# EDGAR Filing Document

**Accession Number:** 0001096266
**File Stem:** 0001193125-26-161329
**Filing Date:** 2026-4
**Character Count:** 247673
**Document Hash:** f52944fa00ea157df97b50a0b317deaf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-161329.hdr.sgml**: 20260417

**ACCESSION NUMBER**: 0001193125-26-161329

**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 ACCT N OF THE GUARDIAN INS & ANNUITY CO
- **CENTRAL INDEX KEY:** 0001096266

**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:** 811-09725
- **FILM NUMBER:** 26871226

**BUSINESS ADDRESS:**
- **STREET 1:** 10 HUDSON YARDS, 22 FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001
- **BUSINESS PHONE:** (212) 598-7469

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

## Series and Classes Contracts Data

### GUARDIAN SEPARATE ACCT N OF THE GUARDIAN INS & ANNUITY CO (Series ID: S000008804)

| Class ID   | Class Name                                               | Ticker Symbol   |
|:---|:---|:---|
| C000023955 | Park Avenue VUL Millennium Series                        |  |
| C000023956 | Park Avenue SVUL Millennium Series                       |  |
| C000023957 | Flexible Solutions Variable Universal Life               |  |
| C000061981 | Flexible Solutions Variable Universal Life - Gold Series |  |
| C000066469 | Executive Benefits VUL                                   |  |
| C000129050 | Flexible Solutions VUL III                               |  |
| C000200090 | FLEXIBLE SOLUTIONS VUL (2018)                            |  |

**FINANCIAL STATEMENTS OF** 

**THE GUARDIAN SEPARATE ACCOUNT N** 

The Guardian Separate Account N

**STATEMENTS OF ASSETS AND LIABILITIES** 

---

| | | |
|:---|:---|:---|
|  | **Guardian<br>Integrated<br>Research<br>VIP Fund** | **Guardian<br>Large Cap<br>Disciplined<br>Growth<br>VIP Fund** |
|  | **12/31/2025** | **12/31/2025** |
|  **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares owned in underlying fund | 92844 | 134552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share (NAV) | 30.92 | 42.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets (Shares x NAV)** | $2870735 | $5652545 |
|  **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to The Guardian Insurance & Annuity Company, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Assets** | $2870735 | $5652545 |
|  **Net Assets: Total** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract value in accumulation period | $2870735 | $5652545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Assets** | $2870735 | $5652545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Units Outstanding | 179003 | 320504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unit Value (Accumulation) | $16.04 | $17.64 |
|  **Cost of Shares in Underlying Fund** | $1753145 | $3475254 |
| (1) Portfolio liquidated as of April 30, 2024<br> (2) Portfolio liquidated as of April 25, 2025<br> (3) Portfolio liquidated as of June 27, 2025<br> (4) Portfolio liquidated as of August 29, 2025<br>**STATEMENT OF OPERATIONS**<br>|  |  |
|  | **Guardian<br>Integrated<br>Research<br>VIP Fund** | **Guardian<br>Large Cap<br>Disciplined<br>Growth**<br>**VIP Fund** |
|  | **1/1/2025 to<br>12/31/2025** | **1/1/2025 to<br>12/31/2025** |
|  **2025 Investment Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality expense risk and administrative charges |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(expense) |  |  |
|  **2025 Realized and Unrealized Gain/(Loss) from Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain/(loss) from investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from sale of investments | 75678 | 248378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvested realized gain distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) on investments | 75678 | 248378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) of investments | 308114 | 534493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain/(loss) from investments | 383792 | 782871 |
|  **2025 Net Increase/(Decrease) in Net Assets Resulting from Operations** | $383792 | $782871 |
| (1) Portfolio liquidated as of April 30, 2024 |  |  |

---

*See notes to financial statements* 

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** |
| **Guardian<br>Total<br>Return Bond<br>VIP Fund** | **Guardian<br>Small Cap<br>Value<br>Diversified<br>VIP Fund** | **Guardian<br>All Cap<br>Core<br>VIP Fund** | **Guardian<br>Select Mid<br>Cap Core<br>VIP Fund** | **Guardian<br>Small Mid<br>Cap<br>Core<br>VIP Fund** | **Guardian<br>Strategic<br>Large Cap<br>Core<br>VIP Fund** | **Guardian<br>Core Fixed<br>Income<br>VIP Fund** |
| **12/31/2025** | **12/31/2025** | **12/31/2025** | **12/31/2025** | **12/31/2025** | **12/31/2025** | **12/31/2025** |
| 2997 | 27594 | 273344 | 565706 | 15098 | 239210 | 264588 |
| 10.27 | 14.25 | 14.02 | 12.48 | 10.43 | 14.92 | 10.97 |
| $30784 | $393208 | $3832288 | $7060017 | $157473 | $3569018 | $2902527 |
| $30784 | $393208 | $3832288 | $7060017 | $157473 | $3569018 | $2902527 |
| $30784 | $393208 | $3832288 | $7060017 | $157473 | $3569018 | $2902527 |
| $30784 | $393208 | $3832288 | $7060017 | $157473 | $3569018 | $2902527 |
| 2890 | 33581 | 252570 | 533461 | 13392 | 230120 | 264588 |
| $10.65 | $11.71 | $15.17 | $13.23 | $11.76 | $15.51 | $10.97 |
| $27966 | $330087 | $3028404 | $5280450 | $136569 | $2860755 | $2680685 |
| **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** |
| **Guardian<br>Total<br>Return Bond<br>VIP Fund** | **Guardian<br>Small<br>Cap Value<br>Diversified<br>VIP Fund** | **Guardian**<br>**All Cap**<br>**Core<br>VIP Fund** | **Guardian<br>Select Mid<br>Cap Core<br>VIP Fund** | **Guardian<br>Small Mid<br>Cap Core<br>VIP Fund** | **Guardian<br>Strategic<br>Large Cap<br>Core<br>VIP Fund** | **Guardian<br>Core Fixed<br>Income<br>VIP Fund** |
| **1/1/2025 to<br>12/31/2025** | **1/1/2025 to<br>12/31/2025** | **1/1/2025 to<br>12/31/2025** | **1/1/2025 to<br>12/31/2025** | **1/1/2025 to<br>12/31/2025** | **1/1/2025 to<br>12/31/2025** | **1/1/2025 to<br>12/31/2025** |
| $— | $— | $— | $— | $— | $— | $— |
| 19 | 14079 | 57795 | 200543 | 1075 | 57039 | 16082 |
| 19 | 14079 | 57795 | 200543 | 1075 | 57039 | 16082 |
| 1970 | 12653 | 526709 | 473100 | 1961 | 152514 | 165425 |
| 1989 | 26732 | 584504 | 673643 | 3036 | 209553 | 181507 |
| $1989 | $26732 | $584504 | $673643 | $3036 | $209553 | $181507 |

---

**B-3**

------

The Guardian Separate Account N

**STATEMENTS OF ASSETS AND LIABILITIES** 

---

| | | |
|:---|:---|:---|
|  | **Guardian<br>Short Duration<br>Bond<br>VIP Fund** | **Guardian<br>Balanced<br>Allocation<br>VIP Fund** |
|  | **12/31/2025** | **12/31/2025** |
|  **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares owned in underlying fund | 41367 | 228681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share (NAV) | 11.22 | 14.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets (Shares x NAV)** | $464141 | $3277000 |
|  **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to The Guardian Insurance & Annuity Company, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Assets** | $464141 | $3277000 |
|  **Net Assets: Total** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract value in accumulation period | $464141 | $3277000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Assets** | $464141 | $3277000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Units Outstanding | 41367 | 228681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unit Value (Accumulation) | $11.22 | $14.33 |
|  **Cost of Shares in Underlying Fund** | $422751 | $2334680 |
| (1) Portfolio liquidated as of April 30, 2024<br> (2) Portfolio liquidated as of April 25, 2025<br> (3) Portfolio liquidated as of June 27, 2025<br> (4) Portfolio liquidated as of August 29, 2025<br>**STATEMENT OF OPERATIONS**<br>|  |  |
|  | **Guardian<br>Short Duration<br>Bond<br>VIP Fund** | **Guardian<br>Balanced<br>Allocation<br>VIP Fund** |
|  | **1/1/2025 to<br>12/31/2025** | **1/1/2025 to<br>12/31/2025** |
|  **2025 Investment Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality expense risk and administrative charges |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(expense) |  |  |
|  **2025 Realized and Unrealized Gain/(Loss) from Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain/(loss) from investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from sale of investments | 35741 | 22431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvested realized gain distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) on investments | 35741 | 22431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) of investments | (1567) | 355465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain/(loss) from investments | 34174 | 377896 |
|  **2025 Net Increase/(Decrease) in Net Assets Resulting from Operations** | $34174 | $377896 |
| (1) Portfolio liquidated as of April 30, 2024 |  |  |

---

*See notes to financial statements* 

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** |
| **Guardian<br>Equity Income<br>VIP Fund** | **Victory RS<br>Large Cap<br>Alpha<br>VIP Series** | **Victory<br>500 Index<br>VIP Series** | **Victory**<br>**High Yield**<br>**VIP Series** | **Victory RS**<br>**International**<br>**VIP Series** | **Victory**<br>**Sophus**<br>**Emerging**<br>**Markets**<br>**VIP Series** | **Victory RS**<br>**Small Cap**<br>**Growth**<br>**Equity**<br>**VIP Series** |
| **12/31/2025** | **(2)** | **(4)** | **(4)** | **(4)** | **(3)** | **(4)** |
| 1443848 |  |  |  |  |  |  |
| 13.92 |  |  |  |  |  |  |
| $20098366 | $— | $— | $— | $— | $— | $— |
| $20098366 | $— | $— | $— | $— | $— | $— |
| $20098366 | $— | $— | $— | $— | $— | $— |
| $20098366 | $— | $— | $— | $— | $— | $— |
| 1443848 |  |  |  |  |  |  |
| $13.92 | $— | $— | $— | $— | $— | $— |
| $16033107 | $— | $— | $— | $— | $— | $— |
| **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** |
| **Guardian<br>Equity Income<br>VIP Fund** | **Victory RS<br>Large Cap<br>Alpha<br>VIP Series** | **Victory<br>500 Index<br>VIP Series** | **Victory<br>High Yield<br>VIP Series** | **Victory RS<br>International<br>VIP Series** | **Victory<br>Sophus<br>Emerging<br>Markets<br>VIP Series** | **Victory RS<br>Small Cap<br>Growth<br>Equity<br>VIP Series** |
| **1/1/2025 to<br>12/31/2025** | **1/1/2025 to<br>4/25/2025** | **1/1/2025 to<br>8/29/2025** | **1/1/2025 to<br>8/29/2025** | **1/1/2025 to<br>8/29/2025** | **1/1/2025 to<br>6/27/2025** | **1/1/2025 to<br>8/29/2025** |
| $— | $119953 | $231411 | $43608 | $102727 | $36842 | $20963 |
|  | 119953 | 231411 | 43608 | 102727 | 36842 | 20963 |
| 1243951 | (951362) | (2010895) | (78438) | 488394 | (217248) | (1515376) |
|  | 1283272 | 3905662 |  | 251019.00 |  |  |
| 1243951 | 331910 | 1894767 | (78438) | 739413 | (217248) | (1515376) |
| 1731606 | (657376) | (19375) | 64434 | (51258) | 505282 | 1288473 |
| 2975557 | (325466) | 1875392 | (14004) | 688155 | 288034 | (226903) |
| $2975557 | $(205513) | $2106803 | $29604 | $790882 | $324876 | $(205940) |

---

**B-5**

------

The Guardian Separate Account N

**STATEMENTS OF ASSETS AND LIABILITIES** 

---

| | | |
|:---|:---|:---|
|  | **Gabelli Capital<br>Asset Fund** | **Invesco V.I.<br>American<br>Franchise<br>Fund Series I** |
|  | **(2)** | **12/31/2025** |
|  **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares owned in underlying fund |  | 15991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share (NAV) |  | 81.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets (Shares x NAV)** | $— | $1295309 |
|  **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to The Guardian Insurance & Annuity Company, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Assets** | $— | $1295309 |
|  **Net Assets: Total** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract value in accumulation period | $— | $1295309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Assets** | $— | $1295309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Units Outstanding |  | 28602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unit Value (Accumulation) | $— | $45.29 |
|  **Cost of Shares in Underlying Fund** | $— | $1044589 |
| (1) Portfolio liquidated as of April 30, 2024<br> (2) Portfolio liquidated as of April 25, 2025<br> (3) Portfolio liquidated as of June 27, 2025<br> (4) Portfolio liquidated as of August 29, 2025<br>**STATEMENT OF OPERATIONS**<br>|  |  |
|  | **Gabelli Capital<br>Asset Fund** | **Invesco V.I.<br>American<br>Franchise<br>Fund Series I** |
|  | **1/1/2025 to<br>4/25/2025** | **1/1/2025 to<br>12/31/2025** |
|  **2025 Investment Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends | $2480 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality expense risk and administrative charges |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(expense) | 2480 |  |
|  **2025 Realized and Unrealized Gain/(Loss) from Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain/(loss) from investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from sale of investments | (1940981) | 25899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvested realized gain distributions | 1472959 | 117846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) on investments | (468022) | 143745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) of investments | 377373 | (6128) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain/(loss) from investments | (90649) | 137617 |
|  **2025 Net Increase/(Decrease) in Net Assets Resulting from Operations** | $(88169) | $137617 |
| (1) Portfolio liquidated as of April 30, 2024 |  |  |

---

*See notes to financial statements* 

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** |
| **Invesco V.I.<br>Equity and<br>Income Fund<br>Series I** | **Invesco V.I.<br>Core Equity<br>Fund Series II** | **Invesco V.I.<br>Government<br>Securities Fund<br>Series II** | **Invesco V.I.<br>Main Street<br>Mid Cap Fund<br>Series II** | **Invesco V.I.<br>Equity and<br>Income Fund<br>Series II** | **Invesco V.I.<br>American<br>Franchise Fund<br>Series II** | **Invesco V.I.<br>Global Fund<br>Series II** |
| **12/31/2025** | **(2)** | **12/31/2025** | **12/31/2025** | **12/31/2025** | **12/31/2025** | **12/31/2025** |
| 23488 |  | 6870 | 20312 | 2424 | 1143 | 11582 |
| 18.27 |  | 10.54 | 10.50 | 18.12 | 71.95 | 36.30 |
| $429128 | $— | $72412 | $213272 | $43926 | $82258 | $420429 |
| $429128 | $— | $72412 | $213272 | $43926 | $82258 | $420429 |
| $429128 | $— | $72412 | $213272 | $43926 | $82258 | $420429 |
| $429128 | $— | $72412 | $213272 | $43926 | $82258 | $420429 |
| 13667 |  | 5072 | 6356 | 1655 | 1520 | 8221 |
| $31.40 | $— | $14.28 | $33.56 | $26.55 | $54.13 | $51.14 |
| $419855 | $— | $72686 | $201226 | $40608 | $68136 | $405753 |
| **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** |
| **Invesco V.I.<br>Equity and<br>Income Fund<br>Series I** | **Invesco V.I.<br>Core Equity<br>Fund<br>Series II** | **Invesco V.I.<br>Government<br>Securities Fund<br>Series II** | **Invesco V.I.<br>Main Street<br>Mid Cap Fund<br>Series II** | **Invesco V.I.<br>Equity and<br>Income Fund<br>Series II** | **Invesco V.I.<br>American<br>Franchise Fund<br>Series II** | **Invesco V.I.<br>Global Fund<br>Series II** |
| **1/1/2025 to<br>12/31/2025** | **1/1/2025 to<br>4/25/2025** | **1/1/2025 to<br>12/31/2025** | **1/1/2025 to<br>12/31/2025** | **1/1/2025 to<br>12/31/2025** | **1/1/2025 to<br>12/31/2025** | **1/1/2025 to<br>12/31/2025** |
| $8534 | $— | $1231 | $189 | $778 | $— | $— |
| 8534 |  | 1231 | 189 | 778 |  |  |
| (2359) | 10756 | 732 | (547) | 432 | (730) | (1445) |
| 21679 |  |  | 18142 | 2231 | 7953 | 76599 |
| 19320 | 10756 | 732 | 17595 | 2663 | 7223 | 75154 |
| 20594 | (19302) | 2033 | (2310) | 1318 | 1231 | (19540) |
| 39914 | (8546) | 2765 | 15285 | 3981 | 8454 | 55614 |
| $48448 | $(8546) | $3996 | $15474 | $4759 | $8454 | $55614 |

---

**B-7**

------

The Guardian Separate Account N

**STATEMENTS OF ASSETS AND LIABILITIES** 

---

| | | |
|:---|:---|:---|
|  | **Alger Capital<br>Appreciation<br>Portfolio<br>Class S** | **<br>AB Sustainable<br>Global<br>Thematic<br>Portfolio<br>Class B** |
|  | **12/31/2025** | **12/31/2025** |
|  **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares owned in underlying fund | 7681 | 9590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share (NAV) | 111.03 | 30.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets (Shares x NAV)** | $852807 | $290200 |
|  **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to The Guardian Insurance & Annuity Company, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Assets** | $852807 | $290200 |
|  **Net Assets: Total** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract value in accumulation period | $852807 | $290200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Assets** | $852807 | $290200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Units Outstanding | 7817 | 7479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unit Value (Accumulation) | $109.09 | $38.80 |
|  **Cost of Shares in Underlying Fund** | $657165 | $324457 |
| (1) Portfolio liquidated as of April 30, 2024<br> (2) Portfolio liquidated as of April 25, 2025<br> (3) Portfolio liquidated as of June 27, 2025<br> (4) Portfolio liquidated as of August 29, 2025<br>**STATEMENTS OF OPERATIONS** |  |  |
|  | **Alger Capital<br>Appreciation<br>Portfolio<br>Class S** | **<br>AB Sustainable<br>Global<br>Thematic<br>Portfolio<br>Class B** |
|  | **1/1/2025 to<br>12/31/2025** | **1/1/2025 to<br>12/31/2025** |
|  **2025 Investment Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality expense risk and administrative charges |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(expense) |  |  |
|  **2025 Realized and Unrealized Gain/(Loss) from Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain/(loss) from investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from sale of investments | 520 | (3175) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvested realized gain distributions | 151625 | 37432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) on investments | 152145 | 34257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) of investments | 50889 | (18070) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain/(loss) from investments | 203034 | 16187 |
|  **2025 Net Increase/(Decrease) in Net Assets Resulting from Operations** | $203034 | $16187 |

---

(1) Portfolio liquidated as of April 30, 2024

*See notes to financial statements* 

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** |
| **LVIP American<br>Century<br>Capital<br>Appreciation<br>Fund Standard<br>Class II** | **LVIP**<br>**American<br>Century Mid<br>Cap Value**<br>**Fund Standard<br>Class II** | **BlackRock<br>Global<br>Allocation V.I.<br>Fund Class III** | **Davis<br>Financial<br>Portfolio** | **Davis<br>Real Estate<br>Portfolio** | **LVIP JPMorgan<br>Short Duration<br>Bond Fund** | **LVIP Fidelity<br>Institutional<br>AM Total<br>Bond Fund<br>Service Class** |
| **12/31/2025** | **12/31/2025** | **12/31/2025** | **12/31/2025** | **12/31/2025** | **12/31/2025** | **12/31/2025** |
| 3454 | 10672 | 665 | 87983 | 155547 | 4 | 24178 |
| 15.16 | 19.34 | 13.34 | 17.76 | 12.66 | 9.36 | 8.85 |
| $52368 | $206497 | $8871 | $1562571 | $1969221 | $39 | $213997 |
| $52368 | $206497 | $8871 | $1562571 | $1969221 | $39 | $213997 |
| $52368 | $206497 | $8871 | $1562571 | $1969221 | $39 | $213997 |
| $52368 | $206497 | $8871 | $1562571 | $1969221 | $39 | $213997 |
| 1037 | 4181 | 306 | 21506 | 33900 |  | 11440 |
| $50.51 | $49.39 | $29.01 | $72.66 | $58.09 | $— | $18.71 |
| $57617 | $208771 | $9145 | $1263075 | $2276564 | $39 | $219802 |
| **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** |
| **LVIP American<br>Century<br>Capital<br>Appreciation<br>Fund Standard<br>Class II** | **LVIP**<br>**American<br>Century Mid<br>Cap Value<br>Fund Standard<br>Class II** | **BlackRock<br>Global<br>Allocation V.I.<br>Fund Class III** | **Davis<br>Financial<br>Portfolio** | **Davis Real<br>Estate<br>Portfolio** | **LVIP JPMorgan<br>Short Duration<br>Bond Fund** | **LVIP Fidelity<br>Institutional<br>AM Total<br>Bond Fund<br>Service Class** |
| **1/1/2025 to<br>12/31/2025** | **1/1/2025 to<br>12/31/2025** | **1/1/2025 to<br>12/31/2025** | **1/1/2025 to<br>12/31/2025** | **1/1/2025 to<br>12/31/2025** | **1/1/2025 to<br>12/31/2025** | **1/1/2025 to<br>12/31/2025** |
| $— | $3859 | $350 | $22969 | $53224 | $1 | $8448 |
|  | 3859 | 350 | 22969 | 53224 | 1 | 8448 |
| 1162 | 7041 | 348 | 34451 | 23547 |  | 1933 |
| 14387 | 16501 | 869 | 134647 | 81081 |  |  |
| 15549 | 23542 | 1217 | 169098 | 104628 |  | 1933 |
| (10861) | (8956) | 60 | 139680 | (276260) |  | 2945 |
| 4688 | 14586 | 1277 | 308778 | (171632) |  | 4878 |
| $4688 | $18445 | $1627 | $331747 | $(118408) | $1 | $13326 |

