# EDGAR Filing Document

**Accession Number:** 0000915809
**File Stem:** 0001193125-26-174189
**Filing Date:** 2026-4
**Character Count:** 103721
**Document Hash:** 7c96217832882c54d1e28059196d5f08
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-174189.hdr.sgml**: 20260424

**ACCESSION NUMBER**: 0001193125-26-174189

**CONFORMED SUBMISSION TYPE**: N-VPFS

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260424

**DATE AS OF CHANGE**: 20260423

**EFFECTIVENESS DATE**: 20260424

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** UNITED OF OMAHA SEPARATE ACCOUNT C
- **CENTRAL INDEX KEY:** 0000915809

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** NE

**FILING VALUES:**
- **FORM TYPE:** N-VPFS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08190
- **FILM NUMBER:** 26890003

**BUSINESS ADDRESS:**
- **STREET 1:** 3300 MUTUAL OF OMAHA PLAZA
- **STREET 2:** 3 LAW DIVISION
- **CITY:** OMAHA
- **STATE:** NE
- **ZIP:** 68175-1008
- **BUSINESS PHONE:** 4023515225

**MAIL ADDRESS:**
- **STREET 1:** 3 LAW DIVISION
- **STREET 2:** 3300 MUTUAL OF OMAHA PLAZA
- **CITY:** OMAHA
- **STATE:** NE
- **ZIP:** 68175-1008

## Series and Classes Contracts Data

### UNITED OF OMAHA SEPARATE ACCOUNT C (Series ID: S000010507)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000028987 | ULTRANNUITY SERIES I  |  |
| C000028988 | ULTRANNUITY SERIES V  |  |
| C000028989 | ULTRA-ACCESS          |  |
| C000028990 | ULTRA REWARDS         |  |
| C000028991 | ULTRA-SELECT SERIES L |  |

United of Omaha

Separate Account C

Financial Statements as of December 31, 2025, and for

each of the Periods Presented in the Years Ended

December 31, 2025 and 2024, and Report of

Independent Registered Public Accounting Firm

------

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Board of Directors of

United of Omaha Life Insurance Company

Omaha, Nebraska

**Opinion on the Financial Statements and Financial Highlights** 

We have audited the accompanying statements of net assets of each of the subaccounts of United of Omaha Separate Account C (the "Account") listed in Note 2 as of December 31, 2025; the related statements of operations and changes in net assets for each of the two years in the period then ended, and financial highlights for each of the five years in the period then ended for each of the subaccounts, except for the subaccounts indicated in the table below, and the related notes (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 listed in Note 2 constituting the Account as of December 31, 2025, and the results of their operations and the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended (or for the periods listed in the table below), in conformity with accounting principles generally accepted in the United States of America.

---

| | |
|:---|:---|
| **Individual Subaccounts Comprising the**<br> **United of Omaha Separate Account C** | **Financial Highlights** |
| MFS – Income Series II SC | For the period May 23, 2023 to June 26, 2023, and for the period January 1, 2021 to December 20, 2021 |
| Pioneer – Real Estate Shares VCT | For the period January 1, 2023 to April 28, 2023, and the years ended December 31, 2022 and 2021 |
| Pioneer – Real Estate Shares VCT II | For the period January 1, 2023 to April 28, 2023, and the years ended December 31, 2022 and 2021 |
| DWS – Bond | For the period January 1, 2021 to October 28, 2021 |
| DWS – Global Opportunities | For the period January 1, 2024 to June 17, 2024, and for the years ended December 31, 2023, 2022 and 2021 |

---

------

---

| | |
|:---|:---|
| DWS – Core Equity VIP | For the period January 1, 2024 to June 17, 2024, and for the years ended December 31, 2023, 2022 and 2021 |
| DWS – International B | For the period January 1, 2024 to June 17, 2024, and for the years ended December 31, 2023, 2022 and 2021 |
| Morgan Stanley – VIF Core Plus Fixed Income | For the period January 1, 2023 to July 28, 2023, and for the years ended December 31, 2022 and 2021 |

---

**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 Account's 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 Account is not required to have, nor were we engaged to perform, an audit of its 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 Account's 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 investments owned as of December 31, 2025, by correspondence with the custodians. We believe that our audits provide a reasonable basis for our opinion.

---

| |
|:---|
| ![LOGO](g39666g26i39.jpg) |
| Omaha, Nebraska |
| April 1, 2026 |

---

We have served as the auditor of the Account since 1996.

------

UNITED OF OMAHA SEPARATE ACCOUNT C

STATEMENT OF NET ASSETS

DECEMBER 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | Fair Value | Fair Value | Fair Value | |
|  |<br>Cost | Contracts in<br>Accumulation<br>(Deferred)<br>Period | Contracts in<br>Payout<br>(Annuitization)<br>Period | Net Assets |<br>Shares |
|  **NET ASSETS** |  |  |  |  |  |
|  **Investments:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Alger:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Growth | $3807124 | $5922539 | $66649 | $5989188 | 58052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Small Capitalization | 2973686 | 2392798 | 40965 | 2433763 | 130567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Federated:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government Money Fund II | 4625511 | 4573255 | 52256 | 4625511 | 4625511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund for U.S. Government Securities II | 1241258 | 1102663 | 567 | 1103230 | 118499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fidelity:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Asset Manager | 30691 | 35389 |  | 35389 | 2008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Asset Manager: Growth | 2368385 | 3455046 | 5508 | 3460554 | 133767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Contrafund | 8391035 | 12407476 | 116634 | 12524110 | 209119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Contrafund SVC CL 2 | 69610 | 105109 |  | 105109 | 1849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Equity Income | 3466779 | 4268946 | 50618 | 4319564 | 146774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Equity Income SVC CL 2 | 8272 | 10384 |  | 10384 | 369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Growth | 200372 | 261515 |  | 261515 | 2676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Index 500 | 3049893 | 8874967 | 145825 | 9020792 | 13665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Index 500 SVC CL 2 | 144979 | 341406 |  | 341406 | 525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIP Mid Cap SVC CL 2 | 347766 | 350646 |  | 350646 | 9970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **MFS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Core Equity Portfolio | 2222027 | 2603591 | 156852 | 2760443 | 86725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Core Equity Portfolio SC | 46959 | 58649 |  | 58649 | 1884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emerging Growth Series | 6737578 | 8902167 | 100668 | 9002835 | 132687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; High Yield Series | 1176222 | 1081026 | 11822 | 1092848 | 214705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; High Yield Series SC | 12674 | 11423 |  | 11423 | 2276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Research Series | 3654953 | 4154517 | 3283 | 4157800 | 136366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income Series II | 1048071 | 949877 |  | 949877 | 111227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Pioneer:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Income VCT | 558892 | 415741 |  | 415741 | 33609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund VCT | 172439 | 209348 |  | 209348 | 10509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mid Cap Value VCT | 3740004 | 3184983 | 62753 | 3247736 | 285139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mid Cap Value VCT II | 181070 | 157468 |  | 157468 | 14072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **DWS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International | 1285293 | 1716176 | 5433 | 1721609 | 165222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market | 24600 | 24600 |  | 24600 | 24600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Small Cap Index VIP | 355094 | 393289 |  | 393289 | 26184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Income | 7248085 | 8147604 | 124121 | 8271725 | 286120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Stock | 3355239 | 3517842 | 134062 | 3651904 | 229680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Limited-Term Bond | 1356093 | 1283352 | 44518 | 1327870 | 279552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All-Cap Opportunities Portfolio | 4023047 | 4977808 | 95569 | 5073377 | 127922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moderate Allocation | 3338548 | 3829399 | 11869 | 3841268 | 171256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Morgan Stanley** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIF Emerging Markets Equity | 350530 | 432155 | 12304 | 444459 | 25296 |

---

See notes to these financial statements.

------

UNITED OF OMAHA SEPARATE ACCOUNT C

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Alger | Alger | Alger | Alger | Federated | Federated |
| | American Growth | American Growth | American<br>Small Capitalization | American<br>Small Capitalization | Government Money Fund II | Government Money Fund II |
| | 2025 | 2024 | American<br>Small Capitalization | American<br>Small Capitalization | Government Money Fund II | Government Money Fund II |
| | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
|  Income: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | $— | $— | $— | $9511 | $168326 | $166690 |
|  Expenses: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality & expense risk | (55645) | (52021) | (23392) | (25633) | (47607) | (38119) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative charges | (11905) | (12678) | (4737) | (5183) | (12023) | (9541) |
|  Net investment income (expense) | (67550) | (64699) | (28129) | (21305) | 108696 | 119030 |
|  Realized gains (losses) on investments: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of fund shares | 264709 | 220856 | (125435) | (88783) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions | 650997 |  | 28209 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 915706 | 220856 | (97226) | (88783) |  |  |
|  Change in unrealized appreciation (depreciation) during the year | 565619 | 1491938 | 225347 | 280549 |  |  |
|  Increase (decrease) in net assets from operations | 1413775 | 1648095 | 99992 | 170461 | 108696 | 119030 |
|  Contract transactions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments received from contract owners | 15350 | 80822 | 35330 | 42942 | 70585 | 144717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts (including fixed account), net | (202968) | (83126) | 70864 | (2739) | 503844 | 1705934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers for contract benefits and terminations | (398762) | (1130787) | (259914) | (203588) | (562332) | (816677) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (3463) | (3311) | (2012) | (2212) | (3920) | (3761) |
|  Net increase (decrease) in net assets from contract transactions | (589843) | (1136402) | (155732) | (165597) | 8177 | 1030213 |
|  Total increase (decrease) in net assets | 823932 | 511693 | (55740) | 4864 | 116873 | 1149243 |
|  Net assets at beginning of year | 5165256 | 4653563 | 2489503 | 2484639 | 4508638 | 3359395 |
|  Net assets at end of year | $5989188 | $5165256 | $2433763 | $2489503 | $4625511 | $4508638 |
|  Accumulation units: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | 197 | 1839 | 3175 | 1590 | 537467 | 1724404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals | (5101) | (20385) | (6328) | (4802) | (461435) | (930914) |
|  Net increase (decrease) in units outstanding | (4904) | (18546) | (3153) | (3212) | 76032 | 793490 |
|  Units outstanding at beginning of year | 44658 | 63204 | 49034 | 52246 | 3617339 | 2823849 |
|  Units outstanding at end of year | 39754 | 44658 | 45881 | 49034 | 3693371 | 3617339 |

---

See notes to these financial statements.

------

UNITED OF OMAHA SEPARATE ACCOUNT C

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Federated (continued) | Federated (continued) | Fidelity | Fidelity | Fidelity | Fidelity |  |  |
| | Fund for U.S. Government<br>Securities II | Fund for U.S. Government<br>Securities II | VIP Asset Manager | VIP Asset Manager | VIP Asset Manager: Growth | VIP Asset Manager: Growth |  |  |
| | Fund for U.S. Government<br>Securities II | Fund for U.S. Government<br>Securities II | VIP Asset Manager | VIP Asset Manager | VIP Asset Manager: Growth | VIP Asset Manager: Growth | 2025 | 2024 |
|  Income: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | $46064 | $41285 | $853 | $788 | $61060 | $57691 |  |  |
|  Expenses: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality & expense risk | (12258) | (13008) | (425) | (412) | (34022) | (33228) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative charges | (2601) | (2744) | (51) | (49) | (6906) | (6739) |  |  |
|  Net investment income (expense) | 31205 | 25533 | 377 | 327 | 20132 | 17724 |  |  |
|  Realized gains (losses) on investments: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of fund shares | (24672) | (79048) | 187 | 149 | 111322 | 92584 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions |  |  | 1522 | 205 | 113418 | 38409 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | (24672) | (79048) | 1709 | 354 | 224740 | 130993 |  |  |
|  Change in unrealized appreciation (depreciation) during the year | 54113 | 40532 | 2185 | 1505 | 285297 | 145920 |  |  |
|  Increase (decrease) in net assets from operations | 60646 | (12983) | 4271 | 2186 | 530169 | 294637 |  |  |
|  Contract transactions: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments received from contract owners |  | 14641 |  |  | 2494 | 39196 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts (including fixed account), net | 32519 | 71227 |  |  | (5859) | 20110 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers for contract benefits and terminations | (144661) | (356606) | (1281) | (1118) | (341503) | (339166) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (775) | (893) |  |  | (3822) | (3695) |  |  |
|  Net increase (decrease) in net assets from contract transactions | (112917) | (271631) | (1281) | (1118) | (348690) | (283555) |  |  |
|  Total increase (decrease) in net assets | (52271) | (284614) | 2990 | 1068 | 181479 | 11082 |  |  |
|  Net assets at beginning of year | 1155501 | 1440115 | 32399 | 31331 | 3279075 | 3267993 |  |  |
|  Net assets at end of year | $1103230 | $1155501 | $35389 | $32399 | $3460554 | $3279075 |  |  |
|  Accumulation units: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | 2106 | 11966 |  |  | 105 | 1446 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals | (8265) | (26085) | (27) | (26) | (6131) | (7122) |  |  |
|  Net increase (decrease) in units outstanding | (6159) | (14119) | (27) | (26) | (6026) | (5676) |  |  |
|  Units outstanding at beginning of year | 66821 | 80940 | 747 | 773 | 62920 | 68596 |  |  |
|  Units outstanding at end of year | 60662 | 66821 | 720 | 747 | 56894 | 62920 |  |  |

---

See notes to these financial statements.

