# EDGAR Filing Document

**Accession Number:** 0001116625
**File Stem:** 0001193125-26-191266
**Filing Date:** 2026-4
**Character Count:** 2654665
**Document Hash:** abf0cfbed56a8bbf343bb80dc79a6323
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-191266.hdr.sgml**: 20260429

**ACCESSION NUMBER**: 0001193125-26-191266

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 17

**FILED AS OF DATE**: 20260429

**DATE AS OF CHANGE**: 20260429

**EFFECTIVENESS DATE**: 20260501

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SBL VARIABLE ANNUITY ACCOUNT XIV
- **CENTRAL INDEX KEY:** 0001116625

**ORGANIZATION NAME:**
- **EIN:** 480409770
- **STATE OF INCORPORATION:** KS
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-10011
- **FILM NUMBER:** 26915168

**BUSINESS ADDRESS:**
- **STREET 1:** SECURITY BENEFIT LIFE INSURANCE CO
- **STREET 2:** ONE SECURITY BENEFIT PLACE
- **CITY:** TOPEKA
- **STATE:** KS
- **ZIP:** 66636-0001
- **BUSINESS PHONE:** 7854383000

**MAIL ADDRESS:**
- **STREET 1:** SECURITY BENEFIT LIFE INSURANCE CO
- **STREET 2:** ONE SECURITY BENEFIT PLACE
- **CITY:** TOPEKA
- **STATE:** KS
- **ZIP:** 66636-0001
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SBL VARIABLE ANNUITY ACCOUNT XIV
- **CENTRAL INDEX KEY:** 0001116625

**ORGANIZATION NAME:**
- **EIN:** 480409770
- **STATE OF INCORPORATION:** KS
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-138540
- **FILM NUMBER:** 26915167

**BUSINESS ADDRESS:**
- **STREET 1:** SECURITY BENEFIT LIFE INSURANCE CO
- **STREET 2:** ONE SECURITY BENEFIT PLACE
- **CITY:** TOPEKA
- **STATE:** KS
- **ZIP:** 66636-0001
- **BUSINESS PHONE:** 7854383000

**MAIL ADDRESS:**
- **STREET 1:** SECURITY BENEFIT LIFE INSURANCE CO
- **STREET 2:** ONE SECURITY BENEFIT PLACE
- **CITY:** TOPEKA
- **STATE:** KS
- **ZIP:** 66636-0001

## Series and Classes Contracts Data

### SBL VARIABLE ANNUITY ACCOUNT XIV (Series ID: S000010520)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000042185 | EliteDesigns Variable Annuity        |  |
| C000098565 | EliteDesigns Variable Annuity (2011) |  |
| C000126289 | EliteDesigns II Variable Annuity     |  |

?xml version='1.0' encoding='ASCII'? SBL Variable Annuity Account XIV

Filed on: April 29, 2026 File No. 333-138540 File No. 811-10011

------

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-4**

---

| | | | |
|:---|:---|:---|:---|
| REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | ☐ |
|  | Pre-Effective Amendment No. |  | ☐ |
|  | Post-Effective Amendment No. | 26 | ☒ |
| REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 | REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 | REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 | ☐ |
|  | Amendment No. | 85 | ☒ |

---

(Check appropriate box or boxes)

SBL VARIABLE ANNUITY ACCOUNT XIV

(EliteDesigns)

------

(Exact Name of Registered Separate Account)

Security Benefit Life Insurance Company

------

(Name of Insurance Company)

One Security Benefit Place, Topeka, Kansas 66636-0001

------

(Address of Insurance Company's Principal Executive Offices)

(785) 438-3000

------

(Insurance Company's Telephone Number, Including Area Code)

Alison Pollock, Assistant General Counsel

Security Benefit Life Insurance Company

One Security Benefit Place, Topeka, KS 66636-0001

------

(Name and Address of Agent for Service)

Approximate Date of Proposed Public Offering: As soon as practicable after the effective date of this Registration Statement.

It is proposed that this filing will become effective (check appropriate box):

☐ immediately upon filing pursuant to paragraph (b)

☒ on May 1, 2026, pursuant to paragraph (b)

☐ 60 days after filing pursuant to paragraph (a)(1)

☐ on May 1, 2026, pursuant to paragraph (a)(1) of rule 485 under the Securities Act.

If appropriate, check the following box:

☐

this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

------

Check each box that appropriately characterizes the Registrant:

☐

New Registrant (as applicable, a Registered Separate Account or Insurance Company that has not filed a Securities Act registration statement or amendment thereto within 3 years preceding this filing)

☐

Emerging Growth Company (as defined by Rule 12b-2 under the Securities Exchange Act of 1934 ("Exchange Act"))

☐

If an Emerging Growth Company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of Securities Act

☒

Insurance Company relying on Rule 12h-7 under the Exchange Act

☐

Smaller reporting company (as defined by Rule 12b-2 under the Exchange Act)

------

![](g61095cover_1.jpg)

**Prospectus** 

May 1, 2026

ELITEDESIGNS<sup>®</sup> VARIABLE ANNUITY

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Important Privacy <br> Notice Included<br>

Variable annuity contracts issued by

Security Benefit Life Insurance Company

and offered by Security Distributors, LLC

32-69150-02 2026/05/01

**6915B (PRS)**

------

**ELITEDESIGNS**<sup>®</sup> **VARIABLE ANNUITY** 

**(for Contracts issued on or after April 18, 2011)** 

**Individual Flexible Purchase Payment Deferred Variable Annuity Contract** 

**SBL Variable Annuity Account XIV**

---

| | |
|:---|:---|
| **Issued By:** | **Mailing Address:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Benefit Life Insurance Company** <br> **One Security Benefit Place**<br> **Topeka, Kansas 66636-0001**<br> **1-800-888-2461**<br> **www.securitybenefit.com**<br>| **Security Benefit Life Insurance Company**<br> **P.O. Box 750497**<br> **Topeka, Kansas 66675-0497**<br>|

---

------

This Prospectus describes the EliteDesigns Variable Annuity—an Individual Flexible Purchase Payment Deferred Variable Annuity Contract (the "Contract") offered by Security Benefit Life Insurance Company (the "Company"). The Contract is available for individuals as a non-tax qualified contract. The Contract is also available for individuals in connection with a retirement plan qualified under Section 408 or 408A of the Internal Revenue Code. The Contract may be available through third-party financial intermediaries who charge an advisory fee for their services. This fee is in addition to Contract fees and expenses. If you elect to pay the advisory fee from your Contract Value, then this deduction will reduce death benefits and other guaranteed benefits, perhaps significantly, and may be subject to federal and state income taxes and a 10% federal penalty tax. The Contract is designed to give you flexibility in planning for retirement and other financial goals. This Prospectus is used with both prospective purchasers and current Owners.

The Contract is a complex investment and involves risks, including potential loss of principal. The Contract is not a short-term investment and is not appropriate for an investor who needs ready access to cash. Withdrawals could result in surrender charges, taxes, and tax penalties.

You may allocate your Purchase Payments and Contract Value to one or more of the Subaccounts that comprise a separate account of the Company, called SBL Variable Annuity Account XIV (the "Separate Account"). Each Subaccount invests in a corresponding mutual fund (each, an "Underlying Fund"). More information about the Underlying Funds currently available under the Contract is available in Appendix A to this Prospectus (entitled "Investment Options Available Under the Contract").

This Prospectus sets forth information about the Contract and the Separate Account that you should know before purchasing the Contract. Our obligations under the Contract are subject to our financial strength and claims-paying ability. This Prospectus should be kept for future reference. **Additional information about certain investment products, including variable annuities, has been prepared by the Securities and Exchange Commission's staff and is available at Investor.gov.** 

**If you are a new investor in the Contract, you may cancel your Contract within 10 days of receiving it without paying fees or penalties. In some states, this cancellation period may be longer. Upon cancellation, you will receive either a full refund of the amount you paid with your application or your total Contract Value. You should review this Prospectus, or consult with your investment professional, for additional information about the specific cancellation terms that apply.** 

---

| |
|:---|
| **The Securities and Exchange Commission ("SEC") has not approved or disapproved these securities or** <br> **determined if this Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.**<br>|
| **The Contract is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance** <br> **Corporation or any other government agency. The value of your Contract can go up and down and you could** <br> **lose money.**<br>|
| **Date: May 1, 2026** |

---

6915B (PRS)

Protected by U.S. Patent No. 7,251,623 B1.

32-69150-02 2026/05/01

------

**Table of Contents**

------

---

| | |
|:---|:---|
|  | Page |
| **Definitions** | **4** |
| **[Overview of the Contract](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_2)** | **5** |
| [Purpose of the Contract](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_2) | 5 |
| [Phases of the Contract](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_2) | 5 |
| [Contract Features](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_3) | 6 |
| [Additional Services](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_3) | 6 |
| **[Important Information You Should](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_3)**<br> **[Consider About the Contract](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_3)**<br>| **6** |
| **[Fee Table](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_6)** | **9** |
| [Transaction Expenses](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_6) | 9 |
| [Annual Contract Expenses](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_6) | 9 |
| [Annual Underlying Fund Expenses](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_7) | 10 |
| [Examples](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_7) | 10 |
| **[Principal Risks of Investing in the](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_8)**<br> **[Contract](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_8)**<br>| **11** |
| [Risk of Investment Loss](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_8) | 11 |
| [Short-Term Investment Risk/Withdrawal Risk](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_8) | 11 |
| [Subaccount Risk](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_8) | 11 |
| [Managed Volatility Fund Risk](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_8) | 11 |
| [Purchase Payment Risk](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_8) | 11 |
| [Financial Strength and Claims-Paying Ability](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_8)<br> [Risk](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_8)<br>| 11 |
| [Business Disruption and Cybersecurity Risk](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_8) | 11 |
| [Tax Consequences Risk](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_8) | 11 |
| [Advisory Fee Deduction Risk](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_9) | 12 |
| [Contract Changes Risk](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_9) | 12 |
| **[Information About the Company, the](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_9)**<br> **[Separate Account, and the](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_9)**<br> **[Underlying Funds](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_9)**<br>| **12** |
| [Security Benefit Life Insurance Company](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_9) | 12 |
| [Published Ratings](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_9) | 12 |
| [Separate Account](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_9) | 12 |
| [Underlying Funds](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_10) | 13 |
| [Services and Administration](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_12) | 15 |
| **[Charges and Deductions](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_12)** | **15** |
| <u>[Transaction Expenses](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_12)</u> | 15 |
| [Premium Tax Charge](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_12) | 15 |
| [Deduction of Advisory Fees](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_12) | 15 |
| <u>[Annual Contract Expenses](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_13)</u> | 16 |
| [Mortality and Expense Risk Charge](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_13) | 16 |
| [Administration Charge](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_13) | 16 |
| [Other Charges](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_14) | 17 |
| [Variations in Charges](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_14) | 17 |
| [Return of Premium Death Benefit Rider](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_14)<br> [Charge](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_14)<br>| 17 |

---

---

| | |
|:---|:---|
|  | Page |
| [Underlying Fund Expenses](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_14) | 17 |
| [Payment of Compensation](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_14) | 17 |
| **[The Contract](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_14)** | **17** |
| [General](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_14) | 17 |
| [Important Information About Your Benefits](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_15)<br> [Under the Contract](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_15)<br>| 18 |
| [Application for a Contract](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_15) | 18 |
| [Purchase Payments](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_15) | 18 |
| [Allocation of Purchase Payments](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_16) | 19 |
| [Dollar Cost Averaging Option](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_17) | 20 |
| [Asset Reallocation Option](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_18) | 21 |
| [Transfers of Contract Value](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_19) | 22 |
| [Contract Value](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_24) | 27 |
| [Determination of Contract Value](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_24) | 27 |
| [Cut-Off Times](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_25) | 28 |
| [Full and Partial Withdrawals](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_26) | 29 |
| [Withdrawals to Pay Advisory Fees](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_27) | 30 |
| [Systematic Withdrawals](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_27) | 30 |
| [Free-Look Right](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_27) | 30 |
| [Death Benefit](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_28) | 31 |
| [Distribution Requirements](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_29) | 32 |
| [Death of the Annuitant](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_30) | 33 |
| **[Benefits Under the Contract](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_30)** | **33** |
| [Return of Premium Death Benefit](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_31) | 34 |
| **[Annuity Period](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_32)** | **35** |
| [General](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_32) | 35 |
| [Annuity Options](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_33) | 36 |
| [Selection of an Option](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_35) | 38 |
| **[More About the Contract](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_35)** | **38** |
| [Ownership](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_35) | 38 |
| [Designation and Change of Beneficiary](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_35) | 38 |
| [Dividends](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_35) | 38 |
| [Payments from the Separate Account](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_36) | 39 |
| [Proof of Age and Survival](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_36) | 39 |
| [Misstatements](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_36) | 39 |
| [Business Disruption and Cybersecurity Risks](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_36) | 39 |
| [Restrictions on Withdrawals from Qualified](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_37)<br> [Plans](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_37)<br>| 40 |
| [Restrictions under the Texas Optional](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_37)<br> [Retirement Program](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_37)<br>| 40 |
| **[Federal Tax Matters](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_37)** | **40** |
| [Introduction](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_37) | 40 |
| [Tax Status of the Company and the Separate](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_38)<br> [Account](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_38)<br>| 41 |
| [Income Taxation of Annuities in](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_39)<br> [General](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_39)[—](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_39)[Non-Qualified Contracts](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_39)<br>| 42  |

---

------

---

| | |
|:---|:---|
|  | Page |
| [Additional Considerations](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_40) | 43 |
| [Qualified Contracts](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_41) | 44 |
| [Other Tax Considerations](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_43) | 46 |
| **[Other Information](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_44)** | **47** |
| [Voting of Underlying Fund Shares](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_44) | 47 |
| [Changes to Investments](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_44) | 47 |
| [Changes to Comply with Law and](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_45)<br> [Amendments](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_45)<br>| 48 |
| [Reports to Owners](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_45) | 48 |
| [Electronic Privileges](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_45) | 48 |
| [State Variations](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_46) | 49 |
| [Legal Proceedings](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_46) | 49 |

---

---

| | |
|:---|:---|
|  | Page |
| [Legal Matters](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_46) | 49 |
| [Sale of the Contract](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_46) | 49 |
| **[Additional Information](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_47)** | **50** |
| [Registration Statement](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_47) | 50 |
| [Financial Statements](#xx_432c5f13-55a3-4206-b2b4-02217860f2f8_48) | 51 |
| **[Appendix A](#xx_db2dcafb-5fae-49d3-80a5-c955764a7adb_1)[–](#xx_db2dcafb-5fae-49d3-80a5-c955764a7adb_1)** [Investment Options Available](#xx_db2dcafb-5fae-49d3-80a5-c955764a7adb_1)<br> [Under the Contract and Optional Rider](#xx_db2dcafb-5fae-49d3-80a5-c955764a7adb_1)<br> [Investment Restrictions](#xx_db2dcafb-5fae-49d3-80a5-c955764a7adb_1)<br>| A-1 |
| [Underlying Funds](#xx_db2dcafb-5fae-49d3-80a5-c955764a7adb_1) | A-1 |

---

------

**Definitions**

------

Various terms commonly used in this Prospectus are defined as follows:

**Accumulation Unit —** A unit of measure used to calculate Contract Value.

**Administrative Office —** Security Benefit Life Insurance Company, P.O. Box 750497, Topeka, Kansas 66675-0497.

**Annuitant —** The person that you designate on whose life annuity payments may be determined. If you designate Joint Annuitants, "Annuitant" means both Annuitants unless otherwise stated.

**Annuity ("annuity") —** A series of periodic income payments made by the Company to an Annuitant, Joint Annuitant, or Designated Beneficiary during the period specified in the Annuity Options.

**Annuity Options —** Options under the Contract that prescribe the provisions under which a series of annuity payments are made.

**Annuity Period —** The period beginning on the Annuity Start Date during which annuity payments are made.

**Annuity Start Date —** The date when annuity payments begin.

**Annuity Unit —** A unit of measure used to calculate variable annuity payments under Annuity Options 1 through 4, 7 and 8.

**Automatic Investment Program —** A program pursuant to which Purchase Payments are automatically paid from your bank account on a specified day of each month or a salary reduction agreement.

**Company —** Security Benefit Life Insurance Company. The Company is also identified herein as "we," "our," or "us."

**Contract —** The flexible purchase payment deferred variable annuity contract described in this Prospectus.

**Contract Date —** The date the Contract begins as shown in your Contract. Contract anniversaries are measured from the Contract Date. The Contract Date is usually the date that the initial Purchase Payment is credited to the Contract.

**Contract Value —** The total value of your Contract as of any Valuation Date.

**Contract Year —** Each twelve-month period measured from the Contract Date.

**Designated Beneficiary —** The person having the right to the death benefit, if any, payable upon the death of the Owner or Joint Owner prior to the Annuity Start Date.

**General Account —** All assets of the Company other than those allocated to the Separate Account or to any other separate account of the Company.

**Internal Revenue Code or the Code —** The Internal Revenue Code of 1986, as amended.

**Investment Options —** The Subaccounts .

**Owner —** The person entitled to the ownership rights under the Contract and in whose name the Contract is issued.

**Purchase Payment —** An amount initially paid to the Company as consideration for the Contract and any subsequent amounts paid to the Company under the Contract.

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**Separate Account —** SBL Variable Annuity Account XIV, a separate account of the Company that consists of accounts, referred to as Subaccounts, each of which invests in a corresponding Underlying Fund.

**Subaccount —** A division of the Separate Account which invests in a corresponding Underlying Fund.

**Underlying Fund —** A mutual fund or series thereof that serves as an investment vehicle for its corresponding Subaccount.

**Valuation Date —** Each date on which the Separate Account is valued, which currently includes each day that the New York Stock Exchange is open for trading. Each Valuation Date closes at the end of regular trading on the New York Stock Exchange (normally, 3:00 p.m. Central time). The New York Stock Exchange is scheduled to be closed on weekends and on the following holidays: New Year's Day, Martin Luther King, Jr. Day, Washington's Birthday, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas Day.

**Valuation Period —** A period used in measuring the investment experience of each Subaccount of the Separate Account. The Valuation Period begins at the close of one Valuation Date and ends at the close of the next Valuation Date.

**Withdrawal Value —** The amount you will receive upon full withdrawal of the Contract. It is equal to Contract Value less any uncollected premium taxes. The Withdrawal Value during the Annuity Period for variable annuity payments (or a combination of variable and fixed annuity payments) under Annuity Option 7 is the present value of future annuity payments commuted at the assumed interest rate, less any uncollected premium taxes.

**Overview of the Contract**

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**Purpose of the Contract —** The Contract is a variable annuity contract. It is designed for retirement planning purposes. You make investments in the Contract's investment options during the accumulation phase. The value of your investments is used to calculate your benefits under the Contract. At the end of the accumulation phase, we use that accumulated value to calculate the payments that we make during the annuity phase. These payments can provide or supplement your retirement income. Generally speaking, the longer your accumulation phase, the greater your accumulated value may be for setting your benefits and annuity payouts. The Contract also includes a death benefit to help financially protect your Designated Beneficiary.

This Contract may be appropriate for you if you have a long investment time horizon. This Contract is not intended for people who may need to make early or frequent withdrawals or who intend to engage in frequent trading in the Subaccounts that are available under the Contract. Because of the possibility of income tax and tax penalties on early withdrawals, the Contract should not be viewed as an investment vehicle offering low cost liquidity. Your financial goal in acquiring the Contract should focus on a long-term insurance product, offering the prospect of investment growth.

**Phases of the Contract —** The contract has two phases: (1) an accumulation phase (for savings) and (2) an annuity (payout) phase (for income).

**Accumulation Phase.** During the accumulation phase, earnings accumulate on a tax-deferred basis and are taxed as income when you make a withdrawal. To accumulate value during the accumulation phase, you invest your Purchase Payments and earnings in the Subaccounts that are available under the Contract, which, in turn, invest in Underlying Funds with different investment strategies, objectives, and risk/reward profiles. You may allocate all or part of your Purchase Payments and Contract Value to the Subaccounts. Amounts that you allocate to a Subaccount will increase or decrease in dollar value depending in part on the investment performance of the Underlying Fund in which such Subaccount invests.

**Additional information about the Underlying Funds currently available under the Contract is provided in Appendix A: Investment Options Available Under the Contract.**

**Annuity (Payout) Phase.** The Annuity phase occurs after the Annuity Start Date and is when you or a designated payee begin receiving regular Annuity payments from your Contract. The Contract provides several Annuity Options. You should carefully review the Annuity Options with your financial or tax adviser. We may make other Annuity Options available upon request. We may also discontinue the availability of one or more of these options at any time.

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Please note that if you annuitize, your investments will be converted to income payments and you generally will no longer be able to withdraw money at will from your Contract. However, under Annuity Options 5, 6 and 7 (and only if the Owner has elected variable annuity payments under Annuity Option 7), withdrawals (other than systematic withdrawals or withdrawals to pay investment advisory fees) are permitted after the Annuity Start Date. The Return of Premium Death Benefit terminates upon annuitization. The Company will continue to deduct the monthly Return of Premium Death Benefit Rider charge if you elect Annuity Option 5 or 6.

**Contract Features —**

**Accessing Your Money.** Before your Contract is annuitized, you can withdraw money from your Contract at any time. If you take a withdrawal, you may have to pay income taxes, including a tax penalty, if you are younger than age 59½.

**Tax Treatment.** You can transfer money between investment options without tax implications, and earnings (if any) on your investments are generally tax-deferred. You are taxed only upon: (1) making a withdrawal; (2) surrender of the Contract; (3) receiving a payment from us; or (4) payment of a death benefit.

**Death Benefit.** The Contract includes a standard death benefit equal to the Contract Value reduced by any uncollected premium tax. If you purchased the optional rider that provides an enhanced death benefit, you have the opportunity to leave your beneficiary a death benefit greater than the standard death benefit.

**Return of Premium Death Benefit.** For an additional cost, under this rider, we will pay an enhanced death benefit upon the death of the Owner or any Joint Owner prior to the Annuity Start Date.

**Advisory Fees.** Deductions from your Contract Value to pay third-party advisory fees are treated as withdrawals under the Contract. If you elect to pay advisory fees from your Contract Value, then the deduction will reduce the death benefits, perhaps significantly, and may be subject to federal and state income taxes and a 10% federal penalty tax.

**Additional Services —** We offer several additional services:

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**Dollar Cost Averaging.** You direct us to systematically transfer Contract Value among the Subaccounts on a monthly, quarterly, semiannual, or annual basis.

**Asset Reallocation Option.** You direct us to automatically reallocate your Contract Value to return to your original percentage investment allocations on a periodic basis.

**Automatic Investment Program.** Purchase Payments are automatically paid from your bank account on a specified day each month or pursuant to a salary reduction agreement.

**Systematic Withdrawals.** You receive regular automatic withdrawals from your Contract, on a monthly, quarterly, annual or semi-annual basis, provided that each payment must amount to at least $100 (unless we consent otherwise).

**Important Information You Should Consider About the Contract**

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| **FEES, EXPENSES, AND ADJUSTMENTS** | **Location in** <br> **Prospectus**<br>|

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| **Are There** <br> **Charges or** <br> **Adjustments for** <br> **Early** <br> **Withdrawals?**<br>| **No.** The Company does not assess a withdrawal charge on full or partial withdrawals. | **Fee Table**<br> **Fee Table** <br> **–** <br> **Examples**<br> **Charges** <br> **and** <br> **Deductions**<br>|

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| **Are There** <br> **Transaction** <br> **Charges?**<br>| **No.** There are no charges for other transactions. | **Not** <br> **Applicable** <br>|

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| **FEES, EXPENSES, AND ADJUSTMENTS** | **Location in** <br> **Prospectus**<br>|

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| Are There <br> Ongoing Fees <br> and Expenses? | **Yes.** The tables below describe the current fees and expenses of the Contract that you may <br> pay *each year*, depending on the Investment Options and optional benefits you choose and <br> the date your Contract was issued. The fees and expenses do not reflect any advisory fees <br> paid to financial intermediaries from your Contract Value or other assets. If such charges were <br> reflected, the fees and expenses would be higher. Please refer to your Contract specifications <br> page for information about the specific fees you will pay each year based on the options you <br> have elected.<br> Contracts issued before December 28, 2012: | **Yes.** The tables below describe the current fees and expenses of the Contract that you may <br> pay *each year*, depending on the Investment Options and optional benefits you choose and <br> the date your Contract was issued. The fees and expenses do not reflect any advisory fees <br> paid to financial intermediaries from your Contract Value or other assets. If such charges were <br> reflected, the fees and expenses would be higher. Please refer to your Contract specifications <br> page for information about the specific fees you will pay each year based on the options you <br> have elected.<br> Contracts issued before December 28, 2012: | **Yes.** The tables below describe the current fees and expenses of the Contract that you may <br> pay *each year*, depending on the Investment Options and optional benefits you choose and <br> the date your Contract was issued. The fees and expenses do not reflect any advisory fees <br> paid to financial intermediaries from your Contract Value or other assets. If such charges were <br> reflected, the fees and expenses would be higher. Please refer to your Contract specifications <br> page for information about the specific fees you will pay each year based on the options you <br> have elected.<br> Contracts issued before December 28, 2012: | **Fee Table**<br> **Fee Table** <br> **–** <br> **Examples**<br> **Charges** <br> **and** <br> **Deductions** <br> **– Mortality** <br> **and** <br> **Expense** <br> **Risk** <br> **Charge**<br> **Charges** <br> **and** <br> **Deductions** <br> **– Return of** <br> **Premium** <br> **Death** <br> **Benefit** <br> **Rider** <br> **Charge**<br> **Charges** <br> **and** <br> **Deductions** <br> **– Adminis-**<br> **tration** <br> **Charge**<br> **Appendix** <br> **A –** <br> **Underlying** <br> **Funds** <br> **Available** <br> **Under the** <br> **Contract** |
| Are There <br> Ongoing Fees <br> and Expenses? | **Annual Fee** | **Minimum** | **Maximum** | **Fee Table**<br> **Fee Table** <br> **–** <br> **Examples**<br> **Charges** <br> **and** <br> **Deductions** <br> **– Mortality** <br> **and** <br> **Expense** <br> **Risk** <br> **Charge**<br> **Charges** <br> **and** <br> **Deductions** <br> **– Return of** <br> **Premium** <br> **Death** <br> **Benefit** <br> **Rider** <br> **Charge**<br> **Charges** <br> **and** <br> **Deductions** <br> **– Adminis-**<br> **tration** <br> **Charge**<br> **Appendix** <br> **A –** <br> **Underlying** <br> **Funds** <br> **Available** <br> **Under the** <br> **Contract** |
| Are There <br> Ongoing Fees <br> and Expenses? | Base Contract<sup>1</sup> <br>| 0.25% | 0.45% | **Fee Table**<br> **Fee Table** <br> **–** <br> **Examples**<br> **Charges** <br> **and** <br> **Deductions** <br> **– Mortality** <br> **and** <br> **Expense** <br> **Risk** <br> **Charge**<br> **Charges** <br> **and** <br> **Deductions** <br> **– Return of** <br> **Premium** <br> **Death** <br> **Benefit** <br> **Rider** <br> **Charge**<br> **Charges** <br> **and** <br> **Deductions** <br> **– Adminis-**<br> **tration** <br> **Charge**<br> **Appendix** <br> **A –** <br> **Underlying** <br> **Funds** <br> **Available** <br> **Under the** <br> **Contract** |
| Are There <br> Ongoing Fees <br> and Expenses? | Investment options<sup>2</sup> <br>(Underlying Fund fees and expenses)<br>| 0.09% | 5.82% | **Fee Table**<br> **Fee Table** <br> **–** <br> **Examples**<br> **Charges** <br> **and** <br> **Deductions** <br> **– Mortality** <br> **and** <br> **Expense** <br> **Risk** <br> **Charge**<br> **Charges** <br> **and** <br> **Deductions** <br> **– Return of** <br> **Premium** <br> **Death** <br> **Benefit** <br> **Rider** <br> **Charge**<br> **Charges** <br> **and** <br> **Deductions** <br> **– Adminis-**<br> **tration** <br> **Charge**<br> **Appendix** <br> **A –** <br> **Underlying** <br> **Funds** <br> **Available** <br> **Under the** <br> **Contract** |
| Are There <br> Ongoing Fees <br> and Expenses? | Optional benefit available for an additional charge<sup>3</sup> <br>| 0.10% | 0.10% | **Fee Table**<br> **Fee Table** <br> **–** <br> **Examples**<br> **Charges** <br> **and** <br> **Deductions** <br> **– Mortality** <br> **and** <br> **Expense** <br> **Risk** <br> **Charge**<br> **Charges** <br> **and** <br> **Deductions** <br> **– Return of** <br> **Premium** <br> **Death** <br> **Benefit** <br> **Rider** <br> **Charge**<br> **Charges** <br> **and** <br> **Deductions** <br> **– Adminis-**<br> **tration** <br> **Charge**<br> **Appendix** <br> **A –** <br> **Underlying** <br> **Funds** <br> **Available** <br> **Under the** <br> **Contract** |
| Are There <br> Ongoing Fees <br> and Expenses? | 1<br> As a percentage of Contract Value allocated to the Separate Account. The Base Contract Annual Fee is <br> 0.55% during the Annuity Period.<br>2<br> As a percentage of Underlying Fund average net assets.<br> 3<br> As a percentage of Contract Value | 1<br> As a percentage of Contract Value allocated to the Separate Account. The Base Contract Annual Fee is <br> 0.55% during the Annuity Period.<br>2<br> As a percentage of Underlying Fund average net assets.<br> 3<br> As a percentage of Contract Value | 1<br> As a percentage of Contract Value allocated to the Separate Account. The Base Contract Annual Fee is <br> 0.55% during the Annuity Period.<br>2<br> As a percentage of Underlying Fund average net assets.<br> 3<br> As a percentage of Contract Value | **Fee Table**<br> **Fee Table** <br> **–** <br> **Examples**<br> **Charges** <br> **and** <br> **Deductions** <br> **– Mortality** <br> **and** <br> **Expense** <br> **Risk** <br> **Charge**<br> **Charges** <br> **and** <br> **Deductions** <br> **– Return of** <br> **Premium** <br> **Death** <br> **Benefit** <br> **Rider** <br> **Charge**<br> **Charges** <br> **and** <br> **Deductions** <br> **– Adminis-**<br> **tration** <br> **Charge**<br> **Appendix** <br> **A –** <br> **Underlying** <br> **Funds** <br> **Available** <br> **Under the** <br> **Contract** |
| Are There <br> Ongoing Fees <br> and Expenses? | Contracts issued on or after December 28, 2012: | Contracts issued on or after December 28, 2012: | Contracts issued on or after December 28, 2012: | **Fee Table**<br> **Fee Table** <br> **–** <br> **Examples**<br> **Charges** <br> **and** <br> **Deductions** <br> **– Mortality** <br> **and** <br> **Expense** <br> **Risk** <br> **Charge**<br> **Charges** <br> **and** <br> **Deductions** <br> **– Return of** <br> **Premium** <br> **Death** <br> **Benefit** <br> **Rider** <br> **Charge**<br> **Charges** <br> **and** <br> **Deductions** <br> **– Adminis-**<br> **tration** <br> **Charge**<br> **Appendix** <br> **A –** <br> **Underlying** <br> **Funds** <br> **Available** <br> **Under the** <br> **Contract** |
| Are There <br> Ongoing Fees <br> and Expenses? | **Annual Fee** | **Minimum** | **Maximum** | **Fee Table**<br> **Fee Table** <br> **–** <br> **Examples**<br> **Charges** <br> **and** <br> **Deductions** <br> **– Mortality** <br> **and** <br> **Expense** <br> **Risk** <br> **Charge**<br> **Charges** <br> **and** <br> **Deductions** <br> **– Return of** <br> **Premium** <br> **Death** <br> **Benefit** <br> **Rider** <br> **Charge**<br> **Charges** <br> **and** <br> **Deductions** <br> **– Adminis-**<br> **tration** <br> **Charge**<br> **Appendix** <br> **A –** <br> **Underlying** <br> **Funds** <br> **Available** <br> **Under the** <br> **Contract** |
| Are There <br> Ongoing Fees <br> and Expenses? | Base Contract<sup>1</sup> <br>| 0.25% | 0.45% | **Fee Table**<br> **Fee Table** <br> **–** <br> **Examples**<br> **Charges** <br> **and** <br> **Deductions** <br> **– Mortality** <br> **and** <br> **Expense** <br> **Risk** <br> **Charge**<br> **Charges** <br> **and** <br> **Deductions** <br> **– Return of** <br> **Premium** <br> **Death** <br> **Benefit** <br> **Rider** <br> **Charge**<br> **Charges** <br> **and** <br> **Deductions** <br> **– Adminis-**<br> **tration** <br> **Charge**<br> **Appendix** <br> **A –** <br> **Underlying** <br> **Funds** <br> **Available** <br> **Under the** <br> **Contract** |
| Are There <br> Ongoing Fees <br> and Expenses? | Investment options<sup>2</sup> <br>(Underlying Fund fees and expenses)<br>| 0.09% | 5.82% | **Fee Table**<br> **Fee Table** <br> **–** <br> **Examples**<br> **Charges** <br> **and** <br> **Deductions** <br> **– Mortality** <br> **and** <br> **Expense** <br> **Risk** <br> **Charge**<br> **Charges** <br> **and** <br> **Deductions** <br> **– Return of** <br> **Premium** <br> **Death** <br> **Benefit** <br> **Rider** <br> **Charge**<br> **Charges** <br> **and** <br> **Deductions** <br> **– Adminis-**<br> **tration** <br> **Charge**<br> **Appendix** <br> **A –** <br> **Underlying** <br> **Funds** <br> **Available** <br> **Under the** <br> **Contract** |
| Are There <br> Ongoing Fees <br> and Expenses? | Optional benefit available for an additional charge<sup>3</sup> <br>| 0.35% | 0.35% | **Fee Table**<br> **Fee Table** <br> **–** <br> **Examples**<br> **Charges** <br> **and** <br> **Deductions** <br> **– Mortality** <br> **and** <br> **Expense** <br> **Risk** <br> **Charge**<br> **Charges** <br> **and** <br> **Deductions** <br> **– Return of** <br> **Premium** <br> **Death** <br> **Benefit** <br> **Rider** <br> **Charge**<br> **Charges** <br> **and** <br> **Deductions** <br> **– Adminis-**<br> **tration** <br> **Charge**<br> **Appendix** <br> **A –** <br> **Underlying** <br> **Funds** <br> **Available** <br> **Under the** <br> **Contract** |
| Are There <br> Ongoing Fees <br> and Expenses? | 1<br> As a percentage of Contract Value allocated to the Separate Account. The Base Contract Annual Fee is <br> 0.55% during the Annuity Period.<br>2<br> As a percentage of Underlying Fund average net assets.<br> 3<br> As a percentage of Contract Value. | 1<br> As a percentage of Contract Value allocated to the Separate Account. The Base Contract Annual Fee is <br> 0.55% during the Annuity Period.<br>2<br> As a percentage of Underlying Fund average net assets.<br> 3<br> As a percentage of Contract Value. | 1<br> As a percentage of Contract Value allocated to the Separate Account. The Base Contract Annual Fee is <br> 0.55% during the Annuity Period.<br>2<br> As a percentage of Underlying Fund average net assets.<br> 3<br> As a percentage of Contract Value. | **Fee Table**<br> **Fee Table** <br> **–** <br> **Examples**<br> **Charges** <br> **and** <br> **Deductions** <br> **– Mortality** <br> **and** <br> **Expense** <br> **Risk** <br> **Charge**<br> **Charges** <br> **and** <br> **Deductions** <br> **– Return of** <br> **Premium** <br> **Death** <br> **Benefit** <br> **Rider** <br> **Charge**<br> **Charges** <br> **and** <br> **Deductions** <br> **– Adminis-**<br> **tration** <br> **Charge**<br> **Appendix** <br> **A –** <br> **Underlying** <br> **Funds** <br> **Available** <br> **Under the** <br> **Contract** |

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| Because your Contract is customizable, the choices you make affect how much you will pay. <br> To help you understand the cost of owning your Contract, the following table shows the lowest <br> and highest cost you could pay *each year* based on current charges. | Because your Contract is customizable, the choices you make affect how much you will pay. <br> To help you understand the cost of owning your Contract, the following table shows the lowest <br> and highest cost you could pay *each year* based on current charges. |
| **Lowest Annual Cost: $513.75** | **Highest Annual Cost:** <br> **$4,747.18** |
| Assumes:<br> <sup>●</sup>Investment of $100,000<br> <sup>●</sup>5% annual appreciation<br> <sup>●</sup>Least expensive combination of Base Contract charge and <br> Underlying Fund fees and expenses<br><sup>●</sup>No optional benefits<br> <sup>●</sup>No advisory fees<br> <sup>●</sup>No additional Purchase Payments, transfers or withdrawals | Assumes:<br> <sup>●</sup>Investment of <br> $100,000<br><sup>●</sup>5% annual <br> appreciation<br><sup>●</sup>Most expensive <br> combination of Base <br> Contract charge, <br> optional benefit and <br> Underlying Fund fees <br> and expenses<br><sup>●</sup>No advisory fees<br> <sup>●</sup>No additional Purchase <br> Payments, transfers or <br> withdrawals |

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| **RISKS** | **Location in Prospectus**  |

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| **Is There a Risk** <br> **of Loss from** <br> **Poor** <br> **Performance?**<br>| **Yes.** You can lose money by investing in this Contract, including loss of <br> principal.<br>| **Principal Risks of** <br> **Investing in the Contract**<br>|
| **Is this a** <br> **Short-Term** <br> **Investment?**<br>| **No.**<br> <sup>●</sup>This Contract is not designed for short-term investing and is not appropriate <br> for an investor who needs ready access to cash.<br><sup>●</sup>Withdrawals may reduce or terminate Contract guarantees and may result in <br> taxes and tax penalties.<br><sup>●</sup>The benefits of tax deferral and long-term income mean the Contract is <br> more beneficial to investors with a long-time horizon.<br>| **The Contract – General** |
| **What are the** <br> **Risks** <br> **Associated with** <br> **the Investment** <br> **Options?**<br>| <sup>●</sup>An investment in this Contract is subject to the risk of poor investment <br> performance. Performance can vary depending on the performance of the <br> Investment Options that are available under the Contract.<br><sup>●</sup>Each investment option has its own unique risks.<br> <sup>●</sup>You should review the Investment Options before making an investment <br> decision.<br>| **Appendix A – Underlying** <br> **Funds Available Under** <br> **the Contract**<br>|
| **Whate are the** <br> **Risks Related to** <br> **the Insurance** <br> **Company?**<br>| An investment in the Contract is subject to the risks related to us, Security <br> Benefit Life Insurance Company. Any obligations, guarantees or benefits of the <br> Contract are subject to our claims-paying ability. If we experience financial <br> distress, we may not be able to meet our obligations to you. More information <br> about Security Benefit Life Insurance Company, including our financial strength <br> ratings, is available upon request by calling 1-800-888-2461 or visiting <br> www.securitybenefit.com.<br>| **Information About the** <br> **Company, the Separate** <br> **Account, and the** <br> **Underlying Funds –** <br> **Security Benefit Life** <br> **Insurance Company**<br>|

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**RESTRICTIONS** **Location in Prospectus** 

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**TAXES** **Location in Prospectus** 

**CONFLICTS OF INTEREST** **Location in Prospectus** 

**Fee Table**

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**The following tables describe the fees and expenses that you will pay when buying, owning, surrendering, or making withdrawals from an Investment Option or from the Contract. Please refer to your Contract specifications page for information about the specific fees you will pay each year based on the options you have elected.** 

**The first table describes the fees and expenses that you will pay at the time that you buy the Contract, surrender or make withdrawals from an Investment Option or from the Contract, or transfer Contract Value between Investment Options. State premium taxes may also be deducted. The fees and expenses do not reflect any advisory fees paid to financial intermediaries from your Contract Value or other assets. If such charges were reflected, the fees and expenses would be higher.**

**Transaction Expenses**

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|  | **Charge** |
| Sales Load Imposed on Purchase Payments | None |
| Surrender Charge (as a percentage of amount withdrawn attributable to Purchase Payments) | None |
| Transfer Processing Fee (per transfer) | None |

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**The next table describes the fees and expenses that you will pay *each year* during the time that you own the Contract (not including Underlying Fund fees and expenses). If you choose to purchase the optional rider, you will pay additional charges, as shown below.**

**Annual Contract Expenses**

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|  | **Charge** |
| Administrative Expenses | None  |

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|:---|
| Base Contract Expenses (as a percentage of average Contract Value)<br>0.45%<sup>1</sup> <br>|
| Optional Benefit Expenses – Return of Premium Death Benefit Rider Charge (as a percentage of <br> Contract Value)<br>0.10%<sup>2</sup> <br>|
| Optional Benefit Expenses – Return of Premium Death Benefit Rider Charge (as a percentage of <br> Contract Value)<br>0.35%<sup>3</sup> <br>|
| 1 This charge is comprised of both an annual mortality and expense risk charge and an annual administration charge. The administration charge <br> is equal to an annual rate of 0.25% and is deducted daily. We reserve the right to apply a higher administration charge to new Subaccounts we <br> add in the future. The mortality and expense risk charge is 0.20% but is reduced to 0.00% for Contract Values of $500,000 or more. Any <br> mortality and expense risk charge above the minimum charge of 0.00% is deducted from your Contract Value on a monthly basis. During the <br> Annuity Period, the mortality and expense risk charge is 0.30%; thus, during the Annuity Period the Base Contract Expenses are 0.55% in lieu <br> of the amount described above.<br>2 This is the Optional Benefit Expense for Contracts issued before December 28, 2012.<br> 3 This is the Optional Benefit Expense for Contracts issued on or after December 28, 2012. |

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**The next table below shows the minimum and maximum total operating expenses charged by the Underlying Funds that you may pay periodically during the time that you own the Contract. Expenses shown may change over time and may be higher or lower in the future. A complete list of Underlying Funds available under the Contract, including their annual expenses, may be found in Appendix A to this Prospectus.**

**Annual Underlying Fund Expenses**

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| | | |
|:---|:---|:---|
|  | **Minimum** | **Maximum** |
| Annual Underlying Fund Expenses (expenses deducted from Underlying Fund assets include <br> management fees, distribution (12b-1) fees, service fees and other expenses)<br>| 0.09% | 5.82% |
| Net Annual Underlying Fund Expenses (after contractual waivers/reimbursements)<sup>1</sup> <br>| 0.09% | 5.67% |
| 1<br> Certain of the Underlying Funds have entered into contractual expense waiver or reimbursement arrangements that reduce fund expenses <br> during the period of the arrangement. These arrangements vary in length and are in place at least through April 30, 2027. | 1<br> Certain of the Underlying Funds have entered into contractual expense waiver or reimbursement arrangements that reduce fund expenses <br> during the period of the arrangement. These arrangements vary in length and are in place at least through April 30, 2027. | 1<br> Certain of the Underlying Funds have entered into contractual expense waiver or reimbursement arrangements that reduce fund expenses <br> during the period of the arrangement. These arrangements vary in length and are in place at least through April 30, 2027. |

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**Examples — These Examples are intended to help you compare the cost of investing in the Subaccounts with the cost of investing in other annuity contracts that offer Variable Options. These costs include transaction expenses, Annual Contract Expenses and annual Underlying Fund fees and expenses but do not include state premium taxes, which may be applicable to your Contract. The Examples do not reflect any advisory fees paid to financial intermediaries from your Contract Value or other assets. If such fees were reflected, the costs would be higher.** 

**The Example assumes all Contract value is allocated to the Subaccounts. Your costs could differ from those shown below if you invest in the Fixed Account (if available).** 

**These Examples assume that you invest $100,000 in the Subaccounts for the time periods indicated. The Examples also assume that your investment has a 5% return each year and you elect the optional benefit available for an additional charge. The first Example assumes the most expensive Annual Underlying Fund Expenses. The second Example assumes the least expensive Annual Underlying Fund Expenses. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Based on the Most Expensive Annual Underlying Fund Expenses** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| If you surrender your Contract at the end of the applicable time period | &nbsp;&nbsp; $6566.38 | &nbsp;&nbsp; $19381.73 | &nbsp;&nbsp; $31785.23 | &nbsp;&nbsp; $61077.93 |
| If you do not surrender; or if you annuitize your Contract at the end of the <br> applicable time period.<br>| &nbsp;&nbsp; $6566.38 | &nbsp;&nbsp; $19381.73 | &nbsp;&nbsp; $31785.23 | &nbsp;&nbsp; $61077.93 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Based on the Least Expensive Annual Underlying Fund Expenses** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| If you surrender your Contract at the end of the applicable time period | &nbsp;&nbsp; $908.29 | &nbsp;&nbsp; $2838.39 | &nbsp;&nbsp; $4930.42 | &nbsp;&nbsp; $10960.81 |
| If you do not surrender; or if you annuitize your Contract at the end of the <br> applicable time period<br>| &nbsp;&nbsp; $908.29 | &nbsp;&nbsp; $2838.39 | &nbsp;&nbsp; $4930.42 | &nbsp;&nbsp; $10960.81 |

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**Principal Risks of Investing in the Contract**

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**Risk of Investment Loss —** The Contract involves risks, including possible loss of principal. You bear the risk of any decline in the Contract Value resulting from the performance of the Subaccounts you have chosen. Your losses could be significant. This risk could have a significant negative impact on certain benefits and guarantees under the Contract.

This Contract is not a deposit or obligation of, or guaranteed or endorsed by, any bank. This Contract is not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency.

**Short-Term Investment Risk/Withdrawal Risk —** This Contract is not designed for short-term investing and is not appropriate for an investor who needs ready access to cash. If you plan to withdraw money or surrender the Contract for short-term needs, it may not be the right contract for you. A tax may be assessed on withdrawals and surrenders, and it could be substantial. If you make a withdrawal prior to age 59½, there may be adverse tax consequences, including a 10% IRS penalty tax. A withdrawal could reduce the value of the optional benefit by an amount greater than the amount withdrawn and could result in termination of the benefit. A total withdrawal (surrender) will result in the termination of your Contract and any benefits. The benefits of tax deferral mean that this Contract is more beneficial to investors with a long time horizon.

**Subaccount Risk —** Amounts that you invest in the Subaccounts are subject to the risk of poor investment performance. You assume the investment risk. Generally, if the Subaccounts that you select make money, your Contract Value goes up, and if they lose money, your Contract Value goes down. Each Subaccount's performance depends on the performance of its Underlying Fund. Each Underlying Fund has its own investment risks, and you are exposed to the Underlying Fund's investment risks when you invest in a Subaccount. You are responsible for selecting Subaccounts that are appropriate for you based on your own individual circumstances, investment goals, financial situation, and risk tolerance. The investment risks are described in the prospectuses for the Underlying Funds.

**Managed Volatility Fund Risk —** Certain Underlying Funds utilize managed volatility strategies. These risk management techniques help us manage our financial risks associated with the Contract's guaranteed rider benefits, like living and death benefits, because they reduce the incidence of extreme outcomes, including the probability of large gains or losses. However, these strategies can also limit your participation in rising equity markets, which may limit the potential growth of your Contract Value and guaranteed rider benefits and may therefore conflict with your personal investment objectives. In addition, the cost of these hedging strategies may negatively impact performance.

**Purchase Payment Risk —** Your ability to make subsequent Purchase Payments is subject to restrictions. We reserve the right to refuse any Purchase Payment, to further limit your ability to make subsequent Purchase Payments with advance notice, and to require our prior approval before accepting Purchase Payments. There is no guarantee that you will always be permitted to make Purchase Payments.

**Financial Strength and Claims-Paying Ability Risk —** All guarantees under the Contract that are paid from our General Account (including under any Fixed Account option) are subject to our financial strength and claims-paying ability. If we experience financial distress, we may not be able to meet our obligations to you.

**Business Disruption and Cybersecurity Risk —** Our business is highly dependent upon the effective operation of our computer systems and those of our business partners, so our business is vulnerable to systems failures and cyber-attacks. Systems failures and cyber-attacks may adversely affect us, your Contract, and your Contract Value. In addition to cybersecurity risks, we are exposed to the risk that natural and man-made disasters, pandemics (like COVID-19), catastrophes, geopolitical disputes and military actions may significantly disrupt our business operations and our ability to administer the Contract. There can be no assurance that we or our service providers will be able to successfully avoid negative impacts associated with systems failures, cyber-attacks, or natural and man-made disasters, pandemics and catastrophes. We note that there may be an increased risk of cyberattacks during periods of geopolitical or military conflicts. For more information about these risks, see "More About the Contract – Business Disruption and Cybersecurity Risks."

**Tax Consequences Risk —** Withdrawals are generally taxable (to the extent of any earnings on the Contract), and prior to age 59½ a tax penalty may apply. In addition, even if the Contract is held for years before any withdrawal is made, the withdrawals are taxable as ordinary income rather than capital gains.

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**Advisory Fee Deduction Risk —** If you elect to pay third-party advisory fees from your Contract Value, then the deduction will reduce the death benefit and guaranteed rider benefits, perhaps significantly, and may be subject to federal and state income taxes and a 10% federal penalty tax.

**Contract Changes Risk —** From time to time, we make changes to the Contract. We may limit the number of transfers to 14 in a Contract Year. We may restrict your ability to make subsequent Purchase Payments. We may limit the number of loans you may have outstanding at any time. We reserve the right to add, remove or substitute the Underlying Funds available as investment options under the Contract in accordance with applicable law. We may change the investment restrictions under certain optional benefits, and we may stop offering for purchase any currently available optional benefit at any time.

**Information About the Company, the Separate Account, and the Underlying Funds**

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**Security Benefit Life Insurance Company —** Security Benefit Life Insurance Company is a life insurance company organized under the laws of the State of Kansas. It was organized originally as a fraternal benefit society and commenced business February 22, 1892. It became a mutual life insurance company on January 2, 1950 and converted to a stock life insurance company on July 31, 1998. The Company's indirect parent, Eldridge Industries, LLC, owns, operates and invests in businesses across a wide range of sectors and is ultimately controlled by Todd L. Boehly.

The Company offers life insurance policies and annuity contracts, as well as financial and retirement services. It is admitted to do business in the District of Columbia, and in all states except New York. As of the end of 2025, the Company had total assets under management of approximately $49.6 billion. The Company's address is One Security Benefit Place, Topeka, Kansas 66636-0001.

The Principal Underwriter for the Contracts is Security Distributors, LLC ("SDL"), One Security Benefit Place, Topeka, Kansas 66636-0001. SDL, a wholly-owned subsidiary of the Company, is registered as a broker-dealer with the SEC and is a member of the Financial Industry Regulatory Authority ("FINRA").

We are obligated to pay all amounts promised to you under your Contract. All guarantees under the Contract are subject to our financial strength and claims-paying capabilities. We provide information about our financial strength in reports filed with state insurance departments. You may obtain information about us by contacting us using the information stated on the cover page of this Prospectus, visiting our website at <u>www.securitybenefit.com</u> or visiting the SEC's website at <u>www.sec.gov</u>. You may also obtain reports and other financial information about us by contacting your state insurance department.

**Published Ratings —** The Company may from time to time publish in advertisements, sales literature and reports to Owners, the ratings and other information assigned to it by one or more independent rating organizations such as A.M. Best Company and Standard & Poor's. The purpose of the ratings is to reflect the financial strength and/or claims-paying ability of the Company and should not be considered as bearing on the investment performance of assets held in the Separate Account. Each year A.M. Best Company reviews the financial status of thousands of insurers, culminating in the assignment of Best's Ratings. These ratings reflect their current opinion of the relative financial strength and operating performance of an insurance company in comparison to the norms of the life/health insurance industry. In addition, the claims-paying ability of the Company as measured by Standard & Poor's Insurance Ratings Services may be referred to in advertisements or sales literature or in reports to Owners. These ratings, which are subject to change, are opinions as to an operating insurance company's financial capacity to meet the obligations of its insurance and annuity policies in accordance with their terms. Such ratings do not reflect the investment performance of the Separate Account or the degree of risk associated with an investment in the Separate Account.

**Separate Account —** The Company established the Separate Account under Kansas law on June 26, 2000. The Contract provides that the income, gains, or losses of the Separate Account, whether or not realized, are credited to or charged against the assets of the Separate Account without regard to other income, gains, or losses of the Company. Kansas law provides that assets in the Separate Account attributable to the reserves and other liabilities under a Contract may not be charged with liabilities arising from any other business that the Company conducts if, and to the extent, the Contract so provides. The Contract contains a provision stating that assets held in the Separate Account may not be charged with liabilities arising from other business that the Company conducts.

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The Company owns the assets in the Separate Account and is required to maintain sufficient assets in the Separate Account to meet all Separate Account obligations under the Contract. Such Separate Account assets are not subject to claims of the Company's creditors.

The Separate Account consists of accounts referred to as Subaccounts. The Contract provides that the income, gains and losses, whether or not realized, are credited to, or charged against, the assets of each Subaccount without regard to the income, gains or losses in the other Subaccounts. Each Subaccount invests exclusively in shares of a corresponding Underlying Fund. Contract value allocated to a Subaccount will vary based on the investment experience of the corresponding Underlying Fund in which the Subaccount invests. There is a risk of loss of the entire amount invested.

The Company may in the future establish additional Subaccounts of the Separate Account, which may invest in other Underlying Funds or in other securities or investment vehicles. See "Changes to Investments."

The Separate Account is registered with the SEC as a unit investment trust under the Investment Company Act of 1940, as amended (the "1940 Act"). Registration with the SEC does not involve supervision by the SEC of the administration or investment practices of the Separate Account or of the Company.

We do not guarantee the investment results of the Separate Account. Accumulated Value allocated to a Subaccount will vary based on the investment experience of the corresponding Investment Option in which the Subaccount invests. You bear the risk of any decline in the Accumulated Value of your Contract resulting from the performance of the Investment Option you have chosen. There is a risk of loss of the entire amount invested.

**Underlying Funds —** Each Underlying Fund is an open-end management investment company or a series thereof and is registered with the SEC under the 1940 Act. Such registration does not involve supervision by the SEC of the investments or investment policies of the Underlying Fund. Each Underlying Fund has its own investment objectives and policies.

As described in more detail in the Underlying Fund prospectuses, certain Underlying Funds employ managed volatility strategies that are intended to reduce the Underlying Fund's overall volatility and downside risk, and those Underlying Funds may help us manage the risks associated with providing certain guaranteed rider benefits under the Contract. During rising markets, the hedging strategies employed to manage volatility could result in your Contract Value rising less than would have been the case if you had been invested in an Underlying Fund without a managed volatility strategy. In addition, the cost of these hedging strategies may negatively impact performance. On the other hand, investing in an Underlying Fund with a managed volatility strategy may be helpful in a declining market with higher market volatility because the strategy will often reduce your equity exposure in such circumstances. In such cases, your Contract Value may decline less than would have been the case if you had not invested in an Underlying Fund with a managed volatility strategy.

Certain Underlying Funds invest substantially all of their assets in other funds ("funds of funds"). If you allocate Contract Value to a Subaccount that invests in a fund of funds, you will indirectly bear the fees and expenses of both the top-tier and bottom-tier funds, which will reduce your investment return. In addition, funds of funds may have higher expenses than funds that invest directly in debt or equity securities or other assets.

One of the Underlying Funds is a money market fund. There is no assurance that this Underlying Fund will be able to maintain a stable net asset value per share. In addition, during extended periods of low interest rates, and partly as a result of asset-based separate account charges, the yield on the corresponding Subaccount may become low and possibly negative.

Shares of the Underlying Funds currently are not publicly traded. They are available only as investment options in variable annuity or variable life insurance policies issued by life insurance companies or in some cases, through participation in certain qualified pension or retirement plans. Certain Underlying Funds have similar investment objectives and policies as other mutual funds managed by the same adviser. The investment results of the Underlying Funds, however, may be higher or lower than the results of such other funds. There can be no assurance, and no representation is made, that the investment results of any of the Underlying Funds will be comparable to the investment results of any other fund, even if both the Underlying Fund and the other fund are managed by the same adviser.

Due to the number of the Contract's Underlying Funds, the number of charge-free transfer opportunities between and among the Underlying Funds, and the fact that some Underlying Funds may have essentially the same investment strategy, it cannot be ruled out that the Owner of a Contract might be treated as the owner of a pro rata share of the Underlying Fund to which the Contract Value is allocated and taxed currently on income and gains attributable to the Underlying Funds.

Information regarding each Underlying Fund, including its (i) name, (ii) type or investment objective, (iii) investment adviser and any sub-investment adviser, (iv) current expenses, and (v) performance, is available in an appendix to this Prospectus. See **Appendix A: Underlying Funds Available Under the Contract**. We cannot

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assure that any Underlying Fund will achieve its objective. Each Underlying Fund has issued a prospectus that contains more detailed information about the Underlying Fund. Read these prospectuses carefully before investing. Paper or electronic copies of the Underlying Fund prospectuses may be obtained by calling us at 1-800-888-2461, e-mailing us at SBLProspectusRequests@securitybenefit.com or visiting <u>https://vpx.broadridge.com/GetContract1.asp?doctype=pros&cid=sblife&fid=NRVA30032</u>.

**Certain Payments the Company and its Affiliates Receive with Regard to the Underlying Funds.** The Company (and its affiliates) receives payments from some of the Underlying Funds, their advisers, sub-advisers, and distributors, or affiliates thereof. The Company negotiates these payments and thus they differ by Underlying Fund (sometimes substantially), and the amounts the Company (or its affiliates) receives can be significant. Where these payments are made, the advisers, sub-advisers, or distributors (or affiliate thereof) of those Underlying Funds have increased access to the Company and its affiliates involved in the distribution of the Contract. Proceeds from these payments can be used by the Company for any corporate purpose, including payment of expenses that the Company and its affiliates incur in promoting, marketing, and administering the Contract and in the Company's role as an intermediary for the Underlying Funds. The Company and its affiliates may profit from these payments.

**<u>12b-1 Fees.</u>** The Company and/or its subsidiary, SDL, the principal underwriter for the Contract, receive 12b-1 fees from certain of the Underlying Funds that are based on a percentage of the average daily net assets of the particular Underlying Fund attributable to the Contract and certain other variable insurance contracts issued or administered by the Company (or its affiliates). 12b-1 fees are paid out of Underlying Fund assets as part of the Underlying Fund's total annual operating expenses. Payments made out of Underlying Fund assets will reduce the amount of assets that would otherwise be available for investment, and will reduce the Underlying Fund's investment returns. Currently, the Company and SDL receive 12b-1 fees ranging from 0.05% to 0.50% of the average net assets of the Contract (and certain other variable insurance contracts issued or administered by the Company (or its affiliates)) invested in Underlying Funds that pay 12b-1 fees.

**<u>Payments from Underlying Fund Service Providers.</u>** The Company (or its affiliates) also receives payments from the investment advisers, sub-advisers, or distributors (or affiliates thereof) of certain of the Underlying Funds. These payments may be derived, in whole or in part, from the investment advisory fee deducted from Underlying Fund assets. Owners, through their indirect investment in the Underlying Funds, bear the costs of these investment advisory fees (see the Underlying Funds' prospectuses for more information). These payments usually are based on a percentage of the average daily net assets of the particular Underlying Fund attributable to the Contract and to certain other variable insurance contracts issued or administered by the Company (or its affiliates). Currently, the Company and its affiliates receive payments that range from 0.05% to 0.50% of the average net assets of the Contract (and certain other variable insurance contracts issued or administered by the Company (or its affiliates)) invested in an Underlying Fund. The Company may also receive payments from certain of the investment advisers, sub-advisers, or distributors (or affiliates thereof) of certain of the Underlying Funds that is based on a pre-determined fee and not based on the average net assets of the Contract (or other variable insurance contracts issued or administered by the Company or its affiliates) invested in the Underlying Fund. None of these payments are paid from Underlying Fund assets.

**<u>Other Payments.</u>** In the case of certain of the Underlying Funds, the Underlying Fund's adviser, sub-adviser, distributor, or affiliates provide the Company (or its affiliates) and/or broker-dealers that sell the Contract ("selling firms") with wholesaling services to assist the Company in the distribution of the Contract, pay the Company (or its affiliates) and/or selling firms amounts to participate in their national and regional sales conferences and meetings with their sales desks, and/or provide the Company (or its affiliates) and/or selling firms with occasional gifts, meals, tickets, or other compensation as an incentive for them to market the Underlying Funds when offering or distribution the Contract and to cooperate with their promotional efforts for the Underlying Funds.

For details about the compensation payments the Company makes in connection with the sale of the Contract, see "Sale of the Contract."

**Total Payments.** Currently, the Company and its affiliates, including SDL, receive payments from the Underlying Funds, their advisers, sub-advisers, and distributors, or affiliates thereof in the form of 12b-1 fees and/or other payments described above that range in total from a minimum of 0.25% to a maximum of 0.60% of the average net assets of the Contract (and certain other variable insurance contracts issued or administered by the Company (or its affiliates)) invested in the Underlying Funds. This does not include the arrangements with certain of the investment advisers, sub-advisers, or distributors (or affiliates thereof) of certain of the Underlying Funds in which the payment is not based on the average net assets of the Contract invested in an Underlying Fund.

**Administration Charge.** The Company may charge a higher administration charge for certain Subaccounts that invest in Underlying Funds that do not provide the Company or its affiliates with the amount of revenue it requires in order for the Company to meet its revenue targets. See "Administration Charge."

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**Selection of Underlying Funds.** The Company selects the Underlying Funds offered through the Contract based on several criteria, including asset class coverage, the strength of the investment adviser's (or sub-adviser's) reputation and tenure, brand recognition, performance, and the capability and qualification of each investment firm. Another factor the Company considers during the selection process is whether the Underlying Fund, its adviser, its sub-adviser, or an affiliate will make payments to the Company or its affiliates, as described above. These payment arrangements may create an incentive for us to select funds that pay us higher amounts. The Company also considers whether the Underlying Fund's adviser is one of its affiliates, and whether the Underlying Fund, its adviser, sub-adviser, or distributor (or an affiliate) can provide marketing and distribution support for sale of the Contract. The Company reviews each Underlying Fund periodically after it is selected. Upon review, the Company may remove an Underlying Fund or restrict allocation of additional Purchase Payments and/or transfers of Contract Value to an Underlying Fund if it determines the Underlying Fund no longer meets one or more of the criteria and/or if the Underlying Fund has not attracted significant assets. The Company does not recommend or endorse any particular Underlying Fund and does not provide investment advice.

**Services and Administration —** The Company has primary responsibility for all administration of the Contracts and the Separate Account. The Company has entered into an administrative services agreement with SE2, LLC ("SE2"), 5801 SW 6th Avenue, Topeka, Kansas 66636, whereby SE2 provides certain business process outsourcing services with respect to the Contracts. SE2 may engage other service providers to provide certain administrative functions. SE2 is an affiliate of the Company.

**Charges and Deductions**

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Certain charges will be deducted in connection with the Contract, as described below.

**<u>Transaction Expenses</u>**

**Premium Tax Charge —** Various states and municipalities impose a tax on premiums on annuity contracts received by insurance companies. Whether or not a premium tax is imposed will depend upon, among other things, the Owner's state of residence, the Annuitant's state of residence, and the insurance tax laws and the Company's status in a particular state. The Company assesses a premium tax charge to reimburse itself for premium taxes that it incurs in connection with a Contract. The Company deducts this charge upon the Annuity Start Date. The Company may deduct premium tax upon a full or partial withdrawal (including a systematic withdrawal or withdrawal made to pay the fees of your investment adviser) if a premium tax has been incurred and is not refundable. Currently, the following states impose a premium tax on Purchase Payments applied to a Non-Qualified Contract: California (2.35%), Colorado (2.00%), Maine (2.00%), Nevada (3.50%), South Dakota (1.25% on Purchase Payments up to $500,000 and 0.08% on Purchase Payments over $500,000); West Virginia (1.00%) and Wyoming (1.00%). California also imposes a premium tax of 0.50% on Purchase Payments applied to a Qualified Contract. The Company reserves the right to deduct premium taxes when due or any time thereafter. Premium tax rates currently range from 0% to 3.5% but are subject to change by a governmental entity.

**Deduction of Advisory Fees —** You may enter into a separate investment advisory agreement with an investment adviser that provides asset allocation services in connection with your Contract. We are not affiliated with those investment advisers, and we do not supervise or perform due diligence on investment advisers who may provide such asset allocation services. By entering into an agreement with the investment adviser for asset allocation services and executing the Company's investment adviser authorization form, you authorize the investment adviser to allocate your Contract Value among certain Subaccounts and make changes in your allocations from time to time, and you may authorize us to deduct amounts from your Contract Value to pay the investment adviser's fee in the amounts and at the times directed by the investment adviser in writing. You may terminate your investment adviser authorization at any time by sending written and signed notice of termination to our Administrative Office or submitting an electronic notice of termination to <u>AAWF-NF@securitybenefit.com</u>.

We will treat each deduction as a partial withdrawal from your Contract. The Company will deduct the amount of the withdrawal from the Contract Value in the Subaccounts, according to the Owner's or authorized investment adviser's instructions to the Company. If you do not specify the allocation, the Company will deduct the withdrawal in the same proportion that Contract Value is allocated among the Subaccounts. The investment advisory fee is paid to the investment adviser and is not a Contract charge retained by us. For Non-Qualified Contracts, all or a portion of the charges deducted from your Contract Value to pay the investment adviser's fees may be subject to federal and state income tax and a 10% federal penalty tax.

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In a series of recent private letter rulings, the IRS has recognized that investment adviser fees may, in certain circumstances and subject to certain conditions, be deemed a part of a Non-Qualified Contract rather than a taxable distribution. We have received such a private letter ruling from the IRS and intend to tax report in accordance with that ruling.

The investment advisory fee is described more fully in the disclosure statement provided by the investment adviser. You should consult with your representative for details regarding the investment advisory services, including fees and expenses. A tax-free partial exchange may become taxable if an advisory fee is paid from your Contract Value within 180 days of the partial exchange. Consult your tax adviser for advice concerning tax-free partial exchanges.

Withdrawals from your Contract Value to pay advisory fees will reduce the death benefits and other guaranteed benefits under the Contract, perhaps significantly. See "Death Benefit" for an example of how withdrawals to pay advisory fees impact the Contract Value and standard death benefit.

**<u>Annual Contract Expenses</u>**

**Administrative Expenses**

The Company does not deduct Administrative Expenses from your Contract.

**Base Contract Expenses**

**Mortality and Expense Risk Charge —** The Company deducts a charge for mortality and expense risks assumed by the Company under the Contract. The Company deducts a daily minimum charge equal to 0%, on an annual basis, of each Subaccount's average daily net assets. If you are subject to a mortality and expense risk charge above the minimum charge, the Company deducts the excess amount from your Contract Value on a monthly basis. The mortality and expense risk charge amount is determined each month by reference to the amount of your Contract Value at the time the charge is deducted, as set forth in the table below.

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| | |
|:---|:---|
| **Withdrawal Charge Schedule** | **Annual Mortality and Expense Risk Charge** |
| Less than $500,000 | 0.20% |
| $500,000 or more | 0.00% |

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We also deduct a mortality and expense risk charge during the Annuity Period in the amount of 0.30%, on an annual basis, of each Subaccount's average daily net assets. The Company guarantees that the charge for mortality and expense risks will not exceed an annual rate of 0.20% (0.30% during the Annuity Period) of each Subaccount's average daily net assets.

The mortality and expense risk charge is intended to compensate the Company for certain mortality and expense risks the Company assumes in offering and administering the Contract and in operating the Subaccounts.

The expense risk is the risk that the Company's actual expenses in issuing and administering the Contract and operating the Subaccounts will be more than the charges assessed for such expenses. The mortality risk borne by the Company is the risk that Annuitants, as a group, will live longer than the Company's actuarial tables predict. In this event, the Company guarantees that annuity payments will not be affected by a change in mortality experience that results in the payment of greater annuity income than assumed under the Annuity Options in the Contract. The Company also assumes a mortality risk in connection with the death benefit under the Contract (i.e., for deaths occurring sooner than the Company's actuarial tables predict).

The Company may ultimately realize a profit from this charge to the extent it is not needed to cover mortality and administrative expenses, but the Company may realize a loss to the extent the charge is not sufficient. The Company may use any profit derived from this charge for any lawful purpose, including distribution expenses. See "Determination of Contract Value" for more information about how the Company deducts the mortality and expense risk charge.

**Administration Charge —** The Company deducts a daily administration charge equal to an annual rate of each Subaccount's average daily net assets. The annual charge for each of the Subaccounts currently offered through this Prospectus is 0.25%. The Company guarantees that this charge will not increase for the Subaccounts available under the Contract as of the date of this Prospectus; however, the amount of this charge may be higher for Subaccounts that the Company adds in the future.

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The Company assesses the administration charge in order to facilitate making certain Underlying Funds available as investment options under the Contract. The Company applies the fee on all Subaccounts, but may impose a higher fee on Subaccounts that we add in the future that invest in Underlying Funds that do not provide the Company or its affiliates with the amount of revenue it requires in order for the Company to meet its revenue targets. See "Certain Payments the Company and its Affiliates Receive With Regard to the Underlying Funds" for more information on payments the Company and its affiliates may receive from the Underlying Funds and their affiliates. These payments may be used for any corporate purpose, including payment of expenses that the Company and its affiliates incur in promoting, marketing, and administering the Contract and, in its role as intermediary for, the Underlying Funds. The Company may profit from the administration charge, and may use any profit derived from this fee for any lawful purpose, including distribution expenses.

**Other Charges —** The Company may charge the Separate Account or the Subaccounts for the federal, state, or local taxes incurred by the Company that are attributable to the Separate Account or the Subaccounts, or to the operations of the Company with respect to the Contract, or that are attributable to payment of premiums or acquisition costs under the Contract. No such charge is currently assessed. See "Tax Status of the Company and the Separate Account" and "Charge for the Company's Taxes."

**Variations in Charges —** The Company may reduce or waive the amount of certain charges for a Contract where the expenses associated with the sale of the Contract or the administrative and maintenance costs associated with the Contract are reduced for reasons such as the amount of the initial Purchase Payment or projected Purchase Payments or the Contract is sold in connection with a group or sponsored arrangement.

**Return of Premium Death Benefit Rider Charge —** In addition to the charges and deductions discussed above, you may purchase the Return of Premium Death Benefit rider under the Contract. The Company makes the rider available only at issue.

The Company deducts a monthly charge from your Contract Value for the Return of Premium Death Benefit rider. **The Company deducts the monthly charge from your Contract Value beginning on the Contract Date and ending on the Annuity Start Date if you elect Annuity Options 1 through 4, 7, or 8. If you elect Annuity Option 5 or 6, the Company will deduct the monthly rider charge for the life of the Contract. Thus, the Company may deduct the rider charge during periods where no benefits are provided or payable.** The amount of the rider charge is equal to 0.35% (for Contracts issued on or after December 28, 2012) or 0.10% (for Contracts issued before December 28, 2012), on an annual basis, of your Contract Value.

**Underlying Fund Expenses —** Each Subaccount of the Separate Account purchases shares at the net asset value of the corresponding Underlying Fund. Each Underlying Fund's net asset value reflects the investment advisory fee and other expenses that are deducted from the assets of the Underlying Fund. These fees and expenses are not deducted from the Subaccounts but are paid from the assets of the corresponding Underlying Fund. As a result, the Owner indirectly bears a pro rata portion of such fees and expenses. The advisory fees and other expenses, if any, which are more fully described in each Underlying Fund's prospectus, are not specified or fixed under the terms of the Contract and may vary from year to year.

**Payment of Compensation —** The Company pays commissions to SDL and to Selling Broker-Dealers in connection with the promotion and sale of the Contract according to one or more schedules. Commissions and other incentives or payments (discussed below) are not charged directly to Owners or the Separate Account. The Company uses its corporate assets to pay commissions and other costs of distributing the Contract. The Company intends to recoup commissions and other sales expenses through fees and charges deducted under the Contract (including any profit from the mortality and expense risk charge and administration charge or other fees and charges imposed under the Contract) or from its General Account.

**The Contract**

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**General —** The Company issues the Contract offered by this Prospectus. It is a flexible purchase payment deferred variable annuity. The Contract is significantly different from a fixed annuity contract in that it is the Owner under a Contract who assumes the risk of investment gain or loss rather than the Company. When you are ready to begin receiving annuity payments, the Contract provides several Annuity Options under which the Company will pay

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periodic annuity payments on a variable basis, a fixed basis or both, beginning on the Annuity Start Date. The amount that will be available for annuity payments will depend on the investment performance of the Subaccounts to which you have allocated Purchase Payments.

The Contract is available for purchase by an individual as a non-tax qualified contract ("Non-Qualified Contract"). The Contract is also eligible for purchase in connection with certain tax qualified retirement plans that meet the requirements of Section 408 or 408A of the Internal Revenue Code ("IRA" or "Qualified Plan"). Certain federal tax advantages are currently available to retirement plans that qualify as traditional and Roth individual retirement accounts or annuities, including traditional IRAs established by an employer under a simplified employee pension plan or a SIMPLE IRA plan, under Section 408. Joint Owners are permitted only on a Contract issued pursuant to a Non-Qualified Contract. If you are purchasing the Contract as an investment vehicle for a Section 408 or 408A IRA, you should consider that the Contract does not provide any additional tax advantages beyond those already available through the Qualified Plan. However, the Contract does offer features and benefits in addition to providing tax deferral that other investments may not offer, including death benefit protection for your beneficiaries and annuity options which guarantee income for life. You should consult with your financial professional as to whether the overall benefits and costs of the Contract are appropriate considering your circumstances.

Note that for Contracts issued to Massachusetts residents, a unisex Massachusetts approved Contract will be issued without regard to where the application was signed.

**Important Information About Your Benefits Under the Contract —** The benefits under the Contract are paid by us from our General Account assets and/or your Contract Value held in the Separate Account. It is important that you understand that payment of benefits from the Separate Account is not guaranteed and depends upon certain factors discussed below.

**Assets in the Separate Account.** Your Contract permits you to allocate Purchase Payments and Contract Value to various Subaccounts. You bear all of the investment risk for allocations to the Subaccounts. Your Contract Value in the Subaccounts is part of the assets of the Separate Account. These assets are segregated and cannot be charged with liabilities arising from any other business that we may conduct.

**Assets in the General Account.** Any guarantees under the Contract that exceed your Contract Value (such as those associated with the Return of Premium Death Benefit rider) are paid from our General Account. We issue other types of insurance policies and financial products as well, and we pay our obligations under these products from our assets in the General Account.

Any amounts that we are obligated to pay under the Contract from the General Account are subject to our financial strength and claims-paying ability. An insurance company's financial strength and claims-paying ability may be affected by, among other factors, adverse market developments. Adverse market developments may result in, among other things, realized losses on General Account investments, unrealized losses on such investments (which may or may not result in accounting impairments), increased reserve requirements, and a reduction of capital both absolutely and relative to minimum, regulatory required capital (some of which are cash items and some of which are noncash items). Adverse market developments are an inherent risk to our, and any insurer's, General Account.

**Application for a Contract —** If you wish to purchase a Contract, you may submit an application and an initial Purchase Payment to the Company, as well as any other form or information that the Company may require. The Company reserves the right to reject an application or Purchase Payment for any reason, subject to the Company's underwriting standards and guidelines and any applicable state or federal law relating to nondiscrimination.

The maximum age of an Owner or Annuitant for which a Contract will be issued is age 90. If there are Joint Owners or Annuitants, the maximum issue age will be determined by reference to the older Owner or Annuitant.

**Purchase Payments —** The minimum initial Purchase Payment for the purchase of a Contract is $50,000. Thereafter, you may choose the amount and frequency of Purchase Payments, except that the minimum subsequent Purchase Payment is $500. The minimum subsequent Purchase Payment if you elect an Automatic Investment Program is $50. The Company may reduce the minimum Purchase Payment requirement under certain circumstances. Subject to the Aggregate Purchase Payment Limit discussed below, the Company will accept, without prior Company approval, an initial Purchase Payment in an amount up to $2,000,000 provided that (i) the Owner age at the time of issue is 81 or older (but not older than the maximum issue age) or (ii) the Contract is issued with a Return of Premium Death Benefit Rider. Subject to the Aggregate Purchase Payment Limit discussed below, the Company will accept without prior Company approval, an initial Purchase Payment in an amount up to $3,000,000 provided that (i) the Owner age at the time of issue is 80 or younger and (ii) the Contract is issued without a Return of Premium Death Benefit Rider. The Company will not accept, without prior Company approval, aggregate

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Purchase Payments in an amount that exceeds $3,000,000 under all variable annuity contract(s) issued by the Company for which you are an Owner and/or Joint Owner (the "Aggregate Purchase Payment Limit"). The Company has the right to refuse any Purchase Payment and to cease accepting Purchase Payments.

The Company will apply the initial Purchase Payment not later than the end of the second Valuation Date after the Valuation Date it is received by the Company, in good order. In this regard "good order" means that the Purchase Payment is preceded or accompanied by an application that contains sufficient information to establish an account and properly credit such Purchase Payment. The application form will be provided by the Company. If you submit your application and/or initial Purchase Payment to your registered representative, the Company will not begin processing the application and the initial Purchase Payment until the Company receives them from your representative's broker-dealer.

Sometimes the Purchase Payment is not preceded by or accompanied by a complete application. The application includes your affirmative consent permitting the Company to hold your initial Purchase Payment beyond five Valuation Dates in its effort to complete your application. If your application is incomplete, and the Company is unable to resolve the problem within five Valuation Dates, the Company will notify you of the reasons for the delay. If you affirmatively revoke the consent given with your application to hold your initial Purchase Payment pending resolution of the problem, we will return your Purchase Payment. Otherwise, the Purchase Payment will be applied not later than the second Valuation Date after the Valuation Date the problem is resolved.

The Company will credit subsequent Purchase Payments as of the end of the Valuation Period in which they are received by the Company at its Administrative Office; however, subsequent Purchase Payments received at or after close of a Valuation Date (normally 3:00 p.m. Central time) will be effected at the Accumulation Unit value determined on the following Valuation Date. See "Cut-Off Times." In addition, any such Purchase Payment will not be processed until it is in good order. In this regard, "good order" means that the Purchase Payment is preceded or accompanied by sufficient information to properly credit such Purchase Payment. Purchase Payments after the initial Purchase Payment may be made at any time prior to the Annuity Start Date, so long as the Owner is living. Subsequent Purchase Payments under a Qualified Plan may be limited by the terms of the plan and provisions of the Internal Revenue Code. Subsequent Purchase Payments may be paid under an Automatic Investment Program. The initial Purchase Payment required must be paid before the Company will accept the Automatic Investment Program. If you submit a subsequent Purchase Payment to your registered representative, the Company will not begin processing the Purchase Payment until the Company receives it from your representative's broker-dealer.

If mandated under applicable law, the Company may be required to reject a Purchase Payment. The Company also may be required to provide additional information about the Owner's account to government regulators. In addition, the Company may be required to block the Owner's account and thereby refuse to pay any request for transfers, full or partial withdrawals (including systematic withdrawals), or death benefits until instructions are received from the appropriate regulator.

**Allocation of Purchase Payments —** In an application for a Contract, you select the Subaccounts to which Purchase Payments will be allocated. Purchase Payments will be allocated according to your instructions contained in the application or more recent instructions received, if any, except that no Purchase Payment allocation is permitted that would result in less than $25.00 per payment being allocated to any one Subaccount. The allocations must be a whole dollar amount or a whole percentage. Available allocation alternatives include the Subaccounts.

You may change the Purchase Payment allocation instructions by submitting a proper written request to the Company's Administrative Office. A proper change in allocation instructions will be effective upon receipt by the Company at its Administrative Office and will continue in effect until you submit a change in instructions to the Company. You may make changes in your Purchase Payment allocation and changes to an existing Dollar Cost Averaging or Asset Reallocation Option (each, an "Automatic Allocation Program") by telephone provided the proper form is properly completed, signed, and received by the Company at its Administrative Office. Changes in the allocation of future Purchase Payments have no effect on existing Contract Value. You may, however, transfer Contract Value among the Subaccounts in the manner described in "Transfers of Contract Value."

**Fund Liquidations.** If your allocation instructions include a Subaccount that has become no longer available due to a fund liquidation, upon advance notice to you and unless you otherwise instruct us, we will allocate the applicable portion of any subsequent Purchase Payments to the Rydex VIF U.S. Government Money Market Subaccount, and any automatic allocation instructions for scheduled transfers that include a Subaccount that is no longer available due to a fund liquidation will be terminated. If you wish to set up a new Dollar Cost Averaging Option or Asset Reallocation Option (without the Subaccount that is no longer available due to a fund liquidation), you will need to submit a new form to us. If you request a transfer of Contract Value to a Subaccount that is no longer

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available due to a fund liquidation, we will consider your request to not be in good order, and we will not process it. In such cases, we will contact you for further instructions.

**Closed Subaccounts.** We reserve the right to close Subaccounts. If we close a Subaccount (a "Closed Subaccount"), you may be prevented from allocating Purchase Payments or Contract Value to that Subaccount. The table below lists the Closed Subaccounts, and the effective date on which the Subaccounts were closed or will close.

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| | |
|:---|:---|
| **Closed Subaccounts** | **Effective Date** |
| Alger Capital Appreciation | April 30, 2021 |
| Lord Abbett Series Developing Growth VC | May 5, 2021 |
| Vanguard<sup>®</sup> VIF Small Company Growth | May 1, 2019 |

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In the event that we receive a request to allocate Purchase Payments or Contract Value to a Closed Subaccount, we will handle that transaction as follows:

**<u>New Applications.</u>** If we receive an application for a Contract with an allocation to a Closed Subaccount, we will consider the application to be incomplete and we will attempt to contact the applicant to get revised instructions. The Company will hold the Purchase Payment in its General Account and may take up to five Valuation Dates to resolve the problem. If the Company is unable to resolve the problem within five Valuation Dates, the Company will notify the applicant of the reasons for the delay. If the applicant affirmatively revokes the consent given with their application to hold the initial Purchase Payment pending resolution of the problem, we will return the applicant's Purchase Payment. Otherwise, the Purchase Payment will be applied not later than the second Valuation Date after the Valuation Date the problem is resolved.

**<u>Existing Contracts.</u>** Except as provided below, if we receive a Purchase Payment for an existing Contract with an allocation a Closed Subaccount, we will allocate the applicable portion of the payment to the Rydex VIF U.S. Government Money Market Subaccount. If you have automatic allocation instructions designating allocation to a Closed Subaccount pursuant to an Automatic Allocation Program as of the date that a Subaccount is closed, your automatic allocation instructions will be terminated as of the close of business on that date. If you wish to set up a new Dollar Cost Averaging Option or Asset Reallocation Option (without the Closed Subaccount), you will need to submit a new form to our Administrative Office. If you request a transfer of Contract Value to a Closed Subaccount, we will consider your request to not be in good order, and we will not process it. In such cases, we will contact you for further instructions.

Notwithstanding the foregoing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

If you had Contract Value allocated to the Alger Capital Appreciation on April 30, 2021, your Contract Value will remain invested in that Subaccount and you may continue to allocate Purchase Payments or transfer Contract Value to or from that Subaccount, subject to transfer restrictions. Automatic allocation instructions involving the Alger Capital Appreciation Subaccount pursuant to an Automatic Allocation Program will remain in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

If you had Contract Value allocated to the Lord Abbett Series Developing Growth VC Subaccount on May 5, 2021, your Contract Value will remain invested in that Subaccount and you may continue to allocate Purchase Payments or transfer Contract Value to or from that Subaccount, subject to transfer restrictions. Automatic allocation instructions involving the Lord Abbett Series Developing Growth VC Subaccount pursuant to an Automatic Allocation Program will remain in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

If you had Contract Value allocated to the Vanguard<sup>®</sup> VIF Small Company Growth Subaccount on May 1, 2019, your Contract Value will remain invested in that Subaccount and you may continue to allocate Purchase Payments or transfer Contract Value to or from that Subaccount, subject to transfer restrictions. Automatic allocation instructions involving the Vanguard<sup>®</sup> VIF Small Company Growth Subaccount pursuant to an Automatic Allocation Program will remain in effect.

**Dollar Cost Averaging Option —** For no additional charge, prior to the Annuity Start Date, you may dollar cost average your Contract Value by authorizing the Company to make periodic transfers of Contract Value from any one Subaccount to one or more of the other Subaccounts. Dollar cost averaging is a systematic method of investing in which securities are purchased at regular intervals in fixed dollar amounts so that the cost of the securities gets averaged over time and possibly over various market cycles. The option will result in the transfer of Contract Value from one Subaccount to one or more of the other Subaccounts. Amounts transferred under this option will be credited at the price of the Subaccount as of the end of the Valuation Dates on which the transfers are effected. Since the price of a Subaccount's Accumulation Units will vary, the amounts transferred to a Subaccount will result in the crediting of a greater number of units when the price is low and a lesser number of units when the price is high.

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Similarly, the amounts transferred from a Subaccount will result in a debiting of a greater number of units when the price is low and a lesser number of units when the price is high. Dollar cost averaging does not guarantee profits, nor does it assure that you will not have losses.

A Dollar Cost Averaging form is available upon request. On the form, you must designate whether Contract Value is to be transferred on the basis of a specific dollar amount, a fixed period or earnings only, the Subaccount or Subaccounts to and from which the transfers will be made, the desired frequency of the transfers, which may be on a monthly, quarterly, semiannual or annual basis, and the length of time during which the transfers shall continue or the total amount to be transferred over time. The minimum amount that may be transferred to any one Subaccount is $25.00. The Company does not require that transfers be continued over any minimum period of time, although typically dollar cost averaging would extend over a period of at least one year.

After the Company has received a Dollar Cost Averaging request in proper form at its Administrative Office, the Company will transfer Contract Value in the amounts you designate from the Subaccount from which transfers are to be made to the Subaccount or Subaccounts you have chosen. The Company will effect each transfer on the date you specify or if no date is specified, on the monthly, quarterly, semiannual or annual anniversary, whichever corresponds to the period selected, as of the date of receipt at the Administrative Office of a Dollar Cost Averaging request in proper form. Transfers will be made until the total amount elected has been transferred, or until Contract Value in the Subaccount from which transfers are made has been depleted. Amounts periodically transferred under this option are not included in the 14 transfers per Contract Year that generally are allowed as discussed under "Transfers of Contract Value."

You may make changes to the option by writing to the Company's Administrative Office or by telephone provided the proper form is completed, signed, and received by the Company. You may instruct the Company at any time to terminate the option by written request to the Company's Administrative Office. In that event, the Contract Value in the Subaccount from which transfers were being made that has not been transferred will remain in that Subaccount unless you instruct us otherwise. If you wish to continue transferring on a dollar cost averaging basis after the expiration of the applicable period, the total amount elected has been transferred, or the Subaccount has been depleted, or after the Dollar Cost Averaging Option has been canceled, a new Dollar Cost Averaging form must be completed and sent to the Administrative Office. The Company requires that you wait at least a month if transfers were made on a monthly basis, a quarter if transfers were made on a quarterly basis, six months if transfers were made on a semiannual basis or one year if transfers were made on an annual basis, before reinstating Dollar Cost Averaging after it has been terminated for any reason. The Company may discontinue, modify, or suspend the Dollar Cost Averaging Option at any time. The Company does not currently charge a fee for this option. If you elect the Dollar Cost Averaging Option, you may also elect the Asset Reallocation Option.

**Asset Reallocation Option —** For no additional charge, prior to the Annuity Start Date, you may authorize the Company to automatically transfer Contract Value on a monthly, quarterly, semiannual or annual basis to maintain a particular percentage allocation among the Subaccounts. The Contract Value allocated to each Subaccount will grow or decline in value at different rates during the selected period, and Asset Reallocation automatically reallocates the Contract Value in the Subaccounts to the allocation you selected on a monthly, quarterly, semiannual or annual basis, as you select. Asset Reallocation is intended to transfer Contract Value from those Subaccounts that have increased in value to those Subaccounts that have declined in value. Over time, this method of investing may help you buy low and sell high. This investment method does not guarantee profits, nor does it assure that you will not have losses.

To elect this option an Asset Reallocation request in proper form must be received by the Company at its Administrative Office. An Asset Reallocation form is available upon request. On the form, you must indicate the applicable Subaccounts, the applicable time period and the percentage of Contract Value to be allocated to each Subaccount.

Upon receipt of the Asset Reallocation form, the Company will effect a transfer among the Subaccounts based upon the percentages that you selected. Thereafter, the Company will transfer Contract Value to maintain that allocation on each monthly, quarterly, semiannual or annual anniversary, as applicable, as of the date of the Company's receipt of the Asset Reallocation request in proper form. The amounts transferred will be credited at the price of the Subaccount as of the end of the Valuation Date on which the transfer is effected. Amounts periodically transferred under this option are not included in the 14 transfers per Contract Year that generally are allowed as discussed under "Transfers of Contract Value."

You may make changes to the option by writing to the Company's Administrative Office or by telephone provided the proper form is completed, signed, and received at the Company's Administrative Office. You may instruct the Company at any time to terminate this option by written request to the Company's Administrative Office. In that event, the Contract Value in the Subaccounts that has not been transferred will remain in those Subaccounts

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regardless of the percentage allocation unless you instruct us otherwise. If you wish to continue Asset Reallocation after it has been canceled, a new Asset Reallocation form must be completed and sent to the Company's Administrative Office. The Company may discontinue, modify, or suspend, and reserves the right to charge a fee, for the Asset Reallocation Option at any time. The Company does not currently charge a fee for this option. If you elect the Asset Reallocation Option, you may also elect the Dollar Cost Averaging Option.

**Transfers of Contract Value —** You may transfer Contract Value among the Subaccounts upon proper written request to the Company's Administrative Office both before and after the Annuity Start Date. You may make transfers (other than transfers pursuant to the Dollar Cost Averaging and Asset Reallocation Options) by telephone if the Electronic Transfer Privilege section of the application or the proper form has been completed, signed and received at the Company's Administrative Office. The minimum transfer amount is $500, or the amount remaining in a given Subaccount. The minimum transfer amount does not apply to transfers under the Dollar Cost Averaging or Asset Reallocation Options.

The Company generally effects transfers between or from the Subaccounts at their respective Accumulation Unit values as of the close of the Valuation Period during which the transfer request is received; however, transfer requests received at or after the applicable cut-off time on any Valuation Date will be effected at the Accumulation Unit value determined on the following Valuation Date. Normally, the cut-off time for transfer requests is 2:00 p.m. Central time. If regular trading on the New York Stock Exchange closes prior to 3:00 p.m. Central time, the cut-off time for transfer requests will be one hour prior to closing. See "Cut-Off Times." In addition, a transfer request will not be processed until it is in good order. In this regard, "good order" means that the transfer request is preceded or accompanied by sufficient information to properly execute the transfer.

The Company reserves the right to limit the number of transfers to 14 in a Contract Year, although the Company does not limit the frequency of transfers with regard to the Donoghue, Rydex and certain Federated Subaccounts. In addition, transfers are subject to frequent trading restrictions described below. The Company will limit your transfers if we determine that you are engaging in a pattern of transfers that is disruptive to the Underlying Funds or potentially disadvantageous to other Owners and Participants with Contract Value allocated to the applicable Subaccount(s) and we believe that suspension of your electronic transfer privileges, as discussed below, does not adequately address your transfer activity. The Company does not assess a transfer processing fee on transfers.

**Frequent Transfer Restrictions.** The Contract is not designed for organizations or individuals engaging in a market timing strategy, or making programmed transfers, frequent transfers or transfers that are large in relation to the total assets of an Underlying Fund. These kinds of strategies and transfer activities may disrupt portfolio management of the Underlying Funds in which the Subaccounts invest (such as requiring the Underlying Fund to maintain a high level of cash or causing an Underlying Fund to liquidate investments prematurely to pay withdrawals), hurt Underlying Fund performance, and drive Underlying Fund expenses (such as brokerage and administrative expenses) higher, which are reflected in Underlying Fund performance. In addition, because other insurance companies and/or retirement plans may invest in the Underlying Funds, the risk exists that the Underlying Funds may suffer harm from programmed, frequent, or large transfers among subaccounts of variable contracts issued by other insurance companies or among investment options available to retirement plan participants. These risks and costs are borne by all shareholders of an affected Underlying Fund, Owners with Contract Value allocated to the corresponding Subaccount (as well as their Designated Beneficiaries and Annuitants) and long-term investors who do not generate these costs.

The Company has in place policies and procedures designed to restrict transfers if we determine that you are engaging in a pattern of transfers that is disruptive to the Underlying Funds or potentially disadvantageous to other Owners with Contract Value allocated to the applicable Subaccount (regardless of the number of previous transfers the Owner has made during the Contract Year). In making this determination, we monitor transfers among the Subaccounts and consider, among other things, the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

the total dollar amount being transferred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

the number of transfers you made within a period of time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

transfers to and from (or from and to) the same Subaccount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

whether your transfers appear to follow a pattern designed to take advantage of short-term market fluctuations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

whether your transfers appear to be part of a group of transfers made by a third party on behalf of the individual Owners in the group.

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There is a risk that some Owners may engage in transfer activity in a manner that is disruptive to the Underlying Funds or potentially disadvantageous to other Owners, which may have a negative impact on such other Owners. If the Company determines that your transfer patterns among the Subaccounts are disruptive to the Underlying Funds or potentially disadvantageous to Owners, the Company may send you a letter notifying you that it is prohibiting you from making telephone transfers or other electronic transfers and instead requiring that you submit transfer requests in writing via regular U.S. mail for a disclosed period beginning on the date of the letter.

In addition, if you make a certain number of transfers ***from*** a Subaccount followed by a transfer to that Subaccount (or ***to*** a Subaccount followed by a transfer from that Subaccount) ("round trip transfers") during the prior 12-month period (or such shorter period as specified in the chart below), the Company will prohibit further transfers to that Subaccount until such transfer may be made without violating the number of round trip transfers permitted. The Transfer Block Restriction applies only on Subaccount transfer amounts greater than $5,000.

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| |
|:---|
| **Subaccount** |
| Federated Hermes High Income Bond II<br>2<sup>1</sup> <br>|
| 1<br> Number of round trip transfers that can be made in any 12 month period before the Company will prohibit further transfers to that <br> Subaccount. Transfers to the Subaccount will be prohibited until such transfer may be made without violating the number of round trip <br> transfers set forth above. |

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Further, if you make a transfer ***from*** any of the Subaccounts listed below, then you may not make a transfer ***to*** that same Subaccount for a period of calendar days equal to the amount listed in the table below in the column titled "Transfer Block Restriction." The Transfer Block Restriction applies only on Subaccount transfer amounts greater than $5,000. The calendar day after the date of the transfer out of the particular Subaccount is considered day 1 for the purpose of computing the period before a transfer to the same Subaccount may be made. For example, if you transfer money out of the NAA SMid-Cap Value Series Subaccount on April 16, the 30 day restriction begins on April 17 and ends on May 16, which means you could transfer back into the NAA SMid-Cap Value Series Subaccount on May 17. This restriction does not apply to transfers made pursuant to the Dollar Cost Averaging and Asset Reallocation Options.

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| | |
|:---|:---|
| **Subaccount** | **Transfer**<br> **Block Restriction**<br> **(# of Calendar Days)**<br>|
| AB Discovery Value, AB Relative Value, AB Sustainable Global Thematic, AB VPS <br> Dynamic Asset Allocation<br>| 30 days |
| Alger Capital Appreciation<sup>1</sup>, Alger Large Cap Growth | 30 days |
| Allspring Opportunity VT, Allspring VT Discovery All Cap Growth | 30 days |
| ALPS/Alerian Energy Infrastructure | 30 days |
| AFIS Capital World Growth and Income, AFIS U.S. Government Securities, AFIS <br> Washington Mutual Investors, American Funds IS<sup>®</sup> Asset Allocation, American Funds IS<sup>®</sup> <br> Capital World Bond, American Funds IS<sup>®</sup> EUPAC Fund<sup>TM</sup>, American Funds IS<sup>®</sup> Global <br> Growth, American Funds IS<sup>®</sup> Growth, American Funds IS<sup>®</sup> Growth-Income, American <br> Funds IS<sup>®</sup> International Growth and Income, American Funds IS<sup>®</sup> Mortgage, American <br> Funds IS<sup>®</sup> New World, American Funds IS<sup>®</sup> SMALLCAP World Fund<sup>®</sup><br>| 30 days |
| BlackRock Advantage Large Cap Core V.I., BlackRock Basic Value V.I., BlackRock Capital <br> Appreciation V.I., BlackRock Equity Dividend V.I., BlackRock Global Allocation V.I., <br> BlackRock High Yield V.I., BlackRock Large Cap Focus Growth V.I.<br>| 30 days |
| BNY Mellon IP Small Cap Stock Index, BNY Mellon IP Technology Growth, BNY Mellon <br> Stock Index, BNY Mellon VIF Appreciation<br>| 60 days |
| Dimensional VA Equity Allocation, Dimensional VA Global Bond Portfolio, Dimensional VA <br> Global Moderate Allocation, Dimensional VA International Small Portfolio, Dimensional VA <br> International Value Portfolio, Dimensional VA Short-Term Fixed Portfolio, Dimensional VA <br> U.S. Large Value Portfolio, Dimensional VA U.S. Targeted Value Portfolio<br>| 30 days |
| Donoghue Forlines Dividend VIT Fund, Donoghue Forlines Momentum VIT Fund | Unlimited |
| DWS Small Mid Cap Value VIP | 30 days |
| Eaton Vance VT Floating-Rate Income | 90 days  |

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| | |
|:---|:---|
| **Subaccount** | **Transfer**<br> **Block Restriction**<br> **(# of Calendar Days)**<br>|
| Federated Hermes Fund for U.S. Government Securities II | Unlimited |
| Federated Hermes High Income Bond II | Subject to the <br> Round Trip <br> Transfer restrictions <br> in the chart above<br>|
| Fidelity<sup>®</sup> VIP Balanced, Fidelity<sup>®</sup> VIP Contrafund<sup>®</sup>, Fidelity<sup>®</sup> VIP Disciplined Small Cap, <br> Fidelity<sup>®</sup> VIP Emerging Markets, Fidelity<sup>®</sup> VIP Growth & Income, Fidelity<sup>®</sup> VIP Growth <br> Opportunities, Fidelity<sup>®</sup> VIP High Income, Fidelity<sup>®</sup> VIP Index 500, Fidelity<sup>®</sup> VIP Investment <br> Grade Bond, Fidelity<sup>®</sup> VIP Mid Cap, Fidelity<sup>®</sup> VIP Overseas, Fidelity<sup>®</sup> VIP Real Estate, <br> Fidelity<sup>®</sup> VIP Strategic Income<br>| 60 days |
| Franklin DynaTech VIP Fund, Franklin Growth and Income VIP Fund, Franklin Income VIP <br> Fund, Franklin Large Cap Growth VIP Fund, Franklin Mutual Global Discovery VIP Fund, <br> Franklin Mutual Shares VIP Fund, Franklin Rising Dividends VIP Fund, Franklin Small Cap <br> Value VIP Fund, Franklin Small-Mid Cap Growth VIP Fund, Franklin Strategic Income VIP <br> Fund, Franklin U.S. Government Securities VIP Fund<br>| 30 days |
| Goldman Sachs VIT International Equity Insights, Goldman Sachs VIT Large Cap Value, <br> Goldman Sachs VIT Mid Cap Growth, Goldman Sachs VIT Mid Cap Value, Goldman <br> Sachs VIT Small Cap Equity Insights, Goldman Sachs VIT Strategic Growth<br>| 30 days |
| Guggenheim VIF Floating Rate Strategies, Guggenheim VIF Global Managed Futures <br> Strategy, Guggenheim VIF High Yield, Guggenheim VIF Multi-Hedge Strategies, <br> Guggenheim VIF Total Return Bond<br>| 30 days |
| Invesco V.I. American Franchise, Invesco V.I. American Value, Invesco V.I. Balanced-Risk <br> Allocation, Invesco V.I. Comstock, Invesco V.I. Core Equity, Invesco V.I. Discovery Mid Cap <br> Growth, Invesco V.I. Equally-Weighted S&P 500, Invesco V.I. Equity and Income, Invesco <br> V.I. EQV International Equity, Invesco V.I. Global, Invesco V.I. Global Real Estate, Invesco <br> V.I. Global Strategic Income, Invesco V.I. Government Securities, Invesco V.I. Growth and <br> Income, Invesco V.I. Health Care, Invesco V.I. High Yield, Invesco V.I. International Growth, <br> Invesco V.I. Main Street Mid Cap Fund<sup>®</sup>, Invesco V.I. Main Street Small Cap Fund<sup>®</sup>, <br> Invesco V.I. S&P Buffer Fund – December, Invesco V.I. S&P Buffer Fund – June, Invesco <br> V.I. S&P Buffer Fund – March, Invesco V.I. S&P Buffer Fund – September, Invesco V.I. <br> Small Cap Equity<br>| 30 days |
| Janus Henderson VIT Enterprise, Janus Henderson VIT Forty, Janus Henderson VIT Mid <br> Cap Value, Janus Henderson VIT Overseas, Janus Henderson VIT Research<br>| 30 days |
| Lord Abbett Series Bond-Debenture VC, Lord Abbett Series Developing Growth VC<sup>2</sup>, Lord <br> Abbett Series Dividend Growth VC, Lord Abbett Series Fundamental Equity VC, Lord <br> Abbett Series Growth and Income VC, Lord Abbett Series Growth Opportunities VC, Lord <br> Abbett Series Mid Cap Stock VC, Lord Abbett Series Total Return VC<br>| 30 days |
| LVIP American Century Inflation Protection, LVIP American Century International, LVIP <br> American Century Mid Cap Value, LVIP American Century Value, LVIP Avantis Large Cap <br> Value, LVIP JPMorgan Core Bond, LVIP JPMorgan Small Cap Core, LVIP JPMorgan U.S. <br> Equity<br>| 30 days |
| MFS<sup>®</sup> VIT Emerging Markets Equity, MFS<sup>®</sup> VIT Global Tactical Allocation, MFS<sup>®</sup> VIT High <br> Yield, MFS<sup>®</sup> VIT II MA Investors Growth Stock, MFS<sup>®</sup> VIT II Research International, MFS<sup>®</sup> <br> VIT International Intrinsic Equity, MFS<sup>®</sup> VIT Investors Trust, MFS<sup>®</sup> VIT New Discovery, <br> MFS<sup>®</sup> VIT Research, MFS<sup>®</sup> VIT Total Return, MFS<sup>®</sup> VIT Total Return Bond, MFS<sup>®</sup> VIT <br> Utilities<br>| 30 days |
| Morgan Stanley VIF Emerging Markets Debt, Morgan Stanley VIF Emerging Markets <br> Equity<br>| 30 days  |

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| | |
|:---|:---|
| **Subaccount** | **Transfer**<br> **Block Restriction**<br> **(# of Calendar Days)**<br>|
| Morningstar Aggressive Growth ETF Asset Allocation Portfolio, Morningstar Balanced ETF <br> Asset Allocation Portfolio, Morningstar Conservative ETF Asset Allocation Portfolio, <br> Morningstar Growth ETF Asset Allocation Portfolio, Morningstar Income and Growth ETF <br> Asset Allocation Portfolio<br>| 30 days |
| NAA All Cap Value Series, NAA Large Cap Value Series, NAA Large Core Series, NAA <br> Large Growth Series, NAA Mid Growth Series, NAA Small Cap Value Series, NAA Small <br> Growth Series, NAA SMid-Cap Value Series, NAA World Equity Income Series<br>| 30 days |
| Neuberger Berman Quality Equity Portfolio | 30 days |
| Nomura VIP Asset Strategy, Nomura VIP Balanced, Nomura VIP Core Equity, Nomura VIP <br> Energy, Nomura VIP Global Growth, Nomura VIP Growth, Nomura VIP High Income, <br> Nomura VIP International Core Equity, Nomura VIP Limited-Term Bond, Nomura VIP Mid <br> Cap Growth, Nomura VIP Natural Resources, Nomura VIP Science and Technology, <br> Nomura VIP Small Cap Growth, Nomura VIP Smid Cap Core, Nomura VIP Value<br>| 60 days |
| PIMCO VIT All Asset, PIMCO VIT CommodityRealReturn Strategy, PIMCO VIT Emerging <br> Markets Bond, PIMCO VIT Global Bond Opportunities (Unhedged), PIMCO VIT Global <br> Managed Asset Allocation, PIMCO VIT High Yield, PIMCO VIT Low Duration, PIMCO VIT <br> Real Return, PIMCO VIT Short-Term, PIMCO VIT Total Return<br>| 30 days |
| Putnam VT Core Equity, Putnam VT Diversified Income, Putnam VT Global Asset <br> Allocation, Putnam VT High Yield, Putnam VT Income, Putnam VT Large Cap Growth, <br> Putnam VT Large Cap Value, Putnam VT Small Cap Growth<br>| 30 days |
| Rydex VIF Banking, Rydex VIF Basic Materials, Rydex VIF Biotechnology, Rydex VIF <br> Commodities Strategy, Rydex VIF Consumer Products, Rydex VIF Dow 2x Strategy, Rydex <br> VIF Electronics, Rydex VIF Energy, Rydex VIF Energy Services, Rydex VIF Europe 1.25x <br> Strategy, Rydex VIF Financial Services, Rydex VIF Government Long Bond 1.2x Strategy, <br> Rydex VIF Health Care, Rydex VIF High Yield Strategy, Rydex VIF Internet, Rydex VIF <br> Inverse Dow 2x Strategy, Rydex VIF Inverse Government Long Bond Strategy, Rydex VIF <br> Inverse Mid-Cap Strategy, Rydex VIF Inverse NASDAQ-100<sup>®</sup> Strategy, Rydex VIF Inverse <br> Russell 2000<sup>®</sup> Strategy, Rydex VIF Inverse S&P 500 Strategy, Rydex VIF Japan 2x <br> Strategy, Rydex VIF Leisure, Rydex VIF Mid-Cap 1.5x Strategy, Rydex VIF NASDAQ-100<sup>®</sup>, <br> Rydex VIF NASDAQ-100<sup>®</sup> 2x Strategy, Rydex VIF Nova, Rydex VIF Precious Metals, <br> Rydex VIF Real Estate, Rydex VIF Retailing, Rydex VIF Russell 2000<sup>®</sup> 1.5x Strategy, <br> Rydex VIF Russell 2000<sup>®</sup> 2x Strategy, Rydex VIF S&P 500 2x Strategy, Rydex VIF S&P <br> 500 Pure Growth, Rydex VIF S&P 500 Pure Value, Rydex VIF S&P MidCap 400 Pure <br> Growth, Rydex VIF S&P MidCap 400 Pure Value, Rydex VIF S&P SmallCap 600 Pure <br> Growth, Rydex VIF S&P SmallCap 600 Pure Value, Rydex VIF Strengthening Dollar 2x <br> Strategy, Rydex VIF Technology, Rydex VIF Telecommunications, Rydex VIF <br> Transportation, Rydex VIF U.S. Government Money Market, Rydex VIF Utilities, Rydex VIF <br> Weakening Dollar 2x Strategy<br>| Unlimited |
| T. Rowe Price Blue Chip Growth, T. Rowe Price Equity Income, T. Rowe Price Health <br> Sciences, T. Rowe Price Limited-Term Bond<br>| 30 days |
| Templeton Emerging Markets VIP Fund, Templeton Foreign VIP Fund, Templeton Global <br> Bond VIP Fund, Templeton Growth VIP Fund<br>| 30 days |
| Third Avenue Value | 90 days |
| TOPS<sup>®</sup> Aggressive ETF, TOPS<sup>®</sup> Balanced ETF, TOPS<sup>®</sup> Conservative ETF, TOPS<sup>®</sup> <br> Managed Risk Balanced ETF, TOPS<sup>®</sup> Managed Risk Moderate ETF, TOPS<sup>®</sup> Managed Risk <br> Moderately Aggressive ETF, TOPS<sup>®</sup> Moderate ETF, TOPS<sup>®</sup> Moderately Aggressive ETF<br>| 30 days |
| VanEck VIP Global Gold, VanEck VIP Global Resources | 30 days  |

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| | |
|:---|:---|
| **Subaccount** | **Transfer**<br> **Block Restriction**<br> **(# of Calendar Days)**<br>|
| Vanguard<sup>®</sup> VIF Balanced, Vanguard<sup>®</sup> VIF Conservative Allocation, Vanguard<sup>®</sup> VIF <br> Diversified Value, Vanguard<sup>®</sup> VIF Equity Income, Vanguard<sup>®</sup> VIF Equity Index, Vanguard<sup>®</sup> <br> VIF Global Bond Index, Vanguard<sup>®</sup> VIF Growth, Vanguard<sup>®</sup> VIF High Yield Bond, <br> Vanguard<sup>®</sup> VIF International, Vanguard<sup>®</sup> VIF Mid-Cap Index, Vanguard<sup>®</sup> VIF Moderate <br> Allocation, Vanguard<sup>®</sup> VIF PRIMECAP, Vanguard<sup>®</sup> VIF Real Estate Index, Vanguard<sup>®</sup> VIF <br> Short Term Investment Grade, Vanguard<sup>®</sup> VIF Small Company Growth<sup>3</sup>, Vanguard<sup>®</sup> VIF <br> Total Bond Market Index, Vanguard<sup>®</sup> VIF Total International Stock Market Index, Vanguard<sup>®</sup> <br> VIF Total Stock Market Index<br>| 30 days |
| Victory Pioneer Bond VCT, Victory Pioneer Equity Income VCT, Victory Pioneer High Yield <br> VCT, Victory Pioneer Strategic Income VCT<br>| 30 days |
| Virtus Duff & Phelps Real Estate Securities Series, Virtus KAR Small-Cap Growth Series, <br> Virtus Newfleet Multi-Sector Intermediate Bond Series, Virtus SGA International Growth <br> Series, Virtus Tactical Allocation Series<br>| 30 days |
| Voya MidCap Opportunities Portfolio | 30 days |
| VY CBRE Global Real Estate Portfolio, VY Columbia Real Estate Portfolio | 30 days |
| Western Asset Variable Global High Yield Bond | 30 days |
| 1<br> You may transfer Contract Value to the Alger Capital Appreciation Subaccount only if you had Contract Value allocated to that Subaccount on <br> April 30, 2021.<br>2<br> You may transfer Contract Value to the Lord Abbett Series Developing Growth VC Subaccount only if you had Contract Value allocated to <br> that Subaccount on May 5, 2021.<br>3<br> You may transfer Contract Value to the Vanguard<sup>®</sup> VIF Small Company Growth Subaccount only if you had Contract Value allocated to that <br> Subaccount on May 1, 2019. | 1<br> You may transfer Contract Value to the Alger Capital Appreciation Subaccount only if you had Contract Value allocated to that Subaccount on <br> April 30, 2021.<br>2<br> You may transfer Contract Value to the Lord Abbett Series Developing Growth VC Subaccount only if you had Contract Value allocated to <br> that Subaccount on May 5, 2021.<br>3<br> You may transfer Contract Value to the Vanguard<sup>®</sup> VIF Small Company Growth Subaccount only if you had Contract Value allocated to that <br> Subaccount on May 1, 2019. |

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In addition to the Company's own frequent transfer procedures, the Underlying Funds may have adopted their own policies and procedures with respect to frequent transfer of their respective shares, and the Company reserves the right to enforce these policies and procedures. The prospectuses for the Underlying Funds describe any such policies and procedures, which may be more or less restrictive than the policies and procedures the Company has adopted. In particular, some of the Underlying Funds have reserved the right to temporarily or permanently refuse payments or transfer requests from the Company if, in the judgment of the Underlying Fund's manager, the Underlying Fund would be unable to invest effectively in accordance with its investment objective or policies, or would otherwise potentially be adversely affected.

You should be aware that the Company currently may not have the contractual obligation or the operational capacity to apply the Underlying Funds' frequent transfer policies and procedures. However, under SEC rules, the Company is required to: (1) enter into a written agreement with each Underlying Fund or its principal underwriter that obligates the Company to provide to the Underlying Fund promptly upon request certain information about the trading activity of individual Owners, and (2) execute instructions from the Underlying Fund to restrict or prohibit further purchases or transfers by specific Owners who violate the frequent transfer policies established by the Underlying Fund.

Managers of the Underlying Funds may contact the Company if they believe or suspect that there is market timing or other potentially harmful trading, and, if so, the Company will take appropriate action to protect others. In particular, the Company may, and the Company reserves the right to, reverse a potentially harmful transfer. If the Company reverses a potentially harmful transfer, it will effect such reversal not later than the close of business on the second Valuation Date following the Valuation Date in which the original transfer was effected, and the Company will inform the Owner in writing at his or her address of record.

To the extent permitted by applicable law, the Company also reserves the right to reject a transfer request at any time that the Company is unable to purchase or redeem shares of any of the Underlying Funds because of any refusal or restriction on purchases or redemptions of their shares as a result of the Underlying Fund's policies and procedures on market timing activities or other potentially abusive transfers. The Company also reserves the right to implement, administer, and collect redemption fees imposed by one or more of the Underlying Funds in the future. You should read the prospectuses of the Underlying Funds for more details on their ability to refuse or restrict purchases or redemptions of their shares.

In its sole discretion, the Company may revise its market timing procedures at any time without prior notice as the Company deems necessary or appropriate to better detect and deter programmed, frequent, or large transfers

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that may adversely affect other Owners, or Underlying Fund shareholders, to comply with state or federal regulatory requirements, or to impose additional or alternate restrictions on market timers (such as dollar or percentage limits on transfers). The Company may change its parameters to monitor for factors other than transfer block restrictions. For purposes of applying the parameters used to detect potential market timing and other potentially harmful activity, the Company may aggregate transfers made in two or more Contracts that it believes are connected (for example, two Contracts with the same Owner, or owned by spouses, or owned by different partnerships or corporations that are under common control, etc.).

The Company does not include transfers made pursuant to Dollar Cost Averaging and Asset Reallocation Options in these limitations. The Company may vary its market timing procedures from Subaccount to Subaccount, and may be more restrictive with regard to certain Subaccounts than others. The Company may not always apply these detection methods to Subaccounts investing in Underlying Funds that, in its judgment, would not be particularly attractive to market timers or otherwise susceptible to harm by frequent transfers.

Owners seeking to engage in programmed, frequent, or large transfer activity may deploy a variety of strategies to avoid detection. The Company's ability to detect and deter such transfer activity is limited by operational systems and technological limitations. Furthermore, the identification of Owners determined to be engaged in transfer activity that may adversely affect other Owners, or Underlying Fund shareholders involves judgments that are inherently subjective. Accordingly, despite its best efforts, the Company cannot guarantee that its market timing procedures will detect every potential market timer, but the Company applies its market timing procedures consistently to all Owners without special arrangement, waiver, or exception, aside from allocations to the Donoghue, Rydex and certain Federated Subaccounts (see chart above), which do not limit or restrict transfers. Because other insurance companies and/or retirement plans may invest in the Underlying Funds, the Company cannot guarantee that the Underlying Funds will not suffer harm from programmed, frequent, or large transfers among subaccounts of variable contracts issued by other insurance companies or among investment options available to retirement plan participants.

The Company does not limit or restrict transfers to or from the Donoghue, Rydex and certain Federated Subaccounts (see chart above). As stated above, market timing and frequent transfer activities may disrupt portfolio management of the Underlying Funds, hurt Underlying Fund performance, and drive Underlying Fund expenses higher, which are reflected in Underlying Fund performance.

Because the Company does not reserve the unfettered right to prohibit transfers, it cannot guarantee that it can restrict or deter all harmful transfer activity, Owners bear the risks associated with such activity, including potential disruption of portfolio management of the Underlying Funds and potentially lower Underlying Fund performance and higher Underlying Fund expenses. In addition, there is a risk that the Company will not detect harmful transfer activity on the part of some Owners and, as a result, the Company will inadvertently treat those Owners differently than Owners it does not permit to engage in harmful transfer activity. Moreover, due to the Company's operational and technological limitations, as well as possible variations in the market timing policies of other insurance companies and/or retirement plans that may also invest in the Underlying Funds, some Owners may be treated differently than others. Consequently, there is a risk that some Owners may be able to engage in market timing while others suffer the adverse effects of such trading activities.

**Contract Value —** The Contract Value is the sum of the amounts under your Contract held in each Subaccount as of any Valuation Date.

On each Valuation Date, the amount of Contract Value allocated to any particular Subaccount will be adjusted to reflect the investment experience of that Subaccount. See "Determination of Contract Value." Contract Value allocated to the Subaccounts is not guaranteed by the Company. You bear the entire investment risk relating to the investment performance of Contract Value allocated to the Subaccounts.

**Determination of Contract Value —** Your Contract Value will vary depending upon several factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Investment performance of the Subaccounts to which you have allocated Contract Value,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Payment of Purchase Payments,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Full and partial withdrawals (including systematic withdrawals and withdrawals made to pay the fees of your investment adviser), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Charges assessed in connection with the Contract, including charges for any optional riders selected.

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The amounts allocated to a Subaccount will be invested in shares of the corresponding Underlying Fund. The investment performance of each Subaccount will reflect increases or decreases in the net asset value per share of the corresponding Underlying Fund and any dividends or distributions declared by the Underlying Fund. Any dividends or distributions from any Underlying Fund will be automatically reinvested in shares of the same Underlying Fund, unless the Company, on behalf of the Separate Account, elects otherwise.

Assets in the Subaccounts are divided into Accumulation Units, which are accounting units of measure used to calculate the value of an Owner's interest in a Subaccount. When you allocate Purchase Payments to a Subaccount, your Contract is credited with Accumulation Units. The number of Accumulation Units to be credited is determined by dividing the dollar amount, including any Credit Enhancements, allocated to the particular Subaccount by the price for the Subaccount's Accumulation Units as of the end of the Valuation Period in which the Purchase Payment is credited.

In addition, other transactions such as full or partial withdrawals (including systematic withdrawals and withdrawals made to pay the fees of your investment adviser), transfers, and assessment of certain charges against the Contract affect the number of Accumulation Units attributable to a Contract. The number of units credited or debited in connection with any such transaction is determined by dividing the dollar amount of such transaction by the price of the Accumulation Unit of the affected Subaccount next determined after receipt of the transaction request (subject to any application requirements that the transaction be in good order, as described herein). The price of each Subaccount is determined on each Valuation Date as of the close of regular trading on the New York Stock Exchange, normally 3:00 p.m. Central time. Transactions (other than transfer requests, as described herein) received at or after that time on any Valuation Date will be effected at the Accumulation Unit value determined on the following Valuation Date. See "Purchase Payments" and "Full and Partial Withdrawals."

Requests to transfer Contract Value received at or after the applicable cut-off time will be effected at the Accumulation Unit value determined on the following Valuation Date. Normally, the cut-off time for transfer requests is 2:00 p.m. Central time. If regular trading on the New York Stock Exchange closes prior to 3:00 p.m. Central time, the cut-off time for transfer requests will be one hour prior to closing. See "Cut-Off Times." The price of each Subaccount may be determined earlier if trading on the New York Stock Exchange is restricted or as permitted by the SEC.

The number of Accumulation Units credited to a Contract shall not be changed by any subsequent change in the value of an Accumulation Unit, but the dollar value of an Accumulation Unit may vary from Valuation Date to Valuation Date depending upon the investment experience of the Subaccount and charges against the Subaccount.

The price of each Subaccount's units initially was $10. The price of a Subaccount on any Valuation Date takes into account the following: (1) the investment performance of the Subaccount, which is based upon the investment performance of the corresponding Underlying Fund, (2) any dividends or distributions paid by the corresponding Underlying Fund, (3) the charges, if any, that may be assessed by the Company for taxes attributable to the operation of the Subaccount, (4) the minimum mortality and expense risk charge under the Contract of 0% annually, and (5) the administration charge for that Subaccount, and (6) the deduction of the Underlying Fund's fees and expenses.

The minimum mortality and expense risk charge of 0% and the administration charge of 0.25% are factored into the Accumulation Unit value or "price" of each Subaccount on each Valuation Date. Each Subaccount declares a monthly subaccount adjustment and the Company deducts the Excess Charge from this monthly subaccount adjustment upon its reinvestment in the Subaccount. The Excess Charge is a percentage of your Contract Value allocated to the Subaccount as of the reinvestment date. The monthly subaccount adjustment is paid only for the purpose of collecting the Excess Charge. Assuming that you owe a charge above the minimum mortality and expense risk charge and the administration charge, your Contract Value will be reduced in the amount of your Excess Charge upon reinvestment of the Subaccount's monthly subaccount adjustment. The Company deducts the Excess Charge only upon reinvestment of the monthly subaccount adjustment and does not assess an Excess Charge upon a full or partial withdrawal from the Contract. The Company reserves the right to compute and deduct the Excess Charge from each Subaccount on each Valuation Date. See the Statement of Additional Information for a more detailed discussion of how the Excess Charge is deducted.

**Cut-Off Times —** We refer to the times by which financial transactions must be received to be processed on the current Valuation Date as "cut-off times." Any written, electronic, or telephonic transactions involving your Contract, other than requests to transfer Contract Value among the Subaccounts, must be received by us prior to any announced closing of regular trading on the New York Stock Exchange to be processed on the current Valuation Date. The New York Stock Exchange normally closes at 3:00 p.m. Central time, so financial transactions (other than transfers) normally must be received prior to 3:00 p.m. Central time. Financial transactions (other than transfers)

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received at or after the cut-off time will be processed on the following Valuation Date. Financial transactions include full and partial withdrawals (including systematic withdrawals and withdrawals to pay investment advisory fees), death benefit payments, and Purchase Payments.

Any request to transfer Contract Value among the Subaccounts, including those submitted by telephone, must be received by us no later than one hour prior to any announced closing of regular trading on the New York Stock Exchange to be processed on the current Valuation Date. This means transfer requests must normally be received by 2:00 p.m. Central time. Transfer requests received at or after the cut-off time will be processed on the following Valuation Date. The Company may extend the cut-off time to 15 minutes prior to any announced closing (generally 2:45 p.m. Central time) for transfers submitted electronically through the Company's Internet web site. Internet functionality is available only to Owners who have authorized their financial representatives to make financial transactions on their behalf.

**Full and Partial Withdrawals —** An Owner may make a partial withdrawal of Contract Value or surrender the Contract for its Withdrawal Value. A full or partial withdrawal, including systematic withdrawals and withdrawals to pay investment advisory fees, may be taken from Contract Value at any time while the Owner is living and before the Annuity Start Date, subject to limitations under applicable law. Withdrawals (other than systematic withdrawals or withdrawals to pay investment advisory fees) after the Annuity Start Date are permitted only under Annuity Options 5, 6 and 7 (and only if the Owner has elected variable annuity payments under Annuity Option 7). See "Annuity Period" for a discussion of withdrawals after the Annuity Start Date. A full or partial withdrawal request will be effective as of the end of the Valuation Period that it is received by the Company at its Administrative Office; however, if the request is received on a Valuation Date at or after the cut-off time (normally 3:00 p.m. Central time), the withdrawal will be effected at the Accumulation Unit value determined on the following Valuation Date. See "Cut-Off Times." In addition, a withdrawal will not be processed until it is in good order. In this regard, "good order" means that the withdrawal request is accompanied by a properly completed Withdrawal Request form (including the Owner's signature and, if applicable, the written consent of any effective assignee or irrevocable beneficiary).

The proceeds received upon a full withdrawal will be the Contract's Withdrawal Value. The Withdrawal Value is equal to the Contract Value as of the end of the Valuation Period during which the withdrawal is processed, less any uncollected premium taxes to reimburse the Company for any tax on premiums on a Contract that may be imposed by various states and municipalities. See "Premium Tax Charge." The Withdrawal Value during the Annuity Period for variable annuity payments (or a combination of variable and fixed annuity payments) under Annuity Option 7 is the present value of future annuity payments commuted at the assumed interest rate, less any applicable withdrawal charges and any uncollected premium taxes.

The Company requires the signature of all Owners on any request for withdrawal. The Company also requires a guarantee of all such signatures to effect the transfer or exchange of all of the Contract, or any part of the Contract in excess of $25,000, for another investment. The signature guarantee must be provided by an eligible guarantor, such as a bank, broker, credit union, national securities exchange or savings association. Notarization is not an acceptable form of signature guarantee. The Company further requires that any request to transfer or exchange all or part of the Contract for another investment be made upon a transfer form provided by the Company which is available upon request.

A partial withdrawal may be requested for a specified percentage or dollar amount of Contract Value. Each partial withdrawal must be at least $500 except systematic withdrawals discussed below and withdrawals to pay investment advisory fees. A request for a partial withdrawal (including systematic withdrawals and withdrawals to pay investment advisory fees) will result in a payment by the Company of the amount specified in the partial withdrawal request less any applicable premium tax charge. Alternatively, you may request that any premium tax charge be deducted from your remaining Contract Value, provided there is sufficient Contract Value available. Upon payment, your Contract Value will be reduced by an amount equal to the payment, or if you requested that any charges be deducted from your remaining Contract Value, your Contract Value also will be reduced by the amount of any such premium tax charge . See "Premium Tax Charge."

If a partial withdrawal (other than a systematic withdrawal or a withdrawal to pay investment advisory fees) is requested after the first Contract Year that would leave the Withdrawal Value in the Contract less than $2,000 and no Purchase Payments have been paid for three years, the Company reserves the right to terminate the Contract and pay the Contract Value in one sum to the Owner. However, the Company will first notify the Owner that the Contract is subject to termination, and will only terminate the Contract if, after 90 days following the date of the notice, the Owner has not made any Purchase Payments to increase the Withdrawal Value to $2,000.

The Company will deduct the amount of a partial withdrawal from the Contract Value in the Subaccounts, according to the Owner's instructions to the Company. If you do not specify the allocation, the Company will deduct the withdrawal in the same proportion that Contract Value is allocated among the Subaccounts.

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A full or partial withdrawal, including a systematic withdrawal or a withdrawal to pay investment advisory fees, may result in receipt of taxable income to the Owner and, if made prior to the Owner attaining age 59½, may be subject to a 10% penalty tax. The tax consequences of a withdrawal under the Contract should be carefully considered. See "Federal Tax Matters."

**Withdrawals to Pay Advisory Fees —** The deduction of advisory fees from your Contract Value is treated as a withdrawal under the Contract. The deduction of advisory fees will not count toward the annual free withdrawal amount. Deductions from your Contract Value to pay advisory fees will reduce the death benefit, perhaps significantly.

Withdrawals to pay advisory fees may still be treated as withdrawals for tax purposes by the Company and/or the IRS. For Non-Qualified Contracts, all or a portion of the charges deducted from your Contract Value to pay advisory fees to a financial intermediary may be subject to federal and state income taxes and a 10% federal penalty tax. In a series of recent private letter rulings, the IRS has recognized that investment adviser fees may, in certain circumstances and subject to certain conditions, be deemed a part of a Non-Qualified Contract rather than a taxable distribution. We have received such a private letter ruling from the IRS and intend to tax report in accordance with that ruling.

A tax-free partial exchange may become taxable if an advisory fee is paid from your Contract Value within 180 days of the partial exchange. Consult your tax adviser for advice concerning tax-free partial exchanges and the impact of deducting advisory fees from your Contract Value.

**Systematic Withdrawals —** For no additional charge, the Company currently offers a feature under which you may select systematic withdrawals. Under this feature, an Owner may elect to receive systematic withdrawals while the Owner is living and before the Annuity Start Date by sending a properly completed Scheduled Systematic Withdrawal form to the Company at its Administrative Office. This option may be elected at any time. An Owner may designate the systematic withdrawal amount as a percentage of Contract Value allocated to the Subaccounts, as a fixed period, as level payments, as a specified dollar amount, as all earnings in the Contract, or based upon the life expectancy of the Owner or the Owner and a beneficiary. An Owner also may designate the desired frequency of the systematic withdrawals, which may be monthly, quarterly, semiannual or annual. The Owner may stop or modify systematic withdrawals upon proper written request received by the Company at its Administrative Office at least 30 days in advance of the requested date of termination or modification. A proper request must include the written consent of any effective assignee or irrevocable beneficiary, if applicable.

Each systematic withdrawal must be at least $100. Upon payment, your Contract Value will be reduced by an amount equal to the payment proceeds plus any applicable withdrawal charges and premium tax. Contract Value will also be reduced by a percentage of any Credit Enhancements that have not yet vested. See "Extra Credit."

If an Owner is enrolled in the Dollar Cost Averaging or Asset Reallocation Options, the Owner may not elect to receive systematic withdrawals from any Subaccount that is part of the Dollar Cost Averaging or Asset Reallocation Options.

In no event will the amount of a systematic withdrawal exceed the Contract Value less any uncollected premium taxes (the "Withdrawal Value"). **The Contract will automatically terminate if a systematic withdrawal causes the Contract's Withdrawal Value to equal zero.** 

The Company will effect each systematic withdrawal as of the end of the Valuation Period during which the withdrawal is scheduled. The deduction caused by the systematic withdrawal, including any applicable withdrawal charge, will be allocated to your Contract Value in the Subaccounts, as you have directed. If you do not specify the allocation, the Company will deduct the systematic withdrawal in the same proportion that Contract Value is allocated among the Subaccounts.

The Company may, at any time, discontinue, modify, suspend or charge a fee for systematic withdrawals. You should consider carefully the tax consequences of a systematic withdrawal, including the 10% penalty tax which may be imposed on withdrawals made prior to the Owner attaining age 59½. See "Federal Tax Matters."

**Free-Look Right —** You may return a Contract within the Free-Look Period, which is generally a ten-day period beginning when you receive the Contract. Purchase Payments received during the Free-Look period will be allocated according to your instructions contained in the application or more recent instructions, if any. If you return your Contract during the Free-Look Period, the Company will then deem void the returned Contract and will refund to you Contract Value based upon the value of Accumulation Units next determined after we receive your Contract, plus any charges deducted from such Contract Value.

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Some states' laws require us to refund your Purchase Payments. If your Contract is delivered in one of those states and you return your Contract during the Free-Look Period, the Company will refund the greater of: (1) Purchase Payments or (2) Contract Value, plus any charges deducted from such Contract Value.

**Death Benefit —** You should consider the following provisions carefully when choosing the Designated Beneficiary, Annuitant, any Joint Annuitant, and any Joint Owner, as well as before changing any of these parties. Naming different persons as Owner(s), Annuitant(s) and Designated Beneficiary(ies) can have important impacts on whether the death benefit is paid, and on who would receive it.

If an Owner dies prior to the Annuity Start Date while this Contract is in force, the Company will calculate the death benefit proceeds payable to the Designated Beneficiary as of the Valuation Date the Company receives due proof of the Owner's death and instructions regarding payment to the Designated Beneficiary. If there are Joint Owners, the death benefit proceeds will be calculated upon receipt of due proof of death of either Owner, and instructions regarding payment.

If the surviving spouse of the deceased Owner is the sole Designated Beneficiary, such spouse may elect to continue the Contract in force, subject to certain limitations. See "Distribution Requirements." If any Owner is not a natural person, the death benefit proceeds will be payable as of the date the Company receives due proof of death of the Annuitant prior to the Annuity Start Date and instructions regarding payment. If the death of an Owner occurs on or after the Annuity Start Date, any applicable death benefit will terminate at the Annuity Start Date without value. See "Annuity Options."

The death benefit proceeds will be the death benefit reduced by any uncollected premium tax. If an Owner dies (or the Annuitant dies, if any Owner is not a natural person) prior to the Annuity Start Date while this Contract is in force, the amount of the death benefit will be the Contract Value on the Valuation Date due proof of death and instructions regarding payment are received by the Company.

If you purchased the Return of Premium Death Benefit rider, your death benefit will be determined in accordance with the terms of the rider. **Please note that, under the rider, if we do not receive due proof of death and instructions regarding payment for each Designated Beneficiary at our Administrative Office within six months of the date of the Owner's death, the death benefit will be the Contract Value on the Valuation Date we receive due proof of death and instructions regarding payment, less any uncollected premium tax. See the discussion of the Return of Premium Death Benefit.** Your death benefit proceeds under the rider will be the death benefit reduced by any uncollected premium tax.

The death benefit proceeds will be paid to the Designated Beneficiary in a single sum or under one of the Annuity Options, as elected by the Designated Beneficiary. However, if the Owner has completed a restricted beneficiary designation form, the death benefit proceeds will be paid to the Designated Beneficiary in the manner specified on the form. If the Designated Beneficiary is to receive annuity payments under an Annuity Option, there may be limits under applicable law on the amount and duration of payments that the Beneficiary may receive, and requirements respecting timing of payments. Under a Qualified Contract, most non-spouse Designated Beneficiaries will be required to receive all proceeds within ten years. A tax adviser should be consulted in considering Annuity Options. See "Federal Tax Matters" and "Distribution Requirements" for a discussion of the tax consequences in the event of death.

Every state has unclaimed property laws which generally declare annuity contracts to be abandoned after a period of inactivity of 3 to 5 years from the Contract's Annuity Start Date or date the death benefit is due and payable. For example, if the payment of a death benefit has been triggered, but the Designated Beneficiary does not come forward to claim the death benefit in a timely manner, the death benefit will be paid to the abandoned property division or unclaimed property office of the state in which the Designated Beneficiary or the Owner last resided, as shown on our books and records, or to our state of domicile. This "escheatment" is revocable, however, and the state is obligated to pay the death benefit (without interest) if your Designated Beneficiary steps forward to claim the death benefit with the proper documentation. To prevent such escheatment, it is important that you update your Designated Beneficiary designations, including addresses, if and as they change. Such updates should be communicated in writing, or other approved means to our Administrative Office.

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**<u>Example of the Impact of Advisory Fee Withdrawals on Contract Value and the Standard Death Benefit over Time.</u>** Assume:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The initial Purchase Payment is $100,000 and no additional Purchase Payments are added to the Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Contract Value grows at an annual rate of 3%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) An advisory fee withdrawal of $1,000 is taken each Contract Year at the end of the Contract Year.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Beginning of** <br> **Contract Year**<br>| **Contract Value** <br> **Prior to Advisory** <br> **Fee Withdrawal**<br>| **Advisory Fee** <br> **Withdrawal**<br>| **Contract Value** <br> **After Advisory Fee** <br> **Withdrawal**<br>| **Death Benefit** <br> **After Advisory Fee** <br> **Withdrawal**<br>|
| 1 | $100000.00 | $1000.00 | $102000.00 | $102000.00 |
| 2 | $102000.00 | $1000.00 | $104060.00 | $104060.00 |
| 3 | $104060.00 | $1000.00 | $106181.80 | $106181.80 |
| 4 | $106181.80 | $1000.00 | $108367.25 | $108367.25 |
| 5 | $108367.25 | $1000.00 | $110618.27 | $110618.27 |
| 6 | $110618.27 | $1000.00 | $112936.82 | $112936.82 |
| 7 | $112936.82 | $1000.00 | $115324.92 | $115324.92 |
| 8 | $115324.92 | $1000.00 | $117784.67 | $117784.67 |
| 9 | $117784.67 | $1000.00 | $120318.21 | $120318.21 |
| 10 | $120318.21 | $1000.00 | $122927.76 | $122927.76 |
| 11 | $122927.76 | $1000.00 | $125615.59 | $125615.59 |
| 12 | $125615.59 | $1000.00 | $128384.06 | $128384.06 |
| 13 | $128384.06 | $1000.00 | $131235.58 | $131235.58 |
| 14 | $131235.58 | $1000.00 | $134172.65 | $134172.65 |
| 15 | $134172.65 | $1000.00 | $137197.83 | $137197.83 |
| 16 | $137197.83 | $1000.00 | $140313.76 | $140313.76 |
| 17 | $140313.76 | $1000.00 | $143523.18 | $143523.18 |
| 18 | $143523.18 | $1000.00 | $146828.87 | $146828.87 |
| 19 | $146828.87 | $1000.00 | $150233.74 | $150233.74 |
| 20 | $150233.74 | $1000.00 | $153740.75 | $153740.75 |
| 21 | $153740.75 | $1000.00 | $157352.97 | $157352.97 |

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As the table above demonstrates, withdrawals to pay advisory fees taken over time will decrease the Contract Value. If the death benefit is equal to the Contract Value, such death benefit will also decrease as a result of withdrawals to pay advisory fees.

**Distribution Requirements —** The Contract provides that upon your death, a surviving spouse may have certain continuation rights that he or she may elect to exercise for the Contract's death benefit. All Contract provisions relating to spousal continuation are available only to a person who meets the definition of "spouse" under federal law. The U.S. Supreme Court has held that same-sex marriages must be permitted under state law and that marriages recognized under state law will be recognized for federal law purposes. Domestic partnerships and civil unions that are not recognized as legal marriages under state law, however, will not be treated as marriages under federal law. Consult a tax adviser for more information on this subject.

For Contracts issued in connection with a Non-Qualified Contract, if the surviving spouse of the deceased Owner is the sole Designated Beneficiary, such spouse may elect to continue this Contract in force until the earliest of the spouse's death or the Annuity Start Date or receive the death benefit proceeds. If the surviving spouse elects to continue the Contract, no death benefit will be paid and the Contract Value will not be adjusted to reflect the amount of any death benefit; provided, however, the Designated Beneficiary will be entitled to receive the death benefit proceeds in accordance with the terms of the Contract upon the death of the surviving spouse.

For any Designated Beneficiary of a Non-Qualified Contract other than a surviving spouse, only those options may be chosen that provide for complete distribution of such Owner's interest in the Contract within five years of the death of the Owner. If the Designated Beneficiary is a natural person, that person alternatively can elect to begin receiving annuity payments within one year of the Owner's death over a period not extending beyond his or her life or

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life expectancy. If the Owner of the Contract is not a natural person, these distribution rules are applicable upon the death of or a change in the primary Annuitant.

For Contracts issued in connection with a Qualified Plan, the terms of the particular Qualified Plan and the Internal Revenue Code should be reviewed with respect to distributions following the death of the Owner or Annuitant. Because the rules applicable to Qualified Plans are extremely complex, a competent tax adviser should be consulted.

Please note that any death benefit we may pay in excess of the Contract Value is subject to our financial strength and claims-paying ability.

**Death of the Annuitant —** If the Annuitant dies prior to the Annuity Start Date, and the Owner is a natural person and is not the Annuitant, no death benefit proceeds will be payable under the Contract. The Owner may name a new Annuitant within 30 days of the Annuitant's death. If a new Annuitant is not named, the Company will designate the Owner as Annuitant. On the death of the Annuitant after the Annuity Start Date, any guaranteed payments remaining unpaid will continue to be paid to the Designated Beneficiary pursuant to the Annuity Option in force at the date of death.

**Benefits Under the Contract**

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**The following table summarizes information about the optional and standard benefits under the Contract that are currently available. Please note that this table does not fully describe the terms and conditions of each benefit. You should refer to the applicable sections of this Prospectus for additional information.**

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| | | | |
|:---|:---|:---|:---|
| **Standard Benefits** | **Standard Benefits** | **Standard Benefits** | **Standard Benefits** |
| **Name of** <br> **Benefit**<br>| **Purpose** | **Maximum Fee** | **Brief Description of Restrictions/Limitations** |
| Standard <br> Death Benefit<br>| Provides a death benefit equal to <br> the Contract Value.<br>| There is no <br> charge for this <br> option.<br>| <sup>●</sup>The death benefit will be reduced by any uncollected premium tax. |
| Dollar Cost <br> Averaging <br> Option<br>| Allows the systematic transfer of <br> a specified dollar amount or <br> percentage of Contract Value <br> among Subaccounts.<br>| There is no <br> charge for this <br> option.<br>| <sup>●</sup>The minimum amount that may be transferred to any one <br> Subaccount is $25.00.<br><sup>●</sup>The Company may discontinue, modify, or suspend Dollar Cost <br> Averaging at any time.<br><sup>●</sup>Transfers will be made until the total amount elected has been <br> transferred, or until Contract Value in the Subaccount from which <br> transfers are made has been depleted.<br><sup>●</sup>After termination of Dollar Cost Averaging for any reason, before <br> reinstating Dollar Cost Averaging, you must wait at least one month <br> if transfers were monthly, at least one quarter if transfers were <br> quarterly, at least six months if transfers were semiannual, and at <br> least one year if transfers were annual.<br>|
| Asset <br> Reallocation <br> Option<br>| Allows you to automatically <br> transfer Contract Value on a <br> monthly, quarterly, semiannual or <br> annual basis to maintain a <br> particular percentage allocation <br> among the Subaccounts.<br>| There is no <br> charge for this <br> option.<br>| <sup>●</sup>The Company may discontinue, modify, or suspend the Asset <br> Reallocation Option at any time.<br>|
| Automatic <br> Investment <br> Program<br>| A program pursuant to which <br> Purchase Payments are <br> automatically paid from your bank <br> account on a specified day of <br> each month or a salary reduction <br> agreement.<br>| There is no <br> charge for this <br> option.<br>| <sup>●</sup>The minimum subsequent Purchase Payment if you elect an <br> Automatic Investment Program is reduced to $50.<br>|
| Systematic <br> Withdrawals<br>| Allows you to set up periodic <br> automatic payments of a certain <br> percentage or dollar amount of <br> your Contract Value.<br>| There is no <br> charge for this <br> option.<br>| <sup>●</sup>Each payment must be at least $100 (unless we consent <br> otherwise).<br><sup>●</sup>Withdrawals may be subject to income tax and penalties.<br> <sup>●</sup>If an Owner is enrolled in the Dollar Cost Averaging or Asset <br> Reallocation Options, the Owner may not elect to receive <br> systematic withdrawals from any Subaccount that is part of the <br> Dollar Cost Averaging or Asset Reallocation Options.<br>|

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| | | | |
|:---|:---|:---|:---|
| **Optional Benefit** | **Optional Benefit** | **Optional Benefit** | **Optional Benefit** |
| **Name of** <br> **Benefit**<br>| **Purpose** | **Maximum Fee** <br> **(as a** <br> **percentage of** <br> **Contract Value)**<br>| **Brief Description of Restrictions/Limitations** |
| Return of <br> Premium <br> Death Benefit | Provides an enhanced death <br> benefit upon the death of the <br> Owner or any Joint Owner prior to <br> the Annuity Start Date. | 0.10%<br> (for Contracts <br> issued before <br> December 28, <br> 2012)<br>| <sup>●</sup>The rider is only available at issue. You cannot change or cancel <br> the rider after it has been issued.<br><sup>●</sup>We will reduce the death benefit offered under this rider by any <br> uncollected premium tax.<br><sup>●</sup>If we do not receive due proof of death and instructions regarding <br> payment for each Designated Beneficiary at our Administrative <br> Office within six months of the date of the Owner's death, the <br> death benefit will be the Contract Value on the Valuation Date we <br> receive due proof of death and instructions regarding payment, <br> less any uncollected premium tax.<br><sup>●</sup>The Owner and any Joint Owner must be 80 or younger on the <br> Contract Date.<br><sup>●</sup>Certain withdrawals could significantly reduce or even terminate <br> the benefit, including systematic withdrawals and withdrawals used <br> to pay investment adviser fees.<br><sup>●</sup>The Company will continue to deduct the rider charge after the <br> Annuity Start Date if you elect Annuity Option 5 or 6.<br><sup>●</sup>Withdrawals (including withdrawals to pay advisory fees) reduce <br> the benefit proportionately. **This means withdrawals could** <br> **significantly reduce the benefit by substantially more than the** <br> **actual amount of the withdrawal, or even terminate the benefit.** |
| Return of <br> Premium <br> Death Benefit | Provides an enhanced death <br> benefit upon the death of the <br> Owner or any Joint Owner prior to <br> the Annuity Start Date. | 0.35%<br> (for Contracts <br> issued on or <br> after December <br> 28, 2012)<br>| <sup>●</sup>The rider is only available at issue. You cannot change or cancel <br> the rider after it has been issued.<br><sup>●</sup>We will reduce the death benefit offered under this rider by any <br> uncollected premium tax.<br><sup>●</sup>If we do not receive due proof of death and instructions regarding <br> payment for each Designated Beneficiary at our Administrative <br> Office within six months of the date of the Owner's death, the <br> death benefit will be the Contract Value on the Valuation Date we <br> receive due proof of death and instructions regarding payment, <br> less any uncollected premium tax.<br><sup>●</sup>The Owner and any Joint Owner must be 80 or younger on the <br> Contract Date.<br><sup>●</sup>Certain withdrawals could significantly reduce or even terminate <br> the benefit, including systematic withdrawals and withdrawals used <br> to pay investment adviser fees.<br><sup>●</sup>The Company will continue to deduct the rider charge after the <br> Annuity Start Date if you elect Annuity Option 5 or 6.<br><sup>●</sup>Withdrawals (including withdrawals to pay advisory fees) reduce <br> the benefit proportionately. **This means withdrawals could** <br> **significantly reduce the benefit by substantially more than the** <br> **actual amount of the withdrawal, or even terminate the benefit.** |

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**Return of Premium Death Benefit —** For an additional charge, as reflected in the Fee Table, under this rider, we will pay an enhanced death benefit upon the death of the Owner or any Joint Owner prior to the Annuity Start Date. If the rider is not purchased, the death benefit will be the Contract Value on the Valuation Date we receive due proof of death and instructions regarding payment for each Designated Beneficiary. See the discussion under "Death Benefit."

The rider is only available at issue. You cannot change or cancel the rider after it has been issued. Please note that any amount that we may pay or make available under the Return of Premium Death Benefit rider that is in excess of Contract Value is subject to our financial strength and claims-paying ability.

How do you calculate the death benefit? On the Valuation Date we receive due proof of death and instructions regarding payment for each Designated Beneficiary, the death benefit equals the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Contract Value; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The sum of all Purchase Payments (not including any Credit Enhancements) less an adjustment for any withdrawals and withdrawal charges (including systematic withdrawals and withdrawals to pay investment advisory fees).

In the event of a withdrawal (including a systematic withdrawal or a withdrawal to pay investment advisory fees), we reduce your Return of Premium Death Benefit as last adjusted for any prior withdrawal in the same proportion that the withdrawal reduces Contract Value immediately prior to the withdrawal. **This means if you make a withdrawal when your Contract Value is less than your total Purchase Payments, your Return of Premium Death Benefit will be reduced by an amount that is greater than the dollar amount of your withdrawal.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● For example, if you have made Purchase Payments totaling $100,000 and your Contract Value has dropped to $60,000, your death benefit is $100,000 so long as you have not taken any withdrawals. If, however, you take a $10,000 withdrawal (including a withdrawal to pay advisory fees), then we will reduce your total Purchase Payments proportionately to equal $83,333 ($100,000 x (1-$10,000 / $60,000). After the withdrawal, your death benefit is $83,333. Note that your death benefit decreased by more than the dollar amount of your withdrawal.

See the next question for information on potential reductions in the amount of the death benefit to collect any premium tax due.

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**Will there be any adjustments to the enhanced death benefit?** We will reduce the death benefit offered under this rider by any uncollected premium tax, and, if the Extra Credit Rider was in effect, any Credit Enhancements applied during the 12 months preceding the Owner's date of death (however, if the death benefit is 1 above, we will not reduce the death benefit by any Credit Enhancements).

**Note: If we do not receive due proof of death and instructions regarding payment for each Designated Beneficiary at our Administrative Office within six months of the date of the Owner's death, the death benefit will be the Contract Value on the Valuation Date we receive due proof of death and instructions regarding payment, less any uncollected premium tax.** 

**Are there age restrictions on purchasing this rider?** The Owner and any Joint Owner must be 80 or younger on the Contract Date. See the discussion under "Death Benefit."

**Annuity Period**

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**General —** You select the Annuity Start Date at the time of application. The Annuity Start Date may not be deferred beyond the Annuitant's 95th birthday, although the terms of a Qualified Plan and the laws of certain states may require that you start annuity payments at an earlier age. If you do not select an Annuity Start Date, the Annuity Start Date will be the later of the Annuitant's 70th birthday or the tenth Contract anniversary. For Contracts issued in Arizona on or after September 20, 2007, if no Annuity Start Date is selected, the Annuity Start Date will be the Annuitant's 95th birthday. If you do not select an Annuity Option, annuity payments will not begin until you make a selection, which may be after the Annuity Start Date. Any applicable death benefit will terminate at the Annuity Start Date without value. See "Selection of an Option." If there are Joint Annuitants, the birthdate of the older Annuitant will be used to determine the latest Annuity Start Date.

On the Annuity Start Date, the proceeds under the Contract will be applied to provide an annuity under one of the options described below. Each option is available in two forms—either as a variable annuity for use with the Subaccounts or as a fixed annuity. A combination variable and fixed annuity is also available. Variable annuity payments will fluctuate with the investment performance of the applicable Subaccounts while fixed annuity payments will not. The proceeds under the Contract will be equal to your Contract Value as of the Annuity Start Date, reduced by any applicable premium taxes.

The Contract currently provides for eight Annuity Options. The Company may make other Annuity Options available upon request. The Company may discontinue the availability of one or more of these options at any time but will always offer a variable annuity option. Annuity payments are based upon annuity rates that vary with the Annuity Option selected. In the case of Annuity Options 1 through 4 and 8, the annuity rates will vary based on the age and sex of the Annuitant, except that unisex rates are available where required by law. The annuity rates reflect the Annuitant's life expectancy based upon the Annuitant's age as of the Annuity Start Date and the Annuitant's gender, unless unisex rates apply. The annuity rates are based upon the 1983(a) mortality table with mortality improvement under Projection Scale G and are adjusted to reflect an assumed interest rate of 3.5%, compounded annually, for the variable annuity. In the case of Annuity Option 7, the annuity rate is determined without reference to the age or sex of the Annuitant and is based upon the assumed interest rate. In the case of Annuity Options 5 and 6 as described below, annuity payments are based upon Contract Value without regard to annuity rates.

Annuity Options 1 through 4 and 8 provide for payments to be made during the lifetime of the Annuitant. Annuity payments under such options cease in the event of the Annuitant's death, unless the option provides for a guaranteed minimum number of payments, for example a life income with guaranteed payments of 5, 10, 15, 20 or 30 years. The level of annuity payments will be greater for shorter guaranteed periods and less for longer guaranteed periods. Similarly, payments will be greater for life annuities than for joint and survivor annuities, because payments for life annuities are expected to be made for a shorter period.

You may elect to receive annuity payments on a monthly, quarterly, semiannual, or annual basis, although no payments will be made for less than $100. If the frequency of payments selected would result in payments of less than $100, the Company reserves the right to change the frequency. For example, if you select monthly payments and your payment amount would be $75 per month, the Company could elect to change your payment frequency to quarterly as less frequent payments will result in a larger payment amount (assuming the same amount is applied to purchase the annuity).

You may designate or change an Annuity Start Date, Annuity Option, or Annuitant, provided proper written notice is received by the Company at its Administrative Office at least 30 days prior to the Annuity Start Date set forth in the Contract. The date selected as the new Annuity Start Date must be at least 30 days after the date written notice requesting a change of Annuity Start Date is received at the Company's Administrative Office.

Once annuity payments have commenced under Annuity Options 1 through 4 and 8, an Annuitant or Owner cannot change the Annuity Option and cannot make partial withdrawals or surrender his or her annuity for the

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Withdrawal Value. An Owner also cannot change the Annuity Option or make partial withdrawals or surrender his or her annuity for the Withdrawal Value if he or she has elected fixed annuity payments under Annuity Option 7.

If an Owner has elected variable annuity payments or a combination of variable and fixed annuity payments under Annuity Option 7, an Owner may elect to withdraw the present value of future annuity payments, commuted at the assumed interest rate, subject to a reduction for any applicable withdrawal charges and any uncollected premium tax. However, the Owner cannot take systematic withdrawals or make withdrawals to pay the fees of an investment adviser. If the Owner elects a partial withdrawal under Annuity Option 7, future variable annuity payments will be reduced as a result of such withdrawal. The Company will make payment in the amount of the partial withdrawal requested and will reduce the amount of future annuity payments by a percentage that is equal to the ratio of (i) the partial withdrawal, plus any applicable withdrawal charges and any uncollected premium tax, over (ii) the present value of future annuity payments, commuted at the assumed interest rate. The number of Annuity Units used in calculating future variable annuity payments is reduced by the applicable percentage. The tax treatment of partial withdrawals taken after the Annuity Start Date is uncertain. Consult a tax advisor before requesting a withdrawal after the Annuity Start Date. The Owner may not make systematic withdrawals under Annuity Option 7. See "Value of Variable Annuity Payments: Assumed Interest Rate" for more information with regard to how the Company calculates variable annuity payments.

An Owner or Annuitant may transfer Contract Value among the Subaccounts during the Annuity Period, as was available during the accumulation phase, if variable annuity payments have been selected.

The Contract specifies annuity tables for the Annuity Options described below. The tables contain the guaranteed minimum dollar amount (per $1,000 applied) of the first annuity payment for a variable annuity and each annuity payment for a fixed annuity.

**Annuity Options —** 

**Option 1 — Life Income.** Periodic annuity payments will be made during the lifetime of the Annuitant. It is possible under this Option for any Annuitant to receive only one annuity payment if the Annuitant's death occurred prior to the due date of the second annuity payment, two if death occurred prior to the due date of the third annuity payment, etc. **There is no minimum number of payments guaranteed under this option. Payments will cease upon the death of the Annuitant regardless of the number of payments received.** 

**Option 2 — Life Income with Guaranteed Payments of 5, 10, 15, 20 or 30 Years.** Periodic annuity payments will be made during the lifetime of the Annuitant with the promise that if, at the death of the Annuitant, payments have been made for less than a stated period, which may be five, ten, fifteen, twenty or thirty years, as elected by the Owner, annuity payments will be continued during the remainder of such period to the Designated Beneficiary. Upon the Annuitant's death after the period certain, no further annuity payments will be made.

**Option 3 — Life with Installment or Unit Refund Option.** Periodic annuity payments will be made during the lifetime of the Annuitant with the promise that, if at the death of the Annuitant, the number of payments that has been made is less than the number determined by dividing the amount applied under this Annuity Option by the amount of the first payment, annuity payments will be continued to the Designated Beneficiary until that number of payments has been made. For example, if the Annuity start amount was $100,000 and the calculated monthly annuity payment was $550, 182 payments ($100,000 / $550) would be guaranteed for the life of the Annuitant. This means if the Annuitant dies before 182 payments have been made, the remaining annuity payments will be continued to the Designated Beneficiary.

**Option 4 —** 

**A. Joint and Last Survivor.** Annuity payments will be made as long as either Annuitant is living. Upon the death of one Annuitant, annuity payments continue to the surviving Annuitant at the same or a reduced level of 75%, 66 2/3% or 50% of annuity payments as elected by the Owner at the time the Annuity Option is selected. With respect to fixed annuity payments, the amount of the annuity payment, and with respect to variable annuity payments, the number of Annuity Units used to determine the annuity payment, is reduced as of the first annuity payment following the Annuitant's death. It is possible under this Option for only one annuity payment to be made if both Annuitants died prior to the second annuity payment due date, two if both died prior to the third annuity payment due date, etc. As in the case of Annuity Option 1, there is no minimum number of payments guaranteed under this Annuity Option 4A. Payments cease upon the death of the last surviving Annuitant, regardless of the number of payments received.

**B. Joint and Last Survivor with Guaranteed Payments of 5, 10, 15, 20 or 30 Years.** You may also select Annuity Option 4 with guaranteed payments. Annuity payments will be made as long as either Annuitant is living. Upon the death of one Annuitant, annuity payments continue to the surviving Annuitant at the same level with the promise that if, at the death of both Annuitants, payments have been made for less than a stated period, which may be five, ten, fifteen, twenty or thirty years, as elected by the Owner, annuity payments will be continued during the

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remainder of such period to the Designated Beneficiary. Upon the last death of the Annuitants after the period certain, no further annuity payments will be made.

**Option 5 — Payments for a Specified Period.** Periodic annuity payments will be made for a fixed period, which may be from 5 to 30 years, as elected by the Owner. The amount of each annuity payment is determined by dividing Contract Value by the number of annuity payments remaining in the period. If, at the death of all Annuitants, payments have been made for less than the selected fixed period, the remaining unpaid payments will be paid to the Designated Beneficiary. The Company will continue to deduct any applicable monthly rider charge and pro rata account administration charge from Contract Value if you elect this option.

**Option 6 — Payments of a Specified Amount.** Periodic annuity payments of the amount elected by the Owner will be made until Contract Value is exhausted, with the guarantee that, if, at the death of all Annuitants, all guaranteed payments have not yet been made, the remaining unpaid payments will be paid to the Designated Beneficiary. The Company will continue to deduct any applicable monthly rider charge and pro rata account administration charge from Contract Value if you elect this option.

**Option 7 — Period Certain.** Periodic annuity payments will be made for a stated period, which may be 5, 10, 15, 20 or 30 years, as elected by the Owner. This option differs from Annuity Option 5 in that Annuity Payments are calculated on the basis of Annuity Units rather than as a percentage of Contract Value. If the Annuitant dies prior to the end of the period, the remaining payments will be made to the Designated Beneficiary.

**Option 8 — Joint and Contingent Survivor Option.** Periodic annuity payments will be made during the life of the primary Annuitant. Upon the death of the primary Annuitant, payments will be made to the contingent Annuitant during his or her life. If the contingent Annuitant is not living upon the death of the primary Annuitant, no payments will be made to the contingent Annuitant. It is possible under this Option for only one annuity payment to be made if both Annuitants died prior to the second annuity payment due date, two if both died prior to the third annuity payment due date, etc. As in the case of Annuity Options 1 and 4A, there is no minimum number of payments guaranteed under this Option. Payments cease upon the death of the last surviving Annuitant, regardless of the number of payments received.

**Value of Variable Annuity Payments: Assumed Interest Rate.** The annuity tables in the Contract which are used to calculate variable annuity payments for the Annuity Options are based on an "assumed interest rate" of 3½%, compounded annually. Variable annuity payments generally increase or decrease from one annuity payment date to the next based upon the performance of the applicable Subaccounts during the interim period adjusted for the assumed interest rate. If the performance of the Subaccount selected is equal to the assumed interest rate, the annuity payments will remain constant. If the performance of the Subaccounts is greater than the assumed interest rate, the annuity payments will increase and if it is less than the assumed interest rate, the annuity payments will decline. A higher assumed interest rate would mean a higher initial annuity payment but the amount of the annuity payment would increase more slowly in a rising market (or the amount of the annuity payment would decline more rapidly in a declining market). A lower assumption would have the opposite effect.

The Company calculates variable annuity payments under Annuity Options 1 through 4, 7 and 8 using Annuity Units. The value of an Annuity Unit for each Subaccount is determined as of each Valuation Date and was initially $1.00. The Annuity Unit value of a Subaccount as of any subsequent Valuation Date is determined by adjusting the Annuity Unit value on the previous Valuation Date for (1) the interim performance of the corresponding Underlying Fund; (2) any dividends or distributions paid by the corresponding Underlying Fund; (3) the mortality and expense risk and administration charges; (4) the charges, if any, that may be assessed by the Company for taxes attributable to the operation of the Subaccount; and (5) the assumed interest rate.

The Company determines the number of Annuity Units used to calculate each variable annuity payment as of the Annuity Start Date. As discussed above, the Contract specifies annuity rates for Annuity Options 1 through 4, 7 and 8 for each $1,000 applied to an Annuity Option. The proceeds under the Contract as of the Annuity Start Date are divided by $1,000 and the result is multiplied by the rate per $1,000 specified in the annuity tables to determine the initial annuity payment for a variable annuity and the guaranteed monthly annuity payment for a fixed annuity.

On the Annuity Start Date, the Company divides the initial variable annuity payment by the value as of that date of the Annuity Unit for the applicable Subaccount to determine the number of Annuity Units to be used in calculating subsequent annuity payments. If variable annuity payments are allocated to more than one Subaccount, the number of Annuity Units will be determined by dividing the portion of the initial variable annuity payment allocated to a Subaccount by the value of that Subaccount's Annuity Unit as of the Annuity Start Date. The initial variable annuity payment is allocated to the Subaccounts in the same proportion as the Contract Value is allocated as of the Annuity Start Date. The number of Annuity Units will remain constant for subsequent annuity payments, unless the Owner transfers Annuity Units among Subaccounts or makes a withdrawal under Annuity Option 7.

Subsequent variable annuity payments are calculated by multiplying the number of Annuity Units allocated to a Subaccount by the value of the Annuity Unit as of the date of the annuity payment. If the annuity payment is

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allocated to more than one Subaccount, the annuity payment is equal to the sum of the payment amount determined for each Subaccount.

**Selection of an Option —** You should carefully review the Annuity Options with your financial or tax adviser. If you have questions about the calculation of the payment amount under a particular Annuity Option, you can contact the Company at 1-800-888-2461. For Contracts used in connection with an IRA, reference should be made to the terms of the particular IRA and the requirements of the Internal Revenue Code for pertinent limitations respecting annuity payments and other matters. For instance, IRAs generally require that distributions begin no later than April 1 of the calendar year following the year in which the Annuitant reaches their "applicable age" as defined in the Code. If the Annuitant attains age 72 after 2022 and age 73 before 2033, their applicable age is 73. If Annuitant attains age 74 after 2032, their applicable age is 75. In addition, under an IRA, not all Annuity Options will satisfy required minimum distribution rules, particularly as those rules apply to your beneficiary after your death. Beginning with Owner deaths occurring on or after January 1, 2020, subject to certain exceptions, most non-spouse beneficiaries must complete distributions within ten years of the Owner's death in order to satisfy required minimum distribution rules. Consult a tax adviser before electing an Annuity Option. The Company does not allow the Annuity Start Date to be deferred beyond the Annuitant's 95th birthday.

**More About the Contract**

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**Ownership —** The Owner is the person named as such in the application or in any later change shown in the Company's records. While living, the Owner alone has the right to receive all benefits and exercise all rights that the Contract grants or the Company allows. The Owner may be an entity that is not a living person such as a trust or corporation referred to herein as "Non-natural Persons." See "Federal Tax Matters."

**Joint Owners.** The Joint Owners will be joint tenants with rights of survivorship and upon the death of an Owner, the surviving Owner shall be the sole Owner. Any Contract transaction requires the signature of all persons named jointly.

**Designation and Change of Beneficiary —** The Designated Beneficiary is the person having the right to the death benefit, if any, payable upon the death of the Owner or Joint Owner prior to the Annuity Start Date. The Designated Beneficiary is the first person on the following list who, if a natural person, is alive on the date of death of the Owner or the Joint Owner: the Owner; the Joint Owner; the Primary Beneficiary; the Secondary Beneficiary; the Annuitant; or if none of the above are alive, the Owner's estate. The Primary Beneficiary is the individual named as such in the application or any later change shown in the Company's records. The Primary Beneficiary will receive the death benefit of the Contract only if he or she is alive on the date of death of both the Owner and any Joint Owner prior to the Annuity Start Date. Because the death benefit of the Contract goes to the first person on the above list who is alive on the date of death of any Owner, careful consideration should be given to the manner in which the Contract is registered, as well as the designation of the Primary Beneficiary. The Owner may change the Primary Beneficiary at any time while the Contract is in force by written request on forms provided by the Company and received by the Company at its Administrative Office. The change will not be binding on the Company until it is received and recorded at its Administrative Office. The change will be effective as of the date this form is signed subject to any payments made or other actions taken by the Company before the change is received and recorded. A Secondary Beneficiary may be designated. The Owner may designate a permanent Beneficiary whose rights under the Contract cannot be changed without his or her consent.

Reference should be made to the terms of a particular Qualified Plan and any applicable law for any restrictions or limitations on the designation of a Beneficiary. Some qualified plans do not allow the designation of any primary beneficiary other than a spouse unless the spouse consents to such designation and the consent is witnessed by a plan representative or a notary public. Not all Annuity Options will satisfy required minimum distribution rules for every Beneficiary.

**Dividends —** The Contract does not share in the surplus earnings of the Company, and no dividends will be paid.

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**Payments from the Separate Account —** The Company generally will pay any full or partial withdrawal (including systematic withdrawals and withdrawals to pay investment advisory fees) or death benefit proceeds from Contract Value allocated to the Subaccounts within seven days after a proper request is received at the Company's Administrative Office. However, the Company can postpone such a payment from the Subaccounts to the extent permitted under applicable law, which is currently permissible only for any period:

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During which the NYSE is closed other than customary weekend and holiday closings,

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During which trading on the NYSE is restricted as determined by the SEC,

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During which an emergency, as determined by the SEC, exists as a result of which (i) disposal of securities held by the Separate Account is not reasonably practicable, or (ii) it is not reasonably practicable to determine the value of the assets of the Separate Account, or

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For such other periods as the SEC may by order permit for the protection of investors.

The Company reserves the right to delay payments of any full or partial withdrawal until all of your Purchase Payment checks have been honored by your bank.

**Proof of Age and Survival —** The Company may require proof of age or survival of any person on whose life annuity payments depend.

**Misstatements —** If you misstate the age or sex of an Annuitant or Owner, the correct amount paid or payable by the Company under the Contract shall be such as the Contract Value would have provided for the correct age or sex (unless unisex rates apply).

**Business Disruption and Cybersecurity Risks —** We rely on technology, including interconnected computer systems and data storage networks and digital communications, to conduct our variable product business activities. Because our variable product business is highly dependent upon the effective operation of our computer systems and those of our service providers and other business partners, our business is vulnerable to disruptions from utility outages, and susceptible to operational and information security risks resulting from information systems failure (e.g., hardware and software malfunctions) and cyber-attacks. Cyber-attacks may be systemic (e.g. affecting the internet, cloud services, or other infrastructure) or targeted (e.g. failures in or breach of our systems or those of third parties on whom we rely, including ransomware and malware attacks).

Cybersecurity risks include, but are not limited to, the loss, theft, misuse, corruption, and destruction of data maintained online or digitally, interference with or denial of service, attacks on our website (or the websites of third parties on whom we rely), disruption of routine business operations, and unauthorized release of confidential customer information. The risk of cyber-attacks may be higher during periods of geopolitical turmoil (such as the recent military conflict between the United States and Iran, and the Russian invasion of Ukraine and the responses by the United States and other governments). Due to the increasing sophistication of cyber-attacks, a cybersecurity breach could occur and persist for an extended period of time without detection.

Systems failures and cybersecurity incidents affecting us, our affiliates, the Underlying Funds, intermediaries, service providers, and other third parties on whom we rely may adversely affect your contract value and interfere with our ability to process contract transactions and calculate contract values. Systems failures and cybersecurity breaches may cause us to be unable to process orders from our website or with the Underlying Funds, cause us to be unable to calculate unit values and/or the Underlying Funds to be unable to calculate share values, cause the release or possible destruction of confidential customer and/or business information, impede order processing or cause other operational issues, subject us and our service providers and intermediaries to regulatory fines, litigation, and financial losses, and/or cause reputational damage. Cybersecurity risks may also impact the issuers of securities in which the Underlying Funds invest, which may cause the Underlying Funds to lose value.

The preventative actions we take to reduce the frequency and severity of cybersecurity incidents and protect our computer systems may be insufficient to prevent a cybersecurity breach from impacting our operations or your contract value. There can be no assurance that we or the Underlying Funds or our service providers and intermediaries will be able to avoid cybersecurity breaches affecting your contract.

In addition, we are also exposed to risks related to natural and man-made disasters including, but not limited to, storms, fires, floods, earthquakes, public health crises, malicious acts, and terrorist acts, which could adversely affect our ability to conduct business. A natural or man-made disaster, including a pandemic (such as COVID-19), could affect the ability of our employees or the employees of our service providers to perform their job responsibilities. They could interfere with our processing of contract transactions, including processing orders from Owners and

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orders with the Underlying Funds, impact our ability to calculate contract value, or have other adverse impacts on our operations. These events may also negatively affect the our service providers and intermediaries, the Underlying Funds and the issuers of securities in which the Underlying Funds invest, which may cause the Underlying Funds to lose value. There can be no assurance that we or the Underlying Funds or our service providers and intermediaries will be able to avoid negative impacts associated with natural and man-made disasters.

**Restrictions on Withdrawals from Qualified Plans —** Section 403(b) imposes restrictions on certain distributions from tax-sheltered annuity contracts meeting the requirements of Section 403(b). Section 403(b) requires that distributions from Section 403(b) tax-sheltered annuities that are attributable to employee contributions made after December 31, 1988 under a salary reduction agreement begin only after the employee (i) reaches age 59½, (ii) has a severance from employment, (iii) dies, (iv) becomes disabled, or (v) incurs a hardship. Furthermore, effective for plan years beginning in 2024, distributions of employee elective deferrals, qualified nonelective contributions, qualified matching contributions, and gains attributable to such contributions may now be made on account of hardship. Under prior provisions, distributions on account of hardship generally were limited to amounts attributable to employee elective deferrals. Hardship, for this purpose, is generally defined as an immediate and heavy financial need, such as paying for medical expenses, purchasing a residence, paying certain tuition expenses, paying for funeral expenses, paying for casualty losses on your principal residence, or paying amounts needed to avoid eviction or foreclosure that may only be met by the distribution.

If you own a Contract purchased as a tax-sheltered Section 403(b) annuity contract, you will not, therefore, be entitled to make a full or partial withdrawal, as described in this Prospectus, in order to receive proceeds from the Contract attributable to contributions under a salary reduction agreement or any gains credited to such Contract after December 31, 1988 unless one of the above-described conditions has been satisfied. In the case of transfers of amounts accumulated in a different Section 403(b) contract to this Contract under a Section 403(b) program, the withdrawal constraints described above would not apply to the amount transferred to the Contract designated as attributable to the Owner's December 31, 1988 account balance under the old contract, provided the amounts transferred between contracts qualified as a rollover under the Internal Revenue Code. An Owner of a Contract may be able to transfer your Contract's Withdrawal Value to certain other investment alternatives meeting the requirements of Section 403(b) that are available under your employer's Section 403(b) arrangement.

Your particular Qualified Plan or 403(b) plan or program may have additional restrictions on distributions that may also be followed for your Contract. The distribution or withdrawal of amounts under a Contract purchased in connection with a Qualified Plan may result in the receipt of taxable income to the Owner or Annuitant and in some instances may also result in a penalty tax. Therefore, you should carefully consider the tax consequences of a distribution or withdrawal under a Contract and you should consult a competent tax adviser. See "Federal Tax Matters."

If your Contract was issued pursuant to a 403(b) plan, we generally are required to confirm, with your 403(b) plan sponsor or otherwise, that surrenders or transfers you request comply with applicable tax requirements and to decline requests that are not in compliance. We will defer such payments you request until all information required under the tax law has been received. By requesting a surrender or transfer, you consent to the sharing of confidential information about you, the contract, and transactions under the contract and any other 403(b) contracts or accounts you have under the 403(b) plan among us, your employer or plan sponsor, any plan administrator or recordkeeper, and other product providers.

**Restrictions under the Texas Optional Retirement Program —** If you are a Participant in the Texas Optional Retirement Program, your Contract is subject to restrictions required under the Texas Government Code. In accordance with those restrictions, you will not be permitted to make withdrawals prior to your retirement, death or termination of employment in a Texas public institution of higher education and may not receive a loan from your Contract.

**Federal Tax Matters**

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**Introduction —** The Contract described in this Prospectus is designed for use by individuals in retirement plans which may or may not be Qualified Plans under the provisions of the Internal Revenue Code ("Code"). The ultimate effect of federal income taxes on the amounts held under a Contract, on annuity payments, and on the economic benefits to the Owner, the Annuitant, and the Beneficiary or other payee will depend upon the type of retirement plan, if any, for which the Contract is purchased, the tax and employment status of the individuals involved and a number of other factors. The discussion contained herein and in the Statement of Additional Information is general in nature and is not intended to be an exhaustive discussion of all questions that might arise in connection with a

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Contract. It is based upon the Company's understanding of the present federal income tax laws as currently interpreted by the Internal Revenue Service ("IRS") as of the date of this Prospectus, and is not intended as tax advice. No representation is made regarding the likelihood of continuation of the present federal income tax laws or of the current interpretations by the IRS or the courts. Future legislation may affect annuity contracts adversely. Moreover, no attempt has been made to consider any applicable state or other laws. Because of the inherent complexity of the tax laws and the fact that tax results will vary according to the particular circumstances of the individual involved and, if applicable, the Qualified Plan, a person should consult with a qualified tax adviser regarding the purchase of a Contract, the selection of an Annuity Option under a Contract, the receipt of annuity payments under a Contract or any other transaction involving a Contract. **The Company does not make any guarantee regarding the tax status of, or tax consequences arising from, any Contract or any transaction involving the Contract.**

**Tax Status of the Company and the Separate Account —** 

**General.** The Company intends to be taxed as a life insurance company under Part I, Subchapter L of the Code. Because the operations of the Separate Account form a part of the Company, the Company will be responsible for any federal income taxes that become payable with respect to the income of the Separate Account and its Subaccounts.

**Charge for the Company's Taxes.** A charge may be made for any federal taxes incurred by the Company that are attributable to the Separate Account, the Subaccounts or to the operations of the Company with respect to the Contract or attributable to payments, premiums, or acquisition costs under the Contract. The Company will review the question of a charge to the Separate Account, the Subaccounts or the Contract for the Company's federal taxes periodically. Charges may become necessary if, among other reasons, the tax treatment of the Company or of income and expenses under the Contract is ultimately determined to be other than what the Company currently believes it to be, if there are changes made in the federal income tax treatment of variable annuities at the insurance company level, or if there is a change in the Company's tax status.

Under current laws, the Company may incur state and local taxes (in addition to premium taxes) in several states. At present, these taxes are not significant. If there is a material change in applicable state or local tax laws, the Company reserves the right to charge the Separate Account or the Subaccounts for such taxes, if any, attributable to the Separate Account or Subaccounts.

**Optional Benefit Riders.** It is possible that the Internal Revenue Service may take the position that fees deducted for certain optional benefit riders are deemed to be taxable distributions to you. In particular, the Internal Revenue Service may treat fees deducted for the optional benefits as taxable withdrawals, which might also be subject to a tax penalty if withdrawn prior to age 59½. Although we do not believe that the fees associated or any optional benefit provided under the Contract should be treated as taxable withdrawals, you should consult your tax advisor prior to selecting any optional benefit under the Contract.

**Withholding.** Annuity distributions are generally subject to withholding for the recipient's federal income tax liability. Recipients can generally elect, however, not to have tax withheld from distributions.

**Owner Control.** In certain circumstances, owners of Non-Qualified variable annuity contracts may be considered the owners, for federal income tax purposes, of the assets of the separate account used to support their contracts. In those circumstances, income and gains from the separate account assets would be includable currently in the variable Contract Owner's gross income. The ownership rights under the Contract are similar to, but different in certain respects from, those described by the IRS in rulings in which it was determined that policy owners were not owners of separate account assets. While the Company does not think that such will be the case, due to the number of the Contract's Underlying Funds, the number of charge-free transfer opportunities between and among the Underlying Funds and the fact that some Underlying Funds may have essentially the same investment strategy, it cannot be ruled out that an Owner of a Contract might be treated as the owner of a pro rata portion of the assets of the Separate Account.

The Company nonetheless reserves the right to modify the Contract, as it deems appropriate, to attempt to prevent an Owner from being considered the owner of a pro rata share of the assets of the Separate Account and its Underlying Funds. Moreover, in the event that regulations are adopted or rulings or other guidance are issued, there can be no assurance that the Separate Account and the Underlying Funds will be able to operate as currently described in the Prospectus (including the possibility that the number of Underlying Funds offered might need to be reduced), or that the Underlying Funds will not have to change their investment objective or investment policies.

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**Income Taxation of Annuities in General—Non-Qualified Contracts —** Section 72 of the Code governs the taxation of annuities. In general, a contract owner is not taxed on increases in value under an annuity contract until some form of distribution is made under the contract. However, the increase in value may be subject to tax currently under certain circumstances. See "Contracts Owned by Non-Natural Persons," "Diversification Standards," and "Owner Control." Withholding of federal income taxes on all distributions may be required unless a recipient who is eligible elects not to have any amounts withheld and properly notifies the Company of that election.

**Withdrawals Prior to the Annuity Start Date.** Code Section 72 provides generally that amounts received upon a total or partial withdrawal (including systematic withdrawals and withdrawals made to pay the fees of an investment adviser) from a Non-Qualified Contract prior to the Annuity Start Date generally will be treated as gross income to the extent that the cash value of the Contract immediately before the withdrawal exceeds the "investment in the contract." The "investment in the contract" is that portion, if any, of Purchase Payments paid under a Contract less any distributions received previously under the Contract that are excluded from the recipient's gross income. The taxable portion is taxed at ordinary income tax rates. For purposes of this rule, a pledge or assignment of a contract is treated as a payment received on account of a partial withdrawal of a Contract.

Amounts distributed from a Contract because of your death or the death of the Annuitant are generally treated as income to the recipient. If distributed in a lump sum, such payments are taxed in the same manner as if the Contract had been surrendered, and if distributed under an Annuity Option, they are taxed in the same manner as annuity payments. For Non-Qualified Contracts, all or a portion of the charges deducted from your Contract Value to pay advisory fees to a financial intermediary may be subject to federal and state income taxes and a 10% federal penalty tax. In a series of recent private letter rulings, the IRS has recognized that investment adviser fees may, in certain circumstances and subject to certain conditions, be deemed a part of a Non-Qualified Contract rather than a taxable distribution. We have received such a private letter ruling from the IRS and intend to tax report in accordance with that ruling. A tax-free partial exchange may become taxable if an advisory fee is paid from your Contract Value within 180 days of the partial exchange. Consult your tax adviser for advice concerning tax-free partial exchanges.

**Surrenders.** Upon a complete surrender, the receipt is taxable to the extent that the cash value of the Contract exceeds the investment in the Contract. The taxable portion of such payments will be taxed as ordinary income.

**Annuity Payments.** For fixed annuity payments, the taxable portion of each payment generally is determined by using a formula known as the "exclusion ratio," which establishes the ratio that the investment in the Contract bears to the total expected amount of annuity payments for the term of the Contract. That ratio is then applied to each payment to determine the non-taxable portion of the payment. The remaining portion of each payment is taxed at ordinary income rates. For variable annuity payments, the taxable portion of each payment is determined by using a formula known as the "excludable amount," which establishes the non-taxable portion of each payment. The non-taxable portion is a fixed dollar amount for each payment, determined by dividing the investment in the Contract by the number of payments to be made. The remainder of each variable annuity payment is taxable. Once the excludable portion of annuity payments to date equals the investment in the Contract, the balance of the annuity payments will be fully taxable.

**Penalty Tax on Certain Surrenders and Withdrawals.** With respect to amounts withdrawn or distributed before the taxpayer reaches age 59½, a penalty tax is imposed equal to 10% of the portion of such amount which is includable in gross income. However, the penalty tax is not applicable to withdrawals: (i) made on or after the death of the owner (or where the owner is not an individual, the death of the "primary annuitant," who is defined as the individual the events in whose life are of primary importance in affecting the timing and amount of the payout under the Contract); (ii) attributable to the taxpayer's becoming totally disabled within the meaning of Code Section 72(m)(7); (iii) which are part of a series of substantially equal periodic payments (not less frequently than annually) made for the life (or life expectancy) of the taxpayer, or the joint lives (or joint life expectancies) of the taxpayer and his or her beneficiary; (iv) from certain qualified plans; (v) under a so-called qualified funding asset (as defined in Code Section 130(d)); (vi) under an immediate annuity contract; or (vii) which are purchased by an employer on termination of certain types of qualified plans and which are held by the employer until the employee separates from service.

If the penalty tax does not apply to a surrender or withdrawal as a result of the application of item (iii) above, and the series of payments are subsequently modified (other than by reason of death or disability), the tax for the first year in which the modification occurs will be increased by an amount (determined by the regulations) equal to the tax that would have been imposed but for item (iii) above, plus interest for the deferral period, if the modification takes place (a) before the close of the period which is five years from the date of the first payment and after the taxpayer attains age 59½, or (b) before the taxpayer reaches age 59½.

**Partial Annuitization.** If part of an annuity contract's value is applied to an annuity option that provides payments for one or more lives and for a period of at least ten years, those payments may be taxed as annuity payments instead of withdrawals. None of the payment options under the Contract is intended to qualify for this

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"partial annuitization" treatment and, if you apply only part of the value of the Contract to a payment option, we will treat those payments as withdrawals for tax purposes.

**Additional Considerations —** 

**Distribution-at-Death Rules.** In order to be treated as an annuity contract, a Non-Qualified contract must provide the following two distribution rules: (a) if any owner dies on or after the Annuity Start Date, and before the entire interest in the Contract has been distributed, the remainder of the owner's interest will be distributed at least as quickly as the method in effect on the owner's death; and (b) if any owner dies before the Annuity Start Date, the entire interest in the Contract must generally be distributed within five years after the date of death, or, if payable to a designated beneficiary, must be annuitized over the life of that designated beneficiary or over a period not extending beyond the life expectancy of that beneficiary, commencing within one year after the date of death of the owner. If the sole designated beneficiary is the spouse of the deceased owner, the contract (together with the deferral of tax on the accrued and future income thereunder) may be continued in the name of the spouse as owner.

The Contract provides that upon your death, a surviving spouse may have certain continuation rights that he or she may elect to exercise for the Contract's death benefit. All Contract provisions relating to spousal continuation are available only to a person who meets the definition of "spouse" under federal law. The U.S. Supreme Court has held that same-sex marriages must be permitted under state law and that marriages recognized under state law will be recognized for federal law purposes. Domestic partnerships and civil unions that are not recognized as legal marriages under state law, however, will not be treated as marriages under federal law. Consult a tax adviser for more information on this subject.

Generally, for purposes of determining when distributions must begin under the foregoing rules, where an owner is not an individual, the primary annuitant is considered the owner. In that case, a change in the primary annuitant will be treated as the death of the owner. Finally, in the case of joint owners, the distribution-at-death rules will be applied by treating the death of the first owner as the one to be taken into account in determining generally when distributions must commence, unless the sole Designated Beneficiary is the deceased owner's spouse.

**Gift of Annuity Contracts.** Generally, gifts of non-tax qualified Contracts prior to the Annuity Start Date will trigger tax on the gain on the Contract, with the donee getting a stepped-up basis for the amount included in the donor's income. The 10% penalty tax and gift tax also may be applicable. This provision does not apply to transfers between spouses or incident to a divorce.

**Contracts Owned by Non Natural Persons.** If the Contract is held by a non-natural person (for example, a corporation) the income on that Contract (generally the increase in net surrender value less the Purchase Payments) is includable in taxable income each year. The rule does not apply where the Contract is acquired by the estate of a decedent, where the Contract is held by certain types of retirement plans, where the Contract is a qualified funding asset for structured settlements, where the Contract is purchased on behalf of an employee upon termination of a qualified plan, and in the case of an immediate annuity. An annuity contract held by a trust or other entity as agent for a natural person is considered held by a natural person.

**Multiple Contract Rule.** For purposes of determining the amount of any distribution under Code Section 72(e) (amounts not received as annuities) that is includable in gross income, all Non-Qualified deferred annuity contracts issued by the same insurer to the same contract owner during any calendar year are to be aggregated and treated as one contract. Thus, any amount received under any such contract prior to the contract's Annuity Start Date, such as a partial surrender, dividend, or loan, will be taxable (and possibly subject to the 10% penalty tax) to the extent of the combined income in all such contracts.

In addition, the Treasury Department has broad regulatory authority in applying this provision to prevent avoidance of the purposes of this rule. It is possible that, under this authority, the Treasury Department may apply this rule to amounts that are paid as annuities (on and after the Annuity Start Date) under annuity contracts issued by the same company to the same owner during any calendar year. In this case, annuity payments could be fully taxable (and possibly subject to the 10% penalty tax) to the extent of the combined income in all such contracts and regardless of whether any amount would otherwise have been excluded from income because of the "exclusion ratio" under the contract.

**Transfers, Assignments or Exchanges of a Contract.** A transfer of ownership of a Contract, the designation of an Annuitant, Payee or other Beneficiary who is not also the Owner, the selection of certain Annuity Start Dates or the exchange of a Contract may result in certain tax consequences to the Owner that are not discussed herein. If contemplating any such transfer, assignment, selection or exchange, the Owner should contact a competent tax adviser with respect to the potential effects of such a transaction.

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**Qualified Contracts —** The Contract may be used with IRAs that meet the requirements of Section 408 or 408A of the Code. If you are purchasing the Contract as an investment vehicle for an IRA, you should consider that the Contract does not provide any additional tax advantage beyond that already available through the IRA. However, the Contract does offer features and benefits in addition to providing tax deferral that other investments may not offer, including death benefit protection for your beneficiaries and annuity options which guarantee income for life. You should consult with your financial professional as to whether the overall benefits and costs of the Contract are appropriate considering your circumstances.

The amounts that may be contributed to IRAs are subject to limitations that vary depending on the circumstances. In addition, early distributions from IRAs may be subject to penalty taxes. Furthermore, distributions from IRAs are subject to certain minimum distribution rules. Failure to comply with these rules could subject the Owner or Beneficiary to penalty taxes. As a result, the minimum distribution rules may limit the availability of certain Annuity Options to certain Annuitants and their Beneficiaries. Please note that for Owners who die on or after January 1, 2020, most non-spouse Beneficiaries will no longer be able to satisfy these rules by "stretching" payouts over their lifetimes. Instead, those Beneficiaries will have to take their post-death distributions within ten years. Certain exceptions apply to "eligible designated beneficiaries," which include disabled and chronically ill individuals, individuals who are not more than ten years younger than the deceased individual, and children who have not reached the age of majority. Owners and Beneficiaries should consult a tax adviser if they may be affected by these changes. These requirements may not be incorporated into the Company's Contract administration procedures. Owners and beneficiaries are responsible for determining that contributions, distributions and other transactions with respect to the Contracts comply with applicable law.

The following are brief descriptions of the various types of IRAs and the use of the Contract therewith:

**Section 408. <u>Traditional Individual Retirement Annuities.</u>** Section 408 of the Code permits eligible individuals to establish individual retirement programs through the purchase of Individual Retirement Annuities ("traditional IRAs"). The Contract may be purchased as an IRA. The IRAs described in this section are called "traditional IRAs" to distinguish them from "Roth IRAs," which are described below.

IRAs are subject to limitations on the amount that may be contributed, the persons who may be eligible and on the time distributions must commence. Depending upon the circumstances of the individual, contributions to a traditional IRA may be made on a deductible or non-deductible basis. IRAs may not be transferred, sold, assigned, discounted or pledged as collateral for a loan or other obligation. The annual premium for an IRA may not be fixed and may not exceed (except in the case of a rollover contribution) the lesser of (i) $7,500 or $8,600 for owners age 50 or older (for 2026) or (ii) 100% of the individual's taxable compensation (for 2026).

Any refund of premium must be applied to the payment of future premiums or the purchase of additional benefits. If an individual is age 50 or over, the individual may make an additional catch-up contribution to a traditional IRA of $1,100 in 2026 (indexed for inflation in future tax years). However, if the individual is covered by an employer-sponsored retirement plan, the amount of IRA contributions the individual may deduct in a year may be reduced or eliminated based on the individual's adjusted gross income for the year ($129,000 to $149,000 for a married couple filing a joint return and $81,000 to $91,000 for a single taxpayer in 2026). If the individual's spouse is covered by an employer-sponsored retirement plan but the individual is not, the individual may be able to deduct those contributions to a traditional IRA; however, the deduction will be reduced or eliminated if the adjusted gross income on a joint return is between $242,000 to $252,000 (for 2026). Non-deductible contributions to traditional IRAs must be reported to the IRS in the year made on Form 8606.

Sale of the Contract for use with IRAs may be subject to special requirements imposed by the Internal Revenue Service. Purchasers of the Contract for such purposes will be provided with such supplementary information as may be required by the Internal Revenue Service or other appropriate agency and will have the right to revoke the Contract under certain circumstances. See the IRA Disclosure Statement that accompanies this Prospectus.

In general, traditional IRAs are subject to minimum distribution requirements. Amounts in a traditional IRA must generally be distributed or begin to be distributed on the date that the contract owner reaches their applicable age (as defined above), regardless of the contract owner's retirement date. Periodic distributions must not extend beyond the life of the individual or the lives of the individual and a designated beneficiary (or over a period extending beyond the life expectancy of the individual or the joint life expectancy of the individual and a designated beneficiary). Not all Annuity Options will satisfy minimum distribution rules for every designated beneficiary. Distributions from IRAs are generally taxed under Code Section 72. Under these rules, a portion of each distribution may be excludable from income. The amount excludable from the individual's income is the amount of the distribution that bears the same ratio as the individual's nondeductible contributions bears to the expected return under the IRA.

Distributions from a traditional IRA may be eligible for a tax-free rollover to any kind of eligible retirement plan, including another traditional IRA. In certain cases, a distribution of non-deductible contributions or other after-tax amounts from a traditional IRA may be eligible to be rolled over to another traditional IRA. See "Rollovers."

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The IRS has not reviewed the Contract for qualification as an IRA, and has not addressed in a ruling of general applicability whether a death benefit provision such as the provision in the Contract comports with IRA qualification requirements.

**Section 408A. <u>Roth IRAs</u>.** Section 408A of the Code permits eligible individuals to establish a Roth IRA. The Contract may be purchased as a Roth IRA. Regular contributions may be made to a Roth IRA up to the same contribution limits that apply to traditional IRA contributions. The regular contribution limits are phased out for taxpayers with $153,000 to $168,000 in adjusted gross income for 2026 ($242,000 to $252,000 for married filing joint returns). Also the taxable balance in a traditional IRA may be rolled over or converted into a Roth IRA. Distributions from Roth 403(b) plans can be rolled over to a Roth IRA regardless of income.

Regular contributions to a Roth IRA are not deductible, and rollovers and conversions from other retirement plans are taxable when completed, but withdrawals that meet certain requirements are not subject to federal income tax on either the original contributions or any earnings. However, once aggregate distributions exceed contributions to the Roth IRA, income tax and a 10% penalty tax may apply to distributions made (1) before 59½ (subject to certain exceptions) or (2) during the five taxable years starting with the year in which the first contribution is made to any Roth IRA. A 10% penalty tax may apply to amounts attributable to a conversion from an IRA if they are distributed during the five taxable years beginning with the year in which the conversion was made. Rollovers of Roth contributions were already taxed when made and are not generally subject to tax when rolled over to a Roth IRA. Sale of the Contract for use with Roth IRAs may be subject to special requirements imposed by the Internal Revenue Service. Purchasers of the Contract for such purposes will be provided with such supplementary information as may be required by the Internal Revenue Service or other appropriate agency, and will have the right to revoke the Contract under certain requirements. Unlike a traditional IRA, Roth IRAs are not subject to minimum required distribution rules during the Contract Owner's lifetime. Generally, however, the amount remaining in a Roth IRA after the Contract Owner's death must begin to be distributed by the end of the first calendar year after death, and made in amounts that satisfy IRS required minimum distribution regulations. Beginning with deaths occurring on or after January 1, 2020, subject to certain exceptions, most non-spouse beneficiaries must complete distributions within ten years of the Owner's death.

**Rollovers.** A "rollover" is the tax-free transfer of a distribution from one "eligible retirement plan" to another. Distributions which are rolled over are not included in the employee's gross income until some future time.

If any portion of the balance to the credit of an employee in a Section 403(b) or other eligible retirement plan (other than Roth sources) is paid in an "eligible rollover distribution" and the payee transfers any portion of the amount received to an "eligible retirement plan," then the amount so transferred is not includable in income. Also, pre-tax distributions from an IRA may be rolled over to another kind of eligible retirement plan. An "eligible rollover distribution" generally means any distribution that is not one of a series of periodic payments made for the life of the distributee or for a specified period of at least ten years. In addition, a required minimum distribution, death distributions (except to a surviving spouse) and certain corrective distributions, will not qualify as an eligible rollover distribution. A rollover must be made directly between plans or indirectly within 60 days after receipt of the distribution.

For an employee (or employee's spouse or former spouse as beneficiary or alternate payee), an "eligible retirement plan" will be another Section 403(b) plan, a qualified retirement plan, or a traditional individual retirement account or annuity described in Code Section 408. For a non-spouse beneficiary, an "eligible retirement plan" is an IRA established by the direct rollover. For a Roth 403(b) account, a rollover, including a direct rollover, can only be made to a Roth IRA or to the same kind of account in another plan (such as a Roth 403(b) to a Roth 403(b), but not a Roth 403(b) to a Roth 401(k)) or to a Roth IRA. Anyone attempting to rollover Roth 403(b) contributions should seek competent tax advice. Additionally, a rollover for a Roth IRA can only be made to another Roth IRA.

A Section 403(b) plan must provide a participant receiving an eligible rollover distribution, the option to have the distribution transferred directly to another eligible retirement plan.

Only one indirect rollover may be made from an IRA, including traditional IRAs, Roth IRAs, SIMPLE-IRAs and SEP-IRAs, to another IRA in a 12-month period. The 12-month period begins on the date the IRA distribution is received. If a second indirect rollover is made during the 12-month period, the transaction may have adverse tax consequences. This rollover limitation does not apply to direct rollovers or a rollover between a retirement plan and an IRA.

**Tax Penalties. <u>Premature Distribution Tax.</u>** Distributions from a 403(b) plan or IRA before the participant reaches age 59½ are generally subject to an additional tax equal to 10% of the taxable portion of the distribution. The 10% penalty tax does not apply to distributions: (i) made on or after the death of the employee; (ii) attributable to the employee's disability; (iii) which are part of a series of substantially equal periodic payments made (at least annually) for the life (or life expectancy) of the employee or the joint lives (or joint life expectancies) of the employee and a designated beneficiary and (except for IRAs) which begin after the employee terminates employment; (iv)

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made to an employee after termination of employment after reaching age 55; (v) made to pay for certain medical expenses; (vi) that are exempt withdrawals of an excess contribution; (vii) that are rolled over or transferred in accordance with Code requirements; (viii) made as a qualified reservist distribution; (ix) that are transferred pursuant to a decree of divorce or separate maintenance or written instrument incident to such a decree; (x) made in connection with the birth or adoption of a child, in limited circumstances; or (xi) made to terminally ill employees.

The exception to the 10% penalty tax described in item (iv) above is not applicable to IRAs. However, distributions from an IRA to unemployed individuals can be made without application of the 10% penalty tax to pay health insurance premiums in certain cases. There are two additional exceptions to the 10% penalty tax on withdrawals from IRAs before age 59½: withdrawals made to pay "qualified" higher education expenses and withdrawals made to pay certain "eligible first-time home buyer expenses." There may be additional exceptions to the 10% penalty tax (e.g., certain disaster relief distributions).

**<u>Minimum Distribution Tax.</u>** If the amount distributed from a Qualified Contract is less than the minimum required distribution for the year, the Participant is subject to a 25% tax on the amount that was not properly distributed, which is reduced to 10% if corrected within a two year correction period. The value of any enhanced death benefits or other optional Contract provisions may need to be taken into account when calculating the minimum required distribution. Consult a tax advisor.

**Withholding.** Periodic distributions (e.g., annuities and installment payments) from a Qualified Contract that will last for a period of ten or more years are generally subject to voluntary income tax withholding. The amount withheld on such periodic distributions is determined at the rate applicable to wages. The recipient of a periodic distribution may generally elect not to have withholding apply.

Eligible rollover distributions from a Qualified Plan (other than IRAs) are generally subject to mandatory 20% income tax withholding. However, no withholding is imposed if the distribution is transferred directly to another eligible retirement plan. Nonperiodic distributions from an IRA are subject to income tax withholding at a flat 10% rate. The recipient of such a distribution may elect not to have withholding apply.

The above description of the federal income tax consequences of the different types of Qualified Plans which may be funded by the Contract offered by this Prospectus is only a brief summary and is not intended as tax advice. The rules governing the provisions of Qualified Plans are extremely complex and often difficult to comprehend. Anything less than full compliance with the applicable rules, all of which are subject to change, may have adverse tax consequences. A prospective Owner considering adoption of a Qualified Plan and purchase of a Contract in connection therewith should first consult a qualified and competent tax adviser, with regard to the suitability of the Contract as an investment vehicle for the Qualified Plan.

**Other Tax Considerations —** 

**Federal Estate, Gift, and Generation-Skipping Transfer Taxes.** While no attempt is being made to discuss in detail the Federal estate tax implications of the Contract, a purchaser should keep in mind that the value of an annuity contract owned by a decedent and payable to a beneficiary by virtue of surviving the decedent is included in the decedent's gross estate. Depending on the terms of the annuity contract, the value of the annuity included in the gross estate may be the value of the lump sum payment payable to the designated beneficiary or the actuarial value of the payments to be received by the beneficiary. Consult an estate planning advisor for more information.

Under certain circumstances, the Code may impose a "generation skipping transfer tax" ("GST") when all or part of an annuity contract is transferred to, or a death benefit is paid to, an individual two or more generations younger than the Owner. Regulations issued under the Code may require the Company to deduct the tax from your Contract, or from any applicable payment, and pay it directly to the IRS.

The potential application of these taxes underscores the importance of seeking guidance from a qualified adviser to help ensure that your estate plan adequately addresses your needs and those of your beneficiaries under all possible scenarios.

**Annuity Purchases by Nonresident Aliens and Foreign Corporations.** The discussion above provides general information regarding U.S. federal income tax consequences to annuity purchasers that are U.S. citizens or residents. Purchasers that are not U.S. citizens or residents will generally be subject to U.S. federal withholding tax on taxable distributions from annuity contracts at a 30% rate, unless a lower treaty rate applies. In addition, such purchasers may be subject to state and/or municipal taxes and taxes that may be imposed by the purchaser's country of citizenship or residence. Additional withholding may occur with respect to entity purchasers (including foreign corporations, partnerships, and trusts) that are not U.S. residents. Prospective purchasers are advised to consult with a qualified tax adviser regarding U.S. state, and foreign taxation with respect to an annuity contract purchase.

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**Foreign Tax Credits.** We may benefit from any foreign tax credits attributable to taxes paid by certain Funds to foreign jurisdictions to the extent permitted under Federal tax law.

**Medicare Tax.** Distributions from non-qualified annuity contracts are considered "investment income" for purposes of the Medicare tax on investment income. Thus, in certain circumstances, a 3.8% tax may be applied to some or all of the taxable portion of distributions (e.g. earnings) to individuals whose income exceeds certain threshold amounts. Please consult a tax advisor for more information.

**Possible Tax Changes.** From time to time, legislation has been proposed that would have adversely modified the federal taxation of certain annuities. There is always the possibility that the tax treatment of annuities could change by legislation or other means (such as IRS regulations, revenue rulings, and judicial decisions). Moreover, although unlikely, it is also possible that any legislative change could be retroactive (that is, effective prior to the date of such change). Consult a tax adviser with respect to legislative developments and their effect on the Contract. We have the right to modify the Contract in response to legislative changes that could otherwise diminish the favorable tax treatment that Owners currently receive. We make no guarantee regarding the tax status of any Contract and do not intend the above discussion to be considered tax advice.

**Annuity Purchases by Residents of Puerto Rico.** The Internal Revenue Service has announced that income received by residents of Puerto Rico under life insurance or annuity contracts issued by a Puerto Rico branch of a United States life insurance company is U.S.-source income that is generally subject to United States federal income tax.

**Other Information**

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**Voting of Underlying Fund Shares —** The Company is the legal owner of the shares of the Underlying Funds held by the Subaccounts. The Company will exercise voting rights attributable to the shares of each Underlying Fund held in the Subaccounts at any regular and special meetings of the shareholders of the Underlying Funds on matters requiring shareholder voting. In accordance with its view of presently applicable law, the Company will exercise its voting rights based on instructions received from persons having beneficial interest in corresponding Subaccounts. However, if the 1940 Act or any regulations thereunder should be amended, or if the present interpretation thereof should change, and as a result the Company determines that it is permitted to vote the shares of the Underlying Funds in its own right, it may elect to do so.

The person having the voting interest under a Contract is the Owner. Unless otherwise required by applicable law, the number of shares of a particular Underlying Fund as to which voting instructions may be given to the Company is determined by dividing your Contract Value in the corresponding Subaccount on a particular date by the net asset value per share of the Underlying Fund as of the same date. Fractional votes will be counted. The number of votes as to which voting instructions may be given will be determined as of the same date established by the Underlying Fund for determining shareholders eligible to vote at the meeting of the Underlying Fund. If required by the SEC, the Company reserves the right to determine in a different fashion the voting rights attributable to the shares of the Underlying Funds. Voting instructions may be cast in person or by proxy.

It is important that each Owner provide voting instructions to the Company because we vote all Underlying Fund shares proportionately in accordance with instructions received from Owners. This means that the Company will vote shares for which no timely voting instructions are received in the same proportion as those shares for which we do receive voting instructions. As a result, a small number of Owners may control the outcome of a vote. The Company will also exercise the voting rights from assets in each Subaccount that are not otherwise attributable to Owners, if any, in the same proportion as the voting instructions that are received in a timely manner for all Contracts participating in that Subaccount.

**Changes to Investments —** The Company reserves the right, subject to compliance with the law as then in effect, to make additions to, deletions from, or combinations of the securities that are held by the Separate Account or any Subaccount or that the Separate Account or any Subaccount may purchase. In addition, the Company reserves the right to substitute shares of any or all of the Underlying Funds in accordance with applicable law. In all cases, the Company will send you notice. For instance, the Company may seek to substitute shares of Underlying Funds should they no longer be available for investment, or if the Company's management believes further investment in shares of any Underlying Fund should become inappropriate in view of the purposes of the Contract. The Company may substitute shares of an Underlying Fund with the shares of another Underlying Fund or the shares of a fund not currently offered under the Contract. Substituted fund shares may have higher fees and expenses. The Company may also purchase, through the Subaccount, other securities for other classes of contracts, or permit a conversion between classes of contracts on the basis of requests made by Owners. The Company further reserves the right to close any Subaccount to future allocations.

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The Company also reserves the right to establish additional Subaccounts of the Separate Account that would invest in a new Underlying Fund or in shares of another investment company, a series thereof, or other suitable investment vehicle. The Company may establish new Subaccounts in its sole discretion, and will determine whether to make any new Subaccount available to existing Owners. The Company may also eliminate or combine one or more Subaccounts to all or only certain classes of Owners if, in its sole discretion, marketing, tax, or investment conditions so warrant.

Subject to compliance with applicable law, the Company may transfer assets to the General Account. The Company also reserves the right, subject to any required regulatory approvals, to transfer assets of the Separate Account or any Subaccount to another separate account or Subaccount.

In the event of any such substitution or change, the Company may, by appropriate endorsement, make such changes in these and other contracts as may be necessary or appropriate to reflect such substitution or change. If the Company believes it to be in the best interests of persons having voting rights under the Contract, the Separate Account may be operated as a management investment company under the 1940 Act or any other form permitted by law. The Separate Account may be deregistered under the 1940 Act in the event such registration is no longer required, or it may be combined with other separate accounts of the Company or an affiliate thereof. Subject to compliance with applicable law, the Company also may establish a committee, board, or other group to manage one or more aspects of the operation of the Separate Account.

**Changes to Comply with Law and Amendments —** The Company reserves the right, without the consent of Owners, to suspend sales of the Contract as presently offered and to make any change to the provisions of the Contract to comply with, or give Owners the benefit of, any federal or state statute, rule, or regulation, including but not limited to requirements for annuity contracts and retirement plans under the Internal Revenue Code and regulations thereunder or any state statute or regulation.

**Reports to Owners —** The Company will send you annually a statement setting forth a summary of the transactions that occurred during the year, and indicating the Contract Value as of the end of each year. In addition, the statement will indicate the allocation of Contract Value among the Subaccounts and any other information required by law. The Company will also send confirmations upon Purchase Payments, transfers, and full and partial withdrawals. The Company may confirm certain transactions on a quarterly basis rather than at the time they occur. These transactions include purchases under an Automatic Investment Program, transfers under the Dollar Cost Averaging and Asset Reallocation Options, systematic withdrawals and annuity payments.

You will also receive an annual and semiannual shareholder report for those Underlying Funds corresponding to the Subaccounts to which you have allocated your Contract Value. The shareholder reports contain information required by federal securities laws and will also be available online at <u>https://vpx.broadridge.com/GetContract1.asp?doctype=pros&cid=sblife&fid=NRVA30032</u>.

**Electronic Privileges — If the Electronic Privileges section of the application or the proper form has been completed, signed, and received at the Company's Administrative Office**, you may (1) request a transfer of Contract Value and make changes in your Purchase Payment allocation and to an existing Dollar Cost Averaging or Asset Reallocation Option by telephone; (2) request a transfer of Contract Value electronically via facsimile; and (3) request a transfer of Contract Value through the Company's website. If you elect Electronic Privileges, you automatically authorize your financial representative to make transfers of Contract Value and changes in your Purchase Payment allocation or Dollar Cost Averaging or Asset Reallocation Option, on your behalf.

Any telephone or electronic device, whether it is the Company's, yours, your service provider's, or your registered representative's, can experience outages or slowdowns for a variety of reasons. These outages or slowdowns may delay or prevent the Company's processing of your transfer request. Although we have taken precautions to limit these problems, we cannot promise complete reliability under all circumstances. If you are experiencing problems, you should make your transfer request by writing to our Administrative Office.

The Company has established procedures to confirm that instructions communicated by telephone are genuine and will not be liable for any losses due to fraudulent or unauthorized instructions, provided it complies with its procedures. The Company's procedures require that any person requesting a transfer by telephone provide the account number and the Owner's tax identification number and such instructions must be received on a recorded line. The Company reserves the right to deny any telephone transfer request. If all telephone lines are busy (which might occur, for example, during periods of substantial market fluctuations) or are otherwise unavailable, you may not be able to request transfers by telephone and would have to submit written requests.

By authorizing telephone transfers, you authorize the Company to accept and act upon telephonic instructions for transfers involving your Contract. There are risks associated with telephone transactions that do not occur if a written

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request is submitted. Anyone authorizing or making telephone requests bears those risks. You agree that neither the Company nor any of its affiliates nor any Underlying Fund, will be liable for any loss, damages, cost, or expense (including attorneys' fees) arising out of any telephone requests, provided that the Company effects such request in accordance with its procedures. As a result of this policy on telephone requests, you bear the risk of loss arising from the telephone transfer privilege. The Company may discontinue, modify, or suspend the telephone transfer privilege at any time.