---

**B-9**

------

The Guardian Separate Account N

**STATEMENTS OF ASSETS AND LIABILITIES** 

---

| | | |
|:---|:---|:---|
|  | **Nomura VIP<br>Emerging<br>Markets<br>Series Class** | **Nomura VIP<br>Small Cap<br>Growth<br>Series Class** |
|  | **12/31/2025** | **12/31/2025** |
|  **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares owned in underlying fund | 5842 | 4123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share (NAV) | 40.01 | 7.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets (Shares x NAV)** | $233738 | $30720 |
|  **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to The Guardian Insurance & Annuity Company, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Assets** | $233738 | $30720 |
|  **Net Assets: Total** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract value in accumulation period | $233738 | $30720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Assets** | $233738 | $30720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Units Outstanding | 7656 | 751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unit Value (Accumulation) | $30.53 | $40.93 |
|  **Cost of Shares in Underlying Fund** | $166172 | $22715 |
| (1) Portfolio liquidated as of April 30, 2024<br> (2) Portfolio liquidated as of April 25, 2025<br> (3) Portfolio liquidated as of June 27, 2025<br> (4) Portfolio liquidated as of August 29, 2025<br>**STATEMENTS OF OPERATIONS** |  |  |
|  | **Nomura VIP<br>Emerging<br>Markets<br>Series Class** | **Nomura VIP<br>Small Cap<br>Growth<br>Series Class** |
|  | **1/1/2025 to<br>12/31/2025** | **1/1/2025 to<br>12/31/2025** |
|  **2025 Investment Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends | $697 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality expense risk and administrative charges |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(expense) | 697 |  |
|  **2025 Realized and Unrealized Gain/(Loss) from Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain/(loss) from investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from sale of investments | 26526 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvested realized gain distributions | 118 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) on investments | 26644 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) of investments | 64290 | 3509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain/(loss) from investments | 90934 | 3602 |
|  **2025 Net Increase/(Decrease) in Net Assets Resulting from Operations** | $91631 | $3602 |

---

(1) Portfolio liquidated as of April 30, 2024

*See notes to financial statements* 

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** |
| **Nomura VIP<br>Mid Cap<br>Growth**<br>**Series Class** | **Allspring VT<br>International<br>Equity Fund** | **Fidelity<sup>®</sup> VIP<br>Equity-<br>Income<br>Portfolio<br>Service<br>Class 2** | **Fidelity<sup>®</sup> VIP<br>High Income<br>Portfolio<br>Service<br>Class 2** | **Fidelity<sup>®</sup> VIP<br>Freedom 2020<br>Portfolio<br>Service<br>Class 2** | **Fidelity<sup>®</sup> VIP<br>Freedom 2030<br>Portfolio<br>Service<br>Class 2** | **Fidelity<sup>®</sup> VIP<br>Government<br>Money Market<br>Portfolio<br>Service<br>Class 2** |
| **12/31/2025** | **(1)** | **12/31/2025** | **12/31/2025** | **12/31/2025** | **12/31/2025** | **12/31/2025** |
| 57184 |  | 72381 | 9924 | 4341 | 4798 | 35277421 |
| 7.72 |  | 28.13 | 4.61 | 13.13 | 17.53 | 1.00 |
| $441460 | $— | $2036083 | $45751 | $56999 | $84115 | $35277421 |
| $441460 | $— | $2036083 | $45751 | $56999 | $84115 | $35277421 |
| $441460 | $— | $2036083 | $45751 | $56999 | $84115 | $35277421 |
| $441460 | $— | $2036083 | $45751 | $56999 | $84115 | $35277421 |
| 13780 |  | 33483 | 1826 | 2024 | 2555 | 2331048 |
| $32.04 | $20.06 | $60.81 | $25.06 | $28.16 | $32.92 | $15.13 |
| $587440 | $— | $1754318 | $43773 | $55689 | $72905 | $35277421 |
| **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** |
| **Nomura VIP<br>Mid Cap<br>Growth<br>Series Class** | **Allspring VT<br>International<br>Equity Fund** | **Fidelity<sup>®</sup> VIP<br>Equity-<br>Income<br>Portfolio<br>Service<br>Class 2** | **Fidelity<sup>®</sup> VIP<br>High Income<br>Portfolio<br>Service<br>Class 2** | **Fidelity<sup>®</sup> VIP<br>Freedom 2020<br>Portfolio<br>Service<br>Class 2** | **Fidelity<sup>®</sup> VIP<br>Freedom 2030<br>Portfolio<br>Service<br>Class 2** | **Fidelity<sup>®</sup> VIP<br>Government<br>Money Market<br>Portfolio<br>Service<br>Class 2** |
| **1/1/2025 to<br>12/31/2025** | **(1)** | **1/1/2025 to<br>12/31/2025** | **1/1/2025 to<br>12/31/2025** | **1/1/2025 to<br>12/31/2025** | **1/1/2025 to<br>12/31/2025** | **1/1/2025 to<br>12/31/2025** |
| $— | $— | $31626 | $2954 | $1392 | $1743 | $587006 |
|  |  | 31626 | 2954 | 1392 | 1743 | 587006 |
| (28282) |  | 63092 | 40 | 5 | 235 |  |
| 99335 |  | 110944 |  | 2815 | 3490 |  |
| 71053 |  | 174036 | 40 | 2820 | 3725 |  |
| (64502) |  | 111923 | 1188 | 2366 | 5642 |  |
| 6551 |  | 285959 | 1228 | 5186 | 9367 |  |
| $6551 | $— | $317585 | $4182 | $6578 | $11110 | $587006 |

---

**B-11**

------

The Guardian Separate Account N

**STATEMENTS OF ASSETS AND LIABILITIES** 

---

| | | |
|:---|:---|:---|
|  | **Fidelity<sup>®</sup> VIP<br>Index 500<br>Portfolio<br>Initial Class** | **Templeton<br>Growth VIP<br>Fund<br>Class 2** |
|  | **12/31/2025** | **12/31/2025** |
|  **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares owned in underlying fund | 7102 | 13723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share (NAV) | 660.13 | 14.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets (Shares x NAV)** | $4688137 | $194183 |
|  **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to The Guardian Insurance & Annuity Company, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Assets** | $4688137 | $194183 |
|  **Net Assets: Total** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract value in accumulation period | $4688137 | $194183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Assets** | $4688137 | $194183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Units Outstanding | 92076 | 7491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unit Value (Accumulation) | $50.92 | $25.92 |
|  **Cost of Shares in Underlying Fund** | $3215859 | $189521 |
| (1) Portfolio liquidated as of April 30, 2024<br> (2) Portfolio liquidated as of April 25, 2025<br> (3) Portfolio liquidated as of June 27, 2025<br> (4) Portfolio liquidated as of August 29, 2025<br>**STATEMENTS OF OPERATIONS** |  |  |
|  | **Fidelity<sup>®</sup> VIP<br>Index 500<br>Portfolio<br>Initial Class** | **Templeton<br>Growth<br>VIP Fund<br>Class 2** |
|  | **1/1/2025 to<br>12/31/2025** | **1/1/2025 to<br>12/31/2025** |
|  **2025 Investment Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends | $49435 | $59 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality expense risk and administrative charges |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(expense) | 49435 | 59 |
|  **2025 Realized and Unrealized Gain/(Loss) from Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain/(loss) from investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from sale of investments | 174649 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvested realized gain distributions | 21381 | 505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) on investments | 196030 | 649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) of investments | 447433 | 4677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain/(loss) from investments | 643463 | 5326 |
|  **2025 Net Increase/(Decrease) in Net Assets Resulting from Operations** | $692898 | $5385 |

---

(1) Portfolio liquidated as of April 30, 2024

*See notes to financial statements* 

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** |
| **Templeton<br>Global Bond<br>VIP Fund<br>Class 2** | **Templeton<br>Foreign<br>VIP Fund<br>Class 2** | **Franklin<br>Mutual Shares<br>VIP Fund<br>Class 2** | **Franklin Small<br>Cap Value<br>VIP Fund<br>Class 2** | **Morningstar<br>Balanced ETF<br>Asset Allocation<br>Portfolio**<br>**Class II** | **Morningstar<br>Growth ETF<br>Asset<br>Allocation<br>Portfolio<br>Class II** | **Morningstar<br>Income and<br>Growth ETF<br>Asset<br>Allocation<br>Portfolio<br>Class II** |
| **12/31/2025** | **12/31/2025** | **12/31/2025** | **12/31/2025** | **12/31/2025** | **12/31/2025** | **12/31/2025** |
| 4101 | 14057 | 25593 | 14531 | 2 | 6083 | 2551 |
| 13.17 | 16.22 | 16.10 | 13.87 | 11.25 | 13.35 | 10.41 |
| $54013 | $228010 | $412054 | $201538 | $21 | $81206 | $26552 |
| $54013 | $228010 | $412054 | $201538 | $21 | $81206 | $26552 |
| $54013 | $228010 | $412054 | $201538 | $21 | $81206 | $26552 |
| $54013 | $228010 | $412054 | $201538 | $21 | $81206 | $26552 |
| 4391 | 13739 | 11217 | 4916 |  | 2155 | 1162 |
| $12.30 | $16.60 | $36.74 | $41.00 | $— | $37.68 | $22.85 |
| $50089 | $210345 | $379963 | $185595 | $20 | $65466 | $26656 |
| **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** |
| **Templeton<br>Global Bond<br>VIP Fund<br>Class 2** | **Templeton<br>Foreign<br>VIP Fund<br>Class 2** | **Franklin<br>Mutual Shares<br>VIP Fund<br>Class 2** | **Franklin Small<br>Cap Value<br>VIP Fund<br>Class 2** | **Morningstar<br>Balanced ETF<br>Asset Allocation<br>Portfolio<br>Class II** | **Morningstar<br>Growth ETF<br>Asset Allocation<br>Portfolio<br>Class II** | **Morningstar<br>Income and<br>Growth ETF<br>Asset Allocation<br>Portfolio<br>Class II** |
| **1/1/2025 to<br>12/31/2025** | **1/1/2025 to<br>12/31/2025** | **1/1/2025 to<br>12/31/2025** | **1/1/2025 to<br>12/31/2025** | **1/1/2025 to<br>12/31/2025** | **1/1/2025 to<br>12/31/2025** | **1/1/2025 to<br>12/31/2025** |
| $— | $6605 | $8018 | $2425 | $— | $1118 | $1172 |
|  | 6605 | 8018 | 2425 |  | 1118 | 1172 |
| 1666 | 16516 | (126) | 5877 |  | 163 | 1171 |
|  | 18441 | 39502 | 18915 | 2 | 5612 | 4115 |
| 1666 | 34957 | 39376 | 24792 | 2 | 5775 | 5286 |
| 5141 | 29141 | (4693) | (9371) |  | 5503 | (960) |
| 6807 | 64098 | 34683 | 15421 | 2 | 11278 | 4326 |
| $6807 | $70703 | $42701 | $17846 | $2 | $12396 | $5498 |

---

**B-13**

------

The Guardian Separate Account N

**STATEMENTS OF ASSETS AND LIABILITIES** 

---

| | | |
|:---|:---|:---|
|  | **Janus**<br>**Henderson<br>Enterprise**<br>**Portfolio<br>Institutional<br>Shares** | **Janus<br>Henderson<br>Forty Portfolio<br>Institutional<br>Shares** |
|  | **12/31/2025** | **12/31/2025** |
|  **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares owned in underlying fund | 44028 | 91369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share (NAV) | 83.58 | 59.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets (Shares x NAV)** | $3679857 | $5429171 |
|  **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to The Guardian Insurance & Annuity Company, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Assets** | $3679857 | $5429171 |
|  **Net Assets: Total** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract value in accumulation period | $3679857 | $5429171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Assets** | $3679857 | $5429171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Units Outstanding | 80843 | 56032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unit Value (Accumulation) | $45.52 | $96.89 |
|  **Cost of Shares in Underlying Fund** | $3349624 | $4205134 |
| (1) Portfolio liquidated as of April 30, 2024<br> (2) Portfolio liquidated as of April 25, 2025<br> (3) Portfolio liquidated as of June 27, 2025<br> (4) Portfolio liquidated as of August 29, 2025<br>**STATEMENTS OF OPERATIONS** | (1) Portfolio liquidated as of April 30, 2024<br> (2) Portfolio liquidated as of April 25, 2025<br> (3) Portfolio liquidated as of June 27, 2025<br> (4) Portfolio liquidated as of August 29, 2025<br>**STATEMENTS OF OPERATIONS** |  |
|  | **Janus**<br>**Henderson<br>Enterprise<br>Portfolio<br>Institutional**<br>**Shares** | **Janus<br>Henderson<br>Forty Portfolio<br>Institutional<br>Shares** |
|  | **1/1/2025 to<br>12/31/2025** | **1/1/2025 to<br>12/31/2025** |
|  **2025 Investment Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends | $12055 | $14850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality expense risk and administrative charges |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(expense) | 12055 | 14850 |
|  **2025 Realized and Unrealized Gain/(Loss) from Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain/(loss) from investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from sale of investments | 119005 | 142323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvested realized gain distributions | 287930 | 578866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) on investments | 406935 | 721189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) of investments | (140785) | 88557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain/(loss) from investments | 266150 | 809746 |
|  **2025 Net Increase/(Decrease) in Net Assets Resulting from Operations** | $278205 | $824596 |
| (1) Portfolio liquidated as of April 30, 2024 |  |  |

---

*See notes to financial statements* 

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** |
| **Janus<br>Henderson<br>Research<br>Portfolio<br>Institutional<br>Shares** | **Janus<br>Henderson<br>Global<br>Research<br>Portfolio<br>Institutional<br>Shares** | **Janus<br>Henderson<br>Research<br>Portfolio<br>Service<br>Shares** | **Janus<br>Henderson<br>Mid Cap Value<br>Portfolio<br>Service<br>Shares** | **Janus<br>Henderson<br>Balanced<br>Portfolio<br>Service<br>Shares** | **Janus<br>Henderson<br>Global<br>Research<br>Portfolio<br>Service<br>Shares** | **MFS<sup>®</sup><br>Growth Series<br>Initial Class** |
| **12/31/2025** | **12/31/2025** | **12/31/2025** | **12/31/2025** | **12/31/2025** | **12/31/2025** | **12/31/2025** |
| 34053 | 40099 | 9185 | 1851 | 0 | 7590 | 33564 |
| 64.90 | 79.67 | 61.24 | 16.78 | 59.48 | 76.42 | 67.85 |
| $2210028 | $3194684 | $562490 | $31066 | $1 | $580010 | $2277335 |
| $2210028 | $3194684 | $562490 | $31066 | $1 | $580010 | $2277335 |
| $2210028 | $3194684 | $562490 | $31066 | $1 | $580010 | $2277335 |
| $2210028 | $3194684 | $562490 | $31066 | $1 | $580010 | $2277335 |
| 36860 | 91232 | 7271 | 872 |  | 11709 | 37654 |
| $59.96 | $35.02 | $77.36 | $35.65 | $— | $49.54 | $60.48 |
| $1367838 | $2249408 | $456762 | $32222 | $1 | $570155 | $2001335 |
| **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** |
| **Janus<br>Henderson<br>Research<br>Portfolio<br>Institutional<br>Shares** | **Janus<br>Henderson<br>Global<br>Research<br>Portfolio<br>Institutional<br>Shares** | **Janus<br>Henderson<br>Research<br>Portfolio<br>Service**<br>**Shares** | **Janus<br>Henderson<br>Mid Cap Value<br>Portfolio<br>Service**<br>**Shares** | **Janus<br>Henderson<br>Balanced<br>Portfolio<br>Service**<br>**Shares** | **Janus<br>Henderson<br>Global<br>Research<br>Portfolio<br>Service**<br>**Shares** | **MFS<sup>®</sup> Growth<br>Series Initial<br>Class** |
| **1/1/2025 to<br>12/31/2025** | **1/1/2025 to<br>12/31/2025** | **1/1/2025 to<br>12/31/2025** | **1/1/2025 to<br>12/31/2025** | **1/1/2025 to<br>12/31/2025** | **1/1/2025 to<br>12/31/2025** | **1/1/2025 to<br>12/31/2025** |
| $2409 | $21659 | $626 | $641 | $— | $866 | $— |
| 2409 | 21659 | 626 | 641 |  | 866 |  |
| 80272 | 70709 | 13077 | (1348) |  | 10123 | 97946 |
| 148163 | 245659 | 38484 | 4603 |  | 3825 | 400848 |
| 228435 | 316368 | 51561 | 3255 |  | 13948 | 498794 |
| 110964 | 212832 | 28297 | (1850) |  | 4862 | (245158) |
| 339399 | 529200 | 79858 | 1405 |  | 18810 | 253636 |
| $341808 | $550859 | $80484 | $2046 | $— | $19676 | $253636 |

---

**B-15**

------

The Guardian Separate Account N

**STATEMENTS OF ASSETS AND LIABILITIES** 

---

| | | | |
|:---|:---|:---|:---|
|  | **MFS<sup>®</sup> New<br>Discovery<br>Series Initial<br>Class** | **MFS<sup>®</sup> Total<br>Return Series<br>Initial Class** | **MFS<sup>®</sup> Research<br>Series Service<br>Class** |
|  | **12/31/2025** | **12/31/2025** | **(2)** |
|  **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares owned in underlying fund | 93642 | 144211 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share (NAV) | 15.60 | 23.33 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets (Shares x NAV)** | $1460808 | $3364433 | $— |
|  **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to The Guardian Insurance & Annuity Company, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Assets** | $1460808 | $3364433 | $— |
|  **Net Assets: Total** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract value in accumulation period | $1460808 | $3364433 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Assets** | $1460808 | $3364433 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Units Outstanding | 26369 | 66668 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unit Value (Accumulation) | $55.40 | $50.47 | $— |
|  **Cost of Shares in Underlying Fund** | $1540668 | $3434849 | $— |
| (1) Portfolio liquidated as of April 30, 2024<br> (2) Portfolio liquidated as of April 25, 2025<br> (3) Portfolio liquidated as of June 27, 2025<br> (4) Portfolio liquidated as of August 29, 2025 <br>**STATEMENT OF OPERATIONS**<br>|  |  |  |
|  | **MFS<sup>®</sup> New<br>Discovery<br>Series Initial<br>Class** | **MFS<sup>®</sup> Total<br>Return Series<br>Initial Class** | **MFS<sup>®</sup> Research<br>Series Service<br>Class** |
|  | **1/1/2025 to<br>12/31/2025** | **1/1/2025 to<br>12/31/2025** | **1/1/2025 to<br>4/25/2025** |
|  **2025 Investment Income** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Income: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvested dividends | $— | $91605 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality expense risk and administrative charges |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(expense) |  | 91605 |  |
|  **2025 Realized and Unrealized Gain/(Loss) from Investments** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain/(loss) from investments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from sale of investments | (69705) | (13070) | (604) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvested realized gain distributions |  | 244266 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) on investments | (69705) | 231196 | (604) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) of investments | 241603 | 32729 | (67) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain/(loss) from investments | 171898 | 263925 | (671) |
|  **2025 Net Increase/(Decrease) in Net Assets Resulting from Operations** | $171898 | $355530 | $(671) |
| (1) Portfolio liquidated as of April 30, 2024 |  |  |  |

---

*See notes to financial statements* 

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** |
| **MFS<sup>®</sup> Investors<br>Trust Series<br>Service Class** | **PIMCO**<br>**Real Return<br>Portfolio<br>Advisor Class** | **PIMCO**<br>**Total Return<br>Portfolio<br>Advisor Class** | **ClearBridge<br>Variable<br>Appreciation<br>Portfolio<br>Class II** | **ClearBridge<br>Variable Mid<br>Cap Portfolio<br>Class II** | **Putnam VT<br>Core Equity<br>Fund Class IB** | **Victory<br>Pioneer Equity<br>Income VCT<br>Portfolio** |
| **(2)** | **12/31/2025** | **12/31/2025** | **(2)** | **12/31/2025** | **12/31/2025** | **12/31/2025** |
|  | 13478 | 28356 |  |  | 2399 | 9386 |
|  | 12.01 | 9.45 |  |  | 23.60 | 12.37 |
| $— | $161865 | $267960 | $— | $— | $56611 | $116110 |
| $— | $161865 | $267960 | $— | $— | $56611 | $116110 |
| $— | $161865 | $267960 | $— | $— | $56611 | $116110 |
| $— | $161865 | $267960 | $— | $— | $56611 | $116110 |
|  | 9609 | 16714 |  |  | 1387 | 3955 |
| $— | $16.85 | $16.04 | $— | $— | $40.83 | $29.36 |
| $— | $158079 | $261155 | $— | $— | $44392 | $132431 |
| **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** |
| **MFS<sup>®</sup> Investors<br>Trust Series<br>Service Class** | **PIMCO**<br>**Real Return<br>Portfolio<br>Advisor Class** | **PIMCO**<br>**Total Return<br>Portfolio<br>Advisor Class** | **ClearBridge<br>Variable<br>Appreciation<br>Portfolio<br>Class II** | **ClearBridge<br>Variable Mid<br>Cap Portfolio<br>Class II** | **Putnam VT<br>Core Equity<br>Fund Class IB** | **Victory<br>Pioneer Equity<br>Income VCT<br>Portfolio** |
| **1/1/2025 to<br>4/25/2025** | **1/1/2025 to<br>12/31/2025** | **1/1/2025 to<br>12/31/2025** | **1/1/2025 to<br>4/25/2025** | **1/1/2025 to<br>12/31/2025** | **1/1/2025 to<br>12/31/2025** | **1/1/2025 to<br>12/31/2025** |
| $— | $7723 | $7929 | $— | $— | $186 | $2131 |
|  | 7723 | 7929 |  |  | 186 | 2131 |
| (241) | 4787 | (823) |  |  | 326 | (756) |
|  |  |  |  |  | 3902 | 15225 |
| (241) | 4787 | (823) |  |  | 4228 | 14469 |
| (2307) | 6256 | 9174 |  |  | 3440 | (5315) |
| (2548) | 11043 | 8351 |  |  | 7668 | 9154 |
| $(2548) | $18766 | $16280 | $— | $— | $7854 | $11285 |