------

UNITED OF OMAHA SEPARATE ACCOUNT C

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Fidelity (continued) | Fidelity (continued) | Fidelity (continued) | Fidelity (continued) | Fidelity (continued) | Fidelity (continued) |
|  | VIP Contrafund | VIP Contrafund | VIP Contrafund SVC<br>CL 2 | VIP Contrafund SVC<br>CL 2 | VIP Equity Income | VIP Equity Income |
|  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
|  Income: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | $16580 | $20695 | $— | $31 | $73553 | $72795 |
|  Expenses: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality & expense risk | (119515) | (112723) | (1304) | (1198) | (42006) | (43234) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative charges | (24467) | (23046) | (676) | (621) | (8522) | (8770) |
|  Net investment income (expense) | (127402) | (115074) | (1980) | (1788) | 23025 | 20791 |
|  Realized gains (losses) on investments: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of fund shares | 526716 | 501810 | 6071 | 4661 | 93429 | 108940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions | 1908671 | 1312895 | 16723 | 11612 | 229765 | 239235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 2435387 | 1814705 | 22794 | 16273 | 323194 | 348175 |
|  Change in unrealized appreciation (depreciation) during the year | (144770) | 1308434 | (2495) | 10001 | 312266 | 191029 |
|  Increase (decrease) in net assets from operations | 2163215 | 3008065 | 18319 | 24486 | 658485 | 559995 |
|  Contract transactions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments received from contract owners | 23052 | 38496 |  |  | 68078 | 7892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts (including fixed account), net | (27187) | (94594) | (1284) | (2878) | 36692 | (45426) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers for contract benefits and terminations | (1255000) | (954835) | (10722) | (6688) | (584822) | (514887) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (8095) | (7567) | (6) | (7) | (2026) | (2228) |
|  Net increase (decrease) in net assets from contract transactions | (1267230) | (1018500) | (12012) | (9573) | (482078) | (554649) |
|  Total increase (decrease) in net assets | 895985 | 1989565 | 6307 | 14913 | 176407 | 5346 |
|  Net assets at beginning of year | 11628125 | 9638560 | 98802 | 83889 | 4143157 | 4137811 |
|  Net assets at end of year | $12524110 | $11628125 | $105109 | $98802 | $4319564 | $4143157 |
|  Accumulation units: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | 204 | 273 |  |  | 1241 | 616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals | (6672) | (6262) | (161) | (170) | (7288) | (8064) |
|  Net increase (decrease) in units outstanding | (6468) | (5989) | (161) | (170) | (6047) | (7448) |
|  Units outstanding at beginning of year | 63577 | 69566 | 1529 | 1699 | 53487 | 60935 |
|  Units outstanding at end of year | 57109 | 63577 | 1368 | 1529 | 47440 | 53487 |

---

See notes to these financial statements.

------

UNITED OF OMAHA SEPARATE ACCOUNT C

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Fidelity (continued) | Fidelity (continued) | Fidelity (continued) | Fidelity (continued) | Fidelity (continued) | Fidelity (continued) |
|  | VIP Equity Income SVC CL 2 | VIP Equity Income SVC CL 2 | VIP Growth | VIP Growth | VIP Index 500 | VIP Index 500 |
|  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
|  Income: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | $162 | $142 | $720 | $2 | $98510 | $105567 |
|  Expenses: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality & expense risk | (120) | (113) | (3032) | (2711) | (89338) | (85390) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative charges | (63) | (58) | (362) | (323) | (19154) | (18533) |
|  Net investment income (expense) | (21) | (29) | (2674) | (3032) | (9982) | 1644 |
|  Realized gains (losses) on investments: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of fund shares | 41 | 400 | 966 | 1232 | 779292 | 617300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions | 567 | 535 | 31854 | 48233 | 45436 | 5021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 608 | 935 | 32820 | 49465 | 824728 | 622321 |
|  Change in unrealized appreciation (depreciation) during the year | 887 | 160 | 540 | 4848 | 525946 | 1097041 |
|  Increase (decrease) in net assets from operations | 1474 | 1066 | 30686 | 51281 | 1340692 | 1721006 |
|  Contract transactions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments received from contract owners |  |  |  |  | 19982 | 79052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts (including fixed account), net | (25) | 215 |  |  | (525087) | 65331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers for contract benefits and terminations |  | (3203) |  |  | (497510) | (642147) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges |  |  | (33) | (33) | (5226) | (5833) |
|  Net increase (decrease) in net assets from contract transactions | (25) | (2988) | (33) | (33) | (1007841) | (503597) |
|  Total increase (decrease) in net assets | 1449 | (1922) | 30653 | 51248 | 332851 | 1217409 |
|  Net assets at beginning of year | 8935 | 10857 | 230862 | 179614 | 8687941 | 7470532 |
|  Net assets at end of year | $10384 | $8935 | $261515 | $230862 | $9020792 | $8687941 |
|  Accumulation units: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases |  | 6 |  |  | 1225 | 5680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals | (1) | (117) |  |  | (12434) | (12252) |
|  Net increase (decrease) in units outstanding | (1) | (111) |  |  | (11209) | (6572) |
|  Units outstanding at beginning of year | 297 | 408 | 1333 | 1333 | 104885 | 111457 |
|  Units outstanding at end of year | 296 | 297 | 1333 | 1333 | 93676 | 104885 |

---

See notes to these financial statements.

------

UNITED OF OMAHA SEPARATE ACCOUNT C

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Fidelity (continued) | Fidelity (continued) | Fidelity (continued) | Fidelity (continued) | MFS | MFS |
|  | VIP Index 500 SVC CL2 | VIP Index 500 SVC CL2 | VIP Mid Cap SVC CL 2 | VIP Mid Cap SVC CL 2 | Core Equity Portfolio | Core Equity Portfolio |
|  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
|  Income: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | $2966 | $3442 | $819 | $1173 | $12185 | $15602 |
|  Expenses: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality & expense risk | (4053) | (4116) | (3455) | (3414) | (26924) | (26932) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative charges | (1691) | (1731) | (767) | (761) | (6043) | (6030) |
|  Net investment income (expense) | (2778) | (2405) | (3403) | (3002) | (20782) | (17360) |
|  Realized gains (losses) on investments: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of fund shares | 19759 | 27094 | 1302 | 2199 | 53733 | 93511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions | 1662 | 204 | 40125 | 45244 | 271527 | 113536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 21421 | 27298 | 41427 | 47443 | 325260 | 207047 |
|  Change in unrealized appreciation (depreciation) during the year | 28778 | 38884 | (3855) | 3498 | (23900) | 262590 |
|  Increase (decrease) in net assets from operations | 47421 | 63777 | 34169 | 47939 | 280578 | 452277 |
|  Contract transactions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments received from contract owners | 180 | 180 |  |  | 27677 | 61436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts (including fixed account), net | (43373) | 12992 | 84 | 7804 | (7374) | (55956) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers for contract benefits and terminations | (6714) | (20392) | (28840) | (14285) | (210760) | (320212) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (24) | (24) | (35) | (129) | (1397) | (1629) |
|  Net increase (decrease) in net assets from contract transactions | (49931) | (7244) | (28791) | (6610) | (191854) | (316361) |
|  Total increase (decrease) in net assets | (2510) | 56533 | 5378 | 41329 | 88724 | 135916 |
|  Net assets at beginning of year | 343916 | 287383 | 345268 | 303939 | 2671719 | 2535803 |
|  Net assets at end of year | $341406 | $343916 | $350646 | $345268 | $2760443 | $2671719 |
|  Accumulation units: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | 42 | 838 | 8 | 105 | 561 | 1498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals | (1119) | (1033) | (351) | (196) | (2855) | (5681) |
|  Net increase (decrease) in units outstanding | (1077) | (195) | (343) | (91) | (2294) | (4183) |
|  Units outstanding at beginning of year | 7718 | 7913 | 4447 | 4538 | 33490 | 37673 |
|  Units outstanding at end of year | 6641 | 7718 | 4104 | 4447 | 31196 | 33490 |

---

See notes to these financial statements.

------

UNITED OF OMAHA SEPARATE ACCOUNT C

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | MFS (continued) | MFS (continued) | MFS (continued) | MFS (continued) | MFS (continued) | MFS (continued) |
|  | Core Equity Portfolio SC | Core Equity Portfolio SC | Emerging Growth Series | Emerging Growth Series | High Yield Series | High Yield Series |
|  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
|  Income: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | $142 | $916 | $— | $— | $62137 | $59106 |
|  Expenses: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality & expense risk | (981) | (2429) | (88054) | (82929) | (9846) | (9534) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative charges | (512) | (1093) | (18134) | (17063) | (1970) | (1909) |
|  Net investment income (expense) | (1351) | (2606) | (106188) | (99992) | 50321 | 47663 |
|  Realized gains (losses) on investments: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of fund shares | 20286 | 16524 | 218401 | 288397 | (19651) | (17141) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions | 6482 | 10194 | 1576472 | 640077 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 26768 | 26718 | 1794873 | 928474 | (19651) | (17141) |
|  Change in unrealized appreciation (depreciation) during the year | (13343) | 17097 | (784120) | 1226670 | 35354 | 20566 |
|  Increase (decrease) in net assets from operations | 12074 | 41209 | 904565 | 2055152 | 66024 | 51088 |
|  Contract transactions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments received from contract owners | 120 | 121 | 17059 | 370787 | 28218 | 57489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts (including fixed account), net | (174207) | 134024 | (33809) | (153907) | 180412 | 34821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers for contract benefits and terminations | (8542) | (14780) | (534800) | (598927) | (162391) | (116337) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (4) | (4) | (4089) | (4290) | (937) | (906) |
|  Net increase (decrease) in net assets from contract transactions | (182633) | 119361 | (555639) | (386337) | 45302 | (24933) |
|  Total increase (decrease) in net assets | (170559) | 160570 | 348926 | 1668815 | 111326 | 26155 |
|  Net assets at beginning of year | 229208 | 68638 | 8653909 | 6985094 | 981522 | 955367 |
|  Net assets at end of year | $58649 | $229208 | $9002835 | $8653909 | $1092848 | $981522 |
|  Accumulation units: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | 21 | 13592 | 298 | 2581 | 6130 | 3023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals | (4952) | (9437) | (3931) | (5497) | (5054) | (3863) |
|  Net increase (decrease) in units outstanding | (4931) | 4155 | (3633) | (2916) | 1076 | (840) |
|  Units outstanding at beginning of year | 6522 | 2367 | 60636 | 63552 | 28946 | 29786 |
|  Units outstanding at end of year | 1591 | 6522 | 57003 | 60636 | 30022 | 28946 |

---

See notes to these financial statements.