**State Variations —** This Prospectus and the Statement of Additional Information describe all material terms and features of the Contract, including any material state variations. If you would like to review a copy of your Contract and its endorsements and riders, if any, contact the Company's Administrative Office.

**Legal Proceedings —** The Company and its subsidiaries, like other life insurance companies, may be involved in lawsuits, including class action lawsuits. In some class action and other lawsuits involving insurers, substantial damages have been sought and/or material settlement payments have been made. Although the outcome of any litigation cannot be predicted with certainty, the Company believes that at the present time there are no legal proceedings pending or threatened to which the Company, the Separate Account, or SDL is a party that are reasonably likely to materially affect the Separate Account or the Company's ability to meet its obligations under the Contract, or SDL's ability to perform its contract with the Separate Account.

**Legal Matters —** Alison Pollock, Esq., Assistant General Counsel of the Company, has passed upon legal matters in connection with the issue and sale of the Contract described in this Prospectus, the Company's authority to issue the Contract under Kansas law, and the validity of the forms of the Contract under Kansas law.

**Sale of the Contract —** The Company currently offers the Contract on a continuous basis. The Company anticipates continuing to offer the Contract but reserves the right to discontinue the offering.

**Principal Underwriter.** The Company has entered into a principal underwriting agreement with its subsidiary, SDL, for the distribution and sale of the Contract. SDL's home office is located at One Security Benefit Place, Topeka, Kansas 66636-0001. SDL, a wholly-owned subsidiary of the Company, is registered as a broker-dealer with the SEC under the Securities Exchange Act of 1934, as amended, and is a member of FINRA.

SDL does not sell the Contract directly to purchasers. The Contract is offered to the public through SDL's registered representatives, as well as through registered representatives of broker-dealers that have entered into selling agreements with the Company and SDL for the sale of the Contract (collectively, "Selling Broker-Dealers"). Registered representatives of SDL and of Selling Broker-Dealers must be licensed as insurance agents by applicable state insurance authorities and appointed as agents of the Company in order to sell the Contract. The Company pays commissions directly to SDL, as well as to Selling Broker-Dealers through SDL in connection with sales of the Contract. During fiscal years 2025, 2024, and 2023, the amounts paid to SDL in connection with all contracts sold through the Separate Account were $534,142, $630,280, and $813,931, respectively. SDL passes through commissions it receives either to the SDL registered representatives involved in the sales process or to the Selling Broker-Dealers for their sales of the Contract, as applicable. SDL does not retain any portion of commissions it receives as principal underwriter for the Contract. However, the Company (or an affiliate) pays some or all of SDL's operating and other expenses, including the following sales expenses: compensation and bonuses for SDL's management team, compensation and benefits for SDL's registered representatives, advertising expenses, and other expenses of distributing the Contract. The Company does not pay commissions to financial intermediaries who receive advisory fees from Contract owners because such intermediaries receive compensation in connection with the Contract in the form of those advisory fees.

**Selling Broker-Dealers.** The Company pays commissions to SDL and to Selling Broker-Dealers in connection with the promotion and sale of the Contract according to one or more schedules. A portion of any payments made to Selling Broker-Dealers may be passed on to their registered representatives in accordance with their internal compensation programs. Commissions and other incentives or payments described below are not charged directly to Owners or the Separate Account. The Company uses its corporate assets to pay commissions and other costs of distributing the Contract. Commissions and other incentives or payments described below are not charged directly to Owners of the Separate Account. The Company intends to recoup commissions and other sales expenses through fees and charges deducted under the Contract (including any profit from the mortality and expense risk charge or other fees and charges imposed under the Contract) or from its General Account.

**Compensation Paid to SDL Registered Representatives.** Registered representatives of SDL may assist potential Owners in purchasing a Contract, for example, by assisting with the Contract application. In addition to a base salary and customary employee benefits, these registered representatives may receive up to 0.60% of the

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Purchase Payments applied to a Contract sold in the region covered by the applicable registered representative. They also may be eligible for periodic bonus payments. SDL registered representatives may also receive non-cash compensation from the Company, including conferences, seminars and trips (including travel, lodging and meals in connection therewith), and entertainment, merchandise and other similar items.

**Compensation Paid to All Selling Broker-Dealers.** The Company pays compensation as a percentage of initial and subsequent Purchase Payments at the time it receives them, as a percentage of Contract Value on an ongoing basis, or a combination of both. While the amount and timing of compensation may vary depending on the selling agreement, the Company does not expect compensation to exceed 0.75% annually of aggregate Purchase Payments (if compensation is paid as a percentage of Purchase Payments) and/or 0.05% annually of average Contract Value (if compensation is paid as a percentage of Contract Value). The Company also pays non-cash compensation in connection with the sale of the Contract, including conferences, seminars and trips (including travel, lodging and meals in connection therewith), entertainment, merchandise and other similar items, in compliance with applicable regulatory requirements.

The registered representative who sells you the Contract typically receives a portion of the compensation the Company pays to his or her Selling Broker-Dealer, depending on the agreement between the Selling Broker-Dealer and your registered representative and the Selling Broker-Dealer's internal compensation program. These programs may include other types of cash and non-cash compensation and other benefits. **Ask your registered representative for further information about what he or she and the Selling Broker-Dealer for whom he or she works receive in connection with your purchase of a Contract.**

**Additional Compensation Paid to Selected Selling Broker-Dealers.** In addition to the commissions and non-cash compensation described above, the Company pays additional compensation to selected Selling Broker-Dealers. These payments include: (1) trail commissions or persistency payments, which are periodic payments based on contract values of the Company's variable insurance contracts (including Contract Values of the Contract) or other persistency standards; (2) preferred status fees (which may be in the form of a higher percentage of ordinary commission) paid to obtain preferred treatment of the Contract in Selling Broker-Dealers' marketing programs, including enhanced marketing services and increased access to their registered representatives; (3) one-time bonus payments for their participation in sales promotions with regard to the Contract; (4) periodic bonus payments calculated as a percentage of the average contract value of the Company's variable insurance contracts (including the Contract) sold by the Selling Broker-Dealer during the calendar year of payment; (5) sponsorship of or reimbursement of industry conference fees paid to help defray the costs of sales conferences and educational seminars put on by the Selling Broker-Dealers; and (6) reimbursement of Selling Broker-Dealers for expenses incurred by the Selling Broker-Dealer or its registered representatives in connection with client seminars or similar prospecting activities conducted to promote sales of the Contract.

The following list sets forth the names of the top ten Selling Broker-Dealers that received additional compensation from the Company in 2025 in connection with the sale of its variable annuity contracts: ACA/Prudent Investors Planning Corporation; GWN Securities, Inc.; Innovation Partners, LLC; Johnstone Brokerage Services LLC; The Leaders Group, Inc.; Lincoln Investment Planning, LLC; LPL Financial, LLC; OFG Financial Services, Inc.; Osaic Wealth, Inc.; and PlanMember Securities Corporation.

These additional compensation arrangements are not offered to all Selling Broker-Dealers and the terms of such arrangements and the payments made thereunder can differ substantially among Selling Broker-Dealers. The payments may be significant and may be calculated in different ways for different Selling Broker-Dealers. These arrangements are designed to specially encourage the sale of the Company's products (and/or its affiliates' products) by such Selling Broker-Dealers. The prospect of receiving, or the receipt of, additional compensation may provide Selling Broker-Dealers and/or their registered representatives with an incentive to favor sales of the Contract over other variable annuity contracts (or other investments) with respect to which a Selling Broker-Dealer does not receive additional compensation or receives lower levels of additional compensation. You may wish to take such payment arrangements into account when considering and evaluating any recommendation relating to the Contract. **Ask your registered representative for further information about what he or she and the Selling Broker-Dealer for whom he or she works may receive in connection with your purchase of a Contract.**

**Additional Information**

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**Registration Statement —** A Registration Statement of which this Prospectus is a part has been filed with the SEC relating to the offering described in this Prospectus. This Prospectus does not include all the information included in the Registration Statement, certain portions of which, including the Statement of Additional Information, have been omitted pursuant to the rules and regulations of the SEC. The omitted information may be obtained at the SEC's principal office in Washington, DC, upon payment of any of the SEC's prescribed fees, and may also be

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obtained for free from the SEC's web site (<u>https://www.sec.gov</u>). You may also obtain the Statement of Additional Information by writing the Company at One Security Benefit Place, Topeka, Kansas 66636-0001 or by calling 1-800-888-2461. The Statement of Additional Information is also available online at <u>https://vpx.broadridge.com/GetContract1.asp?doctype=pros&cid=sblife&fid=NRVA30032</u>.

**Financial Statements —** You can find financial statements for Security Benefit Life Insurance Company and Subsidiaries and the Separate Account in the Statement of Additional Information, which is available online at <u>https://vpx.broadridge.com/GetContract1.asp?doctype=pros&cid=sblife&fid=NRVA30032</u>. To receive a copy of the Statement of Additional Information free of charge, call your investment professional or contact us at 1-800-888-2461.

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APPENDIX A

**Investment Options Available Under the Contract**

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**Underlying Funds —** The following is a list of Underlying Funds available under the Contract. More information about the Underlying Funds is available in the prospectuses for the Underlying Funds, which may be amended or updated from time to time, and can be found online at https://vpx.broadridge.com/GetContract1.asp?doctype=pros&cid=sblife&fid=NRVA30032. You can view, download, and print copies of Underlying Fund documents at this website. You can also request this information at no cost by calling 1-800-888-2461 or by sending an email request to SBLProspectusRequests@securitybenefit.com.

The current expenses and performance information below reflect the fees and expenses of the Underlying Funds, but do not reflect the other fees and expenses that your Contract may charge. Expenses would be higher and performance would be lower if these other charges were included. Each Underlying Fund's past performance is not necessarily an indication of future performance. Updated performance information is available online at https://www.securitybenefit.com/performance.

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| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup>  | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** |
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup>  | **1 Year** | **5 Year** | **10 Year** |
| Mid Cap Value | AB Discovery Value – Class B<br> *Adviser:* AllianceBernstein L.P.<br>| 1.07% | 2.64% | 8.48% | 8.27% |
| Large Cap <br> Value<br>| AB Relative Value – Class B<br> *Adviser:* AllianceBernstein L.P.<br>| 0.85% | 10.20% | 11.15% | 10.30% |
| Global Equity | AB Sustainable Global Thematic – Class B<br> *Adviser:* AllianceBernstein L.P.<br>| 1.25% | 6.02% | 3.02% | 9.80% |
| Global <br> Allocation<br>| AB VPS Dynamic Asset Allocation – Class B<br> *Adviser:* AllianceBernstein L.P.<br>| 1.20% | 13.21% | 4.74% | 5.25% |
| Global Equity | AFIS Capital World Growth and Income – Class 4<br> *Adviser:* Capital Research and Management Company<br>| 1.01% | 24.46% | 10.01% | 10.74% |
| Government <br> Bond<br>| AFIS U.S. Government Securities – Class 4<br> *Adviser:* Capital Research and Management Company<br>| 0.84% | 7.54% | -0.49% | 1.45% |
| Large Cap <br> Blend<br>| AFIS Washington Mutual Investors – Class 4<br> *Adviser:* Capital Research and Management Company<br>| 0.90% | 16.90% | 13.60% | 12.08% |
| Large Cap <br> Growth<br>| Alger Capital Appreciation – Class S<sup>2</sup> <br>*Adviser:* Fred Alger Management, LLC<br>| 1.19% | 32.51% | 16.04% | 17.86% |
| Large Cap <br> Growth<br>| Alger Large Cap Growth – Class I-2<br> *Adviser:* Fred Alger Management, LLC<br>| 0.89% | 30.27% | 11.12% | 16.73% |
| Mid Cap Blend | Allspring Opportunity VT – Class 2<br> *Adviser:* Allspring Funds Management, LLC<br> *Sub-Adviser:* Allspring Global Investments, LLC<br>| 1.08% | 6.71% | 8.94% | 11.85% |
| Large Cap <br> Growth<br>| Allspring VT Discovery All Cap Growth – Class 2<br> *Adviser:* Allspring Funds Management, LLC<br> *Sub-Adviser:* Allspring Global Investments, LLC<br>| 1.04% | 15.27% | 6.04% | 13.57% |
| Specialty-Sector | ALPS/Alerian Energy Infrastructure – Class III<br> *Adviser:* ALPS Advisors, Inc.<br>| 1.30% | 4.66% | 22.06% | 10.70% |
| Balanced/Asset <br> Allocation<br>| American Funds IS<sup>®</sup> Asset Allocation – Class 4<br> *Adviser:* Capital Research and Management Company<br>| 0.79% | 15.59% | 8.70% | 9.50% |
| Global Bond | American Funds IS<sup>®</sup> Capital World Bond – Class 4<br> *Adviser:* Capital Research and Management Company<br>| 0.98% | 9.03% | -2.76% | 0.97%  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** |
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **1 Year** | **5 Year** | **10 Year** |
| International <br> Equity<br>| American Funds IS<sup>®</sup> EUPAC Fund<sup>TM</sup> – Class 4<br> *Adviser:* Capital Research and Management Company<br>| 1.03% | 26.41% | 3.14% | 6.73% |
| Global Equity | American Funds IS<sup>®</sup> Global Growth – Class 4<br> *Adviser:* Capital Research and Management Company<br>| 1.01% | 21.34% | 7.97% | 11.89% |
| Large Cap <br> Growth<br>| American Funds IS<sup>®</sup> Growth – Class 4<br> *Adviser:* Capital Research and Management Company<br>| 0.83% | 19.93% | 13.09% | 17.67% |
| Large Cap <br> Blend<br>| American Funds IS<sup>®</sup> Growth-Income – Class 4<br> *Adviser:* Capital Research and Management Company<br>| 0.78% | 17.77% | 13.62% | 13.63% |
| International <br> Equity<br>| American Funds IS<sup>®</sup> International Growth and Income – <br> Class 4<br> *Adviser:* Capital Research and Management Company<br>| 1.06% | 35.09% | 7.42% | 7.54% |
| Intermediate <br> Term Bond<br>| American Funds IS<sup>®</sup> Mortgage – Class 4<br> *Adviser:* Capital Research and Management Company<br>| 0.89% | 8.32% | 0.06% | 1.43% |
| Emerging <br> Markets<br>| American Funds IS<sup>®</sup> New World – Class 4<br> *Adviser:* Capital Research and Management Company<br>| 1.15% | 27.92% | 5.06% | 8.98% |
| Global Equity | American Funds IS<sup>®</sup> SMALLCAP World Fund<sup>®</sup> – Class 4<br> *Adviser:* Capital Research and Management Company<br>| 1.20% | 14.33% | 0.23% | 6.96% |
| Large Cap <br> Blend<br>| BlackRock Advantage Large Cap Core V.I. – Class III<br> *Adviser:* BlackRock Advisors, LLC<br>| 1.03% | 19.73% | 13.85% | 14.08% |
| Large Cap <br> Value<br>| BlackRock Basic Value V.I. – Class III<br> *Adviser:* BlackRock Advisors, LLC<br>| 1.13% | 24.04% | 12.81% | 10.52% |
| Large Cap <br> Growth<br>| BlackRock Capital Appreciation V.I. – Class III<br> *Adviser:* BlackRock Advisors, LLC<br>| 1.37% | 11.77% | 10.50% | 15.32% |
| Large Cap <br> Value<br>| BlackRock Equity Dividend V.I. – Class III<br> *Adviser:* BlackRock Advisors, LLC<br>| 1.13% | 21.32% | 11.45% | 11.01% |
| Global <br> Allocation<br>| BlackRock Global Allocation V.I. – Class III<br> *Adviser:* BlackRock Advisors, LLC<br> *Sub-Adviser:* BlackRock (Singapore) Limited; BlackRock <br> International Limited<br>| 1.15% | 19.51% | 5.51% | 7.33% |
| High Yield Bond | BlackRock High Yield V.I. – Class III<br> *Adviser:* BlackRock Advisors, LLC<br> *Sub-Adviser:* BlackRock International Limited<br>| 0.88% | 9.09% | 4.57% | 6.07% |
| Large Cap <br> Growth<br>| BlackRock Large Cap Focus Growth V.I. – Class III<br> *Adviser:* BlackRock Advisors, LLC<br>| 1.15% | 11.48% | 10.19% | 15.98% |
| Small Cap <br> Blend<br>| BNY Mellon IP Small Cap Stock Index – Service Class<br> *Adviser:* BNY Mellon Investment Adviser, Inc.<br>| 0.61% | 5.36% | 6.65% | 9.15% |
| Specialty-Sector | BNY Mellon IP Technology Growth – Service Class<br> *Adviser:* BNY Mellon Investment Adviser, Inc.<br> *Sub-Adviser:* Newton Investment Management North <br> America, LLC<br>| 1.07% | 27.87% | 8.96% | 16.97% |
| Large Cap <br> Blend<br>| BNY Mellon Stock Index – Service Class<br> *Adviser:* BNY Mellon Investment Adviser, Inc.<br> *Sub-Adviser:* Mellon Investments Corporation<br>| 0.52% | 17.23% | 13.83% | 14.23%  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** |
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **1 Year** | **5 Year** | **10 Year** |
| Large Cap <br> Blend<br>| BNY Mellon VIF Appreciation – Service Class<br> *Adviser:* BNY Mellon Investment Adviser, Inc.<br> *Sub-Adviser:* Fayez Sarofim & Co., LLC<br>| 1.10% | 9.78% | 9.08% | 12.63% |
| Global Equity | Dimensional VA Equity Allocation – Institutional Class<br> *Adviser:* Dimensional Fund Advisors LP<br> *Sub-Adviser:* Dimensional Fund Advisors Ltd.; DFA <br> Australia Limited<br>| 0.48% | 19.94% | 12.23% | N/A |
| Global Bond | Dimensional VA Global Bond Portfolio – Institutional <br> Class<br> *Adviser:* Dimensional Fund Advisors LP<br> *Sub-Adviser:* Dimensional Fund Advisors Ltd.; DFA <br> Australia Limited<br>| 0.21% | 4.35% | 1.38% | 1.81% |
| Global <br> Allocation<br>| Dimensional VA Global Moderate Allocation – <br> Institutional Class<br> *Adviser:* Dimensional Fund Advisors LP<br>| 0.43% | 14.68% | 8.42% | 8.65% |
| International <br> Equity<br>| Dimensional VA International Small Portfolio – <br> Institutional Class<br> *Adviser:* Dimensional Fund Advisors LP<br> *Sub-Adviser:* Dimensional Fund Advisors Ltd.; DFA <br> Australia Limited<br>| 0.39% | 36.99% | 8.89% | 8.68% |
| International <br> Equity<br>| Dimensional VA International Value Portfolio – <br> Institutional Class<br> *Adviser:* Dimensional Fund Advisors LP<br> *Sub-Adviser:* Dimensional Fund Advisors Ltd.; DFA <br> Australia Limited<br>| 0.27% | 45.64% | 15.85% | 10.46% |
| Short Term <br> Bond<br>| Dimensional VA Short-Term Fixed Portfolio – Institutional <br> Class<br> *Adviser:* Dimensional Fund Advisors LP<br> *Sub-Adviser:* Dimensional Fund Advisors Ltd.; DFA <br> Australia Limited<br>| 0.12% | 4.33% | 2.65% | 1.97% |
| Large Cap <br> Value<br>| Dimensional VA U.S. Large Value Portfolio – Institutional <br> Class<br> *Adviser:* Dimensional Fund Advisors LP<br>| 0.21% | 15.83% | 11.97% | 10.51% |
| Small Cap <br> Value<br>| Dimensional VA U.S. Targeted Value Portfolio – <br> Institutional Class<br> *Adviser:* Dimensional Fund Advisors LP<br>| 0.29% | 8.95% | 13.60% | 11.00% |
| Large Value | Donoghue Forlines Dividend VIT Fund – Class 1<br> *Adviser:* Donoghue Forlines LLC<br>| 2.77% | 17.19% | 8.72% | 3.46% |
| Tactical <br> Allocation<br>| Donoghue Forlines Momentum VIT Fund – Class 1<br> *Adviser:* Donoghue Forlines LLC<br>| 1.56% | 23.52% | 12.83% | 9.23% |
| Mid Cap Value | DWS Small Mid Cap Value VIP – Class B<br> *Adviser:* DWS Investment Management Americas, Inc.<br>| 1.24% | 17.85% | 9.27% | 7.18% |
| Floating Rate <br> Bond<br>| Eaton Vance VT Floating-Rate Income - Initial Class<br> *Adviser:* Eaton Vance Management<br>| 1.19% | 3.95% | 4.64% | 4.43%  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** |
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **1 Year** | **5 Year** | **10 Year** |
| Intermediate <br> Government<br>| Federated Hermes Fund for U.S. Government Securities <br> II<br> *Adviser:* Federated Investment Management Company<br>| 1.02% | 6.80% | -0.84% | 1.06% |
| High Yield Bond | Federated Hermes High Income Bond II – Service Class<br> *Adviser:* Federated Investment Management Company<br>| 1.14% | 8.18% | 3.45% | 5.33% |
| Balanced/Asset <br> Allocation<br>| Fidelity<sup>®</sup> VIP Balanced – Service Class 2<br> *Adviser:* Fidelity Management & Research Company LLC<br> *Sub-Adviser:* FMR Investment Management (UK) <br> Limited; Fidelity Management & Research (Hong Kong) <br> Limited; Fidelity Management & Research (Japan) <br> Limited<br>| 0.66% | 14.96% | 9.24% | 10.84% |
| Large Cap <br> Blend<br>| Fidelity<sup>®</sup> VIP Contrafund<sup>®</sup> – Service Class 2<br> *Adviser:* Fidelity Management & Research Company LLC<br> *Sub-Adviser:* FMR Investment Management (UK) <br> Limited; Fidelity Management & Research (Hong Kong) <br> Limited; Fidelity Management & Research (Japan) <br> Limited<br>| 0.79% | 21.24% | 15.08% | 15.49% |
| Small Cap <br> Blend<br>| Fidelity<sup>®</sup> VIP Disciplined Small Cap – Service Class 2<br> *Adviser:* Fidelity Management & Research Company LLC<br>| 0.57% | 17.09% | 10.09% | 10.31% |
| Emerging <br> Markets<br>| Fidelity<sup>®</sup> VIP Emerging Markets – Service Class 2<br> *Adviser:* Fidelity Management & Research Company LLC<br> *Sub-Adviser:* FMR Investment Management (UK) <br> Limited; Fidelity Management & Research (Hong Kong) <br> Limited; Fidelity Management & Research (Japan) <br> Limited; FIL Investment Advisors; FIL Investment <br> Advisors (UK) Limited<br>| 1.12% | 40.79% | 5.62% | 10.66% |
| Large Cap <br> Growth<br>| Fidelity<sup>®</sup> VIP Growth & Income – Service Class 2<br> *Adviser:* Fidelity Management & Research Company LLC<br> *Sub-Adviser:* FMR Investment Management (UK) <br> Limited; Fidelity Management & Research (Hong Kong) <br> Limited; Fidelity Management & Research (Japan) <br> Limited<br>| 0.72% | 21.21% | 15.83% | 13.56% |
| Large Cap <br> Growth<br>| Fidelity<sup>®</sup> VIP Growth Opportunities – Service Class 2<br> *Adviser:* Fidelity Management & Research Company LLC<br> *Sub-Adviser:* FMR Investment Management (UK) <br> Limited; Fidelity Management & Research (Hong Kong) <br> Limited; Fidelity Management & Research (Japan) <br> Limited<br>| 0.81% | 21.73% | 11.04% | 19.64% |
| High Yield Bond | Fidelity<sup>®</sup> VIP High Income – Service Class 2<br> *Adviser:* Fidelity Management & Research Company LLC<br> *Sub-Adviser:* FMR Investment Management (UK) <br> Limited; Fidelity Management & Research (Hong Kong) <br> Limited; Fidelity Management & Research (Japan) <br> Limited<br>| 1.07% | 10.31% | 4.00% | 5.34% |
| Large Cap <br> Blend<br>| Fidelity<sup>®</sup> VIP Index 500 – Service Class 2<br> *Adviser:* Fidelity Management & Research Company LLC<br> *Sub-Adviser:* Geode Capital Management, LLC<br>| 0.34% | 17.48% | 14.03% | 14.42%  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** |
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **1 Year** | **5 Year** | **10 Year** |
| Intermediate <br> Term Bond<br>| Fidelity<sup>®</sup> VIP Investment Grade Bond – Service Class 2<br> *Adviser:* Fidelity Management & Research Company LLC<br> *Sub-Adviser:* FMR Investment Management (UK) <br> Limited; Fidelity Management & Research (Hong Kong) <br> Limited; Fidelity Management & Research (Japan) <br> Limited<br>| 0.62% | 6.93% | -0.21% | 2.45% |
| Mid Cap Growth | Fidelity<sup>®</sup> VIP Mid Cap – Service Class 2<br> *Adviser:* Fidelity Management & Research Company LLC<br> *Sub-Adviser:* FMR Investment Management (UK) <br> Limited; Fidelity Management & Research (Hong Kong) <br> Limited; Fidelity Management & Research (Japan) <br> Limited<br>| 0.80% | 11.49% | 9.83% | 10.31% |
| International <br> Equity<br>| Fidelity<sup>®</sup> VIP Overseas – Service Class 2<br> *Adviser:* Fidelity Management & Research Company LLC<br> *Sub-Adviser:* FMR Investment Management (UK) <br> Limited; Fidelity Management & Research (Hong Kong) <br> Limited; Fidelity Management & Research (Japan) <br> Limited; FIL Investment Advisors; FIL Investment <br> Advisors (UK) Limited<br>| 0.97% | 20.05% | 6.35% | 7.55% |
| Specialty-Sector | Fidelity<sup>®</sup> VIP Real Estate – Service Class 2<br> *Adviser:* Fidelity Management & Research Company LLC<br> *Sub-Adviser:* FMR Investment Management (UK) <br> Limited; Fidelity Management & Research (Hong Kong) <br> Limited; Fidelity Management & Research (Japan) <br> Limited<br>| 0.85% | 2.90% | 3.98% | 3.61% |
| Multi-Sector <br> Bond<br>| Fidelity<sup>®</sup> VIP Strategic Income – Service Class 2<br> *Adviser:* Fidelity Management & Research Company LLC<br> *Sub-Adviser:* FMR Investment Management (UK) <br> Limited; Fidelity Management & Research (Hong Kong) <br> Limited; Fidelity Management & Research (Japan) <br> Limited; FIL Investment Advisors; FIL Investment <br> Advisors (UK) Limited<br>| 0.88% | 8.58% | 2.79% | 4.40% |
| Multi Cap <br> Growth<br>| Franklin DynaTech VIP Fund – Class 2<br> *Adviser:* Franklin Advisers, Inc.<br>| 0.88% | 18.13% | 9.09% | 14.08% |
| Large Cap <br> Value<br>| Franklin Growth and Income VIP Fund – Class 2<br> *Adviser:* Franklin Advisers, Inc.<br>| 1.04% | 16.90% | 11.90% | 11.12% |
| Balanced/Asset <br> Allocation<br>| Franklin Income VIP Fund – Class 2<br> *Adviser:* Franklin Advisers, Inc.<br>| 0.72% | 12.56% | 7.66% | 7.30% |
| Large Cap <br> Growth<br>| Franklin Large Cap Growth VIP Fund – Class 2<br> *Adviser:* Franklin Advisers, Inc.<br>| 1.11% | 7.22% | 6.83% | 12.87% |
| Global Equity | Franklin Mutual Global Discovery VIP Fund – Class 2<br> *Adviser:* Franklin Mutual Advisers, LLC<br>| 1.16% | 23.34% | 12.00% | 8.52% |
| Large Cap <br> Value<br>| Franklin Mutual Shares VIP Fund – Class 2<br> *Adviser:* Franklin Mutual Advisers, LLC<br>| 0.94% | 11.52% | 9.20% | 7.53% |
| Large Cap <br> Blend<br>| Franklin Rising Dividends VIP Fund – Class 2<br> *Adviser:* Franklin Advisers, Inc.<br>| 0.89% | 11.80% | 9.50% | 12.10%  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** |
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **1 Year** | **5 Year** | **10 Year** |
| Small Cap <br> Value<br>| Franklin Small Cap Value VIP Fund – Class 2<br> *Adviser:* Franklin Mutual Advisers, LLC<br>| 0.92% | 7.65% | 8.86% | 9.81% |
| Small Cap <br> Growth<br>| Franklin Small-Mid Cap Growth VIP Fund – Class 2<br> *Adviser:* Franklin Advisers, Inc.<br>| 1.09% | 2.52% | 1.03% | 9.89% |
| Multi-Sector <br> Bond<br>| Franklin Strategic Income VIP Fund – Class 2<br> *Adviser:* Franklin Advisers, Inc.<br>| 1.08% | 7.24% | 1.92% | 3.10% |
| Government <br> Bond<br>| Franklin U.S. Government Securities VIP Fund – Class 2<br> *Adviser:* Franklin Advisers, Inc.<br>| 0.79% | 6.69% | 0.02% | 1.14% |
| International <br> Equity<br>| Goldman Sachs VIT International Equity Insights – <br> Service Class<br> *Adviser:* Goldman Sachs Asset Management L.P.<br>| 1.37% | 38.15% | 10.80% | 7.96% |
| Large Cap <br> Value<br>| Goldman Sachs VIT Large Cap Value – Service Class<br> *Adviser:* Goldman Sachs Asset Management L.P.<br>| 1.08% | 10.60% | 11.00% | 9.34% |
| Mid Cap Growth | Goldman Sachs VIT Mid Cap Growth – Service Class<br> *Adviser:* Goldman Sachs Asset Management L.P.<br>| 1.49% | 7.36% | 4.67% | 11.58% |
| Mid Cap Value | Goldman Sachs VIT Mid Cap Value – Service Class<br> *Adviser:* Goldman Sachs Asset Management L.P.<br>| 1.09% | 9.13% | 9.77% | 9.75% |
| Small Cap <br> Blend<br>| Goldman Sachs VIT Small Cap Equity Insights – Service <br> Class<br> *Adviser:* Goldman Sachs Asset Management L.P.<br>| 1.13% | 15.82% | 10.19% | 10.57% |
| Large Cap <br> Growth<br>| Goldman Sachs VIT Strategic Growth – Service Class<br> *Adviser:* Goldman Sachs Asset Management L.P.<br>| 1.04% | 17.58% | 12.47% | 16.13% |
| Floating Rate <br> Bond<br>| Guggenheim VIF Floating Rate Strategies<br> *Adviser:* Guggenheim Partners Investment Management, <br> LLC<br>| 1.54% | 3.57% | 4.56% | 4.12% |
| Specialty | Guggenheim VIF Global Managed Futures Strategy<br> *Adviser:* Security Investors, LLC<br>| 2.32% | 3.65% | 3.94% | 1.27% |
| High Yield Bond | Guggenheim VIF High Yield<br> *Adviser:* Guggenheim Partners Investment Management, <br> LLC<br>| 1.57% | 6.84% | 4.16% | 5.55% |
| Specialty | Guggenheim VIF Multi-Hedge Strategies<br> *Adviser:* Security Investors, LLC<br>| 1.80% | 1.25% | 1.23% | 1.62% |
| Intermediate <br> Term Bond<br>| Guggenheim VIF Total Return Bond<br> *Adviser:* Guggenheim Partners Investment Management, <br> LLC<br>| 1.04% | 7.48% | -0.21% | 3.13% |
| Large Cap <br> Growth<br>| Invesco V.I. American Franchise – Series II<br> *Adviser:* Invesco Advisers, Inc.<br>| 1.10% | 11.39% | 10.08% | 14.58% |
| Mid Cap Value | Invesco V.I. American Value – Series II<br> *Adviser:* Invesco Advisers, Inc.<br>| 1.14% | 20.76% | 17.56% | 12.01% |
| Global <br> Allocation<br>| Invesco V.I. Balanced-Risk Allocation – Series II<br> *Adviser:* Invesco Advisers, Inc.<br>| 1.60% | 8.69% | 2.27% | 4.91%  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** |
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **1 Year** | **5 Year** | **10 Year** |
| Large Cap <br> Value<br>| Invesco V.I. Comstock – Series II<br> *Adviser:* Invesco Advisers, Inc.<br>| 1.00% | 17.14% | 15.14% | 11.67% |
| Large Cap <br> Blend<br>| Invesco V.I. Core Equity – Series II<br> *Adviser:* Invesco Advisers, Inc.<br>| 1.05% | 15.88% | 12.52% | 11.46% |
| Mid Cap Growth | Invesco V.I. Discovery Mid Cap Growth – Series II<br> *Adviser:* Invesco Advisers, Inc.<br>| 1.11% | 4.53% | 3.64% | 11.10% |
| Large Blend | Invesco V.I. Equally-Weighted S&P 500 – Series II<br> *Adviser:* Invesco Advisers, Inc.<br> *Sub-Adviser:* Invesco Capital Management LLC<br>| 0.59% | 10.82% | 9.89% | 11.11% |
| Balanced/Asset <br> Allocation<br>| Invesco V.I. Equity and Income – Series II<br> *Adviser:* Invesco Advisers, Inc.<br>| 0.82% | 12.52% | 8.68% | 8.64% |
| International <br> Equity<br>| Invesco V.I. EQV International Equity – Series II<br> *Adviser:* Invesco Advisers, Inc.<br>| 1.15% | 16.23% | 3.42% | 5.95% |
| Global Equity | Invesco V.I. Global – Series II<br> *Adviser:* Invesco Advisers, Inc.<br>| 1.06% | 15.02% | 7.01% | 10.72% |
| Specialty-Sector | Invesco V.I. Global Real Estate – Series II<br> *Adviser:* Invesco Advisers, Inc.<br> *Sub-Adviser:* Invesco Asset Management Limited<br>| 1.27% | 7.61% | 1.49% | 2.18% |
| Multi-Sector <br> Bond<br>| Invesco V.I. Global Strategic Income – Series II<br> *Adviser:* Invesco Advisers, Inc.<br>| 1.21% | 12.75% | 1.39% | 2.76% |
| Government <br> Bond<br>| Invesco V.I. Government Securities – Series II<br> *Adviser:* Invesco Advisers, Inc.<br>| 0.95% | 6.95% | -0.22% | 1.34% |
| Large Cap <br> Value<br>| Invesco V.I. Growth and Income – Series II<br> *Adviser:* Invesco Advisers, Inc.<br>| 1.00% | 15.30% | 12.56% | 10.46% |
| Specialty-Sector | Invesco V.I. Health Care – Series II<br> *Adviser:* Invesco Advisers, Inc.<br>| 1.24% | 15.08% | 3.54% | 6.31% |
| High Yield Bond | Invesco V.I. High Yield – Series II<br> *Adviser:* Invesco Advisers, Inc.<br>| 1.17% | 6.35% | 3.40% | 4.55% |
| International <br> Equity<br>| Invesco V.I. International Growth Fund – Series II<br> *Adviser:* Invesco Advisers, Inc.<br>| 1.43% | 15.53% | 1.88% | 5.34% |
| Mid Cap Blend | Invesco V.I. Main Street Mid Cap Fund<sup>®</sup> – Series II<br> *Adviser:* Invesco Advisers, Inc.<br>| 1.19% | 8.96% | 8.83% | 9.08% |
| Small Cap <br> Blend<br>| Invesco V.I. Main Street Small Cap Fund<sup>®</sup> – Series II<br> *Adviser:* Invesco Advisers, Inc.<br>| 1.09% | 8.44% | 8.07% | 10.31% |
| Speciality | Invesco V.I. S&P 500 Buffer Fund - December - Class II<br> *Adviser:* Invesco Advisers, Inc.<br>| 1.06% | 12.37% | N/A | N/A |
| Speciality | Invesco V.I. S&P 500 Buffer Fund - June - Class II<br> *Adviser:* Invesco Advisers, Inc.<br>| 1.05% | 13.35% | N/A | N/A |
| Speciality | Invesco V.I. S&P 500 Buffer Fund - March - Class II<br> *Adviser:* Invesco Advisers, Inc.<br>| 1.08% | 7.25% | N/A | N/A  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** |
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **1 Year** | **5 Year** | **10 Year** |
| Speciality | Invesco V.I. S&P 500 Buffer Fund - September - Class II<br> *Adviser:* Invesco Advisers, Inc.<br>| 1.04% | 12.63% | N/A | N/A |
| Small Cap <br> Blend<br>| Invesco V.I. Small Cap Equity – Series II<br> *Adviser:* Invesco Advisers, Inc.<br>| 1.21% | 7.83% | 7.06% | 9.28% |
| Mid Cap Growth | Janus Henderson VIT Enterprise – Service Class<br> *Adviser:* Janus Henderson Investors US LLC<br>| 0.97% | 7.41% | 7.35% | 12.51% |
| Large Cap <br> Growth<br>| Janus Henderson VIT Forty – Service Class<br> *Adviser:* Janus Henderson Investors US LLC<br>| 0.87% | 17.86% | 11.37% | 15.96% |
| Mid Cap Value | Janus Henderson VIT Mid Cap Value – Service Class<br> *Adviser:* Janus Henderson Investors US LLC<br>| 1.11% | 6.29% | 8.43% | 8.40% |
| International <br> Equity<br>| Janus Henderson VIT Overseas – Service Class<br> *Adviser:* Janus Henderson Investors US LLC<br>| 0.96% | 28.58% | 9.17% | 8.97% |
| Large Cap <br> Growth<br>| Janus Henderson VIT Research – Service Class<br> *Adviser:* Janus Henderson Investors US LLC<br>| 1.07% | 18.10% | 13.83% | 15.59% |
| Multi-Sector <br> Bond<br>| Lord Abbett Series Bond-Debenture VC – Class VC<br> *Adviser:* Lord, Abbett & Co. LLC<br>| 0.98% | 8.33% | 2.10% | 4.72% |
| Small Cap <br> Growth<br>| Lord Abbett Series Developing Growth VC – Class VC<sup>2</sup> <br>*Adviser:* Lord, Abbett & Co. LLC<br>| 1.27% | 14.59% | -1.17% | 11.03% |
| Large Cap <br> Blend<br>| Lord Abbett Series Dividend Growth VC – Class VC<br> *Adviser:* Lord, Abbett & Co. LLC<br>| 1.00% | 15.98% | 12.34% | 13.06% |
| Large Cap <br> Blend<br>| Lord Abbett Series Fundamental Equity VC – Class VC<br> *Adviser:* Lord, Abbett & Co. LLC<br>| 1.19% | 14.29% | 11.36% | 9.75% |
| Large Cap <br> Blend<br>| Lord Abbett Series Growth and Income VC – Class VC<br> *Adviser:* Lord, Abbett & Co. LLC<br>| 0.93% | 17.29% | 13.34% | 11.12% |
| Mid Cap Growth | Lord Abbett Series Growth Opportunities VC – Class VC<br> *Adviser:* Lord, Abbett & Co. LLC<br>| 1.15% | 12.94% | 3.23% | 10.41% |
| Mid Cap Value | Lord Abbett Series Mid Cap Stock VC – Class VC<br> *Adviser:* Lord, Abbett & Co. LLC<br>| 1.15% | 7.05% | 10.16% | 7.98% |
| Intermediate <br> Term Bond<br>| Lord Abbett Series Total Return VC – Class VC<br> *Adviser:* Lord, Abbett & Co. LLC<br>| 0.71% | 7.19% | 0.06% | 2.27% |
| Inflation-<br> Protected Bond<br>| LVIP American Century Inflation Protection – Service <br> Class<br> *Adviser:* Lincoln Financial Investments Corporation<br> *Sub-Adviser:* American Century Investment <br> Management, Inc.<br>| 0.76% | 6.33% | 0.62% | 2.61% |
| International <br> Equity<br>| LVIP American Century International – Service Class<br> *Adviser:* Lincoln Financial Investments Corporation<br> *Sub-Adviser:* American Century Investment <br> Management, Inc.<br>| 1.20% | 15.81% | 1.71% | 6.27% |
| Mid Cap Value | LVIP American Century Mid Cap Value – Service Class<br> *Adviser:* Lincoln Financial Investments Corporation<br> *Sub-Adviser:* American Century Investment <br> Management, Inc.<br>| 1.03% | 8.83% | 8.72% | 8.96%  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** |
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **1 Year** | **5 Year** | **10 Year** |
| Large Cap <br> Value<br>| LVIP American Century Value – Service Class<br> *Adviser:* Lincoln Financial Investments Corporation<br> *Sub-Adviser:* American Century Investment <br> Management, Inc.<br>| 0.90% | 15.85% | 11.47% | 10.07% |
| Large Cap <br> Value<br>| LVIP Avantis Large Cap Value – Service Class<br> *Adviser:* Lincoln Financial Investments Corporation<br> *Sub-Adviser:* American Century Investment <br> Management, Inc.<br>| 0.99% | 14.56% | 8.51% | 10.12% |
| Intermediate <br> Core Bond<br>| LVIP JPMorgan Core Bond – Service Class<br> *Adviser:* Lincoln Financial Investments Corporation<br> *Sub-Adviser:* J.P. Morgan Investment Management, Inc.<br>| 0.99% | 7.15% | -0.29% | 1.85% |
| Small Cap <br> Blend<br>| LVIP JPMorgan Small Cap Core – Service Class<br> *Adviser:* Lincoln Financial Investments Corporation<br> *Sub-Adviser:* J.P. Morgan Investment Management, Inc.<br>| 0.88% | 10.00% | 6.13% | 8.66% |
| Large Cap <br> Blend<br>| LVIP JPMorgan U.S. Equity – Service Class<br> *Adviser:* Lincoln Financial Investments Corporation<br> *Sub-Adviser:* J.P. Morgan Investment Management, Inc.<br>| 1.00% | 14.26% | 13.40% | 14.56% |
| Emerging <br> Markets<br>| MFS<sup>®</sup> VIT Emerging Markets Equity – Service Class<br> *Adviser:* Massachusetts Financial Services Company<br>| 2.14% | 33.35% | 4.11% | 7.65% |
| Global <br> Allocation<br>| MFS<sup>®</sup> VIT Global Tactical Allocation – Service Class<br> *Adviser:* Massachusetts Financial Services Company<br>| 1.13% | 15.21% | 4.60% | 5.40% |
| High Yield Bond | MFS<sup>®</sup> VIT High Yield – Service Class<br> *Adviser:* Massachusetts Financial Services Company<br>| 1.06% | 8.47% | 3.63% | 5.30% |
| Large Cap <br> Growth<br>| MFS<sup>®</sup> VIT II MA Investors Growth Stock – Service Class<br> *Adviser:* Massachusetts Financial Services Company<br>| 1.04% | 9.61% | 9.74% | 13.98% |
| International <br> Equity<br>| MFS<sup>®</sup> VIT II Research International – Service Class<br> *Adviser:* Massachusetts Financial Services Company<br>| 1.22% | 21.75% | 5.25% | 7.27% |
| International <br> Equity<br>| MFS<sup>®</sup> VIT International Intrinsic Value – Service Class<br> *Adviser:* Massachusetts Financial Services Company<br>| 1.16% | 32.96% | 7.02% | 9.68% |
| Large Cap <br> Blend<br>| MFS<sup>®</sup> VIT Investors Trust – Service Class<br> *Adviser:* Massachusetts Financial Services Company<br>| 1.07% | 13.32% | 11.06% | 12.21% |
| Small Cap <br> Growth<br>| MFS<sup>®</sup> VIT New Discovery – Service Class<br> *Adviser:* Massachusetts Financial Services Company<br>| 1.20% | 12.56% | -0.54% | 10.46% |
| Large Cap <br> Blend<br>| MFS<sup>®</sup> VIT Research – Service Class<br> *Adviser:* Massachusetts Financial Services Company<br>| 1.07% | 12.57% | 10.87% | 12.65% |
| Balanced/Asset <br> Allocation<br>| MFS<sup>®</sup> VIT Total Return – Service Class<br> *Adviser:* Massachusetts Financial Services Company<br>| 0.96% | 10.91% | 6.16% | 7.36% |
| Intermediate <br> Term Bond<br>| MFS<sup>®</sup> VIT Total Return Bond – Service Class<br> *Adviser:* Massachusetts Financial Services Company<br>| 0.79% | 6.94% | -0.09% | 2.38% |
| Specialty-Sector | MFS<sup>®</sup> VIT Utilities – Service Class<br> *Adviser:* Massachusetts Financial Services Company<br>| 1.04% | 14.76% | 7.38% | 9.22%  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** |
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **1 Year** | **5 Year** | **10 Year** |
| Emerging <br> Markets Bond<br>| Morgan Stanley VIF Emerging Markets Debt – Class II<br> *Adviser:* Morgan Stanley Investment Management, Inc.<br> *Sub-Adviser:* Morgan Stanley Investment Management <br> Limited<br>| 1.62% | 15.24% | 2.66% | 4.46% |
| Emerging <br> Markets<br>| Morgan Stanley VIF Emerging Markets Equity – Class II<br> *Adviser:* Morgan Stanley Investment Management, Inc.<br> *Sub-Adviser:* Morgan Stanley Investment Management <br> Company<br>| 1.53% | 32.90% | 4.32% | 7.21% |
| Asset <br> Allocation/<br> Lifestyle<br>| Morningstar Aggressive Growth ETF Asset Allocation <br> Portfolio – Class II<br> *Adviser:* ALPS Advisors, Inc.<br> *Sub-Adviser:* Morningstar Investment Management LLC<br>| 0.85% | 20.00% | 10.55% | 10.36% |
| Asset <br> Allocation/<br> Lifestyle<br>| Morningstar Balanced ETF Asset Allocation Portfolio – <br> Class II<br> *Adviser:* ALPS Advisors, Inc.<br> *Sub-Adviser:* Morningstar Investment Management LLC<br>| 0.84% | 14.82% | 6.61% | 7.25% |
| Asset <br> Allocation/<br> Lifestyle<br>| Morningstar Conservative ETF Asset Allocation Portfolio <br> – Class II<br> *Adviser:* ALPS Advisors, Inc.<br> *Sub-Adviser:* Morningstar Investment Management LLC<br>| 0.93% | 8.82% | 2.19% | 3.50% |
| Asset <br> Allocation/<br> Lifestyle<br>| Morningstar Growth ETF Asset Allocation Portfolio – <br> Class II<br> *Adviser:* ALPS Advisors, Inc.<br> *Sub-Adviser:* Morningstar Investment Management LLC<br>| 0.82% | 17.91% | 8.82% | 9.05% |
| Asset <br> Allocation/<br> Lifestyle<br>| Morningstar Income and Growth ETF Asset Allocation <br> Portfolio – Class II<br> *Adviser:* ALPS Advisors, Inc.<br> *Sub-Adviser:* Morningstar Investment Management LLC<br>| 0.88% | 11.70% | 4.43% | 5.46% |
| Multi Cap Value | NAA All Cap Value Series<br> *Adviser:* New Age Alpha Advisors, LLC<br>| 1.15% | 12.87% | 11.12% | 10.40% |
| Large Cap <br> Value<br>| NAA Large Cap Value Series<br> *Adviser:* New Age Alpha Advisors, LLC<br>| 1.05% | 14.16% | 12.15% | 10.88% |
| Large Cap <br> Blend<br>| NAA Large Core Series<br> *Adviser:* New Age Alpha Advisors, LLC<br>| 1.16% | 16.43% | 13.65% | 14.25% |
| Large Cap <br> Growth<br>| NAA Large Growth Series<br> *Adviser:* New Age Alpha Advisors, LLC<br>| 1.17% | 17.02% | 13.89% | 17.04% |
| Mid Cap Growth | NAA Mid Growth Series<br> *Adviser:* New Age Alpha Advisors, LLC<br>| 1.18% | 2.17% | 4.48% | 10.63% |
| Small Cap <br> Value<br>| NAA Small Cap Value Series<br> *Adviser:* New Age Alpha Advisors, LLC<br>| 1.29% | 3.30% | 8.47% | 7.65% |
| Small Cap <br> Growth<br>| NAA Small Growth Series<br> *Adviser:* New Age Alpha Advisors, LLC<br>| 1.42% | 6.58% | 2.59% | 8.89% |
| Mid Cap Value | NAA SMid-Cap Value Series<br> *Adviser:* New Age Alpha Advisors, LLC<br>| 1.18% | 7.35% | 9.30% | 9.97%  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** |
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **1 Year** | **5 Year** | **10 Year** |
| Global Equity | NAA World Equity Income Series<br> *Adviser:* New Age Alpha Advisors, LLC<br>| 1.18% | 22.75% | 11.42% | 9.99% |
| Specialty | Neuberger Berman Quality Equity Portfolio – Class I<br> *Adviser:* Neuberger Berman Investment Advisers LLC<br>| 0.87% | 13.74% | 12.83% | 12.94% |
| Global <br> Allocation<br>| Nomura VIP Asset Strategy - Service Class<br> *Adviser:* Delaware Management Company<br>| 1.04% | 16.66% | 7.07% | 7.84% |
| Balanced/Asset <br> Allocation<br>| Nomura VIP Balanced - Service Class<br> *Adviser:* Delaware Management Company<br>| 1.08% | 11.79% | 7.85% | 8.38% |
| Large Cap <br> Growth<br>| Nomura VIP Core Equity - Service Class<br> *Adviser:* Delaware Management Company<br>| 1.00% | 15.30% | 13.79% | 13.78% |
| Specialty-Sector | Nomura VIP Energy - Service Class<br> *Adviser:* Delaware Management Company<br> *Sub-Adviser:* Van Eck Associates Corporation<br>| 1.31% | 11.89% | 18.61% | 1.74% |
| Global Equity | Nomura VIP Global Growth - Service Class<br> *Adviser:* Delaware Management Company<br>| 1.24% | 17.93% | 9.99% | 10.71% |
| Large Cap <br> Growth<br>| Nomura VIP Growth - Service Class<br> *Adviser:* Delaware Management Company<br>| 1.01% | 8.41% | 11.89% | 15.40% |
| High Yield Bond | Nomura VIP High Income - Service Class<br> *Adviser:* Delaware Management Company<br> *Sub-Adviser:* Macquarie Investment Management Austria <br> Kapitalanlage AG; Macquarie Investment Management <br> Europe Limited, Macquarie Investment Management <br> Global Limited<br>| 0.97% | 7.17% | 3.73% | 5.56% |
| International <br> Equity<br>| Nomura VIP International Core Equity - Service Class<br> *Adviser:* Delaware Management Company<br>| 1.18% | 24.17% | 7.83% | 6.62% |
| Short Term <br> Bond<br>| Nomura VIP Limited-Term Bond - Service Class<br> *Adviser:* Delaware Management Company<br> *Sub-Adviser:* Macquarie Investment Management Austria <br> Kapitalanlage AG; Macquarie Investment Management <br> Europe Limited, Macquarie Investment Management <br> Global Limited<br>| 0.87% | 4.70% | 1.75% | 2.12% |
| Mid Cap Growth | Nomura VIP Mid Cap Growth - Service Class<br> *Adviser:* Delaware Management Company<br>| 1.17% | 1.18% | -0.08% | 10.66% |
| Specialty-Sector | Nomura VIP Natural Resources - Service Class<br> *Adviser:* Delaware Management Company<br> *Sub-Adviser:* Van Eck Associates Corporation; <br> Macquarie Investment Management Global Limited<br>| 1.29% | 37.75% | 15.73% | 6.94% |
| Specialty-Sector | Nomura VIP Science and Technology - Service Class<br> *Adviser:* Delaware Management Company<br>| 1.15% | 33.36% | 13.71% | 17.20% |
| Small Cap <br> Growth<br>| Nomura VIP Small Cap Growth - Service Class<br> *Adviser:* Delaware Management Company<br>| 1.21% | 13.39% | 2.20% | 8.69% |
| Small Cap <br> Blend<br>| Nomura VIP Smid Cap Core - Service Class<br> *Adviser:* Delaware Management Company<br>| 1.20% | 8.39% | 8.07% | 9.91%  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** |
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **1 Year** | **5 Year** | **10 Year** |
| Large Cap <br> Value<br>| Nomura VIP Value - Service Class<br> *Adviser:* Delaware Management Company<br>| 1.04% | 9.41% | 9.49% | 8.92% |
| Specialty | PIMCO VIT All Asset – Advisor Class<br> *Adviser:* Pacific Investment Management Company LLC<br> *Sub-Adviser:* Research Affiliates LLC<br>| 2.32% | 14.19% | 5.49% | 6.67% |
| Specialty-Sector | PIMCO VIT CommodityRealReturn Strategy – Advisor <br> Class<br> *Adviser:* Pacific Investment Management Company LLC<br>| 3.48% | 18.85% | 10.47% | 6.43% |
| Emerging <br> Markets Bond<br>| PIMCO VIT Emerging Markets Bond – Advisor Class<br> *Adviser:* Pacific Investment Management Company LLC<br>| 1.27% | 14.86% | 2.34% | 4.96% |
| Global Bond | PIMCO VIT Global Bond Opportunities Portfolio <br> (Unhedged) – Advisor Class<br> *Adviser:* Pacific Investment Management Company LLC<br>| 1.25% | 12.76% | 0.07% | 2.36% |
| Global <br> Allocation<br>| PIMCO VIT Global Managed Asset Allocation – Advisor <br> Class<br> *Adviser:* Pacific Investment Management Company LLC<br>| 1.51% | 21.77% | 6.94% | 7.88% |
| High Yield Bond | PIMCO VIT High Yield – Advisor Class<br> *Adviser:* Pacific Investment Management Company LLC<br>| 0.91% | 8.85% | 3.87% | 5.47% |
| International <br> Bond<br>| PIMCO VIT International Bond Portfolio (Unhedged) – <br> Advisor Class<br> *Adviser:* Pacific Investment Management Company LLC<br>| 1.13% | 10.04% | -3.37% | 0.86% |
| Short Term <br> Bond<br>| PIMCO VIT Low Duration – Advisor Class<br> *Adviser:* Pacific Investment Management Company LLC<br>| 0.76% | 5.42% | 1.47% | 1.69% |
| Inflation-<br> Protected Bond<br>| PIMCO VIT Real Return – Advisor Class<br> *Adviser:* Pacific Investment Management Company LLC<br>| 1.49% | 7.74% | 1.11% | 3.11% |
| Short Term <br> Bond<br>| PIMCO VIT Short-Term – Advisor Class<br> *Adviser:* Pacific Investment Management Company LLC<br>| 0.75% | 4.57% | 3.14% | 2.65% |
| Intermediate <br> Term Bond<br>| PIMCO VIT Total Return – Advisor Class<br> *Adviser:* Pacific Investment Management Company LLC<br>| 0.83% | 8.78% | -0.08% | 2.26% |
| Multi Cap Blend | Putnam VT Core Equity – Class IB<br> *Adviser:* Putnam Investment Management, LLC<br> *Sub-Adviser:* Franklin Advisers, Inc.; Franklin Templeton <br> Investment Management Limited<br>| 0.92% | 16.81% | 15.96% | 15.20% |
| Multi-Sector <br> Bond<br>| Putnam VT Diversified Income – Class IB<br> *Adviser:* Franklin Advisers, Inc.<br> *Sub-Adviser:* Putnam Investment Management, LLC; <br> Franklin Templeton Investment Management Limited<br>| 1.05% | 8.58% | 1.81% | 3.03% |
| Global <br> Allocation<br>| Putnam VT Global Asset Allocation – Class IB<br> *Adviser:* Franklin Advisers, Inc.<br> *Sub-Adviser:* Putnam Investment Management, LLC; <br> Franklin Templeton Investment Management Limited; <br> The Putnam Advisory Company, LLC<br>| 1.11% | 14.38% | 8.39% | 8.43%  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** |
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **1 Year** | **5 Year** | **10 Year** |
| High Yield Bond | Putnam VT High Yield – Class IB<br> *Adviser:* Franklin Advisers, Inc.<br> *Sub-Adviser:* Putnam Investment Management, LLC; <br> Franklin Templeton Investment Management Limited<br>| 0.96% | 8.67% | 4.05% | 5.70% |
| Intermediate <br> Term Bond<br>| Putnam VT Income – Class IB<br> *Adviser:* Franklin Advisers, Inc.<br> *Sub-Adviser:* Putnam Investment Management, LLC; <br> Franklin Templeton Investment Management Limited<br>| 0.82% | 7.25% | -1.13% | 1.89% |
| Large Cap <br> Growth<br>| Putnam VT Large Cap Growth – Class IB<br> *Adviser:* Putnam Investment Management, LLC<br> *Sub-Adviser:* Franklin Advisers, Inc.; Franklin Templeton <br> Investment Management Limited<br>| 0.87% | 14.34% | 13.44% | 17.66% |
| Large Cap <br> Value<br>| Putnam VT Large Cap Value – Class IB<br> *Adviser:* Putnam Investment Management, LLC<br> *Sub-Adviser:* Franklin Advisers, Inc.; Franklin Templeton <br> Investment Management Limited<br>| 0.79% | 20.35% | 15.38% | 13.30% |
| Small Cap <br> Growth<br>| Putnam VT Small Cap Growth – Class IB<br> *Adviser:* Putnam Investment Management, LLC<br> *Sub-Adviser:* Franklin Advisers, Inc.; Franklin Templeton <br> Investment Management Limited<br>| 1.17% | 8.80% | 6.18% | 11.45% |
| Specialty-Sector | Rydex VIF Banking<br> *Adviser:* Security Investors, LLC<br>| 1.83% | 23.74% | 11.69% | 8.98% |
| Specialty-Sector | Rydex VIF Basic Materials<br> *Adviser:* Security Investors, LLC<br>| 1.83% | 32.89% | 9.42% | 11.58% |
| Specialty-Sector | Rydex VIF Biotechnology<br> *Adviser:* Security Investors, LLC<br>| 1.84% | 30.12% | 3.55% | 5.42% |
| Specialty-Sector | Rydex VIF Commodities Strategy<br> *Adviser:* Security Investors, LLC<br>| 1.96% | 4.89% | 12.80% | 4.76% |
| Specialty-Sector | Rydex VIF Consumer Products<br> *Adviser:* Security Investors, LLC<br>| 1.84% | -3.52% | 1.32% | 3.80% |
| Specialty | Rydex VIF Dow 2x Strategy<br> *Adviser:* Security Investors, LLC<br>| 1.95% | 19.49% | 14.77% | 18.17% |
| Specialty-Sector | Rydex VIF Electronics<br> *Adviser:* Security Investors, LLC<br>| 1.83% | 41.49% | 18.80% | 23.66% |
| Specialty-Sector | Rydex VIF Energy<br> *Adviser:* Security Investors, LLC<br>| 1.84% | 7.51% | 19.52% | 4.64% |
| Specialty-Sector | Rydex VIF Energy Services<br> *Adviser:* Security Investors, LLC<br>| 1.84% | 1.74% | 10.39% | -5.65% |
| International <br> Equity<br>| Rydex VIF Europe 1.25x Strategy<br> *Adviser:* Security Investors, LLC<br>| 1.97% | 36.46% | 10.40% | 7.59% |
| Specialty-Sector | Rydex VIF Financial Services<br> *Adviser:* Security Investors, LLC<br>| 1.88% | 10.76% | 11.31% | 9.88% |
| Government <br> Bond<br>| Rydex VIF Government Long Bond 1.2x Strategy<br> *Adviser:* Security Investors, LLC<br>| 1.51% | 1.67% | -13.64% | -3.35%  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** |
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **1 Year** | **5 Year** | **10 Year** |
| Specialty-Sector | Rydex VIF Health Care<br> *Adviser:* Security Investors, LLC<br>| 1.84% | 14.07% | 4.64% | 7.44% |
| High Yield Bond | Rydex VIF High Yield Strategy<br> *Adviser:* Security Investors, LLC<br>| 1.80% | 9.87% | 3.52% | 4.77% |
| Specialty-Sector | Rydex VIF Internet<br> *Adviser:* Security Investors, LLC<br>| 1.84% | 18.50% | 2.54% | 11.93% |
| Specialty | Rydex VIF Inverse Dow 2x Strategy<br> *Adviser:* Security Investors, LLC<br>| 1.94% | -20.69% | -18.02% | -25.05% |
| Specialty | Rydex VIF Inverse Government Long Bond Strategy<br> *Adviser:* Security Investors, LLC<br>| 5.82% | 1.85% | 12.87% | 1.41% |
| Specialty | Rydex VIF Inverse Mid-Cap Strategy<br> *Adviser:* Security Investors, LLC<br>| 2.03% | -5.11% | -7.51% | -10.94% |
| Specialty | Rydex VIF Inverse NASDAQ-100<sup>®</sup> Strategy<br> *Adviser:* Security Investors, LLC<br>| 1.98% | -16.18% | -13.53% | -17.67% |
| Specialty | Rydex VIF Inverse Russell 2000<sup>®</sup> Strategy<br> *Adviser:* Security Investors, LLC<br>| 1.98% | -9.58% | -6.24% | -11.19% |
| Specialty | Rydex VIF Inverse S&P 500 Strategy<br> *Adviser:* Security Investors, LLC<br>| 1.94% | -11.76% | -10.49% | -12.91% |
| International <br> Equity<br>| Rydex VIF Japan 2x Strategy<br> *Adviser:* Security Investors, LLC<br>| 1.73% | 51.54% | 0.16% | 9.51% |
| Specialty-Sector | Rydex VIF Leisure<br> *Adviser:* Security Investors, LLC<br>| 1.84% | 8.47% | 2.50% | 7.27% |
| Mid Cap Blend | Rydex VIF Mid-Cap 1.5x Strategy<br> *Adviser:* Security Investors, LLC<br>| 1.92% | 5.04% | 8.37% | 11.16% |
| Large Cap <br> Growth<br>| Rydex VIF NASDAQ-100<sup>®</sup><br> *Adviser:* Security Investors, LLC<br>| 1.83% | 19.04% | 13.32% | 17.60% |
| Large Cap <br> Growth<br>| Rydex VIF NASDAQ-100<sup>®</sup> 2x Strategy<br> *Adviser:* Security Investors, LLC<br>| 2.00% | 29.24% | 18.83% | 29.69% |
| Large Cap <br> Blend<br>| Rydex VIF Nova<br> *Adviser:* Security Investors, LLC<br>| 1.80% | 20.87% | 16.53% | 17.73% |
| Specialty-Sector | Rydex VIF Precious Metals<br> *Adviser:* Security Investors, LLC<br>| 1.73% | 147.37% | 17.52% | 21.08% |
| Specialty-Sector | Rydex VIF Real Estate<br> *Adviser:* Security Investors, LLC<br>| 1.83% | 2.88% | 3.02% | 4.00% |
| Specialty-Sector | Rydex VIF Retailing<br> *Adviser:* Security Investors, LLC<br>| 1.83% | 10.18% | 4.22% | 9.18% |
| Small Cap <br> Blend<br>| Rydex VIF Russell 2000<sup>®</sup> 1.5x Strategy<br> *Adviser:* Security Investors, LLC<br>| 1.99% | 12.47% | 3.43% | 9.25% |
| Small Cap <br> Blend<br>| Rydex VIF Russell 2000<sup>®</sup> 2x Strategy<br> *Adviser:* Security Investors, LLC<br>| 1.98% | 12.07% | 1.43% | 9.07%  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** |
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **1 Year** | **5 Year** | **10 Year** |
| Large Cap <br> Blend<br>| Rydex VIF S&P 500 2x Strategy<br> *Adviser:* Security Investors, LLC<br>| 2.00% | 25.28% | 19.77% | 21.33% |
| Large Cap <br> Growth<br>| Rydex VIF S&P 500 Pure Growth<br> *Adviser:* Security Investors, LLC<br>| 1.74% | 11.75% | 6.62% | 10.34% |
| Large Cap <br> Value<br>| Rydex VIF S&P 500 Pure Value<br> *Adviser:* Security Investors, LLC<br>| 1.74% | 16.02% | 12.00% | 8.64% |
| Mid Cap Growth | Rydex VIF S&P MidCap 400 Pure Growth<br> *Adviser:* Security Investors, LLC<br>| 1.74% | 7.18% | 4.39% | 6.85% |
| Mid Cap Value | Rydex VIF S&P MidCap 400 Pure Value<br> *Adviser:* Security Investors, LLC<br>| 1.74% | 6.12% | 12.00% | 10.60% |
| Small Cap <br> Growth<br>| Rydex VIF S&P SmallCap 600 Pure Growth<br> *Adviser:* Security Investors, LLC<br>| 1.74% | 8.59% | 2.89% | 6.53% |
| Small Cap <br> Value<br>| Rydex VIF S&P SmallCap 600 Pure Value<br> *Adviser:* Security Investors, LLC<br>| 1.74% | 6.77% | 12.03% | 7.65% |
| Specialty | Rydex VIF Strengthening Dollar 2x Strategy<br> *Adviser:* Security Investors, LLC<br>| 2.14% | -14.29% | 6.16% | 1.80% |
| Specialty-Sector | Rydex VIF Technology<br> *Adviser:* Security Investors, LLC<br>| 1.83% | 25.70% | 12.27% | 18.37% |
| Specialty-Sector | Rydex VIF Telecommunications<br> *Adviser:* Security Investors, LLC<br>| 1.83% | 31.13% | 5.45% | 6.64% |
| Specialty-Sector | Rydex VIF Transportation<br> *Adviser:* Security Investors, LLC<br>| 1.83% | 11.79% | 2.32% | 8.06% |
| Money Market | Rydex VIF U.S. Government Money Market<br> *Adviser:* Security Investors, LLC<br>| 1.49% | 2.84% | 2.22% | 1.26% |
| Specialty-Sector | Rydex VIF Utilities<br> *Adviser:* Security Investors, LLC<br>| 1.84% | 17.07% | 8.56% | 8.60% |
| Specialty | Rydex VIF Weakening Dollar 2x Strategy<br> *Adviser:* Security Investors, LLC<br>| 2.14% | 18.97% | -5.72% | -2.86% |
| Large Cap <br> Growth<br>| T. Rowe Price Blue Chip Growth – Class II<br> *Adviser:* T. Rowe Price Associates, Inc.<br>| 1.00% | 18.43% | 11.41% | 15.25% |
| Large Cap <br> Value<br>| T. Rowe Price Equity Income – Class II<br> *Adviser:* T. Rowe Price Associates, Inc.<br>| 0.99% | 14.07% | 10.89% | 10.24% |
| Specialty-Sector | T. Rowe Price Health Sciences – Class II<br> *Adviser:* T. Rowe Price Associates, Inc.<br>| 1.11% | 17.80% | 3.86% | 8.70% |
| Short Term <br> Bond<br>| T. Rowe Price Limited-Term Bond – Class II<br> *Adviser:* T. Rowe Price Associates, Inc.<br>| 0.85% | 5.46% | 1.91% | 2.09% |
| Emerging <br> Markets<br>| Templeton Emerging Markets VIP Fund – Class 2<br> *Adviser:* Templeton Asset Management Ltd<br> *Sub-Adviser:* Franklin Templeton Investment <br> Management Limited<br>| 1.37% | 46.27% | 5.46% | 10.40%  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** |
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **1 Year** | **5 Year** | **10 Year** |
| International <br> Equity<br>| Templeton Foreign VIP Fund – Class 2<br> *Adviser:* Templeton Investment Counsel, LLC<br>| 1.09% | 29.19% | 8.25% | 5.75% |
| Global Bond | Templeton Global Bond VIP Fund – Class 2<br> *Adviser:* Franklin Advisers, Inc.<br>| 0.78% | 15.73% | -0.96% | -0.15% |
| Global Equity | Templeton Growth VIP Fund – Class 2<br> *Adviser:* Templeton Global Advisors Limited<br>| 1.19% | 23.83% | 7.95% | 7.04% |
| World Large <br> Stock<br>| Third Avenue Value<br> *Adviser:* Third Avenue Management LLC<br>| 1.38% | 34.85% | 17.68% | 9.66% |
| Balanced/Asset <br> Allocation<br>| TOPS<sup>®</sup> Aggressive ETF – Investor Class<br> *Adviser:* ValMark Advisers, Inc.<br> *Sub-Adviser:* Milliman Financial Risk Management LLC<br>| 0.79% | 18.53% | 9.15% | 9.99% |
| Balanced/Asset <br> Allocation<br>| TOPS<sup>®</sup> Balanced ETF – Investor Class<br> *Adviser:* ValMark Advisers, Inc.<br> *Sub-Adviser:* Milliman Financial Risk Management LLC<br>| 0.79% | 12.59% | 5.26% | 6.10% |
| Balanced/Asset <br> Allocation<br>| TOPS<sup>®</sup> Conservative ETF – Investor Class<br> *Adviser:* ValMark Advisers, Inc.<br> *Sub-Adviser:* Milliman Financial Risk Management LLC<br>| 0.81% | 9.76% | 4.09% | 4.77% |
| Balanced/Asset <br> Allocation<br>| TOPS<sup>®</sup> Managed Risk Balanced ETF – Investor Class<br> *Adviser:* ValMark Advisers, Inc.<br> *Sub-Adviser:* Milliman Financial Risk Management LLC<br>| 1.01% | 7.85% | -1.85% | 1.85% |
| Balanced/Asset <br> Allocation<br>| TOPS<sup>®</sup> Managed Risk Moderate ETF – Investor Class<br> *Adviser:* ValMark Advisers, Inc.<br> *Sub-Adviser:* Milliman Financial Risk Management LLC<br>| 1.00% | 10.50% | 3.15% | 4.73% |
| Balanced/Asset <br> Allocation<br>| TOPS<sup>®</sup> Managed Risk Moderately Aggressive ETF – <br> Investor Class<br> *Adviser:* ValMark Advisers, Inc.<br> *Sub-Adviser:* Milliman Financial Risk Management LLC<br>| 1.00% | 11.58% | 5.25% | 5.93% |
| Balanced/Asset <br> Allocation<br>| TOPS<sup>®</sup> Moderate ETF – Investor Class<br> *Adviser:* ValMark Advisers, Inc.<br> *Sub-Adviser:* Milliman Financial Risk Management LLC<br>| 0.78% | 14.87% | 6.66% | 7.63% |
| Balanced/Asset <br> Allocation<br>| TOPS<sup>®</sup> Moderately Aggressive ETF – Investor Class<br> *Adviser:* ValMark Advisers, Inc.<br> *Sub-Adviser:* Milliman Financial Risk Management LLC<br>| 0.79% | 17.74% | 8.30% | 9.12% |
| Specialty-Sector | VanEck VIP Global Gold – Class S<br> *Adviser:* Van Eck Associates Corporation<br>| 1.47% | 164.43% | 20.00% | 20.89% |
| Specialty-Sector | VanEck VIP Global Resources – Class S<br> *Adviser:* Van Eck Associates Corporation<br>| 1.32% | 36.17% | 10.24% | 8.06% |
| Balanced/Asset <br> Allocation<br>| Vanguard<sup>®</sup> VIF Balanced<br> *Adviser:* Wellington Management Company LLP<br>| 0.20% | 16.46% | 9.29% | 10.03% |
| Large Cap <br> Growth<br>| Vanguard<sup>®</sup> VIF Capital Growth<br> *Adviser:* PRIMECAP Management Company<br>| 0.34% | 28.98% | 13.97% | 14.96% |
| Asset <br> Allocation/<br> Lifestyle<br>| Vanguard<sup>®</sup> VIF Conservative Allocation<br> *Adviser:* The Vanguard Group, Inc.<br>| 0.12% | 12.73% | 4.22% | 6.14%  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** |
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **1 Year** | **5 Year** | **10 Year** |
| Large Cap <br> Value<br>| Vanguard<sup>®</sup> VIF Diversified Value<br> *Adviser:* Hotchkis and Wiley Capital Management, LLC; <br> Aristotle Capital Management, LLC; Harris Associates <br> L.P.<br>| 0.28% | 16.83% | 13.24% | 11.76% |
| Large Cap <br> Value<br>| Vanguard<sup>®</sup> VIF Equity Income<br> *Adviser:* Wellington Management Company LLP; The <br> Vanguard Group, Inc.<br>| 0.29% | 16.80% | 12.59% | 11.52% |
| Large Cap <br> Blend<br>| Vanguard<sup>®</sup> VIF Equity Index<br> *Adviser:* The Vanguard Group, Inc.<br>| 0.14% | 17.70% | 14.27% | 14.66% |
| Global Bond | Vanguard<sup>®</sup> VIF Global Bond Index<br> *Adviser:* The Vanguard Group, Inc.<br>| 0.13% | 5.69% | -0.41% | N/A |
| Large Cap <br> Growth<br>| Vanguard<sup>®</sup> VIF Growth<br> *Adviser:* Wellington Management Company LLP<br>| 0.36% | 16.89% | 11.36% | 15.58% |
| High Yield Bond | Vanguard<sup>®</sup> VIF High Yield Bond<br> *Adviser:* Wellington Management Company LLP; The <br> Vanguard Group, Inc.<br>| 0.24% | 9.18% | 4.05% | 5.62% |
| International <br> Equity<br>| Vanguard<sup>®</sup> VIF International<br> *Adviser:* Baillie Gifford Overseas Ltd; Schroder <br> Investment Management North America Inc.<br>| 0.32% | 19.97% | 0.62% | 10.48% |
| Mid Cap Blend | Vanguard<sup>®</sup> VIF Mid-Cap Index<br> *Adviser:* The Vanguard Group, Inc.<br>| 0.17% | 11.54% | 8.46% | 10.77% |
| Asset <br> Allocation/<br> Lifestyle<br>| Vanguard<sup>®</sup> VIF Moderate Allocation<br> *Adviser:* The Vanguard Group, Inc.<br>| 0.12% | 16.19% | 6.51% | 8.14% |
| Specialty-Sector | Vanguard<sup>®</sup> VIF Real Estate Index<br> *Adviser:* The Vanguard Group, Inc.<br>| 0.26% | 3.11% | 4.51% | 5.08% |
| Short Term <br> Bond<br>| Vanguard<sup>®</sup> VIF Short Term Investment Grade<br> *Adviser:* The Vanguard Group, Inc.<br>| 0.14% | 6.85% | 2.23% | 2.81% |
| Small Cap <br> Growth<br>| Vanguard<sup>®</sup> VIF Small Company Growth<sup>2</sup> <br>*Adviser:* ArrowMark Colorado Holdings, LLC<br>| 0.29% | 6.11% | 3.81% | 9.61% |
| Intermediate <br> Term Bond<br>| Vanguard<sup>®</sup> VIF Total Bond Market Index<br> *Adviser:* The Vanguard Group, Inc.<br>| 0.14% | 6.94% | -0.51% | 1.90% |
| International <br> Equity<br>| Vanguard<sup>®</sup> VIF Total International Stock Market Index<br> *Adviser:* The Vanguard Group, Inc.<br>| 0.09% | 32.04% | 7.88% | N/A |
| Large Cap <br> Blend<br>| Vanguard<sup>®</sup> VIF Total Stock Market Index<br> *Adviser:* The Vanguard Group, Inc.<br>| 0.13% | 16.93% | 12.98% | 14.10% |
| Intermediate <br> Term Bond<br>| Victory Pioneer Bond VCT – Class II<br> *Adviser:* Victory Capital Management Inc.<br>| 1.17% | 8.88% | 0.51% | 2.59% |
| Large Cap <br> Value<br>| Victory Pioneer Equity Income VCT - Class II<br> *Adviser:* Victory Capital Management Inc.<br>| 1.05% | 11.14% | 8.81% | 9.11% |
| High Yield Bond | Victory Pioneer High Yield VCT - Class II<br> *Adviser:* Victory Capital Management Inc.<br>| 1.36% | 7.92% | 3.95% | 5.16%  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** |
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **1 Year** | **5 Year** | **10 Year** |
| Multi-Sector <br> Bond<br>| Victory Pioneer Strategic Income VCT - Class II<br> *Adviser:* Victory Capital Management Inc.<br>| 1.96% | 10.85% | 1.99% | 3.64% |
| Specialty-Sector | Virtus Duff & Phelps Real Estate Securities Series – <br> Class A<br> *Adviser:* Virtus Investment Advisers, LLC<br> *Sub-Adviser:* Duff & Phelps Investment Management Co.<br>| 1.19% | 0.72% | 6.06% | 5.95% |
| Small Cap <br> Growth<br>| Virtus KAR Small-Cap Growth Series – Class A<br> *Adviser:* Virtus Investment Advisers, LLC<br> *Sub-Adviser:* Kayne Anderson Rudnick Investment <br> Management LLC<br>| 1.33% | -22.62% | -5.76% | 11.33% |
| Multi-Sector <br> Bond<br>| Virtus Newfleet Multi-Sector Intermediate Bond Series – <br> Class A<br> *Adviser:* Virtus Investment Advisers, LLC<br> *Sub-Adviser:* Newfleet Asset Management<br>| 0.98% | 7.58% | 2.52% | 4.23% |
| International <br> Equity<br>| Virtus SGA International Growth Series – Class A<br> *Adviser:* Virtus Investment Advisers, LLC<br> *Sub-Adviser:* Sustainable Growth Advisers, LP<br>| 1.21% | 9.26% | 1.42% | 4.10% |
| Balanced/Asset <br> Allocation<br>| Virtus Tactical Allocation Series – Class A<br> *Adviser:* Virtus Investment Advisers, LLC<br> *Sub-Adviser:* Kayne Anderson Rudnick Investment <br> Management, LLC<br>| 1.07% | 6.79% | 2.09% | 7.77% |
| Mid Cap Growth | Voya MidCap Opportunities Portfolio – Class S2<br> *Adviser:* Voya Investments, LLC<br> *Sub-Adviser:* Voya Investment Management Co. LLC<br>| 1.47% | 3.49% | 4.14% | 10.53% |
| Specialty-Sector | VY<sup>®</sup> CBRE Global Real Estate Portfolio – Class S2<br> *Adviser:* Voya Investments, LLC<br> *Sub-Adviser:* CBRE Investment Management Listed Real <br> Assets, LLC<br>| 1.52% | 6.35% | 3.60% | 3.57% |
| Specialty-Sector | VY<sup>®</sup> Columbia Real Estate Portfolio – Class S2<br> *Adviser:* Voya Investments, LLC<br> *Sub-Adviser:* Columbia Management Investment <br> Advisers, LLC<br>| 1.40% | -0.10% | 5.51% | 4.64% |
| High Yield Bond | Western Asset Variable Global High Yield Bond – Class <br> II<br> *Adviser:* Franklin Templeton Fund Adviser, LLC<br> *Sub-Adviser:* Western Asset Management Company, <br> LLC; Western Asset Management Company Limited <br> (London); Western Asset Management Company Pte. <br> Ltd. (Singapore)<br>| 1.06% | 9.95% | 2.34% | 5.09% |
| 1<br> Certain Investment Portfolios and their investment advisers have entered into temporary expense reimbursement and/or fee waivers. Please <br> see the Investment Portfolios' prospectuses for additional information regarding these arrangements | 1<br> Certain Investment Portfolios and their investment advisers have entered into temporary expense reimbursement and/or fee waivers. Please <br> see the Investment Portfolios' prospectuses for additional information regarding these arrangements | 1<br> Certain Investment Portfolios and their investment advisers have entered into temporary expense reimbursement and/or fee waivers. Please <br> see the Investment Portfolios' prospectuses for additional information regarding these arrangements | 1<br> Certain Investment Portfolios and their investment advisers have entered into temporary expense reimbursement and/or fee waivers. Please <br> see the Investment Portfolios' prospectuses for additional information regarding these arrangements | 1<br> Certain Investment Portfolios and their investment advisers have entered into temporary expense reimbursement and/or fee waivers. Please <br> see the Investment Portfolios' prospectuses for additional information regarding these arrangements | 1<br> Certain Investment Portfolios and their investment advisers have entered into temporary expense reimbursement and/or fee waivers. Please <br> see the Investment Portfolios' prospectuses for additional information regarding these arrangements |
| 2<br> This fund is no longer available for new transfers. | 2<br> This fund is no longer available for new transfers. | 2<br> This fund is no longer available for new transfers. | 2<br> This fund is no longer available for new transfers. | 2<br> This fund is no longer available for new transfers. | 2<br> This fund is no longer available for new transfers. |

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**Optional Rider Investment Restrictions**

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The optional rider is not subject to investment restrictions.

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The Statement of Additional Information (SAI) contains additional information about the Contract, us, and the Separate Account, including financial statements. The SAI is dated the same date as this Prospectus and the SAI is incorporated by reference into this Prospectus. You may request a free copy of the SAI or submit inquiries about the Contract by writing the Company at its Administrative Office, P.O. Box 750497, Topeka, KS 66675-0497, by calling 1-800-888-2461 or by visiting us online at https://vpx.broadridge.com/GetContract1.asp?doctype=pros&cid=sblife&fid=NRVA30032.

You may also obtain reports and other information about the Separate Account on the SEC's website at www.sec.gov, and copies of this information may be obtained, upon payment of a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov.

EDGAR Contract Identifier C000098565

------

![](g61095cover_1.jpg)

**Prospectus** 

May 1, 2026

ELITEDESIGNS<sup>®</sup> II VARIABLE ANNUITY

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Important Privacy <br> Notice Included<br>

Variable annuity contracts issued by

Security Benefit Life Insurance Company

and offered by Security Distributors, LLC

32-69150-10 2026/05/01

**6915J (COMM)**

------

**ELITEDESIGNS**<sup>®</sup> **II VARIABLE ANNUITY** 

**Individual Flexible Purchase Payment Deferred Variable Annuity Contract** 

**SBL Variable Annuity Account XIV**

---

| | |
|:---|:---|
| **Issued By:** | **Mailing Address:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Benefit Life Insurance Company** <br> **One Security Benefit Place**<br> **Topeka, Kansas 66636-0001**<br> **1-800-888-2461**<br> **www.securitybenefit.com**<br>| **Security Benefit Life Insurance Company**<br> **P.O. Box 750497**<br> **Topeka, Kansas 66675-0497**<br>|

---

------

This Prospectus describes the EliteDesigns II Variable Annuity—an Individual Flexible Purchase Payment Deferred Variable Annuity Contract (the "Contract") offered by Security Benefit Life Insurance Company (the "Company"). The Contract is available for individuals as a non-tax qualified contract. The Contract is also available for individuals in connection with a retirement plan qualified under Section 408 or 408A of the Internal Revenue Code. The Contract may be available through third-party financial intermediaries who charge an advisory fee for their services. This fee is in addition to Contract fees and expenses. If you elect to pay the advisory fee from your Contract Value, then this deduction will reduce death benefits and other guaranteed benefits, perhaps significantly, and may be subject to federal and state income taxes and a 10% federal penalty tax. The Contract is designed to give you flexibility in planning for retirement and other financial goals. This Prospectus is used with both prospective purchasers and current Owners.

The Contract is a complex investment and involves risks, including potential loss of principal. The Contract is not a short-term investment and is not appropriate for an investor who needs ready access to cash. Withdrawals could result in surrender charges, taxes, and tax penalties.

You may allocate your Purchase Payments and Contract Value to one or more of the Subaccounts that comprise a separate account of the Company, called SBL Variable Annuity Account XIV (the "Separate Account"). Each Subaccount invests in a corresponding mutual fund (each, an "Underlying Fund"). More information about the Underlying Funds currently available under the Contract is available in Appendix A to this Prospectus (entitled "Investment Options Available Under the Contract").

This Prospectus sets forth information about the Contract and the Separate Account that you should know before purchasing the Contract. Our obligations under the Contract are subject to our financial strength and claims-paying ability. This Prospectus should be kept for future reference. **Additional information about certain investment products, including variable annuities, has been prepared by the Securities and Exchange Commission's staff and is available at Investor.gov.** 

**If you are a new investor in the Contract, you may cancel your Contract within 10 days of receiving it without paying fees or penalties. In some states, this cancellation period may be longer. Upon cancellation, you will receive either a full refund of the amount you paid with your application or your total Contract Value. You should review this Prospectus, or consult with your investment professional, for additional information about the specific cancellation terms that apply.** 

---

| |
|:---|
| **The Securities and Exchange Commission ("SEC") has not approved or disapproved these securities or** <br> **determined if this Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.**<br>|
| **The Contract is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance** <br> **Corporation or any other government agency. The value of your Contract can go up and down and you could** <br> **lose money.**<br>|
| **Date: May 1, 2026** |

---

6915J (COMM)

Protected by U.S. Patent No. 7,251,623 B1.

32-69150-10 2026/05/01

------

**Table of Contents**

------

---

| | |
|:---|:---|
|  | Page |
| **Definitions** | **4** |
| **[Overview of the Contract](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_2)** | **5** |
| [Purpose of the Contract](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_2) | 5 |
| [Phases of the Contract](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_2) | 5 |
| [Contract Features](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_3) | 6 |
| [Additional Services](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_3) | 6 |
| **[Important Information You Should](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_3)**<br> **[Consider About the Contract](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_3)**<br>| **6** |
| **[Fee Table](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_6)** | **9** |
| [Transaction Expenses](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_6) | 9 |
| [Annual Contract Expenses](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_6) | 9 |
| [Annual Underlying Fund Expenses](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_7) | 10 |
| [Examples](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_7) | 10 |
| **[Principal Risks of Investing in the](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_7)**<br> **[Contract](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_7)**<br>| **10** |
| [Risk of Investment Loss](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_7) | 10 |
| [Short-Term Investment Risk/Withdrawal Risk](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_7) | 10 |
| [Subaccount Risk](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_7) | 10 |
| [Managed Volatility Fund Risk](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_8) | 11 |
| [Purchase Payment Risk](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_8) | 11 |
| [Financial Strength and Claims-Paying Ability](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_8)<br> [Risk](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_8)<br>| 11 |
| [Business Disruption and Cybersecurity Risk](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_8) | 11 |
| [Tax Consequences Risk](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_8) | 11 |
| [Advisory Fee Deduction Risk](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_8) | 11 |
| [Contract Changes Risk](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_8) | 11 |
| **[Information About the Company, the](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_8)**<br> **[Separate Account, and the](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_8)**<br> **[Underlying Funds](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_8)**<br>| **11** |
| [Security Benefit Life Insurance Company](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_8) | 11 |
| [Published Ratings](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_9) | 12 |
| [Separate Account](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_9) | 12 |
| [Underlying Funds](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_10) | 13 |
| [Services and Administration](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_11) | 14 |
| **[Charges and Deductions](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_12)** | **15** |
| <u>[Transaction Expenses](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_12)</u> | 15 |
| [Premium Tax Charge](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_12) | 15 |
| [Deduction of Advisory Fees](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_12) | 15 |
| <u>[Annual Contract Expenses](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_12)</u> | 15 |
| [Mortality and Expense Risk Charge](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_12) | 15 |
| [Administration Charge](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_13) | 16 |
| [Other Charges](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_14) | 17 |
| [Variations in Charges](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_14) | 17 |
| [Return of Premium Death Benefit Rider](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_14)<br> [Charge](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_14)<br>| 17 |

---

---

| | |
|:---|:---|
|  | Page |
| [Underlying Fund Expenses](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_14) | 17 |
| [Payment of Compensation](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_14) | 17 |
| **[The Contract](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_14)** | **17** |
| [General](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_14) | 17 |
| [Important Information About Your Benefits](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_15)<br> [Under the Contract](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_15)<br>| 18 |
| [Application for a Contract](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_15) | 18 |
| [Purchase Payments](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_15) | 18 |
| [Allocation of Purchase Payments](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_16) | 19 |
| [Dollar Cost Averaging Option](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_18) | 21 |
| [Asset Reallocation Option](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_18) | 21 |
| [Transfers of Contract Value](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_19) | 22 |
| [Contract Value](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_25) | 28 |
| [Determination of Contract Value](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_25) | 28 |
| [Cut-Off Times](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_26) | 29 |
| [Full and Partial Withdrawals](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_27) | 30 |
| [Withdrawals to Pay Advisory Fees](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_27) | 30 |
| [Systematic Withdrawals](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_28) | 31 |
| [Free-Look Right](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_28) | 31 |
| [Death Benefit](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_28) | 31 |
| [Distribution Requirements](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_30) | 33 |
| [Death of the Annuitant](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_30) | 33 |
| **[Benefits Under the Contract](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_30)** | **33** |
| [Return of Premium Death Benefit](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_32) | 35 |
| **[Annuity Period](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_33)** | **36** |
| [General](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_33) | 36 |
| [Annuity Options](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_34) | 37 |
| [Selection of an Option](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_36) | 39 |
| **[More About the Contract](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_36)** | **39** |
| [Ownership](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_36) | 39 |
| [Designation and Change of Beneficiary](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_36) | 39 |
| [Dividends](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_36) | 39 |
| [Payments from the Separate Account](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_37) | 40 |
| [Proof of Age and Survival](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_37) | 40 |
| [Misstatements](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_37) | 40 |
| [Business Disruption and Cybersecurity Risks](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_37) | 40 |
| [Restrictions on Withdrawals from Qualified](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_38)<br> [Plans](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_38)<br>| 41 |
| [Restrictions under the Texas Optional](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_38)<br> [Retirement Program](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_38)<br>| 41 |
| **[Federal Tax Matters](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_38)** | **41** |
| [Introduction](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_38) | 41 |
| [Tax Status of the Company and the Separate](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_39)<br> [Account](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_39)<br>| 42 |
| [Income Taxation of Annuities in](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_40)<br> [General](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_40)[—](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_40)[Non-Qualified Contracts](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_40)<br>| 43  |

---

------

---

| | |
|:---|:---|
|  | Page |
| [Additional Considerations](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_41) | 44 |
| [Qualified Contracts](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_41) | 44 |
| [Other Tax Considerations](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_44) | 47 |
| **[Other Information](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_45)** | **48** |
| [Voting of Underlying Fund Shares](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_45) | 48 |
| [Changes to Investments](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_45) | 48 |
| [Changes to Comply with Law and](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_46)<br> [Amendments](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_46)<br>| 49 |
| [Reports to Owners](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_46) | 49 |
| [Electronic Privileges](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_46) | 49 |
| [State Variations](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_47) | 50 |
| [Legal Proceedings](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_47) | 50 |

---

---

| | |
|:---|:---|
|  | Page |
| [Legal Matters](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_47) | 50 |
| [Sale of the Contract](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_47) | 50 |
| **[Additional Information](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_48)** | **51** |
| [Registration Statement](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_48) | 51 |
| [Financial Statements](#xx_fe1cc315-182f-4ed0-b976-0c134b6740ac_48) | 51 |
| **[Appendix A](#xx_2961d141-9849-45e9-abfb-54c438cd2e0f_1)[–](#xx_2961d141-9849-45e9-abfb-54c438cd2e0f_1)** [Investment Options Available](#xx_2961d141-9849-45e9-abfb-54c438cd2e0f_1)<br> [Under the Contract and Optional Rider](#xx_2961d141-9849-45e9-abfb-54c438cd2e0f_1)<br> [Investment Restrictions](#xx_2961d141-9849-45e9-abfb-54c438cd2e0f_1)<br>| A-1 |
| [Underlying Funds](#xx_2961d141-9849-45e9-abfb-54c438cd2e0f_1) | A-1 |

---

------

**Definitions**

------

Various terms commonly used in this Prospectus are defined as follows:

**Accumulation Unit —** A unit of measure used to calculate Contract Value.

**Administrative Office —** Security Benefit Life Insurance Company, P.O. Box 750497, Topeka, Kansas 66675-0497.

**Annuitant —** The person that you designate on whose life annuity payments may be determined. If you designate Joint Annuitants, "Annuitant" means both Annuitants unless otherwise stated.

**Annuity ("annuity") —** A series of periodic income payments made by the Company to an Annuitant, Joint Annuitant, or Designated Beneficiary during the period specified in the Annuity Options.

**Annuity Options —** Options under the Contract that prescribe the provisions under which a series of annuity payments are made.

**Annuity Period —** The period beginning on the Annuity Start Date during which annuity payments are made.

**Annuity Start Date —** The date when annuity payments begin.

**Annuity Unit —** A unit of measure used to calculate variable annuity payments under Annuity Options 1 through 4, 7 and 8.

**Automatic Investment Program —** A program pursuant to which Purchase Payments are automatically paid from your bank account on a specified day of each month or a salary reduction agreement.

**Company —** Security Benefit Life Insurance Company. The Company is also identified herein as "we," "our," or "us."

**Contract —** The flexible purchase payment deferred variable annuity contract described in this Prospectus.

**Contract Date —** The date the Contract begins as shown in your Contract. Contract anniversaries are measured from the Contract Date. The Contract Date is usually the date that the initial Purchase Payment is credited to the Contract.

**Contract Value —** The total value of your Contract as of any Valuation Date.

**Contract Year —** Each twelve-month period measured from the Contract Date.

**Designated Beneficiary —** The person having the right to the death benefit, if any, payable upon the death of the Owner or Joint Owner prior to the Annuity Start Date.

**General Account —** All assets of the Company other than those allocated to the Separate Account or to any other separate account of the Company.

**Internal Revenue Code or the Code —** The Internal Revenue Code of 1986, as amended.

**Investment Options —** The Subaccounts .

**Owner —** The person entitled to the ownership rights under the Contract and in whose name the Contract is issued.

**Purchase Payment —** An amount initially paid to the Company as consideration for the Contract and any subsequent amounts paid to the Company under the Contract.

------

**Separate Account —** SBL Variable Annuity Account XIV, a separate account of the Company that consists of accounts, referred to as Subaccounts, each of which invests in a corresponding Underlying Fund.

**Subaccount —** A division of the Separate Account which invests in a corresponding Underlying Fund.

**Underlying Fund —** A mutual fund or series thereof that serves as an investment vehicle for its corresponding Subaccount.

**Valuation Date —** Each date on which the Separate Account is valued, which currently includes each day that the New York Stock Exchange is open for trading. Each Valuation Date closes at the end of regular trading on the New York Stock Exchange (normally, 3:00 p.m. Central time). The New York Stock Exchange is scheduled to be closed on weekends and on the following holidays: New Year's Day, Martin Luther King, Jr. Day, Washington's Birthday, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas Day.

**Valuation Period —** A period used in measuring the investment experience of each Subaccount of the Separate Account. The Valuation Period begins at the close of one Valuation Date and ends at the close of the next Valuation Date.

**Withdrawal Value —** The amount you will receive upon full withdrawal of the Contract. It is equal to Contract Value less any uncollected premium taxes. The Withdrawal Value during the Annuity Period for variable annuity payments (or a combination of variable and fixed annuity payments) under Annuity Option 7 is the present value of future annuity payments commuted at the assumed interest rate, less any uncollected premium taxes.

**Overview of the Contract**

------

**Purpose of the Contract —** The Contract is a variable annuity contract. It is designed for retirement planning purposes. You make investments in the Contract's investment options during the accumulation phase. The value of your investments is used to calculate your benefits under the Contract. At the end of the accumulation phase, we use that accumulated value to calculate the payments that we make during the annuity phase. These payments can provide or supplement your retirement income. Generally speaking, the longer your accumulation phase, the greater your accumulated value may be for setting your benefits and annuity payouts. The Contract also includes a death benefit to help financially protect your Designated Beneficiary.

This Contract may be appropriate for you if you have a long investment time horizon. This Contract is not intended for people who may need to make early or frequent withdrawals or who intend to engage in frequent trading in the Subaccounts that are available under the Contract. Because of the possibility of income tax and tax penalties on early withdrawals, the Contract should not be viewed as an investment vehicle offering low cost liquidity. Your financial goal in acquiring the Contract should focus on a long-term insurance product, offering the prospect of investment growth.

**Phases of the Contract —** The contract has two phases: (1) an accumulation phase (for savings) and (2) an annuity (payout) phase (for income).

**Accumulation Phase.** During the accumulation phase, earnings accumulate on a tax-deferred basis and are taxed as income when you make a withdrawal. To accumulate value during the accumulation phase, you invest your Purchase Payments and earnings in the Subaccounts that are available under the Contract, which, in turn, invest in Underlying Funds with different investment strategies, objectives, and risk/reward profiles. You may allocate all or part of your Purchase Payments and Contract Value to the Subaccounts. Amounts that you allocate to a Subaccount will increase or decrease in dollar value depending in part on the investment performance of the Underlying Fund in which such Subaccount invests.

**Additional information about the Underlying Funds currently available under the Contract is provided in Appendix A: Investment Options Available Under the Contract.**

**Annuity (Payout) Phase.** The Annuity phase occurs after the Annuity Start Date and is when you or a designated payee begin receiving regular Annuity payments from your Contract. The Contract provides several Annuity Options. You should carefully review the Annuity Options with your financial or tax adviser. The payments may be fixed or variable or a combination of both. Variable payments will vary based on the performance of the Subaccounts you select. We may make other Annuity Options available upon request. We may also discontinue the availability of one or more of these options at any time.

------

Please note that if you annuitize, your investments will be converted to income payments and you generally will no longer be able to withdraw money at will from your Contract. However, under Annuity Options 5, 6 and 7 (and only if the Owner has elected variable annuity payments under Annuity Option 7), withdrawals (other than systematic withdrawals or withdrawals to pay investment advisory fees) are permitted after the Annuity Start Date. The Return of Premium Death Benefit terminates upon annuitization. The Company will continue to deduct the monthly Return of Premium Death Benefit Rider charge if you elect Annuity Option 5 or 6.

**Contract Features —**

**Accessing Your Money.** Before your Contract is annuitized, you can withdraw money from your Contract at any time. If you take a withdrawal, you may have to pay income taxes, including a tax penalty, if you are younger than age 59½.

**Tax Treatment.** You can transfer money between investment options without tax implications, and earnings (if any) on your investments are generally tax-deferred. You are taxed only upon: (1) making a withdrawal; (2) surrender of the Contract; (3) receiving a payment from us; or (4) payment of a death benefit.

**Death Benefit.** The Contract includes a standard death benefit equal to the Contract Value reduced by any uncollected premium tax. If you purchased the optional rider that provides an enhanced death benefit, you have the opportunity to leave your beneficiary a death benefit greater than the standard death benefit.

**Return of Premium Death Benefit.** For an additional cost, under this rider, we will pay an enhanced death benefit upon the death of the Owner or any Joint Owner prior to the Annuity Start Date.

**Advisory Fees.** Deductions from your Contract Value to pay third-party advisory fees are treated as withdrawals under the Contract, but the deduction of advisory fees will not count toward the annual free withdrawal amount. If you elect to pay advisory fees from your Contract Value, then the deduction will reduce the death benefits, perhaps significantly, and may be subject to federal and state income taxes and a 10% federal penalty tax.

**Additional Services —** We offer several additional services:

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

**Dollar Cost Averaging.** You direct us to systematically transfer Contract Value among the Subaccounts on a monthly, quarterly, semiannual, or annual basis.

**Asset Reallocation Option.** You direct us to automatically reallocate your Contract Value to return to your original percentage investment allocations on a periodic basis.

**Automatic Investment Program.** Purchase Payments are automatically paid from your bank account on a specified day each month or pursuant to a salary reduction agreement.

**Systematic Withdrawals.** You receive regular automatic withdrawals from your Contract, on a monthly, quarterly, annual or semi-annual basis, provided that each payment must amount to at least $100 (unless we consent otherwise).

**Important Information You Should Consider About the Contract**

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| **FEES, EXPENSES, AND ADJUSTMENTS** | **Location in Prospectus** |

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| **Are There** <br> **Charges or** <br> **Adjustments for** <br> **Early** <br> **Withdrawals?**<br>| **No.** The Company does not assess a withdrawal charge on full or partial <br> withdrawals. | **Fee Table**<br> **Fee Table – Examples**<br> **Charges and Deductions**<br>|

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| **Are There** <br> **Transaction** <br> **Charges?**<br>| **No.** There are no charges for other transactions. | **Not Applicable**  |

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| **FEES, EXPENSES, AND ADJUSTMENTS** | **Location in Prospectus** |

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| **Are There** <br> **Ongoing Fees** <br> **and Expenses?** | **Yes.** The table below describes the current fees and expenses of the Contract <br> that you may pay *each year*, depending on the Investment Options and optional <br> benefits you choose. The fees and expenses do not reflect any advisory fees <br> paid to financial intermediaries from your Contract Value or other assets. If <br> such charges were reflected, the fees and expenses would be higher. Please <br> refer to your Contract specifications page for information about the specific <br> fees you will pay each year based on the options you have elected. | **Yes.** The table below describes the current fees and expenses of the Contract <br> that you may pay *each year*, depending on the Investment Options and optional <br> benefits you choose. The fees and expenses do not reflect any advisory fees <br> paid to financial intermediaries from your Contract Value or other assets. If <br> such charges were reflected, the fees and expenses would be higher. Please <br> refer to your Contract specifications page for information about the specific <br> fees you will pay each year based on the options you have elected. | **Yes.** The table below describes the current fees and expenses of the Contract <br> that you may pay *each year*, depending on the Investment Options and optional <br> benefits you choose. The fees and expenses do not reflect any advisory fees <br> paid to financial intermediaries from your Contract Value or other assets. If <br> such charges were reflected, the fees and expenses would be higher. Please <br> refer to your Contract specifications page for information about the specific <br> fees you will pay each year based on the options you have elected. | **Fee Table**<br> **Fee Table – Examples**<br> **Charges and Deductions** <br> **– Mortality and Expense** <br> **Risk Charge**<br> **Charges and Deductions** <br> **– Return of Premium** <br> **Death Benefit Rider** <br> **Charge**<br> **Charges and Deductions** <br> **– Administration Charge**<br> **Appendix A – Underlying** <br> **Funds Available Under** <br> **the Contract** |
| **Are There** <br> **Ongoing Fees** <br> **and Expenses?** | **Annual Fee** | **Minimum** | **Maximum** | **Fee Table**<br> **Fee Table – Examples**<br> **Charges and Deductions** <br> **– Mortality and Expense** <br> **Risk Charge**<br> **Charges and Deductions** <br> **– Return of Premium** <br> **Death Benefit Rider** <br> **Charge**<br> **Charges and Deductions** <br> **– Administration Charge**<br> **Appendix A – Underlying** <br> **Funds Available Under** <br> **the Contract** |
| **Are There** <br> **Ongoing Fees** <br> **and Expenses?** | Base Contract<sup>1</sup>  | 1.25% | 1.45% | **Fee Table**<br> **Fee Table – Examples**<br> **Charges and Deductions** <br> **– Mortality and Expense** <br> **Risk Charge**<br> **Charges and Deductions** <br> **– Return of Premium** <br> **Death Benefit Rider** <br> **Charge**<br> **Charges and Deductions** <br> **– Administration Charge**<br> **Appendix A – Underlying** <br> **Funds Available Under** <br> **the Contract** |
| **Are There** <br> **Ongoing Fees** <br> **and Expenses?** | Investment options<sup>2</sup> <br>(Underlying Fund fees and expenses) | 0.09% | 5.82% | **Fee Table**<br> **Fee Table – Examples**<br> **Charges and Deductions** <br> **– Mortality and Expense** <br> **Risk Charge**<br> **Charges and Deductions** <br> **– Return of Premium** <br> **Death Benefit Rider** <br> **Charge**<br> **Charges and Deductions** <br> **– Administration Charge**<br> **Appendix A – Underlying** <br> **Funds Available Under** <br> **the Contract** |
| **Are There** <br> **Ongoing Fees** <br> **and Expenses?** | Optional benefit available for an additional charge<sup>3</sup>  | 0.35% | 0.35% | **Fee Table**<br> **Fee Table – Examples**<br> **Charges and Deductions** <br> **– Mortality and Expense** <br> **Risk Charge**<br> **Charges and Deductions** <br> **– Return of Premium** <br> **Death Benefit Rider** <br> **Charge**<br> **Charges and Deductions** <br> **– Administration Charge**<br> **Appendix A – Underlying** <br> **Funds Available Under** <br> **the Contract** |
| **Are There** <br> **Ongoing Fees** <br> **and Expenses?** | 1<br> As a percentage of Contract Value allocated to the Separate Account. The Base <br> Contract Expenses do not reflect any applicable Platform Charge, which is an annual <br> charge deducted from Contract Value invested in certain Subaccounts.<br>2<br> As a percentage of Underlying Fund average net assets.<br> 3<br> As a percentage of Contract Value. | 1<br> As a percentage of Contract Value allocated to the Separate Account. The Base <br> Contract Expenses do not reflect any applicable Platform Charge, which is an annual <br> charge deducted from Contract Value invested in certain Subaccounts.<br>2<br> As a percentage of Underlying Fund average net assets.<br> 3<br> As a percentage of Contract Value. | 1<br> As a percentage of Contract Value allocated to the Separate Account. The Base <br> Contract Expenses do not reflect any applicable Platform Charge, which is an annual <br> charge deducted from Contract Value invested in certain Subaccounts.<br>2<br> As a percentage of Underlying Fund average net assets.<br> 3<br> As a percentage of Contract Value. | **Fee Table**<br> **Fee Table – Examples**<br> **Charges and Deductions** <br> **– Mortality and Expense** <br> **Risk Charge**<br> **Charges and Deductions** <br> **– Return of Premium** <br> **Death Benefit Rider** <br> **Charge**<br> **Charges and Deductions** <br> **– Administration Charge**<br> **Appendix A – Underlying** <br> **Funds Available Under** <br> **the Contract** |

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| Because your Contract is customizable, the choices you make affect how much <br> you will pay. To help you understand the cost of owning your Contract, the <br> following table shows the lowest and highest cost you could pay *each year* <br> based on current charges. | Because your Contract is customizable, the choices you make affect how much <br> you will pay. To help you understand the cost of owning your Contract, the <br> following table shows the lowest and highest cost you could pay *each year* <br> based on current charges. |
| **Lowest Annual Cost: $1,227.40** | **Highest Annual Cost: $5,223.01** |
| Assumes:<br> <sup>●</sup>Investment of $100,000<br> <sup>●</sup>5% annual appreciation<br> <sup>●</sup>Least expensive combination of <br> Base Contract charge and <br> Underlying Fund fees and <br> expenses<br><sup>●</sup>No optional benefits<br> <sup>●</sup>No advisory fees<br> <sup>●</sup>No additional Purchase Payments, <br> transfers or withdrawals<br>| Assumes:<br> <sup>●</sup>Investment of $100,000<br> <sup>●</sup>5% annual appreciation<br> <sup>●</sup>Most expensive combination of Base <br> Contract charge, optional benefit and <br> Underlying Fund fees and expenses<br><sup>●</sup>No advisory fees<br> <sup>●</sup>No additional Purchase Payments, <br> transfers or withdrawals |

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**RISKS** **Location in Prospectus** 

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| **What are the** <br> **Risks Related to** <br> **the Insurance** <br> **Company?**<br>| An investment in the Contract is subject to the risks related to us, Security <br> Benefit Life Insurance Company. Any obligations, guarantees or benefits of the <br> Contract are subject to our claims-paying ability. If we experience financial <br> distress, we may not be able to meet our obligations to you. More information <br> about Security Benefit Life Insurance Company, including our financial strength <br> ratings, is available upon request by calling 1-800-888-2461 or visiting <br> www.securitybenefit.com.<br>| **Information About the** <br> **Company, the Separate** <br> **Account, and the** <br> **Underlying Funds –** <br> **Security Benefit Life** <br> **Insurance Company**<br>|

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**RESTRICTIONS** **Location in Prospectus** 

**TAXES** **Location in Prospectus** 

**CONFLICTS OF INTEREST** **Location in Prospectus** 

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|  | **CONFLICTS OF INTEREST** | **Location in Prospectus** |
| **Should I** <br> **Exchange my** <br> **Contract?**<br>| Some investment professionals may have a financial incentive to offer you a <br> new contract in place of the one you already own. You should only exchange a <br> contract you already own if you determine, after comparing the features, fees <br> and risks of both contracts, and any fees or penalties to terminate the existing <br> contract, that it is better for you to purchase the new contract rather than <br> continue to own your existing contract.<br>| **Additional** <br> **Compensation Paid to** <br> **Selected Selling** <br> **Broker-Dealers**<br>|

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**Fee Table**

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**The following tables describe the fees and expenses that you will pay when buying, owning, surrendering, or making withdrawals from an Investment Option or from the Contract. Please refer to your Contract specifications page for information about the specific fees you will pay each year based on the options you have elected.** 

**The first table describes the fees and expenses that you will pay at the time that you buy the Contract, surrender or make withdrawals from an Investment Option or from the Contract, or transfer Contract Value between Investment Options. State premium taxes may also be deducted. The fees and expenses do not reflect any advisory fees paid to financial intermediaries from your Contract Value or other assets. If such charges were reflected, the fees and expenses would be higher.**

**Transaction Expenses**

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|  | **Charge** |
| Sales Load Imposed on Purchase Payments | None |
| Surrender Charge (as a percentage of amount withdrawn attributable to Purchase Payments) | None |
| Transfer Processing Fee (per transfer) | None |

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**The next table describes the fees and expenses that you will pay *each year* during the time that you own the Contract (not including Underlying Fund fees and expenses). If you choose to purchase the optional rider, you will pay additional charges, as shown below.**

**Annual Contract Expenses**

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|:---|:---|
|  | **Charge** |
| Administrative Expenses |  |
| Base Contract Expenses (as a percentage of average Contract Value) | 1.85%<sup>1</sup> <br>|
| Optional Benefit Expenses – Return of Premium Death Benefit Rider Charge (as a percentage of <br> Contract Value)<br>| 0.35% |
| 1 This charge is comprised of both an annual mortality and expense risk charge and an annual administration charge. The administration charge <br> ranges from an annual rate of 0.25% to 0.65%, depending on the Subaccount, and is deducted daily. The mortality and expense risk charge is <br> 1.20% but is reduced to 1.00% for Contract Values of $500,000 or more. The minimum mortality and expense risk charge of 1.00% is deducted <br> daily. Any mortality and expense risk charge above the minimum charge is deducted from your Contract Value on a monthly basis. See the <br> discussion under "Mortality and Expense Risk Charge." During the Annuity Period, the Base Contract Expenses range from a minimum of <br> 0.55% to a maximum of 0.95%. The Base Contract Expenses in the table above do not reflect any applicable Platform Charge, which is an <br> annual charge of 0.45% deducted from Contract Value invested in certain Subaccounts. We reserve the right to apply a higher Base Contract <br> charge to new Subaccounts we add in the future. | 1 This charge is comprised of both an annual mortality and expense risk charge and an annual administration charge. The administration charge <br> ranges from an annual rate of 0.25% to 0.65%, depending on the Subaccount, and is deducted daily. The mortality and expense risk charge is <br> 1.20% but is reduced to 1.00% for Contract Values of $500,000 or more. The minimum mortality and expense risk charge of 1.00% is deducted <br> daily. Any mortality and expense risk charge above the minimum charge is deducted from your Contract Value on a monthly basis. See the <br> discussion under "Mortality and Expense Risk Charge." During the Annuity Period, the Base Contract Expenses range from a minimum of <br> 0.55% to a maximum of 0.95%. The Base Contract Expenses in the table above do not reflect any applicable Platform Charge, which is an <br> annual charge of 0.45% deducted from Contract Value invested in certain Subaccounts. We reserve the right to apply a higher Base Contract <br> charge to new Subaccounts we add in the future. |

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**The next table below shows the minimum and maximum total operating expenses charged by the Underlying Funds that you may pay periodically during the time that you own the Contract. Expenses shown may change over time and may be higher or lower in the future. These amounts include applicable Platform Charges if you choose to invest in certain Underlying Funds. A complete list of Underlying Funds available under the Contract, including their annual expenses, may be found in Appendix A to this Prospectus.** 

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**Annual Underlying Fund Expenses**

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|  | **Minimum** | **Maximum** |
| Annual Underlying Fund Expenses (expenses deducted from Underlying Fund assets include <br> management fees, distribution (12b-1) fees, service fees and other expenses)<br>| 0.09% | 5.82% |
| Net Annual Underlying Fund Expenses (after contractual waivers/reimbursements)<sup>1</sup> <br>| 0.09% | 5.67% |
| 1<br> Certain of the Underlying Funds have entered into contractual expense waiver or reimbursement arrangements that reduce fund expenses <br> during the period of the arrangement. These arrangements vary in length and are in place at least through April 30, 2027. | 1<br> Certain of the Underlying Funds have entered into contractual expense waiver or reimbursement arrangements that reduce fund expenses <br> during the period of the arrangement. These arrangements vary in length and are in place at least through April 30, 2027. | 1<br> Certain of the Underlying Funds have entered into contractual expense waiver or reimbursement arrangements that reduce fund expenses <br> during the period of the arrangement. These arrangements vary in length and are in place at least through April 30, 2027. |

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**Examples — These Examples are intended to help you compare the cost of investing in the Subaccounts with the cost of investing in other annuity contracts that offer Variable Options. These costs include transaction expenses, Annual Contract Expenses and annual Underlying Fund fees and expenses but do not include state premium taxes, which may be applicable to your Contract. The Examples do not reflect any advisory fees paid to financial intermediaries from your Contract Value or other assets. If such fees were reflected, the costs would be higher.** 

**The Example assumes all Contract value is allocated to the Subaccounts. Your costs could differ from those shown below if you invest in the Fixed Account (if available).** 

**These Examples assume that you invest $100,000 in the Subaccounts for the time periods indicated. The Examples also assume that your investment has a 5% return each year and you elect the optional benefit available for an additional charge. The first Example assumes the most expensive Annual Underlying Fund Expenses. The second Example assumes the least expensive Annual Underlying Fund Expenses. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:**

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|:---|:---|:---|:---|:---|
| **Based on the Most Expensive Annual Underlying Fund Expenses** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| If you surrender your Contract at the end of the applicable time period | &nbsp;&nbsp; $7520.18 | &nbsp;&nbsp; $21974.61 | &nbsp;&nbsp; $35681.55 | &nbsp;&nbsp; $66927.42 |
| If you do not surrender; or if you annuitize your Contract at the end of the <br> applicable time period.<br>| &nbsp;&nbsp; $7520.18 | &nbsp;&nbsp; $21974.61 | &nbsp;&nbsp; $35681.55 | &nbsp;&nbsp; $66927.42 |

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| **Based on the Least Expensive Annual Underlying Fund Expenses** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| If you surrender your Contract at the end of the applicable time period | &nbsp;&nbsp; $1919.39 | &nbsp;&nbsp; $5939.10 | &nbsp;&nbsp; $10212.73 | &nbsp;&nbsp; $22115.44 |
| If you do not surrender; or if you annuitize your Contract at the end of the <br> applicable time period<br>| &nbsp;&nbsp; $1919.39 | &nbsp;&nbsp; $5939.10 | &nbsp;&nbsp; $10212.73 | &nbsp;&nbsp; $22115.44 |

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**Principal Risks of Investing in the Contract**

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**Risk of Investment Loss —** The Contract involves risks, including possible loss of principal. You bear the risk of any decline in the Contract Value resulting from the performance of the Subaccounts you have chosen. Your losses could be significant. This risk could have a significant negative impact on certain benefits and guarantees under the Contract.

This Contract is not a deposit or obligation of, or guaranteed or endorsed by, any bank. This Contract is not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency.

**Short-Term Investment Risk/Withdrawal Risk —** This Contract is not designed for short-term investing and is not appropriate for an investor who needs ready access to cash. If you plan to withdraw money or surrender the Contract for short-term needs, it may not be the right contract for you. A tax may be assessed on withdrawals and surrenders, and it could be substantial. If you make a withdrawal prior to age 59½, there may be adverse tax consequences, including a 10% IRS penalty tax. A withdrawal could reduce the value of the optional benefit by an amount greater than the amount withdrawn and could result in termination of the benefit. A total withdrawal (surrender) will result in the termination of your Contract and any benefits. The benefits of tax deferral mean that this Contract is more beneficial to investors with a long time horizon.

**Subaccount Risk —** Amounts that you invest in the Subaccounts are subject to the risk of poor investment performance. You assume the investment risk. Generally, if the Subaccounts that you select make money, your Contract Value goes up, and if they lose money, your Contract Value goes down. Each Subaccount's performance depends on the performance of its Underlying Fund. Each Underlying Fund has its own investment risks, and you

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are exposed to the Underlying Fund's investment risks when you invest in a Subaccount. You are responsible for selecting Subaccounts that are appropriate for you based on your own individual circumstances, investment goals, financial situation, and risk tolerance. The investment risks are described in the prospectuses for the Underlying Funds.

**Managed Volatility Fund Risk —** Certain Underlying Funds utilize managed volatility strategies. These risk management techniques help us manage our financial risks associated with the Contract's guaranteed rider benefits, like living and death benefits, because they reduce the incidence of extreme outcomes, including the probability of large gains or losses. However, these strategies can also limit your participation in rising equity markets, which may limit the potential growth of your Contract Value and guaranteed rider benefits and may therefore conflict with your personal investment objectives. In addition, the cost of these hedging strategies may negatively impact performance.

**Purchase Payment Risk —** Your ability to make subsequent Purchase Payments is subject to restrictions. We reserve the right to refuse any Purchase Payment, to further limit your ability to make subsequent Purchase Payments with advance notice, and to require our prior approval before accepting Purchase Payments. There is no guarantee that you will always be permitted to make Purchase Payments.

**Financial Strength and Claims-Paying Ability Risk —** All guarantees under the Contract that are paid from our General Account (including under any Fixed Account option) are subject to our financial strength and claims-paying ability. If we experience financial distress, we may not be able to meet our obligations to you.

**Business Disruption and Cybersecurity Risk —** Our business is highly dependent upon the effective operation of our computer systems and those of our business partners, so our business is vulnerable to systems failures and cyber-attacks. Systems failures and cyber-attacks may adversely affect us, your Contract, and your Contract Value. In addition to cybersecurity risks, we are exposed to the risk that natural and man-made disasters, pandemics (like COVID-19), catastrophes, geopolitical disputes and military actions may significantly disrupt our business operations and our ability to administer the Contract. There can be no assurance that we or our service providers will be able to successfully avoid negative impacts associated with systems failures, cyber-attacks, or natural and man-made disasters, pandemics and catastrophes. We note that there may be an increased risk of cyberattacks during periods of geopolitical or military conflicts. For more information about these risks, see "More About the Contract – Business Disruption and Cybersecurity Risks."

**Tax Consequences Risk —** Withdrawals are generally taxable (to the extent of any earnings on the Contract), and prior to age 59½ a tax penalty may apply. In addition, even if the Contract is held for years before any withdrawal is made, the withdrawals are taxable as ordinary income rather than capital gains.

**Advisory Fee Deduction Risk —** If you elect to pay third-party advisory fees from your Contract Value, then the deduction will reduce the death benefit and guaranteed rider benefits, perhaps significantly, and may be subject to federal and state income taxes and a 10% federal penalty tax.

**Contract Changes Risk —** From time to time, we make changes to the Contract. We may limit the number of transfers to 14 in a Contract Year. We may restrict your ability to make subsequent Purchase Payments. We may limit the number of loans you may have outstanding at any time. We reserve the right to add, remove or substitute the Underlying Funds available as investment options under the Contract in accordance with applicable law. We may change the investment restrictions under certain optional benefits, and we may stop offering for purchase any currently available optional benefit at any time.

**Information About the Company, the Separate Account, and the Underlying Funds**

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**Security Benefit Life Insurance Company —** Security Benefit Life Insurance Company is a life insurance company organized under the laws of the State of Kansas. It was organized originally as a fraternal benefit society and commenced business February 22, 1892. It became a mutual life insurance company on January 2, 1950 and converted to a stock life insurance company on July 31, 1998. The Company's indirect parent, Eldridge Industries, LLC, owns, operates and invests in businesses across a wide range of sectors and is ultimately controlled by Todd L. Boehly.

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The Company offers life insurance policies and annuity contracts, as well as financial and retirement services. It is admitted to do business in the District of Columbia, and in all states except New York. As of the end of 2025, the Company had total assets under management of approximately $49.6 billion. The Company's address is One Security Benefit Place, Topeka, Kansas 66636-0001.

The Principal Underwriter for the Contracts is Security Distributors, LLC ("SDL"), One Security Benefit Place, Topeka, Kansas 66636-0001. SDL, a wholly-owned subsidiary of the Company, is registered as a broker-dealer with the SEC and is a member of the Financial Industry Regulatory Authority ("FINRA").

We are obligated to pay all amounts promised to you under your Contract. All guarantees under the Contract are subject to our financial strength and claims-paying capabilities. We provide information about our financial strength in reports filed with state insurance departments. You may obtain information about us by contacting us using the information stated on the cover page of this Prospectus, visiting our website at <u>www.securitybenefit.com</u> or visiting the SEC's website at <u>www.sec.gov</u>. You may also obtain reports and other financial information about us by contacting your state insurance department.

**Published Ratings —** The Company may from time to time publish in advertisements, sales literature and reports to Owners, the ratings and other information assigned to it by one or more independent rating organizations such as A.M. Best Company and Standard & Poor's. The purpose of the ratings is to reflect the financial strength and/or claims-paying ability of the Company and should not be considered as bearing on the investment performance of assets held in the Separate Account. Each year A.M. Best Company reviews the financial status of thousands of insurers, culminating in the assignment of Best's Ratings. These ratings reflect their current opinion of the relative financial strength and operating performance of an insurance company in comparison to the norms of the life/health insurance industry. In addition, the claims-paying ability of the Company as measured by Standard & Poor's Insurance Ratings Services may be referred to in advertisements or sales literature or in reports to Owners. These ratings, which are subject to change, are opinions as to an operating insurance company's financial capacity to meet the obligations of its insurance and annuity policies in accordance with their terms. Such ratings do not reflect the investment performance of the Separate Account or the degree of risk associated with an investment in the Separate Account.

**Separate Account —** The Company established the Separate Account under Kansas law on June 26, 2000. The Contract provides that the income, gains, or losses of the Separate Account, whether or not realized, are credited to or charged against the assets of the Separate Account without regard to other income, gains, or losses of the Company. Kansas law provides that assets in the Separate Account attributable to the reserves and other liabilities under a Contract may not be charged with liabilities arising from any other business that the Company conducts if, and to the extent, the Contract so provides. The Contract contains a provision stating that assets held in the Separate Account may not be charged with liabilities arising from other business that the Company conducts. The Company owns the assets in the Separate Account and is required to maintain sufficient assets in the Separate Account to meet all Separate Account obligations under the Contract. Such Separate Account assets are not subject to claims of the Company's creditors.

The Separate Account consists of accounts referred to as Subaccounts. The Contract provides that the income, gains and losses, whether or not realized, are credited to, or charged against, the assets of each Subaccount without regard to the income, gains or losses in the other Subaccounts. Each Subaccount invests exclusively in shares of a corresponding Underlying Fund. Contract value allocated to a Subaccount will vary based on the investment experience of the corresponding Underlying Fund in which the Subaccount invests. There is a risk of loss of the entire amount invested.

The Company may in the future establish additional Subaccounts of the Separate Account, which may invest in other Underlying Funds or in other securities or investment vehicles. See "Changes to Investments."

The Separate Account is registered with the SEC as a unit investment trust under the Investment Company Act of 1940, as amended (the "1940 Act"). Registration with the SEC does not involve supervision by the SEC of the administration or investment practices of the Separate Account or of the Company.

We do not guarantee the investment results of the Separate Account. Accumulated Value allocated to a Subaccount will vary based on the investment experience of the corresponding Investment Option in which the Subaccount invests. You bear the risk of any decline in the Accumulated Value of your Contract resulting from the performance of the Investment Option you have chosen. There is a risk of loss of the entire amount invested.

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**Underlying Funds —** Each Underlying Fund is an open-end management investment company or a series thereof and is registered with the SEC under the 1940 Act. Such registration does not involve supervision by the SEC of the investments or investment policies of the Underlying Fund. Each Underlying Fund has its own investment objectives and policies.

As described in more detail in the Underlying Fund prospectuses, certain Underlying Funds employ managed volatility strategies that are intended to reduce the Underlying Fund's overall volatility and downside risk, and those Underlying Funds may help us manage the risks associated with providing certain guaranteed rider benefits under the Contract. During rising markets, the hedging strategies employed to manage volatility could result in your Contract Value rising less than would have been the case if you had been invested in an Underlying Fund without a managed volatility strategy. In addition, the cost of these hedging strategies may negatively impact performance. On the other hand, investing in an Underlying Fund with a managed volatility strategy may be helpful in a declining market with higher market volatility because the strategy will often reduce your equity exposure in such circumstances. In such cases, your Contract Value may decline less than would have been the case if you had not invested in an Underlying Fund with a managed volatility strategy.

Certain Underlying Funds invest substantially all of their assets in other funds ("funds of funds"). If you allocate Contract Value to a Subaccount that invests in a fund of funds, you will indirectly bear the fees and expenses of both the top-tier and bottom-tier funds, which will reduce your investment return. In addition, funds of funds may have higher expenses than funds that invest directly in debt or equity securities or other assets.

One of the Underlying Funds is a money market fund. There is no assurance that this Underlying Fund will be able to maintain a stable net asset value per share. In addition, during extended periods of low interest rates, and partly as a result of asset-based separate account charges, the yield on the corresponding Subaccount may become low and possibly negative.

Shares of the Underlying Funds currently are not publicly traded. They are available only as investment options in variable annuity or variable life insurance policies issued by life insurance companies or in some cases, through participation in certain qualified pension or retirement plans. Certain Underlying Funds have similar investment objectives and policies as other mutual funds managed by the same adviser. The investment results of the Underlying Funds, however, may be higher or lower than the results of such other funds. There can be no assurance, and no representation is made, that the investment results of any of the Underlying Funds will be comparable to the investment results of any other fund, even if both the Underlying Fund and the other fund are managed by the same adviser.

Due to the number of the Contract's Underlying Funds, the number of charge-free transfer opportunities between and among the Underlying Funds, and the fact that some Underlying Funds may have essentially the same investment strategy, it cannot be ruled out that the Owner of a Contract might be treated as the owner of a pro rata share of the Underlying Fund to which the Contract Value is allocated and taxed currently on income and gains attributable to the Underlying Funds.

Information regarding each Underlying Fund, including its (i) name, (ii) type or investment objective, (iii) investment adviser and any sub-investment adviser, (iv) current expenses, and (v) performance, is available in an appendix to this Prospectus. See **Appendix A: Underlying Funds Available Under the Contract**. We cannot assure that any Underlying Fund will achieve its objective. Each Underlying Fund has issued a prospectus that contains more detailed information about the Underlying Fund. Read these prospectuses carefully before investing. Paper or electronic copies of the Underlying Fund prospectuses may be obtained by calling us at 1-800-888-2461, e-mailing us at SBLProspectusRequests@securitybenefit.com or visiting <u>https://vpx.broadridge.com/GetContract1.asp?doctype=pros&cid=sblife&fid=814121158</u>.

**Certain Payments the Company and its Affiliates Receive with Regard to the Underlying Funds.** The Company (and its affiliates) receives payments from some of the Underlying Funds, their advisers, sub-advisers, and distributors, or affiliates thereof. The Company negotiates these payments and thus they differ by Underlying Fund (sometimes substantially), and the amounts the Company (or its affiliates) receives can be significant. Where these payments are made, the advisers, sub-advisers, or distributors (or affiliate thereof) of those Underlying Funds have increased access to the Company and its affiliates involved in the distribution of the Contract. Proceeds from these payments can be used by the Company for any corporate purpose, including payment of expenses that the Company and its affiliates incur in promoting, marketing, and administering the Contract and in the Company's role as an intermediary for the Underlying Funds. The Company and its affiliates may profit from these payments.

**<u>12b-1 Fees.</u>** The Company and/or its subsidiary, SDL, the principal underwriter for the Contract, receive 12b-1 fees from certain of the Underlying Funds that are based on a percentage of the average daily net assets of the particular Underlying Fund attributable to the Contract and certain other variable insurance contracts issued or administered by the Company (or its affiliates). 12b-1 fees are paid out of Underlying Fund assets as part of the Underlying Fund's total annual operating expenses. Payments made out of Underlying Fund assets will reduce the

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amount of assets that would otherwise be available for investment, and will reduce the Underlying Fund's investment returns. Currently, the Company and SDL receive 12b-1 fees ranging from 0.05% to 0.50% of the average net assets of the Contract (and certain other variable insurance contracts issued or administered by the Company (or its affiliates)) invested in Underlying Funds that pay 12b-1 fees.

**<u>Payments from Underlying Fund Service Providers.</u>** The Company (or its affiliates) also receives payments from the investment advisers, sub-advisers, or distributors (or affiliates thereof) of certain of the Underlying Funds. These payments may be derived, in whole or in part, from the investment advisory fee deducted from Underlying Fund assets. Owners, through their indirect investment in the Underlying Funds, bear the costs of these investment advisory fees (see the Underlying Funds' prospectuses for more information). These payments usually are based on a percentage of the average daily net assets of the particular Underlying Fund attributable to the Contract and to certain other variable insurance contracts issued or administered by the Company (or its affiliates). Currently, the Company and its affiliates receive payments that range from 0.05% to 0.50% of the average net assets of the Contract (and certain other variable insurance contracts issued or administered by the Company (or its affiliates)) invested in an Underlying Fund. The Company may also receive payments from certain of the investment advisers, sub-advisers, or distributors (or affiliates thereof) of certain of the Underlying Funds that is based on a pre-determined fee and not based on the average net assets of the Contract (or other variable insurance contracts issued or administered by the Company or its affiliates) invested in the Underlying Fund. None of these payments are paid from Underlying Fund assets.

**<u>Other Payments.</u>** In the case of certain of the Underlying Funds, the Underlying Fund's adviser, sub-adviser, distributor, or affiliates provide the Company (or its affiliates) and/or broker-dealers that sell the Contract ("selling firms") with wholesaling services to assist the Company in the distribution of the Contract, pay the Company (or its affiliates) and/or selling firms amounts to participate in their national and regional sales conferences and meetings with their sales desks, and/or provide the Company (or its affiliates) and/or selling firms with occasional gifts, meals, tickets, or other compensation as an incentive for them to market the Underlying Funds when offering or distribution the Contract and to cooperate with their promotional efforts for the Underlying Funds.

For details about the compensation payments the Company makes in connection with the sale of the Contract, see "Sale of the Contract."

**Total Payments.** Currently, the Company and its affiliates, including SDL, receive payments from the Underlying Funds, their advisers, sub-advisers, and distributors, or affiliates thereof in the form of 12b-1 fees and/or other payments described above that range in total from a minimum of 0.25% to a maximum of 0.60% of the average net assets of the Contract (and certain other variable insurance contracts issued or administered by the Company (or its affiliates)) invested in the Underlying Funds. This does not include the arrangements with certain of the investment advisers, sub-advisers, or distributors (or affiliates thereof) of certain of the Underlying Funds in which the payment is not based on the average net assets of the Contract invested in an Underlying Fund.

**Administration Charge.** The Company may charge a higher administration charge for certain Subaccounts that invest in Underlying Funds that do not provide the Company or its affiliates with the amount of revenue it requires in order for the Company to meet its revenue targets. See "Administration Charge."

**Selection of Underlying Funds.** The Company selects the Underlying Funds offered through the Contract based on several criteria, including asset class coverage, the strength of the investment adviser's (or sub-adviser's) reputation and tenure, brand recognition, performance, and the capability and qualification of each investment firm. Another factor the Company considers during the selection process is whether the Underlying Fund, its adviser, its sub-adviser, or an affiliate will make payments to the Company or its affiliates, as described above. These payment arrangements may create an incentive for us to select funds that pay us higher amounts. The Company also considers whether the Underlying Fund's adviser is one of its affiliates, and whether the Underlying Fund, its adviser, sub-adviser, or distributor (or an affiliate) can provide marketing and distribution support for sale of the Contract. The Company reviews each Underlying Fund periodically after it is selected. Upon review, the Company may remove an Underlying Fund or restrict allocation of additional Purchase Payments and/or transfers of Contract Value to an Underlying Fund if it determines the Underlying Fund no longer meets one or more of the criteria and/or if the Underlying Fund has not attracted significant assets. The Company does not recommend or endorse any particular Underlying Fund and does not provide investment advice.

**Services and Administration —** The Company has primary responsibility for all administration of the Contracts and the Separate Account. The Company has entered into an administrative services agreement with SE2, LLC ("SE2"), 5801 SW 6th Avenue, Topeka, Kansas 66636, whereby SE2 provides certain business process outsourcing services with respect to the Contracts. SE2 may engage other service providers to provide certain administrative functions. SE2 is an affiliate of the Company.

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**Charges and Deductions**

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Certain charges will be deducted in connection with the Contract, as described below.

**<u>Transaction Expenses</u>**

**Premium Tax Charge —** Various states and municipalities impose a tax on premiums on annuity contracts received by insurance companies. Whether or not a premium tax is imposed will depend upon, among other things, the Owner's state of residence, the Annuitant's state of residence, and the insurance tax laws and the Company's status in a particular state. The Company assesses a premium tax charge to reimburse itself for premium taxes that it incurs in connection with a Contract. The Company deducts this charge upon the Annuity Start Date. The Company may deduct premium tax upon a full or partial withdrawal (including a systematic withdrawal or withdrawal made to pay the fees of your investment adviser) if a premium tax has been incurred and is not refundable. Currently, the following states impose a premium tax on Purchase Payments applied to a Non-Qualified Contract: California (2.35%), Colorado (2.00%), Maine (2.00%), Nevada (3.50%), South Dakota (1.25% on Purchase Payments up to $500,000 and 0.08% on Purchase Payments over $500,000); West Virginia (1.00%) and Wyoming (1.00%). California also imposes a premium tax of 0.50% on Purchase Payments applied to a Qualified Contract. The Company reserves the right to deduct premium taxes when due or any time thereafter. Premium tax rates currently range from 0% to 3.5% but are subject to change by a governmental entity.

**Deduction of Advisory Fees —** You may enter into a separate investment advisory agreement with an investment adviser that provides asset allocation services in connection with your Contract. We are not affiliated with those investment advisers, and we do not supervise or perform due diligence on investment advisers who may provide such asset allocation services. By entering into an agreement with the investment adviser for asset allocation services and executing the Company's investment adviser authorization form, you authorize the investment adviser to allocate your Contract Value among certain Subaccounts and make changes in your allocations from time to time, and you may authorize us to deduct amounts from your Contract Value to pay the investment adviser's fee in the amounts and at the times directed by the investment adviser in writing. You may terminate your investment adviser authorization at any time by sending written and signed notice of termination to our Administrative Office or submitting an electronic notice of termination to <u>AAWF-NF@securitybenefit.com</u>.

We will treat each deduction as a partial withdrawal from your Contract. However, the deductions will not count toward the annual free withdrawal amount. The Company will deduct the amount of the withdrawal from the Contract Value in the Subaccounts, according to the Owner's or authorized investment adviser's instructions to the Company. If you do not specify the allocation, the Company will deduct the withdrawal in the same proportion that Contract Value is allocated among the Subaccounts. The investment advisory fee is paid to the investment adviser and is not a Contract charge retained by us. For Non-Qualified Contracts, all or a portion of the charges deducted from your Contract Value to pay the investment adviser's fees may be subject to federal and state income tax and a 10% federal penalty tax.

The investment advisory fee is described more fully in the disclosure statement provided by the investment adviser. You should consult with your representative for details regarding the investment advisory services, including fees and expenses. A tax-free partial exchange may become taxable if an advisory fee is paid from your Contract Value within 180 days of the partial exchange. Consult your tax adviser for advice concerning tax-free partial exchanges.

Withdrawals from your Contract Value to pay advisory fees will reduce the death benefits and other guaranteed benefits under the Contract, perhaps significantly. See "Death Benefit" for an example of how withdrawals to pay advisory fees impact the Contract Value and standard death benefit.

**<u>Annual Contract Expenses</u>**

**Administrative Expenses**

The Company does not deduct Administrative Expenses from your Contract.

**Base Contract Expenses**

**Mortality and Expense Risk Charge —** The Company deducts a charge for mortality and expense risks assumed by the Company under the Contract. The Company deducts a daily minimum charge equal to 0%, on an annual basis, of each Subaccount's average daily net assets. If you are subject to a mortality and expense risk

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charge above the minimum charge, the Company deducts the excess amount from your Contract Value on a monthly basis. The mortality and expense risk charge amount is determined each month by reference to the amount of your Contract Value at the time the charge is deducted, as set forth in the table below.

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| | |
|:---|:---|
| **Withdrawal Charge Schedule** | **Annual Mortality and Expense Risk Charge** |
| Less than $500,000 | 1.20% |
| $500,000 or more | 1.00% |

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We also deduct a mortality and expense risk charge during the Annuity Period in the amount of 0.30%, on an annual basis, of each Subaccount's average daily net assets. The Company guarantees that the charge for mortality and expense risks will not exceed an annual rate of 0.20% (0.30% during the Annuity Period) of each Subaccount's average daily net assets.

The mortality and expense risk charge is intended to compensate the Company for certain mortality and expense risks the Company assumes in offering and administering the Contract and in operating the Subaccounts.

The expense risk is the risk that the Company's actual expenses in issuing and administering the Contract and operating the Subaccounts will be more than the charges assessed for such expenses. The mortality risk borne by the Company is the risk that Annuitants, as a group, will live longer than the Company's actuarial tables predict. In this event, the Company guarantees that annuity payments will not be affected by a change in mortality experience that results in the payment of greater annuity income than assumed under the Annuity Options in the Contract. The Company also assumes a mortality risk in connection with the death benefit under the Contract (i.e., for deaths occurring sooner than the Company's actuarial tables predict).

The Company may ultimately realize a profit from this charge to the extent it is not needed to cover mortality and administrative expenses, but the Company may realize a loss to the extent the charge is not sufficient. The Company may use any profit derived from this charge for any lawful purpose, including distribution expenses. See "Determination of Contract Value" for more information about how the Company deducts the mortality and expense risk charge.

**Administration Charge —** The Company deducts a daily administration charge equal to an annual rate of each Subaccount's average daily net assets. The annual charge for each of the Subaccounts currently offered through this Prospectus is as follows:

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| | |
|:---|:---|
| **Subaccount** | **Administration Charge** |
| Dimensional VA Equity Allocation, Dimensional VA Global Bond Portfolio, Dimensional <br> VA Global Moderate Allocation, Dimensional VA International Small Portfolio, <br> Dimensional VA International Value Portfolio, Dimensional VA Short-Term Fixed <br> Portfolio, Dimensional VA U.S. Large Value Portfolio, Dimensional VA U.S. Targeted <br> Value Portfolio<br>| 0.65% |
| Vanguard<sup>®</sup> VIF Balanced, Vanguard<sup>®</sup> VIF Capital Growth, Vanguard<sup>®</sup> VIF Conservative <br> Allocation, Vanguard<sup>®</sup> VIF Diversified Value, Vanguard<sup>®</sup> VIF Equity Income, Vanguard<sup>®</sup> <br> VIF Equity Index, Vanguard<sup>®</sup> VIF Global Bond Index, Vanguard<sup>®</sup> VIF Growth, Vanguard<sup>®</sup> <br> VIF High Yield Bond, Vanguard<sup>®</sup> VIF International, Vanguard<sup>®</sup> VIF Mid-Cap Index, <br> Vanguard<sup>®</sup> VIF Moderate Allocation, Vanguard<sup>®</sup> VIF Real Estate Index, Vanguard<sup>®</sup> VIF <br> Short Term Investment Grade, Vanguard<sup>®</sup> VIF Small Company Growth, Vanguard<sup>®</sup> VIF <br> Total Bond Market Index, Vanguard<sup>®</sup> VIF Total International Stock Market Index, <br> Vanguard<sup>®</sup> VIF Total Stock Market Index<br>| 0.65% |
| All other Subaccounts | 0.25% |

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The Company guarantees that this charge will not increase for the Subaccounts available under the Contract as of the date of this Prospectus; however, the amount of this charge may be higher for Subaccounts that the Company adds in the future. Any amount of the Administration Charge that exceeds 0.25% is sometimes called a Platform Fee.

The Company assesses the administration charge in order to facilitate making certain Underlying Funds available as investment options under the Contract. The Company applies the fee on all Subaccounts, but may impose a higher fee on Subaccounts that we add in the future that invest in Underlying Funds that do not provide the Company or its affiliates with the amount of revenue it requires in order for the Company to meet its revenue targets. See "Certain Payments the Company and its Affiliates Receive With Regard to the Underlying Funds" for more information on payments the Company and its affiliates may receive from the Underlying Funds and their affiliates.

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These payments may be used for any corporate purpose, including payment of expenses that the Company and its affiliates incur in promoting, marketing, and administering the Contract and, in its role as intermediary for, the Underlying Funds. The Company may profit from the administration charge, and may use any profit derived from this fee for any lawful purpose, including distribution expenses.

**Other Charges —** The Company may charge the Separate Account or the Subaccounts for the federal, state, or local taxes incurred by the Company that are attributable to the Separate Account or the Subaccounts, or to the operations of the Company with respect to the Contract, or that are attributable to payment of premiums or acquisition costs under the Contract. No such charge is currently assessed. See "Tax Status of the Company and the Separate Account" and "Charge for the Company's Taxes."

**Variations in Charges —** The Company may reduce or waive the amount of certain charges for a Contract where the expenses associated with the sale of the Contract or the administrative and maintenance costs associated with the Contract are reduced for reasons such as the amount of the initial Purchase Payment or projected Purchase Payments or the Contract is sold in connection with a group or sponsored arrangement.

**Return of Premium Death Benefit Rider Charge —** In addition to the charges and deductions discussed above, you may purchase the Return of Premium Death Benefit rider under the Contract. The Company makes the rider available only at issue.

The Company deducts a monthly charge from your Contract Value for the Return of Premium Death Benefit rider. **The Company deducts the monthly charge from your Contract Value beginning on the Contract Date and ending on the Annuity Start Date if you elect Annuity Options 1 through 4, 7, or 8. If you elect Annuity Option 5 or 6, the Company will deduct the monthly rider charge for the life of the Contract. Thus, the Company may deduct the rider charge during periods where no benefits are provided or payable.** The amount of the rider charge is equal to 0.35%, on an annual basis, of your Contract Value.

**Underlying Fund Expenses —** Each Subaccount of the Separate Account purchases shares at the net asset value of the corresponding Underlying Fund. Each Underlying Fund's net asset value reflects the investment advisory fee and other expenses that are deducted from the assets of the Underlying Fund. These fees and expenses are not deducted from the Subaccounts but are paid from the assets of the corresponding Underlying Fund. As a result, the Owner indirectly bears a pro rata portion of such fees and expenses. The advisory fees and other expenses, if any, which are more fully described in each Underlying Fund's prospectus, are not specified or fixed under the terms of the Contract and may vary from year to year.

**Payment of Compensation —** The Company pays commissions to SDL and to Selling Broker-Dealers in connection with the promotion and sale of the Contract according to one or more schedules. Commissions and other incentives or payments (discussed below) are not charged directly to Owners or the Separate Account. The Company uses its corporate assets to pay commissions and other costs of distributing the Contract. The Company intends to recoup commissions and other sales expenses through fees and charges deducted under the Contract (including any profit from the mortality and expense risk charge and administration charge or other fees and charges imposed under the Contract) or from its General Account.

**The Contract**

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**General —** The Company issues the Contract offered by this Prospectus. It is a flexible purchase payment deferred variable annuity. The Contract is significantly different from a fixed annuity contract in that it is the Owner under a Contract who assumes the risk of investment gain or loss rather than the Company. When you are ready to begin receiving annuity payments, the Contract provides several Annuity Options under which the Company will pay periodic annuity payments on a variable basis, a fixed basis or both, beginning on the Annuity Start Date. The amount that will be available for annuity payments will depend on the investment performance of the Subaccounts to which you have allocated Purchase Payments.

The Contract is available for purchase by an individual as a non-tax qualified contract ("Non-Qualified Contract"). The Contract is also eligible for purchase in connection with certain tax qualified retirement plans that meet the requirements of Section 408 or 408A of the Internal Revenue Code ("IRA" or "Qualified Plan"). Certain federal tax advantages are currently available to retirement plans that qualify as traditional and Roth individual retirement accounts or annuities, including traditional IRAs established by an employer under a simplified employee pension plan or a SIMPLE IRA plan, under Section 408. Joint Owners are permitted only on a Contract issued pursuant to a

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Non-Qualified Contract. If you are purchasing the Contract as an investment vehicle for a Section 408 or 408A IRA, you should consider that the Contract does not provide any additional tax advantages beyond those already available through the Qualified Plan. However, the Contract does offer features and benefits in addition to providing tax deferral that other investments may not offer, including death benefit protection for your beneficiaries and annuity options which guarantee income for life. You should consult with your financial professional as to whether the overall benefits and costs of the Contract are appropriate considering your circumstances.

Note that for Contracts issued to Massachusetts residents, a unisex Massachusetts approved Contract will be issued without regard to where the application was signed.

**Important Information About Your Benefits Under the Contract —** The benefits under the Contract are paid by us from our General Account assets and/or your Contract Value held in the Separate Account. It is important that you understand that payment of benefits from the Separate Account is not guaranteed and depends upon certain factors discussed below.

**Assets in the Separate Account.** Your Contract permits you to allocate Purchase Payments and Contract Value to various Subaccounts. You bear all of the investment risk for allocations to the Subaccounts. Your Contract Value in the Subaccounts is part of the assets of the Separate Account. These assets are segregated and cannot be charged with liabilities arising from any other business that we may conduct.

**Assets in the General Account.** Any guarantees under the Contract that exceed your Contract Value (such as those associated with the Return of Premium Death Benefit rider) are paid from our General Account. We issue other types of insurance policies and financial products as well, and we pay our obligations under these products from our assets in the General Account.

Any amounts that we are obligated to pay under the Contract from the General Account are subject to our financial strength and claims-paying ability. An insurance company's financial strength and claims-paying ability may be affected by, among other factors, adverse market developments. Adverse market developments may result in, among other things, realized losses on General Account investments, unrealized losses on such investments (which may or may not result in accounting impairments), increased reserve requirements, and a reduction of capital both absolutely and relative to minimum, regulatory required capital (some of which are cash items and some of which are noncash items). Adverse market developments are an inherent risk to our, and any insurer's, General Account.

**Application for a Contract —** If you wish to purchase a Contract, you may submit an application and an initial Purchase Payment to the Company, as well as any other form or information that the Company may require. The Company reserves the right to reject an application or Purchase Payment for any reason, subject to the Company's underwriting standards and guidelines and any applicable state or federal law relating to nondiscrimination.

The maximum age of an Owner or Annuitant for which a Contract will be issued is age 90. If there are Joint Owners or Annuitants, the maximum issue age will be determined by reference to the older Owner or Annuitant.

**Purchase Payments —** The minimum initial Purchase Payment for the purchase of a Contract is $50,000. Thereafter, you may choose the amount and frequency of Purchase Payments, except that the minimum subsequent Purchase Payment is $500. The minimum subsequent Purchase Payment if you elect an Automatic Investment Program is $50. The Company may reduce the minimum Purchase Payment requirement under certain circumstances. The Company will not accept, without prior Company approval, aggregate Purchase Payments in an amount that exceeds $1,000,000 under any variable annuity contract(s) issued by the Company for which you are an Owner and/or Joint Owner. The Company has the right to refuse any Purchase Payment and to cease accepting Purchase Payments.

The Company will apply the initial Purchase Payment not later than the end of the second Valuation Date after the Valuation Date it is received by the Company, in good order. In this regard "good order" means that the Purchase Payment is preceded or accompanied by an application that contains sufficient information to establish an account and properly credit such Purchase Payment. The application form will be provided by the Company. If you submit your application and/or initial Purchase Payment to your registered representative, the Company will not begin processing the application and the initial Purchase Payment until the Company receives them from your representative's broker-dealer.

Sometimes the Purchase Payment is not preceded by or accompanied by a complete application. The application includes your affirmative consent permitting the Company to hold your initial Purchase Payment beyond five Valuation Dates in its effort to complete your application. If your application is incomplete, and the Company is unable to resolve the problem within five Valuation Dates, the Company will notify you of the reasons for the delay. If you affirmatively revoke the consent given with your application to hold your initial Purchase Payment pending

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resolution of the problem, we will return your Purchase Payment. Otherwise, the Purchase Payment will be applied not later than the second Valuation Date after the Valuation Date the problem is resolved.

The Company will credit subsequent Purchase Payments as of the end of the Valuation Period in which they are received by the Company at its Administrative Office; however, subsequent Purchase Payments received at or after close of a Valuation Date (normally 3:00 p.m. Central time) will be effected at the Accumulation Unit value determined on the following Valuation Date. See "Cut-Off Times." In addition, any such Purchase Payment will not be processed until it is in good order. In this regard, "good order" means that the Purchase Payment is preceded or accompanied by sufficient information to properly credit such Purchase Payment. Purchase Payments after the initial Purchase Payment may be made at any time prior to the Annuity Start Date, so long as the Owner is living. Subsequent Purchase Payments under a Qualified Plan may be limited by the terms of the plan and provisions of the Internal Revenue Code. Subsequent Purchase Payments may be paid under an Automatic Investment Program. The initial Purchase Payment required must be paid before the Company will accept the Automatic Investment Program. If you submit a subsequent Purchase Payment to your registered representative, the Company will not begin processing the Purchase Payment until the Company receives it from your representative's broker-dealer.

If mandated under applicable law, the Company may be required to reject a Purchase Payment. The Company also may be required to provide additional information about the Owner's account to government regulators. In addition, the Company may be required to block the Owner's account and thereby refuse to pay any request for transfers, full or partial withdrawals (including systematic withdrawals), or death benefits until instructions are received from the appropriate regulator.

**Allocation of Purchase Payments —** In an application for a Contract, you select the Subaccounts to which Purchase Payments will be allocated. Purchase Payments will be allocated according to your instructions contained in the application or more recent instructions received, if any, except that no Purchase Payment allocation is permitted that would result in less than $25.00 per payment being allocated to any one Subaccount. The allocations must be a whole dollar amount or a whole percentage. Available allocation alternatives include the Subaccounts.

You may change the Purchase Payment allocation instructions by submitting a proper written request to the Company's Administrative Office. A proper change in allocation instructions will be effective upon receipt by the Company at its Administrative Office and will continue in effect until you submit a change in instructions to the Company. You may make changes in your Purchase Payment allocation and changes to an existing Dollar Cost Averaging or Asset Reallocation Option (each, an "Automatic Allocation Program") by telephone provided the proper form is properly completed, signed, and received by the Company at its Administrative Office. Changes in the allocation of future Purchase Payments have no effect on existing Contract Value. You may, however, transfer Contract Value among the Subaccounts in the manner described in "Transfers of Contract Value."

**Fund Liquidations.** If your allocation instructions include a Subaccount that has become no longer available due to a fund liquidation, upon advance notice to you and unless you otherwise instruct us, we will allocate the applicable portion of any subsequent Purchase Payments to the Rydex VIF U.S. Government Money Market Subaccount, and any automatic allocation instructions for scheduled transfers that include a Subaccount that is no longer available due to a fund liquidation will be terminated. If you wish to set up a new Dollar Cost Averaging Option or Asset Reallocation Option (without the Subaccount that is no longer available due to a fund liquidation), you will need to submit a new form to us. If you request a transfer of Contract Value to a Subaccount that is no longer available due to a fund liquidation, we will consider your request to not be in good order, and we will not process it. In such cases, we will contact you for further instructions.

**Closed Subaccounts.** We reserve the right to close Subaccounts. If we close a Subaccount (a "Closed Subaccount"), you may be prevented from allocating Purchase Payments or Contract Value to that Subaccount. The table below lists the Closed Subaccounts, and the effective date on which the Subaccount's were closed or will close.

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| | |
|:---|:---|
| **Closed Subaccounts** | **Effective Date** |
| Alger Capital Appreciation | April 30, 2021 |
| Lord Abbett Series Developing Growth VC | May 5, 2021 |
| Rydex VIF Dow 2x Strategy | May 1, 2019 |
| Rydex VIF Europe 1.25x Strategy | May 1, 2019 |
| Rydex VIF Government Long Bond 1.2x Strategy | May 1, 2019 |
| Rydex VIF Inverse Dow 2x Strategy | May 1, 2019 |
| Rydex VIF Inverse Government Long Bond Strategy | May 1, 2019  |

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| | |
|:---|:---|
| **Closed Subaccounts** | **Effective Date** |
| Rydex VIF Inverse Mid-Cap Strategy | May 1, 2019 |
| Rydex VIF Inverse NASDAQ-100<sup>®</sup> Strategy | May 1, 2019 |
| Rydex VIF Inverse Russell 2000<sup>®</sup> Strategy | May 1, 2019 |
| Rydex VIF Inverse S&P 500 Strategy | May 1, 2019 |
| Rydex VIF Japan 2x Strategy | May 1, 2019 |
| Rydex VIF Mid-Cap 1.5x Strategy | May 1, 2019 |
| Rydex VIF NASDAQ-100<sup>®</sup> 2x Strategy | May 1, 2019 |
| Rydex VIF Nova | May 1, 2019 |
| Rydex VIF Russell 2000<sup>®</sup> 1.5x Strategy | May 1, 2019 |
| Rydex VIF Russell 2000<sup>®</sup> 2x Strategy | May 1, 2019 |
| Rydex VIF S&P 500 2x Strategy | May 1, 2019 |
| Rydex VIF Strengthening Dollar 2x Strategy | May 1, 2019 |
| Rydex VIF Weakening Dollar 2x Strategy | May 1, 2019 |
| Vanguard<sup>®</sup> VIF Small Company Growth | May 1, 2019 |

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In the event that we receive a request to allocate Purchase Payments or Contract Value to a Closed Subaccount, we will handle that transaction as follows:

**<u>New Applications.</u>** If we receive an application for a Contract with an allocation to a Closed Subaccount, we will consider the application to be incomplete and we will attempt to contact the applicant to get revised instructions. The Company will hold the Purchase Payment in its General Account and may take up to five Valuation Dates to resolve the problem. If the Company is unable to resolve the problem within five Valuation Dates, the Company will notify the applicant of the reasons for the delay. If the applicant affirmatively revokes the consent given with their application to hold the initial Purchase Payment pending resolution of the problem, we will return the applicant's Purchase Payment. Otherwise, the Purchase Payment will be applied not later than the second Valuation Date after the Valuation Date the problem is resolved.

**<u>Existing Contracts.</u>** Except as provided below, if we receive a Purchase Payment for an existing Contract with an allocation a Closed Subaccount, we will allocate the applicable portion of the payment to the Rydex VIF U.S. Government Money Market Subaccount. If you have automatic allocation instructions designating allocation to a Closed Subaccount pursuant to an Automatic Allocation Program as of the date that a Subaccount is closed, your automatic allocation instructions will be terminated as of the close of business on that date. If you wish to set up a new Dollar Cost Averaging Option or Asset Reallocation Option (without the Closed Subaccount), you will need to submit a new form to our Administrative Office. If you request a transfer of Contract Value to a Closed Subaccount, we will consider your request to not be in good order, and we will not process it. In such cases, we will contact you for further instructions.

Notwithstanding the foregoing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

If you had Contract Value allocated to the Alger Capital Appreciation on April 30, 2021, your Contract Value will remain invested in that Subaccount and you may continue to allocate Purchase Payments or transfer Contract Value to or from that Subaccount, subject to transfer restrictions. Automatic allocation instructions involving the Alger Capital Appreciation Subaccount pursuant to an Automatic Allocation Program will remain in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

If you had Contract Value allocated to the Lord Abbett Series Developing Growth VC Subaccount on May 5, 2021, your Contract Value will remain invested in that Subaccount and you may continue to allocate Purchase Payments or transfer Contract Value to or from that Subaccount, subject to transfer restrictions. Automatic allocation instructions involving the Lord Abbett Series Developing Growth VC Subaccount pursuant to an Automatic Allocation Program will remain in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

The Rydex VIF Dow 2x Strategy, Rydex VIF Europe 1.25x Strategy, Rydex VIF Government Long Bond 1.2x Strategy, Rydex VIF Inverse Dow 2x Strategy, Rydex VIF Inverse Government Long Bond Strategy, Rydex VIF Inverse Mid-Cap Strategy, Rydex VIF Inverse NASDAQ-100<sup>®</sup> Strategy, Rydex VIF Inverse Russell 2000<sup>®</sup> Strategy, Rydex VIF Inverse S&P 500 Strategy, Rydex VIF Japan 2x Strategy, Rydex VIF Mid-Cap 1.5x Strategy, Rydex VIF NASDAQ-100<sup>®</sup> Strategy, Rydex VIF Nova, Rydex VIF Russell 2000<sup>®</sup> 1.5x Strategy, Rydex VIF Russell 2000<sup>®</sup> 2x Strategy, Rydex VIF S&P 500 2x Strategy, Rydex VIF Strengthening Dollar 2x Strategy, and Rydex VIF Weakening Dollar 2x Strategy closed on May 1, 2019. If you had Contract Value allocated to these Subaccounts at the

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time that it closed, your Contract Value will remain invested in that Subaccount. You may transfer Contract Value from these Subaccounts, but you will not be able to allocate Purchase Payments or transfer Contract Value to these Subaccounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

If you had Contract Value allocated to the Vanguard<sup>®</sup> VIF Small Company Growth Subaccount on May 1, 2019, your Contract Value will remain invested in that Subaccount and you may continue to allocate Purchase Payments or transfer Contract Value to or from that Subaccount, subject to transfer restrictions. Automatic allocation instructions involving the Vanguard<sup>®</sup> VIF Small Company Growth Subaccount pursuant to an Automatic Allocation Program will remain in effect.

**Dollar Cost Averaging Option —** For no additional charge, prior to the Annuity Start Date, you may dollar cost average your Contract Value by authorizing the Company to make periodic transfers of Contract Value from any one Subaccount to one or more of the other Subaccounts. Dollar cost averaging is a systematic method of investing in which securities are purchased at regular intervals in fixed dollar amounts so that the cost of the securities gets averaged over time and possibly over various market cycles. The option will result in the transfer of Contract Value from one Subaccount to one or more of the other Subaccounts. Amounts transferred under this option will be credited at the price of the Subaccount as of the end of the Valuation Dates on which the transfers are effected. Since the price of a Subaccount's Accumulation Units will vary, the amounts transferred to a Subaccount will result in the crediting of a greater number of units when the price is low and a lesser number of units when the price is high. Similarly, the amounts transferred from a Subaccount will result in a debiting of a greater number of units when the price is low and a lesser number of units when the price is high. Dollar cost averaging does not guarantee profits, nor does it assure that you will not have losses.

A Dollar Cost Averaging form is available upon request. On the form, you must designate whether Contract Value is to be transferred on the basis of a specific dollar amount, a fixed period or earnings only, the Subaccount or Subaccounts to and from which the transfers will be made, the desired frequency of the transfers, which may be on a monthly, quarterly, semiannual or annual basis, and the length of time during which the transfers shall continue or the total amount to be transferred over time. The minimum amount that may be transferred to any one Subaccount is $25.00. The Company does not require that transfers be continued over any minimum period of time, although typically dollar cost averaging would extend over a period of at least one year.

After the Company has received a Dollar Cost Averaging request in proper form at its Administrative Office, the Company will transfer Contract Value in the amounts you designate from the Subaccount from which transfers are to be made to the Subaccount or Subaccounts you have chosen. The Company will effect each transfer on the date you specify or if no date is specified, on the monthly, quarterly, semiannual or annual anniversary, whichever corresponds to the period selected, as of the date of receipt at the Administrative Office of a Dollar Cost Averaging request in proper form. Transfers will be made until the total amount elected has been transferred, or until Contract Value in the Subaccount from which transfers are made has been depleted. Amounts periodically transferred under this option are not included in the 14 transfers per Contract Year that generally are allowed as discussed under "Transfers of Contract Value."

You may make changes to the option by writing to the Company's Administrative Office or by telephone provided the proper form is completed, signed, and received by the Company. You may instruct the Company at any time to terminate the option by written request to the Company's Administrative Office. In that event, the Contract Value in the Subaccount from which transfers were being made that has not been transferred will remain in that Subaccount unless you instruct us otherwise. If you wish to continue transferring on a dollar cost averaging basis after the expiration of the applicable period, the total amount elected has been transferred, or the Subaccount has been depleted, or after the Dollar Cost Averaging Option has been canceled, a new Dollar Cost Averaging form must be completed and sent to the Administrative Office. The Company requires that you wait at least a month if transfers were made on a monthly basis, a quarter if transfers were made on a quarterly basis, six months if transfers were made on a semiannual basis or one year if transfers were made on an annual basis, before reinstating Dollar Cost Averaging after it has been terminated for any reason. The Company may discontinue, modify, or suspend the Dollar Cost Averaging Option at any time. The Company does not currently charge a fee for this option. If you elect the Dollar Cost Averaging Option, you may also elect the Asset Reallocation Option.

**Asset Reallocation Option —** For no additional charge, prior to the Annuity Start Date, you may authorize the Company to automatically transfer Contract Value on a monthly, quarterly, semiannual or annual basis to maintain a particular percentage allocation among the Subaccounts. The Contract Value allocated to each Subaccount will grow or decline in value at different rates during the selected period, and Asset Reallocation automatically reallocates the Contract Value in the Subaccounts to the allocation you selected on a monthly,

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quarterly, semiannual or annual basis, as you select. Asset Reallocation is intended to transfer Contract Value from those Subaccounts that have increased in value to those Subaccounts that have declined in value. Over time, this method of investing may help you buy low and sell high. This investment method does not guarantee profits, nor does it assure that you will not have losses.

To elect this option an Asset Reallocation request in proper form must be received by the Company at its Administrative Office. An Asset Reallocation form is available upon request. On the form, you must indicate the applicable Subaccounts, the applicable time period and the percentage of Contract Value to be allocated to each Subaccount.

Upon receipt of the Asset Reallocation form, the Company will effect a transfer among the Subaccounts based upon the percentages that you selected. Thereafter, the Company will transfer Contract Value to maintain that allocation on each monthly, quarterly, semiannual or annual anniversary, as applicable, as of the date of the Company's receipt of the Asset Reallocation request in proper form. The amounts transferred will be credited at the price of the Subaccount as of the end of the Valuation Date on which the transfer is effected. Amounts periodically transferred under this option are not included in the 14 transfers per Contract Year that generally are allowed as discussed under "Transfers of Contract Value."

You may make changes to the option by writing to the Company's Administrative Office or by telephone provided the proper form is completed, signed, and received at the Company's Administrative Office. You may instruct the Company at any time to terminate this option by written request to the Company's Administrative Office. In that event, the Contract Value in the Subaccounts that has not been transferred will remain in those Subaccounts regardless of the percentage allocation unless you instruct us otherwise. If you wish to continue Asset Reallocation after it has been canceled, a new Asset Reallocation form must be completed and sent to the Company's Administrative Office. The Company may discontinue, modify, or suspend, and reserves the right to charge a fee, for the Asset Reallocation Option at any time. The Company does not currently charge a fee for this option. If you elect the Asset Reallocation Option, you may also elect the Dollar Cost Averaging Option.

**Transfers of Contract Value —** You may transfer Contract Value among the Subaccounts upon proper written request to the Company's Administrative Office both before and after the Annuity Start Date. You may make transfers (other than transfers pursuant to the Dollar Cost Averaging and Asset Reallocation Options) by telephone if the Electronic Transfer Privilege section of the application or the proper form has been completed, signed and received at the Company's Administrative Office. The minimum transfer amount is $500, or the amount remaining in a given Subaccount. The minimum transfer amount does not apply to transfers under the Dollar Cost Averaging or Asset Reallocation Options.

The Company generally effects transfers between or from the Subaccounts at their respective Accumulation Unit values as of the close of the Valuation Period during which the transfer request is received; however, transfer requests received at or after the applicable cut-off time on any Valuation Date will be effected at the Accumulation Unit value determined on the following Valuation Date. Normally, the cut-off time for transfer requests is 2:00 p.m. Central time. If regular trading on the New York Stock Exchange closes prior to 3:00 p.m. Central time, the cut-off time for transfer requests will be one hour prior to closing. See "Cut-Off Times." In addition, a transfer request will not be processed until it is in good order. In this regard, "good order" means that the transfer request is preceded or accompanied by sufficient information to properly execute the transfer.

The Company reserves the right to limit the number of transfers to 14 in a Contract Year, although the Company does not limit the frequency of transfers with regard to the Donoghue, Rydex and certain Federated Subaccounts. In addition, transfers are subject to frequent trading restrictions described below. The Company will limit your transfers if we determine that you are engaging in a pattern of transfers that is disruptive to the Underlying Funds or potentially disadvantageous to other Owners and Participants with Contract Value allocated to the applicable Subaccount(s) and we believe that suspension of your electronic transfer privileges, as discussed below, does not adequately address your transfer activity. The Company does not assess a transfer processing fee on transfers.

**Frequent Transfer Restrictions.** The Contract is not designed for organizations or individuals engaging in a market timing strategy, or making programmed transfers, frequent transfers or transfers that are large in relation to the total assets of an Underlying Fund. These kinds of strategies and transfer activities may disrupt portfolio management of the Underlying Funds in which the Subaccounts invest (such as requiring the Underlying Fund to maintain a high level of cash or causing an Underlying Fund to liquidate investments prematurely to pay withdrawals), hurt Underlying Fund performance, and drive Underlying Fund expenses (such as brokerage and administrative expenses) higher, which are reflected in Underlying Fund performance. In addition, because other insurance companies and/or retirement plans may invest in the Underlying Funds, the risk exists that the Underlying Funds may suffer harm from programmed, frequent, or large transfers among subaccounts of variable contracts issued by other insurance companies or among investment options available to retirement plan participants. These

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risks and costs are borne by all shareholders of an affected Underlying Fund, Owners with Contract Value allocated to the corresponding Subaccount (as well as their Designated Beneficiaries and Annuitants) and long-term investors who do not generate these costs.

The Company has in place policies and procedures designed to restrict transfers if we determine that you are engaging in a pattern of transfers that is disruptive to the Underlying Funds or potentially disadvantageous to other Owners with Contract Value allocated to the applicable Subaccount (regardless of the number of previous transfers the Owner has made during the Contract Year). In making this determination, we monitor transfers among the Subaccounts and consider, among other things, the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

the total dollar amount being transferred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

the number of transfers you made within a period of time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

transfers to and from (or from and to) the same Subaccount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

whether your transfers appear to follow a pattern designed to take advantage of short-term market fluctuations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

whether your transfers appear to be part of a group of transfers made by a third party on behalf of the individual Owners in the group.

There is a risk that some Owners may engage in transfer activity in a manner that is disruptive to the Underlying Funds or potentially disadvantageous to other Owners, which may have a negative impact on such other Owners. If the Company determines that your transfer patterns among the Subaccounts are disruptive to the Underlying Funds or potentially disadvantageous to Owners, the Company may send you a letter notifying you that it is prohibiting you from making telephone transfers or other electronic transfers and instead requiring that you submit transfer requests in writing via regular U.S. mail for a disclosed period beginning on the date of the letter.

In addition, if you make a certain number of transfers ***from*** a Subaccount followed by a transfer to that Subaccount (or ***to*** a Subaccount followed by a transfer from that Subaccount) ("round trip transfers") during the prior 12-month period (or such shorter period as specified in the chart below), the Company will prohibit further transfers to that Subaccount until such transfer may be made without violating the number of round trip transfers permitted. The Transfer Block Restriction applies only on Subaccount transfer amounts greater than $5,000.

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| |
|:---|
| **Subaccount** |
| Federated Hermes High Income Bond II<br>2<sup>1</sup> <br>|
| 1<br> Number of round trip transfers that can be made in any 12 month period before the Company will prohibit further transfers to that <br> Subaccount. Transfers to the Subaccount will be prohibited until such transfer may be made without violating the number of round trip <br> transfers set forth above. |

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Further, if you make a transfer ***from*** any of the Subaccounts listed below, then you may not make a transfer ***to*** that same Subaccount for a period of calendar days equal to the amount listed in the table below in the column titled "Transfer Block Restriction." The Transfer Block Restriction applies only on Subaccount transfer amounts greater than $5,000. The calendar day after the date of the transfer out of the particular Subaccount is considered day 1 for the purpose of computing the period before a transfer to the same Subaccount may be made. For example, if you transfer money out of the NAA SMid-Cap Value Series Subaccount on April 16, the 30 day restriction begins on April 17 and ends on May 16, which means you could transfer back into the NAA SMid-Cap Value Series Subaccount on May 17. This restriction does not apply to transfers made pursuant to the Dollar Cost Averaging and Asset Reallocation Options.

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| | |
|:---|:---|
| **Subaccount** | **Transfer**<br> **Block Restriction**<br> **(# of Calendar Days)**<br>|
| AB Discovery Value, AB Relative Value, AB Sustainable Global Thematic, AB VPS <br> Dynamic Asset Allocation<br>| 30 days |
| Alger Capital Appreciation<sup>1</sup>, Alger Large Cap Growth | 30 days |
| Allspring Opportunity VT, Allspring VT Discovery All Cap Growth | 30 days |
| ALPS/Alerian Energy Infrastructure | 30 days  |

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| | |
|:---|:---|
| **Subaccount** | **Transfer**<br> **Block Restriction**<br> **(# of Calendar Days)**<br>|
| AFIS Capital World Growth and Income, AFIS U.S. Government Securities, AFIS <br> Washington Mutual Investors, American Funds IS<sup>®</sup> Asset Allocation, American Funds IS<sup>®</sup> <br> Capital World Bond, American Funds IS<sup>®</sup> EUPAC Fund<sup>TM</sup>, American Funds IS<sup>®</sup> Global <br> Growth, American Funds IS<sup>®</sup> Growth, American Funds IS<sup>®</sup> Growth-Income, American <br> Funds IS<sup>®</sup> International Growth and Income, American Funds IS<sup>®</sup> Mortgage, American <br> Funds IS<sup>®</sup> New World, American Funds IS<sup>®</sup> SMALLCAP World Fund<sup>®</sup><br>| 30 days |
| BlackRock Advantage Large Cap Core V.I., BlackRock Basic Value V.I., BlackRock Capital <br> Appreciation V.I., BlackRock Equity Dividend V.I., BlackRock Global Allocation V.I., <br> BlackRock High Yield V.I., BlackRock Large Cap Focus Growth V.I.<br>| 30 days |
| BNY Mellon IP Small Cap Stock Index, BNY Mellon IP Technology Growth, BNY Mellon <br> Stock Index, BNY Mellon VIF Appreciation<br>| 60 days |
| Dimensional VA Equity Allocation, Dimensional VA Global Bond Portfolio, Dimensional VA <br> Global Moderate Allocation, Dimensional VA International Small Portfolio, Dimensional VA <br> International Value Portfolio, Dimensional VA Short-Term Fixed Portfolio, Dimensional VA <br> U.S. Large Value Portfolio, Dimensional VA U.S. Targeted Value Portfolio<br>| 30 days |
| Donoghue Forlines Dividend VIT Fund, Donoghue Forlines Momentum VIT Fund | Unlimited |
| DWS Small Mid Cap Value VIP | 30 days |
| Eaton Vance VT Floating-Rate Income | 90 days |
| Federated Hermes Fund for U.S. Government Securities II | Unlimited |
| Federated Hermes High Income Bond II | Subject to the<br> Round Trip <br> Transfer restrictions<br> in the chart above<br>|
| Fidelity<sup>®</sup> VIP Balanced, Fidelity<sup>®</sup> VIP Contrafund<sup>®</sup>, Fidelity<sup>®</sup> VIP Disciplined Small Cap, <br> Fidelity<sup>®</sup> VIP Emerging Markets, Fidelity<sup>®</sup> VIP Growth & Income, Fidelity<sup>®</sup> VIP Growth <br> Opportunities, Fidelity<sup>®</sup> VIP High Income, Fidelity<sup>®</sup> VIP Index 500, Fidelity<sup>®</sup> VIP Investment <br> Grade Bond, Fidelity<sup>®</sup> VIP Mid Cap, Fidelity<sup>®</sup> VIP Overseas, Fidelity<sup>®</sup> VIP Real Estate, <br> Fidelity<sup>®</sup> VIP Strategic Income<br>| 60 days |
| Franklin DynaTech VIP Fund, Franklin Growth and Income VIP Fund, Franklin Income VIP <br> Fund, Franklin Large Cap Growth VIP Fund, Franklin Mutual Global Discovery VIP Fund, <br> Franklin Mutual Shares VIP Fund, Franklin Rising Dividends VIP Fund, Franklin Small Cap <br> Value VIP Fund, Franklin Small-Mid Cap Growth VIP Fund, Franklin Strategic Income VIP <br> Fund, Franklin U.S. Government Securities VIP Fund<br>| 30 days |
| Goldman Sachs VIT International Equity Insights, Goldman Sachs VIT Large Cap Value, <br> Goldman Sachs VIT Mid Cap Growth, Goldman Sachs VIT Mid Cap Value, Goldman <br> Sachs VIT Small Cap Equity Insights, Goldman Sachs VIT Strategic Growth<br>| 30 days |
| Guggenheim VIF Floating Rate Strategies, Guggenheim VIF Global Managed Futures <br> Strategy, Guggenheim VIF High Yield, Guggenheim VIF Multi-Hedge Strategies, <br> Guggenheim VIF Total Return Bond<br>| 30 days |
| Invesco V.I. American Franchise, Invesco V.I. American Value, Invesco V.I. Balanced-Risk <br> Allocation, Invesco V.I. Comstock, Invesco V.I. Core Equity, Invesco V.I. Discovery Mid Cap <br> Growth, Invesco V.I. Equally-Weighted S&P 500, Invesco V.I. Equity and Income, Invesco <br> V.I. EQV International Equity, Invesco V.I. Global, Invesco V.I. Global Real Estate, Invesco <br> V.I. Global Strategic Income, Invesco V.I. Government Securities, Invesco V.I. Growth and <br> Income, Invesco V.I. Health Care, Invesco V.I. High Yield, Invesco V.I. International Growth, <br> Invesco V.I. Main Street Mid Cap Fund<sup>®</sup>, Invesco V.I. Main Street Small Cap Fund<sup>®</sup>, <br> Invesco V.I. S&P Buffer Fund – December, Invesco V.I. S&P Buffer Fund – June, Invesco <br> V.I. S&P Buffer Fund – March, Invesco V.I. S&P Buffer Fund – September, Invesco V.I. <br> Small Cap Equity<br>| 30 days |
| Janus Henderson VIT Enterprise, Janus Henderson VIT Forty, Janus Henderson VIT Mid <br> Cap Value, Janus Henderson VIT Overseas, Janus Henderson VIT Research<br>| 30 days  |

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| | |
|:---|:---|
| **Subaccount** | **Transfer**<br> **Block Restriction**<br> **(# of Calendar Days)**<br>|
| Lord Abbett Series Bond-Debenture VC, Lord Abbett Series Developing Growth VC<sup>2</sup>, Lord <br> Abbett Series Dividend Growth VC, Lord Abbett Series Fundamental Equity VC, Lord <br> Abbett Series Growth and Income VC, Lord Abbett Series Growth Opportunities VC, Lord <br> Abbett Series Mid Cap Stock VC, Lord Abbett Series Total Return VC<br>| 30 days |
| LVIP American Century Inflation Protection, LVIP American Century International, LVIP <br> American Century Mid Cap Value, LVIP American Century Value, LVIP Avantis Large Cap <br> Value, LVIP JPMorgan Core Bond, LVIP JPMorgan Small Cap Core, LVIP JPMorgan U.S. <br> Equity<br>| 30 days |
| MFS<sup>®</sup> VIT Emerging Markets Equity, MFS<sup>®</sup> VIT Global Tactical Allocation, MFS<sup>®</sup> VIT High <br> Yield, MFS<sup>®</sup> VIT II MA Investors Growth Stock, MFS<sup>®</sup> VIT II Research International, MFS<sup>®</sup> <br> VIT International Intrinsic Equity, MFS<sup>®</sup> VIT Investors Trust, MFS<sup>®</sup> VIT New Discovery, <br> MFS<sup>®</sup> VIT Research, MFS<sup>®</sup> VIT Total Return, MFS<sup>®</sup> VIT Total Return Bond, MFS<sup>®</sup> VIT <br> Utilities<br>| 30 days |
| Morgan Stanley VIF Emerging Markets Debt, Morgan Stanley VIF Emerging Markets <br> Equity<br>| 30 days |
| Morningstar Aggressive Growth ETF Asset Allocation Portfolio, Morningstar Balanced ETF <br> Asset Allocation Portfolio, Morningstar Conservative ETF Asset Allocation Portfolio, <br> Morningstar Growth ETF Asset Allocation Portfolio, Morningstar Income and Growth ETF <br> Asset Allocation Portfolio<br>| 30 days |
| NAA All Cap Value Series, NAA Large Cap Value Series, NAA Large Core Series, NAA <br> Large Growth Series, NAA Mid Growth Series, NAA Small Cap Value Series, NAA Small <br> Growth Series, NAA SMid-Cap Value Series, NAA World Equity Income Series<br>| 30 days |
| Neuberger Berman Quality Equity Portfolio | 30 days |
| Nomura VIP Asset Strategy, Nomura VIP Balanced, Nomura VIP Core Equity, Nomura VIP <br> Energy, Nomura VIP Global Growth, Nomura VIP Growth, Nomura VIP High Income, <br> Nomura VIP International Core Equity, Nomura VIP Limited-Term Bond, Nomura VIP Mid <br> Cap Growth, Nomura VIP Natural Resources, Nomura VIP Science and Technology, <br> Nomura VIP Small Cap Growth, Nomura VIP Smid Cap Core, Nomura VIP Value<br>| 60 days |
| PIMCO VIT All Asset, PIMCO VIT CommodityRealReturn Strategy, PIMCO VIT Emerging <br> Markets Bond, PIMCO VIT Global Bond Opportunities (Unhedged), PIMCO VIT Global <br> Managed Asset Allocation, PIMCO VIT High Yield, PIMCO VIT Low Duration, PIMCO VIT <br> Real Return, PIMCO VIT Short-Term, PIMCO VIT Total Return<br>| 30 days |
| Putnam VT Core Equity, Putnam VT Diversified Income, Putnam VT Global Asset <br> Allocation, Putnam VT High Yield, Putnam VT Income, Putnam VT Large Cap Growth, <br> Putnam VT Large Cap Value, Putnam VT Small Cap Growth<br>| 30 days  |

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| | |
|:---|:---|
| **Subaccount** | **Transfer**<br> **Block Restriction**<br> **(# of Calendar Days)**<br>|
| Rydex VIF Banking, Rydex VIF Basic Materials, Rydex VIF Biotechnology, Rydex VIF <br> Commodities Strategy, Rydex VIF Consumer Products, Rydex VIF Dow 2x Strategy<sup>3</sup>, <br> Rydex VIF Electronics, Rydex VIF Energy, Rydex VIF Energy Services, Rydex VIF Europe <br> 1.25x Strategy<sup>3</sup>, Rydex VIF Financial Services, Rydex VIF Government Long Bond 1.2x <br> Strategy<sup>3</sup>, Rydex VIF Health Care, Rydex VIF High Yield Strategy, Rydex VIF Internet, <br> Rydex VIF Inverse Dow 2x Strategy<sup>3</sup>, Rydex VIF Inverse Government Long Bond <br> Strategy<sup>3</sup>, Rydex VIF Inverse Mid-Cap Strategy<sup>3</sup>, Rydex VIF Inverse NASDAQ-100<sup>®</sup> <br> Strategy<sup>3</sup>, Rydex VIF Inverse Russell 2000<sup>®</sup> Strategy<sup>3</sup>, Rydex VIF Inverse S&P 500 <br> Strategy<sup>3</sup>, Rydex VIF Japan 2x Strategy<sup>3</sup>, Rydex VIF Leisure, Rydex VIF Mid-Cap 1.5x <br> Strategy<sup>3</sup>, Rydex VIF NASDAQ-100<sup>®</sup> Strategy<sup>3</sup>, Rydex VIF NASDAQ-100<sup>®</sup> 2x Strategy<sup>3</sup>, <br> Rydex VIF Nova<sup>3</sup>, Rydex VIF Precious Metals, Rydex VIF Real Estate, Rydex VIF <br> Retailing, Rydex VIF Russell 2000 1.5x Strategy<sup>3</sup>, Rydex VIF Russell 2000<sup>®</sup> 2x Strategy<sup>3</sup>, <br> Rydex VIF S&P 500 2x Strategy<sup>3</sup>, Rydex VIF S&P 500 Pure Growth, Rydex VIF S&P 500 <br> Pure Value, Rydex VIF S&P MidCap 400 Pure Growth, Rydex VIF S&P MidCap 400 Pure <br> Value, Rydex VIF S&P SmallCap 600 Pure Growth, Rydex VIF S&P SmallCap 600 Pure <br> Value, Rydex VIF Strengthening Dollar 2x Strategy<sup>3</sup>, Rydex VIF Technology, Rydex VIF <br> Telecommunications, Rydex VIF Transportation, Rydex VIF U.S. Government Money <br> Market, Rydex VIF Utilities, Rydex VIF Weakening Dollar 2x Strategy<sup>3</sup> <br>| Unlimited |
| T. Rowe Price Blue Chip Growth, T. Rowe Price Equity Income, T. Rowe Price Health <br> Sciences, T. Rowe Price Limited-Term Bond<br>| 30 days |
| Templeton Emerging Markets VIP Fund, Templeton Foreign VIP Fund, Templeton Global <br> Bond VIP Fund, Templeton Growth VIP Fund<br>| 30 days |
| Third Avenue Value | 90 days |
| TOPS<sup>®</sup> Aggressive ETF, TOPS<sup>®</sup> Balanced ETF, TOPS<sup>®</sup> Conservative ETF, TOPS<sup>®</sup> <br> Managed Risk Balanced ETF, TOPS<sup>®</sup> Managed Risk Moderate ETF, TOPS<sup>®</sup> Managed Risk <br> Moderately Aggressive ETF, TOPS<sup>®</sup> Moderate ETF, TOPS<sup>®</sup> Moderately Aggressive ETF<br>| 30 days |
| VanEck VIP Global Gold, VanEck VIP Global Resources | 30 days |
| Vanguard<sup>®</sup> VIF Balanced, Vanguard<sup>®</sup> VIF Conservative Allocation, Vanguard<sup>®</sup> VIF <br> Diversified Value, Vanguard<sup>®</sup> VIF Equity Income, Vanguard<sup>®</sup> VIF Equity Index, Vanguard<sup>®</sup> <br> VIF Global Bond Index, Vanguard<sup>®</sup> VIF Growth, Vanguard<sup>®</sup> VIF High Yield Bond, <br> Vanguard<sup>®</sup> VIF International, Vanguard<sup>®</sup> VIF Mid-Cap Index, Vanguard<sup>®</sup> VIF Moderate <br> Allocation, Vanguard<sup>®</sup> VIF PRIMECAP, Vanguard<sup>®</sup> VIF Real Estate Index, Vanguard<sup>®</sup> VIF <br> Short Term Investment Grade, Vanguard<sup>®</sup> VIF Small Company Growth<sup>4</sup>, Vanguard<sup>®</sup> VIF <br> Total Bond Market Index, Vanguard<sup>®</sup> VIF Total International Stock Market Index, Vanguard<sup>®</sup> <br> VIF Total Stock Market Index<br>| 30 days |
| Victory Pioneer Bond VCT, Victory Pioneer Equity Income VCT, Victory Pioneer High Yield <br> VCT, Victory Pioneer Strategic Income VCT<br>| 30 days |
| Virtus Duff & Phelps Real Estate Securities Series, Virtus KAR Small-Cap Growth Series, <br> Virtus Newfleet Multi-Sector Intermediate Bond Series, Virtus SGA International Growth <br> Series, Virtus Tactical Allocation Series<br>| 30 days |
| Voya MidCap Opportunities Portfolio | 30 days |
| VY CBRE Global Real Estate Portfolio, VY Columbia Real Estate Portfolio | 30 days  |

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| | |
|:---|:---|
| **Subaccount** | **Transfer**<br> **Block Restriction**<br> **(# of Calendar Days)**<br>|
| Western Asset Variable Global High Yield Bond | 30 days |
| 1<br> You may transfer Contract Value to the Alger Capital Appreciation Subaccount only if you had Contract Value allocated to that Subaccount on <br> April 30, 2021.<br>2<br> You may transfer Contract Value to the Lord Abbett Series Developing Growth VC Subaccount only if you had Contract Value allocated to <br> that Subaccount on May 5, 2021.<br>3<br> You may transfer Contract Value to the Rydex VIF Dow 2x Strategy, Rydex VIF Europe 1.25x Strategy, Rydex VIF Government Long Bond <br> 1.2x Strategy, Rydex VIF Inverse Dow 2x Strategy, Rydex VIF Inverse Government Long Bond Strategy, Rydex VIF Inverse Mid-Cap Strategy, <br> Rydex VIF Inverse NASDAQ-100<sup>®</sup> Strategy, Rydex VIF Inverse Russell 2000<sup>®</sup> Strategy, Rydex VIF Inverse S&P 500 Strategy, Rydex VIF <br> Japan 2x Strategy, Rydex VIF Mid-Cap 1.5x Strategy, Rydex VIF NASDAQ-100<sup>®</sup> 2x Strategy, Rydex VIF Nova, Rydex VIF Russell 2000<sup>®</sup> 1.5x <br> Strategy, Rydex VIF Russell 2000<sup>®</sup> 2x Strategy, Rydex VIF S&P 500 2x Strategy, Rydex VIF Strengthening Dollar 2x Strategy, and Rydex VIF <br> Weakening Dollar 2x Strategy Subaccounts only if you had Contract Value allocated to that Subaccount on May 1, 2019.<br>4<br> You may transfer Contract Value to the Vanguard<sup>®</sup> VIF Small Company Growth Subaccount only if you had Contract Value allocated to that <br> Subaccount on May 1, 2019. | 1<br> You may transfer Contract Value to the Alger Capital Appreciation Subaccount only if you had Contract Value allocated to that Subaccount on <br> April 30, 2021.<br>2<br> You may transfer Contract Value to the Lord Abbett Series Developing Growth VC Subaccount only if you had Contract Value allocated to <br> that Subaccount on May 5, 2021.<br>3<br> You may transfer Contract Value to the Rydex VIF Dow 2x Strategy, Rydex VIF Europe 1.25x Strategy, Rydex VIF Government Long Bond <br> 1.2x Strategy, Rydex VIF Inverse Dow 2x Strategy, Rydex VIF Inverse Government Long Bond Strategy, Rydex VIF Inverse Mid-Cap Strategy, <br> Rydex VIF Inverse NASDAQ-100<sup>®</sup> Strategy, Rydex VIF Inverse Russell 2000<sup>®</sup> Strategy, Rydex VIF Inverse S&P 500 Strategy, Rydex VIF <br> Japan 2x Strategy, Rydex VIF Mid-Cap 1.5x Strategy, Rydex VIF NASDAQ-100<sup>®</sup> 2x Strategy, Rydex VIF Nova, Rydex VIF Russell 2000<sup>®</sup> 1.5x <br> Strategy, Rydex VIF Russell 2000<sup>®</sup> 2x Strategy, Rydex VIF S&P 500 2x Strategy, Rydex VIF Strengthening Dollar 2x Strategy, and Rydex VIF <br> Weakening Dollar 2x Strategy Subaccounts only if you had Contract Value allocated to that Subaccount on May 1, 2019.<br>4<br> You may transfer Contract Value to the Vanguard<sup>®</sup> VIF Small Company Growth Subaccount only if you had Contract Value allocated to that <br> Subaccount on May 1, 2019. |

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In addition to the Company's own frequent transfer procedures, the Underlying Funds may have adopted their own policies and procedures with respect to frequent transfer of their respective shares, and the Company reserves the right to enforce these policies and procedures. The prospectuses for the Underlying Funds describe any such policies and procedures, which may be more or less restrictive than the policies and procedures the Company has adopted. In particular, some of the Underlying Funds have reserved the right to temporarily or permanently refuse payments or transfer requests from the Company if, in the judgment of the Underlying Fund's manager, the Underlying Fund would be unable to invest effectively in accordance with its investment objective or policies, or would otherwise potentially be adversely affected.

You should be aware that the Company currently may not have the contractual obligation or the operational capacity to apply the Underlying Funds' frequent transfer policies and procedures. However, under SEC rules, the Company is required to: (1) enter into a written agreement with each Underlying Fund or its principal underwriter that obligates the Company to provide to the Underlying Fund promptly upon request certain information about the trading activity of individual Owners, and (2) execute instructions from the Underlying Fund to restrict or prohibit further purchases or transfers by specific Owners who violate the frequent transfer policies established by the Underlying Fund.

Managers of the Underlying Funds may contact the Company if they believe or suspect that there is market timing or other potentially harmful trading, and, if so, the Company will take appropriate action to protect others. In particular, the Company may, and the Company reserves the right to, reverse a potentially harmful transfer. If the Company reverses a potentially harmful transfer, it will effect such reversal not later than the close of business on the second Valuation Date following the Valuation Date in which the original transfer was effected, and the Company will inform the Owner in writing at his or her address of record.

To the extent permitted by applicable law, the Company also reserves the right to reject a transfer request at any time that the Company is unable to purchase or redeem shares of any of the Underlying Funds because of any refusal or restriction on purchases or redemptions of their shares as a result of the Underlying Fund's policies and procedures on market timing activities or other potentially abusive transfers. The Company also reserves the right to implement, administer, and collect redemption fees imposed by one or more of the Underlying Funds in the future. You should read the prospectuses of the Underlying Funds for more details on their ability to refuse or restrict purchases or redemptions of their shares.

In its sole discretion, the Company may revise its market timing procedures at any time without prior notice as the Company deems necessary or appropriate to better detect and deter programmed, frequent, or large transfers that may adversely affect other Owners, or Underlying Fund shareholders, to comply with state or federal regulatory requirements, or to impose additional or alternate restrictions on market timers (such as dollar or percentage limits on transfers). The Company may change its parameters to monitor for factors other than transfer block restrictions. For purposes of applying the parameters used to detect potential market timing and other potentially harmful activity, the Company may aggregate transfers made in two or more Contracts that it believes are connected (for example, two Contracts with the same Owner, or owned by spouses, or owned by different partnerships or corporations that are under common control, etc.).

The Company does not include transfers made pursuant to Dollar Cost Averaging and Asset Reallocation Options in these limitations. The Company may vary its market timing procedures from Subaccount to Subaccount, and may be more restrictive with regard to certain Subaccounts than others. The Company may not always apply

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these detection methods to Subaccounts investing in Underlying Funds that, in its judgment, would not be particularly attractive to market timers or otherwise susceptible to harm by frequent transfers.

Owners seeking to engage in programmed, frequent, or large transfer activity may deploy a variety of strategies to avoid detection. The Company's ability to detect and deter such transfer activity is limited by operational systems and technological limitations. Furthermore, the identification of Owners determined to be engaged in transfer activity that may adversely affect other Owners, or Underlying Fund shareholders involves judgments that are inherently subjective. Accordingly, despite its best efforts, the Company cannot guarantee that its market timing procedures will detect every potential market timer, but the Company applies its market timing procedures consistently to all Owners without special arrangement, waiver, or exception, aside from allocations to the Donoghue, Rydex and certain Federated Subaccounts (see chart above), which do not limit or restrict transfers. Because other insurance companies and/or retirement plans may invest in the Underlying Funds, the Company cannot guarantee that the Underlying Funds will not suffer harm from programmed, frequent, or large transfers among subaccounts of variable contracts issued by other insurance companies or among investment options available to retirement plan participants.

The Company does not limit or restrict transfers to or from the Donoghue, Rydex and certain Federated Subaccounts (see chart above). As stated above, market timing and frequent transfer activities may disrupt portfolio management of the Underlying Funds, hurt Underlying Fund performance, and drive Underlying Fund expenses higher, which are reflected in Underlying Fund performance.

Because the Company does not reserve the unfettered right to prohibit transfers, it cannot guarantee that it can restrict or deter all harmful transfer activity, Owners bear the risks associated with such activity, including potential disruption of portfolio management of the Underlying Funds and potentially lower Underlying Fund performance and higher Underlying Fund expenses. In addition, there is a risk that the Company will not detect harmful transfer activity on the part of some Owners and, as a result, the Company will inadvertently treat those Owners differently than Owners it does not permit to engage in harmful transfer activity. Moreover, due to the Company's operational and technological limitations, as well as possible variations in the market timing policies of other insurance companies and/or retirement plans that may also invest in the Underlying Funds, some Owners may be treated differently than others. Consequently, there is a risk that some Owners may be able to engage in market timing while others suffer the adverse effects of such trading activities.

**Contract Value —** The Contract Value is the sum of the amounts under your Contract held in each Subaccount as of any Valuation Date.

On each Valuation Date, the amount of Contract Value allocated to any particular Subaccount will be adjusted to reflect the investment experience of that Subaccount. See "Determination of Contract Value." Contract Value allocated to the Subaccounts is not guaranteed by the Company. You bear the entire investment risk relating to the investment performance of Contract Value allocated to the Subaccounts.

**Determination of Contract Value —** Your Contract Value will vary depending upon several factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Investment performance of the Subaccounts to which you have allocated Contract Value,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Payment of Purchase Payments,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Full and partial withdrawals (including systematic withdrawals and withdrawals made to pay the fees of your investment adviser), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Charges assessed in connection with the Contract, including charges for any optional riders selected.

The amounts allocated to a Subaccount will be invested in shares of the corresponding Underlying Fund. The investment performance of each Subaccount will reflect increases or decreases in the net asset value per share of the corresponding Underlying Fund and any dividends or distributions declared by the Underlying Fund. Any dividends or distributions from any Underlying Fund will be automatically reinvested in shares of the same Underlying Fund, unless the Company, on behalf of the Separate Account, elects otherwise.

Assets in the Subaccounts are divided into Accumulation Units, which are accounting units of measure used to calculate the value of an Owner's interest in a Subaccount. When you allocate Purchase Payments to a Subaccount, your Contract is credited with Accumulation Units. The number of Accumulation Units to be credited is determined by dividing the dollar amount, including any Credit Enhancements, allocated to the particular Subaccount by the price for the Subaccount's Accumulation Units as of the end of the Valuation Period in which the Purchase Payment is credited.

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In addition, other transactions such as full or partial withdrawals (including systematic withdrawals and withdrawals made to pay the fees of your investment adviser), transfers, and assessment of certain charges against the Contract affect the number of Accumulation Units attributable to a Contract. The number of units credited or debited in connection with any such transaction is determined by dividing the dollar amount of such transaction by the price of the Accumulation Unit of the affected Subaccount next determined after receipt of the transaction request (subject to any application requirements that the transaction be in good order, as described herein). The price of each Subaccount is determined on each Valuation Date as of the close of regular trading on the New York Stock Exchange, normally 3:00 p.m. Central time. Transactions (other than transfer requests, as described herein) received at or after that time on any Valuation Date will be effected at the Accumulation Unit value determined on the following Valuation Date. See "Purchase Payments" and "Full and Partial Withdrawals."

Requests to transfer Contract Value received at or after the applicable cut-off time will be effected at the Accumulation Unit value determined on the following Valuation Date. Normally, the cut-off time for transfer requests is 2:00 p.m. Central time. If regular trading on the New York Stock Exchange closes prior to 3:00 p.m. Central time, the cut-off time for transfer requests will be one hour prior to closing. See "Cut-Off Times." The price of each Subaccount may be determined earlier if trading on the New York Stock Exchange is restricted or as permitted by the SEC.

The number of Accumulation Units credited to a Contract shall not be changed by any subsequent change in the value of an Accumulation Unit, but the dollar value of an Accumulation Unit may vary from Valuation Date to Valuation Date depending upon the investment experience of the Subaccount and charges against the Subaccount.

The price of each Subaccount's units initially was $10. The price of a Subaccount on any Valuation Date takes into account the following: (1) the investment performance of the Subaccount, which is based upon the investment performance of the corresponding Underlying Fund, (2) any dividends or distributions paid by the corresponding Underlying Fund, (3) the charges, if any, that may be assessed by the Company for taxes attributable to the operation of the Subaccount, (4) the minimum mortality and expense risk charge under the Contract of 1.00% annually, and (5) the administration charge for that Subaccount, and (6) the deduction of the Underlying Fund's fees and expenses.

The minimum mortality and expense risk charge of 1.00% and the administration charge (which ranges from 0.25% to 0.65% depending on the Subaccount) are factored into the Accumulation Unit value or "price" of each Subaccount on each Valuation Date. Each Subaccount declares a monthly subaccount adjustment and the Company deducts the Excess Charge from this monthly subaccount adjustment upon its reinvestment in the Subaccount. The Excess Charge is a percentage of your Contract Value allocated to the Subaccount as of the reinvestment date. The monthly subaccount adjustment is paid only for the purpose of collecting the Excess Charge. Assuming that you owe a charge above the minimum mortality and expense risk charge and the administration charge, your Contract Value will be reduced in the amount of your Excess Charge upon reinvestment of the Subaccount's monthly subaccount adjustment. The Company deducts the Excess Charge only upon reinvestment of the monthly subaccount adjustment and does not assess an Excess Charge upon a full or partial withdrawal from the Contract. The Company reserves the right to compute and deduct the Excess Charge from each Subaccount on each Valuation Date. See the Statement of Additional Information for a more detailed discussion of how the Excess Charge is deducted.

**Cut-Off Times —** We refer to the times by which financial transactions must be received to be processed on the current Valuation Date as "cut-off times." Any written, electronic, or telephonic transactions involving your Contract, other than requests to transfer Contract Value among the Subaccounts, must be received by us prior to any announced closing of regular trading on the New York Stock Exchange to be processed on the current Valuation Date. The New York Stock Exchange normally closes at 3:00 p.m. Central time, so financial transactions (other than transfers) normally must be received prior to 3:00 p.m. Central time. Financial transactions (other than transfers) received at or after the cut-off time will be processed on the following Valuation Date. Financial transactions include full and partial withdrawals (including systematic withdrawals and withdrawals to pay investment advisory fees), death benefit payments, and Purchase Payments.

Any request to transfer Contract Value among the Subaccounts, including those submitted by telephone, must be received by us no later than one hour prior to any announced closing of regular trading on the New York Stock Exchange to be processed on the current Valuation Date. This means transfer requests must normally be received by 2:00 p.m. Central time. Transfer requests received at or after the cut-off time will be processed on the following Valuation Date. The Company may extend the cut-off time to 15 minutes prior to any announced closing (generally 2:45 p.m. Central time) for transfers submitted electronically through the Company's Internet web site. Internet functionality is available only to Owners who have authorized their financial representatives to make financial transactions on their behalf.

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**Full and Partial Withdrawals —** An Owner may make a partial withdrawal of Contract Value or surrender the Contract for its Withdrawal Value. A full or partial withdrawal, including systematic withdrawals and withdrawals to pay investment advisory fees, may be taken from Contract Value at any time while the Owner is living and before the Annuity Start Date, subject to limitations under applicable law. Withdrawals (other than systematic withdrawals or withdrawals to pay investment advisory fees) after the Annuity Start Date are permitted only under Annuity Options 5, 6 and 7 (and only if the Owner has elected variable annuity payments under Annuity Option 7). See "Annuity Period" for a discussion of withdrawals after the Annuity Start Date. A full or partial withdrawal request will be effective as of the end of the Valuation Period that it is received by the Company at its Administrative Office; however, if the request is received on a Valuation Date at or after the cut-off time (normally 3:00 p.m. Central time), the withdrawal will be effected at the Accumulation Unit value determined on the following Valuation Date. See "Cut-Off Times." In addition, a withdrawal will not be processed until it is in good order. In this regard, "good order" means that the withdrawal request is accompanied by a properly completed Withdrawal Request form (including the Owner's signature and, if applicable, the written consent of any effective assignee or irrevocable beneficiary).

The proceeds received upon a full withdrawal will be the Contract's Withdrawal Value. The Withdrawal Value is equal to the Contract Value as of the end of the Valuation Period during which the withdrawal is processed, less any uncollected premium taxes to reimburse the Company for any tax on premiums on a Contract that may be imposed by various states and municipalities. See "Premium Tax Charge." The Withdrawal Value during the Annuity Period for variable annuity payments (or a combination of variable and fixed annuity payments) under Annuity Option 7 is the present value of future annuity payments commuted at the assumed interest rate, less any uncollected premium taxes.

The Company requires the signature of all Owners on any request for withdrawal. The Company also requires a guarantee of all such signatures to effect the transfer or exchange of all of the Contract, or any part of the Contract in excess of $25,000, for another investment. The signature guarantee must be provided by an eligible guarantor, such as a bank, broker, credit union, national securities exchange or savings association. Notarization is not an acceptable form of signature guarantee. The Company further requires that any request to transfer or exchange all or part of the Contract for another investment be made upon a transfer form provided by the Company which is available upon request.

A partial withdrawal may be requested for a specified percentage or dollar amount of Contract Value. Each partial withdrawal must be at least $500 except systematic withdrawals discussed below and withdrawals to pay investment advisory fees. A request for a partial withdrawal (including systematic withdrawals and withdrawals to pay investment advisory fees) will result in a payment by the Company of the amount specified in the partial withdrawal request less any applicable premium tax charge. Alternatively, you may request that any premium tax charge be deducted from your remaining Contract Value, provided there is sufficient Contract Value available. Upon payment, your Contract Value will be reduced by an amount equal to the payment, or if you requested that any charges be deducted from your remaining Contract Value, your Contract Value also will be reduced by the amount of any such premium tax charge . See "Premium Tax Charge."

If a partial withdrawal (other than a systematic withdrawal or a withdrawal to pay investment advisory fees) is requested after the first Contract Year that would leave the Withdrawal Value in the Contract less than $2,000 and no Purchase Payments have been paid for three years, the Company reserves the right to terminate the Contract and pay the Contract Value in one sum to the Owner. However, the Company will first notify the Owner that the Contract is subject to termination, and will only terminate the Contract if, after 90 days following the date of the notice, the Owner has not made any Purchase Payments to increase the Withdrawal Value to $2,000.

The Company will deduct the amount of a partial withdrawal from the Contract Value in the Subaccounts, according to the Owner's instructions to the Company. If you do not specify the allocation, the Company will deduct the withdrawal in the same proportion that Contract Value is allocated among the Subaccounts.

A full or partial withdrawal, including a systematic withdrawal or a withdrawal to pay investment advisory fees, may result in receipt of taxable income to the Owner and, if made prior to the Owner attaining age 59½, may be subject to a 10% penalty tax. The tax consequences of a withdrawal under the Contract should be carefully considered. See "Federal Tax Matters."

**Withdrawals to Pay Advisory Fees —** The deduction of advisory fees from your Contract Value is treated as a withdrawal under the Contract. The deduction of advisory fees will not count toward the annual free withdrawal amount. Deductions from your Contract Value to pay advisory fees will reduce the death benefit, perhaps significantly.

Withdrawals to pay advisory fees may still be treated as withdrawals for tax purposes by the Company and/or the IRS. For Non-Qualified Contracts, all or a portion of the charges deducted from your Contract Value to pay advisory fees to a financial intermediary may be subject to federal and state income taxes and a 10% federal penalty tax.

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A tax-free partial exchange may become taxable if an advisory fee is paid from your Contract Value within 180 days of the partial exchange. Consult your tax adviser for advice concerning tax-free partial exchanges and the impact of deducting advisory fees from your Contract Value.

**Systematic Withdrawals —** For no additional charge, the Company currently offers a feature under which you may select systematic withdrawals. Under this feature, an Owner may elect to receive systematic withdrawals while the Owner is living and before the Annuity Start Date by sending a properly completed Scheduled Systematic Withdrawal form to the Company at its Administrative Office. This option may be elected at any time. An Owner may designate the systematic withdrawal amount as a percentage of Contract Value allocated to the Subaccounts, as a fixed period, as level payments, as a specified dollar amount, as all earnings in the Contract, or based upon the life expectancy of the Owner or the Owner and a beneficiary. An Owner also may designate the desired frequency of the systematic withdrawals, which may be monthly, quarterly, semiannual or annual. The Owner may stop or modify systematic withdrawals upon proper written request received by the Company at its Administrative Office at least 30 days in advance of the requested date of termination or modification. A proper request must include the written consent of any effective assignee or irrevocable beneficiary, if applicable.

Each systematic withdrawal must be at least $100. Upon payment, your Contract Value will be reduced by an amount equal to the payment proceeds plus premium tax. Contract Value will also be reduced by a percentage of any Credit Enhancements that have not yet vested. See "Extra Credit."

If an Owner is enrolled in the Dollar Cost Averaging or Asset Reallocation Options, the Owner may not elect to receive systematic withdrawals from any Subaccount that is part of the Dollar Cost Averaging or Asset Reallocation Options.

In no event will the amount of a systematic withdrawal exceed the Contract Value less any uncollected premium taxes (the "Withdrawal Value"). **The Contract will automatically terminate if a systematic withdrawal causes the Contract's Withdrawal Value to equal zero.** 

The Company will effect each systematic withdrawal as of the end of the Valuation Period during which the withdrawal is scheduled. The deduction caused by the systematic withdrawal will be allocated to your Contract Value in the Subaccounts, as you have directed. If you do not specify the allocation, the Company will deduct the systematic withdrawal in the same proportion that Contract Value is allocated among the Subaccounts.

The Company may, at any time, discontinue, modify, suspend or charge a fee for systematic withdrawals. You should consider carefully the tax consequences of a systematic withdrawal, including the 10% penalty tax which may be imposed on withdrawals made prior to the Owner attaining age 59½. See "Federal Tax Matters."

**Free-Look Right —** You may return a Contract within the Free-Look Period, which is generally a ten-day period beginning when you receive the Contract. Purchase Payments received during the Free-Look period will be allocated according to your instructions contained in the application or more recent instructions, if any. If you return your Contract during the Free-Look Period, the Company will then deem void the returned Contract and will refund to you Contract Value based upon the value of Accumulation Units next determined after we receive your Contract, plus any charges deducted from such Contract Value.

Some states' laws require us to refund your Purchase Payments. If your Contract is delivered in one of those states and you return your Contract during the Free-Look Period, the Company will refund the greater of: (1) Purchase Payments or (2) Contract Value, plus any charges deducted from such Contract Value.

**Death Benefit —** You should consider the following provisions carefully when choosing the Designated Beneficiary, Annuitant, any Joint Annuitant, and any Joint Owner, as well as before changing any of these parties. Naming different persons as Owner(s), Annuitant(s) and Designated Beneficiary(ies) can have important impacts on whether the death benefit is paid, and on who would receive it.

If an Owner dies prior to the Annuity Start Date while this Contract is in force, the Company will calculate the death benefit proceeds payable to the Designated Beneficiary as of the Valuation Date the Company receives due proof of the Owner's death and instructions regarding payment to the Designated Beneficiary. If there are Joint Owners, the death benefit proceeds will be calculated upon receipt of due proof of death of either Owner, and instructions regarding payment.

