# EDGAR Filing Document

**Accession Number:** 0000944992
**File Stem:** 0001104659-26-052771
**Filing Date:** 2026-4
**Character Count:** 260001
**Document Hash:** 1bd68d394826836a97da6a7f6b00c559
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-052771.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0001104659-26-052771

**CONFORMED SUBMISSION TYPE**: N-VPFS

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260430

**DATE AS OF CHANGE**: 20260430

**EFFECTIVENESS DATE**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NATIONAL VARIABLE LIFE INSURANCE ACCOUNT
- **CENTRAL INDEX KEY:** 0000944992

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

**FILING VALUES:**
- **FORM TYPE:** N-VPFS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09044
- **FILM NUMBER:** 26924097

**BUSINESS ADDRESS:**
- **STREET 1:** ONE NATIONAL LIFE DRIVE
- **CITY:** MONTPELIER
- **STATE:** VT
- **ZIP:** 05604
- **BUSINESS PHONE:** 8022297410

**MAIL ADDRESS:**
- **STREET 1:** ONE NATIONAL LIFE DRIVE
- **CITY:** MONTPELIER
- **STATE:** VT
- **ZIP:** 05604

## Series and Classes Contracts Data

### NATIONAL VARIABLE LIFE INSURANCE ACCOUNT (Series ID: S000009561)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000026118 | VariTrak                  |  |
| C000026119 | Sentinel Estate Provider  |  |
| C000026120 | Sentinel Benefit Provider |  |
| C000067404 | Investor Select           |  |

***NATIONAL VARIABLE LIFE INSURANCE ACCOUNT***

***A Separate Account of National Life Insurance Company***

***FINANCIAL STATEMENTS***

***December 31, 2025***

**NATIONAL VARIABLE LIFE INSURANCE ACCOUNT**

**Index**

**December 31, 2025**

---

| | |
|:---|:---|
|  | **Page(s)** |
| Report of Independent Registered Public Accounting Firm | 1 - 2 |
| Statements of Net Assets | 3 - 4 |
| Statements of Operations | 5 - 17 |
| Statements of Changes in Net Assets | 18 - 43 |
| Notes to the Financial Statements | 44 - 74 |

---

![](tm262693d2_safinimg001.jpg)

**Report of Independent Registered Public Accounting Firm**

To the Board of Directors of National Life Insurance Company and the Policyholders of National Variable Life Insurance Account

***Opinions on the Financial Statements***

We have audited the accompanying statements of net assets of each of the subaccounts of National Variable Life Insurance Account indicated in the table below as of December 31, 2025, and the related statements of operations and of changes in net assets for each of the periods indicated in the table below (other than AB VPS Sustainable International Thematic Portfolio, which only includes a statement of changes in net assets for the period January 1, 2024 to April 16, 2024 (date of liquidation), American Century VP Disciplined Core Value Fund, American Century VP Inflation Protection Portfolio, American Century VP Inflation Protection Portfolio II, American Century VP International Portfolio, American Century VP Ultra Portfolio, American Century VP Value Portfolio, and Invesco I.O.V.I Conservative Balance Fund, which only include a statement of changes in net assets for the period January 1, 2024 to April 26, 2024 (date of merger), DWS CROCI US VIP, which only includes a statement of changes in net assets for the period January 1, 2024 to June 17, 2024 (date of liquidation), and Morgan Stanley VIF U.S. Real Estate Portfolio, which only includes a statement of changes in net assets for the period January 1, 2024 to December 6, 2024 (date of liquidation)), including the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the subaccounts of National Variable Life Insurance Account (other than AB VPS Sustainable International Thematic Portfolio, American Century VP Disciplined Core Value Fund, American Century VP Inflation Protection Portfolio, American Century VP Inflation Protection Portfolio II, American Century VP International Portfolio, American Century VP Ultra Portfolio, American Century VP Value Portfolio, Invesco I.O.V.I Conservative Balance Fund, DWS CROCI US VIP, and Morgan Stanley VIF U.S. Real Estate Portfolio) as of December 31, 2025, and the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;AB VPS Discovery Value Portfolio Class A (1) | &nbsp;&nbsp;&nbsp;&nbsp;Franklin Templeton VIP US Government (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;AB VPS International Value Fund (1) | &nbsp;&nbsp;&nbsp;&nbsp;Invesco I.O.V.I Global Strategic Income Fund (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;AB VPS Relative Value Portfolio (1) | &nbsp;&nbsp;&nbsp;&nbsp;Invesco I.O.V.I Main Street Small Cap Fund (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Alger Capital Appreciation Fund (1) | &nbsp;&nbsp;&nbsp;&nbsp;Invesco V.I. Discovery Mid Cap Growth Fund (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Alger Large Cap Growth Fund (1) | &nbsp;&nbsp;&nbsp;&nbsp;Invesco V.I. Health Care Fund (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Alger Small Cap Growth Fund (1) | &nbsp;&nbsp;&nbsp;&nbsp;Invesco V.I . Equity and Income Fund (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Allspring VT Discovery SMID Cap Growth Fund (1) | &nbsp;&nbsp;&nbsp;&nbsp;Invesco V.I. Technology Fund (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Allspring VT Opportunity Fund (1) | &nbsp;&nbsp;&nbsp;&nbsp;LVIP American Century Disciplined Core Value Fund (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;BNY Mellon Appreciation Portfolio (1) | &nbsp;&nbsp;&nbsp;&nbsp;LVIP American Century Inflation Protection Fund (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;BNY Mellon VIF Small Cap Portfolio (1) | &nbsp;&nbsp;&nbsp;&nbsp;LVIP American Century International Fund (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;BNY Mellon Sustainable U.S. Equity Portfolio, Inc. (1) | &nbsp;&nbsp;&nbsp;&nbsp;LVIP American Century Ultra Fund (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;DWS Equity 500 Index VIP Fund (1) | &nbsp;&nbsp;&nbsp;&nbsp;LVIP American Century Value Fund (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;DWS Small Cap Index Fund (1) | &nbsp;&nbsp;&nbsp;&nbsp;LVIP JPMorgan Small Cap Core Fund - Standard Class (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;DWS Small Mid Cap Value Portfolio (1) | &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley VIF Emerging Markets Equity Portfolio (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity VIP Contrafund Class 2 Portfolio (1) | &nbsp;&nbsp;&nbsp;&nbsp;Neuberger Berman Trust Mid Cap Growth Class S (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity VIP Equity Income Portfolio (1) | &nbsp;&nbsp;&nbsp;&nbsp;Neuberger Berman Trust Mid Cap Growth Portfolio (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity VIP Government Money Market Portfolio (1) | &nbsp;&nbsp;&nbsp;&nbsp;Neuberger Berman Trust Short Duration Bond Portfolio (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity VIP Growth Portfolio (1) | &nbsp;&nbsp;&nbsp;&nbsp;Neuberger Berman Quality Equity Portfolio Class I (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity VIP High Income Portfolio (1) | &nbsp;&nbsp;&nbsp;&nbsp;T Rowe Price Blue Chip Growth Portfolio (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity VIP Index 500 II Portfolio (1) | &nbsp;&nbsp;&nbsp;&nbsp;T Rowe Price Equity Income Portfolio (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity VIP Investment Grade Bond Portfolio (1) | &nbsp;&nbsp;&nbsp;&nbsp;T Rowe Price Health Sciences Portfolio (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity VIP Mid Cap Class 2 Portfolio (1) | &nbsp;&nbsp;&nbsp;&nbsp;T Rowe Price Moderate Allocation (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity VIP Overseas Portfolio (1) | &nbsp;&nbsp;&nbsp;&nbsp;Touchstone TVST Balanced (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity VIP Value Strategies Portfolio (1) | &nbsp;&nbsp;&nbsp;&nbsp;Touchstone TVST Bond (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Franklin Templeton VIP Foreign Securities (1) | &nbsp;&nbsp;&nbsp;&nbsp;Touchstone TVST Common Stock (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Franklin Templeton VIP Global Real Estate (1) | &nbsp;&nbsp;&nbsp;&nbsp;Touchstone TVST Small Company (1) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Franklin Templeton VIP Mutual Global Discovery Securities (1) | &nbsp;&nbsp;&nbsp;&nbsp;Van Eck VIPT Emerging Markets (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Franklin Templeton VIP Mutual Shares Securities (1) | &nbsp;&nbsp;&nbsp;&nbsp;Van Eck VIPT Global Resources Fund (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Franklin Templeton VIP Small Cap Value (1) | &nbsp;&nbsp;&nbsp;&nbsp;Van Eck VIPT Unconstrained Emerging Markets (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Franklin Templeton VIP Small-Midcap Growth II (1) | &nbsp;&nbsp;&nbsp;&nbsp;AB VPS Sustainable International Thematic Portfolio (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;American Century VP Disciplined Core Value Fund (3) | &nbsp;&nbsp;&nbsp;&nbsp;American Century VP Inflation Protection Portfolio (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;American Century VP Inflation Protection Portfolio II (3) | &nbsp;&nbsp;&nbsp;&nbsp;American Century VP International Portfolio (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;American Century VP Ultra Portfolio (3) | &nbsp;&nbsp;&nbsp;&nbsp;American Century VP Value Portfolio (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;DWS CROCI US VIP (4) | &nbsp;&nbsp;&nbsp;&nbsp;Invesco I.O.V.I Conservative Balance Fund (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley VIF U.S. Real Estate Portfolio (5) |  |

---

(1) Statement of operations for the year ended December 31, 2025 and statement of changes in net assets for the years ended December 31,
2025 and 2024

(2) Statement
of changes in net assets for the period January 1, 2024 to April 16, 2024 (date of liquidation)

(3) Statement
of changes in net assets for the period January 1, 2024 to April 26, 2024 (date of merger)

(4) Statement
of changes in net assets for the period January 1, 2024 to June 17, 2024 (date of liquidation)

(5) Statement
of changes in net assets for the period January 1, 2024 to December 6, 2024 (date of liquidation)

***Basis for Opinions***

These financial statements are the responsibility of the National Life Insurance Company management. Our responsibility is to express an opinion on the financial statements of each of the subaccounts of National Variable Life Insurance Account 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 each of the subaccounts of National Variable Life Insurance 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 of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. 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. Our procedures included confirmation of investments owned as of December 31, 2025 by correspondence with the custodian or transfer agent of the investee mutual funds. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Montpelier, Vermont

April 30, 2026

We have served as the auditor of one or more of the subaccounts of National Variable Life Insurance Account since 1996.

**NATIONAL VARIABLE LIFE INSURANCE ACCOUNT**

**(A Separate Account of National Life Insurance Company)**

**STATEMENTS OF NET ASSETS**

**DECEMBER 31, 2025**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Total assets and net assets:<br> Investments in shares of mutual fund portfolios at |  | **VariTrak<br> Product** | **VariTrak<br> Product** | **Investor Select<br> Product** | **Investor Select<br> Product** | **Estate Provider<br> Product** | **Estate Provider<br> Product** | **Benefit Provider<br> Product** | **Benefit Provider<br> Product** |
| market value: (contractholder accumulation units<br> and unit value) |  | **Accumulation<br> Units** | **Unit<br> Value** | **Accumulation<br> Units** | **Unit<br> Value** | **Accumulation<br> Units** | **Unit<br> Value** | **Accumulation<br> Units** | **Unit<br> Value** |
| AB VPS Discovery Value Portfolio Class A | $1974585 | 27232.49 | $59.18 | 3229.45 | $68.98 | 2033.41 | $68.98 |  | $— |
| AB VPS International Value Fund | $3484544 | 101989.61 | $26.43 | 18461.05 | $30.81 | 7129.65 | $30.81 |  | $— |
| AB VPS Relative Value Portfolio | $116717 | 5561.80 | $18.27 | 779.28 | $19.40 |  | $— |  | $— |
| Alger Capital Appreciation Fund | $4534491 | 33011.79 | $114.27 | 1279.14 | $181.55 | 1009.27 | $143.08 | 7269.60 | $53.05 |
| Alger Large Cap Growth Fund | $28494430 | 170716.30 | $147.17 | 6361.57 | $132.58 | 14567.52 | $84.65 | 2661.90 | $485.70 |
| Alger Small Cap Growth Fund | $8585051 | 175995.56 | $47.60 | 581.48 | $63.12 | 169.80 | $50.24 | 810.93 | $199.78 |
| Allspring VT Discovery SMID Cap Growth Fund | $8652022 | 113580.66 | $70.05 |  | $— | 7011.97 | $91.66 | 436.51 | $120.27 |
| Allspring VT Opportunity Fund | $5087892 | 39635.24 | $88.78 |  | $— | 10715.27 | $104.39 | 2006.09 | $224.50 |
| BNY Mellon Appreciation Portfolio | $926186 | 14626.62 | $57.60 |  | $— | 1197.27 | $69.94 |  | $— |
| BNY Mellon Sustainable U.S. Equity Portfolio, Inc. | $489268 | 11353.14 | $42.98 |  | $— | 24.83 | $53.82 |  | $— |
| BNY Mellon VIF Small Cap Portfolio (1) | $290681 | 9793.83 | $29.68 |  | $— |  | $— |  | $— |
| DWS Equity 500 Index VIP Fund | $1914574 |  | $— |  | $— |  | $— | 18624.22 | $102.80 |
| DWS Small Cap Index Fund | $1056047 | 15835.06 | $54.60 | 1292.73 | $63.63 |  | $— | 1483.74 | $73.63 |
| DWS Small Mid Cap Value Portfolio | $2894614 | 55810.45 | $43.06 | 4276.37 | $50.74 | 5242.62 | $52.30 |  | $— |
| Fidelity VIP Contrafund Class 2 Portfolio | $27555021 | 132825.30 | $173.16 | 4246.03 | $117.38 | 25577.62 | $158.57 |  | $— |
| Fidelity VIP Equity Income Portfolio | $15447531 | 83877.22 | $182.86 | 602.27 | $72.45 | 1053.79 | $63.08 |  | $— |
| Fidelity VIP Government Money Market Portfolio | $8783514 | 448463.49 | $14.68 | 19683.98 | $12.14 | 92851.07 | $17.18 | 232659.59 | $1.58 |
| Fidelity VIP Growth Portfolio | $36900701 | 92414.40 | $361.80 | 218.15 | $148.26 | 26145.27 | $131.32 |  | $— |
| Fidelity VIP High Income Portfolio | $5049444 | 63797.47 | $69.50 | 1000.44 | $35.66 | 19724.75 | $29.41 |  | $— |
| Fidelity VIP Index 500 II Portfolio | $97872446 | 359268.87 | $207.79 | 37949.30 | $104.49 | 196882.36 | $97.80 |  | $— |
| Fidelity VIP Investment Grade Bond Portfolio | $10298245 | 224454.45 | $22.06 | 4786.06 | $19.81 | 35135.31 | $27.63 | 1309325.06 | $3.27 |
| Fidelity VIP Mid Cap Class 2 Portfolio | $6208672 | 74975.39 | $68.86 | 3552.44 | $75.62 | 9299.44 | $83.62 |  | $— |
| Fidelity VIP Overseas Portfolio | $13254703 | 156116.70 | $68.15 | 11690.58 | $40.72 | 14067.51 | $36.28 | 235055.76 | $6.93 |

---

(1) On
 December 31, 2025, the BNY Mellon Opportunistic Small Cap Portfolio was renamed to the
 BNY Mellon VIF Small Cap Portfolio.

The accompanying notes are an integral part of these financial statements.

**NATIONAL VARIABLE LIFE INSURANCE ACCOUNT**

**(A Separate Account of National Life Insurance Company)**

**STATEMENTS OF NET ASSETS**

**DECEMBER 31, 2025**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Total assets and net assets:<br> Investments in shares of mutual fund portfolios at |  | **VariTrak<br> Product** | **VariTrak<br> Product** | **Investor Select<br> Product** | **Investor Select<br> Product** | **Estate Provider<br> Product** | **Estate Provider<br> Product** | **Benefit Provider<br> Product** | **Benefit Provider<br> Product** |
| market value: (contractholder accumulation units<br> and unit value) |  | **Accumulation<br> Units** | **Unit<br> Value** | **Accumulation<br> Units** | **Unit<br> Value** | **Accumulation<br> Units** | **Unit<br> Value** | **Accumulation<br> Units** | **Unit<br> Value** |
| Fidelity VIP Value Strategies Portfolio | $690302 | 6163.53 | $79.68 | 660.39 | $92.87 | 1484.75 | $92.87 |  | $— |
| Franklin Templeton VIP Foreign Securities | $2090859 | 69167.67 | $24.76 | 2270.47 | $29.59 | 10333.38 | $30.08 |  | $— |
| Franklin Templeton VIP Global Real Estate | $1068707 | 54210.33 | $19.44 |  | $— | 621.61 | $23.61 |  | $— |
| Franklin Templeton VIP Mutual Global Discovery Securities | $660060 | 15648.82 | $40.30 | 627.04 | $46.97 |  | $— |  | $— |
| Franklin Templeton VIP Mutual Shares Securities | $906976 | 19713.06 | $33.21 | 2001.86 | $43.63 | 4088.25 | $40.33 |  | $— |
| Franklin Templeton VIP Small Cap Value | $1212312 | 18391.65 | $50.68 | 1533.90 | $64.60 | 2943.69 | $61.55 |  | $— |
| Franklin Templeton VIP Small-Midcap Growth II | $325967 | 5021.82 | $47.56 | 1210.75 | $71.97 |  | $— |  | $— |
| Franklin Templeton VIP US Government | $322031 | 22284.44 | $12.14 | 1647.44 | $14.16 | 1983.24 | $14.16 |  | $— |
| Invesco I.O.V.I Global Strategic Income Fund | $330284 | 26667.71 | $10.96 | 3274.90 | $11.63 |  | $— |  | $— |
| Invesco I.O.V.I Main Street Small Cap Fund | $76175 | 3539.55 | $18.84 | 474.83 | $19.99 |  | $— |  | $— |
| Invesco V.I. Equity and Income Fund | $443566 | 35962.01 | $11.91 | 1268.18 | $12.09 |  | $— |  | $— |
| Invesco V.I. Discovery Mid Cap Growth Fund | $1389684 | 82620.82 | $16.79 |  | $— |  | $— | 162.65 | $17.59 |
| Invesco V.I. Health Care Fund | $3164230 | 76076.77 | $38.66 |  | $— | 3664.32 | $48.41 | 4999.64 | $9.15 |
| Invesco V.I. Technology Fund | $3859034 | 115998.02 | $30.82 |  | $— | 5179.03 | $38.60 | 8051.80 | $10.41 |
| LVIP American Century Disciplined Core Value Fund | $4600446 | 352109.25 | $12.09 |  | $— | 26962.79 | $12.27 | 1075.20 | $12.25 |
| LVIP American Century Inflation Protection Fund | $1159137 | 74349.45 | $10.89 | 3346.87 | $11.06 | 18505.17 | $11.06 | 9775.15 | $11.01 |
| LVIP American Century International Fund | $5575513 | 403839.30 | $11.56 | 33723.27 | $11.73 | 43644.60 | $11.73 |  | $— |
| LVIP American Century Ultra Fund | $379743 | 21758.52 | $13.53 |  | $— | 6220.49 | $13.73 |  | $— |
| LVIP American Century Value Fund | $10675711 | 716429.16 | $12.16 | 15513.64 | $12.35 | 69830.59 | $12.35 | 73526.66 | $12.33 |
| LVIP JPMorgan Small Cap Core Fund - Standard Class | $1521491 | 87817.78 | $13.76 |  | $— | 22182.85 | $14.10 |  | $— |
| Morgan Stanley VIF Emerging Markets Equity Portfolio | $642785 |  | $— |  | $— |  | $— | 135515.20 | $4.74 |
| Neuberger Berman Quality Equity Portfolio Class I (2) | $3520215 | 36653.35 | $75.82 | 486.36 | $88.37 | 6577.56 | $88.37 | 4904.53 | $23.82 |
| Neuberger Berman Trust Mid Cap Growth Class S | $702107 | 19883.83 | $24.24 |  | $— | 8290.36 | $26.55 |  | $— |

---

(2) On
 July 28, 2025, the Neuberger Berman Trust Sustainable Equity Portfolio was renamed to
 the Neuberger Berman Quality Equity Portfolio Class I.

The accompanying notes are an integral part of these financial statements.

**NATIONAL VARIABLE LIFE INSURANCE ACCOUNT**

**(A Separate Account of National Life Insurance Company)**

**STATEMENTS OF OPERATIONS**

**DECEMBER 31, 2025**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Total assets and net assets:<br> Investments in shares of mutual fund portfolios at |  | **VariTrak<br> Product** | **VariTrak<br> Product** | **Investor Select<br> Product** | **Investor Select<br> Product** | **Estate Provider<br> Product** | **Estate Provider<br> Product** | **Benefit Provider<br> Product** | **Benefit Provider<br> Product** |
| market value: (contractholder accumulation units<br> and unit value) |  | **Accumulation<br> Units** | **Unit<br> Value** | **Accumulation<br> Units** | **Unit<br> Value** | **Accumulation<br> Units** | **Unit<br> Value** | **Accumulation<br> Units** | **Unit<br> Value** |
| Neuberger Berman Trust Mid Cap Growth Portfolio | $728027 | 8497.55 | $67.98 | 1925.55 | $78.08 |  | $— |  | $— |
| Neuberger Berman Trust Short Duration Bond Portfolio | $2529645 | 168978.28 | $12.66 | 4065.07 | $16.43 | 21028.50 | $15.38 |  | $— |
| T Rowe Price Blue Chip Growth Portfolio | $3659125 | 32326.88 | $92.19 | 2314.68 | $141.17 | 3144.13 | $111.96 |  | $— |
| T Rowe Price Equity Income Portfolio | $5918171 | 109930.08 | $42.72 | 5389.74 | $57.27 | 17594.28 | $51.88 |  | $— |
| T Rowe Price Health Sciences Portfolio | $2910686 | 26990.29 | $98.73 | 773.17 | $122.05 | 1264.41 | $119.90 |  | $— |
| T Rowe Price Moderate Allocation | $1774604 | 43398.56 | $40.29 | 556.87 | $46.96 |  | $— |  | $— |
| Touchstone TVST Balanced | $8271873 | 109734.27 | $69.60 | 2104.22 | $52.37 | 8241.93 | $63.59 |  | $— |
| Touchstone TVST Bond | $5899745 | 190370.23 | $25.95 | 5201.97 | $17.63 | 29678.77 | $29.24 |  | $— |
| Touchstone TVST Common Stock | $48848040 | 283679.60 | $137.97 | 8297.97 | $96.60 | 17540.78 | $111.23 | 66613.29 | $104.44 |
| Touchstone TVST Small Company | $32742190 | 147966.60 | $186.73 | 8372.65 | $78.36 | 19647.03 | $157.27 | 11971.75 | $114.16 |
| Van Eck VIPT Emerging Markets | $2206069 | 40825.95 | $38.46 | 9322.15 | $44.83 | 4862.12 | $44.83 |  | $— |
| Van Eck VIPT Global Resources Fund | $1714030 | 73824.26 | $19.87 | 6453.14 | $23.17 | 4204.03 | $23.17 |  | $— |
| Van Eck VIPT Unconstrained Emerging Markets | $1054436 | 54629.62 | $15.77 | 2118.24 | $18.38 | 8369.01 | $18.38 |  | $— |

---

The accompanying notes are an integral part of these financial statements.

**NATIONAL VARIABLE LIFE INSURANCE ACCOUNT**

**(A Separate Account of National Life Insurance Company)**

**STATEMENTS OF OPERATIONS**

**DECEMBER 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **AB VPS<br> Discovery<br> Value<br> Portfolio<br> Class A** | **AB VPS<br> International<br> Value Fund** | **AB VPS<br> Relative<br> Value<br> Portfolio** | **Alger<br> Capital<br> Appreciation<br> Fund** | **Alger Large<br> Cap Growth<br> Fund** |
| **Investment income:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend income | $15817 | $79512 | $1129 | $— | $— |
| **Expenses:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mortality and expense risk and administrative charges | 13937 | 23206 | 786 | 31879 | 212028 |
| **Net investment gain (loss)** | 1880 | 56306 | 343 | (31879) | (212028) |
| **Realized and unrealized gain (loss) on investments** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital gains distributions | 204652 |  | 8229 | 718803 | 3075590 |
| &nbsp;&nbsp;&nbsp;Net realized (loss) gain from shares sold | (12992) | 137305 | 301 | 403948 | 1883665 |
| &nbsp;&nbsp;&nbsp;Net unrealized (depreciation) appreciation on investments | (149472) | 899954 | 610 | 58313 | 2142308 |
| **Net realized and unrealized gain on investments** | 42188 | 1037259 | 9140 | 1181064 | 7101563 |
| **Increase in net assets resulting from operations** | $44068 | $1093565 | $9483 | $1149185 | $6889535 |

---

The accompanying notes are an integral part of these financial statements.

**NATIONAL VARIABLE LIFE INSURANCE ACCOUNT**

**(A Separate Account of National Life Insurance Company)**

**STATEMENTS OF OPERATIONS**

**DECEMBER 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Alger Small<br> Cap Growth<br> Fund** | **Allspring<br> VT<br> Discovery<br> SMID Cap<br> Growth<br> Fund** | **Allspring<br> VT<br> Opportunity<br> Fund** | **BNY Mellon<br> Appreciation<br> Portfolio** | **BNY Mellon<br> Sustainable<br> U.S. Equity<br> Portfolio,<br> Inc.** |
| **Investment income:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend income | $— | $— | $2551 | $3514 | $1165 |
| **Expenses:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mortality and expense risk and administrative charges | 68984 | 72500 | 33576 | 7935 | 4073 |
| **Net investment loss** | (68984) | (72500) | (31025) | (4421) | (2908) |
| **Realized and unrealized** **gain (loss) on investments** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital gains distributions | 99124 | 60448 | 514010 | 147031 | 37233 |
| &nbsp;&nbsp;&nbsp;Net realized (loss) gain from shares sold | (78079) | (73020) | 8261 | (25689) | 9994 |
| &nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) on investments | 497799 | 458371 | (201689) | (32719) | 19110 |
| **Net realized and unrealized gain on investments** | 518844 | 445799 | 320582 | 88623 | 66337 |
| **Increase in net assets resulting from operations** | $449860 | $373299 | $289557 | $84202 | $63429 |

---

The accompanying notes are an integral part of these financial statements.

**NATIONAL VARIABLE LIFE INSURANCE ACCOUNT**

**(A Separate Account of National Life Insurance Company)**

**STATEMENTS OF OPERATIONS**

**DECEMBER 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **BNY Mellon<br> VIF Small<br> Cap<br> Portfolio (1)** | **DWS Equity<br> 500 Index<br> VIP Fund** | **DWS Small<br> Cap Index<br> Fund** | **DWS Small<br> Mid Cap<br> Value<br> Portfolio** | **Fidelity VIP<br> Contrafund<br> Class 2<br> Portfolio** |
| **Investment income:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend income | $1668 | $21207 | $13599 | $14916 | $35953 |
| **Expenses:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mortality and expense risk and administrative charges | 2367 | 1344 | 7107 | 20141 | 200594 |
| **Net investment (loss) gain** | (699) | 19863 | 6492 | (5225) | (164641) |
| **Realized and unrealized gain (loss) on investments** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital gains distributions |  | 175456 | 58074 | 293825 | 4108734 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from shares sold | 773 | 41036 | (4994) | (41878) | 870938 |
| &nbsp;&nbsp;&nbsp;Net unrealized appreciation on investments | 27211 | 75824 | 60084 | 195915 | 8663 |
| **Net realized and unrealized gain on investments** | 27984 | 292316 | 113164 | 447862 | 4988335 |
| **Increase in net assets resulting from operations** | $27285 | $312179 | $119656 | $442637 | $4823694 |

---

(1) On December 31, 2025, the BNY Mellon Opportunistic Small Cap Portfolio was renamed to the BNY Mellon VIF Small Cap Portfolio.

The accompanying notes are an integral part of these financial statements.

**NATIONAL VARIABLE LIFE INSURANCE ACCOUNT**

**(A Separate Account of National Life Insurance Company)**

**STATEMENTS OF OPERATIONS**

**DECEMBER 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fidelity VIP<br> Equity<br> Income<br> Portfolio** | **Fidelity VIP<br> Government<br> Money<br> Market<br> Portfolio** | **Fidelity VIP<br> Growth<br> Portfolio** | **Fidelity VIP<br> High<br> Income<br> Portfolio** | **Fidelity VIP<br> Index 500 II<br> Portfolio** |
| **Investment income:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend income | $262272 | $341968 | $101533 | $317202 | $1061648 |
| **Expenses:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mortality and expense risk and administrative charges | 126560 | 71698 | 290835 | 39037 | 666953 |
| **Net investment gain (loss)** | 135712 | 270270 | (189302) | 278165 | 394695 |
| **Realized and unrealized gain (loss) on investments** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital gains distributions | 806777 |  | 4508631 |  | 467516 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from shares sold | 118836 |  | 1135017 | (35832) | 5219153 |
| &nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) on investments | 1286475 |  | (940747) | 188228 | 8568291 |
| **Net realized and unrealized gain on investments** | 2212088 |  | 4702901 | 152396 | 14254960 |
| **Increase in net assets resulting from operations** | $2347800 | $270270 | $4513599 | $430561 | $14649655 |

---

The accompanying notes are an integral part of these financial statements.

**NATIONAL VARIABLE LIFE INSURANCE ACCOUNT**

**(A Separate Account of National Life Insurance Company)**

**STATEMENTS OF OPERATIONS**

**DECEMBER 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fidelity VIP<br> Investment<br> Grade Bond<br> Portfolio** | **Fidelity VIP<br> Mid Cap<br> Class 2<br> Portfolio** | **Fidelity VIP<br> Overseas<br> Portfolio** | **Fidelity VIP<br> Value<br> Strategies<br> Portfolio** | **Franklin<br> Templeton<br> VIP Foreign<br> Securities** |
| **Investment income:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend income | $359046 | $25423 | $205089 | $7320 | $47075 |
| **Expenses:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mortality and expense risk and administrative charges | 48147 | 44029 | 93777 | 4606 | 15384 |
| **Net investment gain (loss)** | 310899 | (18606) | 111312 | 2714 | 31691 |
| **Realized and unrealized gain (loss) on investments** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital gains distributions |  | 636370 | 1141480 | 26944 | 131445 |
| &nbsp;&nbsp;&nbsp;Net realized (loss) gain from shares sold | (61364) | 14364 | 462338 | 10302 | 27699 |
| &nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) on investments | 393492 | (19135) | 519520 | 9109 | 300163 |
| **Net realized and unrealized gain on investments** | 332128 | 631599 | 2123338 | 46355 | 459307 |
| **Increase in net assets resulting from operations** | $643027 | $612993 | $2234650 | $49069 | $490998 |

---

The accompanying notes are an integral part of these financial statements.

**NATIONAL VARIABLE LIFE INSURANCE ACCOUNT**

**(A Separate Account of National Life Insurance Company)**

**STATEMENTS OF OPERATIONS**

**DECEMBER 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Franklin<br> Templeton<br> VIP Global<br> Real Estate** | **Franklin<br> Templeton<br> VIP Mutual<br> Global<br> Discovery<br> Securities** | **Franklin<br> Templeton<br> VIP Mutual<br> Shares<br> Securities** | **Franklin<br> Templeton<br> VIP Small<br> Cap Value** | **Franklin<br> Templeton<br> VIP Small-<br> Midcap<br> Growth II** |
| **Investment income:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend income | $14275 | $13299 | $17480 | $12147 | $— |
| **Expenses:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mortality and expense risk and administrative charges | 9034 | 5232 | 5922 | 8186 | 2230 |
| **Net investment gain (loss)** | 5241 | 8067 | 11558 | 3961 | (2230) |
| **Realized and unrealized gain (loss) on investments** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital gains distributions |  | 64970 | 86122 | 94734 | 20511 |
| &nbsp;&nbsp;&nbsp;Net realized (loss) gain from shares sold | (9875) | 16563 | (5912) | (12882) | 34670 |
| &nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) on investments | 72285 | 21621 | (3874) | (5903) | (45400) |
| **Net realized and unrealized gain on investments** | 62410 | 103154 | 76336 | 75949 | 9781 |
| **Increase in net assets** **resulting from operations** | $67651 | $111221 | $87894 | $79910 | $7551 |

---

The accompanying notes are an integral part of these financial statements.

**NATIONAL VARIABLE LIFE INSURANCE ACCOUNT**

**(A Separate Account of National Life Insurance Company)**

**STATEMENTS OF OPERATIONS**

**DECEMBER 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Franklin<br> Templeton<br> VIP US<br> Government** | **Invesco<br> I.O.V.I<br> Global<br> Strategic<br> Income<br> Fund** | **Invesco<br> I.O.V.I Main<br> Street Small<br> Cap Fund** | **Invesco V.I .<br> Equity and<br> Income<br> Fund** | **Invesco V.I.<br> Discovery<br> Mid Cap<br> Growth<br> Fund** |
| **Investment income:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend income | $10696 | $17009 | $165 | $8238 | $— |
| **Expenses:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mortality and expense risk and administrative charges | 2437 | 2502 | 573 | 3417 | 11720 |
| **Net investment gain (loss)** | 8259 | 14507 | (408) | 4821 | (11720) |
| **Realized and unrealized gain (loss) on investments** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital gains distributions |  |  | 7343 | 23634 | 114880 |
| &nbsp;&nbsp;&nbsp;Net realized (loss) gain from shares sold | (20307) | (3650) | 3384 | 1150 | 5711 |
| &nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) on investments | 31256 | 24324 | (5467) | 8185 | (66191) |
| **Net realized and unrealized gain on investments** | 10949 | 20674 | 5260 | 32969 | 54400 |
| **Increase in net assets resulting from operations** | $19208 | $35181 | $4852 | $37790 | $42680 |

---

The accompanying notes are an integral part of these financial statements.

**NATIONAL VARIABLE LIFE INSURANCE ACCOUNT**

**(A Separate Account of National Life Insurance Company)**

**STATEMENTS OF OPERATIONS**

**DECEMBER 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Invesco V.I.<br> Health Care<br> Fund** | **Invesco V.I.<br> Technology<br> Fund** | **LVIP<br> American<br> Century<br> Disciplined<br> Core Value<br> Fund** | **LVIP<br> American<br> Century<br> Inflation<br> Protection<br> Fund** | **LVIP<br> American<br> Century<br> International<br> Fund** |
| **Investment income:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend income | $— | $— | $72926 | $89707 | $65986 |
| **Expenses:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mortality and expense risk and administrative charges | 24933 | 29530 | 36081 | 8186 | 41143 |
| **Net investment (loss) gain** | (24933) | (29530) | 36845 | 81521 | 24843 |
| **Realized and unrealized gain (loss) on investments** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital gains distributions | 123975 | 400923 |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from shares sold | 21433 | (45537) | 19914 | 8306 | 42698 |
| &nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) on investments | 281528 | 311893 | 506251 | (21826) | 671592 |
| **Net realized and unrealized gain (loss) on investments** | 426936 | 667279 | 526165 | (13520) | 714290 |
| **Increase in net assets resulting from operations** | $402003 | $637749 | $563010 | $68001 | $739133 |

---

The accompanying notes are an integral part of these financial statements.

**NATIONAL VARIABLE LIFE INSURANCE ACCOUNT**

**(A Separate Account of National Life Insurance Company)**

**STATEMENTS OF OPERATIONS**

**DECEMBER 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP American Century Ultra Fund** | **LVIP American Century Value Fund** | **LVIP JPMorgan Small Cap Core Fund - Standard Class** | **Morgan Stanley VIF Emerging Markets Equity Portfolio** | **Neuberger Berman Quality Equity Portfolio Class I (2)** |
| **Investment income:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend income | $— | $164686 | $9179 | $2400 | $— |
| **Expenses:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mortality and expense risk and administrative charges | 2470 | 76531 | 11082 | 402 | 24509 |
| **Net investment (loss) gain** | (2470) | 88155 | (1903) | 1998 | (24509) |
| **Realized and unrealized gain (loss) on investments** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital gains distributions | 30551 | 773846 | 119632 | 19929 | 198431 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from shares sold | 4367 | 133141 | 36962 | (6005) | 88228 |
| &nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) on investments | 9618 | 425647 | (14588) | 149032 | 145641 |
| **Net realized and unrealized gain on investments** | 44536 | 1332634 | 142006 | 162956 | 432300 |
| **Increase in net assets** **resulting from operations** | $42066 | $1420789 | $140103 | $164954 | $407791 |

---

(2) On July 28, 2025, the Neuberger Berman Trust Sustainable Equity Portfolio was renamed to the Neuberger Berman Quality Equity Portfolio Class I.

The accompanying notes are an integral part of these financial statements.

**NATIONAL VARIABLE LIFE INSURANCE ACCOUNT**

**(A Separate Account of National Life Insurance Company)**

**STATEMENTS OF OPERATIONS**

**DECEMBER 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Neuberger<br> Berman<br> Trust Mid<br> Cap Growth<br> Class S** | **Neuberger<br> Berman<br> Trust Mid<br> Cap Growth<br> Portfolio** | **Neuberger<br> Berman <br> Trust Short<br> Duration<br> Bond<br> Portfolio** | **T Rowe<br> Price Blue<br> Chip<br> Growth<br> Portfolio** | **T Rowe <br> Price<br> Equity <br> Income<br> Portfolio** |
| **Investment income:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend income | $— | $— | $131302 | $— | $78763 |
| **Expenses:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mortality and expense risk and administrative charges | 5334 | 5389 | 19098 | 27302 | 40674 |
| **Net investment (loss) gain** | (5334) | (5389) | 112204 | (27302) | 38089 |
| **Realized and unrealized gain (loss) on investments** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital gains distributions | 114631 | 96899 |  | 329099 | 568422 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from shares sold | 6805 | 6423 | (21453) | 310490 | 2074 |
| &nbsp;&nbsp;&nbsp;Net unrealized (depreciation) appreciation on investments | (78651) | (58641) | 24223 | (6254) | 74664 |
| **Net realized and unrealized gain on investments** | 42785 | 44681 | 2770 | 633335 | 645160 |
| **Increase in net assets resulting from operations** | $37451 | $39292 | $114974 | $606033 | $683249 |

---

The accompanying notes are an integral part of these financial statements.