---

**B-17**

------

The Guardian Separate Account N

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **Guardian<br>Integrated<br>Research<br>VIP Fund** | **Guardian<br>Large Cap<br>Disciplined<br>Growth<br>VIP Fund** |
|  | **1/1/2024 to<br>12/31/2025** | **1/1/2024 to<br>12/31/2025** |
|  **2024 Increase/(Decrease) from Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(expense) | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from sale of investments | 35253 | 110621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested realized gain distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) of investments | 518743 | 972146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) resulting from operations | 553996 | 1082767 |
|  **2024 Policy Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net policy purchase payments | 78648 | 243621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers on account of death, surrenders and withdrawals | (59199) | (116335) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers of policy loans | (14612) | 1964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers of cost of insurance and policy fees | (62733) | (130224) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between investment divisions, net | (29105) | 251808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers–other | 171 | 1752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) from policy transactions | (86830) | 252586 |
|  **Total Increase/(Decrease) in Net Assets** | 467166 | 1335353 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets at December 31, 2023** | 2179368 | 3693260 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets at December 31, 2024** | $2646534 | $5028613 |
|  **2025 Increase/(Decrease) from Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(expense) | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from sale of investments | 75678 | 248378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested realized gain distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) of investments | 308114 | 534493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) resulting from operations | 383792 | 782871 |
|  **2025 Policy Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net policy purchase payments | 51840 | 200626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers on account of death, surrenders and withdrawals | (121227) | (427376) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers of policy loans | (18074) | (2675) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers of cost of insurance and policy fees | (63078) | (132008) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between investment divisions, net | (7276) | 198999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers–other | (1776) | 3495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) from policy transactions | (159591) | (158939) |
|  **Total Increase/(Decrease) in Net Assets** | 224201 | 623932 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets at December 31, 2024** | 2646534 | 5028613 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets at December 31, 2025** | $2870735 | $5652545 |

---

*See notes to financial statements* 

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** |
| **Guardian<br>Total<br>Return Bond<br>VIP Fund** | **Guardian<br>Small Cap<br>Value<br>Diversified<br>VIP Fund** | **Guardian<br>All Cap<br>Core<br>VIP Fund** | **Guardian<br>Select Mid<br>Cap Core<br>VIP Fund** | **Guardian<br>Small Mid Cap<br>Core<br>VIP Fund** | **Guardian<br>Strategic<br>Large Cap<br>Core<br>VIP Fund** | **Guardian<br>Core Fixed<br>Income<br>VIP Fund** |
| **1/1/2024 to<br>12/31/2025** | **1/1/2024 to<br>12/31/2025** | **1/1/2024 to<br>12/31/2025** | **1/1/2024 to<br>12/31/2025** | **1/1/2024 to<br>12/31/2025** | **1/1/2024 to<br>12/31/2025** | **1/1/2024 to<br>12/31/2025** |
| $— | $— | $— | $— | $— | $— | $— |
| 4840 | 17575 | 8851 | 115927 | 1441 | 15924 | 5054 |
| (778) | 20135 | 166068 | 696441 | 5801 | 293469 | 21642 |
| 4062 | 37710 | 174919 | 812368 | 7242 | 309393 | 26696 |
|  | 57465 | 14315 | 337186 | 22227 | 39208 | 143020 |
|  | (46583) | (16053) | (437592) | (3407) |  | (153295) |
|  | (398) | (10410) | (62331) | (7) | (10874) | (5470) |
| (518) | (20963) | (11178) | (295850) | (9198) | (36354) | (81483) |
| (41125) | (139109) |  | 19489 |  | (25781) | 755821 |
| (4) | (513) | 181 | (910) | 44 | 404 | (504) |
| (41647) | (150101) | (23145) | (440008) | 9659 | (33397) | 658089 |
| (37585) | (112391) | 151774 | 372360 | 16901 | 275996 | 684785 |
| 66682 | 552739 | 876563 | 6744370 | 118940 | 1595432 | 2090174 |
| $29097 | $440348 | $1028337 | $7116730 | $135841 | $1871428 | $2774959 |
| $— | $— | $— | $— | $— | $— | $— |
| 19 | 14079 | 57795 | 200543 | 1075 | 57039 | 16082 |
| 1970 | 12653 | 526709 | 473100 | 1961 | 152514 | 165425 |
| 1989 | 26732 | 584504 | 673643 | 3036 | 209553 | 181507 |
|  | 44455 | 52041 | 292997 | 26816 | 40032 | 131055 |
|  | (36977) | (28730) | (437191) | (2407) | (45061) | (136813) |
|  | 822 | (5362) | (92304) | (7) | (5868) | (3986) |
| (302) | (19540) | (93227) | (253387) | (9619) | (57256) | (80882) |
|  | (62011) | 2295322 | (244167) | 3776 | 1551355 | 37212 |
|  | (621) | (597) | 3696 | 37 | 4835 | (525) |
| (302) | (73872) | 2219447 | (730356) | 18596 | 1488037 | (53939) |
| 1687 | (47140) | 2803951 | (56713) | 21632 | 1697590 | 127568 |
| 29097 | 440348 | 1028337 | 7116730 | 135841 | 1871428 | 2774959 |
| $30784 | $393208 | $3832288 | $7060017 | $157473 | $3569018 | $2902527 |

---

**B-19**

------

The Guardian Separate Account N

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **Guardian<br>Short<br>Duration<br>Bond<br>VIP Fund** | **Guardian<br>Balanced<br>Allocation<br>VIP Fund** |
|  | **1/1/2024 to<br>12/31/2025** | **1/1/2024 to<br>12/31/2025** |
|  **2024 Increase/(Decrease) from Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(expense) | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from sale of investments | 9789 | 29799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested realized gain distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) of investments | 25307 | 327949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) resulting from operations | 35096 | 357748 |
|  **2024 Policy Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net policy purchase payments | 83317 | 91996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers on account of death, surrenders and withdrawals | (54698) | (77276) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers of policy loans | (126722) | 38207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers of cost of insurance and policy fees | (111702) | (65549) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between investment divisions, net | 2907 | (16949) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers–other | (28) | 324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) from policy transactions | (206926) | (29247) |
|  **Total Increase/(Decrease) in Net Assets** | (171830) | 328501 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets at December 31, 2023** | 902083 | 2572541 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets at December 31, 2024** | $730253 | $2901042 |
|  **2025 Increase/(Decrease) from Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(expense) | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from sale of investments | 35741 | 22431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested realized gain distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) of investments | (1567) | 355465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) resulting from operations | 34174 | 377896 |
|  **2025 Policy Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net policy purchase payments | 57268 | 81906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers on account of death, surrenders and withdrawals | (72939) | (34617) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers of policy loans | 19583 | (10706) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers of cost of insurance and policy fees | (65900) | (61928) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between investment divisions, net | (238299) | 23237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers–other | 1 | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) from policy transactions | (300286) | (1938) |
|  **Total Increase/(Decrease) in Net Assets** | (266112) | 375958 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets at December 31, 2024** | 730253 | 2901042 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets at December 31, 2025** | $464141 | $3277000 |

---

*See notes to financial statements* 

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** |
| **Guardian<br>Equity<br>Income<br>VIP Fund** | **Victory RS<br>Large Cap<br>Alpha<br>VIP Series** | **Victory<br>500 Index<br>VIP Series** | **Victory<br>High<br>Yield<br>VIP Series** | **Victory RS<br>International<br>VIP Series** | <br>**** <br>**Victory<br>Sophus<br>Emerging<br>Markets<br>VIP Series** | **Victory RS<br>Small Cap<br>Growth<br>Equity<br>VIP Series** |
| **1/1/2024 to<br>12/31/2025** | **1/1/2024 to<br>4/25/2025** | **1/1/2024 to<br>8/29/2025** | **1/1/2024 to**<br> **8/29/2025** | **1/1/2024 to<br>8/29/2025** | **1/1/2024 to<br>6/27/2025** | **1/1/2024 to<br>8/29/2025** |
| $— | $104301 | $249290 | $43267 | $109081 | $70513 | $— |
| 128293 | (94367) | (227695) | (8299) | (4390) | (99976) | (479270) |
|  | 284147 | 1579762 |  |  |  |  |
| 1159291 | 1120374 | 2270994 | (182) | 59058 | 147788 | 1001824 |
| 1287584 | 1414455 | 3872351 | 34786 | 163749 | 118325 | 522554 |
| 416111 | 344559 | 205150 | 28142 | 171372 | 219313 | 261757 |
| (412966) | (577326) | (561284) | (29729) | (286610) | (125967) | (430299) |
| 160210 | 212249 | (305052) | 4524 | 129386 | 16275 | (29040) |
| (373700) | (340076) | (498416) | (13810) | (96660) | (68895) | (156243) |
| (13583) | 11387 | 889634 | 14769 | 439136 | (149135) | (100963) |
| (2267) | (71) | 9568 | 399 | (1041) | (1262) | (4149) |
| (226195) | (349278) | (260400) | 4295 | 355583 | (109671) | (458937) |
| 1061389 | 1065177 | 3611951 | 39081 | 519332 | 8654 | 63617 |
| 12880312 | 6862679 | 15615208 | 425646 | 3145342 | 2439066 | 4662263 |
| $13941701 | $7927856 | $19227159 | $464727 | $3664674 | $2447720 | $4725880 |
| $— | $119953 | $231411 | $43608 | $102727 | $36842 | $20963 |
| 1243951 | (951362) | (2010895) | (78438) | 488394 | (217248) | (1515376) |
|  | 1283272 | 3905662 |  | 251019 |  |  |
| 1731606 | (657376) | (19375) | 64434 | (51258) | 505282 | 1288473 |
| 2975557 | (205513) | 2106803 | 29604 | 790882 | 324876 | (205940) |
| 560401 | 98792 | 142356 | 18755 | 106417 | 120545 | 157455 |
| (4139248) | (95210) | (314046) | (11796) | (288209) | (106755) | (314372) |
| (286174) | 10970 | (24) | 240 | (6192) | (96422) | (137558) |
| (622614) | (109076) | (353947) | (10106) | (79437) | (34773) | (75165) |
| 7684043 | (7630183) | (20800077) | (491617) | (4178242) | (2658239) | (4147849) |
| (15300) | 2364 | (8224) | 193 | (9893) | 3048 | (2451) |
| 3181108 | (7722343) | (21333962) | (494331) | (4455556) | (2772596) | (4519940) |
| 6156665 | (7927856) | (19227159) | (464727) | (3664674) | (2447720) | (4725880) |
| 13941701 | 7927856 | 19227159 | 464727 | 3664674 | 2447720 | 4725880 |
| $20098366 | $— | $— | $— | $— | $— | $— |

---

**B-21**

------

The Guardian Separate Account N

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **Gabelli Capital<br>Asset Fund** | <br>**Invesco V.I.<br>American<br>Franchise Fund<br>Series I** |
|  | **1/1/2024 to**<br> **4/25/2025** | **1/1/2024 to<br>12/31/2025** |
|  **2024 Increase/(Decrease) from Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(expense) | $16407 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from sale of investments | (102714) | 11023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested realized gain distributions | 251548 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) of investments | 93142 | 295452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) resulting from operations | 258383 | 306475 |
|  **2024 Policy Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net policy purchase payments | 83349 | 21607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers on account of death, surrenders and withdrawals | (141588) | (25512) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers of policy loans | (12097) | (19230) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers of cost of insurance and policy fees | (141350) | (26476) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between investment divisions, net | (11172) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers–other | (973) | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) from policy transactions | (223831) | (49478) |
|  **Total Increase/(Decrease) in Net Assets** | 34552 | 256997 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets at December 31, 2023** | 2390120 | 900998 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets at December 31, 2024** | $2424672 | $1157995 |
|  **2025 Increase/(Decrease) from Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(expense) | $2480 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from sale of investments | (1940981) | 25899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested realized gain distributions | 1472959 | 117846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) of investments | 377373 | (6128) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) resulting from operations | (88169) | 137617 |
|  **2025 Policy Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net policy purchase payments | 37935 | 22449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers on account of death, surrenders and withdrawals | (118) | (88748) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers of policy loans | 15513 | 436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers of cost of insurance and policy fees | (41778) | (29118) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between investment divisions, net | (2349610) | 95904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers–other | 1555 | (1226) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) from policy transactions | (2336503) | (303) |
|  **Total Increase/(Decrease) in Net Assets** | (2424672) | 137314 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets at December 31, 2024** | 2424672 | 1157995 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets at December 31, 2025** | $— | $1295309 |

---

*See notes to financial statements* 

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** |
| **Invesco V.I.<br>Equity and<br>Income Fund<br>Series I** | **Invesco V.I.<br>Core Equity<br>Fund Series II** | **Invesco V.I.<br>Government<br>Securities Fund<br>Series II** | **Invesco V.I.<br>Main Street<br>Mid Cap Fund<br>Series II** | **Invesco V.I.**<br>**Equity and<br>Income Fund**<br>**Series II** | <br>**Invesco V.I.<br>American<br>Franchise Fund<br>Series II** | **Invesco V.I.<br>Global Fund<br>Series II** |
| **1/1/2024 to<br>12/31/2025** | **1/1/2024 to<br>4/25/2025** | **1/1/2024 to<br>12/31/2025** | **1/1/2024 to<br>12/31/2025** | **1/1/2024 to<br>12/31/2025** | **1/1/2024 to<br>12/31/2025** | **1/1/2024 to<br>12/31/2025** |
| $6656 | $835 | $1455 | $219 | $588 | $— | $— |
| (3170) | 755 | 96 | (1966) | (305) | (1167) | (62614) |
| 14284 | 14442 |  | 4384 | 1437 |  | 20771 |
| 22746 | 14597 | (2695) | 21642 | 2339 | 15307 | 106150 |
| 40516 | 30629 | (1144) | 24279 | 4059 | 14140 | 64307 |
| 20795 | 9803 |  | 13257 | 2903 | 8919 | 4095 |
| (12181) | (3423) |  |  | (2244) | (293) |  |
| 10285 | (1) |  |  | (34) |  | (159) |
| (13549) | (11369) | (112) | (2027) | (1954) | (2137) | (3033) |
| 549 | 68704 | 40883 | (55376) |  |  | (200810) |
| (10) | (47) | (12) | (77) | 3 | 6 | (903) |
| 5889 | 63667 | 40759 | (44223) | (1326) | 6495 | (200810) |
| 46405 | 94296 | 39615 | (19944) | 2733 | 20635 | (136503) |
| 329973 | 77787 | 25151 | 177369 | 33205 | 39991 | 491389 |
| $376378 | $172083 | $64766 | $157425 | $35938 | $60626 | $354886 |
| $8534 | $— | $1231 | $189 | $778 | $— | $— |
| (2359) | 10756 | 732 | (547) | 432 | (730) | (1445) |
| 21679 |  |  | 18142 | 2231 | 7953 | 76599 |
| 20594 | (19302) | 2033 | (2310) | 1318 | 1231 | (19540) |
| 48448 | (8546) | 3996 | 15474 | 4759 | 8454 | 55614 |
| 20270 | 7546 | 150 | 14781 | 4669 | 14410 |  |
| (2667) |  |  |  |  | (476) |  |
| (3) | (1) |  |  | (1492) |  | 810 |
| (12566) | (2623) | (235) | (1263) | (1602) | (3133) | (3067) |
| (726) | (168459) | 4209 | 26670 | 1617 | 2370 | 12186 |
| (6) |  | (474) | 185 | 37 | 7 |  |
| 4302 | (163537) | 3650 | 40373 | 3229 | 13178 | 9929 |
| 52750 | (172083) | 7646 | 55847 | 7988 | 21632 | 65543 |
| 376378 | 172083 | 64766 | 157425 | 35938 | 60626 | 354886 |
| $429128 | $— | $72412 | $213272 | $43926 | $82258 | $420429 |

---

**B-23**

------

The Guardian Separate Account N

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | <br>**Alger Capital<br>Appreciation<br>Portfolio<br>Class S** | **AB Sustainable<br>Global Thematic<br>Portfolio<br>Class B** |
|  | **1/1/2024 to<br>12/31/2025** | **1/1/2024 to<br>12/31/2025** |
|  **2024 Increase/(Decrease) from Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(expense) | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from sale of investments | (3150) | (2068) |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested realized gain distributions |  | 859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) of investments | 226876 | 19136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) resulting from operations | 223726 | 17927 |
|  **2024 Policy Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net policy purchase payments | 18570 | 2739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers on account of death, surrenders and withdrawals | (32847) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers of policy loans | (242) | 332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers of cost of insurance and policy fees | (6308) | (3873) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between investment divisions, net | (214020) | (871) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers–other | (234) | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) from policy transactions | (235081) | (1687) |
|  **Total Increase/(Decrease) in Net Assets** | (11355) | 16240 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets at December 31, 2023** | 613029 | 264002 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets at December 31, 2024** | $601674 | $280242 |
|  **2025 Increase/(Decrease) from Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(expense) | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from sale of investments | 520 | (3175) |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested realized gain distributions | 151625 | 37432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) of investments | 50889 | (18070) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) resulting from operations | 203034 | 16187 |
|  **2025 Policy Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net policy purchase payments | 14109 | 2739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers on account of death, surrenders and withdrawals |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers of policy loans | 1110 | 376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers of cost of insurance and policy fees | (2246) | (3727) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between investment divisions, net | 34708 | (5617) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers–other | 418 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) from policy transactions | 48099 | (6229) |
|  **Total Increase/(Decrease) in Net Assets** | 251133 | 9958 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets at December 31, 2024** | 601674 | 280242 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets at December 31, 2025** | $852807 | $290200 |

---

*See notes to financial statements* 

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** |
| **LVIP American<br>Century Capital<br>Appreciation<br>Fund Standard<br>Class II** | **LVIP American<br>Century Mid Cap<br>Value Fund<br>Standard Class II** | **BlackRock<br>Global<br>Allocation V.I.<br>Fund Class III** | **Davis<br>Financial<br>Portfolio** | **Davis<br>Real Estate<br>Portfolio** | **LVIP<br>JPMorgan<br>Short<br>Duration Bond<br>Fund** | <br> **LVIP Fidelity<br>Institutional<br>AM Total Bond<br>Fund Service<br>Class** |
| **1/1/2024 to<br>12/31/2025** | **1/1/2024 to<br>12/31/2025** | **1/1/2024 to<br>12/31/2025** | **1/1/2024 to<br>12/31/2025** | **1/1/2024 to<br>12/31/2025** | **1/1/2024 to<br>12/31/2025** | **1/1/2024 to<br>12/31/2025** |
| $— | $7804 | $164 | $19779 | $47748 | $1 | $9299 |
| 9441 | (30176) | 3655 | 19965 | (68605) | (21699) | 1152 |
| 4735 | 16268 | 1118 | 88609 | 54485 |  |  |
| 3003 | 40091 | 1588 | 131446 | 52346 | 24228 | (10158) |
| 17179 | 33987 | 6525 | 259799 | 85974 | 2530 | 293 |
|  | 3640 | 10370 | 57541 | 116395 |  |  |
| (3728) |  | (47119) |  | (52961) | (557341) | (5197) |
|  | (122) |  | 1006 | 10701 |  |  |
| (968) | (5601) | (7706) | (64283) | (86919) | (1519) | (7400) |
| (47512) | (44666) | (14773) | (22170) | (274033) | 116385 | 205121 |
| (942) | (911) | (71) | 239 | 3702 |  | (255) |
| (53150) | (47660) | (59299) | (27667) | (283115) | (442475) | 192269 |
| (35971) | (13673) | (52774) | 232132 | (197141) | (439945) | 192562 |
| 103706 | 276549 | 60526 | 882697 | 2611843 | 439982 | 25803 |
| $67735 | $262876 | $7752 | $1114829 | $2414702 | $37 | $218365 |
| $— | $3859 | $350 | $22969 | $53224 | $1 | $8448 |
| 1162 | 7041 | 348 | 34451 | 23547 |  | 1933 |
| 14387 | 16501 | 869 | 134647 | 81081 |  |  |
| (10861) | (8956) | 60 | 139680 | (276260) |  | 2945 |
| 4688 | 18445 | 1627 | 331747 | (118408) | 1 | 13326 |
| 150 |  | 2995 | 60668 | 95857 |  | 375 |
|  |  |  | (3906) | (48134) |  |  |
|  | 732 |  | (28148) | (66835) |  |  |
| (535) | (2368) | (361) | (44895) | (59007) |  | (5545) |
| (21057) | (73188) | (3186) | 132868 | (247991) |  | (13649) |
| 1387 |  | 44 | (592) | (963) | 1 | 1125 |
| (20055) | (74824) | (508) | 115995 | (327073) | 1 | (17694) |
| (15367) | (56379) | 1119 | 447742 | (445481) | 2 | (4368) |
| 67735 | 262876 | 7752 | 1114829 | 2414702 | 37 | 218365 |
| $52368 | $206497 | $8871 | $1562571 | $1969221 | $39 | $213997 |