If the surviving spouse of the deceased Owner is the sole Designated Beneficiary, such spouse may elect to continue the Contract in force, subject to certain limitations. See "Distribution Requirements." If any Owner is not a natural person, the death benefit proceeds will be payable as of the date the Company receives due proof of death of the Annuitant prior to the Annuity Start Date and instructions regarding payment. If the death of an Owner occurs on or after the Annuity Start Date, any applicable death benefit will terminate at the Annuity Start Date without value. See "Annuity Options."

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The death benefit proceeds will be the death benefit reduced by any uncollected premium tax. If an Owner dies (or the Annuitant dies, if any Owner is not a natural person) prior to the Annuity Start Date while this Contract is in force, the amount of the death benefit will be the Contract Value on the Valuation Date due proof of death and instructions regarding payment are received by the Company.

If you purchased the Return of Premium Death Benefit rider, your death benefit will be determined in accordance with the terms of the rider. **Please note that, under the rider, if we do not receive due proof of death and instructions regarding payment for each Designated Beneficiary at our Administrative Office within six months of the date of the Owner's death, the death benefit will be the Contract Value on the Valuation Date we receive due proof of death and instructions regarding payment, less any uncollected premium tax. See the discussion of the Return of Premium Death Benefit.** Your death benefit proceeds under the rider will be the death benefit reduced by any uncollected premium tax.

The death benefit proceeds will be paid to the Designated Beneficiary in a single sum or under one of the Annuity Options, as elected by the Designated Beneficiary. However, if the Owner has completed a restricted beneficiary designation form, the death benefit proceeds will be paid to the Designated Beneficiary in the manner specified on the form. If the Designated Beneficiary is to receive annuity payments under an Annuity Option, there may be limits under applicable law on the amount and duration of payments that the Beneficiary may receive, and requirements respecting timing of payments. Under a Qualified Contract, most non-spouse Designated Beneficiaries will be required to receive all proceeds within ten years. A tax adviser should be consulted in considering Annuity Options. See "Federal Tax Matters" and "Distribution Requirements" for a discussion of the tax consequences in the event of death.

Every state has unclaimed property laws which generally declare annuity contracts to be abandoned after a period of inactivity of 3 to 5 years from the Contract's Annuity Start Date or date the death benefit is due and payable. For example, if the payment of a death benefit has been triggered, but the Designated Beneficiary does not come forward to claim the death benefit in a timely manner, the death benefit will be paid to the abandoned property division or unclaimed property office of the state in which the Designated Beneficiary or the Owner last resided, as shown on our books and records, or to our state of domicile. This "escheatment" is revocable, however, and the state is obligated to pay the death benefit (without interest) if your Designated Beneficiary steps forward to claim the death benefit with the proper documentation. To prevent such escheatment, it is important that you update your Designated Beneficiary designations, including addresses, if and as they change. Such updates should be communicated in writing, or other approved means to our Administrative Office.

**<u>Example of the Impact of Advisory Fee Withdrawals on Contract Value and the Standard Death Benefit over Time.</u>** Assume:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The initial Purchase Payment is $100,000 and no additional Purchase Payments are added to the Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Contract Value grows at an annual rate of 3%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) An advisory fee withdrawal of $1,000 is taken each Contract Year at the end of the Contract Year.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Beginning of** <br> **Contract Year**<br>| **Contract Value** <br> **Prior to Advisory** <br> **Fee Withdrawal**<br>| **Advisory Fee** <br> **Withdrawal**<br>| **Contract Value** <br> **After Advisory Fee** <br> **Withdrawal**<br>| **Death Benefit** <br> **After Advisory Fee** <br> **Withdrawal**<br>|
| 1 | $100000.00 | $1000.00 | $102000.00 | $102000.00 |
| 2 | $102000.00 | $1000.00 | $104060.00 | $104060.00 |
| 3 | $104060.00 | $1000.00 | $106181.80 | $106181.80 |
| 4 | $106181.80 | $1000.00 | $108367.25 | $108367.25 |
| 5 | $108367.25 | $1000.00 | $110618.27 | $110618.27 |
| 6 | $110618.27 | $1000.00 | $112936.82 | $112936.82 |
| 7 | $112936.82 | $1000.00 | $115324.92 | $115324.92 |
| 8 | $115324.92 | $1000.00 | $117784.67 | $117784.67 |
| 9 | $117784.67 | $1000.00 | $120318.21 | $120318.21 |
| 10 | $120318.21 | $1000.00 | $122927.76 | $122927.76 |
| 11 | $122927.76 | $1000.00 | $125615.59 | $125615.59 |
| 12 | $125615.59 | $1000.00 | $128384.06 | $128384.06 |
| 13 | $128384.06 | $1000.00 | $131235.58 | $131235.58  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Beginning of** <br> **Contract Year**<br>| **Contract Value** <br> **Prior to Advisory** <br> **Fee Withdrawal**<br>| **Advisory Fee** <br> **Withdrawal**<br>| **Contract Value** <br> **After Advisory Fee** <br> **Withdrawal**<br>| **Death Benefit** <br> **After Advisory Fee** <br> **Withdrawal**<br>|
| 14 | $131235.58 | $1000.00 | $134172.65 | $134172.65 |
| 15 | $134172.65 | $1000.00 | $137197.83 | $137197.83 |
| 16 | $137197.83 | $1000.00 | $140313.76 | $140313.76 |
| 17 | $140313.76 | $1000.00 | $143523.18 | $143523.18 |
| 18 | $143523.18 | $1000.00 | $146828.87 | $146828.87 |
| 19 | $146828.87 | $1000.00 | $150233.74 | $150233.74 |
| 20 | $150233.74 | $1000.00 | $153740.75 | $153740.75 |
| 21 | $153740.75 | $1000.00 | $157352.97 | $157352.97 |

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As the table above demonstrates, withdrawals to pay advisory fees taken over time will decrease the Contract Value. If the death benefit is equal to the Contract Value, such death benefit will also decrease as a result of withdrawals to pay advisory fees.

**Distribution Requirements —** The Contract provides that upon your death, a surviving spouse may have certain continuation rights that he or she may elect to exercise for the Contract's death benefit. All Contract provisions relating to spousal continuation are available only to a person who meets the definition of "spouse" under federal law. The U.S. Supreme Court has held that same-sex marriages must be permitted under state law and that marriages recognized under state law will be recognized for federal law purposes. Domestic partnerships and civil unions that are not recognized as legal marriages under state law, however, will not be treated as marriages under federal law. Consult a tax adviser for more information on this subject.

For Contracts issued in connection with a Non-Qualified Contract, if the surviving spouse of the deceased Owner is the sole Designated Beneficiary, such spouse may elect to continue this Contract in force until the earliest of the spouse's death or the Annuity Start Date or receive the death benefit proceeds. If the surviving spouse elects to continue the Contract, no death benefit will be paid and the Contract Value will not be adjusted to reflect the amount of any death benefit; provided, however, the Designated Beneficiary will be entitled to receive the death benefit proceeds in accordance with the terms of the Contract upon the death of the surviving spouse.

For any Designated Beneficiary of a Non-Qualified Contract other than a surviving spouse, only those options may be chosen that provide for complete distribution of such Owner's interest in the Contract within five years of the death of the Owner. If the Designated Beneficiary is a natural person, that person alternatively can elect to begin receiving annuity payments within one year of the Owner's death over a period not extending beyond his or her life or life expectancy. If the Owner of the Contract is not a natural person, these distribution rules are applicable upon the death of or a change in the primary Annuitant.

For Contracts issued in connection with a Qualified Plan, the terms of the particular Qualified Plan and the Internal Revenue Code should be reviewed with respect to distributions following the death of the Owner or Annuitant. Because the rules applicable to Qualified Plans are extremely complex, a competent tax adviser should be consulted.

Please note that any death benefit we may pay in excess of the Contract Value is subject to our financial strength and claims-paying ability.

**Death of the Annuitant —** If the Annuitant dies prior to the Annuity Start Date, and the Owner is a natural person and is not the Annuitant, no death benefit proceeds will be payable under the Contract. The Owner may name a new Annuitant within 30 days of the Annuitant's death. If a new Annuitant is not named, the Company will designate the Owner as Annuitant. On the death of the Annuitant after the Annuity Start Date, any guaranteed payments remaining unpaid will continue to be paid to the Designated Beneficiary pursuant to the Annuity Option in force at the date of death.

**Benefits Under the Contract**

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**The following table summarizes information about the optional and standard benefits under the Contract that are currently available. Please note that this table does not fully describe the terms and conditions of each benefit. You should refer to the applicable sections of this Prospectus for additional information.** 

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| | | | |
|:---|:---|:---|:---|
| **Standard Benefits** | **Standard Benefits** | **Standard Benefits** | **Standard Benefits** |
| **Name of** <br> **Benefit**<br>| **Purpose** | **Maximum Fee** | **Brief Description of Restrictions/Limitations** |
| Standard <br> Death Benefit<br>| Provides a death benefit equal to <br> the Contract Value.<br>| There is no <br> charge for this <br> option.<br>| <sup>●</sup>The death benefit will be reduced by any uncollected premium tax. |
| Dollar Cost <br> Averaging <br> Option<br>| Allows the systematic transfer of <br> a specified dollar amount or <br> percentage of Contract Value <br> among Subaccounts.<br>| There is no <br> charge for this <br> option.<br>| <sup>●</sup>The minimum amount that may be transferred to any one <br> Subaccount is $25.00.<br><sup>●</sup>The Company may discontinue, modify, or suspend Dollar Cost <br> Averaging at any time.<br><sup>●</sup>Transfers will be made until the total amount elected has been <br> transferred, or until Contract Value in the Subaccount from which <br> transfers are made has been depleted.<br><sup>●</sup>After termination of Dollar Cost Averaging for any reason, before <br> reinstating Dollar Cost Averaging, you must wait at least one month <br> if transfers were monthly, at least one quarter if transfers were <br> quarterly, at least six months if transfers were semiannual, and at <br> least one year if transfers were annual.<br>|
| Asset <br> Reallocation <br> Option<br>| Allows you to automatically <br> transfer Contract Value on a <br> monthly, quarterly, semiannual or <br> annual basis to maintain a <br> particular percentage allocation <br> among the Subaccounts.<br>| There is no <br> charge for this <br> option.<br>| <sup>●</sup>The Company may discontinue, modify, or suspend the Asset <br> Reallocation Option at any time.<br>|
| Automatic <br> Investment <br> Program<br>| A program pursuant to which <br> Purchase Payments are <br> automatically paid from your bank <br> account on a specified day of <br> each month or a salary reduction <br> agreement.<br>| There is no <br> charge for this <br> option.<br>| <sup>●</sup>The minimum subsequent Purchase Payment if you elect an <br> Automatic Investment Program is reduced to $50.<br>|
| Systematic <br> Withdrawals<br>| Allows you to set up periodic <br> automatic payments of a certain <br> percentage or dollar amount of <br> your Contract Value.<br>| There is no <br> charge for this <br> option.<br>| <sup>●</sup>Each payment must be at least $100 (unless we consent <br> otherwise).<br><sup>●</sup>Withdrawals may be subject to income tax and penalties.<br> <sup>●</sup>If an Owner is enrolled in the Dollar Cost Averaging or Asset <br> Reallocation Options, the Owner may not elect to receive <br> systematic withdrawals from any Subaccount that is part of the <br> Dollar Cost Averaging or Asset Reallocation Options.<br>|

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| | | |
|:---|:---|:---|
| **Optional Benefit** | **Optional Benefit** | **Optional Benefit** |
| **Name of** <br> **Benefit**<br>| **Purpose** | **Maximum** <br> **Fee (as a** <br> **percentage** <br> **of Contract** <br> **Value)**<br>|
| Return of <br> Premium <br> Death Benefit<br>| Provides an enhanced death <br> benefit upon the death of the <br> Owner or any Joint Owner prior to <br> the Annuity Start Date.<br>| 0.35%<br> <sup>●</sup>The rider is only available at issue. You cannot change or cancel <br> the rider after it has been issued.<br><sup>●</sup>We will reduce the death benefit offered under this rider by any <br> uncollected premium tax.<br><sup>●</sup>If we do not receive due proof of death and instructions regarding <br> payment for each Designated Beneficiary at our Administrative <br> Office within six months of the date of the Owner's death, the <br> death benefit will be the Contract Value on the Valuation Date we <br> receive due proof of death and instructions regarding payment, <br> less any uncollected premium tax.<br><sup>●</sup>The Owner and any Joint Owner must be 80 or younger on the <br> Contract Date.<br><sup>●</sup>Certain withdrawals could significantly reduce or even terminate <br> the benefit, including systematic withdrawals and withdrawals used <br> to pay investment adviser fees.<br><sup>●</sup>The Company will continue to deduct the rider charge after the <br> Annuity Start Date if you elect Annuity Option 5 or 6.<br><sup>●</sup>Withdrawals (including withdrawals to pay advisory fees) reduce <br> the benefit proportionately. **This means withdrawals could** <br> **significantly reduce the benefit by substantially more than the** <br> **actual amount of the withdrawal, or even terminate the benefit.**<br>|

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**Return of Premium Death Benefit —** For an additional charge, as reflected in the Fee Table, under this rider, we will pay an enhanced death benefit upon the death of the Owner or any Joint Owner prior to the Annuity Start Date. If the rider is not purchased, the death benefit will be the Contract Value on the Valuation Date we receive due proof of death and instructions regarding payment for each Designated Beneficiary. See the discussion under "Death Benefit."

The rider is only available at issue. You cannot change or cancel the rider after it has been issued. Please note that any amount that we may pay or make available under the Return of Premium Death Benefit rider that is in excess of Contract Value is subject to our financial strength and claims-paying ability.

How do you calculate the death benefit? On the Valuation Date we receive due proof of death and instructions regarding payment for each Designated Beneficiary, the death benefit equals the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Contract Value; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The sum of all Purchase Payments (not including any Credit Enhancements) less an adjustment for any withdrawals and withdrawal charges (including systematic withdrawals and withdrawals to pay investment advisory fees).

In the event of a withdrawal (including a systematic withdrawal or a withdrawal to pay investment advisory fees), we reduce your Return of Premium Death Benefit as last adjusted for any prior withdrawal in the same proportion that the withdrawal reduces Contract Value immediately prior to the withdrawal. **This means if you make a withdrawal when your Contract Value is less than your total Purchase Payments, your Return of Premium Death Benefit will be reduced by an amount that is greater than the dollar amount of your withdrawal.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● For example, if you have made Purchase Payments totaling $100,000 and your Contract Value has dropped to $60,000, your death benefit is $100,000 so long as you have not taken any withdrawals. If, however, you take a $10,000 withdrawal (including a withdrawal to pay advisory fees), then we will reduce your total Purchase Payments proportionately to equal $83,333 ($100,000 x (1-$10,000 / $60,000). After the withdrawal, your death benefit is $83,333. Note that your death benefit decreased by more than the dollar amount of your withdrawal.

See the next question for information on potential reductions in the amount of the death benefit to collect any premium tax due.

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**Will there be any adjustments to the enhanced death benefit?** We will reduce the death benefit offered under this rider by any uncollected premium tax, and, if the Extra Credit Rider was in effect, any Credit Enhancements applied during the 12 months preceding the Owner's date of death (however, if the death benefit is 1 above, we will not reduce the death benefit by any Credit Enhancements).

**Note: If we do not receive due proof of death and instructions regarding payment for each Designated Beneficiary at our Administrative Office within six months of the date of the Owner's death, the death benefit will be the Contract Value on the Valuation Date we receive due proof of death and instructions regarding payment, less any uncollected premium tax.** 

**Are there age restrictions on purchasing this rider?** The Owner and any Joint Owner must be 80 or younger on the Contract Date. See the discussion under "Death Benefit."

**Annuity Period**

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**General —** You select the Annuity Start Date at the time of application. The Annuity Start Date may not be deferred beyond the Annuitant's 95th birthday, although the terms of a Qualified Plan and the laws of certain states may require that you start annuity payments at an earlier age. If you do not select an Annuity Start Date, the Annuity Start Date will be the later of the Annuitant's 70th birthday or the tenth Contract anniversary. For Contracts issued in Arizona on or after September 20, 2007, if no Annuity Start Date is selected, the Annuity Start Date will be the Annuitant's 95th birthday. If you do not select an Annuity Option, annuity payments will not begin until you make a selection, which may be after the Annuity Start Date. Any applicable death benefit will terminate at the Annuity Start Date without value. See "Selection of an Option." If there are Joint Annuitants, the birthdate of the older Annuitant will be used to determine the latest Annuity Start Date.

On the Annuity Start Date, the proceeds under the Contract will be applied to provide an annuity under one of the options described below. Each option is available in two forms—either as a variable annuity for use with the Subaccounts or as a fixed annuity. A combination variable and fixed annuity is also available. Variable annuity payments will fluctuate with the investment performance of the applicable Subaccounts while fixed annuity payments will not. The proceeds under the Contract will be equal to your Contract Value as of the Annuity Start Date, reduced by any applicable premium taxes.

The Contract currently provides for eight Annuity Options. The Company may make other Annuity Options available upon request. The Company may discontinue the availability of one or more of these options at any time but will always offer a variable annuity option. Annuity payments are based upon annuity rates that vary with the Annuity Option selected. In the case of Annuity Options 1 through 4 and 8, the annuity rates will vary based on the age and sex of the Annuitant, except that unisex rates are available where required by law. The annuity rates reflect the Annuitant's life expectancy based upon the Annuitant's age as of the Annuity Start Date and the Annuitant's gender, unless unisex rates apply. The annuity rates are based upon the 1983(a) mortality table with mortality improvement under Projection Scale G and are adjusted to reflect an assumed interest rate of 3.5%, compounded annually, for the variable annuity. In the case of Annuity Option 7, the annuity rate is determined without reference to the age or sex of the Annuitant and is based upon the assumed interest rate. In the case of Annuity Options 5 and 6 as described below, annuity payments are based upon Contract Value without regard to annuity rates.

Annuity Options 1 through 4 and 8 provide for payments to be made during the lifetime of the Annuitant. Annuity payments under such options cease in the event of the Annuitant's death, unless the option provides for a guaranteed minimum number of payments, for example a life income with guaranteed payments of 5, 10, 15, 20 or 30 years. The level of annuity payments will be greater for shorter guaranteed periods and less for longer guaranteed periods. Similarly, payments will be greater for life annuities than for joint and survivor annuities, because payments for life annuities are expected to be made for a shorter period.

You may elect to receive annuity payments on a monthly, quarterly, semiannual, or annual basis, although no payments will be made for less than $100. If the frequency of payments selected would result in payments of less than $100, the Company reserves the right to change the frequency. For example, if you select monthly payments and your payment amount would be $75 per month, the Company could elect to change your payment frequency to quarterly as less frequent payments will result in a larger payment amount (assuming the same amount is applied to purchase the annuity).

You may designate or change an Annuity Start Date, Annuity Option, or Annuitant, provided proper written notice is received by the Company at its Administrative Office at least 30 days prior to the Annuity Start Date set forth in the Contract. The date selected as the new Annuity Start Date must be at least 30 days after the date written notice requesting a change of Annuity Start Date is received at the Company's Administrative Office.

Once annuity payments have commenced under Annuity Options 1 through 4 and 8, an Annuitant or Owner cannot change the Annuity Option and cannot make partial withdrawals or surrender his or her annuity for the

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Withdrawal Value. An Owner also cannot change the Annuity Option or make partial withdrawals or surrender his or her annuity for the Withdrawal Value if he or she has elected fixed annuity payments under Annuity Option 7.

If an Owner has elected variable annuity payments or a combination of variable and fixed annuity payments under Annuity Option 7, an Owner may elect to withdraw the present value of future annuity payments, commuted at the assumed interest rate, subject to a reduction for any uncollected premium tax. However, the Owner cannot take systematic withdrawals or make withdrawals to pay the fees of an investment adviser. If the Owner elects a partial withdrawal under Annuity Option 7, future variable annuity payments will be reduced as a result of such withdrawal. The Company will make payment in the amount of the partial withdrawal requested and will reduce the amount of future annuity payments by a percentage that is equal to the ratio of (i) the partial withdrawal, plus any uncollected premium tax, over (ii) the present value of future annuity payments, commuted at the assumed interest rate. The number of Annuity Units used in calculating future variable annuity payments is reduced by the applicable percentage. The tax treatment of partial withdrawals taken after the Annuity Start Date is uncertain. Consult a tax advisor before requesting a withdrawal after the Annuity Start Date. The Owner may not make systematic withdrawals under Annuity Option 7. See "Value of Variable Annuity Payments: Assumed Interest Rate" for more information with regard to how the Company calculates variable annuity payments.

An Owner or Annuitant may transfer Contract Value among the Subaccounts during the Annuity Period, as was available during the accumulation phase, if variable annuity payments have been selected.

The Contract specifies annuity tables for the Annuity Options described below. The tables contain the guaranteed minimum dollar amount (per $1,000 applied) of the first annuity payment for a variable annuity and each annuity payment for a fixed annuity.

**Annuity Options —** 

**Option 1 — Life Income.** Periodic annuity payments will be made during the lifetime of the Annuitant. It is possible under this Option for any Annuitant to receive only one annuity payment if the Annuitant's death occurred prior to the due date of the second annuity payment, two if death occurred prior to the due date of the third annuity payment, etc. **There is no minimum number of payments guaranteed under this option. Payments will cease upon the death of the Annuitant regardless of the number of payments received.** 

**Option 2 — Life Income with Guaranteed Payments of 5, 10, 15, 20 or 30 Years.** Periodic annuity payments will be made during the lifetime of the Annuitant with the promise that if, at the death of the Annuitant, payments have been made for less than a stated period, which may be five, ten, fifteen, twenty or thirty years, as elected by the Owner, annuity payments will be continued during the remainder of such period to the Designated Beneficiary. Upon the Annuitant's death after the period certain, no further annuity payments will be made.

**Option 3 — Life with Installment or Unit Refund Option.** Periodic annuity payments will be made during the lifetime of the Annuitant with the promise that, if at the death of the Annuitant, the number of payments that has been made is less than the number determined by dividing the amount applied under this Annuity Option by the amount of the first payment, annuity payments will be continued to the Designated Beneficiary until that number of payments has been made. For example, if the Annuity start amount was $100,000 and the calculated monthly annuity payment was $550, 182 payments ($100,000 / $550) would be guaranteed for the life of the Annuitant. This means if the Annuitant dies before 182 payments have been made, the remaining annuity payments will be continued to the Designated Beneficiary.

**Option 4 —** 

**A. Joint and Last Survivor.** Annuity payments will be made as long as either Annuitant is living. Upon the death of one Annuitant, annuity payments continue to the surviving Annuitant at the same or a reduced level of 75%, 66 2/3% or 50% of annuity payments as elected by the Owner at the time the Annuity Option is selected. With respect to fixed annuity payments, the amount of the annuity payment, and with respect to variable annuity payments, the number of Annuity Units used to determine the annuity payment, is reduced as of the first annuity payment following the Annuitant's death. It is possible under this Option for only one annuity payment to be made if both Annuitants died prior to the second annuity payment due date, two if both died prior to the third annuity payment due date, etc. As in the case of Annuity Option 1, there is no minimum number of payments guaranteed under this Annuity Option 4A. Payments cease upon the death of the last surviving Annuitant, regardless of the number of payments received.

**B. Joint and Last Survivor with Guaranteed Payments of 5, 10, 15, 20 or 30 Years.** You may also select Annuity Option 4 with guaranteed payments. Annuity payments will be made as long as either Annuitant is living. Upon the death of one Annuitant, annuity payments continue to the surviving Annuitant at the same level with the promise that if, at the death of both Annuitants, payments have been made for less than a stated period, which may be five, ten, fifteen, twenty or thirty years, as elected by the Owner, annuity payments will be continued during the

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remainder of such period to the Designated Beneficiary. Upon the last death of the Annuitants after the period certain, no further annuity payments will be made.

**Option 5 — Payments for a Specified Period.** Periodic annuity payments will be made for a fixed period, which may be from 5 to 30 years, as elected by the Owner. The amount of each annuity payment is determined by dividing Contract Value by the number of annuity payments remaining in the period. If, at the death of all Annuitants, payments have been made for less than the selected fixed period, the remaining unpaid payments will be paid to the Designated Beneficiary. The Company will continue to deduct any applicable monthly rider charge and pro rata account administration charge from Contract Value if you elect this option.

**Option 6 — Payments of a Specified Amount.** Periodic annuity payments of the amount elected by the Owner will be made until Contract Value is exhausted, with the guarantee that, if, at the death of all Annuitants, all guaranteed payments have not yet been made, the remaining unpaid payments will be paid to the Designated Beneficiary. The Company will continue to deduct any applicable monthly rider charge and pro rata account administration charge from Contract Value if you elect this option.

**Option 7 — Period Certain.** Periodic annuity payments will be made for a stated period, which may be 5, 10, 15, 20 or 30 years, as elected by the Owner. This option differs from Annuity Option 5 in that Annuity Payments are calculated on the basis of Annuity Units rather than as a percentage of Contract Value. If the Annuitant dies prior to the end of the period, the remaining payments will be made to the Designated Beneficiary.

**Option 8 — Joint and Contingent Survivor Option.** Periodic annuity payments will be made during the life of the primary Annuitant. Upon the death of the primary Annuitant, payments will be made to the contingent Annuitant during his or her life. If the contingent Annuitant is not living upon the death of the primary Annuitant, no payments will be made to the contingent Annuitant. It is possible under this Option for only one annuity payment to be made if both Annuitants died prior to the second annuity payment due date, two if both died prior to the third annuity payment due date, etc. As in the case of Annuity Options 1 and 4A, there is no minimum number of payments guaranteed under this Option. Payments cease upon the death of the last surviving Annuitant, regardless of the number of payments received.

**Value of Variable Annuity Payments: Assumed Interest Rate.** The annuity tables in the Contract which are used to calculate variable annuity payments for the Annuity Options are based on an "assumed interest rate" of 3½%, compounded annually. Variable annuity payments generally increase or decrease from one annuity payment date to the next based upon the performance of the applicable Subaccounts during the interim period adjusted for the assumed interest rate. If the performance of the Subaccount selected is equal to the assumed interest rate, the annuity payments will remain constant. If the performance of the Subaccounts is greater than the assumed interest rate, the annuity payments will increase and if it is less than the assumed interest rate, the annuity payments will decline. A higher assumed interest rate would mean a higher initial annuity payment but the amount of the annuity payment would increase more slowly in a rising market (or the amount of the annuity payment would decline more rapidly in a declining market). A lower assumption would have the opposite effect.

The Company calculates variable annuity payments under Annuity Options 1 through 4, 7 and 8 using Annuity Units. The value of an Annuity Unit for each Subaccount is determined as of each Valuation Date and was initially $1.00. The Annuity Unit value of a Subaccount as of any subsequent Valuation Date is determined by adjusting the Annuity Unit value on the previous Valuation Date for (1) the interim performance of the corresponding Underlying Fund; (2) any dividends or distributions paid by the corresponding Underlying Fund; (3) the mortality and expense risk and administration charges; (4) the charges, if any, that may be assessed by the Company for taxes attributable to the operation of the Subaccount; and (5) the assumed interest rate.

The Company determines the number of Annuity Units used to calculate each variable annuity payment as of the Annuity Start Date. As discussed above, the Contract specifies annuity rates for Annuity Options 1 through 4, 7 and 8 for each $1,000 applied to an Annuity Option. The proceeds under the Contract as of the Annuity Start Date are divided by $1,000 and the result is multiplied by the rate per $1,000 specified in the annuity tables to determine the initial annuity payment for a variable annuity and the guaranteed monthly annuity payment for a fixed annuity.

On the Annuity Start Date, the Company divides the initial variable annuity payment by the value as of that date of the Annuity Unit for the applicable Subaccount to determine the number of Annuity Units to be used in calculating subsequent annuity payments. If variable annuity payments are allocated to more than one Subaccount, the number of Annuity Units will be determined by dividing the portion of the initial variable annuity payment allocated to a Subaccount by the value of that Subaccount's Annuity Unit as of the Annuity Start Date. The initial variable annuity payment is allocated to the Subaccounts in the same proportion as the Contract Value is allocated as of the Annuity Start Date. The number of Annuity Units will remain constant for subsequent annuity payments, unless the Owner transfers Annuity Units among Subaccounts or makes a withdrawal under Annuity Option 7.

Subsequent variable annuity payments are calculated by multiplying the number of Annuity Units allocated to a Subaccount by the value of the Annuity Unit as of the date of the annuity payment. If the annuity payment is

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allocated to more than one Subaccount, the annuity payment is equal to the sum of the payment amount determined for each Subaccount.

**Selection of an Option —** You should carefully review the Annuity Options with your financial or tax adviser. If you have questions about the calculation of the payment amount under a particular Annuity Option, you can contact the Company at 1-800-888-2461. For Contracts used in connection with an IRA, reference should be made to the terms of the particular IRA and the requirements of the Internal Revenue Code for pertinent limitations respecting annuity payments and other matters. For instance, IRAs generally require that distributions begin no later than April 1 of the calendar year following the year in which the Annuitant reaches their "applicable age" as defined in the Code. If the Annuitant attains age 72 after 2022 and age 73 before 2033, their applicable age is 73. If Annuitant attains age 74 after 2032, their applicable age is 75. In addition, under an IRA, not all Annuity Options will satisfy required minimum distribution rules, particularly as those rules apply to your beneficiary after your death. Beginning with Owner deaths occurring on or after January 1, 2020, subject to certain exceptions, most non-spouse beneficiaries must complete distributions within ten years of the Owner's death in order to satisfy required minimum distribution rules. Consult a tax adviser before electing an Annuity Option. The Company does not allow the Annuity Start Date to be deferred beyond the Annuitant's 95th birthday.

**More About the Contract**

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**Ownership —** The Owner is the person named as such in the application or in any later change shown in the Company's records. While living, the Owner alone has the right to receive all benefits and exercise all rights that the Contract grants or the Company allows. The Owner may be an entity that is not a living person such as a trust or corporation referred to herein as "Non-natural Persons." See "Federal Tax Matters."

**Joint Owners.** The Joint Owners will be joint tenants with rights of survivorship and upon the death of an Owner, the surviving Owner shall be the sole Owner. Any Contract transaction requires the signature of all persons named jointly.

**Designation and Change of Beneficiary —** The Designated Beneficiary is the person having the right to the death benefit, if any, payable upon the death of the Owner or Joint Owner prior to the Annuity Start Date. The Designated Beneficiary is the first person on the following list who, if a natural person, is alive on the date of death of the Owner or the Joint Owner: the Owner; the Joint Owner; the Primary Beneficiary; the Secondary Beneficiary; the Annuitant; or if none of the above are alive, the Owner's estate. The Primary Beneficiary is the individual named as such in the application or any later change shown in the Company's records. The Primary Beneficiary will receive the death benefit of the Contract only if he or she is alive on the date of death of both the Owner and any Joint Owner prior to the Annuity Start Date. Because the death benefit of the Contract goes to the first person on the above list who is alive on the date of death of any Owner, careful consideration should be given to the manner in which the Contract is registered, as well as the designation of the Primary Beneficiary. The Owner may change the Primary Beneficiary at any time while the Contract is in force by written request on forms provided by the Company and received by the Company at its Administrative Office. The change will not be binding on the Company until it is received and recorded at its Administrative Office. The change will be effective as of the date this form is signed subject to any payments made or other actions taken by the Company before the change is received and recorded. A Secondary Beneficiary may be designated. The Owner may designate a permanent Beneficiary whose rights under the Contract cannot be changed without his or her consent.

Reference should be made to the terms of a particular Qualified Plan and any applicable law for any restrictions or limitations on the designation of a Beneficiary. Some qualified plans do not allow the designation of any primary beneficiary other than a spouse unless the spouse consents to such designation and the consent is witnessed by a plan representative or a notary public. Not all Annuity Options will satisfy required minimum distribution rules for every Beneficiary.

**Dividends —** The Contract does not share in the surplus earnings of the Company, and no dividends will be paid.

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**Payments from the Separate Account —** The Company generally will pay any full or partial withdrawal (including systematic withdrawals and withdrawals to pay investment advisory fees) or death benefit proceeds from Contract Value allocated to the Subaccounts within seven days after a proper request is received at the Company's Administrative Office. However, the Company can postpone such a payment from the Subaccounts to the extent permitted under applicable law, which is currently permissible only for any period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

During which the NYSE is closed other than customary weekend and holiday closings,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

During which trading on the NYSE is restricted as determined by the SEC,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

During which an emergency, as determined by the SEC, exists as a result of which (i) disposal of securities held by the Separate Account is not reasonably practicable, or (ii) it is not reasonably practicable to determine the value of the assets of the Separate Account, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

For such other periods as the SEC may by order permit for the protection of investors.

The Company reserves the right to delay payments of any full or partial withdrawal until all of your Purchase Payment checks have been honored by your bank.

**Proof of Age and Survival —** The Company may require proof of age or survival of any person on whose life annuity payments depend.

**Misstatements —** If you misstate the age or sex of an Annuitant or Owner, the correct amount paid or payable by the Company under the Contract shall be such as the Contract Value would have provided for the correct age or sex (unless unisex rates apply).

**Business Disruption and Cybersecurity Risks —** We rely on technology, including interconnected computer systems and data storage networks and digital communications, to conduct our variable product business activities. Because our variable product business is highly dependent upon the effective operation of our computer systems and those of our service providers and other business partners, our business is vulnerable to disruptions from utility outages, and susceptible to operational and information security risks resulting from information systems failure (e.g., hardware and software malfunctions) and cyber-attacks. Cyber-attacks may be systemic (e.g. affecting the internet, cloud services, or other infrastructure) or targeted (e.g. failures in or breach of our systems or those of third parties on whom we rely, including ransomware and malware attacks).

Cybersecurity risks include, but are not limited to, the loss, theft, misuse, corruption, and destruction of data maintained online or digitally, interference with or denial of service, attacks on our website (or the websites of third parties on whom we rely), disruption of routine business operations, and unauthorized release of confidential customer information. The risk of cyber-attacks may be higher during periods of geopolitical turmoil (such as the recent military conflict between the United States and Iran, and the Russian invasion of Ukraine and the responses by the United States and other governments). Due to the increasing sophistication of cyber-attacks, a cybersecurity breach could occur and persist for an extended period of time without detection.

Systems failures and cybersecurity incidents affecting us, our affiliates, the Underlying Funds, intermediaries, service providers, and other third parties on whom we rely may adversely affect your contract value and interfere with our ability to process contract transactions and calculate contract values. Systems failures and cybersecurity breaches may cause us to be unable to process orders from our website or with the Underlying Funds, cause us to be unable to calculate unit values and/or the Underlying Funds to be unable to calculate share values, cause the release or possible destruction of confidential customer and/or business information, impede order processing or cause other operational issues, subject us and our service providers and intermediaries to regulatory fines, litigation, and financial losses, and/or cause reputational damage. Cybersecurity risks may also impact the issuers of securities in which the Underlying Funds invest, which may cause the Underlying Funds to lose value.

The preventative actions we take to reduce the frequency and severity of cybersecurity incidents and protect our computer systems may be insufficient to prevent a cybersecurity breach from impacting our operations or your contract value. There can be no assurance that we or the Underlying Funds or our service providers and intermediaries will be able to avoid cybersecurity breaches affecting your contract.

In addition, we are also exposed to risks related to natural and man-made disasters including, but not limited to, storms, fires, floods, earthquakes, public health crises, malicious acts, and terrorist acts, which could adversely affect our ability to conduct business. A natural or man-made disaster, including a pandemic (such as COVID-19), could affect the ability of our employees or the employees of our service providers to perform their job responsibilities. They could interfere with our processing of contract transactions, including processing orders from Owners and

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orders with the Underlying Funds, impact our ability to calculate contract value, or have other adverse impacts on our operations. These events may also negatively affect the our service providers and intermediaries, the Underlying Funds and the issuers of securities in which the Underlying Funds invest, which may cause the Underlying Funds to lose value. There can be no assurance that we or the Underlying Funds or our service providers and intermediaries will be able to avoid negative impacts associated with natural and man-made disasters.

**Restrictions on Withdrawals from Qualified Plans —** Section 403(b) imposes restrictions on certain distributions from tax-sheltered annuity contracts meeting the requirements of Section 403(b). Section 403(b) requires that distributions from Section 403(b) tax-sheltered annuities that are attributable to employee contributions made after December 31, 1988 under a salary reduction agreement begin only after the employee (i) reaches age 59½, (ii) has a severance from employment, (iii) dies, (iv) becomes disabled, or (v) incurs a hardship. Furthermore, effective for plan years beginning in 2024, distributions of employee elective deferrals, qualified nonelective contributions, qualified matching contributions, and gains attributable to such contributions may now be made on account of hardship. Under prior provisions, distributions on account of hardship generally were limited to amounts attributable to employee elective deferrals. Hardship, for this purpose, is generally defined as an immediate and heavy financial need, such as paying for medical expenses, purchasing a residence, paying certain tuition expenses, paying for funeral expenses, paying for casualty losses on your principal residence, or paying amounts needed to avoid eviction or foreclosure that may only be met by the distribution.

If you own a Contract purchased as a tax-sheltered Section 403(b) annuity contract, you will not, therefore, be entitled to make a full or partial withdrawal, as described in this Prospectus, in order to receive proceeds from the Contract attributable to contributions under a salary reduction agreement or any gains credited to such Contract after December 31, 1988 unless one of the above-described conditions has been satisfied. In the case of transfers of amounts accumulated in a different Section 403(b) contract to this Contract under a Section 403(b) program, the withdrawal constraints described above would not apply to the amount transferred to the Contract designated as attributable to the Owner's December 31, 1988 account balance under the old contract, provided the amounts transferred between contracts qualified as a rollover under the Internal Revenue Code. An Owner of a Contract may be able to transfer your Contract's Withdrawal Value to certain other investment alternatives meeting the requirements of Section 403(b) that are available under your employer's Section 403(b) arrangement.

Your particular Qualified Plan or 403(b) plan or program may have additional restrictions on distributions that may also be followed for your Contract. The distribution or withdrawal of amounts under a Contract purchased in connection with a Qualified Plan may result in the receipt of taxable income to the Owner or Annuitant and in some instances may also result in a penalty tax. Therefore, you should carefully consider the tax consequences of a distribution or withdrawal under a Contract and you should consult a competent tax adviser. See "Federal Tax Matters."

If your Contract was issued pursuant to a 403(b) plan, we generally are required to confirm, with your 403(b) plan sponsor or otherwise, that surrenders or transfers you request comply with applicable tax requirements and to decline requests that are not in compliance. We will defer such payments you request until all information required under the tax law has been received. By requesting a surrender or transfer, you consent to the sharing of confidential information about you, the contract, and transactions under the contract and any other 403(b) contracts or accounts you have under the 403(b) plan among us, your employer or plan sponsor, any plan administrator or recordkeeper, and other product providers.

**Restrictions under the Texas Optional Retirement Program —** If you are a Participant in the Texas Optional Retirement Program, your Contract is subject to restrictions required under the Texas Government Code. In accordance with those restrictions, you will not be permitted to make withdrawals prior to your retirement, death or termination of employment in a Texas public institution of higher education and may not receive a loan from your Contract.

**Federal Tax Matters**

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**Introduction —** The Contract described in this Prospectus is designed for use by individuals in retirement plans which may or may not be Qualified Plans under the provisions of the Internal Revenue Code ("Code"). The ultimate effect of federal income taxes on the amounts held under a Contract, on annuity payments, and on the economic benefits to the Owner, the Annuitant, and the Beneficiary or other payee will depend upon the type of retirement plan, if any, for which the Contract is purchased, the tax and employment status of the individuals involved and a number of other factors. The discussion contained herein and in the Statement of Additional Information is general in nature and is not intended to be an exhaustive discussion of all questions that might arise in connection with a

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Contract. It is based upon the Company's understanding of the present federal income tax laws as currently interpreted by the Internal Revenue Service ("IRS") as of the date of this Prospectus, and is not intended as tax advice. No representation is made regarding the likelihood of continuation of the present federal income tax laws or of the current interpretations by the IRS or the courts. Future legislation may affect annuity contracts adversely. Moreover, no attempt has been made to consider any applicable state or other laws. Because of the inherent complexity of the tax laws and the fact that tax results will vary according to the particular circumstances of the individual involved and, if applicable, the Qualified Plan, a person should consult with a qualified tax adviser regarding the purchase of a Contract, the selection of an Annuity Option under a Contract, the receipt of annuity payments under a Contract or any other transaction involving a Contract. **The Company does not make any guarantee regarding the tax status of, or tax consequences arising from, any Contract or any transaction involving the Contract.**

**Tax Status of the Company and the Separate Account —** 

**General.** The Company intends to be taxed as a life insurance company under Part I, Subchapter L of the Code. Because the operations of the Separate Account form a part of the Company, the Company will be responsible for any federal income taxes that become payable with respect to the income of the Separate Account and its Subaccounts.

**Charge for the Company's Taxes.** A charge may be made for any federal taxes incurred by the Company that are attributable to the Separate Account, the Subaccounts or to the operations of the Company with respect to the Contract or attributable to payments, premiums, or acquisition costs under the Contract. The Company will review the question of a charge to the Separate Account, the Subaccounts or the Contract for the Company's federal taxes periodically. Charges may become necessary if, among other reasons, the tax treatment of the Company or of income and expenses under the Contract is ultimately determined to be other than what the Company currently believes it to be, if there are changes made in the federal income tax treatment of variable annuities at the insurance company level, or if there is a change in the Company's tax status.

Under current laws, the Company may incur state and local taxes (in addition to premium taxes) in several states. At present, these taxes are not significant. If there is a material change in applicable state or local tax laws, the Company reserves the right to charge the Separate Account or the Subaccounts for such taxes, if any, attributable to the Separate Account or Subaccounts.

**Optional Benefit Riders.** It is possible that the Internal Revenue Service may take the position that fees deducted for certain optional benefit riders are deemed to be taxable distributions to you. In particular, the Internal Revenue Service may treat fees deducted for the optional benefits as taxable withdrawals, which might also be subject to a tax penalty if withdrawn prior to age 59½. Although we do not believe that the fees associated or any optional benefit provided under the Contract should be treated as taxable withdrawals, you should consult your tax advisor prior to selecting any optional benefit under the Contract.

**Withholding.** Annuity distributions are generally subject to withholding for the recipient's federal income tax liability. Recipients can generally elect, however, not to have tax withheld from distributions.

**Owner Control.** In certain circumstances, owners of Non-Qualified variable annuity contracts may be considered the owners, for federal income tax purposes, of the assets of the separate account used to support their contracts. In those circumstances, income and gains from the separate account assets would be includable currently in the variable Contract Owner's gross income. The ownership rights under the Contract are similar to, but different in certain respects from, those described by the IRS in rulings in which it was determined that policy owners were not owners of separate account assets. While the Company does not think that such will be the case, due to the number of the Contract's Underlying Funds, the number of charge-free transfer opportunities between and among the Underlying Funds and the fact that some Underlying Funds may have essentially the same investment strategy, it cannot be ruled out that an Owner of a Contract might be treated as the owner of a pro rata portion of the assets of the Separate Account.

The Company nonetheless reserves the right to modify the Contract, as it deems appropriate, to attempt to prevent an Owner from being considered the owner of a pro rata share of the assets of the Separate Account and its Underlying Funds. Moreover, in the event that regulations are adopted or rulings or other guidance are issued, there can be no assurance that the Separate Account and the Underlying Funds will be able to operate as currently described in the Prospectus (including the possibility that the number of Underlying Funds offered might need to be reduced), or that the Underlying Funds will not have to change their investment objective or investment policies.

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**Income Taxation of Annuities in General—Non-Qualified Contracts —** Section 72 of the Code governs the taxation of annuities. In general, a contract owner is not taxed on increases in value under an annuity contract until some form of distribution is made under the contract. However, the increase in value may be subject to tax currently under certain circumstances. See "Contracts Owned by Non-Natural Persons," "Diversification Standards," and "Owner Control." Withholding of federal income taxes on all distributions may be required unless a recipient who is eligible elects not to have any amounts withheld and properly notifies the Company of that election.

**Withdrawals Prior to the Annuity Start Date.** Code Section 72 provides generally that amounts received upon a total or partial withdrawal (including systematic withdrawals and withdrawals made to pay the fees of an investment adviser) from a Non-Qualified Contract prior to the Annuity Start Date generally will be treated as gross income to the extent that the cash value of the Contract immediately before the withdrawal exceeds the "investment in the contract." The "investment in the contract" is that portion, if any, of Purchase Payments paid under a Contract less any distributions received previously under the Contract that are excluded from the recipient's gross income. The taxable portion is taxed at ordinary income tax rates. For purposes of this rule, a pledge or assignment of a contract is treated as a payment received on account of a partial withdrawal of a Contract.

Amounts distributed from a Contract because of your death or the death of the Annuitant are generally treated as income to the recipient. If distributed in a lump sum, such payments are taxed in the same manner as if the Contract had been surrendered, and if distributed under an Annuity Option, they are taxed in the same manner as annuity payments. For Non-Qualified Contracts, all or a portion of the charges deducted from your Contract Value to pay advisory fees to a financial intermediary may be subject to federal and state income taxes and a 10% federal penalty tax. A tax-free partial exchange may become taxable if an advisory fee is paid from your Contract Value within 180 days of the partial exchange. Consult your tax adviser for advice concerning tax-free partial exchanges.

**Surrenders.** Upon a complete surrender, the receipt is taxable to the extent that the cash value of the Contract exceeds the investment in the Contract. The taxable portion of such payments will be taxed as ordinary income.

**Annuity Payments.** For fixed annuity payments, the taxable portion of each payment generally is determined by using a formula known as the "exclusion ratio," which establishes the ratio that the investment in the Contract bears to the total expected amount of annuity payments for the term of the Contract. That ratio is then applied to each payment to determine the non-taxable portion of the payment. The remaining portion of each payment is taxed at ordinary income rates. For variable annuity payments, the taxable portion of each payment is determined by using a formula known as the "excludable amount," which establishes the non-taxable portion of each payment. The non-taxable portion is a fixed dollar amount for each payment, determined by dividing the investment in the Contract by the number of payments to be made. The remainder of each variable annuity payment is taxable. Once the excludable portion of annuity payments to date equals the investment in the Contract, the balance of the annuity payments will be fully taxable.

**Penalty Tax on Certain Surrenders and Withdrawals.** With respect to amounts withdrawn or distributed before the taxpayer reaches age 59½, a penalty tax is imposed equal to 10% of the portion of such amount which is includable in gross income. However, the penalty tax is not applicable to withdrawals: (i) made on or after the death of the owner (or where the owner is not an individual, the death of the "primary annuitant," who is defined as the individual the events in whose life are of primary importance in affecting the timing and amount of the payout under the Contract); (ii) attributable to the taxpayer's becoming totally disabled within the meaning of Code Section 72(m)(7); (iii) which are part of a series of substantially equal periodic payments (not less frequently than annually) made for the life (or life expectancy) of the taxpayer, or the joint lives (or joint life expectancies) of the taxpayer and his or her beneficiary; (iv) from certain qualified plans; (v) under a so-called qualified funding asset (as defined in Code Section 130(d)); (vi) under an immediate annuity contract; or (vii) which are purchased by an employer on termination of certain types of qualified plans and which are held by the employer until the employee separates from service.

If the penalty tax does not apply to a surrender or withdrawal as a result of the application of item (iii) above, and the series of payments are subsequently modified (other than by reason of death or disability), the tax for the first year in which the modification occurs will be increased by an amount (determined by the regulations) equal to the tax that would have been imposed but for item (iii) above, plus interest for the deferral period, if the modification takes place (a) before the close of the period which is five years from the date of the first payment and after the taxpayer attains age 59½, or (b) before the taxpayer reaches age 59½.

**Partial Annuitization.** If part of an annuity contract's value is applied to an annuity option that provides payments for one or more lives and for a period of at least ten years, those payments may be taxed as annuity payments instead of withdrawals. None of the payment options under the Contract is intended to qualify for this "partial annuitization" treatment and, if you apply only part of the value of the Contract to a payment option, we will treat those payments as withdrawals for tax purposes.

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**Additional Considerations —** 

**Distribution-at-Death Rules.** In order to be treated as an annuity contract, a Non-Qualified contract must provide the following two distribution rules: (a) if any owner dies on or after the Annuity Start Date, and before the entire interest in the Contract has been distributed, the remainder of the owner's interest will be distributed at least as quickly as the method in effect on the owner's death; and (b) if any owner dies before the Annuity Start Date, the entire interest in the Contract must generally be distributed within five years after the date of death, or, if payable to a designated beneficiary, must be annuitized over the life of that designated beneficiary or over a period not extending beyond the life expectancy of that beneficiary, commencing within one year after the date of death of the owner. If the sole designated beneficiary is the spouse of the deceased owner, the contract (together with the deferral of tax on the accrued and future income thereunder) may be continued in the name of the spouse as owner.

The Contract provides that upon your death, a surviving spouse may have certain continuation rights that he or she may elect to exercise for the Contract's death benefit. All Contract provisions relating to spousal continuation are available only to a person who meets the definition of "spouse" under federal law. The U.S. Supreme Court has held that same-sex marriages must be permitted under state law and that marriages recognized under state law will be recognized for federal law purposes. Domestic partnerships and civil unions that are not recognized as legal marriages under state law, however, will not be treated as marriages under federal law. Consult a tax adviser for more information on this subject.

Generally, for purposes of determining when distributions must begin under the foregoing rules, where an owner is not an individual, the primary annuitant is considered the owner. In that case, a change in the primary annuitant will be treated as the death of the owner. Finally, in the case of joint owners, the distribution-at-death rules will be applied by treating the death of the first owner as the one to be taken into account in determining generally when distributions must commence, unless the sole Designated Beneficiary is the deceased owner's spouse.

**Gift of Annuity Contracts.** Generally, gifts of non-tax qualified Contracts prior to the Annuity Start Date will trigger tax on the gain on the Contract, with the donee getting a stepped-up basis for the amount included in the donor's income. The 10% penalty tax and gift tax also may be applicable. This provision does not apply to transfers between spouses or incident to a divorce.

**Contracts Owned by Non Natural Persons.** If the Contract is held by a non-natural person (for example, a corporation) the income on that Contract (generally the increase in net surrender value less the Purchase Payments) is includable in taxable income each year. The rule does not apply where the Contract is acquired by the estate of a decedent, where the Contract is held by certain types of retirement plans, where the Contract is a qualified funding asset for structured settlements, where the Contract is purchased on behalf of an employee upon termination of a qualified plan, and in the case of an immediate annuity. An annuity contract held by a trust or other entity as agent for a natural person is considered held by a natural person.

**Multiple Contract Rule.** For purposes of determining the amount of any distribution under Code Section 72(e) (amounts not received as annuities) that is includable in gross income, all Non-Qualified deferred annuity contracts issued by the same insurer to the same contract owner during any calendar year are to be aggregated and treated as one contract. Thus, any amount received under any such contract prior to the contract's Annuity Start Date, such as a partial surrender, dividend, or loan, will be taxable (and possibly subject to the 10% penalty tax) to the extent of the combined income in all such contracts.

In addition, the Treasury Department has broad regulatory authority in applying this provision to prevent avoidance of the purposes of this rule. It is possible that, under this authority, the Treasury Department may apply this rule to amounts that are paid as annuities (on and after the Annuity Start Date) under annuity contracts issued by the same company to the same owner during any calendar year. In this case, annuity payments could be fully taxable (and possibly subject to the 10% penalty tax) to the extent of the combined income in all such contracts and regardless of whether any amount would otherwise have been excluded from income because of the "exclusion ratio" under the contract.

**Transfers, Assignments or Exchanges of a Contract.** A transfer of ownership of a Contract, the designation of an Annuitant, Payee or other Beneficiary who is not also the Owner, the selection of certain Annuity Start Dates or the exchange of a Contract may result in certain tax consequences to the Owner that are not discussed herein. If contemplating any such transfer, assignment, selection or exchange, the Owner should contact a competent tax adviser with respect to the potential effects of such a transaction.

**Qualified Contracts —** The Contract may be used with IRAs that meet the requirements of Section 408 or 408A of the Code. If you are purchasing the Contract as an investment vehicle for an IRA, you should consider that the Contract does not provide any additional tax advantage beyond that already available through the IRA. However, the Contract does offer features and benefits in addition to providing tax deferral that other investments may not offer,

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including death benefit protection for your beneficiaries and annuity options which guarantee income for life. You should consult with your financial professional as to whether the overall benefits and costs of the Contract are appropriate considering your circumstances.

The amounts that may be contributed to IRAs are subject to limitations that vary depending on the circumstances. In addition, early distributions from IRAs may be subject to penalty taxes. Furthermore, distributions from IRAs are subject to certain minimum distribution rules. Failure to comply with these rules could subject the Owner or Beneficiary to penalty taxes. As a result, the minimum distribution rules may limit the availability of certain Annuity Options to certain Annuitants and their Beneficiaries. Please note that for Owners who die on or after January 1, 2020, most non-spouse Beneficiaries will no longer be able to satisfy these rules by "stretching" payouts over their lifetimes. Instead, those Beneficiaries will have to take their post-death distributions within ten years. Certain exceptions apply to "eligible designated beneficiaries," which include disabled and chronically ill individuals, individuals who are not more than ten years younger than the deceased individual, and children who have not reached the age of majority. Owners and Beneficiaries should consult a tax adviser if they may be affected by these changes. These requirements may not be incorporated into the Company's Contract administration procedures. Owners and beneficiaries are responsible for determining that contributions, distributions and other transactions with respect to the Contracts comply with applicable law.

The following are brief descriptions of the various types of IRAs and the use of the Contract therewith:

**Section 408. <u>Traditional Individual Retirement Annuities.</u>** Section 408 of the Code permits eligible individuals to establish individual retirement programs through the purchase of Individual Retirement Annuities ("traditional IRAs"). The Contract may be purchased as an IRA. The IRAs described in this section are called "traditional IRAs" to distinguish them from "Roth IRAs," which are described below.

IRAs are subject to limitations on the amount that may be contributed, the persons who may be eligible and on the time distributions must commence. Depending upon the circumstances of the individual, contributions to a traditional IRA may be made on a deductible or non-deductible basis. IRAs may not be transferred, sold, assigned, discounted or pledged as collateral for a loan or other obligation. The annual premium for an IRA may not be fixed and may not exceed (except in the case of a rollover contribution) the lesser of (i) $7,500 or $8,600 for owners age 50 or older (for 2026) or (ii) 100% of the individual's taxable compensation (for 2026).

Any refund of premium must be applied to the payment of future premiums or the purchase of additional benefits. If an individual is age 50 or over, the individual may make an additional catch-up contribution to a traditional IRA of $1,100 in 2026 (indexed for inflation in future tax years). However, if the individual is covered by an employer-sponsored retirement plan, the amount of IRA contributions the individual may deduct in a year may be reduced or eliminated based on the individual's adjusted gross income for the year ($129,000 to $149,000 for a married couple filing a joint return and $81,000 to $91,000 for a single taxpayer in 2026). If the individual's spouse is covered by an employer-sponsored retirement plan but the individual is not, the individual may be able to deduct those contributions to a traditional IRA; however, the deduction will be reduced or eliminated if the adjusted gross income on a joint return is between $242,000 to $252,000 (for 2026). Non-deductible contributions to traditional IRAs must be reported to the IRS in the year made on Form 8606.

Sale of the Contract for use with IRAs may be subject to special requirements imposed by the Internal Revenue Service. Purchasers of the Contract for such purposes will be provided with such supplementary information as may be required by the Internal Revenue Service or other appropriate agency and will have the right to revoke the Contract under certain circumstances. See the IRA Disclosure Statement that accompanies this Prospectus.

In general, traditional IRAs are subject to minimum distribution requirements. Amounts in a traditional IRA must generally be distributed or begin to be distributed on the date that the contract owner reaches their applicable age (as defined above), regardless of the contract owner's retirement date. Periodic distributions must not extend beyond the life of the individual or the lives of the individual and a designated beneficiary (or over a period extending beyond the life expectancy of the individual or the joint life expectancy of the individual and a designated beneficiary). Not all Annuity Options will satisfy minimum distribution rules for every designated beneficiary. Distributions from IRAs are generally taxed under Code Section 72. Under these rules, a portion of each distribution may be excludable from income. The amount excludable from the individual's income is the amount of the distribution that bears the same ratio as the individual's nondeductible contributions bears to the expected return under the IRA.

Distributions from a traditional IRA may be eligible for a tax-free rollover to any kind of eligible retirement plan, including another traditional IRA. In certain cases, a distribution of non-deductible contributions or other after-tax amounts from a traditional IRA may be eligible to be rolled over to another traditional IRA. See "Rollovers."

The IRS has not reviewed the Contract for qualification as an IRA, and has not addressed in a ruling of general applicability whether a death benefit provision such as the provision in the Contract comports with IRA qualification requirements.

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**Section 408A. <u>Roth IRAs</u>.** Section 408A of the Code permits eligible individuals to establish a Roth IRA. The Contract may be purchased as a Roth IRA. Regular contributions may be made to a Roth IRA up to the same contribution limits that apply to traditional IRA contributions. The regular contribution limits are phased out for taxpayers with $153,000 to $168,000 in adjusted gross income for 2026 ($242,000 to $252,000 for married filing joint returns). Also the taxable balance in a traditional IRA may be rolled over or converted into a Roth IRA. Distributions from Roth 403(b) plans can be rolled over to a Roth IRA regardless of income.

Regular contributions to a Roth IRA are not deductible, and rollovers and conversions from other retirement plans are taxable when completed, but withdrawals that meet certain requirements are not subject to federal income tax on either the original contributions or any earnings. However, once aggregate distributions exceed contributions to the Roth IRA, income tax and a 10% penalty tax may apply to distributions made (1) before 59½ (subject to certain exceptions) or (2) during the five taxable years starting with the year in which the first contribution is made to any Roth IRA. A 10% penalty tax may apply to amounts attributable to a conversion from an IRA if they are distributed during the five taxable years beginning with the year in which the conversion was made. Rollovers of Roth contributions were already taxed when made and are not generally subject to tax when rolled over to a Roth IRA. Sale of the Contract for use with Roth IRAs may be subject to special requirements imposed by the Internal Revenue Service. Purchasers of the Contract for such purposes will be provided with such supplementary information as may be required by the Internal Revenue Service or other appropriate agency, and will have the right to revoke the Contract under certain requirements. Unlike a traditional IRA, Roth IRAs are not subject to minimum required distribution rules during the Contract Owner's lifetime. Generally, however, the amount remaining in a Roth IRA after the Contract Owner's death must begin to be distributed by the end of the first calendar year after death, and made in amounts that satisfy IRS required minimum distribution regulations. Beginning with deaths occurring on or after January 1, 2020, subject to certain exceptions, most non-spouse beneficiaries must complete distributions within ten years of the Owner's death.

**Rollovers.** A "rollover" is the tax-free transfer of a distribution from one "eligible retirement plan" to another. Distributions which are rolled over are not included in the employee's gross income until some future time.

If any portion of the balance to the credit of an employee in a Section 403(b) or other eligible retirement plan (other than Roth sources) is paid in an "eligible rollover distribution" and the payee transfers any portion of the amount received to an "eligible retirement plan," then the amount so transferred is not includable in income. Also, pre-tax distributions from an IRA may be rolled over to another kind of eligible retirement plan. An "eligible rollover distribution" generally means any distribution that is not one of a series of periodic payments made for the life of the distributee or for a specified period of at least ten years. In addition, a required minimum distribution, death distributions (except to a surviving spouse) and certain corrective distributions, will not qualify as an eligible rollover distribution. A rollover must be made directly between plans or indirectly within 60 days after receipt of the distribution.

For an employee (or employee's spouse or former spouse as beneficiary or alternate payee), an "eligible retirement plan" will be another Section 403(b) plan, a qualified retirement plan, or a traditional individual retirement account or annuity described in Code Section 408. For a non-spouse beneficiary, an "eligible retirement plan" is an IRA established by the direct rollover. For a Roth 403(b) account, a rollover, including a direct rollover, can only be made to a Roth IRA or to the same kind of account in another plan (such as a Roth 403(b) to a Roth 403(b), but not a Roth 403(b) to a Roth 401(k)) or to a Roth IRA. Anyone attempting to rollover Roth 403(b) contributions should seek competent tax advice. Additionally, a rollover for a Roth IRA can only be made to another Roth IRA.

A Section 403(b) plan must provide a participant receiving an eligible rollover distribution, the option to have the distribution transferred directly to another eligible retirement plan.

Only one indirect rollover may be made from an IRA, including traditional IRAs, Roth IRAs, SIMPLE-IRAs and SEP-IRAs, to another IRA in a 12-month period. The 12-month period begins on the date the IRA distribution is received. If a second indirect rollover is made during the 12-month period, the transaction may have adverse tax consequences. This rollover limitation does not apply to direct rollovers or a rollover between a retirement plan and an IRA.

**Tax Penalties. <u>Premature Distribution Tax.</u>** Distributions from a 403(b) plan or IRA before the participant reaches age 59½ are generally subject to an additional tax equal to 10% of the taxable portion of the distribution. The 10% penalty tax does not apply to distributions: (i) made on or after the death of the employee; (ii) attributable to the employee's disability; (iii) which are part of a series of substantially equal periodic payments made (at least annually) for the life (or life expectancy) of the employee or the joint lives (or joint life expectancies) of the employee and a designated beneficiary and (except for IRAs) which begin after the employee terminates employment; (iv) made to an employee after termination of employment after reaching age 55; (v) made to pay for certain medical expenses; (vi) that are exempt withdrawals of an excess contribution; (vii) that are rolled over or transferred in accordance with Code requirements; (viii) made as a qualified reservist distribution; (ix) that are transferred pursuant

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to a decree of divorce or separate maintenance or written instrument incident to such a decree; (x) made in connection with the birth or adoption of a child, in limited circumstances; or (xi) made to terminally ill employees.

The exception to the 10% penalty tax described in item (iv) above is not applicable to IRAs. However, distributions from an IRA to unemployed individuals can be made without application of the 10% penalty tax to pay health insurance premiums in certain cases. There are two additional exceptions to the 10% penalty tax on withdrawals from IRAs before age 59½: withdrawals made to pay "qualified" higher education expenses and withdrawals made to pay certain "eligible first-time home buyer expenses." There may be additional exceptions to the 10% penalty tax (e.g., certain disaster relief distributions).

**<u>Minimum Distribution Tax.</u>** If the amount distributed from a Qualified Contract is less than the minimum required distribution for the year, the Participant is subject to a 25% tax on the amount that was not properly distributed, which is reduced to 10% if corrected within a two year correction period. The value of any enhanced death benefits or other optional Contract provisions may need to be taken into account when calculating the minimum required distribution. Consult a tax advisor.

**Withholding.** Periodic distributions (e.g., annuities and installment payments) from a Qualified Contract that will last for a period of ten or more years are generally subject to voluntary income tax withholding. The amount withheld on such periodic distributions is determined at the rate applicable to wages. The recipient of a periodic distribution may generally elect not to have withholding apply.

Eligible rollover distributions from a Qualified Plan (other than IRAs) are generally subject to mandatory 20% income tax withholding. However, no withholding is imposed if the distribution is transferred directly to another eligible retirement plan. Nonperiodic distributions from an IRA are subject to income tax withholding at a flat 10% rate. The recipient of such a distribution may elect not to have withholding apply.

The above description of the federal income tax consequences of the different types of Qualified Plans which may be funded by the Contract offered by this Prospectus is only a brief summary and is not intended as tax advice. The rules governing the provisions of Qualified Plans are extremely complex and often difficult to comprehend. Anything less than full compliance with the applicable rules, all of which are subject to change, may have adverse tax consequences. A prospective Owner considering adoption of a Qualified Plan and purchase of a Contract in connection therewith should first consult a qualified and competent tax adviser, with regard to the suitability of the Contract as an investment vehicle for the Qualified Plan.

**Other Tax Considerations —** 

**Federal Estate, Gift, and Generation-Skipping Transfer Taxes.** While no attempt is being made to discuss in detail the Federal estate tax implications of the Contract, a purchaser should keep in mind that the value of an annuity contract owned by a decedent and payable to a beneficiary by virtue of surviving the decedent is included in the decedent's gross estate. Depending on the terms of the annuity contract, the value of the annuity included in the gross estate may be the value of the lump sum payment payable to the designated beneficiary or the actuarial value of the payments to be received by the beneficiary. Consult an estate planning advisor for more information.

Under certain circumstances, the Code may impose a "generation skipping transfer tax" ("GST") when all or part of an annuity contract is transferred to, or a death benefit is paid to, an individual two or more generations younger than the Owner. Regulations issued under the Code may require the Company to deduct the tax from your Contract, or from any applicable payment, and pay it directly to the IRS.

The potential application of these taxes underscores the importance of seeking guidance from a qualified adviser to help ensure that your estate plan adequately addresses your needs and those of your beneficiaries under all possible scenarios.

**Annuity Purchases by Nonresident Aliens and Foreign Corporations.** The discussion above provides general information regarding U.S. federal income tax consequences to annuity purchasers that are U.S. citizens or residents. Purchasers that are not U.S. citizens or residents will generally be subject to U.S. federal withholding tax on taxable distributions from annuity contracts at a 30% rate, unless a lower treaty rate applies. In addition, such purchasers may be subject to state and/or municipal taxes and taxes that may be imposed by the purchaser's country of citizenship or residence. Additional withholding may occur with respect to entity purchasers (including foreign corporations, partnerships, and trusts) that are not U.S. residents. Prospective purchasers are advised to consult with a qualified tax adviser regarding U.S. state, and foreign taxation with respect to an annuity contract purchase.

**Foreign Tax Credits.** We may benefit from any foreign tax credits attributable to taxes paid by certain Funds to foreign jurisdictions to the extent permitted under Federal tax law.

**Medicare Tax.** Distributions from non-qualified annuity contracts are considered "investment income" for purposes of the Medicare tax on investment income. Thus, in certain circumstances, a 3.8% tax may be applied to

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some or all of the taxable portion of distributions (e.g. earnings) to individuals whose income exceeds certain threshold amounts. Please consult a tax advisor for more information.

**Possible Tax Changes.** From time to time, legislation has been proposed that would have adversely modified the federal taxation of certain annuities. There is always the possibility that the tax treatment of annuities could change by legislation or other means (such as IRS regulations, revenue rulings, and judicial decisions). Moreover, although unlikely, it is also possible that any legislative change could be retroactive (that is, effective prior to the date of such change). Consult a tax adviser with respect to legislative developments and their effect on the Contract. We have the right to modify the Contract in response to legislative changes that could otherwise diminish the favorable tax treatment that Owners currently receive. We make no guarantee regarding the tax status of any Contract and do not intend the above discussion to be considered tax advice.

**Annuity Purchases by Residents of Puerto Rico.** The Internal Revenue Service has announced that income received by residents of Puerto Rico under life insurance or annuity contracts issued by a Puerto Rico branch of a United States life insurance company is U.S.-source income that is generally subject to United States federal income tax.

**Other Information**

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**Voting of Underlying Fund Shares —** The Company is the legal owner of the shares of the Underlying Funds held by the Subaccounts. The Company will exercise voting rights attributable to the shares of each Underlying Fund held in the Subaccounts at any regular and special meetings of the shareholders of the Underlying Funds on matters requiring shareholder voting. In accordance with its view of presently applicable law, the Company will exercise its voting rights based on instructions received from persons having beneficial interest in corresponding Subaccounts. However, if the 1940 Act or any regulations thereunder should be amended, or if the present interpretation thereof should change, and as a result the Company determines that it is permitted to vote the shares of the Underlying Funds in its own right, it may elect to do so.

The person having the voting interest under a Contract is the Owner. Unless otherwise required by applicable law, the number of shares of a particular Underlying Fund as to which voting instructions may be given to the Company is determined by dividing your Contract Value in the corresponding Subaccount on a particular date by the net asset value per share of the Underlying Fund as of the same date. Fractional votes will be counted. The number of votes as to which voting instructions may be given will be determined as of the same date established by the Underlying Fund for determining shareholders eligible to vote at the meeting of the Underlying Fund. If required by the SEC, the Company reserves the right to determine in a different fashion the voting rights attributable to the shares of the Underlying Funds. Voting instructions may be cast in person or by proxy.

It is important that each Owner provide voting instructions to the Company because we vote all Underlying Fund shares proportionately in accordance with instructions received from Owners. This means that the Company will vote shares for which no timely voting instructions are received in the same proportion as those shares for which we do receive voting instructions. As a result, a small number of Owners may control the outcome of a vote. The Company will also exercise the voting rights from assets in each Subaccount that are not otherwise attributable to Owners, if any, in the same proportion as the voting instructions that are received in a timely manner for all Contracts participating in that Subaccount.

**Changes to Investments —** The Company reserves the right, subject to compliance with the law as then in effect, to make additions to, deletions from, or combinations of the securities that are held by the Separate Account or any Subaccount or that the Separate Account or any Subaccount may purchase. In addition, the Company reserves the right to substitute shares of any or all of the Underlying Funds in accordance with applicable law. In all cases, the Company will send you notice. For instance, the Company may seek to substitute shares of Underlying Funds should they no longer be available for investment, or if the Company's management believes further investment in shares of any Underlying Fund should become inappropriate in view of the purposes of the Contract. The Company may substitute shares of an Underlying Fund with the shares of another Underlying Fund or the shares of a fund not currently offered under the Contract. Substituted fund shares may have higher fees and expenses. The Company may also purchase, through the Subaccount, other securities for other classes of contracts, or permit a conversion between classes of contracts on the basis of requests made by Owners. The Company further reserves the right to close any Subaccount to future allocations.

The Company also reserves the right to establish additional Subaccounts of the Separate Account that would invest in a new Underlying Fund or in shares of another investment company, a series thereof, or other suitable investment vehicle. The Company may establish new Subaccounts in its sole discretion, and will determine whether to make any new Subaccount available to existing Owners. The Company may also eliminate or combine one or

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more Subaccounts to all or only certain classes of Owners if, in its sole discretion, marketing, tax, or investment conditions so warrant.

Subject to compliance with applicable law, the Company may transfer assets to the General Account. The Company also reserves the right, subject to any required regulatory approvals, to transfer assets of the Separate Account or any Subaccount to another separate account or Subaccount.

In the event of any such substitution or change, the Company may, by appropriate endorsement, make such changes in these and other contracts as may be necessary or appropriate to reflect such substitution or change. If the Company believes it to be in the best interests of persons having voting rights under the Contract, the Separate Account may be operated as a management investment company under the 1940 Act or any other form permitted by law. The Separate Account may be deregistered under the 1940 Act in the event such registration is no longer required, or it may be combined with other separate accounts of the Company or an affiliate thereof. Subject to compliance with applicable law, the Company also may establish a committee, board, or other group to manage one or more aspects of the operation of the Separate Account.

**Changes to Comply with Law and Amendments —** The Company reserves the right, without the consent of Owners, to suspend sales of the Contract as presently offered and to make any change to the provisions of the Contract to comply with, or give Owners the benefit of, any federal or state statute, rule, or regulation, including but not limited to requirements for annuity contracts and retirement plans under the Internal Revenue Code and regulations thereunder or any state statute or regulation.

**Reports to Owners —** The Company will send you annually a statement setting forth a summary of the transactions that occurred during the year, and indicating the Contract Value as of the end of each year. In addition, the statement will indicate the allocation of Contract Value among the Subaccounts and any other information required by law. The Company will also send confirmations upon Purchase Payments, transfers, and full and partial withdrawals. The Company may confirm certain transactions on a quarterly basis rather than at the time they occur. These transactions include purchases under an Automatic Investment Program, transfers under the Dollar Cost Averaging and Asset Reallocation Options, systematic withdrawals and annuity payments.

You will also receive an annual and semiannual shareholder report for those Underlying Funds corresponding to the Subaccounts to which you have allocated your Contract Value. The shareholder reports contain information required by federal securities laws and will also be available online at <u>https://vpx.broadridge.com/GetContract1.asp?doctype=pros&cid=sblife&fid=814121158</u>.

**Electronic Privileges — If the Electronic Privileges section of the application or the proper form has been completed, signed, and received at the Company's Administrative Office**, you may (1) request a transfer of Contract Value and make changes in your Purchase Payment allocation and to an existing Dollar Cost Averaging or Asset Reallocation Option by telephone; (2) request a transfer of Contract Value electronically via facsimile; and (3) request a transfer of Contract Value through the Company's website. If you elect Electronic Privileges, you automatically authorize your financial representative to make transfers of Contract Value and changes in your Purchase Payment allocation or Dollar Cost Averaging or Asset Reallocation Option, on your behalf.

Any telephone or electronic device, whether it is the Company's, yours, your service provider's, or your registered representative's, can experience outages or slowdowns for a variety of reasons. These outages or slowdowns may delay or prevent the Company's processing of your transfer request. Although we have taken precautions to limit these problems, we cannot promise complete reliability under all circumstances. If you are experiencing problems, you should make your transfer request by writing to our Administrative Office.

The Company has established procedures to confirm that instructions communicated by telephone are genuine and will not be liable for any losses due to fraudulent or unauthorized instructions, provided it complies with its procedures. The Company's procedures require that any person requesting a transfer by telephone provide the account number and the Owner's tax identification number and such instructions must be received on a recorded line. The Company reserves the right to deny any telephone transfer request. If all telephone lines are busy (which might occur, for example, during periods of substantial market fluctuations) or are otherwise unavailable, you may not be able to request transfers by telephone and would have to submit written requests.

By authorizing telephone transfers, you authorize the Company to accept and act upon telephonic instructions for transfers involving your Contract. There are risks associated with telephone transactions that do not occur if a written request is submitted. Anyone authorizing or making telephone requests bears those risks. You agree that neither the Company nor any of its affiliates nor any Underlying Fund, will be liable for any loss, damages, cost, or expense (including attorneys' fees) arising out of any telephone requests, provided that the Company effects such request in accordance with its procedures. As a result of this policy on telephone requests, you bear the risk of loss arising

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from the telephone transfer privilege. The Company may discontinue, modify, or suspend the telephone transfer privilege at any time.

**State Variations —** This Prospectus and the Statement of Additional Information describe all material terms and features of the Contract, including any material state variations. If you would like to review a copy of your Contract and its endorsements and riders, if any, contact the Company's Administrative Office.

**Legal Proceedings —** The Company and its subsidiaries, like other life insurance companies, may be involved in lawsuits, including class action lawsuits. In some class action and other lawsuits involving insurers, substantial damages have been sought and/or material settlement payments have been made. Although the outcome of any litigation cannot be predicted with certainty, the Company believes that at the present time there are no legal proceedings pending or threatened to which the Company, the Separate Account, or SDL is a party that are reasonably likely to materially affect the Separate Account or the Company's ability to meet its obligations under the Contract, or SDL's ability to perform its contract with the Separate Account.

**Legal Matters —** Alison Pollock, Esq., Assistant General Counsel of the Company, has passed upon legal matters in connection with the issue and sale of the Contract described in this Prospectus, the Company's authority to issue the Contract under Kansas law, and the validity of the forms of the Contract under Kansas law.

**Sale of the Contract —** The Company currently offers the Contract on a continuous basis. The Company anticipates continuing to offer the Contract but reserves the right to discontinue the offering.

**Principal Underwriter.** The Company has entered into a principal underwriting agreement with its subsidiary, SDL, for the distribution and sale of the Contract. SDL's home office is located at One Security Benefit Place, Topeka, Kansas 66636-0001. SDL, a wholly-owned subsidiary of the Company, is registered as a broker-dealer with the SEC under the Securities Exchange Act of 1934, as amended, and is a member of FINRA.

SDL does not sell the Contract directly to purchasers. The Contract is offered to the public through registered representatives of broker-dealers that have entered into selling agreements with the Company and SDL for the sale of the Contract (collectively, "Selling Broker-Dealers"). Registered representatives must be licensed as insurance agents by applicable state insurance authorities and appointed as agents of the Company in order to sell the Contract. The Company pays commissions to Selling Broker-Dealers through SDL. During fiscal years 2025, 2024, and 2023, the commission amounts paid to SDL in connection with all Contracts sold through the Separate Account were $534,142, $630,280, and $813,931, respectively. SDL passes through commissions it receives to Selling Broker-Dealers for their sales and does not retain any portion of the commissions it receives as principal underwriter for the Contract. However, the Company (or an affiliate) pays some or all of SDL's operating and other expenses, including the following sales expenses: compensation and bonuses for SDL's management team, compensation and benefits for SDL's registered representatives, advertising expenses, and other expenses of distributing the Contract. The Company does not pay commissions to financial intermediaries who receive advisory fees from Contract owners because such intermediaries receive compensation in connection with the Contract in the form of those advisory fees.

**Selling Broker-Dealers.** The Company pays commissions to SDL and to Selling Broker-Dealers in connection with the promotion and sale of the Contract according to one or more schedules. A portion of any payments made to Selling Broker-Dealers may be passed on to their registered representatives in accordance with their internal compensation programs. Commissions and other incentives or payments described below are not charged directly to Owners or the Separate Account. The Company uses its corporate assets to pay commissions and other costs of distributing the Contract. Commissions and other incentives or payments described below are not charged directly to Owners of the Separate Account. The Company intends to recoup commissions and other sales expenses through fees and charges deducted under the Contract (including any profit from the mortality and expense risk charge or other fees and charges imposed under the Contract) or from its General Account.

**Compensation Paid to All Selling Broker-Dealers.** The Company pays compensation as a percentage of initial and subsequent Purchase Payments at the time it receives them or as a percentage of Contract Value on an ongoing basis. While the amount and timing of compensation may vary depending on the selling agreement, the Company does not expect compensation to exceed 6% annually of aggregate Purchase Payments (if compensation is paid as a percentage of Purchase Payments) or 0.25% annually of average Contract Value (if compensation is paid as a percentage of Contract Value). The Company also pays non-cash compensation in connection with the sale of the Contract, including conferences, seminars and trips (including travel, lodging and meals in connection therewith), entertainment, merchandise and other similar items, in compliance with applicable regulatory requirements.

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The registered representative who sells you the Contract typically receives a portion of the compensation the Company pays to his or her Selling Broker-Dealer, depending on the agreement between the Selling Broker-Dealer and your registered representative and the Selling Broker-Dealer's internal compensation program. These programs may include other types of cash and non-cash compensation and other benefits. **Ask your registered representative for further information about what he or she and the Selling Broker-Dealer for whom he or she works receive in connection with your purchase of a Contract.**

**Additional Compensation Paid to Selected Selling Broker-Dealers.** In addition to the commissions and non-cash compensation described above, the Company pays additional compensation to selected Selling Broker-Dealers. These payments include: (1) trail commissions or persistency payments, which are periodic payments based on contract values of the Company's variable insurance contracts (including Contract Values of the Contract) or other persistency standards; (2) preferred status fees (which may be in the form of a higher percentage of ordinary commission) paid to obtain preferred treatment of the Contract in Selling Broker-Dealers' marketing programs, including enhanced marketing services and increased access to their registered representatives; (3) one-time bonus payments for their participation in sales promotions with regard to the Contract; (4) periodic bonus payments calculated as a percentage of the average contract value of the Company's variable insurance contracts (including the Contract) sold by the Selling Broker-Dealer during the calendar year of payment; (5) sponsorship of or reimbursement of industry conference fees paid to help defray the costs of sales conferences and educational seminars put on by the Selling Broker-Dealers; and (6) reimbursement of Selling Broker-Dealers for expenses incurred by the Selling Broker-Dealer or its registered representatives in connection with client seminars or similar prospecting activities conducted to promote sales of the Contract.

The following list sets forth the names of the top ten Selling Broker-Dealers that received additional compensation from the Company in 2025 in connection with the sale of its variable annuity contracts: ACA/Prudent Investors Planning Corporation; GWN Securities, Inc.; Innovation Partners, LLC; Johnstone Brokerage Services LLC; The Leaders Group, Inc.; Lincoln Investment Planning, LLC; LPL Financial, LLC; OFG Financial Services, Inc.; Osaic Wealth, Inc.; and PlanMember Securities Corporation.

These additional compensation arrangements are not offered to all Selling Broker-Dealers and the terms of such arrangements and the payments made thereunder can differ substantially among Selling Broker-Dealers. The payments may be significant and may be calculated in different ways for different Selling Broker-Dealers. These arrangements are designed to specially encourage the sale of the Company's products (and/or its affiliates' products) by such Selling Broker-Dealers. The prospect of receiving, or the receipt of, additional compensation may provide Selling Broker-Dealers and/or their registered representatives with an incentive to favor sales of the Contract over other variable annuity contracts (or other investments) with respect to which a Selling Broker-Dealer does not receive additional compensation or receives lower levels of additional compensation. You may wish to take such payment arrangements into account when considering and evaluating any recommendation relating to the Contract. **Ask your registered representative for further information about what he or she and the Selling Broker-Dealer for whom he or she works may receive in connection with your purchase of a Contract.**

**Additional Information**

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**Registration Statement —** A Registration Statement of which this Prospectus is a part has been filed with the SEC relating to the offering described in this Prospectus. This Prospectus does not include all the information included in the Registration Statement, certain portions of which, including the Statement of Additional Information, have been omitted pursuant to the rules and regulations of the SEC. The omitted information may be obtained at the SEC's principal office in Washington, DC, upon payment of any of the SEC's prescribed fees, and may also be obtained for free from the SEC's web site (<u>https://www.sec.gov</u>). You may also obtain the Statement of Additional Information by writing the Company at One Security Benefit Place, Topeka, Kansas 66636-0001 or by calling 1-800-888-2461. The Statement of Additional Information is also available online at <u>https://vpx.broadridge.com/GetContract1.asp?doctype=pros&cid=sblife&fid=814121158</u>.

**Financial Statements —** You can find financial statements for Security Benefit Life Insurance Company and Subsidiaries and the Separate Account in the Statement of Additional Information, which is available online at <u>https://vpx.broadridge.com/GetContract1.asp?doctype=pros&cid=sblife&fid=814121158</u>. To receive a copy of the Statement of Additional Information free of charge, call your investment professional or contact us at 1-800-888-2461.

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APPENDIX A

**Investment Options Available Under the Contract**

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**Underlying Funds —** The following is a list of Underlying Funds available under the Contract. More information about the Underlying Funds is available in the prospectuses for the Underlying Funds, which may be amended or updated from time to time, and can be found online at https://vpx.broadridge.com/GetContract1.asp?doctype=pros&cid=sblife&fid=814121158. You can view, download, and print copies of Underlying Fund documents at this website. You can also request this information at no cost by calling 1-800-888-2461 or by sending an email request to SBLProspectusRequests@securitybenefit.com.

The current expenses and performance information below reflect the fees and expenses of the Underlying Funds, but do not reflect the other fees and expenses that your Contract may charge. Expenses would be higher and performance would be lower if these other charges were included. Each Underlying Fund's past performance is not necessarily an indication of future performance. Updated performance information is available online at https://www.securitybenefit.com/performance.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup>  | **Platform** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** |
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup>  | **Platform** | **1 Year** | **5 Year** | **10 Year** |
| Mid Cap Value | AB Discovery Value – Class B<br> *Adviser:* AllianceBernstein L.P.<br>| 1.07% | N/A | 2.64% | 8.48% | 8.27% |
| Large Cap <br> Value<br>| AB Relative Value – Class B<br> *Adviser:* AllianceBernstein L.P.<br>| 0.85% | N/A | 10.20% | 11.15% | 10.30% |
| Global Equity | AB Sustainable Global Thematic – Class B<br> *Adviser:* AllianceBernstein L.P.<br>| 1.25% | N/A | 6.02% | 3.02% | 9.80% |
| Global <br> Allocation<br>| AB VPS Dynamic Asset Allocation – Class <br> B<br> *Adviser:* AllianceBernstein L.P.<br>| 1.20% | N/A | 13.21% | 4.74% | 5.25% |
| Global Equity | AFIS Capital World Growth and Income – <br> Class 4<br> *Adviser:* Capital Research and <br> Management Company<br>| 1.01% | N/A | 24.46% | 10.01% | 10.74% |
| Government <br> Bond<br>| AFIS U.S. Government Securities – Class 4<br> *Adviser:* Capital Research and <br> Management Company<br>| 0.84% | N/A | 7.54% | -0.49% | 1.45% |
| Large Cap <br> Blend<br>| AFIS Washington Mutual Investors – Class <br> 4<br> *Adviser:* Capital Research and <br> Management Company<br>| 0.90% | N/A | 16.90% | 13.60% | 12.08% |
| Large Cap <br> Growth<br>| Alger Capital Appreciation – Class S<sup>2</sup> <br>*Adviser:* Fred Alger Management, LLC<br>| 1.19% | N/A | 32.51% | 16.04% | 17.86% |
| Large Cap <br> Growth<br>| Alger Large Cap Growth – Class I-2<br> *Adviser:* Fred Alger Management, LLC<br>| 0.89% | N/A | 30.27% | 11.12% | 16.73% |
| Mid Cap Blend | Allspring Opportunity VT – Class 2<br> *Adviser:* Allspring Funds Management, LLC<br> *Sub-Adviser:* Allspring Global Investments, <br> LLC<br>| 1.08% | N/A | 6.71% | 8.94% | 11.85%  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Platform** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** |
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Platform** | **1 Year** | **5 Year** | **10 Year** |
| Large Cap <br> Growth<br>| Allspring VT Discovery All Cap Growth – <br> Class 2<br> *Adviser:* Allspring Funds Management, LLC<br> *Sub-Adviser:* Allspring Global Investments, <br> LLC<br>| 1.04% | N/A | 15.27% | 6.04% | 13.57% |
| Specialty-Sector | ALPS/Alerian Energy Infrastructure – Class <br> III<br> *Adviser:* ALPS Advisors, Inc.<br>| 1.30% | N/A | 4.66% | 22.06% | 10.70% |
| Balanced/Asset <br> Allocation<br>| American Funds IS<sup>®</sup> Asset Allocation – <br> Class 4<br> *Adviser:* Capital Research and <br> Management Company<br>| 0.79% | N/A | 15.59% | 8.70% | 9.50% |
| Global Bond | American Funds IS<sup>®</sup> Capital World Bond – <br> Class 4<br> *Adviser:* Capital Research and <br> Management Company<br>| 0.98% | N/A | 9.03% | -2.76% | 0.97% |
| International <br> Equity<br>| American Funds IS<sup>®</sup> EUPAC Fund<sup>TM</sup> – <br> Class 4<br> *Adviser:* Capital Research and <br> Management Company<br>| 1.03% | N/A | 26.41% | 3.14% | 6.73% |
| Global Equity | American Funds IS<sup>®</sup> Global Growth – Class <br> 4<br> *Adviser:* Capital Research and <br> Management Company<br>| 1.01% | N/A | 21.34% | 7.97% | 11.89% |
| Large Cap <br> Growth<br>| American Funds IS<sup>®</sup> Growth – Class 4<br> *Adviser:* Capital Research and <br> Management Company<br>| 0.83% | N/A | 19.93% | 13.09% | 17.67% |
| Large Cap <br> Blend<br>| American Funds IS<sup>®</sup> Growth-Income – <br> Class 4<br> *Adviser:* Capital Research and <br> Management Company<br>| 0.78% | N/A | 17.77% | 13.62% | 13.63% |
| International <br> Equity<br>| American Funds IS<sup>®</sup> International Growth <br> and Income – Class 4<br> *Adviser:* Capital Research and <br> Management Company<br>| 1.06% | N/A | 35.09% | 7.42% | 7.54% |
| Intermediate <br> Term Bond<br>| American Funds IS<sup>®</sup> Mortgage – Class 4<br> *Adviser:* Capital Research and <br> Management Company<br>| 0.89% | N/A | 8.32% | 0.06% | 1.43% |
| Emerging <br> Markets<br>| American Funds IS<sup>®</sup> New World – Class 4<br> *Adviser:* Capital Research and <br> Management Company<br>| 1.15% | N/A | 27.92% | 5.06% | 8.98% |
| Global Equity | American Funds IS<sup>®</sup> SMALLCAP World <br> Fund<sup>®</sup> – Class 4<br> *Adviser:* Capital Research and <br> Management Company<br>| 1.20% | N/A | 14.33% | 0.23% | 6.96%  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Platform** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** |
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Platform** | **1 Year** | **5 Year** | **10 Year** |
| Large Cap <br> Blend<br>| BlackRock Advantage Large Cap Core V.I. <br> – Class III<br> *Adviser:* BlackRock Advisors, LLC<br>| 1.03% | N/A | 19.73% | 13.85% | 14.08% |
| Large Cap <br> Value<br>| BlackRock Basic Value V.I. – Class III<br> *Adviser:* BlackRock Advisors, LLC<br>| 1.13% | N/A | 24.04% | 12.81% | 10.52% |
| Large Cap <br> Growth<br>| BlackRock Capital Appreciation V.I. – Class <br> III<br> *Adviser:* BlackRock Advisors, LLC<br>| 1.37% | N/A | 11.77% | 10.50% | 15.32% |
| Large Cap <br> Value<br>| BlackRock Equity Dividend V.I. – Class III<br> *Adviser:* BlackRock Advisors, LLC<br>| 1.13% | N/A | 21.32% | 11.45% | 11.01% |
| Global <br> Allocation<br>| BlackRock Global Allocation V.I. – Class III<br> *Adviser:* BlackRock Advisors, LLC<br> *Sub-Adviser:* BlackRock (Singapore) <br> Limited; BlackRock International Limited<br>| 1.15% | N/A | 19.51% | 5.51% | 7.33% |
| High Yield Bond | BlackRock High Yield V.I. – Class III<br> *Adviser:* BlackRock Advisors, LLC<br> *Sub-Adviser:* BlackRock International <br> Limited<br>| 0.88% | N/A | 9.09% | 4.57% | 6.07% |
| Large Cap <br> Growth<br>| BlackRock Large Cap Focus Growth V.I. – <br> Class III<br> *Adviser:* BlackRock Advisors, LLC<br>| 1.15% | N/A | 11.48% | 10.19% | 15.98% |
| Small Cap <br> Blend<br>| BNY Mellon IP Small Cap Stock Index – <br> Service Class<br> *Adviser:* BNY Mellon Investment Adviser, <br> Inc.<br>| 0.61% | N/A | 5.36% | 6.65% | 9.15% |
| Specialty-Sector | BNY Mellon IP Technology Growth – <br> Service Class<br> *Adviser:* BNY Mellon Investment Adviser, <br> Inc.<br> *Sub-Adviser:* Newton Investment <br> Management North America, LLC<br>| 1.07% | N/A | 27.87% | 8.96% | 16.97% |
| Large Cap <br> Blend<br>| BNY Mellon Stock Index – Service Class<br> *Adviser:* BNY Mellon Investment Adviser, <br> Inc.<br> *Sub-Adviser:* Mellon Investments <br> Corporation<br>| 0.52% | N/A | 17.23% | 13.83% | 14.23% |
| Large Cap <br> Blend<br>| BNY Mellon VIF Appreciation – Service <br> Class<br> *Adviser:* BNY Mellon Investment Adviser, <br> Inc.<br> *Sub-Adviser:* Fayez Sarofim & Co., LLC<br>| 1.10% | N/A | 9.78% | 9.08% | 12.63% |
| Global Equity | Dimensional VA Equity Allocation – <br> Institutional Class<br> *Adviser:* Dimensional Fund Advisors LP<br> *Sub-Adviser:* Dimensional Fund Advisors <br> Ltd.; DFA Australia Limited<br>| 0.48% | 0.45% | 19.94% | 12.23% | N/A  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Platform** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** |
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Platform** | **1 Year** | **5 Year** | **10 Year** |
| Global Bond | Dimensional VA Global Bond Portfolio – <br> Institutional Class<br> *Adviser:* Dimensional Fund Advisors LP<br> *Sub-Adviser:* Dimensional Fund Advisors <br> Ltd.; DFA Australia Limited<br>| 0.21% | 0.45% | 4.35% | 1.38% | 1.81% |
| Global <br> Allocation<br>| Dimensional VA Global Moderate Allocation <br> – Institutional Class<br> *Adviser:* Dimensional Fund Advisors LP<br>| 0.43% | 0.45% | 14.68% | 8.42% | 8.65% |
| International <br> Equity<br>| Dimensional VA International Small <br> Portfolio – Institutional Class<br> *Adviser:* Dimensional Fund Advisors LP<br> *Sub-Adviser:* Dimensional Fund Advisors <br> Ltd.; DFA Australia Limited<br>| 0.39% | 0.45% | 36.99% | 8.89% | 8.68% |
| International <br> Equity<br>| Dimensional VA International Value <br> Portfolio – Institutional Class<br> *Adviser:* Dimensional Fund Advisors LP<br> *Sub-Adviser:* Dimensional Fund Advisors <br> Ltd.; DFA Australia Limited<br>| 0.27% | 0.45% | 45.64% | 15.85% | 10.46% |
| Short Term <br> Bond<br>| Dimensional VA Short-Term Fixed Portfolio <br> – Institutional Class<br> *Adviser:* Dimensional Fund Advisors LP<br> *Sub-Adviser:* Dimensional Fund Advisors <br> Ltd.; DFA Australia Limited<br>| 0.12% | 0.45% | 4.33% | 2.65% | 1.97% |
| Large Cap <br> Value<br>| Dimensional VA U.S. Large Value Portfolio – <br> Institutional Class<br> *Adviser:* Dimensional Fund Advisors LP<br>| 0.21% | 0.45% | 15.83% | 11.97% | 10.51% |
| Small Cap <br> Value<br>| Dimensional VA U.S. Targeted Value <br> Portfolio – Institutional Class<br> *Adviser:* Dimensional Fund Advisors LP<br>| 0.29% | 0.45% | 8.95% | 13.60% | 11.00% |
| Large Value | Donoghue Forlines Dividend VIT Fund – <br> Class 1<br> *Adviser:* Donoghue Forlines LLC<br>| 2.77% | N/A | 17.19% | 8.72% | 3.46% |
| Tactical <br> Allocation<br>| Donoghue Forlines Momentum VIT Fund – <br> Class 1<br> *Adviser:* Donoghue Forlines LLC<br>| 1.56% | N/A | 23.52% | 12.83% | 9.23% |
| Mid Cap Value | DWS Small Mid Cap Value VIP – Class B<br> *Adviser:* DWS Investment Management <br> Americas, Inc.<br>| 1.24% | N/A | 17.85% | 9.27% | 7.18% |
| Floating Rate <br> Bond<br>| Eaton Vance VT Floating-Rate Income - <br> Initial Class<br> *Adviser:* Eaton Vance Management<br>| 1.19% | N/A | 3.95% | 4.64% | 4.43% |
| Intermediate <br> Government<br>| Federated Hermes Fund for U.S. <br> Government Securities II<br> *Adviser:* Federated Investment <br> Management Company<br>| 1.02% | N/A | 6.80% | -0.84% | 1.06%  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Platform** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** |
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Platform** | **1 Year** | **5 Year** | **10 Year** |
| High Yield Bond | Federated Hermes High Income Bond II – <br> Service Class<br> *Adviser:* Federated Investment <br> Management Company<br>| 1.14% | N/A | 8.18% | 3.45% | 5.33% |
| Balanced/Asset <br> Allocation<br>| Fidelity<sup>®</sup> VIP Balanced – Service Class 2<br> *Adviser:* Fidelity Management & Research <br> Company LLC<br> *Sub-Adviser:* FMR Investment Management <br> (UK) Limited; Fidelity Management & <br> Research (Hong Kong) Limited; Fidelity <br> Management & Research (Japan) Limited<br>| 0.66% | N/A | 14.96% | 9.24% | 10.84% |
| Large Cap <br> Blend<br>| Fidelity<sup>®</sup> VIP Contrafund<sup>®</sup> – Service Class 2<br> *Adviser:* Fidelity Management & Research <br> Company LLC<br> *Sub-Adviser:* FMR Investment Management <br> (UK) Limited; Fidelity Management & <br> Research (Hong Kong) Limited; Fidelity <br> Management & Research (Japan) Limited<br>| 0.79% | N/A | 21.24% | 15.08% | 15.49% |
| Small Cap <br> Blend<br>| Fidelity<sup>®</sup> VIP Disciplined Small Cap – <br> Service Class 2<br> *Adviser:* Fidelity Management & Research <br> Company LLC<br>| 0.57% | N/A | 17.09% | 10.09% | 10.31% |
| Emerging <br> Markets<br>| Fidelity<sup>®</sup> VIP Emerging Markets – Service <br> Class 2<br> *Adviser:* Fidelity Management & Research <br> Company LLC<br> *Sub-Adviser:* FMR Investment Management <br> (UK) Limited; Fidelity Management & <br> Research (Hong Kong) Limited; Fidelity <br> Management & Research (Japan) Limited; <br> FIL Investment Advisors; FIL Investment <br> Advisors (UK) Limited<br>| 1.12% | N/A | 40.79% | 5.62% | 10.66% |
| Large Cap <br> Growth<br>| Fidelity<sup>®</sup> VIP Growth & Income – Service <br> Class 2<br> *Adviser:* Fidelity Management & Research <br> Company LLC<br> *Sub-Adviser:* FMR Investment Management <br> (UK) Limited; Fidelity Management & <br> Research (Hong Kong) Limited; Fidelity <br> Management & Research (Japan) Limited<br>| 0.72% | N/A | 21.21% | 15.83% | 13.56% |
| Large Cap <br> Growth<br>| Fidelity<sup>®</sup> VIP Growth Opportunities – <br> Service Class 2<br> *Adviser:* Fidelity Management & Research <br> Company LLC<br> *Sub-Adviser:* FMR Investment Management <br> (UK) Limited; Fidelity Management & <br> Research (Hong Kong) Limited; Fidelity <br> Management & Research (Japan) Limited<br>| 0.81% | N/A | 21.73% | 11.04% | 19.64%  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment**<br> **Type** | **Current**<br> **Expenses**<sup>1</sup> | **Platform** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** |
| **Investment**<br> **Type** | **Current**<br> **Expenses**<sup>1</sup> | **Platform** | **1 Year** | **5 Year** | **10 Year** |
| High Yield Bond<br> Fidelity<sup>®</sup> VIP High Income – Service Class <br> 2<br> *Adviser:* Fidelity Management & Research <br> Company LLC<br> *Sub-Adviser:* FMR Investment Management <br> (UK) Limited; Fidelity Management & <br> Research (Hong Kong) Limited; Fidelity <br> Management & Research (Japan) Limited<br>| 1.07% | N/A | 10.31% | 4.00% | 5.34% |
| Large Cap <br> Blend<br>Fidelity<sup>®</sup> VIP Index 500 – Service Class 2<br> *Adviser:* Fidelity Management & Research <br> Company LLC<br> *Sub-Adviser:* Geode Capital Management, <br> LLC<br>| 0.34% | N/A | 17.48% | 14.03% | 14.42% |
| Intermediate <br> Term Bond<br>Fidelity<sup>®</sup> VIP Investment Grade Bond – <br> Service Class 2<br> *Adviser:* Fidelity Management & Research <br> Company LLC<br> *Sub-Adviser:* FMR Investment Management <br> (UK) Limited; Fidelity Management & <br> Research (Hong Kong) Limited; Fidelity <br> Management & Research (Japan) Limited<br>| 0.62% | N/A | 6.93% | -0.21% | 2.45% |
| Mid Cap Growth<br> Fidelity<sup>®</sup> VIP Mid Cap – Service Class 2<br> *Adviser:* Fidelity Management & Research <br> Company LLC<br> *Sub-Adviser:* FMR Investment Management <br> (UK) Limited; Fidelity Management & <br> Research (Hong Kong) Limited; Fidelity <br> Management & Research (Japan) Limited<br>| 0.80% | N/A | 11.49% | 9.83% | 10.31% |
| International <br> Equity<br>Fidelity<sup>®</sup> VIP Overseas – Service Class 2<br> *Adviser:* Fidelity Management & Research <br> Company LLC<br> *Sub-Adviser:* FMR Investment Management <br> (UK) Limited; Fidelity Management & <br> Research (Hong Kong) Limited; Fidelity <br> Management & Research (Japan) Limited; <br> FIL Investment Advisors; FIL Investment <br> Advisors (UK) Limited<br>| 0.97% | N/A | 20.05% | 6.35% | 7.55% |
| Specialty-Sector<br> Fidelity<sup>®</sup> VIP Real Estate – Service Class 2<br> *Adviser:* Fidelity Management & Research <br> Company LLC<br> *Sub-Adviser:* FMR Investment Management <br> (UK) Limited; Fidelity Management & <br> Research (Hong Kong) Limited; Fidelity <br> Management & Research (Japan) Limited<br>| 0.85% | N/A | 2.90% | 3.98% | 3.61%  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Platform** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** |
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Platform** | **1 Year** | **5 Year** | **10 Year** |
| Multi-Sector <br> Bond<br>| Fidelity<sup>®</sup> VIP Strategic Income – Service <br> Class 2<br> *Adviser:* Fidelity Management & Research <br> Company LLC<br> *Sub-Adviser:* FMR Investment Management <br> (UK) Limited; Fidelity Management & <br> Research (Hong Kong) Limited; Fidelity <br> Management & Research (Japan) Limited; <br> FIL Investment Advisors; FIL Investment <br> Advisors (UK) Limited<br>| 0.88% | N/A | 8.58% | 2.79% | 4.40% |
| Multi Cap <br> Growth<br>| Franklin DynaTech VIP Fund – Class 2<br> *Adviser:* Franklin Advisers, Inc.<br>| 0.88% | N/A | 18.13% | 9.09% | 14.08% |
| Large Cap <br> Value<br>| Franklin Growth and Income VIP Fund – <br> Class 2<br> *Adviser:* Franklin Advisers, Inc.<br>| 1.04% | N/A | 16.90% | 11.90% | 11.12% |
| Balanced/Asset <br> Allocation<br>| Franklin Income VIP Fund – Class 2<br> *Adviser:* Franklin Advisers, Inc.<br>| 0.72% | N/A | 12.56% | 7.66% | 7.30% |
| Large Cap <br> Growth<br>| Franklin Large Cap Growth VIP Fund – <br> Class 2<br> *Adviser:* Franklin Advisers, Inc.<br>| 1.11% | N/A | 7.22% | 6.83% | 12.87% |
| Global Equity | Franklin Mutual Global Discovery VIP Fund <br> – Class 2<br> *Adviser:* Franklin Mutual Advisers, LLC<br>| 1.16% | N/A | 23.34% | 12.00% | 8.52% |
| Large Cap <br> Value<br>| Franklin Mutual Shares VIP Fund – Class 2<br> *Adviser:* Franklin Mutual Advisers, LLC<br>| 0.94% | N/A | 11.52% | 9.20% | 7.53% |
| Large Cap <br> Blend<br>| Franklin Rising Dividends VIP Fund – Class <br> 2<br> *Adviser:* Franklin Advisers, Inc.<br>| 0.89% | N/A | 11.80% | 9.50% | 12.10% |
| Small Cap <br> Value<br>| Franklin Small Cap Value VIP Fund – Class <br> 2<br> *Adviser:* Franklin Mutual Advisers, LLC<br>| 0.92% | N/A | 7.65% | 8.86% | 9.81% |
| Small Cap <br> Growth<br>| Franklin Small-Mid Cap Growth VIP Fund – <br> Class 2<br> *Adviser:* Franklin Advisers, Inc.<br>| 1.09% | N/A | 2.52% | 1.03% | 9.89% |
| Multi-Sector <br> Bond<br>| Franklin Strategic Income VIP Fund – Class <br> 2<br> *Adviser:* Franklin Advisers, Inc.<br>| 1.08% | N/A | 7.24% | 1.92% | 3.10% |
| Government <br> Bond<br>| Franklin U.S. Government Securities VIP <br> Fund – Class 2<br> *Adviser:* Franklin Advisers, Inc.<br>| 0.79% | N/A | 6.69% | 0.02% | 1.14% |
| International <br> Equity<br>| Goldman Sachs VIT International Equity <br> Insights – Service Class<br> *Adviser:* Goldman Sachs Asset <br> Management L.P.<br>| 1.37% | N/A | 38.15% | 10.80% | 7.96%  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Platform** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** |
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Platform** | **1 Year** | **5 Year** | **10 Year** |
| Large Cap <br> Value<br>| Goldman Sachs VIT Large Cap Value – <br> Service Class<br> *Adviser:* Goldman Sachs Asset <br> Management L.P.<br>| 1.08% | N/A | 10.60% | 11.00% | 9.34% |
| Mid Cap Growth | Goldman Sachs VIT Mid Cap Growth – <br> Service Class<br> *Adviser:* Goldman Sachs Asset <br> Management L.P.<br>| 1.49% | N/A | 7.36% | 4.67% | 11.58% |
| Mid Cap Value | Goldman Sachs VIT Mid Cap Value – <br> Service Class<br> *Adviser:* Goldman Sachs Asset <br> Management L.P.<br>| 1.09% | N/A | 9.13% | 9.77% | 9.75% |
| Small Cap <br> Blend<br>| Goldman Sachs VIT Small Cap Equity <br> Insights – Service Class<br> *Adviser:* Goldman Sachs Asset <br> Management L.P.<br>| 1.13% | N/A | 15.82% | 10.19% | 10.57% |
| Large Cap <br> Growth<br>| Goldman Sachs VIT Strategic Growth – <br> Service Class<br> *Adviser:* Goldman Sachs Asset <br> Management L.P.<br>| 1.04% | N/A | 17.58% | 12.47% | 16.13% |
| Floating Rate <br> Bond<br>| Guggenheim VIF Floating Rate Strategies<br> *Adviser:* Guggenheim Partners Investment <br> Management, LLC<br>| 1.54% | N/A | 3.57% | 4.56% | 4.12% |
| Specialty | Guggenheim VIF Global Managed Futures <br> Strategy<br> *Adviser:* Security Investors, LLC<br>| 2.32% | N/A | 3.65% | 3.94% | 1.27% |
| High Yield Bond | Guggenheim VIF High Yield<br> *Adviser:* Guggenheim Partners Investment <br> Management, LLC<br>| 1.57% | N/A | 6.84% | 4.16% | 5.55% |
| Specialty | Guggenheim VIF Multi-Hedge Strategies<br> *Adviser:* Security Investors, LLC<br>| 1.80% | N/A | 1.25% | 1.23% | 1.62% |
| Intermediate <br> Term Bond<br>| Guggenheim VIF Total Return Bond<br> *Adviser:* Guggenheim Partners Investment <br> Management, LLC<br>| 1.04% | N/A | 7.48% | -0.21% | 3.13% |
| Large Cap <br> Growth<br>| Invesco V.I. American Franchise – Series II<br> *Adviser:* Invesco Advisers, Inc.<br>| 1.10% | N/A | 11.39% | 10.08% | 14.58% |
| Mid Cap Value | Invesco V.I. American Value – Series II<br> *Adviser:* Invesco Advisers, Inc.<br>| 1.14% | N/A | 20.76% | 17.56% | 12.01% |
| Global <br> Allocation<br>| Invesco V.I. Balanced-Risk Allocation – <br> Series II<br> *Adviser:* Invesco Advisers, Inc.<br>| 1.60% | N/A | 8.69% | 2.27% | 4.91% |
| Large Cap <br> Value<br>| Invesco V.I. Comstock – Series II<br> *Adviser:* Invesco Advisers, Inc.<br>| 1.00% | N/A | 17.14% | 15.14% | 11.67% |
| Large Cap <br> Blend<br>| Invesco V.I. Core Equity – Series II<br> *Adviser:* Invesco Advisers, Inc.<br>| 1.05% | N/A | 15.88% | 12.52% | 11.46%  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Platform** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** |
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Platform** | **1 Year** | **5 Year** | **10 Year** |
| Mid Cap Growth | Invesco V.I. Discovery Mid Cap Growth – <br> Series II<br> *Adviser:* Invesco Advisers, Inc.<br>| 1.11% | N/A | 4.53% | 3.64% | 11.10% |
| Large Blend | Invesco V.I. Equally-Weighted S&P 500 – <br> Series II<br> *Adviser:* Invesco Advisers, Inc.<br> *Sub-Adviser:* Invesco Capital Management <br> LLC<br>| 0.59% | N/A | 10.82% | 9.89% | 11.11% |
| Balanced/Asset <br> Allocation<br>| Invesco V.I. Equity and Income – Series II<br> *Adviser:* Invesco Advisers, Inc.<br>| 0.82% | N/A | 12.52% | 8.68% | 8.64% |
| International <br> Equity<br>| Invesco V.I. EQV International Equity – <br> Series II<br> *Adviser:* Invesco Advisers, Inc.<br>| 1.15% | N/A | 16.23% | 3.42% | 5.95% |
| Global Equity | Invesco V.I. Global – Series II<br> *Adviser:* Invesco Advisers, Inc.<br>| 1.06% | N/A | 15.02% | 7.01% | 10.72% |
| Specialty-Sector | Invesco V.I. Global Real Estate – Series II<br> *Adviser:* Invesco Advisers, Inc.<br> *Sub-Adviser:* Invesco Asset Management <br> Limited<br>| 1.27% | N/A | 7.61% | 1.49% | 2.18% |
| Multi-Sector <br> Bond<br>| Invesco V.I. Global Strategic Income – <br> Series II<br> *Adviser:* Invesco Advisers, Inc.<br>| 1.21% | N/A | 12.75% | 1.39% | 2.76% |
| Government <br> Bond<br>| Invesco V.I. Government Securities – Series <br> II<br> *Adviser:* Invesco Advisers, Inc.<br>| 0.95% | N/A | 6.95% | -0.22% | 1.34% |
| Large Cap <br> Value<br>| Invesco V.I. Growth and Income – Series II<br> *Adviser:* Invesco Advisers, Inc.<br>| 1.00% | N/A | 15.30% | 12.56% | 10.46% |
| Specialty-Sector | Invesco V.I. Health Care – Series II<br> *Adviser:* Invesco Advisers, Inc.<br>| 1.24% | N/A | 15.08% | 3.54% | 6.31% |
| High Yield Bond | Invesco V.I. High Yield – Series II<br> *Adviser:* Invesco Advisers, Inc.<br>| 1.17% | N/A | 6.35% | 3.40% | 4.55% |
| International <br> Equity<br>| Invesco V.I. International Growth Fund – <br> Series II<br> *Adviser:* Invesco Advisers, Inc.<br>| 1.43% | N/A | 15.53% | 1.88% | 5.34% |
| Mid Cap Blend | Invesco V.I. Main Street Mid Cap Fund<sup>®</sup> – <br> Series II<br> *Adviser:* Invesco Advisers, Inc.<br>| 1.19% | N/A | 8.96% | 8.83% | 9.08% |
| Small Cap <br> Blend<br>| Invesco V.I. Main Street Small Cap Fund<sup>®</sup> – <br> Series II<br> *Adviser:* Invesco Advisers, Inc.<br>| 1.09% | N/A | 8.44% | 8.07% | 10.31% |
| Speciality | Invesco V.I. S&P 500 Buffer Fund - <br> December - Class II<br> *Adviser:* Invesco Advisers, Inc.<br>| 1.06% | N/A | 12.37% | N/A | N/A  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Platform** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** |
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Platform** | **1 Year** | **5 Year** | **10 Year** |
| Speciality | Invesco V.I. S&P 500 Buffer Fund - June - <br> Class II<br> *Adviser:* Invesco Advisers, Inc.<br>| 1.05% | N/A | 13.35% | N/A | N/A |
| Speciality | Invesco V.I. S&P 500 Buffer Fund - March - <br> Class II<br> *Adviser:* Invesco Advisers, Inc.<br>| 1.08% | N/A | 7.25% | N/A | N/A |
| Speciality | Invesco V.I. S&P 500 Buffer Fund - <br> September - Class II<br> *Adviser:* Invesco Advisers, Inc.<br>| 1.04% | N/A | 12.63% | N/A | N/A |
| Small Cap <br> Blend<br>| Invesco V.I. Small Cap Equity – Series II<br> *Adviser:* Invesco Advisers, Inc.<br>| 1.21% | N/A | 7.83% | 7.06% | 9.28% |
| Mid Cap Growth | Janus Henderson VIT Enterprise – Service <br> Class<br> *Adviser:* Janus Henderson Investors US <br> LLC<br>| 0.97% | N/A | 7.41% | 7.35% | 12.51% |
| Large Cap <br> Growth<br>| Janus Henderson VIT Forty – Service Class<br> *Adviser:* Janus Henderson Investors US <br> LLC<br>| 0.87% | N/A | 17.86% | 11.37% | 15.96% |
| Mid Cap Value | Janus Henderson VIT Mid Cap Value – <br> Service Class<br> *Adviser:* Janus Henderson Investors US <br> LLC<br>| 1.11% | N/A | 6.29% | 8.43% | 8.40% |
| International <br> Equity<br>| Janus Henderson VIT Overseas – Service <br> Class<br> *Adviser:* Janus Henderson Investors US <br> LLC<br>| 0.96% | N/A | 28.58% | 9.17% | 8.97% |
| Large Cap <br> Growth<br>| Janus Henderson VIT Research – Service <br> Class<br> *Adviser:* Janus Henderson Investors US <br> LLC<br>| 1.07% | N/A | 18.10% | 13.83% | 15.59% |
| Multi-Sector <br> Bond<br>| Lord Abbett Series Bond-Debenture VC – <br> Class VC<br> *Adviser:* Lord, Abbett & Co. LLC<br>| 0.98% | N/A | 8.33% | 2.10% | 4.72% |
| Small Cap <br> Growth<br>| Lord Abbett Series Developing Growth VC – <br> Class VC<sup>2</sup> <br>*Adviser:* Lord, Abbett & Co. LLC<br>| 1.27% | N/A | 14.59% | -1.17% | 11.03% |
| Large Cap <br> Blend<br>| Lord Abbett Series Dividend Growth VC – <br> Class VC<br> *Adviser:* Lord, Abbett & Co. LLC<br>| 1.00% | N/A | 15.98% | 12.34% | 13.06% |
| Large Cap <br> Blend<br>| Lord Abbett Series Fundamental Equity VC <br> – Class VC<br> *Adviser:* Lord, Abbett & Co. LLC<br>| 1.19% | N/A | 14.29% | 11.36% | 9.75% |
| Large Cap <br> Blend<br>| Lord Abbett Series Growth and Income VC <br> – Class VC<br> *Adviser:* Lord, Abbett & Co. LLC<br>| 0.93% | N/A | 17.29% | 13.34% | 11.12%  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Platform** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** |
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Platform** | **1 Year** | **5 Year** | **10 Year** |
| Mid Cap Growth | Lord Abbett Series Growth Opportunities <br> VC – Class VC<br> *Adviser:* Lord, Abbett & Co. LLC<br>| 1.15% | N/A | 12.94% | 3.23% | 10.41% |
| Mid Cap Value | Lord Abbett Series Mid Cap Stock VC – <br> Class VC<br> *Adviser:* Lord, Abbett & Co. LLC<br>| 1.15% | N/A | 7.05% | 10.16% | 7.98% |
| Intermediate <br> Term Bond<br>| Lord Abbett Series Total Return VC – Class <br> VC<br> *Adviser:* Lord, Abbett & Co. LLC<br>| 0.71% | N/A | 7.19% | 0.06% | 2.27% |
| Inflation-<br> Protected Bond<br>| LVIP American Century Inflation Protection <br> – Service Class<br> *Adviser:* Lincoln Financial Investments <br> Corporation<br> *Sub-Adviser:* American Century Investment <br> Management, Inc.<br>| 0.76% | N/A | 6.33% | 0.62% | 2.61% |
| International <br> Equity<br>| LVIP American Century International – <br> Service Class<br> *Adviser:* Lincoln Financial Investments <br> Corporation<br> *Sub-Adviser:* American Century Investment <br> Management, Inc.<br>| 1.20% | N/A | 15.81% | 1.71% | 6.27% |
| Mid Cap Value | LVIP American Century Mid Cap Value – <br> Service Class<br> *Adviser:* Lincoln Financial Investments <br> Corporation<br> *Sub-Adviser:* American Century Investment <br> Management, Inc.<br>| 1.03% | N/A | 8.83% | 8.72% | 8.96% |
| Large Cap <br> Value<br>| LVIP American Century Value – Service <br> Class<br> *Adviser:* Lincoln Financial Investments <br> Corporation<br> *Sub-Adviser:* American Century Investment <br> Management, Inc.<br>| 0.90% | N/A | 15.85% | 11.47% | 10.07% |
| Large Cap <br> Value<br>| LVIP Avantis Large Cap Value – Service <br> Class<br> *Adviser:* Lincoln Financial Investments <br> Corporation<br> *Sub-Adviser:* American Century Investment <br> Management, Inc.<br>| 0.99% | N/A | 14.56% | 8.51% | 10.12% |
| Intermediate <br> Core Bond<br>| LVIP JPMorgan Core Bond – Service Class<br> *Adviser:* Lincoln Financial Investments <br> Corporation<br> *Sub-Adviser:* J.P. Morgan Investment <br> Management, Inc.<br>| 0.99% | N/A | 7.15% | -0.29% | 1.85% |
| Small Cap <br> Blend<br>| LVIP JPMorgan Small Cap Core – Service <br> Class<br> *Adviser:* Lincoln Financial Investments <br> Corporation<br> *Sub-Adviser:* J.P. Morgan Investment <br> Management, Inc.<br>| 0.88% | N/A | 10.00% | 6.13% | 8.66%  |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Platform** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** |
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Platform** | **1 Year** | **5 Year** | **10 Year** |
| Large Cap <br> Blend<br>| LVIP JPMorgan U.S. Equity – Service Class<br> *Adviser:* Lincoln Financial Investments <br> Corporation<br> *Sub-Adviser:* J.P. Morgan Investment <br> Management, Inc.<br>| 1.00% | N/A | 14.26% | 13.40% | 14.56% |
| Emerging <br> Markets<br>| MFS<sup>®</sup> VIT Emerging Markets Equity – <br> Service Class<br> *Adviser:* Massachusetts Financial Services <br> Company<br>| 2.14% | N/A | 33.35% | 4.11% | 7.65% |
| Global <br> Allocation<br>| MFS<sup>®</sup> VIT Global Tactical Allocation – <br> Service Class<br> *Adviser:* Massachusetts Financial Services <br> Company<br>| 1.13% | N/A | 15.21% | 4.60% | 5.40% |
| High Yield Bond | MFS<sup>®</sup> VIT High Yield – Service Class<br> *Adviser:* Massachusetts Financial Services <br> Company<br>| 1.06% | N/A | 8.47% | 3.63% | 5.30% |
| Large Cap <br> Growth<br>| MFS<sup>®</sup> VIT II MA Investors Growth Stock – <br> Service Class<br> *Adviser:* Massachusetts Financial Services <br> Company<br>| 1.04% | N/A | 9.61% | 9.74% | 13.98% |
| International <br> Equity<br>| MFS<sup>®</sup> VIT II Research International – <br> Service Class<br> *Adviser:* Massachusetts Financial Services <br> Company<br>| 1.22% | N/A | 21.75% | 5.25% | 7.27% |
| International <br> Equity<br>| MFS<sup>®</sup> VIT International Intrinsic Value – <br> Service Class<br> *Adviser:* Massachusetts Financial Services <br> Company<br>| 1.16% | N/A | 32.96% | 7.02% | 9.68% |
| Large Cap <br> Blend<br>| MFS<sup>®</sup> VIT Investors Trust – Service Class<br> *Adviser:* Massachusetts Financial Services <br> Company<br>| 1.07% | N/A | 13.32% | 11.06% | 12.21% |
| Small Cap <br> Growth<br>| MFS<sup>®</sup> VIT New Discovery – Service Class<br> *Adviser:* Massachusetts Financial Services <br> Company<br>| 1.20% | N/A | 12.56% | -0.54% | 10.46% |
| Large Cap <br> Blend<br>| MFS<sup>®</sup> VIT Research – Service Class<br> *Adviser:* Massachusetts Financial Services <br> Company<br>| 1.07% | N/A | 12.57% | 10.87% | 12.65% |
| Balanced/Asset <br> Allocation<br>| MFS<sup>®</sup> VIT Total Return – Service Class<br> *Adviser:* Massachusetts Financial Services <br> Company<br>| 0.96% | N/A | 10.91% | 6.16% | 7.36% |
| Intermediate <br> Term Bond<br>| MFS<sup>®</sup> VIT Total Return Bond – Service <br> Class<br> *Adviser:* Massachusetts Financial Services <br> Company<br>| 0.79% | N/A | 6.94% | -0.09% | 2.38% |
| Specialty-Sector | MFS<sup>®</sup> VIT Utilities – Service Class<br> *Adviser:* Massachusetts Financial Services <br> Company<br>| 1.04% | N/A | 14.76% | 7.38% | 9.22%  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Platform** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** |
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Platform** | **1 Year** | **5 Year** | **10 Year** |
| Emerging <br> Markets Bond<br>| Morgan Stanley VIF Emerging Markets <br> Debt – Class II<br> *Adviser:* Morgan Stanley Investment <br> Management, Inc.<br> *Sub-Adviser:* Morgan Stanley Investment <br> Management Limited<br>| 1.62% | N/A | 15.24% | 2.66% | 4.46% |
| Emerging <br> Markets<br>| Morgan Stanley VIF Emerging Markets <br> Equity – Class II<br> *Adviser:* Morgan Stanley Investment <br> Management, Inc.<br> *Sub-Adviser:* Morgan Stanley Investment <br> Management Company<br>| 1.53% | N/A | 32.90% | 4.32% | 7.21% |
| Asset <br> Allocation/<br> Lifestyle<br>| Morningstar Aggressive Growth ETF Asset <br> Allocation Portfolio – Class II<br> *Adviser:* ALPS Advisors, Inc.<br> *Sub-Adviser:* Morningstar Investment <br> Management LLC<br>| 0.85% | N/A | 20.00% | 10.55% | 10.36% |
| Asset <br> Allocation/<br> Lifestyle<br>| Morningstar Balanced ETF Asset Allocation <br> Portfolio – Class II<br> *Adviser:* ALPS Advisors, Inc.<br> *Sub-Adviser:* Morningstar Investment <br> Management LLC<br>| 0.84% | N/A | 14.82% | 6.61% | 7.25% |
| Asset <br> Allocation/<br> Lifestyle<br>| Morningstar Conservative ETF Asset <br> Allocation Portfolio – Class II<br> *Adviser:* ALPS Advisors, Inc.<br> *Sub-Adviser:* Morningstar Investment <br> Management LLC<br>| 0.93% | N/A | 8.82% | 2.19% | 3.50% |
| Asset <br> Allocation/<br> Lifestyle<br>| Morningstar Growth ETF Asset Allocation <br> Portfolio – Class II<br> *Adviser:* ALPS Advisors, Inc.<br> *Sub-Adviser:* Morningstar Investment <br> Management LLC<br>| 0.82% | N/A | 17.91% | 8.82% | 9.05% |
| Asset <br> Allocation/<br> Lifestyle<br>| Morningstar Income and Growth ETF Asset <br> Allocation Portfolio – Class II<br> *Adviser:* ALPS Advisors, Inc.<br> *Sub-Adviser:* Morningstar Investment <br> Management LLC<br>| 0.88% | N/A | 11.70% | 4.43% | 5.46% |
| Multi Cap Value | NAA All Cap Value Series<br> *Adviser:* New Age Alpha Advisors, LLC<br>| 1.15% | N/A | 12.87% | 11.12% | 10.40% |
| Large Cap <br> Value<br>| NAA Large Cap Value Series<br> *Adviser:* New Age Alpha Advisors, LLC<br>| 1.05% | N/A | 14.16% | 12.15% | 10.88% |
| Large Cap <br> Blend<br>| NAA Large Core Series<br> *Adviser:* New Age Alpha Advisors, LLC<br>| 1.16% | N/A | 16.43% | 13.65% | 14.25% |
| Large Cap <br> Growth<br>| NAA Large Growth Series<br> *Adviser:* New Age Alpha Advisors, LLC<br>| 1.17% | N/A | 17.02% | 13.89% | 17.04% |
| Mid Cap Growth | NAA Mid Growth Series<br> *Adviser:* New Age Alpha Advisors, LLC<br>| 1.18% | N/A | 2.17% | 4.48% | 10.63%  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Platform** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** |
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Platform** | **1 Year** | **5 Year** | **10 Year** |
| Small Cap <br> Value<br>| NAA Small Cap Value Series<br> *Adviser:* New Age Alpha Advisors, LLC<br>| 1.29% | N/A | 3.30% | 8.47% | 7.65% |
| Small Cap <br> Growth<br>| NAA Small Growth Series<br> *Adviser:* New Age Alpha Advisors, LLC<br>| 1.42% | N/A | 6.58% | 2.59% | 8.89% |
| Mid Cap Value | NAA SMid-Cap Value Series<br> *Adviser:* New Age Alpha Advisors, LLC<br>| 1.18% | N/A | 7.35% | 9.30% | 9.97% |
| Global Equity | NAA World Equity Income Series<br> *Adviser:* New Age Alpha Advisors, LLC<br>| 1.18% | N/A | 22.75% | 11.42% | 9.99% |
| Specialty | Neuberger Berman Quality Equity Portfolio <br> – Class I<br> *Adviser:* Neuberger Berman Investment <br> Advisers LLC<br>| 0.87% | N/A | 13.74% | 12.83% | 12.94% |
| Global <br> Allocation<br>| Nomura VIP Asset Strategy - Service Class<br> *Adviser:* Delaware Management Company<br>| 1.04% | N/A | 16.66% | 7.07% | 7.84% |
| Balanced/Asset <br> Allocation<br>| Nomura VIP Balanced - Service Class<br> *Adviser:* Delaware Management Company<br>| 1.08% | N/A | 11.79% | 7.85% | 8.38% |
| Large Cap <br> Growth<br>| Nomura VIP Core Equity - Service Class<br> *Adviser:* Delaware Management Company<br>| 1.00% | N/A | 15.30% | 13.79% | 13.78% |
| Specialty-Sector | Nomura VIP Energy - Service Class<br> *Adviser:* Delaware Management Company<br> *Sub-Adviser:* Van Eck Associates <br> Corporation<br>| 1.31% | N/A | 11.89% | 18.61% | 1.74% |
| Global Equity | Nomura VIP Global Growth - Service Class<br> *Adviser:* Delaware Management Company<br>| 1.24% | N/A | 17.93% | 9.99% | 10.71% |
| Large Cap <br> Growth<br>| Nomura VIP Growth - Service Class<br> *Adviser:* Delaware Management Company<br>| 1.01% | N/A | 8.41% | 11.89% | 15.40% |
| High Yield Bond | Nomura VIP High Income - Service Class<br> *Adviser:* Delaware Management Company<br> *Sub-Adviser:* Macquarie Investment <br> Management Austria Kapitalanlage AG; <br> Macquarie Investment Management Europe <br> Limited, Macquarie Investment <br> Management Global Limited<br>| 0.97% | N/A | 7.17% | 3.73% | 5.56% |
| International <br> Equity<br>| Nomura VIP International Core Equity - <br> Service Class<br> *Adviser:* Delaware Management Company<br>| 1.18% | N/A | 24.17% | 7.83% | 6.62% |
| Short Term <br> Bond<br>| Nomura VIP Limited-Term Bond - Service <br> Class<br> *Adviser:* Delaware Management Company<br> *Sub-Adviser:* Macquarie Investment <br> Management Austria Kapitalanlage AG; <br> Macquarie Investment Management Europe <br> Limited, Macquarie Investment <br> Management Global Limited<br>| 0.87% | N/A | 4.70% | 1.75% | 2.12%  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Platform** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** |
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Platform** | **1 Year** | **5 Year** | **10 Year** |
| Mid Cap Growth | Nomura VIP Mid Cap Growth - Service <br> Class<br> *Adviser:* Delaware Management Company<br>| 1.17% | N/A | 1.18% | -0.08% | 10.66% |
| Specialty-Sector | Nomura VIP Natural Resources - Service <br> Class<br> *Adviser:* Delaware Management Company<br> *Sub-Adviser:* Van Eck Associates <br> Corporation; Macquarie Investment <br> Management Global Limited<br>| 1.29% | N/A | 37.75% | 15.73% | 6.94% |
| Specialty-Sector | Nomura VIP Science and Technology - <br> Service Class<br> *Adviser:* Delaware Management Company<br>| 1.15% | N/A | 33.36% | 13.71% | 17.20% |
| Small Cap <br> Growth<br>| Nomura VIP Small Cap Growth - Service <br> Class<br> *Adviser:* Delaware Management Company<br>| 1.21% | N/A | 13.39% | 2.20% | 8.69% |
| Small Cap <br> Blend<br>| Nomura VIP Smid Cap Core - Service <br> Class<br> *Adviser:* Delaware Management Company<br>| 1.20% | N/A | 8.39% | 8.07% | 9.91% |
| Large Cap <br> Value<br>| Nomura VIP Value - Service Class<br> *Adviser:* Delaware Management Company<br>| 1.04% | N/A | 9.41% | 9.49% | 8.92% |
| Specialty | PIMCO VIT All Asset – Advisor Class<br> *Adviser:* Pacific Investment Management <br> Company LLC<br> *Sub-Adviser:* Research Affiliates LLC<br>| 2.32% | N/A | 14.19% | 5.49% | 6.67% |
| Specialty-Sector | PIMCO VIT CommodityRealReturn Strategy <br> – Advisor Class<br> *Adviser:* Pacific Investment Management <br> Company LLC<br>| 3.48% | N/A | 18.85% | 10.47% | 6.43% |
| Emerging <br> Markets Bond<br>| PIMCO VIT Emerging Markets Bond – <br> Advisor Class<br> *Adviser:* Pacific Investment Management <br> Company LLC<br>| 1.27% | N/A | 14.86% | 2.34% | 4.96% |
| Global Bond | PIMCO VIT Global Bond Opportunities <br> Portfolio (Unhedged) – Advisor Class<br> *Adviser:* Pacific Investment Management <br> Company LLC<br>| 1.25% | N/A | 12.76% | 0.07% | 2.36% |
| Global <br> Allocation<br>| PIMCO VIT Global Managed Asset <br> Allocation – Advisor Class<br> *Adviser:* Pacific Investment Management <br> Company LLC<br>| 1.51% | N/A | 21.77% | 6.94% | 7.88% |
| High Yield Bond | PIMCO VIT High Yield – Advisor Class<br> *Adviser:* Pacific Investment Management <br> Company LLC<br>| 0.91% | N/A | 8.85% | 3.87% | 5.47% |
| International <br> Bond<br>| PIMCO VIT International Bond Portfolio <br> (Unhedged) – Advisor Class<br> *Adviser:* Pacific Investment Management <br> Company LLC<br>| 1.13% | N/A | 10.04% | -3.37% | 0.86%  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Platform** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** |
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Platform** | **1 Year** | **5 Year** | **10 Year** |
| Short Term <br> Bond<br>| PIMCO VIT Low Duration – Advisor Class<br> *Adviser:* Pacific Investment Management <br> Company LLC<br>| 0.76% | N/A | 5.42% | 1.47% | 1.69% |
| Inflation-<br> Protected Bond<br>| PIMCO VIT Real Return – Advisor Class<br> *Adviser:* Pacific Investment Management <br> Company LLC<br>| 1.49% | N/A | 7.74% | 1.11% | 3.11% |
| Short Term <br> Bond<br>| PIMCO VIT Short-Term – Advisor Class<br> *Adviser:* Pacific Investment Management <br> Company LLC<br>| 0.75% | N/A | 4.57% | 3.14% | 2.65% |
| Intermediate <br> Term Bond<br>| PIMCO VIT Total Return – Advisor Class<br> *Adviser:* Pacific Investment Management <br> Company LLC<br>| 0.83% | N/A | 8.78% | -0.08% | 2.26% |
| Multi Cap Blend | Putnam VT Core Equity – Class IB<br> *Adviser:* Putnam Investment Management, <br> LLC<br> *Sub-Adviser:* Franklin Advisers, Inc.; <br> Franklin Templeton Investment <br> Management Limited<br>| 0.92% | N/A | 16.81% | 15.96% | 15.20% |
| Multi-Sector <br> Bond<br>| Putnam VT Diversified Income – Class IB<br> *Adviser:* Franklin Advisers, Inc.<br> *Sub-Adviser:* Putnam Investment <br> Management, LLC; Franklin Templeton <br> Investment Management Limited<br>| 1.05% | N/A | 8.58% | 1.81% | 3.03% |
| Global <br> Allocation<br>| Putnam VT Global Asset Allocation – Class <br> IB<br> *Adviser:* Franklin Advisers, Inc.<br> *Sub-Adviser:* Putnam Investment <br> Management, LLC; Franklin Templeton <br> Investment Management Limited; The <br> Putnam Advisory Company, LLC<br>| 1.11% | N/A | 14.38% | 8.39% | 8.43% |
| High Yield Bond | Putnam VT High Yield – Class IB<br> *Adviser:* Franklin Advisers, Inc.<br> *Sub-Adviser:* Putnam Investment <br> Management, LLC; Franklin Templeton <br> Investment Management Limited<br>| 0.96% | N/A | 8.67% | 4.05% | 5.70% |
| Intermediate <br> Term Bond<br>| Putnam VT Income – Class IB<br> *Adviser:* Franklin Advisers, Inc.<br> *Sub-Adviser:* Putnam Investment <br> Management, LLC; Franklin Templeton <br> Investment Management Limited<br>| 0.82% | N/A | 7.25% | -1.13% | 1.89% |
| Large Cap <br> Growth<br>| Putnam VT Large Cap Growth – Class IB<br> *Adviser:* Putnam Investment Management, <br> LLC<br> *Sub-Adviser:* Franklin Advisers, Inc.; <br> Franklin Templeton Investment <br> Management Limited<br>| 0.87% | N/A | 14.34% | 13.44% | 17.66%  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Platform** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** |
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Platform** | **1 Year** | **5 Year** | **10 Year** |
| Large Cap <br> Value<br>| Putnam VT Large Cap Value – Class IB<br> *Adviser:* Putnam Investment Management, <br> LLC<br> *Sub-Adviser:* Franklin Advisers, Inc.; <br> Franklin Templeton Investment <br> Management Limited<br>| 0.79% | N/A | 20.35% | 15.38% | 13.30% |
| Small Cap <br> Growth<br>| Putnam VT Small Cap Growth – Class IB<br> *Adviser:* Putnam Investment Management, <br> LLC<br> *Sub-Adviser:* Franklin Advisers, Inc.; <br> Franklin Templeton Investment <br> Management Limited<br>| 1.17% | N/A | 8.80% | 6.18% | 11.45% |
| Specialty-Sector | Rydex VIF Banking<br> *Adviser:* Security Investors, LLC<br>| 1.83% | N/A | 23.74% | 11.69% | 8.98% |
| Specialty-Sector | Rydex VIF Basic Materials<br> *Adviser:* Security Investors, LLC<br>| 1.83% | N/A | 32.89% | 9.42% | 11.58% |
| Specialty-Sector | Rydex VIF Biotechnology<br> *Adviser:* Security Investors, LLC<br>| 1.84% | N/A | 30.12% | 3.55% | 5.42% |
| Specialty-Sector | Rydex VIF Commodities Strategy<br> *Adviser:* Security Investors, LLC<br>| 1.96% | N/A | 4.89% | 12.80% | 4.76% |
| Specialty-Sector | Rydex VIF Consumer Products<br> *Adviser:* Security Investors, LLC<br>| 1.84% | N/A | -3.52% | 1.32% | 3.80% |
| Specialty | Rydex VIF Dow 2x Strategy<sup>2</sup> <br>*Adviser:* Security Investors, LLC<br>| 1.95% | N/A | 19.49% | 14.77% | 18.17% |
| Specialty-Sector | Rydex VIF Electronics<br> *Adviser:* Security Investors, LLC<br>| 1.83% | N/A | 41.49% | 18.80% | 23.66% |
| Specialty-Sector | Rydex VIF Energy<br> *Adviser:* Security Investors, LLC<br>| 1.84% | N/A | 7.51% | 19.52% | 4.64% |
| Specialty-Sector | Rydex VIF Energy Services<br> *Adviser:* Security Investors, LLC<br>| 1.84% | N/A | 1.74% | 10.39% | -5.65% |
| International <br> Equity<br>| Rydex VIF Europe 1.25x Strategy<sup>2</sup> <br>*Adviser:* Security Investors, LLC<br>| 1.97% | N/A | 36.46% | 10.40% | 7.59% |
| Specialty-Sector | Rydex VIF Financial Services<br> *Adviser:* Security Investors, LLC<br>| 1.88% | N/A | 10.76% | 11.31% | 9.88% |
| Government <br> Bond<br>| Rydex VIF Government Long Bond 1.2x <br> Strategy<sup>2</sup> <br>*Adviser:* Security Investors, LLC<br>| 1.51% | N/A | 1.67% | -13.64% | -3.35% |
| Specialty-Sector | Rydex VIF Health Care<br> *Adviser:* Security Investors, LLC<br>| 1.84% | N/A | 14.07% | 4.64% | 7.44% |
| High Yield Bond | Rydex VIF High Yield Strategy<br> *Adviser:* Security Investors, LLC<br>| 1.80% | N/A | 9.87% | 3.52% | 4.77% |
| Specialty-Sector | Rydex VIF Internet<br> *Adviser:* Security Investors, LLC<br>| 1.84% | N/A | 18.50% | 2.54% | 11.93%  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Platform** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** |
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Platform** | **1 Year** | **5 Year** | **10 Year** |
| Specialty | Rydex VIF Inverse Dow 2x Strategy<sup>2</sup> <br>*Adviser:* Security Investors, LLC<br>| 1.94% | N/A | -20.69% | -18.02% | -25.05% |
| Specialty | Rydex VIF Inverse Government Long Bond <br> Strategy<sup>2</sup> <br>*Adviser:* Security Investors, LLC<br>| 5.82% | N/A | 1.85% | 12.87% | 1.41% |
| Specialty | Rydex VIF Inverse Mid-Cap Strategy<sup>2</sup> <br>*Adviser:* Security Investors, LLC<br>| 2.03% | N/A | -5.11% | -7.51% | -10.94% |
| Specialty | Rydex VIF Inverse NASDAQ-100<sup>®</sup> <br> Strategy<sup>2</sup> <br>*Adviser:* Security Investors, LLC<br>| 1.98% | N/A | -16.18% | -13.53% | -17.67% |
| Specialty | Rydex VIF Inverse Russell 2000<sup>®</sup> Strategy<sup>2</sup> <br>*Adviser:* Security Investors, LLC<br>| 1.98% | N/A | -9.58% | -6.24% | -11.19% |
| Specialty | Rydex VIF Inverse S&P 500 Strategy<sup>2</sup> <br>*Adviser:* Security Investors, LLC<br>| 1.94% | N/A | -11.76% | -10.49% | -12.91% |
| International <br> Equity<br>| Rydex VIF Japan 2x Strategy<sup>2</sup> <br>*Adviser:* Security Investors, LLC<br>| 1.73% | N/A | 51.54% | 0.16% | 9.51% |
| Specialty-Sector | Rydex VIF Leisure<br> *Adviser:* Security Investors, LLC<br>| 1.84% | N/A | 8.47% | 2.50% | 7.27% |
| Mid Cap Blend | Rydex VIF Mid-Cap 1.5x Strategy<sup>2</sup> <br>*Adviser:* Security Investors, LLC<br>| 1.92% | N/A | 5.04% | 8.37% | 11.16% |
| Large Cap <br> Growth<br>| Rydex VIF NASDAQ-100<sup>®</sup><br> *Adviser:* Security Investors, LLC<br>| 1.83% | N/A | 19.04% | 13.32% | 17.60% |
| Large Cap <br> Growth<br>| Rydex VIF NASDAQ-100<sup>®</sup> 2x Strategy<sup>2</sup> <br>*Adviser:* Security Investors, LLC<br>| 2.00% | N/A | 29.24% | 18.83% | 29.69% |
| Large Cap <br> Blend<br>| Rydex VIF Nova<sup>2</sup> <br>*Adviser:* Security Investors, LLC<br>| 1.80% | N/A | 20.87% | 16.53% | 17.73% |
| Specialty-Sector | Rydex VIF Precious Metals<br> *Adviser:* Security Investors, LLC<br>| 1.73% | N/A | 147.37% | 17.52% | 21.08% |
| Specialty-Sector | Rydex VIF Real Estate<br> *Adviser:* Security Investors, LLC<br>| 1.83% | N/A | 2.88% | 3.02% | 4.00% |
| Specialty-Sector | Rydex VIF Retailing<br> *Adviser:* Security Investors, LLC<br>| 1.83% | N/A | 10.18% | 4.22% | 9.18% |
| Small Cap <br> Blend<br>| Rydex VIF Russell 2000<sup>®</sup> 1.5x Strategy<sup>2</sup> <br>*Adviser:* Security Investors, LLC<br>| 1.99% | N/A | 12.47% | 3.43% | 9.25% |
| Small Cap <br> Blend<br>| Rydex VIF Russell 2000<sup>®</sup> 2x Strategy<sup>2</sup> <br>*Adviser:* Security Investors, LLC<br>| 1.98% | N/A | 12.07% | 1.43% | 9.07% |
| Large Cap <br> Blend<br>| Rydex VIF S&P 500 2x Strategy<sup>2</sup> <br>*Adviser:* Security Investors, LLC<br>| 2.00% | N/A | 25.28% | 19.77% | 21.33% |
| Large Cap <br> Growth<br>| Rydex VIF S&P 500 Pure Growth<br> *Adviser:* Security Investors, LLC<br>| 1.74% | N/A | 11.75% | 6.62% | 10.34%  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Platform** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** |
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Platform** | **1 Year** | **5 Year** | **10 Year** |
| Large Cap <br> Value<br>| Rydex VIF S&P 500 Pure Value<br> *Adviser:* Security Investors, LLC<br>| 1.74% | N/A | 16.02% | 12.00% | 8.64% |
| Mid Cap Growth | Rydex VIF S&P MidCap 400 Pure Growth<br> *Adviser:* Security Investors, LLC<br>| 1.74% | N/A | 7.18% | 4.39% | 6.85% |
| Mid Cap Value | Rydex VIF S&P MidCap 400 Pure Value<br> *Adviser:* Security Investors, LLC<br>| 1.74% | N/A | 6.12% | 12.00% | 10.60% |
| Small Cap <br> Growth<br>| Rydex VIF S&P SmallCap 600 Pure Growth<br> *Adviser:* Security Investors, LLC<br>| 1.74% | N/A | 8.59% | 2.89% | 6.53% |
| Small Cap <br> Value<br>| Rydex VIF S&P SmallCap 600 Pure Value<br> *Adviser:* Security Investors, LLC<br>| 1.74% | N/A | 6.77% | 12.03% | 7.65% |
| Specialty | Rydex VIF Strengthening Dollar 2x <br> Strategy<sup>2</sup> <br>*Adviser:* Security Investors, LLC<br>| 2.14% | N/A | -14.29% | 6.16% | 1.80% |
| Specialty-Sector | Rydex VIF Technology<br> *Adviser:* Security Investors, LLC<br>| 1.83% | N/A | 25.70% | 12.27% | 18.37% |
| Specialty-Sector | Rydex VIF Telecommunications<br> *Adviser:* Security Investors, LLC<br>| 1.83% | N/A | 31.13% | 5.45% | 6.64% |
| Specialty-Sector | Rydex VIF Transportation<br> *Adviser:* Security Investors, LLC<br>| 1.83% | N/A | 11.79% | 2.32% | 8.06% |
| Money Market | Rydex VIF U.S. Government Money Market<br> *Adviser:* Security Investors, LLC<br>| 1.49% | N/A | 2.84% | 2.22% | 1.26% |
| Specialty-Sector | Rydex VIF Utilities<br> *Adviser:* Security Investors, LLC<br>| 1.84% | N/A | 17.07% | 8.56% | 8.60% |
| Specialty | Rydex VIF Weakening Dollar 2x Strategy<sup>2</sup> <br>*Adviser:* Security Investors, LLC<br>| 2.14% | N/A | 18.97% | -5.72% | -2.86% |
| Large Cap <br> Growth<br>| T. Rowe Price Blue Chip Growth – Class II<br> *Adviser:* T. Rowe Price Associates, Inc.<br>| 1.00% | N/A | 18.43% | 11.41% | 15.25% |
| Large Cap <br> Value<br>| T. Rowe Price Equity Income – Class II<br> *Adviser:* T. Rowe Price Associates, Inc.<br>| 0.99% | N/A | 14.07% | 10.89% | 10.24% |
| Specialty-Sector | T. Rowe Price Health Sciences – Class II<br> *Adviser:* T. Rowe Price Associates, Inc.<br>| 1.11% | N/A | 17.80% | 3.86% | 8.70% |
| Short Term <br> Bond<br>| T. Rowe Price Limited-Term Bond – Class II<br> *Adviser:* T. Rowe Price Associates, Inc.<br>| 0.85% | N/A | 5.46% | 1.91% | 2.09% |
| Emerging <br> Markets<br>| Templeton Emerging Markets VIP Fund – <br> Class 2<br> *Adviser:* Templeton Asset Management Ltd<br> *Sub-Adviser:* Franklin Templeton Investment <br> Management Limited<br>| 1.37% | N/A | 46.27% | 5.46% | 10.40% |
| International <br> Equity<br>| Templeton Foreign VIP Fund – Class 2<br> *Adviser:* Templeton Investment Counsel, <br> LLC<br>| 1.09% | N/A | 29.19% | 8.25% | 5.75%  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Platform** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** |
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Platform** | **1 Year** | **5 Year** | **10 Year** |
| Global Bond | Templeton Global Bond VIP Fund – Class 2<br> *Adviser:* Franklin Advisers, Inc.<br>| 0.78% | N/A | 15.73% | -0.96% | -0.15% |
| Global Equity | Templeton Growth VIP Fund – Class 2<br> *Adviser:* Templeton Global Advisors Limited<br>| 1.19% | N/A | 23.83% | 7.95% | 7.04% |
| World Large <br> Stock<br>| Third Avenue Value<br> *Adviser:* Third Avenue Management LLC<br>| 1.38% | N/A | 34.85% | 17.68% | 9.66% |
| Balanced/Asset <br> Allocation<br>| TOPS<sup>®</sup> Aggressive ETF – Investor Class<br> *Adviser:* ValMark Advisers, Inc.<br> *Sub-Adviser:* Milliman Financial Risk <br> Management LLC<br>| 0.79% | N/A | 18.53% | 9.15% | 9.99% |
| Balanced/Asset <br> Allocation<br>| TOPS<sup>®</sup> Balanced ETF – Investor Class<br> *Adviser:* ValMark Advisers, Inc.<br> *Sub-Adviser:* Milliman Financial Risk <br> Management LLC<br>| 0.79% | N/A | 12.59% | 5.26% | 6.10% |
| Balanced/Asset <br> Allocation<br>| TOPS<sup>®</sup> Conservative ETF – Investor Class<br> *Adviser:* ValMark Advisers, Inc.<br> *Sub-Adviser:* Milliman Financial Risk <br> Management LLC<br>| 0.81% | N/A | 9.76% | 4.09% | 4.77% |
| Balanced/Asset <br> Allocation<br>| TOPS<sup>®</sup> Managed Risk Balanced ETF – <br> Investor Class<br> *Adviser:* ValMark Advisers, Inc.<br> *Sub-Adviser:* Milliman Financial Risk <br> Management LLC<br>| 1.01% | N/A | 7.85% | -1.85% | 1.85% |
| Balanced/Asset <br> Allocation<br>| TOPS<sup>®</sup> Managed Risk Moderate ETF – <br> Investor Class<br> *Adviser:* ValMark Advisers, Inc.<br> *Sub-Adviser:* Milliman Financial Risk <br> Management LLC<br>| 1.00% | N/A | 10.50% | 3.15% | 4.73% |
| Balanced/Asset <br> Allocation<br>| TOPS<sup>®</sup> Managed Risk Moderately <br> Aggressive ETF – Investor Class<br> *Adviser:* ValMark Advisers, Inc.<br> *Sub-Adviser:* Milliman Financial Risk <br> Management LLC<br>| 1.00% | N/A | 11.58% | 5.25% | 5.93% |
| Balanced/Asset <br> Allocation<br>| TOPS<sup>®</sup> Moderate ETF – Investor Class<br> *Adviser:* ValMark Advisers, Inc.<br> *Sub-Adviser:* Milliman Financial Risk <br> Management LLC<br>| 0.78% | N/A | 14.87% | 6.66% | 7.63% |
| Balanced/Asset <br> Allocation<br>| TOPS<sup>®</sup> Moderately Aggressive ETF – <br> Investor Class<br> *Adviser:* ValMark Advisers, Inc.<br> *Sub-Adviser:* Milliman Financial Risk <br> Management LLC<br>| 0.79% | N/A | 17.74% | 8.30% | 9.12% |
| Specialty-Sector | VanEck VIP Global Gold – Class S<br> *Adviser:* Van Eck Associates Corporation<br>| 1.47% | N/A | 164.43% | 20.00% | 20.89% |
| Specialty-Sector | VanEck VIP Global Resources – Class S<br> *Adviser:* Van Eck Associates Corporation<br>| 1.32% | N/A | 36.17% | 10.24% | 8.06%  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Platform** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** |
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Platform** | **1 Year** | **5 Year** | **10 Year** |
| Balanced/Asset <br> Allocation<br>| Vanguard<sup>®</sup> VIF Balanced<br> *Adviser:* Wellington Management Company <br> LLP<br>| 0.20% | 0.45% | 16.46% | 9.29% | 10.03% |
| Large Cap <br> Growth<br>| Vanguard<sup>®</sup> VIF Capital Growth<br> *Adviser:* PRIMECAP Management <br> Company<br>| 0.34% | 0.45% | 28.98% | 13.97% | 14.96% |
| Asset <br> Allocation/<br> Lifestyle<br>| Vanguard<sup>®</sup> VIF Conservative Allocation<br> *Adviser:* The Vanguard Group, Inc.<br>| 0.12% | 0.45% | 12.73% | 4.22% | 6.14% |
| Large Cap <br> Value<br>| Vanguard<sup>®</sup> VIF Diversified Value<br> *Adviser:* Hotchkis and Wiley Capital <br> Management, LLC; Aristotle Capital <br> Management, LLC; Harris Associates L.P.<br>| 0.28% | 0.45% | 16.83% | 13.24% | 11.76% |
| Large Cap <br> Value<br>| Vanguard<sup>®</sup> VIF Equity Income<br> *Adviser:* Wellington Management Company <br> LLP; The Vanguard Group, Inc.<br>| 0.29% | 0.45% | 16.80% | 12.59% | 11.52% |
| Large Cap <br> Blend<br>| Vanguard<sup>®</sup> VIF Equity Index<br> *Adviser:* The Vanguard Group, Inc.<br>| 0.14% | 0.45% | 17.70% | 14.27% | 14.66% |
| Global Bond | Vanguard<sup>®</sup> VIF Global Bond Index<br> *Adviser:* The Vanguard Group, Inc.<br>| 0.13% | 0.45% | 5.69% | -0.41% | N/A |
| Large Cap <br> Growth<br>| Vanguard<sup>®</sup> VIF Growth<br> *Adviser:* Wellington Management Company <br> LLP<br>| 0.36% | 0.45% | 16.89% | 11.36% | 15.58% |
| High Yield Bond | Vanguard<sup>®</sup> VIF High Yield Bond<br> *Adviser:* Wellington Management Company <br> LLP; The Vanguard Group, Inc.<br>| 0.24% | 0.45% | 9.18% | 4.05% | 5.62% |
| International <br> Equity<br>| Vanguard<sup>®</sup> VIF International<br> *Adviser:* Baillie Gifford Overseas Ltd; <br> Schroder Investment Management North <br> America Inc.<br>| 0.32% | 0.45% | 19.97% | 0.62% | 10.48% |
| Mid Cap Blend | Vanguard<sup>®</sup> VIF Mid-Cap Index<br> *Adviser:* The Vanguard Group, Inc.<br>| 0.17% | 0.45% | 11.54% | 8.46% | 10.77% |
| Asset <br> Allocation/<br> Lifestyle<br>| Vanguard<sup>®</sup> VIF Moderate Allocation<br> *Adviser:* The Vanguard Group, Inc.<br>| 0.12% | 0.45% | 16.19% | 6.51% | 8.14% |
| Specialty-Sector | Vanguard<sup>®</sup> VIF Real Estate Index<br> *Adviser:* The Vanguard Group, Inc.<br>| 0.26% | 0.45% | 3.11% | 4.51% | 5.08% |
| Short Term <br> Bond<br>| Vanguard<sup>®</sup> VIF Short Term Investment <br> Grade<br> *Adviser:* The Vanguard Group, Inc.<br>| 0.14% | 0.45% | 6.85% | 2.23% | 2.81% |
| Small Cap <br> Growth<br>| Vanguard<sup>®</sup> VIF Small Company Growth<sup>2</sup> <br>*Adviser:* ArrowMark Colorado Holdings, <br> LLC<br>| 0.29% | 0.45% | 6.11% | 3.81% | 9.61% |
| Intermediate <br> Term Bond<br>| Vanguard<sup>®</sup> VIF Total Bond Market Index<br> *Adviser:* The Vanguard Group, Inc.<br>| 0.14% | 0.45% | 6.94% | -0.51% | 1.90%  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Platform** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** |
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Platform** | **1 Year** | **5 Year** | **10 Year** |
| International <br> Equity<br>| Vanguard<sup>®</sup> VIF Total International Stock <br> Market Index<br> *Adviser:* The Vanguard Group, Inc.<br>| 0.09% | 0.45% | 32.04% | 7.88% | N/A |
| Large Cap <br> Blend<br>| Vanguard<sup>®</sup> VIF Total Stock Market Index<br> *Adviser:* The Vanguard Group, Inc.<br>| 0.13% | 0.45% | 16.93% | 12.98% | 14.10% |
| Intermediate <br> Term Bond<br>| Victory Pioneer Bond VCT – Class II<br> *Adviser:* Victory Capital Management Inc.<br>| 1.17% | N/A | 8.88% | 0.51% | 2.59% |
| Large Cap <br> Value<br>| Victory Pioneer Equity Income VCT - Class <br> II<br> *Adviser:* Victory Capital Management Inc.<br>| 1.05% | N/A | 11.14% | 8.81% | 9.11% |
| High Yield Bond | Victory Pioneer High Yield VCT - Class II<br> *Adviser:* Victory Capital Management Inc.<br>| 1.36% | N/A | 7.92% | 3.95% | 5.16% |
| Multi-Sector <br> Bond<br>| Victory Pioneer Strategic Income VCT - <br> Class II<br> *Adviser:* Victory Capital Management Inc.<br>| 1.96% | N/A | 10.85% | 1.99% | 3.64% |
| Specialty-Sector | Virtus Duff & Phelps Real Estate Securities <br> Series – Class A<br> *Adviser:* Virtus Investment Advisers, LLC<br> *Sub-Adviser:* Duff & Phelps Investment <br> Management Co.<br>| 1.19% | N/A | 0.72% | 6.06% | 5.95% |
| Small Cap <br> Growth<br>| Virtus KAR Small-Cap Growth Series – <br> Class A<br> *Adviser:* Virtus Investment Advisers, LLC<br> *Sub-Adviser:* Kayne Anderson Rudnick <br> Investment Management LLC<br>| 1.33% | N/A | -22.62% | -5.76% | 11.33% |
| Multi-Sector <br> Bond<br>| Virtus Newfleet Multi-Sector Intermediate <br> Bond Series – Class A<br> *Adviser:* Virtus Investment Advisers, LLC<br> *Sub-Adviser:* Newfleet Asset Management<br>| 0.98% | N/A | 7.58% | 2.52% | 4.23% |
| International <br> Equity<br>| Virtus SGA International Growth Series – <br> Class A<br> *Adviser:* Virtus Investment Advisers, LLC<br> *Sub-Adviser:* Sustainable Growth Advisers, <br> LP<br>| 1.21% | N/A | 9.26% | 1.42% | 4.10% |
| Balanced/Asset <br> Allocation<br>| Virtus Tactical Allocation Series – Class A<br> *Adviser:* Virtus Investment Advisers, LLC<br> *Sub-Adviser:* Kayne Anderson Rudnick <br> Investment Management, LLC<br>| 1.07% | N/A | 6.79% | 2.09% | 7.77% |
| Mid Cap Growth | Voya MidCap Opportunities Portfolio – <br> Class S2<br> *Adviser:* Voya Investments, LLC<br> *Sub-Adviser:* Voya Investment Management <br> Co. LLC<br>| 1.47% | N/A | 3.49% | 4.14% | 10.53%  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Platform** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** |
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Platform** | **1 Year** | **5 Year** | **10 Year** |
| Specialty-Sector | VY<sup>®</sup> CBRE Global Real Estate Portfolio – <br> Class S2<br> *Adviser:* Voya Investments, LLC<br> *Sub-Adviser:* CBRE Investment <br> Management Listed Real Assets, LLC<br>| 1.52% | N/A | 6.35% | 3.60% | 3.57% |
| Specialty-Sector | VY<sup>®</sup> Columbia Real Estate Portfolio – Class <br> S2<br> *Adviser:* Voya Investments, LLC<br> *Sub-Adviser:* Columbia Management <br> Investment Advisers, LLC<br>| 1.40% | N/A | -0.10% | 5.51% | 4.64% |
| High Yield Bond | Western Asset Variable Global High Yield <br> Bond – Class II<br> *Adviser:* Franklin Templeton Fund Adviser, <br> LLC<br> *Sub-Adviser:* Western Asset Management <br> Company, LLC; Western Asset <br> Management Company Limited (London); <br> Western Asset Management Company Pte. <br> Ltd. (Singapore)<br>| 1.06% | N/A | 9.95% | 2.34% | 5.09% |
| 1<br> Certain Investment Portfolios and their investment advisers have entered into temporary expense reimbursement and/or fee waivers. Please <br> see the Investment Portfolios' prospectuses for additional information regarding these arrangements | 1<br> Certain Investment Portfolios and their investment advisers have entered into temporary expense reimbursement and/or fee waivers. Please <br> see the Investment Portfolios' prospectuses for additional information regarding these arrangements | 1<br> Certain Investment Portfolios and their investment advisers have entered into temporary expense reimbursement and/or fee waivers. Please <br> see the Investment Portfolios' prospectuses for additional information regarding these arrangements | 1<br> Certain Investment Portfolios and their investment advisers have entered into temporary expense reimbursement and/or fee waivers. Please <br> see the Investment Portfolios' prospectuses for additional information regarding these arrangements | 1<br> Certain Investment Portfolios and their investment advisers have entered into temporary expense reimbursement and/or fee waivers. Please <br> see the Investment Portfolios' prospectuses for additional information regarding these arrangements | 1<br> Certain Investment Portfolios and their investment advisers have entered into temporary expense reimbursement and/or fee waivers. Please <br> see the Investment Portfolios' prospectuses for additional information regarding these arrangements | 1<br> Certain Investment Portfolios and their investment advisers have entered into temporary expense reimbursement and/or fee waivers. Please <br> see the Investment Portfolios' prospectuses for additional information regarding these arrangements |
| 2<br> This fund is no longer available for new transfers. | 2<br> This fund is no longer available for new transfers. | 2<br> This fund is no longer available for new transfers. | 2<br> This fund is no longer available for new transfers. | 2<br> This fund is no longer available for new transfers. | 2<br> This fund is no longer available for new transfers. | 2<br> This fund is no longer available for new transfers. |

---

**Optional Rider Investment Restrictions**

------

The optional rider is not subject to investment restrictions.

------

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

This page left intentionally blank

------

The Statement of Additional Information (SAI) contains additional information about the Contract, us, and the Separate Account, including financial statements. The SAI is dated the same date as this Prospectus and the SAI is incorporated by reference into this Prospectus. You may request a free copy of the SAI or submit inquiries about the Contract by writing the Company at its Administrative Office, P.O. Box 750497, Topeka, KS 66675-0497, by calling 1-800-888-2461 or by visiting us online at https://vpx.broadridge.com/GetContract1.asp?doctype=pros&cid=sblife&fid=814121158.

You may also obtain reports and other information about the Separate Account on the SEC's website at www.sec.gov, and copies of this information may be obtained, upon payment of a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov.

EDGAR Contract Identifier C000126289

------

![](g285172cover_1.jpg)

**Prospectus** 

May 1, 2026

ELITEDESIGNS<sup>®</sup> VARIABLE ANNUITY

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Important Privacy <br> Notice Included<br>

Variable annuity contracts issued by

Security Benefit Life Insurance Company

and offered by Security Distributors, LLC

32-69152-00 2026/05/01

**6915**

------

**ELITEDESIGNS**<sup>®</sup> **VARIABLE ANNUITY** 

**(for Contracts issued before April 18, 2011)** 

**Individual Flexible Purchase Payment Deferred Variable Annuity Contract** 

**SBL Variable Annuity Account XIV**

---

| | |
|:---|:---|
| **Issued By:** | **Mailing Address:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Benefit Life Insurance Company** <br> **One Security Benefit Place**<br> **Topeka, Kansas 66636-0001**<br> **1-800-888-2461**<br> **www.securitybenefit.com**<br>| **Security Benefit Life Insurance Company**<br> **P.O. Box 750497**<br> **Topeka, Kansas 66675-0497**<br>|

---

------

This Prospectus describes the EliteDesigns Variable Annuity—an Individual Flexible Purchase Payment Deferred Variable Annuity Contract (the "Contract") offered by Security Benefit Life Insurance Company (the "Company"). The Contract is available for individuals as a non-tax qualified contract. The Contract is also available for individuals in connection with a retirement plan qualified under Section 402A, 403(b), 408 or 408A of the Internal Revenue Code. The Contract may be available through third-party financial intermediaries who charge an advisory fee for their services. This fee is in addition to Contract fees and expenses. If you elect to pay the advisory fee from your Contract Value, then this deduction will reduce death benefits and other guaranteed benefits, perhaps significantly, and may be subject to federal and state income taxes and a 10% federal penalty tax. The Contract is designed to give you flexibility in planning for retirement and other financial goals. This Prospectus is used with both prospective purchasers and current Owners.

The Contract is a complex investment and involves risks, including potential loss of principal. The Contract is not a short-term investment and is not appropriate for an investor who needs ready access to cash. Withdrawals could result in surrender charges, taxes, and tax penalties.

You may allocate your Purchase Payments and Contract Value to one or more of the Subaccounts that comprise a separate account of the Company, called SBL Variable Annuity Account XIV (the "Separate Account"). Each Subaccount invests in a corresponding mutual fund (each, an "Underlying Fund"). More information about the Underlying Funds currently available under the Contract is available in Appendix A to this Prospectus (entitled "Investment Options Available Under the Contract").

This Prospectus sets forth information about the Contract and the Separate Account that you should know before purchasing the Contract. Our obligations under the Contract are subject to our financial strength and claims-paying ability. This Prospectus should be kept for future reference. **Additional information about certain investment products, including variable annuities, has been prepared by the Securities and Exchange Commission's staff and is available at Investor.gov.** 

**If you are a new investor in the Contract, you may cancel your Contract within 10 days of receiving it without paying fees or penalties. In some states, this cancellation period may be longer. Upon cancellation, you will receive either a full refund of the amount you paid with your application or your total Contract Value. Neither the refund nor the Contract Value will include any Credit Enhancements, if applicable. You should review this Prospectus, or consult with your investment professional, for additional information about the specific cancellation terms that apply.**

---

| |
|:---|
| **The Securities and Exchange Commission ("SEC") has not approved or disapproved these securities or** <br> **determined if this Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.**<br>|
| **Expenses for this Contract, if purchased with the Extra Credit Rider, may be higher than expenses for a** <br> **contract without the Extra Credit Rider. The amount of Credit Enhancement may be more than offset by** <br> **additional fees and charges. All or a portion of your Credit Enhancement may be recaptured upon** <br> **cancellation of your Contract under the free look provision, surrender, withdrawal, or death.**<br>|
| **The Contract is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance** <br> **Corporation or any other government agency. The value of your Contract can go up and down and you could** <br> **lose money.**<br>|
| **Date: May 1, 2026** |

---

6915

Protected by U.S. Patent No. 7,251,623 B1.

32-69152-00 2026/05/01

------

**Table of Contents**

------

---

| | |
|:---|:---|
|  | Page |
| **Definitions** | **4** |
| **[Overview of the Contract](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_2)** | **5** |
| [Purpose of the Contract](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_2) | 5 |
| [Phases of the Contract](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_2) | 5 |
| [Contract Features](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_3) | 6 |
| [Additional Services](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_3) | 6 |
| **[Important Information You Should](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_3)**<br> **[Consider About the Contract](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_3)**<br>| **6** |
| **[Fee Table](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_6)** | **9** |
| [Transaction Expenses](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_6) | 9 |
| [Annual Contract Expenses](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_7) | 10 |
| [Annual Underlying Fund Expenses](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_7) | 10 |
| [Examples](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_7) | 10 |
| **[Principal Risks of Investing in the](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_8)**<br> **[Contract](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_8)**<br>| **11** |
| [Risk of Investment Loss](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_8) | 11 |
| [Short-Term Investment Risk/Withdrawal Risk](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_8) | 11 |
| [Subaccount Risk](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_8) | 11 |
| [Managed Volatility Fund Risk](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_8) | 11 |
| [Purchase Payment Risk](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_9) | 12 |
| [Financial Strength and Claims-Paying Ability](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_9)<br> [Risk](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_9)<br>| 12 |
| [Business Disruption and Cybersecurity Risk](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_9) | 12 |
| [Credit Enhancement Risk](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_9) | 12 |
| [Tax Consequences Risk](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_9) | 12 |
| [Advisory Fee Deduction Risk](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_9) | 12 |
| [Contract Changes Risk](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_9) | 12 |
| **[Information About the Company, the](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_9)**<br> **[Separate Account, and the](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_9)**<br> **[Underlying Funds](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_9)**<br>| **12** |
| [Security Benefit Life Insurance Company](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_9) | 12 |
| [Published Ratings](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_10) | 13 |
| [Separate Account](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_10) | 13 |
| [Underlying Funds](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_10) | 13 |
| [Services and Administration](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_12) | 15 |
| **[Charges and Deductions](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_12)** | **15** |
| <u>[Transaction Expenses](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_13)</u> | 16 |
| [Contingent Deferred Sales Charge](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_13) | 16 |
| [Premium Tax Charge](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_14) | 17 |
| [Deduction of Advisory Fees](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_14) | 17 |
| <u>[Annual Contract Expenses](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_15)</u> | 18 |
| [Mortality and Expense Risk Charge](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_15) | 18 |
| [Administration Charge](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_16) | 19 |
| [Other Charges](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_16) | 19 |

---

---

| | |
|:---|:---|
|  | Page |
| [Variations in Charges](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_16) | 19 |
| [Optional Rider Charges](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_16) | 19 |
| [Underlying Fund Expenses](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_17) | 20 |
| [Payment of Compensation](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_17) | 20 |
| **[The Contract](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_17)** | **20** |
| [General](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_17) | 20 |
| [Important Information About Your Benefits](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_17)<br> [Under the Contract](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_17)<br>| 20 |
| [Application for a Contract](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_18) | 21 |
| [Purchase Payments](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_18) | 21 |
| [Allocation of Purchase Payments](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_19) | 22 |
| [Dollar Cost Averaging Option](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_20) | 23 |
| [Asset Reallocation Option](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_21) | 24 |
| [Transfers of Contract Value](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_21) | 24 |
| [Contract Value](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_27) | 30 |
| [Determination of Contract Value](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_27) | 30 |
| [Cut-Off Times](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_28) | 31 |
| [Full and Partial Withdrawals](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_28) | 31 |
| [Withdrawals to Pay Advisory Fees](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_29) | 32 |
| [Systematic Withdrawals](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_30) | 33 |
| [Free-Look Right](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_30) | 33 |
| [Death Benefit](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_31) | 34 |
| [Distribution Requirements](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_32) | 35 |
| [Death of the Annuitant](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_33) | 36 |
| **[Benefits Under the Contract](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_33)** | **36** |
| [Optional Riders](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_35) | 38 |
| [Return of Premium Death Benefit](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_35) | 38 |
| [Extra Credit](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_36) | 39 |
| **[Annuity Period](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_38)** | **41** |
| [General](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_38) | 41 |
| [Annuity Options](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_39) | 42 |
| [Selection of an Option](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_41) | 44 |
| **[More About the Contract](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_41)** | **44** |
| [Ownership](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_41) | 44 |
| [Designation and Change of Beneficiary](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_41) | 44 |
| [Dividends](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_42) | 45 |
| [Payments from the Separate Account](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_42) | 45 |
| [Proof of Age and Survival](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_42) | 45 |
| [Misstatements](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_42) | 45 |
| [Business Disruption and Cybersecurity Risks](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_42) | 45 |
| [Restrictions on Withdrawals from Qualified](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_43)<br> [Plans](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_43)<br>| 46 |
| [Restrictions under the Texas Optional](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_44)<br> [Retirement Program](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_44)<br>| 47 |
| **[Federal Tax Matters](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_44)** | **47** |

---

------

---

| | |
|:---|:---|
|  | Page |
| [Introduction](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_44) | 47 |
| [Tax Status of the Company and the Separate](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_44)<br> [Account](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_44)<br>| 47 |
| [Income Taxation of Annuities in](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_45)<br> [General](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_45)[—](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_45)[Non-Qualified Contracts](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_45)<br>| 48 |
| [Additional Considerations](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_46) | 49 |
| [Qualified Plans](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_47) | 50 |
| [Other Tax Considerations](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_51) | 54 |
| **[Other Information](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_52)** | **55** |
| [Voting of Underlying Fund Shares](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_52) | 55 |
| [Changes to Investments](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_52) | 55 |
| [Changes to Comply with Law and](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_53)<br> [Amendments](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_53)<br>| 56 |
| [Reports to Owners](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_53) | 56 |
| [Electronic Privileges](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_53) | 56 |
| [State Variations](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_53) | 56 |

---

---

| | |
|:---|:---|
|  | Page |
| [Legal Proceedings](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_53) | 56 |
| [Legal Matters](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_54) | 57 |
| [Sale of the Contract](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_54) | 57 |
| **[Additional Information](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_55)** | **58** |
| [Registration Statement](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_55) | 58 |
| [Financial Statements](#xx_3cfb5727-b448-4554-87d8-d8e31c62b192_55) | 58 |
| **[Appendix A](#xx_c3a8a0af-53a2-4ab0-b83b-3bde71229623_1)[–](#xx_c3a8a0af-53a2-4ab0-b83b-3bde71229623_1)** [Investment Options Available](#xx_c3a8a0af-53a2-4ab0-b83b-3bde71229623_1)<br> [Under the Contract and Optional Rider](#xx_c3a8a0af-53a2-4ab0-b83b-3bde71229623_1)<br> [Investment Restrictions](#xx_c3a8a0af-53a2-4ab0-b83b-3bde71229623_1)<br>| A-1 |
| [Underlying Funds](#xx_c3a8a0af-53a2-4ab0-b83b-3bde71229623_1) | A-1 |
| **[Appendix B](#xx_3b006ee1-e9ad-4ba8-91c3-8fbceed505d2_1)[–](#xx_3b006ee1-e9ad-4ba8-91c3-8fbceed505d2_1)** [Rider Available for Purchase](#xx_3b006ee1-e9ad-4ba8-91c3-8fbceed505d2_1)<br> [Only Prior to](#xx_3b006ee1-e9ad-4ba8-91c3-8fbceed505d2_1)[February 1, 2010](#xx_3b006ee1-e9ad-4ba8-91c3-8fbceed505d2_1)<br>| B-1 |

---

------

**Definitions**

------

Various terms commonly used in this Prospectus are defined as follows:

**Accumulation Unit —** A unit of measure used to calculate Contract Value.

**Administrative Office —** Security Benefit Life Insurance Company, P.O. Box 750497, Topeka, Kansas 66675-0497.

**Annuitant —** The person that you designate on whose life annuity payments may be determined. If you designate Joint Annuitants, "Annuitant" means both Annuitants unless otherwise stated.

**Annuity ("annuity") —** A series of periodic income payments made by the Company to an Annuitant, Joint Annuitant, or Designated Beneficiary during the period specified in the Annuity Options.

**Annuity Options —** Options under the Contract that prescribe the provisions under which a series of annuity payments are made.

**Annuity Period —** The period beginning on the Annuity Start Date during which annuity payments are made.

**Annuity Start Date —** The date when annuity payments begin.

**Annuity Unit —** A unit of measure used to calculate variable annuity payments under Annuity Options 1 through 4, 7 and 8.

**Automatic Investment Program —** A program pursuant to which Purchase Payments are automatically paid from your bank account on a specified day of each month or a salary reduction agreement.

**Company —** Security Benefit Life Insurance Company. The Company is also identified herein as "we," "our," or "us."

**Contract —** The flexible purchase payment deferred variable annuity contract described in this Prospectus.

**Contract Date —** The date the Contract begins as shown in your Contract. Contract anniversaries are measured from the Contract Date. The Contract Date is usually the date that the initial Purchase Payment is credited to the Contract.

**Contract Value —** The total value of your Contract as of any Valuation Date.

**Contract Year —** Each twelve-month period measured from the Contract Date.

**Credit Enhancement —** An amount added to Contract Value under the Extra Credit Rider.

**Designated Beneficiary —** The person having the right to the death benefit, if any, payable upon the death of the Owner or Joint Owner prior to the Annuity Start Date.

**General Account —** All assets of the Company other than those allocated to the Separate Account or to any other separate account of the Company.

**Internal Revenue Code or the Code —** The Internal Revenue Code of 1986, as amended.

**Investment Options —** The Subaccounts .

**Owner —** The person entitled to the ownership rights under the Contract and in whose name the Contract is issued.

**Participant —** A Participant under a Qualified Plan.

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**Purchase Payment —** An amount initially paid to the Company as consideration for the Contract and any subsequent amounts paid to the Company under the Contract.

**Separate Account —** SBL Variable Annuity Account XIV, a separate account of the Company that consists of accounts, referred to as Subaccounts, each of which invests in a corresponding Underlying Fund.

**Subaccount —** A division of the Separate Account which invests in a corresponding Underlying Fund.

**Underlying Fund —** A mutual fund or series thereof that serves as an investment vehicle for its corresponding Subaccount.

**Valuation Date —** Each date on which the Separate Account is valued, which currently includes each day that the New York Stock Exchange is open for trading. Each Valuation Date closes at the end of regular trading on the New York Stock Exchange (normally, 3:00 p.m. Central time). The New York Stock Exchange is scheduled to be closed on weekends and on the following holidays: New Year's Day, Martin Luther King, Jr. Day, Washington's Birthday, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas Day.

**Valuation Period —** A period used in measuring the investment experience of each Subaccount of the Separate Account. The Valuation Period begins at the close of one Valuation Date and ends at the close of the next Valuation Date.

**Withdrawal Value —** The amount you will receive upon full withdrawal of the Contract. It is equal to Contract Value less any applicable withdrawal charges and any uncollected premium taxes. If the Extra Credit Rider is in effect, Contract Value will also be reduced by any Credit Enhancements that have not yet vested. The Withdrawal Value during the Annuity Period for variable annuity payments (or a combination of variable and fixed annuity payments) under Annuity Option 7 is the present value of future annuity payments commuted at the assumed interest rate, less any applicable withdrawal charges and any uncollected premium taxes.

**Overview of the Contract**

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**Purpose of the Contract —** The Contract is a variable annuity contract. It is designed for retirement planning purposes. You make investments in the Contract's investment options during the accumulation phase. The value of your investments is used to calculate your benefits under the Contract. At the end of the accumulation phase, we use that accumulated value to calculate the payments that we make during the annuity phase. These payments can provide or supplement your retirement income. Generally speaking, the longer your accumulation phase, the greater your accumulated value may be for setting your benefits and annuity payouts. The Contract also includes a death benefit to help financially protect your Designated Beneficiary.

This Contract may be appropriate for you if you have a long investment time horizon. If you select the 5-Year withdrawal charge schedule, each Purchase Payment is subject to a withdrawal charge for five years from the date of that Purchase Payment. This means that a Purchase Payment made in year six of the Contract will be subject to a withdrawal charge until year 11 of the Contract. This Contract is not intended for people who may need to make early or frequent withdrawals or who intend to engage in frequent trading in the Subaccounts that are available under the Contract. Because of the withdrawal charge (if the 5-Year withdrawal schedule is selected) and the possibility of income tax and tax penalties on early withdrawals, the Contract should not be viewed as an investment vehicle offering low cost liquidity. Your financial goal in acquiring the Contract should focus on a long-term insurance product, offering the prospect of investment growth.

**Phases of the Contract —** The contract has two phases: (1) an accumulation phase (for savings) and (2) an annuity (payout) phase (for income).

**Accumulation Phase.** During the accumulation phase, earnings accumulate on a tax-deferred basis and are taxed as income when you make a withdrawal. To accumulate value during the accumulation phase, you invest your Purchase Payments and earnings in the Subaccounts that are available under the Contract, which, in turn, invest in Underlying Funds with different investment strategies, objectives, and risk/reward profiles. You may allocate all or part of your Purchase Payments and Contract Value to the Subaccounts. Amounts that you allocate to a Subaccount will increase or decrease in dollar value depending in part on the investment performance of the Underlying Fund in which such Subaccount invests.

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**Additional information about the Underlying Funds available under the Contract is provided in Appendix A: Investment Options Available Under the Contract.**

**Annuity (Payout) Phase.** The Annuity phase occurs after the Annuity Start Date and is when you or a designated payee begin receiving regular Annuity payments from your Contract. The Contract provides several Annuity Options. You should carefully review the Annuity Options with your financial or tax adviser. We may make other Annuity Options available upon request. We may also discontinue the availability of one or more of these options at any time.

Please note that if you annuitize, your investments will be converted to income payments and you generally will no longer be able to withdraw money at will from your Contract. However, under Annuity Options 5, 6 and 7 (and only if the Owner has elected variable annuity payments under Annuity Option 7), withdrawals (other than systematic withdrawals or withdrawals to pay investment advisory fees) are permitted after the Annuity Start Date. In general, optional benefits (e.g., Return of Premium Death Benefit) terminate upon annuitization if you elect one of Annuity Options 1 through 4, 7, or 8. If you elect Annuity Option 5 or 6, the optional benefit will continue after the Annuity Start Date if you purchase the Return of Premium Death Benefit Rider, and the Company will continue to deduct optional benefit charges after the Annuity Start Date.

**Contract Features —**

**Accessing Your Money.** Before your Contract is annuitized, you can withdraw money from your Contract at any time. If you take a withdrawal, you may have to pay income taxes, including a tax penalty, if you are younger than age 59½.

**Tax Treatment.** You can transfer money between investment options without tax implications, and earnings (if any) on your investments are generally tax-deferred. You are taxed only upon: (1) making a withdrawal; (2) surrender of the Contract; (3) receiving a payment from us; or (4) payment of a death benefit.

**Return of Premium Death Benefit.** For an additional cost, under this rider, we will pay an enhanced death benefit upon the death of the Owner or any Joint Owner prior to the Annuity Start Date.

**6% Dollar for Dollar Guaranteed Minimum Income Benefit (this rider is no longer available).** For an additional charge, and pursuant to certain conditions, we offered you the ability to receive guaranteed minimum fixed annuity payments when you annuitize, regardless of the performance of your investment allocations.

**Extra Credit Rider.** For an additional cost during the first seven Contract Years, the Company adds to your Contract Value an amount known as a Credit Enhancement, which is based on 3% of any Purchase Payments you make during the first Contract Year.

**Advisory Fees.** Deductions from your Contract Value to pay third-party advisory fees are treated as withdrawals under the Contract, but no surrender charge (if applicable) is assessed on such withdrawals, and the deduction of advisory fees will not count toward the annual free withdrawal amount. If you elect to pay advisory fees from your Contract Value, then the deduction will reduce the death benefits and other guaranteed benefits, perhaps significantly, and may be subject to federal and state income taxes and a 10% federal penalty tax.

**Additional Services —** We offer several additional services:

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

**Dollar Cost Averaging.** You direct us to systematically transfer Contract Value among the Subaccounts on a monthly, quarterly, semiannual, or annual basis.

**Asset Reallocation Option.** You direct us to automatically reallocate your Contract Value to return to your original percentage investment allocations on a periodic basis.

**Automatic Investment Program.** Purchase Payments are automatically paid from your bank account on a specified day each month or pursuant to a salary reduction agreement.

**Systematic Withdrawals.** You receive regular automatic withdrawals from your Contract, on a monthly, quarterly, annual or semi-annual basis, provided that each payment must amount to at least $100 (unless we consent otherwise).

**Important Information You Should Consider About the Contract**

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| | | |
|:---|:---|:---|
|  | **FEES, EXPENSES AND ADJUSTMENTS** | **Location in Prospectus** |
| **Are There** <br> **Charges or** <br> **Adjustments for** <br> **Early**<br>| **Yes.** At the time of purchase of the Contract, you may select a 0-Year or <br> 5-Year withdrawal charge schedule. The Company may assess a withdrawal <br> charge on a full or partial withdrawal, including systematic withdrawals, <br> depending on the schedule that you select. If you select the 5-year schedule, | **Fee Table**<br> **Fee Table – Examples**<br> **Charges and Deductions** <br>|

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**FEES, EXPENSES AND ADJUSTMENTS** **Location in Prospectus** 

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**RISKS** **Location in Prospectus** 

**RESTRICTIONS** **Location in Prospectus** 

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**TAXES** **Location in Prospectus** 

**CONFLICTS OF INTEREST** **Location in Prospectus** 

**Fee Table**

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**The following tables describe the fees and expenses that you will pay when buying, owning, surrendering, or making withdrawals from an Investment Option or from the Contract. Please refer to your Contract specifications page for information about the specific fees you will pay each year based on the options you have elected.** 

**The first table describes the fees and expenses that you will pay at the time that you buy the Contract, surrender or make withdrawals from an Investment Option or from the Contract, or transfer Contract Value between Investment Options. State premium taxes may also be deducted. The fees and expenses do not reflect any advisory fees paid to financial intermediaries from your Contract Value or other assets. If such charges were reflected, the fees and expenses would be higher.**

**Transaction Expenses**

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| | |
|:---|:---|
|  | **Charge** |
| Sales Load on Purchase Payments |  |
| Surrender Charge (as a percentage of amount withdrawn attributable to Purchase Payments)<sup>1</sup> <br>| 5% |
| Transfer Processing Fee (per transfer) |  |
| 1 We also refer to this charge as a contingent deferred sales charge, withdrawal charge, and sales charge. You must select a 0-year or 5-year <br> withdrawal charge schedule at the time you purchase the Contract. If you purchase the Contract with the 5-year schedule, the amount of the <br> charge is determined by reference to how long your Purchase Payments have been held under the Contract. Free withdrawals are available <br> equal to (1) 10% of Purchase Payments, excluding any Credit Enhancements, made in the first Contract Year, and (2) 10% of Contract Value <br> as of the first Valuation Date of the Contract Year in each subsequent Contract Year. If you select the 0-year schedule, the Company will not <br> assess a withdrawal charge. See "Full and Partial Withdrawals" and "Contingent Deferred Sales Charge" for more information. | 1 We also refer to this charge as a contingent deferred sales charge, withdrawal charge, and sales charge. You must select a 0-year or 5-year <br> withdrawal charge schedule at the time you purchase the Contract. If you purchase the Contract with the 5-year schedule, the amount of the <br> charge is determined by reference to how long your Purchase Payments have been held under the Contract. Free withdrawals are available <br> equal to (1) 10% of Purchase Payments, excluding any Credit Enhancements, made in the first Contract Year, and (2) 10% of Contract Value <br> as of the first Valuation Date of the Contract Year in each subsequent Contract Year. If you select the 0-year schedule, the Company will not <br> assess a withdrawal charge. See "Full and Partial Withdrawals" and "Contingent Deferred Sales Charge" for more information. |

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**The next table describes the fees and expenses that you will pay *each year* during the time that you own the Contract (not including Underlying Fund fees and expenses). If you choose to purchase an optional rider, you will pay additional charges, as shown below.**

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**Annual Contract Expenses**

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| | | |
|:---|:---|:---|
|  | **Charge** | **Charge** |
| Administrative Expenses |  |  |
| Base Contract Expenses<sup>1</sup> (as a percentage of average Contract Value) | **Maximum**<br> **(0-Year)**<br>| **Maximum**<br> **(5-Year)**<br>|
| Base Contract Expenses<sup>1</sup> (as a percentage of average Contract Value) | 0.45% | 0.25% |
| **Riders Currently Available for Purchase with the Contract**<sup>2</sup> | **Riders Currently Available for Purchase with the Contract**<sup>2</sup> | **Riders Currently Available for Purchase with the Contract**<sup>2</sup> |
| Return of Premium Death Benefit\* | 0.10% | 0.10% |
| 3% Extra Credit Rider<sup>3</sup> <br>| 0.40% | 0.40% |
| **Riders Available for Purchase ONLY Prior to February 1, 2010** | **Riders Available for Purchase ONLY Prior to February 1, 2010** | **Riders Available for Purchase ONLY Prior to February 1, 2010** |
| 6% Dollar for Dollar Guaranteed Minimum Income Benefit | 0.75% | 0.75% |
| \*<br> Charges for this rider will continue after the Annuity Start Date if you select Annuity Option 5 or 6.<br> 1<br> This charge is comprised of both an annual mortality and expense risk charge and an annual administration charge. The administration <br> charge is equal to an annual rate of 0.25% and is deducted daily. We reserve the right to apply a higher administration charge to <br> Subaccounts we add in the future. If you purchase the Contract with the 0-Year withdrawal charge schedule, the mortality and expense risk <br> charge is equal to an annual rate of 0.20% and is deducted daily. The mortality and expense risk charge is reduced to 0.00% for Contract <br> Values of $500,000 or more. Any mortality and expense risk charge above the minimum charge of 0.00% is deducted from your Contract <br> Value on a monthly basis. If you purchase the Contract with the 5-Year withdrawal charge schedule, there is no mortality and expense risk <br> charge. During the Annuity Period, the mortality and expense risk charge is 0.30%, regardless of the withdrawal charge schedule selected. <br> Thus, during the Annuity Period the Base Contract Expenses are 0.55% in lieu of the amounts described above. See the discussion under <br> Base Contract Expenses – "Mortality and Expense Risk Charge" and Base Contract Expenses – "Administration Charge" later in this <br> Prospectus.<br>2<br> If you purchase any optional riders, the charge will be calculated as a percentage of Contract Value and deducted from your Contract Value.<br> 3<br> The Company will deduct the charge for this rider during the seven-year period beginning on the Contract Date. | \*<br> Charges for this rider will continue after the Annuity Start Date if you select Annuity Option 5 or 6.<br> 1<br> This charge is comprised of both an annual mortality and expense risk charge and an annual administration charge. The administration <br> charge is equal to an annual rate of 0.25% and is deducted daily. We reserve the right to apply a higher administration charge to <br> Subaccounts we add in the future. If you purchase the Contract with the 0-Year withdrawal charge schedule, the mortality and expense risk <br> charge is equal to an annual rate of 0.20% and is deducted daily. The mortality and expense risk charge is reduced to 0.00% for Contract <br> Values of $500,000 or more. Any mortality and expense risk charge above the minimum charge of 0.00% is deducted from your Contract <br> Value on a monthly basis. If you purchase the Contract with the 5-Year withdrawal charge schedule, there is no mortality and expense risk <br> charge. During the Annuity Period, the mortality and expense risk charge is 0.30%, regardless of the withdrawal charge schedule selected. <br> Thus, during the Annuity Period the Base Contract Expenses are 0.55% in lieu of the amounts described above. See the discussion under <br> Base Contract Expenses – "Mortality and Expense Risk Charge" and Base Contract Expenses – "Administration Charge" later in this <br> Prospectus.<br>2<br> If you purchase any optional riders, the charge will be calculated as a percentage of Contract Value and deducted from your Contract Value.<br> 3<br> The Company will deduct the charge for this rider during the seven-year period beginning on the Contract Date. | \*<br> Charges for this rider will continue after the Annuity Start Date if you select Annuity Option 5 or 6.<br> 1<br> This charge is comprised of both an annual mortality and expense risk charge and an annual administration charge. The administration <br> charge is equal to an annual rate of 0.25% and is deducted daily. We reserve the right to apply a higher administration charge to <br> Subaccounts we add in the future. If you purchase the Contract with the 0-Year withdrawal charge schedule, the mortality and expense risk <br> charge is equal to an annual rate of 0.20% and is deducted daily. The mortality and expense risk charge is reduced to 0.00% for Contract <br> Values of $500,000 or more. Any mortality and expense risk charge above the minimum charge of 0.00% is deducted from your Contract <br> Value on a monthly basis. If you purchase the Contract with the 5-Year withdrawal charge schedule, there is no mortality and expense risk <br> charge. During the Annuity Period, the mortality and expense risk charge is 0.30%, regardless of the withdrawal charge schedule selected. <br> Thus, during the Annuity Period the Base Contract Expenses are 0.55% in lieu of the amounts described above. See the discussion under <br> Base Contract Expenses – "Mortality and Expense Risk Charge" and Base Contract Expenses – "Administration Charge" later in this <br> Prospectus.<br>2<br> If you purchase any optional riders, the charge will be calculated as a percentage of Contract Value and deducted from your Contract Value.<br> 3<br> The Company will deduct the charge for this rider during the seven-year period beginning on the Contract Date. |

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**The next table below shows the minimum and maximum total operating expenses charged by the Underlying Funds that you may pay periodically during the time that you own the Contract. Expenses shown may change over time and may be higher or lower in the future. A complete list of Underlying Funds available under the Contract, including their annual expenses, may be found in Appendix A to this Prospectus.**

**Annual Underlying Fund Expenses**

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| | | |
|:---|:---|:---|
|  | **Minimum** | **Maximum** |
| Annual Underlying Fund Expenses (expenses deducted from Underlying Fund assets include <br> management fees, distribution (12b-1) fees, service fees and other expenses)<br>| 0.09% | 5.82% |
| Net Annual Underlying Fund Expenses (after contractual waivers/reimbursements)<sup>1</sup> | 0.09% | 5.67% |
| 1<br> Certain of the Underlying Funds have entered into contractual expense waiver or reimbursement arrangements that reduce fund expenses <br> during the period of the arrangement. These arrangements vary in length and are in place at least through April 30, 2027. | 1<br> Certain of the Underlying Funds have entered into contractual expense waiver or reimbursement arrangements that reduce fund expenses <br> during the period of the arrangement. These arrangements vary in length and are in place at least through April 30, 2027. | 1<br> Certain of the Underlying Funds have entered into contractual expense waiver or reimbursement arrangements that reduce fund expenses <br> during the period of the arrangement. These arrangements vary in length and are in place at least through April 30, 2027. |

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**Examples — These Examples are intended to help you compare the cost of investing in the Subaccounts with the cost of investing in other annuity contracts that offer Variable Options. These costs include transaction expenses, Annual Contract Expenses and annual Underlying Fund fees and expenses but do not include state premium taxes, which may be applicable to your Contract. The Examples do not reflect any advisory fees paid to financial intermediaries from your Contract Value or other assets. If such fees were reflected, the costs would be higher.** 

**The Example assumes all Contract value is allocated to the Subaccounts. Your costs could differ from those shown below if you invest in the Fixed Account (if available).** 

**These Examples assume that you invest $100,000 in the Subaccounts for the time periods indicated. The Examples also assume that your investment has a 5% return each year and you elect the most expensive combination of optional benefits available for an additional charge. The first Example assumes the most expensive Annual Underlying Fund Expenses. The second Example assumes the least expensive Annual Underlying Fund Expenses. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Based on the Most Expensive Annual Underlying Fund Expenses** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| ***5-Year CDSC Schedule*** |  |  |  |  |
| If you surrender your Contract at the end of the applicable time period | &nbsp;&nbsp; $11677.09 | &nbsp;&nbsp; $23748.57 | &nbsp;&nbsp; $35344.17 | &nbsp;&nbsp; $65246.30 |
| If you do not surrender; or if you annuitize your Contract at the end of the <br> applicable time period<br>| &nbsp;&nbsp; $7235.09 | &nbsp;&nbsp; $21205.60 | &nbsp;&nbsp; $34535.39 | &nbsp;&nbsp; $65246.30 |
| ***0-Year CDSC Schedule*** |  |  |  |  |
| Whether or not you surrender your Contract at the end of the applicable <br> time period<br>| &nbsp;&nbsp; $7425.25 | &nbsp;&nbsp; $21719.11 | &nbsp;&nbsp; $35301.64 | &nbsp;&nbsp; $66373.87 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Based on the Least Expensive Annual Underlying Fund Expenses** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| ***5-Year CDSC Schedule*** |  |  |  |  |
| If you surrender your Contract at the end of the applicable time period | &nbsp;&nbsp; $6202.36 | &nbsp;&nbsp; $7960.62 | &nbsp;&nbsp; $9656.11 | &nbsp;&nbsp; $18892.23 |
| If you do not surrender; or if you annuitize your Contract at the end of the <br> applicable time period<br>| &nbsp;&nbsp; $1617.11 | &nbsp;&nbsp; $5018.64 | &nbsp;&nbsp; $8656.11 | &nbsp;&nbsp; $18892.23 |
| ***0-Year CDSC Schedule*** |  |  |  |  |
| Whether or not you surrender your Contract at the end of the applicable time <br> period<br>| &nbsp;&nbsp; $1818.73 | &nbsp;&nbsp; $5633.21 | &nbsp;&nbsp; $9696.50 | &nbsp;&nbsp; $21052.47 |

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**Principal Risks of Investing in the Contract**

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**Risk of Investment Loss —** The Contract involves risks, including possible loss of principal. You bear the risk of any decline in the Contract Value resulting from the performance of the Subaccounts you have chosen. Your losses could be significant. This risk could have a significant negative impact on certain benefits and guarantees under the Contract.

This Contract is not a deposit or obligation of, or guaranteed or endorsed by, any bank. This Contract is not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency.

**Short-Term Investment Risk/Withdrawal Risk —** This Contract is not designed for short-term investing and is not appropriate for an investor who needs ready access to cash. If you plan to withdraw money or surrender the Contract for short-term needs, it may not be the right contract for you. A withdrawal charge may be assessed on withdrawals and surrenders, and it could be substantial. If you select the 5-Year withdrawal charge schedule, each Purchase Payment is be subject to a withdrawal charge for five years from the date of that Purchase Payment. This means that a Purchase Payment made in year six of the Contract will be subject to a withdrawal charge until year 11 of the Contract. If you make a withdrawal prior to age 59½, there may be adverse tax consequences, including a 10% IRS penalty tax. A withdrawal could reduce the value of certain optional benefits by an amount greater than the amount withdrawn and could result in termination of the benefit. A total withdrawal (surrender) will result in the termination of your Contract and any benefits. The benefits of tax deferral, long-term income, and living benefit protections mean that this Contract is more beneficial to investors with a long time horizon.

**Subaccount Risk —** Amounts that you invest in the Subaccounts are subject to the risk of poor investment performance. You assume the investment risk. Generally, if the Subaccounts that you select make money, your Contract Value goes up, and if they lose money, your Contract Value goes down. Each Subaccount's performance depends on the performance of its Underlying Fund. Each Underlying Fund has its own investment risks, and you are exposed to the Underlying Fund's investment risks when you invest in a Subaccount. You are responsible for selecting Subaccounts that are appropriate for you based on your own individual circumstances, investment goals, financial situation, and risk tolerance. The investment risks are described in the prospectuses for the Underlying Funds.

**Managed Volatility Fund Risk —** Certain Underlying Funds utilize managed volatility strategies. These risk management techniques help us manage our financial risks associated with the Contract's guaranteed rider benefits, like living and death benefits, because they reduce the incidence of extreme outcomes, including the probability of large gains or losses. However, these strategies can also limit your participation in rising equity markets, which may limit the potential growth of your Contract Value and guaranteed rider benefits and may therefore conflict with your personal investment objectives. In addition, the cost of these hedging strategies may negatively impact performance.

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**Purchase Payment Risk —** Your ability to make subsequent Purchase Payments is subject to restrictions. We reserve the right to refuse any Purchase Payment, to further limit your ability to make subsequent Purchase Payments with advance notice, and to require our prior approval before accepting Purchase Payments. There is no guarantee that you will always be permitted to make Purchase Payments.

**Financial Strength and Claims-Paying Ability Risk —** All guarantees under the Contract that are paid from our General Account (including under any Fixed Account option) are subject to our financial strength and claims-paying ability. If we experience financial distress, we may not be able to meet our obligations to you.

**Business Disruption and Cybersecurity Risk —** Our business is highly dependent upon the effective operation of our computer systems and those of our business partners, so our business is vulnerable to systems failures and cyber-attacks. Systems failures and cyber-attacks may adversely affect us, your Contract, and your Contract Value. In addition to cybersecurity risks, we are exposed to the risk that natural and man-made disasters, pandemics (like COVID-19), catastrophes, geopolitical disputes and military actions may significantly disrupt our business operations and our ability to administer the Contract. There can be no assurance that we or our service providers will be able to successfully avoid negative impacts associated with systems failures, cyber-attacks, or natural and man-made disasters, pandemics and catastrophes. We note that there may be an increased risk of cyberattacks during periods of geopolitical or military conflicts. For more information about these risks, see "More About the Contract – Business Disruption and Cybersecurity Risks."

**Credit Enhancement Risk —** Expenses for a Contract with a Credit Enhancement may be higher than for a Contract without a Credit Enhancement. The amount of the Purchase Payment credit may be more than offset by the fees and charges associated with the credit. In addition, Credit Enhancements are excluded from the calculation of the optional living and death benefits. This means that, unlike Purchase Payments, Credit Enhancements do not increase the value of such benefits.

**Tax Consequences Risk —** Withdrawals are generally taxable (to the extent of any earnings on the Contract), and prior to age 59½ a tax penalty may apply. In addition, even if the Contract is held for years before any withdrawal is made, the withdrawals are taxable as ordinary income rather than capital gains.

**Advisory Fee Deduction Risk —** If you elect to pay third-party advisory fees from your Contract Value, then the deduction will reduce the death benefit and guaranteed rider benefits, perhaps significantly, and may be subject to federal and state income taxes and a 10% federal penalty tax.

**Contract Changes Risk —** From time to time, we make changes to the Contract. We may limit the number of transfers to 14 in a Contract Year. We may restrict your ability to make subsequent Purchase Payments. We may limit the number of loans you may have outstanding at any time. We reserve the right to add, remove or substitute the Underlying Funds available as investment options under the Contract in accordance with applicable law. We may change the investment restrictions under certain optional benefits, and we may stop offering for purchase any currently available optional benefit at any time.

**Information About the Company, the Separate Account, and the Underlying Funds**

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**Security Benefit Life Insurance Company —** Security Benefit Life Insurance Company is a life insurance company organized under the laws of the State of Kansas. It was organized originally as a fraternal benefit society and commenced business February 22, 1892. It became a mutual life insurance company on January 2, 1950 and converted to a stock life insurance company on July 31, 1998. The Company's indirect parent, Eldridge Industries, LLC, owns, operates and invests in businesses across a wide range of sectors and is ultimately controlled by Todd L. Boehly.

The Company offers life insurance policies and annuity contracts, as well as financial and retirement services. It is admitted to do business in the District of Columbia, and in all states except New York. As of the end of 2025, the Company had total assets under management of approximately $49.6 billion. The Company's address is One Security Benefit Place, Topeka, Kansas 66636-0001.

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The Principal Underwriter for the Contracts is Security Distributors, LLC ("SDL"), One Security Benefit Place, Topeka, Kansas 66636-0001. SDL, a wholly-owned subsidiary of the Company, is registered as a broker-dealer with the SEC and is a member of the Financial Industry Regulatory Authority ("FINRA").

We are obligated to pay all amounts promised to you under your Contract. All guarantees under the Contract are subject to our financial strength and claims-paying capabilities. We provide information about our financial strength in reports filed with state insurance departments. You may obtain information about us by contacting us using the information stated on the cover page of this Prospectus, visiting our website at <u>www.securitybenefit.com</u> or visiting the SEC's website at <u>www.sec.gov</u>. You may also obtain reports and other financial information about us by contacting your state insurance department.

**Published Ratings —** The Company may from time to time publish in advertisements, sales literature and reports to Owners, the ratings and other information assigned to it by one or more independent rating organizations such as A.M. Best Company and Standard & Poor's. The purpose of the ratings is to reflect the financial strength and/or claims-paying ability of the Company and should not be considered as bearing on the investment performance of assets held in the Separate Account. Each year A.M. Best Company reviews the financial status of thousands of insurers, culminating in the assignment of Best's Ratings. These ratings reflect their current opinion of the relative financial strength and operating performance of an insurance company in comparison to the norms of the life/health insurance industry. In addition, the claims-paying ability of the Company as measured by Standard & Poor's Insurance Ratings Services may be referred to in advertisements or sales literature or in reports to Owners. These ratings, which are subject to change, are opinions as to an operating insurance company's financial capacity to meet the obligations of its insurance and annuity policies in accordance with their terms. Such ratings do not reflect the investment performance of the Separate Account or the degree of risk associated with an investment in the Separate Account.

**Separate Account —** The Company established the Separate Account under Kansas law on June 26, 2000. The Contract provides that the income, gains, or losses of the Separate Account, whether or not realized, are credited to or charged against the assets of the Separate Account without regard to other income, gains, or losses of the Company. Kansas law provides that assets in the Separate Account attributable to the reserves and other liabilities under a Contract may not be charged with liabilities arising from any other business that the Company conducts if, and to the extent, the Contract so provides. The Contract contains a provision stating that assets held in the Separate Account may not be charged with liabilities arising from other business that the Company conducts. The Company owns the assets in the Separate Account and is required to maintain sufficient assets in the Separate Account to meet all Separate Account obligations under the Contract. Such Separate Account assets are not subject to claims of the Company's creditors.

The Separate Account consists of accounts referred to as Subaccounts. The Contract provides that the income, gains and losses, whether or not realized, are credited to, or charged against, the assets of each Subaccount without regard to the income, gains or losses in the other Subaccounts. Each Subaccount invests exclusively in shares of a corresponding Underlying Fund. Contract value allocated to a Subaccount will vary based on the investment experience of the corresponding Underlying Fund in which the Subaccount invests. There is a risk of loss of the entire amount invested.

The Company may in the future establish additional Subaccounts of the Separate Account, which may invest in other Underlying Funds or in other securities or investment vehicles. See "Changes to Investments."

The Separate Account is registered with the SEC as a unit investment trust under the Investment Company Act of 1940, as amended (the "1940 Act"). Registration with the SEC does not involve supervision by the SEC of the administration or investment practices of the Separate Account or of the Company.

We do not guarantee the investment results of the Separate Account. Accumulated Value allocated to a Subaccount will vary based on the investment experience of the corresponding Investment Option in which the Subaccount invests. You bear the risk of any decline in the Accumulated Value of your Contract resulting from the performance of the Investment Option you have chosen. There is a risk of loss of the entire amount invested.

**Underlying Funds —** Each Underlying Fund is an open-end management investment company or a series thereof and is registered with the SEC under the 1940 Act. Such registration does not involve supervision by the SEC of the investments or investment policies of the Underlying Fund. Each Underlying Fund has its own investment objectives and policies.

As described in more detail in the Underlying Fund prospectuses, certain Underlying Funds employ managed volatility strategies that are intended to reduce the Underlying Fund's overall volatility and downside risk, and those Underlying Funds may help us manage the risks associated with providing certain guaranteed rider benefits under

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the Contract. Investing in Underlying Funds with managed volatility strategies may impact the value of certain guaranteed benefits under the Contract. During rising markets, the hedging strategies employed to manage volatility could result in your Contract Value rising less than would have been the case if you had been invested in an Underlying Fund without a managed volatility strategy. In addition, the cost of these hedging strategies may negatively impact performance. On the other hand, investing in an Underlying Fund with a managed volatility strategy may be helpful in a declining market with higher market volatility because the strategy will often reduce your equity exposure in such circumstances. In such cases, your Contract Value may decline less than would have been the case if you had not invested in an Underlying Fund with a managed volatility strategy.

Certain Underlying Funds invest substantially all of their assets in other funds ("funds of funds"). If you allocate Contract Value to a Subaccount that invests in a fund of funds, you will indirectly bear the fees and expenses of both the top-tier and bottom-tier funds, which will reduce your investment return. In addition, funds of funds may have higher expenses than funds that invest directly in debt or equity securities or other assets.

One of the Underlying Funds is a money market fund. There is no assurance that this Underlying Fund will be able to maintain a stable net asset value per share. In addition, during extended periods of low interest rates, and partly as a result of asset-based separate account charges, the yield on the corresponding Subaccount may become low and possibly negative.

Shares of the Underlying Funds currently are not publicly traded. They are available only as investment options in variable annuity or variable life insurance policies issued by life insurance companies or in some cases, through participation in certain qualified pension or retirement plans. Certain Underlying Funds have similar investment objectives and policies as other mutual funds managed by the same adviser. The investment results of the Underlying Funds, however, may be higher or lower than the results of such other funds. There can be no assurance, and no representation is made, that the investment results of any of the Underlying Funds will be comparable to the investment results of any other fund, even if both the Underlying Fund and the other fund are managed by the same adviser.

Due to the number of the Contract's Underlying Funds, the number of charge-free transfer opportunities between and among the Underlying Funds, and the fact that some Underlying Funds may have essentially the same investment strategy, it cannot be ruled out that the Owner of a Contract might be treated as the owner of a pro rata share of the Underlying Fund to which the Contract Value is allocated and taxed currently on income and gains attributable to the Underlying Funds.

Information regarding each Underlying Fund, including its (i) name, (ii) type or investment objective, (iii) investment adviser and any sub-investment adviser, (iv) current expenses, and (v) performance, is available in an appendix to this Prospectus. See **Appendix A: Underlying Funds Available Under the Contract**. We cannot assure that any Underlying Fund will achieve its objective. Each Underlying Fund has issued a prospectus that contains more detailed information about the Underlying Fund. Read these prospectuses carefully before investing. Paper or electronic copies of the Underlying Fund prospectuses may be obtained by calling us at 1-800-888-2461, e-mailing us at SBLProspectusRequests@securitybenefit.com or visiting <u>https://vpx.broadridge.com/GetContract1.asp?doctype=pros&cid=sblife&fid=814121281</u>.