**NATIONAL VARIABLE LIFE INSURANCE ACCOUNT**

**(A Separate Account of National Life Insurance Company)**

**STATEMENTS OF OPERATIONS**

**DECEMBER 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **T Rowe<br> Price Health<br> Sciences<br> Portfolio** | **T Rowe<br> Price<br> Moderate<br> Allocation** | **Touchstone<br> TVST<br> Balanced** | **Touchstone<br> TVST Bond** | **Touchstone<br> TVST<br> Common<br> Stock** |
| **Investment income:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend income | $— | $37812 | $151819 | $238880 | $249180 |
| **Expenses:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mortality and expense risk and administrative charges | 21331 | 14579 | 64928 | 44875 | 349455 |
| **Net investment (loss) gain** | (21331) | 23233 | 86891 | 194005 | (100275) |
| **Realized and unrealized gain (loss) on investments** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital gains distributions | 106587 | 75796 | 214706 |  | 6702439 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from shares sold | 54198 | 2490 | 18752 | (48843) | 2556983 |
| &nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) on investments | 289461 | 108837 | 644459 | 228394 | (1668793) |
| **Net realized and unrealized gain on investments** | 450246 | 187123 | 877917 | 179551 | 7590629 |
| **Increase in net assets resulting from operations** | $428915 | $210356 | $964808 | $373556 | $7490354 |

---

The accompanying notes are an integral part of these financial statements.

**NATIONAL VARIABLE LIFE INSURANCE ACCOUNT**

**(A Separate Account of National Life Insurance Company)**

**STATEMENTS OF OPERATIONS**

**DECEMBER 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Touchstone<br> TVST Small<br> Company** | **Van Eck<br> VIPT<br> Emerging<br> Markets** | **Van Eck<br> VIPT Global<br> Resources<br> Fund** | **Van Eck VIPT<br> Unconstrained<br> Emerging<br> Markets** |
| **Investment income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend income | $65935 | $14660 | $37315 | $51894 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mortality and expense risk and administrative charges | 243893 | 13440 | 11735 | 7702 |
| **Net investment (loss) gain** | (177958) | 1220 | 25580 | 44192 |
| **Realized and unrealized gain (loss) on investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital gains distributions | 4270868 |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized (loss) gain from shares sold | (16179) | (81374) | 62807 | (13376) |
| &nbsp;&nbsp;&nbsp;Net unrealized (depreciation) appreciation on investments | (1384718) | 599686 | 373069 | 131406 |
| **Net realized and unrealized gain on investments** | 2869971 | 518312 | 435876 | 118030 |
| **Increase in net assets resulting from operations** | $2692013 | $519532 | $461456 | $162222 |

---

The accompanying notes are an integral part of these financial statements.

**NATIONAL VARIABLE LIFE INSURANCE ACCOUNT**

**(A Separate Account of National Life Insurance Company)**

**STATEMENTS OF CHANGES IN NET ASSETS**

**DECEMBER 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **AB VPS<br> Discovery <br> Value<br> Portfolio<br> Class A** | **AB VPS<br> International <br> Value Fund** | **AB VPS<br> Relative<br> Value<br> Portfolio** | **Alger<br> Capital<br> Appreciation<br> Fund** | **Alger<br> Large Cap<br> Growth<br> Fund** |
| **Net investment gain (loss)** | $1880 | $56306 | $343 | $(31879) | $(212028) |
| **Realized and unrealized gain (loss) on investments** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital gains distributions | 204652 |  | 8229 | 718803 | 3075590 |
| &nbsp;&nbsp;&nbsp;Net realized (loss) gain from shares sold | (12992) | 137305 | 301 | 403948 | 1883665 |
| &nbsp;&nbsp;&nbsp;Net unrealized (depreciation) appreciation on investments | (149472) | 899954 | 610 | 58313 | 2142308 |
| **Net realized and unrealized gain on investments** | 42188 | 1037259 | 9140 | 1181064 | 7101563 |
| **Increase in net assets resulting from operations** | 44068 | 1093565 | 9483 | 1149185 | 6889535 |
| **Accumulation unit transactions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Participant deposits | 58078 | 96039 | 14788 | 115048 | 619829 |
| &nbsp;&nbsp;&nbsp;Transfers between investment sub-accounts and general account, net | (3119) | (2601) |  | (3589) | 3463 |
| &nbsp;&nbsp;&nbsp;Transfers between investment subaccounts, net | 189484 | (309515) | 6117 | (165912) | (2207116) |
| &nbsp;&nbsp;&nbsp;Net surrenders and lapses | (83262) | (139984) | (1084) | (128262) | (1020278) |
| &nbsp;&nbsp;&nbsp;Contract benefits | (9976) | (22394) |  | (255911) | (139104) |
| &nbsp;&nbsp;&nbsp;Loan collateral interest received | 10394 | 14093 | 87 | 19823 | 124564 |
| &nbsp;&nbsp;&nbsp;Transfers for policy loans | (20728) | (23541) | (2651) | (75711) | (277585) |
| &nbsp;&nbsp;&nbsp;Contract charges | (70193) | (111437) | (4430) | (107753) | (701555) |
| &nbsp;&nbsp;&nbsp;Other | 8920 | 12591 | 428 | (23756) | 134188 |
| &nbsp;&nbsp;&nbsp;Total net accumulation unit transactions | 79598 | (486749) | 13255 | (626023) | (3463594) |
| Increase in net assets | 123666 | 606816 | 22738 | 523162 | 3425941 |
| Net assets, beginning of period | $1850919 | $2877728 | $93979 | $4011329 | $25068489 |
| **Net assets, end of period** | $1974585 | $3484544 | $116717 | $4534491 | $28494430 |

---

The accompanying notes are an integral part of these financial statements.

**NATIONAL VARIABLE LIFE INSURANCE ACCOUNT**

**(A Separate Account of National Life Insurance Company)**

**STATEMENTS OF CHANGES IN NET ASSETS**

**DECEMBER 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Alger Small<br> Cap Growth<br> Fund** | **Allspring VT<br> Discovery<br> SMID Cap<br> Growth<br> Fund** | **Allspring VT<br> Opportunity<br> Fund** | **BNY Mellon<br> Appreciation<br> Portfolio** | **BNY Mellon<br> Sustainable<br> U.S. Equity<br> Portfolio, Inc.** |
| **Net investment loss** | $(68984) | $(72500) | $(31025) | $(4421) | $(2908) |
| **Realized and unrealized gain (loss) on investments** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital gains distributions | 99124 | 60448 | 514010 | 147031 | 37233 |
| &nbsp;&nbsp;&nbsp;Net realized (loss) gain from shares sold | (78079) | (73020) | 8261 | (25689) | 9994 |
| &nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) on investments | 497799 | 458371 | (201689) | (32719) | 19110 |
| **Net realized and unrealized gain on investments** | 518844 | 445799 | 320582 | 88623 | 66337 |
| **Increase in net assets resulting from operations** | 449860 | 373299 | 289557 | 84202 | 63429 |
| **Accumulation unit transactions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Participant deposits | 262545 | 207600 | 92662 | 39302 | 9919 |
| &nbsp;&nbsp;&nbsp;Transfers between investment sub-accounts and general account, net | (8263) | (8792) | (548) | (3481) |  |
| &nbsp;&nbsp;&nbsp;Transfers between investment subaccounts, net | 242954 | (296096) | 54982 | 20000 | (5799) |
| &nbsp;&nbsp;&nbsp;Net surrenders and lapses | (157193) | (151860) | (119021) | (63546) | (10979) |
| &nbsp;&nbsp;&nbsp;Contract benefits | (23153) | (25769) | (18089) | (2137) |  |
| &nbsp;&nbsp;&nbsp;Loan collateral interest received | 75072 | 30123 | 17064 | 3479 | 2632 |
| &nbsp;&nbsp;&nbsp;Transfers for policy loans | (58447) | (12699) | (31061) | (80258) | (2537) |
| &nbsp;&nbsp;&nbsp;Contract charges | (280081) | (289799) | (105461) | (31747) | (17833) |
| &nbsp;&nbsp;&nbsp;Other | 36025 | 41859 | 21743 | 4836 | 2252 |
| &nbsp;&nbsp;&nbsp;Total net accumulation unit transactions | 89459 | (505433) | (87729) | (113552) | (22345) |
| Increase (decrease) in net assets | 539319 | (132134) | 201828 | (29350) | 41084 |
| Net assets, beginning of period | $8045732 | $8784156 | $4886064 | $955536 | $448184 |
| **Net assets, end of period** | $8585051 | $8652022 | $5087892 | $926186 | $489268 |

---

The accompanying notes are an integral part of these financial statements.

**NATIONAL VARIABLE LIFE INSURANCE ACCOUNT**

**(A Separate Account of National Life Insurance Company)**

**STATEMENTS OF CHANGES IN NET ASSETS**

**DECEMBER 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **BNY Mellon<br> VIF Small<br> Cap<br> Portfolio (1)** | **DWS Equity<br> 500 Index<br> VIP Fund** | **DWS Small<br> Cap Index<br> Fund** | **DWS Small<br> Mid Cap<br> Value<br> Portfolio** | **Fidelity VIP<br> Contrafund<br> Class 2<br> Portfolio** |
| **Net investment (loss) gain** | $(699) | $19863 | $6492 | $(5225) | $(164641) |
| **Realized and unrealized gain (loss) on investments** |  |  |  |  |  |
| Capital gains distributions |  | 175456 | 58074 | 293825 | 4108734 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from shares sold | 773 | 41036 | (4994) | (41878) | 870938 |
| &nbsp;&nbsp;&nbsp;Net unrealized appreciation on investments | 27211 | 75824 | 60084 | 195915 | 8663 |
| **Net realized and unrealized gain on investments** | 27984 | 292316 | 113164 | 447862 | 4988335 |
| **Increase in net assets resulting from operations** | 27285 | 312179 | 119656 | 442637 | 4823694 |
| **Accumulation unit transactions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Participant deposits | 12665 | 4562 | 16867 | 94130 | 451965 |
| &nbsp;&nbsp;&nbsp;Transfers between investment sub-accounts and general account, net |  |  |  | (6675) | (49792) |
| &nbsp;&nbsp;&nbsp;Transfers between investment subaccounts, net | 9995 | (280451) | (29330) | 35924 | (353932) |
| &nbsp;&nbsp;&nbsp;Net surrenders and lapses | (596) |  | (5863) | (79223) | (601122) |
| &nbsp;&nbsp;&nbsp;Contract benefits |  |  |  | (10005) | (98918) |
| &nbsp;&nbsp;&nbsp;Loan collateral interest received | 775 | 3205 | 5597 | 8994 | 117081 |
| &nbsp;&nbsp;&nbsp;Transfers for policy loans | (798) | (147585) | (29795) | (70737) | (271659) |
| &nbsp;&nbsp;&nbsp;Contract charges | (7272) | (13406) | (14863) | (84393) | (721261) |
| &nbsp;&nbsp;&nbsp;Other | 1309 | (245) | 3871 | 13507 | 123269 |
| &nbsp;&nbsp;&nbsp;Total net accumulation unit transactions | 16078 | (433920) | (53516) | (98478) | (1404369) |
| Increase (decrease) in net assets | 43363 | (121741) | 66140 | 344159 | 3419325 |
| Net assets, beginning of period | $247318 | $2036315 | $989907 | $2550455 | $24135696 |
| **Net assets, end of period** | $290681 | $1914574 | $1056047 | $2894614 | $27555021 |

---

(1) On December 31, 2025, the BNY Mellon Opportunistic Small Cap Portfolio was renamed to the BNY Mellon VIF Small Cap Portfolio.

The accompanying notes are an integral part of these financial statements.

**NATIONAL VARIABLE LIFE INSURANCE ACCOUNT**

**(A Separate Account of National Life Insurance Company)**

**STATEMENTS OF CHANGES IN NET ASSETS**

**DECEMBER 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fidelity VIP<br> Equity<br> Income<br> Portfolio** | **Fidelity VIP<br> Government<br> Money<br> Market<br> Portfolio** | **Fidelity VIP<br> Growth<br> Portfolio** | **Fidelity VIP<br> High<br> Income<br> Portfolio** | **Fidelity VIP<br> Index 500 II<br> Portfolio** |
| **Net investment gain (loss)** | $135712 | $270270 | $(189302) | $278165 | $394695 |
| **Realized and unrealized gain (loss) on investments** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital gains distributions | 806777 |  | 4508631 |  | 467516 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from shares sold | 118836 |  | 1135017 | (35832) | 5219153 |
| Net unrealized appreciation (depreciation) on investments | 1286475 |  | (940747) | 188228 | 8568291 |
| **Net realized and unrealized gain on investments** | 2212088 |  | 4702901 | 152396 | 14254960 |
| **Increase in net assets resulting from operations** | 2347800 | 270270 | 4513599 | 430561 | 14649655 |
| **Accumulation unit transactions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Participant deposits | 290707 | 735409 | 486446 | 151939 | 1348588 |
| &nbsp;&nbsp;&nbsp;Transfers between investment sub-accounts and general account, net | 46982 | (3052) | (107958) | (1145) | (152111) |
| &nbsp;&nbsp;&nbsp;Transfers between investment subaccounts, net | 303194 | 440155 | (17687) | 65994 | (264138) |
| &nbsp;&nbsp;&nbsp;Net surrenders and lapses | (241388) | (731779) | (965992) | (78140) | (3316564) |
| &nbsp;&nbsp;&nbsp;Contract benefits | (229911) | (75305) | (404903) | (18613) | (475642) |
| &nbsp;&nbsp;&nbsp;Loan collateral interest received | 50098 | 55168 | 161154 | 32579 | 359791 |
| &nbsp;&nbsp;&nbsp;Transfers for policy loans | (58623) | (404957) | (300859) | (46609) | 578770 |
| &nbsp;&nbsp;&nbsp;Contract charges | (387270) | (1134468) | (844311) | (168193) | (2188159) |
| &nbsp;&nbsp;&nbsp;Other | 65280 | 39935 | 176241 | 22740 | 335100 |
| &nbsp;&nbsp;&nbsp;Total net accumulation unit transactions | (160931) | (1078894) | (1817869) | (39448) | (3774365) |
| Increase (decrease) in net assets | 2186869 | (808624) | 2695730 | 391113 | 10875290 |
| Net assets, beginning of period | $13260662 | $9592138 | $34204971 | $4658331 | $86997156 |
| **Net assets, end of period** | $15447531 | $8783514 | $36900701 | $5049444 | $97872446 |

---

The accompanying notes are an integral part of these financial statements.

**NATIONAL VARIABLE LIFE INSURANCE ACCOUNT**

**(A Separate Account of National Life Insurance Company)**

**STATEMENTS OF CHANGES IN NET ASSETS**

**DECEMBER 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fidelity VIP<br> Investment<br> Grade Bond<br> Portfolio** | **Fidelity VIP<br> Mid Cap<br> Class 2<br> Portfolio** | **Fidelity VIP<br> Overseas<br> Portfolio** | **Fidelity VIP<br> Value<br> Strategies<br> Portfolio** | **Franklin<br> Templeton<br> VIP Foreign<br> Securities** |
| **Net investment gain (loss)** | $310899 | $(18606) | $111312 | $2714 | $31691 |
| **Realized and unrealized gain (loss) on investments** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital gains distributions |  | 636370 | 1141480 | 26944 | 131445 |
| &nbsp;&nbsp;&nbsp;Net realized (loss) gain from shares sold | (61364) | 14364 | 462338 | 10302 | 27699 |
| &nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) on investments | 393492 | (19135) | 519520 | 9109 | 300163 |
| **Net realized and unrealized gain on investments** | 332128 | 631599 | 2123338 | 46355 | 459307 |
| **Increase in net assets resulting from operations** | 643027 | 612993 | 2234650 | 49069 | 490998 |
| **Accumulation unit transactions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Participant deposits | 439519 | 152797 | 295735 | 16135 | 67175 |
| &nbsp;&nbsp;&nbsp;Transfers between investment sub-accounts and general account, net | (6478) | (4717) | (496) |  | (3419) |
| &nbsp;&nbsp;&nbsp;Transfers between investment subaccounts, net | 580713 | 355567 | (102177) | (26897) | (50286) |
| &nbsp;&nbsp;&nbsp;Net surrenders and lapses | (298246) | (124197) | (311417) |  | (60725) |
| &nbsp;&nbsp;&nbsp;Contract benefits | (14959) | (20594) | (33452) |  | (2806) |
| &nbsp;&nbsp;&nbsp;Loan collateral interest received | 38618 | 25815 | 68746 | 716 | 12662 |
| &nbsp;&nbsp;&nbsp;Transfers for policy loans | (98194) | (85556) | (123748) | (629) | (96288) |
| &nbsp;&nbsp;&nbsp;Contract charges | (411529) | (162630) | (346308) | (26932) | (60564) |
| &nbsp;&nbsp;&nbsp;Other | 28151 | 28384 | 50697 | 3044 | 9743 |
| Total net accumulation unit transactions | 257595 | 164869 | (502420) | (34563) | (184508) |
| Increase in net assets | 900622 | 777862 | 1732230 | 14506 | 306490 |
| Net assets, beginning of period | $9397623 | $5430810 | $11522473 | $675796 | $1784369 |
| **Net assets, end of period** | $10298245 | $6208672 | $13254703 | $690302 | $2090859 |

---

The accompanying notes are an integral part of these financial statements.

**NATIONAL VARIABLE LIFE INSURANCE ACCOUNT**

**(A Separate Account of National Life Insurance Company)**

**STATEMENTS OF CHANGES IN NET ASSETS**

**DECEMBER 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Franklin<br> Templeton<br> VIP Global<br> Real Estate** | **Franklin<br> Templeton<br> VIP Mutual<br> Global<br> Discovery<br> Securities** | **Franklin<br> Templeton<br> VIP Mutual<br> Shares<br> Securities** | **Franklin<br> Templeton<br> VIP Small<br> Cap Value** | **Franklin<br> Templeton<br> VIP Small-<br> Midcap<br> Growth II** |
| **Net investment gain (loss)** | $5241 | $8067 | $11558 | $3961 | $(2230) |
| **Realized and unrealized gain (loss) on investments** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital gains distributions |  | 64970 | 86122 | 94734 | 20511 |
| &nbsp;&nbsp;&nbsp;Net realized (loss) gain from shares sold | (9875) | 16563 | (5912) | (12882) | 34670 |
| &nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) on investments | 72285 | 21621 | (3874) | (5903) | (45400) |
| **Net realized and unrealized gain on investments** | 62410 | 103154 | 76336 | 75949 | 9781 |
| **Increase in net assets resulting from operations** | 67651 | 111221 | 87894 | 79910 | 7551 |
| **Accumulation unit transactions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Participant deposits | 41339 | 9293 | 24166 | 43064 | 13656 |
| &nbsp;&nbsp;&nbsp;Transfers between investment sub-accounts and general account, net | (479) | (2468) |  | (2611) |  |
| &nbsp;&nbsp;&nbsp;Transfers between investment subaccounts, net | 61003 | 233221 | 10764 | 31932 | 14638 |
| &nbsp;&nbsp;&nbsp;Net surrenders and lapses | (13078) | (4308) | (53) | (3161) | (46845) |
| &nbsp;&nbsp;&nbsp;Contract benefits | (7600) |  | (11265) | (170) | (5950) |
| &nbsp;&nbsp;&nbsp;Loan collateral interest received | 4991 | 986 | 2788 | 4572 | 3005 |
| &nbsp;&nbsp;&nbsp;Transfers for policy loans | (8146) | (36050) | (1506) | (7990) | (22072) |
| &nbsp;&nbsp;&nbsp;Contract charges | (45277) | (21745) | (30434) | (46568) | (8972) |
| &nbsp;&nbsp;&nbsp;Other | 5067 | 2874 | 3613 | 5224 | 1553 |
| &nbsp;&nbsp;&nbsp;Total net accumulation unit transactions | 37820 | 181803 | (1927) | 24292 | (50987) |
| Increase (decrease) in net assets | 105471 | 293024 | 85967 | 104202 | (43436) |
| Net assets, beginning of period | $963236 | $367036 | $821009 | $1108110 | $369403 |
| **Net assets, end of period** | $1068707 | $660060 | $906976 | $1212312 | $325967 |

---

The accompanying notes are an integral part of these financial statements.

**NATIONAL VARIABLE LIFE INSURANCE ACCOUNT**

**(A Separate Account of National Life Insurance Company)**

**STATEMENTS OF CHANGES IN NET ASSETS**

**DECEMBER 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Franklin<br> Templeton<br> VIP US<br> Government** | **Invesco<br> I.O.V.I<br> Global<br> Strategic<br> Income<br> Fund** | **Invesco<br> I.O.V.I Main<br> Street Small<br> Cap Fund** | **Invesco V.I.<br> Equity and<br> Income<br> Fund** | **Invesco V.I.<br> Discovery<br> Mid Cap<br> Growth<br> Fund** |
| **Net investment gain (loss)** | $8259 | $14507 | $(408) | $4821 | $(11720) |
| **Realized and unrealized gain (loss) on investments** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital gains distributions |  |  | 7343 | 23634 | 114880 |
| &nbsp;&nbsp;&nbsp;Net realized (loss) gain from shares sold | (20307) | (3650) | 3384 | 1150 | 5711 |
| &nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) on investments | 31256 | 24324 | (5467) | 8185 | (66191) |
| **Net realized and unrealized gain on investments** | 10949 | 20674 | 5260 | 32969 | 54400 |
| **Increase in net assets resulting from operations** | 19208 | 35181 | 4852 | 37790 | 42680 |
| **Accumulation unit transactions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Participant deposits | 24053 | 10406 | 4925 | 11290 | 29943 |
| &nbsp;&nbsp;&nbsp;Transfers between investment sub-accounts and general account, net | (450) | (2319) | 20175 |  | (804) |
| &nbsp;&nbsp;&nbsp;Transfers between investment subaccounts, net | 92137 | 4039 | (5371) | 243449 | 268710 |
| &nbsp;&nbsp;&nbsp;Net surrenders and lapses | (48283) | (1357) | (1937) | (19934) | (36625) |
| &nbsp;&nbsp;&nbsp;Contract benefits |  | (3278) |  |  | (3979) |
| &nbsp;&nbsp;&nbsp;Loan collateral interest received |  | 5858 | 1965 | 20 | 8729 |
| &nbsp;&nbsp;&nbsp;Transfers for policy loans | (35000) | (9045) | (10669) | (20) | (6975) |
| &nbsp;&nbsp;&nbsp;Contract charges | (43704) | (18159) | (4938) | (13307) | (41624) |
| &nbsp;&nbsp;&nbsp;Other | 1492 | 1416 | 3676 | 1814 | 7324 |
| &nbsp;&nbsp;&nbsp;Total net accumulation unit transactions | (9755) | (12439) | 7826 | 223312 | 224699 |
| Increase in net assets | 9453 | 22742 | 12678 | 261102 | 267379 |
| Net assets, beginning of period | $312578 | $307542 | $63497 | $182464 | $1122305 |
| **Net assets, end of period** | $322031 | $330284 | $76175 | $443566 | $1389684 |

---

The accompanying notes are an integral part of these financial statements.

**NATIONAL VARIABLE LIFE INSURANCE ACCOUNT**

**(A Separate Account of National Life Insurance Company)**

**STATEMENTS OF CHANGES IN NET ASSETS**

**DECEMBER 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Invesco V.I.<br> Health Care<br> Fund** | **Invesco V.I.<br> Technology<br> Fund** | **LVIP<br> American<br> Century<br> Disciplined<br> Core Value<br> Fund** | **LVIP<br> American<br> Century<br> Inflation<br> Protection<br> Fund** | **LVIP<br> American<br> Century<br> International<br> Fund** |
| **Net investment (loss) gain** | $(24933) | $(29530) | $36845 | $81521 | $24843 |
| **Realized and unrealized gain (loss) on investments** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital gains distributions | 123975 | 400923 |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from shares sold | 21433 | (45537) | 19914 | 8306 | 42698 |
| &nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) on investments | 281528 | 311893 | 506251 | (21826) | 671592 |
| **Net realized and unrealized gain (loss) on investments** | 426936 | 667279 | 526165 | (13520) | 714290 |
| **Increase in net assets resulting from operations** | 402003 | 637749 | 563010 | 68001 | 739133 |
| **Accumulation unit transactions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Participant deposits | 84634 | 67548 | 123253 | 68790 | 160271 |
| &nbsp;&nbsp;&nbsp;Transfers between investment sub-accounts and general account, net | (28587) | 1160 |  | (4341) | (21) |
| &nbsp;&nbsp;&nbsp;Transfers between investment subaccounts, net | 160274 | (102932) | 40568 | 29866 | 182324 |
| &nbsp;&nbsp;&nbsp;Net surrenders and lapses | (79348) | (94785) | (145409) | (121632) | (198210) |
| &nbsp;&nbsp;&nbsp;Contract benefits | (315) | (25673) | (6094) | (4977) | (22330) |
| &nbsp;&nbsp;&nbsp;Loan collateral interest received | 17074 | 13042 | 16776 | 3458 | 22662 |
| &nbsp;&nbsp;&nbsp;Transfers for policy loans | (77342) | (58242) | (28036) | (4731) | (101867) |
| &nbsp;&nbsp;&nbsp;Contract charges | (102332) | (93696) | (136669) | (58708) | (152839) |
| &nbsp;&nbsp;&nbsp;Other | 13356 | 18178 | 21002 | 5284 | 25998 |
| &nbsp;&nbsp;&nbsp;Total net accumulation unit transactions | (12586) | (275400) | (114609) | (86991) | (84012) |
| Increase (decrease) in net assets | 389417 | 362349 | 448401 | (18990) | 655121 |
| Net assets, beginning of period | $2774813 | $3496685 | $4152045 | $1178127 | $4920392 |
| **Net assets, end of period** | $3164230 | $3859034 | $4600446 | $1159137 | $5575513 |

---

The accompanying notes are an integral part of these financial statements.

**NATIONAL VARIABLE LIFE INSURANCE ACCOUNT**

**(A Separate Account of National Life Insurance Company)**

**STATEMENTS OF CHANGES IN NET ASSETS**

**DECEMBER 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP<br> American<br> Century<br> Ultra Fund** | **LVIP<br> American<br> Century<br> Value Fund** | **LVIP<br> JPMorgan<br> Small Cap<br> Core Fund -<br> Standard<br> Class** | **Morgan<br> Stanley VIF<br> Emerging<br> Markets<br> Equity<br> Portfolio** | **Neuberger<br> Berman<br> Quality<br> Equity<br> Portfolio<br> Class I (2)** |
| **Net investment (loss) gain** | $(2470) | $88155 | $(1903) | $1998 | $(24509) |
| **Realized and unrealized gain (loss) on investments** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital gains distributions | 30551 | 773846 | 119632 | 19929 | 198431 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from shares sold | 4367 | 133141 | 36962 | (6005) | 88228 |
| &nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) on investments | 9618 | 425647 | (14588) | 149032 | 145641 |
| **Net realized and unrealized gain on investments** | 44536 | 1332634 | 142006 | 162956 | 432300 |
| **Increase in net assets resulting from operations** | 42066 | 1420789 | 140103 | 164954 | 407791 |
| **Accumulation unit transactions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Participant deposits | 7339 | 337397 | 35221 | 7583 | 67703 |
| &nbsp;&nbsp;&nbsp;Transfers between investment sub-accounts and general account, net |  | 4649 | (9419) |  |  |
| &nbsp;&nbsp;&nbsp;Transfers between investment subaccounts, net | (12032) | (3320) | 23711 | (19054) | (10255) |
| &nbsp;&nbsp;&nbsp;Net surrenders and lapses |  | (388391) | (33958) | (13511) | (111801) |
| &nbsp;&nbsp;&nbsp;Contract benefits |  | (23467) |  |  | (8332) |
| &nbsp;&nbsp;&nbsp;Loan collateral interest received | 1297 | 28830 | 7441 | 117 | 9058 |
| &nbsp;&nbsp;&nbsp;Transfers for policy loans | (1356) | (19761) | (24330) | (124) | (13104) |
| &nbsp;&nbsp;&nbsp;Contract charges | (12044) | (274202) | (65533) | (6255) | (95588) |
| &nbsp;&nbsp;&nbsp;Other | 1744 | 44059 | 9634 | (4) | 15805 |
| &nbsp;&nbsp;&nbsp;Total net accumulation unit transactions | (15052) | (294206) | (57233) | (31248) | (146514) |
| Increase in net assets | 27014 | 1126583 | 82870 | 133706 | 261277 |
| Net assets, beginning of period | $352729 | $9549128 | $1438621 | $509079 | $3258938 |
| **Net assets, end of period** | $379743 | $10675711 | $1521491 | $642785 | $3520215 |

---

(2) On July 28, 2025, the Neuberger Berman Trust Sustainable Equity Portfolio was renamed to the Neuberger Berman Quality Equity Portfolio Class I.

The accompanying notes are an integral part of these financial statements.

**NATIONAL VARIABLE LIFE INSURANCE ACCOUNT**

**(A Separate Account of National Life Insurance Company)**

**STATEMENTS OF CHANGES IN NET ASSETS**

**DECEMBER 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Neuberger<br> Berman<br> Trust Mid<br> Cap Growth<br> Class S** | **Neuberger<br> Berman<br> Trust Mid<br> Cap Growth<br> Portfolio** | **Neuberger<br> Berman<br> Trust Short<br> Duration<br> Bond<br> Portfolio** | **T Rowe<br> Price Blue<br> Chip<br> Growth<br> Portfolio** | **T Rowe<br> Price Equity<br> Income<br> Portfolio** |
| **Net investment (loss) gain** | $(5334) | $(5389) | $112204 | $(27302) | $38089 |
| **Realized and unrealized gain (loss) on investments** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital gains distributions | 114631 | 96899 |  | 329099 | 568422 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from shares sold | 6805 | 6423 | (21453) | 310490 | 2074 |
| &nbsp;&nbsp;&nbsp;Net unrealized (depreciation) appreciation on investments | (78651) | (58641) | 24223 | (6254) | 74664 |
| **Net realized and unrealized gain on investments** | 42785 | 44681 | 2770 | 633335 | 645160 |
| **Increase in net assets resulting from operations** | 37451 | 39292 | 114974 | 606033 | 683249 |
| **Accumulation unit transactions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Participant deposits | 23294 | 18679 | 89940 | 109558 | 165871 |
| &nbsp;&nbsp;&nbsp;Transfers between investment sub-accounts and general account, net | (409) |  | (3153) | 11300 | (1220) |
| &nbsp;&nbsp;&nbsp;Transfers between investment subaccounts, net | (39963) | (12812) | 169168 | (254105) | 281169 |
| &nbsp;&nbsp;&nbsp;Net surrenders and lapses | (21294) | (32579) | (136458) | (169436) | (201022) |
| &nbsp;&nbsp;&nbsp;Contract benefits | (3488) |  | (2613) | (9248) | (29163) |
| &nbsp;&nbsp;&nbsp;Loan collateral interest received | 2362 | 2273 | 14337 | 12087 | 28180 |
| &nbsp;&nbsp;&nbsp;Transfers for policy loans | (50166) | (37184) | (44150) | (115795) | (72359) |
| &nbsp;&nbsp;&nbsp;Contract charges | (22484) | (17323) | (123807) | (104394) | (196864) |
| &nbsp;&nbsp;&nbsp;Other | 3520 | 2992 | 11551 | 17437 | 25276 |
| &nbsp;&nbsp;&nbsp;Total net accumulation unit transactions | (108628) | (75954) | (25185) | (502596) | (132) |
| (Decrease) increase in net assets | (71177) | (36662) | 89789 | 103437 | 683117 |
| Net assets, beginning of period | $773284 | $764689 | $2439856 | $3555688 | $5235054 |
| **Net assets, end of period** | $702107 | $728027 | $2529645 | $3659125 | $5918171 |

---

The accompanying notes are an integral part of these financial statements.

**NATIONAL VARIABLE LIFE INSURANCE ACCOUNT**

**(A Separate Account of National Life Insurance Company)**

**STATEMENTS OF CHANGES IN NET ASSETS**

**DECEMBER 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **T Rowe<br> Price Health<br> Sciences<br> Portfolio** | **T Rowe<br> Price<br> Moderate<br> Allocation** | **Touchstone<br> TVST<br> Balanced** | **Touchstone<br> TVST Bond** | **Touchstone<br> TVST<br> Common<br> Stock** |
| **Net investment (loss) gain** | $(21331) | $23233 | $86891 | $194005 | $(100275) |
| **Realized and unrealized gain (loss) on investments** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital gains distributions | 106587 | 75796 | 214706 |  | 6702439 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from shares sold | 54198 | 2490 | 18752 | (48843) | 2556983 |
| &nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) on investments | 289461 | 108837 | 644459 | 228394 | (1668793) |
| **Net realized and unrealized gain on investments** | 450246 | 187123 | 877917 | 179551 | 7590629 |
| **Increase in net assets resulting from operations** | 428915 | 210356 | 964808 | 373556 | 7490354 |
| **Accumulation unit transactions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Participant deposits | 75253 | 68693 | 178045 | 204758 | 1004412 |
| &nbsp;&nbsp;&nbsp;Transfers between investment sub-accounts and general account, net | (8864) |  | (58720) | (6071) | (64696) |
| &nbsp;&nbsp;&nbsp;Transfers between investment subaccounts, net | 116097 | 5714 | 126974 | 306611 | (690826) |
| &nbsp;&nbsp;&nbsp;Net surrenders and lapses | (25042) | (625) | (196422) | (316254) | (3240228) |
| &nbsp;&nbsp;&nbsp;Contract benefits | (12749) |  | (85134) | (20134) | (603136) |
| &nbsp;&nbsp;&nbsp;Loan collateral interest received | 7374 |  | 22339 | 30485 | 168901 |
| &nbsp;&nbsp;&nbsp;Transfers for policy loans | (50837) |  | (21839) | (82218) | (694645) |
| &nbsp;&nbsp;&nbsp;Contract charges | (90244) | (58695) | (271746) | (281551) | (1465638) |
| &nbsp;&nbsp;&nbsp;Other | 12298 | 8042 | 36614 | 27661 | 189749 |
| &nbsp;&nbsp;&nbsp;Total net accumulation unit transactions | 23286 | 23129 | (269889) | (136713) | (5396107) |
| Increase in net assets | 452201 | 233485 | 694919 | 236843 | 2094247 |
| Net assets, beginning of period | $2458485 | $1541119 | $7576954 | $5662902 | $46753793 |
| **Net assets, end of period** | $2910686 | $1774604 | $8271873 | $5899745 | $48848040 |

---

The accompanying notes are an integral part of these financial statements.

**NATIONAL VARIABLE LIFE INSURANCE ACCOUNT**

**(A Separate Account of National Life Insurance Company)**

**STATEMENTS OF CHANGES IN NET ASSETS**

**DECEMBER 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Touchstone<br> TVST Small<br> Company** | **Van Eck<br> VIPT<br> Emerging<br> Markets** | **Van Eck<br> VIPT Global<br> Resources<br> Fund** | **Van Eck VIPT<br> Unconstrained<br> Emerging<br> Markets** |
| **Net investment (loss) gain** | $(177958) | $1220 | $25580 | $44192 |
| **Realized and unrealized gain (loss) on investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital gains distributions | 4270868 |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized (loss) gain from shares sold | (16179) | (81374) | 62807 | (13376) |
| &nbsp;&nbsp;&nbsp;Net unrealized (depreciation) appreciation on investments | (1384718) | 599686 | 373069 | 131406 |
| **Net realized and unrealized gain on investments** | 2869971 | 518312 | 435876 | 118030 |
| **Increase in net assets resulting from operations** | 2692013 | 519532 | 461456 | 162222 |
| **Accumulation unit transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Participant deposits | 815268 | 57552 | 56512 | 37418 |
| &nbsp;&nbsp;&nbsp;Transfers between investment sub-accounts and general account, net | (23364) | (11) | (2856) | (3479) |
| &nbsp;&nbsp;&nbsp;Transfers between investment subaccounts, net | 527032 | (14667) | 26558 | 13635 |
| &nbsp;&nbsp;&nbsp;Net surrenders and lapses | (783287) | (61477) | (69710) | (55680) |
| &nbsp;&nbsp;&nbsp;Contract benefits | (302751) | (12044) | (11702) | (4996) |
| &nbsp;&nbsp;&nbsp;Loan collateral interest received | 128485 | 8199 | 5243 | 6059 |
| &nbsp;&nbsp;&nbsp;Transfers for policy loans | (372867) | (24563) | (14853) | (26942) |
| &nbsp;&nbsp;&nbsp;Contract charges | (1073990) | (69087) | (75570) | (58940) |
| &nbsp;&nbsp;&nbsp;Other | 145507 | 8667 | 6027 | 4633 |
| &nbsp;&nbsp;&nbsp;Total net accumulation unit transactions | (939967) | (107431) | (80351) | (88292) |
| Increase in net assets | 1752046 | 412101 | 381105 | 73930 |
| Net assets, beginning of period | $30990144 | $1793968 | $1332925 | $980506 |
| **Net assets, end of period** | $32742190 | $2206069 | $1714030 | $1054436 |

---

The accompanying notes are an integral part of these financial statements.