---

**B-25**

------

The Guardian Separate Account N

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Nomura VIP<br>Emerging<br>Markets Series<br>Class** | **Nomura VIP<br>Small Cap<br>Growth Series<br>Class** |
|  | **1/1/2024 to<br>12/31/2025** | **1/1/2024 to<br>12/31/2025** |
|  **2024 Increase/(Decrease) from Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(expense) | $1527 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from sale of investments | 6204 | 438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested realized gain distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) of investments | (4166) | 5449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) resulting from operations | 3565 | 5887 |
|  **2024 Policy Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net policy purchase payments | 2730 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers on account of death, surrenders and withdrawals |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers of policy loans | (13) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers of cost of insurance and policy fees | (354) | (454) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between investment divisions, net | (78134) | (19859) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers–other | (71) | (158) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) from policy transactions | (75842) | (20471) |
|  **Total Increase/(Decrease) in Net Assets** | (72277) | (14584) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets at December 31, 2023** | 122331 | 41082 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets at December 31, 2024** | $50054 | $26498 |
|  **2025 Increase/(Decrease) from Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(expense) | $697 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from sale of investments | 26526 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested realized gain distributions | 118 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) of investments | 64290 | 3509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) resulting from operations | 91631 | 3602 |
|  **2025 Policy Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net policy purchase payments | 525 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers on account of death, surrenders and withdrawals |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers of policy loans | 581 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers of cost of insurance and policy fees | (975) | (404) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between investment divisions, net | 79324 | 933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers–other | 12598 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) from policy transactions | 92053 | 620 |
|  **Total Increase/(Decrease) in Net Assets** | 183684 | 4222 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets at December 31, 2024** | 50054 | 26498 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets at December 31, 2025** | $233738 | $30720 |

---

*See notes to financial statements* 

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** |
| **Nomura VIP Mid<br>Cap Growth<br>Series Class** | **Allspring VT<br>International<br>Equity Fund** | **Fidelity<sup>®</sup> VIP<br>Equity-Income<br>Portfolio<br>Service<br>Class 2** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Fidelity<sup>®</sup> VIP<br>High Income<br>Portfolio<br>Service<br>Class 2** | **Fidelity<sup>®</sup> VIP<br>Freedom 2020<br>Portfolio<br>Service<br>Class 2** | **Fidelity<sup>®</sup> VIP<br>Freedom<br>2030 Portfolio<br>Service<br>Class 2** | **Fidelity<sup>®</sup> VIP<br>Government<br>Money Market<br>Portfolio Service<br>Class 2** |
| **1/1/2024 to<br>12/31/2025** | **1/1/2024 to<br>4/30/2024** | **1/1/2024 to<br>12/31/2025** | **1/1/2024 to<br>12/31/2025** | **1/1/2024 to<br>12/31/2025** | **1/1/2024 to<br>12/31/2025** | **1/1/2024 to<br>12/31/2025** |
| $— | $— | $27605 | $2465 | $1334 | $1664 | $267481 |
| (4585) |  | 38998 | 1077 | (22) | 11554 |  |
| 11913 |  | 103515 |  | 1396 | 159 |  |
| 352 |  | 69441 | 1086 | 807 | (369) |  |
| 7680 |  | 239559 | 4628 | 3515 | 13008 | 267481 |
| 58742 |  | 51955 |  |  | 9555 | 152697 |
| (3096) |  | (98785) |  |  |  | (516782) |
| (282) |  | 23755 |  |  |  | (3668) |
| (23084) |  | (60139) | (263) | (296) | (611) | (176396) |
|  |  |  | (17487) |  | (53300) | (932594) |
| 39 |  | 243 | (127) |  | (672) | (433) |
| 32319 |  | (82971) | (17877) | (296) | (45028) | (1477176) |
| 39999 |  | 156588 | (13249) | 3219 | (32020) | (1209695) |
| 380355 |  | 1584597 | 53850 | 47535 | 105345 | 6512095 |
| $420354 | $— | $1741185 | $40601 | $50754 | $73325 | $5302400 |
| $— | $— | $31626 | $2954 | $1392 | $1743 | $587006 |
| (28282) |  | 63092 | 40 | 5 | 235 |  |
| 99335 |  | 110944 |  | 2815 | 3490 |  |
| (64502) |  | 111923 | 1188 | 2366 | 5642 |  |
| 6551 |  | 317585 | 4182 | 6578 | 11110 | 587006 |
| 58113 |  | 58721 | 75 |  |  | 439298 |
|  |  | (246315) |  |  |  | (380121) |
| (7) |  | (663) |  |  | 2083 | (289329) |
| (21895) |  | (58534) | (227) | (333) | (506) | (425902) |
| (21598) |  | 223310 | 1132 |  | (1896) | 30045510 |
| (58) |  | 794 | (12) |  | (1) | (1441) |
| 14555 |  | (22687) | 968 | (333) | (320) | 29388015 |
| 21106 |  | 294898 | 5150 | 6245 | 10790 | 29975021 |
| 420354 |  | 1741185 | 40601 | 50754 | 73325 | 5302400 |
| $441460 | $— | $2036083 | $45751 | $56999 | $84115 | $35277421 |

---

**B-27**

------

The Guardian Separate Account N

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **<br>** <br>**Fidelity<sup>®</sup> VIP<br>Index 500<br>Portfolio<br>Initial Class** | **Templeton<br>Growth<br>VIP Fund<br>Class 2** |
|  | **1/1/2024 to<br>12/31/2025** | **1/1/2024 to<br>12/31/2025** |
|  **2024 Increase/(Decrease) from Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(expense) | $47295 | $1072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from sale of investments | 108615 | 16429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested realized gain distributions | 2279 | 367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) of investments | 631563 | (9038) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) resulting from operations | 789752 | 8830 |
|  **2024 Policy Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net policy purchase payments | 363192 | 8687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers on account of death, surrenders and withdrawals | (232397) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers of policy loans | (42569) | (58) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers of cost of insurance and policy fees | (202831) | (370) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between investment divisions, net | 77367 | (93546) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers–other | (1133) | (865) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) from policy transactions | (38371) | (86152) |
|  **Total Increase/(Decrease) in Net Assets** | 751381 | (77322) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets at December 31, 2023** | 3223598 | 85231 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets at December 31, 2024** | $3974979 | $7909 |
|  **2025 Increase/(Decrease) from Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(expense) | $49435 | $59 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from sale of investments | 174649 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested realized gain distributions | 21381 | 505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) of investments | 447433 | 4677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) resulting from operations | 692898 | 5385 |
|  **2025 Policy Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net policy purchase payments | 465273 | 2771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers on account of death, surrenders and withdrawals | (313072) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers of policy loans | 6461 | 166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers of cost of insurance and policy fees | (216705) | (192) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between investment divisions, net | 79679 | 180881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers–other | (1376) | (2737) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) from policy transactions | 20260 | 180889 |
|  **Total Increase/(Decrease) in Net Assets** | 713158 | 186274 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets at December 31, 2024** | 3974979 | 7909 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets at December 31, 2025** | $4688137 | $194183 |

---

*See notes to financial statements* 

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** |
| **Templeton<br>Global Bond<br>VIP Fund<br>Class 2** | **Templeton<br>Foreign<br>VIP Fund<br>Class 2** | **Franklin<br>Mutual<br>Shares<br>VIP Fund<br>Class 2** | **Franklin<br>Small Cap<br>Value<br>VIP Fund<br>Class 2** | **Morningstar<br>Balanced ETF<br>Asset<br>Allocation<br>Portfolio<br>Class II** | **Morningstar<br>Growth ETF<br>Asset<br>Allocation<br>Portfolio<br>Class II** | **Morningstar<br>Income and<br>Growth ETF<br>Asset<br>Allocation<br>Portfolio<br>Class II** |
| **1/1/2024 to<br>12/31/2025** | **1/1/2024 to<br>12/31/2025** | **1/1/2024 to<br>12/31/2025** | **1/1/2024 to<br>12/31/2025** | **1/1/2024 to<br>12/31/2025** | **1/1/2024 to<br>12/31/2025** | **1/1/2024 to<br>12/31/2025** |
| $— | $1978 | $7672 | $3374 | $— | $1015 | $541 |
| (807) | 2297 | (45804) | (9349) | 5968 | 101 | 1619 |
|  |  | 7979 | 8339 |  | 1396 | 157 |
| (1237) | (19319) | 71304 | 38837 | 578 | 5370 | (589) |
| (2044) | (15044) | 41151 | 41201 | 6546 | 7882 | 1728 |
| 910 | 6209 |  | 3013 |  |  |  |
| (19403) | (4721) | (20400) |  |  |  |  |
| (246) | (2231) | (5803) | (2038) | (199) | (734) | (1379) |
| 57094 | 128978 | (130733) | (91125) | (63335) |  | 564 |
| (261) | 3815 | (281) | (2437) | (596) |  | 48 |
| 38094 | 132050 | (157217) | (92587) | (64130) | (734) | (767) |
| 36050 | 117006 | (116066) | (51386) | (57584) | 7148 | 961 |
| 12811 | 127263 | 488625 | 274467 | 57603 | 62473 | 24106 |
| $48861 | $244269 | $372559 | $223081 | $19 | $69621 | $25067 |
| $— | $6605 | $8018 | $2425 | $— | $1118 | $1172 |
| 1666 | 16516 | (126) | 5877 |  | 163 | 1171 |
|  | 18441 | 39502 | 18915 | 2 | 5612 | 4115 |
| 5141 | 29141 | (4693) | (9371) |  | 5503 | (960) |
| 6807 | 70703 | 42701 | 17846 | 2 | 12396 | 5498 |
|  | 7071 |  | 3509 |  |  |  |
| 198 | 198 |  |  |  |  |  |
| (1141) | (3421) | (3206) | (1700) |  | (748) | (2903) |
| (649) | (91824) |  | (45083) |  |  | (978) |
| (63) | 1014 |  | 3885 |  | (63) | (132) |
| (1655) | (86962) | (3206) | (39389) |  | (811) | (4013) |
| 5152 | (16259) | 39495 | (21543) | 2 | 11585 | 1485 |
| 48861 | 244269 | 372559 | 223081 | 19 | 69621 | 25067 |
| $54013 | $228010 | $412054 | $201538 | $21 | $81206 | $26552 |

---

**B-29**

------

The Guardian Separate Account N

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | <br> **Janus<br>Henderson<br>Enterprise<br>Portfolio<br>Institutional<br>Shares** | **Janus<br>Henderson<br>Forty<br>Portfolio<br>Institutional<br>Shares** |
|  | **1/1/2024 to<br>12/31/2025** | **1/1/2024 to<br>12/31/2025** |
|  **2024 Increase/(Decrease) from Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(expense) | $26744 | $4689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from sale of investments | 84396 | 56235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested realized gain distributions | 142423 | 244747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) of investments | 262362 | 747969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) resulting from operations | 515925 | 1053640 |
|  **2024 Policy Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net policy purchase payments | 62906 | 84576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers on account of death, surrenders and withdrawals | (208222) | (54909) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers of policy loans | 3 | (5264) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers of cost of insurance and policy fees | (62612) | (84121) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between investment divisions, net | (23304) | (27325) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers–other | 239 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) from policy transactions | (230990) | (86735) |
|  **Total Increase/(Decrease) in Net Assets** | 284935 | 966905 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets at December 31, 2023** | 3492361 | 3740479 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets at December 31, 2024** | $3777296 | $4707384 |
|  **2025 Increase/(Decrease) from Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(expense) | $12055 | $14850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from sale of investments | 119005 | 142323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested realized gain distributions | 287930 | 578866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) of investments | (140785) | 88557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) resulting from operations | 278205 | 824596 |
|  **2025 Policy Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net policy purchase payments | 58585 | 70903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers on account of death, surrenders and withdrawals | (114277) | (334899) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers of policy loans | 10743 | 5898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers of cost of insurance and policy fees | (56777) | (86237) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between investment divisions, net | (272229) | 239148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers–other | (1689) | 2378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) from policy transactions | (375644) | (102809) |
|  **Total Increase/(Decrease) in Net Assets** | (97439) | 721787 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets at December 31, 2024** | 3777296 | 4707384 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets at December 31, 2025** | $3679857 | $5429171 |

---

*See notes to financial statements* 

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** |
| **Janus<br>Henderson<br>Research<br>Portfolio<br>Institutional<br>Shares** | **Janus<br>Henderson<br>Global<br>Research<br>Portfolio<br>Institutional<br>Shares** | **Janus<br>Henderson<br>Research<br>Portfolio<br>Service<br>Shares** | **Janus<br>Henderson<br>Mid Cap Value<br>Portfolio<br>Service<br>Shares** | **Janus<br>Henderson<br>Balanced<br>Portfolio<br>Service<br>Shares** | **Janus<br>Henderson<br>Global<br>Research<br>Portfolio<br>Service<br>Shares** | **<br>MFS<sup>®</sup><br>Growth<br>Series<br>Initial Class** |
| **1/1/2024 to<br>12/31/2025** | **1/1/2024 to<br>12/31/2025** | **1/1/2024 to<br>12/31/2025** | **1/1/2024 to<br>12/31/2025** | **1/1/2024 to<br>12/31/2025** | **1/1/2024 to<br>12/31/2025** | **1/1/2024 to<br>12/31/2025** |
| $525 | $19169 | $— | $273 | $871 | $401 | $— |
| 47463 | 63144 | 49173 | 2942 | 15875 | 11443 | 41511 |
| 49905 | 80736 | 12608 | 2014 |  | 2664 | 153340 |
| 411907 | 353756 | 51593 | (1468) | (2211) | (101) | 325521 |
| 509800 | 516805 | 113374 | 3761 | 14535 | 14407 | 520372 |
| 35170 | 82113 | 18742 | 9073 |  |  | 36271 |
|  | (116973) |  | (2695) |  |  | (42038) |
| (78282) | 1008 | (3) |  |  |  | (15912) |
| (36536) | (50677) | (6361) | (803) | (340) | (538) | (33800) |
|  | (3457) | (157183) | 11754 | (90324) | (6151) | 6207 |
| (8) | 83 | (1589) | (649) | (400) | (587) | 392 |
| (79656) | (87903) | (146394) | 16680 | (91064) | (7276) | (48880) |
| 430144 | 428902 | (33020) | 20441 | (76529) | 7131 | 471492 |
| 1462386 | 2222719 | 346911 | 29219 | 76530 | 32534 | 1672910 |
| $1892530 | $2651621 | $313891 | $49660 | $1 | $39665 | $2144402 |
| $2409 | $21659 | $626 | $641 | $— | $866 | $— |
| 80272 | 70709 | 13077 | (1348) |  | 10123 | 97946 |
| 148163 | 245659 | 38484 | 4603 |  | 3825 | 400848 |
| 110964 | 212832 | 28297 | (1850) |  | 4862 | (245158) |
| 341808 | 550859 | 80484 | 2046 |  | 19676 | 253636 |
| 35198 | 74901 | 39332 | 2695 |  |  | 37205 |
| (112256) | (67054) |  |  |  |  | (147952) |
| 2424 | (28548) | (3) |  |  |  | (3031) |
| (40355) | (54501) | (8255) | (443) |  | (10045) | (35921) |
| 91375 | 66486 | 136850 | (22496) |  | 528463 | 31255 |
| (696) | 920 | 191 | (396) |  | 2251 | (2259) |
| (24310) | (7796) | 168115 | (20640) |  | 520669 | (120703) |
| 317498 | 543063 | 248599 | (18594) |  | 540345 | 132933 |
| 1892530 | 2651621 | 313891 | 49660 | 1 | 39665 | 2144402 |
| $2210028 | $3194684 | $562490 | $31066 | $1 | $580010 | $2277335 |

---

**B-31**

------

The Guardian Separate Account N

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | | |
|:---|:---|:---|:---|
|  | <br> **MFS<sup>®</sup> New<br>Discovery<br>Series<br>Initial Class** | **MFS<sup>®</sup><br>Total<br>Return Series<br>Initial Class** | **MFS<sup>®</sup>**<br> **Research<br>Series<br>Service Class** |
|  | **1/1/2024 to<br>12/31/2025** | **1/1/2024 to<br>12/31/2025** | **1/1/2024 to<br>4/25/2025** |
|  **2024 Increase/(Decrease) from Operations** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(expense) | $— | $80377 | $14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from sale of investments | (99518) | 5320 | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested realized gain distributions |  | 155603 | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) of investments | 193158 | 4093 | (15) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) resulting from operations | 93640 | 245393 | 472 |
|  **2024 Policy Transactions** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net policy purchase payments | 56759 | 194117 | 7472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers on account of death, surrenders and withdrawals | (134215) | (117327) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers of policy loans | (18380) | 3951 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers of cost of insurance and policy fees | (33623) | (157356) | (1386) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between investment divisions, net | (33799) | (20181) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers–other | (567) | (2567) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) from policy transactions | (163825) | (99363) | 6085 |
|  **Total Increase/(Decrease) in Net Assets** | (70185) | 146030 | 6557 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets at December 31, 2023** | 1506527 | 3179374 | 1221 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets at December 31, 2024** | $1436342 | $3325404 | $7778 |
|  **2025 Increase/(Decrease) from Operations** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(expense) | $— | $91605 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from sale of investments | (69705) | (13070) | (604) |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested realized gain distributions |  | 244266 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) of investments | 241603 | 32729 | (67) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) resulting from operations | 171898 | 355530 | (671) |
|  **2025 Policy Transactions** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net policy purchase payments | 48130 | 142158 | 3211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers on account of death, surrenders and withdrawals | (50921) | (185818) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers of policy loans | (76235) | (98159) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers of cost of insurance and policy fees | (29285) | (160657) | (596) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between investment divisions, net | (38168) | (13727) | (9723) |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers–other | (953) | (298) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) from policy transactions | (147432) | (316501) | (7107) |
|  **Total Increase/(Decrease) in Net Assets** | 24466 | 39029 | (7778) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets at December 31, 2024** | 1436342 | 3325404 | 7778 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets at December 31, 2025** | $1460808 | $3364433 | $— |

---

*See notes to financial statements* 

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** | **Investment Options** |
| **MFS<sup>®</sup><br>Investors<br>Trust Series<br>Service Class** | **PIMCO<br>Real Return<br>Portfolio<br>Advisor Class** | **PIMCO<br>Total Return<br>Portfolio<br>Advisor Class** | <br>**ClearBridge<br>Variable<br>Appreciation<br>Portfolio<br>Class II** | **ClearBridge<br>Variable<br>Mid Cap<br>Portfolio<br>Class II** | **Putnam VT<br>Core Equity<br>Fund <br>Class IB** | **Victory<br>Pioneer Equity<br>Income VCT<br>Portfolio** |
| **1/1/2024 to<br>4/25/2025** | **1/1/2024 to<br>12/31/2025** | **1/1/2024 to<br>12/31/2025** | **1/1/2024 to<br>4/25/2025** | **1/1/2024 to<br>12/31/2025** | **1/1/2024 to<br>12/31/2025** | **1/1/2024 to<br>12/31/2025** |
| $193 | $3991 | $8634 | $11 | $— | $200 | $1712 |
| 731 | (7375) | (16747) | 8853 | 1016 | 227 | 421 |
| 3020 |  |  | 197 |  | 1827 | 15396 |
| 2819 | 4906 | 14998 | (3095) | 1512 | 5763 | (8751) |
| 6763 | 1522 | 6885 | 5966 | 2528 | 8017 | 8778 |
| 10413 | 37590 | 18837 |  |  | 10135 | 16098 |
|  | (40627) | (33512) | (20833) | (41847) |  |  |
|  |  | (61) |  |  | (2) | (927) |
| (1755) | (7494) | (10020) | (122) | (110) | (3800) | (5585) |
|  | 154374 | (12838) | (16351) | 19244 |  |  |
| (2) | 183 | (29) | 15 |  |  | 1 |
| 8656 | 144026 | (37623) | (37291) | (22713) | 6333 | 9587 |
| 15419 | 145548 | (30738) | (31325) | (20185) | 14350 | 18365 |
| 34547 | 94110 | 209614 | 31325 | 20185 | 27478 | 76385 |
| $49966 | $239658 | $178876 | $— | $— | $41828 | $94750 |
| $— | $7723 | $7929 | $— | $— | $186 | $2131 |
| (241) | 4787 | (823) |  |  | 326 | (756) |
|  |  |  |  |  | 3902 | 15225 |
| (2307) | 6256 | 9174 |  |  | 3440 | (5315) |
| (2548) | 18766 | 16280 |  |  | 7854 | 11285 |
| 3642 | 11231 | 12871 |  |  | 10508 | 16019 |
|  |  | (284) |  |  |  |  |
|  |  | 168 |  |  | (1) | (23) |
| (716) | (6295) | (8701) |  |  | (3578) | (5345) |
| (50345) | (101797) | 68948 |  |  |  | (576) |
| 1 | 302 | (198) |  |  |  |  |
| (47418) | (96559) | 72804 |  |  | 6929 | 10075 |
| (49966) | (77793) | 89084 |  |  | 14783 | 21360 |
| 49966 | 239658 | 178876 |  |  | 41828 | 94750 |
| $— | $161865 | $267960 | $— | $— | $56611 | $116110 |

---

**B-33**

------

**THE GUARDIAN SEPARATE ACCOUNT N** 

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

**NOTE 1 — ORGANIZATION** 

The Guardian Separate Account N (the Account), a unit investment trust registered under the Investment Company Act of 1940, as amended, was established by The Guardian Insurance & Annuity Company, Inc. (GIAC) on September 23, 1999, and commenced operations on July 20, 2000. GIAC is a wholly owned subsidiary of The Guardian Life Insurance Company of America (Guardian). GIAC issues the survivorship variable universal life, individual variable universal life and flexible premium variable life insurance policies offered through the Account. GIAC provides for variable accumulations and benefits under the policies by crediting the net premium payments or policy loan repayments to one or more investment divisions established within the Account or to the Fixed Rate Option (FRO), as selected by the policyowner. Amounts allocated to the FRO are maintained by GIAC in its general account. The policy owner may transfer his or her policy value among the various investment options based on the selected policy within the Account, or the FRO. However, a policyowner may only invest in up to twenty investment options, including the FRO, at any time. Policyowners may also choose to invest all or a portion of their net premiums or policy account value in the indexed option for the Flexible Solutions VUL III and Flexible Solutions VUL (2018) contracts, which is maintained by GIAC in its general account.

