# EDGAR Filing Document

**Accession Number:** 0001266055
**File Stem:** 0001193125-26-161328
**Filing Date:** 2026-4
**Character Count:** 299353
**Document Hash:** 559d157f11e9e3f2d0ebb15278b9bc1a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-161328.hdr.sgml**: 20260417

**ACCESSION NUMBER**: 0001193125-26-161328

**CONFORMED SUBMISSION TYPE**: N-VPFS

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260417

**DATE AS OF CHANGE**: 20260417

**EFFECTIVENESS DATE**: 20260417

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GUARDIAN SEPARATE ACCOUNT R
- **CENTRAL INDEX KEY:** 0001266055

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

**FILING VALUES:**
- **FORM TYPE:** N-VPFS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21438
- **FILM NUMBER:** 26871225

**BUSINESS ADDRESS:**
- **STREET 1:** 10 HUDSON YARDS, 22 FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001
- **BUSINESS PHONE:** 212-598-8714

**MAIL ADDRESS:**
- **STREET 1:** 10 HUDSON YARDS, 22 FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001

## Series and Classes Contracts Data

### GUARDIAN SEPARATE ACCOUNT R (Series ID: S000008800)

| Class ID   | Class Name                                                     | Ticker Symbol   |
|:---|:---|:---|
| C000023936 | Guardian Investor Asset Builder                                |  |
| C000072167 | Variable Annuity Contracts L                                   |  |
| C000072168 | Variable Annuity Contracts B                                   |  |
| C000114265 | Guardian Investor II Variable Annuity                          |  |
| C000127699 | The Guardian Investor ProFreedom Variable Annuity (B Share)    |  |
| C000127700 | The Guardian Investor ProStrategies Variable Annuity (I Share) |  |
| C000139698 | The Guardian Investor ProFreedom Variable Annuity (C Share)    |  |

**THE GUARDIAN SEPARATE ACCOUNT R** 

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF ASSETS AND LIABILITIES** 

**DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Invesco V.I. Global<br>Real Estate Fund<br>Sub-Account** | **Invesco V.I.<br>Balanced-Risk<br>Allocation Fund<br>Sub-Account** | **American Funds<br>Insurance Series<sup>®</sup><br>Capital World<br>Growth and Income<br>Fund<sup>®</sup><br>Sub-Account** |
|  **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at fair value |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class None | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class 2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class 4 |  |  | 984644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class ADV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class B |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class I |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class IB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class II |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class III |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class S2 | 81188 | 2495681 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class SRV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class SRV2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments | 81188 | 2495681 | 984644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Sponsor Company |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares sold | 3 | 86 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | 81191 | 2495767 | 984674 |
|  **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to Sponsor Company | 3 | 86 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares purchased |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 3 | 86 | 30 |
|  **Net assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; For contract liabilities | $81188 | $2495681 | $984644 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;**B-2**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **American Funds<br>Insurance Series<sup>®</sup><br>Asset Allocation<br>Fund<br>Sub-Account** | **American Funds<br>Insurance Series<sup>®</sup><br>The Bond Fund of<br>America<sup>®</sup><br>Sub-Account** | **American Funds<br>Insurance Series<sup>®</sup><br>Global Growth Fund<br>Sub-Account** | **American Funds<br>Insurance Series<sup>®</sup><br>Growth Fund<br>Sub-Account** | **American Funds<br>Insurance Series<sup>®</sup><br>Growth-Income<br>Fund<br>Sub-Account** | **Fidelity<sup>®</sup> VIP<br>Investment Grade<br>Bond Portfolio<br>Sub-Account** | **Fidelity<sup>®</sup> VIP<br>Government Money<br>Market Portfolio<br>Sub-Account** |
| $— | $— | $— | $— | $— | $— | $— |
| 2041027 | 880765 | 644694 | 5341342 | 2740039 |  |  |
|  |  |  |  |  | 23431919 | 63587358 |
| 2041027 | 880765 | 644694 | 5341342 | 2740039 | 23431919 | 63587358 |
| 55 | 25 | 17 | 145 | 83 | 2768 | 3216 |
|  |  |  |  | 1 | 1 | 23 |
| 2041082 | 880790 | 644711 | 5341487 | 2740123 | 23434688 | 63590597 |
| 55 | 25 | 17 | 145 | 83 | 2768 | 3216 |
| 55 | 25 | 17 | 145 | 83 | 2768 | 3216 |
| $2041027 | $880765 | $644694 | $5341342 | $2740040 | $23431920 | $63587381 |

---

**B-3**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF ASSETS AND LIABILITIES** 

**DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Invesco V.I. Global<br>Real Estate Fund<br>Sub-Account** | **Invesco V.I.<br>Balanced-Risk<br>Allocation Fund<br>Sub-Account** | **American Funds<br>Insurance Series<sup>®</sup><br>Capital World<br>Growth and Income<br>Fund<sup>®</sup><br>Sub-Account** |
|  **Contract Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class None | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class 2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class 4 |  |  | 984644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class ADV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class B |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class I |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class IB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class II |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class III |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class S2 | 81188 | 2495681 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class SRV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class SRV2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total contract liabilities | $81188 | $2495681 | $984644 |
|  **Shares:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class None |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class 2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class 4 |  |  | 55162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class ADV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class B |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class I |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class IB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class II |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class III |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class S2 | 5883 | 297105 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class SRV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class SRV2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total shares | 5883 | 297105 | 55162 |
|  **Cost** | $89706 | $2722076 | $731622 |
|  **Deferred contracts in the accumulation period:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Units owned by participants # | 3385 | 173295 | 45017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minimum unit fair value #\* | $23.009604 | $12.676105 | $21.431065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum unit fair value #\* | $24.437131 | $15.065044 | $22.592261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract liability | $79373 | $2495681 | $984644 |
|  **Contracts in payout (annuitization) period:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Units owned by participants # | 74 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Minimum unit fair value #\* | $24.437131 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum unit fair value #\* | $24.437131 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract liability | $1815 | $— | $— |

---

# Rounded units/unit fair values

\* For Sub-Accounts with only one unit fair value, the unit fair value is illustrated in both the minimum and maximum unit fair value rows.

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

&nbsp;&nbsp;&nbsp;&nbsp;**B-4**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **American Funds<br>Insurance Series<sup>®</sup><br>Asset Allocation<br>Fund<br>Sub-Account** | **American Funds<br>Insurance Series<sup>®</sup><br>The Bond Fund of<br>America<sup>®</sup><br>Sub-Account** | **American Funds<br>Insurance Series<sup>®</sup><br>Global Growth Fund<br>Sub-Account** | **American Funds<br>Insurance Series<sup>®</sup><br>Growth Fund<br>Sub-Account** | **American Funds<br>Insurance Series<sup>®</sup><br>Growth-Income<br>Fund<br>Sub-Account** | **Fidelity<sup>®</sup> VIP<br>Investment Grade<br>Bond Portfolio<br>Sub-Account** | **Fidelity<sup>®</sup> VIP<br>Government Money<br>Market Portfolio<br>Sub-Account** |
| $— | $— | $— | $— | $— | $— | $— |
| 2041027 | 880765 | 644694 | 5341342 | 2740040 |  |  |
|  |  |  |  |  | 23431920 | 63587381 |
| $2041027 | $880765 | $644694 | $5341342 | $2740040 | $23431920 | $63587381 |
| 76243 | 94604 | 17169 | 39745 | 42304 |  |  |
|  |  |  |  |  | 2136000 | 63587358 |
| 76243 | 94604 | 17169 | 39745 | 42304 | 2136000 | 63587358 |
| $1784895 | $918300 | $606079 | $4031324 | $2368144 | $25590214 | $63587356 |
| 103224 | 81849 | 25265 | 136481 | 99240 | 1601249 | 6110200 |
| $19.132656 | $10.518817 | $24.701058 | $36.722890 | $27.001577 | $11.568565 | $9.350272 |
| $20.169385 | $11.040044 | $26.039388 | $39.928063 | $28.464423 | $14.618686 | $11.212484 |
| $2041027 | $880765 | $644694 | $5341342 | $2740040 | $23359040 | $62590120 |
|  |  |  |  |  | 4985 | 96253 |
| $— | $— | $— | $— | $— | $14.618686 | $10.024856 |
| $— | $— | $— | $— | $— | $14.618686 | $10.413179 |
| $— | $— | $— | $— | $— | $72880 | $997261 |

---

**B-5**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF ASSETS AND LIABILITIES** 

**DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Fidelity<sup>®</sup> VIP<br>Overseas Portfolio<br>Sub-Account** | **Fidelity<sup>®</sup> VIP<br>Balanced Portfolio<br>Sub-Account** | **Franklin Income<br>VIP Fund<br>Sub-Account** |
|  **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at fair value |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class None | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class 2 |  |  | 2017882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class 4 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class ADV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class B |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class I |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class IB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class II |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class III |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class S2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class SRV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class SRV2 | 1720538 | 2066916 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments | 1720538 | 2066916 | 2017882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Sponsor Company |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares sold | 76 | 88 | 3276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1720614 | 2067004 | 2021158 |
|  **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to Sponsor Company | 76 | 88 | 3276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares purchased |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 76 | 88 | 3276 |
|  **Net assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; For contract liabilities | $1720538 | $2066916 | $2017882 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;**B-6**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Templeton Growth<br>VIP Fund<br>Sub-Account** | **Templeton Global<br>Bond VIP Fund<br>Sub-Account** | **BlackRock Global<br>Allocation V.I. Fund<br>Sub-Account** | **Morgan Stanley VIF<br>Emerging Markets<br>Equity Portfolio<br>Sub-Account** | **Putnam VT Small<br>Cap Value Fund<br>Sub-Account** | **PIMCO VIT Real<br>Return Portfolio<br>Sub-Account** | **PIMCO VIT Low<br>Duration Portfolio<br>Sub-Account** |
| $— | $— | $— | $— | $— | $— | $— |
| 1743642 | 751726 |  |  |  |  |  |
|  |  |  |  |  | 311597 | 1458843 |
|  |  |  |  | 4623164 |  |  |
|  |  |  | 1737102 |  |  |  |
|  |  | 1308825 |  |  |  |  |
| 1743642 | 751726 | 1308825 | 1737102 | 4623164 | 311597 | 1458843 |
| 113 | 991 | 72 | 59 | 179 | 13 | 51 |
|  |  |  |  |  |  | 2 |
| 1743755 | 752717 | 1308897 | 1737161 | 4623343 | 311610 | 1458896 |
| 113 | 991 | 72 | 59 | 179 | 13 | 51 |
| 113 | 991 | 72 | 59 | 179 | 13 | 51 |
| $1743642 | $751726 | $1308825 | $1737102 | $4623164 | $311597 | $1458845 |

---

**B-7**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF ASSETS AND LIABILITIES** 

**DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Fidelity<sup>®</sup> VIP<br>Overseas Portfolio<br>Sub-Account** | **Fidelity<sup>®</sup> VIP<br>Balanced Portfolio<br>Sub-Account** | **Franklin Income<br>VIP Fund<br>Sub-Account** |
|  **Contract Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class None | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class 2 |  |  | 2017882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class 4 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class ADV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class B |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class I |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class IB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class II |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class III |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class S2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class SRV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class SRV2 | 1720538 | 2066916 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total contract liabilities | $1720538 | $2066916 | $2017882 |
|  **Shares:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class None |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class 2 |  |  | 133106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class 4 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class ADV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class B |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class I |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class IB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class II |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class III |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class S2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class SRV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class SRV2 | 63442 | 81215 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total shares | 63442 | 81215 | 133106 |
|  **Cost** | $1790283 | $1719921 | $1962964 |
|  **Deferred contracts in the accumulation period:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Units owned by participants # | 54861 | 50196 | 61795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minimum unit fair value #\* | $23.320955 | $35.618737 | $20.407688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum unit fair value #\* | $33.442257 | $42.004222 | $32.499210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract liability | $1720538 | $2066916 | $1838244 |
|  **Contracts in payout (annuitization) period:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Units owned by participants # |  |  | 5527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minimum unit fair value #\* | $— | $— | $32.499210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum unit fair value #\* | $— | $— | $32.499210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract liability | $— | $— | $179638 |

---

# Rounded units/unit fair values

\* For Sub-Accounts with only one unit fair value, the unit fair value is illustrated in both the minimum and maximum unit fair value rows.

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

&nbsp;&nbsp;&nbsp;&nbsp;**B-8**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Templeton Growth<br>VIP Fund<br>Sub-Account** | **Templeton Global<br>Bond VIP Fund<br>Sub-Account** | **BlackRock Global<br>Allocation V.I. Fund<br>Sub-Account** | **Morgan Stanley VIF<br>Emerging Markets<br>Equity Portfolio<br>Sub-Account** | **Putnam VT Small<br>Cap Value Fund<br>Sub-Account** | **PIMCO VIT Real<br>Return Portfolio<br>Sub-Account** | **PIMCO VIT Low<br>Duration Portfolio<br>Sub-Account** |
| $— | $— | $— | $— | $— | $— | $— |
| 1743642 | 751726 |  |  |  |  |  |
|  |  |  |  |  | 311597 | 1458845 |
|  |  |  |  | 4623164 |  |  |
|  |  |  | 1737102 |  |  |  |
|  |  | 1308825 |  |  |  |  |
| $1743642 | $751726 | $1308825 | $1737102 | $4623164 | $311597 | $1458845 |
| 123226 | 57079 |  |  |  |  |  |
|  |  |  |  |  | 25945 | 149166 |
|  |  |  |  | 427675 |  |  |
|  |  |  | 99320 |  |  |  |
|  |  | 98113 |  |  |  |  |
| 123226 | 57079 | 98113 | 99320 | 427675 | 25945 | 149166 |
| $1342770 | $776650 | $1395464 | $1389148 | $4259158 | $325718 | $1445076 |
| 68990 | 67223 | 57626 | 113896 | 210778 | 22720 | 127986 |
| $19.952614 | $8.174476 | $18.880007 | $13.803115 | $16.596835 | $10.747223 | $9.455017 |
| $33.147135 | $11.924239 | $27.626271 | $15.772531 | $24.569187 | $15.184532 | $12.084252 |
| $1713815 | $671491 | $1308825 | $1737102 | $4623164 | $311597 | $1458845 |
| 1124 | 6869 |  |  |  |  |  |
| $23.817384 | $9.060265 | $— | $— | $— | $— | $— |
| $33.147135 | $11.924239 | $— | $— | $— | $— | $— |
| $29827 | $80235 | $— | $— | $— | $— | $— |

---

**B-9**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF ASSETS AND LIABILITIES** 

**DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **T. Rowe Price<br>Health Sciences<br>Portfolio<br>Sub-Account** | **VanEck VIP Global<br>Resources Fund<br>Sub-Account** | **The Merger<br>Fund <sup>®</sup> VL<br>Sub-Account** |
|  **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at fair value |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class None | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class 2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class 4 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class ADV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class B |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class I |  |  | 1195254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class IB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class II | 5957876 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class III |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class S |  | 580050 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class S2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class SRV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class SRV2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments | 5957876 | 580050 | 1195254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Sponsor Company |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares sold | 203 | 21 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | 5958079 | 580071 | 1195295 |
|  **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to Sponsor Company | 203 | 21 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares purchased |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 203 | 21 | 41 |
|  **Net assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; For contract liabilities | $5957876 | $580050 | $1195254 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;**B-10**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **PIMCO VIT<br>Dynamic Bond<br>Portfolio<br>Sub-Account** | **LVIP American<br>Century Inflation<br>Protection Fund<br>Sub-Account** | **AB VPS Dynamic<br>Asset Allocation<br>Portfolio<br>Sub-Account** | **AB VPS Sustainable<br>Global Thematic<br>Portfolio<br>Sub-Account** | **ALPS \| Alerian<br>Energy<br>Infrastructure<br>Portfolio<br>Sub-Account** | **ALPS Global<br>Opportunity<br>Portfolio<br>Sub-Account** | **American Funds<br>Insurance Series<sup>®</sup><br>U.S. Government<br>Securities Fund<sup>®</sup><br>Sub-Account** |
| $— | $— | $— | $— | $— | $— | $— |
|  |  |  |  |  |  | 1296530 |
| 862137 |  |  |  |  |  |  |
|  |  | 1109194 | 591508 |  |  |  |
|  |  |  |  | 1614758 | 1090928 |  |
|  | 6361751 |  |  |  |  |  |
| 862137 | 6361751 | 1109194 | 591508 | 1614758 | 1090928 | 1296530 |
| 12 | 213 | 39 | 24 | 54 | 38 | 38 |
| 3 |  |  |  |  |  |  |
| 862152 | 6361964 | 1109233 | 591532 | 1614812 | 1090966 | 1296568 |
| 12 | 213 | 39 | 24 | 54 | 38 | 38 |
| 12 | 213 | 39 | 24 | 54 | 38 | 38 |
| $862140 | $6361751 | $1109194 | $591508 | $1614758 | $1090928 | $1296530 |

---

**B-11**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF ASSETS AND LIABILITIES** 

**DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **T. Rowe Price<br>Health Sciences<br>Portfolio<br>Sub-Account** | **VanEck VIP Global<br>Resources Fund<br>Sub-Account** | **The Merger<br>Fund <sup>®</sup> VL<br>Sub-Account** |
|  **Contract Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class None | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class 2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class 4 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class ADV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class B |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class I |  |  | 1195254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class IB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class II | 5957876 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class III |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class S |  | 580050 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class S2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class SRV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class SRV2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total contract liabilities | $5957876 | $580050 | $1195254 |
|  **Shares:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class None |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class 2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class 4 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class ADV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class B |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class I |  |  | 105681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class IB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class II | 110270 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class III |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class S |  | 18144 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class S2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class SRV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class SRV2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total shares | 110270 | 18144 | 105681 |
|  **Cost** | $5684529 | $421266 | $1195353 |
|  **Deferred contracts in the accumulation period:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Units owned by participants # | 169595 | 50942 | 88547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minimum unit fair value #\* | $21.165474 | $10.386788 | $12.249063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum unit fair value #\* | $37.100717 | $11.793335 | $13.996701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract liability | $5957876 | $580050 | $1195254 |
|  **Contracts in payout (annuitization) period:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Units owned by participants # |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Minimum unit fair value #\* | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum unit fair value #\* | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract liability | $— | $— | $— |

---

# Rounded units/unit fair values

\* For Sub-Accounts with only one unit fair value, the unit fair value is illustrated in both the minimum and maximum unit fair value rows.

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

&nbsp;&nbsp;&nbsp;&nbsp;**B-12**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **PIMCO VIT<br>Dynamic Bond<br>Portfolio<br>Sub-Account** | **LVIP American<br>Century Inflation<br>Protection Fund<br>Sub-Account** | **AB VPS Dynamic<br>Asset Allocation<br>Portfolio<br>Sub-Account** | **AB VPS Sustainable<br>Global Thematic<br>Portfolio<br>Sub-Account** | **ALPS \| Alerian<br>Energy<br>Infrastructure<br>Portfolio<br>Sub-Account** | **ALPS Global<br>Opportunity<br>Portfolio<br>Sub-Account** | **American Funds<br>Insurance Series<sup>®</sup><br>U.S. Government<br>Securities Fund<sup>®</sup><br>Sub-Account** |
| $— | $— | $— | $— | $— | $— | $— |
|  |  |  |  |  |  | 1296530 |
| 862140 |  |  |  |  |  |  |
|  |  | 1109194 | 591508 |  |  |  |
|  |  |  |  | 1614758 | 1090928 |  |
|  | 6361751 |  |  |  |  |  |
| $862140 | $6361751 | $1109194 | $591508 | $1614758 | $1090928 | $1296530 |
|  |  |  |  |  |  | 133114 |
| 96436 |  |  |  |  |  |  |
|  |  | 102419 | 19548 |  |  |  |
|  |  |  |  | 128461 | 88120 |  |
|  | 704045 |  |  |  |  |  |
| 96436 | 704045 | 102419 | 19548 | 128461 | 88120 | 133114 |
| $891779 | $7396507 | $962114 | $639000 | $1427624 | $1076088 | $1479996 |
| 72945 | 578947 | 58014 | 22646 | 88509 | 53108 | 126266 |
| $10.889571 | $9.897549 | $14.113998 | $23.396223 | $16.580807 | $18.904312 | $10.006722 |
| $12.364119 | $11.446857 | $16.948165 | $26.115260 | $18.946442 | $21.118167 | $10.549046 |
| $862140 | $6361751 | $919274 | $589730 | $1614758 | $1090928 | $1296530 |
|  |  | 11206 | 68 |  |  |  |
| $— | $— | $16.948165 | $26.115260 | $— | $— | $— |
| $— | $— | $16.948165 | $26.115260 | $— | $— | $— |
| $— | $— | $189920 | $1778 | $— | $— | $— |

---

**B-13**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF ASSETS AND LIABILITIES** 

**DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Davis Financial<br>Portfolio**<br>**Sub-Account** | **Davis Real Estate<br>Portfolio**<br>**Sub-Account** | **Nomura VIP High<br>Income Series**<br>**Sub-Account (1)** |
|  **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at fair value |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class None | $1626024 | $1169462 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class 2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class 4 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class ADV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class B |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class I |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class IB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class II |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class III |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class S2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class SRV |  |  | 3724229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class SRV2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments | 1626024 | 1169462 | 3724229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Sponsor Company |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares sold | 67 | 72 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1626091 | 1169534 | 3724359 |
|  **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to Sponsor Company | 67 | 72 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares purchased |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 67 | 72 | 130 |
|  **Net assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; For contract liabilities | $1626024 | $1169462 | $3724229 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;**B-14**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Guggenheim<br>VT Multi-Hedge<br>Strategies Fund**<br>**Sub-Account** | **Guardian All Cap<br>Core VIP Fund**<br>**Sub-Account (2)** | **Guardian Balanced<br>Allocation VIP<br>Fund**<br>**Sub-Account** | **Guardian Core<br>Fixed Income<br>VIP Fund**<br>**Sub-Account** | **Guardian Core Plus<br>Fixed Income VIP<br>Fund**<br>**Sub-Account** | **Guardian Diversified<br>Research VIP Fund**<br>**Sub-Account** | **Guardian Equity<br>Income VIP Fund**<br>**Sub-Account (3)** |
| $223598 | $10678658 | $6602597 | $219636259 | $139852978 | $88973337 | $212772563 |
| 223598 | 10678658 | 6602597 | 219636259 | 139852978 | 88973337 | 212772563 |
| 8 | 905 | 288 | 107727 | 54509 | 9104 | 87408 |
|  |  |  |  |  | 1 |  |
| 223606 | 10679563 | 6602885 | 219743986 | 139907487 | 88982442 | 212859971 |
| 8 | 905 | 288 | 107727 | 54509 | 9104 | 87408 |
|  |  |  | 5 | 4 |  | 2 |
| 8 | 905 | 288 | 107732 | 54513 | 9104 | 87410 |
| $223598 | $10678658 | $6602597 | $219636254 | $139852974 | $88973338 | $212772561 |

---

**B-15**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF ASSETS AND LIABILITIES** 

**DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Davis Financial<br>Portfolio**<br>**Sub-Account** | **Davis Real Estate<br>Portfolio**<br>**Sub-Account** | **Nomura VIP High<br>Income Series**<br>**Sub-Account (1)** |
|  **Contract Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class None | $1626024 | $1169462 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class 2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class 4 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class ADV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class B |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class I |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class IB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class II |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class III |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class S2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class SRV |  |  | 3724229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class SRV2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total contract liabilities | $1626024 | $1169462 | $3724229 |
|  **Shares:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class None | 91555 | 92375 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class 2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class 4 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class ADV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class B |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class I |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class IB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class II |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class III |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class S2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class SRV |  |  | 1271068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class SRV2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total shares | 91555 | 92375 | 1271068 |
|  **Cost** | $1330056 | $1335590 | $3808019 |
|  **Deferred contracts in the accumulation period:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Units owned by participants # | 31556 | 57180 | 253925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minimum unit fair value #\* | $40.667118 | $18.655503 | $12.890260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum unit fair value #\* | $80.355782 | $20.696462 | $15.327301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract liability | $1623661 | $1165816 | $3724229 |
|  **Contracts in payout (annuitization) period:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Units owned by participants # | 55 | 176 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Minimum unit fair value #\* | $43.280523 | $20.696462 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum unit fair value #\* | $43.280523 | $20.696462 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract liability | $2363 | $3646 | $— |

---

# Rounded units/unit fair values

\* For Sub-Accounts with only one unit fair value, the unit fair value is illustrated in both the minimum and maximum unit fair value rows.

