. If there are joint Owners, the signatures of both Owners are needed to exercise rights under the Policy. If the Policy has been absolutely assigned, the assignee is the Owner. A collateral assignee is not the Owner.

**<u>Death of Owner</u>**

Upon any Owner's death on or after the Maturity Date and before all proceeds have been paid, no death benefit is payable, but any remaining proceeds will be paid to the designated annuity benefit payee based on the annuity income option in effect at the time of death.

**<u>Beneficiary</u>**

Beneficiary(ies) means the person(s) designated to receive any benefits under the Policy upon the death of the Owner or, after annuity income payments begin, the death of the Annuitant.

You may change your Beneficiary by sending Written Notice to us, unless the named Beneficiary is irrevocable. Once we record and acknowledge the change, it is effective as of the date you signed the Written Notice. The change will not apply to any payments made or other action taken by us before recording. If the named Beneficiary is irrevocable you may change the named Beneficiary only by Written Notice signed by both you and the Beneficiary. If more than one named Beneficiary is designated, and you fail to specify their interest, they will share equally.

If there are joint Owners, the surviving joint Owner will be deemed the Beneficiary, and the Beneficiary named in the Policy application or subsequently changed will be deemed the contingent Beneficiary. If both joint Owners die simultaneously, the death benefit will be paid to the contingent Beneficiary.

If the Beneficiary is your surviving spouse, the spouse may elect either to receive the death benefit, in which case the Policy will terminate, or to continue the Policy in force with the spouse as Owner. The surviving spouse may not elect the Guaranteed Lifetime Withdrawal Benefit rider when the single life option was selected and the Policy was issued under an Internal Revenue Code Section 401 or 457 qualified plan.

If the named Beneficiary dies before you, then your estate is the Beneficiary until you name a new Beneficiary.

**<u>Minor Owner or Beneficiary</u>**

A minor may not own the Policy solely in the minor's name and cannot receive payments directly as a Policy Beneficiary. In most states parental status does <u>not</u> automatically give parents the power to provide an adequate release to us to make Beneficiary payments to the parent for the minor's benefit. A minor can "own" a Policy through the trustee of a trust established for the minor's benefit, or through the minor's named and court appointed guardian, who owns the Policy in his or her capacity as trustee or guardian. Where a minor is a named Beneficiary, we are able to pay the minor's Beneficiary payments to the minor's trustee or guardian. Some states allow us to make such payments up to a limited amount directly to parents. Parents seeking to have a minor's interest made payable to them for the minor's benefit are encouraged to check with their local court to determine the process to be appointed as the minor's guardian; it is often a very simple process that can be accomplished without the assistance of an attorney. If there is no adult representative able to give us an adequate release for payment of the minor's Beneficiary interest, we will retain the minor's interest on deposit until the minor attains the age of majority.

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|:---|:---|
| **Direction Variable Annuity** | 17 |

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**<u>Tables Illustrating Benefits Upon Death</u>**

The following tables illustrate benefits payable, if any, upon death of a party to the Policy for most, but not necessarily all, situations. The terms of any Policy rider or qualified plan funded by the Policy may change this information. Please consult your own legal and tax adviser for advice. You may contact us for more information.

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|:---|:---|:---|:---|
| **If death occurs before the Maturity Date:** | **If death occurs before the Maturity Date:** | **If death occurs before the Maturity Date:** | **If death occurs before the Maturity Date:** |
| **If the deceased is ...** | **and ...** | **and ...** | **then the ...** |
| any Policy Owner | the Beneficiary is not the surviving spouse of the Policy Owner | - - - | Policy Beneficiary receives the death benefit. |
| any Policy Owner | the Beneficiary is the Policy Owner's surviving spouse | - - - | surviving spouse may elect to become the Policy Owner and continue the Policy, or may have the Policy end and receive the death benefit. |
| the Annuitant | a Policy Owner is living | there is no named contingent or joint Annuitant | Policy continues with the Policy Owner as the Policy Annuitant unless the Owner names a new Annuitant. |
| the Annuitant | the Policy Owner is a non-person | - - - | Annuitant's death is treated as a Policy Owner's death as Federal law requires. |
| the Annuitant | a Policy Owner is living | the contingent or joint Annuitant is living | contingent Annuitant becomes the Annuitant, and the Policy continues. |

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|:---|:---|:---|:---|
| **If death occurs on or after the Maturity Date:** | **If death occurs on or after the Maturity Date:** | **If death occurs on or after the Maturity Date:** | **If death occurs on or after the Maturity Date:** |
| **If the deceased is ...** | **and ...** | **and ...** | **then the ...** |
| any Policy Owner | there is a living joint Owner, and<br> the Annuitant is living | - - - | surviving Policy Owner remains as Owner for purposes of distributing any remaining Policy proceeds pursuant to the annuity income option then in effect. If the annuity benefit payee was the deceased Policy Owner, the surviving Owner receives the proceeds. If the payee is other than the deceased Owner, proceeds continue to be paid to the payee until the payee's death, then are paid to the Policy Beneficiary. |
| any Policy Owner | there is no surviving joint Owner, and the Annuitant is living | - - - | Policy Beneficiary becomes the Policy Owner for purposes of distributing any remaining Policy proceeds pursuant to the annuity income option then in effect. If the annuity benefit payee was the Owner, then the Policy Beneficiary receives the proceeds. If the payee is other than the Owner, proceeds continue to be paid to the payee until the payee's death, then are paid to the Policy Beneficiary. |
| **If the deceased is ...** | **and ...** | **and ...** | **then the ...** |
| any Annuitant | any Policy Owner is living | there is no named contingent or joint Annuitant | Policy Owner (or other named payee) receives distribution of any remaining Policy proceeds pursuant to the annuity income option then in effect. |
| the Annuitant | the Annuitant is also the Policy Owner | - - - | Policy Beneficiary becomes the Policy Owner for purposes of distributing any remaining Policy proceeds pursuant to the annuity income option then in effect. If the annuity benefit payee was the Owner, then the Policy Beneficiary receives the proceeds. If the payee is other than the Owner, proceeds continue to be paid to the payee until the payee's death, then are paid to the Policy Beneficiary. |

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**STATE VARIATIONS**

Certain features of your Policy may be different than the features described in the prospectus if your Policy is issued in the states or district described below. Further variations may arise; the variations are subject to change without notice.

<u>California, Connecticut, Delaware, District of Columbia, Florida, Nebraska, North Dakota and South Dakota</u>.

If, prior to the Maturity Date, you have paid no premiums during the previous 24-month period, we have the right to cancel the Policy and pay you the Accumulation Value less applicable surrender charges in a lump sum if both (i) the total premiums paid, less any partial withdrawals, are less than $2,000 (does not apply to IRAs), and (ii) the Accumulation Value at the end of such 24-month period is less than $2,000.

We must request and receive approval from the department of insurance of the State where the Policy is delivered if we defer payments of a full surrender or partial withdrawal or a transfer from the Fixed Account for up to 6 months from the date we receive your Written Notice.

<u>California</u>. The Right to Examine period is 10 days for Policy Owners less than age 60. The Right to Examine period is 30 days for Policy Owners age 60 and over. If you send the Policy back during the Right to Examine period, we will refund the Policy's Accumulation Value and any Policy fee paid within 30 days from the date that we receive notice of cancellation and the returned Policy.

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For Policy Owners age 60 and over, during the Right to Examine period your premium will be allocated to the Fixed Account or a money market subaccount unless you direct that the premium be invested in a stock or bond subaccount. If you do not direct that the premium be invested in a stock or bond subaccount, and if you return the Policy during the Right to Examine period, you will be entitled to a refund of the premium and any Policy fee paid. If you direct that the premium be invested in a stock or bond subaccount during the Right to Examine period, and if you return the Policy during the Right to Examine period, you will be entitled to a refund of the Policy's Account Value on the day the Policy is received by us or the agent who sold you the Policy, which could be less than the premium you paid for the Policy, plus any Policy fee paid.

The surrender charge will be waived in the event of (1) or (2) below:

&nbsp;&nbsp;&nbsp;&nbsp;(1) You become confined in a skilled nursing facility, convalescent nursing home, extended care facility, or residential care facility, or are receiving home care or community-based care, for a period of at least 60 consecutive days after the Policy Date, subject to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) You must be a natural person (not a trust, corporation, or other legal entity),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) You must have been an Owner of this Policy continuously since the Policy Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) You were not confined in a skilled nursing facility, convalescent nursing home, extended care facility, or residential care facility, or were not receiving home care or community-based care, at any time during the 180-day period immediately prior to the Policy Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) You are not eligible for this benefit if you are confined to an assisted living facility, a facility primarily engaged in the treatment of mental or nervous disorders, a facility primarily engaged in the treatment of alcoholism or drug addiction, or a rehabilitation hospital.

&nbsp;&nbsp;&nbsp;&nbsp;(2) You acquire a terminal illness after the Policy Date, subject to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) You must be a natural person (not a trust, corporation, or other legal entity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) You must have been an Owner of this Policy continuously since the Policy Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) You must have received a diagnosis from your physician indicating that you have 12 months or less to live.

We must receive from you Written Notice of a full surrender or partial withdrawal and notice of your intention to exercise this benefit. We will provide you with a claim form within 15 days of receiving notice of your intention to exercise this benefit. If notice is for (1) above, the claim form will need to include due proof of confinement and be received within 12 months following such confinement. If notice is for (2) above, the claim form will need to include a certificate from your physician stating your life expectancy and any other proof we may require.

<u>Connecticut</u>. If this Policy is a replacement for an existing Policy, you have 10 days to review the Policy during the Right to Examine period. If you cancel the Policy prior to the Policy being delivered to you, we will refund an amount equal to the total of all premiums paid. If you return the Policy during the 10-day Right to Examine period, the amount of the refund will be equal to the sum of (a) the difference between the premiums paid including any Policy fees or other charges and the amounts allocated to the Registered Separate Account under the Policy, and (b) the value of the amount allocated to any Registered Separate Account under the Policy on the date the returned Policy is received by us or our agent.

<u>Delaware</u>. The Right to Examine period for replacements of existing policies is 20 days.

<u>District of Columbia</u>. The Right to Examine period for replacements of existing policies is 10 days.

<u>Florida</u>. The Right to Examine period is 21 days regardless of whether it is a replacement of an existing policy. The amount of a refund will be equal to the greater of the Policy's Accumulation Value, plus any fees or charges deducted from the premiums or imposed under the Policy, or a refund of all premiums paid.

The earliest Maturity Date that you may choose is 12 months after your Policy Date. You may select to change the Maturity Date to be no earlier than the later of the date of the request or 12 months.

If we delay payment of a full surrender, partial withdrawal or transfer from the Fixed Account for 30 days or more, we will include interest for the delay period at the rate specified in accordance with Florida law.

<u>North Dakota</u>. The Right to Examine period is 20 days regardless of whether it is a replacement of an existing Policy.

Interest will accrue on the death benefit from the date of death to the date of settlement at an interest rate no less than the declared interest rate for proceeds left on deposit with us. If the death benefit is paid in a single sum, we will pay the death benefit and accrued interest within two months from the date we receive proof of death.

<u>Pennsylvania</u>. The Right to Examine period is 45 days for a replacement of a Policy with Ameritas Life.

**POLICY CHANGES**

Any change to your Policy is only effective if on a form acceptable to us, and then only once it is received at our Service Center and recorded on our records. Information on how to contact us to determine what information is needed and where you can get various forms for Policy changes is shown on this prospectus' first two pages and last page.

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**POLICY PROVISIONS AND LIMITATIONS**

**<u>Minimum Accumulation Value</u>**

We may treat any partial withdrawal that leaves a Cash Surrender Value of less than $1,000 as a complete surrender of the Policy. See this prospectus' **SURRENDERS AND WITHDRAWALS** section for more information.

If you have paid no premiums during the previous 24-month period, we have the right to pay you the Accumulation Value less applicable surrender charges in a lump sum and cancel the Policy if both (i) the total premiums paid less any partial withdrawals, are less than $1,000 (does not apply to IRAs), and (ii) the Accumulation Value at the end of such 24-month period is less than $1,000.

**<u>Allocating Your Premiums</u>**

You may allocate your premiums among the variable Investment Options and the Fixed Account option. Initial allocations in your Policy application will be used for additional premiums until you change your allocation.

▪ Allocations must be in whole percentages and total 100%.

▪ You may change your allocation by sending us Written Notice or through an authorized telephone transaction or online transaction.
The change will apply to premiums received on or after the date we receive your Written Notice or authorized telephone transaction.

▪ All premiums will be allocated pursuant to your instructions on record with us.

▪ For Policies issued with the No Surrender Charge Rider, the allocation of any premium to the Fixed Account may not exceed 25% without
our prior consent. If our prior consent is not received, we reserve the right to reallocate any excess Fixed Account allocation proportionately
to the remaining Investment Options you selected in your latest allocation instructions.

▪ See **Appendix A** for allocation limitations relating to the Waypoint Income Rider.

**TRANSFERS**

The Policy is designed for long-term investment, not for use with professional "market timing" services or use with programmed, large or frequent transfers. Excessive transfers could harm other Policy Owners, Annuitants and Beneficiaries by having a detrimental effect on investment portfolio management. In addition to the right of the portfolios to impose redemption fees on short-term trading, **we reserve the right to reject any specific premium allocation or transfer request into a Subaccount portfolio if, in the judgment of a Subaccount portfolio fund adviser, a Subaccount portfolio would be unable to invest effectively in accordance with its investment objectives and policies, or if Policy Owners would otherwise potentially be adversely affected.**

Transferring money out of a Subaccount within 60 days of a purchase may be considered market timing. However, any portfolio fund adviser may establish its own standards, and each transaction may be evaluated on its own. Ultimately the portfolio fund adviser has the authority to make this determination.

Prior to the Maturity Date, you may transfer Accumulation Value from one Subaccount to another, from the Registered Separate Account to the Fixed Account, or from the Fixed Account to any Subaccount, subject to the following rules.

**Transfer Rules:**

▪ A transfer is considered any single request to move assets from one or more Subaccounts or the Fixed Account to one or more of the
other Subaccounts or the Fixed Account.

▪ We must receive notice of the transfer - either Written Notice, an authorized telephone transaction, or by Internet when available.
Transfer requests by fax, telephone, or Internet must be sent to us by the close of the New York Stock Exchange (usually 3:00 p.m. Central
Time) for same-day processing. Requests received later are processed on the next trading day. Fax requests must be sent to us at 402-467-7923.
If requests are faxed elsewhere, we will process them as of the day they are received by our trading unit.

▪ The transferred amount must be at least $250 or the entire Subaccount or Fixed Account value if it is less. (If the value remaining
after a transfer will be less than $250 in a Subaccount or $100 in the Fixed Account, we will include that amount as part of the transfer.)

If the Dollar Cost Averaging systematic transfer program is used, then the minimum transfer amount out of a Subaccount or the Fixed Account is the lesser of $250 or the balance in the Subaccount or Fixed Account. Under this program, the maximum amount that may be transferred from the Fixed Account each month is 1/36th of the value of the Fixed Account at the time the Dollar Cost Averaging program is established. While a Dollar Cost Averaging program is in effect, elective transfers out of the Fixed Account are prohibited.

The Portfolio Rebalancing and Earnings Sweep systematic transfer programs have no minimum transfer amounts.

▪ The first 15 transfers each Policy Year are free. Thereafter, transfers will result in a $10 charge for each transfer. See
the **CHARGES** section of this prospectus for information about this charge. This fee is deducted on a Pro-Rata basis from balances
in all Subaccounts and the Fixed Account; it is not subtracted from the amount of the transfer. Transfers under any systematic transfer
program do count toward the 15 free transfer limit.

▪ A transfer from the Fixed Account (except made pursuant to a systematic transfer program):

- may be made only once each Policy Year;

- may be delayed up to six months;

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- is limited during any Policy Year to the greater of:

- 25% of the Fixed Account value on the date of the transfer during that Policy Year;

- the greatest amount of any non-systematic transfer out of the Fixed Account during the previous 13 months; or

$1000.

▪ The amount transferred into the Fixed Account in any Policy Year cannot exceed 25% of the total value of all Subaccounts in which
you are invested as of the last Policy Anniversary. Prior to the first Policy Anniversary, the last Policy Anniversary is the date the
first transfer is made into the Fixed Account. Systematic transfers into the Fixed Account are not included in this restriction. Subject
to our consent, if your balance in a Subaccount is less than $1,000, you may transfer that amount into the Fixed Account.

▪ For a Policy issued with a No Surrender Charge Rider, the amount transferred into the Fixed Account within any Policy Year (except
made pursuant to a systematic transfer program) may not exceed 10% of the Accumulation Value of all Subaccounts as of the most recent
Policy Anniversary, unless the remaining value in any single Subaccount would be less than $1,000, in which case you may elect to transfer
the entire value of that Subaccount to the Fixed Account. Prior to the first Policy Anniversary, the most recent Policy Anniversary is
the date the first transfer is made into the Fixed Account.

▪ We reserve the right to further restrict transfers to the Fixed Account provided that we provide notice to you no less than 30 days
prior to the date the restriction becomes effective.

▪ We reserve the right to limit transfers, or to modify transfer privileges, and we reserve the right to change the transfer rules at
any time.

▪ If the Accumulation Value in any Subaccount falls below $100, we may transfer the remaining balance, without charge, proportionately
to the remaining Investment Options you selected in your latest allocation instructions. We will notify you when such a transfer occurs.
You may, within 60 days of the date of our notice, reallocate the amount transferred, without charge, to another Investment Option.

▪ In the event you authorize telephone or Internet transfers, we are not liable for telephone or Internet instructions that we in good
faith believe you authorized. We will employ reasonable procedures to confirm that instructions are genuine.

**<u>Omnibus Orders</u>**

Purchase and redemption orders received by the portfolios generally are "omnibus" orders from intermediaries such as retirement plans and separate accounts funding variable insurance products. The omnibus orders reflect the aggregation and netting of multiple orders from individual retirement plan participants and individual owners of variable insurance products. The omnibus nature of these orders may limit the ability of the portfolios to apply their respective disruptive trading policies and procedures. We cannot guarantee that the portfolios will not be harmed by transfer activity relating to the retirement plans or other insurance companies that may invest in the portfolios. These other insurance companies are responsible for their own policies and procedures regarding frequent transfer activity. If their policies and procedures fail to successfully discourage harmful transfer activity, it will affect other owners of portfolio shares, as well as the owners of all variable life insurance or variable annuity contracts, including ours, whose variable Investment Options correspond to the affected portfolios. In addition, if a portfolio believes that an omnibus order that we submit may reflect one or more transfer requests from Owners engaged in disruptive trading, the portfolio may reject the entire omnibus order and thereby delay or prevent us from implementing your request.

**TELEPHONE TRANSACTIONS**

**<u>Telephone Transactions Permitted</u>**

▪ Transfers among Investment Options.

▪ Establish systematic transfer programs.

▪ Change of premium allocations.

**<u>How to Authorize Telephone Transactions</u>**

▪ Upon your authorization on the Policy application or in Written Notice to us, you, your registered representative or a third person
named by you may do telephone transactions on your behalf.

▪ You bear the risk of the accuracy of any designated person's instructions to us.

**Telephone Transaction Rules**

▪ Must be received by close of the New York Stock Exchange ("NYSE") (usually 3:00 p.m. Central Time); if later, the transaction
will be processed the next day the NYSE is open.

▪ Will be recorded for your protection.

▪ For security, you or your authorized designee must provide your Social Security number and/or other identification information.

▪ May be discontinued at any time for some or all Owners.

We are not liable for following telephone transaction instructions we reasonably believe to be genuine.

**THIRD PARTY SERVICES**

Where permitted and subject to our rules, we may accept your authorization to have a third party (such as your sales representative or someone else you name) exercise transfers or investment allocations on your behalf. Third-party

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transfers and allocations are subject to the same rules as all other transfers and allocations. You can make this election on the application or by sending us Written Notice. Please note that any person or entity you authorize to make transfers or allocations on your behalf, including any investment advisory, asset allocation, money management or timing service, does so independently from any agency relationship they may have with us for the sale of the Policies. They are accountable to you alone for such transfers or allocations. We are not responsible for such transfers or allocations on

your behalf, or recommendations to you, by such third-party services. You should be aware that fees charged by such third parties for their service are separate from and in addition to fees paid under the Policy.

**SYSTEMATIC TRANSFER PROGRAMS**

We offer several systematic transfer programs. We reserve the right to alter or terminate these programs upon 30 days written notice to you. You should select the systematic transfer program that is best for you. In offering the programs, we are not providing investment advice or managing the allocations of your Policy.

**<u>Dollar Cost Averaging</u>**

The Dollar Cost Averaging program allows you to automatically transfer, on a periodic basis, a set dollar amount or percentage from the money market subaccount or the Fixed Account to any other Subaccount(s) or the Fixed Account. Requested percentages are converted to a dollar amount. You can begin Dollar Cost Averaging when you purchase the Policy or later. You can increase or decrease the amount or percentage of transfers or discontinue the program at any time. Dollar Cost Averaging is intended to limit loss by resulting in the purchase of more Accumulation Units when an underlying portfolio company's value is low, and fewer units when its value is high. However, there is no guarantee that such a program will result in a higher Accumulation Value, protect against a loss, or otherwise achieve your investment goals.

As discussed in **THE FIXED ACCOUNT FIXED INTEREST RATE OPTION** section, we also reserve the right to credit an interest rate higher than the Fixed Account on purchase payments designated for participation in the Enhanced Dollar Cost Averaging ("EDCA") program. The Dollar Cost Averaging program and/or the EDCA program may not be available in all states and in all markets or through all broker-dealers who sell the Policies.

The DCA program differs from the EDCA program. For information on the EDCA program, see the discussion of the EDCA program in **THE FIXED ACCOUNT FIXED INTEREST RATE OPTION** section and **Additional information on Benefits available Under the Policy** section.

Dollar Cost Averaging Program Rules:

&nbsp;&nbsp;&nbsp;&nbsp;▪ There is no additional charge for the Dollar Cost Averaging program.

&nbsp;&nbsp;&nbsp;&nbsp;▪ We must receive notice of your election and any changed instruction - either by Written Notice or by telephone transaction instruction.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Automatic transfers can only occur monthly.

&nbsp;&nbsp;&nbsp;&nbsp;▪ The minimum transfer amount out of the money market subaccount or the Fixed Account is the lesser of $250 or the balance in the Subaccount
or Fixed Account. Under this program, the maximum amount that may be transferred from the Fixed Account each month is 1/36th of the Fixed
Account value at the time Dollar Cost Averaging is established. While a Dollar Cost Averaging program is in effect, elective transfers
out of the Fixed Account are prohibited. There is no maximum transfer amount limitation applicable to any of the Subaccounts.

&nbsp;&nbsp;&nbsp;&nbsp;▪ You may specify that transfers be made on the 1st through the 28th day of the month. Transfers will be made on the date you specify
(or if that is not a Business Day, then on the next Business Day). If you do not select a date, the program will begin on the next Policy
Month date.

&nbsp;&nbsp;&nbsp;&nbsp;▪ You can limit the number of transfers to be made, in which case the program will end when that number has been made. Otherwise, the
program will terminate when the amount remaining in the money market subaccount or the Fixed Account is less than $100.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Dollar Cost Averaging is not available when the Portfolio Rebalancing program is elected.

**<u>Portfolio Rebalancing</u>**

The Portfolio Rebalancing program allows you to rebalance your Accumulation Value among designated Subaccounts only as you instruct. You may change your rebalancing allocation instructions at any time. Any change will be effective when the next rebalancing occurs.

**Portfolio Rebalancing Program Rules:**

&nbsp;&nbsp;&nbsp;&nbsp;▪ There is no additional charge for the Portfolio Rebalancing program.

&nbsp;&nbsp;&nbsp;&nbsp;▪ You must request the rebalancing program, give us your rebalancing instructions, or request to end this program either by Written
Notice or by telephone transaction instruction.

&nbsp;&nbsp;&nbsp;&nbsp;▪ You may have rebalancing occur quarterly, semi-annually or annually.

&nbsp;&nbsp;&nbsp;&nbsp;▪ We reserve the right to exclude the Fixed Account from this program.

**<u>Earnings Sweep</u>**

The Earnings Sweep program allows you to sweep earnings from your Subaccounts to be rebalanced among designated Investment Options (Subaccounts or the Fixed Account) either based on your original Policy allocation of premiums or pursuant to new allocation instructions. You may change your Earnings Sweep program instructions at any time. Any change will be effective when the next sweep occurs.

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**Earnings Sweep Program Rules:**

&nbsp;&nbsp;&nbsp;&nbsp;▪ There is no additional charge for the Earnings Sweep program.

&nbsp;&nbsp;&nbsp;&nbsp;▪ The Fixed Account is included in this program.

&nbsp;&nbsp;&nbsp;&nbsp;▪ You must request the Earnings Sweep program, give us your allocation instructions, or request to end this program either by Written
Notice or by telephone transaction instruction.

&nbsp;&nbsp;&nbsp;&nbsp;▪ You may have your earnings sweep quarterly, semi-annually or annually.

**GENERAL ACCOUNT**

The General Account includes all of our assets except those assets segregated in Registered Separate Accounts. We have sole discretion to invest the assets of the General Account, subject to applicable law. Until your Policy is issued, any premium payments we receive are held in our General Account. Obligations under the Policy that are funded by Ameritas Life's General Account include the Fixed Account and fixed payments including Waypoint Income rider withdrawal payments as well as death benefit proceeds. These obligations of the General Account are subject to the claims of our creditors, the financial strength, and the claims paying ability of the Insurance Company. It is not a bank account and it is not insured by the FDIC or any other government agency.

**POLICY OR REGISTRANT CHANGES**

**<u>Adding, Deleting, or Substituting Variable Investment Options</u>**

We do not control the Subaccounts' underlying portfolios, so we cannot guarantee that any of the portfolios will always be available.

We retain the right to change the investments of the Registered Separate Account, and to eliminate the shares of any Subaccount's underlying portfolio and substitute shares of another series fund portfolio, if the shares of an underlying portfolio are no longer available for investment or if, in our judgment, investment in the portfolio would be inappropriate in view of the purposes of the Registered Separate Account. We may add new Registered Separate Account underlying portfolios, or eliminate existing underlying portfolios, when, in our sole discretion, conditions warrant a change. In all of these situations, we will receive any necessary SEC and state approval before making any such change.

Our Registered Separate Account may be (i) operated as an investment management company or any other form permitted by law, (ii) deregistered with the SEC if registration is no longer required, or (iii) combined with one or more other separate accounts. To the extent permitted by law, we also may transfer assets of the Registered Separate Account to other accounts. Where permitted by applicable law, we reserve the right to remove, combine or add Subaccounts. Subaccounts may be closed to new or subsequent premium payments, transfers or premium allocations. We will receive any necessary SEC and state approval before making any of these changes.

We will notify you of any changes to the variable Investment Options.

**<u>Resolving Material Conflicts – Underlying Investment Interests</u>**

In addition to serving as underlying portfolios to the Subaccounts, the portfolios are available to registered separate accounts of other insurance companies offering variable annuity and variable life insurance contracts. We do not currently foresee any disadvantages to you resulting from the fund companies selling portfolio shares to fund other products. However, there is a possibility that a material conflict of interest may arise between Policy Owners and the owners of variable contracts issued by other companies whose values are allocated to one of the portfolios. Shares of some of the portfolios also may be sold to certain qualified pension and retirement plans qualifying under section 401 of the Internal Revenue Code. As a result, there is a possibility that a material conflict may arise between the interests of Owners or owners of other contracts (including contracts issued by other companies), and such retirement plans or participants in such retirement plans. In the event of a material conflict, we will take any necessary steps to resolve the matter, including removing that portfolio as an underlying Investment Option of the Registered Separate Account. The Board of Directors of each fund company will monitor events in order to identify any material conflicts that may arise and determine what action, if any, should be taken in response to those events or conflicts. See the accompanying prospectuses of the portfolios for more information. (Also see the **Transfers** section, **Omnibus Orders**.)

**<u>Disruptive Trading Procedures</u>**

The Policy is not designed to serve as a vehicle for frequent trading in response to short-term fluctuations in the market. Such frequent trading, programmed transfers, or transfers that are large in relation to the total assets of a Subaccount's underlying portfolio can disrupt management of a Subaccount's underlying portfolio and raise expenses. This in turn can hurt performance of an affected Subaccount and therefore hurt your Policy's performance.

Organizations or individuals that use market timing investment strategies and make frequent or other disruptive transfers should not purchase the Policy.

Policy Owners should be aware that we are contractually obligated to provide Policy Owner transaction data relating to trading activities to the underlying funds on Written Request and, on receipt of written instructions from a fund, to restrict or prohibit further purchases or transfers by Policy Owners identified by an underlying fund as having engaged in transactions that violate the trading policies of the fund.

We reserve the right to reject or restrict, in our sole discretion, transfers initiated by a market timing organization or individual or other party authorized to give transfer instructions. We further reserve the right to impose restrictions on

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transfers that we determine, in our sole discretion, will disadvantage or potentially hurt the rights or interests of other Policy Owners. Restrictions may include changing, suspending, or terminating telephone, online, and fax transfer privileges. We will enforce any Subaccount underlying portfolio manager's own restrictions imposed upon transfers considered by the manager to be disruptive. Our disruptive trading procedures may vary from Subaccount to Subaccount, and may also vary due to differences in operational systems and contract provisions. However, any Subaccount restrictions will be uniformly applied.

There is no assurance that the measures we take will be effective in preventing market timing or other excessive transfer activity. Our ability to detect and deter disruptive trading and to consistently apply our disruptive trading procedures may be limited by operational systems and technological limitations which may result in some Policy Owners being able to market time, while other Policy Owners bear the harm associated with timing. Also, because other insurance companies and retirement plans may invest in Subaccount underlying portfolios, we cannot guarantee that Subaccount underlying portfolios will not suffer harm from disruptive trading within contracts issued by them.

**<u>Excessive Transfers</u>**

We reserve the right to restrict transfers if we determine you are engaging in a pattern of transfers that may disadvantage Policy Owners. In making this determination, we will consider, among other things:

▪ the total dollar amount being transferred;

▪ the number of transfers you make over a period of time;

▪ whether your transfers follow a pattern designed to take advantage of short term market fluctuations, particularly within certain
Subaccount underlying portfolios;

▪ whether your transfers are part of a group of transfers made by a third party on behalf of individual Policy Owners in the group;
and

▪ the investment objectives and/or size of the Subaccount underlying portfolio.

**<u>Third Party Traders</u>**

We reserve the right to restrict transfers by any firm or any other third party authorized to initiate transfers on behalf of multiple Policy Owners if we determine such third party trader is engaging in a pattern of transfers that may disadvantage Policy Owners. In making this determination, we may, among other things:

▪ reject the transfer instructions of any agent acting under a power of attorney on behalf of more than one Policy Owner, or

▪ reject the transfer or exchange instructions of individual Policy Owners who have executed transfer forms which are submitted by market
timing firms or other third parties on behalf of more than one Policy Owner.

We will notify affected Policy Owners before we limit transfers, modify transfer procedures or refuse to complete a transfer. Transfers made pursuant to participation in a dollar cost averaging, portfolio rebalancing, or earnings sweep program are not subject to these disruptive trading procedures. See the sections of this prospectus describing those programs for the rules of each program.

**ANNUITY PERIOD**

**ANNUITY INCOME BENEFITS**

A primary function of an annuity contract, like this Policy, is to provide annuity payments to the payee(s) you name. You will receive the annuity benefits unless you designate another payee(s). The level of annuity payments is determined by your Accumulation Value, the Annuitant's sex (except where prohibited by law) and age, and the annuity income option selected. All or part of your Accumulation Value may be placed under one or more annuity income options.

Annuity payments must be made to individuals receiving payments on their own behalf, unless otherwise agreed to by us. Any annuity income option is only effective once we acknowledge it. We may require initial and ongoing proof of the Owner's or Annuitant's age or survival. Unless you specify otherwise, the payee is the Owner.

Annuity payments:

&nbsp;&nbsp;&nbsp;&nbsp;▪ require investments to be allocated to our General Account, so are not variable.

&nbsp;&nbsp;&nbsp;&nbsp;▪ may be taxable and, if premature, subject to a tax penalty.

Annuity payments are based on the guaranteed minimum interest rate for the Fixed Account of your Policy, compounded annually. If you select a Life Income annuity option, your annuity payments will further be based on the 2012 Individual Annuity Mortality Period Life Table with generational mortality improvement in all years using Projection Scale G2, and the year of the Maturity Date. Annuity payments are further based on the gender(s) of the Annuitant(s), except for Policies issued in states that require unisex mortality, or in connection with employment related annuities and benefit plans not based on the gender of the Annuitant(s). In these instances, the projection and mortality rates will be 100% female for all Annuitants.

Annuity payments on the Maturity Date will not be less than those provided by the application of the Accumulation Value to a single premium immediate annuity policy at the purchase rates offered by us to the same class of Annuitant.

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**WHEN ANNUITY INCOME PAYMENTS BEGIN**

You select the Maturity Date by completing an election form that you can request from us at any time. The earliest Maturity Date is the third Policy Anniversary. If you do not specify a date, the Maturity Date will be the Policy Anniversary nearest the Owner's (or Annuitant's if the Owner is a non-natural person) 95th birthday. Tax-qualified Policies may require an earlier Maturity Date.

**<u>Selecting an Annuity Income Option</u>**

You choose the annuity income option by completing an election form that you can request from us at any time. You may change your selection during your life by sending Written Notice for our receipt at least 30 days before the Maturity Date. If no selection is made by then, we will apply the Accumulation Value to make annuity payments under the life annuity income option with guaranteed payments for 5 years.

The longer the guaranteed or projected annuity income option period, the lower the amount of each annuity payment will be.

If you die before the Maturity Date (and the Policy is in force), your Beneficiary may elect to receive the death benefit under one of the annuity income options (unless applicable law or a settlement agreement dictate otherwise).

**<u>Annuity Income Options</u>**

Once fixed annuity payments under an annuity income option begin, they cannot be changed. When the Owner dies, we will pay any unpaid guaranteed payments to your Beneficiary. Upon the last payee's death, we will pay any unpaid guaranteed payments to that payee's estate.

Note: If you elect an annuity income option based only upon a life contingency (Life Income Only), it is possible that only one annuity payment would be made under the annuity option if the Annuitant dies before the due date of the second annuity payment, only two annuity payments would be made if the Annuitant dies before the due date of the third annuity payment, etc. This would not happen if you elect an annuity income option guaranteeing either the amount or duration of payments (Life Annuity with Installment Payments, Life Income with Installment Refund, or Installment Payments).

Part or all of any annuity payment may be taxable as ordinary income. If, at the time annuity payments begin, you have not given us Written Notice to not withhold federal income taxes, we must by law withhold such taxes from the taxable portion of each annuity payment and remit it to the Internal Revenue Service. (Withholding is mandatory for certain tax-qualified Policies.)

We may pay your Policy proceeds to you in one sum if they are less than $1,000, or when the annuity income option chosen would result in periodic payments of less than $20. If any annuity payment would be or becomes less than $20, we also have the right to change the frequency of payments to an interval that will result in payments of at least $20. In no event will we make payments under an annuity option less frequently than annually.

**The annuity income options are:**

<u>Life Income</u>. We will make equal annual, semiannual, quarterly or monthly annuity payments, as selected, for the life of the Annuitant. The first payment is due on the date the annuity option becomes effective.

1. Life income only. Annuity payments will be made for the Annuitant's life only (or the life of the last surviving Annuitant, in the
case of joint Annuitants). There are no guaranteed payments. Upon the death of the last Annuitant, payments will cease.

2. Life annuity with installment payments. Annuity payments will be made for the Annuitant's life (or the life of the last surviving
Annuitant, in the case of joint Annuitants) or for a selected number of payments, whichever is longer.

3. Life income with installment refund. Annuity payments will be made for the Annuitant's life (or the life of the last surviving annuitant,
in the case of joint Annuitants) or for a period that ends when the total amount paid equals the proceeds applied under this option, whichever
is longer.

<u>Installment Payments</u>. We will make equal annual, semiannual, quarterly or monthly annuity payments for the number of years selected (from five to thirty years). The first payment is due on the date the annuity option becomes effective.

<u>Other Options</u>. You and we may agree to make annuity payments in another manner.

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| | |
|:---|:---|
| **Direction Variable Annuity** | 25 |

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**BENEFITS AVAILABLE UNDER THE POLICY**

The following table summarizes information about the benefits available under the Policy.\*

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| | | | | |
|:---|:---|:---|:---|:---|
| **NAME OF BENEFIT** | **PURPOSE** | **IS BENEFIT**<br> **STANDARD**<br> **OR**<br> **OPTIONAL** | **MAXIMUM**<br> **FEE** | **BRIEF DESCRIPTION OF RESTRICTIONS/LIMITATIONS** |
| <br> **Standard Death Benefit** | <br> Upon any Owner's death before the Maturity Date, a death benefit is paid to your Beneficiary(ies).<br>The death benefit equals your Accumulation Value (without deduction of the withdrawal charge) on the date that both satisfactory proof of death and direction with regard to the benefit payout are received. | <br> Standard |  | <br> Certain ownership changes, withdrawals and assignments could reduce the death benefit.<br>We may limit purchase payments for all annuities held with us to $1,000,000. |
| <br> **Dollar Cost Averaging ("DCA")** | <br> This is a systematic transfer program that allows you to automatically transfer, on a periodic basis, a set dollar amount or percentage from the money market subaccount or the Fixed Account to any other Subaccount(s) or the Fixed Account.<br>| <br> Standard |  | <br> You must request the DCA program. Automatic transfers must occur monthly. While a DCA program is in effect, elective transfers out of the Fixed Account are prohibited. DCA is not available when the Portfolio Rebalancing Program is elected. |
| <br> **Portfolio Rebalancing Program ("PBL")** | <br> This is a systematic transfer program that allows you to rebalance your Account Value among designated Subaccounts. | <br> Standard |  | <br> You must request the rebalancing program. We reserve the right to exclude the Fixed Account. PBL is not available when the DCA Program is elected.<br>|
| <br> **Earnings Sweep Program** | <br> This is a systematic transfer program that allows you to rebalance your Account Value by automatically allocating earnings from your Subaccounts among designated Investment Options.<br>| <br> Standard |  | <br> You must request the Earnings Sweep program. You may have your earnings sweep quarterly, semi-annually or annually. |
| <br> **Step-Up Death Benefit ("Step-Up GMDB")** | <br> Any increase in Policy Accumulation Value is locked in as the new Step-Up Guaranteed Minimum Death Benefit on the Policy Anniversary. | <br> Optional | <br> 0.50% | <br> Available at issue only and not older than age 75.<br>Step-up continues until age 80.<br>Your election cannot be changed or revoked.<br>At age 95 the rider terminates and the death benefit becomes the standard death benefit.<br>We reserve the right to impose limitations on the Investment Options you may select with this rider, and may change or impose additional limitations or restrictions.<br>Not available with the Return of Premium Death Benefit.<br>May not be available in your state.<br>|
| <br> **Return of Premium Death Benefit** | <br> The greater of the Policy's Accumulation Value and the adjusted guaranteed premium is paid as the death benefit. | <br> Optional | <br> 0.20% | <br> Available at issue only and not older than age 85.<br>Your election cannot be changed or revoked.<br>At age 95 the rider terminates and the death benefit becomes the standard death benefit.<br>Not available with the Step-Up Death Benefit.<br>May not be available in your state. |

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| | |
|:---|:---|
| **Direction Variable Annuity** | 26 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **NAME OF BENEFIT** | **PURPOSE** | **IS BENEFIT**<br> **STANDARD**<br> **OR**<br> **OPTIONAL** | **MAXIMUM**<br> **FEE** | **BRIEF DESCRIPTION OF RESTRICTIONS/LIMITATIONS** |
| <br> **Enhanced Death Benefit** | <br> This rider provides an additional death benefit that helps to offset taxes based on policy gains.<br>| <br> Optional | <br> 0.40% | <br> Available at issue only and not older than age 75.<br>Your election cannot be changed or revoked.<br>At age 95 the rider terminates and the death benefit becomes the standard death benefit.<br>Your election cannot be changed or revoked.<br>May not be available in your state. |
| <br> **Minimum Premium Rider** | <br> Allows you to purchase the Policy for less than the $25,000 initial premium requirement. | <br> Optional | <br> 0.50% | <br> Only available at Policy issue.<br> Issue ages 0-85 for the Owner and Annuitant.<br>The minimum premium can be as low as $2,000 for a non-qualified annuity. |
| <br> **Enhanced Dollar Cost Averaging Program** | <br> Credit bonus interest to premium payments made to the Fixed Account for Policy Owners who participate in the Enhanced Dollar Cost Averaging ("EDCA") program.<br>| <br> Optional |  | <br> Only available at Policy issue. The EDCA will be available for new premium only, not transfers from Subaccounts or the Fixed Account. Each premium allocated to the EDCA must be at least $1,500. We may defer crediting bonus interest until we receive all new premium noted on your application. We must receive any new premium applicable to the EDCA program during the first six months that you own your Policy. |
| <br> **4-Year Surrender Charge Rider** | <br> Shortens the withdrawal period from the Policy's standard 7-year period.<br>| <br> Optional | <br> 0.35% | <br> Only available at Policy issue.<br>Available for issue ages 0-85.<br>Each withdrawal must be at least $250.<br>4-Year Surrender Charge Rider is not available with No Surrender Charge Rider.<br>Other riders that may be used with the 4-Year Surrender Charge Rider are Return of Premium and Minimum Premium. |
| <br> **No Surrender Charge Rider** | <br> Shortens the withdrawal period from the Policy's standard 7-year period.<br>| <br> Optional | <br> 0.60% | <br> Only available at Policy issue.<br>Available for issue ages 0-85.<br>Each withdrawal must be at least $250.<br>Other riders that may be used with the No Surrender Charge Rider are Return of Premium and Minimum Premium.<br>With the No Surrender Charge Rider there are restrictions to the Fixed Account. |

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| | |
|:---|:---|
| **Direction Variable Annuity** | 27 |

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| | | | |
|:---|:---|:---|:---|
| **NAME OF BENEFIT** | **PURPOSE** | **IS BENEFIT**<br> **STANDARD**<br> **OR**<br> **OPTIONAL** | **MAXIMUM**<br> **FEE** |
| <br> **Waypoint Income Rider**<br> Single Life<br>| <br> If activated, guarantees a series of annualized withdrawals from your Policy, regardless of Policy Accumulation Value, until the death of the last surviving Covered Person.<br>| <br> Optional<br>| <br> 2.00% \*\*<br>Available only for Policies issued prior to September 1, 2020.<br>The rider was available at issue for Policy Owners Attained Age 50 through Attained Age 85 years.<br>One withdrawal per Policy Year allowed during the Accumulation Phase without initiating the Withdrawal Phase.<br>A second request for a withdrawal per Policy Year will automatically convert the rider to the Withdrawal Phase.<br>While this Rider is in force all Policy Accumulation Value must be allocated to the permitted Investment Options or the Rider will terminate.<br>For Policies purchased prior to September 1, 2020, if the Owner was not Attained Age 50, they could add the rider to their Policy on the Policy Anniversary nearest their 50<sup>th</sup> birthday, provided the rider is available at that time. |
| <br> **Waypoint Income Rider**<br> Joint Spousal – for non-qualified and IRA plans only<br>| <br> If activated, guarantees a series of annualized withdrawals from your Policy, regardless of Policy Accumulation Value, until the death of the last surviving Covered Person.<br>| <br> Optional | <br> 2.50% \*\*<br>Available only for Policies issued prior to September 1, 2020.<br>The rider was available at issue for Policy Owners Attained Age 50 through Attained Age 85 years.<br>One withdrawal per Policy Year allowed during the Accumulation Phase without initiating the Withdrawal Phase.<br>A second request for a withdrawal per Policy Year will automatically convert the rider to the Withdrawal Phase.<br>While this Rider is in force all Policy Accumulation Value must be allocated to the permitted Investment Options or the Rider will terminate.<br>For Policies purchased prior to September 1, 2020, if the Owner was not Attained Age 50, they could add the rider to their Policy on the Policy Anniversary nearest their 50<sup>th</sup> birthday, provided the rider is available at that time. |

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*\** Some of these options are currently only available at Policy issue. Certain options may not be available in combination with other options. See the **Allowable Benefit Rider Combinations** chart below. Some of these riders are not available in some states. For riders not available in your state on the date of your purchase, we may make them available to existing Owners for a limited time after the option becomes available. The Waypoint Income Rider was available for Policies issued prior to September 1, 2020 only. We may discontinue offering, or modify the terms of, optional benefits for new sales at any time. ****

*\*\** Fee determined by applying % to Rider Charge Base.

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| | |
|:---|:---|
| **Direction Variable Annuity** | 28 |

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**ALLOWABLE BENEFIT RIDER COMBINATIONS**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Death Benefit Riders (DBR) | &nbsp;&nbsp;Death Benefit Riders (DBR) | &nbsp;&nbsp;Death Benefit Riders (DBR) | &nbsp;&nbsp; <br>|  | &nbsp;&nbsp; Surrender Charge<br> Riders (SCR) | &nbsp;&nbsp; Surrender Charge<br> Riders (SCR) |
|  |  | &nbsp;&nbsp;Step-Up DBR | &nbsp;&nbsp; Return of<br> Premium<br> DBR | &nbsp;&nbsp; Enhanced<br> DBR | &nbsp;&nbsp; Waypoint<br> Income Rider | &nbsp;&nbsp; Minimum<br> Premium<br> Rider | &nbsp;&nbsp; Four-Year<br> SCR | &nbsp;&nbsp;No SCR |
| &nbsp;&nbsp; Death<br> Benefit<br> Riders<br> (DBR) | &nbsp;&nbsp;Step-Up DBR | &nbsp;&nbsp; <br>| &nbsp;&nbsp;No | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp; Death<br> Benefit<br> Riders<br> (DBR) | &nbsp;&nbsp; Return of<br> Premium<br> DBR | &nbsp;&nbsp;No | &nbsp;&nbsp; <br>| &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp; Death<br> Benefit<br> Riders<br> (DBR) | &nbsp;&nbsp; Enhanced<br> DBR | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp; <br>| &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
|  | &nbsp;&nbsp; Waypoint<br> Income Rider | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp; <br>| &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
|  | &nbsp;&nbsp; Minimum<br> Premium<br> Rider | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp; <br>| &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp; Surrender<br> Charge<br> Riders<br> (SCR) | &nbsp;&nbsp; Four-Year<br> SCR | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes | &nbsp;&nbsp; <br>| &nbsp;&nbsp;No |
| &nbsp;&nbsp; Surrender<br> Charge<br> Riders<br> (SCR) | &nbsp;&nbsp;No SCR | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp; <br>|

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**ADDITIONAL INFORMATION ON BENEFITS AVAILABLE UNDER THE POLICY**

The examples listed below are hypothetical assumptions and illustrations with the purpose of explaining the operation of the benefits. Actual results will vary.

**DEATH BENEFITS**

We will pay the death benefit after we receive satisfactory proof of death of an Owner's death or as soon thereafter as we have sufficient information about the Beneficiary to make the payment. Death benefits may be paid pursuant to an annuity income option to the extent allowed by applicable law and any settlement agreement in effect at your death.

Until we receive satisfactory proof of death and instructions, in the proper form, from your Beneficiaries, your Policy will remain allocated to the Subaccounts you chose, so the amount of the death benefit will reflect the investment performance of those Subaccounts during this period. If your Policy has multiple Beneficiaries, we will calculate and pay each Beneficiary's share of the death benefit proceeds once we receive satisfactory proof of death and when we receive instructions, in proper form, from that Beneficiary. The death benefit proceeds still remaining to be paid to other Beneficiaries will remain allocated to and continue to fluctuate with the investment performance of the Subaccounts you chose, until each Beneficiary has provided us instructions in the proper form.

In most cases, when death benefit proceeds are paid in a lump sum, we will pay the death benefit proceeds by establishing an interest bearing account for the Beneficiary, in the amount of the death benefit proceeds payable. The same interest rate schedule and other account terms will apply to all Beneficiary accounts in place at any given time. We will send the Beneficiary a checkbook within seven days after we receive all the required documents, and the Beneficiary will have immediate access to the account simply by writing a check for all or any part of the amount of the death benefit proceeds payable. The account is part of our General Account. It is not a bank account and it is not insured by the FDIC or any other government agency. As part of our General Account, it is subject to the claims of our creditors. We receive a benefit from all amounts left in the General Account.

If an Owner of the Policy, under Federal tax law, is a corporation, trust or other non-individual, we treat the primary Annuitant as an Owner for purposes of the death benefit. The Annuitant is that individual whose life affects the timing or the amount of the death benefit payout under the Policy. If an Owner of the Policy is a corporation, trust or other non-individual, a change in the Annuitant is not permitted.

If the Annuitant is an Owner or joint Owner, the Annuitant's death is treated as the Owner's death.

If the Annuitant is not an Owner and the Annuitant dies before the Maturity Date, the Owner may name a new Annuitant if such Owner(s) is a natural person. If the Owner does not name a new Annuitant, the Owner will become the Annuitant.

If your spouse is the Policy Beneficiary, Annuitant, or a joint Owner, special tax rules apply. See the **IRS Required Distribution Upon Death of Owner** section below.

We will deduct any applicable premium tax not previously deducted from the death benefit payable.

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|:---|:---|
| **Direction Variable Annuity** | 29 |

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**<u>Unclaimed Death Benefit Proceeds</u>**

Every state has unclaimed property laws that generally declare life insurance and annuity policies to be abandoned after a period of inactivity of three to five years from the date any death benefit and/or annuity payment is due and payable. For example, if the payment of a death benefit has been triggered, and after a thorough search, we are still unable to locate the Beneficiary of the death benefit, the death benefit will be paid to the abandoned property investment division or unclaimed property office of the state in which the Beneficiary or the Policy Owner last resided, as shown on our books and records. However, the state is obligated to pay the death benefit (without interest) if your Beneficiary steps forward to claim it with the proper documentation and within certain mandated periods. To prevent your Policy's death benefit and/or annuity payment from being paid to the state's abandoned or unclaimed property office, it is important that you update your Beneficiary designation, and personal information—including complete names and complete address—if and as they change.

**<u>Standard Death Benefit</u>**

Upon any Owner's death before the Maturity Date, the Policy will end, and we will pay a death benefit to your Beneficiary(ies). The death benefit equals your Accumulation Value without deduction of a surrender charge. We will pay the death benefit on the date that both satisfactory proof of death and direction with regard to the benefit payout are received.

Upon any Owner's death on or after the Maturity Date and before all proceeds have been paid, no death benefit is payable, but any remaining proceeds will be paid to the designated annuity benefit payee based on the annuity income option in effect at the time of death.

**<u>IRS Required Distribution Upon Death of Owner</u>**

Federal tax law requires that if your Policy is non-qualified and you die before the Maturity Date, then the entire value of your Policy must be distributed within five years of your death. The 5-year rule does not apply to that portion of the proceeds which (a) is for the benefit of an individual Beneficiary; and (b) will be paid over the lifetime or the life expectancy of that Beneficiary as long as payments begin no later than one year after the date of your death. Special rules may apply to your surviving spouse. A more detailed description of these rules and other required distribution rules that apply to tax-qualified Policies are described in **APPENDIX B** of this prospectus.

**<u>Optional Death Benefit Riders</u>**

Three optional death benefit riders are available, each for an additional charge. Each optional death benefit rider provides the opportunity to receive a death benefit that is greater than the Policy's standard death benefit under the circumstances described below. Your election must be made when the Policy is issued. Your election cannot be changed or revoked. At your Attained Age 95, each of the death benefit riders terminate, the rider charges end, and the death benefit becomes the standard death benefit.

The Return of Premium Death Benefit Rider and the Step-Up Death Benefit Rider cannot be elected together. Only the Return of Premium Death Benefit Rider is available with the Four-Year Surrender Charge Rider or the No Surrender Charge Rider.

**DOLLAR COST AVERAGING PROGRAM (STANDARD)**

Dollar Cost Averaging allows you to automatically transfer, on a periodic basis, a set dollar amount or percentage from the money market subaccount or the Fixed Account to any other Subaccount(s) or the Fixed Account. Requested percentages are converted to a dollar amount. You can begin Dollar Cost Averaging when you purchase the Policy or later. You can increase or decrease the amount or percentage of transfers or discontinue the program at any time. We must receive notice of your election and any changed instruction – either Written Notice or by telephone transaction instruction. Dollar Cost Averaging is intended to limit loss by resulting in the purchase of more Accumulation Units when an underlying portfolio company's value is low, and fewer units when its value is high. However, there is no guarantee that such a program will result in a higher Accumulation Value, protect against a loss, or otherwise achieve your investment goals. You can limit the number of transfers to be made, in which case the program will end when that number has been made. Otherwise, the program will terminate when the amount remaining in the money market subaccount or the Fixed Account is less than $100. For more information regarding Dollar Cost Averaging rules, see the **SYSTEMATIC TRANSFER PROGRAMS** – **Dollar Cost Averaging Program** under the **GENERAL DESCRIPTION OF THE POLICY** section.

**PORTFOLIO REBALANCING PROGRAM (STANDARD)**

The Portfolio Rebalancing program allows you to rebalance your Account Value among designated Subaccounts only as you instruct. You must request the rebalancing program, give us your rebalancing instructions, or request to end this program either by Written Notice or by telephone transaction instruction. You may change your rebalancing allocation instructions at any time. Any change will be effective when the next rebalancing occurs. For more information regarding Portfolio Rebalancing Program rules, see the **SYSTEMATIC TRANSFER PROGRAMS** – **Portfolio Rebalancing Program** under the **GENERAL DESCRIPTION OF THE POLICY** section.

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|:---|:---|
| **Direction Variable Annuity** | 30 |

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**EARNINGS SWEEP PROGRAM (STANDARD)**

The Earnings Sweep program allows you to rebalance your Account Value by automatically allocating earnings from your Subaccounts among designated Investment Options (Subaccounts or the Fixed Account) either based on your original Policy allocation of premiums or pursuant to new allocation instructions. You must request the Earnings Sweep program, give us your allocation instructions, or request to end this program either by Written Notice or by telephone transaction instruction. You may change your Earnings Sweep program instructions at any time. Any change will be effective when the next sweep occurs. For more information regarding the Earnings Sweep Program rules, see the **SYSTEMATIC TRANSFER PROGRAMS** – **Earnings Sweep Program** under the **GENERAL DESCRIPTION OF THE POLICY** section.

**STEP-UP DEATH BENEFIT RIDER (OPTIONAL)**

The Step-Up Death Benefit Rider provides the opportunity to receive a death benefit that is greater than the Policy's standard death benefit. You may elect this rider if you (or the Annuitant if the Owner is a non-natural person) are not older than Attained Age 75 at issue. At your Attained Age 95, the rider will terminate and the death benefit becomes the standard death benefit. If the Policy is jointly owned, the death benefit is payable upon the death of the first Owner. The death benefit under the Step-Up Death Benefit Rider is referred to as the Step-Up Guaranteed Minimum Death Benefit ("Step-Up GMDB"). Until termination of the rider, the Step-Up GMDB equals the greater of the Accumulation Value on the date that proof of death is received and a value that has the potential to "step-up" on Policy Anniversaries. The Step-Up GMDB amount cannot be withdrawn.

The step-up interval is one year for this rider. The step-up benefit for Attained Ages 80-95 is the step-up benefit on the Policy Anniversary nearest your 80th birthday adjusted by adding subsequent premiums paid and subtracting an adjustment for withdrawals made.

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| | | | |
|:---|:---|:---|:---|
| <u>Calculating the Step-Up GMDB:</u> | <u>Calculating the Step-Up GMDB:</u> | <u>Example</u> (actual results depend on Policy experience): | <u>Example</u> (actual results depend on Policy experience): |
| On the Policy Date, the Step-Up GMDB is the initial premium. | On the Policy Date, the Step-Up GMDB is the initial premium. | Assume: | Assume: |
| After the Policy Date, the Step-Up GMDB equals: | After the Policy Date, the Step-Up GMDB equals: | 1. | Policy issued on January 1, 2025, with $100,000 single premium and |
|  |  |  | no additional premiums or withdrawals; |
| *(a) + (b) - (c), where:* | *(a) + (b) - (c), where:* | 2. | January 1, 2026, Accumulation Value increases to $104,000; |
|  |  | 3. | January 1, 2027, Accumulation Value decreases to $102,000; |
| (a) | is the greater of (i) the Accumulation Value as of the most recent | 4. | Owner dies on July 1, 2027, when Accumulation Value decreases to |
|  | Policy Anniversary and (ii) the Step-Up GMDB immediately preceding |  | $101000. |
|  | the most recent Policy Anniversary |  |  |
| (b) | is any premiums paid since the most recent Policy Anniversary | Result: | Result: |
| (c) | an adjustment for each partial withdrawal since the most recent | 1. | The initial Step-Up GMDB value on January 1, 2025, is $100,000. |
|  | Policy Anniversary | 2. | On January 1, 2026, the Step-Up GMDB value is stepped-up to |
|  |  |  | $104000. |
| The adjustment for each partial withdrawal equals: | The adjustment for each partial withdrawal equals: | 3. | On January 1, 2027, the Step-Up GMDB value remains at $104,000 |
|  |  |  | since the Accumulation Value on January 1, 2026, of $102,000 is less |
| *(A)* | *If (C) is greater than or equal to (B), or* |  | than the prior Step-Up GMDB value. |
| *(A)* | *\* (B / C) if (B) is greater than (C), where:* | 4. | On July 1, 2027, the death benefit is the larger of the Step-Up GMDB |
|  |  |  | value ($104000) and the Accumulation Value ($101000), or |
| (A) | is the withdrawal amount (including any applicable surrender |  | $104000. |
|  | charges) |  |  |
| (B) | is the Step-Up GMDB prior to the withdrawal |  |  |
| (C) | is the Accumulation Value prior to the withdrawal |  |  |

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|:---|:---|
| **Direction Variable Annuity** | 31 |

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**RETURN OF PREMIUM DEATH BENEFIT RIDER (OPTIONAL)**

The Return of Premium Death Benefit Rider provides the opportunity to receive a death benefit that is greater than the Policy's standard death benefit. You may elect this rider if you (or the Annuitant if the Owner is a non-natural person) are not older than Attained Age 85 at issue. At your Attained Age 95, the rider will terminate and the death benefit becomes the standard death benefit. If the Policy is jointly owned, the death benefit is payable upon the death of the first Owner.

The death benefit under the Return of Premium Death Benefit Rider is referred to as the Return of Premium Guaranteed Minimum Death Benefit ("Return of Premium GMDB"). Until termination of the rider, the Return of Premium GMDB equals the greater of the Accumulation Value on the date that proof of death is received and the adjusted guaranteed premium. The Return of Premium GMDB amount cannot be withdrawn.

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| | | | |
|:---|:---|:---|:---|
| <u>Calculating the adjusted guaranteed premium:</u> | <u>Calculating the adjusted guaranteed premium:</u> | <u>Example</u> (actual results depend on Policy experience): | <u>Example</u> (actual results depend on Policy experience): |
| The adjusted guaranteed premium is the total premium paid into the | The adjusted guaranteed premium is the total premium paid into the | Assume: | Assume: |
| Policy less an adjustment for each withdrawal based on the proportion | Policy less an adjustment for each withdrawal based on the proportion | 1. | Policy issued on January 1, 2025, with $100,000 single premium |
| that the withdrawal amount has to the Policy Accumulation Value prior to | that the withdrawal amount has to the Policy Accumulation Value prior to |  | and no additional premiums or withdrawals; |
| the withdrawal. The adjusted guaranteed premium after a withdrawal | the withdrawal. The adjusted guaranteed premium after a withdrawal | 2. | July 1, 2025, Accumulation Value increases to $104,000 and then a |
| equals: | equals: |  | partial withdrawal of $50,000 is taken; |
|  |  | 3. | Owner dies on July 1, 2026, when Accumulation Value decreases to |
| *A – (A \* (B / C)), where:* | *A – (A \* (B / C)), where:* |  | $32000. |
| A | is the adjusted guaranteed premium prior to the withdrawal |  |  |
| B | is the withdrawal amount (including applicable surrender charges) | Result: | Result: |
| C | is the Accumulation Value prior to the withdrawal | 1. | The initial adjusted guaranteed premium on January 1, 2025, is |
|  |  |  | $100000. |
|  |  | 2. | On July 1, 2025, the adjusted guaranteed premium after a $50,000 |
|  |  |  | partial withdrawal is calculated as: |
|  |  |  | $100,000 – ($100,000 \* ($50,000 / $104,000)) = $51,923.08 |
|  |  | 3. | On July 1, 2026, since no premium has been deposited and no |
|  |  |  | withdrawals have been taken since July 1, 2025, the death benefit is |
|  |  |  | the larger of $32,000 and $51,923.08, or $51,923.08. |

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**ENHANCED DEATH BENEFIT RIDER (OPTIONAL)**

The Enhanced Death Benefit Rider provides the opportunity to receive a death benefit in addition to the Policy's standard death benefit or that which is provided by either of the other optional death benefit riders (if elected). You may elect this rider if you (or the Annuitant if the Owner is a non-natural person) are not older than Attained Age 75 at issue. At your Attained Age 95, the rider will terminate and the death benefit becomes the standard death benefit. If the Policy is jointly owned, the death benefit is payable upon the death of the first Owner.

Under the Enhanced Death Benefit Rider, we will pay the Enhanced Death Benefit ("EDB") amount upon the death of the Policy Owner. The EDB amount depends on the date that proof of death is received. For joint Policy Owners, the EDB is payable upon the death of the first Policy Owner.

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|:---|:---|:---|:---|
| <u>Calculating the EDB:</u> | <u>Calculating the EDB:</u> | <u>Example</u> (actual results depend on Policy experience): | <u>Example</u> (actual results depend on Policy experience): |
| Upon your death, EDB equals: | Upon your death, EDB equals: | Assume: | Assume: |
|  | *(A) \* (B), where:* | 1. | Death occurs in Policy Year 5 |
|  |  | 2. | AVD is $90,000 |
| (A) | is 0.40 | 3. | NP is $26,500 |
| (B) | is the Benefit Base | 4. | NPBB is $50,000 |
|  |  | 5. | Premium received within 12 months prior to death is $14,000 |
|  | The lesser of (1) and (2), where: |  |  |
|  |  | Result: | Result: |
| The Benefit Base equals: | The Benefit Base equals: | The EDB is calculated as follows: | The EDB is calculated as follows: |
| (1) | is AVD - NPBB | (a) | Benefit Base is the lesser of: |
| (2) | is 200% of Adjusted NP | (i) | $90,000 - $50,000 = $40,000, and |
| The Benefit Base will never be less than zero. | The Benefit Base will never be less than zero. | (ii) | 200% of $26,500 - $14,000) $25,000 |
|  |  | (b) | EDB amount is 40% of $25,000 or $10,000 |
| AVD is the Accumulation Value on the date proof of death is received.<br>NPBB is Net Premiums used for the determination of the Benefit Base, which are total premiums paid into the Policy less proportional withdrawal adjustments, if any, as described below. On each Policy Anniversary, NPBB is reset to the lesser of Net Premium (NP) or the Accumulation Value as of that Policy Anniversary.<br>NP is Net Premiums, which are total premiums paid into the Policy less proportional withdrawal adjustments, if any, as described below.<br>Adjusted NP is NP reduced by premiums paid within a certain time prior to the date that proof of death is received. If this date occurs in the first Policy Year, there is no reduction for premiums paid prior to this date. If this date occurs in the second Policy Year, all premiums paid in the second Policy Year reduce NP. If this date occurs after the second Policy Year, only premiums paid within the 12-month period prior to this date reduce NP.<br>The proportional withdrawal adjustments referred to in the definitions of NPBB and NP are calculated in the same fashion. The withdrawal adjustment is based on the proportion that the withdrawal has to the Accumulation Value prior to the withdrawal. The withdrawal adjustment equals: | AVD is the Accumulation Value on the date proof of death is received.<br>NPBB is Net Premiums used for the determination of the Benefit Base, which are total premiums paid into the Policy less proportional withdrawal adjustments, if any, as described below. On each Policy Anniversary, NPBB is reset to the lesser of Net Premium (NP) or the Accumulation Value as of that Policy Anniversary.<br>NP is Net Premiums, which are total premiums paid into the Policy less proportional withdrawal adjustments, if any, as described below.<br>Adjusted NP is NP reduced by premiums paid within a certain time prior to the date that proof of death is received. If this date occurs in the first Policy Year, there is no reduction for premiums paid prior to this date. If this date occurs in the second Policy Year, all premiums paid in the second Policy Year reduce NP. If this date occurs after the second Policy Year, only premiums paid within the 12-month period prior to this date reduce NP.<br>The proportional withdrawal adjustments referred to in the definitions of NPBB and NP are calculated in the same fashion. The withdrawal adjustment is based on the proportion that the withdrawal has to the Accumulation Value prior to the withdrawal. The withdrawal adjustment equals: | AVD is the Accumulation Value on the date proof of death is received.<br>NPBB is Net Premiums used for the determination of the Benefit Base, which are total premiums paid into the Policy less proportional withdrawal adjustments, if any, as described below. On each Policy Anniversary, NPBB is reset to the lesser of Net Premium (NP) or the Accumulation Value as of that Policy Anniversary.<br>NP is Net Premiums, which are total premiums paid into the Policy less proportional withdrawal adjustments, if any, as described below.<br>Adjusted NP is NP reduced by premiums paid within a certain time prior to the date that proof of death is received. If this date occurs in the first Policy Year, there is no reduction for premiums paid prior to this date. If this date occurs in the second Policy Year, all premiums paid in the second Policy Year reduce NP. If this date occurs after the second Policy Year, only premiums paid within the 12-month period prior to this date reduce NP.<br>The proportional withdrawal adjustments referred to in the definitions of NPBB and NP are calculated in the same fashion. The withdrawal adjustment is based on the proportion that the withdrawal has to the Accumulation Value prior to the withdrawal. The withdrawal adjustment equals: | AVD is the Accumulation Value on the date proof of death is received.<br>NPBB is Net Premiums used for the determination of the Benefit Base, which are total premiums paid into the Policy less proportional withdrawal adjustments, if any, as described below. On each Policy Anniversary, NPBB is reset to the lesser of Net Premium (NP) or the Accumulation Value as of that Policy Anniversary.<br>NP is Net Premiums, which are total premiums paid into the Policy less proportional withdrawal adjustments, if any, as described below.<br>Adjusted NP is NP reduced by premiums paid within a certain time prior to the date that proof of death is received. If this date occurs in the first Policy Year, there is no reduction for premiums paid prior to this date. If this date occurs in the second Policy Year, all premiums paid in the second Policy Year reduce NP. If this date occurs after the second Policy Year, only premiums paid within the 12-month period prior to this date reduce NP.<br>The proportional withdrawal adjustments referred to in the definitions of NPBB and NP are calculated in the same fashion. The withdrawal adjustment is based on the proportion that the withdrawal has to the Accumulation Value prior to the withdrawal. The withdrawal adjustment equals: |
|  | *A \* (B / C), where:* | *A \* (B / C), where:* | *A \* (B / C), where:* |
| A | is the value of NP (or NPBB) prior to the withdrawal | is the value of NP (or NPBB) prior to the withdrawal | is the value of NP (or NPBB) prior to the withdrawal |
| B | is the withdrawal amount (including any applicable surrender charges) | is the withdrawal amount (including any applicable surrender charges) | is the withdrawal amount (including any applicable surrender charges) |
| C | is the Accumulation Value prior to the withdrawal | is the Accumulation Value prior to the withdrawal | is the Accumulation Value prior to the withdrawal |

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|:---|:---|
| **Direction Variable Annuity** | 32 |

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With respect to IRAs, if you are purchasing the EDB for your IRA, our understanding of current law is that the tax status of optional death benefits such as EDB is unclear. We believe that use of the EDB endorsement and other optional death benefits should not result in adverse tax treatment. We may, in our sole discretion and in compliance with our adopted procedures, accept or reject IRA contributions to purchase a contract with optional benefits. However, we can give no assurance that the Internal Revenue Service will approve the use of the optional death benefit in IRAs. Therefore, the Policy Owners bear the risk of any adverse tax treatment.

**MINIMUM PREMIUM RIDER (OPTIONAL)**

Under this rider, the initial premium amount may be lowered to $2,000. Additional premium requirements as provided in the Policy are unaffected by this rider.

The charge for the Minimum Premium Rider is a percentage of the Policy Value, will be deducted from the Policy Value on the same date in succeeding month as the Policy Date, and will continue for the life of the Policy. Whenever this date falls on a date other than a Business Day, the charge will be deducted on the next Business Day. This charge is noted in the Policy specification page.

The charge for the Minimum Premium Rider will be waived if the total Accumulation Value is $25,000 as of Policy Anniversary. Once waived, the charges are not reapplied if the total Accumulation Value falls below $25,000.

The issue ages for this rider are 0 to 85 for the Owner and Annuitant.

This rider is available at the time of Policy issue only. It may not be added to the Policy at a later date. The rider may not be cancelled after it is issued and will terminate when the Policy terminates.

Example: The Owner and Annuitant is the same individual and is age 50 at the time the Policy is issued with the Minimum Initial Premium Rider. The Owner submits a premium payment of $5,000 for each of the first five years of the Policy. As of the sixth Policy Anniversary, the Policy Accumulation Value is $28,000 which is greater than the $25,000 waiver threshold. This is the first time the Accumulation Value is more than $25,000. Therefore, effective the sixth Policy Anniversary, the charge for the Monthly Premium rider is no longer withdrawn from the Policy.

**ENHANCED DOLLAR COST AVERAGING ("EDCA") PROGRAM (OPTIONAL)**

We reserve the right to credit bonus interest to premium payments made to the Fixed Account for Policy Owners who participate in the Enhanced Dollar Cost Averaging ("EDCA") program. The EDCA will be available for new premium only, not transfers from Subaccounts or the Fixed Account. New premium usually includes only money noted on your Policy application; however, we may include other premium payments we receive during the period prior to receipt of the money noted on your application, so long as you do not exceed total premium limits for Ameritas Life annuities. Each premium allocated to the EDCA must be at least $1,500. We may defer crediting bonus interest until we receive all new premium noted on your application. Until all premiums noted on your application are received, amounts will remain in the Fixed Account and will receive the current interest rate declared for the Fixed Account. We must receive any new premium applicable to the EDCA program during the first six months that you own your Policy.

We transfer premium allocated to the EDCA monthly over a period of six months, beginning one month after the date we receive all new premium noted on your application. In the event you withdraw or transfer monies allocated to the EDCA, we will stop crediting interest under the EDCA program and transfer any remaining balance proportionately to the remaining Investment Options you selected in your latest allocation instructions. We reserve the right to discontinue offering the EDCA program at any time.

The EDCA program differs from the DCA program. For information on the DCA program, see the discussion of the DCA program in the Systematic Transfer Program section.

Example: A Policy is issued with total premium of $50,000 and $6,000 is allocated to the EDCA. If the declared interest rate for the EDCA is 2% and the Fixed Account declared interest rate is 1%, the money in the EDCA Fixed Account will earn 2% interest. The money in the EDCA program will be transferred to the Fixed Account and/or Subaccounts in accordance with your latest allocation instructions. (Note: Additional bonus interest in the EDCA is not guaranteed.)

**WITHDRAWAL CHARGE RIDERS**

The following Policy riders allow access to certain Accumulation Value. There is a charge for these riders and they must be elected at the time the Policy is issued. For information about the charges, see this prospectus' **FEE TABLE** and **CHARGES** sections.

**<u>Four-Year Surrender Charge Rider (optional)</u>**

The Four-Year Surrender Charge Rider provides a shorter surrender charge schedule than the base Policy. There is a charge for this rider. The rider may only be elected at issue. The rider may not be cancelled and will terminate only when the Policy terminates. If you elect the Four-Year Surrender Charge Rider, you may not elect the No Surrender Charge Rider, the Waypoint Income Rider, the Step-Up Death Benefit Rider or the Enhanced Death Benefit Rider.

Example: Assuming a $100,000 initial premium and no additional premiums are made to the Policy. The table below illustrates a comparison of maximum applicable surrender charges for the available surrender charges.

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|:---|:---|
| **Direction Variable Annuity** | 33 |

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|:---|:---|:---|:---|
| &nbsp;&nbsp; Policy<br> Year | &nbsp;&nbsp; Surrender<br> Charge Fee % | &nbsp;&nbsp; Partial Withdrawal<br> Amount | &nbsp;&nbsp; Surrender<br> Charge |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;8% | &nbsp;&nbsp;$10000 | &nbsp;&nbsp;$800 |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;8% | &nbsp;&nbsp;$10000 | &nbsp;&nbsp;$800 |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;8% | &nbsp;&nbsp;$10000 | &nbsp;&nbsp;$800 |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;7% | &nbsp;&nbsp;$7000 | &nbsp;&nbsp;$490 |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;0% | &nbsp;&nbsp;$6000 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;6 | &nbsp;&nbsp;0% | &nbsp;&nbsp;$5000 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;0% | &nbsp;&nbsp;$5000 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;8 | &nbsp;&nbsp;0% | &nbsp;&nbsp;$5000 | &nbsp;&nbsp;$0 |

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**<u>No Surrender Charge Rider (optional)</u>**

The No Surrender Charge Rider allows you to take partial withdrawals or a full surrender of Accumulation Value without surrender charges. There is a charge for this rider. The rider may only be elected at issue. The rider may not be cancelled and will terminate only when the Policy terminates. If you elect the No Surrender Charge Rider, you may not elect the Four-Year Surrender Charge Rider, the Waypoint Income Rider, the Step-Up Death Benefit Rider or the Enhanced Death Benefit Rider.

If you elect the No Surrender Charge Rider, the following restrictions also apply:

&nbsp;&nbsp;&nbsp;&nbsp;· Your premium allocation may not exceed 25% to the Fixed Account without prior approval. If prior approval is not received, we may
reallocate the excess premium above 25% proportionately among your remaining Investment Option allocations.

&nbsp;&nbsp;&nbsp;&nbsp;· The maximum amount you may transfer into the Fixed Account each Policy Year is 10% of the Registered Separate Account value as of
the previous Policy Anniversary. Prior to the first Policy Anniversary, the most recent Policy Anniversary is the date the first transfer
was made into the Fixed Account.

&nbsp;&nbsp;&nbsp;&nbsp;· We may further restrict allocation of premiums and transfers to the Fixed Account upon providing you with 30 days notice.

Example: A Policy with the No Surrender Charge Rider does not have any withdrawal charges. Therefore, no withdrawal charges will be withdrawn at the time of any partial withdrawal or surrender.

**WAYPOINT INCOME RIDER (OPTIONAL)**

Sales of the Waypoint Income Rider were suspended beginning September 1, 2020. The Waypoint Income Rider is not available for policies with a Policy Date on or after September 1, 2020 and will not be available to be added to the Policy at a later date.

If your Policy Date is prior to September 1, 2020 and you purchased the Policy before you Attained Age 50, you may add the Waypoint Income Rider on the Policy Anniversary nearest your 50th birthday if the rider is available at that time. We will send you notice of your ability to add the Waypoint Income Rider at least 60 days prior to the Policy Anniversary when it may be added. You must affirmatively respond to us in writing, and we must receive your response before the date provided in the notice. The Waypoint Income Rider may not be added after the date provided in the notice.

The balance of the disclosure in this section applies only to Policies with Policy Dates prior to September 1, 2020.

The Waypoint Income Rider provides a withdrawal benefit that guarantees a series of annualized withdrawals from the Policy until the death of the last Covered Person, regardless of the Policy's Accumulation Value. A "Covered Person" is the Owner(s) of the Policy, the Annuitant(s) if the Owner is a non-natural person, or the spouse at the time the joint spousal option is selected.

Guarantees, which are obligations of the General Account, are subject to the financial strength and claims paying ability of the Insurance Company and do not apply to the performance of the underlying Investment Options available with the Waypoint Income Rider.

There is a charge for the Waypoint Income Rider. The rider may not be available in all states. The rider is only available if the Policy Owner is Attained Age 50 through 85. The date the Waypoint Income Rider is issued is the "Rider Date."

If you are Attained Age 50 through 85 on the date your Policy is issued, you may elect the Waypoint Income Rider at issue. If your Policy was purchased before your Attained Age 50, you may add the Waypoint Income Rider on the Policy Anniversary nearest your 50<sup>th</sup> birthday if the rider is available at that time. We will send you notice of your ability to add the Waypoint Income Rider at least 60 days prior to the Policy Anniversary when it may be added. You must affirmatively respond to us in writing, and we must receive your response before the date provided in the notice. The Waypoint Income Rider may not be added after the date provided in the notice.

The Internal Revenue Code defines Required Minimum Distribution amounts (an "RMD") in Code Sections 401(a)(9) and 408(b)(3) and related regulations. The RMD is based on the previous year-end Accumulation Value of only the Policy to which the Waypoint Income Rider is attached, including the present value of additional benefits provided under the Policy and any riders attached to the Policy, to the extent required to be taken into account under IRS guidance.

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|:---|:---|
| **Direction Variable Annuity** | 34 |

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**Waypoint Income Rider Phases**

The Waypoint Income Rider has three phases, and your rights and benefits vary depending on which phase the rider is in. The Waypoint Income Rider is issued in the Accumulation Phase, and the Withdrawal Phase can begin no sooner than 30 days later. Sequentially, the phases are:

<u>Accumulation Phase:</u> the period of time between the date the Waypoint Income Rider is issued and the date of the first lifetime withdrawal benefit payment.

<u>Withdrawal Phase</u>: the period of time beginning with the occurrence of the first lifetime withdrawal benefit payment.

<u>Guaranteed Phase:</u> the period of time during which lifetime withdrawal benefit payments continue to be made, even though the Policy's Accumulation Value has been reduced to zero.

**Accumulation Phase**

During the Accumulation Phase, you have the opportunity to grow the Premium Accumulation Value which will later be used to determine the lifetime withdrawal benefit payments provided by the Waypoint Income Rider. Under the circumstances described below, we credit the Premium Accumulation Value with a guaranteed annual compounded rate of return of 5% (the "Premium Accumulation Rate"). The Reset Feature of the Accumulation Phase provides the potential to increase your Premium Accumulation Value on each Policy Anniversary to equal the Policy's Accumulation Value if it is greater than the Premium Accumulation Value.

<u>Premium Accumulation Period</u> is a 10-year period beginning with the later of the Rider Date or the most recent reset date during which we credit the Premium Accumulation Value with the Premium Accumulation Rate. If you elect to enter the Withdrawal Phase during this time, the Premium Accumulation Period will end.

<u>Premium Accumulation Value</u> is the sum of premiums paid plus interest at the Premium Accumulation Rate compounded annually for the Premium Accumulation Period. The initial Premium Accumulation Value is the Policy's Accumulation Value as of the Rider Date. The Premium Accumulation Value cannot be withdrawn and is not payable as a death benefit.

<u>Maximum Anniversary Accumulation Value</u> is the highest Accumulation Value of the Policy on any Policy Anniversary during the Premium Accumulation Period after the later of the Rider Date or the most recent reset date, if any. The Maximum Anniversary Accumulation Value cannot be withdrawn and is not payable as a death benefit.

<u>Reset Feature</u>. On each Policy Anniversary during the Accumulation Phase, the Premium Accumulation Value will be reset to the Policy's Accumulation Value if it is greater.

At the time of a reset:

&nbsp;&nbsp;&nbsp;&nbsp;1. A new Premium Accumulation Period begins for the Premium Accumulation Value and the Maximum Anniversary Accumulation Value.

&nbsp;&nbsp;&nbsp;&nbsp;2. If the rider charge rate increases, we will notify you at least 30 days prior to the Policy Anniversary. The new rider charge rate
will be specified in the notice and will not exceed the maximum rider charge rate.

&nbsp;&nbsp;&nbsp;&nbsp;3. You can decline the rider charge rate increase by providing Written Notice no later than 10 days prior to the Policy Anniversary.
If you decline the rider charge rate increase, the reset feature will be suspended and the rider charge rate will remain unchanged for
the current Policy Year.

After reset, the provisions of the Waypoint Income Rider apply in the same manner as they applied when the rider was issued. The deduction of charges, limitations on withdrawals, and any future reset options available after the most recent reset will again apply and will be measured from the date of most recent reset.

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| &nbsp;&nbsp; <u>Calculating the Premium Accumulation Value with a reset:</u><br>On each Policy Anniversary during the Premium Accumulation Period, the Premium Accumulation Value equals:<br>*the greater of (A) and (B), where:* | &nbsp;&nbsp; <u>Calculating the Premium Accumulation Value with a reset:</u><br>On each Policy Anniversary during the Premium Accumulation Period, the Premium Accumulation Value equals:<br>*the greater of (A) and (B), where:* | &nbsp;&nbsp; <u>Calculating the Premium Accumulation Value with a reset:</u><br>On each Policy Anniversary during the Premium Accumulation Period, the Premium Accumulation Value equals:<br>*the greater of (A) and (B), where:* |
| &nbsp;&nbsp;(A) | &nbsp;&nbsp;is the previous Premium Accumulation Value increased for premiums and decreased for an adjustment due to withdrawals plus interest at the Premium Accumulation Rate | &nbsp;&nbsp;is the previous Premium Accumulation Value increased for premiums and decreased for an adjustment due to withdrawals plus interest at the Premium Accumulation Rate |
| &nbsp;&nbsp;(B) | &nbsp;&nbsp;is the Policy's Accumulation Value | &nbsp;&nbsp;is the Policy's Accumulation Value |
| &nbsp;&nbsp; <u>Example</u> (actual results depend on Policy experience):<br>Assume:<br> On the Rider Date, the Policy's Accumulation Value is $100,000<br> No additional premiums are added or withdrawals made<br>On the first Policy Anniversary after the Rider Date, the Policy's Accumulation Value is $98,000<br>On the second Policy Anniversary after the Rider Date, the Policy's Accumulation Value is $112,000 | &nbsp;&nbsp; <u>Example</u> (actual results depend on Policy experience):<br>Assume:<br> On the Rider Date, the Policy's Accumulation Value is $100,000<br> No additional premiums are added or withdrawals made<br>On the first Policy Anniversary after the Rider Date, the Policy's Accumulation Value is $98,000<br>On the second Policy Anniversary after the Rider Date, the Policy's Accumulation Value is $112,000 | &nbsp;&nbsp; <br>Result:<br> On the Rider Date, the Premium Accumulation Value is the Policy's Accumulation Value, or $100,000.<br>On the first Policy Anniversary after the Rider Date, the Premium Accumulation Value is the greater of:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) $100,000 + (5% of $100,000) = $105,000<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) $98,000<br> This results in a Premium Accumulation Value of $105,000<br>On the second Policy Anniversary after the Rider Date, the Premium Accumulation Value is the greater of:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) $105,000 + (5% of $105,000) = $110,250<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) $112,000<br> This results in a Premium Accumulation Value of $112,000. The Premium Accumulation Value has increased due to the Reset Feature of the rider. |

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| **Direction Variable Annuity** | 35 |

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<u>Withdrawals During the Accumulation Phase</u>. You are permitted to take one withdrawal per Policy Year during the Accumulation Phase without initiating the Withdrawal Phase. You must indicate your desire to exercise this provision at the time you request a withdrawal. The withdrawal can be no sooner than 30 days after the Rider Date. The withdrawal may be subject to surrender charges as provided by the Policy and other applicable riders.