The sixty-one investment options of the Account correspond to the following underlying mutual funds and classes of shares in which the investment option invests (collectively, the Funds and individually, a Fund):

Guardian Integrated Research VIP Fund

Guardian Large Cap Disciplined Growth VIP Fund

Guardian Total Return Bond VIP Fund

Guardian Small Cap Value Diversified VIP Fund

(formerly Guardian Small Cap Core VIP Fund)

Guardian All Cap Core VIP Fund

Guardian Select Mid Cap Core VIP Fund

Guardian Small Mid Cap Core VIP Fund

Guardian Strategic Large Cap Core VIP Fund

Guardian Core Fixed Income VIP Fund

Guardian Short Duration Bond VIP Fund

Guardian Balanced Allocation VIP Fund

Guardian Equity Income VIP Fund

Victory Pioneer Equity Income VCT Portfolio

(formerly Pioneer Equity Income VCT Portfolio Class II)

Invesco V.I. American Franchise Fund Series I

Invesco V.I. Equity and Income Fund Series I

Invesco V.I. Government Securities Fund Series II

Invesco V.I. Main Street Mid Cap Fund Series II

Invesco V.I. Equity and Income Fund Series II

Invesco V.I. American Franchise Fund Series II

Invesco V.I. Global Fund Series II

Alger Capital Appreciation Portfolio Class S

AB Sustainable Global Thematic Portfolio Class B

LVIP American Century Capital Appreciation Fund

Standard Class II

LVIP American Century Mid Cap Value Fund Standard

Class II

BlackRock Global Allocation V.I. Fund Class III

Davis Financial Portfolio

Davis Real Estate Portfolio

LVIP JPMorgan Short Duration Bond Fund

(formerly LVIP Macquarie Limited-Term Diversified

Income Fund Service Class)

LVIP Fidelity Institutional AM Total Bond Fund Service Class

(formerly LVIP Macquarie Diversified Income Fund Service Class)

Nomura VIP Emerging Markets Series Class

(formerly Macquarie VIP Emerging Markets Series Service Class)

Nomura VIP Small Cap Growth Series Class

(formerly Delaware IVY VIP Small Cap Growth Fund Class II)

Nomura VIP Mid Cap Growth Series Class

(formerly Macquarie VIP Mid Cap Growth Series Service Class II)

Fidelity<sup>®</sup> VIP Equity-Income Portfolio Service Class 2

Fidelity<sup>®</sup> VIP High Income Portfolio Service Class 2

Fidelity<sup>®</sup> VIP Freedom 2020 Portfolio Service Class 2

Fidelity<sup>®</sup> VIP Freedom 2030 Portfolio Service Class 2

Fidelity<sup>®</sup> VIP Government Money Market Portfolio Service Class 2

Fidelity<sup>®</sup> VIP Index 500 Portfolio Initial Class

Templeton Growth VIP Fund Class 2

Templeton Global Bond VIP Fund Class 2

Templeton Foreign VIP Fund Class 2

Franklin Mutual Shares VIP Fund Class 2

Franklin Small Cap Value VIP Fund Class 2

Morningstar Balanced ETF Asset Allocation Portfolio Class II

Morningstar Growth ETF Asset Allocation Portfolio Class II

Morningstar Income and Growth ETF Asset Allocation

Portfolio Class II

Janus Henderson Enterprise Portfolio Institutional Shares

Janus Henderson Forty Portfolio Institutional Shares

Janus Henderson Research Portfolio Institutional Shares

Janus Henderson Global Research Portfolio Institutional Shares

Janus Henderson Research Portfolio Service Shares

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

------

The Guardian Separate Account N

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

Janus Henderson Mid Cap Value Portfolio Service Shares

Janus Henderson Balanced Portfolio Service Shares

Janus Henderson Global Research Portfolio Service Shares

MFS<sup>®</sup> Growth Series Initial Class

MFS<sup>®</sup> New Discovery Series Initial Class MFS<sup>®</sup> Total Return Series Initial Class

PIMCO Real Return Portfolio Advisor Class

PIMCO Total Return Portfolio Advisor Class

ClearBridge Variable Mid Cap Portfolio Class II

Putnam VT Core Equity Fund Class IB

The below funds were part of a fund substitution and are no longer available as an investment option under this contract in 2025:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Existing Fund** | **Replacement Fund** | **Date** |
| &nbsp;&nbsp;&nbsp; Victory RS Large Cap Alpha VIP Series | Guardian Equity Income VIP Fund | April 25, 2025 |
| &nbsp;&nbsp;&nbsp; Gabelli Capital Asset Fund | Guardian All Cap Core VIP Fund | April 25, 2025 |
| &nbsp;&nbsp;&nbsp; Invesco V.I. Core Equity Fund Series II | Guardian Equity Income VIP Fund | April 25, 2025 |
| &nbsp;&nbsp;&nbsp; MFS<sup>®</sup> Investors Trust Series Service Class | Guardian Equity Income VIP Fund | April 25, 2025 |
| &nbsp;&nbsp;&nbsp; MFS<sup>®</sup> Research Series Service Class | Guardian Equity Income VIP Fund | April 25, 2025 |
| &nbsp;&nbsp;&nbsp; ClearBridge Variable Appreciation Port folio Class II | Guardian Integrated Research VIP Fund | April 25, 2025 |

---

The below funds were liquidated and no longer available as an investment option under this contract in 2025 and 2024:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Existing Fund** | **Date** |
| &nbsp;&nbsp;&nbsp; Victory RS International VIP Series<br> Fidelity<sup>®</sup> VIP Government Money Market Portfolio Service Class 2 | August 29, 2025 |
| &nbsp;&nbsp;&nbsp; Victory RS Small Cap Growth Equity VIP Series<br> Fidelity<sup>®</sup> VIP Government Money Market Portfolio Service Class 2 | August 29, 2025 |
| &nbsp;&nbsp;&nbsp; Victory 500 Index VIP Series<br> Fidelity<sup>®</sup> VIP Government Money Market Portfolio Service Class 2 | August 29, 2025 |
| &nbsp;&nbsp;&nbsp; Victory High Yield VIP Series<br> Fidelity<sup>®</sup> VIP Government Money Market Portfolio Service Class 2 | August 29, 2025 |
| &nbsp;&nbsp;&nbsp; Victory Sophus Emerging Markets VIP Series<br> Fidelity<sup>®</sup> VIP Government Money Market Portfolio Service Class 2 | June 27, 2025 |
| &nbsp;&nbsp;&nbsp; Allspring VT International Equity Fund<br> Fidelity<sup>®</sup> VIP Government Money Market Portfolio Service Class 2 | April 30, 2024 |

---

The below funds were merged and no longer available as an investment option under this contract in 2025 and 2024:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Existing Fund** | **Replacement Fund** | **Date** |
| &nbsp;&nbsp;&nbsp; Pioneer Equity Income VCT Portfolio | Victory Pioneer Equity Income VCT Port folio | March 31, 2025 |
| &nbsp;&nbsp;&nbsp; American Century VP Capital Appreciation Fund - Class I | LVIP American Century Capital Appreciation Fund | April 26, 2024 |
| &nbsp;&nbsp;&nbsp; American Century VP Mid Cap Value - Class I | LVIP American Century Mid Cap Value Fund | April 26, 2024 |

---

A tax-qualified and a non-tax-qualified investment division has been established within each investment option available in the Account.

Under applicable insurance law, the assets and liabilities of the Account are clearly identified and distinguished from the other assets and liabilities of GIAC. The assets of the Account will not be charged with any liabilities arising out of any other business conducted by GIAC, but the obligations of the Account, including the promise to make benefit payments, are obligations of GIAC.

The changes in net assets maintained in the Account provide the basis for the periodic determination of benefits under the policies. The net assets may not be less than the amount required under state insurance laws to provide for death benefits (without regard to the minimum death benefit guarantee, guaranteed minimum income benefit or guaranteed minimum withdrawal benefit) and other policy benefits. Assets and related liabilities are held in GIAC's general account to

**B-35**

------

The Guardian Separate Account N

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

cover the contingency that a policy's guaranteed benefit might exceed the benefit that would have been payable in the absence of such a guarantee.

**NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES** 

The accompanying financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (GAAP). The following is a summary of significant accounting policies of the Account:

**Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Net proceeds of payments made by policyowners to the Account are invested by the Account's investment divisions in shares of the corresponding Funds at net asset value. All distributions made by the Fund are
reinvested in shares of the same Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The market value of the investments in the Funds is based on the net asset value of the respective Funds as of their close of business on the valuation date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Investment transactions are accounted for on the trade date and income is recorded on the ex-dividend date. Realized gains and losses are determined based on the cost of
securities sold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The cost of investments sold is determined on a first in, first out (FIFO) basis.

The guidance pertaining to the disclosure of fair value measurements requires (1) the separate disclosure of significant transfers in and out of Level 1 and Level 2 fair value measurements, (2) additional breakout of the information presented in reconciliation of Level 3 fair value measurements, and (3) increased disclosure about inputs and valuation techniques used to measure fair value. For the year ended December 31, 2025, there were no transfers into or out of Level 1 and Level 2, and there were no Level 3 fair value measurement items requiring reconciliation.

The guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are based on observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect management's view of market assumptions based on internally developed data in the absence of observable market information. The guidance requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs when determining the fair value of an asset or liability. The statement classifies all assets and liabilities carried or disclosed at fair value in one of the following three categories:

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

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

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

The Account invests in various registered mutual funds managed by unaffiliated third parties. The fair value of the registered mutual funds is based upon the reported net asset values ("NAVs") as provided by the fund manager. The Fair Value Hierarchy level of the Account net assets is based on observable market inputs of the registered mutual funds as published on recognized market exchanges. GIAC's management reviews each mutual fund's liquidity in order to determine the level at which those investments should be reported. Generally, actively traded registered mutual funds are considered Level 1.

As of December 31, 2025, all investments of the Account were in actively traded registered mutual funds and were considered Level 1 with a total fair value of $125,505,839.

The guidance indicates that entities should determine whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. The guidance also indicates that entities should consider and evaluate the impact of decreased market activity and whether transactions are orderly in arriving at a fair value for its assets and liabilities, including evaluating whether values provided by pricing services are based

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

------

The Guardian Separate Account N

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

on current information that reflects orderly transactions. As of December 31, 2025, none of the Account's registered mutual funds investments' level of trading activities is considered to have significantly decreased.

There were no financial instrument liabilities held by the Account as of December 31, 2025, or during the twelve months then ended.

**Subsequent Events** 

The Account considers events occurring after the balance sheet date but prior to the issuance of the financial statements to be subsequent events requiring disclosure. There were no subsequent events requiring recognition or disclosure in the financial statements.

**Individual Mortality Table Used and the Assumed Investment Return** 

The mortality charge for Variable Universal Life Insurance policies is based on the 1980/2001/2017 Commissioners' Standard Ordinary Mortality Table published by the National Association of Insurance Commissioners. The assumed investment return is 3.0% - 4.0%.

**Federal Income Taxes** 

The operations of the Account are included in the federal income tax return of Guardian, which is taxed as a life insurance company under the provisions of the Internal Revenue Code ("IRC"). Under the current provisions of the IRC, Guardian does not expect to incur federal income taxes on the earnings of the Account to the extent the earnings are credited under the policies. Based on this, there is no charge to the Account for federal income taxes. Guardian will review, as needed, 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 policies.

Under the provisions of Section 817(h) of the IRC, a variable life policy will not be treated as a life policy for federal tax purposes for any period for which the investments of the segregated asset account on which the policy is based are not adequately diversified. The IRC provides that the "adequately diversified" requirement may be met if the underlying investments satisfy either a statutory safe harbor test or diversification requirements set forth in regulations issued by the Secretary of Treasury. The Internal Revenue Service has issued regulations under section 817(h) of IRC. Guardian believes that the Account satisfies the current requirements of the regulations, and it intends that the Account will continue to meet such requirements.

**Use of Estimates** 

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates.

**Segmented Reporting** 

In this reporting period, 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 GIAC 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 fund's chief operating decision maker ("CODM") assessing performance and making decisions about 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, Statement of Changes in Net Assets and Financial Highlights.

**B-37**

------

The Guardian Separate Account N

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

**NOTE 3 — PURCHASES AND SALES OF INVESTMENTS** 

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

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  Guardian Integrated Research VIP Fund | $41563 | $201153 |
|  Guardian Large Cap Disciplined Growth VIP Fund | 528785 | 687724 |
|  Guardian Total Return Bond VIP Fund |  | 302 |
|  Guardian Small Cap Value Diversified VIP Fund <br>(formerly Guardian Small Cap Core VIP Fund) | 45610 | 119482 |
|  Guardian All Cap Core VIP Fund | 2390267 | 170821 |
|  Guardian Select Mid Cap Core VIP Fund | 266425 | 996782 |
|  Guardian Small Mid Cap Core VIP Fund | 26495 | 7900 |
|  Guardian Strategic Large Cap Core VIP Fund | 1656655 | 168618 |
|  Guardian Core Fixed Income VIP Fund | 192842 | 246781 |
|  Guardian Short Duration Bond VIP Fund | 100162 | 400448 |
|  Guardian Balanced Allocation VIP Fund | 91202 | 93140 |
|  Guardian Equity Income VIP Fund | 8208473 | 5027366 |
|  Victory RS Large Cap Alpha VIP Series | 1484714 | 7803832 |
|  Victory 500 Index VIP Series | 4937394 | 22134261 |
|  Victory High Yield VIP Series | 60649 | 511372 |
|  Victory RS International VIP Series | 823772 | 4925581 |
|  Victory Sophus Emerging Markets VIP Series | 140424 | 2876177 |
|  Victory RS Small Cap Growth Equity VIP Series | 264873 | 4763850 |
|  Gabelli Capital Asset Fund | 1525647 | 2386711 |
|  Invesco V.I. American Franchise Fund Series I | 234944 | 117401 |
|  Invesco V.I. Equity and Income Fund Series I | 47968 | 13453 |
|  Invesco V.I. Core Equity Fund Series II | 7385 | 170922 |
|  Invesco V.I. Government Securities Fund Series II | 29709 | 24828 |
|  Invesco V.I. Main Street Mid Cap Fund Series II | 86115 | 27410 |
|  Invesco V.I. Equity and Income Fund Series II | 10676 | 4438 |
|  Invesco V.I. American Franchise Fund Series II | 24692 | 3560 |
|  Invesco V.I. Global Fund Series II | 89706 | 3178 |
|  Alger Capital Appreciation Portfolio Class S | 202181 | 2457 |
|  AB Sustainable Global Thematic Portfolio Class B | 40307 | 9104 |
|  LVIP American Century Capital Appreciation Fund Standard Class II | 65614 | 71282 |
|  LVIP American Century Mid Cap Value Fund Standard Class II | 23715 | 78179 |
|  BlackRock Global Allocation V.I. Fund Class III | 4193 | 3482 |
|  Davis Financial Portfolio | 432769 | 159158 |
|  Davis Real Estate Portfolio | 515297 | 708065 |
|  LVIP JPMorgan Short Duration Bond Fund <br>(formerly LVIP Macquarie Limited Term Diversified Income Fund Service Class) | 1 |  |
|  LVIP Fidelity Instituional AM Total Bond Fund <br>(formerly LVIP Macquarie Diversified Income Fund Service Class) | 85877 | 95122 |
|  Nomura VIP Emerging Markets Series Class <br>(formerly Macquarie VIP Emerging Markets Series Service Class) | 155008 | 62139 |
|  Nomura VIP Small Cap Growth Series Class <br>(formerly Delaware IVY VIP Small Cap Growth Fund Class II) | 1052 | 432 |
|  Nomura VIP Mid Cap Growth Series Class <br>(formerly Macquarie VIP Mid Cap Growth Series Service Class) | 154640 | 40750 |
|  Allspring VT International Equity Fund |  |  |
|  Fidelity<sup>®</sup> VIP Equity-Income Portfolio Service Class 2 | 429364 | 309481 |
|  Fidelity<sup>®</sup> VIP High Income Portfolio Service Class 2 | 4508 | 585 |
|  Fidelity<sup>®</sup> VIP Freedom 2020 Portfolio Service Class 2 | 4207 | 333 |
|  Fidelity<sup>®</sup> VIP Freedom 2030 Portfolio Service Class 2 | 7396 | 2482 |
|  Fidelity<sup>®</sup> VIP Government Money Market Portfolio Service Class 2 | 33800743 | 3825722 |
|  Fidelity<sup>®</sup> VIP Index 500 Portfolio Initial Class | 661056 | 569981 |
|  Templeton Growth VIP Fund Class 2 | 184712 | 3260 |

---

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

------

The Guardian Separate Account N

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  Templeton Global Bond VIP Fund Class 2 | 26717 | 28372 |
|  Templeton Foreign VIP Fund Class 2 | 74717 | 136632 |
|  Franklin Mutual Shares VIP Fund Class 2 | 47520 | 3206 |
|  Franklin Small Cap Value VIP Fund Class 2 | 107929 | 125977 |
|  Morningstar Balanced ETF Asset Allocation Portfolio Class II | 3 |  |
|  Morningstar Growth ETF Asset Allocation Portfolio Class II | 6729 | 810 |
|  Morningstar Income and Growth ETF Asset Allocation Portfolio Class II | 31321 | 30047 |
|  Janus Henderson Enterprise Portfolio Institutional Shares | 376910 | 452568 |
|  Janus Henderson Forty Portfolio Institutional Shares | 934598 | 443692 |
|  Janus Henderson Research Portfolio Institutional Shares | 280218 | 153957 |
|  Janus Henderson Global Research Portfolio Institutional Shares | 399573 | 140052 |
|  Janus Henderson Research Portfolio Service Shares | 242592 | 35366 |
|  Janus Henderson Mid Cap Value Portfolio Service Shares | 7933 | 23329 |
|  Janus Henderson Balanced Portfolio Service Shares |  |  |
|  Janus Henderson Global Research Portfolio Service Shares | 646180 | 120821 |
|  MFS<sup>®</sup> Growth Series Initial Class | 501692 | 221548 |
|  MFS<sup>®</sup> New Discovery Series Initial Class | 58659 | 206092 |
|  MFS<sup>®</sup> Total Return Series Initial Class | 470661 | 451290 |
|  MFS<sup>®</sup> Research Series Service Class | 3080 | 10186 |
|  MFS<sup>®</sup> Investors Trust Series Service Class | 3643 | 51062 |
|  PIMCO Real Return Portfolio Advisor Class | 18947 | 107784 |
|  PIMCO Total Return Portfolio Advisor Class | 88938 | 8206 |
|  ClearBridge Variable Appreciation Portfolio Class II |  |  |
|  ClearBridge Variable Mid Cap Core Portfolio Class II |  |  |
|  Putnam VT Core Equity Fund Class IB | 13615 | 2598 |
|  Victory Pioneer Equity Income VCT Portfolio <br>(formerly Pioneer Equity Income VCT Portfolio Class II) | 32528 | 5097 |
|  **Total** | $**64464491** | $**62588195** |

---

**NOTE 4 — EXPENSES AND RELATED PARTY TRANSACTIONS** 

Under the terms of the policy, GIAC deducts certain charges from the policy account value. These contractual charges are deducted by redeeming units of the investment divisions and consist of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Mortality and expense risk charges are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For Park Avenue Millennium Series, GIAC deducts at a current annual rate of .60% of the net assets of the separate account through the twelfth policy year. Starting in the thirteenth policy year, GIAC deducts at a
current annual rate of .40% up to account value breakpoint and .20% on the amount of net assets in excess of the breakpoint.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For Flexible Solutions Series, GIAC deducts at a current annual rate of .60% of the net assets of the separate account through the tenth policy year. Starting in the eleventh policy year, GIAC deducts at a current
annual rate of .20% up to the account value breakpoint and .00% on the net amount of assets in excess of the breakpoint.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For Flexible Solution - Gold Series, GIAC deducts at a current annual rate of .50% of the net assets of the separate account through the tenth policy year. Starting in the eleventh policy year, GIAC deducts at a current
annual rate of .10% up to the account value breakpoint and .00% on the net amount of assets in excess of the breakpoint.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For Executive Benefits, there is no current annual deduction of the net assets of the separate account. GIAC guarantees this charge never to exceed an annual rate of .25% of the account value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For Flexible Solutions VUL III, there is no current annual deduction of the net assets of the separate account. GIAC guarantees this charge never to exceed an annual rate of .25% of the account value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For Flexible Solutions VUL (2018), there is no current annual deduction of the net assets of the separate account. GIAC guarantees this charge never to exceed an annual rate of .25% of the account value.