**NATIONAL VARIABLE LIFE INSURANCE ACCOUNT**

**(A Separate Account of National Life Insurance Company)**

**STATEMENTS OF CHANGES IN NET ASSETS PY**

**DECEMBER 31, 2024**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **AB VPS<br> Discovery<br> Value<br> Portfolio<br> Class A** | **AB VPS<br> International<br> Value Fund** | **AB VPS<br> Relative<br> Value<br> Portfolio** | **AB VPS<br> Sustainable<br> International<br> Thematic<br> Portfolio (1)** | **Alger<br> Capital<br> Appreciation<br> Fund** |
| **Net investment gain (loss)** | $1779 | $57377 | $636 | $(468) | $(28817) |
| **Realized and unrealized gain (loss) on investments** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital gains distributions | 90136 |  | 3164 |  |  |
| &nbsp;&nbsp;&nbsp;Net realized (loss) gain from shares sold | (35528) | 21369 | 216 | (57695) | 123632 |
| &nbsp;&nbsp;&nbsp;Net unrealized appreciation on investments | 100971 | 39485 | 5848 | 56099 | 1291765 |
| **Net realized and unrealized gain (loss) on investments** | 155579 | 60854 | 9228 | (1596) | 1415397 |
| **Increase (decrease) in net assets resulting from operations** | 157358 | 118231 | 9864 | (2064) | 1386580 |
| **Accumulation unit transactions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Participant deposits | 63601 | 103571 | 4740 | 2534 | 92730 |
| &nbsp;&nbsp;&nbsp;Transfers between investment sub-accounts and general account, net | (28174) | 46035 |  | (401) | (565) |
| &nbsp;&nbsp;&nbsp;Transfers between investment subaccounts, net | (18413) | 151451 | 2879 | (303683) | (221899) |
| &nbsp;&nbsp;&nbsp;Net surrenders and lapses | (30813) | (53514) | (1046) | (1072) | (239102) |
| &nbsp;&nbsp;&nbsp;Contract benefits | (337) | (673) |  |  | (1448) |
| &nbsp;&nbsp;&nbsp;Loan collateral interest received | 9518 | 12871 | 104 |  | 18796 |
| &nbsp;&nbsp;&nbsp;Transfers for policy loans | (28166) | (38924) | 388 | 11 | (37717) |
| &nbsp;&nbsp;&nbsp;Contract charges | (72322) | (107387) | (4157) | (1996) | (105061) |
| &nbsp;&nbsp;&nbsp;Other | 10019 | 13081 | 368 | (189) | 14520 |
| &nbsp;&nbsp;&nbsp;Total net accumulation unit transactions | (95087) | 126511 | 3276 | (304796) | (479746) |
| Increase (decrease) in net assets | 62271 | 244742 | 13140 | (306860) | 906834 |
| Net assets, beginning of period | $1788648 | $2632986 | $80839 | $306860 | $3104495 |
| **Net assets, end of period** | $1850919 | $2877728 | $93979 | $— | $4011329 |

---

(1) On April 16, 2024, the AB VPS Sustainable International Thematic Portfolio was liquidated.

The accompanying notes are an integral part of these financial statements.

**NATIONAL VARIABLE LIFE INSURANCE ACCOUNT**

**(A Separate Account of National Life Insurance Company)**

**STATEMENTS OF CHANGES IN NET ASSETS PY**

**DECEMBER 31, 2024**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Alger Large<br> Cap Growth<br> Fund** | **Alger Small<br> Cap Growth<br> Fund** | **Allspring VT<br> Discovery<br> SMID Cap<br> Growth<br> Fund** | **Allspring VT<br> Opportunity<br> Fund** | **American<br> Century VP<br> Disciplined<br> Core Value<br> Fund (2)** |
| **Net investment (loss) gain** | $(184497) | $(39837) | $(73030) | $(31208) | $3508 |
| **Realized and unrealized gain (loss) on investments** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital gains distributions |  |  |  | 581929 |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from shares sold | 712238 | (119643) | (206954) | 75015 | (434119) |
| &nbsp;&nbsp;&nbsp;Net unrealized appreciation on investments | 7263794 | 714763 | 1613813 | 71781 | 659348 |
| **Net realized and unrealized gain on investments** | 7976032 | 595120 | 1406859 | 728725 | 225229 |
| **Increase in net assets resulting from operations** | 7791535 | 555283 | 1333829 | 697517 | 228737 |
| **Accumulation unit transactions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Participant deposits | 569768 | 251665 | 216543 | 104333 | 40907 |
| &nbsp;&nbsp;&nbsp;Transfers between investment sub-accounts and general account, net | (69396) | (56002) | (61710) | (507) |  |
| &nbsp;&nbsp;&nbsp;Transfers between investment subaccounts, net | (1336743) | 108988 | (41499) | (1159385) | (4074390) |
| &nbsp;&nbsp;&nbsp;Net surrenders and lapses | (479368) | (239811) | (232418) | (365612) | (93212) |
| &nbsp;&nbsp;&nbsp;Contract benefits | (133057) | (69859) | (147686) | (3305) |  |
| &nbsp;&nbsp;&nbsp;Loan collateral interest received | 113699 | 76326 | 30611 | 14972 | 6335 |
| &nbsp;&nbsp;&nbsp;Transfers for policy loans | (254786) | (68026) | 28840 | (81521) | (38169) |
| &nbsp;&nbsp;&nbsp;Contract charges | (680451) | (287329) | (294608) | (123120) | (46716) |
| &nbsp;&nbsp;&nbsp;Other | 89551 | 35939 | 34315 | 20638 | 6158 |
| &nbsp;&nbsp;&nbsp;Total net accumulation unit transactions | (2180783) | (248109) | (467612) | (1593507) | (4199087) |
| Increase (decrease) in net assets | 5610752 | 307174 | 866217 | (895990) | (3970350) |
| Net assets, beginning of period | $19457737 | $7738558 | $7917939 | $5782054 | $3970350 |
| **Net assets, end of period** | $25068489 | $8045732 | $8784156 | $4886064 | $— |

---

(2) On April 26, 2024, the American Century VP Disciplined Core Value Fund merged into Lincoln LVIP American Century Disciplined Core Value Fund.

The accompanying notes are an integral part of these financial statements.

**NATIONAL VARIABLE LIFE INSURANCE ACCOUNT**

**(A Separate Account of National Life Insurance Company)**

**STATEMENTS OF CHANGES IN NET ASSETS PY**

**DECEMBER 31, 2024**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **American<br> Century VP<br> Inflation<br> Protection<br> Portfolio (3)** | **American<br> Century VP<br> Inflation<br> Protection<br> Portfolio II (3)** | **American<br> Century VP<br> International<br> Portfolio (4)** | **American<br> Century VP<br> Ultra<br> Portfolio (5)** | **American<br> Century VP<br> Value<br> Portfolio (6)** |
| **Net investment gain (loss)** | $2726 | $423 | $34984 | $(646) | $41007 |
| **Realized and unrealized gain (loss) on investments** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital gains distributions |  |  |  | 23012 | 451970 |
| &nbsp;&nbsp;&nbsp;Net realized (loss) gain from shares sold | (132843) | (4035) | (27728) | 35919 | 1085807 |
| &nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) on investments | 111091 | 1865 | 94138 | (39709) | (1358190) |
| **Net realized and unrealized (loss) gain on investments** | (21752) | (2170) | 66410 | 19222 | 179587 |
| **Decrease (increase) in net assets resulting from operations** | (19026) | (1747) | 101394 | 18576 | 220594 |
| **Accumulation unit transactions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Participant deposits | 19000 |  | 56901 | 1717 | 76825 |
| &nbsp;&nbsp;&nbsp;Transfers between investment sub-accounts and general account, net | (2333) |  | (57997) | 46063 | (719) |
| &nbsp;&nbsp;&nbsp;Transfers between investment subaccounts, net | (1043236) | (99542) | (4790834) | (305429) | (9235921) |
| &nbsp;&nbsp;&nbsp;Net surrenders and lapses | (13479) |  | (10555) |  | (115103) |
| &nbsp;&nbsp;&nbsp;Contract benefits | (1932) |  |  |  | (6398) |
| &nbsp;&nbsp;&nbsp;Loan collateral interest received | 795 |  | 2295 | 778 | 9755 |
| &nbsp;&nbsp;&nbsp;Transfers for policy loans | (1102) |  | (8469) | (802) | (38499) |
| &nbsp;&nbsp;&nbsp;Contract charges | (18253) | (355) | (49891) | (3295) | (89653) |
| &nbsp;&nbsp;&nbsp;Other | 1633 | 1 | 7113 | 3058 | 13122 |
| &nbsp;&nbsp;&nbsp;Total net accumulation unit transactions | (1058907) | (99896) | (4851437) | (257910) | (9386591) |
| Decrease in net assets | (1077933) | (101643) | (4750043) | (239334) | (9165997) |
| Net assets, beginning of period | $1077933 | $101643 | $4750043 | $239334 | $9165997 |
| **Net assets, end of period** | $— | $— | $— | $— | $— |

---

(3) On April 26, 2024, the American Century VP Inflation Protection Portfolio I and American Century VP Inflation Protection Portfolio II merged into Lincoln LVIP American Century Inflation Protection Fund.

(4) On April 26, 2024, the American Century VP International Portfolio merged into Lincoln LVIP American Century International Fund.

(5) On April 26, 2024, the American Century VP Ultra Portfolio merged into Lincoln LVIP American Century Ultra Fund.

(6) On April 26, 2024, the American Century VP Value Portfolio merged into Lincoln LVIP American Century Value Fund.

The accompanying notes are an integral part of these financial statements.

**NATIONAL VARIABLE LIFE INSURANCE ACCOUNT**

**(A Separate Account of National Life Insurance Company)**

**STATEMENTS OF CHANGES IN NET ASSETS PY**

**DECEMBER 31, 2024**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **BNY Mellon<br> Appreciation<br> Portfolio** | **BNY Mellon<br> Sustainable<br> U.S. Equity<br> Portfolio,<br> Inc.** | **BNY Mellon<br> VIF Small<br> Cap<br> Portfolio (7)** | **DWS<br> CROCI® US<br> VIP (8)** | **DWS Equity<br> 500 Index<br> VIP Fund** |
| **Net investment (loss) gain** | $(3828) | $(1596) | $(555) | $2984 | $21144 |
| **Realized and unrealized gain (loss) on investments** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital gains distributions | 65790 | 2661 |  |  | 107120 |
| &nbsp;&nbsp;&nbsp;Net realized (loss) gain from shares sold | (6599) | 8260 | (4574) | 71466 | (86) |
| &nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) on investments | 46997 | 78599 | 14812 | (42028) | 271927 |
| **Net realized and unrealized gain on investments** | 106188 | 89520 | 10238 | 29438 | 378961 |
| **Increase in net assets resulting from operations** | 102360 | 87924 | 9683 | 32422 | 400105 |
| **Accumulation unit transactions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Participant deposits | 39394 | 12164 | 13892 | 2661 | 10488 |
| &nbsp;&nbsp;&nbsp;Transfers between investment sub-accounts and general account, net | (1001) |  |  | (338) |  |
| &nbsp;&nbsp;&nbsp;Transfers between investment subaccounts, net | 831 | (7165) | 9379 | (392913) | (3343) |
| &nbsp;&nbsp;&nbsp;Net surrenders and lapses | (25543) | (387) | (4561) | (2858) |  |
| &nbsp;&nbsp;&nbsp;Contract benefits |  | (2058) |  |  |  |
| &nbsp;&nbsp;&nbsp;Loan collateral interest received | 4030 | 2486 | 309 | 149 | 3174 |
| &nbsp;&nbsp;&nbsp;Transfers for policy loans | (12143) | (2947) | (10665) | (159) | 18688 |
| &nbsp;&nbsp;&nbsp;Contract charges | (31423) | (17327) | (7204) | (3477) | (12673) |
| &nbsp;&nbsp;&nbsp;Other | 4626 | 2136 | 1180 | 832 | 261 |
| &nbsp;&nbsp;&nbsp;Total net accumulation unit transactions | (21229) | (13098) | 2330 | (396103) | 16595 |
| Increase (decrease) in net assets | 81131 | 74826 | 12013 | (363681) | 416700 |
| Net assets, beginning of period | $874405 | $373358 | $235305 | $363681 | $1619615 |
| **Net assets, end of period** | $955536 | $448184 | $247318 | $— | $2036315 |

---

(7) On December 31, 2025, the BNY Mellon Opportunistic Small Cap Portfolio was renamed to the BNY Mellon VIF Small Cap Portfolio.

(8) On June 17, 2024, the DWS CROCI® US VIP was liquidated.

The accompanying notes are an integral part of these financial statements.

**NATIONAL VARIABLE LIFE INSURANCE ACCOUNT**

**(A Separate Account of National Life Insurance Company)**

**STATEMENTS OF CHANGES IN NET ASSETS PY**

**DECEMBER 31, 2024**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **DWS Small<br> Cap Index<br> Fund** | **DWS Small<br> Mid Cap<br> Value<br> Portfolio** | **Fidelity VIP<br> Contrafund<br> Class 2<br> Portfolio** | **Fidelity VIP<br> Equity<br> Income<br> Portfolio** | **Fidelity VIP<br> Government<br> Money<br> Market<br> Portfolio** |
| **Net investment gain (loss)** | $6131 | $1051 | $(139437) | $114688 | $450173 |
| **Realized and unrealized gain (loss) on investments** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital gains distributions | 30053 | 121952 | 2724717 | 759298 |  |
| &nbsp;&nbsp;&nbsp;Net realized (loss) gain from shares sold | (14155) | (11849) | 907964 | 166176 |  |
| &nbsp;&nbsp;&nbsp;Net unrealized appreciation on investments | 75668 | 12722 | 2768803 | 684607 |  |
| **Net realized and unrealized gain on investments** | 91566 | 122825 | 6401484 | 1610081 |  |
| **Increase in net assets resulting from operations** | 97697 | 123876 | 6262047 | 1724769 | 450173 |
| **Accumulation unit transactions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Participant deposits | 20490 | 100550 | 469580 | 307017 | 659582 |
| &nbsp;&nbsp;&nbsp;Transfers between investment sub-accounts and general account, net |  | (928) | (21484) | 32263 | (150880) |
| &nbsp;&nbsp;&nbsp;Transfers between investment subaccounts, net | (145187) | 25359 | (579474) | 62905 | (452425) |
| &nbsp;&nbsp;&nbsp;Net surrenders and lapses | (9753) | (68133) | (721490) | (479807) | (1225818) |
| &nbsp;&nbsp;&nbsp;Contract benefits |  | (336) | (281504) | (50024) | (1893) |
| &nbsp;&nbsp;&nbsp;Loan collateral interest received | 5254 | 8246 | 108957 | 53460 | 48898 |
| &nbsp;&nbsp;&nbsp;Transfers for policy loans | (4943) | (31932) | (151277) | (76852) | (79616) |
| &nbsp;&nbsp;&nbsp;Contract charges | (16284) | (84979) | (720821) | (392098) | (1150644) |
| &nbsp;&nbsp;&nbsp;Other | 3364 | 11060 | 101775 | 64552 | 41640 |
| &nbsp;&nbsp;&nbsp;Total net accumulation unit transactions | (147059) | (41093) | (1795738) | (478584) | (2311156) |
| (Decrease) increase in net assets | (49362) | 82783 | 4466309 | 1246185 | (1860983) |
| Net assets, beginning of period | $1039269 | $2467672 | $19669387 | $12014477 | $11453121 |
| **Net assets, end of period** | $989907 | $2550455 | $24135696 | $13260662 | $9592138 |

---

The accompanying notes are an integral part of these financial statements.

**NATIONAL VARIABLE LIFE INSURANCE ACCOUNT**

**(A Separate Account of National Life Insurance Company)**

**STATEMENTS OF CHANGES IN NET ASSETS PY**

**DECEMBER 31, 2024**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fidelity VIP<br> Growth<br> Portfolio** | **Fidelity VIP<br> High Income<br> Portfolio** | **Fidelity VIP<br> Index 500 II<br> Portfolio** | **Fidelity VIP<br> Investment<br> Grade Bond<br> Portfolio** | **Fidelity VIP<br> Mid Cap<br> Class 2<br> Portfolio** |
| **Net investment (loss) gain** | $(279332) | $241937 | $438316 | $261697 | $(13336) |
| **Realized and unrealized gain (loss) on investments** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital gains distributions | 7191455 |  | 50291 |  | 677123 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from shares sold | 1633254 | (75428) | 3301101 | (55010) | 154168 |
| &nbsp;&nbsp;&nbsp;Net unrealized (depreciation) appreciation on investments | (338531) | 183907 | 13425186 | (196208) | (20791) |
| **Net realized and unrealized gain (loss) on investments** | 8486178 | 108479 | 16776578 | (251218) | 810500 |
| **Increase in net assets resulting from operations** | 8206846 | 350416 | 17214894 | 10479 | 797164 |
| **Accumulation unit transactions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Participant deposits | 525673 | 159243 | 1495896 | 395595 | 163200 |
| &nbsp;&nbsp;&nbsp;Transfers between investment sub-accounts and general account, net | (17021) | (55065) | (19813) | (6463) | (57290) |
| &nbsp;&nbsp;&nbsp;Transfers between investment subaccounts, net | (706994) | 239856 | (237367) | 3932141 | (24641) |
| &nbsp;&nbsp;&nbsp;Net surrenders and lapses | (1349877) | (205581) | (1766769) | (110007) | (235127) |
| &nbsp;&nbsp;&nbsp;Contract benefits | (187788) | (9583) | (185777) | (16535) | (8775) |
| &nbsp;&nbsp;&nbsp;Loan collateral interest received | 148796 | 30721 | 341732 | 42342 | 23691 |
| &nbsp;&nbsp;&nbsp;Transfers for policy loans | (349335) | (71118) | (834825) | (67314) | (39472) |
| &nbsp;&nbsp;&nbsp;Contract charges | (906850) | (167944) | (2162832) | (365276) | (158526) |
| &nbsp;&nbsp;&nbsp;Other | 171747 | 21411 | 376991 | 27716 | 24143 |
| &nbsp;&nbsp;&nbsp;Total net accumulation unit transactions | (2671649) | (58060) | (2992764) | 3832199 | (312797) |
| Increase in net assets | 5535197 | 292356 | 14222130 | 3842678 | 484367 |
| Net assets, beginning of period | $28669774 | $4365975 | $72775026 | $5554945 | $4946443 |
| **Net assets, end of period** | $34204971 | $4658331 | $86997156 | $9397623 | $5430810 |

---

The accompanying notes are an integral part of these financial statements.

**NATIONAL VARIABLE LIFE INSURANCE ACCOUNT**

**(A Separate Account of National Life Insurance Company)**

**STATEMENTS OF CHANGES IN NET ASSETS PY**

**DECEMBER 31, 2024**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fidelity VIP<br> Overseas<br> Portfolio** | **Fidelity VIP<br> Value<br> Strategies<br> Portfolio** | **Franklin<br> Templeton<br> VIP Foreign<br> Securities** | **Franklin<br> Templeton<br> VIP Global<br> Real Estate** | **Franklin<br> Templeton<br> VIP Mutual<br> Global<br> Discovery<br> Securities** |
| **Net investment gain** | $109941 | $2286 | $29608 | $9163 | $3930 |
| **Realized and unrealized gain (loss) on investments** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital gains distributions | 544031 | 94834 |  |  | 25988 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from shares sold | 468934 | 9909 | 12060 | (10561) | 2566 |
| &nbsp;&nbsp;&nbsp;Net unrealized depreciation on investments | (587521) | (50964) | (71292) | (7563) | (17932) |
| **Net realized and unrealized gain (loss) on investments** | 425444 | 53779 | (59232) | (18124) | 10622 |
| **Increase (decrease) in net assets resulting from operations** | 535385 | 56065 | (29624) | (8961) | 14552 |
| **Accumulation unit transactions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Participant deposits | 319125 | 20500 | 69988 | 46345 | 9838 |
| &nbsp;&nbsp;&nbsp;Transfers between investment sub-accounts and general account, net | (45665) |  | 46488 | (500) | (4200) |
| &nbsp;&nbsp;&nbsp;Transfers between investment subaccounts, net | (607117) | 23774 | 88932 | 35482 | 7307 |
| &nbsp;&nbsp;&nbsp;Net surrenders and lapses | (407907) |  | (69119) | (19863) | (143) |
| &nbsp;&nbsp;&nbsp;Contract benefits | (35462) |  | (1223) | (1311) |  |
| &nbsp;&nbsp;&nbsp;Loan collateral interest received | 67940 | 650 | 12236 | 5118 | 938 |
| &nbsp;&nbsp;&nbsp;Transfers for policy loans | (82440) | (3415) | (13551) | (6444) | (624) |
| &nbsp;&nbsp;&nbsp;Contract charges | (357891) | (29288) | (57799) | (44768) | (14223) |
| &nbsp;&nbsp;&nbsp;Other | 46958 | 3033 | 8129 | 4510 | 1711 |
| &nbsp;&nbsp;&nbsp;Total net accumulation unit transactions | (1102459) | 15254 | 84081 | 18569 | 604 |
| (Decrease) increase in net assets | (567074) | 71319 | 54457 | 9608 | 15156 |
| Net assets, beginning of period | $12089547 | $604477 | $1729912 | $953628 | $351880 |
| **Net assets, end of period** | $11522473 | $675796 | $1784369 | $963236 | $367036 |

---

The accompanying notes are an integral part of these financial statements.

**NATIONAL VARIABLE LIFE INSURANCE ACCOUNT**

**(A Separate Account of National Life Insurance Company)**

**STATEMENTS OF CHANGES IN NET ASSETS PY**

**DECEMBER 31, 2024**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Franklin<br> Templeton<br> VIP Mutual<br> Shares<br> Securities** | **Franklin<br> Templeton<br> VIP Small<br> Cap Value** | **Franklin<br> Templeton<br> VIP Small-<br> Midcap<br> Growth II** | **Franklin<br> Templeton<br> VIP US<br> Government** | **Invesco<br> I.O.V.I<br> Conservative<br> Balanced<br> Fund (9)** |
| **Net investment gain (loss)** | $10482 | $2068 | $(2504) | $7789 | $3730 |
| **Realized and unrealized gain (loss) on investments** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital gains distributions | 16886 | 24917 |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized loss from shares sold | (7867) | (22574) | (11603) | (9169) | (8923) |
| &nbsp;&nbsp;&nbsp;Net unrealized appreciation on investments | 60101 | 109788 | 52898 | 3995 | 8109 |
| **Net realized and unrealized gain (loss) on investments** | 69120 | 112131 | 41295 | (5174) | (814) |
| **Increase in net assets resulting from operations** | 79602 | 114199 | 38791 | 2615 | 2916 |
| **Accumulation unit transactions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Participant deposits | 24922 | 43274 | 19460 | 28592 | 542 |
| &nbsp;&nbsp;&nbsp;Transfers between investment sub-accounts and general account, net |  |  |  | (447) |  |
| &nbsp;&nbsp;&nbsp;Transfers between investment subaccounts, net | (6746) | 10749 | (9187) | 20364 | (149087) |
| &nbsp;&nbsp;&nbsp;Net surrenders and lapses | (10260) | (19564) | (22704) | (3849) |  |
| &nbsp;&nbsp;&nbsp;Contract benefits | (85) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Loan collateral interest received | 2564 | 3582 | 2765 | 1341 |  |
| &nbsp;&nbsp;&nbsp;Transfers for policy loans | (3105) | (23889) | (8254) | (1436) |  |
| &nbsp;&nbsp;&nbsp;Contract charges | (29699) | (45409) | (13867) | (44581) | (1796) |
| &nbsp;&nbsp;&nbsp;Other | 3633 | 4725 | 1468 | 1342 | 236 |
| &nbsp;&nbsp;&nbsp;Total net accumulation unit transactions | (18776) | (26532) | (30319) | 1326 | (150105) |
| Increase (decrease) in net assets | 60826 | 87667 | 8472 | 3941 | (147189) |
| Net assets, beginning of period | $760183 | $1020443 | $360931 | $308637 | $147189 |
| **Net assets, end of period** | $821009 | $1108110 | $369403 | $312578 | $— |

---

(9) On April 26, 2024, the Invesco I.O.V.I Conservative Balanced Fund merged into Invesco V.I. Equity and Income Fund.

The accompanying notes are an integral part of these financial statements.

**NATIONAL VARIABLE LIFE INSURANCE ACCOUNT**

**(A Separate Account of National Life Insurance Company)**

**STATEMENTS OF CHANGES IN NET ASSETS PY**

**DECEMBER 31, 2024**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Invesco<br> I.O.V.I<br> Global<br> Strategic<br> Income<br> Fund** | **Invesco<br> I.O.V.I Main<br> Street Small<br> Cap Fund** | **Invesco V.I.<br> Equity and<br> Income<br> Fund (9)** | **Invesco V.I.<br> Discovery<br> Mid Cap<br> Growth<br> Fund** | **Invesco V.I.<br> Health Care<br> Fund** |
| **Net investment gain (loss)** | $5910 | $(439) | $1823 | $(9656) | $(25322) |
| **Realized and unrealized gain (loss) on investments** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital gains distributions |  | 2328 | 6954 |  |  |
| &nbsp;&nbsp;&nbsp;Net realized (loss) gain from shares sold | (2678) | 3723 | 134 | (1795) | 12263 |
| &nbsp;&nbsp;&nbsp;Net unrealized appreciation on investments | 2582 | 1081 | 2367 | 232067 | 103751 |
| **Net realized and unrealized (loss) gain on investments** | (96) | 7132 | 9455 | 230272 | 116014 |
| **Increase in net assets resulting from operations** | 5814 | 6693 | 11278 | 220616 | 90692 |
| **Accumulation unit transactions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Participant deposits | 10460 | 4036 | 1866 | 32306 | 89925 |
| &nbsp;&nbsp;&nbsp;Transfers between investment sub-accounts and general account, net | (4175) |  |  | (776) | (377) |
| &nbsp;&nbsp;&nbsp;Transfers between investment subaccounts, net | 20564 | 5429 | 172875 | (22331) | 41089 |
| &nbsp;&nbsp;&nbsp;Net surrenders and lapses | (4938) |  |  | (57320) | (67021) |
| &nbsp;&nbsp;&nbsp;Contract benefits |  |  |  |  | (727) |
| &nbsp;&nbsp;&nbsp;Loan collateral interest received | 6144 | 1624 | 19 | 8136 | 15115 |
| &nbsp;&nbsp;&nbsp;Transfers for policy loans | (5915) | 715 | (19) | (16607) | (24245) |
| &nbsp;&nbsp;&nbsp;Contract charges | (17505) | (4416) | (4104) | (37984) | (104037) |
| &nbsp;&nbsp;&nbsp;Other | 1348 | (3157) | 549 | 5067 | 15343 |
| &nbsp;&nbsp;&nbsp;Total net accumulation unit transactions | 5983 | 4231 | 171186 | (89509) | (34935) |
| Increase in net assets | 11797 | 10924 | 182464 | 131107 | 55757 |
| Net assets, beginning of period | $295745 | $52573 | $— | $991198 | $2719056 |
| **Net assets, end of period** | $307542 | $63497 | $182464 | $1122305 | $2774813 |

---

(9) On April 26, 2024, the Invesco I.O.V.I Conservative Balanced Fund merged into Invesco V.I. Equity and Income Fund.

The accompanying notes are an integral part of these financial statements.

**NATIONAL VARIABLE LIFE INSURANCE ACCOUNT**

**(A Separate Account of National Life Insurance Company)**

**STATEMENTS OF CHANGES IN NET ASSETS PY**

**DECEMBER 31, 2024**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Invesco V.I.<br> Technology<br> Fund** | **LVIP<br> American<br> Century<br> Disciplined<br> Core Value<br> Fund (2)** | **LVIP<br> American<br> Century<br> Inflation<br> Protection<br> Fund (3)** | **LVIP<br> American<br> Century<br> International<br> Fund (4)** | **LVIP<br> American<br> Century<br> Ultra Fund<br> (5)** |
| **Net investment (loss) gain** | $(26741) | $15039 | $35036 | $6666 | $(1606) |
| **Realized and unrealized gain (loss) on investments** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital gains distributions | 138828 |  |  |  | 3886 |
| &nbsp;&nbsp;&nbsp;Net realized (loss) gain from shares sold | (59338) | 15243 | 2471 | 9489 | 2889 |
| &nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) on investments | 846462 | 214210 | (3743) | (34970) | 52904 |
| **Net realized and unrealized gain (loss) on investments** | 925952 | 229453 | (1272) | (25481) | 59679 |
| **Increase (decrease) in net assets resulting from operations** | 899211 | 244492 | 33764 | (18815) | 58073 |
| **Accumulation unit transactions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Participant deposits | 70936 | 85612 | 46862 | 114620 | 5599 |
| &nbsp;&nbsp;&nbsp;Transfers between investment sub-accounts and general account, net | 91742 | (15686) | (1399) | (373) |  |
| &nbsp;&nbsp;&nbsp;Transfers between investment subaccounts, net | (92774) | 4114020 | 1159678 | 5015293 | 295667 |
| &nbsp;&nbsp;&nbsp;Net surrenders and lapses | (104087) | (131296) | (19941) | (78590) |  |
| &nbsp;&nbsp;&nbsp;Contract benefits |  | (38718) |  | (679) |  |
| &nbsp;&nbsp;&nbsp;Loan collateral interest received | 10294 | 8298 | 5206 | 19031 | 396 |
| &nbsp;&nbsp;&nbsp;Transfers for policy loans | (64887) | (28353) | (7928) | (44109) | (444) |
| &nbsp;&nbsp;&nbsp;Contract charges | (90906) | (100472) | (41773) | (100858) | (7692) |
| &nbsp;&nbsp;&nbsp;Other | 23186 | 14148 | 3658 | 14872 | 1130 |
| &nbsp;&nbsp;&nbsp;Total net accumulation unit transactions | (156496) | 3907553 | 1144363 | 4939207 | 294656 |
| Increase in net assets | 742715 | 4152045 | 1178127 | 4920392 | 352729 |
| Net assets, beginning of period | $2753970 | $— | $— | $— | $— |
| **Net assets, end of period** | $3496685 | $4152045 | $1178127 | $4920392 | $352729 |

---

(2) On April 26, 2024, the American Century VP Disciplined Core Value Fund merged into Lincoln LVIP American Century Disciplined Core Value Fund.

(3) On April 26, 2024, the American Century VP Inflation Protection Portfolio I and American Century VP Inflation Protection Portfolio II merged into Lincoln LVIP American Century Inflation Protection Fund.

(4) On April 26, 2024, the American Century VP International Portfolio merged into Lincoln LVIP American Century International Fund.

(5) On April 26, 2024, the American Century VP Ultra Portfolio merged into Lincoln LVIP American Century Ultra Fund.

The accompanying notes are an integral part of these financial statements.

**NATIONAL VARIABLE LIFE INSURANCE ACCOUNT**

**(A Separate Account of National Life Insurance Company)**

**STATEMENTS OF CHANGES IN NET ASSETS PY**

**DECEMBER 31, 2024**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LVIP<br> American<br> Century<br> Value Fund<br> (6)** | **LVIP<br> JPMorgan<br> Small Cap<br> Core Fund<br> - Standard<br> Class** | **Morgan<br> Stanley VIF<br> Emerging<br> Markets<br> Equity<br> Portfolio** | **Morgan<br> Stanley VIF<br> U.S. Real<br> Estate<br> Portfolio<br> (10)** | **Neuberger<br> Berman<br> Quality<br> Equity<br> Portfolio<br> Class I (11)** |
| **Net investment gain (loss)** | $164250 | $367 | $11467 | $2099 | $(16519) |
| **Realized and unrealized gain (loss) on investments** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital gains distributions | 87415 | 21942 |  |  | 152629 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from shares sold | 32933 | 34005 | (45921) | 15814 | 126371 |
| &nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) on investments | 284452 | 93298 | 99229 | (6079) | 430122 |
| **Net realized and unrealized gain on investments** | 404800 | 149245 | 53308 | 9735 | 709122 |
| **Increase in net assets resulting from operations** | 569050 | 149612 | 64775 | 11834 | 692603 |
| **Accumulation unit transactions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Participant deposits | 158300 | 39979 | 6077 |  | 67677 |
| &nbsp;&nbsp;&nbsp;Transfers between investment sub-accounts and general account, net | (17106) |  |  |  | (15792) |
| &nbsp;&nbsp;&nbsp;Transfers between investment subaccounts, net | 9391190 | 10669 | (345817) | (88932) | (69915) |
| &nbsp;&nbsp;&nbsp;Net surrenders and lapses | (370065) | (86810) | (21014) |  | (111308) |
| &nbsp;&nbsp;&nbsp;Contract benefits | (2562) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Loan collateral interest received | 15987 | 6532 | 113 |  | 6293 |
| &nbsp;&nbsp;&nbsp;Transfers for policy loans | (37489) | (21811) | (120) |  | (71876) |
| &nbsp;&nbsp;&nbsp;Contract charges | (187509) | (66951) | (8036) | (206) | (91663) |
| &nbsp;&nbsp;&nbsp;Other | 29332 | 3750 | (8) | (1) | 13493 |
| &nbsp;&nbsp;&nbsp;Total net accumulation unit transactions | 8980078 | (114642) | (368805) | (89139) | (273091) |
| Increase (decrease) in net assets | 9549128 | 34970 | (304030) | (77305) | 419512 |
| Net assets, beginning of period | $— | $1403651 | $813109 | $77305 | $2839426 |
| **Net assets, end of period** | $9549128 | $1438621 | $509079 | $— | $3258938 |

---

(6) On April 26, 2024, the American Century VP Value Portfolio
merged into Lincoln LVIP American Century Value Fund.

(10) On December 6, 2024, the Morgan Stanley VIF U.S. Real Estate
Portfolio was liquidated.

(11) On July 28, 2025, the Neuberger Berman Trust Sustainable
Equity Portfolio was renamed to the Neuberger Berman Quality Equity Portfolio Class I.

The accompanying notes are an integral part of these financial statements.

**NATIONAL VARIABLE LIFE INSURANCE ACCOUNT**

**(A Separate Account of National Life Insurance Company)**

**STATEMENTS OF CHANGES IN NET ASSETS PY**

**DECEMBER 31, 2024**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Neuberger<br> Berman<br> Trust Mid<br> Cap Growth<br> Class S** | **Neuberger<br> Berman<br> Trust Mid<br> Cap Growth<br> Portfolio** | **Neuberger<br> Berman<br> Trust Short<br> Duration<br> Bond<br> Portfolio** | **T Rowe<br> Price Blue<br> Chip Growth<br> Portfolio** | **T Rowe<br> Price Equity<br> Income<br> Portfolio** |
| **Net investment (loss) gain** | $(5203) | $(5121) | $114308 | $(25812) | $44658 |
| **Realized and unrealized gain (loss) on investments** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital gains distributions | 47568 | 41667 |  | 154348 | 342237 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from shares sold | 11683 | 32651 | (19814) | 319434 | 2140 |
| &nbsp;&nbsp;&nbsp;Net unrealized appreciation on investments | 96797 | 84620 | 26660 | 527162 | 119855 |
| **Net realized and unrealized gain on investments** | 156048 | 158938 | 6846 | 1000944 | 464232 |
| **Increase in net assets resulting from operations** | 150845 | 153817 | 121154 | 975132 | 508890 |
| **Accumulation unit transactions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Participant deposits | 23055 | 26096 | 94642 | 120820 | 171979 |
| &nbsp;&nbsp;&nbsp;Transfers between investment sub-accounts and general account, net | (437) | (61639) | (3200) | 89148 | (38260) |
| &nbsp;&nbsp;&nbsp;Transfers between investment subaccounts, net | (31298) | (26807) | 125507 | (228994) | (55620) |
| &nbsp;&nbsp;&nbsp;Net surrenders and lapses | (23236) | (14644) | (88376) | (248388) | (74035) |
| &nbsp;&nbsp;&nbsp;Contract benefits |  |  | (3868) | (11687) | (935) |
| &nbsp;&nbsp;&nbsp;Loan collateral interest received | 2806 | 2096 | 17778 | 10999 | 25837 |
| &nbsp;&nbsp;&nbsp;Transfers for policy loans | (2462) | (9644) | (30190) | (32934) | (57283) |
| &nbsp;&nbsp;&nbsp;Contract charges | (19948) | (17044) | (113942) | (105326) | (193986) |
| &nbsp;&nbsp;&nbsp;Other | 3643 | 2490 | 11531 | 23516 | 25611 |
| &nbsp;&nbsp;&nbsp;Total net accumulation unit transactions | (47877) | (99096) | 9882 | (382846) | (196692) |
| Increase in net assets | 102968 | 54721 | 131036 | 592286 | 312198 |
| Net assets, beginning of period | $670316 | $709968 | $2308820 | $2963402 | $4922856 |
| **Net assets, end of period** | $773284 | $764689 | $2439856 | $3555688 | $5235054 |

---

The accompanying notes are an integral part of these financial statements.