The Premium Accumulation Rate that will be applied in the year of a withdrawal will be impacted by such withdrawal. Taking a withdrawal under this provision will reduce the annual rate of interest for the Premium Accumulation Value to 0% for the Policy Year in which the withdrawal is taken. A second request for a withdrawal in a Policy Year will automatically transition the rider to the Withdrawal Phase.

A withdrawal will reduce the Rider Charge Base, the Premium Accumulation Value, and the Maximum Anniversary Accumulation Value in the same proportion that the withdrawal amount has to the Policy's Accumulation Value prior to the withdrawal. The amount of these adjustments may be more than the dollar amount of the withdrawal.

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| <u>Calculations after a withdrawal during the Accumulation Phase:</u> | <u>Calculations after a withdrawal during the Accumulation Phase:</u> | <u>Calculations after a withdrawal during the Accumulation Phase:</u> |
| &nbsp;&nbsp;The Rider Charge Base, Premium Accumulation Value, and Maximum Anniversary Accumulation Value, respectively, after a withdrawal, equal: | &nbsp;&nbsp;The Rider Charge Base, Premium Accumulation Value, and Maximum Anniversary Accumulation Value, respectively, after a withdrawal, equal: | &nbsp;&nbsp;The Rider Charge Base, Premium Accumulation Value, and Maximum Anniversary Accumulation Value, respectively, after a withdrawal, equal: |
| &nbsp;&nbsp;*A – (A \* (B / C)), where:* | A | is the Rider Charge Base, Premium Accumulation Value, or Maximum Anniversary Accumulation Value, respectively, prior to the withdrawal |
|  | B | is the withdrawal amount |
|  | C | is the Policy's Accumulation Value prior to the withdrawal |

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| &nbsp;&nbsp; <u>Example</u> (actual results depend on Policy experience):<br>Assume:<br> Premium Accumulation Value (A) is $100,000<br> Partial Withdrawal Amount (B) is $20,000<br> Policy's Accumulation Value prior to the withdrawal (C) is $120,000<br>| &nbsp;&nbsp; <br>Premium Accumulation Value result after withdrawal:<br> = $100,000 – ($100,000 \* ($20,000/$120,000))<br> = $100,000 – ($100,000 \* (0.1666667))<br> = $100,000 – ($16,666.67)<br> = $83,333<br>Utilizing the same equation, a Rider Charge Base (A) assuming $105,000 would be $87,500.00 after the partial withdrawal, and a Maximum Anniversary Accumulation Value (A) assuming $115,000 would be $95,833.33 after the partial withdrawal. |

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**Withdrawal Phase**

During the Withdrawal Phase you will receive the lifetime withdrawal benefit payments provided by the Waypoint Income Rider. You may choose to begin the payments no sooner than 30 days after the Rider Date, and no later than 60 days after we receive Written Notice.

<u>Lifetime Withdrawal Benefit Amount (LWBA)</u> is the maximum withdrawal payment that can be withdrawn under the Waypoint Income Rider during a Policy Year without reducing the Benefit Base. We guarantee, as an obligation of our General Account, that you may withdraw during a Policy Year up to the LWBA, regardless of the Policy's Accumulation Value, until the death of the last Covered Person. Total withdrawals in a Policy Year that do not exceed the LWBA will not be subject to surrender charges.

You have the choice of receiving LWBA withdrawals on an annual, semi-annual, quarterly, or monthly basis. If periodic withdrawals would be or become less than $100, we may change the frequency of withdrawals to an interval that will result in a payment of at least $100. If, during the Withdrawal Phase, you withdraw less than the LWBA in a Policy Year, the unused portion cannot be carried forward to subsequent Policy Years.

The LWBA is determined by applying the Lifetime Distribution Factor to the Benefit Base.

<u>Benefit Base</u> is the amount used in conjunction with the Lifetime Distribution Factor to determine the LWBA. The Benefit Base cannot be withdrawn and is not payable as a death benefit. The Benefit Base is established at the beginning of the Withdrawal Phase as the greatest of the Policy's Accumulation Value, the Premium Accumulation Value, and the Maximum Anniversary Accumulation Value. The Benefit Base is adjusted downward due to excess withdrawals and adjusted upward due to step-up or additional premium payments. The Benefit Base is not used to determine other benefits or features of the Waypoint Income Rider.

<u>Lifetime Distribution Factor</u> is a percentage that corresponds to the Attained Age of the youngest Covered Person at the beginning of the Withdrawal Phase. The Lifetime Distribution Factor is established from the following schedule; it never changes once it is established:

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| &nbsp;&nbsp;Attained Age | &nbsp;&nbsp;Single Life Option | &nbsp;&nbsp;Joint Spousal Option |
| &nbsp;&nbsp;50 through 54 | &nbsp;&nbsp;3.50% | &nbsp;&nbsp;3.25% |
| &nbsp;&nbsp;55 through 59 | &nbsp;&nbsp;4.00% | &nbsp;&nbsp;3.75% |
| &nbsp;&nbsp;60 through 64 | &nbsp;&nbsp;4.50% | &nbsp;&nbsp;4.25% |
| &nbsp;&nbsp;65 through 69 | &nbsp;&nbsp;5.00% | &nbsp;&nbsp;4.75% |
| &nbsp;&nbsp;70 through 74 | &nbsp;&nbsp;5.25% | &nbsp;&nbsp;5.00% |
| &nbsp;&nbsp;75 through 79 | &nbsp;&nbsp;5.50% | &nbsp;&nbsp;5.25% |
| &nbsp;&nbsp;80 and older | &nbsp;&nbsp;6.00% | &nbsp;&nbsp;5.75% |

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| **Direction Variable Annuity** | 36 |

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We may change this schedule for new issues and new Waypoint Income Rider elections. At any time that the Benefit Base is adjusted, the LWBA is re-determined by applying the Lifetime Distribution Factor to the adjusted Benefit Base.

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| &nbsp;&nbsp;<u>Calculating the LWBA:</u> |  |  |
| &nbsp;&nbsp;The LWBA equals: |  |  |
| &nbsp;&nbsp;*(A) \* (B), where:* | (A) | &nbsp;&nbsp;is the Benefit Base at the time the Withdrawal Phase begins |
|  | (B) | &nbsp;&nbsp;is the Lifetime Distribution Factor corresponding to the Attained Age of the youngest Covered Person at the time the Withdrawal Phase begins |

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|:---|:---|
| &nbsp;&nbsp; <u>Example</u> (actual results depend on Policy experience):<br>Assume:<br> The rider is a Single Life option<br> The Benefit Base at the beginning of the Withdrawal Phase is $175,000 (A)<br> The Attained Age of the youngest Covered Person at the beginning of the Withdrawal Phase is 67<br> According to the schedule, the applicable Lifetime Distribution Factor is 5.00% (B) | &nbsp;&nbsp; <br>Result:<br> $175,000 \* 5.00% = $8,750<br>If, instead, the Attained Age of the youngest Covered Person at the beginning of the Withdrawal Phase is 60, the applicable Lifetime Distribution Factor is 4.50%. This would result in an LWBA of $7,875 ($175,000 \* 4.50%). |

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<u>Remaining Balance</u> is the most recently determined Benefit Base minus the sum of all withdrawals made since the later of the beginning of the Withdrawal Phase or the most recent step-up of the Benefit Base. The Remaining Balance will never be less than zero. The Remaining Balance cannot be withdrawn. The Remaining Balance, if any, is payable as a death benefit.

<u>Impact of Withdrawals on Benefit Base</u>. Total withdrawals in a Policy Year up to the LWBA will not reduce the Benefit Base and will not impact the LWBA. An Excess Withdrawal is the portion of any withdrawal taken during the Withdrawal Phase that exceeds the LWBA in that Policy Year. Excess Withdrawals will proportionately reduce the Benefit Base. The Benefit Base adjustment may be more than the dollar amount of the Excess Withdrawal. If you are required to take an RMD from the Policy and the RMD exceeds the LWBA, the portion of the RMD that is greater than the LWBA will not be treated as an Excess Withdrawal.

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|:---|:---|:---|
| &nbsp;&nbsp;<u>Calculating a reduction in Benefit Base due to Excess Withdrawal:</u> | &nbsp;&nbsp;<u>Calculating a reduction in Benefit Base due to Excess Withdrawal:</u> | &nbsp;&nbsp;<u>Calculating a reduction in Benefit Base due to Excess Withdrawal:</u> |
| &nbsp;&nbsp;A proportional reduction in the Benefit Base equals: | &nbsp;&nbsp;A proportional reduction in the Benefit Base equals: | &nbsp;&nbsp;A proportional reduction in the Benefit Base equals: |
| &nbsp;&nbsp;*<u>A_____</u>* | A | &nbsp;&nbsp;is Excess Withdrawal amount with respect to the LWBA |
| &nbsp;&nbsp;*B – (C – A), where:* | B | &nbsp;&nbsp;is the Policy's Accumulation Value immediately prior to the withdrawal |
|  | C | &nbsp;&nbsp;is the withdrawal amount |

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|:---|:---|
| &nbsp;&nbsp; <u>Example</u> (actual results depend on Policy experience):<br>Assume:<br> Excess Withdrawal Amount (A) is $2,000<br> Policy Accumulation Value prior to withdrawal (B) is $90,000<br> Partial Withdrawal Amount (C) is $7,000<br> Benefit Base is $100,000 | &nbsp;&nbsp; <br>Result:<br> The proportional reduction factor is:<br> $2,000 / ($90,000 – ($7,000 - $2,000)) = 0.0235294<br> The effect on the Benefit Base is:<br> $100,000 \* 0.0235294 = $2,352.94<br> Applying the reduction to the Benefit Base:<br> $100,000 - $2,352.94 = $97,647.06 |

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A reduction in the Benefit Base will reduce the LWBA. No excess withdrawals will be allowed when the Policy's Accumulation Value is zero. If an Excess Withdrawal reduces the LWBA to an amount less than $100, we will pay the Remaining Balance in a lump sum; the rider and its benefits will be terminated.

<u>Step-Up of Benefit Base.</u> On each Policy Anniversary during the Withdrawal Phase, we will compare the Policy's Accumulation Value to the Benefit Base. If the Policy's Accumulation Value is greater than the Benefit Base on a Policy Anniversary, we will set the Benefit Base to equal the Policy's Accumulation Value and recalculate the LWBA, which will increase the LWBA.

<u>Additional Premiums.</u> Additional premium payments made during the Withdrawal Phase will increase the Policy's Accumulation Value according to the provisions of the Policy, increase the Benefit Base, and increase the LWBA. Premium payments made during the Withdrawal Phase may not exceed $25,000 without our approval. Premium payments will not be accepted if the Policy's Accumulation Value is zero.

**Guaranteed Phase**

During the Guaranteed Phase, you will continue receiving LWBA payments even though the Policy's Accumulation Value has been reduced to zero. If a withdrawal (including an RMD) reduces the Policy's Accumulation Value to zero and at least one Covered Person is still living, the following will apply:

&nbsp;&nbsp;&nbsp;&nbsp;(1) the monthly rider charge will no longer be deducted,

&nbsp;&nbsp;&nbsp;&nbsp;(2) the LWBA will be provided until the death of the last surviving Covered Person under a series of pre-authorized payments according to a frequency selected by the Owner, but no less frequently than annually,

&nbsp;&nbsp;&nbsp;&nbsp;(3) no additional premiums will be accepted,

&nbsp;&nbsp;&nbsp;&nbsp;(4) no additional step-ups will occur,

&nbsp;&nbsp;&nbsp;&nbsp;(5) any Remaining Balance will not be available for payment in a lump sum and cannot be applied to provide payments under an annuity option, and

&nbsp;&nbsp;&nbsp;&nbsp;(6) the Policy and any other riders will cease to provide any death benefits.

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|:---|:---|
| **Direction Variable Annuity** | 37 |

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**Rider Spousal Continuation**

If your Policy is issued as non-qualified, or issued as a regular, SEP, SIMPLE, or Roth IRA, your spouse has the ability to continue the Waypoint Income Rider under the circumstances described below.

If the Covered Person dies during the Accumulation Phase of this rider and if the surviving spouse of the deceased Covered Person meets the age requirements of this rider, the surviving spouse may elect to continue this rider for his or her life in accordance with its terms. If the surviving spouse so elects, the rider will continue in the Accumulation Phase, and the Premium Accumulation Value and Maximum Anniversary Accumulation Value will be set equal to the Policy's Accumulation Value. The rider charge rate will equal the rider charge rate in effect for new issues of the same rider, but will not exceed the maximum rider charge. If age requirements are not met, the rider will terminate.

If the Covered Person dies during the Withdrawal Phase, the surviving spouse of the deceased Covered Person may elect to continue the rider in accordance with its terms. Total annual withdrawals, not to exceed the LWBA in effect on the date of the Covered Person's death, will be paid until such time that the Remaining Balance is reduced to zero. No step-up of the Benefit Base is available after the Covered Person's death.

**Death Benefit**

Upon the death of the last Covered Person, provided the rider is in the Withdrawal Phase, the Beneficiary may elect to receive either the death benefit as provided by the Policy and other riders, as applicable, or the distribution of the Remaining Balance accomplished through the payment of the LWBA, subject to the IRS regulations relating to RMDs, until such time that the Remaining Balance is zero.

If the last surviving Covered Person dies and the Policy's Accumulation Value is zero as of the date of death, any Remaining Balance will be distributed to the Beneficiary through the payment of the LWBA until such time that the Remaining Balance is zero.

**Rider Charge**

The current and guaranteed maximum annual charges for the Waypoint Income Rider are in the **Charges** section of this prospectus. Beginning with the Rider Date, each month we will deduct a rider charge Pro-Rata from your Investment Options. The monthly rider charge is equal to the rider charge rate multiplied by the Rider Charge Base divided by 12.

<u>Rider Charge Base</u> is the value used to calculate the monthly rider charge for each Policy Month. The initial Rider Charge Base is the Policy's Accumulation Value as of the Rider Date. During the Accumulation Phase, the Rider Charge Base is established on each Policy Anniversary as the maximum of the Policy's Accumulation Value, the Premium Accumulation Value, and the Maximum Anniversary Accumulation Value. During the Policy Year, the Rider Charge Base is increased dollar-for-dollar for premiums paid since the previous Policy Anniversary. During the Policy Year, the Rider Charge Base is also reduced for any withdrawal taken since the previous Policy Anniversary in the proportion that the withdrawal amount has to the Policy's Accumulation Value prior to the withdrawal. During the Withdrawal Phase the Rider Charge Base is the Benefit Base.

<u>Calculating the monthly rider charge:</u> <br> The monthly rider charge equals: *<u>(A \* B)</u> , where:* A is the Rider Charge Base <br> *12* B is the current rider charge rate

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|:---|:---|
| &nbsp;&nbsp; <u>Example</u> (actual results depend on Policy experience):<br>Assume:<br> A Single Life rider charge rate of 1.25%<br> On the Rider Date, the Policy's Accumulation Value is $100,000<br> No additional premiums are added or withdrawals made<br>On the first Policy Anniversary after the Rider Date, the Rider Charge Base is $105,000. | &nbsp;&nbsp; <br>Result:<br> The initial Rider Charge Base is the Policy's Accumulation Value as of the Rider Date, or $100,000. The monthly rider charge for the next 12 Policy Months is calculated as follows:<br> ($100,000 \* 1.25%) / 12 = $104.16<br>On the first Policy Anniversary after the Rider Date, the monthly rider charge for the next 12 Policy Months is calculated as follows:<br> ($105,000 \* 1.25%) / 12 = $109.37 |

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**Permitted Investment Options**

While the Waypoint Income Rider is in force, all of your Policy's Accumulation Value must be allocated to the permitted Investment Options approved for use with this rider. The Waypoint Income Rider will terminate if you allocate any portion of your Policy's Accumulation Value or subsequent premium payment to an Investment Option that is inconsistent with the permitted Investment Options. You may transfer your Policy's Accumulation Value between the permitted Investment Options; however, any transfer of your Policy's Accumulation Value to an Investment Option that is not a permitted Investment Option will result in termination of the Waypoint Income Rider.

We reserve the right to change at any time the permitted Investment Options and/or place additional restrictions on the number of Investment Options that you are allowed to select, or the percentages you may allocate to each Investment option while the Waypoint Income Rider is in force. We will notify you at least 30 days prior to any change to the permitted investment options. If we have not received alternate instructions from you prior to the closure of an investment Option, we will transfer all of your Policy's Accumulation Value from the discontinued Investment Option to a default Investment Option as specified in the notice. You may later request to transfer your Policy's Accumulation Value from the default Investment Option to any remaining permitted Investment Option. We may close one or more permitted

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| **Direction Variable Annuity** | 38 |

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Investment Option(s) to additional premium payments and transfers. We will notify you at least 30 days prior to the closure(s). If you wish to make additional premium payments, you will be required to transfer your Policy's Accumulation Value to one of the remaining permitted Investment Options.

The list of permitted Investment Options is listed below and in Appendix A:

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|:---|:---|
| *American Funds IS Managed Risk Asset Allocation Fund* | For investors seeking to achieve long-term growth of capital and income while seeking to manage volatility and provide downside protection. This investment may be appropriate for investors who are risk-averse and seek to protect capital. Losses are still possible.<br>|
| *CVT Volatility Managed Growth Portfolio* | For long-term investors who seek growth potential with less emphasis on current income. The portfolio is likely to experience fluctuation in value, while seeking to manage overall volatility. Losses are still possible.<br>|
| *CVT Volatility Managed Moderate Growth Portfolio* | For long-term investors who seek a balance of current income and growth potential. The portfolio is likely to experience some fluctuations, while seeking to manage overall volatility. Losses are still possible.<br>|
| *CVT Volatility Managed Moderate Portfolio* | For investors who seek current income and stability, with modest potential for increase in the value of their investment. Losses are still possible. |

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You must allocate 100% of your Policy's Accumulation Value to one of the permitted Investment Options. Each portfolio is a volatility managed fund and may be referred to as a "VM Fund" or, collectively, the "VM Funds." You must select the VM Fund that is best for you. Your financial adviser can help you make this determination and may provide you with an investor questionnaire to help you define your investing style. There is no guarantee that the VM Fund you select is appropriate for your ability to withstand investment risk. We are not responsible for your selection of a specific VM Fund or your decision to change to a different VM Fund.

The strategies used by the VM Funds seek to limit the volatility risks associated with the value of your Policy. While these strategies are intended to reduce the risk of market losses from investing in equity securities, they may result in periods of underperformance, including, but not limited to, during times when the market is appreciating. As a result, your Policy's Accumulation Value may rise less than it would have without these strategies. During periods of high market volatility, the strategies are intended to dampen the impact on your Policy during sharp market losses, but nevertheless, you may still incur losses.

The above VM Funds seek to stabilize the volatility of a portfolio to a predetermined target level; therefore, they may not perform as well in a rising market as they are designed to limit volatility and provide downside protection in a declining market. If performance is limited in rising markets, then your Policy Value may not increase as much as it would if other Investment Options were allowed, this means you may not have as many opportunities for resets of the Premium Accumulation Value and step-ups of the Benefit Base. Further, losses are still possible. Resets and step-ups are described in the Reset Feature section and the Step-Up of Benefit Base section of the Waypoint Income Rider description above.

The requirement to be invested in the VM Funds is a risk management strategy employed by us to mitigate the financial risks and manage the cost of providing you the guaranteed benefits of the Waypoint Income Rider. In some situations, this risk mitigation strategy may result in more favorable financial results to us and less favorable financial results to you. Our interest in reducing both loss and the volatility of Policy Values presents a potential conflict of interest with respect to the interest of Policy Owners.

The permitted Investment Options for the Waypoint Income Rider are each comprised of a single Investment Option, charges will be deducted from that Investment Option.

Changes to your Policy's Accumulation Value allocations outside of the permitted Investment Options will cause the Waypoint Income Rider to terminate. For this reason, you will not be able to execute such a trade online. You will be required to communicate with the Service Center. The Service Center will communicate that your election to trade will result in the termination of your Rider.

**Potential Conflicts of Interest Relating to the VM Funds**

The strategies used by the VM Funds limit the volatility risks associated with offering living benefit riders like the Waypoint Income Rider. In requiring allocation to the VM Funds we are not providing investment advice or managing the allocations of your Policy. There is no investment advisory agreement between you and us, nor are any of our affiliates an adviser to you as the Policy Owner.

Each VM Fund is a mutual fund portfolio managed by the mutual fund's investment adviser. The three VM Funds with "CVT" in their names are managed by Calvert Research and Management ("CRM") and sub-advised by Parametric Portfolio Associates LLC and our affiliate Ameritas Investment Partners, Inc. ("AIP"), subject to the oversight of CRM and the portfolio's Board of Directors. In providing investment subadvisory services to the CVT VM Funds, AIP may be subject to competing interests that may influence its decisions. These competing interests typically arise because AIP

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|:---|:---|
| **Direction Variable Annuity** | 39 |

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serves as the sub-adviser to the CVT VM Funds while we receive compensation for providing other services to the CVT VM Funds, which may vary depending on the portfolio. For additional information, see the CVT VM Fund portfolio prospectuses.

**Termination**

Except as otherwise provided under the **Rider Spousal Continuation** section, the Waypoint Income Rider will terminate without value on the earliest occurrence of any of the following dates:

&nbsp;&nbsp;&nbsp;&nbsp;(1) the date of death of the last surviving Covered Person,

&nbsp;&nbsp;&nbsp;&nbsp;(2) the date there is a change of Owner that results in a change of Covered Person,

&nbsp;&nbsp;&nbsp;&nbsp;(3) the date annuity payments commence under an annuity income option,

&nbsp;&nbsp;&nbsp;&nbsp;(4) the date an Excess Withdrawal is taken such that the recalculated LWBA is less than $100,

&nbsp;&nbsp;&nbsp;&nbsp;(5) the date any investment restriction is violated,

&nbsp;&nbsp;&nbsp;&nbsp;(6) the date you provide Written Notice to terminate either this rider or the Policy, or

&nbsp;&nbsp;&nbsp;&nbsp;(7) the date the Policy is terminated.

If annuity payments are to commence at the Maturity Date under number (3) above, the Owner may select one of the following options:

&nbsp;&nbsp;&nbsp;&nbsp;(1) apply the Policy's Accumulation Value under an annuity income option described in the Policy, or

&nbsp;&nbsp;&nbsp;&nbsp;(2) receive periodic annualized payments equal to the LWBA that would otherwise be determined at that time through a life contingent annuity.

In the case of a divorce, this rider will continue provided the Covered Person does not change.

**PURCHASES AND ACCUMULATION POLICY VALUE**

**POLICY APPLICATION AND ISSUANCE**

To purchase a Policy, you must submit an application and a minimum initial premium. A Policy usually will be issued only if you and the Annuitant are Attained Ages 0 through 85. We reserve the right to reject any application or premium for regulatory reasons, or if the application or premium does not meet the requirements stated in the Policy, as disclosed in this prospectus.

Replacing an existing annuity policy is not always your best choice.<br> Evaluate any replacement carefully.<br>

If your application is in good order upon receipt, we will credit your initial Net Premium to the Accumulation Value in accordance with your allocation instructions within two Business Days after the later of the date we receive your application or the date we receive your premium. If the application is incomplete or otherwise not in good order, we will contact you within five Business Days to explain the delay; at that time we will refund your initial premium unless you consent to our retaining it to apply it to your Policy once all Policy issuance requirements are met.

The Policy Date is the date two Business Days after we receive your application and initial premium. It is the date used to determine Policy Anniversaries and Policy Years. No Policy will be dated on or after the 29th day of a month. (This does not affect how premium is credited; see the paragraph above.)

You can purchase a tax-qualified Policy as part of Section 401(a) pension or profit-sharing plans, or IRA, Roth IRA, SIMPLE IRA, SEP, and Section 457 deferred compensation plans, subject to certain limitations. See this prospectus' **TAXES** section and **APPENDIX B** for details regarding all pension or deferred compensation plans. Call us to see if the Policy may be issued as part of other kinds of plans or arrangements.

**<u>Application in Good Order</u>**

All application questions must be answered, but particularly note these requirements:

▪ The Owner's and the Annuitant's full name, Social Security number, and date of birth must be included.

▪ Your premium allocations must be completed in whole percentages and total 100%.

▪ Initial premium must meet minimum and maximum premium requirements.

▪ Your signature and your agent's signature must be on the application.

▪ Identify the type of plan, whether it is non-qualified or, if it is qualified, state the type of qualified plan.

▪ City, state and date application was signed must be completed.

▪ If you have one, please give us your email address to facilitate receiving updated Policy information by electronic delivery.

▪ There may be forms in addition to the application required by law or regulation, especially when a qualified plan or replacement is
involved.

▪ Your agent must be both properly licensed and appointed with us.

**<u>Premium Requirements</u>**

Your premium checks should be made payable to "Ameritas Life Insurance Corp." We may postpone crediting of your initial premium payment made by personal check to your Policy until the check has been honored by your bank. Payment

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|:---|:---|
| **Direction Variable Annuity** | 40 |

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by certified check, banker's draft, or cashier's check will be promptly applied. Under our electronic fund transfer program, you may select a monthly payment schedule for us to automatically deduct premiums from your bank account or other sources. Total premiums in this Policy may not exceed $1 million without our consent.

**Initial Premium**

▪ The only premium required. All others are optional.

▪ Must be at least $25,000. If you purchase the optional Minimum Premium Rider, it must be at least $2,000. We have the right to change
these premium requirements.

**Minimum Premium Rider**

The Minimum Premium Rider reduces the minimum initial premium requirement to $2,000. The rider may only be elected at issue. The rider does not change the requirements for additional premium payments. There is a charge for this rider. We will waive the charge in all years after the waiver threshold of $25,000 is met on a Policy Anniversary.

**Additional Premiums**

▪ Must be at least $100; $50 if payments are established as part of a regularly billed program (electronic funds transfer, payroll deduction,
etc.) or a tax-qualified plan. We have the right to change these premium requirements.

▪ Will not be accepted, without our approval, on or after the later of (i) the Policy Anniversary following your or the Annuitant's
95<sup>th</sup> birthday or (ii) the Maturity Date.

▪ We reserve the right to limit total premiums in a Policy Year to $25,000.

▪ Prior approval is required for any premium resulting in more than $1 million in total premium for this Policy.

**Allocating Your Premiums**

You may allocate your premiums among the variable Investment Options and the Fixed Account option. Initial allocations in your Policy application will be used for additional premiums until you change your allocation.

▪ Allocations must be in whole percentages and total 100%.

▪ You may change your allocation by sending us Written Notice or through an authorized telephone transaction. The change will apply
to premiums received on or after the date we receive your Written Notice or authorized telephone transaction.

▪ All premiums will be allocated pursuant to your instructions on record with us and are credited on the basis of accumulation unit
value next determined after receipt.

▪ For Policies issued with the No Surrender Charge Rider, the allocation of any premium to the Fixed Account may not exceed 25% without
our prior consent. If our prior consent is not received, we reserve the right to reallocate any excess Fixed Account allocation proportionately
to the remaining Investment Options you selected in your latest allocation instructions.

**YOUR ACCUMULATION VALUE**

On your Policy's date of issue, the Accumulation Value equals the initial premium less any charge for applicable premium taxes that we may collect. On any Business Day thereafter, the Accumulation Value equals the sum of the values in the Registered Separate Account variable Investment Options and the Fixed Account. The Accumulation Value is expected to change from day to day, reflecting the expenses and investment experience of the selected variable Investment Options (and interest earned in the Fixed Account option) as well as the deductions for charges under the Policy.

**<u>Registered Separate Account Value</u>**

Premiums or transfers allocated to Subaccounts are accounted for in Accumulation Units. The Accumulation Value held in the Subaccounts on any Business Day is determined by multiplying each Subaccount's Accumulation Unit value by the number of Accumulation Units held in the Subaccount allocated to the Policy. We will determine the value of the assets of each Subaccount at the close of trading on the New York Stock Exchange on each Business Day.

The unit value of each Subaccount reflects the investment performance of that Subaccount. The unit value of each Subaccount on any Business Day equals the unit value of the Subaccount on the previous Business Day multiplied by the net investment factor for the Subaccount. The net investment factor for each Subaccount can be determined on any Business Day by using the following calculation:

▪ The net asset value per share of the Subaccount's underlying portfolio as of the end of the current Business Day, plus the per share
amount of any dividend or capital gain distribution paid by that underlying portfolio since the previous Business Day, plus the per share
amount of any taxes payable by the Registered Separate Account; divided by

▪ The net asset value per share of the Subaccount's underlying portfolio as of the end of the previous Business Day, minus

▪ The daily mortality and expense risk charge and the daily administrative expense charge.

When transactions are made to or from a Subaccount, the actual dollar amounts are converted to Accumulation Units. The number of Accumulation Units for a transaction is equal to the dollar amount of the transaction divided by the Accumulation Unit value on the Business Day the transaction is made. Each transaction described below will increase or decrease your Accumulation Units.

The number of Accumulation Units in a Subaccount will increase when:

▪ Net Premiums are credited to it; or

▪ Amounts are transferred to it from other Subaccounts or the Fixed Account

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| **Direction Variable Annuity** | 41 |

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The number of Accumulation Units in a Subaccount will decrease when:

▪ Partial withdrawals (and any surrender charges) are taken from it;

▪ Monthly deductions are taken from it;

▪ Transfer charges are taken from it; or

▪ Amounts are transferred out of it into other Subaccounts or the Fixed Account

**<u>Fixed Account Value</u>**

The Accumulation Value of the Fixed Account on any Business Day equals:

(a) the Fixed Account value at the end of the previous Business Day; plus

(b) any premiums allocated to the Fixed Account since the end of the previous Business Day; plus

(c) any transfers from the Subaccounts to the Fixed Account since the end of the previous Business Day; minus

(d) any transfers from the Fixed Account to the Subaccounts since the end of the previous day; minus

(e) any transfer fees allocated to the Fixed Account since the end of the previous Business Day; minus

(f) any partial withdrawals (including any applicable surrender charges) allocated to the Fixed Account since the end of the previous Business Day; minus

(g) on the Policy Anniversary, a Pro-Rata share of the Policy fee; plus

(h) interest credited to the Fixed Account since the end of the previous Business Day.

We guarantee that the Fixed Account value will be credited with a rate of interest at least equal to the guaranteed minimum interest rate.

**PRINCIPAL UNDERWRITER**

Ameritas Investment Company, LLC ("AIC"), 5900 O Street, Lincoln, Nebraska 68510, is the principal underwriter of the Policies. AIC is a direct wholly-owned subsidiary of Ameritas Life. AIC enters into contracts with its own representatives to sell Policies and with various unaffiliated broker-dealers ("Distributors") to also distribute Policies through their own representatives. All persons selling the Policy will be registered representatives and will also be licensed as insurance agents to sell variable insurance products. AIC is registered with the Securities and Exchange Commission as a broker-dealer and is a member of the Financial Industry Regulatory Authority ("FINRA").

**SURRENDERS AND WITHDRAWALS**

There are several ways to take all or part of your investment out of your Policy, both before and after the Maturity Date. Tax penalties and surrender charges may apply to amounts taken out of your Policy before the Maturity Date. Your Policy also provides a death benefit (including, for an additional charge, optional death benefit riders) that may be paid upon your death prior to the Maturity Date. All or part of a death benefit may be taxable.

**WITHDRAWALS**

You may withdraw, by Written Notice, all or part of your Policy's Cash Surrender Value prior to the Maturity Date. Amounts withdrawn may be subject to a surrender charge. Following a full surrender of the Policy, or at any time the Accumulation Value is zero, all of your rights in the Policy end.

For purposes of the surrender charge only, premiums are deemed to be withdrawn before any earnings; this means that there may be no surrender charge if the amount of the withdrawal is less than or equal to premiums received at least 7 years prior to the withdrawal (4 years for the Four-Year Surrender Charge Rider) and not considered having been previously withdrawn. Of premium considered withdrawn, the oldest premium is considered withdrawn first, the next oldest premium is considered withdrawn next, and so on (a "first-in, first-out" procedure). (This is different than taxation order, which generally considers the last premium withdrawn first – a "last-in, first-out" procedure.)

**Withdrawal Rules**

▪ Withdrawals must be by Written Notice. A request for a systematic withdrawal plan must be on our form and must specify a date for
the first payment, which must be the 1<sup>st</sup> through 28<sup>th</sup> day of the month.

▪ Minimum withdrawal is $250.

▪ We may treat any partial withdrawal that leaves a Cash Surrender Value of less than $1,000 as a complete surrender of the Policy.

▪ A withdrawal results in cancellation of Accumulation Units from each applicable Subaccount and deduction of Accumulation Value from
any Fixed Account option. If you do not specify the Investment Option(s) from which to take the withdrawal, it will be taken from each
Investment Option on a Pro-Rata basis.

▪ The total amount paid to you upon total surrender of the Policy (taking any prior partial withdrawals into account) may be less than
the total premiums made, because we will deduct any charges owed but not yet paid (including surrender charges), a premium tax charge
may apply to withdrawals, and because you bear the investment risk for all amounts you allocate to the Registered Separate Account.

▪ Unless you give us Written Notice not to withhold taxes from a withdrawal, we must withhold 10% of the taxable amount withdrawn to
be paid as a federal tax, as well as any amounts required by state laws to be withheld for state income taxes.

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|:---|:---|
| **Direction Variable Annuity** | 42 |

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We will allow fax and email request forms and signatures to be used for the purpose of a Written Notice authorizing withdrawals from your Policy. You may complete and execute a withdrawal form and send it to our Service Center fax number, 402-467-7335. We offer this method of withdrawal as a service to meet your needs when turnaround time is critical. However, by not requiring an original signature there is a greater possibility that unauthorized persons can manipulate your signature and make changes on your Policy (including withdrawals) without your knowledge.

**<u>Systematic Withdrawal Plan</u>**

The systematic withdrawal plan allows you to automatically withdraw payments of a pre-determined dollar amount or fixed percentage of Accumulation Value from a specified Investment Option monthly, quarterly, semi-annually or annually. We can support and encourage your use of electronic fund transfer of systematic withdrawal plan payments to an account of yours that you specify to us. The fixed dollar amount of systematic withdrawals may be calculated in support of Internal Revenue Service minimum distribution requirements over the lifetime of the Annuitant. No systematic withdrawal may be established after the 28th of each month. Although this plan mimics annuity payments, each distribution is a withdrawal that may be taxable and subject to the charges and expenses described above; you may wish to consult a tax adviser before requesting this plan.

**<u>Free Withdrawal Amount</u>**

Each year after the first Policy Year you may withdraw 10% of the Accumulation Value without a surrender charge. This free withdrawal amount is reduced by all prior free withdrawals in the Policy Year. Any unused portion of the free withdrawal amount cannot be carried forward to subsequent Policy Years. There is no charge for this feature.

**<u>Waiver of Surrender Charge</u>**

The surrender charge will be waived for a full surrender or partial withdrawal in the event of (1) or (2) below. You are eligible for this benefit on the Policy Date.

&nbsp;&nbsp;&nbsp;&nbsp;(1) You become confined in a Qualified Institution for a period of at least 30 consecutive days on or after the Policy Date, subject to
the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. You must be a natural person (not a trust, corporation, or other legal entity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. You must have been an Owner of the Policy continuously since the Policy date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. You were not confined in a Qualified Institution at any time during the 60-day period immediately prior to the Policy Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. We receive Written Notice for a full surrender or partial withdrawal, along with due proof of confinement, within 12 months following
such confinement.

A "Qualified Institution" is a facility located in the United States that is primarily engaged in providing continuous, on-going skilled nursing care and related services for its residents. The Qualified Institution must be operated pursuant to the laws and regulations of the state in which it is licensed and be qualified as a "skilled nursing facility" under Medicare or Medicaid. The Qualified Institution must maintain daily medical records of each patient. The Qualified Institution's staff must be licensed, certified, or registered in accordance with applicable state laws. A Qualified Institution does not include: assisted living facilities, residential care facilities, facilities primarily engaged in the treatment of mental or nervous disorders, facilities primarily engaged in the treatment of alcoholism or drug addiction, or rehabilitation hospitals.

&nbsp;&nbsp;&nbsp;&nbsp;(2) You are diagnosed with a terminal illness on or after the Policy Date, subject to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. You must be a natural person (not a trust, corporation, or other legal entity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. You must have been an Owner of the Policy continuously since the Policy Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. You must have received a diagnosis from your Physician resulting in a reduction of your life expectancy to 12 months or less.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. We must receive Written Notice for a full surrender or partial withdrawal together with a certificate from your Physician stating
your life expectancy and any other proof we may require.

A "Physician" is a doctor of medicine or osteopathy (other than you, your spouse, domestic partner, a member of your family, a business or professional partner, or any person with whom you share a financial or business interest) licensed to practice medicine and surgery in the state in which he or she practices and who is practicing within the scope of such license in the United States.

If your Policy is terminated, either by you or us, and you are eligible for this waiver benefit at the time of termination, then your right to this benefit will not be prejudiced and surrender charges will be waived. If the request for this waiver is denied, you will be notified of the denial. At such time, you will be provided with the opportunity to instruct us of your desire to either proceed with, or cancel, your full surrender or partial withdrawal.

There is no charge for this feature. The waiver may not be available in all states or at all times.

**DELAY OF PAYMENTS**

We will usually pay any amounts requested as a full surrender or partial withdrawal from the Registered Separate Account within 7 days after we receive your Written Notice. We can postpone such payments or any transfers out of a Subaccount if: (i) the NYSE is closed for other than customary weekend and holiday closings; (ii) trading on the NYSE is restricted; (iii) an emergency exists as determined by the SEC, as a result of which it is not reasonably practical to dispose of securities,

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| **Direction Variable Annuity** | 43 |

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or not reasonably practical to determine the value of the net assets of the Registered Separate Account; or (iv) the SEC permits delay for the protection of security holders. The applicable rules of the SEC will govern as to whether the conditions in (iii) or (iv) exist.

We may defer payments of a full surrender or partial withdrawals or a transfer from the Fixed Account for up to 6 months from the date we receive your Written Notice, after we request and receive approval from the department of insurance of our domiciliary state.

**CANCELLATION RIGHTS**

If you are not satisfied with the Policy, you may void it by returning it to us or our agent from which it was purchased within 10 days of receipt, or longer where required by state law. You will then receive a full refund of your Accumulation Value; however, where required by certain states, or if your Policy was issued as an Individual Retirement Account ("IRA"), you will receive either the premium paid or your Accumulation Value, whichever amount is greater. **This Policy is no longer available for sale.**

**TAXES**

This discussion of how federal income tax laws may affect investment in your variable annuity is based on our understanding of current laws as interpreted by the Internal Revenue Service ("IRS"). It is NOT intended as tax advice. All information is subject to change without notice. Generally, amounts payable to a Beneficiary on the Policy Owner's death will be included in the estate of the Policy Owner for federal estate tax purposes, however, we make no attempt to review any state or local laws, or to address estate or inheritance laws or other tax consequences of annuity ownership or receipt of distributions as applied to your particular situation. **You should consult a competent tax adviser to learn how tax laws apply to your annuity interests.**

Section 72 of the Internal Revenue Code of 1986, as amended, (the "Code") governs taxation of annuities in general and Code Section 817 provides rules regarding the tax treatment of variable annuities. Other Code sections may also impact taxation of your variable annuity investment and/or earnings.

**<u>Tax Deferrals During Accumulation Period</u>**

An important feature of variable annuities is tax-deferred treatment of earnings during the accumulation phase. An individual Owner is not taxed on increases in the value of a Policy until a withdrawal occurs, either in the form of a non-periodic payment or as annuity payments under the settlement option selected.

**<u>Taxation of Withdrawals</u>**

Withdrawals are included in gross income to the extent of any allocable income. Any amount in excess of the investment in the Policy is allocable to income. Accordingly, withdrawals are treated as coming first from the earnings, then, only after the income portion is exhausted, as coming from principal.

If you make a withdrawal, not only is the income portion of such a distribution subject to federal income taxation, but a 10% penalty may apply. However, the penalty does not apply to distributions:

▪ after the taxpayer reaches age 59 1/2;

▪ upon the death of the Owner;

▪ if the taxpayer is defined as totally disabled;

▪ as periodic withdrawals that are a series of substantially equal periodic payments made at least annually for the life (or life expectancy)
of the taxpayer or for the joint lives (or joint life expectancies) of the taxpayer and the Beneficiary;

▪ under an immediate annuity; or

▪ under certain other limited circumstances.

**<u>Taxation of Annuity Payments</u>**

Earnings from a variable annuity are taxable only upon withdrawal and are treated as ordinary income. Generally, the Code provides for the return of your investment in an annuity policy in equal tax-free amounts over the annuity payout period. Fixed annuity payment amounts may be excluded from taxable income based on the ratio of the investment in the Policy to the total expected value of annuity payments. The remaining balance of each payment is taxable income. After you recover your investment in the Policy, any payment you receive is fully taxable. The taxable portion of any annuity payment is taxed at ordinary income tax rates.

**<u>Taxation of Death Proceeds</u>**

A death benefit paid under the Policy may be taxable income to the Beneficiary. The rules on taxation of an annuity apply. Estate taxes may also apply to your annuity, even if all or a portion of the benefit is subject to federal income taxes. To be treated as an annuity, a Policy must provide that: (1) if an Owner dies: (a) on or after the annuity starting date, and (b) before the entire interest in the Policy is distributed, the balance will be distributed at least as rapidly as under the method being used at the date of death, and (2) if the Owner dies before the annuity starting date, the entire interest must be distributed within five years of death. However, if an individual is designated as Beneficiary, they may take distribution over their life expectancy. If distributed in a lump sum, the death benefit amount is taxed in the same manner as a full withdrawal. If the Beneficiary is the surviving spouse of the Owner, it is possible to continue deferring taxes on the accrued and future income of the Policy until payments are made to the surviving spouse.

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| **Direction Variable Annuity** | 44 |

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**<u>Tax Treatment of Assignments and Transfers</u>**

An assignment or pledge of an annuity Policy is treated as a withdrawal. Also, the Code (particularly for tax-qualified plans) and ERISA in some circumstances prohibit such transactions, subjecting them to income tax and additional excise tax. Therefore, you should consult a competent tax adviser if you wish to assign or pledge your Policy.

**<u>Tax Treatments by Type of Owner</u>**

A Policy held by an entity, other than a natural person, such as a corporation, estate or trust, usually is not treated as an annuity for federal income tax purposes unless annuity payments start within a year. The income on such a Policy is taxable in the year received or accrued by the Owner. However, this rule does not apply if the entity as Owner is acting as an agent for an individual or is an estate that acquired the Policy as a result of the death of the decedent. Nor does it apply if the Policy is held by certain qualified plans, is held pursuant to a qualified funding trust (structured settlement plan), or if an employer purchased the Policy under a terminated qualified plan. **You should consult your tax adviser before purchasing a Policy to be owned by a non-natural person.**

**<u>Annuity Used to Fund Qualified Plan</u>**

The Policy is designed for use with various qualified plans including:

▪ Individual Retirement Annuities (IRAs), Code Section 408(b);

▪ Simplified Employee Pension (SEP IRA), Code Section 408(k);

▪ Savings Incentive Match Plans for Employees (SIMPLE IRA), Code Section 408(p); and

▪ Roth IRAs, Code Section 408A.

The Policy will not provide additional tax deferral benefits if it is used to fund a tax-deferred qualified plan. However, Policy features and benefits other than tax deferral may make it an appropriate investment for a qualified plan. You should review the annuity features, including all benefits and expenses, prior to purchasing a variable annuity. Tax rules for qualified plans are very complex and vary according to the type and terms of the plan, as well as individual facts and circumstances. **Each purchaser should obtain advice from a competent tax adviser prior to purchasing a Policy issued under a qualified plan.**

The Insurance Company reserves the right to limit the availability of the Policy for use with any of the plans listed above or to modify the Policy to conform to tax requirements. Some retirement plans are subject to requirements that we have not incorporated into our administrative procedures. Unless we specifically consent, we are not bound by plan requirements to the extent that they conflict with the terms of the Policy.

**<u>Tax Impact on Account Value</u>**

Certain Policy credits are treated as taxable "earnings" and not "investments" for tax purposes. Taxable earnings are considered paid out first, followed by the return of your premiums (investment amounts).

**LEGAL PROCEEDINGS**

We and our subsidiaries, like other life insurance companies, are subject to regulatory and legal proceedings in the ordinary course of our business. Certain of the proceedings we are involved in assert claims for substantial amounts. While it is not possible to predict with certainty the ultimate outcome of any pending or future case, legal proceeding or regulatory action, we do not expect the ultimate result of any of these actions to result in a material adverse effect on the Registered Separate Account, our ability to meet our obligations under the Policies, or AIC's ability to perform its obligations. Nonetheless, given the large or indeterminate amounts sought in certain of these matters, and the inherent unpredictability of litigation, it is possible that an adverse outcome in certain matters could from time to time have a material adverse effect on any or all of the above.

**FINANCIAL INFORMATION**

Financial statements of the Subaccounts of the Registered Separate Account and the Insurance Company are included in the Statement of Additional Information. To learn how to obtain a copy, see the **Table of Contents** page or the last page of this prospectus.

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| **Direction Variable Annuity** | 45 |

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**APPENDIX A: PORTFOLIO COMPANIES AVAILABLE UNDER THE POLICY**

The following is a list of portfolio companies available under the Policy. More information about the Portfolio Companies is available in the prospectuses for the Portfolio Companies, which may be amended from time to time and can be found online at ameritas.com/investments/fund-prospectuses. You can also request this information at no cost by calling 800-745-1112 or by sending an email request to alictd@ameritas.com.

The current expenses and performance information below reflects fees and expenses of the Portfolio Companies, but do not reflect the other fees and expenses that your Policy may charge. Expenses would be higher and performance would be lower if these other charges were included. Each Portfolio Company's past performance is not necessarily an indication of future performance.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type / Investment Objective** | **Portfolio Company and *Adviser / Subadviser(s)*** | **Current<br> Expenses** | **Average Annual Total<br> Returns<br> as of 12/31/2025** | **Average Annual Total<br> Returns<br> as of 12/31/2025** | **Average Annual Total<br> Returns<br> as of 12/31/2025** |
| **Type / Investment Objective** | **Portfolio Company and *Adviser / Subadviser(s)*** | **Current<br> Expenses** | **1 year** | **5 year** | **10 year** |
| Long-term growth of capital. | AB VPS Relative Value Portfolio, Class B<br> *AllianceBernstein L.P.* | 0.84%\* | 10.20% | 11.15% | 10.30% |
| Seeks to provide high total return (including income and capital gains) consistent with preservation of capital over the long term. | American Funds® IS Asset Allocation Fund, Class 2<br> *Capital Research and Management Company (SM)* | 0.54% | 15.85% | 8.97% | 9.77% |
| Seeks to provide you with long-term growth of capital. | American Funds® IS EUPAC Fund, Class 2 (named American Funds® IS International Fund, Class 2 prior to 5/1/26)<br> *Capital Research and Management Company (SM)* | 0.72%\* | 26.77% | 3.40% | 7.00% |
| Seeks to provide long-term growth of capital. | American Funds® IS Global Growth Fund, Class 2<br> *Capital Research and Management Company (SM)* | 0.65%\* | 21.62% | 8.23% | 12.17% |
| Seeks to provide growth of capital. | American Funds® IS Growth Fund, Class 2<br> *Capital Research and Management Company (SM)* | 0.58% | 20.24% | 13.37% | 17.97% |
| Seeks to achieve long-term growth of capital and income. | American Funds® IS Growth-Income Fund, Class 2<br> *Capital Research and Management Company (SM)* | 0.53% | 18.06% | 13.90% | 13.92% |
| Seeks to provide high total return (including income and capital gains) consistent with preservation of capital over the long term while seeking to manage volatility and provide downside protection. | American Funds® IS Managed Risk Asset Allocation Fund, Class P2<br> *Capital Research and Management Company (SM) /<br> Milliman Financial Risk Management LLC* | 0.90% | 11.67% | 6.43% | 7.17% |
| Seeks to provide long-term capital appreciation. | American Funds® IS New World Fund, Class 2<br> *Capital Research and Management Company (SM)* | 0.82%\* | 28.29% | 5.33% | 9.25% |
| Seeks to produce income and to provide an opportunity for growth of principal consistent with sound common stock investing. | American Funds® IS Washington Mutual Investors Fund, Class 2<br> *Capital Research and Management Company (SM)* | 0.50%\* | 17.21% | 13.89% | 12.36% |
| The fund seeks investment results that are greater than the total return performance of publicly traded common stocks of medium-sized domestic companies in the aggregate, as represented by the Standard & Poor's MidCap 400® Index (S&P 400 Index). <sup>1</sup> | BNY Mellon MidCap Stock Portfolio, Service Shares<br> *BNY Mellon Investment Adviser, Inc. /<br> Newton Investment Management North America, LLC* | 1.05%\* | 9.81% | 9.39% | 8.51% |
| The fund seeks to match the performance of the Standard & Poor's® Small Cap 600 Index (S&P Small Cap 600 Index). <sup>1</sup> | BNY Mellon Small Cap Stock Index Portfolio, Service Shares<br> *BNY Mellon Investment Adviser, Inc.* | 0.61% | 5.36% | 6.65% | 9.15% |
| Total return. | Calvert VP SRI Balanced Portfolio, Class F<br> *Calvert Research and Management* | 0.90% | 11.68% | 8.43% | 9.51% |
| Capital appreciation. | Columbia Variable Portfolio - Disciplined Core Fund, Class 2<br> *Columbia Management Investment Advisers, LLC* | 0.92% | 14.35% | 13.87% | 13.31% |
| Long-term capital growth. | Columbia Variable Portfolio - Emerging Markets Fund, Class 2<br> *Columbia Management Investment Advisers, LLC* | 1.34%\* | 30.87% | -1.37% | 7.00% |
| High current income with capital growth secondary. | Columbia Variable Portfolio - High Yield Bond Fund, Class 2<br> *Columbia Management Investment Advisers, LLC* | 0.89%\* | 8.49% | 3.93% | 5.51% |
| Capital appreciation. | Columbia Variable Portfolio - Overseas Core Fund, Class 2<br> *Columbia Management Investment Advisers, LLC* | 1.04% | 37.96% | 8.92% | 7.55% |

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| **Direction Variable Annuity** | 46 |

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|:---|:---|:---|:---|:---|:---|
| **Type / Investment Objective** | **Portfolio Company and *Adviser / Subadviser(s)*** | **Current<br> Expenses** | **Average Annual Total<br> Returns<br> as of 12/31/2025** | **Average Annual Total<br> Returns<br> as of 12/31/2025** | **Average Annual Total<br> Returns<br> as of 12/31/2025** |
| **Type / Investment Objective** | **Portfolio Company and *Adviser / Subadviser(s)*** | **Current<br> Expenses** | **1 year** | **5 year** | **10 year** |
| Long-term growth of capital. | Columbia Variable Portfolio - Select Mid Cap Value Fund, Class 2<br> *Columbia Management Investment Advisers, LLC* | 1.07%\* | 13.87% | 10.90% | 10.17% |
| Long-term capital growth. | Columbia Variable Portfolio - Select Small Cap Value Fund, Class 2<br> *Columbia Management Investment Advisers, LLC* | 1.10%\* | 6.30% | 8.66% | 7.97% |
| Total return, consisting of current income and capital appreciation. | Columbia Variable Portfolio - Strategic Income Fund, Class 2<br> *Columbia Management Investment Advisers, LLC* | 0.94%\* | 6.88% | 1.87% | 3.99% |
| Growth and income. | CVT Volatility Managed Growth Portfolio, Class F<br> *Calvert Research and Management /<br> Ameritas Investment Partners, Inc. <sup>2</sup> and Parametric Portfolio Associates LLC* | 0.93%\* | 8.06% | 6.67% | 6.74% |
| Income and growth. | CVT Volatility Managed Moderate Growth Portfolio, Class F<br> *Calvert Research and Management /<br> Ameritas Investment Partners, Inc. <sup>2</sup> and Parametric Portfolio Associates LLC* | 0.91%\* | 8.51% | 5.71% | 6.37% |
| Current income. | CVT Volatility Managed Moderate Portfolio, Class F<br> *Calvert Research and Management /<br> Ameritas Investment Partners, Inc. <sup>2</sup> and Parametric Portfolio Associates LLC* | 0.89%\* | 6.98% | 4.02% | 5.39% |
| Capital appreciation. | DWS Alternative Asset Allocation VIP, Class B<br> *DWS Investment Management Americas, Inc. /<br> RREEF America L.L.C.* | 1.31% | 10.03% | 4.88% | 4.52% |
| Seeks long-term capital appreciation. | Fidelity® VIP Contrafund<sup>SM</sup> Portfolio, Service Class 2 <sup>3</sup><br> *Fidelity Management & Research Company LLC /<br> Other investment advisers serve as sub-advisers for the fund.* | 0.79% | 21.24% | 15.08% | 15.49% |
| Seeks as high a level of current income as is consistent with preservation of capital and liquidity. | Fidelity® VIP Government Money Market Portfolio, Service Class 2 <sup>3,4</sup><br> *Fidelity Management & Research Company LLC /<br> Other investment advisers serve as sub-advisers for the fund.* | 0.50% | 3.86% | 2.90% | 1.83% |
| Seeks investment results that correspond to the total return of common stocks publicly traded in the United States, as represented by the S&P 500® Index. <sup>1</sup> | Fidelity® VIP Index 500 Portfolio, Service Class 2 <sup>3</sup><br> *Fidelity Management & Research Company LLC /<br> Geode Capital Management, LLC* | 0.34% | 17.48% | 14.03% | 14.42% |
| Seeks as high a level of current income as is consistent with the preservation of capital. | Fidelity® VIP Investment Grade Bond Portfolio, Service Class 2 <sup>3</sup> *Fidelity Management & Research Company LLC /<br> Other investment advisers serve as sub-advisers for the fund.* | 0.62% | 6.93% | -0.21% | 2.45% |
| Seeks long-term growth of capital. | Fidelity® VIP Mid Cap Portfolio, Service Class 2 <sup>3</sup><br> *Fidelity Management & Research Company LLC /<br> Other investment advisers serve as sub-advisers for the fund.* | 0.80% | 11.49% | 9.83% | 10.31% |
| Seeks a high level of current income. The fund may also seek capital appreciation. | Fidelity® VIP Strategic Income Portfolio, Service<br> Class 2 <sup>3</sup><br> *Fidelity Management & Research Company LLC /<br> Other investment advisers serve as sub-advisers for the fund.* | 0.88% | 8.58% | 2.79% | 4.40% |
| Seeks to maximize income while maintaining prospects for capital appreciation. | FTVIPT Franklin Income VIP Fund, Class 2<br> *Franklin Advisers, Inc.* | 0.72% | 12.56% | 7.66% | 7.30% |
| Seeks capital appreciation. | FTVIPT Franklin Mutual Global Discovery VIP Fund, Class 2<br> *Franklin Mutual Advisers, LLC* | 1.16% | 23.34% | 12.00% | 8.52% |
| Seeks long-term total return. | FTVIPT Franklin Small Cap Value VIP Fund, Class 2<br> *Franklin Mutual Advisers, LLC* | 0.91%\* | 7.65% | 8.86% | 9.81% |
| Seeks long-term capital growth. | FTVIPT Templeton Foreign VIP Fund, Class 2<br> *Templeton Investment Counsel, LLC* | 1.08%\* | 29.19% | 8.25% | 5.75% |
| Seeks high current income, consistent with preservation of capital, with capital appreciation as secondary consideration. | FTVIPT Templeton Global Bond VIP Fund, Class 2<br> *Franklin Advisers, Inc.* | 0.75%\* | 15.73% | -0.96% | -0.15% |

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| **Direction Variable Annuity** | 47 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type / Investment Objective** | **Portfolio Company and *Adviser / Subadviser(s)*** | **Current<br> Expenses** | **Average Annual Total<br> Returns<br> as of 12/31/2025** | **Average Annual Total<br> Returns<br> as of 12/31/2025** | **Average Annual Total<br> Returns<br> as of 12/31/2025** |
| **Type / Investment Objective** | **Portfolio Company and *Adviser / Subadviser(s)*** | **Current<br> Expenses** | **1 year** | **5 year** | **10 year** |
| Long-term capital appreciation. | Invesco V.I. American Value Fund, Series II<br> *Invesco Advisers, Inc.* | 1.14% | 20.76% | 17.56% | 12.01% |
| Provide reasonable current income and long-term growth of income and capital. | Invesco V.I. Diversified Dividend Fund, Series II<br> *Invesco Advisers, Inc.* | 0.93% | 15.44% | 10.53% | 8.93% |
| Total return through growth of capital and current income. | Invesco V.I. Global Real Estate Fund, Series II<br> *Invesco Advisers, Inc.* | 1.27% | 7.61% | 1.49% | 2.18% |
| Seeks to obtain maximum total return, consistent with preservation of capital. | Janus Henderson Flexible Bond Portfolio, Service Shares<br> *Janus Henderson Investors US LLC* | 0.82%\* | 7.22% | -0.47% | 2.07% |
| Capital growth by investing in common stocks. Income is a secondary objective. | LVIP Avantis Large Cap Value Fund, Service Class (named LVIP American Century Disciplined Core Value Fund, Service Class prior to 5/01/26)<br> *Lincoln Financial Investments Corporation /<br> American Century Investment Management, Inc.* | 0.96%\* | 14.56% | 8.51% | 10.12% |
| Seeks capital appreciation. | MFS® Blended Research® Core Equity Portfolio, Service Class<br> *Massachusetts Financial Services Company* | 0.55%\* | 15.82% | 15.01% | 13.59% |
| Seeks capital appreciation. | MFS® Blended Research® Small Cap Equity Portfolio, Service Class<br> *Massachusetts Financial Services Company* | 0.83%\* | 5.49% | 6.62% | 8.82% |
| Seeks a high level of total return consistent with a conservative level of risk relative to the other MFS Asset Allocation Portfolios. | MFS® Conservative Allocation Portfolio, Service Class<br> *Massachusetts Financial Services Company* | 0.95% | 9.72% | 2.83% | 5.43% |
| Seeks total return with an emphasis on current income, but also considering capital appreciation. | MFS® Corporate Bond Portfolio, Service Class<br> *Massachusetts Financial Services Company* | 0.88%\* | 7.30% | -0.32% | 3.06% |
| Seeks total return. | MFS® Global Real Estate Portfolio, Service Class<br> *Massachusetts Financial Services Company* | 1.15%\* | 3.30% | 1.08% | 4.76% |
| Seeks total return with an emphasis on current income, but also considering capital appreciation. | MFS® Government Securities Portfolio, Service Class<br> *Massachusetts Financial Services Company* | 0.81%\* | 6.63% | -0.94% | 1.03% |
| Seeks a high level of total return consistent with a greater than moderate level of risk relative to the other MFS Asset Allocation Portfolios. | MFS® Growth Allocation Portfolio, Service Class<br> *Massachusetts Financial Services Company* | 1.05% | 11.87% | 5.93% | 8.95% |
| Seeks capital appreciation. | MFS® Growth Series, Service Class<br> *Massachusetts Financial Services Company* | 0.98%\* | 11.90% | 10.82% | 15.31% |
| Seeks a high level of total return consistent with a moderate level of risk relative to the other MFS Asset Allocation Portfolios. | MFS® Moderate Allocation Portfolio, Service Class<br> *Massachusetts Financial Services Company* | 0.97% | 10.96% | 4.55% | 7.35% |
| Seeks capital appreciation. | MFS® New Discovery Series, Service Class<br> *Massachusetts Financial Services Company* | 1.12%\* | 12.56% | -0.54% | 10.46% |
| Seeks total return. | MFS® Utilities Series, Service Class<br> *Massachusetts Financial Services Company* | 1.03%\* | 14.76% | 7.38% | 9.22% |
| Total return. | Morgan Stanley VIF Global Strategist Portfolio, Class II<br> *Morgan Stanley Investment Management Inc. /<br> Morgan Stanley Investment Management Limited* | 1.00%\* | 17.36% | 5.21% | 6.75% |
| Seeks growth of capital. | Neuberger Berman AMT Mid Cap Growth Portfolio, Class S<br> *Neuberger Berman Investment Advisers LLC* | 1.11%\* | 5.23% | 4.27% | 10.71% |
| Seeks growth of capital. | Neuberger Berman AMT Mid Cap Intrinsic Value Portfolio, Class S<br> *Neuberger Berman Investment Advisers LLC* | 1.10%\* | 11.34% | 9.83% | 7.51% |
| To seek to provide total return. | Nomura VIP Asset Strategy Series, Service Class<br> *Delaware Management Company /<br> Macquarie Investment Management Global Limited* | 0.77%\* | 16.66% | 7.07% | 7.84% |
| To seek to provide total return through a combination of capital appreciation and current income. | Nomura VIP Balanced Series, Service Class<br> *Delaware Management Company /<br> Macquarie Investment Management Global Limited* | 1.03%\* | 11.79% | 7.85% | 8.38% |
| To seek to provide capital growth and appreciation. | Nomura VIP Energy Series, Service Class<br> *Delaware Management Company/<br> Van Eck Associates Corporation* | 1.10%\* | 11.89% | 18.61% | 1.74% |

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| **Direction Variable Annuity** | 48 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type / Investment Objective** | **Portfolio Company and *Adviser / Subadviser(s)*** | **Current<br> Expenses** | **Average Annual Total<br> Returns<br> as of 12/31/2025** | **Average Annual Total<br> Returns<br> as of 12/31/2025** | **Average Annual Total<br> Returns<br> as of 12/31/2025** |
| **Type / Investment Objective** | **Portfolio Company and *Adviser / Subadviser(s)*** | **Current<br> Expenses** | **1 year** | **5 year** | **10 year** |
| To seek to provide growth of capital. | Nomura VIP Global Growth Series, Service Class<br> *Delaware Management Company* | 1.04%\* | 17.93% | 9.99% | 10.71% |
| To seek to provide total return through a combination of high current income and capital appreciation. | Nomura VIP High Income Series, Service Class<br> *Delaware Management Company /<br> Nomura Corporate Research and Asset Management Inc.* | 0.97% | 7.17% | 3.73% | 5.56% |
| To seek to provide capital growth and appreciation. | Nomura VIP International Core Equity Series, Service Class<br> *Delaware Management Company* | 1.11%\* | 24.17% | 7.83% | 6.62% |
| To seek to provide growth of capital. | Nomura VIP Mid Cap Growth Series, Service Class<br> *Delaware Management Company* | 1.10%\* | 1.18% | -0.08% | 10.66% |
| To seek to provide growth of capital. | Nomura VIP Science and Technology Series, Service Class<br> *Delaware Management Company* | 1.15% | 33.36% | 13.71% | 17.20% |
| To seek to provide capital appreciation. | Nomura VIP Smid Cap Core Series, Service Class<br> *Delaware Management Company* | 1.19%\* | 8.38% | 8.07% | 9.91% |
| Seeks maximum real return, consistent with prudent investment management. | PIMCO CommodityRealReturn® Strategy Portfolio, Advisor Class<br> *Pacific Investment Management Company LLC* | 3.29%\* | 18.85% | 10.47% | 6.43% |
| Seeks maximum total return, consistent with preservation of capital and prudent investment management. | PIMCO Emerging Markets Bond Portfolio, Advisor Class<br> *Pacific Investment Management Company LLC* | 1.27% | 14.86% | 2.34% | 4.96% |
| Seeks maximum total return, consistent with preservation of capital and prudent investment management. | PIMCO Low Duration Portfolio, Advisor Class<br> *Pacific Investment Management Company LLC* | 0.76% | 5.42% | 1.47% | 1.69% |
| Seeks maximum real return, consistent with preservation of real capital and prudent investment management. | PIMCO Real Return Portfolio, Advisor Class<br> *Pacific Investment Management Company LLC* | 1.49% | 7.74% | 1.11% | 3.11% |
| Seeks maximum current income, consistent with preservation of capital and daily liquidity. | PIMCO Short-Term Portfolio, Advisor Class<br> *Pacific Investment Management Company LLC* | 0.75% | 4.57% | 3.14% | 2.65% |
| Seeks long-term return consistent with preservation of capital. | Putnam VT Global Asset Allocation Fund, Class IB<br> *Franklin Advisers, Inc. /<br> Putnam Investment Management, LLC, Franklin Templeton Investment Management Limited and The Putnam Advisory Company, LLC* | 1.09%\* | 14.38% | 8.39% | 8.43% |
| Seeks capital appreciation. | Putnam VT Global Health Care Fund, Class IB<br> *Putnam Investment Management, LLC /*<br> *Franklin Advisers, Inc., Franklin Templeton Investment Management Limited and The Putnam Advisory Company, LLC* | 1.00% | 15.05% | 7.71% | 8.36% |
| Seeks to provide long-term capital growth. Income is a secondary objective. | T. Rowe Price Blue Chip Growth Portfolio-II<br> *T. Rowe Price Associates, Inc.* | 1.00% | 18.43% | 11.41% | 15.25% |
| Long-term capital appreciation by investing in common stocks of gold-mining companies. The Fund may take current income into consideration when choosing investments. | VanEck VIP Global Gold Fund, Class S Shares<br> *Van Eck Associates Corporation* | 1.08% | 164.43% | 20.00% | 20.89% |
| Long-term capital appreciation by investing primarily in global resource securities. Income is a secondary consideration. | VanEck VIP Global Resources Fund, Class S Shares<br> *Van Eck Associates Corporation* | 1.45%\* | 36.17% | 10.24% | 8.06% |

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| | |
|:---|:---|
| *\** | *Current Expenses take into account expense reimbursement or fee waiver arrangements in place and reflect temporary fee reductions under such an arrangement.* |
| *1* | *"Standard & Poor's®," "S&P®," "S&P 500®," "Standard & Poor's 500," and "500" are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by us. The Product is not sponsored, endorsed, sold or promoted by Standard & Poor's® and Standard & Poor's® makes no representation regarding the advisability of investing in the Product. The Statement of Additional Information sets forth certain additional disclaimers and limitations of liabilities on behalf of Standard & Poor's® as set forth in the Licensing Agreement between us and Standard & Poor's®.* |
| *2* | *Ameritas Investment Partners, Inc. is an affiliate of Ameritas Life.* |
| *3* | *FIDELITY, Contrafund and Equity-Income are registered service marks of FMR LLC. Used with permission.* |
| *4* | *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.* |

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| | |
|:---|:---|
| **Direction Variable Annuity** | 49 |

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**<u>Additional Note Regarding Waypoint Income Rider</u>**

Depending on the optional benefits you choose, you may not be able to invest in certain Portfolio Companies. Policies with the Waypoint Income Rider are required to allocate to the permitted Investment Options, which currently require 100% allocation to one of the following Subaccounts:

American Funds IS Managed Risk Asset Allocation

CVT Volatility Managed Growth

CVT Volatility Managed Moderate Growth

CVT Volatility Managed Moderate

By imposing restrictions on Investment Options, we are not providing investment advice or managing the allocations of your Policy.

**FIXED OPTIONS AVAILABLE UNDER THE POLICY**

The following is a list of Fixed Options currently available under the Policy. 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 a written notice before doing so. **Features and limitations of the Fixed Options are described in section THE FIXED ACCOUNT FIXED INTEREST RATE OPTION.**

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|:---|
| **Name** |
| Fixed Account <sup>(1) (2)</sup> One Year<sup>(3)</sup>0.25%<sup>(4)</sup> |

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***(1)***  ***Policies issued with the No Surrender Charge Rider may not allocate more than 25% of each premium paid to the Fixed Account without our consent. If our prior consent is not received, we reserve the right to reallocate any excess Fixed Account allocation proportionately to the remaining Investment Options you selected in your latest allocation instructions.*** 

***(2)*** *The Fixed Account is not an available Investment Option for Policies with the Waypoint Income Rider.* 

***(3)*** *The declared interest rate is credited for 12 months from the date of a payment. The same payment will receive a renewal interest rate for another 12-month period following the renewal date.* 

***(4)*** *Your guaranteed minimum interest rate as shown on the schedule attached to your Policy may be larger.* 

*You may obtain information for the declared interest rate or the renewal interest rate at no cost, or you may transfer Policy Value, by calling 800-745-1112, by sending an email request to alictd@ameritas.com or by contacting your financial professional.*

 

Prior to the Annuity Date, you may transfer Policy Value from the Registered Separate Account to the Fixed Account, or from the Fixed Account to any Subaccount subject to the **Transfer Rules** as outlined in the **GENERAL DESCRIPTION OF THE POLICY**.

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| | |
|:---|:---|
| **Direction Variable Annuity** | 50 |

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**APPENDIX B: Tax-Qualified Plan Disclosures**

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| | |
|:---|:---|
| **DISCLOSURE STATEMENT**<br>**Ameritas Life Insurance Corp.**<br>| For annuity policies issued as a:<br> ▪ **Traditional IRA**<br> ▪ **SEP IRA**<br> ▪ **SIMPLE IRA**<br> ▪ **Roth IRA** |

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The Internal Revenue Service (IRS) requires us to provide you this disclosure statement. This Disclosure Statement explains the rules governing your Individual Retirement Account (IRA). The disclosure reflects our current understanding of the law, but for personal tax advice you should consult a lawyer or CPA to learn how the applicable tax laws apply to your situation. This Disclosure Statement is **not** intended as, nor does it constitute, legal or tax advice. For further information about IRAs, contact any district office of the IRS, or consult IRS Publications 590-A and 590-B Contributions and Distributions to Individual Retirement Arrangements, respectively.

If you have any questions about your Policy, please contact us at the address and telephone number shown below.

**YOUR RIGHT TO CANCEL**

You may cancel your IRA within seven days after the date you receive this Disclosure Statement. To revoke your plan and receive a refund for the amount paid for your IRA, you must send a signed and dated Written Notice to cancel your Policy no later than the seventh day after issuance to us at:

Ameritas Life Insurance Corp.

Service Center, Attn: Annuity Service Team

P.O. Box 81889

Lincoln, NE 68501

Telephone 800-745-1112

Your revocation will be effective on the date of the postmark (or certification or registration, if applicable), if sent by United States mail, properly addressed and by first class postage prepaid. After seven days following receipt of this Disclosure Statement, or longer, if required under state law, if you elect to cancel your Policy you may be subject to a withdrawal charge.

**PROVISIONS OF IRA LAW**

This disclosure is applicable when our variable annuity Policy is used for a Traditional IRA or a Roth IRA. Additionally, this disclosure provides basic information for when our variable annuity Policy is used for a Simplified Employee Pension (SEP IRA), or Savings Incentive Match Plan for Employees (SIMPLE IRA). **A separate Policy must be purchased for each individual under each arrangement/plan.** While Internal Revenue Code ("Code") provisions for IRAs are similar for all such arrangements/plans, certain differences are set forth below.

**<u>Inherited IRA</u>**

If you inherited this IRA from anyone other than your deceased spouse, you may not make any contributions to this IRA, including Rollover contributions.

**<u>Traditional IRA</u>**

**Eligibility**

You are eligible to establish a Traditional IRA if at any time during the year you receive compensation or earned income that is includible in your gross income. Your spouse may also establish a "spousal IRA" that you may contribute to out of your compensation or earned income. To contribute to a spousal IRA, you and your spouse must file a joint tax return for the taxable year.

**Annual Contribution Limits**

You may make annual contributions to a Traditional IRA of up to the Annual Contribution Limit of $7,500 in 2026 or 100% of your earned income (compensation), whichever is less. If you are age 50 or older, the Annual Contribution Limit is increased by $1,100 (for a total 2026 contribution limit of $8,600 if you're at least 50 years old), so long as your earned income or compensation is greater than the Annual Contribution Limit. The Annual Contribution Limit is required to be increased by the IRS to reflect increases in inflation.

If you and your spouse both work and have compensation that is includible in your gross income, each of you can annually contribute to a separate Traditional IRA up to the lesser of the Annual Contribution Limit or 100% of your compensation or earned income. However, if one spouse earns less than the Annual Contribution Limit, but both spouses together earn at least twice the Annual Contribution Limit, it may be advantageous to use the spousal IRA provision. The total contributions to both IRAs may not exceed the lesser of twice the Annual Contribution Limit or 100% of your and your spouse's combined compensation or earned income.

The combined limit on contributions to both Traditional and Roth IRAs for a single calendar year for you may not exceed the Annual Contribution Limit (or twice the Annual Contribution Limit for a couple filing jointly).

Distributions from another IRA or certain other qualified plans may be "rolled over" into an IRA and such Rollover contributions are not limited by this annual contribution maximum. You may not roll over any amount required by Traditional IRA rules to be distributed to you.

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| | |
|:---|:---|
| **Direction Variable Annuity** | 51 |

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Contributions must be made by the due date for filing your tax return. Except for a SEP IRA, an extension of the filing deadline for your tax return does not extend the time during which your Traditional IRA contribution may be made. **A contribution made between January 1 and the filing due date for your tax return must be submitted with written direction that it is being made for the prior tax year or it will be treated as made for the current tax year.**

The amount of permissible contributions may or may not be tax deductible depending on whether you are an active participant in an employer-sponsored retirement plan and whether your modified adjusted gross income ("MAGI") is above the phase-out level. When you file your tax return, you must designate any contributions as being either deductible or nondeductible. If you make a nondeductible contribution to your Traditional IRA, you must use IRS Form 8606 (Nondeductible IRA Contributions, IRA Basis and Nontaxable IRA Distributions). IRS Form 8606 is filed with your tax return. If you did not properly report a nondeductible contribution, tax consequences and penalties may apply. See the instructions for your federal income tax return or IRS Publication 590-A for more details regarding MAGI and reporting obligations with respect to IRA contributions.

Unless it is a Rollover contribution, your contribution must be paid in cash. You may make contributions consisting of regular contributions, catch-up (age 50 and over) contributions, additional authorized contributions, Rollovers, or transfers to your Traditional IRA.

From time to time, new legislation authorizes additional contributions to IRAs under prescribed circumstances by eligible individuals. For a full listing and explanation of the tax implications of all additional authorized contributions, including repayments of Qualified Reservist Distributions, Coronavirus-Related Distributions, or Qualified Disaster Distributions, and contributions of Qualified Settlement Income, Qualified Plan Loan Offsets, Difficulty of Care Payments, etc., see the most recent IRS Publication 590-A.

**Deductibility of Contributions**

Contributions made for the tax year may be fully deductible if neither you nor your spouse (if you are married) is an active participant in an employer-sponsored retirement plan (including qualified pension, profit sharing, stock bonus, 401(k), SEP IRA, SIMPLE IRA, SIMPLE 401(k), and certain governmental plans) for any part of such year.

If you are an active participant in an employer-sponsored retirement plan you may make deductible contributions if your MAGI is below a threshold level of income. For single taxpayers and married taxpayers (who are filing jointly and are both active participants) the available deduction is reduced proportionately over a phase out range. If you are married and an active participant in an employer retirement plan, but file a separate tax return from your spouse, your deduction is phased out between $0 and $10,000 of MAGI.

Active participants with income above the phase out range are not entitled to an IRA deduction. The phase out limits are as follows:

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| | | |
|:---|:---|:---|
|  | **<u>Married Filing Jointly</u>** | **<u>Single/Head of Household</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Year</u>** | **<u>MAGI</u>** | **<u>MAGI</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | $123000 - $143000 | $77000 - $87000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | $126000 - $146000 | $79000 - $89000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2026 | $129000 - $149000 | $81000 - $91000 |

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In 2026, if you are not an active participant in an employer-sponsored plan, but your spouse is an active participant, (and you are filing jointly), you may take a full deduction for your IRA contribution (other than to a Roth IRA) if your MAGI is below $242,000 and the deductible contribution for you is phased out between $242,000 and $252,000 of MAGI. These phase-out ranges are required to be increased by the IRS to reflect increases in inflation. If you are married but file a separate tax return from your spouse and your spouse is an active participant, your deduction is phased out between $0 and $10,000 of MAGI.

Even if you will not be able to deduct the full amount of your Traditional IRA contribution, you can still contribute up to the Annual Contribution Limit with all or part of the contribution being nondeductible. The combined total must not exceed your Annual Contribution Limit. Any earnings on all your Traditional IRA contributions accumulate tax-deferred until you withdraw them.

**Excess Contributions**

If you contribute more than the maximum contribution limit allowed in any year, the excess contribution could be subject to a 6% excise tax. The excess is taxed in the year the excess contribution is made and each year that the excess remains in your Traditional IRA.

If you should contribute more than the maximum amount allowed, you can eliminate the excess contribution as follows:

You may withdraw the excess contribution and net earnings attributable to it before the due date for filing your federal income tax for the year for which the excess contribution was made. Earnings distributed will be taxable in the year in which the contribution was made.

If you elect not to withdraw an excess contribution, you may apply the excess against the contribution limits in a later year. This is allowed to the extent you under-contribute in the later year. The 6% excise tax will be imposed in the year you

make the excess contribution and each subsequent year, until eliminated. To the extent an excess contribution is absorbed in a subsequent year by contributing less than the maximum deduction allowable for that year, the amount absorbed will be deductible in the year applied (provided you are eligible to take a deduction).

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|:---|:---|
| **Direction Variable Annuity** | 52 |

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**Distributions From Your Traditional IRA During Your Life**

You may take distributions from your Traditional IRA at any time. However, there is an additional 10% premature distribution tax on the amount includible in your gross income if distributed prior to you attaining age 59½, unless: (1) the distribution is made to a Beneficiary on or after the Owner's death; (2) the distribution is made because of your permanent disability; (3) the distribution is part of a series of substantially equal periodic payments (made at least annually) that do not exceed the life expectancy of you and your designated Beneficiary; (4) the distribution is made for medical expenses which exceed 7.5% of your adjusted gross income; (5) the distribution is made to purchase health insurance for the individual and/or his or her spouse and dependents if (a) he or she has received unemployment compensation for 12 consecutive weeks or more; (b) the distribution is made during the tax year that the unemployment compensation is paid or the following tax year; and (c) the individual has not been re-employed for 60 days or more; (6) the distribution is made to pay for certain qualified higher education expenses of the taxpayer, the taxpayer's spouse, or any child or grandchild of the taxpayer or the taxpayer's spouse; (7) the distribution is made for the qualified first-time home buyer expenses (up to a lifetime maximum of $10,000) incurred by you or your spouse or a child, grandchild, parent or grandparent of you or your spouse; (8) the distribution is made to satisfy a levy issued by the IRS; (9) the distribution is a qualified reservist distribution; (10) the distribution is made to pay for certain expenses related to birth or adoption; (11) the distribution constitutes an emergency personal expense distribution made after December 31, 2023; (12) the distribution is an eligible distribution to a domestic abuse victim made after December 31, 2023; (13) the distribution is made to a terminally ill individual; (14) the distribution is made in connection with certain federally declared disasters; or (15) the distribution is made in accordance with new legislation or IRS guidance authorizing distributions in special circumstances. Generally, the part of a distribution attributable to nondeductible contributions is not includible in income and is not subject to the 10% penalty. The above listed exceptions to the 10% premature tax are subject to certain limitations and restrictions. For details regarding exceptions to the 10% premature distribution tax on the amount includible in your gross income if distributed prior to you attaining age 59½ as well as any eligible repayment of these distributions, see the information in the most recent IRS Publication 590-A.

Some distributions exempt from the 10% premature distribution tax may be repaid subject to certain restrictions. For details regarding exceptions to the 10% premature distribution tax on the amount includible in your gross income if distributed prior to you attaining age 59½ as well as any eligible repayment of these distributions, see the information in the most recent IRS Publication 590-A.

Tax laws require you to take a Required Minimum Distribution (RMD) each year once you reach a certain required beginning age. For individuals who turn 72 on or before December 31, 2022, the required beginning age is 72. For individuals who turn 72 after December 31, 2022, the required beginning age is 73. The required beginning age will change to 75 for individuals who turn 74 after December 31, 2032. When you reach your required beginning age, you must elect to receive RMDs no later than April 1 of the following year (Required Beginning Date) whether or not you have retired. There is a minimum amount which you must withdraw by the Required Beginning Date and by each December 31 thereafter. At your request we will calculate the RMD for you. Prior to taxable years beginning in 2023, the penalty for failure to take the RMD could result in an additional tax of 50% of the amount not taken. For taxable years beginning in 2023, the penalty for failure to take the RMD is reduced to 25% of the amount not taken and this penalty can be reduced to 10% if correction is made within the appropriate "correction window."

**Distributions From Your Traditional IRA After Your Death**

If you die before all the funds in your Traditional IRA have been distributed, the remaining funds will be distributed to your designated Beneficiary as required below and as selected by such Beneficiary. However, if you die after Required Minimum Distributions commence, distributions must generally be made under the Policy option selected before death. In this case, Required Minimum Distributions may be required prior to complete distribution of the funds.

Your designated Beneficiary must withdraw the funds remaining no later than December 31 of the calendar year in which the tenth anniversary of your death occurs; or if your Beneficiary is an eligible designated Beneficiary, the funds may be withdrawn over the life or life expectancy of the eligible designated Beneficiary, beginning on or before December 31 of the calendar year following the year of your death. However, if the designated Beneficiary is your spouse, payments may be delayed until December 31 of the calendar year in which you would have reached your required beginning age. If you did not designate a Beneficiary that is an individual, the funds remaining generally must be distributed within five years after your death.

Your surviving spouse, if the sole Beneficiary, may elect to treat your Traditional IRA as his or her own Traditional IRA. An eligible designated Beneficiary is a designated Beneficiary who is your surviving spouse, your minor child, disabled, a chronically ill individual or an individual who is not more than 10 years younger than you. Once your minor child reaches the age of majority, any remainder of the child's interest in the IRA must be distributed within 10 years after the date on which the age of majority is attained.

**Tax Consequences**

Amounts paid to you or your Beneficiary from your Traditional IRA are taxable as ordinary income, except recovery of your nondeductible Traditional IRA contributions is tax-free.

If a minimum distribution is not made from your IRA for a tax year in which it is required, the excess of the amount that should have been distributed over the amount that was actually distributed is subject to an excise tax of 25%. The penalty is reduced to 10% if the correction is made within the applicable correction window.<br>

**Tax-Free Rollovers**

Under certain circumstances, you, your spouse, or your former spouse (pursuant to a qualified domestic relations order) may roll over all or a portion of your distribution from another Traditional IRA, a 401(a) qualified retirement plan, 401(k)

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|:---|:---|
| **Direction Variable Annuity** | 53 |

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plan, 403(b) plan, governmental 457 plan, or SIMPLE plan into a Traditional IRA. Such an event is called a Rollover and is a method for accomplishing continued tax deferral on otherwise taxable distributions from said plans. Rollover contributions are not subject to the contribution limits on Traditional IRA contributions, but also are not tax deductible.

There are two ways to make a Rollover to your IRA:

1. **Participant Rollovers** are accomplished by contributing part or all of the eligible distribution (which includes amounts withheld for federal income tax purposes) to your new IRA within 60 days following receipt of the distribution. Under certain circumstances the IRS may waive the 60-day requirement, or you may qualify for an automatic waiver. For details, see information on Rollovers completed after the 60-day period in the most recent IRS Publication 590-A. Participant Rollover amounts may be subject to a mandatory 20% federal income tax withholding. Participant Rollovers from another Traditional IRA, as well as Direct Rollovers (see below), are not subject to mandatory withholding. Traditional IRA to Traditional IRA Rollovers are limited to one per 12-month period. However, you may transfer Traditional IRA assets to another Traditional IRA (where you do not directly receive a distribution) and such transfers are not subject to this limitation. Distributions from a SIMPLE IRA may not be rolled over or transferred tax-free to an IRA (which is not a SIMPLE IRA) during the two-year period following the date you first participate in any SIMPLE IRA maintained by your employer.