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

&nbsp;&nbsp;&nbsp;&nbsp;**B-16**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Guggenheim<br>VT Multi-Hedge<br>Strategies Fund**<br>**Sub-Account** | **Guardian All Cap<br>Core VIP Fund**<br>**Sub-Account (2)** | **Guardian Balanced<br>Allocation VIP<br>Fund**<br>**Sub-Account** | **Guardian Core<br>Fixed Income<br>VIP Fund**<br>**Sub-Account** | **Guardian Core Plus<br>Fixed Income VIP<br>Fund**<br>**Sub-Account** | **Guardian Diversified<br>Research VIP Fund**<br>**Sub-Account** | **Guardian Equity<br>Income VIP Fund**<br>**Sub-Account (3)** |
| $223598 | $10678658 | $6602597 | $219636254 | $139852974 | $88973338 | $212772561 |
| $223598 | $10678658 | $6602597 | $219636254 | $139852974 | $88973338 | $212772561 |
| 9523 | 761673 | 460753 | 20021537 | 12150563 | 2387905 | 15285385 |
| 9523 | 761673 | 460753 | 20021537 | 12150563 | 2387905 | 15285385 |
| $231967 | $8016620 | $4867970 | $201116881 | $133502799 | $36762084 | $183971317 |
| 21075 | 808041 | 482509 | 21097985 | 13857529 | 3104359 | 19142458 |
| $9.662941 | $12.775091 | $13.279826 | $10.110907 | $9.401760 | $25.043925 | $10.712819 |
| $11.041901 | $13.184951 | $13.808794 | $10.453284 | $10.899939 | $32.664637 | $13.190273 |
| $223598 | $10632744 | $6541537 | $219356994 | $139806645 | $88848165 | $212498522 |
|  | 3482 | 4497 | 26874 | 4593 | 4301 | 21812 |
| $— | $13.184951 | $13.578800 | $10.278580 | $9.760335 | $26.248902 | $10.758037 |
| $— | $13.184951 | $13.578800 | $10.453284 | $10.387419 | $32.664637 | $13.190273 |
| $— | $45914 | $61060 | $279260 | $46329 | $125173 | $274039 |

---

**B-17**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF ASSETS AND LIABILITIES** 

**DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Guardian Global<br>Utilities VIP Fund<br>Sub-Account** | **Guardian Growth &<br>Income VIP Fund<br>Sub-Account** | **Guardian<br>International Equity<br>VIP Fund<br>Sub-Account** |
|  **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at fair value |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class None | $42258526 | $94806043 | $203824998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class 2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class 4 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class ADV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class B |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class I |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class IB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class II |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class III |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class S2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class SRV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class SRV2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments | 42258526 | 94806043 | 203824998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Sponsor Company |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares sold | 34602 | 11861 | 89729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | 42293128 | 94817904 | 203914727 |
|  **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to Sponsor Company | 34602 | 11861 | 89729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares purchased |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other liabilities |  | 1 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 34602 | 11862 | 89732 |
|  **Net assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; For contract liabilities | $42258526 | $94806042 | $203824995 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;**B-18**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Guardian<br>International<br>Growth VIP Fund<br>Sub-Account** | **Guardian Integrated<br>Research VIP Fund<br>Sub-Account** | **Guardian Large<br>Cap Fundamental<br>Growth VIP Fund<br>Sub-Account** | **Guardian Large Cap<br>Disciplined Growth<br>VIP Fund<br>Sub-Account** | **Guardian Large<br>Cap Disciplined<br>Value VIP Fund<br>Sub-Account** | **Guardian Mid Cap<br>Relative Value<br>VIP Fund<br>Sub-Account** | **Guardian Mid Cap<br>Traditional Growth<br>VIP Fund<br>Sub-Account** |
| $68416123 | $234221854 | $161583670 | $254123401 | $75216966 | $93753979 | $41050348 |
| 68416123 | 234221854 | 161583670 | 254123401 | 75216966 | 93753979 | 41050348 |
| 15609 | 87525 | 83069 | 88714 | 68708 | 31504 | 24431 |
|  |  | 3 | 1 |  |  |  |
| 68431732 | 234309379 | 161666742 | 254212116 | 75285674 | 93785483 | 41074779 |
| 15609 | 87525 | 83069 | 88714 | 68708 | 31504 | 24431 |
|  | 3 |  |  | 1 | 1 |  |
| 15609 | 87528 | 83069 | 88714 | 68709 | 31505 | 24431 |
| $68416123 | $234221851 | $161583673 | $254123402 | $75216965 | $93753978 | $41050348 |

---

**B-19**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF ASSETS AND LIABILITIES** 

**DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Guardian Global<br>Utilities VIP Fund**<br>**Sub-Account** | **Guardian Growth &**<br>**Income VIP Fund<br>Sub-Account** | **Guardian**<br>**International Equity<br>VIP Fund<br>Sub-Account** |
|  **Contract Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class None | $42258526 | $94806042 | $203824995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class 2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class 4 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class ADV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class B |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class I |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class IB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class II |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class III |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class S2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class SRV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class SRV2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total contract liabilities | $42258526 | $94806042 | $203824995 |
|  **Shares:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class None | 2269523 | 3825910 | 11687213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class 2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class 4 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class ADV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class B |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class I |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class IB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class II |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class III |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class S2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class SRV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class SRV2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total shares | 2269523 | 3825910 | 11687213 |
|  **Cost** | $25785434 | $56252244 | $150641180 |
|  **Deferred contracts in the accumulation period:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Units owned by participants # | 2483705 | 4920010 | 14593408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minimum unit fair value #\* | $16.273469 | $16.814521 | $12.858262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum unit fair value #\* | $17.165096 | $21.723428 | $16.076827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract liability | $42242858 | $94617280 | $203795253 |
|  **Contracts in payout (annuitization) period:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Units owned by participants # | 918 | 10068 | 2107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minimum unit fair value #\* | $16.684142 | $17.623638 | $13.265675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum unit fair value #\* | $17.165096 | $21.723428 | $15.288607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract liability | $15668 | $188762 | $29742 |

---

# Rounded units/unit fair values

\* For Sub-Accounts with only one unit fair value, the unit fair value is illustrated in both the minimum and maximum unit fair value rows.

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

&nbsp;&nbsp;&nbsp;&nbsp;**B-20**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Guardian<br>International<br>Growth VIP Fund<br>Sub-Account** | **Guardian Integrated<br>Research VIP Fund<br>Sub-Account** | **Guardian Large<br>Cap Fundamental<br>Growth VIP Fund<br>Sub-Account** | **Guardian Large Cap<br>Disciplined Growth<br>VIP Fund<br>Sub-Account** | **Guardian Large<br>Cap Disciplined<br>Value VIP Fund<br>Sub-Account** | **Guardian Mid Cap<br>Relative Value<br>VIP Fund<br>Sub-Account** | **Guardian Mid Cap<br>Traditional Growth<br>VIP Fund<br>Sub-Account** |
| $68416123 | $234221851 | $161583673 | $254123402 | $75216965 | $93753978 | $41050348 |
| $68416123 | $234221851 | $161583673 | $254123402 | $75216965 | $93753978 | $41050348 |
| 3439725 | 7575092 | 4224410 | 6049117 | 2773487 | 4150243 | 1471339 |
| 3439725 | 7575092 | 4224410 | 6049117 | 2773487 | 4150243 | 1471339 |
| $52668748 | $151067764 | $85040783 | $132304155 | $43673452 | $58766128 | $26881832 |
| 4394257 | 13412159 | 5715719 | 8376560 | 3193225 | 4938769 | 1688431 |
| $13.604578 | $13.795288 | $24.573224 | $26.742079 | $17.990011 | $16.612298 | $22.790711 |
| $17.475281 | $27.106340 | $33.532457 | $36.828951 | $23.774952 | $19.803420 | $24.458625 |
| $68392486 | $234118708 | $161463512 | $253074536 | $75191089 | $93696935 | $41036426 |
| 1424 | 4873 | 4177 | 36317 | 1094 | 2915 | 572 |
| $14.035647 | $14.029723 | $25.850343 | $28.131902 | $22.998362 | $17.411764 | $23.659820 |
| $17.436482 | $27.106340 | $33.532457 | $36.828951 | $23.774952 | $19.803420 | $24.458625 |
| $23637 | $103143 | $120161 | $1048866 | $25876 | $57043 | $13922 |

---

**B-21**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF ASSETS AND LIABILITIES** 

**DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Guardian Multi-<br>Sector Bond VIP<br>Fund<br>Sub-Account** | **Guardian Small Cap<br>Value Diversified<br>VIP Fund<br>Sub-Account (4)** | **Guardian Short<br>Duration Bond VIP<br>Fund<br>Sub-Account** |
|  **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at fair value |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class None | $161890977 | $162579993 | $122560165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class 2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class 4 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class ADV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class B |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class I |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class IB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class II |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class III |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class S2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class SRV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class SRV2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments | 161890977 | 162579993 | 122560165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Sponsor Company |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares sold | 96119 | 66208 | 60726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | 161987098 | 162646201 | 122620891 |
|  **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to Sponsor Company | 96119 | 66208 | 60726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares purchased |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other liabilities |  | 3 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 96119 | 66211 | 60727 |
|  **Net assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; For contract liabilities | $161890979 | $162579990 | $122560164 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;**B-22**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Guardian Strategic<br>Large Cap Core<br>VIP Fund**<br>**Sub-Account** | **Guardian Select<br>Mid Cap Core<br>VIP Fund<br>Sub-Account** | **Guardian Small-Mid<br>Cap Core VIP Fund<br>Sub-Account** | **Guardian Total<br>Return Bond<br>VIP Fund<br>Sub-Account** | **Guardian U.S.<br>Government/<br>Credit VIP Fund<br>Sub-Account (5)** | **Janus Henderson<br>VIT Global<br>Technology and<br>Innovation Portfolio<br>Sub-Account** | **Lazard Retirement<br>Global Dynamic<br>Multi-Asset Portfolio<br>Sub-Account** |
| $174603867 | $126819891 | $195473179 | $194689652 | $135614079 | $— | $— |
|  |  |  |  |  | 44426529 | 867495 |
| 174603867 | 126819891 | 195473179 | 194689652 | 135614079 | 44426529 | 867495 |
| 78992 | 34424 | 86188 | 63764 | 79394 | 15239 | 29 |
|  |  | 5 |  |  |  |  |
| 174682859 | 126854315 | 195559372 | 194753416 | 135693473 | 44441768 | 867524 |
| 78992 | 34424 | 86188 | 63764 | 79394 | 15239 | 29 |
| 2 | 2 |  | 5 | 1 |  |  |
| 78994 | 34426 | 86188 | 63769 | 79395 | 15239 | 29 |
| $174603865 | $126819889 | $195473184 | $194689647 | $135614078 | $44426529 | $867495 |

---

**B-23**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF ASSETS AND LIABILITIES** 

**DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Guardian Multi-<br>Sector Bond VIP<br>Fund<br>Sub-Account** | **Guardian Small Cap<br>Value Diversified<br>VIP Fund<br>Sub-Account (4)** | **Guardian Short<br>Duration Bond VIP<br>Fund<br>Sub-Account** |
|  **Contract Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class None | $161890979 | $162579990 | $122560164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class 2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class 4 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class ADV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class B |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class I |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class IB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class II |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class III |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class S2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class SRV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class SRV2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total contract liabilities | $161890979 | $162579990 | $122560164 |
|  **Shares:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class None | 15581422 | 11409122 | 10923366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class 2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class 4 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class ADV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class B |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class I |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class IB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class II |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class III |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class S2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class SRV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class SRV2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total shares | 15581422 | 11409122 | 10923366 |
|  **Cost** | $156178254 | $123945187 | $110368992 |
|  **Deferred contracts in the accumulation period:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Units owned by participants # | 17046306 | 12542166 | 11518039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minimum unit fair value #\* | $9.080454 | $10.716112 | $10.358629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum unit fair value #\* | $9.577998 | $13.136466 | $10.691506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract liability | $161838048 | $162532396 | $122500224 |
|  **Contracts in payout (annuitization) period:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Units owned by participants # | 5555 | 3784 | 5618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minimum unit fair value #\* | $9.309589 | $10.960140 | $10.512874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum unit fair value #\* | $9.577998 | $13.136466 | $10.691506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract liability | $52931 | $47594 | $59940 |

---

# Rounded units/unit fair values

\* For Sub-Accounts with only one unit fair value, the unit fair value is illustrated in both the minimum and maximum unit fair value rows.

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

&nbsp;&nbsp;&nbsp;&nbsp;**B-24**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Guardian Strategic<br>Large Cap Core<br>VIP Fund**<br>**Sub-Account** | **Guardian Select<br>Mid Cap Core<br>VIP Fund<br>Sub-Account** | **Guardian Small-Mid<br>Cap Core VIP Fund<br>Sub-Account** | **Guardian Total<br>Return Bond<br>VIP Fund<br>Sub-Account** | **Guardian U.S.<br>Government/<br>Credit VIP Fund<br>Sub-Account (5)** | **Janus Henderson<br>VIT Global<br>Technology and<br>Innovation Portfolio<br>Sub-Account** | **Lazard Retirement<br>Global Dynamic<br>Multi-Asset Portfolio<br>Sub-Account** |
| $174603865 | $126819889 | $195473184 | $194689647 | $135614078 | $— | $— |
|  |  |  |  |  | 44426529 | 867495 |
| $174603865 | $126819889 | $195473184 | $194689647 | $135614078 | $44426529 | $867495 |
| 11702672 | 10161850 | 18741436 | 18957123 | 12745684 |  |  |
|  |  |  |  |  | 1855745 | 59869 |
| 11702672 | 10161850 | 18741436 | 18957123 | 12745684 | 1855745 | 59869 |
| $117723112 | $98648849 | $178137743 | $190299956 | $129196609 | $23880208 | $749273 |
| 12425098 | 10708427 | 19909179 | 20721744 | 13945349 | 727670 | 49836 |
| $13.621180 | $11.322453 | $9.462418 | $8.892949 | $9.298924 | $46.613516 | $14.767473 |
| $14.455177 | $12.831257 | $9.871538 | $10.084473 | $9.808462 | $84.749470 | $18.054389 |
| $174521760 | $126603394 | $195380656 | $194645832 | $135580939 | $44422624 | $867495 |
| 5842 | 18442 | 9429 | 4645 | 3406 | 66 |  |
| $13.852648 | $11.636742 | $9.683605 | $9.260489 | $9.533597 | $57.951544 | $— |
| $14.121399 | $11.811917 | $9.871538 | $9.467362 | $9.808462 | $59.982893 | $— |
| $82105 | $216495 | $92528 | $43815 | $33139 | $3905 | $— |

---

**B-25**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF ASSETS AND LIABILITIES** 

**DECEMBER 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **MFS<sup>®</sup> Blended<br>Research<sup>®</sup> Core<br>Equity Portfolio<br>Sub-Account** | **MFS<sup>®</sup> Technology<br>Portfolio<br>Sub-Account** |
|  **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at fair value |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class None | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class 4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class ADV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class IB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class III |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class S2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class SRV | 16716451 | 10376734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class SRV2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments | 16716451 | 10376734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Sponsor Company |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares sold | 936 | 8817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | 16717387 | 10385551 |
|  **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to Sponsor Company | 936 | 8817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares purchased |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other liabilities | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 937 | 8817 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; For contract liabilities | $16716450 | $10376734 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;**B-26**

------

---

| | | |
|:---|:---|:---|
| **DWS Alternative<br>Asset Allocation VIP<br>Sub-Account** | **Virtus Duff &<br>Phelps Real Estate<br>Securities Series<br>Sub-Account** | **Victory Pioneer<br>Bond VCT Portfolio<br>Sub-Account (6)(7)** |
| $— | $— | $— |
|  | 1362177 |  |
| 372347 |  |  |
|  |  | 23521063 |
| 372347 | 1362177 | 23521063 |
| 13 | 48 | 6142 |
| 372360 | 1362225 | 23527205 |
| 13 | 48 | 6142 |
|  |  | 146 |
| 13 | 48 | 6288 |
| $372347 | $1362177 | $23520917 |

---

**B-27**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF ASSETS AND LIABILITIES** 

**DECEMBER 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **MFS<sup>®</sup> Blended<br>Research<sup>®</sup> Core<br>Equity Portfolio<br>Sub-Account** | **MFS<sup>®</sup> Technology<br>Portfolio<br>Sub-Account** |
|  **Contract Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class None | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class 4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class ADV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class IB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class III |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class S2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class SRV | 16716450 | 10376734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class SRV2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total contract liabilities | $16716450 | $10376734 |
|  **Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class None |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class 4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class ADV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class IB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class III |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class S2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class SRV | 280008 | 273360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; class SRV2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total shares | 280008 | 273360 |
|  **Cost** | $14908829 | $6324917 |
|  **Deferred contracts in the accumulation period:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Units owned by participants # | 560521 | 186198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minimum unit fair value #\* | $27.932031 | $50.749499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum unit fair value #\* | $29.946536 | $56.246607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract liability | $16716450 | $10366876 |
|  **Contracts in payout (annuitization) period:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Units owned by participants # |  | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minimum unit fair value #\* | $— | $53.591960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum unit fair value #\* | $— | $56.246607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract liability | $— | $9858 |

---

# Rounded units/unit fair values

\* For Sub-Accounts with only one unit fair value, the unit fair value is illustrated in both the minimum and maximum unit fair value rows.

(1) Formerly Macquarie VIP High Income Series. Change effective November 3, 2025.

(2) Gabelli Capital Asset Fund was substituted with Guardian All Cap Core VIP Fund. Change effective April 25, 2025.

(3) Victory RS Large Cap Alpha VIP Series was substituted with Guardian Equity Income VIP Fund. Change effective April 25, 2025.

(4) Formerly Guardian Small Cap Core VIP Fund. Change effective May 1, 2025.

(5) Formerly Guardian U.S. Government Securities VIP Fund. Change effective May 1, 2025.

(6) Merged assets from Pioneer Bond VCT Portfolio. Change effective March 31, 2025.

(7) Funded as of March 31, 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;**B-28**

------

---

| | | |
|:---|:---|:---|
| **DWS Alternative<br>Asset Allocation VIP<br>Sub-Account** | **Virtus Duff &<br>Phelps Real Estate<br>Securities Series<br>Sub-Account** | **Victory Pioneer<br>Bond VCT Portfolio<br>Sub-Account (6)(7)** |
| $— | $— | $— |
|  | 1362177 |  |
| 372347 |  |  |
|  |  | 23520917 |
| $372347 | $1362177 | $23520917 |
|  | 66545 |  |
| 27179 |  |  |
|  |  | 2400108 |
| 27179 | 66545 | 2400108 |
| $368959 | $1283481 | $23025418 |
| 28378 | 69206 | 2100724 |
| $11.978914 | $14.580847 | $10.485080 |
| $13.600888 | $20.452133 | $12.274919 |
| $372347 | $1362177 | $23520917 |
| $— | $— | $— |
| $— | $— | $— |
| $— | $— | $— |

---

**B-29**

------

**THE GUARDIAN SEPARATE ACCOUNT R** 

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF OPERATIONS** 

**FOR THE PERIODS ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Invesco V.I.<br>Global Real Estate<br>Fund<br>Sub-Account** | **Invesco V.I.<br>Balanced-Risk<br>Allocation Fund<br>Sub-Account** | **American Funds<br>Insurance Series<sup>®</sup><br>Capital World<br>Growth and<br>Income Fund<sup>®</sup><br>Sub-Account** |
|  **Investment income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $1823 | $172825 | $11320 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges and Administrative charges | (1549) | (32559) | (10098) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | (1549) | (32559) | (10098) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 274 | 140266 | 1222 |
|  **Net realized and unrealized gain (loss) on investments:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on security transactions | (3906) | (68544) | (7626) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions |  |  | 32555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) during the period | 9852 | 111085 | 161472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on investments | 5946 | 42541 | 186401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | $6220 | $182807 | $187623 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;**B-30**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **<br>American Funds<br>Insurance Series<sup>®</sup><br>Asset Allocation<br>Fund<br>Sub-Account** | **American Funds<br>Insurance Series<sup>®</sup><br>The Bond Fund of<br>America<sup>®</sup><br>Sub-Account** | **American Funds<br>Insurance Series<sup>®</sup><br>Global Growth<br>Fund<br>Sub-Account** | **American Funds<br>Insurance Series<sup>®</sup><br>Growth Fund<br>Sub-Account** | **American Funds<br>Insurance Series<sup>®</sup><br>Growth-Income<br>Fund**<br>**Sub-Account** | **Fidelity<sup>®</sup> VIP<br>Investment Grade<br>Bond Portfolio<br>Sub-Account** | **Fidelity<sup>®</sup> VIP<br>Government<br>Money Market<br>Portfolio<br>Sub-Account** |
| $36757 | $36495 | $7318 | $6617 | $18995 | $812831 | $1272320 |
| (21717) | (9648) | (6462) | (50700) | (29017) | (356412) | (492362) |
| (21717) | (9648) | (6462) | (50700) | (29017) | (356412) | (492362) |
| 15040 | 26847 | 856 | (44083) | (10022) | 456419 | 779958 |
| 36904 | (20964) | (15168) | 43571 | 35368 | (1082052) | (2) |
| 164066 |  | 75710 | 414190 | 447549 |  |  |
| 81564 | 46762 | 53001 | 470970 | (66302) | 1908224 | 2 |
| 282534 | 25798 | 113543 | 928731 | 416615 | 826172 |  |
| $297574 | $52645 | $114399 | $884648 | $406593 $| 1282591 | $779958 |

---

**B-31**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF OPERATIONS** 

**FOR THE PERIODS ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Fidelity<sup>®</sup> VIP<br>Overseas Portfolio<br>Sub-Account** | **Fidelity<sup>®</sup> VIP<br>Balanced Portfolio<br>Sub-Account** | **Franklin Income<br>VIP Fund<br>Sub-Account** |
|  **Investment income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $21909 | $31584 | $98463 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges and Administrative charges | (18167) | (28198) | (30212) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | (18167) | (28198) | (30212) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 3742 | 3386 | 68251 |
|  **Net realized and unrealized gain (loss) on investments:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on security transactions | 2467 | 85223 | (21133) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions | 138712 | 87237 | 20697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) during the period | (94958) | 53389 | 137287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on investments | 46221 | 225849 | 136851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | $49963 | $229235 | $205102 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;**B-32**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Templeton Growth<br>VIP Fund**<br>**Sub-Account** | **Templeton Global<br>Bond VIP Fund<br>Sub-Account** | **BlackRock Global<br>Allocation V.I.<br>Fund**<br>**Sub-Account** | **Morgan Stanley<br>VIF Emerging<br>Markets Equity<br>Portfolio**<br>**Sub-Account** | **Putnam VT Small<br>Cap Value Fund<br>Sub-Account** | **PIMCO VIT Real<br>Return Portfolio<br>Sub-Account** | **PIMCO VIT Low<br>Duration Portfolio<br>Sub-Account** |
| $14437 | $— | $51741 | $5825 | $34920 | $11000 | $57028 |
| (25409) | (13147) | (20486) | (20800) | (63852) | (5530) | (24403) |
| (25409) | (13147) | (20486) | (20800) | (63852) | (5530) | (24403) |
| (10972) | (13147) | 31255 | (14975) | (28932) | 5470 | 32625 |
| 46190 | (37406) | (15203) | (3918) | (22957) | (7049) | (5921) |
| 123944 |  | 126907 | 55208 | 477849 |  |  |
| 165710 | 163761 | 62251 | 414671 | (259739) | 22160 | 27189 |
| 335844 | 126355 | 173955 | 465961 | 195153 | 15111 | 21268 |
| $324872 | $113208 | $205210 | $450986 | $166221 | $20581 | $53893 |

---

**B-33**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF OPERATIONS** 

**FOR THE PERIODS ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **T. Rowe Price<br>Health Sciences<br>Portfolio**<br>**Sub-Account** | **VanEck VIP<br>Global Resources<br>Fund<br>Sub-Account** | **The Merger<br>Fund<sup>®</sup> VL<br>Sub-Account** |
|  **Investment income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $— | $14352 | $52880 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges and Administrative charges | (75733) | (7766) | (16144) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | (75733) | (7766) | (16144) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (75733) | 6586 | 36736 |
|  **Net realized and unrealized gain (loss) on investments:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on security transactions | 401154 | 70974 | 20697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions | 216578 |  | 39724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) during the period | 360084 | 104697 | (4254) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on investments | 977816 | 175671 | 56167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | $902083 | $182257 | $92903 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;**B-34**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **PIMCO VIT<br>Dynamic Bond<br>Portfolio<br>Sub-Account** | **LVIP American<br>Century Inflation<br>Protection Fund<br>Sub-Account** | **AB VPS Dynamic<br>Asset Allocation<br>Portfolio<br>Sub-Account** | **AB VPS<br>Sustainable Global<br>Thematic Portfolio<br>Sub-Account** | **ALPS \| Alerian<br>Energy<br>Infrastructure<br>Portfolio<br>Sub-Account** | **ALPS GlobalI<br>Opportunity<br>Portfolio<br>Sub-Account** | **American Funds<br>nsurance Series<sup>®</sup><br>U.S. Government<br>Securities Fund<sup>®</sup><br>Sub-Account** |
| $52526 | $464455 | $18144 | $— | $76362 | $71227 | $53085 |
| (13256) | (80534) | (14681) | (8147) | (22752) | (14883) | (13916) |
| (13256) | (80534) | (14681) | (8147) | (22752) | (14883) | (13916) |
| 39270 | 383921 | 3463 | (8147) | 53610 | 56344 | 39169 |
| (66110) | (107026) | (62569) | 11412 | 232552 | 14173 | (66478) |
|  |  |  | 71739 | 194910 | 16896 |  |
| 87239 | 55448 | 185004 | (53159) | (411154) | (88204) | 109051 |
| 21129 | (51578) | 122435 | 29992 | 16308 | (57135) | 42573 |
| $60399 | $332343 | $125898 | $21845 | $69918 | $(791) | $81742 |

---

**B-35**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF OPERATIONS** 

**FOR THE PERIODS ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Davis Financial<br>Portfolio<br>Sub-Account** | **Davis Real Estate<br>Portfolio<br>Sub-Account** | **Nomura VIP High<br>Income Series<br>Sub-Account (1)** |
|  **Investment income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $23974 | $31668 | $277966 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges and Administrative charges | (20307) | (18990) | (51904) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | (20307) | (18990) | (51904) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 3667 | 12678 | 226062 |
|  **Net realized and unrealized gain (loss) on investments:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on security transactions | 42012 | 6417 | (236061) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions | 140535 | 47642 | 1488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) during the period | 149835 | (158973) | 235969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on investments | 332382 | (104914) | 1396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | $336049 | $(92236) | $227458 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;**B-36**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Gabelli Capital<br>Asset Fund<br>Sub-Account (2)** | **Guggenheim VT<br>Multi-Hedge<br>Strategies Fund<br>Sub-Account** | **Guardian All Cap<br>Core VIP Fund<br>Sub-Account (2)** | **Guardian Balanced<br>Allocation VIP<br>Fund Sub-Account** | **Guardian Core<br>Fixed<br>Income VIP Fund<br>Sub-Account** | **Guardian Core<br>Plus Fixed Income<br>VIP Fund<br>Sub-Account** | **Guardian<br>Diversified<br>Research VIP<br>Fund<br>Sub-Account** |
| $2984 | $5672 | $— | $— | $— | $— | $— |
| (15034) | (3229) | (147845) | (94302) | (3385390) | (2240675) | (1370082) |
| (15034) | (3229) | (147845) | (94302) | (3385390) | (2240675) | (1370082) |
| (12050) | 2443 | (147845) | (94302) | (3385390) | (2240675) | (1370082) |
| (2344339) | (973) | 473325 | 341265 | 3655616 | (366799) | 21072660 |
| 1772700 |  |  |  |  |  |  |
| 468108 | (2054) | 984091 | 415509 | 11255770 | 10802275 | (5333179) |
| (103531) | (3027) | 1457416 | 756774 | 14911386 | 10435476 | 15739481 |
| $(115581) | $(584) | $1309571 | $662472 | $11525996 | $8194801 | $14369399 |

---

**B-37**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF OPERATIONS** 

**FOR THE PERIODS ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Guardian Equity<br>Income VIP Fund<br>Sub-Account (3)** | **Guardian Global<br>Utilities VIP Fund<br>Sub-Account** | **Guardian Growth &<br>Income VIP Fund<br>Sub-Account** |
|  **Investment income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $— | $— | $— |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges and Administrative charges | (2245793) | (673416) | (1426303) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | (2245793) | (673416) | (1426303) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (2245793) | (673416) | (1426303) |
|  **Net realized and unrealized gain (loss) on investments:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on security transactions | 3764821 | 7941396 | 11151931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) during the period | 25691841 | 3358445 | (1538383) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on investments | 29456662 | 11299841 | 9613548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | $27210869 | $10626425 | $8187245 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;**B-38**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Guardian<br>International<br>Equity VIP Fund<br>Sub-Account** | **Guardian<br>International<br>Growth VIP Fund<br>Sub-Account** | **Guardian<br>Integrated<br>Research VIP<br>Fund**<br>**Sub-Account** | **Guardian Large<br>Cap Fundamental**<br>**Growth VIP Fund**<br>**Sub-Account** | **Guardian Large<br>Cap Disciplined<br>Growth VIP Fund<br>Sub-Account** | **Guardian Large<br>Cap Disciplined<br>Value VIP Fund<br>Sub-Account** | **Guardian Mid<br>Cap Relative<br>Value VIP Fund<br>Sub-Account** |
| $— | $— | $— | $— | $— | $— | $— |
| (3166486) | (1080115) | (3583824) | (2525782) | (3982689) | (1221447) | (1473195) |
| (3166486) | (1080115) | (3583824) | (2525782) | (3982689) | (1221447) | (1473195) |
| (3166486) | (1080115) | (3583824) | (2525782) | (3982689) | (1221447) | (1473195) |
| 19017470 | 6094607 | 25110755 | 28991053 | 60415388 | 16778490 | 14896060 |
| 34448012 | 6750393 | 8927115 | (4164147) | (16908739) | (3655329) | (9520323) |
| 53465482 | 12845000 | 34037870 | 24826906 | 43506649 | 13123161 | 5375737 |
| 50298996 | $11764885 | $30454046 | $22301124 | 39523960 | $11901714 | $3902542 |