**NATIONAL VARIABLE LIFE INSURANCE ACCOUNT**

**(A Separate Account of National Life Insurance Company)**

**STATEMENTS OF CHANGES IN NET ASSETS PY**

**DECEMBER 31, 2024**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **T Rowe<br> Price Health<br> Sciences<br> Portfolio** | **T Rowe<br> Price<br> Moderate<br> Allocation** | **Touchstone<br> TVST<br> Balanced** | **Touchstone<br> TVST<br> Bond** | **Touchstone<br> TVST<br> Common<br> Stock** |
| **Net investment (loss) gain** | $(22146) | $21503 | $73152 | $260003 | $(54457) |
| **Realized and unrealized gain (loss) on investments** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital gains distributions | 230635 | 42241 |  |  | 3202903 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from shares sold | 60280 | (660) | (65353) | (46685) | 1463597 |
| &nbsp;&nbsp;&nbsp;Net unrealized (depreciation) appreciation on investments | (251439) | 67553 | 835525 | (133230) | 3652630 |
| **Net realized and unrealized gain (loss) on investments** | 39476 | 109134 | 770172 | (179915) | 8319130 |
| **Increase in net assets resulting from operations** | 17330 | 130637 | 843324 | 80088 | 8264673 |
| **Accumulation unit transactions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Participant deposits | 79809 | 52408 | 198755 | 234992 | 1120758 |
| &nbsp;&nbsp;&nbsp;Transfers between investment sub-accounts and general account, net | (1608) | (18925) | (1556) | (58155) | (389741) |
| &nbsp;&nbsp;&nbsp;Transfers between investment subaccounts, net | 23990 | 5310 | 438998 | 299080 | 797484 |
| &nbsp;&nbsp;&nbsp;Net surrenders and lapses | (57114) |  | (124447) | (340641) | (2070845) |
| &nbsp;&nbsp;&nbsp;Contract benefits | (990) |  | (67072) | (18290) | (331893) |
| &nbsp;&nbsp;&nbsp;Loan collateral interest received | 6754 | 10 | 19904 | 39396 | 174630 |
| &nbsp;&nbsp;&nbsp;Transfers for policy loans | (17992) | 287 | (162535) | 44700 | (367415) |
| &nbsp;&nbsp;&nbsp;Contract charges | (91820) | (49645) | (264114) | (275665) | (1467475) |
| &nbsp;&nbsp;&nbsp;Other | 12152 | 7333 | 29891 | 28207 | 187743 |
| &nbsp;&nbsp;&nbsp;Total net accumulation unit transactions | (46819) | (3222) | 67824 | (46376) | (2346754) |
| (Decrease) increase in net assets | (29489) | 127415 | 911148 | 33712 | 5917919 |
| Net assets, beginning of period | $2487974 | $1413704 | $6665806 | $5629190 | $40835874 |
| **Net assets, end of period** | $2458485 | $1541119 | $7576954 | $5662902 | $46753793 |

---

The accompanying notes are an integral part of these financial statements.

**NATIONAL VARIABLE LIFE INSURANCE ACCOUNT**

**(A Separate Account of National Life Insurance Company)**

**STATEMENTS OF CHANGES IN NET ASSETS PY**

**DECEMBER 31, 2024**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Touchstone<br> TVST Small<br> Company** | **Van Eck VIPT<br> Emerging<br> Markets** | **Van Eck VIPT<br> Global<br> Resources<br> Fund** | **Van Eck VIPT<br> Unconstrained<br> Emerging<br> Markets** |
| **Net investment (loss) gain** | $(111353) | $18394 | $24755 | $63954 |
| **Realized and unrealized gain (loss) on investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital gains distributions | 1031290 |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized (loss) gain from shares sold | (58551) | (28569) | 18048 | (9697) |
| &nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) on investments | 2795776 | 18220 | (94524) | (35185) |
| **Net realized and unrealized gain (loss) on investments** | 3768515 | (10349) | (76476) | (44882) |
| **Increase (decrease) in net assets resulting from operations** | 3657162 | 8045 | (51721) | 19072 |
| **Accumulation unit transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Participant deposits | 887366 | 60313 | 58889 | 37418 |
| &nbsp;&nbsp;&nbsp;Transfers between investment sub-accounts and general account, net | (53711) | 24336 | (23187) | (28021) |
| &nbsp;&nbsp;&nbsp;Transfers between investment subaccounts, net | 35430 | 93617 | 132228 | 16592 |
| &nbsp;&nbsp;&nbsp;Net surrenders and lapses | (1458733) | (23576) | (25842) | (20829) |
| &nbsp;&nbsp;&nbsp;Contract benefits | (89205) | (268) | (270) |  |
| &nbsp;&nbsp;&nbsp;Loan collateral interest received | 126399 | 7260 | 4785 | 8124 |
| &nbsp;&nbsp;&nbsp;Transfers for policy loans | (160408) | (19040) | (15423) | (12943) |
| &nbsp;&nbsp;&nbsp;Contract charges | (1111407) | (65156) | (70289) | (55137) |
| &nbsp;&nbsp;&nbsp;Other | 131171 | 7808 | 6363 | 4915 |
| &nbsp;&nbsp;&nbsp;Total net accumulation unit transactions | (1693098) | 85294 | 67254 | (49881) |
| Increase (decrease) in net assets | 1964064 | 93339 | 15533 | (30809) |
| Net assets, beginning of period | $29026080 | $1700629 | $1317392 | $1011315 |
| **Net assets, end of period** | $30990144 | $1793968 | $1332925 | $980506 |

---

The accompanying notes are an integral part of these financial statements.

**NATIONAL VARIABLE LIFE INSURANCE ACCOUNT<br> (A Separate Account of National Life Insurance Company)**

**NOTES TO THE FINANCIAL STATEMENTS<br> DECEMBER 31, 2025**

**NOTE 1 – NATURE OF OPERATIONS**

National Variable Life Insurance Account (the "Variable" Account) began operations on March 11, 1996 and is registered as a unit investment trust under the Investment Company Act of 1940, as amended. The operations of the Variable Account are part of National Life Insurance Company ("National Life"). The Variable Account was established by National Life as a separate investment account to invest the net premiums received from the sale of certain variable life insurance products. Equity Services, Inc., a controlled affiliate of National Life, is the principal underwriter for the variable life insurance policies issued by National Life.

National Life maintains four products within the Variable Account. The VariTrak product was established on March 11, 1996 and is used exclusively for National Life's flexible premium variable universal life insurance products known collectively as VariTrak. On May 1, 1998, National Life established the Estate Provider product to be used exclusively for National Life's flexible premium variable universal life insurance products known collectively as Estate Provider. On February 12, 1999, National Life established the Benefit Provider product to be used exclusively for National Life's flexible premium variable universal life insurance products known collectively as Benefit Provider. On December 23, 2008, National Life established the Investor Select product to be used exclusively for National Life's flexible premium variable universal life insurance products known collectively as Investor Select. Effective January 1, 2009, National Life no longer offers new issues of VariTrak, Estate Provider, Investor Select and Benefit Provider products.

The Company's variable life insurance products provide life insurance protection while allowing policyholders the ability to accumulate value through a variety of investment options. These products include a death benefit payable to designated beneficiaries, subject to policy terms. The Company no longer issues these products, and they are not available to new purchasers.

The Variable Account invests the accumulated policyholder policy values in shares of mutual fund portfolios within AB VPS, Alger, Allspring VT, BNY Mellon, DWS, Fidelity VIP, Franklin Templeton VIP, Invesco I.O.V.I., Invesco V.I., Lincoln LVIP American Century, Lincoln LVIP JPMorgan, Morgan Stanley Variable Insurance Fund, Neuberger Berman Trust,T. Rowe Price, Touchstone TVST, and Van Eck VIPT. Net premiums received by the Variable Account are deposited in the portfolios as designated by the policyholder. Policyholders may also direct the allocations of their policy value to a declared interest account (within the General Account of National Life) and may transfer policy value between the portfolios within the Variable Account and the declared interest account.

There are 59 active sub-accounts within the Variable Account as of December 31, 2025. Each sub-account, which invests exclusively in the shares of the corresponding portfolio, comprises the accumulated policyholder policy values of the underlying variable universal life insurance policies investing in the sub-account. The portfolios consist of the following:

---

| | |
|:---|:---|
| &nbsp;&nbsp;AB VPS Discovery Value Portfolio Class A | &nbsp;&nbsp;Franklin Templeton VIP US Government |
| &nbsp;&nbsp;AB VPS International Value Fund | &nbsp;&nbsp;Invesco I.O.V.I Global Strategic Income Fund |
| &nbsp;&nbsp;AB VPS Relative Value Portfolio | &nbsp;&nbsp;Invesco I.O.V.I Main Street Small Cap Fund |
| &nbsp;&nbsp;Alger Capital Appreciation Fund | &nbsp;&nbsp;Invesco V.I. Discovery Mid Cap Growth Fund |
| &nbsp;&nbsp;Alger Large Cap Growth Fund | &nbsp;&nbsp;Invesco V.I. Health Care Fund |
| &nbsp;&nbsp;Alger Small Cap Growth Fund | &nbsp;&nbsp;Invesco V.I . Equity and Income Fund |
| &nbsp;&nbsp;Allspring VT Discovery SMID Cap Growth Fund | &nbsp;&nbsp;Invesco V.I. Technology Fund |
| &nbsp;&nbsp;Allspring VT Opportunity Fund | &nbsp;&nbsp;LVIP American Century Disciplined Core Value Fund |
| &nbsp;&nbsp;BNY Mellon Appreciation Portfolio | &nbsp;&nbsp;LVIP American Century Inflation Protection Fund |
| &nbsp;&nbsp;BNY Mellon VIF Small Cap Portfolio | &nbsp;&nbsp;LVIP American Century International Fund |
| &nbsp;&nbsp;BNY Mellon Sustainable U.S. Equity Portfolio, Inc. | &nbsp;&nbsp;LVIP American Century Ultra Fund |
| &nbsp;&nbsp;DWS Equity 500 Index VIP Fund | &nbsp;&nbsp;LVIP American Century Value Fund |

---

**NATIONAL VARIABLE LIFE INSURANCE ACCOUNT<br> (A Separate Account of National Life Insurance Company)**

**NOTES TO THE FINANCIAL STATEMENTS<br> DECEMBER 31, 2025**

---

| | |
|:---|:---|
| &nbsp;&nbsp;DWS Small Cap Index Fund | &nbsp;&nbsp;LVIP JPMorgan Small Cap Core Fund - Standard Class |
| &nbsp;&nbsp;DWS Small Mid Cap Value Portfolio | &nbsp;&nbsp;Morgan Stanley VIF Emerging Markets Equity Portfolio |
| &nbsp;&nbsp;Fidelity VIP Contrafund Class 2 Portfolio | &nbsp;&nbsp;Neuberger Berman Trust Mid Cap Growth Class S |
| &nbsp;&nbsp;Fidelity VIP Equity Income Portfolio | &nbsp;&nbsp;Neuberger Berman Trust Mid Cap Growth Portfolio |
| &nbsp;&nbsp;Fidelity VIP Government Money Market Portfolio | &nbsp;&nbsp;Neuberger Berman Trust Short Duration Bond Portfolio |
| &nbsp;&nbsp;Fidelity VIP Growth Portfolio | &nbsp;&nbsp;Neuberger Berman Quality Equity Portfolio Class I |
| &nbsp;&nbsp;Fidelity VIP High Income Portfolio | &nbsp;&nbsp;T Rowe Price Blue Chip Growth Portfolio |
| &nbsp;&nbsp;Fidelity VIP Index 500 II Portfolio | &nbsp;&nbsp;T Rowe Price Equity Income Portfolio |
| &nbsp;&nbsp;Fidelity VIP Investment Grade Bond Portfolio | &nbsp;&nbsp;T Rowe Price Health Sciences Portfolio |
| &nbsp;&nbsp;Fidelity VIP Mid Cap Class 2 Portfolio | &nbsp;&nbsp;T Rowe Price Moderate Allocation |
| &nbsp;&nbsp;Fidelity VIP Overseas Portfolio | &nbsp;&nbsp;Touchstone TVST Balanced |
| &nbsp;&nbsp;Fidelity VIP Value Strategies Portfolio | &nbsp;&nbsp;Touchstone TVST Bond |
| &nbsp;&nbsp;Franklin Templeton VIP Foreign Securities | &nbsp;&nbsp;Touchstone TVST Common Stock |
| &nbsp;&nbsp;Franklin Templeton VIP Global Real Estate | &nbsp;&nbsp;Touchstone TVST Small Company |
| &nbsp;&nbsp;Franklin Templeton VIP Mutual Global Discovery Securities | &nbsp;&nbsp;Van Eck VIPT Emerging Markets |
| &nbsp;&nbsp;Franklin Templeton VIP Mutual Shares Securities | &nbsp;&nbsp;Van Eck VIPT Global Resources Fund |
| &nbsp;&nbsp;Franklin Templeton VIP Small Cap Value | &nbsp;&nbsp;Van Eck VIPT Unconstrained Emerging Markets |
| &nbsp;&nbsp;Franklin Templeton VIP Small-Midcap Growth II |  |

---

The assets of each portfolio are held separate from the assets of the other portfolios and each has different investment objectives and policies. Each portfolio operates separately and the gains or losses in one portfolio have no effect on the investment performance of the other portfolios.

On July 28, 2025, the Neuberger Berman Trust Sustainable Equity Portfolio was renamed to the Neuberger Berman Quality Equity Portfolio Class I. On December 31, 2025, the BNY Mellon Opportunistic Small Cap Portfolio was renamed to the BNY Mellon VIF Small Cap Portfolio.

On April 16, 2024, the AB VPS Sustainable International Thematic Portfolio was liquidated. On April 26, 2024, the Invesco I.O. V.I. Conservative Balanced Fund was merged into Invesco V.I. Equity and Income Fund. On April 26, 2024, the American Century VP Disciplined Core Value Fund was merged into Lincoln LVIP American Century Disciplined Core Value Fund. On April 26, 2024, the American Century VP Inflation Protection I Portfolio and American Century VP Inflation Protection Portfolio II merged into Lincoln LVIP American Century Inflation Protection Fund. On April 26, 2024, the American Century VP International Portfolio merged into Lincoln LVIP American Century International Fund. On April 26, 2024, the American Century VP Ultra Fund was merged into Lincoln LVIP American Century Ultra Fund. On April 26, 2024, the American Century VP Value Fund was merged into Lincoln LVIP American Century Value Fund. On June 17, 2024, the DWS CROCI U.S. VIP Fund was liquidated. On December 6, 2024, the Morgan Stanley VIF U.S. Real Estate Portfolio was liquidated.

**NATIONAL VARIABLE LIFE INSURANCE ACCOUNT<br> (A Separate Account of National Life Insurance Company)**

**NOTES TO THE FINANCIAL STATEMENTS<br> DECEMBER 31, 2025**

**NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

These financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed in the preparation of the Variable Account's financial statements:

**<u>Investment Valuation</u>**

The statement classifies all assets and liabilities carried or disclosed at fair value in one of the following three categories:

Level 1 – inputs are unadjusted quoted market prices available in active markets for identical assets on the reporting date. Assets in this category generally include actively traded registered mutual funds.

Level 2 – inputs are quoted prices for similar instruments in active markets, or quoted prices for identical or similar instruments in markets that are not active.

Level 3 – inputs are unobservable where there is little or no market activity and assumptions are based on internally derived information. Assets in this category generally include all other types of investments that do not meet the criteria of Level 1 or 2. As of December 31, 2025, none of the Variable Account investments are considered Level 3.

The Variable Account invests in registered mutual funds managed by unaffiliated third parties. The fair value of the registered mutual funds is based upon the reported net asset values as provided by the fund manager. The Fair Value Hierarchy level of the Variable Account net assets is based on observable market inputs of the registered mutual funds as published on recognized market exchanges. National Life's management reviews each mutual fund's liquidity in order to determine the level at which those investments should be reported.

Investments in the portfolios are valued at the closing net asset value per share as determined by each portfolio's administrator, and are classified under Level 1 of the three-tier hierarchy established in Accounting Standards Codification ("ASC") 820 – *Fair Value Measurement*. During 2025, there were no transfers between levels. The change in the difference between cost and market value during 2025, is reflected as unrealized appreciation (depreciation) in the Statements of Operations.

**NATIONAL VARIABLE LIFE INSURANCE ACCOUNT<br> (A Separate Account of National Life Insurance Company)**

**NOTES TO THE FINANCIAL STATEMENTS<br> DECEMBER 31, 2025**

**NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

**<u>Investment Transactions</u>**

Investment transactions are accounted for on the trade date (date the order to buy or sell is executed) and dividend income and capital gain distributions are recorded on the ex-dividend date. The cost of investments sold was determined using the first in, first out method.

**<u>Loans</u>**

Policyholders may obtain loans after the first policy year as outlined in the variable life insurance policy and variable universal life insurance policy. At the time a loan is granted, accumulated value equal to the amount of the loan is designated as collateral and transferred from the Variable Account to the General Account of National Life. Interest is credited by National Life at predetermined rates on collateral held in the General Account. This interest is periodically transferred to the Variable Account.

**<u>Policyholder Transactions</u>**

Policyholders may allocate amounts in their policy value to the Variable Account and to the guaranteed interest account of National Life's General Account. Participant deposits are reduced by applicable deductions, charges and state premium taxes. Transfers between the Variable Account and the guaranteed interest account, net, are amounts that policyholders have directed to be moved among investment options, including permitted transfers to and from the guaranteed interest account.

Surrenders, lapses and contract benefits are payments to policyholders and beneficiaries made under the terms of the policies and amounts that policyholders have requested to be withdrawn and paid to them. Withdrawal charges, if applicable, are included in transfers for policy benefits and terminations. Included in policy charges are administrative, cost of insurance, and other variable charges deducted monthly from the policies. Other policyholder transactions represent miscellaneous items not separately presented, which may include amounts such as bonus interest, settlement related market adjustments, and other de minimis policyholder activity.

**<u>Federal Income Taxes</u>**

The operations of the Variable Account are part of and taxed with, the total operations of National Life, under Subchapter L of the Internal Revenue Code (IRC). Under the current provisions of the IRC, National Life does not expect to incur federal income taxes on the earnings or realized capital gains attributable to the Variable Account. Based on this, no Federal income tax provision is required. National Life will review periodically the status of this policy in the event of changes in the tax law.

**<u>Subsequent Events</u>**

National Life considers events occurring after the balance sheet date through the date of this report to be subsequent events requiring disclosure.

**NATIONAL VARIABLE LIFE INSURANCE ACCOUNT<br> (A Separate Account of National Life Insurance Company)**

**NOTES TO THE FINANCIAL STATEMENTS<br> DECEMBER 31, 2025**

**NOTE 3 – CHARGES AND EXPENSES**

The following tables describe the fees and expenses assessed when buying, owning and surrendering a Policy within each product of the Variable Account. Such charges reimburse National Life for the insurance, other benefits provided, policy administration and its assumption of mortality and expense risks. The mortality risk assumed is that the insured under the policies may die sooner than anticipated. The expense risk assumed is that expenses incurred in issuing and administering the policies may exceed expected levels.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Charges and Deductions – VariTrak Product** | &nbsp;&nbsp;**Charges and Deductions – VariTrak Product** | &nbsp;&nbsp;**Charges and Deductions – VariTrak Product** | &nbsp;&nbsp;**Charges and Deductions – VariTrak Product** |
| &nbsp;&nbsp;**Description of Charge** | &nbsp;&nbsp;**When Charge is Deducted** | &nbsp;&nbsp;**Amount Deducted** | &nbsp;&nbsp;**How Deducted** |
| &nbsp;&nbsp;Premium Tax Charge | &nbsp;&nbsp;Upon receipt of premium payment | &nbsp;&nbsp;3.25% of each premium payment (2.0% for qualified employee benefit plans) | &nbsp;&nbsp;Deducted from Premium Payment |
| &nbsp;&nbsp;Surrender Charge | &nbsp;&nbsp;Upon surrender or lapse of the Policy during the first 15 Policy Years, or 15 Policy Years following an increase in Face Amount | &nbsp;&nbsp;$0 - $2 per $1000 of initial or increased Face Amount | &nbsp;&nbsp;Deducted from Accumulated Value upon Surrender or Lapse |
| &nbsp;&nbsp;Deferred Sales Charge | &nbsp;&nbsp;Upon surrender or lapse of the Policy during the first 15 Policy Years or following an increase in Face Amount | &nbsp;&nbsp;$1.10 to $37.75 per $1000 of initial or increased Face Amount | &nbsp;&nbsp;Deducted from Accumulated Value upon Surrender or Lapse |
| &nbsp;&nbsp;Withdrawal Fees | &nbsp;&nbsp;Upon making a withdrawal | &nbsp;&nbsp;Lesser of 2% of amount withdrawn or $25 | &nbsp;&nbsp;Deducted from Withdrawal Amount |
| &nbsp;&nbsp;Transfer Fees | &nbsp;&nbsp;Upon making a transfer | &nbsp;&nbsp;$25 per transfer in excess of 5 transfers in any one Policy Year | &nbsp;&nbsp;Deducted from Transfer Amount |
| &nbsp;&nbsp;Loan Interest Spread | &nbsp;&nbsp;At the end of each Policy Year, or upon death, surrender, or lapse, if earlier | &nbsp;&nbsp;1.3% - 2% annually of amount held as Collateral | &nbsp;&nbsp;Unit Liquidation from Policy Value |
| &nbsp;&nbsp;Projection Report Charge | &nbsp;&nbsp;At the time Report is requested | &nbsp;&nbsp;$25 maximum in New York, no maximum elsewhere | &nbsp;&nbsp;Unit Liquidation from Policy Value |
| &nbsp;&nbsp;Cost of Insurance | &nbsp;&nbsp;On the Date of Issue of the Policy and on each Monthly Policy Date | &nbsp;&nbsp;Varies based on age of Insured and Duration of Policy | &nbsp;&nbsp;Unit liquidation from Policy Value |
| &nbsp;&nbsp;Mortality and Expense Risk Fees | &nbsp;&nbsp;Deducted Daily | &nbsp;&nbsp;Annual rate of 0.90% of the average daily net assets of each subaccount of the Variable Account | &nbsp;&nbsp;Deducted from sub-accounts as a Reduction in Unit Value |
| &nbsp;&nbsp;Administrative Fees | &nbsp;&nbsp;On the Date of Issue of the Policy and on each Monthly Policy Date | &nbsp;&nbsp;$7.50 per month, plus $0.07 per $1000 of Face Amount | &nbsp;&nbsp;Unit liquidation from Policy Value |
| &nbsp;&nbsp;Riders | &nbsp;&nbsp;On the Date of Issue of the Policy and on each Monthly Policy Date | &nbsp;&nbsp;Amount varies depending on the specifics of the Policy | &nbsp;&nbsp;Unit liquidation from Policy Value |

---

**NATIONAL VARIABLE LIFE INSURANCE ACCOUNT<br> (A Separate Account of National Life Insurance Company)**

**NOTES TO THE FINANCIAL STATEMENTS<br> DECEMBER 31, 2025**

**NOTE 3 – CHARGES AND EXPENSES**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Charges and Deductions – Investor Select Product** | &nbsp;&nbsp;**Charges and Deductions – Investor Select Product** | &nbsp;&nbsp;**Charges and Deductions – Investor Select Product** | &nbsp;&nbsp;**Charges and Deductions – Investor Select Product** |
| &nbsp;&nbsp;**Description of Charge** | &nbsp;&nbsp;**When Charge is Deducted** | &nbsp;&nbsp;**Amount Deducted** | &nbsp;&nbsp;**How Deducted** |
| &nbsp;&nbsp;Premium Expense Charge | &nbsp;&nbsp;Upon receipt of Premium Payment | &nbsp;&nbsp;6.00% of each premium payment | &nbsp;&nbsp;Deducted from Premium Payment |
| &nbsp;&nbsp;Surrender Charge | &nbsp;&nbsp;Upon surrender or lapse of the Policy during the first 10 Policy Years or following an increase in Face Amount | &nbsp;&nbsp;Varies based on the characteristics of the insureds | &nbsp;&nbsp;Deducted from Accumulated Value upon Surrender or Lapse |
| &nbsp;&nbsp;Cost of Insurance Charge | &nbsp;&nbsp;On the Date of Issue of the Policy and on each Monthly Policy Date until the Insured reaches Attained Age 121 | &nbsp;&nbsp;Varies based on Net amount at Risk, age of the insureds and other factors | &nbsp;&nbsp;Unit Liquidation from Policy Value |
| &nbsp;&nbsp;Policy Value Charge | &nbsp;&nbsp;On the Date of Issue of the Policy and on each Monthly Policy Date | &nbsp;&nbsp;0.04% of Accumulated Value | &nbsp;&nbsp;Unit Liquidation from Policy Value |
| &nbsp;&nbsp;Policy Fee | &nbsp;&nbsp;On the Date of Issue of the Policy and on each Monthly Policy Date until the Insured reaches Attained Age 121 | &nbsp;&nbsp;$7.50 per month | &nbsp;&nbsp;Unit Liquidation from Policy Value |
| &nbsp;&nbsp;Expense Charge | &nbsp;&nbsp;On the Date of Issue of the Policy and on each Monthly Policy Date during the first 10 Policy Years, and for 10 years, following an increase in the Face Amount | &nbsp;&nbsp;Varies based on the face amount of the policy at issue, age of the insureds and other factors | &nbsp;&nbsp;Unit Liquidation from Policy Value |
| &nbsp;&nbsp;Withdrawal Charge | &nbsp;&nbsp;Upon making a Withdrawal | &nbsp;&nbsp;$25 per withdrawal | &nbsp;&nbsp;Deducted from the Withdrawal amount |
| &nbsp;&nbsp;Transfer Charge | &nbsp;&nbsp;Upon making a Transfer | &nbsp;&nbsp;$25 per transfer | &nbsp;&nbsp;Deducted from the Transfer amount |
| &nbsp;&nbsp;Loan Interest Spread | &nbsp;&nbsp;At the end of each Policy Year, or upon death, surrender or lapse, if earlier | &nbsp;&nbsp;0% - 2% annually of amount held as Collateral | &nbsp;&nbsp;Unit Liquidation from Policy Value |
| &nbsp;&nbsp;Projection Report Charge | &nbsp;&nbsp;At the time Report is requested | &nbsp;&nbsp;$25 per report | &nbsp;&nbsp;Pro-Rata Unit Liquidation from Policy Value |
| &nbsp;&nbsp;Riders | &nbsp;&nbsp;On the Date of Issue of the Policy and on each Monthly Policy Date | &nbsp;&nbsp;Amount varies depending on the specifics of the Policy | &nbsp;&nbsp;Unit Liquidation from Policy Value |

---

**NATIONAL VARIABLE LIFE INSURANCE ACCOUNT<br> (A Separate Account of National Life Insurance Company)**

**NOTES TO THE FINANCIAL STATEMENTS<br> DECEMBER 31, 2025**

**NOTE 3 – CHARGES AND EXPENSES**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Charges and Deductions – Estate Provider Product** | &nbsp;&nbsp;**Charges and Deductions – Estate Provider Product** | &nbsp;&nbsp;**Charges and Deductions – Estate Provider Product** | &nbsp;&nbsp;**Charges and Deductions – Estate Provider Product** |
| &nbsp;&nbsp;**Description of Charge** | &nbsp;&nbsp;**When Charge is Deducted** | &nbsp;&nbsp;**Amount Deducted** | &nbsp;&nbsp;**How Deducted** |
| &nbsp;&nbsp;Premium Expense Charge | &nbsp;&nbsp;Upon receipt of Premium Payment | &nbsp;&nbsp;7.40% - 10.40% depending on Policy Year | &nbsp;&nbsp;Deducted from Premium Payment |
| &nbsp;&nbsp;Surrender Charge | &nbsp;&nbsp;Upon surrender or lapse before the end of Policy Year 10, or the ten years after an increase in the Basic Coverage | &nbsp;&nbsp;Based on Joint Age at issue or time of increase; Level up to 5 years, declines thereafter each month by 1/60 of initial surrender charge | &nbsp;&nbsp;Deducted from Accumulated Value upon Surrender or Lapse |
| &nbsp;&nbsp;Cost of Insurance Charge | &nbsp;&nbsp;On the Date of Issue of the Policy and on each Monthly Policy Date | &nbsp;&nbsp;Varies based on Net amount at Risk, age of the insureds and other factors | &nbsp;&nbsp;Unit Liquidation from Policy Value |
| &nbsp;&nbsp;Variable Account Charge | &nbsp;&nbsp;On the Date of Issue of the Policy and on each Monthly Policy Date | &nbsp;&nbsp;0.75% - 0.90% in Policy Years 1 - 10 | &nbsp;&nbsp;Unit Liquidation from Policy Value |
| &nbsp;&nbsp;Administrative Charge | &nbsp;&nbsp;On the Date of Issue of the Policy and on each Monthly Policy Date | &nbsp;&nbsp;$7.50 - $15.00 per month plus $0.08 to $0.09 per $1000 of basic coverage | &nbsp;&nbsp;Unit Liquidation from Policy Value |
| &nbsp;&nbsp;Withdrawal Charge | &nbsp;&nbsp;Upon making a Withdrawal | &nbsp;&nbsp;The lesser of 2% of the Withdrawal amount or $25 | &nbsp;&nbsp;Deducted from the Withdrawal amount |
| &nbsp;&nbsp;Transfer Charge | &nbsp;&nbsp;Upon making a Transfer | &nbsp;&nbsp;$25 per transfer in excess of 12 transfers in any one Policy Year | &nbsp;&nbsp;Deducted from the Transfer amount |
| &nbsp;&nbsp;Loan Interest Spread | &nbsp;&nbsp;At the end of each Policy Year, or upon death, surrender or lapse, if earlier | &nbsp;&nbsp;1.3% - 2% annually of amount held as Collateral | &nbsp;&nbsp;Unit Liquidation from Policy Value |
| &nbsp;&nbsp;Projection Report Charge | &nbsp;&nbsp;At the time Report is requested | &nbsp;&nbsp;$25 maximum in New York, no maximum elsewhere | &nbsp;&nbsp;Pro-Rata Unit Liquidation from Policy Value |
| &nbsp;&nbsp;Riders | &nbsp;&nbsp;On the Date of Issue of the Policy and on each Monthly Policy Date | &nbsp;&nbsp;Amount varies depending on the specifics of the Policy | &nbsp;&nbsp;Unit Liquidation from Policy Value |

---

**NATIONAL VARIABLE LIFE INSURANCE ACCOUNT<br> (A Separate Account of National Life Insurance Company)**

**NOTES TO THE FINANCIAL STATEMENTS<br> DECEMBER 31, 2025**

**NOTE 3 – CHARGES AND EXPENSES**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Charges and Deductions – Benefit Provider Product** | &nbsp;&nbsp;**Charges and Deductions – Benefit Provider Product** | &nbsp;&nbsp;**Charges and Deductions – Benefit Provider Product** | &nbsp;&nbsp;**Charges and Deductions – Benefit Provider Product** |
| &nbsp;&nbsp;**Description of Charge** | &nbsp;&nbsp;**When Charge is Deducted** | &nbsp;&nbsp;**Amount Deducted** | &nbsp;&nbsp;**How Deducted** |
| &nbsp;&nbsp;Distribution Charge | &nbsp;&nbsp;Upon receipt of Premium Payment | &nbsp;&nbsp;5% - 15% of Premiums paid during the Policy Year up to the Target Premium, plus 0.5% - 2.5% of Premiums paid in excess of the Target Premium, depending on the Policy Year | &nbsp;&nbsp;Deducted from Premium Payment |
| &nbsp;&nbsp;Premium Tax Charge | &nbsp;&nbsp;Upon receipt of Premium Payment | &nbsp;&nbsp;Amount varies by State, and may range from 2% to as high as 12% in certain jurisdictions in Kentucky | &nbsp;&nbsp;Deducted from Premium Payment |
| &nbsp;&nbsp;Cost of Insurance | &nbsp;&nbsp;On the Date of Issue of the Policy and on each Monthly Policy Date | &nbsp;&nbsp;Varies based on age of Insured and Duration of the Policy | &nbsp;&nbsp;Unit liquidation from Policy Value |
| &nbsp;&nbsp;Policy Administration Charge | &nbsp;&nbsp;On the Date of Issue of the Policy and on each Monthly Policy Date | &nbsp;&nbsp;Currently $5.50 per month; Guaranteed not to exceed $8.00 per month | &nbsp;&nbsp;Unit liquidation from Policy Value |
| &nbsp;&nbsp;Underwriting Charge | &nbsp;&nbsp;On the Date of Issue of the Policy and on each Monthly Policy Date | &nbsp;&nbsp;$1.67 per month in Policy Year 1, and $3.75 per month in Policy Years 2 – 5 | &nbsp;&nbsp;Unit liquidation from Policy Value |
| &nbsp;&nbsp;Mortality and Expense Risk Charge | &nbsp;&nbsp;Deducted Daily | &nbsp;&nbsp;Annual rate of 0% - 0.22% of the average daily net assets of each sub-account of the Variable Account; Guaranteed not to exceed Annual rate of 0.60% | &nbsp;&nbsp;Deducted from sub-accounts as a reduction in Unit Value |
| &nbsp;&nbsp;Variable Account Administration Charge | &nbsp;&nbsp;Deducted Daily | &nbsp;&nbsp;Annual Rate of 0.10% during the first 20 Policy Years, and annual rate of 0.07% thereafter | &nbsp;&nbsp;Deducted from sub-accounts as a reduction in Unit Value |
| &nbsp;&nbsp;Transfer Charge | &nbsp;&nbsp;Upon making a Transfer | &nbsp;&nbsp;$25 per Transfer in excess of 12 transfers in any one Policy Year | &nbsp;&nbsp;Deducted from Transfer amount |
| &nbsp;&nbsp;Riders | &nbsp;&nbsp;On the Date of Issue of the Policy and on each Monthly Policy Date | &nbsp;&nbsp;Amount varies depending on the specifics of the Policy | &nbsp;&nbsp;Unit liquidation from Policy Value |

---

**NATIONAL VARIABLE LIFE INSURANCE ACCOUNT<br> (A Separate Account of National Life Insurance Company)**

**NOTES TO THE FINANCIAL STATEMENTS<br> DECEMBER 31, 2025**

**NOTE 4 – INVESTMENTS**

The number of shares held and cost for each of the portfolios at December 31, 2025 are set forth below:

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Shares** | **Cost** |
| AB VPS Discovery Value Portfolio Class A | 119023 | $1938174 |
| AB VPS International Value Fund | 166565 | $2357279 |
| AB VPS Relative Value Portfolio | 3677 | $109415 |
| Alger Capital Appreciation Fund | 35192 | $3336433 |
| Alger Large Cap Growth Fund | 276189 | $20198565 |
| Alger Small Cap Growth Fund | 460571 | $10403941 |
| Allspring VT Discovery SMID Cap Growth Fund | 342112 | $8811471 |
| Allspring VT Opportunity Fund | 197973 | $4954021 |
| BNY Mellon Appreciation Portfolio | 27508 | $964261 |
| BNY Mellon Sustainable U.S. Equity Portfolio, Inc. | 8364 | $330470 |
| BNY Mellon VIF Small Cap Portfolio (1) | 6056 | $251070 |
| DWS Equity 500 Index VIP Fund | 58819 | $1579164 |
| DWS Small Cap Index Fund | 70309 | $981893 |
| DWS Small Mid Cap Value Portfolio | 205001 | $2435325 |
| Fidelity VIP Contrafund Class 2 Portfolio | 460094 | $20084614 |
| Fidelity VIP Equity Income Portfolio | 524891 | $12356807 |
| Fidelity VIP Government Money Market Portfolio | 8783514 | $8783514 |
| Fidelity VIP Growth Portfolio | 377617 | $32467261 |
| Fidelity VIP High Income Portfolio | 1034722 | $5250552 |
| Fidelity VIP Index 500 II Portfolio | 148262 | $38871002 |
| Fidelity VIP Investment Grade Bond Portfolio | 906536 | $10849123 |
| Fidelity VIP Mid Cap Class 2 Portfolio | 165520 | $5988281 |
| Fidelity VIP Overseas Portfolio | 481639 | $11105010 |
| Fidelity VIP Value Strategies Portfolio | 43333 | $642835 |
| Franklin Templeton VIP Foreign Securities | 128906 | $1733028 |
| Franklin Templeton VIP Global Real Estate | 81831 | $1115988 |
| Franklin Templeton VIP Mutual Global Discovery Securities | 32872 | $614053 |
| Franklin Templeton VIP Mutual Shares Securities | 56334 | $905136 |
| Franklin Templeton VIP Small Cap Value | 87405 | $1157315 |
| Franklin Templeton VIP Small-Midcap Growth II | 22779 | $287956 |
| Franklin Templeton VIP US Government | 29901 | $320420 |
| Invesco I.O.V.I Global Strategic Income Fund | 69975 | $331437 |
| Invesco I.O.V.I Main Street Small Cap Fund | 2749 | $77803 |
| Invesco V.I . Equity and Income Fund | 24479 | $433015 |
| Invesco V.I. Discovery Mid Cap Growth Fund | 18477 | $1370894 |
| Invesco V.I. Health Care Fund | 105863 | $2962929 |
| Invesco V.I. Technology Fund | 150215 | $2990973 |
| LVIP American Century Disciplined Core Value Fund | 475253 | $3879987 |
| LVIP American Century Inflation Protection Fund | 128396 | $1184705 |
| LVIP American Century International Fund | 455330 | $4938892 |

---

(1) On December 31, 2025, the BNY Mellon Opportunistic Small Cap Portfolio was renamed to the BNY Mellon VIF Small Cap Portfolio.

**NATIONAL VARIABLE LIFE INSURANCE ACCOUNT<br> (A Separate Account of National Life Insurance Company)**

**NOTES TO THE FINANCIAL STATEMENTS<br> DECEMBER 31, 2025**

**NOTE 4 – INVESTMENTS**

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Shares** | **Cost** |
| LVIP American Century Ultra Fund | 12057 | $317221 |
| LVIP American Century Value Fund | 826357 | $9965611 |
| LVIP JPMorgan Small Cap Core Fund - Standard Class | 69329 | $1290896 |
| Morgan Stanley VIF Emerging Markets Equity Portfolio | 36584 | $456174 |
| Neuberger Berman Quality Equity Portfolio Class I (2) | 82325 | $2369499 |
| Neuberger Berman Trust Mid Cap Growth Class S | 29230 | $734790 |
| Neuberger Berman Trust Mid Cap Growth Portfolio | 25113 | $732641 |
| Neuberger Berman Trust Short Duration Bond Portfolio | 261597 | $2663427 |
| T Rowe Price Blue Chip Growth Portfolio | 60262 | $2555744 |
| T Rowe Price Equity Income Portfolio | 206496 | $5527267 |
| T Rowe Price Health Sciences Portfolio | 53872 | $2618949 |
| T Rowe Price Moderate Allocation | 79117 | $1642590 |
| Touchstone TVST Balanced | 583348 | $7056526 |
| Touchstone TVST Bond | 673487 | $6411996 |
| Touchstone TVST Common Stock | 3783737 | $39235770 |
| Touchstone TVST Small Company | 2309040 | $31662235 |
| Van Eck VIPT Emerging Markets | 186481 | $2114633 |
| Van Eck VIPT Global Resources Fund | 51150 | $1141446 |
| Van Eck VIPT Unconstrained Emerging Markets | 128904 | $1023204 |

---

(2) On July 28, 2025, the Neuberger Berman Trust Sustainable Equity Portfolio was renamed to the Neuberger Berman Quality Equity Portfolio Class I.