2. **Direct Rollovers** are made by instructing the plan trustee, custodian, or issuer to pay the eligible portion of your distribution directly to the trustee, custodian or issuer of the receiving IRA. Direct Rollover amounts are not subject to mandatory federal income tax withholding.

Certain distributions are **not** considered to be eligible for Rollover and include:

&nbsp;&nbsp;&nbsp;&nbsp;a. distributions which are part of a series of substantially equal periodic payments (made at least annually) over your lifetime or life
expectancy, the lifetimes or life expectancies of you and your Beneficiary, or a period of 10 years or more;

&nbsp;&nbsp;&nbsp;&nbsp;b. Required Minimum Distributions made during or after the year you reach your Required Beginning Date;

&nbsp;&nbsp;&nbsp;&nbsp;c. any hardship distributions made under the terms of the plan; and

&nbsp;&nbsp;&nbsp;&nbsp;d. amounts in excess of the cash (except for certain loan offset amounts) or in excess of the proceeds from the sale of property distributed.

&nbsp;&nbsp;&nbsp;&nbsp;e. corrective distributions of excess contributions or excess deferrals, and any income allocable to the excess, or of excess annual
additions and allocable gains.

Under certain circumstances, you may roll over all or a portion of your distribution from your Traditional IRA to a 401(a) qualified retirement plan, 401(k) plan, 403(b) plan, SEP IRA, or SIMPLE IRA (if it has been at least two years since you first participated in the SIMPLE IRA), or governmental 457 plan. However, you may not roll over after-tax contributions from your Traditional IRA to a 401(a) plan, 401(k) plan, 403(b) plan, or governmental 457 plan. You may also be eligible to make a one-time qualified Health Savings Account (HSA) funding distribution from your Traditional IRA or Roth IRA to your HSA.

**For rules applicable to Rollovers or transfers to Roth IRAs, see the paragraphs below on Roth IRA.**

**<u>SEP IRA</u>**

A SEP IRA allows self-employed people and small business owners to establish Simplified Employee Pensions for the business owner and eligible employees, if any. SEP IRAs have specific eligibility and contribution limits (as described in IRS Form 5305-SEP); otherwise SEP IRAs generally follow the same rules as Traditional IRAs. See Publication 560 for more details.

**<u>SIMPLE IRA</u>**

SIMPLE IRAs operate in connection with a Savings Incentive Match Plan for Employees maintained by an eligible employer. Each participating employee has a SIMPLE IRA to receive contributions under the plan. SIMPLE IRAs have specific rules regarding eligibility, contribution, and tax-withdrawal penalties (as described in IRS Form 5304-SIMPLE); otherwise, SIMPLE IRAs generally follow the same rules as Traditional IRAs.

**<u>Roth IRA</u>**

**Eligibility**

You are eligible to make annual contributions to a Roth IRA if you receive compensation from employment, earnings from self-employment, and your (and your spouse's) MAGI is within the limits described below. Also, you may contribute to a different Roth IRA, established by your spouse (spousal Roth IRA), out of your compensation or earned income for any year.

**Limit on Annual Contributions**

You can make annual contributions to a Roth IRA of up to the Annual Contribution Limit or 100% of your compensation or earned income, whichever is less, subject to the limitations below. The Annual Contribution Limit is $7,500 for 2026. If you are age 50 or older, the Annual Contribution Limit is increased by $1,100, so long as your earned income or compensation is greater than the Annual Contribution Limit. The Annual Contribution Limit is required to be increased by the IRS to reflect increases in inflation.

If each spouse earns at least the Annual Contribution Limit, each may make the maximum contribution to his or her Roth IRA, subject to the limitations discussed below. However, if one spouse earns less than the Annual Contribution Limit, but both spouses together earn at least twice the Annual Contribution Limit, it may be advantageous to use the spousal Roth IRA. To contribute to a spousal IRA, you and your spouse must file a joint tax return for the taxable year. The total contributions to both Roth IRAs may not exceed the lesser of twice the Annual Contribution Limit or 100% of you and your spouse's combined compensation or earned income.

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|:---|:---|
| **Direction Variable Annuity** | 54 |

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The Annual Contribution Limit is the maximum that can be contributed to all IRAs (Roth and Traditional) by an individual in a year. The maximum amount that may be contributed to your Roth IRA is always reduced by any amount that you have contributed to your Traditional IRAs for the year.

Active participants with income above the phase out range are not entitled to a Roth IRA deduction. The phase out limits are as follows:

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| | | |
|:---|:---|:---|
|  | **<u>Married Filing Jointly</u>** | **<u>Single/Head of Household</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Year</u>** | **<u>MAGI</u>** | **<u>MAGI</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | $230000 – $240000 | $146000 – $161000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | $236000 – $246000 | $150000 – $165000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2026 | $242000 – $252000 | $153000 – $168000 |

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The maximum amount you or your spouse may contribute to a Roth IRA is limited based on your tax filing status and your (and your spouse's) MAGI. In 2026, you may contribute the maximum contribution to your Roth IRA if you are single and your MAGI is less than $153,000. Your ability to contribute to your Roth IRA is phased out at $168,000. You may contribute the maximum contribution to your Roth IRA if you are married and filing jointly and your MAGI is less than $242,000. Your ability to contribute to your Roth IRA is phased out at $252,000. These phase-out ranges are required to be increased by the IRS to reflect increases in inflation. If you are married but file a separate tax return from your spouse and lived with your spouse at any time during the year, you cannot make a Roth IRA contribution if your MAGI is $10,000 or more.

Roth IRA contributions must be made by the due date, not including extensions, for filing your tax return. **A contribution made between January 1 and the filing due date for your return must be submitted with written direction that it is being made for the prior tax year or it will be treated as made for the current tax year.**

**Deductibility of Contributions**

Unlike a Traditional IRA, contributions to your Roth IRA are not deductible.

**Excess Contributions**

If you contribute more than the maximum contribution limit allowed in any year, the excess contribution could be subject to a 6% excise tax. The excess is taxed in the year the excess contribution is made and each year that the excess remains in your Roth IRA.

If you should contribute more than the maximum amount allowed, you can eliminate the excess contribution as follows:

▪ You may withdraw the excess contribution and net earnings attributable to it before the due date for filing your federal income tax
for the year the excess contribution was made. Any earnings so distributed will be taxable in the year for which the contribution was
made.

▪ If you elect not to withdraw an excess contribution, you may apply the excess against the contribution limits in a later year. This
is allowed to the extent you under-contribute in the later year. The 6% excise tax will be imposed in the year you make the excess contribution
and each subsequent year, until eliminated.

**Tax on Withdrawals From Your Roth IRA**

You can make withdrawals from your Roth IRA at any time and the principal amounts that you contributed are always available to be withdrawn by you tax-free. Withdrawal of amounts considered earnings or growth will also be tax-free if it is a qualified distribution meeting the following requirements: the withdrawal must satisfy the five-year holding period and be made either on or after you reach 59½, your death or disability, or for qualified first-time home buyer expenses.

If the requirements for a tax-free withdrawal are not met, a withdrawal consisting of your own prior contribution amounts for your Roth IRA will not be considered taxable in the year you receive it, nor will the 10% penalty apply. A non-qualified withdrawal that is considered earnings on your contributions is includible in your gross income and may be subject to the 10% withdrawal penalty. Also, the 10% premature distribution penalty tax may apply to conversion amounts distributed even though they are not includible in income, if the distribution is made within the five-taxable-year period beginning on the first day of the individual's taxable year in which the conversion contribution was made.

**Required Payments From Your Roth IRA**

Unlike a Traditional IRA, while you are living, there are no distribution requirements for your Roth IRA.

If you die before your entire interest in the Policy is distributed, your entire interest in your Roth IRA generally must be distributed to your designated Beneficiary no later than the end of the tenth calendar year after your death occurs or if your Beneficiary is an eligible designated Beneficiary, over the life or life expectancy of the eligible designated Beneficiary and must begin on or before December 31 of the calendar year following the year of your death.

However, if the designated Beneficiary is your surviving spouse, the spouse may elect to treat the Roth IRA as his or her own. If you do not designate a Beneficiary that is an individual, the entire benefit must be distributed within five years of your death.

An eligible designated Beneficiary is a designated Beneficiary who is your surviving spouse, your minor child, disabled, a chronically ill individual or an individual who is not more than 10 years younger than you.

**Rollovers and Conversions**

You may roll over any amount from an existing Roth IRA to another Roth IRA. Under certain circumstances, you may also convert an existing Traditional IRA to a Roth IRA. You can roll over distributions from a Traditional IRA to a Roth IRA

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| **Direction Variable Annuity** | 55 |

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if you convert such amounts within 60 days after distribution. Note that Rollover contributions to a Roth IRA are included in taxable income and may result in additional tax. There may be additional income tax consequences upon a conversion. A conversion of a Traditional IRA to a Roth IRA cannot be recharacterized as having been made to a Traditional IRA. **See IRS Publication 590-A and consult your financial adviser to determine other considerations when converting a Traditional IRA to a Roth IRA.**

**GENERAL INFORMATION AND RESTRICTIONS FOR ALL IRAs**

**Lump sum Distribution**

If you decide to receive the entire value of your IRA in one lump sum, the full amount is taxable when received (except as to nondeductible contributions to a Traditional IRA or to a Roth IRA, or "qualified distributions" from a Roth IRA), and is not eligible for the special ten year averaging tax rules under IRC Section 402 on lump sum distributions which may be available for other types of qualified retirement plans. Distributions are also not eligible for capital gains treatment.

**Nontransferability**

You may not transfer, assign or sell your IRA to anyone (except in the case of transfer incident to divorce).

**Nonforfeitability**

The value of your IRA always belongs to you, without risk of forfeiture.

**Loans and Prohibited Transactions**

If you engage in a so-called prohibited transaction as defined by the Internal Revenue Code, your IRA will be disqualified and the entire taxable balance in your Traditional IRA account, and the amount of earnings or gains in your Roth IRA account, will be taxed as ordinary income in the year of the transaction. You may also have to pay the 10% penalty tax. For example, IRAs do not permit loans. You may not borrow from your IRA (including Roth IRAs) or pledge it as security for a loan. A loan would disqualify your entire IRA and be treated as a distribution. It would be includible in your taxable income in the year of violation and subject to the 10% penalty tax on premature distributions. A pledge of your IRA as security for a loan would cause a constructive distribution of the portion pledged and be subject to the 10% penalty tax.

**Financial Disclosure**

Contributions to your IRA will be invested in a variable annuity policy. The variable annuity policy, its operation, and all related fees and expenses are explained in detail in the prospectus to which this Disclosure Statement is attached.

Growth in the value of your variable annuity Policy IRA cannot be guaranteed or projected. The income and expenses of your variable annuity Policy will affect the value of your IRA. Dividends from net income earned are reduced by investment advisory fees and by certain other costs. For an explanation of these fees and other costs, please refer to your prospectus.

**Estate Tax**

Generally, amounts payable to a Beneficiary on the Policy Owner's death will be included in the estate of the contract Owner for federal estate tax purposes. Further, transfers of IRA assets to a named Beneficiary made during your life may be subject to federal gift taxes under IRC Section 2501. However, we make no attempt to review any state or local laws, or to address estate or inheritance laws or other tax consequences of annuity ownership or receipt of distributions as applied to your particular situation. **You should consult a competent tax adviser to learn how tax laws apply to your annuity interests.**

**Charitable Distributions**

If you are age 70½ or older, you may make tax-free distributions of up to $100,000 per year directly from your IRA to certain charitable organizations. Beginning in 2023, this amount is indexed for inflation and may increase for subsequent tax years. Also beginning in 2023, part of this charitable distribution may include a one-time distribution of up to $50,000 directly from your IRA to certain split-interest entities (such as charitable remainder trusts or charitable gift annuities). Many times, charitable distributions qualify as RMDs. Special tax rules may apply. For further detailed information, see the most recent IRS Publication 590-B.

**IRS Filing**

Generally, a Form 5329 (Additional Taxes Attributable to Qualified Retirement Plans (Including IRAs), Annuities, and Modified Endowment Contracts) must be filed if an individual owes taxes on premature distributions from, or excess contributions to, his or her IRA. Therefore, you must file Form 5329 with the Internal Revenue Service for each taxable year during which excise taxes are due because of a premature distribution or failure to receive a mandatory excess distribution.

**IRS Approval**

Your IRA annuity has not been submitted to the Internal Revenue Service for approval as to the form of the contract.

**STATUS OF OUR IRA**

We may, but are not obligated to, seek IRS approval of your Traditional IRA or Roth IRA form. Approval by the IRS is optional to us as the issuer. Approval by the IRS is to form only and does not represent a determination of the merits of the Traditional IRA or Roth IRA.

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|:---|:---|
| **Direction Variable Annuity** | 56 |

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**STATEMENT OF ADDITIONAL INFORMATION; REGISTRATION STATEMENT**

A Statement of Additional Information ("SAI") with the same date as this prospectus contains other information about the Registered Separate Account, us, and the Policy. You may obtain a copy without charge upon request, and make other inquiries about your Policy, by calling our toll-free telephone number 800-745-1112 or accessing the following website

ameritas.com.

**REPORTS TO YOU**

We will send you a statement at least annually showing your Accumulation Value. As long as your Policy activity is limited to scheduled periodic premiums automatically deducted from your bank or investment account or other systematic transfer programs, you will also receive a quarterly report, which will be confirmation of premium payments and regular monthly deductions. We will confirm any other premium payments, Subaccount transfers, surrender, partial withdrawals, and other Policy transactions as they occur. You will receive such additional periodic reports as may be required by the SEC.

Also, reports and other information about the Registered Separate Account and the Insurance Company, are available on the SEC's website at sec.gov, and copies of this information may be obtained, upon payment of a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov.

**FINRA PUBLIC DISCLOSURE PROGRAM**

FINRA provides investor protection education through its website and printed materials. The FINRA regulation website address is finra.org. An investor brochure that includes information describing the BrokerCheck program may be obtained from FINRA. The FINRA BrokerCheck hotline number is 800-289-9999. FINRA does not charge a fee for the BrokerCheck program Services.

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|:---|:---|
| <br> **THANK YOU**<br> for reviewing this prospectus. You should also review the fund prospectus for the portfolio underlying<br> each Subaccount variable Investment Option you wish to select.<br>**IF YOU HAVE QUESTIONS,**<br> about the Policy described in this prospectus, or wish to request a Statement of Additional Information,<br> contact your sales representative, email,<br> write or telephone us at the following:<br>| <br> Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> or<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Toll-Free Telephone: 800-745-1112<br> Fax: 402-467-7335<br> Interfund Transfer Request Fax: 402-467-7923<br> Website: ameritas.com<br> Email: clientservices@ameritas.com<br>|
| <br> **REMEMBER, THE CORRECT FORM** is important for us to process your Policy elections and changes accurately. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need. | <br> **REMEMBER, THE CORRECT FORM** is important for us to process your Policy elections and changes accurately. Many service forms can be found when you access your account through our website. Or, call us at our toll-free number and we will send you the form you need. |

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![A black and red text AI-generated content may be incorrect.](image_005.jpg)© 2026 Ameritas Life Insurance Corp. SEC Registration # 811-05192 <br> Class/Contract # C000162725 <br> File # 333-206889

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| **Direction Variable Annuity** | 57 |

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| | | |
|:---|:---|:---|
| Statement of Additional Information: May 1, 2026 | Statement of Additional Information: May 1, 2026 | ![](image_006.jpg) |
| to accompany Policy Prospectuses listed below. | to accompany Policy Prospectuses listed below. | ![](image_006.jpg) |
|  |  | ![](image_006.jpg) |
|  |  | ![](image_006.jpg) |
| **Variable Annuity Policies:** | **Variable Annuity Policies:** | **Variable Annuity Policies:** |
| **Overture Annuity** | **Overture Accent!** | **Overture Accent!** |
| **Overture Annuity II** | **Medley!** | **Medley!** |
| **Overture Annuity III** | **Overture Medley <sup>®</sup>** | **Overture Medley <sup>®</sup>** |
| **Overture Annuity III-Plus** | **Direction Variable Annuity** | **Direction Variable Annuity** |
| **Overture Acclaim!** |  |  |
| offered through |  |  |
| **Ameritas Variable Separate Account VA-2** | **Ameritas Variable Separate Account VA-2** | **Ameritas Variable Separate Account VA-2** |

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| | | |
|:---|:---|:---|
| <u>**<u>**TABLE OF CONTENTS**</u>**</u> | <u>**<u>PAGE</u>**</u> | **Contacting Us**. To have questions answered or to send additional premium, contact your sales representative or write or call us at:<br> Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> Or<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address. |
|  |  | **Contacting Us**. To have questions answered or to send additional premium, contact your sales representative or write or call us at:<br> Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> Or<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address. |
| GENERAL INFORMATION AND HISTORY | 1 | **Contacting Us**. To have questions answered or to send additional premium, contact your sales representative or write or call us at:<br> Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> Or<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address. |
|  |  | **Contacting Us**. To have questions answered or to send additional premium, contact your sales representative or write or call us at:<br> Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> Or<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address. |
| SERVICES | 2 | **Contacting Us**. To have questions answered or to send additional premium, contact your sales representative or write or call us at:<br> Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> Or<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address. |
| PURCHASE OF SECURITIES BEING OFFERED |  | **Contacting Us**. To have questions answered or to send additional premium, contact your sales representative or write or call us at:<br> Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> Or<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address. |
| UNDERWRITER |  | **Contacting Us**. To have questions answered or to send additional premium, contact your sales representative or write or call us at:<br> Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> Or<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address. |
| CALCULATION OF PERFORMANCE DATA |  | **Contacting Us**. To have questions answered or to send additional premium, contact your sales representative or write or call us at:<br> Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> Or<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address. |
|  |  | **Contacting Us**. To have questions answered or to send additional premium, contact your sales representative or write or call us at:<br> Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> Or<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address. |
| STANDARDIZED PERFORMANCE REPORTING | 3 | **Contacting Us**. To have questions answered or to send additional premium, contact your sales representative or write or call us at:<br> Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> Or<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address. |
| NON-STANDARDIZED PERFORMANCE REPORTING |  | **Contacting Us**. To have questions answered or to send additional premium, contact your sales representative or write or call us at:<br> Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> Or<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address. |
| YIELDS |  | **Contacting Us**. To have questions answered or to send additional premium, contact your sales representative or write or call us at:<br> Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> Or<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address. |
| SERVICE MARKS AND COPYRIGHTS |  | **Contacting Us**. To have questions answered or to send additional premium, contact your sales representative or write or call us at:<br> Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> Or<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address. |
| LICENSING AGREEMENT |  | **Contacting Us**. To have questions answered or to send additional premium, contact your sales representative or write or call us at:<br> Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> Or<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address. |
|  |  | **Contacting Us**. To have questions answered or to send additional premium, contact your sales representative or write or call us at:<br> Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> Or<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address. |
| FINANCIAL STATEMENTS | 4 | **Contacting Us**. To have questions answered or to send additional premium, contact your sales representative or write or call us at:<br> Ameritas Life Insurance Corp.<br> Service Center<br> P.O. Box 81889<br> Lincoln, Nebraska 68501<br> Or<br> 5900 O Street<br> Lincoln, Nebraska 68510<br> Telephone: 800-745-1112<br> Fax: 402-467-7335<br> ameritas.com<br>Express mail packages should be sent to our street address, not our P.O. Box address. |

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Ameritas<sup>®</sup> and the bison design are registered service marks of Ameritas Life Insurance Corp.

This Statement of Additional Information is not a prospectus. It contains information in addition to and more detailed than set forth in the Policy prospectus and should be read in conjunction with the prospectus. The Policy prospectus may be obtained from our Service Center by writing us at P.O. Box 81889, Lincoln, Nebraska 68501, by emailing us, or accessing through our website at ameritas.com/prospectuses, or by calling us at 800-745-1112. Defined terms used in the current prospectus for the Policy and not otherwise defined herein are incorporated in this Statement of Additional Information.

**GENERAL INFORMATION AND HISTORY**

Ameritas Variable Separate Account VA-2 (referred to as the "Registered Separate Account") is a separate investment account of Ameritas Life Insurance Corp. ("Insurance Company, we, us, our, Ameritas Life). We are engaged in the business of issuing life insurance; annuities; individual disability income insurance; group dental, vision and hearing care insurance; retirement plans and 401(k) plans throughout the United States (except in New York). We are a stock life insurance company organized under the insurance laws of the State of Nebraska since 1887. We are wholly owned by Ameritas Holding Company ("AHC"), a Nebraska stock insurance holding company. AHC is wholly owned by Ameritas Mutual Holding Company ("Ameritas"), a Nebraska mutual insurance holding company. Ameritas is a diversified family of financial services businesses. For a complete list of the Ameritas companies and their products and services, visit the Ameritas website at ameritas.com. Each Ameritas company is solely responsible for its own financial condition and contractual obligations.

The Registered Separate Account is a segregated asset account of Ameritas Life established to receive and invest your Premiums. The Separate Account was established on May 28, 1987, under the laws of the State of Nebraska, in accordance with resolutions set forth by the Ameritas Life Board of Directors. The Separate Account is registered as a unit investment trust with the SEC under the Investment Company Act of 1940, as amended. This registration does not mean that the SEC supervises the management, investment practices, or policies of the Separate Account.

Ameritas Life maintains and services the Policies described in this Statement of Additional Information and in the prospectus, in accordance with its terms.

Ameritas Variable Separate Account VA-2 SAI: 1 Statement of Additional Information

**SERVICES**

Affiliates of Ameritas Life may provide administrative services, including but not limited to third party administrative services, policy administration and other operation support services, claims administration, and development and maintenance of software, to Ameritas Life relating to policies offered by its separate accounts, including the Separate Account. On October 1, 2021, Ameritas Life entered into a Fourth Amended and Restated General Administrative Services Agreement (the "Agreement"), under which administrative services relating to policies offered by the Ameritas Life separate accounts may be provided by affiliates of Ameritas Life. The parties to the Agreement are Ameritas Life, AHC, Ameritas Investment Partners, Inc., Ameritas Investment Company, LLC ("AIC"), Variable Contract Agency, LLC, Ameritas Advisory Services, LLC, Select Benefits Group, LLC dba Dental Select, and Ameritas Bluestar Retirement Services, LLC. At the time of the Agreement, all parties to the Agreement were wholly owned subsidiaries of AHC or Ameritas Life. Ameritas Bluestar Retirement Services, LLC and Select Benefits Group, LLC dba Dental Select have since been dissolved. Ameritas Life made no payments for administrative services provided by affiliated companies in 2023, 2024, or 2025.

All matters of state and federal law pertaining to the Policy have been reviewed by the Ameritas Life internal legal staff.

**PURCHASE OF SECURITIES BEING OFFERED**

The Policies sold under the Separate Account are flexible premium deferred variable annuity policies. We pay commissions for the sale of the Policies. Our underwriter and affiliate, Ameritas Investment Company, LLC enters into contracts with its own representatives to sell Policies and with various unaffiliated broker-dealers ("Distributors") to also distribute Policies through their own representatives. The agents who sell and service the Policy are registered representatives of broker-dealers that are registered under the Securities Exchange Act of 1934 and members of the Financial Industry Regulatory Authority.

**UNDERWRITER**

The Policies listed above, and offered through the Separate Account, are no longer offered for new sales. The Policies were distributed by AIC (the "Underwriter"), a wholly owned subsidiary of ours, 5900 O Street, Lincoln, Nebraska 68510 (formerly Ameritas Investment Corp. which served as underwriter until its conversion to a limited liability company in January, 2020). AIC entered into contracts with various broker-dealers to distribute the Policy.

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|:---|:---|:---|:---|
| **YEAR:** | **2023** | **2024** | **2025** |
| Variable annuity commissions the Insurance Company paid to the Underwriter that were paid to other broker-dealers and representatives (not kept by the Underwriter.) | $3319563 | $2408127 | $1635662 |
| Variable annuity commissions earned and kept by the Underwriter. | $0 | $0 | $0 |
| Fees the Insurance Company paid to the Underwriter for variable annuity Principal Underwriter services. | $1110447 | $931356 | $1369792 |

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**CALCULATION OF PERFORMANCE DATA**

When we advertise performance for a Subaccount (except any money market subaccount), we will include quotations of standardized average annual total return to facilitate comparison with standardized average annual total return advertised by other variable annuity separate accounts. Standardized average annual total return for a Subaccount will be shown for periods beginning on the date the Subaccount first invested in a corresponding series fund portfolio. We will calculate standardized average annual total return according to the standard methods prescribed by rules of the Securities and Exchange Commission ("SEC").

We report average annual total return information via Internet and periodic printed reports. Average annual total return quotations on our Internet website are current as of the previous Business Day. Printed average annual total return information may be current to the last Business Day of the previous calendar week, month, or quarter preceding the date on which a report is submitted for publication. Both standardized average annual total return quotations and non-standardized total return quotations will cover at least periods of one, five, and ten years, or a period covering the time the Subaccount has been in existence, if it has not been in existence for one of the prescribed periods. If the corresponding series fund portfolio has been in existence for longer than the Subaccount, the non-standardized total return quotations will show the investment performance the Subaccount would have achieved (reduced by the applicable charges) had it been invested in the series fund portfolio for the period quoted; this is referred to as "adjusted historical" performance reporting. Standardized average annual total return is not available for periods before the Subaccount was in existence.

Quotations of standardized average annual total return and non-standardized total return are based on historical earnings and will fluctuate. Any quotation of performance should not be considered a guarantee of future performance. Factors affecting the performance of a Subaccount and its corresponding series fund portfolio include general market conditions, operating expenses and investment management. A Policy owner's withdrawal value upon surrender of a Policy may be more or less than the premium invested in the Policy.

Ameritas Variable Separate Account VA-2 SAI: 2 Statement of Additional Information

**STANDARDIZED PERFORMANCE REPORTING**

Standardized average annual total return for a specific period is calculated by taking a hypothetical $1,000 investment in a Subaccount on the first day of the period ("initial investment"), and computing the ending redeemable value ("redeemable value") of that investment at the end of the period. The redeemable value is then divided by the initial investment and expressed as a percentage, carried to at least the nearest hundredth of a percent. Standardized average annual total return is annualized and reflects the deduction of all recurring fees that are charged to all Policy Owners. The redeemable value also reflects the effect of any applicable withdrawal charge that may be imposed at the end of the period. No deduction is made for premium taxes which may be assessed by certain states.

**NON-STANDARDIZED PERFORMANCE REPORTING**

We may also advertise non-standardized total return. Non-standardized total return may assume: (1) the Policy is not surrendered, so no withdrawal charges are levied; (2) the Subaccounts have existed for periods other than those required to be presented in Standardized Performance Reporting; (3) current charges are incurred if they are less than the Policy's guaranteed maximum charges; or (4) may differ from standardized average annual total return in other ways disclosed in the table description. Non-standardized total return may also assume a larger initial investment which more closely approximates the size of a typical Policy. For these reasons, non-standardized total returns for a Subaccount are usually higher than standardized total returns for a Subaccount.

**YIELDS**

We may advertise the current annualized yield for a 30-day period for a Subaccount. The annualized yield of a Subaccount refers to the income generated by the Subaccount over a specified 30-day period. Because this yield is annualized, the yield generated by a Subaccount during the 30-day period is assumed to be generated each 30-day period. The yield is computed by dividing the net investment income per Accumulation Unit earned during the period by the price per unit on the last day of the period.

The yield reflects all recurring fees that are charged to all Policy owners. Net investment income will be determined according to rules established by the SEC. For any fees that may vary with the size of account, we assume an account size equal to the Subaccount's mean (or median) Account Value. As a result, the yield does not reflect the Policy fee. We also assume the Policy will continue (since the Policy is intended for long-term investment) so does not reflect any withdrawal charge.

Because of the charges and deductions imposed by the Separate Account, the yield for a Subaccount will be lower than the yield for the corresponding series fund portfolio. The yield on amounts held in the Subaccount normally will fluctuate over time. Therefore, the disclosed yield for any given period is not an indication or representation of future yields or rates of return. A Subaccount's actual yield will be affected by the types and quality of portfolio securities held by the series fund and the series fund's operating expenses.

Any current yield quotations of the money market subaccount, subject to Rule 482 of the Securities Act of 1933, will consist of a seven-calendar-day historical yield, carried at least to the nearest hundredth of a percent. We may advertise yield for the Subaccount based on different time periods, but we will accompany it with a yield quotation based on a seven-day calendar period. The money market subaccount's yield will be calculated by determining the net change, exclusive of capital changes, in the value of a hypothetical pre-existing Policy having a balance of one Accumulation Unit at the beginning of the base period, subtracting a hypothetical charge reflecting those Policy deductions stated above, and dividing the net change in Policy Value by the value of the Policy at the beginning of the period to obtain a base period return and multiplying the base period return by (365/7). The money market subaccount's effective yield is computed similarly but includes the effect of assumed compounding on an annualized basis of the current yield quotations of the Subaccount.

The money market subaccount's yield and effective yield will fluctuate daily. Actual yields will depend on factors such as the type of instruments in the series fund's portfolio, portfolio quality and average maturity, changes in interest rates, and the series fund's expenses. Although we determine the Subaccount's yield on the basis of a seven-calendar-day period, we may use a different time period on occasion. The yield quotes may reflect the expense limitations described in the series fund's prospectus or Statement of Additional Information. There is no assurance that the yields quoted on any given occasion will be maintained for any period of time and there is no guarantee that the net asset values will remain constant. It should be noted that neither a Policy Owner's investment in the money market subaccount nor that Subaccount's investment in the money market series fund portfolio is guaranteed or insured. Yields of other money market funds may not be comparable if a different base or another method of calculation is used.

**SERVICE MARKS AND COPYRIGHTS**

"Ameritas" and the bison design are registered service marks of Ameritas Life Insurance Corp. The Policy and Policy prospectus are copyrighted by Ameritas Life Insurance Corp.

**LICENSING AGREEMENT**

The Policy is not sponsored, endorsed, sold or promoted by Standard & Poor's, a division of The McGraw-Hill Companies, Inc. ("S&P"). S&P makes no representation or warranty, express or implied, to the Owners of the Policy or any member of

Ameritas Variable Separate Account VA-2 SAI: 3 Statement of Additional Information

the public regarding the advisability of investing in securities generally or in the Policy particularly or the ability of the S&P 500 Index to track general stock market performance. S&P's only relationship to Ameritas Life Insurance Corp. (the "Licensee") is the licensing of certain trademarks and trade names of S&P and of the S&P 500 Index which is determined, composed and calculated by S&P without regard to the Licensee or the product. S&P has no obligation to take the needs of the Licensee or the Owners of the Policy into consideration in determining, composing or calculating the S&P 500 Index. S&P is not responsible for and has not participated in the determination of the prices and amount of the Policy or the timing of the issuance or sale of the product or in the determination or calculation of the equation by which the Policy is to be converted into cash. S&P has no obligation or liability in connection with the administration, marketing or trading of the Policy.

S&P DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE S&P 500 INDEX OR ANY DATA INCLUDED THEREIN AND S&P SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. S&P MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY LICENSEE, OWNERS OF THE POLICY, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE S&P 500 INDEX OR ANY DATA INCLUDED THEREIN.

S&P MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE S&P 500 INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL S&P HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

**FINANCIAL STATEMENTS**

The balance sheets – statutory basis of Ameritas Life Insurance Corp., a wholly owned subsidiary of Ameritas Holding Company, which is a wholly owned subsidiary of Ameritas Mutual Holding Company, as of December 31, 2025 and 2024, and the related summary of operations and changes in capital and surplus – statutory basis and statements of cash flows – statutory basis for each of the three years in the period ended December 31, 2025, have been audited by Deloitte & Touche LLP, independent auditors, as stated in their report appearing herein and the statements of net assets of each of the Subaccounts of Ameritas Variable Separate Account VA-2 as of December 31, 2025, and the related statements of operations for the period then ended, the statements of changes in net assets for each of the periods in the two years then ended and the financial highlights for each of the periods in the five years then ended, have been audited by Deloitte & Touche LLP, an independent registered public accounting firm, as stated in their report appearing herein.

Such financial statements are included in reliance upon the reports of such firm given upon their authority as experts in accounting and auditing. The principal business address of Deloitte & Touche LLP is 1100 Capitol Avenue, Suite 300, Omaha, NE 68102.

Our financial statements bear only on our ability to meet our obligations under the Policy, and should not be considered as bearing on the investment performance of the assets held in the Separate Account.

Ameritas Variable Separate Account VA-2 SAI: 4 Statement of Additional Information

**AMERITAS VARIABLE SEPARATE ACCOUNT VA-2**

![](image_001.gif)

**FINANCIAL STATEMENTS AS OF DECEMBER 31, 2025<br> AND FOR EACH OF THE PERIODS IN THE TWO YEARS THEN ENDED<br> AND REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Policyowners of Ameritas Variable Separate Account VA-2

and the Board of Directors of Ameritas Life Insurance Corp.

Lincoln, Nebraska

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of net assets for each of the subaccounts of Ameritas Variable Separate Account VA-2 (the "Account") listed in Note 1 as of December 31, 2025, the related statements of operations, the statements of changes in net assets, the financial highlights, and the related notes for the periods presented in Note 1 (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the subaccounts constituting the Account as of December 31, 2025, and the results of their operations, the changes in their net assets, and the financial highlights for periods presented in Note 1 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Account's management. Our responsibility is to express an opinion on the subaccounts' financial statements and financial highlights 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 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 and financial highlights are free of material misstatement, whether due to error or fraud. The subaccounts are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the subaccounts' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, 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 and financial highlights. 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 and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodians. We believe that our audits provide a reasonable basis for our opinion.

*/s/ Deloitte & Touche LLP*

Omaha, Nebraska

March 19, 2026

We have served as the Account's auditor since 1987.

This page left intentionally blank.

---

| | |
|:---|:---|
| **AMERITAS VARIABLE SEPARATE ACCOUNT VA-2** | **AMERITAS VARIABLE SEPARATE ACCOUNT VA-2** |
| **STATEMENTS OF NET ASSETS** | **STATEMENTS OF NET ASSETS** |
| **DECEMBER 31, 2025** | **DECEMBER 31, 2025** |
| **ASSETS** |  |
| **INVESTMENTS AT FAIR VALUE:** |  |
| <u>Fidelity(R) Variable Insurance Products (Fidelity):</u> |  |
| Fidelity(R) VIP Equity-Income Portfolio(SM), Initial Class (Equity-Income IC) - |  |
| 547,674.666 shares at $29.43 per share (cost $12,662,818) | $16118065 |
| Fidelity(R) VIP Equity-Income Portfolio(SM), Service Class (Equity-Income SC) - |  |
| 64,441.271 shares at $29.16 per share (cost $1,551,443) | 1879107 |
| Fidelity(R) VIP Equity-Income Portfolio(SM), Service Class 2 (Equity-Income SC2) - |  |
| 341,844.218 shares at $28.13 per share (cost $7,939,979) | 9616078 |
| Fidelity(R) VIP Growth Portfolio, Initial Class (Growth IC) - |  |
| 289,644.741 shares at $97.72 per share (cost $21,635,876) | 28304084 |
| Fidelity(R) VIP Growth Portfolio, Service Class (Growth SC) - |  |
| 28,229.031 shares at $96.56 per share (cost $2,129,380) | 2725795 |
| Fidelity(R) VIP Growth Portfolio, Service Class 2 (Growth SC2) - |  |
| 86,233.543 shares at $92.88 per share (cost $7,045,088) | 8009371 |
| Fidelity(R) VIP High Income Portfolio, Initial Class (High Income IC) - |  |
| 474,325.804 shares at $4.88 per share (cost $2,384,630) | 2314710 |
| Fidelity(R) VIP High Income Portfolio, Service Class (High Income SC) - |  |
| 90,033.196 shares at $4.84 per share (cost $462,200) | 435761 |
| Fidelity(R) VIP High Income Portfolio, Service Class 2 (High Income SC2) - |  |
| 6,301,918.387 shares at $4.61 per share (cost $32,441,819) | 29051844 |
| Fidelity(R) VIP Overseas Portfolio, Initial Class (Overseas IC) - |  |
| 127,437.151 shares at $27.52 per share (cost $2,654,728) | 3507070 |
| Fidelity(R) VIP Overseas Portfolio, Service Class (Overseas SC) - |  |
| 17,424.200 shares at $27.32 per share (cost $369,807) | 476029 |
| Fidelity(R) VIP Overseas Portfolio, Service Class 2 (Overseas SC2) - |  |
| 251,153.408 shares at $27.12 per share (cost $5,523,327) | 6811280 |
| Fidelity(R) VIP Asset Manager 50% Portfolio, Initial Class (Asset Mgr. IC) - |  |
| 300,837.483 shares at $17.62 per share (cost $4,649,604) | 5300756 |
| Fidelity(R) VIP Asset Manager 50% Portfolio, Service Class (Asset Mgr. SC) - |  |
| 58,491.056 shares at $17.39 per share (cost $893,444) | 1017159 |
| Fidelity(R) VIP Asset Manager 50% Portfolio, Service Class 2 (Asset Mgr. SC2) - |  |
| 75,766.536 shares at $16.97 per share (cost $1,153,206) | 1285758 |
| Fidelity(R) VIP Investment Grade Bond Portfolio, Initial Class (Inv. Bond IC) - |  |
| 303,718.984 shares at $11.36 per share (cost $3,780,009) | 3450248 |
| Fidelity(R) VIP Investment Grade Bond Portfolio, Service Class 2 (Inv. Bond SC2) - |  |
| 4,455,715.055 shares at $10.97 per share (cost $54,721,486) | 48879194 |
| Fidelity(R) VIP Contrafund(SM) Portfolio, Initial Class (Contrafund IC) - |  |
| 424,703.989 shares at $59.89 per share (cost $16,825,804) | 25435522 |
| Fidelity(R) VIP Contrafund(SM) Portfolio, Service Class (Contrafund SC) - |  |
| 79,905.530 shares at $59.33 per share (cost $3,154,574) | 4740795 |

---

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **AMERITAS VARIABLE SEPARATE ACCOUNT VA-2** | **AMERITAS VARIABLE SEPARATE ACCOUNT VA-2** |
| **STATEMENTS OF NET ASSETS** | **STATEMENTS OF NET ASSETS** |
| **DECEMBER 31, 2025** | **DECEMBER 31, 2025** |
| **ASSETS, continued** |  |
| **INVESTMENTS AT FAIR VALUE:** |  |
| <u>Fidelity(R) Variable Insurance Products (Fidelity), continued:</u> |  |
| Fidelity(R) VIP Contrafund(SM) Portfolio, Service Class 2 (Contrafund SC2) - |  |
| 586,383.285 shares at $56.86 per share (cost $23,394,428) | $33341754 |
| Fidelity(R) VIP Asset Manager 70% Portfolio, Initial Class (Asset Mgr. Gr. IC) - |  |
| 29,003.708 shares at $25.87 per share (cost $486,896) | 750326 |
| Fidelity(R) VIP Asset Manager 70% Portfolio, Service Class (Asset Mgr. Gr. SC) - |  |
| 6,488.031 shares at $25.57 per share (cost $106,934) | 165899 |
| Fidelity(R) VIP Asset Manager 70% Portfolio, Service Class 2 (Asset Mgr. Gr. SC2) - |  |
| 27,613.409 shares at $25.23 per share (cost $574,569) | 696686 |
| Fidelity(R) VIP Mid Cap Portfolio, Service Class 2 (Mid Cap SC2) - |  |
| 114,683.346 shares at $35.17 per share (cost $3,964,466) | 4033413 |
| Fidelity(R) VIP Government Money Market Portfolio, Initial Class (Money Market) - |  |
| 42,323,479.500 shares at $1.00 per share (cost $42,323,480) | 42323480 |
| Fidelity(R) VIP Government Money Market Portfolio, Service Class 2 (Money Market SC2) - | Fidelity(R) VIP Government Money Market Portfolio, Service Class 2 (Money Market SC2) - |
| 1,252,066.750 shares at $1.00 per share (cost $1,252,067) | 1252067 |
| Fidelity(R) VIP Index 500 Portfolio, Service Class 2 (Index 500 SC2) - |  |
| 17,855.602 shares at $650.21 per share (cost $5,799,735) | 11609891 |
| Fidelity(R) VIP Strategic Income Portfolio, Service Class 2 (Strategic SC2) - |  |
| 40,321.909 shares at $11.07 per share (cost $453,782) | 446364 |
| <u>The Alger Portfolios (Alger):</u> |  |
| Alger Balanced Portfolio, Class I-2 (Balanced) - |  |
| 274,465.078 shares at $22.56 per share (cost $4,577,135) | 6191932 |
| <u>MFS(R) Variable Insurance Trust (MFS):</u> |  |
| MFS(R) Utilities Series Portfolio, Initial Class (Utilities) - |  |
| 678,084.168 shares at $37.73 per share (cost $20,328,215) | 25584116 |
| MFS(R) New Discovery Series Portfolio, Initial Class (New Discovery) - |  |
| 396,413.498 shares at $15.60 per share (cost $6,712,158) | 6184051 |
| MFS(R) Total Return Series Portfolio, Initial Class (Total Return) - |  |
| 252,896.231 shares at $23.33 per share (cost $5,908,226) | 5900069 |
| MFS(R) Growth Series Portfolio, Service Class (Growth SC) - |  |
| 20,327.361 shares at $60.68 per share (cost $1,143,819) | 1233464 |
| MFS(R) New Discovery Series Portfolio, Service Class (New Discovery SC) - |  |
| 71,191.345 shares at $12.10 per share (cost $1,053,896) | 861415 |
| MFS(R) Utilities Series Portfolio, Service Class (Utilities SC) - |  |
| 100,191.338 shares at $36.82 per share (cost $3,335,452) | 3689045 |
| <u>MFS(R) Variable Insurance Trust II (MFS):</u> |  |
| MFS(R) Income Portfolio, Initial Class (Strategic) - |  |
| 342,446.217 shares at $8.54 per share (cost $3,081,949) | 2924491 |
| MFS(R) Research International Portfolio, Initial Class (Research) - |  |
| 951,543.859 shares at $20.61 per share (cost $14,952,258) | 19611319 |

---

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **AMERITAS VARIABLE SEPARATE ACCOUNT VA-2** | **AMERITAS VARIABLE SEPARATE ACCOUNT VA-2** |
| **STATEMENTS OF NET ASSETS** | **STATEMENTS OF NET ASSETS** |
| **DECEMBER 31, 2025** | **DECEMBER 31, 2025** |
| **ASSETS, continued** |  |
| **INVESTMENTS AT FAIR VALUE:** |  |
| <u>MFS(R) Variable Insurance Trust II (MFS), continued:</u> |  |
| MFS(R) Blended Research(R) Core Equity Portfolio, Service Class |  |
| (Blended Core SC) - | $345057 |
| 5,779.851 shares at $59.70 per share (cost $319,573) |  |
| MFS(R) Corporate Bond Portfolio, Service Class (Corporate SC) - |  |
| 146,611.239 shares at $9.48 per share (cost $1,418,918) | 1389875 |
| MFS(R) Government Securities Portfolio, Service Class (Government SC) - |  |
| 16,121.474 shares at $10.76 per share (cost $185,067) | 173467 |
| <u>MFS(R) Variable Insurance Trust III (MFS):</u> |  |
| MFS(R) Growth Allocation Portfolio, Service Class (Growth Allocation SC) - |  |
| 47,406.509 shares at $10.68 per share (cost $524,434) | 506302 |
| MFS(R) Moderate Allocation Portfolio, Service Class (Moderate SC) - |  |
| 72,540.856 shares at $11.32 per share (cost $856,969) | 821162 |
| MFS(R) Conservative Allocation Portfolio, Service Class (Conservative SC) - |  |
| 22,071.501 shares at $9.86 per share (cost $236,125) | 217625 |
| MFS(R) Blended Research(R) Small Cap Equity Portfolio, Service Class |  |
| (Blended Small Cap SC) - | 344903 |
| 37,530.261 shares at $9.19 per share (cost $377,246) |  |
| MFS(R) Global Real Estate Portfolio, Initial Class (Global Real Estate IC) - |  |
| 29,450.436 shares at $12.69 per share (cost $388,845) | 373726 |
| MFS(R) Global Real Estate Portfolio, Service Class (Global Real Estate SC) - |  |
| 7,082.382 shares at $15.56 per share (cost $114,479) | 110202 |
| <u>Morgan Stanley Variable Insurance Fund, Inc. (Van Kampen):</u> |  |
| Morgan Stanley VIF Emerging Markets Equity Portfolio, Class I (Emerging Markets) - |  |
| 896,583.384 shares at $17.57 per share (cost $12,714,995) | 15752970 |
| Morgan Stanley VIF Global Strategist Portfolio, Class I (Intl. Magnum) - |  |
| 97,113.878 shares at $10.44 per share (cost $957,056) | 1013869 |
| Morgan Stanley VIF Global Strategist Portfolio, Class II (Global II) - |  |
| 6,114.756 shares at $10.33 per share (cost $55,153) | 63165 |
| <u>Calvert Variable Series, Inc. (Calvert):</u> |  |
| Calvert VP SRI Balanced Portfolio, Class I (Balanced) - |  |
| 3,805,015.654 shares at $2.85 per share (cost $9,193,164) | 10844295 |
| Calvert VP SRI Mid Cap Portfolio (Mid Cap) - |  |
| 58,243.489 shares at $26.47 per share (cost $1,642,486) | 1541705 |
| Calvert VP SRI Balanced Portfolio, Class F (Balanced F) - |  |
| 620,226.012 shares at $2.81 per share (cost $1,395,971) | 1742835 |
| <u>Lincoln Variable Insurance Products Trust (Lincoln):</u> |  |
| LVIP American Century Disciplined Core Value Fund Portfolio, Standard Class II |  |
| (Disciplined Core Value II) - |  |
| 3,296,086.980 shares at $9.680 per share (cost $26,825,761) | 31906122 |

---

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **AMERITAS VARIABLE SEPARATE ACCOUNT VA-2** | **AMERITAS VARIABLE SEPARATE ACCOUNT VA-2** |
| **STATEMENTS OF NET ASSETS** | **STATEMENTS OF NET ASSETS** |
| **DECEMBER 31, 2025** | **DECEMBER 31, 2025** |
| **ASSETS, continued** |  |
| **INVESTMENTS AT FAIR VALUE:** |  |
| <u>Lincoln Variable Insurance Products Trust (Lincoln), continued:</u> |  |
| LVIP American Century Mid Cap Value Fund Portfolio, Standard Class II |  |
| (Mid Cap Value II) - |  |
| 397,885.389 shares at $19.349 per share (cost $7,668,206) | $7698684 |
| LVIP American Century Disciplined Core Value Fund Portfolio, Service Class |  |
| (Disciplined Core Value SC) - |  |
| 119,528.084 shares at $9.675 per share (cost $972,979) | 1156434 |
| <u>AIM Variable Insurance Funds (AIM):</u> |  |
| Invesco V.I. EQV International Equity Fund Portfolio, Series I (Intl. Growth) - |  |
| 187,205.450 shares at $36.11 per share (cost $6,214,329) | 6759989 |
| Invesco V.I. Global Real Estate Fund Portfolio, Series I (Global) - |  |
| 229,590.178 shares at $14.16 per share (cost $3,320,167) | 3250997 |
| Invesco V.I. Global Core Equity Fund Portfolio, Series I (Global Value) - |  |
| 257,997.244 shares at $11.79 per share (cost $2,677,548) | 3041788 |
| Invesco V.I. Discovery Mid Cap Growth Fund Portfolio, Series I (Discovery Mid Cap) - |  |
| 31,251.536 shares at $75.21 per share (cost $2,350,576) | 2350428 |
| Invesco V.I. Diversified Dividend Fund Portfolio, Series II (Diversified) - |  |
| 19,348.105 shares at $26.89 per share (cost $494,238) | 520271 |
| Invesco V.I. American Value Fund Portfolio, Series II (Value) - |  |
| 13,763.487 shares at $17.76 per share (cost $216,851) | 244440 |
| Invesco V.I. Global Real Estate Fund Portfolio, Series II (Real Estate) - |  |
| 127,941.785 shares at $13.80 per share (cost $1,763,135) | 1765597 |
| <u>Calvert Variable Trust, Inc. (Summit):</u> |  |
| CVT S&P MidCap 400 Index Portfolio, Class I (S&P MidCap) - |  |
| 351,770.812 shares at $127.43 per share (cost $33,206,744) | 44826155 |
| CVT Russell 2000 Small Cap Index Portfolio, Class I (Russell Small Cap) - |  |
| 288,794.123 shares at $90.62 per share (cost $21,146,543) | 26170523 |
| CVT Nasdaq 100 Index Portfolio, Class I (Nasdaq-100 Index) - |  |
| 206,183.421 shares at $197.98 per share (cost $14,693,210) | 40820194 |
| CVT EAFE International Index Portfolio, Class I (EAFE Intl.) - |  |
| 260,789.234 shares at $122.51 per share (cost $20,510,572) | 31949289 |
| CVT S&P 500 Index Portfolio (S&P 500) - |  |
| 624,856.156 shares at $213.87 per share (cost $84,536,354) | 133637986 |
| CVT Investment Grade Bond Index Portfolio, Class I (Barclays) - |  |
| 1,110,585.405 shares at $49.29 per share (cost $59,837,620) | 54740755 |
| CVT Volatility Managed Growth Portfolio, Class F (Growth) - |  |
| 3,865,098.359 shares at $19.49 per share (cost $69,949,477) | 75330767 |

---

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **AMERITAS VARIABLE SEPARATE ACCOUNT VA-2** | **AMERITAS VARIABLE SEPARATE ACCOUNT VA-2** |
| **STATEMENTS OF NET ASSETS** | **STATEMENTS OF NET ASSETS** |
| **DECEMBER 31, 2025** | **DECEMBER 31, 2025** |
| **ASSETS, continued** |  |
| **INVESTMENTS AT FAIR VALUE:** |  |
| <u>Calvert Variable Trust, Inc. (Summit), continued:</u> |  |
| CVT Volatility Managed Moderate Growth Portfolio, Class F (Mod. Growth) - |  |
| 2,146,067.149 shares at $19.46 per share (cost $37,501,081) | $41762467 |
| CVT Volatility Managed Moderate Portfolio, Class F (Moderate) - |  |
| 2,537,740.278 shares at $17.22 per share (cost $42,019,318) | 43699888 |
| <u>Third Avenue Variable Series Trust (Third Avenue):</u> |  |
| Third Avenue Value Portfolio (Value) - |  |
| 325,100.592 shares at $25.04 per share (cost $6,170,120) | 8140519 |
| <u>BNY Mellon Investment Portfolios (Dreyfus):</u> |  |
| BNY Mellon MidCap Stock Portfolio, Service Shares (MidCap) - |  |
| 111,834.272 shares at $20.20 per share (cost $2,019,573) | 2259052 |
| BNY Mellon Small Cap Stock Index Portfolio, Service Shares (Small Cap) - |  |
| 46,409.280 shares at $18.01 per share (cost $824,097) | 835831 |
| <u>Deutsche DWS Variable Series II (Scudder):</u> |  |
| DWS Small Mid Cap Value VIP Portfolio, Class A (Small Mid Value) - |  |
| 100,474.138 shares at $14.09 per share (cost $1,314,934) | 1415681 |
| DWS International Opportunities VIP Portfolio, Class A (Thematic) - |  |
| 19,825.286 shares at $19.22 per share (cost $298,250) | 381042 |
| DWS Alternative Asset Allocation VIP Portfolio, Class B (Alternative) - |  |
| 1,883.696 shares at $13.70 per share (cost $24,458) | 25807 |
| <u>Neuberger Berman Advisers Management Trust (Neuberger Berman):</u> |  |
| Neuberger Berman AMT Mid Cap Intrinsic Value Portfolio, Class I (Regency) - |  |
| 48,294.922 shares at $16.41 per share (cost $796,344) | 792520 |
| Neuberger Berman AMT Mid Cap Intrinsic Value Portfolio, Class S (Intrinsic) - |  |
| 8,724.846 shares at $20.81 per share (cost $173,213) | 181564 |
| Neuberger Berman AMT Mid Cap Growth Portfolio, Class S (Growth) - |  |
| 26,587.708 shares at $24.02 per share (cost $693,452) | 638637 |
| <u>T. Rowe Price Equity Series, Inc. (T. Rowe):</u> |  |
| T. Rowe Price Blue Chip Growth Portfolio-II (Blue Chip) - |  |
| 735,978.265 shares at $60.72 per share (cost $22,576,601) | 44688600 |
| <u>PIMCO Variable Insurance Trust (Pimco):</u> |  |
| PIMCO Total Return Portfolio, Administrative Class (Total Return) - |  |
| 997,981.048 shares at $9.45 per share (cost $9,996,907) | 9430921 |
| PIMCO Low Duration Portfolio, Administrative Class (Low Duration) - |  |
| 465,292.971 shares at $9.78 per share (cost $4,755,853) | 4550565 |
| PIMCO Short-Term Portfolio, Advisor Class (Short Term) - |  |
| 23,803.099 shares at $10.33 per share (cost $243,095) | 245886 |
| PIMCO Emerging Markets Bond Portfolio, Advisor Class (Emerging) - |  |
| 6,867.667 shares at $11.42 per share (cost $83,760) | 78429 |

---

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **AMERITAS VARIABLE SEPARATE ACCOUNT VA-2** | **AMERITAS VARIABLE SEPARATE ACCOUNT VA-2** |
| **STATEMENTS OF NET ASSETS** | **STATEMENTS OF NET ASSETS** |
| **DECEMBER 31, 2025** | **DECEMBER 31, 2025** |
| **ASSETS, continued** |  |
| **INVESTMENTS AT FAIR VALUE:** |  |
| <u>PIMCO Variable Insurance Trust (Pimco), continued:</u> |  |
| PIMCO Low Duration Portfolio, Advisor Class (Low Duration Adv.) - |  |
| 5,951.584 shares at $9.78 per share (cost $59,048) | $58206 |
| PIMCO Real Return Portfolio, Advisor Class (Real Return) - |  |
| 427,411.817 shares at $12.01 per share (cost $5,269,812) | 5133216 |
| PIMCO CommodityRealReturn(R) Strategy Portfolio, Advisor Class (Commodity) - |  |
| 10,823.023 shares at $6.42 per share (cost $78,226) | 69484 |
| <u>ALPS Variable Investment Trust (Ibbotson):</u> |  |
| Morningstar Balanced ETF Asset Allocation Portfolio, Class II (Balanced) - |  |
| 44,699.454 shares at $11.25 per share (cost $483,581) | 502869 |
| Morningstar Growth ETF Asset Allocation Portfolio, Class II (Growth) - |  |
| 52,437.442 shares at $13.35 per share (cost $589,664) | 700040 |
| Morningstar Income and Growth ETF Asset Allocation Portfolio, Class II (Income) - |  |
| 24,043.609 shares at $10.41 per share (cost $254,382) | 250294 |
| <u>Franklin Templeton Variable Insurance Products Trust (Franklin Templeton):</u> |  |
| Templeton Global Bond VIP Fund Portfolio, Class 2 (Global Bond) - |  |
| 1,686,449.705 shares at $13.17 per share (cost $26,949,129) | 22210543 |
| Franklin Income VIP Fund Portfolio, Class 2 (Income) - |  |
| 215,852.327 shares at $15.16 per share (cost $3,184,269) | 3272321 |
| Franklin Mutual Global Discovery VIP Fund Portfolio, Class 2 (Global Discovery) - |  |
| 7,294.805 shares at $19.06 per share (cost $128,540) | 139039 |
| Franklin Small Cap Value VIP Fund Portfolio, Class 2 (Small Cap) - |  |
| 28,017.286 shares at $13.87 per share (cost $407,338) | 388600 |
| Templeton Foreign VIP Fund Portfolio, Class 2 (Foreign) - |  |
| 49,921.201 shares at $16.22 per share (cost $662,080) | 809722 |
| <u>AB Variable Products Series Fund, Inc. (AllianceBernstein):</u> |  |
| AB VPS Relative Value Portfolio, Class B (Growth and Income) - |  |
| 11,435.770 shares at $30.85 per share (cost $336,323) | 352794 |
| <u>American Funds Insurance Series(R) (American Funds):</u> |  |
| American Funds(R) IS Managed Risk Asset Allocation Fund Portfolio, Class P2 (Managed) - | American Funds(R) IS Managed Risk Asset Allocation Fund Portfolio, Class P2 (Managed) - |
| 1,120,218.613 shares at $13.00 per share (cost $14,126,913) | 14562842 |
| American Funds(R) IS Washington Mutual Investors Fund Portfolio, Class 2 (Blue Chip) - | American Funds(R) IS Washington Mutual Investors Fund Portfolio, Class 2 (Blue Chip) - |
| 175,998.735 shares at $17.79 per share (cost $2,520,224) | 3131018 |
| American Funds(R) IS Global Growth Fund Portfolio, Class 2 (Global) - |  |
| 44,399.740 shares at $38.11 per share (cost $1,544,636) | 1692074 |
| American Funds(R) IS Growth Fund Portfolio, Class 2 (Growth) - |  |
| 36,871.705 shares at $138.80 per share (cost $3,421,135) | 5117793 |
| American Funds(R) IS International Fund Portfolio, Class 2 (International) - |  |
| 21,759.730 shares at $22.22 per share (cost $419,111) | 483501 |

---

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **AMERITAS VARIABLE SEPARATE ACCOUNT VA-2** | **AMERITAS VARIABLE SEPARATE ACCOUNT VA-2** |
| **STATEMENTS OF NET ASSETS** | **STATEMENTS OF NET ASSETS** |
| **DECEMBER 31, 2025** | **DECEMBER 31, 2025** |
| **ASSETS, continued** |  |
| **INVESTMENTS AT FAIR VALUE:** |  |
| <u>American Funds Insurance Series(R) (American Funds), continued:</u> |  |
| American Funds(R) IS New World Fund Portfolio, Class 2 (New World) - |  |
| 27,323.610 shares at $32.03 per share (cost $737,062) | $875175 |
| American Funds(R) IS Growth-Income Fund Portfolio, Class 2 (Growth-Income) - |  |
| 42,721.279 shares at $66.28 per share (cost $2,336,077) | 2831566 |
| American Funds(R) IS Asset Allocation Fund Portfolio, Class 2 (Asset) - |  |
| 147,270.872 shares at $27.05 per share (cost $3,480,191) | 3983677 |
| <u>Columbia Funds Variable Insurance Trust (Columbia):</u> |  |
| Columbia Variable Portfolio - Strategic Income Fund Portfolio, Class 2 (Strategic) - |  |
| 42,388.315 shares at $3.74 per share (cost $166,489) | 158532 |
| <u>Columbia Funds Variable Series Trust II (Columbia):</u> |  |
| Columbia Variable Portfolio - Emerging Markets Fund Portfolio, Class 2 (Emerging) - |  |
| 10,355.191 shares at $13.13 per share (cost $145,408) | 135964 |
| Columbia Variable Portfolio - Overseas Core Fund Portfolio, Class 2 (International) - |  |
| 3,380.599 shares at $17.70 per share (cost $45,529) | 59837 |
| Columbia Variable Portfolio - Select Small Cap Value Fund Portfolio, Class 2 (Smaller-Cap) - | Columbia Variable Portfolio - Select Small Cap Value Fund Portfolio, Class 2 (Smaller-Cap) - |
| 7,194.372 shares at $40.33 per share (cost $187,085) | 290149 |
| Columbia Variable Portfolio - Select Mid Cap Value Fund Portfolio, Class 2 (Mid Cap) - |  |
| 20,534.067 shares at $45.64 per share (cost $541,876) | 937175 |
| Columbia Variable Portfolio - High Yield Bond Fund Portfolio, Class 2 (High Yield) - |  |
| 45,785.979 shares at $6.21 per share (cost $293,577) | 284331 |
| Columbia Variable Portfolio - Disciplined Core Fund Portfolio, Class 2 (Large Core) - |  |
| 7,885.393 shares at $124.54 per share (cost $477,317) | 982047 |
| <u>Ivy Variable Insurance Portfolios (Ivy):</u> |  |
| Nomura VIP Asset Strategy Series Portfolio, Service Class (Strategy) - |  |
| 0.000 shares at $10.0000 per share (cost $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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Nomura VIP Balanced Series Portfolio, Service Class (Balanced) - |  |
| 433,454.970 shares at $6.5300 per share (cost $2,500,134) | 2830461 |
| Nomura VIP Energy Series Portfolio, Service Class (Energy) - |  |
| 69,447.341 shares at $5.1800 per share (cost $331,936) | 359737 |
| Nomura VIP Smid Cap Core Series Portfolio, Service Class (Small Cap Value) - |  |
| 23,087.614 shares at $13.5400 per share (cost $307,217) | 312606 |
| Nomura VIP Science and Technology Series Portfolio, Service Class (Science) - |  |
| 102,230.957 shares at $32.6600 per share (cost $2,657,258) | 3338863 |
| Nomura VIP Mid Cap Growth Series Portfolio, Service Class (Mid Cap Growth) - |  |
| 63,275.923 shares at $7.7200 per share (cost $671,420) | 488490 |
| Nomura VIP International Core Equity Series Portfolio, Service Class (International) - |  |
| 6,788.148 shares at $19.4400 per share (cost $106,624) | 131962 |

---

The accompanying notes are an integral part of these financial statements.

---

| | |
|:---|:---|
| **AMERITAS VARIABLE SEPARATE ACCOUNT VA-2** | **AMERITAS VARIABLE SEPARATE ACCOUNT VA-2** |
| **STATEMENTS OF NET ASSETS** | **STATEMENTS OF NET ASSETS** |
| **DECEMBER 31, 2025** | **DECEMBER 31, 2025** |
| **ASSETS, continued** |  |
| **INVESTMENTS AT FAIR VALUE:** |  |
| <u>Ivy Variable Insurance Portfolios (Ivy), continued:</u> |  |
| Nomura VIP Global Growth Series Portfolio, Service Class (Global) - |  |
| 15,797.962 shares at $3.8400 per share (cost $59,321) | $60664 |
| Nomura VIP High Income Series Portfolio, Service Class (High Income) - |  |
| 65,006.989 shares at $2.9300 per share (cost $211,854) | 190470 |
| <u>Janus Aspen Series (Janus):</u> |  |
| Janus Henderson Flexible Bond Portfolio, Service Shares (Flexible) - |  |
| 30,119.728 shares at $11.14 per share (cost $373,454) | 335534 |
| <u>Putnam Variable Trust (Putnam):</u> |  |
| Putnam VT Global Health Care Fund Portfolio, Class IB (Health) - |  |
| 16,479.932 shares at $16.81 per share (cost $261,407) | 277028 |
| Putnam VT Global Asset Allocation Fund Portfolio, Class IB (Asset) - |  |
| 16,196.374 shares at $19.88 per share (cost $285,332) | 321984 |
| <u>VanEck VIP Trust (Van Eck):</u> |  |
| VanEck VIP Global Gold Fund Portfolio, Class S Shares (Gold) - |  |
| 25,688.151 shares at $24.34 per share (cost $296,553) | 625250 |
| VanEck VIP Global Resources Fund Portfolio, Class S Shares (Hard Assets) - |  |
| 8,078.558 shares at $31.97 per share (cost $188,581) | 258272 |
| **NET ASSETS REPRESENTING EQUITY OF POLICYOWNERS** | $1105641524 |

---

The accompanying notes are an integral part of these financial statements.

This page intentionally left blank

**AMERITAS VARIABLE SEPARATE ACCOUNT VA-2**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **Fidelity** | **Fidelity** |
|  | **Equity-Income** |  |
|  | **IC** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $277201 |  |
| Mortality and expense risk charge | (207007) |  |
| **Net investment income(loss)** | 70194 |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | 863185 |  |
| Net realized gain(loss) on sale of fund shares | 482027 |  |
| **Net realized gain(loss)** | 1345212 |  |
| **Change in unrealized appreciation/depreciation** | 1119242 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $2534648 |  |
|  | **Equity-Income IC** | **Equity-Income IC** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $70194 | $63214 |
| Net realized gain(loss) | 1345212 | 1394566 |
| Net change in unrealized appreciation/depreciation | 1119242 | 615774 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 2534648 | 2073554 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 17451 | 22449 |
| Subaccounts transfers (including fixed account), net | (341728) | (868339) |
| Transfers for policyowner benefits and terminations | (1691340) | (1542366) |
| Policyowner maintenance charges | (25579) | (28126) |
| **Net increase(decrease) from policyowner transactions** | (2041196) | (2416382) |
| **Total increase(decrease) in net assets** | 493452 | (342828) |
| **Net assets at beginning of period** | 15624613 | 15967441 |
| **Net assets at end of period** | $16118065 | $15624613 |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fidelity** | **Fidelity** | **Fidelity** | **Fidelity** | **Fidelity** | **Fidelity** |
| **Equity-Income** |  | **Equity-Income** |  |  |  |
| **SC** |  | **SC2** |  | **Growth IC** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $30641 |  | $149989 |  | $78810 |  |
| (17077) |  | (88775) |  | (365352) |  |
| 13564 |  | 61214 |  | (286542) |  |
| 100644 |  | 532740 |  | 3511885 |  |
| 37003 |  | 240832 |  | 1261747 |  |
| 137647 |  | 773572 |  | 4773632 |  |
| 142908 |  | 680497 |  | (1045084) |  |
| $294119 |  | $1515283 |  | $3442006 |  |
| **Equity-Income SC** | **Equity-Income SC** | **Equity-Income SC2** | **Equity-Income SC2** | **Growth IC** | **Growth IC** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $13564 | $11979 | $61214 | $58130 | $(286542) | $(373218) |
| 137647 | 192859 | 773572 | 829167 | 4773632 | 7800378 |
| 142908 | 49267 | 680497 | 323759 | (1045084) | (503287) |
| 294119 | 254105 | 1515283 | 1211056 | 3442006 | 6923873 |
| 384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 10342 | 25671 | 20936 | 34351 |
| (9929) | 143780 | (110315) | 97453 | (640053) | (860743) |
| (194017) | (390316) | (1035398) | (1259985) | (3194508) | (2318512) |
| (258) | (244) | (19692) | (20519) | (40949) | (42599) |
| (203820) | (246780) | (1155063) | (1157380) | (3854574) | (3187503) |
| 90299 | 7325 | 360220 | 53676 | (412568) | 3736370 |
| 1788808 | 1781483 | 9255858 | 9202182 | 28716652 | 24980282 |
| $1879107 | $1788808 | $9616078 | $9255858 | $28304084 | $28716652 |

---

**AMERITAS VARIABLE SEPARATE ACCOUNT VA-2**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **Fidelity** | **Fidelity** |
|  | **Growth SC** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $5353 |  |
| Mortality and expense risk charge | (24482) |  |
| **Net investment income(loss)** | (19129) |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | 340677 |  |
| Net realized gain(loss) on sale of fund shares | 33827 |  |
| **Net realized gain(loss)** | 374504 |  |
| **Change in unrealized appreciation/depreciation** | (16609) |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $338766 |  |
|  | **Growth SC** | **Growth SC** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $(19129) | $(30813) |
| Net realized gain(loss) | 374504 | 1109098 |
| Net change in unrealized appreciation/depreciation | (16609) | (254321) |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 338766 | 823964 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Subaccounts transfers (including fixed account), net | (16261) | 11842 |
| Transfers for policyowner benefits and terminations | (98714) | (1245764) |
| Policyowner maintenance charges | (343) | (370) |
| **Net increase(decrease) from policyowner transactions** | (115318) | (1234292) |
| **Total increase(decrease) in net assets** | 223448 | (410328) |
| **Net assets at beginning of period** | 2502347 | 2912675 |
| **Net assets at end of period** | $2725795 | $2502347 |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fidelity** | **Fidelity** | **Fidelity** | **Fidelity** | **Fidelity** | **Fidelity** |
|  |  | **High Income** |  | **High Income** |  |
| **Growth SC2** |  | **IC** |  | **SC** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $3876 |  | $148480 |  | $27254 |  |
| (74424) |  | (31801) |  | (4054) |  |
| (70548) |  | 116679 |  | 23200 |  |
| 1048913 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| 226307 |  | (29545) |  | (1657) |  |
| 1275220 |  | (29545) |  | (1657) |  |
| (255383) |  | 105638 |  | 16429 |  |
| $949289 |  | $192772 |  | $37972 |  |
| **Growth SC2** | **Growth SC2** | **High Income IC** | **High Income IC** | **High Income SC** | **High Income SC** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $(70548) | $(84248) | $116679 | $114887 | $23200 | $19471 |
| 1275220 | 2559480 | (29545) | (28018) | (1657) | (7708) |
| (255383) | (305209) | 105638 | 105928 | 16429 | 23505 |
| 949289 | 2170023 | 192772 | 192797 | 37972 | 35268 |
| 50088 | 19955 | 8095 | 9762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 14280 |
| (36392) | 301185 | (239515) | 26647 | (2785) | 2038 |
| (1377166) | (1820955) | (178377) | (439875) | (20659) | (92206) |
| (13794) | (16433) | (3699) | (5688) | (83) | (77) |
| (1377264) | (1516248) | (413496) | (409154) | (23527) | (75965) |
| (427975) | 653775 | (220724) | (216357) | 14445 | (40697) |
| 8437346 | 7783571 | 2535434 | 2751791 | 421316 | 462013 |
| $8009371 | $8437346 | $2314710 | $2535434 | $435761 | $421316 |

---

**AMERITAS VARIABLE SEPARATE ACCOUNT VA-2**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **Fidelity** | **Fidelity** |
|  | **High Income** |  |
|  | **SC2** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $1902361 |  |
| Mortality and expense risk charge | (283570) |  |
| **Net investment income(loss)** | 1618791 |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| Net realized gain(loss) on sale of fund shares | (860384) |  |
| **Net realized gain(loss)** | (860384) |  |
| **Change in unrealized appreciation/depreciation** | 1861909 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $2620316 |  |
|  | **High Income SC2** | **High Income SC2** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $1618791 | $1679135 |
| Net realized gain(loss) | (860384) | (1119311) |
| Net change in unrealized appreciation/depreciation | 1861909 | 1965341 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 2620316 | 2525165 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 66426 | 126144 |
| Subaccounts transfers (including fixed account), net | (509797) | 1205293 |
| Transfers for policyowner benefits and terminations | (5462577) | (7714570) |
| Policyowner maintenance charges | (260486) | (312994) |
| **Net increase(decrease) from policyowner transactions** | (6166434) | (6696127) |
| **Total increase(decrease) in net assets** | (3546118) | (4170962) |
| **Net assets at beginning of period** | 32597962 | 36768924 |
| **Net assets at end of period** | $29051844 | $32597962 |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fidelity** | **Fidelity** | **Fidelity** | **Fidelity** | **Fidelity** | **Fidelity** |
| **Overseas IC** |  | **Overseas SC** |  | **Overseas SC2** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $54800 |  | $7109 |  | $92883 |  |
| (47324) |  | (4405) |  | (65866) |  |
| 7476 |  | 2704 |  | 27017 |  |
| 305922 |  | 41347 |  | 605465 |  |
| 213060 |  | 9061 |  | 329925 |  |
| 518982 |  | 50408 |  | 935390 |  |
| 81218 |  | 25047 |  | 229966 |  |
| $607676 |  | $78159 |  | $1192373 |  |
| **Overseas IC** | **Overseas IC** | **Overseas SC** | **Overseas SC** | **Overseas SC2** | **Overseas SC2** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $7476 | $9282 | $2704 | $2621 | $27017 | $26950 |
| 518982 | 358393 | 50408 | 48333 | 935390 | 714152 |
| 81218 | (214830) | 25047 | (29517) | 229966 | (416677) |
| 607676 | 152845 | 78159 | 21437 | 1192373 | 324425 |
| 9497 | 16392 | 128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 13040 | 25257 |
| (33386) | (237228) | 18532 | (22832) | (359611) | (174416) |
| (435303) | (322558) | (24024) | (68848) | (567835) | (1018681) |
| (5356) | (5950) | (57) | (60) | (11777) | (12264) |
| (464548) | (549344) | (5421) | (91740) | (926183) | (1180104) |
| 143128 | (396499) | 72738 | (70303) | 266190 | (855679) |
| 3363942 | 3760441 | 403291 | 473594 | 6545090 | 7400769 |
| $3507070 | $3363942 | $476029 | $403291 | $6811280 | $6545090 |

---

**AMERITAS VARIABLE SEPARATE ACCOUNT VA-2**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **Fidelity** | **Fidelity** |
|  | **Asset Mgr. IC** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $127936 |  |
| Mortality and expense risk charge | (66983) |  |
| **Net investment income(loss)** | 60953 |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | 240513 |  |
| Net realized gain(loss) on sale of fund shares | 62381 |  |
| **Net realized gain(loss)** | 302894 |  |
| **Change in unrealized appreciation/depreciation** | 300877 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $664724 |  |
|  | **Asset Mgr. IC** | **Asset Mgr. IC** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $60953 | $55593 |
| Net realized gain(loss) | 302894 | 116456 |
| Net change in unrealized appreciation/depreciation | 300877 | 230142 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 664724 | 402191 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 4143 | 5207 |
| Subaccounts transfers (including fixed account), net | (123117) | (641265) |
| Transfers for policyowner benefits and terminations | (514115) | (465786) |
| Policyowner maintenance charges | (12745) | (15572) |
| **Net increase(decrease) from policyowner transactions** | (645834) | (1117416) |
| **Total increase(decrease) in net assets** | 18890 | (715225) |
| **Net assets at beginning of period** | 5281866 | 5997091 |
| **Net assets at end of period** | $5300756 | $5281866 |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fidelity** | **Fidelity** | **Fidelity** | **Fidelity** | **Fidelity** | **Fidelity** |
| **Asset Mgr.** |  | **Asset Mgr.** |  |  |  |
| **SC** |  | **SC2** |  | **Inv. Bond IC** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $24376 |  | $29674 |  | $124992 |  |
| (9292) |  | (13301) |  | (46008) |  |
| 15084 |  | 16373 |  | 78984 |  |
| 45246 |  | 72155 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| 6909 |  | 29105 |  | (118215) |  |
| 52155 |  | 101260 |  | (118215) |  |
| 59972 |  | 59572 |  | 244628 |  |
| $127211 |  | $177205 |  | $205397 |  |
| **Asset Mgr. SC** | **Asset Mgr. SC** | **Asset Mgr. SC2** | **Asset Mgr. SC2** | **Inv. Bond IC** | **Inv. Bond IC** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $15084 | $12667 | $16373 | $19602 | $78984 | $90347 |
| 52155 | 21857 | 101260 | 26222 | (118215) | (82697) |
| 59972 | 41964 | 59572 | 46949 | 244628 | 9458 |
| 127211 | 76488 | 177205 | 92773 | 205397 | 17108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 3457 | 5105 | 12814 | 37143 |
| 1809 | 4198 | (68014) | 71221 | (192424) | 125913 |
| (70845) | (160766) | (229651) | (215290) | (482035) | (476141) |
| (121) | (134) | (2459) | (2466) | (3965) | (4866) |
| (69157) | (156702) | (296667) | (141430) | (665610) | (317951) |
| 58054 | (80214) | (119462) | (48657) | (460213) | (300843) |
| 959105 | 1039319 | 1405220 | 1453877 | 3910461 | 4211304 |
| $1017159 | $959105 | $1285758 | $1405220 | $3450248 | $3910461 |

---

**AMERITAS VARIABLE SEPARATE ACCOUNT VA-2**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **Fidelity** | **Fidelity** |
|  | **Inv. Bond SC2** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $1703973 |  |
| Mortality and expense risk charge | (483469) |  |
| **Net investment income(loss)** | 1220504 |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| Net realized gain(loss) on sale of fund shares | (1376951) |  |
| **Net realized gain(loss)** | (1376951) |  |
| **Change in unrealized appreciation/depreciation** | 3115751 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $2959304 |  |
|  | **Inv. Bond SC2** | **Inv. Bond SC2** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $1220504 | $1334326 |
| Net realized gain(loss) | (1376951) | (1438520) |
| Net change in unrealized appreciation/depreciation | 3115751 | 432755 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 2959304 | 328561 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 87858 | 170889 |
| Subaccounts transfers (including fixed account), net | 499731 | 5568756 |
| Transfers for policyowner benefits and terminations | (9113363) | (12601571) |
| Policyowner maintenance charges | (448021) | (533589) |
| **Net increase(decrease) from policyowner transactions** | (8973795) | (7395515) |
| **Total increase(decrease) in net assets** | (6014491) | (7066954) |
| **Net assets at beginning of period** | 54893685 | 61960639 |
| **Net assets at end of period** | $48879194 | $54893685 |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fidelity** | **Fidelity** | **Fidelity** | **Fidelity** | **Fidelity** | **Fidelity** |
| **Contrafund IC** |  | **Contrafund SC** |  | **Contrafund SC2** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $33358 |  | $2246 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| (328323) |  | (42641) |  | (306219) |  |
| (294965) |  | (40395) |  | (306219) |  |
| 3841849 |  | 722218 |  | 5290522 |  |
| 1181736 |  | 214017 |  | 1786081 |  |
| 5023585 |  | 936235 |  | 7076603 |  |
| (292408) |  | (65387) |  | (843316) |  |
| $4436212 |  | $830453 |  | $5927068 |  |
| **Contrafund IC** | **Contrafund IC** | **Contrafund SC** | **Contrafund SC** | **Contrafund SC2** | **Contrafund SC2** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $(294965) | $(265222) | $(40395) | $(41934) | $(306219) | $(293058) |
| 5023585 | 3914997 | 936235 | 1185493 | 7076603 | 6464104 |
| (292408) | 2402394 | (65387) | 212322 | (843316) | 2535669 |
| 4436212 | 6052169 | 830453 | 1355881 | 5927068 | 8706715 |
| 66721 | 125748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 75379 | 156749 |
| (490278) | (39370) | (43013) | (271627) | (1090688) | (2357013) |
| (1947070) | (2113722) | (467057) | (1194517) | (3008261) | (4037219) |
| (22683) | (23136) | (526) | (491) | (56906) | (56116) |
| (2393310) | (2050480) | (510596) | (1466635) | (4080476) | (6293599) |
| 2042902 | 4001689 | 319857 | (110754) | 1846592 | 2413116 |
| 23392620 | 19390931 | 4420938 | 4531692 | 31495162 | 29082046 |
| $25435522 | $23392620 | $4740795 | $4420938 | $33341754 | $31495162 |

---

**AMERITAS VARIABLE SEPARATE ACCOUNT VA-2**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **Fidelity** | **Fidelity** |
|  | **Asset Mgr. Gr.** |  |
|  | **IC** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $13045 |  |
| Mortality and expense risk charge | (10325) |  |
| **Net investment income(loss)** | 2720 |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | 27108 |  |
| Net realized gain(loss) on sale of fund shares | 67625 |  |
| **Net realized gain(loss)** | 94733 |  |
| **Change in unrealized appreciation/depreciation** | 17691 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $115144 |  |
|  | **Asset Mgr. Gr. IC** | **Asset Mgr. Gr. IC** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $2720 | $2554 |
| Net realized gain(loss) | 94733 | 60709 |
| Net change in unrealized appreciation/depreciation | 17691 | 19191 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 115144 | 82454 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 24 | 24 |
| Subaccounts transfers (including fixed account), net | (113133) | (30319) |
| Transfers for policyowner benefits and terminations | (102995) | (127755) |
| Policyowner maintenance charges | (1047) | (1138) |
| **Net increase(decrease) from policyowner transactions** | (217151) | (159188) |
| **Total increase(decrease) in net assets** | (102007) | (76734) |
| **Net assets at beginning of period** | 852333 | 929067 |
| **Net assets at end of period** | $750326 | $852333 |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fidelity** | **Fidelity** | **Fidelity** | **Fidelity** | **Fidelity** | **Fidelity** |
| **Asset Mgr. Gr.** |  | **Asset Mgr. Gr.** |  |  |  |
| **SC** |  | **SC2** |  | **Mid Cap SC2** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $2809 |  | $11599 |  | $9470 |  |
| (1480) |  | (5422) |  | (40424) |  |
| 1329 |  | 6177 |  | (30954) |  |
| 5168 |  | 18501 |  | 474230 |  |
| 5493 |  | 19821 |  | (8434) |  |
| 10661 |  | 38322 |  | 465796 |  |
| 12846 |  | 43865 |  | (52394) |  |
| $24836 |  | $88364 |  | $382448 |  |
| **Asset Mgr. Gr. SC** | **Asset Mgr. Gr. SC** | **Asset Mgr. Gr. SC2** | **Asset Mgr. Gr. SC2** | **Mid Cap SC2** | **Mid Cap SC2** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $1329 | $1180 | $6177 | $3562 | $(30954) | $(28427) |
| 10661 | 2488 | 38322 | 22544 | 465796 | 619015 |
| 12846 | 10162 | 43865 | 21217 | (52394) | 24549 |
| 24836 | 13830 | 88364 | 47323 | 382448 | 615137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 1500 | 1600 | 50358 | 111678 |
| (8850) | 544 | 154458 | 8844 | (76880) | (58735) |
| (6558) | (1036) | (24938) | (77854) | (533324) | (364305) |
| (27) | (29) | (1153) | (1155) | (6377) | (7233) |
| (15435) | (521) | 129867 | (68565) | (566223) | (318595) |
| 9401 | 13309 | 218231 | (21242) | (183775) | 296542 |
| 156498 | 143189 | 478455 | 499697 | 4217188 | 3920646 |
| $165899 | $156498 | $696686 | $478455 | $4033413 | $4217188 |

---

**AMERITAS VARIABLE SEPARATE ACCOUNT VA-2**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **Fidelity** | **Fidelity** |
|  | **Money Market** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $1809842 |  |
| Mortality and expense risk charge | (440425) |  |
| **Net investment income(loss)** | 1369417 |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| Net realized gain(loss) on sale of fund shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| **Net realized gain(loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| **Change in unrealized appreciation/depreciation** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $1369417 |  |
|  | **Money Market** | **Money Market** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $1369417 | $602652 |
| Net realized gain(loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Net change in unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 1369417 | 602652 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 216196 | 68694 |
| Subaccounts transfers (including fixed account), net | 6275215 | 56965705 |
| Transfers for policyowner benefits and terminations | (19126607) | (16981566) |
| Policyowner maintenance charges | (281104) | (47458) |
| **Net increase(decrease) from policyowner transactions** | (12916300) | 40005375 |
| **Total increase(decrease) in net assets** | (11546883) | 40608027 |
| **Net assets at beginning of period** | 53870363 | 13262336 |
| **Net assets at end of period** | $42323480 | $53870363 |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fidelity** | **Fidelity** | **Fidelity** | **Fidelity** | **Fidelity** | **Fidelity** |
| **Money Market** |  | **Index 500** |  |  |  |
| **SC2** |  | **SC2** |  | **Strategic SC2** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $49346 |  | $101281 |  | $16698 |  |
| (12958) |  | (108430) |  | (4734) |  |
| 36388 |  | (7149) |  | 11964 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 56718 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 464464 |  | (2286) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 521182 |  | (2286) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 1162936 |  | 24679 |  |
| $36388 |  | $1676969 |  | $34357 |  |
| **Money Market SC2** | **Money Market SC2** | **Index 500 SC2** | **Index 500 SC2** | **Strategic SC2** | **Strategic SC2** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $36388 | $61795 | $(7149) | $4377 | $11964 | $12501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 521182 | 670770 | (2286) | (4313) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 1162936 | 1433495 | 24679 | 11997 |
| 36388 | 61795 | 1676969 | 2108642 | 34357 | 20185 |
| 208531 | 194688 | 133491 | 707707 | 1463 | 10913 |
| 37776 | 255369 | (120885) | (283253) | 2866 | 30833 |
| (309848) | (1301283) | (563842) | (1208025) | (77703) | (40528) |
| (1505) | (1800) | (5962) | (5392) | (453) | (370) |
| (65046) | (853026) | (557198) | (788963) | (73827) | 848 |
| (28658) | (791231) | 1119771 | 1319679 | (39470) | 21033 |
| 1280725 | 2071956 | 10490120 | 9170441 | 485834 | 464801 |
| $1252067 | $1280725 | $11609891 | $10490120 | $446364 | $485834 |