---

**B-39**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF OPERATIONS** 

**FOR THE PERIODS ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Guardian Mid<br>Cap Traditional<br>Growth VIP<br>Fund<br>Sub-Account** | **Guardian**<br>**Multi-Sector**<br>**Bond VIP Fund<br>Sub-Account** | **Guardian Small Cap<br>Value Diversified**<br>**VIP Fund**<br>**Sub-Account (4)** |
|  **Investment income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $— | $— | $— |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges and Administrative charges | (660367) | (2476808) | (2491869) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | (660367) | (2476808) | (2491869) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (660367) | (2476808) | (2491869) |
|  **Net realized and unrealized gain (loss) on investments:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on security transactions | 8236989 | (1158497) | 11938800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) during the period | (4723225) | 14977634 | (31143) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on investments | 3513764 | 13819137 | 11907657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | $2853397 | $11342329 | $9415788 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;**B-40**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Guardian Short<br>Duration Bond<br>VIP Fund<br>Sub-Account** | **Guardian<br>Strategic Large<br>Cap Core VIP<br>Fund<br>Sub-Account** | **Guardian Select<br>Mid Cap Core VIP<br>Fund<br>Sub-Account** | **Guardian**<br>**Small-Mid Cap**<br>**Core VIP Fund<br>Sub-Account** | **Guardian Total<br>Return Bond VIP<br>Fund<br>Sub-Account** | **Guardian U.S.<br>Government/<br>Credit VIP Fund<br>Sub-Account (5)** | **Janus Henderson<br>VIT Global<br>Technology and<br>Innovation<br>Portfolio<br>Sub-Account** |
| $— | $— | $— | $— | $— | $— | $— |
| (1888795) | (2699302) | (1883294) | (2915789) | (2941114) | (2090478) | (657622) |
| (1888795) | (2699302) | (1883294) | (2915789) | (2941114) | (2090478) | (657622) |
| (1888795) | (2699302) | (1883294) | (2915789) | (2941114) | (2090478) | (657622) |
| 3094985 | 15118733 | 5153145 | 124241 | (948583) | 69889 | 5760877 |
|  |  |  |  |  |  | 4565394 |
| 3703466 | 5778743 | 7935759 | 3202313 | 14468181 | 9361491 | 323562 |
| 6798451 | 20897476 | 13088904 | 3326554 | 13519598 | 9431380 | 10649833 |
| $4909656 | $18198174 | $11205610 | $410765 | $10578484 | $7340902 | $9992211 |

---

**B-41**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF OPERATIONS** 

**FOR THE PERIODS ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Lazard**<br>**Retirement<br>Global Dynamic<br>Multi-Asset<br>Portfolio**<br>**Sub-Account** | **MFS<sup>®</sup> Blended<br>Research<sup>®</sup> Core<br>Equity<br>Portfolio**<br>**Sub-Account** | **MFS<sup>®</sup><br>Technology<br>Portfolio<br>Sub-Account** |
|  **Investment income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $29160 | $139916 | $— |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges and Administrative charges | (38196) | (277378) | (170194) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | (38196) | (277378) | (170194) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (9036) | (137462) | (170194) |
|  **Net realized and unrealized gain (loss) on investments:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on security transactions | 420277 | 709931 | 2107969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions | 73700 | 3311872 | 1476726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) during the period | (113092) | (1353183) | (1842797) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on investments | 380885 | 2668620 | 1741898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | $371849 $| $2531158 | $1571704 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;**B-42**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **<br>Pioneer Bond<br>VCT Portfolio<br>Sub-Account (6)** | **DWS Alternative<br>Asset Allocation<br>VIP**<br>**Sub-Account** | **Victory 500 Index<br>VIP Series**<br>**Sub-Account (7)** | **Victory High<br>Yield VIP Series<br>Sub-Account (7)** | **Victory RS<br>International**<br>**VIP Series**<br>**Sub-Account (7)** | **Victory RS Large<br>Cap Alpha**<br>**VIP Series**<br>**Sub-Account (3)** | **Victory RS Small<br>Cap Growth<br>Equity VIP Series<br>Sub-Account (7)** |
| $279555 | $15073 | $206379 | $497584 | $391495 | $3070635 | $29616 |
| (97747) | (4955) | (178144) | (56371) | (173314) | (956484) | (60953) |
| (97747) | (4955) | (178144) | (56371) | (173314) | (956484) | (60953) |
| 181808 | 10118 | 28235 | 441213 | 218181 | 2114151 | (31337) |
| (2801300) | 1799 | (833027) | (1022022) | 2772571 | (13242526) | (1323073) |
|  |  | 3483190 |  | 956641 | 32850043 |  |
| 3374367 | 19811 | (987217) | 872561 | (662301) | (27606385) | 1030969 |
| 573067 | 21610 | 1662946 | (149461) | 3066911 | (7998868) | (292104) |
| $754875 | $31728 | $1691181 | $291752 | $3285092 | $(5884717) | $(323441) |

---

**B-43**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF OPERATIONS** 

**FOR THE PERIODS ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Victory Sophus<br>Emerging Markets<br>VIP Series<br>Sub-Account (8)** | **Virtus Duff &<br>Phelps Real Estate<br>Securities Series<br>Sub-Account** | **Victory Pioneer<br>Bond VCT Portfolio<br>Sub-Account (9)(10)** |
|  **Investment income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $50019 | $37828 | $820350 |
|  **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk charges and Administrative charges | (27171) | (19455) | (261474) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | (27171) | (19455) | (261474) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 22848 | 18373 | 558876 |
|  **Net realized and unrealized gain (loss) on investments:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on security transactions | (184508) | 24998 | 53853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions |  | 6624 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) during the period | 594010 | (59042) | 495645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on investments | 409502 | (27420) | 549498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | $432350 | $(9047) | $1108374 |

---

(1) Formerly Macquarie VIP High Income Series. Change effective November 3, 2025.

(2) Gabelli Capital Asset Fund was substituted with Guardian All Cap Core VIP Fund. Change effective April 25, 2025.

(3) Victory RS Large Cap Alpha VIP Series was substituted with Guardian Equity Income VIP Fund. Change effective April 25, 2025.

(4) Formerly Guardian Small Cap Core VIP Fund. Change effective May 1, 2025.

(5) Formerly Guardian U.S. Government Securities VIP Fund. Change effective May 1, 2025.

(6) Merged into Victory Pioneer Bond VCT Portfolio. Change effective March 31, 2025.

(7) Liquidated as of August 29, 2025.

(8) Liquidated as of June 27, 2025.

(9) Merged assets from Pioneer Bond VCT Portfolio. Change effective March 31, 2025.

(10) Funded as of March 31, 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;**B-44**

------

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

**THE GUARDIAN SEPARATE ACCOUNT R** 

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF CHANGES IN NET ASSETS** 

**FOR THE PERIODS ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Invesco V.I.<br>Global Real<br>Estate Fund<br>Sub-Account** | **Invesco V.I.<br>Balanced-Risk**<br>**Allocation Fund<br>Sub-Account** | **American Funds<br>Insurance Series<sup>®</sup><br>Capital World<br>Growth and<br>Income Fund<sup>®</sup><br>Sub-Account** |
|  **Operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $274 | $140266 | $1222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on security transactions | (3906) | (68544) | (7626) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions |  |  | 32555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) during the period | 9852 | 111085 | 161472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 6220 | 182807 | 187623 |
|  **Unit transactions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases | 160 | 22667 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net transfers | (442) | (22788) | 15435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net interfund transfers due to corporate actions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Surrenders for benefit payments and fees | (31941) | (231044) | (67983) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other transactions |  | (2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Death benefits |  | (99142) | (5179) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net annuity transactions | (297) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from unit transactions | (32520) | (330309) | (57607) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (26300) | (147502) | 130016 |
|  **Net assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 107488 | 2643183 | 854628 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $81188 | $2495681 | $984644 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;**B-46**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **American Funds<br>Insurance Series<sup>®</sup><br>Asset Allocation<br>Fund<br>Sub-Account** | **American Funds<br>Insurance Series<sup>®</sup>**<br>**The Bond Fund of<br>America<sup>®</sup>**<br>**Sub-Account** | **American Funds<br>Insurance Series<sup>®</sup>**<br>**Global Growth**<br>**Fund**<br>**Sub-Account** | **American Funds<br>Insurance Series<sup>®</sup><br>Growth Fund<br>Sub-Account** | **American Funds<br>Insurance Series<sup>®</sup><br>Growth-Income<br>Fund<br>Sub-Account** | **Fidelity<sup>®</sup> VIP<br>Investment Grade<br>Bond Portfolio<br>Sub-Account** | **Fidelity<sup>®</sup> VIP<br>Government<br>Money Market<br>Portfolio<br>Sub-Account** |
| $15040 | $26847 | $856 | $(44083) | $(10022) | $456419 | $779958 |
| 36904 | (20964) | (15168) | 43571 | 35368 | (1082052) | (2) |
| 164066 |  | 75710 | 414190 | 447549 |  |  |
| 81564 | 46762 | 53001 | 470970 | (66302) | 1908224 | 2 |
| 297574 | 52645 | 114399 | 884648 | 406593 | 1282591 | 779958 |
| 880 | 36598 | 2100 | 161281 |  | 21791 | 254446 |
|  | (2270) |  | 423027 | (6269) | 848981 | 49642849 |
| (315730) | (64363) | (137662) | (258868) | (269800) | (3913811) | (5220095) |
| (1) | (12) | 2 | (28) |  | 1131 | 1814 |
| (338815) | (90116) | (2858) | (74090) | (23865) | (474972) | (1502188) |
|  |  |  |  |  | (92291) | 957785 |
| (653666) | (120163) | (138418) | 251322 | (299934) | (3609171) | 44134611 |
| (356092) | (67518) | (24019) | 1135970 | 106659 | (2326580) | 44914569 |
| 2397119 | 948283 | 668713 | 4205372 | 2633381 | 25758500 | 18672812 |
| $2041027 | $880765 | $644694 | $5341342 | $2740040 | $23431920 | $63587381 |

---

**B-47**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF CHANGES IN NET ASSETS** 

**FOR THE PERIODS ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Fidelity<sup>®</sup> VIP<br>Overseas Portfolio<br>Sub-Account** | **Fidelity<sup>®</sup> VIP<br>Balanced Portfolio<br>Sub-Account** | **Franklin Income**<br>**VIP Fund**<br>**Sub-Account** |
|  **Operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $3742 | $3386 | $68251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on security transactions | 2467 | 85223 | (21133) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions | 138712 | 87237 | 20697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) during the period | (94958) | 53389 | 137287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 49963 | 229235 | 205102 |
|  **Unit transactions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases | 10111 | 272260 | 1514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net transfers | 1948562 | 32346 | (12207) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net interfund transfers due to corporate actions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Surrenders for benefit payments and fees | (611829) | (194078) | (156505) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other transactions | (1) | (428) | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp; Death benefits |  |  | (43636) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net annuity transactions |  |  | (32462) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from unit transactions | 1346843 | 110100 | (243234) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | 1396806 | 339335 | (38132) |
|  **Net assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 323732 | 1727581 | 2056014 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $1720538 | $2066916 | $2017882 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;**B-48**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Templeton Growth<br>VIP Fund<br>Sub-Account** | **Templeton Global<br>Bond VIP Fund<br>Sub-Account** | **BlackRock Global**<br>**Allocation V.I.<br>Fund<br>Sub-Account** | **Morgan Stanley<br>VIF Emerging**<br>**Markets Equity<br>Portfolio<br>Sub-Account** | **Putnam VT Small<br>Cap Value Fund<br>Sub-Account** | **PIMCO VIT Real<br>Return Portfolio<br>Sub-Account** | **PIMCO VIT Low<br>Duration Portfolio<br>Sub-Account** |
| $(10972) | $(13147) | $31255 | $(14975) | $(28932) | $5470 | $32625 |
| 46190 | (37406) | (15203) | (3918) | (22957) | (7049) | (5921) |
| 123944 |  | 126907 | 55208 | 477849 |  |  |
| 165710 | 163761 | 62251 | 414671 | (259739) | 22160 | 27189 |
| 324872 | 113208 | 205210 | 450986 | 166221 | 20581 | 53893 |
| 11185 | 3900 | 12380 | 2580 | 20547 | 1556 |  |
| 47875 | (14810) | 17584 | (10246) | 93009 | 3833 | 907 |
| (209579) | (188725) | (149788) | (246404) | (888919) | (57415) | (81685) |
| (3) |  |  | (1) | 11 | 72 | 164 |
| (17840) | (21418) | (6164) | (64673) | (374300) | (14579) | (4729) |
| (6475) | (14176) |  |  |  |  |  |
| (174837) | (235229) | (125988) | (318744) | (1149652) | (66533) | (85343) |
| 150035 | (122021) | 79222 | 132242 | (983431) | (45952) | (31450) |
| 1593607 | 873747 | 1229603 | 1604860 | 5606595 | 357549 | 1490295 |
| $1743642 | $751726 | $1308825 | $1737102 | $4623164 | $311597 | $1458845 |

---

**B-49**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF CHANGES IN NET ASSETS** 

**FOR THE PERIODS ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **T. Rowe Price<br>Health Sciences<br>Portfolio<br>Sub-Account** | **VanEck VIP<br>Global Resources<br>Fund<br>Sub-Account** | **The Merger<br>Fund <sup>®</sup> VL<br>Sub-Account** |
|  **Operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(75733) | $6586 | $36736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on security transactions | 401154 | 70974 | 20697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions | 216578 |  | 39724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) during the period | 360084 | 104697 | (4254) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 902083 | 182257 | 92903 |
|  **Unit transactions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases | 103138 | 610 | 4129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net transfers | (328744) | (9383) | 1225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net interfund transfers due to corporate actions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Surrenders for benefit payments and fees | (936443) | (172468) | (182991) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other transactions | 2 | (1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Death benefits | (569137) | (49066) | (93183) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net annuity transactions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from unit transactions | (1731184) | (230308) | (270819) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (829101) | (48051) | (177916) |
|  **Net assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 6786977 | 628101 | 1373170 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $5957876 | $580050 | $1195254 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;**B-50**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **PIMCO VIT<br>Dynamic Bond<br>Portfolio<br>Sub-Account** | **LVIP American<br>Century Inflation<br>Protection Fund<br>Sub-Account** | **AB VPS Dynamic<br>Asset Allocation<br>Portfolio<br>Sub-Account** | **AB VPS<br>Sustainable Global<br>Thematic Portfolio<br>Sub-Account** | **ALPS \| Alerian<br>Energy<br>Infrastructure<br>Portfolio<br>Sub-Account** | **ALPS Global<br>Opportunity<br>Portfolio<br>Sub-Account** | **American Funds<br>Insurance Series<sup>®</sup><br>U.S. Government<br>Securities Fund<sup>®</sup><br>Sub-Account** |
| $39270 | $383921 | $3463 | $(8147) | $53610 | $56344 | $39169 |
| (66110) | (107026) | (62569) | 11412 | 232552 | 14173 | (66478) |
|  |  |  | 71739 | 194910 | 16896 |  |
| 87239 | 55448 | 185004 | (53159) | (411154) | (88204) | 109051 |
| 60399 | 332343 | 125898 | 21845 | 69918 | (791) | 81742 |
| 24204 | 6235 |  | 362 | 16781 | 5158 | 600 |
| (103265) | (131592) | (42914) | 81986 | (199340) | (14426) | 193547 |
| (151365) | (508403) | (124021) | (55300) | (190583) | (78966) | (157837) |
| 199 |  |  | 28 | (55) | 12 |  |
| (179144) | (367694) | (22683) |  | (142590) | (79968) | (85508) |
|  |  | (10981) | (1061) |  |  |  |
| (409371) | (1001454) | (200599) | 26015 | (515787) | (168190) | (49198) |
| (348972) | (669111) | (74701) | 47860 | (445869) | (168981) | 32544 |
| 1211112 | 7030862 | 1183895 | 543648 | 2060627 | 1259909 | 1263986 |
| $862140 | $6361751 | $1109194 | $591508 | $1614758 | $1090928 | $1296530 |

---

**B-51**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF CHANGES IN NET ASSETS** 

**FOR THE PERIODS ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Davis Financial<br>Portfolio<br>Sub-Account** | **Davis Real Estate<br>Portfolio<br>Sub-Account** | **Nomura VIP High<br>Income Series<br>Sub-Account (1)** |
|  **Operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $3667 | $12678 | $226062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on security transactions | 42012 | 6417 | (236061) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions | 140535 | 47642 | 1488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) during the period | 149835 | (158973) | 235969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 336049 | (92236) | 227458 |
|  **Unit transactions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases | 6142 | 8393 | 115823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net transfers | 166718 | 40047 | (16866) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net interfund transfers due to corporate actions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Surrenders for benefit payments and fees | (127183) | (123672) | (612431) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other transactions | 33 | 9 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Death benefits |  |  | (501246) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net annuity transactions | (1269) | (3256) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from unit transactions | 44441 | (78479) | (1014706) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | 380490 | (170715) | (787248) |
|  **Net assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 1245534 | 1340177 | 4511477 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $1626024 | $1169462 | $3724229 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;**B-52**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Gabelli Capital<br>Asset Fund<br>Sub-Account (2)** | **Guggenheim VT<br>Multi-Hedge<br>Strategies Fund<br>Sub-Account** | **Guardian All Cap<br>Core VIP Fund<br>Sub-Account (2)** | **Guardian<br>Balanced<br>Allocation VIP<br>Fund<br>Sub-Account** | **Guardian Core<br>Fixed Income VIP<br>Fund<br>Sub-Account** | **Guardian Core<br>Plus Fixed Income<br>VIP Fund<br>Sub-Account** | **Guardian<br>Diversified<br>Research VIP<br>Fund<br>Sub-Account** |
| $(12050) | $2443 | $(147845) | $(94302) | $(3385390) | $(2240675) | $(1370082) |
| (2344339) | (973) | 473325 | 341265 | 3655616 | (366799) | 21072660 |
| 1772700 |  |  |  |  |  |  |
| 468108 | (2054) | 984091 | 415509 | 11255770 | 10802275 | (5333179) |
| (115581) | (584) | 1309571 | 662472 | 11525996 | 8194801 | 14369399 |
| 2603 | 1250 | 10015 | 15408 | 377754 | 275181 | 170500 |
| (22857) |  | (50780) | 534439 | 10462600 | 5511212 | (7621921) |
| (2825648) |  | 2825648 |  |  |  |  |
| (84364) | (38367) | (1376259) | (806463) | (49227493) | (41224253) | (20610872) |
| (2) | (2) | 58 | 1195 | 3281 | (622) | (9733) |
| (2171) |  | (99850) | (80229) | (3352664) | (2085412) | (1014882) |
|  |  | (12359) | (43887) | (107733) | (14251) | (49075) |
| (2932439) | (37119) | 1296473 | (379537) | (41844255) | (37538145) | (29135983) |
| (3048020) | (37703) | 2606044 | 282935 | (30318259) | (29343344) | (14766584) |
| 3048020 | 261301 | 8072614 | 6319662 | 249954513 | 169196318 | 103739922 |
| $— | $223598 | $10678658 | $6602597 | $219636254 | $139852974 | $88973338 |

---

**B-53**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF CHANGES IN NET ASSETS** 

**FOR THE PERIODS ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Guardian Equity<br>Income VIP Fund<br>Sub-Account (3)** | **Guardian Global<br>Utilities VIP Fund<br>Sub-Account** | **Guardian<br>Growth &<br>Income VIP Fund<br>Sub-Account** |
|  **Operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(2245793) | $(673416) | $(1426303) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on security transactions | 3764821 | 7941396 | 11151931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) during the period | 25691841 | 3358445 | (1538383) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 27210869 | 10626425 | 8187245 |
|  **Unit transactions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases | 274355 | 71897 | 191863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net transfers | 5504177 | (5965635) | 3363807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net interfund transfers due to corporate actions | 194623094 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Surrenders for benefit payments and fees | (31527300) | (9892765) | (21825657) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other transactions | 9818 | 1134 | (8873) |
| &nbsp;&nbsp;&nbsp;&nbsp; Death benefits | (1788624) | (523117) | (963539) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net annuity transactions | 48985 | (5059) | (58841) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from unit transactions | 167144505 | (16313545) | (19301240) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | 194355374 | (5687120) | (11113995) |
|  **Net assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 18417187 | 47945646 | 105920037 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $212772561 | $42258526 | $94806042 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;**B-54**

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Guardian<br>International<br>Equity VIP Fund<br>Sub-Account** | **Guardian<br>International<br>Growth VIP Fund<br>Sub-Account** | **Guardian**<br>**Integrated<br>Research VIP<br>Fund<br>Sub-Account** | **Guardian Large<br>Cap<br>Fundamental<br>Growth VIP Fund<br>Sub-Account** | **Guardian Large<br>Cap Disciplined<br>Growth VIP Fund<br>Sub-Account** | **Guardian<br>Large Cap<br>Disciplined<br>Value VIP Fund<br>Sub-Account** | **Guardian Mid<br>Cap Relative<br>Value VIP Fund<br>Sub-Account** |
| $(3166486) | $(1080115) | $(3583824) | $(2525782) | $(3982689) | $(1221447) | $(1473195) |
| 19017470 | 6094607 | 25110755 | 28991053 | 60415388 | 16778490 | 14896060 |
| 34448012 | 6750393 | 8927115 | (4164147) | (16908739) | (3655329) | (9520323) |
| 50298996 | 11764885 | 30454046 | 22301124 | 39523960 | 11901714 | 3902542 |
| 350504 | 146667 | 525309 | 277517 | 398912 | 134487 | 194050 |
| (16780075) | (4207441) | (12727624) | (8279737) | (26967128) | (1835640) | 6972472 |
| (52809691) | (17310604) | (56256089) | (42093062) | (59715756) | (25973965) | (27151430) |
| 6800 | 164 | 3150 | 2762 | 3786 | (286) | (3326) |
| (2758193) | (974802) | (4126586) | (1794194) | (2926045) | (949867) | (1086217) |
| (10900) | (2073) | (24614) | (8437) | (278895) | (2078) | (3798) |
| (72001555) | (22348089) | (72606454) | (51895151) | (89485126) | (28627349) | (21078249) |
| (21702559) | (10583204) | (42152408) | (29594027) | (49961166) | (16725635) | (17175707) |
| 225527554 | 78999327 | 276374259 | 191177700 | 304084568 | 91942600 | 110929685 |
| $203824995 | $68416123 | $234221851 | $161583673 | $254123402 | $75216965 | $93753978 |

---

**B-55**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF CHANGES IN NET ASSETS** 

**FOR THE PERIODS ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Guardian Mid<br>Cap Traditional<br>Growth VIP Fund<br>Sub-Account** | **Guardian<br>Multi-Sector<br>Bond VIP Fund<br>Sub-Account** | **Guardian Small<br>Cap Value<br>Diversified<br>VIP Fund<br>Sub-Account (4)** |
|  **Operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(660367) | $(2476808) | $(2491869) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on security transactions | 8236989 | (1158497) | 11938800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) during the period | (4723225) | 14977634 | (31143) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 2853397 | 11342329 | 9415788 |
|  **Unit transactions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases | 69060 | 360195 | 361760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net transfers | 2042495 | 7244179 | 7276898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net interfund transfers due to corporate actions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Surrenders for benefit payments and fees | (14234715) | (38037202) | (42040074) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other transactions | 143 | 1746 | (2218) |
| &nbsp;&nbsp;&nbsp;&nbsp; Death benefits | (481123) | (2293879) | (2108254) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net annuity transactions | (1156) | (10078) | (11067) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from unit transactions | (12605296) | (32735039) | (36522955) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (9751899) | (21392710) | (27107167) |
|  **Net assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 50802247 | 183283689 | 189687157 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $41050348 | $161890979 | $162579990 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;**B-56**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Guardian Short<br>Duration Bond<br>VIP Fund<br>Sub-Account** | **Guardian<br>Strategic Large<br>Cap Core VIP<br>Fund<br>Sub-Account** | **Guardian Select<br>Mid Cap Core<br>VIP Fund<br>Sub-Account** | **Guardian Small-<br>Mid Cap Core<br>VIP Fund<br>Sub-Account** | **Guardian Total<br>Return Bond VIP<br>Fund<br>Sub-Account** | **Guardian U.S.<br>Government/Credit<br>VIP Fund<br>Sub-Account (5)** | **Janus Henderson**<br>**VIT Global<br>Technology and<br>Innovation<br>Portfolio<br>Sub-Account** |
| $(1888795) | $(2699302) | $(1883294) | $(2915789) | $(2941114) | $(2090478) | $(657622) |
| 3094985 | 15118733 | 5153145 | 124241 | (948583) | 69889 | 5760877 |
|  |  |  |  |  |  | 4565394 |
| 3703466 | 5778743 | 7935759 | 3202313 | 14468181 | 9361491 | 323562 |
| 4909656 | 18198174 | 11205610 | 410765 | 10578484 | 7340902 | 9992211 |
| 257900 | 712144 | 259680 | 289890 | 383183 | 281736 | 229609 |
| 7076268 | (1788394) | 646362 | 21790685 | 8073451 | 6796864 | (5660051) |
| (29324869) | (42178770) | (24735070) | (42185737) | (41245861) | (32442838) | (7771666) |
| 1251 | 3625 | 4674 | 5263 | 1518 | 1367 | 885 |
| (1738677) | (4515679) | (2345737) | (2049436) | (2492554) | (1983411) | (1160539) |
| (16916) | (12224) | (83899) | (52959) | (12107) | (9374) | (318) |
| (23745043) | (47779298) | (26253990) | (22202294) | (35292370) | (27355656) | (14362080) |
| (18835387) | (29581124) | (15048380) | (21791529) | (24713886) | (20014754) | (4369869) |
| 141395551 | 204184989 | 141868269 | 217264713 | 219403533 | 155628832 | 48796398 |
| $122560164 | $174603865 | $126819889 | $195473184 | $194689647 | $135614078 | $44426529 |

---

**B-57**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF CHANGES IN NET ASSETS** 

**FOR THE PERIODS ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Lazard<br>Retirement Global<br>Dynamic Multi-<br>Asset Portfolio**<br>**Sub-Account** | **MFS<sup>®</sup> Blended<br>Research<sup>®</sup> Core<br>Equity Portfolio<br>Sub-Account** | **MFS<sup>®</sup> Technology<br>Portfolio<br>Sub-Account** |
|  **Operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(9036) | $(137462) | $(170194) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on security transactions | 420277 | 709931 | 2107969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions | 73700 | 3311872 | 1476726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) during the period | (113092) | (1353183) | (1842797) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 371849 | 2531158 | 1571704 |
|  **Unit transactions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases | 40298 | 56364 | 14846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net transfers | (6963) | (861952) | (1242609) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net interfund transfers due to corporate actions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Surrenders for benefit payments and fees | (2204100) | (7105230) | (3149685) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other transactions |  | (242) | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp; Death benefits | (966636) | (103292) | (162774) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net annuity transactions |  |  | (801) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from unit transactions | (3137401) | (8014352) | (4540972) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (2765552) | (5483194) | (2969268) |
|  **Net assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 3633047 | 22199644 | 13346002 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $867495 | $16716450 | $10376734 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;**B-58**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Pioneer Bond<br>VCT Portfolio<br>Sub-Account (6)** | **DWS Alternative<br>Asset Allocation<br>VIP<br>Sub-Account** | **Victory 500 Index<br>VIP Series<br>Sub-Account (7)** | **Victory High Yield<br>VIP Series<br>Sub-Account (7)** | **Victory RS<br>International VIP<br>Series<br>Sub-Account (7)** | **Victory RS Large<br>Cap Alpha VIP<br>Series<br>Sub-Account (3)** | **Victory RS Small<br>Cap Growth<br>Equity VIP Series<br>Sub-Account (7)** |
| $181808 | $10118 | $28235 | $441213 | $218181 | $2114151 | $(31337) |
| (2801300) | 1799 | (833027) | (1022022) | 2772571 | (13242526) | (1323073) |
|  |  | 3483190 |  | 956641 | 32850043 |  |
| 3374367 | 19811 | (987217) | 872561 | (662301) | (27606385) | 1030969 |
| 754875 | 31728 | 1691181 | 291752 | 3285092 | (5884717) | (323441) |
| 45176 | 1325 | 46928 | 613 | 28609 | 23737 | 8929 |
| 418083 |  | (17164072) | (5454274) | (18691230) | (1455525) | (5753295) |
| (27801342) |  |  |  |  | (194623094) |  |
| (2164386) | (48316) | (2695493) | (644900) | (2045538) | (12279743) | (628327) |
| 2428 | (2) | 492 | 21 | 1063 | (1153) | 288 |
| (495676) | (6037) | (273613) | (40164) | (188117) | (727575) | (15852) |
|  |  | (883860) | (25817) | (134490) | (253911) | (40176) |
| (29995717) | (53030) | (20969618) | (6164521) | (21029703) | (209317264) | (6428433) |
| (29240842) | (21302) | (19278437) | (5872769) | (17744611) | (215201981) | (6751874) |
| 29240842 | 393649 | 19278437 | 5872769 | 17744611 | 215201981 | 6751874 |
| $— | $372347 | $— | $— | $— | $— | $— |

---

**B-59**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF CHANGES IN NET ASSETS** 

**FOR THE PERIODS ENDED DECEMBER 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Victory Sophus<br>Emerging Markets<br>VIP Series**<br>**Sub-Account (8)** | **Virtus Duff &<br>Phelps Real Estate<br>Securities Series<br>Sub-Account** | **Victory Pioneer<br>Bond VCT Portfolio**<br>**Sub-Account (9)(10)** |
|  **Operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $22848 | $18373 | $558876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on security transactions | (184508) | 24998 | 53853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions |  | 6624 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) during the period | 594010 | (59042) | 495645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 432350 | (9047) | 1108374 |
|  **Unit transactions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases | 8237 | 17674 | 158460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net transfers | (3838953) | 37 | 235910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net interfund transfers due to corporate actions |  |  | 27801342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Surrenders for benefit payments and fees | (217214) | (141598) | (5063586) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other transactions | 75 | 1 | 4009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Death benefits | (3263) | (76513) | (723592) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net annuity transactions | (17539) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from unit transactions | (4068657) | (200399) | 22412543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (3636307) | (209446) | 23520917 |
|  **Net assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 3636307 | 1571623 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $— | $1362177 | $23520917 |

---

(1) Formerly Macquarie VIP High Income Series. Change effective November 3, 2025.