------

UNITED OF OMAHA SEPARATE ACCOUNT C

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | MFS (continued) | MFS (continued) | MFS (continued) | MFS (continued) | MFS (continued) | MFS (continued) |
|  | High Yield Series SC | High Yield Series SC | Research Series | Research Series | Income Series II | Income Series II |
|  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
|  Income: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | $736 | $661 | $38786 | $24579 | $40589 | $37296 |
|  Expenses: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality & expense risk | (142) | (140) | (40868) | (41443) | (9624) | (9552) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative charges | (45) | (42) | (8430) | (8556) | (1999) | (1994) |
|  Net investment income (expense) | 549 | 479 | (10512) | (25420) | 28966 | 25750 |
|  Realized gains (losses) on investments: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of fund shares | (125) | (151) | 111530 | 129520 | (17983) | (18833) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions |  |  | 950485 | 236328 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | (125) | (151) | 1062015 | 365848 | (17983) | (18833) |
|  Change in unrealized appreciation (depreciation) during the year | 307 | 190 | (624542) | 312396 | 45449 | 12237 |
|  Increase (decrease) in net assets from operations | 731 | 518 | 426961 | 652824 | 56432 | 19154 |
|  Contract transactions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments received from contract owners |  |  | 53547 | 29630 | 9359 | 15774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts (including fixed account), net | 112 | 350 | 1773 | (8983) | 79400 | 55523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers for contract benefits and terminations | (760) | (785) | (492572) | (350582) | (141772) | (90934) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (5) | (5) | (2494) | (2592) | (978) | (965) |
|  Net increase (decrease) in net assets from contract transactions | (653) | (440) | (439746) | (332527) | (53991) | (20602) |
|  Total increase (decrease) in net assets | 78 | 78 | (12785) | 320297 | 2441 | (1448) |
|  Net assets at beginning of year | 11345 | 11267 | 4170585 | 3850288 | 947436 | 948884 |
|  Net assets at end of year | $11423 | $11345 | $4157800 | $4170585 | $949877 | $947436 |
|  Accumulation units: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | 5 | 16 | 672 | 1044 | 3687 | 4065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals | (31) | (34) | (5309) | (4931) | (5881) | (4940) |
|  Net increase (decrease) in units outstanding | (26) | (18) | (4637) | (3887) | (2194) | (875) |
|  Units outstanding at beginning of year | 509 | 527 | 44661 | 48548 | 40048 | 40923 |
|  Units outstanding at end of year | 483 | 509 | 40024 | 44661 | 37854 | 40048 |

---

See notes to these financial statements.

------

UNITED OF OMAHA SEPARATE ACCOUNT C

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Pioneer | Pioneer | Pioneer | Pioneer | Pioneer | Pioneer |
|  | Equity Income VCT | Equity Income VCT | Fund VCT | Fund VCT | Mid Cap Value VCT | Mid Cap Value VCT |
|  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
|  Income: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | $7927 | $7424 | $420 | $757 | $64353 | $59087 |
|  Expenses: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality & expense risk | (4011) | (3889) | (1978) | (1855) | (31299) | (31235) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative charges | (852) | (826) | (336) | (312) | (6595) | (6581) |
|  Net investment income (expense) | 3064 | 2709 | (1894) | (1410) | 26459 | 21271 |
|  Realized gains (losses) on investments: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of fund shares | (6320) | (4214) | 1714 | 2005 | (49735) | (82883) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions | 56541 | 69437 | 25319 | 8567 | 249835 | 181357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 50221 | 65223 | 27033 | 10572 | 200100 | 98474 |
|  Change in unrealized appreciation (depreciation) during the year | (16103) | (33151) | 13061 | 23600 | 69424 | 164069 |
|  Increase (decrease) in net assets from operations | 37182 | 34781 | 38200 | 32762 | 295983 | 283814 |
|  Contract transactions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments received from contract owners |  |  |  |  | 1795 | 177440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts (including fixed account), net | 1668 | 1369 | (276) | 3945 | 22155 | 42506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers for contract benefits and terminations | (13181) | (9200) | (8621) | (15320) | (203159) | (326067) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (351) | (332) | (223) | (207) | (2483) | (2277) |
|  Net increase (decrease) in net assets from contract transactions | (11864) | (8163) | (9120) | (11582) | (181692) | (108398) |
|  Total increase (decrease) in net assets | 25318 | 26618 | 29080 | 21180 | 114291 | 175416 |
|  Net assets at beginning of year | 390423 | 363805 | 180269 | 159089 | 3133445 | 2958029 |
|  Net assets at end of year | $415741 | $390423 | $209348 | $180269 | $3247736 | $3133445 |
|  Accumulation units: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | 53 | 42 | 15 | 120 | 588 | 4136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals | (329) | (240) | (187) | (376) | (3159) | (5670) |
|  Net increase (decrease) in units outstanding | (276) | (198) | (172) | (256) | (2571) | (1534) |
|  Units outstanding at beginning of year | 9282 | 9480 | 3867 | 4123 | 45392 | 46926 |
|  Units outstanding at end of year | 9006 | 9282 | 3695 | 3867 | 42821 | 45392 |

---

See notes to these financial statements.

------

UNITED OF OMAHA SEPARATE ACCOUNT C

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Pioneer (continued) | Pioneer (continued) | DWS | DWS | DWS | DWS |
|  | Mid Cap Value VCT II | Mid Cap Value VCT II | Global Opportunities | Global Opportunities | Core Equity VIP | Core Equity VIP |
|  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
|  Income: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | $2887 | $2768 | $— | $6565 | $— | $7336 |
|  Expenses: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality & expense risk | (1976) | (2037) |  | (2742) |  | (6069) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative charges | (1009) | (1032) |  | (590) |  | (1451) |
|  Net investment income (expense) | (98) | (301) |  | 3233 |  | (184) |
|  Realized gains (losses) on investments: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of fund shares | (2926) | (4918) |  | (118683) |  | 255085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions | 12850 | 9667 |  | 26081 |  | 71947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 9924 | 4749 |  | (92602) |  | 327032 |
|  Change in unrealized appreciation (depreciation) during the year | 3643 | 8820 |  | 84977 |  | (174773) |
|  Increase (decrease) in net assets from operations | 13469 | 13268 |  | (4392) |  | 152075 |
|  Contract transactions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments received from contract owners | 120 | 120 |  | 100 |  | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts (including fixed account), net | 915 | 783 |  | (588504) |  | (1401554) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers for contract benefits and terminations | (12737) | (19440) |  | (1427) |  | (21177) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (8) | (31) |  | (151) |  | (880) |
|  Net increase (decrease) in net assets from contract transactions | (11710) | (18568) |  | (589982) |  | (1423410) |
|  Total increase (decrease) in net assets | 1759 | (5300) |  | (594374) |  | (1271335) |
|  Net assets at beginning of year | 155709 | 161009 |  | 594374 |  | 1271335 |
|  Net assets at end of year | $157468 | $155709 | $— | $— | $— | $— |
|  Accumulation units: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | 48 | 70 |  | 34 |  | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals | (335) | (595) |  | (12743) |  | (28468) |
|  Net increase (decrease) in units outstanding | (287) | (525) |  | (12709) |  | (28463) |
|  Units outstanding at beginning of year | 4343 | 4868 |  | 12709 |  | 28463 |
|  Units outstanding at end of year | 4056 | 4343 |  |  |  |  |

---

See notes to these financial statements.

------

UNITED OF OMAHA SEPARATE ACCOUNT C

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | DWS (continued) | DWS (continued) | DWS (continued) | DWS (continued) | DWS (continued) | DWS (continued) |
|  | International | International | International B | International B | Money Market | Money Market |
|  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
|  Income: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | $43727 | $48635 | $— | $107 | $966 | $1189 |
|  Expenses: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality & expense risk | (16085) | (14872) |  | (21) | (311) | (313) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative charges | (3194) | (2957) |  |  | (37) | (37) |
|  Net investment income (expense) | 24448 | 30806 |  | 86 | 618 | 839 |
|  Realized gains (losses) on investments: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of fund shares | 37727 | (6514) |  | (547) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 37727 | (6514) |  | (547) |  |  |
|  Change in unrealized appreciation (depreciation) during the year | 505910 | (4844) |  | 462 |  |  |
|  Increase (decrease) in net assets from operations | 568085 | 19448 |  | 1 | 618 | 839 |
|  Contract transactions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments received from contract owners | 17761 | 30188 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts (including fixed account), net | (141360) | 45258 |  | (3459) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers for contract benefits and terminations | (152078) | (155998) |  |  | (632) | (577) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (1871) | (1719) |  |  | (5) | (6) |
|  Net increase (decrease) in net assets from contract transactions | (277548) | (82271) |  | (3459) | (637) | (583) |
|  Total increase (decrease) in net assets | 290537 | (62823) |  | (3458) | (19) | 256 |
|  Net assets at beginning of year | 1431072 | 1493895 |  | 3458 | 24619 | 24363 |
|  Net assets at end of year | $1721609 | $1431072 | $— | $— | $24600 | $24619 |
|  Accumulation units: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | 963 | 5286 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals | (12054) | (9294) |  | (272) | (474) | (448) |
|  Net increase (decrease) in units outstanding | (11091) | (4008) |  | (272) | (474) | (448) |
|  Units outstanding at beginning of year | 69702 | 73710 |  | 272 | 18698 | 19146 |
|  Units outstanding at end of year | 58611 | 69702 |  |  | 18224 | 18698 |

---

See notes to these financial statements.

------

UNITED OF OMAHA SEPARATE ACCOUNT C

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | DWS (continued) | DWS (continued) | T. Rowe Price | T. Rowe Price | T. Rowe Price | T. Rowe Price |
|  | Small Cap Index VIP | Small Cap Index VIP | Equity Income | Equity Income | International Stock | International Stock |
|  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
|  Income: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | $4918 | $4476 | $131413 | $148080 | $69131 | $34414 |
|  Expenses: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality & expense risk | (3730) | (3881) | (81945) | (85013) | (37090) | (37750) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative charges | (910) | (937) | (17635) | (18141) | (8118) | (8247) |
|  Net investment income (expense) | 278 | (342) | 31833 | 44926 | 23923 | (11583) |
|  Realized gains (losses) on investments: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of fund shares | 829 | 2133 | 152035 | 276797 | 65329 | 49616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions | 21001 | 10490 | 787557 | 518196 | 303628 | 89054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 21830 | 12623 | 939592 | 794993 | 368957 | 138670 |
|  Change in unrealized appreciation (depreciation) during the year | 18348 | 23811 | 6876 | (17791) | 172508 | (46565) |
|  Increase (decrease) in net assets from operations | 40456 | 36092 | 978301 | 822128 | 565388 | 80522 |
|  Contract transactions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments received from contract owners |  |  | 190759 | 61982 | 53153 | 119556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts (including fixed account), net | 193 | (4116) | 60342 | (5137) | (4299) | 112289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers for contract benefits and terminations | (9080) | (43414) | (859072) | (1263396) | (493375) | (421720) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (376) | (398) | (3416) | (3826) | (2764) | (2897) |
|  Net increase (decrease) in net assets from contract transactions | (9263) | (47928) | (611387) | (1210377) | (447285) | (192772) |
|  Total increase (decrease) in net assets | 31193 | (11836) | 366914 | (388249) | 118103 | (112250) |
|  Net assets at beginning of year | 362096 | 373932 | 7904811 | 8293060 | 3533801 | 3646051 |
|  Net assets at end of year | $393289 | $362096 | $8271725 | $7904811 | $3651904 | $3533801 |
|  Accumulation units: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | 32 | 26 | 2816 | 6526 | 3581 | 9133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals | (241) | (1203) | (9767) | (21707) | (18226) | (15820) |
|  Net increase (decrease) in units outstanding | (209) | (1177) | (6951) | (15181) | (14645) | (6687) |
|  Units outstanding at beginning of year | 8959 | 10136 | 99232 | 114413 | 127434 | 134121 |
|  Units outstanding at end of year | 8750 | 8959 | 92281 | 99232 | 112789 | 127434 |

---

See notes to these financial statements.