**B-39**

------

The Guardian Separate Account N

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

The breakpoint is defined as $100,000 less any policy account value allocated to the fixed rate option, but not less than zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Policy and administrative fees, which vary with the basic sum, face amount, age, sex and rating class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) A monthly charge for the cost of life insurance, based on age, sex, duration and rating class, is deducted as compensation for the anticipated cost of paying death benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) For Flexible Solutions VUL III, GIAC deducts a monthly indexed account charge at a current annual rate of .45% of the policy value in the indexed account, which is the obligation of GIAC's general account. GIAC
guarantees this charge never to exceed an annual rate of .70% of the indexed account value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) For Flexible Solutions VUL (2018), GIAC deducts a monthly indexed account charge at a current annual rate of .45% of the policy value in the indexed account, which is the obligation of GIAC's general account. GIAC
guarantees this charge never to exceed an annual rate of 1.00% of the indexed account value.

Currently, GIAC makes no charge against the Account for GIAC's federal income taxes. However, GIAC reserves the right to charge taxes attributable to the Account in the future.

For the years ended December 31, 2025, and 2024, contractual charges amounted to $3,582,812 and $3,734,607, respectively, and represent the aggregate fair value of the units at the redemption date, which are reflected in "Transfer of cost of insurance and policy fees" in the Statement of Changes in Net Assets.

Under current laws, GIAC may incur state and local taxes in several states. At present, these taxes are not significant. In the event of a material change in applicable state or local tax laws, GIAC reserves the right to charge the Account for such taxes, if any, which are attributable to the Account.

Under an investment sub-advisory agreement between Victory Capital Management, Inc. and Park Avenue Institutional Advisors 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, 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Guardian Integrated Research VIP Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Guardian Total Return Bond VIP Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Guardian Small Cap Value Diversified VIP Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Guardian All Cap Core VIP Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Guardian Select Mid Cap Core VIP Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Guardian Large Cap Disciplined Growth VIP Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Guardian Small Mid Cap Core VIP Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Guardian Strategic Large Cap Core VIP Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Guardian Core Fixed Income VIP Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Guardian Short Duration Bond VI Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Guardian Balanced Allocation VIP Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Guardian Equity Income VIP Fund

GIAC has administrative service fee agreements with Victory Capital Management Inc., Gabelli Capital Asset Fund, Invesco Advisers, Inc., AllianceBernstein, L.P., ALPS Advisors, Inc., American Century Investment Management, Inc., BlackRock Advisors, LLC, Davis Selected Advisers, LP, Delaware Management Company, Fidelity Management & Research Company, Franklin Advisers, Inc., Franklin Advisory Services, LLC, Franklin Mutual Advisers, LLC, Fred Alger Management, Inc., Janus Henderson Group PLC, Massachusetts Financial Services Company, PIMCO, Templeton Investment Counsel, LLC, Templeton Global Advisors Limited, LLC, Legg Mason Partners Fund Advisor, LLC, All Spring Global Investment, Amundi Pioneer Investment Management, Inc., and Putnam Investment Management, LLC, which compensate GIAC for administrative services provided. These fees range from .05% to .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.

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

------

The Guardian Separate Account N

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

**NOTE 5 — CHANGES IN UNITS OUTSTANDING** 

The changes in units outstanding for the years ended December 31, 2025 and 2024, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **Units<br>Issued** | **Units<br>Redeemed** | **Net Increase /<br>(Decrease)** | **Units<br>Issued** | **Units<br>Redeemed** | **Net Increase /<br>(Decrease)** |
|  Guardian Integrated Research VIP Fund | 3693 | 13883 | (10189) | 7289 | 14169 | (6880) |
|  Guardian Large Cap Disciplined Growth VIP Fund | 39708 | 52764 | (13056) | 60937 | 42920 | 18017 |
|  Guardian Total Return Bond VIP Fund |  | 29 | (29) | 4106 | 7996 | (3890) |
|  Guardian Small Cap Value Diversified VIP Fund <br>(formerly Guardian Small Cap Core VIP Fund) | 4992 | 11524 | (6532) | 10020 | 24068 | (14048) |
|  Guardian All Cap Core VIP Fund | 226942 | 50448 | 176494 | 1176 | 2979 | (1803) |
|  Guardian Select Mid Cap Core VIP Fund | 31520 | 91435 | (59915) | 39728 | 78553 | (38825) |
|  Guardian Small Mid Cap Core VIP Fund | 3158 | 1498 | 1660 | 1929 | 1118 | 811 |
|  Guardian Strategic Large Cap Core VIP Fund | 108311 | 13046 | 95265 | 3367 | 6163 | (2796) |
|  Guardian Core Fixed Income VIP Fund | 20277 | 25364 | (5087) | 88400 | 24857 | 63543 |
|  Guardian Short Duration Bond VIP Fund | 9368 | 36569 | (27201) | 14166 | 34298 | (20132) |
|  Guardian Balanced Allocation VIP Fund | 8651 | 8579 | 72 | 12282 | 14393 | (2112) |
|  Guardian Equity Income VIP Fund | 698252 | 403762 | 294491 | 73086 | 92541 | (19455) |
|  Victory RS Large Cap Alpha VIP Series | 3603 | 213835 | (210232) | 18596 | 29546 | (10951) |
|  Victory 500 Index VIP Series | 22366 | 342852 | (320486) | 29857 | 34615 | (4758) |
|  Victory High Yield VIP Series | 499 | 12557 | (12057) | 1602 | 1518 | 84 |
|  Victory RS International VIP Series | 22446 | 156198 | (133752) | 29823 | 17184 | 12639 |
|  Victory Sophus Emerging Markets VIP Series | 2942 | 54896 | (51954) | 6299 | 8825 | (2526) |
|  Victory RS Small Cap Growth Equity VIP Series | 5660 | 87415 | (81755) | 5939 | 14371 | (8433) |
|  Gabelli Capital Asset Fund | 9299 | 50494 | (41196) | 2912 | 6914 | (4002) |
|  Invesco V.I. American Franchise Fund Series I | 2996 | 2947 | 50 | 755 | 2169 | (1414) |
|  Invesco V.I. Equity and Income Fund Series I | 754 | 609 | 145 | 1306 | 1075 | 230 |
|  Invesco V.I. Core Equity Fund Series II | 2137 | 6622 | (4484) | 2470 | 527 | 1944 |
|  Invesco V.I. Government Securities Fund Series II | 2009 | 1789 | 220 | 3682 | 742 | 2940 |
|  Invesco V.I. Main Street Mid Cap Fund Series II | 2074 | 831 | 1244 | 1926 | 3541 | (1615) |
|  Invesco V.I. Equity and Income Fund Series II | 335 | 202 | 132 | 128 | 180 | (52) |
|  Invesco V.I. American Franchise Fund Series II | 407 | 134 | 273 | 224 | 84 | 140 |
|  Invesco V.I. Global Fund Series II | 308 | 68 | 240 | 246 | 5060 | (4814) |
|  Alger Capital Appreciation Portfolio Class S | 535 | 27 | 508 | 1119 | 4814 | (3695) |
|  AB Sustainable Global Thematic Portfolio Class B | 83 | 261 | (178) | 1463 | 1450 | 13 |
|  LVIP American Century Capital Appreciation Fund Standard Class II | 988 | 1382 | (394) | 693 | 2002 | (1308) |
|  LVIP American Century Mid Cap Value Fund Standard Class II | 1712 | 3332 | (1620) | 4029 | 4863 | (834) |
|  BlackRock Global Allocation V.I. Fund Class III | 191 | 203 | (13) | 566 | 2963 | (2397) |
|  Davis Financial Portfolio | 4676 | 2982 | 1694 | 2569 | 3071 | (502) |
|  Davis Real Estate Portfolio | 13461 | 18756 | (5295) | 8234 | 13518 | (5284) |
|  LVIP JPMorgan Short Duration Bond Fund <br>(formerly LVIP Macquarie Limited Term Diversified Income Fund Service Class) |  |  |  | 8140 | 38940 | (30800) |
|  LVIP Fidelity Institutional AM Total Bond Fund <br>(formerly LVIP Macquarie Diversified Income Fund Service Class) | 5795 | 6775 | (980) | 12692 | 1764 | 10928 |
|  Nomura VIP Emerging Markets Series Class <br>(formerly Macquarie VIP Emerging Markets Series Service Class) | 6943 | 2251 | 4692 | 1955 | 6580 | (4625) |

---

**B-41**

------

The Guardian Separate Account N

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **Units<br>Issued** | **Units<br>Redeemed** | **Net Increase /<br>(Decrease)** | **Units<br>Issued** | **Units<br>Redeemed** | **Net Increase /<br>(Decrease)** |
|  Nomura VIP Small Cap Growth Series Class <br>(formerly Delaware IVY VIP Small Cap Growth Fund Class II) | 29 | 12 | 16 | 64 | 630 | (566) |
|  Nomura VIP Mid Cap Growth Series Class <br>(formerly Macquarie VIP Mid Cap Growth Series Service Class) | 1944 | 1440 | 504 | 1867 | 869 | 999 |
|  Allspring VT International Equity Fund |  |  |  |  |  |  |
|  Fidelity<sup>®</sup> VIP Equity-Income Portfolio Service Class 2 | 5259 | 5777 | (518) | 2116 | 3717 | (1601) |
|  Fidelity<sup>®</sup> VIP High Income Portfolio Service Class 2 | 65 | 25 | 39 | 93 | 881 | (788) |
|  Fidelity<sup>®</sup> VIP Freedom 2020 Portfolio Service Class 2 |  | 13 | (13) |  | 12 | (12) |
|  Fidelity<sup>®</sup> VIP Freedom 2030 Portfolio Service Class 2 | 73 | 83 | (10) | 1142 | 2599 | (1457) |
|  Fidelity<sup>®</sup> VIP Government Money Market Portfolio Service Class 2 | 2253324 | 286161 | 1967163 | 45210 | 149836 | (104626) |
|  Fidelity<sup>®</sup> VIP Index 500 Portfolio Initial Class | 17625 | 17495 | 129 | 11463 | 12648 | (1185) |
|  Templeton Growth VIP Fund Class 2 | 7336 | 223 | 7113 | 1507 | 5420 | (3913) |
|  Templeton Global Bond VIP Fund Class 2 | 2351 | 2557 | (206) | 7331 | 3802 | 3529 |
|  Templeton Foreign VIP Fund Class 2 | 3266 | 8541 | (5276) | 13049 | 3842 | 9207 |
|  Franklin Mutual Shares VIP Fund Class 2 |  | 93 | (93) | 1562 | 6757 | (5195) |
|  Franklin Small Cap Value VIP Fund Class 2 | 2305 | 3247 | (942) | 3094 | 5285 | (2192) |
|  Morningstar Balanced ETF Asset Allocation Portfolio Class II |  |  |  | 77 | 2498 | (2421) |
|  Morningstar Growth ETF Asset Allocation Portfolio Class II |  | 22 | (22) |  | 24 | (24) |
|  Morningstar Income and Growth ETF Asset Allocation Portfolio Class II | 2463 | 2524 | (61) | 1286 | 1332 | (47) |
|  Janus Henderson Enterprise Portfolio Institutional Shares | 2107 | 10614 | (8507) | 1846 | 7998 | (6152) |
|  Janus Henderson Forty Portfolio Institutional Shares | 3937 | 5301 | (1364) | 1231 | 2426 | (1195) |
|  Janus Henderson Research Portfolio Institutional Shares | 2485 | 2995 | (509) | 804 | 2507 | (1703) |
|  Janus Henderson Global Research Portfolio Institutional Shares | 5092 | 5423 | (331) | 3713 | 7002 | (3290) |
|  Janus Henderson Research Portfolio Service Shares | 2969 | 490 | 2479 | 1299 | 3655 | (2356) |
|  Janus Henderson Mid Cap Value Portfolio Service Shares | 136 | 745 | (609) | 1710 | 1212 | 498 |
|  Janus Henderson Balanced Portfolio Service Shares |  |  |  | 464 | 1361 | (898) |
|  Janus Henderson Global Research Portfolio Service Shares | 13257 | 2514 | 10743 | 1142 | 1152 | (10) |
|  MFS<sup>®</sup> Growth Series Initial Class | 1950 | 4076 | (2126) | 1091 | 2109 | (1018) |
|  MFS<sup>®</sup> New Discovery Series Initial Class | 1461 | 4380 | (2919) | 1448 | 4945 | (3496) |
|  MFS<sup>®</sup> Total Return Series Initial Class | 4159 | 10742 | (6583) | 6466 | 8678 | (2212) |
|  MFS<sup>®</sup> Research Series Service Class | 62 | 210 | (148) | 172 | 52 | 120 |
|  MFS<sup>®</sup> Investors Trust Series Service Class | 105 | 1534 | (1429) | 340 | 88 | 251 |
|  PIMCO Real Return Portfolio Advisor Class | 1158 | 6881 | (5723) | 13004 | 3816 | 9189 |
|  PIMCO Total Return Portfolio Advisor Class | 5710 | 1134 | 4576 | 4280 | 6711 | (2431) |
|  ClearBridge Variable Appreciation Portfolio Class II |  |  |  | 245 | 602 | (357) |

---

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

------

The Guardian Separate Account N

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **Units<br>Issued** | **Units<br>Redeemed** | **Net Increase /<br>(Decrease)** | **Units<br>Issued** | **Units<br>Redeemed** | **Net Increase /<br>(Decrease)** |
|  ClearBridge Variable Mid Cap Core Portfolio Class II |  |  |  | 493 | 1001 | (508) |
|  Putnam VT Core Equity Fund Class IB | 288 | 98 | 190 | 319 | 120 | 199 |
|  Victory Pioneer Equity Income VCT Portfolio <br>(formerly Pioneer Equity Income VCT Portfolio Class II) | 587 | 219 | 368 | 637 | 259 | 378 |

---

**NOTE 6 — FINANCIAL HIGHLIGHTS** 

GIAC sells a number of variable life insurance policy products that are funded by the Account. These products have unique combinations of features and fees that are charged against the policyholder's account balance. The differences in the fee structures result in a same unit values, expense ratios and total returns since fee charges are made directly to policy owners' accounts through redemption of units.

In 2010, the Account elected to present in the Financial Highlights appearing in Note 6 based on the aggregate product basis for each of the Account's investment options, rather than separate information for each product level as reported in prior periods as permitted by AICPA Statement of Position 03-5. The Account similarly elected to report aggregate period-end units outstanding, unit value and net assets for each investment option in the Statements of Assets and Liabilities and the Financial Highlights Notes herein. Prior-period financial highlights appearing in Note 6 have been retrospectively adjusted conforming to the current period presentation.

The following represent amounts for the years ended December 31, excluding the effect of the expenses of the underlying fund portfolios and charges made directly to policyholders' accounts through redemption of units:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Units**<br> **Outstanding** | **Net Assets** | **Net Assets** | **Expense**<br> **Ratio <sup>(1)</sup>** | **Investment<br>Income**<br> **Ratio <sup>(2)</sup>** | **Total**<br> **Return <sup>(3)</sup>** |
| | **Units**<br> **Outstanding** | **Unit Value** | **In Whole $** | **Expense**<br> **Ratio <sup>(1)</sup>** | **Investment<br>Income**<br> **Ratio <sup>(2)</sup>** | **Total**<br> **Return <sup>(3)</sup>** |
|  Guardian Integrated Research VIP Fund<sup>(6)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 179003 | $16.04 | $2870735 |  | 0.00% | 14.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 189192 | 13.99 | 2646534 |  | 0.00% | 25.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 196072 | 11.12 | 2179368 |  | 0.00% | 24.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 218653 | 8.94 | 1955173 |  | 0.00% | -10.58% |
|  Guardian Large Cap Disciplined Growth VIP Fund<sup>(6)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 320504 | $17.64 | $5652545 |  | 0.00% | 16.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 333560 | 15.08 | 5028613 |  | 0.00% | 28.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 315543 | 11.70 | 3693260 |  | 0.00% | 41.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 294754 | 8.25 | 2431536 |  | 0.00% | -17.51% |
|  Guardian Total Return Bond VIP Fund<sup>(6)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 2890 | $10.65 | $30784 |  | 0.00% | 6.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 2919 | 9.97 | 29097 |  | 0.00% | 1.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 6809 | 9.79 | 66682 |  | 0.00% | 5.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 6373 | 9.32 | 59366 |  | 0.00% | -6.85% |
|  Guardian Small Cap Value Diversified VIP Fund <br>(formerly Guardian Small Cap Core VIP Fund)<sup>(6)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 33581 | $11.71 | $393208 |  | 0.00% | 6.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 40113 | 10.98 | 440348 |  | 0.00% | 7.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 54161 | 10.21 | 552739 |  | 0.00% | 16.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 43731 | 8.73 | 381617 |  | 0.00% | -12.74% |
|  Guardian All Cap Core VIP Fund<sup>(6)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 252570 | $15.17 | $3832288 |  | 0.00% | 12.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 76076 | 13.52 | 1028337 |  | 0.00% | 20.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 77879 | 11.26 | 876563 |  | 0.00% | 22.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 73740 | 9.16 | 675156 |  | 0.00% | -8.44% |

---

**B-43**

------

The Guardian Separate Account N

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Units**<br> **Outstanding** | **Net Assets** | **Net Assets** | **Expense**<br> **Ratio <sup>(1)</sup>** | **Investment<br>Income**<br> **Ratio <sup>(2)</sup>** | **Total**<br> **Return <sup>(3)</sup>** |
| | **Units**<br> **Outstanding** | **Unit Value** | **In Whole $** | **Expense**<br> **Ratio <sup>(1)</sup>** | **Investment<br>Income**<br> **Ratio <sup>(2)</sup>** | **Total**<br> **Return <sup>(3)</sup>** |
|  Guardian Select Mid Cap Core VIP Fund<sup>(6)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 533461 | $13.23 | $7060017 |  | 0.00% | 10.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 593376 | 11.99 | 7116730 |  | 0.00% | 12.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 632201 | 10.67 | 6744370 |  | 0.00% | 16.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 679611 | 9.17 | 6233971 |  | 0.00% | -8.27% |
|  Guardian Small Mid Cap Core VIP Fund<sup>(6)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 13392 | $11.76 | $157473 |  | 0.00% | 1.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 11732 | 11.58 | 135841 |  | 0.00% | 6.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 10921 | 10.89 | 118940 |  | 0.00% | 15.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 9868 | 9.39 | 92677 |  | 0.00% | -6.09% |
|  Guardian Strategic Large Cap Core VIP Fund<sup>(6)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 230120 | $15.51 | $3569018 |  | 0.00% | 11.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 134855 | 13.88 | 1871428 |  | 0.00% | 19.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 137651 | 11.59 | 1595432 |  | 0.00% | 20.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 140438 | 9.65 | 1354741 |  | 0.00% | -3.53% |
|  Guardian Core Fixed Income VIP Fund<sup>(6)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 264588 | $10.97 | $2902527 |  | 0.00% | 6.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 269675 | 10.29 | 2774959 |  | 0.00% | 1.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 206132 | 10.14 | 2090174 |  | 0.00% | 5.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 212681 | 9.61 | 2043861 |  | 0.00% | -3.90% |
|  Guardian Short Duration Bond VIP Fund<sup>(6)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 41367 | $11.22 | $464141 |  | 0.00% | 5.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 68568 | 10.65 | 730253 |  | 0.00% | 4.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 88700 | 10.17 | 902083 |  | 0.00% | 4.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 89308 | 9.77 | 872541 |  | 0.00% | -2.30% |
|  Guardian Balanced Allocation VIP Fund<sup>(6)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 228681 | $14.33 | $3277000 |  | 0.00% | 12.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 228609 | 12.69 | 2901042 |  | 0.00% | 13.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 230721 | 11.15 | 2572541 |  | 0.00% | 17.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 226323 | 9.46 | 2141019 |  | 0.00% | -5.40% |
|  Guardian Equity Income VIP Fund<sup>(6)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1443848 | $13.92 | $20098366 |  | 0.00% | 14.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1149357 | 12.13 | 13941701 |  | 0.00% | 10.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 1168812 | 11.02 | 12880312 |  | 0.00% | 7.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 1219027 | 10.26 | 12507215 |  | 0.00% | 2.60% |
|  Victory RS Large Cap Alpha VIP Series<sup>(8)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— | NA | NA | NA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 210232 | 37.71 | 7927856 |  | 1.39% | 21.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 221183 | 31.03 | 6862679 |  | 1.32% | 13.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 235343 | 27.29 | 6422843 |  | 1.40% | -4.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 240134 | 28.53 | 6850487 |  | 1.13% | 23.49% |
|  Victory 500 Index VIP Series<sup>(10)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  | 1.80% | -100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 320486 | 59.99 | 19227159 |  | 1.41% | 24.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 325244 | 48.01 | 15615208 |  | 1.41% | 26.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 332877 | 37.82 | 12589921 |  | 1.23% | -19.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 351397 | 46.90 | 16480105 |  | 1.34% | 27.43% |
|  Victory High Yield VIP Series<sup>(10)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  | 13.90% | -100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 12057 | 38.54 | 464727 |  | 9.95% | 8.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 11973 | 35.55 | 425646 |  | 8.41% | 11.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 12501 | 31.91 | 398903 |  | 7.17% | -13.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 11482 | 36.91 | 423823 |  | 5.59% | 5.85% |