**Certain Payments the Company and its Affiliates Receive with Regard to the Underlying Funds.** The Company (and its affiliates) receives payments from some of the Underlying Funds, their advisers, sub-advisers, and distributors, or affiliates thereof. The Company negotiates these payments and thus they differ by Underlying Fund (sometimes substantially), and the amounts the Company (or its affiliates) receives can be significant. Where these payments are made, the advisers, sub-advisers, or distributors (or affiliate thereof) of those Underlying Funds have increased access to the Company and its affiliates involved in the distribution of the Contract. Proceeds from these payments can be used by the Company for any corporate purpose, including payment of expenses that the Company and its affiliates incur in promoting, marketing, and administering the Contract and in the Company's role as an intermediary for the Underlying Funds. The Company and its affiliates may profit from these payments.

**<u>12b-1 Fees.</u>** The Company and/or its subsidiary, SDL, the principal underwriter for the Contract, receive 12b-1 fees from certain of the Underlying Funds that are based on a percentage of the average daily net assets of the particular Underlying Fund attributable to the Contract and certain other variable insurance contracts issued or administered by the Company (or its affiliates). 12b-1 fees are paid out of Underlying Fund assets as part of the Underlying Fund's total annual operating expenses. Payments made out of Underlying Fund assets will reduce the amount of assets that would otherwise be available for investment, and will reduce the Underlying Fund's investment returns. Currently, the Company and SDL receive 12b-1 fees ranging from 0.05% to 0.50% of the average net assets of the Contract (and certain other variable insurance contracts issued or administered by the Company (or its affiliates)) invested in Underlying Funds that pay 12b-1 fees.

**<u>Payments from Underlying Fund Service Providers.</u>** The Company (or its affiliates) also receives payments from the investment advisers, sub-advisers, or distributors (or affiliates thereof) of certain of the Underlying Funds.

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These payments may be derived, in whole or in part, from the investment advisory fee deducted from Underlying Fund assets. Owners, through their indirect investment in the Underlying Funds, bear the costs of these investment advisory fees (see the Underlying Funds' prospectuses for more information). These payments usually are based on a percentage of the average daily net assets of the particular Underlying Fund attributable to the Contract and to certain other variable insurance contracts issued or administered by the Company (or its affiliates). Currently, the Company and its affiliates receive payments that range from 0.05% to 0.50% of the average net assets of the Contract (and certain other variable insurance contracts issued or administered by the Company (or its affiliates)) invested in an Underlying Fund. The Company may also receive payments from certain of the investment advisers, sub-advisers, or distributors (or affiliates thereof) of certain of the Underlying Funds that is based on a pre-determined fee and not based on the average net assets of the Contract (or other variable insurance contracts issued or administered by the Company or its affiliates) invested in the Underlying Fund. None of these payments are paid from Underlying Fund assets.

**<u>Other Payments.</u>** In the case of certain of the Underlying Funds, the Underlying Fund's adviser, sub-adviser, distributor, or affiliates provide the Company (or its affiliates) and/or broker-dealers that sell the Contract ("selling firms") with wholesaling services to assist the Company in the distribution of the Contract, pay the Company (or its affiliates) and/or selling firms amounts to participate in their national and regional sales conferences and meetings with their sales desks, and/or provide the Company (or its affiliates) and/or selling firms with occasional gifts, meals, tickets, or other compensation as an incentive for them to market the Underlying Funds when offering or distribution the Contract and to cooperate with their promotional efforts for the Underlying Funds.

For details about the compensation payments the Company makes in connection with the sale of the Contract, see "Sale of the Contract."

**Total Payments.** Currently, the Company and its affiliates, including SDL, receive payments from the Underlying Funds, their advisers, sub-advisers, and distributors, or affiliates thereof in the form of 12b-1 fees and/or other payments described above that range in total from a minimum of 0.25% to a maximum of 0.60% of the average net assets of the Contract (and certain other variable insurance contracts issued or administered by the Company (or its affiliates)) invested in the Underlying Funds. This does not include the arrangements with certain of the investment advisers, sub-advisers, or distributors (or affiliates thereof) of certain of the Underlying Funds in which the payment is not based on the average net assets of the Contract invested in an Underlying Fund.

**Administration Charge.** The Company may charge a higher administration charge for certain Subaccounts that invest in Underlying Funds that do not provide the Company or its affiliates with the amount of revenue it requires in order for the Company to meet its revenue targets. See "Administration Charge."

**Selection of Underlying Funds.** The Company selects the Underlying Funds offered through the Contract based on several criteria, including asset class coverage, the strength of the investment adviser's (or sub-adviser's) reputation and tenure, brand recognition, performance, and the capability and qualification of each investment firm. Another factor the Company considers during the selection process is whether the Underlying Fund, its adviser, its sub-adviser, or an affiliate will make payments to the Company or its affiliates, as described above. These payment arrangements may create an incentive for us to select funds that pay us higher amounts. The Company also considers whether the Underlying Fund's adviser is one of its affiliates, and whether the Underlying Fund, its adviser, sub-adviser, or distributor (or an affiliate) can provide marketing and distribution support for sale of the Contract. The Company reviews each Underlying Fund periodically after it is selected. Upon review, the Company may remove an Underlying Fund or restrict allocation of additional Purchase Payments and/or transfers of Contract Value to an Underlying Fund if it determines the Underlying Fund no longer meets one or more of the criteria and/or if the Underlying Fund has not attracted significant assets. The Company does not recommend or endorse any particular Underlying Fund and does not provide investment advice.

**Services and Administration —** The Company has primary responsibility for all administration of the Contracts and the Separate Account. The Company has entered into an administrative services agreement with SE2, LLC ("SE2"), 5801 SW 6th Avenue, Topeka, Kansas 66636, whereby SE2 provides certain business process outsourcing services with respect to the Contracts. SE2 may engage other service providers to provide certain administrative functions. SE2 is an affiliate of the Company.

**Charges and Deductions**

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Certain charges will be deducted in connection with the Contract, as described below.

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**<u>Transaction Expenses</u>**

**Contingent Deferred Sales Charge —** We also refer to this charge as the surrender charge, sales charge, or withdrawal charge in this Prospectus. The Company does not deduct a sales load from Purchase Payments before crediting them to your Contract Value. However, the Company may assess a contingent deferred sales charge on a full or partial withdrawal, including systematic withdrawals, as described below.

You may select a 0-Year or 5-Year withdrawal charge schedule at the time of purchase of the Contract. Whether we assess a withdrawal charge and a mortality and expense risk charge will depend on the schedule that you select. You may not change the withdrawal charge schedule after the Contract has been issued. Please see the discussion under "Mortality and Expense Risk Charge" below.

The Company will waive the withdrawal charge on withdrawals to the extent that total withdrawals in a Contract Year, including systematic withdrawals, do not exceed the free withdrawal amount. The free withdrawal amount is equal in the first Contract Year to 10% of Purchase Payments, excluding any Credit Enhancements made during the year and for any subsequent Contract Year, to 10% of Contract Value as of the first Valuation Date of that Contract Year.

If you select the 5-year schedule, the withdrawal charge applies to the portion of any withdrawal consisting of Purchase Payments that exceeds the free withdrawal amount. The withdrawal charge does not apply to withdrawals of earnings. Purchase Payments do not include Credit Enhancements for the purpose of calculating the withdrawal charge. Withdrawals are considered to come first from Purchase Payments and then from earnings. Free withdrawal amounts and free advisory fee withdrawals do not reduce Purchase Payments for the purpose of determining future withdrawal charges.

The amount of the charge will depend on how long your Purchase Payments have been held under the Contract. Each Purchase Payment is considered to have a certain "age," depending on the length of time since the Purchase Payment was effective. A Purchase Payment is "age one" in the year beginning on the date the Purchase Payment is applied by the Company and increases in age each year thereafter. The withdrawal charge is calculated according to the following schedule:

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| | | | |
|:---|:---|:---|:---|
| **0-Year Schedule** | **0-Year Schedule** | **5-Year Schedule** | **5-Year Schedule** |
| **Purchase Payment Age (in years)** | **Withdrawal Charge** | **Purchase Payment Age (in years)** | **Withdrawal Charge** |
| 0 and over | 0% | 1 | 5% |
|  |  | 2 | 4% |
|  |  | 3 | 3% |
|  |  | 4 | 2% |
|  |  | 5 | 1% |
|  |  | 6 and over | 0% |

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The Company will deduct any withdrawal charge from the withdrawal payment, unless you request that the charge be deducted from your remaining Contract Value, provided there is sufficient Contract Value available. If the Company deducts the withdrawal charge from your remaining Contract Value, the withdrawal charge is also subject to a withdrawal charge. If the Company deducts the withdrawal charge from your remaining Contract Value, the amount of the withdrawal will be increased by an amount sufficient to pay any withdrawal charges associated with the withdrawal request, plus withdrawal charges associated with the additional amount withdrawn to cover such charges. In no event will the amount of any withdrawal charge, when added to such charge previously assessed against any amount withdrawn from the Contract, exceed 5% of Purchase Payments paid under the Contract if you select the 5-year schedule. If you select the 0-year schedule, the Company will not assess a withdrawal charge. In addition, no withdrawal charge will be imposed upon: (1) payment of death benefit proceeds; (2) annuity payments under options that provide for payments for life, or a period of at least seven years; or (3) withdrawals made to pay the fees of your registered investment adviser. The Company will assess any withdrawal charge against the Subaccounts in the same proportion as the withdrawal proceeds are allocated.

**<u>Example of Withdrawal Charge Deducted from Withdrawal Payment and Deducted from Remaining</u> <u>Contract Value.</u>** Assume:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Owner purchases the Contract with the 5-Year withdrawal charge schedule

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) A withdrawal of $20,000 is requested in Contract Year 2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The remaining free withdrawal amount in Contract Year 2 is $10,000

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If the Owner requests that the withdrawal charge be deducted from the withdrawal payment, the withdrawal charge would be $400, calculated as follows:

(Withdrawal Amount – Remaining Free Withdrawal Amount) x Withdrawal Charge %

($20,000 - $10,000) x 4% = $400

The $400 withdrawal charge is deducted from the withdrawal payment before the Company sends it to the Owner. The Contract Value decreases by $20,000 and the Owner receives a total payment of $19,600 ($20,000 - $400).

If the Owner requests that the withdrawal charge be deducted from the remaining Contract Value, the withdrawal charge would be $416.67, calculated as follows:

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| | | |
|:---|:---|:---|
| (Withdrawal Amount - Remaining Free Withdrawal Amount) | x | Withdrawal Charge % |
| (Withdrawal Amount - Remaining Free Withdrawal Amount) | x | 1– Withdrawal Charge % |

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($20,000 - $10,000) x (4% / (1 - 4%))

$10,000 x (4% / 96%)

$10,000 x 4.17% = $416.67

The $416.67 withdrawal charge is deducted from the Contract Value. The Contract Value decreases by $20,416.67 ($20,000 + $416.67) and the Owner receives a total payment of $20,000.

The withdrawal charge is designed to reimburse the Company for costs and other expenses associated with the promotion and sale of the Contract. It is expected that actual expenses will be greater than the amount of the withdrawal charge. To the extent that all sales expenses are not recovered from the charge, such expenses may be recovered from other charges, including amounts derived indirectly from the mortality and expense risk charge.

**Premium Tax Charge —** Various states and municipalities impose a tax on premiums on annuity contracts received by insurance companies. Whether or not a premium tax is imposed will depend upon, among other things, the Owner's state of residence, the Annuitant's state of residence, and the insurance tax laws and the Company's status in a particular state. The Company assesses a premium tax charge to reimburse itself for premium taxes that it incurs in connection with a Contract. The Company deducts this charge upon the Annuity Start Date. The Company may deduct premium tax upon a full or partial withdrawal (including a systematic withdrawal or withdrawal made to pay the fees of your investment adviser) if a premium tax has been incurred and is not refundable. Currently, the following states impose a premium tax on Purchase Payments applied to a Non-Qualified Contract: California (2.35%), Colorado (2.00%), Maine (2.00%), Nevada (3.50%), South Dakota (1.25% on Purchase Payments up to $500,000 and 0.08% on Purchase Payments over $500,000); West Virginia (1.00%) and Wyoming (1.00%). California also imposes a premium tax of 0.50% on Purchase Payments applied to a Qualified Contract. The Company reserves the right to deduct premium taxes when due or any time thereafter. Premium tax rates currently range from 0% to 3.5% but are subject to change by a governmental entity.

**Deduction of Advisory Fees —** You may enter into a separate investment advisory agreement with an investment adviser that provides asset allocation services in connection with your Contract. We are not affiliated with those investment advisers, and we do not supervise or perform due diligence on investment advisers who may provide such asset allocation services. By entering into an agreement with the investment adviser for asset allocation services and executing the Company's investment adviser authorization form, you authorize the investment adviser to allocate your Contract Value among certain Subaccounts and make changes in your allocations from time to time, and you may authorize us to deduct amounts from your Contract Value to pay the investment adviser's fee in the amounts and at the times directed by the investment adviser in writing. You may terminate your investment adviser authorization at any time by sending written and signed notice of termination to our Administrative Office or submitting an electronic notice of termination to <u>AAWF-NF@securitybenefit.com</u>.

We will treat each deduction as a partial withdrawal from your Contract. However, no surrender charges will apply to such deductions, and the deductions will not count toward the annual free withdrawal amount. The Company will deduct the amount of the withdrawal from the Contract Value in the Subaccounts, according to the Owner's or

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authorized investment adviser's instructions to the Company. If you do not specify the allocation, the Company will deduct the withdrawal in the same proportion that Contract Value is allocated among the Subaccounts. The investment advisory fee is paid to the investment adviser and is not a Contract charge retained by us. For Non-Qualified Contracts, all or a portion of the charges deducted from your Contract Value to pay the investment adviser's fees may be subject to federal and state income tax and a 10% federal penalty tax.

In a series of recent private letter rulings, the IRS has recognized that investment adviser fees may, in certain circumstances and subject to certain conditions, be deemed a part of a Non-Qualified Contract rather than a taxable distribution. We have received such a private letter ruling from the IRS and intend to tax report in accordance with that ruling.

The investment advisory fee is described more fully in the disclosure statement provided by the investment adviser. You should consult with your representative for details regarding the investment advisory services, including fees and expenses. A tax-free partial exchange may become taxable if an advisory fee is paid from your Contract Value within 180 days of the partial exchange. Consult your tax adviser for advice concerning tax-free partial exchanges.

In addition, any withdrawal to pay investment advisory fees will reduce your Contract Value. If you elect the Return of Premium Death Benefit Rider, any withdrawal to pay your investment advisory fees will reduce your potential death benefit, perhaps significantly. See "Benefits Under the Contract—Return of Premium Death Benefit" and "The Contract —Full and Partial Withdrawals." If you elect the 3% Extra Credit Rider, we may recapture all or part of any Credit Enhancement that has not yet vested if you make a withdrawal to pay investment advisory fees (unless your adviser has entered into a variable annuity adviser agreement with us). If you elected the 6% Dollar for Dollar Guaranteed Minimum Income Benefit rider, withdrawals to pay investment advisory fees count against the Annual Limit; withdrawals in excess of the Annual Limit will result in a proportional reduction in the Guaranteed Minimum Income Benefit.

Withdrawals from your Contract Value to pay advisory fees will reduce the death benefits and other guaranteed benefits under the Contract, perhaps significantly. See "Death Benefit" for an example of how withdrawals to pay advisory fees impact the Contract Value and standard death benefit.

**<u>Annual Contract Expenses</u>**

**Administrative Expenses**

The Company does not deduct Administrative Expenses from your Contract.

**Base Contract Expenses**

**Mortality and Expense Risk Charge —** The Company deducts a charge for mortality and expense risks assumed by the Company under the Contract. The Company deducts a daily minimum charge equal to 0%, on an annual basis, of each Subaccount's average daily net assets. If you are subject to a mortality and expense risk charge above the minimum charge, the Company deducts the excess amount from your Contract Value on a monthly basis. The mortality and expense risk charge amount is determined each month by reference to the amount of your Contract Value at the time the charge is deducted, as set forth in the table below.

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| | |
|:---|:---|
| **Withdrawal Charge Schedule** | **Annual Mortality and Expense Risk Charge** |
| Less than $500,000 | 0.20% |
| $500,000 or more | 0.00% |

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We also deduct a mortality and expense risk charge during the Annuity Period in the amount of 0.30%, on an annual basis, of each Subaccount's average daily net assets, in lieu of the amounts above and regardless of the withdrawal charge schedule selected. The Company guarantees that the charge for mortality and expense risks will not exceed an annual rate of 0.20% for the 0-Year withdrawal charge schedule or 0.00% for the 5-Year withdrawal charge schedule (0.30% during the Annuity Period) of each Subaccount's average daily net assets.

The mortality and expense risk charge is intended to compensate the Company for certain mortality and expense risks the Company assumes in offering and administering the Contract and in operating the Subaccounts.

The expense risk is the risk that the Company's actual expenses in issuing and administering the Contract and operating the Subaccounts will be more than the charges assessed for such expenses. The mortality risk borne by the Company is the risk that Annuitants, as a group, will live longer than the Company's actuarial tables predict. In this event, the Company guarantees that annuity payments will not be affected by a change in mortality experience

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that results in the payment of greater annuity income than assumed under the Annuity Options in the Contract. The Company also assumes a mortality risk in connection with the death benefit under the Contract (i.e., for deaths occurring sooner than the Company's actuarial tables predict).

The Company may ultimately realize a profit from this charge to the extent it is not needed to cover mortality and administrative expenses, but the Company may realize a loss to the extent the charge is not sufficient. The Company may use any profit derived from this charge for any lawful purpose, including distribution expenses. See "Determination of Contract Value" for more information about how the Company deducts the mortality and expense risk charge.

**Administration Charge —** The Company deducts a daily administration charge equal to an annual rate of each Subaccount's average daily net assets. The annual charge for each of the Subaccounts currently offered through this Prospectus is 0.25%. The Company guarantees that this charge will not increase for the Subaccounts available under the Contract as of the date of this Prospectus; however, the amount of this charge may be higher for Subaccounts that the Company adds in the future.

The Company assesses the administration charge in order to facilitate making certain Underlying Funds available as investment options under the Contract. The Company applies the fee on all Subaccounts, but may impose a higher fee on Subaccounts that we add in the future that invest in Underlying Funds that do not provide the Company or its affiliates with the amount of revenue it requires in order for the Company to meet its revenue targets. See "Certain Payments the Company and its Affiliates Receive With Regard to the Underlying Funds" for more information on payments the Company and its affiliates may receive from the Underlying Funds and their affiliates. These payments may be used for any corporate purpose, including payment of expenses that the Company and its affiliates incur in promoting, marketing, and administering the Contract and, in its role as intermediary for, the Underlying Funds. The Company may profit from the administration charge, and may use any profit derived from this fee for any lawful purpose, including distribution expenses.

**Other Charges —** The Company may charge the Separate Account or the Subaccounts for the federal, state, or local taxes incurred by the Company that are attributable to the Separate Account or the Subaccounts, or to the operations of the Company with respect to the Contract, or that are attributable to payment of premiums or acquisition costs under the Contract. No such charge is currently assessed. See "Tax Status of the Company and the Separate Account" and "Charge for the Company's Taxes."

**Variations in Charges —** The Company may reduce or waive the amount of the contingent deferred sales charge and certain other charges for a Contract where the expenses associated with the sale of the Contract or the administrative and maintenance costs associated with the Contract are reduced for reasons such as the amount of the initial Purchase Payment or projected Purchase Payments or the Contract is sold in connection with a group or sponsored arrangement.

**Optional Rider Charges —** In addition to the charges and deductions discussed above, you may purchase certain optional riders under the Contract. The Company made each rider available only at issue.

The Company deducts a monthly charge from the Contract Value for any riders elected by the Owner. **The Company will deduct the monthly rider charge from the Contract Value beginning on the Contract Date and ending on the Annuity Start Date if you elect one of Annuity Options 1 through 4, 7 or 8. If you elect Annuity Option 5 or 6, the Company will deduct the monthly rider charge for the life of the Contract if you purchase the Return of Premium Death Benefit Rider. Thus, the Company may deduct certain rider charges during periods where no benefits are provided or payable.** The charge for the Extra Credit Rider, however, was deducted only during the seven-year period beginning on the Contract Date. The amount of each rider charge is equal to a percentage, on an annual basis, of your Contract Value. Each rider and its charge are listed below.

As noted in the table, certain riders are no longer available for purchase. For more information on riders that were available for purchase only prior to February 1, 2010, please see **Appendix B – Riders Available for Purchase Only Prior to February 1, 2010**.

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| | |
|:---|:---|
| **Optional Rider Expenses (as a percentage of Contract Value)** | **Optional Rider Expenses (as a percentage of Contract Value)** |
|  | **Annual Rider Charge** |
| **Riders Available For Purchase With The Contract** | **Riders Available For Purchase With The Contract** |
| Return of Premium Death Benefit\* | 0.10% |
| 3% Extra Credit<sup>1</sup> <br>| 0.40% |
| **Riders Available For Purchase ONLY Prior To February 1, 2010** | **Riders Available For Purchase ONLY Prior To February 1, 2010** |
| 6% Dollar for Dollar Guaranteed Minimum Income Benefit | 0.75% |
| \*<br> Charges for this rider will continue after the Annuity Start Date if you select Annuity Option 5 or 6.<br> 1<br> The Company will deduct the charge for this rider during the seven-year period beginning on the Contract Date. | \*<br> Charges for this rider will continue after the Annuity Start Date if you select Annuity Option 5 or 6.<br> 1<br> The Company will deduct the charge for this rider during the seven-year period beginning on the Contract Date. |

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**Underlying Fund Expenses —** Each Subaccount of the Separate Account purchases shares at the net asset value of the corresponding Underlying Fund. Each Underlying Fund's net asset value reflects the investment advisory fee and other expenses that are deducted from the assets of the Underlying Fund. These fees and expenses are not deducted from the Subaccounts but are paid from the assets of the corresponding Underlying Fund. As a result, the Owner indirectly bears a pro rata portion of such fees and expenses. The advisory fees and other expenses, if any, which are more fully described in each Underlying Fund's prospectus, are not specified or fixed under the terms of the Contract and may vary from year to year.

**Payment of Compensation —** The Company pays commissions to SDL and to Selling Broker-Dealers in connection with the promotion and sale of the Contract according to one or more schedules. Commissions and other incentives or payments (discussed below) are not charged directly to Owners or the Separate Account. The Company uses its corporate assets to pay commissions and other costs of distributing the Contract. The Company intends to recoup commissions and other sales expenses through fees and charges deducted under the Contract (including any profit from the mortality and expense risk charge and administration charge or other fees and charges imposed under the Contract) or from its General Account.

**The Contract**

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**General —** The Company issues the Contract offered by this Prospectus. It is a flexible purchase payment deferred variable annuity. The Contract is significantly different from a fixed annuity contract in that it is the Owner under a Contract who assumes the risk of investment gain or loss rather than the Company. When you are ready to begin receiving annuity payments, the Contract provides several Annuity Options under which the Company will pay periodic annuity payments on a variable basis, a fixed basis or both, beginning on the Annuity Start Date. The amount that will be available for annuity payments will depend on the investment performance of the Subaccounts to which you have allocated Purchase Payments.

The Contract is available for purchase by an individual as a non-tax qualified contract ("Non-Qualified Contract"). The Contract is also eligible for purchase in connection with certain tax qualified retirement plans that meet the requirements of Section 402A, 403(b), 408, or 408A of the Internal Revenue Code ("Qualified Plan"). Certain federal tax advantages are currently available to retirement plans that qualify as (1) annuity purchase plans of public school systems and certain tax-exempt organizations under Section 403(b) or (2) traditional and Roth individual retirement accounts or annuities, including traditional IRAs established by an employer under a simplified employee pension plan or a SIMPLE IRA plan, under Section 408. Joint Owners are permitted only on a Contract issued pursuant to a Non-Qualified Contract. If you are purchasing the Contract as an investment vehicle for a Section 402A, 403(b), 408, or 408A Qualified Plan, you should consider that the Contract does not provide any additional tax advantages beyond those already available through the Qualified Plan. However, the Contract does offer features and benefits in addition to providing tax deferral that other investments may not offer, including death benefit protection for your beneficiaries and annuity options which guarantee income for life. You should consult with your financial professional as to whether the overall benefits and costs of the Contract are appropriate considering your circumstances.

Note that for Contracts issued to Massachusetts residents on or after January 1, 2009, a unisex Massachusetts approved Contract will be issued without regard to where the application was signed.

**Important Information About Your Benefits Under the Contract —** The benefits under the Contract are paid by us from our General Account assets and/or your Contract Value held in the Separate Account. It is important that you understand that payment of benefits from the Separate Account is not guaranteed and depends upon certain factors discussed below.

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**Assets in the Separate Account.** Your Contract permits you to allocate Purchase Payments and Contract Value to various Subaccounts. You bear all of the investment risk for allocations to the Subaccounts. Your Contract Value in the Subaccounts is part of the assets of the Separate Account. These assets are segregated and cannot be charged with liabilities arising from any other business that we may conduct.

**Assets in the General Account.** Any guarantees under the Contract that exceed your Contract Value (such as those associated with the Return of Premium Death Benefit or the Guaranteed Minimum Income Benefit) are paid from our General Account. We issue other types of insurance policies and financial products as well, and we pay our obligations under these products from our assets in the General Account.

Any amounts that we are obligated to pay under the Contract from the General Account are subject to our financial strength and claims-paying ability. An insurance company's financial strength and claims-paying ability may be affected by, among other factors, adverse market developments. Adverse market developments may result in, among other things, realized losses on General Account investments, unrealized losses on such investments (which may or may not result in accounting impairments), increased reserve requirements, and a reduction of capital both absolutely and relative to minimum, regulatory required capital (some of which are cash items and some of which are noncash items). Adverse market developments are an inherent risk to our, and any insurer's, General Account.

**Application for a Contract —** If you wish to purchase a Contract, you may submit an application and an initial Purchase Payment to the Company, as well as any other form or information that the Company may require. The Company reserves the right to reject an application or Purchase Payment for any reason, subject to the Company's underwriting standards and guidelines and any applicable state or federal law relating to nondiscrimination.

The maximum age of an Owner or Annuitant for which a Contract will be issued is age 90. If there are Joint Owners or Annuitants, the maximum issue age will be determined by reference to the older Owner or Annuitant.

**Purchase Payments —** The minimum initial Purchase Payment for the purchase of a Contract is $50,000. Thereafter, you may choose the amount and frequency of Purchase Payments, except that the minimum subsequent Purchase Payment is $500. The minimum subsequent Purchase Payment if you elect an Automatic Investment Program is $50. The Company may reduce the minimum Purchase Payment requirement under certain circumstances. The Company will not accept, without prior Company approval, aggregate Purchase Payments in an amount that exceeds $1,000,000 under any variable annuity contract(s) issued by the Company for which you are an Owner and/or Joint Owner. The Company has the right to refuse any Purchase Payment and to cease accepting Purchase Payments.

The Company will apply the initial Purchase Payment not later than the end of the second Valuation Date after the Valuation Date it is received by the Company, in good order. In this regard "good order" means that the Purchase Payment is preceded or accompanied by an application that contains sufficient information to establish an account and properly credit such Purchase Payment. The application form will be provided by the Company. If you submit your application and/or initial Purchase Payment to your registered representative, the Company will not begin processing the application and the initial Purchase Payment until the Company receives them from your representative's broker-dealer.

Sometimes the Purchase Payment is not preceded by or accompanied by a complete application. The application includes your affirmative consent permitting the Company to hold your initial Purchase Payment beyond five Valuation Dates in its effort to complete your application. If your application is incomplete, and the Company is unable to resolve the problem within five Valuation Dates, the Company will notify you of the reasons for the delay. If you affirmatively revoke the consent given with your application to hold your initial Purchase Payment pending resolution of the problem, we will return your Purchase Payment. Otherwise, the Purchase Payment will be applied not later than the second Valuation Date after the Valuation Date the problem is resolved.

The Company will credit subsequent Purchase Payments as of the end of the Valuation Period in which they are received by the Company at its Administrative Office; however, subsequent Purchase Payments received at or after close of a Valuation Date (normally 3:00 p.m. Central time) will be effected at the Accumulation Unit value determined on the following Valuation Date. See "Cut-Off Times." In addition, any such Purchase Payment will not be processed until it is in good order. In this regard, "good order" means that the Purchase Payment is preceded or accompanied by sufficient information to properly credit such Purchase Payment. Purchase Payments after the initial Purchase Payment may be made at any time prior to the Annuity Start Date, so long as the Owner is living. Subsequent Purchase Payments under a Qualified Plan may be limited by the terms of the plan and provisions of the Internal Revenue Code. Subsequent Purchase Payments may be paid under an Automatic Investment Program. The initial Purchase Payment required must be paid before the Company will accept the Automatic Investment

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Program. If you submit a subsequent Purchase Payment to your registered representative, the Company will not begin processing the Purchase Payment until the Company receives it from your representative's broker-dealer.

If mandated under applicable law, the Company may be required to reject a Purchase Payment. The Company also may be required to provide additional information about the Owner's account to government regulators. In addition, the Company may be required to block the Owner's account and thereby refuse to pay any request for transfers, full or partial withdrawals (including systematic withdrawals), or death benefits until instructions are received from the appropriate regulator.

**Allocation of Purchase Payments —** In an application for a Contract, you select the Subaccounts to which Purchase Payments will be allocated. Purchase Payments will be allocated according to your instructions contained in the application or more recent instructions received, if any, except that no Purchase Payment allocation is permitted that would result in less than $25.00 per payment being allocated to any one Subaccount. The allocations must be a whole dollar amount or a whole percentage. Available allocation alternatives include the Subaccounts.

You may change the Purchase Payment allocation instructions by submitting a proper written request to the Company's Administrative Office. A proper change in allocation instructions will be effective upon receipt by the Company at its Administrative Office and will continue in effect until you submit a change in instructions to the Company. You may make changes in your Purchase Payment allocation and changes to an existing Dollar Cost Averaging or Asset Reallocation Option (each, an "Automatic Allocation Program") by telephone provided the proper form is properly completed, signed, and received by the Company at its Administrative Office. Changes in the allocation of future Purchase Payments have no effect on existing Contract Value. You may, however, transfer Contract Value among the Subaccounts in the manner described in "Transfers of Contract Value."

**Fund Liquidations.** If your allocation instructions include a Subaccount that has become no longer available due to a fund liquidation, upon advance notice to you and unless you otherwise instruct us, we will allocate the applicable portion of any subsequent Purchase Payments to the Rydex VIF U.S. Government Money Market Subaccount, and any automatic allocation instructions for scheduled transfers that include a Subaccount that is no longer available due to a fund liquidation will be terminated. If you wish to set up a new Dollar Cost Averaging Option or Asset Reallocation Option (without the Subaccount that is no longer available due to a fund liquidation), you will need to submit a new form to us. If you request a transfer of Contract Value to a Subaccount that is no longer available due to a fund liquidation, we will consider your request to not be in good order, and we will not process it. In such cases, we will contact you for further instructions.

**Closed Subaccounts.** We reserve the right to close Subaccounts. If we close a Subaccount, (a "Closed Subaccount"), you may be prevented from allocating Purchase Payments or Contract Value to that Subaccount. The table below lists the Closed Subaccounts and the effective date on which the Subaccounts were closed or will close.

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| | |
|:---|:---|
| **Closed Subaccounts** | **Effective Date** |
| Alger Capital Appreciation | April 30, 2021 |
| Lord Abbett Series Developing Growth VC | May 5, 2021 |
| PIMCO VIT Low Duration – Administrative Class | April 4, 2011 |
| Vanguard<sup>®</sup> VIF Small Company Growth | May 1, 2019 |

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In the event that we receive a request on or after the effective date to allocate to any of the Closed Subaccounts, we will handle those transactions as follows:

**<u>New Applications.</u>** If we receive an application for a Contract with an allocation to a Closed Subaccount, we will consider the application to be incomplete and we will attempt to contact the applicant to get revised instructions. The Company will hold the Purchase Payment in its General Account and may take up to five Valuation Dates to resolve the problem. If the Company is unable to resolve the problem within five Valuation Dates, the Company will notify the applicant of the reasons for the delay. If the applicant affirmatively revokes the consent given with their application to hold the initial Purchase Payment pending resolution of the problem, we will return the applicant's Purchase Payment. Otherwise, the Purchase Payment will be applied not later than the second Valuation Date after the Valuation Date the problem is resolved.

**<u>Existing Contracts.</u>** Except as provided below, if we receive a Purchase Payment for an existing Contract with an allocation a Closed Subaccount, we will allocate the applicable portion of the payment to the Rydex VIF U.S. Government Money Market Subaccount. If you have automatic allocation instructions designating allocation to a Closed Subaccount pursuant to an Automatic Allocation Program as of the date that a Subaccount is closed, your automatic allocation instructions will be terminated as of the close of business on that date. If you wish to set up a new Dollar Cost Averaging Option or Asset Reallocation Option (without the Closed Subaccount), you will need to

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submit a new form to our Administrative Office. If you request a transfer of Contract Value to a Closed Subaccount, we will consider your request to not be in good order, and we will not process it. In such cases, we will contact you for further instructions.

Notwithstanding the foregoing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

If you had Contract Value allocated to the Alger Capital Appreciation on April 30, 2021, your Contract Value will remain invested in that Subaccount and you may continue to allocate Purchase Payments or transfer Contract Value to or from that Subaccount, subject to transfer restrictions. Automatic allocation instructions involving the Alger Capital Appreciation Subaccount pursuant to an Automatic Allocation Program will remain in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

If you had Contract Value allocated to the Lord Abbett Series Developing Growth VC Subaccount on May 5, 2021, your Contract Value will remain invested in that Subaccount and you may continue to allocate Purchase Payments or transfer Contract Value to or from that Subaccount, subject to transfer restrictions. Automatic allocation instructions involving the Lord Abbett Series Developing Growth VC Subaccount pursuant to an Automatic Allocation Program will remain in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

If you allocate a Purchase Payment to the PIMCO VIT Low Duration Subaccount – Administrative Class, we will allocate the applicable portion of the Purchase Payment to a Subaccount that invests in the Advisor Class of the PIMCO VIT Low Duration Subaccount. The Advisor Class imposes a distribution and/or service (12b-1) fee of 0.25%, which is 0.10% higher than the 0.15% service fee imposed by the Administrative Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

If you had Contract Value allocated to the Vanguard<sup>®</sup> VIF Small Company Growth Subaccount on May 1, 2019, your Contract Value will remain invested in that Subaccount and you may continue to allocate Purchase Payments or transfer Contract Value to or from that Subaccount, subject to transfer restrictions. Automatic allocation instructions involving the Vanguard<sup>®</sup> VIF Small Company Growth Subaccount pursuant to an Automatic Allocation Program will remain in effect.

**Dollar Cost Averaging Option —** For no additional charge, prior to the Annuity Start Date, you may dollar cost average your Contract Value by authorizing the Company to make periodic transfers of Contract Value from any one Subaccount to one or more of the other Subaccounts. Dollar cost averaging is a systematic method of investing in which securities are purchased at regular intervals in fixed dollar amounts so that the cost of the securities gets averaged over time and possibly over various market cycles. The option will result in the transfer of Contract Value from one Subaccount to one or more of the other Subaccounts. Amounts transferred under this option will be credited at the price of the Subaccount as of the end of the Valuation Dates on which the transfers are effected. Since the price of a Subaccount's Accumulation Units will vary, the amounts transferred to a Subaccount will result in the crediting of a greater number of units when the price is low and a lesser number of units when the price is high. Similarly, the amounts transferred from a Subaccount will result in a debiting of a greater number of units when the price is low and a lesser number of units when the price is high. Dollar cost averaging does not guarantee profits, nor does it assure that you will not have losses.

A Dollar Cost Averaging form is available upon request. On the form, you must designate whether Contract Value is to be transferred on the basis of a specific dollar amount, a fixed period or earnings only, the Subaccount or Subaccounts to and from which the transfers will be made, the desired frequency of the transfers, which may be on a monthly, quarterly, semiannual or annual basis, and the length of time during which the transfers shall continue or the total amount to be transferred over time. The minimum amount that may be transferred to any one Subaccount is $25.00. The Company does not require that transfers be continued over any minimum period of time, although typically dollar cost averaging would extend over a period of at least one year.

After the Company has received a Dollar Cost Averaging request in proper form at its Administrative Office, the Company will transfer Contract Value in the amounts you designate from the Subaccount from which transfers are to be made to the Subaccount or Subaccounts you have chosen. The Company will effect each transfer on the date you specify or if no date is specified, on the monthly, quarterly, semiannual or annual anniversary, whichever corresponds to the period selected, as of the date of receipt at the Administrative Office of a Dollar Cost Averaging request in proper form. Transfers will be made until the total amount elected has been transferred, or until Contract Value in the Subaccount from which transfers are made has been depleted. Amounts periodically transferred under this option are not included in the 14 transfers per Contract Year that generally are allowed as discussed under "Transfers of Contract Value."

You may make changes to the option by writing to the Company's Administrative Office or by telephone provided the proper form is completed, signed, and received by the Company. You may instruct the Company at any time to terminate the option by written request to the Company's Administrative Office. In that event, the Contract Value in the Subaccount from which transfers were being made that has not been transferred will remain in that Subaccount

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unless you instruct us otherwise. If you wish to continue transferring on a dollar cost averaging basis after the expiration of the applicable period, the total amount elected has been transferred, or the Subaccount has been depleted, or after the Dollar Cost Averaging Option has been canceled, a new Dollar Cost Averaging form must be completed and sent to the Administrative Office. The Company requires that you wait at least a month if transfers were made on a monthly basis, a quarter if transfers were made on a quarterly basis, six months if transfers were made on a semiannual basis or one year if transfers were made on an annual basis, before reinstating Dollar Cost Averaging after it has been terminated for any reason. The Company may discontinue, modify, or suspend the Dollar Cost Averaging Option at any time. The Company does not currently charge a fee for this option. If you elect the Dollar Cost Averaging Option, you may also elect the Asset Reallocation Option.

**Asset Reallocation Option —** For no additional charge, prior to the Annuity Start Date, you may authorize the Company to automatically transfer Contract Value on a monthly, quarterly, semiannual or annual basis to maintain a particular percentage allocation among the Subaccounts. The Contract Value allocated to each Subaccount will grow or decline in value at different rates during the selected period, and Asset Reallocation automatically reallocates the Contract Value in the Subaccounts to the allocation you selected on a monthly, quarterly, semiannual or annual basis, as you select. Asset Reallocation is intended to transfer Contract Value from those Subaccounts that have increased in value to those Subaccounts that have declined in value. Over time, this method of investing may help you buy low and sell high. This investment method does not guarantee profits, nor does it assure that you will not have losses.

To elect this option an Asset Reallocation request in proper form must be received by the Company at its Administrative Office. An Asset Reallocation form is available upon request. On the form, you must indicate the applicable Subaccounts, the applicable time period and the percentage of Contract Value to be allocated to each Subaccount.

Upon receipt of the Asset Reallocation form, the Company will effect a transfer among the Subaccounts based upon the percentages that you selected. Thereafter, the Company will transfer Contract Value to maintain that allocation on each monthly, quarterly, semiannual or annual anniversary, as applicable, as of the date of the Company's receipt of the Asset Reallocation request in proper form. The amounts transferred will be credited at the price of the Subaccount as of the end of the Valuation Date on which the transfer is effected. Amounts periodically transferred under this option are not included in the 14 transfers per Contract Year that generally are allowed as discussed under "Transfers of Contract Value."

You may make changes to the option by writing to the Company's Administrative Office or by telephone provided the proper form is completed, signed, and received at the Company's Administrative Office. You may instruct the Company at any time to terminate this option by written request to the Company's Administrative Office. In that event, the Contract Value in the Subaccounts that has not been transferred will remain in those Subaccounts regardless of the percentage allocation unless you instruct us otherwise. If you wish to continue Asset Reallocation after it has been canceled, a new Asset Reallocation form must be completed and sent to the Company's Administrative Office. The Company may discontinue, modify, or suspend, and reserves the right to charge a fee, for the Asset Reallocation Option at any time. The Company does not currently charge a fee for this option. If you elect the Asset Reallocation Option, you may also elect the Dollar Cost Averaging Option.

**Transfers of Contract Value —** You may transfer Contract Value among the Subaccounts upon proper written request to the Company's Administrative Office both before and after the Annuity Start Date. You may make transfers (other than transfers pursuant to the Dollar Cost Averaging and Asset Reallocation Options) by telephone if the Electronic Transfer Privilege section of the application or the proper form has been completed, signed and received at the Company's Administrative Office. The minimum transfer amount is $500, or the amount remaining in a given Subaccount. The minimum transfer amount does not apply to transfers under the Dollar Cost Averaging or Asset Reallocation Options.

The Company generally effects transfers between or from the Subaccounts at their respective Accumulation Unit values as of the close of the Valuation Period during which the transfer request is received; however, transfer requests received at or after the applicable cut-off time on any Valuation Date will be effected at the Accumulation Unit value determined on the following Valuation Date. Normally, the cut-off time for transfer requests is 2:00 p.m. Central time. If regular trading on the New York Stock Exchange closes prior to 3:00 p.m. Central time, the cut-off time for transfer requests will be one hour prior to closing. See "Cut-Off Times." In addition, a transfer request will not be processed until it is in good order. In this regard, "good order" means that the transfer request is preceded or accompanied by sufficient information to properly execute the transfer.

The Company reserves the right to limit the number of transfers to 14 in a Contract Year, although the Company does not limit the frequency of transfers with regard to the Donoghue, Rydex and certain Federated Subaccounts. In

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addition, transfers are subject to frequent trading restrictions described below. The Company will limit your transfers if we determine that you are engaging in a pattern of transfers that is disruptive to the Underlying Funds or potentially disadvantageous to other Owners and Participants with Contract Value allocated to the applicable Subaccount(s) and we believe that suspension of your electronic transfer privileges, as discussed below, does not adequately address your transfer activity. The Company does not assess a transfer processing fee on transfers.

**Frequent Transfer Restrictions.** The Contract is not designed for organizations or individuals engaging in a market timing strategy, or making programmed transfers, frequent transfers or transfers that are large in relation to the total assets of an Underlying Fund. These kinds of strategies and transfer activities may disrupt portfolio management of the Underlying Funds in which the Subaccounts invest (such as requiring the Underlying Fund to maintain a high level of cash or causing an Underlying Fund to liquidate investments prematurely to pay withdrawals), hurt Underlying Fund performance, and drive Underlying Fund expenses (such as brokerage and administrative expenses) higher, which are reflected in Underlying Fund performance. In addition, because other insurance companies and/or retirement plans may invest in the Underlying Funds, the risk exists that the Underlying Funds may suffer harm from programmed, frequent, or large transfers among subaccounts of variable contracts issued by other insurance companies or among investment options available to retirement plan participants. These risks and costs are borne by all shareholders of an affected Underlying Fund, Owners and Participants with Contract Value allocated to the corresponding Subaccount (as well as their Designated Beneficiaries and Annuitants) and long-term investors who do not generate these costs.

The Company has in place policies and procedures designed to restrict transfers if we determine that you are engaging in a pattern of transfers that is disruptive to the Underlying Funds or potentially disadvantageous to other Owners and Participants with Contract Value allocated to the applicable Subaccount (regardless of the number of previous transfers the Owner or Participant has made during the Contract Year). In making this determination, we monitor transfers among the Subaccounts and consider, among other things, the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

the total dollar amount being transferred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

the number of transfers you made within a period of time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

transfers to and from (or from and to) the same Subaccount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

whether your transfers appear to follow a pattern designed to take advantage of short-term market fluctuations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

whether your transfers appear to be part of a group of transfers made by a third party on behalf of the individual Owners in the group.

There is a risk that some Owners and Participants may engage in transfer activity in a manner that is disruptive to the Underlying Funds or potentially disadvantageous to other Owners and Participants, which may have a negative impact on such other Owners and Participants. If the Company determines that your transfer patterns among the Subaccounts are disruptive to the Underlying Funds or potentially disadvantageous to Owners and Participants, the Company may send you a letter notifying you that it is prohibiting you from making telephone transfers or other electronic transfers and instead requiring that you submit transfer requests in writing via regular U.S. mail for a disclosed period beginning on the date of the letter.

In addition, if you make a certain number of transfers ***from*** a Subaccount followed by a transfer to that Subaccount (or ***to*** a Subaccount followed by a transfer from that Subaccount) ("round trip transfers") during the prior 12-month period (or such shorter period as specified in the chart below), the Company will prohibit further transfers to that Subaccount until such transfer may be made without violating the number of round trip transfers permitted. The Transfer Block Restriction applies only on Subaccount transfer amounts greater than $5,000.

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| |
|:---|
| **Subaccount** |
| Federated Hermes High Income Bond II<br>2<sup>1</sup> <br>|
| 1<br> Number of round trip transfers that can be made in any 12 month period before the Company will prohibit further transfers to that <br> Subaccount. Transfers to the Subaccount will be prohibited until such transfer may be made without violating the number of round trip <br> transfers set forth above. |

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Further, if you make a transfer ***from*** any of the Subaccounts listed below, then you may not make a transfer ***to*** that same Subaccount for a period of calendar days equal to the amount listed in the table below in the column titled "Transfer Block Restriction." The Transfer Block Restriction applies only on Subaccount transfer amounts greater than $5,000. The calendar day after the date of the transfer out of the particular Subaccount is considered day 1 for

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the purpose of computing the period before a transfer to the same Subaccount may be made. For example, if you transfer money out of the NAA SMid-Cap Value Series Subaccount on April 16, the 30 day restriction begins on April 17 and ends on May 16, which means you could transfer back into the NAA SMid-Cap Value Series Subaccount on May 17. This restriction does not apply to transfers made pursuant to the Dollar Cost Averaging and Asset Reallocation Options.

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| | |
|:---|:---|
| **Subaccount** | **Transfer**<br> **Block Restriction**<br> **(# of Calendar Days)**<br>|
| AB Discovery Value, AB Relative Value, AB Sustainable Global Thematic, AB VPS <br> Dynamic Asset Allocation<br>| 30 days |
| Alger Capital Appreciation<sup>1</sup>, Alger Large Cap Growth | 30 days |
| Allspring Opportunity VT, Allspring VT Discovery All Cap Growth | 30 days |
| ALPS/Alerian Energy Infrastructure | 30 days |
| AFIS Capital World Growth and Income, AFIS U.S. Government Securities, AFIS <br> Washington Mutual Investors, American Funds IS<sup>®</sup> Asset Allocation, American Funds IS<sup>®</sup> <br> Capital World Bond, American Funds IS<sup>®</sup> EUPAC Fund<sup>TM</sup>, American Funds IS<sup>®</sup> Global <br> Growth, American Funds IS<sup>®</sup> Growth, American Funds IS<sup>®</sup> Growth-Income, American <br> Funds IS<sup>®</sup> International Growth and Income, American Funds IS<sup>®</sup> Mortgage, American <br> Funds IS<sup>®</sup> New World, American Funds IS<sup>®</sup> SMALLCAP World Fund<sup>®</sup><br>| 30 days |
| BlackRock Advantage Large Cap Core V.I., BlackRock Basic Value V.I., BlackRock Capital <br> Appreciation V.I., BlackRock Equity Dividend V.I., BlackRock Global Allocation V.I., <br> BlackRock High Yield V.I., BlackRock Large Cap Focus Growth V.I.<br>| 30 days |
| BNY Mellon IP Small Cap Stock Index, BNY Mellon IP Technology Growth, BNY Mellon <br> Stock Index, BNY Mellon VIF Appreciation<br>| 60 days |
| Dimensional VA Equity Allocation, Dimensional VA Global Bond Portfolio, Dimensional VA <br> Global Moderate Allocation, Dimensional VA International Small Portfolio, Dimensional VA <br> International Value Portfolio, Dimensional VA Short-Term Fixed Portfolio, Dimensional VA <br> U.S. Large Value Portfolio, Dimensional VA U.S. Targeted Value Portfolio<br>| 30 days |
| Donoghue Forlines Dividend VIT Fund, Donoghue Forlines Momentum VIT Fund | Unlimited |
| DWS Small Mid Cap Value VIP | 30 days |
| Eaton Vance VT Floating-Rate Income | 90 days |
| Federated Hermes Fund for U.S. Government Securities II | Unlimited |
| Federated Hermes High Income Bond II | Subject to the <br> Round Trip <br> Transfer restrictions <br> in the chart above<br>|
| Fidelity<sup>®</sup> VIP Balanced, Fidelity<sup>®</sup> VIP Contrafund<sup>®</sup>, Fidelity<sup>®</sup> VIP Disciplined Small Cap, <br> Fidelity<sup>®</sup> VIP Emerging Markets, Fidelity<sup>®</sup> VIP Growth & Income, Fidelity<sup>®</sup> VIP Growth <br> Opportunities, Fidelity<sup>®</sup> VIP High Income, Fidelity<sup>®</sup> VIP Index 500, Fidelity<sup>®</sup> VIP Investment <br> Grade Bond, Fidelity<sup>®</sup> VIP Mid Cap, Fidelity<sup>®</sup> VIP Overseas, Fidelity<sup>®</sup> VIP Real Estate, <br> Fidelity<sup>®</sup> VIP Strategic Income<br>| 60 days |
| Franklin DynaTech VIP Fund, Franklin Growth and Income VIP Fund, Franklin Income VIP <br> Fund, Franklin Large Cap Growth VIP Fund, Franklin Mutual Global Discovery VIP Fund, <br> Franklin Mutual Shares VIP Fund, Franklin Rising Dividends VIP Fund, Franklin Small Cap <br> Value VIP Fund, Franklin Small-Mid Cap Growth VIP Fund, Franklin Strategic Income VIP <br> Fund, Franklin U.S. Government Securities VIP Fund<br>| 30 days |
| Goldman Sachs VIT International Equity Insights, Goldman Sachs VIT Large Cap Value, <br> Goldman Sachs VIT Mid Cap Growth, Goldman Sachs VIT Mid Cap Value, Goldman <br> Sachs VIT Small Cap Equity Insights, Goldman Sachs VIT Strategic Growth<br>| 30 days |
| Guggenheim VIF Floating Rate Strategies, Guggenheim VIF Global Managed Futures <br> Strategy, Guggenheim VIF High Yield, Guggenheim VIF Multi-Hedge Strategies, <br> Guggenheim VIF Total Return Bond<br>| 30 days |

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| | |
|:---|:---|
| **Subaccount** | **Transfer**<br> **Block Restriction**<br> **(# of Calendar Days)**<br>|
| Invesco V.I. American Franchise, Invesco V.I. American Value, Invesco V.I. Balanced-Risk <br> Allocation, Invesco V.I. Comstock, Invesco V.I. Core Equity, Invesco V.I. Discovery Mid Cap <br> Growth, Invesco V.I. Equally-Weighted S&P 500, Invesco V.I. Equity and Income, Invesco <br> V.I. EQV International Equity, Invesco V.I. Global, Invesco V.I. Global Real Estate, Invesco <br> V.I. Global Strategic Income, Invesco V.I. Government Securities, Invesco V.I. Growth and <br> Income, Invesco V.I. Health Care, Invesco V.I. High Yield, Invesco V.I. International Growth, <br> Invesco V.I. Main Street Mid Cap Fund<sup>®</sup>, Invesco V.I. Main Street Small Cap Fund<sup>®</sup>, <br> Invesco V.I. S&P Buffer Fund – December, Invesco V.I. S&P Buffer Fund – June, Invesco <br> V.I. S&P Buffer Fund – March, Invesco V.I. S&P Buffer Fund – September, Invesco V.I. <br> Small Cap Equity<br>| 30 days |
| Janus Henderson VIT Enterprise, Janus Henderson VIT Forty, Janus Henderson VIT Mid <br> Cap Value, Janus Henderson VIT Overseas, Janus Henderson VIT Research<br>| 30 days |
| Lord Abbett Series Bond-Debenture VC, Lord Abbett Series Developing Growth VC<sup>2</sup>, Lord <br> Abbett Series Dividend Growth VC, Lord Abbett Series Fundamental Equity VC, Lord <br> Abbett Series Growth and Income VC, Lord Abbett Series Growth Opportunities VC, Lord <br> Abbett Series Mid Cap Stock VC, Lord Abbett Series Total Return VC<br>| 30 days |
| LVIP American Century Inflation Protection, LVIP American Century International, LVIP <br> American Century Mid Cap Value, LVIP American Century Value, LVIP Avantis Large Cap <br> Value, LVIP JPMorgan Core Bond, LVIP JPMorgan Small Cap Core, LVIP JPMorgan U.S. <br> Equity<br>| 30 days |
| MFS<sup>®</sup> VIT Emerging Markets Equity, MFS<sup>®</sup> VIT Global Tactical Allocation, MFS<sup>®</sup> VIT High <br> Yield, MFS<sup>®</sup> VIT II MA Investors Growth Stock, MFS<sup>®</sup> VIT II Research International, MFS<sup>®</sup> <br> VIT International Intrinsic Equity, MFS<sup>®</sup> VIT Investors Trust, MFS<sup>®</sup> VIT New Discovery, <br> MFS<sup>®</sup> VIT Research, MFS<sup>®</sup> VIT Total Return, MFS<sup>®</sup> VIT Total Return Bond, MFS<sup>®</sup> VIT <br> Utilities<br>| 30 days |
| Morgan Stanley VIF Emerging Markets Debt, Morgan Stanley VIF Emerging Markets <br> Equity<br>| 30 days |
| Morningstar Aggressive Growth ETF Asset Allocation Portfolio, Morningstar Balanced ETF <br> Asset Allocation Portfolio, Morningstar Conservative ETF Asset Allocation Portfolio, <br> Morningstar Growth ETF Asset Allocation Portfolio, Morningstar Income and Growth ETF <br> Asset Allocation Portfolio<br>| 30 days |
| NAA All Cap Value Series, NAA Large Cap Value Series, NAA Large Core Series, NAA <br> Large Growth Series, NAA Mid Growth Series, NAA Small Cap Value Series, NAA Small <br> Growth Series, NAA SMid-Cap Value Series, NAA World Equity Income Series<br>| 30 days |
| Neuberger Berman Quality Equity Portfolio | 30 days |
| Nomura VIP Asset Strategy, Nomura VIP Balanced, Nomura VIP Core Equity, Nomura VIP <br> Energy, Nomura VIP Global Growth, Nomura VIP Growth, Nomura VIP High Income, <br> Nomura VIP International Core Equity, Nomura VIP Limited-Term Bond, Nomura VIP Mid <br> Cap Growth, Nomura VIP Natural Resources, Nomura VIP Science and Technology, <br> Nomura VIP Small Cap Growth, Nomura VIP Smid Cap Core, Nomura VIP Value<br>| 60 days |
| PIMCO VIT All Asset, PIMCO VIT CommodityRealReturn Strategy, PIMCO VIT Emerging <br> Markets Bond, PIMCO VIT Global Bond Opportunities (Unhedged), PIMCO VIT Global <br> Managed Asset Allocation, PIMCO VIT High Yield, PIMCO VIT Low Duration, PIMCO VIT <br> Real Return, PIMCO VIT Short-Term, PIMCO VIT Total Return<br>| 30 days |
| Putnam VT Core Equity, Putnam VT Diversified Income, Putnam VT Global Asset <br> Allocation, Putnam VT High Yield, Putnam VT Income, Putnam VT Large Cap Growth, <br> Putnam VT Large Cap Value, Putnam VT Small Cap Growth<br>| 30 days |

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| | |
|:---|:---|
| **Subaccount** | **Transfer**<br> **Block Restriction**<br> **(# of Calendar Days)**<br>|
| Rydex VIF Banking, Rydex VIF Basic Materials, Rydex VIF Biotechnology, Rydex VIF <br> Commodities Strategy, Rydex VIF Consumer Products, Rydex VIF Dow 2x Strategy, Rydex <br> VIF Electronics, Rydex VIF Energy, Rydex VIF Energy Services, Rydex VIF Europe 1.25x <br> Strategy, Rydex VIF Financial Services, Rydex VIF Government Long Bond 1.2x Strategy, <br> Rydex VIF Health Care, Rydex VIF High Yield Strategy, Rydex VIF Internet, Rydex VIF <br> Inverse Dow 2x Strategy, Rydex VIF Inverse Government Long Bond Strategy, Rydex VIF <br> Inverse Mid-Cap Strategy, Rydex VIF Inverse NASDAQ-100<sup>®</sup> Strategy, Rydex VIF Inverse <br> Russell 2000<sup>®</sup> Strategy, Rydex VIF Inverse S&P 500 Strategy, Rydex VIF Japan 2x <br> Strategy, Rydex VIF Leisure, Rydex VIF Mid-Cap 1.5x Strategy, Rydex VIF NASDAQ-100<sup>®</sup>, <br> Rydex VIF NASDAQ-100<sup>®</sup> 2x Strategy, Rydex VIF Nova, Rydex VIF Precious Metals, <br> Rydex VIF Real Estate, Rydex VIF Retailing, Rydex VIF Russell 2000<sup>®</sup> 1.5x Strategy, <br> Rydex VIF Russell 2000<sup>®</sup> 2x Strategy, Rydex VIF S&P 500 2x Strategy, Rydex VIF S&P <br> 500 Pure Growth, Rydex VIF S&P 500 Pure Value, Rydex VIF S&P MidCap 400 Pure <br> Growth, Rydex VIF S&P MidCap 400 Pure Value, Rydex VIF S&P SmallCap 600 Pure <br> Growth, Rydex VIF S&P SmallCap 600 Pure Value, Rydex VIF Strengthening Dollar 2x <br> Strategy, Rydex VIF Technology, Rydex VIF Telecommunications, Rydex VIF <br> Transportation, Rydex VIF U.S. Government Money Market, Rydex VIF Utilities, Rydex VIF <br> Weakening Dollar 2x Strategy<br>| Unlimited |
| T. Rowe Price Blue Chip Growth, T. Rowe Price Equity Income, T. Rowe Price Health <br> Sciences, T. Rowe Price Limited-Term Bond<br>| 30 days |
| Templeton Emerging Markets VIP Fund, Templeton Foreign VIP Fund, Templeton Global <br> Bond VIP Fund, Templeton Growth VIP Fund<br>| 30 days |
| Third Avenue Value | 90 days |
| TOPS<sup>®</sup> Aggressive ETF, TOPS<sup>®</sup> Balanced ETF, TOPS<sup>®</sup> Conservative ETF, TOPS<sup>®</sup> <br> Managed Risk Balanced ETF, TOPS<sup>®</sup> Managed Risk Moderate ETF, TOPS<sup>®</sup> Managed Risk <br> Moderately Aggressive ETF, TOPS<sup>®</sup> Moderate ETF, TOPS<sup>®</sup> Moderately Aggressive ETF<br>| 30 days |
| VanEck VIP Global Gold, VanEck VIP Global Resources | 30 days |
| Vanguard<sup>®</sup> VIF Balanced, Vanguard<sup>®</sup> VIF Conservative Allocation, Vanguard<sup>®</sup> VIF <br> Diversified Value, Vanguard<sup>®</sup> VIF Equity Income, Vanguard<sup>®</sup> VIF Equity Index, Vanguard<sup>®</sup> <br> VIF Global Bond Index, Vanguard<sup>®</sup> VIF Growth, Vanguard<sup>®</sup> VIF High Yield Bond, <br> Vanguard<sup>®</sup> VIF International, Vanguard<sup>®</sup> VIF Mid-Cap Index, Vanguard<sup>®</sup> VIF Moderate <br> Allocation, Vanguard<sup>®</sup> VIF PRIMECAP, Vanguard<sup>®</sup> VIF Real Estate Index, Vanguard<sup>®</sup> VIF <br> Short Term Investment Grade, Vanguard<sup>®</sup> VIF Small Company Growth<sup>3</sup>, Vanguard<sup>®</sup> VIF <br> Total Bond Market Index, Vanguard<sup>®</sup> VIF Total International Stock Market Index, Vanguard<sup>®</sup> <br> VIF Total Stock Market Index<br>| 30 days |
| Victory Pioneer Bond VCT, Victory Pioneer Equity Income VCT, Victory Pioneer High Yield <br> VCT, Victory Pioneer Strategic Income VCT<br>| 30 days |
| Virtus Duff & Phelps Real Estate Securities Series, Virtus KAR Small-Cap Growth Series, <br> Virtus Newfleet Multi-Sector Intermediate Bond Series, Virtus SGA International Growth <br> Series, Virtus Tactical Allocation Series<br>| 30 days |
| Voya MidCap Opportunities Portfolio | 30 days |
| VY CBRE Global Real Estate Portfolio, VY Columbia Real Estate Portfolio | 30 days |
| Western Asset Variable Global High Yield Bond | 30 days |
| 1<br> You may transfer Contract Value to the Alger Capital Appreciation Subaccount only if you had Contract Value allocated to that Subaccount on <br> April 30, 2021.<br>2<br> You may transfer Contract Value to the Lord Abbett Series Developing Growth VC Subaccount only if you had Contract Value allocated to <br> that Subaccount on May 5, 2021.<br>3<br> You may transfer Contract Value to the Vanguard<sup>®</sup> VIF Small Company Growth Subaccount only if you had Contract Value allocated to that <br> Subaccount on May 1, 2019. | 1<br> You may transfer Contract Value to the Alger Capital Appreciation Subaccount only if you had Contract Value allocated to that Subaccount on <br> April 30, 2021.<br>2<br> You may transfer Contract Value to the Lord Abbett Series Developing Growth VC Subaccount only if you had Contract Value allocated to <br> that Subaccount on May 5, 2021.<br>3<br> You may transfer Contract Value to the Vanguard<sup>®</sup> VIF Small Company Growth Subaccount only if you had Contract Value allocated to that <br> Subaccount on May 1, 2019. |

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In addition to the Company's own frequent transfer procedures, the Underlying Funds may have adopted their own policies and procedures with respect to frequent transfer of their respective shares, and the Company reserves

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the right to enforce these policies and procedures. The prospectuses for the Underlying Funds describe any such policies and procedures, which may be more or less restrictive than the policies and procedures the Company has adopted. In particular, some of the Underlying Funds have reserved the right to temporarily or permanently refuse payments or transfer requests from the Company if, in the judgment of the Underlying Fund's manager, the Underlying Fund would be unable to invest effectively in accordance with its investment objective or policies, or would otherwise potentially be adversely affected.

You should be aware that the Company currently may not have the contractual obligation or the operational capacity to apply the Underlying Funds' frequent transfer policies and procedures. However, under SEC rules, the Company is required to: (1) enter into a written agreement with each Underlying Fund or its principal underwriter that obligates the Company to provide to the Underlying Fund promptly upon request certain information about the trading activity of individual Owners and Participants, and (2) execute instructions from the Underlying Fund to restrict or prohibit further purchases or transfers by specific Owners and Participants who violate the frequent transfer policies established by the Underlying Fund.

Managers of the Underlying Funds may contact the Company if they believe or suspect that there is market timing or other potentially harmful trading, and, if so, the Company will take appropriate action to protect others. In particular, the Company may, and the Company reserves the right to, reverse a potentially harmful transfer. If the Company reverses a potentially harmful transfer, it will effect such reversal not later than the close of business on the second Valuation Date following the Valuation Date in which the original transfer was effected, and the Company will inform the Owner or Participant in writing at his or her address of record.

To the extent permitted by applicable law, the Company also reserves the right to reject a transfer request at any time that the Company is unable to purchase or redeem shares of any of the Underlying Funds because of any refusal or restriction on purchases or redemptions of their shares as a result of the Underlying Fund's policies and procedures on market timing activities or other potentially abusive transfers. The Company also reserves the right to implement, administer, and collect redemption fees imposed by one or more of the Underlying Funds in the future. You should read the prospectuses of the Underlying Funds for more details on their ability to refuse or restrict purchases or redemptions of their shares.

In its sole discretion, the Company may revise its market timing procedures at any time without prior notice as the Company deems necessary or appropriate to better detect and deter programmed, frequent, or large transfers that may adversely affect other Owners, Participants, or Underlying Fund shareholders, to comply with state or federal regulatory requirements, or to impose additional or alternate restrictions on market timers (such as dollar or percentage limits on transfers). The Company may change its parameters to monitor for factors other than transfer block restrictions. For purposes of applying the parameters used to detect potential market timing and other potentially harmful activity, the Company may aggregate transfers made in two or more Contracts that it believes are connected (for example, two Contracts with the same Owner or Participant, or owned by spouses, or owned by different partnerships or corporations that are under common control, etc.).

The Company does not include transfers made pursuant to Dollar Cost Averaging and Asset Reallocation Options in these limitations. The Company may vary its market timing procedures from Subaccount to Subaccount, and may be more restrictive with regard to certain Subaccounts than others. The Company may not always apply these detection methods to Subaccounts investing in Underlying Funds that, in its judgment, would not be particularly attractive to market timers or otherwise susceptible to harm by frequent transfers.

Owners and Participants seeking to engage in programmed, frequent, or large transfer activity may deploy a variety of strategies to avoid detection. The Company's ability to detect and deter such transfer activity is limited by operational systems and technological limitations. Furthermore, the identification of Owners and Participants determined to be engaged in transfer activity that may adversely affect other Owners, Participants, or Underlying Fund shareholders involves judgments that are inherently subjective. Accordingly, despite its best efforts, the Company cannot guarantee that its market timing procedures will detect every potential market timer, but the Company applies its market timing procedures consistently to all Owners and Participants without special arrangement, waiver, or exception, aside from allocations to the Donoghue, Rydex and certain Federated Subaccounts (see chart above), which do not limit or restrict transfers. Because other insurance companies and/or retirement plans may invest in the Underlying Funds, the Company cannot guarantee that the Underlying Funds will not suffer harm from programmed, frequent, or large transfers among subaccounts of variable contracts issued by other insurance companies or among investment options available to retirement plan participants.

The Company does not limit or restrict transfers to or from the Donoghue, Rydex and certain Federated Subaccounts (see chart above). As stated above, market timing and frequent transfer activities may disrupt portfolio management of the Underlying Funds, hurt Underlying Fund performance, and drive Underlying Fund expenses higher, which are reflected in Underlying Fund performance.

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Because the Company does not reserve the unfettered right to prohibit transfers, it cannot guarantee that it can restrict or deter all harmful transfer activity, Owners and Participants bear the risks associated with such activity, including potential disruption of portfolio management of the Underlying Funds and potentially lower Underlying Fund performance and higher Underlying Fund expenses. In addition, there is a risk that the Company will not detect harmful transfer activity on the part of some Owners and Participants and, as a result, the Company will inadvertently treat those Owners and Participants differently than Owners and Participants it does not permit to engage in harmful transfer activity. Moreover, due to the Company's operational and technological limitations, as well as possible variations in the market timing policies of other insurance companies and/or retirement plans that may also invest in the Underlying Funds, some Owners and Participants may be treated differently than others. Consequently, there is a risk that some Owners and Participants may be able to engage in market timing while others suffer the adverse effects of such trading activities.

**Contract Value —** The Contract Value is the sum of the amounts under your Contract held in each Subaccount as of any Valuation Date.

On each Valuation Date, the amount of Contract Value allocated to any particular Subaccount will be adjusted to reflect the investment experience of that Subaccount. See "Determination of Contract Value." Contract Value allocated to the Subaccounts is not guaranteed by the Company. You bear the entire investment risk relating to the investment performance of Contract Value allocated to the Subaccounts.

**Determination of Contract Value —** Your Contract Value will vary depending upon several factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Investment performance of the Subaccounts to which you have allocated Contract Value,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Payment of Purchase Payments,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Full and partial withdrawals (including systematic withdrawals and withdrawals made to pay the fees of your investment adviser), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Charges assessed in connection with the Contract, including charges for any optional riders selected.

The amounts allocated to a Subaccount will be invested in shares of the corresponding Underlying Fund. The investment performance of each Subaccount will reflect increases or decreases in the net asset value per share of the corresponding Underlying Fund and any dividends or distributions declared by the Underlying Fund. Any dividends or distributions from any Underlying Fund will be automatically reinvested in shares of the same Underlying Fund, unless the Company, on behalf of the Separate Account, elects otherwise.

Assets in the Subaccounts are divided into Accumulation Units, which are accounting units of measure used to calculate the value of an Owner's interest in a Subaccount. When you allocate Purchase Payments to a Subaccount, your Contract is credited with Accumulation Units. The number of Accumulation Units to be credited is determined by dividing the dollar amount, including any Credit Enhancements, allocated to the particular Subaccount by the price for the Subaccount's Accumulation Units as of the end of the Valuation Period in which the Purchase Payment is credited.

In addition, other transactions such as full or partial withdrawals (including systematic withdrawals and withdrawals made to pay the fees of your investment adviser), transfers, and assessment of certain charges against the Contract affect the number of Accumulation Units attributable to a Contract. The number of units credited or debited in connection with any such transaction is determined by dividing the dollar amount of such transaction by the price of the Accumulation Unit of the affected Subaccount next determined after receipt of the transaction request (subject to any application requirements that the transaction be in good order, as described herein). The price of each Subaccount is determined on each Valuation Date as of the close of regular trading on the New York Stock Exchange, normally 3:00 p.m. Central time. Transactions (other than transfer requests, as described herein) received at or after that time on any Valuation Date will be effected at the Accumulation Unit value determined on the following Valuation Date. See "Purchase Payments" and "Full and Partial Withdrawals."

Requests to transfer Contract Value received at or after the applicable cut-off time will be effected at the Accumulation Unit value determined on the following Valuation Date. Normally, the cut-off time for transfer requests is 2:00 p.m. Central time. If regular trading on the New York Stock Exchange closes prior to 3:00 p.m. Central time, the cut-off time for transfer requests will be one hour prior to closing. See "Cut-Off Times." The price of each Subaccount may be determined earlier if trading on the New York Stock Exchange is restricted or as permitted by the SEC.

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The number of Accumulation Units credited to a Contract shall not be changed by any subsequent change in the value of an Accumulation Unit, but the dollar value of an Accumulation Unit may vary from Valuation Date to Valuation Date depending upon the investment experience of the Subaccount and charges against the Subaccount.

The price of each Subaccount's units initially was $10. The price of a Subaccount on any Valuation Date takes into account the following: (1) the investment performance of the Subaccount, which is based upon the investment performance of the corresponding Underlying Fund, (2) any dividends or distributions paid by the corresponding Underlying Fund, (3) the charges, if any, that may be assessed by the Company for taxes attributable to the operation of the Subaccount, (4) the minimum mortality and expense risk charge under the Contract of 0.00% or 0.20% annually, and (5) the administration charge for that Subaccount, and (6) the deduction of the Underlying Fund's fees and expenses.

The minimum mortality and expense risk charge of 0.00% or 0.20% and the administration charge of 0.25% are factored into the Accumulation Unit value or "price" of each Subaccount on each Valuation Date. Each Subaccount declares a monthly subaccount adjustment and the Company deducts the Excess Charge from this monthly subaccount adjustment upon its reinvestment in the Subaccount. The Excess Charge is a percentage of your Contract Value allocated to the Subaccount as of the reinvestment date. The monthly subaccount adjustment is paid only for the purpose of collecting the Excess Charge. Assuming that you owe a charge above the minimum mortality and expense risk charge and the administration charge, your Contract Value will be reduced in the amount of your Excess Charge upon reinvestment of the Subaccount's monthly subaccount adjustment. The Company deducts the Excess Charge only upon reinvestment of the monthly subaccount adjustment and does not assess an Excess Charge upon a full or partial withdrawal from the Contract. The Company reserves the right to compute and deduct the Excess Charge from each Subaccount on each Valuation Date. See the Statement of Additional Information for a more detailed discussion of how the Excess Charge is deducted.

**Cut-Off Times —** We refer to the times by which financial transactions must be received to be processed on the current Valuation Date as "cut-off times." Any written, electronic, or telephonic transactions involving your Contract, other than requests to transfer Contract Value among the Subaccounts, must be received by us prior to any announced closing of regular trading on the New York Stock Exchange to be processed on the current Valuation Date. The New York Stock Exchange normally closes at 3:00 p.m. Central time, so financial transactions (other than transfers) normally must be received prior to 3:00 p.m. Central time. Financial transactions (other than transfers) received at or after the cut-off time will be processed on the following Valuation Date. Financial transactions include full and partial withdrawals (including systematic withdrawals and withdrawals to pay investment advisory fees), death benefit payments, and Purchase Payments.

Any request to transfer Contract Value among the Subaccounts, including those submitted by telephone, must be received by us no later than one hour prior to any announced closing of regular trading on the New York Stock Exchange to be processed on the current Valuation Date. This means transfer requests must normally be received by 2:00 p.m. Central time. Transfer requests received at or after the cut-off time will be processed on the following Valuation Date. The Company may extend the cut-off time to 15 minutes prior to any announced closing (generally 2:45 p.m. Central time) for transfers submitted electronically through the Company's Internet web site. Internet functionality is available only to Owners who have authorized their financial representatives to make financial transactions on their behalf.

**Full and Partial Withdrawals —** An Owner may make a partial withdrawal of Contract Value or surrender the Contract for its Withdrawal Value. A full or partial withdrawal, including systematic withdrawals and withdrawals to pay investment advisory fees, may be taken from Contract Value at any time while the Owner is living and before the Annuity Start Date, subject to limitations under the applicable plan for Qualified Plans and applicable law. Withdrawals (other than systematic withdrawals or withdrawals to pay investment advisory fees) after the Annuity Start Date are permitted only under Annuity Options 5, 6 and 7 (and only if the Owner has elected variable annuity payments under Annuity Option 7). See "Annuity Period" for a discussion of withdrawals after the Annuity Start Date. A full or partial withdrawal request will be effective as of the end of the Valuation Period that it is received by the Company at its Administrative Office; however, if the request is received on a Valuation Date at or after the cut-off time (normally 3:00 p.m. Central time), the withdrawal will be effected at the Accumulation Unit value determined on the following Valuation Date. See "Cut-Off Times." In addition, a withdrawal will not be processed until it is in good order. In this regard, "good order" means that the withdrawal request is accompanied by a properly completed Withdrawal Request form (including the Owner's signature and, if applicable, the written consent of any effective assignee or irrevocable beneficiary).

The proceeds received upon a full withdrawal will be the Contract's Withdrawal Value. The Withdrawal Value is equal to the Contract Value as of the end of the Valuation Period during which the withdrawal is processed, less any

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applicable withdrawal charges (if the withdrawal is made from Purchase Payments that have been held in the Contract for less than five years and the Company issued the Contract with a 5-year withdrawal charge schedule) and any uncollected premium taxes to reimburse the Company for any tax on premiums on a Contract that may be imposed by various states and municipalities. See "Contingent Deferred Sales Charge" and "Premium Tax Charge." If the Extra Credit Rider is in effect, Contract Value will also be reduced by any Credit Enhancements that have not yet vested. See the discussion of vesting of Credit Enhancements under "Extra Credit." The Withdrawal Value during the Annuity Period for variable annuity payments (or a combination of variable and fixed annuity payments) under Annuity Option 7 is the present value of future annuity payments commuted at the assumed interest rate, less any applicable withdrawal charges and any uncollected premium taxes.

The Company requires the signature of all Owners on any request for withdrawal. The Company also requires a guarantee of all such signatures to effect the transfer or exchange of all of the Contract, or any part of the Contract in excess of $25,000, for another investment. The signature guarantee must be provided by an eligible guarantor, such as a bank, broker, credit union, national securities exchange or savings association. Notarization is not an acceptable form of signature guarantee. The Company further requires that any request to transfer or exchange all or part of the Contract for another investment be made upon a transfer form provided by the Company which is available upon request.

A partial withdrawal may be requested for a specified percentage or dollar amount of Contract Value. Each partial withdrawal must be at least $500 except systematic withdrawals discussed below and withdrawals to pay investment advisory fees. A request for a partial withdrawal (including systematic withdrawals and withdrawals to pay investment advisory fees) will result in a payment by the Company of the amount specified in the partial withdrawal request less any applicable withdrawal charge or premium tax charge and a percentage of any Credit Enhancements that have not yet vested. Any withdrawal charge on partial withdrawals (including systematic withdrawals and withdrawals to pay investment advisory fees) will be deducted from the requested payment amount as will any premium tax charge and/or a percentage of Credit Enhancements that have not yet vested. Alternatively, you may request that any withdrawal charge or premium tax charge and unvested Credit Enhancements be deducted from your remaining Contract Value, provided there is sufficient Contract Value available. Upon payment, your Contract Value will be reduced by an amount equal to the payment, or if you requested that any charges be deducted from your remaining Contract Value, your Contract Value also will be reduced by the amount of any such withdrawal charge or premium tax charge and a percentage of any Credit Enhancements that have not yet vested. See "Premium Tax Charge" and "Extra Credit."

If a partial withdrawal (other than a systematic withdrawal or a withdrawal to pay investment advisory fees) is requested after the first Contract Year that would leave the Withdrawal Value in the Contract less than $2,000 and no Purchase Payments have been paid for three years, the Company reserves the right to terminate the Contract and pay the Contract Value in one sum to the Owner. However, the Company will first notify the Owner that the Contract is subject to termination, and will only terminate the Contract if, after 90 days following the date of the notice, the Owner has not made any Purchase Payments to increase the Withdrawal Value to $2,000.

The Company will deduct the amount of a partial withdrawal from the Contract Value in the Subaccounts, according to the Owner's instructions to the Company. If you do not specify the allocation, the Company will deduct the withdrawal in the same proportion that Contract Value is allocated among the Subaccounts.

A full or partial withdrawal, including a systematic withdrawal or a withdrawal to pay investment advisory fees, may result in receipt of taxable income to the Owner and, if made prior to the Owner attaining age 59½, may be subject to a 10% penalty tax. In the case of Contracts issued in connection with retirement plans that meet the requirements of Section 403(b) of the Internal Revenue Code, reference should be made to the terms of the particular Qualified Plan for any limitations or restrictions on withdrawals. If your Contract was issued pursuant to a 403(b) plan, we generally are required to confirm, with your 403(b) plan sponsor or otherwise, that surrenders or transfers you request comply with applicable tax requirements and to decline requests that are not in compliance. For more information, see "Restrictions on Withdrawals from Qualified Plans" and "Restrictions under the Texas Optional Retirement Program." The tax consequences of a withdrawal under the Contract should be carefully considered. See "Federal Tax Matters."

**Withdrawals to Pay Advisory Fees —** The deduction of advisory fees from your Contract Value is treated as a withdrawal under the Contract. No surrender charges will be assessed on a withdrawal to pay advisory fees and the deduction of advisory fees will not count toward the annual free withdrawal amount. Deductions from your Contract Value to pay advisory fees will reduce death benefits and any guaranteed benefit values, perhaps significantly.

Withdrawals to pay advisory fees may still be treated as withdrawals for tax purposes by the Company and/or the IRS. For Non-Qualified Contracts, all or a portion of the charges deducted from your Contract Value to pay advisory

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fees to a financial intermediary may be subject to federal and state income taxes and a 10% federal penalty tax. In a series of recent private letter rulings, the IRS has recognized that investment adviser fees may, in certain circumstances and subject to certain conditions, be deemed a part of a Non-Qualified Contract rather than a taxable distribution. We have received such a private letter ruling from the IRS and intend to tax report in accordance with that ruling.

A tax-free partial exchange may become taxable if an advisory fee is paid from your Contract Value within 180 days of the partial exchange. Consult your tax adviser for advice concerning tax-free partial exchanges and the impact of deducting advisory fees from your Contract Value.

**Systematic Withdrawals —** For no additional charge, the Company currently offers a feature under which you may select systematic withdrawals. Under this feature, an Owner may elect to receive systematic withdrawals while the Owner is living and before the Annuity Start Date by sending a properly completed Scheduled Systematic Withdrawal form to the Company at its Administrative Office. This option may be elected at any time. An Owner may designate the systematic withdrawal amount as a percentage of Contract Value allocated to the Subaccounts, as a fixed period, as level payments, as a specified dollar amount, as all earnings in the Contract, or based upon the life expectancy of the Owner or the Owner and a beneficiary. An Owner also may designate the desired frequency of the systematic withdrawals, which may be monthly, quarterly, semiannual or annual. The Owner may stop or modify systematic withdrawals upon proper written request received by the Company at its Administrative Office at least 30 days in advance of the requested date of termination or modification. A proper request must include the written consent of any effective assignee or irrevocable beneficiary, if applicable.

Each systematic withdrawal must be at least $100. Upon payment, your Contract Value will be reduced by an amount equal to the payment proceeds plus any applicable withdrawal charges and premium tax. Contract Value will also be reduced by a percentage of any Credit Enhancements that have not yet vested. See "Extra Credit."

If an Owner is enrolled in the Dollar Cost Averaging or Asset Reallocation Options, the Owner may not elect to receive systematic withdrawals from any Subaccount that is part of the Dollar Cost Averaging or Asset Reallocation Options.

In no event will the amount of a systematic withdrawal exceed the Contract Value less any applicable withdrawal charges, any uncollected premium taxes, and any reduction for Credit Enhancements that have not yet vested (the "Withdrawal Value"). **The Contract will automatically terminate if a systematic withdrawal causes the Contract's Withdrawal Value to equal zero.** 

The Company will effect each systematic withdrawal as of the end of the Valuation Period during which the withdrawal is scheduled. The deduction caused by the systematic withdrawal, including any applicable withdrawal charge, will be allocated to your Contract Value in the Subaccounts, as you have directed. If you do not specify the allocation, the Company will deduct the systematic withdrawal in the same proportion that Contract Value is allocated among the Subaccounts.

The Company may, at any time, discontinue, modify, suspend or charge a fee for systematic withdrawals. You should consider carefully the tax consequences of a systematic withdrawal, including the 10% penalty tax which may be imposed on withdrawals made prior to the Owner attaining age 59½. See "Restrictions on Withdrawals from Qualified Plans," "Restrictions under the Texas Optional Retirement Program," and "Federal Tax Matters."

**Free-Look Right —** You may return a Contract within the Free-Look Period, which is generally a ten-day period beginning when you receive the Contract. Purchase Payments received during the Free-Look period will be allocated according to your instructions contained in the application or more recent instructions, if any. If you return your Contract during the Free-Look Period, the Company will then deem void the returned Contract and will refund to you Contract Value based upon the value of Accumulation Units next determined after we receive your Contract, plus any charges deducted from such Contract Value, less the Contract Value attributable to any Credit Enhancements. Because the Company will deduct the current value of any Credit Enhancements from the amount of Contract Value refunded to you, the Company will bear the investment risk associated with Credit Enhancements during the Free-Look Period.

Some states' laws require us to refund your Purchase Payments. If your Contract is delivered in one of those states and you return your Contract during the Free-Look Period, the Company will refund the greater of: (1) Purchase Payments (not including any CDSC Credit and/or Credit Enhancements) or (2) Contract Value, plus any charges deducted from such Contract Value, less the Contract Value attributable to any Credit Enhancement and/or CDSC Credit.

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**Death Benefit —** You should consider the following provisions carefully when choosing the Designated Beneficiary, Annuitant, any Joint Annuitant, and any Joint Owner, as well as before changing any of these parties. Naming different persons as Owner(s), Annuitant(s) and Designated Beneficiary(ies) can have important impacts on whether the death benefit is paid, and on who would receive it.

If an Owner dies prior to the Annuity Start Date while this Contract is in force, the Company will calculate the death benefit proceeds payable to the Designated Beneficiary as of the Valuation Date the Company receives due proof of the Owner's death and instructions regarding payment to the Designated Beneficiary. If there are Joint Owners, the death benefit proceeds will be calculated upon receipt of due proof of death of either Owner, and instructions regarding payment.

If the surviving spouse of the deceased Owner is the sole Designated Beneficiary, such spouse may elect to continue the Contract in force, subject to certain limitations. See "Distribution Requirements." If any Owner is not a natural person, the death benefit proceeds will be payable as of the date the Company receives due proof of death of the Annuitant prior to the Annuity Start Date and instructions regarding payment. If the death of an Owner occurs on or after the Annuity Start Date, any applicable death benefit will terminate at the Annuity Start Date without value. See "Annuity Options."

The death benefit proceeds will be the death benefit reduced by any uncollected premium tax. If an Owner dies (or the Annuitant dies, if any Owner is not a natural person) prior to the Annuity Start Date while this Contract is in force, the amount of the death benefit will be the Contract Value on the Valuation Date due proof of death and instructions regarding payment are received by the Company.

If you purchased the Return of Premium Death Benefit rider, your death benefit will be determined in accordance with the terms of the rider. **Please note that, under the rider, if we do not receive due proof of death and instructions regarding payment for each Designated Beneficiary at our Administrative Office within six months of the date of the Owner's death, the death benefit will be the Contract Value on the Valuation Date we receive due proof of death and instructions regarding payment, less any uncollected premium tax. See the discussion of the Return of Premium Death Benefit.** Your death benefit proceeds under the rider will be the death benefit reduced by any uncollected premium tax.

The death benefit proceeds will be paid to the Designated Beneficiary in a single sum or under one of the Annuity Options, as elected by the Designated Beneficiary. However, if the Owner has completed a restricted beneficiary designation form, the death benefit proceeds will be paid to the Designated Beneficiary in the manner specified on the form. If the Designated Beneficiary is to receive annuity payments under an Annuity Option, there may be limits under applicable law on the amount and duration of payments that the Beneficiary may receive, and requirements respecting timing of payments. Under a Qualified Contract, most non-spouse Designated Beneficiaries will be required to receive all proceeds within ten years. A tax adviser should be consulted in considering Annuity Options. See "Federal Tax Matters" and "Distribution Requirements" for a discussion of the tax consequences in the event of death.

Every state has unclaimed property laws which generally declare annuity contracts to be abandoned after a period of inactivity of 3 to 5 years from the Contract's Annuity Start Date or date the death benefit is due and payable. For example, if the payment of a death benefit has been triggered, but the Designated Beneficiary does not come forward to claim the death benefit in a timely manner, the death benefit will be paid to the abandoned property division or unclaimed property office of the state in which the Designated Beneficiary or the Owner last resided, as shown on our books and records, or to our state of domicile. This "escheatment" is revocable, however, and the state is obligated to pay the death benefit (without interest) if your Designated Beneficiary steps forward to claim the death benefit with the proper documentation. To prevent such escheatment, it is important that you update your Designated Beneficiary designations, including addresses, if and as they change. Such updates should be communicated in writing, or other approved means to our Administrative Office.

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**<u>Example of the Impact of Advisory Fee Withdrawals on Contract Value and the Standard Death Benefit</u> <u>over Time.</u>** Assume:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The initial Purchase Payment is $100,000 and no additional Purchase Payments are added to the Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Contract Value grows at an annual rate of 3%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) An advisory fee withdrawal of $1,000 is taken each Contract Year at the end of the Contract Year.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Beginning of** <br> **Contract Year**<br>| **Contract Value** <br> **Prior to Advisory** <br> **Fee Withdrawal**<br>| **Advisory Fee** <br> **Withdrawal**<br>| **Contract Value** <br> **After Advisory Fee** <br> **Withdrawal**<br>| **Death Benefit** <br> **After Advisory Fee** <br> **Withdrawal**<br>|
| 1 | $100000.00 | $1000.00 | $102000.00 | $102000.00 |
| 2 | $102000.00 | $1000.00 | $104060.00 | $104060.00 |
| 3 | $104060.00 | $1000.00 | $106181.80 | $106181.80 |
| 4 | $106181.80 | $1000.00 | $108367.25 | $108367.25 |
| 5 | $108367.25 | $1000.00 | $110618.27 | $110618.27 |
| 6 | $110618.27 | $1000.00 | $112936.82 | $112936.82 |
| 7 | $112936.82 | $1000.00 | $115324.92 | $115324.92 |
| 8 | $115324.92 | $1000.00 | $117784.67 | $117784.67 |
| 9 | $117784.67 | $1000.00 | $120318.21 | $120318.21 |
| 10 | $120318.21 | $1000.00 | $122927.76 | $122927.76 |
| 11 | $122927.76 | $1000.00 | $125615.59 | $125615.59 |
| 12 | $125615.59 | $1000.00 | $128384.06 | $128384.06 |
| 13 | $128384.06 | $1000.00 | $131235.58 | $131235.58 |
| 14 | $131235.58 | $1000.00 | $134172.65 | $134172.65 |
| 15 | $134172.65 | $1000.00 | $137197.83 | $137197.83 |
| 16 | $137197.83 | $1000.00 | $140313.76 | $140313.76 |
| 17 | $140313.76 | $1000.00 | $143523.18 | $143523.18 |
| 18 | $143523.18 | $1000.00 | $146828.87 | $146828.87 |
| 19 | $146828.87 | $1000.00 | $150233.74 | $150233.74 |
| 20 | $150233.74 | $1000.00 | $153740.75 | $153740.75 |
| 21 | $153740.75 | $1000.00 | $157352.97 | $157352.97 |

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As the table above demonstrates, withdrawals to pay advisory fees taken over time will decrease the Contract Value. If the death benefit is equal to the Contract Value, such death benefit will also decrease as a result of withdrawals to pay advisory fees.

**Distribution Requirements —** The Contract provides that upon your death, a surviving spouse may have certain continuation rights that he or she may elect to exercise for the Contract's death benefit. All Contract provisions relating to spousal continuation are available only to a person who meets the definition of "spouse" under federal law. The U.S. Supreme Court has held that same-sex marriages must be permitted under state law and that marriages recognized under state law will be recognized for federal law purposes. Domestic partnerships and civil unions that are not recognized as legal marriages under state law, however, will not be treated as marriages under federal law. Consult a tax adviser for more information on this subject.

For Contracts issued in connection with a Non-Qualified Contract, if the surviving spouse of the deceased Owner is the sole Designated Beneficiary, such spouse may elect to continue this Contract in force until the earliest of the spouse's death or the Annuity Start Date or receive the death benefit proceeds. If the surviving spouse elects to continue the Contract, no death benefit will be paid and the Contract Value will not be adjusted to reflect the amount of any death benefit; provided, however, the Designated Beneficiary will be entitled to receive the death benefit proceeds in accordance with the terms of the Contract upon the death of the surviving spouse.

For any Designated Beneficiary of a Non-Qualified Contract other than a surviving spouse, only those options may be chosen that provide for complete distribution of such Owner's interest in the Contract within five years of the death of the Owner. If the Designated Beneficiary is a natural person, that person alternatively can elect to begin receiving annuity payments within one year of the Owner's death over a period not extending beyond his or her life or

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life expectancy. If the Owner of the Contract is not a natural person, these distribution rules are applicable upon the death of or a change in the primary Annuitant.

For Contracts issued in connection with a Qualified Plan, the terms of the particular Qualified Plan and the Internal Revenue Code should be reviewed with respect to distributions following the death of the Owner or Annuitant. Because the rules applicable to Qualified Plans are extremely complex, a competent tax adviser should be consulted.

Please note that any death benefit we may pay in excess of the Contract Value is subject to our financial strength and claims-paying ability.

**Death of the Annuitant —** If the Annuitant dies prior to the Annuity Start Date, and the Owner is a natural person and is not the Annuitant, no death benefit proceeds will be payable under the Contract. The Owner may name a new Annuitant within 30 days of the Annuitant's death. If a new Annuitant is not named, the Company will designate the Owner as Annuitant. On the death of the Annuitant after the Annuity Start Date, any guaranteed payments remaining unpaid will continue to be paid to the Designated Beneficiary pursuant to the Annuity Option in force at the date of death.

**Benefits Under the Contract**

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**The following table summarizes information about the optional and standard benefits under the Contract that are currently available or have previously been offered. Please note that this table does not fully describe the terms and conditions of each benefit. You should refer to the applicable sections of this Prospectus for additional information.**

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| | | | |
|:---|:---|:---|:---|
| **Standard Benefits** | **Standard Benefits** | **Standard Benefits** | **Standard Benefits** |
| **Name of** <br> **Benefit**<br>| **Purpose** | **Maximum** <br> **Fee**<br>| **Brief Description of Restrictions/Limitations** |
| Standard <br> Death Benefit<br>| Provides a death benefit equal to <br> the Contract Value.<br>| There is no <br> charge for this <br> option.<br>| <sup>●</sup>The death benefit will be reduced by any uncollected premium tax. |
| Dollar Cost <br> Averaging <br> Option<br>| Allows the systematic transfer of <br> a specified dollar amount or <br> percentage of Contract Value <br> among Subaccounts.<br>| There is no <br> charge for this <br> option.<br>| <sup>●</sup>The minimum amount that may be transferred to any one <br> Subaccount is $25.00.<br><sup>●</sup>The Company may discontinue, modify, or suspend Dollar Cost <br> Averaging at any time.<br><sup>●</sup>Transfers will be made until the total amount elected has been <br> transferred, or until Contract Value in the Subaccount from which <br> transfers are made has been depleted.<br><sup>●</sup>After termination of Dollar Cost Averaging for any reason, before <br> reinstating Dollar Cost Averaging, you must wait at least one month <br> if transfers were monthly, at least one quarter if transfers were <br> quarterly, at least six months if transfers were semiannual, and at <br> least one year if transfers were annual.<br>|
| Asset <br> Reallocation <br> Option<br>| Allows you to automatically <br> transfer Contract Value on a <br> monthly, quarterly, semiannual or <br> annual basis to maintain a <br> particular percentage allocation <br> among the Subaccounts.<br>| There is no <br> charge for this <br> option.<br>| <sup>●</sup>The Company may discontinue, modify, or suspend the Asset <br> Reallocation Option at any time.<br>|
| Automatic <br> Investment <br> Program<br>| A program pursuant to which <br> Purchase Payments are <br> automatically paid from your bank <br> account on a specified day of <br> each month or a salary reduction <br> agreement.<br>| There is no <br> charge for this <br> option.<br>| <sup>●</sup>The minimum subsequent Purchase Payment if you elect an <br> Automatic Investment Program is reduced to $50.<br>|
| Systematic <br> Withdrawals<br>| Allows you to set up periodic <br> automatic payments of a certain <br> percentage or dollar amount of <br> your Contract Value.<br>| There is no <br> charge for this <br> option.<br>| <sup>●</sup>Each payment must be at least $100 (unless we consent <br> otherwise).<br><sup>●</sup>Withdrawals may be subject to income tax and penalties.<br> <sup>●</sup>If an Owner is enrolled in the Dollar Cost Averaging or Asset <br> Reallocation Options, the Owner may not elect to receive <br> systematic withdrawals from any Subaccount that is part of the <br> Dollar Cost Averaging or Asset Reallocation Options.<br>|

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| | | |
|:---|:---|:---|
| **Optional Benefits** | **Optional Benefits** | **Optional Benefits** |
| **Name of** <br> **Benefit**<br>| **Purpose** | **Maximum** <br> **Fee (as a** <br> **percentage** <br> **of Contract** <br> **Value)**<br>|
| Return of <br> Premium <br> Death Benefit<br>| Provides an enhanced death <br> benefit upon the death of the <br> Owner or any Joint Owner prior to <br> the Annuity Start Date.<br>| 0.10%<br> <sup>●</sup>The rider is only available at issue. You cannot change or cancel <br> the rider after it has been issued.<br><sup>●</sup>We will reduce the death benefit offered under this rider by any <br> uncollected premium tax and if the Extra Credit Rider was in effect, <br> any Credit Enhancements applied during the 12 months preceding <br> the Owner's date of death (unless the death benefit is the Contract <br> Value).<br><sup>●</sup>If we do not receive due proof of death and instructions regarding <br> payment for each Designated Beneficiary at our Administrative <br> Office within six months of the date of the Owner's death, the <br> death benefit will be the Contract Value on the Valuation Date we <br> receive due proof of death and instructions regarding payment, <br> less any uncollected premium tax.<br><sup>●</sup>The Owner and any Joint Owner must be 80 or younger on the <br> Contract Date.<br><sup>●</sup>The Company will continue to deduct the rider charge after the <br> Annuity Start Date if you elect Annuity Option 5 or 6.<br><sup>●</sup>Withdrawals (including withdrawals to pay advisory fees) reduce <br> the benefit proportionately. **This means withdrawals could** <br> **significantly reduce the benefit by substantially more than the** <br> **actual amount of the withdrawal, or even terminate the benefit.**<br>|
| Extra Credit | Provides a Credit Enhancement <br> equal to 3% of Purchase <br> Payments, which will be added to <br> the Contract Value for each <br> Purchase Payment made in the <br> first Contract Year.<br>| 0.40%<br> <sup>●</sup>If Purchase Payments are made in subsequent Contract Years, the <br> charge for this benefit will increase proportionately in relation to <br> those Purchase Payments and no additional Credit Enhancement <br> will be applied.<br><sup>●</sup>The rider is only available at issue. You cannot change or cancel <br> the rider after it has been issued.<br><sup>●</sup>You may not select an Annuity Start Date prior to seven years from <br> the effective date of the rider.<br><sup>●</sup>Credit Enhancements are not fully vested until the seventh Contract <br> anniversary. Until that date, all or a portion of the Credit <br> Enhancement(s) will be forfeited under certain circumstances.<br><sup>●</sup>Available only if the Owner was age 80 or younger on the Contract <br> Date.<br>|

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| | | |
|:---|:---|:---|
| **Optional Benefit (No Longer Available For Election)** | **Optional Benefit (No Longer Available For Election)** | **Optional Benefit (No Longer Available For Election)** |
| **Name of** <br> **Benefit**<br>| **Purpose** | **Maximum** <br> **Fee (as a** <br> **percentage** <br> **of Contract** <br> **Value)**<br>|
| 6% Dollar for <br> Dollar <br> Guaranteed <br> Minimum <br> Income Benefit<br>| Provides a minimum amount <br> ("Minimum Income Benefit"), <br> based on a 6% crediting rate, for <br> purchase of a fixed Annuity, and <br> allows withdrawal of a specified <br> amount each Contract Year <br> ("Annual Limit") without a <br> proportional reduction to the <br> Minimum Income Benefit.<br>| 0.75%<br> <sup>●</sup>The Company credits a maximum rate of 3%, not 6%, for amounts <br> allocated to Rydex VIF U.S. Government Money Market <br> Subaccount.<br><sup>●</sup>We may add new Subaccounts in the future that will earn only the <br> 3% rate.<br><sup>●</sup>You may not exercise this benefit until the 10th Contract <br> anniversary or later.<br><sup>●</sup>Certain fixed annuity payments can only be elected on the 10th <br> anniversary date of the rider and not available thereafter.<br><sup>●</sup>Available only if the age of the Annuitant was 79 or younger on the <br> Contract Date.<br><sup>●</sup>If a withdrawal (including a withdrawal to pay advisory fees) <br> exceeds the Annual Limit, the withdrawal will reduce the benefit <br> proportionately, but if the withdrawal does not exceed the Annual <br> Limit, the withdrawal will reduce the benefit by the dollar amount of <br> the withdrawal. **A proportionate withdrawal could significantly** <br> **reduce the benefit by substantially more than the actual** <br> **amount of the withdrawal.**<br>|

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**Optional Riders —** Upon your application for the Contract, you may select one or both of the following riders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Return of Premium Death Benefit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Extra Credit at 3%.

The Company makes each rider available only at issue. You cannot change or cancel the rider(s) that you select after they are issued. See a detailed description of each rider below.

For information on a rider that is no longer available for purchase, please see **Appendix B – Rider Available for Purchase Only Prior to February 1, 2010**.

**Return of Premium Death Benefit —** For an additional charge, as reflected in the Fee Table, under this rider, we will pay an enhanced death benefit upon the death of the Owner or any Joint Owner prior to the Annuity Start Date. If the rider is not purchased, the death benefit will be the Contract Value on the Valuation Date we receive due proof of death and instructions regarding payment for each Designated Beneficiary. See the discussion under "Death Benefit."

Please note that any amount that we may pay or make available under the Return of Premium Death Benefit rider that is in excess of Contract Value is subject to our financial strength and claims-paying ability.

How do you calculate the death benefit? On the Valuation Date we receive due proof of death and instructions regarding payment for each Designated Beneficiary, the death benefit equals the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Contract Value; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The sum of all Purchase Payments (**not** including any Credit Enhancements) less an adjustment for any withdrawals and withdrawal charges (including systematic withdrawals and withdrawals to pay investment advisory fees).

In the event of a withdrawal (including a systematic withdrawal or a withdrawal to pay investment advisory fees), we reduce your Return of Premium Death Benefit as last adjusted for any prior withdrawal in the same proportion that the withdrawal reduces Contract Value immediately prior to the withdrawal. **This means if you make a withdrawal when your Contract Value is less than your total Purchase Payments, your Return of Premium Death Benefit will be reduced by an amount that is greater than the dollar amount of your withdrawal.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

For example, if you have made Purchase Payments totaling $100,000 and your Contract Value has dropped to $60,000, your death benefit is $100,000 so long as you have not taken any withdrawals. If, however, you

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take a $10,000 withdrawal (including a withdrawal to pay advisory fees), then we will reduce your total Purchase Payments proportionately to equal $83,333 ($100,000 x (1-$10,000 / $60,000). After the withdrawal, your death benefit is $83,333. *Note that your death benefit decreased by more than the dollar amount of your withdrawal.* 

See the next question for information on potential reductions in the amount of the death benefit to collect any premium tax due or recapture Credit Enhancements that were applied within 12 months of the date of the Owner's death.

**Will there be any adjustments to the enhanced death benefit?** We will reduce the death benefit offered under this rider by any uncollected premium tax, and, if the Extra Credit Rider was in effect, any Credit Enhancements applied during the 12 months preceding the Owner's date of death (however, if the death benefit is 1 above, we will not reduce the death benefit by any Credit Enhancements).

**Note: If we do not receive due proof of death and instructions regarding payment for each Designated Beneficiary at our Administrative Office within six months of the date of the Owner's death, the death benefit will be the Contract Value on the Valuation Date we receive due proof of death and instructions regarding payment, less any uncollected premium tax.** 

**Are there age restrictions on purchasing this rider?** The Owner and any Joint Owner must be 80 or younger on the Contract Date. See the discussion under "Death Benefit."

**Extra Credit —** For an additional charge, as reflected in the Fee Table, under this rider, we will add a bonus, or "Credit Enhancement," to your Contract Value equal to 3% of each Purchase Payment you make during the first Contract Year.

**<u>Example of the Credit Enhancement Applied to Initial and Subsequent Purchase Payments.</u>** Assume:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Owner purchased the Contract with the Extra Credit Rider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The initial Purchase Payment is $100,000.

The amount of the Credit Enhancement added to the Contract Value would be $3,000 ($100,000 x 3%). Thus, the Contract Value at issue would be $103,000.

Six months later the Owner makes a Purchase Payment of $50,000. The additional Purchase Payment will increase the Contract Value by $51,500, the amount of the $50,000 Purchase Payment plus $1,500 ($50,000 x 3%).

There are several important points for you to consider before purchasing this rider:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

As discussed below, we will recapture all or part of any Credit Enhancement that has not yet vested if you make a full or partial withdrawal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

We may exclude all or part of any Credit Enhancements from death benefit proceeds. See "Death Benefit" and "Return of Premium Death Benefit."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

If you elect this rider, you must select an Annuity Start Date that is at least seven years after the effective date of the rider. This rider may not be appropriate for you if you want to annuitize sooner or if you are over age 63 at issue and will be required to annuitize the Contract at age 70½ to meet federal minimum distribution requirements for IRAs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

We expect to make a profit from the charge for this rider, and we pay for the Credit Enhancements through the rider charge and recapture of Credit Enhancements under the vesting schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

We will allocate any Credit Enhancement among the Subaccounts in the same proportion as your Purchase Payment.

**What happens if I return the Contract?** If you exercise your right to return the Contract during the Free-Look period, we will reduce your Contract Value by the value of any Credit Enhancements applied. See "Free-Look Right."

**What happens if I make withdrawals?** If you make a full or partial withdrawal, we will recapture all or part of any Credit Enhancement that has not yet "vested." An amount equal to 1/7 of each Credit Enhancement will vest as of each Contract anniversary and the Credit Enhancement will be fully vested at the end of seven Contract Years.

We will recapture Credit Enhancements on withdrawals only to the extent that total withdrawals in a Contract Year, including systematic withdrawals, exceed the Free Withdrawal amount available under the Contract. In addition,

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the Company does not recapture Credit Enhancements on withdrawals made to pay the fees of your registered investment adviser, provided that your adviser has entered into a variable annuity adviser agreement with the Company. See "Contingent Deferred Sales Charge."

The amount we will recapture upon withdrawal is equal to a percentage of the Credit Enhancement that has not yet vested. As of the date of the withdrawal, this percentage equals:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The amount of the withdrawal, including any withdrawal charges, less the Free Withdrawal amount, divided by

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Contract Value immediately prior to the withdrawal.

**<u>Example of Credit Enhancement Vesting and Recapture upon Withdrawal in Excess of the Free</u> <u>Withdrawal Amount.</u>** Assume:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Owner purchased the Contract with the Extra Credit Rider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The initial Purchase Payment is $175,000.

The amount of the Credit Enhancement added to the Contract Value would be $5,250 ($175,000 x 3%). Thus, the Contract Value at issue would be $180,250.

An amount equal to 1/7 of the Credit Enhancement vests each Contract anniversary, and the Credit Enhancement is fully vested seven years from the date the Contract was issued. Assuming no withdrawals in excess of the free withdrawal amount are taken during the first seven Contract Years, the table below shows how the $5,250 Credit Enhancement vests each year:

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| | | |
|:---|:---|:---|
| **Beginning of** <br> **Contract Year**<br>| &nbsp;&nbsp; **Vested Credit** <br> **Enhancement**<br>| &nbsp;&nbsp; **Unvested Credit** <br> **Enhancement**<br>|
| 1 | $0.00 | $5250 |
| 2 | $750 | $4500 |
| 3 | $1500 | $3750 |
| 4 | $2250 | $3000 |
| 5 | $3000 | $2250 |
| 6 | $3750 | $1500 |
| 7 | $4500 | $750 |
| 8 | $5250 | $0.00 |

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Due to negative market performance, in Contract Year 3, the Contract Value is $100,000, and the free withdrawal amount is $10,000. The Owner requests a withdrawal of $20,000, $10,000 more than the free withdrawal amount. The Credit Enhancement recapture is calculated as follows:

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| | | |
|:---|:---|:---|
| (Withdrawal Amount - Free Withdrawal Amount) | x | &nbsp;&nbsp; Unvested Credit<br> Enhancement |
| (Contract Value Prior to Withdrawal - Unvested Credit Enhancement) | x | &nbsp;&nbsp; Unvested Credit<br> Enhancement |

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| | | | | |
|:---|:---|:---|:---|:---|
| ($20000 - $10000) | x | $3750 | = | $389.61 |
| ($100000 - $3750) | x | $3750 | = | $389.61 |

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**How do I know if this rider is right for me?** The Extra Credit Rider would make sense for you only if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

you do not expect to make Purchase Payments to the Contract after the first Contract Year, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

you expect your average annual return (net of expenses of the Contract and the Underlying Funds) to exceed -5.00%.

This return represents the amount that must be earned each year during the seven-year period beginning on the Contract Date to break even on the rider. The return is net of Contract and Underlying Fund expenses. This means that you would need to earn the return above plus the amount of applicable expenses to break even on the rider.

The rate of return assumes that all Purchase Payments are made during the first Contract Year when the Credit Enhancement is applied to Purchase Payments. If Purchase Payments are made in subsequent Contract Years, the

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applicable rider charge will increase in correlation to Purchase Payments and no offsetting Credit Enhancement will be available. As a result, the rate of return required to break even would be higher.

What this all means is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

if your actual returns are greater than the amount set forth above and you make no Purchase Payments after the first Contract Year, you will profit from the purchase of the rider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

if your actual returns are less, or if you make additional Purchase Payments after the first Contract Year, you will be worse off than if you had not purchased the rider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

The Internal Revenue Code generally requires that interests in a Qualified Contract be nonforfeitable, and it is unclear whether the Credit Enhancement feature is consistent with those requirements. Consult a tax advisor before purchasing this rider as part of a Qualified Contract.

**Are there age restrictions on purchasing this rider?** The Owner must be 80 or younger on the Contract Date.

**Rider Available for Purchase Only Prior to February 1, 2010** — A rider previously offered with the Contract is no longer available for purchase. Please refer to **Appendix B – Rider Available For Purchase Only Prior To February 1, 2010** for a description of this rider.

**Annuity Period**

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**General —** You select the Annuity Start Date at the time of application. The Annuity Start Date may not be deferred beyond the Annuitant's 95th birthday, although the terms of a Qualified Plan and the laws of certain states may require that you start annuity payments at an earlier age. If you do not select an Annuity Start Date, the Annuity Start Date will be the later of the Annuitant's 70th birthday or the tenth Contract anniversary. For Contracts issued in Arizona on or after September 20, 2007, if no Annuity Start Date is selected, the Annuity Start Date will be the Annuitant's 95th birthday. If you do not select an Annuity Option, annuity payments will not begin until you make a selection, which may be after the Annuity Start Date. Any applicable death benefit will terminate at the Annuity Start Date without value. See "Selection of an Option." If there are Joint Annuitants, the birthdate of the older Annuitant will be used to determine the latest Annuity Start Date.

On the Annuity Start Date, the proceeds under the Contract will be applied to provide an annuity under one of the options described below. Each option is available in two forms—either as a variable annuity for use with the Subaccounts or as a fixed annuity. A combination variable and fixed annuity is also available. Variable annuity payments will fluctuate with the investment performance of the applicable Subaccounts while fixed annuity payments will not. The proceeds under the Contract will be equal to your Contract Value as of the Annuity Start Date, reduced by any applicable premium taxes.

The Contract currently provides for eight Annuity Options. The Company may make other Annuity Options available upon request. The Company may discontinue the availability of one or more of these options at any time but will always offer a variable annuity option. Annuity payments are based upon annuity rates that vary with the Annuity Option selected. In the case of Annuity Options 1 through 4 and 8, the annuity rates will vary based on the age and sex of the Annuitant, except that unisex rates are available where required by law. The annuity rates reflect the Annuitant's life expectancy based upon the Annuitant's age as of the Annuity Start Date and the Annuitant's gender, unless unisex rates apply. The annuity rates are based upon the 1983(a) mortality table with mortality improvement under Projection Scale G and are adjusted to reflect an assumed interest rate of 3.5%, compounded annually, for the variable annuity. In the case of Annuity Option 7, the annuity rate is determined without reference to the age or sex of the Annuitant and is based upon the assumed interest rate. In the case of Annuity Options 5 and 6 as described below, annuity payments are based upon Contract Value without regard to annuity rates.

Annuity Options 1 through 4 and 8 provide for payments to be made during the lifetime of the Annuitant. Annuity payments under such options cease in the event of the Annuitant's death, unless the option provides for a guaranteed minimum number of payments, for example a life income with guaranteed payments of 5, 10, 15, 20 or 30 years. The level of annuity payments will be greater for shorter guaranteed periods and less for longer guaranteed periods. Similarly, payments will be greater for life annuities than for joint and survivor annuities, because payments for life annuities are expected to be made for a shorter period.

You may elect to receive annuity payments on a monthly, quarterly, semiannual, or annual basis, although no payments will be made for less than $100. If the frequency of payments selected would result in payments of less than $100, the Company reserves the right to change the frequency. For example, if you select monthly payments and your payment amount would be $75 per month, the Company could elect to change your payment frequency to

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quarterly as less frequent payments will result in a larger payment amount (assuming the same amount is applied to purchase the annuity).

You may designate or change an Annuity Start Date, Annuity Option, or Annuitant, provided proper written notice is received by the Company at its Administrative Office at least 30 days prior to the Annuity Start Date set forth in the Contract. The date selected as the new Annuity Start Date must be at least 30 days after the date written notice requesting a change of Annuity Start Date is received at the Company's Administrative Office.

Once annuity payments have commenced under Annuity Options 1 through 4 and 8, an Annuitant or Owner cannot change the Annuity Option and cannot make partial withdrawals or surrender his or her annuity for the Withdrawal Value. An Owner also cannot change the Annuity Option or make partial withdrawals or surrender his or her annuity for the Withdrawal Value if he or she has elected fixed annuity payments under Annuity Option 7.

If an Owner has elected variable annuity payments or a combination of variable and fixed annuity payments under Annuity Option 7, an Owner may elect to withdraw the present value of future annuity payments, commuted at the assumed interest rate, subject to a reduction for any applicable withdrawal charges and any uncollected premium tax. However, the Owner cannot take systematic withdrawals or make withdrawals to pay the fees of an investment adviser. If the Owner elects a partial withdrawal under Annuity Option 7, future variable annuity payments will be reduced as a result of such withdrawal. The Company will make payment in the amount of the partial withdrawal requested and will reduce the amount of future annuity payments by a percentage that is equal to the ratio of (i) the partial withdrawal, plus any applicable withdrawal charges and any uncollected premium tax, over (ii) the present value of future annuity payments, commuted at the assumed interest rate. The number of Annuity Units used in calculating future variable annuity payments is reduced by the applicable percentage. The tax treatment of partial withdrawals taken after the Annuity Start Date is uncertain. Consult a tax advisor before requesting a withdrawal after the Annuity Start Date. The Owner may not make systematic withdrawals under Annuity Option 7. See "Value of Variable Annuity Payments: Assumed Interest Rate" for more information with regard to how the Company calculates variable annuity payments.

An Owner or Annuitant may transfer Contract Value among the Subaccounts during the Annuity Period, as was available during the accumulation phase, if variable annuity payments have been selected.

The Contract specifies annuity tables for the Annuity Options described below. The tables contain the guaranteed minimum dollar amount (per $1,000 applied) of the first annuity payment for a variable annuity and each annuity payment for a fixed annuity.

**Annuity Options —** 

**Option 1 — Life Income.** Periodic annuity payments will be made during the lifetime of the Annuitant. It is possible under this Option for any Annuitant to receive only one annuity payment if the Annuitant's death occurred prior to the due date of the second annuity payment, two if death occurred prior to the due date of the third annuity payment, etc. **There is no minimum number of payments guaranteed under this option. Payments will cease upon the death of the Annuitant regardless of the number of payments received.** 

**Option 2 — Life Income with Guaranteed Payments of 5, 10, 15, 20 or 30 Years.** Periodic annuity payments will be made during the lifetime of the Annuitant with the promise that if, at the death of the Annuitant, payments have been made for less than a stated period, which may be five, ten, fifteen, twenty or thirty years, as elected by the Owner, annuity payments will be continued during the remainder of such period to the Designated Beneficiary. Upon the Annuitant's death after the period certain, no further annuity payments will be made. If you have elected the 6% Dollar for Dollar Guaranteed Minimum Income Benefit Rider, you may apply the Minimum Income Benefit to purchase a fixed Joint and Last Survivor Annuity with a 10-year period certain. The annuity rates under the rider are based upon the 1983(a) mortality table with mortality improvement under Projection Scale G and an interest rate of 2% in lieu of the rate described above.

**Option 3 — Life with Installment or Unit Refund Option.** Periodic annuity payments will be made during the lifetime of the Annuitant with the promise that, if at the death of the Annuitant, the number of payments that has been made is less than the number determined by dividing the amount applied under this Annuity Option by the amount of the first payment, annuity payments will be continued to the Designated Beneficiary until that number of payments has been made. For example, if the Annuity start amount was $100,000 and the calculated monthly annuity payment was $550, 182 payments ($100,000 / $550) would be guaranteed for the life of the Annuitant. This means if the Annuitant dies before 182 payments have been made, the remaining annuity payments will be continued to the Designated Beneficiary.

**Option 4 —** 

**A. Joint and Last Survivor.** Annuity payments will be made as long as either Annuitant is living. Upon the death of one Annuitant, annuity payments continue to the surviving Annuitant at the same or a reduced level of 75%, 66

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2/3% or 50% of annuity payments as elected by the Owner at the time the Annuity Option is selected. With respect to fixed annuity payments, the amount of the annuity payment, and with respect to variable annuity payments, the number of Annuity Units used to determine the annuity payment, is reduced as of the first annuity payment following the Annuitant's death. It is possible under this Option for only one annuity payment to be made if both Annuitants died prior to the second annuity payment due date, two if both died prior to the third annuity payment due date, etc. As in the case of Annuity Option 1, there is no minimum number of payments guaranteed under this Annuity Option 4A. Payments cease upon the death of the last surviving Annuitant, regardless of the number of payments received.

**B. Joint and Last Survivor with Guaranteed Payments of 5, 10, 15, 20 or 30 Years.** You may also select Annuity Option 4 with guaranteed payments. Annuity payments will be made as long as either Annuitant is living. Upon the death of one Annuitant, annuity payments continue to the surviving Annuitant at the same level with the promise that if, at the death of both Annuitants, payments have been made for less than a stated period, which may be five, ten, fifteen, twenty or thirty years, as elected by the Owner, annuity payments will be continued during the remainder of such period to the Designated Beneficiary. Upon the last death of the Annuitants after the period certain, no further annuity payments will be made. If you have elected the 6% Dollar for Dollar Guaranteed Minimum Income Benefit Rider, you may apply the Minimum Income Benefit to purchase a fixed Joint and Last Survivor Annuity with a 10-year period certain. The annuity rates under the rider are based upon the 1983(a) mortality table with mortality improvement under Projection Scale G and an interest rate of 2% in lieu of the rate described above.

**Option 5 — Payments for a Specified Period.** Periodic annuity payments will be made for a fixed period, which may be from 5 to 30 years, as elected by the Owner. The amount of each annuity payment is determined by dividing Contract Value by the number of annuity payments remaining in the period. If, at the death of all Annuitants, payments have been made for less than the selected fixed period, the remaining unpaid payments will be paid to the Designated Beneficiary. The Company will continue to deduct any applicable monthly rider charge and pro rata account administration charge from Contract Value if you elect this option.

**Option 6 — Payments of a Specified Amount.** Periodic annuity payments of the amount elected by the Owner will be made until Contract Value is exhausted, with the guarantee that, if, at the death of all Annuitants, all guaranteed payments have not yet been made, the remaining unpaid payments will be paid to the Designated Beneficiary. The Company will continue to deduct any applicable monthly rider charge and pro rata account administration charge from Contract Value if you elect this option.

**Option 7 — Period Certain.** Periodic annuity payments will be made for a stated period, which may be 5, 10, 15, 20 or 30 years, as elected by the Owner. This option differs from Annuity Option 5 in that Annuity Payments are calculated on the basis of Annuity Units rather than as a percentage of Contract Value. If the Annuitant dies prior to the end of the period, the remaining payments will be made to the Designated Beneficiary.

**Option 8 — Joint and Contingent Survivor Option.** Periodic annuity payments will be made during the life of the primary Annuitant. Upon the death of the primary Annuitant, payments will be made to the contingent Annuitant during his or her life. If the contingent Annuitant is not living upon the death of the primary Annuitant, no payments will be made to the contingent Annuitant. It is possible under this Option for only one annuity payment to be made if both Annuitants died prior to the second annuity payment due date, two if both died prior to the third annuity payment due date, etc. As in the case of Annuity Options 1 and 4A, there is no minimum number of payments guaranteed under this Option. Payments cease upon the death of the last surviving Annuitant, regardless of the number of payments received.

**Value of Variable Annuity Payments: Assumed Interest Rate.** The annuity tables in the Contract which are used to calculate variable annuity payments for the Annuity Options are based on an "assumed interest rate" of 3½%, compounded annually. Variable annuity payments generally increase or decrease from one annuity payment date to the next based upon the performance of the applicable Subaccounts during the interim period adjusted for the assumed interest rate. If the performance of the Subaccount selected is equal to the assumed interest rate, the annuity payments will remain constant. If the performance of the Subaccounts is greater than the assumed interest rate, the annuity payments will increase and if it is less than the assumed interest rate, the annuity payments will decline. A higher assumed interest rate would mean a higher initial annuity payment but the amount of the annuity payment would increase more slowly in a rising market (or the amount of the annuity payment would decline more rapidly in a declining market). A lower assumption would have the opposite effect.

The Company calculates variable annuity payments under Annuity Options 1 through 4, 7 and 8 using Annuity Units. The value of an Annuity Unit for each Subaccount is determined as of each Valuation Date and was initially $1.00. The Annuity Unit value of a Subaccount as of any subsequent Valuation Date is determined by adjusting the Annuity Unit value on the previous Valuation Date for (1) the interim performance of the corresponding Underlying Fund; (2) any dividends or distributions paid by the corresponding Underlying Fund; (3) the mortality and expense risk and administration charges; (4) the charges, if any, that may be assessed by the Company for taxes attributable to the operation of the Subaccount; and (5) the assumed interest rate.

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The Company determines the number of Annuity Units used to calculate each variable annuity payment as of the Annuity Start Date. As discussed above, the Contract specifies annuity rates for Annuity Options 1 through 4, 7 and 8 for each $1,000 applied to an Annuity Option. The proceeds under the Contract as of the Annuity Start Date are divided by $1,000 and the result is multiplied by the rate per $1,000 specified in the annuity tables to determine the initial annuity payment for a variable annuity and the guaranteed monthly annuity payment for a fixed annuity.

On the Annuity Start Date, the Company divides the initial variable annuity payment by the value as of that date of the Annuity Unit for the applicable Subaccount to determine the number of Annuity Units to be used in calculating subsequent annuity payments. If variable annuity payments are allocated to more than one Subaccount, the number of Annuity Units will be determined by dividing the portion of the initial variable annuity payment allocated to a Subaccount by the value of that Subaccount's Annuity Unit as of the Annuity Start Date. The initial variable annuity payment is allocated to the Subaccounts in the same proportion as the Contract Value is allocated as of the Annuity Start Date. The number of Annuity Units will remain constant for subsequent annuity payments, unless the Owner transfers Annuity Units among Subaccounts or makes a withdrawal under Annuity Option 7.

Subsequent variable annuity payments are calculated by multiplying the number of Annuity Units allocated to a Subaccount by the value of the Annuity Unit as of the date of the annuity payment. If the annuity payment is allocated to more than one Subaccount, the annuity payment is equal to the sum of the payment amount determined for each Subaccount.

**Selection of an Option —** You should carefully review the Annuity Options with your financial or tax adviser. If you have questions about the calculation of the payment amount under a particular Annuity Option, you can contact the Company at 1-800-888-2461. For Contracts used in connection with a Qualified Plan, reference should be made to the terms of the particular Qualified Plan and the requirements of the Internal Revenue Code for pertinent limitations respecting annuity payments and other matters. For instance, Qualified Plans generally require that distributions begin no later than April 1 of the calendar year following the year in which the Annuitant reaches their "applicable age" as defined in the Code. If the Annuitant attains age 72 after 2022 and age 73 before 2033, their applicable age is 73. If Annuitant attains age 74 after 2032, their applicable age is 75. In addition, under a Qualified Plan, not all Annuity Options will satisfy required minimum distribution rules, particularly as those rules apply to your beneficiary after your death. Beginning with Owner deaths occurring on or after January 1, 2020, subject to certain exceptions, most non-spouse beneficiaries must complete distributions within ten years of the Owner's death in order to satisfy required minimum distribution rules. Consult a tax adviser before electing an Annuity Option. The Company does not allow the Annuity Start Date to be deferred beyond the Annuitant's 95th birthday.

**More About the Contract**

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**Ownership —** The Owner is the person named as such in the application or in any later change shown in the Company's records. While living, the Owner alone has the right to receive all benefits and exercise all rights that the Contract grants or the Company allows. The Owner may be an entity that is not a living person such as a trust or corporation referred to herein as "Non-natural Persons." See "Federal Tax Matters."

**Joint Owners.** The Joint Owners will be joint tenants with rights of survivorship and upon the death of an Owner, the surviving Owner shall be the sole Owner. Any Contract transaction requires the signature of all persons named jointly.

**Designation and Change of Beneficiary —** The Designated Beneficiary is the person having the right to the death benefit, if any, payable upon the death of the Owner or Joint Owner prior to the Annuity Start Date. The Designated Beneficiary is the first person on the following list who, if a natural person, is alive on the date of death of the Owner or the Joint Owner: the Owner; the Joint Owner; the Primary Beneficiary; the Secondary Beneficiary; the Annuitant; or if none of the above are alive, the Owner's estate. The Primary Beneficiary is the individual named as such in the application or any later change shown in the Company's records. The Primary Beneficiary will receive the death benefit of the Contract only if he or she is alive on the date of death of both the Owner and any Joint Owner prior to the Annuity Start Date. Because the death benefit of the Contract goes to the first person on the above list who is alive on the date of death of any Owner, careful consideration should be given to the manner in which the Contract is registered, as well as the designation of the Primary Beneficiary. The Owner may change the Primary Beneficiary at any time while the Contract is in force by written request on forms provided by the Company and received by the Company at its Administrative Office. The change will not be binding on the Company until it is received and recorded at its Administrative Office. The change will be effective as of the date this form is signed

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subject to any payments made or other actions taken by the Company before the change is received and recorded. A Secondary Beneficiary may be designated. The Owner may designate a permanent Beneficiary whose rights under the Contract cannot be changed without his or her consent.

Reference should be made to the terms of a particular Qualified Plan and any applicable law for any restrictions or limitations on the designation of a Beneficiary. Some qualified plans do not allow the designation of any primary beneficiary other than a spouse unless the spouse consents to such designation and the consent is witnessed by a plan representative or a notary public. Not all Annuity Options will satisfy required minimum distribution rules for every Beneficiary.

**Dividends —** The Contract does not share in the surplus earnings of the Company, and no dividends will be paid.

**Payments from the Separate Account —** The Company generally will pay any full or partial withdrawal (including systematic withdrawals and withdrawals to pay investment advisory fees) or death benefit proceeds from Contract Value allocated to the Subaccounts within seven days after a proper request is received at the Company's Administrative Office. However, the Company can postpone such a payment from the Subaccounts to the extent permitted under applicable law, which is currently permissible only for any period:

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During which the NYSE is closed other than customary weekend and holiday closings,

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During which trading on the NYSE is restricted as determined by the SEC,

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During which an emergency, as determined by the SEC, exists as a result of which (i) disposal of securities held by the Separate Account is not reasonably practicable, or (ii) it is not reasonably practicable to determine the value of the assets of the Separate Account, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

For such other periods as the SEC may by order permit for the protection of investors.

The Company reserves the right to delay payments of any full or partial withdrawal until all of your Purchase Payment checks have been honored by your bank.

**Proof of Age and Survival —** The Company may require proof of age or survival of any person on whose life annuity payments depend.

**Misstatements —** If you misstate the age or sex of an Annuitant or Owner, the correct amount paid or payable by the Company under the Contract shall be such as the Contract Value would have provided for the correct age or sex (unless unisex rates apply).

**Business Disruption and Cybersecurity Risks —** We rely on technology, including interconnected computer systems and data storage networks and digital communications, to conduct our variable product business activities. Because our variable product business is highly dependent upon the effective operation of our computer systems and those of our service providers and other business partners, our business is vulnerable to disruptions from utility outages, and susceptible to operational and information security risks resulting from information systems failure (e.g., hardware and software malfunctions) and cyber-attacks. Cyber-attacks may be systemic (e.g. affecting the internet, cloud services, or other infrastructure) or targeted (e.g. failures in or breach of our systems or those of third parties on whom we rely, including ransomware and malware attacks).

Cybersecurity risks include, but are not limited to, the loss, theft, misuse, corruption, and destruction of data maintained online or digitally, interference with or denial of service, attacks on our website (or the websites of third parties on whom we rely), disruption of routine business operations, and unauthorized release of confidential customer information. The risk of cyber-attacks may be higher during periods of geopolitical turmoil (such as the recent military conflict between the United States and Iran, and the Russian invasion of Ukraine and the responses by the United States and other governments). Due to the increasing sophistication of cyber-attacks, a cybersecurity breach could occur and persist for an extended period of time without detection.

Systems failures and cybersecurity incidents affecting us, our affiliates, the Underlying Funds, intermediaries, service providers, and other third parties on whom we rely may adversely affect your contract value and interfere with our ability to process contract transactions and calculate contract values. Systems failures and cybersecurity breaches may cause us to be unable to process orders from our website or with the Underlying Funds, cause us to be unable to calculate unit values and/or the Underlying Funds to be unable to calculate share values, cause the release or possible destruction of confidential customer and/or business information, impede order processing or

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cause other operational issues, subject us and our service providers and intermediaries to regulatory fines, litigation, and financial losses, and/or cause reputational damage. Cybersecurity risks may also impact the issuers of securities in which the Underlying Funds invest, which may cause the Underlying Funds to lose value.

The preventative actions we take to reduce the frequency and severity of cybersecurity incidents and protect our computer systems may be insufficient to prevent a cybersecurity breach from impacting our operations or your contract value. There can be no assurance that we or the Underlying Funds or our service providers and intermediaries will be able to avoid cybersecurity breaches affecting your contract.

In addition, we are also exposed to risks related to natural and man-made disasters including, but not limited to, storms, fires, floods, earthquakes, public health crises, malicious acts, and terrorist acts, which could adversely affect our ability to conduct business. A natural or man-made disaster, including a pandemic (such as COVID-19), could affect the ability of our employees or the employees of our service providers to perform their job responsibilities. They could interfere with our processing of contract transactions, including processing orders from Owners and orders with the Underlying Funds, impact our ability to calculate contract value, or have other adverse impacts on our operations. These events may also negatively affect the our service providers and intermediaries, the Underlying Funds and the issuers of securities in which the Underlying Funds invest, which may cause the Underlying Funds to lose value. There can be no assurance that we or the Underlying Funds or our service providers and intermediaries will be able to avoid negative impacts associated with natural and man-made disasters.

**Restrictions on Withdrawals from Qualified Plans —** Section 403(b) imposes restrictions on certain distributions from tax-sheltered annuity contracts meeting the requirements of Section 403(b). Section 403(b) requires that distributions from Section 403(b) tax-sheltered annuities that are attributable to employee contributions made after December 31, 1988 under a salary reduction agreement begin only after the employee (i) reaches age 59½, (ii) has a severance from employment, (iii) dies, (iv) becomes disabled, or (v) incurs a hardship. Furthermore, effective for plan years beginning in 2024, distributions of employee elective deferrals, qualified nonelective contributions, qualified matching contributions, and gains attributable to such contributions may now be made on account of hardship. Under prior provisions, distributions on account of hardship generally were limited to amounts attributable to employee elective deferrals. Hardship, for this purpose, is generally defined as an immediate and heavy financial need, such as paying for medical expenses, purchasing a residence, paying certain tuition expenses, paying for funeral expenses, paying for casualty losses on your principal residence, or paying amounts needed to avoid eviction or foreclosure that may only be met by the distribution.

If you own a Contract purchased as a tax-sheltered Section 403(b) annuity contract, you will not, therefore, be entitled to make a full or partial withdrawal, as described in this Prospectus, in order to receive proceeds from the Contract attributable to contributions under a salary reduction agreement or any gains credited to such Contract after December 31, 1988 unless one of the above-described conditions has been satisfied. In the case of transfers of amounts accumulated in a different Section 403(b) contract to this Contract under a Section 403(b) program, the withdrawal constraints described above would not apply to the amount transferred to the Contract designated as attributable to the Owner's December 31, 1988 account balance under the old contract, provided the amounts transferred between contracts qualified as a rollover under the Internal Revenue Code. An Owner of a Contract may be able to transfer your Contract's Withdrawal Value to certain other investment alternatives meeting the requirements of Section 403(b) that are available under your employer's Section 403(b) arrangement.

Your particular Qualified Plan or 403(b) plan or program may have additional restrictions on distributions that may also be followed for your Contract. The distribution or withdrawal of amounts under a Contract purchased in connection with a Qualified Plan may result in the receipt of taxable income to the Owner or Annuitant and in some instances may also result in a penalty tax. Therefore, you should carefully consider the tax consequences of a distribution or withdrawal under a Contract and you should consult a competent tax adviser. See "Federal Tax Matters."

If your Contract was issued pursuant to a 403(b) plan, we generally are required to confirm, with your 403(b) plan sponsor or otherwise, that surrenders or transfers you request comply with applicable tax requirements and to decline requests that are not in compliance. We will defer such payments you request until all information required under the tax law has been received. By requesting a surrender or transfer, you consent to the sharing of confidential information about you, the contract, and transactions under the contract and any other 403(b) contracts or accounts you have under the 403(b) plan among us, your employer or plan sponsor, any plan administrator or recordkeeper, and other product providers.

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**Restrictions under the Texas Optional Retirement Program —** If you are a Participant in the Texas Optional Retirement Program, your Contract is subject to restrictions required under the Texas Government Code. In accordance with those restrictions, you will not be permitted to make withdrawals prior to your retirement, death or termination of employment in a Texas public institution of higher education and may not receive a loan from your Contract.

**Federal Tax Matters**

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**Introduction —** The Contract described in this Prospectus is designed for use by individuals in retirement plans which may or may not be Qualified Plans under the provisions of the Internal Revenue Code ("Code"). The ultimate effect of federal income taxes on the amounts held under a Contract, on annuity payments, and on the economic benefits to the Owner, the Annuitant, and the Beneficiary or other payee will depend upon the type of retirement plan, if any, for which the Contract is purchased, the tax and employment status of the individuals involved and a number of other factors. The discussion contained herein and in the Statement of Additional Information is general in nature and is not intended to be an exhaustive discussion of all questions that might arise in connection with a Contract. It is based upon the Company's understanding of the present federal income tax laws as currently interpreted by the Internal Revenue Service ("IRS") as of the date of this Prospectus, and is not intended as tax advice. No representation is made regarding the likelihood of continuation of the present federal income tax laws or of the current interpretations by the IRS or the courts. Future legislation may affect annuity contracts adversely. Moreover, no attempt has been made to consider any applicable state or other laws. Because of the inherent complexity of the tax laws and the fact that tax results will vary according to the particular circumstances of the individual involved and, if applicable, the Qualified Plan, a person should consult with a qualified tax adviser regarding the purchase of a Contract, the selection of an Annuity Option under a Contract, the receipt of annuity payments under a Contract or any other transaction involving a Contract. **The Company does not make any guarantee regarding the tax status of, or tax consequences arising from, any Contract or any transaction involving the Contract.**

**Tax Status of the Company and the Separate Account —** 

**General.** The Company intends to be taxed as a life insurance company under Part I, Subchapter L of the Code. Because the operations of the Separate Account form a part of the Company, the Company will be responsible for any federal income taxes that become payable with respect to the income of the Separate Account and its Subaccounts.

**Charge for the Company's Taxes.** A charge may be made for any federal taxes incurred by the Company that are attributable to the Separate Account, the Subaccounts or to the operations of the Company with respect to the Contract or attributable to payments, premiums, or acquisition costs under the Contract. The Company will review the question of a charge to the Separate Account, the Subaccounts or the Contract for the Company's federal taxes periodically. Charges may become necessary if, among other reasons, the tax treatment of the Company or of income and expenses under the Contract is ultimately determined to be other than what the Company currently believes it to be, if there are changes made in the federal income tax treatment of variable annuities at the insurance company level, or if there is a change in the Company's tax status.

Under current laws, the Company may incur state and local taxes (in addition to premium taxes) in several states. At present, these taxes are not significant. If there is a material change in applicable state or local tax laws, the Company reserves the right to charge the Separate Account or the Subaccounts for such taxes, if any, attributable to the Separate Account or Subaccounts.

**Optional Benefit Riders.** It is possible that the Internal Revenue Service may take the position that fees deducted for certain optional benefit riders are deemed to be taxable distributions to you. In particular, the Internal Revenue Service may treat fees deducted for the optional benefits as taxable withdrawals, which might also be subject to a tax penalty if withdrawn prior to age 59½. Although we do not believe that the fees associated or any optional benefit provided under the Contract should be treated as taxable withdrawals, you should consult your tax advisor prior to selecting any optional benefit under the Contract.

**Withholding.** Annuity distributions are generally subject to withholding for the recipient's federal income tax liability. Recipients can generally elect, however, not to have tax withheld from distributions.

**Owner Control.** In certain circumstances, owners of Non-Qualified variable annuity contracts may be considered the owners, for federal income tax purposes, of the assets of the separate account used to support their contracts. In those circumstances, income and gains from the separate account assets would be includable currently in the variable Contract Owner's gross income. The ownership rights under the Contract are similar to, but different in

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certain respects from, those described by the IRS in rulings in which it was determined that policy owners were not owners of separate account assets. While the Company does not think that such will be the case, due to the number of the Contract's Underlying Funds, the number of charge-free transfer opportunities between and among the Underlying Funds and the fact that some Underlying Funds may have essentially the same investment strategy, it cannot be ruled out that an Owner of a Contract might be treated as the owner of a pro rata portion of the assets of the Separate Account.

The Company nonetheless reserves the right to modify the Contract, as it deems appropriate, to attempt to prevent an Owner from being considered the owner of a pro rata share of the assets of the Separate Account and its Underlying Funds. Moreover, in the event that regulations are adopted or rulings or other guidance are issued, there can be no assurance that the Separate Account and the Underlying Funds will be able to operate as currently described in the Prospectus (including the possibility that the number of Underlying Funds offered might need to be reduced), or that the Underlying Funds will not have to change their investment objective or investment policies.

**Income Taxation of Annuities in General—Non-Qualified Contracts —** Section 72 of the Code governs the taxation of annuities. In general, a contract owner is not taxed on increases in value under an annuity contract until some form of distribution is made under the contract. However, the increase in value may be subject to tax currently under certain circumstances. See "Contracts Owned by Non-Natural Persons," "Diversification Standards," and "Owner Control." Withholding of federal income taxes on all distributions may be required unless a recipient who is eligible elects not to have any amounts withheld and properly notifies the Company of that election.

**Withdrawals Prior to the Annuity Start Date.** Code Section 72 provides generally that amounts received upon a total or partial withdrawal (including systematic withdrawals and withdrawals made to pay the fees of an investment adviser) from a Non-Qualified Contract prior to the Annuity Start Date generally will be treated as gross income to the extent that the cash value of the Contract immediately before the withdrawal (determined without regard to any withdrawal charge in the case of a partial withdrawal) exceeds the "investment in the contract." The "investment in the contract" is that portion, if any, of Purchase Payments paid under a Contract less any distributions received previously under the Contract that are excluded from the recipient's gross income. The taxable portion is taxed at ordinary income tax rates. For purposes of this rule, a pledge or assignment of a contract is treated as a payment received on account of a partial withdrawal of a Contract.

Amounts distributed from a Contract because of your death or the death of the Annuitant are generally treated as income to the recipient. If distributed in a lump sum, such payments are taxed in the same manner as if the Contract had been surrendered, and if distributed under an Annuity Option, they are taxed in the same manner as annuity payments. For Non-Qualified Contracts, all or a portion of the charges deducted from your Contract Value to pay advisory fees to a financial intermediary may be subject to federal and state income taxes and a 10% federal penalty tax. In a series of recent private letter rulings, the IRS has recognized that investment adviser fees may, in certain circumstances and subject to certain conditions, be deemed a part of a Non-Qualified Contract rather than a taxable distribution. We have received such a private letter ruling from the IRS and intend to tax report in accordance with that ruling. A tax-free partial exchange may become taxable if an advisory fee is paid from your Contract Value within 180 days of the partial exchange. Consult your tax adviser for advice concerning tax-free partial exchanges.

**Surrenders.** Upon a complete surrender, the receipt is taxable to the extent that the cash value of the Contract exceeds the investment in the Contract. The taxable portion of such payments will be taxed as ordinary income.

**Annuity Payments.** For fixed annuity payments, the taxable portion of each payment generally is determined by using a formula known as the "exclusion ratio," which establishes the ratio that the investment in the Contract bears to the total expected amount of annuity payments for the term of the Contract. That ratio is then applied to each payment to determine the non-taxable portion of the payment. The remaining portion of each payment is taxed at ordinary income rates. For variable annuity payments, the taxable portion of each payment is determined by using a formula known as the "excludable amount," which establishes the non-taxable portion of each payment. The non-taxable portion is a fixed dollar amount for each payment, determined by dividing the investment in the Contract by the number of payments to be made. The remainder of each variable annuity payment is taxable. Once the excludable portion of annuity payments to date equals the investment in the Contract, the balance of the annuity payments will be fully taxable.

**Penalty Tax on Certain Surrenders and Withdrawals.** With respect to amounts withdrawn or distributed before the taxpayer reaches age 59½, a penalty tax is imposed equal to 10% of the portion of such amount which is includable in gross income. However, the penalty tax is not applicable to withdrawals: (i) made on or after the death of the owner (or where the owner is not an individual, the death of the "primary annuitant," who is defined as the individual the events in whose life are of primary importance in affecting the timing and amount of the payout under the Contract); (ii) attributable to the taxpayer's becoming totally disabled within the meaning of Code Section 72(m)(7); (iii) which are part of a series of substantially equal periodic payments (not less frequently than annually)

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made for the life (or life expectancy) of the taxpayer, or the joint lives (or joint life expectancies) of the taxpayer and his or her beneficiary; (iv) from certain qualified plans; (v) under a so-called qualified funding asset (as defined in Code Section 130(d)); (vi) under an immediate annuity contract; or (vii) which are purchased by an employer on termination of certain types of qualified plans and which are held by the employer until the employee separates from service.

If the penalty tax does not apply to a surrender or withdrawal as a result of the application of item (iii) above, and the series of payments are subsequently modified (other than by reason of death or disability), the tax for the first year in which the modification occurs will be increased by an amount (determined by the regulations) equal to the tax that would have been imposed but for item (iii) above, plus interest for the deferral period, if the modification takes place (a) before the close of the period which is five years from the date of the first payment and after the taxpayer attains age 59½, or (b) before the taxpayer reaches age 59½.

**Partial Annuitization.** If part of an annuity contract's value is applied to an annuity option that provides payments for one or more lives and for a period of at least ten years, those payments may be taxed as annuity payments instead of withdrawals. None of the payment options under the Contract is intended to qualify for this "partial annuitization" treatment and, if you apply only part of the value of the Contract to a payment option, we will treat those payments as withdrawals for tax purposes.

**Additional Considerations —** 

**Distribution-at-Death Rules.** In order to be treated as an annuity contract, a Non-Qualified contract must provide the following two distribution rules: (a) if any owner dies on or after the Annuity Start Date, and before the entire interest in the Contract has been distributed, the remainder of the owner's interest will be distributed at least as quickly as the method in effect on the owner's death; and (b) if any owner dies before the Annuity Start Date, the entire interest in the Contract must generally be distributed within five years after the date of death, or, if payable to a designated beneficiary, must be annuitized over the life of that designated beneficiary or over a period not extending beyond the life expectancy of that beneficiary, commencing within one year after the date of death of the owner. If the sole designated beneficiary is the spouse of the deceased owner, the contract (together with the deferral of tax on the accrued and future income thereunder) may be continued in the name of the spouse as owner.

The Contract provides that upon your death, a surviving spouse may have certain continuation rights that he or she may elect to exercise for the Contract's death benefit. All Contract provisions relating to spousal continuation are available only to a person who meets the definition of "spouse" under federal law. The U.S. Supreme Court has held that same-sex marriages must be permitted under state law and that marriages recognized under state law will be recognized for federal law purposes. Domestic partnerships and civil unions that are not recognized as legal marriages under state law, however, will not be treated as marriages under federal law. Consult a tax adviser for more information on this subject.

Generally, for purposes of determining when distributions must begin under the foregoing rules, where an owner is not an individual, the primary annuitant is considered the owner. In that case, a change in the primary annuitant will be treated as the death of the owner. Finally, in the case of joint owners, the distribution-at-death rules will be applied by treating the death of the first owner as the one to be taken into account in determining generally when distributions must commence, unless the sole Designated Beneficiary is the deceased owner's spouse.

**Gift of Annuity Contracts.** Generally, gifts of non-tax qualified Contracts prior to the Annuity Start Date will trigger tax on the gain on the Contract, with the donee getting a stepped-up basis for the amount included in the donor's income. The 10% penalty tax and gift tax also may be applicable. This provision does not apply to transfers between spouses or incident to a divorce.

**Contracts Owned by Non Natural Persons.** If the Contract is held by a non-natural person (for example, a corporation) the income on that Contract (generally the increase in net surrender value less the Purchase Payments) is includable in taxable income each year. The rule does not apply where the Contract is acquired by the estate of a decedent, where the Contract is held by certain types of retirement plans, where the Contract is a qualified funding asset for structured settlements, where the Contract is purchased on behalf of an employee upon termination of a qualified plan, and in the case of an immediate annuity. An annuity contract held by a trust or other entity as agent for a natural person is considered held by a natural person.

**Multiple Contract Rule.** For purposes of determining the amount of any distribution under Code Section 72(e) (amounts not received as annuities) that is includable in gross income, all Non-Qualified deferred annuity contracts issued by the same insurer to the same contract owner during any calendar year are to be aggregated and treated as one contract. Thus, any amount received under any such contract prior to the contract's Annuity Start Date, such as a partial surrender, dividend, or loan, will be taxable (and possibly subject to the 10% penalty tax) to the extent of the combined income in all such contracts.

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In addition, the Treasury Department has broad regulatory authority in applying this provision to prevent avoidance of the purposes of this rule. It is possible that, under this authority, the Treasury Department may apply this rule to amounts that are paid as annuities (on and after the Annuity Start Date) under annuity contracts issued by the same company to the same owner during any calendar year. In this case, annuity payments could be fully taxable (and possibly subject to the 10% penalty tax) to the extent of the combined income in all such contracts and regardless of whether any amount would otherwise have been excluded from income because of the "exclusion ratio" under the contract.

**Transfers, Assignments or Exchanges of a Contract.** A transfer of ownership of a Contract, the designation of an Annuitant, Payee or other Beneficiary who is not also the Owner, the selection of certain Annuity Start Dates or the exchange of a Contract may result in certain tax consequences to the Owner that are not discussed herein. If contemplating any such transfer, assignment, selection or exchange, the Owner should contact a competent tax adviser with respect to the potential effects of such a transaction.

**Qualified Plans —** The Contract may be used with Qualified Plans that meet the requirements of Section 402A, 403(b), 408 or 408A of the Code. If you are purchasing the Contract as an investment vehicle for one of these Qualified Plans, you should consider that the Contract does not provide any additional tax advantage beyond that already available through the Qualified Plan. However, the Contract does offer features and benefits in addition to providing tax deferral that other investments may not offer, including death benefit protection for your beneficiaries and annuity options which guarantee income for life. You should consult with your financial professional as to whether the overall benefits and costs of the Contract are appropriate considering your circumstances.

The tax rules applicable to participants in such Qualified Plans vary according to the type of plan and the terms and conditions of the plan itself. No attempt is made herein to provide more than general information about the use of the Contract with the various types of Qualified Plans. These Qualified Plans may permit the purchase of the Contract to accumulate retirement savings under the plans. Adverse tax or other legal consequences to the plan, to the Participant or to both may result if this Contract is assigned or transferred to any individual as a means to provide benefit payments, unless the plan complies with all legal requirements applicable to such benefits prior to transfer of the Contract. Owners, Annuitants, and Beneficiaries are cautioned that the rights of any person to any benefits under such Qualified Plans may be subject to the terms and conditions of the plans themselves or limited by applicable law, regardless of the terms and conditions of the Contract issued in connection therewith. For example, the Company may accept beneficiary designations and payment instructions under the terms of the Contract without regard to any spousal consents that may be required under the plan or the Employee Retirement Income Security Act of 1974 (ERISA). Consequently, an Owner's Beneficiary designation or elected payment option may not be enforceable.

The amounts that may be contributed to Qualified Plans are subject to limitations that vary depending on the type of plan. In addition, early distributions from most Qualified Plans may be subject to penalty taxes, or, for certain plans, could cause the plan to be disqualified. Furthermore, distributions from most Qualified Plans are subject to certain minimum distribution rules. Failure to comply with these rules could result in disqualification of the plan or subject the Owner or Beneficiary to penalty taxes. As a result, the minimum distribution rules may limit the availability of certain Annuity Options to certain Annuitants and their Beneficiaries. These requirements may not be incorporated into the Company's Contract administration procedures. Owners, Participants and Beneficiaries are responsible for determining that contributions, distributions and other transactions with respect to the Contract comply with applicable law.

The following are brief descriptions of the various types of Qualified Plans and the use of the Contract therewith:

**Section 403(b).** Code Section 403(b) permits public school employees and employees of certain types of charitable, educational and scientific organizations specified in Section 501(c)(3) of the Code to purchase annuity contracts, and, subject to certain limitations, to exclude the amount of Purchase Payments from gross income for tax purposes. The Contract may be purchased in connection with a Section 403(b) annuity plan.

Section 403(b) annuities must generally be provided under a plan which meets certain minimum participation, coverage, and nondiscrimination requirements. Each employee's interest in a retirement plan qualified under Code Section 403(b) must generally be distributed or begin to be distributed not later than April 1 of the calendar year following the later of the calendar year in which the employee reaches their "applicable age" as defined in the Code or retires ("required beginning date"). If the employee attains age 72 after 2022 and age 73 before 2033, their applicable age is 73. If employee attains age 74 after 2032, their applicable age is 75. Periodic distributions must not extend beyond the life of the employee or the lives of the employee and a designated beneficiary (or over a period extending beyond the life expectancy of the employee or the joint life expectancy of the employee and a designated beneficiary).

If an employee dies before reaching his or her required beginning date, the employee's entire interest in the plan must generally be distributed beginning before the close of the calendar year following the year of the employee's

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death to a designated beneficiary over the life of the beneficiary (or over a period not extending beyond the life expectancy of the beneficiary). If the designated beneficiary is the employee's surviving spouse, distributions may be delayed until the employee would have reached their applicable age (defined above). Please note that for employees who die on or after January 1, 2020, most non-spouse Beneficiaries will no longer be able to satisfy these rules by "stretching" payouts over their lifetimes. Instead, those Beneficiaries will have to take their post-death distributions within ten years. Certain exceptions apply to "eligible designated beneficiaries," which include disabled and chronically ill individuals, individuals who are not more than ten years younger than the deceased individual, and children who have not reached the age of majority. Not all Annuity Options will satisfy minimum distribution rules for every designated beneficiary. Employees and Beneficiaries should consult a tax adviser if they may be affected by these changes.

If an employee dies after reaching his or her required beginning date, the employee's interest in the plan must generally be distributed at least as rapidly as under the method of distribution in effect at the time of the employee's death.

A Section 403(b) annuity contract may be purchased with employer contributions, employee contributions or a combination of both. An employee's rights under a Section 403(b) contract attributable to employee contributions must be nonforfeitable. The contribution limit is similar to the limits on contributions to qualified retirement plans and depends upon, among other things, whether the annuity contract is purchased with employer or employee contributions.

Amounts used to purchase Section 403(b) annuities generally are excludable from the taxable income of the employee. As a result, all distributions from such annuities are normally taxable in full as ordinary income to the employee. However, employee salary reduction contributions can be made to certain 403(b) annuities on an after-tax basis. See Roth 403(b) below.

A Section 403(b) annuity contract must prohibit the distribution of employee contributions (including earnings thereon) until the employee: (i) attains age 59½, (ii) has a severance from employment; (iii) dies; (iv) becomes disabled; or (v) incurs a financial hardship. Additional restrictions may be imposed by a particular 403(b) Plan or program.

Distributions from a Section 403(b) annuity contract may be eligible for a tax-free rollover to another eligible retirement plan, including an individual retirement account or annuity (IRA). See "Rollovers."

If your Contract was issued pursuant to a 403(b) plan, we generally are required to confirm, with your 403(b) plan sponsor or otherwise, that surrenders or transfers you request comply with applicable tax requirements and to decline requests that are not in compliance. By requesting a surrender or transfer, you consent to the sharing of confidential information about you, the Contract, and transactions under the Contract and any other 403(b) contracts or accounts you have under the 403(b) plan among us, your employer or plan sponsor, any plan administrator or recordkeeper, and other product providers.

**Roth 403(b).** Employees eligible to make elective salary reduction contributions to a 403(b) annuity contract may designate their elective contributions as "Roth contributions" under Code Section 402A, if the employer agrees to treat the contributions as Roth contributions under the employer's 403(b) plan. Roth contributions may be made to the Contract in most states.

Unlike regular or "traditional" 403(b) contributions, which are made on a pre tax basis, Roth contributions are made after-tax and must be reported by the employer as currently taxable income of the employee. The employee must specifically designate the contributions as Roth contributions at the time they are made. Roth contributions are always full vested.

Although Roth contributions are made on an after-tax basis, if they are held in the Contract until certain conditions are met, a contract distribution may be a "qualifying distribution" and the income that is earned on the contributions will never be subject to federal income taxes. If a distribution is not qualifying, the income earned on the Roth contributions is subject to federal income taxes when distributed.

Roth contributions may be made up to the same elective contribution limits that apply to a traditional 403(b) contract. If the employee makes elective contribution to both types of contracts, the one contribution limit will apply to the total of all contributions, both Roth and traditional. Other types of employer contributions, such as matching contributions or non-elective contributions, cannot be made to a Roth contract or account, although they may be made to other accounts in the plan or program.

Roth contributions are held in a separate Roth account in the Contract and separate records are kept for earnings in the Roth account. Although amounts in a Roth account are subject to the same distribution restrictions, loan limits, and required minimum distribution rules as traditional 403(b) contributions (including lifetime required minimum distributions), the Company may impose special rules on distributions from Roth accounts and may restrict or forbid loans from Roth accounts.

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Distributions from a Roth 403(b) qualified account may be eligible for a tax-free rollover to another eligible retirement plan, including a Roth IRA. See "Rollovers."

**Section 408. <u>Traditional Individual Retirement Annuities.</u>** Section 408 of the Code permits eligible individuals to establish individual retirement programs through the purchase of Individual Retirement Annuities ("traditional IRAs"). The Contract may be purchased as an IRA. The IRAs described in this section are called "traditional IRAs" to distinguish them from "Roth IRAs," which are described below.

IRAs are subject to limitations on the amount that may be contributed, the persons who may be eligible and on the time distributions must commence. Depending upon the circumstances of the individual, contributions to a traditional IRA may be made on a deductible or non-deductible basis. IRAs may not be transferred, sold, assigned, discounted or pledged as collateral for a loan or other obligation. The annual premium for an IRA may not be fixed and may not exceed (except in the case of a rollover contribution) the lesser of (i) $7,500 or $8,600 for owners age 50 or older (for 2026) or (ii) 100% of the individual's taxable compensation (for 2026).

Any refund of premium must be applied to the payment of future premiums or the purchase of additional benefits. If an individual is age 50 or over, the individual may make an additional catch-up contribution to a traditional IRA of $1,100 in 2026 (indexed for inflation in future tax years). However, if the individual is covered by an employer-sponsored retirement plan, the amount of IRA contributions the individual may deduct in a year may be reduced or eliminated based on the individual's adjusted gross income for the year ($129,000 to $149,000 for a married couple filing a joint return and $81,000 to $91,000 for a single taxpayer in 2026). If the individual's spouse is covered by an employer-sponsored retirement plan but the individual is not, the individual may be able to deduct those contributions to a traditional IRA; however, the deduction will be reduced or eliminated if the adjusted gross income on a joint return is between $242,000 to $252,000 (for 2026). Non-deductible contributions to traditional IRAs must be reported to the IRS in the year made on Form 8606.

Sale of the Contract for use with IRAs may be subject to special requirements imposed by the Internal Revenue Service. Purchasers of the Contract for such purposes will be provided with such supplementary information as may be required by the Internal Revenue Service or other appropriate agency and will have the right to revoke the Contract under certain circumstances. See the IRA Disclosure Statement that accompanies this Prospectus.

In general, traditional IRAs are subject to minimum distribution requirements similar to those applicable to retirement plans qualified under Section 403(b) of the Code; however, the required beginning date for traditional IRAs is generally the April 1 following the calendar year that the contract owner reaches their applicable age (as defined above)—the contract owner's retirement date, if any, will not affect his or her required beginning date. See "Section 403(b)." Distributions from IRAs are generally taxed under Code Section 72. Under these rules, a portion of each distribution may be excludable from income. The amount excludable from the individual's income is the amount of the distribution that bears the same ratio as the individual's nondeductible contributions bears to the expected return under the IRA.

Distributions from a traditional IRA may be eligible for a tax-free rollover to any kind of eligible retirement plan, including another traditional IRA. In certain cases, a distribution of non-deductible contributions or other after-tax amounts from a traditional IRA may be eligible to be rolled over to another traditional IRA. See "Rollovers."

The IRS has not reviewed the Contract for qualification as an IRA, and has not addressed in a ruling of general applicability whether a death benefit provision such as the provision in the Contract comports with IRA qualification requirements.

**Section 408A. <u>Roth IRAs</u>.** Section 408A of the Code permits eligible individuals to establish a Roth IRA. The Contract may be purchased as a Roth IRA. Regular contributions may be made to a Roth IRA up to the same contribution limits that apply to traditional IRA contributions. The regular contribution limits are phased out for taxpayers with $153,000 to $168,000 in adjusted gross income for 2026 ($242,000 to $252,000 for married filing joint returns). Also the taxable balance in a traditional IRA may be rolled over or converted into a Roth IRA. Distributions from Roth 403(b) plans can be rolled over to a Roth IRA regardless of income.

Regular contributions to a Roth IRA are not deductible, and rollovers and conversions from other retirement plans are taxable when completed, but withdrawals that meet certain requirements are not subject to federal income tax on either the original contributions or any earnings. However, once aggregate distributions exceed contributions to the Roth IRA, income tax and a 10% penalty tax may apply to distributions made (1) before 59½ (subject to certain exceptions) or (2) during the five taxable years starting with the year in which the first contribution is made to any Roth IRA. A 10% penalty tax may apply to amounts attributable to a conversion from an IRA if they are distributed during the five taxable years beginning with the year in which the conversion was made. Rollovers of Roth contributions were already taxed when made and are not generally subject to tax when rolled over to a Roth IRA. Sale of the Contract for use with Roth IRAs may be subject to special requirements imposed by the Internal Revenue Service. Purchasers of the Contract for such purposes will be provided with such supplementary information as may be required by the Internal Revenue Service or other appropriate agency, and will have the right to revoke the

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Contract under certain requirements. Unlike a traditional IRA, Roth IRAs are not subject to minimum required distribution rules during the Contract Owner's lifetime. Generally, however, the amount remaining in a Roth IRA after the Contract Owner's death must begin to be distributed by the end of the first calendar year after death, and made in amounts that satisfy IRS required minimum distribution regulations. Beginning with deaths occurring on or after January 1, 2020, subject to certain exceptions, most non-spouse beneficiaries must complete distributions within ten years of the Owner's death.

**Rollovers.** A "rollover" is the tax-free transfer of a distribution from one "eligible retirement plan" to another. Distributions which are rolled over are not included in the employee's gross income until some future time.

If any portion of the balance to the credit of an employee in a Section 403(b) or other eligible retirement plan (other than Roth sources) is paid in an "eligible rollover distribution" and the payee transfers any portion of the amount received to an "eligible retirement plan," then the amount so transferred is not includable in income. Also, pre-tax distributions from an IRA may be rolled over to another kind of eligible retirement plan. An "eligible rollover distribution" generally means any distribution that is not one of a series of periodic payments made for the life of the distributee or for a specified period of at least ten years. In addition, a required minimum distribution, death distributions (except to a surviving spouse) and certain corrective distributions, will not qualify as an eligible rollover distribution. A rollover must be made directly between plans or indirectly within 60 days after receipt of the distribution.

For an employee (or employee's spouse or former spouse as beneficiary or alternate payee), an "eligible retirement plan" will be another Section 403(b) plan, a qualified retirement plan, or a traditional individual retirement account or annuity described in Code Section 408. For a non-spouse beneficiary, an "eligible retirement plan" is an IRA established by the direct rollover. For a Roth 403(b) account, a rollover, including a direct rollover, can only be made to a Roth IRA or to the same kind of account in another plan (such as a Roth 403(b) to a Roth 403(b), but not a Roth 403(b) to a Roth 401(k)) or to a Roth IRA. Anyone attempting to rollover Roth 403(b) contributions should seek competent tax advice. Additionally, a rollover for a Roth IRA can only be made to another Roth IRA.

A Section 403(b) plan must provide a participant receiving an eligible rollover distribution, the option to have the distribution transferred directly to another eligible retirement plan.

Only one indirect rollover may be made from an IRA, including traditional IRAs, Roth IRAs, SIMPLE-IRAs and SEP-IRAs, to another IRA in a 12-month period. The 12-month period begins on the date the IRA distribution is received. If a second indirect rollover is made during the 12-month period, the transaction may have adverse tax consequences. This rollover limitation does not apply to direct rollovers or a rollover between a retirement plan and an IRA.

**Tax Penalties. <u>Premature Distribution Tax.</u>** Distributions from a 403(b) plan or IRA before the participant reaches age 59½ are generally subject to an additional tax equal to 10% of the taxable portion of the distribution. The 10% penalty tax does not apply to distributions: (i) made on or after the death of the employee; (ii) attributable to the employee's disability; (iii) which are part of a series of substantially equal periodic payments made (at least annually) for the life (or life expectancy) of the employee or the joint lives (or joint life expectancies) of the employee and a designated beneficiary and (except for IRAs) which begin after the employee terminates employment; (iv) made to an employee after termination of employment after reaching age 55; (v) made to pay for certain medical expenses; (vi) that are exempt withdrawals of an excess contribution; (vii) that are rolled over or transferred in accordance with Code requirements; (viii) made as a qualified reservist distribution; (ix) that are transferred pursuant to a decree of divorce or separate maintenance or written instrument incident to such a decree; (x) made in connection with the birth or adoption of a child, in limited circumstances; or (xi) made to terminally ill employees.

The exception to the 10% penalty tax described in item (iv) above is not applicable to IRAs. However, distributions from an IRA to unemployed individuals can be made without application of the 10% penalty tax to pay health insurance premiums in certain cases. There are two additional exceptions to the 10% penalty tax on withdrawals from IRAs before age 59½: withdrawals made to pay "qualified" higher education expenses and withdrawals made to pay certain "eligible first-time home buyer expenses." There may be additional exceptions to the 10% penalty tax (e.g., certain disaster relief distributions).

**<u>Minimum Distribution Tax.</u>** If the amount distributed from a Qualified Contract is less than the minimum required distribution for the year, the Participant is subject to a 25% tax on the amount that was not properly distributed, which is reduced to 10% if corrected within a two year correction period. The value of any enhanced death benefits or other optional Contract provisions such as the Guaranteed Minimum Income Benefit may need to be taken into account when calculating the minimum required distribution. Consult a tax advisor.

**Withholding.** Periodic distributions (e.g., annuities and installment payments) from a Qualified Contract that will last for a period of ten or more years are generally subject to voluntary income tax withholding. The amount withheld on such periodic distributions is determined at the rate applicable to wages. The recipient of a periodic distribution may generally elect not to have withholding apply.

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Eligible rollover distributions from a Qualified Plan (other than IRAs) are generally subject to mandatory 20% income tax withholding. However, no withholding is imposed if the distribution is transferred directly to another eligible retirement plan. Nonperiodic distributions from an IRA are subject to income tax withholding at a flat 10% rate. The recipient of such a distribution may elect not to have withholding apply.

The above description of the federal income tax consequences of the different types of Qualified Plans which may be funded by the Contract offered by this Prospectus is only a brief summary and is not intended as tax advice. The rules governing the provisions of Qualified Plans are extremely complex and often difficult to comprehend. Anything less than full compliance with the applicable rules, all of which are subject to change, may have adverse tax consequences. A prospective Owner considering adoption of a Qualified Plan and purchase of a Contract in connection therewith should first consult a qualified and competent tax adviser, with regard to the suitability of the Contract as an investment vehicle for the Qualified Plan.

**Other Tax Considerations —** 

**Federal Estate, Gift, and Generation-Skipping Transfer Taxes.** While no attempt is being made to discuss in detail the Federal estate tax implications of the Contract, a purchaser should keep in mind that the value of an annuity contract owned by a decedent and payable to a beneficiary by virtue of surviving the decedent is included in the decedent's gross estate. Depending on the terms of the annuity contract, the value of the annuity included in the gross estate may be the value of the lump sum payment payable to the designated beneficiary or the actuarial value of the payments to be received by the beneficiary. Consult an estate planning advisor for more information.

Under certain circumstances, the Code may impose a "generation skipping transfer tax" ("GST") when all or part of an annuity contract is transferred to, or a death benefit is paid to, an individual two or more generations younger than the Owner. Regulations issued under the Code may require the Company to deduct the tax from your Contract, or from any applicable payment, and pay it directly to the IRS.

The potential application of these taxes underscores the importance of seeking guidance from a qualified adviser to help ensure that your estate plan adequately addresses your needs and those of your beneficiaries under all possible scenarios.

**Annuity Purchases by Nonresident Aliens and Foreign Corporations.** The discussion above provides general information regarding U.S. federal income tax consequences to annuity purchasers that are U.S. citizens or residents. Purchasers that are not U.S. citizens or residents will generally be subject to U.S. federal withholding tax on taxable distributions from annuity contracts at a 30% rate, unless a lower treaty rate applies. In addition, such purchasers may be subject to state and/or municipal taxes and taxes that may be imposed by the purchaser's country of citizenship or residence. Additional withholding may occur with respect to entity purchasers (including foreign corporations, partnerships, and trusts) that are not U.S. residents. Prospective purchasers are advised to consult with a qualified tax adviser regarding U.S. state, and foreign taxation with respect to an annuity contract purchase.

**Foreign Tax Credits.** We may benefit from any foreign tax credits attributable to taxes paid by certain Funds to foreign jurisdictions to the extent permitted under Federal tax law.

**Medicare Tax.** Distributions from non-qualified annuity contracts are considered "investment income" for purposes of the Medicare tax on investment income. Thus, in certain circumstances, a 3.8% tax may be applied to some or all of the taxable portion of distributions (e.g. earnings) to individuals whose income exceeds certain threshold amounts. Please consult a tax advisor for more information.

**Possible Tax Changes.** From time to time, legislation has been proposed that would have adversely modified the federal taxation of certain annuities. There is always the possibility that the tax treatment of annuities could change by legislation or other means (such as IRS regulations, revenue rulings, and judicial decisions). Moreover, although unlikely, it is also possible that any legislative change could be retroactive (that is, effective prior to the date of such change). Consult a tax adviser with respect to legislative developments and their effect on the Contract. We have the right to modify the Contract in response to legislative changes that could otherwise diminish the favorable tax treatment that Owners currently receive. We make no guarantee regarding the tax status of any Contract and do not intend the above discussion to be considered tax advice.

**Annuity Purchases by Residents of Puerto Rico.** The Internal Revenue Service has announced that income received by residents of Puerto Rico under life insurance or annuity contracts issued by a Puerto Rico branch of a United States life insurance company is U.S.-source income that is generally subject to United States federal income tax.

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**Other Information**

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**Voting of Underlying Fund Shares —** The Company is the legal owner of the shares of the Underlying Funds held by the Subaccounts. The Company will exercise voting rights attributable to the shares of each Underlying Fund held in the Subaccounts at any regular and special meetings of the shareholders of the Underlying Funds on matters requiring shareholder voting. In accordance with its view of presently applicable law, the Company will exercise its voting rights based on instructions received from persons having beneficial interest in corresponding Subaccounts. However, if the 1940 Act or any regulations thereunder should be amended, or if the present interpretation thereof should change, and as a result the Company determines that it is permitted to vote the shares of the Underlying Funds in its own right, it may elect to do so.

The person having the voting interest under a Contract is the Owner. Unless otherwise required by applicable law, the number of shares of a particular Underlying Fund as to which voting instructions may be given to the Company is determined by dividing your Contract Value in the corresponding Subaccount on a particular date by the net asset value per share of the Underlying Fund as of the same date. Fractional votes will be counted. The number of votes as to which voting instructions may be given will be determined as of the same date established by the Underlying Fund for determining shareholders eligible to vote at the meeting of the Underlying Fund. If required by the SEC, the Company reserves the right to determine in a different fashion the voting rights attributable to the shares of the Underlying Funds. Voting instructions may be cast in person or by proxy.

It is important that each Owner provide voting instructions to the Company because we vote all Underlying Fund shares proportionately in accordance with instructions received from Owners. This means that the Company will vote shares for which no timely voting instructions are received in the same proportion as those shares for which we do receive voting instructions. As a result, a small number of Owners may control the outcome of a vote. The Company will also exercise the voting rights from assets in each Subaccount that are not otherwise attributable to Owners, if any, in the same proportion as the voting instructions that are received in a timely manner for all Contracts participating in that Subaccount.

**Changes to Investments —** The Company reserves the right, subject to compliance with the law as then in effect, to make additions to, deletions from, or combinations of the securities that are held by the Separate Account or any Subaccount or that the Separate Account or any Subaccount may purchase. In addition, the Company reserves the right to substitute shares of any or all of the Underlying Funds in accordance with applicable law. In all cases, the Company will send you notice. For instance, the Company may seek to substitute shares of Underlying Funds should they no longer be available for investment, or if the Company's management believes further investment in shares of any Underlying Fund should become inappropriate in view of the purposes of the Contract. The Company may substitute shares of an Underlying Fund with the shares of another Underlying Fund or the shares of a fund not currently offered under the Contract. Substituted fund shares may have higher fees and expenses. The Company may also purchase, through the Subaccount, other securities for other classes of contracts, or permit a conversion between classes of contracts on the basis of requests made by Owners. The Company further reserves the right to close any Subaccount to future allocations.

The Company also reserves the right to establish additional Subaccounts of the Separate Account that would invest in a new Underlying Fund or in shares of another investment company, a series thereof, or other suitable investment vehicle. The Company may establish new Subaccounts in its sole discretion, and will determine whether to make any new Subaccount available to existing Owners. The Company may also eliminate or combine one or more Subaccounts to all or only certain classes of Owners if, in its sole discretion, marketing, tax, or investment conditions so warrant.

Subject to compliance with applicable law, the Company may transfer assets to the General Account. The Company also reserves the right, subject to any required regulatory approvals, to transfer assets of the Separate Account or any Subaccount to another separate account or Subaccount.

In the event of any such substitution or change, the Company may, by appropriate endorsement, make such changes in these and other contracts as may be necessary or appropriate to reflect such substitution or change. If the Company believes it to be in the best interests of persons having voting rights under the Contract, the Separate Account may be operated as a management investment company under the 1940 Act or any other form permitted by law. The Separate Account may be deregistered under the 1940 Act in the event such registration is no longer required, or it may be combined with other separate accounts of the Company or an affiliate thereof. Subject to compliance with applicable law, the Company also may establish a committee, board, or other group to manage one or more aspects of the operation of the Separate Account.

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**Changes to Comply with Law and Amendments —** The Company reserves the right, without the consent of Owners, to suspend sales of the Contract as presently offered and to make any change to the provisions of the Contract to comply with, or give Owners the benefit of, any federal or state statute, rule, or regulation, including but not limited to requirements for annuity contracts and retirement plans under the Internal Revenue Code and regulations thereunder or any state statute or regulation.

**Reports to Owners —** The Company will send you annually a statement setting forth a summary of the transactions that occurred during the year, and indicating the Contract Value as of the end of each year. In addition, the statement will indicate the allocation of Contract Value among the Subaccounts and any other information required by law. The Company will also send confirmations upon Purchase Payments, transfers, and full and partial withdrawals. The Company may confirm certain transactions on a quarterly basis rather than at the time they occur. These transactions include purchases under an Automatic Investment Program, transfers under the Dollar Cost Averaging and Asset Reallocation Options, systematic withdrawals and annuity payments.

You will also receive an annual and semiannual shareholder report for those Underlying Funds corresponding to the Subaccounts to which you have allocated your Contract Value. The shareholder reports contain information required by federal securities laws and will also be available online at <u>https://vpx.broadridge.com/GetContract1.asp?doctype=pros&cid=sblife&fid=814121281</u>.

**Electronic Privileges — If the Electronic Privileges section of the application or the proper form has been completed, signed, and received at the Company's Administrative Office**, you may (1) request a transfer of Contract Value and make changes in your Purchase Payment allocation and to an existing Dollar Cost Averaging or Asset Reallocation Option by telephone; (2) request a transfer of Contract Value electronically via facsimile; and (3) request a transfer of Contract Value through the Company's website. If you elect Electronic Privileges, you automatically authorize your financial representative to make transfers of Contract Value and changes in your Purchase Payment allocation or Dollar Cost Averaging or Asset Reallocation Option, on your behalf.

Any telephone or electronic device, whether it is the Company's, yours, your service provider's, or your registered representative's, can experience outages or slowdowns for a variety of reasons. These outages or slowdowns may delay or prevent the Company's processing of your transfer request. Although we have taken precautions to limit these problems, we cannot promise complete reliability under all circumstances. If you are experiencing problems, you should make your transfer request by writing to our Administrative Office.

The Company has established procedures to confirm that instructions communicated by telephone are genuine and will not be liable for any losses due to fraudulent or unauthorized instructions, provided it complies with its procedures. The Company's procedures require that any person requesting a transfer by telephone provide the account number and the Owner's tax identification number and such instructions must be received on a recorded line. The Company reserves the right to deny any telephone transfer request. If all telephone lines are busy (which might occur, for example, during periods of substantial market fluctuations) or are otherwise unavailable, you may not be able to request transfers by telephone and would have to submit written requests.

By authorizing telephone transfers, you authorize the Company to accept and act upon telephonic instructions for transfers involving your Contract. There are risks associated with telephone transactions that do not occur if a written request is submitted. Anyone authorizing or making telephone requests bears those risks. You agree that neither the Company nor any of its affiliates nor any Underlying Fund, will be liable for any loss, damages, cost, or expense (including attorneys' fees) arising out of any telephone requests, provided that the Company effects such request in accordance with its procedures. As a result of this policy on telephone requests, you bear the risk of loss arising from the telephone transfer privilege. The Company may discontinue, modify, or suspend the telephone transfer privilege at any time.

**State Variations —** This Prospectus and the Statement of Additional Information describe all material terms and features of the Contract, including any material state variations. If you would like to review a copy of your Contract and its endorsements and riders, if any, contact the Company's Administrative Office.

**Legal Proceedings —** The Company and its subsidiaries, like other life insurance companies, may be involved in lawsuits, including class action lawsuits. In some class action and other lawsuits involving insurers, substantial damages have been sought and/or material settlement payments have been made. Although the outcome of any litigation cannot be predicted with certainty, the Company believes that at the present time there are no legal proceedings pending or threatened to which the Company, the Separate Account, or SDL is a party that are reasonably likely to materially affect the Separate Account or the Company's ability to meet its obligations under the Contract, or SDL's ability to perform its contract with the Separate Account.

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**Legal Matters —** Alison Pollock, Esq., Assistant General Counsel of the Company, has passed upon legal matters in connection with the issue and sale of the Contract described in this Prospectus, the Company's authority to issue the Contract under Kansas law, and the validity of the forms of the Contract under Kansas law.

**Sale of the Contract —** The Company currently offers the Contract on a continuous basis. The Company anticipates continuing to offer the Contract but reserves the right to discontinue the offering.

**Principal Underwriter.** The Company has entered into a principal underwriting agreement with its subsidiary, SDL, for the distribution and sale of the Contract. SDL's home office is located at One Security Benefit Place, Topeka, Kansas 66636-0001. SDL, a wholly-owned subsidiary of the Company, is registered as a broker-dealer with the SEC under the Securities Exchange Act of 1934, as amended, and is a member of FINRA.

SDL does not sell the Contract directly to purchasers. The Contract is offered to the public through registered representatives of broker-dealers that have entered into selling agreements with the Company and SDL for the sale of the Contract (collectively, "Selling Broker-Dealers"). Registered representatives must be licensed as insurance agents by applicable state insurance authorities and appointed as agents of the Company in order to sell the Contract. The Company pays commissions to Selling Broker-Dealers through SDL. During fiscal years 2025, 2024, and 2023, the commission amounts paid to SDL in connection with all Contracts sold through the Separate Account were $534,142, $630,280, and $813,931, respectively. SDL passes through commissions it receives to Selling Broker-Dealers for their sales and does not retain any portion of the commissions it receives as principal underwriter for the Contract. However, the Company (or an affiliate) pays some or all of SDL's operating and other expenses, including the following sales expenses: compensation and bonuses for SDL's management team, compensation and benefits for SDL's registered representatives, advertising expenses, and other expenses of distributing the Contract. The Company does not pay commissions to financial intermediaries who receive advisory fees from Contract owners because such intermediaries receive compensation in connection with the Contract in the form of those advisory fees.

**Selling Broker-Dealers.** The Company pays commissions to SDL and to Selling Broker-Dealers in connection with the promotion and sale of the Contract according to one or more schedules. A portion of any payments made to Selling Broker-Dealers may be passed on to their registered representatives in accordance with their internal compensation programs. Commissions and other incentives or payments described below are not charged directly to Owners or the Separate Account. The Company uses its corporate assets to pay commissions and other costs of distributing the Contract. Commissions and other incentives or payments described below are not charged directly to Owners of the Separate Account. The Company intends to recoup commissions and other sales expenses through fees and charges deducted under the Contract (including any profit from the mortality and expense risk charge or other fees and charges imposed under the Contract) or from its General Account.

**Compensation Paid to All Selling Broker-Dealers.** The Company pays compensation as a percentage of initial and subsequent Purchase Payments at the time it receives them, as a percentage of Contract Value on an ongoing basis, or a combination of both. While the amount and timing of compensation may vary depending on the selling agreement, the Company does not expect compensation to exceed 0.15% annually of aggregate Purchase Payments (if compensation is paid as a percentage of Purchase Payments) and/or 0.05% annually of average Contract Value (if compensation is paid as a percentage of Contract Value). The Company also pays non-cash compensation in connection with the sale of the Contract, including conferences, seminars and trips (including travel, lodging and meals in connection therewith), entertainment, merchandise and other similar items, in compliance with applicable regulatory requirements.

The registered representative who sells you the Contract typically receives a portion of the compensation the Company pays to his or her Selling Broker-Dealer, depending on the agreement between the Selling Broker-Dealer and your registered representative and the Selling Broker-Dealer's internal compensation program. These programs may include other types of cash and non-cash compensation and other benefits. **Ask your registered representative for further information about what he or she and the Selling Broker-Dealer for whom he or she works receive in connection with your purchase of a Contract.**

**Additional Compensation Paid to Selected Selling Broker-Dealers.** In addition to the commissions and non-cash compensation described above, the Company pays additional compensation to selected Selling Broker-Dealers. These payments include: (1) trail commissions or persistency payments, which are periodic payments based on contract values of the Company's variable insurance contracts (including Contract Values of the Contract) or other persistency standards; (2) preferred status fees (which may be in the form of a higher percentage of ordinary commission) paid to obtain preferred treatment of the Contract in Selling Broker-Dealers' marketing programs, including enhanced marketing services and increased access to their registered representatives; (3) one-time bonus payments for their participation in sales promotions with regard to the Contract; (4) periodic bonus payments calculated as a percentage of the average contract value of the Company's variable insurance contracts (including

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the Contract) sold by the Selling Broker-Dealer during the calendar year of payment; (5) sponsorship of or reimbursement of industry conference fees paid to help defray the costs of sales conferences and educational seminars put on by the Selling Broker-Dealers; and (6) reimbursement of Selling Broker-Dealers for expenses incurred by the Selling Broker-Dealer or its registered representatives in connection with client seminars or similar prospecting activities conducted to promote sales of the Contract.

The following list sets forth the names of the top ten Selling Broker-Dealers that received additional compensation from the Company in 2025 in connection with the sale of its variable annuity contracts: ACA/Prudent Investors Planning Corporation; GWN Securities, Inc.; Innovation Partners, LLC; Johnstone Brokerage Services LLC; The Leaders Group, Inc.; Lincoln Investment Planning, LLC; LPL Financial, LLC; OFG Financial Services, Inc.; Osaic Wealth, Inc.; and PlanMember Securities Corporation.

These additional compensation arrangements are not offered to all Selling Broker-Dealers and the terms of such arrangements and the payments made thereunder can differ substantially among Selling Broker-Dealers. The payments may be significant and may be calculated in different ways for different Selling Broker-Dealers. These arrangements are designed to specially encourage the sale of the Company's products (and/or its affiliates' products) by such Selling Broker-Dealers. The prospect of receiving, or the receipt of, additional compensation may provide Selling Broker-Dealers and/or their registered representatives with an incentive to favor sales of the Contract over other variable annuity contracts (or other investments) with respect to which a Selling Broker-Dealer does not receive additional compensation or receives lower levels of additional compensation. You may wish to take such payment arrangements into account when considering and evaluating any recommendation relating to the Contract. **Ask your registered representative for further information about what he or she and the Selling Broker-Dealer for whom he or she works may receive in connection with your purchase of a Contract.**

**Additional Information**

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**Registration Statement —** A Registration Statement of which this Prospectus is a part has been filed with the SEC relating to the offering described in this Prospectus. This Prospectus does not include all the information included in the Registration Statement, certain portions of which, including the Statement of Additional Information, have been omitted pursuant to the rules and regulations of the SEC. The omitted information may be obtained at the SEC's principal office in Washington, DC, upon payment of any of the SEC's prescribed fees, and may also be obtained for free from the SEC's web site (<u>https://www.sec.gov</u>). You may also obtain the Statement of Additional Information by writing the Company at One Security Benefit Place, Topeka, Kansas 66636-0001 or by calling 1-800-888-2461. The Statement of Additional Information is also available online at <u>https://vpx.broadridge.com/GetContract1.asp?doctype=pros&cid=sblife&fid=814121281</u>.

**Financial Statements —** You can find financial statements for Security Benefit Life Insurance Company and Subsidiaries and the Separate Account in the Statement of Additional Information, which is available online at <u>https://vpx.broadridge.com/GetContract1.asp?doctype=pros&cid=sblife&fid=814121281</u>. To receive a copy of the Statement of Additional Information free of charge, call your investment professional or contact us at 1-800-888-2461.

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APPENDIX A

**Investment Options Available Under the Contract**

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**Underlying Funds —** The following is a list of Underlying Funds available under the Contract. More information about the Underlying Funds is available in the prospectuses for the Underlying Funds, which may be amended or updated from time to time, and can be found online at https://vpx.broadridge.com/GetContract1.asp?doctype=pros&cid=sblife&fid=814121281. You can view, download, and print copies of Underlying Fund documents at this website. You can also request this information at no cost by calling 1-800-888-2461 or by sending an email request to SBLProspectusRequests@securitybenefit.com.