------

UNITED OF OMAHA SEPARATE ACCOUNT C

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | T. Rowe Price (Continued) | T. Rowe Price (Continued) | T. Rowe Price (Continued) | T. Rowe Price (Continued) | T. Rowe Price (Continued) | T. Rowe Price (Continued) |
|  | Limited-Term Bond | Limited-Term Bond | All-Cap Opportunities Portfolio | All-Cap Opportunities Portfolio | Moderate Allocation | Moderate Allocation |
|  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
|  Income: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | $59490 | $61970 | $— | $3437 | $84283 | $86492 |
|  Expenses: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality & expense risk | (14033) | (15055) | (50082) | (52274) | (37398) | (38575) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative charges | (3049) | (3334) | (9998) | (10673) | (7876) | (8092) |
|  Net investment income (expense) | 42408 | 43581 | (60080) | (59510) | 39009 | 39825 |
|  Realized gains (losses) on investments: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of fund shares | (10180) | (9243) | 129852 | 420292 | 87274 | 53216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions |  |  | 557377 | 531050 | 164205 | 102981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | (10180) | (9243) | 687229 | 951342 | 251479 | 156197 |
|  Change in unrealized appreciation (depreciation) during the year | 27535 | 18908 | 57020 | 222266 | 152983 | 123056 |
|  Increase (decrease) in net assets from operations | 59763 | 53246 | 684169 | 1114098 | 443471 | 319078 |
|  Contract transactions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments received from contract owners | 53205 | 14846 | 533 | 13488 | 204413 | 27218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts (including fixed account), net | 26531 | 76437 | (12396) | 48743 | 182548 | 6481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers for contract benefits and terminations | (258722) | (175232) | (437391) | (1426689) | (718161) | (364806) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (752) | (1402) | (2190) | (2767) | (3041) | (3028) |
|  Net increase (decrease) in net assets from contract transactions | (179738) | (85351) | (451444) | (1367225) | (334241) | (334135) |
|  Total increase (decrease) in net assets | (119975) | (32105) | 232725 | (253127) | 109230 | (15054) |
|  Net assets at beginning of year | 1447845 | 1479950 | 4840652 | 5093779 | 3732038 | 3747092 |
|  Net assets at end of year | $1327870 | $1447845 | $5073377 | $4840652 | $3841268 | $3732038 |
|  Accumulation units: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | 7658 | 6650 | 67 | 2172 | 5875 | 1414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals | (17641) | (11760) | (2921) | (11296) | (11339) | (6889) |
|  Net increase (decrease) in units outstanding | (9983) | (5110) | (2854) | (9124) | (5464) | (5475) |
|  Units outstanding at beginning of year | 81370 | 86480 | 31815 | 40939 | 61029 | 66504 |
|  Units outstanding at end of year | 71387 | 81370 | 28961 | 31815 | 55565 | 61029 |

---

See notes to these financial statements.

------

UNITED OF OMAHA SEPARATE ACCOUNT C

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024

---

| | | |
|:---|:---|:---|
|  | Morgan Stanley | Morgan Stanley |
|  | VIF Emerging Markets Equity | VIF Emerging Markets Equity |
|  | 2025 | 2024 |
|  Income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | $1669 | $5777 |
|  Expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality & expense risk | (4168) | (4392) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative charges | (1031) | (1070) |
|  Net investment income (expense) | (3530) | 315 |
|  Realized gains (losses) on investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) on sale of fund shares | 5834 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions | 13863 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | 19697 | 7 |
|  Change in unrealized appreciation (depreciation) during the year | 96481 | 27239 |
|  Increase (decrease) in net assets from operations | 112648 | 27561 |
|  Contract transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments received from contract owners | 6507 | 48483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (including fixed account), net | (21761) | 10064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers for contract benefits and terminations | (46128) | (142433) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (183) | (236) |
|  Net increase (decrease) in net assets from contract transactions | (61565) | (84122) |
|  Total increase (decrease) in net assets | 51083 | (56561) |
|  Net assets at beginning of year | 393376 | 449937 |
|  Net assets at end of year | $444459 | $393376 |
|  Accumulation units: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | 524 | 2863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals | (2538) | (6001) |
|  Net increase (decrease) in units outstanding | (2014) | (3138) |
|  Units outstanding at beginning of year | 14528 | 17666 |
|  Units outstanding at end of year | 12514 | 14528 |

---

See notes to these financial statements.

------

**UNITED OF OMAHA SEPARATE ACCOUNT C** 

NOTES TO FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024

**1.** **NATURE OF OPERATIONS** 

United of Omaha Separate Account C (the "Separate Account") was established by United of Omaha Life Insurance Company ("United") on December 1, 1993, under procedures established by Nebraska law, and is registered as a unit investment trust under the Investment Company Act of 1940, as amended. The Separate Account is a funding vehicle for individual variable annuity contracts. The assets of the Separate Account are owned by United, however, the net assets of the Separate Account are clearly identified and distinguished from United's other assets and liabilities. The portion of the Separate Account's assets applicable to the variable annuity contracts is not chargeable with liabilities arising out of any other business United may conduct.

A contract owner of the Separate Account may allocate funds to the fixed income account, which is part of United's general account, in addition to those subaccounts detailed below. Interests in the fixed income account have not been registered under the Securities Act of 1933 and United has not been registered as an investment company under the Investment Company Act of 1940, due to exemptive and exclusionary provisions under such acts.

**2.** **SUBACCOUNTS** 

The Separate Account is divided into subaccounts for which accumulation units are separately maintained. Each subaccount invests exclusively in shares of a corresponding mutual fund portfolio. The available subaccounts with activity during 2025 or 2024 are:

**<u>Alger</u>** 

***Alger American Fund*** 

Alger American LargeCap Growth Portfolio Class O ("American Growth")

Alger American SmallCap Growth Portfolio Class O ("American Small Capitalization")

**<u>Federated</u>** 

***Federated Insurance Series*** 

Federated Hermes Government Money Fund II ("Government Money Fund II")

Federated Hermes Fund for U.S. Government Securities II ("Fund for U.S. Government Securities II")

**<u>Fidelity</u>** 

***Fidelity Variable Insurance Products Fund*** 

Fidelity VIP Equity-Income Portfolio Initial Class ("VIP Equity Income")

Fidelity VIP Equity-Income Portfolio Service Class 2 ("VIP Equity Income SVC CL 2")

Fidelity VIP Growth Portfolio Initial Class ("VIP Growth")

Fidelity VIP Mid Cap Portfolio Service Class 2 ("VIP Mid Cap SVC CL 2")

***Fidelity Variable Insurance Products*** 

Fidelity VIP Asset Manager Portfolio Initial Class ("VIP Asset Manager")

Fidelity VIP Asset Manager: Growth Portfolio Initial Class ("VIP Asset Manager: Growth")

Fidelity VIP Contrafund Portfolio Service Class ("VIP Contrafund")

Fidelity VIP Contrafund Portfolio Service Class 2 ("VIP Contrafund SVC CL 2")

Fidelity VIP Index 500 Portfolio Initial Class ("VIP Index 500")

Fidelity VIP Index 500 Portfolio Service Class 2 ("VIP Index 500 SVC CL 2")

**<u>MFS</u>** 

***MFS Variable Insurance Trust*** 

MFS Core Equity Portfolio ("Core Equity Portfolio")

MFS Core Equity Portfolio ("Core Equity Portfolio SC")

MFS Growth Series Portfolio Initial Class ("Emerging Growth Series")

MFS High Yield Initial Class ("High Yield Series")

MFS High Yield Service Class ("High Yield Series SC")

MFS Research Series Portfolio Initial Class ("Research Series")

MFS VIT II Income Initial Class ("Income Series II")

**<u>Pioneer</u>** 

***Pioneer Variable Contracts Trust*** 

Pioneer Equity Income VCT Portfolio Class II ("Equity Income VCT")

Pioneer Fund VCT Portfolio Class II ("Fund VCT")

Pioneer Mid Cap Value VCT Portfolio Class I ("Mid Cap Value VCT")

Pioneer Mid Cap Value VCT Portfolio Class II ("Mid Cap Value VCT II")

**<u>DWS</u>** 

***DWS Variable Series I*** 

DWS CROCI International VIP Class A ("International")

DWS Government Money Market VIP Class A ("Money Market")

***DWS Investments VIT Funds***

DWS Small Cap Index VIP Class A ("Small Cap Index VIP")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>T. Rowe Price</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***T. Rowe Price Equity Series, Inc.*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Equity Income Portfolio ("Equity Income")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price All-Cap Opportunities Portfolio ("All-Cap Opportunities Portfolio")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Moderate Allocation Portfolio ("Moderate Allocation")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***T. Rowe Price International Series, Inc.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price International Stock Portfolio ("International Stock")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***T. Rowe Price Fixed Income Series, Inc.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Limited-Term Bond Portfolio ("Limited-Term Bond")

**<u>Morgan Stanley</u>** 

***Morgan Stanley Variable Insurance Funds*** 

Morgan Stanley VIF Emerging Markets Equity Portfolio Class I ("VIF Emerging Markets Equity")

------

The availability of some subaccounts is dependent upon the product under which each contract was written.

The following subaccounts are available but are not shown on the statements due to not having had any activity in 2025 or 2024:

Fidelity VIP Asset Manager: Growth Portfolio Service Class 2 ("VIP Asset Manager: Growth SVC CL 2")

Morgan Stanley VIF Core Plus Fixed Income Portfolio Class II ("UIF Core Plus Fixed Income II")

MFS Growth Series Portfolio Service Class ("Emerging Growth Series SC")

DWS Bond VIP Class A ("Bond")

MFS VIT II Income Service Class ("Income Series II SC")

Effective June 17, 2024, DWS Global Opportunities VIP Class B ("Global Opportunities") was no longer available for investment.

Assets were transferred to Federated Hermes Government Money Fund II ("Government Money Fund II").

Effective June 17, 2024, DWS Core Equity VIP - Class B ("Core Equity VIP") was no longer available for investment.

Assets were transferred to Government Money Fund II.

Effective June 17, 2024, DWS CROCI International VIP Class B ("International B") was no longer available for investment.

Assets were transferred to Government Money Fund II.

**3.** **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** 

***Use of Estimates*** - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and disclosures of assets at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting year. Actual results could differ from those estimates. The most significant estimates and assumptions include those used in investment valuation in the absence of quoted market prices.

***Security Valuation and Related Investment Income*** - Investments are made in the portfolios of the Separate Account and are valued at the reported net asset values of such portfolios, which value their investment securities at fair value. Transactions are recorded 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 are determined based on the average cost of investments sold.

The investments of the Separate Account and United of Omaha Separate Account B are jointly held in accounts with the investment managers.

***Contracts in Payout (Annuitization) period*** - Net assets allocated to contracts in the payout period are computed according to the 1983 Individual Annuitant Mortality Table. The assumed investment return is 4.0%. The mortality risk is fully borne by United and may result in additional amounts being transferred into the subaccounts of the Separate Account by United to cover greater longevity of annuitants than expected. Conversely, if amounts allocated exceed amounts required, transfers may be made to United. These items are included in the adjustment to net assets allocated to contracts in payout year.

***Federal Income Taxes*** - United is taxed as a life insurance company and includes in its results the taxable income or loss of the Separate Account subaccounts excluding those items which are specifically attributed to the contracts. No charge for federal income taxes is being made to the Separate Account subaccounts. In the event of changes in the tax laws, charges may be made in the future.

As of December 31, 2025, there were no uncertain tax positions which management believes will materially change within the next twelve months.

***Fair Value Measurements*** - Current fair value guidance requires financial instruments measured at fair value to be categorized into a three-level classification. The lowest level input that is significant to the fair value measurement of a financial instrument is used to categorize the instrument and reflects the judgment of management. The valuation criteria is summarized as follows:

---

| | |
|:---|:---|
| **Level 1 -** | Inputs are unadjusted and represent quoted prices in active markets for identical assets at the measurement date. |
| **Level 2 -** | Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset through correlation with market data at the measurement date. |
| **Level 3 -** | Inputs reflect management's best estimate of what market participants would use in pricing the asset at the measurement date. Financial assets presented at fair value and categorized as Level 3 are generally those that are valued using unobservable inputs. |

---

Each subaccount invests in shares of mutual funds, which calculate a daily net asset value based on the value of the underlying securities in the portfolio. As such, the investments held in the Separate Account were valued using Level 2 inputs as defined by the applicable fair value guidance.