---

**AMERITAS VARIABLE SEPARATE ACCOUNT VA-2**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **Alger** | **Alger** |
|  | **Balanced** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $165820 |  |
| Mortality and expense risk charge | (67064) |  |
| **Net investment income(loss)** | 98756 |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | 599042 |  |
| Net realized gain(loss) on sale of fund shares | 429272 |  |
| **Net realized gain(loss)** | 1028314 |  |
| **Change in unrealized appreciation/depreciation** | (289585) |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $837485 |  |
|  | **Balanced** | **Balanced** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $98756 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68042) |
| Net realized gain(loss) | 1028314 | 309911 |
| Net change in unrealized appreciation/depreciation | (289585) | 626304 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 837485 | 868173 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 31523 | 67360 |
| Subaccounts transfers (including fixed account), net | 88402 | 240138 |
| Transfers for policyowner benefits and terminations | (940697) | (650607) |
| Policyowner maintenance charges | (7983) | (7420) |
| **Net increase(decrease) from policyowner transactions** | (828755) | (350529) |
| **Total increase(decrease) in net assets** | 8730 | 517644 |
| **Net assets at beginning of period** | 6183202 | 5665558 |
| **Net assets at end of period** | $6191932 | $6183202 |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **MFS** | **MFS** | **MFS** | **MFS** | **MFS** | **MFS** |
|  |  | **New** |  |  |  |
| **Utilities** |  | **Discovery** |  | **Total Return** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $750323 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | $157733 |  |
| (266511) |  | (62888) |  | (55316) |  |
| 483812 |  | (62888) |  | 102417 |  |
| 343143 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 420598 |  |
| 706910 |  | (147122) |  | (1845) |  |
| 1050053 |  | (147122) |  | 418753 |  |
| 1822223 |  | 898181 |  | 21533 |  |
| $3356088 |  | $688171 |  | $542703 |  |
| **Utilities** | **Utilities** | **New Discovery** | **New Discovery** | **Total Return** | **Total Return** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $483812 | $317430 | $(62888) | $(66682) | $102417 | $74896 |
| 1050053 | 1200513 | (147122) | (376183) | 418753 | 255006 |
| 1822223 | 1026437 | 898181 | 792951 | 21533 | (17414) |
| 3356088 | 2544380 | 688171 | 350086 | 542703 | 312488 |
| 88113 | 122856 | 15532 | 18902 | 15055 | 15313 |
| (582430) | (233875) | (28481) | (20878) | 558566 | 505895 |
| (2375962) | (2383391) | (508587) | (905858) | (599725) | (460231) |
| (33871) | (35718) | (9038) | (9389) | (6791) | (6734) |
| (2904150) | (2530128) | (530574) | (917223) | (32895) | 54243 |
| 451938 | 14252 | 157597 | (567137) | 509808 | 366731 |
| 25132178 | 25117926 | 6026454 | 6593591 | 5390261 | 5023530 |
| $25584116 | $25132178 | $6184051 | $6026454 | $5900069 | $5390261 |

---

**AMERITAS VARIABLE SEPARATE ACCOUNT VA-2**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **MFS** | **MFS** |
|  | **Growth SC** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| Mortality and expense risk charge | (12095) |  |
| **Net investment income(loss)** | (12095) |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | 235639 |  |
| Net realized gain(loss) on sale of fund shares | 19064 |  |
| **Net realized gain(loss)** | 254703 |  |
| **Change in unrealized appreciation/depreciation** | (115028) |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $127580 |  |
|  | **Growth SC** | **Growth SC** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $(12095) | $(11094) |
| Net realized gain(loss) | 254703 | 106519 |
| Net change in unrealized appreciation/depreciation | (115028) | 182313 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 127580 | 277738 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 16912 | 14148 |
| Subaccounts transfers (including fixed account), net | (2427) | 33184 |
| Transfers for policyowner benefits and terminations | (93208) | (75942) |
| Policyowner maintenance charges | (771) | (797) |
| **Net increase(decrease) from policyowner transactions** | (79494) | (29407) |
| **Total increase(decrease) in net assets** | 48086 | 248331 |
| **Net assets at beginning of period** | 1185378 | 937047 |
| **Net assets at end of period** | $1233464 | $1185378 |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **MFS** | **MFS** | **MFS** | **MFS** | **MFS** | **MFS** |
| **New Discovery** |  |  |  |  |  |
| **SC** |  | **Utilities SC** |  | **Strategic** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | $98388 |  | $117229 |  |
| (8367) |  | (35469) |  | (27703) |  |
| (8367) |  | 62919 |  | 89526 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 49066 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| (27562) |  | 28175 |  | (31540) |  |
| (27562) |  | 77241 |  | (31540) |  |
| 128760 |  | 316459 |  | 104191 |  |
| $92831 |  | $456619 |  | $162177 |  |
| **New Discovery SC** | **New Discovery SC** | **Utilities SC** | **Utilities SC** | **Strategic** | **Strategic** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $(8367) | $(8031) | $62919 | $37006 | $89526 | $84303 |
| (27562) | (36294) | 77241 | 101844 | (31540) | (91035) |
| 128760 | 84299 | 316459 | 180209 | 104191 | 65566 |
| 92831 | 39974 | 456619 | 319059 | 162177 | 58834 |
| 12986 | 53049 | 57912 | 71564 | 3108 | 7727 |
| 8950 | 5224 | 182450 | 71023 | 237286 | 52220 |
| (78784) | (30564) | (295608) | (199448) | (139241) | (346546) |
| (723) | (706) | (4207) | (4015) | (4359) | (5167) |
| (57571) | 27003 | (59453) | (60876) | 96794 | (291766) |
| 35260 | 66977 | 397166 | 258183 | 258971 | (232932) |
| 826155 | 759178 | 3291879 | 3033696 | 2665520 | 2898452 |
| $861415 | $826155 | $3689045 | $3291879 | $2924491 | $2665520 |

---

**AMERITAS VARIABLE SEPARATE ACCOUNT VA-2**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **MFS** | **MFS** |
|  | **Research** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $278779 |  |
| Mortality and expense risk charge | (194707) |  |
| **Net investment income(loss)** | 84072 |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| Net realized gain(loss) on sale of fund shares | 1038890 |  |
| **Net realized gain(loss)** | 1038890 |  |
| **Change in unrealized appreciation/depreciation** | 2779638 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $3902600 |  |
|  | **Research** | **Research** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $84072 | $137792 |
| Net realized gain(loss) | 1038890 | 634323 |
| Net change in unrealized appreciation/depreciation | 2779638 | (130746) |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 3902600 | 641369 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 57877 | 98397 |
| Subaccounts transfers (including fixed account), net | (1375432) | 523468 |
| Transfers for policyowner benefits and terminations | (3797080) | (4871167) |
| Policyowner maintenance charges | (160557) | (193437) |
| **Net increase(decrease) from policyowner transactions** | (5275192) | (4442739) |
| **Total increase(decrease) in net assets** | (1372592) | (3801370) |
| **Net assets at beginning of period** | 20983911 | 24785281 |
| **Net assets at end of period** | $19611319 | $20983911 |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **MFS** | **MFS** | **MFS** | **MFS** | **MFS** | **MFS** |
| **Blended Core** |  |  |  |  |  |
| **SC** |  | **Corporate SC** |  | **Government SC** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $2433 |  | $67894 |  | $6243 |  |
| (3353) |  | (14736) |  | (1571) |  |
| (920) |  | 53158 |  | 4672 |  |
| 57579 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| 7478 |  | (7494) |  | (421) |  |
| 65057 |  | (7494) |  | (421) |  |
| (21434) |  | 41877 |  | 4182 |  |
| $42703 |  | $87541 |  | $8433 |  |
| **Blended Core SC** | **Blended Core SC** | **Corporate SC** | **Corporate SC** | **Government SC** | **Government SC** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $(920) | $(739) | $53158 | $38754 | $4672 | $1981 |
| 65057 | 20875 | (7494) | (5536) | (421) | (375) |
| (21434) | 40151 | 41877 | (11246) | 4182 | (2478) |
| 42703 | 60287 | 87541 | 21972 | 8433 | (872) |
| 700 | 5672 | 1786 | 2151 | 2384 | 4020 |
| 3726 | 59838 | (218244) | 446561 | 23410 | 54953 |
| (64884) | (598) | (8342) | (48636) | (2769) | (1693) |
| (165) | (171) | (1487) | (1404) | (349) | (132) |
| (60623) | 64741 | (226287) | 398672 | 22676 | 57148 |
| (17920) | 125028 | (138746) | 420644 | 31109 | 56276 |
| 362977 | 237949 | 1528621 | 1107977 | 142358 | 86082 |
| $345057 | $362977 | $1389875 | $1528621 | $173467 | $142358 |

---

**AMERITAS VARIABLE SEPARATE ACCOUNT VA-2**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **MFS** | **MFS** |
|  | **Growth** |  |
|  | **Allocation SC** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $6486 |  |
| Mortality and expense risk charge | (5048) |  |
| **Net investment income(loss)** | 1438 |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | 25339 |  |
| Net realized gain(loss) on sale of fund shares | (3162) |  |
| **Net realized gain(loss)** | 22177 |  |
| **Change in unrealized appreciation/depreciation** | 28603 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $52218 |  |
|  | **Growth Allocation SC** | **Growth Allocation SC** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $1438 | $(71) |
| Net realized gain(loss) | 22177 | 10544 |
| Net change in unrealized appreciation/depreciation | 28603 | 30329 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 52218 | 40802 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 37748 | 46997 |
| Subaccounts transfers (including fixed account), net | 563 | 7809 |
| Transfers for policyowner benefits and terminations | (68919) | (45758) |
| Policyowner maintenance charges | (979) | (991) |
| **Net increase(decrease) from policyowner transactions** | (31587) | 8057 |
| **Total increase(decrease) in net assets** | 20631 | 48859 |
| **Net assets at beginning of period** | 485671 | 436812 |
| **Net assets at end of period** | $506302 | $485671 |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **MFS** | **MFS** | **MFS** | **MFS** | **MFS** | **MFS** |
|  |  | **Conservative** |  | **Blended** |  |
| **Moderate SC** |  | **SC** |  | **Small Cap SC** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $17692 |  | $8613 |  | $2075 |  |
| (8284) |  | (3175) |  | (2992) |  |
| 9408 |  | 5438 |  | (917) |  |
| 58716 |  | 14753 |  | 27448 |  |
| (5473) |  | (14593) |  | (12896) |  |
| 53243 |  | 160 |  | 14552 |  |
| 17492 |  | 21298 |  | (7763) |  |
| $80143 |  | $26896 |  | $5872 |  |
| **Moderate SC** | **Moderate SC** | **Conservative SC** | **Conservative SC** | **Blended Small Cap SC** | **Blended Small Cap SC** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $9408 | $2976 | $5438 | $2186 | $(917) | $(469) |
| 53243 | 10951 | 160 | (5849) | 14552 | 1536 |
| 17492 | 47399 | 21298 | 18677 | (7763) | 9952 |
| 80143 | 61326 | 26896 | 15014 | 5872 | 11019 |
| 52765 | 21847 | 10328 | 9659 | 7845 | 4727 |
| (3774) | (19749) | 1901 | (34204) | 62052 | 60707 |
| (100370) | (139722) | (156311) | (22260) | (70249) | (19798) |
| (904) | (834) | (906) | (990) | (274) | (237) |
| (52283) | (138458) | (144988) | (47795) | (626) | 45399 |
| 27860 | (77132) | (118092) | (32781) | 5246 | 56418 |
| 793302 | 870434 | 335717 | 368498 | 339657 | 283239 |
| $821162 | $793302 | $217625 | $335717 | $344903 | $339657 |

---

**AMERITAS VARIABLE SEPARATE ACCOUNT VA-2**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **MFS** | **MFS** |
|  | **Global** |  |
|  | **Real Estate IC** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $6995 |  |
| Mortality and expense risk charge | (3967) |  |
| **Net investment income(loss)** | 3028 |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| Net realized gain(loss) on sale of fund shares | (13865) |  |
| **Net realized gain(loss)** | (13865) |  |
| **Change in unrealized appreciation/depreciation** | 17068 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $6231 |  |
|  | **Global Real Estate IC** | **Global Real Estate IC** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $3028 | $(399) |
| Net realized gain(loss) | (13865) | (1824) |
| Net change in unrealized appreciation/depreciation | 17068 | (27546) |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 6231 | (29769) |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 15 | 60 |
| Subaccounts transfers (including fixed account), net | (161142) | 540603 |
| Transfers for policyowner benefits and terminations | (6365) | (394) |
| Policyowner maintenance charges | (504) | (98) |
| **Net increase(decrease) from policyowner transactions** | (167996) | 540171 |
| **Total increase(decrease) in net assets** | (161765) | 510402 |
| **Net assets at beginning of period** | 535491 | 25089 |
| **Net assets at end of period** | $373726 | $535491 |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **MFS** | **MFS** | **Van Kampen** | **Van Kampen** | **Van Kampen** | **Van Kampen** |
| **Global** |  | **Emerging** |  |  |  |
| **Real Estate SC** |  | **Markets** |  | **Intl. Magnum** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $1284 |  | $64430 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| (1084) |  | (156512) |  | (10997) |  |
| 200 |  | (92082) |  | (10997) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 535061 |  | 33858 |  |
| (462) |  | 386328 |  | (2671) |  |
| (462) |  | 921389 |  | 31187 |  |
| 2698 |  | 3528995 |  | 128474 |  |
| $2436 |  | $4358302 |  | $148664 |  |
| **Global Real Estate SC** | **Global Real Estate SC** | **Emerging Markets** | **Emerging Markets** | **Intl. Magnum** | **Intl. Magnum** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $200 | $515 | $(92082) | $57251 | $(10997) | $(11672) |
| (462) | (1294) | 921389 | (90102) | 31187 | (13900) |
| 2698 | (4553) | 3528995 | 1307298 | 128474 | 90131 |
| 2436 | (5332) | 4358302 | 1274447 | 148664 | 64559 |
| 2533 | 3291 | 70666 | 95157 | 4417 | 7990 |
| 64 | (16955) | (1686671) | (321010) | (12764) | 43538 |
| (3961) | (701) | (2798737) | (3442012) | (138636) | (152664) |
| (129) | (146) | (103405) | (122467) | (1691) | (1848) |
| (1493) | (14511) | (4518147) | (3790332) | (148674) | (102984) |
| 943 | (19843) | (159845) | (2515885) | (10) | (38425) |
| 109259 | 129102 | 15912815 | 18428700 | 1013879 | 1052304 |
| $110202 | $109259 | $15752970 | $15912815 | $1013869 | $1013879 |

---

**AMERITAS VARIABLE SEPARATE ACCOUNT VA-2**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **Van Kampen** | **Van Kampen** |
|  | **Global II** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| Mortality and expense risk charge | (601) |  |
| **Net investment income(loss)** | (601) |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | 2114 |  |
| Net realized gain(loss) on sale of fund shares | 274 |  |
| **Net realized gain(loss)** | 2388 |  |
| **Change in unrealized appreciation/depreciation** | 7249 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $9036 |  |
|  | **Global II** | **Global II** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $(601) | $(709) |
| Net realized gain(loss) | 2388 | (964) |
| Net change in unrealized appreciation/depreciation | 7249 | 6095 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 9036 | 4422 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Subaccounts transfers (including fixed account), net | (607) | 499 |
| Transfers for policyowner benefits and terminations | (1546) | (34775) |
| Policyowner maintenance charges | (163) | (200) |
| **Net increase(decrease) from policyowner transactions** | (2316) | (34476) |
| **Total increase(decrease) in net assets** | 6720 | (30054) |
| **Net assets at beginning of period** | 56445 | 86499 |
| **Net assets at end of period** | $63165 | $56445 |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Calvert** | **Calvert** | **Calvert** | **Calvert** | **Calvert** | **Calvert** |
| **Balanced** |  | **Mid Cap** |  | **Balanced F** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $172700 |  | $5720 |  | $24300 |  |
| (102819) |  | (16559) |  | (14847) |  |
| 69881 |  | (10839) |  | 9453 |  |
| 566499 |  | 91396 |  | 79709 |  |
| 264840 |  | (350) |  | 9429 |  |
| 831339 |  | 91046 |  | 89138 |  |
| 245261 |  | (69109) |  | 49667 |  |
| $1146481 |  | $11098 |  | $148258 |  |
| **Balanced** | **Balanced** | **Mid Cap** | **Mid Cap** | **Balanced F** | **Balanced F** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $69881 | $34074 | $(10839) | $(15987) | $9453 | $11946 |
| 831339 | 269242 | 91046 | 1663 | 89138 | 78945 |
| 245261 | 698689 | (69109) | 170048 | 49667 | 157574 |
| 1146481 | 1002005 | 11098 | 155724 | 148258 | 248465 |
| 12039 | 14118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| 4145772 | 305819 | (99012) | (3125) | 203068 | (160155) |
| (973981) | (545604) | (135400) | (203705) | (26551) | (61159) |
| (10974) | (8065) | (2562) | (2961) | (1594) | (1679) |
| 3172856 | (233732) | (236974) | (209791) | 175313 | (222993) |
| 4319337 | 768273 | (225876) | (54067) | 323571 | 25472 |
| 6524958 | 5756685 | 1767581 | 1821648 | 1419264 | 1393792 |
| $10844295 | $6524958 | $1541705 | $1767581 | $1742835 | $1419264 |

---

**AMERITAS VARIABLE SEPARATE ACCOUNT VA-2**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **Lincoln** | **Lincoln** |
|  | **Disciplined** |  |
|  | **Core Value II** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $511455 |  |
| Mortality and expense risk charge | (311681) |  |
| **Net investment income(loss)** | 199774 |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| Net realized gain(loss) on sale of fund shares | 594623 |  |
| **Net realized gain(loss)** | 594623 |  |
| **Change in unrealized appreciation/depreciation** | 3327244 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $4121641 |  |
|  | **Disciplined Core Value II** | **Disciplined Core Value II** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $199774 | $84044 |
| Net realized gain(loss) | 594623 | 316991 |
| Net change in unrealized appreciation/depreciation | 3327244 | 1753118 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 4121641 | 2154153 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 76834 | 65425 |
| Subaccounts transfers (including fixed account), net | (454749) | 35551130 |
| Transfers for policyowner benefits and terminations | (5146354) | (4099508) |
| Policyowner maintenance charges | (202431) | (160019) |
| **Net increase(decrease) from policyowner transactions** | (5726700) | 31357028 |
| **Total increase(decrease) in net assets** | (1605059) | 33511181 |
| **Net assets at beginning of period** | 33511181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| **Net assets at end of period** | $31906122 | $33511181 |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Lincoln** | **Lincoln** | **Lincoln** | **Lincoln** | **AIM** | **AIM** |
| **Mid Cap** |  | **Disciplined** |  | **Intl.** |  |
| **Value II** |  | **Core Value SC** |  | **Growth** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $144485 |  | $16057 |  | $93463 |  |
| (77595) |  | (11145) |  | (64761) |  |
| 66890 |  | 4912 |  | 28702 |  |
| 625658 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 414828 |  |
| 56441 |  | 10639 |  | 104315 |  |
| 682099 |  | 10639 |  | 519143 |  |
| (157131) |  | 121049 |  | 383836 |  |
| $591858 |  | $136600 |  | $931681 |  |
| **Mid Cap Value II** | **Mid Cap Value II** | **Disciplined Core Value SC** | **Disciplined Core Value SC** | **Intl. Growth** | **Intl. Growth** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $66890 | $113313 | $4912 | $715 | $28702 | $50936 |
| 682099 | 197906 | 10639 | 6507 | 519143 | 135993 |
| (157131) | 187610 | 121049 | 62407 | 383836 | (181383) |
| 591858 | 498829 | 136600 | 69629 | 931681 | 5546 |
| 48125 | 47219 | 869 | 932 | 31595 | 32015 |
| 103149 | 8376237 | 4914 | 1184901 | 130372 | (119302) |
| (1106714) | (837395) | (178746) | (60191) | (808335) | (957664) |
| (13173) | (9451) | (1452) | (1022) | (10360) | (11543) |
| (968613) | 7576610 | (174415) | 1124620 | (656728) | (1056494) |
| (376755) | 8075439 | (37815) | 1194249 | 274953 | (1050948) |
| 8075439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 1194249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 6485036 | 7535984 |
| $7698684 | $8075439 | $1156434 | $1194249 | $6759989 | $6485036 |

---

**AMERITAS VARIABLE SEPARATE ACCOUNT VA-2**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **AIM** | **AIM** |
|  | **Global** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $65125 |  |
| Mortality and expense risk charge | (30512) |  |
| **Net investment income(loss)** | 34613 |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| Net realized gain(loss) on sale of fund shares | (10487) |  |
| **Net realized gain(loss)** | (10487) |  |
| **Change in unrealized appreciation/depreciation** | 189679 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $213805 |  |
|  | **Global** | **Global** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $34613 | $37604 |
| Net realized gain(loss) | (10487) | (11336) |
| Net change in unrealized appreciation/depreciation | 189679 | (86439) |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 213805 | (60171) |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 5411 | 4173 |
| Subaccounts transfers (including fixed account), net | 673853 | 247989 |
| Transfers for policyowner benefits and terminations | (161574) | (118768) |
| Policyowner maintenance charges | (4400) | (3866) |
| **Net increase(decrease) from policyowner transactions** | 513290 | 129528 |
| **Total increase(decrease) in net assets** | 727095 | 69357 |
| **Net assets at beginning of period** | 2523902 | 2454545 |
| **Net assets at end of period** | $3250997 | $2523902 |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AIM** | **AIM** | **AIM** | **AIM** | **AIM** | **AIM** |
|  |  | **Discovery** |  |  |  |
| **Global Value** |  | **Mid Cap** |  | **Diversified** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $40308 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | $6876 |  |
| (31866) |  | (25582) |  | (4963) |  |
| 8442 |  | (25582) |  | 1913 |  |
| 199570 |  | 197747 |  | 38653 |  |
| 54087 |  | 17633 |  | 3075 |  |
| 253657 |  | 215380 |  | 41728 |  |
| 130197 |  | (109484) |  | 23382 |  |
| $392296 |  | $80314 |  | $67023 |  |
| **Global Value** | **Global Value** | **Discovery Mid Cap** | **Discovery Mid Cap** | **Diversified** | **Diversified** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $8442 | $382 | $(25582) | $(25038) | $1913 | $2882 |
| 253657 | 61187 | 215380 | (9461) | 41728 | 21446 |
| 130197 | 354025 | (109484) | 514141 | 23382 | 31990 |
| 392296 | 415594 | 80314 | 479642 | 67023 | 56318 |
| 6504 | 25800 | 14329 | 15487 | 3176 | 52999 |
| (5023) | 139244 | (20034) | 106155 | 245 | (804) |
| (357673) | (324959) | (244647) | (338745) | (36021) | (137137) |
| (4563) | (4563) | (3747) | (4074) | (680) | (786) |
| (360755) | (164478) | (254099) | (221177) | (33280) | (85728) |
| 31541 | 251116 | (173785) | 258465 | 33743 | (29410) |
| 3010247 | 2759131 | 2524213 | 2265748 | 486528 | 515938 |
| $3041788 | $3010247 | $2350428 | $2524213 | $520271 | $486528 |

---

**AMERITAS VARIABLE SEPARATE ACCOUNT VA-2**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **AIM** | **AIM** |
|  | **Value** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $481 |  |
| Mortality and expense risk charge | (2155) |  |
| **Net investment income(loss)** | (1674) |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | 34582 |  |
| Net realized gain(loss) on sale of fund shares | 539 |  |
| **Net realized gain(loss)** | 35121 |  |
| **Change in unrealized appreciation/depreciation** | 6239 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $39686 |  |
|  | **Value** | **Value** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $(1674) | $(631) |
| Net realized gain(loss) | 35121 | 3590 |
| Net change in unrealized appreciation/depreciation | 6239 | 51500 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 39686 | 54459 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 755 | 183 |
| Subaccounts transfers (including fixed account), net | (478) | (809) |
| Transfers for policyowner benefits and terminations | (5427) | (73462) |
| Policyowner maintenance charges | (82) | (96) |
| **Net increase(decrease) from policyowner transactions** | (5232) | (74184) |
| **Total increase(decrease) in net assets** | 34454 | (19725) |
| **Net assets at beginning of period** | 209986 | 229711 |
| **Net assets at end of period** | $244440 | $209986 |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **AIM** | **AIM** | **Summit** | **Summit** | **Summit** | **Summit** |
|  |  | **S&P** |  | **Russell** |  |
| **Real Estate** |  | **MidCap** |  | **Small Cap** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $30676 |  | $486736 |  | $400793 |  |
| (16269) |  | (475012) |  | (271503) |  |
| 14407 |  | 11724 |  | 129290 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 2930274 |  | 1303972 |  |
| (534) |  | 2177849 |  | 909843 |  |
| (534) |  | 5108123 |  | 2213815 |  |
| 89287 |  | (2460827) |  | 525902 |  |
| $103160 |  | $2659020 |  | $2869007 |  |
| **Real Estate** | **Real Estate** | **S&P MidCap** | **S&P MidCap** | **Russell Small Cap** | **Russell Small Cap** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $14407 | $21731 | $11724 | $58260 | $129290 | $46298 |
| (534) | (1258) | 5108123 | 5659523 | 2213815 | 1648460 |
| 89287 | (67278) | (2460827) | 439453 | 525902 | 1146681 |
| 103160 | (46805) | 2659020 | 6157236 | 2869007 | 2841439 |
| 287 | 486 | 119508 | 217241 | 114184 | 188508 |
| 201665 | (28074) | 521471 | (2659229) | (342517) | (1303520) |
| (8763) | (18936) | (7072977) | (8336323) | (3927838) | (5255254) |
| (1658) | (1574) | (217013) | (260190) | (120974) | (144386) |
| 191531 | (48098) | (6649011) | (11038501) | (4277145) | (6514652) |
| 294691 | (94903) | (3989991) | (4881265) | (1408138) | (3673213) |
| 1470906 | 1565809 | 48816146 | 53697411 | 27578661 | 31251874 |
| $1765597 | $1470906 | $44826155 | $48816146 | $26170523 | $27578661 |

---

**AMERITAS VARIABLE SEPARATE ACCOUNT VA-2**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **Summit** | **Summit** |
|  | **Nasdaq-100** |  |
|  | **Index** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $108894 |  |
| Mortality and expense risk charge | (413305) |  |
| **Net investment income(loss)** | (304411) |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | 639029 |  |
| Net realized gain(loss) on sale of fund shares | 7823588 |  |
| **Net realized gain(loss)** | 8462617 |  |
| **Change in unrealized appreciation/depreciation** | (976727) |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $7181479 |  |
|  | **Nasdaq-100 Index** | **Nasdaq-100 Index** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $(304411) | $(312733) |
| Net realized gain(loss) | 8462617 | 11237385 |
| Net change in unrealized appreciation/depreciation | (976727) | (808974) |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 7181479 | 10115678 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 139238 | 205009 |
| Subaccounts transfers (including fixed account), net | (3266312) | (3299326) |
| Transfers for policyowner benefits and terminations | (8372480) | (8795175) |
| Policyowner maintenance charges | (196862) | (240704) |
| **Net increase(decrease) from policyowner transactions** | (11696416) | (12130196) |
| **Total increase(decrease) in net assets** | (4514937) | (2014518) |
| **Net assets at beginning of period** | 45335131 | 47349649 |
| **Net assets at end of period** | $40820194 | $45335131 |
| The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Summit** | **Summit** | **Summit** | **Summit** | **Summit** | **Summit** |
| **EAFE** |  |  |  |  |  |
| **Intl.** |  | **S&P 500** |  | **Barclays** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $767016 |  | $1438819 |  | $1708489 |  |
| (315308) |  | (1439668) |  | (540312) |  |
| 451708 |  | (849) |  | 1168177 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 12059878 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| 3080282 |  | 10704401 |  | (1151072) |  |
| 3080282 |  | 22764279 |  | (1151072) |  |
| 5052198 |  | (2641935) |  | 3225286 |  |
| $8584188 |  | $20121495 |  | $3242391 |  |
| **EAFE Intl.** | **EAFE Intl.** | **S&P 500** | **S&P 500** | **Barclays** | **Barclays** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $451708 | $572508 | $(849) | $145111 | $1168177 | $1130501 |
| 3080282 | 1958245 | 22764279 | 19890782 | (1151072) | (1177931) |
| 5052198 | (1486566) | (2641935) | 9667062 | 3225286 | 99914 |
| 8584188 | 1044187 | 20121495 | 29702955 | 3242391 | 52484 |
| 83717 | 151162 | 319378 | 555205 | 95787 | 223808 |
| (3839655) | 682999 | (4229843) | (8539356) | 1216455 | 6636477 |
| (5969678) | (7675228) | (20773379) | (22121522) | (9619298) | (13682036) |
| (273306) | (322427) | (561326) | (666675) | (484062) | (575886) |
| (9998922) | (7163494) | (25245170) | (30772348) | (8791118) | (7397637) |
| (1414734) | (6119307) | (5123675) | (1069393) | (5548727) | (7345153) |
| 33364023 | 39483330 | 138761661 | 139831054 | 60289482 | 67634635 |
| $31949289 | $33364023 | $133637986 | $138761661 | $54740755 | $60289482 |

---

**AMERITAS VARIABLE SEPARATE ACCOUNT VA-2**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **Summit** | **Summit** |
|  | **Growth** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $1309988 |  |
| Mortality and expense risk charge | (721458) |  |
| **Net investment income(loss)** | 588530 |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | 9427996 |  |
| Net realized gain(loss) on sale of fund shares | 2529913 |  |
| **Net realized gain(loss)** | 11957909 |  |
| **Change in unrealized appreciation/depreciation** | (7334444) |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $5211995 |  |
|  | **Growth** | **Growth** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $588530 | $636765 |
| Net realized gain(loss) | 11957909 | 12534638 |
| Net change in unrealized appreciation/depreciation | (7334444) | (3372952) |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 5211995 | 9798451 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 167793 | 164339 |
| Subaccounts transfers (including fixed account), net | 7091391 | (2896891) |
| Transfers for policyowner benefits and terminations | (15981051) | (24114087) |
| Policyowner maintenance charges | (1105989) | (1319663) |
| **Net increase(decrease) from policyowner transactions** | (9827856) | (28166302) |
| **Total increase(decrease) in net assets** | (4615861) | (18367851) |
| **Net assets at beginning of period** | 79946628 | 98314479 |
| **Net assets at end of period** | $75330767 | $79946628 |
| The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Summit** | **Summit** | **Summit** | **Summit** | **Third Avenue** | **Third Avenue** |
| **Mod. Growth** |  | **Moderate** |  | **Value** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $852128 |  | $1109009 |  | $163892 |  |
| (407455) |  | (445701) |  | (76036) |  |
| 444673 |  | 663308 |  | 87856 |  |
| 3333288 |  | 2848578 |  | 532037 |  |
| 1145126 |  | 646210 |  | 195468 |  |
| 4478414 |  | 3494788 |  | 727505 |  |
| (1996386) |  | (1513833) |  | 1297909 |  |
| $2926701 |  | $2644263 |  | $2113270 |  |
| **Mod. Growth** | **Mod. Growth** | **Moderate** | **Moderate** | **Value** | **Value** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $444673 | $453728 | $663308 | $651632 | $87856 | $109454 |
| 4478414 | 5050652 | 3494788 | 4852231 | 727505 | 928723 |
| (1996386) | (865423) | (1513833) | (1624027) | 1297909 | (1244872) |
| 2926701 | 4638957 | 2644263 | 3879836 | 2113270 | (206695) |
| 166779 | 82565 | 62439 | 204198 | 29690 | 57822 |
| 903090 | 1196478 | 174780 | 674040 | 192290 | (123974) |
| (7830853) | (15419887) | (9805569) | (16400447) | (873141) | (915688) |
| (565820) | (690833) | (560196) | (711099) | (12811) | (14703) |
| (7326804) | (14831677) | (10128546) | (16233308) | (663972) | (996543) |
| (4400103) | (10192720) | (7484283) | (12353472) | 1449298 | (1203238) |
| 46162570 | 56355290 | 51184171 | 63537643 | 6691221 | 7894459 |
| $41762467 | $46162570 | $43699888 | $51184171 | $8140519 | $6691221 |

---

**AMERITAS VARIABLE SEPARATE ACCOUNT VA-2**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **Dreyfus** | **Dreyfus** |
|  | **MidCap** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $10151 |  |
| Mortality and expense risk charge | (23218) |  |
| **Net investment income(loss)** | (13067) |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | 209510 |  |
| Net realized gain(loss) on sale of fund shares | 18062 |  |
| **Net realized gain(loss)** | 227572 |  |
| **Change in unrealized appreciation/depreciation** | (31972) |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $182533 |  |
|  | **MidCap** | **MidCap** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $(13067) | $(9701) |
| Net realized gain(loss) | 227572 | 85281 |
| Net change in unrealized appreciation/depreciation | (31972) | 192471 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 182533 | 268051 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 21322 | 33683 |
| Subaccounts transfers (including fixed account), net | (31678) | (97611) |
| Transfers for policyowner benefits and terminations | (295663) | (444813) |
| Policyowner maintenance charges | (4561) | (5100) |
| **Net increase(decrease) from policyowner transactions** | (310580) | (513841) |
| **Total increase(decrease) in net assets** | (128047) | (245790) |
| **Net assets at beginning of period** | 2387099 | 2632889 |
| **Net assets at end of period** | $2259052 | $2387099 |
| The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Dreyfus** | **Dreyfus** | **Scudder** | **Scudder** | **Scudder** | **Scudder** |
|  |  | **Small** |  |  |  |
| **Small Cap** |  | **Mid Value** |  | **Thematic** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $10684 |  | $14450 |  | $3196 |  |
| (8198) |  | (14015) |  | (3640) |  |
| 2486 |  | 435 |  | (444) |  |
| 81332 |  | 163232 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| (4735) |  | (16860) |  | 20386 |  |
| 76597 |  | 146372 |  | 20386 |  |
| (45811) |  | 59295 |  | 33817 |  |
| $33272 |  | $206102 |  | $53759 |  |
| **Small Cap** | **Small Cap** | **Small Mid Value** | **Small Mid Value** | **Thematic** | **Thematic** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $2486 | $1192 | $435 | $3456 | $(444) | $543 |
| 76597 | 24791 | 146372 | 98733 | 20386 | 4129 |
| (45811) | 33105 | 59295 | (23011) | 33817 | 19991 |
| 33272 | 59088 | 206102 | 79178 | 53759 | 24663 |
| 14966 | 13100 | 15117 | 21400 | 5056 | 4337 |
| 13276 | 557 | (215) | (204192) | 20802 | 1594 |
| (87959) | (114710) | (295556) | (154269) | (13616) | (16046) |
| (840) | (997) | (2766) | (3282) | (605) | (514) |
| (60557) | (102050) | (283420) | (340343) | 11637 | (10629) |
| (27285) | (42962) | (77318) | (261165) | 65396 | 14034 |
| 863116 | 906078 | 1492999 | 1754164 | 315646 | 301612 |
| $835831 | $863116 | $1415681 | $1492999 | $381042 | $315646 |

---

**AMERITAS VARIABLE SEPARATE ACCOUNT VA-2**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **Scudder** | **Scudder** |
|  | **Alternative** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $884 |  |
| Mortality and expense risk charge | (240) |  |
| **Net investment income(loss)** | 644 |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| Net realized gain(loss) on sale of fund shares | (1) |  |
| **Net realized gain(loss)** | (1) |  |
| **Change in unrealized appreciation/depreciation** | 1411 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $2054 |  |
|  | **Alternative** | **Alternative** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $644 | $785 |
| Net realized gain(loss) | (1) | 331 |
| Net change in unrealized appreciation/depreciation | 1411 | 674 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 2054 | 1790 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 511 | 653 |
| Subaccounts transfers (including fixed account), net | 690 | 1173 |
| Transfers for policyowner benefits and terminations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (12720) |
| Policyowner maintenance charges | (41) | (37) |
| **Net increase(decrease) from policyowner transactions** | 1160 | (10931) |
| **Total increase(decrease) in net assets** | 3214 | (9141) |
| **Net assets at beginning of period** | 22593 | 31734 |
| **Net assets at end of period** | $25807 | $22593 |
| The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Neuberger Berman** | **Neuberger Berman** | **Neuberger Berman** | **Neuberger Berman** | **Neuberger Berman** | **Neuberger Berman** |
| **Regency** |  | **Intrinsic** |  | **Growth** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $3452 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| (8016) |  | (1791) |  | (6701) |  |
| (4564) |  | (1791) |  | (6701) |  |
| 81015 |  | 15130 |  | 98358 |  |
| (4481) |  | 262 |  | 6470 |  |
| 76534 |  | 15392 |  | 104828 |  |
| 799 |  | 2874 |  | (67628) |  |
| $72769 |  | $16475 |  | $30499 |  |
| **Regency** | **Regency** | **Intrinsic** | **Intrinsic** | **Growth** | **Growth** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $(4564) | $(2909) | $(1791) | $(1372) | $(6701) | $(5760) |
| 76534 | 27763 | 15392 | 4618 | 104828 | 37715 |
| 799 | 36144 | 2874 | 9520 | (67628) | 74394 |
| 72769 | 60998 | 16475 | 12766 | 30499 | 106349 |
| 13397 | 14014 | 1174 | 1928 | 5612 | 40524 |
| 43214 | (25744) | (19053) | 6793 | (88) | 81969 |
| (136398) | (81220) | (12957) | (23035) | (61436) | (38077) |
| (1254) | (1425) | (312) | (247) | (605) | (586) |
| (81041) | (94375) | (31148) | (14561) | (56517) | 83830 |
| (8272) | (33377) | (14673) | (1795) | (26018) | 190179 |
| 800792 | 834169 | 196237 | 198032 | 664655 | 474476 |
| $792520 | $800792 | $181564 | $196237 | $638637 | $664655 |

---

**AMERITAS VARIABLE SEPARATE ACCOUNT VA-2**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **T. Rowe** | **T. Rowe** |
|  | **Blue Chip** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| Mortality and expense risk charge | (440963) |  |
| **Net investment income(loss)** | (440963) |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | 4031233 |  |
| Net realized gain(loss) on sale of fund shares | 5844265 |  |
| **Net realized gain(loss)** | 9875498 |  |
| **Change in unrealized appreciation/depreciation** | (2110771) |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $7323764 |  |
|  | **Blue Chip** | **Blue Chip** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $(440963) | $(472819) |
| Net realized gain(loss) | 9875498 | 9520410 |
| Net change in unrealized appreciation/depreciation | (2110771) | 5039826 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 7323764 | 14087417 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 172864 | 264592 |
| Subaccounts transfers (including fixed account), net | (2895826) | (5381025) |
| Transfers for policyowner benefits and terminations | (6666185) | (8765229) |
| Policyowner maintenance charges | (215989) | (257011) |
| **Net increase(decrease) from policyowner transactions** | (9605136) | (14138673) |
| **Total increase(decrease) in net assets** | (2281372) | (51256) |
| **Net assets at beginning of period** | 46969972 | 47021228 |
| **Net assets at end of period** | $44688600 | $46969972 |
| The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Pimco** | **Pimco** | **Pimco** | **Pimco** | **Pimco** | **Pimco** |
| **Total Return** |  | **Low Duration** |  | **Short Term** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $354589 |  | $192132 |  | $10660 |  |
| (83826) |  | (46960) |  | (2433) |  |
| 270763 |  | 145172 |  | 8227 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| (199331) |  | (69713) |  | 295 |  |
| (199331) |  | (69713) |  | 295 |  |
| 571261 |  | 140359 |  | (102) |  |
| $642693 |  | $215818 |  | $8420 |  |
| **Total Return** | **Total Return** | **Low Duration** | **Low Duration** | **Short Term** | **Short Term** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $270763 | $249231 | $145172 | $171597 | $8227 | $22879 |
| (199331) | (153273) | (69713) | (85535) | 295 | 11087 |
| 571261 | 24529 | 140359 | 110151 | (102) | (2975) |
| 642693 | 120487 | 215818 | 196213 | 8420 | 30991 |
| 23749 | 36553 | 4287 | 3603 | 2875 | 2460 |
| 540443 | 1515961 | 50603 | 714890 | 3722 | (24455) |
| (625272) | (759122) | (1084656) | (1325157) | (24475) | (1027391) |
| (10700) | (11707) | (45778) | (52321) | (485) | (826) |
| (71780) | 781685 | (1075544) | (658985) | (18363) | (1050212) |
| 570913 | 902172 | (859726) | (462772) | (9943) | (1019221) |
| 8860008 | 7957836 | 5410291 | 5873063 | 255829 | 1275050 |
| $9430921 | $8860008 | $4550565 | $5410291 | $245886 | $255829 |

---

**AMERITAS VARIABLE SEPARATE ACCOUNT VA-2**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **Pimco** | **Pimco** |
|  | **Emerging** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $5289 |  |
| Mortality and expense risk charge | (772) |  |
| **Net investment income(loss)** | 4517 |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| Net realized gain(loss) on sale of fund shares | (1660) |  |
| **Net realized gain(loss)** | (1660) |  |
| **Change in unrealized appreciation/depreciation** | 6920 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $9777 |  |
|  | **Emerging** | **Emerging** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $4517 | $4664 |
| Net realized gain(loss) | (1660) | (3264) |
| Net change in unrealized appreciation/depreciation | 6920 | 4010 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 9777 | 5410 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 340 | 511 |
| Subaccounts transfers (including fixed account), net | (65) | 1667 |
| Transfers for policyowner benefits and terminations | (10686) | (19613) |
| Policyowner maintenance charges | (33) | (55) |
| **Net increase(decrease) from policyowner transactions** | (10444) | (17490) |
| **Total increase(decrease) in net assets** | (667) | (12080) |
| **Net assets at beginning of period** | 79096 | 91176 |
| **Net assets at end of period** | $78429 | $79096 |
| The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Pimco** | **Pimco** | **Pimco** | **Pimco** | **Pimco** | **Pimco** |
| **Low Duration** |  |  |  |  |  |
| **Adv.** |  | **Real Return** |  | **Commodity** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $2355 |  | $158998 |  | $1798 |  |
| (611) |  | (48316) |  | (660) |  |
| 1744 |  | 110682 |  | 1138 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| (316) |  | (25460) |  | (518) |  |
| (316) |  | (25460) |  | (518) |  |
| 1213 |  | 225601 |  | 9970 |  |
| $2641 |  | $310823 |  | $10590 |  |
| **Low Duration Adv.** | **Low Duration Adv.** | **Real Return** | **Real Return** | **Commodity** | **Commodity** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $1744 | $2564 | $110682 | $63340 | $1138 | $776 |
| (316) | (3606) | (25460) | (42090) | (518) | (9930) |
| 1213 | 3329 | 225601 | 13000 | 9970 | 11563 |
| 2641 | 2287 | 310823 | 34250 | 10590 | 2409 |
| 1106 | 1077 | 15533 | 5328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| (27) | (1269) | 206873 | 813983 | (19) | (6291) |
| (13196) | (72902) | (106969) | (254965) | (2196) | (24891) |
| (70) | (105) | (5269) | (4620) | (58) | (74) |
| (12187) | (73199) | 110168 | 559726 | (2273) | (31256) |
| (9546) | (70912) | 420991 | 593976 | 8317 | (28847) |
| 67752 | 138664 | 4712225 | 4118249 | 61167 | 90014 |
| $58206 | $67752 | $5133216 | $4712225 | $69484 | $61167 |

---

**AMERITAS VARIABLE SEPARATE ACCOUNT VA-2**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **Ibbotson** | **Ibbotson** |
|  | **Balanced** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $9191 |  |
| Mortality and expense risk charge | (4853) |  |
| **Net investment income(loss)** | 4338 |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | 51976 |  |
| Net realized gain(loss) on sale of fund shares | 5459 |  |
| **Net realized gain(loss)** | 57435 |  |
| **Change in unrealized appreciation/depreciation** | 1212 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $62985 |  |
|  | **Balanced** | **Balanced** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $4338 | $3611 |
| Net realized gain(loss) | 57435 | 5610 |
| Net change in unrealized appreciation/depreciation | 1212 | 37991 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 62985 | 47212 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Subaccounts transfers (including fixed account), net | (34744) | (927) |
| Transfers for policyowner benefits and terminations | (46602) | (111613) |
| Policyowner maintenance charges | (696) | (814) |
| **Net increase(decrease) from policyowner transactions** | (82042) | (113354) |
| **Total increase(decrease) in net assets** | (19057) | (66142) |
| **Net assets at beginning of period** | 521926 | 588068 |
| **Net assets at end of period** | $502869 | $521926 |
| The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ibbotson** | **Ibbotson** | **Ibbotson** | **Ibbotson** | **Franklin Templeton** | **Franklin Templeton** |
| **Growth** |  | **Income** |  | **Global Bond** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $9342 |  | $5608 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| (5980) |  | (2272) |  | (218753) |  |
| 3362 |  | 3336 |  | (218753) |  |
| 46911 |  | 19699 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| 12666 |  | 1102 |  | (1501040) |  |
| 59577 |  | 20801 |  | (1501040) |  |
| 34345 |  | (1447) |  | 4894617 |  |
| $97284 |  | $22690 |  | $3174824 |  |
| **Growth** | **Growth** | **Income** | **Income** | **Global Bond** | **Global Bond** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $3362 | $3059 | $3336 | $2420 | $(218753) | $(245493) |
| 59577 | 17928 | 20801 | (588) | (1501040) | (1179746) |
| 34345 | 41166 | (1447) | 9415 | 4894617 | (1779455) |
| 97284 | 62153 | 22690 | 11247 | 3174824 | (3204694) |
| 746 | 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 41655 | 83524 |
| 58323 | 5643 | 59974 | 21500 | (372563) | 3993860 |
| (54247) | (78368) | (16956) | (37670) | (3738819) | (5135928) |
| (1038) | (1003) | (270) | (175) | (188472) | (222424) |
| 3784 | (73668) | 42748 | (16345) | (4258199) | (1280968) |
| 101068 | (11515) | 65438 | (5098) | (1083375) | (4485662) |
| 598972 | 610487 | 184856 | 189954 | 23293918 | 27779580 |
| $700040 | $598972 | $250294 | $184856 | $22210543 | $23293918 |

---

**AMERITAS VARIABLE SEPARATE ACCOUNT VA-2**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **Franklin Templeton** | **Franklin Templeton** |
|  | **Income** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $148562 |  |
| Mortality and expense risk charge | (29766) |  |
| **Net investment income(loss)** | 118796 |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | 31227 |  |
| Net realized gain(loss) on sale of fund shares | (975) |  |
| **Net realized gain(loss)** | 30252 |  |
| **Change in unrealized appreciation/depreciation** | 174448 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $323496 |  |
|  | **Income** | **Income** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $118796 | $112270 |
| Net realized gain(loss) | 30252 | (467) |
| Net change in unrealized appreciation/depreciation | 174448 | 52833 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 323496 | 164636 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 59730 | 40135 |
| Subaccounts transfers (including fixed account), net | 365705 | 78082 |
| Transfers for policyowner benefits and terminations | (197389) | (242536) |
| Policyowner maintenance charges | (4115) | (3266) |
| **Net increase(decrease) from policyowner transactions** | 223931 | (127585) |
| **Total increase(decrease) in net assets** | 547427 | 37051 |
| **Net assets at beginning of period** | 2724894 | 2687843 |
| **Net assets at end of period** | $3272321 | $2724894 |
| The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Franklin Templeton** | **Franklin Templeton** | **Franklin Templeton** | **Franklin Templeton** | **Franklin Templeton** | **Franklin Templeton** |
| **Global** |  |  |  |  |  |
| **Discovery** |  | **Small Cap** |  | **Foreign** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $2408 |  | $3952 |  | $16937 |  |
| (1319) |  | (3650) |  | (6865) |  |
| 1089 |  | 302 |  | 10072 |  |
| 13348 |  | 30821 |  | 47292 |  |
| 1976 |  | (2339) |  | 3016 |  |
| 15324 |  | 28482 |  | 50308 |  |
| 9685 |  | (5433) |  | 103899 |  |
| $26098 |  | $23351 |  | $164279 |  |
| **Global Discovery** | **Global Discovery** | **Small Cap** | **Small Cap** | **Foreign** | **Foreign** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $1089 | $950 | $302 | $(355) | $10072 | $11891 |
| 15324 | 9363 | 28482 | 3676 | 50308 | 27398 |
| 9685 | (6272) | (5433) | 36708 | 103899 | (45381) |
| 26098 | 4041 | 23351 | 40029 | 164279 | (6092) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 30 | 4302 | 29628 | 1409 | 1679 |
| 6025 | 10436 | 10298 | 1719 | 119924 | (191289) |
| (15209) | (4072) | (20558) | (88407) | (6258) | (27412) |
| (146) | (137) | (352) | (384) | (715) | (711) |
| (9330) | 6257 | (6310) | (57444) | 114360 | (217733) |
| 16768 | 10298 | 17041 | (17415) | 278639 | (223825) |
| 122271 | 111973 | 371559 | 388974 | 531083 | 754908 |
| $139039 | $122271 | $388600 | $371559 | $809722 | $531083 |

---

**AMERITAS VARIABLE SEPARATE ACCOUNT VA-2**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **AllianceBernstein** | **AllianceBernstein** |
|  | **Growth and** |  |
|  | **Income** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $3065 |  |
| Mortality and expense risk charge | (3522) |  |
| **Net investment income(loss)** | (457) |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | 28621 |  |
| Net realized gain(loss) on sale of fund shares | 3990 |  |
| **Net realized gain(loss)** | 32611 |  |
| **Change in unrealized appreciation/depreciation** | (2498) |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $29656 |  |
|  | **Growth and Income** | **Growth and Income** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $(457) | $733 |
| Net realized gain(loss) | 32611 | 16593 |
| Net change in unrealized appreciation/depreciation | (2498) | 21450 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 29656 | 38776 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 12792 | 3431 |
| Subaccounts transfers (including fixed account), net | 27588 | 11544 |
| Transfers for policyowner benefits and terminations | (53217) | (61986) |
| Policyowner maintenance charges | (369) | (425) |
| **Net increase(decrease) from policyowner transactions** | (13206) | (47436) |
| **Total increase(decrease) in net assets** | 16450 | (8660) |
| **Net assets at beginning of period** | 336344 | 345004 |
| **Net assets at end of period** | $352794 | $336344 |
| The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **American Funds** | **American Funds** | **American Funds** | **American Funds** | **American Funds** | **American Funds** |
| **Managed** |  | **Blue Chip** |  | **Global** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $392596 |  | $42538 |  | $21936 |  |
| (151847) |  | (30012) |  | (15592) |  |
| 240749 |  | 12526 |  | 6344 |  |
| 978935 |  | 205805 |  | 197510 |  |
| 26640 |  | 43077 |  | 3373 |  |
| 1005575 |  | 248882 |  | 200883 |  |
| 260343 |  | 188032 |  | 88139 |  |
| $1506667 |  | $449440 |  | $295366 |  |
| **Managed** | **Managed** | **Blue Chip** | **Blue Chip** | **Global** | **Global** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $240749 | $207141 | $12526 | $15703 | $6344 | $7894 |
| 1005575 | (70414) | 248882 | 87054 | 200883 | 48007 |
| 260343 | 2808013 | 188032 | 374225 | 88139 | 110794 |
| 1506667 | 2944740 | 449440 | 476982 | 295366 | 166695 |
| 148954 | (41521) | 26713 | 178652 | 39511 | 53376 |
| (574645) | (217292) | 2495 | (76087) | 2592 | (35916) |
| (4553194) | (10587485) | (236294) | (372181) | (92705) | (19136) |
| (211687) | (315316) | (2535) | (2760) | (1559) | (1442) |
| (5190572) | (11161614) | (209621) | (272376) | (52161) | (3118) |
| (3683905) | (8216874) | 239819 | 204606 | 243205 | 163577 |
| 18246747 | 26463621 | 2891199 | 2686593 | 1448869 | 1285292 |
| $14562842 | $18246747 | $3131018 | $2891199 | $1692074 | $1448869 |

---

**AMERITAS VARIABLE SEPARATE ACCOUNT VA-2**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **American Funds** | **American Funds** |
|  | **Growth** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $7397 |  |
| Mortality and expense risk charge | (47924) |  |
| **Net investment income(loss)** | (40527) |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | 378037 |  |
| Net realized gain(loss) on sale of fund shares | 133734 |  |
| **Net realized gain(loss)** | 511771 |  |
| **Change in unrealized appreciation/depreciation** | 363273 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $834517 |  |
|  | **Growth** | **Growth** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $(40527) | $(28546) |
| Net realized gain(loss) | 511771 | 210959 |
| Net change in unrealized appreciation/depreciation | 363273 | 934594 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 834517 | 1117007 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 55463 | 178184 |
| Subaccounts transfers (including fixed account), net | 36961 | (163873) |
| Transfers for policyowner benefits and terminations | (390248) | (310079) |
| Policyowner maintenance charges | (3856) | (3602) |
| **Net increase(decrease) from policyowner transactions** | (301680) | (299370) |
| **Total increase(decrease) in net assets** | 532837 | 817637 |
| **Net assets at beginning of period** | 4584956 | 3767319 |
| **Net assets at end of period** | $5117793 | $4584956 |
| The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **American Funds** | **American Funds** | **American Funds** | **American Funds** | **American Funds** | **American Funds** |
| **International** |  | **New World** |  | **Growth-Income** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $5919 |  | $8752 |  | $24435 |  |
| (4450) |  | (6800) |  | (26188) |  |
| 1469 |  | 1952 |  | (1753) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 27629 |  | 442326 |  |
| 839 |  | 3717 |  | 25355 |  |
| 839 |  | 31346 |  | 467681 |  |
| 99688 |  | 129551 |  | (47682) |  |
| $101996 |  | $162849 |  | $418246 |  |
| **International** | **International** | **New World** | **New World** | **Growth-Income** | **Growth-Income** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $1469 | $90 | $1952 | $1913 | $(1753) | $2862 |
| 839 | (7831) | 31346 | 12098 | 467681 | 159939 |
| 99688 | 24008 | 129551 | 26241 | (47682) | 296484 |
| 101996 | 16267 | 162849 | 40252 | 418246 | 459285 |
| 10055 | 7199 | 2913 | 4767 | 82888 | 98652 |
| (470) | (10039) | 177383 | (102384) | (27403) | 122234 |
| (51417) | (154104) | (18971) | (112011) | (107911) | (282909) |
| (440) | (487) | (954) | (698) | (2969) | (2250) |
| (42272) | (157431) | 160371 | (210326) | (55395) | (64273) |
| 59724 | (141164) | 323220 | (170074) | 362851 | 395012 |
| 423777 | 564941 | 551955 | 722029 | 2468715 | 2073703 |
| $483501 | $423777 | $875175 | $551955 | $2831566 | $2468715 |

---

**AMERITAS VARIABLE SEPARATE ACCOUNT VA-2**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **American Funds** | **American Funds** |
|  | **Asset** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $76898 |  |
| Mortality and expense risk charge | (37347) |  |
| **Net investment income(loss)** | 39551 |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | 261202 |  |
| Net realized gain(loss) on sale of fund shares | 19034 |  |
| **Net realized gain(loss)** | 280236 |  |
| **Change in unrealized appreciation/depreciation** | 193613 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $513400 |  |
|  | **Asset** | **Asset** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $39551 | $40328 |
| Net realized gain(loss) | 280236 | 177259 |
| Net change in unrealized appreciation/depreciation | 193613 | 284789 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 513400 | 502376 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 49840 | 11118 |
| Subaccounts transfers (including fixed account), net | 10278 | 45857 |
| Transfers for policyowner benefits and terminations | (200714) | (307735) |
| Policyowner maintenance charges | (6898) | (6309) |
| **Net increase(decrease) from policyowner transactions** | (147494) | (257069) |
| **Total increase(decrease) in net assets** | 365906 | 245307 |
| **Net assets at beginning of period** | 3617771 | 3372464 |
| **Net assets at end of period** | $3983677 | $3617771 |
| The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Columbia** | **Columbia** | **Columbia** | **Columbia** | **Columbia** | **Columbia** |
| **Strategic** |  | **Emerging** |  | **International** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $6816 |  | $89 |  | $4723 |  |
| (1553) |  | (1344) |  | (1187) |  |
| 5263 |  | (1255) |  | 3536 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| (425) |  | (6810) |  | 15134 |  |
| (425) |  | (6810) |  | 15134 |  |
| 4363 |  | 43284 |  | 21529 |  |
| $9201 |  | $35219 |  | $40199 |  |
| **Strategic** | **Strategic** | **Emerging** | **Emerging** | **International** | **International** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $5263 | $6909 | $(1255) | $(22) | $3536 | $7502 |
| (425) | (5713) | (6810) | (5324) | 15134 | (32) |
| 4363 | 6001 | 43284 | 10842 | 21529 | (2314) |
| 9201 | 7197 | 35219 | 5496 | 40199 | 5156 |
| 156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 7185 | 16082 | 284 | 1512 |
| 724 | (51979) | (2861) | 3045 | (438) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| (5653) | (17460) | (30441) | (12959) | (218503) | (106) |
| (81) | (246) | (161) | (181) | (61) | (50) |
| (4854) | (69685) | (26278) | 5987 | (218718) | 1356 |
| 4347 | (62488) | 8941 | 11483 | (178519) | 6512 |
| 154185 | 216673 | 127023 | 115540 | 238356 | 231844 |
| $158532 | $154185 | $135964 | $127023 | $59837 | $238356 |

---

**AMERITAS VARIABLE SEPARATE ACCOUNT VA-2**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **Columbia** | **Columbia** |
|  | **Smaller-Cap** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| Mortality and expense risk charge | (2738) |  |
| **Net investment income(loss)** | (2738) |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| Net realized gain(loss) on sale of fund shares | 3241 |  |
| **Net realized gain(loss)** | 3241 |  |
| **Change in unrealized appreciation/depreciation** | 13848 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $14351 |  |
|  | **Smaller-Cap** | **Smaller-Cap** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $(2738) | $(2869) |
| Net realized gain(loss) | 3241 | 11737 |
| Net change in unrealized appreciation/depreciation | 13848 | 26328 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 14351 | 35196 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 5252 | 3803 |
| Subaccounts transfers (including fixed account), net | (983) | (88) |
| Transfers for policyowner benefits and terminations | (7696) | (19770) |
| Policyowner maintenance charges | (223) | (253) |
| **Net increase(decrease) from policyowner transactions** | (3650) | (16308) |
| **Total increase(decrease) in net assets** | 10701 | 18888 |
| **Net assets at beginning of period** | 279448 | 260560 |
| **Net assets at end of period** | $290149 | $279448 |
| The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Columbia** | **Columbia** | **Columbia** | **Columbia** | **Columbia** | **Columbia** |
| **Mid Cap** |  | **High Yield** |  | **Large Core** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | $16273 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| (8727) |  | (2941) |  | (9280) |  |
| (8727) |  | 13332 |  | (9280) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| 18911 |  | (4865) |  | 41572 |  |
| 18911 |  | (4865) |  | 41572 |  |
| 96913 |  | 12113 |  | 85983 |  |
| $107097 |  | $20580 |  | $118275 |  |
| **Mid Cap** | **Mid Cap** | **High Yield** | **High Yield** | **Large Core** | **Large Core** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $(8727) | $(8915) | $13332 | $17026 | $(9280) | $(8430) |
| 18911 | 37976 | (4865) | (2373) | 41572 | 55409 |
| 96913 | 66614 | 12113 | 5878 | 85983 | 134248 |
| 107097 | 95675 | 20580 | 20531 | 118275 | 181227 |
| 19093 | 19977 | 714 | 2204 | 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| (4499) | (40812) | (24781) | 2894 | 25608 | 22194 |
| (39596) | (63365) | (73271) | (27111) | (78771) | (89960) |
| (1015) | (1074) | (369) | (382) | (520) | (554) |
| (26017) | (85274) | (97707) | (22395) | (43683) | (68320) |
| 81080 | 10401 | (77127) | (1864) | 74592 | 112907 |
| 856095 | 845694 | 361458 | 363322 | 907455 | 794548 |
| $937175 | $856095 | $284331 | $361458 | $982047 | $907455 |

---

**AMERITAS VARIABLE SEPARATE ACCOUNT VA-2**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **Ivy** | **Ivy** |
|  | **Strategy** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| Mortality and expense risk charge | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| **Net investment income(loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| Net realized gain(loss) on sale of fund shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| **Net realized gain(loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| **Change in unrealized appreciation/depreciation** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
|  | **Strategy** | **Strategy** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) |
| Net realized gain(loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 62 |
| Net change in unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 239 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 289 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Subaccounts transfers (including fixed account), net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (23) |
| Transfers for policyowner benefits and terminations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (7205) |
| Policyowner maintenance charges | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| **Net increase(decrease) from policyowner transactions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (7228) |
| **Total increase(decrease) in net assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (6939) |
| **Net assets at beginning of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 6939 |
| **Net assets at end of period** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ivy** | **Ivy** | **Ivy** | **Ivy** | **Ivy** | **Ivy** |
|  |  |  |  | **Small Cap** |  |
| **Balanced** |  | **Energy** |  | **Value** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $30801 |  | $3495 |  | $441 |  |
| (24880) |  | (3432) |  | (3003) |  |
| 5921 |  | 63 |  | (2562) |  |
| 93238 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 12929 |  |
| 6649 |  | (149) |  | (891) |  |
| 99887 |  | (149) |  | 12038 |  |
| 152216 |  | 35246 |  | 12475 |  |
| $258024 |  | $35160 |  | $21951 |  |
| **Balanced** | **Balanced** | **Energy** | **Energy** | **Small Cap Value** | **Small Cap Value** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $5921 | $7576 | $63 | $8684 | $(2562) | $(2438) |
| 99887 | 20745 | (149) | 17138 | 12038 | (9650) |
| 152216 | 292168 | 35246 | (40344) | 12475 | 58327 |
| 258024 | 320489 | 35160 | (14522) | 21951 | 46239 |
| 3019 | 5733 | 11750 | 22542 | 10216 | 11795 |
| 345137 | (156289) | 11977 | (108428) | (1245) | (5249) |
| (43932) | (166054) | (37843) | (40045) | (22303) | (98799) |
| (3857) | (3715) | (315) | (374) | (228) | (283) |
| 300367 | (320325) | (14431) | (126305) | (13560) | (92536) |
| 558391 | 164 | 20729 | (140827) | 8391 | (46297) |
| 2272070 | 2271906 | 339008 | 479835 | 304215 | 350512 |
| $2830461 | $2272070 | $359737 | $339008 | $312606 | $304215 |

---

**AMERITAS VARIABLE SEPARATE ACCOUNT VA-2**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **Ivy** | **Ivy** |
|  | **Science** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| Mortality and expense risk charge | (29555) |  |
| **Net investment income(loss)** | (29555) |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | 437436 |  |
| Net realized gain(loss) on sale of fund shares | 36958 |  |
| **Net realized gain(loss)** | 474394 |  |
| **Change in unrealized appreciation/depreciation** | 396043 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $840882 |  |
|  | **Science** | **Science** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $(29555) | $(23782) |
| Net realized gain(loss) | 474394 | 77248 |
| Net change in unrealized appreciation/depreciation | 396043 | 506924 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 840882 | 560390 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 61792 | 118537 |
| Subaccounts transfers (including fixed account), net | (3024) | 247338 |
| Transfers for policyowner benefits and terminations | (206317) | (128910) |
| Policyowner maintenance charges | (3146) | (2819) |
| **Net increase(decrease) from policyowner transactions** | (150695) | 234146 |
| **Total increase(decrease) in net assets** | 690187 | 794536 |
| **Net assets at beginning of period** | 2648676 | 1854140 |
| **Net assets at end of period** | $3338863 | $2648676 |
| The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ivy** | **Ivy** | **Ivy** | **Ivy** | **Ivy** | **Ivy** |
| **Mid Cap** |  |  |  |  |  |
| **Growth** |  | **International** |  | **Global** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | $516 |  | $122 |  |
| (5223) |  | (1314) |  | (606) |  |
| (5223) |  | (798) |  | (484) |  |
| 116640 |  | 6330 |  | 6542 |  |
| (31138) |  | 3064 |  | (84) |  |
| 85502 |  | 9394 |  | 6458 |  |
| (81237) |  | 18005 |  | 3585 |  |
| $(958) |  | $26601 |  | $9559 |  |
| **Mid Cap Growth** | **Mid Cap Growth** | **International** | **International** | **Global** | **Global** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $(5223) | $(6830) | $(798) | $447 | $(484) | $(30) |
| 85502 | (5369) | 9394 | 5146 | 6458 | (1444) |
| (81237) | 24952 | 18005 | (55) | 3585 | 17871 |
| (958) | 12753 | 26601 | 5538 | 9559 | 16397 |
| 4436 | 36826 | 850 | 1162 | 698 | 784 |
| 1918 | (38513) | (9073) | (25458) | (843) | (30056) |
| (109475) | (134261) | (8315) | (30544) | (7319) | (30307) |
| (351) | (576) | (174) | (212) | (60) | (170) |
| (103472) | (136524) | (16712) | (55052) | (7524) | (59749) |
| (104430) | (123771) | 9889 | (49514) | 2035 | (43352) |
| 592920 | 716691 | 122073 | 171587 | 58629 | 101981 |
| $488490 | $592920 | $131962 | $122073 | $60664 | $58629 |

---

**AMERITAS VARIABLE SEPARATE ACCOUNT VA-2**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **Ivy** | **Ivy** |
|  | **High Income** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $12657 |  |
| Mortality and expense risk charge | (1886) |  |
| **Net investment income(loss)** | 10771 |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | 75 |  |
| Net realized gain(loss) on sale of fund shares | (2919) |  |
| **Net realized gain(loss)** | (2844) |  |
| **Change in unrealized appreciation/depreciation** | 3327 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $11254 |  |
|  | **High Income** | **High Income** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $10771 | $10630 |
| Net realized gain(loss) | (2844) | (1226) |
| Net change in unrealized appreciation/depreciation | 3327 | 417 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 11254 | 9821 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 1412 | 1076 |
| Subaccounts transfers (including fixed account), net | (730) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Transfers for policyowner benefits and terminations | (16236) | (8217) |
| Policyowner maintenance charges | (144) | (164) |
| **Net increase(decrease) from policyowner transactions** | (15698) | (7305) |
| **Total increase(decrease) in net assets** | (4444) | 2516 |
| **Net assets at beginning of period** | 194914 | 192398 |
| **Net assets at end of period** | $190470 | $194914 |
| The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Janus** | **Janus** | **Putnam** | **Putnam** | **Putnam** | **Putnam** |
| **Flexible** |  | **Health** |  | **Asset** |  |
| **2025** |  | **2025** |  | **2025** |  |
| $14640 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | $6806 |  |
| (3212) |  | (2649) |  | (3072) |  |
| 11428 |  | (2649) |  | 3734 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | 18748 |  | 36712 |  |
| (2213) |  | (1135) |  | 855 |  |
| (2213) |  | 17613 |  | 37567 |  |
| 10042 |  | 19946 |  | (2900) |  |
| $19257 |  | $34910 |  | $38401 |  |
| **Flexible** | **Flexible** | **Health** | **Health** | **Asset** | **Asset** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $11428 | $9931 | $(2649) | $(1593) | $3734 | $3160 |
| (2213) | (3606) | 17613 | 13689 | 37567 | 712 |
| 10042 | (4745) | 19946 | (14036) | (2900) | 36688 |
| 19257 | 1580 | 34910 | (1940) | 38401 | 40560 |
| 2468 | 2684 | 6660 | 44043 | 338 | 313 |
| 14556 | 28004 | 288 | 77 | (73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| (14287) | (24145) | (27944) | (34508) | (20458) | (4539) |
| (173) | (168) | (231) | (299) | (264) | (271) |
| 2564 | 6375 | (21227) | 9313 | (20457) | (4497) |
| 21821 | 7955 | 13683 | 7373 | 17944 | 36063 |
| 313713 | 305758 | 263345 | 255972 | 304040 | 267977 |
| $335534 | $313713 | $277028 | $263345 | $321984 | $304040 |

---

**AMERITAS VARIABLE SEPARATE ACCOUNT VA-2**

**FOR THE PERIODS ENDED DECEMBER 31**

---

| | | |
|:---|:---|:---|
|  | **Van Eck** | **Van Eck** |
|  | **Gold** |  |
|  | **2025** |  |
| **<u>STATEMENTS OF OPERATIONS</u>** |  |  |
| **Investment income:** |  |  |
| Dividend distributions received | $5506 |  |
| Mortality and expense risk charge | (4309) |  |
| **Net investment income(loss)** | 1197 |  |
| **Realized gain(loss) on investments:** |  |  |
| Net realized gain distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| Net realized gain(loss) on sale of fund shares | 89445 |  |
| **Net realized gain(loss)** | 89445 |  |
| **Change in unrealized appreciation/depreciation** | 302314 |  |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | $392956 |  |
|  | **Gold** | **Gold** |
| **<u>STATEMENTS OF CHANGES IN NET ASSETS</u>** | **2025** | **2024** |
| **Increase(decrease) in net assets from operations:** |  |  |
| Net investment income(loss) | $1197 | $5114 |
| Net realized gain(loss) | 89445 | 2913 |
| Net change in unrealized appreciation/depreciation | 302314 | 23682 |
| **Net increase(decrease) in net assets resulting** |  |  |
| &nbsp;&nbsp;&nbsp;**from operations** | 392956 | 31709 |
| **Net increase(decrease) from policyowner transactions:** |  |  |
| Payments received from policyowners | 1371 | 1341 |
| Subaccounts transfers (including fixed account), net | (10300) | 2198 |
| Transfers for policyowner benefits and terminations | (19741) | (8287) |
| Policyowner maintenance charges | (679) | (421) |
| **Net increase(decrease) from policyowner transactions** | (29349) | (5169) |
| **Total increase(decrease) in net assets** | 363607 | 26540 |
| **Net assets at beginning of period** | 261643 | 235103 |
| **Net assets at end of period** | $625250 | $261643 |
| The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | |
|:---|:---|
| **Van Eck** | **Van Eck** |
| **Hard Assets** |  |
| **2025** |  |
| $5515 |  |
| (2359) |  |
| 3156 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
| 7072 |  |
| 7072 |  |
| 61272 |  |
| $71500 |  |
| **Hard Assets** | **Hard Assets** |
| **2025** | **2024** |
| $3156 | $3499 |
| 7072 | 2266 |
| 61272 | (15100) |
| 71500 | (9335) |
| 8829 | 21093 |
| (6784) | (7185) |
| (31565) | (10771) |
| (280) | (296) |
| (29800) | 2841 |
| 41700 | (6494) |
| 216572 | 223066 |
| $258272 | $216572 |

---

**AMERITAS VARIABLE SEPARATE ACCOUNT VA-2**<br> **NOTES TO FINANCIAL STATEMENTS**<br> **FOR THE PERIODS ENDED DECEMBER 31, 2025 AND 2024**<br>

**1. ORGANIZATION**

Ameritas Variable Separate Account VA-2 (the "Account") began operations during 1987. It operates as a separate investment account within Ameritas Life Insurance Corp. (the "Company"), a Nebraska domiciled company. The statements of operations and changes in net assets, financial highlights, and the related notes for each of the subaccounts listed below, are presented for the periods noted in the financial statements and notes, except for those subaccounts with commencement dates occurring during the period as referenced below. For those subaccounts with commencement dates during the respective period, the financial statements and the notes are presented from the commencement date forward. The assets of the Account are held by the Company and are segregated from all of the Company's other assets and are used only to support the variable annuity products issued by the Company.

Management believes these financial statements should be read in conjunction with the policyowner statements and policy and fund prospectuses.

The Account is registered under the Investment Company Act of 1940, as amended, as a unit investment trust. The Account is made up of variable investment options called subaccounts for which accumulation units are separately maintained. Each subaccount corresponds to a single underlying non-publicly traded portfolio issued through a fund series. At December 31, 2025, there are one hundred twenty-six subaccounts available within the Account listed as follows:

---

| | |
|:---|:---|
| **Fidelity Management & Research** | **Fidelity Management & Research** |
| **Company LLC** | **Company LLC, continued** |
| **(Advisor)** | *Fidelity* |
| *Fidelity (Fund Series short cite)* | \*Contrafund SC |
| \*Equity-Income IC (Subaccount short cite) | \*Contrafund SC2 |
| \*Equity-Income SC | \*Asset Mgr. Gr. IC *(formerly Fidelity(R) VIP* |
| \*Equity-Income SC2 | *Asset Manager: Growth Portfolio, Initial Class)* |
| \*Growth IC | \*Asset Mgr. Gr. SC *(formerly Fidelity(R) VIP* |
| \*Growth SC | *Asset Manager: Growth Portfolio, Service Class)* |
| \*Growth SC2 | \*Asset Mgr. Gr. SC2 *(formerly Fidelity(R) VIP* |
| \*High Income IC | *Asset Manager: Growth Portfolio, Service Class 2)* |
| \*High Income SC | \*Mid Cap SC2 |
| \*High Income SC2 | \*Money Market |
| \*Overseas IC | \*Money Market SC2 |
| \*Overseas SC | \*Index 500 SC2 |
| \*Overseas SC2 | \*Strategic SC2 |
| \*Asset Mgr. IC *(formerly Fidelity(R) VIP* |  |
| *Asset Manager Portfolio, Initial Class)* | **Fred Alger Management, LLC** |
| \*Asset Mgr. SC *(formerly Fidelity(R) VIP* | *Alger* |
| *Asset Manager Portfolio, Service Class)* | \*Balanced |
| \*Asset Mgr. SC2 *(formerly Fidelity(R) VIP* |  |
| *Asset Manager Portfolio, Service Class 2)* |  |
| \*Inv. Bond IC |  |
| \*Inv. Bond SC2 |  |
| \*Contrafund IC |  |

---

**1. ORGANIZATION, continued**

---

| | |
|:---|:---|
| **Massachusetts Financial Services** | **Lincoln Financial Investments Corporation** |
| **Company** | *Lincoln* |
| *MFS* | \*Disciplined Core Value II |
| \*Utilities | (Commenced April 26, 2024) |
| \*New Discovery | \*Mid Cap Value II |
| \*Total Return | (Commenced April 26, 2024) |
| \*Growth SC | \*Disciplined Core Value SC |
| \*New Discovery SC | (Commenced April 26, 2024) |
| \*Utilities SC |  |
| \*Strategic | **Invesco Advisers, Inc.** |
| \*Research | *AIM* |
| \*Blended Core SC | \*Intl. Growth |
| \*Corporate SC | \*Global |
| \*Government SC | \*Global Value |
| \*Growth Allocation SC | \*Discovery Mid Cap |
| \*Moderate SC | \*Diversified |
| \*Conservative SC | \*Value |
| \*Blended Small Cap SC | \*Real Estate |
| \*Global Real Estate IC |  |
| (Commenced February 3, 2021) | **Calvert Research and Management** |
| \*Global Real Estate SC | (See Note 3) |
|  | *Summit* |
| **Morgan Stanley Investment** | \*S&P MidCap |
| **Management Inc.** | \*Russell Small Cap |
| *Van Kampen* | \*Nasdaq-100 Index |
| \*Emerging Markets | \*EAFE Intl. |
| \*Intl. Magnum | \*S&P 500 |
| \*Global II | \*Barclays |
|  | \*Growth |
| **Calvert Research and Management** | \*Mod. Growth |
| *Calvert* | \*Moderate |
| \*Balanced |  |
| \*Mid Cap | **Third Avenue Management LLC** |
| \*Balanced F | *Third Avenue* |
|  | \*Value |

---

**1. ORGANIZATION, continued**

---

| | |
|:---|:---|
| **BNY Mellon Investment Adviser, Inc.** | **ALPS Advisors, Inc.** |
| *Dreyfus* | *Ibbotson* |
| \*MidCap | \*Balanced |
| \*Small Cap | \*Growth |
|  | \*Income |
| **DWS Investment Management Americas, Inc.** |  |
| *Scudder* | **Franklin Advisers, Inc.** |
| \*Small Mid Value | *Franklin Templeton* |
| \*Thematic *(formerly DWS International* | \*Global Bond |
| *Growth VIP Portfolio, Class A)* | \*Income |
| \*Alternative |  |
|  | **Franklin Mutual Advisers, LLC** |
| **Neuberger Berman Investment Advisers LLC** | *Franklin Templeton* |
| *Neuberger Berman* | \*Global Discovery |
| \*Regency | \*Small Cap |
| \*Intrinsic |  |
| \*Growth | **Templeton Investment Counsel, LLC** |
|  | *Franklin Templeton* |
| **T. Rowe Price Associates, Inc.** | \*Foreign |
| *T. Rowe* |  |
| \*Blue Chip | **AllianceBernstein L.P.** |
|  | *AllianceBernstein* |
| **Pacific Investment Management** | \*Growth and Income |
| **Company LLC** |  |
| *Pimco* | **Capital Research and Management Company (SM)** |
| \*Total Return | *American Funds* |
| \*Low Duration | \*Managed |
| \*Short Term | \*Blue Chip |
| \*Emerging | \*Global |
| \*Low Duration Adv. | \*Growth |
| \*Real Return | \*International |
| \*Commodity | \*New World |
|  | \*Growth-Income |
|  | \*Asset |

---

**1. ORGANIZATION, continued**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Columbia Management Investment** | **Columbia Management Investment** | **Columbia Management Investment** | **Janus Henderson Investors US LLC** | **Janus Henderson Investors US LLC** | **Janus Henderson Investors US LLC** |
| **Advisers, LLC** | **Advisers, LLC** | **Advisers, LLC** |  | *Janus* | *Janus* |
|  | *Columbia* | *Columbia* |  |  | \*Flexible |
|  |  | \*Strategic |  |  |  |
|  |  | \*Emerging | **Putnam Investment Management, LLC** | **Putnam Investment Management, LLC** | **Putnam Investment Management, LLC** |
|  |  | \*International |  | *Putnam* | *Putnam* |
|  |  | \*Smaller-Cap |  |  | \*Health |
|  |  | \*Mid Cap |  |  |  |
|  |  | \*High Yield | **Franklin Advisers, Inc.** | **Franklin Advisers, Inc.** | **Franklin Advisers, Inc.** |
|  |  | \*Large Core |  | *Putnam* | *Putnam* |
|  |  |  |  |  | \*Asset |
| **Delaware Management Company** | **Delaware Management Company** | **Delaware Management Company** |  |  |  |
|  | *Ivy* | *Ivy* | **Van Eck Associates Corporation** | **Van Eck Associates Corporation** | **Van Eck Associates Corporation** |
|  |  | \*Strategy *(formerly Macquarie VIP Asset* |  | *Van Eck* | *Van Eck* |
|  |  | *Strategy Series Portfolio, Service Class)* |  |  | \*Gold |
|  |  | \*Balanced *(formerly Macquarie VIP* |  |  | \*Hard Assets |
|  |  | *Balanced Series Portfolio, Service Class)* |  |  |  |
|  |  | \*Energy *(formerly Macquarie VIP* |  |  |  |
|  |  | *Energy Series Portfolio, Service Class)* |  |  |  |
|  |  | \*Small Cap Value *(formerly Macquarie VIP Smid* |  |  |  |
|  |  | *Cap Core Series Portfolio, Service Class)* |  |  |  |
|  |  | \*Science *(formerly Macquarie VIP Science and* |  |  |  |
|  |  | *Technology Series Portfolio, Service Class)* |  |  |  |
|  |  | \*Mid Cap Growth *(formerly Macquarie VIP Mid* |  |  |  |
|  |  | *Cap Growth Series Portfolio, Service Class)* |  |  |  |
|  |  | \*International *(formerly Macquarie VIP* |  |  |  |
|  |  | *International Core Equity Series Portfolio, Service Class)* | *International Core Equity Series Portfolio, Service Class)* |  |  |
|  |  | \*Global *(formerly Macquarie VIP Global* |  |  |  |
|  |  | *Growth Series Portfolio, Service Class)* |  |  |  |
|  |  | \*High Income *(formerly Macquarie VIP High Income* |  |  |  |
|  |  | *Series Portfolio, Service Class)* |  |  |  |

---

Note: The above chart references the fund series and subaccount short cites from the Statements of Net Assets.

**2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

**BASIS OF ACCOUNTING**

The financial statements included herein have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for variable annuity separate accounts registered as unit investment trusts.

**USE OF ESTIMATES**

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**INVESTMENTS**

The assets of the subaccounts are carried at the net asset value of the underlying portfolios, adjusted for the accrual of dividends. The value of the policyowners' units corresponds to the investment in the underlying subaccounts. The availability of investment portfolio and subaccount options may vary between products. Share transactions and security transactions are accounted for on a trade date basis.

Income from dividends and gains from realized gain distributions are recorded on the ex-distribution date. Realized gains and losses on the sales of investments represent the difference between the proceeds from sales of investments by the subaccounts and the cost of such shares, which is determined on a weighted average cost basis.

**FAIR VALUE MEASUREMENTS**

The accounting guidance on fair value measurements establishes a framework for measuring fair value and expands disclosures about fair value measurements. It also defines fair value as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. The fair value measurement guidance applies to all assets and liabilities that are measured and reported on a fair value basis and enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. Each asset and liability carried at fair value is classified into one of the following categories:

&nbsp;&nbsp;&nbsp;&nbsp;· Level 1 – Quoted market prices in active markets for identical assets or liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;· Level 2 – Observable market based inputs or unobservable inputs that are corroborated by market data.

&nbsp;&nbsp;&nbsp;&nbsp;· Level 3 – Unobservable inputs that are not corroborated by market data.

Each subaccount invests in shares of open-ended mutual funds, which calculate a daily net asset value based on the value of the underlying securities in its portfolios. As a result, and as required by law, pricing information is provided on an ongoing basis. Shares of open end mutual funds are purchased and redeemed at their quoted daily net asset values as reported by the fund companies at the close of each business day. On that basis, the fair value measurements of all shares held by the Account are reported as Level 1 assets.

**FEDERAL AND STATE INCOME TAXES**

The operations of the Account form a part of and are taxed with the operations of the Company. The Company is taxed as a life insurance company under Subchapter L of the Internal Revenue Code. Under existing federal income tax law, separate account investment income and capital gains are not taxed to the extent they are applied to increase reserves under a contract issued in connection with the Account. Investment income and realized capital gains and losses on assets of the Account are automatically applied to increase or decrease reserves under the contract. Accordingly, no provision for federal income taxes or unrecognized tax benefits are reflected in these financial statements.