The current expenses and performance information below reflect the fees and expenses of the Underlying Funds, but do not reflect the other fees and expenses that your Contract may charge. Expenses would be higher and performance would be lower if these other charges were included. Each Underlying Fund's past performance is not necessarily an indication of future performance. Updated performance information is available online at https://www.securitybenefit.com/performance.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** |
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **1 Year** | **5 Year** | **10 Year** |
| Mid Cap Value | AB Discovery Value – Class B<br> *Adviser:* AllianceBernstein L.P.<br>| 1.07% | 2.64% | 8.48% | 8.27% |
| Large Cap <br> Value<br>| AB Relative Value – Class B<br> *Adviser:* AllianceBernstein L.P.<br>| 0.85% | 10.20% | 11.15% | 10.30% |
| Global Equity | AB Sustainable Global Thematic – Class B<br> *Adviser:* AllianceBernstein L.P.<br>| 1.25% | 6.02% | 3.02% | 9.80% |
| Global <br> Allocation<br>| AB VPS Dynamic Asset Allocation – Class B<br> *Adviser:* AllianceBernstein L.P.<br>| 1.20% | 13.21% | 4.74% | 5.25% |
| Global Equity | AFIS Capital World Growth and Income – Class 4<br> *Adviser:* Capital Research and Management Company<br>| 1.01% | 24.46% | 10.01% | 10.74% |
| Government <br> Bond<br>| AFIS U.S. Government Securities – Class 4<br> *Adviser:* Capital Research and Management Company<br>| 0.84% | 7.54% | -0.49% | 1.45% |
| Large Cap <br> Blend<br>| AFIS Washington Mutual Investors – Class 4<br> *Adviser:* Capital Research and Management Company<br>| 0.90% | 16.90% | 13.60% | 12.08% |
| Large Cap <br> Growth<br>| Alger Capital Appreciation – Class S<sup>2</sup> <br>*Adviser:* Fred Alger Management, LLC<br>| 1.19% | 32.51% | 16.04% | 17.86% |
| Large Cap <br> Growth<br>| Alger Large Cap Growth – Class I-2<br> *Adviser:* Fred Alger Management, LLC<br>| 0.89% | 30.27% | 11.12% | 16.73% |
| Mid Cap Blend | Allspring Opportunity VT – Class 2<br> *Adviser:* Allspring Funds Management, LLC<br> *Sub-Adviser:* Allspring Global Investments, LLC<br>| 1.08% | 6.71% | 8.94% | 11.85% |
| Large Cap <br> Growth<br>| Allspring VT Discovery All Cap Growth – Class 2<br> *Adviser:* Allspring Funds Management, LLC<br> *Sub-Adviser:* Allspring Global Investments, LLC<br>| 1.04% | 15.27% | 6.04% | 13.57% |
| Specialty-Sector | ALPS/Alerian Energy Infrastructure – Class III<br> *Adviser:* ALPS Advisors, Inc.<br>| 1.30% | 4.66% | 22.06% | 10.70% |
| Balanced/Asset <br> Allocation<br>| American Funds IS<sup>®</sup> Asset Allocation – Class 4<br> *Adviser:* Capital Research and Management Company<br>| 0.79% | 15.59% | 8.70% | 9.50% |
| Global Bond | American Funds IS<sup>®</sup> Capital World Bond – Class 4<br> *Adviser:* Capital Research and Management Company<br>| 0.98% | 9.03% | -2.76% | 0.97% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** |
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **1 Year** | **5 Year** | **10 Year** |
| International <br> Equity<br>| American Funds IS<sup>®</sup> EUPAC Fund<sup>TM</sup> – Class 4<br> *Adviser:* Capital Research and Management Company<br>| 1.03% | 26.41% | 3.14% | 6.73% |
| Global Equity | American Funds IS<sup>®</sup> Global Growth – Class 4<br> *Adviser:* Capital Research and Management Company<br>| 1.01% | 21.34% | 7.97% | 11.89% |
| Large Cap <br> Growth<br>| American Funds IS<sup>®</sup> Growth – Class 4<br> *Adviser:* Capital Research and Management Company<br>| 0.83% | 19.93% | 13.09% | 17.67% |
| Large Cap <br> Blend<br>| American Funds IS<sup>®</sup> Growth-Income – Class 4<br> *Adviser:* Capital Research and Management Company<br>| 0.78% | 17.77% | 13.62% | 13.63% |
| International <br> Equity<br>| American Funds IS<sup>®</sup> International Growth and Income – <br> Class 4<br> *Adviser:* Capital Research and Management Company<br>| 1.06% | 35.09% | 7.42% | 7.54% |
| Intermediate <br> Term Bond<br>| American Funds IS<sup>®</sup> Mortgage – Class 4<br> *Adviser:* Capital Research and Management Company<br>| 0.89% | 8.32% | 0.06% | 1.43% |
| Emerging <br> Markets<br>| American Funds IS<sup>®</sup> New World – Class 4<br> *Adviser:* Capital Research and Management Company<br>| 1.15% | 27.92% | 5.06% | 8.98% |
| Global Equity | American Funds IS<sup>®</sup> SMALLCAP World Fund<sup>®</sup> – Class 4<br> *Adviser:* Capital Research and Management Company<br>| 1.20% | 14.33% | 0.23% | 6.96% |
| Large Cap <br> Blend<br>| BlackRock Advantage Large Cap Core V.I. – Class III<br> *Adviser:* BlackRock Advisors, LLC<br>| 1.03% | 19.73% | 13.85% | 14.08% |
| Large Cap <br> Value<br>| BlackRock Basic Value V.I. – Class III<br> *Adviser:* BlackRock Advisors, LLC<br>| 1.13% | 24.04% | 12.81% | 10.52% |
| Large Cap <br> Growth<br>| BlackRock Capital Appreciation V.I. – Class III<br> *Adviser:* BlackRock Advisors, LLC<br>| 1.37% | 11.77% | 10.50% | 15.32% |
| Large Cap <br> Value<br>| BlackRock Equity Dividend V.I. – Class III<br> *Adviser:* BlackRock Advisors, LLC<br>| 1.13% | 21.32% | 11.45% | 11.01% |
| Global <br> Allocation<br>| BlackRock Global Allocation V.I. – Class III<br> *Adviser:* BlackRock Advisors, LLC<br> *Sub-Adviser:* BlackRock (Singapore) Limited; BlackRock <br> International Limited<br>| 1.15% | 19.51% | 5.51% | 7.33% |
| High Yield Bond | BlackRock High Yield V.I. – Class III<br> *Adviser:* BlackRock Advisors, LLC<br> *Sub-Adviser:* BlackRock International Limited<br>| 0.88% | 9.09% | 4.57% | 6.07% |
| Large Cap <br> Growth<br>| BlackRock Large Cap Focus Growth V.I. – Class III<br> *Adviser:* BlackRock Advisors, LLC<br>| 1.15% | 11.48% | 10.19% | 15.98% |
| Small Cap <br> Blend<br>| BNY Mellon IP Small Cap Stock Index – Service Class<br> *Adviser:* BNY Mellon Investment Adviser, Inc.<br>| 0.61% | 5.36% | 6.65% | 9.15% |
| Specialty-Sector | BNY Mellon IP Technology Growth – Service Class<br> *Adviser:* BNY Mellon Investment Adviser, Inc.<br> *Sub-Adviser:* Newton Investment Management North <br> America, LLC<br>| 1.07% | 27.87% | 8.96% | 16.97% |
| Large Cap <br> Blend<br>| BNY Mellon Stock Index – Service Class<br> *Adviser:* BNY Mellon Investment Adviser, Inc.<br> *Sub-Adviser:* Mellon Investments Corporation<br>| 0.52% | 17.23% | 13.83% | 14.23% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** |
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **1 Year** | **5 Year** | **10 Year** |
| Large Cap <br> Blend<br>| BNY Mellon VIF Appreciation – Service Class<br> *Adviser:* BNY Mellon Investment Adviser, Inc.<br> *Sub-Adviser:* Fayez Sarofim & Co., LLC<br>| 1.10% | 9.78% | 9.08% | 12.63% |
| Global Equity | Dimensional VA Equity Allocation – Institutional Class<br> *Adviser:* Dimensional Fund Advisors LP<br> *Sub-Adviser:* Dimensional Fund Advisors Ltd.; DFA <br> Australia Limited<br>| 0.48% | 19.94% | 12.23% | N/A |
| Global Bond | Dimensional VA Global Bond Portfolio – Institutional <br> Class<br> *Adviser:* Dimensional Fund Advisors LP<br> *Sub-Adviser:* Dimensional Fund Advisors Ltd.; DFA <br> Australia Limited<br>| 0.21% | 4.35% | 1.38% | 1.81% |
| Global <br> Allocation<br>| Dimensional VA Global Moderate Allocation – <br> Institutional Class<br> *Adviser:* Dimensional Fund Advisors LP<br>| 0.43% | 14.68% | 8.42% | 8.65% |
| International <br> Equity<br>| Dimensional VA International Small Portfolio – <br> Institutional Class<br> *Adviser:* Dimensional Fund Advisors LP<br> *Sub-Adviser:* Dimensional Fund Advisors Ltd.; DFA <br> Australia Limited<br>| 0.39% | 36.99% | 8.89% | 8.68% |
| International <br> Equity<br>| Dimensional VA International Value Portfolio – <br> Institutional Class<br> *Adviser:* Dimensional Fund Advisors LP<br> *Sub-Adviser:* Dimensional Fund Advisors Ltd.; DFA <br> Australia Limited<br>| 0.27% | 45.64% | 15.85% | 10.46% |
| Short Term <br> Bond<br>| Dimensional VA Short-Term Fixed Portfolio – Institutional <br> Class<br> *Adviser:* Dimensional Fund Advisors LP<br> *Sub-Adviser:* Dimensional Fund Advisors Ltd.; DFA <br> Australia Limited<br>| 0.12% | 4.33% | 2.65% | 1.97% |
| Large Cap <br> Value<br>| Dimensional VA U.S. Large Value Portfolio – Institutional <br> Class<br> *Adviser:* Dimensional Fund Advisors LP<br>| 0.21% | 15.83% | 11.97% | 10.51% |
| Small Cap <br> Value<br>| Dimensional VA U.S. Targeted Value Portfolio – <br> Institutional Class<br> *Adviser:* Dimensional Fund Advisors LP<br>| 0.29% | 8.95% | 13.60% | 11.00% |
| Large Value | Donoghue Forlines Dividend VIT Fund – Class 1<br> *Adviser:* Donoghue Forlines LLC<br>| 2.77% | 17.19% | 8.72% | 3.46% |
| Tactical <br> Allocation<br>| Donoghue Forlines Momentum VIT Fund – Class 1<br> *Adviser:* Donoghue Forlines LLC<br>| 1.56% | 23.52% | 12.83% | 9.23% |
| Mid Cap Value | DWS Small Mid Cap Value VIP – Class B<br> *Adviser:* DWS Investment Management Americas, Inc.<br>| 1.24% | 17.85% | 9.27% | 7.18% |
| Floating Rate <br> Bond<br>| Eaton Vance VT Floating-Rate Income - Initial Class<br> *Adviser:* Eaton Vance Management<br>| 1.19% | 3.95% | 4.64% | 4.43% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** |
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **1 Year** | **5 Year** | **10 Year** |
| Intermediate <br> Government<br>| Federated Hermes Fund for U.S. Government Securities <br> II<br> *Adviser:* Federated Investment Management Company<br>| 1.02% | 6.80% | -0.84% | 1.06% |
| High Yield Bond | Federated Hermes High Income Bond II – Service Class<br> *Adviser:* Federated Investment Management Company<br>| 1.14% | 8.18% | 3.45% | 5.33% |
| Balanced/Asset <br> Allocation<br>| Fidelity<sup>®</sup> VIP Balanced – Service Class 2<br> *Adviser:* Fidelity Management & Research Company LLC<br> *Sub-Adviser:* FMR Investment Management (UK) <br> Limited; Fidelity Management & Research (Hong Kong) <br> Limited; Fidelity Management & Research (Japan) <br> Limited<br>| 0.66% | 14.96% | 9.24% | 10.84% |
| Large Cap <br> Blend<br>| Fidelity<sup>®</sup> VIP Contrafund<sup>®</sup> – Service Class 2<br> *Adviser:* Fidelity Management & Research Company LLC<br> *Sub-Adviser:* FMR Investment Management (UK) <br> Limited; Fidelity Management & Research (Hong Kong) <br> Limited; Fidelity Management & Research (Japan) <br> Limited<br>| 0.79% | 21.24% | 15.08% | 15.49% |
| Small Cap <br> Blend<br>| Fidelity<sup>®</sup> VIP Disciplined Small Cap – Service Class 2<br> *Adviser:* Fidelity Management & Research Company LLC<br>| 0.57% | 17.09% | 10.09% | 10.31% |
| Emerging <br> Markets<br>| Fidelity<sup>®</sup> VIP Emerging Markets – Service Class 2<br> *Adviser:* Fidelity Management & Research Company LLC<br> *Sub-Adviser:* FMR Investment Management (UK) <br> Limited; Fidelity Management & Research (Hong Kong) <br> Limited; Fidelity Management & Research (Japan) <br> Limited; FIL Investment Advisors; FIL Investment <br> Advisors (UK) Limited<br>| 1.12% | 40.79% | 5.62% | 10.66% |
| Large Cap <br> Growth<br>| Fidelity<sup>®</sup> VIP Growth & Income – Service Class 2<br> *Adviser:* Fidelity Management & Research Company LLC<br> *Sub-Adviser:* FMR Investment Management (UK) <br> Limited; Fidelity Management & Research (Hong Kong) <br> Limited; Fidelity Management & Research (Japan) <br> Limited<br>| 0.72% | 21.21% | 15.83% | 13.56% |
| Large Cap <br> Growth<br>| Fidelity<sup>®</sup> VIP Growth Opportunities – Service Class 2<br> *Adviser:* Fidelity Management & Research Company LLC<br> *Sub-Adviser:* FMR Investment Management (UK) <br> Limited; Fidelity Management & Research (Hong Kong) <br> Limited; Fidelity Management & Research (Japan) <br> Limited<br>| 0.81% | 21.73% | 11.04% | 19.64% |
| High Yield Bond | Fidelity<sup>®</sup> VIP High Income – Service Class 2<br> *Adviser:* Fidelity Management & Research Company LLC<br> *Sub-Adviser:* FMR Investment Management (UK) <br> Limited; Fidelity Management & Research (Hong Kong) <br> Limited; Fidelity Management & Research (Japan) <br> Limited<br>| 1.07% | 10.31% | 4.00% | 5.34% |
| Large Cap <br> Blend<br>| Fidelity<sup>®</sup> VIP Index 500 – Service Class 2<br> *Adviser:* Fidelity Management & Research Company LLC<br> *Sub-Adviser:* Geode Capital Management, LLC<br>| 0.34% | 17.48% | 14.03% | 14.42% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** |
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **1 Year** | **5 Year** | **10 Year** |
| Intermediate <br> Term Bond<br>| Fidelity<sup>®</sup> VIP Investment Grade Bond – Service Class 2<br> *Adviser:* Fidelity Management & Research Company LLC<br> *Sub-Adviser:* FMR Investment Management (UK) <br> Limited; Fidelity Management & Research (Hong Kong) <br> Limited; Fidelity Management & Research (Japan) <br> Limited<br>| 0.62% | 6.93% | -0.21% | 2.45% |
| Mid Cap Growth | Fidelity<sup>®</sup> VIP Mid Cap – Service Class 2<br> *Adviser:* Fidelity Management & Research Company LLC<br> *Sub-Adviser:* FMR Investment Management (UK) <br> Limited; Fidelity Management & Research (Hong Kong) <br> Limited; Fidelity Management & Research (Japan) <br> Limited<br>| 0.80% | 11.49% | 9.83% | 10.31% |
| International <br> Equity<br>| Fidelity<sup>®</sup> VIP Overseas – Service Class 2<br> *Adviser:* Fidelity Management & Research Company LLC<br> *Sub-Adviser:* FMR Investment Management (UK) <br> Limited; Fidelity Management & Research (Hong Kong) <br> Limited; Fidelity Management & Research (Japan) <br> Limited; FIL Investment Advisors; FIL Investment <br> Advisors (UK) Limited<br>| 0.97% | 20.05% | 6.35% | 7.55% |
| Specialty-Sector | Fidelity<sup>®</sup> VIP Real Estate – Service Class 2<br> *Adviser:* Fidelity Management & Research Company LLC<br> *Sub-Adviser:* FMR Investment Management (UK) <br> Limited; Fidelity Management & Research (Hong Kong) <br> Limited; Fidelity Management & Research (Japan) <br> Limited<br>| 0.85% | 2.90% | 3.98% | 3.61% |
| Multi-Sector <br> Bond<br>| Fidelity<sup>®</sup> VIP Strategic Income – Service Class 2<br> *Adviser:* Fidelity Management & Research Company LLC<br> *Sub-Adviser:* FMR Investment Management (UK) <br> Limited; Fidelity Management & Research (Hong Kong) <br> Limited; Fidelity Management & Research (Japan) <br> Limited; FIL Investment Advisors; FIL Investment <br> Advisors (UK) Limited<br>| 0.88% | 8.58% | 2.79% | 4.40% |
| Multi Cap <br> Growth<br>| Franklin DynaTech VIP Fund – Class 2<br> *Adviser:* Franklin Advisers, Inc.<br>| 0.88% | 18.13% | 9.09% | 14.08% |
| Large Cap <br> Value<br>| Franklin Growth and Income VIP Fund – Class 2<br> *Adviser:* Franklin Advisers, Inc.<br>| 1.04% | 16.90% | 11.90% | 11.12% |
| Balanced/Asset <br> Allocation<br>| Franklin Income VIP Fund – Class 2<br> *Adviser:* Franklin Advisers, Inc.<br>| 0.72% | 12.56% | 7.66% | 7.30% |
| Large Cap <br> Growth<br>| Franklin Large Cap Growth VIP Fund – Class 2<br> *Adviser:* Franklin Advisers, Inc.<br>| 1.11% | 7.22% | 6.83% | 12.87% |
| Global Equity | Franklin Mutual Global Discovery VIP Fund – Class 2<br> *Adviser:* Franklin Mutual Advisers, LLC<br>| 1.16% | 23.34% | 12.00% | 8.52% |
| Large Cap <br> Value<br>| Franklin Mutual Shares VIP Fund – Class 2<br> *Adviser:* Franklin Mutual Advisers, LLC<br>| 0.94% | 11.52% | 9.20% | 7.53% |
| Large Cap <br> Blend<br>| Franklin Rising Dividends VIP Fund – Class 2<br> *Adviser:* Franklin Advisers, Inc.<br>| 0.89% | 11.80% | 9.50% | 12.10% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** |
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **1 Year** | **5 Year** | **10 Year** |
| Small Cap <br> Value<br>| Franklin Small Cap Value VIP Fund – Class 2<br> *Adviser:* Franklin Mutual Advisers, LLC<br>| 0.92% | 7.65% | 8.86% | 9.81% |
| Small Cap <br> Growth<br>| Franklin Small-Mid Cap Growth VIP Fund – Class 2<br> *Adviser:* Franklin Advisers, Inc.<br>| 1.09% | 2.52% | 1.03% | 9.89% |
| Multi-Sector <br> Bond<br>| Franklin Strategic Income VIP Fund – Class 2<br> *Adviser:* Franklin Advisers, Inc.<br>| 1.08% | 7.24% | 1.92% | 3.10% |
| Government <br> Bond<br>| Franklin U.S. Government Securities VIP Fund – Class 2<br> *Adviser:* Franklin Advisers, Inc.<br>| 0.79% | 6.69% | 0.02% | 1.14% |
| International <br> Equity<br>| Goldman Sachs VIT International Equity Insights – <br> Service Class<br> *Adviser:* Goldman Sachs Asset Management L.P.<br>| 1.37% | 38.15% | 10.80% | 7.96% |
| Large Cap <br> Value<br>| Goldman Sachs VIT Large Cap Value – Service Class<br> *Adviser:* Goldman Sachs Asset Management L.P.<br>| 1.08% | 10.60% | 11.00% | 9.34% |
| Mid Cap Growth | Goldman Sachs VIT Mid Cap Growth – Service Class<br> *Adviser:* Goldman Sachs Asset Management L.P.<br>| 1.49% | 7.36% | 4.67% | 11.58% |
| Mid Cap Value | Goldman Sachs VIT Mid Cap Value – Service Class<br> *Adviser:* Goldman Sachs Asset Management L.P.<br>| 1.09% | 9.13% | 9.77% | 9.75% |
| Small Cap <br> Blend<br>| Goldman Sachs VIT Small Cap Equity Insights – Service <br> Class<br> *Adviser:* Goldman Sachs Asset Management L.P.<br>| 1.13% | 15.82% | 10.19% | 10.57% |
| Large Cap <br> Growth<br>| Goldman Sachs VIT Strategic Growth – Service Class<br> *Adviser:* Goldman Sachs Asset Management L.P.<br>| 1.04% | 17.58% | 12.47% | 16.13% |
| Floating Rate <br> Bond<br>| Guggenheim VIF Floating Rate Strategies<br> *Adviser:* Guggenheim Partners Investment Management, <br> LLC<br>| 1.54% | 3.57% | 4.56% | 4.12% |
| Specialty | Guggenheim VIF Global Managed Futures Strategy<br> *Adviser:* Security Investors, LLC<br>| 2.32% | 3.65% | 3.94% | 1.27% |
| High Yield Bond | Guggenheim VIF High Yield<br> *Adviser:* Guggenheim Partners Investment Management, <br> LLC<br>| 1.57% | 6.84% | 4.16% | 5.55% |
| Specialty | Guggenheim VIF Multi-Hedge Strategies<br> *Adviser:* Security Investors, LLC<br>| 1.80% | 1.25% | 1.23% | 1.62% |
| Intermediate <br> Term Bond<br>| Guggenheim VIF Total Return Bond<br> *Adviser:* Guggenheim Partners Investment Management, <br> LLC<br>| 1.04% | 7.48% | -0.21% | 3.13% |
| Large Cap <br> Growth<br>| Invesco V.I. American Franchise – Series II<br> *Adviser:* Invesco Advisers, Inc.<br>| 1.10% | 11.39% | 10.08% | 14.58% |
| Mid Cap Value | Invesco V.I. American Value – Series II<br> *Adviser:* Invesco Advisers, Inc.<br>| 1.14% | 20.76% | 17.56% | 12.01% |
| Global <br> Allocation<br>| Invesco V.I. Balanced-Risk Allocation – Series II<br> *Adviser:* Invesco Advisers, Inc.<br>| 1.60% | 8.69% | 2.27% | 4.91% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** |
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **1 Year** | **5 Year** | **10 Year** |
| Large Cap <br> Value<br>| Invesco V.I. Comstock – Series II<br> *Adviser:* Invesco Advisers, Inc.<br>| 1.00% | 17.14% | 15.14% | 11.67% |
| Large Cap <br> Blend<br>| Invesco V.I. Core Equity – Series II<br> *Adviser:* Invesco Advisers, Inc.<br>| 1.05% | 15.88% | 12.52% | 11.46% |
| Mid Cap Growth | Invesco V.I. Discovery Mid Cap Growth – Series II<br> *Adviser:* Invesco Advisers, Inc.<br>| 1.11% | 4.53% | 3.64% | 11.10% |
| Large Blend | Invesco V.I. Equally-Weighted S&P 500 – Series II<br> *Adviser:* Invesco Advisers, Inc.<br> *Sub-Adviser:* Invesco Capital Management LLC<br>| 0.59% | 10.82% | 9.89% | 11.11% |
| Balanced/Asset <br> Allocation<br>| Invesco V.I. Equity and Income – Series II<br> *Adviser:* Invesco Advisers, Inc.<br>| 0.82% | 12.52% | 8.68% | 8.64% |
| International <br> Equity<br>| Invesco V.I. EQV International Equity – Series II<br> *Adviser:* Invesco Advisers, Inc.<br>| 1.15% | 16.23% | 3.42% | 5.95% |
| Global Equity | Invesco V.I. Global – Series II<br> *Adviser:* Invesco Advisers, Inc.<br>| 1.06% | 15.02% | 7.01% | 10.72% |
| Specialty-Sector | Invesco V.I. Global Real Estate – Series II<br> *Adviser:* Invesco Advisers, Inc.<br> *Sub-Adviser:* Invesco Asset Management Limited<br>| 1.27% | 7.61% | 1.49% | 2.18% |
| Multi-Sector <br> Bond<br>| Invesco V.I. Global Strategic Income – Series II<br> *Adviser:* Invesco Advisers, Inc.<br>| 1.21% | 12.75% | 1.39% | 2.76% |
| Government <br> Bond<br>| Invesco V.I. Government Securities – Series II<br> *Adviser:* Invesco Advisers, Inc.<br>| 0.95% | 6.95% | -0.22% | 1.34% |
| Large Cap <br> Value<br>| Invesco V.I. Growth and Income – Series II<br> *Adviser:* Invesco Advisers, Inc.<br>| 1.00% | 15.30% | 12.56% | 10.46% |
| Specialty-Sector | Invesco V.I. Health Care – Series II<br> *Adviser:* Invesco Advisers, Inc.<br>| 1.24% | 15.08% | 3.54% | 6.31% |
| High Yield Bond | Invesco V.I. High Yield – Series II<br> *Adviser:* Invesco Advisers, Inc.<br>| 1.17% | 6.35% | 3.40% | 4.55% |
| International <br> Equity<br>| Invesco V.I. International Growth Fund – Series II<br> *Adviser:* Invesco Advisers, Inc.<br>| 1.43% | 15.53% | 1.88% | 5.34% |
| Mid Cap Blend | Invesco V.I. Main Street Mid Cap Fund<sup>®</sup> – Series II<br> *Adviser:* Invesco Advisers, Inc.<br>| 1.19% | 8.96% | 8.83% | 9.08% |
| Small Cap <br> Blend<br>| Invesco V.I. Main Street Small Cap Fund<sup>®</sup> – Series II<br> *Adviser:* Invesco Advisers, Inc.<br>| 1.09% | 8.44% | 8.07% | 10.31% |
| Speciality | Invesco V.I. S&P 500 Buffer Fund - December - Class II<br> *Adviser:* Invesco Advisers, Inc.<br>| 1.06% | 12.37% | N/A | N/A |
| Speciality | Invesco V.I. S&P 500 Buffer Fund - June - Class II<br> *Adviser:* Invesco Advisers, Inc.<br>| 1.05% | 13.35% | N/A | N/A |
| Speciality | Invesco V.I. S&P 500 Buffer Fund - March - Class II<br> *Adviser:* Invesco Advisers, Inc.<br>| 1.08% | 7.25% | N/A | N/A |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** |
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **1 Year** | **5 Year** | **10 Year** |
| Speciality | Invesco V.I. S&P 500 Buffer Fund - September - Class II<br> *Adviser:* Invesco Advisers, Inc.<br>| 1.04% | 12.63% | N/A | N/A |
| Small Cap <br> Blend<br>| Invesco V.I. Small Cap Equity – Series II<br> *Adviser:* Invesco Advisers, Inc.<br>| 1.21% | 7.83% | 7.06% | 9.28% |
| Mid Cap Growth | Janus Henderson VIT Enterprise – Service Class<br> *Adviser:* Janus Henderson Investors US LLC<br>| 0.97% | 7.41% | 7.35% | 12.51% |
| Large Cap <br> Growth<br>| Janus Henderson VIT Forty – Service Class<br> *Adviser:* Janus Henderson Investors US LLC<br>| 0.87% | 17.86% | 11.37% | 15.96% |
| Mid Cap Value | Janus Henderson VIT Mid Cap Value – Service Class<br> *Adviser:* Janus Henderson Investors US LLC<br>| 1.11% | 6.29% | 8.43% | 8.40% |
| International <br> Equity<br>| Janus Henderson VIT Overseas – Service Class<br> *Adviser:* Janus Henderson Investors US LLC<br>| 0.96% | 28.58% | 9.17% | 8.97% |
| Large Cap <br> Growth<br>| Janus Henderson VIT Research – Service Class<br> *Adviser:* Janus Henderson Investors US LLC<br>| 1.07% | 18.10% | 13.83% | 15.59% |
| Multi-Sector <br> Bond<br>| Lord Abbett Series Bond-Debenture VC – Class VC<br> *Adviser:* Lord, Abbett & Co. LLC<br>| 0.98% | 8.33% | 2.10% | 4.72% |
| Small Cap <br> Growth<br>| Lord Abbett Series Developing Growth VC – Class VC<sup>2</sup> <br>*Adviser:* Lord, Abbett & Co. LLC<br>| 1.27% | 14.59% | -1.17% | 11.03% |
| Large Cap <br> Blend<br>| Lord Abbett Series Dividend Growth VC – Class VC<br> *Adviser:* Lord, Abbett & Co. LLC<br>| 1.00% | 15.98% | 12.34% | 13.06% |
| Large Cap <br> Blend<br>| Lord Abbett Series Fundamental Equity VC – Class VC<br> *Adviser:* Lord, Abbett & Co. LLC<br>| 1.19% | 14.29% | 11.36% | 9.75% |
| Large Cap <br> Blend<br>| Lord Abbett Series Growth and Income VC – Class VC<br> *Adviser:* Lord, Abbett & Co. LLC<br>| 0.93% | 17.29% | 13.34% | 11.12% |
| Mid Cap Growth | Lord Abbett Series Growth Opportunities VC – Class VC<br> *Adviser:* Lord, Abbett & Co. LLC<br>| 1.15% | 12.94% | 3.23% | 10.41% |
| Mid Cap Value | Lord Abbett Series Mid Cap Stock VC – Class VC<br> *Adviser:* Lord, Abbett & Co. LLC<br>| 1.15% | 7.05% | 10.16% | 7.98% |
| Intermediate <br> Term Bond<br>| Lord Abbett Series Total Return VC – Class VC<br> *Adviser:* Lord, Abbett & Co. LLC<br>| 0.71% | 7.19% | 0.06% | 2.27% |
| Inflation-<br> Protected Bond<br>| LVIP American Century Inflation Protection – Service <br> Class<br> *Adviser:* Lincoln Financial Investments Corporation<br> *Sub-Adviser:* American Century Investment <br> Management, Inc.<br>| 0.76% | 6.33% | 0.62% | 2.61% |
| International <br> Equity<br>| LVIP American Century International – Service Class<br> *Adviser:* Lincoln Financial Investments Corporation<br> *Sub-Adviser:* American Century Investment <br> Management, Inc.<br>| 1.20% | 15.81% | 1.71% | 6.27% |
| Mid Cap Value | LVIP American Century Mid Cap Value – Service Class<br> *Adviser:* Lincoln Financial Investments Corporation<br> *Sub-Adviser:* American Century Investment <br> Management, Inc.<br>| 1.03% | 8.83% | 8.72% | 8.96% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** |
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **1 Year** | **5 Year** | **10 Year** |
| Large Cap <br> Value<br>| LVIP American Century Value – Service Class<br> *Adviser:* Lincoln Financial Investments Corporation<br> *Sub-Adviser:* American Century Investment <br> Management, Inc.<br>| 0.90% | 15.85% | 11.47% | 10.07% |
| Large Cap <br> Value<br>| LVIP Avantis Large Cap Value – Service Class<br> *Adviser:* Lincoln Financial Investments Corporation<br> *Sub-Adviser:* American Century Investment <br> Management, Inc.<br>| 0.99% | 14.56% | 8.51% | 10.12% |
| Intermediate <br> Core Bond<br>| LVIP JPMorgan Core Bond – Service Class<br> *Adviser:* Lincoln Financial Investments Corporation<br> *Sub-Adviser:* J.P. Morgan Investment Management, Inc.<br>| 0.99% | 7.15% | -0.29% | 1.85% |
| Small Cap <br> Blend<br>| LVIP JPMorgan Small Cap Core – Service Class<br> *Adviser:* Lincoln Financial Investments Corporation<br> *Sub-Adviser:* J.P. Morgan Investment Management, Inc.<br>| 0.88% | 10.00% | 6.13% | 8.66% |
| Large Cap <br> Blend<br>| LVIP JPMorgan U.S. Equity – Service Class<br> *Adviser:* Lincoln Financial Investments Corporation<br> *Sub-Adviser:* J.P. Morgan Investment Management, Inc.<br>| 1.00% | 14.26% | 13.40% | 14.56% |
| Emerging <br> Markets<br>| MFS<sup>®</sup> VIT Emerging Markets Equity – Service Class<br> *Adviser:* Massachusetts Financial Services Company<br>| 2.14% | 33.35% | 4.11% | 7.65% |
| Global <br> Allocation<br>| MFS<sup>®</sup> VIT Global Tactical Allocation – Service Class<br> *Adviser:* Massachusetts Financial Services Company<br>| 1.13% | 15.21% | 4.60% | 5.40% |
| High Yield Bond | MFS<sup>®</sup> VIT High Yield – Service Class<br> *Adviser:* Massachusetts Financial Services Company<br>| 1.06% | 8.47% | 3.63% | 5.30% |
| Large Cap <br> Growth<br>| MFS<sup>®</sup> VIT II MA Investors Growth Stock – Service Class<br> *Adviser:* Massachusetts Financial Services Company<br>| 1.04% | 9.61% | 9.74% | 13.98% |
| International <br> Equity<br>| MFS<sup>®</sup> VIT II Research International – Service Class<br> *Adviser:* Massachusetts Financial Services Company<br>| 1.22% | 21.75% | 5.25% | 7.27% |
| International <br> Equity<br>| MFS<sup>®</sup> VIT International Intrinsic Value – Service Class<br> *Adviser:* Massachusetts Financial Services Company<br>| 1.16% | 32.96% | 7.02% | 9.68% |
| Large Cap <br> Blend<br>| MFS<sup>®</sup> VIT Investors Trust – Service Class<br> *Adviser:* Massachusetts Financial Services Company<br>| 1.07% | 13.32% | 11.06% | 12.21% |
| Small Cap <br> Growth<br>| MFS<sup>®</sup> VIT New Discovery – Service Class<br> *Adviser:* Massachusetts Financial Services Company<br>| 1.20% | 12.56% | -0.54% | 10.46% |
| Large Cap <br> Blend<br>| MFS<sup>®</sup> VIT Research – Service Class<br> *Adviser:* Massachusetts Financial Services Company<br>| 1.07% | 12.57% | 10.87% | 12.65% |
| Balanced/Asset <br> Allocation<br>| MFS<sup>®</sup> VIT Total Return – Service Class<br> *Adviser:* Massachusetts Financial Services Company<br>| 0.96% | 10.91% | 6.16% | 7.36% |
| Intermediate <br> Term Bond<br>| MFS<sup>®</sup> VIT Total Return Bond – Service Class<br> *Adviser:* Massachusetts Financial Services Company<br>| 0.79% | 6.94% | -0.09% | 2.38% |
| Specialty-Sector | MFS<sup>®</sup> VIT Utilities – Service Class<br> *Adviser:* Massachusetts Financial Services Company<br>| 1.04% | 14.76% | 7.38% | 9.22% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** |
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **1 Year** | **5 Year** | **10 Year** |
| Emerging <br> Markets Bond<br>| Morgan Stanley VIF Emerging Markets Debt – Class II<br> *Adviser:* Morgan Stanley Investment Management, Inc.<br> *Sub-Adviser:* Morgan Stanley Investment Management <br> Limited<br>| 1.62% | 15.24% | 2.66% | 4.46% |
| Emerging <br> Markets<br>| Morgan Stanley VIF Emerging Markets Equity – Class II<br> *Adviser:* Morgan Stanley Investment Management, Inc.<br> *Sub-Adviser:* Morgan Stanley Investment Management <br> Company<br>| 1.53% | 32.90% | 4.32% | 7.21% |
| Asset <br> Allocation/<br> Lifestyle<br>| Morningstar Aggressive Growth ETF Asset Allocation <br> Portfolio – Class II<br> *Adviser:* ALPS Advisors, Inc.<br> *Sub-Adviser:* Morningstar Investment Management LLC<br>| 0.85% | 20.00% | 10.55% | 10.36% |
| Asset <br> Allocation/<br> Lifestyle<br>| Morningstar Balanced ETF Asset Allocation Portfolio – <br> Class II<br> *Adviser:* ALPS Advisors, Inc.<br> *Sub-Adviser:* Morningstar Investment Management LLC<br>| 0.84% | 14.82% | 6.61% | 7.25% |
| Asset <br> Allocation/<br> Lifestyle<br>| Morningstar Conservative ETF Asset Allocation Portfolio <br> – Class II<br> *Adviser:* ALPS Advisors, Inc.<br> *Sub-Adviser:* Morningstar Investment Management LLC<br>| 0.93% | 8.82% | 2.19% | 3.50% |
| Asset <br> Allocation/<br> Lifestyle<br>| Morningstar Growth ETF Asset Allocation Portfolio – <br> Class II<br> *Adviser:* ALPS Advisors, Inc.<br> *Sub-Adviser:* Morningstar Investment Management LLC<br>| 0.82% | 17.91% | 8.82% | 9.05% |
| Asset <br> Allocation/<br> Lifestyle<br>| Morningstar Income and Growth ETF Asset Allocation <br> Portfolio – Class II<br> *Adviser:* ALPS Advisors, Inc.<br> *Sub-Adviser:* Morningstar Investment Management LLC<br>| 0.88% | 11.70% | 4.43% | 5.46% |
| Multi Cap Value | NAA All Cap Value Series<br> *Adviser:* New Age Alpha Advisors, LLC<br>| 1.15% | 12.87% | 11.12% | 10.40% |
| Large Cap <br> Value<br>| NAA Large Cap Value Series<br> *Adviser:* New Age Alpha Advisors, LLC<br>| 1.05% | 14.16% | 12.15% | 10.88% |
| Large Cap <br> Blend<br>| NAA Large Core Series<br> *Adviser:* New Age Alpha Advisors, LLC<br>| 1.16% | 16.43% | 13.65% | 14.25% |
| Large Cap <br> Growth<br>| NAA Large Growth Series<br> *Adviser:* New Age Alpha Advisors, LLC<br>| 1.17% | 17.02% | 13.89% | 17.04% |
| Mid Cap Growth | NAA Mid Growth Series<br> *Adviser:* New Age Alpha Advisors, LLC<br>| 1.18% | 2.17% | 4.48% | 10.63% |
| Small Cap <br> Value<br>| NAA Small Cap Value Series<br> *Adviser:* New Age Alpha Advisors, LLC<br>| 1.29% | 3.30% | 8.47% | 7.65% |
| Small Cap <br> Growth<br>| NAA Small Growth Series<br> *Adviser:* New Age Alpha Advisors, LLC<br>| 1.42% | 6.58% | 2.59% | 8.89% |
| Mid Cap Value | NAA SMid-Cap Value Series<br> *Adviser:* New Age Alpha Advisors, LLC<br>| 1.18% | 7.35% | 9.30% | 9.97% |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** |
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **1 Year** | **5 Year** | **10 Year** |
| Global Equity | NAA World Equity Income Series<br> *Adviser:* New Age Alpha Advisors, LLC<br>| 1.18% | 22.75% | 11.42% | 9.99% |
| Specialty | Neuberger Berman Quality Equity Portfolio – Class I<br> *Adviser:* Neuberger Berman Investment Advisers LLC<br>| 0.87% | 13.74% | 12.83% | 12.94% |
| Global <br> Allocation<br>| Nomura VIP Asset Strategy - Service Class<br> *Adviser:* Delaware Management Company<br>| 1.04% | 16.66% | 7.07% | 7.84% |
| Balanced/Asset <br> Allocation<br>| Nomura VIP Balanced - Service Class<br> *Adviser:* Delaware Management Company<br>| 1.08% | 11.79% | 7.85% | 8.38% |
| Large Cap <br> Growth<br>| Nomura VIP Core Equity - Service Class<br> *Adviser:* Delaware Management Company<br>| 1.00% | 15.30% | 13.79% | 13.78% |
| Specialty-Sector | Nomura VIP Energy - Service Class<br> *Adviser:* Delaware Management Company<br> *Sub-Adviser:* Van Eck Associates Corporation<br>| 1.31% | 11.89% | 18.61% | 1.74% |
| Global Equity | Nomura VIP Global Growth - Service Class<br> *Adviser:* Delaware Management Company<br>| 1.24% | 17.93% | 9.99% | 10.71% |
| Large Cap <br> Growth<br>| Nomura VIP Growth - Service Class<br> *Adviser:* Delaware Management Company<br>| 1.01% | 8.41% | 11.89% | 15.40% |
| High Yield Bond | Nomura VIP High Income - Service Class<br> *Adviser:* Delaware Management Company<br> *Sub-Adviser:* Macquarie Investment Management Austria <br> Kapitalanlage AG; Macquarie Investment Management <br> Europe Limited, Macquarie Investment Management <br> Global Limited<br>| 0.97% | 7.17% | 3.73% | 5.56% |
| International <br> Equity<br>| Nomura VIP International Core Equity - Service Class<br> *Adviser:* Delaware Management Company<br>| 1.18% | 24.17% | 7.83% | 6.62% |
| Short Term <br> Bond<br>| Nomura VIP Limited-Term Bond - Service Class<br> *Adviser:* Delaware Management Company<br> *Sub-Adviser:* Macquarie Investment Management Austria <br> Kapitalanlage AG; Macquarie Investment Management <br> Europe Limited, Macquarie Investment Management <br> Global Limited<br>| 0.87% | 4.70% | 1.75% | 2.12% |
| Mid Cap Growth | Nomura VIP Mid Cap Growth - Service Class<br> *Adviser:* Delaware Management Company<br>| 1.17% | 1.18% | -0.08% | 10.66% |
| Specialty-Sector | Nomura VIP Natural Resources - Service Class<br> *Adviser:* Delaware Management Company<br> *Sub-Adviser:* Van Eck Associates Corporation; <br> Macquarie Investment Management Global Limited<br>| 1.29% | 37.75% | 15.73% | 6.94% |
| Specialty-Sector | Nomura VIP Science and Technology - Service Class<br> *Adviser:* Delaware Management Company<br>| 1.15% | 33.36% | 13.71% | 17.20% |
| Small Cap <br> Growth<br>| Nomura VIP Small Cap Growth - Service Class<br> *Adviser:* Delaware Management Company<br>| 1.21% | 13.39% | 2.20% | 8.69% |
| Small Cap <br> Blend<br>| Nomura VIP Smid Cap Core - Service Class<br> *Adviser:* Delaware Management Company<br>| 1.20% | 8.39% | 8.07% | 9.91% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** |
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **1 Year** | **5 Year** | **10 Year** |
| Large Cap <br> Value<br>| Nomura VIP Value - Service Class<br> *Adviser:* Delaware Management Company<br>| 1.04% | 9.41% | 9.49% | 8.92% |
| Specialty | PIMCO VIT All Asset – Advisor Class<br> *Adviser:* Pacific Investment Management Company LLC<br> *Sub-Adviser:* Research Affiliates LLC<br>| 2.32% | 14.19% | 5.49% | 6.67% |
| Specialty-Sector | PIMCO VIT CommodityRealReturn Strategy – Advisor <br> Class<br> *Adviser:* Pacific Investment Management Company LLC<br>| 3.48% | 18.85% | 10.47% | 6.43% |
| Emerging <br> Markets Bond<br>| PIMCO VIT Emerging Markets Bond – Advisor Class<br> *Adviser:* Pacific Investment Management Company LLC<br>| 1.27% | 14.86% | 2.34% | 4.96% |
| Global Bond | PIMCO VIT Global Bond Opportunities Portfolio <br> (Unhedged) – Advisor Class<br> *Adviser:* Pacific Investment Management Company LLC<br>| 1.25% | 12.76% | 0.07% | 2.36% |
| Global <br> Allocation<br>| PIMCO VIT Global Managed Asset Allocation – Advisor <br> Class<br> *Adviser:* Pacific Investment Management Company LLC<br>| 1.51% | 21.77% | 6.94% | 7.88% |
| High Yield Bond | PIMCO VIT High Yield – Advisor Class<br> *Adviser:* Pacific Investment Management Company LLC<br>| 0.91% | 8.85% | 3.87% | 5.47% |
| International <br> Bond<br>| PIMCO VIT International Bond Portfolio (Unhedged) – <br> Advisor Class<br> *Adviser:* Pacific Investment Management Company LLC<br>| 1.13% | 10.04% | -3.37% | 0.86% |
| Short Term <br> Bond<br>| PIMCO VIT Low Duration – Advisor Class<br> *Adviser:* Pacific Investment Management Company LLC<br>| 0.76% | 5.42% | 1.47% | 1.69% |
| Inflation-<br> Protected Bond<br>| PIMCO VIT Real Return – Advisor Class<br> *Adviser:* Pacific Investment Management Company LLC<br>| 1.49% | 7.74% | 1.11% | 3.11% |
| Short Term <br> Bond<br>| PIMCO VIT Short-Term – Advisor Class<br> *Adviser:* Pacific Investment Management Company LLC<br>| 0.75% | 4.57% | 3.14% | 2.65% |
| Intermediate <br> Term Bond<br>| PIMCO VIT Total Return – Advisor Class<br> *Adviser:* Pacific Investment Management Company LLC<br>| 0.83% | 8.78% | -0.08% | 2.26% |
| Multi Cap Blend | Putnam VT Core Equity – Class IB<br> *Adviser:* Putnam Investment Management, LLC<br> *Sub-Adviser:* Franklin Advisers, Inc.; Franklin Templeton <br> Investment Management Limited<br>| 0.92% | 16.81% | 15.96% | 15.20% |
| Multi-Sector <br> Bond<br>| Putnam VT Diversified Income – Class IB<br> *Adviser:* Franklin Advisers, Inc.<br> *Sub-Adviser:* Putnam Investment Management, LLC; <br> Franklin Templeton Investment Management Limited<br>| 1.05% | 8.58% | 1.81% | 3.03% |
| Global <br> Allocation<br>| Putnam VT Global Asset Allocation – Class IB<br> *Adviser:* Franklin Advisers, Inc.<br> *Sub-Adviser:* Putnam Investment Management, LLC; <br> Franklin Templeton Investment Management Limited; <br> The Putnam Advisory Company, LLC<br>| 1.11% | 14.38% | 8.39% | 8.43% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** |
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **1 Year** | **5 Year** | **10 Year** |
| High Yield Bond | Putnam VT High Yield – Class IB<br> *Adviser:* Franklin Advisers, Inc.<br> *Sub-Adviser:* Putnam Investment Management, LLC; <br> Franklin Templeton Investment Management Limited<br>| 0.96% | 8.67% | 4.05% | 5.70% |
| Intermediate <br> Term Bond<br>| Putnam VT Income – Class IB<br> *Adviser:* Franklin Advisers, Inc.<br> *Sub-Adviser:* Putnam Investment Management, LLC; <br> Franklin Templeton Investment Management Limited<br>| 0.82% | 7.25% | -1.13% | 1.89% |
| Large Cap <br> Growth<br>| Putnam VT Large Cap Growth – Class IB<br> *Adviser:* Putnam Investment Management, LLC<br> *Sub-Adviser:* Franklin Advisers, Inc.; Franklin Templeton <br> Investment Management Limited<br>| 0.87% | 14.34% | 13.44% | 17.66% |
| Large Cap <br> Value<br>| Putnam VT Large Cap Value – Class IB<br> *Adviser:* Putnam Investment Management, LLC<br> *Sub-Adviser:* Franklin Advisers, Inc.; Franklin Templeton <br> Investment Management Limited<br>| 0.79% | 20.35% | 15.38% | 13.30% |
| Small Cap <br> Growth<br>| Putnam VT Small Cap Growth – Class IB<br> *Adviser:* Putnam Investment Management, LLC<br> *Sub-Adviser:* Franklin Advisers, Inc.; Franklin Templeton <br> Investment Management Limited<br>| 1.17% | 8.80% | 6.18% | 11.45% |
| Specialty-Sector | Rydex VIF Banking<br> *Adviser:* Security Investors, LLC<br>| 1.83% | 23.74% | 11.69% | 8.98% |
| Specialty-Sector | Rydex VIF Basic Materials<br> *Adviser:* Security Investors, LLC<br>| 1.83% | 32.89% | 9.42% | 11.58% |
| Specialty-Sector | Rydex VIF Biotechnology<br> *Adviser:* Security Investors, LLC<br>| 1.84% | 30.12% | 3.55% | 5.42% |
| Specialty-Sector | Rydex VIF Commodities Strategy<br> *Adviser:* Security Investors, LLC<br>| 1.96% | 4.89% | 12.80% | 4.76% |
| Specialty-Sector | Rydex VIF Consumer Products<br> *Adviser:* Security Investors, LLC<br>| 1.84% | -3.52% | 1.32% | 3.80% |
| Specialty | Rydex VIF Dow 2x Strategy<br> *Adviser:* Security Investors, LLC<br>| 1.95% | 19.49% | 14.77% | 18.17% |
| Specialty-Sector | Rydex VIF Electronics<br> *Adviser:* Security Investors, LLC<br>| 1.83% | 41.49% | 18.80% | 23.66% |
| Specialty-Sector | Rydex VIF Energy<br> *Adviser:* Security Investors, LLC<br>| 1.84% | 7.51% | 19.52% | 4.64% |
| Specialty-Sector | Rydex VIF Energy Services<br> *Adviser:* Security Investors, LLC<br>| 1.84% | 1.74% | 10.39% | -5.65% |
| International <br> Equity<br>| Rydex VIF Europe 1.25x Strategy<br> *Adviser:* Security Investors, LLC<br>| 1.97% | 36.46% | 10.40% | 7.59% |
| Specialty-Sector | Rydex VIF Financial Services<br> *Adviser:* Security Investors, LLC<br>| 1.88% | 10.76% | 11.31% | 9.88% |
| Government <br> Bond<br>| Rydex VIF Government Long Bond 1.2x Strategy<br> *Adviser:* Security Investors, LLC<br>| 1.51% | 1.67% | -13.64% | -3.35% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** |
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **1 Year** | **5 Year** | **10 Year** |
| Specialty-Sector | Rydex VIF Health Care<br> *Adviser:* Security Investors, LLC<br>| 1.84% | 14.07% | 4.64% | 7.44% |
| High Yield Bond | Rydex VIF High Yield Strategy<br> *Adviser:* Security Investors, LLC<br>| 1.80% | 9.87% | 3.52% | 4.77% |
| Specialty-Sector | Rydex VIF Internet<br> *Adviser:* Security Investors, LLC<br>| 1.84% | 18.50% | 2.54% | 11.93% |
| Specialty | Rydex VIF Inverse Dow 2x Strategy<br> *Adviser:* Security Investors, LLC<br>| 1.94% | -20.69% | -18.02% | -25.05% |
| Specialty | Rydex VIF Inverse Government Long Bond Strategy<br> *Adviser:* Security Investors, LLC<br>| 5.82% | 1.85% | 12.87% | 1.41% |
| Specialty | Rydex VIF Inverse Mid-Cap Strategy<br> *Adviser:* Security Investors, LLC<br>| 2.03% | -5.11% | -7.51% | -10.94% |
| Specialty | Rydex VIF Inverse NASDAQ-100<sup>®</sup> Strategy<br> *Adviser:* Security Investors, LLC<br>| 1.98% | -16.18% | -13.53% | -17.67% |
| Specialty | Rydex VIF Inverse Russell 2000<sup>®</sup> Strategy<br> *Adviser:* Security Investors, LLC<br>| 1.98% | -9.58% | -6.24% | -11.19% |
| Specialty | Rydex VIF Inverse S&P 500 Strategy<br> *Adviser:* Security Investors, LLC<br>| 1.94% | -11.76% | -10.49% | -12.91% |
| International <br> Equity<br>| Rydex VIF Japan 2x Strategy<br> *Adviser:* Security Investors, LLC<br>| 1.73% | 51.54% | 0.16% | 9.51% |
| Specialty-Sector | Rydex VIF Leisure<br> *Adviser:* Security Investors, LLC<br>| 1.84% | 8.47% | 2.50% | 7.27% |
| Mid Cap Blend | Rydex VIF Mid-Cap 1.5x Strategy<br> *Adviser:* Security Investors, LLC<br>| 1.92% | 5.04% | 8.37% | 11.16% |
| Large Cap <br> Growth<br>| Rydex VIF NASDAQ-100<sup>®</sup><br> *Adviser:* Security Investors, LLC<br>| 1.83% | 19.04% | 13.32% | 17.60% |
| Large Cap <br> Growth<br>| Rydex VIF NASDAQ-100<sup>®</sup> 2x Strategy<br> *Adviser:* Security Investors, LLC<br>| 2.00% | 29.24% | 18.83% | 29.69% |
| Large Cap <br> Blend<br>| Rydex VIF Nova<br> *Adviser:* Security Investors, LLC<br>| 1.80% | 20.87% | 16.53% | 17.73% |
| Specialty-Sector | Rydex VIF Precious Metals<br> *Adviser:* Security Investors, LLC<br>| 1.73% | 147.37% | 17.52% | 21.08% |
| Specialty-Sector | Rydex VIF Real Estate<br> *Adviser:* Security Investors, LLC<br>| 1.83% | 2.88% | 3.02% | 4.00% |
| Specialty-Sector | Rydex VIF Retailing<br> *Adviser:* Security Investors, LLC<br>| 1.83% | 10.18% | 4.22% | 9.18% |
| Small Cap <br> Blend<br>| Rydex VIF Russell 2000<sup>®</sup> 1.5x Strategy<br> *Adviser:* Security Investors, LLC<br>| 1.99% | 12.47% | 3.43% | 9.25% |
| Small Cap <br> Blend<br>| Rydex VIF Russell 2000<sup>®</sup> 2x Strategy<br> *Adviser:* Security Investors, LLC<br>| 1.98% | 12.07% | 1.43% | 9.07% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** |
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **1 Year** | **5 Year** | **10 Year** |
| Large Cap <br> Blend<br>| Rydex VIF S&P 500 2x Strategy<br> *Adviser:* Security Investors, LLC<br>| 2.00% | 25.28% | 19.77% | 21.33% |
| Large Cap <br> Growth<br>| Rydex VIF S&P 500 Pure Growth<br> *Adviser:* Security Investors, LLC<br>| 1.74% | 11.75% | 6.62% | 10.34% |
| Large Cap <br> Value<br>| Rydex VIF S&P 500 Pure Value<br> *Adviser:* Security Investors, LLC<br>| 1.74% | 16.02% | 12.00% | 8.64% |
| Mid Cap Growth | Rydex VIF S&P MidCap 400 Pure Growth<br> *Adviser:* Security Investors, LLC<br>| 1.74% | 7.18% | 4.39% | 6.85% |
| Mid Cap Value | Rydex VIF S&P MidCap 400 Pure Value<br> *Adviser:* Security Investors, LLC<br>| 1.74% | 6.12% | 12.00% | 10.60% |
| Small Cap <br> Growth<br>| Rydex VIF S&P SmallCap 600 Pure Growth<br> *Adviser:* Security Investors, LLC<br>| 1.74% | 8.59% | 2.89% | 6.53% |
| Small Cap <br> Value<br>| Rydex VIF S&P SmallCap 600 Pure Value<br> *Adviser:* Security Investors, LLC<br>| 1.74% | 6.77% | 12.03% | 7.65% |
| Specialty | Rydex VIF Strengthening Dollar 2x Strategy<br> *Adviser:* Security Investors, LLC<br>| 2.14% | -14.29% | 6.16% | 1.80% |
| Specialty-Sector | Rydex VIF Technology<br> *Adviser:* Security Investors, LLC<br>| 1.83% | 25.70% | 12.27% | 18.37% |
| Specialty-Sector | Rydex VIF Telecommunications<br> *Adviser:* Security Investors, LLC<br>| 1.83% | 31.13% | 5.45% | 6.64% |
| Specialty-Sector | Rydex VIF Transportation<br> *Adviser:* Security Investors, LLC<br>| 1.83% | 11.79% | 2.32% | 8.06% |
| Money Market | Rydex VIF U.S. Government Money Market<br> *Adviser:* Security Investors, LLC<br>| 1.49% | 2.84% | 2.22% | 1.26% |
| Specialty-Sector | Rydex VIF Utilities<br> *Adviser:* Security Investors, LLC<br>| 1.84% | 17.07% | 8.56% | 8.60% |
| Specialty | Rydex VIF Weakening Dollar 2x Strategy<br> *Adviser:* Security Investors, LLC<br>| 2.14% | 18.97% | -5.72% | -2.86% |
| Large Cap <br> Growth<br>| T. Rowe Price Blue Chip Growth – Class II<br> *Adviser:* T. Rowe Price Associates, Inc.<br>| 1.00% | 18.43% | 11.41% | 15.25% |
| Large Cap <br> Value<br>| T. Rowe Price Equity Income – Class II<br> *Adviser:* T. Rowe Price Associates, Inc.<br>| 0.99% | 14.07% | 10.89% | 10.24% |
| Specialty-Sector | T. Rowe Price Health Sciences – Class II<br> *Adviser:* T. Rowe Price Associates, Inc.<br>| 1.11% | 17.80% | 3.86% | 8.70% |
| Short Term <br> Bond<br>| T. Rowe Price Limited-Term Bond – Class II<br> *Adviser:* T. Rowe Price Associates, Inc.<br>| 0.85% | 5.46% | 1.91% | 2.09% |
| Emerging <br> Markets<br>| Templeton Emerging Markets VIP Fund – Class 2<br> *Adviser:* Templeton Asset Management Ltd<br> *Sub-Adviser:* Franklin Templeton Investment <br> Management Limited<br>| 1.37% | 46.27% | 5.46% | 10.40% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** |
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **1 Year** | **5 Year** | **10 Year** |
| International <br> Equity<br>| Templeton Foreign VIP Fund – Class 2<br> *Adviser:* Templeton Investment Counsel, LLC<br>| 1.09% | 29.19% | 8.25% | 5.75% |
| Global Bond | Templeton Global Bond VIP Fund – Class 2<br> *Adviser:* Franklin Advisers, Inc.<br>| 0.78% | 15.73% | -0.96% | -0.15% |
| Global Equity | Templeton Growth VIP Fund – Class 2<br> *Adviser:* Templeton Global Advisors Limited<br>| 1.19% | 23.83% | 7.95% | 7.04% |
| World Large <br> Stock<br>| Third Avenue Value<br> *Adviser:* Third Avenue Management LLC<br>| 1.38% | 34.85% | 17.68% | 9.66% |
| Balanced/Asset <br> Allocation<br>| TOPS<sup>®</sup> Aggressive ETF – Investor Class<br> *Adviser:* ValMark Advisers, Inc.<br> *Sub-Adviser:* Milliman Financial Risk Management LLC<br>| 0.79% | 18.53% | 9.15% | 9.99% |
| Balanced/Asset <br> Allocation<br>| TOPS<sup>®</sup> Balanced ETF – Investor Class<br> *Adviser:* ValMark Advisers, Inc.<br> *Sub-Adviser:* Milliman Financial Risk Management LLC<br>| 0.79% | 12.59% | 5.26% | 6.10% |
| Balanced/Asset <br> Allocation<br>| TOPS<sup>®</sup> Conservative ETF – Investor Class<br> *Adviser:* ValMark Advisers, Inc.<br> *Sub-Adviser:* Milliman Financial Risk Management LLC<br>| 0.81% | 9.76% | 4.09% | 4.77% |
| Balanced/Asset <br> Allocation<br>| TOPS<sup>®</sup> Managed Risk Balanced ETF – Investor Class<br> *Adviser:* ValMark Advisers, Inc.<br> *Sub-Adviser:* Milliman Financial Risk Management LLC<br>| 1.01% | 7.85% | -1.85% | 1.85% |
| Balanced/Asset <br> Allocation<br>| TOPS<sup>®</sup> Managed Risk Moderate ETF – Investor Class<br> *Adviser:* ValMark Advisers, Inc.<br> *Sub-Adviser:* Milliman Financial Risk Management LLC<br>| 1.00% | 10.50% | 3.15% | 4.73% |
| Balanced/Asset <br> Allocation<br>| TOPS<sup>®</sup> Managed Risk Moderately Aggressive ETF – <br> Investor Class<br> *Adviser:* ValMark Advisers, Inc.<br> *Sub-Adviser:* Milliman Financial Risk Management LLC<br>| 1.00% | 11.58% | 5.25% | 5.93% |
| Balanced/Asset <br> Allocation<br>| TOPS<sup>®</sup> Moderate ETF – Investor Class<br> *Adviser:* ValMark Advisers, Inc.<br> *Sub-Adviser:* Milliman Financial Risk Management LLC<br>| 0.78% | 14.87% | 6.66% | 7.63% |
| Balanced/Asset <br> Allocation<br>| TOPS<sup>®</sup> Moderately Aggressive ETF – Investor Class<br> *Adviser:* ValMark Advisers, Inc.<br> *Sub-Adviser:* Milliman Financial Risk Management LLC<br>| 0.79% | 17.74% | 8.30% | 9.12% |
| Specialty-Sector | VanEck VIP Global Gold – Class S<br> *Adviser:* Van Eck Associates Corporation<br>| 1.47% | 164.43% | 20.00% | 20.89% |
| Specialty-Sector | VanEck VIP Global Resources – Class S<br> *Adviser:* Van Eck Associates Corporation<br>| 1.32% | 36.17% | 10.24% | 8.06% |
| Balanced/Asset <br> Allocation<br>| Vanguard<sup>®</sup> VIF Balanced<br> *Adviser:* Wellington Management Company LLP<br>| 0.20% | 16.46% | 9.29% | 10.03% |
| Large Cap <br> Growth<br>| Vanguard<sup>®</sup> VIF Capital Growth<br> *Adviser:* PRIMECAP Management Company<br>| 0.34% | 28.98% | 13.97% | 14.96% |
| Asset <br> Allocation/<br> Lifestyle<br>| Vanguard<sup>®</sup> VIF Conservative Allocation<br> *Adviser:* The Vanguard Group, Inc.<br>| 0.12% | 12.73% | 4.22% | 6.14% |

---

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** |
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **1 Year** | **5 Year** | **10 Year** |
| Large Cap <br> Value<br>| Vanguard<sup>®</sup> VIF Diversified Value<br> *Adviser:* Hotchkis and Wiley Capital Management, LLC; <br> Aristotle Capital Management, LLC; Harris Associates <br> L.P.<br>| 0.28% | 16.83% | 13.24% | 11.76% |
| Large Cap <br> Value<br>| Vanguard<sup>®</sup> VIF Equity Income<br> *Adviser:* Wellington Management Company LLP; The <br> Vanguard Group, Inc.<br>| 0.29% | 16.80% | 12.59% | 11.52% |
| Large Cap <br> Blend<br>| Vanguard<sup>®</sup> VIF Equity Index<br> *Adviser:* The Vanguard Group, Inc.<br>| 0.14% | 17.70% | 14.27% | 14.66% |
| Global Bond | Vanguard<sup>®</sup> VIF Global Bond Index<br> *Adviser:* The Vanguard Group, Inc.<br>| 0.13% | 5.69% | -0.41% | N/A |
| Large Cap <br> Growth<br>| Vanguard<sup>®</sup> VIF Growth<br> *Adviser:* Wellington Management Company LLP<br>| 0.36% | 16.89% | 11.36% | 15.58% |
| High Yield Bond | Vanguard<sup>®</sup> VIF High Yield Bond<br> *Adviser:* Wellington Management Company LLP; The <br> Vanguard Group, Inc.<br>| 0.24% | 9.18% | 4.05% | 5.62% |
| International <br> Equity<br>| Vanguard<sup>®</sup> VIF International<br> *Adviser:* Baillie Gifford Overseas Ltd; Schroder <br> Investment Management North America Inc.<br>| 0.32% | 19.97% | 0.62% | 10.48% |
| Mid Cap Blend | Vanguard<sup>®</sup> VIF Mid-Cap Index<br> *Adviser:* The Vanguard Group, Inc.<br>| 0.17% | 11.54% | 8.46% | 10.77% |
| Asset <br> Allocation/<br> Lifestyle<br>| Vanguard<sup>®</sup> VIF Moderate Allocation<br> *Adviser:* The Vanguard Group, Inc.<br>| 0.12% | 16.19% | 6.51% | 8.14% |
| Specialty-Sector | Vanguard<sup>®</sup> VIF Real Estate Index<br> *Adviser:* The Vanguard Group, Inc.<br>| 0.26% | 3.11% | 4.51% | 5.08% |
| Short Term <br> Bond<br>| Vanguard<sup>®</sup> VIF Short Term Investment Grade<br> *Adviser:* The Vanguard Group, Inc.<br>| 0.14% | 6.85% | 2.23% | 2.81% |
| Small Cap <br> Growth<br>| Vanguard<sup>®</sup> VIF Small Company Growth<sup>2</sup> <br>*Adviser:* ArrowMark Colorado Holdings, LLC<br>| 0.29% | 6.11% | 3.81% | 9.61% |
| Intermediate <br> Term Bond<br>| Vanguard<sup>®</sup> VIF Total Bond Market Index<br> *Adviser:* The Vanguard Group, Inc.<br>| 0.14% | 6.94% | -0.51% | 1.90% |
| International <br> Equity<br>| Vanguard<sup>®</sup> VIF Total International Stock Market Index<br> *Adviser:* The Vanguard Group, Inc.<br>| 0.09% | 32.04% | 7.88% | N/A |
| Large Cap <br> Blend<br>| Vanguard<sup>®</sup> VIF Total Stock Market Index<br> *Adviser:* The Vanguard Group, Inc.<br>| 0.13% | 16.93% | 12.98% | 14.10% |
| Intermediate <br> Term Bond<br>| Victory Pioneer Bond VCT – Class II<br> *Adviser:* Victory Capital Management Inc.<br>| 1.17% | 8.88% | 0.51% | 2.59% |
| Large Cap <br> Value<br>| Victory Pioneer Equity Income VCT - Class II<br> *Adviser:* Victory Capital Management Inc.<br>| 1.05% | 11.14% | 8.81% | 9.11% |
| High Yield Bond | Victory Pioneer High Yield VCT - Class II<br> *Adviser:* Victory Capital Management Inc.<br>| 1.36% | 7.92% | 3.95% | 5.16% |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** | **Average Annual**<br> **Total Returns**<br> **(as of 12/31/2025)** |
| **Investment**<br> **Type** | **Fund**<br> **Adviser/Sub-Adviser** | **Current**<br> **Expenses**<sup>1</sup> | **1 Year** | **5 Year** | **10 Year** |
| Multi-Sector <br> Bond<br>| Victory Pioneer Strategic Income VCT - Class II<br> *Adviser:* Victory Capital Management Inc.<br>| 1.96% | 10.85% | 1.99% | 3.64% |
| Specialty-Sector | Virtus Duff & Phelps Real Estate Securities Series – <br> Class A<br> *Adviser:* Virtus Investment Advisers, LLC<br> *Sub-Adviser:* Duff & Phelps Investment Management Co.<br>| 1.19% | 0.72% | 6.06% | 5.95% |
| Small Cap <br> Growth<br>| Virtus KAR Small-Cap Growth Series – Class A<br> *Adviser:* Virtus Investment Advisers, LLC<br> *Sub-Adviser:* Kayne Anderson Rudnick Investment <br> Management LLC<br>| 1.33% | -22.62% | -5.76% | 11.33% |
| Multi-Sector <br> Bond<br>| Virtus Newfleet Multi-Sector Intermediate Bond Series – <br> Class A<br> *Adviser:* Virtus Investment Advisers, LLC<br> *Sub-Adviser:* Newfleet Asset Management<br>| 0.98% | 7.58% | 2.52% | 4.23% |
| International <br> Equity<br>| Virtus SGA International Growth Series – Class A<br> *Adviser:* Virtus Investment Advisers, LLC<br> *Sub-Adviser:* Sustainable Growth Advisers, LP<br>| 1.21% | 9.26% | 1.42% | 4.10% |
| Balanced/Asset <br> Allocation<br>| Virtus Tactical Allocation Series – Class A<br> *Adviser:* Virtus Investment Advisers, LLC<br> *Sub-Adviser:* Kayne Anderson Rudnick Investment <br> Management, LLC<br>| 1.07% | 6.79% | 2.09% | 7.77% |
| Mid Cap Growth | Voya MidCap Opportunities Portfolio – Class S2<br> *Adviser:* Voya Investments, LLC<br> *Sub-Adviser:* Voya Investment Management Co. LLC<br>| 1.47% | 3.49% | 4.14% | 10.53% |
| Specialty-Sector | VY<sup>®</sup> CBRE Global Real Estate Portfolio – Class S2<br> *Adviser:* Voya Investments, LLC<br> *Sub-Adviser:* CBRE Investment Management Listed Real <br> Assets, LLC<br>| 1.52% | 6.35% | 3.60% | 3.57% |
| Specialty-Sector | VY<sup>®</sup> Columbia Real Estate Portfolio – Class S2<br> *Adviser:* Voya Investments, LLC<br> *Sub-Adviser:* Columbia Management Investment <br> Advisers, LLC<br>| 1.40% | -0.10% | 5.51% | 4.64% |
| High Yield Bond | Western Asset Variable Global High Yield Bond – Class <br> II<br> *Adviser:* Franklin Templeton Fund Adviser, LLC<br> *Sub-Adviser:* Western Asset Management Company, <br> LLC; Western Asset Management Company Limited <br> (London); Western Asset Management Company Pte. <br> Ltd. (Singapore)<br>| 1.06% | 9.95% | 2.34% | 5.09% |
| 1<br> Certain Investment Portfolios and their investment advisers have entered into temporary expense reimbursement and/or fee waivers. Please <br> see the Investment Portfolios' prospectuses for additional information regarding these arrangements | 1<br> Certain Investment Portfolios and their investment advisers have entered into temporary expense reimbursement and/or fee waivers. Please <br> see the Investment Portfolios' prospectuses for additional information regarding these arrangements | 1<br> Certain Investment Portfolios and their investment advisers have entered into temporary expense reimbursement and/or fee waivers. Please <br> see the Investment Portfolios' prospectuses for additional information regarding these arrangements | 1<br> Certain Investment Portfolios and their investment advisers have entered into temporary expense reimbursement and/or fee waivers. Please <br> see the Investment Portfolios' prospectuses for additional information regarding these arrangements | 1<br> Certain Investment Portfolios and their investment advisers have entered into temporary expense reimbursement and/or fee waivers. Please <br> see the Investment Portfolios' prospectuses for additional information regarding these arrangements | 1<br> Certain Investment Portfolios and their investment advisers have entered into temporary expense reimbursement and/or fee waivers. Please <br> see the Investment Portfolios' prospectuses for additional information regarding these arrangements |
| 2<br> This fund is no longer available for new transfers. | 2<br> This fund is no longer available for new transfers. | 2<br> This fund is no longer available for new transfers. | 2<br> This fund is no longer available for new transfers. | 2<br> This fund is no longer available for new transfers. | 2<br> This fund is no longer available for new transfers. |

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**Optional Rider Investment Restrictions**

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There are no investment restrictions under the Contract. However, if you elected one of the optional riders listed in the table below, your Contract is impacted by investment allocations, as set forth below.

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| | | |
|:---|:---|:---|
| **Rider No Longer Available** | **Rider No Longer Available** | **Rider No Longer Available** |
| **Rider** | **Investment Restriction** | **Investment Allocation Impact on Crediting Rate** |
| 6% Dollar for Dollar <br> Guaranteed Minimum Income <br> Benefit<br>| N/A | The Company will credit a maximum rate of 3% for amounts <br> allocated to the Rydex VIF U.S. Government Money Market <br> Subaccount; however, you will still pay the full rider charge. All <br> other investments will be credited at 6%.<br>|

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APPENDIX B

**Riders No Longer Available – Available for Purchase Only Prior to February 1, 2010**

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**6% Dollar for Dollar Guaranteed Minimum Income Benefit — (This rider was available for purchase ONLY prior to February 1, 2010)** — Under this rider, we provide a future "safety net" by offering you the ability to receive guaranteed minimum fixed annuity payments when you annuitize. This means you will know the level of minimum income that will be available to you upon annuitization (the "Guaranteed Minimum Income Benefit"), regardless of fluctuating market conditions (and assuming you make withdrawals within a specified amount, as discussed below).

There are several important points for you to consider before purchasing the 6% Dollar for Dollar Guaranteed Minimum Income Benefit rider:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

There is a ten-year waiting period before you can apply the Guaranteed Minimum Income Benefit to Annuity Payments. This rider may not be appropriate for you if you want to annuitize sooner or if you are over age 60 at issue and will be required to annuitize the Contract at age 70 ½ to meet federal minimum distribution requirements for Qualified Plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Because the annuity rates under the 6% Dollar for Dollar Guaranteed Minimum Income Benefit rider are based on conservative actuarial factors, the amount of lifetime income that the riders guarantee may be less than the amount of income that would be provided by applying your proceeds under the Contract to then-current annuity rates for the same Annuity Option. However, when you annuitize you are not required to apply the Guaranteed Minimum Income Benefit to receive Annuity Payments, and may instead apply your proceeds under the Contract to an Annuity Option at our then-current annuity rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Because you are not required to use the 6% Dollar for Dollar Guaranteed Minimum Income Benefit rider to receive Annuity Payments, and because you may never need to rely upon the Guaranteed Minimum Income Benefit, the benefit should be viewed as a payment "floor." However, we will not refund charges paid for the rider if you do not receive the Guaranteed Minimum Income Benefit. Please consider that you may pay for the rider during the life of the Contract without receiving any of its benefits.

**How do you calculate the Guaranteed Minimum Income Benefit?** The Guaranteed Minimum Income Benefit is equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Purchase Payments received during the three-year period that starts on the date the rider is issued (including any Credit Enhancements applied in connection with those Purchase Payments), less

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

any premium tax, <u>less</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

an adjustment for withdrawals, <u>increased</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

at an annual effective rate of interest of 6%.

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| | |
|:---|:---|
| **Note:** | &nbsp;&nbsp; **There are some important points to understand about the interest we credit to the** <br> **Guaranteed Minimum Income Benefit.**<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

We take into account the timing of when we receive each Purchase Payment and when you make a withdrawal for purposes of determining when we credit interest under the Guaranteed Minimum Income Benefit calculation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

We only credit interest until the earlier of: (1) the Annuity Start Date, or (2) the Contract Anniversary following the oldest Annuitant's 80th birthday. This rider may not be appropriate for you if you plan on electing an early Annuity Start Date or if the Annuitant is nearing his or her 80th birthday.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

We credit a maximum rate of 3% for amounts allocated to the Rydex VIF U.S. Government Money Market Subaccount; however, you will still pay the full rider charge. You will not receive the benefit of the 6% rate in determining the Guaranteed Minimum Income Benefit for amounts in this Subaccount. We may add new Subaccounts in the future that will earn only the 3% rate in calculating the Guaranteed Minimum Income Benefit. Any such Subaccounts will be disclosed in this Prospectus.

**What happens if I make withdrawals?** You may withdraw up to a specified amount each Contract Year (the "Annual Limit"), without a <u>proportional</u> reduction in the Guaranteed Minimum Income Benefit.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

This means that when you make a withdrawal that does not exceed the Annual Limit, we only reduce the Guaranteed Minimum Income Benefit as of the date of the withdrawal by the exact dollar amount of the withdrawal (including any applicable withdrawal charges, any Credit Enhancement forfeitures, and any premium tax charges).

The initial Annual Limit is equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

6% of the initial Purchase Payment (<u>not</u> including any Credit Enhancement) if you purchase this rider when you purchase the Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

6% of Contract Value if you purchase this rider on a Contract Anniversary.

The Annual Limit will remain the same each Contract Year unless you make additional Purchase Payments after we issue the rider or withdraw more than the Annual Limit.

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| | |
|:---|:---|
| **Note:** | &nbsp;&nbsp; **You cannot carry over any portion of the Annual Limit that is not withdrawn during a** <br> **Contract Year for withdrawal in a future Contract Year.**<br>|

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**What happens if I make a withdrawal that exceeds the Annual Limit?** If you make a withdrawal in a Contract Year that, on its own or together with other withdrawals in that Contract Year, exceeds the Annual Limit, we will make a <u>proportional</u> reduction in the Guaranteed Minimum Income Benefit with regard to the excess withdrawal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

This means that when you make a withdrawal that exceeds the Annual Limit, we reduce the Guaranteed Minimum Income Benefit as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

<u>first</u> by any portion of the withdrawal that does not exceed the Annual Limit (including any applicable withdrawal charges, any Credit Enhancement forfeitures, and any premium tax charges), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

<u>second</u> by a percentage that equals (a) divided by (b), where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. is the amount of the withdrawal that exceeds the Annual Limit, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. is the Contract Value immediately prior to the withdrawal, reduced by that portion of the withdrawal, if any, that was not in excess of the Annual Limit.

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| | |
|:---|:---|
| **Note:** | &nbsp;&nbsp; **This rider may not be appropriate for you if you plan on taking withdrawals in excess of the** <br> **Annual Limit because such excess withdrawals may significantly reduce or eliminate the** <br> **value of the Guaranteed Minimum Income Benefit. If you have a qualified contract, you may** <br> **be required to take minimum distributions from the Contract during your lifetime. If your** <br> **required minimum distribution amount exceeds your Annual Limit, you will have to withdraw** <br> **more than the Annual Limit to avoid the imposition of a 50% excise tax, causing a** <br> **proportional reduction in the Guaranteed Minimum Income Benefit. You should consult a tax** <br> **adviser before purchasing the Guaranteed Minimum Income Benefit rider with a qualified** <br> **contract.**<br>|

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We also will reduce the Annual Limit by a percentage that equals (a) divided by (b), where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. is the amount of the withdrawal that exceeds the Annual Limit, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. is the Contract Value immediately prior to the withdrawal, reduced by that portion of the withdrawal, if any, that was not in excess of the Annual Limit.

The new Annual Limit will be the Annual Limit for all future Contract Years unless you make additional Purchase Payments or again withdraw more than the Annual Limit, which will require us to again adjust the Annual Limit.

**What happens if I make Purchase Payments?** We will increase the Annual Limit in an amount equal to 6% of any Purchase Payment you make after the rider is issued (<u>not</u> including any Credit Enhancement). Unless made during the first three years after the rider's issue date, we will not increase the Guaranteed Minimum Income Benefit if you make additional Purchase Payments.

**What happens when I annuitize?** Beginning on the tenth anniversary of the date we issued the rider, you may apply the Guaranteed Minimum Income Benefit, less any applicable premium tax, to purchase a fixed Annuity under:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Annuity Option 2,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Annuity Option 4B, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. the Alternate Benefit, as discussed below.

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If you choose Annuity Option 2 or Annuity Option 4B:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

You may purchase a fixed Annuity within the 30-day period following any Contract Anniversary that occurs on or after the 10th anniversary of the purchase date of the rider. This means that if you annuitize before the tenth anniversary, or at any time thereafter other than within the 30-day period following a Contract Anniversary, the Guaranteed Minimum Income Benefit is not available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Option 2 provides annuity payments that will be made during the lifetime of the Annuitant with a 10 year period certain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

Option 4B provides annuity payments that will be made as long as either Annuitant is living with a 10 year period certain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

We base the annuity rates under the rider for these Options upon the 1983(a) mortality table with mortality improvement under Projection Scale G and an interest rate of 2%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

For more information, see the discussion of Option 2 and Option 4B under "Annuity Options."

If you choose the Alternate Benefit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

**The Alternate Benefit is available only on the tenth anniversary of the date we issued the rider and is not available thereafter.** You may elect the Alternate Benefit by providing written notice to us within the 30-day period following the tenth anniversary of the date we issued the rider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

The Alternate Benefit provides for fixed Annuity payments on a monthly, quarterly, semiannual, or annual basis for a period of 15 years. Annuity payments are equal to the amount determined by dividing (a) by (b), where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. is the Guaranteed Minimum Income Benefit on the Annuity Start Date, less any applicable premium tax, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. is the total number of payments, as set forth in the table below (the total number of payments is based upon whether the Owner elects monthly, quarterly, semiannual or annual payments):

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| | |
|:---|:---|
| **Payment Frequency** | **Total Number of Payments** |
| Monthly | 180 |
| Quarterly | 60 |
| Semiannual | 30 |
| Annual | 15 |

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| | |
|:---|:---|
| **Note:** | &nbsp;&nbsp; **Because payments are made over a specified period rather than for life, we calculate the** <br> **Alternate Benefit without using annuity rates. The Alternate Benefit represents the return of** <br> **your Guaranteed Minimum Income Benefit on the Annuity Start Date, less any applicable** <br> **premium tax, over a period of 15 years without crediting interest on that amount.**<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup>

We guarantee that the Alternate Benefit will be at least equal to an amount determined by applying the Guaranteed Minimum Income Benefit on the Annuity Start Date, less any applicable premium tax, to Annuity Option 7 with a 15-year period certain. See the discussion of Option 7 under "Annuity Options."

**Are there age restrictions on purchasing this rider?** On the date the rider was issued, the Annuitant must have been age 79 or younger.

**<u>Example 1. How the 6% Dollar for Dollar Guaranteed Minimum Income Benefit Increases with Purchase</u> <u>Payments and Interest.</u>** Assume:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Owner purchases the Contract with the 6% Dollar for Dollar Guaranteed Minimum Income Benefit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The initial Purchase Payment is $100,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) No Contract Value is allocated to Rydex VIF U.S. Government Money Market Subaccount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Owner does not purchase a Credit Enhancement rider.

At the time the Contract is issued, the Minimum Income Benefit is $100,000, and the Annual Limit is $6,000 ($100,000 x 6%). 99 days after Contract issue, the Owner adds a Purchase Payment of $50,000 to the Contract. As a result of interest accrued over the 99 days since the initial Purchase Payment, immediately prior to the $50,000 Purchase Payment, the Minimum Income Benefit has increased to $101,593, calculated as follows:

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Purchase Payment x (1 + Effective Annual Interest Rate)^Time Elapsed Since Purchase Payment

$100,000 x (1 + .06)<sup>(99/365)</sup>

$100,000 x 1.06<sup>(99/365)</sup> = $101,593

The increase in the Annual Limit is calculated as follows:

Annual Limit prior to Purchase Payment + (Purchase Payment x 6%)

$6,000 + ($50,000 x 6%)

$6,000 + $3,000 = $9,000

After the $50,000 Purchase Payment, the Minimum Income Benefit is $151,593 ($101,593 + $50,000), and the Annual Limit is $9,000.

**<u>Example 2. How the 6% Dollar for Dollar Guaranteed Minimum Income Benefit Decreases as a Result of a</u> <u>Withdrawal.</u>** 

Continuing from Example 1, the Owner takes a withdrawal of $19,000 a little over a year (376 days) after the $50,000 Purchase Payment. The Contract Value prior to the withdrawal is $159,000 and the Minimum Income Benefit prior to the withdrawal is $160,971 ($151,593 x 1.06<sup>(376/365)</sup>). After the withdrawal, the Minimum Income Benefit decreases as follows:

(Minimum Income Benefit prior to withdrawal - Annual Limit) x (1 - (Amount of withdrawal in excess of the Annual Limit / Contract Value prior to withdrawal - Amount of withdrawal not in excess of the Annual Limit))

($160,971 - $9,000) x (1 - ($19,000 - $9,000) / ($159,000 - $9,000))

$151,971 x (1 - ($10,000 / $150,000)) = $141,839.60

The decrease in the Annual Limit is calculated as follows:

Annual Limit prior to withdrawal x (1 - (Amount of withdrawal in excess of Annual Limit / Contract Value prior to withdrawal - Amount of withdrawal not in excess of the Annual Limit))

$9,000 x (1 - ($19,000 - $9,000) / ($159,000 - $9,000))

$9,000 x (1 - ($10,000 / $150,000)) = $8,400

After the $19,000 withdrawal, the Contract Value is $140,000 ($159,000 - $19,000), the Minimum Income Benefit is $141,839.60, and the Annual Limit is $8,400.

**<u>Example 3. How the 6% Dollar for Dollar Guaranteed Minimum Income Benefit is used at Annuitization.</u>** 

Continuing from Example 2, the Owner decides to annuitize the Contract 20 days after the 10th Contract Anniversary. Approximately 3,197 days have elapsed since the last withdrawal of $19,000. The Owner has taken no other withdrawals and added no additional Purchase Payments to the Contract. The Owner chooses Annuity Option 2 and monthly annuity payments. At the time of annuitization, the year is 2020, and the Owner, a male, is age 72. The guaranteed rate per thousand for the 6% Guaranteed Minimum Income Benefit assuming life with 10 year period certain for a male aged 72 in 2020 is $5.39. As a result of accrued interest, the Minimum Income Benefit at the time of annuitization is $236,292.07 ($141,839.60 x (1.06<sup>(3197/365)</sup>)). The guaranteed monthly annuity payment is calculated as follows:

(Minimum Income Benefit at Annuitization / $1,000) x Applicable guaranteed rate per thousand

($236,292.07 / $1,000) x $5.39

$236.29 x $5.39 = $1,273.61

**<u>Example 4. How Advisory Fee Withdrawals Reduce the 6% Dollar for Dollar Guaranteed Minimum Income</u> <u>Benefit.</u>** 

Using the same assumptions from Example 3, 99 days after the Contract Date, a $1,000 advisory fee is withdrawn from the Contract. Prior to the withdrawal, the Contract Value is $100,000. At the time the Contract is issued, the initial Guaranteed Minimum Income Benefit is $100,000. Immediately prior to the withdrawal of the

------

advisory fee, the Guaranteed Minimum Income Benefit would have grown to $101,593 ($100,000 x 1.06<sup>(99/365)</sup>). Assume there have been no other fees or withdrawals taken during the Contract Year. Thus, the $1,000 advisory fee is less than the remaining Annual Limit of $6,000. As a result of the advisory fee withdrawal, the Guaranteed Minimum Income Benefit is reduced dollar for dollar as follows:

Guaranteed Minimum Income Benefit Prior to Withdrawal - Advisory Fee Withdrawal Amount

$101,593 - $1,000 = $100,593

The remaining Annual Limit is also reduced dollar for dollar by the amount of the advisory fee withdrawal. Thus, after the advisory fee withdrawal, the remaining Annual Limit is $5,000 ($6,000 - $1,000) and the Guaranteed Minimum Income Benefit is $100,593.

------

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

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The Statement of Additional Information (SAI) contains additional information about the Contract, us, and the Separate Account, including financial statements. The SAI is dated the same date as this Prospectus and the SAI is incorporated by reference into this Prospectus. You may request a free copy of the SAI or submit inquiries about the Contract by writing the Company at its Administrative Office, P.O. Box 750497, Topeka, KS 66675-0497, by calling 1-800-888-2461 or by visiting us online at https://vpx.broadridge.com/GetContract1.asp?doctype=pros&cid=sblife&fid=814121281.

You may also obtain reports and other information about the Separate Account on the SEC's website at www.sec.gov, and copies of this information may be obtained, upon payment of a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov.

EDGAR Contract Identifier C000042185

------

**ELITEDESIGNS**<sup>®</sup> **VARIABLE ANNUITY** 

**(for Contracts issued on or after April 18, 2011)** 

**May 1, 2026** 

**SBL Variable Annuity Account XIV** 

**Individual Flexible Purchase Payment Deferred Variable Annuity Contract** 

**Statement of Additional Information**

---

| | |
|:---|:---|
| **Issued By:** | **Mailing Address:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Benefit Life Insurance Company** <br> **One Security Benefit Place**<br> **Topeka, Kansas 66636-0001**<br> **1-800-888-2461**<br> **www.securitybenefit.com**<br>| **Security Benefit Life Insurance Company**<br> **P.O. Box 750497**<br> **Topeka, Kansas 66675-0497**<br>|

---

------

This Statement of Additional Information is not a prospectus; it should be read in conjunction with the current Prospectus for the EliteDesigns Variable Annuity dated May 1, 2026, as it may be supplemented from time to time. A copy of the Prospectus may be obtained free of charge from the Company by calling 1-800-888-2461 or by writing P.O. Box 750497, Topeka, Kansas 66675-0497.

V6915C (PRS)

32-69150-03 2026/05/01

------

**Table of Contents**

------

---

| | |
|:---|:---|
|  | Page |
| **General Information and History** | **2** |
| [The Company](#xx_d8f1ee96-e20b-4a25-97d6-bc7c09a2390b_1) | 2 |
| [The Separate Account](#xx_d8f1ee96-e20b-4a25-97d6-bc7c09a2390b_1) | 2 |
| [Principal Underwriter](#xx_d8f1ee96-e20b-4a25-97d6-bc7c09a2390b_1) | 2 |
| [General Information](#xx_d8f1ee96-e20b-4a25-97d6-bc7c09a2390b_1) | 2 |
| [Safekeeping of Assets](#xx_d8f1ee96-e20b-4a25-97d6-bc7c09a2390b_1) | 2 |
| **[Non-Principal Risks of Investing in the Contract](#xx_d8f1ee96-e20b-4a25-97d6-bc7c09a2390b_1)** | **2** |
| **[Custodian](#xx_d8f1ee96-e20b-4a25-97d6-bc7c09a2390b_1)** | **2** |
| **[Method of Deducting the Excess Charge](#xx_d8f1ee96-e20b-4a25-97d6-bc7c09a2390b_1)** | **2** |
| **[Limits on Purchase Payments Paid Under Tax-Qualified Retirement Plans](#xx_d8f1ee96-e20b-4a25-97d6-bc7c09a2390b_3)** | **4** |
| [Sections 408 and 408A](#xx_d8f1ee96-e20b-4a25-97d6-bc7c09a2390b_3) | 4 |
| **[Performance Information](#xx_d8f1ee96-e20b-4a25-97d6-bc7c09a2390b_3)** | **4** |
| **[Mixed and Shared Funding Conflicts](#xx_d8f1ee96-e20b-4a25-97d6-bc7c09a2390b_4)** | **5** |
| **[Independent Registered Public Accounting Firm](#xx_d8f1ee96-e20b-4a25-97d6-bc7c09a2390b_4)** | **5** |
| **[Financial Statements](#xx_d8f1ee96-e20b-4a25-97d6-bc7c09a2390b_4)** | **5** |

---

------

**General Information and History**

------

**The Company —** The Company is a life insurance company that offers life insurance policies and annuity contracts, as well as financial and retirement services. The Company is organized under the laws of the State of Kansas and is admitted to do business in the District of Columbia and all states except for New York. It was originally organized as a fraternal benefit society and commenced business February 22, 1892. It became a mutual life insurance company under its present name on January 2, 1950 and converted to a stock life insurance company on July 31, 1998. The Company's indirect parent, Eldridge Industries, LLC, owns, operates and invests in businesses across a wide range of sectors and is ultimately controlled by Todd L. Boehly.

**The Separate Account —** The Company established SBL Variable Annuity Account XIV as a separate account under Kansas law on June 26, 2000. The Separate Account is registered with the SEC as a unit investment trust under the Investment Company Act of 1940, as amended (the "1940 Act").

**Principal Underwriter —** The Company currently offers the Contract on a continuous basis. The Company anticipates continuing to offer the Contract but reserves the right to discontinue the offering. The Principal Underwriter for the Contract is Security Distributors, LLC ("SDL"), located at One Security Benefit Place, Topeka, Kansas 66636-0001. SDL, a wholly-owned subsidiary of the Company, is registered as a broker-dealer with the SEC and is a member of the Financial Industry Regulatory Authority ("FINRA").

The Company pays commissions to Selling Broker-Dealers through SDL in connection with sales of the Contract. During fiscal years 2025, 2024, and 2023, the amounts paid to SDL in connection with all Contracts sold through the Separate Account were $534,142, $630,280, and $813,931, respectively. SDL passes through commissions it receives either to the SDL registered representatives involved in the sales process or to the Selling Broker-Dealers for their sales of the Contract, as applicable. However, the Company (or an affiliate) pays some or all of SDL's operating and other expenses, including the following sales expenses: compensation and bonuses for SDL's management team, compensation and benefits for SDL's registered representatives, advertising expenses, and other expenses of distributing the Contract.

**General Information —** For a description of the Contract, the Company, and the Separate Account, see the Prospectus for the Contract. This Statement of Additional Information contains information that supplements the information in the Prospectus. Defined terms used in this Statement of Additional Information have the same meaning as terms defined in the section entitled "Definitions" in the Prospectus.

**Safekeeping of Assets —** The Company is responsible for the safekeeping of the assets of the Subaccounts. These assets, which consist of shares of the Underlying Funds in non-certificated form, are held separate and apart from the assets of the Company's General Account and its other separate accounts.

**Non-Principal Risks of Investing in the Contract**

------

All non-principal risks of purchasing the Contract are disclosed in the Prospectus in their related subject matter sections.

**Custodian**

------

The Company acts as custodian of the Separate Account. We have custody of all assets and cash of the Separate Account and handle the collection of proceeds of shares of the Underlying Funds bought and sold by the Separate Account.

**Method of Deducting the Excess Charge**

------

The minimum mortality and expense risk charge of 0%, and the administration charge of 0.25%, on an annual basis, of each Subaccount's average daily net assets, are factored into the accumulation unit value or "price" of each Subaccount on each Valuation Date. The Company deducts any mortality and expense risk charge above the minimum charge and the charge for any optional riders (the "Excess Charge") on a monthly basis.

Each Subaccount declares a monthly subaccount adjustment and the Company deducts the Excess Charge from this monthly subaccount adjustment upon its reinvestment in the Subaccount. The Excess Charge is a percentage of your Contract Value allocated to the Subaccount as of the reinvestment date. The monthly subaccount adjustment is paid only for the purpose of collecting the Excess Charge. Assuming you owe a charge above the

------

minimum mortality and expense risk charge and the administration charge, or if you have elected a rider, your Contract Value will be reduced in the amount of your Excess Charge upon reinvestment of the Subaccount's monthly subaccount adjustment. The Company reserves the right to compute and deduct the Excess Charge from each Subaccount on each Valuation Date.

The Company will declare a monthly subaccount adjustment for each Subaccount on one Valuation Date of each calendar month ("Record Date"). The Company will pay the monthly subaccount adjustment on a subsequent Valuation Date ("Reinvestment Date") within five Valuation Dates of the Record Date. Such subaccount adjustment will be declared as a dollar amount per Accumulation Unit.

For each Subaccount, any Owner as of the Record Date will receive on the Reinvestment Date a net subaccount adjustment equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the amount of subaccount adjustment per Accumulation Unit; times

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the number of Accumulation Units allocated to the Subaccount as of the Record Date; less

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. the amount of the Excess Charge for that Subaccount; provided that the Company will not deduct any Excess Charge from the first subaccount adjustment following the Contract Date.

The net monthly subaccount adjustment will be reinvested on the Reinvestment Date at the Accumulation Unit Value determined as of the close of that date in Accumulation Units of the Subaccount.

An example of this process is as follows. Assuming Contract Value of $50,000 allocated to the Invesco V.I. Main Street Small Cap Fund<sup>®</sup> Subaccount and the Return of Premium Death Benefit Rider (with an annual charge of 0.35% for Contracts issued on or after December 28, 2012), the Excess Charge would be computed as follows:

---

| | |
|:---|:---|
| Mortality and Expense Risk Charge | 0.20% |
| Plus: Optional Rider Charge | 0.35% |
| Less: Minimum Charge | <u>0.00%</u> |
| Excess Charge on an Annual Basis | 0.55% |

---

Further assuming 5,000 Accumulation Units with an Accumulation Unit Value of $10 per unit on December 30 and a gross subaccount adjustment of $0.025 per unit declared on December 31 (Record Date), the net subaccount adjustment amount would be as follows:

---

| | | |
|:---|:---|:---|
| Accumulation Unit Value as of Valuation Date before Record Date  |  | &nbsp;&nbsp; $10.00 |
| Accumulation Unit Value as of Reinvestment Date | - | &nbsp;&nbsp; <u>$</u><u>9.975</u> |
| Gross Subaccount Adjustment Per Unit |  | &nbsp;&nbsp; $0.025 |
| Less: Excess Charge Per Unit | - | &nbsp;&nbsp; <u>$</u><u>0.00466</u> |
| Net Subaccount Adjustment Per Unit |  | &nbsp;&nbsp; $0.02034 |
| Times: Number of Accumulation Units | x | &nbsp;&nbsp; <u>5000</u> |
| Net Subaccount Adjustment Amount |  | &nbsp;&nbsp; $101.70 |

---

The net monthly subaccount adjustment amount would be reinvested on the Reinvestment Date in Accumulation Units of the Invesco V.I. Main Street Small Cap Fund<sup>®</sup> Subaccount as follows: $0.02034 (net monthly subaccount adjustment per unit) divided by $9.975 (Accumulation Unit value as of the Reinvestment Date) times 5,000 Units equals 10.196 Accumulation Units. On the Reinvestment Date, 10.196 Accumulation Units are added to Contract Value for a total of 5,010.196 Accumulation Units after the monthly subaccount adjustment reinvestment. Contract Value on the Reinvestment Date is equal to 5,010.196 Accumulation Units times $9.975 (Accumulation Unit Value as of the Reinvestment Date) for a Contract Value of $49,976.70 after the monthly subaccount adjustment reinvestment.

After the Annuity Start Date, the Company will deduct an annual mortality and expense risk charge of 0.30% during the Annuity Period. This charge is factored into the annuity unit values on each Valuation Date.

------

**Limits on Purchase Payments Paid Under Tax-Qualified Retirement Plans**

------

**Sections 408 and 408A —** Premiums (other than rollover contributions) paid under a Contract used in connection with a traditional or Roth individual retirement annuity (IRA) that is described in Section 408 or Section 408A of the Internal Revenue Code are subject to the limits on contributions to IRAs under Section 219(b) of the Internal Revenue Code. Under Section 219(b) of the Code, contributions (other than rollover contributions) to an IRA are limited to the lesser of (i) $7,500 (for 2026) or (ii) 100% of the individual's taxable compensation.

If an individual is age 50 or over, the individual may make an additional catch up contribution to a traditional or Roth IRA of $1,100 in 2026 (indexed for inflation in future tax years).

Spousal IRAs allow an Owner and his or her spouse to each contribute up to the applicable dollar amount to their respective IRAs so long as a joint tax return is filed and joint income is at least equal to the combined contributions. The maximum amount the higher compensated spouse may contribute for the year is the lesser of (i) $7,500 or $8,600 if age 50 or older (for 2026) or (ii) 100% of that spouse's compensation. The maximum the lower compensated spouse may contribute is the lesser of (i) $7,500 or $8,600 if age 50 or older (for 2026) or (ii) 100% of that spouse's compensation plus the amount by which the higher compensated spouse's compensation exceeds the amount the higher compensated spouse contributes to his or her IRA. The extent to which an Owner may deduct contributions to a traditional IRA depends on the gross income of the Owner and his or her spouse for the year and whether either is an "active participant" in an employer-sponsored retirement plan.

Premiums under a Contract used in connection with a simplified employee pension plan described in Section 408 of the Internal Revenue Code are subject to limits under Section 402(h) of the Internal Revenue Code. Section 402(h) currently limits employer contributions and salary reduction contributions (if permitted) under a simplified employee pension plan to the lesser of (a) 25% of the compensation of the participant in the Plan, or (b) $72,000 (for 2026). Salary reduction contributions, if any, are subject to additional annual limits.

**Performance Information**

------

Performance information for the Subaccounts of the Separate Account, including the yield and effective yield of the Rydex VIF U.S. Government Money Market Subaccount, and the average annual total return and total return of all Subaccounts, may appear in advertisements, reports, and promotional literature provided to current or prospective Owners.

Quotations of yield for the Rydex VIF U.S. Government Money Market Subaccount will be based on the change in the value, exclusive of capital changes and income other than investment income, of a hypothetical investment in a Contract over a particular seven day period, less a hypothetical charge reflecting deductions from the Contract during the period (the "base period") and stated as a percentage of the investment at the start of the base period (the "base period return"). The base period return is then annualized based on the formula provided below with the resulting yield figure carried to at least the nearest one hundredth of one percent. Any quotations of effective yield for the Rydex VIF U.S. Government Money Market Subaccount assume that all monthly subaccount adjustments received during an annual period have been reinvested. Calculation of "effective yield" begins with the same "base period return" used in the yield calculation, which is then annualized to reflect weekly compounding pursuant to the following formula:

Effective Yield = [(Base Period Return + 1)<sup>365/7</sup>] - 1

Quotations of average annual total return for any Subaccount will be expressed in terms of the average annual compounded rate of return of a hypothetical investment in a Contract over a period of one, five and ten years (or, if less, up to the life of the Subaccount), calculated pursuant to the following formula: P(1 + T)<sup>n</sup> = ERV (where P = a hypothetical initial payment of $1,000, T = the average annual total return, n = the number of years, and ERV = the ending redeemable value of a hypothetical $1,000 payment made at the beginning of the period).

Average annual total return figures (referred to as "Standardized Total Return") are calculated from the inception date of the Subaccounts under the Contract, and reflect the deduction of the following charges: (1) the maximum mortality and expense risk charge of 0.20%; (2) the highest Return of Premium Death Benefit Rider Charge of 0.35%; and (3) the administration charge of 0.25%.

Total return figures may also be shown for periods beginning prior to the availability of the Contract. Such total return figures are based upon the performance of the Underlying Funds, adjusted to reflect the maximum charges imposed under the Contract. Any quotation of performance that pre-dates the date of inception of the Separate

------

Account (or a Subaccount thereof as applicable) will be accompanied by Standardized Total Return figures that reflect the deduction of all fees and charges since the date of inception of the Separate Account or Subaccount.

Quotations of total return for any Subaccount will be based on a hypothetical investment in a Subaccount over a certain period and will be computed by subtracting the initial value of the investment from the ending value and dividing the remainder by the initial value of the investment. Such quotations of total return will reflect the deduction of all applicable charges to the Contract and the Separate Account (on an annual basis).

Performance information for any Subaccount reflects only the performance of a hypothetical Contract under which Contract Value is allocated to that Subaccount during a particular time period on which the calculations are based. Performance information should be considered in light of the investment objectives and policies, characteristics and quality of the Underlying Fund in which the Subaccount invests, and the market conditions during the given time period, and should not be considered as a representation of what may be achieved in the future. Yields and total returns do not reflect any advisory fees paid to financial intermediaries from your Contract Value or other assets. If such charges were reflected, performance would be lower.

**Mixed and Shared Funding Conflicts**

------

Because the Underlying Funds may serve as investment vehicles for both variable life insurance policies and variable annuity contracts ("mixed funding") and shares of the Underlying Funds also may be sold to separate accounts of other insurance companies ("shared funding"), material conflicts could occur. The Company currently does not foresee any disadvantages to Owners arising from either mixed or shared funding; however, due to differences in tax treatment or other considerations, it is possible that the interests of owners of various contracts for which the Underlying Funds serve as investment vehicles might at some time be in conflict. However, the Company, each Underlying Fund's Board of Directors, and any other insurance companies that participate in the Underlying Funds are required to monitor events in order to identify any material conflicts that arise from mixed and/or shared funding. If such a conflict were to occur, the Company would take steps necessary to protect Owners, including withdrawal of the Separate Account from participation in the Underlying Fund(s) involved in the conflict. This might force the Underlying Fund to sell securities at disadvantageous prices.

**Independent Registered Public Accounting Firm**

------

The consolidated financial statements of Security Benefit Life Insurance Company and subsidiaries at December 31, 2025 and 2024, and for each of the three years in the period ended December 31, 2025, and the financial statements of SBL Variable Annuity Account XIV at December 31, 2025, and for each of the specified periods ended December 31, 2025 and 2024, or for portions of such periods as disclosed in the financial statements appearing in this Statement of Additional Information have been audited by Ernst & Young LLP, 1828 Walnut Street, Suite 600, Kansas City, Missouri, 64108-1840, independent registered public accounting firm, as set forth in their reports thereon appearing elsewhere herein, and are included in reliance upon such reports given on the authority of such firm as experts in accounting and auditing.

**Financial Statements**

------

The consolidated financial statements of Security Benefit Life Insurance Company and subsidiaries at December 31, 2025 and 2024, and for each of the three years in the period ended December 31, 2025, and the financial statements of SBL Variable Annuity Account XIV at December 31, 2025, and for each of the specified periods ended December 31, 2025 and 2024, or for portions of such periods as disclosed in the financial statements, are set forth herein, following this section.

The consolidated financial statements of Security Benefit Life Insurance Company and subsidiaries, which are included in this Statement of Additional Information, should be considered only as bearing on the ability of the Company to meet its obligations under the Contract. They should not be considered as bearing on the investment performance of the assets held in the Separate Account.

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**ELITEDESIGNS**<sup>®</sup> **II VARIABLE ANNUITY** 

**May 1, 2026** 

**SBL Variable Annuity Account XIV** 

**Individual Flexible Purchase Payment Deferred Variable Annuity Contract** 

**Statement of Additional Information**

---

| | |
|:---|:---|
| **Issued By:** | **Mailing Address:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Benefit Life Insurance Company** <br> **One Security Benefit Place**<br> **Topeka, Kansas 66636-0001**<br> **1-800-888-2461**<br> **www.securitybenefit.com**<br>| **Security Benefit Life Insurance Company**<br> **P.O. Box 750497**<br> **Topeka, Kansas 66675-0497**<br>|

---

------

This Statement of Additional Information is not a prospectus; it should be read in conjunction with the current Prospectus for the EliteDesigns II Variable Annuity dated May 1, 2026, as it may be supplemented from time to time. A copy of the Prospectus may be obtained free of charge from the Company by calling 1-800-888-2461 or by writing P.O. Box 750497, Topeka, Kansas 66675-0497.

V6915K (COMM)

32-69150-11 2026/05/01

------

**Table of Contents**

------

---

| | |
|:---|:---|
|  | Page |
| **General Information and History** | **2** |
| [The Company](#xx_8815ffb8-fadd-4965-952f-b920d8e2ced6_1) | 2 |
| [The Separate Account](#xx_8815ffb8-fadd-4965-952f-b920d8e2ced6_1) | 2 |
| [Principal Underwriter](#xx_8815ffb8-fadd-4965-952f-b920d8e2ced6_1) | 2 |
| [General Information](#xx_8815ffb8-fadd-4965-952f-b920d8e2ced6_1) | 2 |
| [Safekeeping of Assets](#xx_8815ffb8-fadd-4965-952f-b920d8e2ced6_1) | 2 |
| **[Non-Principal Risks of Investing in the Contract](#xx_8815ffb8-fadd-4965-952f-b920d8e2ced6_1)** | **2** |
| **[Custodian](#xx_8815ffb8-fadd-4965-952f-b920d8e2ced6_1)** | **2** |
| **[Method of Deducting the Excess Charge](#xx_8815ffb8-fadd-4965-952f-b920d8e2ced6_1)** | **2** |
| **[Limits on Purchase Payments Paid Under Tax-Qualified Retirement Plans](#xx_8815ffb8-fadd-4965-952f-b920d8e2ced6_3)** | **4** |
| [Sections 408 and 408A](#xx_8815ffb8-fadd-4965-952f-b920d8e2ced6_3) | 4 |
| **[Performance Information](#xx_8815ffb8-fadd-4965-952f-b920d8e2ced6_3)** | **4** |
| **[Mixed and Shared Funding Conflicts](#xx_8815ffb8-fadd-4965-952f-b920d8e2ced6_4)** | **5** |
| **[Independent Registered Public Accounting Firm](#xx_8815ffb8-fadd-4965-952f-b920d8e2ced6_4)** | **5** |
| **[Financial Statements](#xx_8815ffb8-fadd-4965-952f-b920d8e2ced6_4)** | **5** |

---

------

**General Information and History**

------

**The Company —** The Company is a life insurance company that offers life insurance policies and annuity contracts, as well as financial and retirement services. The Company is organized under the laws of the State of Kansas and is admitted to do business in the District of Columbia and all states except for New York. It was originally organized as a fraternal benefit society and commenced business February 22, 1892. It became a mutual life insurance company under its present name on January 2, 1950 and converted to a stock life insurance company on July 31, 1998. The Company's indirect parent, Eldridge Industries, LLC, owns, operates and invests in businesses across a wide range of sectors and is ultimately controlled by Todd L. Boehly.

**The Separate Account —** The Company established SBL Variable Annuity Account XIV as a separate account under Kansas law on June 26, 2000. The Separate Account is registered with the SEC as a unit investment trust under the Investment Company Act of 1940, as amended (the "1940 Act").

**Principal Underwriter —** The Company currently offers the Contract on a continuous basis. The Company anticipates continuing to offer the Contract but reserves the right to discontinue the offering. The Principal Underwriter for the Contract is Security Distributors, LLC ("SDL"), located at One Security Benefit Place, Topeka, Kansas 66636-0001. SDL, a wholly-owned subsidiary of the Company, is registered as a broker-dealer with the SEC and is a member of the Financial Industry Regulatory Authority ("FINRA").

The Company pays commissions to Selling Broker-Dealers through SDL in connection with sales of the Contract. During fiscal years 2025, 2024, and 2023, the amounts paid to SDL in connection with all Contracts sold through the Separate Account were $534,142, $630,280, and $813,931, respectively. SDL passes through commissions it receives to Selling Broker-Dealers for their sales and does not retain any portion of commissions it receives as principal underwriter for the Contract. However, the Company (or an affiliate) pays some or all of SDL's operating and other expenses, including the following sales expenses: compensation and bonuses for SDL's management team, compensation and benefits for SDL's registered representatives, advertising expenses, and other expenses of distributing the Contract.

**General Information —** For a description of the Contract, the Company, and the Separate Account, see the Prospectus for the Contract. This Statement of Additional Information contains information that supplements the information in the Prospectus. Defined terms used in this Statement of Additional Information have the same meaning as terms defined in the section entitled "Definitions" in the Prospectus.

**Safekeeping of Assets —** The Company is responsible for the safekeeping of the assets of the Subaccounts. These assets, which consist of shares of the Underlying Funds in non-certificated form, are held separate and apart from the assets of the Company's General Account and its other separate accounts.

**Non-Principal Risks of Investing in the Contract**

------

All non-principal risks of purchasing the Contract are disclosed in the Prospectus in their related subject matter sections.

**Custodian**

------

The Company acts as custodian of the Separate Account. We have custody of all assets and cash of the Separate Account and handle the collection of proceeds of shares of the Underlying Funds bought and sold by the Separate Account.

**Method of Deducting the Excess Charge**

------

The minimum mortality and expense risk charge of 1.00%, and the administration charge (which ranges from 0.25% to 0.65% depending on the Subaccount), on an annual basis, of each Subaccount's average daily net assets, are factored into the accumulation unit value or "price" of each Subaccount on each Valuation Date. The Company deducts any mortality and expense risk charge above the minimum charge and the charge for any optional riders (the "Excess Charge") on a monthly basis.

Each Subaccount declares a monthly subaccount adjustment and the Company deducts the Excess Charge from this monthly subaccount adjustment upon its reinvestment in the Subaccount. The Excess Charge is a percentage of your Contract Value allocated to the Subaccount as of the reinvestment date. The monthly subaccount

------

adjustment is paid only for the purpose of collecting the Excess Charge. Assuming you owe a charge above the minimum mortality and expense risk charge and the administration charge, or if you have elected a rider, your Contract Value will be reduced in the amount of your Excess Charge upon reinvestment of the Subaccount's monthly subaccount adjustment. The Company reserves the right to compute and deduct the Excess Charge from each Subaccount on each Valuation Date.

The Company will declare a monthly subaccount adjustment for each Subaccount on one Valuation Date of each calendar month ("Record Date"). The Company will pay the monthly subaccount adjustment on a subsequent Valuation Date ("Reinvestment Date") within five Valuation Dates of the Record Date. Such subaccount adjustment will be declared as a dollar amount per Accumulation Unit.

For each Subaccount, any Owner as of the Record Date will receive on the Reinvestment Date a net subaccount adjustment equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the amount of subaccount adjustment per Accumulation Unit; times

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the number of Accumulation Units allocated to the Subaccount as of the Record Date; less

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. the amount of the Excess Charge for that Subaccount; provided that the Company will not deduct any Excess Charge from the first subaccount adjustment following the Contract Date.

The net monthly subaccount adjustment will be reinvested on the Reinvestment Date at the Accumulation Unit Value determined as of the close of that date in Accumulation Units of the Subaccount.

An example of this process is as follows. Assuming Contract Value of $50,000 allocated to the Invesco V.I. Main Street Small Cap Fund<sup>®</sup> Subaccount and the Return of Premium Death Benefit Rider (with an annual charge of 0.35%), the Excess Charge would be computed as follows:

---

| | |
|:---|:---|
| Mortality and Expense Risk Charge | 1.20% |
| Plus: Optional Rider Charge | 0.35% |
| Less: Minimum Charge | <u>1.00%</u> |
| Excess Charge on an Annual Basis | 0.55% |

---

Further assuming 5,000 Accumulation Units with an Accumulation Unit Value of $10 per unit on December 30 and a gross subaccount adjustment of $0.025 per unit declared on December 31 (Record Date), the net subaccount adjustment amount would be as follows:

---

| | | |
|:---|:---|:---|
| Accumulation Unit Value as of Valuation Date before Record Date  |  | &nbsp;&nbsp; $10.00 |
| Accumulation Unit Value as of Reinvestment Date | - | &nbsp;&nbsp; <u>$</u><u>9.975</u> |
| Gross Subaccount Adjustment Per Unit |  | &nbsp;&nbsp; $0.025 |
| Less: Excess Charge Per Unit | - | &nbsp;&nbsp; <u>$</u><u>0.00466</u> |
| Net Subaccount Adjustment Per Unit |  | &nbsp;&nbsp; $0.02034 |
| Times: Number of Accumulation Units | x | &nbsp;&nbsp; <u>5000</u> |
| Net Subaccount Adjustment Amount |  | &nbsp;&nbsp; $101.70 |

---

The net monthly subaccount adjustment amount would be reinvested on the Reinvestment Date in Accumulation Units of the Invesco V.I. Main Street Small Cap Fund<sup>®</sup> Subaccount as follows: $0.02034 (net monthly subaccount adjustment per unit) divided by $9.975 (Accumulation Unit value as of the Reinvestment Date) times 5,000 Units equals 10.196 Accumulation Units. On the Reinvestment Date, 10.196 Accumulation Units are added to Contract Value for a total of 5,010.196 Accumulation Units after the monthly subaccount adjustment reinvestment. Contract Value on the Reinvestment Date is equal to 5,010.196 Accumulation Units times $9.975 (Accumulation Unit Value as of the Reinvestment Date) for a Contract Value of $49,976.70 after the monthly subaccount adjustment reinvestment.

After the Annuity Start Date, the Company will deduct an annual mortality and expense risk charge of 0.30% during the Annuity Period. This charge is factored into the annuity unit values on each Valuation Date.

------

**Limits on Purchase Payments Paid Under Tax-Qualified Retirement Plans**

------

**Sections 408 and 408A —** Premiums (other than rollover contributions) paid under a Contract used in connection with a traditional or Roth individual retirement annuity (IRA) that is described in Section 408 or Section 408A of the Internal Revenue Code are subject to the limits on contributions to IRAs under Section 219(b) of the Internal Revenue Code. Under Section 219(b) of the Code, contributions (other than rollover contributions) to an IRA are limited to the lesser of (i) $7,500 (for 2026) or (ii) 100% of the individual's taxable compensation.

If an individual is age 50 or over, the individual may make an additional catch up contribution to a traditional or Roth IRA of $1,100 in 2026 (indexed for inflation in future tax years).

Spousal IRAs allow an Owner and his or her spouse to each contribute up to the applicable dollar amount to their respective IRAs so long as a joint tax return is filed and joint income is at least equal to the combined contributions. The maximum amount the higher compensated spouse may contribute for the year is the lesser of (i) $7,500 or $8,600 if age 50 or older (for 2026) or (ii) 100% of that spouse's compensation. The maximum the lower compensated spouse may contribute is the lesser of (i) $7,500 or $8,600 if age 50 or older (for 2026) or (ii) 100% of that spouse's compensation plus the amount by which the higher compensated spouse's compensation exceeds the amount the higher compensated spouse contributes to his or her IRA. The extent to which an Owner may deduct contributions to a traditional IRA depends on the gross income of the Owner and his or her spouse for the year and whether either is an "active participant" in an employer-sponsored retirement plan.

Premiums under a Contract used in connection with a simplified employee pension plan described in Section 408 of the Internal Revenue Code are subject to limits under Section 402(h) of the Internal Revenue Code. Section 402(h) currently limits employer contributions and salary reduction contributions (if permitted) under a simplified employee pension plan to the lesser of (a) 25% of the compensation of the participant in the Plan, or (b) $72,000 (for 2026). Salary reduction contributions, if any, are subject to additional annual limits.

**Performance Information**

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Performance information for the Subaccounts of the Separate Account, including the yield and effective yield of the Rydex VIF U.S. Government Money Market Subaccount, and the average annual total return and total return of all Subaccounts, may appear in advertisements, reports, and promotional literature provided to current or prospective Owners.

Quotations of yield for the Rydex VIF U.S. Government Money Market Subaccount will be based on the change in the value, exclusive of capital changes and income other than investment income, of a hypothetical investment in a Contract over a particular seven day period, less a hypothetical charge reflecting deductions from the Contract during the period (the "base period") and stated as a percentage of the investment at the start of the base period (the "base period return"). The base period return is then annualized based on the formula provided below with the resulting yield figure carried to at least the nearest one hundredth of one percent. Any quotations of effective yield for the Rydex VIF U.S. Government Money Market Subaccount assume that all monthly subaccount adjustments received during an annual period have been reinvested. Calculation of "effective yield" begins with the same "base period return" used in the yield calculation, which is then annualized to reflect weekly compounding pursuant to the following formula:

Effective Yield = [(Base Period Return + 1)<sup>365/7</sup>] - 1

Quotations of average annual total return for any Subaccount will be expressed in terms of the average annual compounded rate of return of a hypothetical investment in a Contract over a period of one, five and ten years (or, if less, up to the life of the Subaccount), calculated pursuant to the following formula: P(1 + T)<sup>n</sup> = ERV (where P = a hypothetical initial payment of $1,000, T = the average annual total return, n = the number of years, and ERV = the ending redeemable value of a hypothetical $1,000 payment made at the beginning of the period).

Average annual total return figures (referred to as "Standardized Total Return") are calculated from the inception date of the Subaccounts under the Contract, and reflect the deduction of the following charges: (1) the maximum mortality and expense risk charge of 1.20%; (2) the highest Return of Premium Death Benefit Rider Charge of 0.35%; and (3) the annual administration charge (which ranges from 0.25% to 0.65% depending on the Subaccount).

Total return figures may also be shown for periods beginning prior to the availability of the Contract. Such total return figures are based upon the performance of the Underlying Funds, adjusted to reflect the maximum charges imposed under the Contract. Any quotation of performance that pre-dates the date of inception of the Separate

------

Account (or a Subaccount thereof as applicable) will be accompanied by Standardized Total Return figures that reflect the deduction of all fees and charges since the date of inception of the Separate Account or Subaccount.

Quotations of total return for any Subaccount will be based on a hypothetical investment in a Subaccount over a certain period and will be computed by subtracting the initial value of the investment from the ending value and dividing the remainder by the initial value of the investment. Such quotations of total return will reflect the deduction of all applicable charges to the Contract and the Separate Account (on an annual basis).

Performance information for any Subaccount reflects only the performance of a hypothetical Contract under which Contract Value is allocated to that Subaccount during a particular time period on which the calculations are based. Performance information should be considered in light of the investment objectives and policies, characteristics and quality of the Underlying Fund in which the Subaccount invests, and the market conditions during the given time period, and should not be considered as a representation of what may be achieved in the future. Yields and total returns do not reflect any advisory fees paid to financial intermediaries from your Contract Value or other assets. If such charges were reflected, performance would be lower.

**Mixed and Shared Funding Conflicts**

------

Because the Underlying Funds may serve as investment vehicles for both variable life insurance policies and variable annuity contracts ("mixed funding") and shares of the Underlying Funds also may be sold to separate accounts of other insurance companies ("shared funding"), material conflicts could occur. The Company currently does not foresee any disadvantages to Owners arising from either mixed or shared funding; however, due to differences in tax treatment or other considerations, it is possible that the interests of owners of various contracts for which the Underlying Funds serve as investment vehicles might at some time be in conflict. However, the Company, each Underlying Fund's Board of Directors, and any other insurance companies that participate in the Underlying Funds are required to monitor events in order to identify any material conflicts that arise from mixed and/or shared funding. If such a conflict were to occur, the Company would take steps necessary to protect Owners, including withdrawal of the Separate Account from participation in the Underlying Fund(s) involved in the conflict. This might force the Underlying Fund to sell securities at disadvantageous prices.

**Independent Registered Public Accounting Firm**

------

The consolidated financial statements of Security Benefit Life Insurance Company and subsidiaries at December 31, 2025 and 2024, and for each of the three years in the period ended December 31, 2025, and the financial statements of SBL Variable Annuity Account XIV at December 31, 2025, and for each of the specified periods ended December 31, 2025 and 2024, or for portions of such periods as disclosed in the financial statements appearing in this Statement of Additional Information have been audited by Ernst & Young LLP, 1828 Walnut Street, Suite 600, Kansas City, Missouri, 64108-1840, independent registered public accounting firm, as set forth in their reports thereon appearing elsewhere herein, and are included in reliance upon such reports given on the authority of such firm as experts in accounting and auditing.

**Financial Statements**

------

The consolidated financial statements of Security Benefit Life Insurance Company and subsidiaries at December 31, 2025 and 2024, and for each of the three years in the period ended December 31, 2025, and the financial statements of SBL Variable Annuity Account XIV at December 31, 2025, and for each of the specified periods ended December 31, 2025 and 2024, or for portions of such periods as disclosed in the financial statements, are set forth herein, following this section.

The consolidated financial statements of Security Benefit Life Insurance Company and subsidiaries, which are included in this Statement of Additional Information, should be considered only as bearing on the ability of the Company to meet its obligations under the Contract. They should not be considered as bearing on the investment performance of the assets held in the Separate Account.

------

**ELITEDESIGNS**<sup>®</sup> **VARIABLE ANNUITY** 

**(for Contracts issued before April 18, 2011)** 

**May 1, 2026** 

**SBL Variable Annuity Account XIV** 

**Individual Flexible Purchase Payment Deferred Variable Annuity Contract** 

**Statement of Additional Information**

---

| | |
|:---|:---|
| **Issued By:** | **Mailing Address:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Benefit Life Insurance Company** <br> **One Security Benefit Place**<br> **Topeka, Kansas 66636-0001**<br> **1-800-888-2461**<br> **www.securitybenefit.com**<br>| **Security Benefit Life Insurance Company**<br> **P.O. Box 750497**<br> **Topeka, Kansas 66675-0497**<br>|

---

------

This Statement of Additional Information is not a prospectus; it should be read in conjunction with the current Prospectus for the EliteDesigns Variable Annuity dated May 1, 2026, as it may be supplemented from time to time. A copy of the Prospectus may be obtained free of charge from the Company by calling 1-800-888-2461 or by writing P.O. Box 750497, Topeka, Kansas 66675-0497.

V6915A

32-69151-01 2026/05/01

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**Table of Contents**

------

---

| | |
|:---|:---|
|  | Page |
| **General Information and History** | **2** |
| [The Company](#xx_3e4bf0ee-8130-46c7-b655-7fb3d0274879_1) | 2 |
| [The Separate Account](#xx_3e4bf0ee-8130-46c7-b655-7fb3d0274879_1) | 2 |
| [Principal Underwriter](#xx_3e4bf0ee-8130-46c7-b655-7fb3d0274879_1) | 2 |
| [General Information](#xx_3e4bf0ee-8130-46c7-b655-7fb3d0274879_1) | 2 |
| [Safekeeping of Assets](#xx_3e4bf0ee-8130-46c7-b655-7fb3d0274879_1) | 2 |
| **[Non-Principal Risks of Investing in the Contract](#xx_3e4bf0ee-8130-46c7-b655-7fb3d0274879_1)** | **2** |
| **[Custodian](#xx_3e4bf0ee-8130-46c7-b655-7fb3d0274879_1)** | **2** |
| **[Method of Deducting the Excess Charge](#xx_3e4bf0ee-8130-46c7-b655-7fb3d0274879_1)** | **2** |
| **[Limits on Purchase Payments Paid Under Tax-Qualified Retirement Plans](#xx_3e4bf0ee-8130-46c7-b655-7fb3d0274879_3)** | **4** |
| [Sections 408 and 408A](#xx_3e4bf0ee-8130-46c7-b655-7fb3d0274879_3) | 4 |
| **[Performance Information](#xx_3e4bf0ee-8130-46c7-b655-7fb3d0274879_3)** | **4** |
| **[Mixed and Shared Funding Conflicts](#xx_3e4bf0ee-8130-46c7-b655-7fb3d0274879_4)** | **5** |
| **[Independent Registered Public Accounting Firm](#xx_3e4bf0ee-8130-46c7-b655-7fb3d0274879_4)** | **5** |
| **[Financial Statements](#xx_3e4bf0ee-8130-46c7-b655-7fb3d0274879_4)** | **5** |

---

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**General Information and History**

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**The Company —** The Company is a life insurance company that offers life insurance policies and annuity contracts, as well as financial and retirement services. The Company is organized under the laws of the State of Kansas and is admitted to do business in the District of Columbia and all states except for New York. It was originally organized as a fraternal benefit society and commenced business February 22, 1892. It became a mutual life insurance company under its present name on January 2, 1950 and converted to a stock life insurance company on July 31, 1998. The Company's indirect parent, Eldridge Industries, LLC, owns, operates and invests in businesses across a wide range of sectors and is ultimately controlled by Todd L. Boehly.

**The Separate Account —** The Company established SBL Variable Annuity Account XIV as a separate account under Kansas law on June 26, 2000. The Separate Account is registered with the SEC as a unit investment trust under the Investment Company Act of 1940, as amended (the "1940 Act").

**Principal Underwriter —** The Company currently offers the Contract on a continuous basis. The Company anticipates continuing to offer the Contract but reserves the right to discontinue the offering. The Principal Underwriter for the Contract is Security Distributors, LLC ("SDL"), located at One Security Benefit Place, Topeka, Kansas 66636-0001. SDL, a wholly-owned subsidiary of the Company, is registered as a broker-dealer with the SEC and is a member of the Financial Industry Regulatory Authority ("FINRA").

The Company pays commissions to Selling Broker-Dealers through SDL in connection with sales of the Contract. During fiscal years 2025, 2024, and 2023, the amounts paid to SDL in connection with all Contracts sold through the Separate Account were $534,142, $630,280, and $813,931, respectively. SDL passes through commissions it receives to Selling Broker-Dealers for their sales and does not retain any portion of commissions it receives as principal underwriter for the Contract. However, the Company (or an affiliate) pays some or all of SDL's operating and other expenses, including the following sales expenses: compensation and bonuses for SDL's management team, compensation and benefits for SDL's registered representatives, advertising expenses, and other expenses of distributing the Contract.

**General Information —** For a description of the Contract, the Company, and the Separate Account, see the Prospectus for the Contract. This Statement of Additional Information contains information that supplements the information in the Prospectus. Defined terms used in this Statement of Additional Information have the same meaning as terms defined in the section entitled "Definitions" in the Prospectus.

**Safekeeping of Assets —** The Company is responsible for the safekeeping of the assets of the Subaccounts. These assets, which consist of shares of the Underlying Funds in non-certificated form, are held separate and apart from the assets of the Company's General Account and its other separate accounts.

**Non-Principal Risks of Investing in the Contract**

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All non-principal risks of purchasing the Contract are disclosed in the Prospectus in their related subject matter sections.

**Custodian**

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The Company acts as custodian of the Separate Account. We have custody of all assets and cash of the Separate Account and handle the collection of proceeds of shares of the Underlying Funds bought and sold by the Separate Account.

**Method of Deducting the Excess Charge**

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The minimum mortality and expense risk charge of 0%, and the administration charge of 0.25%, on an annual basis, of each Subaccount's average daily net assets, are factored into the accumulation unit value or "price" of each Subaccount on each Valuation Date. The Company deducts any mortality and expense risk charge above the minimum charge and the charge for any optional riders (the "Excess Charge") on a monthly basis.

Each Subaccount declares a monthly subaccount adjustment and the Company deducts the Excess Charge from this monthly subaccount adjustment upon its reinvestment in the Subaccount. The Excess Charge is a percentage of your Contract Value allocated to the Subaccount as of the reinvestment date. The monthly subaccount adjustment is paid only for the purpose of collecting the Excess Charge. Assuming you owe a charge above the

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minimum mortality and expense risk charge and the administration charge, or if you have elected a rider, your Contract Value will be reduced in the amount of your Excess Charge upon reinvestment of the Subaccount's monthly subaccount adjustment. The Company reserves the right to compute and deduct the Excess Charge from each Subaccount on each Valuation Date.

The Company will declare a monthly subaccount adjustment for each Subaccount on one Valuation Date of each calendar month ("Record Date"). The Company will pay the monthly subaccount adjustment on a subsequent Valuation Date ("Reinvestment Date") within five Valuation Dates of the Record Date. Such subaccount adjustment will be declared as a dollar amount per Accumulation Unit.

For each Subaccount, any Owner as of the Record Date will receive on the Reinvestment Date a net subaccount adjustment equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the amount of subaccount adjustment per Accumulation Unit; times

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the number of Accumulation Units allocated to the Subaccount as of the Record Date; less

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. the amount of the Excess Charge for that Subaccount; provided that the Company will not deduct any Excess Charge from the first subaccount adjustment following the Contract Date.

The net monthly subaccount adjustment will be reinvested on the Reinvestment Date at the Accumulation Unit Value determined as of the close of that date in Accumulation Units of the Subaccount.

An example of this process is as follows. Assuming Contract Value of $50,000 allocated to the Invesco V.I. Main Street Small Cap Fund<sup>®</sup> Subaccount and the Return of Premium Death Benefit Rider, the Excess Charge would be computed as follows:

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| | |
|:---|:---|
| Mortality and Expense Risk Charge | 0.20% |
| Plus: Optional Rider Charge | 0.35% |
| Less: Minimum Charge | <u>0.00%</u> |
| Excess Charge on an Annual Basis | 0.55% |

---

Further assuming 5,000 Accumulation Units with an Accumulation Unit Value of $10 per unit on December 30 and a gross subaccount adjustment of $0.025 per unit declared on December 31 (Record Date), the net subaccount adjustment amount would be as follows:

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| | | |
|:---|:---|:---|
| Accumulation Unit Value as of Valuation Date before Record Date  |  | &nbsp;&nbsp; $10.00 |
| Accumulation Unit Value as of Reinvestment Date | - | &nbsp;&nbsp; <u>$</u><u>9.975</u> |
| Gross Subaccount Adjustment Per Unit |  | &nbsp;&nbsp; $0.025 |
| Less: Excess Charge Per Unit | - | &nbsp;&nbsp; <u>$</u><u>0.00466</u> |
| Net Subaccount Adjustment Per Unit |  | &nbsp;&nbsp; $0.02034 |
| Times: Number of Accumulation Units | x | &nbsp;&nbsp; <u>5000</u> |
| Net Subaccount Adjustment Amount |  | &nbsp;&nbsp; $101.70 |

---

The net monthly subaccount adjustment amount would be reinvested on the Reinvestment Date in Accumulation Units of the Invesco V.I. Main Street Small Cap Fund<sup>®</sup> Subaccount as follows: $0.02034 (net monthly subaccount adjustment per unit) divided by $9.975 (Accumulation Unit value as of the Reinvestment Date) times 5,000 Units equals 10.196 Accumulation Units. On the Reinvestment Date, 10.196 Accumulation Units are added to Contract Value for a total of 5,010.196 Accumulation Units after the monthly subaccount adjustment reinvestment. Contract Value on the Reinvestment Date is equal to 5,010.196 Accumulation Units times $9.975 (Accumulation Unit Value as of the Reinvestment Date) for a Contract Value of $49,976.70 after the monthly subaccount adjustment reinvestment.

After the Annuity Start Date, the Company will deduct an annual mortality and expense risk charge of 0.30% during the Annuity Period. This charge is factored into the annuity unit values on each Valuation Date.

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**Limits on Purchase Payments Paid Under Tax-Qualified Retirement Plans**

------

**Sections 408 and 408A —** Premiums (other than rollover contributions) paid under a Contract used in connection with a traditional or Roth individual retirement annuity (IRA) that is described in Section 408 or Section 408A of the Internal Revenue Code are subject to the limits on contributions to IRAs under Section 219(b) of the Internal Revenue Code. Under Section 219(b) of the Code, contributions (other than rollover contributions) to an IRA are limited to the lesser of (i) $7,500 (for 2026) or (ii) 100% of the individual's taxable compensation.

If an individual is age 50 or over, the individual may make an additional catch up contribution to a traditional or Roth IRA of $1,100 in 2026 (indexed for inflation in future tax years).

Spousal IRAs allow an Owner and his or her spouse to each contribute up to the applicable dollar amount to their respective IRAs so long as a joint tax return is filed and joint income is at least equal to the combined contributions. The maximum amount the higher compensated spouse may contribute for the year is the lesser of (i) $7,500 or $8,600 if age 50 or older (for 2026) or (ii) 100% of that spouse's compensation. The maximum the lower compensated spouse may contribute is the lesser of (i) $7,500 or $8,600 if age 50 or older (for 2026) or (ii) 100% of that spouse's compensation plus the amount by which the higher compensated spouse's compensation exceeds the amount the higher compensated spouse contributes to his or her IRA. The extent to which an Owner may deduct contributions to a traditional IRA depends on the gross income of the Owner and his or her spouse for the year and whether either is an "active participant" in an employer-sponsored retirement plan.

Premiums under a Contract used in connection with a simplified employee pension plan described in Section 408 of the Internal Revenue Code are subject to limits under Section 402(h) of the Internal Revenue Code. Section 402(h) currently limits employer contributions and salary reduction contributions (if permitted) under a simplified employee pension plan to the lesser of (a) 25% of the compensation of the participant in the Plan, or (b) $72,000 (for 2026). Salary reduction contributions, if any, are subject to additional annual limits.

**Performance Information**

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Performance information for the Subaccounts of the Separate Account, including the yield and effective yield of the Rydex VIF U.S. Government Money Market Subaccount, and the average annual total return and total return of all Subaccounts, may appear in advertisements, reports, and promotional literature provided to current or prospective Owners.

Quotations of yield for the Rydex VIF U.S. Government Money Market Subaccount will be based on the change in the value, exclusive of capital changes and income other than investment income, of a hypothetical investment in a Contract over a particular seven day period, less a hypothetical charge reflecting deductions from the Contract during the period (the "base period") and stated as a percentage of the investment at the start of the base period (the "base period return"). The base period return is then annualized based on the formula provided below with the resulting yield figure carried to at least the nearest one hundredth of one percent. Any quotations of effective yield for the Rydex VIF U.S. Government Money Market Subaccount assume that all monthly subaccount adjustments received during an annual period have been reinvested. Calculation of "effective yield" begins with the same "base period return" used in the yield calculation, which is then annualized to reflect weekly compounding pursuant to the following formula:

Effective Yield = [(Base Period Return + 1)<sup>365/7</sup>] - 1

Quotations of average annual total return for any Subaccount will be expressed in terms of the average annual compounded rate of return of a hypothetical investment in a Contract over a period of one, five and ten years (or, if less, up to the life of the Subaccount), calculated pursuant to the following formula: P(1 + T)<sup>n</sup> = ERV (where P = a hypothetical initial payment of $1,000, T = the average annual total return, n = the number of years, and ERV = the ending redeemable value of a hypothetical $1,000 payment made at the beginning of the period).

Average annual total return figures (referred to as "Standardized Total Return") are calculated from the inception date of the Subaccounts under the Contract, and reflect the deduction of the following charges: (1) the maximum mortality and expense risk and optional rider charges of 1.45%; (2) the administration charge of 0.25%; and (3) the contingent deferred sales charge.

Other total return figures (referred to as "Non-Standardized Total Return") may be quoted that do not assume a surrender and that do not reflect deduction of the contingent deferred sales charge; provided that such figures do not reflect the addition of any Credit Enhancement. The contingent deferred sales charge, if reflected, would lower the

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Non-Standardized Total Return. Total return figures that do not reflect deduction of all charges will be accompanied by Standardized Total Return figures that reflect such charges and which date from the Separate Account inception date.

Total return figures may also be shown for periods beginning prior to the availability of the Contract. Such total return figures are based upon the performance of the Underlying Funds, adjusted to reflect the maximum charges imposed under the Contract. Any quotation of performance that pre-dates the date of inception of the Separate Account (or a Subaccount thereof as applicable) will be accompanied by Standardized Total Return figures that reflect the deduction of the applicable contingent deferred sales charge and other fees and charges since the date of inception of the Separate Account or Subaccount.

Total return figures also may be quoted that assume the Owner has purchased an Extra Credit Rider and, as such, will reflect any applicable Credit Enhancements; however, such total return figures will also reflect the deduction of all applicable charges, including any contingent deferred sales charge.

Quotations of total return for any Subaccount will be based on a hypothetical investment in a Subaccount over a certain period and will be computed by subtracting the initial value of the investment from the ending value and dividing the remainder by the initial value of the investment. Such quotations of total return will reflect the deduction of all applicable charges to the Contract and the Separate Account (on an annual basis) except the applicable contingent deferred sales charge.

Performance information for any Subaccount reflects only the performance of a hypothetical Contract under which Contract Value is allocated to that Subaccount during a particular time period on which the calculations are based. Performance information should be considered in light of the investment objectives and policies, characteristics and quality of the Underlying Fund in which the Subaccount invests, and the market conditions during the given time period, and should not be considered as a representation of what may be achieved in the future. Yields and total returns do not reflect any advisory fees paid to financial intermediaries from your Contract Value or other assets. If such charges were reflected, performance would be lower.

**Mixed and Shared Funding Conflicts**

------

Because the Underlying Funds may serve as investment vehicles for both variable life insurance policies and variable annuity contracts ("mixed funding") and shares of the Underlying Funds also may be sold to separate accounts of other insurance companies ("shared funding"), material conflicts could occur. The Company currently does not foresee any disadvantages to Owners arising from either mixed or shared funding; however, due to differences in tax treatment or other considerations, it is possible that the interests of owners of various contracts for which the Underlying Funds serve as investment vehicles might at some time be in conflict. However, the Company, each Underlying Fund's Board of Directors, and any other insurance companies that participate in the Underlying Funds are required to monitor events in order to identify any material conflicts that arise from mixed and/or shared funding. If such a conflict were to occur, the Company would take steps necessary to protect Owners, including withdrawal of the Separate Account from participation in the Underlying Fund(s) involved in the conflict. This might force the Underlying Fund to sell securities at disadvantageous prices.

**Independent Registered Public Accounting Firm**

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The consolidated financial statements of Security Benefit Life Insurance Company and subsidiaries at December 31, 2025 and 2024, and for each of the three years in the period ended December 31, 2025, and the financial statements of SBL Variable Annuity Account XIV at December 31, 2025, and for each of the specified periods ended December 31, 2025 and 2024, or for portions of such periods as disclosed in the financial statements appearing in this Statement of Additional Information have been audited by Ernst & Young LLP, 1828 Walnut Street, Suite 600, Kansas City, Missouri, 64108-1840, independent registered public accounting firm, as set forth in their reports thereon appearing elsewhere herein, and are included in reliance upon such reports given on the authority of such firm as experts in accounting and auditing.

**Financial Statements**

------

The consolidated financial statements of Security Benefit Life Insurance Company and subsidiaries at December 31, 2025 and 2024, and for each of the three years in the period ended December 31, 2025, and the financial statements of SBL Variable Annuity Account XIV at December 31, 2025, and for each of the specified periods ended December 31, 2025 and 2024, or for portions of such periods as disclosed in the financial statements, are set forth herein, following this section.

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The consolidated financial statements of Security Benefit Life Insurance Company and subsidiaries, which are included in this Statement of Additional Information, should be considered only as bearing on the ability of the Company to meet its obligations under the Contract. They should not be considered as bearing on the investment performance of the assets held in the Separate Account.

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C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S

Security Benefit Life Insurance Company and Subsidiaries

Years Ended December 31, 2025, 2024 and 2023

With Report of Independent Auditors

------

Security Benefit Life Insurance Company and Subsidiaries

Consolidated Financial Statements

Years Ended December 31, 2025, 2024, and 2023

#### Contents

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| | |
|:---|:---|
|  [Report of Independent Auditors](#sblfin935931_1) | 1 |
|  Consolidated Financial Statements |  |
|  [Consolidated Balance Sheets](#sblfin935931_3) | 3 |
|  [Consolidated Statements of Operations](#sblfin935931_4) | 5 |
|  [Consolidated Statements of Comprehensive Income](#sblfin935931_5) | 6 |
|  [Consolidated Statements of Changes in Stockholder's Equity](#sblfin935931_6) | 7 |
|  [Consolidated Statements of Cash Flows](#sblfin935931_7) | 8 |
|  [Notes to Consolidated Financial Statements](#sblfin935931_8) | 10 |

---

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![LOGO](g935931dsp03.jpg)

#### Report of Independent Auditors
The Board of Directors

Security Benefit Life Insurance Company

#### Opinion
We have audited the consolidated financial statements of Security Benefit Life Insurance Company and Subsidiaries (the Company), which comprise the consolidated balance sheets as of December 31, 2025 and 2024, and the related consolidated statements of operations, comprehensive income, changes in stockholder's equity and cash flows for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the "financial statements").

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in accordance with accounting principles generally accepted in the United States of America.

#### Adoption of ASU No. 2018-12
As discussed in Notes 1 and 2 to the financial statements, the Company changed its method of accounting for long-duration contracts in each of the three years in the period ended December 31, 2025 due to the adoption of ASU No. 2018-12, Financial Services – Insurance (Topic 944), *Targeted Improvements to the Accounting for Long-Duration Contracts*.

#### Basis for Opinion
We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

#### Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free of material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for one year after the date that the financial statements are available to be issued.

2603-10001-CS 1

A member firm of Ernst & Young Global Limited

------

![LOGO](g935931dsp04.jpg)

#### Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free of material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with GAAS, we:

• Exercise professional judgment and maintain professional skepticism throughout the audit.

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. Accordingly, no such opinion is expressed.

• Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.

• Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.

/s/ Ernst & Young LLP

Kansas City, Missouri

April 24, 2026

2603-10001-CS 2

A member firm of Ernst & Young Global Limited

------

Security Benefit Life Insurance Company and Subsidiaries

Consolidated Balance Sheets

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
|  | *(in thousands)* | *(in thousands)* |
|  Assets |  |  |
|  Investments: |  |  |
|  Fixed maturities, available for sale ($39,826.8 million and $37,230.7 million in amortized cost for 2025 and 2024, respectively; includes $233.2 million and $332.2 million related to consolidated variable interest entities for 2025 and 2024, respectively; includes $46.5 million and $46.5 million in credit loss allowances for 2025 and 2024,respectively) | $**39944617** | $36912840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed maturities, trading | **85453** | 76221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity securities | **1416745** | 991706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes receivable from related parties | **5533886** | 2079394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage loans | **3886944** | 2745425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policy loans | **59079** | 62973 |
|  Cash and cash equivalents (includes $0.8 million and $42.5 million related to consolidated variable interest entities for 2025 and 2024, respectively) | **2131843** | 3815783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term investments | **320751** | 91020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative assets | **1541359** | 1266094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pledged securities | **60027** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other invested assets (includes $293.6 million and $306.3 million related to consolidated variable interest entities for 2025 and 2024, respectively) | **1520782** | 1617315 |
|  Total investments | **56501486** | 49658771 |
|  Accrued investment income (includes $5.0 million and $0.9 million related to consolidated variable interest entities for 2025 and 2024, respectively) | **613933** | 647867 |
|  Reinsurance recoverable | **12507818** | 10682423 |
|  Deferred policy acquisition costs, deferred sales inducement costs and value of business acquired | **3495288** | 3089566 |
|  Other assets | **1087227** | 713633 |
|  Separate account assets | **6804874** | 6416351 |
|  Total assets | $**81010626** | $71208611 |

---

*See accompanying notes.* 

------

Security Benefit Life Insurance Company and Subsidiaries

Consolidated Balance Sheets (continued)

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
|  | *(in thousands)* | *(in thousands)* |
|  **Liabilities and stockholder's equity** |  |  |
|  Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest sensitive contract liabilities and future policy benefits | $**46048729** | $40897076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Funds withheld and held liability | **11066965** | 9201462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market risk benefits | **3319550** | 3022203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income tax liability | **117292** | 31242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt | **111981** | 113173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt from consolidated variable interest entities | **—** | 47255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative collateral | **1255282** | 894549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreements | **1511982** | 328443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables for collateral under securities loaned | **62657** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other liabilities | **1143232** | 1164472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Separate account liabilities | **6804874** | 6416351 |
|  Total liabilities | **71442544** | 62116226 |
|  Stockholder's equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock <sup>(1)</sup> | **7000** | 7000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | **4394457** | 4394107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated other comprehensive income (loss) | **246357** | (67233) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retained earnings | **4828121** | 4652283 |
|  Total Security Benefit Life Insurance Company stockholder's equity | **9475935** | 8986157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Noncontrolling interest | **92147** | 106228 |
|  Total stockholder's equity | **9568082** | 9092385 |
|  Total liabilities and stockholder's equity | $**81010626** | $71208611 |

---

<sup>(1)</sup> $10 par value, 1,000,000 shares authorized, 700,000 issued and outstanding 

*See accompanying notes.* 

------

Security Benefit Life Insurance Company and Subsidiaries

Consolidated Statements of Operations

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
|  | *(in thousands)* | *(in thousands)* | *(in thousands)* |
|  Revenues: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $**2745131** | $3026091 | $2695803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-based and administrative fees | **72770** | 73081 | 66893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other product charges | **257374** | 273050 | 245274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment-related gains (losses) | **504980** | 379060 | 98679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other revenues | **220703** | 138361 | 131493 |
|  Total revenues | **3800958** | 3889643 | 3238142 |
|  Benefits and expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest sensitive contract and future policy benefits | **1298493** | 1046772 | 970788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market risk benefit measurement (gains) losses | **382831** | 484503 | 775456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other benefits | **193937** | 160705 | 59302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total benefits | **1875261** | 1691980 | 1805546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other operating expenses | **414701** | 431168 | 389995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of deferred policy acquisition costs, deferred sales inducement costs, and value of business acquired | **412231** | 351823 | 318122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | **82137** | 212025 | 158168 |
|  Total benefits and expenses | **2784330** | 2686996 | 2671831 |
|  Income before income tax expense | **1016628** | 1202647 | 566311 |
|  Income tax expense | **212715** | 247836 | 111758 |
|  Net income | **803913** | 954811 | 454553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Net income (loss) attributable to noncontrolling interest | **(14081)** | 3072 |  |
|  Net income attributable to Security Benefit Life Insurance Company | $**817994** | $951739 | $454553 |

---

*See accompanying notes.* 

------

Security Benefit Life Insurance Company and Subsidiaries

Consolidated Statements of Comprehensive Income

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
|  | *(in thousands)* | *(in thousands)* | *(in thousands)* |
|  Net income | $**803913** | $954811 | $454553 |
|  Other comprehensive income (loss), net of tax: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net unrealized gains (losses) on investments and hedging instruments | **252129** | 318272 | 1003001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remeasurement gains (losses) of future policy benefits related to discount rate | **(4235)** | 4871 | (4132) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remeasurement gains (losses) on market risk benefits related to credit risk | **65696** | (144504) | (110449) |
|  Total other comprehensive income (loss), net of tax | **313590** | 178639 | 888420 |
|  Comprehensive income (loss) | **1117503** | 1133450 | 1342973 |
|  Less: Comprehensive income (loss) attributable to noncontrolling interest | **(14081)** | 3072 |  |
|  Comprehensive income (loss) attributable to Security Benefit Life Insurance Company | $**1131584** | $1130378 | $1342973 |

---

*See accompanying notes.* 

------

Security Benefit Life Insurance Company and Subsidiaries

Consolidated Statements of Changes in Stockholder's Equity

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |<br>**Common**<br>**Stock** |<br>**Additional**<br>**Paid-In**<br>**Capital** | **Accumulated**<br>**Other**<br>**Comprehensive**<br>**Income (Loss)** |<br>**Retained**<br>**Earnings** | **Total**<br>**SBLIC**<br>**Stockholder's**<br>**Equity** |<br>**Noncontrolling**<br>**Interest** |<br><br>**Total** |
|  | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) |
|  Balance at January 1, 2023 | $7000 | $3959107 | $(902353) | $3537884 | $6601638 | $— | $6601638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adoption of new accounting standards <sup>1</sup> |  |  |  | (4912) | (4912) |  | (4912) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adoption of new accounting standards <sup>2</sup> |  |  | (231939) | 918019 | 686080 |  | 686080 |
|  Adjusted Balance at January 1, 2023 | 7000 | 3959107 | (1134292) | 4450991 | 7282806 |  | 7282806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income |  |  |  | 454553 | 454553 |  | 454553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other comprehensive income (loss), net |  |  | 888420 |  | 888420 |  | 888420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contribution from parent |  | 435000 |  |  | 435000 |  | 435000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends paid |  |  |  | (350000) | (350000) |  | (350000) |
|  Balance at December 31, 2023 | 7000 | 4394107 | (245872) | 4555544 | 8710779 |  | 8710779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income |  |  |  | 951739 | 951739 | 3072 | 954811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other comprehensive income (loss), net |  |  | 178639 |  | 178639 |  | 178639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contribution from parent |  |  |  |  |  | 103156 | 103156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends paid |  |  |  | (855000) | (855000) |  | (855000) |
|  Balance at December 31, 2024 | **7000** | **4394107** | **(67233)** | **4652283** | **8986157** | **106228** | **9092385** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income | **—** | **—** | **—** | **817994** | **817994** | **(14081)** | **803913** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other comprehensive income (loss), net | **—** | **—** | **313590** | **—** | **313590** | **—** | **313590** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contribution from parent | **—** | **350** | **—** | **—** | **350** | **—** | **350** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contribution of noncontrolling interest | **—** | **—** | **—** | **—** | **—** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends paid | **—** | **—** | **—** | **(642156)** | **(642156)** | **—** | **(642156)** |
|  Balance at December 31, 2025 | $**7000** | $**4394457** | $**246357** | $**4828121** | $**9475935** | $**92147** | $**9568082** |

---

---

| | |
|:---|:---|
| 1 | Effective January 1, 2023, the Company adopted ASU 2016-13, *Financial Instruments—Credit Losses, Measurement of Credit Losses on Financial Instruments*, as clarified and amended by ASU 2019-04, *Codification Improvements to Topic 326*; ASU 2019-05 *Financial Instruments—Credit Losses (Topic 326): Targeted Relief*; and ASU 2019-11, *Codification Improvements to Topic 326, Financial Instruments—Credit Losses*.  |

---

---

| | |
|:---|:---|
| 2 | Effective January 1, 2025, with a transition date of January 1, 2023, the Company adopted ASU 2018-12, *Targeted Improvements to the Accounting for Long-Duration Contracts (LDTI)*. The Company applied a modified retrospective approach for liabilities for future policy benefits, DAC, DSI, and VOBA, and a full retrospective approach for market risk benefits, as required.  |

---

*See accompanying notes.* 

------

Security Benefit Life Insurance Company and Subsidiaries

Consolidated Statements of Cash Flows

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
|  | *(in thousands)* | *(in thousands)* | *(in thousands)* |
|  **Operating activities** |  |  |  |
|  Net income | $**803913** | $954811 | $454553 |
|  Adjustments to reconcile net income to net cash and cash equivalents provided by (used in) operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Index credits and interest credited to account balances | **1229064** | 1128491 | 586521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policy acquisition costs deferred | **(427324)** | (359442) | (366519) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of deferred policy acquisition costs, deferred sales inducement costs, and value of business acquired | **411975** | 351823 | 318122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment-related (gains) losses | **(504980)** | (379060) | (98679) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in equity method investments | **(17455)** | (93438) | (80456) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of investment premiums and discounts | **(36485)** | (105247) | (54087) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest sensitive contract and future policy benefits | **69429** | (81719) | 377405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | **2458** | 7358 | 12342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market risk benefits measurements (gains) losses | **382831** | 484503 | 775456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in operating assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income taxes | 2690 | (94620) | (197510) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Funds withheld and held liability | 1756581 | 1334587 | 1813995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment income due and accrued | (515103) | (485052) | (431741) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets and liabilities | (12695) | 166700 | 147082 |
|  Net cash and cash equivalents provided by operating activities | **3144899** | 2829695 | 3256484 |
|  **Investing activities** |  |  |  |
|  Sales, maturities, or repayments of investments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed maturities available for sale | **16870283** | 21718867 | 8021523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage loans | **918480** | 338443 | 103769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative assets | **1152298** | 1065262 | 484689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes receivable from related parties | **4453293** | 4958630 | 3788848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net sales (purchases) of fixed maturities, trading | **(8308)** | 18208 | (35834) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other invested assets | **525201** | 558914 | 612226 |
|  | **23911247** | 28658324 | 12975221 |
|  Acquisitions of investments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed maturities available for sale | **(19715288)** | (17707094) | (12723875) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage loans | **(1774194)** | (2162112) | (100406) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative assets | **(724314)** | (523545) | (428418) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes receivable from related parties | **(7903461)** | (6035840) | (3086017) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net sales (purchases) of equity securities at fair value | **(107504)** | (231145) | (49388) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other invested assets | **(727887)** | (1176693) | (327064) |
|  | **(30952648)** | (27836429) | (16715168) |
|  Net sales (purchases) of property and equipment | **(301)** | (263) | (3377) |
|  Net sales (purchases) of short-term investments | **(44316)** | 71817 | 547351 |
|  Net decrease (increase) in policy loans | **3894** | 1398 | 1936 |
|  Net cash and cash equivalents provided by (used in) investing activities | **(7082124)** | 894847 | (3194037) |

---

*See accompanying notes.* 

------

Security Benefit Life Insurance Company and Subsidiaries

Consolidated Statements of Cash Flows (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
|  | *(in thousands)* | *(in thousands)* | *(in thousands)* |
|  **Financing activities** |  |  |  |
|  Payments on debt and debt from consolidated VIEs | **(47255)** | (190277) | 88754 |
|  Contribution of noncontrolling interest | **—** | 103156 |  |
|  Capital contribution from parent | **350** |  | 435000 |
|  Dividends paid to parent | **(540000)** | (355000) | (350000) |
|  Net change in repurchase agreements | **1188392** | (684055) | 112119 |
|  Cash receipts under securities lending program | **62657** |  |  |
|  Deposits to annuity account balances | **5339726** | 4684487 | 4132870 |
|  Withdrawals from annuity account balances | **(3750585)** | (5020009) | (4204464) |
|  Net cash and cash equivalents provided by (used in) financing activities | **2253285** | (1461698) | 214279 |
|  Increase (decrease) in cash and cash equivalents | **(1683940)** | 2262844 | 276726 |
|  Cash and cash equivalents at beginning of period | **3815783** | 1552939 | 1276213 |
|  Cash and cash equivalents at end of period | $**2131843** | $3815783 | $1552939 |
|  **Supplemental disclosures of cash flow information** |  |  |  |
|  Cash paid during the period for: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | $**67996** | $109701 | $60645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income taxes | $**237400** | $258430 | $321301 |
|  **Supplemental disclosure of non-cash information** |  |  |  |
|  Cash received in the prior year for policies issued in the current year | $**28607** | $31575 | $81441 |
|  Securities purchased not yet settled in cash | $**(294954)** | $(436817) | $(49760) |
|  Securities sold not yet settled in cash | $**346368** | $82280 | $110914 |
|  Accrued interest paid in kind | $**575322** | $585741 | $382913 |
|  In-kind dividends to parent | $**102156** | $500000 | $— |

---

*See accompanying notes.* 

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements

Years Ended December 31, 2025, 2024 and 2023

1. Nature of Operations, Basis of Presentation and Significant Accounting Policies

#### Nature of Operations
The operations of Security Benefit Life Insurance Company ("SBLIC"), together with its subsidiaries and consolidated variable interest entities ("VIEs") (see Note 4) (referred to herein, collectively, as SBLIC, the Company, or we), consist primarily of marketing and distributing annuities, retirement plans, and other related products throughout the United States. Security Distributors, LLC ("SD"), a subsidiary of Security Benefit Life Insurance Company ("SBLIC"), is a registered broker/dealer with the Securities and Exchange Commission ("SEC") and is a member of the Financial Industry Regulatory Authority. The Company has entered into an agreement with Security Benefit Business Services, LLC (SBBS), an affiliate, to handle most corporate functions and processes. All employees and the majority of the Company's expenses are paid by SBBS, and an allocable portion of these costs are then billed to the Company.

The Company offers a diversified portfolio of products comprised primarily of fixed annuities, fixed index annuities ("FIA"), variable annuities ("VA"), and retirement plans. Our products are distributed by independent representatives through third-party distribution channels and sales networks.

#### Basis of Presentation
The financial statements of the Company are presented in accordance with U.S. generally accepted accounting principles ("GAAP") on a consolidated basis and include the operations of SBLIC and its subsidiaries, SD; SAILES 2, LLC ("SAILES"); Sixth Avenue Reinsurance Company ("SARC"); Bentley Park, LLC, Chisholm Trail, LLC; Coronado Heights, LLC; Earhart Capital, LLC; Hawk Trail, LLC; Monarch Field, LLC; Perry Park, LLC; Pinckney Holdings, LLC; Ripley Park, LLC; SB 625 Madison Holdings, LLC; SB IIS Co., LLC; SB ISH, LLC; Shamrock Valley, LLC; Triple 8, LLC; IDF VI, LLC; IDF V, LLC; SecBen GBM Investco, LLC; FHI Investor, LLC; and the consolidated VIEs (see Note 4). All intercompany accounts and transactions have been eliminated in the consolidation.

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

1. Nature of Operations, Basis of Presentation and Significant Accounting Policies (continued)

#### Use of Estimates
The preparation of the Consolidated Financial Statements and accompanying notes in conformity with U.S. GAAP requires management to make estimates and assumptions that affect amounts reported and disclosed. Significant estimates and assumptions include the valuation of investments; valuation of over-the-counter derivative financial instruments; determination of investment impairments and valuation allowances; calculation of liabilities for future policy benefits; valuation of market risk benefit assets and liabilities; calculation of income taxes and the recognition of deferred income tax assets and liabilities; and estimating future cash flows on certain structured securities. Management believes that the estimates used in preparing its Consolidated Financial Statements are reasonable.

#### Significant Accounting Policies

#### Investments
Fixed maturity investments include bonds, asset-backed securities, redeemable preferred stock, and collateral loans. Fixed maturity investments are classified as available for sale ("AFS") and carried at fair value, with related unrealized gains and losses, exclusive of allowance for expected credit losses, reflected as a component of *Accumulated other comprehensive income or loss* ("AOCI") in the Consolidated Balance Sheets.

The Company classified as trading certain fixed maturity securities investments. The change in fair value of these financial instruments is recognized as a component of *Investment-related gains (losses)* in the Consolidated Statements of Operations.

*Equity securities* include mutual funds, common stock, and non-redeemable preferred stock. Equity investments not accounted for under the equity method of accounting or the measurement alternative are carried at fair value, with related unrealized gains and losses recognized as a component of the *Investment-related gains (losses)* in the Consolidated Statements of Operations.

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

1. Nature of Operations, Basis of Presentation and Significant Accounting Policies (continued)

Investments in joint ventures and partnerships are reported in *Other invested assets* on the Consolidated Balance Sheets and are generally accounted for using the equity method. In applying the equity method, the Company records its share of income or loss reported by equity investees.

Realized capital gains and losses on sales of investments are determined using the specific identification method. Unrealized capital gains and losses related to trading securities are reported as a component of *Investment-related gains (losses)* in the Consolidated Statements of Operations. Credit losses are also reported within *Investment-related gains (losses)* in the Consolidated Statements of Operations.

The Company evaluates its fixed maturity AFS investments quarterly to determine whether a decline in fair value below the amortized cost basis has resulted from credit loss or other factors. This evaluation process involves monitoring market events that could affect issuers' credit ratings, business climate, management changes, litigation and government actions and other similar factors. This process also entails monitoring late payments, pricing levels, downgrades by rating agencies, key financial ratios, financial statements, revenue forecasts and cash flow projections as indicators of credit issues.

Each reporting period, securities in an unrealized loss position are reviewed to determine whether a decline in value is due to credit risk. Relevant facts and circumstances considered include: (1) the extent the fair value is below cost; (2) the reasons for the decline in value; (3) the financial position and access to capital of the issuer, including the current and future impact of any specific events and (4) for structured securities, the adequacy of the expected cash flows. To the extent the Company determines an unrealized loss is due to credit risk, an allowance for credit loss is recognized through a reduction to *Net income*.

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

1. Nature of Operations, Basis of Presentation and Significant Accounting Policies (continued)

The methodology and assumptions for establishing the best estimate cash flows vary depending on the type of security. The credit loss component of a structured security impairment is estimated as the difference between amortized cost and the present value of the expected cash flows of the security. For fixed rate securities, the present value is determined using the best estimate cash flows discounted at the effective interest rate implicit to the security just prior to impairment. For variable rate securities, the present value is determined using the best estimate cash flows discounted at the variable rate that exists as of the date the cash flow estimate is made. The structured securities cash flow estimates are based on bond-specific facts and circumstances that may include collateral characteristics such as: expectations of delinquency and default rates, loss severity, asset spreads, and prepayment speeds, as well as structural support, including subordination and guarantees. The Company does not measure a credit loss allowance on accrued interest receivable because we write off the accrued interest receivable balance to net investment income in a timely manner when we have concern regarding collectability.

Amounts in *Fixed maturities, available for sale* deemed uncollectible are written off and removed from the allowance for credit loss. A write-off may also occur if the Company intends to sell a security or if it is more likely than not that the Company will be required to sell the security before the recovery of its amortized cost, which in some cases, may extend to maturity. Any additional impairment, other than for credit loss, is recorded as a component of *Other comprehensive income* ("OCI"), net of income taxes, on the Consolidated Statements of Comprehensive Income.

Commercial and residential mortgage loans are generally reported at cost, adjusted for amortization of premiums or accrual of discounts, computed using the interest method, net of valuation allowances. Interest income is accrued on the principal amount of the loan based on the loan's contractual interest rate. Interest income, as well as prepayment of fees and the amortization of the related premium or discount, is reported in *Net investment income* in the Consolidated Statements of Operations. Any change in the mortgage loan valuation allowances are reported in *Investment-related gains (losses)* on the Consolidated Statements of Operations. See Note 3 for details around our valuation allowance.

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

1. Nature of Operations, Basis of Presentation and Significant Accounting Policies (continued)

Policy loans are reported at unpaid principal balance.

*Cash and cash equivalents* includes operating cash, other investments with original maturities of 90 days or less, and money market funds principally supported with cash and cash equivalent funds. *Short-term investments* are carried at market value and represent fixed maturity securities with initial maturities of greater than 90 days but less than one year.

The Company has agreed to provide a loan facility through bridge or revolver loans to borrowers until permanent financing can be secured or an existing obligation or project is completed. The Company generally receives a commitment fee on unfunded amounts and interest on the amounts funded. Open commitments on bridge loans and revolvers are disclosed in Note 14.

The Company has variable interest investments in different types of securitization entities, which are deemed VIEs. An entity is a VIE if the equity at risk is not sufficient to support its activities, if the equity holders lack a controlling financial interest or if the entity is structured with non-substantive voting rights. When the Company is determined to be the primary beneficiary of a VIE, the Company consolidates the entity into the financial statements. The primary beneficiary of a VIE is defined as the enterprise with (1) the power to direct the activities of a VIE that most significantly impact the entity's economic performance and (2) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. Accordingly, the Company would not consolidate a VIE when it is not the primary beneficiary. On an ongoing basis, the Company assesses whether it is the primary beneficiary of VIEs in which it has a variable interest.

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

1. Nature of Operations, Basis of Presentation and Significant Accounting Policies (continued)

#### Asset and Liability Derivatives
The Company hedges certain exposures to equity market risk, foreign exchange risk, and interest rate risk by entering into derivative financial instruments. All of the derivative financial instruments are recognized as an asset or liability on the Consolidated Balance Sheets at fair value. Derivative instruments that are not designated in hedge accounting relationships are recorded at fair value, with changes in fair value recognized in *Investment-related gains (losses)* on the Consolidated Statements of Operations.

The Company issues certain products and periodically enters into certain transactions that contain a derivative that is embedded in the product or the transaction, and must be accounted for under Accounting Standards Codification ("ASC") 815, *Derivatives and Hedging* ("ASC 815").

Embedded derivatives are bifurcated from host contracts when the embedded feature is not clearly and closely related to the host and would qualify as a derivative on a standalone basis. Bifurcated embedded derivatives are reported within policy liabilities and measured at fair value, with changes recognized in earnings. See Note 11 for a description of embedded derivatives related to fixed index annuity index credits.

The Company previously entered into distribution arrangements under which it earned level commission payments over time. The related commission receivable includes an embedded lapse risk feature. In accordance with ASC 815, the lapse risk feature is bifurcated and accounted for as a derivative. The derivative is measured at fair value, with changes recognized in earnings.

The Company is party to both bilateral and tri-party agreements with certain derivative instrument counterparties that require the posting of collateral based on the fair value of derivative positions, subject to agreed-upon thresholds. Under bilateral arrangements, cash collateral received is recorded as an asset with a corresponding liability. Under certain tri-party arrangements, collateral is held by a third-party custodian and is not recognized on the Company's Consolidated Balance Sheets.

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

1. Nature of Operations, Basis of Presentation and Significant Accounting Policies (continued)

#### Deferred Income Taxes
Deferred income tax assets and liabilities are determined based on differences between the financial reporting and income tax bases of assets and liabilities and are measured using the enacted tax rates and laws. Deferred income tax expense or benefit, reflected in the Company's Consolidated Statements of Operations as a component of income tax expense or benefit, is based on the changes in deferred income tax assets or liabilities from period to period (excluding unrealized capital gains and losses on securities available for sale). Deferred income tax assets are subject to ongoing evaluation of whether such assets will be realized. The ultimate realization of deferred income tax assets depends on generating future taxable income during the periods in which temporary differences become deductible. The Company records a valuation allowance to reduce its deferred income tax assets to an amount that represents management's best estimate of the amount of such deferred income tax assets that will more likely than not be realized using the enacted tax rates and laws.

The realization of deferred tax assets related to unrealized losses on available for sale fixed maturity securities is based on the Company's ability to hold the securities for a period of time sufficient to allow for the recovery of the value.

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

1. Nature of Operations, Basis of Presentation and Significant Accounting Policies (continued)

#### Deferred Policy Acquisition Costs, Deferred Sales Inducement Costs and Value of Business Acquired
Deferred policy acquisition costs ("DAC") represents incremental, direct costs incurred to successfully acquire new insurance or annuity contracts. Deferred sales inducement costs ("DSI") represents amounts credited to policyholders as sales incentives at contract inception that are incremental to amounts credited on similar contracts without such features. Value of business acquired ("VOBA") represents the fair value of in-force contracts acquired in a business combination and is recorded as an intangible asset.

DAC, DSI, and VOBA related to long-duration contracts are amortized on a constant-level basis over the expected term of the related contracts, generally at a grouped contract level. The amortization period reflects best estimate assumptions regarding contract persistency, including lapses, withdrawals, and mortality. Assumptions are reviewed at least annually and changes in expected contract duration are reflected prospectively.

Certain policyholder transactions, including contract exchanges or modifications, are accounted for as internal replacements. Internal replacements are accounted for as a termination of the original contract and issuance of a new contract, and any associated unamortized DAC or DSI is written off at the time of replacement.

In 2025, the Company performed its annual review of significant assumptions and updated certain assumptions to reflect emerging experience and expectations for future performance. Revisions primarily related to policyholder behavior assumptions, including utilization rates for rider benefits and full surrender rates. The updates were based on recent experience studies, industry data, and refinements to modeling methodologies.

In 2024, the Company performed its annual review of significant assumptions and updated certain assumptions to reflect emerging experience and updated modeling approaches. Revisions primarily related to policyholder behavior assumptions, including surrender patterns and rider utilization, as well as mortality assumptions for certain products. The Company also refined certain modeling methodologies used to project policyholder behavior.

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

1. Nature of Operations, Basis of Presentation and Significant Accounting Policies (continued)

The following table provides the policy count weighted-average durations using the above assumptions over the DAC and DSI amortization period, in years ended December 31:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  Fixed Index Annuity | **5.5** | 6.1 |
|  Fixed Annuity | **2.6** | 3.2 |
|  Variable Annuity | **10.2** | 10.3 |
|  Total | **5.4** | 6.0 |

---

The following table provides the policy count weighted-average durations during the VOBA amortization period, in years ended December 31:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  Fixed Index Annuity | **4.1** | 4.7 |
|  Fixed Annuity | **2.2** | 2.4 |
|  Variable Annuity | **8.5** | 9.1 |
|  Total | **6.2** | 6.8 |

---

#### Reinsurance Agreements
The Company utilizes reinsurance agreements to manage risks associated with its annuity operations, optimize capital, and manage exposure to large losses. These agreements include coinsurance and coinsurance with funds withheld arrangements.

In the accompanying Consolidated Financial Statements, premiums, benefits, and settlement expenses are reported net of reinsurance ceded. Policy liabilities, including liabilities for future policy benefits, interest sensitive contract liabilities, and market risk benefits ("MRBs"), are reported gross of reinsurance ceded.

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

1. Nature of Operations, Basis of Presentation and Significant Accounting Policies (continued)

Under coinsurance with funds withheld arrangements, the Company transfers all or a portion of the risks and benefits associated with specific policies to reinsurers while retaining the invested assets supporting the ceded reserves on its Consolidated Balance Sheets. The corresponding obligation to the reinsurer is recorded as a funds withheld and held liability and is adjusted for changes in the fair value of the underlying assets in accordance with the terms of the reinsurance agreement.

Reinsurance premiums and benefits are accounted for in a manner consistent with those used in accounting for the original policies issued and the terms of the reinsurance contracts.

Reinsurance recoverables related to liability for future policy benefits, interest sensitive contract liabilities, and MRBs are recorded within *Reinsurance recoverable* on the Consolidated Balance Sheets.

In accordance with Accounting Standards Update ("ASU") 2018-12, *Targeted Improvements to the Accounting for Long-Duration Contracts* ("LDTI"):

• Ceded liabilities for *Interest sensitive contract liabilities and future policy benefits* are measured using assumptions consistent with the underlying direct contracts.

• Ceded MRBs are measured at fair value, consistent with the measurement of direct MRBs. Changes in the fair value of ceded MRBs are recognized in earnings, except for the portion attributable to changes in instrument-specific credit risk, which is recorded in *OCI*.

• Certain reinsurance agreements include embedded derivatives, including funds withheld features, that are accounted for under ASC 815. These embedded derivatives are measured at fair value, with changes in fair value recognized in *Investment-related gains (losses).* 

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

1. Nature of Operations, Basis of Presentation and Significant Accounting Policies (continued)

The Company remains liable to policyholders if the reinsurers are unable to meet their contractual obligations under the applicable reinsurance agreements. To minimize its exposure to significant losses from reinsurer insolvencies, the Company evaluates the financial condition of its reinsurers, monitors concentrations of credit risk arising from similar activities or economic characteristics of reinsurers, and requires collateralization of liabilities ceded where allowable by contract.

#### Other Assets
Property and equipment, including home office real estate, furniture and fixtures, and data processing equipment and certain related systems, are recorded at cost less accumulated depreciation. Computer software includes internally developed software costs that are capitalized when they reach technological feasibility. The provision for depreciation of property and equipment is computed using the straight-line method over the estimated lives of the related assets, which generally range from 3 to 40 years. Property and equipment is reported within *Other assets* on the Consolidated Balance Sheets.

Goodwill is recognized for the excess of the purchase price over the fair value of identifiable net assets acquired. Goodwill is not amortized, but is reviewed annually for indications of impairment. If the fair value of the reporting unit is lower than the reporting unit's carrying value, goodwill is written down, and a charge is reported in the Consolidated Statements of Operations. Goodwill is reported within *Other assets* on the Consolidated Balance Sheets.

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

1. Nature of Operations, Basis of Presentation and Significant Accounting Policies (continued)

#### Separate Accounts
The *Separate account assets* and *Separate account liabilities* reported in the accompanying Consolidated Balance Sheets represent funds that are separately administered for the benefit of contract holders who bear the investment risk. The *Separate account assets* are carried at fair value, and *Separate account liabilities* are carried at an equivalent value. Revenues and expenses related to separate account contract holders of the Company are excluded from the amounts reported in the Consolidated Statements of Operations. Investment income and gains or losses arising from separate accounts accrue directly to the contract holders and, therefore, are not included in *Net investment income* in the accompanying Consolidated Statements of Operations. Revenues from charges on separate account products consist principally of contract maintenance charges, administrative fees, and mortality and expense risk charges.

#### Interest sensitive contract liabilities and future policy benefits
Interest sensitive contract liabilities are primarily associated with deferred annuities, consisting of fixed, variable, and index annuities, interest-sensitive life insurance, funding agreements, and other investment-type contracts comprised of immediate annuities without significant mortality risk.

Liabilities for interest sensitive life and deferred annuity products, including fixed annuities and the fixed portion of variable and index annuities, represent contract values accumulated with interest without reduction for potential surrender charges. Interest on accumulated contract values is credited to contracts as earned. Interest crediting rates ranged from 1.0% to 6.6%, 1.0% to 6.7%, and 1.0% to 6.9% during each of the years 2025, 2024, and 2023, respectively.

For fixed index annuities, the liability consists of: (i) the host (guaranteed) component, (ii) the embedded derivative component related to index credits, and (iii) any fixed account balance. The host component is established at contract inception and accreted over the life of the contract at a constant effective interest rate. The embedded derivative is measured at fair value using discounted cash flow techniques based on projected excess benefits over minimum guarantees, discounted using observable risk-free interest rates adjusted for the Company's nonperformance risk. Changes in fair value are recognized in earnings.

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

1. Nature of Operations, Basis of Presentation and Significant Accounting Policies (continued)

Significant assumptions used in the calculation of the index annuity embedded derivative include projected option budget levels, performance of the underlying index, expected policyholder behavior (including lapses and benefit utilization), and discount rates. The discount rate used in valuing the embedded derivative incorporates a provision for nonperformance risk and a margin for uncertainty in projected cash flows.

Liabilities for future policy benefits for traditional life and life-contingent immediate annuity products are measured using a net level premium method.

Assumptions used in measuring the liability for future policy benefits are reviewed at least annually and updated prospectively as necessary. Significant assumptions include mortality, morbidity, lapse, and expense assumptions.

The liability for future policy benefits is discounted using an upper-medium grade (low credit risk) fixed income instrument yield that maximizes the use of observable market inputs. The discount rate is based on a U.S. corporate bond yield curve for instruments rated A (or equivalent), derived from observable market data. The Company utilizes a published market yield curve and converts the curve to forward rates for use in discounting projected cash flows. The yield curve is locked in at contract issuance for each issue-year cohort and is updated at each reporting date using current observable market yields. For durations beyond the last observable tenor, the Company holds the last observable rate constant. The difference between the liability measured using the locked-in discount rate and the liability measured using the current discount rate is recognized in *AOCI*.

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Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

1. Nature of Operations, Basis of Presentation and Significant Accounting Policies (continued)

#### Market risk benefits
MRBs represent contract features that provide protection to the policyholder from capital market risk and expose the Company to other-than-nominal market risk. MRBs are measured at fair value at the contract level and may be recorded as either a liability or an asset and are included in *Market risk benefits* or *Other assets*, respectively, on the Consolidated Balance Sheets.

The fair value of an MRB represents the present value of projected excess benefits over the present value of attributed fees. Excess benefits represent projected benefits payable to the policyholder in excess of the contract account balance, as applicable. Attributed fees represent the portion of total contract fees allocated to the MRB based on its relative fair value at contract inception.

Changes in the fair value of MRBs are recognized in earnings within *Market risk benefits measurement (gains) losses* on the Consolidated Statements of Operations, excluding amounts attributable to changes in instrument-specific credit risk, which are recognized in *OCI* on the Consolidated Statements of Comprehensive Income. MRBs are measured gross of reinsurance. Ceded MRBs are measured at fair value and recorded within *Reinsurance recoverable*.

The Company's annuity products, including FIAs and VAs, include certain guarantees that meet the definition of MRBs under ASC 944, *Financial Services—Insurance*. These guarantees include guaranteed minimum death benefits ("GMDB"), guaranteed lifetime withdrawal benefits ("GLWB"), guaranteed minimum accumulation benefits ("GMAB"), guaranteed minimum income benefits ("GMIB"), and certain rider charge refund features.

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

1. Nature of Operations, Basis of Presentation and Significant Accounting Policies (continued)

MRBs are distinct from embedded derivatives related to FIA index-crediting features, which are accounted for under ASC 815.

Multiple MRB features on a single contract are treated as a single compound MRB for measurement purposes. At contract inception, the Company determines the total fees and assessments collectible from the policyholder and attributes a portion of those fees to the MRB based on the relative fair value of the guarantee. Attributed fees are included in the valuation of the MRB and are not permitted to exceed total explicit fees collectible from the policyholder.

If the present value of projected excess benefits exceeds the present value of attributed fees at contract inception, a corresponding asset is recognized and amortized using the same methodology and assumptions applied to DAC, consistent with the amortization framework described in Note 6.

Upon annuitization or extinguishment of the underlying account balance, the related MRB is derecognized, including amounts recorded in *AOCI*.

The determination of fair value requires the use of significant actuarial and capital market assumptions in projecting excess benefits over attributed fees. Judgment is required in developing both economic and policyholder behavior assumptions.

Economic assumptions include interest rates and implied volatilities throughout the duration of the liability. For index annuities, assumptions include projected equity returns, implied volatilities, and other market inputs that affect projected MRB cash flows (including benefits in excess of the account balance and attributed fees). Expected index credits and projected equity option costs are considered to the extent they impact projected account values and MRB utilization. Policyholder behavior assumptions, including lapses, withdrawals, mortality, and benefit utilization, are also incorporated into the valuation and significantly affect projected cash flows.

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

1. Nature of Operations, Basis of Presentation and Significant Accounting Policies (continued)

All inputs are used to project excess benefits and fees over a range of risk-neutral, stochastic interest rate scenarios. For index annuities, stochastic equity return scenarios are also incorporated. The discount rate includes a provision for nonperformance risk, reflecting the Company's own credit spread.

#### Recognition of Revenues
Interest income and dividends, recorded in *Net investment income*, are recognized when earned. Amortization of premiums and accretion of discounts on investments in fixed maturity securities are reflected in *Net investment income* over the contractual terms of the investments in a manner that produces an effective yield. For structured securities, included in the fixed maturity available for sale securities portfolios, the amortization/accretion of premiums and discounts incorporate prepayment assumptions to produce a constant yield over the expected life of the security. When actual prepayments differ significantly from originally anticipated prepayments, the accretable yield is recalculated to reflect actual payments to date plus anticipated future payments. For securities, purchased or retained, that represent beneficial interests in structured securities other than high credit quality securities, the accretable yield is adjusted using the prospective method when there is a change in estimated future cash flows. For high credit quality securities, the accretable yield is adjusted using the retrospective method. Any adjustments resulting from changes in effective yield are reflected in *Net investment income*.

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

1. Nature of Operations, Basis of Presentation and Significant Accounting Policies (continued)

#### Revenues from Contracts with Customers
The Company has two revenue streams that are recognized in accordance with ASC 606, *Revenue from Contracts with Customers:* distribution revenue and shareholder administrative service revenue.

*Distribution Revenue* 

SD enters into distribution and underwriting arrangements with various unaffiliated mutual fund companies. The Company primarily receives distribution fees paid by the fund over time. The performance obligation is the sale of securities to investors, which is fulfilled on the trade date. Amounts owed to the Company under the arrangements are primarily dependent on the value of the shares at future points in time, as well as the length of time the investor remains in the fund, both of which are highly susceptible to factors outside of the Company's influence. These fee payments cannot be finalized until the market value of the fund and investor activity is known, which are usually at month end or quarter end. Distribution revenue for the years ended December 31, 2025, 2024 and 2023 amounted to $24.3 million, $23.2 million, and $20.4 million, respectively, and is included in the Consolidated Statements of Operations in *Asset-based and administrative fees*.

*Shareholder Administrative Service Revenue* 

SBLIC enters into agreements with unaffiliated investment vehicles for the provision of services such as sub-transfer agency, record keeping and various shareholder administrative services. Management does not consider these to be a series of distinct services, but as a single performance obligation, because they are not separable and not distinct within the context of the contract and are highly interrelated. They have the same pattern of transfer (i.e., transfer to customers over time) and use the same method to measure progress (i.e., time based measure of progress). The Company

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

1. Nature of Operations, Basis of Presentation and Significant Accounting Policies (continued)

primarily receives fees paid by the fund or its affiliates over time. The performance obligation is the completion of those services. Amounts owed to the Company under the arrangements are dependent on the value of the shares at future points in time, which are highly susceptible to factors outside of the Company's influence. These fee payments cannot be finalized until the market value of the fund is known, which are usually monthly or quarterly. Service fee revenue for the years ended December 31, 2025, 2024, and 2023 amounted to $9.3 million, $9.4 million, and $8.8 million, respectively, and is included in the Consolidated Statements of Operations in *Asset-based and administrative fees*.

The Company evaluates the need for a credit loss allowance for accounts receivable that it believes will not be collected in full. There was no allowance for credit losses at December 31, 2025 or 2024.

#### Reclassifications
During the year ended December 31, 2025, the Company made certain reclassifications to improve the clarity and consistency of presentation on the Consolidated Balance Sheets and Consolidated Statements of Operations.

*Consolidated Balance Sheets* 

Reclassifications include:

i. derivative amounts previously reported within *Other invested assets* were combined with amounts previously presented as *Call options* into a new line item titled *Derivative assets*;

ii. the separate line items for *Deferred policy acquisition costs, Deferred sales inducement costs,* and *Value of business acquired* were combined into a single line item titled *Deferred policy acquisition costs, deferred sales inducement costs and value of business acquired*;

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

1. Nature of Operations, Basis of Presentation and Significant Accounting Policies (continued)

iii. the separate line items for *Accounts receivable, Property and equipment, net,* and *Goodwill* were aggregated into *Other assets*;

iv. *Policy reserves and annuity account values* were renamed *Interest sensitive contract liabilities and future policy benefits*; and

v. *Surplus notes* were renamed *Debt*.

*Consolidated Statements of Operations* 

Reclassifications include:

i. *Change in fair value of options, futures and swaps* was included within *Investment-related gains (losses);* and

ii. the separate line items for *Index credits and interest credited to account balances* and *Change in fixed annuity embedded derivative and related benefits* were combined into a single line item titled *Interest sensitive contract and future policy benefits*.

Prior-period amounts have been reclassified to conform to the current-period presentation. These reclassifications had no effect on previously reported total assets, total liabilities, stockholder's equity, net income, comprehensive income, or cash flows.

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

1. Nature of Operations, Basis of Presentation and Significant Accounting Policies (continued)

#### Adoption of New Accounting Pronouncements
The following table provides a description of the adoption of new accounting standards:

---

| | | | |
|:---|:---|:---|:---|
| **Standard** | **Description of**<br> **Requirements** | **Effective date and method**<br> **of adoption** | **Effect on the financial statements<br>or other significant matters** |
| ASU 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts (LDTI) | Amends the accounting and disclosure requirements for long-duration insurance contracts. Key changes include: (i) annual review and updating of assumptions for liabilities for future policy benefits and updating discount rates each reporting period, with discount rate changes recognized in other comprehensive income; (ii) measurement of market risk benefits at fair value, with changes in instrument-specific credit risk recognized in other comprehensive income; (iii) amortization of DAC, DSI, and VOBA on a constant-level basis over the expected term of contracts; and (iv) expanded rollforward and assumption disclosures. | Effective January 1, 2025, with a transition date of January 1, 2023. The Company applied a modified retrospective approach for liabilities for future policy benefits and DAC, DSI, and VOBA and a full retrospective approach for market risk benefits, as required. | Adoption resulted in a<br>cumulative increase to<br>stockholder's equity of<br>$686.1 million as of<br>January 1, 2023. See Note 2<br>for additional information<br>regarding the impact of<br>adoption. |

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------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

1. Nature of Operations, Basis of Presentation and Significant Accounting Policies (continued)

See Note 2 for the effects of LDTI adoption on our 2023 Consolidated Financial Statements.

#### Future Adoption of Accounting Pronouncements
The following table provides a description of future adoptions of other new accounting standards that may have an impact on the Consolidated Financial Statements when adopted:

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| | | | |
|:---|:---|:---|:---|
| **Standard** | **Description of**<br> **Requirements** | **Effective date and method**<br> **of adoption** | **Effect on the financial statements<br>or other significant matters** |
| ASU 2025-09, Hedge Accounting Improvements | Provides various targeted hedge accounting improvements with the goal of more closely aligning hedge accounting with the economics of an entity's risk management activities. | January 1, 2028, including interim periods, with early adoption permitted. The amendments apply prospectively to all hedging relationships. | The Company is in the process of determining the impact of adopting the provisions of ASU 2025-09. |
| ASU 2025-08, Financial Instruments—Credit Losses: Purchased Loans | Requires purchased seasoned loans—defined as non-PCD loans (excluding credit cards) acquired 90+ days after origination when the acquirer was not involved in origination, as well as all non-PCD loans acquired in a business combination—be accounted for using the gross-up approach. | January 1, 2027, including interim periods, with early adoption permitted. The amendments apply prospectively to loans acquired after the effective date. | The Company is in the process of determining the impact of adopting the provisions of ASU 2025-08. |

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------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

1. Nature of Operations, Basis of Presentation and Significant Accounting Policies (continued)

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| | | | |
|:---|:---|:---|:---|
| ASU 2025-07, Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract | Expands the non-exchange-traded contract scope exception to exclude contracts with certain underlyings based on operations or activities specific to one party. The ASU clarifies that the scope of ASC Topic 606 includes share-based noncash consideration from a customer until the right to receive or retain such consideration becomes unconditional. | January 1, 2027, including interim periods, with early adoption permitted. The amendments may be applied prospectively to new contracts or on a modified retrospective basis. | The Company does not expect ASU 2025-07 to have material impact on the Company's financial condition, results of operations, or cash flows. |
| ASU 2025-06, Targeted Improvements to Accounting for Internal-Use Software | Simplifies accounting for internal-use software by eliminating references to specific development project stages and clarifies the threshold entities should apply to begin capitalizing costs. | January 1, 2028, including interim periods, with early adoption permitted. The amendments may be applied prospectively, retrospectively, or utilizing a modified transition approach. | The Company is in the process of determining the impact of adopting the provisions of ASU 2025-06. |
| ASU 2023-09, Improvements to Income Tax Disclosures | Requires entities to disclose additional information around the effective tax rate reconciliation and income taxes paid. | January 1, 2026 with early adoption permitted. The amendments should be applied on a prospective basis. Retrospective application is permitted. | The Company does not expect ASU 2023-09 to have material impact on the Company's financial condition, results of operations, or cash flows. |

---

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

2. Adoption of Accounting Pronouncement

The following schedules provide the transition disclosures and effect of our LDTI adoption on the 2023 and 2024 Consolidated Financial Statements. See Note 11 for further disclosures.

The new guidance is only applicable to the measurements of our long-duration insurance liabilities and related reinsurance recoverables under US GAAP and does not affect the accounting for our insurance reserves or the levels of capital and surplus under statutory accounting practices.

The following table summarizes changes to *Interest sensitive contract liabilities and future policy benefits* as of the adoption date:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Index<br>annuities** | **Fixed<br>annuities** | **Variable<br>annuities** | **Life-<br>Contingent<br>Payout<br>annuities** | **Life** | **Other<sup>(1)</sup>** | **Total** |
|  | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* |
|  Balance as of December 31, 2022 | $26352667 | $7328533 | $2015038 | $120315 | $547591 | $1885005 | $38249149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustment for transition impact |  |  |  | 3615 | (45132) | 1320 | (40197) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in discount rate assumptions |  |  |  | (1798) | 2586 |  | 788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustment for removal of effect of unrealized losses | 329585 |  | 6400 |  |  |  | 335985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustment for removal of balances related to market risk benefits | (2844988) |  | (32453) |  |  |  | (2877441) |
|  Adjusted balance as of January 1, 2023 | $23837264 | $7328533 | $1988985 | $122132 | $505045 | $1886325 | $35668284 |

---

<sup>(1)</sup> Other primarily consist of funding agreements, group fixed account, non-life contingent payout annuities, as well as reserves for our other lines of business.

The following table presents the net liability position of *Market risk benefits* as of the adoption date:

---

| | | | |
|:---|:---|:---|:---|
|  | **Index<br>annuities** | **Variable<br>annuities** | **Total** |
|  | *(in thousands)* | *(in thousands)* | *(in thousands)* |
|  Balance as of December 31, 2022 | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustment for addition of existing balances<sup>(1)</sup> | 1792040 | 74894 | 1866934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustment for change in instrument-specific credit risk | (457221) | (7532) | (464753) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjusted balance as of January 1, 2023 | $1334819 | $67362 | $1402181 |

---

(1) Previously recorded within *Interest sensitive contract liabilities and future policy benefits* on the Consolidated Balance Sheets.

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

2. Adoption of Accounting Pronouncement (continued)

The following table represents *Market risk benefits* by asset and liability positions as of the adoption date:

---

| | | | |
|:---|:---|:---|:---|
|  | **Asset<sup>(1)</sup>** | **Liability** | **Net liability** |
|  | *(in thousands)* | *(in thousands)* | *(in thousands)* |
|  Index annuities | $57119 | $1391938 | $1334819 |
|  Variable annuities | 2167 | 69529 | 67362 |
|  Adjusted balance as of January 1, 2023 | $59286 | $1461467 | $1402181 |

---

(1) Included in *Other assets* on the Consolidated Balance Sheets.

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

2. Adoption of Accounting Pronouncement (continued)

The following table summarizes the change in *DAC, DSI, and VOBA* as of the adoption date:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Index<br>annuities** | **Fixed<br>annuities** | **Variable<br>annuities** | **Life** | **Other** | **Total** |
|  | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* |
|  DAC Balance as of December 31, 2022 | $1159539 | $98078 | $40859 | $— | $2775 | $1301251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Removal of effect of unrealized gains adjustment | (170454) | (55504) | (15353) |  |  | (241311) |
|  Adjusted DAC balance as of January 1, 2023 | $989085 | $42574 | $25506 | $— | $2775 | $1059940 |
|  DSI Balance as of December 31, 2022 | $384401 | $306 | $873 | $— | $— | $385580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Removal of effect of unrealized gains adjustment | (48668) | (277) | (106) |  |  | (49051) |
|  Adjusted DSI balance as of January 1, 2023 | $335733 | $29 | $767 | $— | $— | $336529 |
|  VOBA Balance as of December 31, 2022 | $1049964 | $40499 | $33028 | $44821 | $— | $1168312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Removal of effect of unrealized gains adjustment | (107346) | (20760) | (3106) |  |  | (131212) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair value adjustment of market risk benefits | 118719 |  | 36262 |  |  | 154981 |
|  Adjusted VOBA balance as of January 1, 2023 | $1061337 | $19739 | $66184 | $44821 | $— | $1192081 |

---

The following table summarizes the change in *Reinsurance recoverable* as of the adoption date:

---

| | |
|:---|:---|
|  | **Total** |
|  | *(in thousands)* |
|  Balance as of December 31, 2022 | $7481844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustment for transition impact | (43633) |
|  Adjusted balance as of January 1, 2023 | $7438211 |

---

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

2. Adoption of Accounting Pronouncement (continued)

The following table summarizes the change in *Deferred income tax liability* and *Total stockholder's equity* as of the adoption date:

---

| | |
|:---|:---|
|  | **Amount** |
|  | *(in thousands)* |
|  Impact of LDTI adjustments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinsurance recoverable | $(43633) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred policy acquisition costs, deferred sales inducement costs and value of business acquired | (266593) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 59286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest sensitive contract liabilities and future policy benefits | 2580865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market risk benefits | (1461467) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal | 868458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax rate | 21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income tax liability | 182378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total stockholder's equity | $686080 |

---

The following represents the effects of LDTI adoption on the applicable financial statement line items in our Consolidated Balance Sheets:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** |
|  | **Reported** | **Adoption** | **Adjusted** |
|  | *(in thousands)* | *(in thousands)* | *(in thousands)* |
|  Assets |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinsurance recoverable | $9358717 | $(25835) | $9332882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income tax asset | 99757 | (99757) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred acquisition costs, deferred sales inducements and value of business acquired | 2810852 | 10074 | 2820926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 733144 | 40844 | 773988 |
|  Total assets | $65904731 | $25083 | $65929814 |
|  Liabilities and stockholder's equity |  |  |  |
|  Liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest sensitive contract and future policy benefits | $41794451 | $(3181435) | $38613016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market risk benefits |  | 2358269 | 2358269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income tax liability |  | 78375 | 78375 |
|  Total liabilities | 57864069 | (645034) | 57219035 |
|  Stockholder's equity: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated other comprehensive loss | (230289) | (15583) | (245872) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retained earnings | 3869844 | 685700 | 4555544 |
|  Total SBLIC stockholder's equity | 8040662 | 670117 | 8710779 |
|  Total stockholder's equity | 8040662 | 670117 | 8710779 |
|  Total liabilities and stockholder's equity | $65904731 | $25083 | $65929814 |

---

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

2. Adoption of Accounting Pronouncement (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Reported** | **Adoption** | **Adjusted** |
|  | *(in thousands)* | *(in thousands)* | *(in thousands)* |
|  Assets |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinsurance recoverable | $10747003 | $(64580) | $10682423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income tax asset | 207425 | (207425) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred acquisition costs, deferred sales inducements and value of business acquired | 2737652 | 351914 | 3089566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 676274 | 37359 | 713633 |
|  Total assets | $71091343 | $117268 | $71208611 |
|  Liabilities and Equity |  |  |  |
|  Liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest sensitive contract liabilities and future policy benefits | $44731093 | $(3834017) | $40897076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market risk benefits |  | 3022203 | 3022203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income tax liability |  | 31242 | 31242 |
|  Total liabilities | 62896798 | (780572) | 62116226 |
|  Stockholder's equity |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated other comprehensive (loss) income | (127469) | 60236 | (67233) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retained earnings | 3814678 | 837605 | 4652283 |
|  Total SBLIC stockholder's equity | 8088316 | 897841 | 8986157 |
|  Total stockholder's equity | 8194544 | 897841 | 9092385 |
|  Total liabilities and stockholder's equity | $71091342 | $117269 | $71208611 |

---

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

2. Adoption of Accounting Pronouncement (continued)

The following represents the effects of LDTI adoption on the applicable financial statement lines of our Consolidated Statements of Operations:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** |
|  | **Reported** | **Adoption** | **Adjusted** |
|  | *(in thousands)* | *(in thousands)* | *(in thousands)* |
|  Revenues |  |  |  |
|  Total revenues | $3238142 | $— | $3238142 |
|  Benefits and expenses |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest sensitive contract and future policy benefits | 963926 | 6862 | 970788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market risk benefits remeasurement losses |  | 775456 | 775456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other benefits | 468916 | (409614) | 59302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total benefits | 1432842 | 372704 | 1805546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other operating expenses | 396857 | (6862) | 389995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired | 390073 | (71951) | 318122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 158168 |  | 158168 |
|  Total benefits and expenses | 2377940 | 293891 | 2671831 |
|  Income (loss) before income taxes | 860202 | (293891) | 566311 |
|  Income tax expense (benefit) | 173330 | (61572) | 111758 |
|  Net income (loss) | 686872 | (232319) | 454553 |
|  Net income attributable to SBLIC | $686872 | $(232319) | $454553 |

---

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

2. Adoption of Accounting Pronouncement (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
|  | **Reported** | **Adoption** | **Adjusted** |
|  | *(in thousands)* | *(in thousands)* | *(in thousands)* |
|  Revenues |  |  |  |
|  Total revenues | $3889643 | $— | $3889643 |
|  Benefits and expenses |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market risk benefits remeasurement (gains) losses |  | 484503 | 484503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other benefits | 666906 | (506201) | 160705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total benefits | 1713678 | (21698) | 1691980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of deferred acquisition costs, deferred sales inducements and value of business acquired | 522411 | (170588) | 351823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 212025 |  | 212025 |
|  Total benefits and expenses | 2879282 | (192286) | 2686996 |
|  Income (loss) before income taxes | 1010361 | 192286 | 1202647 |
|  Income tax expense (benefit) | 207455 | 40381 | 247836 |
|  Net income (loss) | 802906 | 151905 | 954811 |
|  Net income attributable to SBLIC | $799834 | $151905 | $951739 |

---

The following represents the effects of LDTI adoption on the applicable financial statement lines of our Consolidated Statements of Comprehensive Income:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** |
|  | **Reported** | **Adoption** | **Adjusted** |
|  | *(in thousands)* | *(in thousands)* | *(in thousands)* |
|  Net income (loss) | $686872 | $(232319) | $454553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other comprehensive income (loss), net of tax: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net unrealized gains (losses) on investments and hedging instruments | 1002838 | 163 | 1003001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred policy acquisition costs, value of business acquired and deferred sales inducement costs | (161726) | 161726 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policy reserves and annuity account values | (169047) | 169047 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remeasurement gains (losses) on future policy benefits related to discount rate |  | (4132) | (4132) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remeasurement gains (losses) on market risk benefits related to credit risk |  | (110449) | (110449) |
|  Total other comprehensive income (loss), net of tax | 672065 | 216355 | 888420 |
|  Comprehensive income (loss) | 1358937 | (15964) | 1342973 |
|  Less: Comprehensive income (loss) attributable to noncontrolling interest |  |  |  |
|  Comprehensive income (loss) attributable to SBLIC | $1358937 | $(15964) | $1342973 |

---

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

2. Adoption of Accounting Pronouncement (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
|  | **Reported** | **Adoption** | **Adjusted** |
|  | *(in thousands)* | *(in thousands)* | *(in thousands)* |
|  Net income (loss) | $802906 | $151905 | $954811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other comprehensive income (loss), net of tax: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net unrealized gains (losses) on investments and hedging instruments | 318272 |  | 318272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred policy acquisition costs, value of business acquired and deferred sales inducement costs | (135288) | 135288 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policy reserves and annuity account values | (80164) | 80164 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remeasurement gains (losses) on future policy benefits related to discount rate |  | 4871 | 4871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remeasurement gains (losses) on market risk benefits related to credit risk |  | (144504) | (144504) |
|  Total other comprehensive income (loss), net of tax | 102820 | 75819 | 178639 |
|  Comprehensive income (loss) | 905726 | 227724 | 1133450 |
|  Less: Comprehensive income (loss) attributable to noncontrolling interest | 3072 |  | 3072 |
|  Comprehensive income (loss) attributable to SBLIC | $902654 | $227724 | $1130378 |

---

We made corresponding adjustments to the Consolidated Statements of Stockholder's Equity for the relevant periods to reflect the changes to comprehensive income, as presented above.

The following represents the effects of LDTI adoption on the applicable financial statement lines of our Consolidated Statements of Cash Flows:

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

2. Adoption of Accounting Pronouncement (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** |
|  | **Reported** | **Adoption** | **Adjusted** |
|  | *(in thousands)* | *(in thousands)* | *(in thousands)* |
|  Net income (loss) | $686872 | $(232319) | $454553 |
|  Adjustments to reconcile net income (loss) to net cash and cash equivalents provided by (used in) operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of deferred policy acquisition costs, deferred sales inducement costs, and value of business acquired | 390073 | (71951) | 318122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market risk benefits measurements (gains) losses |  | 775456 | 775456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in operating assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income taxes | (135938) | (61572) | (197510) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest sensitive contract liabilities and future policy benefits | 423126 | (423126) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other changes in operating assets and liabilities | 133570 | 13512 | 147082 |
|  Net cash provided by operating activities | 3256484 |  | 3256484 |
|  Net cash used in investing activities | (3194037) |  | (3194037) |
|  Net cash provided by financing activities | 214279 |  | 214279 |
|  Increase (decrease) in cash and cash equivalents | 276726 |  | 276726 |
|  Cash and cash equivalents at beginning of period | 1276213 |  | 1276213 |
|  Cash and cash equivalents at end of period | $1552939 | $— | $1552939 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
|  | **Reported** | **Adoption** | **Adjusted** |
|  | *(in thousands)* | *(in thousands)* | *(in thousands)* |
|  Net income (loss) | $802906 | $151905 | $954811 |
|  Adjustments to reconcile net income (loss) to net cash and cash equivalents provided by (used in) operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of deferred policy acquisition costs,deferred sales inducement costs, and value of business acquired | 522411 | (170588) | 351823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market risk benefits measurements (gains) losses |  | 484503 | 484503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in operating assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income taxes | (135001) | 40381 | (94620) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest sensitive contract liabilities and future policy benefits | 532356 | (532356) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other changes in operating assets and liabilities | 140545 | 26155 | 166700 |
|  Net cash provided by operating activities | 2829695 |  | 2829695 |
|  Net cash used in investing activities | 894847 |  | 894847 |
|  Net cash provided by financing activities | (1461698) |  | (1461698) |
|  Increase (decrease) in cash and cash equivalents | 2262844 |  | 2262844 |
|  Cash and cash equivalents at beginning of period | 1552939 |  | 1552939 |
|  Cash and cash equivalents at end of period | $3815783 |  | $3815783 |

---

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

3. Investments

#### Fixed Maturity Investments and Equity Securities
Information as to the amortized cost, allowance for credit losses, gross unrealized gains and losses, and fair values, of the Company's portfolio of *Fixed maturity investments, available for sale,* is presented below.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Cost/**<br>**Amortized**<br>**Cost** | **Allowance**<br>**for Credit**<br>**Losses** | **Gross**<br>**Unrealized**<br>**Gains** | **Gross**<br>**Unrealized**<br>**Losses** |<br>**Fair**<br>**Value** |
|  | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* |
|  Fixed maturity investments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury securities and other U.S. government corporations and agencies | $**282127** | $**—** | $**5674** | $**(282)** | $**287519** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Obligations of government-sponsored enterprises | **820280** | **—** | **20194** | **(7880)** | **832594** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate | **24372142** | **(46472)** | **307245** | **(199222)** | **24433693** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal obligations | **324909** | **—** | **6656** | **(574)** | **330991** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial mortgage-backed | **154042** | **—** | **2940** | **(3627)** | **153355** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential mortgage-backed | **12616** | **—** | **72** | **(916)** | **11772** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized debt obligations | **4103** | **—** | **442** | **(108)** | **4437** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized loan obligations | **8534458** | **—** | **69100** | **(41849)** | **8561709** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemable preferred stock | **39475** | **—** | **6498** | **—** | **45973** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other asset backed | **5339147** | **—** | **44156** | **(41023)** | **5342280** |
|  Total fixed maturity investments | $**39883299** | $**(46472)** | $**462977** | $**(295481)** | $**40004323** |
|  Less: pledged securities | **56538** | **—** | **3168** | **—** | **59706** |
|  Total fixed maturities, available for sale | $**39826761** | $**(46472)** | $**459809** | $**(295481)** | $**39944617** |

---

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

3. Investments (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Cost/**<br>**Amortized**<br>**Cost** | **Allowance**<br>**for Credit**<br>**Losses** | **Gross**<br>**Unrealized**<br>**Gains** | **Gross**<br>**Unrealized**<br>**Losses** |<br>**Fair**<br>**Value** |
|  | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* |
|  Fixed maturity investments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury securities and other U.S. government corporations and agencies | $7181 | $— | $— | $(166) | $7015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Obligations of government-sponsored enterprises | 671551 |  | 2813 | (14893) | 659471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate | 23327671 | (46472) | 149347 | (412516) | 23018030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal obligations | 15480 |  | 99 | (358) | 15221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial mortgage-backed | 46470 |  | 1867 | (4776) | 43561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential mortgage-backed | 22340 |  | 130 | (1300) | 21170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized debt obligations | 3995 |  | 1116 |  | 5111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized loan obligations | 11014312 |  | 133920 | (102966) | 11045266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemable preferred stock | 27862 |  |  |  | 27862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other asset backed | 2093852 |  | 4348 | (28067) | 2070133 |
|  Total fixed maturity investments | $37230714 | $(46472) | $293640 | $(565042) | $36912840 |

---

The amortized cost and fair value of *Fixed maturity investments, available for sale,* including pledged securities, at December 31, 2025, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because lenders may have the right to call and borrowers may have the right to prepay obligations with or without penalties.

---

| | | |
|:---|:---|:---|
|  | **Available for sale, including<br>pledged securities** | **Available for sale, including<br>pledged securities** |
|  | **Amortized**<br>**Cost** | **Fair**<br>**Value** |
|  | *(in thousands)* | *(in thousands)* |
|  Due one year or less | $**2769712** | $**2787866** |
|  Due after one year through five years | **17259117** | **17298450** |
|  Due after five years through ten years | **2251056** | **2201831** |
|  Due after ten years | **2698410** | **2764055** |
|  Structured securities with variable principal payments | **14905004** | **14952121** |
|  Total, including pledged securities <sup>(1)</sup> | $**39883299** | $**40004323** |

---

(1) Pledged securities accounted for $56.5 million and $59.7 million of total amortized cost and fair value, respectively, as of December 31, 2025.

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

3. Investments (continued)

For fixed maturity investments classified as available for sale with unrealized losses, for which an allowance for credit loss has not been recorded, as of December 31, 2025 and 2024, the gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are summarized as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Less Than 12 Months** | **Less Than 12 Months** | **Greater Than or Equal** | **Greater Than or Equal** | **Total** | **Total** |
|  | **Less Than 12 Months** | **Less Than 12 Months** | **to 12 Months** | **to 12 Months** | **Total** | **Total** |
|  | **Fair Value** | **Gross<br>Unrealized<br>Losses** | **Fair Value** | **Gross<br>Unrealized<br>Losses** | **Fair Value** | **Gross<br>Unrealized<br>Losses** |
|  | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* |
|  Fixed maturity investments, available for sale: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury securities and other U.S. government corporations and agencies | $**48822** | $**(217)** | $**2121** | $**(65)** | $**50943** | $**(282)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Obligations of government-sponsored enterprises | **1115** | **(2)** | **90819** | **(7878)** | **91934** | **(7880)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate | **1739362** | **(44817)** | **1503996** | **(154406)** | **3243358** | **(199223)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal obligations | **83909** | **(417)** | **811** | **(157)** | **84720** | **(574)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial mortgage-backed | **34428** | **(320)** | **24228** | **(3307)** | **58656** | **(3627)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential mortgage-backed | **387** | **—** | **5023** | **(915)** | **5410** | **(915)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized debt obligations | **2** | **(108)** | **—** | **—** | **2** | **(108)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized loan obligations | **1058359** | **(14781)** | **246434** | **(27068)** | **1304793** | **(41849)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other asset backed | **285740** | **(1803)** | **316778** | **(39220)** | **602518** | **(41023)** |
|  Total fixed maturity investments, available for sale | $**3252124** | $**(62465)** | $**2190210** | $**(233016)** | $**5442334** | $**(295481)** |
|  Number of securities investment grade with unrealized losses | Number of securities investment grade with unrealized losses | **251** |  | **486** |  | **737** |
|  Percent investment grade with unrealized losses | Percent investment grade with unrealized losses | **76%** |  | **89%** |  | **84%** |
|  Number of securities below investment grade with unrealized losses | Number of securities below investment grade with unrealized losses | **39** |  | **34** |  | **73** |
|  Percent below investment grade with unrealized losses | Percent below investment grade with unrealized losses | **12%** |  | **6%** |  | **8%** |
|  Number of securities not rated with unrealized losses | Number of securities not rated with unrealized losses | **39** |  | **29** |  | **68** |
|  Percent not rated with unrealized losses | Percent not rated with unrealized losses | **12%** |  | **5%** |  | **8%** |
|  Number of securities with unrealized losses | Number of securities with unrealized losses | **329** |  | **549** |  | **878** |

---

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

3. Investments (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Less Than 12 Months** | **Less Than 12 Months** | **Greater Than or Equal** | **Greater Than or Equal** | **Total** | **Total** |
|  | **Less Than 12 Months** | **Less Than 12 Months** | **to 12 Months** | **to 12 Months** | **Total** | **Total** |
|  | **Fair Value** | **Gross<br>Unrealized<br>Losses** | **Fair Value** | **Gross<br>Unrealized<br>Losses** | **Fair Value** | **Gross<br>Unrealized<br>Losses** |
|  | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* |
|  Fixed maturity investments, available for sale: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury securities and other U.S. government corporations and agencies | $1138 | $(48) | $5877 | $(118) | $7015 | $(166) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Obligations of government-sponsored enterprises | 246924 | (1943) | 97766 | (12950) | 344690 | (14893) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate | 7614329 | (194117) | 2509033 | (218399) | 10123362 | (412516) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal obligations | 10741 | (85) | 3763 | (273) | 14504 | (358) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial mortgage-backed | 4252 | (156) | 24560 | (4620) | 28812 | (4776) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential mortgage-backed | 1369 | (8) | 7990 | (1292) | 9359 | (1300) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized loan obligations | 606296 | (13417) | 854377 | (89549) | 1460673 | (102966) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other asset backed | 437165 | (3499) | 609978 | (24568) | 1047143 | (28067) |
|  Total fixed maturity investments, available for sale | $8922214 | $(213273) | $4113344 | $(351769) | $13035558 | $(565042) |
|  Number of securities investment grade with unrealized losses | Number of securities investment grade with unrealized losses | 476 |  | 585 |  | 1061 |
|  Percent investment grade with unrealized losses | Percent investment grade with unrealized losses | 79% |  | 87% |  | 83% |
|  Number of securities below investment grade with unrealized losses | Number of securities below investment grade with unrealized losses | 74 |  | 50 |  | 124 |
|  Percent below investment grade with unrealized losses | Percent below investment grade with unrealized losses | 12% |  | 7% |  | 10% |
|  Number of securities not rated with unrealized losses | Number of securities not rated with unrealized losses | 52 |  | 37 |  | 89 |
|  Percent not rated with unrealized losses | Percent not rated with unrealized losses | 9% |  | 6% |  | 7% |
|  Number of securities with unrealized losses | Number of securities with unrealized losses | 602 |  | 672 |  | 1274 |

---

The unrealized losses on the fixed maturity investments in the tables above can primarily be attributed to changes in market interest rates and changes in credit spreads since the securities were acquired. The Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost basis, which may be maturity. Based on that evaluation and the Company's ability and intent to hold those investments for a reasonable period of time sufficient for a forecasted recovery of fair value, the Company did not record an allowance for credit loss on these securities at December 31, 2025 or 2024.

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

3. Investments (continued)

The Company closely monitors those securities where credit loss concerns may exist by considering relevant facts and circumstances to evaluate whether changes are necessary to the allowance for credit loss of the security.

A rollforward of the allowance for credit loss by major security type was as follows for the years ended December 31:

---

| | | | |
|:---|:---|:---|:---|
|  | **Fixed maturities, available for sale** | **Fixed maturities, available for sale** | **Fixed maturities, available for sale** |
|  |<br>**Corporate** | **Commercial**<br>**mortgage-backed** |<br>**Total** |
|  Balance at January 1, 2023 | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial credit loss | 1151 | 7089 | 8240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities sold during the year | (1151) |  | (1151) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additions (reductions) to previously impaired securities | 1062 |  | 1062 |
|  Balance at December 31, 2023 | 1062 | 7089 | 8151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial credit loss | 31199 |  | 31199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities sold during the year | (1062) |  | (1062) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities intended to be sold prior to the recovery of amortized cost basis |  | (7089) | (7089) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additions (reductions) to previously impaired securities | 15273 |  | 15273 |
|  Balance at December 31, 2024 | **46472** | **—** | **46472** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial credit loss | **45474** | **—** | **45474** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities sold during the year | **(45474)** | **—** | **(45474)** |
|  Balance at December 31, 2025 | $**46472** | $**—** | $**46472** |

---

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

3. Investments (continued)

Major categories of *Net investment income* are summarized as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
|  | *(in thousands)* | *(in thousands)* | *(in thousands)* |
|  Interest on fixed maturity investments, available for sale | $**2759900** | $3138884 | $2838826 |
|  Interest on fixed maturity investments, trading | **4220** | 5657 | 4094 |
|  Interest on notes receivable from related parties | **202931** | 188687 | 126366 |
|  Dividends on equity securities at fair value | **67555** | 41072 | 45657 |
|  Interest on mortgage loans | **303418** | 231790 | 64590 |
|  Interest on policy loans | **4839** | 2647 | 2621 |
|  Interest on short-term investments | **72603** | 25666 | 109102 |
|  Investment income on cash and cash equivalents | **110107** | 65848 | 34974 |
|  Income on equity method accounting adjustments | **28886** | 93438 | 80456 |
|  Other | **121147** | 63324 | 53373 |
|  Total investment income | **3675606** | 3857013 | 3360059 |
|  Less: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment expenses | **221567** | 194103 | 154508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ceded to reinsurer | **708908** | 636819 | 509748 |
|  Net investment income | $**2745131** | $3026091 | $2695803 |

---

Proceeds from sales of *Fixed maturity investments, available for sale* and realized gains and losses are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
|  | *(in thousands)* | *(in thousands)* | *(in thousands)* |
|  Proceeds from sales | $**3745018** | $6204851 | $3599826 |
|  Gross realized gains | **57454** | 5726 | 239549 |
|  Gross realized losses | **18180** | 9166 | 44418 |

---

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

3. Investments (continued)

*Investment-related gains (losses)*, net of ceded reinsurance gains, consist of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
|  | *(in thousands)* | *(in thousands)* | *(in thousands)* |
|  Realized gains (losses), fixed maturity investments, available for sale | $**39274** | $(3440) | $195131 |
|  Realized/unrealized gains (losses), fixed maturity investments, trading and fair value option | **752** | (559) | 11832 |
|  Realized/unrealized gains (losses), other invested assets | **(969)** | 1126 | (20307) |
|  Realized/unrealized gains (losses), derivatives (excluding foreign exchange derivatives) | **608595** | 459480 | 184326 |
|  Other realized/unrealized gains (losses): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency gains (losses) | **258512** | (99964) | 115238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange derivatives | **(278927)** | 129849 | (128421) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity securities | **22499** | 59817 | 17140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Embedded derivative, funds withheld reinsurance | **(108922)** | (108385) | (263805) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | **108** | (19742) | (3683) |
|  Total other realized/unrealized gains (losses) | **(106730)** | (38425) | (263531) |
|  Total realized/unrealized gains (losses) before credit losses and ceded reinsurance | **540922** | 418182 | 107451 |
|  Credit losses | **(48401)** | (56543) | (9389) |
|  Total realized/unrealized gains (losses) before ceded reinsurance | **492521** | 361639 | 98062 |
|  Ceded reinsurance (gains) losses | **12459** | 17421 | 617 |
|  Investment-related gains (losses) | $**504980** | $379060 | $98679 |

---

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

3. Investments (continued)

The Company recognized $130.2 million and $52.5 million of net unrealized losses on equity securities held at fair value at December 31, 2025 and 2024, respectively.

There were no outstanding agreements to sell securities at December 31, 2025 and 2024.

As of December 31, 2025 and 2024, there were two and one issuers with a total amount of $2,870.3 million and $1,579.9 million, respectively, other than U.S. Government and its sponsored entities, where the Company had investment holdings that exceeded 10% of consolidated *Stockholder's equity*.

At December 31, 2025 and 2024, the Company pledged securities with a market value of approximately $631.8 million and $433.3 million respectively, as collateral in relation to certain institutional products.

At December 31, 2025 and 2024, the Company pledged securities with a market value of approximately $194.5 million and $183.2 million respectively, as collateral in relation to its reinsurance agreements (see Note 10).

The Company entered into a securities lending program during 2025. The securities lending agreements require a minimum of 102% of the fair value of securities loaned to be maintained as collateral. Cash collateral received is invested and an offsetting collateral liability is included and recorded as a payable for securities lending, At December 31, 2025, the Company lent assets with a fair value of $60.0 million to the borrower and received $62.7 million of cash collateral in return. The Company did not have any lent securities as of December 31, 2024.

At December 31, 2025 and 2024, available for sale bonds with a carrying value of $2.3 million and $3.3 million, respectively, were held in joint custody at various state insurance departments to comply with applicable statutes and regulations.

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

3. Investments (continued)

#### Financing Receivables

#### Mortgage Loans
*Mortgage loans* consist of commercial and residential mortgage loans. The Company evaluates risks inherent in the brick and mortar commercial mortgage loans based on the property's operational results supporting the loan. The Company also evaluates the risks inherent in its residential mortgage loan portfolio. The carrying amount of the Company's mortgage loan portfolio was as follows at December 31:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  | *(in thousands)* | *(in thousands)* |
|  Commercial mortgage loans | $**3905987** | $2759485 |
|  Allowance for credit losses on commercial mortgage loans <sup>(1) (2)</sup> | **(23410)** | (18085) |
|  Commercial mortgage loans, net of allowances | **3882577** | 2741400 |
|  Residential mortgage loans | **4367** | 4025 |
|  Total mortgage loans, net of allowances | $**3886944** | $2745425 |

---

<sup>(1)</sup> The year-over-year change in allowance for credit losses is driven by changes in the composition of the mortgage loan portfolio and is not the result of write-downs or charge offs. Any changes in the loan valuation allowance are reported in *Investment-related gains (losses)* on the Consolidated Statements of Operations. 

<sup>(2)</sup> As of December 31, 2025 and 2024 the allowance for credit losses on commercial mortgages is $8.2 million and $4.4 million, respectively, and the general allowance on commercial mortgages is $15.2 million and $13.7 million, respectively. 

The commercial mortgage loan portfolio consists primarily of non-recourse, fixed rate mortgages.

The commercial mortgage loan net of allowances portfolio diversification by geographic region (all regions are within the United States, excluding international) and specific collateral property type as follows at December 31:

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

3. Investments (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** |
|  | **Carrying<br>Amount** | **Percent of<br>Total** | **Carrying<br>Amount** | **Percent of<br>Total** |
|  | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* |
|  **Geographic distribution** |  |  |  |  |
|  Pacific | $**2051686** | **53%** | $395651 | 14% |
|  International | **1037206** | **27** | 423941 | 15 |
|  South Atlantic | **561091** | **14** | 241736 | 9 |
|  East North Central | **82516** | **2** | 1639368 | 60 |
|  Middle Atlantic | **67494** | **2** |  |  |
|  West North Central | **58807** | **2** | 16452 | 1 |
|  Mountain | **17150** | **—** | 16903 | 1 |
|  New England | **6627** | **—** | 7349 |  |
|  Total | $**3882577** | **100%** | $2741400 | 100% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** |
|  | **Carrying<br>Amount** | **Percent of<br>Total** | **Carrying<br>Amount** | **Percent of<br>Total** |
|  | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* |
|  **Property type distribution** |  |  |  |  |
|  Multi-Use | $**1732343** | **45%** | $1568207 | 57% |
|  Industrial | **797014** | **20** | 378503 | 14 |
|  Apartments/Multifamily | **653533** | **17** | 55537 | 2 |
|  Office | **515105** | **13** | 586351 | 22 |
|  Retail | **140618** | **4** | 36683 | 1 |
|  Hotel/Motel | **43964** | **1** |  |  |
|  Student Housing | **—** | **—** | 116119 | 4 |
|  Total | $**3882577** | **100%** | $2741400 | 100% |

---

The Company actively monitors and manages its commercial mortgage loan portfolio. All commercial mortgage loans are analyzed regularly and substantially all are internally rated, based on the National Association of Insurance Commissioners ("NAIC") – Risk-Based Capital's Commercial Mortgage ("CM") Rating. As the credit risk for commercial mortgage loans increases, the Company adjusts the CM Rating, per NAIC guidelines, downwards with loans in the category "CM4 and below" having the highest risk for credit loss. CM Ratings on commercial mortgage loans are updated at least annually and potentially more often for certain loans with material changes in collateral value or occupancy and for loans on an internal "watch list."

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

3. Investments (continued)

Commercial mortgage loans that require more frequent and detailed attention than other loans in the portfolio are identified and placed on an internal "watch list." Potential criteria that would indicate a possible problem are imbalances in ratios of loan to value or net operating income to debt service, major tenant vacancies or bankruptcies, borrower sponsorship problems, late payments, delinquent taxes and loan relief/restructuring requests.

The Company's commercial mortgage loan portfolio, consisting of brick and mortar loans, by internal credit risk model was as follows at December 31:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  | *(in thousands)* | *(in thousands)* |
|  CM1 | $**167744** | $44032 |
|  CM2 | **1407287** | 338797 |
|  CM3 | **344432** | 362736 |
|  CM4 and Below | **1963114** | 1995835 |
|  | $**3882577** | $2741400 |

---

Commercial and residential mortgage loans are placed on non-accrual status if the Company has concerns regarding the collectability of future payments or if a loan has matured without being paid off or extended. Factors considered may include conversations with the borrower, loss of major tenant, bankruptcy of the borrower or a major tenant, decreased property cash flows for commercial mortgage loans, or number of days past due for residential mortgage loans. Based on an assessment as to the collectability of the principal, a determination is made to apply any payments received either against the principal or according to the contractual terms of the loan. When a loan is placed on non-accrual status, the accrued unpaid interest receivable is reversed against interest income. Accrual of interest resumes after factors resulting in doubts about collectability have improved. At December 31, 2025 and 2024 there were no commercial mortgage loans on non-accrual status.

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

3. Investments (continued)

#### Reinsurance Recoverables
*Reinsurance recoverables* include amounts due from reinsurers for policy benefits. We cede life insurance and annuities to other insurance companies through reinsurance. See Note 10 regarding additional details on the Company's reinsurance recoverables.

#### Financing Receivables Credit Monitoring
The Company establishes a valuation allowance to provide for the risk of credit losses inherent in our financing receivables. The valuation allowance is maintained at a level believed adequate by management to absorb estimated expected credit losses. The valuation allowance is based on amortized cost excluding accrued interest receivable and includes reserves for pools of financing receivables with similar risk characteristics. The Company does not measure a credit loss allowance on accrued interest receivable because the Company writes off the uncollectible accrued interest receivable balance to *Net investment income* in a timely manner, generally within 90 days. The Company incurred no write-offs of commercial mortgage loan accrued interest receivable during the years ended December 31, 2025 and 2024.

For commercial mortgage loans, management's periodic evaluation and assessment of the valuation allowance adequacy is based on known and inherent risks in the portfolio, adverse situations that may affect a borrower's ability to repay, the estimated value of the underlying collateral, composition of the portfolio, portfolio delinquency information, underwriting standards, peer group information, current and forecasted economic conditions, loss experience and other relevant factors. For reinsurance recoverables, management's periodic evaluation and assessment of the valuation allowance adequacy is based on known and inherent risks, adverse situations that may affect a reinsurer's ability to repay, current and forecasted economic conditions, industry loss experience and other relevant factors.

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

3. Investments (continued)

The Company's commercial mortgage loans are pooled by risk rating level with an estimated loss ratio applied against each risk rating level. The loss ratio is generally based upon historical loss experience for each risk rating level as adjusted for certain current and forecasted environmental factors management believes to be relevant. Environmental factors are forecasted for two years or less with immediate reversion to historical experience. A commercial mortgage is evaluated individually if it does not continue to share similar risk characteristics of a pool. We analyze the need for an individual evaluation for any domestic commercial mortgage loan that is delinquent for 60 days or more, in process of foreclosure, restructured, on the internal "watch list" or that currently is evaluated individually.

The Company's reinsurance recoverables are pooled by reinsurer risk rating with an estimated loss ratio applied against each risk rating level. The loss ratio is generally based upon industry historical loss experience and expected recovery timing as adjusted for certain current and forecasted environmental factors management believes to be relevant. A reinsurance recoverable is evaluated individually if it does not continue to share similar risk characteristics of a pool. The Company analyzes the need for an individual evaluation for any reinsurance recoverable based on past due payments and changes in reinsurer risk ratings. The change in the valuation allowance for reinsurance recoverables is included in *Other benefits* on the Consolidated Statements of Operations.

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

3. Investments (continued)

A rollforward of our valuation allowance was as follows for the year ended:

---

| | |
|:---|:---|
|  | **Total** |
|  | *(in thousands)* |
|  Balance at January 1, 2023 | $893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision | 1142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charge-offs | (3) |
|  Balance at December 31, 2023 | 2032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision | 9598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charge-offs | (7189) |
|  Balance at December 31, 2024 | **4441** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision | **10216** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charge-offs | **(6416)** |
|  Balance at December 31, 2025 | $**8241** |

---

#### Repurchase Agreements
The Company enters into repurchase agreements, whereby the Company borrows cash from a counterparty at an agreed-upon interest rate for an agreed-upon time frame and pledges collateral in the form of securities. At the end of the agreement, the loan amount is repaid by the Company along with the additional agreed-upon interest, and the securities pledged by the Company are released back to the Company. The Company's policy requires that, at all times during the term of the repurchase agreement, cash or other forms of collateral provided is sufficient to pay the Company's obligation to the counterparty. The risks associated with the repurchase agreement program are primarily related to declines in the value of the securities pledged for cash, which, if occurred, results in cash needing to be returned to the original purchasing party or additional securities needing to be posted as collateral. The Company has multiple sources of additional liquidity including additional sources of institutional funding, retail funding, contractual cash flows from the asset portfolio, and sales of investment assets. The Company has approved a Liquidity Risk Policy and associated Liquidity Guidelines to manage the aggregate liquidity risk of the Company. The remaining contractual maturity of the repurchase agreements outstanding as of December 31, 2025 and December 31, 2024 were 16 days to 1.3 years and 36 days to 2.3 years. The carrying value of the securities pledged for the repurchase agreements were $1,513.0 million and $344.7 million as of December 31, 2025 and December 31, 2024, respectively. The repurchase obligations were $1,512.0 million and $328.4 million as of December 31, 2025 and December 31, 2024, respectively, and were included in *Repurchase agreements* on the Consolidated Balance Sheets.

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

4. Variable Interest Entities

Following is a discussion of the Company's interest in entities that meet the definition of a VIE.

#### Consolidated Variable Interest Entities
*Collateralized Financing Entities* 

The Company invested in notes issued by collateralized financing entities ("CFE") for which it was determined to be the primary beneficiary and therefore required to consolidate the CFE. The notes have contractual recourse only to the assets held by the CFE and are entitled to receive payments to the extent that payments are made on the underlying assets.

In consolidating the CFE, the notes were eliminated as an investment while the underlying assets of the CFE were recorded on the Consolidated Balance Sheets as available for sale fixed maturity investments, as well as recording cash and other assets of the CFE. A liability is recorded for other noteholders' interests in the CFE, which is carried at amortized cost.

The total assets of consolidated CFEs were $532.6 million and $681.9 million at December 31, 2025 and 2024, respectively. There were no total liabilities of consolidated CFEs at December 31, 2025 and there were $47.3 million at December 31, 2024.

#### Unconsolidated Variable Interest Entities
*Collateralized Financing Entities* 

The Company does not need to consolidate investments in certain CFEs because it is not the primary beneficiary of the VIE as it does not have (1) the power to direct the activities of a VIE that most significantly impact the entity's economic performance and (2) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. When the asset manager or general partner is related, a parent of the Company (rather

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

4. Variable Interest Entities (continued)

than the Company itself) would be considered the primary beneficiary due to its common control of both the Company and the asset manager or general partner and substantially all of the activities of the VIE are not conducted on behalf of the Company. The total investment in these unconsolidated CFEs were $206.9 million and $753.2 million at December 31, 2025 and 2024, respectively, which is also the maximum exposure. Substantially all of the investments in unconsolidated CFEs were collateralized loan obligations at December 31, 2025 and 2024.

In the normal course of business, the Company will invest in structured investments, including unconsolidated VIEs, for which we are not considered the primary beneficiary. These structured investments typically invest in fixed income investments and include asset-backed securities, commercial mortgage-backed securities and residential mortgage-backed securities. The Company's maximum exposure to loss on these structured investments, both VIEs and non-VIEs, is limited to the amount of its investment including unfunded commitments (see Note 14). See Note 3 for details regarding the carrying amounts and classification of these assets. The Company has not provided material financial or other support to these structures that was not contractually required. The Company has determined that it is not the primary beneficiary of these structures due to the fact that it does not control these entities.

*Joint Ventures and Partnerships* 

The Company has a variable interest in a number of joint ventures and partnerships, which were primarily formed for the purpose of purchasing private equity and fixed income securities, for which the Company is not deemed the primary beneficiary as it does not unilaterally have substantive rights to remove the general partner. The Company also has an equity method investment in the holding company of a reinsurer that assumes certain liabilities of SBLIC (see Note 10) in which the Company does not have substantive power to control activities that are most significant to the VIE; therefore, the Company is not deemed the primary beneficiary. The Company's carrying amount of its investment in these VIEs reported in *Other invested assets* on

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

4. Variable Interest Entities (continued)

the Consolidated Balance Sheets were $1,520.1 million and $1,616.7 million at December 31, 2025 and 2024, respectively, compared to its maximum exposure to loss of $1,982.5 million and $2,110.5 million at December 31, 2025 and 2024, respectively. The Company's maximum exposure to loss of these VIEs is based on existing investments in, and additional commitments made to, joint ventures and partnerships. Total carrying value of unconsolidated investments accounted for under the equity method of accounting amounted to $1,270.5 million and $1,495.7 million at December 31, 2025 and 2024, respectively. Total carrying value of unconsolidated investments accounted for under the fair value option amounted to $249.6 million and $121.0 million at December 31, 2025 and 2024, respectively.

The Company is exposed to certain risks relating to its ongoing business operations which it may seek to hedge through the use of derivatives. The Company's risk of loss when using derivative instruments is typically limited to the fair value of its derivative instruments and not to the notional or contractual amounts of these derivatives. Risk arises from changes in the fair value of the underlying instruments. Such changes in value are generally offset by opposite changes in the value of the hedged item. For non-exchange traded derivative instruments, the Company is exposed to credit losses in the event of nonperformance of the counterparties. This credit risk is minimized by purchasing such agreements from financial institutions with high credit ratings, daily exchange of collateral, and by establishing and monitoring of transfer threshold amounts.