***Payments Received from Contract Owners -*** In the Statement of Operations and Changes in Net Assets, the line item "Payments received from contract owners" includes both deposits received from policyholders and net gains and losses resulting from the timing of executed trades.

***Segment Reporting*** - Each fund of the Separate Account constitutes a single operating segment and therefore, a single reportable segment because the chief operating decision maker ("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 United to support the liabilities of the applicable insurance contracts. The subaccounts haves identified the Chief Financial Officer of the sponsoring company as the CODM 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 accounting policies (included in this note). The measure of segment assets is reported on the statement of net assets as net assets. Refer to the Statements of Operations and Changes in Net Assets for each fund's operating segment and related footnotes for significant principle expenses and the existing segment requirements as of December 31, 2025 and for the year ended December 31, 2025 and December 31, 2024. All assets and revenue is generated in the US and there is no customer greater than 10% of consolidated results for all periods presented.

***Subsequent Events*** - Subsequent events have been evaluated through April 1, 2026, the date these financial statements were issued.

**4.** **ACCOUNT CHARGES** 

**Mortality & Expense Risk Charge:**

United deducts a daily charge as compensation for the mortality and expense risks assumed by United. The nominal annual rate

is a percentage of the net asset value of each subaccount based on the following products:

---

| | | | |
|:---|:---|:---|:---|
|  Series I | 1.25% | Series V | 1.0% |
|  Ultra-Access | 1.4% | Ultra-Rewards | 1.25% |
|  Ultra-Select | 1.5% |  |  |

---

These charges are assessed through reduction of unit values. United guarantees that the mortality and expense charge will not increase above these levels.

**Administrative Charges:**

United deducts a daily administrative expense charge from the net assets of the Separate Account. The annual rate is a percentage of the net asset value of each subaccount based on the following products:

---

| | | |
|:---|:---|:---|
|  Series I | 0.15% |  |
|  Series V | 0.2% |  |
|  Ultra-Rewards and Ultra-Select | 0.15% | (0% for accumulation value of $100,000 or more) |
|  Ultra-Access | 0.2% |  |

---

The daily administrative expense charges for Ultra-Rewards and Ultra-Select products are reflected in the Statement of Operations and Changes in Net Assets within the "Mortality & expense risk" financial statement line item aggregated with the mortality and expense risk charges for those products. For the remaining products, the daily administrative expense charges are broken out separately in the Statement of Operations and Changes in Net Assets within the "Administrative charges" financial statement line item.

These charges are assessed through reduction of unit values. United guarantees that the administrative charge will not increase above these levels.

***Enhanced Death Benefit*** - The Series V, Ultra-Rewards, and Ultra-Select variable annuity products include a feature which provides the contract owner an option to purchase an enhanced death benefit. For Ultra-Rewards and Ultra-Select, a daily charge equivalent to an annual rate of 0.30% of the accumulation value is deducted from each contract with this feature. For Series V, a daily charge equivalent to an annual rate of 0.35% of the accumulation value is deducted from each contract issued prior to May 1, 2003. A daily charge equal to an annual rate of 0.30% of accumulation value is deducted from each contract issued after May 1, 2003. These charges are assessed through a reduction of unit values. Series V contracts issued prior to May 1, 1998 are assessed a daily charge of 0.35% of the accumulation value through a reduction of unit value for each contract with this feature.

------

***Enhanced Credit Rider*** - Ultra-Rewards contract owners can elect the enhanced credit rider. A daily charge equivalent to an annual rate of 0.50% of the accumulation value is deducted from each contract for this charge for the first eight contract years. These charges are assessed through the reduction of unit values.

***Enhanced Earnings Death Benefit Charge*** - Ultra-Select and Ultra-Rewards contract owners can elect the enhanced earnings death benefit rider. A daily charge equivalent to an annual charge of 0.30% of the accumulation value is deducted from each contract for this charge. These charges are assessed through the reduction of unit values.

***Return Benefits Charge*** - Series V, Ultra-Select and Ultra-Access contract owners can elect there turns benefit rider. An annual charge is calculated and assessed on the contract anniversary. The charge equivalent to an annual charge of 0.40% of the accumulation value is deducted from each contract for this charge. These charges are assessed through the reduction of unit values.

**Contract Maintenance Charges:**

***Withdrawal Charge*** - United may deduct a withdrawal charge, expressed as a percentage of accumulation value (accumulated units times unit value) surrendered or withdrawn. The withdrawal charge percentage varies depending upon the number of years elapsed since the date the purchase payment was made. The amount of the withdrawal requested plus the withdrawal charge is deducted from the accumulation value on the date the request is received as a redemption of units.

***Transfer fees*** - A transfer fee of $10 ($20 for Ultra Select contract owners) may be imposed for any non-systematic transfer in excess of twelve per contract year. The transfer fee is deducted from the amount transferred on the date of the transfer as a redemption of units.

***Contract Fee*** - There is an annual contract fee of $30 for Series I, Series V and Ultra-Access and $40 for Ultra-Rewards and Ultra-Select that is deducted from the accumulated value on the last valuation date of each contract year or at complete surrender. The annual contract fee is waived if the accumulated value is $50,000 or more on the last valuation date of the applicable contract year. This charge is assessed through the redemption of units. United guarantees the annual contract fee will not increase.

**5.** **PURCHASES AND SALES OF INVESTMENTS** 

The aggregate cost of daily net purchases and proceeds from daily net sales of investments for the year ended December 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | ***Purchases*** | ***Sales*** |
|  **<u>Alger</u>** |  |  |
|  American Growth | $21694 | $679087 |
|  American Small Capitalization | 138772 | 322633 |
|  **<u>Federated</u>** |  |  |
|  Government Money Fund II | 580718 | 632171 |
|  Fund for U.S. Government Securities II | 35910 | 163686 |
|  **<u>Fidelity</u>** |  |  |
|  VIP Asset Manager |  | 1757 |
|  VIP Asset Manager: Growth | 2765 | 392383 |
|  VIP Contrafund | 33360 | 1444572 |
|  VIP Contrafund SVC CL 2 |  | 13992 |
|  VIP Equity Income | 97089 | 629695 |
|  VIP Equity Income SVC CL 2 |  | 208 |
|  VIP Growth |  | 3427 |
|  VIP Index 500 | 99921 | 1216254 |
|  VIP Index 500 SVC CL 2 | 1763 | 57438 |
|  VIP Mid Cap SVC CL 2 | 487 | 33500 |
|  **<u>MFS</u>** |  |  |
|  Core Equity Portfolio | 44393 | 269214 |
|  Core Equity Portfolio SC | 683 | 184809 |
|  Emerging Growth Series | 35353 | 697180 |
|  High Yield Series | 217777 | 184291 |
|  High Yield Series SC | 112 | 952 |
|  Research Series | 57602 | 546646 |
|  Income Series II | 87979 | 153593 |
|  **<u>Pioneer</u>** |  |  |
|  Equity Income VCT | 2145 | 18872 |
|  Fund VCT | 784 | 12218 |
|  Mid Cap Value VCT | 32821 | 252407 |
|  Mid Cap Value VCT II | 1540 | 16235 |
|  **<u>DWS</u>** |  |  |
|  International | 20641 | 317468 |
|  Money Market |  | 985 |
|  Small Cap Index VIP | 1212 | 15115 |
| **<u>T. Rowe Price</u>** |  |  |
|  Equity Income | 213214 | 924181 |
|  International Stock | 100949 | 593442 |
|  Limited-Term Bond | 138519 | 335339 |
|  All-Cap Opportunities Portfolio | 8547 | 520071 |
|  Moderate Allocation | 388174 | 767689 |
|  **<u>Morgan Stanley</u>** |  |  |
|  VIF Emerging Markets Equity | 14117 | 80881 |

---

**6.** **ADMINISTRATION OF THE SEPARATE ACCOUNT** 

United has an administrative services agreement with Security Benefit Life Insurance Company ("Security Benefit"), whose affiliate Zinnia Corporate Holdings, LLC ("Zinnia") performs adminstrative functions on behalf of United with respect to the contracts comprising the Separate Account.

**7.** **REINSURANCE ARRANGEMENTS** 

United has a reinsurance agreement to cede to Security Benefit, on a modified coinsurance basis, certain United rights, liabilities and obligations in the Separate Account. The ceding of this business does not discharge United from its primary legal liability to a contract owner.