---

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

------

The Guardian Separate Account N

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Units**<br> **Outstanding** | **Net Assets** | **Net Assets** | **Expense**<br> **Ratio <sup>(1)</sup>** | **Investment<br>Income**<br> **Ratio <sup>(2)</sup>** | **Total**<br> **Return <sup>(3)</sup>** |
| | **Units**<br> **Outstanding** | **Unit Value** | **In Whole $** | **Expense**<br> **Ratio <sup>(1)</sup>** | **Investment<br>Income**<br> **Ratio <sup>(2)</sup>** | **Total**<br> **Return <sup>(3)</sup>** |
|  Victory INCORE Low Duration Bond VIP Series<sup>(7)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 56454 | 15.82 | 893195 |  | 1.71% | 1.00% |
|  Victory INCORE Investment Quality Bond VIP Series<sup>(7)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 82723 | 28.01 | 2317033 |  | 2.14% | -0.22% |
|  Victory RS International VIP Series<sup>(10)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  | 3.72% | -100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 133752 | 27.40 | 3664674 |  | 3.13% | 5.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 121113 | 25.97 | 3145342 |  | 2.80% | 20.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 124258 | 21.64 | 2688703 |  | 2.93% | -15.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 115388 | 25.70 | 2965728 |  | 1.97% | 14.37% |
|  Victory Sophus Emerging Markets VIP Series<sup>(9)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— | NA | NA | NA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 51954 | 47.11 | 2447720 |  | 2.85% | 5.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 54480 | 44.77 | 2439066 |  | 3.32% | 11.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 53254 | 40.32 | 2147272 |  | 0.84% | -22.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 52378 | 52.00 | 2723832 |  | 0.85% | -4.42% |
|  Victory RS Small Cap Growth Equity VIP Series <sup>(10)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  | 0.74% | -100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 81755 | 57.81 | 4725880 |  | 0.00% | 11.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 90188 | 51.70 | 4662263 |  | 0.00% | 20.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 93827 | 42.94 | 4028445 |  | 0.00% | -36.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 100177 | 67.47 | 6758457 |  | 0.00% | -10.43% |
|  Gabelli Capital Asset Fund<sup>(8)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— | NA | NA | NA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 41196 | 58.86 | 2424672 |  | 0.67% | 11.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 45198 | 52.88 | 2390120 |  | 0.51% | 11.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 46474 | 47.28 | 2197112 |  | 0.43% | -12.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 49357 | 54.29 | 2679711 |  | 0.49% | 20.48% |
|  Value Line Centurion Fund<sup>(7)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 25648 | 29.78 | 763727 |  | 0.02% | 19.67% |
|  Value Line Strategic Asset Management Trust<sup>(7)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 55237 | 44.22 | 2442645 |  | 0.31% | 15.87% |
|  Invesco V.I. American Franchise Fund Series I |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 28602 | $45.29 | $1295309 |  | 0.00% | 11.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 28552 | 40.56 | 1157995 |  | 0.00% | 34.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 29966 | 30.07 | 900998 |  | 0.00% | 40.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 29112 | 21.34 | 621124 |  | 0.00% | -31.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 30318 | 30.97 | 938991 |  | 0.00% | 11.93% |

---

**B-45**

------

The Guardian Separate Account N

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Units**<br> **Outstanding** | **Net Assets** | **Net Assets** | **Expense**<br> **Ratio <sup>(1)</sup>** | **Investment<br>Income**<br> **Ratio <sup>(2)</sup>** | **Total**<br> **Return <sup>(3)</sup>** |
| | **Units**<br> **Outstanding** | **Unit Value** | **In Whole $** | **Expense**<br> **Ratio <sup>(1)</sup>** | **Investment<br>Income**<br> **Ratio <sup>(2)</sup>** | **Total**<br> **Return <sup>(3)</sup>** |
|  Invesco V.I. Equity and Income Fund Series I |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 13667 | $31.40 | $429128 |  | 2.15% | 12.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 13522 | 27.83 | 376378 |  | 1.85% | 12.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 13292 | 24.83 | 329973 |  | 2.01% | 10.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 12359 | 22.46 | 277536 |  | 1.76% | -7.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 12625 | 24.28 | 306513 |  | 3.75% | 13.98% |
|  Invesco V.I. Core Equity Fund Series I<sup>(7)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 31203 | 27.92 | 871196 |  | 0.67% | 27.74% |
|  Invesco V.I. Core Equity Fund Series II<sup>(8)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— | NA | NA | NA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 4484 | 38.37 | 172083 |  | 0.54% | 25.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 2540 | 30.63 | 77787 |  | 0.58% | 23.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 868 | 24.88 | 21604 |  | 0.68% | -20.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 533 | 31.40 | 16738 |  | 0.15% | 27.38% |
|  Invesco V.I. Government Securities Fund Series II |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 5072 | $14.28 | $72412 |  | 2.12% | 6.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 4852 | 13.35 | 64766 |  | 4.84% | 1.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 1912 | 13.15 | 25151 |  | 1.32% | 4.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 4198 | 12.59 | 52863 |  | 0.71% | -10.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 11876 | 14.08 | 167226 |  | 0.95% | -2.43% |
|  Invesco V.I. Main Street Mid Cap Fund Series II |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 6356 | $33.56 | $213272 |  | 0.10% | 8.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 5112 | 30.79 | 157425 |  | 0.13% | 16.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 6727 | 26.37 | 177369 |  | 0.04% | 14.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 4331 | 23.10 | 100036 |  | 0.06% | -14.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 5073 | 27.00 | 136993 |  | 0.22% | 22.86% |
|  Invesco V.I. Equity and Income Fund Series II |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1655 | $26.55 | $43926 |  | 1.99% | 12.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1523 | 23.59 | 35938 |  | 1.65% | 11.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 1575 | 21.08 | 33205 |  | 1.66% | 10.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 507 | 19.13 | 9687 |  | 1.50% | -7.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 476 | 20.72 | 9866 |  | 3.38% | 13.66% |
|  Invesco V.I. Growth and Income Fund Series II<sup>(7)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 8691 | 32.50 | 282453 |  | 1.50% | 28.19% |
|  Invesco V.I. American Franchise Fund Series II |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1520 | $54.13 | $82258 |  | 0.00% | 11.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1247 | 48.60 | 60626 |  | 0.00% | 34.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 1107 | 36.12 | 39991 |  | 0.00% | 40.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 339 | 25.69 | 8705 |  | 0.00% | -31.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 765 | 37.39 | 28592 |  | 0.00% | 11.65% |
|  Invesco V.I. Global Fund Series II |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 8221 | $51.14 | $420429 |  | 0.00% | 15.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 7981 | 44.47 | 354886 |  | 0.00% | 15.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 12795 | 38.40 | 491389 |  | 0.00% | 34.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 13439 | 28.56 | 383885 |  | 0.00% | -31.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 15255 | 41.97 | 640214 |  | 0.00% | 15.17% |

---

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

------

The Guardian Separate Account N

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Units**<br> **Outstanding** | **Net Assets** | **Net Assets** | **Expense**<br> **Ratio <sup>(1)</sup>** | **Investment<br>Income**<br> **Ratio <sup>(2)</sup>** | **Total**<br> **Return <sup>(3)</sup>** |
| | **Units**<br> **Outstanding** | **Unit Value** | **In Whole $** | **Expense**<br> **Ratio <sup>(1)</sup>** | **Investment<br>Income**<br> **Ratio <sup>(2)</sup>** | **Total**<br> **Return <sup>(3)</sup>** |
|  Alger Capital Appreciation Portfolio Class S |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 7817 | $109.09 | $852807 |  | 0.00% | 32.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 7309 | 82.32 | 601674 |  | 0.00% | 47.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 11004 | 55.71 | 613029 |  | 0.00% | 42.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 10972 | 39.02 | 428103 |  | 0.00% | -36.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 12846 | 61.62 | 791639 |  | 0.00% | 18.83% |
|  AB VPS Relative Value Portfolio Class B<sup>(7)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 32386 | 43.34 | 1403702 |  | 0.66% | 27.84% |
|  AB VPS Large Cap Growth Portfolio Class B<sup>(7)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 18983 | 77.63 | 1473654 |  | 0.00% | 28.65% |
|  AB Sustainable Global Thematic Portfolio Class B |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 7479 | $38.80 | $290200 |  | 0.00% | 6.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 7657 | 36.60 | 280242 |  | 0.00% | 5.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 7644 | 34.54 | 264002 |  | 0.03% | 15.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 7496 | 29.85 | 223756 |  | 0.00% | -27.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 8458 | 40.99 | 346673 |  | 0.00% | 22.57% |
|  LVIP American Century Capital Appreciation Fund Standard Class II |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1037 | $50.51 | $52368 |  | 0.00% | 6.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1431 | 47.33 | 67735 |  | 0.00% | 24.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 2739 | 37.87 | 103706 |  | 0.00% | 20.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 1661 | 31.38 | 52099 |  | 0.00% | -28.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 662 | 43.65 | 28887 |  | 0.00% | 11.16% |
|  LVIP American Century Mid Cap Value Fund Standard Class II |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 4181 | $49.39 | $206497 |  | 1.81% | 8.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 5801 | 45.32 | 262876 |  | 2.31% | 8.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 6635 | 41.68 | 276549 |  | 2.36% | 6.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 4733 | 39.27 | 185871 |  | 2.14% | -1.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 11720 | 39.74 | 465812 |  | 1.07% | 23.20% |
|  American Century VP Mid Cap Value Fund Class II<sup>(7)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 3391 | 24.16 | 81918 |  | 1.04% | 23.02% |
|  BlackRock Global Allocation V.I. Fund Class III |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 306 | $29.01 | $8871 |  | 3.81% | 19.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 319 | 24.27 | 7752 |  | 0.30% | 8.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 2716 | 22.28 | 60526 |  | 2.46% | 12.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 3090 | 19.81 | 61203 |  | 0.00% | -16.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 11834 | 23.60 | 279297 |  | 0.80% | 6.42% |

---

**B-47**

------

The Guardian Separate Account N

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Units**<br> **Outstanding** | **Net Assets** | **Net Assets** | **Expense**<br> **Ratio <sup>(1)</sup>** | **Investment<br>Income**<br> **Ratio <sup>(2)</sup>** | **Total**<br> **Return <sup>(3)</sup>** |
| | **Units**<br> **Outstanding** | **Unit Value** | **In Whole $** | **Expense**<br> **Ratio <sup>(1)</sup>** | **Investment<br>Income**<br> **Ratio <sup>(2)</sup>** | **Total**<br> **Return <sup>(3)</sup>** |
|  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; 2025 | 21506 | $72.66 | $1562571 |  | 1.80% | 29.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 19812 | 56.27 | 1114829 |  | 1.96% | 29.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 20314 | 43.45 | 882697 |  | 2.19% | 15.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 20803 | 37.69 | 784032 |  | 1.93% | -8.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 20290 | 41.20 | 836007 |  | 1.34% | 30.54% |
|  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; 2025 | 33900 | $58.09 | $1969221 |  | 2.49% | -5.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 39195 | 61.61 | 2414702 |  | 2.01% | 4.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 44479 | 58.72 | 2611843 |  | 2.52% | 10.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 47819 | 53.07 | 2537619 |  | 1.69% | -26.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 49068 | 72.50 | 3557375 |  | 1.21% | 41.98% |
|  Davis Value Portfolio<sup>(7)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 126908 | 40.59 | 5151421 |  | 0.60% | 17.85% |
|  LVIP JPMorgan Short Duration Bond Fund <br>(formerly LVIP Macquarie Limited Term Diversified Income Fund Service Class) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $39 |  | 3.57% | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  | 37 |  | 0.00% | -100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 30800 | 14.28 | 439982 |  | 3.29% | 4.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 31303 | 13.65 | 427181 |  | 2.26% | -4.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 14907 | 14.27 | 212812 |  | 1.33% | -1.05% |
|  LVIP Fidelity Instituional AM Total Bond Fund <br>(formerly LVIP Macquarie Diversified Income Fund Service Class) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 11440 | $18.71 | $213997 |  | 3.90% | 6.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 12420 | 17.58 | 218365 |  | 6.15% | 1.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 1492 | 17.29 | 25803 |  | 1.39% | 5.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 1415 | 16.32 | 23096 |  | 2.76% | -14.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 1444 | 19.01 | 27448 |  | 0.57% | -1.62% |
|  Nomura VIP Emerging Markets Series Class <br>(formerly Macquarie VIP Emerging Markets Series Service Class) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 7656 | $30.53 | $233738 |  | 0.52% | 80.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 2964 | 16.89 | 50054 |  | 2.18% | 4.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 7589 | 16.12 | 122331 |  | 1.25% | 13.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 5003 | 14.21 | 71091 |  | 3.19% | -27.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 7015 | 19.68 | 138085 |  | 0.07% | -3.13% |
|  Nomura VIP Small Cap Growth Series Class <br>(formerly Delaware IVY VIP Small Cap Growth Fund Class II) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 751 | $40.93 | $30720 |  | 0.00% | 13.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 735 | 36.09 | 26498 |  | 0.00% | 14.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 1301 | 31.59 | 41082 |  | 0.00% | 13.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 652 | 27.95 | 18192 |  | 0.00% | -26.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 2034 | 38.16 | 77598 |  | 0.80% | 3.99% |

---

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

------

The Guardian Separate Account N

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Units**<br> **Outstanding** | **Net Assets** | **Net Assets** | **Expense**<br> **Ratio <sup>(1)</sup>** | **Investment<br>Income**<br> **Ratio <sup>(2)</sup>** | **Total**<br> **Return <sup>(3)</sup>** |
| | **Units**<br> **Outstanding** | **Unit Value** | **In Whole $** | **Expense**<br> **Ratio <sup>(1)</sup>** | **Investment<br>Income**<br> **Ratio <sup>(2)</sup>** | **Total**<br> **Return <sup>(3)</sup>** |
|  Nomura VIP Mid Cap Growth Series Class <br>(formerly Macquarie VIP Mid Cap Growth Series Service Class) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 13780 | $32.04 | $441460 |  | 0.00% | 1.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 13276 | 31.66 | 420354 |  | 0.00% | 2.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 12277 | 30.98 | 380355 |  | 0.00% | 19.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 9248 | 25.90 | 239541 |  | 0.00% | -30.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 8515 | 37.42 | 318686 |  | 0.00% | 16.36% |
|  Allspring VT International Equity Fund<sup>(4)(5)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $20.06 | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  | 20.06 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 |  | 19.87 |  |  |  | 15.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 |  | 17.20 |  |  |  | -11.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 |  | 19.52 |  |  |  | 6.87% |
|  Fidelity<sup>®</sup> VIP Contrafund Portfolio Service Class 2<sup>(7)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 152859 | 67.05 | 10249598 |  | 0.03% | 27.51% |
|  Fidelity<sup>®</sup> VIP Equity-Income Portfolio Service Class 2 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 33483 | $60.81 | $2036083 |  | 1.72% | 18.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 34001 | 51.21 | 1741185 |  | 1.59% | 15.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 35602 | 44.51 | 1584597 |  | 1.69% | 10.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 39545 | 40.32 | 1594594 |  | 1.75% | -5.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 41503 | 42.56 | 1766193 |  | 1.68% | 24.60% |
|  Fidelity<sup>®</sup> VIP Growth Opportunities Portfolio Service Class 2<sup>(7)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 39321 | 69.93 | 2749670 |  | 0.00% | 11.67% |
|  Fidelity<sup>®</sup> VIP High Income Portfolio Service Class 2 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1826 | $25.06 | $45751 |  | 6.97% | 10.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1787 | 22.72 | 40601 |  | 4.73% | 8.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 2575 | 20.92 | 53850 |  | 5.87% | 10.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 3977 | 18.97 | 75464 |  | 6.82% | -11.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 5938 | 21.48 | 127572 |  | 7.23% | 4.29% |
|  Fidelity<sup>®</sup> VIP Mid Cap Portfolio Service Class 2<sup>(7)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 93499 | 82.85 | 7746239 |  | 0.36% | 25.31% |
|  Fidelity<sup>®</sup> VIP Freedom 2020 Portfolio Service Class 2 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 2024 | $28.16 | $56999 |  | 2.58% | 12.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 2037 | 24.92 | 50754 |  | 2.67% | 7.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 2049 | 23.20 | 47535 |  | 3.08% | 12.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 1400 | 20.67 | 28936 |  | 2.00% | -15.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 2532 | 24.60 | 62298 |  | 0.87% | 9.26% |

---

**B-49**

------

The Guardian Separate Account N

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Units**<br> **Outstanding** | **Net Assets** | **Net Assets** | **Expense**<br> **Ratio <sup>(1)</sup>** | **Investment<br>Income**<br> **Ratio <sup>(2)</sup>** | **Total**<br> **Return <sup>(3)</sup>** |
| | **Units**<br> **Outstanding** | **Unit Value** | **In Whole $** | **Expense**<br> **Ratio <sup>(1)</sup>** | **Investment<br>Income**<br> **Ratio <sup>(2)</sup>** | **Total**<br> **Return <sup>(3)</sup>** |
|  Fidelity<sup>®</sup> VIP Freedom 2030 Portfolio Service Class 2 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 2555 | $32.92 | $84115 |  | 2.20% | 15.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 2565 | 28.59 | 73325 |  | 1.48% | 9.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 4022 | 26.19 | 105345 |  | 1.38% | 14.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 8864 | 22.89 | 202852 |  | 1.81% | -17.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 2906 | 27.60 | 80224 |  | 0.82% | 12.07% |
|  Fidelity<sup>®</sup> VIP Government Money Market Portfolio Service Class 2<sup>(5)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 2331048 | $15.13 | $35277421 |  | 3.64% | 3.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 363885 | 14.57 | 5302400 |  | 4.74% | 4.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 468511 | 13.90 | 6512095 |  | 4.52% | 4.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 491445 | 13.29 | 6529571 |  | 1.28% | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 393619 | 13.12 | 5165194 |  | 0.01% | 0.00% |
|  Fidelity<sup>®</sup> VIP Index 500 Portfolio Initial Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 92076 | $50.92 | $4688137 |  | 1.18% | 17.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 91947 | 43.23 | 3974979 |  | 1.30% | 24.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 93132 | 34.61 | 3223598 |  | 1.56% | 26.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 79250 | 27.43 | 2173707 |  | 1.70% | -18.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 60667 | 33.54 | 2034540 |  | 1.31% | 28.58% |
|  Templeton Growth VIP Fund Class 2 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 7491 | $25.92 | $194183 |  | 0.18% | 23.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 378 | 20.93 | 7909 |  | 1.37% | 5.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 4291 | 19.86 | 85231 |  | 3.21% | 21.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 4402 | 16.41 | 72250 |  | 0.17% | -11.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 5099 | 18.55 | 94574 |  | 1.10% | 4.87% |
|  Templeton Global Bond VIP Fund Class 2 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 4391 | $12.30 | $54013 |  | 0.00% | 15.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 4597 | 10.63 | 48861 |  | 0.00% | -11.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 1068 | 11.99 | 12811 |  | 0.00% | 2.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 4566 | 11.66 | 53218 |  | 0.00% | -4.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 1898 | 12.26 | 23270 |  | 0.00% | -4.99% |
|  Templeton Foreign VIP Fund Class 2 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 13739 | $16.60 | $228010 |  | 2.36% | 29.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 19015 | 12.85 | 244269 |  | 1.46% | -1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 9808 | 12.98 | 127263 |  | 1.59% | 20.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 2380 | 10.75 | 25573 |  | 3.02% | -7.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 2081 | 11.63 | 24196 |  | 1.80% | 4.16% |
|  Franklin Mutual Shares VIP Fund Class 2 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 11217 | $36.74 | $412054 |  | 2.07% | 11.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 11310 | 32.94 | 372559 |  | 2.06% | 11.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 16505 | 29.60 | 488625 |  | 1.86% | 13.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 13860 | 26.09 | 361626 |  | 1.53% | -7.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 17564 | 28.19 | 495069 |  | 2.83% | 19.17% |
|  Franklin Small Cap Value VIP Fund Class 2 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 4916 | $41.00 | $201538 |  | 0.96% | 7.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 5858 | 38.08 | 223081 |  | 1.07% | 11.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 8050 | 34.09 | 274467 |  | 0.51% | 12.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 6660 | 30.24 | 201381 |  | 1.07% | -10.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 13460 | 33.62 | 452584 |  | 1.14% | 25.37% |