(2) Gabelli Capital Asset Fund was substituted with Guardian All Cap Core VIP Fund. Change effective April 25, 2025.

(3) Victory RS Large Cap Alpha VIP Series was substituted with Guardian Equity Income VIP Fund. Change effective April 25, 2025.

(4) Formerly Guardian Small Cap Core VIP Fund. Change effective May 1, 2025.

(5) Formerly Guardian U.S. Government Securities VIP Fund. Change effective May 1, 2025.

(6) Merged into Victory Pioneer Bond VCT Portfolio. Change effective March 31, 2025.

(7) Liquidated as of August 29, 2025.

(8) Liquidated as of June 27, 2025.

(9) Merged assets from Pioneer Bond VCT Portfolio. Change effective March 31, 2025.

(10) Funded as of March 31, 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;**B-60**

------

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF CHANGES IN NET ASSETS** 

**FOR THE PERIODS ENDED DECEMBER 31, 2024** 

---

| | | |
|:---|:---|:---|
|  | <br>**Invesco V.I.**<br>**Global Real**<br>**Estate Fund**<br>**Sub-Account** | **Invesco V.I.**<br>**Balanced-Risk**<br>**Allocation Fund**<br>**Sub-Account** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $1164 | $126305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on security transactions | (13017) | (59758) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) during the period | 8124 | 4214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (3729) | 70761 |
|  **Unit transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases |  | 10035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net transfers | 3196 | 4940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Surrenders for benefit payments and fees | (68529) | (332541) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other transactions | 7 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Death benefits | (859) | (123753) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net annuity transactions | (27) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from unit transactions | (66212) | (441287) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (69941) | (370526) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 177429 | 3013709 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $107488 | $2643183 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;**B-62**

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **American Funds<br>Insurance Series<sup>®</sup><br>Capital World<br>Growth and<br>Income Fund<sup>®</sup><br>Sub-Account** | **American Funds<br>Insurance Series<sup>®</sup><br>Asset Allocation<br>Fund<br>Sub-Account** | **American Funds<br>Insurance Series<sup>®</sup><br>The Bond Fund of<br>America<sup>®</sup><br>Sub-Account** | **American Funds<br>Insurance Series<sup>®</sup><br>Global Growth<br>Fund<br>Sub-Account** | **American Funds<br>Insurance Series<sup>®</sup><br>Growth Fund<br>Sub-Account** | **American Funds<br>Insurance Series<sup>®</sup><br>Growth-Income<br>Fund<br>Sub-Account** | **Fidelity<sup>®</sup> VIP<br>Investment<br>Grade Bond<br>Portfolio<br>Sub-Account** |
| $1561 | $20600 | $30437 | $1597 | $(35099) | $(8235) | $467384 |
| (57296) | 73011 | (52378) | 39801 | 105363 | 290244 | (1048865) |
|  | 113120 |  | 22880 | 105315 | 139950 |  |
| 192735 | 154487 | 17891 | 31321 | 912082 | 164639 | 616832 |
| 137000 | 361218 | (4050) | 95599 | 1087661 | 586598 | 35351 |
| 120 | 1380 |  | 3600 | 219319 |  | 26171 |
| (138108) | (446402) | 147577 | (231182) | (348638) | (261464) | 2995948 |
| (152668) | (276679) | (130287) | (41106) | (267587) | (437203) | (6327112) |
| 29 | 27 | (131) | 26 | 54 | (1) | (350) |
| (162316) |  |  |  | (277947) | (36308) | (346355) |
|  |  |  |  |  |  | 25578 |
| (452943) | (721674) | 17159 | (268662) | (674799) | (734976) | (3626120) |
| (315943) | (360456) | 13109 | (173063) | 412862 | (148378) | (3590769) |
| 1170571 | 2757575 | 935174 | 841776 | 3792510 | 2781759 | 29349269 |
| $854628 | $2397119 | $948283 | $668713 | $4205372 | $2633381 | $25758500 |

---

**B-63**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF CHANGES IN NET ASSETS** 

**FOR THE PERIODS ENDED DECEMBER 31, 2024** 

---

| | | |
|:---|:---|:---|
|  | <br>**Fidelity<sup>®</sup> VIP**<br>**Government**<br>**Money Market**<br>**Portfolio**<br>**Sub-Account** | **Fidelity<sup>®</sup> VIP**<br>**Overseas<br>Portfolio**<br>**Sub-Account** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $693599 | $(2099) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on security transactions | (16) | 5500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions |  | 15504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) during the period | 16 | (8390) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 693599 | 10515 |
|  **Unit transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases | 96703 | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net transfers | 7466556 | 322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Surrenders for benefit payments and fees | (9862006) | (16571) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other transactions | 235 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp; Death benefits | (350401) | (1004) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net annuity transactions | (71668) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from unit transactions | (2720581) | (16942) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (2026982) | (6427) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 20699794 | 330159 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $18672812 | $323732 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;**B-64**

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fidelity<sup>®</sup> VIP<br>Balanced<br>Portfolio<br>Sub-Account** | **Franklin<br>Income VIP<br>Fund<br>Sub-Account** | **Templeton<br>Growth VIP<br>Fund<br>Sub-Account** | **Templeton<br>Global Bond<br>VIP Fund<br>Sub-Account** | **BlackRock Global<br>Allocation V.I.<br>Fund<br>Sub-Account** | <br>**Morgan Stanley<br>VIF Emerging<br>Markets Equity<br>Portfolio<br>Sub-Account** | **Putnam VT<br>Small Cap<br>Value Fund<br>Sub-Account** |
| $357 | $84756 | $(11440) | $(16170) | $(4970) | $493 | $(18992) |
| 85953 | (27390) | (73260) | (122160) | (24270) | (53981) | 435718 |
| 58285 | 9920 | 5320 |  | 98806 |  | 325386 |
| 82032 | 64306 | 138102 | (13754) | 27833 | 177800 | (566565) |
| 226627 | 131592 | 58722 | (152084) | 97399 | 124312 | 175547 |
| 13838 | 10888 | 10994 | 9935 | 20470 | 2580 | 2467 |
| (17040) | (32369) | 29707 | 69126 | 25080 | (29378) | 84747 |
| (302814) | (297369) | (357327) | (388838) | (348978) | (277234) | (2231305) |
| 368 | 364 | 52 | 25 | 57 | 80 | 128 |
| (28078) | (130815) | (22804) | (6907) | (33013) | (112031) | (120771) |
|  | (59532) | (1357) | (26959) |  |  |  |
| (333726) | (508833) | (340735) | (343618) | (336384) | (415983) | (2264734) |
| (107099) | (377241) | (282013) | (495702) | (238985) | (291671) | (2089187) |
| 1834680 | 2433255 | 1875620 | 1369449 | 1468588 | 1896531 | 7695782 |
| $1727581 | $2056014 | $1593607 | $873747 | $1229603 | $1604860 | $5606595 |

---

**B-65**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF CHANGES IN NET ASSETS** 

**FOR THE PERIODS ENDED DECEMBER 31, 2024** 

---

| | | |
|:---|:---|:---|
|  | **PIMCO VIT<br>Real Return<br>Portfolio**<br>**Sub-Account** | **PIMCO VIT Low**<br>**Duration Portfolio**<br>**Sub-Account** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $3394 | $24744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on security transactions | (13259) | (29272) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) during the period | 10190 | 28398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 325 | 23870 |
|  **Unit transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases | 2273 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net transfers | 25236 | 1194278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Surrenders for benefit payments and fees | (128170) | (424953) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other transactions | (7) | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Death benefits |  | (24580) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net annuity transactions |  | (658) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from unit transactions | (100668) | 744188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (100343) | 768058 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 457892 | 722237 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $357549 | $1490295 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;**B-66**

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **T. Rowe Price**<br>**Health Sciences**<br>**Portfolio**<br>**Sub-Account** | **VanEck VIP<br>Global**<br>**Resources Fund**<br>**Sub-Account** | **The Merger Fund<sup>®</sup>**<br>**VL**<br>**Sub-Account** | **PIMCO VIT**<br>**Dynamic Bond**<br>**Portfolio**<br>**Sub-Account** | **LVIP American**<br>**Century Inflation**<br>**Protection Fund**<br>**Sub-Account** | **AB VPS Dynamic**<br>**Asset Allocation**<br>**Portfolio**<br>**Sub-Account** | <br>**AB VPS Sustainable**<br>**Global Thematic**<br>**Portfolio**<br>**Sub-Account** |
| $(100092) | $8551 | $4802 | $38700 | $173020 | $(4480) | $(9540) |
| 498881 | 27158 | 14525 | (65412) | (70392) | (134958) | 37601 |
| 644191 |  | 14798 |  |  |  | 1860 |
| (949948) | (59457) | (4501) | 72332 | (72570) | 246948 | 1331 |
| 93032 | (23748) | 29624 | 45620 | 30058 | 107510 | 31252 |
| 12354 | 60 | 2100 |  | 6066 |  | 1890 |
| 730 | 10649 | 5261 | 169469 | (115160) | (40679) | (3148) |
| (1000760) | (96451) | (135239) | (259693) | (759131) | (280308) | (134335) |
| 46 | 94 | 2 | 52 | 119 | (588) | 159 |
| (289934) | (87775) | (45822) | (7845) | (314417) | (24929) | (1365) |
|  |  |  |  |  | 50251 | (5159) |
| (1277564) | (173423) | (173698) | (98017) | (1182523) | (296253) | (141958) |
| (1184532) | (197171) | (144074) | (52397) | (1152465) | (188743) | (110706) |
| 7971509 | 825272 | 1517244 | 1263509 | 8183327 | 1372638 | 654354 |
| $6786977 | $628101 | $1373170 | $1211112 | $7030862 | $1183895 | $543648 |

---

**B-67**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF CHANGES IN NET ASSETS** 

**FOR THE PERIODS ENDED DECEMBER 31, 2024** 

---

| | | |
|:---|:---|:---|
|  | **ALPS \| Alerian**<br>**Energy**<br>**Infrastructure**<br>**Portfolio**<br>**Sub-Account** | **ALPS Global**<br>**Opportunity**<br>**Portfolio**<br>**Sub-Account** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $47547 | $86384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on security transactions | 168429 | 29722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions | 58792 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) during the period | 353776 | 82416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 628544 | 198522 |
|  **Unit transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases | 2100 | 2100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net transfers | 82428 | (29268) |
| &nbsp;&nbsp;&nbsp;&nbsp; Surrenders for benefit payments and fees | (390787) | (167175) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other transactions | 15 | 349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Death benefits | (115151) | (46302) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net annuity transactions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from unit transactions | (421395) | (240296) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | 207149 | (41774) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 1853478 | 1301683 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $2060627 | $1259909 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;**B-68**

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**American Funds<br>Insurance Series<sup>®</sup><br>U.S. Government<br>Securities Fund<sup>®</sup><br>Sub-Account** | **Davis<br>Financial<br>Portfolio<br>Sub-Account** | **Davis Real<br>Estate<br>Portfolio<br>Sub-Account** | **Macquarie VIP<br>High Income<br>Series<br>Sub-Account** | **Gabelli**<br>**Capital Asset<br>Fund<br>Sub-Account** | **Guggenheim VT**<br>**Multi-Hedge<br>Strategies Fund<br>Sub-Account** | **Guardian All<br>Cap Core VIP<br>Fund<br>Sub-Account** |
| $37259 | $2180 | $6339 | $263438 | $(28744) | $9664 | $(131977) |
| (112898) | 34064 | 1754 | (284890) | (158868) | 8913 | 387946 |
|  | 99430 | 29586 |  | 315969 |  |  |
| 64169 | 168400 | 4293 | 258095 | 161298 | (30142) | 1250612 |
| (11470) | 304074 | 41972 | 236643 | 289655 | (11565) | 1506581 |
| 1600 | 4388 | 7918 | 9182 | 11354 | 563 | 3332 |
| 31397 | (78729) | 5017 | (7110) | (29403) |  | (694799) |
| (292574) | (216218) | (151564) | (780099) | (501767) | (57712) | (1818413) |
| (3) | 43 | 15 | 2 | 25 | 10 | 65 |
|  | (15579) | (3301) | (288603) | (21) | (6158) | (106524) |
|  | (3078) | (2909) |  | (259) |  | (18851) |
| (259580) | (309173) | (144824) | (1066628) | (520071) | (63297) | (2635190) |
| (271050) | (5099) | (102852) | (829985) | (230416) | (74862) | (1128609) |
| 1535036 | 1250633 | 1443029 | 5341462 | 3278436 | 336163 | 9201223 |
| $1263986 | $1245534 | $1340177 | $4511477 | $3048020 | $261301 | $8072614 |

---

**B-69**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF CHANGES IN NET ASSETS** 

**FOR THE PERIODS ENDED DECEMBER 31, 2024** 

---

| | | |
|:---|:---|:---|
|  | **Guardian<br>Balanced<br>Allocation VIP<br>Fund<br>Sub-Account** | **Guardian Core<br>Fixed Income<br>VIP Fund<br>Sub-Account** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(101823) | $(3970871) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on security transactions | 233325 | 1829706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) during the period | 619039 | 2509531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 750541 | 368366 |
|  **Unit transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases | 18107 | 479044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net transfers | 27271 | 31405233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Surrenders for benefit payments and fees | (1189529) | (71837083) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other transactions | 126 | (484) |
| &nbsp;&nbsp;&nbsp;&nbsp; Death benefits | (38904) | (3410108) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net annuity transactions | 9387 | 614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from unit transactions | (1173542) | (43362784) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (423001) | (42994418) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 6742663 | 292948931 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $6319662 | $249954513 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;**B-70**

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Guardian Core<br>Plus Fixed<br>Income VIP<br>Fund<br>Sub-Account** | **Guardian<br>Diversified<br>Research VIP<br>Fund<br>Sub-Account** | **Guardian<br>Equity Income<br>VIP Fund<br>Sub-Account** | **Guardian Global<br>Utilities VIP<br>Fund<br>Sub-Account** | **Guardian<br>Growth &<br>Income VIP<br>Fund<br>Sub-Account** | **Guardian<br>International<br>Equity VIP<br>Fund<br>Sub-Account** | **Guardian<br>International<br>Growth VIP<br>Fund<br>Sub-Account** |
| $(2898251) | $(1732921) | $(306001) | $(810406) | $(1801583) | $(3885158) | $(1364968) |
| 4829825 | 29039054 | 896191 | 6562651 | 19122318 | 7202033 | 9929323 |
| 175162 | (1127053) | 1128951 | 3022930 | (5179795) | 6996310 | (3921791) |
| 2106736 | 26179080 | 1719141 | 8775175 | 12140940 | 10313185 | 4642564 |
| 466784 | 125915 | 24259 | 41052 | 268117 | 243641 | 76135 |
| 20202450 | (15023260) | (36548) | (4410087) | (4464626) | 4000117 | (1189255) |
| (75479272) | (33050218) | (5012961) | (14241161) | (34404444) | (80292134) | (27230631) |
| (861) | (2003) | (677) | (142) | (2422) | (4156) | (189) |
| (2290009) | (1352533) | (240945) | (452806) | (1503933) | (2188282) | (1077530) |
| 2550 | 2026 | (24615) | (2585) | 4317 | (474) | (2) |
| (57098358) | (49300073) | (5291487) | (19065729) | (40102991) | (78241288) | (29421472) |
| (54991622) | (23120993) | (3572346) | (10290554) | (27962051) | (67928103) | (24778908) |
| 224187940 | 126860915 | 21989533 | 58236200 | 133882088 | 293455657 | 103778235 |
| $169196318 | $103739922 | $18417187 | $47945646 | $105920037 | $225527554 | $78999327 |

---

**B-71**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF CHANGES IN NET ASSETS** 

**FOR THE PERIODS ENDED DECEMBER 31, 2024** 

---

| | | |
|:---|:---|:---|
|  | <br>**Guardian<br>Integrated<br>Research VIP<br>Fund<br>Sub-Account** | **Guardian Large<br>Cap Fundamental<br>Growth VIP Fund<br>Sub-Account** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(4487832) | $(3245088) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on security transactions | 25563759 | 56246223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) during the period | 47194948 | 4121231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 68270875 | 57122366 |
|  **Unit transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases | 269533 | 213108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net transfers | (31132471) | (37172279) |
| &nbsp;&nbsp;&nbsp;&nbsp; Surrenders for benefit payments and fees | (90977808) | (67873705) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other transactions | (3089) | (2991) |
| &nbsp;&nbsp;&nbsp;&nbsp; Death benefits | (3429583) | (1779420) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net annuity transactions | 4504 | (11063) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from unit transactions | (125268914) | (106626350) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (56998039) | (49503984) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 333372298 | 240681684 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $276374259 | $191177700 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;**B-72**

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Guardian Large<br>Cap Disciplined<br>Growth VIP Fund<br>Sub-Account** | **Guardian Large<br>Cap Disciplined<br>Value VIP Fund<br>Sub-Account** | **Guardian Mid<br>Cap Relative<br>Value VIP Fund<br>Sub-Account** | <br>**Guardian Mid**<br>**Cap Traditional<br>Growth VIP<br>Fund<br>Sub-Account** | **Guardian<br>Multi-Sector<br>Bond VIP Fund<br>Sub-Account** | **Guardian<br>Small Cap<br>Core VIP Fund<br>Sub-Account** | **Guardian Short<br>Duration Bond<br>VIP Fund<br>Sub-Account** |
| $(4928895) | $(1743948) | $(1971963) | $(948375) | $(2930796) | $(3145588) | $(2251310) |
| 76745754 | 28144930 | 26798276 | 17055904 | (3290869) | 20776573 | 1757315 |
| 9768259 | (9578052) | (10713024) | (8042824) | 6524805 | (5689519) | 5364136 |
| 81585118 | 16822930 | 14113289 | 8064705 | 303140 | 11941466 | 4870141 |
| 526649 | 149436 | 161592 | 64707 | 259818 | 177511 | 263508 |
| (39440226) | (9367028) | (5718398) | (5151442) | 22612256 | (967239) | 20648469 |
| (93883205) | (51652593) | (48335835) | (29490246) | (56331839) | (67110220) | (43789937) |
| (9520) | (3066) | (3595) | (2465) | (203) | (6546) | 33 |
| (2981835) | (1077070) | (1472511) | (620304) | (2207146) | (1982560) | (1813670) |
| 161990 | 6677 | (1565) | 3886 | (10412) | 1727 | (9537) |
| (135626147) | (61943644) | (55370312) | (35195864) | (35677526) | (69887327) | (24701134) |
| (54041029) | (45120714) | (41257023) | (27131159) | (35374386) | (57945861) | (19830993) |
| 358125597 | 137063314 | 152186708 | 77933406 | 218658075 | 247633018 | 161226544 |
| $304084568 | $91942600 | $110929685 | $50802247 | $183283689 | $189687157 | $141395551 |

---

**B-73**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF CHANGES IN NET ASSETS** 

**FOR THE PERIODS ENDED DECEMBER 31, 2024** 

---

| | | |
|:---|:---|:---|
|  | <br>**Guardian<br>Strategic Large<br>Cap Core VIP<br>Fund<br>Sub-Account** | **Guardian Select<br>Mid Cap Core<br>VIP Fund<br>Sub-Account** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(3332753) | $(2254489) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on security transactions | 17136600 | 3678915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) during the period | 25421937 | 14979814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 39225784 | 16404240 |
|  **Unit transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases | 211103 | 180362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net transfers | (13365029) | (7568139) |
| &nbsp;&nbsp;&nbsp;&nbsp; Surrenders for benefit payments and fees | (63316904) | (34599286) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other transactions | 7474 | (3762) |
| &nbsp;&nbsp;&nbsp;&nbsp; Death benefits | (2288127) | (1753823) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net annuity transactions | (652182) | 18925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from unit transactions | (79403665) | (43725723) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (40177881) | (27321483) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 244362870 | 169189752 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $204184989 | $141868269 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;**B-74**

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Guardian<br>Small-Mid Cap<br>Core VIP Fund<br>Sub-Account** | **Guardian<br>Total Return<br>Bond VIP Fund<br>Sub-Account** | **Guardian U.S.<br>Government<br>Securities VIP<br>Fund<br>Sub-Account** | **Janus**<br>**Henderson VIT<br>Global Technology<br>and Innovation**<br>**Portfolio<br>Sub-Account** | **Lazard**<br>**Retirement<br>Global Dynamic<br>Multi-Asset<br>Portfolio<br>Sub-Account** | **MFS<sup>®</sup> Blended<br>Research<sup>®</sup><br>Core Equity<br>Portfolio<br>Sub-Account** | **MFS<sup>®</sup><br>Technology<br>Portfolio<br>Sub-Account** |
| $(3508506) | $(3407072) | $(2483205) | $(753892) | $(47935) | $(204731) | $(240607) |
| 18186 | (3353879) | (1127763) | 503082 | 29765 | 3214718 | 2048020 |
|  |  |  |  |  | 1799501 | 164135 |
| 15244805 | 7999272 | 4254212 | 14282447 | 274407 | 1366586 | 2897066 |
| 11754485 | 1238321 | 643244 | 14031637 | 256237 | 6176074 | 4868614 |
| 192665 | 201728 | 268279 | 28230 | 7200 | 10465 | 14775 |
| (5232706) | 25014748 | 22852103 | (8183734) | 15795 | (3404343) | (3108295) |
| (57035459) | (56923724) | (48526080) | (10278482) | (177344) | (13489802) | (6062525) |
| (4504) | 470 | (353) | (773) | 28 | (411) | 310 |
| (2006746) | (2855528) | (2089929) | (492037) | (106915) | (144531) | (203468) |
| 23297 | (14800) | (889) | (248) |  |  | 3044 |
| (64063453) | (34577106) | (27496869) | (18927044) | (261236) | (17028622) | (9356159) |
| (52308968) | (33338785) | (26853625) | (4895407) | (4999) | (10852548) | (4487545) |
| 269573681 | 252742318 | 182482457 | 53691805 | 3638046 | 33052192 | 17833547 |
| $217264713 | $219403533 | $155628832 | $48796398 | $3633047 | $22199644 | $13346002 |

---

**B-75**

------

The Guardian Insurance & Annuity Company, Inc.

**STATEMENTS OF CHANGES IN NET ASSETS** 

**FOR THE PERIODS ENDED DECEMBER 31, 2024** 

---

| | | |
|:---|:---|:---|
|  | **Pioneer Bond<br>VCT Portfolio<br>Sub-Account** | **DWS Alternative<br>Asset Allocation<br>VIP<br>Sub-Account** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $991995 | $10553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on security transactions | (3090893) | 2238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distributions |  | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) during the period | 2709376 | 10580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 610478 | 23670 |
|  **Unit transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases | 16362 | 844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net transfers | 2845426 | 760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Surrenders for benefit payments and fees | (15892271) | (42994) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other transactions | (2698) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Death benefits | (589131) | (103775) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net annuity transactions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from unit transactions | (13622312) | (145159) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | (13011834) | (121489) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 42252676 | 515138 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $29240842 | $393649 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;**B-76**

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Victory 500 Index<br>VIP Series<br>Sub-Account** | **Victory High<br>Yield VIP<br>Series<br>Sub-Account** | **Victory RS<br>International<br>VIP Series<br>Sub-Account** | **Victory RS<br>Large Cap<br>Alpha VIP<br>Series<br>Sub-Account** | <br>**Victory RS<br>Small Cap<br>Growth Equity<br>VIP Series<br>Sub-Account** | **Victory Sophus<br>Emerging<br>Markets VIP<br>Series<br>Sub-Account** | **Virtus Duff & Phelps<br>Real Estate<br>Securities Series<br>Sub-Account** |
| $(87170) | $450195 | $238802 | $(606553) | $(115562) | $42087 | $6215 |
| (248945) | (186077) | 1141238 | 5640206 | (1486304) | (378649) | 24689 |
| 1612370 |  |  | 7843464 |  |  | 17135 |
| 3544621 | 162779 | (428040) | 31306762 | 2318443 | 488422 | 92854 |
| 4820876 | 426897 | 952000 | 44183879 | 716577 | 151860 | 140893 |
| 78323 | 3247 | 53447 | 215063 | 69693 | 57616 | 7072 |
| (4513697) | 286798 | 225819 | (17395237) | (43197) | 195479 | (101946) |
| (5715902) | (1674780) | (4782068) | (52505853) | (1827096) | (974302) | (279850) |
| (14999) | 203 | (530) | (2945) | (866) | (27) | 4 |
| (368654) | (157315) | (287024) | (1901611) | (24982) | (49784) | (79084) |
| 711738 | (7728) | (30163) | (49944) | 5833 | (4003) |  |
| (9823191) | (1549575) | (4820519) | (71640527) | (1820615) | (775021) | (453804) |
| (5002315) | (1122678) | (3868519) | (27456648) | (1104038) | (623161) | (312911) |
| 24280752 | 6995447 | 21613130 | 242658629 | 7855912 | 4259468 | 1884534 |
| $19278437 | $5872769 | $17744611 | $215201981 | $6751874 | $3636307 | $1571623 |

---

**B-77**

------

**THE GUARDIAN SEPARATE ACCOUNT R** 

**NOTES TO FINANCIAL STATEMENTS (December 31, 2025)** 

The Guardian Insurance & Annuity Company, Inc.