**3. SEGMENT INFORMATION**

Each fund of the Separate Account constitutes a single operating segment and therefore, a single reportable segment because the CODM manages the activities of the Separate Account using information of each fund. The Separate Account is engaged in a single line of business as a registered unit investment trust. The Separate Account is a funding vehicle for individual variable annuity contracts with the assets owned by Ameritas Life Insurance Corp. to support the liabilities of the applicable insurance contracts. The subaccounts have identified the President and Chief Operating Officer of the Company as the chief operating decision maker as the Separate Account does not have employees and is not a separate legal entity.

The CODM uses Increase (decrease) in net assets from operations as their performance measure in order to make operational decisions while monitoring the net assets of each of the funds within the Separate Account. The accounting policies used to measure profit and loss of the segments are the same as those described in the summary of significant account policies (see note 2.) The measure of segment assets is reported on the balance sheet as total consolidated assets. Refer to the Statements of Operations and Changes in Net Assets for each fund's operating segment and related footnotes for significant expenses principle and the existing segment disclosure requirements as of December 31, 2025 and for the years ended December 31, 2025 and December 31, 2024. All assets held and revenue is generated in the US and there is no customer greater than 10% of consolidated results for all periods presented.

**4. RELATED PARTIES**

Ameritas Investment Partners, Inc., an affiliate of the Company, provides sub-advisor services to certain portfolios of the Summit funds for a fee. These fees are reflected in the daily value of the underlying portfolio share price. The fee is computed separately for each underlying portfolio on daily average net assets, at an annual rate, as of December 31, 2025 and 2024, as follows:

---

| | |
|:---|:---|
|  | **Sub-Advisor <br> Fee %**  |
| **Summit:** |  |
| S&P MidCap | .050 |
| Russell Small Cap | .050 |
| Nasdaq-100 Index | .050 |
| S&P 500 | .050 |
| Barclays | .050 |
| Growth | .050 |
| Mod. Growth | .050 |
| Moderate | .050 |

---

**5. PURCHASES AND SALES OF INVESTMENTS**

The cost of purchases and proceeds from sales of investments in the subaccounts for the period ended

December 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| **Fidelity:** |  |  |
| Equity-Income IC | $1349100 | $2456917 |
| Equity-Income SC | 182720 | 272333 |
| Equity-Income SC2 | 970562 | 1531672 |
| Growth IC | 3973990 | 4603221 |
| Growth SC | 327952 | 121721 |
| Growth SC2 | 1368037 | 1766936 |
| High Income IC | 239945 | 536762 |
| High Income SC | 31986 | 32313 |
| High Income SC2 | 2091380 | 6639023 |
| Overseas IC | 558888 | 710037 |
| Overseas SC | 70386 | 31755 |
| Overseas SC2 | 1068932 | 1362633 |
| Asset Mgr. IC | 381019 | 725387 |
| Asset Mgr. SC | 71559 | 80386 |
| Asset Mgr. SC2 | 214163 | 422303 |
| Inv. Bond IC | 420491 | 1007118 |
| Inv. Bond SC2 | 2606917 | 10360208 |
| Contrafund IC | 4098971 | 2945397 |
| Contrafund SC | 725928 | 554701 |
| Contrafund SC2 | 5812093 | 4908266 |
| Asset Mgr. Gr. IC | 41217 | 228540 |
| Asset Mgr. Gr. SC | 8404 | 17342 |
| Asset Mgr. Gr. SC2 | 266227 | 111682 |
| Mid Cap SC2 | 573520 | 696467 |
| Money Market | 9867757 | 21414640 |
| Money Market SC2 | 434474 | 463132 |
| Index 500 SC2 | 470466 | 978094 |
| Strategic SC2 | 22947 | 84810 |
| **Alger:** |  |  |
| Balanced | 1217317 | 1348274 |
| **MFS:** |  |  |
| Utilities | 1729723 | 3806918 |
| New Discovery | 254089 | 847551 |
| Total Return | 1242682 | 752562 |
| Growth SC | 250594 | 106543 |
| New Discovery SC | 27771 | 93709 |
| Utilities SC | 416886 | 364354 |
| Strategic | 615597 | 429277 |
| Research | 674600 | 5865719 |
| Blended Core SC | 63265 | 67229 |
| Corporate SC | 69404 | 242533 |
| Government SC | 32739 | 5392 |

---

**5. PURCHASES AND SALES OF INVESTMENTS, continued**

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| **MFS, continued:** |  |  |
| Growth Allocation SC | $68747 | $73557 |
| Moderate SC | 125659 | 109818 |
| Conservative SC | 32713 | 157511 |
| Blended Small Cap SC | 97762 | 71856 |
| Global Real Estate IC | 11753 | 176722 |
| Global Real Estate SC | 7078 | 8370 |
| **Van Kampen:** |  |  |
| Emerging Markets | 793935 | 4869103 |
| Intl. Magnum | 46326 | 172139 |
| Global II | 2111 | 2915 |
| **Calvert:** |  |  |
| Balanced | 5429419 | 1620183 |
| Mid Cap | 97070 | 253486 |
| Balanced F | 306949 | 42475 |
| **Lincoln:** |  |  |
| Disciplined Core Value II | 857882 | 6384808 |
| Mid Cap Value II | 1046112 | 1322175 |
| Disciplined Core Value SC | 20749 | 190252 |
| **AIM:** |  |  |
| Intl. Growth | 1074716 | 1287913 |
| Global | 919003 | 371100 |
| Global Value | 356408 | 509151 |
| Discovery Mid Cap | 412533 | 494467 |
| Diversified | 54427 | 47141 |
| Value | 35516 | 7839 |
| Real Estate | 235604 | 29667 |
| **Summit:** |  |  |
| S&P MidCap | 4078601 | 7785614 |
| Russell Small Cap | 2426927 | 5270810 |
| Nasdaq-100 Index | 1511504 | 12873301 |
| EAFE Intl. | 984894 | 10532107 |
| S&P 500 | 14641627 | 27827768 |
| Barclays | 2889545 | 10512486 |
| Growth | 18866146 | 18677476 |
| Mod. Growth | 5683111 | 9231955 |
| Moderate | 4426910 | 11043570 |

---

**5. PURCHASES AND SALES OF INVESTMENTS, continued**

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| **Third Avenue:** |  |  |
| Value | $1112350 | $1156430 |
| **Dreyfus:** |  |  |
| MidCap | 244916 | 359052 |
| Small Cap | 136616 | 113354 |
| **Scudder:** |  |  |
| Small Mid Value | 252093 | 371845 |
| Thematic | 126899 | 115706 |
| Alternative | 2369 | 565 |
| **Neuberger Berman:** |  |  |
| Regency | 132615 | 137206 |
| Intrinsic | 16852 | 34661 |
| Growth | 103149 | 68008 |
| **T. Rowe:** |  |  |
| Blue Chip | 4803493 | 10818359 |
| **Pimco:** |  |  |
| Total Return | 2040657 | 1841674 |
| Low Duration | 327167 | 1257538 |
| Short Term | 18660 | 28796 |
| Emerging | 5539 | 11466 |
| Low Duration Adv. | 3317 | 13760 |
| Real Return | 817976 | 597126 |
| Commodity | 1788 | 2922 |
| **Ibbotson:** |  |  |
| Balanced | 61151 | 86878 |
| Growth | 136203 | 82147 |
| Income | 109300 | 43518 |
| **Franklin Templeton:** |  |  |
| Global Bond | 660157 | 5137109 |
| Income | 636501 | 262548 |
| Global Discovery | 23629 | 18522 |
| Small Cap | 48948 | 24134 |
| Foreign | 191471 | 19746 |
| **AllianceBernstein:** |  |  |
| Growth and Income | 73678 | 58720 |

---

**5. PURCHASES AND SALES OF INVESTMENTS, continued**

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| **American Funds:** |  |  |
| Managed | $1957249 | $5928137 |
| Blue Chip | 268160 | 259450 |
| Global | 263753 | 112060 |
| Growth | 504960 | 469130 |
| International | 14321 | 55123 |
| New World | 238435 | 48482 |
| Growth-Income | 546297 | 161119 |
| Asset | 384721 | 231462 |
| **Columbia:** |  |  |
| Strategic | 7411 | 7003 |
| Emerging | 6881 | 34414 |
| International | 225 | 215408 |
| Smaller-Cap | 4744 | 11132 |
| Mid Cap | 16906 | 51650 |
| High Yield | 18488 | 102864 |
| Large Core | 36136 | 89099 |
| **Ivy:** |  |  |
| Strategy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Balanced | 472498 | 72972 |
| Energy | 30802 | 45171 |
| Small Cap Value | 23363 | 26556 |
| Science | 527530 | 270343 |
| Mid Cap Growth | 126298 | 118354 |
| International | 10137 | 21315 |
| Global | 7498 | 8964 |
| High Income | 15728 | 20581 |
| **Janus:** |  |  |
| Flexible | 31495 | 17504 |
| **Putnam:** |  |  |
| Health | 25371 | 30499 |
| Asset | 43667 | 23678 |
| **Van Eck:** |  |  |
| Gold | 183429 | 211581 |
| Hard Assets | 12954 | 39598 |

---

**6. FINANCIAL HIGHLIGHTS**

The unit value, units, net assets, investment income ratio ("Inv. Income Ratio"), expense ratio and total return (certain of which are defined below) are included in the following table (amounts have been rounded). Total returns, unit values and expense ratios in this table may not be applicable to all policies.

Inv. Income Ratio – The Inv. Income Ratio represents the dividend distributions received divided by average daily net assets. This ratio excludes the mortality and expense risk charge and is affected by the timing of the declaration of dividends by the underlying fund portfolio.

Expense Ratio – The Expense Ratio represents the annualized contract expenses of the subaccounts for the period indicated and includes only those expenses that are charged through a reduction of the unit value. Included in this category are mortality and expense charges. During the year ended December 31, 2025, these fees range between .95 percent and 1.40 percent (annualized) of net assets, depending on the product selected. Expenses of the underlying fund portfolios and charges made directly to policyowner accounts through the redemption of units are excluded. For this separate account, charges made through the redemption of units ranged up to $50 per policy annually, or as rider charges taken as a percent of net assets of .10 to 1.50 percent annualized, depending on the product and options selected.

Total Return – The Total Return represents the change in the unit value reported year-to-date; however, subaccounts which commenced during a year, as shown in Note 1, are based on shorter return periods. These percentages 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 are not within the ranges presented.

**6. FINANCIAL HIGHLIGHTS, continued**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** |
|  |  |  |  |  | **Inv.** |  |  |  |  |
|  | **Unit** | **Unit** |  | **Net Assets** | **Income** | **Expense** | **Expense** | **Total** | **Total** |
|  | **Value ($)** | **Value ($)** | **Units** | **($)** | **Ratio %** | **Ratio %** | **Ratio %** | **Return %** | **Return %** |
|  | **Min** | **Max** |  |  |  | **Min** | **Max** | **Min** | **Max** |
| **Fidelity:** |  |  |  |  |  |  |  |  |  |
| <u>Equity-Income IC</u> | <u>Equity-Income IC</u> |  |  |  |  |  |  |  |  |
| 2025 | 120.79 | 212.57 | 93630 | 16118065 | 1.76 | 1.25 | 1.40 | 17.37 | 17.55 |
| 2024 | 102.91 | 180.84 | 107206 | 15624613 | 1.72 | 1.25 | 1.40 | 13.74 | 13.91 |
| 2023 | 90.48 | 158.76 | 123855 | 15967441 | 1.86 | 1.25 | 1.40 | 9.12 | 9.28 |
| 2022 | 82.92 | 145.28 | 137297 | 16182997 | 1.85 | 1.25 | 1.40 | (6.27) | (6.13) |
| 2021 | 88.47 | 154.77 | 151649 | 18951290 | 1.88 | 1.25 | 1.40 | 23.16 | 23.35 |
| <u>Equity-Income SC</u> | <u>Equity-Income SC</u> |  |  |  |  |  |  |  |  |
| 2025 | 132.79 | 132.79 | 14151 | 1879107 | 1.70 | 0.95 | 0.95 | 17.80 | 17.80 |
| 2024 | 112.73 | 112.73 | 15869 | 1788808 | 1.59 | 0.95 | 0.95 | 14.15 | 14.15 |
| 2023 | 98.75 | 98.75 | 18040 | 1781483 | 1.84 | 0.95 | 0.95 | 9.49 | 9.49 |
| 2022 | 90.19 | 90.19 | 19555 | 1763649 | 1.79 | 0.95 | 0.95 | (5.98) | (5.98) |
| 2021 | 95.93 | 95.93 | 21396 | 2052414 | 1.63 | 0.95 | 0.95 | 23.65 | 23.65 |
| <u>Equity-Income SC2</u> | <u>Equity-Income SC2</u> |  |  |  |  |  |  |  |  |
| 2025 | 108.80 | 108.80 | 88382 | 9616078 | 1.60 | 0.95 | 0.95 | 17.63 | 17.63 |
| 2024 | 92.50 | 92.50 | 100067 | 9255858 | 1.58 | 0.95 | 0.95 | 13.96 | 13.96 |
| 2023 | 81.16 | 81.16 | 113379 | 9202182 | 1.73 | 0.95 | 0.95 | 9.34 | 9.34 |
| 2022 | 74.23 | 74.23 | 125195 | 9293146 | 1.66 | 0.95 | 0.95 | (6.14) | (6.14) |
| 2021 | 79.08 | 79.08 | 138768 | 10974114 | 1.65 | 0.95 | 0.95 | 23.43 | 23.43 |
| <u>Growth IC</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 333.15 | 479.48 | 65999 | 28304084 | 0.28 | 1.25 | 1.40 | 13.31 | 13.48 |
| 2024 | 294.03 | 422.54 | 75697 | 28716652 |  | 1.25 | 1.40 | 28.57 | 28.76 |
| 2023 | 228.69 | 328.16 | 84502 | 24980282 | 0.13 | 1.25 | 1.40 | 34.35 | 34.55 |
| 2022 | 170.22 | 243.88 | 93575 | 20636608 | 0.62 | 1.25 | 1.40 | (25.50) | (25.39) |
| 2021 | 228.49 | 326.88 | 101315 | 29965341 |  | 1.25 | 1.40 | 21.51 | 21.69 |
| <u>Growth SC</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 366.25 | 366.25 | 7442 | 2725795 | 0.21 | 0.95 | 0.95 | 13.70 | 13.70 |
| 2024 | 322.13 | 322.13 | 7768 | 2502347 |  | 0.95 | 0.95 | 29.03 | 29.03 |
| 2023 | 249.66 | 249.66 | 11667 | 2912675 | 0.04 | 0.95 | 0.95 | 34.82 | 34.82 |
| 2022 | 185.18 | 185.18 | 12403 | 2296868 | 0.52 | 0.95 | 0.95 | (25.23) | (25.23) |
| 2021 | 247.69 | 247.69 | 13929 | 3449992 |  | 0.95 | 0.95 | 21.92 | 21.92 |
| <u>Growth SC2</u> | <u>Growth SC2</u> |  |  |  |  |  |  |  |  |
| 2025 | 272.98 | 272.98 | 29340 | 8009371 | 0.05 | 0.95 | 0.95 | 13.53 | 13.53 |
| 2024 | 240.45 | 240.45 | 35090 | 8437346 |  | 0.95 | 0.95 | 28.84 | 28.84 |
| 2023 | 186.63 | 186.63 | 41706 | 7783571 |  | 0.95 | 0.95 | 34.61 | 34.61 |
| 2022 | 138.64 | 138.64 | 44455 | 6163394 | 0.36 | 0.95 | 0.95 | (25.35) | (25.35) |
| 2021 | 185.73 | 185.73 | 46844 | 8700477 |  | 0.95 | 0.95 | 21.74 | 21.74 |

---

**6. FINANCIAL HIGHLIGHTS, continued**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** |
|  |  |  |  |  | **Inv.** |  |  |  |  |
|  | **Unit** | **Unit** |  | **Net Assets** | **Income** | **Expense** | **Expense** | **Total** | **Total** |
|  | **Value ($)** | **Value ($)** | **Units** | **($)** | **Ratio %** | **Ratio %** | **Ratio %** | **Return %** | **Return %** |
|  | **Min** | **Max** |  |  |  | **Min** | **Max** | **Min** | **Max** |
| **Fidelity, continued:** | **Fidelity, continued:** |  |  |  |  |  |  |  |  |
| <u>High Income IC</u> | <u>High Income IC</u> |  |  |  |  |  |  |  |  |
| 2025 | 25.56 | 63.01 | 60192 | 2314710 | 6.23 | 1.25 | 1.40 | 8.83 | 8.99 |
| 2024 | 23.49 | 57.81 | 70901 | 2535434 | 5.67 | 1.25 | 1.40 | 7.45 | 7.61 |
| 2023 | 21.86 | 53.72 | 80393 | 2751791 | 5.58 | 1.25 | 1.40 | 8.95 | 9.11 |
| 2022 | 20.07 | 49.23 | 87782 | 2722007 | 4.77 | 1.25 | 1.40 | (12.60) | (12.47) |
| 2021 | 22.96 | 56.25 | 104043 | 3741269 | 5.09 | 1.25 | 1.40 | 2.96 | 3.12 |
| <u>High Income SC</u> | <u>High Income SC</u> |  |  |  |  |  |  |  |  |
| 2025 | 28.14 | 28.14 | 15486 | 435761 | 6.37 | 0.95 | 0.95 | 9.28 | 9.28 |
| 2024 | 25.75 | 25.75 | 16362 | 421316 | 5.18 | 0.95 | 0.95 | 7.69 | 7.69 |
| 2023 | 23.91 | 23.91 | 19322 | 462013 | 5.38 | 0.95 | 0.95 | 9.46 | 9.46 |
| 2022 | 21.84 | 21.84 | 21861 | 477514 | 4.67 | 0.95 | 0.95 | (12.39) | (12.39) |
| 2021 | 24.93 | 24.93 | 28530 | 711328 | 5.17 | 0.95 | 0.95 | 3.51 | 3.51 |
| <u>High Income SC2</u> | <u>High Income SC2</u> |  |  |  |  |  |  |  |  |
| 2025 | 21.23 | 21.23 | 1368151 | 29051844 | 6.36 | 0.95 | 0.95 | 9.27 | 9.27 |
| 2024 | 19.43 | 19.43 | 1677471 | 32597962 | 5.80 | 0.95 | 0.95 | 7.58 | 7.58 |
| 2023 | 18.06 | 18.06 | 2035618 | 36768924 | 5.41 | 0.95 | 0.95 | 9.20 | 9.20 |
| 2022 | 16.54 | 16.54 | 2323076 | 38425406 | 4.78 | 0.95 | 0.95 | (12.51) | (12.51) |
| 2021 | 18.90 | 18.90 | 2739872 | 51797046 | 5.31 | 0.95 | 0.95 | 3.31 | 3.31 |
| <u>Overseas IC</u> | <u>Overseas IC</u> |  |  |  |  |  |  |  |  |
| 2025 | 56.56 | 69.34 | 52429 | 3507070 | 1.53 | 1.25 | 1.40 | 18.72 | 18.90 |
| 2024 | 47.64 | 58.32 | 59631 | 3363942 | 1.58 | 1.25 | 1.40 | 3.58 | 3.74 |
| 2023 | 45.99 | 56.21 | 68873 | 3760441 | 1.03 | 1.25 | 1.40 | 18.84 | 19.02 |
| 2022 | 38.70 | 47.23 | 75084 | 3449426 | 1.03 | 1.25 | 1.40 | (25.53) | (25.42) |
| 2021 | 51.97 | 63.33 | 83232 | 5133851 | 0.52 | 1.25 | 1.40 | 18.04 | 18.22 |
| <u>Overseas SC</u> | <u>Overseas SC</u> |  |  |  |  |  |  |  |  |
| 2025 | 62.74 | 62.74 | 7587 | 476029 | 1.53 | 0.95 | 0.95 | 19.14 | 19.14 |
| 2024 | 52.66 | 52.66 | 7659 | 403291 | 1.54 | 0.95 | 0.95 | 3.96 | 3.96 |
| 2023 | 50.65 | 50.65 | 9350 | 473594 | 0.92 | 0.95 | 0.95 | 19.28 | 19.28 |
| 2022 | 42.47 | 42.47 | 10714 | 454994 | 0.97 | 0.95 | 0.95 | (25.29) | (25.29) |
| 2021 | 56.85 | 56.85 | 11135 | 632994 | 0.44 | 0.95 | 0.95 | 18.45 | 18.45 |
| <u>Overseas SC2</u> | <u>Overseas SC2</u> |  |  |  |  |  |  |  |  |
| 2025 | 48.01 | 48.01 | 141879 | 6811280 | 1.33 | 0.95 | 0.95 | 18.92 | 18.92 |
| 2024 | 40.37 | 40.37 | 162131 | 6545090 | 1.32 | 0.95 | 0.95 | 3.81 | 3.81 |
| 2023 | 38.89 | 38.89 | 190313 | 7400769 | 0.77 | 0.95 | 0.95 | 19.09 | 19.09 |
| 2022 | 32.65 | 32.65 | 220474 | 7199315 | 0.89 | 0.95 | 0.95 | (25.39) | (25.39) |
| 2021 | 43.77 | 43.77 | 216047 | 9455634 | 0.32 | 0.95 | 0.95 | 18.26 | 18.26 |

---

**6. FINANCIAL HIGHLIGHTS, continued**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** |
|  |  |  |  |  | **Inv.** |  |  |  |  |
|  | **Unit** | **Unit** |  | **Net Assets** | **Income** | **Expense** | **Expense** | **Total** | **Total** |
|  | **Value ($)** | **Value ($)** | **Units** | **($)** | **Ratio %** | **Ratio %** | **Ratio %** | **Return %** | **Return %** |
|  | **Min** | **Max** |  |  |  | **Min** | **Max** | **Min** | **Max** |
| **Fidelity, continued:** | **Fidelity, continued:** |  |  |  |  |  |  |  |  |
| <u>Asset Mgr. IC</u> | <u>Asset Mgr. IC</u> |  |  |  |  |  |  |  |  |
| 2025 | 52.21 | 83.28 | 67467 | 5300756 | 2.44 | 1.25 | 1.40 | 13.40 | 13.56 |
| 2024 | 46.04 | 73.33 | 76634 | 5281866 | 2.27 | 1.25 | 1.40 | 6.98 | 7.14 |
| 2023 | 43.04 | 68.44 | 92475 | 5997091 | 2.26 | 1.25 | 1.40 | 11.39 | 11.55 |
| 2022 | 38.64 | 61.36 | 104950 | 6096290 | 2.00 | 1.25 | 1.40 | (16.11) | (15.99) |
| 2021 | 46.06 | 73.04 | 117268 | 8074937 | 1.56 | 1.25 | 1.40 | 8.40 | 8.56 |
| <u>Asset Mgr. SC</u> | <u>Asset Mgr. SC</u> |  |  |  |  |  |  |  |  |
| 2025 | 57.28 | 57.28 | 17758 | 1017159 | 2.48 | 0.95 | 0.95 | 13.78 | 13.78 |
| 2024 | 50.34 | 50.34 | 19052 | 959105 | 2.17 | 0.95 | 0.95 | 7.31 | 7.31 |
| 2023 | 46.91 | 46.91 | 22153 | 1039319 | 2.28 | 0.95 | 0.95 | 11.84 | 11.84 |
| 2022 | 41.95 | 41.95 | 23023 | 965805 | 1.85 | 0.95 | 0.95 | (15.83) | (15.83) |
| 2021 | 49.84 | 49.84 | 26784 | 1334921 | 1.45 | 0.95 | 0.95 | 8.76 | 8.76 |
| <u>Asset Mgr. SC2</u> | <u>Asset Mgr. SC2</u> |  |  |  |  |  |  |  |  |
| 2025 | 44.76 | 44.76 | 28725 | 1285758 | 2.11 | 0.95 | 0.95 | 13.57 | 13.57 |
| 2024 | 39.41 | 39.41 | 35654 | 1405220 | 2.40 | 0.95 | 0.95 | 7.21 | 7.21 |
| 2023 | 36.76 | 36.76 | 39546 | 1453877 | 2.12 | 0.95 | 0.95 | 11.59 | 11.59 |
| 2022 | 32.94 | 32.94 | 44577 | 1468574 | 1.77 | 0.95 | 0.95 | (15.95) | (15.95) |
| 2021 | 39.20 | 39.20 | 51962 | 2036713 | 1.40 | 0.95 | 0.95 | 8.65 | 8.65 |
| <u>Inv. Bond IC</u> | <u>Inv. Bond IC</u> |  |  |  |  |  |  |  |  |
| 2025 | 26.34 | 29.78 | 113515 | 3450248 | 3.45 | 0.95 | 1.40 | 5.74 | 6.21 |
| 2024 | 24.91 | 28.04 | 136428 | 3910461 | 3.51 | 0.95 | 1.40 | 0.37 | 0.82 |
| 2023 | 24.82 | 27.81 | 146479 | 4211304 | 2.49 | 0.95 | 1.40 | 4.73 | 5.20 |
| 2022 | 23.69 | 26.43 | 163937 | 4512421 | 2.09 | 0.95 | 1.40 | (14.16) | (13.78) |
| 2021 | 27.60 | 30.66 | 200933 | 6445446 | 2.00 | 0.95 | 1.40 | (1.98) | (1.54) |
| <u>Inv. Bond SC2</u> | <u>Inv. Bond SC2</u> |  |  |  |  |  |  |  |  |
| 2025 | 13.95 | 24.26 | 2091145 | 48879194 | 3.35 | 0.95 | 1.00 | 5.87 | 5.92 |
| 2024 | 13.17 | 22.90 | 2485207 | 54893685 | 3.25 | 0.95 | 1.00 | 0.48 | 0.53 |
| 2023 | 13.11 | 22.78 | 2797954 | 61960639 | 2.45 | 0.95 | 1.00 | 4.95 | 5.00 |
| 2022 | 12.49 | 21.69 | 2940024 | 62592795 | 1.99 | 0.95 | 1.00 | (14.07) | (14.03) |
| 2021 | 14.54 | 25.23 | 3387053 | 83775363 | 1.81 | 0.95 | 1.00 | (1.88) | (1.83) |
| <u>Contrafund IC</u> | <u>Contrafund IC</u> |  |  |  |  |  |  |  |  |
| 2025 | 232.55 | 261.53 | 101584 | 25435522 | 0.14 | 1.25 | 1.40 | 19.80 | 19.98 |
| 2024 | 194.12 | 217.98 | 112033 | 23392620 | 0.19 | 1.25 | 1.40 | 31.92 | 32.12 |
| 2023 | 147.15 | 164.99 | 122534 | 19390931 | 0.48 | 1.25 | 1.40 | 31.61 | 31.80 |
| 2022 | 111.81 | 125.17 | 136942 | 16452453 | 0.50 | 1.25 | 1.40 | (27.33) | (27.22) |
| 2021 | 153.87 | 172.00 | 148286 | 24512036 | 0.06 | 1.25 | 1.40 | 26.06 | 26.25 |

---

**6. FINANCIAL HIGHLIGHTS, continued**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** |
|  |  |  |  |  | **Inv.** |  |  |  |  |
|  | **Unit** | **Unit** |  | **Net Assets** | **Income** | **Expense** | **Expense** | **Total** | **Total** |
|  | **Value ($)** | **Value ($)** | **Units** | **($)** | **Ratio %** | **Ratio %** | **Ratio %** | **Return %** | **Return %** |
|  | **Min** | **Max** |  |  |  | **Min** | **Max** | **Min** | **Max** |
| **Fidelity, continued:** | **Fidelity, continued:** |  |  |  |  |  |  |  |  |
| <u>Contrafund SC</u> | <u>Contrafund SC</u> |  |  |  |  |  |  |  |  |
| 2025 | 255.84 | 255.84 | 18530 | 4740795 | 0.05 | 0.95 | 0.95 | 20.23 | 20.23 |
| 2024 | 212.79 | 212.79 | 20776 | 4420938 | 0.09 | 0.95 | 0.95 | 32.36 | 32.36 |
| 2023 | 160.76 | 160.76 | 28189 | 4531692 | 0.37 | 0.95 | 0.95 | 32.09 | 32.09 |
| 2022 | 121.71 | 121.71 | 31901 | 3882659 | 0.40 | 0.95 | 0.95 | (27.08) | (27.08) |
| 2021 | 166.90 | 166.90 | 37228 | 6213287 | 0.05 | 0.95 | 0.95 | 26.51 | 26.51 |
| <u>Contrafund SC2</u> | <u>Contrafund SC2</u> |  |  |  |  |  |  |  |  |
| 2025 | 127.09 | 214.82 | 168098 | 33341754 |  | 0.95 | 1.00 | 19.99 | 20.05 |
| 2024 | 105.91 | 178.94 | 189974 | 31495162 | 0.03 | 0.95 | 1.00 | 32.11 | 32.18 |
| 2023 | 80.17 | 135.38 | 231992 | 29082046 | 0.25 | 0.95 | 1.00 | 31.80 | 31.87 |
| 2022 | 60.83 | 102.66 | 255644 | 24821661 | 0.27 | 0.95 | 1.00 | (27.22) | (27.18) |
| 2021 | 83.57 | 140.98 | 273079 | 36108012 | 0.03 | 0.95 | 1.00 | 26.25 | 26.31 |
| <u>Asset Mgr. Gr. IC</u> | <u>Asset Mgr. Gr. IC</u> |  |  |  |  |  |  |  |  |
| 2025 | 59.38 | 66.18 | 12352 | 750326 | 1.72 | 1.25 | 1.40 | 16.61 | 16.78 |
| 2024 | 50.92 | 56.67 | 16369 | 852333 | 1.66 | 1.25 | 1.40 | 9.26 | 9.42 |
| 2023 | 46.60 | 51.79 | 19567 | 929067 | 1.65 | 1.25 | 1.40 | 14.76 | 14.93 |
| 2022 | 40.61 | 45.06 | 24124 | 994480 | 1.77 | 1.25 | 1.40 | (18.03) | (17.91) |
| 2021 | 49.54 | 54.89 | 25805 | 1296755 | 1.41 | 1.25 | 1.40 | 12.38 | 12.55 |
| <u>Asset Mgr. Gr. SC</u> | <u>Asset Mgr. Gr. SC</u> |  |  |  |  |  |  |  |  |
| 2025 | 56.50 | 56.50 | 2936 | 165899 | 1.80 | 0.95 | 0.95 | 16.99 | 16.99 |
| 2024 | 48.29 | 48.29 | 3241 | 156498 | 1.73 | 0.95 | 0.95 | 9.68 | 9.68 |
| 2023 | 44.03 | 44.03 | 3252 | 143189 | 1.77 | 0.95 | 0.95 | 15.12 | 15.12 |
| 2022 | 38.25 | 38.25 | 3266 | 124922 | 1.76 | 0.95 | 0.95 | (17.73) | (17.73) |
| 2021 | 46.50 | 46.50 | 3283 | 152648 | 1.35 | 0.95 | 0.95 | 12.81 | 12.81 |
| <u>Asset Mgr. Gr. SC2</u> | <u>Asset Mgr. Gr. SC2</u> |  |  |  |  |  |  |  |  |
| 2025 | 44.53 | 44.53 | 15645 | 696686 | 2.02 | 0.95 | 0.95 | 16.85 | 16.85 |
| 2024 | 38.11 | 38.11 | 12554 | 478455 | 1.66 | 0.95 | 0.95 | 9.50 | 9.50 |
| 2023 | 34.80 | 34.80 | 14358 | 499697 | 1.66 | 0.95 | 0.95 | 14.96 | 14.96 |
| 2022 | 30.28 | 30.28 | 16540 | 500761 | 1.46 | 0.95 | 0.95 | (17.83) | (17.83) |
| 2021 | 36.84 | 36.84 | 19459 | 716972 | 1.14 | 0.95 | 0.95 | 12.61 | 12.61 |
| <u>Mid Cap SC2</u> | <u>Mid Cap SC2</u> |  |  |  |  |  |  |  |  |
| 2025 | 99.57 | 107.26 | 44122 | 4033413 | 0.24 | 0.95 | 1.40 | 9.94 | 10.44 |
| 2024 | 90.56 | 97.12 | 50445 | 4217188 | 0.34 | 0.95 | 1.40 | 15.54 | 16.06 |
| 2023 | 78.38 | 83.68 | 53817 | 3920646 | 0.38 | 0.95 | 1.40 | 13.22 | 13.72 |
| 2022 | 69.23 | 73.58 | 56740 | 3703564 | 0.25 | 0.95 | 1.40 | (16.14) | (15.77) |
| 2021 | 82.56 | 87.36 | 65284 | 5080880 | 0.37 | 0.95 | 1.40 | 23.57 | 24.13 |

---

**6. FINANCIAL HIGHLIGHTS, continued**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** |
|  |  |  |  |  | **Inv.** |  |  |  |  |
|  | **Unit** | **Unit** |  | **Net Assets** | **Income** | **Expense** | **Expense** | **Total** | **Total** |
|  | **Value ($)** | **Value ($)** | **Units** | **($)** | **Ratio %** | **Ratio %** | **Ratio %** | **Return %** | **Return %** |
|  | **Min** | **Max** |  |  |  | **Min** | **Max** | **Min** | **Max** |
| **Fidelity, continued:** | **Fidelity, continued:** |  |  |  |  |  |  |  |  |
| <u>Money Market</u> | <u>Money Market</u> |  |  |  |  |  |  |  |  |
| 2025 | 1.03 | 1.09 | 39092049 | 42323480 | 4.07 | 0.95 | 1.40 | 2.69 | 3.15 |
| 2024 | 1.01 | 1.06 | 51271566 | 53870363 | 4.89 | 0.95 | 1.40 | 3.64 | 4.10 |
| 2023 | 0.97 | 1.01 | 13195737 | 13262336 | 4.78 | 0.95 | 1.40 | 3.44 | 3.91 |
| 2022 | 0.94 | 0.98 | 15163897 | 14659741 | 1.53 | 0.95 | 1.40 | 0.03 | 0.48 |
| 2021 | 0.94 | 0.97 | 12075577 | 11632795 | 0.01 | 0.95 | 1.40 | (1.38) | (0.93) |
| <u>Money Market SC2</u> | <u>Money Market SC2</u> |  |  |  |  |  |  |  |  |
| 2025 | 1.09 | 1.09 | 1153207 | 1252067 | 3.80 | 1.00 | 1.00 | 2.83 | 2.83 |
| 2024 | 1.06 | 1.06 | 1213053 | 1280725 | 4.77 | 1.00 | 1.00 | 3.79 | 3.79 |
| 2023 | 1.02 | 1.02 | 2037209 | 2071956 | 4.53 | 1.00 | 1.00 | 3.60 | 3.60 |
| 2022 | 0.98 | 0.98 | 2760941 | 2710445 | 1.82 | 1.00 | 1.00 | 0.26 | 0.26 |
| 2021 | 0.98 | 0.98 | 929540 | 910223 | 0.01 | 1.00 | 1.00 | (0.99) | (0.99) |
| <u>Index 500 SC2</u> | <u>Index 500 SC2</u> |  |  |  |  |  |  |  |  |
| 2025 | 711.22 | 711.22 | 16324 | 11609891 | 0.93 | 1.00 | 1.00 | 16.32 | 16.32 |
| 2024 | 611.45 | 611.45 | 17156 | 10490120 | 1.05 | 1.00 | 1.00 | 23.34 | 23.34 |
| 2023 | 495.74 | 495.74 | 18499 | 9170441 | 1.26 | 1.00 | 1.00 | 24.63 | 24.63 |
| 2022 | 397.75 | 397.75 | 18695 | 7436074 | 1.19 | 1.00 | 1.00 | (19.23) | (19.23) |
| 2021 | 492.43 | 492.43 | 21124 | 10402035 | 1.05 | 1.00 | 1.00 | 26.99 | 26.99 |
| <u>Strategic SC2</u> | <u>Strategic SC2</u> |  |  |  |  |  |  |  |  |
| 2025 | 14.65 | 14.65 | 30469 | 446364 | 3.52 | 1.00 | 1.00 | 7.50 | 7.50 |
| 2024 | 13.63 | 13.63 | 35652 | 485834 | 3.73 | 1.00 | 1.00 | 4.72 | 4.72 |
| 2023 | 13.01 | 13.01 | 35719 | 464801 | 4.36 | 1.00 | 1.00 | 8.10 | 8.10 |
| 2022 | 12.04 | 12.04 | 38258 | 460553 | 3.22 | 1.00 | 1.00 | (12.40) | (12.40) |
| 2021 | 13.74 | 13.74 | 42672 | 586375 | 2.37 | 1.00 | 1.00 | 2.50 | 2.50 |
| **Alger:** |  |  |  |  |  |  |  |  |  |
| <u>Balanced</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 54.10 | 61.14 | 92572 | 6191932 | 2.75 | 0.95 | 1.40 | 14.54 | 15.05 |
| 2024 | 47.23 | 53.14 | 104983 | 6183202 |  | 0.95 | 1.40 | 15.43 | 15.95 |
| 2023 | 40.92 | 45.83 | 111527 | 5665558 | 1.43 | 0.95 | 1.40 | 15.81 | 16.33 |
| 2022 | 35.33 | 39.40 | 125833 | 5576542 | 1.10 | 0.95 | 1.40 | (12.54) | (12.14) |
| 2021 | 40.40 | 44.84 | 145985 | 7377713 | 0.82 | 0.95 | 1.40 | 17.47 | 18.00 |
| **MFS:** |  |  |  |  |  |  |  |  |  |
| <u>Utilities</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 126.50 | 143.10 | 194964 | 25584116 | 2.91 | 0.95 | 1.40 | 13.42 | 13.93 |
| 2024 | 111.54 | 125.60 | 217703 | 25132178 | 2.30 | 0.95 | 1.40 | 10.10 | 10.60 |
| 2023 | 101.31 | 113.57 | 240258 | 25117926 | 3.49 | 0.95 | 1.40 | (3.46) | (3.03) |
| 2022 | 104.94 | 117.12 | 255667 | 27646868 | 2.35 | 0.95 | 1.40 | (0.64) | (0.19) |
| 2021 | 105.62 | 117.34 | 280062 | 30357470 | 1.74 | 0.95 | 1.40 | 12.51 | 13.02 |

---

**6. FINANCIAL HIGHLIGHTS, continued**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** |
|  |  |  |  |  | **Inv.** |  |  |  |  |
|  | **Unit** | **Unit** |  | **Net Assets** | **Income** | **Expense** | **Expense** | **Total** | **Total** |
|  | **Value ($)** | **Value ($)** | **Units** | **($)** | **Ratio %** | **Ratio %** | **Ratio %** | **Return %** | **Return %** |
|  | **Min** | **Max** |  |  |  | **Min** | **Max** | **Min** | **Max** |
| **MFS, continued:** | **MFS, continued:** |  |  |  |  |  |  |  |  |
| <u>New Discovery</u> | <u>New Discovery</u> |  |  |  |  |  |  |  |  |
| 2025 | 70.90 | 79.70 | 80064 | 6184051 |  | 0.95 | 1.40 | 11.40 | 11.90 |
| 2024 | 63.64 | 71.23 | 87202 | 6026454 |  | 0.95 | 1.40 | 5.23 | 5.71 |
| 2023 | 60.48 | 67.38 | 100646 | 6593591 |  | 0.95 | 1.40 | 12.83 | 13.34 |
| 2022 | 53.60 | 59.45 | 108864 | 6291408 |  | 0.95 | 1.40 | (30.73) | (30.42) |
| 2021 | 77.38 | 85.45 | 118064 | 9816475 |  | 0.95 | 1.40 | 0.39 | 0.84 |
| <u>Total Return</u> | <u>Total Return</u> |  |  |  |  |  |  |  |  |
| 2025 | 47.63 | 51.73 | 114568 | 5900069 | 2.79 | 0.95 | 1.40 | 9.62 | 10.12 |
| 2024 | 43.45 | 46.97 | 115415 | 5390261 | 2.47 | 0.95 | 1.40 | 6.25 | 6.73 |
| 2023 | 38.76 | 44.01 | 114905 | 5023530 | 2.01 | 0.95 | 1.40 | 8.92 | 9.40 |
| 2022 | 35.58 | 40.23 | 131256 | 5239584 | 1.74 | 0.95 | 1.40 | (10.84) | (10.43) |
| 2021 | 39.91 | 44.92 | 155008 | 6907338 | 1.77 | 0.95 | 1.40 | 12.54 | 13.04 |
| <u>Growth SC</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 147.09 | 147.09 | 8386 | 1233464 |  | 1.00 | 1.00 | 10.79 | 10.79 |
| 2024 | 132.76 | 132.76 | 8929 | 1185378 |  | 1.00 | 1.00 | 29.84 | 29.84 |
| 2023 | 102.25 | 102.25 | 9164 | 937047 |  | 1.00 | 1.00 | 34.17 | 34.17 |
| 2022 | 76.21 | 76.21 | 8554 | 651890 |  | 1.00 | 1.00 | (32.48) | (32.48) |
| 2021 | 112.87 | 112.87 | 10662 | 1203431 |  | 1.00 | 1.00 | 22.01 | 22.01 |
| <u>New Discovery SC</u> | <u>New Discovery SC</u> |  |  |  |  |  |  |  |  |
| 2025 | 35.39 | 35.39 | 24342 | 861415 |  | 1.00 | 1.00 | 11.44 | 11.44 |
| 2024 | 31.75 | 31.75 | 26017 | 826155 |  | 1.00 | 1.00 | 5.37 | 5.37 |
| 2023 | 30.14 | 30.14 | 25192 | 759178 |  | 1.00 | 1.00 | 13.12 | 13.12 |
| 2022 | 26.64 | 26.64 | 25745 | 685851 |  | 1.00 | 1.00 | (30.69) | (30.69) |
| 2021 | 38.44 | 38.44 | 29482 | 1133158 |  | 1.00 | 1.00 | 0.56 | 0.56 |
| <u>Utilities SC</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 55.02 | 55.02 | 67051 | 3689045 | 2.76 | 1.00 | 1.00 | 13.62 | 13.62 |
| 2024 | 48.42 | 48.42 | 67981 | 3291879 | 2.15 | 1.00 | 1.00 | 10.23 | 10.23 |
| 2023 | 43.93 | 43.93 | 69059 | 3033696 | 3.37 | 1.00 | 1.00 | (3.30) | (3.30) |
| 2022 | 45.43 | 45.43 | 46183 | 2097971 | 2.31 | 1.00 | 1.00 | (0.52) | (0.52) |
| 2021 | 45.66 | 45.66 | 43357 | 1979810 | 1.49 | 1.00 | 1.00 | 12.69 | 12.69 |
| <u>Strategic</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 12.53 | 13.25 | 222661 | 2924491 | 4.31 | 0.95 | 1.40 | 5.84 | 6.32 |
| 2024 | 11.84 | 12.46 | 215618 | 2665520 | 4.05 | 0.95 | 1.40 | 1.81 | 2.27 |
| 2023 | 11.63 | 12.19 | 240133 | 2898452 | 3.81 | 0.95 | 1.40 | 6.10 | 6.58 |
| 2022 | 10.96 | 11.43 | 220201 | 2498189 | 3.37 | 0.95 | 1.40 | (14.90) | (14.52) |
| 2021 | 12.88 | 13.38 | 271946 | 3614952 | 3.17 | 0.95 | 1.40 | (0.93) | (0.48) |

---

**6. FINANCIAL HIGHLIGHTS, continued**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** |
|  |  |  |  |  | **Inv.** |  |  |  |  |
|  | **Unit** | **Unit** |  | **Net Assets** | **Income** | **Expense** | **Expense** | **Total** | **Total** |
|  | **Value ($)** | **Value ($)** | **Units** | **($)** | **Ratio %** | **Ratio %** | **Ratio %** | **Return %** | **Return %** |
|  | **Min** | **Max** |  |  |  | **Min** | **Max** | **Min** | **Max** |
| **MFS, continued:** | **MFS, continued:** |  |  |  |  |  |  |  |  |
| <u>Research</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 25.41 | 26.67 | 736543 | 19611319 | 1.38 | 0.95 | 1.40 | 20.36 | 20.90 |
| 2024 | 21.11 | 22.06 | 952600 | 20983911 | 1.56 | 0.95 | 1.40 | 1.65 | 2.11 |
| 2023 | 20.77 | 21.60 | 1148626 | 24785281 | 1.06 | 0.95 | 1.40 | 11.45 | 11.95 |
| 2022 | 18.62 | 19.29 | 1311900 | 25287200 | 1.86 | 0.95 | 1.40 | (18.72) | (18.35) |
| 2021 | 22.91 | 23.63 | 1394850 | 32934556 | 0.81 | 0.95 | 1.40 | 10.01 | 10.52 |
| <u>Blended Core SC</u> | <u>Blended Core SC</u> |  |  |  |  |  |  |  |  |
| 2025 | 156.35 | 156.35 | 2207 | 345057 | 0.72 | 1.00 | 1.00 | 14.67 | 14.67 |
| 2024 | 136.35 | 136.35 | 2662 | 362977 | 0.76 | 1.00 | 1.00 | 23.93 | 23.93 |
| 2023 | 110.03 | 110.03 | 2163 | 237949 | 1.25 | 1.00 | 1.00 | 26.93 | 26.93 |
| 2022 | 86.68 | 86.68 | 1241 | 107601 | 0.64 | 1.00 | 1.00 | (17.03) | (17.03) |
| 2021 | 104.48 | 104.48 | 1385 | 144648 | 1.44 | 1.00 | 1.00 | 27.90 | 27.90 |
| <u>Corporate SC</u> | <u>Corporate SC</u> |  |  |  |  |  |  |  |  |
| 2025 | 13.50 | 13.50 | 102972 | 1389875 | 4.59 | 1.00 | 1.00 | 6.24 | 6.24 |
| 2024 | 12.70 | 12.70 | 120318 | 1528621 | 4.10 | 1.00 | 1.00 | 1.67 | 1.67 |
| 2023 | 12.50 | 12.50 | 88668 | 1107977 | 4.23 | 1.00 | 1.00 | 7.82 | 7.82 |
| 2022 | 11.59 | 11.59 | 37997 | 440387 | 2.70 | 1.00 | 1.00 | (17.45) | (17.45) |
| 2021 | 14.04 | 14.04 | 45951 | 645136 | 2.66 | 1.00 | 1.00 | (2.63) | (2.63) |
| <u>Government SC</u> | <u>Government SC</u> |  |  |  |  |  |  |  |  |
| 2025 | 12.68 | 12.68 | 13682 | 173467 | 3.96 | 1.00 | 1.00 | 5.58 | 5.58 |
| 2024 | 12.01 | 12.01 | 11854 | 142358 | 3.04 | 1.00 | 1.00 | (0.48) | (0.48) |
| 2023 | 12.07 | 12.07 | 7134 | 86082 | 1.22 | 1.00 | 1.00 | 2.83 | 2.83 |
| 2022 | 11.73 | 11.73 | 7638 | 89625 | 0.41 | 1.00 | 1.00 | (13.32) | (13.32) |
| 2021 | 13.54 | 13.54 | 85073 | 1151636 | 1.96 | 1.00 | 1.00 | (3.11) | (3.11) |
| <u>Growth Allocation SC</u> | <u>Growth Allocation SC</u> |  |  |  |  |  |  |  |  |
| 2025 | 24.05 | 24.05 | 21053 | 506302 | 1.28 | 1.00 | 1.00 | 10.76 | 10.76 |
| 2024 | 21.71 | 21.71 | 22368 | 485671 | 0.99 | 1.00 | 1.00 | 8.95 | 8.95 |
| 2023 | 19.93 | 19.93 | 21917 | 436812 | 2.22 | 1.00 | 1.00 | 13.89 | 13.89 |
| 2022 | 17.50 | 17.50 | 19797 | 346445 | 1.57 | 1.00 | 1.00 | (19.31) | (19.31) |
| 2021 | 21.69 | 21.69 | 45886 | 995115 | 1.35 | 1.00 | 1.00 | 14.40 | 14.40 |
| <u>Moderate SC</u> | <u>Moderate SC</u> |  |  |  |  |  |  |  |  |
| 2025 | 22.95 | 22.95 | 35788 | 821162 | 2.13 | 1.00 | 1.00 | 9.86 | 9.86 |
| 2024 | 20.89 | 20.89 | 37983 | 793302 | 1.35 | 1.00 | 1.00 | 7.04 | 7.04 |
| 2023 | 19.51 | 19.51 | 44609 | 870434 | 2.53 | 1.00 | 1.00 | 11.53 | 11.53 |
| 2022 | 17.50 | 17.50 | 43348 | 758376 | 1.81 | 1.00 | 1.00 | (17.74) | (17.74) |
| 2021 | 21.27 | 21.27 | 35550 | 756072 | 1.77 | 1.00 | 1.00 | 10.15 | 10.15 |

---

**6. FINANCIAL HIGHLIGHTS, continued**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** |
|  |  |  |  |  | **Inv.** |  |  |  |  |
|  | **Unit** | **Unit** |  | **Net Assets** | **Income** | **Expense** | **Expense** | **Total** | **Total** |
|  | **Value ($)** | **Value ($)** | **Units** | **($)** | **Ratio %** | **Ratio %** | **Ratio %** | **Return %** | **Return %** |
|  | **Min** | **Max** |  |  |  | **Min** | **Max** | **Min** | **Max** |
| **MFS, continued:** | **MFS, continued:** |  |  |  |  |  |  |  |  |
| <u>Conservative SC</u> | <u>Conservative SC</u> |  |  |  |  |  |  |  |  |
| 2025 | 17.06 | 17.06 | 12759 | 217625 | 2.71 | 1.00 | 1.00 | 8.63 | 8.63 |
| 2024 | 15.70 | 15.70 | 21380 | 335717 | 1.65 | 1.00 | 1.00 | 4.59 | 4.59 |
| 2023 | 15.01 | 15.01 | 24545 | 368498 | 2.66 | 1.00 | 1.00 | 8.94 | 8.94 |
| 2022 | 13.78 | 13.78 | 24934 | 343613 | 2.32 | 1.00 | 1.00 | (16.37) | (16.37) |
| 2021 | 16.48 | 16.48 | 18905 | 311511 | 1.74 | 1.00 | 1.00 | 5.64 | 5.64 |
| <u>Blended Small Cap SC</u> | <u>Blended Small Cap SC</u> |  |  |  |  |  |  |  |  |
| 2025 | 25.36 | 25.36 | 13598 | 344903 | 0.69 | 1.00 | 1.00 | 4.44 | 4.44 |
| 2024 | 24.29 | 24.29 | 13986 | 339657 | 0.86 | 1.00 | 1.00 | 3.60 | 3.60 |
| 2023 | 23.44 | 23.44 | 12083 | 283239 | 0.53 | 1.00 | 1.00 | 17.49 | 17.49 |
| 2022 | 19.95 | 19.95 | 11905 | 237504 | 0.55 | 1.00 | 1.00 | (19.37) | (19.37) |
| 2021 | 24.74 | 24.74 | 6620 | 163801 | 0.63 | 1.00 | 1.00 | 27.89 | 27.89 |
| <u>Global Real Estate IC</u> | <u>Global Real Estate IC</u> |  |  |  |  |  |  |  |  |
| 2025 | 15.26 | 15.26 | 24483 | 373726 | 1.68 | 0.95 | 0.95 | 2.55 | 2.55 |
| 2024 | 14.88 | 14.88 | 35976 | 535491 | 0.48 | 0.95 | 0.95 | (3.61) | (3.61) |
| 2023 | 15.44 | 15.44 | 1625 | 25089 | 0.72 | 0.95 | 0.95 | 10.41 | 10.41 |
| 2022 | 13.99 | 13.99 | 3373 | 47176 | 1.58 | 0.95 | 0.95 | (27.63) | (27.63) |
| 2021 | 19.33 | 19.33 | 2251 | 43502 | 1.80 | 0.95 | 0.95 | 27.57 | 27.57 |
| <u>Global Real Estate SC</u> | <u>Global Real Estate SC</u> |  |  |  |  |  |  |  |  |
| 2025 | 18.72 | 18.72 | 5887 | 110202 | 1.18 | 1.00 | 1.00 | 2.27 | 2.27 |
| 2024 | 18.30 | 18.30 | 5969 | 109259 | 1.45 | 1.00 | 1.00 | (3.89) | (3.89) |
| 2023 | 19.05 | 19.05 | 6778 | 129102 | 0.66 | 1.00 | 1.00 | 10.10 | 10.10 |
| 2022 | 17.30 | 17.30 | 2057 | 35575 | 1.01 | 1.00 | 1.00 | (27.86) | (27.86) |
| 2021 | 23.98 | 23.98 | 1104 | 26462 | 0.82 | 1.00 | 1.00 | 28.58 | 28.58 |
| **Van Kampen:** | **Van Kampen:** |  |  |  |  |  |  |  |  |
| <u>Emerging Markets</u> | <u>Emerging Markets</u> |  |  |  |  |  |  |  |  |
| 2025 | 34.34 | 38.83 | 462973 | 15752970 | 0.41 | 0.95 | 1.40 | 31.12 | 31.71 |
| 2024 | 26.19 | 29.48 | 616342 | 15912815 | 1.32 | 0.95 | 1.40 | 6.31 | 6.79 |
| 2023 | 24.63 | 27.60 | 762564 | 18428700 | 1.63 | 0.95 | 1.40 | 10.43 | 10.92 |
| 2022 | 22.31 | 24.88 | 853682 | 18609479 | 0.44 | 0.95 | 1.40 | (26.12) | (25.79) |
| 2021 | 30.19 | 33.53 | 849058 | 24961745 | 0.83 | 0.95 | 1.40 | 1.56 | 2.02 |
| <u>Intl. Magnum</u> | <u>Intl. Magnum</u> |  |  |  |  |  |  |  |  |
| 2025 | 24.53 | 27.84 | 37847 | 1013869 |  | 0.95 | 1.40 | 15.78 | 16.30 |
| 2024 | 21.18 | 23.94 | 43914 | 1013879 |  | 0.95 | 1.40 | 5.97 | 6.45 |
| 2023 | 19.99 | 22.49 | 48473 | 1052304 | 1.72 | 0.95 | 1.40 | 12.49 | 13.00 |
| 2022 | 17.77 | 19.90 | 59946 | 1158230 |  | 0.95 | 1.40 | (18.09) | (17.72) |
| 2021 | 21.70 | 24.19 | 67300 | 1581433 | 1.86 | 0.95 | 1.40 | 6.86 | 7.35 |

---

**6. FINANCIAL HIGHLIGHTS, continued**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** |
|  |  |  |  |  | **Inv.** |  |  |  |  |
|  | **Unit** | **Unit** |  | **Net Assets** | **Income** | **Expense** | **Expense** | **Total** | **Total** |
|  | **Value ($)** | **Value ($)** | **Units** | **($)** | **Ratio %** | **Ratio %** | **Ratio %** | **Return %** | **Return %** |
|  | **Min** | **Max** |  |  |  | **Min** | **Max** | **Min** | **Max** |
| **Van Kampen, continued:** | **Van Kampen, continued:** | **Van Kampen, continued:** |  |  |  |  |  |  |  |
| <u>Global II</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 16.27 | 16.27 | 3882 | 63165 |  | 1.00 | 1.00 | 16.19 | 16.19 |
| 2024 | 14.00 | 14.00 | 4031 | 56445 |  | 1.00 | 1.00 | 6.35 | 6.35 |
| 2023 | 13.17 | 13.17 | 6569 | 86499 | 1.58 | 1.00 | 1.00 | 12.82 | 12.82 |
| 2022 | 11.67 | 11.67 | 6718 | 78416 |  | 1.00 | 1.00 | (17.89) | (17.89) |
| 2021 | 14.21 | 14.21 | 5540 | 78749 | 1.81 | 1.00 | 1.00 | 7.15 | 7.15 |
| **Calvert:** |  |  |  |  |  |  |  |  |  |
| <u>Balanced</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 6.61 | 7.41 | 1526818 | 10844295 | 1.74 | 0.95 | 1.40 | 9.93 | 10.43 |
| 2024 | 6.01 | 6.71 | 1024369 | 6524958 | 1.67 | 0.95 | 1.40 | 17.94 | 18.48 |
| 2023 | 5.10 | 5.67 | 1068135 | 5756685 | 1.58 | 0.95 | 1.40 | 15.20 | 15.72 |
| 2022 | 4.43 | 4.90 | 1155620 | 5387211 | 1.18 | 0.95 | 1.40 | (16.58) | (16.21) |
| 2021 | 5.31 | 5.84 | 1296308 | 7241124 | 1.17 | 0.95 | 1.40 | 13.52 | 14.03 |
| <u>Mid Cap</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 86.74 | 97.30 | 16781 | 1541705 | 0.35 | 0.95 | 1.40 | 0.05 | 0.50 |
| 2024 | 86.70 | 96.81 | 19325 | 1767581 | 0.12 | 0.95 | 1.40 | 8.69 | 9.18 |
| 2023 | 79.77 | 88.67 | 21734 | 1821648 | 0.19 | 0.95 | 1.40 | 10.11 | 10.59 |
| 2022 | 72.45 | 80.18 | 22753 | 1725805 |  | 0.95 | 1.40 | (20.59) | (20.24) |
| 2021 | 91.24 | 100.53 | 23865 | 2270714 | 0.19 | 0.95 | 1.40 | 13.43 | 13.94 |
| <u>Balanced F</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 4.56 | 4.56 | 382007 | 1742835 | 1.63 | 1.00 | 1.00 | 10.57 | 10.57 |
| 2024 | 4.13 | 4.13 | 343960 | 1419264 | 1.79 | 1.00 | 1.00 | 17.73 | 17.73 |
| 2023 | 3.50 | 3.50 | 397663 | 1393792 | 1.57 | 1.00 | 1.00 | 15.27 | 15.27 |
| 2022 | 3.04 | 3.04 | 108178 | 328948 | 1.24 | 1.00 | 1.00 | (16.30) | (16.30) |
| 2021 | 3.63 | 3.63 | 97156 | 352982 | 0.95 | 1.00 | 1.00 | 13.58 | 13.58 |
| **Lincoln:** |  |  |  |  |  |  |  |  |  |
| <u>Disciplined Core Value II</u> | <u>Disciplined Core Value II</u> | <u>Disciplined Core Value II</u> |  |  |  |  |  |  |  |
| 2025 | 9.70 | 9.77 | 3266906 | 31906122 | 1.60 | 0.95 | 1.40 | 13.27 | 13.78 |
| 2024 | 8.56 | 8.59 | 3902745 | 33511181 | 0.90 | 0.95 | 1.40 | 5.57 | 5.90 |
| 2023 |  |  |  |  |  |  |  |  |  |
| 2022 |  |  |  |  |  |  |  |  |  |
| 2021 |  |  |  |  |  |  |  |  |  |
| <u>Mid Cap Value II</u> | <u>Mid Cap Value II</u> |  |  |  |  |  |  |  |  |
| 2025 | 21.75 | 21.91 | 351604 | 7698684 | 1.85 | 0.95 | 1.40 | 7.48 | 7.97 |
| 2024 | 20.23 | 20.29 | 398044 | 8075439 | 2.06 | 0.95 | 1.40 | 5.82 | 6.14 |
| 2023 |  |  |  |  |  |  |  |  |  |
| 2022 |  |  |  |  |  |  |  |  |  |
| 2021 |  |  |  |  |  |  |  |  |  |

---

**6. FINANCIAL HIGHLIGHTS, continued**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** |
|  |  |  |  |  | **Inv.** |  |  |  |  |
|  | **Unit** | **Unit** |  | **Net Assets** | **Income** | **Expense** | **Expense** | **Total** | **Total** |
|  | **Value ($)** | **Value ($)** | **Units** | **($)** | **Ratio %** | **Ratio %** | **Ratio %** | **Return %** | **Return %** |
|  | **Min** | **Max** |  |  |  | **Min** | **Max** | **Min** | **Max** |
| **Lincoln, continued:** | **Lincoln, continued:** |  |  |  |  |  |  |  |  |
| <u>Disciplined Core Value SC</u> | <u>Disciplined Core Value SC</u> | <u>Disciplined Core Value SC</u> |  |  |  |  |  |  |  |
| 2025 | 9.72 | 9.72 | 118944 | 1156434 | 1.44 | 1.00 | 1.00 | 13.43 | 13.43 |
| 2024 | 8.57 | 8.57 | 139329 | 1194249 | 0.74 | 1.00 | 1.00 | 5.69 | 5.69 |
| 2023 |  |  |  |  |  |  |  |  |  |
| 2022 |  |  |  |  |  |  |  |  |  |
| 2021 |  |  |  |  |  |  |  |  |  |
| **AIM:** |  |  |  |  |  |  |  |  |  |
| <u>Intl. Growth</u> | <u>Intl. Growth</u> |  |  |  |  |  |  |  |  |
| 2025 | 55.28 | 59.49 | 113772 | 6759989 | 1.42 | 0.95 | 1.40 | 14.88 | 15.40 |
| 2024 | 48.12 | 51.55 | 125962 | 6485036 | 1.70 | 0.95 | 1.40 | (0.79) | (0.34) |
| 2023 | 48.50 | 51.73 | 145819 | 7535984 | 0.19 | 0.95 | 1.40 | 16.51 | 17.03 |
| 2022 | 41.63 | 44.20 | 171603 | 7581720 | 1.73 | 0.95 | 1.40 | (19.44) | (19.08) |
| 2021 | 51.67 | 54.62 | 177408 | 9687766 | 1.25 | 0.95 | 1.40 | 4.42 | 4.89 |
| <u>Global</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 19.99 | 21.53 | 150604 | 3250997 | 2.04 | 0.95 | 1.40 | 6.35 | 6.83 |
| 2024 | 18.79 | 20.16 | 125042 | 2523902 | 2.49 | 0.95 | 1.40 | (3.18) | (2.74) |
| 2023 | 19.41 | 20.72 | 118339 | 2454545 | 1.52 | 0.95 | 1.40 | 7.54 | 8.02 |
| 2022 | 18.05 | 19.18 | 119881 | 2300246 | 2.88 | 0.95 | 1.40 | (25.98) | (25.64) |
| 2021 | 24.38 | 25.80 | 114867 | 2962546 | 2.77 | 0.95 | 1.40 | 23.97 | 24.53 |
| <u>Global Value</u> | <u>Global Value</u> |  |  |  |  |  |  |  |  |
| 2025 | 36.18 | 41.06 | 81511 | 3041788 | 1.34 | 0.95 | 1.40 | 13.96 | 14.47 |
| 2024 | 31.75 | 35.87 | 92360 | 3010247 | 1.09 | 0.95 | 1.40 | 15.21 | 15.74 |
| 2023 | 27.56 | 30.99 | 97916 | 2759131 | 0.56 | 0.95 | 1.40 | 20.04 | 20.58 |
| 2022 | 22.95 | 25.70 | 112422 | 2625563 | 0.34 | 0.95 | 1.40 | (22.96) | (22.61) |
| 2021 | 29.79 | 33.21 | 117888 | 3559437 | 0.95 | 0.95 | 1.40 | 14.36 | 14.88 |
| <u>Discovery Mid Cap</u> | <u>Discovery Mid Cap</u> |  |  |  |  |  |  |  |  |
| 2025 | 119.76 | 122.69 | 19267 | 2350428 |  | 0.95 | 1.40 | 3.36 | 3.80 |
| 2024 | 115.87 | 118.20 | 21453 | 2524213 |  | 0.95 | 1.40 | 22.53 | 23.05 |
| 2023 | 94.56 | 96.06 | 23667 | 2265748 |  | 0.95 | 1.40 | 11.60 | 12.09 |
| 2022 | 84.74 | 85.70 | 27029 | 2311275 |  | 0.95 | 1.40 | (31.96) | (31.63) |
| 2021 | 124.53 | 125.35 | 29852 | 3735999 |  | 0.95 | 1.40 | 17.49 | 17.97 |
| <u>Diversified</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 49.33 | 49.33 | 10548 | 520271 | 1.38 | 1.00 | 1.00 | 14.29 | 14.29 |
| 2024 | 43.16 | 43.16 | 11273 | 486528 | 1.58 | 1.00 | 1.00 | 11.83 | 11.83 |
| 2023 | 38.59 | 38.59 | 13369 | 515938 | 1.84 | 1.00 | 1.00 | 7.69 | 7.69 |
| 2022 | 35.83 | 35.83 | 12410 | 444721 | 1.64 | 1.00 | 1.00 | (2.90) | (2.90) |
| 2021 | 36.90 | 36.90 | 13102 | 483515 | 2.21 | 1.00 | 1.00 | 17.42 | 17.42 |

---

**6. FINANCIAL HIGHLIGHTS, continued**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** |
|  |  |  |  |  | **Inv.** |  |  |  |  |
|  | **Unit** | **Unit** |  | **Net Assets** | **Income** | **Expense** | **Expense** | **Total** | **Total** |
|  | **Value ($)** | **Value ($)** | **Units** | **($)** | **Ratio %** | **Ratio %** | **Ratio %** | **Return %** | **Return %** |
|  | **Min** | **Max** |  |  |  | **Min** | **Max** | **Min** | **Max** |
| **AIM, continued:** | **AIM, continued:** |  |  |  |  |  |  |  |  |
| <u>Value</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 43.79 | 43.79 | 5581 | 244440 | 0.22 | 1.00 | 1.00 | 19.56 | 19.56 |
| 2024 | 36.63 | 36.63 | 5733 | 209986 | 0.71 | 1.00 | 1.00 | 28.80 | 28.80 |
| 2023 | 28.44 | 28.44 | 8077 | 229711 | 0.44 | 1.00 | 1.00 | 14.15 | 14.15 |
| 2022 | 24.92 | 24.92 | 7799 | 194313 | 0.48 | 1.00 | 1.00 | (3.83) | (3.83) |
| 2021 | 25.91 | 25.91 | 7407 | 191877 | 0.27 | 1.00 | 1.00 | 26.36 | 26.36 |
| <u>Real Estate</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 17.88 | 17.88 | 98735 | 1765597 | 1.88 | 1.00 | 1.00 | 6.54 | 6.54 |
| 2024 | 16.78 | 16.78 | 87637 | 1470906 | 2.43 | 1.00 | 1.00 | (3.09) | (3.09) |
| 2023 | 17.32 | 17.32 | 90411 | 1565809 | 1.23 | 1.00 | 1.00 | 7.75 | 7.75 |
| 2022 | 16.07 | 16.07 | 33353 | 536098 | 3.03 | 1.00 | 1.00 | (25.88) | (25.88) |
| 2021 | 21.69 | 21.69 | 27325 | 592591 | 2.38 | 1.00 | 1.00 | 24.20 | 24.20 |
| **Summit:** |  |  |  |  |  |  |  |  |  |
| <u>S&P MidCap</u> | <u>S&P MidCap</u> |  |  |  |  |  |  |  |  |
| 2025 | 68.66 | 76.68 | 599619 | 44826155 | 1.06 | 0.95 | 1.40 | 5.65 | 6.13 |
| 2024 | 64.98 | 72.26 | 691988 | 48816146 | 1.16 | 0.95 | 1.40 | 11.93 | 12.44 |
| 2023 | 58.06 | 64.26 | 852717 | 53697411 | 1.20 | 0.95 | 1.40 | 14.52 | 15.03 |
| 2022 | 50.70 | 55.87 | 961350 | 52600077 | 0.92 | 0.95 | 1.40 | (14.53) | (14.15) |
| 2021 | 59.32 | 65.07 | 1102158 | 70360366 | 0.82 | 0.95 | 1.40 | 22.69 | 23.24 |
| <u>Russell Small Cap</u> | <u>Russell Small Cap</u> |  |  |  |  |  |  |  |  |
| 2025 | 42.73 | 49.89 | 550793 | 26170523 | 1.53 | 0.95 | 1.40 | 10.89 | 11.39 |
| 2024 | 38.53 | 44.79 | 645195 | 27578661 | 1.20 | 0.95 | 1.40 | 9.68 | 10.18 |
| 2023 | 35.13 | 40.65 | 803704 | 31251874 | 0.86 | 0.95 | 1.40 | 14.99 | 15.50 |
| 2022 | 30.55 | 35.19 | 867560 | 29232893 | 0.80 | 0.95 | 1.40 | (21.62) | (21.26) |
| 2021 | 38.98 | 44.70 | 960671 | 41132281 | 0.74 | 0.95 | 1.40 | 12.94 | 13.45 |
| <u>Nasdaq-100 Index</u> | <u>Nasdaq-100 Index</u> |  |  |  |  |  |  |  |  |
| 2025 | 53.67 | 60.25 | 673737 | 40820194 | 0.26 | 0.95 | 1.40 | 18.62 | 19.26 |
| 2024 | 45.25 | 50.52 | 890939 | 45335131 | 0.32 | 0.95 | 1.40 | 23.39 | 24.01 |
| 2023 | 36.67 | 40.73 | 1152549 | 47349649 | 0.32 | 0.95 | 1.40 | 52.18 | 52.95 |
| 2022 | 24.10 | 26.63 | 1425319 | 38335243 | 0.18 | 0.95 | 1.40 | (33.61) | (33.28) |
| 2021 | 36.30 | 39.92 | 1467385 | 59093189 | 0.27 | 0.95 | 1.40 | 25.07 | 25.68 |
| <u>EAFE Intl.</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 150.66 | 163.01 | 195583 | 31949289 | 2.35 | 0.95 | 1.40 | 29.09 | 29.67 |
| 2024 | 117.99 | 125.71 | 264580 | 33364023 | 2.53 | 0.95 | 1.40 | 2.16 | 2.50 |
| 2023 | 115.11 | 123.05 | 319716 | 39483330 | 2.92 | 0.95 | 1.40 | 16.40 | 16.66 |
| 2022 | 98.89 | 105.47 | 378904 | 40114969 | 3.56 | 0.95 | 1.40 | (15.68) | (15.39) |
| 2021 | 117.28 | 124.65 | 414423 | 51862622 | 1.72 | 0.95 | 1.40 | 9.38 | 9.83 |

---

**6. FINANCIAL HIGHLIGHTS, continued**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** |
|  |  |  |  |  | **Inv.** |  |  |  |  |
|  | **Unit** | **Unit** |  | **Net Assets** | **Income** | **Expense** | **Expense** | **Total** | **Total** |
|  | **Value ($)** | **Value ($)** | **Units** | **($)** | **Ratio %** | **Ratio %** | **Ratio %** | **Return %** | **Return %** |
|  | **Min** | **Max** |  |  |  | **Min** | **Max** | **Min** | **Max** |
| **Summit, continued:** | **Summit, continued:** |  |  |  |  |  |  |  |  |
| <u>S&P 500</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 464.13 | 501.06 | 272320 | 133637986 | 1.08 | 0.95 | 1.40 | 15.88 | 16.40 |
| 2024 | 400.53 | 430.47 | 328189 | 138761661 | 1.18 | 0.95 | 1.40 | 22.89 | 23.45 |
| 2023 | 325.92 | 348.70 | 406846 | 139831054 | 1.33 | 0.95 | 1.40 | 24.18 | 24.74 |
| 2022 | 262.46 | 279.55 | 474950 | 131127744 | 1.21 | 0.95 | 1.40 | (19.47) | (19.11) |
| 2021 | 325.92 | 345.59 | 531165 | 181538527 | 1.28 | 0.95 | 1.40 | 26.64 | 27.21 |
| <u>Barclays</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 60.70 | 65.06 | 840522 | 54740755 | 3.03 | 0.95 | 1.40 | 5.41 | 5.89 |
| 2024 | 57.58 | 61.44 | 980093 | 60289482 | 2.74 | 0.95 | 1.40 | (0.29) | 0.07 |
| 2023 | 57.75 | 61.39 | 1099987 | 67634635 | 2.71 | 0.95 | 1.40 | 4.04 | 4.48 |
| 2022 | 55.51 | 58.76 | 1165938 | 68622051 | 2.60 | 0.95 | 1.40 | (13.73) | (13.35) |
| 2021 | 64.35 | 67.81 | 1349109 | 91639426 | 2.39 | 0.95 | 1.40 | (3.21) | (2.75) |
| <u>Growth</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 27.52 | 27.76 | 2718934 | 75330767 | 1.74 | 0.95 | 1.00 | 6.99 | 7.04 |
| 2024 | 25.73 | 25.93 | 3089537 | 79946628 | 1.68 | 0.95 | 1.00 | 11.04 | 11.10 |
| 2023 | 23.17 | 23.34 | 4220639 | 98314479 | 1.27 | 0.95 | 1.00 | 14.51 | 14.57 |
| 2022 | 20.23 | 20.37 | 5111361 | 103943550 | 0.96 | 0.95 | 1.00 | (15.78) | (15.74) |
| 2021 | 24.02 | 24.18 | 5567934 | 134407241 | 0.97 | 0.95 | 1.00 | 14.72 | 14.77 |
| <u>Mod. Growth</u> | <u>Mod. Growth</u> |  |  |  |  |  |  |  |  |
| 2025 | 25.27 | 26.52 | 1564070 | 41762467 | 2.01 | 0.95 | 1.40 | 7.00 | 7.49 |
| 2024 | 23.62 | 24.67 | 1859207 | 46162570 | 1.85 | 0.95 | 1.40 | 8.63 | 9.12 |
| 2023 | 21.74 | 22.61 | 2475918 | 56355290 | 1.32 | 0.95 | 1.40 | 12.22 | 12.72 |
| 2022 | 19.39 | 20.06 | 2856605 | 57691981 | 1.00 | 0.95 | 1.40 | (15.78) | (15.41) |
| 2021 | 23.02 | 23.71 | 3156209 | 75361235 | 0.98 | 0.95 | 1.40 | 12.09 | 12.57 |
| <u>Moderate</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 23.11 | 24.36 | 1798524 | 43699888 | 2.37 | 0.95 | 1.40 | 5.50 | 5.97 |
| 2024 | 21.91 | 22.98 | 2232374 | 51184171 | 2.09 | 0.95 | 1.40 | 6.20 | 6.68 |
| 2023 | 20.63 | 21.55 | 2955984 | 63537643 | 1.41 | 0.95 | 1.40 | 10.38 | 10.87 |
| 2022 | 18.76 | 19.43 | 3413348 | 66170021 | 1.06 | 0.95 | 1.40 | (15.36) | (14.98) |
| 2021 | 22.16 | 22.86 | 3961547 | 90335347 | 1.04 | 0.95 | 1.40 | 8.54 | 9.03 |
| **Third Avenue:** | **Third Avenue:** |  |  |  |  |  |  |  |  |
| <u>Value</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 62.64 | 69.96 | 117908 | 8140519 | 2.25 | 0.95 | 1.40 | 32.98 | 33.58 |
| 2024 | 47.11 | 52.37 | 129389 | 6691221 | 2.51 | 0.95 | 1.40 | (3.64) | (3.20) |
| 2023 | 48.89 | 54.10 | 147812 | 7894459 | 2.36 | 0.95 | 1.40 | 19.14 | 19.68 |
| 2022 | 41.03 | 45.21 | 174929 | 7809629 | 1.45 | 0.95 | 1.40 | 14.50 | 15.02 |
| 2021 | 35.84 | 39.31 | 198302 | 7709572 | 0.67 | 0.95 | 1.40 | 20.38 | 20.92 |

---

**6. FINANCIAL HIGHLIGHTS, continued**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** |
|  |  |  |  |  | **Inv.** |  |  |  |  |
|  | **Unit** | **Unit** |  | **Net Assets** | **Income** | **Expense** | **Expense** | **Total** | **Total** |
|  | **Value ($)** | **Value ($)** | **Units** | **($)** | **Ratio %** | **Ratio %** | **Ratio %** | **Return %** | **Return %** |
|  | **Min** | **Max** |  |  |  | **Min** | **Max** | **Min** | **Max** |
| **Dreyfus:** |  |  |  |  |  |  |  |  |  |
| <u>MidCap</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 63.25 | 70.18 | 38594 | 2259052 | 0.45 | 0.95 | 1.40 | 8.29 | 8.78 |
| 2024 | 58.40 | 64.51 | 44319 | 2387099 | 0.64 | 0.95 | 1.40 | 10.76 | 11.27 |
| 2023 | 52.73 | 57.98 | 53401 | 2632889 | 0.55 | 0.95 | 1.40 | 16.36 | 16.88 |
| 2022 | 45.32 | 49.61 | 58611 | 2492121 | 0.45 | 0.95 | 1.40 | (15.47) | (15.09) |
| 2021 | 53.61 | 58.43 | 64905 | 3253838 | 0.45 | 0.95 | 1.40 | 23.82 | 24.38 |
| <u>Small Cap</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 36.32 | 36.32 | 23013 | 835831 | 1.30 | 1.00 | 1.00 | 4.31 | 4.31 |
| 2024 | 34.82 | 34.82 | 24788 | 863116 | 1.14 | 1.00 | 1.00 | 6.88 | 6.88 |
| 2023 | 32.58 | 32.58 | 27812 | 906078 | 1.05 | 1.00 | 1.00 | 14.24 | 14.24 |
| 2022 | 28.52 | 28.52 | 27612 | 787409 | 0.95 | 1.00 | 1.00 | (17.48) | (17.48) |
| 2021 | 34.56 | 34.56 | 31636 | 1093205 | 0.67 | 1.00 | 1.00 | 24.89 | 24.89 |
| **Scudder:** |  |  |  |  |  |  |  |  |  |
| <u>Small Mid Value</u> | <u>Small Mid Value</u> |  |  |  |  |  |  |  |  |
| 2025 | 30.69 | 33.21 | 42976 | 1415681 | 1.05 | 0.95 | 1.40 | 16.58 | 17.10 |
| 2024 | 26.33 | 28.36 | 52946 | 1492999 | 1.23 | 0.95 | 1.40 | 4.72 | 5.20 |
| 2023 | 25.14 | 26.96 | 65500 | 1754164 | 1.15 | 0.95 | 1.40 | 13.36 | 13.87 |
| 2022 | 22.18 | 23.68 | 69804 | 1644939 | 0.85 | 0.95 | 1.40 | (16.97) | (16.60) |
| 2021 | 26.71 | 28.39 | 79770 | 2253189 | 1.29 | 0.95 | 1.40 | 28.69 | 29.27 |
| <u>Thematic</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 18.62 | 20.16 | 19112 | 381042 | 0.91 | 0.95 | 1.40 | 17.27 | 17.80 |
| 2024 | 15.88 | 17.12 | 18641 | 315646 | 1.21 | 0.95 | 1.40 | 7.84 | 8.33 |
| 2023 | 14.73 | 15.80 | 19272 | 301612 | 0.88 | 0.95 | 1.40 | 14.44 | 14.95 |
| 2022 | 12.87 | 13.75 | 30414 | 416431 | 1.08 | 0.95 | 1.40 | (29.50) | (29.19) |
| 2021 | 18.71 | 19.41 | 33928 | 656729 | 0.34 | 0.95 | 1.40 | 6.61 | 7.09 |
| <u>Alternative</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 17.75 | 17.75 | 1454 | 25807 | 3.66 | 1.00 | 1.00 | 8.94 | 8.94 |
| 2024 | 16.29 | 16.29 | 1387 | 22593 | 3.57 | 1.00 | 1.00 | 4.25 | 4.25 |
| 2023 | 15.63 | 15.63 | 2031 | 31734 | 6.36 | 1.00 | 1.00 | 4.62 | 4.62 |
| 2022 | 14.94 | 14.94 | 2910 | 43469 | 7.12 | 1.00 | 1.00 | (8.65) | (8.65) |
| 2021 | 16.35 | 16.35 | 2914 | 47644 | 1.71 | 1.00 | 1.00 | 11.23 | 11.23 |
| **Neuberger Berman:** | **Neuberger Berman:** |  |  |  |  |  |  |  |  |
| <u>Regency</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 41.51 | 44.84 | 17989 | 792520 | 0.45 | 0.95 | 1.40 | 10.01 | 10.51 |
| 2024 | 37.74 | 40.57 | 19990 | 800792 | 0.70 | 0.95 | 1.40 | 7.30 | 7.78 |
| 2023 | 35.17 | 37.64 | 22411 | 834169 | 1.00 | 0.95 | 1.40 | 9.47 | 9.96 |
| 2022 | 32.13 | 34.23 | 24869 | 843065 | 0.59 | 0.95 | 1.40 | (11.00) | (10.60) |
| 2021 | 36.10 | 38.29 | 28922 | 1091922 | 0.56 | 0.95 | 1.40 | 30.96 | 31.55 |

---

**6. FINANCIAL HIGHLIGHTS, continued**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** |
|  |  |  |  |  | **Inv.** |  |  |  |  |
|  | **Unit** | **Unit** |  | **Net Assets** | **Income** | **Expense** | **Expense** | **Total** | **Total** |
|  | **Value ($)** | **Value ($)** | **Units** | **($)** | **Ratio %** | **Ratio %** | **Ratio %** | **Return %** | **Return %** |
|  | **Min** | **Max** |  |  |  | **Min** | **Max** | **Min** | **Max** |
| **Neuberger Berman, continued:** | **Neuberger Berman, continued:** | **Neuberger Berman, continued:** |  |  |  |  |  |  |  |
| <u>Intrinsic</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 33.21 | 33.21 | 5468 | 181564 |  | 1.00 | 1.00 | 10.24 | 10.24 |
| 2024 | 30.12 | 30.12 | 6515 | 196237 | 0.25 | 1.00 | 1.00 | 7.58 | 7.58 |
| 2023 | 28.00 | 28.00 | 7073 | 198032 | 0.47 | 1.00 | 1.00 | 9.59 | 9.59 |
| 2022 | 25.55 | 25.55 | 6525 | 166693 | 0.16 | 1.00 | 1.00 | (10.84) | (10.84) |
| 2021 | 28.66 | 28.66 | 9385 | 268932 | 0.20 | 1.00 | 1.00 | 31.20 | 31.20 |
| <u>Growth</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 53.48 | 53.48 | 11942 | 638637 |  | 1.00 | 1.00 | 4.19 | 4.19 |
| 2024 | 51.33 | 51.33 | 12949 | 664655 |  | 1.00 | 1.00 | 22.52 | 22.52 |
| 2023 | 41.89 | 41.89 | 11326 | 474476 |  | 1.00 | 1.00 | 16.80 | 16.80 |
| 2022 | 35.87 | 35.87 | 13523 | 485054 |  | 1.00 | 1.00 | (29.53) | (29.53) |
| 2021 | 50.90 | 50.90 | 13353 | 679664 |  | 1.00 | 1.00 | 11.61 | 11.61 |
| **T. Rowe:** |  |  |  |  |  |  |  |  |  |
| <u>Blue Chip</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 72.24 | 78.33 | 565853 | 44688600 |  | 0.95 | 1.40 | 16.64 | 17.32 |
| 2024 | 61.93 | 66.76 | 697641 | 46969972 |  | 0.95 | 1.40 | 33.20 | 33.89 |
| 2023 | 46.50 | 49.87 | 935708 | 47021228 |  | 0.95 | 1.40 | 46.89 | 47.56 |
| 2022 | 31.65 | 33.79 | 1184404 | 40296829 |  | 0.95 | 1.40 | (39.51) | (39.24) |
| 2021 | 52.33 | 55.62 | 1115047 | 62539380 |  | 0.95 | 1.40 | 15.71 | 16.22 |
| **Pimco:** |  |  |  |  |  |  |  |  |  |
| <u>Total Return</u> | <u>Total Return</u> |  |  |  |  |  |  |  |  |
| 2025 | 14.51 | 15.65 | 602577 | 9430921 | 4.10 | 0.95 | 1.40 | 7.38 | 7.86 |
| 2024 | 13.52 | 14.51 | 609962 | 8860008 | 4.04 | 0.95 | 1.40 | 1.11 | 1.56 |
| 2023 | 13.37 | 14.28 | 556819 | 7957836 | 3.57 | 0.95 | 1.40 | 4.47 | 4.94 |
| 2022 | 12.80 | 13.61 | 563941 | 7676304 | 2.59 | 0.95 | 1.40 | (15.49) | (15.11) |
| 2021 | 15.14 | 16.04 | 675983 | 10840068 | 1.83 | 0.95 | 1.40 | (2.63) | (2.19) |
| <u>Low Duration</u> | <u>Low Duration</u> |  |  |  |  |  |  |  |  |
| 2025 | 10.85 | 11.44 | 398324 | 4550565 | 3.95 | 0.95 | 1.40 | 4.06 | 4.55 |
| 2024 | 10.42 | 10.95 | 495433 | 5410291 | 3.99 | 0.95 | 1.40 | 3.05 | 3.50 |
| 2023 | 10.11 | 10.58 | 556444 | 5873063 | 3.59 | 0.95 | 1.40 | 3.52 | 4.00 |
| 2022 | 9.77 | 10.17 | 642112 | 6517913 | 1.62 | 0.95 | 1.40 | (7.05) | (6.64) |
| 2021 | 10.53 | 10.89 | 805350 | 8759337 | 0.52 | 0.95 | 1.40 | (2.30) | (1.85) |
| <u>Short Term</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 12.08 | 12.08 | 20362 | 245886 | 4.38 | 1.00 | 1.00 | 3.53 | 3.53 |
| 2024 | 11.66 | 11.66 | 21933 | 255829 | 5.00 | 1.00 | 1.00 | 4.89 | 4.89 |
| 2023 | 11.12 | 11.12 | 114657 | 1275050 | 4.36 | 1.00 | 1.00 | 4.75 | 4.75 |
| 2022 | 10.62 | 10.62 | 143712 | 1525648 | 1.78 | 1.00 | 1.00 | (1.24) | (1.24) |
| 2021 | 10.75 | 10.75 | 52776 | 567316 | 0.93 | 1.00 | 1.00 | (1.14) | (1.14) |