------

**8.** **FINANCIAL HIGHLIGHTS** 

A summary of units, unit values, and net assets at December 31 and investment income ratio, expense ratio and total return for the years ended December 31 follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | At December 31 | At December 31 | At December 31 | At December 31 | For the years ended December 31\*\*\*\* | For the years ended December 31\*\*\*\* | For the years ended December 31\*\*\*\* |
|  | Units | Unit Value lowest<br>to highest | Unit Value lowest<br>to highest | Net Assets | Investment<br>Income<br>Ratio\* | Expense Ratio<br>lowest to<br>highest\*\* | Total Return<br>lowest to highest\*\*\* |
|  **<u>Alger</u>** |  |  |  |  |  |  |  |
|  American Growth - 2025 | 39754 | $53.02 to | $64.44 | $5989188 | 0.00% | 1.20% to 2.20% | 27.82% to 28.71% |
|  American Growth - 2024 | 44658 | 41.48 to | 127.76 | 5165256 | 0.00% | 1.20% to 2.20% | 40.14% to 41.16% |
|  American Growth - 2023 | 63204 | 29.60 to | 90.51 | 4653563 | 0.00% | 1.20% to 2.20% | 30.17% to 31.10% |
|  American Growth - 2022 | 68691 | 22.74 to | 69.04 | 3888054 | 0.00% | 1.20% to 2.20% | -39.81% to -39.39% |
|  American Growth - 2021 | 69849 | 37.78 to | 113.91 | 6603038 | 0.00% | 1.20% to 2.20% | 9.73% to 10.50% |
|  American Small Capitalization - 2025 | 45881 | 31.97 to | 53.88 | 2433763 | 0.00% | 1.20% to 2.20% | 4.27% to 4.64% |
|  American Small Capitalization - 2024 | 49034 | 30.66 to | 51.49 | 2489503 | 0.38% | 1.20% to 2.20% | 6.46% to 6.83% |
|  American Small Capitalization - 2023 | 52246 | 28.80 to | 48.20 | 2484639 | 0.00% | 1.20% to 2.20% | 14.70% to 15.09% |
|  American Small Capitalization - 2022 | 56359 | 25.11 to | 41.88 | 2312107 | 0.00% | 1.20% to 2.20% | -38.98% to -38.75% |
|  American Small Capitalization - 2021 | 57363 | 41.15 to | 68.38 | 3853635 | 0.00% | 1.20% to 2.20% | -7.51% to -7.18% |
|  **<u>Federated</u>** |  |  |  |  |  |  |  |
|  Government Money Fund II - 2025 | 3693371 | 0.83 to | 1.34 | 4625511 | 3.69% | 1.20% to 2.20% | 1.22% to 2.29% |
|  Government Money Fund II - 2024 | 3617339 | 0.82 to | 1.31 | 4508638 | 4.24% | 1.20% to 2.20% | 2.50% to 3.97% |
|  Government Money Fund II - 2023 | 2823849 | 0.80 to | 1.26 | 3359395 | 4.81% | 1.20% to 2.20% | -1.23% to 3.28% |
|  Government Money Fund II - 2022 | 753250 | 0.81 to | 1.22 | 900553 | 1.55% | 1.20% to 2.20% | -1.22% to 0.00% |
|  Government Money Fund II - 2021 | 546462 | 0.82 to | 1.22 | 628691 | 0.00% | 1.20% to 2.20% | -2.38% to -1.61% |
|  Fund for U.S. Government Securities II - 2025 | 60662 | 11.77 to | 19.89 | 1103230 | 4.08% | 1.20% to 2.20% | 4.62% to 5.52% |
|  Fund for U.S. Government Securities II - 2024 | 66821 | 11.25 to | 18.85 | 1155501 | 3.18% | 1.20% to 2.20% | -1.49% to -0.63% |
|  Fund for U.S. Government Securities II - 2023 | 80940 | 11.42 to | 18.97 | 1440115 | 2.52% | 1.20% to 2.20% | 2.15% to 2.93% |
|  Fund for U.S. Government Securities II - 2022 | 86689 | 11.18 to | 18.43 | 1505094 | 1.87% | 1.20% to 2.20% | -14.33% to -13.60% |
|  Fund for U.S. Government Securities II - 2021 | 94012 | 13.05 to | 21.33 | 1897507 | 2.05% | 1.20% to 2.20% | -4.04% to -3.22% |
|  **<u>Fidelity</u>** |  |  |  |  |  |  |  |
|  VIP Asset Manager - 2025 | 720 | 49.19 to | 49.19 | 35389 | 2.52% | 1.40% to 1.40% | 13.37% to 13.37% |
|  VIP Asset Manager - 2024 | 747 | 43.39 to | 43.39 | 32399 | 2.47% | 1.40% to 1.40% | 6.98% to 6.98% |
|  VIP Asset Manager - 2023 | 773 | 40.56 to | 40.56 | 31331 | 2.37% | 1.40% to 1.40% | 11.37% to 11.37% |
|  VIP Asset Manager - 2022 | 779 | 36.42 to | 36.42 | 28363 | 2.00% | 1.40% to 1.40% | -16.12% to -16.12% |
|  VIP Asset Manager - 2021 | 788 | 43.42 to | 43.42 | 34231 | 1.65% | 1.40% to 1.40% | 8.39% to 8.39% |
|  VIP Asset Manager: Growth - 2025 | 56894 | 30.84 to | 61.54 | 3460554 | 1.81% | 1.20% to 1.60% | 16.42% to 16.84% |
|  VIP Asset Manager: Growth - 2024 | 62920 | 26.49 to | 52.67 | 3279075 | 1.76% | 1.20% to 1.60% | 9.10% to 9.46% |
|  VIP Asset Manager: Growth - 2023 | 68596 | 24.28 to | 48.12 | 3267993 | 1.77% | 1.20% to 1.60% | 14.58% to 14.98% |
|  VIP Asset Manager: Growth - 2022 | 75068 | 21.19 to | 41.85 | 3112677 | 1.68% | 1.20% to 1.60% | -18.15% to -17.88% |
|  VIP Asset Manager: Growth - 2021 | 81434 | 25.89 to | 50.96 | 4108316 | 1.39% | 1.20% to 1.60% | 12.18% to 12.59% |
|  VIP Contrafund - 2025 | 57109 | 103.31 to | 223.56 | 12524110 | 0.14% | 1.20% to 1.60% | 19.61% to 20.03% |
|  VIP Contrafund - 2024 | 63577 | 86.37 to | 186.26 | 11628125 | 0.19% | 1.20% to 1.60% | 31.70% to 32.18% |
|  VIP Contrafund - 2023 | 69566 | 65.58 to | 140.91 | 9638560 | 0.48% | 1.20% to 1.60% | 31.40% to 31.85% |
|  VIP Contrafund - 2022 | 78542 | 49.91 to | 106.87 | 8251592 | 0.45% | 1.20% to 1.60% | -27.45% to -27.20% |
|  VIP Contrafund - 2021 | 85745 | 68.79 to | 146.79 | 12329363 | 0.06% | 1.20% to 1.60% | 25.85% to 26.30% |
|  VIP Contrafund SVC CL 2 - 2025 | 1368 | 76.84 to | 76.84 | 105109 | 0.00% | 1.25% to 2.20% | 18.91% to 18.91% |
|  VIP Contrafund SVC CL 2 - 2024 | 1529 | 64.62 to | 64.62 | 98802 | 0.03% | 1.25% to 2.20% | 30.89% to 30.89% |
|  VIP Contrafund SVC CL 2 - 2023 | 1699 | 49.37 to | 49.37 | 83889 | 0.26% | 1.25% to 2.20% | 30.61% to 30.61% |
|  VIP Contrafund SVC CL 2 - 2022 | 1790 | 37.80 to | 37.80 | 67652 | 0.24% | 1.25% to 2.20% | -27.88% to -27.88% |
|  VIP Contrafund SVC CL 2 - 2021 | 1798 | 52.41 to | 52.41 | 94221 | 0.02% | 1.25% to 2.20% | 21.46% to 25.11% |
|  VIP Equity Income - 2025 | 47440 | 45.09 to | 92.06 | 4319564 | 1.74% | 1.20% to 1.60% | 17.18% to 17.60% |
|  VIP Equity Income - 2024 | 53487 | 38.48 to | 78.28 | 4143157 | 1.76% | 1.20% to 1.60% | 13.54% to 13.94% |
|  VIP Equity Income - 2023 | 60935 | 33.89 to | 68.70 | 4137811 | 1.79% | 1.20% to 1.60% | 8.97% to 9.33% |
|  VIP Equity Income - 2022 | 69255 | 31.10 to | 62.84 | 4279067 | 1.79% | 1.20% to 1.60% | -6.44% to -6.08% |
|  VIP Equity Income - 2021 | 77474 | 33.24 to | 66.91 | 5097068 | 1.91% | 1.20% to 1.60% | 22.97% to 23.38% |
|  VIP Equity Income SVC CL 2 -2025 | 296 | 35.04 to | 35.04 | 10384 | 1.68% | 1.25% to 2.20% | 16.49% to 16.49% |
|  VIP Equity Income SVC CL 2 -2024 | 297 | 30.08 to | 30.08 | 8935 | 1.43% | 1.25% to 2.20% | 12.87% to 12.87% |
|  VIP Equity Income SVC CL 2 -2023 | 408 | 26.65 to | 26.65 | 10857 | 1.67% | 1.25% to 2.20% | 8.29% to -2.81% |
|  VIP Equity Income SVC CL 2 -2022 | 441 | 24.61 to | 27.42 | 10967 | 1.61% | 1.25% to 2.20% | -7.03% to -6.58% |
|  VIP Equity Income SVC CL 2 -2021 | 484 | 26.47 to | 29.35 | 12942 | 0.90% | 1.25% to 2.20% | 22.26% to 22.85% |
|  VIP Growth - 2025 | 1333 | 196.25 to | 196.25 | 261515 | 0.29% | 1.40% to 1.40% | 13.29% to 13.29% |
|  VIP Growth - 2024 | 1333 | 173.23 to | 173.23 | 230862 | 0.00% | 1.40% to 1.40% | 28.56% to 28.56% |
|  VIP Growth - 2023 | 1333 | 134.75 to | 134.75 | 179614 | 0.14% | 1.40% to 1.40% | 34.33% to 34.33% |
|  VIP Growth - 2022 | 1482 | 100.31 to | 100.31 | 148600 | 0.58% | 1.40% to 1.40% | -25.51% to -25.51% |
|  VIP Growth - 2021 | 1549 | 134.66 to | 134.66 | 208567 | 0.00% | 1.40% to 1.40% | 21.49% to 21.49% |