**1. Organization:** 

The Guardian Separate Account R (the "Account") is a separate investment account established by The Guardian Insurance & Annuity Company, Inc. (the "Sponsor Company") and is registered with the Securities and Exchange Commission ("SEC") as a unit investment trust under the Investment Company Act of 1940, as amended. Both the Sponsor Company and the Account are subject to supervision and regulation by the Department of Insurance of the State of Delaware and the SEC. The contract owners of the Sponsor Company direct their deposits into various investment options (the "Sub-Accounts") within the Account. The Sponsor Company is wholly owned by subsidiary of Guardian Life Insurance Company of America.

The Account is comprised of the following Sub-Accounts:

Invesco V.I. Global Real Estate Fund, Invesco V.I. Balanced-Risk Allocation Fund, American Funds Insurance Series<sup>®</sup> Capital World Growth and Income Fund<sup>®</sup>, American Funds Insurance Series<sup>®</sup> Asset Allocation Fund, American Funds Insurance Series<sup>®</sup> The Bond Fund of America<sup>®</sup>, American Funds Insurance Series<sup>®</sup> Global Growth Fund, American Funds Insurance Series<sup>®</sup> Growth Fund, American Funds Insurance Series<sup>®</sup> Growth-Income Fund, Fidelity<sup>®</sup> VIP Investment Grade Bond Portfolio, Fidelity<sup>®</sup> VIP Government Money Market Portfolio, Fidelity<sup>®</sup> VIP Overseas Portfolio, Fidelity<sup>®</sup> VIP Balanced Portfolio, Franklin Income VIP Fund, Templeton Growth VIP Fund, Templeton Global Bond VIP Fund, BlackRock Global Allocation V.I. Fund, Morgan Stanley VIF Emerging Markets Equity Portfolio, Putnam VT Small Cap Value Fund, PIMCO VIT Real Return Portfolio, PIMCO VIT Low Duration Portfolio, T. Rowe Price Health Sciences Portfolio, VanEck VIP Global Resources Fund, The Merger Fund <sup>®</sup> VL, PIMCO VIT Dynamic Bond Portfolio, LVIP American Century Inflation Protection Fund, AB VPS Dynamic Asset Allocation Portfolio, AB VPS Sustainable Global Thematic Portfolio, ALPS \| Alerian Energy Infrastructure Portfolio, ALPS Global Opportunity Portfolio, American Funds Insurance Series<sup>®</sup> U.S. Government Securities Fund<sup>®</sup>, Davis Financial Portfolio, Davis Real Estate Portfolio, Nomura VIP High Income Series (Formerly Macquarie VIP High Income Series), Gabelli Capital Asset Fund\*\*\*, Guggenheim VT Multi-Hedge Strategies Fund, Guardian All Cap Core VIP Fund\*\*\*, Guardian Balanced Allocation VIP Fund, Guardian Core Fixed Income VIP Fund, Guardian Core Plus Fixed Income VIP Fund, Guardian Diversified Research VIP Fund, Guardian Equity Income VIP Fund\*\*, Guardian Global Utilities VIP Fund, Guardian Growth & Income VIP Fund, Guardian International Equity VIP Fund, Guardian International Growth VIP Fund, Guardian Integrated Research VIP Fund, Guardian Large Cap Fundamental Growth VIP Fund, Guardian Large Cap Disciplined Growth VIP Fund, Guardian Large Cap Disciplined Value VIP Fund, Guardian Mid Cap Relative Value VIP Fund, Guardian Mid Cap Traditional Growth VIP Fund, Guardian Multi-Sector Bond VIP Fund, Guardian Small Cap Value Diversified VIP Fund (Formerly Guardian Small Cap Core VIP Fund), Guardian Short Duration Bond VIP Fund, Guardian Strategic Large Cap Core VIP Fund, Guardian Select Mid Cap Core VIP Fund, Guardian Small-Mid Cap Core VIP Fund, Guardian Total Return Bond VIP Fund, Guardian U.S. Government/Credit VIP Fund (Formerly Guardian U.S. Government Securities VIP Fund), Janus Henderson VIT Global Technology and Innovation Portfolio, Lazard Retirement Global Dynamic Multi-Asset Portfolio, MFS<sup>®</sup> Blended Research<sup>®</sup> Core Equity Portfolio, MFS<sup>®</sup> Technology Portfolio, Pioneer Bond VCT Portfolio (Merged into Victory Pioneer Bond VCT Portfolio), DWS Alternative Asset Allocation VIP, Victory 500 Index VIP Series\*, Victory High Yield VIP Series\*, Victory RS International VIP Series\*, Victory RS Large Cap Alpha VIP Series\*\*, Victory RS Small Cap Growth Equity VIP Series\*, Victory Sophus Emerging Markets VIP Series\*, Virtus Duff & Phelps Real Estate Securities Series, Victory Pioneer Bond VCT Portfolio (Merged assets from Pioneer Bond VCT Portfolio).

\* During 2025, this Sub-Account was liquidated.

\*\* Effective April 25, 2025, Victory RS Large Cap Alpha VIP Series was substituted with the Guardian Equity Income VIP Fund.

\*\*\* Effective April 25, 2025, the Gabelli Capital Asset Fund was substituted with the Guardian All Cap Core VIP Fund.

The Sub-Accounts are invested in mutual funds (the "Funds") of the same name. Each Sub-Account may invest in one or more share classes of a Fund, depending upon the product(s) available in that Sub-Account. A contract owner's unitized performance correlates with the share class associated with the contract owner's product.

If a Fund is subject to a merger initiated by the Fund Manager, the Sub-Account invested in the surviving Fund acquires, at fair value, the net assets of the Sub-Account associated with the merging Fund as of the effective date disclosed.

If the Sponsor Company initiates a fund substitution, the Sub-Account associated with the replaced Fund transfers, at fair value, its net assets to the Sub-Account invested in the successor Fund as of the effective date disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;**B-78**

------

The Guardian Separate Account R

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

All such activity is presented as net interfund transfers due to corporate actions in the Statements of Changes in Net Assets.

Under applicable insurance law, the assets and liabilities of the Account are clearly identified and distinguished from the Sponsor Company's other assets and liabilities and are not chargeable with liabilities arising out of any other business the Sponsor Company may conduct.

**2. Significant Accounting Policies:** 

The Account qualifies as an investment company and follows the accounting and reporting guidance as defined in Accounting Standards Codification 946, "Financial Services — Investment Companies." The following is a summary of significant accounting policies of the Account, which are in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Security Transactions — Security transactions are recorded on the trade date (date the order to buy or sell is executed). Realized gains and losses on the sales of securities are computed using the average cost
method. Dividend income is either accrued daily or as of the ex-dividend date based upon the Fund. Net realized gain distributions are accrued as of the ex-dividend date. Net realized gain distributions represent those dividends from the Funds which are characterized as capital gains under tax regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Unit Transactions — Unit transactions are executed based on the unit values calculated at the close of the business day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Federal Income Taxes — The operations of the Account form a part of, and are taxed with, the total operations of the Sponsor Company, which is taxed as an insurance company under the Internal Revenue Code
("IRC"). Under the current provisions of the IRC, the Sponsor Company does not expect to incur federal income taxes on the earnings of the Account to the extent the earnings are credited to the contract owners. Based on this, no charge
is being made currently to the Account for federal income taxes. The Sponsor Company will review periodically the status of this policy. In the event of changes in the tax law, a charge may be made in future years for any federal income taxes that
would be attributable to the contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the
date of the financial statements and the reported amounts of income and expenses during the period. Actual results could differ from those estimates. The most significant estimates contained within the financial statements are the fair value
measurements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Mortality Risk — The mortality risk associated with net assets allocated to contracts in the annuity period is determined using certain mortality tables. The mortality risk is fully borne by the Sponsor Company
and may result in additional amounts being transferred into the Account by the Sponsor Company to cover greater longevity of contract owners than expected. Conversely, if amounts allocated exceed amounts required, transfers may be made to the
Sponsor Company. These amounts are included in net annuity transactions on the accompanying Statements of Changes in Net Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) Fair Value Measurements — The Sub-Accounts' investments are carried at fair value in the Account's financial statements. The investments in shares of the Funds
are valued at the December 31, 2025 closing net asset value as determined by the appropriate Fund Manager. For financial instruments that are carried at fair value, a hierarchy is used to place the instruments into three broad levels (Levels 1,
2 and 3) by prioritizing the inputs in the valuation techniques used to measure fair value.

Level 1: Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in active markets that the Account has the ability to access at the measurement date. Level 1 investments include mutual funds.

Level 2: Observable inputs, other than unadjusted quoted prices included in Level 1, for the asset or liability or prices for similar assets and liabilities. Level 2 investments include those that are model priced by vendors using observable inputs.

Level 3: Valuations that are derived from techniques in which one or more of the significant inputs are unobservable (including assumptions about risk). Because Level 3 fair values, by their nature, contain unobservable market inputs, considerable judgment is used to determine the Level 3 fair values. Level 3 fair values represent the best estimate of an amount that could be realized in a current market exchange absent actual market exchanges.

**B-79**

------

The Guardian Separate Account R

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

In certain cases, the inputs used to measure fair value fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement.

As of December 31, 2025, the Sub-Accounts invest in mutual funds which are carried at fair value and represent Level 1 investments under the fair value hierarchy levels. There were no Level 2 or Level 3 investments in the Sub-Accounts. The Account recognizes transfers of securities among the levels at the beginning of the reporting period. There were no transfers among the levels for the periods ended December 31, 2025 and 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) Accounting for Uncertain Tax Positions — Management evaluates whether or not there are uncertain tax positions that require financial statement recognition and has determined that no reserves for uncertain tax
positions are required at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h) The fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the fund's financial position or its results of operations. The intent of the ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity's overall performance and to assess its potential future cash flows.

The Management Committee of The Sponsor Company evaluates third-party funds and determines the selection of funds to offer within the product offering. All funds are sourced from third party asset managers which employ a governance structure to oversee fund strategy and performance, all of which is an element contemplated in the Separate Account Management Committee's determination of fund offerings. Accordingly, the Management Committee, acts as the Account's chief operating decision maker ("CODM") assessing performance and making decisions about the product offering allocation. The CODM has determined that the fund has a single operating segment based on the fact that the CODM monitors the operating results of the fund as a whole and that the fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the fund's portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the fund's Portfolio of Investments, Statements of Changes in Net Assets and Financial Highlights.

**3. Administration of the Account and Related Charges:** 

Each Sub-Account is charged certain fees, according to contract terms, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Mortality and Expense Risk Charges — The Sponsor Company, as an issuer of variable annuity contracts, assesses mortality and expense risk charges for which it receives a current maximum annual fee of 1.70% of the Sub-Account's average daily net assets. These charges are reflected in the accompanying Statements of Operations as a reduction in unit value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Administrative Charges — The Sponsor Company provides administrative services to the Account and receives a current maximum annual fee of 0.25% of the Sub-Account's average daily net assets for these services. These charges are reflected in the accompanying Statements of Operations as a reduction in unit value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Tax Expense Charges — If applicable, the Sponsor Company will make deductions up to a maximum rate of 3.50% of the contract's average daily net assets to meet premium tax requirements. An additional tax
charge based on a percentage of the Sub-Account's average daily net assets may be assessed on partial withdrawals or surrenders. These charges are a redemption of units from applicable contract
owners' accounts and are reflected in surrenders for benefit payments and fees on the accompanying Statements of Changes in Net Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Annual Maintenance Fees — An annual maintenance fee up to a current maximum of $35 may be charged. These charges are deducted through a redemption of units from applicable contract owners' accounts and are
reflected in surrenders for benefit payments and fees in the accompanying Statements of Changes in Net Assets.

&nbsp;&nbsp;&nbsp;&nbsp;**B-80**

------

The Guardian Separate Account R

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Rider Charges — The Sponsor Company will make certain deductions (as a percentage of average daily Sub-Account value) for various rider charges:

---

| | |
|:---|:---|
|  Asset Access (GMWB I) charges current maximum of 0.50%<br> Earnings Benefit Rider (EBR) charges current maximum of 0.25%<br> Guarantee Lifetime Withdrawal Benefit Return of Premium Death Benefit charges current maximum of 0.60%<br> Guarantee Lifetime Withdrawal Benefit Step Up Death Benefit charges current maximum of 0.50%<br> Guarantee Minimum Income Benefit (GMIB) charges current maximum of 0.50%<br> Guarantee Minimum Death Benefit (GMDB) charges current maximum of 0.30%<br> Highest Anniversary Value Death Benefit Rider (HAVDB) charges current maximum of 0.40%<br> Lifetime Asset Access (GMWB II) charges current maximum of 0.60%<br> Liftime Focus (GMWB III) charges current maximum of 0.85%<br> 7 Year Enhanced Death Benefit Rider (EDBR) charges current maximum of 0.20%<br> Enhanced Death Benefit Rider (EDBR) charges current maximum of 0.50% | Spousal Asset Access (GMWB II) charges current maximum of 0.75%<br> Target 200 Joint charges current maximum of 1.40%<br> Target 200 Single charges current maximum of 1.15%<br> Target 250 Joint charges current maximum of 1.55%<br> Target 250 Single charges current maximum of 1.30%<br> Target 300 Joint charges current maximum of 1.65%<br> Target 300 Single charges current maximum of 1.35%<br> Target Future Joint charges current maximum of 1.30%<br> Target Future Single charges current maximum of 1.05%<br> Target Now Joint charges current maximum of 1.05%<br> Target Now Single charges current maximum of 0.95%<br> Highest Anniversary Value Death Benefit charges current maximum of 0.35%<br> Return of Premium Plus and Highest Anniversary Value Death Benefit charges current maximum of 0.50%<br> Return of Premium Basic Death Benefit charges current maximum of 0.25%<br> Return of Premium Plus Death Benefit charges current maximum of 0.45% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) Transactions with Related Parties — The Sponsor and its affiliates may receive fees from funds for services provided.

These charges can be assessed as a reduction in unit values or a redemption of units from applicable contract owners' accounts as specified in the product prospectus.

Park Avenue Institutional Advisers LLC ("PAIA"), a wholly owned subsidiary of Guardian Investor Services, LLC, which is a wholly owned subsidiary of The Guardian Life Insurance Company of America, serves as the sub-advisor to Victory High Yield VIP Series. Under an investment sub-advisory agreement between Victory Capital Management Inc. ("Victory Capital"), an unaffiliated third-party investment adviser and PAIA (sub-adviser) for the Victory High Yield VIP Series, Victory Capital pays a monthly fee to the sub-adviser for investment advisory services in an amount equal to 28% of all fees due from such Fund to the Adviser. The sub-advisory fee payable to PAIA also covers the administrative and accounting services provided by PAIA.

Effective October 3, 2024, Victory Capital Management, Inc. (\*VCM\*) has terminated the sub-advisory agreement with PAIA and effective October 4, 2024, the Fund is now managed by VCM's Victory Income Investors investment franchise.

PAIA provides day to day investment management services to the following new proprietary third-party sub-advised Guardian Variable Product Trust Funds:

---

| | |
|:---|:---|
| Guardian Core Plus Fixed Income VIP Fund<br> Guardian Diversified Research VIP Fund<br> Guardian Growth & Income VIP Fund<br> Guardian Integrated Research VIP Fund<br> Guardian Large Cap Disciplined Growth VIP Fund<br> Guardian Large Cap Disciplined Value VIP Fund<br> Guardian All Cap Core VIP Fund<br> Guardian Select Mid Cap Core VIP Fund<br> Guardian Small-Mid Cap Core VIP Fund<br> Guardian Strategic Large Cap Core VIP Fund<br> Guardian Large Cap Fundamental Growth VIP Fund | Guardian Mid Cap Relative Value VIP Fund<br> Guardian Mid Cap Traditional Growth VIP Fund<br> Guardian U.S. Government Securities VIP Fund<br> Guardian Total Return Bond VIP Fund<br> Guardian Global Utilities VIP Fund<br> Guardian Multi-Sector Bond VIP Fund<br> Guardian Small Cap Core VIP Fund<br> Guardian Core Fixed Income VIP Fund<br> Guardian Short Duration Bond VIP Fund<br> Guardian Balanced Allocation VIP Fund<br> Guardian Equity Income VIP Fund |

---

**B-81**

------

The Guardian Separate Account R

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

GIAC has administrative service fee agreements with, Victory Capital Management Inc., Gabelli Capital Asset Fund, Invesco Advisers, Inc., AllianceBernstein, L.P., BlackRock Advisors, LLC, LLC, Davis Selected Advisers, LP, Fidelity Management & Research Company, Franklin Advisers, Inc., Massachusetts Financial Services Company, , PIMCO, Amundi Pioneer Asset Management, Inc., Templeton Global Advisers Limited, Templeton Investment Counsel, LLC, Delaware Management Company, American Century Investment Management, Inc., Putnam Investment Management, LLC, ALPS Advisors, Inc., Westchester Capital Management, LLC, Guggenheim Investments, Janus Capital Management LLC, Lazard Asset Management LLC, Legg Mason Partners Fund Advisor, LLC, Morgan Stanley Investment Management Inc., T. Rowe Price Associates, Inc., VanEck Associates Corporation, Virtus Investment Partners, DWS Investment Management Americas Inc. and Capital Research and Management Company, which compensate GIAC for administrative services provided. These fees range from 0.05% to 0.50% of the average daily net assets. These fees are borne and paid to GIAC by investment advisers, and therefore, are not recorded in the financial statements of the Fund.

The amount retained by GIAC in the Account is composed of amounts accruing to GIAC from the operations of the Account and retained therein. Amounts retained by GIAC in the Account may be transferred by GIAC to its general account. These amounts are reflected in the "Liabilities" in the Statements of Assets and Liabilities. The income earned on the amounts retained by GIAC in the Account is reflected in "Mortality and expense risk charges" in the Statements of Operations.

**4. Purchases and Sales of Investments:** 

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

---

| | | |
|:---|:---|:---|
| **Sub-Account** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** |
|  Invesco V.I. Global Real Estate Fund | $2340 | $34586 |
|  Invesco V.I. Balanced-Risk Allocation Fund | $271236 | $461276 |
|  American Funds Insurance Series<sup>®</sup> Capital World Growth and Income Fund<sup>®</sup> | $61922 | $85751 |
|  American Funds Insurance Series<sup>®</sup> Asset Allocation Fund | $201275 | $675835 |
|  American Funds Insurance Series<sup>®</sup> The Bond Fund of America<sup>®</sup> | $74067 | $167384 |
|  American Funds Insurance Series<sup>®</sup> Global Growth Fund | $85038 | $146891 |
|  American Funds Insurance Series<sup>®</sup> Growth Fund | $1347629 | $726197 |
|  American Funds Insurance Series<sup>®</sup> Growth-Income Fund | $466545 | $328953 |
|  Fidelity<sup>®</sup> VIP Investment Grade Bond Portfolio | $2673702 | $5826455 |
|  Fidelity<sup>®</sup> VIP Government Money Market Portfolio | $55482256 | $10567700 |
|  Fidelity<sup>®</sup> VIP Overseas Portfolio | $2118709 | $629411 |
|  Fidelity<sup>®</sup> VIP Balanced Portfolio | $482363 | $281641 |
|  Franklin Income VIP Fund | $161463 | $315748 |
|  Templeton Growth VIP Fund | $230958 | $292821 |
|  Templeton Global Bond VIP Fund | $10945 | $259319 |
|  BlackRock Global Allocation V.I. Fund | $232141 | $199965 |
|  Morgan Stanley VIF Emerging Markets Equity Portfolio | $160491 | $438997 |
|  Putnam VT Small Cap Value Fund | $811169 | $1511902 |
|  PIMCO VIT Real Return Portfolio | $23756 | $84822 |
|  PIMCO VIT Low Duration Portfolio | $58440 | $111160 |
| T. Rowe Price Health Sciences Portfolio | $502266 | $2092605 |
|  VanEck VIP Global Resources Fund | $50701 | $274424 |
|  The Merger Fund <sup>®</sup> VL | $109851 | $304209 |
|  PIMCO VIT Dynamic Bond Portfolio | $98359 | $468458 |
|  LVIP American Century Inflation Protection Fund | $565025 | $1182561 |
|  AB VPS Dynamic Asset Allocation Portfolio | $21967 | $219102 |
|  AB VPS Sustainable Global Thematic Portfolio | $155800 | $66193 |
|  ALPS \| Alerian Energy Infrastructure Portfolio | $361851 | $629116 |
|  ALPS Global Opportunity Portfolio | $184882 | $279834 |
|  American Funds Insurance Series<sup>®</sup> U.S. Government Securities Fund<sup>®</sup> | $247100 | $257133 |
|  Davis Financial Portfolio | $358163 | $169519 |
|  Davis Real Estate Portfolio | $121403 | $139561 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**B-82**

------

The Guardian Separate Account R

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
| **Sub-Account** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** |
|  Nomura VIP High Income Series+ | $574150 | $1361304 |
|  Gabelli Capital Asset Fund+ | $1777488 | $2949276 |
|  Guggenheim VT Multi-Hedge Strategies Fund | $6897 | $41571 |
|  Guardian All Cap Core VIP Fund+ | $3111236 | $1962607 |
|  Guardian Balanced Allocation VIP Fund | $841076 | $1314912 |
|  Guardian Core Fixed Income VIP Fund | $17611368 | $62841006 |
|  Guardian Core Plus Fixed Income VIP Fund | $10207991 | $49986819 |
|  Guardian Diversified Research VIP Fund | $3165978 | $33672039 |
|  Guardian Equity Income VIP Fund+ | $201170330 | $36271614 |
|  Guardian Global Utilities VIP Fund | $1956734 | $18943694 |
|  Guardian Growth & Income VIP Fund | $3718277 | $24445814 |
|  Guardian International Equity VIP Fund | $11188609 | $86356646 |
|  Guardian International Growth VIP Fund | $2440025 | $25868227 |
|  Guardian Integrated Research VIP Fund | $7823719 | $84013984 |
|  Guardian Large Cap Fundamental Growth VIP Fund | $7226977 | $61647905 |
|  Guardian Large Cap Disciplined Growth VIP Fund | $13307391 | $106775200 |
|  Guardian Large Cap Disciplined Value VIP Fund | $2414272 | $32263065 |
|  Guardian Mid Cap Relative Value VIP Fund | $7250885 | $29802328 |
|  Guardian Mid Cap Traditional Growth VIP Fund | $3086309 | $16351972 |
|  Guardian Multi-Sector Bond VIP Fund | $12248808 | $47460652 |
|  Guardian Small Cap Value Diversified VIP Fund+ | $16621554 | $55636374 |
|  Guardian Short Duration Bond VIP Fund | $11116954 | $36750789 |
|  Guardian Strategic Large Cap Core VIP Fund | $2293511 | $52772107 |
|  Guardian Select Mid Cap Core VIP Fund | $5800899 | $33938181 |
|  Guardian Small-Mid Cap Core VIP Fund | $21792039 | $46910117 |
|  Guardian Total Return Bond VIP Fund | $13408183 | $51641660 |
|  Guardian U.S. Government/Credit VIP Fund+ | $11943805 | $41389937 |
|  Janus Henderson VIT Global Technology and Innovation Portfolio | $5951500 | $16405807 |
|  Lazard Retirement Global Dynamic Multi-Asset Portfolio | $183060 | $3255794 |
|  MFS<sup>®</sup> Blended Research<sup>®</sup> Core Equity Portfolio | $4013596 | $8853535 |
|  MFS<sup>®</sup> Technology Portfolio | $2267528 | $5501968 |
|  Pioneer Bond VCT Portfolio+ | $670379 | $30484484 |
|  DWS Alternative Asset Allocation VIP | $40044 | $82954 |
|  Victory 500 Index VIP Series+ | $4073388 | $21531580 |
|  Victory High Yield VIP Series+ | $640429 | $6363736 |
|  Victory RS International VIP Series+ | $1734767 | $21589644 |
|  Victory RS Large Cap Alpha VIP Series+ | $35952115 | $210305180 |
|  Victory RS Small Cap Growth Equity VIP Series+ | $519827 | $6979597 |
|  Victory Sophus Emerging Markets VIP Series+ | $60459 | $4106263 |
|  Virtus Duff & Phelps Real Estate Securities Series | $116507 | $291909 |
|  Victory Pioneer Bond VCT Portfolio+ | $29853343 | $6881778 |

---

+ See Note 1 for additional information related to this Sub-Account.