---

**6. FINANCIAL HIGHLIGHTS, continued**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** |
|  |  |  |  |  | **Inv.** |  |  |  |  |
|  | **Unit** | **Unit** |  | **Net Assets** | **Income** | **Expense** | **Expense** | **Total** | **Total** |
|  | **Value ($)** | **Value ($)** | **Units** | **($)** | **Ratio %** | **Ratio %** | **Ratio %** | **Return %** | **Return %** |
|  | **Min** | **Max** |  |  |  | **Min** | **Max** | **Min** | **Max** |
| **Pimco, continued:** | **Pimco, continued:** |  |  |  |  |  |  |  |  |
| <u>Emerging</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 17.14 | 17.14 | 4577 | 78429 | 6.85 | 1.00 | 1.00 | 13.72 | 13.72 |
| 2024 | 15.07 | 15.07 | 5249 | 79096 | 6.33 | 1.00 | 1.00 | 6.36 | 6.36 |
| 2023 | 14.17 | 14.17 | 6436 | 91176 | 5.60 | 1.00 | 1.00 | 9.90 | 9.90 |
| 2022 | 12.89 | 12.89 | 7586 | 97790 | 4.70 | 1.00 | 1.00 | (16.64) | (16.64) |
| 2021 | 15.46 | 15.46 | 8929 | 138074 | 4.38 | 1.00 | 1.00 | (3.62) | (3.62) |
| <u>Low Duration Adv.</u> | <u>Low Duration Adv.</u> |  |  |  |  |  |  |  |  |
| 2025 | 10.97 | 10.97 | 5306 | 58206 | 3.85 | 1.00 | 1.00 | 4.37 | 4.37 |
| 2024 | 10.51 | 10.51 | 6446 | 67752 | 3.88 | 1.00 | 1.00 | 3.35 | 3.35 |
| 2023 | 10.17 | 10.17 | 13636 | 138664 | 3.51 | 1.00 | 1.00 | 3.83 | 3.83 |
| 2022 | 9.79 | 9.79 | 11220 | 109887 | 1.12 | 1.00 | 1.00 | (6.77) | (6.77) |
| 2021 | 10.51 | 10.51 | 49236 | 517253 | 0.42 | 1.00 | 1.00 | (2.01) | (2.01) |
| <u>Real Return</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 13.99 | 14.76 | 349275 | 5133216 | 3.23 | 0.95 | 1.40 | 6.25 | 6.73 |
| 2024 | 13.17 | 13.83 | 342198 | 4712225 | 2.46 | 0.95 | 1.40 | 0.61 | 1.07 |
| 2023 | 13.09 | 13.68 | 302156 | 4118249 | 2.92 | 0.95 | 1.40 | 2.14 | 2.59 |
| 2022 | 12.82 | 13.33 | 205217 | 2727575 | 7.08 | 0.95 | 1.40 | (13.21) | (12.82) |
| 2021 | 14.77 | 15.30 | 226774 | 3460948 | 5.09 | 0.95 | 1.40 | 4.02 | 4.49 |
| <u>Commodity</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 11.79 | 11.79 | 5893 | 69484 | 2.71 | 1.00 | 1.00 | 17.48 | 17.48 |
| 2024 | 10.04 | 10.04 | 6095 | 61167 | 1.96 | 1.00 | 1.00 | 2.93 | 2.93 |
| 2023 | 9.75 | 9.75 | 9232 | 90014 | 18.52 | 1.00 | 1.00 | (8.84) | (8.84) |
| 2022 | 10.70 | 10.70 | 14093 | 150742 | 20.03 | 1.00 | 1.00 | 7.59 | 7.59 |
| 2021 | 9.94 | 9.94 | 15367 | 152779 | 4.02 | 1.00 | 1.00 | 31.79 | 31.79 |
| **Ibbotson:** |  |  |  |  |  |  |  |  |  |
| <u>Balanced</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 20.95 | 21.00 | 22980 | 502869 | 1.89 | 0.95 | 1.40 | 13.22 | 13.73 |
| 2024 | 18.46 | 18.50 | 27022 | 521926 | 1.66 | 0.95 | 1.40 | 8.63 | 9.12 |
| 2023 | 16.92 | 17.03 | 33157 | 588068 | 2.01 | 0.95 | 1.40 | 11.26 | 11.76 |
| 2022 | 15.14 | 15.31 | 34005 | 543209 | 1.64 | 0.95 | 1.40 | (14.09) | (13.70) |
| 2021 | 17.54 | 17.82 | 37681 | 697766 | 1.28 | 0.95 | 1.40 | 9.25 | 9.74 |
| <u>Growth</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 15.31 | 24.20 | 27829 | 700040 | 1.49 | 0.95 | 1.40 | 16.28 | 16.80 |
| 2024 | 13.11 | 20.81 | 27354 | 598972 | 1.49 | 0.95 | 1.40 | 11.11 | 11.59 |
| 2023 | 18.73 | 19.85 | 31070 | 610487 | 1.97 | 0.95 | 1.40 | 13.67 | 14.18 |
| 2022 | 16.48 | 17.38 | 28987 | 501087 | 1.58 | 0.95 | 1.40 | (14.46) | (14.07) |
| 2021 | 19.26 | 20.23 | 29774 | 599064 | 1.24 | 0.95 | 1.40 | 13.32 | 13.80 |

---

**6. FINANCIAL HIGHLIGHTS, continued**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** |
|  |  |  |  |  | **Inv.** |  |  |  |  |
|  | **Unit** | **Unit** |  | **Net Assets** | **Income** | **Expense** | **Expense** | **Total** | **Total** |
|  | **Value ($)** | **Value ($)** | **Units** | **($)** | **Ratio %** | **Ratio %** | **Ratio %** | **Return %** | **Return %** |
|  | **Min** | **Max** |  |  |  | **Min** | **Max** | **Min** | **Max** |
| **Ibbotson, continued:** | **Ibbotson, continued:** |  |  |  |  |  |  |  |  |
| <u>Income</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 17.75 | 18.78 | 13449 | 250294 | 2.52 | 0.95 | 1.40 | 10.16 | 10.65 |
| 2024 | 16.11 | 16.97 | 11030 | 184856 | 2.42 | 0.95 | 1.40 | 6.58 | 6.94 |
| 2023 | 15.12 | 15.87 | 11974 | 189954 | 1.52 | 0.95 | 1.40 | 9.55 | 9.59 |
| 2022 | 13.80 | 14.48 | 21476 | 310480 | 1.71 | 0.95 | 1.40 | (13.40) | (13.36) |
| 2021 | 15.93 | 16.72 | 24339 | 405639 | 1.40 | 0.95 | 1.40 | 4.99 | 5.46 |
| **Franklin Templeton:** | **Franklin Templeton:** |  |  |  |  |  |  |  |  |
| <u>Global Bond</u> | <u>Global Bond</u> |  |  |  |  |  |  |  |  |
| 2025 | 15.31 | 15.98 | 1396798 | 22210543 |  | 0.95 | 1.40 | 14.64 | 14.64 |
| 2024 | 13.35 | 13.94 | 1678046 | 23293918 |  | 0.95 | 1.40 | (12.21) | (12.20) |
| 2023 | 15.21 | 15.88 | 1754276 | 27779580 |  | 0.95 | 1.40 | 1.46 | 1.92 |
| 2022 | 14.99 | 15.58 | 1822846 | 28350019 |  | 0.95 | 1.40 | (6.27) | (5.85) |
| 2021 | 15.99 | 16.55 | 2170079 | 35830227 |  | 0.95 | 1.40 | (6.33) | (5.89) |
| <u>Income</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 24.13 | 24.26 | 126140 | 3272321 | 4.98 | 0.95 | 1.40 | 11.00 | 11.50 |
| 2024 | 21.74 | 21.76 | 117155 | 2724894 | 5.11 | 0.95 | 1.40 | 5.71 | 6.18 |
| 2023 | 20.49 | 20.56 | 122616 | 2687843 | 5.04 | 0.95 | 1.40 | 7.12 | 7.60 |
| 2022 | 19.05 | 19.20 | 84544 | 1717941 | 4.71 | 0.95 | 1.40 | (6.78) | (6.36) |
| 2021 | 20.34 | 20.59 | 72742 | 1585264 | 4.60 | 0.95 | 1.40 | 15.14 | 15.66 |
| <u>Global Discovery</u> | <u>Global Discovery</u> |  |  |  |  |  |  |  |  |
| 2025 | 39.72 | 39.72 | 3500 | 139039 | 1.82 | 1.00 | 1.00 | 22.12 | 22.12 |
| 2024 | 32.53 | 32.53 | 3759 | 122271 | 1.79 | 1.00 | 1.00 | 3.61 | 3.61 |
| 2023 | 31.40 | 31.40 | 3566 | 111973 | 2.58 | 1.00 | 1.00 | 19.12 | 19.12 |
| 2022 | 26.36 | 26.36 | 3058 | 80597 | 1.36 | 1.00 | 1.00 | (5.69) | (5.69) |
| 2021 | 27.95 | 27.95 | 2839 | 79338 | 2.82 | 1.00 | 1.00 | 17.95 | 17.95 |
| <u>Small Cap</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 40.83 | 40.83 | 9518 | 388600 | 1.08 | 1.00 | 1.00 | 6.59 | 6.59 |
| 2024 | 38.30 | 38.30 | 9700 | 371559 | 0.91 | 1.00 | 1.00 | 10.59 | 10.59 |
| 2023 | 34.64 | 34.64 | 11230 | 388974 | 0.54 | 1.00 | 1.00 | 11.63 | 11.63 |
| 2022 | 31.03 | 31.03 | 12473 | 387017 | 1.01 | 1.00 | 1.00 | (10.96) | (10.96) |
| 2021 | 34.85 | 34.85 | 15563 | 542299 | 1.27 | 1.00 | 1.00 | 24.12 | 24.12 |
| <u>Foreign</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 20.90 | 20.90 | 38741 | 809722 | 2.45 | 1.00 | 1.00 | 27.91 | 27.91 |
| 2024 | 16.34 | 16.34 | 32502 | 531083 | 2.78 | 1.00 | 1.00 | (1.99) | (1.99) |
| 2023 | 16.67 | 16.67 | 45282 | 754908 | 3.18 | 1.00 | 1.00 | 19.56 | 19.56 |
| 2022 | 13.94 | 13.94 | 9259 | 129104 | 3.23 | 1.00 | 1.00 | (8.52) | (8.52) |
| 2021 | 15.24 | 15.24 | 17035 | 259650 | 1.83 | 1.00 | 1.00 | 3.13 | 3.13 |

---

**6. FINANCIAL HIGHLIGHTS, continued**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** |
|  |  |  |  |  | **Inv.** |  |  |  |  |
|  | **Unit** | **Unit** |  | **Net Assets** | **Income** | **Expense** | **Expense** | **Total** | **Total** |
|  | **Value ($)** | **Value ($)** | **Units** | **($)** | **Ratio %** | **Ratio %** | **Ratio %** | **Return %** | **Return %** |
|  | **Min** | **Max** |  |  |  | **Min** | **Max** | **Min** | **Max** |
| **AllianceBernstein:** | **AllianceBernstein:** |  |  |  |  |  |  |  |  |
| <u>Growth and Income</u> | <u>Growth and Income</u> |  |  |  |  |  |  |  |  |
| 2025 | 71.88 | 71.88 | 4908 | 352794 | 0.87 | 1.00 | 1.00 | 9.11 | 9.11 |
| 2024 | 65.88 | 65.88 | 5106 | 336344 | 1.22 | 1.00 | 1.00 | 11.64 | 11.64 |
| 2023 | 59.01 | 59.01 | 5847 | 345004 | 1.25 | 1.00 | 1.00 | 10.62 | 10.62 |
| 2022 | 53.35 | 53.35 | 5418 | 289041 | 1.15 | 1.00 | 1.00 | (5.37) | (5.37) |
| 2021 | 56.37 | 56.37 | 5113 | 288251 | 0.66 | 1.00 | 1.00 | 26.57 | 26.57 |
| **American Funds:** | **American Funds:** |  |  |  |  |  |  |  |  |
| <u>Managed</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 19.57 | 21.19 | 720199 | 14562842 | 2.51 | 0.95 | 1.00 | 10.56 | 10.62 |
| 2024 | 17.69 | 19.17 | 1003910 | 18246747 | 1.91 | 0.95 | 1.00 | 13.48 | 13.54 |
| 2023 | 15.58 | 16.89 | 1662841 | 26463621 | 1.79 | 0.95 | 1.00 | 9.14 | 9.20 |
| 2022 | 14.27 | 15.48 | 2144627 | 31334701 | 2.18 | 0.95 | 1.00 | (14.82) | (14.78) |
| 2021 | 16.75 | 18.17 | 2292660 | 39207866 | 1.35 | 0.95 | 1.00 | 11.39 | 11.44 |
| <u>Blue Chip</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 36.34 | 36.34 | 86161 | 3131018 | 1.41 | 1.00 | 1.00 | 16.05 | 16.05 |
| 2024 | 31.31 | 31.31 | 92329 | 2891199 | 1.55 | 1.00 | 1.00 | 17.95 | 17.95 |
| 2023 | 26.55 | 26.55 | 101197 | 2686593 | 1.86 | 1.00 | 1.00 | 16.13 | 16.13 |
| 2022 | 22.86 | 22.86 | 109614 | 2505930 | 1.69 | 1.00 | 1.00 | (9.36) | (9.36) |
| 2021 | 25.22 | 25.22 | 147210 | 3712922 | 1.51 | 1.00 | 1.00 | 26.51 | 26.51 |
| <u>Global</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 74.81 | 74.81 | 22617 | 1692074 | 1.40 | 1.00 | 1.00 | 20.42 | 20.42 |
| 2024 | 62.13 | 62.13 | 23321 | 1448869 | 1.55 | 1.00 | 1.00 | 12.55 | 12.55 |
| 2023 | 55.20 | 55.20 | 23283 | 1285292 | 0.91 | 1.00 | 1.00 | 21.39 | 21.39 |
| 2022 | 45.47 | 45.47 | 23842 | 1084216 | 0.66 | 1.00 | 1.00 | (25.48) | (25.48) |
| 2021 | 61.03 | 61.03 | 23846 | 1455288 | 0.35 | 1.00 | 1.00 | 15.27 | 15.27 |
| <u>Growth</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 319.98 | 319.98 | 15994 | 5117793 | 0.15 | 1.00 | 1.00 | 19.04 | 19.04 |
| 2024 | 268.81 | 268.81 | 17057 | 4584956 | 0.33 | 1.00 | 1.00 | 30.31 | 30.31 |
| 2023 | 206.28 | 206.28 | 18263 | 3767319 | 0.37 | 1.00 | 1.00 | 37.11 | 37.11 |
| 2022 | 150.45 | 150.45 | 16354 | 2460476 | 0.32 | 1.00 | 1.00 | (30.63) | (30.63) |
| 2021 | 216.88 | 216.88 | 16796 | 3642720 | 0.23 | 1.00 | 1.00 | 20.78 | 20.78 |
| <u>International</u> | <u>International</u> |  |  |  |  |  |  |  |  |
| 2025 | 32.11 | 32.11 | 15059 | 483501 | 1.32 | 1.00 | 1.00 | 25.51 | 25.51 |
| 2024 | 25.58 | 25.58 | 16565 | 423777 | 1.02 | 1.00 | 1.00 | 2.13 | 2.13 |
| 2023 | 25.05 | 25.05 | 22553 | 564941 | 1.25 | 1.00 | 1.00 | 14.70 | 14.70 |
| 2022 | 21.84 | 21.84 | 25831 | 564143 | 1.75 | 1.00 | 1.00 | (21.57) | (21.57) |
| 2021 | 27.85 | 27.85 | 26816 | 746745 | 2.39 | 1.00 | 1.00 | (2.47) | (2.47) |

---

**6. FINANCIAL HIGHLIGHTS, continued**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** |
|  |  |  |  |  | **Inv.** |  |  |  |  |
|  | **Unit** | **Unit** |  | **Net Assets** | **Income** | **Expense** | **Expense** | **Total** | **Total** |
|  | **Value ($)** | **Value ($)** | **Units** | **($)** | **Ratio %** | **Ratio %** | **Ratio %** | **Return %** | **Return %** |
|  | **Min** | **Max** |  |  |  | **Min** | **Max** | **Min** | **Max** |
| **American Funds, continued:** | **American Funds, continued:** | **American Funds, continued:** |  |  |  |  |  |  |  |
| <u>New World</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 38.46 | 41.05 | 21803 | 875175 | 1.26 | 0.95 | 1.00 | 27.02 | 27.09 |
| 2024 | 30.26 | 32.32 | 17273 | 551955 | 1.29 | 0.95 | 1.00 | 5.49 | 5.54 |
| 2023 | 28.67 | 30.64 | 24087 | 722029 | 1.63 | 0.95 | 1.00 | 14.85 | 14.90 |
| 2022 | 24.95 | 26.68 | 19594 | 517424 | 1.29 | 0.95 | 1.00 | (22.87) | (22.83) |
| 2021 | 32.34 | 34.59 | 21364 | 724340 | 0.88 | 0.95 | 1.00 | 3.88 | 3.93 |
| <u>Growth-Income</u> | <u>Growth-Income</u> |  |  |  |  |  |  |  |  |
| 2025 | 150.13 | 150.13 | 18860 | 2831566 | 0.93 | 1.00 | 1.00 | 16.89 | 16.89 |
| 2024 | 128.43 | 128.43 | 19222 | 2468715 | 1.13 | 1.00 | 1.00 | 22.98 | 22.98 |
| 2023 | 104.43 | 104.43 | 19857 | 2073703 | 1.42 | 1.00 | 1.00 | 24.89 | 24.89 |
| 2022 | 83.62 | 83.62 | 16845 | 1408572 | 1.21 | 1.00 | 1.00 | (17.32) | (17.32) |
| 2021 | 101.14 | 101.14 | 19221 | 1943928 | 1.22 | 1.00 | 1.00 | 22.86 | 22.86 |
| <u>Asset</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 47.06 | 47.06 | 84650 | 3983677 | 2.05 | 1.00 | 1.00 | 14.70 | 14.70 |
| 2024 | 41.03 | 41.03 | 88178 | 3617771 | 2.14 | 1.00 | 1.00 | 15.27 | 15.27 |
| 2023 | 35.59 | 35.59 | 94753 | 3372464 | 2.20 | 1.00 | 1.00 | 13.14 | 13.14 |
| 2022 | 31.46 | 31.46 | 99965 | 3144788 | 1.96 | 1.00 | 1.00 | (14.26) | (14.26) |
| 2021 | 36.69 | 36.69 | 91201 | 3346346 | 1.56 | 1.00 | 1.00 | 13.96 | 13.96 |
| **Columbia:** |  |  |  |  |  |  |  |  |  |
| <u>Strategic</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 5.92 | 5.92 | 26769 | 158532 | 4.37 | 1.00 | 1.00 | 6.10 | 6.10 |
| 2024 | 5.58 | 5.58 | 27623 | 154185 | 4.48 | 1.00 | 1.00 | 3.46 | 3.46 |
| 2023 | 5.40 | 5.40 | 40162 | 216673 | 3.81 | 1.00 | 1.00 | 8.12 | 8.12 |
| 2022 | 4.99 | 4.99 | 34012 | 169710 | 2.69 | 1.00 | 1.00 | (12.39) | (12.39) |
| 2021 | 5.70 | 5.70 | 37364 | 212811 | 5.15 | 1.00 | 1.00 | 0.62 | 0.62 |
| <u>Emerging</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 24.10 | 24.10 | 5641 | 135964 | 0.07 | 1.00 | 1.00 | 29.57 | 29.57 |
| 2024 | 18.60 | 18.60 | 6828 | 127023 | 0.99 | 1.00 | 1.00 | 4.40 | 4.40 |
| 2023 | 17.82 | 17.82 | 6484 | 115540 |  | 1.00 | 1.00 | 8.11 | 8.11 |
| 2022 | 16.48 | 16.48 | 6347 | 104618 |  | 1.00 | 1.00 | (33.74) | (33.74) |
| 2021 | 24.87 | 24.87 | 6948 | 172836 | 0.92 | 1.00 | 1.00 | (8.39) | (8.39) |
| <u>International</u> | <u>International</u> |  |  |  |  |  |  |  |  |
| 2025 | 25.40 | 25.40 | 2356 | 59837 | 4.00 | 1.00 | 1.00 | 36.49 | 36.49 |
| 2024 | 18.61 | 18.61 | 12807 | 238356 | 4.11 | 1.00 | 1.00 | 2.21 | 2.21 |
| 2023 | 18.21 | 18.21 | 12732 | 231844 | 1.67 | 1.00 | 1.00 | 14.18 | 14.18 |
| 2022 | 15.95 | 15.95 | 12715 | 202774 | 0.24 | 1.00 | 1.00 | (15.75) | (15.75) |
| 2021 | 18.93 | 18.93 | 3164 | 59881 | 1.09 | 1.00 | 1.00 | 8.65 | 8.65 |

---

**6. FINANCIAL HIGHLIGHTS, continued**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** |
|  |  |  |  |  | **Inv.** |  |  |  |  |
|  | **Unit** | **Unit** |  | **Net Assets** | **Income** | **Expense** | **Expense** | **Total** | **Total** |
|  | **Value ($)** | **Value ($)** | **Units** | **($)** | **Ratio %** | **Ratio %** | **Ratio %** | **Return %** | **Return %** |
|  | **Min** | **Max** |  |  |  | **Min** | **Max** | **Min** | **Max** |
| **Columbia, continued:** | **Columbia, continued:** |  |  |  |  |  |  |  |  |
| <u>Smaller-Cap</u> | <u>Smaller-Cap</u> |  |  |  |  |  |  |  |  |
| 2025 | 36.52 | 36.52 | 7944 | 290149 |  | 1.00 | 1.00 | 5.25 | 5.25 |
| 2024 | 34.70 | 34.70 | 8052 | 279448 |  | 1.00 | 1.00 | 12.52 | 12.52 |
| 2023 | 30.84 | 30.84 | 8448 | 260560 |  | 1.00 | 1.00 | 11.73 | 11.73 |
| 2022 | 27.60 | 27.60 | 7711 | 212848 |  | 1.00 | 1.00 | (15.77) | (15.77) |
| 2021 | 32.77 | 32.77 | 8074 | 264605 |  | 1.00 | 1.00 | 29.32 | 29.32 |
| <u>Mid Cap</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 41.33 | 41.33 | 22673 | 937175 |  | 1.00 | 1.00 | 12.74 | 12.74 |
| 2024 | 36.66 | 36.66 | 23351 | 856095 |  | 1.00 | 1.00 | 11.15 | 11.15 |
| 2023 | 32.99 | 32.99 | 25639 | 845694 |  | 1.00 | 1.00 | 8.96 | 8.96 |
| 2022 | 30.27 | 30.27 | 22165 | 670989 |  | 1.00 | 1.00 | (10.56) | (10.56) |
| 2021 | 33.85 | 33.85 | 19209 | 650167 |  | 1.00 | 1.00 | 30.67 | 30.67 |
| <u>High Yield</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 9.92 | 9.92 | 28649 | 284331 | 5.53 | 1.00 | 1.00 | 7.42 | 7.42 |
| 2024 | 9.24 | 9.24 | 39123 | 361458 | 5.71 | 1.00 | 1.00 | 5.81 | 5.81 |
| 2023 | 8.73 | 8.73 | 41609 | 363322 | 5.44 | 1.00 | 1.00 | 10.76 | 10.76 |
| 2022 | 7.88 | 7.88 | 41186 | 324688 | 4.87 | 1.00 | 1.00 | (11.66) | (11.66) |
| 2021 | 8.92 | 8.92 | 40147 | 358282 | 4.99 | 1.00 | 1.00 | 3.75 | 3.75 |
| <u>Large Core</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 112.79 | 112.79 | 8707 | 982047 |  | 1.00 | 1.00 | 13.22 | 13.22 |
| 2024 | 99.62 | 99.62 | 9109 | 907455 |  | 1.00 | 1.00 | 24.48 | 24.48 |
| 2023 | 80.03 | 80.03 | 9928 | 794548 |  | 1.00 | 1.00 | 22.85 | 22.85 |
| 2022 | 65.15 | 65.15 | 9884 | 643882 |  | 1.00 | 1.00 | (19.74) | (19.74) |
| 2021 | 81.17 | 81.17 | 11599 | 941464 |  | 1.00 | 1.00 | 31.12 | 31.12 |
| **Ivy:** |  |  |  |  |  |  |  |  |  |
| <u>Strategy</u> |  |  |  |  |  |  |  |  |  |
| 2025 |  |  |  |  |  |  |  |  |  |
| 2024 | 13.85 | 13.85 |  |  |  | 1.00 | 1.00 | 4.16 | 4.16 |
| 2023 | 12.44 | 12.44 | 558 | 6939 | 2.18 | 1.00 | 1.00 | 12.81 | 12.81 |
| 2022 | 11.03 | 11.03 | 558 | 6152 | 1.59 | 1.00 | 1.00 | (15.58) | (15.58) |
| 2021 | 13.06 | 13.06 | 558 | 7288 | 1.63 | 1.00 | 1.00 | 9.35 | 9.35 |
| <u>Balanced</u> |  |  |  |  |  |  |  |  |  |
| 2025 | 11.32 | 14.33 | 171653 | 2830461 | 1.23 | 0.95 | 1.40 | 10.24 | 10.73 |
| 2024 | 10.22 | 13.00 | 152093 | 2272070 | 1.32 | 0.95 | 1.40 | 13.98 | 14.51 |
| 2023 | 8.92 | 11.41 | 173193 | 2271906 | 0.75 | 0.95 | 1.40 | 14.43 | 14.94 |
| 2022 | 7.76 | 9.97 | 123535 | 1347803 | 1.12 | 0.95 | 1.40 | (17.22) | (16.88) |
| 2021 | 12.04 | 12.34 | 127205 | 1672184 | 0.97 | 0.95 | 1.40 | 14.36 | 14.87 |

---

**6. FINANCIAL HIGHLIGHTS, continued**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** |
|  |  |  |  | **Inv.** |  |  |  |
|  | **Unit** |  | **Net Assets** | **Income** | **Expense** | **Expense** | **Total** |
|  | **Value ($)** | **Units** | **($)** | **Ratio %** | **Ratio %** | **Ratio %** | **Return %** |
|  | **Min** |  |  |  | **Min** | **Max** | **Max** |
| **Ivy, continued:** | **Ivy, continued:** |  |  |  |  |  |  |
| <u>Energy</u> |  |  |  |  |  |  |  |
| 2025 | 5.42 | 66348 | 359737 | 1.02 | 1.00 | 1.00 | 10.78 |
| 2024 | 4.89 | 69263 | 339008 | 3.14 | 1.00 | 1.00 | (6.54) |
| 2023 | 5.24 | 91623 | 479835 | 3.61 | 1.00 | 1.00 | 2.99 |
| 2022 | 5.09 | 83856 | 426425 | 4.20 | 1.00 | 1.00 | 48.98 |
| 2021 | 3.41 | 55996 | 191129 | 1.20 | 1.00 | 1.00 | 40.59 |
| <u>Small Cap Value</u> | <u>Small Cap Value</u> |  |  |  |  |  |  |
| 2025 | 36.48 | 8570 | 312606 | 0.15 | 1.00 | 1.00 | 7.31 |
| 2024 | 33.99 | 8949 | 304215 | 0.32 | 1.00 | 1.00 | 13.12 |
| 2023 | 30.05 | 11663 | 350512 | 0.20 | 1.00 | 1.00 | 14.52 |
| 2022 | 26.24 | 12020 | 315430 |  | 1.00 | 1.00 | (15.65) |
| 2021 | 31.11 | 12861 | 400122 |  | 1.00 | 1.00 | 19.58 |
| <u>Science</u> |  |  |  |  |  |  |  |
| 2025 | 101.68 | 32838 | 3338863 |  | 1.00 | 1.00 | 32.04 |
| 2024 | 77.00 | 34398 | 2648676 |  | 1.00 | 1.00 | 29.29 |
| 2023 | 59.56 | 31131 | 1854140 |  | 1.00 | 1.00 | 37.69 |
| 2022 | 43.26 | 30138 | 1303660 |  | 1.00 | 1.00 | (32.52) |
| 2021 | 64.10 | 29169 | 1869720 |  | 1.00 | 1.00 | 14.02 |
| <u>Mid Cap Growth</u> | <u>Mid Cap Growth</u> |  |  |  |  |  |  |
| 2025 | 23.51 | 20780 | 488490 |  | 1.00 | 1.00 | 0.17 |
| 2024 | 23.47 | 25266 | 592920 |  | 1.00 | 1.00 | 1.18 |
| 2023 | 23.19 | 30901 | 716691 |  | 1.00 | 1.00 | 18.43 |
| 2022 | 19.58 | 29561 | 578913 |  | 1.00 | 1.00 | (31.48) |
| 2021 | 28.58 | 28243 | 807206 |  | 1.00 | 1.00 | 15.20 |
| <u>International</u> | <u>International</u> |  |  |  |  |  |  |
| 2025 | 26.69 | 4944 | 131962 | 0.39 | 1.00 | 1.00 | 22.94 |
| 2024 | 21.71 | 5623 | 122073 | 1.31 | 1.00 | 1.00 | 2.75 |
| 2023 | 21.13 | 8122 | 171587 | 1.54 | 1.00 | 1.00 | 14.48 |
| 2022 | 18.45 | 8130 | 150038 | 2.32 | 1.00 | 1.00 | (15.15) |
| 2021 | 21.75 | 8057 | 175232 | 1.04 | 1.00 | 1.00 | 13.04 |
| <u>Global</u> |  |  |  |  |  |  |  |
| 2025 | 21.74 | 2791 | 60664 | 0.20 | 1.00 | 1.00 | 16.76 |
| 2024 | 18.62 | 3149 | 58629 | 0.98 | 1.00 | 1.00 | 15.91 |
| 2023 | 16.06 | 6349 | 101981 | 0.07 | 1.00 | 1.00 | 18.80 |
| 2022 | 13.52 | 5297 | 71615 | 0.77 | 1.00 | 1.00 | (18.38) |
| 2021 | 16.57 | 4961 | 82188 | 0.06 | 1.00 | 1.00 | 16.69 |

---

**6. FINANCIAL HIGHLIGHTS, continued**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** |
|  |  |  |  | **Inv.** |  |  |  |
|  | **Unit** |  | **Net Assets** | **Income** | **Expense** | **Expense** | **Total** |
|  | **Value ($)** | **Units** | **($)** | **Ratio %** | **Ratio %** | **Ratio %** | **Return %** |
|  | **Min** |  |  |  | **Min** | **Max** | **Max** |
| **Ivy, continued:** | **Ivy, continued:** |  |  |  |  |  |  |
| <u>High Income</u> | <u>High Income</u> |  |  |  |  |  |  |
| 2025 | 5.21 | 36534 | 190470 | 6.69 | 1.00 | 1.00 | 6.10 |
| 2024 | 4.91 | 39667 | 194914 | 6.44 | 1.00 | 1.00 | 5.13 |
| 2023 | 4.67 | 41165 | 192398 | 6.38 | 1.00 | 1.00 | 10.65 |
| 2022 | 4.22 | 46292 | 195545 | 7.61 | 1.00 | 1.00 | (11.85) |
| 2021 | 4.79 | 63027 | 302016 | 5.79 | 1.00 | 1.00 | 5.01 |
| **Janus:** |  |  |  |  |  |  |  |
| <u>Flexible</u> |  |  |  |  |  |  |  |
| 2025 | 14.07 | 23843 | 335534 | 4.54 | 1.00 | 1.00 | 6.16 |
| 2024 | 13.26 | 23666 | 313713 | 4.29 | 1.00 | 1.00 | 0.61 |
| 2023 | 13.18 | 23206 | 305758 | 3.60 | 1.00 | 1.00 | 4.25 |
| 2022 | 12.64 | 26541 | 335433 | 2.01 | 1.00 | 1.00 | (14.75) |
| 2021 | 14.83 | 40412 | 599138 | 2.23 | 1.00 | 1.00 | (2.09) |
| **Putnam:** |  |  |  |  |  |  |  |
| <u>Health</u> |  |  |  |  |  |  |  |
| 2025 | 40.60 | 6824 | 277028 |  | 1.00 | 1.00 | 13.91 |
| 2024 | 35.64 | 7389 | 263345 | 0.45 | 1.00 | 1.00 | 0.41 |
| 2023 | 35.49 | 7212 | 255972 | 0.31 | 1.00 | 1.00 | 8.05 |
| 2022 | 32.85 | 9187 | 301752 | 0.37 | 1.00 | 1.00 | (5.62) |
| 2021 | 34.80 | 6317 | 219834 | 1.07 | 1.00 | 1.00 | 18.22 |
| <u>Asset</u> |  |  |  |  |  |  |  |
| 2025 | 35.01 | 9196 | 321984 | 2.21 | 1.00 | 1.00 | 13.25 |
| 2024 | 30.92 | 9833 | 304040 | 2.09 | 1.00 | 1.00 | 15.19 |
| 2023 | 26.84 | 9984 | 267977 | 1.50 | 1.00 | 1.00 | 16.32 |
| 2022 | 23.07 | 10247 | 236441 | 1.43 | 1.00 | 1.00 | (16.86) |
| 2021 | 27.75 | 6264 | 173842 | 0.66 | 1.00 | 1.00 | 12.82 |
| **Van Eck:** |  |  |  |  |  |  |  |
| <u>Gold</u> |  |  |  |  |  |  |  |
| 2025 | 29.21 | 21404 | 625250 | 1.27 | 1.00 | 1.00 | 161.82 |
| 2024 | 11.16 | 23450 | 261643 | 2.95 | 1.00 | 1.00 | 13.27 |
| 2023 | 9.85 | 23867 | 235103 |  | 1.00 | 1.00 | 9.32 |
| 2022 | 9.01 | 21117 | 190284 |  | 1.00 | 1.00 | (14.22) |
| 2021 | 10.50 | 47461 | 498542 | 12.30 | 1.00 | 1.00 | (14.86) |

---

**6. FINANCIAL HIGHLIGHTS, continued**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** | **For the Periods Ended December 31** |
|  |  |  |  |  | **Inv.** |  |  |  |  |
|  | **Unit** | **Unit** |  | **Net Assets** | **Income** | **Expense** | **Expense** | **Total** | **Total** |
|  | **Value ($)** | **Value ($)** | **Units** | **($)** | **Ratio %** | **Ratio %** | **Ratio %** | **Return %** | **Return %** |
|  | **Min** | **Max** |  |  |  | **Min** | **Max** | **Min** | **Max** |
| **Van Eck, continued:** | **Van Eck, continued:** |  |  |  |  |  |  |  |  |
| <u>Hard Assets</u> | <u>Hard Assets</u> |  |  |  |  |  |  |  |  |
| 2025 | 32.16 | 32.16 | 8031 | 258272 | 2.33 | 1.00 | 1.00 | 34.82 | 34.82 |
| 2024 | 23.85 | 23.85 | 9079 | 216572 | 2.53 | 1.00 | 1.00 | (4.06) | (4.06) |
| 2023 | 24.86 | 24.86 | 8972 | 223066 | 2.66 | 1.00 | 1.00 | (4.79) | (4.79) |
| 2022 | 26.11 | 26.11 | 9013 | 235345 | 1.55 | 1.00 | 1.00 | 7.05 | 7.05 |
| 2021 | 24.39 | 24.39 | 13135 | 320397 | 0.30 | 1.00 | 1.00 | 17.50 | 17.50 |

---

 **7. CHANGES IN UNITS OUTSTANDING**

The change in units outstanding for the periods ended December 31, were as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Fidelity:** |  |  |
| <u>Equity-Income IC</u> |  |  |
| Units issued | 18516 | 25420 |
| Units redeemed | (32092) | (42069) |
| Net increase(decrease) | (13576) | (16649) |
| <u>Equity-Income SC</u> |  |  |
| Units issued | 3882 | 5000 |
| Units redeemed | (5600) | (7171) |
| Net increase(decrease) | (1718) | (2171) |
| <u>Equity-Income SC2</u> |  |  |
| Units issued | 92186 | 100775 |
| Units redeemed | (103871) | (114087) |
| Net increase(decrease) | (11685) | (13312) |
| <u>Growth IC</u> |  |  |
| Units issued | 3904 | 8227 |
| Units redeemed | (13602) | (17032) |
| Net increase(decrease) | (9698) | (8805) |
| <u>Growth SC</u> |  |  |
| Units issued | 1453 | 1797 |
| Units redeemed | (1779) | (5696) |
| Net increase(decrease) | (326) | (3899) |
| <u>Growth SC2</u> |  |  |
| Units issued | 17302 | 24585 |
| Units redeemed | (23052) | (31201) |
| Net increase(decrease) | (5750) | (6616) |
| <u>High Income IC</u> |  |  |
| Units issued | 111747 | 117466 |
| Units redeemed | (122456) | (126958) |
| Net increase(decrease) | (10709) | (9492) |
| <u>High Income SC</u> |  |  |
| Units issued | 21355 | 26169 |
| Units redeemed | (22231) | (29129) |
| Net increase(decrease) | (876) | (2960) |

---

**7. CHANGES IN UNITS OUTSTANDING, continued**

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Fidelity, continued:** |  |  |
| <u>High Income SC2</u> |  |  |
| Units issued | 5386941 | 6872541 |
| Units redeemed | (5696261) | (7230688) |
| Net increase(decrease) | (309320) | (358147) |
| <u>Overseas IC</u> |  |  |
| Units issued | 21999 | 22919 |
| Units redeemed | (29201) | (32161) |
| Net increase(decrease) | (7202) | (9242) |
| <u>Overseas SC</u> |  |  |
| Units issued | 2049 | 1841 |
| Units redeemed | (2121) | (3532) |
| Net increase(decrease) | (72) | (1691) |
| <u>Overseas SC2</u> |  |  |
| Units issued | 136131 | 152705 |
| Units redeemed | (156383) | (180887) |
| Net increase(decrease) | (20252) | (28182) |
| <u>Asset Mgr. IC</u> |  |  |
| Units issued | 6202 | 6718 |
| Units redeemed | (15369) | (22559) |
| Net increase(decrease) | (9167) | (15841) |
| <u>Asset Mgr. SC</u> |  |  |
| Units issued | 3478 | 3366 |
| Units redeemed | (4772) | (6467) |
| Net increase(decrease) | (1294) | (3101) |
| <u>Asset Mgr. SC2</u> |  |  |
| Units issued | 10558 | 13546 |
| Units redeemed | (17487) | (17438) |
| Net increase(decrease) | (6929) | (3892) |
| <u>Inv. Bond IC</u> |  |  |
| Units issued | 173305 | 181009 |
| Units redeemed | (196218) | (191060) |
| Net increase(decrease) | (22913) | (10051) |

---

**7. CHANGES IN UNITS OUTSTANDING, continued**

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Fidelity, continued:** |  |  |
| <u>Inv. Bond SC2</u> |  |  |
| Units issued | 7401840 | 9125398 |
| Units redeemed | (7795902) | (9438145) |
| Net increase(decrease) | (394062) | (312747) |
| <u>Contrafund IC</u> |  |  |
| Units issued | 15820 | 20876 |
| Units redeemed | (26269) | (31377) |
| Net increase(decrease) | (10449) | (10501) |
| <u>Contrafund SC</u> |  |  |
| Units issued | 2354 | 2708 |
| Units redeemed | (4600) | (10121) |
| Net increase(decrease) | (2246) | (7413) |
| <u>Contrafund SC2</u> |  |  |
| Units issued | 70373 | 88584 |
| Units redeemed | (92249) | (130602) |
| Net increase(decrease) | (21876) | (42018) |
| <u>Asset Mgr. Gr. IC</u> |  |  |
| Units issued | 2915 | 3427 |
| Units redeemed | (6932) | (6625) |
| Net increase(decrease) | (4017) | (3198) |
| <u>Asset Mgr. Gr. SC</u> |  |  |
| Units issued | 817 | 791 |
| Units redeemed | (1122) | (802) |
| Net increase(decrease) | (305) | (11) |
| <u>Asset Mgr. Gr. SC2</u> |  |  |
| Units issued | 5995 | 1024 |
| Units redeemed | (2904) | (2828) |
| Net increase(decrease) | 3091 | (1804) |
| <u>Mid Cap SC2</u> |  |  |
| Units issued | 28905 | 30332 |
| Units redeemed | (35228) | (33704) |
| Net increase(decrease) | (6323) | (3372) |

---

**7. CHANGES IN UNITS OUTSTANDING, continued**

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Fidelity, continued:** |  |  |
| <u>Money Market</u> |  |  |
| Units issued | 117857244 | 69930995 |
| Units redeemed | (130036761) | (31855166) |
| Net increase(decrease) | (12179517) | 38075829 |
| <u>Money Market SC2</u> |  |  |
| Units issued | 585904 | 788524 |
| Units redeemed | (645750) | (1612680) |
| Net increase(decrease) | (59846) | (824156) |
| <u>Index 500 SC2</u> |  |  |
| Units issued | 2268 | 3111 |
| Units redeemed | (3100) | (4454) |
| Net increase(decrease) | (832) | (1343) |
| <u>Strategic SC2</u> |  |  |
| Units issued | 5586 | 9250 |
| Units redeemed | (10769) | (9317) |
| Net increase(decrease) | (5183) | (67) |
| **Alger:** |  |  |
| <u>Balanced</u> |  |  |
| Units issued | 48613 | 52713 |
| Units redeemed | (61024) | (59257) |
| Net increase(decrease) | (12411) | (6544) |
| **MFS:** |  |  |
| <u>Utilities</u> |  |  |
| Units issued | 82424 | 100011 |
| Units redeemed | (105163) | (122566) |
| Net increase(decrease) | (22739) | (22555) |
| <u>New Discovery</u> |  |  |
| Units issued | 57993 | 62837 |
| Units redeemed | (65131) | (76281) |
| Net increase(decrease) | (7138) | (13444) |
| <u>Total Return</u> |  |  |
| Units issued | 45615 | 56510 |
| Units redeemed | (46462) | (56000) |
| Net increase(decrease) | (847) | 510 |

---

**7. CHANGES IN UNITS OUTSTANDING, continued**

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **MFS, continued:** |  |  |
| <u>Growth SC</u> |  |  |
| Units issued | 1221 | 1633 |
| Units redeemed | (1764) | (1868) |
| Net increase(decrease) | (543) | (235) |
| <u>New Discovery SC</u> |  |  |
| Units issued | 2558 | 4895 |
| Units redeemed | (4233) | (4070) |
| Net increase(decrease) | (1675) | 825 |
| <u>Utilities SC</u> |  |  |
| Units issued | 11091 | 16553 |
| Units redeemed | (12021) | (17631) |
| Net increase(decrease) | (930) | (1078) |
| <u>Strategic</u> |  |  |
| Units issued | 214285 | 217104 |
| Units redeemed | (207242) | (241619) |
| Net increase(decrease) | 7043 | (24515) |
| <u>Research</u> |  |  |
| Units issued | 2938923 | 3737395 |
| Units redeemed | (3154980) | (3933421) |
| Net increase(decrease) | (216057) | (196026) |
| <u>Blended Core SC</u> |  |  |
| Units issued | 223 | 708 |
| Units redeemed | (678) | (209) |
| Net increase(decrease) | (455) | 499 |
| <u>Corporate SC</u> |  |  |
| Units issued | 2478 | 42010 |
| Units redeemed | (19824) | (10360) |
| Net increase(decrease) | (17346) | 31650 |
| <u>Government SC</u> |  |  |
| Units issued | 8771 | 4874 |
| Units redeemed | (6943) | (154) |
| Net increase(decrease) | 1828 | 4720 |

---

**7. CHANGES IN UNITS OUTSTANDING, continued**

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **MFS, continued:** |  |  |
| <u>Growth Allocation SC</u> |  |  |
| Units issued | 1695 | 2773 |
| Units redeemed | (3010) | (2322) |
| Net increase(decrease) | (1315) | 451 |
| <u>Moderate SC</u> |  |  |
| Units issued | 2514 | 2038 |
| Units redeemed | (4709) | (8664) |
| Net increase(decrease) | (2195) | (6626) |
| <u>Conservative SC</u> |  |  |
| Units issued | 765 | 752 |
| Units redeemed | (9386) | (3917) |
| Net increase(decrease) | (8621) | (3165) |
| <u>Blended Small Cap SC</u> |  |  |
| Units issued | 8462 | 7915 |
| Units redeemed | (8850) | (6012) |
| Net increase(decrease) | (388) | 1903 |
| <u>Global Real Estate IC</u> |  |  |
| Units issued | 2652 | 36564 |
| Units redeemed | (14145) | (2213) |
| Net increase(decrease) | (11493) | 34351 |
| <u>Global Real Estate SC</u> |  |  |
| Units issued | 331 | 177 |
| Units redeemed | (413) | (986) |
| Net increase(decrease) | (82) | (809) |
| **Van Kampen:** |  |  |
| <u>Emerging Markets</u> |  |  |
| Units issued | 1727829 | 2236078 |
| Units redeemed | (1881198) | (2382300) |
| Net increase(decrease) | (153369) | (146222) |
| <u>Intl. Magnum</u> |  |  |
| Units issued | 47659 | 63898 |
| Units redeemed | (53726) | (68457) |
| Net increase(decrease) | (6067) | (4559) |

---

**7. CHANGES IN UNITS OUTSTANDING, continued**

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Van Kampen, continued:** |  |  |
| <u>Global II</u> |  |  |
| Units issued | 1980 | 2029 |
| Units redeemed | (2129) | (4567) |
| Net increase(decrease) | (149) | (2538) |
| **Calvert:** |  |  |
| <u>Balanced</u> |  |  |
| Units issued | 858406 | 204478 |
| Units redeemed | (355957) | (248244) |
| Net increase(decrease) | 502449 | (43766) |
| <u>Mid Cap</u> |  |  |
| Units issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Units redeemed | (2544) | (2409) |
| Net increase(decrease) | (2544) | (2409) |
| <u>Balanced F</u> |  |  |
| Units issued | 92806 | 48265 |
| Units redeemed | (54759) | (101968) |
| Net increase(decrease) | 38047 | (53703) |
| **Lincoln:** |  |  |
| <u>Disciplined Core Value II</u> |  |  |
| Units issued | 10509730 | 12925583 |
| Units redeemed | (11145569) | (9022838) |
| Net increase(decrease) | (635839) | 3902745 |
| <u>Mid Cap Value II</u> |  |  |
| Units issued | 998191 | 1146339 |
| Units redeemed | (1044631) | (748295) |
| Net increase(decrease) | (46440) | 398044 |
| <u>Disciplined Core Value SC</u> |  |  |
| Units issued | 35217 | 208495 |
| Units redeemed | (55602) | (69166) |
| Net increase(decrease) | (20385) | 139329 |
| **AIM:** |  |  |
| <u>Intl. Growth</u> |  |  |
| Units issued | 304873 | 337458 |
| Units redeemed | (317063) | (357315) |
| Net increase(decrease) | (12190) | (19857) |

---

**7. CHANGES IN UNITS OUTSTANDING, continued**

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **AIM, continued:** |  |  |
| <u>Global</u> |  |  |
| Units issued | 127069 | 107595 |
| Units redeemed | (101507) | (100892) |
| Net increase(decrease) | 25562 | 6703 |
| <u>Global Value</u> |  |  |
| Units issued | 78729 | 91875 |
| Units redeemed | (89578) | (97431) |
| Net increase(decrease) | (10849) | (5556) |
| <u>Discovery Mid Cap</u> |  |  |
| Units issued | 16182 | 20195 |
| Units redeemed | (18368) | (22409) |
| Net increase(decrease) | (2186) | (2214) |
| <u>Diversified</u> |  |  |
| Units issued | 12264 | 15734 |
| Units redeemed | (12989) | (17830) |
| Net increase(decrease) | (725) | (2096) |
| <u>Value</u> |  |  |
| Units issued | 751 | 777 |
| Units redeemed | (903) | (3121) |
| Net increase(decrease) | (152) | (2344) |
| <u>Real Estate</u> |  |  |
| Units issued | 25628 | 13256 |
| Units redeemed | (14530) | (16030) |
| Net increase(decrease) | 11098 | (2774) |
| **Summit:** |  |  |
| <u>S&P MidCap</u> |  |  |
| Units issued | 1286513 | 1557217 |
| Units redeemed | (1378882) | (1717946) |
| Net increase(decrease) | (92369) | (160729) |
| <u>Russell Small Cap</u> |  |  |
| Units issued | 1267243 | 1553943 |
| Units redeemed | (1361645) | (1712452) |
| Net increase(decrease) | (94402) | (158509) |

---

**7. CHANGES IN UNITS OUTSTANDING, continued**

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Summit, continued:** |  |  |
| <u>Nasdaq-100 Index</u> |  |  |
| Units issued | 1487395 | 2054867 |
| Units redeemed | (1704597) | (2316477) |
| Net increase(decrease) | (217202) | (261610) |
| <u>EAFE Intl.</u> |  |  |
| Units issued | 787086 | 1033509 |
| Units redeemed | (856083) | (1088645) |
| Net increase(decrease) | (68997) | (55136) |
| <u>S&P 500</u> |  |  |
| Units issued | 518714 | 674164 |
| Units redeemed | (574583) | (752821) |
| Net increase(decrease) | (55869) | (78657) |
| <u>Barclays</u> |  |  |
| Units issued | 3050171 | 3705953 |
| Units redeemed | (3189742) | (3825847) |
| Net increase(decrease) | (139571) | (119894) |
| <u>Growth</u> |  |  |
| Units issued | 760629 | 154692 |
| Units redeemed | (1131232) | (1285794) |
| Net increase(decrease) | (370603) | (1131102) |
| <u>Mod. Growth</u> |  |  |
| Units issued | 855571 | 947884 |
| Units redeemed | (1150708) | (1564595) |
| Net increase(decrease) | (295137) | (616711) |
| <u>Moderate</u> |  |  |
| Units issued | 5936660 | 7330257 |
| Units redeemed | (6370510) | (8053867) |
| Net increase(decrease) | (433850) | (723610) |
| **Third Avenue:** |  |  |
| <u>Value</u> |  |  |
| Units issued | 108301 | 123820 |
| Units redeemed | (119782) | (142243) |
| Net increase(decrease) | (11481) | (18423) |

---

**7. CHANGES IN UNITS OUTSTANDING, continued**

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Dreyfus:** |  |  |
| <u>MidCap</u> |  |  |
| Units issued | 22030 | 28378 |
| Units redeemed | (27755) | (37460) |
| Net increase(decrease) | (5725) | (9082) |
| <u>Small Cap</u> |  |  |
| Units issued | 11071 | 3109 |
| Units redeemed | (12846) | (6133) |
| Net increase(decrease) | (1775) | (3024) |
| **Scudder:** |  |  |
| <u>Small Mid Value</u> |  |  |
| Units issued | 43916 | 55918 |
| Units redeemed | (53886) | (68472) |
| Net increase(decrease) | (9970) | (12554) |
| <u>Thematic</u> |  |  |
| Units issued | 17329 | 9041 |
| Units redeemed | (16858) | (9672) |
| Net increase(decrease) | 471 | (631) |
| <u>Alternative</u> |  |  |
| Units issued | 2890 | 2798 |
| Units redeemed | (2823) | (3442) |
| Net increase(decrease) | 67 | (644) |
| **Neuberger Berman:** |  |  |
| <u>Regency</u> |  |  |
| Units issued | 13986 | 18584 |
| Units redeemed | (15987) | (21005) |
| Net increase(decrease) | (2001) | (2421) |
| <u>Intrinsic</u> |  |  |
| Units issued | 1909 | 2738 |
| Units redeemed | (2956) | (3296) |
| Net increase(decrease) | (1047) | (558) |
| <u>Growth</u> |  |  |
| Units issued | 107 | 2431 |
| Units redeemed | (1114) | (808) |
| Net increase(decrease) | (1007) | 1623 |

---

**7. CHANGES IN UNITS OUTSTANDING, continued**

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **T. Rowe:** |  |  |
| <u>Blue Chip</u> |  |  |
| Units issued | 1294222 | 1773068 |
| Units redeemed | (1426010) | (2011135) |
| Net increase(decrease) | (131788) | (238067) |
| **Pimco:** |  |  |
| <u>Total Return</u> |  |  |
| Units issued | 439390 | 440738 |
| Units redeemed | (446775) | (387595) |
| Net increase(decrease) | (7385) | 53143 |
| <u>Low Duration</u> |  |  |
| Units issued | 1514053 | 1833148 |
| Units redeemed | (1611162) | (1894159) |
| Net increase(decrease) | (97109) | (61011) |
| <u>Short Term</u> |  |  |
| Units issued | 30821 | 53680 |
| Units redeemed | (32392) | (146404) |
| Net increase(decrease) | (1571) | (92724) |
| <u>Emerging</u> |  |  |
| Units issued | 22 | 152 |
| Units redeemed | (694) | (1339) |
| Net increase(decrease) | (672) | (1187) |
| <u>Low Duration Adv.</u> |  |  |
| Units issued | 103 | 5928 |
| Units redeemed | (1243) | (13118) |
| Net increase(decrease) | (1140) | (7190) |
| <u>Real Return</u> |  |  |
| Units issued | 76967 | 104321 |
| Units redeemed | (69890) | (64279) |
| Net increase(decrease) | 7077 | 40042 |
| <u>Commodity</u> |  |  |
| Units issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Units redeemed | (202) | (3137) |
| Net increase(decrease) | (202) | (3137) |

---

**7. CHANGES IN UNITS OUTSTANDING, continued**

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Ibbotson:** |  |  |
| <u>Balanced</u> |  |  |
| Units issued | 4094 | 6309 |
| Units redeemed | (8136) | (12444) |
| Net increase(decrease) | (4042) | (6135) |
| <u>Growth</u> |  |  |
| Units issued | 6182 | 5667 |
| Units redeemed | (5707) | (9383) |
| Net increase(decrease) | 475 | (3716) |
| <u>Income</u> |  |  |
| Units issued | 8714 | 7749 |
| Units redeemed | (6295) | (8693) |
| Net increase(decrease) | 2419 | (944) |
| **Franklin Templeton:** |  |  |
| <u>Global Bond</u> |  |  |
| Units issued | 5043080 | 6026076 |
| Units redeemed | (5324328) | (6102306) |
| Net increase(decrease) | (281248) | (76230) |
| <u>Income</u> |  |  |
| Units issued | 72954 | 47422 |
| Units redeemed | (63969) | (52883) |
| Net increase(decrease) | 8985 | (5461) |
| <u>Global Discovery</u> |  |  |
| Units issued | 4081 | 3393 |
| Units redeemed | (4340) | (3200) |
| Net increase(decrease) | (259) | 193 |
| <u>Small Cap</u> |  |  |
| Units issued | 1107 | 1533 |
| Units redeemed | (1289) | (3063) |
| Net increase(decrease) | (182) | (1530) |
| <u>Foreign</u> |  |  |
| Units issued | 18324 | 7023 |
| Units redeemed | (12085) | (19803) |
| Net increase(decrease) | 6239 | (12780) |

---

**7. CHANGES IN UNITS OUTSTANDING, continued**

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **AllianceBernstein:** |  |  |
| <u>Growth and Income</u> |  |  |
| Units issued | 4592 | 5198 |
| Units redeemed | (4790) | (5939) |
| Net increase(decrease) | (198) | (741) |
| **American Funds:** |  |  |
| <u>Managed</u> |  |  |
| Units issued | 325533 | 457156 |
| Units redeemed | (609244) | (1116087) |
| Net increase(decrease) | (283711) | (658931) |
| <u>Blue Chip</u> |  |  |
| Units issued | 17859 | 25838 |
| Units redeemed | (24027) | (34706) |
| Net increase(decrease) | (6168) | (8868) |
| <u>Global</u> |  |  |
| Units issued | 4944 | 5353 |
| Units redeemed | (5648) | (5315) |
| Net increase(decrease) | (704) | 38 |
| <u>Growth</u> |  |  |
| Units issued | 1667 | 2195 |
| Units redeemed | (2730) | (3401) |
| Net increase(decrease) | (1063) | (1206) |
| <u>International</u> |  |  |
| Units issued | 407 | 278 |
| Units redeemed | (1913) | (6266) |
| Net increase(decrease) | (1506) | (5988) |
| <u>New World</u> |  |  |
| Units issued | 17428 | 19089 |
| Units redeemed | (12898) | (25903) |
| Net increase(decrease) | 4530 | (6814) |
| <u>Growth-Income</u> |  |  |
| Units issued | 3726 | 4812 |
| Units redeemed | (4088) | (5447) |
| Net increase(decrease) | (362) | (635) |

---

**7. CHANGES IN UNITS OUTSTANDING, continued** 

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **American Funds, continued:** |  |  |
| <u>Asset</u> |  |  |
| Units issued | 5023 | 5891 |
| Units redeemed | (8551) | (12466) |
| Net increase(decrease) | (3528) | (6575) |
| **Columbia:** |  |  |
| <u>Strategic</u> |  |  |
| Units issued | 12625 | 17118 |
| Units redeemed | (13479) | (29657) |
| Net increase(decrease) | (854) | (12539) |
| <u>Emerging</u> |  |  |
| Units issued | 463 | 1024 |
| Units redeemed | (1650) | (680) |
| Net increase(decrease) | (1187) | 344 |
| <u>International</u> |  |  |
| Units issued | 15 | 83 |
| Units redeemed | (10466) | (8) |
| Net increase(decrease) | (10451) | 75 |
| <u>Smaller-Cap</u> |  |  |
| Units issued | 161 | 609 |
| Units redeemed | (269) | (1005) |
| Net increase(decrease) | (108) | (396) |
| <u>Mid Cap</u> |  |  |
| Units issued | 8898 | 7840 |
| Units redeemed | (9576) | (10128) |
| Net increase(decrease) | (678) | (2288) |
| <u>High Yield</u> |  |  |
| Units issued | 10597 | 13529 |
| Units redeemed | (21071) | (16015) |
| Net increase(decrease) | (10474) | (2486) |
| <u>Large Core</u> |  |  |
| Units issued | 650 | 1630 |
| Units redeemed | (1052) | (2449) |
| Net increase(decrease) | (402) | (819) |

---

**7. CHANGES IN UNITS OUTSTANDING, continued**

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Ivy:** |  |  |
| <u>Strategy</u> |  |  |
| Units issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Units redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (558) |
| Net increase(decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (558) |
| <u>Balanced</u> |  |  |
| Units issued | 85477 | 69882 |
| Units redeemed | (65917) | (90982) |
| Net increase(decrease) | 19560 | (21100) |
| <u>Energy</u> |  |  |
| Units issued | 37108 | 42118 |
| Units redeemed | (40023) | (64478) |
| Net increase(decrease) | (2915) | (22360) |
| <u>Small Cap Value</u> |  |  |
| Units issued | 1432 | 3276 |
| Units redeemed | (1811) | (5990) |
| Net increase(decrease) | (379) | (2714) |
| <u>Science</u> |  |  |
| Units issued | 6476 | 10283 |
| Units redeemed | (8036) | (7016) |
| Net increase(decrease) | (1560) | 3267 |
| <u>Mid Cap Growth</u> |  |  |
| Units issued | 7057 | 5014 |
| Units redeemed | (11543) | (10649) |
| Net increase(decrease) | (4486) | (5635) |
| <u>International</u> |  |  |
| Units issued | 4275 | 1208 |
| Units redeemed | (4954) | (3707) |
| Net increase(decrease) | (679) | (2499) |
| <u>Global</u> |  |  |
| Units issued | 6094 | 6265 |
| Units redeemed | (6452) | (9465) |
| Net increase(decrease) | (358) | (3200) |

---

**7. CHANGES IN UNITS OUTSTANDING, continued**

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Ivy, continued:** |  |  |
| <u>High Income</u> |  |  |
| Units issued | 1776 | 224 |
| Units redeemed | (4909) | (1722) |
| Net increase(decrease) | (3133) | (1498) |
| **Janus:** |  |  |
| <u>Flexible</u> |  |  |
| Units issued | 19160 | 14795 |
| Units redeemed | (18983) | (14335) |
| Net increase(decrease) | 177 | 460 |
| **Putnam:** |  |  |
| <u>Health</u> |  |  |
| Units issued | 527 | 1448 |
| Units redeemed | (1092) | (1271) |
| Net increase(decrease) | (565) | 177 |
| <u>Asset</u> |  |  |
| Units issued | 11 | 11 |
| Units redeemed | (648) | (162) |
| Net increase(decrease) | (637) | (151) |
| **Van Eck:** |  |  |
| <u>Gold</u> |  |  |
| Units issued | 15899 | 6979 |
| Units redeemed | (17945) | (7396) |
| Net increase(decrease) | (2046) | (417) |
| <u>Hard Assets</u> |  |  |
| Units issued | 1956 | 2984 |
| Units redeemed | (3004) | (2877) |
| Net increase(decrease) | (1048) | 107 |

---

**AMERITAS LIFE INSURANCE CORP.**

**________________**

**STATUTORY BASIS FINANCIAL STATEMENTS AS OF** 

**DECEMBER 31, 2025 AND 2024 AND FOR EACH OF THE**

**THREE YEARS ENDED DECEMBER 31, 2025**

**SUPPLEMENTAL SCHEDULES AS OF AND FOR THE**

**YEAR ENDED DECEMBER 31, 2025**

**AND INDEPENDENT AUDITOR'S REPORT**

 **INDEPENDENT AUDITOR'S REPORT**

To the Board of Directors

Ameritas Life Insurance Corp.

Lincoln, Nebraska

**Opinions**

We have audited the statutory basis financial statements of Ameritas Life Insurance Corp. (the "Company"), which comprise the balance sheets - statutory basis as of December 31, 2025 and 2024, and the related summary of operations and changes in capital and surplus - statutory basis and statements of cash flows - statutory basis for each of the three years in the period ended December 31, 2024, and the related notes to the financial statements - statutory basis (collectively referred to as the "statutory basis financial statements").

 

***Unmodified Opinion on Statutory Basis of Accounting***

In our opinion, the accompanying statutory basis financial statements present fairly, in all material respects, the admitted assets, liabilities, and capital and surplus of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in accordance with the accounting practices prescribed or permitted by the Insurance Department of the State of Nebraska described in Note 1 to the statutory basis financial statements.

***Adverse Opinion on Accounting Principles Generally Accepted in the United States of America***

In our opinion, because of the significance of the matter described in the Basis for Adverse Opinion on Accounting Principles Generally Accepted in the United States of America section of our report, the statutory basis financial statements do not present fairly, in accordance with accounting principles generally accepted in the United States of America, the financial position of the Company as of December 31, 2025 and 2024, or the results of its operations or its cash flows for each of the three years in the period ended December 31, 2025.

**Basis for Opinion**

In our opinion, because of the significance of the matter described in the Basis for Adverse Opinion on Accounting Principles Generally Accepted in the United States of America section of our report, the statutory basis financial statements do not present fairly, in accordance with accounting principles generally accepted in the United States of America, the financial position of the Company as of December 31, 2025 and 2024, or the results of its operations or its cash flows for each of the three years in the period ended December 31, 2025.

***Basis for Adverse Opinion on Accounting Principles Generally Accepted in the United States of America***

As described in Note 1 to the statutory basis financial statements, the statutory basis financial statements are prepared by the Company using the accounting practices prescribed or permitted by the Insurance Department of the State of Nebraska, which is a basis of accounting other than accounting principles generally accepted in the United States of America, to meet the requirements of the Insurance Department of the State of Nebraska. The effects on the statutory basis financial statements of the variances between the statutory basis of accounting described in Note 1 and accounting principles generally accepted in the United States of America, although not reasonably determinable, are presumed to be material and pervasive.

**Responsibilities of Management for the Statutory Basis Financial Statements**

Management is responsible for the preparation and fair presentation of the statutory basis financial statements in accordance with the accounting practices prescribed or permitted by the Insurance Department of the State of Nebraska. Management is also responsible for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of statutory basis financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the statutory basis 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 statutory basis financial statements are issued.

**Auditor's Responsibilities for the Audit of the Statutory Basis Financial Statements**

Our objectives are to obtain reasonable assurance about whether the statutory basis financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's 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 statutory basis financial statements.

In performing an audit in accordance with GAAS, we:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exercise professional judgment and maintain professional skepticism throughout the audit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Identify and assess the risks of material misstatement of the statutory basis 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 statutory basis financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 statutory basis financial statements.

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

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

/s/ Deloitte & Touche LLP

Omaha, Nebraska

March 30, 2026

This page left intentionally blank.

---

| | | |
|:---|:---|:---|
| **AMERITAS LIFE INSURANCE CORP.** | **AMERITAS LIFE INSURANCE CORP.** | **AMERITAS LIFE INSURANCE CORP.** |
| **Balance Sheets - Statutory Basis** | **Balance Sheets - Statutory Basis** | **Balance Sheets - Statutory Basis** |
| **(in thousands, except shares)** | **(in thousands, except shares)** | **(in thousands, except shares)** |
|  | **December 31** | **December 31** |
| **ADMITTED ASSETS** | **2025** | **2024** |
| Bonds | $12904203 | $12109742 |
| Preferred stocks |  | 2828 |
| Common stocks | 478370 | 483188 |
| Mortgage loans | 2436818 | 2300251 |
| Real estate: |  |  |
| &nbsp;&nbsp;Properties occupied by the company | 32225 | 38470 |
| &nbsp;&nbsp;Properties held for the production of income | 26423 | 4732 |
| Cash, cash equivalents, and short-term investments | 341551 | 201163 |
| Contract loans | 967549 | 851561 |
| Other investments | 1600111 | 1495017 |
| &nbsp;&nbsp;**Total Cash and Invested Assets** | 18787250 | 17486952 |
| Investment income due and accrued | 150555 | 145519 |
| Deferred and uncollected premiums | 110048 | 109647 |
| Federal income tax recoverable |  | 3032 |
| Net deferred income tax asset | 117529 | 125426 |
| Funds held under coinsurance - affiliate | 33327 | 33945 |
| Other admitted assets | 152542 | 138472 |
| Separate account assets | 11287354 | 10756291 |
| &nbsp;&nbsp;**Total Admitted Assets** | $30638605 | $28799284 |
| **LIABILITIES, CAPITAL AND SURPLUS** |  |  |
| Reserves for life, accident and health policies | $14373108 | $13684723 |
| Deposit-type funds | 1409540 | 1192888 |
| Reserves for unpaid claims | 153178 | 153824 |
| Dividends payable to policyholders | 31150 | 28994 |
| Interest maintenance reserve | 40430 | 48625 |
| Accrued commissions, expenses and insurance taxes | 155500 | 152753 |
| Federal income taxes payable | 30202 |  |
| Asset valuation reserve | 325047 | 354449 |
| Other liabilities | 664851 | 545291 |
| Separate account liabilities | 11287354 | 10756291 |
| &nbsp;&nbsp;**Total Liabilities** | 28470360 | 26917838 |
| Common stock, par value $0.10 per share; 25,000,000 shares authorized, |  |  |
| &nbsp;&nbsp; issued and outstanding | 2500 | 2500 |
| Additional paid in capital | 496449 | 431449 |
| Surplus notes | 49993 | 49984 |
| Unassigned surplus | 1619303 | 1397513 |
| &nbsp;&nbsp;**Total Capital and Surplus** | 2168245 | 1881446 |
| &nbsp;&nbsp;**Total Liabilities, Capital and Surplus** | $30638605 | $28799284 |

---

The accompanying notes are an integral part of these statutory basis financial statements.

---

| | | | |
|:---|:---|:---|:---|
| **AMERITAS LIFE INSURANCE CORP.** | **AMERITAS LIFE INSURANCE CORP.** | **AMERITAS LIFE INSURANCE CORP.** | **AMERITAS LIFE INSURANCE CORP.** |
| **Summary of Operations and Changes in Capital and Surplus - Statutory Basis** | **Summary of Operations and Changes in Capital and Surplus - Statutory Basis** | **Summary of Operations and Changes in Capital and Surplus - Statutory Basis** | **Summary of Operations and Changes in Capital and Surplus - Statutory Basis** |
| **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  | **Years Ended December 31** | **Years Ended December 31** | **Years Ended December 31** |
|  | **2025** | **2024** | **2023** |
| **Premiums and Other Revenue** |  |  |  |
| &nbsp;&nbsp;Premiums, net | $3951843 | $4210410 | $3779855 |
| &nbsp;&nbsp;Net investment income | 893742 | 806210 | 622185 |
| &nbsp;&nbsp;Commissions and expense allowances on reinsurance ceded | 41158 | 34784 | 33566 |
| &nbsp;&nbsp;Modco reinsurance adjustment – affiliate | 2474 | 9968 | 11843 |
| &nbsp;&nbsp;Income from fees associated with separate accounts | 68559 | 69115 | 63552 |
| &nbsp;&nbsp;Miscellaneous income | 52936 | 55982 | 62673 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Premiums and Other Revenue** | 5010712 | 5186469 | 4573674 |
| **Expenses** |  |  |  |
| &nbsp;&nbsp;Benefits to policyholders | 4038904 | 4038081 | 3358782 |
| &nbsp;&nbsp;Change in reserves for life, accident and health policies | 682854 | 1135517 | 636666 |
| &nbsp;&nbsp;Commissions | 343882 | 372384 | 318711 |
| &nbsp;&nbsp;General insurance expenses | 588755 | 587818 | 589251 |
| &nbsp;&nbsp;Taxes, licenses and fees | 58206 | 67561 | 59330 |
| &nbsp;&nbsp;Net transfers from separate accounts | (911109) | (951350) | (487201) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 4801492 | 5250011 | 4475539 |
| **Gain (Loss) from Operations before Dividends, Federal Income Tax** |  |  |  |
| &nbsp;&nbsp;**Expense (Benefit) and Net Realized Capital Gains** | 209220 | (63542) | 98135 |
| &nbsp;&nbsp;Dividends to policyholders | 29550 | 30907 | 25630 |
| **Gain (Loss) from Operations before Federal Income Tax** |  |  |  |
| &nbsp;&nbsp;**Expense (Benefit) and Net Realized Capital Gains** | 179670 | (94449) | 72505 |
| &nbsp;&nbsp;Federal income tax expense (benefit) | 16986 | (16252) | 31114 |
| **Gain (Loss) from Operations before Net Realized Capital Gains** | 162684 | (78197) | 41391 |
| &nbsp;&nbsp;Net realized capital gains, net of taxes | 41778 | 44770 | 32387 |
| **Net Income (Loss)** | 204462 | (33427) | 73778 |
| **Surplus notes** |  |  |  |
| &nbsp;&nbsp;Surplus notes amortization | 9 | 9 | 9 |
| **Additional paid in capital** |  |  |  |
| &nbsp;&nbsp;Capital contribution from parent | 65000 |  |  |
| **Unassigned surplus** |  |  |  |
| &nbsp;&nbsp;Change in unrealized gains, net of tax | 23635 | 23633 | 50539 |
| &nbsp;&nbsp;Change in net deferred income taxes | 5918 | 29059 | 65216 |
| &nbsp;&nbsp;Change in nonadmitted assets | (36073) | (41149) | (50383) |
| &nbsp;&nbsp;Change in asset valuation reserve | 29402 | (17539) | (72433) |
| &nbsp;&nbsp;Change in unrecognized actuarial losses on pension, net of tax | (607) | (37) | (250) |
| &nbsp;&nbsp;Amortization of reinsurance gain, net of tax (Note 13) | (4947) | (4266) | (3954) |
| &nbsp;&nbsp;Dissolution of subsidiary (Note 2) |  |  | (95745) |
| &nbsp;&nbsp;Cumulative effect of change in accounting principle (Note 1) |  |  | 58822 |
| **Net Change in Capital and Surplus** | 286799 | (43717) | 25599 |
| Capital and Surplus at the Beginning of the Year | 1881446 | 1925163 | 1899564 |
| &nbsp;&nbsp;**Capital and Surplus at the End of Year** | $2168245 | $1881446 | $1925163 |

---

The accompanying notes are an integral part of these statutory basis financial statements.

---

| | | | |
|:---|:---|:---|:---|
| **AMERITAS LIFE INSURANCE CORP.** | **AMERITAS LIFE INSURANCE CORP.** | **AMERITAS LIFE INSURANCE CORP.** | **AMERITAS LIFE INSURANCE CORP.** |
| **Statements of Cash Flows – Statutory Basis** | **Statements of Cash Flows – Statutory Basis** | **Statements of Cash Flows – Statutory Basis** | **Statements of Cash Flows – Statutory Basis** |
| **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  | **Years Ended December 31** | **Years Ended December 31** | **Years Ended December 31** |
|  | **2025** | **2024** | **2023** |
| **OPERATING ACTIVITIES** |  |  |  |
| Premium collected net of reinsurance | $3945890 | $4236530 | $3783194 |
| Net investment income received | 901250 | 801523 | 620675 |
| Miscellaneous income | 163016 | 160112 | 160206 |
| Benefits paid to policyholders | (4029025) | (4010542) | (3377550) |
| Net transfers from separate accounts | 907358 | 959589 | 490322 |
| Commissions, expenses and taxes paid | (995884) | (1021655) | (945340) |
| Dividends paid to policyholders | (27393) | (27516) | (23832) |
| Federal income taxes received (paid) | 5213 | (27086) | (17142) |
| &nbsp;&nbsp;**Net Cash from Operating Activities** | 870425 | 1070955 | 690533 |
| **INVESTING ACTIVITIES** |  |  |  |
| Proceeds from investments sold, matured or repaid | 2376607 | 1665850 | 1300512 |
| Cost of investments acquired | (3327033) | (2609281) | (1605951) |
| Net change in contract loans | (115721) | (119637) | (118593) |
| &nbsp;&nbsp;**Net Cash from Investing Activities** | (1066147) | (1063068) | (424032) |
| **FINANCING AND MISCELLANEOUS ACTIVITIES** |  |  |  |
| Change in deposit-type funds | 216654 | 22451 | (417) |
| Proceeds from capital contributions | 65000 |  |  |
| Proceeds from borrowings |  | 107 | 167500 |
| Redemptions of borrowings | (2959) |  | (262500) |
| Other miscellaneous, net | 57415 | 13837 | (56338) |
| &nbsp;&nbsp;**Net Cash from Financing and Miscellaneous Activities** | 336110 | 36395 | (151755) |
| **Net Change in Cash, Cash Equivalents and Short-Term Investments** | 140388 | 44282 | 114746 |
| **Cash, Cash Equivalents and Short-Term Investments** |  |  |  |
| &nbsp;&nbsp;**– Beginning of Year** | 201163 | 156881 | 42135 |
| **Cash, Cash Equivalents and Short-Term Investments** |  |  |  |
| &nbsp;&nbsp;**– End of Year** | $341551 | $201163 | $156881 |
| **Non-cash transactions from operating, investing and financing activities:** |  |  |  |
| Exchanges of bonds and stocks | $183673 | $41833 | $16375 |
| Real estate acquired through mortgage loan foreclosure | 14055 |  |  |
| Transfer of bonds to other invested assets | 2633 |  |  |
| Acquisition of stock from alternative partnerships | 195 |  |  |
| Bonds converted to stocks |  | 5161 |  |
| Recognized commitments for low income housing investments (Note 3) |  | 2932 | 18069 |
| Net assets (liabilities) acquired from dissolution of subsidiary (Note 2) |  |  | (3296) |
| Disposal of investment from dissolution of subsidiary (Note 2) |  |  | (92609) |

---

The accompanying notes are an integral part of these statutory basis financial statements.

 **AMERITAS LIFE INSURANCE CORP.**

**Notes to Financial Statements – Statutory Basis**

**For the Years Ended December 31, 2025, 2024 and 2023**

**(in thousands)**

**NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES**

**Nature of Operations**

Ameritas Life Insurance Corp. (the Company or Ameritas Life), a stock life insurance company domiciled in the state of Nebraska, is a wholly-owned subsidiary of Ameritas Holding Company (AHC), which is a wholly-owned subsidiary of Ameritas Mutual Holding Company (AMHC). AMHC is a mutual insurance holding company. Owners of designated policies issued by the Company have membership interest in AMHC, while contractual rights remain with the Company. AHC also wholly owns Ameritas Investment Partners, Inc. (AIP), an advisor providing investment management services to the Company.

The Company wholly-owns Ameritas Life Insurance Corp. of New York (Ameritas-NY), a New York domiciled life insurance subsidiary, Ameritas Investment Company, LLC (AIC), a broker dealer, Variable Contract Agency LLC (VCA), an insurance agency, and Ameritas Advisory Services LLC (AAS), a registered investment advisor.

The Company has established three Closed Blocks of policies: (a) the first on October 1, 1998, (b) the second on July 1, 2005, and (c) the third on July 1, 2007, (collectively, the Closed Blocks). The Company formed these closed blocks of policies, under the arrangements approved by the Insurance Departments of the State of Nebraska, Ohio or the District of Columbia, as appropriate, to provide for dividends on policies that were in force on each respective effective date and which were within the classes of individual policies for which the Company had a dividend scale in effect at those dates. The Closed Blocks were designed to give reasonable assurance to owners of affected policies that the assets will be available to support such policies including maintaining dividend scales in effect at the effective dates, if the experience underlying such scales continues. The assets, including revenue thereon, will accrue solely to the benefit of the owners of policies included in the block until the block is no longer in effect.

The Company's insurance operations consist of life and health insurance, annuity, group pension and retirement contracts. The Company operates in 49 states and the District of Columbia.

**Basis of Presentation** 

The accompanying financial statements of the Company have been prepared in accordance with accounting practices prescribed or permitted by the Nebraska Department of Insurance (the Department). Accounting practices and procedures of the National Association of Insurance Commissioners (NAIC) as prescribed or permitted by the Department comprise a comprehensive basis of accounting (NAIC SAP) other than accounting principles generally accepted in the United States of America (GAAP). The Company follows NAIC SAP and has not been granted any Nebraska prescribed or permitted practices.

<br> The preparation of financial statements in accordance with statutory accounting practices 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 income and expenses during the reporting period. Such estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed herein. Material estimates susceptible to significant change include reserves, income taxes, investment values, and other-than-temporary impairments (OTTI).

Current NAIC SAP practices vary from GAAP. The more significant variances between NAIC SAP and GAAP are as follows:

 

Under NAIC SAP, investments in bonds and redeemable preferred stock are generally reported at amortized cost, with certain NAIC designated securities reported at the lower of amortized cost or fair value and adjustments to fair value reported directly in surplus. Under GAAP, bonds are carried either at amortized cost or fair value based on their classifications. Under GAAP, bonds designated as held-to-maturity based on the Company's intent and ability to hold to maturity would be carried at amortized cost. Bonds designated as available-for-sale would be carried at fair value with net unrealized holding gains and losses reported in other comprehensive income. Bonds designated as trading would be carried at fair value with net unrealized holding gains and losses reported in income.

**NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES, (continued)**

Under NAIC SAP, the cost basis of an impaired issuer credit obligations or asset-backed security is written down to fair value when a decline in value is considered other-than-temporary. The full impairment loss is recognized in income. Under U.S. GAAP, credit-related impairment to a debt security is recorded through an allowance in income, with the remaining unrealized loss, if applicable, recognized in other comprehensive income.

<br> Under NAIC SAP, investments in unaffiliated common stocks are stated at fair value with changes in fair value recognized in unrealized gains (losses) on investments, a component of surplus. Under GAAP, common stocks are carried at fair value with changes in unrealized gains and losses recognized in income.

Subsidiaries are included as common stocks carried under the equity method, with the equity in net income (loss) of subsidiaries credited directly to the Company's unassigned surplus for NAIC SAP. Dividends received from subsidiaries are recorded in net investment income. GAAP requires either consolidation or the equity interest in net income of subsidiaries to be credited to the income statement.<br>Under NAIC SAP, a mortgage loan is impaired when it it is probable the Company will be unable to collect all amounts contractually due. Impairments are evaluated on an individual basis. Under GAAP, a mortgage loan is stated at amortized cost less an allowance based on expected lifetime credit loss. Collectibility is measured on a collective basis for assets with similar risk characteristics.

Under NAIC SAP, real estate owned and occupied by the Company is included in invested assets, and net investment income and operating expenses includes self-charged rent for the Company's occupancy of this property. Under GAAP, this property would be classified as an operating asset, and there would be no self-charged rent or expenses.

Under NAIC SAP, limited partnerships are stated at the underlying audited GAAP equity value with the change in valuation reflected in unrealized gains (losses), net of tax in unassigned surplus. Income distributions from the limited partnerships are reported as net investment income when declared, to the extent that they are not in excess of the undistributed accumulated earnings, in the statement of operations and changes in capital and surplus on a NAIC SAP basis. Under GAAP, the change in valuation as well as the income distributions are reflected in either net investment income or as a realized capital gain or loss depending on the underlying investments.

The asset valuation reserve (AVR) and interest maintenance reserve (IMR) are established only on the statutory financial statements.

Under NAIC SAP, derivative instruments that meet the criteria of an effective hedge are valued and reported in a manner that is consistent with the hedged asset or liability and embedded derivatives are not accounted for separately from the host contract. Also, the change in fair value of open derivative instruments that do not meet the criteria of an effective hedge is recorded as an unrealized gain or loss in surplus. Under GAAP, all derivatives are reported on the balance sheets at fair value. Changes in fair value of derivatives, to the extent they are effective at offsetting hedged risk are recorded through either income or equity, depending on the nature of the hedge. An embedded derivative within a contract that is not clearly and closely related to the economic characteristics and risks of the host contract is accounted for separately from the host contract and reported at fair value.<br>

Acquisition costs, such as commissions and other costs directly related to acquiring new business, are charged to operations as incurred under NAIC SAP. Under GAAP, costs related to successful acquisitions are capitalized and charged to operations on a constant level basis over the expected term of the related insurance contracts.