**NATIONAL VARIABLE LIFE INSURANCE ACCOUNT<br> (A Separate Account of National Life Insurance Company)**

**NOTES TO THE FINANCIAL STATEMENTS<br> DECEMBER 31, 2025**

**NOTE 5 – PURCHASES AND SALES OF PORTFOLIO SHARES**

Purchases and proceeds from sales of shares in the portfolios for the year ended December 31, 2025 are set forth below:

---

| | | |
|:---|:---|:---|
| <br>**Portfolio** |<br>**Purchases** | **Sales**<br>**Proceeds** |
| AB VPS Discovery Value Portfolio Class A | $508856 | $222725 |
| AB VPS International Value Fund | $290671 | $721114 |
| AB VPS Relative Value Portfolio | $31758 | $9930 |
| Alger Capital Appreciation Fund | $1187074 | $1126173 |
| Alger Large Cap Growth Fund | $4826180 | $5426211 |
| Alger Small Cap Growth Fund | $1055856 | $936257 |
| Allspring VT Discovery SMID Cap Growth Fund | $584554 | $1102038 |
| Allspring VT Opportunity Fund | $742995 | $347735 |
| BNY Mellon Appreciation Portfolio | $231856 | $202798 |
| BNY Mellon Sustainable U.S. Equity Portfolio, Inc. | $57412 | $45432 |
| BNY Mellon VIF Small Cap Portfolio (1) | $32132 | $16753 |
| DWS Equity 500 Index VIP Fund | $272558 | $511159 |
| DWS Small Cap Index Fund | $128067 | $117016 |
| DWS Small Mid Cap Value Portfolio | $622429 | $432307 |
| Fidelity VIP Contrafund Class 2 Portfolio | $5250275 | $2710551 |
| Fidelity VIP Equity Income Portfolio | $2137733 | $1356176 |
| Fidelity VIP Government Money Market Portfolio | $34463047 | $35271671 |
| Fidelity VIP Growth Portfolio | $6087291 | $3585832 |
| Fidelity VIP High Income Portfolio | $743439 | $504723 |
| Fidelity VIP Index 500 II Portfolio | $5950774 | $8862928 |
| Fidelity VIP Investment Grade Bond Portfolio | $1565786 | $997292 |
| Fidelity VIP Mid Cap Class 2 Portfolio | $1423249 | $640616 |
| Fidelity VIP Overseas Portfolio | $2384663 | $1634292 |
| Fidelity VIP Value Strategies Portfolio | $100513 | $105419 |
| Franklin Templeton VIP Foreign Securities | $345229 | $366601 |
| Franklin Templeton VIP Global Real Estate | $138186 | $95125 |
| Franklin Templeton VIP Mutual Global Discovery Securities | $347414 | $92573 |
| Franklin Templeton VIP Mutual Shares Securities | $155850 | $60097 |
| Franklin Templeton VIP Small Cap Value | $224042 | $101055 |
| Franklin Templeton VIP Small-Midcap Growth II | $165709 | $198414 |
| Franklin Templeton VIP US Government | $134113 | $135609 |
| Invesco I.O.V.I Global Strategic Income Fund | $58307 | $56239 |
| Invesco I.O.V.I Main Street Small Cap Fund | $60063 | $40855 |
| Invesco V.I . Equity and Income Fund | $289385 | $37618 |
| Invesco V.I. Discovery Mid Cap Growth Fund | $467836 | $139976 |
| Invesco V.I. Health Care Fund | $456465 | $370009 |
| Invesco V.I. Technology Fund | $656388 | $560396 |
| LVIP American Century Disciplined Core Value Fund | $315210 | $392973 |
| LVIP American Century Inflation Protection Fund | $226821 | $232292 |
| LVIP American Century International Fund | $662862 | $722031 |

---

(1) On December 31, 2025, the BNY Mellon Opportunistic Small Cap Portfolio was renamed to the BNY Mellon VIF Small Cap Portfolio.

**NATIONAL VARIABLE LIFE INSURANCE ACCOUNT**

**(A Separate Account of National Life Insurance Company)**

**NOTES TO THE FINANCIAL STATEMENTS<br> DECEMBER 31, 2025**

**NOTE 5 – PURCHASES AND SALES OF PORTFOLIO SHARES**

---

| | | |
|:---|:---|:---|
| <br>**Portfolio** |<br>**Purchases** | **Sales**<br>**Proceeds** |
| LVIP American Century Ultra Fund | $43983 | $30953 |
| LVIP American Century Value Fund | $2328622 | $1760827 |
| LVIP JPMorgan Small Cap Core Fund - Standard Class | $317791 | $249053 |
| Morgan Stanley VIF Emerging Markets Equity Portfolio | $51649 | $60971 |
| Neuberger Berman Quality Equity Portfolio Class I (2) | $342726 | $315319 |
| Neuberger Berman Trust Mid Cap Growth Class S | $167440 | $166771 |
| Neuberger Berman Trust Mid Cap Growth Portfolio | $204982 | $189424 |
| Neuberger Berman Trust Short Duration Bond Portfolio | $480476 | $393457 |
| T Rowe Price Blue Chip Growth Portfolio | $625455 | $826256 |
| T Rowe Price Equity Income Portfolio | $1220760 | $614379 |
| T Rowe Price Health Sciences Portfolio | $373837 | $265294 |
| T Rowe Price Moderate Allocation | $200693 | $78536 |
| Touchstone TVST Balanced | $974332 | $942625 |
| Touchstone TVST Bond | $926274 | $868982 |
| Touchstone TVST Common Stock | $9090464 | $7884407 |
| Touchstone TVST Small Company | $6598954 | $3435427 |
| Van Eck VIPT Emerging Markets | $186818 | $293029 |
| Van Eck VIPT Global Resources Fund | $223971 | $278742 |
| Van Eck VIPT Unconstrained Emerging Markets | $159087 | $203187 |

---

(2) On July 28, 2025, the Neuberger Berman Trust Sustainable Equity Portfolio was renamed to the Neuberger Berman Quality Equity Portfolio Class I.

**NATIONAL VARIABLE LIFE INSURANCE ACCOUNT**

**(A Separate Account of National Life Insurance Company)**

**NOTES TO THE FINANCIAL STATEMENTS<br> DECEMBER 31, 2025**

**NOTE 6 – CHANGES IN UNITS**

Changes in units in the portfolios for the year ended December 31, 2025 are set forth below:

---

| |
|:---|
| VT = VariTrak Product |
| V2 = Investor Select Product |
| EP = Estate Provider Product |
| BP = Benefit Provider Product |

---

---

| | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Units Issued, Transferred and Redeemed: | **Beginning balance:** | **Beginning balance:** | **Beginning balance:** | **Beginning balance:** | **Units Issued** | **Units Issued** | **Units Issued** | **Units Issued** | **Units Transferred** | **Units Transferred** | **Units Transferred** | **Units Transferred** | **Units redeemed** | **Units redeemed** | **Units redeemed** | **Units redeemed** | **Ending balance** | **Ending balance** | **Ending balance** | **Ending balance** |
|  | **VT** | **V2** | **EP** | **BP** | **VT** | **V2** | **EP** | **BP** | **VT** | **V2** | **EP** | **BP** | **VT** | **V2** | **EP** | **BP** | **VT** | **V2** | **EP** | **BP** |
| AB VPS Discovery Value Portfolio Class A | 26468.60 | 2845.83 | 1849.70 |  | 869.93 | 131.78 | 26.51 |  | 2801.15 | 279.82 | 215.01 |  | (2907.19) | (27.98) | (57.81) |  | 27232.49 | 3229.45 | 2033.41 |  |
| AB VPS International Value Fund | 120915.77 | 19575.56 | 8093.06 |  | 3327.39 | 645.34 | 104.81 |  | (10989.51) | (1473.96) | (826.57) |  | (11264.04) | (285.89) | (241.65) |  | 101989.61 | 18461.05 | 7129.65 |  |
| AB VPS Relative Value Portfolio | 4784.29 | 806.08 |  |  | 744.11 | 84.75 |  |  | 288.97 | 52.61 |  |  | (255.57) | (164.16) |  |  | 5561.80 | 779.28 |  |  |
| Alger Capital Appreciation Fund | 39424.63 | 1491.89 | 1012.03 | 6950.84 | 741.63 | 213.26 | 6.44 | 343.02 | (1666.01) | (78.35) |  |  | (5488.46) | (347.66) | (9.20) | (24.26) | 33011.79 | 1279.14 | 1009.27 | 7269.60 |
| Alger Large Cap Growth Fund | 195343.06 | 7005.72 | 16193.80 | 2778.28 | 3810.61 | 400.74 | 201.62 | 101.45 | (15067.15) | (979.98) | (1647.19) |  | (13370.22) | (64.91) | (180.71) | (217.83) | 170716.30 | 6361.57 | 14567.52 | 2661.90 |
| Alger Small Cap Growth Fund | 173644.54 | 410.80 | 169.73 | 734.09 | 8547.95 | 185.88 | 0.57 | 82.31 | 8496.31 | 5.02 |  |  | (14693.24) | (20.22) | (0.50) | (5.47) | 175995.56 | 581.48 | 169.80 | 810.93 |
| Allspring VT Discovery SMID Cap Growth Fund | 120881.77 |  | 7214.73 | 428.66 | 3026.52 |  | 39.77 | 9.78 | (4537.12) |  |  |  | (5790.51) |  | (242.53) | (1.93) | 113580.66 |  | 7011.97 | 436.51 |
| Allspring VT Opportunity Fund | 40773.94 |  | 10575.08 | 2036.36 | 914.65 |  | 118.34 |  | 576.50 |  | 41.02 |  | (2629.85) |  | (19.17) | (30.27) | 39635.24 |  | 10715.27 | 2006.09 |
| BNY Mellon Appreciation Portfolio | 16702.25 |  | 1160.02 |  | 703.16 |  |  |  | 258.39 |  | 31.43 |  | (3037.18) |  | 5.82 |  | 14626.62 |  | 1197.27 |  |
| BNY Mellon Sustainable U.S. Equity Portfolio, Inc. | 11951.82 |  | 27.50 |  | 267.26 |  |  |  | (156.25) |  |  |  | (709.69) |  | (2.67) |  | 11353.14 |  | 24.83 |  |
| BNY Mellon VIF Small Cap Portfolio (1) | 9165.78 |  |  |  | 494.72 |  |  |  | 390.43 |  |  |  | (257.10) |  |  |  | 9793.83 |  |  |  |
| DWS Equity 500 Index VIP Fund |  |  |  | 23286.22 |  |  |  | 49.02 |  |  |  | (3013.15) |  |  |  | (1697.87) |  |  |  | 18624.22 |
| DWS Small Cap Index Fund | 15571.88 | 1586.21 |  | 2120.37 | 356.49 | 41.62 |  |  | 259.26 | 48.54 |  | (631.67) | (352.57) | (383.64) |  | (4.96) | 15835.06 | 1292.73 |  | 1483.74 |
| DWS Small Mid Cap Value Portfolio | 57473.41 | 4726.14 | 5133.88 |  | 1722.12 | 201.14 | 78.10 |  | 644.14 | (94.78) | 126.67 |  | (4029.22) | (556.13) | (96.03) |  | 55810.45 | 4276.37 | 5242.62 |  |
| Fidelity VIP Contrafund Class 2 Portfolio | 140812.77 | 4453.53 | 26450.66 |  | 2581.95 | 101.36 | 236.81 |  | (2004.62) | 26.48 | (668.83) |  | (8564.80) | (335.34) | (441.02) |  | 132825.30 | 4246.03 | 25577.62 |  |
| Fidelity VIP Equity Income Portfolio | 85000.51 | 436.01 | 1087.55 |  | 1904.31 | 28.45 | 17.54 |  | 2253.92 | 156.56 | (14.16) |  | (5281.52) | (18.75) | (37.14) |  | 83877.22 | 602.27 | 1053.79 |  |
| Fidelity VIP Government Money Market Portfolio | 542457.53 | 19037.01 | 89831.33 | 108153.32 | 47149.36 | 2023.74 | 1741.94 |  | (20449.89) | 9519.96 | 5646.54 | 318940.59 | (120693.51) | (10896.73) | (4368.74) | (194434.32) | 448463.49 | 19683.98 | 92851.07 | 232659.59 |
| Fidelity VIP Growth Portfolio | 97932.59 | 507.07 | 26468.51 |  | 1437.48 | 14.37 | 277.53 |  | (367.36) | (4.32) | (82.37) |  | (6588.31) | (298.97) | (518.40) |  | 92414.40 | 218.15 | 26145.27 |  |
| Fidelity VIP High Income Portfolio | 64738.90 | 975.38 | 19268.36 |  | 2403.70 | 58.56 | 245.50 |  | 854.72 | 5.92 | 429.71 |  | (4199.85) | (39.42) | (218.82) |  | 63797.47 | 1000.44 | 19724.75 |  |
| Fidelity VIP Index 500 II Portfolio | 375669.98 | 38757.38 | 200919.38 |  | 5769.62 | 382.29 | 1490.13 |  | (1175.21) | (81.54) | (1184.37) |  | (20995.52) | (1108.83) | (4342.78) |  | 359268.87 | 37949.30 | 196882.36 |  |
| Fidelity VIP Investment Grade Bond Portfolio | 224705.16 | 4416.86 | 33306.59 | 1242993.37 | 32066.14 | 125.80 | 892.19 | 15140.58 | 19193.11 | 480.10 | 1517.24 | 99634.93 | (51509.96) | (236.70) | (580.71) | (48443.82) | 224454.45 | 4786.06 | 35135.31 | 1309325.06 |
| Fidelity VIP Mid Cap Class 2 Portfolio | 75466.79 | 3591.67 | 6631.04 |  | 1724.88 | 67.07 | 102.44 |  | 1584.11 | 81.77 | 2736.29 |  | (3800.39) | (188.07) | (170.33) |  | 74975.39 | 3552.44 | 9299.44 |  |
| Fidelity VIP Overseas Portfolio | 160486.35 | 11970.79 | 14382.40 | 263478.66 | 4031.55 | 253.58 | 99.25 | 2582.85 | 964.59 | (57.01) | (59.64) | (23592.19) | (9365.79) | (476.78) | (354.50) | (7413.56) | 156116.70 | 11690.58 | 14067.51 | 235055.76 |
| Fidelity VIP Value Strategies Portfolio | 6615.72 | 584.34 | 1546.69 |  | 93.16 | 45.15 | 68.74 |  | (381.99) | 42.64 |  |  | (163.36) | (11.74) | (130.68) |  | 6163.53 | 660.39 | 1484.75 |  |
| Franklin Templeton VIP Foreign Securities | 77178.44 | 2222.73 | 10342.90 |  | 2606.58 | 86.07 | 133.18 |  | (2281.99) | 4.27 | 35.81 |  | (8335.36) | (42.60) | (178.51) |  | 69167.67 | 2270.47 | 10333.38 |  |
| Franklin Templeton VIP Global Real Estate | 52345.38 |  | 537.10 |  | 2147.61 |  |  |  | 3044.31 |  | 84.61 |  | (3326.97) |  | (0.10) |  | 54210.33 |  | 621.61 |  |
| Franklin Templeton VIP Mutual Global Discovery Securities | 10473.69 | 593.17 |  |  | 218.68 | 36.30 |  |  | 6617.26 | 6.23 |  |  | (1660.81) | (8.66) |  |  | 15648.82 | 627.04 |  |  |
| Franklin Templeton VIP Mutual Shares Securities | 19897.22 | 1915.37 | 4096.07 |  | 677.39 | 62.56 | 25.15 |  | 321.00 | 18.77 |  |  | (1182.55) | 5.16 | (32.97) |  | 19713.06 | 2001.86 | 4088.25 |  |

---

(1) On December 31, 2025, the BNY Mellon
 Opportunistic Small Cap Portfolio was renamed to the BNY Mellon VIF Small Cap Portfolio.

**NATIONAL VARIABLE LIFE INSURANCE ACCOUNT**

**(A Separate Account of National Life Insurance Company)**

**NOTES TO THE FINANCIAL STATEMENTS<br> DECEMBER 31, 2025**

**NOTE 6 – CHANGES IN UNITS**

---

| |
|:---|
| VT = VariTrak Product |
| V2 = Investor Select Product |
| EP = Estate Provider Product |
| BP = Benefit Provider Product |

---

---

| | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Units Issued, Transferred and Redeemed: | **Beginning balance:** | **Beginning balance:** | **Beginning balance:** | **Beginning balance:** | **Units Issued** | **Units Issued** | **Units Issued** | **Units Issued** | **Units Transferred** | **Units Transferred** | **Units Transferred** | **Units Transferred** | **Units redeemed** | **Units redeemed** | **Units redeemed** | **Units redeemed** | **Ending balance** | **Ending balance** | **Ending balance** | **Ending balance** |
|  | **VT** | **V2** | **EP** | **BP** | **VT** | **V2** | **EP** | **BP** | **VT** | **V2** | **EP** | **BP** | **VT** | **V2** | **EP** | **BP** | **VT** | **V2** | **EP** | **BP** |
| Franklin Templeton VIP Small Cap Value | 18048.87 | 1379.48 | 2939.29 |  | 838.45 | 107.75 | 9.42 |  | 575.70 | 57.72 | 10.80 |  | (1071.37) | (11.05) | (15.82) |  | 18391.65 | 1533.90 | 2943.69 |  |
| Franklin Templeton VIP Small-Midcap Growth II | 5786.18 | 1403.90 |  |  | 199.95 | 54.79 |  |  | 256.45 | 31.76 |  |  | (1220.76) | (279.70) |  |  | 5021.82 | 1210.75 |  |  |
| Franklin Templeton VIP US Government | 23071.24 | 1620.14 | 2037.26 |  | 1745.65 | 56.33 | 159.96 |  | 7488.89 | 62.90 | 52.82 |  | (10021.34) | (91.93) | (266.80) |  | 22284.44 | 1647.44 | 1983.24 |  |
| Invesco I.O.V.I Global Strategic Income Fund | 28110.17 | 3094.66 |  |  | 897.97 | 123.93 |  |  | 72.87 | 87.71 |  |  | (2413.30) | (31.40) |  |  | 26667.71 | 3274.90 |  |  |
| Invesco I.O.V.I Main Street Small Cap Fund | 2763.45 | 575.38 |  |  | 334.30 | 56.35 |  |  | 1174.62 | 37.52 |  |  | (732.82) | (194.42) |  |  | 3539.55 | 474.83 |  |  |
| Invesco V.I . Equity and Income Fund | 15932.81 | 1147.23 |  |  | 934.51 | 80.35 |  |  | 21916.93 | 54.21 |  |  | (2822.24) | (13.61) |  |  | 35962.01 | 1268.18 |  |  |
| Invesco V.I. Discovery Mid Cap Growth Fund | 69269.66 |  |  | 163.74 | 1779.02 |  |  |  | 15917.33 |  |  |  | (4345.19) |  |  | (1.09) | 82620.82 |  |  | 162.65 |
| Invesco V.I. Health Care Fund | 76213.64 |  | 3744.21 | 5017.88 | 1238.58 |  | 62.73 |  | 2015.78 |  | (41.27) |  | (3391.23) |  | (101.35) | (18.24) | 76076.77 |  | 3664.32 | 4999.64 |
| Invesco V.I. Technology Fund | 123722.69 |  | 5257.65 | 15524.13 | 2544.83 |  | 38.19 |  | (1015.99) |  | (100.47) | (7436.94) | (9253.51) |  | (16.34) | (35.39) | 115998.02 |  | 5179.03 | 8051.80 |
| LVIP American Century Disciplined Core Value Fund | 362133.72 |  | 27951.31 | 733.93 | 10945.91 |  | 87.77 | 346.29 | 3681.91 |  | 69.68 |  | (24652.29) |  | (1145.97) | (5.02) | 352109.25 |  | 26962.79 | 1075.20 |
| LVIP American Century Inflation Protection Fund | 82989.29 | 3023.56 | 18217.95 | 9859.58 | 5521.22 | 319.23 | 433.64 |  | 2050.46 | 176.32 | 108.79 |  | (16211.52) | (172.24) | (255.21) | (84.43) | 74349.45 | 3346.87 | 18505.17 | 9775.15 |
| LVIP American Century International Fund | 409961.91 | 36737.69 | 42164.04 |  | 12433.08 | 1396.46 | 554.74 |  | 13303.79 | 1516.49 | 1485.84 |  | (31859.48) | (5927.37) | (560.02) |  | 403839.30 | 33723.27 | 43644.60 |  |
| LVIP American Century Ultra Fund | 22634.01 |  | 6489.15 |  | 551.00 |  |  |  | (619.91) |  | (299.11) |  | (806.58) |  | 30.45 |  | 21758.52 |  | 6220.49 |  |
| LVIP American Century Value Fund | 741356.91 | 13502.41 | 77069.23 | 69790.79 | 19135.80 | 2240.76 | 529.80 | 8868.37 | 6150.10 | 6.38 | (6070.00) | (12.15) | (50213.65) | (235.91) | (1698.44) | (5120.35) | 716429.16 | 15513.64 | 69830.59 | 73526.66 |
| LVIP JPMorgan Small Cap Core Fund - Standard Class | 90702.67 |  | 22522.74 |  | 1746.38 |  | 257.40 |  | 49.97 |  | 1198.52 |  | (4681.24) |  | (1795.81) |  | 87817.78 |  | 22182.85 |  |
| Morgan Stanley VIF Emerging Markets Equity Portfolio |  |  |  | 142609.40 |  |  |  | 1721.47 |  |  |  | (4325.79) |  |  |  | (4489.88) |  |  |  | 135515.20 |
| Neuberger Berman Quality Equity Portfolio Class I (2) | 38482.57 | 479.89 | 6849.12 | 4825.11 | 827.88 | 32.38 | 62.97 | 101.00 | 20.46 | (1.50) | (156.13) |  | (2677.56) | (24.41) | (178.40) | (21.58) | 36653.35 | 486.36 | 6577.56 | 4904.53 |
| Neuberger Berman Trust Mid Cap Growth Class S | 23852.67 |  | 8675.54 |  | 840.78 |  | 92.46 |  | (1238.91) |  | (369.37) |  | (3570.71) |  | (108.27) |  | 19883.83 |  | 8290.36 |  |
| Neuberger Berman Trust Mid Cap Growth Portfolio | 9094.61 | 2337.71 |  |  | 124.80 | 120.20 |  |  | (106.04) | (64.97) |  |  | (615.82) | (467.39) |  |  | 8497.55 | 1925.55 |  |  |
| Neuberger Berman Trust Short Duration Bond Portfolio | 172250.04 | 3825.49 | 20538.49 |  | 6328.02 | 157.07 | 919.80 |  | 12423.20 | 315.87 | 1162.88 |  | (22022.98) | (233.36) | (1592.67) |  | 168978.28 | 4065.07 | 21028.50 |  |
| T Rowe Price Blue Chip Growth Portfolio | 37018.83 | 2854.66 | 3256.15 |  | 941.45 | 162.31 | 37.66 |  | (2136.36) | (327.42) | (82.91) |  | (3497.04) | (374.87) | (66.77) |  | 32326.88 | 2314.68 | 3144.13 |  |
| T Rowe Price Equity Income Portfolio | 111236.71 | 5001.98 | 17157.10 |  | 3937.74 | 247.91 | 247.24 |  | 6647.61 | 207.94 | 627.84 |  | (11891.98) | (68.09) | (437.90) |  | 109930.08 | 5389.74 | 17594.28 |  |
| T Rowe Price Health Sciences Portfolio | 26699.68 | 719.11 | 1240.18 |  | 1322.21 | 27.21 | 13.65 |  | 1807.63 | 44.36 | 59.38 |  | (2839.23) | (17.51) | (48.80) |  | 26990.29 | 773.17 | 1264.41 |  |
| T Rowe Price Moderate Allocation | 42819.03 | 510.96 |  |  | 1872.70 | 23.33 |  |  | 122.25 | 26.96 |  |  | (1415.42) | (4.38) |  |  | 43398.56 | 556.87 |  |  |
| Touchstone TVST Balanced | 113245.88 | 3264.49 | 8268.11 |  | 2654.62 | 153.09 | 733.29 |  | 1239.89 | (104.30) | (158.13) |  | (7406.12) | (1209.06) | (601.34) |  | 109734.27 | 2104.22 | 8241.93 |  |
| Touchstone TVST Bond | 197436.57 | 4802.99 | 28753.08 |  | 7570.41 | 228.55 | 518.13 |  | 10548.72 | 403.67 | 1165.15 |  | (25185.47) | (233.24) | (757.59) |  | 190370.23 | 5201.97 | 29678.77 |  |
| Touchstone TVST Common Stock | 320408.34 | 8309.82 | 18085.67 | 73406.97 | 7091.83 | 175.56 | 246.57 | 383.41 | (3812.88) | (59.32) | (320.12) | (2451.86) | (40007.69) | (128.09) | (471.34) | (4725.23) | 283679.60 | 8297.97 | 17540.78 | 66613.29 |
| Touchstone TVST Small Company | 152764.48 | 7825.30 | 19675.16 | 13141.12 | 4280.98 | 275.73 | 535.25 |  | 2473.87 | 303.42 | (324.15) | 0.92 | (11552.73) | (31.80) | (239.23) | (1170.29) | 147966.60 | 8372.65 | 19647.03 | 11971.75 |
| Van Eck VIPT Emerging Markets | 43390.57 | 9353.04 | 5078.42 |  | 1213.00 | 85.14 | 93.46 |  | (299.87) | 12.83 | (116.09) |  | (3477.75) | (128.86) | (193.67) |  | 40825.95 | 9322.15 | 4862.12 |  |
| Van Eck VIPT Global Resources Fund | 78617.30 | 6147.70 | 4331.00 |  | 2687.36 | 568.88 | 57.54 |  | 1607.09 | (126.66) | (83.25) |  | (9087.49) | (136.78) | (101.26) |  | 73824.26 | 6453.14 | 4204.03 |  |
| Van Eck VIPT Unconstrained Emerging Markets | 60960.31 | 2008.46 | 8418.17 |  | 2362.18 | 102.85 | 215.20 |  | 594.25 | 107.05 | (14.76) |  | (9287.12) | (100.12) | (249.60) |  | 54629.62 | 2118.24 | 8369.01 |  |

---

(2) On
 July 28, 2025, the Neuberger Berman Trust Sustainable Equity Portfolio Class I
 was renamed to the Neuberger Berman Quality Equity Portfolio Class I.

**NATIONAL VARIABLE LIFE INSURANCE ACCOUNT**

**(A Separate Account of National Life Insurance Company)**

**NOTES TO THE FINANCIAL STATEMENTS<br> DECEMBER 31, 2025**

**NOTE 6 – CHANGES IN UNITS**

Changes in units in the portfolios for the year ended December 31, 2024 are set forth below:

---

| |
|:---|
| VT = VariTrak Product |
| V2 = Investor Select Product |
| EP = Estate Provider Product |
| BP = Benefit Provider Product |

---

---

| | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Units Issued, Transferred and Redeemed: | **Beginning balance:** | **Beginning balance:** | **Beginning balance:** | **Beginning balance:** | **Units Issued** | **Units Issued** | **Units Issued** | **Units Issued** | **Units Transferred** | **Units Transferred** | **Units Transferred** | **Units Transferred** | **Units redeemed** | **Units redeemed** | **Units redeemed** | **Units redeemed** | **Ending balance** | **Ending balance** | **Ending balance** | **Ending balance** |
|  | **VT** | **V2** | **EP** | **BP** | **VT** | **V2** | **EP** | **BP** | **VT** | **V2** | **EP** | **BP** | **VT** | **V2** | **EP** | **BP** | **VT** | **V2** | **EP** | **BP** |
| AB VPS Discovery Value Portfolio Class A | 28332.99 | 2719.24 | 1884.27 |  | 963.51 | 138.45 | 45.19 |  | (874.40) | 24.44 | (11.44) |  | (1953.50) | (36.30) | (68.32) |  | 26468.60 | 2845.83 | 1849.70 |  |
| AB VPS International Value Fund | 115925.10 | 18260.33 | 7697.24 |  | 4515.04 | 897.49 | 157.39 |  | 9538.42 | 759.43 | 473.18 |  | (9062.79) | (341.69) | (234.75) |  | 120915.77 | 19575.56 | 8093.06 |  |
| AB VPS Relative Value Portfolio | 4617.29 | 776.26 |  |  | 192.68 | 81.78 |  |  | 143.52 | 28.78 |  |  | (169.20) | (80.74) |  |  | 4784.29 | 806.08 |  |  |
| AB VPS Sustainable International Thematic Portfolio (1) | 7379.87 | 3130.19 | 1620.91 |  | 56.37 | 33.04 | 10.78 |  | (7369.19) | (3108.95) | (1625.38) |  | (67.05) | (54.28) | (6.31) |  |  |  |  |  |
| Alger Capital Appreciation Fund | 45620.93 | 1595.10 | 1015.43 | 6930.58 | 1105.92 | 59.18 | 76.29 | 53.60 | (2764.16) | (117.14) |  |  | (4538.06) | (45.25) | (79.69) | (33.34) | 39424.63 | 1491.89 | 1012.03 | 6950.84 |
| Alger Large Cap Growth Fund | 216163.54 | 7109.25 | 17988.29 | 2802.85 | 5282.82 | 247.06 | 319.34 | 0.98 | (12833.23) | (271.58) | (1885.25) |  | (13270.07) | (79.01) | (228.58) | (25.55) | 195343.06 | 7005.72 | 16193.80 | 2778.28 |
| Alger Small Cap Growth Fund | 179098.18 | 439.59 | 169.66 | 729.83 | 5489.56 | 13.65 | 0.52 | 10.27 | 1164.95 | 3.09 |  |  | (12108.15) | (45.53) | (0.45) | (6.01) | 173644.54 | 410.80 | 169.73 | 734.09 |
| Allspring VT Discovery SMID Cap Growth Fund | 127538.05 |  | 7744.39 | 423.35 | 3311.06 |  | 41.32 | 7.23 | (1540.05) |  | (56.15) |  | (8427.29) |  | (514.83) | (1.92) | 120881.77 |  | 7214.73 | 428.66 |
| Allspring VT Opportunity Fund | 46720.61 |  | 10816.85 | 7767.16 | 1143.60 |  | 188.53 |  | (1108.65) |  | (82.59) | (5525.48) | (5981.62) |  | (347.71) | (205.32) | 40773.94 |  | 10575.08 | 2036.36 |
| American Century VP Disciplined Core Value Fund (2) | 96048.93 |  | 6349.84 | 249.41 | 1014.02 |  | 0.64 |  | (93728.55) |  | (5731.75) | (248.73) | (3334.40) |  | (618.73) | (0.68) |  |  |  |  |
| American Century VP Inflation Protection Portfolio I (3) | 53880.64 | 1974.22 | 9708.91 |  | 1144.15 | 53.62 | 9.77 |  | (53064.58) | (1996.93) | (9659.48) |  | (1960.21) | (30.91) | (59.20) |  |  |  |  |  |
| American Century VP Inflation Protection Portfolio II (3) |  |  |  | 55313.52 |  |  |  |  |  |  |  | (55117.41) |  |  |  | (196.11) |  |  |  |  |
| American Century VP International Portfolio (4) | 155092.12 | 10318.64 | 12981.92 |  | 1814.45 | 154.50 | 122.38 |  | (154766.87) | (10441.06) | (13048.41) |  | (2139.70) | (32.08) | (55.89) |  |  |  |  |  |
| American Century VP Ultra Portfolio (5) | 2759.12 |  | 948.30 |  | 25.89 |  |  |  | (2779.35) |  | (949.75) |  | (5.66) |  | 1.45 |  |  |  |  |  |
| American Century VP Value Portfolio (6) | 131055.75 | 2684.19 | 11164.57 | 16868.20 | 1231.07 | 32.51 | 37.68 |  | (129423.19) | (2686.53) | (10716.48) | (16347.93) | (2863.63) | (30.17) | (485.77) | (520.27) |  |  |  |  |
| BNY Mellon Appreciation Portfolio | 17116.86 |  | 1171.99 |  | 797.47 |  |  |  | 18.83 |  | (17.61) |  | (1230.91) |  | 5.64 |  | 16702.25 |  | 1160.02 |  |
| BNY Mellon Opportunistic Small Cap Portfolio (7) | 9041.17 |  |  |  | 742.79 |  |  |  | 501.50 |  |  |  | (1119.68) |  |  |  | 9165.78 |  |  |  |
| BNY Mellon Sustainable U.S. Equity Portfolio, Inc. | 12319.82 |  | 30.96 |  | 345.36 |  |  |  | (203.43) |  |  |  | (509.93) |  | (3.46) |  | 11951.82 |  | 27.50 |  |
| DWS CROCI® US VIP (8) | 17714.07 |  | 203.34 |  | 117.69 |  | 2.46 |  | (17582.49) |  | (205.23) |  | (249.27) |  | (0.57) |  |  |  |  |  |
| DWS Equity 500 Index VIP Fund |  |  |  | 23065.50 |  |  |  | 139.49 |  |  |  | (44.46) |  |  |  | 125.69 |  |  |  | 23286.22 |
| DWS Small Cap Index Fund | 15264.55 | 1535.97 |  | 4812.84 | 372.08 | 97.08 |  |  | 290.87 | (22.90) |  | (2596.94) | (355.62) | (23.94) |  | (95.53) | 15571.88 | 1586.21 |  | 2120.37 |
| DWS Small Mid Cap Value Portfolio | 58876.08 | 4603.77 | 4999.07 |  | 2199.50 | 398.98 | 85.01 |  | 626.31 | (105.89) | 121.12 |  | (4228.48) | (170.72) | (71.32) |  | 57473.41 | 4726.14 | 5133.88 |  |
| Fidelity VIP Contrafund Class 2 Portfolio | 153690.27 | 4189.57 | 27623.84 |  | 3271.00 | 140.05 | 260.77 |  | (3941.21) | 181.40 | (900.07) |  | (12207.29) | (57.49) | (533.88) |  | 140812.77 | 4453.53 | 26450.66 |  |
| Fidelity VIP Equity Income Portfolio | 88047.56 | 441.67 | 1112.00 |  | 1947.44 | 20.14 | 19.00 |  | 613.11 | (7.57) | (8.48) |  | (5607.60) | (18.23) | (34.97) |  | 85000.51 | 436.01 | 1087.55 |  |
| Fidelity VIP Government Money Market Portfolio | 521128.80 | 13074.79 | 81922.12 | 1999035.90 | 43339.32 | 1932.42 | 1780.39 |  | 115248.46 | 14560.97 | 10665.73 | (1724409.16) | (137259.05) | (10531.17) | (4536.91) | (166473.42) | 542457.53 | 19037.01 | 89831.33 | 108153.32 |
| Fidelity VIP Growth Portfolio | 106456.45 | 534.57 | 27860.81 |  | 1653.50 | 28.52 | 318.57 |  | (2164.80) | (45.57) | (777.40) |  | (8012.56) | (10.45) | (933.47) |  | 97932.59 | 507.07 | 26468.51 |  |
| Fidelity VIP High Income Portfolio | 65879.90 | 1053.49 | 18756.93 |  | 2411.96 | 67.45 | 303.68 |  | 2539.80 | (191.66) | 1178.91 |  | (6092.76) | 46.10 | (971.16) |  | 64738.90 | 975.38 | 19268.36 |  |
| Fidelity VIP Index 500 II Portfolio | 391623.93 | 39508.96 | 205239.75 |  | 7356.36 | 504.64 | 3569.84 |  | (960.98) | (147.24) | (1310.49) |  | (22349.33) | (1108.98) | (6579.72) |  | 375669.98 | 38757.38 | 200919.38 |  |

---

(1) On April 16, 2024, the AB VPS Sustainable International Thematic Portfolio was liquidated. (2) On April 26, 2024, the American Century VP Disciplined Core Value Fund merged into Lincoln LVIP American Century Disciplined Core Value Fund.

(3) On April 26, 2024, the American Century VP Inflation Protection Portfolio I and American Century VP Inflation Protection Portfolio II merged into Lincoln LVIP American Century Inflation Protection Fund.

(4) On April 26, 2024, the American Century VP International Portfolio merged into Lincoln LVIP American Century International Fund.

(5) On April 26, 2024, the American Century VP Ultra Portfolio merged into Lincoln LVIP American Century Ultra Fund.

(6) On April 26, 2024, the American Century VP Value Portfolio merged into Lincoln LVIP American Century Value Fund.

(7) On December 31, 2025, the BNY Mellon Opportunistic Small Cap Portfolio was renamed to the BNY Mellon VIF Small Cap Portfolio.

(8) On June 17, 2024, the DWS CROCI® US VIP was liquidated.