**B-83**

------

The Guardian Separate Account R

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

**5. Changes in Units Outstanding:** 

The changes in units outstanding for the period ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Sub-Account** | **Units<br>Issued** | **Units<br>Redeemed** | **Net<br>Increase/<br>(Decrease)** |
|  Invesco V.I. Global Real Estate Fund | 22 | 1394 | (1372) |
|  Invesco V.I. Balanced-Risk Allocation Fund | 6861 | 30878 | (24017) |
|  American Funds Insurance Series<sup>®</sup> Capital World Growth and Income Fund<sup>®</sup> | 909 | 3994 | (3085) |
|  American Funds Insurance Series<sup>®</sup> Asset Allocation Fund | 49 | 35736 | (35687) |
|  American Funds Insurance Series<sup>®</sup> The Bond Fund of America<sup>®</sup> | 3503 | 14997 | (11494) |
|  American Funds Insurance Series<sup>®</sup> Global Growth Fund | 94 | 6427 | (6333) |
|  American Funds Insurance Series<sup>®</sup> Growth Fund | 28201 | 19177 | 9024 |
|  American Funds Insurance Series<sup>®</sup> Growth-Income Fund |  | 11827 | (11827) |
|  Fidelity<sup>®</sup> VIP Investment Grade Bond Portfolio | 134111 | 387857 | (253746) |
|  Fidelity<sup>®</sup> VIP Government Money Market Portfolio | 5262048 | 903103 | 4358945 |
|  Fidelity<sup>®</sup> VIP Overseas Portfolio | 61465 | 19386 | 42079 |
|  Fidelity<sup>®</sup> VIP Balanced Portfolio | 9022 | 6398 | 2624 |
|  Franklin Income VIP Fund | 2029 | 11601 | (9572) |
|  Templeton Growth VIP Fund | 3807 | 12030 | (8223) |
|  Templeton Global Bond VIP Fund | 1182 | 26549 | (25367) |
|  BlackRock Global Allocation V.I. Fund | 2745 | 9362 | (6617) |
|  Morgan Stanley VIF Emerging Markets Equity Portfolio | 6954 | 31505 | (24551) |
|  Putnam VT Small Cap Value Fund | 15521 | 71415 | (55894) |
|  PIMCO VIT Real Return Portfolio | 1037 | 5607 | (4570) |
|  PIMCO VIT Low Duration Portfolio | 118 | 7568 | (7450) |
| T. Rowe Price Health Sciences Portfolio | 8301 | 70110 | (61809) |
|  VanEck VIP Global Resources Fund | 3460 | 25228 | (21768) |
|  The Merger Fund <sup>®</sup> VL | 1344 | 21687 | (20343) |
|  PIMCO VIT Dynamic Bond Portfolio | 3819 | 40699 | (36880) |
|  LVIP American Century Inflation Protection Fund | 9420 | 103755 | (94335) |
|  AB VPS Dynamic Asset Allocation Portfolio | 278 | 13482 | (13204) |
|  AB VPS Sustainable Global Thematic Portfolio | 3163 | 2260 | 903 |
|  ALPS \| Alerian Energy Infrastructure Portfolio | 4834 | 33290 | (28456) |
|  ALPS Global Opportunity Portfolio | 4680 | 12915 | (8235) |
|  American Funds Insurance Series<sup>®</sup> U.S. Government Securities Fund<sup>®</sup> | 19686 | 24512 | (4826) |
|  Davis Financial Portfolio | 4494 | 3147 | 1347 |
|  Davis Real Estate Portfolio | 2037 | 5678 | (3641) |
|  Nomura VIP High Income Series+ | 20637 | 92823 | (72186) |
|  Gabelli Capital Asset Fund+ | 88 | 90275 | (90187) |
|  Guggenheim VT Multi-Hedge Strategies Fund | 116 | 3601 | (3485) |
|  Guardian All Cap Core VIP Fund+ | 279085 | 145393 | 133692 |
|  Guardian Balanced Allocation VIP Fund | 64638 | 96430 | (31792) |
|  Guardian Core Fixed Income VIP Fund | 1745480 | 5880131 | (4134651) |
|  Guardian Core Plus Fixed Income VIP Fund | 1028092 | 4866930 | (3838838) |
|  Guardian Diversified Research VIP Fund | 134768 | 1213167 | (1078399) |
|  Guardian Equity Income VIP Fund+ | 20821313 | 3236524 | 17584789 |
|  Guardian Global Utilities VIP Fund | 143088 | 1184835 | (1041747) |
|  Guardian Growth & Income VIP Fund | 218105 | 1231783 | (1013678) |
|  Guardian International Equity VIP Fund | 904873 | 6490060 | (5585187) |
|  Guardian International Growth VIP Fund | 167120 | 1642427 | (1475307) |
|  Guardian Integrated Research VIP Fund | 523862 | 4863134 | (4339272) |
|  Guardian Large Cap Fundamental Growth VIP Fund | 309459 | 2238150 | (1928691) |
|  Guardian Large Cap Disciplined Growth VIP Fund | 549686 | 3686079 | (3136393) |
|  Guardian Large Cap Disciplined Value VIP Fund | 124774 | 1443304 | (1318530) |
|  Guardian Mid Cap Relative Value VIP Fund | 396066 | 1519937 | (1123871) |
|  Guardian Mid Cap Traditional Growth VIP Fund | 137528 | 675815 | (538287) |

---

&nbsp;&nbsp;&nbsp;&nbsp;**B-84**

------

The Guardian Separate Account R

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Sub-Account** | **Units<br>Issued** | **Units<br>Redeemed** | **Net<br>Increase/<br>(Decrease)** |
|  Guardian Multi-Sector Bond VIP Fund | 1339563 | 4923769 | (3584206) |
|  Guardian Small Cap Value Diversified VIP Fund+ | 1488701 | 4331382 | (2842681) |
|  Guardian Short Duration Bond VIP Fund | 1067744 | 3348638 | (2280894) |
|  Guardian Strategic Large Cap Core VIP Fund | 176542 | 3761047 | (3584505) |
|  Guardian Select Mid Cap Core VIP Fund | 559894 | 2881989 | (2322095) |
|  Guardian Small-Mid Cap Core VIP Fund | 2400201 | 4641935 | (2241734) |
|  Guardian Total Return Bond VIP Fund | 1495083 | 5372819 | (3877736) |
|  Guardian U.S. Government/Credit VIP Fund+ | 1258619 | 4147252 | (2888633) |
|  Janus Henderson VIT Global Technology and Innovation Portfolio | 25750 | 284512 | (258762) |
|  Lazard Retirement Global Dynamic Multi-Asset Portfolio | 5346 | 194474 | (189128) |
|  MFS<sup>®</sup> Blended Research<sup>®</sup> Core Equity Portfolio | 22402 | 311340 | (288938) |
|  MFS<sup>®</sup> Technology Portfolio | 17630 | 106032 | (88402) |
|  Pioneer Bond VCT Portfolio+ | 37794 | 2850906 | (2813112) |
|  DWS Alternative Asset Allocation VIP | 1840 | 6090 | (4250) |
|  Victory 500 Index VIP Series+ | 8772 | 359147 | (350375) |
|  Victory High Yield VIP Series+ | 6179 | 261005 | (254826) |
|  Victory RS International VIP Series+ | 13452 | 684397 | (670945) |
|  Victory RS Large Cap Alpha VIP Series+ | 567 | 4344865 | (4344298) |
|  Victory RS Small Cap Growth Equity VIP Series+ | 14225 | 195007 | (180782) |
|  Victory Sophus Emerging Markets VIP Series+ | 507 | 157902 | (157395) |
|  Virtus Duff & Phelps Real Estate Securities Series | 3522 | 13862 | (10340) |
|  Victory Pioneer Bond VCT Portfolio+ | 2716871 | 616147 | 2100724 |

---

+ See Note 1 for additional information related to this Sub-Account.

The changes in units outstanding for the period ended December 31, 2024 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Sub-Account** | **Units<br>Issued** | **Units<br>Redeemed** | **Net<br>Increase/<br>(Decrease)** |
|  Invesco V.I. Global Real Estate Fund | 156 | 3027 | (2871) |
|  Invesco V.I. Balanced-Risk Allocation Fund | 2860 | 35047 | (32187) |
|  American Funds Insurance Series<sup>®</sup> Capital World Growth and Income Fund<sup>®</sup> | 10310 | 36459 | (26149) |
|  American Funds Insurance Series<sup>®</sup> Asset Allocation Fund | 10212 | 54997 | (44785) |
|  American Funds Insurance Series<sup>®</sup> The Bond Fund of America<sup>®</sup> | 22269 | 20718 | 1551 |
|  American Funds Insurance Series<sup>®</sup> Global Growth Fund | 1956 | 14966 | (13010) |
|  American Funds Insurance Series<sup>®</sup> Growth Fund | 16198 | 38608 | (22410) |
|  American Funds Insurance Series<sup>®</sup> Growth-Income Fund | 17100 | 49821 | (32721) |
|  Fidelity<sup>®</sup> VIP Investment Grade Bond Portfolio | 265312 | 527834 | (262522) |
|  Fidelity<sup>®</sup> VIP Government Money Market Portfolio | 786129 | 1048613 | (262484) |
|  Fidelity<sup>®</sup> VIP Overseas Portfolio | 21 | 646 | (625) |
|  Fidelity<sup>®</sup> VIP Balanced Portfolio | 388 | 10186 | (9798) |
|  Franklin Income VIP Fund | 406 | 24715 | (24309) |
|  Templeton Growth VIP Fund | 3965 | 20992 | (17027) |
|  Templeton Global Bond VIP Fund | 10379 | 55631 | (45252) |
|  BlackRock Global Allocation V.I. Fund | 9351 | 28404 | (19053) |
|  Morgan Stanley VIF Emerging Markets Equity Portfolio | 3223 | 38754 | (35531) |
|  Putnam VT Small Cap Value Fund | 6650 | 130229 | (123579) |
|  PIMCO VIT Real Return Portfolio | 2441 | 9440 | (6999) |
|  PIMCO VIT Low Duration Portfolio | 109500 | 41176 | 68324 |
| T. Rowe Price Health Sciences Portfolio | 2073 | 43249 | (41176) |
|  VanEck VIP Global Resources Fund | 2754 | 21877 | (19123) |
|  The Merger Fund <sup>®</sup> VL | 4103 | 18114 | (14011) |
|  PIMCO VIT Dynamic Bond Portfolio | 16561 | 25570 | (9009) |

---

**B-85**

------

The Guardian Separate Account R

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Sub-Account** | **Units<br>Issued** | **Units<br>Redeemed** | **Net<br>Increase/<br>(Decrease)** |
|  LVIP American Century Inflation Protection Fund | 16292 | 128929 | (112637) |
|  AB VPS Dynamic Asset Allocation Portfolio | 2233 | 27030 | (24797) |
|  AB VPS Sustainable Global Thematic Portfolio | 144 | 5741 | (5597) |
|  ALPS \| Alerian Energy Infrastructure Portfolio | 14131 | 43079 | (28948) |
|  ALPS Global Opportunity Portfolio | 1185 | 13676 | (12491) |
|  American Funds Insurance Series<sup>®</sup> U.S. Government Securities Fund<sup>®</sup> | 13481 | 40374 | (26893) |
|  Davis Financial Portfolio | 570 | 7684 | (7114) |
|  Davis Real Estate Portfolio | 1443 | 8080 | (6637) |
|  Macquarie VIP High Income Series | 5530 | 83905 | (78375) |
|  Gabelli Capital Asset Fund | 496 | 16354 | (15858) |
|  Guggenheim VT Multi-Hedge Strategies Fund | 572 | 5943 | (5371) |
|  Guardian All Cap Core VIP Fund | 2198 | 236087 | (233889) |
|  Guardian Balanced Allocation VIP Fund | 6891 | 110663 | (103772) |
|  Guardian Core Fixed Income VIP Fund | 3556473 | 7907024 | (4350551) |
|  Guardian Core Plus Fixed Income VIP Fund | 2426396 | 8394143 | (5967747) |
|  Guardian Diversified Research VIP Fund | 19218 | 2105094 | (2085876) |
|  Guardian Equity Income VIP Fund | 44904 | 511208 | (466304) |
|  Guardian Global Utilities VIP Fund | 4690 | 1446299 | (1441609) |
|  Guardian Growth & Income VIP Fund | 20860 | 2221362 | (2200502) |
|  Guardian International Equity VIP Fund | 720532 | 7349554 | (6629022) |
|  Guardian International Growth VIP Fund | 52450 | 2109793 | (2057343) |
|  Guardian Integrated Research VIP Fund | 35148 | 8246947 | (8211799) |
|  Guardian Large Cap Fundamental Growth VIP Fund | 16015 | 4542189 | (4526174) |
|  Guardian Large Cap Disciplined Growth VIP Fund | 143922 | 5683100 | (5539178) |
|  Guardian Large Cap Disciplined Value VIP Fund | 24039 | 3178756 | (3154717) |
|  Guardian Mid Cap Relative Value VIP Fund | 74435 | 3107998 | (3033563) |
|  Guardian Mid Cap Traditional Growth VIP Fund | 5963 | 1623590 | (1617627) |
|  Guardian Multi-Sector Bond VIP Fund | 2789752 | 6769062 | (3979310) |
|  Guardian Small Cap Core VIP Fund | 474646 | 6367044 | (5892398) |
|  Guardian Short Duration Bond VIP Fund | 2209034 | 4646358 | (2437324) |
|  Guardian Strategic Large Cap Core VIP Fund | 46778 | 6593970 | (6547192) |
|  Guardian Select Mid Cap Core VIP Fund | 38198 | 4247369 | (4209171) |
|  Guardian Small-Mid Cap Core VIP Fund | 177524 | 6829229 | (6651705) |
|  Guardian Total Return Bond VIP Fund | 3103722 | 6931517 | (3827795) |
|  Guardian U.S. Government Securities VIP Fund | 2672863 | 5625833 | (2952970) |
|  Janus Henderson VIT Global Technology and Innovation Portfolio | 4570 | 433305 | (428735) |
|  Lazard Retirement Global Dynamic Multi-Asset Portfolio | 1448 | 19004 | (17556) |
|  MFS<sup>®</sup> Blended Research<sup>®</sup> Core Equity Portfolio | 904 | 711285 | (710381) |
|  MFS<sup>®</sup> Technology Portfolio | 809 | 219381 | (218572) |
|  Pioneer Bond VCT Portfolio | 330632 | 1662643 | (1332011) |
|  DWS Alternative Asset Allocation VIP | 133 | 11897 | (11764) |
|  Victory 500 Index VIP Series | 3679 | 207806 | (204127) |
|  Victory High Yield VIP Series | 15359 | 83930 | (68571) |
|  Victory RS International VIP Series | 20728 | 199214 | (178486) |
|  Victory RS Large Cap Alpha VIP Series | 4641 | 1518258 | (1513617) |
|  Victory RS Small Cap Growth Equity VIP Series | 7330 | 59269 | (51939) |
|  Victory Sophus Emerging Markets VIP Series | 13123 | 65967 | (52844) |
|  Virtus Duff & Phelps Real Estate Securities Series | 1696 | 28599 | (26903) |

---

**6. Financial Highlights:** 

The following is a summary of units, unit fair values, net assets, expense ratios, investment income ratios, and total return ratios as of or for each of the periods presented for the aggregate of all share classes within each Sub- Account that had outstanding units during the period ended December 31, 2025. The ranges presented are calculated using the results of

&nbsp;&nbsp;&nbsp;&nbsp;**B-86**

------

The Guardian Separate Account R

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

only the contracts with the highest and lowest expense ratios that had assets during the period reported. A specific unit value or ratio may be outside of the range presented in this table due to the initial assigned unit values, combined with varying performance and/or length of time since inception of the presented expense ratios that had assets during the period reported. Investment income and total return ratios are calculated for the period the related share class within the Sub-Account is active, while the expense ratio is annualized. In the case of fund mergers, the expense, investment income, and total return ratios are calculated using only the results of the surviving fund and exclude the results of the fund merged into the surviving fund. For the fund merged into the surviving fund the results are through the date of the fund merger. Corporate actions are identified for only the current year, prior years' corporate actions are disclosed in the respective year's report.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Units #** | **Unit Fair Value<br>Lowest to Highest #** | **Net Assets** | **Expense<br>Ratio Lowest<br>to Highest\*** | **Investment<br>Income<br>Ratio Lowest<br>to Highest\*\*** | **Total Return Ratio<br>Lowest to Highest\*\*\*** |
|  Invesco V.I. Global Real Estate Fund |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 3459 | $23.009604 to $24.437131 | $81188 | 1.30% to 1.65% | 1.70% to 1.85% | 5.85% to 6.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 4831 | $21.738859 to $23.006159 | $107488 | 1.30% to 1.65% | 2.13% to 2.37% | -3.73% to -3.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 7615 | $15.957016 to $23.812077 | $174921 | 1.30% to 1.70% | 1.20% to 1.20% | 6.98 % to 7.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 8423 | $14.915785 to $22.169285 | $180910 | 1.30% to 1.70% | 1.20% to 1.20% | -26.41% to -26.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 11944 | $27.743010 to $30.005395 | $350931 | 1.30% to 1.90% | 2.78% to 2.78% | 23.07% to 23.81% |
|  Invesco V.I. Balanced-Risk Allocation Fund |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 173295 | $13.184776 to $13.245369 | $2495681 | 0.75% to 2.05% | 6.87% to 6.95% | 6.47 % to 7.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 197312 | $12.277901 to $12.383029 | $2643183 | 0.75% to 2.05% | 5.79% to 5.89% | 1.43 % to 2.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 229499 | $11.945676 to $12.208303 | $3013709 | 0.75% to 2.05% | — % to — % | 4.22 % to 5.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 307604 | $11.312083 to $11.714181 | $3859782 | 0.75% to 2.05% | 6.62% to 6.62% | -16.27% to -15.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 419947 | $13.333059 to $13.990324 | $6235080 | 0.75% to 2.05% | 2.84% to 2.84% | 7.02 % to 8.44% |
|  American Funds Insurance Series<sup>®</sup> Capital World Growth and Income Fund<sup>®</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 45017 | $21.431065 to $22.592261 | $984644 | 0.75% to 1.35% | 1.27 % to 1.28% | 22.78 % to 23.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 48102 | $17.454352 to $18.288946 | $854628 | 0.75% to 1.35% | 1.40% to 11.96% | 12.16 % to 12.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 74251 | $15.562166 to $16.207464 | $1170571 | 0.75% to 1.35% | 1.77 % to 1.77% | 19.02 % to 19.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 72268 | $13.074929 to $13.534816 | $957493 | 0.75% to 1.35% | 2.14 % to 2.14% | -18.68% to -18.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 69296 | $16.079108 to $16.543972 | $1127044 | 0.75% to 1.35% | 1.67 % to 1.67% | 12.92 % to 13.61% |
|  American Funds Insurance Series<sup>®</sup> Asset Allocation Fund |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 103224 | $19.132656 to $20.169385 | $2041027 | 0.75% to 1.35% | 1.84 % to 1.85% | 14.03 % to 14.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 138911 | $16.778666 to $17.580986 | $2397119 | 0.75% to 1.35% | 0.73 % to 1.93% | 14.54 % to 15.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 183696 | $14.648774 to $15.256239 | $2757575 | 0.75% to 1.35% | 1.93 % to 1.93% | 12.49 % to 13.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 217242 | $13.022842 to $13.480914 | $2880133 | 0.75% to 1.35% | 1.92 % to 1.92% | -14.83% to -14.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 159190 | $15.290122 to $15.732203 | $2482163 | 0.75% to 1.35% | 1.34 % to 1.34% | 13.29 % to 13.98% |
|  American Funds Insurance Series<sup>®</sup> The Bond Fund of America<sup>®</sup> |  |  |  |  |  |  |
| 2025 | 81849 | $10.518817 to $11.040044 | $880765 | 0.75% to 1.30% | 4.03 % to 4.03% | 5.59 % to 6.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 93343 | $9.961868 to $10.397574 | $948283 | 0.75% to 1.30% | 3.86 % to 4.55% | -0.34% to 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 91792 | $9.995782 to $10.375019 | $935174 | 0.75% to 1.30% | 3.72 % to 3.72% | 3.36 % to 3.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 79889 | $9.670631 to $9.981918 | $785016 | 0.75% to 1.30% | 2.58 % to 2.58% | -13.88% to -13.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 109370 | $11.229671 to $11.526889 | $1241686 | 0.75% to 1.30% | 1.25 % to 1.25% | -1.88% to -1.33% |
|  American Funds Insurance Series<sup>®</sup> Global Growth Fund |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 25265 | $24.701058 to $26.039388 | $644694 | 0.75% to 1.35% | 1.23 % to 1.24% | 19.70 % to 20.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 31598 | $20.635073 to $21.621687 | $668713 | 0.75% to 1.35% | 1.32 % to 9.00% | 11.85 % to 12.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 44608 | $18.511322 to $19.213444 | $841776 | 0.75% to 1.30% | 0.70 % to 0.70% | 20.70 % to 21.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 47487 | $15.291838 to $15.829642 | $739301 | 0.75% to 1.35% | 0.44 % to 0.44% | -25.93% to -25.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 44916 | $20.646099 to $21.242903 | $940434 | 0.75% to 1.35% | 0.22 % to 0.22% | 14.57 % to 15.26% |

---

**B-87**

------

The Guardian Separate Account R

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Units #** | **Unit Fair Value<br>Lowest to Highest #** | **Net Assets** | **Expense<br>Ratio Lowest<br>to Highest\*** | **Investment<br>Income<br>Ratio Lowest<br>to Highest\*\*** | **Total Return Ratio<br>Lowest to Highest\*\*\*** |
|  American Funds Insurance Series<sup>®</sup> Growth Fund |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 136481 | $35.918301 to $39.928063 | $5341342 | 0.75% to 1.95% | 0.13% to 0.13% | 17.59% to 19.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 127457 | $32.014909 to $33.545465 | $4205372 | 0.75% to 1.35% | 0.18% to 0.20% | 29.52% to 30.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 149867 | $24.718241 to $25.743047 | $3792510 | 0.75% to 1.35% | 0.18% to 0.18% | 36.27% to 37.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 137923 | $18.138678 to $18.776598 | $2552681 | 0.75% to 1.35% | 0.11% to 0.11% | -31.06% to -30.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 115949 | $25.874569 to $27.070786 | $3093031 | 0.75% to 1.70% | 0.06% to 0.06% | 19.62% to 20.77% |
|  American Funds Insurance Series<sup>®</sup> Growth-Income Fund |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 99240 | $27.001577 to $28.464423 | $2740040 | 0.75% to 1.35% | 0.73% to 0.75% | 16.18% to 16.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 111067 | $23.240863 to $24.351998 | $2633381 | 0.75% to 1.35% | 0.37% to 0.93% | 22.24% to 22.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 143788 | $19.076747 to $19.800342 | $2781759 | 0.75% to 1.30% | 1.18% to 1.18% | 24.19% to 24.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 153633 | $15.316625 to $15.855282 | $2388171 | 0.75% to 1.35% | 1.28% to 1.28% | -17.83% to -17.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 98447 | $18.684830 to $19.179224 | $1857557 | 0.75% to 1.30% | 1.02% to 1.02% | 22.19% to 22.87% |
|  Fidelity<sup>®</sup> VIP Investment Grade Bond Portfolio |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1606234 | $13.096627 to $14.564627 | $23431920 | 1.30% to 1.95% | 3.44% to 4.25% | 4.85% to 5.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1859980 | $12.490534 to $13.800236 | $25758500 | 1.30% to 1.95% | 3.26% to 3.46% | -0.48% to 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 2111095 | $12.550507 to $13.776033 | $29233117 | 1.30% to 1.95% | 2.40% to 2.40% | 3.94% to 4.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 2305064 | $10.125220 to $13.167341 | $30550056 | 1.30% to 2.05% | 2.04% to 2.04% | -14.99% to -14.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 2617570 | $11.910089 to $15.371773 | $40555002 | 1.30% to 2.05% | 1.79% to 1.79% | -2.92% to -2.18% |
|  Fidelity<sup>®</sup> VIP Government Money Market Portfolio |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 6206453 | $9.350272 to $11.212484 | $63587381 | 0.75% to 2.30% | 3.72% to 3.79% | 1.49% to 3.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1847508 | $9.212650 to $10.876238 | $18672812 | 0.75% to 2.30% | 4.74% to 4.76% | 2.43% to 4.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 2106875 | $8.993790 to $10.452872 | $20595877 | 0.75% to 2.30% | 4.53% to 4.53% | 2.24% to 3.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 2395924 | $8.797152 to $10.065882 | $22681137 | 0.75% to 2.30% | 1.28% to 1.28% | -1.07% to 0.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 2087631 | $8.891905 to $10.016565 | $19775766 | 0.75% to 2.30% | 0.01% to 0.01% | -2.29% to -0.75% |
|  Fidelity<sup>®</sup> VIP Overseas Portfolio |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 54861 | $23.320955 to $33.442257 | $1720538 | 1.30% to 2.30% | 1.24% to 1.40% | 17.31% to 18.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 12782 | $19.880067 to $28.222738 | $323732 | 1.30% to 2.30% | 1.31% to 1.39% | 2.40% to 3.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 13407 | $19.413813 to $27.284079 | $330159 | 1.30% to 2.30% | 0.79% to 0.79% | 17.47% to 18.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 12194 | $16.526532 to $22.993831 | $266671 | 1.30% to 2.30% | 0.67% to 0.67% | -26.41% to -25.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 12484 | $22.456513 to $30.931230 | $368735 | 1.30% to 2.30% | 0.33% to 0.33% | 16.66% to 17.84% |
|  Fidelity<sup>®</sup> VIP Balanced Portfolio |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 50196 | $35.618737 to $42.004222 | $2066916 | 1.45% to 2.20% | 1.59% to 1.78% | 12.44% to 13.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 47572 | $31.676928 to $37.076474 | $1727581 | 1.45% to 2.20% | 1.66% to 1.70% | 13.09% to 13.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 57370 | $28.009433 to $32.537964 | $1833962 | 1.45% to 2.20% | 1.53% to 1.53% | 18.58% to 19.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 65412 | $23.620004 to $27.233664 | $1754156 | 1.45% to 2.20% | 1.06% to 1.06% | -19.98% to -19.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 81984 | $29.516786 to $33.777847 | $2735661 | 1.45% to 2.20% | 0.73% to 0.73% | 15.41% to 16.28% |
|  Franklin Income VIP Fund |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 67322 | $20.407688 to $32.499210 | $2017882 | 1.30% to 2.30% | 5.06% to 5.07% | 9.98% to 11.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 76894 | $18.555351 to $29.253601 | $2056014 | 1.30% to 2.30% | 5.13% to 5.21% | 4.74% to 5.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 94621 | $17.714871 to $27.648145 | $2416158 | 1.30% to 2.30% | 5.07% to 5.07% | 6.14% to 7.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 116109 | $16.690434 to $25.788496 | $2789220 | 1.30% to 2.30% | 5.02% to 5.02% | -7.64% to -6.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 132043 | $18.070560 to $27.641278 | $3404102 | 1.30% to 2.30% | 4.58% to 4.58% | 14.08% to 15.24% |
|  Templeton Growth VIP Fund |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 70114 | $21.337696 to $33.147135 | $1743642 | 1.30% to 1.95% | 0.72% to 0.87% | 21.42% to 22.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 78337 | $17.572926 to $27.121293 | $1593607 | 1.30% to 1.95% | 0.93% to 0.98% | 3.35% to 4.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 93949 | $17.003197 to $26.070783 | $1841544 | 1.30% to 1.95% | 3.34% to 3.34% | 18.66% to 19.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 115084 | $14.329326 to $21.828083 | $1889812 | 1.30% to 1.95% | 0.16% to 0.16% | -13.22% to -12.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 118311 | $16.512727 to $24.990352 | $2220775 | 1.30% to 1.95% | 1.10% to 1.10% | 2.83% to 3.51% |
|  Templeton Global Bond VIP Fund |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 74092 | $8.569163 to $11.924239 | $751726 | 1.30% to 2.30% | — % to — % | 13.08% to 14.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 99459 | $7.577826 to $10.439213 | $873747 | 1.30% to 2.30% | — % to — % | -13.41% to -12.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 136603 | $8.750929 to $11.934181 | $1363783 | 1.30% to 2.30% | — % to — % | 0.53% to 1.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 216041 | $8.704753 to $11.752345 | $2095447 | 1.30% to 2.30% | — % to — % | -7.13% to -6.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 296508 | $9.372637 to $12.527323 | $3085978 | 1.30% to 2.30% | — % to — % | -7.17% to -6.23% |