The primary risks managed by using derivative instruments are equity market risk, foreign currency risk and interest rate risk. The most common types of derivatives used by the Company are call options, foreign currency forwards, exchange traded futures, equity total return swaps, interest rate options, and interest rate swaps.

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

5. Derivative Instruments

The Company purchases call options to manage the equity and market risk associated with products in which the interest credited is tied to an external equity or other market index. The Company sells fixed index annuity contracts where interest is credited to policyholders based on a percentage of the gain in a specified market index, which cannot be less than zero. Most of the premium received is invested in fixed income securities and a portion is used to purchase derivatives, typically call options, consisting of a range of maturities up to five years to fund the index credits due to the fixed index annuity policyholders. On the applicable anniversary dates of the fixed index annuity, the market index used to compute the index credits is reset and new call options are purchased to fund the next index credit. These call options are highly correlated to the portfolio allocations of the policyholders, such that the Company is economically hedged with respect to equity and/or market returns for the period covering the current policyholder crediting period.

The Company uses foreign currency forwards to reduce the risk from fluctuations in foreign currency exchange rates associated with its assets denominated in foreign currencies. In a foreign currency forward transaction, the Company agrees with another party to deliver a specified amount of an identified currency at a specified future date. The price is agreed upon at the time of the contract and payment for such a contract is made in a different currency at the specified future date. No cash is exchanged at the time the agreement is entered into.

The Company uses interest rate swaps and interest rate options to reduce market risks from changes in interest rates and to manage interest rate exposure arising from duration mismatches between assets and liabilities. In a swap, the Company agrees with counterparties to exchange, at specified intervals, the difference between fixed rate and floating rate interest amounts calculated by reference to an agreed notional amount. The Company uses interest rate swaps to synthetically convert fixed rate liabilities to floating rate liabilities ("fair value hedge"). The Company also uses interest rate swaps to synthetically convert variable rate coupons on existing financial instruments to fixed rates ("cash flow hedge").

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

5. Derivative Instruments (continued)

Our accounting for the ongoing changes in fair value of a derivative depends on the use of the derivative and whether it is designated in a hedge accounting relationship. Derivatives designated as fair value hedges and which are determined to be a highly effective hedge are reported in the same Consolidated Statement of Operations line item that is used to report the earnings effect of the hedged item. Derivatives that are designated for cash flow hedging and determined to be a highly effective hedge are reported at fair value as a component of OCI. At the time when the variability of cash flows being hedged impact net income, the related portion of the deferred gain or loss on the derivative is reclassified and reported in *Net income.* For derivatives which either do not qualify or are not designated for hedge accounting, all changes in fair value are reported in *Net income*.

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

5. Derivative Instruments (continued)

The Company enters into currency forwards to convert both principal and interest payments of certain foreign denominated assets and liabilities into U.S. dollar denominated fixed rate instruments to eliminate the exposure to future currency volatility on those items.

The Company utilizes derivatives to hedge index credits associated with business reinsured with SkyRidge Re Limited ("SkyRidge Re Bermuda"), an insurance company licensed in Bermuda and SkyRidge Re Cayman Limited ("SkyRidge Re Cayman"), an insurance company licensed in the Cayman Islands (collectively referred to as "SkyRidge Re Reinsurers"). The embedded derivative reinsurance contracts asset of $1,690.0 million and $1,241.8 million at December 31, 2025 and 2024, respectively, is primarily related to the ceded liability to SkyRidge Re Reinsurers and is reflected by the Company within *Reinsurance recoverable* on the Consolidated Balance Sheets. The embedded derivative reinsurance contracts liability of $421.7 million and $295.8 million as of December 31, 2025 and 2024, respectively, is the fair value of the embedded derivative within the hedging agreement of the reinsurance contract with SkyRidge Re Reinsurers. These amounts are recorded within *Other liabilities* on the Consolidated Balance Sheets.

The following amounts were recorded on the Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges. The amortized cost includes the amortized cost basis and the fair value hedging basis adjustment.

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

5. Derivative Instruments (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **Cumulative amount of fair value** | **Cumulative amount of fair value** |
|  | | | **hedging basis adjustment increase** | **hedging basis adjustment increase** |
|  | | | **(decrease) included in the carrying** | **(decrease) included in the carrying** |
| Line item in the consolidated balance sheet in | **Carrying amount of hedged item** | **Carrying amount of hedged item** | **amount of the hedge item** | **amount of the hedge item** |
| which the hedged item is included | **2025** | **2024** | **2025** | **2024** |
|  | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* |
|  Fixed maturities, available for sale: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Active hedging relationships | $**1781810** | $2641749 | $**—** | $— |
|  Total fixed maturities, available for sale in active or discontinued hedging relationships | $**1781810** | $2641749 | $**—** | $— |
|  Policy reserves and annuity account values: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Active hedging relationships | $**2852718** | $3566674 | $**11643** | $(47236) |
|  Total policy reserves and annuity account values in active or discontinued hedging relationships | $**2852718** | $3566674 | $**11643** | $(47236) |

---

The following table presents the gains and losses on derivatives and the related hedged items in fair value hedges for the year ended December 31:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | **Location and Amount of Gain or (Loss) Recognized** | **Location and Amount of Gain or (Loss) Recognized** | **Location and Amount of Gain or (Loss) Recognized** |
|  | | | **in Income on the Fair Value Hedging Relationship** | **in Income on the Fair Value Hedging Relationship** | **in Income on the Fair Value Hedging Relationship** |
|  | | | **Hedging Derivatives** | **Hedging Derivatives** | **Hedged Items** |
| **Derivatives designated as hedging instruments** | <br>**Hedged Items** |<br><br><br>**Year** | **Gains (losses)**<br>**excluded from**<br>**effectiveness**<br>**testing <sup>(1) (2)</sup>** | **Gains (losses)**<br>**included in**<br>**effectiveness**<br>**testing <sup>(2)</sup>** |<br>**Gains**<br>**(losses) <sup>(2)</sup>** |
|  |  |  | *(in thousands)* | *(in thousands)* | *(in thousands)* |
|  Foreign currency forwards | Fixed maturity | 2025 | $**23306** | $**(150014)** | $**150014** |
|  Interest rate swap | Annuity account | 2025 | **(40023)** | **31836** | **(58879)** |
|  Foreign currency forwards | Fixed maturity | 2024 | (37085) | 78398 | (78398) |
|  Interest rate swap | Annuity account | 2024 | 19672 | (55211) | 25114 |
|  Foreign currency forwards | Fixed maturity | 2023 | (18077) | (116597) | 116597 |
|  Interest rate swap | Annuity account | 2023 | 559 | (28984) | 22122 |

---

(1) Gains (losses) excluded from effectiveness testing includes the forward point on foreign currency forwards. The Company has elected to record changes in estimated fair value of excluded components in earnings.

(2) Gains and losses are reported in the Consolidated Statements of Operations as *Investment-related gains (losses).* 

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

5. Derivative Instruments (continued)

Notional amounts are used to express the extent of the Company's involvement in derivative financial instruments and represent a standard measurement of the volume of the derivative activity. Notional amounts represent those amounts used to calculate contractual cash flows to be exchanged and are not paid or received. Credit exposure represents the gross amount owed to the Company under the derivative contracts as of the valuation date. The maximum amount of economic loss due to the credit exposure is limited by the posting of collateral by the counterparties.

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

5. Derivative Instruments (continued)

The notional amounts and fair value of the Company's derivative instruments as of December 31 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | | **2025** | **2025** | **2025** |
|  | **Credit Rating** | **Credit Rating** | **Notional** | **Fair Value** | **Fair Value** |
| **Counterparty** | **(S&P)** | **(Moody's)** | **Amount** | **Assets** | **Liabilities** |
|  |  |  | *(in thousands)* | *(in thousands)* | *(in thousands)* |
|  Barclays Bank PLC | A+ | A1 | $**5637896** | $**286367** | $**19594** |
|  BNP Paribas | A+ | A1 | **1014384** | **63506** | **1555** |
|  Bank of America, N.A. | A+ | Aa2 | **206632** | **17138** | **—** |
|  Bank of Montreal | A+ | Aa2 | **8994810** | **406308** | **2218** |
|  Canadian Imperial Bank of Commerce | A+ | Aa2 | **1610001** | **25221** | **6167** |
|  Citibank, N.A. | A+ | Aa3 | **4254698** | **67270** | **99467** |
|  Deutsche Bank AG | A | A1 | **1737708** | **19722** | **33859** |
|  Goldman Sachs International | A+ | A1 | **472118** | **65371** | **—** |
|  Jefferies Financial Services, Inc. | BBB | Baa2 | **214241** | **9378** | **—** |
|  JPMorgan Chase Bank, NA | AA- | Aa2 | **748191** | **25040** | **1809** |
|  Morgan Stanley & Co International PLC | A+ | Aa3 | **100000** | **—** | **—** |
|  Morgan Stanley Capital Services LLC | A+ | Aa3 | **2750488** | **45748** | **6053** |
|  Natixis, SA | A+ | A1 | **2075541** | **112863** | **6521** |
|  Nomura Bank International PLC | A- | Baa1 | **645212** | **43058** | **641** |
|  Royal Bank of Canada | AA- | Aa1 | **2170074** | **95515** | **4607** |
|  Societe Generale | A | A1 | **841368** | **21463** | **4851** |
|  UBS AG | A+ | Aa2 | **1704867** | **42028** | **508** |
|  Exchange Traded | N/A | N/A | **15000861** | **195363** | **12319** |
|  |  |  | $**50179090** | $**1541359** | $**200169** |

---

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

5. Derivative Instruments (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | **2024** | **2024** | **2024** |
|  | **Credit Rating** | **Credit Rating** | **Notional** | **Fair Value** | **Fair Value** |
| **Counterparty** | **(S&P)** | **(Moody's)** | **Amount** | **Assets** | **Liabilities** |
|  |  |  | *(in thousands)* | *(in thousands)* | *(in thousands)* |
|  Barclays Bank PLC | A | A1 | $3200419 | $129319 | $4568 |
|  BNP Paribas | A+ | Aa3 | 2207622 | 84685 | 8258 |
|  Bank of America, N.A. | A+ | Aa1 | 513147 | 21365 |  |
|  Bank of Montreal | A+ | Aa2 | 3612278 | 199922 | 2696 |
|  Canadian Imperial Bank of Commerce | A+ | Aa2 | 2371287 | 78514 | 28658 |
|  Citibank, N.A. | A+ | Aa3 | 3837859 | 97556 | 30016 |
|  Deutsche Bank AG | A | A1 | 721050 | 5440 | 145 |
|  Goldman Sachs International | A+ | A1 | 585347 | 67819 |  |
|  ICE | A- | A3 |  |  | 798 |
|  Jefferies Financial Services, Inc. | BBB | Baa2 | 212757 | 7904 |  |
|  JPMorgan Chase Bank, N.A. | AA- | Aa2 | 735152 | 24230 | 1970 |
|  Morgan Stanley & Co International PLC | A+ | Aa3 | 2021048 | 37890 |  |
|  Morgan Stanley Capital Services LLC | A+ | Aa3 | 403128 | 1379 | 3507 |
|  Natixis, SA | A+ | A1 | 268423 | 17060 | 789 |
|  Nomura Bank International PLC | BBB+ | Baa1 | 200695 | 4831 | 41 |
|  Royal Bank of Canada | AA- | Aa1 | 1718397 | 80782 | 12914 |
|  Societe Generale | A | A1 | 2197482 | 100822 | 10623 |
|  UBS AG | A+ | Aa3 | 1520104 | 23413 | 23 |
|  Exchange Traded/Centrally Cleared | N/A | N/A | 10040683 | 283163 | 26059 |
|  |  |  | $36366878 | $1266094 | $131065 |

---

Collateral posted by counterparties at December 31, 2025 and 2024, applicable to derivative instruments, was $1,255.3 million and $894.5 million, respectively, and is reflected on the Consolidated Balance Sheets in *Cash and cash equivalents*, unless rehypothecated into other investments. This collateral is restricted as to its use. The obligation to repay the collateral is reflected in option collateral on the Consolidated Balance Sheets. The Company also maintains a margin account at its clearing broker applicable to exchange traded and cleared derivatives. At December 31, 2025 and 2024, the balance of this account was $126.2 million and $95.3 million, respectively, and is reflected on the Consolidated Balance Sheets in *Other assets*. The Company has not entered into tri-party arrangements with counterparties, whereby collateral is posted to and held by a third party.

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

5. Derivative Instruments (continued)

The estimated fair value of net derivatives after the application of master netting agreements and collateral as of December 31 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** |
|  | **Gross Amounts Not Offset in the**<br>**Consolidated Balance Sheet** | **Gross Amounts Not Offset in the**<br>**Consolidated Balance Sheet** | **Gross Amounts Not Offset in the**<br>**Consolidated Balance Sheet** | **Gross Amounts Not Offset in the**<br>**Consolidated Balance Sheet** |
|  | **Gross Amount<br>Recognized** | **Derivative** | **Cash Collateral<br>Received/Pledged** | **Net Amount** |
|  | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* |
|  Derivative asset | $**1541359** | $**(200169)** | $**(1255282)** | $**85908** |
|  Derivative liabilities | **200169** | **(200169)** | **46740** | **46740** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2024** | **2024** | **2024** | **2024** |
|  | **Gross Amounts Not Offset in the**<br>**Consolidated Balance Sheet** | **Gross Amounts Not Offset in the**<br>**Consolidated Balance Sheet** | **Gross Amounts Not Offset in the**<br>**Consolidated Balance Sheet** | **Gross Amounts Not Offset in the**<br>**Consolidated Balance Sheet** |
|  | **Gross Amount<br>Recognized** | **Derivative** | **Cash Collateral<br>Received/Pledged** | **Net Amount** |
|  | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* |
|  Derivative asset | $1266094 | $(131065) | $(894549) | $240480 |
|  Derivative liabilities | 131065 | (131065) | 3260 | 3260 |

---

The gross amount recognized for derivative assets are reported in *Derivative assets* on the Consolidated Balance Sheets. The gross amount recognized for derivative liabilities are reported in *Other liabilities* on the Consolidated Balance Sheets. The gross amounts of derivative assets and liabilities are not netted for presentation on the Consolidated Balance Sheets. The derivative amount represents the amount of offsetting derivative assets or liabilities that are subject to an enforceable master netting agreement or similar agreement. The net amount primarily represents exposure from cleared derivatives.

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

5. Derivative Instruments (continued)

The fair value of the Company's derivative financial instruments classified as assets and liabilities on the Consolidated Balance Sheets was as follows as of December 31:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Derivative Asset** | **Derivative Asset** | **Derivative Liability** | **Derivative Liability** | |
|  | **2025** | **2024** | **2025** | **2024** | <br>**Balance reported in** |
|  | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* |  |
|  **Derivatives designated as hedging instruments under Subtopic 815-20** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps | $**85331** | $23177 | $**943** | $11181 | Derivative assets and other liabilities |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency forwards | **5436** | 73002 | **62467** | 1385 | Derivative assets and other liabilities |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency swap | **—** |  | **6123** |  | Derivative assets and other liabilities |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bond forwards | **1382** |  | **—** |  | Derivative assets and other liabilities |
|  **Derivatives not designated as hedging instruments under Subtopic 815-20** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps | **(35626)** | $29102 | **7483** | 7246 | Derivative assets and other liabilities |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return swaps | **12589** | 2093 | **8945** | 26791 | Derivative assets and other liabilities |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Call options | **1414615** | 1020039 | **19468** | 12059 | Derivative assets and other liabilities |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency forwards | **56078** | 118356 | **90636** | 63019 | Derivative assets and other liabilities |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | **178** | 325 | **3893** | 6915 | Derivative assets and other liabilities |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate cap | **—** |  | **211** | 2470 | Derivative assets and other liabilities |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bond forwards | **1376** |  | **—** |  | Derivative assets and other liabilities |
|  Total derivative financial instruments | $**1541359** | $1266094 | $**200169** | $131066 |  |
|  Embedded derivatives: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed index annuity contracts | **—** |  | **5218871** | 3939643 | Interest sensitive contract liabilities and future policy benefits |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Funds withheld receivable | **(403)** | (5532) | **—** |  | Other assets |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Funds withheld liability | **—** |  | **87850** | (23608) | Funds withheld and held liability |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinsurance contracts | **1689988** | 1241785 | **421727** | 295764 | Reinsurance recoverable and other liabilities |
|  Total embedded derivative financial instruments | $**1689585** | $1236253 | $**5728448** | $4211799 |  |

---

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

5. Derivative Instruments (continued)

The following table shows the change in the fair value of the derivative financial instruments, excluding embedded derivatives within fixed index annuity contracts and reinsurance recoverable associated with fixed index annuity contracts, in the Consolidated Statements of Operations for the years ended:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | |
|  | **2025** | **2024** | **2023** | <br>**Change of fair value reported in** |
|  | *(in thousands)* | *(in thousands)* | *(in thousands)* |  |
|  Derivatives: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps | $**27377** | $(749) | $41497 | Investment-related gains (losses) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return swaps | **(2214)** | 32856 | $6212 | Investment-related gains (losses) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Call options | **565889** | 448478 | $145373 | Investment-related gains (losses) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | **16969** | (23551) | $(15233) | Investment-related gains (losses) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate cap | **(802)** | 2446 | $6477 | Investment-related gains (losses) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bond forward | **1376** |  | $— | Investment-related gains (losses) |
|  Change in fair value of derivatives | **608595** | 459480 | 184326 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps designated for hedging | **(40023)** | 19672 | 940 | Interest sensitive contract and future policy benefits |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other derivatives | **8** | (208) | $(22115) | Investment-related gains (losses) |
|  Change in fair value of options, futures and swaps | $**568580** | $478944 | $163151 |  |
|  Change in currency forwards designated for hedging | $**(128648)** | $41316 | $(134674) | Investment-related gains (losses) |
|  Change in currency forwards not designated for hedging | **(144156)** | 88533 | 6253 | Investment-related gains (losses) |
|  Foreign currency swap | **(6123)** |  |  | Investment-related gains (losses) |
|  Change in currency forwards and swaps | $**(278927)** | $129849 | $(128421) |  |
|  Embedded derivatives: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Funds withheld receivable | $**(28057)** | $9830 | $9856 | Investment-related gains (losses) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Funds withheld liability | **(80865)** | (118215) | (285725) | Investment-related gains (losses) |
|  Change in embedded derivatives recorded in investment-related gains (losses) | **(108922)** | (108385) | (275869) |  |
|  Less: embedded derivatives recorded in benefits |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed index annuity contracts | $**403582** | $241980 | $179719 | Interest sensitive contract and future policy benefits |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinsurance contracts | **180813** | 124669 | 44968 | Other benefits |
|  Total change in embedded derivative financial instruments | $**(693317)** | $(475034) | $(500556) |  |

---

The Company has no cash flow hedge exposure to variability in future cash flows for forecasted transactions, excluding those forecasted transactions related to the payment of variable interest on existing financial instruments.

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

5. Derivative Instruments (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Amount of gain (loss) recognized in AOCI on** | **Amount of gain (loss) recognized in AOCI on** | **Amount of gain (loss) recognized in AOCI on** |
|  | | **derivatives for the year ended December 31,** | **derivatives for the year ended December 31,** | **derivatives for the year ended December 31,** |
| **Derivatives in cash flow hedging relationships** | **Related hedged item** | **2025** | **2024** | **2023** |
|  |  | *(in thousands)* | *(in thousands)* | *(in thousands)* |
|  Interest rate swaps | Fixed maturities, available for sale | $**27834** | $(5542) | $18299 |
|  Bond forward | Fixed maturities, available for sale | $**1381** | $— | $— |
|  Total |  | $**29215** | $(5542) | $18299 |

---

The following tables show the effect of derivatives in fair value and cash flow hedging relationships and the related hedged items on the Consolidated Statements of Operations:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** |
|  |<br>**Net investment**<br>**income related to**<br>**hedges of fixed**<br>**maturities,**<br>**available for sale** |<br>**Net realized**<br>**capital gains**<br>**(losses) related to**<br>**hedges of fixed**<br>**maturities,**<br>**available for sale** | **Index credits and**<br>**interest credited to**<br>**account balances**<br>**related to hedges**<br>**of policy reserves**<br>**and annuity**<br>**account values** |
|  | *(in thousands)* | *(in thousands)* | *(in thousands)* |
|  Total amounts of Consolidated Statement of Operations line items in which the effects of fair value and cash flow hedges are reported |  |  |  |
|  Gains (losses) on fair value hedging relationships: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency forwards: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain recognized on derivatives | $**—** | $**150014** | $**—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss recognized on hedged item | **—** | **(150014)** | **—** |
|  Interest rate swaps: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain recognized on derivatives | **—** | **—** | **40023** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amounts related to periodic settlements on derivatives | **—** | **—** | **(8187)** |
|  Total gain (loss) recognized for fair value hedging relationships | $**—** | $**—** | $**31836** |
|  Gains (losses) on cash flow hedging relationships: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amounts related to periodic settlements on derivatives | $**(40592)** | $**—** | $**—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bond Forwards: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain (loss) recognized in AOCI on derivatives | **1381** | **—** | **—** |
|  Total gain (loss) recognized for cash flow hedging relationships | $**(39211)** | $**—** | $**—** |

---

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

5. Derivative Instruments (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** |
|  |<br>**Net investment**<br>**income related to**<br>**hedges of fixed**<br>**maturities,**<br>**available for sale** |<br>**Net realized**<br>**capital gains**<br>**(losses) related to**<br>**hedges of fixed**<br>**maturities,**<br>**available for sale** | **Index credits and**<br>**interest credited to**<br>**account balances**<br>**related to hedges**<br>**of policy reserves**<br>**and annuity**<br>**account values** |
|  | *(in thousands)* | *(in thousands)* | *(in thousands)* |
|  Total amounts of Consolidated Statement of Operations line items in which the effects of fair value and cash flow hedges are reported |  |  |  |
|  Gains (losses) on fair value hedging relationships: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency forwards: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss recognized on hedged item | $— | $(78398) | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain recognized on derivatives |  | 78398 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss recognized on derivatives |  |  | (19672) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss related to periodic settlements on derivatives |  |  | (35539) |
|  Total gain (loss) recognized for fair value hedging relationships | $— | $— | $(55211) |
|  Gains (losses) on cash flow hedging relationships: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss related to periodic settlements on derivatives | $(12758) | $— | $— |
|  Total gain (loss) recognized for cash flow hedging relationships | $(12758) | $— | $— |

---

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

5. Derivative Instruments (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended December 31, 2023** | **For the year ended December 31, 2023** | **For the year ended December 31, 2023** |
|  |<br>**Net investment**<br>**income related to**<br>**hedges of fixed**<br>**maturities,**<br>**available for sale** |<br>**Net realized**<br>**capital gains**<br>**(losses) related to**<br>**hedges of fixed**<br>**maturities,**<br>**available for sale** | **Index credits and**<br>**interest credited to**<br>**account balances**<br>**related to hedges**<br>**of policy reserves**<br>**and annuity**<br>**account values** |
|  | *(in thousands)* | *(in thousands)* | *(in thousands)* |
|  Total amounts of Consolidated Statement of Operations line items in which the effects of fair value and cash flow hedges are reported |  |  |  |
|  Gains (losses) on fair value hedging relationships: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency forwards: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain recognized on derivatives | $— | $116597 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss recognized on hedged item |  | (116597) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss recognized on derivatives |  |  | (940) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss related to periodic settlements on derivatives |  |  | (28044) |
|  Total gain (loss) recognized for fair value hedging relationships | $— | $— | $(28984) |
|  Gains (losses) on cash flow hedging relationships: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains related to periodic settlements on derivatives | $2703 | $— | $— |
|  Total gain (loss) recognized for cash flow hedging relationships | $2703 | $— | $— |

---

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

6. Deferred Policy Acquisition Costs, Deferred Sales Inducement Costs & Value of Business Acquired

An analysis of the DAC asset, the DSI cost asset, and the VOBA asset is presented below for the years ended:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Deferred Policy**<br>**Acquisition Costs** | **Deferred Sales**<br>**Inducement Costs** | **Value of Business**<br>**Acquired** | **Total DAC, DSI &**<br>**VOBA** |
|  | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* |
|  Balance at January 1, 2023 | $1059940 | $336529 | $1192081 | $2588550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capitalization | 366521 | 183978 |  | 550499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization | (133853) | (38011) | (146258) | (318122) |
|  Balance at December 31, 2023 | 1292608 | 482496 | 1045823 | 2820927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capitalization | 359442 | 261020 |  | 620462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization | (162605) | (52438) | (136780) | (351823) |
|  Balance at December 31, 2024 | **1489445** | **691078** | **909043** | **3089566** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capitalization | **427579** | **390374** | **—** | **817953** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization | **(201269)** | **(85783)** | **(125179)** | **(412231)** |
|  Balance at December 31, 2025 | $**1715755** | $**995669** | $**783864** | $**3495288** |

---

#### Deferred Policy Acquisition Costs
An analysis of the DAC asset balance is presented below for the years ended:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fixed Index<br>Annuity** | **Fixed<br>Annuity** | **Variable<br>Annuity** | **Other** | **Total** |
|  | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* |
|  Balance at January 1, 2023 | $989086 | $42573 | $25506 | $2775 | $1059940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capitalization | 317163 | 44529 | 5673 | (844) | 366521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization | (117303) | (13827) | (2373) | (350) | (133853) |
|  Balance at December 31, 2023 | 1188946 | 73275 | 28806 | 1581 | 1292608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capitalization | 327996 | 27039 | 4430 | (23) | 359442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization | (142334) | (17420) | (2589) | (262) | (162605) |
|  Balance at December 31, 2024 | **1374608** | **82894** | **30647** | **1296** | **1489445** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capitalization | **379414** | **43551** | **4347** | **267** | **427579** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization | **(175152)** | **(23121)** | **(2740)** | **(256)** | **(201269)** |
|  Balance at December 31, 2025 | $**1578870** | $**103324** | $**32254** | $**1307** | $**1715755** |

---

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

6. Deferred Policy Acquisition Costs, Deferred Sales Inducement Costs & Value of Business Acquired (continued)

All amounts reflected above are net of reinsurance activity ceded (see Note 10).

#### Deferred Sales Inducement Costs
An analysis of the DSI costs asset balance is presented below for the years ended:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fixed Index<br>Annuity** | **Fixed<br>Annuity** | **Variable<br>Annuity** | **Total** |
|  | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* |
|  Balance at January 1, 2023 | $335733 | $30 | $766 | $336529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capitalization | 183963 |  | 15 | 183978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization | (37922) | (10) | (79) | (38011) |
|  Balance at December 31, 2023 | 481774 | 20 | 702 | 482496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capitalization | 261031 | (18) | 7 | 261020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization | (52364) | (2) | (72) | (52438) |
|  Balance at December 31, 2024 | **690441** | **—** | **637** | **691078** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capitalization | **390363** | **—** | **11** | **390374** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization | **(85717)** | **(1)** | **(65)** | **(85783)** |
|  Balance at December 31, 2025 | $**995087** | $**(1)** | $**583** | $**995669** |

---

All amounts reflected above are net of reinsurance activity ceded (see Note 10).

#### Value of Business Acquired
The Company recorded VOBA that is being amortized in a similar manner to the deferred policy acquisition costs. An analysis of VOBA and associated amortization is presented below for the years ended:

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

6. Deferred Policy Acquisition Costs, Deferred Sales Inducement Costs & Value of Business Acquired (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fixed Index<br>Annuity** | **Fixed<br>Annuity** | **Variable<br>Annuity** | **Life** | **Total** |
|  | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* |
|  Balance at January 1, 2023 | $1061337 | $19739 | $66184 | $44821 | $1192081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization | (133716) | (4033) | (5702) | (2807) | (146258) |
|  Balance at December 31, 2023 | 927621 | 15706 | 60482 | 42014 | 1045823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization | (125936) | (2966) | (5218) | (2660) | (136780) |
|  Balance at December 31, 2024 | **801685** | **12740** | **55264** | **39354** | **909043** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization | **(115414)** | **(2375)** | **(4858)** | **(2532)** | **(125179)** |
|  Balance at December 31, 2025 | $**686271** | $**10365** | $**50406** | $**36822** | $**783864** |

---

All amounts reflected above are net of reinsurance activity ceded (see Note 10).

The estimated future amortization schedule for the next five years based on current assumptions is expected to be as follows (in thousands) for the year ending December 31:

---

| | |
|:---|:---|
| 2026 | $**119262** |
| 2027 | **110493** |
| 2028 | **102158** |
| 2029 | **92160** |
| 2030 | **79890** |

---

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

7. Separate Account Balances

*Separate account funding agreements* 

The Company issued separate account funding agreements whereby the contract holders elect to invest in various investment options offered under the policy. As of December 31, 2025 and 2024, separate account investments funded through these agreements were $3,346.8 million and $3,042.2 million, respectively, and are reported in *Separate account assets* and *Separate account liabilities* on the Consolidated Balance Sheets. Investment income and gains or losses arising from the investments in the separate account funding agreements accrue directly to the contract holders and, therefore, are not included in investment income in the accompanying Consolidated Statements of Operations. Revenues to the Company from the separate account funding agreements consist primarily of administrative fees assessed at the time the funding agreement was issued.

*Separate account assets* 

The aggregate fair value of assets, by major investment category, supporting separate accounts were as follows as of December 31:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  | *(in thousands)* | *(in thousands)* |
|  Common stock | $**3458074** | $3374151 |
|  Other invested assets | **3346800** | 3042200 |
|  Total separate accounts assets | $**6804874** | $6416351 |

---

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

7. Separate Account Balances (continued)

*Separate account liabilities* 

The following tables summarize disaggregated separate account liability amounts and reconcile the totals to *Separate account liabilities* reported in the Consolidated Balance Sheets as of December 31:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  | *(in thousands)* | *(in thousands)* |
|  Traditional deferred annuities | $**3387902** | $3316472 |
|  Funding agreements | **3346800** | 3042200 |
|  Other <sup>(1)</sup> | **70172** | 57679 |
|  Total separate accounts liabilities | $**6804874** | $6416351 |

---

(1) Includes separate account immediate annuities and variable universal life.

The balances and changes in traditional deferred annuities separate account liabilities were as follows as of December 31:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  | *(in thousands)* | *(in thousands)* |
|  Balance at beginning of period | $**3316472** | $3188175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits | **112869** | 133033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policy charges | **(9677)** | (9787) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals | **(98798)** | (96132) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benefit payments | **(291064)** | (286950) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfers (to) from general account | **(18609)** | (14935) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment performance | **375580** | 403018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | **1129** | 50 |
|  Balance at end of period | $**3387902** | $3316472 |

---

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

7. Separate Account Balances (continued)

The following is a rollforward of the funding agreements held in the separate account assets and liabilities for years ended:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  | *(in thousands)* | *(in thousands)* |
|  Balance at beginning of period | $**3042200** | $2386900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized gain (loss) | 211705 | 619079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 92895 | 36221 |
|  Balance at end of period | $**3346800** | $3042200 |

---

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

8. Other Assets

*Property and Equipment* 

The following is a summary of property and equipment at cost less accumulated depreciation as of December 31:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  | *(in thousands)* | *(in thousands)* |
|  Land and improvements | $**7279** | $7279 |
|  Building | **52596** | 52545 |
|  Leasehold improvements | **2236** | 2236 |
|  Furniture | **109** | 77 |
|  Data processing equipment | **599** | 381 |
|  | **62819** | 62518 |
|  Accumulated depreciation | **(19100)** | (16642) |
|  Net property and equipment | $**43719** | $45876 |

---

Accumulated depreciation deducted from investment in real estate amounted to $18.2 million and $16.1 million at December 31, 2025 and 2024, respectively.

*Goodwill* 

As of December 31, 2025 and 2024, the Company had a carrying value of goodwill of $96.9 million. Impairment of goodwill is evaluated annually. The Company determined for 2025 and 2024 that no impairment of goodwill was necessary.

*Airplane* 

In February 2013, SAILES 2, LLC ("SAILES"), a wholly owned subsidiary of SBLIC, acquired an airplane for other investment purposes. SAILES leased the airplane under an operating lease.

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

8. Other Assets (continued)

In 2024, the Company executed an agreement to sell its aircraft for a $50.0 million purchase price. The sale of the aircraft resulted in $19.7 million write-off to the Company. Proceeds from the sale funded selling costs and settlement of all outstanding obligations, resulting in the dissolution of SAILES and full distribution of equity.

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

9. Other Comprehensive Income (Loss)

The components of other comprehensive income (loss) are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Pretax** | **Tax** | **After-Tax** |
|  | *(in thousands)* | *(in thousands)* | *(in thousands)* |
|  Other comprehensive income (loss) for the year ended December 31, 2023: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net unrealized gains (losses) on available for sale securities | $1446241 | $(303524) | $1142717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange adjustments on available for sale and equity method investments | 5 | (1) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reclassification adjustment for (gains) losses included in net income | (195131) | 40952 | (154179) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hedging instruments | 18299 | (3840) | 14459 |
|  Net unrealized gains (losses) on investments and hedging instruments | 1269414 | (266413) | 1003001 |
|  Remeasurement gains (losses) on future policy benefits related to discount rate | (5229) | 1097 | (4132) |
|  Remeasurement gains (losses) on market risk benefits related to credit risk | (139786) | 29337 | (110449) |
|  Total other comprehensive income (loss) for the year ended December 31, 2023 | $1124399 | $(235979) | $888420 |
|  Other comprehensive income (loss) for the year ended December 31, 2024 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net unrealized gains (losses) on available for sale securities | $410356 | $(86175) | $324181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange adjustments on available for sale and equity method investments | (5378) | 1129 | (4249) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reclassification adjustment for (gains) losses included in net income | 3440 | (722) | 2718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hedging instruments | (5542) | 1164 | (4378) |
|  Net unrealized gains (losses) on investments and hedging instruments | 402876 | (84604) | 318272 |
|  Remeasurement gains (losses) on future policy benefits related to discount rate | 6166 | (1295) | 4871 |
|  Remeasurement gains (losses) on market risk benefits related to credit risk | (182916) | 38412 | (144504) |
|  Total other comprehensive income (loss) for the year ended December 31, 2024 | $226126 | $(47487) | $178639 |
|  Other comprehensive income (loss) for the year ended December 31, 2025: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net unrealized gains (losses) on available for sale securities | $**322323** | $**(67710)** | $**254613** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange adjustments on available for sale and equity method investments | **8295** | **(1742)** | **6553** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reclassification adjustment for (gains) losses included in net income | **(39274)** | **8248** | **(31026)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hedging instruments | **27834** | **(5845)** | **21989** |
|  Net unrealized gains (losses) on investments and hedging instruments | **319178** | **(67049)** | **252129** |
|  Remeasurement gains (losses) on market risk benefits related to credit risk | **(5361)** | **1126** | **(4235)** |
|  Remeasurement gains (losses) on market risk benefits related to credit risk | **83159** | **(17463)** | **65696** |
|  Total other comprehensive income (loss) for the year ended December 31, 2025 | $**396976** | $**(83386)** | $**313590** |

---

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

9. Other Comprehensive Income (Loss) (continued)

#### Accumulated Other Comprehensive Income (Loss)

---

| | | | |
|:---|:---|:---|:---|
|  | **Foreign<br>Exchange<br>Adjustment** | **Unrealized<br>Gains (Losses)<br>on Available for<br>Sale Securities** | **Total Other<br>Comprehensive<br>Income (Loss)** |
|  | *(in thousands)* | *(in thousands)* | *(in thousands)* |
|  Accumulated other comprehensive income (loss) at January 1, 2023 | $(4991) | $(1129301) | $(1134292) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other comprehensive income (loss) before reclassifications | 4 | 1042595 | 1042599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amounts reclassified from accumulated other comprehensive income (loss)<sup>(1)</sup> |  | (154179) | (154179) |
|  Accumulated other comprehensive income (loss) at December 31, 2023 | (4987) | (240885) | (245872) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other comprehensive income (loss) before reclassifications | (4249) | 180170 | 175921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amounts reclassified from accumulated other comprehensive income (loss)<sup>(1)</sup> |  | 2718 | 2718 |
|  Accumulated other comprehensive income (loss) at December 31, 2024 | (9236) | (57997) | (67233) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other comprehensive income (loss) before reclassifications | **6553** | **338063** | **344616** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amounts reclassified from accumulated other comprehensive income (loss)<sup>(1)</sup> | **—** | **(31026)** | **(31026)** |
|  Accumulated other comprehensive income (loss) at December 31, 2025 | $**(2683)** | $**249040** | $**246357** |

---

<sup>(1)</sup> The amounts reclassified from accumulated other comprehensive income (loss) for unrealized gains (losses) on available for sale securities are included in *Investment-related gains (losses)* and *Income tax expense* in the Consolidated Statements of Operations. 

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

10. Reinsurance

Principal reinsurance assumed transactions are summarized as follows for the years ended:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
|  | *(in thousands)* | *(in thousands)* | *(in thousands)* |
|  Reinsurance assumed: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premiums received | $**17055** | $20654 | $17505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commissions paid | $**2224** | $2371 | $3486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claims paid | $**17154** | $18047 | $19504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrenders paid | $**100210** | $113828 | $109252 |

---

Principal reinsurance ceded transactions are summarized as follows for the years ended:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
|  | *(in thousands)* | *(in thousands)* | *(in thousands)* |
|  Reinsurance ceded: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premiums paid | $**2256418** | $1997759 | $2492320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commissions received | $**172405** | $162837 | $206979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claim recoveries | $**175345** | $159929 | $147824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surrenders recovered | $**956511** | $984968 | $898062 |

---

At December 31, 2025 and 2024, the Company had reinsurance recoverable receivables totaling $12,507.8 million and $10,682.4 million, respectively, for reserve credits, reinsurance claims, and other receivables from its reinsurers.

The increase in *Reinsurance recoverable* was primarily related to the ceding of certain fixed annuity and fixed index annuity liabilities to SkyRidge Re Bermuda. The liabilities subject to the agreement are (i) liabilities on policies inforce as of November 30, 2021 and (ii) liabilities on policies as they are written through 2027. As of December 31, 2025, the Company has net business ceded based on statutory reserves of $9.9 billion to SkyRidge Re, and of this amount, $1.7 billion was the ceded premium during the year ended December 31, 2025.

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

10. Reinsurance (continued)

In September 2025, the Company entered into a coinsurance with funds withheld reinsurance agreement to cede certain fixed annuity and fixed index annuity liabilities to SkyRidge Re Cayman. The liabilities subject to the agreement are liabilities on policies as they are written through 2027. As of December 31, 2025, the Company has net business ceded based on statutory reserves of $516.5 million to SkyRidge Re Cayman, and $580.1 million of ceded premium during the year ended December 31, 2025.

As of December 31, 2025 and 2024, the value of the Company's *Funds withheld and held liability* under all its reinsurance agreements was $11,067.0 million and $9,201.5 million, respectively. The SkyRidge Re reinsurance agreement was the primary driver of the increase in the value of the Company's funds withheld and held liability.

As of December 31, 2025 and 2024, the Company had $604.1 million and $660.7 million, respectively, of reserves ceded that were uncollateralized by the assuming reinsurer.

Life insurance inforce ceded at December 31, 2025 and 2024 was $1,553.3 million and $1,655.6 million, respectively. Life reserves ceded at December 31, 2025 and 2024 was $582.2 million and $569.4 million, respectively.

Through its consolidated captive reinsurance subsidiary, Sixth Avenue Reinsurance Company ("SARC"), the Company entered into an excess of loss reinsurance agreement with a third party US based reinsurance company. This excess of loss agreement covers fixed index annuities with a GLWB that were issued in 2018 through the first half of 2020. Under this excess of loss agreement, if those annuity holders continue to make lifetime income withdrawals beyond certain dollar thresholds within the excess of loss coverage period (22-24 years from the issue date of each contract cohort), the third party reinsurance company will reimburse the Company for those benefit payments. The Company did not reduce any policy or annuity reserve liability as a result of this excess of loss agreement.

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

11. Insurance Liabilities

*Interest sensitive contract liabilities and future policy benefits* 

The major components of *Interest sensitive contract liabilities and future policy benefits* on the Consolidated Balance Sheets are summarized as follows as of December 31:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  | *(in thousands)* | *(in thousands)* |
|  Liabilities for interest sensitive contract liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Embedded derivatives and host contract balances (fixed index annuities) <sup>(1)</sup> | $**29495707** | $25803181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Traditional deferred annuities <sup>(2)</sup> | **14806179** | 13401698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Funding agreements | **528591** | 511011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other interest sensitive contracts <sup>(3)</sup> | **387716** | 363702 |
|  Total interest sensitive contract liabilities | **45218193** | 40079592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liability for future policy benefits | **643858** | 614486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other future policy benefits reserves <sup>(4)</sup> | **186698** | 202998 |
|  Total interest sensitive contract liabilities and future policy benefits | $**46048749** | $40897076 |

---

(1) Fixed index annuities (index) policyholder account balance of $29.7 billion and $26.1 billion as of December 31, 2025 and 2024, respectively. The policyholder account balances are derived utilizing long-duration contract accounting while the embedded derivative and host contract balances are derived utilizing derivative accounting.

(2) Traditional deferred annuities includes fixed annuities and the fixed portion of fixed index annuities and variable annuities.

(3) Other interest sensitive contracts primarily include group fixed account, MYGA market value adjustments, non-life contingent payout annuities, and other annuities.

(4) Other future policy benefits reserves primarily include other life insurance which is primarily ceded to reinsurers.

The following represents a rollforward of the policyholder account balance of traditional deferred annuities by product within interest sensitive contract liabilities.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Fixed Index<br>Annuity<br>(Fixed)** | **Fixed<br>Annuity** | **Variable<br>Annuity** | **Traditional<br>Deferred<br>Annuities** | **Fixed Index<br>Annuity<br>(Index)** | **Total** |
|  | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* |
|  Balance at January 1, 2025 | $**4010209** | $**7758157** | $**1633332** | $**13401698** | $**26053926** | $**39455624** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits | **834095** | **2200602** | **51082** | **3085779** | **5004728** | **8090507** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policy charges | **(28184)** | **(3490)** | **(230)** | **(31904)** | **(220004)** | **(251908)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals | **(193058)** | **(136499)** | **(85159)** | **(414716)** | **(1168903)** | **(1583619)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benefit payments | **(189714)** | **(1201514)** | **(141255)** | **(1532483)** | **(1350693)** | **(2883176)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfers | **(290610)** | **—** | **20352** | **(270258)** | **290610** | **20352** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest credited | **133908** | **382045** | **58533** | **574486** | **1123262** | **1697748** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | **(347)** | **(6336)** | **260** | **(6423)** | **95** | **(6328)** |
|  Balance at December 31, 2025 | **4276299** | **8992965** | **1536915** | **14806179** | **29733021** | **44539200** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinsurance | **1242388** | **3176353** | **—** | **4418741** | **7671289** | **12090030** |
|  Balance at December 31, 2025, net of reinsurance | $**3033911** | $**5816612** | $**1536915** | $**10387438** | $**22061732** | $**32449170** |
|  Weighted-average crediting rate | **3.3** | **4.6** | **3.8** |  | **3.3** |  |
|  Cash surrender value | $**3753148** | $**8481261** | $**1506852** |  | $**25999877** |  |

---

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

11. Insurance Liabilities (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Fixed Index<br>Annuity<br>(Fixed)** | **Fixed<br>Annuity** | **Variable<br>Annuity** | **Traditional<br>Deferred<br>Annuities** | **Fixed Index<br>Annuity<br>(Index)** | **Total** |
|  | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* |
|  Balance at January 1, 2024 | $3520899 | $7515342 | $1788451 | $12824692 | $23649716 | $36474408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits | 996338 | 1162595 | 53724 | 2212657 | 4243365 | 6456022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policy charges | (16914) | (3931) | (292) | (21137) | (251839) | (272976) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withdrawals | (162915) | (125292) | (87378) | (375585) | (995658) | (1371243) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benefit payments | (189260) | (1120174) | (199743) | (1509177) | (1798265) | (3307442) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net transfers | (246647) | (1) | 15852 | (230796) | 246647 | 15851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest credited | 108667 | 334421 | 62407 | 505495 | 961267 | 1466762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 41 | (4803) | 311 | (4451) | (1307) | (5758) |
|  Balance at December 31, 2024 | 4010209 | 7758157 | 1633332 | 13401698 | 26053926 | 39455624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinsurance | 1138059 | 2899018 |  | 4037077 | 6209065 | 10246142 |
|  Balance at December 31, 2024, net of reinsurance | $2872150 | $4859139 | $1633332 | $9364621 | $19844861 | $29209482 |
|  Weighted-average crediting rate | 3.2 | 4.6 | 3.8 |  | 3.0 |  |
|  Cash surrender value | $3484277 | $7240284 | $1598781 |  | $22780140 |  |

---

The following represents policyholder account balances by range of guaranteed minimum crediting rates, as well as the related range of the difference between rates being credited to policyholders and the respective guaranteed minimums:

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

11. Insurance Liabilities (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  |  | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* |
|  | Range of guaranteed minimum | At<br>guaranteed<br>minimum | 1 basis<br>point - 50<br>basis points<br>above | 51 basis<br>point - 150<br>basis points<br>above | Greater than<br>150 basis<br>points above | Total |
|  Fixed | <1.0% | $**—** | $**—** | $**—** | $**—** | $**—** |
|  Index | 1.0% – <2.0% | **579936** | **2827202** | **7832299** | **18493584** | **29733021** |
|  Annuity | 2.0% and greater | **—** | **—** | **—** | **—** | **—** |
| (Index) | Total | **579936** | **2827202** | **7832299** | **18493584** | **29733021** |
|  Fixed | <1.0% | **—** | **—** | **24218** | **232306** | **256524** |
|  Index | 1.0% – <2.0% | **5574** | **106205** | **1693028** | **639796** | **2444603** |
|  Annuity | 2.0% and greater | **84431** | **763** | **341556** | **1148422** | **1575172** |
| (Fixed) | Total | **90005** | **106968** | **2058802** | **2020524** | **4276299** |
|  Fixed | <1.5% | **23525** | **9303** | **205588** | **1870050** | **2108466** |
|  Annuity | 1.5% – <3.0% | **194739** | **6028** | **235936** | **4530306** | **4967009** |
|  | 3.0% and greater | **268836** | **23110** | **33981** | **1591563** | **1917490** |
|  | Total | **487100** | **38441** | **475505** | **7991919** | **8992965** |
|  Variable | <3.0% | **1397** | **5458** | **55020** | **60142** | **122017** |
|  Annuity | 3.0% – <6.0% | **989972** | **310549** | **114377** | **—** | **1414898** |
|  | 6.0% and greater | **—** | **—** | **—** | **—** | **—** |
|  | Total | $**991369** | $**316007** | $**169397** | $**60142** | $**1536915** |

---

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

11. Insurance Liabilities (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  |  | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* |
|  | **Range of guaranteed minimum** | **At guaranteed<br>minimum** | **1 basis point<br>- 50 basis<br>points above** | **51 basis point<br>- 150 basis<br>points above** | **Greater than<br>150 basis<br>points above** | **Total** |
|  Fixed Index Annuity (Index) | <1.0% | $— | $— | $— | $— | $— |
|  | 1.0% – <2.0% | 741360 | 3641442 | 8315307 | 13355817 | 26053926 |
|  | 2.0% and greater |  |  |  |  |  |
|  | Total | 741360 | 3641442 | 8315307 | 13355817 | 26053926 |
|  Fixed Index Annuity (Fixed) | <1.0% |  |  | 48434 | 285747 | 334181 |
|  | 1.0% – <2.0% | 18985 | 127575 | 1737487 | 639759 | 2523806 |
|  | 2.0% and greater | 91944 | 180 | 230384 | 829714 | 1152222 |
|  | Total | 110929 | 127755 | 2016305 | 1755220 | 4010209 |
|  Fixed Annuity | <1.5% | 28210 | 10459 | 401238 | 2460037 | 2899944 |
|  | 1.5% – <3.0% | 230102 | 32833 | 110573 | 3265539 | 3639047 |
|  | 3.0% and greater | 297905 | 25945 | 45368 | 849948 | 1219166 |
|  | Total | 556217 | 69237 | 557179 | 6575524 | 7758157 |
|  Variable Annuity | <3.0% | 1488 | 5745 | 47740 | 60579 | 115552 |
|  | 3.0% – <6.0% | 1061714 | 340718 | 115331 |  | 1517763 |
|  | 6.0% and greater | 17 |  |  |  | 17 |
|  | Total | $1063219 | $346463 | $163071 | $60579 | $1633332 |

---

The Company has issued general account funding agreements of $528.6 million and $511.0 million at December 31, 2025 and 2024, respectively, which are classified as investment-type contracts. These liabilities consist of floating interest rate and fixed interest rate contracts. The balance of the general account funding agreements have call provisions that give the holder of the funding agreements the right to require the funding agreement be redeemed by the Company if certain adverse conditions occur.

In May 2021, the Company established a $2.0 billion program for a trust, Security Benefit Global Funding, to periodically issue funding agreement-backed notes. The program was relaunched and increased in size to $5.0 billion in July 2025. Security Benefit Global Funding is not an affiliate or related party of the Company. These notes are backed by funding agreements issued by the Company to the trust. The funding agreement liability had no carrying amount at December 31, 2025 and or December 31, 2024.

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

11. Insurance Liabilities (continued)

The following is a rollforward of the general account funding agreements within interest sensitive contract liabilities:

---

| | |
|:---|:---|
|  | **General Account**<br>**Funding Agreements** |
|  | *(in thousands)* |
|  Balance as of January 1, 2024 | $1003228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issuances | 525000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 17320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturities | (1034224) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other payments | (313) |
|  Balance as of December 31, 2024 | **511011** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | **19085** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other payments | **(1505)** |
|  Balance as of December 31, 2025 | $**528591** |

---

The following is a reconciliation of future policy benefits to the Consolidated Balance Sheets:

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
|  | *(in thousands)* | *(in thousands)* |
|  Payout annuities with life contingencies | $**141731** | $121349 |
|  Payout annuities with life contingencies, deferred profit liability | **3279** | 3598 |
|  Whole life | **497502** | 488503 |
|  Whole life, deferred profit liability | **1346** | 1036 |
|  Liability for future policy benefits | $**643858** | $614486 |

---

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

11. Insurance Liabilities (continued)

The following is a rollforward by product of the liability for future policy benefits, excluding the deferred profit liability:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
|  | **Payout annuities<br>with life<br>contingencies** | **Whole life** | **Total** |
|  | *(in thousands)* | *(in thousands)* | *(in thousands)* |
|  Present value of expected net premiums |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at January 1, 2025 | $**—** | $**8059** | $**8059** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at January 1, 2025 at original discount rate | **—** | **7314** | **7314** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of changes in cash flow assumptions | **—** | **(227)** | **(227)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of actual variances from expected experience | **—** | **(2990)** | **(2990)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issuances | **23561** | **—** | **23561** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest accrual | **—** | **322** | **322** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net premium collected | **(23561)** | **(192)** | **(23753)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | **—** | **(241)** | **(241)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at December 31, 2025 at original discount rate | **—** | **3986** | **3986** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of changes in discount rate assumptions | **—** | **727** | **727** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at December 31, 2025 | $**—** | $**4713** | $**4713** |
|  Present value of expected future policy benefits |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at January 1, 2025 | $**121349** | $**496561** | $**617910** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at January 1, 2025 at original discount rate | **124383** | **475108** | **599491** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of changes in cash flow assumptions | **—** | **(472)** | **(472)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of actual experience to expected experience | **—** | **(4812)** | **(4812)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issuances | **23561** | **1** | **23562** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest accrual | **7395** | **26787** | **34182** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benefit payments | **(14789)** | **(24089)** | **(38878)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at December 31, 2025 at original discount rate | **140550** | **472523** | **613073** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of changes in discount rate assumptions | **1181** | **29692** | **30873** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at December 31, 2025 | **141731** | **502215** | **643946** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liability for future policy benefits, excluding deferred profit liability at December 31, 2025 | **141731** | **497502** | **639233** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinsurance | **31755** | **418982** | **450737** |
|  Liability for future policy benefits, excluding deferred profit liability,net of reinsurance at December 31, 2025 | $**109976** | $**78520** | $**188496** |
|  Weighted-average liability duration (in years) | **7.4** | **8.7** |  |

---

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

11. Insurance Liabilities (continued)

---

| | | |
|:---|:---|:---|
|  Weighted-average interest accretion rate | 5.0 | 5.8 |
|  Weighted-average current discount rate | 4.9 | 5.2 |
|  Expected future gross premiums, undiscounted | $— | $72628.0 |
|  Expected future gross premiums, discounted | $— | $44806.0 |
|  Expected future benefit payments, undiscounted | $213556 | $150429.0 |

---

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

11. Insurance Liabilities (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
|  | **Payout annuities<br>with life<br>contingencies** | **Whole life** | **Total** |
|  | *(in thousands)* | *(in thousands)* | *(in thousands)* |
|  Present value of expected net premiums |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at January 1, 2024 | $— | $9430 | $9430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at January 1, 2024 at original discount rate |  | 8289 | 8289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of changes in cash flow assumptions |  | (101) | (101) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of actual variances from expected experience |  | (610) | (610) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issuances | 9379 |  | 9379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest accrual |  | 413 | 413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net premium collected | (9379) | (625) | (10004) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other |  | (52) | (52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at December 31, 2024 at original discount rate |  | 7314 | 7314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of changes in discount rate assumptions |  | 745 | 745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at December 31, 2024 | $— | $8059 | $8059 |
|  Present value of expected future policy benefits |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at January 1, 2024 | $121828 | $534678 | $656506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at January 1, 2024 at original discount rate | 121551 | 478256 | 599807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of changes in cash flow assumptions |  | (151) | (151) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of actual experience to expected experience |  | (2708) | (2708) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issuances | 9379 | 1 | 9380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest accrual | 6843 | 26349 | 33192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benefit payments | (13391) | (26639) | (40030) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at December 31, 2024 at original discount rate | 124382 | 475108 | 599490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of changes in discount rate assumptions | (3033) | 21454 | 18421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance at December 31, 2024 | 121349 | 496562 | 617911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liability for future policy benefits, excluding deferred profit liability at December 31, 2024 | $121349 | $488503 | $609852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinsurance | $32746 | $409940 | $442686 |
|  Liability for future policy benefits, excluding deferred profit liability,net of reinsurance at December 31, 2024 | $88603 | $78563 | $167166 |
|  Weighted-average liability duration (in years) | 7.5 | 9.1 |  |
|  Weighted-average interest accretion rate | 4.9 | 5.8 |  |
|  Weighted-average current discount rate | 5.3 | 5.1 |  |
|  Expected future gross premiums, undiscounted | $— | $79565 |  |
|  Expected future gross premiums, discounted | $— | $49734 |  |
|  Expected future benefit payments, undiscounted | $194383 | $156657 |  |

---

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

11. Insurance Liabilities (continued)

The following is a summary of liability for future policy benefit remeasurement gains (losses) included within *Interest sensitive contract and future policy benefits* on the Consolidated Statements of Operations:

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
|  | *(in thousands)* | *(in thousands)* |
|  Reserves | 15968 | (1770) |
|  Deferred profit liability | (4) | (269) |
|  Total remeasurement gains (losses) | $15964 | $(2039) |

---

*Market risk benefits* 

The following is a reconciliation of *Market risk benefits* to the Consolidated Balance Sheets. Market risk benefit assets are included in *Other assets* on the Consolidated Balance Sheets.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
|  | **Asset** | **Liability** | **Net Liability** | **Asset** | **Liability** | **Net Liability** |
|  | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* |
|  Fixed Index Annuity | $**24256** | $**3293060** | $**3268804** | $25138 | $2986826 | $2961688 |
|  Variable Annuity | **4596** | **26490** | **21894** | 4322 | 35377 | 31055 |
|  Total | $**28852** | $**3319550** | $**3290698** | $29460 | $3022203 | $2992743 |

---

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

11. Insurance Liabilities (continued)

The following is a rollforward of net market risk benefit liabilities by product:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
|  | **Fixed Index<br>Annuity** | **Variable<br>Annuity** | **Total** |
|  | *(in thousands)* | *(in thousands)* | *(in thousands)* |
|  Balance at December 31, 2024 | $**2961688** | $**31055** | $**2992743** |
|  Balance, beginning of period, before changes in instrument-specific credit risk | **3102718** | **32254** | **3134972** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derecognition - transitioned to payout | **(16633)** | **(1014)** | **(17647)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrements | **(95096)** | **1253** | **(93843)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issuances | **—** | **(25)** | **(25)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest accrual | **151563** | **(2836)** | **148727** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Attributed fees collected | **189819** | **4598** | **194417** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benefit payments | **(8140)** | **(4070)** | **(12210)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of changes in interest rates | **52471** | **(2273)** | **50198** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of changes in equity markets | **(114483)** | **(2238)** | **(116721)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inforce updates and other | **137777** | **(2342)** | **135435** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of changes in policyholder assumptions | **92884** | **(103)** | **92781** |
|  Balance, end of period, before changes in instrument-specific credit risk | **3492880** | **23204** | **3516084** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of changes in instrument-specific credit risk | **(224076)** | **(1310)** | **(225386)** |
|  Balance at December 31, 2025 | **3268804** | **21894** | **3290698** |
|  Reinsurance | **—** | **(6182)** | **(6182)** |
|  Balance, net of reinsurance | $**3268804** | $**15712** | $**3284516** |
|  Net amount at risk | **6856795** | **133186** |  |
|  Weighted-average attained age of contract holders (in years) | **73.7** | **69.7** |  |

---

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

11. Insurance Liabilities (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** |
|  | **Fixed Index<br>Annuity** | **Variable<br>Annuity** | **Total** |
|  | *(in thousands)* | *(in thousands)* | *(in thousands)* |
|  Balance at December 31, 2023 | $2269961 | $62235 | $2332196 |
|  Balance, beginning of period, before changes in instrument-specific credit risk | 2591418 | 66304 | 2657722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derecognition - transitioned to payout | (3425) | (1728) | (5153) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrements | (101940) | (1324) | (103264) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issuances |  | (13) | (13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest accrual | 163837 | (4842) | 158995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Attributed fees collected | 191830 | 4675 | 196505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benefit payments | (6005) | (3488) | (9493) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of changes in interest rates | (197298) | (8396) | (205694) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of changes in equity markets | (65831) | (2437) | (68268) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inforce updates and other | 195847 | 3037 | 198884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of changes in policyholder assumptions | 332125 | (19535) | 312590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of changes in other assumptions | 2159 |  | 2159 |
|  Balance, end of period, before changes in instrument-specific credit risk | 3102717 | 32253 | 3134970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of changes in instrument-specific credit risk | (141029) | (1198) | (142227) |
|  Balance at December 31, 2024 | 2961688 | 31055 | 2992743 |
|  Reinsurance |  | (7899) | (7899) |
|  Balance, net of reinsurance | $2961688 | $23156 | $2984844 |
|  Net amount at risk | 6871748 | 163697 |  |
|  Weighted-average attained age of contract holders (in years) | 72.9 | 69.4 |  |

---

*Unlocking* 

As discussed in Note 1, significant assumptions are used in the calculation of the fixed index annuity embedded derivative, liability for future policy benefits, and market risk benefits. During 2025 and 2024, the Company performed its annual review of assumptions and updated certain assumptions to reflect emerging experience and expectations for future performance. In 2025,

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

11. Insurance Liabilities (continued)

revisions primarily related to policyholder behavior assumptions, including utilization rates for rider benefits and full surrender rate, resulting in an increase in embedded derivative of $0.7 million, a decrease in the liability for future policy benefits of $0.8 million, and an increase in MRB of $92.8 million; the combined impacts resulted in a decrease in *Income before income tax expense*, net of reinsurance, of $90.4 million. In 2024, revisions primarily related to policyholder behavior assumptions, including surrender patterns, rider utilization, and mortality assumptions for certain products, resulting in a decrease in embedded derivative of $36.5 million, a decrease in the liability for future policy benefits of $0.1 million, and an increase in MRB of $314.7 million; the combined impacts resulted in a decrease in *Income before income tax expense*, net of reinsurance, of $279.8 million. The updates were based on recent experience studies, industry data, and refinements to modeling methodologies.

12. Income Taxes

The Company is included in a consolidated Non-Life/Life federal income tax return filed by Eldridge Wealth Solutions, Inc. ("EWS", previously Security Benefit Corporation). The Internal Revenue Service is currently examining the Company's federal tax returns for tax years 2018 through 2019. There are no proposed adjustments. The Company is no longer subject to federal and state examinations by tax authorities for the years before 2018. The State of Florida completed its examination of SBLIC's 2020 through 2022 Florida income tax returns, resulting in no adjustments.

Under a tax sharing agreement between EWS and certain of its related parties, EWS allocates income tax expenses and benefits to companies in the group generally based upon pro rata contribution of taxable income or operating losses. Through the tax sharing agreement with EWS, the Company had a payable to EWS of $9.0 million and $36.3 million at December 31, 2025 and 2024, respectively, for taxes, which is included in *Other liabilities* on the Consolidated Balance Sheets.

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

12. Income Taxes (continued)

SBLIC's subsidiary, SARC, has a separate tax sharing agreement with EWS. Under the separate tax sharing agreement, SARC's losses are benefited only to the extent SARC could otherwise utilize the losses on a stand-alone basis.

The provision for income taxes includes current federal and state income tax expense or benefit and deferred income tax expense or benefit due to temporary differences between the financial reporting and income tax bases of assets and liabilities.

As of December 31, 2025 and 2024, the Company had no gross unrecognized tax benefits. The Company recognizes interest and penalties related to unrecognized tax benefits in interest expense as a component of *Other operating expenses* in the Consolidated Statements of Operations. The Company recorded no interest expense for unrecognized tax benefits for the years ended December 31, 2025 and 2024.

The Company is subject to Corporate Alternative Minimum Tax ("CAMT") due to being a member of a controlled group meeting the defined thresholds. This provision had no impact on the results of operations for years ended December 31, 2025, 2024, and 2023.

H.R.1, also referred to as the "One Big Beautiful Bill Act" (the "Tax Act of 2025") was enacted into law on July 4, 2025. The Tax Act of 2025 does not have a material impact on the Company's effective tax rate or deferred tax position.

Income tax expense consists of the following for the years ended:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
|  | *(in thousands)* | *(in thousands)* | *(in thousands)* |
|  Current income tax expense | $**210024** | $342456 | $309268 |
|  Deferred income tax (benefit) expense | **2691** | (94620) | (197510) |
|  Income tax expense | $**212715** | $247836 | $111758 |

---

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

12. Income Taxes (continued)

The differences between reported income tax expense and the results from applying the statutory federal rate to income before income tax expense are as follows for the years ended:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
|  | *(in thousands)* | *(in thousands)* | *(in thousands)* |
|  Federal income tax expense computed at statutory rate | $**213492** | $252545 | $119070 |
|  Increases (decreases) in taxes resulting from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation allowance | **—** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends received deduction | **(3211)** | (4167) | (3973) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in uncertain tax positions | **—** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prior period adjustments | **603** | 40 | (752) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax exempt interest | **(1139)** | (420) | (381) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlling interest | **2957** | (645) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other <sup>(1)</sup> | **13** | 483 | (2206) |
|  Income tax expense | $**212715** | $247836 | $111758 |

---

<sup>(1)</sup> Includes state income taxes, nondeductible meals and entertainment, nondeductible dues and penalties, nondeductible lobbying expenses and other miscellaneous differences and adjustments.

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

12. Income Taxes (continued)

Net deferred income tax assets and liabilities consist of the following as of December 31:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  | *(in thousands)* | *(in thousands)* |
|  Deferred income tax assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policyholder reserves | $**683255** | $506789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net unrealized loss on derivatives | **42918** | 40984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net unrealized loss on investments | **—** | 43946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit carryover | **1983** | 4476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rider fee | **7731** | 7973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net operating loss carryforward | **78569** | 93432 |
|  Total gross deferred income tax assets before valuation allowance | **814456** | 697600 |
|  Less valuation allowance | **—** |  |
|  Total deferred income tax assets | **814456** | 697600 |
|  Deferred income tax liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net unrealized gain on investments | **23083** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred policy acquisition costs and deferred sales inducements | **513264** | 409460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | **208642** | 110359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value of business acquired | **164611** | 190899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation | **5867** | 3569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | **16281** | 14555 |
|  Total deferred income tax liabilities | **931748** | 728842 |
|  Net deferred income tax liability | $**(117292)** | $(31242) |

---

The oldest credit carryover will expire in 2029 and relates to general business credits.

The Company's deferred tax asset position includes $374.1 million of federal net operating loss carryforwards related to SARC losses which have no expiration date.

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

12. Income Taxes (continued)

The Company assesses the available positive and negative evidence surrounding the recoverability of the deferred income tax assets and applies its judgment in estimating the amount of valuation allowance necessary under the circumstances. The Company recorded no valuation allowance on deferred tax assets as of December 31, 2025 and 2024.

The realization of deferred tax assets related to unrealized loss on our available for sale fixed maturity securities is based on the the Company's ability and intent to hold the securities for a period of time sufficient to allow for the recovery of the value.

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

**13. Fair Value Measurements**

#### Fair Value Hierarchy
In accordance with ASC 820, *Fair Value Measurement* ("ASC 820"), the Company groups its financial assets and liabilities measured at fair value in three levels based on the inputs and assumptions used to determine the fair value. The levels are as follows:

*Level 1* – Valuations are based upon unadjusted quoted prices for identical instruments traded in active markets.

*Level 2* – Valuations are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, model-based valuation techniques for which significant assumptions are observable in the market, and option pricing models using inputs observable in the market.

*Level 3* – Valuations are generated from techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect the Company's assumptions that market participants would use in pricing the asset or liability. Valuation techniques include discounted cash flow models, spread-based models, and similar techniques, using the best information available in the circumstances.

#### Determination of Fair Value
Under ASC 820, the Company bases fair values on the price that would be received to sell an asset (exit price) or paid to transfer a liability in an orderly transaction between market participants at the measurement date. It is the Company's policy to maximize the use of observable inputs and minimize the use of unobservable inputs when developing fair value measurements, in accordance with the fair value hierarchy in ASC 820.

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

13. Fair Value Measurements (continued)

*Cash equivalents* 

Cash equivalents include highly liquid securities with an original maturity of 90 days or less and money market accounts. The cash equivalents based on quoted market prices are included in Level 1 assets. When quoted prices are not available, the Company utilizes an independent pricing service, and includes those cash equivalents in Level 2 assets.

*Fixed maturity investments* 

The fair values of fixed maturity securities in an active and orderly market are largely determined by utilizing third party pricing services. The Company has regular interactions with pricing services and its investment advisors to understand the pricing methodologies used and to confirm the prices are utilizing observable inputs. The pricing methodologies will vary based on the asset class and include inputs such as estimated cash flows, reported trades, broker quotes, credit quality, industry and economic events. Fixed maturity investments with fair values obtained from pricing services, applicable market indices, or internal models with substantially observable inputs are included in Level 2.

The Company will obtain a broker quote or utilize an internal pricing model specific to the asset utilizing unobservable relevant inputs if the Company is not able to utilize observable inputs. These assets are included in Level 3.

*Equity securities* 

Fair values of equity securities are determined using quoted prices in active markets for identical assets when available, which are included in Level 1. When quoted prices are not available, the Company utilizes internal valuation methodologies appropriate for the specific asset that use observable inputs such as underlying share prices; therefore, the assets are included in Level 2. Fair values might also be determined using broker quotes or through the use of internal models or analysis that incorporates significant assumptions deemed appropriate given the circumstances and consistent with what other market participants would use when pricing such securities. These assets are included in Level 3.

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

13. Fair Value Measurements (continued)

*Short-term investments* 

Fair values of short-term investments are determined using broker quotes or through the use of internal models or analysis that incorporate significant assumptions deemed appropriate given the circumstances and consistent with what other market participants would use when pricing such investments. These assets are included in Levels 2 or 3, depending on the observability of the inputs.

*Call options, currency forwards, swaps, and futures* 

Certain fair values of call options are valued with models that use market observable inputs, which are included in Level 2. Currency forwards with fair values obtained from pricing services with substantially observable inputs are included in Level 2. Swaps with fair values obtained from counterparties with substantially observable inputs are included in Level 2. Futures, swaps, and call options with fair values obtained from unadjusted quoted prices for identical instruments traded in active markets are included in Level 1.

*Other invested assets* 

Certain other invested assets for which the fair value option was elected use inputs which are unobservable in the market and are included in Level 3.

*Market risk benefits* 

Market risk benefits are valued with the use of inputs related to fees, assessments, and assumptions in determining the projected benefits in excess of the projected account balance. Judgment is required for both economic and actuarial assumptions, which can be either observable or unobservable, which impact future policyholder account growth. Market risk benefits are included in Level 3.

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

13. Fair Value Measurements (continued)

*Embedded derivatives – reinsurance contracts* 

The fair value of the embedded derivative reinsurance contracts asset is calculated as described below, under the heading Embedded derivatives—fixed index annuity contracts, where the portion of the liability ceded is held as a reinsurance recoverable asset. These assets are included in Level 3.

The fair value of the embedded derivative reinsurance contracts liability is determined by the expected value of future index credits calculated using call option pricing with current market data and updated fund value allocations for policyholder balances. These liabilities are included in Level 3.

*Separate account assets* 

Separate account assets include equity securities, investments in notes receivable and investments in partnerships. The fair value of the equity securities within the separate accounts is determined using quoted prices in active markets for identical assets and is reflected in Level 1. The fair value of the investments in private notes within the separate accounts was determined using internal pricing models using inputs unobservable in the market. The fair value for partnerships within the separate accounts was determined through the use of an external third party pricing specialist through the use of the market approach, income approach, and underlying assets approach. The investments in private notes and partnerships are reflected in Level 3.

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

13. Fair Value Measurements (continued)

*Embedded derivatives – funds withheld liability* 

The Company estimates the fair value of the embedded derivative based on the change in the fair value of the assets supporting the funds withheld liability under the coinsurance funds withheld agreement. This liability is included in Level 3.

*Embedded derivatives – fixed index annuity contracts* 

Fair values of the Company's embedded derivative component of the fixed index annuity policy liabilities are determined by (i) projecting policy contract values and minimum guaranteed contract values over the expected lives of the contracts and (ii) discounting the excess of the projected contract value amounts at the applicable risk-free interest rates adjusted for the nonperformance risk related to those liabilities. The projections of policy contract values are based on the Company's best estimate assumptions for future policy growth and future policy decrements. The Company's best estimate assumptions for future policy growth include assumptions for the expected index credit on the next policy anniversary date derived from the fair values of the underlying call options purchased to fund such index credits and the expected costs of call options the Company will purchase in the future to fund index credits beyond the next policy anniversary. The projections of minimum guaranteed contract values include the same best estimate assumptions for policy decrements as were used to project policy contract values. These liabilities are included in Level 3.

#### Assets and Liabilities Measured and Reported at Fair Value
The following table presents categories measured at fair value on a recurring basis:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | | **Fair Value Hierarchy Level** | **Fair Value Hierarchy Level** | **Fair Value Hierarchy Level** |
|  |<br>**Fair Value** | **Level 1** | **Level 2** | **Level 3** |
|  | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* |
|  Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash equivalents | $15881 | 15881 | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed maturity investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury securities and other U.S. government corporations and agencies | 287519 |  | 287519 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Obligations of government-sponsored enterprises | 832594 |  | 832594 |  |

---

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

13. Fair Value Measurements (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate | **24433693** | **—** | **3447823** | **20985870** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal obligations | **330991** | **—** | **319809** | **11182** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial mortgage-backed | **153355** | **—** | **152433** | **922** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential mortgage-backed | **11772** | **—** | **11772** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized debt obligations | **4437** | **—** | **4437** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized loan obligations | **8561709** | **—** | **5830641** | **2731068** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemable preferred stock | **45973** | **—** | **—** | **45973** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other asset backed | **5342280** | **—** | **558675** | **4783605** |
|  Total fixed maturity investments, available for sale, including pledged securities <sup>(1)</sup> | **40004323** | **—** | **11445703** | **28558620** |
|  Fixed maturity investments, trading: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury securities and other U.S. government corporations and agencies | **5024** | **—** | **5024** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Obligations of government-sponsored enterprises | **—** | **—** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate | **46830** | **—** | **46830** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Obligations of foreign governments | **—** | **—** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal obligations | **2135** | **—** | **2135** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial mortgage-backed | **7562** | **—** | **7562** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential mortgage-backed | **5551** | **—** | **5551** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized debt obligations | **—** | **—** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized loan obligations | **5266** | **—** | **5266** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemable preferred stock | **—** | **—** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other asset backed | **13085** | **—** | **13085** | **—** |
|  Total fixed maturity, trading investments | **85453** | **—** | **85453** | **—** |
|  Equity securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer | **692739** | **101744** | **298241** | **292754** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mutual funds | **2879** | **2879** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred stocks | **721447** | **—** | **80508** | **640939** |
|  Total equity securities, including pledged securities <sup>(1)</sup> | **1417065** | **104623** | **378749** | **933693** |
|  Other invested assets | **249629** | **—** | **—** | **249629** |
|  Short-term investments | **320751** | **—** | **173373** | **147378** |
|  Derivative assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Call options | **1414615** | **—** | **1414615** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency forwards and swaps | **61514** | **—** | **61514** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps and total return swaps | **136721** | **—** | **136721** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bond forwards | **2758** |  | **2758** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | **178** | **178** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other derivatives | **14** | **2** | **12** | **—** |
|  Total derivative assets | **1615800** | **180** | **1615620** | **—** |
|  Market risk benefits | **5983** | **—** | **—** | **5983** |
|  Embedded derivatives: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinsurance contracts | **1689988** | **—** | **—** | **1689988** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Funds withheld receivable | **(403)** | **—** | **—** | **(403)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Separate account assets | **6804874** | **3458074** | **—** | **3346800** |
|  Total assets | $**52209344** | $**3578758** | $**13698898** | $**34931688** |
|  Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Call options | $**19468** | $**—** | $**19468** | $**—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency forwards and swaps | **153103** | **—** | **153103** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps, foreign currency swaps, and total return swaps | **23494** | **—** | **17371** | **6123** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hedge accounting liability for MYGA product | **11643** | **—** | **—** | **11643** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | **3893** | **3893** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate caps | **211** | **—** | **205** | **6** |
|  Total derivative liabilities | **211812** | **3893** | **190147** | **17772** |
|  Market risk benefits | **3319550** | **—** | **—** | **3319550** |
|  Embedded derivatives: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Funds withheld liability | **87850** | **—** | **—** | **87850** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinsurance contracts | **421727** | **—** | **—** | **421727** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed index annuity contracts | **5218871** | **—** | **—** | **5218871** |
|  Total liabilities | $**9259810** | $**3893** | $**190147** | $**9065770** |

---

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

13. Fair Value Measurements (continued)

(1) As of December 31, 2025, pledged securities fair values accounted for $59.7 million related to *Fixed maturity investments, available for sale* and $0.3 million related to *Equity securities.* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | | **Fair Value Hierarchy Level** | **Fair Value Hierarchy Level** | **Fair Value Hierarchy Level** |
|  |<br>**Fair Value** | **Level 1** | **Level 2** | **Level 3** |
|  | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash equivalents | $1291999 | $1291999 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed maturity investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury securities and other U.S. government corporations and agencies | 7015 |  | 7015 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Obligations of government-sponsored enterprises | 659472 |  | 659472 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate | 23018030 |  | 2742492 | 20275538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal obligations | 15220 |  | 3888 | 11332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial mortgage-backed | 43561 |  | 43312 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential mortgage-backed | 21170 |  | 21170 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized debt obligations | 5111 |  | 5111 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized loan obligations | 11045266 |  | 7630322 | 3414944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemable preferred stock | 27861 |  | 27861 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other asset backed | 2070134 |  | 542650 | 1527484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total fixed maturity investments | 36912840 |  | 11683293 | 25229547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed maturity investments: trading | 76221 |  | 75963 | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total fixed maturity trading investments | 76221 |  | 75963 | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer | 340981 | 76861 | 228177 | 35943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mutual funds | 5115 | 5115 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred stocks | 645610 |  | 312169 | 333441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total equity securities | 991706 | 81976 | 540346 | 369384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other invested assets | 271382 |  |  | 271382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term investments | 91020 |  | 91020 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Call options | 1020039 |  | 1020039 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency forwards and swaps | 191359 |  | 191359 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps and total return swaps | 42218 | 39572 | 2093 | 553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 325 | 325 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other derivatives | 6 | 4 | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total derivative assets | 1253947 | 39901 | 1213493 | 553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market risk benefits | 5532 |  |  | 5532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Embedded derivatives: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinsurance contracts | 1240395 |  |  | 1240395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Funds withheld receivable | (5532) |  |  | (5532) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Separate account assets | 6416351 | 3374151 |  | 3042200 |
|  Total assets | $48545861 | $4788027 | $13604115 | $30153719 |
|  Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Call options | $12059 | $— | $12059 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency forwards and swaps | 64403 |  | 64403 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps and total return swaps | 45218 | 17377 | 27589 | 252 |

---

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

13. Fair Value Measurements (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hedge accounting liability for MYGA product | (47236) |  |  | (47236) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 6915 | 6915 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate caps | 2470 |  | 2470 |  |
|  Total derivative liabilities | 83829 | 24292 | 106521 | (46984) |
|  Market risk benefits | 3022203 |  |  | 3022203 |
|  Embedded derivatives: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Funds withheld liability | (23608) |  |  | (23608) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinsurance contracts | 295764 |  |  | 295764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed index annuity contracts | 3856761 |  |  | 3856761 |
|  Total liabilities | $7234949 | $24292 | $106521 | $7104136 |

---

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

13. Fair Value Measurements (continued)

#### Changes in Level 3 Fair Value Measurements
The detail of the Level 3 purchases and issuances was as follows for the year ended December 31:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** |
|  | **Purchases** | **Issuances** | **Total** |
|  | *(in thousands)* | *(in thousands)* | *(in thousands)* |
|  Assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed maturity investments, available for sale: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate | $**8410533** | $**323220** | $**8733753** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal obligations | **2598** | **—** | **2598** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized loan obligations | **665232** | **—** | **665232** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other asset backed | **4585104** | **270** | **4585374** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemable preferred stock | **35283** | **—** | **35283** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total fixed maturity investments, available for sale, including pledged securities | **13698750** | **323490** | **14022240** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer | **556753** | **—** | **556753** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred stocks | **134552** | **—** | **134552** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total equity securities, including pledged securities | **691305** | **—** | **691305** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term investments | **947364** | **—** | **947364** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other invested assets | **64598** | **—** | **64598** |
|  Total assets | $**15402017** | $**323490** | $**15725507** |
|  Liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivatives and embedded derivatives: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinsurance contracts | **—** | **281418** | **281418** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed index annuity contracts | **—** | **910968** | **910968** |
|  Total liabilities | $**—** | $**1192386** | $**1192386** |

---

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

13. Fair Value Measurements (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **2024** | **2024** | **2024** |
|  | **Purchases** | **Issuances** | **Total** |
|  | *(in thousands)* | *(in thousands)* | *(in thousands)* |
|  Assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed maturity investments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate | $10587181 | $410986 | $10998167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal obligations | 250 |  | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized loan obligations | 490734 |  | 490734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other asset backed | 47395 | 5150 | 52545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total fixed maturity investments | 11125560 | 416136 | 11541696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer | 27602 |  | 27602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred stock | 50000 |  | 50000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total equity securities | 77602 |  | 77602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other invested assets | 156273 |  | 156273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term investments | 4469 |  | 4469 |
|  Total assets | $11363904 | $416136 | $11780040 |
|  Liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivatives and embedded derivatives: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed index annuity contracts | $— | $219727 | $219727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinsurance derivative liability |  | 914999 | 914999 |
|  Total liabilities | $— | $1134726 | $1134726 |

---

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

13. Fair Value Measurements (continued)

#### Transfers
Transfers into and out of Level 3 of assets and liabilities measured at fair value was as follows for the year ended December 31:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2025** |
|  | **Transfers out<br>of Level 2 into<br>Level 3** | **Transfers out<br>of Level 3 into<br>Level 2** |
|  | *(in thousands)* | *(in thousands)* |
|  Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed maturity investments, available for sale: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate | $**348651** | $**(1217)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial mortgage-backed | **650** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized loan obligations | **728540** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other asset backed | **118413** | **(1783)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemable preferred stock | **27862** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total fixed maturity investments, available for sale, including pledged securities | **1224116** | **(3000)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity securities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer | **2** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred stocks | **200709** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total equity securities, including pledged securities | **200711** | **—** |
|  Total asset transfers | $**1424827** | $**(3000)** |

---

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

13. Fair Value Measurements (continued)

Transfers into and out of Level 3 of assets and liabilities measured at fair value for the year ended December 31, 2024 are as follows:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2024** |
|  | **Transfers out<br>of Level 2 into<br>Level 3** | **Transfers out<br>of Level 3 into<br>Level 2** |
|  | *(in thousands)* | *(in thousands)* |
|  Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed maturity investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate | $710889 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized loan obligations | 32680 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total fixed maturity investments | $743569 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity securities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred stock | 175839 | (195769) |
|  Total equity securities | $175839 | $(195769) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other invested assets |  | (97822) |
|  Total assets | $919408 | $(293591) |

---

The majority of the assets transferred into Level 3 during 2025 and 2024 was due to the inability to obtain a price from a recognized third party pricing vendor or due to changes in the observability of inputs or valuation techniques. The majority of assets transferred out of Level 3 during 2025 and 2024 was due to the ability to obtain a price from a recognized third party pricing vendor or due to changes in the observability of inputs or valuation techniques.

#### Quantitative Information about Level 3 Fair Value Measurements
The following table provides quantitative information about the significant unobservable inputs used for fair value measurements categorized within Level 3, excluding assets and liabilities for which significant unobservable inputs primarily consist of those valued using broker quotes.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Assets / Liabilities<br>Measured at Fair Value** | **Valuation Technique(s)** | **Unobservable Input Description** | **Input/Range of Inputs**<br>**[Weighted-Average](4)** |
|  | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* |
|  Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed maturity investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate | $16730869 | Discount Model | Credit Spread | 0 - 2,408 [268]<br>bps |
|  | 739231 | Discount Model | Credit Spread, discount rate | 333 -<br>642 [424] bps, 9%<br>- 19% [11%] |

---

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

13. Fair Value Measurements (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **63668** | Underlying Pricing Model,<br> waterfall model | Market Value of Underlying Investments,<br> CFs | 90.5; 449.3 |
|  | **4465** | Spread Duration | Credit Spread, recovery rate | 345 - 345 [345] bps |
|  | **205561** | Black Scholes | Credit Spread, Volatility, Stock Price | 1,547.8, 25.9, 0 |
|  | **13343** | Discounted Cash Flow | Discount Rate | 5.4% - 10.1% [10.1%] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized loan obligations | **2026282** | Discount Model | Credit Spread | 141 - 1035 [250] bps |
|  | **52646** | Residual Equity | Residual Equity | 2,723 - 20,787,313 [17,131,483] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other asset backed | **916612** | Discount Model | Credit Spread | 0 - 479 [28] bps |
|  | **395217** | Discount Model | Discount Margin | 162 - 214 [184] bps |
|  | **28400** | Discount Model | Discount Rate | 4.37% |
|  | **19989** | Spread Duration | Credit Spread | 118 - 118 [118] bps |
|  | **48338** | Residual Equity and DCF | Residual Equity, Discount Rate | 50,334,352.8, 0.1 |
|  Total fixed maturity investments | **21244621** |  |  |  |
|  Equity securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity securities - Financial | **25178** | Market Comparables | Price to Adjusted Fund From Operations<br>Multiple, Cap Rate Method | 13.62x, 5.8% |
|  | **12281** | Cost Valuation | Cost spent to date, principal balance | 362487563.77 |
|  | **15057** | Discount Model | Credit Spread | 2,493 - 3,913 [3,188] bps |
|  | **68657** | Market Comp | P/B ratio | .765x |
|  Total equity securities | **121173** |  |  |  |
|  Funds withheld receivable | **(403)** | See Note (1) |  |  |
|  Embedded derivatives - reinsurance contracts | **1689988** | See FIA contracts below |  |  |
|  Market risk benefits | **5983** | See Market risk benefits<br>below |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Separate account assets | **3346800** | Revenue Multiples | Projected Revenues |  |
|  |  | See Note (3) |  |  |
|  Total assets | $**26408162** | See Note (2) |  |  |
|  Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivatives and embedded derivatives: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps and total return swaps | $**6123** | See Note (4) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate caps | **6** | See Note (4) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market risk benefits | **3319550** | Stochastic Discounted<br>Cash Flow | Own credit spread | 1.57% |
|  |  |  | Discount rate risk margin | 5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hedge accounting liability for |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MYGA product | **11643** | See Note (1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Funds withheld liability | **87850** | See Note (1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinsurance contracts | **421727** | Expected value of future<br>index credits |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed index annuity contracts | **5218871** | Discounted Cash Flow | Own credit spread | 1.57% |
|  |  |  | Risk margin | 0.06% - 0.30% |
|  Total liabilities | $**9065770** |  |  |  |

---

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

13. Fair Value Measurements (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Assets / Liabilities<br>Measured at Fair Value** | **Valuation Technique(s)** | **Unobservable Input Description** | **Input/Range of Inputs**<br>**[Weighted-Average](4)** |
|  | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* |
|  Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed maturity investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate | $14835319 | Discount Model | Credit Spread | 0 - 2,120.2 [294.5] bps |
|  | 66563 | Underlying Pricing Model, Waterfall Model | Market Value of Underlying Investments,<br>CFs |  |
|  | 688867 | Spread Duration | Credit Spread | 0 - 1,164.5 [432.8] bps |
|  | 167503 | Black Scholes | Credit Spread, Volatility, Stock Price |  |
|  | 73998 | Discount Model | Discount Rate | 6.3% - 11.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized loan obligations | 3298407 | Discount Model | Credit Spread | 152.0 - 1,200.0 (250.9) bps |
|  | 63667 | Residual Equity | Residual Equity | 28005814.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other asset backed | 911107 | Discount Model | Credit Spread | 0 - 517.0 (163.9) bps |
|  | 28184 | Discount Model | Discount Rate | 4.68% |
|  | 24022 | Underlying Pricing Model | Market Value of Underlying Investments,<br>CFs |  |
|  | 19979 | Spread Duration | Credit Spread | 113 bps |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total fixed maturity investments | 20177616 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity securities - Financial | 25472 | Market Comparables | Price/Adjusted Funds from Operations<br> Multiple and Cap Rate Method | 16.35x 5.2% |
|  | 5678 | Black Scholes | Volatility | 244.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred stock | 15059 | Discount Model | Credit Spread | 2,342.9-3,295.9 [2,749.5] bps |
|  | 72879 | Market Comparables | Price, Market Cap, P/B ratio | .81x |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total equity securities | 119088 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps and total return swaps | 553 | See Note (4) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Funds withheld receivable | (5532) | See Note (1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Embedded derivatives—reinsurance contracts | 1241785 | See FIA contracts below |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market risk benefits | 5532 | See Market risk benefits below |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Separate account assets | 3042200 | Revenue Multiples | Projected Revenues |  |
|  |  | See Note (3) |  |  |
|  Total assets | $24581242 | See Note (2) |  |  |
|  Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market risk benefits | $3022203 | Stochastic Discounted Cash Flow | Own credit spread | 1.4% |
|  |  |  | Discount rate risk margin | 5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Embedded derivatives: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps and total return swaps | 252 | See Note (4) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hedge accounting MYGA products | (47236) | See Note (1) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Funds withheld liability | (23608) | See (1) below |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinsurance contracts | 295764 | Expected value of future index credits |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed index annuity contracts | 3856761 | Discounted Cash Flow | Own credit spread | 1.4% |
|  |  |  | Risk margin | 0.06% - 0.30% |
|  Total liabilities | $7104136 |  |  |  |

---

(1) Equal to the net unrealized gains or losses on the underlying assets held in trust to support the funds withheld liability.

(2) The tables above exclude certain securities for which the fair value of $8,523.5 million and $5,573.9 million as of December 31, 2025 and 2024, respectively, was based on non-binding broker quotes.

(3) Separate account investments in partnerships for which the fair value as of December 31, 2025 and 2024 was determined through a third party valuation of the fair value of the underlying investments.

(4) Unobservable inputs were weighted by the relative fair value of the instruments.

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

13. Fair Value Measurements (continued)

Market comparable discount rates are used as the base rate in the discounted cash flows used to determine the fair value of certain assets. Increases or decreases in the credit spreads on the comparable assets could cause the fair value of assets to significantly decrease or increase, respectively. Additionally, the Company may adjust the base discount rate or the modeled price by applying an illiquidity premium given the highly structured nature of certain assets. Increases or decreases in this illiquidity premium could cause significant decreases or increases, respectively, in the fair value of the asset.

Increases or decreases in market volatilities could cause significant increases or decreases, respectively, in the fair value of market risk benefits and fixed index annuity contract embedded derivative. Long duration interest rates are used as the mean return when projecting the growth in the value of associated account value. The amount of claims will increase if account value is not sufficient to cover guaranteed withdrawals.

Increases or decreases in risk free rates could cause the fair value of market risk benefits and fixed index annuity contract embedded derivatives to significantly decrease or increase, respectively. Increases or decreases in the Company's credit risk, which impacts the rates used to discount future cash flows, could significantly decrease or increase, respectively, the fair value of market risk benefits and embedded derivatives. All of these changes in fair value would impact *Net income*, except the change in fair value of market risk benefits related to credit risk which goes through *Other comprehensive income*.

Increases or decreases in market volatilities of the underlying assets supporting the funds withheld liability could cause significant increases or decreases, respectively, in the fair value of the embedded derivatives.

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

**14. Commitments and Contingencies**

In connection with the Company's investments in certain limited partnerships, the Company committed to invest additional capital of $470.7 million, of which $120.8 million was with related parties, at December 31, 2025, as required by the general partner compared to $493.9 million and $7.9 million at December 31, 2024. The Company had committed up to $10,070.6 million and $3,934.9 million in unfunded bridge loans, unfunded revolvers, and other private investments, of which $3,590.5 million and $1,762.0 million is with related parties or securitizations in which related parties act as collateral managers, as of December 31, 2025 and December 31, 2024 respectively. The portion of the total unfunded commitments that are considered to be on-demand funding obligations not controlled by the Company or its affiliated parties was $5,668.3 million as of December 31, 2025. As per the Company's Liquidity Guidelines, the Company maintains sufficient liquidity capacity to fund the segment of the total unfunded commitments that are considered to be on-demand funding obligations not controlled by the Company or its affiliated parties.

*Other legal and regulatory matters:* SBLIC is a defendant in a putative class action, Ella Clinton, et al., v. Security Benefit Life Insurance Company, initially filed in the United States District Court, Southern District of Florida, on November 20, 2019. A First Amended Class Action Complaint ("FAC") that includes additional named plaintiffs and causes of action was filed on January 21, 2020. The action was transferred to the United States District Court, District of Kansas. The allegations of the FAC arise out of the marketing and sale of SBLIC's leading FIA products at the time. In their FAC, Plaintiffs assert claims for violation of the federal Racketeer Influenced and Corrupt Organizations Act, violations of California's, Illinois', and Arizona's respective unfair competition, consumer fraud, and/or deceptive business practices acts, and common law fraud under the laws of Florida, California, Illinois, and Arizona. SBLIC's motion to dismiss was granted by the District Court on February 12, 2021, but the dismissal was reversed by the United States Court of Appeals for the Tenth Circuit on March 28, 2023 in a split decision, and SBLIC's request for a rehearing en banc was denied. The Tenth Circuit's decision to reverse and remand the case was not based on the merits of any issue; on the contrary, the applicable Federal Rules of Civil Procedure required the Court to assume the truth of Plaintiffs' allegations and to view the facts in a light most favorable to Plaintiffs. The issues will be decided on an evidentiary record established at the District Court level. On November 20, 2023, SBLIC filed its Answer and Affirmative Defenses to the FAC, and the parties thereafter commenced discovery.

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

14. Commitments and Contingencies (continued)

On June 13, 2025, the parties substantially completed discovery, and Plaintiffs filed their Motion for Class Certification. On September 29, 2025, SBLIC filed its Opposition to Plaintiffs' Motion for Class Certification and its motions to exclude Plaintiffs' experts' opinions. On December 15, 2025, Plaintiffs filed a reply in support of their Motion for Class Certification, as well as Oppositions to SBLIC's motions to exclude Plaintiffs' experts' opinions. SBLIC filed replies in support of its motions to exclude, along with motions to strike and exclude Plaintiffs' rebuttal expert declarations and a Motion for Leave to file a sur-reply in opposition to class certification with a proposed sur-reply attached, on February 13, 2026. On March 6, 2026, Plaintiffs filed their Opposition to SBLIC's Motion for Leave to file a sur-reply. SBLIC filed a reply in support of its Motion for Leave to file a sur-reply on March 13, 2026. Briefing on all motions related to class certification and class certification experts is now complete. A date has not yet been set for a hearing on the Motion for Class Certification or SBLIC's motions to exclude Plaintiffs' experts' opinions. Although potential liability is reasonably possible for SBLIC from this lawsuit, no reasonable estimate can be made at this time regarding the amount or range of any possible loss that may result. SBLIC believes that it has substantial defenses to the claims alleged and intends to continue to defend itself vigorously in the lawsuit.

In addition, the Company is periodically party to legal and arbitral proceedings and subject to complaints and the like, and is periodically examined by its regulators and may discuss certain subjects with its regulators that come up during such examinations or otherwise. Management currently does not believe that any of the foregoing matters in this paragraph will, alone or collectively, materially adversely affect the Company's results of operations or financial condition. In addition, the Company is subject to extensive regulation by, among others, governmental authorities and the NAIC, and it is subject to the effects of periodic changes in laws, regulations, and other standards that apply to it.

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

14. Commitments and Contingencies (continued)

*Line of credit with FHLB* 

At December 31, 2025, the Company has access to a $575.4 million line of revolving credit facility from the Federal Home Loan Bank of Topeka (FHLB). Overnight borrowings in connection with this line of credit bear interest at 0.25% over the Federal Funds rate (3.64% at December 31, 2025). The Company had no borrowings under this line of credit at December 31, 2025 and 2024. The amount of the line of credit is determined by the fair market value of the Company's available collateral held by FHLB, primarily mortgage-backed securities and commercial mortgage loans, not already pledged as collateral under existing contracts as of December 31, 2025.

*Surplus notes* 

The Company has outstanding surplus notes with a carrying value of $112.0 million and $113.2 million at December 31, 2025 and 2024, respectively, issued by SBLIC. The surplus notes consist of $100.0 million of 7.45% notes issued in October 2003 and maturing on October 1, 2033. The surplus notes were issued pursuant to Rule 144A under the Securities Act of 1933. The surplus notes have repayment conditions and restrictions, whereby each payment of interest or principal on the surplus notes may be made only with the prior approval of the Commissioner of the Kansas Department of Insurance ("Kansas Commissioner") and only out of SBLIC surplus funds that the Kansas Commissioner determines to be available for such payment under the Kansas Insurance Code.

*Future principal payments* 

At December 31, 2025, future principal payments for the years ending December 31 are as follows:

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

15. Debt (continued)

---

| | |
|:---|:---|
|  | **Surplus<br>Notes** |
|  | *(in thousands)* |
| 2026 | $— |
| 2027 |  |
| 2028 |  |
| 2029 |  |
| 2030 |  |
|  Thereafter | 100000 |
|  Total amount of future principal payments | $100000 |

---

*Interest expense* as presented in the Consolidated Statements of Operations consisted of the following for the years ended:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
|  | *(in thousands)* | *(in thousands)* | *(in thousands)* |
|  Debt/notes payable: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surplus note interest | $**6258** | $6321 | $6381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt from consolidated VIE interest | **11100** | 103459 | 98592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note payable - SAILES 2, LLC interest | **—** | 52 | 14 |
|  Total debt/notes payable interest | **17358** | 109832 | 104987 |
|  Repurchase agreement interest | **23458** | 58768 | 23990 |
|  Other interest | **41321** | 43425 | 29191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $**82137** | $212025 | $158168 |

---

16. Related-Party Transactions

There are numerous transactions between the Company and entities related to the Company. Following are those the Company considers material (0.5% of total assets) that are not otherwise discussed (see Notes 1, 3, and 10). Transactions that are deemed to be immaterial (less than 0.5% of total assets) are not disclosed herein.

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

16. Related-Party Transactions (continued)

As of December 31, 2025 and 2024, the Company had investments in collateral loans of $13.8 billion and $12.6 billion, respectively, issued by related parties. These investments are included in *Fixed maturities, available for sale* on the Consolidated Balance Sheets, and are fully secured through the assets of each borrower. As of December 31, 2025 and 2024, $11.3 billion and $10.0 billion, respectively, of these loans were subject to cross-collateralization agreements and a separate master guaranty. Through the cross-collateralization agreements, the Company has the ability to exercise remedies against the assets of any related borrower to satisfy a loan in default. Under the master guaranty, collateral must be retained by the related party borrowers and certain of their parent entities, providing additional credit enhancement to the Company. No individual issuers were above 0.5% of assets threshold.

As of December 31, 2025 and 2024, the Company had the following investments in notes receivables with interest rates ranging from 4.8% to 8.5% and maturity dates ranging from February 2026 through December 2026. These investments are included in *Notes receivable from related parties* on the Consolidated Balance Sheets and are typically fully collateralized by assets of the debtor:

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
|  | *(in thousands)* | *(in thousands)* |
|  Mine Creek, LLC | $**1125000** | $— |
|  Winward Portfolio Trust, LLC | **797000** |  |
|  Holliday Park, LLC | **760000** | 565000 |
|  Auburndale, LLC | **647000** | 402000 |
|  Chain Bridge Opportunistic Funding Holdings, LLC | **567000** | 119000 |
|  Nicodemus Place, LLC | **494000** | 347000 |

---

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

16. Related-Party Transactions (continued)

As of December 31, 2025 and 2024, the Company had investments in commercial and residential mortgage loans with related parties in the amount of $2,836.8 million and $2,234.5 million, respectively. The Company had the following individually material investments in commercial and residential mortgage loans:

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
|  | *(in thousands)* | *(in thousands)* |
|  OBH HoldCo | $**1745258** | $1579899 |

---

As of December 31, 2025 and 2024, the Company had investments in joint ventures and partnerships of $1,266.0 million and $1,138.1 million, respectively, accounted for under the equity method pursuant to ASC 970-323-25-6. These equity method investments are considered to be with related parties.

SBL Holdings, Inc. (SBLH), the Company's immediate parent, acquired an equity method investment in SkyRidge Cayman Holdings LLC, which is the ultimate parent company of SkyRidge Re Reinsurers (see Note 5). SBLIC entered into coinsurance with funds withheld reinsurance agreements to cede certain fixed annuity and fixed index annuity liabilities to the SkyRidge Re Reinsurers (see Note 10). SBLIC also entered into investment management agreements with the SkyRidge Re Reinsurers to manage their investments. As a result of these relationships, the SkyRidge Re Reinsurers are considered related parties for purposes of GAAP.

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

16. Related-Party Transactions (continued)

As of December 31, 2025 and 2024, the Company had total investments in securitizations in which related parties act as one or more of the collateral managers or sub-collateral managers of $3,111.2 million and $4,565.5 million, respectively. The repayment of these investments is provided by unrelated party assets and the Company does not have recourse to the related collateral manager or in the case of non-performance on the unrelated assets. These investments are included in *Fixed maturities, available for sale* and *Short-term investments* on the Consolidated Balance Sheets, aggregated at the issuer level. The Company had the following individually material investments in securitizations in which related parties act as on or more of the collateral managers or sub-collateral managers:

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
|  | *(in thousands)* | *(in thousands)* |
|  Binney Park Capital LLC | $**537184** | $525280 |
|  Shawnee 2025-1 LLC | **450750** | 91000 |
|  Cedar Crest 2022-1, LLC | **425307** | 745620 |
|  Cedar Crest 2021-2, LLC | **220650** | 501849 |
|  Gage Park, LLC | **217493** | 388547 |
|  Shawnee 2022-2 LLC | **196962** | 455188 |
|  Cedar Crest 2021-1, LLC | **132106** | 390801 |

---

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

16. Related-Party Transactions (continued)

As of December 31, 2025 and 2024, the Company had total investments in other related parties of $3,159.9 million and $3,720.8 million, respectively. These investments are included in *Fixed maturity investments available for sale, Equity securities at fair value and Short-term investments* on the Consolidated Balance Sheets. The Company had the following individually material investments in other related parties:

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
|  | *(in thousands)* | *(in thousands)* |
|  Crawford Park Capital, LLC | $**682000** | $— |
|  American Media Productions, LLC | **371503** | 349911 |
|  Cain Re LLC | **266263** | 259173 |
|  Banner Creek Bridge, LLC | **—** | 684000 |
|  Laisah, LLC | **—** | 429579 |

---

Pursuant to an agreement effective January 1, 2017 (as amended effective November 1, 2020), the Company paid $165.0 million, $152.3 million, and $140.1 million for the years ended December 31, 2025, 2024 and 2023, respectively, to Eldridge Business Services, LLC for providing investment services and business development services related to investment strategy, asset origination, developing new and differentiated products, enhancing existing or developing new marketing and distribution strategies, and assisting in capital planning and rating agency support.

The Company has a portfolio of collateral loan obligations ("CLOs") it owns, which portfolio is managed by Eldridge Structured Credit Advisors, LLC (previously, Panagram Structured Asset Management, LLC). The Company also invests in warehouses for CLOs and loan and mezzanine investment funds managed by related parties. The manager of the CLO is entitled to senior, subordinated and incentive management fees payable by the CLO issuer; in some cases, the manager of the warehouse entity is entitled to management fees payable by the warehouse entity and the manager of the fund is entitled to fees. The Company is not directly liable for such fees,

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

16. Related-Party Transactions (continued)

but, insofar as the Company directly or indirectly owns any portion of the most subordinate or residual tranche of a CLO or a warehouse entity or investment in a fund, the Company may be considered to bear the portion of such fees indirectly. The aggregate of such portions of such fees borne by the Company indirectly for periods in which any such manager was a related party were $0.7 million, $0.5 million, and $7.2 million for the years ended December 31, 2025, 2024 and 2023, respectively.

The Company paid fees of $247.1 million, $241.5 million and $223.9 million for the years ended December 31, 2025, 2024 and 2023, respectively, to SBBS for providing management and administrative services.

The Company received $0.0 million, $0.0 million, and $435.0 million in capital contributions from SBLH during 2025, 2024, and 2023 respectively. The Company paid $642.2 million, $855.0 million, and $350.0 million in dividends to SBLH during 2025 and 2024, and 2023, respectively.

The Company has noncontrolling interest of $92.1 million as a result of an investment transaction which consolidates within the Company with a minority interest held by EWS.

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

17. Statutory Financial Information and Regulatory Net Capital Requirements

The Company's statutory-basis financial statements are prepared on the basis of accounting practices prescribed or permitted by the Kansas Department of Insurance and the Vermont Department of Financial Regulation, as applicable. Kansas and Vermont have adopted the National Association of Insurance Commissioners' accounting practices and procedures manual of statutory accounting practices ("NAIC SAP") as the basis of its statutory accounting practices. In addition, the Kansas Commissioner and the Vermont Commissioner have the right to prescribe or permit other specific practices that may deviate from NAIC SAP. Permitted statutory accounting practices encompass all accounting practices that are not prescribed; such practices may differ from state to state, may differ from company to company within a state, and may change in the future.

Effective July 1, 2019, the State of Kansas adopted a statute for eligible derivative assets that differ from NAIC SAP which allows SBLIC, to the extent the hedging program is and continues to be economically effective, to report the eligible derivative assets at amortized cost. Eligible derivative assets consist of call and put options used to hedge the fixed index annuity index credits. In addition, under NAIC SAP, the corresponding reserve liabilities that are hedged by the call and put options are calculated under Actuarial Guideline 35, whereas the statute allows the reserves to assume the market value of the eligible derivative assets associated with the current interest crediting periods to be zero. At the conclusion of each interest crediting period, interest credited is reflected in reserves as realized. In addition, effective December 31, 2016, the Kansas Commissioner granted SBLIC approval of a permitted practice to reset unassigned surplus to zero in accordance with SSAP No. 72—Surplus and Quasi-Reorganizations.

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

17. Statutory Financial Information and Regulatory Net Capital Requirements (continued)

The following table presents the impact of SBLIC's permitted and prescribed practices as of December 31:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
|  | *(in thousands)* | *(in thousands)* | *(in thousands)* |
|  Net income | $**110425** | $245834 | $298155 |
|  Capital and surplus | **134059** | 289562 | 140255 |

---

Redundant statutory reserves relating to GLWB benefits on fixed index annuity contracts were ceded by SBLIC to SARC, an SBLIC subsidiary, in the amount of $546.4 million and $556.8 million as of December 31, 2025 and 2024, respectively. The assumed reserves on SARC were supported by an excess of loss receivable asset permitted by the Vermont Department of Financial Regulation which increased statutory capital and surplus for SARC by $457.3 million and $513.7 million as of December 31, 2025 and 2024, respectively. The permitted practice had no impact on SARC's statutory net income.

SBLIC total adjusted capital, including surplus notes (see Note 15), was $8,203.8 million and $7,217.9 million at December 31, 2025 and 2024, respectively. Statutory net income of the insurance operations was $1,015.1 million, $1,181.8 million, and $1,202.5 million for the years ended December 31, 2025, 2024, and 2023, respectively.

Life insurance companies are subject to certain risk-based capital ("RBC") requirements as specified by state law. The NAIC SAP has a standard formula for calculating RBC based on the risk factors relating to an insurance company's capital and surplus, including asset risk, credit risk, underwriting risk, and business risk. State laws specify regulatory actions if any insurance company's adjusted capital falls below certain levels, including the company action-level RBC and the authorized control-level RBC.

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

17. Statutory Financial Information and Regulatory Net Capital Requirements (continued)

The Company may not, without notice to the Kansas Commissioner and (A) the expiration of 30 days without disapproval by the Kansas Commissioner or (B) the Kansas Commissioner's earlier approval, pay a dividend or distribution of cash or other property whose fair market value together with that of other dividends or distributions made within the preceding 12 months exceeds the greater of (1) 10% of its surplus as regards to policyholders as of the preceding December 31 or (2) the net gain from operations, not including realized capital gains, for the 12-month period ending on the preceding December 31. Any dividends paid must be paid from unassigned surplus.

SD is subject to the SEC Uniform Net Capital Rule (Rule 15c3-1 under the Securities Exchange Act of 1934). SD computes its net capital requirements under the basic method, which requires the maintenance of minimum net capital (greater of $25,000 or 6 2/3% of aggregated indebtedness) and requires that the ratio of aggregate indebtedness to net capital, both as defined, shall not exceed 15 to 1. Advances to related parties, dividend payments, and other equity withdrawals are subject to certain notification and other provisions of the SEC Uniform Net Capital Rule or other regulatory bodies.

At December 31, 2025, SD had net capital of $7.4 million, which was $7.0 million in excess of its required net capital of $0.4 million. SD claims exemption from Rule 15c3-3, which requires a reserve with respect to customer funds, pursuant to Paragraph (k)(2)(i) thereof. SD's ratio of aggregate indebtedness to net capital was 0.77 to 1 at December 31, 2025.

18. Subsequent Events

Subsequent events have been evaluated through April 24, 2026, which is the date the financial statements were issued.

------

Security Benefit Life Insurance Company and Subsidiaries

Notes to Consolidated Financial Statements (continued)

18. Subsequent Events (continued)

Effective January 19, 2026, SBLIC, and Eldridge Credit Advisers, LLC ("ECA") entered into an investment management agreement (the "ECA IMA"). ECA is a subsidiary of Eldridge Capital Management, LLC ("ECM"), which is a subsidiary of Eldridge, LLC, our indirect parent. Under the ECA IMA, ECA became the overall investment adviser to SBLIC with investment authority in various investment types and the ability to engage subadvisers. Personnel responsible for the Company's investments were transferred to ECM or subsidiaries of ECM, with the exception of, among others, certain investment operations personnel. The transferred personnel will perform substantially the same functions at ECM, ECA or other subsidiaries of ECM as they did previously at the Company, subject to the oversight of, as applicable, the Board of Directors, its Investment Committee, and the newly established Conflicts Committee, the members of which include two independent advisory directors of SBLH.

In February 2026, the Company received a contribution of $600.0 million from SBLH.

The Company paid SBLH a $40.0 million ordinary cash dividend on March 31, 2026.

The Company declared a $170 million ordinary cash dividend on April 13, 2026 to be paid to SBLH in May 2026.

------

Exhibits and Financial Statement Schedules

------

Security Benefit Life Insurance Company and Subsidiaries

Exhibits and Financial Statement Schedules

Years Ended December 31, 2025, 2024 and 2023

#### Contents

---

| | |
|:---|:---|
|  [Report of Independent Auditors on Schedules](#sblfin935931_101) | 129 |
|  Exhibits and Financial Statement Schedules |  |
|  [Schedule I - Summary of Investments Other Than Investments in Related Parties as of December 31, 2025](#sblfin935931_103) | 130 |
|  [Schedule III - Supplementary Insurance Information for the years ended December 31, 2025, 2024 and 2023](#sblfin935931_104) | 131 |
|  [Schedule IV - Reinsurance for the year ended December 31, 2025, 2024 and 2023](#sblfin935931_105) | 132 |

---

------

![LOGO](g935931dsp0134.jpg)

#### Report of Independent Auditors
The Board of Directors

Security Benefit Life Insurance Company

We have audited the consolidated financial statements of Security Benefit Life Insurance Company and Subsidiaries (the Company) as of December 31, 2025 and 2024, and for each of the three years in the period ended December 31, 2025, and have issued our report thereon dated April 24, 2026 (included elsewhere in this Registration Statement). Our audits of the consolidated financial statements included the financial statement schedules listed in Item 24(a)(2) of this Registration Statement. These schedules are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's schedules, based on our audits.

In our opinion, the schedules present fairly, in all material respects, the information set forth therein when considered in conjunction with the consolidated financial statements.

/s/ Ernst & Young LLP

Kansas City, Missouri

April 24, 2026

2603-10001-CS 129

A member firm of Ernst & Young Global Limited

------

Security Benefit Life Insurance Company and Subsidiaries

Schedule I - Summary of Investments

Other Than Investments in Related Parties

As of December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Cost adjusted for<br>related party** | **Value adjusted for<br>related party** | **Amount at which<br>shown in the balance<br>sheet adjusted for<br>related party** |
|  | *(in thousands)* | *(in thousands)* | *(in thousands)* |
|  Securities available for sale: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed maturity investments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury securities and other U.S. government corporations and agencies | $**282127** | $**287519** | $**287519** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Obligations of government-sponsored enterprises | **820280** | **832594** | **832594** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate | **9236980** | **9298473** | **9298473** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal obligations | **325607** | **330991** | **330991** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial mortgage-backed | **154042** | **153355** | **153355** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential mortgage-backed | **12616** | **11772** | **11772** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized debt obligations | **4103** | **4437** | **4437** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized loan obligations | **6162333** | **6188701** | **6188701** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemable preferred stock | **39475** | **45973** | **45973** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other asset backed | **3853311** | **3856444** | **3856444** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total fixed maturity investments | $**20890874** | $**21010259** | $**21010259** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer | $**381254** | $**465632** | $**465632** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mutual funds | **3115** | **2879** | **2879** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred stocks | **186953** | **182597** | **182597** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total equity securities | $**571322** | $**651108** | $**651108** |
|  Securities Fair Value Option: |  |  |  |
|  Fixed maturities | $**1084408** | $**1069141** | $**1069141** |
|  Mortgage loans | **1084408** | **1069141** | **1069141** |
|  Cash and cash equivalents | **2131843** | **2131843** | **2131843** |
|  Short-term investments | **320751** | **320751** | **320751** |
|  Derivative assets | **1541359** | **1541359** | **1541359** |
|  | $**27624965** | $**27793602** | $**27793602** |

---

*See accompanying Report of Independent Auditors* 

------

Security Benefit Life Insurance Company and Subsidiaries

Schedule III - Supplementary Insurance Information

As of December 31, 2025 and 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Deferred policy<br>acquisition cost** | **Future policy<br>benefits, losses,<br>claims and loss<br>expenses** | **Unearned<br>premiums** | **Other policy<br>claims and<br>benefits**<br>**payable** | |
|  | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* |
|  As of December 31, 2025: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life, health, and annuity | $1715755 | $53605353 | $— | $7544982 |  |
|  As of December 31, 2024: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life, health, and annuity | 1316270 | 54792373 |  | 6098188 |  |
|  | **Premium<br>revenue** | **Net investment<br>income** | **Benefits,<br>claims, losses<br>and settlement<br>expenses** | **Amortization<br>of deferred<br>policy<br>acquisition<br>costs** | **Other<br>operating<br>expenses** |
|  | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* |
|  As of December 31, 2025: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life, health, and annuity | $257374 | $2745131 | $1875261 | $201013 | $496839 |
|  As of December 31, 2024: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life, health, and annuity | 273050 | 3026091 | 1713678 | 291295 | 643190 |

---

*See accompanying Report of Independent Auditors* 

------

Security Benefit Life Insurance Company and Subsidiaries

Schedule IV - Reinsurance

Years Ended December 31, 2025, 2024 and 2023

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Gross<br>amount** | **Ceded to other<br>companies** | **Assumed from<br>companies** | **Net amount** | **Percent of amount<br>assumed to net** |
|  | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* |
|  Life insurance in force | $1554577 | $1553344 | $426186 | $427420 | 100% |
|  Premiums: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life insurance | 15394 | 15394 | 8773 | 8773 | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity | 7685970 | 2241025 | 8245 | 5453190 | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accident and health insurance |  |  | 37 | 37 | 100% |
|  Total premiums | $7701364 | $2256419 | $17055 | $5462000 | 0% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Gross<br>amount** | **Ceded to other<br>companies** | **Assumed from<br>companies** | **Net amount** | **Percent of amount<br>assumed to net** |
|  | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* |
|  Life insurance in force | $1662273 | $1655611 | $444788 | $451450 | 99% |
|  Premiums: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life insurance | 16289 | 16289 | 9748 | 9748 | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity | 6796955 | 1981470 | 10790 | 4826275 | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accident and health insurance |  |  | 45 | 45 | 100% |
|  Total premiums | $6813244 | $1997759 | $20583 | $4836068 | 0% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** |
|  | **Gross<br>amount** | **Ceded to other<br>companies** | **Assumed from<br>companies** | **Net amount** | **Percent of amount<br>assumed to net** |
|  | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* |
|  Life insurance in force | $1739427 | $1733372 | $474049 | $480104 | 99% |
|  Premiums: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life insurance | 17299 | 17299 | 7125 | 7125 | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annuity | 6721795 | 2475021 | 10292 | 4257066 | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accident and health insurance |  |  | 50 | 50 | 0% |
|  Total premiums | $6739094 | $2492320 | $17467 | $4264241 | 0% |

---

------

FINANCIAL STATEMENTS

SBL Variable Annuity Account XIV

Year Ended December 31, 2025

With Report of Independent Registered Public Accounting Firm

------

SBL Variable Annuity Account XIV

Financial Statements

Year Ended December 31, 2025

Contents

---

| | |
|:---|:---|
|  [Report of Independent Registered Public Accounting Firm](#fin61095_1) | 1 |
|  [Audited Financial Statements](#fin61095_2) |  |
|  [Statements of Net Assets](#fin61095_3) | 20 |
|  [Statements of Operations and Change in Net Assets](#fin61095_4) | 30 |
|  [Notes to Financial Statements](#fin61095_5) | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[1. Organization and Significant Accounting Policies](#fin61095_6) | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[2. Variable Annuity Contract Charges](#fin61095_7) | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[3. Summary of Unit Transactions](#fin61095_8) | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[4. Financial Highlights](#fin61095_9) | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[5. Subsequent Events](#fin61095_10) | 300 |

---

------

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Security Benefit Life Insurance Company

and Contract Owners of SBL Variable Annuity Account XIV

#### Opinion on the Financial Statements
We have audited the accompanying statements of net assets of each of the subaccounts listed in the Appendix that comprise SBL Variable Annuity Account XIV (the Separate Account), as of December 31, 2025 and the related statements of operations and change in net assets for each of the periods indicated in the Appendix, and 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 subaccount as of December 31, 2025, the results of its operations and changes in its net assets for each of the periods indicated in the Appendix, in conformity with U.S. generally accepted accounting principles.

#### Basis for Opinion
These financial statements are the responsibility of the Separate Account's management. Our responsibility is to express an opinion on each of the subaccounts' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Separate Account in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements 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 procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the fund companies or their transfer agents, as applicable. 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. We believe that our audits provide a reasonable basis for our opinion.

/s/ Ernst & Young LLP

We have served as the Separate Account's auditor since 2000.

Kansas City, Missouri

April 24, 2026

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#### Appendix

#### Subaccounts comprising SBL Variable Annuity Account XIV

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| | |
|:---|:---|
| **Subaccounts** | **Statements of operations and changes in net assets** |
| AB VPS Discovery Value Portfolio | For each of the two years in the period ended December 31, 2025 |
| AB VPS Dynamic Asset Allocation | For each of the two years in the period ended December 31, 2025 |
| AB VPS Relative Value Portfolio | For each of the two years in the period ended December 31, 2025 |
| AB VPS Sustainable Global Thematic Growth | For each of the two years in the period ended December 31, 2025 |
| AFIS Capital World Growth and Income | For each of the two years in the period ended December 31, 2025 |
| AFIS U.S. Government Securities | For each of the two years in the period ended December 31, 2025 |
| AFIS Washington Mutual Investors | For each of the two years in the period ended December 31, 2025 |
| Alger Capital Appreciation | For each of the two years in the period ended December 31, 2025 |
| Alger Large Cap Growth | For each of the two years in the period ended December 31, 2025 |
| Allspring Growth | For each of the two years in the period ended December 31, 2025 |
| Allspring Large Cap Core | For each of the two years in the period ended December 31, 2025 |
| Allspring Opportunity | For each of the two years in the period ended December 31, 2025 |
| Allspring Opportunity VT | For each of the two years in the period ended December 31, 2025 |
| Allspring Small Company Value | For each of the two years in the period ended December 31, 2025 |
| Allspring VT Discovery All Cap Growth Fund | For each of the two years in the period ended December 31, 2025 |
| ALPS/Alerian Energy Infrastructure | For each of the two years in the period ended December 31, 2025 |
| American Century Diversified Bond | For each of the two years in the period ended December 31, 2025 |
| American Century Equity Income | For each of the two years in the period ended December 31, 2025 |
| American Century Heritage | For each of the two years in the period ended December 31, 2025 |
| American Century International Growth | For each of the two years in the period ended December 31, 2025 |
| American Century Select | For each of the two years in the period ended December 31, 2025 |

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| | |
|:---|:---|
| **Subaccounts** | **Statements of operations and changes in net assets** |
| American Century Strategic Allocation: Aggressive | For each of the two years in the period ended December 31, 2025 |
| American Century Strategic Allocation: Conservative | For each of the two years in the period ended December 31, 2025 |
| American Century Strategic Allocation: Moderate | For each of the two years in the period ended December 31, 2025 |
| American Century Ultra<sup>®</sup> | For each of the two years in the period ended December 31, 2025 |
| American Funds IS<sup>®</sup> Asset Allocation | For each of the two years in the period ended December 31, 2025 |
| American Funds IS<sup>®</sup> Capital World Bond | For each of the two years in the period ended December 31, 2025 |
| American Funds IS<sup>®</sup> Global Growth | For each of the two years in the period ended December 31, 2025 |
| American Funds IS<sup>®</sup> Global Small Capitalization | For each of the two years in the period ended December 31, 2025 |
| American Funds IS<sup>®</sup> Growth | For each of the two years in the period ended December 31, 2025 |
| American Funds IS<sup>®</sup> Growth-Income | For each of the two years in the period ended December 31, 2025 |
| American Funds IS<sup>®</sup> International | For each of the two years in the period ended December 31, 2025 |
| American Funds IS<sup>®</sup> International Growth and Income | For each of the two years in the period ended December 31, 2025 |
| American Funds IS<sup>®</sup> Mortgage | For each of the two years in the period ended December 31, 2025 |
| American Funds IS<sup>®</sup> New World | For each of the two years in the period ended December 31, 2025 |
| AMG River Road Mid Cap Value | For each of the two years in the period ended December 31, 2025 |
| Ariel<sup>®</sup> | For each of the two years in the period ended December 31, 2025 |
| Baron Asset | For each of the two years in the period ended December 31, 2025 |
| BlackRock Advantage Large Cap Core V.I. | For each of the two years in the period ended December 31, 2025 |
| BlackRock Advantage Small Cap Growth | For each of the two years in the period ended December 31, 2025 |
| BlackRock Basic Value V.I. | For each of the two years in the period ended December 31, 2025 |
| BlackRock Capital Appreciation V.I. | For each of the two years in the period ended December 31, 2025 |
| BlackRock Equity Dividend | For each of the two years in the period ended December 31, 2025 |
| BlackRock Equity Dividend V.I. | For each of the two years in the period ended December 31, 2025 |

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| | |
|:---|:---|
| **Subaccounts** | **Statements of operations and changes in net assets** |
| BlackRock Global Allocation | For each of the two years in the period ended December 31, 2025 |
| BlackRock Global Allocation V.I. | For each of the two years in the period ended December 31, 2025 |
| BlackRock High Yield V.I. | For each of the two years in the period ended December 31, 2025 |
| BlackRock Large Cap Focus Growth V.I. | For each of the two years in the period ended December 31, 2025 |
| BNY Mellon Appreciation | For each of the two years in the period ended December 31, 2025 |
| BNY Mellon Dynamic Value | For each of the two years in the period ended December 31, 2025 |
| BNY Mellon IP MidCap Stock | For each of the two years in the period ended December 31, 2025 |
| BNY Mellon IP Small Cap Stock Index | For each of the two years in the period ended December 31, 2025 |
| BNY Mellon IP Technology Growth | For each of the two years in the period ended December 31, 2025 |
| BNY Mellon Midcap Value Fund | For each of the two years in the period ended December 31, 2025 |
| BNY Mellon Stock Index | For each of the two years in the period ended December 31, 2025 |
| BNY Mellon VIF Appreciation | For each of the two years in the period ended December 31, 2025 |
| Calamos<sup>®</sup> Growth | For each of the two years in the period ended December 31, 2025 |
| Calamos<sup>®</sup> Growth and Income | For each of the two years in the period ended December 31, 2025 |
| Calamos<sup>®</sup> High Income Opportunities | For each of the two years in the period ended December 31, 2025 |
| ClearBridge Small Cap Growth | For each of the two years in the period ended December 31, 2025 |
| ClearBridge Variable Growth | For each of the two years in the period ended December 31, 2025 |
| ClearBridge Variable Small Cap Growth | For each of the two years in the period ended December 31, 2025 |
| Dimensional VA Equity Allocation | For each of the two years in the period ended December 31, 2025 |
| Dimensional VA Global Bond Portfolio | For each of the two years in the period ended December 31, 2025 |
| Dimensional VA Global Moderate Allocation | For each of the two years in the period ended December 31, 2025 |
| Dimensional VA International Small Portfolio | For each of the two years in the period ended December 31, 2025 |
| Dimensional VA International Value Portfolio | For each of the two years in the period ended December 31, 2025 |

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| | |
|:---|:---|
| **Subaccounts** | **Statements of operations and changes in net assets** |
| Dimensional VA Short-Term Fixed Portfolio | For each of the two years in the period ended December 31, 2025 |
| Dimensional VA U.S. Large Value Portfolio | For each of the two years in the period ended December 31, 2025 |
| Dimensional VA U.S. Targeted Value Portfolio | For each of the two years in the period ended December 31, 2025 |
| Donoghue Forlines Dividend VIT Fund | For each of the two years in the period ended December 31, 2025 |
| Donoghue Forlines Momentum VIT Fund | For each of the two years in the period ended December 31, 2025 |
| DWS Small Mid Cap Value VIP | For each of the two years in the period ended December 31, 2025 |
| Eaton Vance VT Floating-Rate Income | For each of the two years in the period ended December 31, 2025 |
| Federated Hermes Corporate Bond | For each of the two years in the period ended December 31, 2025 |
| Federated Hermes Fund for U.S. Government Securities II | For each of the two years in the period ended December 31, 2025 |
| Federated Hermes High Income Bond II | For each of the two years in the period ended December 31, 2025 |
| Fidelity<sup>®</sup> Advisor Dividend Growth Class M-1 | For each of the two years in the period ended December 31, 2025 |
| Fidelity<sup>®</sup> Advisor Dividend Growth Class M-2 | For the period from August 5, 2025 (inception of operations) through December 31, 2025 |
| Fidelity<sup>®</sup> Advisor International Capital Appreciation | For each of the two years in the period ended December 31, 2025 |
| Fidelity<sup>®</sup> Advisor Leveraged Company Stock | For the year ended December 31, 2025 and the period from October 25, 2024 (inception of operations) through December 31, 2024 |
| Fidelity<sup>®</sup> Advisor New Insights | For each of the two years in the period ended December 31, 2025 |
| Fidelity<sup>®</sup> Advisor Real Estate | For each of the two years in the period ended December 31, 2025 |
| Fidelity<sup>®</sup> Advisor Stock Selector Mid Cap | For each of the two years in the period ended December 31, 2025 |
| Fidelity<sup>®</sup> Advisor Value Strategies | For each of the two years in the period ended December 31, 2025 |
| Fidelity<sup>®</sup> VIP Balanced | For each of the two years in the period ended December 31, 2025 |
| Fidelity<sup>®</sup> VIP Contrafund | For each of the two years in the period ended December 31, 2025 |
| Fidelity<sup>®</sup> VIP Disciplined Small Cap | For each of the two years in the period ended December 31, 2025 |
| Fidelity<sup>®</sup> VIP Emerging Markets | For each of the two years in the period ended December 31, 2025 |

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---

| | |
|:---|:---|
| **Subaccounts** | **Statements of operations and changes in net assets** |
| Fidelity<sup>®</sup> VIP Equity-Income | For each of the two years in the period ended December 31, 2025 |
| Fidelity<sup>®</sup> VIP Growth & Income | For each of the two years in the period ended December 31, 2025 |
| Fidelity<sup>®</sup> VIP Growth Opportunities | For each of the two years in the period ended December 31, 2025 |
| Fidelity<sup>®</sup> VIP High Income | For each of the two years in the period ended December 31, 2025 |
| Fidelity<sup>®</sup> VIP Index 500 | For each of the two years in the period ended December 31, 2025 |
| Fidelity<sup>®</sup> VIP Investment Grade Bond | For each of the two years in the period ended December 31, 2025 |
| Fidelity<sup>®</sup> VIP Mid Cap | For each of the two years in the period ended December 31, 2025 |
| Fidelity<sup>®</sup> VIP Overseas | For each of the two years in the period ended December 31, 2025 |
| Fidelity<sup>®</sup> VIP Real Estate | For each of the two years in the period ended December 31, 2025 |
| Fidelity<sup>®</sup> VIP Strategic Income | For each of the two years in the period ended December 31, 2025 |
| Franklin Allocation VIP Fund | For each of the two years in the period ended December 31, 2025 |
| Franklin DynaTech VIP | For each of the two years in the period ended December 31, 2025 |
| Franklin Growth and Income VIP Fund | For each of the two years in the period ended December 31, 2025 |
| Franklin Income VIP Fund | For each of the two years in the period ended December 31, 2025 |
| Franklin Large Cap Growth VIP Fund | For each of the two years in the period ended December 31, 2025 |
| Franklin Mutual Global Discovery VIP Fund | For each of the two years in the period ended December 31, 2025 |
| Franklin Mutual Shares VIP Fund | For each of the two years in the period ended December 31, 2025 |
| Franklin Rising Dividends VIP Fund | For each of the two years in the period ended December 31, 2025 |
| Franklin Small Cap Value VIP Fund | For each of the two years in the period ended December 31, 2025 |
| Franklin Small-Mid Cap Growth VIP Fund | For each of the two years in the period ended December 31, 2025 |
| Franklin Strategic Income VIP Fund | For each of the two years in the period ended December 31, 2025 |
| Franklin U.S. Government Securities VIP Fund | For each of the two years in the period ended December 31, 2025 |
| Goldman Sachs Emerging Markets Equity | For each of the two years in the period ended December 31, 2025 |

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| | |
|:---|:---|
| **Subaccounts** | **Statements of operations and changes in net assets** |
| Goldman Sachs Government Income | For each of the two years in the period ended December 31, 2025 |
| Goldman Sachs VIT International Equity Insights | For each of the two years in the period ended December 31, 2025 |
| Goldman Sachs VIT Large Cap Value | For each of the two years in the period ended December 31, 2025 |
| Goldman Sachs VIT Mid Cap Growth Fund | For each of the two years in the period ended December 31, 2025 |
| Goldman Sachs VIT Mid Cap Value | For each of the two years in the period ended December 31, 2025 |
| Goldman Sachs VIT Small Cap Equity Insights | For each of the two years in the period ended December 31, 2025 |
| Goldman Sachs VIT Strategic Growth | For each of the two years in the period ended December 31, 2025 |
| Guggenheim Core Bond | For each of the two years in the period ended December 31, 2025 |
| Guggenheim Floating Rate Strategies | For each of the two years in the period ended December 31, 2025 |
| Guggenheim High Yield | For each of the two years in the period ended December 31, 2025 |
| Guggenheim Macro Opportunities | For each of the two years in the period ended December 31, 2025 |
| Guggenheim Managed Futures Strategy | For each of the two years in the period ended December 31, 2025 |
| Guggenheim Multi-Hedge Strategies | For each of the two years in the period ended December 31, 2025 |
| Guggenheim Total Return Bond | For each of the two years in the period ended December 31, 2025 |
| Guggenheim VIF Floating Rate Strategies | For each of the two years in the period ended December 31, 2025 |
| Guggenheim VIF Global Managed Futures Strategy | For each of the two years in the period ended December 31, 2025 |
| Guggenheim VIF High Yield | For each of the two years in the period ended December 31, 2025 |
| Guggenheim VIF Multi-Hedge Strategies | For each of the two years in the period ended December 31, 2025 |
| Guggenheim VIF Total Return Bond | For each of the two years in the period ended December 31, 2025 |
| Invesco American Franchise | For each of the two years in the period ended December 31, 2025 |
| Invesco Comstock | For each of the two years in the period ended December 31, 2025 |
| Invesco Developing Markets | For each of the two years in the period ended December 31, 2025 |
| Invesco Discovery | For each of the two years in the period ended December 31, 2025 |

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| | |
|:---|:---|
| **Subaccounts** | **Statements of operations and changes in net assets** |
| Invesco Discovery Mid Cap Growth | For each of the two years in the period ended December 31, 2025 |
| Invesco Energy | For each of the two years in the period ended December 31, 2025 |
| Invesco Equity and Income | For each of the two years in the period ended December 31, 2025 |
| Invesco Global | For each of the two years in the period ended December 31, 2025 |
| Invesco Gold & Special Minerals | For each of the two years in the period ended December 31, 2025 |
| Invesco Main Street Mid Cap | For each of the two years in the period ended December 31, 2025 |
| Invesco Small Cap Growth | For each of the two years in the period ended December 31, 2025 |
| Invesco Technology | For each of the two years in the period ended December 31, 2025 |
| Invesco V.I. American Franchise Series I | For each of the two years in the period ended December 31, 2025 |
| Invesco V.I. American Franchise Series II | For each of the two years in the period ended December 31, 2025 |
| Invesco V.I. American Value | For each of the two years in the period ended December 31, 2025 |
| Invesco V.I. Balanced-Risk Allocation | For each of the two years in the period ended December 31, 2025 |
| Invesco V.I. Comstock | For each of the two years in the period ended December 31, 2025 |
| Invesco V.I. Core Equity | For each of the two years in the period ended December 31, 2025 |
| Invesco V.I. Core Plus Bond | For each of the two years in the period ended December 31, 2025 |
| Invesco V.I. Discovery Mid Cap Growth | For each of the two years in the period ended December 31, 2025 |
| Invesco V.I. Equally-Weighted S&P 500 | For each of the two years in the period ended December 31, 2025 |
| Invesco V.I. Equity and Income | For each of the two years in the period ended December 31, 2025 |
| Invesco V.I. EVQ International Equity Fund | For each of the two years in the period ended December 31, 2025 |
| Invesco V.I. Global | For each of the two years in the period ended December 31, 2025 |
| Invesco V.I. Global Core Equity | For each of the two years in the period ended December 31, 2025 |
| Invesco V.I. Global Real Estate Series I | For each of the two years in the period ended December 31, 2025 |
| Invesco V.I. Global Real Estate Series II | For each of the two years in the period ended December 31, 2025 |

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| | |
|:---|:---|
| **Subaccounts** | **Statements of operations and changes in net assets** |
| Invesco V.I. Global Strategic Income | For each of the two years in the period ended December 31, 2025 |
| Invesco V.I. Government Money Market | For each of the two years in the period ended December 31, 2025 |
| Invesco V.I. Government Securities | For each of the two years in the period ended December 31, 2025 |
| Invesco V.I. Growth and Income | For each of the two years in the period ended December 31, 2025 |
| Invesco V.I. Health Care Series I | For each of the two years in the period ended December 31, 2025 |
| Invesco V.I. Health Care Series II | For each of the two years in the period ended December 31, 2025 |
| Invesco V.I. International Growth Fund | For each of the two years in the period ended December 31, 2025 |
| Invesco V.I. Main Street Mid Cap Fund<sup>®</sup> | For each of the two years in the period ended December 31, 2025 |
| Invesco V.I. Main Street Small Cap Fund<sup>®</sup> | For each of the two years in the period ended December 31, 2025 |
| Invesco V.I. Small Cap Equity | For each of the two years in the period ended December 31, 2025 |
| Invesco Value Opportunities | For each of the two years in the period ended December 31, 2025 |
| Janus Henderson Adaptive Risk Managed U.S. Equity | For each of the two years in the period ended December 31, 2025 |
| Janus Henderson Mid Cap Value | For each of the two years in the period ended December 31, 2025 |
| Janus Henderson Overseas | For each of the two years in the period ended December 31, 2025 |
| Janus Henderson VIT Enterprise | For each of the two years in the period ended December 31, 2025 |
| Janus Henderson VIT Mid Cap Value | For each of the two years in the period ended December 31, 2025 |
| Janus Henderson VIT Overseas | For each of the two years in the period ended December 31, 2025 |
| Janus Henderson VIT Research | For each of the two years in the period ended December 31, 2025 |
| Lord Abbett Series Bond-Debenture VC | For each of the two years in the period ended December 31, 2025 |
| Lord Abbett Series Developing Growth VC | For each of the two years in the period ended December 31, 2025 |
| Lord Abbett Series Dividend Growth VC | For each of the two years in the period ended December 31, 2025 |
| Lord Abbett Series Growth Opportunities VC | For each of the two years in the period ended December 31, 2025 |
| Lord Abbett Series Mid Cap Stock VC | For each of the two years in the period ended December 31, 2025 |

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| | |
|:---|:---|
| **Subaccounts** | **Statements of operations and changes in net assets** |
| Lord Abbett Series Total Return VC | For each of the two years in the period ended December 31, 2025 |
| LVIP American Century Disciplined Core Value | For each of the two years in the period ended December 31, 2025 |
| LVIP American Century Inflation Protection | For each of the two years in the period ended December 31, 2025 |
| LVIP American Century International | For each of the two years in the period ended December 31, 2025 |
| LVIP American Century Mid Cap Value | For each of the two years in the period ended December 31, 2025 |
| LVIP American Century Ultra | For each of the two years in the period ended December 31, 2025 |
| LVIP American Century Value | For each of the two years in the period ended December 31, 2025 |
| LVIP JPMorgan Core Bond Fund | For each of the two years in the period ended December 31, 2025 |
| LVIP JPMorgan Small Cap Core Fund | For each of the two years in the period ended December 31, 2025 |
| LVIP JPMorgan US Equity Fund | For each of the two years in the period ended December 31, 2025 |
| Macquarie Asset Strategy | For each of the two years in the period ended December 31, 2025 |
| MFS<sup>®</sup> VIT Emerging Markets Equity | For each of the two years in the period ended December 31, 2025 |
| MFS<sup>®</sup> VIT Global Tactical Allocation | For each of the two years in the period ended December 31, 2025 |
| MFS<sup>®</sup> VIT II MA Investors Growth Stock | For each of the two years in the period ended December 31, 2025 |
| MFS<sup>®</sup> VIT II Research International | For each of the two years in the period ended December 31, 2025 |
| MFS<sup>®</sup> VIT International Intrinsic Value | For each of the two years in the period ended December 31, 2025 |
| MFS<sup>®</sup> VIT Investors Trust | For each of the two years in the period ended December 31, 2025 |
| MFS<sup>®</sup> VIT New Discovery | For each of the two years in the period ended December 31, 2025 |
| MFS<sup>®</sup> VIT Research | For each of the two years in the period ended December 31, 2025 |
| MFS<sup>®</sup> VIT Total Return | For each of the two years in the period ended December 31, 2025 |
| MFS<sup>®</sup> VIT Total Return Bond | For each of the two years in the period ended December 31, 2025 |
| MFS<sup>®</sup> VIT Utilities | For each of the two years in the period ended December 31, 2025 |
| Morgan Stanley VIF Emerging Markets Debt | For each of the two years in the period ended December 31, 2025 |

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| | |
|:---|:---|
| **Subaccounts** | **Statements of operations and changes in net assets** |
| Morgan Stanley VIF Emerging Markets Equity | For each of the two years in the period ended December 31, 2025 |
| Morningstar Aggressive Growth ETF Asset Allocation Portfolio | For each of the two years in the period ended December 31, 2025 |
| Morningstar Balanced ETF Asset Allocation Portfolio | For each of the two years in the period ended December 31, 2025 |
| Morningstar Conservative ETF Asset Allocation Portfolio | For each of the two years in the period ended December 31, 2025 |
| Morningstar Growth ETF Asset Allocation Portfolio | For each of the two years in the period ended December 31, 2025 |
| Morningstar Income and Growth ETF Asset Allocation Portfolio | For each of the two years in the period ended December 31, 2025 |
| NAA All Cap Value Series | For each of the two years in the period ended December 31, 2025 |
| NAA Large Cap Value | For each of the two years in the period ended December 31, 2025 |
| NAA Large Cap Value Series | For each of the two years in the period ended December 31, 2025 |
| NAA Large Core | For each of the two years in the period ended December 31, 2025 |
| NAA Large Core Series | For each of the two years in the period ended December 31, 2025 |
| NAA Large Growth Series | For each of the two years in the period ended December 31, 2025 |
| NAA Mid Growth | For each of the two years in the period ended December 31, 2025 |
| NAA Mid Growth Series | For each of the two years in the period ended December 31, 2025 |
| NAA Opportunity | For each of the two years in the period ended December 31, 2025 |
| NAA Small Cap Value Series | For each of the two years in the period ended December 31, 2025 |
| NAA Small Growth Series | For each of the two years in the period ended December 31, 2025 |
| NAA SMid Cap Value | For each of the two years in the period ended December 31, 2025 |
| NAA SMid-Cap Value Series | For each of the two years in the period ended December 31, 2025 |
| NAA World Equity Income | For each of the two years in the period ended December 31, 2025 |
| NAA World Equity Income Series | For each of the two years in the period ended December 31, 2025 |
| Neuberger Berman AMT Quality Equity Portfolio Class I | For each of the two years in the period ended December 31, 2025 |
| Neuberger Berman AMT Quality Equity Portfolio Class S | For each of the two years in the period ended December 31, 2025 |

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| | |
|:---|:---|
| **Subaccounts** | **Statements of operations and changes in net assets** |
| Neuberger Berman Core Bond | For each of the two years in the period ended December 31, 2025 |
| Neuberger Large Cap Value Fund | For each of the two years in the period ended December 31, 2025 |
| Neuberger Quality Equity Fund | For each of the two years in the period ended December 31, 2025 |
| Nomura VIP Asset Strategy Series | For each of the two years in the period ended December 31, 2025 |
| Nomura VIP Balanced Series | For each of the two years in the period ended December 31, 2025 |
| Nomura VIP Core Equity Series | For each of the two years in the period ended December 31, 2025 |
| Nomura VIP Energy Series | For each of the two years in the period ended December 31, 2025 |
| Nomura VIP Global Growth Series | For each of the two years in the period ended December 31, 2025 |
| Nomura VIP Growth Series | For each of the two years in the period ended December 31, 2025 |
| Nomura VIP High Income Series | For each of the two years in the period ended December 31, 2025 |
| Nomura VIP International Core Equity Series | For each of the two years in the period ended December 31, 2025 |
| Nomura VIP Limited-Term Bond Series | For each of the two years in the period ended December 31, 2025 |
| Nomura VIP Mid Cap Growth Series | For each of the two years in the period ended December 31, 2025 |
| Nomura VIP Natural Resources Series | For each of the two years in the period ended December 31, 2025 |
| Nomura VIP Science and Technology Series | For each of the two years in the period ended December 31, 2025 |
| Nomura VIP Small Cap Growth Series | For each of the two years in the period ended December 31, 2025 |
| Nomura VIP Smid Cap Core Series | For each of the two years in the period ended December 31, 2025 |
| Nomura VIP Value Series | For each of the two years in the period ended December 31, 2025 |
| North Square Spectrum Alpha | For each of the two years in the period ended December 31, 2025 |
| Northern Global Tactical Asset Allocation | For each of the two years in the period ended December 31, 2025 |
| Northern Large Cap Core | For each of the two years in the period ended December 31, 2025 |
| Northern Large Cap Value | For each of the two years in the period ended December 31, 2025 |
| PGIM Focused Growth | For each of the two years in the period ended December 31, 2025 |

---

------

---

| | |
|:---|:---|
| **Subaccounts** | **Statements of operations and changes in net assets** |
| PGIM Jennison Mid-Cap Growth | For each of the two years in the period ended December 31, 2025 |
| PGIM Jennison Natural Resources | For each of the two years in the period ended December 31, 2025 |
| PGIM Jennison Small Company | For each of the two years in the period ended December 31, 2025 |
| PGIM Quant Solutions Small-Cap Value | For each of the two years in the period ended December 31, 2025 |
| PIMCO All Asset | For each of the two years in the period ended December 31, 2025 |
| PIMCO CommodityRealReturn Strategy | For each of the two years in the period ended December 31, 2025 |
| PIMCO Emerging Markets Bond | For each of the two years in the period ended December 31, 2025 |
| PIMCO High Yield | For each of the two years in the period ended December 31, 2025 |
| PIMCO International Bond (U.S. Dollar-Hedged) | For each of the two years in the period ended December 31, 2025 |
| PIMCO Low Duration | For each of the two years in the period ended December 31, 2025 |
| PIMCO Real Return | For each of the two years in the period ended December 31, 2025 |
| PIMCO StocksPLUS<sup>®</sup> Small Fund | For each of the two years in the period ended December 31, 2025 |
| PIMCO Total Return | For each of the two years in the period ended December 31, 2025 |
| PIMCO VIT All Asset Administrative | For each of the two years in the period ended December 31, 2025 |
| PIMCO VIT All Asset Advisor | For each of the two years in the period ended December 31, 2025 |
| PIMCO VIT CommodityRealReturn Strategy Administrative | For each of the two years in the period ended December 31, 2025 |
| PIMCO VIT CommodityRealReturn Strategy Advisor | For each of the two years in the period ended December 31, 2025 |
| PIMCO VIT Emerging Markets Bond | For each of the two years in the period ended December 31, 2025 |
| PIMCO VIT Global Bond Opportunities Portfolio (Unhedged) | For each of the two years in the period ended December 31, 2025 |
| PIMCO VIT Global Managed Asset Allocation | For each of the two years in the period ended December 31, 2025 |
| PIMCO VIT High Yield | For each of the two years in the period ended December 31, 2025 |
| PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged) | For each of the two years in the period ended December 31, 2025 |
| PIMCO VIT International Bond Portfolio (Unhedged) | For each of the two years in the period ended December 31, 2025 |

---

------

---

| | |
|:---|:---|
| **Subaccounts** | **Statements of operations and changes in net assets** |
| PIMCO VIT Low Duration Administrative | For each of the two years in the period ended December 31, 2025 |
| PIMCO VIT Low Duration Advisor | For each of the two years in the period ended December 31, 2025 |
| PIMCO VIT Real Return Administrative | For each of the two years in the period ended December 31, 2025 |
| PIMCO VIT Real Return Advisor | For each of the two years in the period ended December 31, 2025 |
| PIMCO VIT Short-Term | For each of the two years in the period ended December 31, 2025 |
| PIMCO VIT Total Return Administrative | For each of the two years in the period ended December 31, 2025 |
| PIMCO VIT Total Return Advisor | For each of the two years in the period ended December 31, 2025 |
| Putnam VT Core Equity Fund | For each of the two years in the period ended December 31, 2025 |
| Putnam VT Diversified Income | For each of the two years in the period ended December 31, 2025 |
| Putnam VT Global Asset Allocation | For each of the two years in the period ended December 31, 2025 |
| Putnam VT High Yield | For each of the two years in the period ended December 31, 2025 |
| Putnam VT Income | For each of the two years in the period ended December 31, 2025 |
| Putnam VT Large Cap Growth Fund | For each of the two years in the period ended December 31, 2025 |
| Putnam VT Large Cap Value | For each of the two years in the period ended December 31, 2025 |
| Putnam VT Small Cap Growth | For each of the two years in the period ended December 31, 2025 |
| Putnam VT Small Cap Value | For each of the two years in the period ended December 31, 2025 |
| Royce Micro-Cap | For each of the two years in the period ended December 31, 2025 |
| Royce Small-Cap Opportunity | For each of the two years in the period ended December 31, 2025 |
| Royce Small-Cap Value | For each of the two years in the period ended December 31, 2025 |
| Rydex VIF Banking | For each of the two years in the period ended December 31, 2025 |
| Rydex VIF Basic Materials | For each of the two years in the period ended December 31, 2025 |
| Rydex VIF Biotechnology | For each of the two years in the period ended December 31, 2025 |
| Rydex VIF Commodities Strategy | For each of the two years in the period ended December 31, 2025 |

---

------

---

| | |
|:---|:---|
| **Subaccounts** | **Statements of operations and changes in net assets** |
| Rydex VIF Consumer Products | For each of the two years in the period ended December 31, 2025 |
| Rydex VIF Dow 2x Strategy | For each of the two years in the period ended December 31, 2025 |
| Rydex VIF Electronics | For each of the two years in the period ended December 31, 2025 |
| Rydex VIF Energy | For each of the two years in the period ended December 31, 2025 |
| Rydex VIF Energy Services | For each of the two years in the period ended December 31, 2025 |
| Rydex VIF Europe 1.25x Strategy | For each of the two years in the period ended December 31, 2025 |
| Rydex VIF Financial Services | For each of the two years in the period ended December 31, 2025 |
| Rydex VIF Government Long Bond 1.2x Strategy | For each of the two years in the period ended December 31, 2025 |
| Rydex VIF Health Care | For each of the two years in the period ended December 31, 2025 |
| Rydex VIF High Yield Strategy | For each of the two years in the period ended December 31, 2025 |
| Rydex VIF Internet | For each of the two years in the period ended December 31, 2025 |
| Rydex VIF Inverse Dow 2x Strategy | For each of the two years in the period ended December 31, 2025 |
| Rydex VIF Inverse Government Long Bond Strategy | For each of the two years in the period ended December 31, 2025 |
| Rydex VIF Inverse Mid-Cap Strategy | For each of the two years in the period ended December 31, 2025 |
| Rydex VIF Inverse NASDAQ-100<sup>®</sup> Strategy | For each of the two years in the period ended December 31, 2025 |
| Rydex VIF Inverse Russell 2000<sup>®</sup> Strategy | For each of the two years in the period ended December 31, 2025 |
| Rydex VIF Inverse S&P 500 Strategy | For each of the two years in the period ended December 31, 2025 |
| Rydex VIF Japan 2x Strategy | For each of the two years in the period ended December 31, 2025 |
| Rydex VIF Leisure | For each of the two years in the period ended December 31, 2025 |
| Rydex VIF Mid-Cap 1.5x Strategy | For each of the two years in the period ended December 31, 2025 |
| Rydex VIF Money Market | For each of the two years in the period ended December 31, 2025 |
| Rydex VIF NASDAQ-100<sup>®</sup> | For each of the two years in the period ended December 31, 2025 |
| Rydex VIF NASDAQ-100<sup>®</sup> 2x Strategy | For each of the two years in the period ended December 31, 2025 |

---

------

---

| | |
|:---|:---|
| **Subaccounts** | **Statements of operations and changes in net assets** |
| Rydex VIF Nova | For each of the two years in the period ended December 31, 2025 |
| Rydex VIF Precious Metals | For each of the two years in the period ended December 31, 2025 |
| Rydex VIF Real Estate | For each of the two years in the period ended December 31, 2025 |
| Rydex VIF Retailing | For each of the two years in the period ended December 31, 2025 |
| Rydex VIF Russell 2000<sup>®</sup> 1.5x Strategy | For each of the two years in the period ended December 31, 2025 |
| Rydex VIF Russell 2000<sup>®</sup> 2x Strategy | For each of the two years in the period ended December 31, 2025 |
| Rydex VIF S&P 500 2x Strategy | For each of the two years in the period ended December 31, 2025 |
| Rydex VIF S&P 500 Pure Growth | For each of the two years in the period ended December 31, 2025 |
| Rydex VIF S&P 500 Pure Value | For each of the two years in the period ended December 31, 2025 |
| Rydex VIF S&P MidCap 400 Pure Growth | For each of the two years in the period ended December 31, 2025 |
| Rydex VIF S&P MidCap 400 Pure Value | For each of the two years in the period ended December 31, 2025 |
| Rydex VIF S&P SmallCap 600 Pure Growth | For each of the two years in the period ended December 31, 2025 |
| Rydex VIF S&P SmallCap 600 Pure Value | For each of the two years in the period ended December 31, 2025 |
| Rydex VIF Strengthening Dollar 2x Strategy | For each of the two years in the period ended December 31, 2025 |
| Rydex VIF Technology | For each of the two years in the period ended December 31, 2025 |
| Rydex VIF Telecommunications | For each of the two years in the period ended December 31, 2025 |
| Rydex VIF Transportation | For each of the two years in the period ended December 31, 2025 |
| Rydex VIF Utilities | For each of the two years in the period ended December 31, 2025 |
| Rydex VIF Weakening Dollar 2x Strategy | For each of the two years in the period ended December 31, 2025 |
| T. Rowe Price Blue Chip Growth | For each of the two years in the period ended December 31, 2025 |
| T. Rowe Price Capital Appreciation | For each of the two years in the period ended December 31, 2025 |
| T. Rowe Price Equity Income | For each of the two years in the period ended December 31, 2025 |
| T. Rowe Price Growth Stock | For each of the two years in the period ended December 31, 2025 |

---

------

---

| | |
|:---|:---|
| **Subaccounts** | **Statements of operations and changes in net assets** |
| T. Rowe Price Health Sciences | For each of the two years in the period ended December 31, 2025 |
| T. Rowe Price Limited-Term Bond | For each of the two years in the period ended December 31, 2025 |
| T. Rowe Price Retirement 2010 | For each of the two years in the period ended December 31, 2025 |
| T. Rowe Price Retirement 2015 | For each of the two years in the period ended December 31, 2025 |
| T. Rowe Price Retirement 2020 | For each of the two years in the period ended December 31, 2025 |
| T. Rowe Price Retirement 2025 | For each of the two years in the period ended December 31, 2025 |
| T. Rowe Price Retirement 2030 | For each of the two years in the period ended December 31, 2025 |
| T. Rowe Price Retirement 2035 | For each of the two years in the period ended December 31, 2025 |
| T. Rowe Price Retirement 2040 | For each of the two years in the period ended December 31, 2025 |
| T. Rowe Price Retirement 2045 | For each of the two years in the period ended December 31, 2025 |
| T. Rowe Price Retirement 2050 | For each of the two years in the period ended December 31, 2025 |
| T. Rowe Price Retirement 2055 | For each of the two years in the period ended December 31, 2025 |
| T. Rowe Price Retirement Balanced | For each of the two years in the period ended December 31, 2025 |
| Templeton Developing Markets VIP Fund | For each of the two years in the period ended December 31, 2025 |
| Templeton Foreign VIP Fund | For each of the two years in the period ended December 31, 2025 |
| Templeton Global Bond VIP Fund | For each of the two years in the period ended December 31, 2025 |
| Templeton Growth VIP Fund | For each of the two years in the period ended December 31, 2025 |
| Third Avenue Value | For each of the two years in the period ended December 31, 2025 |
| TOPS<sup>®</sup> Aggressive Growth ETF | For each of the two years in the period ended December 31, 2025 |
| TOPS<sup>®</sup> Balanced ETF | For each of the two years in the period ended December 31, 2025 |
| TOPS<sup>®</sup> Conservative ETF | For each of the two years in the period ended December 31, 2025 |
| TOPS<sup>®</sup> Growth ETF | For each of the two years in the period ended December 31, 2025 |
| TOPS<sup>®</sup> Moderate Growth ETF | For each of the two years in the period ended December 31, 2025 |

---

------

---

| | |
|:---|:---|
| **Subaccounts** | **Statements of operations and changes in net assets** |
| VanEck VIP Global Gold | For each of the two years in the period ended December 31, 2025 |
| VanEck VIP Global Resources | For each of the two years in the period ended December 31, 2025 |
| Vanguard<sup>®</sup> VIF Balanced | For each of the two years in the period ended December 31, 2025 |
| Vanguard<sup>®</sup> VIF Capital Growth | For each of the two years in the period ended December 31, 2025 |
| Vanguard<sup>®</sup> VIF Conservative Allocation | For each of the two years in the period ended December 31, 2025 |
| Vanguard<sup>®</sup> VIF Diversified Value | For each of the two years in the period ended December 31, 2025 |
| Vanguard<sup>®</sup> VIF Equity Income | For each of the two years in the period ended December 31, 2025 |
| Vanguard<sup>®</sup> VIF Equity Index | For each of the two years in the period ended December 31, 2025 |
| Vanguard<sup>®</sup> VIF Global Bond Index | For each of the two years in the period ended December 31, 2025 |
| Vanguard<sup>®</sup> VIF Growth | For each of the two years in the period ended December 31, 2025 |
| Vanguard<sup>®</sup> VIF High Yield Bond | For each of the two years in the period ended December 31, 2025 |
| Vanguard<sup>®</sup> VIF International | For each of the two years in the period ended December 31, 2025 |
| Vanguard<sup>®</sup> VIF Mid-Cap Index | For each of the two years in the period ended December 31, 2025 |
| Vanguard<sup>®</sup> VIF Moderate Allocation | For each of the two years in the period ended December 31, 2025 |
| Vanguard<sup>®</sup> VIF Real Estate Index | For each of the two years in the period ended December 31, 2025 |
| Vanguard<sup>®</sup> VIF Short Term Investment Grade | For each of the two years in the period ended December 31, 2025 |
| Vanguard<sup>®</sup> VIF Small Company Growth | For each of the two years in the period ended December 31, 2025 |
| Vanguard<sup>®</sup> VIF Total Bond Market Index | For each of the two years in the period ended December 31, 2025 |
| Vanguard<sup>®</sup> VIF Total International Stock Market Index | For each of the two years in the period ended December 31, 2025 |
| Vanguard<sup>®</sup> VIF Total Stock Market Index | For each of the two years in the period ended December 31, 2025 |
| Victory Pioneer Bond VCT Portfolio | For each of the two years in the period ended December 31, 2025 |
| Victory Pioneer Equity Income VCT Portfolio | For each of the two years in the period ended December 31, 2025 |
| Victory Pioneer High Yield VCT Portfolio | For each of the two years in the period ended December 31, 2025 |

---

------

---

| | |
|:---|:---|
| **Subaccounts** | **Statements of operations and changes in net assets** |
| Victory Pioneer Strategic Income Fund | For each of the two years in the period ended December 31, 2025 |
| Victory Pioneer Strategic Income VCT Portfolio | For each of the two years in the period ended December 31, 2025 |
| Victory RS Partners | For each of the two years in the period ended December 31, 2025 |
| Victory RS Science and Technology | For each of the two years in the period ended December 31, 2025 |
| Victory RS Value | For each of the two years in the period ended December 31, 2025 |
| Virtus Ceredex Mid Cap Value Equity | For each of the two years in the period ended December 31, 2025 |
| Virtus Duff & Phelps Real Estate Securities Series | For each of the two years in the period ended December 31, 2025 |
| Virtus KAR Small-Cap Growth Series | For each of the two years in the period ended December 31, 2025 |
| Virtus Newfleet Multi-Sector Intermediate Bond Series | For each of the two years in the period ended December 31, 2025 |
| Virtus SGA International Growth Series | For each of the two years in the period ended December 31, 2025 |
| Virtus Tactical Allocation Series | For each of the two years in the period ended December 31, 2025 |
| Voya MidCap Opportunities Portfolio | For each of the two years in the period ended December 31, 2025 |
| VY CBRE Global Real Estate Portfolio | For each of the two years in the period ended December 31, 2025 |
| VY CBRE Real Estate Portfolio | For each of the two years in the period ended December 31, 2025 |
| Western Asset Variable Global High Yield Bond | For each of the two years in the period ended December 31, 2025 |

---

------

SBL Variable Annuity Account XIV

Statements of Net Assets

December 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Subaccount | Number of<br>Shares | Cost | Assets at<br>Market Value | Investment<br>Income<br>Receivable | Net Assets | Units<br>Outstanding | Range of Unit<br>Values | Range of Unit<br>Values |
|  AB VPS Discovery Value Portfolio | 252483 | $4145769 | $4112946 | $– $| 4112946 | 279056 | $14.40 | $20.63 |
|  AB VPS Dynamic Asset Allocation | 44342 | 495267 | 480225 | – | 480225 | 43719 | 10.90 | 11.42 |
|  AB VPS Relative Value Portfolio | 4029 | 120164 | 124294 | – | 124294 | 4773 | 26.05 | 26.05 |
|  AB VPS Sustainable Global Thematic Growth | 4425 | 137531 | 133904 | – | 133904 | 6026 | 22.22 | 22.22 |
|  AFIS Capital World Growth and Income | 6571 | 94387 | 117292 | – | 117292 | 6840 | 16.80 | 18.94 |
|  AFIS U.S. Government Securities | 32818 | 334872 | 319650 | – | 319650 | 40230 | 7.14 | 8.05 |
|  AFIS Washington Mutual Investors | 45999 | 623137 | 807288 | – | 807288 | 38013 | 20.12 | 22.70 |
|  Alger Capital Appreciation (d) | 2211 | 175235 | 245503 | – | 245503 | 5607 | 41.71 | 55.51 |
|  Alger Large Cap Growth | 6996 | 717075 | 721749 | – | 721749 | 39180 | 18.15 | 18.82 |
|  Allspring Growth (d) | 45586 | 1209819 | 863851 | – | 863851 | 26481 | 32.57 | 32.57 |
|  Allspring Large Cap Core | 51335 | 883398 | 985122 | – | 985122 | 40595 | 24.06 | 33.62 |
|  Allspring Opportunity | 12049 | 546537 | 593667 | – | 593667 | 23936 | 24.82 | 36.30 |
|  Allspring Opportunity VT | 33157 | 853548 | 852124 | – | 852124 | 33363 | 20.94 | 28.26 |
|  Allspring Small Company Value | 136313 | 4029696 | 4680990 | – | 4680990 | 352656 | 12.99 | 13.28 |
|  Allspring VT Discovery All Cap Growth Fund | 10449 | 266358 | 217957 | – | 217957 | 8525 | 25.57 | 25.57 |
|  ALPS/Alerian Energy Infrastructure | 32676 | 371595 | 410734 | – | 410734 | 31620 | 11.93 | 13.64 |
|  American Century Diversified Bond | 19945 | 188926 | 184886 | – | 184886 | 25658 | 7.21 | 7.21 |
|  American Century Equity Income | 1006302 | 8600447 | 8513314 | – | 8513314 | 357064 | 18.52 | 24.00 |
|  American Century Heritage | 106211 | 2079980 | 1725926 | – | 1725926 | 54400 | 31.70 | 43.60 |
|  American Century International Growth | 339351 | 4321538 | 4689829 | – | 4689829 | 416571 | 11.09 | 16.24 |
|  American Century Select | 26484 | 2159093 | 3206403 | – | 3206403 | 109571 | 29.05 | 41.82 |
|  American Century Strategic Allocation: Aggressive | 290445 | 2361494 | 2512348 | – | 2512348 | 137439 | 17.59 | 18.29 |
|  American Century Strategic Allocation: Conservative | 85781 | 482811 | 484660 | – | 484660 | 39187 | 11.90 | 12.36 |
|  American Century Strategic Allocation: Moderate | 665249 | 4310886 | 4490431 | – | 4490431 | 291013 | 14.86 | 15.45 |
|  American Century Ultra<sup>®</sup> | 11107 | 703803 | 948292 | – | 948292 | 19612 | 48.48 | 48.48 |
|  American Funds IS<sup>®</sup> Asset Allocation | 1040990 | 24969080 | 27867297 | – | 27867297 | 1657093 | 15.65 | 17.65 |
|  American Funds IS<sup>®</sup> Capital World Bond | 205160 | 2255812 | 2037243 | – | 2037243 | 308107 | 6.14 | 6.92 |
|  American Funds IS<sup>®</sup> Global Growth | 373080 | 12409112 | 14009149 | – | 14009149 | 636959 | 20.43 | 23.05 |
|  American Funds IS<sup>®</sup> Global Small Capitalization | 45387 | 939336 | 860986 | – | 860986 | 66121 | 11.91 | 13.44 |
|  American Funds IS<sup>®</sup> Growth | 39278 | 3633898 | 5278506 | – | 5278506 | 141121 | 35.32 | 39.84 |
|  American Funds IS<sup>®</sup> Growth-Income | 523319 | 28367109 | 33895344 | – | 33895344 | 1334407 | 23.64 | 26.66 |
|  American Funds IS<sup>®</sup> International | 383155 | 7077119 | 8364268 | – | 8364268 | 730829 | 10.56 | 11.91 |
|  American Funds IS<sup>®</sup> International Growth and Income | 65175 | 746164 | 838806 | – | 838806 | 69552 | 10.93 | 12.33 |
|  American Funds IS<sup>®</sup> Mortgage | 26843 | 251978 | 247220 | – | 247220 | 30610 | 8.08 | 8.08 |
|  American Funds IS<sup>®</sup> New World | 199576 | 5240377 | 6328546 | – | 6328546 | 455753 | 12.66 | 14.28 |
|  AMG River Road Mid Cap Value | 86115 | 2025036 | 1708523 | – | 1708523 | 67776 | 24.28 | 25.24 |
|  Ariel<sup>®</sup> | 34628 | 2274557 | 2555197 | – | 2555197 | 99999 | 25.32 | 28.89 |
|  Baron Asset | 5511 | 452430 | 486855 | – | 486855 | 19954 | 24.40 | 24.40 |
|  BlackRock Advantage Large Cap Core V.I. | 39969 | 924752 | 1061979 | – | 1061979 | 31736 | 27.45 | 35.52 |
|  BlackRock Advantage Small Cap Growth | 13851 | 176606 | 214546 | – | 214546 | 9788 | 21.92 | 21.92 |
|  BlackRock Basic Value V.I. | 24644 | 330728 | 337133 | – | 337133 | 15135 | 17.85 | 24.14 |
|  BlackRock Capital Appreciation V.I. | 77529 | 617125 | 534177 | – | 534177 | 14076 | 32.59 | 38.49 |

---

(d) Closed to new investments. See Note 1.

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

------

SBL Variable Annuity Account XIV

Statements of Net Assets (continued)

December 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Subaccount | Number of<br>Shares | Cost | Assets at<br>Market Value | Investment<br>Income<br>Receivable | Net Assets | Units<br>Outstanding | Range of Unit<br>Values | Range of Unit<br>Values |
|  BlackRock Equity Dividend | 29828 | $599076 | $618028 | $— | $618028 | 26834 | $23.04 | $23.04 |
|  BlackRock Equity Dividend V.I. | 1077083 | 12227220 | 12343366 |  | 12343366 | 625080 | 19.29 | 25.41 |
|  BlackRock Global Allocation | 5773 | 111521 | 116605 |  | 116605 | 8353 | 13.98 | 13.98 |
|  BlackRock Global Allocation V.I. | 166856 | 2347891 | 2225854 |  | 2225854 | 170248 | 12.57 | 14.50 |
|  BlackRock High Yield V.I. | 883221 | 6201677 | 6217877 | 33190 | 6251067 | 556629 | 10.83 | 12.53 |
|  BlackRock Large Cap Focus Growth V.I. | 7563 | 132428 | 157994 |  | 157994 | 3554 | 44.45 | 44.45 |
|  BNY Mellon Appreciation | 209393 | 7970335 | 7425067 |  | 7425067 | 316237 | 23.06 | 29.36 |
|  BNY Mellon Dynamic Value | 118167 | 4647302 | 5768904 |  | 5768904 | 170789 | 29.42 | 44.34 |
|  BNY Mellon IP MidCap Stock | 110495 | 2116034 | 2232006 |  | 2232006 | 142923 | 15.64 | 15.64 |
|  BNY Mellon IP Small Cap Stock Index | 479003 | 8670926 | 8626837 |  | 8626837 | 486264 | 16.22 | 23.17 |
|  BNY Mellon IP Technology Growth | 1188169 | 21156147 | 20781077 |  | 20781077 | 410400 | 37.25 | 51.79 |
|  BNY Mellon Midcap Value Fund (b) | 88502 | 2691128 | 2596648 |  | 2596648 | 96954 | 24.94 | 41.55 |
|  BNY Mellon Stock Index | 160 | 11722 | 14027 |  | 14027 | 376 | 37.32 | 37.32 |
|  BNY Mellon VIF Appreciation | 161271 | 5791796 | 5276783 |  | 5276783 | 242982 | 21.66 | 21.71 |
|  Calamos<sup>®</sup> Growth | 197671 | 7582385 | 9345874 |  | 9345874 | 282631 | 32.76 | 40.14 |
|  Calamos<sup>®</sup> Growth and Income | 179631 | 6531086 | 9559986 |  | 9559986 | 325416 | 23.62 | 32.11 |
|  Calamos<sup>®</sup> High Income Opportunities | 47095 | 387994 | 366397 |  | 366397 | 31597 | 11.59 | 11.59 |
|  ClearBridge Small Cap Growth |  |  |  |  |  |  | 20.50 | 20.50 |
|  ClearBridge Variable Growth | 369849 | 7176570 | 4896800 |  | 4896800 | 230585 | 18.73 | 21.39 |
|  ClearBridge Variable Small Cap Growth | 200396 | 5832859 | 5651157 |  | 5651157 | 237547 | 21.50 | 24.71 |
|  Dimensional VA Equity Allocation | 214512 | 3302545 | 3955597 |  | 3955597 | 226188 | 17.48 | 17.48 |
|  Dimensional VA Global Bond Portfolio | 275321 | 2752312 | 2684379 |  | 2684379 | 342546 | 6.89 | 7.84 |
|  Dimensional VA Global Moderate Allocation | 37110 | 590116 | 672437 |  | 672437 | 46983 | 14.31 | 14.31 |
|  Dimensional VA International Small Portfolio | 266518 | 3345883 | 3939132 |  | 3939132 | 216364 | 14.66 | 18.54 |
|  Dimensional VA International Value Portfolio | 330111 | 4801814 | 6116958 |  | 6116958 | 348172 | 14.64 | 18.15 |
|  Dimensional VA Short-Term Fixed Portfolio | 621290 | 6352991 | 6256391 |  | 6256391 | 812684 | 6.72 | 7.71 |
|  Dimensional VA U.S. Large Value Portfolio | 215814 | 6788522 | 7534049 |  | 7534049 | 298943 | 17.84 | 26.29 |
|  Dimensional VA U.S. Targeted Value Portfolio | 193885 | 4212017 | 4319766 |  | 4319766 | 170789 | 17.58 | 25.95 |
|  Donoghue Forlines Dividend VIT Fund | 918 | 15223 | 16879 |  | 16879 | 1675 | 10.07 | 10.07 |
|  Donoghue Forlines Momentum VIT Fund |  |  |  |  |  |  | 12.84 | 12.84 |
|  DWS Small Mid Cap Value VIP | 2354 | 31306 | 33243 |  | 33243 | 2124 | 13.36 | 16.42 |
|  Eaton Vance VT Floating-Rate Income | 312140 | 2681969 | 2612614 |  | 2612614 | 278129 | 9.15 | 10.32 |
|  Federated Hermes Corporate Bond | 536130 | 4736025 | 4546381 |  | 4546381 | 427912 | 9.96 | 10.66 |
|  Federated Hermes Fund for U.S. Government Securities II | 160501 | 1636657 | 1494263 |  | 1494263 | 224265 | 6.50 | 8.01 |
|  Federated Hermes High Income Bond II | 494478 | 2883479 | 2843248 |  | 2843248 | 193301 | 10.04 | 14.88 |
|  Fidelity<sup>®</sup> Advisor Dividend Growth Class M-1 (c) |  |  |  |  |  |  | 20.45 | 26.19 |
|  Fidelity<sup>®</sup> Advisor Dividend Growth Class M-2 (a) | 60697 | 2445562 | 2580856 |  | 2580856 | 238354 | 10.82 | 10.82 |
|  Fidelity<sup>®</sup> Advisor International Capital Appreciation (d) | 7922 | 124505 | 253753 |  | 253753 | 13331 | 18.97 | 23.11 |

---

(a) New subaccount. See Note 1.

(b) Name change. See Note 1.

(c) Merger. See Note 1.

(d) Closed to new investments. See Note 1.

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

------

SBL Variable Annuity Account XIV

Statements of Net Assets (continued)

December 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Subaccount | Number<br>of Shares | Cost | Assets at<br>Market Value | Investment<br>Income<br>Receivable | Net Assets | Units<br>Outstanding | Range of Unit<br>Values | Range of Unit<br>Values |
|  Fidelity<sup>®</sup> Advisor Leveraged Company Stock | 1803 | $71045 | $78633 | $– $| 78633 | 6867 | $11.45 | $11.45 |
|  Fidelity<sup>®</sup> Advisor New Insights | 8221 | 275422 | 345688 | – | 345688 | 9693 | 35.63 | 35.63 |
|  Fidelity<sup>®</sup> Advisor Real Estate | 75918 | 1404441 | 1110678 | – | 1110678 | 84313 | 8.55 | 20.61 |
|  Fidelity<sup>®</sup> Advisor Stock Selector Mid Cap | 46763 | 1719599 | 2017807 | – | 2017807 | 88315 | 22.84 | 30.50 |
|  Fidelity<sup>®</sup> Advisor Value Strategies | 42910 | 1685436 | 1982444 | – | 1982444 | 78012 | 25.31 | 33.46 |
|  Fidelity<sup>®</sup> VIP Balanced | 202457 | 4357747 | 5152519 | – | 5152519 | 229206 | 19.34 | 23.50 |
|  Fidelity<sup>®</sup> VIP Contrafund | 380238 | 17674004 | 21620308 | – | 21620308 | 538858 | 30.58 | 44.51 |
|  Fidelity<sup>®</sup> VIP Disciplined Small Cap | 90783 | 1663847 | 1832899 | – | 1832899 | 74932 | 17.93 | 24.70 |
|  Fidelity<sup>®</sup> VIP Emerging Markets | 169263 | 2069670 | 2682825 | – | 2682825 | 159695 | 15.35 | 16.86 |
|  Fidelity<sup>®</sup> VIP Equity-Income | 332263 | 8367267 | 9346552 | – | 9346552 | 492497 | 18.94 | 18.94 |
|  Fidelity<sup>®</sup> VIP Growth & Income | 287657 | 7677143 | 9202134 | – | 9202134 | 361925 | 24.32 | 35.31 |
|  Fidelity<sup>®</sup> VIP Growth Opportunities | 565607 | 33278060 | 54524542 | – | 54524542 | 1138911 | 45.97 | 59.70 |
|  Fidelity<sup>®</sup> VIP High Income | 323392 | 1528884 | 1490839 | – | 1490839 | 146130 | 9.80 | 11.13 |
|  Fidelity<sup>®</sup> VIP Index 500 | 48673 | 19452900 | 31647449 | – | 31647449 | 1020049 | 28.17 | 34.98 |
|  Fidelity<sup>®</sup> VIP Investment Grade Bond | 762714 | 8633896 | 8366968 | – | 8366968 | 910184 | 7.74 | 9.67 |
|  Fidelity<sup>®</sup> VIP Mid Cap | 42060 | 1492503 | 1479237 | – | 1479237 | 66638 | 18.46 | 22.35 |
|  Fidelity<sup>®</sup> VIP Overseas | 313747 | 8121832 | 8508816 | – | 8508816 | 623224 | 13.22 | 15.01 |
|  Fidelity<sup>®</sup> VIP Real Estate | 10701 | 196216 | 186418 | – | 186418 | 13496 | 10.25 | 13.97 |
|  Fidelity<sup>®</sup> VIP Strategic Income | 200779 | 2180734 | 2222621 | – | 2222621 | 209927 | 9.17 | 10.63 |
|  Franklin Allocation VIP Fund | 359827 | 2182400 | 2079801 | – | 2079801 | 156515 | 13.30 | 13.30 |
|  Franklin DynaTech VIP | 48900 | 264444 | 321759 | – | 321759 | 10415 | 28.05 | 33.85 |
|  Franklin Growth and Income VIP Fund | 115774 | 946986 | 850937 | – | 850937 | 39389 | 19.83 | 26.83 |
|  Franklin Income VIP Fund | 683701 | 10143741 | 10364909 | – | 10364909 | 775962 | 12.07 | 14.87 |
|  Franklin Large Cap Growth VIP Fund | 3667 | 65819 | 65742 | – | 65742 | 2286 | 25.24 | 33.06 |
|  Franklin Mutual Global Discovery VIP Fund | 562074 | 10524029 | 10713137 | – | 10713137 | 668620 | 14.57 | 16.27 |
|  Franklin Mutual Shares VIP Fund | 8930 | 152700 | 143767 | – | 143767 | 8628 | 13.27 | 17.53 |
|  Franklin Rising Dividends VIP Fund | 33152 | 894397 | 929578 | – | 929578 | 38925 | 20.85 | 29.32 |
|  Franklin Small Cap Value VIP Fund | 299899 | 4268846 | 4159599 | – | 4159599 | 223772 | 15.71 | 20.88 |
|  Franklin Small-Mid Cap Growth VIP Fund | 157811 | 2455901 | 2258274 | – | 2258274 | 100107 | 17.75 | 41.88 |
|  Franklin Strategic Income VIP Fund | 209868 | 2020014 | 1916097 | – | 1916097 | 223116 | 7.88 | 9.39 |
|  Franklin U.S. Government Securities VIP Fund | 83660 | 871304 | 878433 | – | 878433 | 127074 | 6.75 | 7.41 |
|  Goldman Sachs Emerging Markets Equity | 57995 | 1180903 | 1579216 | – | 1579216 | 153273 | 9.68 | 10.36 |
|  Goldman Sachs Government Income | 97828 | 1397849 | 1289372 | – | 1289372 | 187604 | 6.42 | 6.87 |
|  Goldman Sachs VIT International Equity Insights | 19753 | 205510 | 206616 | – | 206616 | 14608 | 12.93 | 14.89 |
|  Goldman Sachs VIT Large Cap Value | 39822 | 351276 | 326145 | – | 326145 | 14548 | 22.19 | 22.61 |
|  Goldman Sachs VIT Mid Cap Growth Fund | 37311 | 466539 | 365279 | – | 365279 | 13450 | 20.45 | 27.23 |
|  Goldman Sachs VIT Mid Cap Value | 25796 | 439777 | 426672 | – | 426672 | 22837 | 16.46 | 21.74 |
|  Goldman Sachs VIT Small Cap Equity Insights | 66640 | 931561 | 936287 | – | 936287 | 48181 | 18.23 | 24.74 |
|  Goldman Sachs VIT Strategic Growth | 31234 | 464585 | 474126 | – | 474126 | 9964 | 47.56 | 47.56 |
|  Guggenheim Core Bond | 228404 | 4168482 | 3773233 | – | 3773233 | 433271 | 7.71 | 8.73 |
|  Guggenheim Floating Rate Strategies | 54695 | 1352228 | 1282047 | – | 1282047 | 120062 | 10.69 | 10.69 |
|  Guggenheim High Yield | 258611 | 2758001 | 2578355 | – | 2578355 | 167906 | 13.51 | 16.60 |
|  Guggenheim Macro Opportunities | 608 | 15112 | 15204 | – | 15204 | 1451 | 10.48 | 10.48 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Net Assets (continued)

December 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Subaccount | Number of<br>Shares | Cost | Assets at<br>Market Value | Investment<br>Income<br>Receivable | Net Assets | Units<br>Outstanding | Range of Unit<br>Values | Range of Unit<br>Values |
|  Guggenheim Managed Futures Strategy | 794 | $16800 | $15754 | $– $| 15754 | 2108 | $7.47 | $7.47 |
|  Guggenheim Multi-Hedge Strategies | 743 | 19529 | 17059 | – | 17059 | 2276 | 7.49 | 7.49 |
|  Guggenheim Total Return Bond | 13198 | 336412 | 318070 | – | 318070 | 33501 | 9.50 | 9.50 |
|  Guggenheim VIF Floating Rate Strategies | 311665 | 7619829 | 7327253 | – | 7327253 | 751509 | 9.17 | 10.34 |
|  Guggenheim VIF Global Managed Futures Strategy | 141778 | 2433730 | 2384699 | – | 2384699 | 464680 | 4.88 | 7.38 |
|  Guggenheim VIF High Yield | 470842 | 12359163 | 11643916 | – | 11643916 | 401602 | 10.14 | 34.94 |
|  Guggenheim VIF Multi-Hedge Strategies | 67426 | 1690761 | 1583172 | – | 1583172 | 278083 | 5.09 | 7.23 |
|  Guggenheim VIF Total Return Bond | 2248875 | 34297966 | 33080956 | – | 33080956 | 3441916 | 7.97 | 9.97 |
|  Invesco American Franchise | 60077 | 1246629 | 1721210 | – | 1721210 | 70487 | 24.19 | 36.75 |
|  Invesco Comstock | 355318 | 8767910 | 10933120 | – | 10933120 | 437900 | 23.99 | 34.14 |
|  Invesco Developing Markets | 8464 | 330424 | 296493 | – | 296493 | 30097 | 9.85 | 9.85 |
|  Invesco Discovery | 2066 | 190783 | 204322 | – | 204322 | 6799 | 30.12 | 30.12 |
|  Invesco Discovery Mid Cap Growth | 46050 | 1131250 | 1238291 | – | 1238291 | 62091 | 18.40 | 33.37 |
|  Invesco Energy | 2475 | 61298 | 77647 | – | 77647 | 11541 | 6.73 | 6.73 |
|  Invesco Equity and Income | 704366 | 7127552 | 7740981 | – | 7740981 | 364830 | 18.63 | 23.59 |
|  Invesco Global | 6809 | 611805 | 588947 | – | 588947 | 24618 | 23.96 | 23.96 |
|  Invesco Gold & Special Minerals | 6600 | 159804 | 389715 | – | 389715 | 18183 | 21.43 | 21.43 |
|  Invesco Main Street Mid Cap | 54869 | 1325819 | 1576937 | – | 1576937 | 95022 | 16.29 | 16.62 |
|  Invesco Small Cap Growth (d) | 58559 | 1851913 | 1655467 | – | 1655467 | 72939 | 22.66 | 32.72 |
|  Invesco Technology | 38709 | 1975813 | 2253264 | – | 2253264 | 124593 | 18.08 | 18.08 |
|  Invesco V.I. American Franchise Series I | 18672 | 1110839 | 1512449 | – | 1512449 | 64469 | 23.45 | 23.45 |
|  Invesco V.I. American Franchise Series II | 332 | 22153 | 23920 | – | 23920 | 772 | 30.92 | 30.92 |
|  Invesco V.I. American Value | 323798 | 5520850 | 5750660 | – | 5750660 | 360217 | 15.22 | 27.19 |
|  Invesco V.I. Balanced-Risk Allocation | 12705 | 119082 | 106725 | – | 106725 | 10724 | 9.53 | 10.74 |
|  Invesco V.I. Comstock | 802903 | 16617928 | 17093798 | – | 17093798 | 728582 | 19.62 | 27.77 |
|  Invesco V.I. Core Equity | 1529 | 47990 | 54684 | – | 54684 | 2608 | 18.97 | 24.91 |
|  Invesco V.I. Core Plus Bond | 1737062 | 9935146 | 10022847 | – | 10022847 | 1050676 | 9.41 | 9.63 |
|  Invesco V.I. Discovery Mid Cap Growth | 58858 | 3986518 | 3732189 | – | 3732189 | 185257 | 15.96 | 22.08 |
|  Invesco V.I. Equally-Weighted S&P 500 | 45389 | 1216615 | 1243671 | – | 1243671 | 102433 | 11.71 | 12.15 |
|  Invesco V.I. Equity and Income | 387510 | 6588321 | 7021687 | – | 7021687 | 365675 | 14.95 | 19.44 |
|  Invesco V.I. EVQ International Equity Fund | 467293 | 15882608 | 16537513 | – | 16537513 | 1065784 | 10.82 | 18.17 |
|  Invesco V.I. Global | 100860 | 3855134 | 3661216 | – | 3661216 | 192602 | 18.83 | 23.48 |
|  Invesco V.I. Global Core Equity | 3138 | 29880 | 37128 | – | 37128 | 2308 | 16.10 | 16.10 |
|  Invesco V.I. Global Real Estate Series I | 319114 | 4997101 | 4518652 | – | 4518652 | 256630 | 15.55 | 17.85 |
|  Invesco V.I. Global Real Estate Series II | 6639 | 97141 | 91612 | – | 91612 | 9062 | 10.07 | 10.07 |
|  Invesco V.I. Global Strategic Income | 426 | 2027 | 2008 | – | 2008 | 261 | 7.69 | 7.69 |
|  Invesco V.I. Government Money Market | 37868228 | 37868228 | 37868228 | – | 37868228 | 4571947 | 7.81 | 8.29 |
|  Invesco V.I. Government Securities | 786559 | 8627894 | 8290327 | – | 8290327 | 1183385 | 6.40 | 7.70 |
|  Invesco V.I. Growth and Income | 2354 | 48622 | 50243 | – | 50243 | 2370 | 17.98 | 24.63 |
|  Invesco V.I. Health Care Series I | 190096 | 5246793 | 5681972 | – | 5681972 | 210024 | 24.08 | 27.63 |
|  Invesco V.I. Health Care Series II | 9915 | 249887 | 269595 | – | 269595 | 18353 | 14.71 | 14.71 |

---

(d) Closed to new investments. See Note 1.

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

------

SBL Variable Annuity Account XIV

Statements of Net Assets (continued)

December 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Subaccount | Number of<br>Shares | Cost | Assets at<br>Market Value | Investment<br>Income<br>Receivable | Net Assets | Units<br>Outstanding | Range of Unit<br>Values | Range of Unit<br>Values |
|  Invesco V.I. International Growth Fund (b) | 154460 | $341714 | $319731 | $– $| 319731 | 25037 | $10.44 | $13.19 |
|  Invesco V.I. Main Street Mid Cap Fund<sup>®</sup> | 755862 | 7828573 | 7936546 | – | 7936546 | 340186 | 16.53 | 26.43 |
|  Invesco V.I. Main Street Small Cap Fund<sup>®</sup> | 374553 | 9391226 | 10378852 | – | 10378852 | 327114 | 18.18 | 41.53 |
|  Invesco V.I. Small Cap Equity | 2748 | 42453 | 49002 | – | 49002 | 2501 | 15.21 | 19.59 |
|  Invesco Value Opportunities | 114601 | 1681498 | 2682800 | – | 2682800 | 127210 | 21.13 | 21.13 |
|  Janus Henderson Adaptive Risk Managed U.S. Equity | 54112 | 583093 | 663417 | – | 663417 | 38920 | 16.76 | 17.06 |
|  Janus Henderson Mid Cap Value | 3164 | 50216 | 49046 | – | 49046 | 2833 | 17.30 | 17.30 |
|  Janus Henderson Overseas | 69849 | 2731087 | 4009356 | – | 4009356 | 413895 | 9.09 | 9.73 |
|  Janus Henderson VIT Enterprise | 323949 | 21003067 | 23761632 | – | 23761632 | 761779 | 24.30 | 32.64 |
|  Janus Henderson VIT Mid Cap Value | 21911 | 348568 | 367659 | – | 367659 | 23211 | 14.51 | 17.99 |
|  Janus Henderson VIT Overseas | 27109 | 1153109 | 1437318 | – | 1437318 | 141120 | 10.03 | 12.27 |
|  Janus Henderson VIT Research | 268172 | 10608943 | 16422847 | – | 16422847 | 465609 | 32.79 | 42.97 |
|  Lord Abbett Series Bond-Debenture VC | 457566 | 5193456 | 4854780 | – | 4854780 | 473280 | 9.82 | 12.10 |
|  Lord Abbett Series Developing Growth VC | 38403 | 1264761 | 1283819 | – | 1283819 | 66600 | 18.36 | 25.41 |
|  Lord Abbett Series Dividend Growth VC | 23352 | 432616 | 463304 | – | 463304 | 15193 | 23.56 | 30.73 |
|  Lord Abbett Series Growth Opportunities VC | 295 | 2720 | 3274 | – | 3274 | 142 | 23.12 | 23.12 |
|  Lord Abbett Series Mid Cap Stock VC | 2745 | 69748 | 71514 | – | 71514 | 3867 | 18.49 | 18.49 |
|  Lord Abbett Series Total Return VC | 38983 | 616205 | 553564 | – | 553564 | 61730 | 7.71 | 9.12 |
|  LVIP American Century Disciplined Core Value | 13729 | 130662 | 132825 | – | 132825 | 5611 | 17.76 | 25.23 |
|  LVIP American Century Inflation Protection | 78252 | 779998 | 707083 | – | 707083 | 92344 | 7.39 | 7.67 |
|  LVIP American Century International | 4341 | 46290 | 53090 | – | 53090 | 4047 | 13.12 | 13.12 |
|  LVIP American Century Mid Cap Value (d) | 208105 | 4129683 | 4036196 | – | 4036196 | 191723 | 16.78 | 23.30 |
|  LVIP American Century Ultra | 635295 | 13663106 | 19035330 | – | 19035330 | 358271 | 46.52 | 53.37 |
|  LVIP American Century Value | 1883632 | 20682612 | 24368553 | – | 24368553 | 799378 | 17.62 | 30.73 |
|  LVIP JPMorgan Core Bond Fund | 723529 | 7450401 | 7096373 | – | 7096373 | 889503 | 7.34 | 8.04 |
|  LVIP JPMorgan Small Cap Core Fund | 25602 | 571336 | 553264 | – | 553264 | 26047 | 15.51 | 22.15 |
|  LVIP JPMorgan US Equity Fund | 10792 | 399772 | 522061 | – | 522061 | 15899 | 28.97 | 39.71 |
|  Macquarie Asset Strategy | 14123 | 319523 | 319032 | – | 319032 | 22034 | 14.48 | 14.48 |
|  MFS<sup>®</sup> VIT Emerging Markets Equity | 6912 | 107852 | 119722 | – | 119722 | 11606 | 10.17 | 10.42 |
|  MFS<sup>®</sup> VIT Global Tactical Allocation | 5141 | 72079 | 72902 | – | 72902 | 7250 | 10.06 | 10.06 |
|  MFS<sup>®</sup> VIT II MA Investors Growth Stock | 11725 | 256434 | 256431 | – | 256431 | 6972 | 36.34 | 37.03 |
|  MFS<sup>®</sup> VIT II Research International | 390848 | 6397361 | 7922487 | – | 7922487 | 711887 | 8.91 | 13.08 |
|  MFS<sup>®</sup> VIT International Intrinsic Value | 48116 | 1365050 | 1739389 | – | 1739389 | 107482 | 15.86 | 17.89 |
|  MFS<sup>®</sup> VIT Investors Trust | 4743 | 149320 | 121286 | – | 121286 | 5136 | 22.59 | 30.75 |
|  MFS<sup>®</sup> VIT New Discovery | 14151 | 209690 | 171225 | – | 171225 | 8797 | 16.18 | 20.46 |
|  MFS<sup>®</sup> VIT Research | 1771 | 52729 | 52860 | – | 52860 | 1640 | 32.22 | 32.22 |
|  MFS<sup>®</sup> VIT Total Return | 589695 | 13112686 | 13350692 | – | 13350692 | 837689 | 13.29 | 17.12 |
|  MFS<sup>®</sup> VIT Total Return Bond | 53839 | 646341 | 621301 | – | 621301 | 69863 | 7.76 | 8.97 |
|  MFS<sup>®</sup> VIT Utilities | 320988 | 10153056 | 11818764 | – | 11818764 | 510957 | 14.20 | 24.28 |
|  Morgan Stanley VIF Emerging Markets Debt | 32037 | 199325 | 171078 | – | 171078 | 18429 | 9.12 | 9.27 |

---

(b) Name change. See Note 1. <br> (d) Closed to new investments. See Note 1.

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

------

SBL Variable Annuity Account XIV

Statements of Net Assets (continued)

December 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Subaccount | Number of<br>Shares | Cost | Assets at<br>Market Value | Investment<br>Income<br>Receivable | Net Assets | Units<br>Outstanding | Range of Unit<br>Values | Range of Unit<br>Values |
|  Morgan Stanley VIF Emerging Markets Equity | 239219 | $3531757 | $4183945 | $– $| 4183945 | 446846 | $7.71 | $11.01 |
|  Morningstar Aggressive Growth ETF Asset Allocation Portfolio | 124681 | 1690074 | 2123324 | – | 2123324 | 123763 | 17.14 | 20.99 |
|  Morningstar Balanced ETF Asset Allocation Portfolio | 1147326 | 12704790 | 12907420 | – | 12907420 | 918487 | 12.52 | 14.97 |
|  Morningstar Conservative ETF Asset Allocation Portfolio | 228761 | 2439239 | 2472905 | – | 2472905 | 270769 | 8.42 | 9.49 |
|  Morningstar Growth ETF Asset Allocation Portfolio | 533011 | 6195164 | 7115691 | – | 7115691 | 461413 | 15.00 | 18.44 |
|  Morningstar Income and Growth ETF Asset Allocation Portfolio | 183112 | 1899629 | 1906194 | – | 1906194 | 162490 | 10.35 | 12.03 |
|  NAA All Cap Value Series | 470578 | 14227736 | 14023209 | – | 14023209 | 524946 | 17.46 | 37.22 |
|  NAA Large Cap Value | 31746 | 1400534 | 1393330 | – | 1393330 | 70052 | 19.85 | 26.91 |
|  NAA Large Cap Value Series | 457398 | 17353058 | 17463465 | – | 17463465 | 748767 | 22.20 | 36.36 |
|  NAA Large Core | 51400 | 1075143 | 1195561 | – | 1195561 | 56068 | 21.00 | 28.73 |
|  NAA Large Core Series | 363704 | 15183809 | 16803147 | – | 16803147 | 838061 | 19.59 | 37.54 |
|  NAA Large Growth Series | 508267 | 10174122 | 11466500 | – | 11466500 | 446353 | 25.73 | 30.52 |
|  NAA Mid Growth | 41512 | 1547275 | 1572044 | – | 1572044 | 79143 | 19.63 | 29.77 |
|  NAA Mid Growth Series | 146711 | 7038321 | 7290049 | – | 7290049 | 343264 | 20.08 | 41.82 |
|  NAA Opportunity | 2573 | 57354 | 79169 | – | 79169 | 5572 | 11.81 | 16.58 |
|  NAA Small Cap Value Series | 385638 | 14977258 | 14137474 | – | 14137474 | 351509 | 12.40 | 42.40 |
|  NAA Small Growth Series | 88497 | 2498521 | 2686762 | – | 2686762 | 203103 | 12.74 | 23.41 |
|  NAA SMid Cap Value | 291653 | 10112732 | 10097016 | – | 10097016 | 292357 | 34.37 | 42.12 |
|  NAA Smid-Cap Value Series | 396409 | 25107270 | 24347434 | – | 24347434 | 537744 | 15.39 | 48.11 |
|  NAA World Equity Income | 289913 | 4352907 | 4934312 | – | 4934312 | 293968 | 16.02 | 23.33 |
|  NAA World Equity Income Series | 777188 | 9797461 | 11696678 | – | 11696678 | 686406 | 15.40 | 19.53 |
|  Neuberger Berman AMT Quality Equity Portfolio Class I | 75783 | 2317784 | 3240481 | – | 3240481 | 177903 | 17.77 | 30.52 |
|  Neuberger Berman AMT Quality Equity Portfolio Class S (b) | 154119 | 4362014 | 6599393 | – | 6599393 | 148520 | 39.46 | 44.46 |
|  Neuberger Berman Core Bond | 308113 | 2978258 | 2739120 | – | 2739120 | 326440 | 7.68 | 8.63 |
|  Neuberger Large Cap Value Fund (b) | 11993 | 453331 | 612703 | – | 612703 | 32002 | 18.47 | 19.19 |
|  Neuberger Quality Equity Fund (b) | 29353 | 1179182 | 1637588 | – | 1637588 | 55485 | 27.64 | 29.63 |
|  Nomura VIP Asset Strategy Series (b) | 134808 | 1238278 | 1348078 | – | 1348078 | 109218 | 12.31 | 14.78 |
|  Nomura VIP Balanced Series (b) | 19175 | 126633 | 125211 | – | 125211 | 6386 | 19.63 | 19.63 |
|  Nomura VIP Core Equity Series (b) | 19905 | 259877 | 278276 | – | 278276 | 7827 | 35.55 | 35.55 |
|  Nomura VIP Energy Series (b) | 20929 | 108413 | 108415 | – | 108415 | 20779 | 5.22 | 5.22 |
|  Nomura VIP Global Growth Series (b) | 3347 | 11887 | 12852 | – | 12852 | 587 | 21.97 | 21.97 |
|  Nomura VIP Growth Series (b) |  |  |  | – |  |  | 34.30 | 45.26 |
|  Nomura VIP High Income Series (b) | 121334 | 368677 | 355508 | – | 355508 | 33020 | 9.93 | 13.12 |
|  Nomura VIP International Core Equity Series (b) | 21778 | 361002 | 423361 | – | 423361 | 31429 | 12.63 | 13.51 |
|  Nomura VIP Limited+Term Bond Series (b) | 3208 | 15813 | 15112 | – | 15112 | 1862 | 8.09 | 8.09 |
|  Nomura VIP Mid Cap Growth Series (b) | 13876 | 144529 | 107120 | – | 107120 | 5423 | 18.08 | 22.86 |
|  Nomura VIP Natural Resources Series (b) | 43326 | 182457 | 265590 | – | 265590 | 32081 | 7.35 | 8.29 |
|  Nomura VIP Science And Technology Series (b) | 6605 | 177546 | 215728 | – | 215728 | 4930 | 34.63 | 50.33 |
|  Nomura VIP Small Cap Growth Series (b) | 30113 | 225216 | 224344 | – | 224344 | 12888 | 16.10 | 17.71 |
|  Nomura VIP Smid Cap Core Series (b) | 657 | 8875 | 8900 | – | 8900 | 487 | 16.43 | 20.59 |
|  Nomura VIP Value Series (b) | 1764 | 9741 | 7814 | – | 7814 | 367 | 21.30 | 21.30 |

---

(b) Name change. See Note 1.

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

------

SBL Variable Annuity Account XIV

Statements of Net Assets (continued)

December 31, 2025

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Subaccount | Number of<br>Shares | Cost | Assets at<br>Market Value | Investment<br>Income<br>Receivable | Net Assets | Units<br>Outstanding | Range of Unit<br>Values | Range of Unit<br>Values |
|  North Square Spectrum Alpha | 387 | $4248 | $3493 | $– $| 3493 | 183 | $19.03 | $19.03 |
|  Northern Global Tactical Asset Allocation | 7773 | 92649 | 111311 | – | 111311 | 7757 | 14.34 | 14.34 |
|  Northern Large Cap Core | 5006 | 106596 | 158898 | – | 158898 | 4562 | 34.83 | 34.83 |
|  Northern Large Cap Value | 17145 | 334773 | 393830 | – | 393830 | 16157 | 24.40 | 24.40 |
|  PGIM Focused Growth | 115176 | 2641766 | 3418425 | – | 3418425 | 303200 | 11.18 | 11.27 |
|  PGIM Jennison Mid-Cap Growth | 21675 | 357775 | 283294 | – | 283294 | 14153 | 20.02 | 20.02 |
|  PGIM Jennison Natural Resources | 288 | 13539 | 20109 | – | 20109 | 2086 | 9.64 | 9.64 |
|  PGIM Jennison Small Company | 18389 | 404510 | 380646 | – | 380646 | 16608 | 22.96 | 22.96 |
|  PGIM Quant Solutions Small-Cap Value (d) | 10205 | 203078 | 193896 | – | 193896 | 12805 | 14.57 | 15.15 |
|  PIMCO All Asset | 12664 | 147558 | 142978 | – | 142978 | 12656 | 11.30 | 11.30 |
|  PIMCO CommodityRealReturn Strategy | 6394 | 100260 | 86963 | – | 86963 | 15629 | 5.58 | 5.58 |
|  PIMCO Emerging Markets Bond | 5430 | 49193 | 49409 | – | 49409 | 5169 | 9.57 | 9.57 |
|  PIMCO High Yield | 133349 | 1143966 | 1090792 | – | 1090792 | 68522 | 15.93 | 16.54 |
|  PIMCO International Bond (U.S. Dollar-Hedged) | 318235 | 3310866 | 3160075 | – | 3160075 | 311819 | 9.49 | 10.15 |
|  PIMCO Low Duration | 5421 | 50623 | 50739 | – | 50739 | 7218 | 7.02 | 7.02 |
|  PIMCO Real Return | 72119 | 794519 | 747873 | – | 747873 | 88502 | 8.45 | 8.45 |
|  PIMCO StocksPLUS<sup>®</sup> Small Fund | 49551 | 410596 | 390956 | – | 390956 | 17929 | 21.77 | 21.77 |
|  PIMCO Total Return | 140863 | 1405995 | 1248046 | – | 1248046 | 142631 | 8.75 | 8.75 |
|  PIMCO VIT All Asset Administrative | 373197 | 3859317 | 3575224 | – | 3575224 | 235893 | 13.25 | 15.20 |
|  PIMCO VIT All Asset Advisor | 100332 | 970365 | 979245 | – | 979245 | 81988 | 10.29 | 11.95 |
|  PIMCO VIT CommodityRealReturn Strategy Administrative | 593809 | 4172325 | 3735056 | – | 3735056 | 653271 | 4.96 | 5.78 |
|  PIMCO VIT CommodityRealReturn Strategy Advisor | 22625 | 150899 | 145255 | – | 145255 | 27138 | 5.27 | 6.33 |
|  PIMCO VIT Emerging Markets Bond | 159642 | 1877708 | 1823112 | – | 1823112 | 159142 | 9.36 | 11.84 |
|  PIMCO VIT Global Bond Opportunities Portfolio (Unhedged) | 839 | 8901 | 8360 | – | 8360 | 832 | 10.05 | 10.05 |
|  PIMCO VIT Global Managed Asset Allocation | 3412 | 37320 | 40024 | – | 40024 | 3059 | 13.08 | 14.76 |
|  PIMCO VIT High Yield | 32129 | 238326 | 238078 | – | 238078 | 12438 | 19.17 | 19.17 |
|  PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged) | 574440 | 5978724 | 5767381 | – | 5767381 | 528554 | 9.90 | 10.91 |
|  PIMCO VIT International Bond Portfolio (Unhedged) | 21772 | 167465 | 163728 | – | 163728 | 25233 | 6.49 | 6.49 |
|  PIMCO VIT Low Duration Administrative (d) | 2180002 | 21529967 | 21320424 | – | 21320424 | 2886779 | 6.61 | 8.64 |
|  PIMCO VIT Low Duration Advisor | 92115 | 908580 | 900885 | – | 900885 | 117380 | 6.98 | 7.79 |
|  PIMCO VIT Real Return Administrative (d) | 1169183 | 14741522 | 14041892 | – | 14041892 | 1444678 | 8.77 | 10.57 |
|  PIMCO VIT Real Return Advisor | 66309 | 813081 | 796372 | – | 796372 | 90732 | 7.71 | 9.05 |
|  PIMCO VIT Short-Term | 363344 | 3732920 | 3753342 | – | 3753342 | 443128 | 7.67 | 8.56 |
|  PIMCO VIT Total Return Administrative | 852477 | 8704793 | 8055908 | – | 8055908 | 921601 | 8.70 | 8.70 |
|  PIMCO VIT Total Return Advisor | 1355277 | 13265197 | 12807372 | – | 12807372 | 1522581 | 7.60 | 8.89 |
|  Putnam VT Core Equity Fund | 35841 | 738227 | 845842 | – | 845842 | 21589 | 29.83 | 40.71 |
|  Putnam VT Diversified Income | 9904 | 50284 | 46647 | – | 46647 | 5091 | 9.19 | 9.19 |
|  Putnam VT Global Asset Allocation | 970 | 16289 | 19285 | – | 19285 | 1254 | 15.42 | 19.23 |
|  Putnam VT High Yield | 10639 | 58728 | 61066 | – | 61066 | 5242 | 10.11 | 11.64 |
|  Putnam VT Income | 3392 | 33674 | 27778 | – | 27778 | 3350 | 8.31 | 8.31 |
|  Putnam VT Large Cap Growth Fund | 11185 | 156626 | 196635 | – | 196635 | 4136 | 39.33 | 52.52 |

---

(d) Closed to new investments. See Note 1.

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

------

SBL Variable Annuity Account XIV

Statements of Net Assets (continued)

December 31, 2025

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Subaccount | Number of<br>Shares | Cost | Assets at<br>Market Value | Investment<br>Income<br>Receivable | Net Assets | Units<br>Outstanding | Range of Unit Values | Range of Unit Values |
|  Putnam VT Large Cap Value | 45235 | $1252313 | $1614423 | $– $| 1614423 | 52776 | $24.07 | $33.11 |
|  Putnam VT Small Cap Growth | 18908 | 322045 | 407474 | – | 407474 | 16261 | 18.88 | 25.74 |
|  Putnam VT Small Cap Value | 17695 | 192798 | 191280 | – | 191280 | 12384 | 15.40 | 15.40 |
|  Royce Micro-Cap | 323062 | 3204976 | 3072324 | – | 3072324 | 191153 | 13.04 | 16.20 |
|  Royce Small-Cap Opportunity | 206057 | 2728217 | 2961041 | – | 2961041 | 129766 | 21.94 | 22.80 |
|  Royce Small-Cap Value | 102663 | 1008911 | 998912 | – | 998912 | 71461 | 13.46 | 13.99 |
|  Rydex VIF Banking | 4094 | 438851 | 585484 | – | 585484 | 73444 | 7.18 | 14.74 |
|  Rydex VIF Basic Materials | 11126 | 1055398 | 1313640 | – | 1313640 | 70008 | 15.59 | 19.36 |
|  Rydex VIF Biotechnology | 15606 | 1331660 | 1446224 | – | 1446224 | 70408 | 15.58 | 34.06 |
|  Rydex VIF Commodities Strategy | 7695 | 662101 | 688686 | – | 688686 | 370544 | 1.75 | 2.85 |
|  Rydex VIF Consumer Products | 11894 | 821173 | 731142 | – | 731142 | 44730 | 10.56 | 17.91 |
|  Rydex VIF Dow 2x Strategy (d) | 4462 | 799281 | 1212160 | – | 1212160 | 26135 | 39.69 | 46.82 |
|  Rydex VIF Electronics | 13525 | 2417868 | 2899248 | – | 2899248 | 71773 | 23.23 | 67.30 |
|  Rydex VIF Energy | 7834 | 1793045 | 1980957 | – | 1980957 | 293126 | 5.64 | 8.03 |
|  Rydex VIF Energy Services | 822 | 243554 | 252928 | – | 252928 | 141346 | 1.65 | 1.86 |
|  Rydex VIF Europe 1.25x Strategy (d) | 2173 | 272965 | 347115 | – | 347115 | 43719 | 6.99 | 7.96 |
|  Rydex VIF Financial Services | 6037 | 637682 | 750821 | – | 750821 | 67031 | 11.00 | 17.03 |
|  Rydex VIF Government Long Bond 1.2x Strategy (d) | 2082 | 603878 | 372075 | – | 372075 | 70270 | 4.95 | 6.88 |
|  Rydex VIF Health Care | 22051 | 1705295 | 1760755 | – | 1760755 | 86370 | 17.33 | 25.16 |
|  Rydex VIF High Yield Strategy | 4206 | 330503 | 337587 | – | 337587 | 33306 | 10.14 | 10.14 |
|  Rydex VIF Internet | 5087 | 537692 | 565257 | – | 565257 | 31841 | 16.81 | 33.34 |
|  Rydex VIF Inverse Dow 2x Strategy (d) | 842 | 349992 | 95504 | – | 95504 | 1176599 | 0.02 | 0.19 |
|  Rydex VIF Inverse Government Long Bond Strategy (d) | 2199 | 218259 | 240335 | – | 240335 | 151605 | 1.52 | 2.31 |
|  Rydex VIF Inverse Mid-Cap Strategy (d) | 104 | 17883 | 14224 | – | 14224 | 48215 | 0.29 | 0.29 |
|  Rydex VIF Inverse NASDAQ-100<sup>®</sup> Strategy (d) | 235 | 24826 | 24472 | – | 24472 | 241473 | 0.10 | 0.18 |
|  Rydex VIF Inverse Russell 2000<sup>®</sup> Strategy (d) | 296 | 45469 | 35415 | – | 35415 | 109109 | 0.27 | 0.49 |
|  Rydex VIF Inverse S&P 500 Strategy (d) | 3894 | 383106 | 356765 | – | 356765 | 1181758 | 0.25 | 0.51 |
|  Rydex VIF Japan 2x Strategy (d) | 1996 | 164198 | 219887 | – | 219887 | 16743 | 13.13 | 13.13 |
|  Rydex VIF Leisure | 3236 | 394922 | 441822 | – | 441822 | 30872 | 14.25 | 17.40 |
|  Rydex VIF Mid-Cap 1.5x Strategy (d) | 1589 | 331236 | 391897 | – | 391897 | 11764 | 20.16 | 34.56 |
|  Rydex VIF Money Market | 38738213 | 38738213 | 38738213 | – | 38738213 | 7176402 | 4.44 | 6.54 |
|  Rydex VIF NASDAQ-100<sup>®</sup> | 80369 | 6635438 | 7774064 | – | 7774064 | 152184 | 43.26 | 63.74 |
|  Rydex VIF NASDAQ-100<sup>®</sup> 2x Strategy (d) | 112836 | 21093022 | 25235705 | – | 25235705 | 189626 | 120.70 | 253.86 |
|  Rydex VIF Nova (d) | 10060 | 1692977 | 2588662 | – | 2588662 | 72633 | 34.00 | 42.15 |
|  Rydex VIF Precious Metals | 50983 | 2430626 | 4948917 | – | 4948917 | 264648 | 12.81 | 22.94 |
|  Rydex VIF Real Estate | 27360 | 1107620 | 1044062 | – | 1044062 | 79256 | 8.34 | 13.75 |
|  Rydex VIF Retailing | 2458 | 272252 | 347402 | – | 347402 | 16466 | 16.24 | 23.03 |
|  Rydex VIF Russell 2000<sup>®</sup> 1.5x Strategy (d) | 3771 | 312435 | 318928 | – | 318928 | 15522 | 20.54 | 20.54 |
|  Rydex VIF Russell 2000<sup>®</sup> 2x Strategy (d) | 28964 | 4978781 | 4949891 | – | 4949891 | 433067 | 11.40 | 12.94 |
|  Rydex VIF S&P 500 2x Strategy (d) | 6590 | 2715721 | 3988980 | – | 3988980 | 81500 | 47.23 | 59.29 |
|  Rydex VIF S&P 500 Pure Growth | 46264 | 2483182 | 2581503 | – | 2581503 | 106996 | 20.09 | 28.96 |

---

(d) Closed to new investments. See Note 1.