**NATIONAL VARIABLE LIFE INSURANCE ACCOUNT**

**(A Separate Account of National Life Insurance Company)**

**NOTES TO THE FINANCIAL STATEMENTS<br> DECEMBER 31, 2025**

**NOTE 6 – CHANGES IN UNITS**

---

| |
|:---|
| VT = VariTrak Product |
| V2 = Investor Select Product |
| EP = Estate Provider Product |
| BP = Benefit Provider Product |

---

---

| | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Units Issued, Transferred and Redeemed: | **Beginning balance:** | **Beginning balance:** | **Beginning balance:** | **Beginning balance:** | **Units Issued** | **Units Issued** | **Units Issued** | **Units Issued** | **Units Transferred** | **Units Transferred** | **Units Transferred** | **Units Transferred** | **Units redeemed** | **Units redeemed** | **Units redeemed** | **Units redeemed** | **Ending balance** | **Ending balance** | **Ending balance** | **Ending balance** |
|  | **VT** | **V2** | **EP** | **BP** | **VT** | **V2** | **EP** | **BP** | **VT** | **V2** | **EP** | **BP** | **VT** | **V2** | **EP** | **BP** | **VT** | **V2** | **EP** | **BP** |
| Fidelity VIP Investment Grade Bond Portfolio | 219157.33 | 3740.21 | 30586.21 | 67481.33 | 16562.73 | 132.40 | 892.91 | 12159.44 | 11601.51 | 761.37 | 2361.64 | 1169006.47 | (22616.41) | (217.12) | (534.17) | (5653.87) | 224705.16 | 4416.86 | 33306.59 | 1242993.37 |
| Fidelity VIP Mid Cap Class 2 Portfolio | 80643.66 | 3615.95 | 6790.42 |  | 2529.40 | 195.25 | 70.29 |  | (1168.73) | (157.44) | (74.39) |  | (6537.54) | (62.09) | (155.28) |  | 75466.79 | 3591.67 | 6631.04 |  |
| Fidelity VIP Overseas Portfolio | 163696.04 | 11725.67 | 14980.23 | 419389.70 | 5119.62 | 386.00 | 120.80 | 2412.77 | 3373.26 | 95.04 | 244.10 | (145636.93) | (11702.57) | (235.92) | (962.73) | (12686.88) | 160486.35 | 11970.79 | 14382.40 | 263478.66 |
| Fidelity VIP Value Strategies Portfolio | 6250.30 | 572.54 | 1657.30 |  | 127.41 | 41.46 | 102.79 |  | 481.41 | (16.76) | (70.09) |  | (243.40) | (12.90) | (143.31) |  | 6615.72 | 584.34 | 1546.69 |  |
| Franklin Templeton VIP Foreign Securities | 74310.48 | 1277.62 | 10014.51 |  | 3487.89 | 105.62 | 114.40 |  | 5758.45 | 869.83 | 312.84 |  | (6378.38) | (30.34) | (98.85) |  | 77178.44 | 2222.73 | 10342.90 |  |
| Franklin Templeton VIP Global Real Estate | 51192.68 |  | 531.38 |  | 2881.97 |  |  |  | 2173.37 |  | 5.67 |  | (3902.64) |  | 0.05 |  | 52345.38 |  | 537.10 |  |
| Franklin Templeton VIP Mutual Global Discovery Securities | 10403.79 | 518.60 | 116.08 |  | 290.20 | 36.34 |  |  | 187.47 | 48.70 | (114.72) |  | (407.77) | (10.47) | (1.36) |  | 10473.69 | 593.17 |  |  |
| Franklin Templeton VIP Mutual Shares Securities | 20708.18 | 1777.54 | 4102.55 |  | 733.93 | 70.63 | 12.30 |  | (314.48) | 69.22 |  |  | (1230.41) | (2.02) | (18.78) |  | 19897.22 | 1915.37 | 4096.07 |  |
| Franklin Templeton VIP Small Cap Value | 18623.77 | 1311.49 | 2948.56 |  | 699.60 | 127.70 | 47.70 |  | 232.03 | (54.47) | 98.79 |  | (1506.53) | (5.24) | (155.76) |  | 18048.87 | 1379.48 | 2939.29 |  |
| Franklin Templeton VIP Small-Midcap Growth II | 6443.43 | 1373.42 |  |  | 248.17 | 224.00 |  |  | (123.39) | (97.01) |  |  | (782.03) | (96.51) |  |  | 5786.18 | 1403.90 |  |  |
| Franklin Templeton VIP US Government | 22585.64 | 1793.64 | 2159.49 |  | 2217.39 | 69.71 | 291.95 |  | 2120.38 | (144.63) | (70.21) |  | (3852.17) | (98.58) | (343.97) |  | 23071.24 | 1620.14 | 2037.26 |  |
| Invesco I.O.V.I Conservative Balanced Fund (9) | 11268.17 | 776.60 |  |  | 18.50 | 23.99 |  |  | (11167.39) | (794.67) |  |  | (119.28) | (5.92) |  |  |  |  |  |  |
| Invesco I.O.V.I Global Strategic Income Fund | 27343.98 | 2817.28 | 426.17 |  | 943.46 | 134.38 |  |  | 1958.84 | 165.92 | (421.08) |  | (2136.11) | (22.92) | (5.09) |  | 28110.17 | 3094.66 |  |  |
| Invesco I.O.V.I Main Street Small Cap Fund | 2760.79 | 556.55 |  |  | 2.14 | 55.21 |  |  | 3.57 | 8.93 |  |  | (3.05) | (45.31) |  |  | 2763.45 | 575.38 |  |  |
| Invesco V.I. Discovery Mid Cap Growth Fund | 75334.10 |  |  | 164.50 | 2189.16 |  |  |  | (1565.82) |  |  |  | (6687.78) |  |  | (0.76) | 69269.66 |  |  | 163.74 |
| Invesco V.I . Equity and Income Fund (9) |  |  |  |  | 123.94 | 62.05 |  |  | 16150.20 | 1098.57 |  |  | (341.33) | (13.39) |  |  | 15932.81 | 1147.23 |  |  |
| Invesco V.I. Health Care Fund | 77034.54 |  | 3886.57 | 5039.19 | 2457.98 |  | 101.04 |  | 1201.87 |  | (25.49) |  | (4480.75) |  | (217.91) | (21.31) | 76213.64 |  | 3744.21 | 5017.88 |
| Invesco V.I. Technology Fund | 129880.93 |  | 5605.98 | 15572.43 | 2901.80 |  | 59.26 |  | 148.38 |  | (182.19) |  | (9208.42) |  | (225.40) | (48.30) | 123722.69 |  | 5257.65 | 15524.13 |
| LVIP American Century Disciplined Core Value Fund (2) |  |  |  |  | 8445.06 |  | 118.62 |  | 380679.10 |  | 28485.03 | 737.75 | (26990.44) |  | (652.34) | (3.82) | 362133.72 |  | 27951.31 | 733.93 |
| LVIP American Century Inflation Protection Fund (3) |  |  |  |  | 4142.75 | 259.56 | 271.01 |  | 84541.08 | 2881.12 | 18132.96 | 9924.12 | (5694.54) | (117.12) | (186.02) | (64.54) | 82989.29 | 3023.56 | 18217.95 | 9859.58 |
| LVIP American Century International Fund (4) |  |  |  |  | 9639.89 | 1292.01 | 411.06 |  | 418478.45 | 35767.03 | 42125.09 |  | (18156.43) | (321.35) | (372.11) |  | 409961.91 | 36737.69 | 42164.04 |  |
| LVIP American Century Ultra Fund (5) |  |  |  |  | 553.48 |  |  |  | 22758.67 |  | 6464.48 |  | (678.14) |  | 24.67 |  | 22634.01 |  | 6489.15 |  |
| LVIP American Century Value Fund (6) |  |  |  |  | 14936.81 | 418.56 | 519.78 | 20.25 | 775372.04 | 13019.25 | 77827.69 | 75095.80 | (48951.94) | 64.60 | (1278.24) | (5325.26) | 741356.91 | 13502.41 | 77069.23 | 69790.79 |
| LVIP JPMorgan Small Cap Core Fund - Standard Class | 99653.56 |  | 23583.46 |  | 3248.73 |  | 245.53 |  | 754.94 |  | 175.03 |  | (12954.56) |  | (1481.28) |  | 90702.67 |  | 22522.74 |  |
| Morgan Stanley VIF Emerging Markets Equity Portfolio |  |  |  | 245409.67 |  |  |  | 1693.96 |  |  |  | (96392.51) |  |  |  | (8101.72) |  |  |  | 142609.40 |
| Morgan Stanley VIF U.S. Real Estate Portfolio (10) |  |  |  | 12397.86 |  |  |  |  |  |  |  | (12369.17) |  |  |  | (28.69) |  |  |  |  |
| Neuberger Berman Trust Mid Cap Growth Class S | 25898.98 |  | 8805.43 |  | 935.54 |  | 122.81 |  | (1317.97) |  | (132.54) |  | (1663.88) |  | (120.16) |  | 23852.67 |  | 8675.54 |  |
| Neuberger Berman Trust Mid Cap Growth Portfolio | 10564.70 | 2452.16 | 70.02 |  | 161.25 | 185.51 |  |  | (1107.06) | (225.00) | (69.28) |  | (524.28) | (74.96) | (0.74) |  | 9094.61 | 2337.71 |  |  |

---

---

| |
|:---|
| (2) On April 26, 2024, the American Century VP Disciplined Core Value Fund merged into Lincoln LVIP American Century Disciplined Core Value Fund. |
| (3) On April 26, 2024, the American Century VP Inflation Protection Portfolio I and American Century VP Inflation Protection Portfolio II merged into Lincoln LVIP American Century Inflation Protection Fund. |
| (4) On April 26, 2024, the American Century VP International Portfolio merged into Lincoln LVIP American Century International Fund. |
| (5) On April 26, 2024, the American Century VP Ultra Portfolio merged into Lincoln LVIP American Century Ultra Fund. |
| (6) On April 26, 2024, the American Century VP Value Portfolio merged into Lincoln LVIP American Century Value Fund.<br> (9) On April 26, 2024, the Invesco I.O.V.I Conservative Balanced Fund merged into Invesco V.I. Equity and Income Fund.<br> (10) On December 6, 2024, the Morgan Stanley VIF U.S. Real Estate Portfolio was liquidated. |

---

**NATIONAL VARIABLE LIFE INSURANCE ACCOUNT**

**(A Separate Account of National Life Insurance Company)**

**NOTES TO THE FINANCIAL STATEMENTS<br> DECEMBER 31, 2025**

**NOTE 6 – CHANGES IN UNITS**

---

| |
|:---|
| VT = VariTrak Product |
| V2 = Investor Select Product |
| EP = Estate Provider Product |
| BP = Benefit Provider Product |

---

---

| | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Units Issued, Transferred and Redeemed: | **Beginning balance:** | **Beginning balance:** | **Beginning balance:** | **Beginning balance:** | **Units Issued** | **Units Issued** | **Units Issued** | **Units Issued** | **Units Transferred** | **Units Transferred** | **Units Transferred** | **Units Transferred** | **Units redeemed** | **Units redeemed** | **Units redeemed** | **Units redeemed** | **Ending balance** | **Ending balance** | **Ending balance** | **Ending balance** |
|  | **VT** | **V2** | **EP** | **BP** | **VT** | **V2** | **EP** | **BP** | **VT** | **V2** | **EP** | **BP** | **VT** | **V2** | **EP** | **BP** | **VT** | **V2** | **EP** | **BP** |
| Neuberger Berman Trust Short Duration Bond Portfolio | 172851.17 | 4611.39 | 18563.67 |  | 7008.27 | 176.25 | 769.92 |  | 8661.07 | (730.34) | 2296.13 |  | (16270.47) | (231.81) | (1091.23) |  | 172250.04 | 3825.49 | 20538.49 |  |
| Neuberger Berman Trust Sustainable Equity Portfolio (11) | 42153.63 | 485.76 | 7394.19 | 4766.87 | 934.27 | 15.61 | 71.94 | 79.52 | (827.17) | (16.39) | (453.29) |  | (3778.16) | (5.09) | (163.72) | (21.28) | 38482.57 | 479.89 | 6849.12 | 4825.11 |
| T Rowe Price Blue Chip Growth Portfolio | 41321.74 | 3304.25 | 3562.59 |  | 1267.06 | 236.26 | 38.24 |  | (721.06) | (594.30) | (279.10) |  | (4848.91) | (91.55) | (65.58) |  | 37018.83 | 2854.66 | 3256.15 |  |
| T Rowe Price Equity Income Portfolio | 116273.12 | 4967.68 | 17586.01 |  | 3996.73 | 266.43 | 347.64 |  | (2163.02) | (144.22) | (209.70) |  | (6870.12) | (87.91) | (566.85) |  | 111236.71 | 5001.98 | 17157.10 |  |
| T Rowe Price Health Sciences Portfolio | 27235.86 | 696.25 | 1249.03 |  | 845.13 | 23.41 | 7.55 |  | 204.97 | 13.64 | 26.13 |  | (1586.28) | (14.19) | (42.53) |  | 26699.68 | 719.11 | 1240.18 |  |
| T Rowe Price Moderate Allocation | 42349.74 | 945.40 |  |  | 1688.68 | 28.05 |  |  | 155.19 | (455.69) |  |  | (1374.58) | (6.80) |  |  | 42819.03 | 510.96 |  |  |
| Touchstone TVST Balanced | 112219.89 | 3120.83 | 8304.74 |  | 2894.10 | 271.03 | 255.28 |  | 7040.54 | 44.49 | 78.22 |  | (8908.65) | (171.86) | (370.13) |  | 113245.88 | 3264.49 | 8268.11 |  |
| Touchstone TVST Bond | 201225.61 | 5535.17 | 26583.43 |  | 8700.38 | 254.80 | 518.98 |  | 7716.92 | (733.31) | 2197.22 |  | (20206.34) | (253.67) | (546.55) |  | 197436.57 | 4802.99 | 28753.08 |  |
| Touchstone TVST Common Stock | 354463.81 | 8524.47 | 18691.39 | 55049.48 | 9090.11 | 442.11 | 399.86 | 605.69 | (8782.96) | (579.26) | (489.15) | 18112.64 | (34362.62) | (77.50) | (516.43) | (360.84) | 320408.34 | 8309.82 | 18085.67 | 73406.97 |
| Touchstone TVST Small Company | 163035.67 | 7577.74 | 19977.65 | 12946.80 | 4986.30 | 323.55 | 305.68 | 108.89 | (102.22) | (30.49) | 6.12 | (0.95) | (15155.27) | (45.50) | (614.29) | 86.38 | 152764.48 | 7825.30 | 19675.16 | 13141.12 |
| Van Eck VIPT Emerging Markets | 40696.26 | 9467.05 | 4867.28 |  | 1437.59 | 272.88 | 105.90 |  | 3816.50 | (205.92) | 277.26 |  | (2559.78) | (180.97) | (172.02) |  | 43390.57 | 9353.04 | 5078.42 |  |
| Van Eck VIPT Global Resources Fund | 75715.25 | 5465.28 | 3817.67 |  | 3029.13 | 511.01 | 91.51 |  | 5908.32 | 304.67 | 535.54 |  | (6035.40) | (133.26) | (113.72) |  | 78617.30 | 6147.70 | 4331.00 |  |
| Van Eck VIPT Unconstrained Emerging Markets | 64787.76 | 2441.86 | 7955.46 |  | 2503.25 | 120.53 | 153.38 |  | (894.87) | (447.44) | 451.29 |  | (5435.83) | (106.49) | (141.96) |  | 60960.31 | 2008.46 | 8418.17 |  |

---

(11) On July 28, 2025, the Neuberger Berman Trust Sustainable Equity Portfolio was renamed to the Neuberger Berman Quality Equity Portfolio Class I.

**NATIONAL VARIABLE LIFE INSURANCE ACCOUNT**

**(A Separate Account of National Life Insurance Company)**

**NOTES TO THE FINANCIAL STATEMENTS<br> DECEMBER 31, 2025**

**NOTE 7 – FINANCIAL HIGHLIGHTS**

A summary of units outstanding and unit values for the Variable Account, the investment income ratios, the expense ratios, excluding expenses of the underlying funds, and total return for the years ended December 31, 2025, 2024, 2023, 2022, and 2021 are shown below. Information for the years ended December 31, 2025, 2024, 2023, 2022, and 2021 reflects the adoption of AICPA Statement of Position 03-5, *Financial Highlights of Separate Accounts*. Certain ratios presented for the prior years reflect the presentation used in the current year.

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the** | | | | | | | | | | | | |  | | |
| VT = VariTrak Product | **At** | **Year Ended** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| V2 = Investor Select Product | **December 31,** | **December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
| EP = Estate Provider Product |  | **Investment** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| BP = Benefit Provider Product |  | **Income** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | **Net Assets** | **Ratio (a)** | **Units** | **Units** | **Units** | **Units** | **Unit Fair Value** | **Unit Fair Value** | **Unit Fair Value** | **Unit Fair Value** | **Expense Ratio (b)** | **Expense Ratio (b)** | **Expense Ratio (b)** | **Total Return (c)** | **Total Return (c)** | **Total Return (c)** | **Total Return (c)** |
|  |  |  | VT | V2 | EP | BP | VT | V2 | EP | BP | VT | EP | BP | VT | V2 | EP | BP |
| AB VPS Discovery Value Portfolio Class A (f) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $1974585 | 0.85% | 27232.49 | 3229.45 | 2033.41 |  | $59.18 | $68.98 | $68.98 | $— | 0.90% | 0.32% |  | 1.97% | 2.89% | 2.89% |  |
| 2024 | $1850919 | 0.86% | 26468.60 | 2845.83 | 1849.70 |  | $58.04 | $67.04 | $67.04 | $— | 0.90% | 0.32% |  | 9.03% | 10.02% | 10.02% |  |
| 2023 | $1788648 | 1.07% | 28332.99 | 2719.24 | 1884.27 |  | $53.23 | $60.94 | $60.94 | $— | 0.90% | 0.32% |  | 16.14% | 17.18% | 17.18% |  |
| 2022 | $1601006 | 1.15% | 29199.83 | 2520.27 | 2531.50 |  | $45.83 | $52.00 | $52.00 | $— | 0.90% | 0.32% |  | (16.38)% | (15.63)% | (15.63)% |  |
| 2021 | $2097309 | 0.74% | 32079.33 | 2791.61 | 2708.86 |  | $54.81 | $61.63 | $61.63 | $— | 0.90% | 0.32% |  | 34.74% | 35.95% | 35.95% |  |
| AB VPS International Value Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $3484544 | 2.39% | 101989.61 | 18461.05 | 7129.65 |  | $26.43 | $30.81 | $30.81 | $— | 0.90% | 0.32% |  | 40.43% | 41.70% | 41.70% |  |
| 2024 | $2877728 | 2.69% | 120915.77 | 19575.56 | 8093.06 |  | $18.82 | $21.75 | $21.75 | $— | 0.90% | 0.32% |  | 4.12% | 5.07% | 5.07% |  |
| 2023 | $2632986 | 0.79% | 115925.10 | 18260.33 | 7697.24 |  | $18.08 | $20.70 | $20.70 | $— | 0.90% | 0.32% |  | 14.12% | 15.15% | 15.15% |  |
| 2022 | $2622367 | 4.83% | 131664.25 | 18986.15 | 10871.46 |  | $15.84 | $17.97 | $17.97 | $— | 0.90% | 0.32% |  | (14.38)% | (13.61)% | (13.61)% |  |
| 2021 | $3197713 | 2.04% | 138598.64 | 19939.70 | 10504.25 |  | $18.50 | $20.81 | $20.81 | $— | 0.90% | 0.32% |  | 10.09% | 11.08% | 11.08% |  |
| AB VPS Relative Value Portfolio (f) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $116717 | 1.07% | 5561.80 | 779.28 |  |  | $18.27 | $19.40 | $— | $— | 0.90% |  |  | 9.49% | 10.47% |  |  |
| 2024 | $93979 | 1.45% | 4784.29 | 806.08 |  |  | $16.69 | $17.56 | $— | $— | 0.90% |  |  | 12.01% | 13.02% |  |  |
| 2023 | $80839 | 1.48% | 4617.29 | 776.26 |  |  | $14.90 | $15.53 | $— | $— | 0.90% |  |  | 11.03% | 12.03% |  |  |
| 2022 | $73060 | 1.42% | 4613.95 | 804.60 |  |  | $13.42 | $13.87 | $— | $— | 0.90% |  |  | (5.04)% | (4.19)% |  |  |
| 2021 | $77298 | 0.80% | 4607.39 | 842.88 |  |  | $14.13 | $14.47 | $— | $— | 0.90% |  |  | 27.01% | 28.16% |  |  |
| AB VPS Sustainable International Thematic Portfolio (g) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $— |  |  |  |  |  | $— | $— | $— | $— |  |  |  |  |  |  |  |
| 2024 | $— |  |  |  |  |  | $— | $— | $— | $— |  |  |  |  |  |  |  |
| 2023 | $306860 |  | 7379.87 | 3130.19 | 1620.91 |  | $23.94 | $27.40 | $27.40 | $— | 0.90% | 0.32% |  | 11.63% | 12.63% | 12.63% |  |
| 2022 | $272626 |  | 7427.69 | 3081.32 | 1577.43 |  | $21.44 | $24.33 | $24.33 | $— | 0.90% | 0.32% |  | (28.26)% | (27.61)% | (27.61)% |  |
| 2021 | $350753 |  | 6701.81 | 3111.73 | 1364.13 |  | $29.89 | $33.61 | $33.61 | $— | 0.90% | 0.32% |  | 7.28% | 8.25% | 8.25% |  |
| Alger Capital Appreciation Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $4534491 |  | 33011.79 | 1279.14 | 1009.27 | 7269.60 | $114.27 | $181.55 | $143.08 | $53.05 | 0.90% | 0.32% | 0.12% or 0.07% | 31.69% | 32.87% | 32.87% | 32.88% |
| 2024 | $4011329 |  | 39424.63 | 1491.89 | 1012.03 | 6950.84 | $86.77 | $136.64 | $107.69 | $39.92 | 0.90% | 0.32% | 0.12% or 0.07% | 46.80% | 48.13% | 48.13% | 48.00% |
| 2023 | $3104495 |  | 45620.93 | 1595.10 | 1015.43 | 6930.58 | $59.11 | $92.24 | $72.70 | $26.97 | 0.90% | 0.32% | 0.12% or 0.07% | 41.86% | 43.13% | 43.13% | 43.00% |
| 2022 | $2428734 |  | 51361.11 | 1651.22 | 1044.40 | 6848.31 | $41.67 | $64.45 | $50.79 | $18.86 | 0.90% | 0.32% | 0.12% or 0.07% | (37.09)% | (36.52)% | (36.52)% | (36.57)% |
| 2021 | $3707288 |  | 48015.59 | 1523.45 | 1068.84 | 9648.84 | $66.23 | $101.52 | $80.01 | $29.74 | 0.90% | 0.32% | 0.12% or 0.07% | 18.06% | 19.13% | 19.13% | 19.01% |
| Alger Large Cap Growth Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $28494430 |  | 170716.30 | 6361.57 | 14567.52 | 2661.90 | $147.17 | $132.58 | $84.65 | $485.70 | 0.90% | 0.32% | 0.12% or 0.07% | 29.11% | 30.27% | 30.27% | 30.29% |
| 2024 | $25068489 |  | 195343.06 | 7005.72 | 16193.80 | 2778.28 | $113.99 | $101.77 | $64.98 | $372.77 | 0.90% | 0.32% | 0.12% or 0.07% | 41.60% | 42.89% | 42.89% | 42.75% |
| 2023 | $19457737 |  | 216163.54 | 7109.25 | 17988.29 | 2802.85 | $80.50 | $71.23 | $45.48 | $261.13 | 0.90% | 0.32% | 0.12% or 0.07% | 31.49% | 32.67% | 32.67% | 32.54% |
| 2022 | $15695849 |  | 229185.17 | 7069.41 | 20912.20 | 2883.70 | $61.22 | $53.69 | $34.28 | $197.01 | 0.90% | 0.32% | 0.12% or 0.07% | (39.20)% | (38.65)% | (38.65)% | (38.69)% |
| 2021 | $24520895 |  | 217716.45 | 6144.95 | 18170.91 | 3249.98 | $100.70 | $87.52 | $55.88 | $321.34 | 0.90% | 0.32% | 0.12% or 0.07% | 10.84% | 11.84% | 11.84% | 11.71% |
| 2021 | $24520895 |  | 217716.45 | 6144.95 | 18170.91 | 3249.98 | $100.70 | $87.52 | $55.88 | $321.34 | 0.90% | 0.32% | 0.12% or 0.07% | 10.84% | 11.84% | 11.84% | 11.71% |

---

**NATIONAL VARIABLE LIFE INSURANCE ACCOUNT**

**(A Separate Account of National Life Insurance Company)**

**NOTES TO THE FINANCIAL STATEMENTS<br> DECEMBER 31, 2025**

**NOTE 7 – FINANCIAL HIGHLIGHTS**

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the** | | | | | | | | | | | | |  | | |
| VT = VariTrak Product | **At** | **Year Ended** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| V2 = Investor Select Product | **December 31,** | **December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
| EP = Estate Provider Product |  | **Investment** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| BP = Benefit Provider Product |  | **Income** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | **Net Assets** | **Ratio (a)** | **Units** | **Units** | **Units** | **Units** | **Unit Fair Value** | **Unit Fair Value** | **Unit Fair Value** | **Unit Fair Value** | **Expense Ratio (b)** | **Expense Ratio (b)** | **Expense Ratio (b)** | **Total Return (c)** | **Total Return (c)** | **Total Return (c)** | **Total Return (c)** |
|  |  |  | VT | V2 | EP | BP | VT | V2 | EP | BP | VT | EP | BP | VT | V2 | EP | BP |
| Alger Small Cap Growth Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $8585051 |  | 175995.56 | 581.48 | 169.80 | 810.93 | $47.60 | $63.12 | $50.24 | $199.78 | 0.90% | 0.32% | 0.12% or 0.07% | 4.97% | 5.91% | 5.91% | 5.92% |
| 2024 | $8045732 | 0.38% | 173644.54 | 410.80 | 169.73 | 734.09 | $45.35 | $59.59 | $47.44 | $188.61 | 0.90% | 0.32% | 0.12% or 0.07% | 7.16% | 8.13% | 8.13% | 8.03% |
| 2023 | $7738558 |  | 179098.18 | 439.59 | 169.66 | 729.83 | $42.32 | $55.11 | $43.87 | $174.59 | 0.90% | 0.32% | 0.12% or 0.07% | 15.46% | 16.49% | 16.49% | 16.38% |
| 2022 | $6717813 |  | 179570.78 | 436.09 | 168.97 | 724.17 | $36.66 | $47.31 | $37.66 | $150.01 | 0.90% | 0.32% | 0.12% or 0.07% | (38.57)% | (38.01)% | (38.01)% | (38.06)% |
| 2021 | $11104845 |  | 178533.67 | 435.87 | 167.98 | 1688.59 | $59.67 | $76.32 | $60.76 | $242.18 | 0.90% | 0.32% | 0.12% or 0.07% | (6.90)% | (6.06)% | (6.06)% | (6.16)% |
| Allspring VT Discovery SMID Cap Growth Fund (f) (h) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $8652022 |  | 113580.66 |  | 7011.97 | 436.51 | $70.05 | $— | $91.66 | $120.27 | 0.90% | 0.32% | 0.12% or 0.07% | 4.45% |  | 5.39% | 5.31% |
| 2024 | $8784156 |  | 120881.77 |  | 7214.73 | 428.66 | $67.07 | $— | $86.97 | $114.20 | 0.90% | 0.32% | 0.12% or 0.07% | 17.07% |  | 18.13% | 18.05% |
| 2023 | $7917939 |  | 127538.05 |  | 7744.39 | 423.35 | $57.29 | $— | $73.62 | $96.74 | 0.90% | 0.32% | 0.12% or 0.07% | 19.07% |  | 20.14% | 20.06% |
| 2022 | $7037773 |  | 135254.85 |  | 8104.49 | 415.01 | $48.11 | $— | $61.28 | $80.58 | 0.90% | 0.32% | 0.12% or 0.07% | (38.40)% |  | (37.85)% | (37.89)% |
| 2021 | $11198120 |  | 132216.33 |  | 8290.80 | 409.51 | $78.11 | $— | $98.60 | $129.74 | 0.90% | 0.32% | 0.12% or 0.07% | (5.89)% |  | (5.04)% | (5.11)% |
| Allspring VT Opportunity Fund (h) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $5087892 | 0.05% | 39635.24 |  | 10715.27 | 2006.09 | $88.78 | $— | $104.39 | $224.50 | 0.90% | 0.32% | 0.12% or 0.07% | 5.76% |  | 6.71% | 6.64% |
| 2024 | $4886064 | 0.05% | 40773.94 |  | 10575.08 | 2036.36 | $83.95 | $— | $97.82 | $210.52 | 0.90% | 0.32% | 0.12% or 0.07% | 14.01% |  | 15.05% | 14.97% |
| 2023 | $5782054 |  | 46720.61 |  | 10816.85 | 7767.16 | $73.63 | $— | $85.03 | $183.12 | 0.90% | 0.32% | 0.12% or 0.07% | 25.37% |  | 26.50% | 26.41% |
| 2022 | $4845705 |  | 49410.28 |  | 10749.41 | 8431.75 | $58.73 | $— | $67.22 | $144.86 | 0.90% | 0.32% | 0.12% or 0.07% | (21.51)% |  | (20.81)% | (20.84)% |
| 2021 | $6449225 | 0.04% | 51492.67 |  | 10561.71 | 9289.00 | $74.82 | $— | $84.88 | $183.00 | 0.90% | 0.32% | 0.12% or 0.07% | 23.66% |  | 24.78% | 24.67% |
| American Century VP Disciplined Core Value Fund (e) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $— |  |  |  |  |  | $— | $— | $— | $— |  |  |  |  |  |  |  |
| 2024 | $— | 1.37% |  |  |  |  | $— | $— | $— | $— |  |  |  |  |  |  |  |
| 2023 | $3970350 | 1.54% | 96048.93 |  | 6349.84 | 249.41 | $38.13 | $— | $47.42 | $28.03 | 0.90% | 0.32% | 0.12% or 0.07% | 7.69% |  | 8.65% | 8.52% |
| 2022 | $3919806 | 1.84% | 102536.39 |  | 6482.39 | 246.26 | $35.41 | $— | $43.64 | $25.83 | 0.90% | 0.32% | 0.12% or 0.07% | (13.51)% |  | (12.74)% | (12.85)% |
| 2021 | $4728641 | 1.07% | 105710.26 |  | 6624.81 | 2349.87 | $40.94 | $— | $50.01 | $29.63 | 0.90% | 0.32% | 0.12% or 0.07% | 22.55% |  | 23.65% | 23.52% |
| American Century VP Inflation Protection Portfolio (e) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $— |  |  |  |  |  | $— | $— | $— | $— |  |  |  |  |  |  |  |
| 2024 | $— | 2.02% |  |  |  |  | $— | $— | $— | $— |  |  |  |  |  |  |  |
| 2023 | $1077933 | 3.62% | 53880.64 | 1974.22 | 9708.91 |  | $15.96 | $16.79 | $19.04 | $— | 0.90% | 0.32% |  | 2.68% | 3.60% | 3.60% |  |
| 2022 | $1094224 | 5.30% | 57005.53 | 1774.15 | 9761.67 |  | $15.54 | $16.21 | $18.38 | $— | 0.90% | 0.32% |  | (13.65)% | (12.88)% | (12.88)% |  |
| 2021 | $1264886 | 3.38% | 57617.65 | 972.69 | 9937.19 |  | $18.00 | $18.60 | $21.09 | $— | 0.90% | 0.32% |  | 5.66% | 6.61% | 6.61% |  |
| American Century VP Inflation Protection Portfolio II (e) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $— |  |  |  |  |  | $— | $— | $— | $— |  |  |  |  |  |  |  |
| 2024 | $— | 1.76% |  |  |  |  | $— | $— | $— | $— |  |  |  |  |  |  |  |
| 2023 | $101643 | 3.31% |  |  |  | 55313.52 | $— | $— | $— | $1.84 |  |  | 0.12% or 0.07% |  |  |  | 3.33% |
| 2022 | $99525 | 5.16% |  |  |  | 55963.06 | $— | $— | $— | $1.78 |  |  | 0.12% or 0.07% |  |  |  | (13.08)% |
| 2021 | $115805 | 3.14% |  |  |  | 56601.49 | $— | $— | $— | $2.05 |  |  | 0.12% or 0.07% |  |  |  | 6.14% |

---

**NATIONAL VARIABLE LIFE INSURANCE ACCOUNT**

**(A Separate Account of National Life Insurance Company)**

**NOTES TO THE FINANCIAL STATEMENTS<br> DECEMBER 31, 2025**

**NOTE 7 – FINANCIAL HIGHLIGHTS**

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the** | | | | | | | | | | | | |  | | |
| VT = VariTrak Product | **At** | **Year Ended** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| V2 = Investor Select Product | **December 31,** | **December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
| EP = Estate Provider Product |  | **Investment** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| BP = Benefit Provider Product |  | **Income** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | **Net Assets** | **Ratio (a)** | **Units** | **Units** | **Units** | **Units** | **Unit Fair Value** | **Unit Fair Value** | **Unit Fair Value** | **Unit Fair Value** | **Expense Ratio (b)** | **Expense Ratio (b)** | **Expense Ratio (b)** | **Total Return (c)** | **Total Return (c)** | **Total Return (c)** | **Total Return (c)** |
|  |  |  | VT | V2 | EP | BP | VT | V2 | EP | BP | VT | EP | BP | VT | V2 | EP | BP |
| American Century VP International Portfolio (e) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $— |  |  |  |  |  | $— | $— | $— | $— |  |  |  |  |  |  |  |
| 2024 | $— | 3.73% |  |  |  |  | $— | $— | $— | $— |  |  |  |  |  |  |  |
| 2023 | $4750043 | 1.39% | 155092.12 | 10318.64 | 12981.92 |  | $25.96 | $31.14 | $30.97 | $— | 0.90% | 0.32% |  | 11.57% | 12.57% | 12.57% |  |
| 2022 | $4440226 | 1.47% | 163112.98 | 9772.78 | 13600.08 |  | $23.27 | $27.66 | $27.51 | $— | 0.90% | 0.32% |  | (25.42)% | (24.75)% | (24.75)% |  |
| 2021 | $5514271 | 0.16% | 152123.09 | 8689.60 | 12251.58 |  | $31.20 | $36.76 | $36.56 | $— | 0.90% | 0.32% |  | 7.78% | 8.75% | 8.75% |  |
| American Century VP Ultra Portfolio (e) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $— |  |  |  |  |  | $— | $— | $— | $— |  |  |  |  |  |  |  |
| 2024 | $— |  |  |  |  |  | $— | $— | $— | $— |  |  |  |  |  |  |  |
| 2023 | $239334 |  | 2759.12 |  | 948.30 |  | $61.52 | $— | $73.38 | $— | 0.90% | 0.32% |  | 42.23% |  | 43.51% |  |
| 2022 | $195969 |  | 3385.53 |  | 968.66 |  | $43.25 | $— | $51.13 | $— | 0.90% | 0.32% |  | (32.98)% |  | (32.38)% |  |
| 2021 | $295396 |  | 3487.90 |  | 929.71 |  | $64.54 | $— | $75.61 | $— | 0.90% | 0.32% |  | 22.06% |  | 23.16% |  |
| American Century VP Value Portfolio (e) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $— |  |  |  |  |  | $— | $— | $— | $— |  |  |  |  |  |  |  |
| 2024 | $— | 2.67% |  |  |  |  | $— | $— | $— | $— |  |  |  |  |  |  |  |
| 2023 | $9165997 | 2.37% | 131055.75 | 2684.19 | 11164.57 | 16868.20 | $57.71 | $47.48 | $65.08 | $44.39 | 0.90% | 0.32% | 0.12% or 0.07% | 8.13% | 9.10% | 9.10% | 8.99% |
| 2022 | $8876856 | 2.15% | 138324.83 | 2883.75 | 10714.36 | 17913.16 | $53.37 | $43.52 | $59.65 | $40.73 | 0.90% | 0.32% | 0.12% or 0.07% | (0.35)% | 0.54% | 0.54% | 0.45% |
| 2021 | $9370958 | 1.72% | 150358.53 | 2689.16 | 12106.94 | 11910.26 | $53.56 | $43.29 | $59.33 | $40.54 | 0.90% | 0.32% | 0.12% or 0.07% | 23.40% | 24.51% | 24.51% | 24.37% |
| BNY Mellon Appreciation Portfolio |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $926186 | 0.37% | 14626.62 |  | 1197.27 |  | $57.60 | $— | $69.94 | $— | 0.90% | 0.32% |  | 9.09% |  | 10.07% |  |
| 2024 | $955536 | 0.42% | 16702.25 |  | 1160.02 |  | $52.80 | $— | $63.54 | $— | 0.90% | 0.32% |  | 11.79% |  | 12.81% |  |
| 2023 | $874405 | 0.70% | 17116.86 |  | 1171.99 |  | $47.23 | $— | $56.33 | $— | 0.90% | 0.32% |  | 19.89% |  | 20.97% |  |
| 2022 | $781647 | 0.70% | 18419.97 |  | 1203.92 |  | $39.39 | $— | $46.57 | $— | 0.90% | 0.32% |  | (18.79)% |  | (18.06)% |  |
| 2021 | $980294 | 0.44% | 18739.25 |  | 1254.35 |  | $48.51 | $— | $56.83 | $— | 0.90% | 0.32% |  | 26.00% |  | 27.13% |  |
| BNY Mellon Sustainable U.S. Equity Portfolio, Inc. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $489268 | 0.25% | 11353.14 |  | 24.83 |  | $42.98 | $— | $53.82 | $— | 0.90% | 0.32% |  | 14.94% |  | 15.97% |  |
| 2024 | $448184 | 0.51% | 11951.82 |  | 27.50 |  | $37.39 | $— | $46.41 | $— | 0.90% | 0.32% |  | 23.77% |  | 24.89% |  |
| 2023 | $373358 | 0.72% | 12319.82 |  | 30.96 |  | $30.21 | $— | $37.16 | $— | 0.90% | 0.32% |  | 22.72% |  | 23.82% |  |
| 2022 | $318253 | 0.55% | 12883.82 |  | 35.69 |  | $24.62 | $— | $30.01 | $— | 0.90% | 0.32% |  | (23.56)% |  | (22.87)% |  |
| 2021 | $441218 | 0.74% | 13649.75 |  | 41.41 |  | $32.21 | $— | $38.91 | $— | 0.90% | 0.32% |  | 25.86% |  | 27.00% |  |
| BNY Mellon VIF Small Cap Portfolio (d) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $290681 | 0.62% | 9793.83 |  |  |  | $29.68 | $— | $— | $— | 0.90% |  |  | 10.00% |  |  |  |
| 2024 | $247318 | 0.67% | 9165.78 |  |  |  | $26.98 | $— | $— | $— | 0.90% |  |  | 3.68% |  |  |  |
| 2023 | $235305 | 0.31% | 9041.17 |  |  |  | $26.03 | $— | $— | $— | 0.90% |  |  | 8.31% |  |  |  |
| 2022 | $198474 |  | 8259.73 |  |  |  | $24.03 | $— | $— | $— | 0.90% |  |  | (17.36)% |  |  |  |
| 2021 | $235062 | 0.11% | 8083.89 |  |  |  | $29.08 | $— | $— | $— | 0.90% |  |  | 15.42% |  |  |  |