---

&nbsp;&nbsp;&nbsp;&nbsp;**B-88**

------

The Guardian Separate Account R

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Units #** | **Unit Fair Value<br>Lowest to Highest #** | **Net Assets** | **Expense<br>Ratio Lowest<br>to Highest\*** | **Investment<br>Income<br>Ratio Lowest<br>to Highest\*\*** | **Total Return Ratio<br>Lowest to Highest\*\*\*** |
|  BlackRock Global Allocation V.I. Fund |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 57626 | $20.001456 to $27.626271 | $1308825 | 1.30% to 2.30% | 4.21% to 4.28% | 16.78% to 17.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 64243 | $17.127809 to $23.420456 | $1229603 | 1.30% to 2.30% | 1.40% to 1.44% | 6.43% to 7.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 83296 | $16.093363 to $21.785021 | $1468588 | 1.30% to 2.30% | 2.22% to 2.22% | 9.92% to 11.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 105126 | $14.641442 to $19.621232 | $1679209 | 1.30% to 2.30% | — % to — % | -18.00% to -17.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 127770 | $17.854391 to $23.687240 | $2469189 | 1.30% to 2.30% | 0.81% to 0.81% | 3.98% to 5.03% |
|  Morgan Stanley VIF Emerging Markets Equity Portfolio |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 113896 | $13.803115 to $15.660271 | $1737102 | 0.75% to 2.05% | 0.34% to 0.34% | 30.17% to 31.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 138447 | $10.603732 to $11.872911 | $1604860 | 0.75% to 2.05% | 1.30% to 1.31% | 5.50% to 6.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 173978 | $10.050506 to $11.105651 | $1896531 | 0.75% to 2.05% | 1.62% to 1.62% | 9.67% to 11.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 219091 | $9.164368 to $9.993874 | $2160602 | 0.75% to 2.05% | 0.37% to 0.37% | -26.67% to -25.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 254816 | $12.496974 to $13.449470 | $3401696 | 0.75% to 2.05% | 0.78% to 0.78% | 0.84% to 2.18% |
|  Putnam VT Small Cap Value Fund |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 210778 | $17.342589 to $21.501571 | $4623164 | 0.75% to 2.05% | 0.63% to 0.67% | 3.11% to 4.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 266672 | $16.598768 to $20.852544 | $5606595 | 0.75% to 2.05% | 1.00% to 1.01% | 4.01% to 5.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 390251 | $15.748633 to $20.047848 | $7695782 | 0.75% to 2.05% | 0.15% to 0.15% | 21.22% to 22.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 419680 | $12.822022 to $16.538811 | $6838574 | 0.75% to 2.05% | 0.17% to 0.17% | -14.77% to -13.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 474792 | $14.846122 to $19.403903 | $9020088 | 0.75% to 2.05% | 0.75% to 0.75% | 37.04% to 38.85% |
|  PIMCO VIT Real Return Portfolio |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 22720 | $10.747223 to $15.184532 | $311597 | 1.30% to 2.30% | 3.17% to 3.23% | 5.30% to 6.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 27290 | $10.206531 to $14.276231 | $357549 | 1.30% to 2.30% | 2.37% to 2.55% | -0.31% to 0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 34289 | $10.238147 to $14.176658 | $457892 | 1.30% to 2.30% | 2.86% to 2.86% | 1.20% to 2.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 41800 | $10.117014 to $13.868676 | $545860 | 1.30% to 2.30% | 6.91% to 6.91% | -14.01% to -13.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 49923 | $11.765786 to $15.967282 | $755968 | 1.30% to 2.30% | 4.75% to 4.75% | 3.09% to 4.13% |
|  PIMCO VIT Low Duration Portfolio |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 127986 | $9.455017 to $12.084252 | $1458845 | 1.30% to 2.05% | 3.84% to 3.93% | 3.28% to 4.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 135436 | $9.155163 to $11.612892 | $1490295 | 1.30% to 2.05% | 3.89% to 3.92% | 2.26% to 3.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 67112 | $8.952931 to $11.270619 | $721637 | 1.30% to 2.05% | 3.48% to 3.48% | 2.73% to 3.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 83600 | $8.715072 to $10.888544 | $873151 | 1.30% to 2.05% | 1.54% to 1.54% | -7.76% to -7.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 102091 | $9.448507 to $11.715971 | $1153218 | 1.30% to 2.05% | 0.42% to 0.42% | -3.05% to -2.31% |
| T. Rowe Price Health Sciences Portfolio |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 169595 | $21.826353 to $32.676931 | $5957876 | 0.75% to 2.00% | — % to — % | 15.45% to 16.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 231404 | $18.667653 to $28.304294 | $6786977 | 0.75% to 2.00% | — % to — % | -0.62% to 0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 272580 | $18.546098 to $28.479672 | $7971509 | 0.75% to 2.00% | — % to — % | 0.63% to 1.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 307428 | $18.197673 to $28.301034 | $8903613 | 0.75% to 2.00% | — % to — % | -14.43% to -13.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 332862 | $20.999344 to $32.931711 | $11258953 | 0.75% to 2.05% | — % to — % | 10.52% to 11.98% |
|  VanEck VIP Global Resources Fund |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 50942 | $10.386788 to $15.291094 | $580050 | 0.75% to 2.00% | 2.44% to 2.92% | 33.45% to 35.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 72710 | $7.783445 to $11.314355 | $628101 | 0.75% to 2.00% | 2.34% to 2.35% | -5.03% to -3.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 91833 | $8.195891 to $11.763376 | $825272 | 0.75% to 2.00% | 2.61% to 2.61% | -5.76% to -4.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 106100 | $8.696919 to $12.325252 | $1001924 | 0.75% to 2.00% | 1.46% to 1.46% | 5.96% to 7.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 128953 | $8.207738 to $11.485498 | $1138231 | 0.75% to 2.00% | 0.29% to 0.29% | 16.30% to 17.79% |
|  The Merger Fund <sup>®</sup> VL |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 88547 | $12.249063 to $13.837343 | $1195254 | 0.75% to 2.05% | 3.26% to 4.47% | 6.41% to 7.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 108890 | $11.511665 to $12.834037 | $1373170 | 0.75% to 2.05% | 0.95% to 1.62% | 1.31% to 2.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 122901 | $11.362659 to $12.501547 | $1517244 | 0.75% to 2.05% | 1.65% to 1.65% | 2.20% to 3.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 161493 | $11.117544 to $12.071689 | $1934465 | 0.75% to 2.05% | 1.51% to 1.51% | -1.19% to 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 174613 | $11.251285 to $12.056891 | $2099430 | 0.75% to 2.05% | — % to — % | -0.99% to 0.32% |
|  PIMCO VIT Dynamic Bond Portfolio |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 72945 | $10.889571 to $12.301000 | $862140 | 0.75% to 2.00% | 5.47% to 5.47% | 5.86% to 7.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 109825 | $10.286674 to $11.473655 | $1211112 | 0.75% to 2.00% | 4.68% to 4.68% | 3.40% to 4.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 118834 | $9.948410 to $10.956245 | $1263509 | 0.75% to 2.00% | 3.58% to 3.58% | 4.86% to 6.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 151247 | $9.487263 to $10.316811 | $1524021 | 0.75% to 2.00% | 2.62% to 2.62% | -8.33% to -7.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 162418 | $10.349143 to $11.112279 | $1775389 | 0.75% to 2.00% | 1.98% to 1.98% | -0.84% to 0.42% |

---

**B-89**

------

The Guardian Separate Account R

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Units #** | **Unit Fair Value<br>Lowest to Highest #** | **Net Assets** | **Expense<br>Ratio Lowest<br>to Highest\*** | **Investment<br>Income<br>Ratio Lowest<br>to Highest\*\*** | **Total Return Ratio<br>Lowest to Highest\*\*\*** |
|  LVIP American Century Inflation Protection Fund |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 578947 | $9.897549 to $11.446857 | $6361751 | 0.75% to 2.05% | 5.51% to 7.41% | 4.15% to 5.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 673282 | $9.503019 to $10.846635 | $7030862 | 0.75% to 2.05% | 3.54% to 3.67% | -0.55% to 0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 785919 | $9.555172 to $10.762917 | $8183327 | 0.75% to 2.05% | 3.29% to 3.29% | 1.28% to 2.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 888372 | $9.434434 to $10.487743 | $9053658 | 0.75% to 2.05% | 4.98% to 4.98% | -14.86% to -13.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 995521 | $11.081073 to $12.156813 | $11809418 | 0.75% to 2.05% | 3.15% to 3.15% | 4.09% to 5.47% |
|  AB VPS Dynamic Asset Allocation Portfolio |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 69220 | $14.394291 to $16.343222 | $1109194 | 1.00% to 2.00% | 1.58% to 1.60% | 10.95% to 12.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 82424 | $12.973694 to $14.581583 | $1183895 | 1.00% to 2.00% | 1.02% to 1.07% | 8.21% to 9.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 95333 | $11.989143 to $13.338562 | $1243570 | 1.00% to 2.00% | 0.57% to 0.57% | 11.21% to 12.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 121297 | $10.780807 to $11.873111 | $1412676 | 1.00% to 2.00% | 2.19% to 2.19% | -20.30% to -19.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 182615 | $13.527401 to $14.747400 | $2647978 | 1.00% to 2.00% | 1.57% to 1.57% | 7.09% to 8.18% |
|  AB VPS Sustainable Global Thematic Portfolio |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 22714 | $23.396223 to $26.115260 | $591508 | 1.45% to 1.95% | — % to — % | 3.97% to 4.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 21811 | $22.503500 to $24.993392 | $543648 | 1.45% to 1.95% | — % to — % | 3.90% to 4.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 27301 | $21.659600 to $23.935650 | $647142 | 1.45% to 1.95% | 0.03% to 0.03% | 13.46% to 14.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 32396 | $19.090727 to $20.991503 | $674832 | 1.45% to 1.95% | — % to — % | -28.58% to -28.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 35350 | $26.731463 to $29.246066 | $1027038 | 1.45% to 1.95% | — % to — % | 20.19% to 20.79% |
|  ALPS \| Alerian Energy Infrastructure Portfolio |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 88509 | $16.580807 to $18.198532 | $1614758 | 0.75% to 2.05% | 3.43% to 4.53% | 2.51% to 3.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 116965 | $16.174157 to $17.519720 | $2060627 | 0.75% to 2.05% | 2.64% to 3.88% | 37.71% to 39.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 145913 | $11.745053 to $12.555233 | $1853478 | 0.75% to 2.05% | 2.80% to 2.80% | 11.57% to 13.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 184135 | $10.526952 to $11.105758 | $2083240 | 0.75% to 2.05% | 4.19% to 4.19% | 14.92% to 16.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 200318 | $9.160361 to $9.537500 | $1965355 | 0.75% to 2.05% | 1.99% to 1.99% | 34.95% to 36.74% |
|  ALPS Global Opportunity Portfolio |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 53108 | $18.904312 to $21.118167 | $1090928 | 1.00% to 2.00% | 5.93% to 6.29% | -0.67% to 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 61343 | $19.031656 to $21.045641 | $1259909 | 1.00% to 2.00% | 7.62% to 7.92% | 15.64% to 16.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 73834 | $16.457152 to $18.014420 | $1301683 | 1.00% to 2.00% | — % to — % | 26.22% to 27.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 93780 | $13.038134 to $14.127812 | $1296515 | 1.00% to 2.00% | 11.84% to 11.84% | -30.33% to -29.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 104815 | $18.714484 to $20.073528 | $2063564 | 1.00% to 2.00% | 4.07% to 4.07% | 21.46% to 22.69% |
|  American Funds Insurance Series<sup>®</sup> U.S. Government Securities Fund<sup>®</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 126266 | $10.006722 to $10.549046 | $1296530 | 0.75% to 1.35% | 4.14% to 4.16% | 6.09% to 6.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 131092 | $9.432594 to $9.883692 | $1263986 | 0.75% to 1.35% | 3.10% to 3.72% | -0.92% to -0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 157985 | $9.519817 to $9.914626 | $1535036 | 0.75% to 1.35% | 3.37% to 3.37% | 1.24% to 1.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 166667 | $9.403571 to $9.734359 | $1591976 | 0.75% to 1.35% | 3.89% to 3.89% | -12.39% to -11.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 145582 | $10.734004 to $11.044396 | $1581778 | 0.75% to 1.35% | 0.92% to 0.92% | -2.21% to -1.62% |
|  Davis Financial Portfolio |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 31611 | $48.539162 to $80.355782 | $1626024 | 1.30% to 2.05% | 1.60% to 1.67% | 26.49% to 27.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 30264 | $38.374925 to $63.050875 | $1245534 | 1.30% to 2.05% | 1.66% to 1.77% | 26.85% to 27.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 37292 | $30.253292 to $49.331734 | $1246081 | 1.30% to 2.05% | 1.88% to 1.88% | 12.94% to 13.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 50643 | $26.787630 to $43.351649 | $1521533 | 1.30% to 2.05% | 1.71% to 1.71% | -10.40% to -9.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 54565 | $29.896407 to $48.018172 | $1773022 | 1.30% to 2.05% | 1.47% to 1.47% | 27.87% to 28.84% |
|  Davis Real Estate Portfolio |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 57356 | $18.655503 to $20.696462 | $1169462 | 1.45% to 1.95% | 2.54% to 2.57% | -7.54% to -7.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 60997 | $20.177602 to $22.273305 | $1340177 | 1.45% to 1.95% | 1.99% to 2.00% | 2.87% to 3.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 67307 | $19.613943 to $21.542697 | $1432743 | 1.45% to 1.95% | 2.49% to 2.49% | 8.51% to 9.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 75005 | $18.076472 to $19.754927 | $1461377 | 1.45% to 1.95% | 1.62% to 1.62% | -28.23% to -27.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 86390 | $25.185055 to $27.385988 | $2338617 | 1.45% to 1.95% | 1.18% to 1.18% | 39.23% to 39.93% |

---

&nbsp;&nbsp;&nbsp;&nbsp;**B-90**

------

The Guardian Separate Account R

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Units #** | **Unit Fair Value<br>Lowest to Highest #** | **Net Assets** | **Expense<br>Ratio Lowest<br>to Highest\*** | **Investment<br>Income<br>Ratio Lowest<br>to Highest\*\*** | **Total Return Ratio<br>Lowest to Highest\*\*\*** |
|  Nomura VIP High Income Series+ |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 253925 | $13.413594 to $13.469576 | $3724229 | 0.75% to 2.05% | 4.62% to 6.64% | 4.97% to 6.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 326111 | $12.663951 to $12.778654 | $4511477 | 0.75% to 2.05% | 6.49% to 6.53% | 4.01% to 5.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 404486 | $12.015536 to $12.285685 | $5341462 | 0.75% to 2.05% | 6.40% to 6.40% | 9.46% to 10.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 487224 | $10.833268 to $11.223812 | $5836917 | 0.75% to 2.05% | 6.65% to 6.65% | -12.79% to -11.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 537282 | $12.259496 to $12.870100 | $7323998 | 0.75% to 2.05% | 5.86% to 5.86% | 3.89% to 5.27% |
|  Gabelli Capital Asset Fund+ |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025¨ |  | $29.671746 to $33.014830 | $— | 1.45% to 1.95% | 0.10% to 0.10% | -4.40% to -4.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 90187 | $31.036700 to $34.470559 | $3048020 | 1.45% to 1.95% | 0.65% to 0.69% | 9.14% to 9.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 106045 | $28.438784 to $31.427064 | $3278122 | 1.45% to 1.95% | 0.48% to 0.48% | 9.68% to 10.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 118235 | $25.928087 to $28.509493 | $3315163 | 1.45% to 1.95% | 0.43% to 0.43% | -14.61% to -14.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 124579 | $30.366054 to $33.222480 | $4072867 | 1.45% to 1.95% | 0.45% to 0.45% | 18.14% to 18.73% |
|  Guggenheim VT Multi-Hedge Strategies Fund |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 21075 | $9.662941 to $11.041901 | $223598 | 1.00% to 2.05% | 2.19% to 2.36% | -0.83% to 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 24560 | $9.743862 to $11.016275 | $261301 | 1.00% to 2.05% | 4.72% to 4.80% | -5.64% to -4.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 29931 | $10.326302 to $11.550574 | $336163 | 1.00% to 2.05% | 2.89% to 2.89% | 2.23% to 3.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 39949 | $10.101101 to $11.178861 | $434929 | 1.00% to 2.05% | 1.16% to 1.16% | -5.38% to -4.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 47833 | $10.675344 to $11.689069 | $547040 | 1.00% to 2.05% | — % to — % | 5.89% to 7.02% |
|  Guardian All Cap Core VIP Fund+ |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 811523 | $12.775091 to $13.184951 | $10678658 | 1.45% to 2.20% | — % to — % | 9.80% to 10.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 677831 | $11.635286 to $11.918785 | $8072614 | 1.45% to 2.20% | — % to — % | 17.46% to 18.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 907239 | $9.905480 to $10.070728 | $9132586 | 1.45% to 2.20% | — % to — % | 20.24% to 21.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 1111369 | $8.237824 to $8.312615 | $9235349 | 1.45% to 2.20% | — % to — % | -19.35% to -18.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021¨ | 1178686 | $10.214111 to $10.229671 | $12057065 | 1.45% to 2.20% | — % to — % | 2.14% to 2.30% |
|  Guardian Balanced Allocation VIP Fund |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 487006 | $13.279826 to $13.808794 | $6602597 | 1.00% to 2.05% | — % to — % | 10.62% to 11.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 518798 | $12.005174 to $12.351885 | $6319662 | 1.00% to 2.05% | — % to — % | 11.48% to 12.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 614645 | $10.768861 to $10.962801 | $6681146 | 1.00% to 2.05% | — % to — % | 15.46% to 16.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022¨ | 760132 | $9.327138 to $9.395088 | $7116891 | 1.00% to 2.05% | — % to — % | -6.73% to -6.05% |
|  Guardian Core Fixed Income VIP Fund |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 21124859 | $10.110907 to $10.453284 | $219636254 | 1.30% to 2.20% | — % to — % | 4.28% to 5.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 25259510 | $9.696218 to $9.934445 | $249954513 | 1.30% to 2.20% | — % to — % | -0.75% to 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 29572911 | $9.769105 to $9.918902 | $292631713 | 1.30% to 2.20% | — % to — % | 3.21% to 4.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022¨ | 32796533 | $9.465498 to $9.524245 | $312062225 | 1.30% to 2.20% | — % to — % | -5.35% to -4.76% |
|  Guardian Core Plus Fixed Income VIP Fund |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 13862122 | $9.401760 to $10.899939 | $139852974 | 0.75% to 2.15% | — % to — % | 4.78% to 6.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 17700960 | $8.973235 to $10.257131 | $169196318 | 0.75% to 2.15% | — % to — % | 0.18% to 1.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 23662764 | $8.956997 to $10.094509 | $224140245 | 0.75% to 2.15% | — % to — % | 3.47% to 4.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 27778306 | $8.656236 to $9.618645 | $252464155 | 0.75% to 2.15% | — % to — % | -16.09% to -14.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 32054207 | $10.315753 to $11.301695 | $344710899 | 0.75% to 2.15% | — % to — % | -2.14% to -0.75% |
|  Guardian Diversified Research VIP Fund |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 3108660 | $25.043925 to $31.411026 | $88973338 | 0.75% to 2.05% | — % to — % | 15.65% to 17.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 4187059 | $21.654850 to $26.806660 | $103739922 | 0.75% to 2.05% | — % to — % | 23.31% to 24.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 6266611 | $17.561377 to $21.455406 | $126753790 | 0.75% to 2.05% | — % to — % | 26.33% to 27.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 8151734 | $13.901476 to $16.762773 | $130257430 | 0.75% to 2.05% | — % to — % | -19.41% to -18.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 8958667 | $17.250452 to $20.529793 | $176644741 | 0.75% to 2.05% | — % to — % | 21.51% to 23.11% |

---

**B-91**

------

The Guardian Separate Account R

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Units #** | **Unit Fair Value<br>Lowest to Highest #** | **Net Assets** | **Expense<br>Ratio Lowest<br>to Highest\*** | **Investment<br>Income<br>Ratio Lowest<br>to Highest\*\*** | **Total Return Ratio<br>Lowest to Highest\*\*\*** |
|  Guardian Equity Income VIP Fund+ |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 19164270 | $10.790110 to $12.830077 | $212772561 | 1.30% to 2.20% | — % to — % | 7.90% to 12.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1579481 | $11.507251 to $11.663122 | $18417187 | 1.45% to 1.95% | — % to — % | 7.93% to 8.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 2030661 | $10.661819 to $10.752141 | $21829284 | 1.45% to 1.95% | — % to — % | 5.32% to 5.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022¨ | 2170546 | $10.123103 to $10.157871 | $22046006 | 1.45% to 1.95% | — % to — % | 1.23% to 1.58% |
|  Guardian Global Utilities VIP Fund |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 2484623 | $16.273469 to $17.165096 | $42258526 | 1.30% to 2.15% | — % to — % | 24.21% to 25.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 3526370 | $13.101870 to $13.701741 | $47945646 | 1.30% to 2.15% | — % to — % | 15.21% to 16.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 4966791 | $11.372377 to $11.791249 | $58218576 | 1.30% to 2.15% | — % to — % | -1.11% to -0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 5462964 | $11.500171 to $11.821896 | $64294177 | 1.30% to 2.15% | — % to — % | -3.09% to -2.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 7306663 | $11.866410 to $12.094186 | $88100174 | 1.30% to 2.15% | — % to — % | 13.86% to 14.84% |
|  Guardian Growth & Income VIP Fund |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 4930078 | $16.814521 to $21.098826 | $94806042 | 0.75% to 2.05% | — % to — % | 7.88% to 9.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 5943756 | $15.585668 to $19.302190 | $105920037 | 0.75% to 2.05% | — % to — % | 8.73% to 10.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 8130620 | $17.291807 to $17.520866 | $133799273 | 0.75% to 2.15% | — % to — % | 9.17% to 10.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 9354850 | $15.824325 to $15.839714 | $140486648 | 0.75% to 2.15% | — % to — % | -7.25% to -5.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 11833781 | $16.821413 to $17.077524 | $190500442 | 0.75% to 2.15% | — % to — % | 25.48% to 27.27% |
|  Guardian International Equity VIP Fund |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 14595515 | $14.245901 to $16.076827 | $203824995 | 0.75% to 2.15% | — % to — % | 24.39% to 26.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 20180702 | $11.452437 to $12.743090 | $225527554 | 0.75% to 2.15% | — % to — % | 2.02% to 3.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 26807145 | $11.226193 to $12.315572 | $293424196 | 0.75% to 2.15% | — % to — % | 13.06% to 14.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 33663092 | $9.928980 to $10.739670 | $324940821 | 0.75% to 2.15% | — % to — % | -19.64% to -18.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 34486763 | $12.355809 to $13.176955 | $411739831 | 0.75% to 2.15% | — % to — % | 3.14% to 4.60% |
|  Guardian International Growth VIP Fund |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 4395681 | $16.247250 to $17.475281 | $68416123 | 0.75% to 2.15% | — % to — % | 15.44% to 17.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 5870988 | $14.073611 to $14.925004 | $78999327 | 0.75% to 2.15% | — % to — % | 3.05% to 4.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 7926772 | $13.657532 to $14.279934 | $103755123 | 0.75% to 2.15% | — % to — % | 13.69% to 15.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 9963885 | $12.012542 to $12.383760 | $114557501 | 0.75% to 2.15% | — % to — % | -29.81% to -28.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 9139081 | $17.113182 to $17.394156 | $148742670 | 0.75% to 2.15% | — % to — % | 8.41% to 9.95% |
|  Guardian Integrated Research VIP Fund |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 13417032 | $25.257906 to $26.814294 | $234221851 | 0.75% to 2.15% | — % to — % | 12.19% to 13.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 17756304 | $22.513333 to $23.565397 | $276374259 | 0.75% to 2.15% | — % to — % | 23.15% to 24.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 25961714 | $18.281428 to $18.866561 | $333277209 | 0.75% to 2.15% | — % to — % | 21.64% to 23.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 32263491 | $15.028929 to $15.292402 | $344912339 | 0.75% to 2.15% | — % to — % | -22.83% to -21.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 26958594 | $19.474051 to $19.537121 | $319641228 | 0.75% to 2.15% | — % to — % | 25.39% to 27.18% |
|  Guardian Large Cap Fundamental Growth VIP Fund |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 5719896 | $24.573224 to $32.927292 | $161583673 | 0.75% to 2.30% | — % to — % | 12.68% to 14.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 7648587 | $21.808318 to $28.769804 | $191177700 | 0.75% to 2.30% | — % to — % | 27.10% to 29.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 12170314 | $17.159003 to $22.284772 | $240577477 | 0.75% to 2.30% | — % to — % | 41.25% to 43.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 17753059 | $12.147713 to $15.532193 | $248479932 | 0.75% to 2.30% | — % to — % | -34.29% to -33.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 16114152 | $18.486733 to $23.270510 | $340538844 | 0.75% to 2.30% | — % to — % | 18.82% to 20.69% |
|  Guardian Large Cap Disciplined Growth VIP Fund |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 8412877 | $26.742079 to $36.398231 | $254123402 | 0.75% to 2.30% | — % to — % | 14.31% to 16.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 11549270 | $23.393919 to $31.347979 | $304084568 | 0.75% to 2.30% | — % to — % | 25.85% to 27.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 17041110 | $18.589001 to $24.522435 | $357399313 | 0.75% to 2.30% | — % to — % | 38.64% to 40.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 23377599 | $13.408192 to $17.414057 | $353420975 | 0.75% to 2.30% | — % to — % | -33.08% to -32.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 22427023 | $20.035669 to $25.617762 | $502291685 | 0.75% to 2.30% | — % to — % | 17.64% to 19.49% |