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

------

SBL Variable Annuity Account XIV

Statements of Net Assets (continued)

December 31, 2025

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Subaccount | Number<br>of Shares | Cost | Assets at<br>Market Value | Investment<br>Income<br>Receivable | Net Assets | Units<br>Outstanding | Range of Unit<br>Values | Range of Unit<br>Values |
|  Rydex VIF S&P 500 Pure Value | 69849 | $3797567 | $4598829 | $– $| 4598829 | 244986 | $15.46 | $19.00 |
|  Rydex VIF S&P MidCap 400 Pure Growth | 35975 | 1373777 | 1393329 | – | 1393329 | 66587 | 12.80 | 21.97 |
|  Rydex VIF S&P MidCap 400 Pure Value | 18698 | 844914 | 901229 | – | 901229 | 41702 | 16.51 | 21.84 |
|  Rydex VIF S&P SmallCap 600 Pure Growth | 23511 | 1320153 | 1349312 | – | 1349312 | 78394 | 12.59 | 17.53 |
|  Rydex VIF S&P SmallCap 600 Pure Value | 19430 | 1588904 | 1704568 | – | 1704568 | 126937 | 12.00 | 14.93 |
|  Rydex VIF Strengthening Dollar 2x Strategy (d) | 14852 | 633473 | 635526 | – | 635526 | 94506 | 4.07 | 8.78 |
|  Rydex VIF Technology | 15077 | 2296138 | 3667369 | – | 3667369 | 138189 | 24.29 | 44.41 |
|  Rydex VIF Telecommunications | 16326 | 1059176 | 1358196 | – | 1358196 | 209417 | 5.86 | 11.42 |
|  Rydex VIF Transportation | 4084 | 358591 | 410817 | – | 410817 | 22921 | 15.42 | 18.51 |
|  Rydex VIF Utilities | 52107 | 1881042 | 2251557 | – | 2251557 | 180424 | 11.18 | 17.91 |
|  Rydex VIF Weakening Dollar 2x Strategy (d) | 630 | 96738 | 77935 | – | 77935 | 32400 | 2.37 | 2.59 |
| T. Rowe Price Blue Chip Growth | 56545 | 2492490 | 3433412 | – | 3433412 | 78818 | 34.23 | 47.99 |
| T. Rowe Price Capital Appreciation | 173576 | 5319211 | 6089045 | – | 6089045 | 232365 | 24.51 | 26.22 |
| T. Rowe Price Equity Income | 66869 | 1909542 | 1916465 | – | 1916465 | 87816 | 16.57 | 22.56 |
| T. Rowe Price Growth Stock | 75022 | 5382856 | 7129351 | – | 7129351 | 205229 | 32.47 | 34.73 |
| T. Rowe Price Health Sciences | 164905 | 8131046 | 8909827 | – | 8909827 | 410871 | 21.23 | 39.68 |
| T. Rowe Price Limited-Term Bond | 25438 | 119498 | 120322 | – | 120322 | 16524 | 7.16 | 7.73 |
| T. Rowe Price Retirement 2010 | 125 | 2050 | 1960 | – | 1960 | 155 | 12.68 | 12.68 |
| T. Rowe Price Retirement 2015 | 19040 | 246696 | 248667 | – | 248667 | 18122 | 13.72 | 13.72 |
| T. Rowe Price Retirement 2020 | 2860 | 57117 | 54772 | – | 54772 | 3686 | 14.88 | 14.88 |
| T. Rowe Price Retirement 2025 | 2590 | 42217 | 44372 | – | 44372 | 2741 | 16.17 | 16.17 |
| T. Rowe Price Retirement 2030 | 14619 | 370296 | 393097 | – | 393097 | 22208 | 17.70 | 17.70 |
| T. Rowe Price Retirement 2035 | 4787 | 95111 | 108805 | – | 108805 | 5656 | 19.23 | 19.23 |
| T. Rowe Price Retirement 2040 | 7221 | 194725 | 241555 | – | 241555 | 11759 | 20.54 | 20.54 |
| T. Rowe Price Retirement 2045 | 640 | 12947 | 15779 | – | 15779 | 738 | 21.37 | 21.37 |
| T. Rowe Price Retirement 2050 | 69 | 1199 | 1443 | – | 1443 | 67 | 21.53 | 21.53 |
| T. Rowe Price Retirement 2055 | 2114 | 32372 | 46920 | – | 46920 | 2179 | 21.51 | 21.51 |
| T. Rowe Price Retirement Balanced | 5812 | 86075 | 81366 | – | 81366 | 6933 | 11.72 | 11.72 |
|  Templeton Developing Markets VIP Fund | 674196 | 6926648 | 8144282 | – | 8144282 | 497342 | 11.96 | 24.34 |
|  Templeton Foreign VIP Fund | 242822 | 3208677 | 3938571 | – | 3938571 | 363212 | 10.22 | 17.40 |
|  Templeton Global Bond VIP Fund | 63742 | 873700 | 839477 | – | 839477 | 134568 | 5.68 | 6.56 |
|  Templeton Growth VIP Fund |  |  |  | – |  |  | 11.89 | 15.00 |
|  Third Avenue Value | 9284 | 216107 | 232471 | – | 232471 | 14421 | 14.65 | 16.61 |
|  TOPS<sup>®</sup> Aggressive Growth ETF | 3107 | 62754 | 80213 | – | 80213 | 4980 | 16.11 | 16.11 |
|  TOPS<sup>®</sup> Balanced ETF | 61122 | 859927 | 996894 | – | 996894 | 82497 | 12.08 | 12.08 |
|  TOPS<sup>®</sup> Conservative ETF | 78385 | 1016043 | 1094257 | – | 1094257 | 99369 | 11.01 | 11.01 |
|  TOPS<sup>®</sup> Growth ETF | 17701 | 338481 | 442703 | – | 442703 | 29325 | 15.10 | 15.10 |
|  TOPS<sup>®</sup> Moderate Growth ETF | 89561 | 1337119 | 1618360 | – | 1618360 | 119183 | 13.58 | 13.58 |
|  VanEck VIP Global Gold | 102899 | 1513889 | 2504556 | – | 2504556 | 102214 | 24.28 | 24.54 |
|  VanEck VIP Global Resources | 26757 | 760176 | 855415 | – | 855415 | 138890 | 6.14 | 7.47 |
|  Vanguard<sup>®</sup> VIF Balanced | 394877 | 9071948 | 10033815 | – | 10033815 | 561999 | 15.73 | 17.97 |

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(d) Closed to new investments. See Note 1.

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

------

SBL Variable Annuity Account XIV

Statements of Net Assets (continued)

December 31, 2025

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Subaccount | Number of<br>Shares | Cost | Assets at<br>Market Value | Investment<br>Income<br>Receivable | Net Assets | Units<br>Outstanding | Range of Unit<br>Values | Range of Unit<br>Values |
|  Vanguard<sup>®</sup> VIF Capital Growth | 54050 | $2503347 | $3341343 | $– $| 3341343 | 120620 | $24.52 | $28.00 |
|  Vanguard<sup>®</sup> VIF Conservative Allocation | 263970 | 6680178 | 6984647 | – | 6984647 | 568385 | 11.05 | 12.62 |
|  Vanguard<sup>®</sup> VIF Diversified Value | 174380 | 2686991 | 3046414 | – | 3046414 | 147902 | 18.24 | 20.83 |
|  Vanguard<sup>®</sup> VIF Equity Income | 142263 | 3367691 | 3730123 | – | 3730123 | 183432 | 18.01 | 20.57 |
|  Vanguard<sup>®</sup> VIF Equity Index | 230751 | 14227469 | 18912323 | – | 18912323 | 700585 | 23.69 | 27.06 |
|  Vanguard<sup>®</sup> VIF Global Bond Index | 174490 | 3251804 | 3285641 | – | 3285641 | 372296 | 8.83 | 8.83 |
|  Vanguard<sup>®</sup> VIF Growth | 137730 | 4035721 | 5051926 | – | 5051926 | 170141 | 26.03 | 29.73 |
|  Vanguard<sup>®</sup> VIF High Yield Bond | 351137 | 2573268 | 2651082 | – | 2651082 | 222010 | 10.45 | 11.94 |
|  Vanguard<sup>®</sup> VIF International | 225910 | 6601141 | 6458753 | – | 6458753 | 347937 | 16.26 | 18.57 |
|  Vanguard<sup>®</sup> VIF Mid-Cap Index | 257327 | 6146439 | 7194853 | – | 7194853 | 387441 | 16.77 | 19.15 |
|  Vanguard<sup>®</sup> VIF Moderate Allocation | 553096 | 15885884 | 18407043 | – | 18407043 | 1229168 | 13.26 | 15.15 |
|  Vanguard<sup>®</sup> VIF Real Estate Index | 236591 | 2930185 | 2737352 | – | 2737352 | 232821 | 10.31 | 11.78 |
|  Vanguard<sup>®</sup> VIF Short Term Investment Grade | 1100094 | 11354048 | 11737999 | – | 11737999 | 1272089 | 8.09 | 9.24 |
|  Vanguard<sup>®</sup> VIF Small Company Growth (d) | 11176 | 213180 | 213123 | – | 213123 | 12417 | 17.17 | 17.17 |
|  Vanguard<sup>®</sup> VIF Total Bond Market Index | 2506980 | 27254790 | 27075389 | – | 27075389 | 3210229 | 7.42 | 8.47 |
|  Vanguard<sup>®</sup> VIF Total International Stock Market Index | 644299 | 14050038 | 17305883 | – | 17305883 | 1231780 | 12.77 | 14.06 |
|  Vanguard<sup>®</sup> VIF Total Stock Market Index | 795812 | 39884778 | 48488842 | – | 48488842 | 1893652 | 22.53 | 25.72 |
|  Victory Pioneer Bond VCT Portfolio (b) | 7798 | 78779 | 76420 | – | 76420 | 8608 | 8.89 | 8.89 |
|  Victory Pioneer Equity Income VCT Portfolio (b) | 1420 | 23675 | 17561 | – | 17561 | 1037 | 16.92 | 16.92 |
|  Victory Pioneer High Yield VCT Portfolio (b) | 3605 | 32376 | 30857 | – | 30857 | 2694 | 9.55 | 11.45 |
|  Victory Pioneer Strategic Income Fund (b) | 9218 | 92036 | 90889 | – | 90889 | 9615 | 9.46 | 9.46 |
|  Victory Pioneer Strategic Income VCT Portfolio (b) | 91016 | 821262 | 852821 | – | 852821 | 91618 | 8.55 | 9.51 |
|  Victory RS Partners (d) | 16651 | 459683 | 454081 | – | 454081 | 12692 | 35.72 | 35.72 |
|  Victory RS Science and Technology | 30189 | 721792 | 941886 | – | 941886 | 22106 | 40.90 | 42.50 |
|  Victory RS Value | 68302 | 1740138 | 1637884 | – | 1637884 | 95487 | 16.51 | 17.16 |
|  Virtus Ceredex Mid Cap Value Equity | 11860 | 143025 | 138051 | – | 138051 | 6405 | 21.56 | 21.56 |
|  Virtus Duff & Phelps Real Estate Securities Series | 20820 | 410542 | 426191 | – | 426191 | 30960 | 12.83 | 14.12 |
|  Virtus KAR Small-Cap Growth Series | 59525 | 1456078 | 911928 | – | 911928 | 43729 | 20.39 | 22.99 |
|  Virtus Newfleet Multi-Sector Intermediate Bond Series | 38001 | 336536 | 330233 | – | 330233 | 33899 | 9.03 | 9.82 |
|  Virtus SGA International Growth Series | 26506 | 341632 | 353859 | – | 353859 | 41481 | 7.82 | 8.62 |
|  Virtus Tactical Allocation Series | 25501 | 331482 | 302957 | – | 302957 | 19600 | 13.52 | 15.70 |
|  Voya MidCap Opportunities Portfolio | 47768 | 243935 | 156679 | – | 156679 | 6524 | 18.76 | 25.49 |
|  VY CBRE Global Real Estate Portfolio | 25457 | 282836 | 266031 | – | 266031 | 24856 | 9.04 | 10.70 |
|  VY CBRE Real Estate Portfolio |  |  |  | – |  |  | 11.32 | 14.18 |
|  Western Asset Variable Global High Yield Bond | 163874 | 1144487 | 1063545 | – | 1063545 | 95632 | 9.15 | 11.29 |

---

(b) Name change. See Note 1.

(d) Closed to new investments. See Note 1.

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets

Years Ended December 31, 2025 and 2024, Except as Noted

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| | | | |
|:---|:---|:---|:---|
|  | **AB VPS Discovery<br>Value Portfolio** | **AB VPS Dynamic<br>Asset Allocation** | **AB VPS Relative<br>Value Portfolio** |
|  Net assets as of December 31, 2023 | $4339295 | $556928 | $94993 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 27848 | 6240 | 1206 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (39184) | (4067) | (244) |
|  Net investment income (loss) | (11336) | 2173 | 962 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 219444 |  | 3395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 22042 | (10367) | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 131548 | 61083 | 6835 |
|  Net gain (loss) on investments | 373034 | 50716 | 10511 |
|  Net increase (decrease) in net assets from operations | 361698 | 52889 | 11473 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 76671 | 1250 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (232174) | (52311) | (13253) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (125438) | 4102 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (6503) | (2951) | (195) |
|  Increase (decrease) in net assets from contract transactions | (287444) | (49910) | (13448) |
|  Total increase (decrease) in net assets | 74254 | 2979 | (1975) |
|  Net assets as of December 31, 2024 | $4413549 | $559907 | $93018 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 24752 | 7855 | 853 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (37483) | (3619) | (308) |
|  Net investment income (loss) | (12731) | 4236 | 545 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 467047 |  | 7964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (23135) | (14699) | 950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (376557) | 69432 | 2493 |
|  Net gain (loss) on investments | 67355 | 54733 | 11407 |
|  Net increase (decrease) in net assets from operations | 54624 | 58969 | 11952 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 85367 | 10479 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (372908) | (71517) | (88817) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (61668) | (75395) | 108285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (6018) | (2218) | (144) |
|  Increase (decrease) in net assets from contract transactions | (355227) | (138651) | 19324 |
|  Total increase (decrease) in net assets | (300603) | (79682) | 31276 |
|  Net assets as of December 31, 2025 | $4112946 | $480225 | $124294 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **AB VPS<br>Sustainable Global<br>Thematic Growth** | **AFIS Capital<br>World Growth and<br>Income** | **AFIS U.S.<br>Government<br>Securities** |
|  Net assets as of December 31, 2023 | $135953 | $100114 | $162466 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions |  | 1689 | 16214 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (365) | (1126) | (1106) |
|  Net investment income (loss) | (365) | 563 | 15108 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 438 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 264 | 209 | (1118) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 7254 | 11409 | (12524) |
|  Net gain (loss) on investments | 7956 | 11618 | (13642) |
|  Net increase (decrease) in net assets from operations | 7591 | 12181 | 1466 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  | 15000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (4465) | (5427) | (2478) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 3625 | (4976) | 276117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (125) | (252) | (308) |
|  Increase (decrease) in net assets from contract transactions | (965) | 4345 | 273331 |
|  Total increase (decrease) in net assets | 6626 | 16526 | 274797 |
|  Net assets as of December 31, 2024 | $142579 | $116640 | $437263 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions |  | 1380 | 14471 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (351) | (1266) | (1361) |
|  Net investment income (loss) | (351) | 114 | 13110 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 17726 | 4564 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 1384 | 3371 | (7595) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (10451) | 16626 | 23707 |
|  Net gain (loss) on investments | 8659 | 24561 | 16112 |
|  Net increase (decrease) in net assets from operations | 8308 | 24675 | 29222 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (3959) | (23074) | (3385) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (12898) | (671) | (142966) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (126) | (278) | (484) |
|  Increase (decrease) in net assets from contract transactions | (16983) | (24023) | (146835) |
|  Total increase (decrease) in net assets | (8675) | 652 | (117613) |
|  Net assets as of December 31, 2025 | $133904 | $117292 | $319650 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **AFIS Washington<br>Mutual Investors** | **Alger Capital<br>Appreciation (d)** | **Alger Large Cap<br>Growth** |
|  Net assets as of December 31, 2023 | $761881 | $192614 | $171885 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 12190 |  |  |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (7136) | (2498) | (1217) |
|  Net investment income (loss) | 5054 | (2498) | (1217) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 7389 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 24046 | 2262 | 3343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 102402 | 83457 | 59883 |
|  Net gain (loss) on investments | 133837 | 85719 | 63226 |
|  Net increase (decrease) in net assets from operations | 138891 | 83221 | 62009 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 13962 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (7918) | (22164) | (12747) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (40926) | (112) | 172261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (950) | (497) | (137) |
|  Increase (decrease) in net assets from contract transactions | (35832) | (22773) | 159377 |
|  Total increase (decrease) in net assets | 103059 | 60448 | 221386 |
|  Net assets as of December 31, 2024 | $864940 | $253062 | $393271 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 9764 |  |  |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (6475) | (2905) | (2817) |
|  Net investment income (loss) | 3289 | (2905) | (2817) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 54707 | 43669 | 77885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 31481 | 38395 | 50061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 27510 | (1711) | (73066) |
|  Net gain (loss) on investments | 113698 | 80353 | 54880 |
|  Net increase (decrease) in net assets from operations | 116987 | 77448 | 52063 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (132007) | (84413) | (37366) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (41683) | (6) | 314075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (949) | (588) | (294) |
|  Increase (decrease) in net assets from contract transactions | (174639) | (85007) | 276415 |
|  Total increase (decrease) in net assets | (57652) | (7559) | 328478 |
|  Net assets as of December 31, 2025 | $807288 | $245503 | $721749 |

---

(d) Closed to new investments. See Note 1.

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Allspring<br>Growth (d)** | **Allspring Large<br>Cap Core** | **Allspring<br>Opportunity** |
|  Net assets as of December 31, 2023 | $712042 | $854775 | $616461 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions |  | 1074 |  |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (7511) | (7829) | (6129) |
|  Net investment income (loss) | (7511) | (6755) | (6129) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 235528 | 92386 | 58032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (7080) | 30718 | 24353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (23489) | 74592 | 11884 |
|  Net gain (loss) on investments | 204959 | 197696 | 94269 |
|  Net increase (decrease) in net assets from operations | 197448 | 190941 | 88140 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 9001 | 11935 | 8950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (157348) | (241471) | (90178) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 59879 | 107120 | 22965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (2226) | (2435) | (1002) |
|  Increase (decrease) in net assets from contract transactions | (90694) | (124851) | (59265) |
|  Total increase (decrease) in net assets | 106754 | 66090 | 28875 |
|  Net assets as of December 31, 2024 | $818796 | $920865 | $645336 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions |  | 690 |  |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (7297) | (8515) | (5505) |
|  Net investment income (loss) | (7297) | (7825) | (5505) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 274553 | 71700 | 49280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (25188) | 31335 | 14848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (141077) | 45687 | (23908) |
|  Net gain (loss) on investments | 108288 | 148722 | 40220 |
|  Net increase (decrease) in net assets from operations | 100991 | 140897 | 34715 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 9826 | 8662 | 16389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (87773) | (149300) | (51480) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 24131 | 66265 | (49940) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (2120) | (2267) | (1353) |
|  Increase (decrease) in net assets from contract transactions | (55936) | (76640) | (86384) |
|  Total increase (decrease) in net assets | 45055 | 64257 | (51669) |
|  Net assets as of December 31, 2025 | $863851 | $985122 | $593667 |

---

(d) Closed to new investments. See Note 1.

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Allspring<br>Opportunity VT** | **Allspring Small<br>Company Value** | **Allspring VT<br>Discovery All Cap<br>Growth Fund** |
|  Net assets as of December 31, 2023 | $974569 | $5275463 | $160872 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 440 | 61511 |  |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (12769) | (48461) | (2268) |
|  Net investment income (loss) | (12329) | 13050 | (2268) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 92116 | 329066 | 8773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 3790 | 217510 | (222) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 34986 | (177352) | 25033 |
|  Net gain (loss) on investments | 130892 | 369224 | 33584 |
|  Net increase (decrease) in net assets from operations | 118563 | 382274 | 31316 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  | 62648 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (148557) | (731876) | (111) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (10136) | 87030 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (4259) | (9440) | (260) |
|  Increase (decrease) in net assets from contract transactions | (162952) | (591638) | (368) |
|  Total increase (decrease) in net assets | (44389) | (209364) | 30948 |
|  Net assets as of December 31, 2024 | $930180 | $5066099 | $191820 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 465 | 31173 |  |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (12030) | (43654) | (2566) |
|  Net investment income (loss) | (11565) | (12481) | (2566) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 93739 | 230968 | 71956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 106 | 136814 | (383) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (36890) | (306010) | (42492) |
|  Net gain (loss) on investments | 56955 | 61772 | 29081 |
|  Net increase (decrease) in net assets from operations | 45390 | 49291 | 26515 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 11540 | 70861 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (94200) | (658533) | (84) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (36810) | 163502 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (3976) | (10230) | (294) |
|  Increase (decrease) in net assets from contract transactions | (123446) | (434400) | (378) |
|  Total increase (decrease) in net assets | (78056) | (385109) | 26137 |
|  Net assets as of December 31, 2025 | $852124 | $4680990 | $217957 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **ALPS/Alerian<br>Energy<br>Infrastructure** | **American Century<br>Diversified Bond** | **American Century<br>Equity Income** |
|  Net assets as of December 31, 2023 | $249166 | $189603 | $8988444 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 10675 | 7436 | 202140 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (2022) | (1640) | (81122) |
|  Net investment income (loss) | 8653 | 5796 | 121018 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 8583 |  | 678422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 15930 | (3740) | 65060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 62196 | (2579) | (71664) |
|  Net gain (loss) on investments | 86709 | (6319) | 671818 |
|  Net increase (decrease) in net assets from operations | 95362 | (523) | 792836 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  | 4346 | 173701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (53673) | (25899) | (1353750) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 12967 | 40180 | (117823) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (317) | (817) | (16928) |
|  Increase (decrease) in net assets from contract transactions | (41023) | 17810 | (1314800) |
|  Total increase (decrease) in net assets | 54339 | 17287 | (521964) |
|  Net assets as of December 31, 2024 | $303505 | $206890 | $8466480 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 18441 | 9096 | 171687 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (2396) | (1949) | (76492) |
|  Net investment income (loss) | 16045 | 7147 | 95195 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 47069 |  | 627003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 3672 | (11420) | 32172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (52999) | 14337 | 104494 |
|  Net gain (loss) on investments | (2258) | 2917 | 763669 |
|  Net increase (decrease) in net assets from operations | 13787 | 10064 | 858864 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 87071 | 3877 | 229386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (9328) | (4677) | (1319883) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 16024 | (30533) | 295261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (325) | (735) | (16794) |
|  Increase (decrease) in net assets from contract transactions | 93442 | (32068) | (812030) |
|  Total increase (decrease) in net assets | 107229 | (22004) | 46834 |
|  Net assets as of December 31, 2025 | $410734 | $184886 | $8513314 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **American Century<br>Heritage** | **American Century<br>International<br>Growth** | **American Century<br>Select** |
|  Net assets as of December 31, 2023 | $1827914 | $4759532 | $3964275 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions |  | 24746 |  |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (17502) | (42673) | (36584) |
|  Net investment income (loss) | (17502) | (17927) | (36584) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 310415 |  | 151753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 8272 | 9597 | 328354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 95874 | 68419 | 451464 |
|  Net gain (loss) on investments | 414561 | 78016 | 931571 |
|  Net increase (decrease) in net assets from operations | 397059 | 60089 | 894987 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 29101 | 104260 | 50728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (355395) | (509981) | (754016) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 41971 | 14881 | (66565) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (4405) | (9803) | (13411) |
|  Increase (decrease) in net assets from contract transactions | (288728) | (400643) | (783264) |
|  Total increase (decrease) in net assets | 108331 | (340554) | 111723 |
|  Net assets as of December 31, 2024 | $1936245 | $4418978 | $4075998 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions |  | 13158 |  |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (16654) | (41647) | (34327) |
|  Net investment income (loss) | (16654) | (28489) | (34327) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 382026 | 126486 | 307399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (17527) | 47893 | 639925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (278153) | 436940 | (365921) |
|  Net gain (loss) on investments | 86346 | 611319 | 581403 |
|  Net increase (decrease) in net assets from operations | 69692 | 582830 | 547076 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 27363 | 120936 | 47568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (304368) | (524691) | (731060) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 730 | 100766 | (724792) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (3736) | (8990) | (8387) |
|  Increase (decrease) in net assets from contract transactions | (280011) | (311979) | (1416671) |
|  Total increase (decrease) in net assets | (210319) | 270851 | (869595) |
|  Net assets as of December 31, 2025 | $1725926 | $4689829 | $3206403 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **American Century<br>Strategic<br>Allocation:<br>Aggressive** | **American Century<br>Strategic<br>Allocation:<br>Conservative** | **American Century<br>Strategic<br>Allocation:<br>Moderate** |
|  Net assets as of December 31, 2023 | $1361279 | $660468 | $3789128 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 19507 | 9486 | 78823 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (12075) | (4778) | (36127) |
|  Net investment income (loss) | 7432 | 4708 | 42696 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 60241 | 23982 | 129076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 13086 | (11251) | 12511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 66608 | 10276 | 165940 |
|  Net gain (loss) on investments | 139935 | 23007 | 307527 |
|  Net increase (decrease) in net assets from operations | 147367 | 27715 | 350223 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 46988 | 7769 | 124656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (227990) | (253510) | (375161) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (27342) | 81867 | (42225) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (2862) | (2469) | (4937) |
|  Increase (decrease) in net assets from contract transactions | (211206) | (166343) | (297667) |
|  Total increase (decrease) in net assets | (63839) | (138628) | 52556 |
|  Net assets as of December 31, 2024 | $1297440 | $521840 | $3841684 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 36411 | 9991 | 77035 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (16569) | (4515) | (38003) |
|  Net investment income (loss) | 19842 | 5476 | 39032 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 118981 | 14387 | 208907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 7750 | (2852) | 16574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 95675 | 25923 | 226032 |
|  Net gain (loss) on investments | 222406 | 37458 | 451513 |
|  Net increase (decrease) in net assets from operations | 242248 | 42934 | 490545 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 69174 | 9613 | 96086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (43976) | (203771) | (342948) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 949670 | 117267 | 410591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (2208) | (3223) | (5527) |
|  Increase (decrease) in net assets from contract transactions | 972660 | (80114) | 158202 |
|  Total increase (decrease) in net assets | 1214908 | (37180) | 648747 |
|  Net assets as of December 31, 2025 | $2512348 | $484660 | $4490431 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **American Century<br>Ultra<sup>®</sup>** | **American Funds<br>IS<sup>®</sup> Asset<br>Allocation** | **American Funds<br>IS<sup>®</sup> Capital World<br>Bond** |
|  Net assets as of December 31, 2023 | $775460 | $19815174 | $2218609 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions |  | 483673 | 32787 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (8292) | (173075) | (13613) |
|  Net investment income (loss) | (8292) | 310598 | 19174 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 37553 | 1036614 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 26760 | 123950 | (130990) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 164983 | 1764635 | 28967 |
|  Net gain (loss) on investments | 229296 | 2925199 | (102023) |
|  Net increase (decrease) in net assets from operations | 221004 | 3235797 | (82849) |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 28289 | 1230258 | 70553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (94059) | (2345722) | (203339) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 71270 | 3594219 | (313259) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (4307) | (45754) | (2843) |
|  Increase (decrease) in net assets from contract transactions | 1193 | 2433001 | (448888) |
|  Total increase (decrease) in net assets | 222197 | 5668798 | (531737) |
|  Net assets as of December 31, 2024 | $997657 | $25483972 | $1686872 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions |  | 481517 | 56656 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (8436) | (188396) | (13893) |
|  Net investment income (loss) | (8436) | 293121 | 42763 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 107187 | 1877874 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 44461 | 213948 | (52445) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (59062) | 1252164 | 155222 |
|  Net gain (loss) on investments | 92586 | 3343986 | 102777 |
|  Net increase (decrease) in net assets from operations | 84150 | 3637107 | 145540 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 22875 | 481601 | 77822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (72999) | (2288053) | (314959) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (79037) | 600182 | 445797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (4354) | (47512) | (3829) |
|  Increase (decrease) in net assets from contract transactions | (133515) | (1253782) | 204831 |
|  Total increase (decrease) in net assets | (49365) | 2383325 | 350371 |
|  Net assets as of December 31, 2025 | $948292 | $27867297 | $2037243 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **American Funds<br>IS<sup>®</sup> Global Growth** | **American Funds<br>IS<sup>®</sup> Global Small<br>Capitalization** | **American Funds<br>IS<sup>®</sup> Growth** |
|  Net assets as of December 31, 2023 | $13147101 | $602015 | $3785360 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 182944 | 5494 | 7156 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (102320) | (4198) | (31960) |
|  Net investment income (loss) | 80624 | 1296 | (24804) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 399617 | 23377 | 96919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 261500 | (21828) | 77881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 861989 | 27 | 976784 |
|  Net gain (loss) on investments | 1523106 | 1576 | 1151584 |
|  Net increase (decrease) in net assets from operations | 1603730 | 2872 | 1126780 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 352401 | 42024 | 53146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (1382367) | (9378) | (309402) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (598281) | 213741 | 300788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (22418) | (638) | (7315) |
|  Increase (decrease) in net assets from contract transactions | (1650665) | 245749 | 37217 |
|  Total increase (decrease) in net assets | (46935) | 248621 | 1163997 |
|  Net assets as of December 31, 2024 | $13100166 | $850636 | $4949357 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 160842 | 1652 | 6257 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (99490) | (4170) | (37762) |
|  Net investment income (loss) | 61352 | (2518) | (31505) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 1705362 | 16640 | 391606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 291914 | (43238) | 220202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 416516 | 126152 | 282389 |
|  Net gain (loss) on investments | 2413792 | 99554 | 894197 |
|  Net increase (decrease) in net assets from operations | 2475144 | 97036 | 862692 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 363918 | 69311 | 101672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (2803428) | (151636) | (445868) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 897095 | (3808) | (180915) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (23746) | (553) | (8432) |
|  Increase (decrease) in net assets from contract transactions | (1566161) | (86686) | (533543) |
|  Total increase (decrease) in net assets | 908983 | 10350 | 329149 |
|  Net assets as of December 31, 2025 | $14009149 | $860986 | $5278506 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **American Funds<br>IS<sup>®</sup> Growth-<br>Income** | **American Funds<br>IS<sup>®</sup> International** | **American Funds<br>IS<sup>®</sup> International<br>Growth and<br>Income** |
|  Net assets as of December 31, 2023 | $28485449 | $6577194 | $551196 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 300138 | 76181 | 14192 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (238589) | (52112) | (2663) |
|  Net investment income (loss) | 61549 | 24069 | 11529 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 1481950 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 711553 | (7787) | (3946) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 4251754 | 128858 | 6349 |
|  Net gain (loss) on investments | 6445257 | 121071 | 2403 |
|  Net increase (decrease) in net assets from operations | 6506806 | 145140 | 13932 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 547762 | 548994 | 48786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (3480793) | (501098) | (8587) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 1892057 | 679473 | (7287) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (68109) | (8318) | (419) |
|  Increase (decrease) in net assets from contract transactions | (1109083) | 719051 | 32493 |
|  Total increase (decrease) in net assets | 5397723 | 864191 | 46425 |
|  Net assets as of December 31, 2024 | $33883172 | $7441385 | $597621 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 237573 | 95450 | 17914 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (250355) | (55626) | (3196) |
|  Net investment income (loss) | (12782) | 39824 | 14718 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 5762191 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 1199183 | 127463 | 1695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (1793787) | 1639150 | 201053 |
|  Net gain (loss) on investments | 5167587 | 1766613 | 202748 |
|  Net increase (decrease) in net assets from operations | 5154805 | 1806437 | 217466 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 1099179 | 222292 | 105448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (5705416) | (1198379) | (83322) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (459662) | 101912 | 2030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (76734) | (9379) | (437) |
|  Increase (decrease) in net assets from contract transactions | (5142633) | (883554) | 23719 |
|  Total increase (decrease) in net assets | 12172 | 922883 | 241185 |
|  Net assets as of December 31, 2025 | $33895344 | $8364268 | $838806 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **American Funds<br>IS<sup>®</sup> Mortgage** | **American Funds<br>IS<sup>®</sup> New World** | **AMG River Road<br>Mid Cap Value** |
|  Net assets as of December 31, 2023 | $41800 | $4598804 | $1887337 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 2020 | 58240 | 5323 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (113) | (26539) | (16949) |
|  Net investment income (loss) | 1907 | 31701 | (11626) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  | 23833 | 228435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (140) | 17329 | (44004) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (1627) | 207901 | 47817 |
|  Net gain (loss) on investments | (1767) | 249063 | 232248 |
|  Net increase (decrease) in net assets from operations | 140 | 280764 | 220622 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  | 307737 | 37202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (829) | (491077) | (238121) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 4690 | 58682 | (49835) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (89) | (8033) | (3265) |
|  Increase (decrease) in net assets from contract transactions | 3772 | (132691) | (254019) |
|  Total increase (decrease) in net assets | 3912 | 148073 | (33397) |
|  Net assets as of December 31, 2024 | $45712 | $4746877 | $1853940 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 9301 | 52968 | 2525 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (461) | (28792) | (15272) |
|  Net investment income (loss) | 8840 | 24176 | (12747) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  | 213397 | 204479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (503) | 103523 | (63342) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 2740 | 980197 | 39956 |
|  Net gain (loss) on investments | 2237 | 1297117 | 181093 |
|  Net increase (decrease) in net assets from operations | 11077 | 1321293 | 168346 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  | 107347 | 33448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (844) | (529742) | (250399) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 191388 | 694121 | (93993) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (113) | (11350) | (2819) |
|  Increase (decrease) in net assets from contract transactions | 190431 | 260376 | (313763) |
|  Total increase (decrease) in net assets | 201508 | 1581669 | (145417) |
|  Net assets as of December 31, 2025 | $247220 | $6328546 | $1708523 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Ariel<sup>®</sup>** | **Baron Asset** | **BlackRock<br>Advantage Large<br>Cap Core V.I.** |
|  Net assets as of December 31, 2023 | $2661698 | $734175 | $532320 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 2945 |  | 3850 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (24456) | (6125) | (6612) |
|  Net investment income (loss) | (21511) | (6125) | (2762) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 131004 | 84085 | 87867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 51632 | 78450 | 42626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 113528 | (93725) | 78769 |
|  Net gain (loss) on investments | 296164 | 68810 | 209262 |
|  Net increase (decrease) in net assets from operations | 274653 | 62685 | 206500 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 21710 | 21381 | 32152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (250183) | (216313) | (4150) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (102399) | (88265) | 172040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (5087) | (3921) | (563) |
|  Increase (decrease) in net assets from contract transactions | (335959) | (287118) | 199479 |
|  Total increase (decrease) in net assets | (61306) | (224433) | 405979 |
|  Net assets as of December 31, 2024 | $2600392 | $509742 | $938299 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 3478 |  | 2308 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (22733) | (4414) | (4417) |
|  Net investment income (loss) | (19255) | (4414) | (2109) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 270520 | 50233 | 113063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 42911 | 9681 | 7330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 7094 | (23464) | 55362 |
|  Net gain (loss) on investments | 320525 | 36450 | 175755 |
|  Net increase (decrease) in net assets from operations | 301270 | 32036 | 173646 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 16124 | 19365 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (298104) | (56591) | (53455) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (59696) | (14630) | 4319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (4789) | (3067) | (830) |
|  Increase (decrease) in net assets from contract transactions | (346465) | (54923) | (49966) |
|  Total increase (decrease) in net assets | (45195) | (22887) | 123680 |
|  Net assets as of December 31, 2025 | $2555197 | $486855 | $1061979 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **BlackRock<br>Advantage Small<br>Cap Growth** | **BlackRock Basic<br>Value V.I.** | **BlackRock Capital<br>Appreciation V.I.** |
|  Net assets as of December 31, 2023 | $164564 | $237876 | $643152 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 283 | 4801 |  |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (1525) | (1181) | (2124) |
|  Net investment income (loss) | (1242) | 3620 | (2124) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  | 20691 | 289971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 1461 | 75 | 22473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 19822 | (1859) | (118956) |
|  Net gain (loss) on investments | 21283 | 18907 | 193488 |
|  Net increase (decrease) in net assets from operations | 20041 | 22527 | 191364 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 4125 | 14994 | 105584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (22114) | (898) | (70055) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (8672) |  | (81583) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (905) | (282) | (495) |
|  Increase (decrease) in net assets from contract transactions | (27566) | 13814 | (46549) |
|  Total increase (decrease) in net assets | (7525) | 36341 | 144815 |
|  Net assets as of December 31, 2024 | $157039 | $274217 | $787967 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions |  | 5800 |  |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (1611) | (1474) | (2011) |
|  Net investment income (loss) | (1611) | 4326 | (2011) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  | 39965 | 66216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 1213 | 153 | (44666) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 30053 | 19743 | 38578 |
|  Net gain (loss) on investments | 31266 | 59861 | 60128 |
|  Net increase (decrease) in net assets from operations | 29655 | 64187 | 58117 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 2726 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (5106) | (992) | (79832) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 30940 |  | (231747) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (708) | (279) | (328) |
|  Increase (decrease) in net assets from contract transactions | 27852 | (1271) | (311907) |
|  Total increase (decrease) in net assets | 57507 | 62916 | (253790) |
|  Net assets as of December 31, 2025 | $214546 | $337133 | $534177 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **BlackRock Equity<br>Dividend** | **BlackRock Equity<br>Dividend V.I.** | **BlackRock Global<br>Allocation** |
|  Net assets as of December 31, 2023 | $575512 | $10826540 | $112250 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 12064 | 263265 | 951 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (5237) | (83899) | (1041) |
|  Net investment income (loss) | 6827 | 179366 | (90) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 45774 | 854265 | 6350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 716 | (30883) | 697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (5164) | (24187) | 3017 |
|  Net gain (loss) on investments | 41326 | 799195 | 10064 |
|  Net increase (decrease) in net assets from operations | 48153 | 978561 | 9974 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 20271 | 608859 | 2761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (44145) | (1866480) | (11234) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (45391) | 269253 | (28372) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (1778) | (15611) | (520) |
|  Increase (decrease) in net assets from contract transactions | (71043) | (1003979) | (37365) |
|  Total increase (decrease) in net assets | (22890) | (25418) | (27391) |
|  Net assets as of December 31, 2024 | $552622 | $10801122 | $84859 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 11302 | 233369 | 2585 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (5246) | (85036) | (952) |
|  Net investment income (loss) | 6056 | 148333 | 1633 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 47216 | 1022068 | 6918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 2319 | 24666 | (442) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 52311 | 1021173 | 7990 |
|  Net gain (loss) on investments | 101846 | 2067907 | 14466 |
|  Net increase (decrease) in net assets from operations | 107902 | 2216240 | 16099 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 18469 | 277487 | 2143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (85177) | (2010733) | (5476) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 26233 | 1078218 | 19440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (2021) | (18968) | (460) |
|  Increase (decrease) in net assets from contract transactions | (42496) | (673996) | 15647 |
|  Total increase (decrease) in net assets | 65406 | 1542244 | 31746 |
|  Net assets as of December 31, 2025 | $618028 | $12343366 | $116605 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **BlackRock Global<br>Allocation V.I.** | **BlackRock High<br>Yield V.I.** | **BlackRock Large<br>Cap Focus Growth<br>V.I.** |
|  Net assets as of December 31, 2023 | $2425056 | $7787111 | $1288462 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 33878 | 405000 |  |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (19138) | (44999) | (4522) |
|  Net investment income (loss) | 14740 | 360001 | (4522) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 184289 |  | 19443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (15412) | 37871 | 265938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 12195 | 4101 | (116657) |
|  Net gain (loss) on investments | 181072 | 41972 | 168724 |
|  Net increase (decrease) in net assets from operations | 195812 | 401973 | 164202 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 42188 | 198017 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (107317) | (2867334) | (160542) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (239198) | 520602 | (1148827) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (4598) | (11967) | (935) |
|  Increase (decrease) in net assets from contract transactions | (308925) | (2160682) | (1310304) |
|  Total increase (decrease) in net assets | (113113) | (1758709) | (1146102) |
|  Net assets as of December 31, 2024 | $2311943 | $6028402 | $142360 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 87714 | 426238 |  |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (17282) | (47365) | (369) |
|  Net investment income (loss) | 70432 | 378873 | (369) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 216489 | 13475 | 25715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (1052) | (15296) | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 103722 | 136355 | (9583) |
|  Net gain (loss) on investments | 319159 | 134534 | 16301 |
|  Net increase (decrease) in net assets from operations | 389591 | 513407 | 15932 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 186838 | 68579 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (308023) | (899559) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (350625) | 551814 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (3870) | (11576) | (298) |
|  Increase (decrease) in net assets from contract transactions | (475680) | (290742) | (298) |
|  Total increase (decrease) in net assets | (86089) | 222665 | 15634 |
|  Net assets as of December 31, 2025 | $2225854 | $6251067 | $157994 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **BNY Mellon<br>Appreciation** | **BNY Mellon<br>Dynamic Value** | **BNY Mellon IP<br>MidCap Stock** |
|  Net assets as of December 31, 2023 | $7488396 | $5058753 | $2081551 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 24808 | 49065 | 13416 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (69135) | (49377) | (17223) |
|  Net investment income (loss) | (44327) | (312) | (3807) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 1112083 | 366704 | 31786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 183762 | 145114 | 6104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (442004) | 221065 | 210126 |
|  Net gain (loss) on investments | 853841 | 732883 | 248016 |
|  Net increase (decrease) in net assets from operations | 809514 | 732571 | 244209 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 138561 | 61111 | 59496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (947588) | (628937) | (130776) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (73201) | 112971 | 149374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (14863) | (11207) | (5071) |
|  Increase (decrease) in net assets from contract transactions | (897091) | (466062) | 73023 |
|  Total increase (decrease) in net assets | (87577) | 266509 | 317232 |
|  Net assets as of December 31, 2024 | $7400819 | $5325262 | $2398783 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 19762 | 10763 | 10442 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (66798) | (50419) | (17564) |
|  Net investment income (loss) | (47036) | (39656) | (7122) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 1327914 | 350697 | 215508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 30772 | 161809 | 3870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (658672) | 414559 | (13245) |
|  Net gain (loss) on investments | 700014 | 927065 | 206133 |
|  Net increase (decrease) in net assets from operations | 652978 | 887409 | 199011 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 151094 | 61857 | 30639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (1192966) | (714404) | (307004) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 429189 | 222648 | (84175) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (16047) | (13868) | (5248) |
|  Increase (decrease) in net assets from contract transactions | (628730) | (443767) | (365788) |
|  Total increase (decrease) in net assets | 24248 | 443642 | (166777) |
|  Net assets as of December 31, 2025 | $7425067 | $5768904 | $2232006 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **BNY Mellon IP<br>Small Cap Stock<br>Index** | **BNY Mellon IP<br>Technology<br>Growth** | **BNY Mellon<br>Midcap Value<br>Fund (b)** |
|  Net assets as of December 31, 2023 | $8690493 | $16376270 | $2471817 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 99328 |  | 10026 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (56152) | (145831) | (24316) |
|  Net investment income (loss) | 43176 | (145831) | (14290) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 194593 |  | 250640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 17214 | 950800 | 13159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 356256 | 3258842 | (196) |
|  Net gain (loss) on investments | 568063 | 4209642 | 263603 |
|  Net increase (decrease) in net assets from operations | 611239 | 4063811 | 249313 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 442758 | 400055 | 24338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (572849) | (1897497) | (257785) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (374525) | 2188367 | 207068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (10178) | (63099) | (5363) |
|  Increase (decrease) in net assets from contract transactions | (514794) | 627826 | (31742) |
|  Total increase (decrease) in net assets | 96445 | 4691637 | 217571 |
|  Net assets as of December 31, 2024 | $8786938 | $21067907 | $2689388 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 106587 |  | 14505 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (51893) | (162961) | (23327) |
|  Net investment income (loss) | 54694 | (162961) | (8822) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 811376 | 9842881 | 302220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (114943) | 72748 | (4938) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (402710) | (4977091) | (77301) |
|  Net gain (loss) on investments | 293723 | 4938538 | 219981 |
|  Net increase (decrease) in net assets from operations | 348417 | 4775577 | 211159 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 531895 | 255633 | 24747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (901427) | (2337703) | (232107) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (128395) | (2911686) | (91585) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (10591) | (68651) | (4954) |
|  Increase (decrease) in net assets from contract transactions | (508518) | (5062407) | (303899) |
|  Total increase (decrease) in net assets | (160101) | (286830) | (92740) |
|  Net assets as of December 31, 2025 | $8626837 | $20781077 | $2596648 |

---

(b) Name change. See Note 1.

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **BNY Mellon Stock<br>Index** | **BNY Mellon VIF<br>Appreciation** | **Calamos<sup>®</sup> Growth** |
|  Net assets as of December 31, 2023 | $176616 | $6299803 | $8560614 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 510 | 11137 |  |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (246) | (43686) | (86581) |
|  Net investment income (loss) | 264 | (32549) | (86581) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 7213 | 495264 | 617718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 15056 | (217823) | 190647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (2165) | 388145 | 1816572 |
|  Net gain (loss) on investments | 20104 | 665586 | 2624937 |
|  Net increase (decrease) in net assets from operations | 20368 | 633037 | 2538356 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 840 | 251354 | 67671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (183) | (734420) | (1075385) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (146944) | (811508) | (275416) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (68) | (6647) | (16357) |
|  Increase (decrease) in net assets from contract transactions | (146355) | (1301221) | (1299487) |
|  Total increase (decrease) in net assets | (125987) | (668184) | 1238869 |
|  Net assets as of December 31, 2024 | $50629 | $5631619 | $9799483 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 177 | 8514 |  |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (72) | (39418) | (84254) |
|  Net investment income (loss) | 105 | (30904) | (84254) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 2921 | 809673 | 762778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 2054 | (100039) | 360386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (2385) | (239546) | 268888 |
|  Net gain (loss) on investments | 2590 | 470088 | 1392052 |
|  Net increase (decrease) in net assets from operations | 2695 | 439184 | 1307798 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 648 | 18495 | 53707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (54) | (389645) | (1406501) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (39835) | (418073) | (391536) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (56) | (4797) | (17077) |
|  Increase (decrease) in net assets from contract transactions | (39297) | (794020) | (1761407) |
|  Total increase (decrease) in net assets | (36602) | (354836) | (453609) |
|  Net assets as of December 31, 2025 | $14027 | $5276783 | $9345874 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Calamos<sup>®</sup> Growth<br>and Income** | **Calamos<sup>®</sup> High<br>Income<br>Opportunities** | **ClearBridge Small<br>Cap Growth** |
|  Net assets as of December 31, 2023 | $9249045 | $335061 | $20439 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 70104 | 23193 |  |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (89446) | (3343) | (125) |
|  Net investment income (loss) | (19342) | 19850 | (125) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 384811 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 350395 | (6517) | 4130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 992921 | 11676 | (3675) |
|  Net gain (loss) on investments | 1728127 | 5159 | 455 |
|  Net increase (decrease) in net assets from operations | 1708785 | 25009 | 330 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 68350 | 9105 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (1018849) | (37694) | (20756) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (179256) | 21262 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (20780) | (1303) | (17) |
|  Increase (decrease) in net assets from contract transactions | (1150535) | (8630) | (20769) |
|  Total increase (decrease) in net assets | 558250 | 16379 | (20439) |
|  Net assets as of December 31, 2024 | $9807295 | $351440 | $— |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 33222 | 22714 |  |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (86289) | (3208) |  |
|  Net investment income (loss) | (53067) | 19506 |  |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 626181 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 502404 | (2269) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 303456 | 2299 |  |
|  Net gain (loss) on investments | 1432041 | 30 |  |
|  Net increase (decrease) in net assets from operations | 1378974 | 19536 |  |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 60382 | 7789 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (1094254) | (12802) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (571495) | 1463 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (20916) | (1029) |  |
|  Increase (decrease) in net assets from contract transactions | (1626283) | (4579) |  |
|  Total increase (decrease) in net assets | (247309) | 14957 |  |
|  Net assets as of December 31, 2025 | $9559986 | $366397 | $— |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **ClearBridge<br>Variable Growth** | **ClearBridge<br>Variable Small<br>Cap Growth** | **Dimensional VA<br>Equity Allocation** |
|  Net assets as of December 31, 2023 | $5257229 | $6346937 | $1638517 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 6884 |  | 36525 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (50245) | (42960) | (4806) |
|  Net investment income (loss) | (43361) | (42960) | 31719 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 1416502 | 150575 | 23090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (262544) | (246750) | 35407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (471174) | 287371 | 168532 |
|  Net gain (loss) on investments | 682784 | 191196 | 227029 |
|  Net increase (decrease) in net assets from operations | 639423 | 148236 | 258748 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 73229 | 176487 | 358054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (906098) | (735854) | (258154) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (72670) | (1511986) | (73) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (25882) | (20017) | (1310) |
|  Increase (decrease) in net assets from contract transactions | (931421) | (2091370) | 98517 |
|  Total increase (decrease) in net assets | (291998) | (1943134) | 357265 |
|  Net assets as of December 31, 2024 | $4965231 | $4403803 | $1995782 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions |  |  | 75293 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (38625) | (47262) | (7311) |
|  Net investment income (loss) | (38625) | (47262) | 67982 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 791557 | 381552 | 45778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (332990) | (53074) | 81932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 144965 | 29750 | 358239 |
|  Net gain (loss) on investments | 603532 | 358228 | 485949 |
|  Net increase (decrease) in net assets from operations | 564907 | 310966 | 553931 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 31380 | 49039 | 1257702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (584491) | (578925) | (39047) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (62050) | 1486455 | 188460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (18177) | (20181) | (1231) |
|  Increase (decrease) in net assets from contract transactions | (633338) | 936388 | 1405884 |
|  Total increase (decrease) in net assets | (68431) | 1247354 | 1959815 |
|  Net assets as of December 31, 2025 | $4896800 | $5651157 | $3955597 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Dimensional VA<br>Global Bond<br>Portfolio** | **Dimensional VA<br>Global Moderate<br>Allocation** | **Dimensional VA<br>International Small<br>Portfolio** |
|  Net assets as of December 31, 2023 | $2019594 | $617121 | $2740671 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 111025 | 12470 | 110816 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (5850) | (1468) | (11206) |
|  Net investment income (loss) | 105175 | 11002 | 99610 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  | 2663 | 86665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (2933) | 15916 | (4203) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 8922 | 40192 | (68705) |
|  Net gain (loss) on investments | 5989 | 58771 | 13757 |
|  Net increase (decrease) in net assets from operations | 111164 | 69773 | 113367 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 327467 |  | 366473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (130376) | (220282) | (257553) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (28863) |  | 182214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (1766) | (953) | (4244) |
|  Increase (decrease) in net assets from contract transactions | 166462 | (221235) | 286890 |
|  Total increase (decrease) in net assets | 277626 | (151462) | 400257 |
|  Net assets as of December 31, 2024 | $2297220 | $465659 | $3140928 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 109907 | 16428 | 122596 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (6441) | (2006) | (12613) |
|  Net investment income (loss) | 103466 | 14422 | 109983 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  | 6133 | 148329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (1220) | 55169 | 94569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (3130) | 58883 | 758632 |
|  Net gain (loss) on investments | (4350) | 120185 | 1001530 |
|  Net increase (decrease) in net assets from operations | 99116 | 134607 | 1111513 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 171817 | 248726 | 171321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (149657) | (141056) | (160274) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 267774 | (34333) | (319861) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (1891) | (1166) | (4495) |
|  Increase (decrease) in net assets from contract transactions | 288043 | 72171 | (313309) |
|  Total increase (decrease) in net assets | 387159 | 206778 | 798204 |
|  Net assets as of December 31, 2025 | $2684379 | $672437 | $3939132 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Dimensional VA<br>International Value<br>Portfolio** | **Dimensional VA<br>Short-Term Fixed<br>Portfolio** | **Dimensional VA<br>U.S. Large Value<br>Portfolio** |
|  Net assets as of December 31, 2023 | $3759891 | $4807316 | $6454232 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 161164 | 326788 | 153696 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (12718) | (13811) | (25521) |
|  Net investment income (loss) | 148446 | 312977 | 128175 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 83177 |  | 774378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 58338 | 6037 | 124296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (43376) | (55612) | (158028) |
|  Net gain (loss) on investments | 98139 | (49575) | 740646 |
|  Net increase (decrease) in net assets from operations | 246585 | 263402 | 868821 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 427344 | 2336462 | 805372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (295786) | (550756) | (530126) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (151429) | (56485) | (113773) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (2828) | (2261) | (6189) |
|  Increase (decrease) in net assets from contract transactions | (22699) | 1726960 | 155284 |
|  Total increase (decrease) in net assets | 223886 | 1990362 | 1024105 |
|  Net assets as of December 31, 2024 | $3983777 | $6797678 | $7478337 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 236679 | 259092 | 135498 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (15833) | (16470) | (23842) |
|  Net investment income (loss) | 220846 | 242622 | 111656 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 172284 |  | 423222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 172397 | (8250) | 138610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 1203843 | 12038 | 318355 |
|  Net gain (loss) on investments | 1548524 | 3788 | 880187 |
|  Net increase (decrease) in net assets from operations | 1769370 | 246410 | 991843 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 79188 | 326595 | 788156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (303898) | (111153) | (612310) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 591217 | (1000023) | (1105749) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (2696) | (3116) | (6228) |
|  Increase (decrease) in net assets from contract transactions | 363811 | (787697) | (936131) |
|  Total increase (decrease) in net assets | 2133181 | (541287) | 55712 |
|  Net assets as of December 31, 2025 | $6116958 | $6256391 | $7534049 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Dimensional VA<br>U.S. Targeted<br>Value Portfolio** | **Donoghue Forlines<br>Dividend VIT<br>Fund** | **Donoghue Forlines<br>Momentum VIT<br>Fund** |
|  Net assets as of December 31, 2023 | $3758695 | $— | $— |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 50902 |  |  |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (14568) |  |  |
|  Net investment income (loss) | 36334 |  |  |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 247963 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 48722 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (74514) |  |  |
|  Net gain (loss) on investments | 222171 |  |  |
|  Net increase (decrease) in net assets from operations | 258505 |  |  |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 476860 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (276450) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (595943) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (2811) |  |  |
|  Increase (decrease) in net assets from contract transactions | (398344) |  |  |
|  Total increase (decrease) in net assets | (139839) |  |  |
|  Net assets as of December 31, 2024 | $3618856 | $— | $— |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 74931 | 162 |  |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (14923) | (122) | (192) |
|  Net investment income (loss) | 60008 | 40 | (192) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 339001 |  | 31564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 33730 | 218 | (14006) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (59047) | 1656 |  |
|  Net gain (loss) on investments | 313684 | 1874 | 17558 |
|  Net increase (decrease) in net assets from operations | 373692 | 1914 | 17366 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 325160 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (238677) | (5359) | (788) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 242960 | 20344 | (16548) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (2225) | (20) | (30) |
|  Increase (decrease) in net assets from contract transactions | 327218 | 14965 | (17366) |
|  Total increase (decrease) in net assets | 700910 | 16879 |  |
|  Net assets as of December 31, 2025 | $4319766 | $16879 | $— |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **DWS Small Mid<br>Cap Value VIP** | **Eaton Vance VT<br>Floating-Rate<br>Income** | **Federated Hermes<br>Corporate Bond** |
|  Net assets as of December 31, 2023 | $65745 | $4120991 | $5473275 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 542 | 331576 | 202916 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (262) | (47881) | (52294) |
|  Net investment income (loss) | 280 | 283695 | 150622 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 3233 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 2070 | (3297) | (119508) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (1537) | (19299) | 61979 |
|  Net gain (loss) on investments | 3766 | (22596) | (57529) |
|  Net increase (decrease) in net assets from operations | 4046 | 261099 | 93093 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 23709 | 30475 | 152659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (25890) | (29494) | (748875) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (594) | 269809 | 931987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (129) | (470) | (11154) |
|  Increase (decrease) in net assets from contract transactions | (2904) | 270320 | 324617 |
|  Total increase (decrease) in net assets | 1142 | 531419 | 417710 |
|  Net assets as of December 31, 2024 | $66887 | $4652410 | $5890985 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 391 | 212365 | 187865 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (232) | (33704) | (46057) |
|  Net investment income (loss) | 159 | 178661 | 141808 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 7696 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 821 | (62183) | (157328) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 875 | (75679) | 317452 |
|  Net gain (loss) on investments | 9392 | (137862) | 160124 |
|  Net increase (decrease) in net assets from operations | 9551 | 40799 | 301932 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  | 64024 | 145517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (925) | (87913) | (729357) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (42160) | (2056221) | (1051692) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (110) | (485) | (11004) |
|  Increase (decrease) in net assets from contract transactions | (43195) | (2080595) | (1646536) |
|  Total increase (decrease) in net assets | (33644) | (2039796) | (1344604) |
|  Net assets as of December 31, 2025 | $33243 | $2612614 | $4546381 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Federated Hermes<br>Fund for U.S.<br>Government<br>Securities II** | **Federated Hermes<br>High Income Bond II** | **Fidelity<sup>®</sup> Advisor<br>Dividend Growth<br>Class M-1 (c)** |
|  Net assets as of December 31, 2023 | $2068699 | $3821358 | $2201195 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 70028 | 202893 | 11415 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (23868) | (47474) | (22181) |
|  Net investment income (loss) | 46160 | 155419 | (10766) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  |  | 188579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (76934) | (82504) | 120980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 19380 | 82380 | 245453 |
|  Net gain (loss) on investments | (57554) | (124) | 555012 |
|  Net increase (decrease) in net assets from operations | (11394) | 155295 | 544246 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  | 31199 | 14276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (173251) | (640394) | (322509) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (271937) | (49724) | (49314) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (10353) | (20265) | (4970) |
|  Increase (decrease) in net assets from contract transactions | (455541) | (679184) | (362517) |
|  Total increase (decrease) in net assets | (466935) | (523889) | 181729 |
|  Net assets as of December 31, 2024 | $1601764 | $3297469 | $2382924 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 60757 | 190177 | 20661 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (20267) | (40684) | (12729) |
|  Net investment income (loss) | 40490 | 149493 | 7932 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  |  | 127627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (61722) | (47151) | 661867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 104631 | 96603 | (551333) |
|  Net gain (loss) on investments | 42909 | 49452 | 238161 |
|  Net increase (decrease) in net assets from operations | 83399 | 198945 | 246093 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 40959 |  | 8413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (385529) | (656871) | (150833) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 161754 | 20785 | (2483980) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (8084) | (17080) | (2617) |
|  Increase (decrease) in net assets from contract transactions | (190900) | (653166) | (2629017) |
|  Total increase (decrease) in net assets | (107501) | (454221) | (2382924) |
|  Net assets as of December 31, 2025 | $1494263 | $2843248 | $— |

---

(c) Merger. See Note 1.

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Fidelity<sup>®</sup> Advisor<br>Dividend Growth<br>Class M-2 (a)** | **Fidelity<sup>®</sup> Advisor<br>International<br>Capital<br>Appreciation (d)** | **Fidelity<sup>®</sup> Advisor<br>Leveraged<br>Company Stock** |
|  Net assets as of December 31, 2023 | $— | $268307 | $— |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions |  | 836 | 197 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges |  | (2421) | (157) |
|  Net investment income (loss) |  | (1585) | 40 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  |  | 2484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments |  | 22486 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) |  | (3205) | (2346) |
|  Net gain (loss) on investments |  | 19281 | 143 |
|  Net increase (decrease) in net assets from operations |  | 17696 | 183 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  | 240 | 823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments |  | (42802) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net |  | (140) | 91123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments |  | (594) | (37) |
|  Increase (decrease) in net assets from contract transactions |  | (43296) | 91909 |
|  Total increase (decrease) in net assets |  | (25600) | 92092 |
|  Net assets as of December 31, 2024 | $— | $242707 | $92092 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 22131 | 510 |  |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (9057) | (2268) | (803) |
|  Net investment income (loss) | 13074 | (1758) | (803) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 54366 | 13100 | 3772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 4396 | 16750 | 1821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 135294 | 11543 | 9934 |
|  Net gain (loss) on investments | 194056 | 41393 | 15527 |
|  Net increase (decrease) in net assets from operations | 207130 | 39635 | 14724 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 4656 | 240 | 3293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (60165) | (28096) | (30590) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 2431428 | (19) | (155) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (2193) | (714) | (731) |
|  Increase (decrease) in net assets from contract transactions | 2373726 | (28589) | (28183) |
|  Total increase (decrease) in net assets | 2580856 | 11046 | (13459) |
|  Net assets as of December 31, 2025 | $2580856 | $253753 | $78633 |

---

(a) New subaccount. See Note 1.

(d) Closed to new investments. See Note 1.

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Fidelity<sup>®</sup> Advisor<br>New Insights** | **Fidelity<sup>®</sup> Advisor<br>Real Estate** | **Fidelity<sup>®</sup> Advisor<br>Stock Selector Mid<br>Cap** |
|  Net assets as of December 31, 2023 | $271064 | $1280465 | $2237593 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 135 | 16580 | 1536 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (2863) | (11207) | (20123) |
|  Net investment income (loss) | (2728) | 5373 | (18587) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 19919 | 69910 | 56500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 10692 | (32167) | 46928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 60819 | 17515 | 144208 |
|  Net gain (loss) on investments | 91430 | 55258 | 247636 |
|  Net increase (decrease) in net assets from operations | 88702 | 60631 | 229049 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 11548 | 22108 | 37959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (60520) | (138939) | (278055) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 28295 | (84511) | (64192) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (598) | (4219) | (3866) |
|  Increase (decrease) in net assets from contract transactions | (21275) | (205561) | (308154) |
|  Total increase (decrease) in net assets | 67427 | (144930) | (79105) |
|  Net assets as of December 31, 2024 | $338491 | $1135535 | $2158488 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions |  | 17449 | 6583 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (3157) | (10347) | (18899) |
|  Net investment income (loss) | (3157) | 7102 | (12316) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 37124 | 108482 | 146159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 30132 | (23199) | 67383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 4233 | (93427) | (24386) |
|  Net gain (loss) on investments | 71489 | (8144) | 189156 |
|  Net increase (decrease) in net assets from operations | 68332 | (1042) | 176840 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 10753 | 19716 | 34443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (37859) | (100665) | (346794) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (33310) | 60942 | (938) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (719) | (3808) | (4232) |
|  Increase (decrease) in net assets from contract transactions | (61135) | (23815) | (317521) |
|  Total increase (decrease) in net assets | 7197 | (24857) | (140681) |
|  Net assets as of December 31, 2025 | $345688 | $1110678 | $2017807 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Fidelity<sup>®</sup> Advisor<br>Value Strategies** | **Fidelity<sup>®</sup> VIP<br>Balanced** | **Fidelity<sup>®</sup> VIP<br>Contrafund** |
|  Net assets as of December 31, 2023 | $2245889 | $3092774 | $16878824 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 8801 | 75036 | 6412 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (21208) | (19167) | (235112) |
|  Net investment income (loss) | (12407) | 55869 | (228700) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 222959 | 112455 | 2336440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 108227 | 39304 | 1248175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (149456) | 288933 | 1809586 |
|  Net gain (loss) on investments | 181730 | 440692 | 5394201 |
|  Net increase (decrease) in net assets from operations | 169323 | 496561 | 5165501 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 27395 | 539272 | 280088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (309364) | (152142) | (1931560) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 92050 | 779387 | (183026) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (4894) | (3146) | (88137) |
|  Increase (decrease) in net assets from contract transactions | (194813) | 1163371 | (1922635) |
|  Total increase (decrease) in net assets | (25490) | 1659932 | 3242866 |
|  Net assets as of December 31, 2024 | $2220399 | $4752706 | $20121690 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 11834 | 76987 |  |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (17924) | (22361) | (239501) |
|  Net investment income (loss) | (6090) | 54626 | (239501) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 155827 | 248700 | 3416180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 86882 | 54678 | 1815047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (116130) | 307337 | (1032840) |
|  Net gain (loss) on investments | 126579 | 610715 | 4198387 |
|  Net increase (decrease) in net assets from operations | 120489 | 665341 | 3958886 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 41638 | 331859 | 1263430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (214464) | (474147) | (3925236) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (180999) | (117606) | 286311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (4619) | (5634) | (84773) |
|  Increase (decrease) in net assets from contract transactions | (358444) | (265528) | (2460268) |
|  Total increase (decrease) in net assets | (237955) | 399813 | 1498618 |
|  Net assets as of December 31, 2025 | $1982444 | $5152519 | $21620308 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Fidelity<sup>®</sup> VIP<br>Disciplined Small<br>Cap** | **Fidelity<sup>®</sup> VIP<br>Emerging Markets** | **Fidelity<sup>®</sup> VIP<br>Equity-Income** |
|  Net assets as of December 31, 2023 | $778833 | $982788 | $4575471 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 7590 | 16761 | 93146 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (2203) | (3332) | (41637) |
|  Net investment income (loss) | 5387 | 13429 | 51509 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 5246 |  | 345871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (397) | (15817) | 81038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 113649 | 62761 | 182364 |
|  Net gain (loss) on investments | 118498 | 46944 | 609273 |
|  Net increase (decrease) in net assets from operations | 123885 | 60373 | 660782 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 191081 | 325326 | 120952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (71953) | (146130) | (434753) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (26054) | 286413 | 1642955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (489) | (1267) | (13907) |
|  Increase (decrease) in net assets from contract transactions | 92585 | 464342 | 1315247 |
|  Total increase (decrease) in net assets | 216470 | 524715 | 1976029 |
|  Net assets as of December 31, 2024 | $995303 | $1507503 | $6551500 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 11425 | 31308 | 145852 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (3694) | (8408) | (63101) |
|  Net investment income (loss) | 7731 | 22900 | 82751 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 93055 | 17137 | 499880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (4214) | 162853 | 225982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 117789 | 658315 | 662639 |
|  Net gain (loss) on investments | 206630 | 838305 | 1388501 |
|  Net increase (decrease) in net assets from operations | 214361 | 861205 | 1471252 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 396430 | 526285 | 148784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (89251) | (234211) | (1794267) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 316896 | 23867 | 2995727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (840) | (1824) | (26444) |
|  Increase (decrease) in net assets from contract transactions | 623235 | 314117 | 1323800 |
|  Total increase (decrease) in net assets | 837596 | 1175322 | 2795052 |
|  Net assets as of December 31, 2025 | $1832899 | $2682825 | $9346552 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Fidelity<sup>®</sup> VIP<br>Growth & Income** | **Fidelity<sup>®</sup> VIP<br>Growth<br>Opportunities** | **Fidelity<sup>®</sup> VIP High<br>Income** |
|  Net assets as of December 31, 2023 | $6497922 | $41274184 | $1247004 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 95104 |  | 90605 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (53637) | (392881) | (11564) |
|  Net investment income (loss) | 41467 | (392881) | 79041 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 511375 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 194062 | 1940437 | (3246) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 569653 | 12853671 | 27592 |
|  Net gain (loss) on investments | 1275090 | 14794108 | 24346 |
|  Net increase (decrease) in net assets from operations | 1316557 | 14401227 | 103387 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 497933 | 1354065 | 34340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (568357) | (4204999) | (61483) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 497246 | (2554378) | 164040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (20521) | (128576) | (3998) |
|  Increase (decrease) in net assets from contract transactions | 406301 | (5533888) | 132899 |
|  Total increase (decrease) in net assets | 1722858 | 8867339 | 236286 |
|  Net assets as of December 31, 2024 | $8220780 | $50141523 | $1483290 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 124039 |  | 96670 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (63552) | (425191) | (12113) |
|  Net investment income (loss) | 60487 | (425191) | 84557 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 894852 | 738241 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 460172 | 3759618 | (3941) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 193397 | 5257102 | 51299 |
|  Net gain (loss) on investments | 1548421 | 9754961 | 47358 |
|  Net increase (decrease) in net assets from operations | 1608908 | 9329770 | 131915 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 491888 | 1124056 | 13616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (1286937) | (4526709) | (123498) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 195556 | (1415391) | (10225) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (28061) | (128707) | (4259) |
|  Increase (decrease) in net assets from contract transactions | (627554) | (4946751) | (124366) |
|  Total increase (decrease) in net assets | 981354 | 4383019 | 7549 |
|  Net assets as of December 31, 2025 | $9202134 | $54524542 | $1490839 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Fidelity<sup>®</sup> VIP<br>Index 500** | **Fidelity<sup>®</sup> VIP<br>Investment Grade<br>Bond** | **Fidelity<sup>®</sup> VIP Mid<br>Cap** |
|  Net assets as of December 31, 2023 | $24088148 | $7314593 | $574320 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 290755 | 261656 | 2838 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (272461) | (55909) | (5049) |
|  Net investment income (loss) | 18294 | 205747 | (2211) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 17193 |  | 106444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 2418183 | (198672) | 46390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 3005606 | 29169 | (21286) |
|  Net gain (loss) on investments | 5440982 | (169503) | 131548 |
|  Net increase (decrease) in net assets from operations | 5459276 | 36244 | 129337 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 3033896 | 945003 | 345373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (4186742) | (797528) | (44493) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 271811 | 303699 | (78519) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (106981) | (21516) | (959) |
|  Increase (decrease) in net assets from contract transactions | (988016) | 429658 | 221402 |
|  Total increase (decrease) in net assets | 4471260 | 465902 | 350739 |
|  Net assets as of December 31, 2024 | $28559408 | $7780495 | $925059 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 278128 | 283998 | 3442 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (276788) | (55632) | (4132) |
|  Net investment income (loss) | 1340 | 228366 | (690) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 160882 |  | 149003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 1993332 | (100531) | (13493) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 2434983 | 349798 | 24738 |
|  Net gain (loss) on investments | 4589197 | 249267 | 160248 |
|  Net increase (decrease) in net assets from operations | 4590537 | 477633 | 159558 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 3276013 | 492408 | 652315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (3179274) | (981100) | (202672) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (1488447) | 617791 | (54159) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (110788) | (20259) | (864) |
|  Increase (decrease) in net assets from contract transactions | (1502496) | 108840 | 394620 |
|  Total increase (decrease) in net assets | 3088041 | 586473 | 554178 |
|  Net assets as of December 31, 2025 | $31647449 | $8366968 | $1479237 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Fidelity<sup>®</sup> VIP<br>Overseas** | **Fidelity<sup>®</sup> VIP Real<br>Estate** | **Fidelity<sup>®</sup> VIP<br>Strategic Income** |
|  Net assets as of December 31, 2023 | $5412874 | $187169 | $1502612 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 80938 | 8765 | 75051 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (42061) | (593) | (5610) |
|  Net investment income (loss) | 38877 | 8172 | 69441 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 266126 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 146523 | (738) | (3722) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (213014) | 5834 | 45021 |
|  Net gain (loss) on investments | 199635 | 5096 | 41299 |
|  Net increase (decrease) in net assets from operations | 238512 | 13268 | 110740 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 615737 | 35654 | 160850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (830076) | (8698) | (89840) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 401726 | (273) | 449654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (13166) | (198) | (1604) |
|  Increase (decrease) in net assets from contract transactions | 174221 | 26485 | 519060 |
|  Total increase (decrease) in net assets | 412733 | 39753 | 629800 |
|  Net assets as of December 31, 2024 | $5825607 | $226922 | $2132412 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 110901 | 3589 | 78754 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (49036) | (606) | (6086) |
|  Net investment income (loss) | 61865 | 2983 | 72668 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 717627 | 84 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 291735 | (1715) | 12206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 112667 | 4374 | 82781 |
|  Net gain (loss) on investments | 1122029 | 2743 | 94987 |
|  Net increase (decrease) in net assets from operations | 1183894 | 5726 | 167655 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 766129 |  | 207899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (1320324) | (45661) | (256646) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 2067540 | (378) | (27221) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (14030) | (191) | (1478) |
|  Increase (decrease) in net assets from contract transactions | 1499315 | (46230) | (77446) |
|  Total increase (decrease) in net assets | 2683209 | (40504) | 90209 |
|  Net assets as of December 31, 2025 | $8508816 | $186418 | $2222621 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Franklin Allocation<br>VIP Fund** | **Franklin DynaTech<br>VIP** | **Franklin Growth<br>and Income VIP<br>Fund** |
|  Net assets as of December 31, 2023 | $2079565 | $140499 | $631196 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 38966 |  | 15727 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (15626) | (1489) | (6607) |
|  Net investment income (loss) | 23340 | (1489) | 9120 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  |  | 13390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (42259) | (181) | (2059) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 182126 | 42672 | 86000 |
|  Net gain (loss) on investments | 139867 | 42491 | 97331 |
|  Net increase (decrease) in net assets from operations | 163207 | 41002 | 106451 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 5248 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (162376) | (911) | (1617) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (108833) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (6123) | (304) | (112) |
|  Increase (decrease) in net assets from contract transactions | (272084) | (1215) | (1729) |
|  Total increase (decrease) in net assets | (108877) | 39787 | 104722 |
|  Net assets as of December 31, 2024 | $1970688 | $180286 | $735918 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 34352 |  | 16907 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (15017) | (1985) | (7328) |
|  Net investment income (loss) | 19335 | (1985) | 9579 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 76666 |  | 72793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (31443) | 547 | (17195) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 151116 | 49841 | 51202 |
|  Net gain (loss) on investments | 196339 | 50388 | 106800 |
|  Net increase (decrease) in net assets from operations | 215674 | 48403 | 116379 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 3256 | 82060 | 163529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (168972) | (2255) | (165664) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 64436 | 13629 | 902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (5281) | (364) | (127) |
|  Increase (decrease) in net assets from contract transactions | (106561) | 93070 | (1360) |
|  Total increase (decrease) in net assets | 109113 | 141473 | 115019 |
|  Net assets as of December 31, 2025 | $2079801 | $321759 | $850937 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Franklin Income<br>VIP Fund** | **Franklin Large<br>Cap Growth VIP<br>Fund** | **Franklin Mutual<br>Global Discovery<br>VIP Fund** |
|  Net assets as of December 31, 2023 | $10872674 | $24232 | $8144129 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 604133 |  | 136131 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (94644) | (356) | (63464) |
|  Net investment income (loss) | 509489 | (356) | 72667 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 49497 | 3063 | 572030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (61089) | 81 | 28581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 250290 | 3195 | (355475) |
|  Net gain (loss) on investments | 238698 | 6339 | 245136 |
|  Net increase (decrease) in net assets from operations | 748187 | 5983 | 317803 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 86022 |  | 59501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (1173918) |  | (1027591) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (548632) |  | 207754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (38957) | (101) | (36886) |
|  Increase (decrease) in net assets from contract transactions | (1675485) | (101) | (797222) |
|  Total increase (decrease) in net assets | (927298) | 5882 | (479419) |
|  Net assets as of December 31, 2024 | $9945376 | $30114 | $7664710 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 515983 |  | 163264 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (81025) | (436) | (68206) |
|  Net investment income (loss) | 434958 | (436) | 95058 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 108458 | 10604 | 904986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (29297) | (22) | 34783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 614863 | (5789) | 676920 |
|  Net gain (loss) on investments | 694024 | 4793 | 1616689 |
|  Net increase (decrease) in net assets from operations | 1128982 | 4357 | 1711747 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 790097 | 32569 | 70159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (1519339) | (1152) | (955424) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 53968 |  | 2258966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (34175) | (146) | (37021) |
|  Increase (decrease) in net assets from contract transactions | (709449) | 31271 | 1336680 |
|  Total increase (decrease) in net assets | 419533 | 35628 | 3048427 |
|  Net assets as of December 31, 2025 | $10364909 | $65742 | $10713137 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Franklin Mutual<br>Shares VIP Fund** | **Franklin Rising<br>Dividends VIP<br>Fund** | **Franklin Small<br>Cap Value VIP<br>Fund** |
|  Net assets as of December 31, 2023 | $24667 | $880221 | $3767629 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 522 | 10837 | 37478 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (278) | (7518) | (33510) |
|  Net investment income (loss) | 244 | 3319 | 3968 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 542 | 51560 | 92634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (8) | 1027 | (16750) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 1674 | 38768 | 369817 |
|  Net gain (loss) on investments | 2208 | 91355 | 445701 |
|  Net increase (decrease) in net assets from operations | 2452 | 94674 | 449669 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  | 152801 | 162477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (444) | (2463) | (335133) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net |  | (22220) | 1684805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (51) | (1615) | (11420) |
|  Increase (decrease) in net assets from contract transactions | (495) | 126503 | 1500729 |
|  Total increase (decrease) in net assets | 1957 | 221177 | 1950398 |
|  Net assets as of December 31, 2024 | $26624 | $1101398 | $5718027 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 2795 | 9374 | 43124 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (396) | (7895) | (32519) |
|  Net investment income (loss) | 2399 | 1479 | 10605 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 13771 | 112306 | 336331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 8 | (2468) | (56504) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (9065) | 2085 | (82444) |
|  Net gain (loss) on investments | 4714 | 111923 | 197383 |
|  Net increase (decrease) in net assets from operations | 7113 | 113402 | 207988 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  |  | 34746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (356) | (284579) | (493713) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 110450 | 1010 | (1297726) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (64) | (1653) | (9723) |
|  Increase (decrease) in net assets from contract transactions | 110030 | (285222) | (1766416) |
|  Total increase (decrease) in net assets | 117143 | (171820) | (1558428) |
|  Net assets as of December 31, 2025 | $143767 | $929578 | $4159599 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Franklin Small-**<br>**Mid Cap Growth<br>VIP Fund** | **Franklin Strategic<br>Income VIP Fund** | **Franklin U.S.<br>Government<br>Securities VIP<br>Fund** |
|  Net assets as of December 31, 2023 | $2831905 | $1743346 | $214564 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions |  | 65799 | 5790 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (33309) | (11903) | (2063) |
|  Net investment income (loss) | (33309) | 53896 | 3727 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (86036) | (60650) | (13535) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 364737 | 50893 | 571 |
|  Net gain (loss) on investments | 278701 | (9757) | (12964) |
|  Net increase (decrease) in net assets from operations | 245392 | 44139 | (9237) |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 96222 | 54776 | 97124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (374774) | (162500) | (43091) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (218496) | (170015) | 369055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (14604) | (3562) | (552) |
|  Increase (decrease) in net assets from contract transactions | (511652) | (281301) | 422536 |
|  Total increase (decrease) in net assets | (266260) | (237162) | 413299 |
|  Net assets as of December 31, 2024 | $2565645 | $1506184 | $627863 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions |  | 87895 | 38847 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (28642) | (12058) | (3925) |
|  Net investment income (loss) | (28642) | 75837 | 34922 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 132699 | 20 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (41377) | (28240) | (15608) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (43795) | 62043 | 20589 |
|  Net gain (loss) on investments | 47527 | 33823 | 4981 |
|  Net increase (decrease) in net assets from operations | 18885 | 109660 | 39903 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 10729 | 466686 | 45265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (310381) | (228965) | (100529) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (13494) | 65423 | 266485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (13110) | (2891) | (554) |
|  Increase (decrease) in net assets from contract transactions | (326256) | 300253 | 210667 |
|  Total increase (decrease) in net assets | (307371) | 409913 | 250570 |
|  Net assets as of December 31, 2025 | $2258274 | $1916097 | $878433 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Goldman Sachs<br>Emerging Markets<br>Equity** | **Goldman Sachs<br>Government<br>Income** | **Goldman Sachs<br>VIT International<br>Equity Insights** |
|  Net assets as of December 31, 2023 | $963012 | $1436725 | $144546 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 7527 | 30225 | 4644 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (9918) | (11431) | (1013) |
|  Net investment income (loss) | (2391) | 18794 | 3631 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  |  | 5952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 12620 | (52825) | 1979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 62207 | 22751 | (2739) |
|  Net gain (loss) on investments | 74827 | (30074) | 5192 |
|  Net increase (decrease) in net assets from operations | 72436 | (11280) | 8823 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 30979 | 25309 | 15467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (129889) | (279059) | (3965) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 174839 | (26523) | 1018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (2966) | (5913) | (256) |
|  Increase (decrease) in net assets from contract transactions | 72963 | (286186) | 12264 |
|  Total increase (decrease) in net assets | 145399 | (297466) | 21087 |
|  Net assets as of December 31, 2024 | $1108411 | $1139259 | $165633 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 6526 | 34062 | 6603 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (11952) | (10718) | (2803) |
|  Net investment income (loss) | (5426) | 23344 | 3800 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  |  | 35905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 34446 | (23273) | 56026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 326112 | 61062 | 2916 |
|  Net gain (loss) on investments | 360558 | 37789 | 94847 |
|  Net increase (decrease) in net assets from operations | 355132 | 61133 | 98647 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 31799 | 31208 | 28647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (143813) | (103435) | (69913) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 231604 | 165758 | (16017) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (3917) | (4551) | (381) |
|  Increase (decrease) in net assets from contract transactions | 115673 | 88980 | (57664) |
|  Total increase (decrease) in net assets | 470805 | 150113 | 40983 |
|  Net assets as of December 31, 2025 | $1579216 | $1289372 | $206616 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Goldman Sachs<br>VIT Large Cap<br>Value** | **Goldman Sachs<br>VIT Mid Cap<br>Growth Fund** | **Goldman Sachs<br>VIT Mid Cap<br>Value** |
|  Net assets as of December 31, 2023 | $— | $248375 | $465479 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 1874 |  | 3917 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (359) | (658) | (5367) |
|  Net investment income (loss) | 1515 | (658) | (1450) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 19595 | 32476 | 30300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 28 | (2104) | (2409) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (1064) | 18805 | 26438 |
|  Net gain (loss) on investments | 18559 | 49177 | 54329 |
|  Net increase (decrease) in net assets from operations | 20074 | 48519 | 52879 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  |  | 4140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments |  | (147) | (23670) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 143778 | (5666) | 40187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments |  | (857) | (1597) |
|  Increase (decrease) in net assets from contract transactions | 143778 | (6670) | 19060 |
|  Total increase (decrease) in net assets | 163852 | 41849 | 71939 |
|  Net assets as of December 31, 2024 | $163852 | $290224 | $537418 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 2744 |  | 3888 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (498) | (819) | (3454) |
|  Net investment income (loss) | 2246 | (819) | 434 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 43278 | 63411 | 44066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 162 | (4185) | (3697) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (24067) | (39520) | (12707) |
|  Net gain (loss) on investments | 19373 | 19706 | 27662 |
|  Net increase (decrease) in net assets from operations | 21619 | 18887 | 28096 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 150681 | 6494 | 5507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (7001) | (1254) | (114937) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (3006) | 51946 | (28325) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments |  | (1018) | (1087) |
|  Increase (decrease) in net assets from contract transactions | 140674 | 56168 | (138842) |
|  Total increase (decrease) in net assets | 162293 | 75055 | (110746) |
|  Net assets as of December 31, 2025 | $326145 | $365279 | $426672 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Goldman Sachs<br>VIT Small Cap<br>Equity Insights** | **Goldman Sachs<br>VIT Strategic<br>Growth** | **Guggenheim Core<br>Bond** |
|  Net assets as of December 31, 2023 | $362941 | $332000 | $4435890 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 2831 |  | 184943 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (880) | (752) | (39074) |
|  Net investment income (loss) | 1951 | (752) | 145869 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 30058 | 21707 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (986) | 3042 | (103019) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 22088 | 58478 | 21363 |
|  Net gain (loss) on investments | 51160 | 83227 | (81656) |
|  Net increase (decrease) in net assets from operations | 53111 | 82475 | 64213 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  |  | 71076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (8155) | (10792) | (541488) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (27060) | (111524) | 116095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (167) |  | (8935) |
|  Increase (decrease) in net assets from contract transactions | (35382) | (122316) | (363252) |
|  Total increase (decrease) in net assets | 17729 | (39841) | (299039) |
|  Net assets as of December 31, 2024 | $380670 | $292159 | $4136851 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 1090 |  | 177694 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (787) | (831) | (35840) |
|  Net investment income (loss) | 303 | (831) | 141854 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 17933 | 71388 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 20562 | 2988 | (97099) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (15759) | (21558) | 206096 |
|  Net gain (loss) on investments | 22736 | 52818 | 108997 |
|  Net increase (decrease) in net assets from operations | 23039 | 51987 | 250851 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 21768 | 150681 | 59415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (54302) | (20672) | (500038) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 565309 | (29) | (165068) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (197) |  | (8778) |
|  Increase (decrease) in net assets from contract transactions | 532578 | 129980 | (614469) |
|  Total increase (decrease) in net assets | 555617 | 181967 | (363618) |
|  Net assets as of December 31, 2025 | $936287 | $474126 | $3773233 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Guggenheim<br>Floating Rate<br>Strategies** | **Guggenheim High<br>Yield** | **Guggenheim<br>Macro<br>Opportunities** |
|  Net assets as of December 31, 2023 | $1419460 | $2793668 | $18233 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 113284 | 178706 | 1072 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (12605) | (25402) | (174) |
|  Net investment income (loss) | 100679 | 153304 | 898 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (6785) | (37732) | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (13720) | 72413 | 298 |
|  Net gain (loss) on investments | (20505) | 34681 | 294 |
|  Net increase (decrease) in net assets from operations | 80174 | 187985 | 1192 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 34506 | 56626 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (194617) | (235795) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 28000 | 2010 | 7876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (2780) | (6325) | (69) |
|  Increase (decrease) in net assets from contract transactions | (134891) | (183484) | 7807 |
|  Total increase (decrease) in net assets | (54717) | 4501 | 8999 |
|  Net assets as of December 31, 2024 | $1364743 | $2798169 | $27232 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 99969 | 177043 | 1268 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (12806) | (25057) | (206) |
|  Net investment income (loss) | 87163 | 151986 | 1062 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (19352) | (51296) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (29016) | 55559 | 323 |
|  Net gain (loss) on investments | (48368) | 4263 | 335 |
|  Net increase (decrease) in net assets from operations | 38795 | 156249 | 1397 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 38272 | 69318 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (248315) | (352639) | (12308) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 91899 | (86471) | (954) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (3347) | (6271) | (163) |
|  Increase (decrease) in net assets from contract transactions | (121491) | (376063) | (13425) |
|  Total increase (decrease) in net assets | (82696) | (219814) | (12028) |
|  Net assets as of December 31, 2025 | $1282047 | $2578355 | $15204 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Guggenheim<br>Managed Futures<br>Strategy** | **Guggenheim Multi-<br>Hedge Strategies** | **Guggenheim Total<br>Return Bond** |
|  Net assets as of December 31, 2023 | $18362 | $25375 | $431117 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 765 | 565 | 17551 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (163) | (223) | (3647) |
|  Net investment income (loss) | 602 | 342 | 13904 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (161) | (139) | (24779) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (541) | (1194) | 19072 |
|  Net gain (loss) on investments | (702) | (1333) | (5707) |
|  Net increase (decrease) in net assets from operations | (100) | (991) | 8197 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  | 240 | 16818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (2055) | (4313) | (44336) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (201) |  | (133330) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (125) | (141) | (1590) |
|  Increase (decrease) in net assets from contract transactions | (2381) | (4214) | (162438) |
|  Total increase (decrease) in net assets | (2481) | (5205) | (154241) |
|  Net assets as of December 31, 2024 | $15881 | $20170 | $276876 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 917 | 1601 | 14124 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (128) | (154) | (2661) |
|  Net investment income (loss) | 789 | 1447 | 11463 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (458) | (674) | (3472) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 496 | (585) | 11419 |
|  Net gain (loss) on investments | 38 | (1259) | 7947 |
|  Net increase (decrease) in net assets from operations | 827 | 188 | 19410 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  | 270 | 11114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (4701) | (7310) | (15446) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 3829 | 3830 | 27271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (82) | (89) | (1155) |
|  Increase (decrease) in net assets from contract transactions | (954) | (3299) | 21784 |
|  Total increase (decrease) in net assets | (127) | (3111) | 41194 |
|  Net assets as of December 31, 2025 | $15754 | $17059 | $318070 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Guggenheim VIF<br>Floating Rate<br>Strategies** | **Guggenheim VIF<br>Global Managed<br>Futures Strategy** | **Guggenheim VIF<br>High Yield** |
|  Net assets as of December 31, 2023 | $7623479 | $1207069 | $15077550 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 610981 | 46685 | 885137 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (51047) | (7015) | (129519) |
|  Net investment income (loss) | 559934 | 39670 | 755618 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  | 24956 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 3044 | (4925) | (195252) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (136549) | (100308) | 400842 |
|  Net gain (loss) on investments | (133505) | (80277) | 205590 |
|  Net increase (decrease) in net assets from operations | 426429 | (40607) | 961208 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 148971 | 629038 | 152395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (606461) | (53359) | (1879862) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (618187) | (31631) | (298527) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (17512) | (3631) | (59488) |
|  Increase (decrease) in net assets from contract transactions | (1093189) | 540417 | (2085482) |
|  Total increase (decrease) in net assets | (666760) | 499810 | (1124274) |
|  Net assets as of December 31, 2024 | $6956719 | $1706879 | $13953276 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 786637 | 31633 | 843555 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (60224) | (7177) | (105939) |
|  Net investment income (loss) | 726413 | 24456 | 737616 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (53416) | (39683) | (210073) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (412393) | 106861 | 192424 |
|  Net gain (loss) on investments | (465809) | 67178 | (17649) |
|  Net increase (decrease) in net assets from operations | 260604 | 91634 | 719967 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 60765 | 253062 | 107499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (752194) | (191765) | (2100320) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 817885 | 527738 | (981096) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (16526) | (2849) | (55410) |
|  Increase (decrease) in net assets from contract transactions | 109930 | 586186 | (3029327) |
|  Total increase (decrease) in net assets | 370534 | 677820 | (2309360) |
|  Net assets as of December 31, 2025 | $7327253 | $2384699 | $11643916 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Guggenheim VIF<br>Multi-Hedge<br>Strategies** | **Guggenheim VIF<br>Total Return Bond** | **Invesco American<br>Franchise** |
|  Net assets as of December 31, 2023 | $3514663 | $28668835 | $1654961 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 123980 | 1141711 |  |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (23814) | (241777) | (16155) |
|  Net investment income (loss) | 100166 | 899934 | (16155) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  |  | 62212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (61648) | (610432) | 150402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (125992) | 370333 | 309538 |
|  Net gain (loss) on investments | (187640) | (240099) | 522152 |
|  Net increase (decrease) in net assets from operations | (87474) | 659835 | 505997 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 48530 | 463768 | 22519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (163783) | (4048504) | (280690) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (1684181) | 4126186 | (178521) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (10148) | (84342) | (4704) |
|  Increase (decrease) in net assets from contract transactions | (1809582) | 457108 | (441396) |
|  Total increase (decrease) in net assets | (1897056) | 1116943 | 64601 |
|  Net assets as of December 31, 2024 | $1617607 | $29785778 | $1719562 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 36422 | 1415854 |  |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (14000) | (271178) | (15403) |
|  Net investment income (loss) | 22422 | 1144676 | (15403) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  |  | 212473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (29153) | (492101) | 69016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 13118 | 1449366 | (97924) |
|  Net gain (loss) on investments | (16035) | 957265 | 183565 |
|  Net increase (decrease) in net assets from operations | 6387 | 2101941 | 168162 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 194203 | 232204 | 16004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (218541) | (4063610) | (138983) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (10826) | 5104212 | (40123) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (5658) | (79569) | (3412) |
|  Increase (decrease) in net assets from contract transactions | (40822) | 1193237 | (166514) |
|  Total increase (decrease) in net assets | (34435) | 3295178 | 1648 |
|  Net assets as of December 31, 2025 | $1583172 | $33080956 | $1721210 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Invesco Comstock** | **Invesco Developing<br>Markets** | **Invesco Discovery** |
|  Net assets as of December 31, 2023 | $9617843 | $242832 | $161577 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 164763 | 13 |  |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (89201) | (2232) | (1757) |
|  Net investment income (loss) | 75562 | (2219) | (1757) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 750944 |  | 12810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 288851 | (647) | 2243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 156882 | (3880) | 23597 |
|  Net gain (loss) on investments | 1196677 | (4527) | 38650 |
|  Net increase (decrease) in net assets from operations | 1272239 | (6746) | 36893 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 125345 | 10001 | 5605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (871654) | (24007) | (13174) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (405160) | 26981 | 9984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (20471) | (835) | (467) |
|  Increase (decrease) in net assets from contract transactions | (1171940) | 12140 | 1948 |
|  Total increase (decrease) in net assets | 100299 | 5394 | 38841 |
|  Net assets as of December 31, 2024 | $9718142 | $248226 | $200418 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 168750 | 1062 |  |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (93456) | (2548) | (1773) |
|  Net investment income (loss) | 75294 | (1486) | (1773) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 732294 | 93963 | 24312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 233105 | (2204) | 3889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 540551 | (21302) | 1973 |
|  Net gain (loss) on investments | 1505950 | 70457 | 30174 |
|  Net increase (decrease) in net assets from operations | 1581244 | 68971 | 28401 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 167582 | 12433 | 5788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (885819) | (15954) | (18055) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 374180 | (16432) | (11770) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (22209) | (751) | (460) |
|  Increase (decrease) in net assets from contract transactions | (366266) | (20704) | (24497) |
|  Total increase (decrease) in net assets | 1214978 | 48267 | 3904 |
|  Net assets as of December 31, 2025 | $10933120 | $296493 | $204322 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Invesco Discovery<br>Mid Cap Growth** | **Invesco Energy** | **Invesco Equity and<br>Income** |
|  Net assets as of December 31, 2023 | $1073244 | $94031 | $8176870 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions |  | 2869 | 164206 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (9992) | (766) | (76978) |
|  Net investment income (loss) | (9992) | 2103 | 87228 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 55356 |  | 479958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 18251 | 6581 | 99743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 156066 | (2143) | 193918 |
|  Net gain (loss) on investments | 229673 | 4438 | 773619 |
|  Net increase (decrease) in net assets from operations | 219681 | 6541 | 860847 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 21693 | 3130 | 123430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (110437) | (5494) | (1110156) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (60497) | (23249) | 104005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (2402) | (423) | (23415) |
|  Increase (decrease) in net assets from contract transactions | (151643) | (26036) | (906136) |
|  Total increase (decrease) in net assets | 68038 | (19495) | (45289) |
|  Net assets as of December 31, 2024 | $1141282 | $74536 | $8131581 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions |  | 1688 | 139503 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (11664) | (673) | (71290) |
|  Net investment income (loss) | (11664) | 1015 | 68213 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 102110 |  | 372750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 69125 | 1379 | 72769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (50443) | 5764 | 333589 |
|  Net gain (loss) on investments | 120792 | 7143 | 779108 |
|  Net increase (decrease) in net assets from operations | 109128 | 8158 | 847321 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 23510 | 2537 | 128707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (104458) | (6593) | (824988) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 72012 | (524) | (516893) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (3183) | (467) | (24747) |
|  Increase (decrease) in net assets from contract transactions | (12119) | (5047) | (1237921) |
|  Total increase (decrease) in net assets | 97009 | 3111 | (390600) |
|  Net assets as of December 31, 2025 | $1238291 | $77647 | $7740981 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Invesco Global** | **Invesco Gold &<br>Special Minerals** | **Invesco Main<br>Street Mid Cap** |
|  Net assets as of December 31, 2023 | $550391 | $155477 | $1618627 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions |  | 1471 | 4071 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (4943) | (1562) | (15174) |
|  Net investment income (loss) | (4943) | (91) | (11103) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 58038 |  | 133473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 8964 | 756 | 56375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 15907 | 18421 | 59352 |
|  Net gain (loss) on investments | 82909 | 19177 | 249200 |
|  Net increase (decrease) in net assets from operations | 77966 | 19086 | 238097 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 16204 | 1850 | 18954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (46722) | (4421) | (157096) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (53162) | 228 | (77919) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (1722) | (509) | (3951) |
|  Increase (decrease) in net assets from contract transactions | (85402) | (2852) | (220012) |
|  Total increase (decrease) in net assets | (7436) | 16234 | 18085 |
|  Net assets as of December 31, 2024 | $542955 | $171711 | $1636712 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions |  | 1659 | 2884 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (4976) | (2419) | (14783) |
|  Net investment income (loss) | (4976) | (760) | (11899) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 116773 |  | 128131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 6945 | 2418 | 50801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (41377) | 218754 | (43797) |
|  Net gain (loss) on investments | 82341 | 221172 | 135135 |
|  Net increase (decrease) in net assets from operations | 77365 | 220412 | 123236 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 16285 | 1658 | 17033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (48917) | (2954) | (182839) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 2490 | (450) | (13571) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (1231) | (662) | (3634) |
|  Increase (decrease) in net assets from contract transactions | (31373) | (2408) | (183011) |
|  Total increase (decrease) in net assets | 45992 | 218004 | (59775) |
|  Net assets as of December 31, 2025 | $588947 | $389715 | $1576937 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Invesco Small Cap<br>Growth (d)** | **Invesco Technology** | **Invesco V.I.<br>American<br>Franchise Series I** |
|  Net assets as of December 31, 2023 | $1828529 | $1500876 | $1975239 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions |  |  |  |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (16808) | (15403) | (30151) |
|  Net investment income (loss) | (16808) | (15403) | (30151) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  | 227810 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (49789) | 65571 | 153246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 323613 | 206329 | 446115 |
|  Net gain (loss) on investments | 273824 | 499710 | 599361 |
|  Net increase (decrease) in net assets from operations | 257016 | 484307 | 569210 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 525 | 25210 | 1706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (227320) | (186441) | (348891) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (62384) | (16376) | (331678) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (4038) | (4643) | (14422) |
|  Increase (decrease) in net assets from contract transactions | (293217) | (182250) | (693285) |
|  Total increase (decrease) in net assets | (36201) | 302057 | (124075) |
|  Net assets as of December 31, 2024 | $1792328 | $1802933 | $1851164 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions |  |  |  |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (15027) | (17617) | (23675) |
|  Net investment income (loss) | (15027) | (17617) | (23675) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 160825 | 471753 | 137708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (25915) | 24423 | 140177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (47765) | (113656) | (131196) |
|  Net gain (loss) on investments | 87145 | 382520 | 146689 |
|  Net increase (decrease) in net assets from operations | 72118 | 364903 | 123014 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 650 | 27566 | 3727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (171487) | (77185) | (200718) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (34351) | 138302 | (252979) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (3791) | (3255) | (11759) |
|  Increase (decrease) in net assets from contract transactions | (208979) | 85428 | (461729) |
|  Total increase (decrease) in net assets | (136861) | 450331 | (338715) |
|  Net assets as of December 31, 2025 | $1655467 | $2253264 | $1512449 |

---

(d) Closed to new investments. See Note 1.

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Invesco V.I.<br>American<br>Franchise Series II** | **Invesco V.I.<br>American Value** | **Invesco V.I.<br>Balanced-Risk<br>Allocation** |
|  Net assets as of December 31, 2023 | $17582 | $2992031 | $61573 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions |  | 27961 | 4023 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (263) | (29539) | (746) |
|  Net investment income (loss) | (263) | (1578) | 3277 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  | 83839 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (15) | (39115) | (116) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 6032 | 804995 | (2712) |
|  Net gain (loss) on investments | 6017 | 849719 | (2828) |
|  Net increase (decrease) in net assets from operations | 5754 | 848141 | 449 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  | 235332 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (141) | (471131) | (401) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 4 | 854698 | 34145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (92) | (12978) | (138) |
|  Increase (decrease) in net assets from contract transactions | (229) | 605921 | 33606 |
|  Total increase (decrease) in net assets | 5525 | 1454062 | 34055 |
|  Net assets as of December 31, 2024 | $23107 | $4446093 | $95628 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions |  | 9912 | 7090 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (293) | (35206) | (888) |
|  Net investment income (loss) | (293) | (25294) | 6202 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 2413 | 712183 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 311 | (34475) | (171) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (80) | 71264 | 1702 |
|  Net gain (loss) on investments | 2644 | 748972 | 1531 |
|  Net increase (decrease) in net assets from operations | 2351 | 723678 | 7733 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  | 19580 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (1433) | (372729) | (408) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (3) | 949090 | 3977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (102) | (15052) | (205) |
|  Increase (decrease) in net assets from contract transactions | (1538) | 580889 | 3364 |
|  Total increase (decrease) in net assets | 813 | 1304567 | 11097 |
|  Net assets as of December 31, 2025 | $23920 | $5750660 | $106725 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Invesco V.I.<br>Comstock** | **Invesco V.I. Core<br>Equity** | **Invesco V.I. Core<br>Plus Bond** |
|  Net assets as of December 31, 2023 | $11538526 | $935139 | $11302837 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 187545 | 5093 | 375367 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (97747) | (12052) | (109791) |
|  Net investment income (loss) | 89798 | (6959) | 265576 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 879713 | 88148 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 213615 | 191734 | 7440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (357661) | (53440) | (87059) |
|  Net gain (loss) on investments | 735667 | 226442 | (79619) |
|  Net increase (decrease) in net assets from operations | 825465 | 219483 | 185957 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 252894 | 6959 | 289079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (1346222) | (13408) | (1619563) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 13485867 | (1107058) | 480239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (42208) | (959) | (33682) |
|  Increase (decrease) in net assets from contract transactions | 12350331 | (1114466) | (883927) |
|  Total increase (decrease) in net assets | 13175796 | (894983) | (697970) |
|  Net assets as of December 31, 2024 | $24714322 | $40156 | $10604867 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 265079 | 213 | 412081 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (173610) | (410) | (103052) |
|  Net investment income (loss) | 91469 | (197) | 309029 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 1964413 | 3891 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 397384 | 73 | 16941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 373792 | 3162 | 261464 |
|  Net gain (loss) on investments | 2735589 | 7126 | 278405 |
|  Net increase (decrease) in net assets from operations | 2827058 | 6929 | 587434 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 234185 | 7835 | 42124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (2447381) | (147) | (1268006) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (8169824) | 11 | 90067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (64562) | (100) | (33639) |
|  Increase (decrease) in net assets from contract transactions | (10447582) | 7599 | (1169454) |
|  Total increase (decrease) in net assets | (7620524) | 14528 | (582020) |
|  Net assets as of December 31, 2025 | $17093798 | $54684 | $10022847 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Invesco V.I.<br>Discovery Mid Cap<br>Growth** | **Invesco V.I.<br>Equally-Weighted<br>S&P 500** | **Invesco V.I. Equity<br>and Income** |
|  Net assets as of December 31, 2023 | $3541279 | $631834 | $8753562 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions |  | 21926 | 114608 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (31601) | (4342) | (58149) |
|  Net investment income (loss) | (31601) | 17584 | 56459 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  | 38517 | 279947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (87501) | 8241 | 66401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 913550 | 49623 | 401843 |
|  Net gain (loss) on investments | 826049 | 96381 | 748191 |
|  Net increase (decrease) in net assets from operations | 794448 | 113965 | 804650 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 227366 | 510139 | 54175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (434796) | (259361) | (970622) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 812231 | 482981 | (1456226) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (10227) | (877) | (33730) |
|  Increase (decrease) in net assets from contract transactions | 594574 | 732882 | (2406403) |
|  Total increase (decrease) in net assets | 1389022 | 846847 | (1601753) |
|  Net assets as of December 31, 2024 | $4930301 | $1478681 | $7151809 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions |  | 17100 | 131573 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (30746) | (3840) | (53171) |
|  Net investment income (loss) | (30746) | 13260 | 78402 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 383743 | 98872 | 377497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (19261) | 3616 | 64051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (182047) | 1735 | 258242 |
|  Net gain (loss) on investments | 182435 | 104223 | 699790 |
|  Net increase (decrease) in net assets from operations | 151689 | 117483 | 778192 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 128087 |  | 359601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (618531) | (341767) | (980149) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (851141) | (10133) | (257477) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (8216) | (593) | (30289) |
|  Increase (decrease) in net assets from contract transactions | (1349801) | (352493) | (908314) |
|  Total increase (decrease) in net assets | (1198112) | (235010) | (130122) |
|  Net assets as of December 31, 2025 | $3732189 | $1243671 | $7021687 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Invesco V.I. EVQ<br>International<br>Equity Fund** | **Invesco V.I. Global** | **Invesco V.I. Global<br>Core Equity** |
|  Net assets as of December 31, 2023 | $18955687 | $4414271 | $41668 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 246350 |  | 407 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (166840) | (35735) | (117) |
|  Net investment income (loss) | 79510 | (35735) | 290 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 85310 | 262609 | 460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 192240 | 26499 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (250864) | 387718 | 6079 |
|  Net gain (loss) on investments | 26686 | 676826 | 6555 |
|  Net increase (decrease) in net assets from operations | 106196 | 641091 | 6845 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 347545 | 38920 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (2944104) | (602029) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (1170798) | (100824) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (68894) | (8614) |  |
|  Increase (decrease) in net assets from contract transactions | (3836251) | (672547) |  |
|  Total increase (decrease) in net assets | (3730055) | (31456) | 6845 |
|  Net assets as of December 31, 2024 | $15225632 | $4382815 | $48513 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 187781 |  | 396 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (142154) | (29918) | (88) |
|  Net investment income (loss) | 45627 | (29918) | 308 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 1024691 | 671931 | 2413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 127288 | 51644 | 2783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 1027443 | (182905) | (508) |
|  Net gain (loss) on investments | 2179422 | 540670 | 4688 |
|  Net increase (decrease) in net assets from operations | 2225049 | 510752 | 4996 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 280043 | 30028 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (2238741) | (1064771) | (16354) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 1102554 | (189195) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (57024) | (8413) | (27) |
|  Increase (decrease) in net assets from contract transactions | (913168) | (1232351) | (16381) |
|  Total increase (decrease) in net assets | 1311881 | (721599) | (11385) |
|  Net assets as of December 31, 2025 | $16537513 | $3661216 | $37128 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Invesco V.I. Global<br>Real Estate Series I** | **Invesco V.I. Global<br>Real Estate Series<br>II** | **Invesco V.I. Global<br>Strategic Income** |
|  Net assets as of December 31, 2023 | $5408667 | $132500 | $1962 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 149503 | 2721 | 613 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (40832) | (293) | (391) |
|  Net investment income (loss) | 108671 | 2428 | 222 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (222451) | (3548) | (48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (100988) | (2440) | 1484 |
|  Net gain (loss) on investments | (323439) | (5988) | 1436 |
|  Net increase (decrease) in net assets from operations | (214768) | (3560) | 1658 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 81705 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (777391) | (21144) | (21331) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 473763 | (7450) | 195449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (21017) | (268) | (79) |
|  Increase (decrease) in net assets from contract transactions | (242940) | (28862) | 174039 |
|  Total increase (decrease) in net assets | (457708) | (32422) | 175697 |
|  Net assets as of December 31, 2024 | $4950959 | $100078 | $177659 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 92318 | 1638 | 26404 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (37912) | (234) | (1746) |
|  Net investment income (loss) | 54406 | 1404 | 24658 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (123652) | (1557) | (9325) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 388980 | 6678 | (1214) |
|  Net gain (loss) on investments | 265328 | 5121 | (10539) |
|  Net increase (decrease) in net assets from operations | 319734 | 6525 | 14119 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 43406 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (676930) | (14757) | (1190) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (99747) |  | (188460) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (18770) | (234) | (120) |
|  Increase (decrease) in net assets from contract transactions | (752041) | (14991) | (189770) |
|  Total increase (decrease) in net assets | (432307) | (8466) | (175651) |
|  Net assets as of December 31, 2025 | $4518652 | $91612 | $2008 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Invesco V.I.<br>Government<br>Money Market** | **Invesco V.I.<br>Government<br>Securities** | **Invesco V.I.<br>Growth and<br>Income** |
|  Net assets as of December 31, 2023 | $35077070 | $9458362 | $41156 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 1795340 | 227827 | 535 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (310387) | (75012) | (296) |
|  Net investment income (loss) | 1484953 | 152815 | 239 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  |  | 2749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments |  | (123622) | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) |  | (5460) | 2876 |
|  Net gain (loss) on investments |  | (129082) | 5729 |
|  Net increase (decrease) in net assets from operations | 1484953 | 23733 | 5968 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 1049316 | 34193 | 1683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (7017366) | (1072351) | (3671) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 9702517 | 954603 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (121420) | (50306) | (87) |
|  Increase (decrease) in net assets from contract transactions | 3613047 | (133861) | (2065) |
|  Total increase (decrease) in net assets | 5098000 | (110128) | 3903 |
|  Net assets as of December 31, 2024 | $40175070 | $9348234 | $45059 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 1497717 | 239160 | 559 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (320567) | (81708) | (318) |
|  Net investment income (loss) | 1177150 | 157452 | 241 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  |  | 3639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments |  | (244045) | 619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) |  | 654721 | 1757 |
|  Net gain (loss) on investments |  | 410676 | 6015 |
|  Net increase (decrease) in net assets from operations | 1177150 | 568128 | 6256 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 1895799 | 91453 | 9354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (10419228) | (1487636) | (10491) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 5190852 | (183861) | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (151415) | (45991) | (92) |
|  Increase (decrease) in net assets from contract transactions | (3483992) | (1626035) | (1072) |
|  Total increase (decrease) in net assets | (2306842) | (1057907) | 5184 |
|  Net assets as of December 31, 2025 | $37868228 | $8290327 | $50243 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Invesco V.I. Health<br>Care Series I** | **Invesco V.I. Health<br>Care Series II** | **Invesco V.I.<br>International<br>Growth Fund (b)** |
|  Net assets as of December 31, 2023 | $5606825 | $194380 | $365521 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions |  |  | 953 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (45956) | (1614) | (1098) |
|  Net investment income (loss) | (45956) | (1614) | (145) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  |  | 16946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 86865 | 9944 | (788) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 161819 | 1370 | (16874) |
|  Net gain (loss) on investments | 248684 | 11314 | (716) |
|  Net increase (decrease) in net assets from operations | 202728 | 9700 | (861) |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 153352 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (1132833) | (72992) | (48780) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 478769 | (35331) | (57930) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (24458) | (57) | (534) |
|  Increase (decrease) in net assets from contract transactions | (525170) | (108380) | (107244) |
|  Total increase (decrease) in net assets | (322442) | (98680) | (108105) |
|  Net assets as of December 31, 2024 | $5284383 | $95700 | $257416 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions |  |  | 182 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (48851) | (1583) | (1051) |
|  Net investment income (loss) | (48851) | (1583) | (869) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 239173 | 4584 | 27038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 54523 | 275 | (519) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 530988 | 13858 | 13863 |
|  Net gain (loss) on investments | 824684 | 18717 | 40382 |
|  Net increase (decrease) in net assets from operations | 775833 | 17134 | 39513 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 74047 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (970755) | (196) | (6512) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 543874 | 157033 | 29806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (25410) | (76) | (492) |
|  Increase (decrease) in net assets from contract transactions | (378244) | 156761 | 22802 |
|  Total increase (decrease) in net assets | 397589 | 173895 | 62315 |
|  Net assets as of December 31, 2025 | $5681972 | $269595 | $319731 |

---

(b) Name change. See Note 1.

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Invesco V.I. Main<br>Street Mid Cap<br>Fund<sup>®</sup>** | **Invesco V.I. Main<br>Street Small Cap<br>Fund<sup>®</sup>** | **Invesco V.I. Small<br>Cap Equity** |
|  Net assets as of December 31, 2023 | $8083724 | $12009376 | $127794 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 10815 |  |  |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (71584) | (120260) | (199) |
|  Net investment income (loss) | (60769) | (120260) | (199) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 216550 | 479694 | 3335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (113430) | 492025 | 6404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 1045008 | 600336 | 4374 |
|  Net gain (loss) on investments | 1148128 | 1572055 | 14113 |
|  Net increase (decrease) in net assets from operations | 1087359 | 1451795 | 13914 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 77851 | 187407 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (801352) | (1606900) | (17268) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 983291 | 271786 | (70965) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (29763) | (55320) | (147) |
|  Increase (decrease) in net assets from contract transactions | 230027 | (1203027) | (88380) |
|  Total increase (decrease) in net assets | 1317386 | 248768 | (74466) |
|  Net assets as of December 31, 2024 | $9401110 | $12258144 | $53328 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 8639 | 23469 |  |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (81583) | (97765) | (1422) |
|  Net investment income (loss) | (72944) | (74296) | (1422) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 827310 | 1043540 | 2352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 51388 | 429586 | 43455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (207771) | (668596) | 297 |
|  Net gain (loss) on investments | 670927 | 804530 | 46104 |
|  Net increase (decrease) in net assets from operations | 597983 | 730234 | 44682 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 17071 | 55320 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (1216216) | (1672226) | (8786) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (827616) | (949236) | (39998) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (35786) | (43384) | (224) |
|  Increase (decrease) in net assets from contract transactions | (2062547) | (2609526) | (49008) |
|  Total increase (decrease) in net assets | (1464564) | (1879292) | (4326) |
|  Net assets as of December 31, 2025 | $7936546 | $10378852 | $49002 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Invesco Value<br>Opportunities** | **Janus Henderson<br>Adaptive Risk<br>Managed U.S.<br>Equity** | **Janus Henderson<br>Mid Cap Value** |
|  Net assets as of December 31, 2023 | $2532275 | $723049 | $66912 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 10769 |  | 170 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (24143) | (6608) | (558) |
|  Net investment income (loss) | (13374) | (6608) | (388) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 189329 | 18894 | 3869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 224873 | 5725 | 2296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 273203 | 124825 | 1923 |
|  Net gain (loss) on investments | 687405 | 149444 | 8088 |
|  Net increase (decrease) in net assets from operations | 674031 | 142836 | 7700 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 35753 | 16238 | 1435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (424544) | (134999) | (29256) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (163836) | (21861) | (63) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (3818) | (968) | (544) |
|  Increase (decrease) in net assets from contract transactions | (556445) | (141590) | (28428) |
|  Total increase (decrease) in net assets | 117586 | 1246 | (20728) |
|  Net assets as of December 31, 2024 | $2649861 | $724295 | $46184 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 5166 | 1197 | 181 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (22516) | (6033) | (421) |
|  Net investment income (loss) | (17350) | (4836) | (240) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 249708 | 58043 | 3924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 189730 | 17231 | (22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 11419 | 1002 | (1179) |
|  Net gain (loss) on investments | 450857 | 76276 | 2723 |
|  Net increase (decrease) in net assets from operations | 433507 | 71440 | 2483 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 22098 | 12993 | 1378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (429919) | (94492) | (991) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 11778 | (49845) | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (4525) | (974) | (34) |
|  Increase (decrease) in net assets from contract transactions | (400568) | (132318) | 379 |
|  Total increase (decrease) in net assets | 32939 | (60878) | 2862 |
|  Net assets as of December 31, 2025 | $2682800 | $663417 | $49046 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Janus Henderson<br>Overseas** | **Janus Henderson<br>VIT Enterprise** | **Janus Henderson<br>VIT Mid Cap<br>Value** |
|  Net assets as of December 31, 2023 | $4145339 | $27370977 | $352849 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 47885 | 182475 | 2679 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (39215) | (250857) | (2836) |
|  Net investment income (loss) | 8670 | (68382) | (157) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  | 1283314 | 17781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 158867 | 801669 | 15227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 38257 | 1886878 | 10158 |
|  Net gain (loss) on investments | 197124 | 3971861 | 43166 |
|  Net increase (decrease) in net assets from operations | 205794 | 3903479 | 43009 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 82969 | 650163 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (459225) | (4456641) | (39394) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (234132) | 866084 | (48748) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (10547) | (98494) | (287) |
|  Increase (decrease) in net assets from contract transactions | (620935) | (3038888) | (88429) |
|  Total increase (decrease) in net assets | (415141) | 864591 | (45420) |
|  Net assets as of December 31, 2024 | $3730198 | $28235568 | $307429 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 38055 | 12461 | 2234 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (37242) | (218411) | (2838) |
|  Net investment income (loss) | 813 | (205950) | (604) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  | 2220461 | 29312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 234723 | 717229 | 2368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 704400 | (1189359) | (15724) |
|  Net gain (loss) on investments | 939123 | 1748331 | 15956 |
|  Net increase (decrease) in net assets from operations | 939936 | 1542381 | 15352 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 78361 | 225112 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (474555) | (2650151) | (20258) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (254494) | (3504839) | 65280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (10090) | (86439) | (144) |
|  Increase (decrease) in net assets from contract transactions | (660778) | (6016317) | 44878 |
|  Total increase (decrease) in net assets | 279158 | (4473936) | 60230 |
|  Net assets as of December 31, 2025 | $4009356 | $23761632 | $367659 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Janus Henderson<br>VIT Overseas** | **Janus Henderson<br>VIT Research** | **Lord Abbett Series<br>Bond-Debenture<br>VC** |
|  Net assets as of December 31, 2023 | $605878 | $14040052 | $4254522 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 8730 |  | 263861 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (2585) | (141010) | (36124) |
|  Net investment income (loss) | 6145 | (141010) | 227737 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  | 504312 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 2645 | 955749 | (107826) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 23583 | 3345722 | 148608 |
|  Net gain (loss) on investments | 26228 | 4805783 | 40782 |
|  Net increase (decrease) in net assets from operations | 32373 | 4664773 | 268519 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 15467 | 249454 | 77155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (10283) | (1622236) | (437796) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 3973 | 609186 | 119364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (259) | (46412) | (10416) |
|  Increase (decrease) in net assets from contract transactions | 8898 | (810008) | (251693) |
|  Total increase (decrease) in net assets | 41271 | 3854765 | 16826 |
|  Net assets as of December 31, 2024 | $647149 | $17894817 | $4271348 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 18090 |  | 282211 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (6186) | (143441) | (32578) |
|  Net investment income (loss) | 11904 | (143441) | 249633 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  | 1336115 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 137402 | 1574002 | (41299) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 205220 | (348364) | 99785 |
|  Net gain (loss) on investments | 342622 | 2561753 | 58486 |
|  Net increase (decrease) in net assets from operations | 354526 | 2418312 | 308119 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  | 67446 | 48375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (43285) | (1253292) | (407449) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 479357 | (2654438) | 642684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (429) | (49998) | (8297) |
|  Increase (decrease) in net assets from contract transactions | 435643 | (3890282) | 275313 |
|  Total increase (decrease) in net assets | 790169 | (1471970) | 583432 |
|  Net assets as of December 31, 2025 | $1437318 | $16422847 | $4854780 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Lord Abbett Series<br>Developing Growth<br>VC** | **Lord Abbett Series<br>Dividend Growth<br>VC** | **Lord Abbett Series<br>Growth<br>Opportunities VC** |
|  Net assets as of December 31, 2023 | $1234902 | $60489 | $2804 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 3012 | 475 |  |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (9694) | (323) | (8) |
|  Net investment income (loss) | (6682) | 152 | (8) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  | 4860 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (79575) | 187 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 309034 | 9785 | 769 |
|  Net gain (loss) on investments | 229459 | 14832 | 813 |
|  Net increase (decrease) in net assets from operations | 222777 | 14984 | 805 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 31398 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (119434) | (1344) | (311) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 627071 | 12953 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (3423) | (68) | (6) |
|  Increase (decrease) in net assets from contract transactions | 535612 | 11541 | (317) |
|  Total increase (decrease) in net assets | 758389 | 26525 | 488 |
|  Net assets as of December 31, 2024 | $1993291 | $87014 | $3292 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 2766 | 2599 |  |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (11170) | (912) | (8) |
|  Net investment income (loss) | (8404) | 1687 | (8) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  | 34389 | 521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (130808) | 650 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 294304 | 22256 | (240) |
|  Net gain (loss) on investments | 163496 | 57295 | 400 |
|  Net increase (decrease) in net assets from operations | 155092 | 58982 | 392 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 8813 | 311664 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (162760) | (1716) | (403) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (706532) | 7431 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (4085) | (71) | (7) |
|  Increase (decrease) in net assets from contract transactions | (864564) | 317308 | (410) |
|  Total increase (decrease) in net assets | (709472) | 376290 | (18) |
|  Net assets as of December 31, 2025 | $1283819 | $463304 | $3274 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Lord Abbett Series<br>Mid Cap Stock VC** | **Lord Abbett Series<br>Total Return VC** | **LVIP American<br>Century<br>Disciplined Core<br>Value** |
|  Net assets as of December 31, 2023 | $68459 | $545754 | $186819 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 332 | 25230 | 1793 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (186) | (1754) | (906) |
|  Net investment income (loss) | 146 | 23476 | 887 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 7466 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 1038 | (7783) | (6910) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 1541 | (5139) | 27818 |
|  Net gain (loss) on investments | 10045 | (12922) | 20908 |
|  Net increase (decrease) in net assets from operations | 10191 | 10554 | 21795 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  | 28808 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (919) | (822) | (5501) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (4672) | (47862) | (49054) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (95) | (398) | (407) |
|  Increase (decrease) in net assets from contract transactions | (5686) | (20274) | (54962) |
|  Total increase (decrease) in net assets | 4505 | (9720) | (33167) |
|  Net assets as of December 31, 2024 | $72964 | $536034 | $153652 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 228 | 25555 | 1837 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (180) | (2439) | (648) |
|  Net investment income (loss) | 48 | 23116 | 1189 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 5732 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 365 | (4549) | (4800) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (1289) | 20878 | 20207 |
|  Net gain (loss) on investments | 4808 | 16329 | 15407 |
|  Net increase (decrease) in net assets from operations | 4856 | 39445 | 16596 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (6218) | (18147) | (5695) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net |  | (3273) | (31361) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (88) | (495) | (367) |
|  Increase (decrease) in net assets from contract transactions | (6306) | (21915) | (37423) |
|  Total increase (decrease) in net assets | (1450) | 17530 | (20827) |
|  Net assets as of December 31, 2025 | $71514 | $553564 | $132825 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **LVIP American<br>Century Inflation<br>Protection** | **LVIP American<br>Century<br>International** | **LVIP American<br>Century Mid Cap<br>Value(d)** |
|  Net assets as of December 31, 2023 | $872055 | $62065 | $4492608 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 24304 | 807 | 101502 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (2052) | (145) | (33108) |
|  Net investment income (loss) | 22252 | 662 | 68394 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  |  | 206518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (33255) | 144 | 1330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 17061 | 607 | 45640 |
|  Net gain (loss) on investments | (16194) | 751 | 253488 |
|  Net increase (decrease) in net assets from operations | 6058 | 1413 | 321882 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 63035 |  | 40687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (60488) | (12085) | (489279) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (235922) |  | (152421) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (592) | (115) | (16486) |
|  Increase (decrease) in net assets from contract transactions | (233967) | (12200) | (617499) |
|  Total increase (decrease) in net assets | (227909) | (10787) | (295617) |
|  Net assets as of December 31, 2024 | $644146 | $51278 | $4196991 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 51416 | 568 | 66037 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (2160) | (134) | (30473) |
|  Net investment income (loss) | 49256 | 434 | 35564 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  |  | 330622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (1700) | 559 | 3350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (8081) | 6672 | (60737) |
|  Net gain (loss) on investments | (9781) | 7231 | 273235 |
|  Net increase (decrease) in net assets from operations | 39475 | 7665 | 308799 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 55449 |  | 29467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (14418) | (5747) | (362169) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (17042) |  | (122007) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (527) | (106) | (14885) |
|  Increase (decrease) in net assets from contract transactions | 23462 | (5853) | (469594) |
|  Total increase (decrease) in net assets | 62937 | 1812 | (160795) |
|  Net assets as of December 31, 2025 | $707083 | $53090 | $4036196 |

---

(d) Closed to new investments. See Note 1.

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **LVIP American<br>Century Ultra** | **LVIP American<br>Century Value** | **LVIP JPMorgan<br>Core Bond Fund** |
|  Net assets as of December 31, 2023 | $21354934 | $29669848 | $4111574 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions |  | 776932 | 183937 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (173796) | (232037) | (31646) |
|  Net investment income (loss) | (173796) | 544895 | 152291 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 1881352 | 1656465 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 1967670 | 1065626 | (30858) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 1785482 | (842561) | (100815) |
|  Net gain (loss) on investments | 5634504 | 1879530 | (131673) |
|  Net increase (decrease) in net assets from operations | 5460708 | 2424425 | 20618 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 402415 | 301055 | 344894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (4497078) | (4098828) | (313476) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (1265868) | (3833519) | 270976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (69748) | (88919) | (6976) |
|  Increase (decrease) in net assets from contract transactions | (5430279) | (7720211) | 295418 |
|  Total increase (decrease) in net assets | 30429 | (5295786) | 316036 |
|  Net assets as of December 31, 2024 | $21385363 | $24374062 | $4427610 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions |  | 346311 | 239135 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (148768) | (181687) | (36571) |
|  Net investment income (loss) | (148768) | 164624 | 202564 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 1619071 | 1817212 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 1309388 | 664200 | (58348) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (885460) | 699432 | 137052 |
|  Net gain (loss) on investments | 2042999 | 3180844 | 78704 |
|  Net increase (decrease) in net assets from operations | 1894231 | 3345468 | 281268 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 303143 | 298150 | 1124496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (2978759) | (2849158) | (667465) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (1508551) | (731380) | 1940845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (60097) | (68589) | (10381) |
|  Increase (decrease) in net assets from contract transactions | (4244264) | (3350977) | 2387495 |
|  Total increase (decrease) in net assets | (2350033) | (5509) | 2668763 |
|  Net assets as of December 31, 2025 | $19035330 | $24368553 | $7096373 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **LVIP JPMorgan<br>Small Cap Core<br>Fund** | **LVIP JPMorgan<br>US Equity Fund** | **Macquarie Asset<br>Strategy** |
|  Net assets as of December 31, 2023 | $297471 | $326277 | $240995 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 3361 | 1312 | 4902 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (1583) | (3366) | (2244) |
|  Net investment income (loss) | 1778 | (2054) | 2658 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 7762 | 16393 | 14171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (144) | 3912 | (2043) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 34694 | 54981 | 14905 |
|  Net gain (loss) on investments | 42312 | 75286 | 27033 |
|  Net increase (decrease) in net assets from operations | 44090 | 73232 | 29691 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 166455 |  | 9078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (691) | (4564) | (43561) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 1 | (9129) | 14611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (176) | (140) | (324) |
|  Increase (decrease) in net assets from contract transactions | 165589 | (13833) | (20196) |
|  Total increase (decrease) in net assets | 209679 | 59399 | 9495 |
|  Net assets as of December 31, 2024 | $507150 | $385676 | $250490 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 2251 | 1259 | 3780 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (1792) | (3770) | (2797) |
|  Net investment income (loss) | 459 | (2511) | 983 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 42480 | 12963 | 25028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (1344) | 2205 | (948) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 6986 | 39699 | 17369 |
|  Net gain (loss) on investments | 48122 | 54867 | 41449 |
|  Net increase (decrease) in net assets from operations | 48581 | 52356 | 42432 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 4338 |  | 7469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (1332) | (4868) | (4496) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (5333) | 89057 | 23683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (140) | (160) | (546) |
|  Increase (decrease) in net assets from contract transactions | (2467) | 84029 | 26110 |
|  Total increase (decrease) in net assets | 46114 | 136385 | 68542 |
|  Net assets as of December 31, 2025 | $553264 | $522061 | $319032 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **MFS<sup>®</sup> VIT<br>Emerging Markets<br>Equity** | **MFS<sup>®</sup> VIT Global<br>Tactical Allocation** | **MFS<sup>®</sup> VIT II MA**<br>**Investors Growth<br>Stock** |
|  Net assets as of December 31, 2023 | $61059 | $4172 | $209101 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 1285 | 23 | 303 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (701) | (53) | (578) |
|  Net investment income (loss) | 584 | (30) | (275) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  | 23 | 21098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (1260) | (118) | 1569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 5580 | 272 | 10929 |
|  Net gain (loss) on investments | 4320 | 177 | 33596 |
|  Net increase (decrease) in net assets from operations | 4904 | 147 | 33321 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (6032) | (944) | (10093) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 44808 |  | 9194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (238) | (9) | (178) |
|  Increase (decrease) in net assets from contract transactions | 38538 | (953) | (1077) |
|  Total increase (decrease) in net assets | 43442 | (806) | 32244 |
|  Net assets as of December 31, 2024 | $104501 | $3366 | $241345 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 2145 | 217 | 42 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (766) | (166) | (614) |
|  Net investment income (loss) | 1379 | 51 | (572) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 820 | 188 | 36233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 9059 | (3) | 1196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 22120 | 1232 | (14834) |
|  Net gain (loss) on investments | 31999 | 1417 | 22595 |
|  Net increase (decrease) in net assets from operations | 33378 | 1468 | 22023 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  | 69090 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (12772) | (1005) | (10188) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (5160) | 2 | 3430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (225) | (19) | (179) |
|  Increase (decrease) in net assets from contract transactions | (18157) | 68068 | (6937) |
|  Total increase (decrease) in net assets | 15221 | 69536 | 15086 |
|  Net assets as of December 31, 2025 | $119722 | $72902 | $256431 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **MFS<sup>®</sup> VIT II<br>Research<br>International** | **MFS<sup>®</sup> VIT<br>International<br>Intrinsic Value** | **MFS<sup>®</sup> VIT<br>Investors Trust** |
|  Net assets as of December 31, 2023 | $8306537 | $1396860 | $135527 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 127750 | 16015 | 699 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (79434) | (15511) | (1330) |
|  Net investment income (loss) | 48316 | 504 | (631) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  | 62329 | 10908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 132351 | 25092 | 572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (9558) | (5036) | 13558 |
|  Net gain (loss) on investments | 122793 | 82385 | 25038 |
|  Net increase (decrease) in net assets from operations | 171109 | 82889 | 24407 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 481058 | 19499 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (892310) | (123042) | (5986) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 160421 | (73743) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (25032) | (1991) | (157) |
|  Increase (decrease) in net assets from contract transactions | (275863) | (179277) | (6143) |
|  Total increase (decrease) in net assets | (104754) | (96388) | 18264 |
|  Net assets as of December 31, 2024 | $8201783 | $1300472 | $153791 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 114666 | 20733 | 701 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (75036) | (16936) | (1314) |
|  Net investment income (loss) | 39630 | 3797 | (613) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  | 88671 | 49572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 401050 | 28898 | 1953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 1151269 | 283802 | (38911) |
|  Net gain (loss) on investments | 1552319 | 401371 | 12614 |
|  Net increase (decrease) in net assets from operations | 1591949 | 405168 | 12001 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 88454 | 22897 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (884455) | (50395) | (45589) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (1050886) | 63310 | 1226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (24358) | (2063) | (143) |
|  Increase (decrease) in net assets from contract transactions | (1871245) | 33749 | (44506) |
|  Total increase (decrease) in net assets | (279296) | 438917 | (32505) |
|  Net assets as of December 31, 2025 | $7922487 | $1739389 | $121286 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **MFS<sup>®</sup> VIT New<br>Discovery** | **MFS<sup>®</sup> VIT<br>Research** | **MFS<sup>®</sup> VIT<br>Total Return** |
|  Net assets as of December 31, 2023 | $252181 | $44049 | $14479191 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions |  | 182 | 331242 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (979) | (120) | (109895) |
|  Net investment income (loss) | (979) | 62 | 221347 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  | 2839 | 710509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (30164) | 277 | 68553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 44229 | 4690 | (60787) |
|  Net gain (loss) on investments | 14065 | 7806 | 718275 |
|  Net increase (decrease) in net assets from operations | 13086 | 7868 | 939622 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  |  | 178400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (36291) | (2266) | (1393431) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (28823) |  | (45197) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (569) | (95) | (77146) |
|  Increase (decrease) in net assets from contract transactions | (65683) | (2361) | (1337374) |
|  Total increase (decrease) in net assets | (52597) | 5507 | (397752) |
|  Net assets as of December 31, 2024 | $199584 | $49556 | $14081439 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions |  | 78 | 340526 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (796) | (126) | (103522) |
|  Net investment income (loss) | (796) | (48) | 237004 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  | 12157 | 1001847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (13854) | 230 | 60004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 35857 | (6467) | 5658 |
|  Net gain (loss) on investments | 22003 | 5920 | 1067509 |
|  Net increase (decrease) in net assets from operations | 21207 | 5872 | 1304513 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  |  | 56208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (20833) | (2467) | (1851482) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (28258) |  | (166573) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (475) | (101) | (73413) |
|  Increase (decrease) in net assets from contract transactions | (49566) | (2568) | (2035260) |
|  Total increase (decrease) in net assets | (28359) | 3304 | (730747) |
|  Net assets as of December 31, 2025 | $171225 | $52860 | $13350692 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **MFS<sup>®</sup> VIT Total<br>Return Bond** | **MFS<sup>®</sup> VIT<br>Utilities** | **Morgan Stanley<br>VIF Emerging<br>Markets Debt** |
|  Net assets as of December 31, 2023 | $308489 | $12071867 | $127180 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 11875 | 241688 | 42666 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (1305) | (90312) | (3649) |
|  Net investment income (loss) | 10570 | 151376 | 39017 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  | 336503 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (3264) | 154198 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (2508) | 511260 | 3318 |
|  Net gain (loss) on investments | (5772) | 1001961 | 3628 |
|  Net increase (decrease) in net assets from operations | 4798 | 1153337 | 42645 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 21917 | 143270 | 5214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (23218) | (1718022) | (7364) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (56) | 667209 | 217091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (367) | (45613) | (316) |
|  Increase (decrease) in net assets from contract transactions | (1724) | (953156) | 214625 |
|  Total increase (decrease) in net assets | 3074 | 200181 | 257270 |
|  Net assets as of December 31, 2024 | $311563 | $12272048 | $384450 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 24825 | 318471 | 23062 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (1809) | (90052) | (1186) |
|  Net investment income (loss) | 23016 | 228419 | 21876 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  | 158823 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (4361) | 296727 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 16972 | 881496 | (1643) |
|  Net gain (loss) on investments | 12611 | 1337046 | (1531) |
|  Net increase (decrease) in net assets from operations | 35627 | 1565465 | 20345 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 25977 | 233333 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (27593) | (1223613) | (6640) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 276114 | (986493) | (226978) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (387) | (41976) | (99) |
|  Increase (decrease) in net assets from contract transactions | 274111 | (2018749) | (233717) |
|  Total increase (decrease) in net assets | 309738 | (453284) | (213372) |
|  Net assets as of December 31, 2025 | $621301 | $11818764 | $171078 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Morgan Stanley<br>VIF Emerging<br>Markets Equity** | **Morningstar<br>Aggressive Growth<br>ETF Asset<br>Allocation Portfolio** | **Morningstar<br>Balanced ETF<br>Asset Allocation<br>Portfolio** |
|  Net assets as of December 31, 2023 | $3795454 | $1591833 | $6939253 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 52462 | 25972 | 183205 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (30422) | (14345) | (50093) |
|  Net investment income (loss) | 22040 | 11627 | 133112 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  | 30081 | 98207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (43543) | 10149 | 32055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 298551 | 184324 | 567961 |
|  Net gain (loss) on investments | 255008 | 224554 | 698223 |
|  Net increase (decrease) in net assets from operations | 277048 | 236181 | 831335 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 107924 | 193637 | 308002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (545097) | (182202) | (321935) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (170601) | 203287 | 2750694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (11574) | (6306) | (11418) |
|  Increase (decrease) in net assets from contract transactions | (619348) | 208416 | 2725343 |
|  Total increase (decrease) in net assets | (342300) | 444597 | 3556678 |
|  Net assets as of December 31, 2024 | $3453154 | $2036430 | $10495931 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 12758 | 22182 | 232296 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (28112) | (15647) | (57136) |
|  Net investment income (loss) | (15354) | 6535 | 175160 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 120917 | 140685 | 1313590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 35682 | 72745 | 133653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 870798 | 151261 | (43176) |
|  Net gain (loss) on investments | 1027397 | 364691 | 1404067 |
|  Net increase (decrease) in net assets from operations | 1012043 | 371226 | 1579227 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 35220 | 15765 | 1384120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (561913) | (38641) | (791990) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 256097 | (256842) | 249345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (10656) | (4614) | (9213) |
|  Increase (decrease) in net assets from contract transactions | (281252) | (284332) | 832262 |
|  Total increase (decrease) in net assets | 730791 | 86894 | 2411489 |
|  Net assets as of December 31, 2025 | $4183945 | $2123324 | $12907420 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Morningstar<br>Conservative ETF<br>Asset Allocation<br>Portfolio** | **Morningstar<br>Growth ETF Asset<br>Allocation Portfolio** | **Morningstar<br>Income and<br>Growth ETF Asset<br>Allocation Portfolio** |
|  Net assets as of December 31, 2023 | $2325240 | $8023349 | $1386927 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 56465 | 88934 | 33693 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (14529) | (59913) | (7767) |
|  Net investment income (loss) | 41936 | 29021 | 25926 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  | 122382 | 9770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (25102) | 343878 | (96) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 85397 | 469863 | 58803 |
|  Net gain (loss) on investments | 60295 | 936123 | 68477 |
|  Net increase (decrease) in net assets from operations | 102231 | 965144 | 94403 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 4025 | 8007 | 271594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (200051) | (396681) | (231213) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 237056 | (2494458) | (126227) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (5753) | (12981) | (3744) |
|  Increase (decrease) in net assets from contract transactions | 35277 | (2896113) | (89590) |
|  Total increase (decrease) in net assets | 137508 | (1930969) | 4813 |
|  Net assets as of December 31, 2024 | $2462748 | $6092380 | $1391740 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 64833 | 97706 | 39086 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (16183) | (47656) | (5934) |
|  Net investment income (loss) | 48650 | 50050 | 33152 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  | 490632 | 137304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 7941 | 43991 | 9840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 151705 | 434254 | (13394) |
|  Net gain (loss) on investments | 159646 | 968877 | 133750 |
|  Net increase (decrease) in net assets from operations | 208296 | 1018927 | 166902 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 2120 | 16790 | 607005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (398080) | (224557) | (143144) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 205793 | 224834 | (114675) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (7972) | (12683) | (1634) |
|  Increase (decrease) in net assets from contract transactions | (198139) | 4384 | 347552 |
|  Total increase (decrease) in net assets | 10157 | 1023311 | 514454 |
|  Net assets as of December 31, 2025 | $2472905 | $7115691 | $1906194 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **NAA All Cap<br>Value Series** | **NAA Large Cap<br>Value** | **NAA Large Cap<br>Value Series** |
|  Net assets as of December 31, 2023 | $17297663 | $1375631 | $19538923 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 271748 | 18867 | 346708 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (135802) | (13043) | (186916) |
|  Net investment income (loss) | 135946 | 5824 | 159792 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 861237 | 145946 | 1427832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 490423 | 9500 | 426124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 100433 | (122) | 361704 |
|  Net gain (loss) on investments | 1452093 | 155324 | 2215660 |
|  Net increase (decrease) in net assets from operations | 1588039 | 161148 | 2375452 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 92160 | 17575 | 106911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (2790799) | (106162) | (2526859) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (718976) | (19468) | 704602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (63241) | (2249) | (86065) |
|  Increase (decrease) in net assets from contract transactions | (3480856) | (110304) | (1801411) |
|  Total increase (decrease) in net assets | (1892817) | 50844 | 574041 |
|  Net assets as of December 31, 2024 | $15404846 | $1426475 | $20112964 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 199266 | 9683 | 276302 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (113166) | (12893) | (158377) |
|  Net investment income (loss) | 86100 | (3210) | 117925 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 2925474 | 168039 | 3210876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 345703 | 17785 | 433151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (1778981) | (9356) | (1619066) |
|  Net gain (loss) on investments | 1492196 | 176468 | 2024961 |
|  Net increase (decrease) in net assets from operations | 1578296 | 173258 | 2142886 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 88864 | 25248 | 487116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (2528577) | (236291) | (2544367) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (463328) | 7978 | (2663300) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (56892) | (3338) | (71834) |
|  Increase (decrease) in net assets from contract transactions | (2959933) | (206403) | (4792385) |
|  Total increase (decrease) in net assets | (1381637) | (33145) | (2649499) |
|  Net assets as of December 31, 2025 | $14023209 | $1393330 | $17463465 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **NAA Large Core** | **NAA Large Core<br>Series** | **NAA Large<br>Growth Series** |
|  Net assets as of December 31, 2023 | $1435042 | $13284273 | $10561352 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 40582 | 472489 | 293409 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (14977) | (118677) | (86747) |
|  Net investment income (loss) | 25605 | 353812 | 206662 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 253587 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 47866 | 465637 | 439565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 23462 | 2546251 | 2390213 |
|  Net gain (loss) on investments | 324915 | 3011888 | 2829778 |
|  Net increase (decrease) in net assets from operations | 350520 | 3365700 | 3036440 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 20449 | 426969 | 115965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (196638) | (2260539) | (950327) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (47778) | 1686968 | (453800) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (3898) | (44197) | (42019) |
|  Increase (decrease) in net assets from contract transactions | (227865) | (190799) | (1330181) |
|  Total increase (decrease) in net assets | 122655 | 3174901 | 1706259 |
|  Net assets as of December 31, 2024 | $1557697 | $16459174 | $12267611 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 1813 | 406557 | 264953 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (13062) | (116939) | (88130) |
|  Net investment income (loss) | (11249) | 289618 | 176823 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 32483 | 2688889 | 2224898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 20848 | 858071 | 808349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 140046 | (1707078) | (1596183) |
|  Net gain (loss) on investments | 193377 | 1839882 | 1437064 |
|  Net increase (decrease) in net assets from operations | 182128 | 2129500 | 1613887 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 25481 | 155706 | 43626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (163352) | (2779470) | (917143) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (404131) | 888791 | (1502868) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (2262) | (50554) | (38613) |
|  Increase (decrease) in net assets from contract transactions | (544264) | (1785527) | (2414998) |
|  Total increase (decrease) in net assets | (362136) | 343973 | (801111) |
|  Net assets as of December 31, 2025 | $1195561 | $16803147 | $11466500 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **NAA Mid Growth** | **NAA Mid Growth<br>Series** | **NAA Opportunity** |
|  Net assets as of December 31, 2023 | $1664035 | $10212163 | $94331 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 45722 | 277153 | 1005 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (16552) | (79964) | (907) |
|  Net investment income (loss) | 29170 | 197189 | 98 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (9936) | 166302 | 3537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 252383 | 1130297 | 5436 |
|  Net gain (loss) on investments | 242447 | 1296599 | 8973 |
|  Net increase (decrease) in net assets from operations | 271617 | 1493788 | 9071 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 19485 | 66339 | 840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (196644) | (1955576) | (8214) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 40238 | (338779) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (4244) | (39102) | (398) |
|  Increase (decrease) in net assets from contract transactions | (141165) | (2267118) | (7773) |
|  Total increase (decrease) in net assets | 130452 | (773330) | 1298 |
|  Net assets as of December 31, 2024 | $1794487 | $9438833 | $95629 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions |  | 211652 | 562 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (15152) | (67680) | (789) |
|  Net investment income (loss) | (15152) | 143972 | (227) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  | 326251 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 2869 | 265906 | 5344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 27598 | (604858) | (7772) |
|  Net gain (loss) on investments | 30467 | (12701) | (2428) |
|  Net increase (decrease) in net assets from operations | 15315 | 131271 | (2655) |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 15710 | 93951 | 840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (226785) | (1391488) | (14066) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (22666) | (951110) | (228) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (4017) | (31408) | (351) |
|  Increase (decrease) in net assets from contract transactions | (237758) | (2280055) | (13805) |
|  Total increase (decrease) in net assets | (222443) | (2148784) | (16460) |
|  Net assets as of December 31, 2025 | $1572044 | $7290049 | $79169 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **NAA Small Cap<br>Value Series** | **NAA Small<br>Growth Series** | **NAA SMid Cap<br>Value** |
|  Net assets as of December 31, 2023 | $19120993 | $3196848 | $11223140 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 181258 | 92975 | 62952 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (139241) | (24912) | (102361) |
|  Net investment income (loss) | 42017 | 68063 | (39409) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 668193 |  | 994997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 739164 | (1921) | 210498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (239422) | 277845 | (327378) |
|  Net gain (loss) on investments | 1167935 | 275924 | 878117 |
|  Net increase (decrease) in net assets from operations | 1209952 | 343987 | 838708 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 166897 | 51761 | 97942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (2734503) | (649974) | (1300612) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (3678556) | 20432 | (140524) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (65025) | (11468) | (22569) |
|  Increase (decrease) in net assets from contract transactions | (6311187) | (589249) | (1365763) |
|  Total increase (decrease) in net assets | (5101235) | (245262) | (527055) |
|  Net assets as of December 31, 2024 | $14019758 | $2951586 | $10696085 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 137900 | 73494 | 57203 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (108163) | (22506) | (92971) |
|  Net investment income (loss) | 29737 | 50988 | (35768) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 2580582 |  | 1211083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 72787 | 27577 | 116898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (2383883) | 73045 | (682322) |
|  Net gain (loss) on investments | 269486 | 100622 | 645659 |
|  Net increase (decrease) in net assets from operations | 299223 | 151610 | 609891 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 55236 | 2839 | 108273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (1944903) | (296401) | (1326171) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 1755441 | (113602) | 32140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (47281) | (9270) | (23202) |
|  Increase (decrease) in net assets from contract transactions | (181507) | (416434) | (1208960) |
|  Total increase (decrease) in net assets | 117716 | (264824) | (599069) |
|  Net assets as of December 31, 2025 | $14137474 | $2686762 | $10097016 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **NAA Smid-Cap<br>Value Series** | **NAA World Equity<br>Income** | **NAA World Equity<br>Income Series** |
|  Net assets as of December 31, 2023 | $32831307 | $4907542 | $11783762 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 405044 | 113817 | 322010 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (265821) | (46115) | (100633) |
|  Net investment income (loss) | 139223 | 67702 | 221377 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 825772 | 212110 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 1686421 | 79386 | 470771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 61483 | 129147 | 641464 |
|  Net gain (loss) on investments | 2573676 | 420643 | 1112235 |
|  Net increase (decrease) in net assets from operations | 2712899 | 488345 | 1333612 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 312847 | 87954 | 131278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (4024768) | (545985) | (1360423) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (3968845) | 41722 | (8955) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (133632) | (10076) | (54157) |
|  Increase (decrease) in net assets from contract transactions | (7814398) | (426385) | (1292257) |
|  Total increase (decrease) in net assets | (5101499) | 61960 | 41355 |
|  Net assets as of December 31, 2024 | $27729808 | $4969502 | $11825117 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 277619 | 87818 | 213816 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (208790) | (44676) | (95567) |
|  Net investment income (loss) | 68829 | 43142 | 118249 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 6003688 | 564619 | 1790989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 526095 | 156826 | 841202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (5051556) | 171565 | (423677) |
|  Net gain (loss) on investments | 1478227 | 893010 | 2208514 |
|  Net increase (decrease) in net assets from operations | 1547056 | 936152 | 2326763 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 152459 | 85616 | 181680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (3604083) | (629362) | (1979815) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (1372663) | (417246) | (608102) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (105143) | (10350) | (48965) |
|  Increase (decrease) in net assets from contract transactions | (4929430) | (971342) | (2455202) |
|  Total increase (decrease) in net assets | (3382374) | (35190) | (128439) |
|  Net assets as of December 31, 2025 | $24347434 | $4934312 | $11696678 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Neuberger Berman<br>AMT Quality<br>Equity Portfolio<br>Class I** | **Neuberger Berman<br>AMT Quality<br>Equity Portfolio<br>Class S(b)** | **Neuberger Berman<br>Core Bond** |
|  Net assets as of December 31, 2023 | $3456160 | $5580656 | $2419027 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 7343 |  | 112326 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (49463) | (47251) | (25330) |
|  Net investment income (loss) | (42120) | (47251) | 86996 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 158199 | 305658 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 292329 | 329503 | (46104) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 343584 | 725329 | (13847) |
|  Net gain (loss) on investments | 794112 | 1360490 | (59951) |
|  Net increase (decrease) in net assets from operations | 751992 | 1313239 | 27045 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 37169 | 42537 | 38663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (449360) | (703311) | (313927) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (362262) | 1095067 | 483812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (16919) | (20692) | (7764) |
|  Increase (decrease) in net assets from contract transactions | (791372) | 413601 | 200784 |
|  Total increase (decrease) in net assets | (39380) | 1726840 | 227829 |
|  Net assets as of December 31, 2024 | $3416780 | $7307496 | $2646856 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions |  |  | 111661 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (46092) | (53981) | (24977) |
|  Net investment income (loss) | (46092) | (53981) | 86684 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 188256 | 377230 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 315462 | 742808 | (64386) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (72218) | (214787) | 118971 |
|  Net gain (loss) on investments | 431500 | 905251 | 54585 |
|  Net increase (decrease) in net assets from operations | 385408 | 851270 | 141269 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 23229 | 90193 | 31998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (674915) | (907209) | (455766) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 105582 | (721119) | 384537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (15603) | (21238) | (9774) |
|  Increase (decrease) in net assets from contract transactions | (561707) | (1559373) | (49005) |
|  Total increase (decrease) in net assets | (176299) | (708103) | 92264 |
|  Net assets as of December 31, 2025 | $3240481 | $6599393 | $2739120 |

---

(b) Name change. See Note 1.

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Neuberger Large<br>Cap Value<br>Fund(b)** | **Neuberger Quality<br>Equity Fund(b)** | **Nomura VIP Asset<br>Strategy Series(b)** |
|  Net assets as of December 31, 2023 | $835703 | $1468628 | $1237210 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 11499 |  | 22937 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (7481) | (14468) | (9406) |
|  Net investment income (loss) | 4018 | (14468) | 13531 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  | 90950 | 46065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 69258 | 52199 | (2066) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 11764 | 237642 | 75828 |
|  Net gain (loss) on investments | 81022 | 380791 | 119827 |
|  Net increase (decrease) in net assets from operations | 85040 | 366323 | 133358 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 13910 | 58916 | 16130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (257549) | (134256) | (143190) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (12163) | (124159) | (72320) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (1303) | (5147) | (3213) |
|  Increase (decrease) in net assets from contract transactions | (257105) | (204646) | (202593) |
|  Total increase (decrease) in net assets | (172065) | 161677 | (69235) |
|  Net assets as of December 31, 2024 | $663638 | $1630305 | $1167975 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 6888 |  | 16365 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (5837) | (14822) | (9084) |
|  Net investment income (loss) | 1051 | (14822) | 7281 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 27821 | 37804 | 83718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 40455 | 88334 | 6726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 41354 | 133894 | 78107 |
|  Net gain (loss) on investments | 109630 | 260032 | 168551 |
|  Net increase (decrease) in net assets from operations | 110681 | 245210 | 175832 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 9433 | 33039 | 14767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (114055) | (115890) | (107424) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (55989) | (150160) | 100058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (1005) | (4916) | (3130) |
|  Increase (decrease) in net assets from contract transactions | (161616) | (237927) | 4271 |
|  Total increase (decrease) in net assets | (50935) | 7283 | 180103 |
|  Net assets as of December 31, 2025 | $612703 | $1637588 | $1348078 |

---

(b) Name change. See Note 1.

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Nomura VIP<br>Balanced<br>Series(b)** | **Nomura VIP Core<br>Equity Series(b)** | **Nomura VIP<br>Energy Series(b)** |
|  Net assets as of December 31, 2023 | $117064 | $214639 | $110623 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 1663 | 795 | 3768 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (315) | (588) | (482) |
|  Net investment income (loss) | 1348 | 207 | 3286 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  | 23329 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (1014) | 1693 | 5883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 17355 | 26695 | (10377) |
|  Net gain (loss) on investments | 16341 | 51717 | (4494) |
|  Net increase (decrease) in net assets from operations | 17689 | 51924 | (1208) |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  | 2211 | 15280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (8915) | (7349) | (4914) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (14) | (15012) | (5466) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (252) | (220) | (90) |
|  Increase (decrease) in net assets from contract transactions | (9181) | (20370) | 4810 |
|  Total increase (decrease) in net assets | 8508 | 31554 | 3602 |
|  Net assets as of December 31, 2024 | $125572 | $246193 | $114225 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 1547 | 411 | 1164 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (310) | (649) | (287) |
|  Net investment income (loss) | 1237 | (238) | 877 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 4682 | 37949 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (802) | 1644 | (257) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 8403 | (2997) | 12414 |
|  Net gain (loss) on investments | 12283 | 36596 | 12157 |
|  Net increase (decrease) in net assets from operations | 13520 | 36358 | 13034 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  | 13070 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (13633) | (17353) | (18247) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net |  | 241 | (543) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (248) | (233) | (54) |
|  Increase (decrease) in net assets from contract transactions | (13881) | (4275) | (18844) |
|  Total increase (decrease) in net assets | (361) | 32083 | (5810) |
|  Net assets as of December 31, 2025 | $125211 | $278276 | $108415 |

---

(b) Name change. See Note 1.

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Nomura VIP<br>Global Growth<br>Series(b)** | **Nomura VIP<br>Growth Series(b)** | **Nomura VIP High<br>Income Series(b)** |
|  Net assets as of December 31, 2023 | $2118 | $245916 | $430670 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 1297 |  | 32459 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (202) | (535) | (4205) |
|  Net investment income (loss) | 1095 | (535) | 28254 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 1055 | 35992 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 3134 | 13985 | (10851) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 5479 | (178) | 4941 |
|  Net gain (loss) on investments | 9668 | 49799 | (5910) |
|  Net increase (decrease) in net assets from operations | 10763 | 49264 | 22344 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (55893) | (170630) | (3113) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 134825 | (2120) | (28815) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (152) | (305) | (144) |
|  Increase (decrease) in net assets from contract transactions | 78780 | (173055) | (32072) |
|  Total increase (decrease) in net assets | 89543 | (123791) | (9728) |
|  Net assets as of December 31, 2024 | $91661 | $122125 | $420942 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 190 |  | 27949 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (209) | (158) | (3803) |
|  Net investment income (loss) | (19) | (158) | 24146 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 10193 | 25902 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 8604 | (16238) | (5953) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (4180) | (14454) | 4199 |
|  Net gain (loss) on investments | 14617 | (4790) | (1615) |
|  Net increase (decrease) in net assets from operations | 14598 | (4948) | 22531 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (92379) | (33) | (36208) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (891) | (117140) | (51654) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (137) | (4) | (103) |
|  Increase (decrease) in net assets from contract transactions | (93407) | (117177) | (87965) |
|  Total increase (decrease) in net assets | (78809) | (122125) | (65434) |
|  Net assets as of December 31, 2025 | $12852 | $— | $355508 |

---

(b) Name change. See Note 1.

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Nomura VIP<br>International Core<br>Equity Series(b)** | **Nomura VIP<br>Limited+Term<br>Bond Series(b)** | **Nomura VIP Mid<br>Cap Growth<br>Series(b)** |
|  Net assets as of December 31, 2023 | $325050 | $14080 | $235184 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 4474 | 656 |  |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (1073) | (37) | (1460) |
|  Net investment income (loss) | 3401 | 619 | (1460) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 810 |  | 6162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 5633 | (16) | (5460) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 44 | (24) | 6088 |
|  Net gain (loss) on investments | 6487 | (40) | 6790 |
|  Net increase (decrease) in net assets from operations | 9888 | 579 | 5330 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 181922 |  | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (168623) | (219) | (1612) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net |  | 310 | (28688) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (351) | (29) | (352) |
|  Increase (decrease) in net assets from contract transactions | 12948 | 62 | (30482) |
|  Total increase (decrease) in net assets | 22836 | 641 | (25152) |
|  Net assets as of December 31, 2024 | $347886 | $14721 | $210032 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 1560 | 634 |  |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (1183) | (37) | (1101) |
|  Net investment income (loss) | 377 | 597 | (1101) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 19126 |  | 43701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 274 | (16) | (29585) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 61808 | 64 | (5186) |
|  Net gain (loss) on investments | 81208 | 48 | 8930 |
|  Net increase (decrease) in net assets from operations | 81585 | 645 | 7829 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (1833) | (225) | (23426) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (4200) |  | (87046) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (77) | (29) | (269) |
|  Increase (decrease) in net assets from contract transactions | (6110) | (254) | (110741) |
|  Total increase (decrease) in net assets | 75475 | 391 | (102912) |
|  Net assets as of December 31, 2025 | $423361 | $15112 | $107120 |

---

(b) Name change. See Note 1.

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Nomura VIP<br>Natural Resources<br>Series(b)** | **Nomura VIP<br>Science And<br>Technology<br>Series(b)** | **Nomura VIP Small<br>Cap Growth<br>Series(b)** |
|  Net assets as of December 31, 2023 | $224016 | $216307 | $286395 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 11409 |  |  |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (560) | (1863) | (1270) |
|  Net investment income (loss) | 10849 | (1863) | (1270) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  | 7275 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 2712 | 379 | (32372) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (15346) | 57629 | 64560 |
|  Net gain (loss) on investments | (12634) | 65283 | 32188 |
|  Net increase (decrease) in net assets from operations | (1785) | 63420 | 30918 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  | 1220 | 7050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (17541) | (36637) | (27637) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (6481) | 741 | (111023) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (348) | (431) | (337) |
|  Increase (decrease) in net assets from contract transactions | (24370) | (35107) | (131947) |
|  Total increase (decrease) in net assets | (26155) | 28313 | (101029) |
|  Net assets as of December 31, 2024 | $197861 | $244620 | $185366 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions |  |  |  |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (585) | (1753) | (1020) |
|  Net investment income (loss) | (585) | (1753) | (1020) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  | 37463 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 847 | 17453 | (9319) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 72511 | 18227 | 34813 |
|  Net gain (loss) on investments | 73358 | 73143 | 25494 |
|  Net increase (decrease) in net assets from operations | 72773 | 71390 | 24474 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  | 7361 | 56618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (4696) | (87341) | (6139) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net |  | (19893) | (35603) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (348) | (409) | (372) |
|  Increase (decrease) in net assets from contract transactions | (5044) | (100282) | 14504 |
|  Total increase (decrease) in net assets | 67729 | (28892) | 38978 |
|  Net assets as of December 31, 2025 | $265590 | $215728 | $224344 |

---

(b) Name change. See Note 1.

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Nomura VIP Smid<br>Cap Core<br>Series(b)** | **Nomura VIP Value<br>Series(b)** | **North Square<br>Spectrum Alpha** |
|  Net assets as of December 31, 2023 | $165600 | $152081 | $2676 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 655 | 2526 |  |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (850) | (227) | (26) |
|  Net investment income (loss) | (195) | 2299 | (26) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 366 | 17628 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (1050) | (34214) | (18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 24126 | 24847 | 422 |
|  Net gain (loss) on investments | 23442 | 8261 | 404 |
|  Net increase (decrease) in net assets from operations | 23247 | 10560 | 378 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 40747 |  | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (114868) | (153030) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (18101) | (79) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (250) | (274) | (17) |
|  Increase (decrease) in net assets from contract transactions | (92472) | (153383) | 63 |
|  Total increase (decrease) in net assets | (69225) | (142823) | 441 |
|  Net assets as of December 31, 2024 | $96375 | $9258 | $3117 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 139 | 192 |  |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (413) | (21) | (28) |
|  Net investment income (loss) | (274) | 171 | (28) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 4067 | 932 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (5305) | (599) | (15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 3440 | 214 | 318 |
|  Net gain (loss) on investments | 2202 | 547 | 303 |
|  Net increase (decrease) in net assets from operations | 1928 | 718 | 275 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  |  | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (54687) | (2146) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (34689) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (27) | (16) | (19) |
|  Increase (decrease) in net assets from contract transactions | (89403) | (2162) | 101 |
|  Total increase (decrease) in net assets | (87475) | (1444) | 376 |
|  Net assets as of December 31, 2025 | $8900 | $7814 | $3493 |

---

(b) Name change. See Note 1.

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Northern Global<br>Tactical Asset<br>Allocation** | **Northern Large<br>Cap Core** | **Northern Large<br>Cap Value** |
|  Net assets as of December 31, 2023 | $96797 | $127531 | $405574 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 3197 | 1701 | 4997 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (908) | (1341) | (4144) |
|  Net investment income (loss) | 2289 | 360 | 853 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  | 11823 | 15474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 1510 | 621 | 43337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 3160 | 19449 | 3770 |
|  Net gain (loss) on investments | 4670 | 31893 | 62581 |
|  Net increase (decrease) in net assets from operations | 6959 | 32253 | 63434 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 784 | 2345 | 12292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (15138) | (378) | (93065) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 5399 | (61) | (103240) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (437) | (536) | (1828) |
|  Increase (decrease) in net assets from contract transactions | (9392) | 1370 | (185841) |
|  Total increase (decrease) in net assets | (2433) | 33623 | (122407) |
|  Net assets as of December 31, 2024 | $94364 | $161154 | $283167 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 3437 | 1514 | 6828 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (957) | (1337) | (2917) |
|  Net investment income (loss) | 2480 | 177 | 3911 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  | 11157 | 10849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 860 | 10563 | 5199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 10399 | 6725 | 36988 |
|  Net gain (loss) on investments | 11259 | 28445 | 53036 |
|  Net increase (decrease) in net assets from operations | 13739 | 28622 | 56947 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  | 1595 | 7041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (3770) | (24313) | (32229) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 7402 | (7213) | 80261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (424) | (947) | (1357) |
|  Increase (decrease) in net assets from contract transactions | 3208 | (30878) | 53716 |
|  Total increase (decrease) in net assets | 16947 | (2256) | 110663 |
|  Net assets as of December 31, 2025 | $111311 | $158898 | $393830 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **PGIM Focused<br>Growth** | **PGIM Jennison<br>Mid-Cap Growth** | **PGIM Jennison<br>Natural Resources** |
|  Net assets as of December 31, 2023 | $2817235 | $171190 | $37158 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions |  |  | 158 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (27924) | (2035) | (212) |
|  Net investment income (loss) | (27924) | (2035) | (54) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  | 15597 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 22389 | (7788) | 4591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 814116 | 18921 | (2484) |
|  Net gain (loss) on investments | 836505 | 26730 | 2107 |
|  Net increase (decrease) in net assets from operations | 808581 | 24695 | 2053 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 31093 | 8191 | 1290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (378573) | (37081) | (4175) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 3218 | 74053 | (19880) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (4835) | (879) | (173) |
|  Increase (decrease) in net assets from contract transactions | (349097) | 44284 | (22938) |
|  Total increase (decrease) in net assets | 459484 | 68979 | (20885) |
|  Net assets as of December 31, 2024 | $3276719 | $240169 | $16273 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions |  |  | 187 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (29118) | (2374) | (145) |
|  Net investment income (loss) | (29118) | (2374) | 42 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 139284 | 30560 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 59226 | (3865) | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 271785 | (30972) | 4932 |
|  Net gain (loss) on investments | 470295 | (4277) | 5445 |
|  Net increase (decrease) in net assets from operations | 441177 | (6651) | 5487 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 37188 | 21397 | 720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (272892) | (15453) | (292) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (58745) | 44628 | (2017) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (5022) | (796) | (62) |
|  Increase (decrease) in net assets from contract transactions | (299471) | 49776 | (1651) |
|  Total increase (decrease) in net assets | 141706 | 43125 | 3836 |
|  Net assets as of December 31, 2025 | $3418425 | $283294 | $20109 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **PGIM Jennison<br>Small Company** | **PGIM Quant<br>Solutions Small-**<br>**Cap Value(d)** | **PIMCO All Asset** |
|  Net assets as of December 31, 2023 | $517528 | $269545 | $193993 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 2321 | 2687 | 8372 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (4548) | (2093) | (1548) |
|  Net investment income (loss) | (2227) | 594 | 6824 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 10269 | 24072 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (9724) | (7239) | (3144) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 63041 | (9941) | 562 |
|  Net gain (loss) on investments | 63586 | 6892 | (2582) |
|  Net increase (decrease) in net assets from operations | 61359 | 7486 | 4242 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 6234 | 2900 | 2580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (117823) | (54272) | (39567) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (21878) | (5316) | (5270) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (1706) | (658) | (627) |
|  Increase (decrease) in net assets from contract transactions | (135173) | (57346) | (42884) |
|  Total increase (decrease) in net assets | (73814) | (49860) | (38642) |
|  Net assets as of December 31, 2024 | $443714 | $219685 | $155351 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 748 | 1292 | 10964 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (3531) | (1664) | (1284) |
|  Net investment income (loss) | (2783) | (372) | 9680 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 27882 | 690 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (10149) | (10507) | (3368) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 1634 | 30327 | 9660 |
|  Net gain (loss) on investments | 19367 | 20510 | 6292 |
|  Net increase (decrease) in net assets from operations | 16584 | 20138 | 15972 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 5205 | 900 | 2160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (70087) | (13596) | (8921) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (13516) | (32697) | (21009) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (1254) | (534) | (575) |
|  Increase (decrease) in net assets from contract transactions | (79652) | (45927) | (28345) |
|  Total increase (decrease) in net assets | (63068) | (25789) | (12373) |
|  Net assets as of December 31, 2025 | $380646 | $193896 | $142978 |

---

(d) Closed to new investments. See Note 1.

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **PIMCO<br>CommodityRealReturn<br>Strategy** | **PIMCO Emerging<br>Markets Bond** | **PIMCO High Yield** |
|  Net assets as of December 31, 2023 | $78002 | $37867 | $1270244 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 2261 | 2374 | 69345 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (721) | (333) | (10967) |
|  Net investment income (loss) | 1540 | 2041 | 58378 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (10903) | (1844) | (26400) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 12516 | 1646 | 28595 |
|  Net gain (loss) on investments | 1613 | (198) | 2195 |
|  Net increase (decrease) in net assets from operations | 3153 | 1843 | 60573 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 2417 | 1234 | 24254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (12082) | (1996) | (155600) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (938) | 16125 | (26382) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (335) | (171) | (2486) |
|  Increase (decrease) in net assets from contract transactions | (10938) | 15192 | (160214) |
|  Total increase (decrease) in net assets | (7785) | 17035 | (99641) |
|  Net assets as of December 31, 2024 | $70217 | $54902 | $1170603 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 5273 | 3861 | 66028 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (587) | (524) | (10229) |
|  Net investment income (loss) | 4686 | 3337 | 55799 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (9769) | (1308) | (14144) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 16033 | 5345 | 35695 |
|  Net gain (loss) on investments | 6264 | 4037 | 21551 |
|  Net increase (decrease) in net assets from operations | 10950 | 7374 | 77350 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 2056 | 1521 | 17388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (5140) | (2214) | (193016) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 9101 | (11923) | 21603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (221) | (251) | (3136) |
|  Increase (decrease) in net assets from contract transactions | 5796 | (12867) | (157161) |
|  Total increase (decrease) in net assets | 16746 | (5493) | (79811) |
|  Net assets as of December 31, 2025 | $86963 | $49409 | $1090792 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **PIMCO<br>International Bond<br>(U.S. Dollar-Hedged)** | **PIMCO Low<br>Duration** | **PIMCO Real<br>Return** |
|  Net assets as of December 31, 2023 | $4241906 | $139566 | $837308 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 149176 | 3525 | 18509 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (38374) | (900) | (6908) |
|  Net investment income (loss) | 110802 | 2625 | 11601 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 26788 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (53625) | (1358) | (20997) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 78941 | 1876 | 17185 |
|  Net gain (loss) on investments | 52104 | 518 | (3812) |
|  Net increase (decrease) in net assets from operations | 162906 | 3143 | 7789 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 98564 | 2214 | 23501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (566564) | (93270) | (119703) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 170247 | 1211 | (18981) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (9362) | (1108) | (2083) |
|  Increase (decrease) in net assets from contract transactions | (307115) | (90953) | (117266) |
|  Total increase (decrease) in net assets | (144209) | (87810) | (109477) |
|  Net assets as of December 31, 2024 | $4097697 | $51756 | $727831 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 130480 | 1798 | 25163 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (33337) | (446) | (6885) |
|  Net investment income (loss) | 97143 | 1352 | 18278 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (63350) | (42) | (10667) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 61656 | 619 | 40915 |
|  Net gain (loss) on investments | (1694) | 577 | 30248 |
|  Net increase (decrease) in net assets from operations | 95449 | 1929 | 48526 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 107249 | 1737 | 20168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (630035) | (352) | (103003) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (501795) | (4231) | 56666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (8490) | (100) | (2315) |
|  Increase (decrease) in net assets from contract transactions | (1033071) | (2946) | (28484) |
|  Total increase (decrease) in net assets | (937622) | (1017) | 20042 |
|  Net assets as of December 31, 2025 | $3160075 | $50739 | $747873 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **PIMCO<br>StocksPLUS<sup>®</sup><br>Small Fund** | **PIMCO<br>Total Return** | **PIMCO VIT All<br>Asset<br>Administrative** |
|  Net assets as of December 31, 2023 | $389037 | $1608020 | $4517732 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 17254 | 59261 | 271180 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (3628) | (13605) | (32246) |
|  Net investment income (loss) | 13626 | 45656 | 238934 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (9074) | (59382) | (166635) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 36858 | 30965 | 55926 |
|  Net gain (loss) on investments | 27784 | (28417) | (110709) |
|  Net increase (decrease) in net assets from operations | 41410 | 17239 | 128225 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 11660 | 56638 | 19642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (22115) | (249091) | (636191) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 6591 | (61697) | (226578) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (484) | (4415) | (16981) |
|  Increase (decrease) in net assets from contract transactions | (4348) | (258565) | (860108) |
|  Total increase (decrease) in net assets | 37062 | (241326) | (731883) |
|  Net assets as of December 31, 2024 | $426099 | $1366694 | $3785849 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 32198 | 50900 | 168210 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (3474) | (11574) | (27747) |
|  Net investment income (loss) | 28724 | 39326 | 140463 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (13819) | (43542) | (105951) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 33907 | 98942 | 417328 |
|  Net gain (loss) on investments | 20088 | 55400 | 311377 |
|  Net increase (decrease) in net assets from operations | 48812 | 94726 | 451840 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 8028 | 41693 | 2584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (43459) | (185493) | (575293) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (48179) | (65672) | (75373) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (345) | (3902) | (14383) |
|  Increase (decrease) in net assets from contract transactions | (83955) | (213374) | (662465) |
|  Total increase (decrease) in net assets | (35143) | (118648) | (210625) |
|  Net assets as of December 31, 2025 | $390956 | $1248046 | $3575224 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **PIMCO VIT All<br>Asset Advisor** | **PIMCO VIT<br>CommodityRealReturn<br>Strategy Administrative** | **PIMCO VIT<br>CommodityRealReturn<br>Strategy Advisor** |
|  Net assets as of December 31, 2023 | $915275 | $4505201 | $180337 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 58370 | 88314 | 4473 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (2372) | (34079) | (661) |
|  Net investment income (loss) | 55998 | 54235 | 3812 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (4322) | (597042) | (11595) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (20898) | 695233 | 19568 |
|  Net gain (loss) on investments | (25220) | 98191 | 7973 |
|  Net increase (decrease) in net assets from operations | 30778 | 152426 | 11785 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  | 39140 | 3503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (36420) | (541632) | (6245) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (16809) | (696258) | 34951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (635) | (14776) | (222) |
|  Increase (decrease) in net assets from contract transactions | (53864) | (1213526) | 31987 |
|  Total increase (decrease) in net assets | (23086) | (1061100) | 43772 |
|  Net assets as of December 31, 2024 | $892189 | $3444101 | $224109 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 42503 | 104488 | 5324 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (2391) | (28771) | (626) |
|  Net investment income (loss) | 40112 | 75717 | 4698 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (292) | (189686) | (15916) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 83111 | 724433 | 41502 |
|  Net gain (loss) on investments | 82819 | 534747 | 25586 |
|  Net increase (decrease) in net assets from operations | 122931 | 610464 | 30284 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  | 93385 | 13837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (12836) | (614139) | (896) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (22443) | 213563 | (121811) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (596) | (12318) | (268) |
|  Increase (decrease) in net assets from contract transactions | (35875) | (319509) | (109138) |
|  Total increase (decrease) in net assets | 87056 | 290955 | (78854) |
|  Net assets as of December 31, 2025 | $979245 | $3735056 | $145255 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **PIMCO VIT<br>Emerging Markets<br>Bond** | **PIMCO VIT<br>Global Bond<br>Opportunities<br>Portfolio<br>(Unhedged)** | **PIMCO VIT<br>Global Managed<br>Asset Allocation** |
|  Net assets as of December 31, 2023 | $1882624 | $48019 | $125921 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 155647 | 507 | 4204 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (21718) | (43) | (591) |
|  Net investment income (loss) | 133929 | 464 | 3613 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 9474 | (5243) | (8742) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 50902 | 4182 | 18343 |
|  Net gain (loss) on investments | 60376 | (1061) | 9601 |
|  Net increase (decrease) in net assets from operations | 194305 | (597) | 13214 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 99102 |  | 10073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (263625) |  | (398) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (124245) | (39937) | (60781) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (9196) | (23) | (256) |
|  Increase (decrease) in net assets from contract transactions | (297964) | (39960) | (51362) |
|  Total increase (decrease) in net assets | (103659) | (40557) | (38148) |
|  Net assets as of December 31, 2024 | $1778965 | $7462 | $87773 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 122078 | 353 | 4068 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (11938) | (20) | (558) |
|  Net investment income (loss) | 110140 | 333 | 3510 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (14039) | (3) | (2528) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 143886 | 592 | 14069 |
|  Net gain (loss) on investments | 129847 | 589 | 11541 |
|  Net increase (decrease) in net assets from operations | 239987 | 922 | 15051 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 25477 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (200939) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (15266) |  | (62652) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (5112) | (24) | (148) |
|  Increase (decrease) in net assets from contract transactions | (195840) | (24) | (62800) |
|  Total increase (decrease) in net assets | 44147 | 898 | (47749) |
|  Net assets as of December 31, 2025 | $1823112 | $8360 | $40024 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **PIMCO VIT High<br>Yield** | **PIMCO VIT<br>International Bond<br>Portfolio (U.S.<br>Dollar-Hedged)** | **PIMCO VIT<br>International Bond<br>Portfolio<br>(Unhedged)** |
|  Net assets as of December 31, 2023 | $287514 | $8065915 | $69255 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 20132 | 253420 | 5821 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (886) | (54035) | (433) |
|  Net investment income (loss) | 19246 | 199385 | 5388 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (3942) | (116475) | (1649) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 8938 | 235397 | (6285) |
|  Net gain (loss) on investments | 4996 | 118922 | (7934) |
|  Net increase (decrease) in net assets from operations | 24242 | 318307 | (2546) |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 128293 | 79085 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (16555) | (984124) | (9038) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (117865) | (675279) | 125489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (428) | (21466) | (279) |
|  Increase (decrease) in net assets from contract transactions | (6555) | (1601784) | 116172 |
|  Total increase (decrease) in net assets | 17687 | (1283477) | 113626 |
|  Net assets as of December 31, 2024 | $305201 | $6782438 | $182881 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 16006 | 222733 | 6259 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (648) | (48458) | (461) |
|  Net investment income (loss) | 15358 | 174275 | 5798 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (3732) | (55517) | (1492) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 8467 | 82188 | 13191 |
|  Net gain (loss) on investments | 4735 | 26671 | 11699 |
|  Net increase (decrease) in net assets from operations | 20093 | 200946 | 17497 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 75371 | 59390 | 21986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (69877) | (742065) | (58285) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (92542) | (516172) | (76) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (168) | (17156) | (275) |
|  Increase (decrease) in net assets from contract transactions | (87216) | (1216003) | (36650) |
|  Total increase (decrease) in net assets | (67123) | (1015057) | (19153) |
|  Net assets as of December 31, 2025 | $238078 | $5767381 | $163728 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **PIMCO VIT Low<br>Duration<br>Administrative(d)** | **PIMCO VIT Low<br>Duration Advisor** | **PIMCO VIT Real<br>Return<br>Administrative(d)** |
|  Net assets as of December 31, 2023 | $28326340 | $477194 | $16403665 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 1034831 | 18930 | 409970 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (238457) | (1236) | (149611) |
|  Net investment income (loss) | 796374 | 17694 | 260359 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (308687) | (918) | (482034) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 389929 | 2858 | 405333 |
|  Net gain (loss) on investments | 81242 | 1940 | (76701) |
|  Net increase (decrease) in net assets from operations | 877616 | 19634 | 183658 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 145969 | 22387 | 213026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (3127695) | (19180) | (1850909) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (3686057) | 6521 | (129691) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (93670) | (720) | (76582) |
|  Increase (decrease) in net assets from contract transactions | (6761453) | 9008 | (1844156) |
|  Total increase (decrease) in net assets | (5883837) | 28642 | (1660498) |
|  Net assets as of December 31, 2024 | $22442503 | $505836 | $14743167 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 869141 | 25037 | 488498 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (203938) | (2996) | (139643) |
|  Net investment income (loss) | 665203 | 22041 | 348855 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (94066) | (1945) | (131694) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 411839 | 10770 | 755907 |
|  Net gain (loss) on investments | 317773 | 8825 | 624213 |
|  Net increase (decrease) in net assets from operations | 982976 | 30866 | 973068 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 260943 | 35766 | 86323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (3064594) | (75319) | (1748558) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 784228 | 404701 | 57831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (85632) | (965) | (69939) |
|  Increase (decrease) in net assets from contract transactions | (2105055) | 364183 | (1674343) |
|  Total increase (decrease) in net assets | (1122079) | 395049 | (701275) |
|  Net assets as of December 31, 2025 | $21320424 | $900885 | $14041892 |

---

(d) Closed to new investments. See Note 1.

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **PIMCO VIT Real<br>Return Advisor** | **PIMCO VIT<br>Short-Term** | **PIMCO VIT Total<br>Return<br>Administrative** |
|  Net assets as of December 31, 2023 | $952674 | $2017766 | $9327169 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 22827 | 220849 | 371142 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (2824) | (18845) | (130039) |
|  Net investment income (loss) | 20003 | 202004 | 241103 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (24578) | 23348 | (381240) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 20547 | 8332 | 224717 |
|  Net gain (loss) on investments | (4031) | 31680 | (156523) |
|  Net increase (decrease) in net assets from operations | 15972 | 233684 | 84580 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 50750 | 5652710 | 14890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (107713) | (136946) | (1909804) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (164327) | (3631425) | 1112635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (1128) | (3422) | (56513) |
|  Increase (decrease) in net assets from contract transactions | (222418) | 1880917 | (838792) |
|  Total increase (decrease) in net assets | (206446) | 2114601 | (754212) |
|  Net assets as of December 31, 2024 | $746228 | $4132367 | $8572957 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 25985 | 161095 | 337477 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (3238) | (15453) | (115694) |
|  Net investment income (loss) | 22747 | 145642 | 221783 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (22255) | 4245 | (238850) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 50686 | (1695) | 596383 |
|  Net gain (loss) on investments | 28431 | 2550 | 357533 |
|  Net increase (decrease) in net assets from operations | 51178 | 148192 | 579316 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 14536 | 355828 | 9016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (38590) | (219575) | (1209889) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 23958 | (659777) | 154321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (938) | (3693) | (49813) |
|  Increase (decrease) in net assets from contract transactions | (1034) | (527217) | (1096365) |
|  Total increase (decrease) in net assets | 50144 | (379025) | (517049) |
|  Net assets as of December 31, 2025 | $796372 | $3753342 | $8055908 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **PIMCO VIT Total<br>Return Advisor** | **Putnam VT Core<br>Equity Fund** | **Putnam VT<br>Diversified Income** |
|  Net assets as of December 31, 2023 | $14836640 | $44266 | $105613 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 599918 | 1249 | 6275 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (94523) | (1582) | (265) |
|  Net investment income (loss) | 505395 | (333) | 6010 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  | 11393 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (405250) | (328) | (933) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 208312 | 49803 | 531 |
|  Net gain (loss) on investments | (196938) | 60868 | (402) |
|  Net increase (decrease) in net assets from operations | 308457 | 60535 | 5608 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 1301227 | 105848 | 3030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (1197234) | (27547) | (6603) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (1842140) | 305462 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (38011) | (559) | (211) |
|  Increase (decrease) in net assets from contract transactions | (1776158) | 383204 | (3776) |
|  Total increase (decrease) in net assets | (1467701) | 443739 | 1832 |
|  Net assets as of December 31, 2024 | $13368939 | $488005 | $107445 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 533953 | 3519 | 2797 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (81369) | (6427) | (144) |
|  Net investment income (loss) | 452584 | (2908) | 2653 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  | 73759 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (143693) | 72733 | (7718) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 748077 | 65370 | 9851 |
|  Net gain (loss) on investments | 604384 | 211862 | 2133 |
|  Net increase (decrease) in net assets from operations | 1056968 | 208954 | 4786 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 348514 |  | 16212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (1530046) | (130725) | (81761) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (400967) | 280494 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (36036) | (886) | (110) |
|  Increase (decrease) in net assets from contract transactions | (1618535) | 148883 | (65584) |
|  Total increase (decrease) in net assets | (561567) | 357837 | (60798) |
|  Net assets as of December 31, 2025 | $12807372 | $845842 | $46647 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Putnam VT Global<br>Asset Allocation** | **Putnam VT High<br>Yield** | **Putnam VT<br>Income** |
|  Net assets as of December 31, 2023 | $14919 | $52561 | $47684 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 340 | 3085 | 2578 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (973) | (266) | (119) |
|  Net investment income (loss) | (633) | 2819 | 2459 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 4005 | 1709 | (958) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 29699 | 5567 | (496) |
|  Net gain (loss) on investments | 33704 | 7276 | (1454) |
|  Net increase (decrease) in net assets from operations | 33071 | 10095 | 1005 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 772183 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (2467) |  | (3760) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 47273 | (6101) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (33) | (109) | (111) |
|  Increase (decrease) in net assets from contract transactions | 816956 | (6210) | (3871) |
|  Total increase (decrease) in net assets | 850027 | 3885 | (2866) |
|  Net assets as of December 31, 2024 | $864946 | $56446 | $44818 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 18072 | 6115 | 1387 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (957) | (265) | (76) |
|  Net investment income (loss) | 17115 | 5850 | 1311 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 97479 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (61703) | (2573) | (4603) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (27685) | 1282 | 5355 |
|  Net gain (loss) on investments | 8091 | (1291) | 752 |
|  Net increase (decrease) in net assets from operations | 25206 | 4559 | 2063 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (812368) |  | (18963) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (58463) | 198 | (79) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (36) | (137) | (61) |
|  Increase (decrease) in net assets from contract transactions | (870867) | 61 | (19103) |
|  Total increase (decrease) in net assets | (845661) | 4620 | (17040) |
|  Net assets as of December 31, 2025 | $19285 | $61066 | $27778 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Putnam VT Large<br>Cap Growth Fund** | **Putnam VT Large<br>Cap Value** | **Putnam VT Small<br>Cap Growth** |
|  Net assets as of December 31, 2023 | $537856 | $1523443 | $264685 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions |  | 18606 |  |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (1668) | (6975) | (895) |
|  Net investment income (loss) | (1668) | 11631 | (895) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 24809 | 75732 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 14004 | 60135 | 25053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 132622 | 134693 | 52526 |
|  Net gain (loss) on investments | 171435 | 270560 | 77579 |
|  Net increase (decrease) in net assets from operations | 169767 | 282191 | 76684 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  | 56400 | 2627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (14124) | (49862) | (2574) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 21131 | (126368) | (21002) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (527) | (1490) | (123) |
|  Increase (decrease) in net assets from contract transactions | 6480 | (121320) | (21072) |
|  Total increase (decrease) in net assets | 176247 | 160871 | 55612 |
|  Net assets as of December 31, 2024 | $714103 | $1684314 | $320297 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions |  | 18301 | 1229 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (1805) | (6656) | (1071) |
|  Net investment income (loss) | (1805) | 11645 | 158 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 66929 | 87543 | 21341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 115753 | 123762 | 536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (118954) | 32979 | 7908 |
|  Net gain (loss) on investments | 63728 | 244284 | 29785 |
|  Net increase (decrease) in net assets from operations | 61923 | 255929 | 29943 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 7809 | 36205 | 5507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (102067) | (566546) | (1401) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (484660) | 205556 | 53330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (473) | (1035) | (202) |
|  Increase (decrease) in net assets from contract transactions | (579391) | (325820) | 57234 |
|  Total increase (decrease) in net assets | (517468) | (69891) | 87177 |
|  Net assets as of December 31, 2025 | $196635 | $1614423 | $407474 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Putnam VT Small<br>Cap Value** | **Royce Micro-Cap** | **Royce Small-Cap<br>Opportunity** |
|  Net assets as of December 31, 2023 | $599634 | $3407340 | $3087328 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 5620 |  |  |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (3374) | (26015) | (25853) |
|  Net investment income (loss) | 2246 | (26015) | (25853) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 27275 | 231141 | 192768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (5055) | (14164) | 117225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (10544) | 197962 | (47656) |
|  Net gain (loss) on investments | 11676 | 414939 | 262337 |
|  Net increase (decrease) in net assets from operations | 13922 | 388924 | 236484 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 4189 | 18046 | 85170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (64553) | (358667) | (270017) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (235030) | 593192 | (508915) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (1202) | (12262) | (3952) |
|  Increase (decrease) in net assets from contract transactions | (296596) | 240309 | (697714) |
|  Total increase (decrease) in net assets | (282674) | 629233 | (461230) |
|  Net assets as of December 31, 2024 | $316960 | $4036573 | $2626098 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 2019 |  |  |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (1919) | (25107) | (23533) |
|  Net investment income (loss) | 100 | (25107) | (23533) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 27630 | 459990 | 260444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (6711) | (78926) | 58086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (12875) | (44190) | (11352) |
|  Net gain (loss) on investments | 8044 | 336874 | 307178 |
|  Net increase (decrease) in net assets from operations | 8144 | 311767 | 283645 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 2859 | 15103 | 82347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (19585) | (392630) | (362167) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (116457) | (886500) | 335051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (641) | (11989) | (3933) |
|  Increase (decrease) in net assets from contract transactions | (133824) | (1276016) | 51298 |
|  Total increase (decrease) in net assets | (125680) | (964249) | 334943 |
|  Net assets as of December 31, 2025 | $191280 | $3072324 | $2961041 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Royce Small-Cap<br>Value** | **Rydex VIF<br>Banking** | **Rydex VIF Basic<br>Materials** |
|  Net assets as of December 31, 2023 | $1153552 | $593151 | $1358239 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 9189 | 14264 | 10847 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (9865) | (7157) | (14726) |
|  Net investment income (loss) | (676) | 7107 | (3879) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 49170 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 14054 | (382) | 68033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (38455) | 101497 | (90519) |
|  Net gain (loss) on investments | 24769 | 101115 | (22486) |
|  Net increase (decrease) in net assets from operations | 24093 | 108222 | (26365) |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 16955 | 1803 | 3385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (159269) | (191026) | (124511) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (13524) | 66770 | (146347) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (1804) | (3661) | (6656) |
|  Increase (decrease) in net assets from contract transactions | (157642) | (126114) | (274129) |
|  Total increase (decrease) in net assets | (133549) | (17892) | (300494) |
|  Net assets as of December 31, 2024 | $1020003 | $575259 | $1057745 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 7118 | 3636 | 17501 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (8536) | (7703) | (15291) |
|  Net investment income (loss) | (1418) | (4067) | 2210 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 85412 |  | 97373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (1034) | 39264 | 36083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (31246) | 74304 | 202950 |
|  Net gain (loss) on investments | 53132 | 113568 | 336406 |
|  Net increase (decrease) in net assets from operations | 51714 | 109501 | 338616 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 16936 | 48112 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (62800) | (94316) | (121921) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (25513) | (49279) | 45391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (1428) | (3793) | (6281) |
|  Increase (decrease) in net assets from contract transactions | (72805) | (99276) | (82721) |
|  Total increase (decrease) in net assets | (21091) | 10225 | 255895 |
|  Net assets as of December 31, 2025 | $998912 | $585484 | $1313640 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Rydex VIF<br>Biotechnology** | **Rydex VIF<br>Commodities<br>Strategy** | **Rydex VIF<br>Consumer<br>Products** |
|  Net assets as of December 31, 2023 | $1736713 | $1016935 | $1109454 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions |  | 36390 | 14786 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (18959) | (11001) | (13276) |
|  Net investment income (loss) | (18959) | 25389 | 1510 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 144687 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (35561) | 35435 | 7610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (133571) | 5523 | 26119 |
|  Net gain (loss) on investments | (24445) | 40958 | 33729 |
|  Net increase (decrease) in net assets from operations | (43404) | 66347 | 35239 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 3893 | 1782 | 6089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (298598) | (187418) | (162909) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 172417 | (180870) | (73736) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (9257) | (4967) | (5921) |
|  Increase (decrease) in net assets from contract transactions | (131545) | (371473) | (236477) |
|  Total increase (decrease) in net assets | (174949) | (305126) | (201238) |
|  Net assets as of December 31, 2024 | $1561764 | $711809 | $908216 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions |  | 32212 | 12899 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (16636) | (8438) | (11608) |
|  Net investment income (loss) | (16636) | 23774 | 1291 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 59455 |  | 72236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (57741) | 19609 | (21209) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 354950 | (11766) | (98620) |
|  Net gain (loss) on investments | 356664 | 7843 | (47593) |
|  Net increase (decrease) in net assets from operations | 340028 | 31617 | (46302) |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 2570 | 53273 | 31262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (175410) | (138395) | (154055) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (274620) | 34205 | (2964) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (8108) | (3823) | (5015) |
|  Increase (decrease) in net assets from contract transactions | (455568) | (54740) | (130772) |
|  Total increase (decrease) in net assets | (115540) | (23123) | (177074) |
|  Net assets as of December 31, 2025 | $1446224 | $688686 | $731142 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Rydex VIF Dow 2x<br>Strategy (d)** | **Rydex VIF<br>Electronics** | **Rydex VIF Energy** |
|  Net assets as of December 31, 2023 | $1037854 | $2296006 | $2299251 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 10919 |  | 62080 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (13416) | (26961) | (26393) |
|  Net investment income (loss) | (2497) | (26961) | 35687 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  | 34266 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 114852 | 119005 | 49578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 108113 | 213592 | (90521) |
|  Net gain (loss) on investments | 222965 | 366863 | (40943) |
|  Net increase (decrease) in net assets from operations | 220468 | 339902 | (5256) |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  | 3649 | 19254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (155601) | (257694) | (326334) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (88372) | (38639) | 72355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (5681) | (8594) | (7968) |
|  Increase (decrease) in net assets from contract transactions | (249654) | (301278) | (242693) |
|  Total increase (decrease) in net assets | (29186) | 38624 | (247949) |
|  Net assets as of December 31, 2024 | $1008668 | $2334630 | $2051302 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 9816 |  | 39918 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (12959) | (23132) | (22723) |
|  Net investment income (loss) | (3143) | (23132) | 17195 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  | 760656 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 71738 | 196002 | (46242) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 109150 | (273611) | 81785 |
|  Net gain (loss) on investments | 180888 | 683047 | 35543 |
|  Net increase (decrease) in net assets from operations | 177745 | 659915 | 52738 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 10128 | 75563 | 32194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (115443) | (302628) | (205743) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 136763 | 138768 | 57308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (5701) | (7000) | (6842) |
|  Increase (decrease) in net assets from contract transactions | 25747 | (95297) | (123083) |
|  Total increase (decrease) in net assets | 203492 | 564618 | (70345) |
|  Net assets as of December 31, 2025 | $1212160 | $2899248 | $1980957 |
| <br> (d) Closed to new investments. See Note 1. |  |  |  |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Rydex VIF Energy<br>Services** | **Rydex VIF Europe<br>1.25x Strategy(d)** | **Rydex VIF<br>Financial Services** |
|  Net assets as of December 31, 2023 | $606733 | $493597 | $729334 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions |  | 31222 | 6731 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (5590) | (6054) | (8723) |
|  Net investment income (loss) | (5590) | 25168 | (1992) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  |  | 2964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 43515 | 35435 | 18516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (59144) | (71850) | 119582 |
|  Net gain (loss) on investments | (15629) | (36415) | 141062 |
|  Net increase (decrease) in net assets from operations | (21219) | (11247) | 139070 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 26889 |  | 25886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (127598) | (57803) | (130814) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (182134) | (158215) | 14207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (2561) | (2302) | (4020) |
|  Increase (decrease) in net assets from contract transactions | (285404) | (218320) | (94741) |
|  Total increase (decrease) in net assets | (306623) | (229567) | 44329 |
|  Net assets as of December 31, 2024 | $300110 | $264030 | $773663 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 178 | 4859 | 5264 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (3292) | (4712) | (9981) |
|  Net investment income (loss) | (3114) | 147 | (4717) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  |  | 21087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (2531) | 44232 | 55215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 2914 | 68786 | 1354 |
|  Net gain (loss) on investments | 383 | 113018 | 77656 |
|  Net increase (decrease) in net assets from operations | (2731) | 113165 | 72939 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  |  | 24736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (40381) | (75439) | (138825) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (2615) | 47528 | 22361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (1455) | (2169) | (4053) |
|  Increase (decrease) in net assets from contract transactions | (44451) | (30080) | (95781) |
|  Total increase (decrease) in net assets | (47182) | 83085 | (22842) |
|  Net assets as of December 31, 2025 | $252928 | $347115 | $750821 |

---

(d) Closed to new investments. See Note 1.

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Rydex VIF<br>Government Long<br>Bond 1.2x<br>Strategy(d)** | **Rydex VIF Health<br>Care** | **Rydex VIF High<br>Yield Strategy** |
|  Net assets as of December 31, 2023 | $715235 | $2302890 | $16381 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 22781 |  | 8355 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (7671) | (27936) | (2019) |
|  Net investment income (loss) | 15110 | (27936) | 6336 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  | 57524 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (324028) | 38782 | 1793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 37607 | (85783) | 1318 |
|  Net gain (loss) on investments | (286421) | 10523 | 3111 |
|  Net increase (decrease) in net assets from operations | (271311) | (17413) | 9447 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  | 4917 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (31566) | (289238) | (83) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (9176) | 169209 | 150909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (1779) | (14279) | (38) |
|  Increase (decrease) in net assets from contract transactions | (42521) | (129391) | 150788 |
|  Total increase (decrease) in net assets | (313832) | (146804) | 160235 |
|  Net assets as of December 31, 2024 | $401403 | $2156086 | $176616 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 13456 |  | 45521 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (5515) | (25065) | (4572) |
|  Net investment income (loss) | 7941 | (25065) | 40949 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  | 208423 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (22560) | 7741 | (949) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 16056 | 34262 | 4059 |
|  Net gain (loss) on investments | (6504) | 250426 | 3110 |
|  Net increase (decrease) in net assets from operations | 1437 | 225361 | 44059 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  | 5029 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (17161) | (411088) | (14418) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (12330) | (200497) | 131538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (1274) | (14136) | (208) |
|  Increase (decrease) in net assets from contract transactions | (30765) | (620692) | 116912 |
|  Total increase (decrease) in net assets | (29328) | (395331) | 160971 |
|  Net assets as of December 31, 2025 | $372075 | $1760755 | $337587 |

---

(d) Closed to new investments. See Note 1.

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Rydex VIF<br>Internet** | **Rydex VIF Inverse<br>Dow 2x<br>Strategy(d)** | **Rydex VIF Inverse<br>Government Long<br>Bond Strategy(d)** |
|  Net assets as of December 31, 2023 | $565003 | $156518 | $250278 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions |  | 10233 | 11616 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (7503) | (1700) | (3134) |
|  Net investment income (loss) | (7503) | 8533 | 8482 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (15482) | (5713) | 23018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 141405 | (29096) | 5716 |
|  Net gain (loss) on investments | 125923 | (34809) | 28734 |
|  Net increase (decrease) in net assets from operations | 118420 | (26276) | 37216 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 3295 |  | 360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (91080) | (1699) | (5207) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 33897 | 10669 | (7673) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (4617) | (361) | (1340) |
|  Increase (decrease) in net assets from contract transactions | (58505) | 8609 | (13860) |
|  Total increase (decrease) in net assets | 59915 | (17667) | 23356 |
|  Net assets as of December 31, 2024 | $624918 | $138851 | $273634 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions |  | 7499 | 18735 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (7961) | (1476) | (3169) |
|  Net investment income (loss) | (7961) | 6023 | 15566 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 70464 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 2651 | (13362) | 14711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 37190 | (21209) | (29895) |
|  Net gain (loss) on investments | 110305 | (34571) | (15184) |
|  Net increase (decrease) in net assets from operations | 102344 | (28548) | 382 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  |  | 360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (157696) | (3088) | (26034) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 368 | (11452) | (6690) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (4677) | (259) | (1317) |
|  Increase (decrease) in net assets from contract transactions | (162005) | (14799) | (33681) |
|  Total increase (decrease) in net assets | (59661) | (43347) | (33299) |
|  Net assets as of December 31, 2025 | $565257 | $95504 | $240335 |

---

(d) Closed to new investments. See Note 1.

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Rydex VIF Inverse<br>Mid-Cap<br>Strategy(d)** | **Rydex VIF Inverse<br>NASDAQ-100<sup>®</sup><br>Strategy(d)** | **Rydex VIF Inverse<br>Russell 2000<sup>®</sup><br>Strategy(d)** |
|  Net assets as of December 31, 2023 | $21124 | $110313 | $70948 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 867 | 3968 | 5568 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (237) | (1315) | (720) |
|  Net investment income (loss) | 630 | 2653 | 4848 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (1398) | (16187) | (5654) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (855) | (8539) | (4830) |
|  Net gain (loss) on investments | (2253) | (24726) | (10484) |
|  Net increase (decrease) in net assets from operations | (1623) | (22073) | (5636) |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  | 90 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (2) | (23573) | (11267) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (4375) | 43072 | 9757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (39) | (488) | (648) |
|  Increase (decrease) in net assets from contract transactions | (4416) | 19101 | (2158) |
|  Total increase (decrease) in net assets | (6039) | (2972) | (7794) |
|  Net assets as of December 31, 2024 | $15085 | $107341 | $63154 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 523 | 713 | 811 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (195) | (860) | (392) |
|  Net investment income (loss) | 328 | (147) | 419 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (556) | (57048) | (1568) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (720) | 13439 | 3034 |
|  Net gain (loss) on investments | (1276) | (43609) | 1466 |
|  Net increase (decrease) in net assets from operations | (948) | (43756) | 1885 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  | 172 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (1) | (2592) | (6520) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 114 | (36614) | (22748) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (26) | (79) | (356) |
|  Increase (decrease) in net assets from contract transactions | 87 | (39113) | (29624) |
|  Total increase (decrease) in net assets | (861) | (82869) | (27739) |
|  Net assets as of December 31, 2025 | $14224 | $24472 | $35415 |

---

(d) Closed to new investments. See Note 1.

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Rydex VIF Inverse<br>S&P 500<br>Strategy(d)** | **Rydex VIF Japan<br>2x Strategy(d)** | **Rydex VIF Leisure** |
|  Net assets as of December 31, 2023 | $113402 | $218523 | $364248 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 11723 | 7467 | 175 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (1126) | (2844) | (4079) |
|  Net investment income (loss) | 10597 | 4623 | (3904) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (27796) | 688 | 3739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 4 | (5938) | 41333 |
|  Net gain (loss) on investments | (27792) | (5250) | 45072 |
|  Net increase (decrease) in net assets from operations | (17195) | (627) | 41168 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  | 360 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (17064) | (14244) | (69080) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 9498 | (19571) | (10036) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (684) | (1869) | (1557) |
|  Increase (decrease) in net assets from contract transactions | (8250) | (35324) | (80673) |
|  Total increase (decrease) in net assets | (25445) | (35951) | (39505) |
|  Net assets as of December 31, 2024 | $87957 | $182572 | $324743 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 12344 | 8677 |  |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (945) | (2696) | (4544) |
|  Net investment income (loss) | 11399 | 5981 | (4544) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (12220) | 9040 | (4553) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (11481) | 71264 | 26238 |
|  Net gain (loss) on investments | (23701) | 80304 | 21685 |
|  Net increase (decrease) in net assets from operations | (12302) | 86285 | 17141 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 241 | 360 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (9889) | (53443) | (50009) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 291225 | 5968 | 151589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (467) | (1855) | (1642) |
|  Increase (decrease) in net assets from contract transactions | 281110 | (48970) | 99938 |
|  Total increase (decrease) in net assets | 268808 | 37315 | 117079 |
|  Net assets as of December 31, 2025 | $356765 | $219887 | $441822 |

---

(d) Closed to new investments. See Note 1.

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Rydex VIF Mid-**<br>**Cap 1.5x<br>Strategy(d)** | **Rydex VIF Money<br>Market** | **Rydex VIF<br>NASDAQ-100<sup>®</sup>** |
|  Net assets as of December 31, 2023 | $522720 | $36463589 | $8503353 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 3161 | 1359007 | 19409 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (6809) | (330469) | (130174) |
|  Net investment income (loss) | (3648) | 1028538 | (110765) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  | 8797 | 179655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 17812 |  | 1936946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 54402 |  | 536645 |
|  Net gain (loss) on investments | 72214 | 8797 | 2653246 |
|  Net increase (decrease) in net assets from operations | 68566 | 1037335 | 2542481 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  | 8317936 | 1258174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (120819) | (6945595) | (1548360) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (4631) | (2471547) | (1377470) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (3521) | (125591) | (53733) |
|  Increase (decrease) in net assets from contract transactions | (128971) | (1224797) | (1721389) |
|  Total increase (decrease) in net assets | (60405) | (187462) | 821092 |
|  Net assets as of December 31, 2024 | $462315 | $36276127 | $9324445 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 1918 | 1121239 | 2548 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (5757) | (334674) | (83338) |
|  Net investment income (loss) | (3839) | 786565 | (80790) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 1321 |  | 463357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 65649 |  | 2688541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (309) |  | (600748) |
|  Net gain (loss) on investments | 66661 |  | 2551150 |
|  Net increase (decrease) in net assets from operations | 62822 | 786565 | 2470360 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  | 9848557 | 31839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (83570) | (9258749) | (1273775) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (46783) | 1177340 | (2750869) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (2887) | (91627) | (27936) |
|  Increase (decrease) in net assets from contract transactions | (133240) | 1675521 | (4020741) |
|  Total increase (decrease) in net assets | (70418) | 2462086 | (1550381) |
|  Net assets as of December 31, 2025 | $391897 | $38738213 | $7774064 |

---

(d) Closed to new investments. See Note 1.

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Rydex VIF<br>NASDAQ-100<sup>®</sup> 2x<br>Strategy(d)** | **Rydex VIF<br>Nova(d)** | **Rydex VIF<br>Precious Metals** |
|  Net assets as of December 31, 2023 | $15279296 | $2408690 | $3030318 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions |  |  | 50958 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (177729) | (30341) | (35237) |
|  Net investment income (loss) | (177729) | (30341) | 15721 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 6859835 | 202040 | 195117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 211391 | 504919 | (20243) |
|  Net gain (loss) on investments | 7071226 | 706959 | 174874 |
|  Net increase (decrease) in net assets from operations | 6893497 | 676618 | 190595 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 446 |  | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (551885) | (595416) | (369938) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (3520365) | 99351 | 32214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (119209) | (11654) | (11005) |
|  Increase (decrease) in net assets from contract transactions | (4191013) | (507719) | (348697) |
|  Total increase (decrease) in net assets | 2702484 | 168899 | (158102) |
|  Net assets as of December 31, 2024 | $17981780 | $2577589 | $2872216 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions |  |  | 97868 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (257259) | (30417) | (44468) |
|  Net investment income (loss) | (257259) | (30417) | 53400 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 1564663 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 1952637 | 222513 | 1197708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 643248 | 197642 | 2604066 |
|  Net gain (loss) on investments | 4160548 | 420155 | 3801774 |
|  Net increase (decrease) in net assets from operations | 3903289 | 389738 | 3855174 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 28054 |  | 25950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (1580415) | (376035) | (658190) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 5075491 | 8953 | (1132494) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (172494) | (11583) | (13739) |
|  Increase (decrease) in net assets from contract transactions | 3350636 | (378665) | (1778473) |
|  Total increase (decrease) in net assets | 7253925 | 11073 | 2076701 |
|  Net assets as of December 31, 2025 | $25235705 | $2588662 | $4948917 |

---

(d) Closed to new investments. See Note 1.