---

**NATIONAL VARIABLE LIFE INSURANCE ACCOUNT**

**(A Separate Account of National Life Insurance Company)**

**NOTES TO THE FINANCIAL STATEMENTS<br> DECEMBER 31, 2025**

**NOTE 7 – FINANCIAL HIGHLIGHTS**

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the** | | | | | | | | | | | | |  | | |
| VT = VariTrak Product | **At** | **Year Ended** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| V2 = Investor Select Product | **December 31,** | **December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
| EP = Estate Provider Product |  | **Investment** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| BP = Benefit Provider Product |  | **Income** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | **Net Assets** | **Ratio (a)** | **Units** | **Units** | **Units** | **Units** | **Unit Fair Value** | **Unit Fair Value** | **Unit Fair Value** | **Unit Fair Value** | **Expense Ratio (b)** | **Expense Ratio (b)** | **Expense Ratio (b)** | **Total Return (c)** | **Total Return (c)** | **Total Return (c)** | **Total Return (c)** |
|  |  |  | VT | V2 | EP | BP | VT | V2 | EP | BP | VT | EP | BP | VT | V2 | EP | BP |
| DWS CROCI® US VIP (e) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $— |  |  |  |  |  | $— | $— | $— | $— |  |  |  |  |  |  |  |
| 2024 | $— | 4.53% |  |  |  |  | $— | $— | $— | $— |  |  |  |  |  |  |  |
| 2023 | $363681 | 1.34% | 17714.07 |  | 203.34 |  | $20.25 | $— | $24.16 | $— | 0.90% | 0.32% |  | 19.30% |  | 20.37% |  |
| 2022 | $315103 | 1.54% | 18319.09 |  | 204.32 |  | $16.98 | $— | $20.07 | $— | 0.90% | 0.32% |  | (16.42)% |  | (15.67)% |  |
| 2021 | $393347 | 1.56% | 19103.84 |  | 222.80 |  | $20.31 | $— | $23.80 | $— | 0.90% | 0.32% |  | 25.14% |  | 26.27% |  |
| DWS Equity 500 Index VIP Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $1914574 | 1.12% |  |  |  | 18624.22 | $— | $— | $— | $102.80 |  |  | 0.12% or 0.07% |  |  |  | 17.56% |
| 2024 | $2036315 | 1.16% |  |  |  | 23286.22 | $— | $— | $— | $87.45 |  |  | 0.12% or 0.07% |  |  |  | 24.54% |
| 2023 | $1619615 | 1.29% |  |  |  | 23065.50 | $— | $— | $— | $70.22 |  |  | 0.12% or 0.07% |  |  |  | 25.91% |
| 2022 | $1249147 | 1.29% |  |  |  | 22399.42 | $— | $— | $— | $55.77 |  |  | 0.12% or 0.07% |  |  |  | (18.35)% |
| 2021 | $1521352 | 1.44% |  |  |  | 22275.59 | $— | $— | $— | $68.30 |  |  | 0.12% or 0.07% |  |  |  | 28.25% |
| DWS Small Cap Index Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $1056047 | 1.35% | 15835.06 | 1292.73 |  | 1483.74 | $54.60 | $63.63 | $— | $73.63 | 0.90% |  | 0.12% or 0.07% | 11.63% | 12.64% |  | 12.56% |
| 2024 | $989907 | 1.23% | 15571.88 | 1586.21 |  | 2120.37 | $48.91 | $56.50 | $— | $65.42 | 0.90% |  | 0.12% or 0.07% | 10.15% | 11.15% |  | 11.07% |
| 2023 | $1039269 | 1.10% | 15264.55 | 1535.97 |  | 4812.84 | $44.40 | $50.83 | $— | $58.90 | 0.90% |  | 0.12% or 0.07% | 15.72% | 16.76% |  | 16.68% |
| 2022 | $896828 | 0.95% | 15273.02 | 1444.38 |  | 4912.01 | $38.37 | $43.53 | $— | $50.48 | 0.90% |  | 0.12% or 0.07% | (21.34)% | (20.64)% |  | (20.67)% |
| 2021 | $1211037 | 0.82% | 17069.54 | 1417.79 |  | 4724.75 | $48.78 | $54.85 | $— | $63.63 | 0.90% |  | 0.12% or 0.07% | 13.48% | 14.50% |  | 14.40% |
| DWS Small Mid Cap Value Portfolio |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $2894614 | 0.55% | 55810.45 | 4276.37 | 5242.62 |  | $43.06 | $50.74 | $52.30 | $— | 0.90% | 0.32% |  | 16.80% | 17.85% | 17.85% |  |
| 2024 | $2550455 | 0.80% | 57473.41 | 4726.14 | 5133.88 |  | $36.87 | $43.06 | $44.38 | $— | 0.90% | 0.32% |  | 4.84% | 5.79% | 5.79% |  |
| 2023 | $2467672 | 0.77% | 58876.08 | 4603.77 | 4999.07 |  | $35.17 | $40.70 | $41.95 | $— | 0.90% | 0.32% |  | 13.57% | 14.59% | 14.59% |  |
| 2022 | $2167179 | 0.49% | 58549.77 | 4507.85 | 5298.16 |  | $30.97 | $35.52 | $36.61 | $— | 0.90% | 0.32% |  | (16.89)% | (16.14)% | (16.14)% |  |
| 2021 | $2804942 | 0.87% | 62928.02 | 5022.85 | 5672.46 |  | $37.26 | $42.36 | $43.65 | $— | 0.90% | 0.32% |  | 28.88% | 30.04% | 30.04% |  |
| Fidelity VIP Contrafund Class 2 Portfolio |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $27555021 | 0.14% | 132825.30 | 4246.03 | 25577.62 |  | $173.16 | $117.38 | $158.57 | $— | 0.90% | 0.32% |  | 20.40% | 21.48% | 21.48% |  |
| 2024 | $24135696 | 0.18% | 140812.77 | 4453.53 | 26450.66 |  | $143.83 | $96.62 | $130.53 | $— | 0.90% | 0.32% |  | 32.59% | 33.79% | 33.79% |  |
| 2023 | $19669387 | 0.47% | 153690.27 | 4189.57 | 27623.84 |  | $108.48 | $72.22 | $97.57 | $— | 0.90% | 0.32% |  | 32.27% | 33.45% | 33.45% |  |
| 2022 | $15841171 | 0.53% | 164102.41 | 4158.12 | 29510.43 |  | $82.01 | $54.12 | $73.11 | $— | 0.90% | 0.32% |  | (26.97)% | (26.31)% | (26.31)% |  |
| 2021 | $22435122 | 0.06% | 171589.06 | 4125.53 | 28852.75 |  | $112.30 | $73.44 | $99.22 | $— | 0.90% | 0.32% |  | 26.70% | 27.83% | 27.83% |  |
| Fidelity VIP Equity Income Portfolio |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $15447531 | 1.80% | 83877.22 | 602.27 | 1053.79 |  | $182.86 | $72.45 | $63.08 | $— | 0.90% | 0.32% |  | 17.96% | 19.02% | 19.02% |  |
| 2024 | $13260662 | 1.75% | 85000.51 | 436.01 | 1087.55 |  | $155.02 | $60.87 | $53.00 | $— | 0.90% | 0.32% |  | 14.31% | 15.35% | 15.35% |  |
| 2023 | $12014477 | 1.88% | 88047.56 | 441.67 | 1112.00 |  | $135.61 | $52.77 | $45.95 | $— | 0.90% | 0.32% |  | 9.66% | 10.65% | 10.65% |  |
| 2022 | $11663477 | 1.94% | 93401.87 | 430.85 | 2238.14 |  | $123.66 | $47.69 | $41.53 | $— | 0.90% | 0.32% |  | (5.80)% | (4.96)% | (4.96)% |  |
| 2021 | $13344788 | 1.89% | 100653.96 | 459.06 | 2473.67 |  | $131.28 | $50.18 | $43.69 | $— | 0.90% | 0.32% |  | 23.78% | 24.89% | 24.89% |  |

---

**NATIONAL VARIABLE LIFE INSURANCE ACCOUNT**

**(A Separate Account of National Life Insurance Company)**

**NOTES TO THE FINANCIAL STATEMENTS<br> DECEMBER 31, 2025**

**NOTE 7 – FINANCIAL HIGHLIGHTS**

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the** | | | | | | | | | | | | |  | | |
| VT = VariTrak Product | **At** | **Year Ended** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| V2 = Investor Select Product | **December 31,** | **December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
| EP = Estate Provider Product |  | **Investment** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| BP = Benefit Provider Product |  | **Income** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | **Net Assets** | **Ratio (a)** | **Units** | **Units** | **Units** | **Units** | **Unit Fair Value** | **Unit Fair Value** | **Unit Fair Value** | **Unit Fair Value** | **Expense Ratio (b)** | **Expense Ratio (b)** | **Expense Ratio (b)** | **Total Return (c)** | **Total Return (c)** | **Total Return (c)** | **Total Return (c)** |
|  |  |  | VT | V2 | EP | BP | VT | V2 | EP | BP | VT | EP | BP | VT | V2 | EP | BP |
| Fidelity VIP Government Money Market Portfolio |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $8783514 | 3.98% | 448463.49 | 19683.98 | 92851.07 | 232659.59 | $14.68 | $12.14 | $17.18 | $1.58 | 0.90% | 0.32% | 0.12% or 0.07% | 3.10% | 4.03% | 4.03% | 3.99% |
| 2024 | $9592138 | 5.00% | 542457.53 | 19037.01 | 89831.33 | 108153.32 | $14.24 | $11.67 | $16.51 | $1.52 | 0.90% | 0.32% | 0.12% or 0.07% | 4.06% | 5.00% | 5.00% | 4.90% |
| 2023 | $11453121 | 4.60% | 521128.80 | 13074.79 | 81922.12 | 1999035.90 | $13.68 | $11.12 | $15.73 | $1.45 | 0.90% | 0.32% | 0.12% or 0.07% | 3.86% | 4.79% | 4.79% | 4.82% |
| 2022 | $8261219 | 1.29% | 510429.88 | 12820.54 | 82997.17 | 113025.55 | $13.17 | $10.61 | $15.01 | $1.38 | 0.90% | 0.32% | 0.12% or 0.07% | 0.46% | 1.36% | 1.36% | 1.24% |
| 2021 | $9450899 | 0.01% | 574805.74 | 13868.08 | 87964.97 | 342275.43 | $13.11 | $10.47 | $14.81 | $1.36 | 0.90% | 0.32% | 0.12% or 0.07% | (0.88)% | 0.01% | 0.01% | (0.10)% |
| Fidelity VIP Growth Portfolio |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $36900701 | 0.29% | 92414.40 | 218.15 | 26145.27 |  | $361.80 | $148.26 | $131.32 | $— | 0.90% | 0.32% |  | 13.87% | 14.90% | 14.90% |  |
| 2024 | $34204971 | 0.00% | 97932.59 | 507.07 | 26468.51 |  | $317.71 | $129.04 | $114.29 | $— | 0.90% | 0.32% |  | 29.22% | 30.39% | 30.39% |  |
| 2023 | $28669774 | 0.13% | 106456.45 | 534.57 | 27860.81 |  | $245.87 | $98.96 | $87.65 | $— | 0.90% | 0.32% |  | 35.03% | 36.24% | 36.24% |  |
| 2022 | $22697440 | 0.64% | 114635.23 | 546.19 | 27719.96 |  | $182.09 | $72.64 | $64.34 | $— | 0.90% | 0.32% |  | (25.13)% | (24.46)% | (24.46)% |  |
| 2021 | $31671834 |  | 120402.84 | 519.03 | 27460.47 |  | $243.21 | $96.16 | $85.17 | $— | 0.90% | 0.32% |  | 22.12% | 23.21% | 23.21% |  |
| Fidelity VIP High Income Portfolio |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $5049444 | 6.58% | 63797.47 | 1000.44 | 19724.75 |  | $69.50 | $35.66 | $29.41 | $— | 0.90% | 0.32% |  | 9.38% | 10.36% | 10.36% |  |
| 2024 | $4658331 | 6.16% | 64738.90 | 975.38 | 19268.36 |  | $63.54 | $32.31 | $26.65 | $— | 0.90% | 0.32% |  | 7.99% | 8.97% | 8.97% |  |
| 2023 | $4365975 | 5.66% | 65879.90 | 1053.49 | 18756.93 |  | $58.83 | $29.65 | $24.46 | $— | 0.90% | 0.32% |  | 9.49% | 10.48% | 10.48% |  |
| 2022 | $4058952 | 5.19% | 69332.69 | 1046.81 | 13795.91 |  | $53.73 | $26.84 | $22.14 | $— | 0.90% | 0.32% |  | (12.16)% | (11.37)% | (11.37)% |  |
| 2021 | $4947101 | 5.36% | 74246.14 | 1227.19 | 14732.36 |  | $61.17 | $30.28 | $24.98 | $— | 0.90% | 0.32% |  | 3.48% | 4.41% | 4.41% |  |
| Fidelity VIP Index 500 II Portfolio |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $97872446 | 1.15% | 359268.87 | 37949.30 | 196882.36 |  | $207.79 | $104.49 | $97.80 | $— | 0.90% | 0.32% |  | 16.73% | 17.78% | 17.78% |  |
| 2024 | $86997156 | 1.25% | 375669.98 | 38757.38 | 200919.38 |  | $178.01 | $88.72 | $83.04 | $— | 0.90% | 0.32% |  | 23.78% | 24.90% | 24.90% |  |
| 2023 | $72775026 | 1.43% | 391623.93 | 39508.96 | 205239.75 |  | $143.82 | $71.03 | $66.49 | $— | 0.90% | 0.32% |  | 25.07% | 26.19% | 26.19% |  |
| 2022 | $60477492 | 1.53% | 407565.31 | 40381.43 | 215215.24 |  | $114.99 | $56.29 | $52.69 | $— | 0.90% | 0.32% |  | (18.94)% | (18.21)% | (18.21)% |  |
| 2021 | $78318438 | 1.24% | 425930.29 | 41413.64 | 233574.05 |  | $141.86 | $68.82 | $64.42 | $— | 0.90% | 0.32% |  | 27.43% | 28.58% | 28.58% |  |
| Fidelity VIP Investment Grade Bond Portfolio |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $10298245 | 3.56% | 224454.45 | 4786.06 | 35135.31 | 1309325.06 | $22.06 | $19.81 | $27.63 | $3.27 | 0.90% | 0.32% | 0.12% or 0.07% | 6.27% | 7.22% | 7.22% | 7.15% |
| 2024 | $9397623 | 4.02% | 224705.16 | 4416.86 | 33306.59 | 1242993.37 | $20.76 | $18.47 | $25.76 | $3.05 | 0.90% | 0.32% | 0.12% or 0.07% | 0.87% | 1.79% | 1.79% | 1.72% |
| 2023 | $5554945 | 2.65% | 219157.33 | 3740.21 | 30586.21 | 67481.33 | $20.58 | $18.15 | $25.31 | $3.00 | 0.90% | 0.32% | 0.12% or 0.07% | 5.26% | 6.20% | 6.20% | 6.13% |
| 2022 | $5074342 | 2.29% | 216921.96 | 3517.28 | 24434.43 | 67385.47 | $19.55 | $17.09 | $23.83 | $2.83 | 0.90% | 0.32% | 0.12% or 0.07% | (13.73)% | (12.96)% | (12.96)% | (12.98)% |
| 2021 | $6138071 | 2.05% | 226891.90 | 3643.06 | 24541.17 | 77533.80 | $22.67 | $19.63 | $27.38 | $3.25 | 0.90% | 0.32% | 0.12% or 0.07% | (1.49)% | (0.61)% | (0.61)% | (0.70)% |
| Fidelity VIP Mid Cap Class 2 Portfolio |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $6208672 | 0.45% | 74975.39 | 3552.44 | 9299.44 |  | $68.86 | $75.62 | $83.62 | $— | 0.90% | 0.32% |  | 10.76% | 11.75% | 11.75% |  |
| 2024 | $5430810 | 0.54% | 75466.79 | 3591.67 | 6631.04 |  | $62.17 | $67.66 | $74.82 | $— | 0.90% | 0.32% |  | 16.44% | 17.49% | 17.49% |  |
| 2023 | $4946443 | 0.59% | 80643.66 | 3615.95 | 6790.42 |  | $53.39 | $57.59 | $63.68 | $— | 0.90% | 0.32% |  | 14.05% | 15.08% | 15.08% |  |
| 2022 | $4487918 | 0.52% | 83912.52 | 3367.26 | 7067.70 |  | $46.81 | $50.05 | $55.34 | $— | 0.90% | 0.32% |  | (15.50)% | (14.74)% | (14.74)% |  |
| 2021 | $5741918 | 0.60% | 91193.89 | 3637.72 | 7332.95 |  | $55.40 | $58.70 | $64.91 | $— | 0.90% | 0.32% |  | 24.48% | 25.60% | 25.60% |  |

---

**NATIONAL VARIABLE LIFE INSURANCE ACCOUNT**

**(A Separate Account of National Life Insurance Company)**

**NOTES TO THE FINANCIAL STATEMENTS<br> DECEMBER 31, 2025**

**NOTE 7 – FINANCIAL HIGHLIGHTS**

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the** | | | | | | | | | | | | |  | | |
| VT = VariTrak Product | **At** | **Year Ended** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| V2 = Investor Select Product | **December 31,** | **December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
| EP = Estate Provider Product |  | **Investment** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| BP = Benefit Provider Product |  | **Income** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | **Net Assets** | **Ratio (a)** | **Units** | **Units** | **Units** | **Units** | **Unit Fair Value** | **Unit Fair Value** | **Unit Fair Value** | **Unit Fair Value** | **Expense Ratio (b)** | **Expense Ratio (b)** | **Expense Ratio (b)** | **Total Return (c)** | **Total Return (c)** | **Total Return (c)** | **Total Return (c)** |
|  |  |  | VT | V2 | EP | BP | VT | V2 | EP | BP | VT | EP | BP | VT | V2 | EP | BP |
| Fidelity VIP Overseas Portfolio |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $13254703 | 1.58% | 156116.70 | 11690.58 | 14067.51 | 235055.76 | $68.15 | $40.72 | $36.28 | $6.93 | 0.90% | 0.32% | 0.12% or 0.07% | 19.32% | 20.39% | 20.39% | 20.31% |
| 2024 | $11522473 | 1.60% | 160486.35 | 11970.79 | 14382.40 | 263478.66 | $57.11 | $33.83 | $30.13 | $5.76 | 0.90% | 0.32% | 0.12% or 0.07% | 4.11% | 5.05% | 5.05% | 4.98% |
| 2023 | $12089547 | 1.02% | 163696.04 | 11725.67 | 14980.23 | 419389.70 | $54.86 | $32.20 | $28.68 | $5.49 | 0.90% | 0.32% | 0.12% or 0.07% | 19.43% | 20.51% | 20.51% | 20.42% |
| 2022 | $10933787 | 1.15% | 175711.70 | 11837.62 | 17688.48 | 466322.54 | $45.93 | $26.72 | $23.80 | $4.56 | 0.90% | 0.32% | 0.12% or 0.07% | (25.16)% | (24.48)% | (24.48)% | (24.52)% |
| 2021 | $14543264 | 0.52% | 176702.46 | 11879.48 | 17457.62 | 451724.79 | $61.37 | $35.38 | $31.52 | $6.04 | 0.90% | 0.32% | 0.12% or 0.07% | 18.63% | 19.70% | 19.70% | 19.60% |
| Fidelity VIP Value Strategies Portfolio |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $690302 | 1.09% | 6163.53 | 660.39 | 1484.75 |  | $79.68 | $92.87 | $92.87 | $— | 0.90% | 0.32% |  | 7.02% | 7.99% | 7.99% |  |
| 2024 | $675796 | 1.03% | 6615.72 | 584.34 | 1546.69 |  | $74.45 | $86.00 | $86.00 | $— | 0.90% | 0.32% |  | 8.42% | 9.40% | 9.40% |  |
| 2023 | $604477 | 1.20% | 6250.30 | 572.54 | 1657.30 |  | $68.67 | $78.61 | $78.61 | $— | 0.90% | 0.32% |  | 19.77% | 20.85% | 20.85% |  |
| 2022 | $485620 | 1.19% | 6027.36 | 551.76 | 1601.58 |  | $57.33 | $65.05 | $65.05 | $— | 0.90% | 0.32% |  | (7.85)% | (7.03)% | (7.03)% |  |
| 2021 | $515126 | 1.58% | 5915.67 | 424.59 | 1677.49 |  | $62.22 | $69.96 | $69.96 | $— | 0.90% | 0.32% |  | 32.41% | 33.60% | 33.60% |  |
| Franklin Templeton VIP Foreign Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $2090859 | 2.32% | 69167.67 | 2270.47 | 10333.38 |  | $24.76 | $29.59 | $30.08 | $— | 0.90% | 0.32% |  | 28.04% | 29.19% | 29.19% |  |
| 2024 | $1784369 | 2.38% | 77178.44 | 2222.73 | 10342.90 |  | $19.34 | $22.90 | $23.28 | $— | 0.90% | 0.32% |  | (1.89)% | (1.00)% | (1.00)% |  |
| 2023 | $1729912 | 3.16% | 74310.48 | 1277.62 | 10014.51 |  | $19.71 | $23.13 | $23.51 | $— | 0.90% | 0.32% |  | 19.68% | 20.76% | 20.76% |  |
| 2022 | $1653132 | 3.14% | 86128.30 | 1355.44 | 10710.33 |  | $16.47 | $19.15 | $19.47 | $— | 0.90% | 0.32% |  | (8.43)% | (7.61)% | (7.61)% |  |
| 2021 | $1784915 | 1.81% | 85370.87 | 1393.50 | 10460.92 |  | $17.99 | $20.73 | $21.07 | $— | 0.90% | 0.32% |  | 3.23% | 4.16% | 4.16% |  |
| Franklin Templeton VIP Global Real Estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $1068707 | 1.38% | 54210.33 |  | 621.61 |  | $19.44 | $— | $23.61 | $— | 0.90% | 0.32% |  | 6.97% |  | 7.93% |  |
| 2024 | $963236 | 1.82% | 52345.38 |  | 537.10 |  | $18.18 | $— | $21.88 | $— | 0.90% | 0.32% |  | (1.21)% |  | (0.32)% |  |
| 2023 | $953628 | 2.82% | 51192.68 |  | 531.38 |  | $18.40 | $— | $21.95 | $— | 0.90% | 0.32% |  | 10.44% |  | 11.43% |  |
| 2022 | $844038 | 2.48% | 50124.87 |  | 452.50 |  | $16.66 | $— | $19.70 | $— | 0.90% | 0.32% |  | (26.72)% |  | (26.06)% |  |
| 2021 | $1122532 | 0.89% | 48875.66 |  | 424.72 |  | $22.74 | $— | $26.64 | $— | 0.90% | 0.32% |  | 25.66% |  | 26.79% |  |
| Franklin Templeton VIP Mutual Global Discovery Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $660060 | 2.03% | 15648.82 | 627.04 |  |  | $40.30 | $46.97 | $— | $— | 0.90% |  |  | 22.52% | 23.62% |  |  |
| 2024 | $367036 | 1.88% | 10473.69 | 593.17 |  |  | $32.89 | $38.00 | $— | $— | 0.90% |  |  | 4.04% | 4.98% |  |  |
| 2023 | $351880 | 2.68% | 10403.79 | 518.60 | 116.08 |  | $31.61 | $36.19 | $36.19 | $— | 0.90% | 0.32% |  | 19.48% | 20.55% | 20.55% |  |
| 2022 | $404030 | 1.69% | 14531.09 | 517.42 | 133.17 |  | $26.46 | $30.02 | $30.02 | $— | 0.90% | 0.32% |  | (5.37)% | (4.52)% | (4.52)% |  |
| 2021 | $464242 | 2.73% | 15838.47 | 531.74 | 147.65 |  | $27.96 | $31.44 | $31.44 | $— | 0.90% | 0.32% |  | 18.37% | 19.43% | 19.43% |  |
| Franklin Templeton VIP Mutual Shares Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $906976 | 2.01% | 19713.06 | 2001.86 | 4088.25 |  | $33.21 | $43.63 | $40.33 | $— | 0.90% | 0.32% |  | 10.52% | 11.52% | 11.52% |  |
| 2024 | $821009 | 1.98% | 19897.22 | 1915.37 | 4096.07 |  | $30.05 | $39.12 | $36.17 | $— | 0.90% | 0.32% |  | 10.27% | 11.27% | 11.27% |  |
| 2023 | $760183 | 1.90% | 20708.18 | 1777.54 | 4102.55 |  | $27.25 | $35.16 | $32.50 | $— | 0.90% | 0.32% |  | 12.45% | 13.46% | 13.46% |  |
| 2022 | $680549 | 1.97% | 21083.78 | 1674.67 | 4109.28 |  | $24.23 | $30.99 | $28.65 | $— | 0.90% | 0.32% |  | (8.26)% | (7.43)% | (7.43)% |  |
| 2021 | $866135 | 2.72% | 25802.73 | 1715.31 | 4108.96 |  | $26.41 | $33.48 | $30.95 | $— | 0.90% | 0.32% |  | 18.11% | 19.17% | 19.17% |  |

---

**NATIONAL VARIABLE LIFE INSURANCE ACCOUNT**

**(A Separate Account of National Life Insurance Company)**

**NOTES TO THE FINANCIAL STATEMENTS<br> DECEMBER 31, 2025**

**NOTE 7 – FINANCIAL HIGHLIGHTS**

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the** | | | | | | | | | | | | |  | | |
| VT = VariTrak Product | **At** | **Year Ended** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| V2 = Investor Select Product | **December 31,** | **December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
| EP = Estate Provider Product |  | **Investment** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| BP = Benefit Provider Product |  | **Income** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | **Net Assets** | **Ratio (a)** | **Units** | **Units** | **Units** | **Units** | **Unit Fair Value** | **Unit Fair Value** | **Unit Fair Value** | **Unit Fair Value** | **Expense Ratio (b)** | **Expense Ratio (b)** | **Expense Ratio (b)** | **Total Return (c)** | **Total Return (c)** | **Total Return (c)** | **Total Return (c)** |
|  |  |  | VT | V2 | EP | BP | VT | V2 | EP | BP | VT | EP | BP | VT | V2 | EP | BP |
| Franklin Templeton VIP Small Cap Value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $1212312 | 1.07% | 18391.65 | 1533.90 | 2943.69 |  | $50.68 | $64.60 | $61.55 | $— | 0.90% | 0.32% |  | 6.69% | 7.65% | 7.65% |  |
| 2024 | $1108110 | 0.92% | 18048.87 | 1379.48 | 2939.29 |  | $47.50 | $60.01 | $57.17 | $— | 0.90% | 0.32% |  | 10.70% | 11.71% | 11.71% |  |
| 2023 | $1020443 | 0.51% | 18623.77 | 1311.49 | 2948.56 |  | $42.91 | $53.72 | $51.18 | $— | 0.90% | 0.32% |  | 11.74% | 12.75% | 12.75% |  |
| 2022 | $911493 | 1.04% | 18611.86 | 1227.96 | 3047.30 |  | $38.40 | $47.65 | $45.39 | $— | 0.90% | 0.32% |  | (10.87)% | (10.06)% | (10.06)% |  |
| 2021 | $1021396 | 0.97% | 18364.19 | 1332.69 | 3163.80 |  | $43.08 | $52.98 | $50.47 | $— | 0.90% | 0.32% |  | 24.25% | 25.37% | 25.37% |  |
| Franklin Templeton VIP Small-Midcap Growth II |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $325967 |  | 5021.82 | 1210.75 |  |  | $47.56 | $71.97 | $— | $— | 0.90% |  |  | 1.60% | 2.52% |  |  |
| 2024 | $369403 |  | 5786.18 | 1403.90 |  |  | $46.81 | $70.20 | $— | $— | 0.90% |  |  | 10.04% | 11.04% |  |  |
| 2023 | $360931 |  | 6443.43 | 1373.42 |  |  | $42.54 | $63.23 | $— | $— | 0.90% |  |  | 25.61% | 26.74% |  |  |
| 2022 | $327849 |  | 6548.60 | 1507.14 | 771.53 |  | $33.87 | $49.89 | $40.04 | $— | 0.90% | 0.32% |  | (34.28)% | (33.69)% | (33.69)% |  |
| 2021 | $456078 |  | 6202.95 | 1313.26 | 623.19 |  | $51.53 | $75.24 | $60.38 | $— | 0.90% | 0.32% |  | 9.03% | 10.01% | 10.01% |  |
| Franklin Templeton VIP US Government |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $322031 | 3.31% | 22284.44 | 1647.44 | 1983.24 |  | $12.14 | $14.16 | $14.16 | $— | 0.90% | 0.32% |  | 6.05% | 7.01% | 7.01% |  |
| 2024 | $312578 | 3.30% | 23071.24 | 1620.14 | 2037.26 |  | $11.45 | $13.23 | $13.23 | $— | 0.90% | 0.32% |  | 0.59% | 1.50% | 1.50% |  |
| 2023 | $308637 | 2.92% | 22585.64 | 1793.64 | 2159.49 |  | $11.38 | $13.03 | $13.03 | $— | 0.90% | 0.32% |  | 3.83% | 4.76% | 4.76% |  |
| 2022 | $298356 | 2.64% | 23361.97 | 1733.36 | 1658.86 |  | $10.96 | $12.44 | $12.44 | $— | 0.90% | 0.32% |  | (10.31)% | (9.50)% | (9.50)% |  |
| 2021 | $431060 | 2.68% | 31278.25 | 1821.78 | 1720.69 |  | $12.22 | $13.75 | $13.75 | $— | 0.90% | 0.32% |  | (2.49)% | (1.62)% | (1.62)% |  |
| Invesco I.O.V.I Conservative Balanced Fund (e) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $— |  |  |  |  |  | $— | $— | $— | $— |  |  |  |  |  |  |  |
| 2024 | $— | 9.45% |  |  |  |  | $— | $— | $— | $— |  |  |  |  |  |  |  |
| 2023 | $147189 | 1.75% | 11268.17 | 776.60 |  |  | $12.19 | $12.70 | $— | $— | 0.90% |  |  | 11.31% | 12.31% |  |  |
| 2022 | $133947 | 1.18% | 11547.26 | 664.73 |  |  | $10.95 | $11.31 | $— | $— | 0.90% |  |  | (17.76)% | (17.02)% |  |  |
| 2021 | $166812 | 1.31% | 11873.71 | 641.12 |  |  | $13.31 | $13.63 | $— | $— | 0.90% |  |  | 9.32% | 10.30% |  |  |
| Invesco I.O.V.I Global Strategic Income Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $330284 | 5.36% | 26667.71 | 3274.90 |  |  | $10.96 | $11.63 | $— | $— | 0.90% |  |  | 11.75% | 12.75% |  |  |
| 2024 | $307542 | 2.76% | 28110.17 | 3094.66 |  |  | $9.81 | $10.31 | $— | $— | 0.90% |  |  | 1.87% | 2.79% |  |  |
| 2023 | $295745 |  | 27343.98 | 2817.28 | 426.17 |  | $9.63 | $10.03 | $10.03 | $— | 0.90% | 0.32% |  | 7.63% | 8.60% | 8.60% |  |
| 2022 | $326550 |  | 33326.34 | 2597.34 | 488.89 |  | $8.94 | $9.24 | $9.24 | $— | 0.90% | 0.32% |  | (12.50)% | (11.71)% | (11.71)% |  |
| 2021 | $392541 | 4.26% | 35360.58 | 2433.35 | 542.06 |  | $10.22 | $10.46 | $10.46 | $— | 0.90% | 0.32% |  | (4.42)% | (3.56)% | (3.56)% |  |
| Invesco I.O.V.I Main Street Small Cap Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $76175 | 0.22% | 3539.55 | 474.83 |  |  | $18.84 | $19.99 | $— | $— | 0.90% |  |  | 7.47% | 8.44% |  |  |
| 2024 | $63497 |  | 2763.45 | 575.38 |  |  | $17.53 | $18.43 | $— | $— | 0.90% |  |  | 11.39% | 12.41% |  |  |
| 2023 | $52573 | 0.83% | 2760.79 | 556.55 |  |  | $15.74 | $16.40 | $— | $— | 0.90% |  |  | 16.77% | 17.82% |  |  |
| 2022 | $89574 | 0.27% | 5596.35 | 1016.98 |  |  | $13.48 | $13.92 | $— | $— | 0.90% |  |  | (16.79)% | (16.04)% |  |  |
| 2021 | $106247 | 0.18% | 5559.52 | 977.58 |  |  | $16.20 | $16.58 | $— | $— | 0.90% |  |  | 21.17% | 22.26% |  |  |

---

**NATIONAL VARIABLE LIFE INSURANCE ACCOUNT**

**(A Separate Account of National Life Insurance Company)**

**NOTES TO THE FINANCIAL STATEMENTS<br> DECEMBER 31, 2025**

**NOTE 7 – FINANCIAL HIGHLIGHTS**

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the** | | | | | | | | | | | | |  | | |
| VT = VariTrak Product | **At** | **Year Ended** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| V2 = Investor Select Product | **December 31,** | **December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
| EP = Estate Provider Product |  | **Investment** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| BP = Benefit Provider Product |  | **Income** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | **Net Assets** | **Ratio (a)** | **Units** | **Units** | **Units** | **Units** | **Unit Fair Value** | **Unit Fair Value** | **Unit Fair Value** | **Unit Fair Value** | **Expense Ratio (b)** | **Expense Ratio (b)** | **Expense Ratio (b)** | **Total Return (c)** | **Total Return (c)** | **Total Return (c)** | **Total Return (c)** |
|  |  |  | VT | V2 | EP | BP | VT | V2 | EP | BP | VT | EP | BP | VT | V2 | EP | BP |
| Invesco V.I . Equity and Income Fund (e) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $443566 | 1.90% | 35962.01 | 1268.18 |  |  | $11.91 | $12.09 | $— | $— | 0.90% |  |  | 11.51% | 12.52% |  |  |
| 2024 | $182464 | 2.12% | 15932.81 | 1147.23 |  |  | $10.68 | $10.74 | $— | $— | 0.90% |  |  |  |  |  |  |
| 2023 | $— |  |  |  |  |  | $— | $— | $— | $— |  |  |  |  |  |  |  |
| 2022 | $— |  |  |  |  |  | $— | $— | $— | $— |  |  |  |  |  |  |  |
| 2021 | $— |  |  |  |  |  | $— | $— | $— | $— |  |  |  |  |  |  |  |
| Invesco V.I. Discovery Mid Cap Growth Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $1389684 |  | 82620.82 |  |  | 162.65 | $16.79 | $— | $— | $17.59 | 0.90% |  | 0.12% or 0.07% | 3.85% |  |  | 4.95% |
| 2024 | $1122305 |  | 69269.66 |  |  | 163.74 | $16.16 | $— | $— | $16.76 | 0.90% |  | 0.12% or 0.07% | 23.11% |  |  | 24.08% |
| 2023 | $991198 |  | 75334.10 |  |  | 164.50 | $13.13 | $— | $— | $13.51 | 0.90% |  | 0.12% or 0.07% | 12.15% |  |  | 13.02% |
| 2022 | $964638 |  | 82235.63 |  |  | 165.38 | $11.71 | $— | $— | $11.95 | 0.90% |  | 0.12% or 0.07% | (31.60)% |  |  | (31.06)% |
| 2021 | $1349258 |  | 78100.18 |  |  | 732.30 | $17.11 | $— | $— | $17.34 | 0.90% |  | 0.12% or 0.07% | 18.04% |  |  | 18.96% |
| Invesco V.I. Health Care Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $3164230 |  | 76076.77 |  | 3664.32 | 4999.64 | $38.66 | $— | $48.41 | $9.15 | 0.90% | 0.32% | 0.12% or 0.07% | 14.30% |  | 15.33% | 15.25% |
| 2024 | $2774813 |  | 76213.64 |  | 3744.21 | 5017.88 | $33.82 | $— | $41.98 | $7.94 | 0.90% | 0.32% | 0.12% or 0.07% | 3.23% |  | 4.17% | 4.09% |
| 2023 | $2719056 |  | 77034.54 |  | 3886.57 | 5039.19 | $32.76 | $— | $40.30 | $7.63 | 0.90% | 0.32% | 0.12% or 0.07% | 2.11% |  | 3.02% | 2.95% |
| 2022 | $3218662 |  | 94087.32 |  | 4141.08 | 5065.60 | $32.09 | $— | $39.11 | $7.41 | 0.90% | 0.32% | 0.12% or 0.07% | (14.09)% |  | (13.32)% | (13.32)% |
| 2021 | $3868295 | 0.21% | 97041.44 |  | 4434.25 | 5100.90 | $37.35 | $— | $45.12 | $8.55 | 0.90% | 0.32% | 0.12% or 0.07% | 11.30% |  | 12.30% | 12.16% |
| Invesco V.I. Technology Fund |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $3859034 |  | 115998.02 |  | 5179.03 | 8051.80 | $30.82 | $— | $38.60 | $10.41 | 0.90% | 0.32% | 0.12% or 0.07% | 19.39% |  | 20.47% | 20.38% |
| 2024 | $3496685 |  | 123722.69 |  | 5257.65 | 15524.13 | $25.82 | $— | $32.04 | $8.65 | 0.90% | 0.32% | 0.12% or 0.07% | 33.06% |  | 34.27% | 34.18% |
| 2023 | $2753970 |  | 129880.93 |  | 5605.98 | 15572.43 | $19.40 | $— | $23.86 | $6.44 | 0.90% | 0.32% | 0.12% or 0.07% | 45.64% |  | 46.94% | 46.84% |
| 2022 | $2095411 |  | 144178.72 |  | 6534.36 | 15634.52 | $13.32 | $— | $16.24 | $4.39 | 0.90% | 0.32% | 0.12% or 0.07% | (40.48)% |  | (39.95)% | (39.95)% |
| 2021 | $3287471 |  | 136327.98 |  | 6508.63 | 8205.16 | $22.38 | $— | $27.04 | $7.31 | 0.90% | 0.32% | 0.12% or 0.07% | 13.39% |  | 14.41% | 14.27% |
| JP Morgan Insurance Trust Small Cap Core Portfolio (f) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $— |  |  |  |  |  | $— | $— | $— | $— |  |  |  |  |  |  |  |
| 2024 | $— |  |  |  |  |  | $— | $— | $— | $— |  |  |  |  |  |  |  |
| 2023 | $— |  |  |  |  |  | $— | $— | $— | $— |  |  |  |  |  |  |  |
| 2022 | $1287309 | 0.47% | 24029.49 |  | 5302.62 |  | $43.59 | $— | $45.23 | $— | 0.90% | 0.32% |  | (20.07)% |  | (19.35)% |  |
| 2021 | $1635186 | 0.50% | 24492.49 |  | 5339.29 |  | $54.54 | $— | $56.08 | $— | 0.90% | 0.32% |  | 20.30% |  | 21.38% |  |
| LVIP American Century Disciplined Core Value Fund (e) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $4600446 | 1.69% | 352109.25 |  | 26962.79 | 1075.20 | $12.09 | $— | $12.27 | $12.25 | 0.90% | 0.32% | 0.12% or 0.07% | 13.83% |  | 14.86% | 14.72% |
| 2024 | $4152045 | 1.26% | 362133.72 |  | 27951.31 | 733.93 | $10.62 | $— | $10.68 | $10.68 | 0.90% | 0.32% | 0.12% or 0.07% |  |  |  |  |
| 2023 | $— |  |  |  |  |  | $— | $— | $— | $— |  |  |  |  |  |  |  |
| 2022 | $— |  |  |  |  |  | $— | $— | $— | $— |  |  |  |  |  |  |  |
| 2021 | $— |  |  |  |  |  | $— | $— | $— | $— |  |  |  |  |  |  |  |