---

&nbsp;&nbsp;&nbsp;&nbsp;**B-92**

------

The Guardian Separate Account R

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Units #** | **Unit Fair Value<br>Lowest to Highest #** | **Net Assets** | **Expense<br>Ratio Lowest<br>to Highest\*** | **Investment<br>Income<br>Ratio Lowest<br>to Highest\*\*** | **Total Return Ratio<br>Lowest to Highest\*\*\*** |
|  Guardian Large Cap Disciplined Value VIP Fund |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 3194319 | $17.990011 to $22.924526 | $75216965 | 0.75% to 2.30% | — % to — % | 14.47% to 16.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 4512849 | $15.715845 to $19.716433 | $91942600 | 0.75% to 2.30% | — % to — % | 12.87% to 14.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 7666377 | $13.923951 to $17.196990 | $137046291 | 0.75% to 2.30% | — % to — % | 10.88% to 12.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 9563281 | $12.557572 to $15.269119 | $153136416 | 0.75% to 2.30% | — % to — % | -7.08% to -5.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 12771536 | $13.513954 to $16.177270 | $218984811 | 0.75% to 2.30% | — % to — % | 26.89% to 28.89% |
|  Guardian Mid Cap Relative Value VIP Fund |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 4941684 | $18.452783 to $19.199121 | $93753978 | 0.75% to 2.15% | — % to — % | 3.35% to 4.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 6065555 | $17.855113 to $18.316586 | $110929685 | 0.75% to 2.15% | — % to — % | 9.24% to 10.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 9096003 | $16.344798 to $16.531301 | $152129588 | 0.75% to 2.15% | — % to — % | 6.77% to 8.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 11030478 | $15.265286 to $15.307877 | $172047134 | 0.75% to 2.15% | — % to — % | -6.86% to -5.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 14143774 | $16.160208 to $16.436041 | $235502463 | 0.75% to 2.15% | — % to — % | 26.08% to 27.88% |
|  Guardian Mid Cap Traditional Growth VIP Fund |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1689003 | $22.790711 to $24.307753 | $41050348 | 0.75% to 2.15% | — % to — % | 5.82% to 7.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 2227290 | $21.536614 to $22.647913 | $50802247 | 0.75% to 2.15% | — % to — % | 11.81% to 13.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 3844295 | $19.262515 to $19.971461 | $77923371 | 0.75% to 2.15% | — % to — % | 14.49% to 16.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 5026064 | $16.824832 to $17.199330 | $88370358 | 0.75% to 2.15% | — % to — % | -19.01% to -17.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 5707024 | $20.774750 to $20.938911 | $123040553 | 0.75% to 2.15% | — % to — % | 14.62% to 16.25% |
|  Guardian Multi-Sector Bond VIP Fund |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 17051861 | $9.080454 to $9.577998 | $161890979 | 1.30% to 2.15% | — % to — % | 6.13% to 7.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 20636067 | $8.555839 to $8.947579 | $183283689 | 1.30% to 2.15% | — % to — % | -0.70% to 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 24608967 | $8.615923 to $8.933250 | $218582586 | 1.30% to 2.15% | — % to — % | 2.64% to 3.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 27047389 | $8.394191 to $8.629027 | $232387102 | 1.30% to 2.15% | — % to — % | -18.00% to -17.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 30311290 | $10.236546 to $10.433004 | $315300913 | 1.30% to 2.15% | — % to — % | -2.14% to -1.30% |
|  Guardian Small Cap Value Diversified VIP Fund+ |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 12545950 | $11.249921 to $12.339510 | $162579990 | 0.75% to 2.30% | — % to — % | 4.22% to 5.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 15388631 | $10.626963 to $11.839639 | $189687157 | 0.75% to 2.30% | — % to — % | 5.10% to 6.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 21276550 | $9.954103 to $11.265042 | $247579862 | 0.75% to 2.30% | — % to — % | 14.27% to 16.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 24307021 | $8.575770 to $9.857927 | $245204426 | 0.75% to 2.30% | — % to — % | -22.68% to -14.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 21857929 | $12.748961 to $13.036471 | $284110561 | 1.30% to 2.30% | — % to — % | 15.03% to 16.19% |
|  Guardian Short Duration Bond VIP Fund |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 11523657 | $10.358629 to $10.691506 | $122560164 | 1.30% to 2.15% | — % to — % | 3.09% to 3.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 13804551 | $10.047669 to $10.281993 | $141395551 | 1.30% to 2.15% | — % to — % | 2.47% to 3.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 16234769 | $9.805489 to $9.948236 | $161133242 | 1.30% to 2.15% | — % to — % | 1.86% to 2.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022¨ | 18318477 | $9.626097 to $9.682822 | $177209848 | 1.30% to 2.15% | — % to — % | -3.74% to -3.17% |
|  Guardian Strategic Large Cap Core VIP Fund |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 12430940 | $13.621180 to $14.455177 | $174603865 | 0.75% to 2.15% | — % to — % | 9.37% to 10.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 16015445 | $12.454580 to $13.031762 | $204184989 | 0.75% to 2.15% | — % to — % | 17.16% to 18.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 22556341 | $10.630475 to $10.966640 | $243699885 | 0.75% to 2.15% | — % to — % | 17.58% to 19.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 28819153 | $9.041270 to $9.196329 | $262880174 | 0.75% to 2.15% | — % to — % | -12.01% to -10.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021¨ | 35417790 | $10.274792 to $10.304270 | $364453823 | 0.75% to 2.15% | — % to — % | 2.75% to 3.04% |
|  Guardian Select Mid Cap Core VIP Fund |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 10726869 | $11.322453 to $12.831257 | $126819889 | 0.75% to 2.30% | — % to — % | 7.82% to 9.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 13048964 | $10.501160 to $11.716154 | $141868269 | 0.75% to 2.30% | — % to — % | 9.85% to 11.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 17232054 | $9.559850 to $10.500209 | $169009595 | 0.75% to 2.30% | — % to — % | 13.64% to 15.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 19245076 | $8.412388 to $9.096711 | $164811705 | 0.75% to 2.30% | — % to — % | -16.15% to -9.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021¨ | 19741416 | $10.032808 to $10.053300 | $198411490 | 1.30% to 2.30% | — % to — % | 0.33% to 0.53% |
|  Guardian Small-Mid Cap Core VIP Fund |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 19918608 | $9.462418 to $9.871538 | $195473184 | 1.30% to 2.30% | — % to — % | -0.77% to 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 22160342 | $9.535455 to $9.848123 | $217264713 | 1.30% to 2.30% | — % to — % | 3.88% to 4.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 28797411 | $9.179701 to $9.385515 | $269498513 | 1.30% to 2.30% | — % to — % | 13.31% to 14.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 32381248 | $8.101147 to $8.199866 | $265107968 | 1.30% to 2.30% | — % to — % | -19.33% to -18.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021¨ | 34849059 | $10.042755 to $10.063274 | $350603967 | 1.30% to 2.30% | — % to — % | 0.43% to 0.63% |

---

**B-93**

------

The Guardian Separate Account R

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Units #** | **Unit Fair Value<br>Lowest to Highest #** | **Net Assets** | **Expense<br>Ratio Lowest<br>to Highest\*** | **Investment<br>Income<br>Ratio Lowest<br>to Highest\*\*** | **Total Return Ratio<br>Lowest to Highest\*\*\*** |
|  Guardian Total Return Bond VIP Fund |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 20726389 | $8.892949 to $9.467362 | $194689647 | 1.30% to 2.30% | — % to — % | 4.42% to 5.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 24604125 | $8.516292 to $8.975592 | $219403533 | 1.30% to 2.30% | — % to — % | -0.53% to 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 28426161 | $8.562086 to $8.933254 | $252668434 | 1.30% to 2.30% | — % to — % | 2.72% to 3.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 30840245 | $8.335589 to $8.609862 | $264536553 | 1.30% to 2.30% | — % to — % | -17.30% to -16.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 34438834 | $10.079375 to $10.306717 | $354026807 | 1.30% to 2.30% | — % to — % | -3.11% to -2.13% |
|  Guardian U.S. Government/Credit VIP Fund+ |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 13948755 | $9.298924 to $9.808462 | $135614078 | 1.30% to 2.15% | — % to — % | 4.43% to 5.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 16837388 | $8.904151 to $9.311846 | $155628832 | 1.30% to 2.15% | — % to — % | -0.45% to 0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 19786107 | $8.944520 to $9.273948 | $182438477 | 1.30% to 2.15% | — % to — % | 1.80% to 2.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 22137984 | $8.785947 to $9.031754 | $199077645 | 1.30% to 2.15% | — % to — % | -10.24% to -9.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 27243561 | $9.788545 to $9.976448 | $270983494 | 1.30% to 2.15% | — % to — % | -4.56% to -3.74% |
|  Janus Henderson VIT Global Technology and Innovation Portfolio |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 727736 | $48.707352 to $55.742541 | $44426529 | 0.75% to 2.05% | — % to — % | 22.29% to 23.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 986498 | $39.309919 to $45.581144 | $48796398 | 0.75% to 2.05% | — % to — % | 29.06% to 30.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 1415192 | $30.061387 to $35.318481 | $53689985 | 0.75% to 2.05% | — % to — % | 51.13% to 53.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 2015314 | $19.632700 to $23.370259 | $50089973 | 0.75% to 2.05% | — % to — % | -38.41% to -37.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 1661441 | $31.460391 to $37.944855 | $67043006 | 0.75% to 2.05% | 0.71% to 0.71% | 15.34% to 16.86% |
|  Lazard Retirement Global Dynamic Multi-Asset Portfolio |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 49836 | $15.228635 to $15.901436 | $867495 | 0.75% to 2.00% | 1.27% to 2.56% | 13.41% to 14.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 238964 | $13.258732 to $14.021026 | $3633047 | 0.75% to 2.00% | — % to — % | 6.42% to 7.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 256520 | $12.301533 to $13.175170 | $3638046 | 0.75% to 2.00% | — % to — % | 8.60% to 9.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 296901 | $11.185049 to $12.132143 | $3851165 | 0.75% to 2.00% | 0.09% to 0.09% | -19.03% to -18.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 317650 | $13.639491 to $14.918324 | $5045691 | 0.75% to 2.05% | 2.83% to 2.83% | 9.64% to 11.10% |
|  MFS<sup>®</sup> Blended Research<sup>®</sup> Core Equity Portfolio |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 560521 | $27.932031 to $29.946536 | $16716450 | 1.40% to 2.05% | 0.75% to 0.77% | 13.46% to 14.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 849459 | $24.619049 to $26.223457 | $22199644 | 1.40% to 2.05% | 0.71% to 0.71% | 22.62% to 23.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 1559840 | $20.077789 to $21.247136 | $33052192 | 1.40% to 2.06% | 1.02% to 1.02% | 25.59% to 26.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 2379139 | $15.986969 to $16.808323 | $39910442 | 1.40% to 2.06% | 0.84% to 0.84% | -17.91% to -17.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 2823326 | $19.475970 to $20.343596 | $57343374 | 1.40% to 2.06% | 0.89% to 0.89% | 26.55% to 27.38% |
|  MFS<sup>®</sup> Technology Portfolio |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 186375 | $50.749499 to $56.246607 | $10376734 | 1.40% to 2.15% | — % to — % | 13.79% to 14.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 274777 | $44.600952 to $49.059905 | $13346002 | 1.40% to 2.15% | — % to — % | 33.52% to 34.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 493156 | $33.404973 to $36.467119 | $17828305 | 1.40% to 2.15% | — % to — % | 50.52% to 51.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 791040 | $22.192464 to $24.044433 | $18873566 | 1.40% to 2.15% | — % to — % | -37.23% to -36.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 691737 | $35.354992 to $38.016310 | $26120764 | 1.40% to 2.15% | — % to — % | 11.00% to 11.84% |
|  Pioneer Bond VCT Portfolio+ |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025¨ |  | $10.204145 to $10.811608 | $— | 0.75% to 2.05% | 0.98% to 0.99% | 1.34% to 1.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 2813112 | $10.069526 to $10.617850 | $29240842 | 0.75% to 2.05% | 4.21% to 4.24% | 0.90% to 2.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 4145123 | $9.979729 to $10.384968 | $42252676 | 0.75% to 2.05% | 3.66% to 3.66% | 4.51% to 5.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 5260940 | $9.549007 to $9.806627 | $50961308 | 0.75% to 2.05% | 2.16% to 2.16% | -16.22% to -15.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 5973953 | $11.398098 to $11.552206 | $68546978 | 0.75% to 2.05% | 1.95% to 1.95% | -1.84% to -0.54% |
|  DWS Alternative Asset Allocation VIP |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 28378 | $11.978914 to $13.551435 | $372347 | 0.75% to 2.00% | 3.69% to 3.70% | 7.83% to 9.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 32628 | $11.108781 to $12.408855 | $393649 | 0.75% to 2.00% | 3.28% to 3.32% | 3.19% to 4.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 44392 | $10.765385 to $11.873416 | $515138 | 0.75% to 2.00% | 6.50% to 6.50% | 3.56% to 4.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 47548 | $10.395622 to $11.321216 | $529612 | 0.75% to 2.00% | 7.20% to 7.20% | -9.59% to -8.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 51533 | $11.497763 to $12.363752 | $630559 | 0.75% to 2.00% | 1.73% to 1.73% | 10.10% to 11.51% |
|  Victory 500 Index VIP Series+ |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025¨ |  | $45.192448 to $83.324621 | $— | 1.30% to 2.15% | 1.17% to 1.21% | 8.98% to 9.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 350375 | $41.469829 to $75.936502 | $19278437 | 1.30% to 2.15% | 0.05% to 1.73% | 22.28% to 23.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 543334 | $33.915120 to $61.571245 | $24206645 | 1.30% to 2.15% | 1.30% to 1.30% | 24.22% to 25.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 654794 | $27.302093 to $49.142515 | $23125676 | 1.30% to 2.15% | 1.23% to 1.23% | -21.08% to -20.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 718557 | $34.596605 to $61.740023 | $31849325 | 1.30% to 2.15% | 1.17% to 1.17% | 24.70% to 25.77% |

---

&nbsp;&nbsp;&nbsp;&nbsp;**B-94**

------

The Guardian Separate Account R

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Units #** | **Unit Fair Value<br>Lowest to Highest #** | **Net Assets** | **Expense<br>Ratio Lowest<br>to Highest\*** | **Investment<br>Income<br>Ratio Lowest<br>to Highest\*\*** | **Total Return Ratio<br>Lowest to Highest\*\*\*** |
|  Victory High Yield VIP Series+ |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025¨ |  | $17.483311 to $27.257777 | $— | 1.30% to 2.30% | 9.32% to 9.33% | 4.44% to 5.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 254826 | $16.739986 to $25.888937 | $5872769 | 1.30% to 2.30% | 6.50% to 9.47% | 5.93% to 7.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 322365 | $15.802439 to $24.193655 | $6962818 | 1.30% to 2.30% | 7.65% to 7.65% | 8.86% to 9.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 369821 | $14.515701 to $22.001168 | $7253797 | 1.30% to 2.30% | 6.67% to 6.67% | -15.53% to -14.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 431488 | $17.184808 to $25.785764 | $9939125 | 1.30% to 2.30% | 5.37% to 5.37% | 3.43% to 4.48% |
|  Victory RS International VIP Series+ |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025¨ |  | $23.387069 to $38.430146 | $— | 1.30% to 2.30% | 2.33% to 2.37% | 18.91% to 19.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 670945 | $19.667347 to $32.057999 | $17744611 | 1.30% to 2.30% | 2.50% to 2.95% | 3.08% to 4.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 845001 | $19.079516 to $30.787582 | $21484208 | 1.30% to 2.30% | 2.66% to 2.66% | 17.28% to 18.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 1007369 | $16.268925 to $25.989516 | $21610949 | 1.30% to 2.30% | 2.64% to 2.64% | -17.74% to -16.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 1099297 | $19.777467 to $31.277846 | $28415994 | 1.30% to 2.30% | 1.77% to 1.77% | 11.75% to 12.88% |
|  Victory RS Large Cap Alpha VIP Series+ |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025¨ |  | $37.508937 to $49.760820 | $— | 1.30% to 2.20% | 1.50% to 1.51% | -3.38% to -3.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 4344298 | $38.819501 to $51.330241 | $215201981 | 1.30% to 2.20% | 1.26% to 1.31% | 18.87% to 19.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 5852379 | $32.655827 to $42.791053 | $242398236 | 1.30% to 2.20% | 1.23% to 1.23% | 11.20% to 12.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 6593282 | $29.366088 to $38.134458 | $243599464 | 1.30% to 2.20% | 1.27% to 1.27% | -6.43% to -5.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 8612076 | $31.383015 to $40.387173 | $337607762 | 1.30% to 2.20% | 1.06% to 1.06% | 20.79% to 21.89% |
|  Victory RS Small Cap Growth Equity VIP Series+ |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025¨ |  | $24.001273 to $51.504549 | $— | 1.30% to 2.15% | 0.48% to 0.49% | -5.58% to -4.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 180782 | $25.420636 to $54.175818 | $6751874 | 1.30% to 2.15% | — % to — % | 9.42% to 10.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 231578 | $23.232752 to $49.088973 | $7820109 | 1.30% to 2.15% | — % to — % | 17.82% to 18.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 283391 | $19.718190 to $41.307294 | $7843318 | 1.30% to 2.15% | — % to — % | -37.73% to -37.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 305403 | $31.663293 to $65.763539 | $13389686 | 1.30% to 2.15% | — % to — % | -12.35% to -11.60% |
|  Victory Sophus Emerging Markets VIP Series+ |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025¨ |  | $11.782619 to $28.034368 | $— | 1.30% to 2.30% | 1.43% to 1.44% | 11.37% to 12.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 157395 | $10.580089 to $24.970717 | $3636307 | 1.30% to 2.30% | 2.46% to 2.67% | 2.82% to 3.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 209482 | $10.289788 to $24.041740 | $4238822 | 1.30% to 2.30% | 2.89% to 2.89% | 8.49% to 9.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 285522 | $9.484336 to $21.937984 | $4943355 | 1.30% to 2.30% | 0.73% to 0.73% | -24.24% to -23.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 365432 | $12.518922 to $28.667035 | $8043159 | 1.30% to 2.30% | 0.77% to 0.77% | -6.61% to -5.66% |
|  Virtus Duff & Phelps Real Estate Securities Series |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 69206 | $18.013282 to $20.452133 | $1362177 | 1.00% to 2.00% | 2.21% to 2.52% | -1.29% to -0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 79546 | $18.248872 to $20.510420 | $1571623 | 1.00% to 2.00% | 1.72% to 1.81% | 8.69% to 9.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 106449 | $16.789154 to $18.678743 | $1884534 | 1.00% to 2.00% | 1.92% to 1.92% | 8.81% to 9.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 168917 | $15.430259 to $16.993528 | $2751811 | 1.00% to 2.00% | 0.93% to 0.93% | -27.57% to -26.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 192256 | $21.303465 to $23.224553 | $4303401 | 1.00% to 2.00% | 0.70% to 0.70% | 43.49% to 44.95% |
|  Victory Pioneer Bond VCT Portfolio+ |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025¨ | 2100724 | $10.742225 to $11.477473 | $23520917 | 0.75% to 2.05% | 3.22% to 3.22% | 4.02% to 5.18% |

---

\* Represents the annualized contract expenses of the Sub-Account for the period indicated and includes only those expenses that are charged through a reduction in the unit values. Excluded are expenses of the Funds and charges made directly to contract owner accounts through the redemption of units. Where the expense ratio is the same for each unit value, it is presented in both the lowest and highest columns.

\*\* These amounts represent the dividends, excluding distributions of capital gains, received by the Sub-Account from the Fund, net of management fees assessed by the Fund's manager, divided by the average net assets. These ratios exclude those expenses, such as mortality and expense risk charges, that result in direct reductions in the unit values. The recognition of investment income by the Sub-Account is affected by the timing of the declaration of dividends by the Fund in which the Sub-Account invests. Where the investment income ratio is the same for each unit value, it is presented in both the lowest and highest columns.

**B-95**

------

The Guardian Separate Account R

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

\*\*\* Represents the total return for the period indicated and reflects a deduction only for expenses assessed through the daily unit value calculation. The total return does not include any expenses assessed through the redemption of units; inclusion of these expenses in the calculation would result in a reduction in the total return presented. Investment options with a date notation in the notes on the Statements of Operations indicate the effective date of that investment option in the Account. The total return is calculated for the period indicated.

# Rounded units/unit fair values. Where only one unit value exists, it is presented in both the lowest and highest columns.

+ See Note 1 for additional information related to this Sub-Account.

---

| | |
|:---|:---|
| ¨ | Investment income and total return ratios are calculated for the period the related share class within the Sub-Account is active, while the expense ratio is annualized. |

---

**7. Subsequent Events:** 

Management has evaluated events subsequent to December 31, 2025 and through April 17, 2026, the date the financial statements were available to be issued, noting there are no other subsequent events requiring adjustment or disclosure in the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;**B-96**

------

**REPORT OF INDEPENDENT REGISTERED** 

**PUBLIC ACCOUNTING FIRM** 

To the Board of Directors of

The Guardian Insurance & Annuity Company, Inc.

and the Contract Owners of The Guardian Separate Account R

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities of each of the sub-accounts of The Guardian Separate Account R indicated in the table below (other than the Pioneer Bond VCT Portfolio, Victory RS Large Cap Alpha VIP Series, Victory 500 Index VIP Series, Victory High Yield VIP Series, Victory RS Small Cap Growth Equity VIP Series, Victory RS International VIP Series, Victory Sophus Emerging Markets VIP Series, and Gabelli Capital Asset Fund which do not present a statement of assets and liabilities) 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, 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 sub-accounts of The Guardian Separate Account R (other than the Pioneer Bond VCT Portfolio, Victory RS Large Cap Alpha VIP Series, Victory 500 Index VIP Series, Victory High Yield VIP Series, Victory RS Small Cap Growth Equity VIP Series, Victory RS International VIP Series, Victory Sophus Emerging Markets VIP Series, and Gabelli Capital Asset Fund which do not present a statement of assets and liabilities) 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.

Guardian Small Cap Value Diversified VIP Fund<sup>(1)</sup>

Guardian U.S. Government/Credit VIP Fund<sup>(1)</sup>

Guardian Core Plus Fixed Income VIP Fund<sup>(1)</sup>

Guardian Diversified Research VIP Fund<sup>(1)</sup>

Guardian Growth & Income VIP Fund<sup>(1</sup>)

Guardian Integrated Research VIP Fund<sup>(1)</sup>

Guardian International Growth VIP Fund<sup>(1)</sup>

Guardian International Equity VIP Fund<sup>(1)</sup>

Guardian Large Cap Disciplined Growth VIP Fund<sup>(1)</sup>

Guardian Large Cap Disciplined Value VIP Fund<sup>(1)</sup>

Guardian Large Cap Fundamental Growth VIP Fund<sup>(1)</sup>

Guardian Mid Cap Relative Value VIP Fund<sup>(1)</sup>

Guardian Mid Cap Traditional Growth VIP Fund<sup>(1)</sup>

Guardian Total Return Bond VIP Fund<sup>(1)</sup>

Guardian Global Utilities VIP Fund<sup>(1)</sup>

Guardian Multi-Sector Bond VIP Fund<sup>(1)</sup>

Guardian All Cap Core VIP Fund<sup>(1)</sup>

Guardian Select Mid Cap Core VIP Fund<sup>(1)</sup>

Guardian Small-Mid Cap Core VIP Fund<sup>(1)</sup>

Guardian Strategic Large Cap Core VIP Fund<sup>(1)</sup>

Guardian Core Fixed Income VIP Fund<sup>(1)</sup>

Guardian Short Duration Bond VIP Fund<sup>(1)</sup>

Guardian Balanced Allocation VIP Fund<sup>(1)</sup>

Guardian Equity Income VIP Fund<sup>(1)</sup>

Victory RS Large Cap Alpha VIP Series<sup>(3)</sup>

Victory 500 Index VIP Series<sup>(5)</sup>

Victory High Yield VIP Series<sup>(5)</sup>

Victory RS Small Cap Growth Equity VIP Series<sup>(5)</sup>

Victory RS International VIP Series<sup>(5)</sup>

Victory Sophus Emerging Markets VIP Series<sup>(4)</sup>

Gabelli Capital Asset Fund<sup>(3)</sup>

Invesco V.I. Global Real Estate Fund<sup>(1)</sup>

Invesco V.I. Balanced-Risk Allocation Fund<sup>(1)</sup>

AB VPS Sustainable Global Thematic Portfolio<sup>(1)</sup>

AB VPS Dynamic Asset Allocation Portfolio<sup>(1)</sup>

BlackRock Global Allocation V.I. Fund<sup>(1)</sup>

Davis Financial Portfolio<sup>(1)</sup>

Davis Real Estate Portfolio<sup>(1)</sup>

Fidelity<sup>®</sup> VIP Balanced Portfolio<sup>(1)</sup>

Fidelity<sup>®</sup> VIP Investment Grade Bond Portfolio<sup>(1)</sup>

Fidelity<sup>®</sup> VIP Overseas Portfolio<sup>(1)</sup>

Fidelity<sup>®</sup> VIP Government Money Market Portfolio<sup>(1)</sup>

Templeton Global Bond VIP Fund<sup>(1)</sup>

Templeton Growth VIP Fund<sup>(1)</sup>

Franklin Income VIP Fund<sup>(1)</sup>

MFS<sup>®</sup> Technology Portfolio<sup>(1)</sup>

MFS<sup>®</sup> Blended Research<sup>®</sup> Core Equity Portfolio<sup>(1)</sup>

PIMCO VIT Low Duration Portfolio<sup>(1)</sup>

PIMCO VIT Real Return Portfolio<sup>(1)</sup>

PIMCO VIT Dynamic Bond Portfolio<sup>(1)</sup>

Pioneer Bond VCT Portfolio<sup>(2)</sup>

Victory Pioneer Bond VCT Portfolio<sup>(6)</sup>

LVIP American Century Inflation Protection Fund<sup>(1)</sup>

Nomura VIP High Income Series<sup>(1)</sup>

Putnam VT Small Cap Value Fund<sup>(1)</sup>

ALPS \| Alerian Energy Infrastructure Portfolio<sup>(1)</sup>

ALPS Global Opportunity Portfolio<sup>(1)</sup>

DWS Alternative Asset Allocation VIP<sup>(1)</sup>

Janus Henderson VIT Global Technology and Innovation Portfolio<sup>(1)</sup>

Lazard Retirement Global Dynamic Multi-Asset Portfolio<sup>(1)</sup>

The Merger Fund <sup>®</sup> VL<sup>(1)</sup>

Guggenheim VT Multi-Hedge Strategies Fund<sup>(1)</sup>

T. Rowe Price Health Sciences Portfolio<sup>(1)</sup>

Morgan Stanley VIF Emerging Markets Equity Portfolio<sup>(1)</sup>

**B-97**

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American Funds Insurance<sup>®</sup> Series U.S. Government Securities Fund<sup>®</sup><sup>(1)</sup>

VanEck VIP Global Resources Fund<sup>(1)</sup>

Virtus Duff & Phelps Real Estate Securities Series<sup>(1)</sup>

American Funds Insurance<sup>®</sup> Series Asset Allocation Fund<sup>(1)</sup>

American Funds Insurance<sup>®</sup> Series The Bond Fund of America<sup>®</sup><sup>(1)</sup>

American Funds Insurance<sup>®</sup> Series Global Growth Fund<sup>(1)</sup>

American Funds Insurance<sup>®</sup> Series Capital World Growth and Income Fund<sup>®</sup><sup>(1)</sup>

American Funds Insurance<sup>®</sup> Series Growth Fund<sup>(1)</sup>

American Funds Insurance<sup>®</sup> Series Growth-Income Fund<sup>(1)</sup>

<sup>1.</sup> 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.

<sup>2.</sup> Statement of operations for the period January 1, 2025, through March 31, 2025 (date of merger) and statement of changes in net assets for the period January 1, 2025, through March 31, 2025 (date of merger) and the year ended December 31, 2024.

<sup>3.</sup> Statement of operations for the period January 1, 2025, through April 25, 2025 (date of substitution) and statement of changes in net assets for the period January 1, 2025, through April 25, 2025 (date of substitution) and the year ended December 31, 2024.

<sup>4.</sup> Statement of operations for the period January 1, 2025, through June 27, 2025 (date of liquidation) and statement of changes in net assets for the period January 1, 2025, through June 27, 2025 (date of liquidation) and the year ended December 31, 2024.

<sup>5.</sup> Statement of operations for the period January 1, 2025, through August 29, 2025 (date of liquidation) and statement of changes in net assets for the period January 1, 2025, through August 29, 2025 (date of liquidation) and the year ended December 31, 2024.

<sup>6.</sup> Statement of operations and statement of changes in net assets for the period March 31, 2025 (commencement of operations) through December 31, 2025.

***Basis for Opinions***

These financial statements are the responsibility of The Guardian Insurance & Annuity Company, Inc.'s management. Our responsibility is to express an opinion on the financial statements of each of the sub-accounts of The Guardian Separate Account R 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 sub-accounts of The Guardian Separate Account R 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 custodians of the investee mutual funds. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York April 17, 2026

We have served as the auditor of one or more of the sub-accounts of The Guardian Separate Account R since 2004.

&nbsp;&nbsp;&nbsp;&nbsp;**B-98**