Under NAIC SAP, identifiable intangible assets are not recorded.

 ****

Under NAIC SAP, amounts that represent revenue for services to be provided in future periods are reported as revenue when received. Under GAAP, amounts would be reported as a liability and amortized into revenue using the same assumptions used to amortize deferred policy acquisition costs.

 

<br> Certain assets designated as nonadmitted are excluded from the accompanying Balance Sheets – Statutory Basis and are charged directly to unassigned surplus. Under GAAP, these assets would be included in the balance sheets, net of any valuation allowance.

**NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES, (continued)**

Under NAIC SAP, Universal Life and Annuity revenues consist of the entire premium received and benefits represent the death benefits paid and the change in policy reserves. Under GAAP, revenues are comprised of contract charges and fees which are recognized when assessed against the policyholder account balance.

Policy reserves for Life, Accident and Health policies are based on methods prescribed by the NAIC. For policies subject to formulaic reserving method, a prescribed limited range of assumptions, such as mortality, morbidity and interest assumptions and economic market information are used. For policies subject to Principle Based Reserving method, a wider range of the Company's own assumptions are considered, subject to prescribed rule based regulatory requirements. Under GAAP, policy reserves are based on relevant actual cash flows and the Company's own assumptions such as morbidity, mortality, and lapse; as well as market-observable discount rates and other economic information.

Under NAIC SAP, policyholder dividends are recognized when declared. Under GAAP, policyholder dividends would be for dividends that have accrued as of the financial statement date based on the best available estimate of the amount of dividends to be paid.

 ****

Under NAIC SAP, reinsurance agreements must transfer risk from the ceding company to the reinsurer in order to receive the reinsurance accounting treatment. If the terms of the agreement violate the risk transfer criteria, the agreement shall be accounted for as deposit accounting. Under NAIC SAP, reserves and unpaid claim liabilities ceded to reinsurers have been reported as reductions to the related reserves. Under GAAP, to qualify for risk transfer and be accounted for as reinsurance an evaluation must be made to determine whether the contract indemnifies against insurance risk. If risk transfer requirements are not met, the reinsurance agreement is considered a financing arrangement and deposit accounting is required.

Under NAIC SAP, a liability for reinsurance balances is provided for unsecured policy reserves ceded to reinsurers unauthorized by license to assume such business. Changes to those amounts are credited or charged directly to unassigned surplus. Under GAAP, no such amounts are recorded.

Reinsurance recoverables on unpaid losses are reported as a reduction of policy reserves, while under GAAP, they are reported as an asset.

<br> Under NAIC SAP, the difference between the employee benefit plan's assets and the employee benefit obligation is reflected as an asset or liability, with an offset to unassigned surplus and any asset balances nonadmitted. Prior service costs are recorded as a component of unassigned surplus, net of tax. Under GAAP, the difference between the plan's assets and the benefit obligation is reflected as an asset or liability, with an offset to other comprehensive income. Prior service costs are recorded as a component of other comprehensive income, net of tax.

 

NAIC SAP requires an amount be recorded for deferred taxes as a component of surplus, however, there are limitations as to the amount of deferred tax assets that may be reported as admitted assets that are not applicable under GAAP. Under NAIC SAP, both the valuation allowance determination and admission calculation are made based on a separate company basis.

Under SAP, surplus notes are reported as surplus and interest cannot be accrued until written approval has been received from the Department. Under GAAP, surplus notes are included in liabilities including interest.

 ****

Under NAIC SAP, the amount of goodwill recorded as an admitted asset is subject to limitation and is amortized into earnings over a period not to exceed 10 years. Goodwill under GAAP is not amortized into earnings and is annually analyzed for impairment which would be reported as a recognized loss into earnings.<br>

Under NAIC SAP, the Statements of Cash Flow – Statutory Basis reflects changes in cash, cash equivalents, and short-term investments with remaining maturities when purchased of one year or less. Under GAAP, the statement of cash flows reflects changes in cash and investments with original maturities when purchased of three months or less.

Comprehensive income and its components are not presented under NAIC SAP.

**NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES, (continued)**

Significant statutory accounting practices are as follows:

**Investments**

Investments are stated at amounts prescribed by the NAIC which are as follows: issuer credit obligations and asset-backed securities with NAIC ratings 1-5 are stated at amortized cost. Issuer credit obligations and asset-backed securities with a NAIC rating of 6 are stated at the lower of amortized cost or fair value. Significant changes in estimated cash flows from the original purchase assumptions are reviewed monthly. Prepayment assumptions for asset-backed securities are obtained from broker dealer survey values or internal estimates based on characteristics of similar products, consistent with the current interest rate and economic environment. The retrospective adjustment method is used to value all asset-backed securities of high credit quality. The prospective method is used to value investments with significant changes in cash flow or of lower credit quality.

Common stocks are reported at fair value. Investments in stocks of insurance subsidiaries are carried at audited statutory equity and non-insurance subsidiaries and affiliates in which the Company has an interest of 10% or more are carried equal to the Company's proportionate share of the audited GAAP-basis equity after the date of acquisition. The change in the carrying value is recorded as a change in unrealized gains (losses) on investments, a component of unassigned surplus. The value of affiliated subsidiaries was $114,509 and $102,398 at December 31, 2025 and 2024, respectively.

Mortgage loans are stated at the unpaid principal balance adjusted for unamortized discounts or premiums. The Company records a reserve for losses on mortgage loans as part of the AVR and mortgage loans are recorded at the lower of unamortized cost and the fair value of the collateral, less estimated selling cost, if deemed other than temporarily impaired.

Real estate occupied by the Company and held for the production of income is reported at depreciated cost. Depreciation expense is determined by the straight-line method. Real estate owned and occupied by the Company is included in investments, and investment income and operating expenses include rent for the Company's occupancy of its owned properties. Fair value for impaired commercial real estate is determined by valuations based on external appraisals. Real estate impairment losses due to decreases in property value are recognized in net realized capital gains (losses) on the Summary of Operations and Changes in Capital and Surplus – Statutory Basis.

Cash and cash equivalents consist of cash-in-bank, cash-in-transit, money market mutual funds and all highly liquid securities with maturity of three months or less at the date acquired. Money market mutual funds are stated at amortized cost which approximates fair value. Short-term investments presented in the Balance Sheets – Statutory Basis consist of all investments that have a maturity date of one year or less at the date acquired and are stated at amortized cost, which approximates fair value.

Contract loans are stated at the aggregate unpaid principal balance. The excess of the unpaid balance of the loan over the cash surrender value is considered a nonadmitted asset.

A carrying amount of limited partnerships, limited liability companies, and joint ventures reflects the underlying audited GAAP equity of these investments. Income from these investments is recognized when declared, to the extent that they are not in excess of the undistributed accumulated earnings. Unrealized gains and losses resulting from differences between the cost and carrying amount of these investments are credited or charged directly to unassigned surplus. These investments are recorded in other investments in the Balance Sheets – Statutory Basis. The recorded carrying value of affiliated limited liability companies are as follows:

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| | | |
|:---|:---|:---|
|  | *2025* | *2024* |
| AIC | $18043 | $14266 |
| VCA <sup>1</sup> | 535 | 524 |
| AAS <sup>1</sup> | 1744 | 402 |
| Total | $20322 | $15192 |

---

<sup>1</sup> VCA and AAS did not have GAAP audits performed, so the Company nonadmits these assets.

Other investments also include collateral loans, surplus debentures, residual tranches, and low-income housing tax credits carried under the proportional amortized cost method. Other-than-temporary impairments on other investments of $8,161, $1,000, and $3,256 were recorded as realized losses during 2025, 2024, and 2023, respectively. The Company has no investments in joint ventures, partnerships, or limited liability companies that exceeds 10% of its admitted assets.

**NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES, (continued)**

The Company purchases and sells futures contracts to hedge against principal losses on variable annuity contracts with a guaranteed lifetime withdrawal benefit rider attached. Futures contracts are a standardized contractual agreement to buy or sell a particular financial instrument at a predetermined price in the future. The gains and losses of futures contracts are derived from the daily movement of the underlying market. These gains and losses are settled in cash through a daily variation margin. The Company sells futures contracts on certain equity indices with expiration dates of less than 6 months as well as buys and sells futures contracts on certain Treasury notes and bonds, ranging in maturities between 1 and 30 years, with expiration dates of less than 6 months. The Company does not receive cash on the initial purchase or sale of the futures contracts, but will receive or pay cash daily based on the movement of the underlying index or Treasury notes. At December 31, 2025, and 2024, respectively, the notional amount of the equity and treasury futures contracts bought by the Company was $123,000, and $144,100, and the notional amount of the equity and treasury futures contracts sold was $118,915, and $144,100.<br>

The Company is required to post collateral to the brokering bank for futures. To comply with this requirement, the Company usually posts short-term Treasury bills with the bank. The bank acts as an intermediary to the futures transactions and takes initial margins from both parties to limit the counterparty risk. The collateral (treasury bills) is recorded in bonds on the Balance Sheets – Statutory Basis as an asset by the Company. The book/adjusted carrying value of the collateral recorded at December 31, 2025 and 2024 was $16,974 and $22,780, respectively.

Since futures contracts are not considered an effective hedge, the total variation margin on open contracts is reflected in the change in unrealized gains (losses), net of tax in the Summary of Operations and Changes in Capital and Surplus – Statutory Basis. The total variation margin on closed futures contracts is reflected in net investment income in the Summary of Operations and Changes in Capital and Surplus – Statutory Basis.

<br> The Company purchases and sells call options (Over the Counter "OTC" index call options) to hedge variable annuity, fixed index annuity, and index universal life insurance contracts whose credited interest is linked to returns on multiple equity indices based on a formula which applies participation rates and/or cap rates to the returns in the indices. Call options are contracts, which give the option purchaser the right, but not the obligation, to buy securities at a specified price during a specified period. The OTC index call options expire monthly until December 23, 2027. The Company paid and received initial fees (the option premium) to enter the option contracts. The purchased OTC index call options give the Company the right to receive cash at settlement if the closing Index value is above the strike price, while the written OTC index call options require the Company to pay cash at settlement if the closing Index value is above the strike price. The Company sells OTC index call options to effectively offset the proceeds the Company would receive on its purchased OTC index call options that represent a return above the amount that would be credited to insurance contracts electing a capped return in the Index. These proceeds do not result in income to the Company because the hedged insurance contracts would be credited interest for an equivalent amount.

The Company purchases and sells exchange traded index call options (exchange traded index call options) based on multiple equity indices to hedge fixed index annuity contracts and index universal life contracts. The Company has purchased and written exchange traded index call options that expire through June 17, 2027. The Company paid and received initial fees (the option premium) to enter the option contracts. The purchased exchange traded index call options give the Company the right to receive cash at settlement if the closing index value is above the strike price, while the written exchange traded index call options require the Company to pay cash at settlement if the closing index value is above the strike price.

The Company purchases and sells exchange traded put options (equity put options) based on multiple equity indices to hedge variable annuity contracts with a guaranteed lifetime withdrawal benefit rider attached. Put options are contracts, which give the option purchaser the right, but not the obligation, to sell securities at a specified price during a specified period. The Company paid and received initial fees (the option premium) to enter the option contracts. The purchased equity put options give the Company the right to receive cash at settlement if the closing index value is below the strike price, while the written equity put options require the Company to pay cash at settlement if the closing index value is below the strike price. If the closing index value is above the strike price, the equity put options expire without value.

**NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES, (continued)**

<br> The Company uses OTC foreign currency swaps to reduce the risk from fluctuations in foreign currency exchange rates associated with holding foreign currency denominated investments. In a foreign currency swap transaction, the Company agrees with another party to exchange, at specified intervals, cash flows in one currency for cash flows in another currency. The notional amount of each currency is exchanged at the inception and termination of the currency swap by each party. When the currency swaps meet specific criteria, they may be designated as accounting hedges and accounted for as foreign currency fair value hedges. In its hedge documentation, the Company sets forth how the hedging instrument is expected to hedge the designated risks related to the hedged item and sets forth the method that will be used to retrospectively and prospectively assess the hedging instrument's effectiveness. A derivative designated as a hedging instrument must be assessed as being highly effective in offsetting the designated risk of the hedged item. Hedge effectiveness is formally assessed at inception and qualitatively assessed, at least quarterly, throughout the life of the designated hedging relationship.

The Company is exposed to credit-related losses in the event of nonperformance by counter-parties on its OTC derivative positions. The Company manages its exposure to credit risk by utilizing highly rated counterparties and uses master netting agreements (MNAs) which permit either party to net payments due to exposure. Collateral is either pledged or received when certain predetermined exposure limits are exceeded. The Company had collateral pledged from counterparties of $30,000, and $10,000 which is included in other liabilities on the Statutory Balance Sheet as of December 31, 2025 and 2024, respectively. The Company had $1,991 and $4,981 of collateral pledged to counterparties included in bonds on the Statutory Balance Sheet as of December 31, 2025 and 2024, respectively. There are no losses on derivative financial instruments due to counterparty nonperformance.

The options (OTC index call options, exchange traded index call options, and equity put options) are carried at their fair value with changes recorded through unrealized capital gains (losses). Options with a positive fair value or carrying value are reported as other investments in the Balance Sheets – Statutory Basis. Options with a negative fair value or carrying value are reported as other liabilities in the Balance Sheets – Statutory Basis.

<br> Cash flows related to the gains and losses from options, opening and closing marks for futures, and interest payments from currency swaps are reflected in net investment income received in the Statement of Cash Flows - Statutory Basis. Cash flows related to long options' open, closed, and the mark-to-market transactions, futures mark-to-market, and currency swap open and close transactions are reflected in proceeds from investments sold, matured or repaid and cost of investments acquired in the Statement of Cash Flows - Statutory Basis. Cash flows related to short options' open, closed and the mark-to-market transactions are reflected in other miscellaneous, net in the Statement of Cash Flows - Statutory Basis.<br>

The foreign currency swaps used in effective hedges are carried in a manner consistent with the hedged asset or liability. Foreign currency swaps hedging bonds are carried at amortized cost and reflected in other investments and other liabilities in the Balance Sheets - Statutory Basis. Changes in the carrying value of open foreign currency swaps as a result of exchange rate changes are reflected in change in unrealized gains (losses), net of tax in the Summary of Operations and Changes in Capital and Surplus - Statutory Basis. Interest income received from open foreign currency swaps is reflected in net investment income. Changes in the carrying value of closed foreign currency swaps is reflected in net investment income.

Foreign currency swaps not used in an effective hedge are carried at fair value and reflected in other investments when fair value is positive and other liabilities when fair value is negative in the Balance Sheets - Statutory Basis. Changes in the fair value of open foreign currency swaps are reflected in change in unrealized gains (losses), net of tax in the Summary of Operations and Changes in Capital and Surplus - Statutory Basis. Changes in the fair value of closed foreign currency swaps and interest income associated with the currency swaps are reflected in net investment income.<br>

**NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES, (continued)**

<br> The credit exposure is limited to the fair value of the options and foreign currency swaps included in other investments in the Balance Sheets - Statutory Basis as follows:<br>

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| | | | | |
|:---|:---|:---|:---|:---|
|  | *Fair Values of Derivative Instruments* | *Fair Values of Derivative Instruments* | *Fair Values of Derivative Instruments* | *Fair Values of Derivative Instruments* |
|  | *Asset Derivatives* | *Asset Derivatives* | *Asset Derivatives* | *Asset Derivatives* |
|  | *Notional Amount* | *Notional Amount* | *Fair Value* | *Fair Value* |
|  | *2025* | *2024* | *2025* | *2024* |
| Derivatives Not Designated as Hedging Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;OTC index call option contracts owned - gross asset | $4226896 | $3712055 | $332848 | $202246 |
| &nbsp;&nbsp;&nbsp;&nbsp;OTC index call option contracts written - gross liability | 1950496 | 1411000 | (152404) | (86294) |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange traded index call option contracts owned | 2094868 | 2079595 | 322150 | 273603 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency swaps - gross liability |  | 22321 |  | (664) |
| Derivatives Designated as Fair Value Hedges: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency swaps - gross asset | 24058 | 178474 | 1724 | 11461 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency swaps - gross liability | 10882 | 39728 | (864) | (1920) |

---

The fair value of the related derivative liabilities included in other liabilities in the Balance Sheets - Statutory Basis are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Fair Values of Derivative Instruments* | *Fair Values of Derivative Instruments* | *Fair Values of Derivative Instruments* | *Fair Values of Derivative Instruments* |
|  | *Liability Derivatives* | *Liability Derivatives* | *Liability Derivatives* | *Liability Derivatives* |
|  | *Notional Amount* | *Notional Amount* | *Fair Value* | *Fair Value* |
|  | *2025* | *2024* | *2025* | *2024* |
| Derivatives Not Designated as Hedging Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange traded index call option contracts written | $1991038 | $2001383 | $176900 | $145709 |
| Derivatives Designated as Fair Value Hedges: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency swaps - gross asset | 59710 |  | (2757) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency swaps - gross liability | 191683 |  | 14825 |  |

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**NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES, (continued)**

The amounts recognized in net investment income and change in unrealized gains (losses) in the Summary of Operations and Changes in Capital and Surplus - Statutory Basis for options, futures and foreign currency swaps are as follows:

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| | | | |
|:---|:---|:---|:---|
|  | *Amount Recognized* | *Amount Recognized* | *Amount Recognized* |
|  | *2025* | *2024* | *2023* |
| Derivatives Not Designated as Hedging Instruments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;OTC index call option contracts - closed | $15765 | $32236 | $(15207) |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange traded index call option contracts - closed | 62163 | 32276 | 6913 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity put option contracts - closed | (190) | (80) | (16) |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts - closed | (7146) | (19020) | (36224) |
| Derivatives Designated as Fair Value Hedges: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency swaps - closed |  |  | 1172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency swaps - open | 4111 | 2655 |  |
| Total recognized in net investment income | $74703 | $48067 | $(43362) |
| Derivatives Not Designated as Hedging Instruments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;OTC index call option contracts - open | $38292 | $(15988) | $37212 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange traded index call option contracts - open | 12855 | 19200 | 30723 |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts - open | 47 | (8508) | 8028 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency swaps - open |  | (664) |  |
| Derivatives Designated as Fair Value Hedges: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency swaps - open | (19270) | 10379 | 2832 |
| Total recognized in change in unrealized gains (losses) | $31924 | $4419 | $78795 |

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Investment income consists primarily of interest and dividends. Interest is recognized on an accrual basis and dividends are recorded as earned at the ex-dividend date. Interest income on asset-backed securities is determined on the effective yield method based on estimated principal repayments. Accrual of income is suspended for bonds and mortgage loans that are in default or when the receipt of interest payments is in doubt. Realized capital gains and losses are determined on a specific identification basis and recorded in operations.

Accrued interest more than 180 days past due deemed collectible on mortgage loans in default is nonadmitted. All other investment income due and accrued, excluding contract loans, with amounts over 90 days past due is nonadmitted. Interest income due and accrued for contract loans in excess of the cash surrender value is nonadmitted.

<br> If the Company has the intent to sell an impaired security, the cost basis of the security is written down to fair value. For issuer credit obligations, if the Company does not have the intent to sell, but it is determined that a decline in fair value is other-than-temporary, the cost basis of the security is written down to fair value. For asset-backed securities, if the Company does not have the intent to sell and it is determined that a decline in fair value is other-than-temporary, the cost basis of the security is written down to the discounted estimated future cash flows. All write downs are recorded as a realized loss. For unaffiliated common stocks and other investments carried at fair value, unrealized gains and losses resulting from differences between the cost and carrying amount of these investments are credited or charged directly to unassigned surplus.

**Nonadmitted Assets**

In accordance with NAIC SAP, certain assets, designated as nonadmitted assets, are excluded from the Balance Sheets – Statutory Basis and are charged directly to unassigned surplus. Nonadmitted assets consist primarily of a portion of deferred income tax assets, contract loans, prepaid expenses, advances to agents, unearned annualized commissions, furniture and equipment, application software, other investment income that is over 90 days past due, unaudited non-insurance subsidiaries and other assets not specifically identified as an admitted asset within NAIC SAP. Total nonadmitted assets were $308,755 and $272,682 at December 31, 2025 and 2024, respectively.

**NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES, (continued)**

****

<br> **Furniture and Equipment** 

Electronic data processing (EDP) equipment and operating software are carried at cost of $11,409 and $14,523 less accumulated depreciation of $10,128 and $12,202 at December 31, 2025 and 2024, respectively. EDP equipment and operating software are depreciated using the straight line method over the lesser of the estimated useful life of the related asset or three years.

An impairment of an asset is recorded as a charge to operations if both of the following conditions are met: information available prior to issuance of the statutory basis financial statements indicates that it is probable that an asset has been impaired at the date of the statutory basis financial statements and the amount of loss can be reasonably estimated.

Leasehold improvements are carried at cost less accumulated amortization. The Company calculated amortization of leasehold improvements using the straight-line method over the lesser of the useful life of the asset or the remaining original lease term, excluding options or renewal periods. Leasehold improvements are generally amortized over three to twenty years. Non-operating software is depreciated over the lesser of its estimated useful life or five years. Other furniture and equipment are depreciated using the straight line method over the estimated useful lives of the assets. Furniture and fixtures are generally depreciated over three to ten years. Depreciation expense on depreciable assets of $11,379, $8,285, and $8,098, was recorded in general insurance expenses in the Summary of Operations and Changes in Capital and Surplus – Statutory Basis for the years ended December 31, 2025, 2024, and 2023 respectively.

**Reserves for Life, Accident and Health Policies, and Deposit-type Funds**<br> Life policy reserves are established to provide amounts adequate to discharge estimated future policy obligations in excess of estimated future premiums on policies in force. Reserves for traditional, flexible premium and variable life insurance are determined using the Commissioners' Reserve Valuation Method or Net Level Premium Method, or, where applicable, under the principle-based reserve requirements of VM-20, using prescribed interest and mortality assumptions and other assumptions consistent with regulatory guidance.

Reserves for fixed annuities are calculated using the Commissioners' Annuity Reserve Valuation Method with applicable statutory interest and mortality assumptions. Reserves for variable annuities are determined in accordance with VM-21, based on a conditional tail expectation 70 stochastic reserve and any additional standard projection amount required, using a prescribed set of economic scenarios and assumptions as defined by VM-21.

Tabular interest, less actual reserves released and tabular cost for all life contracts are determined based upon statutory regulations. Other policy reserves are established and maintained on the basis of published mortality and morbidity tables using assumed interest rates and valuation methods as prescribed by the Department.

Reserves for deposit-type funds are equal to deposits received and interest credited to the benefit of policyholders, less withdrawals that represent a return to the policyholder. For the determination of tabular interest to deposit-type funds, the valuation interest rate, which varies by issue year, is multiplied by the average funds in force during the year subject to such valuation interest rate.

**<br> Reserve for Unpaid Claims**<br> The reserves for unpaid group and individual dental and vision claims are estimated using historical claim lags, with adjustments based on the current level of pending/unprocessed claims, and relative to the historical levels during the time period used to generate claim lag factors. The reserves for unpaid claims for group and individual dental and vision insurance includes claims in course of settlement and incurred but not reported claims. Claim adjustment expenses corresponding to the unpaid claims are accounted for by adding an additional load to the reserve for unpaid claims. To the extent the ultimate liability differs from the amounts recorded, such differences are reflected in operations when additional information becomes known.

Reserves for unpaid individual accident and health disability contracts claims, the present value of amounts not yet due on claim reserves is a first principles-type calculation based on a seriatim listing of open disability claims. All termination rate and interest discounting assumptions adhere to minimum NAIC Standards. An additional liability is recorded for claim adjustment expenses corresponding to the unpaid claims.

**NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES, (continued)**

<br> Reserves for unpaid life claims include claims reported and unpaid and claims not yet reported, which is estimated based upon historical experience. As such amounts are necessarily estimates, the ultimate liability will differ from the amount recorded and will be reflected in operations when additional information becomes known.

Reserves for unpaid group accident and health long-term disability contracts are a tabular calculation based on a seriatim listing of open disability claims. Issued and incurred claims are generated based on the 2012 Group Long-term Disability Table (GLTD). A modification is made for claims in the first two years from disablement.

**Dividends to Policyholders**

Dividends are provided based on dividend formulas approved by the Board of Directors of the Company in accordance with actuarially determined dividend scales. Dividends to policyholders are reflected in the Summary of Operations and Changes in Capital and Surplus – Statutory Basis at amounts estimated to be paid or credited to policyholders during the subsequent year on the policy anniversary dates. Dividends to policyholders also include reinsurance assumed business. A portion of the Company's business has been issued on a participating basis. The amount of insurance in force on direct individual life participating policies was $22,362,038, or 19.0%, and $22,397,605, or 17.8%, of the individual life policies in force as of December 31, 2025 and 2024, respectively.

**Asset Valuation and Interest Maintenance Reserves**

The AVR is a required appropriation of unassigned surplus to provide for possible losses that may occur on certain investments of the Company. The reserve is computed based on holdings of all investments and realized and unrealized gains and losses, other than those resulting from interest rate changes. Changes in the reserve are charged or credited to unassigned surplus.

The IMR is calculated based on the prescribed methods developed by the NAIC. Realized gains and losses, net of tax, resulting from interest rate changes on fixed income investments are deferred and credited to this reserve. These gains and losses are then amortized into investment income over what would have been the remaining years to maturity of the underlying investment. Amortization included in net investment income was $7,932, $7,780, and $9,711 for 2025, 2024, and 2023, respectively.

**Recognition of Premium Revenues and Related Costs**

Life premiums are recognized as revenue when premiums are due. Annuity considerations are recognized as income when received. Health premiums are earned ratably over the terms of the related insurance and reinsurance contracts or policies. Consideration received on deposit-type funds, which do not contain life contingencies, is recorded directly to the related liability.

Expenses incurred in connection with acquiring new insurance business, including acquisition costs such as sales commissions, are charged to operations as incurred.<br>**Reinsurance**<br> Reinsurance premiums and claims are accounted for on bases consistent with those used in accounting for the original policies issued and the terms of the reinsurance contracts. Premiums, benefits, reserves for life, accident and health policies, and reserves for unpaid claims are reported net of reinsured amounts. In a modified coinsurance arrangement, the ceding company retains the assets with respect to the policies reinsured and also retains and records the associated reserves. The assuming company does not reflect the assets or reserves in its balance sheet.

<br> **<br> Leases**<br> The Company leases and subleases office space under operating lease agreements that expire at various dates through 2030. Certain rental commitments have renewal options extending through the year 2030. Some of these leases include escalation clauses, which vary with levels of operating expense. The impact of these leases, including future minimum lease payments under noncancellable operating leases, were not material for 2025, 2024, and 2023.

**NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES, (continued)**

**<br> Income Taxes**

The Company files a life/non-life consolidated tax return with AMHC and AMHC eligible affiliates. The Company's income tax allocation is based upon a written agreement which uses a modified separate return method. The modified separate return method adjusts the separate return method so that the net operating losses (or other current or deferred tax attributes) are characterized as realized by the Company when those attributes are realized (or realizable) by the consolidated group.

The Company is subject to tax-related audits in the normal course of operations. The Company records a contingency reserve for tax-related matters when it is more likely than not that a liability has been incurred and the amount of the loss can be reasonably estimated. The tax contingency reserves are evaluated based upon the facts and circumstances that exist at each reporting measurement. Adjustments may result from new information, resolution of an issue with the taxing authorities or changes in laws or regulations. There was no reserve for tax related contingencies at December 31, 2025 and 2024.

The Company is subject to taxation in the United States and various states. The Company is not subject to examinations by tax authorities for years before 2022.

**Separate Accounts**

Separate account assets and liabilities reported in the accompanying financial statements represent funds that are separately administered, principally for variable annuity, variable life and group annuity contracts and for which the contract holders, rather than the Company, bear the investment risk. Separate account contract holders have no claim against the assets of the general account of the Company. Investment income and gains and losses from these accounts accrue directly to contract holders and are not included in the accompanying financial statements. Net asset values and changes in net asset values of separate account assets generally accrue directly to the contract holders and are not included in the Company's revenues and expenses or surplus.

**Vulnerability due to Certain Concentrations**

The Company operates in a business environment which is subject to various risks and uncertainties. Such risks and uncertainties include, but are not limited to, interest rate risk, market risk, credit risk and legal and regulatory changes, including policies and related impacts from pandemics or other public health issues. Furthermore, the market for deferred annuities and interest-sensitive life insurance is enhanced by the tax incentives available under current law. Any legislative changes that lessen these incentives are likely to negatively impact the demand for these products. The demand for life insurance products that are used to address a customer's estate planning needs may be impacted to the extent any legislative changes occur to the current estate tax laws.

**Accounting Pronouncements**

The NAIC issued revisions to Statement of Statutory Accounting Principles (SSAP) No. 26 – Bonds, and SSAP No. 43R – Asset-Backed Securities, SSAP No. 2R – Cash, Cash Equivalents, Drafts, and Short-Term Investments, SSAP No. 21R – Other Admitted Assets, as part of the Principles-Based Bond Project. The amended guidance, effective January 1, 2025, provides criteria for distinguishing bonds from other types of investments, further restricts the investments that are permitted for cash equivalent or short-term reporting and provides guidance for debt securities that do not qualify as bonds under the principles-based bond definition. The adoption of this guidance was not material to the Company's statutory financial statements.

**Accounting Changes**

During 2023, the Company changed its method of accounting for distributions received from joint ventures, partnerships, and limited liability companies to include fair value adjustments in addition to accumulated earnings in order to better align with the U.S. GAAP equity of the investee. The change resulted in a decrease in net unrealized capital gains (losses), less capital gains tax of $58,822 as of December 31, 2023.

**NOTE 2 - BUSINESS COMBINATIONS AND GOODWILL**

**Statutory Merger**

Effective October 1, 2023, Select Benefits Group, LLC (Dental Select), a third-party administrator (TPA) for dental and vision plans, was merged into the Company with the Company assuming net liabilities of $3,296. In the Summary of Operations and Changes in Capital and Surplus - Statutory Basis, the Company recorded a charge of $92,822 for the write-off of embedded goodwill and reversed unrealized losses of $28,074, net of taxes, for a net charge to surplus of $64,748.

**NOTE 3 - INVESTMENTS**

**Bonds**

The cost or amortized cost and estimated fair value of bonds by type are summarized as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* |
|  | *Cost or Amortized Cost* | *Gross Unrealized Gains* | *Gross Unrealized Losses* | *Fair Value* |
| *Issuer Credit Obligations:* |  |  |  |  |
| &nbsp;&nbsp;U.S. Government Obligations | $11663 | $53 | $(56) | $11660 |
| &nbsp;&nbsp;Non-U.S. Sovereign Jurisdiction Securities | 62333 | 1652 | (379) | 63606 |
| &nbsp;&nbsp;Municipal Bonds – Special Revenues | 88568 | 778 | (2989) | 86357 |
| &nbsp;&nbsp;Corporate Bonds (Unaffiliated) | 8301299 | 105950 | (725923) | 7681326 |
| &nbsp;&nbsp;Single Entity Backed Obligations (Unaffiliated) | 18425 |  | (1008) | 17417 |
| &nbsp;&nbsp;SVO-Identified Bond Exchange Traded Funds – Systematic Value | 537 | 22 |  | 559 |
| &nbsp;&nbsp;Bonds Issued by Funds Representing Operating Entities (Unaffiliated) | 589983 | 6947 | (43550) | 553380 |
| &nbsp;&nbsp;Other Issuer Credit Obligations (Unaffiliated) | 15600 | 25 | (240) | 15385 |
| Total Issuer Credit Obligations | 9088408 | 115427 | (774145) | 8429690 |

---

**<br>** 

<br> **<br>** 

<br> **<br>** 

**NOTE 3 - INVESTMENTS, (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* |
|  | *Cost or Amortized Cost* | *Gross Unrealized Gains* | *Gross Unrealized Losses* | *Fair Value* |
| *Asset-Backed Securities:* |  |  |  |  |
| &nbsp;&nbsp;Financial Asset-Backed – Self-Liquidating: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Agency Residential Mortgage-Backed Securities – Guaranteed | 178621 | 2174 | (7745) | 173050 |
| &nbsp;&nbsp;&nbsp;&nbsp;Agency Commercial Mortgage-Backed Securities – Guaranteed | 248747 | 223 | (5749) | 243221 |
| &nbsp;&nbsp;&nbsp;&nbsp;Agency Residential Mortgage-Backed Securities – Not/Partially Guaranteed | 83560 | 100 | (7490) | 76170 |
| &nbsp;&nbsp;&nbsp;&nbsp;Agency Commercial Mortgage-Backed Securities – Not/Partially Guaranteed | 33828 | 1421 | (198) | 35051 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Agency Residential Mortgage-Backed Securities (Unaffiliated) | 390430 | 3501 | (21761) | 372170 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Agency Commercial Mortgage-Backed Securities (Unaffiliated) | 218565 | 532 | (125) | 218972 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Agency – CLOs/CBOs/CDOs (Unaffiliated) | 1443370 | 3856 | (7363) | 1439863 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Financial Asset-Backed Securities – Self-Liquidating (Unaffiliated) | 284356 | 1605 | (8085) | 277876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Financial Asset-Backed - Self-Liquidating | 2881477 | 13412 | (58516) | 2836373 |
| &nbsp;&nbsp;Financial Asset-Backed – Not Self-Liquidating: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Backed Securities (Unaffiliated) | 80909 | 1521 | (283) | 82147 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Financial Asset-Backed Securities – Not Self-Liquidating (Unaffiliated) | 378372 |  | (133) | 378239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Financial Asset Backed - Not Self-Liquidating | 459281 | 1521 | (416) | 460386 |
| &nbsp;&nbsp;Non-Financial Asset-Backed Securities – Practical Expedient: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease-Backed Securities – Practical Expedient (Unaffiliated) | 142314 | 754 | (12157) | 130911 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Non-Financial Asset-Backed Securities – Practical Expedient (Unaffiliated) | 753 |  |  | 753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Non-Financial Asset-Backed Securities – Practical Expedient | 143067 | 754 | (12157) | 131664 |
| &nbsp;&nbsp;Non-Financial Asset-Backed Securities – Full Analysis: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease-Backed Securities – Full Analysis (Unaffiliated) | 175496 | 1030 | (6240) | 170286 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Non-Financial Asset-Backed Securities – Full Analysis (Unaffiliated) | 146452 | 1518 | (3727) | 144243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Non-Financial Asset-Backed Securities – Full Analysis | 321948 | 2548 | (9967) | 314529 |
| Total Asset-Backed Securities | 3805773 | 18235 | (81056) | 3742952 |
| Total Bonds | $12894181 | $133662 | $(855201) | $12172642 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *December 31, 2024* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* |
|  | *Cost or Amortized Cost* | *Gross Unrealized Gains* | *Gross Unrealized Losses* | *Fair Value* |
| U.S. Government | $81536 | $3 | $(11187) | $70352 |
| All other governments | 51830 | 323 | (1673) | 50480 |
| Special revenue and special assessment obligations and |  |  |  |  |
| &nbsp;&nbsp;all non-guaranteed obligations of agencies and authorities |  |  |  |  |
| &nbsp;&nbsp;of governments and their political subdivisions | 200140 | 20 | (17704) | 182456 |
| Hybrid securities | 5137 | 2 | (298) | 4841 |
| Industrial and miscellaneous | 11779827 | 62758 | (1057702) | 10784883 |
| Total bonds | $12118470 | $63106 | $(1088564) | $11093012 |

---

**NOTE 3 - INVESTMENTS, (continued)**

<br> The amortized cost of bonds was increased by $10,022 and reduced by $8,728 at December 31, 2025 and December 31, 2024, respectively, as a result of cumulative fair value adjustments to derive the carrying amounts of bonds in the Balance Sheets - Statutory Basis of $12,904,203 and $12,109,742, respectively.

The cost or amortized cost and estimated fair value of bonds at December 31, 2025 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

---

| | | |
|:---|:---|:---|
|  | *Cost or Amortized Cost* | *Fair Value* |
| Due in one year or less | $304866 | $303302 |
| Due after one year through five years | 1509437 | 1485205 |
| Due after five years through ten years | 2611142 | 2564487 |
| Due after ten years | 8468736 | 7819648 |
| Total bonds | $12894181 | $12172642 |

---

Proceeds from the sales of bonds were $733,936, $388,956, and $308,442 for the years ended December 31, 2025, 2024, and 2023, respectively.

Realized capital gains (losses) are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | *Years Ended December 31* | *Years Ended December 31* | *Years Ended December 31* |
|  | *2025* | *2024* | *2023* |
| Bonds: |  |  |  |
| &nbsp;&nbsp;Gross realized capital gains on sales | $10730 | $12380 | $7070 |
| &nbsp;&nbsp;Gross realized capital losses on sales | (16042) | (10149) | (9335) |
| Net realized capital gains (losses) on sales | (5312) | 2231 | (2265) |
| Other, including impairments and net gain on dispositions other than sales | (817) | (2880) | (5148) |
| Total bonds | (6129) | (649) | (7413) |
| Preferred stocks | 539 | 272 | (618) |
| Common stocks | 49783 | 47308 | 33983 |
| Mortgage loans | (902) | (296) | (2040) |
| Real estate | (6202) | 379 | 2285 |
| Other investments | 15463 | 10371 | 12092 |
| Realized capital gains before federal income taxes and transfer to IMR | 52552 | 57385 | 38289 |
| Realized capital gains (losses) transferred to IMR | (332) | 714 | (2708) |
| Federal income tax expense | 11106 | 11901 | 8610 |
| Net realized capital gains | $41778 | $44770 | $32387 |

---

The Company sold common stock with a fair market value of $50,200 and a book adjusted carrying value of $32,412 to AHC on December 23, 2024 for cash consideration of $50,200. The sale resulted in a realized gain of $17,788.

**<br>** 

<br> **<br>** 

<br> **<br>** 

**NOTE 3 - INVESTMENTS, (continued)**

The Company has entered into an agreement with the FHLB of Topeka to enhance investment yields through investment spread strategies and to provide for liquidity needs, if a future need for immediate liquidity arises. The agreement provides for advances (lines of credit, inclusive of the existing funding agreements) up to $1,175,594 to the Company in return for the purchase of asset-based membership stock equal to 0.1% of assets, with a $500 maximum, plus an additional activity-based stock purchase equal to 4.0% of the advances less the amount of the asset-based membership stock held. As of December 31, 2025 and 2024, the Company did not have any FHLB membership stock eligible for redemption. Excluding the funding agreements, the Company had no outstanding balance related to the line of credit as of December 31, 2025 and 2024, respectively.

The amount of FHLB capital stock held, in aggregate, and classified as of December 31 is as follows:

---

| | | |
|:---|:---|:---|
|  | *General Account* | *General Account* |
|  | *2025* | *2024* |
| Membership stock - class A | $408 | $397 |
| Membership stock - class B | 33288 | 21928 |
| Excess stock | 721 | 645 |
| Aggregate total | $34417 | $22970 |
| Actual borrowing capacity as determined by the insurer | $1175594 | $852634 |

---

The related reserves of $903,171 and $702,681 are reported in deposit-type funds on the Balance Sheets – Statutory Basis as of December 31, 2025 and 2024, respectively.

The values of the collateral pledged to the FHLB and the total aggregate borrowing by the Company as of December 31 is as follows:

---

| | | |
|:---|:---|:---|
|  | *General Account* | *General Account* |
|  | *2025* | *2024* |
| Fair value | $1585637 | $1166792 |
| Carrying value | 1652068 | 1290524 |
| Aggregate total borrowing - funding agreements | 900000 | 700000 |

---

The maximum amount of collateral pledged to the FHLB during the years ended December 31 is as follows:

---

| | | |
|:---|:---|:---|
|  | *General Account* | *General Account* |
|  | *2025* | *2024* |
| Fair value | $1585637 | $1386123 |
| Carrying value | 1652068 | 1436940 |
| Amount borrowed at time of maximum collateral - funding agreements | 900000 | 700000 |
| Amount borrowed at time of maximum collateral - lines of credit | 61455 |  |

---

There are prepayment penalties on the Company's funding agreements.

**NOTE 3 - INVESTMENTS, (continued)**

**<br> Restricted Assets**

A detailed summary of restricted assets (including pledged assets) primarily bonds, common stock, mortgage loans and cash at cost or amortized cost is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* |
|  |  | *Percentage* | *Percentage* |  | *Percentage* | *Percentage* |
| *Restricted Asset Category* | *Total Admitted Gross Assets Current Year* | *Gross Restricted to Total Assets* | *Admitted Restricted to Total Admitted Restricted Assets* | *Total Admitted Gross Assets Prior Year* | *Gross Restricted to Total Assets* | *Admitted Restricted to Total Admitted Restricted Assets* |
| FHLB capital stock | $34417 | 0.1% | 0.1% | $22970 | 0.1% | 0.1% |
| Bonds on deposit with states | 121097 | 0.4% | 0.4% | 144792 | 0.5% | 0.5% |
| Pledged as collateral to FHLB (including assets backing funding agreements) | 1652068 | 5.3% | 5.4% | 1290524 | 4.4% | 4.5% |
| Pledged as collateral not captured in other categories: |  |  |  |  |  |  |
| Derivatives | 18965 | 0.1% | 0.1% | 27761 | 0.1% | 0.1% |
| Other restricted assets: |  |  |  |  |  |  |
| Policy loans reinsurance assumed | 102600 | 0.3% | 0.3% | 107429 | 0.4% | 0.4% |
| Bonds and short-term investments reinsurance assumed \* | 873122 | 2.8% | 2.8% | 886156 | 3.0% | 3.1% |
| Collateral assets received and on balance sheet\*\* | 30000 | 0.1% | 0.1% | 10000 | 0.0% | 0.0% |
| Separate account assets held under modco reinsurance agreements | 103278 | 0.3% | 0.3% | 100804 | 0.3% | 0.4% |
| Total restricted assets | $2935547 | 9.4% | 9.5% | $2590436 | 8.8% | 9.1% |

---

\* Includes investment income due and accrued<br> \*\* Reported in cash, cash equivalents and short-term investments on the Statutory Balance Sheet.<br>The Company had $103,278 and $100,804 of separate account assets and recognized obligations under modco reinsurance agreements in Schedule D, Part 2, Section 2 of it separate accounts statutory financials as of December 31, 2025 and 2024, respectively. These assets represented 0.9% of both total separate account assets and total admitted separate account assets and liabilities for both years. The underlying invested assets are not related or affiliated with the reinsurer.

<br> An aging of unrealized losses on the Company's investments in bonds and unaffiliated stocks were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* |
|  | *Less than 12 Months* | *Less than 12 Months* | *12 Months or More* | *12 Months or More* | *Total* | *Total* |
|  | *Fair Value* | *Unrealized Losses* | *Fair Value* | *Unrealized Losses* | *Fair Value* | *Unrealized Losses* |
| Issuer Credit Obligations | $2332150 | $(82317) | $5415054 | $(691828) | 7747204 | (774145) |
| Asset-Backed Securities | 1632317 | (14884) | 1006949 | (66172) | 2639266 | (81056) |
| Common stocks | 110577 | (1434) | 25067 | (1371) | 135644 | (2805) |
| Total | $4075044 | $(98635) | $6447070 | $(759371) | $10522114 | $(858006) |

---

**NOTE 3 - INVESTMENTS, (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | *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* | *12 Months or More* | *12 Months or More* | *Total* | *Total* |
|  | *Fair Value* | *Unrealized Losses* | *Fair Value* | *Unrealized Losses* | *Fair Value* | *Unrealized Losses* |
| Bonds: |  |  |  |  |  |  |
| U.S. Governments | $3568 | $(345) | $66750 | $(10842) | $70318 | $(11187) |
| All other governments | 35757 | (1067) | 9550 | (606) | 45307 | (1673) |
| Special revenue and special assessment |  |  |  |  |  |  |
| &nbsp;&nbsp;obligations and all non-guaranteed |  |  |  |  |  |  |
| &nbsp;&nbsp;obligations of agencies and authorities |  |  |  |  |  |  |
| &nbsp;&nbsp;of governments and their political |  |  |  |  |  |  |
| &nbsp;&nbsp;subdivisions | 58261 | (2452) | 122344 | (15252) | 180605 | (17704) |
| Hybrid securities | 1056 | (67) | 3785 | (231) | 4841 | (298) |
| Industrial and miscellaneous | 3403375 | (198644) | 6084379 | (859058) | 9487754 | (1057702) |
| Total bonds | 3502017 | (202575) | 6286808 | (885989) | 9788825 | (1088564) |
| Preferred stocks | 609 |  | 2175 | (130) | 2784 | (130) |
| Common stocks | 144533 | (1842) | 27841 | (1658) | 172374 | (3500) |
| Total | $3647159 | $(204417) | $6316824 | $(887777) | $9963983 | $(1092194) |

---

The Company considers various factors when considering if a decline is other-than-temporary, including the size of the unrealized loss, deterioration in ratings, industry conditions or factors related to a geographic area that are negatively affecting a security, violation of loan covenants, overall financial condition of the issuer and the Company's intention and ability to sell or hold the security for a period of time sufficient to allow for a recovery in value. The Company has determined that such declines are temporary in nature.

<br> The Company considers various factors when considering if a decline in the fair value of a common stock security is other-than-temporary, including but not limited to the magnitude of the unrealized loss; the volatility of the investment; analyst recommendations, price targets and NAIC ratings; opinions of the Company's investment managers; market liquidity; and the Company's intentions to sell or ability to hold the investments until recovery. During 2025, 2024, and 2023, based on an evaluation of these factors, the realized losses for other-than-temporary impairments recognized by the Company on unaffiliated common stocks were not material.

<br> The Company's bond and short-term investment portfolios are predominantly comprised of investment grade securities. At December 31, 2025 and 2024, bonds at book/adjusted carrying value totaling $279,259 and $436,189, respectively, (2.2% and 3.5%, respectively, of the total bond and short-term portfolios) are considered below investment grade. Securities are classified as below investment grade by utilizing rating criteria established by the NAIC. During 2025, 2024, and 2023, the realized losses for other-than-temporary impairments recognized by the Company on bonds were not material. The Company did not recognize any other-than-temporary impairments on asset-backed and structured security investments in 2025 and 2024.

**NOTE 3 - INVESTMENTS, (continued)**

<br> A summary of asset-backed security and structured security investments included with unrealized losses for which an other-than-temporary impairment has not been recognized is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* |
|  | *Unrealized Less Than 12 Months* | *Unrealized Less Than 12 Months* | *Unrealized Less Than 12 Months* | *Unrealized 12 Months or More* | *Unrealized 12 Months or More* | *Unrealized 12 Months or More* |
|  | *Amortized* | *Fair* | *Unrealized* | *Amortized* | *Fair* | *Unrealized* |
|  | *Cost* | *Value* | *Losses* | *Cost* | *Value* | *Losses* |
| Asset-backed securities | $605985 | $596083 | $(9902) | $933591 | $862414 | $(71177) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* |
|  | *Unrealized Less Than 12 Months* | *Unrealized Less Than 12 Months* | *Unrealized Less Than 12 Months* | *Unrealized 12 Months or More* | *Unrealized 12 Months or More* | *Unrealized 12 Months or More* |
|  | *Amortized* | *Fair* | *Unrealized* | *Amortized* | *Fair* | *Unrealized* |
|  | *Cost* | *Value* | *Losses* | *Cost* | *Value* | *Losses* |
| Structured Securities | $193033 | $187385 | $(5648) | $1305594 | $1203661 | $(101933) |

---

**<br> Mortgage Loans**

For the commercial mortgage loans held by the Company, debt service coverage ratio (DSCR) is considered a key credit quality indicator for loans that are income dependent while loan to value and borrower financial strength are considered key credit quality indicators for borrower-occupied loans. Debt service coverage ratios compare a property's net operating income to the borrower's principal and interest payments. Loan to value and debt service coverage ratios are updated annually or as warranted by economic conditions or impairment considerations.

Debt service coverage ratios for income dependent mortgage loans are summarized as follows:

---

| | | |
|:---|:---|:---|
|  | *December 31* | *December 31* |
|  | *2025* | *2024* |
| DSCR distribution |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Below 1 | $79426 | $72947 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.0 - 1.2 | 107308 | 147689 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.2 - 1.5 | 358278 | 398826 |
| &nbsp;&nbsp;&nbsp;&nbsp;Greater than 1.5 | 1882371 | 1669985 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $2427383 | $2289447 |

---

<br> Mortgage loans with a DSCR below 1.0 that are not considered impaired primarily relate to instances where the borrower has the financial capacity to fund the revenue shortfalls from the properties for the foreseeable future, the decrease in cash flows is considered temporary, or there are other risk mitigating factors.

Loan to value for borrower-occupied commercial real estate mortgage loans is summarized as follows:

---

| | | |
|:---|:---|:---|
|  | *December 31* | *December 31* |
|  | *2025* | *2024* |
| Loan to value |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Below 60% | $9435 | $8786 |
| &nbsp;&nbsp;&nbsp;&nbsp;60-75% |  | 2018 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $9435 | $10804 |

---

**NOTE 3 - INVESTMENTS, (continued)**

<br> An aging analysis of the commercial loans held by the Company is summarized as follows:

---

| | | |
|:---|:---|:---|
|  | *December 31* | *December 31* |
|  | *2025* | *2024* |
| Recorded investment (all) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current | $2435704 | $2292386 |
| &nbsp;&nbsp;&nbsp;&nbsp;30-59 days past due |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;60-89 days past due |  | 2469 |
| &nbsp;&nbsp;&nbsp;&nbsp;90-179 days past due |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;180+ days past due | 1114 | 5396 |
| Accruing Interest 180+ Days Past Due |  |  |
| &nbsp;&nbsp;Recorded investment | 1114 | 5396 |
| &nbsp;&nbsp;Interest accrued | 56 | 124 |
| Participant or co-lender in a mortgage loan agreement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Recorded investment | 211 | 312 |

---

At December 31, 2025, the average size of an individual commercial mortgage loan was $2,826. For commercial mortgage loans, the Company's policy is to obtain a first mortgage lien and to require a loan to value ratio of 75% or less at acquisition. The Company's policy for commercial loans is to recognize due and accrued interest income on impaired loans if deemed collectible. As of December 31, 2025, the maximum and minimum rates of interest in the Company's mortgage loan portfolio were 8.85% and 2.85% for commercial mortgage loans.<br>**** <br> In 2025 and 2024, the Company had 118 and 91, respectively, commercial loans acquired or with additions to existing loans at the maximum and minimum rates of interest of 8.68% and 8.68%, respectively, and 4.60% and 4.55%, respectively, totaling $458,898 and $335,896, respectively.<br>

Commercial mortgage loans are evaluated individually for impairment. The Company's impairments for commercial loans and interest income on impaired commercial mortgage loans was not material for December 31, 2025, 2024, and 2023, respectively. As of December 31, 2025 and 2024, no impaired commercial mortgage loans were on nonaccrual status under SSAP No 34, paragraph 6.

In 2025, the Company had $36,954 aggregate amount of mortgage loans derecognized as a result of foreclosure, $14,055 real estate collateral recognized, and $22,732 other collateral recognized. In 2024, the Company had no mortgage loans derecognized as a result of foreclosure.

**Investments in Tax Credit Structures**

During 2025 and 2024, the Company recognized $10,406 and $11,214, respectively, of low income housing tax credits (LIHTC) and other tax benefits. The Company's investment in LIHTC recognized in the Balance Sheets - Statutory Basis in other investments was $56,308 and $70,877 and in other liabilities was $14,144 and $23,498 for the years ended December 31, 2025 and 2024, respectively. No property is currently subject to any regulatory review. The Company had no investment in LIHTC that exceeded 10% of its admitted assets. The Company recognized no impairment losses related to LIHTC at December 31, 2025 and 2024. The Company recognized no write-down or reclassification resulting from the forfeiture or ineligibility of tax credits at December 31, 2025 and 2024.

**NOTE 3 - INVESTMENTS, (continued)**

<br> An aggregate schedule of non-transferrable tax credits expected to be generated by the Company each year for the subsequent five years and thereafter, as of December 31, 2025, is presented below:

---

| | |
|:---|:---|
| *Year* | *Non-Transferable* |
| 2026 | $11410 |
| 2027 | 898 |
| 2028 | 117 |
| 2029 | 314 |
| 2030 | 147 |
| Thereafter | 1258 |
| Total | $14144 |

---

The Company has no transferrable tax credits as of December 31, 2025.

<br> **<br> Offsetting and Netting of Assets and Liabilities**<br> Call options and foreign currency swaps that are included in other investments and other liabilities on the Balance Sheets - Statutory Basis and qualified for offsetting and netting are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* |
|  | *Gross Amount Recognized* | *Amount Offset* | *Net Amount Presented on Financial Statements* | *Gross Amount Recognized* | *Amount Offset* | *Net Amount Presented on Financial Statements* |
| *Assets:* |  |  |  |  |  |  |
| Derivatives - call options | $332848 | $152405 | $180443 | $202246 | $86294 | $115952 |
| Derivatives - foreign currency swaps | 4482 | 3621 | 861 | 11461 | 2584 | 8877 |
| *Liabilities:* |  |  |  |  |  |  |
| Derivatives - call options | $152405 | $152405 | $— | $86294 | $86294 | $— |
| Derivatives - foreign currency swaps | 15689 | 3621 | 12068 | 2584 | 2584 |  |

---

**NOTE 3 - INVESTMENTS, (continued)**

**Net Investment Income**<br> Major categories of net investment income by class of investment are summarized below.

---

| | | | |
|:---|:---|:---|:---|
|  | *Years Ended December 31* | *Years Ended December 31* | *Years Ended December 31* |
|  | *2025* | *2024* | *2023* |
| Income: |  |  |  |
| Bonds | $590016 | $556609 | $499408 |
| Preferred stocks | 66 | 166 | 490 |
| Common stocks | 11262 | 9885 | 8382 |
| Mortgage loans | 121493 | 104896 | 98441 |
| Real estate<sup>1</sup> | 12062 | 11175 | 14261 |
| Contract loans | 44237 | 39226 | 33583 |
| Short-term investments | 8109 | 6936 | 3385 |
| Derivatives | 74703 | 48067 | (43362) |
| Other investments | 81541 | 77269 | 50021 |
| Amortization of interest maintenance reserve | 7932 | 7780 | 9711 |
| Gross investment income | 951421 | 862009 | 674320 |
| Total investment expenses | 57679 | 55799 | 52135 |
| Net investment income | $893742 | $806210 | $622185 |

---

<sup>1</sup>Includes amounts for the occupancy of company-owned property of $5,647, $5,647, and $8,302 in 2025, 2024, and 2023, respectively.

** 

**Fair Value Measurements**

** 

Included in various investment related lines in the financial statements are certain financial instruments carried at fair value. Other financial instruments are periodically measured at fair value, such as when impaired, or, for certain bonds and preferred stocks when carried at the lower of cost or market. The fair value of an asset is the amount at which that asset could be bought or sold in a current transaction between willing parties, that is, other than in a forced or liquidation sale.

**** 

Fair values are based on quoted market prices when available. When market prices are not available, fair value is generally estimated using discounted cash flow analyses, incorporating current market inputs for similar financial instruments with comparable terms and credit quality (matrix pricing). In instances where there is little or no market activity for the same or similar instruments, the Company estimates fair value using methods, models and assumptions that management believes market participants would use to determine a current transaction price. These valuation techniques involve some level of management estimation and judgment which becomes significant with increasingly complex instruments or pricing models. Where appropriate, adjustments are included to reflect the risk inherent in a particular methodology, model or input used.

The Company's financial assets and liabilities carried at fair value have been classified, for disclosure purposes, based on a hierarchy defined by Fair Value Measurements as defined under NAIC SAP. The hierarchy gives the highest ranking to fair values determined using unadjusted quoted prices in active markets for identical assets (Level 1) and the lowest ranking to fair values determined using methodologies and models with unobservable inputs (Level 3). An asset's classification is based on the lowest level input that is significant to its measurement. For example, a Level 3 fair value measurement may include inputs that are both observable (Levels 1 and 2) and unobservable (Level 3). The levels of the fair value hierarchy are as follows:<br>

Level 1 – Values are unadjusted quoted prices for identical assets or liabilities in active markets accessible at the measurement date.

 

Level 2 – Inputs include quoted prices for similar assets or liabilities in active markets, quoted prices from those willing to trade in markets that are not active, or other inputs that are observable or can be corroborated by market data for the term of the instrument. Such inputs include market interest rates and volatilities, spreads and yield curves.

**** 

Level 3 – Certain inputs are unobservable (supported by little or no market activity) and significant to the fair value measurement. Unobservable inputs reflect the Company's best estimate of what hypothetical market participants would use to determine a transaction price for the asset at the reporting date.

**NOTE 3 - INVESTMENTS, (continued)**

<br> Net asset value (NAV) – Separate account assets are measured at fair value using the NAV per share (or its equivalent) practical expedient and have not been classified in the fair value hierarchy.<br>The following tables provide information about the Company's financial assets and liabilities measured and reported at fair value or NAV:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* |
|  | *Level 1* | *Level 2* | *Level 3* | *Net Asset Value* | *Total* |
| Assets at fair value/net asset value |  |  |  |  |  |
| Asset-Backed Securities | $— | $3415 | $— | $— | $3415 |
| Total bonds |  | 3415 |  |  | 3415 |
| Common stock |  |  |  |  |  |
| Industrial and miscellaneous | $329444 | $— | $— | $— | $329444 |
| Total common stocks | 329444 |  |  |  | 329444 |
| Derivative assets |  |  |  |  |  |
| Exchange traded index call options | 322150 |  |  |  | 322150 |
| Over the counter index call options |  | 180444 |  |  | 180444 |
| Foreign currency swaps |  | 860 |  |  | 860 |
| Total other investments | 322150 | 181304 |  |  | 503454 |
| Separate account assets |  |  |  | 11287354 | 11287354 |
| Total assets at fair value/net asset value | $651594 | $184719 | $— | $11287354 | $12123667 |
| Liabilities at fair value |  |  |  |  |  |
| Derivative liabilities |  |  |  |  |  |
| Exchange traded index call options | $176900 | $— | $— | $— | $176900 |
| Foreign currency swaps |  | 12068 |  |  | 12068 |
| Total liabilities at fair value | $176900 | $12068 | $— | $— | $188968 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* |
|  | *Level 1* | *Level 2* | *Level 3* | *Net Asset Value* | *Total* |
| Assets at fair value/net asset value |  |  |  |  |  |
| Bonds |  |  |  |  |  |
| Asset-Backed Securities | $— | $673 | $— | $— | $673 |
| Total bonds |  | 673 |  |  | 673 |
| Common stock |  |  |  |  |  |
| Industrial and miscellaneous | 357820 |  |  |  | 357820 |
| Total common stocks | 357820 |  |  |  | 357820 |
| Other investments | 14052 |  |  |  | 14052 |
| Derivative assets |  |  |  |  |  |
| Exchange traded index call options | 273603 |  |  |  | 273603 |
| Over the counter index call options |  | 115952 |  |  | 115952 |
| Foreign currency swaps |  | 8877 |  |  | 8877 |
| Total other investments | 287655 | 124829 |  |  | 412484 |
| Separate account assets |  |  |  | 10756291 | 10756291 |
| Total assets at fair value/net asset value | $645475 | $125502 | $— | $10756291 | $11527268 |
| Liabilities at fair value |  |  |  |  |  |
| Derivative liabilities |  |  |  |  |  |
| Exchange traded index call options | $145709 | $— | $— | $— | $145709 |
| Total liabilities at fair value | $145709 | $— | $— | $— | $145709 |

---

**NOTE 3 - INVESTMENTS, (continued)**

<br> The valuation techniques used to measure the fair values by type of investment in the above table are as follows:

**Level 1 – Financial Assets and Liabilities**

These assets and liabilities include actively-traded exchange-listed common stocks, mutual funds, exchange traded call and put options and exchange traded call and put options (written). Unadjusted quoted prices for these securities are provided to the Company by independent pricing services. Derivative asset and liability valuations are based on quoted prices in active markets for identical securities. Exchange traded call options and equity put options and written exchange traded call options and written equity put options are classified as Level 1.

**Level 2 – Financial Assets and Liabilities**

The Company's Level 2 assets includes bonds, OTC index call options and foreign currency swaps. Prices are based on other observable inputs, including quoted prices for similar assets/liabilities. The Company used broker quotes which are corroborated to the market for the monthly valuation of the index call options and foreign currency swaps. For the index call options, the broker quotes use the S&P Dividend Yield and Implied Volatility inputs in the Black Scholes Model that is tailored to the remaining term of each call option. For the foreign currency swaps, the broker quotes use models that rely on inputs such as basis curves and currency spot rates that are observable for substantially the full term of the contract. In addition, the Company corroborates the broker quotes to Bloomberg and to actual trades.

**Level 3 - Financial Assets and Liabilities**

There were no financial assets measured at fair value in Level 3 at December 31, 2025 and December 31, 2024.

**<br> NAV - Financial Assets and Liabilities**

Separate account assets represent NAVs as a practical expedient received from fund managers who stand ready to transact at the quoted values. The funds in the separate account assets are considered open-end mutual funds, meaning that the fund is ready to redeem its shares at any time and offers its shares for sale to the public, either through retail outlets or through institutional investors continuously. For institutional funds, NAVs are received daily from fund managers, and the managers stand ready to transact at these quoted amounts. The Company, on behalf of the contract holders, transacts in these funds on a daily basis as part of the separate account trading activity. There are no unfunded commitments in the separate account assets.

<br> There were no material transfers of financial instruments carried at fair value into or out of Level 3 during the years ended December 31, 2025 and 2024.

The Company had no financial instruments that were not practicable to calculate fair value. The Company had no investments measured using NAV instead of fair value in which the investment may be sold below NAV or significant restrictions in the liquidation of the investment held at NAV.

**NOTE 3 - INVESTMENTS, (continued)**

<br> The tables below reflect the fair values or NAV and book/adjusted carrying values of all admitted assets and liabilities that are financial instruments excluding those accounted for under the equity method. The fair values are also categorized into the three-level fair value hierarchy as described previously.<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* | *December 31, 2025* |
|  | *Fair Value* | *Book/Adjusted Carrying Value* | *Level 1* | *Level 2* | *Level 3* | *Net Asset Value* |
| *Assets:* |  |  |  |  |  |  |
| &nbsp;&nbsp;Bonds |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuer credit obligations | $8429689 | $9099637 | $— | $6377988 | $2051701 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-backed securities | 3742953 | 3804566 |  | 3000533 | 742420 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Bonds | 12172642 | 12904203 |  | 9378521 | 2794121 |  |
| &nbsp;&nbsp;Common stocks | 363861 | 363861 | 329444 | 34417 |  |  |
| &nbsp;&nbsp;Mortgage loans | 2363644 | 2436818 |  |  | 2363644 |  |
| &nbsp;&nbsp;Cash, cash equivalents and short-term |  |  |  |  |  |  |
| &nbsp;&nbsp;investments | 341551 | 341551 | 341551 |  |  |  |
| &nbsp;&nbsp;Contract loans | 916656 | 967549 |  |  | 916656 |  |
| &nbsp;&nbsp;Other investments | 623379 | 630044 | 322150 | 236266 | 64963 |  |
| &nbsp;&nbsp;Investment income due and accrued | 150555 | 150555 | 150555 |  |  |  |
| &nbsp;&nbsp;Separate account assets |  | 11287354 |  |  |  | 11287354 |
| Total financial assets | $16932288 | $29081935 | $1143700 | $9649204 | $6139384 | $11287354 |
| &nbsp;&nbsp;Deposit-type funds | $1408143 | $1409540 | $— | $— | $1408143 | $— |
| &nbsp;&nbsp;Derivative liabilities | 188967 | 188967 | 176899 | 12068 |  |  |
| Total financial liabilities | $1597110 | $1598507 | $176899 | $12068 | $1408143 | $— |

---

**<br>** 

<br> ---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *December 31, 2024* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* | *December 31, 2024* |
|  | *Fair Value* | *Book/Adjusted Carrying Value* | *Level 1* | *Level 2* | *Level 3* | *Net Asset Value* |
| *Assets:* |  |  |  |  |  |  |
| &nbsp;&nbsp;Bonds | $11093012 | $12109742 | $— | $7447078 | $3645934 | $— |
| &nbsp;&nbsp;Preferred stocks | 2784 | 2828 |  | 2784 |  |  |
| &nbsp;&nbsp;Common stocks | 380790 | 380790 | 357820 | 22970 |  |  |
| &nbsp;&nbsp;Mortgage loans | 2134258 | 2300251 |  |  | 2134258 |  |
| &nbsp;&nbsp;Cash, cash equivalents and short-term |  |  |  |  |  |  |
| investments | 201163 | 201163 | 201163 |  |  |  |
| &nbsp;&nbsp;Contract loans | 796924 | 851561 |  |  | 796924 |  |
| &nbsp;&nbsp;Other investments | 557790 | 566065 | 297012 | 181226 | 79552 |  |
| &nbsp;&nbsp;Investment income due and accrued | 145519 | 145519 | 145519 |  |  |  |
| &nbsp;&nbsp;Separate account assets |  | 10756291 |  |  |  | 10756291 |
| Total financial assets | $15312240 | $27314210 | $1001514 | $7654058 | $6656668 | $10756291 |
| *Liabilities:* |  |  |  |  |  |  |
| &nbsp;&nbsp;Deposit-type funds | $1190833 | $1192888 | $— | $— | $1190833 | $— |
| &nbsp;&nbsp;Borrowings | 3011 | 2959 |  |  | 3011 |  |
| &nbsp;&nbsp;Derivative liabilities | 145709 | 145709 | 145709 |  |  |  |
| Total financial liabilities | $1339553 | $1341556 | $145709 | $— | $1193844 | $— |

---

**NOTE 3 - INVESTMENTS, (continued)**

<br> The following methods and assumptions were used by the Company in estimating its fair value disclosures for each class of financial instruments for which it is practicable to estimate a value:

*Bonds:* For issuer credit obligations not actively traded, fair values are estimated using values obtained from independent pricing services or internally derived based on expected future cash flows using a current market rate applicable to the yield, credit quality and maturity of the investments. The fair values of asset-backed securities are estimated using values obtained from independent pricing services or internally derived based on expected future cash flows using a current market rate applicable to the yield, credit quality and maturity of the investments. Issuer credit obligations, asset-backed securities priced based on observable market information are assigned to Level 2. Issuer credit obligations and asset-backed securities priced based on uncorroborated broker quotes, unobservable market inputs, partnership valuations or internal valuations are assigned to Level 3.

*Preferred Stocks:* For preferred stocks not actively traded, fair values are estimated using values obtained from independent pricing services or internally derived based on expected future cash flows using a current market rate applicable to the yield credit quality, and maturity of the investments. Preferred stocks priced based on observable market information are assigned to Level 2.

*Common stocks:* For publicly traded securities and mutual funds, fair value is obtained from independent pricing services or fund managers and are assigned to Level 1 as the fair values are based on quoted prices in active markets for identical securities. For stock in FHLB, fair value is presumed to be par, which is the value at which the FHLB will repurchase the stock, and is assigned to Level 2. Stocks in affiliates carried on the equity method are not included as part of the fair value disclosure.

*Mortgage loans:* The fair value of commercial mortgage loans is primarily determined by estimating expected future cash flows and discounting the cash flows using current interest rates for similar mortgage loans with similar credit risk.

*Cash, cash equivalents and short-term investments, and investment income due and accrued:* The carrying amounts approximate fair values.**<br>** 

<br> *Other investments and derivative liabilities*: Fair values are estimated using values obtained from independent pricing services where available, or internally derived based on expected future cash flows using a current market rate applicable to the yield, credit quality and maturity of the investments. Other investments priced based on observable market information for similar assets are assigned to Level 2. Other investments priced based on uncorroborated broker quotes, unobservable market inputs or internal valuations are assigned to Level 3. Other investments carried on the equity method are not included as part of the fair value disclosure. Exchange traded call and put options and exchange traded call and put options (written) are classified as Level 1 since the valuations are based on quoted prices in active markets for identical securities. Foreign currency swaps are classified as Level 2 as the *v*aluation is based on models that rely on inputs such as basis curves and currency spot rates that are observable for substantially the full term of the contract. The valuation techniques underlying the models are widely accepted in the financial services industry and do not involve significant judgment.

*Contract loans:* The fair values for contract loans are estimated using discounted cash flow analysis at interest rates currently offered for similar loans. Contract loans with similar characteristics are aggregated for purposes of the calculations.

*Deposit-type funds*: Deposit-type funds are valued using discounted cash flow calculations, based on interest rates currently being offered for similar contracts with maturities consistent with those remaining for the contracts being valued.

*Borrowings:* The fair value of borrowed money is estimated using discounted cash flow calculations based on current interest rates consistent with the maturity of the obligation.**<br>** 

**NOTE 3 - INVESTMENTS, (continued)**

*Separate account assets*: Separate account assets represent NAV as a practical expedient received from fund managers who stand ready to transact at the quoted values.

**NOTE 4 - INCOME TAXES**

The application of NAIC SAP requires a company to evaluate the recoverability of gross deferred tax assets and to establish a valuation allowance if necessary to reduce the gross deferred tax asset to an amount which is more likely than not to be realized (adjusted gross deferred tax asset). Considerable judgment is required in determining whether a valuation allowance is necessary, and if so, the amount of such valuation allowance. In evaluating the need for a valuation allowance the Company considers many factors including: (1) the nature of the deferred tax assets and liabilities; (2) whether they are ordinary or capital; (3) the timing of their reversals; (4) taxable capital gains in prior carry back years as well as projected taxable earnings exclusive of reversing temporary differences and carry forwards; (5) the length of time that carryovers can be utilized; (6) unique tax rules that would impact the utilization of the deferred tax assets; and (7) tax planning strategies that the Company would employ to avoid a tax benefit from expiring unused. Based on an evaluation of the above factors, management believes it more likely than not that the adjusted gross deferred tax assets will be realized.

The components of the net deferred tax asset/(liability) as of December 31, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | *Ordinary* | *Capital* | *Total* |
| Gross deferred tax assets | $353272 | $2448 | $355720 |
| Statutory valuation allowance adjustment |  |  |  |
| Adjusted gross deferred tax assets | 353272 | 2448 | 355720 |
| Deferred tax assets nonadmitted | 116710 |  | 116710 |
| Subtotal net admitted deferred tax assets | 236562 | 2448 | 239010 |
| Deferred tax liabilities | 39616 | 81865 | 121481 |
| Net admitted deferred tax assets/(liability) | $196946 | $(79417) | $117529 |

---

<br> The amount of admitted adjusted gross deferred tax assets under each component of NAIC SAP as of December 31, 2025 is:

---

| | | | |
|:---|:---|:---|:---|
|  | *Ordinary* | *Capital* | *Total* |
| *Admission calculation components - NAIC SAP* |  |  |  |
| Adjusted gross deferred tax assets expected to be realized |  |  |  |
| (excluding the amount of deferred tax assets from above) |  |  |  |
| after application of the threshold limitation | $117529 | $— | $117529 |
| Adjusted gross deferred tax assets expected to be |  |  |  |
| realized following the balance sheet date | $117529 | $— | $117529 |
| Adjusted gross deferred tax assets allowed per |  |  |  |
| limitation threshold | xxx | xxx | $307415 |
| Adjusted gross deferred tax assets offset by gross deferred |  |  |  |
| tax liabilities | $119033 | $2448 | $121481 |
| Deferred tax assets admitted as the result of application |  |  |  |
| of NAIC SAP | $236562 | $2448 | $239010 |

---

The components of the net deferred tax asset/(liability) as of December 31, 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | *Ordinary* | *Capital* | *Total* |
| Gross deferred tax assets | $348557 | $2748 | $351305 |
| Statutory valuation allowance adjustment |  |  |  |
| Adjusted gross deferred tax assets | 348557 | 2748 | 351305 |
| Deferred tax assets nonadmitted | 105799 |  | 105799 |
| Subtotal net admitted deferred tax assets | 242758 | 2748 | 245506 |
| Deferred tax liabilities | 34378 | 85702 | 120080 |
| Net admitted deferred tax assets/(net deferred tax liability) | $208380 | $(82954) | $125426 |

---

**NOTE 4 - INCOME TAXES, (continued)**

The amount of admitted adjusted gross deferred tax assets under each component of NAIC SAP as of December 31, 2024 is:

---

| | | | |
|:---|:---|:---|:---|
|  | *Ordinary* | *Capital* | *Total* |
| *Admission calculation components - NAIC SAP* |  |  |  |
| Adjusted gross deferred tax assets expected to be realized |  |  |  |
| (excluding the amount of deferred tax assets from above) |  |  |  |
| after application of the threshold limitation | $125426 | $— | $125426 |
| Adjusted gross deferred tax assets expected to be |  |  |  |
| realized following the balance sheet date | $125426 | $— | $125426 |
| Adjusted gross deferred tax assets allowed per |  |  |  |
| limitation threshold | xxx | xxx | $263055 |
| Adjusted gross deferred tax assets offset by gross deferred |  |  |  |
| tax liabilities | $117332 | $2748 | $120080 |
| Deferred tax assets admitted as the result of application |  |  |  |
| of NAIC SAP | $242758 | $2748 | $245506 |

---

The changes in the components of the net deferred tax asset/(liability) from December 31, 2024 to December 31, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | *Ordinary* | *Capital* | *Total* |
| Gross deferred tax assets | $4715 | $(300) | $4415 |
| Statutory valuation allowance adjustment |  |  |  |
| Adjusted gross deferred tax assets | 4715 | (300) | 4415 |
| Deferred tax assets nonadmitted | 10911 |  | 10911 |
| Subtotal net admitted deferred tax assets | (6196) | (300) | (6496) |
| Deferred tax liabilities | 5238 | (3837) | 1401 |
| Net admitted deferred tax assets/(net deferred tax liability) | $(11434) | $3537 | $(7897) |

---

**<br>** 

<br> ---

| | | | |
|:---|:---|:---|:---|
|  | *Ordinary* | *Capital* | *Total* |
| *Admission calculation components - NAIC SAP* |  |  |  |
| Adjusted gross deferred tax assets expected to be realized |  |  |  |
| (excluding the amount of deferred tax assets from above) |  |  |  |
| after application of the threshold limitation | (7897) |  | (7897) |
| Adjusted gross deferred tax assets expected to be |  |  |  |
| realized following the balance sheet date | (7897) |  | (7897) |
| Adjusted gross deferred tax assets allowed per |  |  |  |
| limitation threshold | xxx | xxx | 44360 |
| Adjusted gross deferred tax assets offset by gross deferred |  |  |  |
| tax liabilities | 1701 | (300) | 1401 |
| Deferred tax assets admitted as the result of application |  |  |  |
| of NAIC SAP | $(6196) | $(300) | $(6496) |

---

The Company does not carry any deferred tax liabilities on unrealized capital gains related to investments in affiliates.

The Company used the following amounts in determining the DTA admissibility:

---

| | | |
|:---|:---|:---|
|  | *2025* | *2024* |
| Ratio percentage used to determine recovery period and |  |  |
| &nbsp;&nbsp;threshold limitation above | 972% | 841% |
| Amount of adjusted capital and surplus used to determine |  |  |
| &nbsp;&nbsp;recovery period and threshold limitation above | $2049435 | $1753699 |

---

There were no tax planning strategies utilized as of December 31, 2025 or 2024.

**NOTE 4 - INCOME TAXES, (continued)**

<br> The provision for incurred federal income taxes on earnings are:

---

| | | | |
|:---|:---|:---|:---|
|  | *Years ended December 31* | *Years ended December 31* | *Years ended December 31* |
|  | *2025* | *2024* | *2023* |
| Federal | $16986 | $(16252) | $31114 |
| Federal income tax on net capital gains | 11036 | 12051 | 8041 |
| Federal income tax incurred/(recovered) | $28022 | $(4201) | $39155 |

---

<br> The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *December 31* | *December 31* | *December 31* | *Change* | *Change* |
|  | *2025* | *2024* | *2023* | *from 2024* | *from 2023* |
| *Deferred tax assets:* |  |  |  |  |  |
| &nbsp;&nbsp;Ordinary |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Discounting of unpaid losses | $178 | $157 | $165 | $21 | $(8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Unearned premium reserve | 534 | 523 | 505 | 11 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policyholder reserves | 138269 | 134578 | 111591 | 3691 | 22987 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | 8676 | 8166 | 7877 | 510 | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred acquisition costs | 103832 | 94942 | 88273 | 8890 | 6669 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policyholder dividends accrual | 1410 | 2145 | 1632 | (735) | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed assets | (693) | 9891 | 11241 | (10584) | (1350) |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation and benefits accrual | 26798 | 25898 | 25789 | 900 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables - nonadmitted | 40329 | 35046 | 29906 | 5283 | 5140 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net operating loss carry-forward | 190 | 208 | 225 | (18) | (17) |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible Amortization | 22739 | 25522 | 28309 | (2783) | (2787) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other (including items <5% of total |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ordinary tax assets) | 11010 | 11481 | 10103 | (471) | 1378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal | 353272 | 348557 | 315616 | 4715 | 32941 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nonadmitted deferred tax assets | 116710 | 105799 | 89124 | 10911 | 16675 |
| &nbsp;&nbsp;&nbsp;&nbsp;Admitted ordinary deferred tax assets | $236562 | $242758 | $226492 | $(6196) | $16266 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Capital |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | $203 | $435 | $1272 | $(232) | $(837) |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 2245 | 2313 | 2793 | (68) | (480) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal | 2448 | 2748 | 4065 | (300) | (1317) |
| &nbsp;&nbsp;&nbsp;&nbsp;Admitted capital deferred tax assets | 2448 | 2748 | 4065 | (300) | (1317) |
| &nbsp;&nbsp;&nbsp;&nbsp;Admitted deferred tax assets | $239010 | $245506 | $230557 | $(6496) | $14949 |

---

**<br>** 

<br> ---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Deferred tax liabilities:* |  |  |  |  |  |
| &nbsp;&nbsp;Ordinary |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | $6384 | $4790 | $3171 | $1594 | $1619 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed assets | 8123 | 818 | 2042 | 7305 | (1224) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred and uncollected premium | 14621 | 15297 | 17372 | (676) | (2075) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policyholder reserves | 437 | 3509 | 6588 | (3072) | (3079) |
| &nbsp;&nbsp;&nbsp;&nbsp;Unearned commissions | 9907 | 9820 | 9251 | 87 | 569 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other (including items <5% of total |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ordinary tax liabilities) | 144 | 144 | 143 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal | 39616 | 34378 | 38567 | 5238 | (4189) |

---

**NOTE 4 - INCOME TAXES, (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *December 31* | *December 31* | *December 31* | *Change* | *Change* |
|  | *2025* | *2024* | *2023* | *from 2024* | *from 2023* |
| &nbsp;&nbsp;Capital |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | $80590 | $84427 | $74312 | $(3837) | $10115 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate | 1275 | 1275 | 1276 |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal | $81865 | $85702 | $75588 | $(3837) | $10114 |
| Deferred tax liabilities | $121481 | $120080 | $114155 | $1401 | $5925 |
| Net deferred tax assets | $117529 | $125426 | $116402 | $(7897) | $9024 |

---

The change in the net admitted deferred tax assets was $(7,897), $9,024 and $19,640 for the years ended December 31, 2025, 2024, and 2023, respectively. The change in nonadmitted deferred tax assets of $10,911, $16,675, and $7,304 was included in change in nonadmitted assets in the Summary of Operations and Changes in Capital and Surplus - Statutory Basis for the years ended December 31, 2025, 2024, and 2023, respectively.

The change in net deferred income taxes as of December 31 is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | *2025* | *2024* | *Change* |
| Total gross deferred tax assets | $355720 | $351305 | $4415 |
| Total deferred tax liabilities | 121481 | 120080 | 1401 |
| Net deferred tax asset | $234239 | $231225 | 3014 |
| Tax effect of change in unrealized gains and pension liability |  |  | 2904 |
| Change in net deferred income tax |  |  | $5918 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | *2024* | *2023* | *Change* |
| Total gross deferred tax assets | $351305 | $319681 | $31624 |
| Total deferred tax liabilities | 120080 | 114155 | 5925 |
| Net deferred tax asset | $231225 | $205526 | 25699 |
| Tax effect of change in unrealized gains and pension liability |  |  | 3360 |
| Change in net deferred income tax |  |  | $29059 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | *2023* | *2022* | *Change* |
| Total gross deferred tax assets | $319681 | $273463 | $46218 |
| Total deferred tax liabilities | 114155 | 94881 | 19274 |
| Net deferred tax asset | $205526 | $178582 | 26944 |
| Tax effect of change in unrealized gains and pension liability |  |  | 35349 |
| Adjustment to prior year deferred income tax |  |  | 2923 |
| Change in net deferred income tax |  |  | $65216 |

---

**NOTE 4 - INCOME TAXES, (continued)**

<br> The provision for federal income taxes incurred is different from that which would be obtained by applying the statutory federal income tax rate to income before income taxes. The significant items causing this difference as of December 31, 2025, 2024, and 2023 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | *2025* | *2024* | *2023* |
| Net gain (loss) from operations before income taxes | $179670 | $(94449) | $72505 |
| Net realized capital gains before income taxes | 52552 | 57385 | 38289 |
| Deferred reinsurance loss, net | (4947) | (4266) | (3954) |
| Total pre-tax statutory income (loss) | 227275 | (41330) | 106840 |
| Change in nonadmitted assets | (25161) | (24475) | (43079) |
| IMR amortization | (7932) | (7780) | (9711) |
| Tax-exempt income | (24174) | (25301) | (22687) |
| Adjustment to prior year deferreds | (270) | (1217) | 3083 |
| Dissolution of subsidiary |  |  | (92822) |
| Non-deductible expense | 4085 | 4251 | 4884 |
| Other | 1344 | (1117) | (408) |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal | 175167 | (96969) | (53900) |
| Statutory tax rate | 0.21 | 0.21 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal | 36785 | (20364) | (11319) |
| Adjustment to prior year deferred income tax |  |  | (2923) |
| Tax credits | (14681) | (12896) | (11819) |
| Total statutory income taxes | $22104 | $(33260) | $(26061) |
| Federal and foreign income tax incurred/(recovered) | $28022 | $(4201) | $39155 |
| Change in deferred income tax | (5918) | (29059) | (65216) |
| Total statutory income taxes | $22104 | $(33260) | $(26061) |

---

The Company has no foreign tax credit carryovers to subsequent years.

At December 31, 2025, the Company has tax carryovers to subsequent years as follows:

---

| | | | |
|:---|:---|:---|:---|
| Year of Origination |  | Amount | Year of Expiration |
| 2016 | Net Operating Loss | $907 | 2036 |

---

The amount of federal income tax which is available for recoupment in the event of future capital losses is $11,983, $9,928, and $14,604, for the tax years 2025, 2024, and 2023, respectively. There were no deposits admitted under IRC Section 6033.

The Company joins in a consolidated federal income tax return filed by AMHC with AHC, AIP and Ameritas-NY.

The Company has no tax loss contingencies for which it is reasonably possible that the total liability will significantly increase within twelve months of the reporting date.