---

**NATIONAL VARIABLE LIFE INSURANCE ACCOUNT**

**(A Separate Account of National Life Insurance Company)**

**NOTES TO THE FINANCIAL STATEMENTS<br> DECEMBER 31, 2025**

**NOTE 7 – FINANCIAL HIGHLIGHTS**

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the** | | | | | | | | | | | | |  | | |
| VT = VariTrak Product | **At** | **Year Ended** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| V2 = Investor Select Product | **December 31,** | **December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
| EP = Estate Provider Product |  | **Investment** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| BP = Benefit Provider Product |  | **Income** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | **Net Assets** | **Ratio (a)** | **Units** | **Units** | **Units** | **Units** | **Unit Fair Value** | **Unit Fair Value** | **Unit Fair Value** | **Unit Fair Value** | **Expense Ratio (b)** | **Expense Ratio (b)** | **Expense Ratio (b)** | **Total Return (c)** | **Total Return (c)** | **Total Return (c)** | **Total Return (c)** |
|  |  |  | VT | V2 | EP | BP | VT | V2 | EP | BP | VT | EP | BP | VT | V2 | EP | BP |
| LVIP American Century Inflation Protection Fund (e) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $1159137 | 7.49% | 74349.45 | 3346.87 | 18505.17 | 9775.15 | $10.89 | $11.06 | $11.06 | $11.01 | 0.90% | 0.32% | 0.12% or 0.07% | 5.65% | 6.60% | 6.60% | 6.26% |
| 2024 | $1178127 | 4.56% | 82989.29 | 3023.56 | 18217.95 | 9859.58 | $10.31 | $10.37 | $10.37 | $10.36 | 0.90% | 0.32% | 0.12% or 0.07% |  |  |  |  |
| 2023 | $— |  |  |  |  |  | $— | $— | $— | $— |  |  |  |  |  |  |  |
| 2022 | $— |  |  |  |  |  | $— | $— | $— | $— |  |  |  |  |  |  |  |
| 2021 | $— |  |  |  |  |  | $— | $— | $— | $— |  |  |  |  |  |  |  |
| LVIP American Century International Fund (e) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $5575513 | 1.22% | 403839.30 | 33723.27 | 43644.60 |  | $11.56 | $11.73 | $11.73 | $— | 0.90% | 0.32% |  | 14.95% | 15.98% | 15.98% |  |
| 2024 | $4920392 | 0.88% | 409961.91 | 36737.69 | 42164.04 |  | $10.05 | $10.12 | $10.12 | $— | 0.90% | 0.32% |  |  |  |  |  |
| 2023 | $— |  |  |  |  |  | $— | $— | $— | $— |  |  |  |  |  |  |  |
| 2022 | $— |  |  |  |  |  | $— | $— | $— | $— |  |  |  |  |  |  |  |
| 2021 | $— |  |  |  |  |  | $— | $— | $— | $— |  |  |  |  |  |  |  |
| LVIP American Century Ultra Fund (e) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $379743 |  | 21758.52 |  | 6220.49 |  | $13.53 | $— | $13.73 | $— | 0.90% | 0.32% |  | 11.84% |  | 12.84% |  |
| 2024 | $352729 |  | 22634.01 |  | 6489.15 |  | $12.10 | $— | $12.17 | $— | 0.90% | 0.32% |  |  |  |  |  |
| 2023 | $— |  |  |  |  |  | $— | $— | $— | $— |  |  |  |  |  |  |  |
| 2022 | $— |  |  |  |  |  | $— | $— | $— | $— |  |  |  |  |  |  |  |
| 2021 | $— |  |  |  |  |  | $— | $— | $— | $— |  |  |  |  |  |  |  |
| LVIP American Century Value Fund (e) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $10675711 | 1.61% | 716429.16 | 15513.64 | 69830.59 | 73526.66 | $12.16 | $12.35 | $12.35 | $12.33 | 0.90% | 0.32% | 0.12% or 0.07% | 14.99% | 16.02% | 16.02% | 15.96% |
| 2024 | $9549128 | 2.98% | 741356.91 | 13502.41 | 77069.23 | 69790.79 | $10.58 | $10.64 | $10.64 | $10.64 | 0.90% | 0.32% | 0.12% or 0.07% |  |  |  |  |
| 2023 | $— |  |  |  |  |  | $— | $— | $— | $— |  |  |  |  |  |  |  |
| 2022 | $— |  |  |  |  |  | $— | $— | $— | $— |  |  |  |  |  |  |  |
| 2021 | $— |  |  |  |  |  | $— | $— | $— | $— |  |  |  |  |  |  |  |
| LVIP JPMorgan Small Cap Core Fund - Standard Class (f) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $1521491 | 0.64% | 87817.78 |  | 22182.85 |  | $13.76 | $— | $14.10 | $— | 0.90% | 0.32% |  | 9.29% |  | 10.27% |  |
| 2024 | $1438621 | 0.80% | 90702.67 |  | 22522.74 |  | $12.59 | $— | $12.79 | $— | 0.90% | 0.32% |  | 10.71% |  | 11.71% |  |
| 2023 | $1403651 | 1.08% | 99653.56 |  | 23583.46 |  | $11.38 | $— | $11.45 | $— | 0.90% | 0.32% |  |  |  |  |  |
| 2022 | $— |  |  |  |  |  | $— | $— | $— | $— |  |  |  |  |  |  |  |
| 2021 | $— |  |  |  |  |  | $— | $— | $— | $— |  |  |  |  |  |  |  |
| Morgan Stanley Investment Funds Core Plus Fixed Income Portfolio (f) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $— |  |  |  |  |  | $— | $— | $— | $— |  |  |  |  |  |  |  |
| 2024 | $— |  |  |  |  |  | $— | $— | $— | $— |  |  |  |  |  |  |  |
| 2023 | $— |  |  |  |  |  | $— | $— | $— | $— |  |  |  |  |  |  |  |
| 2022 | $2641117 | 4.09% |  |  |  | 1132436.73 | $— | $— | $— | $2.33 |  |  | 0.12% or 0.07% |  |  |  | (14.38)% |
| 2021 | $3265750 | 3.83% |  |  |  | 1198910.18 | $— | $— | $— | $2.72 |  |  | 0.12% or 0.07% |  |  |  | (0.40)% |

---

**NATIONAL VARIABLE LIFE INSURANCE ACCOUNT**

**(A Separate Account of National Life Insurance Company)**

**NOTES TO THE FINANCIAL STATEMENTS<br> DECEMBER 31, 2025**

**NOTE 7 – FINANCIAL HIGHLIGHTS**

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the** | | | | | | | | | | | | |  | | |
| VT = VariTrak Product | **At** | **Year Ended** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| V2 = Investor Select Product | **December 31,** | **December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
| EP = Estate Provider Product |  | **Investment** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| BP = Benefit Provider Product |  | **Income** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | **Net Assets** | **Ratio (a)** | **Units** | **Units** | **Units** | **Units** | **Unit Fair Value** | **Unit Fair Value** | **Unit Fair Value** | **Unit Fair Value** | **Expense Ratio (b)** | **Expense Ratio (b)** | **Expense Ratio (b)** | **Total Return (c)** | **Total Return (c)** | **Total Return (c)** | **Total Return (c)** |
|  |  |  | VT | V2 | EP | BP | VT | V2 | EP | BP | VT | EP | BP | VT | V2 | EP | BP |
| Morgan Stanley VIF Emerging Markets Equity Portfolio |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $642785 | 0.41% |  |  |  | 135515.20 | $— | $— | $— | $4.74 |  |  | 0.12% or 0.07% |  |  |  | 32.87% |
| 2024 | $509079 | 1.70% |  |  |  | 142609.40 | $— | $— | $— | $3.57 |  |  | 0.12% or 0.07% |  |  |  | 7.74% |
| 2023 | $813109 | 1.54% |  |  |  | 245409.67 | $— | $— | $— | $3.31 |  |  | 0.12% or 0.07% |  |  |  | 11.89% |
| 2022 | $770509 | 0.43% |  |  |  | 260213.63 | $— | $— | $— | $2.96 |  |  | 0.12% or 0.07% |  |  |  | (25.13)% |
| 2021 | $916563 | 0.80% |  |  |  | 231760.92 | $— | $— | $— | $3.95 |  |  | 0.12% or 0.07% |  |  |  | 2.91% |
| Morgan Stanley VIF U.S. Real Estate Portfolio |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $— |  |  |  |  |  | $— | $— | $— | $— |  |  |  |  |  |  |  |
| 2024 | $— |  |  |  |  |  | $— | $— | $— | $— |  |  |  |  |  |  |  |
| 2023 | $77305 | 2.21% |  |  |  | 12397.86 | $— | $— | $— | $6.24 |  |  | 0.12% or 0.07% |  |  |  | 14.44% |
| 2022 | $67786 | 1.29% |  |  |  | 12440.79 | $— | $— | $— | $5.45 |  |  | 0.12% or 0.07% |  |  |  | (27.05)% |
| 2021 | $96130 | 2.01% |  |  |  | 12869.29 | $— | $— | $— | $7.47 |  |  | 0.12% or 0.07% |  |  |  | 39.63% |
| Neuberger Berman Quality Equity Portfolio Class I (d) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $3520215 |  | 36653.35 | 486.36 | 6577.56 | 4904.53 | $75.82 | $88.37 | $88.37 | $23.82 | 0.90% | 0.32% | 0.12% or 0.07% | 12.73% | 13.74% | 13.74% | 13.66% |
| 2024 | $3258938 | 0.22% | 38482.57 | 479.89 | 6849.12 | 4825.11 | $67.26 | $77.70 | $77.70 | $20.96 | 0.90% | 0.32% | 0.12% or 0.07% | 24.71% | 25.84% | 25.84% | 25.75% |
| 2023 | $2839426 | 0.33% | 42153.63 | 485.76 | 7394.19 | 4766.87 | $53.93 | $61.74 | $61.74 | $16.67 | 0.90% | 0.32% | 0.12% or 0.07% | 25.77% | 26.90% | 26.90% | 26.81% |
| 2022 | $2318957 | 0.46% | 43184.48 | 480.82 | 7860.76 | 4662.35 | $42.88 | $48.65 | $48.65 | $13.14 | 0.90% | 0.32% | 0.12% or 0.07% | (19.18)% | (18.45)% | (18.45)% | (18.47)% |
| 2021 | $3019205 | 0.38% | 43806.71 | 486.10 | 8034.71 | 11572.38 | $53.06 | $59.66 | $59.66 | $16.12 | 0.90% | 0.32% | 0.12% or 0.07% | 22.38% | 23.48% | 23.48% | 23.35% |
| Neuberger Berman Trust Mid Cap Growth Class S |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $702107 |  | 19883.83 |  | 8290.36 |  | $24.24 | $— | $26.55 | $— | 0.90% | 0.32% |  | 4.29% |  | 5.23% |  |
| 2024 | $773284 |  | 23852.67 |  | 8675.54 |  | $23.24 | $— | $25.23 | $— | 0.90% | 0.32% |  | 22.65% |  | 23.76% |  |
| 2023 | $670316 |  | 25898.98 |  | 8805.43 |  | $18.95 | $— | $20.39 | $— | 0.90% | 0.32% |  | 16.91% |  | 17.96% |  |
| 2022 | $651263 |  | 29380.52 |  | 10127.77 |  | $16.21 | $— | $17.28 | $— | 0.90% | 0.32% |  | (29.46)% |  | (28.83)% |  |
| 2021 | $850775 |  | 26708.58 |  | 9761.77 |  | $22.98 | $— | $24.28 | $— | 0.90% | 0.32% |  | 11.72% |  | 12.72% |  |
| Neuberger Berman Trust Mid Cap Growth Portfolio |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $728027 |  | 8497.55 | 1925.55 |  |  | $67.98 | $78.08 | $— | $— | 0.90% |  |  | 4.51% | 5.45% |  |  |
| 2024 | $764689 |  | 9094.61 | 2337.71 |  |  | $65.05 | $74.05 | $— | $— | 0.90% |  |  | 22.91% | 24.02% |  |  |
| 2023 | $709968 |  | 10564.70 | 2452.16 | 70.02 |  | $52.93 | $59.70 | $63.13 | $— | 0.90% | 0.32% |  | 17.10% | 18.15% | 18.15% |  |
| 2022 | $604745 |  | 10339.97 | 2633.86 | 80.33 |  | $45.20 | $50.53 | $53.43 | $— | 0.90% | 0.32% |  | (29.37)% | (28.73)% | (28.73)% |  |
| 2021 | $853507 |  | 10430.77 | 2529.12 | 89.06 |  | $63.99 | $70.91 | $74.98 | $— | 0.90% | 0.32% |  | 11.98% | 12.99% | 12.99% |  |
| Neuberger Berman Trust Short Duration Bond Portfolio |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $2529645 | 5.40% | 168978.28 | 4065.07 | 21028.50 |  | $12.66 | $16.43 | $15.38 | $— | 0.90% | 0.32% |  | 4.77% | 5.71% | 5.71% |  |
| 2024 | $2439856 | 5.60% | 172250.04 | 3825.49 | 20538.49 |  | $12.09 | $15.54 | $14.55 | $— | 0.90% | 0.32% |  | 5.14% | 6.10% | 6.10% |  |
| 2023 | $2308820 | 4.64% | 172851.17 | 4611.39 | 18563.67 |  | $11.49 | $14.65 | $13.71 | $— | 0.90% | 0.32% |  | 4.96% | 5.90% | 5.90% |  |
| 2022 | $2313185 | 3.77% | 179629.07 | 4479.03 | 21945.64 |  | $10.95 | $13.83 | $12.95 | $— | 0.90% | 0.32% |  | (6.03)% | (5.19)% | (5.19)% |  |
| 2021 | $2864119 | 2.65% | 209616.46 | 6180.72 | 24252.58 |  | $11.65 | $14.59 | $13.65 | $— | 0.90% | 0.32% |  | (0.16)% | 0.74% | 0.74% |  |

---

**NATIONAL VARIABLE LIFE INSURANCE ACCOUNT**

**(A Separate Account of National Life Insurance Company)**

**NOTES TO THE FINANCIAL STATEMENTS<br> DECEMBER 31, 2025**

**NOTE 7 – FINANCIAL HIGHLIGHTS**

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the** | | | | | | | | | | | | |  | | |
| VT = VariTrak Product | **At** | **Year Ended** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| V2 = Investor Select Product | **December 31,** | **December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
| EP = Estate Provider Product |  | **Investment** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| BP = Benefit Provider Product |  | **Income** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | **Net Assets** | **Ratio (a)** | **Units** | **Units** | **Units** | **Units** | **Unit Fair Value** | **Unit Fair Value** | **Unit Fair Value** | **Unit Fair Value** | **Expense Ratio (b)** | **Expense Ratio (b)** | **Expense Ratio (b)** | **Total Return (c)** | **Total Return (c)** | **Total Return (c)** | **Total Return (c)** |
|  |  |  | VT | V2 | EP | BP | VT | V2 | EP | BP | VT | EP | BP | VT | V2 | EP | BP |
| T Rowe Price Blue Chip Growth Portfolio |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $3659125 |  | 32326.88 | 2314.68 | 3144.13 |  | $92.19 | $141.17 | $111.96 | $— | 0.90% | 0.32% |  | 17.38% | 18.43% | 18.43% |  |
| 2024 | $3555688 |  | 37018.83 | 2854.66 | 3256.15 |  | $78.54 | $119.20 | $94.53 | $— | 0.90% | 0.32% |  | 33.96% | 35.17% | 35.17% |  |
| 2023 | $2963402 |  | 41321.74 | 3304.25 | 3562.59 |  | $58.63 | $88.18 | $69.94 | $— | 0.90% | 0.32% |  | 47.63% | 48.96% | 48.96% |  |
| 2022 | $2376967 |  | 48776.41 | 4245.96 | 4012.78 |  | $39.72 | $59.20 | $46.95 | $— | 0.90% | 0.32% |  | (39.21)% | (38.66)% | (38.66)% |  |
| 2021 | $3513901 |  | 43817.69 | 3642.91 | 3913.77 |  | $65.33 | $96.51 | $76.55 | $— | 0.90% | 0.32% |  | 16.28% | 17.33% | 17.33% |  |
| T Rowe Price Equity Income Portfolio |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $5918171 | 1.41% | 109930.08 | 5389.74 | 17594.28 |  | $42.72 | $57.27 | $51.88 | $— | 0.90% | 0.32% |  | 13.06% | 14.07% | 14.07% |  |
| 2024 | $5235054 | 1.60% | 111236.71 | 5001.98 | 17157.10 |  | $37.79 | $50.20 | $45.48 | $— | 0.90% | 0.32% |  | 10.38% | 11.38% | 11.38% |  |
| 2023 | $4922856 | 1.88% | 116273.12 | 4967.68 | 17586.01 |  | $34.24 | $45.07 | $40.84 | $— | 0.90% | 0.32% |  | 8.34% | 9.31% | 9.31% |  |
| 2022 | $4703067 | 1.71% | 120313.55 | 4557.79 | 19089.38 |  | $31.60 | $41.23 | $37.36 | $— | 0.90% | 0.32% |  | (4.44)% | (3.59)% | (3.59)% |  |
| 2021 | $5837090 | 1.36% | 144361.17 | 5509.17 | 21354.14 |  | $33.07 | $42.77 | $38.75 | $— | 0.90% | 0.32% |  | 24.10% | 25.22% | 25.22% |  |
| T Rowe Price Health Sciences Portfolio |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $2910686 |  | 26990.29 | 773.17 | 1264.41 |  | $98.73 | $122.05 | $119.90 | $— | 0.90% | 0.32% |  | 16.75% | 17.80% | 17.80% |  |
| 2024 | $2458485 |  | 26699.68 | 719.11 | 1240.18 |  | $84.56 | $103.61 | $101.78 | $— | 0.90% | 0.32% |  | 0.51% | 1.42% | 1.42% |  |
| 2023 | $2487974 |  | 27235.86 | 696.25 | 1249.03 |  | $84.14 | $102.16 | $100.35 | $— | 0.90% | 0.32% |  | 1.77% | 2.68% | 2.68% |  |
| 2022 | $2552792 |  | 28528.87 | 685.52 | 1290.13 |  | $82.67 | $99.49 | $97.73 | $— | 0.90% | 0.32% |  | (13.46)% | (12.69)% | (12.69)% |  |
| 2021 | $3069946 |  | 29770.97 | 687.62 | 1317.39 |  | $95.53 | $113.94 | $111.93 | $— | 0.90% | 0.32% |  | 11.82% | 12.83% | 12.83% |  |
| T Rowe Price Moderate Allocation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $1774604 | 2.25% | 43398.56 | 556.87 |  |  | $40.29 | $46.96 | $— | $— | 0.90% |  |  | 13.48% | 14.50% |  |  |
| 2024 | $1541119 | 2.27% | 42819.03 | 510.96 |  |  | $35.50 | $41.01 | $— | $— | 0.90% |  |  | 9.07% | 10.06% |  |  |
| 2023 | $1413704 | 2.29% | 42349.74 | 945.40 |  |  | $32.55 | $37.26 | $— | $— | 0.90% |  |  | 14.32% | 15.35% |  |  |
| 2022 | $1251209 | 1.62% | 42955.33 | 872.42 |  |  | $28.47 | $32.30 | $— | $— | 0.90% |  |  | (19.04)% | (18.31)% |  |  |
| 2021 | $1526244 | 0.98% | 42245.52 | 1024.40 |  |  | $35.17 | $39.55 | $— | $— | 0.90% |  |  | 9.08% | 10.06% |  |  |
| Touchstone TVST Balanced |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $8271873 | 1.94% | 109734.27 | 2104.22 | 8241.93 |  | $69.60 | $52.37 | $63.59 | $— | 0.90% | 0.32% |  | 13.14% | 14.16% | 14.16% |  |
| 2024 | $7576954 | 1.83% | 113245.88 | 3264.49 | 8268.11 |  | $61.52 | $45.88 | $55.71 | $— | 0.90% | 0.32% |  | 12.57% | 13.59% | 13.59% |  |
| 2023 | $6665806 | 1.34% | 112219.89 | 3120.83 | 8304.74 |  | $54.65 | $40.39 | $49.04 | $— | 0.90% | 0.32% |  | 17.56% | 18.61% | 18.61% |  |
| 2022 | $6004326 | 0.50% | 119840.19 | 4690.41 | 6619.95 |  | $46.49 | $34.05 | $41.35 | $— | 0.90% | 0.32% |  | (16.72)% | (15.97)% | (15.97)% |  |
| 2021 | $7387172 | 0.23% | 122867.19 | 4740.40 | 6850.95 |  | $55.82 | $40.52 | $49.20 | $— | 0.90% | 0.32% |  | 16.03% | 17.07% | 17.07% |  |
| Touchstone TVST Bond |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $5899745 | 4.14% | 190370.23 | 5201.97 | 29678.77 |  | $25.95 | $17.63 | $29.24 | $— | 0.90% | 0.32% |  | 6.67% | 7.63% | 7.63% |  |
| 2024 | $5662902 | 5.38% | 197436.57 | 4802.99 | 28753.08 |  | $24.33 | $16.38 | $27.17 | $— | 0.90% | 0.32% |  | 1.27% | 2.19% | 2.19% |  |
| 2023 | $5629190 | 4.64% | 201225.61 | 5535.17 | 26583.43 |  | $24.02 | $16.03 | $26.58 | $— | 0.90% | 0.32% |  | 5.13% | 6.07% | 6.07% |  |
| 2022 | $5473544 | 2.08% | 204785.51 | 5205.93 | 28557.34 |  | $22.85 | $15.11 | $25.06 | $— | 0.90% | 0.32% |  | (14.61)% | (13.85)% | (13.85)% |  |
| 2021 | $6685049 | 2.49% | 213842.41 | 6898.75 | 28931.78 | 0.78 | $26.76 | $17.54 | $29.09 | $28.69 | 0.90% | 0.32% | 0.12% or 0.07% | (2.09)% | (1.21)% | (1.21)% | (1.32)% |

---

**NATIONAL VARIABLE LIFE INSURANCE ACCOUNT**

**(A Separate Account of National Life Insurance Company)**

**NOTES TO THE FINANCIAL STATEMENTS<br> DECEMBER 31, 2025**

**NOTE 7 – FINANCIAL HIGHLIGHTS**

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the** | | | | | | | | | | | | |  | | |
| VT = VariTrak Product | **At** | **Year Ended** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| V2 = Investor Select Product | **December 31,** | **December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **At December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
| EP = Estate Provider Product |  | **Investment** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| BP = Benefit Provider Product |  | **Income** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | **Net Assets** | **Ratio (a)** | **Units** | **Units** | **Units** | **Units** | **Unit Fair Value** | **Unit Fair Value** | **Unit Fair Value** | **Unit Fair Value** | **Expense Ratio (b)** | **Expense Ratio (b)** | **Expense Ratio (b)** | **Total Return (c)** | **Total Return (c)** | **Total Return (c)** | **Total Return (c)** |
|  |  |  | VT | V2 | EP | BP | VT | V2 | EP | BP | VT | EP | BP | VT | V2 | EP | BP |
| Touchstone TVST Common Stock |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $48848040 | 0.53% | 283679.60 | 8297.97 | 17540.78 | 66613.29 | $137.97 | $96.60 | $111.23 | $104.44 | 0.90% | 0.32% | 0.12% or 0.07% | 16.78% | 17.83% | 17.83% | 17.75% |
| 2024 | $46753793 | 0.64% | 320408.34 | 8309.82 | 18085.67 | 73406.97 | $118.14 | $81.98 | $94.40 | $88.70 | 0.90% | 0.32% | 0.12% or 0.07% | 20.39% | 21.48% | 21.48% | 21.39% |
| 2023 | $40835874 | 0.42% | 354463.81 | 8524.47 | 18691.39 | 55049.48 | $98.14 | $67.49 | $77.71 | $73.07 | 0.90% | 0.32% | 0.12% or 0.07% | 25.53% | 26.65% | 26.65% | 26.57% |
| 2022 | $35150450 | 0.43% | 386199.68 | 8802.08 | 20170.39 | 56323.60 | $78.18 | $53.29 | $61.36 | $57.73 | 0.90% | 0.32% | 0.12% or 0.07% | (18.39)% | (17.66)% | (17.66)% | (17.68)% |
| 2021 | $45548330 | 0.53% | 410235.18 | 9446.71 | 20958.05 | 58137.81 | $95.79 | $64.71 | $74.51 | $70.13 | 0.90% | 0.32% | 0.12% or 0.07% | 26.71% | 27.85% | 27.85% | 27.71% |
| Touchstone TVST Small Company |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $32742190 | 0.21% | 147966.60 | 8372.65 | 19647.03 | 11971.75 | $186.73 | $78.36 | $157.27 | $114.16 | 0.90% | 0.32% | 0.12% or 0.07% | 8.74% | 9.72% | 9.72% | 9.64% |
| 2024 | $30990144 | 0.43% | 152764.48 | 7825.30 | 19675.16 | 13141.12 | $171.72 | $71.42 | $143.34 | $104.12 | 0.90% | 0.32% | 0.12% or 0.07% | 12.68% | 13.70% | 13.70% | 13.62% |
| 2023 | $29026080 | 0.22% | 163035.67 | 7577.74 | 19977.65 | 12946.80 | $152.39 | $62.81 | $126.06 | $91.64 | 0.90% | 0.32% | 0.12% or 0.07% | 15.56% | 16.60% | 16.60% | 16.52% |
| 2022 | $26554008 | 0.04% | 173520.97 | 7397.26 | 21194.32 | 12489.65 | $131.87 | $53.87 | $108.11 | $78.64 | 0.90% | 0.32% | 0.12% or 0.07% | (15.21)% | (14.44)% | (14.44)% | (14.45)% |
| 2021 | $32821797 | 0.07% | 182722.12 | 7778.77 | 21857.59 | 12551.70 | $155.52 | $62.96 | $126.37 | $91.92 | 0.90% | 0.32% | 0.12% or 0.07% | 23.07% | 24.18% | 24.18% | 24.03% |
| Van Eck VIPT Emerging Markets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $2206069 | 0.70% | 40825.95 | 9322.15 | 4862.12 |  | $38.46 | $44.83 | $44.83 | $— | 0.90% | 0.32% |  | 28.77% | 29.92% | 29.92% |  |
| 2024 | $1793968 | 1.65% | 43390.57 | 9353.04 | 5078.42 |  | $29.87 | $34.50 | $34.50 | $— | 0.90% | 0.32% |  | 0.30% | 1.21% | 1.21% |  |
| 2023 | $1700629 | 3.64% | 40696.26 | 9467.05 | 4867.28 |  | $29.78 | $34.09 | $34.09 | $— | 0.90% | 0.32% |  | 8.80% | 9.77% | 9.77% |  |
| 2022 | $1670330 | 0.30% | 44227.15 | 9342.09 | 5460.53 |  | $27.37 | $31.06 | $31.06 | $— | 0.90% | 0.32% |  | (25.05)% | (24.37)% | (24.37)% |  |
| 2021 | $1954446 | 0.95% | 38595.50 | 9122.94 | 4146.72 |  | $36.52 | $41.07 | $41.07 | $— | 0.90% | 0.32% |  | (12.66)% | (11.87)% | (11.87)% |  |
| Van Eck VIPT Global Resources Fund (h) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $1714030 | 2.39% | 73824.26 | 6453.14 | 4204.03 |  | $19.87 | $23.17 | $23.17 | $— | 0.90% | 0.32% |  | 35.27% | 36.48% | 36.48% |  |
| 2024 | $1332925 | 2.59% | 78617.30 | 6147.70 | 4331.00 |  | $14.69 | $16.97 | $16.97 | $— | 0.90% | 0.32% |  | (3.71)% | (2.83)% | (2.83)% |  |
| 2023 | $1317392 | 2.91% | 75715.25 | 5465.28 | 3817.67 |  | $15.26 | $17.47 | $17.47 | $— | 0.90% | 0.32% |  | (4.44)% | (3.58)% | (3.58)% |  |
| 2022 | $1340937 | 1.61% | 73326.13 | 4781.47 | 4609.80 |  | $15.97 | $18.12 | $18.12 | $— | 0.90% | 0.32% |  | 7.43% | 8.39% | 8.39% |  |
| 2021 | $1613509 | 0.43% | 96318.65 | 5436.40 | 5449.15 |  | $14.86 | $16.71 | $16.71 | $— | 0.90% | 0.32% |  | 17.86% | 18.92% | 18.92% |  |
| Van Eck VIPT Unconstrained Emerging Markets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $1054436 | 5.12% | 54629.62 | 2118.24 | 8369.01 |  | $15.77 | $18.38 | $18.38 | $— | 0.90% | 0.32% |  | 17.44% | 18.49% | 18.49% |  |
| 2024 | $980506 | 7.23% | 60960.31 | 2008.46 | 8418.17 |  | $13.43 | $15.51 | $15.51 | $— | 0.90% | 0.32% |  | 1.85% | 2.77% | 2.77% |  |
| 2023 | $1011315 | 4.18% | 64787.76 | 2441.86 | 7955.46 |  | $13.19 | $15.10 | $15.10 | $— | 0.90% | 0.32% |  | 10.41% | 11.40% | 11.40% |  |
| 2022 | $1033298 | 4.59% | 72494.22 | 2492.64 | 9864.57 |  | $11.94 | $13.55 | $13.55 | $— | 0.90% | 0.32% |  | (7.76)% | (6.93)% | (6.93)% |  |
| 2021 | $1184731 | 5.20% | 75835.28 | 3844.52 | 10086.04 |  | $12.95 | $14.56 | $14.56 | $— | 0.90% | 0.32% |  | (4.91)% | (4.05)% | (4.05)% |  |

---

**NATIONAL VARIABLE LIFE INSURANCE ACCOUNT**

**(A Separate Account of National Life Insurance Company)**

**NOTES TO THE FINANCIAL STATEMENTS<br> DECEMBER 31, 2025**

**NOTE 7 – FINANCIAL HIGHLIGHTS**

\*The Benefit Provider product has a band Mortality and Expense Ratio that changes over the life of the product, therefore decreasing the Mortality and Expense ratio over time.

Band 3: 0.12%

Band 4: 0.07%

(a) These amounts represent dividends, excluding
 distributions of capital gains, received by the sub-account from the underlying mutual fund,
 net of management fees assessed by the fund manager, divided by the average net assets. These
 ratios exclude those expenses, such as mortality and expense charges, that are assessed against
 contract value either through reductions in the unit values or the redemption of units. The
 recognition of investment income by the sub-account is affected by the timing of the declaration
 of dividends by the underlying fund in which the sub-account invests.

(b) These amounts represent the annualized contract
 expenses of the separate account, consisting primarily of mortality and expense charges,
 for each period indicated. The ratios include only those expenses that result in a direct
 reduction to unit values. Charges made directly to contract value through the redemption
 of units and expenses of the underlying fund have been excluded.

(c) These amounts represent the total return
 for the periods indicated, including changes in the value of the underlying fund, 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 variable account. The total return is calculated for
 the period indicated or from the effective date through the end of the reporting period.

(d) During 2025, the BNY Mellon Opportunistic
 Small Cap Portfolio was renamed to the BNY Mellon VIF Small Cap Portfolio and the Neuberger
 Berman Trust Sustainable Equity Portfolio was renamed to the Neuberger Berman Quality Equity
 Portfolio Class I.

(e) During
 2024, the AB VPS Sustainable International Thematic Portfolio was liquidated. During 2024,
 the American Century VP Disciplined Core Value Fund merged into Lincoln LVIP American Century
 Disciplined Core Value Fund. During 2024, the American Century VP Inflation Protection Portfolio
 I and American Century VP Inflation Protection Portfolio II merged into Lincoln LVIP American
 Century Inflation Protection Fund. During 2024, the American Century VP International Portfolio
 merged into Lincoln LVIP American Century International Fund. During 2024, the American Century
 VP Ultra Portfolio merged into Lincoln LVIP American Century Ultra Fund. During 2024, the
 American Century VP Value Portfolio merged into Lincoln LVIP American Century Value Fund.
 During 2024, the DWS CROCI® US VIP was liquidated. During 2024, the Invesco I.O.V.I Conservative
 Balanced Fund merged into Invesco V.I. Equity and Income Fund. During 2024, the Morgan Stanley
 VIF U.S. Real Estate Portfolio was liquidated.

(f) During
 2023, the AB VPS Small Midcap Value Fund, AB VPS Growth and Income Fund, and Allspring VT
 Discovery Fund was renamed to AB VPS Discovery Value Portfolio Class A, AB VPS Relative
 Value Portfolio and Allspring VT Discovery SMID Cap Growth Fund, respectively. During 2023,
 the JP Morgan Insurance Trust Small Cap Core Portfolio merged into Lincoln LVIP JPMorgan
 Small Cap Core Fund – Standard Class. During 2023, Morgan Stanley Investment Funds
 Core Plus Fixed Income Portfolio was liquidated.

(g) During
 2022, the AB VPS International Growth Fund was renamed AB VPS Sustainable International Thematic
 Portfolio.

(h) During
 2021, the Van Eck VIPT Global Hard Assets was renamed Van Eck VIPT Global Resources Fund.
 During 2021, the Well Fargo VT Discovery Fund and Wells Fargo VT Opportunity Fund were renamed
 Allspring VT Discovery Fund and Allspring VT Opportunity Fund, respectively.

**NATIONAL VARIABLE LIFE INSURANCE ACCOUNT**

**(A Separate Account of National Life Insurance Company)**

**NOTES TO THE FINANCIAL STATEMENTS<br> DECEMBER 31, 2025**

**NOTE 8 – DISTRIBUTION OF NET INCOME**

The Variable Account does not declare dividends to policyholders from accumulated net income. The Variable Account purchases and redeems shares of the subaccounts at net asset value. Any dividend and capital gain distributions are reinvested at net asset value in shares of the subaccounts.

**NOTE 9 – DIVERSIFICATION REQUIREMENTS**

Under the provisions of Section 817(h) of the Internal Revenue Code ("IRC"), a variable universal life insurance contract, other than a contract issued in connection with certain types of employee benefit plans, will not be treated as a variable universal life insurance contract for federal income tax purposes for any period for which the investments of the segregated asset account on which the contract is based are not adequately diversified. The IRC provides that the adequately diversified requirement may be met if the underlying investments satisfy either a statutory safe harbor test or diversification requirements set forth in regulations issued by the Secretary of the Treasury.

National Life believes that the Variable Account satisfies the current requirements of the regulations, and it intends that the Variable Account will continue to meet such requirements.

**NOTE 10 – SEGMENT REPORTING**

The Account's chief operating decision maker ("CODM") is a group of executives and business leaders within product actuarial, finance, legal and compliance associated with the Account. The CODM assesses performance and makes decisions about resource allocation. Each subaccount of the Account constitutes a single reportable segment because its separate financial information is available, regularly evaluated and used by the CODM to measure the segment's performance, and to assess the allocation of resources across the segments. The measure of segment profit or loss is reported on the Statement of Operations as "Increase (Decrease) in Net Assets Resulting from Operations" and the measure of segment assets is reported as "Net Assets" on the Statements of Net Assets. Due to the nature of the business, the segment's significant expenses are changes for mortality and expense risk and charges for administration charges which are reported separately on the Statements of Operations and/or Statements of Changes in Net Assets. The financial information provided to and reviewed by the CODM is consistent with that presented within the Account's Portfolio of Investments, Statements of Changes in Net Assets and Financial Highlights.