---

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

------

The Guardian Separate Account N

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Units**<br> **Outstanding** | **Net Assets** | **Net Assets** | **Expense**<br> **Ratio <sup>(1)</sup>** | **Investment<br>Income**<br> **Ratio <sup>(2)</sup>** | **Total**<br> **Return <sup>(3)</sup>** |
| | **Units**<br> **Outstanding** | **Unit Value** | **In Whole $** | **Expense**<br> **Ratio <sup>(1)</sup>** | **Investment<br>Income**<br> **Ratio <sup>(2)</sup>** | **Total**<br> **Return <sup>(3)</sup>** |
|  Morningstar Balanced ETF Asset Allocation Portfolio Class II |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $21 |  | 1.96% | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  | 19 |  | 0.00% | -100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 2421 | 23.78 | 57603 |  | 2.10% | 12.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 2266 | 21.08 | 47773 |  | 2.33% | -12.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 743 | 24.20 | 17989 |  | 1.71% | 10.79% |
|  Morningstar Growth ETF Asset Allocation Portfolio Class II |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 2155 | $37.68 | $81206 |  | 1.50% | 17.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 2177 | 31.97 | 69621 |  | 1.51% | 12.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 2201 | 28.38 | 62473 |  | 1.78% | 15.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 2316 | 24.62 | 57032 |  | 1.66% | -13.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 3613 | 28.38 | 102558 |  | 1.52% | 14.88% |
|  Morningstar Income and Growth ETF Asset Allocation Portfolio Class II |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1162 | $22.85 | $26552 |  | 2.63% | 11.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1223 | 20.48 | 25067 |  | 2.38% | 7.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 1270 | 18.97 | 24106 |  | 7.19% | 10.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 1 | 17.15 | 19 |  | 0.01% | -12.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 |  | 19.61 | 22 |  | 0.00% | 6.47% |
|  Janus Henderson Enterprise Portfolio Institutional Shares |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 80843 | $45.52 | $3679857 |  | 0.32% | 7.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 89350 | 42.28 | 3777296 |  | 0.74% | 15.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 95502 | 36.57 | 3492361 |  | 0.15% | 18.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 105773 | 30.97 | 3275946 |  | 0.37% | -15.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 112104 | 36.84 | 4130426 |  | 0.32% | 16.83% |
|  Janus Henderson Forty Portfolio Institutional Shares |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 56032 | $96.89 | $5429171 |  | 0.30% | 18.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 57396 | 82.02 | 4707384 |  | 0.11% | 28.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 58591 | 63.84 | 3740479 |  | 0.18% | 39.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 66277 | 45.61 | 3023119 |  | 0.19% | -33.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 72373 | 68.64 | 4968059 |  | 0.50% | 22.90% |
|  Janus Henderson Research Portfolio Institutional Shares |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 36860 | $59.96 | $2210028 |  | 0.12% | 18.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 37369 | 50.65 | 1892530 |  | 0.03% | 35.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 39072 | 37.43 | 1462386 |  | 0.14% | 43.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 40806 | 26.14 | 1066784 |  | 0.71% | -29.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 41767 | 37.29 | 1557418 |  | 0.10% | 20.33% |
|  Janus Henderson Global Research Portfolio Institutional Shares |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 91232 | $35.02 | $3194684 |  | 0.74% | 20.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 91563 | 28.96 | 2651621 |  | 0.76% | 23.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 94853 | 23.43 | 2222719 |  | 0.94% | 26.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 93705 | 18.48 | 1732037 |  | 1.63% | -19.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 94872 | 22.94 | 2175990 |  | 0.52% | 18.09% |
|  Janus Henderson Forty Portfolio Service Shares<sup>(7)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 12692 | 54.41 | 690634 |  | 0.52% | 22.60% |

---

**B-51**

------

The Guardian Separate Account N

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Units**<br> **Outstanding** | **Net Assets** | **Net Assets** | **Expense**<br> **Ratio <sup>(1)</sup>** | **Investment<br>Income**<br> **Ratio <sup>(2)</sup>** | **Total**<br> **Return <sup>(3)</sup>** |
| | **Units**<br> **Outstanding** | **Unit Value** | **In Whole $** | **Expense**<br> **Ratio <sup>(1)</sup>** | **Investment<br>Income**<br> **Ratio <sup>(2)</sup>** | **Total**<br> **Return <sup>(3)</sup>** |
|  Janus Henderson Research Portfolio Service Shares |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 7271 | $77.36 | $562490 |  | 0.13% | 18.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 4792 | 65.50 | 313891 |  | 0.00% | 34.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 7148 | 48.54 | 346911 |  | 0.04% | 44.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 2693 | 33.58 | 90429 |  | 0.57% | -30.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 3863 | 48.60 | 187707 |  | 0.01% | 20.05% |
|  Janus Henderson Enterprise Portfolio Service Shares<sup>(7)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 9480 | 51.23 | 485666 |  | 0.23% | 16.54% |
|  Janus Henderson Mid Cap Value Portfolio Service Shares |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 872 | $35.65 | $31066 |  | 1.62% | 6.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1481 | 33.54 | 49660 |  | 0.82% | 12.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 983 | 29.73 | 29219 |  | 0.73% | 11.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 1996 | 26.76 | 53421 |  | 1.32% | -5.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 5807 | 28.40 | 164910 |  | 0.16% | 19.42% |
|  Janus Henderson Balanced Portfolio Service Shares |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $1 |  | 2.53% | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  | 1 |  | 1.17% | -100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 898 | 85.26 | 76530 |  | 1.90% | 15.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 424 | 74.05 | 31375 |  | 1.12% | -16.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 203 | 88.81 | 17990 |  | 1.05% | 16.91% |
|  Janus Henderson Global Research Portfolio Service Shares |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 11709 | $49.54 | $580010 |  | 0.52% | 20.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 966 | 41.07 | 39665 |  | 0.61% | 23.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 976 | 33.32 | 32534 |  | 0.76% | 26.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 1075 | 26.35 | 28312 |  | 0.00% | -19.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 1705 | 32.77 | 55882 |  | 0.36% | 17.80% |
|  MFS<sup>®</sup> Growth Series Initial Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 37654 | $60.48 | $2277335 |  | 0.00% | 12.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 39780 | 53.91 | 2144402 |  | 0.00% | 31.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 40798 | 41.00 | 1672910 |  | 0.00% | 35.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 42274 | 30.18 | 1275852 |  | 0.00% | -31.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 42276 | 44.15 | 1866316 |  | 0.00% | 23.53% |
|  MFS<sup>®</sup> Investors Trust Series Initial Class<sup>(7)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 12551 | 45.94 | 576578 |  | 0.63% | 26.81% |
|  MFS<sup>®</sup> New Discovery Series Initial Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 26369 | $55.40 | $1460808 |  | 0.00% | 12.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 29288 | 49.04 | 1436342 |  | 0.00% | 6.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 32784 | 45.95 | 1506527 |  | 0.00% | 14.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 34390 | 40.16 | 1381239 |  | 0.00% | -29.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 41019 | 57.18 | 2345468 |  | 0.00% | 1.80% |

---

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

------

The Guardian Separate Account N

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Units**<br> **Outstanding** | **Net Assets** | **Net Assets** | **Expense**<br> **Ratio <sup>(1)</sup>** | **Investment<br>Income**<br> **Ratio <sup>(2)</sup>** | **Total**<br> **Return <sup>(3)</sup>** |
| | **Units**<br> **Outstanding** | **Unit Value** | **In Whole $** | **Expense**<br> **Ratio <sup>(1)</sup>** | **Investment<br>Income**<br> **Ratio <sup>(2)</sup>** | **Total**<br> **Return <sup>(3)</sup>** |
|  MFS<sup>®</sup> Research Series Initial Class<sup>(7)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 5939 | 42.14 | 250301 |  | 0.53% | 24.80% |
|  MFS<sup>®</sup> Total Return Series Initial Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 66668 | $50.47 | $3364433 |  | 2.72% | 11.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 73251 | 45.40 | 3325404 |  | 2.46% | 7.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 75463 | 42.13 | 3179374 |  | 2.08% | 10.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 85654 | 38.15 | 3267508 |  | 1.71% | -9.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 93375 | 42.19 | 3939502 |  | 1.80% | 14.12% |
|  MFS<sup>®</sup> Growth Series Service Class<sup>(7)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 20103 | 61.12 | 1228786 |  | 0.00% | 23.24% |
|  MFS<sup>®</sup> VIT II Income Portfolio Series Service Class<sup>(7)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 912 | 19.36 | 17650 |  | 0.00% | 0.10% |
|  MFS<sup>®</sup> Research Series Service Class<sup>(8)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— | NA | NA | NA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 148 | 52.60 | 7778 |  | 0.38% | 18.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 28 | 44.37 | 1221 |  | 0.16% | 22.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 8 | 36.33 | 305 |  | 0.20% | -17.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 4338 | 44.00 | 190863 |  | 0.42% | 24.51% |
|  MFS<sup>®</sup> Total Return Series Service Class<sup>(7)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 18689 | 26.46 | 494543 |  | 1.64% | 13.84% |
|  MFS<sup>®</sup> Investors Trust Series Service Class<sup>(8)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— | NA | NA | NA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1429 | 34.97 | 49966 |  | 0.46% | 19.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 1178 | 29.33 | 34547 |  | 0.48% | 18.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 1016 | 24.72 | 25119 |  | 0.39% | -16.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 1044 | 29.67 | 30959 |  | 0.38% | 26.51% |
|  MFS<sup>®</sup> New Discovery Series Service Class<sup>(7)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 10858 | 30.49 | 331050 |  | 0.00% | 1.57% |
|  PIMCO Real Return Portfolio Advisor Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 9609 | $16.85 | $161865 |  | 3.23% | 7.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 15332 | 15.63 | 239658 |  | 2.25% | 2.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 6143 | 15.32 | 94110 |  | 2.91% | 3.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 5664 | 14.79 | 83776 |  | 6.91% | -12.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 4985 | 16.81 | 83771 |  | 3.82% | 5.50% |

---

**B-53**

------

The Guardian Separate Account N

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Units**<br> **Outstanding** | **Net Assets** | **Net Assets** | **Expense**<br> **Ratio <sup>(1)</sup>** | **Investment<br>Income**<br> **Ratio <sup>(2)</sup>** | **Total**<br> **Return <sup>(3)</sup>** |
| | **Units**<br> **Outstanding** | **Unit Value** | **In Whole $** | **Expense**<br> **Ratio <sup>(1)</sup>** | **Investment<br>Income**<br> **Ratio <sup>(2)</sup>** | **Total**<br> **Return <sup>(3)</sup>** |
|  PIMCO Total Return Portfolio Advisor Class |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 16714 | $16.04 | $267960 |  | 4.00% | 8.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 12138 | 14.74 | 178876 |  | 3.94% | 2.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 14569 | 14.39 | 209614 |  | 3.46% | 5.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 14215 | 13.60 | 193255 |  | 2.38% | -14.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 32112 | 15.88 | 510022 |  | 1.73% | -1.37% |
|  ClearBridge Variable Appreciation Portfolio Class II<sup>(8)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— | NA | NA | NA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  | 0.06% | -100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 357 | 87.73 | 31325 |  | 0.62% | 19.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 581 | 73.48 | 42712 |  | 0.72% | -12.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 389 | 84.12 | 32722 |  | 0.30% | 23.34% |
|  ClearBridge Variable Mid Cap Core Portfolio Class II |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  | 0.00% | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  | 0.00% | -100.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 508 | 39.74 | 20185 |  | 0.02% | 12.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 516 | 35.29 | 18216 |  | 0.10% | -25.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 259 | 47.36 | 12278 |  | 0.03% | 28.39% |
|  ClearBridge Variable Small Cap Growth Portfolio Class II<sup>(7)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 3115 | 73.08 | 227627 |  | 0.00% | 12.31% |
|  Columbia Variable Portfolio- Small Cap Value Fund Class 2<sup>(7)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 |  | $— | $— |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 3036 | 23.47 | 71272 |  | 0.51% | 28.80% |
|  Putnam VT Core Equity Fund Class IB |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1387 | $40.83 | $56611 |  | 0.39% | 16.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 1197 | 34.96 | 41828 |  | 0.57% | 26.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 998 | 27.53 | 27478 |  | 0.46% | 28.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 1026 | 21.50 | 22063 |  | 0.60% | -15.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 667 | 25.52 | 17021 |  | 0.59% | 31.01% |
|  Victory Pioneer Equity Income VCT Portfolio <br>(formerly Pioneer Equity Income VCT Portfolio Class II) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 3955 | $29.36 | $116110 |  | 2.04% | 11.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 3587 | 26.41 | 94750 |  | 1.98% | 10.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 3209 | 23.80 | 76385 |  | 1.65% | 7.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 3499 | 22.21 | 77716 |  | 1.61% | -7.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 2544 | 24.13 | 61380 |  | 1.24% | 25.33% |

---

<sup>(1)</sup> These amounts represent the annualized policy expenses of the separate account, consisting primarily of mortality and expense charges, for each period indicated. These ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to policyowner accounts through the redemption of units and expenses of the underlying fund have been excluded.

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

------

The Guardian Separate Account N

**NOTES TO FINANCIAL STATEMENTS** 

December 31, 2025 (continued)

<sup>(2)</sup> These amounts represent the dividends, excluding distributions of capital gains, received by the subaccount from the underlying mutual fund, net of management fees assessed by the fund manager, divided by the year to date daily average net assets. These ratios exclude those expenses, such as mortality and expense charges, that are assessed against policyowner accounts either through reductions in the unit values or the redemption of units. The recognition of investment income by the subaccount is affected by the timing of the declaration of dividends by the underlying fund in which the subaccount invests. The investment income ratio is annualized in the initial year in which units of a product were purchased.

<sup>(3)</sup> Total returns are not annualized for periods less than a year. These amounts represent the total return for the periods indicated, including changes in the value of the underlying fund, and expenses assessed through the reduction of unit values. These ratios do not include any expenses assessed through the redemption of units. Investment divisions with a date notation indicate the effective date of that investment division in the variable account. The total returns are calculated for each period indicated or from the effective date through the end of the reporting period.

<sup>(4)</sup> No policies investing in this investment option as of December 31, 2022.

<sup>(5)</sup> As of April 30, 2024, certain funds were liquidated as a result of fund liquidation and no longer available as an investment allocation option under this contract. After the liquidation date, any accumulation value remaining in the liquidated funds were transferred to each respective Fidelity VIP Government Money Market Portfolio Service Class 2 Fund. The expense ratio, investment income ratio and total returns were not applicable as of December 31, 2024 as a result of liquidation.

<sup>(6)</sup> Portfolio commenced operations April 29, 2022.

<sup>(7)</sup> As of April 29, 2022, certain funds were liquidated as a result of fund substitution and no longer available as an investment allocation option under this contract. After the liquidation date, any accumulation value remaining in the liquidated funds were transferred to each respective Guardian VIP Fund. The expense ratio, investment income ratio and total returns were not applicable as of December 31, 2022 as a result of liquidation.

<sup>(8)</sup> As of April 25, 2025, certain funds were liquidated as a result of fund substitution and no longer available as an investment allocation option under this contract. After the liquidation date, any accumulation value remaining in the liquidated funds were transferred to each respective Guardian VIP Fund. The expense ratio, investment income ratio and total returns were not applicable as of December 31, 2025 as a result of liquidation.

<sup>(9)</sup> As of June 27, 2025, the Victory Sophus Emerging Markets VIP Series Fund was liquidated and no longer available as an investment allocation option under this contract. After the liquidation date, any accumulation value remaining in the Victory Sophus Emerging Markets VIP Series Fund was transferred to the Fidelity VIP Government Money Market Portfolio Service Class 2.

<sup>(10)</sup> As of August 29, 2025, certain funds were liquidated and no longer available as an investment allocation option under this contract. After the liquidation date, any accumulation value remaining in the liquidated funds were transferred to the Fidelity VIP Government Money Market Portfolio Service Class 2.

**B-55**

------

**REPORT OF INDEPENDENT REGISTERED** 

**PUBLIC ACCOUNTING FIRM** 

To the Board of Directors of The Guardian Insurance & Annuity Company, Inc. and the Policyowners of The Guardian Separate Account N

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities of each of the investment options of The Guardian Separate Account N indicated in the table below as of December 31, 2025, and the related statements of operations and of changes in net assets for each of the periods indicated in the table below, 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 investment options of The Guardian Separate Account N 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 Integrated Research VIP Fund<sup>(1)</sup>

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

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

Guardian Small Cap Value Diversified 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>(2)</sup>

Victory 500 Index VIP Series<sup>(4)</sup>

Victory High Yield VIP Series<sup>(4)</sup>

Victory RS International VIP Series<sup>(4)</sup>

Victory Sophus Emerging Markets VIP Series<sup>(3)</sup>

Victory RS Small Cap Growth Equity VIP Series<sup>(4)</sup>

Gabelli Capital Asset Fund<sup>(2)</sup>

Invesco V.I. American Franchise Fund Series I<sup>(1)</sup>

Invesco V.I. Equity and Income Fund Series I<sup>(1)</sup>

Invesco V.I. Core Equity Fund Series II<sup>(2)</sup>

Invesco V.I. Government Securities Fund Series II<sup>(1)</sup>

Invesco V.I. Main Street Mid Cap Fund Series II<sup>(1)</sup>

Invesco V.I. Equity and Income Fund Series II<sup>(1)</sup>

Invesco V.I. American Franchise Fund Series II<sup>(1)</sup>

Invesco V.I. Global Fund Series II<sup>(1)</sup>

Alger Capital Appreciation Portfolio Class S<sup>(1)</sup>

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

LVIP American Century Capital Appreciation Fund Standard Class II<sup>(1)</sup>

LVIP American Century Mid Cap Value Fund Standard Class II<sup>(1)</sup>

BlackRock Global Allocation V.I. Fund Class III

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

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

LVIP JPMorgan Short Duration Bond Fund<sup>(1)</sup>

LVIP Fidelity Institutional AM Total Bond Fund<sup>(1)</sup>

Allspring VT International Equity Fund

Nomura VIP Small Cap Growth Series Class<sup>(1)</sup>

Nomura VIP Mid Cap Growth Series Class<sup>(1)</sup>

Fidelity VIP Equity-Income Portfolio Service Class 2<sup>(1)</sup>

Fidelity VIP High Income Portfolio Service Class 2<sup>(1)</sup>

Fidelity VIP Freedom 2020 Portfolio Service Class 2<sup>(1)</sup>

Fidelity VIP Freedom 2030 Portfolio Service Class 2<sup>(1)</sup>

Fidelity VIP Government Money Market Portfolio Service Class 2<sup>(1)</sup>

Fidelity VIP Index 500 Portfolio Initial Class<sup>(1)</sup>

Templeton Growth VIP Fund Class 2<sup>(1)</sup>

Templeton Global Bond VIP Fund Class 2<sup>(1)</sup>

Templeton Foreign VIP Fund Class 2<sup>(1)</sup>

Franklin Mutual Shares VIP Fund Class 2<sup>(1)</sup>

Franklin Small Cap Value VIP Fund Class 2<sup>(1)</sup>

Morningstar Balanced ETF Asset Allocation Portfolio Class II<sup>(1)</sup>

Morningstar Growth ETF Asset Allocation Portfolio Class II<sup>(1)</sup>

Morningstar Income and Growth ETF Asset Allocation Portfolio Class II<sup>(1)</sup>

Janus Henderson Enterprise Portfolio Institutional Shares<sup>(1)</sup>

Janus Henderson Forty Portfolio Institutional Shares<sup>(1)</sup>

Janus Henderson Research Portfolio Institutional Shares<sup>(1)</sup>

Janus Henderson Global Research Portfolio Institutional Shares<sup>(1)</sup>

Janus Henderson Research Portfolio Service Shares<sup>(1)</sup>

Janus Henderson Mid Cap Value Portfolio Service Shares<sup>(1)</sup>

Janus Henderson Balanced Portfolio Service Shares<sup>(1)</sup>

Janus Henderson Global Research Portfolio Service Shares<sup>(1)</sup>

MFS<sup>®</sup> Growth Series Initial Class<sup>(1)</sup>

MFS<sup>®</sup> New Discovery Series Initial Class<sup>(1)</sup>

MFS<sup>®</sup> Total Return Series Initial Class<sup>(1)</sup>

MFS<sup>®</sup> Research Series Service Class<sup>(2)</sup>

MFS<sup>®</sup> Investors Trust Series Service Class<sup>(2)</sup>

PIMCO Real Return Portfolio Advisor Class<sup>(1)</sup>

PIMCO Total Return Portfolio Advisor Class<sup>(1)</sup>

ClearBridge Variable Appreciation Portfolio Class II<sup>(2)</sup>

ClearBridge Variable Mid Cap Portfolio Class II<sup>(1)</sup>

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

------

Putnam VT Core Equity Fund Class IB<sup>(1)</sup>

Victory Pioneer Equity Income VCT Portfolio<sup>(1)</sup>

Nomura VIP Emerging Markets Series Class<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 April 25, 2025 (date of liquidation) and statement of changes in net assets for the period January 1, 2025, through April 25, 2025 (date of liquidation) and the year ended December 31, 2024.

<sup>3.</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>4.</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.

***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 investment options of The Guardian Separate Account N 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 investment options of The Guardian Separate Account N 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 investment options of The Guardian Separate Account N since 2000.

**B-57**