---

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | At December 31 | At December 31 | At December 31 | At December 31 | For the years ended December 31\*\*\*\* | For the years ended December 31\*\*\*\* | For the years ended December 31\*\*\*\* |
|  | Units | Unit Value lowest<br>to highest | Unit Value lowest<br>to highest | Net Assets | Investment<br>Income<br>Ratio\* | Expense Ratio<br>lowest to<br>highest\*\* | Total Return<br> lowest to highest\*\*\* |
|  **<u>Fidelity (cont'd)</u>** |  |  |  |  |  |  |  |
|  VIP Index 500 - 2025 | 93676 | $63.62 to | $166.06 | $9020792 | 1.11% | 1.20% to1.60% | 15.95% to 16.13% |
|  VIP Index 500 - 2024 | 104885 | 54.87 to | 142.99 | 8687941 | 1.31% | 1.20% to1.60% | 22.97% to 23.14% |
|  VIP Index 500 - 2023 | 111457 | 44.62 to | 116.12 | 7470532 | 1.44% | 1.20% to1.60% | 24.26% to 24.43% |
|  VIP Index 500 - 2022 | 125248 | 35.91 to | 93.32 | 6753406 | 1.36% | 1.20% to1.60% | -19.48% to -19.35% |
|  VIP Index 500 - 2021 | 138511 | 44.60 to | 115.71 | 9229635 | 1.24% | 1.20% to1.60% | 26.60% to 26.78% |
|  VIP Index 500 SVC CL 2 - 2025 | 6641 | 46.27 to | 56.38 | 341406 | 0.87% | 1.25% to 2.20% | 14.93% to 15.84% |
|  VIP Index 500 SVC CL 2 - 2024 | 7718 | 40.26 to | 48.67 | 343916 | 1.09% | 1.25% to 2.20% | 21.85% to 22.84% |
|  VIP Index 500 SVC CL 2 - 2023 | 7913 | 33.04 to | 39.62 | 287383 | 1.23% | 1.25% to 2.20% | 23.10% to 24.12% |
|  VIP Index 500 SVC CL 2 - 2022 | 9174 | 26.84 to | 31.92 | 268206 | 1.14% | 1.25% to 2.20% | -20.19% to -19.56% |
|  VIP Index 500 SVC CL 2 - 2021 | 9342 | 33.63 to | 39.68 | 341083 | 1.02% | 1.25% to 2.20% | 25.44% to 26.45% |
|  VIP Mid Cap SVC CL 2 - 2025 | 4104 | 73.40 to | 86.12 | 350646 | 0.24% | 1.20% to 2.20% | 9.39% to 10.16% |
|  VIP Mid Cap SVC CL 2 - 2024 | 4447 | 67.10 to | 78.18 | 345268 | 0.36% | 1.20% to 2.20% | 14.94% to 15.75% |
|  VIP Mid Cap SVC CL 2 - 2023 | 4538 | 58.38 to | 67.54 | 303939 | 0.38% | 1.20% to 2.20% | 12.64% to 13.44% |
|  VIP Mid Cap SVC CL 2 - 2022 | 4711 | 51.83 to | 59.54 | 278252 | 0.25% | 1.20% to 2.20% | -16.58% to -15.99% |
|  VIP Mid Cap SVC CL 2 - 2021 | 4901 | 62.13 to | 70.87 | 344718 | 0.37% | 1.20% to 2.20% | 22.96% to 23.81% |
|  **<u>MFS</u>** |  |  |  |  |  |  |  |
|  Core Equity Portfolio - 2025 | 31196 | 57.19 to | 93.47 | 2760443 | 0.45% | 1.20% to 1.60% | 10.77% to 11.15% |
|  Core Equity Portfolio - 2024 | 33490 | 51.63 to | 84.09 | 2671719 | 0.60% | 1.20% to 1.60% | 18.23% to 18.65% |
|  Core Equity Portfolio - 2023 | 37673 | 43.67 to | 70.87 | 2535803 | 0.53% | 1.20% to 1.60% | 21.24% to 21.69% |
|  Core Equity Portfolio - 2022 | 43749 | 36.02 to | 58.24 | 2427585 | 0.29% | 1.20% to 1.60% | -18.54% to -18.26% |
|  Core Equity Portfolio - 2021 | 49918 | 44.22 to | 71.25 | 3404325 | 0.42% | 1.20% to 1.60% | 23.38% to 23.81% |
|  Core Equity Portfolio SC - 2025 | 1591 | 35.11 to | 41.23 | 58649 | 0.10% | 1.25% to 2.20% | 9.79% to 10.48% |
|  Core Equity Portfolio SC - 2024 | 6522 | 31.98 to | 37.32 | 229208 | 0.62% | 1.25% to 2.20% | 17.23% to 14.06% |
|  Core Equity Portfolio SC - 2023 | 2367 | 27.28 to | 32.72 | 68638 | 0.32% | 1.25% to 2.20% | 20.12% to 21.10% |
|  Core Equity Portfolio SC - 2022 | 2629 | 22.71 to | 27.02 | 63185 | 0.08% | 1.25% to 2.20% | -19.30% to -18.64% |
|  Core Equity Portfolio SC - 2021 | 2617 | 28.14 to | 33.21 | 77908 | 0.23% | 1.25% to 2.20% | 22.29% to 23.32% |
|  Emerging Growth Series - 2025 | 57003 | 76.29 to | 162.27 | 9002835 | 0.00% | 1.20% to 1.60% | 10.47% to 10.85% |
|  Emerging Growth Series - 2024 | 60636 | 69.06 to | 146.39 | 8653909 | 0.00% | 1.20% to 1.60% | 29.42% to 29.88% |
|  Emerging Growth Series - 2023 | 63552 | 53.36 to | 112.71 | 6985094 | 0.00% | 1.20% to 1.60% | 33.77% to 34.24% |
|  Emerging Growth Series - 2022 | 72308 | 39.89 to | 83.96 | 5910432 | 0.00% | 1.20% to 1.60% | -32.69% to -32.45% |
|  Emerging Growth Series - 2021 | 78318 | 59.26 to | 124.30 | 9496640 | 0.00% | 1.20% to 1.60% | 21.61% to 22.05% |
|  High Yield Series - 2025 | 30022 | 24.56 to | 36.44 | 1092848 | 5.99% | 1.20% to 1.60% | 6.97% to 7.33% |
|  High Yield Series - 2024 | 28946 | 22.96 to | 33.95 | 981522 | 6.10% | 1.20% to 1.60% | 5.27% to 5.63% |
|  High Yield Series - 2023 | 29786 | 21.81 to | 32.14 | 955367 | 5.60% | 1.20% to 1.60% | 10.65% to 11.06% |
|  High Yield Series - 2022 | 31730 | 19.71 to | 28.94 | 915698 | 5.26% | 1.20% to 1.60% | -11.89% to -11.58% |
|  High Yield Series - 2021 | 35324 | 22.37 to | 32.73 | 1153364 | 4.56% | 1.20% to 1.60% | 1.91% to 2.25% |
|  High Yield Series SC -2025 | 483 | 22.37 to | 25.31 | 11423 | 6.47% | 1.25% to 2.20% | 6.42% to 6.97% |
|  High Yield Series SC -2024 | 509 | 21.02 to | 23.66 | 11345 | 5.85% | 1.25% to 2.20% | 4.47% to 5.02% |
|  High Yield Series SC -2023 | 527 | 20.12 to | 22.53 | 11267 | 5.34% | 1.25% to 2.20% | 10.37% to 10.93% |
|  High Yield Series SC - 2022 | 551 | 18.23 to | 20.31 | 10721 | 5.16% | 1.25% to 2.20% | -12.44% to -12.04% |
|  High Yield Series SC - 2021 | 609 | 20.82 to | 23.09 | 13518 | 4.42% | 1.25% to 2.20% | 1.12% to 1.63% |
|  Research Series - 2025 | 40024 | 52.14 to | 106.20 | 4157800 | 0.93% | 1.20% to 1.60% | 11.13% to 11.51% |
|  Research Series - 2024 | 44661 | 46.92 to | 95.24 | 4170585 | 0.61% | 1.20% to 1.60% | 17.01% to 17.44% |
|  Research Series - 2023 | 48548 | 40.10 to | 81.10 | 3850288 | 0.50% | 1.20% to 1.60% | 20.53% to 20.95% |
|  Research Series - 2022 | 53282 | 33.27 to | 67.05 | 3499348 | 0.45% | 1.20% to 1.60% | -18.48% to -18.20% |
|  Research Series - 2021 | 57903 | 40.81 to | 81.97 | 4654710 | 0.54% | 1.20% to 1.60% | 22.85% to 23.32% |
|  Income Series II - 2025 | 37854 | 21.92 to | 25.18 | 949877 | 4.28% | 1.20% to 1.60% | 5.64% to 6.07% |
|  Income Series II - 2024 | 40048 | 20.75 to | 23.74 | 947436 | 3.93% | 1.20% to 1.60% | 1.67% to 1.98% |
|  Income Series II - 2023 | 40923 | 20.41 to | 23.28 | 948884 | 3.61% | 1.20% to 1.60% | 5.92% to 6.30% |
|  Income Series II - 2022 | 42055 | 19.27 to | 21.90 | 917016 | 3.24% | 1.20% to 1.60% | -15.04% to -14.72% |
|  Income Series II - 2021 | 47592 | 22.68 to | 25.68 | 1217581 | 3.09% | 1.20% to 1.60% | -1.09% to -0.73% |
|  Income Series II SC - 2025 |  | — to |  |  | 0.00% | 0.00% to 0.00% | 0.00% to 0.00% |
|  Income Series II SC - 2024 |  | — to |  |  | 0.00% | 0.00% to 0.00% | 0.00% to 0.00% |
|  Income Series II SC - May 23, 2023 - June 26, 2023 |  | 15.57 to | 15.57 |  | 0.00% | 2.20% to 2.20% | 0.58% to 0.58% |
|  Income Series II SC - 2022 |  | — to |  |  | 0.00% | 0.00% to 0.00% | 0.00% to 0.00% |
|  Income Series II SC - January 1, 2021- December 20, 2021 |  | 19.28 to | 19.28 |  | 0.06% | 1.20% to 1.60% | -1.73% to -1.73% |
|  **<u>Pioneer</u>** |  |  |  |  |  |  |  |
|  Equity Income VCT - 2025 | 9006 | 39.48 to | 46.58 | 415741 | 1.97% | 1.20% to 2.20% | 9.58% to 9.81% |
|  Equity Income VCT - 2024 | 9282 | 36.03 to | 42.42 | 390423 | 1.97% | 1.20% to 2.20% | 9.41% to 9.61% |
|  Equity Income VCT - 2023 | 9480 | 32.93 to | 38.70 | 363805 | 1.64% | 1.20% to 2.20% | 5.68% to 5.91% |
|  Equity Income VCT - 2022 | 9673 | 31.16 to | 36.54 | 350673 | 1.39% | 1.20% to2.20% | -9.23% to -9.06% |
|  Equity Income VCT - 2021 | 12718 | 34.33 to | 40.18 | 507775 | 1.25% | 1.20% to2.20% | 23.58% to 23.86% |

---

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | At December 31 | At December 31 | At December 31 | At December 31 | For the years ended December 31\*\*\*\* | For the years ended December 31\*\*\*\* | For the years ended December 31\*\*\*\* |
|  | Units | Unit Value lowest<br>to highest | Unit Value lowest<br>to highest | Net Assets | Investment<br>Income<br>Ratio\* | Expense Ratio<br>lowest to<br>highest\*\* | Total Return<br>lowest to highest\*\*\* |
|  **<u>Pioneer (cont'd)</u>** |  |  |  |  |  |  |  |
|  Fund VCT - 2025 | 3695 | $51.57 to | $58.58 | $209348 | 0.22% | 1.20% to 2.20% | 21.17% to 21.56% |
|  Fund VCT - 2024 | 3867 | 42.56 to | 48.19 | 180269 | 0.45% | 1.20% to 2.20% | 20.40% to 20.75% |
|  Fund VCT - 2023 | 4123 | 35.35 to | 39.91 | 159089 | 0.57% | 1.20% to 2.20% | 26.61% to 26.98% |
|  Fund VCT - 2022 | 5090 | 27.92 to | 31.43 | 154643 | 0.38% | 1.20% to 2.20% | -20.91% to -20.67% |
|  Fund VCT - 2021 | 5385 | 35.30 to | 39.62 | 206252 | 0.09% | 1.20% to 2.20% | 25.67% to 26.06% |
|  Mid Cap Value VCT - 2025 | 42821 | 52.62 to | 77.03 | 3247736 | 2.02% | 1.20% to 1.60% | 9.47% to 9.85% |
|  Mid Cap Value VCT - 2024 | 45392 | 48.07 to | 70.12 | 3133445 | 1.94% | 1.20% to 1.60% | 9.20% to 9.60% |
|  Mid Cap Value VCT - 2023 | 46926 | 44.02 to | 63.98 | 2958029 | 1.95% | 1.20% to 1.60% | 10.74% to 11.11% |
|  Mid Cap Value VCT - 2022 | 50810 | 39.75 to | 57.58 | 2891500 | 1.99% | 1.20% to 1.60% | -7.10% to -6.77% |
|  Mid Cap Value VCT - 2021 | 57005 | 42.79 to | 61.76 | 3481562 | 0.97% | 1.20% to 1.60% | 27.66% to 28.11% |
|  Mid Cap Value VCT II - 2025 | 4056 | 36.14 to | 44.04 | 157468 | 1.84% | 1.25% to 2.20% | 8.43% to 9.31% |
|  Mid Cap Value VCT II - 2024 | 4343 | 33.33 to | 40.29 | 155709 | 1.75% | 1.25% to 2.20% | 8.21% to 9.07% |
|  Mid Cap Value VCT II - 2023 | 4868 | 30.80 to | 36.94 | 161009 | 1.74% | 1.25% to 2.20% | 9.73% to 10.63% |
|  Mid Cap Value VCT II - 2022 | 5417 | 28.07 to | 33.39 | 162639 | 1.38% | 1.25% to 2.20% | -7.94% to -7.20% |
|  Mid Cap Value VCT II - 2021 | 5938 | 30.49 to | 35.98 | 192813 | 0.70% | 1.25% to 2.20% | 26.57% to 27.59% |
|  Real Estate Shares VCT - 2025 |  | — to |  |  | 0.00% | 0.00% to 0.00% | 0.00% to 0.00% |
|  Real Estate Shares VCT - 2024 |  | — to |  |  | 0.00% | 0.00% to 0.00% | 0.00% to 0.00% |
|  Real Estate Shares VCT - January 1, 2023 - April 28, 2023 |  | 39.40 to | 54.59 |  | 1.23% | 1.20% to 1.60% | -1.52% to 4.94% |
|  Real Estate Shares VCT - 2022 | 15924 | 40.01 to | 52.02 | 824170 | 1.67% | 1.20% to 1.60% | -31.91% to -31.67% |
|  Real Estate Shares VCT - 2021 | 21189 | 58.76 to | 76.13 | 1606731 | 1.08% | 1.20% to 1.60% | 38.88% to 39.36% |
|  Real Estate Shares VCT II - 2025 |  | — to |  |  | 0.00% | 0.00% to 0.00% | 0.00% to 0.00% |
|  Real Estate Shares VCT II - 2024 |  | — to |  |  | 0.00% | 0.00% to 0.00% | 0.00% to 0.00% |
|  Real Estate Shares VCT II - January 1, 2023 - April 28, 2023 |  | 32.16 to | 39.63 |  | 0.98% | 1.25% to 2.20% | -4.94% to 1.72% |
|  Real Estate Shares VCT II - 2022 | 1958 | 33.83 to | 38.96 | 71860 | 1.50% | 1.25% to 2.20% | -32.43% to -31.98% |
|  Real Estate Shares VCT II - 2021 | 2148 | 50.07 to | 57.28 | 115526 | 1.00% | 1.25% to 2.20% | 37.86% to 38.79% |
|  **<u>DWS</u>** |  |  |  |  |  |  |  |
|  Bond - 2025 |  | — to |  |  | 0.00% | 0.00% to 0.00% | 0.00% to 0.00% |
|  Bond - 2024 |  | — to |  |  | 0.00% | 0.00% to 0.00% | 0.00% to 0.00% |
|  Bond - 2023 |  | — to |  |  | 0.00% | 0.00% to 0.00% | 0.00% to 0.00% |
|  Bond - 2022 |  | — to |  |  | 0.00% | 0.00% to 0.00% | 0.00% to 0.00% |
|  Bond - January 1, 2021- October 28, 2021 |  | 22.51 to | 22.51 |  | 4.07% | 1.40% to 1.40% | -1.44% to -1.44% |
|  Global Opportunities - 2025 |  | — to |  |  | 0.00% | 0.00% to 0.00% | 0.00% to 0.00% |
|  Global Opportunities - January 1, 2024 - June 17, 2024 |  | 23.54 to | 48.31 |  | 2.21% | 1.20% to 2.20% | -1.91% to -1.58% |
|  Global Opportunities - 2023 | 12709 | 24.00 to | 49.09 | 594374 | 0.64% | 1.20% to 2.20% | 21.89% to 22.73% |
|  Global Opportunities - 2022 | 15058 | 19.69 to | 40.00 | 577060 | 0.22% | 1.20% to 2.20% | -25.67% to -25.14% |
|  Global Opportunities - 2021 | 20598 | 26.49 to | 53.43 | 1066866 | 0.07% | 1.20% to 2.20% | 12.48% to 13.27% |
|  Core Equity VIP - 2025 |  | — to |  |  | 0.00% | 0.00% to 0.00% | 0.00% to 0.00% |
|  Core Equity VIP - January 1, 2024 - June 17, 2024 |  | 36.59 to | 54.87 |  | 1.15% | 1.20% to 2.20% | 12.88% to 13.07% |
|  Core Equity VIP - 2023 | 28463 | 32.41 to | 48.53 | 1271335 | 0.58% | 1.20% to 2.20% | 23.23% to 23.67% |
|  Core Equity VIP - 2022 | 27575 | 26.30 to | 39.24 | 1027308 | 0.45% | 1.20% to 2.20% | -17.01% to -16.72% |
|  Core Equity VIP - 2021 | 30038 | 31.69 to | 47.12 | 1347300 | 0.42% | 1.20% to 2.20% | 23.02% to 23.45% |
|  International - 2025 | 58611 | 18.03 to | 29.50 | 1721609 | 2.77% | 1.20% to 1.60% | 42.53% to 43.13% |
|  International - 2024 | 69702 | 12.65 to | 20.61 | 1431072 | 3.33% | 1.20% to 1.60% | 3.60% to 1.23% |
|  International - 2023 | 73710 | 12.21 to | 20.36 | 1493895 | 3.24% | 1.20% to 1.60% | 17.07% to 17.55% |
|  International - 2022 | 80906 | 10.43 to | 17.32 | 1395805 | 2.86% | 1.20% to 1.60% | -14.51% to -14.26% |
|  International - 2021 | 97490 | 12.20 to | 20.20 | 1962262 | 2.47% | 1.20% to 1.60% | 7.58% to 7.96% |
|  International B - 2025 |  | — to |  |  | 0.00% | 0.00% to 0.00% | 0.00% to 0.00% |
|  International B - 2024 - January 1, 2024 - June 17, 2024 |  | 12.67 to | 12.67 |  | 6.19% | 1.25% to 2.20% | -0.31% to -0.31% |
|  International B - 2023 | 272 | 12.71 to | 12.71 | 3458 | 4.87% | 1.25% to 2.20% | 20.93% to 17.03% |
|  International B - 2022 | 1000 | 10.51 to | 10.86 | 10615 | 2.79% | 1.25% to 2.20% | -14.69% to- 14.56% |
|  International B - 2021 | 1030 | 12.32 to | 12.71 | 12827 | 1.80% | 1.25% to 2.20% | 7.53% to 15.03% |
|  Money Market - 2025 | 18224 | 1.35 to | 1.35 | 24600 | 3.93% | 1.40% to 1.40% | 2.27% to 2.27% |
|  Money Market - 2024 | 18698 | 1.32 to | 1.32 | 24619 | 4.85% | 1.40% to 1.40% | 3.13% to 3.13% |
|  Money Market - 2023 | 19146 | 1.28 to | 1.28 | 24363 | 4.61% | 1.40% to 1.40% | 4.07% to 4.07% |
|  Money Market - 2022 | 19323 | 1.23 to | 1.23 | 23811 | 1.10% | 1.40% to 1.40% | -0.81% to -0.81% |
|  Money Market - 2021 | 19585 | 1.24 to | 1.24 | 24205 | 0.01% | 1.40% to 1.40% | -0.80% to -0.80% |
|  Small Cap Index VIP - 2025 | 8750 | 39.59 to | 45.68 | 393289 | 1.30% | 1.20% to 2.20% | 10.52% to 11.28% |
|  Small Cap Index VIP - 2024 | 8959 | 35.82 to | 41.05 | 362096 | 1.22% | 1.20% to 2.20% | 9.01% to 9.82% |
|  Small Cap Index VIP - 2023 | 10136 | 32.86 to | 37.38 | 373932 | 1.09% | 1.20% to 2.20% | 14.57% to 15.37% |
|  Small Cap Index VIP - 2022 | 10475 | 28.68 to | 32.40 | 335124 | 0.88% | 1.20% to 2.20% | -22.15% to -21.59% |
|  Small Cap Index VIP - 2021 | 12668 | 36.84 to | 41.32 | 518177 | 0.89% | 1.20% to 2.20% | 12.35% to 13.11% |
| **<u>T. Rowe Price</u>** |  |  |  |  |  |  |  |
|  Equity Income - 2025 | 92281 | 34.27 to | 108.22 | 8271725 | 1.62% | 1.20% to 2.20% | 11.85% to 12.76% |
|  Equity Income - 2024 | 99232 | 30.64 to | 95.97 | 7904811 | 1.83% | 1.20% to 2.20% | 9.27% to 10.13% |
|  Equity Income - 2023 | 114413 | 28.04 to | 87.14 | 8293060 | 2.03% | 1.20% to 2.20% | 7.15% to 8.01% |
|  Equity Income - 2022 | 123202 | 26.17 to | 80.68 | 8234730 | 1.81% | 1.20% to 2.20% | -5.46% to -4.69% |
|  Equity Income - 2021 | 135736 | 27.68 to | 84.65 | 9531887 | 1.59% | 1.20% to 2.20% | 22.80% to 23.79% |