The Inflation Reduction Act was enacted on August 16, 2022, and included a new corporate alternative minimum tax (CAMT) which is effective for tax years beginning after 2022. The Company is a nonapplicable reporting entity that does not reasonably expect to be an applicable corporation subject to CAMT as a member of a tax-controlled group of corporations in 2025 and 2024.

On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was enacted into law. Connected to OBBBA, the Company is immediately expensing domestic research and development costs in 2025 that have been previously capitalized. The other provisions of OBBBA are not material to the Company.

**NOTE 5 - INFORMATION CONCERNING PARENT, SUBSIDIARIES, AFFILIATES AND RELATED PARTIES**

The Company loaned $3,000 to Ameritas Advisory Services, LLC on December 5, 2023 under a promissory note due on or before December 1, 2024. The promissory note was repaid in full on June 28, 2024.

The Company loaned $2,000 to Ameritas Investment Company, LLC on April 3, 2023 under a promissory note due on or before April 1, 2024. The promissory note was repaid in full on March 21, 2024.

AAS and AIC each established a $10,000 unsecured line of credit with the Company expiring March 31, 2026. There were no balances outstanding at any time during 2025.

The Company received capital contributions in the amount of $40,000 and $25,000 from AHC on June 23, 2025 and December 3, 2025, respectively.

Ameritas-NY and AHC each established a $50,000 unsecured line of credit with the Company. There were no balances outstanding at any time during 2025, 2024, and 2023. The unsecured lines of credit with Ameritas-NY and AHC provide for automatic annual renewal on May 1, and January 1, respectively, unless terminated by either party.

The Company established a $50,000 unsecured line of credit with AHC under an agreement that provides for automatic renewal on January 1 unless terminated by either either party. There were no balances outstanding at any time during 2025 or 2024.

The Company's variable life and annuity products are distributed through AIC. Policies placed by this affiliate generated commission and general insurance expense of $21,085, $20,984, and $21,305, for the years ended December 31, 2025, 2024, and 2023, respectively.

The Company had amounts due to and from various affiliates at December 31, 2025 and 2024 which were recorded in other admitted assets and other liabilities in the Balance Sheets-Statutory Basis. The balances are settled monthly on a net basis. Additionally, the Company provides, as well as receives, technical, financial, legal and marketing support, and investment advisory services from certain affiliates under administrative service and cost-sharing agreement which were recorded in general insurance expenses in the Summary of Operations-Statutory Basis. Both the individual and combined amounts recorded under these agreements were not material for the years ended December 31, 2025, 2024, and 2023.

**NOTE 6 - EMPLOYEE BENEFITS**

The Company has deferred compensation plans covering the Board of Directors, certain management employees and agents. The Company's method of accounting for these plans is the accrual method and the assets for some of these deferred compensation plans are held in a Rabbi Trust.

The Company has unfunded, non-qualified pension plans (the NQ Plans) where the Company makes payments under certain voluntary arrangements for retirement benefits, which are not provided for under the AHC sponsored defined benefit pension plan. The measurement date for the Company's NQ Plans was December 31. A summary of the obligations and assumptions are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | *Underfunded Pension Benefits* | *Underfunded Pension Benefits* | *Underfunded Pension Benefits* |
|  | *2025* | *2024* | *2023* |
| Benefit obligation at beginning of year | $29240 | $31776 | $34365 |
| Interest cost | 1511 | 1560 | 1763 |
| Actuarial loss | (996) | (372) | (84) |
| Benefits paid | (3649) | (3724) | (4268) |
| Benefit obligation at end of year | $26106 | $29240 | $31776 |

---

**NOTE 6 - EMPLOYEE BENEFITS, (continued)**

---

| | | | |
|:---|:---|:---|:---|
|  | *Pension Benefits* | *Pension Benefits* | *Pension Benefits* |
|  | *2025* | *2024* | *2023* |
| Reporting entity contribution | 3649 | 3724 | 4268 |
| Benefits paid | (3649) | (3724) | (4268) |
| Fair value of plan assets at end of year | $— | $— | $— |

---

---

| | | | |
|:---|:---|:---|:---|
|  | *Pension Benefits* | *Pension Benefits* | *Pension Benefits* |
|  | *2025* | *2024* | *2023* |
| Components: |  |  |  |
| Accrued benefit costs | $27563 | $31465 | $34049 |
| Liability (asset) for pension benefits | (1457) | (2225) | (2273) |
| Assets and liabilities recognized: |  |  |  |
| Liabilities recognized | 26106 | 29240 | 31776 |
| Unrecognized liabilities (assets) | (1457) | (2225) | (2273) |

---

The components of net periodic benefit cost are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | *Pension Benefits* | *Pension Benefits* | *Pension Benefits* |
|  | *2025* | *2024* | *2023* |
| Interest cost | 1511 | 1560 | 1763 |
| Amount of recognized gains | (1764) | (420) | (399) |
| Total net periodic benefit cost | $(253) | $1140 | $1364 |

---

Amounts in unassigned funds (surplus) recognized as components of net periodic benefit cost:

---

| | | | |
|:---|:---|:---|:---|
|  | *Pension Benefits* | *Pension Benefits* | *Pension Benefits* |
|  | *2025* | *2024* | *2023* |
| Items not yet recognized as a component of net periodic cost - prior year | $(2225) | $(2273) | $(2588) |
| Net loss arising during the period | (996) | (372) | (84) |
| Net gain recognized | 1764 | 420 | 399 |
| Items not yet recognized as a component of net |  |  |  |
| periodic cost - current year | $(1457) | $(2225) | $(2273) |

---

<br> The weighted-average discount rate assumptions at December 31 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | *Pension Benefits* | *Pension Benefits* | *Pension Benefits* |
|  | *2025* | *2024* | *2023* |
| Net periodic benefit cost | 5.28% | 5.43% | 3.08% |
| Projected benefit obligation | 5.44% | 5.28% | 5.43% |

---

Future expected pension benefit payments are as follows:

---

| | |
|:---|:---|
| *Year* | *Amount* |
| 2026 | $3472 |
| 2027 | 3347 |
| 2028 | 3221 |
| 2029 | 3097 |
| 2030 | 2972 |
| 2031-2035 | 11886 |

---

**NOTE 6 - EMPLOYEE BENEFITS, (continued)**

The accumulated pension benefit obligation for the NQ plans is as follows:

---

| | | |
|:---|:---|:---|
|  | *December 31* | *December 31* |
|  | *2025* | *2024* |
| Accumulated benefit obligation | $26106 | $29239 |
| Projected benefit obligation (PBO) | $26106 | $29239 |
| Funded status (PBO - Plan assets) | $26106 | $29239 |
| Unrecognized items: |  |  |
| Unrecognized gains, net of tax | $(1151) | $(1758) |
| Total unrecognized items, net of tax | $(1151) | $(1758) |

---

The Company participates in the Ameritas Pension Plan (the Plan), of which AHC is the plan sponsor. Plan assets are held in separate accounts of the Company. The Company participates in a postretirement benefit plan sponsored by AHC. The expenses recognized by the Company for the Plan and the postretirement benefit plan were not material for 2025, 2024, or 2023.

The Company's employees and agents participate in defined contribution plans sponsored by AHC that cover substantially all full-time employees and agents. In addition, certain of the Company's employees participate in an unfunded, non-qualified defined contribution plan sponsored by AHC. Company matching contributions under the defined contribution plans range from 0.5% to 3.0% of the participant's compensation. In addition, for eligible employees, the Company makes a contribution of 6.0% of the participant's compensation for those employees hired prior to January 1, 2006 and 5.0% of the participant's compensation for those hired after January 1, 2006. Contributions by the Company to the employee and agents defined contribution plans were $18,857, $19,027, and $18,281 in 2025, 2024, and 2023, respectively.

**NOTE 7 - DIVIDEND RESTRICTIONS AND SURPLUS**

The Company is subject to regulation by the Department, which restricts the advancement of funds to parent and affiliated companies as well as the amount of dividends that may be paid without prior approval. Dividend payments to the stockholder by the Company, when aggregated with all other dividends in the preceding 12 months, cannot exceed the greater of 10% of surplus as of the preceding year-end or the statutory net gain from operations for the previous calendar year, without prior approval from the Department. Based on this limitation, the Company would be able to pay $216,574 in dividends in 2026, without prior approval. The Company did not pay ordinary dividends to AHC, its parent, in 2025, 2024, or 2023.

Unassigned surplus represents the undistributed and unappropriated amount of surplus at the statement date. The cumulative effect related to the portion of unassigned surplus represented or reduced by each of the following items as of December 31:

---

| | | | |
|:---|:---|:---|:---|
|  | *2025* | *2024* | *2023* |
| Unrealized capital gains, net of taxes | $134593 | $110958 | $87325 |
| Nonadmitted asset values | (308755) | (272682) | (231533) |
| Asset valuation reserve | (325047) | (354449) | (336910) |

---

**NOTE 7 - DIVIDEND RESTRICTIONS AND SURPLUS, (continued)**

On November 1, 1996, the Company issued $50,000 of 8.20% Surplus Notes (Notes). The Notes mature on November 1, 2026 and may not be redeemed prior to maturity. The Notes are unsecured and subordinated to all present and future policy claims, prior claims and senior indebtedness. These Notes were underwritten by Merrill Lynch & Co. with the trustee as Bank of New York. Subject to prior written approval of the Department, these Notes will pay interest semi-annually on May 1 and November 1. In accordance with Department regulations, interest cannot be accrued or paid until written approval has been received. Interest of $4,100 was paid in 2025, 2024, and 2023 and included as reduction to net investment income on the Summary of Operations and Changes in Capital and Surplus – Statutory Basis. The carrying amount of the Notes was $49,993 and $49,984 at December 31, 2025 and 2024, respectively. There is no unapproved interest and principal. The life-to-date interest expense recognized on the Notes as of December 31, 2025 is $118,866. There has been no principal paid during the life of the Notes as of December 31, 2025. The interest offset percentage is 100%. The Notes holder, the asset issuer and the liquidity source are not related parties. The Notes are not contractually linked and the Notes payments are not subject to administrative offsetting provisions. Cash received upon issuance was not used to purchase an asset directly from the holder of the surplus note.

**NOTE 8 - COMMITMENTS AND CONTINGENCIES**

At December 31, 2025, the Company had outstanding agreements to fund mortgages totaling $126,459. In addition at December 31, 2025, the Company has committed to invest $362,332 in equity-type limited partnerships and $168,672 in bonds in subsequent years. These transactions are in the normal course of operations and are not reflected in the accompanying statutory basis financial statements. The Company's exposure to credit loss is represented by the contractual notional amount of these instruments. The Company uses the same credit policies and collateral requirements in making commitments and conditional obligations as it does for on-balance sheet instruments.

**Guaranty Funds Assessments** 

As a condition of doing business, all states and jurisdictions have adopted laws requiring membership in life and health guaranty funds. Member companies are subject to assessments each year based on life, health or annuity premiums collected in the state. In some states these assessments may be applied against premium taxes. For 2025, 2024, and 2023, the charge to operations related to these assessments was not material. The estimated liability for future guaranty fund assessments of $3,001 and $4,989 at December 31, 2025 and 2024, respectively, was based on data provided by the National Organization of Life & Health Guaranty Associations and is included in other liabilities in the Balance Sheets - Statutory Basis. At December 31, 2025 and 2024, the Company had a related receivable of $2,701 and $4,332, respectively, for amounts recoverable against premium taxes which is included in other admitted assets in the Balance Sheets - Statutory Basis. The periods over which the guaranty funds assessments are expected to be paid are unknown at this time. Premium tax offsets are realized over the period allowed by each state once the guaranty fund assessment has been paid.

<br> Reconciliation of assets recognized from paid and accrued premium tax offsets and policy surcharges which are included in other admitted assets on the Balance Sheets – Statutory Basis as of December 31, 2025 and 2024 are as follows:

---

| | | |
|:---|:---|:---|
|  | *2025* | *2024* |
| Assets recognized from paid and accrued premium tax offsets and policy surcharges as of prior year end | $8842 | $4844 |
| &nbsp;&nbsp;Decreases during the year |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premium tax offset applied | (1138) | (397) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charge off of estimated premium tax offset | (1630) |  |
|  | (2768) | (397) |
| &nbsp;&nbsp;Increases during the year |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Estimated premium tax offset |  | 818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assessments paid | 428 | 3577 |
|  | 428 | 4395 |
| Assets recognized from paid and accrued premium tax offsets and policy surcharges as of current year end | $6502 | $8842 |

---

**NOTE 8 - COMMITMENTS AND CONTINGENCIES, (continued)**

<br> The Company recognizes liabilities, contingencies and assessments for long-term care insolvencies related guaranty funds liabilities and assets related to the Penn Treaty/ANIC insolvency. As of December 31, 2025, the undiscounted and discounted guaranty fund assessments were $6,877 and $2,598, and the related undiscounted and discounted assets were $5,244 and $2,032. As of December 31, 2024, the undiscounted and discounted guaranty fund assessments were $6,961 and $2,682, and the related undiscounted and discounted assets were $5,076 and $2,033.<br>

**Litigation and Regulatory Examination**

From time to time, the Company is subject to litigation and regulatory examination in the normal course of business. Management does not believe that the Company is party to any such pending litigation or examination which would have a material adverse effect on its financial condition or results of its operations. There were no claims (per claim or claimant) where amounts paid to settle were related to extra contractual obligations or bad faith claims resulting from lawsuits during 2025 and 2024.

**Uncollectibility of Assets**

The Company had admitted assets of $16,431 and $14,406 at December 31, 2025 and 2024, respectively, in accounts receivable for uninsured plans included in other admitted assets on the Balance Sheets – Statutory Basis. The Company routinely assesses the collectibility of these receivables. Based upon Company experience, less than 1% of the balance may become uncollectible and the potential loss is not material to the Company's financial condition.

**NOTE 9 – GAIN OR LOSS TO THE REPORTING ENTITY FROM UNINSURED ACCIDENT AND HEALTH PLANS** 

**ASC Plans** 

The gain (loss) from operations from administrative services contract (ASC) uninsured plans which is reported within general insurance expenses in the Summary of Operations and Changes in Capital and Surplus – Statutory Basis is as follows for the years ended December 31:

---

| | | | |
|:---|:---|:---|:---|
|  | *2025* | *2024* | *2023* |
| Gross reimbursement for medical cost incurred | $249726 | $227572 | $212227 |
| Other income or expenses (including interest paid to or received from plans) | 25358 | 23732 | 24431 |
| Gross expenses incurred (claims and administrative) | 275084 | 251304 | 236658 |
| Net gain (loss) from operations | $1827 | $1249 | $(106) |

---

**NOTE 10 - MANAGING GENERAL AGENTS AND THIRD-PARTY ADMINISTRATORS**

The Company has a third-party administrator, for which direct premiums written exceed 5% of total capital and surplus. The third party administers ordinary life and individual annuity business and does not have an exclusive contract. The third party has been granted the authority for policy administration, claims payment, claims adjustment, reinsurance ceding, binding authority and premium collection. The total amount of direct premiums administered was $203,739, $552,348, and $342,707 for the years ended December 31, 2025, 2024, and 2023, respectively. Another third-party administrator, which administered group accident and health business, does not have an exclusive contract, and has been granted the authority for binding authority and premium collection. Direct premiums administered were $126,718, $119,830, and $115,530 for the years ended December 31, 2025, 2024, and 2023, respectively. The Company had various other third party administrators and managing general agents during these periods, however their direct premiums written did not exceed 5% of total capital and surplus. The total amount of direct premiums administered by third-party administrators was $492,298, $830,868, and $613,333 for the years ended December 31, 2025, 2024, and 2023, respectively.

**NOTE 11 - OTHER ITEMS**

**Securities on Deposit** 

Included in the Company's deposits with government agencies are bonds with a book/adjusted carrying value of $111,292 and $127,093 and cash of $1,899 and $9,919 at December 31, 2025 and 2024, respectively, in a Regulation 109 deposit account with the State of New York as a result of its delicensure in the state as of September 30, 2013.

**NOTE 12 - SUBSEQUENT EVENTS** 

The Company has evaluated events subsequent to December 31, 2025 and through March 30, 2026, the date the financial statements were available to be issued.

**NOTE 13 - REINSURANCE**

In the ordinary course of business, the Company assumes and cedes reinsurance with other insurers and reinsurers. These arrangements provide greater diversification of business and limit the maximum net loss potential on large or hazardous risks. These reinsured risks are treated in the financial statements as risks for which the Company is not liable. Accordingly, policy liabilities and accruals, including incurred but not reported claims, are reported in the financial statements net of reinsurance assumed and ceded. A contingent liability exists with respect to the amount of such reinsurance in the event that the reinsuring companies are unable to meet their obligations. Reinsurance of risk does not discharge the primary liability of the Company, the Company remains contingently liable with respect to any reinsurance ceded, and this contingency would become an actual liability in the event that the assuming company becomes unable to meet its obligation under the reinsurance treaty.

The Company recaptured previously ceded business related to a reinsurer under an order of rehabilitation, due to a liquidation order effective September 30, 2023. The impacts from the liquidation order resulted in the recording of a $5,054 and $5,302 recoverable at December 31, 2025 and 2024, respectively, as an estimate of settlement from the reinsurer's estate. This recoverable consists of paid claims and waived and unearned premiums.

On December 31, 2025, the Company amended certain reinsurance agreements under which all previously ceded business was recaptured in exchange for a one-time recapture payment of $9,091. As a result of the recapture payment, $6,543 of ceded commission and $2,548 of ceded renewal premium was recorded in Commissions and expense allowances on reinsurance ceded and Premium income, respectively, in the Summary of Operations and Changes in Capital and Surplus – Statutory Basis.

The Company conducts reinsurance business with Ameritas-NY and other non-affiliated companies. No policies issued by the Company have been reinsured with a foreign company.

<br> The reinsurance premiums, net are included in the premium income, net in the Summary of Operations and Changes in Capital and Surplus - Statutory Basis. Reinsurance premium transactions with affiliated and non-affiliated companies are summarized as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | *Years Ended December 31* | *Years Ended December 31* | *Years Ended December 31* |
|  | *2025* | *2024* | *2023* |
| Assumed | $101473 | $96572 | $108381 |
| Ceded | (317665) | (296232) | (286288) |
| &nbsp;&nbsp;Reinsurance premiums, net | $(216192) | $(199660) | $(177907) |

---

The Company did not have any affiliated transactions through reinsurance operations for premium income, commission expense allowances, benefits to policyholders and reserves for life, accident and health policies that were more than half of 1% of the Company's admitted assets for the years ended December 31, 2025, 2024, and 2023.

<br> Effective October 1, 2019, the Company entered into a combination coinsurance/quota share funds withheld reinsurance agreement of an individual indexed annuity block and guaranteed living withdrawal benefit riders on an individual indexed annuity block with a third party. This agreement covers policies sold through June 30, 2024. Amortization of $4,947 and $4,266, which is based on the growth of the funds withheld liability, was recorded in change in surplus as a result of reinsurance, net of taxes, in the Summary of Operations and Changes in Capital and Surplus - Statutory Basis at December 31, 2025 and 2024, respectively. Effective December 1, 2024 the Company entered into a quota share funds withheld reinsurance agreement of an individual indexed annuity block and guaranteed living withdrawal benefit riders on an individual indexed annuity block with an additional third party. This agreement included policies sold on or after July 1, 2024.

**NOTE 13 - REINSURANCE, (continued)**

<br> The Company entered into two coinsurance agreements of participating life blocks with a third party (Coinsurance Treaties) effective on December 1, 2015. As of December 31, 2025 and 2024, invested assets of $883,591 and $896,696, respectively, were held in trust to support the obligations reinsured under the Coinsurance Treaties. The amounts held in trust are to be used solely to fund obligations incurred under the Coinsurance Treaties and represent 2.9% and 3.1% of the Company's admitted assets at December 31, 2025 and 2024, respectively.

No reinsurance contracts with risk-limiting features were identified for disclosure in any year.

**NOTE 14 - CHANGES IN UNPAID CLAIMS AND CLAIM ADJUSTMENT EXPENSES**

The change in the liability for unpaid accident and health claims and claim adjustment expenses, which is reported in reserves for unpaid claims and reserves for life, accident and health policies in the Balance Sheets – Statutory Basis, is summarized as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | *2025* | *2024* | *2023* |
| Total reserve for unpaid claims at January 1 | $387210 | $373034 | $356953 |
| Less reinsurance assumed | (14918) | (16234) | (16244) |
| Plus reinsurance ceded | 216426 | 202128 | 192807 |
| Direct balance | 588718 | 558928 | 533516 |
| Incurred related to: |  |  |  |
| &nbsp;&nbsp;Current year | 973098 | 920602 | 831876 |
| &nbsp;&nbsp;Prior year | (21568) | (3346) | (4967) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total incurred | 951530 | 917256 | 826909 |
| Paid related to: |  |  |  |
| &nbsp;&nbsp;Current year | 804431 | 782116 | 699500 |
| &nbsp;&nbsp;Prior year | 106995 | 105350 | 101997 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total paid | 911426 | 887466 | 801497 |
| Direct balance | 628822 | 588718 | 558928 |
| Plus reinsurance assumed | 14806 | 14918 | 16234 |
| Less reinsurance ceded | (229424) | (216426) | (202128) |
| Total reserve for unpaid claims at December 31 | $414204 | $387210 | $373034 |

---

As a result of favorable settlement of prior years' estimated claims, the provision for claims and claim adjustment expenses decreased by $21,568, $3,346, and $4,967 for the years ended December 31, 2025, 2024, and 2023, respectively. During 2025, incurred claims were negative for prior year primarily due to favorable claim runout for both group dental and disability products. During 2024 and 2023, incurred claims were negative for prior year primarily due to favorable claim runout for group dental products partially offset by unfavorable claim runout for disability products. There were no significant changes in methodologies and assumptions used in calculating the liability for unpaid losses and loss adjustment expenses for the year ended December 31, 2025.

<br> The Company paid and incurred assumed and ceded reinsurance claims as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | *2025* | *2024* | *2023* |
| Paid assumed reinsurance claims | $79391 | $79533 | $80811 |
| Incurred assumed reinsurance claims | $79279 | $78217 | $80801 |
| Paid ceded reinsurance claims | $34533 | $33118 | $31346 |
| Incurred ceded reinsurance claims | $47531 | $47416 | $40667 |

---

Anticipated salvage and subrogation are not included in the Company's determination of the liability for unpaid claims/losses.

**NOTE 15 - RESERVES FOR LIFE, ACCIDENT AND HEALTH POLICIES**

The Company waives deduction of deferred fractional premiums due upon death of the insured and returns any portion of the final premium beyond the date of death on traditional business. Surrender values are not provided in excess of legally computed direct reserves.

Additional premiums are charged for policies issued on substandard lives according to underwriting classification. Reserves for substandard policies are included in the reserves for life, accident and health policies as reflected on the Balance Sheets – Statutory Basis. The corresponding reserves held on such policies are calculated using the same interest rate as standard policies, but employ mortality rates which are multiples of standard mortality.

<br> As of December 31, 2025 and 2024, respectively, the Company had $1,195,979 and $1,397,738 of insurance in force for which the gross premiums are less than the net premiums according to the standard valuation set by the Department. Reserves to cover the above insurance totaled $22,920 and $23,629 at December 31, 2025 and 2024, respectively.

**NOTE 16 - ANALYSIS OF ANNUITY RESERVES AND DEPOSIT-TYPE FUNDS BY WITHDRAWAL CHARACTERISTICS**

Withdrawal characteristics of annuity reserves and deposit-type funds at December 31 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *2025* | *2025* | *2025* | *2025* |
|  | *General Account* | *Separate Account Non-guaranteed* | *Total* | *% of Total* |
| *Individual Annuities:* |  |  |  |  |
| &nbsp;&nbsp;Subject to discretionary withdrawal: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;With fair value adjustment | $— | $— | $— | — % |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value less current surrender |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;charge of 5% or more | 3341312 |  | 3341312 | 39.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;At fair value |  | 2193442 | 2193442 | 26.0% |
| &nbsp;&nbsp;Total with adjustment or at fair value | 3341312 | 2193442 | 5534754 | 65.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value without adjustment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(minimal or no charge) | 1940442 |  | 1940442 | 23.0% |
| &nbsp;&nbsp;Not subject to discretionary withdrawal | 955516 |  | 955516 | 11.4% |
| &nbsp;&nbsp;Total gross | 6237270 | 2193442 | 8430712 | 100.0% |
| &nbsp;&nbsp;Reinsurance ceded | 647942 |  | 647942 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total individual annuity reserves | $5589328 | $2193442 | $7782770 |  |
| &nbsp;&nbsp;Amount included in at book value less current surrender charge of 5% or more that will move to at book value without adjustment (minimal or no charge adjustment) for the first time within the year after the statement date: | $475872 | $— | $475872 |  |

---

**NOTE 16 - ANALYSIS OF ANNUITY RESERVES AND DEPOSIT-TYPE FUNDS BY WITHDRAWAL CHARACTERISTICS, (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *2025* | *2025* | *2025* | *2025* |
|  | *General Account* | *Separate Account Non-guaranteed* | *Total* | *% of Total* |
| *Group Annuities:* |  |  |  |  |
| &nbsp;&nbsp;Subject to discretionary withdrawal: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;With fair value adjustment | $1051627 | $— | $1051627 | 12.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value less current surrender |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;charge of 5% or more |  |  |  | — % |
| &nbsp;&nbsp;&nbsp;&nbsp;At fair value |  | 7406276 | 7406276 | 86.4% |
| &nbsp;&nbsp;Total with adjustment or at fair value | 1051627 | 7406276 | 8457903 | 98.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value without adjustment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(minimal or no charge) | 90536 |  | 90536 | 1.1% |
| &nbsp;&nbsp;Not subject to discretionary withdrawal | 26873 |  | 26873 | 0.2% |
| &nbsp;&nbsp;Total gross | 1169036 | 7406276 | 8575312 | 100.0% |
| &nbsp;&nbsp;Reinsurance ceded | 8914 |  | 8914 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total group annuity reserves | $1160122 | $7406276 | $8566398 |  |
| &nbsp;&nbsp;Amount included in at book value less current surrender charge of 5% or more that will move to at book value without adjustment (minimal or no charge adjustment) for the first time within the year after the statement date: | $— | $— | $— |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Deposit-type Funds (no life contingencies):* |  |  |  |  |
| &nbsp;&nbsp;Subject to discretionary withdrawal: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;With fair value adjustment | $280175 | $— | $280175 | 15.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value less current surrender |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;charge of 5% or more |  |  |  | — % |
| &nbsp;&nbsp;&nbsp;&nbsp;At fair value |  | 379872 | 379872 | 21.2% |
| &nbsp;&nbsp;Total with adjustment or at fair value | 280175 | 379872 | 660047 | 36.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value without adjustment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(minimal or no charge) | 402050 |  | 402050 | 22.5% |
| &nbsp;&nbsp;Not subject to discretionary withdrawal | 727645 |  | 727645 | 40.6% |
| &nbsp;&nbsp;Total gross | 1409870 | 379872 | 1789742 | 100.0% |
| &nbsp;&nbsp;Reinsurance ceded | 330 |  | 330 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deposit-type funds | $1409540 | $379872 | $1789412 |  |
| &nbsp;&nbsp;Amount included in at book value less current surrender charge of 5% or more that will move to at book value without adjustment (minimal or no charge adjustment) for the first time within the year after the statement date: | $— | $— | $— |  |
| Total annuity reserves and deposit-type funds | $8158990 | $9979590 | $18138580 |  |

---

**NOTE 16 - ANALYSIS OF ANNUITY RESERVES AND DEPOSIT-TYPE FUNDS BY WITHDRAWAL CHARACTERISTICS, (continued)**

**<br>** 

<br> ---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *2024* | *2024* | *2024* | *2024* |
|  | *General Account* | *Separate Account Non-guaranteed* | *Total* | *% of Total* |
| *Individual Annuities:* |  |  |  |  |
| &nbsp;&nbsp;Subject to discretionary withdrawal: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;With fair value adjustment | $— | $— | $— | — % |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value less current surrender |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;charge of 5% or more | 3192063 |  | 3192063 | 39.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;At fair value |  | 2207123 | 2207123 | 27.0% |
| &nbsp;&nbsp;Total with adjustment or at fair value | 3192063 | 2207123 | 5399186 | 66.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value without adjustment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(minimal or no charge) | 1877039 |  | 1877039 | 22.9% |
| &nbsp;&nbsp;Not subject to discretionary withdrawal | 910189 |  | 910189 | 11.1% |
| &nbsp;&nbsp;Total gross | 5979291 | 2207123 | 8186414 | 100.0% |
| &nbsp;&nbsp;Reinsurance ceded | 651627 |  | 651627 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total individual annuity reserves | $5327664 | $2207123 | $7534787 |  |
| &nbsp;&nbsp;Amount included in at book value less current surrender charge of 5% or more that will move to at book value without adjustment (minimal or no charge adjustment) for the first time within the year after the statement date: | $327756 | $— | $327756 |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Group Annuities:* |  |  |  |  |
| &nbsp;&nbsp;Subject to discretionary withdrawal: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;With fair value adjustment | $889681 | $— | $889681 | 11.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value less current surrender |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;charge of 5% or more |  |  |  | — % |
| &nbsp;&nbsp;&nbsp;&nbsp;At fair value |  | 6963887 | 6963887 | 87.2% |
| &nbsp;&nbsp;Total with adjustment or at fair value | 889681 | 6963887 | 7853568 | 98.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value without adjustment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(minimal or no charge) | 101597 |  | 101597 | 1.3% |
| &nbsp;&nbsp;Not subject to discretionary withdrawal | 29604 |  | 29604 | 0.4% |
| &nbsp;&nbsp;Total gross | 1020882 | 6963887 | 7984769 | 100.0% |
| &nbsp;&nbsp;Reinsurance ceded | 9761 |  | 9761 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total group annuity reserves | $1011121 | $6963887 | $7975008 |  |
| &nbsp;&nbsp;Amount included in at book value less current surrender charge of 5% or more that will move to at book value without adjustment (minimal or no charge adjustment) for the first time within the year after the statement date: | $— | $— | $— |  |

---

**NOTE 16 - ANALYSIS OF ANNUITY RESERVES AND DEPOSIT-TYPE FUNDS BY WITHDRAWAL CHARACTERISTICS, (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *2024* | *2024* | *2024* | *2024* |
|  | *General Account* | *Separate Account Non-guaranteed* | *Total* | *% of Total* |
| *Deposit-type Funds (no life contingencies):* |  |  |  |  |
| &nbsp;&nbsp;Subject to discretionary withdrawal: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;With fair value adjustment | $262230 | $— | $262230 | 16.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value less current surrender |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;charge of 5% or more |  |  |  | — % |
| &nbsp;&nbsp;&nbsp;&nbsp;At fair value |  | 384837 | 384837 | 24.4% |
| &nbsp;&nbsp;Total with adjustment or at fair value | 262230 | 384837 | 647067 | 41.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;At book value without adjustment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(minimal or no charge) | 207286 |  | 207286 | 13.1% |
| &nbsp;&nbsp;Not subject to discretionary withdrawal | 723769 |  | 723769 | 45.9% |
| &nbsp;&nbsp;Total gross | 1193285 | 384837 | 1578122 | 100.0% |
| &nbsp;&nbsp;Reinsurance ceded | 397 |  | 397 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deposit-type funds | $1192888 | $384837 | $1577725 |  |
| &nbsp;&nbsp;Amount included in at book value less current surrender charge of 5% or more that will move to at book value without adjustment (minimal or no charge adjustment) for the first time within the year after the statement date: | $— | $— | $— |  |
| Total annuity reserves and deposit-type funds | $7531673 | $9555847 | $17087520 |  |

---

<br> The following information is obtained from the applicable Exhibit in the Company's December 31 Annual Statements and related Separate Accounts Annual Statements, both of which are filed with the Department, and is provided to reconcile annuity reserves and deposit-type funds to amounts reported in the Balance Sheets – Statutory Basis as of December 31:

---

| | | |
|:---|:---|:---|
|  | *2025* | *2024* |
| Life and Accident and Health Annual Statement: |  |  |
| &nbsp;&nbsp;Exhibit 5, Annuities Section, Total (net) | $6726378 | $6316848 |
| &nbsp;&nbsp;Exhibit 5, Supplementary Contracts with Life Contingencies Section, Total (net) | 23072 | 21937 |
| &nbsp;&nbsp;Exhibit 7, Deposit-Type Contracts, Line 14, Column 1 | 1409540 | 1192888 |
| &nbsp;&nbsp;Subtotal | 8158990 | 7531673 |
| Separate Accounts Annual Statement: |  |  |
| &nbsp;&nbsp;Exhibit 3, Line 0299999, Column 2 | 9599718 | 9171010 |
| &nbsp;&nbsp;Exhibit 4, Line 9, Column 1 | 379872 | 384837 |
| &nbsp;&nbsp;Subtotal | 9979590 | 9555847 |
| Total | $18138580 | $17087520 |

---

**NOTE 17 - ANALYSIS OF LIFE ACTUARIAL RESERVES BY WITHDRAWAL CHARACTERISTICS**

Withdrawal characteristics of life insurance account value, cash value and reserves as of December 31 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | *2025* | *2025* | *2025* | *2025* | *2025* | *2025* |
|  | *General Account* | *General Account* | *General Account* | *Separate Account Nonguaranteed* | *Separate Account Nonguaranteed* | *Separate Account Nonguaranteed* |
|  | *Account Value* | *Cash Value* | *Reserve* | *Account Value* | *Cash Value* | *Reserve* |
| Subject to discretionary withdrawal, surrender values, or policy loans: |  |  |  |  |  |  |
| Universal life | $956382 | $907899 | $966310 | $— | $— | $— |
| Universal life with secondary guarantees | 740644 | 617760 | 1305496 |  |  |  |
| Indexed universal life | 12169 | 11437 | 12219 |  |  |  |
| Indexed universal life with secondary guarantees | 1731188 | 1337261 | 1573945 |  |  |  |
| Other permanent cash value life insurance |  | 1770849 | 3002306 |  |  |  |
| Variable universal life | 140280 | 1352935 | 151486 | 1302916 |  | 1299133 |
| Not subject to discretionary withdrawal or no cash values: |  |  |  |  |  |  |
| Term policies without cash value | XXX | XXX | 492688 | XXX | XXX |  |
| Accidental death benefits | XXX | XXX | 351 | XXX | XXX |  |
| Disability - active lives | XXX | XXX | 20163 | XXX | XXX |  |
| Disability - disabled lives | XXX | XXX | 22030 | XXX | XXX |  |
| Miscellaneous reserves | XXX | XXX | 85545 | XXX | XXX |  |
| Total gross | 3580663 | 5998141 | 7632539 | 1302916 |  | 1299133 |
| Reinsurance ceded |  |  | 557870 |  |  |  |
| Total life reserves | $3580663 | $5998141 | $7074669 | $1302916 | $— | $1299133 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | *2024* | *2024* | *2024* | *2024* | *2024* | *2024* |
|  | *General Account* | *General Account* | *General Account* | *Separate Account Nonguaranteed* | *Separate Account Nonguaranteed* | *Separate Account Nonguaranteed* |
|  | *Account Value* | *Cash Value* | *Reserve* | *Account Value* | *Cash Value* | *Reserve* |
| Subject to discretionary withdrawal, surrender values, or policy loans: |  |  |  |  |  |  |
| Universal life | $996993 | $946535 | $1006328 | $— | $— | $— |
| Universal life with secondary guarantees | 743684 | 614536 | 1286146 |  |  |  |
| Indexed universal life | 13832 | 12471 | 13959 |  |  |  |
| Indexed universal life with secondary guarantees | 1500201 | 1150310 | 1424274 |  |  |  |
| Other permanent cash value life insurance |  | 1733973 | 2910875 |  |  |  |
| Variable universal life | 135447 | 1244884 | 146615 | 1193954 |  | 1189416 |
| Not subject to discretionary withdrawal or no cash values: |  |  |  |  |  |  |
| Term policies without cash value | XXX | XXX | 500944 | XXX | XXX |  |
| Accidental death benefits | XXX | XXX | 344 | XXX | XXX |  |
| Disability - active lives | XXX | XXX | 22278 | XXX | XXX |  |
| Disability - disabled lives | XXX | XXX | 22232 | XXX | XXX |  |
| Miscellaneous reserves | XXX | XXX | 76958 | XXX | XXX |  |
| Total gross | 3390157 | 5702709 | 7410953 | 1193954 |  | 1189416 |
| Reinsurance ceded |  |  | 576609 |  |  |  |
| Total life reserves | $3390157 | $5702709 | $6834344 | $1193954 | $— | $1189416 |

---

**NOTE 17 - ANALYSIS OF LIFE ACTUARIAL RESERVES BY WITHDRAWAL CHARACTERISTICS, (continued)**

<br> The following information is obtained from the applicable Exhibit in the Company's December 31 Annual Statements and related Separate Accounts Annual Statements, both of which are filed with the Department, and is provided to reconcile life reserves to amounts reported in the Balance Sheets – Statutory Basis as of December 31:

---

| | | |
|:---|:---|:---|
|  | *2025* | *2024* |
| Life and Accident and Health Annual Statement: |  |  |
| &nbsp;&nbsp;Exhibit 5, Life Insurance Section, Total (net) | $6965126 | $6733319 |
| &nbsp;&nbsp;Exhibit 5, Accidental Death Benefits Section, Total (net) | 331 | 322 |
| &nbsp;&nbsp;Exhibit 5, Disability - Active Lives Section, Total (net) | 9206 | 9761 |
| &nbsp;&nbsp;Exhibit 5, Disability - Disabled Lives Section, Total (net) | 15371 | 15086 |
| &nbsp;&nbsp;Exhibit 5, Miscellaneous Reserves Section, Total (net) | 84635 | 75856 |
| &nbsp;&nbsp;Subtotal | 7074669 | 6834344 |
| Separate Accounts Annual Statement: |  |  |
| &nbsp;&nbsp;Exhibit 3, Line 0199999, Column 2 | 1299133 | 1189416 |
| &nbsp;&nbsp;Subtotal | 1299133 | 1189416 |
| Total | $8373802 | $8023760 |

---

**NOTE 18 - PREMIUM AND ANNUITY CONSIDERATIONS DEFERRED AND UNCOLLECTED**

Deferred and uncollected life insurance premiums and annuity considerations as of December 31 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *2025* | *2025* | *2024* | *2024* |
| *Type* | *Gross* | *Net of Loading* | *Gross* | *Net of Loading* |
| Ordinary new business | $5657 | $(857) | $5047 | $(462) |
| Ordinary renewal | $47448 | $50409 | $45995 | $52586 |
| Total | $53105 | $49552 | $51042 | $52124 |

---

**NOTE 19 - SEPARATE ACCOUNTS**

The Company utilizes separate accounts to record and account for assets and liabilities for particular lines of business and/or transactions. As of December 31, 2025, the Company reported assets and liabilities from variable universal life, variable annuities, funding agreements and group annuities product lines in a separate account. In accordance with the products/transactions recorded within the separate account, assets are considered legally separated or legally insulated from the general account. As of December 31, 2025 and 2024, the Company's Separate Accounts included legally insulated assets of $11,287,354 and $10,756,291, respectively. The assets of the separate account are carried at NAV.

Separate accounts held by the Company offer no investment experience guarantees and relate to individual variable life and annuity policies, group annuity contracts and group funding agreements of a nonguaranteed return nature, as approved by the state of domicile pursuant to the Company's certificate of authority. The net investment experience of the separate accounts is credited directly to the contract holder and can be positive or negative.

Variable life and annuities provide an incidental death benefit of the greater of account value or premium paid. The Company offers a policy with a step up minimum guaranteed death benefit option and a guaranteed lifetime withdrawal benefit. The minimum guaranteed death benefit reserve and the guaranteed lifetime withdrawal benefit reserve is held in reserves for life, accident and health policies line of the Balance Sheets – Statutory Basis.

The Company does not engage in securities lending transactions within the separate account.

**NOTE 19 - SEPARATE ACCOUNTS, (continued)**

<br> Information regarding the nonguaranteed separate accounts of the Company is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | *2025* | *2024* | *2023* |
| For the year ended December 31: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums, considerations or deposits | $870039 | $912398 | $992717 |
| At December 31: |  |  |  |
| Reserves by valuation basis |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;For accounts with assets at: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fair value | $11278756 | $10745264 |  |
| Reserves subject to discretionary withdrawal: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;At fair value | $11278756 | $10745264 |  |
| Total included in Separate account liabilities in the |  |  |  |
| &nbsp;&nbsp;Balance Sheets – Statutory Basis | $11278756 | $10745264 |  |

---

Following is a reconciliation of net transfers to (from) separate accounts at December 31:

---

| | | | |
|:---|:---|:---|:---|
|  | *2025* | *2024* | *2023* |
| Transfers as reported in the Statements of Income and |  |  |  |
| &nbsp;&nbsp;Changes in Surplus of the Separate Accounts Statement: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers to the separate accounts | $840697 | $879909 | $957081 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers from the separate accounts | (1751806) | (1831259) | (1444282) |
| Net transfers from the separate accounts in the Summary of Operations and |  |  |  |
| &nbsp;&nbsp;Changes in Capital and Surplus – Statutory Basis of the Company | $(911109) | $(951350) | $(487201) |

---

 

 

 

**<u>PART C</u>**

**OTHER INFORMATION**

**Item 27.** **Exhibits**

---

| | | |
|:---|:---|:---|
| <u>Exhibit</u><br> <u>Number</u> | <u>Exhibit</u><br> <u>Number</u> | <u>Description of Exhibit</u> |
| (a) | (1) | Resolution of Board of Directors of Ameritas Variable Life Insurance Company establishing Ameritas Variable Life Insurance Company Separate Account VA-2. Incorporated by reference to Ameritas Variable Separate Account VA-2 Form N-4 Initial Registration Statement for File No. 333-36507, filed September 26, 1997, EX-99.B1.<br> [https://www.sec.gov/Archives/edgar/data/814848/0000814848-97-000016.txt](https://www.sec.gov/Archives/edgar/data/814848/0000814848-97-000016.txt) |
| (a) | (2) | Resolutions of Board of Directors of Ameritas Life Insurance Corp. authorizing the transfer of Ameritas Variable Life Insurance Company Separate Account VA-2 to Ameritas Life Insurance Corp. Incorporated by reference to Ameritas Variable Separate Account VA-2 Form N-4 Initial Registration Statement for File No. 333-142483, filed May 1, 2007, EX-99.A.<br> [https://www.sec.gov/Archives/edgar/data/814848/000081484807000018/medley-exh1b.txt](https://www.sec.gov/Archives/edgar/data/814848/000081484807000018/medley-exh1b.txt) |
| (b) |  | Custody Agreements. Not Applicable |
| (c) | (1) | Fifth Amended and Restated Principal Underwriting and Distribution Agreement. Incorporated by reference to Ameritas Variable Separate Account LLVL Form N-6 Post-Effective Amendment No. 1 to Registration Statement No. 333-233977, filed February 26, 2020, EX.99(c)(1).<br> [https://www.sec.gov/Archives/edgar/data/933094/000093309420000011/principalunderagreement.htm](https://www.sec.gov/Archives/edgar/data/933094/000093309420000011/principalunderagreement.htm) |
| (c) | (2) | Form of Selling Agreement. Incorporated by reference to Ameritas Variable Separate Account V Form N-6 Post-Effective Amendment No. 3 to Registration Statement 333-142494 filed on January 28, 2021, EX(c)(2).<br> [https://www.sec.gov/Archives/edgar/data/783402/000078340221000011/ovation_exhibitc2-286.htm](https://www.sec.gov/Archives/edgar/data/783402/000078340221000011/ovation_exhibitc2-286.htm) |
| (c) | (3) | Networking Agreement. Incorporated by reference to Ameritas Variable Separate Account V Form N-6 Post-Effective Amendment No. 3 to Registration Statement 333-142494 filed on January 28, 2021, EX(c)(3).<br> [https://www.sec.gov/Archives/edgar/data/783402/000078340221000011/ovation_exhibitc3-286.htm](https://www.sec.gov/Archives/edgar/data/783402/000078340221000011/ovation_exhibitc3-286.htm) |
| (d) | (1) (A) | Form of Variable Annuity Contract, Interstate Compact. Incorporated by reference to Ameritas Variable Separate Account VA-2 Form N-4/A Pre-Effective No. 2 for File No. 333-206889, filed November 25, 2015, EX-4.A.1.<br> [https://www.sec.gov/Archives/edgar/data/814848/000081484815000040/ex4a1compact_policy.htm](https://www.sec.gov/Archives/edgar/data/814848/000081484815000040/ex4a1compact_policy.htm) |
| (d) | (1) (B) | Form of Variable Annuity Contract, Nebraska. Incorporated by reference to Ameritas Variable Separate Account VA-2 Form N-4/A Pre-Effective No. 2 for File No. 333-206889, filed November 25, 2015, EX-4.A.2.<br> [https://www.sec.gov/Archives/edgar/data/814848/000081484815000040/ex4a2ne_policy.htm](https://www.sec.gov/Archives/edgar/data/814848/000081484815000040/ex4a2ne_policy.htm) |
| (d) | (2) | Form of Policy Riders. |
| (d) | (2) (A) | Enhanced Death Benefit Rider, Nebraska. Incorporated by reference to Ameritas Variable Separate Account VA-2 Form N-4 Initial Registration Statement for File No. 333-206889, filed September 11, 2015, EX-4.B.<br> [https://www.sec.gov/Archives/edgar/data/814848/000081484815000028/ex4b_edbr.htm](https://www.sec.gov/Archives/edgar/data/814848/000081484815000028/ex4b_edbr.htm) |
| (d) | (2) (B) | Enhanced Death Benefit Rider, Interstate Compact. Incorporated by reference to Ameritas Variable Separate Account VA-2 Form N-4/A Pre-Effective No. 2 for File No. 333-206889, filed November 25, 2015, EX-4.B.<br> [https://www.sec.gov/Archives/edgar/data/814848/000081484815000040/ex4b_edbr.htm](https://www.sec.gov/Archives/edgar/data/814848/000081484815000040/ex4b_edbr.htm) |
| (d) | (2) (C) | Minimum Premium Rider, Nebraska. Incorporated by reference to Ameritas Variable Separate Account VA-2 Form N-4 Initial Registration Statement for File No. 333-206889, filed September 11, 2015, EX-4.C.<br> [https://www.sec.gov/Archives/edgar/data/814848/000081484815000028/ex4c_mpr.htm](https://www.sec.gov/Archives/edgar/data/814848/000081484815000028/ex4c_mpr.htm) |
| (d) | (2) (D) | Minimum Premium Rider, Interstate Compact. Incorporated by reference to Ameritas Variable Separate Account VA-2 Form N-4/A Pre-Effective No. 2 for File No. 333-206889, filed November 25, 2015, EX-4.C.<br> [https://www.sec.gov/Archives/edgar/data/814848/000081484815000040/ex4c_mpr.htm](https://www.sec.gov/Archives/edgar/data/814848/000081484815000040/ex4c_mpr.htm) |
| (d) | (2) (E) | No Surrender Charge Rider, Nebraska. Incorporated by reference to Ameritas Variable Separate Account VA-2 Form N-4 Initial Registration Statement for File No. 333-206889, filed September 11, 2015, EX-4.D.<br> [https://www.sec.gov/Archives/edgar/data/814848/000081484815000028/ex4d_nscr.htm](https://www.sec.gov/Archives/edgar/data/814848/000081484815000028/ex4d_nscr.htm) |

---

---

| | | |
|:---|:---|:---|
| <u>Exhibit</u><br> <u>Number</u> | <u>Exhibit</u><br> <u>Number</u> | <u>Description of Exhibit</u> |
| (d) | (2) (F) | No Surrender Charge Rider, Interstate Compact. Incorporated by reference to Ameritas Variable Separate Account VA-2 Form N-4/A Pre-Effective No. 2 for File No. 333-206889, filed November 25, 2015, EX-4.D.<br> [https://www.sec.gov/Archives/edgar/data/814848/000081484815000040/ex4d_nscr.htm](https://www.sec.gov/Archives/edgar/data/814848/000081484815000040/ex4d_nscr.htm) |
| (d) | (2) (G) | Four-Year Surrender Charge Rider, Nebraska. Incorporated by reference to Ameritas Variable Separate Account VA-2 Form N-4 Initial Registration Statement for File No. 333-206889, filed September 11, 2015, EX-4.E.<br> [https://www.sec.gov/Archives/edgar/data/814848/000081484815000028/ex4e_4yscr.htm](https://www.sec.gov/Archives/edgar/data/814848/000081484815000028/ex4e_4yscr.htm) |
| (d) | (2) (H) | Four-Year Surrender Charge Rider, Interstate Compact. Incorporated by reference to Ameritas Variable Separate Account VA-2 Form N-4/A Pre-Effective Amendment No. 2 for File No. 333-206889, filed November 25, 2015, EX-4.E.<br> [https://www.sec.gov/Archives/edgar/data/814848/000081484815000040/ex4e_4yscr.htm](https://www.sec.gov/Archives/edgar/data/814848/000081484815000040/ex4e_4yscr.htm) |
| (d) | (2) (I) | Return of Premium Death Benefit Rider, Nebraska. Incorporated by reference to Ameritas Variable Separate Account VA-2 Form N-4 Initial Registration Statement for File No. 333-206889, filed September 11, 2015, EX-4.F.<br> [https://www.sec.gov/Archives/edgar/data/814848/000081484815000028/ex4f_ropr.htm](https://www.sec.gov/Archives/edgar/data/814848/000081484815000028/ex4f_ropr.htm) |
| (d) | (2) (J) | Return of Premium Death Benefit Rider, Interstate Compact. Incorporated by reference to Ameritas Variable Separate Account VA-2 Form N-4/A Pre-Effective Amendment No. 2 for File No. 333-206889, filed November 25, 2015, EX-4.F.<br> [https://www.sec.gov/Archives/edgar/data/814848/000081484815000040/ex4f_ropr.htm](https://www.sec.gov/Archives/edgar/data/814848/000081484815000040/ex4f_ropr.htm) |
| (d) | (2) (K) | Step-Up Death Benefit Rider, Nebraska. Incorporated by reference to Ameritas Variable Separate Account VA-2 Form N-4 Initial Registration Statement for File No. 333-206889, filed September 11, 2015, EX-4.G.<br> [https://www.sec.gov/Archives/edgar/data/814848/000081484815000028/ex4g_sdbr.htm](https://www.sec.gov/Archives/edgar/data/814848/000081484815000028/ex4g_sdbr.htm) |
| (d) | (2) (L) | Step-Up Death Benefit Rider, Interstate Compact. Incorporated by reference to Ameritas Variable Separate Account VA-2 Form N-4/A Pre-Effective Amendment No. 2 for File No. 333-206889, filed November 25, 2015, EX-4.G.<br> [https://www.sec.gov/Archives/edgar/data/814848/000081484815000040/ex4g_sdbr.htm](https://www.sec.gov/Archives/edgar/data/814848/000081484815000040/ex4g_sdbr.htm) |
| (d) | (2) (M) | GLWB Rider (Waypoint Income Rider), Interstate Compact. Incorporated by reference to Ameritas Variable Separate Account VA-2 Form N-4/A Pre-Effective Amendment No. 2 for File No. 333-206889, filed November 25, 2015, EX-4.H.1.<br> [https://www.sec.gov/Archives/edgar/data/814848/000081484815000040/ex4h1compact_lbwr.htm](https://www.sec.gov/Archives/edgar/data/814848/000081484815000040/ex4h1compact_lbwr.htm) |
| (d) | (2) (N) | GLWB Rider (Waypoint Income Rider), Nebraska. Incorporated by reference to Ameritas Variable Separate Account VA-2 Form N-4/A Pre-Effective Amendment No. 2 for File No. 333-206889, filed November 25, 2015, EX-4.H.2.<br> [https://www.sec.gov/Archives/edgar/data/814848/000081484815000040/ex4h2ne_lbwr.htm](https://www.sec.gov/Archives/edgar/data/814848/000081484815000040/ex4h2ne_lbwr.htm) |
| (e) | (1) | Form of Application for Variable Annuity Contract. Incorporated by reference to Ameritas Variable Separate Account VA-2 Form N-4 Initial Registration Statement for File No. 333-206889, filed September 11, 2015, EX-5.A.<br> [https://www.sec.gov/Archives/edgar/data/814848/000081484815000028/ex5_app.htm](https://www.sec.gov/Archives/edgar/data/814848/000081484815000028/ex5_app.htm) |
| (f) | (1) | Amended and Restated Articles of Incorporation of Ameritas Life Insurance Corp. Incorporated by reference to Ameritas Variable Separate Account VA-2 Form N-4 Post-Effective Amendment No. 5 to Registration Statement No. 333-182090, filed April 22, 2014, EX-99.A.<br> [https://www.sec.gov/Archives/edgar/data/814848/000081484814000012/ovmedley485b-50_ex6a.htm](https://www.sec.gov/Archives/edgar/data/814848/000081484814000012/ovmedley485b-50_ex6a.htm) |
| (f) | (2) | Amended and Restated By-Laws of Ameritas Life Insurance Corp. Incorporated by reference to Ameritas Variable Separate Account VA-2 Form N-4 Post-Effective Amendment No. 11 to Registration No. 333-206889, filed April 26, 2022, EX-99.4.f2.<br> [https://www.sec.gov/Archives/edgar/data/814848/000081484822000023/directionva_exf2-76.htm](https://www.sec.gov/Archives/edgar/data/814848/000081484822000023/directionva_exf2-76.htm) |
| (g) |  | Reinsurance Agreements. Not applicable. |
| (h) |  | Participation Agreements. |
| (h) | (1) | AB Variable Products Series Fund, Inc. Incorporated by reference to Ameritas Variable Separate Account VA-2 Form N-4/A Pre-Effective Amendment No. 2 to Registration Statement No. 333-206889, filed November 25, 2015, EX-8.A.1.<br> [https://www.sec.gov/Archives/edgar/data/814848/000081484815000040/ex8a1.htm](https://www.sec.gov/Archives/edgar/data/814848/000081484815000040/ex8a1.htm) |
| (h) | (2) | AIM/Invesco. Incorporated by reference to Ameritas Variable Separate Account V Form N-6 Initial Registration Statement for File No. 333-151913, filed June 25, 2008, EX-99.H1<br> [https://www.sec.gov/Archives/edgar/data/783402/000078340208000041/h-1.txt](https://www.sec.gov/Archives/edgar/data/783402/000078340208000041/h-1.txt) |

---

---

| | | |
|:---|:---|:---|
| <u>Exhibit</u><br> <u>Number</u> | <u>Exhibit</u><br> <u>Number</u> | <u>Description of Exhibit</u> |
| (h) | (3) | American Funds Insurance Series. Incorporated by reference to Ameritas Variable Separate Account VA-2 Form N-4/A Pre-Effective Amendment No. 2 to Registration Statement No. 333-206889, filed November 25, 2015, EX-8.A.4.<br> [https://www.sec.gov/Archives/edgar/data/814848/000081484815000040/ex8a4.htm](https://www.sec.gov/Archives/edgar/data/814848/000081484815000040/ex8a4.htm) |
| (h) | (4) | Calvert Variable Series and Calvert Variable Products. Incorporated by reference to Ameritas Variable Separate Account VA-2 Form N-4 Post-Effective Amendment No. 13 to Registration Statement No. 333-142483, filed April 18, 2011, EX.99.H(1).<br> [https://www.sec.gov/Archives/edgar/data/814848/000081484811000006/alicmedley485b-32_ex8a.txt](https://www.sec.gov/Archives/edgar/data/814848/000081484811000006/alicmedley485b-32_ex8a.txt)<br> Incorporated by reference to Ameritas Life Insurance Corp. Separate Account LLVA Form N-4 Post-Effective Amendment No. 3 to Registration Statement No. 333-205138, filed February 24, 2017, Exhibit 8(a)3.<br> [https://www.sec.gov/Archives/edgar/data/1016274/000117516417000055/advisornoloadva485a_ex8-65.htm](https://www.sec.gov/Archives/edgar/data/1016274/000117516417000055/advisornoloadva485a_ex8-65.htm) |
| (h) | (5) | Columbia Funds Variable Insurance Trust. Ameritas Variable Separate Account VA-2 Form N-4 Post-Effective Amendment No. 1 to Registration Statement No. 333-206889, filed April 29, 2016, Exhibit 8(a)(6).<br> [https://www.sec.gov/Archives/edgar/data/814848/000081484816000091/directionva485b-54_ex8a6.htm](https://www.sec.gov/Archives/edgar/data/814848/000081484816000091/directionva485b-54_ex8a6.htm) |
| (h) | (6) | Columbia Funds Variable Insurance Trust I. Ameritas Variable Separate Account VA-2 Form N-4 Post-Effective Amendment No. 1 to Registration Statement No. 333-206889, filed April 29, 2016, Exhibit 8(a)(7).<br> [https://www.sec.gov/Archives/edgar/data/814848/000081484816000091/directionva485b-54_ex8a7.htm](https://www.sec.gov/Archives/edgar/data/814848/000081484816000091/directionva485b-54_ex8a7.htm) |
| (h) | (7) | Columbia Funds Variable Series Trust II. Ameritas Variable Separate Account VA-2 Form N-4 Post-Effective Amendment No. 1 to Registration Statement No. 333-206889, filed April 29, 2016, Exhibit 8(a)(8).<br> [https://www.sec.gov/Archives/edgar/data/814848/000081484816000091/directionva485b-54_ex8a8.htm](https://www.sec.gov/Archives/edgar/data/814848/000081484816000091/directionva485b-54_ex8a8.htm) |
| (h) | (8) | DWS Variable Series II. Incorporated by reference to Ameritas Life Insurance Corp. Separate Account LLVL Form N-6/A Pre-Effective Amendment No. 1 to Registration Statement No. 333-151912, filed November 12, 2008, EX.99.H.1.<br> [https://www.sec.gov/Archives/edgar/data/933094/000093309408000032/ameradv-exhh1.txt](https://www.sec.gov/Archives/edgar/data/933094/000093309408000032/ameradv-exhh1.txt) |
| (h) | (9) | Dreyfus. Incorporated by reference to Ameritas Variable Separate Account VA-2 Form N-4 Post-Effective Amendment No. 4 to Registration Statement No. 333-142483, filed July 23, 2008, EX-99.H(1).<br> [https://www.sec.gov/Archives/edgar/data/814848/000081484808000034/medley-exh8a.txt](https://www.sec.gov/Archives/edgar/data/814848/000081484808000034/medley-exh8a.txt) |
| (h) | (10) | Fidelity Variable Insurance Products Funds. Incorporated by reference to Ameritas Life Insurance Corp. Separate Account LLVL Form N-6/A Pre-Effective Amendment No. 1 to Registration Statement No. 333-151912, filed November 12, 2008, EX.99.H.2.<br> [https://www.sec.gov/Archives/edgar/data/933094/000093309408000032/advvul-exhh2.txt](https://www.sec.gov/Archives/edgar/data/933094/000093309408000032/advvul-exhh2.txt) |
| (h) | (11) | Franklin Templeton. Incorporated by reference to Ameritas Variable Separate Account V Form N-6/A Pre-Effective Amendment No. 1 to Registration Statement No. 333-151913, filed November 12, 2008 EX.99.H.3.<br> [https://www.sec.gov/Archives/edgar/data/783402/000078340208000065/excelperf-exhh3.txt](https://www.sec.gov/Archives/edgar/data/783402/000078340208000065/excelperf-exhh3.txt) |
| (h) | (12) | Ivy Funds. Incorporated by reference to Carillon Life Account Form N-6/A Pre-Effective Amendment No. 1 to Registration Statement No. 333-151914, filed November 12, 2008, EX.99.H.4.<br> [https://www.sec.gov/Archives/edgar/data/948443/000094844308000023/ucexcelperf-h4.txt](https://www.sec.gov/Archives/edgar/data/948443/000094844308000023/ucexcelperf-h4.txt) |
| (h) | (13) | Janus Aspen Series. Incorporated by reference to Ameritas Variable Separate Account VA-2 Form N-4/A Pre-Effective Amendment No. 2 to Registration Statement No. 333-206889, filed November 25, 2015, EX-8.A.12.<br> [https://www.sec.gov/Archives/edgar/data/814848/000081484815000040/ex8a12.htm](https://www.sec.gov/Archives/edgar/data/814848/000081484815000040/ex8a12.htm) |
| (h) | (14) | Lincoln Variable Insurance Products Trust. Incorporated by reference to Ameritas Variable Separate Account V Form N-6/A Post-Effective Amendment No. 10. To Registration Statement No. 333-233986, Filed April 24, 2024, EX.99.H.10.<br> [https://www.sec.gov/Archives/edgar/data/783402/000078340224000015/perfiivul_exh10-44.htm](https://www.sec.gov/Archives/edgar/data/783402/000078340224000015/perfiivul_exh10-44.htm) |
| (h) | (15) | MFS Variable Insurance Trust. Incorporated by reference to Ameritas Variable Separate Account V Form S-6 Initial Registration Statement for File No. 333-15585, filed November 6, 1996, EX-99.A8C.<br> [https://www.sec.gov/Archives/edgar/data/783402/0000783402-96-000040.txt](https://www.sec.gov/Archives/edgar/data/783402/0000783402-96-000040.txt) |
| (h) | (16) | MFS Variable Insurance Trust II. Incorporated by reference to Carillon Account Form N-4 Initial Registration Statement for File No. 333-197146, filed July 1, 2014, EX-99.8(k).<br> [https://www.sec.gov/Archives/edgar/data/749330/000074933014000017/ex8k.htm](https://www.sec.gov/Archives/edgar/data/749330/000074933014000017/ex8k.htm) |

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---

| | | |
|:---|:---|:---|
| <u>Exhibit</u><br> <u>Number</u> | <u>Exhibit</u><br> <u>Number</u> | <u>Description of Exhibit</u> |
| (h) | (17) | MFS Variable Insurance Trust III. Incorporated by reference to Ameritas Variable Separate Account VA-2 Form N-4/A Pre-Effective Amendment No. 2 to Registration Statement No. 333-206889, filed November 25, 2015, EX-8.A.15.<br> [https://www.sec.gov/Archives/edgar/data/814848/000081484815000040/ex8a15.htm](https://www.sec.gov/Archives/edgar/data/814848/000081484815000040/ex8a15.htm) |
| (h) | (18) | Morgan Stanley. Incorporated by reference to Ameritas Variable Separate Account V Form S-6 Initial Registration Statement for File No. 333-15585, filed November 6, 1996, EX-99.A8D.<br> [https://www.sec.gov/Archives/edgar/data/783402/0000783402-96-000040.txt](https://www.sec.gov/Archives/edgar/data/783402/0000783402-96-000040.txt) |
| (h) | (19) | Neuberger Berman. Incorporated by reference to Ameritas Variable Separate Account VA Form N-4 Initial Registration Statement for, File No. 333-91670, filed July 1, 2002, EX-99.8d.<br> [https://www.sec.gov/Archives/edgar/data/1175163/000117516302000002/alloc2000aexh8.txt](https://www.sec.gov/Archives/edgar/data/1175163/000117516302000002/alloc2000aexh8.txt) |
| (h) | (20) | PIMCO. Incorporated by reference to Ameritas Life Insurance Corp. Separate Account LLVL Form N-6/A Pre-Effective Amendment No. 1 to Registration Statement No. 333-151912, filed November 12, 2008, EX.99.H.3.<br> [https://www.sec.gov/Archives/edgar/data/933094/000093309408000032/advvul-exhh3.txt](https://www.sec.gov/Archives/edgar/data/933094/000093309408000032/advvul-exhh3.txt) |
| (h) | (21) | Putnam Variable Trust. Incorporated by reference to Ameritas Variable Separate Account VA-2 Form N-4/A Pre-Effective Amendment No. 2 to Registration Statement No. 333-206889, filed November 25, 2015, EX-8.A.18.<br> [https://www.sec.gov/Archives/edgar/data/814848/000081484815000040/ex8a18.htm](https://www.sec.gov/Archives/edgar/data/814848/000081484815000040/ex8a18.htm) |
| (h) | (22) | T. Rowe Price. Incorporated by reference to Ameritas Variable Separate Account V Form N-6 Initial Registration Statement for File No. 333-151913, filed June 25, 2008, EX. 99.H.5.<br> [https://www.sec.gov/Archives/edgar/data/783402/000078340208000041/h-5.txt](https://www.sec.gov/Archives/edgar/data/783402/000078340208000041/h-5.txt) |
| (h) | (23) | VanEck. Incorporated by reference to Ameritas Variable Separate Account VA Form N-4 Initial Registration Statement for File No. 333-91670, filed July 1, 2002, EX.99.8h.<br> [https://www.sec.gov/Archives/edgar/data/1175163/000117516302000002/alloc2000aexh8.txt](https://www.sec.gov/Archives/edgar/data/1175163/000117516302000002/alloc2000aexh8.txt) |
| (i) |  | Administrative Contracts. |
| (i) | (1) | Fourth Amended and Restated General Administrative Services Agreement. Incorporated by reference to Ameritas Variable Separate Account VA-2 Form N-4 Post-Effective Amendment No. 11 to Registration No. 333-206889, filed April 26, 2022, EX-99.4.i1.<br> [https://www.sec.gov/Archives/edgar/data/814848/000081484822000023/directionva_exi1-76.htm](https://www.sec.gov/Archives/edgar/data/814848/000081484822000023/directionva_exi1-76.htm) |
| (i) | (2) | Service Agreement. Incorporated by reference to Ameritas Variable Separate Account V Form N-6 Post-Effective Amendment No. 3 to Registration Statement No. 333-151913, filed February 25, 2011, EX. 99.I(1).<br> [https://www.sec.gov/Archives/edgar/data/783402/000078340211000004/alicexcperf485a-17_exi1.txt](https://www.sec.gov/Archives/edgar/data/783402/000078340211000004/alicexcperf485a-17_exi1.txt) |
| (j) |  | Other Material Contracts. Not applicable. |
| (k) |  | Legal Opinion. [Exhibit (k), filed herein.](directionva_exk-90.htm) |
| (l) |  | Other Opinion. Consents of Independent Auditors and Independent Registered Public Accounting Firm. [Exhibit (l), filed herein.](directionva_exl-90.htm) |
| (m) |  | No Financial Statements are omitted from Item 26. |
| (n) |  | Initial Capital Agreements. Not applicable. |
| (o) |  | Form of Initial Summary Prospectuses. Not applicable. |
| (p) |  | Power of Attorney. Incorporated by reference to Ameritas Variable Separate Account VA-2 Form N-4/A Post-Effective No. 10 for File No. 333-206889, filed April 24, 2024, EX-99.J.<br> [https://www.sec.gov/Archives/edgar/data/814848/000081484824000020/directionva_exj-48.htm](https://www.sec.gov/Archives/edgar/data/814848/000081484824000020/directionva_exj-48.htm) |
| (q) |  | Letter Regarding Change in Certifying Accountant. Not applicable. |
| (r) |  | Historical Current Limits on Index Gains. Not applicable. |

---

**Item 28.** **Directors and Officers of the Insurance Company**

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| | |
|:---|:---|
| Name and Principal | Position and Offices |
| <u>Business Address</u>\* | <u>with Insurance Company</u> |
| Robert M. Jurgensmeier | Director, Chair, Chief Executive Officer |
| Susan K. Wilkinson | President & Chief Operating Officer |
| L. Javier Fernandez | Director |
| Ann M. Frohman | Director |
| Thomas W. Knapp | Director |
| Tonn M. Ostergard | Director |
| Kim M. Robak | Director |
| Paul C. Schorr, IV | Director |
| Bryan E. Slone | Director |
| Oris R. Stuart, III | Director |
| Rohit Verma | Director |
| Ryan C. Beasley | Executive Vice President, Individual |
| Orlando R. Cruz | Senior Vice President, Retirement Plans |
| Laura A. Fender | Senior Vice President, Controller |
| Patrick D. Fleming | Senior Vice President, Group Sales & Distribution |
| Jeffrey C. Graves | Senior Vice President, Agency & Field Distribution |
| Kelly J. Halverson | Senior Vice President, Chief Actuary & Underwriting, Individual |
| Morgan B.S. Lorenzen | Second Vice President, Assistant General Counsel |
| Bruce E. Mieth | Senior Vice President, Group Operations |
| Shreejit R. Nair | Senior Vice President, Chief Information Officer |
| Christine M. Neighbors | Senior Vice President, General Counsel & Corporate Secretary |
| April L. Rimpley | Senior Vice President, Human Resources |
| Jeremy M. Robson | Senior Vice President, Wealth Management & Investment Services & AIC President |
| Craig T. Schommer | Senior Vice President, Risk & Compliance |
| Tina J. Udell | Senior Vice President, Chief Investment Officer |
| David A. Voelker | Senior Vice President, Individual Operations |
| Linda A. Whitmire | Senior Vice President, Chief Actuary, Corporate |
| Kelly J. Wieseler | Executive Vice President, Group |
| Jennifer A. Wooster | Senior Vice President, Chief Actuary and Underwriting, Group |
| Michele X. Wu | Senior Vice President, Chief Financial Officer & Treasurer |

---

\* Principal business address: Ameritas Life Insurance Corp., 5900 O Street, Lincoln, Nebraska 68510.

**Item 29.** **Persons Controlled by or Under Common Control with the Insurance Company or the Registered Separate Account**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Name of Corporation</u>** <u>(state where organized)</u> | **<u>Name of Corporation</u>** <u>(state where organized)</u> | **<u>Name of Corporation</u>** <u>(state where organized)</u> | **<u>Name of Corporation</u>** <u>(state where organized)</u> | **<u>Principal Business</u>** |
| **Ameritas Mutual Holding Company** (NE) | **Ameritas Mutual Holding Company** (NE) | **Ameritas Mutual Holding Company** (NE) | **Ameritas Mutual Holding Company** (NE) | mutual insurance holding company |
|  | **Ameritas Holding Company** (NE) | **Ameritas Holding Company** (NE) | **Ameritas Holding Company** (NE) | stock insurance holding company |
|  |  | **Ameritas Life Insurance Corp.** (NE)\* | **Ameritas Life Insurance Corp.** (NE)\* | life/health insurance company |
|  |  |  | <u>Ameritas Investment Company, LLC (NE)</u> | securities broker dealer |
|  |  |  | <u>Variable Contract Agency, LLC (NE)</u> | insurance agency |
|  |  |  | <u>Ameritas Advisory Services, LLC (NE)</u> | investment adviser |
|  |  |  | <u>Ameritas Life Insurance Corp. of New York (NY)</u> | life insurance company |
|  |  | **Ameritas Investment Partners, Inc.** (NE) | **Ameritas Investment Partners, Inc.** (NE) | investment adviser |

---

Subsidiaries are indicated by indentations.

Ameritas Life Insurance Corp. filed a consolidated financial statement which includes its subsidiaries.

Ownership is 100% by the parent company.

\* Ameritas Variable Separate Account VA-2 is a Registered Separate Account of Ameritas Life Insurance Corp.

**Item 30.** **Indemnification**

Ameritas Life Insurance Corp.'s By-Laws provide as follows:

**<u>Section 9.01. Mandatory Indemnification.</u>** (a) Every person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the Corporation) by reason of the fact that he or she is or was a Director, Officer, employee or agent of the Corporation, or is or was serving at the request of the Corporation as a Director, Officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, shall be indemnified by the Corporation to the fullest extent permitted by law against expenses (including attorney's fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by him or her in connection with such action, suit or proceeding if he or she acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful. The termination of any action, suit 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 or not opposed to the best interests of the Corporation, and, with respect to any criminal action or proceeding, had reasonable cause to believe that his or her conduct was unlawful; and (b) To the extent that a Director, Officer, employee or agent of a Corporation has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to in this section or any action, suit or proceeding by or in the right of the Corporation, or in defense of any claim, issue or matter therein, he or she shall be indemnified against expenses (including attorneys' fees) actually and reasonably incurred by him or her in connection therewith.

**<u>Section 9.02. Application of Article</u>.** Any indemnification under Section 9.01 or otherwise (unless ordered by a court) shall be made by the Corporation only as authorized in the specific case upon a determination that indemnification of the present or former Director, Officer, employee or agent is proper in the circumstances because he or she has met the applicable standard of conduct set forth in Section 9.01. Such determination shall be made, with respect to a person who is a Director or Officer at the time of such determination (1) by a majority vote of the Directors who are not parties to such action, suit or proceeding, even though less than a quorum, or (2) by a committee of such Directors designated by majority vote of such Directors, even though less than a quorum, or (3) if there are no such Directors, or if such Directors so direct, by independent legal counsel in a written opinion, or (4) by the shareholders.

**<u>Section 9.03. Advance Payment</u>.** Expenses (including attorneys' fees) incurred by any current or former Officer, Director, employee or agent in defending any civil, criminal, administrative or investigative action, suit or proceeding may be paid by the Corporation in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of such current or former Officer, Director, employee or agent to repay such amount if it shall ultimately be determined that such person is not entitled to be indemnified by the Corporation as authorized in this section.

**<u>Section 9.04. Other Rights</u>.** The indemnification and advancement of expenses provided by this Article shall not be deemed exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under any bylaw, agreement, vote of shareholders or disinterested Directors or otherwise, both as to action in his or her official capacity and as to action in another capacity while holding such office, and shall continue as to a person who has ceased to be a Director, Officer, employee or agent and shall inure to the benefit of the heirs, executors and administrators of such a person.

**<u>Section 9.05. Insurance</u>.** The Corporation may purchase and maintain insurance on behalf of any person who is or was a Director, Officer, employee or agent of the Corporation, or who is or was serving at the request of the Corporation as a Director, Officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against any liability asserted against him or her and incurred by him or her in any such capacity, or arising out of his or her status as such, whether or not the Corporation would have the power to indemnify him or her against such liability under the provisions of this Article.

Under the Nebraska Model Business Corporation Act, Ameritas Life Insurance Corp. is required to indemnify a director or officer who was wholly successful in defense of any proceeding to which he or she was a party because of his or her position as a director or officer of the corporation against expenses incurred in connection with the proceeding. Under the Nebraska Model Business Corporation Act, Ameritas Life Insurance Corp. is permitted, but not required, to indemnify a director or officer against liability if the director or officer conducted himself or herself in good faith, and the director or officer reasonably believed, in the case of conduct in an official capacity, that his or her conduct was in the best interests of the corporation, and, in all other cases, that his or her conduct was at least not opposed to the best interests of the corporation, and, in the case of any criminal proceeding, the director or officer had no reasonable cause to believe his or her conduct was unlawful or the director or officer engaged in conduct for which broader indemnification has been made permissible or obligatory under a provision of the articles of incorporation.

**Item 31.** **Principal Underwriter**

&nbsp;&nbsp;&nbsp;&nbsp;a) Ameritas Investment Company, LLC ("AIC") serves as the principal underwriter for the variable
annuity contracts issued through Ameritas Variable Separate Account VA-2, as well as Ameritas Variable Separate Account VA, Ameritas Life
Insurance Corp. Separate Account LLVA, Ameritas Life of NY Separate Account VA, and Carillon Account. AIC also serves as the principal
underwriter for variable life insurance policies issued through Ameritas Variable Separate Account V, Ameritas Variable Separate Account
VL, Ameritas Life Insurance Corp. Separate Account LLVL, Ameritas Life of NY Separate Account VUL, and Carillon Life Account.

&nbsp;&nbsp;&nbsp;&nbsp;b) The following table sets forth certain information regarding the officers and directors of the principal
underwriter, AIC.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name and Principal | Positions and Offices |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Business Address\*</u> | <u>With Underwriter</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ryan C. Beasley | Director, Chair |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jeremy M. Robson | Director, President |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kelly J. Halverson | Director |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michele X. Wu | Director |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Richard A. Berthold | Vice President, Service |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rollin L. Biel | Second Vice President, Financial Reporting |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matthew J. Kinsella | Vice President, Chief Compliance Officer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jennifer A. Kobza | Vice President, Public Finance |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Christine M. Neighbors | Assistant Secretary |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roger A. Ruz | Vice President, Sales Supervision |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tyler J. Schubauer | Secretary |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maria E. Sherffius | Second Vice President, Compliance |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michael E. Shoemaker | Vice President & Managing Director, Public Finance |

---

\* Principal business address: Ameritas Investment Company, LLC, 5900 O Street, Lincoln, Nebraska 68510.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) **Commissions Received by Each Principal Underwriter from the Registrant during the Registrant's Last Fiscal Year:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| (1) | (2) | (3) | (4) | (5) |
| <br> Name of Principal<br> <u>Underwriter</u> | Net Underwriting<br> Discounts and<br> <u>Commission</u> | <br> Compensation on<br> <u>Redemption</u> | <br> Brokerage<br> <u>Commissions</u> | <br><u>Compensation</u> |
| Ameritas Investment<br> Company, LLC | $1635662 | $0 | $0 | $1369792 |

---

(2)+(4)+(5) = Gross variable annuity compensation received by AIC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) = Sales compensation received and paid out by AIC as underwriter, AIC retains 0.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) = Sales compensation received by AIC for retail sales.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) = Sales compensation received by AIC and retained as underwriting fee.

---

| | |
|:---|:---|
| **Item 31A.** | **Information about Policies with Index-Linked Options and Fixed Options Subject to a Policy Adjustment** |

---

Not applicable. This is not an Index-Linked Annuity policy and is not subject to a Policy Adjustment.

**Item 32.** **Location of Accounts and Records**

The Books, records and other documents required to be maintained by Section 31(a) of the 1940 Act and Rules 31a-1 to 31a-3 thereunder are maintained at Ameritas Life Insurance Corp., 5900 O Street, Lincoln, Nebraska 68510.

**Item 33.** **Management Services**

There are no additional management services contracts that are not discussed in Part A or B of the registration statement.

**Item 34.** **Fee Representation**

Ameritas Life Insurance Corp. represents that the fees and charges deducted under the contract, in the aggregate, are reasonable in relation to the services rendered, the expenses expected to be incurred, and the risks assumed by the insurance company.

**SIGNATURES**

Pursuant to the requirements of the 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 caused this Post-Effective Amendment to the registration statement to be signed on its behalf by the undersigned, duly authorized, in the City of Lincoln, County of Lancaster, State of Nebraska on this 24<sup>th</sup> day of April, 2026.

AMERITAS VARIABLE SEPARATE ACCOUNT VA-2, Registered Separate Account

---

| |
|:---|
| By: <u>/s/ Robert M. Jurgensmeier\*\*\*</u> |
| Director, Chair, & Chief Executive Officer |
| Ameritas Life Insurance Corp. |

---

AMERITAS LIFE INSURANCE CORP., Insurance Company

---

| |
|:---|
| By: <u>/s/ Robert M. Jurgensmeier\*\*\*</u> |
| Director, Chair, & Chief Executive Officer |

---

As required by the Securities Act of 1933, this registration statement has been signed below by the following persons in the capacities indicated on April 24, 2026.

---

| | |
|:---|:---|
| **<u>SIGNATURE</u>** | **<u>TITLE</u>** |
| Robert M. Jurgensmeier\*\*\* | Director, Chair, Chief Executive Officer |
| Susan K. Wilkinson \*\*\* | President & Chief Operating Officer |
| L. Javier Fernandez \*\* | Director |
| Ann M. Frohman \* | Director |
| Thomas W. Knapp \* | Director |
| Tonn M. Ostergard \* | Director |
| Kim M. Robak \* | Director |
| Paul C. Schorr, IV \* | Director |
| Bryan E. Slone \* | Director |
| Oris R. Stuart, III \* | Director |
| Rohit Verma \* | Director |
| Ryan C. Beasley \* | Executive Vice President, Individual |
| Michele X. Wu \*\*\* | Senior Vice President, Chief Financial Officer & Treasurer |
| Laura A. Fender \* | Senior Vice President, Controller |
| Christine M. Neighbors \* | Senior Vice President, General Counsel & Corporate Secretary |

---

---

| | |
|:---|:---|
| <u>/s/ Morgan B.S. Lorenzen</u> |  |
| Morgan B.S. Lorenzen | Second Vice President, Assistant General Counsel |

---

\* Signed by Morgan B.S. Lorenzen under Powers of Attorney executed effective as of September 12, 2022.

\*\* Signed by Morgan B.S. Lorenzen under Powers of Attorney executed effective as of September 16, 2022.

\*\*\* Signed by Morgan B.S. Lorenzen under Powers of Attorney executed effective as of January 10, 2024.

**<u>Exhibit Index</u>**

**<u>Exhibit</u>**

(k) [Legal Opinion](directionva_exk-90.htm)

(l) [Consents of Independent Auditors and Independent Registered Public Accounting Firm](directionva_exl-90.htm)

## Exhibit 99.4

**<u>Exhibit k</u>**

**Legal Opinion**

---

| | |
|:---|:---|
| **Ameritas Life Insurance Corp.**<br> 5900 O Street / Lincoln, NE 68510 | ![Description: Ameritas_Bison_Tag_color](image_001.jpg) |

---

April 24, 2026

Ameritas Life Insurance Corp.

5900 O Street

P.O. Box 81889

Lincoln, Nebraska 68501

With reference to Post-Effective Amendment No. 18 to the Registration Statement Number 333-206889 on Form N-4, filed by Ameritas Life Insurance Corp. and Ameritas Variable Separate Account VA-2 with the Securities and Exchange Commission covering flexible premium annuity policies, I have examined such documents and such laws as I considered necessary and appropriate, and on the basis of such examination, it is my opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;1. Ameritas Life Insurance Corp. is duly organized and validly existing under the laws of the State of Nebraska and has been duly authorized
by the Insurance Department of the State of Nebraska to issue variable annuity policies.

&nbsp;&nbsp;&nbsp;&nbsp;2. Ameritas Variable Separate Account VA-2 is a duly authorized and existing separate account established pursuant to the provisions
of Section 44-310.06 (subsequently repealed) and/or 44-402.01 of the Statutes of the State of Nebraska.

&nbsp;&nbsp;&nbsp;&nbsp;3. The flexible premium variable annuity policies, when issued as contemplated by said Form N-4 Registration Statement, will constitute
legal, validly issued and binding obligations of Ameritas Life Insurance Corp.

I hereby consent to the filing of this opinion as an exhibit to said Amendment to the Form N-4 Registration Statement.

Sincerely,

/s/ Morgan B.S. Lorenzen

Morgan B.S. Lorenzen

Second Vice President, Assistant General Counsel

## Exhibit 99.4

**<u>Exhibit (l)</u>**

**Consents of Independent Auditors and** 

**Independent Registered Public Accounting Firm**

**CONSENT OF INDEPENDENT AUDITORS**

We consent to the use in this Post-Effective Amendment No. 18 to Registration Statement No. 333-206889 on Form N-4 of our report dated March 30, 2026, relating to the statutory basis financial statements of Ameritas Life Insurance Corp. appearing in the Statement of Additional Information, which is part of such Registration Statement, and to the references to us under the heading "Financial Statements" in such Statement of Additional Information, which are part of such Registration Statement.

/s/ Deloitte & Touche LLP

Omaha, Nebraska<br> April 24, 2026

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the use in this Post-Effective Amendment No. 18 to Registration Statement No. 333-206889 on Form N-4 of our report dated March 19, 2026, relating to the financial statements and financial highlights of the subaccounts of Ameritas Variable Separate Account VA-2 appearing in the Statement of Additional Information, which is part of such Registration Statement, and to the references to us under the heading "Financial Statements" in such Statement of Additional Information, which are part of such Registration Statement.

/s/ Deloitte & Touche LLP

Omaha, Nebraska<br> April 24, 2026