---

------

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | At December 31 | At December 31 | At December 31 | At December 31 | For the years ended December 31\*\*\*\* | For the years ended December 31\*\*\*\* | For the years ended December 31\*\*\*\* |
|  | Units | Unit Value lowest<br>to highest | Unit Value lowest<br>to highest | Net Assets | Investment<br>Income<br>Ratio\* | Expense Ratio lowest<br>to highest\*\* | Total Return<br>lowest to highest\*\*\* |
| **<u>T. Rowe Price (cont'd)</u>** |  |  |  |  |  |  |  |
|  International Stock - 2025 | 112789 | $20.23 to | $33.35 | $3651904 | 1.92% | 1.20% to 2.20% | 15.86% to 17.02% |
|  International Stock - 2024 | 127434 | 17.46 to | 28.50 | 3533801 | 0.96% | 1.20% to 2.20% | 0.92% to 2.00% |
|  International Stock - 2023 | 134121 | 17.30 to | 27.94 | 3646051 | 0.95% | 1.20% to 2.20% | 13.74% to 14.84% |
|  International Stock - 2022 | 154235 | 15.21 to | 24.33 | 3654464 | 0.70% | 1.20% to 2.20% | -17.65% to- 16.82% |
|  International Stock - 2021 | 167666 | 18.47 to | 29.25 | 4790220 | 0.59% | 1.20% to 2.20% | -0.91% to 0.10% |
|  Limited-Term Bond - 2025 | 71387 | 12.17 to | 19.05 | 1327870 | 4.29% | 1.20% to 2.20% | 3.75% to 4.44% |
|  Limited-Term Bond - 2024 | 81370 | 11.73 to | 18.24 | 1447845 | 4.23% | 1.20% to 2.20% | 2.89% to 3.70% |
|  Limited-Term Bond - 2023 | 86480 | 11.40 to | 17.59 | 1479950 | 3.23% | 1.20% to 2.20% | 9.93% to 3.11% |
|  Limited-Term Bond - 2022 | 99458 | 10.37 to | 17.06 | 1629055 | 1.90% | 1.20% to 2.20% | -6.58% to -5.85% |
|  Limited-Term Bond - 2021 | 119950 | 11.10 to | 18.12 | 2082000 | 1.36% | 1.20% to 2.20% | -2.12% to -1.25% |
|  All-Cap Opportunities Portfolio - 2025 | 28961 | 78.90 to | 199.29 | 5073377 | 0.00% | 1.20% to 2.20% | 14.50% to 14.68% |
|  All-Cap Opportunities Portfolio - 2024 | 31815 | 68.91 to | 173.78 | 4840652 | 0.07% | 1.20% to 2.20% | 23.21% to 23.40% |
|  All-Cap Opportunities Portfolio - 2023 | 40939 | 55.93 to | 140.83 | 5093779 | 0.24% | 1.20% to 2.20% | 27.00% to 27.16% |
|  All-Cap Opportunities Portfolio - 2022 | 49134 | 44.04 to | 110.75 | 4792949 | 0.00% | 1.20% to 2.20% | -22.72% to- 22.61% |
|  All-Cap Opportunities Portfolio - 2021 | 52586 | 56.99 to | 143.10 | 6617649 | 0.00% | 1.20% to 2.20% | 18.93% to 19.11% |
|  Moderate Allocation - 2025 | 55565 | 35.44 to | 71.55 | 3841268 | 2.23% | 1.20% to 2.20% | 12.76% to 13.12% |
|  Moderate Allocation - 2024 | 61029 | 31.43 to | 63.25 | 3732038 | 2.31% | 1.20% to 2.20% | 8.34% to 8.73% |
|  Moderate Allocation - 2023 | 66504 | 29.01 to | 58.17 | 3747092 | 2.29% | 1.20% to 2.20% | 13.54% to 13.97% |
|  Moderate Allocation - 2022 | 72054 | 25.55 to | 51.04 | 3544808 | 1.47% | 1.20% to 2.20% | -19.55% to- 19.29% |
|  Moderate Allocation - 2021 | 76191 | 31.76 to | 63.24 | 4647279 | 0.98% | 1.20% to 2.20% | 8.75% to 16.08% |
|  **<u>Morgan Stanley</u>** |  |  |  |  |  |  |  |
|  VIF Emerging Markets Equity - 2025 | 12514 | 32.34 to | 52.96 | 444459 | 0.40% | 1.20% to 2.20% | 30.88% to 32.17% |
|  VIF Emerging Markets Equity - 2024 | 14528 | 24.71 to | 40.07 | 393376 | 1.37% | 1.20% to 2.20% | 6.14% to 7.17% |
|  VIF Emerging Markets Equity - 2023 | 17666 | 23.28 to | 37.39 | 449937 | 1.66% | 1.20% to 2.20% | 10.28% to 11.31% |
|  VIF Emerging Markets Equity - 2022 | 18495 | 21.11 to | 33.59 | 426526 | 0.40% | 1.20% to 2.20% | -26.24% to -25.54% |
|  VIF Emerging Markets Equity - 2021 | 18382 | 28.62 to | 45.11 | 572944 | 0.86% | 1.20% to 2.20% | 1.38% to 2.36% |
|  VIF Core Plus Fixed Income - 2025 |  | — to |  |  | 0.00% | 0.00% to 0.00% | 0.00% to 0.00% |
|  VIF Core Plus Fixed Income - 2024 |  | — to |  |  | 0.00% | 0.00% to 0.00% | 0.00% to 0.00% |
|  VIF Core Plus Fixed Income - January 1, 2023 - July 28, 2023 |  | 13.07 to | 21.01 |  | 8.54% | 1.20% to 2.20% | 1.32% to 12.84% |
|  VIF Core Plus Fixed Income - 2022 | 119211 | 12.90 to | 18.62 | 2093573 | 3.75% | 1.20% to 2.20% | -16.18% to -15.36% |
|  VIF Core Plus Fixed Income - 2021 | 135959 | 15.39 to | 22.00 | 2843252 | 3.95% | 1.20% to 2.20% | -1.48% to -2.53% |

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\* These ratios represent the dividends, excluding distributions of capital gains, received by the subaccount from the underlying mutual fund, net of management fees assessed by the portfolio manager, divided by the average net assets. These ratios exclude those expenses that are assessed against contract owner accounts either through reductions in the unit values or the redemption of units. The recognition of investment income by the subaccount is affected by the timing of the distribution of dividends by the underlying portfolio in which the subaccount invests. 

\*\* These ratios represent the annualized contract expenses of the Separate Account for each year indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying portfolio are excluded. 

\*\*\* These ratios represent the total return for the period indicated, including changes in the value of the underlying portfolio, and expenses assessed through the reduction of unit values. These ratios do not include any expenses assessed through the redemption of units. Investment options with a date notation indicate the effective date of that investment option in the Separate Account. The total return is calculated for each year indicated or from the effective date through the end of the reporting year or liquidation date. 

\*\*\*\* Funds listed with date ranges represent partial year investments in funds. Unit values displayed represent unit value at disposition date.