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Rydex VIF Real<br>Estate** | **Rydex VIF<br>Retailing** | **Rydex VIF Russell<br>2000<sup>®</sup> 1.5x<br>Strategy(d)** |
|  Net assets as of December 31, 2023 | $1421965 | $431788 | $515376 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 16802 |  | 4289 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (16184) | (4314) | (5930) |
|  Net investment income (loss) | 618 | (4314) | (1641) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (41005) | 18768 | (43091) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 81612 | 37110 | 80380 |
|  Net gain (loss) on investments | 40607 | 55878 | 37289 |
|  Net increase (decrease) in net assets from operations | 41225 | 51564 | 35648 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 7511 |  | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (175528) | (117227) | (91840) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (89097) | 2794 | 11563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (7494) | (2353) | (3437) |
|  Increase (decrease) in net assets from contract transactions | (264608) | (116786) | (83624) |
|  Total increase (decrease) in net assets | (223383) | (65222) | (47976) |
|  Net assets as of December 31, 2024 | $1198582 | $366566 | $467400 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 17504 |  | 5566 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (13836) | (3849) | (4578) |
|  Net investment income (loss) | 3668 | (3849) | 988 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  | 6049 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (18942) | 14979 | (27755) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 31028 | 13364 | 40535 |
|  Net gain (loss) on investments | 12086 | 34392 | 12780 |
|  Net increase (decrease) in net assets from operations | 15754 | 30543 | 13768 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 35211 |  | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (149598) | (13219) | (107899) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (49450) | (34288) | (51764) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (6437) | (2200) | (2667) |
|  Increase (decrease) in net assets from contract transactions | (170274) | (49707) | (162240) |
|  Total increase (decrease) in net assets | (154520) | (19164) | (148472) |
|  Net assets as of December 31, 2025 | $1044062 | $347402 | $318928 |

---

(d) Closed to new investments. See Note 1.

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Rydex VIF Russell<br>2000<sup>®</sup> 2x<br>Strategy(d)** | **Rydex VIF S&P<br>500 2x Strategy(d)** | **Rydex VIF S&P<br>500 Pure Growth** |
|  Net assets as of December 31, 2023 | $8951595 | $4391077 | $2762923 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 93582 | 23856 | 1599 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (94854) | (40249) | (34067) |
|  Net investment income (loss) | (1272) | (16393) | (32468) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 140758 |  | 11187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (410323) | 1261155 | 91640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (1715787) | 519919 | 577562 |
|  Net gain (loss) on investments | (1985352) | 1781074 | 680389 |
|  Net increase (decrease) in net assets from operations | (1986624) | 1764681 | 647921 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 3295 | 330 | 12849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (262696) | (1209529) | (586522) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 3240986 | (915930) | 459306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (68803) | (17364) | (14406) |
|  Increase (decrease) in net assets from contract transactions | 2912782 | (2142493) | (128773) |
|  Total increase (decrease) in net assets | 926158 | (377812) | 519148 |
|  Net assets as of December 31, 2024 | $9877753 | $4013265 | $3282071 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 246454 | 3591 |  |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (46444) | (42641) | (33175) |
|  Net investment income (loss) | 200010 | (39050) | (33175) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  |  | 306853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (3266173) | 626340 | 59848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 692796 | 54341 | (253512) |
|  Net gain (loss) on investments | (2573377) | 680681 | 113189 |
|  Net increase (decrease) in net assets from operations | (2373367) | 641631 | 80014 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  |  | 149304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (69707) | (268154) | (572968) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (2450315) | (376158) | (344066) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (34473) | (21604) | (12852) |
|  Increase (decrease) in net assets from contract transactions | (2554495) | (665916) | (780582) |
|  Total increase (decrease) in net assets | (4927862) | (24285) | (700568) |
|  Net assets as of December 31, 2025 | $4949891 | $3988980 | $2581503 |

---

(d) Closed to new investments. See Note 1.

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Rydex VIF S&P<br>500 Pure Value** | **Rydex VIF S&P<br>MidCap 400 Pure<br>Growth** | **Rydex VIF S&P<br>MidCap 400 Pure<br>Value** |
|  Net assets as of December 31, 2023 | $4410036 | $1571764 | $1404464 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 59202 |  | 851 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (50851) | (24153) | (16271) |
|  Net investment income (loss) | 8351 | (24153) | (15420) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  | 210 | 52745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 182303 | 44555 | 66684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 300985 | 193078 | (80774) |
|  Net gain (loss) on investments | 483288 | 237843 | 38655 |
|  Net increase (decrease) in net assets from operations | 491639 | 213690 | 23235 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 341489 | 20956 | 41883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (664830) | (274619) | (242788) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 45411 | (52819) | 333511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (21173) | (9633) | (6019) |
|  Increase (decrease) in net assets from contract transactions | (299103) | (316115) | 126587 |
|  Total increase (decrease) in net assets | 192536 | (102425) | 149822 |
|  Net assets as of December 31, 2024 | $4602572 | $1469339 | $1554286 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 55465 |  | 1207 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (49541) | (16672) | (13635) |
|  Net investment income (loss) | 5924 | (16672) | (12428) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 217386 | 79469 | 98595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 204595 | (12542) | (61259) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 219153 | 16896 | (53223) |
|  Net gain (loss) on investments | 641134 | 83823 | (15887) |
|  Net increase (decrease) in net assets from operations | 647058 | 67151 | (28315) |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 94014 | 475 | 54325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (579959) | (251009) | (166200) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (143929) | 114920 | (508143) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (20927) | (7547) | (4724) |
|  Increase (decrease) in net assets from contract transactions | (650801) | (143161) | (624742) |
|  Total increase (decrease) in net assets | (3743) | (76010) | (653057) |
|  Net assets as of December 31, 2025 | $4598829 | $1393329 | $901229 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Rydex VIF S&P<br>SmallCap 600 Pure<br>Growth** | **Rydex VIF S&P<br>SmallCap 600 Pure<br>Value** | **Rydex VIF<br>Strengthening<br>Dollar 2x<br>Strategy(d)** |
|  Net assets as of December 31, 2023 | $1303926 | $1433404 | $630776 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions |  |  | 20352 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (17114) | (14627) | (8589) |
|  Net investment income (loss) | (17114) | (14627) | 11763 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (73518) | 24404 | 4394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 131393 | (14090) | 105313 |
|  Net gain (loss) on investments | 57875 | 10314 | 109707 |
|  Net increase (decrease) in net assets from operations | 40761 | (4313) | 121470 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 20584 | 9618 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (272289) | (239531) | (9018) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 171065 | 315226 | (4673) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (6859) | (5825) | (1036) |
|  Increase (decrease) in net assets from contract transactions | (87499) | 79488 | (14727) |
|  Total increase (decrease) in net assets | (46738) | 75175 | 106743 |
|  Net assets as of December 31, 2024 | $1257188 | $1508579 | $737519 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions |  |  | 41165 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (15614) | (14530) | (8166) |
|  Net investment income (loss) | (15614) | (14530) | 32999 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  | 42689 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (13394) | (35080) | (98) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 108305 | 4689 | (145837) |
|  Net gain (loss) on investments | 94911 | 12298 | (145935) |
|  Net increase (decrease) in net assets from operations | 79297 | (2232) | (112936) |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 3228 | 49601 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (123443) | (151531) | (20101) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 139820 | 305456 | 31958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (6778) | (5305) | (914) |
|  Increase (decrease) in net assets from contract transactions | 12827 | 198221 | 10943 |
|  Total increase (decrease) in net assets | 92124 | 195989 | (101993) |
|  Net assets as of December 31, 2025 | $1349312 | $1704568 | $635526 |

---

(d) Closed to new investments. See Note 1.

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Rydex VIF<br>Technology** | **Rydex VIF<br>Telecommunications** | **Rydex VIF<br>Transportation** |
|  Net assets as of December 31, 2023 | $3287683 | $470783 | $568981 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions |  | 3746 | 1076 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (41635) | (5317) | (4715) |
|  Net investment income (loss) | (41635) | (1571) | (3639) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 148304 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 355888 | 508 | (7257) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 167594 | 54018 | (7777) |
|  Net gain (loss) on investments | 671786 | 54526 | (15034) |
|  Net increase (decrease) in net assets from operations | 630151 | 52955 | (18673) |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 57575 |  | 3295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (535243) | (43470) | (76915) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (75222) | (35400) | (93286) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (17176) | (1805) | (2401) |
|  Increase (decrease) in net assets from contract transactions | (570066) | (80675) | (169307) |
|  Total increase (decrease) in net assets | 60085 | (27720) | (187980) |
|  Net assets as of December 31, 2024 | $3347768 | $443063 | $381001 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions |  | 2322 |  |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (42047) | (10405) | (4836) |
|  Net investment income (loss) | (42047) | (8083) | (4836) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 334757 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 274988 | 16875 | (491) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 225715 | 265322 | 43116 |
|  Net gain (loss) on investments | 835460 | 282197 | 42625 |
|  Net increase (decrease) in net assets from operations | 793413 | 274114 | 37789 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 3989 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (553669) | (58990) | (24854) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 93400 | 703475 | 19185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (17532) | (3466) | (2304) |
|  Increase (decrease) in net assets from contract transactions | (473812) | 641019 | (7973) |
|  Total increase (decrease) in net assets | 319601 | 915133 | 29816 |
|  Net assets as of December 31, 2025 | $3667369 | $1358196 | $410817 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Rydex VIF Utilities** | **Rydex VIF<br>Weakening Dollar<br>2x Strategy(d)** | **T. Rowe Price Blue<br>Chip Growth** |
|  Net assets as of December 31, 2023 | $2178641 | $81837 | $2721019 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 29297 | 4215 |  |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (26393) | (809) | (16054) |
|  Net investment income (loss) | 2904 | 3406 | (16054) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  |  | 153608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 53030 | (3272) | 157264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 301029 | (10514) | 633797 |
|  Net gain (loss) on investments | 354059 | (13786) | 944669 |
|  Net increase (decrease) in net assets from operations | 356963 | (10380) | 928615 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 4504 |  | 204409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (199763) | (18189) | (494991) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 35700 | 631 | 225787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (9983) | (286) | (3426) |
|  Increase (decrease) in net assets from contract transactions | (169542) | (17844) | (68221) |
|  Total increase (decrease) in net assets | 187421 | (28224) | 860394 |
|  Net assets as of December 31, 2024 | $2366062 | $53613 | $3581413 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 37637 | 5122 |  |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (29298) | (847) | (16226) |
|  Net investment income (loss) | 8339 | 4275 | (16226) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  |  | 306339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 194280 | (8307) | 154382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 148099 | 11107 | 57576 |
|  Net gain (loss) on investments | 342379 | 2800 | 518297 |
|  Net increase (decrease) in net assets from operations | 350718 | 7075 | 502071 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 6431 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (337371) | (7906) | (284779) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (123730) | 25468 | (361844) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (10553) | (315) | (3449) |
|  Increase (decrease) in net assets from contract transactions | (465223) | 17247 | (650072) |
|  Total increase (decrease) in net assets | (114505) | 24322 | (148001) |
|  Net assets as of December 31, 2025 | $2251557 | $77935 | $3433412 |

---

(d) Closed to new investments. See Note 1.

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **T. Rowe Price<br>Capital<br>Appreciation** | **T. Rowe Price<br>Equity Income** | **T. Rowe Price<br>Growth Stock** |
|  Net assets as of December 31, 2023 | $6911313 | $1267230 | $5805195 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 123529 | 22515 |  |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (61223) | (5250) | (57222) |
|  Net investment income (loss) | 62306 | 17265 | (57222) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 487005 | 94536 | 459933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 214223 | 838 | 275453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (48461) | 23493 | 847822 |
|  Net gain (loss) on investments | 652767 | 118867 | 1583208 |
|  Net increase (decrease) in net assets from operations | 715073 | 136132 | 1525986 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 92926 | 29241 | 89753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (947796) | (30285) | (630237) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (213966) | 41155 | (87080) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (14336) | (619) | (15910) |
|  Increase (decrease) in net assets from contract transactions | (1083172) | 39492 | (643474) |
|  Total increase (decrease) in net assets | (368099) | 175624 | 882512 |
|  Net assets as of December 31, 2024 | $6543214 | $1442854 | $6687707 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 94323 | 25132 |  |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (56943) | (5861) | (59793) |
|  Net investment income (loss) | 37380 | 19271 | (59793) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 395370 | 183557 | 956267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 180992 | 3835 | 336808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 37838 | 15348 | (383952) |
|  Net gain (loss) on investments | 614200 | 202740 | 909123 |
|  Net increase (decrease) in net assets from operations | 651580 | 222011 | 849330 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 70271 | 325599 | 104921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (869639) | (78809) | (825746) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (291985) | 5412 | 331004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (14396) | (602) | (17865) |
|  Increase (decrease) in net assets from contract transactions | (1105749) | 251600 | (407686) |
|  Total increase (decrease) in net assets | (454169) | 473611 | 441644 |
|  Net assets as of December 31, 2025 | $6089045 | $1916465 | $7129351 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **T. Rowe Price<br>Health Sciences** | **T. Rowe Price<br>Limited-Term<br>Bond** | **T. Rowe Price<br>Retirement 2010** |
|  Net assets as of December 31, 2023 | $10321598 | $187932 | $1673 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions |  | 4320 | 44 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (84859) | (1127) | (17) |
|  Net investment income (loss) | (84859) | 3193 | 27 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 908639 |  | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 184661 | 751 | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (885328) | 118 | 72 |
|  Net gain (loss) on investments | 207972 | 869 | 90 |
|  Net increase (decrease) in net assets from operations | 123113 | 4062 | 117 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 394070 | 85119 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (1081821) | (12568) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (28381) | (125292) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (28120) | (317) | (5) |
|  Increase (decrease) in net assets from contract transactions | (744252) | (53058) | (5) |
|  Total increase (decrease) in net assets | (621139) | (48996) | 112 |
|  Net assets as of December 31, 2024 | $9700459 | $138936 | $1785 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions |  | 5688 | 52 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (66904) | (1458) | (17) |
|  Net investment income (loss) | (66904) | 4230 | 35 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 307401 |  | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (100441) | 1341 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 1088887 | 864 | 98 |
|  Net gain (loss) on investments | 1295847 | 2205 | 147 |
|  Net increase (decrease) in net assets from operations | 1228943 | 6435 | 182 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 174536 | 78202 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (898919) | (17797) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (1276908) | (85035) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (18284) | (419) | (7) |
|  Increase (decrease) in net assets from contract transactions | (2019575) | (25049) | (7) |
|  Total increase (decrease) in net assets | (790632) | (18614) | 175 |
|  Net assets as of December 31, 2025 | $8909827 | $120322 | $1960 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **T. Rowe Price<br>Retirement 2015** | **T. Rowe Price<br>Retirement 2020** | **T. Rowe Price<br>Retirement 2025** |
|  Net assets as of December 31, 2023 | $176071 | $126929 | $67769 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 5111 | 3029 | 739 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (1926) | (1220) | (480) |
|  Net investment income (loss) | 3185 | 1809 | 259 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 2690 | 2206 | 588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (202) | (153) | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 9064 | 5865 | 3635 |
|  Net gain (loss) on investments | 11552 | 7918 | 4318 |
|  Net increase (decrease) in net assets from operations | 14737 | 9727 | 4577 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 35264 | 2080 | 3840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (944) |  | (38937) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (31) |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (39) | (411) | (736) |
|  Increase (decrease) in net assets from contract transactions | 34250 | 1669 | (35835) |
|  Total increase (decrease) in net assets | 48987 | 11396 | (31258) |
|  Net assets as of December 31, 2024 | $225058 | $138325 | $36511 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 6138 | 1350 | 1010 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (2131) | (1163) | (363) |
|  Net investment income (loss) | 4007 | 187 | 647 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 6455 | 1641 | 1371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 4 | 559 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 13143 | 12509 | 2326 |
|  Net gain (loss) on investments | 19602 | 14709 | 3722 |
|  Net increase (decrease) in net assets from operations | 23609 | 14896 | 4369 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  | 1760 | 3840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments |  | (99831) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net |  | (3) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments |  | (375) | (348) |
|  Increase (decrease) in net assets from contract transactions |  | (98449) | 3492 |
|  Total increase (decrease) in net assets | 23609 | (83553) | 7861 |
|  Net assets as of December 31, 2025 | $248667 | $54772 | $44372 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **T. Rowe Price<br>Retirement 2030** | **T. Rowe Price<br>Retirement 2035** | **T. Rowe Price<br>Retirement 2040** |
|  Net assets as of December 31, 2023 | $322886 | $74460 | $173747 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 4658 | 1171 | 2129 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (2867) | (756) | (1730) |
|  Net investment income (loss) | 1791 | 415 | 399 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 3433 | 535 | 1383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 2540 | 29 | 3089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 22070 | 6914 | 15756 |
|  Net gain (loss) on investments | 28043 | 7478 | 20228 |
|  Net increase (decrease) in net assets from operations | 29834 | 7893 | 20627 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 4834 | 6580 | 23089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (77799) |  | (23069) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (1485) | (8) | (144) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (753) | (289) | (1101) |
|  Increase (decrease) in net assets from contract transactions | (75203) | 6283 | (1225) |
|  Total increase (decrease) in net assets | (45369) | 14176 | 19402 |
|  Net assets as of December 31, 2024 | $277517 | $88636 | $193149 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 5812 | 1569 | 2771 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (2651) | (884) | (1972) |
|  Net investment income (loss) | 3161 | 685 | 799 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 10132 | 2915 | 6627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 296 | 94 | 1287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 21547 | 9707 | 23762 |
|  Net gain (loss) on investments | 31975 | 12716 | 31676 |
|  Net increase (decrease) in net assets from operations | 35136 | 13401 | 32475 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 286 | 7091 | 20824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments |  |  | (4500) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 80936 | (2) | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (778) | (321) | (414) |
|  Increase (decrease) in net assets from contract transactions | 80444 | 6768 | 15931 |
|  Total increase (decrease) in net assets | 115580 | 20169 | 48406 |
|  Net assets as of December 31, 2025 | $393097 | $108805 | $241555 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **T. Rowe Price<br>Retirement 2045** | **T. Rowe Price<br>Retirement 2050** | **T. Rowe Price<br>Retirement 2055** |
|  Net assets as of December 31, 2023 | $8625 | $649 | $48438 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 104 | 9 | 476 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (93) | (7) | (485) |
|  Net investment income (loss) | 11 | 2 | (9) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 62 | 6 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 14 | 1 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 1071 | 85 | 5815 |
|  Net gain (loss) on investments | 1147 | 92 | 6204 |
|  Net increase (decrease) in net assets from operations | 1158 | 94 | 6195 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 1108 | 278 | 1059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (1) |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (94) | (10) | (182) |
|  Increase (decrease) in net assets from contract transactions | 1013 | 268 | 878 |
|  Total increase (decrease) in net assets | 2171 | 362 | 7073 |
|  Net assets as of December 31, 2024 | $10796 | $1011 | $55511 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 146 | 12 | 421 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (123) | (11) | (434) |
|  Net investment income (loss) | 23 | 1 | (13) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 369 | 39 | 1255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 31 | 4 | 3587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 1736 | 153 | 1972 |
|  Net gain (loss) on investments | 2136 | 196 | 6814 |
|  Net increase (decrease) in net assets from operations | 2159 | 197 | 6801 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 2936 | 251 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments |  |  | (15300) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net |  |  | (91) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (112) | (16) | (169) |
|  Increase (decrease) in net assets from contract transactions | 2824 | 235 | (15392) |
|  Total increase (decrease) in net assets | 4983 | 432 | (8591) |
|  Net assets as of December 31, 2025 | $15779 | $1443 | $46920 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **T. Rowe Price<br>Retirement<br>Balanced** | **Templeton<br>Developing<br>Markets VIP Fund** | **Templeton Foreign<br>VIP Fund** |
|  Net assets as of December 31, 2023 | $136138 | $5472435 | $3680596 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 2259 | 201375 | 81015 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (855) | (56845) | (45214) |
|  Net investment income (loss) | 1404 | 144530 | 35801 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 576 | 38701 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (9634) | (258258) | 79142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 13527 | 385532 | (184168) |
|  Net gain (loss) on investments | 4469 | 165975 | (105026) |
|  Net increase (decrease) in net assets from operations | 5873 | 310505 | (69225) |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 700 | 71173 | 3311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (62868) | (776903) | (533641) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (181) | (169256) | 97480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (1817) | (23861) | (18807) |
|  Increase (decrease) in net assets from contract transactions | (64166) | (898847) | (451657) |
|  Total increase (decrease) in net assets | (58293) | (588342) | (520882) |
|  Net assets as of December 31, 2024 | $77845 | $4884093 | $3159714 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 2330 | 28909 | 84803 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (728) | (64967) | (46762) |
|  Net investment income (loss) | 1602 | (36058) | 38041 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 1317 | 90223 | 236788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (202) | 126666 | 96108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 4779 | 2148573 | 498525 |
|  Net gain (loss) on investments | 5894 | 2365462 | 831421 |
|  Net increase (decrease) in net assets from operations | 7496 | 2329404 | 869462 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 540 | 73286 | 9450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (4048) | (1231925) | (459333) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net |  | 2114814 | 378276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (467) | (25390) | (18998) |
|  Increase (decrease) in net assets from contract transactions | (3975) | 930785 | (90605) |
|  Total increase (decrease) in net assets | 3521 | 3260189 | 778857 |
|  Net assets as of December 31, 2025 | $81366 | $8144282 | $3938571 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Templeton Global<br>Bond VIP Fund** | **Templeton Growth<br>VIP Fund** | **Third Avenue<br>Value** |
|  Net assets as of December 31, 2023 | $765260 | $4227 | $76425 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions |  | 42 | 4708 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (4554) | (33) | (1199) |
|  Net investment income (loss) | (4554) | 9 | 3509 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  | 14 | 14397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (13997) | (661) | 383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (79399) | 670 | (32479) |
|  Net gain (loss) on investments | (93396) | 23 | (17699) |
|  Net increase (decrease) in net assets from operations | (97950) | 32 | (14190) |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 55736 |  | 33685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (73323) | (4262) | (4002) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 108032 | 8 | 109652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (2018) | (5) | (319) |
|  Increase (decrease) in net assets from contract transactions | 88427 | (4259) | 139016 |
|  Total increase (decrease) in net assets | (9523) | (4227) | 124826 |
|  Net assets as of December 31, 2024 | $755737 | $— | $201251 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions |  |  | 4558 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (5015) |  | (1131) |
|  Net investment income (loss) | (5015) |  | 3427 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  |  | 14796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (17679) |  | 1581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 143607 |  | 42245 |
|  Net gain (loss) on investments | 125928 |  | 58622 |
|  Net increase (decrease) in net assets from operations | 120913 |  | 62049 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 5325 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (42073) |  | (4877) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 1428 |  | (25579) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (1853) |  | (373) |
|  Increase (decrease) in net assets from contract transactions | (37173) |  | (30829) |
|  Total increase (decrease) in net assets | 83740 |  | 31220 |
|  Net assets as of December 31, 2025 | $839477 | $— | $232471 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **TOPS<sup>®</sup> Aggressive<br>Growth ETF** | **TOPS<sup>®</sup> Balanced<br>ETF** | **TOPS<sup>®</sup><br>Conservative ETF** |
|  Net assets as of December 31, 2023 | $42918 | $973011 | $786319 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 565 | 16467 | 21944 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (151) | (2459) | (2493) |
|  Net investment income (loss) | 414 | 14008 | 19451 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 470 | 4212 | 7281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 51 | 4526 | 514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 5628 | 37228 | 25146 |
|  Net gain (loss) on investments | 6149 | 45966 | 32941 |
|  Net increase (decrease) in net assets from operations | 6563 | 59974 | 52392 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  |  | 237454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (338) | (71377) | (31564) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 13665 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (121) | (1953) | (2724) |
|  Increase (decrease) in net assets from contract transactions | 13206 | (73330) | 203166 |
|  Total increase (decrease) in net assets | 19769 | (13356) | 255558 |
|  Net assets as of December 31, 2024 | $62687 | $959655 | $1041877 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 619 | 17389 | 23204 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (169) | (2435) | (2674) |
|  Net investment income (loss) | 450 | 14954 | 20530 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 953 | 10856 | 7019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 92 | 8506 | 2571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 10042 | 79058 | 66885 |
|  Net gain (loss) on investments | 11087 | 98420 | 76475 |
|  Net increase (decrease) in net assets from operations | 11537 | 113374 | 97005 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 6494 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (369) | (74189) | (41692) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (136) | (1946) | (2933) |
|  Increase (decrease) in net assets from contract transactions | 5989 | (76135) | (44625) |
|  Total increase (decrease) in net assets | 17526 | 37239 | 52380 |
|  Net assets as of December 31, 2025 | $80213 | $996894 | $1094257 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **TOPS<sup>®</sup> Growth<br>ETF** | **TOPS<sup>®</sup> Moderate<br>Growth ETF** | **VanEck VIP<br>Global Gold** |
|  Net assets as of December 31, 2023 | $396338 | $790527 | $356983 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 4243 | 20590 | 32261 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (1060) | (2678) | (3329) |
|  Net investment income (loss) | 3183 | 17912 | 28932 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 737 | 18062 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 612 | 1621 | 13026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 35784 | 34498 | (59281) |
|  Net gain (loss) on investments | 37133 | 54181 | (46255) |
|  Net increase (decrease) in net assets from operations | 40316 | 72093 | (17323) |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  | 578480 | 896041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (3533) | (8658) | (31479) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net |  | (701) | (146762) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (848) | (961) | (597) |
|  Increase (decrease) in net assets from contract transactions | (4381) | 568160 | 717203 |
|  Total increase (decrease) in net assets | 35935 | 640253 | 699880 |
|  Net assets as of December 31, 2024 | $432273 | $1430780 | $1056863 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 3994 | 22689 | 30996 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (1108) | (3778) | (12932) |
|  Net investment income (loss) | 2886 | 18911 | 18064 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 6353 | 24324 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 14369 | 3023 | 728786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 49213 | 160614 | 1033697 |
|  Net gain (loss) on investments | 69935 | 187961 | 1762483 |
|  Net increase (decrease) in net assets from operations | 72821 | 206872 | 1780547 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  |  | 117886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (61504) | (17520) | (130652) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net |  |  | (318736) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (887) | (1772) | (1352) |
|  Increase (decrease) in net assets from contract transactions | (62391) | (19292) | (332854) |
|  Total increase (decrease) in net assets | 10430 | 187580 | 1447693 |
|  Net assets as of December 31, 2025 | $442703 | $1618360 | $2504556 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **VanEck VIP<br>Global Resources** | **Vanguard<sup>®</sup> VIF<br>Balanced** | **Vanguard<sup>®</sup> VIF<br>Capital Growth** |
|  Net assets as of December 31, 2023 | $518297 | $3821044 | $1335928 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 14624 | 93798 | 27456 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (1911) | (18447) | (10264) |
|  Net investment income (loss) | 12713 | 75351 | 17192 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  | 202867 | 50185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (3974) | 9895 | 44121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (26616) | 399485 | 173113 |
|  Net gain (loss) on investments | (30590) | 612247 | 267419 |
|  Net increase (decrease) in net assets from operations | (17877) | 687598 | 284611 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  | 555261 | 994463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (7807) | (915363) | (80412) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 74977 | 2207486 | (234463) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (141) | (4803) | (1290) |
|  Increase (decrease) in net assets from contract transactions | 67029 | 1842581 | 678298 |
|  Total increase (decrease) in net assets | 49152 | 2530179 | 962909 |
|  Net assets as of December 31, 2024 | $567449 | $6351223 | $2298837 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 17249 | 150417 | 27788 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (1910) | (27292) | (10105) |
|  Net investment income (loss) | 15339 | 123125 | 17683 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  | 644282 | 119398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (655) | 64157 | 43054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 197138 | 603087 | 503344 |
|  Net gain (loss) on investments | 196483 | 1311526 | 665796 |
|  Net increase (decrease) in net assets from operations | 211822 | 1434651 | 683479 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 23097 | 4036082 | 859986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (33312) | (452500) | (181482) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 86481 | (1329972) | (318260) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (122) | (5669) | (1217) |
|  Increase (decrease) in net assets from contract transactions | 76144 | 2247941 | 359027 |
|  Total increase (decrease) in net assets | 287966 | 3682592 | 1042506 |
|  Net assets as of December 31, 2025 | $855415 | $10033815 | $3341343 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Vanguard<sup>®</sup> VIF<br>Conservative<br>Allocation** | **Vanguard<sup>®</sup> VIF<br>Diversified Value** | **Vanguard<sup>®</sup> VIF<br>Equity Income** |
|  Net assets as of December 31, 2023 | $6285486 | $1769036 | $3442100 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 193502 | 32738 | 106383 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (55176) | (8753) | (13125) |
|  Net investment income (loss) | 138326 | 23985 | 93258 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 164014 | 118329 | 224262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (27928) | 31793 | 39029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 232258 | 108501 | 165502 |
|  Net gain (loss) on investments | 368344 | 258623 | 428793 |
|  Net increase (decrease) in net assets from operations | 506670 | 282608 | 522051 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 1383809 | 574344 | 135106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (727677) | (360152) | (212390) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 677056 | 207890 | (269796) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (8029) | (1290) | (2712) |
|  Increase (decrease) in net assets from contract transactions | 1325159 | 420792 | (349792) |
|  Total increase (decrease) in net assets | 1831829 | 703400 | 172259 |
|  Net assets as of December 31, 2024 | $8117315 | $2472436 | $3614359 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 198622 | 39386 | 96345 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (41991) | (10018) | (13534) |
|  Net investment income (loss) | 156631 | 29368 | 82811 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 232671 | 205950 | 292867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (101687) | 4646 | 69826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 542007 | 180334 | 140202 |
|  Net gain (loss) on investments | 672991 | 390930 | 502895 |
|  Net increase (decrease) in net assets from operations | 829622 | 420298 | 585706 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  | 249520 | 73333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (1957430) | (94362) | (244318) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 2128 | (7) | (295976) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (6988) | (1471) | (2981) |
|  Increase (decrease) in net assets from contract transactions | (1962290) | 153680 | (469942) |
|  Total increase (decrease) in net assets | (1132668) | 573978 | 115764 |
|  Net assets as of December 31, 2025 | $6984647 | $3046414 | $3730123 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Vanguard<sup>®</sup> VIF<br>Equity Index** | **Vanguard<sup>®</sup> VIF<br>Global Bond Index** | **Vanguard<sup>®</sup> VIF<br>Growth** |
|  Net assets as of December 31, 2023 | $11949221 | $1215698 | $2679715 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 146165 | 75201 | 9131 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (34249) | (6664) | (10345) |
|  Net investment income (loss) | 111916 | 68537 | (1214) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 417877 | 2799 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 502025 | (1870) | 11158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 1487709 | 342 | 894149 |
|  Net gain (loss) on investments | 2407611 | 1271 | 905307 |
|  Net increase (decrease) in net assets from operations | 2519527 | 69808 | 904093 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 713582 | 1670781 | 172328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (2452466) | (37461) | (86655) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (344565) | 3621 | 30802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (6347) | (776) | (2251) |
|  Increase (decrease) in net assets from contract transactions | (2089796) | 1636165 | 114224 |
|  Total increase (decrease) in net assets | 429731 | 1705973 | 1018317 |
|  Net assets as of December 31, 2024 | $12378952 | $2921671 | $3698032 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 137554 | 90114 | 8283 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (41611) | (7413) | (12085) |
|  Net investment income (loss) | 95943 | 82701 | (3802) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 265043 | 5494 | 224169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 156577 | (16263) | 122636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 1984364 | 81179 | 352403 |
|  Net gain (loss) on investments | 2405984 | 70410 | 699208 |
|  Net increase (decrease) in net assets from operations | 2501927 | 153111 | 695406 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 2580288 | 535733 | 1037539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (505360) | (519604) | (128729) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 1963461 | 195717 | (247759) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (6945) | (987) | (2563) |
|  Increase (decrease) in net assets from contract transactions | 4031444 | 210859 | 658488 |
|  Total increase (decrease) in net assets | 6533371 | 363970 | 1353894 |
|  Net assets as of December 31, 2025 | $18912323 | $3285641 | $5051926 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Vanguard<sup>®</sup> VIF<br>High Yield Bond** | **Vanguard<sup>®</sup> VIF<br>International** | **Vanguard<sup>®</sup> VIF<br>Mid-Cap Index** |
|  Net assets as of December 31, 2023 | $1302723 | $4874327 | $5294468 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 99929 | 56916 | 76811 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (4776) | (12924) | (34578) |
|  Net investment income (loss) | 95153 | 43992 | 42233 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  | 150666 | 64015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (9320) | (271683) | 62852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 15295 | 453972 | 601776 |
|  Net gain (loss) on investments | 5975 | 332955 | 728643 |
|  Net increase (decrease) in net assets from operations | 101128 | 376947 | 770876 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 596454 | 280723 | 618230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (74196) | (430297) | (363588) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (147599) | (226957) | (308489) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (994) | (3490) | (4998) |
|  Increase (decrease) in net assets from contract transactions | 373665 | (380021) | (58845) |
|  Total increase (decrease) in net assets | 474793 | (3074) | 712031 |
|  Net assets as of December 31, 2024 | $1777516 | $4871253 | $6006499 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 128956 | 44906 | 77378 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (5427) | (15304) | (38040) |
|  Net investment income (loss) | 123529 | 29602 | 39338 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  | 302659 | 308263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (7077) | (79865) | 68514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 59581 | 712667 | 219734 |
|  Net gain (loss) on investments | 52504 | 935461 | 596511 |
|  Net increase (decrease) in net assets from operations | 176033 | 965063 | 635849 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 832322 | 685496 | 810082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (177278) | (293548) | (336282) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 43794 | 234014 | 84110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (1305) | (3525) | (5405) |
|  Increase (decrease) in net assets from contract transactions | 697533 | 622437 | 552505 |
|  Total increase (decrease) in net assets | 873566 | 1587500 | 1188354 |
|  Net assets as of December 31, 2025 | $2651082 | $6458753 | $7194853 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Vanguard<sup>®</sup> VIF<br>Moderate<br>Allocation** | **Vanguard<sup>®</sup> VIF<br>Real Estate Index** | **Vanguard<sup>®</sup> VIF<br>Short Term<br>Investment Grade** |
|  Net assets as of December 31, 2023 | $13307614 | $2093474 | $8728664 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 351748 | 69301 | 284249 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (56160) | (6907) | (26550) |
|  Net investment income (loss) | 295588 | 62394 | 257699 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 286010 | 58463 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 83293 | (19514) | (18008) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 754592 | 19153 | 211297 |
|  Net gain (loss) on investments | 1123895 | 58102 | 193289 |
|  Net increase (decrease) in net assets from operations | 1419483 | 120496 | 450988 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 1392387 | 420272 | 3129248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (843197) | (118559) | (1306434) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (131852) | (41074) | (445000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (17759) | (1795) | (6415) |
|  Increase (decrease) in net assets from contract transactions | 399579 | 258844 | 1371399 |
|  Total increase (decrease) in net assets | 1819062 | 379340 | 1822387 |
|  Net assets as of December 31, 2024 | $15126676 | $2472814 | $10551051 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 396276 | 63833 | 419823 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (61845) | (6871) | (28575) |
|  Net investment income (loss) | 334431 | 56962 | 391248 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 665709 | 40872 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 130784 | (32483) | 30698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 1343941 | 7257 | 256447 |
|  Net gain (loss) on investments | 2140434 | 15646 | 287145 |
|  Net increase (decrease) in net assets from operations | 2474865 | 72608 | 678393 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 1756035 | 260370 | 473642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (474061) | (171751) | (585593) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (459369) | 105074 | 627550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (17103) | (1763) | (7044) |
|  Increase (decrease) in net assets from contract transactions | 805502 | 191930 | 508555 |
|  Total increase (decrease) in net assets | 3280367 | 264538 | 1186948 |
|  Net assets as of December 31, 2025 | $18407043 | $2737352 | $11737999 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Vanguard<sup>®</sup> VIF<br>Small Company<br>Growth (d)** | **Vanguard<sup>®</sup> VIF<br>Total Bond Market<br>Index** | **Vanguard<sup>®</sup> VIF<br>Total International<br>Stock Market<br>Index** |
|  Net assets as of December 31, 2023 | $230648 | $17650757 | $10949848 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 970 | 504542 | 349888 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (487) | (59435) | (32012) |
|  Net investment income (loss) | 483 | 445107 | 317876 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  |  | 59387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (5313) | (196836) | 29325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 26079 | (39329) | 143602 |
|  Net gain (loss) on investments | 20766 | (236165) | 232314 |
|  Net increase (decrease) in net assets from operations | 21249 | 208942 | 550190 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  | 4951632 | 2331011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (4636) | (2197547) | (1294694) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (58732) | 416642 | (3148) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (234) | (11105) | (4561) |
|  Increase (decrease) in net assets from contract transactions | (63602) | 3159622 | 1028608 |
|  Total increase (decrease) in net assets | (42353) | 3368564 | 1578798 |
|  Net assets as of December 31, 2024 | $188295 | $21019321 | $12528646 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 879 | 768529 | 381487 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (496) | (71014) | (37515) |
|  Net investment income (loss) | 383 | 697515 | 343972 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 12501 |  | 232559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (995) | (90663) | 241877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 3048 | 959365 | 3140849 |
|  Net gain (loss) on investments | 14554 | 868702 | 3615285 |
|  Net increase (decrease) in net assets from operations | 14937 | 1566217 | 3959257 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 13482 | 3149959 | 2422707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (4546) | (2064990) | (892111) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 1173 | 3417048 | (707202) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (218) | (12166) | (5414) |
|  Increase (decrease) in net assets from contract transactions | 9891 | 4489851 | 817980 |
|  Total increase (decrease) in net assets | 24828 | 6056068 | 4777237 |
|  Net assets as of December 31, 2025 | $213123 | $27075389 | $17305883 |

---

(d) Closed to new investments. See Note 1.

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Vanguard<sup>®</sup> VIF<br>Total Stock Market<br>Index** | **Victory Pioneer<br>Bond VCT<br>Portfolio (b)** | **Victory Pioneer<br>Equity Income<br>VCT Portfolio (b)** |
|  Net assets as of December 31, 2023 | $23045885 | $132477 | $14661 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 353107 | 3870 | 303 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (98786) | (236) | (196) |
|  Net investment income (loss) | 254321 | 3634 | 107 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 1935868 |  | 2814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 270439 | (8105) | (65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 3908429 | 5830 | (1452) |
|  Net gain (loss) on investments | 6114736 | (2275) | 1297 |
|  Net increase (decrease) in net assets from operations | 6369057 | 1359 | 1404 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 9782955 | 21917 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (1886980) | (1968) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 1129896 | (81283) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (14335) | (96) | (31) |
|  Increase (decrease) in net assets from contract transactions | 9011536 | (61430) | (31) |
|  Total increase (decrease) in net assets | 15380593 | (60071) | 1373 |
|  Net assets as of December 31, 2024 | $38426478 | $72406 | $16034 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 460517 | 3186 | 333 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (123629) | (187) | (208) |
|  Net investment income (loss) | 336888 | 2999 | 125 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 2149802 |  | 2389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 436237 | (105) | (86) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 3581308 | 3278 | (866) |
|  Net gain (loss) on investments | 6167347 | 3173 | 1437 |
|  Net increase (decrease) in net assets from operations | 6504235 | 6172 | 1562 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 5707657 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (2276275) | (2098) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 142832 | 3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (16085) | (63) | (35) |
|  Increase (decrease) in net assets from contract transactions | 3558129 | (2158) | (35) |
|  Total increase (decrease) in net assets | 10062364 | 4014 | 1527 |
|  Net assets as of December 31, 2025 | $48488842 | $76420 | $17561 |

---

(b) Name change. See Note 1.

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Victory Pioneer<br>High Yield VCT<br>Portfolio (b)** | **Victory Pioneer<br>Strategic Income<br>Fund (b)** | **Victory Pioneer<br>Strategic Income<br>VCT Portfolio (b)** |
|  Net assets as of December 31, 2023 | $26484 | $68848 | $287112 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 1832 | 3429 | 23761 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (138) | (624) | (2846) |
|  Net investment income (loss) | 1694 | 2805 | 20915 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (6) | (1013) | (6352) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 515 | 763 | 10172 |
|  Net gain (loss) on investments | 509 | (250) | 3820 |
|  Net increase (decrease) in net assets from operations | 2203 | 2555 | 24735 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  | 1736 | 142979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (59) | (9829) | (20568) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 34996 | (686) | 348000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (11) | (248) | (390) |
|  Increase (decrease) in net assets from contract transactions | 34926 | (9027) | 470021 |
|  Total increase (decrease) in net assets | 37129 | (6472) | 494756 |
|  Net assets as of December 31, 2024 | $63613 | $62376 | $781868 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 3456 | 4347 | 35754 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (444) | (799) | (3654) |
|  Net investment income (loss) | 3012 | 3548 | 32100 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (2738) | (837) | 2105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 786 | 4854 | 46126 |
|  Net gain (loss) on investments | (1952) | 4017 | 48231 |
|  Net increase (decrease) in net assets from operations | 1060 | 7565 | 80331 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  | 1727 | 36932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (431) | (1674) | (11620) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (33326) | 21215 | (34303) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (59) | (320) | (387) |
|  Increase (decrease) in net assets from contract transactions | (33816) | 20948 | (9378) |
|  Total increase (decrease) in net assets | (32756) | 28513 | 70953 |
|  Net assets as of December 31, 2025 | $30857 | $90889 | $852821 |

---

(b) Name change. See Note 1.

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Victory RS<br>Partners (d)** | **Victory RS Science<br>and Technology** | **Victory RS Value** |
|  Net assets as of December 31, 2023 | $482425 | $711607 | $1752623 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 2378 |  | 7388 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (4566) | (7053) | (16580) |
|  Net investment income (loss) | (2188) | (7053) | (9192) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 26139 |  | 155479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 338 | (5448) | 2737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 40899 | 227747 | 48170 |
|  Net gain (loss) on investments | 67376 | 222299 | 206386 |
|  Net increase (decrease) in net assets from operations | 65188 | 215246 | 197194 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 1411 | 19612 | 27271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (26262) | (92168) | (207744) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (3922) | 543 | 28395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (1163) | (1114) | (5965) |
|  Increase (decrease) in net assets from contract transactions | (29936) | (73127) | (158043) |
|  Total increase (decrease) in net assets | 35252 | 142119 | 39151 |
|  Net assets as of December 31, 2024 | $517677 | $853726 | $1791774 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 2730 |  | 10715 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (4307) | (7686) | (15385) |
|  Net investment income (loss) | (1577) | (7686) | (4670) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 21004 | 21567 | 123155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments |  | 9150 | (16184) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (13608) | 116046 | (43819) |
|  Net gain (loss) on investments | 7396 | 146763 | 63152 |
|  Net increase (decrease) in net assets from operations | 5819 | 139077 | 58482 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 1411 | 22402 | 37049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (65471) | (60943) | (251443) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (4296) | (11286) | 8284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (1059) | (1090) | (6262) |
|  Increase (decrease) in net assets from contract transactions | (69415) | (50917) | (212372) |
|  Total increase (decrease) in net assets | (63596) | 88160 | (153890) |
|  Net assets as of December 31, 2025 | $454081 | $941886 | $1637884 |

---

(d) Closed to new investments. See Note 1.

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Virtus Ceredex<br>Mid Cap Value<br>Equity** | **Virtus Duff &<br>Phelps Real Estate<br>Securities Series** | **Virtus KAR Small-**<br>**Cap Growth Series** |
|  Net assets as of December 31, 2023 | $151417 | $349118 | $1566755 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 1176 | 7664 |  |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (1368) | (2042) | (13969) |
|  Net investment income (loss) | (192) | 5622 | (13969) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 9482 | 4868 | 112915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (18) | 386 | (21941) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 3350 | 21766 | 38697 |
|  Net gain (loss) on investments | 12814 | 27020 | 129671 |
|  Net increase (decrease) in net assets from operations | 12622 | 32642 | 115702 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 3945 | 11612 | 2943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (22777) | (6031) | (232526) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (32) | 77370 | (55575) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (640) | (186) | (1519) |
|  Increase (decrease) in net assets from contract transactions | (19504) | 82765 | (286677) |
|  Total increase (decrease) in net assets | (6882) | 115407 | (170975) |
|  Net assets as of December 31, 2024 | $144535 | $464525 | $1395780 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 1184 | 11441 |  |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (1190) | (2713) | (10931) |
|  Net investment income (loss) | (6) | 8728 | (10931) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 19717 | 1895 | 243017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (4556) | 7148 | (139225) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 590 | (15527) | (391009) |
|  Net gain (loss) on investments | 15751 | (6484) | (287217) |
|  Net increase (decrease) in net assets from operations | 15745 | 2244 | (298148) |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 3212 | 5099 | 5188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (1234) | (10769) | (88438) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (23758) | (34643) | (101287) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (449) | (265) | (1167) |
|  Increase (decrease) in net assets from contract transactions | (22229) | (40578) | (185704) |
|  Total increase (decrease) in net assets | (6484) | (38334) | (483852) |
|  Net assets as of December 31, 2025 | $138051 | $426191 | $911928 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Virtus Newfleet<br>Multi-Sector<br>Intermediate Bond<br>Series** | **Virtus SGA<br>International<br>Growth Series** | **Virtus Tactical<br>Allocation Series** |
|  Net assets as of December 31, 2023 | $143587 | $351942 | $283692 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 17723 | 690 | 6346 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (1077) | (919) | (1412) |
|  Net investment income (loss) | 16646 | (229) | 4934 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  | 593 | 28803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (298) | 101 | (6546) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (235) | (20900) | 11348 |
|  Net gain (loss) on investments | (533) | (20206) | 33605 |
|  Net increase (decrease) in net assets from operations | 16113 | (20435) | 38539 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (8785) | (6971) | (46504) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 170583 | 7525 | 11026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (597) | (410) | (138) |
|  Increase (decrease) in net assets from contract transactions | 161201 | 144 | (35616) |
|  Total increase (decrease) in net assets | 177314 | (20291) | 2923 |
|  Net assets as of December 31, 2024 | $320901 | $331651 | $286615 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 17185 | 625 | 6340 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (1178) | (930) | (1033) |
|  Net investment income (loss) | 16007 | (305) | 5307 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  | 11401 | 36840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 88 | 257 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 6787 | 18188 | (23811) |
|  Net gain (loss) on investments | 6875 | 29846 | 13112 |
|  Net increase (decrease) in net assets from operations | 22882 | 29541 | 18419 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (10978) | (6826) | (262) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (1898) | (92) | (1744) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (674) | (415) | (71) |
|  Increase (decrease) in net assets from contract transactions | (13550) | (7333) | (2077) |
|  Total increase (decrease) in net assets | 9332 | 22208 | 16342 |
|  Net assets as of December 31, 2025 | $330233 | $353859 | $302957 |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Voya MidCap<br>Opportunities<br>Portfolio** | **VY CBRE Global<br>Real Estate<br>Portfolio** | **VY CBRE Real<br>Estate Portfolio** |
|  Net assets as of December 31, 2023 | $225751 | $175435 | $— |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions |  | 6976 | 762 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (812) | (554) | (162) |
|  Net investment income (loss) | (812) | 6422 | 600 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (22788) | (597) | 2362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 53519 | (3391) |  |
|  Net gain (loss) on investments | 30731 | (3988) | 2362 |
|  Net increase (decrease) in net assets from operations | 29919 | 2434 | 2962 |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  | 83227 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (12371) | (2834) | (151) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (24759) | 3 | (2785) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (262) | (3) | (26) |
|  Increase (decrease) in net assets from contract transactions | (37392) | 80393 | (2962) |
|  Total increase (decrease) in net assets | (7473) | 82827 |  |
|  Net assets as of December 31, 2024 | $218278 | $258262 | $— |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions |  | 6252 |  |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (746) | (654) |  |
|  Net investment income (loss) | (746) | 5598 |  |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 23997 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (26952) | (958) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 12062 | 10496 |  |
|  Net gain (loss) on investments | 9107 | 9538 |  |
|  Net increase (decrease) in net assets from operations | 8361 | 15136 |  |
|  Contract owner transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (2820) | (7353) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (66870) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (270) | (14) |  |
|  Increase (decrease) in net assets from contract transactions | (69960) | (7367) |  |
|  Total increase (decrease) in net assets | (61599) | 7769 |  |
|  Net assets as of December 31, 2025 | $156679 | $266031 | $— |

---

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

------

SBL Variable Annuity Account XIV

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | |
|:---|:---|
|  | **Western Asset<br>Variable Global<br>High Yield Bond** |
|  Net assets as of December 31, 2023 | $1284834 |
|  Investment income (loss): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 61329 |
|  Investment Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (8956) |
|  Net investment income (loss) | 52373 |
|  Increase (decrease) in net assets from operations: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (50734) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 62616 |
|  Net gain (loss) on investments | 11882 |
|  Net increase (decrease) in net assets from operations | 64255 |
|  Contract owner transactions: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 4707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (123173) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | (196720) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (3314) |
|  Increase (decrease) in net assets from contract transactions | (318500) |
|  Total increase (decrease) in net assets | (254245) |
|  Net assets as of December 31, 2024 | $1030589 |
|  Investment income (loss): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 65375 |
|  Investment Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (9224) |
|  Net investment income (loss) | 56151 |
|  Increase (decrease) in net assets from operations: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | (10293) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 50855 |
|  Net gain (loss) on investments | 40562 |
|  Net increase (decrease) in net assets from operations | 96713 |
|  Contract owner transactions: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable annuity deposits | 13183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terminations, withdrawals and annuity payments | (146637) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 73054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (3357) |
|  Increase (decrease) in net assets from contract transactions | (63757) |
|  Total increase (decrease) in net assets | 32956 |
|  Net assets as of December 31, 2025 | $1063545 |

---

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

------

SBL Variable Annuity Account XIV

Notes to Financial Statements

December 31, 2025

1. Organization and Significant Accounting Policies

SBL Variable Annuity Account XIV (the Account) is a deferred variable annuity contract offered by Security Benefit Life Insurance Company (SBL). The Account is an investment company as defined by Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 946. The Account follows the accounting guidance as outlined in ASC 946. Purchase payments for AdvanceDesigns, AdvisorDesigns, EliteDesigns, EliteDesigns II, Security Benefit Advisor, SecureDesigns, and Valuebuilder are allocated to one or more of the subaccounts that comprise the Account. The Account is registered as a unit investment trust under the Investment Company Act of 1940, as amended. As directed by the owners, amounts directed to each subaccount are invested in a designated mutual fund as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Subaccount/Mutual Fund** | **Class** | **Investment Adviser** | **Sub-Adviser** |
|  AB VPS Discovery Value Portfolio | B | AllianceBernstein LP | —  |
|  AB VPS Dynamic Asset Allocation | B | AllianceBernstein LP | —  |
|  AB VPS Relative Value Portfolio | B | AllianceBernstein LP | —  |
|  AB VPS Sustainable Global Thematic Growth | B | AllianceBernstein LP | —  |
|  AFIS Capital World Growth and Income | Class 4 | Capital Research and Management Company | —  |
|  AFIS U.S. Government Securities | Class 4 | Capital Research and Management Company | —  |
|  AFIS Washington Mutual Investors | Class 4 | Capital Research and Management Company | —  |
|  Alger Capital Appreciation | Class S | Fred Alger Management, LLC | —  |
|  Alger Large Cap Growth | Class I-2 | Fred Alger Management, LLC | —  |
|  Allspring Growth | A | Allspring Funds Management LLC | Allspring Global Investments, LLC |
|  Allspring Large Cap Core | A | Allspring Funds Management LLC | Allspring Global Investments, LLC |
|  Allspring Opportunity | A | Allspring Funds Management LLC | Allspring Global Investments, LLC |
|  Allspring Opportunity VT | 2 | Allspring Funds Management LLC | Allspring Global Investments, LLC |
|  Allspring Small Company Value | A | Allspring Funds Management LLC | Allspring Global Investments, LLC |
|  Allspring VT Discovery All Cap Growth Fund | 2 | Allspring Funds Management LLC | Allspring Global Investments, LLC |
|  ALPS/Alerian Energy Infrastructure | Class III | ALPS Advisors Inc | —  |
|  American Century Diversified Bond | A | American Century Investment Management, Inc | —  |
|  American Century Equity Income | A | American Century Investment Management, Inc | —  |
|  American Century Heritage | A | American Century Investment Management, Inc | —  |
|  American Century International Growth | A | American Century Investment Management, Inc | —  |
|  American Century Select | A | American Century Investment Management, Inc | —  |
|  American Century Strategic Allocation: Aggressive | A | American Century Investment Management, Inc | —  |
|  American Century Strategic Allocation: Conservative | A | American Century Investment Management, Inc | —  |
|  American Century Strategic Allocation: Moderate | A | American Century Investment Management, Inc | —  |
|  American Century Ultra<sup>®</sup> | A | American Century Investment Management, Inc | —  |
|  American Funds IS<sup>®</sup> Asset Allocation | Class 4 | Capital Research and Management Company | —  |
|  American Funds IS<sup>®</sup> Capital World Bond | Class 4 | Capital Research and Management Company | —  |
|  American Funds IS<sup>®</sup> Global Growth | Class 4 | Capital Research and Management Company | —  |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

1. Organization and Significant Accounting Policies (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Subaccount/Mutual Fund** | **Class** | **Investment Adviser** | **Sub-Adviser** |
|  American Funds IS<sup>®</sup> Global Small Capitalization | Class 4 | Capital Research and Management Company | —  |
|  American Funds IS<sup>®</sup> Growth | Class 4 | Capital Research and Management Company | —  |
|  American Funds IS<sup>®</sup> Growth-Income | Class 4 | Capital Research and Management Company | —  |
|  American Funds IS<sup>®</sup> International | Class 4 | Capital Research and Management Company | —  |
|  American Funds IS<sup>®</sup> International Growth and Income | Class 4 | Capital Research and Management Company | —  |
|  American Funds IS<sup>®</sup> Mortgage | Class 4 | Capital Research and Management Company | —  |
|  American Funds IS<sup>®</sup> New World | Class 4 | Capital Research and Management Company | —  |
|  AMG River Road Mid Cap Value | N | AMG Funds LLC | River Road Asset Management, LLC |
|  Ariel<sup>®</sup> |  | Ariel Investments, LLC | —  |
|  Baron Asset | Retail | BAMCO Inc | —  |
|  BlackRock Advantage Large Cap Core V.I. | Class 3 | BlackRock Advisors LLC | —  |
|  BlackRock Advantage Small Cap Growth | A | BlackRock Advisors LLC | —  |
|  BlackRock Basic Value V.I. | Class 3 | BlackRock Advisors LLC | —  |
|  BlackRock Capital Appreciation V.I. | Class 3 | BlackRock Advisors LLC | —  |
|  BlackRock Equity Dividend | A | BlackRock Advisors LLC | —  |
|  BlackRock Equity Dividend V.I. | Class 3 | BlackRock Advisors LLC | —  |
|  BlackRock Global Allocation | A | BlackRock Advisors LLC | BlackRock (Singapore) Ltd |
|  BlackRock Global Allocation V.I. | Class 3 | BlackRock Advisors LLC | BlackRock (Singapore) Ltd |
|  BlackRock High Yield V.I. | Class 3 | BlackRock Advisors LLC | BlackRock International Ltd |
|  BlackRock Large Cap Focus Growth V.I. | Class 3 | BlackRock Advisors LLC | —  |
|  BNY Mellon Appreciation | Investor | BNY Mellon Investment Adviser, Inc | Fayez Sarofim & Company |
|  BNY Mellon Dynamic Value | A | BNY Mellon Investment Adviser, Inc | Newton Investment Management North America, LLC |
|  BNY Mellon IP MidCap Stock | Service | BNY Mellon Investment Adviser, Inc | Newton Investment Management North America, LLC |
|  BNY Mellon IP Small Cap Stock Index | Service | BNY Mellon Investment Adviser, Inc | —  |
|  BNY Mellon IP Technology Growth | Service | BNY Mellon Investment Adviser, Inc | Newton Investment Management North America, LLC |
|  BNY Mellon Midcap Value Fund | Class A | BNY Mellon Investment Adviser, Inc | Newton Investment Management North America, LLC |
|  BNY Mellon Stock Index | Service | BNY Mellon Investment Adviser, Inc | Mellon Investments Corporation |
|  BNY Mellon VIF Appreciation | Service | BNY Mellon Investment Adviser, Inc | Fayez Sarofim & Company |
|  Calamos<sup>®</sup> Growth | A | Calamos Advisors LLC | —  |
|  Calamos<sup>®</sup> Growth and Income | A | Calamos Advisors LLC | —  |
|  Calamos<sup>®</sup> High Income Opportunities | A | Calamos Advisors LLC | —  |
|  ClearBridge Small Cap Growth | A | Legg Mason Partners Fund Advisor, LLC | ClearBridge Investments, LLC |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

1. Organization and Significant Accounting Policies (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Subaccount/Mutual Fund** | **Class** | **Investment Adviser** | **Sub-Adviser** |
|  ClearBridge Variable Growth | Class II | Legg Mason Partners Fund Advisor, LLC | ClearBridge Investments, LLC |
|  ClearBridge Variable Small Cap Growth | Class I | Legg Mason Partners Fund Advisor, LLC | ClearBridge Investments, LLC |
|  Dimensional VA Equity Allocation | Inst Class | Dimensional Fund Advisors LP | Dimensional Fund Advisors Ltd DFA Australia Ltd |
|  Dimensional VA Global Bond Portfolio | Inst Class | Dimensional Fund Advisors LP | Dimensional Fund Advisors Ltd<br> DFA Australia Ltd |
|  Dimensional VA Global Moderate Allocation | Inst Class | Dimensional Fund Advisors LP | —  |
|  Dimensional VA International Small Portfolio | Inst Class | Dimensional Fund Advisors LP | Dimensional Fund Advisors Ltd<br> DFA Australia Ltd |
|  Dimensional VA International Value Portfolio | Inst Class | Dimensional Fund Advisors LP | Dimensional Fund Advisors Ltd<br> DFA Australia Ltd |
|  Dimensional VA Short-Term Fixed Portfolio | Inst Class | Dimensional Fund Advisors LP | Dimensional Fund Advisors Ltd<br> DFA Australia Ltd |
|  Dimensional VA U.S. Large Value Portfolio | Inst Class | Dimensional Fund Advisors LP | —  |
|  Dimensional VA U.S. Targeted Value Portfolio | Inst Class | Dimensional Fund Advisors LP | —  |
|  Donoghue Forlines Dividend VIT Fund | 1 | Donoghue Forlines, LLC | —  |
|  Donoghue Forlines Momentum VIT Fund | 1 | Donoghue Forlines, LLC | —  |
|  DWS Small Mid Cap Value VIP | B | DWS Investment Management Americas, Inc | —  |
|  Eaton Vance VT Floating-Rate Income |  | Eaton Vance Management | —  |
|  Federated Hermes Corporate Bond | A | Federated Investment Management Company | —  |
|  Federated Hermes Fund for U.S. Government Securities II | Primary | Federated Investment Management Company | —  |
|  Federated Hermes High Income Bond II | Service | Federated Investment Management Company | —  |
|  Fidelity<sup>®</sup> Advisor Dividend Growth | Class M-1 | Fidelity Management & Research Company LLC | FMR Investment Management (UK) Ltd<br> Fidelity Management & Research (Japan) Ltd<br> Fidelity Management & Research (HK) Ltd |
|  Fidelity<sup>®</sup> Advisor Dividend Growth | Class M-2 | Fidelity Management & Research Company LLC | FMR Investment Management (UK) Ltd<br> Fidelity Management & Research (Japan) Ltd<br> Fidelity Management & Research (HK) Ltd |
|  Fidelity<sup>®</sup> Advisor International Capital Appreciation | Class M | Fidelity Management & Research Company LLC | FMR Investment Management (UK) Ltd<br> Fidelity Management & Research (Japan) Ltd<br> FIL Investments (Japan) Ltd<br> Fil Investment Advisors<br> FIL Investment Advisors (UK) Ltd<br> Fidelity Management & Research (UK) Ltd |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

1. Organization and Significant Accounting Policies (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Subaccount/Mutual Fund** | **Class** | **Investment Adviser** | **Sub-Adviser** |
|  Fidelity<sup>®</sup> Advisor Leveraged Company Stock | Class M | Fidelity Management & Research Company LLC | FMR Investment Management (UK) Ltd<br> Fidelity Management & Research (Japan) Ltd<br> Fidelity Management & Research (HK) Ltd |
|  Fidelity<sup>®</sup> Advisor New Insights | Class M | Fidelity Management & Research Company LLC | FMR Investment Management (UK) Ltd<br> Fidelity Management & Research (Japan) Ltd<br> Fidelity Management & Research (HK) Ltd |
|  Fidelity<sup>®</sup> Advisor Real Estate | Class M | Fidelity Management & Research Company LLC | FMR Investment Management (UK) Ltd<br> Fidelity Management & Research (Japan) Ltd<br> Fidelity Management & Research (HK) Ltd |
|  Fidelity<sup>®</sup> Advisor Stock Selector Mid Cap | Class M | Fidelity Management & Research Company LLC | FMR Investment Management (UK) Ltd<br> Fidelity Management & Research (Japan) Ltd<br> Fidelity Management & Research (HK) Ltd |
|  Fidelity<sup>®</sup> Advisor Value Strategies | Class M | Fidelity Management & Research Company LLC | FMR Investment Management (UK) Ltd<br> Fidelity Management & Research (Japan) Ltd<br> Fidelity Management & Research (HK) Ltd |
|  Fidelity<sup>®</sup> VIP Balanced | Service Class 2 | Fidelity Management & Research Company LLC | FMR Investment Management (UK) Ltd<br> Fidelity Management & Research (Japan) Ltd<br> Fidelity Management & Research (HK) Ltd |
|  Fidelity<sup>®</sup> VIP Contrafund | Service Class 2 | Fidelity Management & Research Company LLC | FMR Investment Management (UK) Ltd<br> Fidelity Management & Research (Japan) Ltd<br> Fidelity Management & Research (HK) Ltd |
|  Fidelity<sup>®</sup> VIP Disciplined Small Cap | Service Class 2 | Fidelity Management & Research Company LLC | Geode Capital Management, LLC |
|  Fidelity<sup>®</sup> VIP Emerging Markets | Service Class 2 | Fidelity Management & Research Company LLC | FMR Investment Management (UK) Ltd<br> Fidelity Management & Research (Japan) Ltd<br> FIL Investments (Japan) Ltd<br> Fil Investment Advisors<br> FIL Investment Advisors (UK) Ltd<br> Fidelity Management & Research (UK) Ltd |
|  Fidelity<sup>®</sup> VIP Equity-Income | Service Class 2 | Fidelity Management & Research Company LLC | Fidelity Management & Research (UK) Ltd<br> Fidelity Management & Research (Japan) Ltd<br> Fidelity Management & Research (HK) Ltd<br> FMR Co., Inc (FMRC) |
|  Fidelity<sup>®</sup> VIP Growth & Income | Service Class 2 | Fidelity Management & Research Company LLC | Fidelity Management & Research (UK) Ltd<br> Fidelity Management & Research (Japan) Ltd<br> Fidelity Management & Research (HK) Ltd<br> FMR Co., Inc (FMRC) |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

1. Organization and Significant Accounting Policies (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Subaccount/Mutual Fund** | **Class** | **Investment Adviser** | **Sub-Adviser** |
|  Fidelity<sup>®</sup> VIP Growth Opportunities | Service Class 2 | Fidelity Management & Research Company LLC | FMR Investment Management (UK) Ltd<br> Fidelity Management & Research (Japan) Ltd<br> Fidelity Management & Research (HK) Ltd |
|  Fidelity<sup>®</sup> VIP High Income | Service Class 2 | Fidelity Management & Research Company LLC | FMR Investment Management (UK) Ltd<br> Fidelity Management & Research (Japan) Ltd<br> Fidelity Management & Research (HK) Ltd |
|  Fidelity<sup>®</sup> VIP Index 500 | Service Class 2 | Fidelity Management & Research Company LLC | Geode Capital Management, LLC |
|  Fidelity<sup>®</sup> VIP Investment Grade Bond | Service Class 2 | Fidelity Management & Research Company LLC | FMR Investment Management (UK) Ltd<br> Fidelity Management & Research (Japan) Ltd<br> Fidelity Management & Research (HK) Ltd |
|  Fidelity<sup>®</sup> VIP Mid Cap | Service Class 2 | Fidelity Management & Research Company LLC | FMR Investment Management (UK) Ltd<br> Fidelity Management & Research (Japan) Ltd<br> Fidelity Management & Research (HK) Ltd |
|  Fidelity<sup>®</sup> VIP Overseas | Service Class 2 | Fidelity Management & Research Company LLC | FMR Investment Management (UK) Ltd<br> Fidelity Management & Research (Japan) Ltd<br> FIL Investments (Japan) Ltd<br> Fil Investment Advisors<br> Fidelity Management & Research (HK) Ltd<br> FIL Investment Advisors (UK) Ltd |
|  Fidelity<sup>®</sup> VIP Real Estate | Service Class 2 | Fidelity Management & Research Company LLC | FMR Investment Management (UK) Ltd<br> Fidelity Management & Research (Japan) Ltd<br> Fidelity Management & Research (HK) Ltd |
|  Fidelity<sup>®</sup> VIP Strategic Income | Service Class 2 | Fidelity Management & Research Company LLC | FMR Investment Management (UK) Ltd<br> Fidelity Management & Research (Japan) Ltd<br> FIL Investments (Japan) Ltd<br> Fil Investment Advisors<br> FIL Investment Advisors (UK) Ltd<br> Fidelity Management & Research (UK) Ltd |
|  Franklin Allocation VIP Fund | Class 4 | Franklin Advisers, Inc | Templeton Global Advisors Ltd<br> Franklin Templeton Institutional, LLC |
|  Franklin DynaTech VIP | Class 2 | Franklin Advisers, Inc | —  |
|  Franklin Growth and Income VIP Fund | Class 2 | Franklin Advisers, Inc | —  |
|  Franklin Income VIP Fund | Class 2 | Franklin Advisers, Inc | —  |
|  Franklin Large Cap Growth VIP Fund | Class 2 | Franklin Advisers, Inc | —  |
|  Franklin Mutual Global Discovery VIP Fund | Class 2 | Franklin Mutual Advisers, LLC | —  |
|  Franklin Mutual Shares VIP Fund | Class 2 | Franklin Mutual Advisers, LLC | —  |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

1. Organization and Significant Accounting Policies (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Subaccount/Mutual Fund** | **Class** | **Investment Adviser** | **Sub-Adviser** |
|  Franklin Rising Dividends VIP Fund | Class 2 | Franklin Advisers, Inc | —  |
|  Franklin Small Cap Value VIP Fund | Class 2 | Franklin Mutual Advisers, LLC | —  |
|  Franklin Small-Mid Cap Growth VIP Fund | Class 2 | Franklin Advisers, Inc | —  |
|  Franklin Strategic Income VIP Fund | Class 2 | Franklin Advisers, Inc | —  |
|  Franklin U.S. Government Securities VIP Fund | Class 2 | Franklin Advisers, Inc | —  |
|  Goldman Sachs Emerging Markets Equity | Service | Goldman Sachs Asset Management, LP | —  |
|  Goldman Sachs Government Income | Service | Goldman Sachs Asset Management, LP | —  |
|  Goldman Sachs VIT International Equity Insights | Service | Goldman Sachs Asset Management, LP | —  |
|  Goldman Sachs VIT Large Cap Value | Service | Goldman Sachs Asset Management, LP | —  |
|  Goldman Sachs VIT Mid Cap Growth Fund | Service | Goldman Sachs Asset Management, LP | —  |
|  Goldman Sachs VIT Mid Cap Value | Service | Goldman Sachs Asset Management, LP | —  |
|  Goldman Sachs VIT Small Cap Equity Insights | Service | Goldman Sachs Asset Management, LP | —  |
|  Goldman Sachs VIT Strategic Growth | Service | Goldman Sachs Asset Management, LP | —  |
|  Guggenheim Core Bond | A | Security Investors, LLC | —  |
|  Guggenheim Floating Rate Strategies | A | Guggenheim Partners Investment Mgmt LLC | —  |
|  Guggenheim High Yield | A | Security Investors, LLC | —  |
|  Guggenheim Macro Opportunities | A | Guggenheim Partners Investment Mgmt LLC | —  |
|  Guggenheim Managed Futures Strategy | P | Security Investors, LLC | —  |
|  Guggenheim Multi-Hedge Strategies | P | Security Investors, LLC | —  |
|  Guggenheim Total Return Bond | A | Guggenheim Partners Investment Mgmt LLC | —  |
|  Guggenheim VIF Floating Rate Strategies |  | Guggenheim Partners Investment Mgmt LLC | —  |
|  Guggenheim VIF Global Managed Futures Strategy |  | Security Investors, LLC | —  |
|  Guggenheim VIF High Yield |  | Security Investors, LLC | —  |
|  Guggenheim VIF Multi-Hedge Strategies |  | Security Investors, LLC | —  |
|  Guggenheim VIF Total Return Bond |  | Security Investors, LLC | —  |
|  Invesco American Franchise | A | Invesco Advisers, Inc | —  |
|  Invesco Comstock | A | Invesco Advisers, Inc | —  |
|  Invesco Developing Markets | Class A | Invesco Advisers, Inc | —  |
|  Invesco Discovery | Class A | Invesco Advisers, Inc | —  |
|  Invesco Discovery Mid Cap Growth | A | Invesco Advisers, Inc | —  |
|  Invesco Energy | A | Invesco Advisers, Inc | —  |
|  Invesco Equity and Income | A | Invesco Advisers, Inc | —  |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

1. Organization and Significant Accounting Policies (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Subaccount/Mutual Fund** | **Class** | **Investment Adviser** | **Sub-Adviser** |
|  Invesco Global | Class A | Invesco Advisers, Inc | —  |
|  Invesco Gold & Special Minerals | A | Invesco Advisers, Inc | —  |
|  Invesco Main Street Mid Cap | A | Invesco Advisers, Inc | —  |
|  Invesco Small Cap Growth | A | Invesco Advisers, Inc | —  |
|  Invesco Technology | A | Invesco Advisers, Inc | —  |
|  Invesco V.I. American Franchise | Series I | Invesco Advisers, Inc | —  |
|  Invesco V.I. American Franchise | Series II | Invesco Advisers, Inc | —  |
|  Invesco V.I. American Value | Series II | Invesco Advisers, Inc | —  |
|  Invesco V.I. Balanced-Risk Allocation | Series II | Invesco Advisers, Inc | —  |
|  Invesco V.I. Comstock | Series II | Invesco Advisers, Inc | —  |
|  Invesco V.I. Core Equity | Series II | Invesco Advisers, Inc | —  |
|  Invesco V.I. Core Plus Bond | Series II | Invesco Advisers, Inc | —  |
|  Invesco V.I. Discovery Mid Cap Growth | Series II | Invesco Advisers, Inc | —  |
|  Invesco V.I. Equally-Weighted S&P 500 | Series II | Invesco Advisers, Inc | Invesco Capital Management LLC |
|  Invesco V.I. Equity and Income | Series II | Invesco Advisers, Inc | —  |
|  Invesco V.I. EVQ International Equity Fund | Series II | Invesco Advisers, Inc | —  |
|  Invesco V.I. Global | Series II | Invesco Advisers, Inc | —  |
|  Invesco V.I. Global Core Equity | Series II | Invesco Advisers, Inc | Invesco Canada Ltd |
|  Invesco V.I. Global Real Estate | Series I | Invesco Advisers, Inc | Invesco Asset Management Ltd |
|  Invesco V.I. Global Real Estate | Series II | Invesco Advisers, Inc | Invesco Asset Management Ltd |
|  Invesco V.I. Global Strategic Income | Series II | Invesco Advisers, Inc | —  |
|  Invesco V.I. Government Money Market | Series II | Invesco Advisers, Inc | —  |
|  Invesco V.I. Government Securities | Series II | Invesco Advisers, Inc | —  |
|  Invesco V.I. Growth and Income | Series II | Invesco Advisers, Inc | —  |
|  Invesco V.I. Health Care | Series I | Invesco Advisers, Inc | —  |
|  Invesco V.I. Health Care | Series II | Invesco Advisers, Inc | —  |
|  Invesco V.I. High Yield | Series II | Invesco Advisers, Inc | —  |
|  Invesco V.I. International Growth Fund | Series II | Invesco Advisers, Inc | —  |
|  Invesco V.I. Main Street Mid Cap Fund<sup>®</sup> | Series II | Invesco Advisers, Inc | —  |
|  Invesco V.I. Main Street Small Cap Fund<sup>®</sup> | Series II | Invesco Advisers, Inc | —  |
|  Invesco V.I. Small Cap Equity | Series II | Invesco Advisers, Inc | —  |
|  Invesco Value Opportunities | A | Invesco Advisers, Inc | —  |
|  Janus Henderson Adaptive Risk Managed U.S. Equity | S | Janus Capital Management LLC | INTECH Investment Management LLC |
|  Janus Henderson Mid Cap Value | S | Janus Capital Management LLC | —  |
|  Janus Henderson Overseas | S | Janus Capital Management LLC | —  |
|  Janus Henderson VIT Enterprise | Service | Janus Capital Management LLC | —  |
|  Janus Henderson VIT Forty | Service | Janus Capital Management LLC | —  |
|  Janus Henderson VIT Mid Cap Value | Service | Janus Capital Management LLC | —  |
|  Janus Henderson VIT Overseas | Service | Janus Capital Management LLC | —  |
|  Janus Henderson VIT Research | Service | Janus Capital Management LLC | —  |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

1. Organization and Significant Accounting Policies (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Subaccount/Mutual Fund** | **Class** | **Investment Adviser** | **Sub-Adviser** |
|  Lord Abbett Series Bond-Debenture VC | VC | Lord, Abbett & Co LLC | —  |
|  Lord Abbett Series Developing Growth VC | VC | Lord, Abbett & Co LLC | —  |
|  Lord Abbett Series Dividend Growth VC | VC | Lord, Abbett & Co LLC | —  |
|  Lord Abbett Series Fundamental Equity VC | VC | Lord, Abbett & Co LLC | —  |
|  Lord Abbett Series Growth and Income VC | VC | Lord, Abbett & Co LLC | —  |
|  Lord Abbett Series Growth Opportunities VC | VC | Lord, Abbett & Co LLC | —  |
|  Lord Abbett Series Mid Cap Stock VC | VC | Lord, Abbett & Co LLC | —  |
|  Lord Abbett Series Total Return VC | VC | Lord, Abbett & Co LLC | —  |
|  LVIP American Century Disciplined Core Value | Service Class | American Century Investment Management, Inc | —  |
|  LVIP American Century Inflation Protection | Service Class | American Century Investment Management, Inc | —  |
|  LVIP American Century International | Service Class | American Century Investment Management, Inc | —  |
|  LVIP American Century Mid Cap Value | Service Class | American Century Investment Management, Inc | —  |
|  LVIP American Century Ultra | Service Class | American Century Investment Management, Inc | —  |
|  LVIP American Century Value | Service Class | American Century Investment Management, Inc | —  |
|  LVIP JPMorgan Core Bond Fund | Service Class | J.P. Morgan Investment Management, Inc | —  |
|  LVIP JPMorgan Small Cap Core Fund | Service Class | J.P. Morgan Investment Management, Inc | —  |
|  LVIP JPMorgan US Equity Fund | Service Class | J.P. Morgan Investment Management, Inc | —  |
|  Macquarie Asset Strategy | Class A | Delaware Management Company | Macquarie Funds Management HK Ltd.<br> Macquarie Investment Management Global Limited<br> Macquarie Investment Management Austria Kapitalanlage AG<br> Macquarie Investment Management Europe Limited |
|  MFS<sup>®</sup> VIT Emerging Markets Equity | Service | Massachusetts Financial Services Company | —  |
|  MFS<sup>®</sup> VIT Global Tactical Allocation | Service | Massachusetts Financial Services Company | —  |
|  MFS<sup>®</sup> VIT High Yield | Service | Massachusetts Financial Services Company | —  |
|  MFS<sup>®</sup> VIT II MA Investors Growth Stock | Service | Massachusetts Financial Services Company | —  |
|  MFS<sup>®</sup> VIT II Research International | Service | Massachusetts Financial Services Company | —  |
|  MFS<sup>®</sup> VIT International Intrinsic Value | Service | Massachusetts Financial Services Company | —  |
|  MFS<sup>®</sup> VIT Investors Trust | Service | Massachusetts Financial Services Company | —  |
|  MFS<sup>®</sup> VIT New Discovery | Service | Massachusetts Financial Services Company | —  |
|  MFS<sup>®</sup> VIT Research | Service | Massachusetts Financial Services Company | —  |
|  MFS<sup>®</sup> VIT Total Return | Service | Massachusetts Financial Services Company | —  |
|  MFS<sup>®</sup> VIT Total Return Bond | Service | Massachusetts Financial Services Company | —  |
|  MFS<sup>®</sup> VIT Utilities | Service | Massachusetts Financial Services Company | —  |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

1. Organization and Significant Accounting Policies (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Subaccount/Mutual Fund** | **Class** | **Investment Adviser** | **Sub-Adviser** |
|  Morgan Stanley VIF Emerging Markets Debt | II | Morgan Stanley Investment Management, Inc | Morgan Stanley Investment Management Ltd |
|  Morgan Stanley VIF Emerging Markets Equity | II | Morgan Stanley Investment Management, Inc | Morgan Stanley Investment Management Co |
|  Morningstar Aggressive Growth ETF Asset Allocation Portfolio | Class II | ALPS Advisors Inc | Morningstar Investment Management LLC |
|  Morningstar Balanced ETF Asset Allocation Portfolio | Class II | ALPS Advisors Inc | Morningstar Investment Management LLC |
|  Morningstar Conservative ETF Asset Allocation Portfolio | Class II | ALPS Advisors Inc | Morningstar Investment Management LLC |
|  Morningstar Growth ETF Asset Allocation Portfolio | Class II | ALPS Advisors Inc | Morningstar Investment Management LLC |
|  Morningstar Income and Growth ETF Asset Allocation Portfolio | Class II | ALPS Advisors Inc | Morningstar Investment Management LLC |
|  NAA All Cap Value Series |  | Security Investors, LLC | —  |
|  NAA Large Cap Value | Class A | Security Investors, LLC | —  |
|  NAA Large Cap Value Series |  | Security Investors, LLC | —  |
|  NAA Large Core | Class A | Security Investors, LLC | —  |
|  NAA Large Core Series |  | Security Investors, LLC | —  |
|  NAA Large Growth Series |  | Security Investors, LLC | —  |
|  NAA Mid Growth | Class A | Security Investors, LLC | —  |
|  NAA Mid Growth Series |  | Security Investors, LLC | —  |
|  NAA Opportunity | Class A | Security Investors, LLC | —  |
|  NAA Small Cap Value Series |  | Security Investors, LLC | —  |
|  NAA Small Growth Series |  | Security Investors, LLC | —  |
|  NAA SMid Cap Value | Class A | Security Investors, LLC | —  |
|  NAA Smid-Cap Value Series |  | Security Investors, LLC | —  |
|  NAA World Equity Income | Class A | Security Investors, LLC | —  |
|  NAA World Equity Income Series |  | Security Investors, LLC | —  |
|  Neuberger Berman AMT Quality Equity Portfolio | Class I | Neuberger Berman Investment Advisers LLC | —  |
|  Neuberger Berman AMT Quality Equity Portfolio | Class S | Neuberger Berman Investment Advisers LLC | —  |
|  Neuberger Berman Core Bond | A | Neuberger Berman Investment Advisers LLC | —  |
|  Neuberger Large Cap Value Fund | Advisor Class | Neuberger Berman Investment Advisers LLC | —  |
|  Neuberger Quality Equity Fund | Trust Class | Neuberger Berman Investment Advisers LLC | —  |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

1. Organization and Significant Accounting Policies (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Subaccount/Mutual Fund** | **Class** | **Investment Adviser** | **Sub-Adviser** |
|  Nomura VIP Asset Strategy Series | Service Class | Delaware Management Company | Macquarie Funds Management HK Ltd.<br> Macquarie Investment Management Global Limited<br> Macquarie Investment Management Austria Kapitalanlage AG<br> Macquarie Investment Management Europe Limited |
|  Nomura VIP Balanced Series | Service Class | Delaware Management Company | Macquarie Funds Management HK Ltd.<br> Macquarie Investment Management Global Limited<br> Macquarie Investment Management Austria Kapitalanlage AG<br> Macquarie Investment Management Europe Limited |
|  Nomura VIP Core Equity Series | Service Class | Delaware Management Company | —  |
|  Nomura VIP Energy Series | Service Class | Delaware Management Company | Macquarie Funds Management HK Ltd.<br> Macquarie Investment Management Global Limited |
|  Nomura VIP Global Growth Series | Service Class | Delaware Management Company | —  |
|  Nomura VIP Growth Series | Service Class | Delaware Management Company | —  |
|  Nomura VIP High Income Series | Service Class | Delaware Management Company | Macquarie Investment Management Global Limited<br> Macquarie Investment Management Austria Kapitalanlage AG<br> Macquarie Investment Management Europe Limited |
|  Nomura VIP International Core Equity Series | Service Class | Delaware Management Company | Macquarie Funds Management HK Ltd.<br> Macquarie Investment Management Global Limited |
|  Nomura VIP Limited+Term Bond Series | Service Class | Delaware Management Company | Macquarie Investment Management Global Limited<br> Macquarie Investment Management Austria Kapitalanlage AG<br> Macquarie Investment Management Europe Limited |
|  Nomura VIP Mid Cap Growth Series | Service Class | Delaware Management Company | —  |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

1. Organization and Significant Accounting Policies (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Subaccount/Mutual Fund** | **Class** | **Investment Adviser** | **Sub-Adviser** |
|  Nomura VIP Natural Resources Series | Service Class | Delaware Management Company | Macquarie Funds Management HK Ltd.<br> Macquarie Investment Management Global Limited |
|  Nomura VIP Science And Technology Series | Service Class | Delaware Management Company | —  |
|  Nomura VIP Small Cap Growth Series | Service Class | Delaware Management Company | —  |
|  Nomura VIP Smid Cap Core Series | Service Class | Delaware Management Company | Macquarie Funds Management HK Ltd.<br> Macquarie Investment Management Global Limited |
|  Nomura VIP Value Series | Service Class | Delaware Management Company | —  |
|  North Square Spectrum Alpha | A | Northern Trust Investments Inc | NSI Retail Advisors, LLC |
|  Northern Global Tactical Asset Allocation | A | Northern Trust Investments Inc | —  |
|  Northern Large Cap Core |  | Northern Trust Investments Inc | —  |
|  Northern Large Cap Value |  | Northern Trust Investments Inc | —  |
|  PGIM Focused Growth | A | PGIM Investments LLC | Jennison Associates LLC |
|  PGIM Jennison Mid-Cap Growth | A | PGIM Investments LLC | Jennison Associates LLC |
|  PGIM Jennison Natural Resources | A | PGIM Investments LLC | Jennison Associates LLC |
|  PGIM Jennison Small Company | A | PGIM Investments LLC | Jennison Associates LLC |
|  PGIM Quant Solutions Small-Cap Value | A | PGIM Investments LLC | PGIM Quantitative Solutions LLC |
|  PIMCO All Asset | R | Pacific Investment Management Company, LLC | Research Affiliates LLC |
|  PIMCO CommodityRealReturn Strategy | A | Pacific Investment Management Company, LLC | —  |
|  PIMCO Emerging Markets Bond | A | Pacific Investment Management Company, LLC | —  |
|  PIMCO High Yield | A | Pacific Investment Management Company, LLC | —  |
|  PIMCO International Bond (U.S. Dollar-Hedged) | R | Pacific Investment Management Company, LLC | —  |
|  PIMCO Low Duration | R | Pacific Investment Management Company, LLC | —  |
|  PIMCO Real Return | R | Pacific Investment Management Company, LLC | —  |
|  PIMCO StocksPLUS<sup>®</sup> Small Fund | A | Pacific Investment Management Company, LLC | —  |
|  PIMCO Total Return | R | Pacific Investment Management Company, LLC | —  |
|  PIMCO VIT All Asset | Administrative | Pacific Investment Management Company, LLC | Research Affiliates LLC |
|  PIMCO VIT All Asset | Advisor | Pacific Investment Management Company, LLC | Research Affiliates LLC |
|  PIMCO VIT CommodityRealReturn Strategy | Administrative | Pacific Investment Management Company, LLC | —  |
|  PIMCO VIT CommodityRealReturn Strategy | Advisor | Pacific Investment Management Company, LLC | —  |
|  PIMCO VIT Emerging Markets Bond | Advisor | Pacific Investment Management Company, LLC | —  |
|  PIMCO VIT Global Bond Opportunities Portfolio (Unhedged) | Advisor | Pacific Investment Management Company, LLC | —  |
|  PIMCO VIT Global Managed Asset Allocation | Advisor | Pacific Investment Management Company, LLC | —  |
|  PIMCO VIT High Yield | Advisor | Pacific Investment Management Company, LLC | —  |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

1. Organization and Significant Accounting Policies (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Subaccount/Mutual Fund** | **Class** | **Investment Adviser** | **Sub-Adviser** |
|  PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged) | Administrative | Pacific Investment Management Company, LLC | —  |
|  PIMCO VIT International Bond Portfolio (Unhedged) | Advisor | Pacific Investment Management Company, LLC | —  |
|  PIMCO VIT Low Duration | Administrative | Pacific Investment Management Company, LLC | —  |
|  PIMCO VIT Low Duration | Advisor | Pacific Investment Management Company, LLC | —  |
|  PIMCO VIT Real Return | Administrative | Pacific Investment Management Company, LLC | —  |
|  PIMCO VIT Real Return | Advisor | Pacific Investment Management Company, LLC | —  |
|  PIMCO VIT Short-Term | Advisor | Pacific Investment Management Company, LLC | —  |
|  PIMCO VIT Total Return | Administrative | Pacific Investment Management Company, LLC | —  |
|  PIMCO VIT Total Return | Advisor | Pacific Investment Management Company, LLC | —  |
|  Putnam VT Core Equity Fund | IB | Putnam Investment Management, LLC | Putnam Investments Ltd |
|  Putnam VT Diversified Income | IB | Putnam Investment Management, LLC | Putnam Investments Ltd |
|  Putnam VT Global Asset Allocation | IB | Putnam Investment Management, LLC | Putnam Advisory Company, LLC<br> Putnam Investments Ltd |
|  Putnam VT High Yield | IB | Putnam Investment Management, LLC | Putnam Investments Ltd |
|  Putnam VT Income | IB | Putnam Investment Management, LLC | Putnam Investments Ltd |
|  Putnam VT Large Cap Growth Fund | IB | Putnam Investment Management, LLC | Putnam Investments Ltd |
|  Putnam VT Large Cap Value | IB | Putnam Investment Management, LLC | Putnam Investments Ltd |
|  Putnam VT Small Cap Growth | IB | Putnam Investment Management, LLC | Putnam Investments Ltd |
|  Putnam VT Small Cap Value | IB | Putnam Investment Management, LLC | Putnam Investments Ltd |
|  Royce Micro-Cap | Investment | Royce & Associates, LP | —  |
|  Royce Small-Cap Opportunity | Service | Royce & Associates, LP | —  |
|  Royce Small-Cap Value | Service | Royce & Associates, LP | —  |
|  Rydex VIF Banking |  | Security Investors, LLC | —  |
|  Rydex VIF Basic Materials |  | Security Investors, LLC | —  |
|  Rydex VIF Biotechnology |  | Security Investors, LLC | —  |
|  Rydex VIF Commodities Strategy |  | Security Investors, LLC | —  |
|  Rydex VIF Consumer Products |  | Security Investors, LLC | —  |
|  Rydex VIF Dow 2x Strategy |  | Security Investors, LLC | —  |
|  Rydex VIF Electronics |  | Security Investors, LLC | —  |
|  Rydex VIF Energy |  | Security Investors, LLC | —  |
|  Rydex VIF Energy Services |  | Security Investors, LLC | —  |
|  Rydex VIF Europe 1.25x Strategy |  | Security Investors, LLC | —  |
|  Rydex VIF Financial Services |  | Security Investors, LLC | —  |
|  Rydex VIF Government Long Bond 1.2x Strategy |  | Security Investors, LLC | —  |
|  Rydex VIF Health Care |  | Security Investors, LLC | —  |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

1. Organization and Significant Accounting Policies (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Subaccount/Mutual Fund** | **Class** | **Investment Adviser** | **Sub-Adviser** |
|  Rydex VIF High Yield Strategy |  | Security Investors, LLC | —  |
|  Rydex VIF Internet |  | Security Investors, LLC | —  |
|  Rydex VIF Inverse Dow 2x Strategy |  | Security Investors, LLC | —  |
|  Rydex VIF Inverse Government Long Bond Strategy |  | Security Investors, LLC | —  |
|  Rydex VIF Inverse Mid-Cap Strategy |  | Security Investors, LLC | —  |
|  Rydex VIF Inverse NASDAQ-100<sup>®</sup> Strategy |  | Security Investors, LLC | —  |
|  Rydex VIF Inverse Russell 2000<sup>®</sup> Strategy |  | Security Investors, LLC | —  |
|  Rydex VIF Inverse S&P 500 Strategy |  | Security Investors, LLC | —  |
|  Rydex VIF Japan 2x Strategy |  | Security Investors, LLC | —  |
|  Rydex VIF Leisure |  | Security Investors, LLC | —  |
|  Rydex VIF Mid-Cap 1.5x Strategy |  | Security Investors, LLC | —  |
|  Rydex VIF Money Market |  | Security Investors, LLC | —  |
|  Rydex VIF NASDAQ-100<sup>®</sup> |  | Security Investors, LLC | —  |
|  Rydex VIF NASDAQ-100<sup>®</sup> 2x Strategy |  | Security Investors, LLC | —  |
|  Rydex VIF Nova |  | Security Investors, LLC | —  |
|  Rydex VIF Precious Metals |  | Security Investors, LLC | —  |
|  Rydex VIF Real Estate |  | Security Investors, LLC | —  |
|  Rydex VIF Retailing |  | Security Investors, LLC | —  |
|  Rydex VIF Russell 2000<sup>®</sup> 1.5x Strategy |  | Security Investors, LLC | —  |
|  Rydex VIF Russell 2000<sup>®</sup> 2x Strategy |  | Security Investors, LLC | —  |
|  Rydex VIF S&P 500 2x Strategy |  | Security Investors, LLC | —  |
|  Rydex VIF S&P 500 Pure Growth |  | Security Investors, LLC | —  |
|  Rydex VIF S&P 500 Pure Value |  | Security Investors, LLC | —  |
|  Rydex VIF S&P MidCap 400 Pure Growth |  | Security Investors, LLC | —  |
|  Rydex VIF S&P MidCap 400 Pure Value |  | Security Investors, LLC | —  |
|  Rydex VIF S&P SmallCap 600 Pure Growth |  | Security Investors, LLC | —  |
|  Rydex VIF S&P SmallCap 600 Pure Value |  | Security Investors, LLC | —  |
|  Rydex VIF Strengthening Dollar 2x Strategy |  | Security Investors, LLC | —  |
|  Rydex VIF Technology |  | Security Investors, LLC | —  |
|  Rydex VIF Telecommunications |  | Security Investors, LLC | —  |
|  Rydex VIF Transportation |  | Security Investors, LLC | —  |
|  Rydex VIF Utilities |  | Security Investors, LLC | —  |
|  Rydex VIF Weakening Dollar 2x Strategy |  | Security Investors, LLC | —  |
| T. Rowe Price Blue Chip Growth | II | T. Rowe Price Associates, Inc | —  |
| T. Rowe Price Capital Appreciation | Advisor | T. Rowe Price Associates, Inc | —  |
| T. Rowe Price Equity Income | II | T. Rowe Price Associates, Inc | —  |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

1. Organization and Significant Accounting Policies (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Subaccount/Mutual Fund** | **Class** | **Investment Adviser** | **Sub-Adviser** |
| T. Rowe Price Growth Stock | R | T. Rowe Price Associates, Inc | —  |
| T. Rowe Price Health Sciences | II | T. Rowe Price Associates, Inc | —  |
| T. Rowe Price Limited-Term Bond | II | T. Rowe Price Associates, Inc | —  |
| T. Rowe Price Retirement 2010 | R | T. Rowe Price Associates, Inc | —  |
| T. Rowe Price Retirement 2015 | R | T. Rowe Price Associates, Inc | —  |
| T. Rowe Price Retirement 2020 | R | T. Rowe Price Associates, Inc | —  |
| T. Rowe Price Retirement 2025 | R | T. Rowe Price Associates, Inc | —  |
| T. Rowe Price Retirement 2030 | R | T. Rowe Price Associates, Inc | —  |
| T. Rowe Price Retirement 2035 | R | T. Rowe Price Associates, Inc | —  |
| T. Rowe Price Retirement 2040 | R | T. Rowe Price Associates, Inc | —  |
| T. Rowe Price Retirement 2045 | R | T. Rowe Price Associates, Inc | —  |
| T. Rowe Price Retirement 2050 | R | T. Rowe Price Associates, Inc | —  |
| T. Rowe Price Retirement 2055 | R | T. Rowe Price Associates, Inc | —  |
| T. Rowe Price Retirement Balanced | R | T. Rowe Price Associates, Inc | —  |
|  Templeton Developing Markets VIP Fund | Class 2 | Templeton Asset Management Ltd | Franklin Templeton Inv Mgmt Ltd |
|  Templeton Foreign VIP Fund | Class 2 | Templeton Investment Counsel LLC | —  |
|  Templeton Global Bond VIP Fund | Class 2 | Franklin Advisers, Inc | —  |
|  Templeton Growth VIP Fund | Class 2 | Templeton Global Advisors Ltd | —  |
|  Third Avenue Value |  | Third Avenue Management LLC | —  |
|  TOPS<sup>®</sup> Aggressive Growth ETF | Investor | ValMark Advisers, Inc | Milliman Financial Risk Management LLC |
|  TOPS<sup>®</sup> Balanced ETF | Investor | ValMark Advisers, Inc | Milliman Financial Risk Management LLC |
|  TOPS<sup>®</sup> Conservative ETF | Investor | ValMark Advisers, Inc | Milliman Financial Risk Management LLC |
|  TOPS<sup>®</sup> Growth ETF | Investor | ValMark Advisers, Inc | Milliman Financial Risk Management LLC |
|  TOPS<sup>®</sup> Managed Risk Balanced ETF | Investor | ValMark Advisers, Inc | Milliman Financial Risk Management LLC |
|  TOPS<sup>®</sup> Managed Risk Growth ETF | Investor | ValMark Advisers, Inc | Milliman Financial Risk Management LLC |
|  TOPS<sup>®</sup> Managed Risk Moderate Growth ETF | Investor | ValMark Advisers, Inc | Milliman Financial Risk Management LLC |
|  TOPS<sup>®</sup> Moderate Growth ETF | Investor | ValMark Advisers, Inc | Milliman Financial Risk Management LLC |
|  VanEck VIP Global Gold | S | Van Eck Associates Corporation | —  |
|  VanEck VIP Global Resources | S | Van Eck Associates Corporation | —  |
|  Vanguard<sup>®</sup> VIF Balanced |  | Wellington Management Company LLP | —  |
|  Vanguard<sup>®</sup> VIF Capital Growth |  | PRIMECAP Management Company | —  |
|  Vanguard<sup>®</sup> VIF Conservative Allocation |  | Vanguard Group Inc | —  |
|  Vanguard<sup>®</sup> VIF Diversified Value |  | Lazard Asset Management LLC;Hotchkis & Wiley Capital Management LLC | —  |
|  Vanguard<sup>®</sup> VIF Equity Income |  | Vanguard Group Inc<br> Wellington Management Company LLP | —  |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

1. Organization and Significant Accounting Policies (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Subaccount/Mutual Fund** | **Class** | **Investment Adviser** | **Sub-Adviser** |
|  Vanguard<sup>®</sup> VIF Equity Index |  | Vanguard Group Inc | —  |
|  Vanguard<sup>®</sup> VIF Global Bond Index |  | Vanguard Group Inc | —  |
|  Vanguard<sup>®</sup> VIF Growth |  | Wellington Management Company LLP | —  |
|  Vanguard<sup>®</sup> VIF High Yield Bond |  | Wellington Management Company LLP | —  |
|  Vanguard<sup>®</sup> VIF International |  | Baillie Gifford Overseas Ltd;Schroder Investment Management North America Inc | —  |
|  Vanguard<sup>®</sup> VIF Mid-Cap Index |  | Vanguard Group Inc | —  |
|  Vanguard<sup>®</sup> VIF Moderate Allocation |  | Vanguard Group Inc | —  |
|  Vanguard<sup>®</sup> VIF Real Estate Index |  | Vanguard Group Inc | —  |
|  Vanguard<sup>®</sup> VIF Short Term Investment Grade |  | Vanguard Group Inc | —  |
|  Vanguard<sup>®</sup> VIF Small Company Growth |  | ArrowMark Colorado Holdings, LLC (ArrowMark Partners);Vanguard Group Inc | —  |
|  Vanguard<sup>®</sup> VIF Total Bond Market Index |  | Vanguard Group Inc | —  |
|  Vanguard<sup>®</sup> VIF Total International Stock Market Index |  | Vanguard Group Inc | —  |
|  Vanguard<sup>®</sup> VIF Total Stock Market Index |  | Vanguard Group Inc | —  |
|  Victory Pioneer Bond VCT Portfolio | Class II | Amundi Asset Management US, Inc | —  |
|  Victory Pioneer Equity Income VCT Portfolio | Class II | Amundi Asset Management US, Inc | —  |
|  Victory Pioneer High Yield VCT Portfolio | Class II | Amundi Asset Management US, Inc | —  |
|  Victory Pioneer Strategic Income Fund | Class A | Amundi Asset Management US, Inc | —  |
|  Victory Pioneer Strategic Income VCT Portfolio | Class II | Amundi Asset Management US, Inc | —  |
|  Victory RS Partners | A | Victory Capital Management Inc | —  |
|  Victory RS Science and Technology | A | Victory Capital Management Inc | —  |
|  Victory RS Value | A | Victory Capital Management Inc | —  |
|  Virtus Ceredex Mid Cap Value Equity | A | Virtus Fund Advisers, LLC | Ceredex Value Advisors LLC |
|  Virtus Duff & Phelps Real Estate Securities Series | A | Virtus Investment Advisers, Inc | Duff & PheLPs Investment Management Co |
|  Virtus KAR Small-Cap Growth Series | A | Virtus Investment Advisers, Inc | Kayne Anderson Rudnick Inv Mgmt., LLC |
|  Virtus Newfleet Multi-Sector Intermediate Bond Series | A | Virtus Investment Advisers, Inc | Newfleet Asset Management, LLC |
|  Virtus SGA International Growth Series | A | Virtus Investment Advisers, Inc | Sustainable Growth Advisers, LP |
|  Virtus Tactical Allocation Series | A Shares | Virtus Investment Advisors (VIA) | Newfleet Asset Management, LLC<br> Kayne Anderson Rudnick Investment Management LLC |
|  Voya MidCap Opportunities Portfolio | S2 | Voya Investments, LLC | Voya Investment Management Co. LLC |
|  VY CBRE Global Real Estate Portfolio | S2 | Voya Investments, LLC | CBRE Clarion Securities LLC |
|  VY CBRE Real Estate Portfolio | S2 | Voya Investments, LLC | CBRE Clarion Securities LLC |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

1. Organization and Significant Accounting Policies (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Subaccount/Mutual Fund** | **Class** | **Investment Adviser** | **Sub-Adviser** |
|  Western Asset Variable Global High Yield Bond | II | Legg Mason Partners Fund Advisor, LLC | Western Asset Management Company Pte Ltd – Singapore Inc<br> Western Asset Management Company, LLC Inc<br> Western Asset Management Company Ltd – UK |

---

Under applicable insurance law, the assets and liabilities of the Account are clearly identified and distinguished from SBL's other assets and liabilities. The portion of the Account's assets applicable to the variable annuity contracts is not chargeable with liabilities arising out of any other business SBL may conduct.

The Account has one underlying fund, BlackRock High Yield V.I., that pays dividends on the first of each month. The daily dividend amount is accumulated and the balance is recognised on the Statements of Net Assets as Investment Income Receivable.

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

1. Organization and Significant Accounting Policies (continued)

Four Hundred Ten subaccounts are currently offered by the Account. The following subaccounts had no activity for two consecutive years and are not included in the Statements of Net Assets or the Statements of Operations and Change in Net Assets:

---

| |
|:---|
| **Subaccount** |
| Invesco V.I. High Yield |
| Janus Henderson VIT Forty |
| Lord Abbett Series Fundamental Equity VC |
| Lord Abbett Series Growth and Income VC |
| MFS<sup>®</sup> VIT High Yield |
| TOPS<sup>®</sup> Managed Risk Balanced ETF |
| TOPS<sup>®</sup> Managed Risk Growth ETF |
| TOPS<sup>®</sup> Managed Risk Moderate Growth ETF |

---

All subaccounts reported a full twelve month period except in the incepted year for the following:

---

| | |
|:---|:---|
| **Inception Date** | **Subaccount** |
|  August 5, 2025 | Fidelity<sup>®</sup> Advisor Dividend Growth Class M-2 |
|  October 25, 2024 | Fidelity<sup>®</sup> Advisor Leveraged Company Stock |
|  December 17, 2021 | Donoghue Forlines Dividend VIT Fund |
|  December 17, 2021 | Donoghue Forlines Momentum VIT Fund |

---

During the current year the following subaccount name changes were made effective:

---

| | | |
|:---|:---|:---|
| **Date** | **New Name** | **Old Name** |
|  April 1, 2025 | Victory Pioneer Bond VCT Portfolio | Pioneer Bond VCT |
|  April 1, 2025 | Victory Pioneer Equity Income VCT Portfolio | Pioneer Equity Income VCT |
|  April 1, 2025 | Victory Pioneer High Yield VCT Portfolio | Pioneer High Yield VCT |
|  April 1, 2025 | Victory Pioneer Strategic Income Fund | Pioneer Strategic Income |
|  April 1, 2025 | Victory Pioneer Strategic Income VCT Portfolio | Pioneer Strategic Income VCT |
|  July 28, 2025 | Neuberger Berman AMT Quality Equity Portfolio Class I | Neuberger Berman AMT Sustainable Equity Class I |
|  July 28, 2025 | Neuberger Berman AMT Quality Equity Portfolio Class S | Neuberger Berman AMT Sustainable Equity Class S |
|  July 28, 2025 | Neuberger Quality Equity Fund | Neuberger Berman Sustainable Equity |
|  August 22, 2025 | Invesco V.I. International Growth Fund | Invesco Oppenheimer V.I. International Growth Fund |
|  December 1, 2025 | Nomura VIP Asset Strategy Series | Macquarie VIP Asset Strategy |
|  December 1, 2025 | Nomura VIP Balanced Series | Macquarie VIP Balanced |
|  December 1, 2025 | Nomura VIP Core Equity Series | Macquarie VIP Core Equity |
|  December 1, 2025 | Nomura VIP Energy Series | Macquarie VIP Energy |
|  December 1, 2025 | Nomura VIP Global Growth Series | Macquarie VIP Global Growth |
|  December 1, 2025 | Nomura VIP Growth Series | Macquarie VIP Growth |
|  December 1, 2025 | Nomura VIP High Income Series | Macquarie VIP High Income |
|  December 1, 2025 | Nomura VIP International Core Equity Series | Macquarie VIP International Core Equity |
|  December 1, 2025 | Nomura VIP Limited+Term Bond Series | Macquarie VIP Limited-Term Bond Series |
|  December 1, 2025 | Nomura VIP Mid Cap Growth Series | Macquarie VIP Mid Cap Growth |
|  December 1, 2025 | Nomura VIP Natural Resources Series | Macquarie VIP Natural Resources |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

1. Organization and Significant Accounting Policies (continued)

---

| | | |
|:---|:---|:---|
| **Date** | **New Name** | **Old Name** |
|  December 1, 2025 | Nomura VIP Science And Technology Series | Macquarie VIP Science And Technology |
|  December 1, 2025 | Nomura VIP Small Cap Growth Series | Macquarie VIP Small Cap Growth |
|  December 1, 2025 | Nomura VIP Smid Cap Core Series | Macquarie VIP Smid Cap Core |
|  December 1, 2025 | Nomura VIP Value Series | Macquarie VIP Value |
|  December 18, 2025 | Neuberger Large Cap Value Fund | Neuberger Berman Large Cap Value |
|  December 31, 2025 | BNY Mellon Midcap Value Fund | BNY Mellon Opportunistic Midcap Value |

---

As a result of restructuring, the following underlying fund that was previously offered is no longer available as an investment option to our Contract Owners. Any Contract Owner allocations that remained in this fund were redeemed and used to purchase shares of the surviving fund as indicated:

---

| |
|:---|
| **Date** |
|  August 8, 2025<br> Fidelity<sup>®</sup> Advisor Dividend Growth Class M-2 Fidelity<sup>®</sup> Advisor Dividend Growth Class M-1 |

---

The following subaccounts are closed to new investments:

---

| |
|:---|
| **Subaccount** |
| Alger Capital Appreciation |
| Allspring Growth |
| Fidelity<sup>®</sup> Advisor International Capital Appreciation |
| Invesco Small Cap Growth |
| LVIP American Century Mid Cap Value |
| PGIM Quant Solutions Small-Cap Value |
| PIMCO VIT Low Duration Administrative |
| PIMCO VIT Real Return Administrative |
| Rydex VIF Dow 2x Strategy |
| Rydex VIF Europe 1.25x Strategy |
| Rydex VIF Government Long Bond 1.2x Strategy |
| Rydex VIF Inverse Dow 2x Strategy |
| Rydex VIF Inverse Government Long Bond Strategy |
| Rydex VIF Inverse Mid-Cap Strategy |
| Rydex VIF Inverse NASDAQ-100<sup>®</sup> Strategy |
| Rydex VIF Inverse Russell 2000<sup>®</sup> Strategy |
| Rydex VIF Inverse S&P 500 Strategy |
| Rydex VIF Japan 2x Strategy |
| Rydex VIF Mid-Cap 1.5x Strategy |
| Rydex VIF NASDAQ-100<sup>®</sup> 2x Strategy |
| Rydex VIF Nova |
| Rydex VIF Russell 2000<sup>®</sup> 1.5x Strategy |
| Rydex VIF Russell 2000<sup>®</sup> 2x Strategy |
| Rydex VIF S&P 500 2x Strategy |
| Rydex VIF Strengthening Dollar 2x Strategy |
| Rydex VIF Weakening Dollar 2x Strategy |
| Vanguard<sup>®</sup> VIF Small Company Growth |
| Victory RS Partners |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

1. Organization and Significant Accounting Policies (continued)

#### Investment Valuation
Investments in mutual fund shares are carried in the Statements of Net Assets at market value (net asset value of the underlying mutual fund). Investment transactions are accounted for on the trade date. Realized capital gains and losses on sales of investments are determined based on the average cost of investments sold. The difference between cost and current market value of investments owned on the day of measurement is recorded as unrealized appreciation or depreciation of investments.

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

---

| | | |
|:---|:---|:---|
| **Subaccount** | **Cost of Purchases** | **Proceeds from Sales** |
|  AB VPS Discovery Value Portfolio | $612446 | $513357 |
|  AB VPS Dynamic Asset Allocation | 17884 | 152299 |
|  AB VPS Relative Value Portfolio | 227770 | 199937 |
|  AB VPS Sustainable Global Thematic Growth | 17726 | 17334 |
|  AFIS Capital World Growth and Income | 5944 | 25289 |
|  AFIS U.S. Government Securities | 75650 | 209375 |
|  AFIS Washington Mutual Investors | 68114 | 184757 |
|  Alger Capital Appreciation (d) | 43670 | 87913 |
|  Alger Large Cap Growth | 767367 | 415884 |
|  Allspring Growth (d) | 335629 | 124309 |
|  Allspring Large Cap Core | 229601 | 242366 |
|  Allspring Opportunity | 71150 | 113759 |
|  Allspring Opportunity VT | 106555 | 147827 |
|  Allspring Small Company Value | 602850 | 818763 |
|  Allspring VT Discovery All Cap Growth Fund | 71957 | 2945 |
|  ALPS/Alerian Energy Infrastructure | 168588 | 12032 |
|  American Century Diversified Bond | 207830 | 232751 |
|  American Century Equity Income | 1262674 | 1352506 |
|  American Century Heritage | 577597 | 492236 |
|  American Century International Growth | 749869 | 963851 |
|  American Century Select | 581132 | 1724731 |
|  American Century Strategic Allocation: Aggressive | 1219814 | 108331 |
|  American Century Strategic Allocation: Conservative | 157604 | 217855 |
|  American Century Strategic Allocation: Moderate | 918753 | 512612 |
|  American Century Ultra<sup>®</sup> | 142065 | 176829 |
|  American Funds IS<sup>®</sup> Asset Allocation | 3758415 | 2841202 |
|  American Funds IS<sup>®</sup> Capital World Bond | 663366 | 415772 |
|  American Funds IS<sup>®</sup> Global Growth | 3403844 | 3203291 |
|  American Funds IS<sup>®</sup> Global Small Capitalization | 99339 | 171903 |
|  American Funds IS<sup>®</sup> Growth | 707288 | 880730 |
|  American Funds IS<sup>®</sup> Growth-Income | 8413461 | 7806685 |
|  American Funds IS<sup>®</sup> International | 1307721 | 2151451 |
|  American Funds IS<sup>®</sup> International Growth and Income | 146433 | 107996 |
|  American Funds IS<sup>®</sup> Mortgage | 224148 | 24877 |
|  American Funds IS<sup>®</sup> New World | 1485273 | 987324 |
|  AMG River Road Mid Cap Value | 246066 | 368097 |
|  Ariel<sup>®</sup> | 315799 | 410999 |
|  Baron Asset | 71131 | 80235 |

---

(d) Closed to new investments. See Note 1.

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

1. Organization and Significant Accounting Policies (continued)

---

| | | |
|:---|:---|:---|
| **Subaccount** | **Cost of Purchases** | **Proceeds from Sales** |
|  BlackRock Advantage Large Cap Core V.I. | $119684 | $58696 |
|  BlackRock Advantage Small Cap Growth | 41528 | 15287 |
|  BlackRock Basic Value V.I. | 45765 | 2745 |
|  BlackRock Capital Appreciation V.I. | 69297 | 316999 |
|  BlackRock Equity Dividend | 98836 | 88060 |
|  BlackRock Equity Dividend V.I. | 2855001 | 2358596 |
|  BlackRock Global Allocation | 55686 | 31488 |
|  BlackRock Global Allocation V.I. | 544769 | 733528 |
|  BlackRock High Yield V.I. | 1566667 | 1465039 |
|  BlackRock Large Cap Focus Growth V.I. | 25715 | 667 |
|  BNY Mellon Appreciation | 2010305 | 1358157 |
|  BNY Mellon Dynamic Value | 753965 | 886691 |
|  BNY Mellon IP MidCap Stock | 368751 | 526153 |
|  BNY Mellon IP Small Cap Stock Index | 1795720 | 1438168 |
|  BNY Mellon IP Technology Growth | 10691521 | 6074008 |
|  BNY Mellon Midcap Value Fund (b) | 384154 | 394655 |
|  BNY Mellon Stock Index | 3808 | 40079 |
|  BNY Mellon VIF Appreciation | 924242 | 939493 |
|  Calamos<sup>®</sup> Growth | 799269 | 1882152 |
|  Calamos<sup>®</sup> Growth and Income | 723704 | 1776873 |
|  Calamos<sup>®</sup> High Income Opportunities | 47279 | 32352 |
|  ClearBridge Variable Growth | 899116 | 779522 |
|  ClearBridge Variable Small Cap Growth | 2199011 | 928333 |
|  Dimensional VA Equity Allocation | 1998688 | 479044 |
|  Dimensional VA Global Bond Portfolio | 916554 | 525045 |
|  Dimensional VA Global Moderate Allocation | 629762 | 537036 |
|  Dimensional VA International Small Portfolio | 735416 | 790413 |
|  Dimensional VA International Value Portfolio | 1837157 | 1080216 |
|  Dimensional VA Short-Term Fixed Portfolio | 787512 | 1332587 |
|  Dimensional VA U.S. Large Value Portfolio | 1499675 | 1900928 |
|  Dimensional VA U.S. Targeted Value Portfolio | 1686354 | 960127 |
|  Donoghue Forlines Dividend VIT Fund | 20507 | 5502 |
|  Donoghue Forlines Momentum VIT Fund | 206762 | 192756 |
|  DWS Small Mid Cap Value VIP | 8086 | 43426 |
|  Eaton Vance VT Floating-Rate Income | 439964 | 2341898 |
|  Federated Hermes Corporate Bond | 951534 | 2456262 |
|  Federated Hermes Fund for U.S. Government Securities II | 320172 | 470582 |
|  Federated Hermes High Income Bond II | 342549 | 846222 |
|  Fidelity<sup>®</sup> Advisor Dividend Growth Class M-1 (c) | 190380 | 2683838 |
|  Fidelity<sup>®</sup> Advisor Dividend Growth Class M-2 (a) | 2530095 | 88929 |
|  Fidelity<sup>®</sup> Advisor International Capital Appreciation (d) | 13810 | 31057 |
|  Fidelity<sup>®</sup> Advisor Leveraged Company Stock | 6762 | 31976 |

---

(a) New subaccount. See Note 1.

(b) Name change. See Note 1.

(c) Merger. See Note 1.

(d) Closed to new investments. See Note 1.

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

1. Organization and Significant Accounting Policies (continued)

---

| | | |
|:---|:---|:---|
| **Subaccount** | **Cost of Purchases** | **Proceeds from Sales** |
|  Fidelity<sup>®</sup> Advisor New Insights | $111433 | $138601 |
|  Fidelity<sup>®</sup> Advisor Real Estate | 228760 | 136991 |
|  Fidelity<sup>®</sup> Advisor Stock Selector Mid Cap | 193939 | 377617 |
|  Fidelity<sup>®</sup> Advisor Value Strategies | 302807 | 511514 |
|  Fidelity<sup>®</sup> VIP Balanced | 616296 | 578498 |
|  Fidelity<sup>®</sup> VIP Contrafund | 10890966 | 10174555 |
|  Fidelity<sup>®</sup> VIP Disciplined Small Cap | 854553 | 130532 |
|  Fidelity<sup>®</sup> VIP Emerging Markets | 1433052 | 1078898 |
|  Fidelity<sup>®</sup> VIP Equity-Income | 3907768 | 2001337 |
|  Fidelity<sup>®</sup> VIP Growth & Income | 3674452 | 3346667 |
|  Fidelity<sup>®</sup> VIP Growth Opportunities | 11027095 | 15660796 |
|  Fidelity<sup>®</sup> VIP High Income | 155354 | 195163 |
|  Fidelity<sup>®</sup> VIP Index 500 | 4699378 | 6039652 |
|  Fidelity<sup>®</sup> VIP Investment Grade Bond | 2002490 | 1665284 |
|  Fidelity<sup>®</sup> VIP Mid Cap | 862959 | 320026 |
|  Fidelity<sup>®</sup> VIP Overseas | 4245951 | 1967144 |
|  Fidelity<sup>®</sup> VIP Real Estate | 3673 | 46836 |
|  Fidelity<sup>®</sup> VIP Strategic Income | 727994 | 732772 |
|  Franklin Allocation VIP Fund | 252206 | 262766 |
|  Franklin DynaTech VIP | 97191 | 6106 |
|  Franklin Growth and Income VIP Fund | 252968 | 171956 |
|  Franklin Income VIP Fund | 1920431 | 2086464 |
|  Franklin Large Cap Growth VIP Fund | 43172 | 1733 |
|  Franklin Mutual Global Discovery VIP Fund | 4393197 | 2056473 |
|  Franklin Mutual Shares VIP Fund | 127016 | 816 |
|  Franklin Rising Dividends VIP Fund | 122583 | 294020 |
|  Franklin Small Cap Value VIP Fund | 684516 | 2103996 |
|  Franklin Small-Mid Cap Growth VIP Fund | 167733 | 389932 |
|  Franklin Strategic Income VIP Fund | 661775 | 285665 |
|  Franklin U.S. Government Securities VIP Fund | 1514056 | 1268467 |
|  Goldman Sachs Emerging Markets Equity | 339994 | 229747 |
|  Goldman Sachs Government Income | 313956 | 201632 |
|  Goldman Sachs VIT International Equity Insights | 801598 | 819557 |
|  Goldman Sachs VIT Large Cap Value | 196704 | 10506 |
|  Goldman Sachs VIT Mid Cap Growth Fund | 158457 | 39697 |
|  Goldman Sachs VIT Mid Cap Value | 53459 | 147801 |
|  Goldman Sachs VIT Small Cap Equity Insights | 801175 | 250361 |
|  Goldman Sachs VIT Strategic Growth | 222068 | 21531 |
|  Guggenheim Core Bond | 321597 | 794212 |
|  Guggenheim Floating Rate Strategies | 393598 | 427926 |
|  Guggenheim High Yield | 490324 | 714401 |
|  Guggenheim Macro Opportunities | 1278 | 13641 |
|  Guggenheim Managed Futures Strategy | 4745 | 4910 |
|  Guggenheim Multi-Hedge Strategies | 5705 | 7557 |
|  Guggenheim Total Return Bond | 74416 | 41169 |
|  Guggenheim VIF Floating Rate Strategies | 4478518 | 3642175 |
|  Guggenheim VIF Global Managed Futures Strategy | 894128 | 283486 |
|  Guggenheim VIF High Yield | 1194093 | 3485804 |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

1. Organization and Significant Accounting Policies (continued)

---

| | | |
|:---|:---|:---|
| **Subaccount** | **Cost of Purchases** | **Proceeds from Sales** |
|  Guggenheim VIF Multi-Hedge Strategies | $310331 | $328731 |
|  Guggenheim VIF Total Return Bond | 12457985 | 10120072 |
|  Invesco American Franchise | 232570 | 202014 |
|  Invesco Comstock | 1560869 | 1119547 |
|  Invesco Developing Markets | 123439 | 51666 |
|  Invesco Discovery | 45561 | 47519 |
|  Invesco Discovery Mid Cap Growth | 521634 | 443307 |
|  Invesco Energy | 3502 | 7534 |
|  Invesco Equity and Income | 629009 | 1425967 |
|  Invesco Global | 162715 | 82291 |
|  Invesco Gold & Special Minerals | 2897 | 6065 |
|  Invesco Main Street Mid Cap | 180741 | 247520 |
|  Invesco Small Cap Growth (d) | 165811 | 228992 |
|  Invesco Technology | 644071 | 104507 |
|  Invesco V.I. American Franchise Series I | 179129 | 526825 |
|  Invesco V.I. American Franchise Series II | 2415 | 1833 |
|  Invesco V.I. American Value | 2602194 | 1334416 |
|  Invesco V.I. Balanced-Risk Allocation | 12155 | 2589 |
|  Invesco V.I. Comstock | 6279681 | 14671381 |
|  Invesco V.I. Core Equity | 11945 | 652 |
|  Invesco V.I. Core Plus Bond | 857577 | 1718002 |
|  Invesco V.I. Discovery Mid Cap Growth | 599246 | 1596050 |
|  Invesco V.I. Equally-Weighted S&P 500 | 119730 | 360091 |
|  Invesco V.I. Equity and Income | 1052031 | 1504446 |
|  Invesco V.I. EVQ International Equity Fund | 3097445 | 2940295 |
|  Invesco V.I. Global | 697134 | 1287472 |
|  Invesco V.I. Global Core Equity | 2808 | 16468 |
|  Invesco V.I. Global Real Estate Series I | 258850 | 956485 |
|  Invesco V.I. Global Real Estate Series II | 1638 | 15225 |
|  Invesco V.I. Global Strategic Income | 516801 | 681913 |
|  Invesco V.I. Government Money Market | 10254326 | 12561168 |
|  Invesco V.I. Government Securities | 2975272 | 4443855 |
|  Invesco V.I. Growth and Income | 13849 | 11041 |
|  Invesco V.I. Health Care Series I | 1452087 | 1640009 |
|  Invesco V.I. Health Care Series II | 163092 | 3330 |
|  Invesco V.I. International Growth Fund (b) | 58854 | 9883 |
|  Invesco V.I. Main Street Mid Cap Fund<sup>®</sup> | 1086251 | 2394432 |
|  Invesco V.I. Main Street Small Cap Fund<sup>®</sup> | 1518024 | 3158306 |
|  Invesco V.I. Small Cap Equity | 367635 | 415713 |
|  Invesco Value Opportunities | 341247 | 509457 |
|  Janus Henderson Adaptive Risk Managed U.S. Equity | 75895 | 155006 |
|  Janus Henderson Mid Cap Value | 5665 | 1602 |
|  Janus Henderson Overseas | 369438 | 1029403 |
|  Janus Henderson VIT Enterprise | 2558583 | 6560389 |
|  Janus Henderson VIT Mid Cap Value | 146507 | 72921 |

---

(b) Name change. See Note 1.

(d) Closed to new investments. See Note 1.

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

1. Organization and Significant Accounting Policies (continued)

---

| | | |
|:---|:---|:---|
| **Subaccount** | **Cost of Purchases** | **Proceeds from Sales** |
|  Janus Henderson VIT Overseas | $1217502 | $769955 |
|  Janus Henderson VIT Research | 2493571 | 5191179 |
|  Lord Abbett Series Bond-Debenture VC | 1135623 | 610677 |
|  Lord Abbett Series Developing Growth VC | 245806 | 1118774 |
|  Lord Abbett Series Dividend Growth VC | 358803 | 5419 |
|  Lord Abbett Series Growth Opportunities VC | 521 | 418 |
|  Lord Abbett Series Mid Cap Stock VC | 5960 | 6486 |
|  Lord Abbett Series Total Return VC | 208194 | 206993 |
|  LVIP American Century Disciplined Core Value | 1837 | 38071 |
|  LVIP American Century Inflation Protection | 109606 | 36888 |
|  LVIP American Century International | 568 | 5987 |
|  LVIP American Century Mid Cap Value (d) | 543767 | 647175 |
|  LVIP American Century Ultra | 2176448 | 4950409 |
|  LVIP American Century Value | 3023454 | 4392595 |
|  LVIP JPMorgan Core Bond Fund | 3366860 | 776801 |
|  LVIP JPMorgan Small Cap Core Fund | 50086 | 9614 |
|  LVIP JPMorgan US Equity Fund | 104450 | 9969 |
|  Macquarie Asset Strategy | 98728 | 46607 |
|  MFS<sup>®</sup> VIT Emerging Markets Equity | 67475 | 83433 |
|  MFS<sup>®</sup> VIT Global Tactical Allocation | 69495 | 1188 |
|  MFS<sup>®</sup> VIT II MA Investors Growth Stock | 39701 | 10977 |
|  MFS<sup>®</sup> VIT II Research International | 1002491 | 2834106 |
|  MFS<sup>®</sup> VIT International Intrinsic Value | 274124 | 147907 |
|  MFS<sup>®</sup> VIT Investors Trust | 50273 | 45820 |
|  MFS<sup>®</sup> VIT New Discovery |  | 50362 |
|  MFS<sup>®</sup> VIT Research | 12235 | 2694 |
|  MFS<sup>®</sup> VIT Total Return | 1491949 | 2288358 |
|  MFS<sup>®</sup> VIT Total Return Bond | 369344 | 72217 |
|  MFS<sup>®</sup> VIT Utilities | 1124824 | 2756331 |
|  Morgan Stanley VIF Emerging Markets Debt | 23089 | 234930 |
|  Morgan Stanley VIF Emerging Markets Equity | 670993 | 846682 |
|  Morningstar Aggressive Growth ETF Asset Allocation Portfolio | 177583 | 314695 |
|  Morningstar Balanced ETF Asset Allocation Portfolio | 3962100 | 1641088 |
|  Morningstar Conservative ETF Asset Allocation Portfolio | 286877 | 436366 |
|  Morningstar Growth ETF Asset Allocation Portfolio | 912524 | 367458 |
|  Morningstar Income and Growth ETF Asset Allocation Portfolio | 903307 | 385299 |
|  NAA All Cap Value Series | 3368837 | 3317196 |
|  NAA Large Cap Value | 215308 | 256882 |
|  NAA Large Cap Value Series | 4904066 | 6367650 |
|  NAA Large Core | 102831 | 625861 |
|  NAA Large Core Series | 5534262 | 4341282 |
|  NAA Large Growth Series | 3469620 | 3482897 |
|  NAA Mid Growth | 71402 | 324312 |
|  NAA Mid Growth Series | 817447 | 2627279 |
|  NAA Opportunity | 1128 | 15160 |
|  NAA Small Cap Value Series | 4806035 | 2377223 |

---

(d) Closed to new investments. See Note 1.

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

1. Organization and Significant Accounting Policies (continued)

---

| | | |
|:---|:---|:---|
| **Subaccount** | **Cost of Purchases** | **Proceeds from Sales** |
|  NAA Small Growth Series | $197514 | $562960 |
|  NAA SMid Cap Value | 1579802 | 1613447 |
|  NAA Smid-Cap Value Series | 6774088 | 5631001 |
|  NAA World Equity Income | 733310 | 1096891 |
|  NAA World Equity Income Series | 7118512 | 7664476 |
|  Neuberger Berman AMT Quality Equity Portfolio Class I | 628825 | 1048368 |
|  Neuberger Berman AMT Quality Equity Portfolio Class S (b) | 902787 | 2138911 |
|  Neuberger Berman Core Bond | 585234 | 547555 |
|  Neuberger Large Cap Value Fund (b) | 69188 | 201932 |
|  Neuberger Quality Equity Fund (b) | 160412 | 375357 |
|  Nomura VIP Asset Strategy Series (b) | 213864 | 118594 |
|  Nomura VIP Balanced Series (b) | 6229 | 14191 |
|  Nomura VIP Core Equity Series (b) | 51603 | 18167 |
|  Nomura VIP Energy Series (b) | 1222 | 19189 |
|  Nomura VIP Global Growth Series (b) | 85549 | 168782 |
|  Nomura VIP Growth Series (b) | 94753 | 186186 |
|  Nomura VIP High Income Series (b) | 28088 | 91768 |
|  Nomura VIP International Core Equity Series (b) | 20686 | 7293 |
|  Nomura VIP Limited+Term Bond Series (b) | 634 | 291 |
|  Nomura VIP Mid Cap Growth Series (b) | 48088 | 116229 |
|  Nomura VIP Natural Resources Series (b) |  | 5629 |
|  Nomura VIP Science And Technology Series (b) | 51609 | 116181 |
|  Nomura VIP Small Cap Growth Series (b) | 56617 | 43133 |
|  Nomura VIP Smid Cap Core Series (b) | 4205 | 89815 |
|  Nomura VIP Value Series (b) | 1124 | 2183 |
|  North Square Spectrum Alpha | 118 | 45 |
|  Northern Global Tactical Asset Allocation | 10906 | 5218 |
|  Northern Large Cap Core | 13953 | 33497 |
|  Northern Large Cap Value | 110920 | 42444 |
|  PGIM Focused Growth | 178268 | 367573 |
|  PGIM Jennison Mid-Cap Growth | 99667 | 21705 |
|  PGIM Jennison Natural Resources | 1398 | 3007 |
|  PGIM Jennison Small Company | 34249 | 88802 |
|  PGIM Quant Solutions Small-Cap Value (d) | 2798 | 48407 |
|  PIMCO All Asset | 13389 | 32054 |
|  PIMCO CommodityRealReturn Strategy | 38497 | 28015 |
|  PIMCO Emerging Markets Bond | 19825 | 29355 |
|  PIMCO High Yield | 105889 | 207251 |
|  PIMCO International Bond (U.S. Dollar-Hedged) | 280267 | 1216195 |
|  PIMCO Low Duration | 3784 | 5378 |
|  PIMCO Real Return | 129369 | 139575 |
|  PIMCO StocksPLUS<sup>®</sup> Small Fund | 51385 | 106616 |
|  PIMCO Total Return | 89274 | 263322 |
|  PIMCO VIT All Asset Administrative | 235828 | 757830 |
|  PIMCO VIT All Asset Advisor | 42540 | 38303 |

---

(b) Name change. See Note 1.

(d) Closed to new investments. See Note 1.

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

1. Organization and Significant Accounting Policies (continued)

---

| | | |
|:---|:---|:---|
| **Subaccount** | **Cost of Purchases** | **Proceeds from Sales** |
|  PIMCO VIT CommodityRealReturn Strategy Administrative | $688184 | $931976 |
|  PIMCO VIT CommodityRealReturn Strategy Advisor | 21566 | 126006 |
|  PIMCO VIT Emerging Markets Bond | 613737 | 699437 |
|  PIMCO VIT Global Bond Opportunities Portfolio (Unhedged) | 353 | 44 |
|  PIMCO VIT Global Managed Asset Allocation | 4068 | 63358 |
|  PIMCO VIT High Yield | 91812 | 163670 |
|  PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged) | 362015 | 1403743 |
|  PIMCO VIT International Bond Portfolio (Unhedged) | 50902 | 81754 |
|  PIMCO VIT Low Duration Administrative (d) | 3449457 | 4889309 |
|  PIMCO VIT Low Duration Advisor | 1002484 | 616260 |
|  PIMCO VIT Real Return Administrative (d) | 977398 | 2302886 |
|  PIMCO VIT Real Return Advisor | 955261 | 933548 |
|  PIMCO VIT Short-Term | 881304 | 1262879 |
|  PIMCO VIT Total Return Administrative | 1144769 | 2019351 |
|  PIMCO VIT Total Return Advisor | 1516232 | 2682183 |
|  Putnam VT Core Equity Fund | 1426234 | 1206500 |
|  Putnam VT Diversified Income | 19097 | 82028 |
|  Putnam VT Global Asset Allocation | 115552 | 871825 |
|  Putnam VT High Yield | 46010 | 40099 |
|  Putnam VT Income | 1387 | 19179 |
|  Putnam VT Large Cap Growth Fund | 192830 | 707097 |
|  Putnam VT Large Cap Value | 406595 | 633227 |
|  Putnam VT Small Cap Growth | 81400 | 2667 |
|  Putnam VT Small Cap Value | 32175 | 138269 |
|  Royce Micro-Cap | 540036 | 1381169 |
|  Royce Small-Cap Opportunity | 970208 | 681999 |
|  Royce Small-Cap Value | 115206 | 104017 |
|  Rydex VIF Banking | 463068 | 566411 |
|  Rydex VIF Basic Materials | 367932 | 351070 |
|  Rydex VIF Biotechnology | 119085 | 531834 |
|  Rydex VIF Commodities Strategy | 286090 | 317056 |
|  Rydex VIF Consumer Products | 249095 | 306340 |
|  Rydex VIF Dow 2x Strategy (d) | 221112 | 198508 |
|  Rydex VIF Electronics | 1691304 | 1049077 |
|  Rydex VIF Energy | 2710748 | 2816636 |
|  Rydex VIF Energy Services | 3491 | 51056 |
|  Rydex VIF Europe 1.25x Strategy (d) | 804686 | 834619 |
|  Rydex VIF Financial Services | 555190 | 634601 |
|  Rydex VIF Government Long Bond 1.2x Strategy (d) | 3321274 | 3344098 |
|  Rydex VIF Health Care | 334749 | 772083 |
|  Rydex VIF High Yield Strategy | 371344 | 213483 |
|  Rydex VIF Internet | 79426 | 178928 |
|  Rydex VIF Inverse Dow 2x Strategy (d) | 13891 | 22667 |
|  Rydex VIF Inverse Government Long Bond Strategy (d) | 178894 | 197009 |
|  Rydex VIF Inverse Mid-Cap Strategy (d) | 7909 | 7494 |
|  Rydex VIF Inverse NASDAQ-100<sup>®</sup> Strategy (d) | 3197653 | 3236913 |

---

(d) Closed to new investments. See Note 1.

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

1. Organization and Significant Accounting Policies (continued)

---

| | | |
|:---|:---|:---|
| **Subaccount** | **Cost of Purchases** | **Proceeds from Sales** |
|  Rydex VIF Inverse Russell 2000<sup>®</sup> Strategy (d) | $73032 | $102237 |
|  Rydex VIF Inverse S&P 500 Strategy (d) | 1669502 | 1376993 |
|  Rydex VIF Japan 2x Strategy (d) | 19533 | 62522 |
|  Rydex VIF Leisure | 372648 | 277254 |
|  Rydex VIF Mid-Cap 1.5x Strategy (d) | 1196064 | 1331822 |
|  Rydex VIF Money Market | 43435753 | 40973667 |
|  Rydex VIF NASDAQ-100<sup>®</sup> | 75280542 | 78918716 |
|  Rydex VIF NASDAQ-100<sup>®</sup> 2x Strategy (d) | 99598182 | 94940142 |
|  Rydex VIF Nova (d) | 1213726 | 1622808 |
|  Rydex VIF Precious Metals | 6242582 | 7967655 |
|  Rydex VIF Real Estate | 101146 | 267752 |
|  Rydex VIF Retailing | 43347 | 90854 |
|  Rydex VIF Russell 2000<sup>®</sup> 1.5x Strategy (d) | 181414 | 342666 |
|  Rydex VIF Russell 2000<sup>®</sup> 2x Strategy (d) | 28137977 | 30492462 |
|  Rydex VIF S&P 500 2x Strategy (d) | 6471013 | 7175979 |
|  Rydex VIF S&P 500 Pure Growth | 3466670 | 3973574 |
|  Rydex VIF S&P 500 Pure Value | 1364328 | 1791819 |
|  Rydex VIF S&P MidCap 400 Pure Growth | 276088 | 356452 |
|  Rydex VIF S&P MidCap 400 Pure Value | 163963 | 702538 |
|  Rydex VIF S&P SmallCap 600 Pure Growth | 283909 | 286696 |
|  Rydex VIF S&P SmallCap 600 Pure Value | 1309890 | 1083510 |
|  Rydex VIF Strengthening Dollar 2x Strategy (d) | 106205 | 62263 |
|  Rydex VIF Technology | 550495 | 731597 |
|  Rydex VIF Telecommunications | 756564 | 123628 |
|  Rydex VIF Transportation | 25818 | 38627 |
|  Rydex VIF Utilities | 846687 | 1303571 |
|  Rydex VIF Weakening Dollar 2x Strategy (d) | 102296 | 80774 |
| T. Rowe Price Blue Chip Growth | 326544 | 686503 |
| T. Rowe Price Capital Appreciation | 592384 | 1265383 |
| T. Rowe Price Equity Income | 541783 | 87355 |
| T. Rowe Price Growth Stock | 1511703 | 1022915 |
| T. Rowe Price Health Sciences | 1138010 | 2917088 |
| T. Rowe Price Limited-Term Bond | 144780 | 165599 |
| T. Rowe Price Retirement 2010 | 101 | 23 |
| T. Rowe Price Retirement 2015 | 12593 | 2131 |
| T. Rowe Price Retirement 2020 | 4624 | 101245 |
| T. Rowe Price Retirement 2025 | 6071 | 561 |
| T. Rowe Price Retirement 2030 | 100457 | 6720 |
| T. Rowe Price Retirement 2035 | 11242 | 874 |
| T. Rowe Price Retirement 2040 | 29568 | 6211 |
| T. Rowe Price Retirement 2045 | 3435 | 219 |
| T. Rowe Price Retirement 2050 | 300 | 25 |
| T. Rowe Price Retirement 2055 | 1776 | 15926 |
| T. Rowe Price Retirement Balanced | 4026 | 5082 |
|  Templeton Developing Markets VIP Fund | 6926508 | 5941558 |
|  Templeton Foreign VIP Fund | 832378 | 648154 |

---

(d) Closed to new investments. See Note 1.

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

1. Organization and Significant Accounting Policies (continued)

---

| | | |
|:---|:---|:---|
| **Subaccount** | **Cost of Purchases** | **Proceeds from Sales** |
|  Templeton Global Bond VIP Fund | $176472 | $218660 |
|  Third Avenue Value | 35517 | 48123 |
|  TOPS<sup>®</sup> Aggressive Growth ETF | 8066 | 674 |
|  TOPS<sup>®</sup> Balanced ETF | 28246 | 78571 |
|  TOPS<sup>®</sup> Conservative ETF | 30223 | 47299 |
|  TOPS<sup>®</sup> Growth ETF | 10346 | 63498 |
|  TOPS<sup>®</sup> Moderate Growth ETF | 47012 | 23069 |
|  VanEck VIP Global Gold | 1447454 | 1762244 |
|  VanEck VIP Global Resources | 130329 | 38846 |
|  Vanguard<sup>®</sup> VIF Balanced | 4939506 | 1924158 |
|  Vanguard<sup>®</sup> VIF Capital Growth | 1009329 | 513221 |
|  Vanguard<sup>®</sup> VIF Conservative Allocation | 431293 | 2004281 |
|  Vanguard<sup>®</sup> VIF Diversified Value | 494712 | 105714 |
|  Vanguard<sup>®</sup> VIF Equity Income | 1032247 | 1126511 |
|  Vanguard<sup>®</sup> VIF Equity Index | 5104021 | 711591 |
|  Vanguard<sup>®</sup> VIF Global Bond Index | 1276496 | 977442 |
|  Vanguard<sup>®</sup> VIF Growth | 1537247 | 658392 |
|  Vanguard<sup>®</sup> VIF High Yield Bond | 1298174 | 477112 |
|  Vanguard<sup>®</sup> VIF International | 1797566 | 842868 |
|  Vanguard<sup>®</sup> VIF Mid-Cap Index | 1607819 | 707713 |
|  Vanguard<sup>®</sup> VIF Moderate Allocation | 3260666 | 1455024 |
|  Vanguard<sup>®</sup> VIF Real Estate Index | 691472 | 401708 |
|  Vanguard<sup>®</sup> VIF Short Term Investment Grade | 2553606 | 1653803 |
|  Vanguard<sup>®</sup> VIF Small Company Growth (d) | 34069 | 11294 |
|  Vanguard<sup>®</sup> VIF Total Bond Market Index | 8115964 | 2928598 |
|  Vanguard<sup>®</sup> VIF Total International Stock Market Index | 3778257 | 2383746 |
|  Vanguard<sup>®</sup> VIF Total Stock Market Index | 9787338 | 3742519 |
|  Victory Pioneer Bond VCT Portfolio (b) | 3186 | 2345 |
|  Victory Pioneer Equity Income VCT Portfolio (b) | 2721 | 242 |
|  Victory Pioneer High Yield VCT Portfolio (b) | 79244 | 110048 |
|  Victory Pioneer Strategic Income Fund (b) | 41078 | 16582 |
|  Victory Pioneer Strategic Income VCT Portfolio (b) | 83520 | 60798 |
|  Victory RS Partners (d) | 24442 | 74430 |
|  Victory RS Science and Technology | 46480 | 83516 |
|  Victory RS Value | 212842 | 306729 |
|  Virtus Ceredex Mid Cap Value Equity | 23850 | 26368 |
|  Virtus Duff & Phelps Real Estate Securities Series | 145667 | 175622 |
|  Virtus KAR Small-Cap Growth Series | 429068 | 382686 |
|  Virtus Newfleet Multi-Sector Intermediate Bond Series | 22723 | 20266 |
|  Virtus SGA International Growth Series | 12027 | 8264 |
|  Virtus Tactical Allocation Series | 43180 | 3110 |
|  Voya MidCap Opportunities Portfolio | 23997 | 70706 |
|  VY CBRE Global Real Estate Portfolio | 6252 | 8021 |
|  Western Asset Variable Global High Yield Bond | 639705 | 647311 |

---

(b) Name change. See Note 1.

(d) Closed to new investments. See Note 1.

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

1. Organization and Significant Accounting Policies (continued)

#### Market Risk
Each subaccount invests in shares of a single underlying fund. The investment performance of each subaccount will reflect the investment performance of the underlying fund less separate account expenses. There is no assurance that the investment objective of any underlying fund will be met. A fund calculates a daily net asset value per share ("NAV") which is based on the market value of its investment portfolio. The amount of risk varies significantly between subaccounts. Due to the level of risk associated with certain investment portfolios, it is at least reasonably possible that changes in the values of investment portfolios will occur in the near term and that such changes could materially affect contractholders' investments in the funds and the amounts reported in the Statements of Net Assets. The contractholder assumes all of the investment performance risk for the subaccounts selected.

#### Annuity Assets
Annuity Assets relate to contracts that have matured and are in the payout stage. Such assets are computed on the basis of published mortality tables using assumed interest rates that will provide assets as prescribed by law. In cases where the payout option selected is life contingent, SBL periodically recalculates the required annuity assets, and any resulting adjustment is either charged or credited to SBL and not to the Account.

The annuity assets for December 31, 2025 by subaccount are as follows:

---

| | |
|:---|:---|
| **Subaccount** | **Annuity Assets** |
|  AB VPS Discovery Value Portfolio | $55413 |
|  AB VPS Relative Value Portfolio | 10208 |
|  AB VPS Sustainable Global Thematic Growth | 133893 |
|  AFIS Capital World Growth and Income | 21469 |
|  AFIS Washington Mutual Investors | 7714 |
|  Allspring Small Company Value | 2324 |
|  American Funds IS<sup>®</sup> Global Small Capitalization | 12763 |
|  American Funds IS<sup>®</sup> Growth | 167517 |
|  American Funds IS<sup>®</sup> Growth-Income | 158716 |
|  American Funds IS<sup>®</sup> International | 176789 |
|  American Funds IS<sup>®</sup> International Growth and Income | 15770 |
|  American Funds IS<sup>®</sup> Mortgage | 8952 |
|  American Funds IS<sup>®</sup> New World | 174139 |
|  Ariel<sup>®</sup> | 4023 |
|  BlackRock Equity Dividend V.I. | 14725 |
|  BlackRock Global Allocation V.I. | 73729 |
|  BlackRock High Yield V.I. | 148888 |
|  BNY Mellon Appreciation | 7942 |
|  BNY Mellon Dynamic Value | 10492 |
|  BNY Mellon IP Small Cap Stock Index | 308421 |
|  BNY Mellon IP Technology Growth | 118669 |
|  ClearBridge Variable Small Cap Growth | 23799 |
|  Dimensional VA Global Bond Portfolio | 195562 |
|  Dimensional VA Global Moderate Allocation | 256818 |
|  Dimensional VA International Small Portfolio | 201201 |
|  Dimensional VA International Value Portfolio | 1036520 |
|  Dimensional VA Short-Term Fixed Portfolio | 271798 |
|  Dimensional VA U.S. Large Value Portfolio | 433786 |
|  Dimensional VA U.S. Targeted Value Portfolio | 775369 |
|  Eaton Vance VT Floating-Rate Income | 181681 |
|  Federated Hermes Corporate Bond | 3766 |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

1. Organization and Significant Accounting Policies (continued)

---

| | |
|:---|:---|
| **Subaccount** | **Annuity Assets** |
|  Federated Hermes Fund for U.S. Government Securities II | $130699 |
|  Federated Hermes High Income Bond II | 16387 |
|  Fidelity<sup>®</sup> Advisor International Capital Appreciation | 1994 |
|  Fidelity<sup>®</sup> Advisor Real Estate | 1314 |
|  Fidelity<sup>®</sup> VIP Balanced | 543329 |
|  Fidelity<sup>®</sup> VIP Contrafund | 185595 |
|  Fidelity<sup>®</sup> VIP Disciplined Small Cap | 375996 |
|  Fidelity<sup>®</sup> VIP Emerging Markets | 188493 |
|  Fidelity<sup>®</sup> VIP Growth & Income | 112437 |
|  Fidelity<sup>®</sup> VIP Growth Opportunities | 85327 |
|  Fidelity<sup>®</sup> VIP High Income | 110543 |
|  Fidelity<sup>®</sup> VIP Index 500 | 1009471 |
|  Fidelity<sup>®</sup> VIP Investment Grade Bond | 452372 |
|  Fidelity<sup>®</sup> VIP Mid Cap | 17098 |
|  Fidelity<sup>®</sup> VIP Overseas | 45261 |
|  Fidelity<sup>®</sup> VIP Real Estate | 33251 |
|  Fidelity<sup>®</sup> VIP Strategic Income | 715194 |
|  Franklin DynaTech VIP | 21992 |
|  Franklin Income VIP Fund | 73508 |
|  Franklin Mutual Global Discovery VIP Fund | 20899 |
|  Franklin Small Cap Value VIP Fund | 20825 |
|  Franklin Small-Mid Cap Growth VIP Fund | 3450 |
|  Franklin Strategic Income VIP Fund | 69745 |
|  Franklin U.S. Government Securities VIP Fund | 20944 |
|  Goldman Sachs VIT International Equity Insights | 29811 |
|  Goldman Sachs VIT Small Cap Equity Insights | 67654 |
|  Guggenheim VIF Floating Rate Strategies | 231519 |
|  Guggenheim VIF Global Managed Futures Strategy | 54590 |
|  Guggenheim VIF High Yield | 196584 |
|  Guggenheim VIF Multi-Hedge Strategies | 12666 |
|  Guggenheim VIF Total Return Bond | 195171 |
|  Invesco Small Cap Growth | 2115 |
|  Invesco V.I. American Value | 70934 |
|  Invesco V.I. Core Plus Bond | 25420 |
|  Invesco V.I. Discovery Mid Cap Growth | 1308 |
|  Invesco V.I. Equally-Weighted S&P 500 | 42421 |
|  Invesco V.I. EVQ International Equity Fund | 13341 |
|  Invesco V.I. Global | 8712 |
|  Invesco V.I. Global Core Equity | 37163 |
|  Invesco V.I. Global Real Estate Series I | 2564 |
|  Invesco V.I. Global Real Estate Series II | 32696 |
|  Invesco V.I. Government Money Market | 132322 |
|  Invesco V.I. Government Securities | 38686 |
|  Invesco V.I. International Growth Fund | 77301 |
|  Invesco V.I. Main Street Mid Cap Fund<sup>®</sup> | 3045 |
|  Invesco V.I. Main Street Small Cap Fund<sup>®</sup> | 89740 |
|  Invesco V.I. Small Cap Equity | 18999 |
|  Janus Henderson Overseas | 1421 |
|  Janus Henderson VIT Enterprise | 103177 |
|  Janus Henderson VIT Mid Cap Value | 5353 |
|  Janus Henderson VIT Overseas | 109789 |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

1. Organization and Significant Accounting Policies (continued)

---

| | |
|:---|:---|
| **Subaccount** | **Annuity Assets** |
|  Janus Henderson VIT Research | $28045 |
|  Lord Abbett Series Bond-Debenture VC | 144940 |
|  Lord Abbett Series Developing Growth VC | 35214 |
|  Lord Abbett Series Growth Opportunities VC | 3275 |
|  LVIP American Century Disciplined Core Value | 107706 |
|  LVIP American Century Inflation Protection | 74976 |
|  LVIP American Century Mid Cap Value | 42350 |
|  LVIP American Century Ultra | 65007 |
|  LVIP American Century Value | 34391 |
|  LVIP JPMorgan Core Bond Fund | 96977 |
|  LVIP JPMorgan US Equity Fund | 139083 |
|  MFS<sup>®</sup> VIT Emerging Markets Equity | 5442 |
|  MFS<sup>®</sup> VIT II Research International | 5622 |
|  MFS<sup>®</sup> VIT Research | 46814 |
|  MFS<sup>®</sup> VIT Total Return | 146271 |
|  MFS<sup>®</sup> VIT Total Return Bond | 37959 |
|  MFS<sup>®</sup> VIT Utilities | 8115 |
|  Morgan Stanley VIF Emerging Markets Equity | 52692 |
|  Morningstar Balanced ETF Asset Allocation Portfolio | 68401 |
|  Morningstar Conservative ETF Asset Allocation Portfolio | 373761 |
|  NAA Large Cap Value Series | 24684 |
|  NAA Large Core Series | 1136 |
|  NAA Large Growth Series | 1188 |
|  NAA Mid Growth Series | 37945 |
|  NAA Small Cap Value Series | 69892 |
|  NAA Small Growth Series | 21380 |
|  NAA Smid-Cap Value Series | 66551 |
|  NAA World Equity Income Series | 1481 |
|  Neuberger Berman AMT Quality Equity Portfolio Class I | 58330 |
|  Nomura VIP Energy Series | 411 |
|  Nomura VIP Global Growth Series | 37147 |
|  Nomura VIP High Income Series | 34921 |
|  Nomura VIP International Core Equity Series | 11353 |
|  Nomura VIP Mid Cap Growth Series | 54671 |
|  Nomura VIP Science And Technology Series | 39852 |
|  Nomura VIP Small Cap Growth Series | 52271 |
|  PIMCO High Yield | 1021 |
|  PIMCO International Bond (U.S. Dollar-Hedged) | 1128 |
|  PIMCO VIT All Asset Administrative | 1658 |
|  PIMCO VIT All Asset Advisor | 126250 |
|  PIMCO VIT CommodityRealReturn Strategy Administrative | 42767 |
|  PIMCO VIT Emerging Markets Bond | 22411 |
|  PIMCO VIT High Yield | 7078 |
|  PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged) | 6744 |
|  PIMCO VIT Low Duration Administrative | 18593 |
|  PIMCO VIT Low Duration Advisor | 6394 |
|  PIMCO VIT Real Return Administrative | 4173 |
|  PIMCO VIT Real Return Advisor | 50087 |
|  PIMCO VIT Short-Term | 234569 |
|  PIMCO VIT Total Return Administrative | 4657 |
|  PIMCO VIT Total Return Advisor | 1540342 |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

1. Organization and Significant Accounting Policies (continued)

---

| | |
|:---|:---|
| **Subaccount** | **Annuity Assets** |
|  Putnam VT Large Cap Growth Fund | $11505 |
|  Putnam VT Large Cap Value | 146347 |
|  Royce Micro-Cap | 23672 |
|  Rydex VIF Banking | 22702 |
|  Rydex VIF Biotechnology | 44236 |
|  Rydex VIF Energy | 74198 |
|  Rydex VIF Health Care | 37706 |
|  Rydex VIF Inverse Dow 2x Strategy | 1 |
|  Rydex VIF Inverse Mid-Cap Strategy | 11 |
|  Rydex VIF Inverse NASDAQ-100<sup>®</sup> Strategy | 4 |
|  Rydex VIF Inverse Russell 2000<sup>®</sup> Strategy | 3030 |
|  Rydex VIF Inverse S&P 500 Strategy | 14 |
|  Rydex VIF Japan 2x Strategy | 203 |
|  Rydex VIF Mid-Cap 1.5x Strategy | 2642 |
|  Rydex VIF Money Market | 1932229 |
|  Rydex VIF Precious Metals | 119966 |
|  Rydex VIF Real Estate | 27448 |
|  Rydex VIF Retailing | 1805 |
|  Rydex VIF Russell 2000<sup>®</sup> 1.5x Strategy | 1784 |
|  Rydex VIF S&P 500 Pure Growth | 31900 |
|  Rydex VIF S&P 500 Pure Value | 17835 |
|  Rydex VIF S&P MidCap 400 Pure Growth | 3734 |
|  Rydex VIF S&P MidCap 400 Pure Value | 3632 |
|  Rydex VIF S&P SmallCap 600 Pure Growth | 3582 |
|  Rydex VIF S&P SmallCap 600 Pure Value | 2649 |
|  Rydex VIF Technology | 58110 |
|  Rydex VIF Utilities | 49736 |
| T. Rowe Price Blue Chip Growth | 247651 |
| T. Rowe Price Equity Income | 224019 |
| T. Rowe Price Growth Stock | 24084 |
| T. Rowe Price Health Sciences | 28106 |
| T. Rowe Price Limited-Term Bond | 13867 |
|  Templeton Developing Markets VIP Fund | 60824 |
|  Templeton Foreign VIP Fund | 20835 |
|  Templeton Global Bond VIP Fund | 6957 |
|  TOPS<sup>®</sup> Conservative ETF | 485885 |
|  Vanguard<sup>®</sup> VIF Balanced | 1604059 |
|  Vanguard<sup>®</sup> VIF Capital Growth | 117454 |
|  Vanguard<sup>®</sup> VIF Conservative Allocation | 929705 |
|  Vanguard<sup>®</sup> VIF Diversified Value | 421377 |
|  Vanguard<sup>®</sup> VIF Equity Income | 554138 |
|  Vanguard<sup>®</sup> VIF Equity Index | 2959896 |
|  Vanguard<sup>®</sup> VIF Global Bond Index | 120833 |
|  Vanguard<sup>®</sup> VIF Growth | 565722 |
|  Vanguard<sup>®</sup> VIF High Yield Bond | 177282 |
|  Vanguard<sup>®</sup> VIF International | 2121407 |
|  Vanguard<sup>®</sup> VIF Mid-Cap Index | 1136657 |
|  Vanguard<sup>®</sup> VIF Moderate Allocation | 3531322 |
|  Vanguard<sup>®</sup> VIF Real Estate Index | 404174 |
|  Vanguard<sup>®</sup> VIF Short Term Investment Grade | 921161 |
|  Vanguard<sup>®</sup> VIF Small Company Growth | 48789 |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

1. Organization and Significant Accounting Policies (continued)

---

| | |
|:---|:---|
| **Subaccount** | **Annuity Assets** |
|  Vanguard<sup>®</sup> VIF Total Bond Market Index | $4026676 |
|  Vanguard<sup>®</sup> VIF Total International Stock Market Index | 1253439 |
|  Vanguard<sup>®</sup> VIF Total Stock Market Index | 4468152 |
|  Victory Pioneer Bond VCT Portfolio | 22320 |
|  Victory RS Science and Technology | 5454 |
|  Virtus Duff & Phelps Real Estate Securities Series | 14745 |
|  Virtus KAR Small-Cap Growth Series | 11275 |
|  Virtus Newfleet Multi-Sector Intermediate Bond Series | 186756 |
|  Voya MidCap Opportunities Portfolio | 17091 |
|  VY CBRE Global Real Estate Portfolio | 15714 |
|  Western Asset Variable Global High Yield Bond | 16689 |

---

#### Reinvestment of Dividends
Dividend and capital gain distributions paid by the mutual funds to the Account are reinvested in additional shares of each respective fund. Dividend income and capital gain distributions are recorded as income on the ex-dividend date.

#### Federal Income Taxes
The operations of the Account are included in the federal income tax return of SBL, which is taxed as a life insurance company under the provisions of the Internal Revenue Code (IRC). Under the current provisions of the IRC, SBL does not expect to incur federal income taxes on the earnings of the Account to the extent the earnings are credited under contracts. Based on this, no charge is being made currently to the Account for federal income taxes. SBL will review periodically the status of this policy in the event of changes in the tax law.

#### Use of Estimates
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

#### Fair Value Measurements
Fair value is defined 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 (an exit price).

The Account invests in shares of open-end mutual funds, which process contractholders directed purchases, sales and transfers on a daily basis at the funds' computed NAVs. The fair value of the Account's assets is based on the NAVs of mutual funds, which are obtained from the custodians and reflect the fair values of the mutual fund investments. The NAV is calculated daily and is based on the fair values of the underlying securities.

Because the fund provides liquidity for the investments through purchases and redemptions at NAV, this may represent the fair value of the investment in the fund. That is, for an open-ended mutual fund, the fair value of an investment in the fund would not be expected to be higher than the amount that a new investor would be required to spend in order to directly invest in the mutual fund. Similarly, the hypothetical seller of the investment would not be expected to accept less in proceeds than it could receive by directly redeeming its investment with the fund.

The Account had no financial liabilities as of December 31, 2025.

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

1. Organization and Significant Accounting Policies (continued)

#### Segment Disclosures
An operating segment is defined in ASC Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is Brian Beckett, Chief Financial Officer. The subaccount represents a single operating segment, as the CODM monitors the operating results of the subaccount and as a whole, the subaccount's long-term strategic asset allocation is pre-determined based on a defined investment strategy. The net increase (decrease) in net assets from operations, which is used by the CODM to assess the segment's performance is consistent with that presented within the subaccount's financial statements. Segment assets are reflected on the accompanying Statements of Net Assets as "Net Assets" and significant segment expenses are listed on the accompanying Statements of Operations and Change in Net Assets.

2. Variable Annuity Contract Charges

#### AdvanceDesigns
*Mortality and Expense Risk Charge*: The mortality and expense risks assumed by SBL are compensated for by a fee equivalent to a minimum annual rate of 1.20% of the average daily net assets. The mortality and expense risk charge is based on the daily value of the individual contract.

*Administrative Charge*: SBL deducts a daily administrative charge equivalent to an annual rate of 0.15% of the average daily net asset value.

These charges are presented as expenses on the Statements of Operations and Change in Net Assets under Mortality and expense risk and administrative charges line item.

*Premium Tax Charge*: When applicable, an amount for premium taxes is deducted as provided by pertinent state law either from the purchase payments or from the amount applied to effect an annuity at the time annuity payments commence.

Contract owner maintenance charges presented as a decrease in units on the Statements of Operations and Change in Net Assets under the Maintenance charges and mortality adjustments line item may include the following:

• *Mortality and Expense Risk Charge*: If the net asset value of an individual contract is less than $100,000, SBL deducts an additional mortality and expense risk charge of 0.25% on contracts with a net asset value less than $25,000 and 0.10% on contracts with a net asset value of at least $25,000 but less than $100,000, as a contract level deduction.

• *Contingent Deferred Sales Charge (CDSC)*: SBL deducts a CDSC (also referred to as a "withdrawal charge") of up to 7% of any portion of a withdrawal, consisting of purchase payments, that exceed the free withdrawal amount for units withdrawn in the first seven years of the contract.

• *Account Administrative Charge*: SBL deducts an account administration charge of $30 annually, except for certain contracts based on a minimum account value and the period of time the contract has been in force.

• *Rider Charge:* SBL deducts a monthly amount for each rider, equal to a percentage of the contract value, not to exceed a total charge of 1.45% of the contract value. For contracts issued prior to June 19, 2006, maximum rider charge is 1% and for contracts issued prior to February 10 2010, maximum rider charge is 1.60%.

#### AdvisorDesigns
*Mortality and Expense Risk Charge*: The mortality and expense risks assumed by SBL are compensated for by a fee equivalent to a minimum annual rate of 0.85% of the average daily net assets. The mortality and expense risk charge is based on the daily value of the individual contract.

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

2. Variable Annuity Contract Charges (continued)

*Administrative Charge*: SBL deducts a daily administrative charge equal to an annual rate of each Subaccount's average daily net asset value. The amount of these charges differs by Subaccount and ranges from 0.25% to 0.60%, as indicated in the below table:

---

| | |
|:---|:---|
| **Administrative<br>Charge** | **Subaccount** |
| 0.25% | NAA All Cap Value Series<br> NAA Large Cap Value Series<br> NAA Small Cap Value Series<br> NAA SMid Cap Value Series<br> NAA Mid Growth Series<br> NAA World Equity Income Series |
| 0.35% | Invesco V.I. EVQ International Equity Fund<br> Invesco V.I. Mid Cap Core Equity |
| 0.40% | Invesco Oppenheimer V.I. Main Street Small Cap Fund |
| 0.45% | Guggenheim VIF Long Short Equity<br> Guggenheim VIF Multi-Hedge Strategies<br> Invesco V.I. Government Securities<br> each Rydex VIF Subaccounts |
| 0.50% | Federated Hermes High Income Bond II<br> Fidelity VIP Contrafund<br> Fidelity VIP Growth Opportunities<br> Fidelity VIP Investment Grade Bond |
| 0.55% | Fidelity VIP Index 500<br> PIMCO VIT Low Duration<br> PIMCO VIT Real Return<br> PIMCO VIT Total Return<br> Wells Fargo Opportunity VT |
| 0.60% | Federated Hermes Fund for U.S. Government Securities II<br> Franklin Small-Mid Cap Growth VIP Fund<br> Invesco V.I. American Franchise<br> Neuberger Berman AMT Quality Equity Portfolio<br> Templeton Developing Markets VIP Fund<br> Templeton Foreign VIP Fund |

---

These charges are presented as expenses on the Statements of Operations and Change in Net Assets under Mortality and expense risk and administrative charges line item.

*Premium Tax Charge*: When applicable, an amount for premium taxes is deducted as provided by pertinent state law either from the purchase payments or from the amount applied to effect an annuity at the time annuity payments commence.

Contract owner maintenance charges presented as a decrease in units on the Statements of Operations and Change in Net Assets under the Maintenance charges and mortality adjustments line item may include the following:

• *Mortality and Expense Risk Charge*: If the net asset value of an individual contract is less than $100,000, SBL deducts an additional mortality and expense risk charge of 0.25% on contracts with a net asset value less than $25,000 and 0.10% on contracts with a net asset value of at least $25,000 but less than $100,000, as a contract level deduction.

• *Contingent Deferred Sales Charge (CDSC)*: SBL deducts a CDSC (also referred to as a "withdrawal charge") of up to 7% of any portion of a withdrawal, consisting of purchase payments, that exceed the free withdrawal amount for units withdrawn in the first seven years of the contract.

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

2. Variable Annuity Contract Charges (continued)

• *Account Administrative Charge*: SBL deducts an account administrative fee of $30 at each contract anniversary, except for certain contracts based on a minimum account value and the period of time the contract has been in force.

• *Rider Charge*: SBL deducts a monthly amount for each rider, equal to a percentage of the contract value, not to exceed a total charge of 2% of the contract value.

#### Security Benefit Advisor
*Mortality and Expense Risk Charge*: The mortality and expense risks assumed by SBL are compensated for by a fee equivalent to a minimum annual rate of 0.75% of the average daily net asset value. The mortality and expense risk charge is based on the daily value of the individual contract.

*Administrative Charge*: SBL deducts a daily administrative charge equal to an annual rate of 0.15% of the average daily net assets value.

These charges are presented as expenses on the Statements of Operations and Change in Net Assets under Mortality and expense risk and administrative charges line item.

*Premium Tax Charge*: When applicable, an amount for premium taxes is deducted as provided by pertinent state law either from purchase payments or from the amount applied to effect an annuity at the time annuity payments commence.

Contract owner maintenance charges presented as a decrease in units on the Statements of Operations and Change in Net Assets under the Maintenance charges and mortality adjustments line item may include the following:

• *Mortality and Expense Risk Charge*: If the net asset value of an individual contract is less than $25,000, SBL deducts an additional 0.15% above the minimum annual rate of 0.75%, as a contract level deduction for mortality and expense risk.

• *Contingent Deferred Sales Charge (CDSC)*: SBL deducts a CDSC (also referred to as a "withdrawal charge") of up to 7% of any portion of a withdrawal, consisting of purchase payments, that exceed the free withdrawal amount for units withdrawn in the first seven years of the contract.

• *Account Administrative Charge*: SBL deducts an account administration charge of $30 annually, except for certain contracts based on a minimum account value and the period of time the contract has been in force.

• *Rider Charge*: SBL deducts an amount for each rider, equal to a percentage of the contract value, not to exceed a total charge of 1.55% of the contract value.

#### EliteDesigns
*Mortality and Expense Risk Charge*: The EliteDesigns and EliteDesigns II mortality and expense risks assumed by SBL are compensated for by a fee equivalent to an annual rate ranging from 0.00% to 1.20% of the average daily net assets. EliteDesigns: If the net asset value of an individual contract is less than $500,000, SBL deducts a mortality and expense risk charge of 0.20%. If the net asset value of an individual contract is greater than $500,000, no mortality and expense risk charge is deducted. EliteDesigns II: Prior to December 2, 2021, SBL deducted a mortality and expense risk charge of 1.20%. After December 2, 2021, If the net asset value of an individual contract is less than $500,000, SBL deducts a mortality and expense risk charge of 1.20%. If the net asset value of an individual contract is greater than $500,000, SBL deducts a mortality and expense risk charge of 1.00. All contracts, once annuitized, will be assessed with a mortality and expense risk charge of 0.30% annually of the average daily net assets.

*Administrative Charge*: SBL deducts a daily administrative charge equal to an annual rate of each Subaccount's average daily net asset value. The amount of these charges differs by Subaccount and ranges from 0.25% to 0.65%, as indicated in the below table:

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

2. Variable Annuity Contract Charges (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Administrative**<br> **Charge** | **Product** | **Subaccount** | **Subaccount** |
| 0.65% | EliteDesigns II | Dimensional VA Equity Allocation<br> Dimensional VA Global Bond Portfolio<br> Dimensional VA Global Moderate Allocation<br> Dimensional VA International Small Portfolio<br> Dimensional VA International Value Portfolio<br> Dimensional VA Short-Term Fixed Portfolio<br> Dimensional VA U.S. Large Value Portfolio<br> Dimensional VA U.S. Targeted Value Portfolio<br> Vanguard<sup>®</sup> VIF Balanced<br> Vanguard<sup>®</sup> VIF Capital Growth<br> Vanguard<sup>®</sup> VIF Conservative Allocation<br> Vanguard<sup>®</sup> VIF Diversified Value<br> Vanguard<sup>®</sup> VIF Equity Income<br> Vanguard<sup>®</sup> VIF Equity Index | Vanguard<sup>®</sup> VIF Global Bond Index<br> Vanguard<sup>®</sup> VIF Growth<br> Vanguard<sup>®</sup> VIF High Yield Bond<br> Vanguard<sup>®</sup> VIF International<br> Vanguard<sup>®</sup> VIF Mid-Cap Index<br> Vanguard<sup>®</sup> VIF Moderate Allocation<br> Vanguard<sup>®</sup> VIF Real Estate Index<br> Vanguard<sup>®</sup> VIF Short Term Investment Grade<br> Vanguard<sup>®</sup> VIF Small Company Growth<br> Vanguard<sup>®</sup> VIF Total Bond Market Index<br> Vanguard<sup>®</sup> VIF Total International Stock Market Index<br> Vanguard<sup>®</sup> VIF Total Stock Market Index |
| 0.25% | EliteDesigns and EliteDesigns II | All other subaccounts | All other subaccounts |

---

These charges are presented as expenses on the Statements of Operations and Change in Net Assets under Mortality and expense risk and administrative charges line item.

*Premium Tax Charge*: When applicable, an amount for premium taxes is deducted as provided by pertinent state law either from the purchase payments or from the amount applied to affect an annuity at the time annuity payments commence.

Contract owner maintenance charges presented as a decrease in units on the Statements of Operations and Change in Net Assets under the Maintenance charges and mortality adjustments line item may include the following:

• *Contingent Deferred Sales Charge (CDSC)*: For EliteDesigns with a 5 year contract rider, SBL deducts a CDSC (also referred to as a "withdrawal charge") of up to 5% of any portion of a withdrawal, consisting of purchase payments, that exceed the free withdrawal amount for units withdrawn in the first five years of the contract. For EliteDesigns with a 0 year contract rider and EliteDesigns II contract, SBL does not deduct any CDSC throughout the life of the contract.

• *Rider Charge*: SBL deducts an amount for each optional rider, equal to a percentage of the contract value, not to exceed a total charge of 1.25% of the contract value.

#### SecureDesigns
*Mortality and Expense Risk Charge*: Mortality and expense risks assumed by SBL are compensated for by a fee equivalent to a minimum annual rate of 0.60% of the average daily net asset. The mortality and expense risk charge is based on the daily value of the individual contract.

*Administrative Charge*: SBL deducts a daily administrative charge equivalent to an annual rate of 0.15% of the average daily net asset value.

These charges are presented as expenses on the Statements of Operations and Change in Net Assets under Mortality and expense risk and administrative charges line item.

*Premium Tax Charge*: When applicable, an amount for state premium taxes is deducted as provided by pertinent state law either from the purchase payments or from the amount applied to effect an annuity at the time annuity payments commence.

Contract owner maintenance charges presented as a decrease in units on the Statements of Operations and Change in Net Assets under the Maintenance charges and mortality adjustments line item may include the following:

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

2. Variable Annuity Contract Charges (continued)

• *Mortality and Expense Risk Charge*: If the net asset value of an individual contract is less than $100,000, SBL deducts an additional mortality and expense risk charge of 0.25% on contracts with a net asset value less than $25,000 and 0.10% on contracts with a net asset value of at least $25,000 but less than $100,000, as a contract level deduction.

• *Account Administrative Charge*: SBL deducts an account administration charge of $30 annually, except for certain contracts based on a minimum account value and the period of time the contract has been in force.

• *Contingent Deferred Sales Charge (CDSC)*: SBL deducts a CDSC (also referred to as a "withdrawal charge") of up to 7% of any portion of a withdrawal, consisting of purchase payments, that exceed the free withdrawal amount for units withdrawn in the first seven years of the contract.

• *Rider Charge*: SBL deducts an amount for each rider, equal to a percentage of contract value, not to exceed a total charge of 2.00% of the contract value.

#### Valuebuilder
*Mortality and Expense Risk Charge*: For NEA Valuebuilder contracts, the mortality and expense risks assumed by SBL are compensated for by a fee equivalent to an annual rate of 0.75% of the average daily net asset value to contracts with $25,000 or more and 0.90% of the average daily net asset value to contracts with less than $25,000. For NEA Valuebuilder – RID contracts, the mortality and expense risks assumed by SBL are compensated for by a fee equivalent to an annual rate of 1.10% of the average daily net asset value. For AEA Valuebuilder contracts, the mortality and expense risks assumed by SBL are compensated for by a fee equivalent to an annual rate of 0.95% of the average daily net asset value to contracts with $25,000 or more and 1.10% of the average daily net asset value to contracts with less than $25,000. During the annuity period, mortality and expense risks assumed by SBL are compensated for by a fee equivalent to an annual rate of 1.25% of the average daily net asset value for certain annuity options.

*Administrative Charge*: SBL deducts a daily administrative charge equal to an annual rate of 0.15% of the average daily net asset value.

These charges are presented as expenses on the Statements of Operations and Change in Net Assets under Mortality and expense risk and administrative charges line item.

*Premium Tax Charge*: When applicable, an amount for premium taxes is deducted as provided by pertinent state law either from purchase payments or from the amount applied to effect an annuity at the time annuity payments commence.

Contract owner maintenance charges presented as a decrease in units on the Statements of Operations and Change in Net Assets under the Maintenance charges and mortality adjustments line item may include the following:

• *Contingent Deferred Sales Charge (CDSC)*: SBL deducts a CDSC (also referred to as a "withdrawal charge") of up to 7% of any portion of a withdrawal, consisting of purchase payments, that exceed the free withdrawal amount for units withdrawn in the first seven years of the contract.

• *Account Administrative Charge*: SBL deducts an account administration charge of $30 annually, except for certain contracts based on a minimum account value and the period of time the contract has been in force.

• *Rider Charge*: SBL deducts a monthly amount for each rider, equal to a percentage of the contract value, not to exceed a total charge of 1.55% of the contract value.

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

3. Summary of Unit Transactions

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | | | **Net** | | | **Net** |
|  | **Units** | **Units** | **Increase** | **Units** | **Units** | **Increase** |
| **Subaccount** | **Issued** | **Redeemed** | **(Decrease)** | **Issued** | **Redeemed** | **(Decrease)** |
|  AB VPS Discovery Value Portfolio | 17836 | (34358) | (16522) | 17497 | (27508) | (10011) |
|  AB VPS Dynamic Asset Allocation | 2453 | (14441) | (11988) | 2655 | (5932) | (3277) |
|  AB VPS Relative Value Portfolio | 8864 | (7901) | 963 | 120 | (557) | (437) |
|  AB VPS Sustainable Global Thematic Growth | 191 | (750) | (559) | 355 | (210) | 145 |
|  AFIS Capital World Growth and Income | 226 | (1518) | (1292) | 1328 | (788) | 540 |
|  AFIS U.S. Government Securities | 9248 | (26014) | (16766) | 37569 | (1397) | 36172 |
|  AFIS Washington Mutual Investors | 1411 | (9673) | (8262) | 7450 | (7361) | 89 |
|  Alger Capital Appreciation (d) | 211 | (2045) | (1834) | 233 | (846) | (613) |
|  Alger Large Cap Growth | 40393 | (27666) | 12727 | 11501 | (1023) | 10478 |
|  Allspring Growth (d) | 2649 | (3969) | (1320) | 3763 | (5956) | (2193) |
|  Allspring Large Cap Core | 8090 | (10365) | (2275) | 8452 | (13662) | (5210) |
|  Allspring Opportunity | 1765 | (4506) | (2741) | 3989 | (5461) | (1472) |
|  Allspring Opportunity VT | 1544 | (5273) | (3729) | 1168 | (6517) | (5349) |
|  Allspring Small Company Value | 40351 | (61112) | (20761) | 28257 | (59556) | (31299) |
|  Allspring VT Discovery All Cap Growth Fund | 253 | (15) | 238 | 247 | (17) | 230 |
|  ALPS/Alerian Energy Infrastructure | 8437 | (789) | 7648 | 2007 | (4658) | (2651) |
|  American Century Diversified Bond | 29129 | (32937) | (3808) | 8372 | (5153) | 3219 |
|  American Century Equity Income | 32959 | (57103) | (24144) | 25778 | (73825) | (48047) |
|  American Century Heritage | 7866 | (15119) | (7253) | 5606 | (13994) | (8388) |
|  American Century International Growth | 69363 | (85738) | (16375) | 64004 | (86719) | (22715) |
|  American Century Select | 15252 | (60125) | (44873) | 14095 | (41613) | (27518) |
|  American Century Strategic Allocation: Aggressive | 64526 | (5887) | 58639 | 5363 | (16192) | (10829) |
|  American Century Strategic Allocation: Conservative | 12539 | (18133) | (5594) | 8793 | (22597) | (13804) |
|  American Century Strategic Allocation: Moderate | 52230 | (32866) | 19364 | 18747 | (30692) | (11945) |
|  American Century Ultra<sup>®</sup> | 1533 | (4203) | (2670) | 3133 | (2368) | 765 |
|  American Funds IS<sup>®</sup> Asset Allocation | 140912 | (170793) | (29881) | 411627 | (201268) | 210359 |

---

(d) Closed to new investments. See Note 1.

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

3. Summary of Unit Transactions (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | | | **Net** | | | **Net** |
|  | **Units** | **Units** | **Increase** | **Units** | **Units** | **Increase** |
| **Subaccount** | **Issued** | **Redeemed** | **(Decrease)** | **Issued** | **Redeemed** | **(Decrease)** |
|  American Funds IS<sup>®</sup> Capital World Bond | 103003 | (62584) | 40419 | 37316 | (97479) | (60163) |
|  American Funds IS<sup>®</sup> Global Growth | 94640 | (153776) | (59136) | 59797 | (126746) | (66949) |
|  American Funds IS<sup>®</sup> Global Small Capitalization | 8473 | (14536) | (6063) | 28502 | (7198) | 21304 |
|  American Funds IS<sup>®</sup> Growth | 13159 | (24138) | (10979) | 18861 | (14190) | 4671 |
|  American Funds IS<sup>®</sup> Growth-Income | 148648 | (325819) | (177171) | 177257 | (182675) | (5418) |
|  American Funds IS<sup>®</sup> International | 143313 | (205232) | (61919) | 148796 | (52372) | 96424 |
|  American Funds IS<sup>®</sup> International Growth and Income | 14481 | (9756) | 4725 | 7288 | (2193) | 5095 |
|  American Funds IS<sup>®</sup> Mortgage | 27765 | (3084) | 24681 | 786 | (122) | 664 |
|  American Funds IS<sup>®</sup> New World | 111002 | (76669) | 34333 | 74238 | (72896) | 1342 |
|  AMG River Road Mid Cap Value | 4038 | (15283) | (11245) | 4811 | (13637) | (8826) |
|  Ariel<sup>®</sup> | 5442 | (17142) | (11700) | 6255 | (17572) | (11317) |
|  Baron Asset | 1645 | (3378) | (1733) | 1935 | (13434) | (11499) |
|  BlackRock Advantage Large Cap Core V.I. | 1088 | (1689) | (601) | 34271 | (24452) | 9819 |
|  BlackRock Advantage Small Cap Growth | 2582 | (717) | 1865 | 1779 | (2940) | (1161) |
|  BlackRock Basic Value V.I. | 449 | (58) | 391 | 1390 | (60) | 1330 |
|  BlackRock Capital Appreciation V.I. | 624 | (8879) | (8255) | 3720 | (4639) | (919) |
|  BlackRock Equity Dividend | 2847 | (4027) | (1180) | 1901 | (4620) | (2719) |
|  BlackRock Equity Dividend V.I. | 113601 | (126585) | (12984) | 94923 | (131259) | (36336) |
|  BlackRock Global Allocation | 3893 | (2520) | 1373 | 1407 | (4101) | (2694) |
|  BlackRock Global Allocation V.I. | 25282 | (58518) | (33236) | 20303 | (40626) | (20323) |
|  BlackRock High Yield V.I. | 123649 | (131122) | (7473) | 127316 | (327051) | (199735) |
|  BlackRock Large Cap Focus Growth V.I. | 105 | (7) | 98 | 459 | (44456) | (43997) |
|  BNY Mellon Appreciation | 40813 | (58866) | (18053) | 37011 | (67777) | (30766) |
|  BNY Mellon Dynamic Value | 18618 | (27509) | (8891) | 17374 | (28374) | (11000) |
|  BNY Mellon IP MidCap Stock | 14788 | (34314) | (19526) | 35809 | (25885) | 9924 |
|  BNY Mellon IP Small Cap Stock Index | 63569 | (88786) | (25217) | 69633 | (88755) | (19122) |
|  BNY Mellon IP Technology Growth | 33535 | (138790) | (105255) | 154496 | (115726) | 38770 |
|  BNY Mellon Midcap Value Fun (b) | 5860 | (14766) | (8906) | 11588 | (10375) | 1213 |

---

(b) Name change. See Note 1.

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

3. Summary of Unit Transactions (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | | | **Net** | | | **Net** |
|  | **Units** | **Units** | **Increase** | **Units** | **Units** | **Increase** |
| **Subaccount** | **Issued** | **Redeemed** | **(Decrease)** | **Issued** | **Redeemed** | **(Decrease)** |
|  BNY Mellon Stock Index | 47 | (1207) | (1160) | 1265 | (6638) | (5373) |
|  BNY Mellon VIF Appreciation | 12803 | (44011) | (31208) | 59500 | (115844) | (56344) |
|  Calamos<sup>®</sup> Growth | 11039 | (59038) | (47999) | 14328 | (51230) | (36902) |
|  Calamos<sup>®</sup> Growth and Income | 13673 | (64025) | (50352) | 17437 | (51907) | (34470) |
|  Calamos<sup>®</sup> High Income Opportunities | 3182 | (2690) | 492 | 7456 | (7122) | 334 |
|  ClearBridge Small Cap Growth |  |  |  | 20 | (1069) | (1049) |
|  ClearBridge Variable Growth | 12913 | (36953) | (24040) | 77247 | (114805) | (37558) |
|  ClearBridge Variable Small Cap Growth | 87736 | (40144) | 47592 | 19443 | (108961) | (89518) |
|  Dimensional VA Equity Allocation | 124168 | (30463) | 93705 | 29162 | (17866) | 11296 |
|  Dimensional VA Global Bond Portfolio | 112858 | (66385) | 46473 | 66801 | (36287) | 30514 |
|  Dimensional VA Global Moderate Allocation | 50060 | (39203) | 10857 | 1381 | (17152) | (15771) |
|  Dimensional VA International Small Portfolio | 35058 | (47286) | (12228) | 48757 | (20786) | 27971 |
|  Dimensional VA International Value Portfolio | 107309 | (71348) | 35961 | 58076 | (49802) | 8274 |
|  Dimensional VA Short-Term Fixed Portfolio | 93938 | (172492) | (78554) | 348340 | (102407) | 245933 |
|  Dimensional VA U.S. Large Value Portfolio | 48621 | (82679) | (34058) | 59221 | (41643) | 17578 |
|  Dimensional VA U.S. Targeted Value Portfolio | 68522 | (51044) | 17478 | 32823 | (48069) | (15246) |
|  Donoghue Forlines Dividend VIT Fund | 2235 | (560) | 1675 |  |  |  |
|  Donoghue Forlines Momentum VIT Fund | 15148 | (15148) |  |  |  |  |
|  DWS Small Mid Cap Value VIP | 118 | (2780) | (2662) | 1716 | (1736) | (20) |
|  Eaton Vance VT Floating-Rate Income | 33410 | (255218) | (221808) | 142943 | (99347) | 43596 |
|  Federated Hermes Corporate Bond | 90280 | (231612) | (141332) | 169585 | (120867) | 48718 |
|  Federated Hermes Fund for U.S. Government Securities II | 46701 | (68951) | (22250) | 14668 | (70744) | (56076) |
|  Federated Hermes High Income Bond II | 17236 | (54929) | (37693) | 40729 | (81202) | (40473) |
|  Fidelity<sup>®</sup> Advisor Dividend Growth Class M-1 (c) | 4567 | (131277) | (126710) | 8159 | (23664) | (15505) |
|  Fidelity<sup>®</sup> Advisor Dividend Growth Class M-2 (a) | 246091 | (7737) | 238354 |  |  |  |
|  Fidelity<sup>®</sup> Advisor International Capital Appreciation (d) | 420 | (1571) | (1151) | 477 | (2555) | (2078) |

---

(a) New subaccount. See Note 1.

(c) Merger. See Note 1.

(d) Closed to new investments. See Note 1.

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

3. Summary of Unit Transactions (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **,** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  |  |  | **Net** |  |  | **Net** |
|  | **Units** | **Units** | **Increase** | **Units** | **Units** | **Increase** |
| **Subaccount** | **Issued** | **Redeemed** | **(Decrease)** | **Issued** | **Redeemed** | **(Decrease)** |
|  Fidelity<sup>®</sup> Advisor Leveraged Company Stock | 553 | (2944) | (2391) | 9262 | (4) | 9258 |
|  Fidelity<sup>®</sup> Advisor New Insights | 2778 | (4255) | (1477) | 1795 | (2201) | (406) |
|  Fidelity<sup>®</sup> Advisor Real Estate | 10933 | (10861) | 72 | 5391 | (19092) | (13701) |
|  Fidelity<sup>®</sup> Advisor Stock Selector Mid Cap | 5218 | (16731) | (11513) | 4770 | (16315) | (11545) |
|  Fidelity<sup>®</sup> Advisor Value Strategies | 8571 | (20756) | (12185) | 10259 | (15458) | (5199) |
|  Fidelity<sup>®</sup> VIP Balanced | 22133 | (27645) | (5512) | 78597 | (16437) | 62160 |
|  Fidelity<sup>®</sup> VIP Contrafund | 212447 | (248531) | (36084) | 74668 | (103135) | (28467) |
|  Fidelity<sup>®</sup> VIP Disciplined Small Cap | 35126 | (6021) | 29105 | 12824 | (7481) | 5343 |
|  Fidelity<sup>®</sup> VIP Emerging Markets | 115185 | (77771) | 37414 | 59648 | (21993) | 37655 |
|  Fidelity<sup>®</sup> VIP Equity-Income | 206812 | (109130) | 97682 | 136067 | (46691) | 89376 |
|  Fidelity<sup>®</sup> VIP Growth & Income | 121570 | (142616) | (21046) | 73273 | (53275) | 19998 |
|  Fidelity<sup>®</sup> VIP Growth Opportunities | 268340 | (354310) | (85970) | 121079 | (244147) | (123068) |
|  Fidelity<sup>®</sup> VIP High Income | 10523 | (18732) | (8209) | 27978 | (9708) | 18270 |
|  Fidelity<sup>®</sup> VIP Index 500 | 180496 | (208372) | (27876) | 295932 | (311277) | (15345) |
|  Fidelity<sup>®</sup> VIP Investment Grade Bond | 216753 | (184891) | 31862 | 328751 | (267775) | 60976 |
|  Fidelity<sup>®</sup> VIP Mid Cap | 36887 | (16475) | 20412 | 51526 | (38092) | 13434 |
|  Fidelity<sup>®</sup> VIP Overseas | 270719 | (148823) | 121896 | 115394 | (87939) | 27455 |
|  Fidelity<sup>®</sup> VIP Real Estate | 475 | (3304) | (2829) | 3136 | (675) | 2461 |
|  Fidelity<sup>®</sup> VIP Strategic Income | 68217 | (70483) | (2266) | 72059 | (12548) | 59511 |
|  Franklin Allocation VIP Fund | 16135 | (20319) | (4184) | 5588 | (22712) | (17124) |
|  Franklin DynaTech VIP | 3712 | (148) | 3564 | 204 | (48) | 156 |
|  Franklin Growth and Income VIP Fund | 9410 | (8284) | 1126 | 1131 | (77) | 1054 |
|  Franklin Income VIP Fund | 126802 | (157752) | (30950) | 129714 | (232249) | (102535) |
|  Franklin Large Cap Growth VIP Fund | 1100 | (40) | 1060 | 37 | (4) | 33 |
|  Franklin Mutual Global Discovery VIP Fund | 244794 | (137228) | 107566 | 69422 | (109604) | (40182) |
|  Franklin Mutual Shares VIP Fund | 6613 | (32) | 6581 | 61 | (40) | 21 |
|  Franklin Rising Dividends VIP Fund | 1444 | (10297) | (8853) | 7886 | (1561) | 6325 |
|  Franklin Small Cap Value VIP Fund | 25281 | (128932) | (103651) | 128044 | (26916) | 101128 |
|  Franklin Small-Mid Cap Growth VIP Fund | 4874 | (17369) | (12495) | 8542 | (32807) | (24265) |
|  Franklin Strategic Income VIP Fund | 70624 | (33544) | 37080 | 25155 | (54724) | (29569) |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

3. Summary of Unit Transactions (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | | | **Net** | | | **Net** |
|  | **Units** | **Units** | **Increase** | **Units** | **Units** | **Increase** |
| **Subaccount** | **Issued** | **Redeemed** | **(Decrease)** | **Issued** | **Redeemed** | **(Decrease)** |
|  Franklin U.S. Government Securities VIP Fund | 212308 | (173766) | 38542 | 128141 | (69472) | 58669 |
|  Goldman Sachs Emerging Markets Equity | 42176 | (25214) | 16962 | 31977 | (19117) | 12860 |
|  Goldman Sachs Government Income | 46826 | (28710) | 18116 | 13135 | (50246) | (37111) |
|  Goldman Sachs VIT International Equity Insights | 63528 | (64504) | (976) | 3643 | (2007) | 1636 |
|  Goldman Sachs VIT Large Cap Value | 7249 | (459) | 6790 | 7758 |  | 7758 |
|  Goldman Sachs VIT Mid Cap Growth Fund | 3769 | (1393) | 2376 | 329 | (290) | 39 |
|  Goldman Sachs VIT Mid Cap Value | 1001 | (9017) | (8016) | 23782 | (21964) | 1818 |
|  Goldman Sachs VIT Small Cap Equity Insights | 41727 | (11531) | 30196 | 5284 | (6441) | (1157) |
|  Goldman Sachs VIT Strategic Growth | 3441 | (463) | 2978 | 242 | (3407) | (3165) |
|  Guggenheim Core Bond | 32000 | (90177) | (58177) | 51595 | (80469) | (28874) |
|  Guggenheim Floating Rate Strategies | 32091 | (39634) | (7543) | 14564 | (23406) | (8842) |
|  Guggenheim High Yield | 27710 | (47380) | (19670) | 20022 | (26725) | (6703) |
|  Guggenheim Macro Opportunities | 65 | (1294) | (1229) | 834 | (8) | 826 |
|  Guggenheim Managed Futures Strategy | 607 | (655) | (48) | 70 | (324) | (254) |
|  Guggenheim Multi-Hedge Strategies | 624 | (977) | (353) | 119 | (556) | (437) |
|  Guggenheim Total Return Bond | 7504 | (4263) | 3241 | 8869 | (25211) | (16342) |
|  Guggenheim VIF Floating Rate Strategies | 420611 | (372508) | 48103 | 132799 | (224498) | (91699) |
|  Guggenheim VIF Global Managed Futures Strategy | 186464 | (58569) | 127895 | 133494 | (29764) | 103730 |
|  Guggenheim VIF High Yield | 27482 | (135035) | (107553) | 84503 | (156134) | (71631) |
|  Guggenheim VIF Multi-Hedge Strategies | 54314 | (53424) | 890 | 73063 | (376561) | (303498) |
|  Guggenheim VIF Total Return Bond | 1252506 | (1021343) | 231163 | 813257 | (664868) | 148389 |
|  Invesco American Franchise | 3344 | (8469) | (5125) | 5475 | (24321) | (18846) |
|  Invesco Comstock | 42380 | (45275) | (2895) | 22728 | (63455) | (40727) |
|  Invesco Developing Markets | 4442 | (5442) | (1000) | 5642 | (3388) | 2254 |
|  Invesco Discovery | 1036 | (1708) | (672) | 1297 | (924) | 373 |
|  Invesco Discovery Mid Cap Growth | 23291 | (23363) | (72) | 7131 | (14688) | (7557) |
|  Invesco Energy | 644 | (1074) | (430) | 745 | (4184) | (3439) |
|  Invesco Equity and Income | 18927 | (69808) | (50881) | 28615 | (62789) | (34174) |
|  Invesco Global | 3057 | (3589) | (532) | 1681 | (5030) | (3349) |
|  Invesco Gold & Special Minerals | 662 | (279) | 383 | 790 | (514) | 276 |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

3. Summary of Unit Transactions (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | | | **Net** | | | **Net** |
|  | **Units** | **Units** | **Increase** | **Units** | **Units** | **Increase** |
| **Subaccount** | **Issued** | **Redeemed** | **(Decrease)** | **Issued** | **Redeemed** | **(Decrease)** |
|  Invesco Main Street Mid Cap | 6504 | (14755) | (8251) | 6258 | (17953) | (11695) |
|  Invesco Small Cap Growth (d) | 2592 | (9934) | (7342) | 2596 | (13708) | (11112) |
|  Invesco Technology | 15549 | (5823) | 9726 | 9957 | (18378) | (8421) |
|  Invesco V.I. American Franchise Series I | 4031 | (23835) | (19804) | 7330 | (39052) | (31722) |
|  Invesco V.I. American Franchise Series II | 25 | (49) | (24) | 24 | (9) | 15 |
|  Invesco V.I. American Value | 139157 | (93183) | 45974 | 96789 | (54654) | 42135 |
|  Invesco V.I. Balanced-Risk Allocation | 869 | (160) | 709 | 3444 | (14) | 3430 |
|  Invesco V.I. Comstock | 231810 | (678310) | (446500) | 747746 | (175620) | 572126 |
|  Invesco V.I. Core Equity | 527 | (12) | 515 | 2163 | (65533) | (63370) |
|  Invesco V.I. Core Plus Bond | 81543 | (173301) | (91758) | 141610 | (200641) | (59031) |
|  Invesco V.I. Discovery Mid Cap Growth | 17395 | (79551) | (62156) | 70866 | (35286) | 35580 |
|  Invesco V.I. Equally-Weighted S&P 500 | 3624 | (31835) | (28211) | 106552 | (36849) | 69703 |
|  Invesco V.I. Equity and Income | 42516 | (80010) | (37494) | 31978 | (169492) | (137514) |
|  Invesco V.I. EVQ International Equity Fund | 155228 | (205512) | (50284) | 162845 | (371562) | (208717) |
|  Invesco V.I. Global | 8728 | (72027) | (63299) | 26955 | (58502) | (31547) |
|  Invesco V.I. Global Core Equity | 68 | (1123) | (1055) | 148 | (48) | 100 |
|  Invesco V.I. Global Real Estate Series I | 18212 | (54287) | (36075) | 80408 | (86712) | (6304) |
|  Invesco V.I. Global Real Estate Series II | 280 | (1536) | (1256) | 389 | (3026) | (2637) |
|  Invesco V.I. Global Strategic Income | 65955 | (90663) | (24708) | 27360 | (2663) | 24697 |
|  Invesco V.I. Government Money Market | 1215333 | (1492809) | (277476) | 2324475 | (1742405) | 582070 |
|  Invesco V.I. Government Securities | 435757 | (616739) | (180982) | 286897 | (260182) | 26715 |
|  Invesco V.I. Growth and Income | 489 | (472) | 17 | 150 | (180) | (30) |
|  Invesco V.I. Health Care Series I | 57564 | (62839) | (5275) | 50189 | (62107) | (11918) |
|  Invesco V.I. Health Care Series II | 11281 | (131) | 11150 | 285 | (7530) | (7245) |
|  Invesco V.I. International Growth Fund (b) | 3395 | (715) | 2680 | 1386 | (9130) | (7744) |
|  Invesco V.I. Main Street Mid Cap Fund<sup>®</sup> | 23041 | (104968) | (81927) | 136822 | (131758) | 5064 |
|  Invesco V.I. Main Street Small Cap Fund<sup>®</sup> | 25921 | (97132) | (71211) | 101046 | (129200) | (28154) |

---

(b) Name change. See Note 1.

(d) Closed to new investments. See Note 1.

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

3. Summary of Unit Transactions (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | | | **Net** | | | **Net** |
|  | **Units** | **Units** | **Increase** | **Units** | **Units** | **Increase** |
| **Subaccount** | **Issued** | **Redeemed** | **(Decrease)** | **Issued** | **Redeemed** | **(Decrease)** |
|  Invesco V.I. Small Cap Equity | 27438 | (27778) | (340) | 1440 | (6366) | (4926) |
|  Invesco Value Opportunities | 9260 | (27186) | (17926) | 7670 | (35954) | (28284) |
|  Janus Henderson Adaptive Risk Managed U.S. Equity | 2418 | (9647) | (7229) | 3083 | (11575) | (8492) |
|  Janus Henderson Mid Cap Value | 195 | (91) | 104 | 195 | (1759) | (1564) |
|  Janus Henderson Overseas | 55788 | (117628) | (61840) | 37063 | (97274) | (60211) |
|  Janus Henderson VIT Enterprise | 37897 | (215061) | (177164) | 147768 | (220165) | (72397) |
|  Janus Henderson VIT Mid Cap Value | 7045 | (4037) | 3008 | 1967 | (6108) | (4141) |
|  Janus Henderson VIT Overseas | 130651 | (67290) | 63361 | 5234 | (1747) | 3487 |
|  Janus Henderson VIT Research | 54715 | (161713) | (106998) | 99477 | (108627) | (9150) |
|  Lord Abbett Series Bond-Debenture VC | 101255 | (58352) | 42903 | 148072 | (157132) | (9060) |
|  Lord Abbett Series Developing Growth VC | 14969 | (66235) | (51266) | 49852 | (17889) | 31963 |
|  Lord Abbett Series Dividend Growth VC | 12061 | (194) | 11867 | 809 | (95) | 714 |
|  Lord Abbett Series Growth Opportunities VC | 5 | (19) | (14) | 5 | (17) | (12) |
|  Lord Abbett Series Mid Cap Stock VC | 122 | (343) | (221) | 146 | (325) | (179) |
|  Lord Abbett Series Total Return VC | 26188 | (26388) | (200) | 4980 | (5623) | (643) |
|  LVIP American Century Disciplined Core Value | 188 | (2224) | (2036) | 245 | (2426) | (2181) |
|  LVIP American Century Inflation Protection | 10337 | (4564) | 5773 | 15741 | (44225) | (28484) |
|  LVIP American Century International | 126 | (461) | (335) | 147 | (1025) | (878) |
|  LVIP American Century Mid Cap Value (d) | 13314 | (31428) | (18114) | 13924 | (38843) | (24919) |
|  LVIP American Century Ultra | 23563 | (102345) | (78782) | 53960 | (158228) | (104268) |
|  LVIP American Century Value | 56182 | (148485) | (92303) | 60252 | (322296) | (262044) |
|  LVIP JPMorgan Core Bond Fund | 410490 | (95378) | 315112 | 95439 | (42442) | 52997 |
|  LVIP JPMorgan Small Cap Core Fund | 1099 | (558) | 541 | 9178 | (164) | 9014 |
|  LVIP JPMorgan US Equity Fund | 2755 | (161) | 2594 | 402 | (393) | 9 |
|  Macquarie Asset Strategy | 6061 | (3429) | 2632 | 3963 | (5011) | (1048) |
|  MFS<sup>®</sup> VIT Emerging Markets Equity | 7146 | (8618) | (1472) | 5930 | (1066) | 4864 |
|  MFS<sup>®</sup> VIT Global Tactical Allocation | 6984 | (104) | 6880 | 13 | (103) | (90) |
|  MFS<sup>®</sup> VIT II MA Investors Growth Stock | 306 | (300) | 6 | 746 | (551) | 195 |

---

(d) Closed to new investments. See Note 1.

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

3. Summary of Unit Transactions (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | | | **Net** | | | **Net** |
|  | **Units** | **Units** | **Increase** | **Units** | **Units** | **Increase** |
| **Subaccount** | **Issued** | **Redeemed** | **(Decrease)** | **Issued** | **Redeemed** | **(Decrease)** |
|  MFS<sup>®</sup> VIT II Research International | 119210 | (282276) | (163066) | 152963 | (170476) | (17513) |
|  MFS<sup>®</sup> VIT International Intrinsic Value | 13277 | (9111) | 4166 | 4896 | (14805) | (9909) |
|  MFS<sup>®</sup> VIT Investors Trust | 169 | (1734) | (1565) | 204 | (254) | (50) |
|  MFS<sup>®</sup> VIT New Discovery | 303 | (2565) | (2262) | 380 | (3853) | (3473) |
|  MFS<sup>®</sup> VIT Research | 49 | (85) | (36) | 51 | (84) | (33) |
|  MFS<sup>®</sup> VIT Total Return | 37863 | (144753) | (106890) | 57174 | (118503) | (61329) |
|  MFS<sup>®</sup> VIT Total Return Bond | 41307 | (8311) | 32996 | 3502 | (2737) | 765 |
|  MFS<sup>®</sup> VIT Utilities | 49044 | (124956) | (75912) | 89030 | (114496) | (25466) |
|  Morgan Stanley VIF Emerging Markets Debt | 781 | (28776) | (27995) | 44587 | (14626) | 29961 |
|  Morgan Stanley VIF Emerging Markets Equity | 75630 | (103796) | (28166) | 61688 | (126453) | (64765) |
|  Morningstar Aggressive Growth ETF Asset Allocation Portfolio | 5172 | (18577) | (13405) | 23280 | (4421) | 18859 |
|  Morningstar Balanced ETF Asset Allocation Portfolio | 210660 | (126841) | 83819 | 323906 | (94490) | 229416 |
|  Morningstar Conservative ETF Asset Allocation Portfolio | 35128 | (46802) | (11674) | 44040 | (32235) | 11805 |
|  Morningstar Growth ETF Asset Allocation Portfolio | 36136 | (23445) | 12691 | 22254 | (216022) | (193768) |
|  Morningstar Income and Growth ETF Asset Allocation Portfolio | 67881 | (35607) | 32274 | 28174 | (35281) | (7107) |
|  NAA All Cap Value Series | 27569 | (128132) | (100563) | 39682 | (160416) | (120734) |
|  NAA Large Cap Value | 4643 | (13159) | (8516) | 3532 | (7327) | (3795) |
|  NAA Large Cap Value Series | 91557 | (283101) | (191544) | 131836 | (187231) | (55395) |
|  NAA Large Core | 5962 | (29406) | (23444) | 13558 | (23067) | (9509) |
|  NAA Large Core Series | 139403 | (235209) | (95806) | 204028 | (182393) | 21635 |
|  NAA Large Growth Series | 56368 | (147580) | (91212) | 70841 | (122034) | (51193) |
|  NAA Mid Growth | 6421 | (15594) | (9173) | 10517 | (15263) | (4746) |
|  NAA Mid Growth Series | 25644 | (115715) | (90071) | 44371 | (146144) | (101773) |
|  NAA Opportunity | 213 | (853) | (640) | 229 | (470) | (241) |
|  NAA Small Cap Value Series | 62701 | (60230) | 2471 | 33764 | (188586) | (154822) |
|  NAA Small Growth Series | 18070 | (43921) | (25851) | 20999 | (63899) | (42900) |
|  NAA SMid Cap Value | 19568 | (46410) | (26842) | 14095 | (45170) | (31075) |
|  NAA Smid-Cap Value Series | 33194 | (134687) | (101493) | 98795 | (255909) | (157114) |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

3. Summary of Unit Transactions (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | | | **Net** | | | **Net** |
|  | **Units** | **Units** | **Increase** | **Units** | **Units** | **Increase** |
| **Subaccount** | **Issued** | **Redeemed** | **(Decrease)** | **Issued** | **Redeemed** | **(Decrease)** |
|  NAA World Equity Income | 16131 | (69419) | (53288) | 26397 | (45873) | (19476) |
|  NAA World Equity Income Series | 312681 | (446738) | (134057) | 94304 | (159690) | (65386) |
|  Neuberger Berman AMT Quality Equity Portfolio Class I | 32486 | (59404) | (26918) | 18173 | (63786) | (45613) |
|  Neuberger Berman AMT Quality Equity Portfolio Class S (b) | 18152 | (49402) | (31250) | 36568 | (22657) | 13911 |
|  Neuberger Berman Core Bond | 67622 | (63412) | 4210 | 77182 | (41386) | 35796 |
|  Neuberger Large Cap Value Fund (b) | 3338 | (11342) | (8004) | 5597 | (19146) | (13549) |
|  Neuberger Quality Equity Fund (b) | 6722 | (13475) | (6753) | 6629 | (13427) | (6798) |
|  Nomura VIP Asset Strategy Series (b) | 13161 | (10277) | 2884 | 5683 | (21085) | (15402) |
|  Nomura VIP Balanced Series (b) | 198 | (741) | (543) | 215 | (513) | (298) |
|  Nomura VIP Core Equity Series (b) | 634 | (535) | 99 | 311 | (779) | (468) |
|  Nomura VIP Energy Series (b) | 704 | (3525) | (2821) | 14540 | (11838) | 2702 |
|  Nomura VIP Global Growth Series (b) | 3733 | (7909) | (4176) | 7514 | (2876) | 4638 |
|  Nomura VIP Growth Series (b) | 1674 | (4511) | (2837) | 902 | (4908) | (4006) |
|  Nomura VIP High Income Series (b) | 1121 | (8970) | (7849) | 6286 | (7540) | (1254) |
|  Nomura VIP International Core Equity Series (b) | 932 | (528) | 404 | 16414 | (14510) | 1904 |
|  Nomura VIP Limited+Term Bond Series (b) | 56 | (32) | 24 | 94 | (31) | 63 |
|  Nomura VIP Mid Cap Growth Series (b) | 438 | (4966) | (4528) | 780 | (1691) | (911) |
|  Nomura VIP Natural Resources Series (b) | 961 | (744) | 217 | 1096 | (3947) | (2851) |
|  Nomura VIP Science And Technology Series (b) | 620 | (3411) | (2791) | 823 | (1606) | (783) |
|  Nomura VIP Small Cap Growth Series (b) | 3822 | (2807) | 1015 | 938 | (9027) | (8089) |
|  Nomura VIP Smid Cap Core Series (b) | 110 | (5111) | (5001) | 2504 | (6888) | (4384) |
|  Nomura VIP Value Series (b) | 13 | (106) | (93) | 124 | (7454) | (7330) |
|  North Square Spectrum Alpha | 12 | (1) | 11 | 9 | (1) | 8 |
|  Northern Global Tactical Asset Allocation | 804 | (303) | 501 | 729 | (1204) | (475) |
|  Northern Large Cap Core | 190 | (1045) | (855) | 243 | (34) | 209 |
|  Northern Large Cap Value | 4798 | (1828) | 2970 | 4000 | (11430) | (7430) |
|  PGIM Focused Growth | 13945 | (34638) | (20693) | 24459 | (52746) | (28287) |

---

(b) Name change. See Note 1.

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

3. Summary of Unit Transactions (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | | | **Net** | | | **Net** |
|  | **Units** | **Units** | **Increase** | **Units** | **Units** | **Increase** |
| **Subaccount** | **Issued** | **Redeemed** | **(Decrease)** | **Issued** | **Redeemed** | **(Decrease)** |
|  PGIM Jennison Mid-Cap Growth | 3953 | (1022) | 2931 | 4908 | (2274) | 2634 |
|  PGIM Jennison Natural Resources | 204 | (368) | (164) | 261 | (2990) | (2729) |
|  PGIM Jennison Small Company | 878 | (4162) | (3284) | 1262 | (6724) | (5462) |
|  PGIM Quant Solutions Small-Cap Value (d) | 465 | (3509) | (3044) | 727 | (4497) | (3770) |
|  PIMCO All Asset | 594 | (3066) | (2472) | 726 | (4365) | (3639) |
|  PIMCO CommodityRealReturn Strategy | 6664 | (5460) | 1204 | 3417 | (5043) | (1626) |
|  PIMCO Emerging Markets Bond | 2034 | (3215) | (1181) | 3019 | (1193) | 1826 |
|  PIMCO High Yield | 4986 | (12966) | (7980) | 10176 | (18572) | (8396) |
|  PIMCO International Bond (U.S. Dollar-Hedged) | 27206 | (118819) | (91613) | 63320 | (81657) | (18337) |
|  PIMCO Low Duration | 513 | (726) | (213) | 1515 | (14180) | (12665) |
|  PIMCO Real Return | 15829 | (16350) | (521) | 9374 | (20725) | (11351) |
|  PIMCO StocksPLUS<sup>®</sup> Small Fund | 1721 | (5321) | (3600) | 2875 | (2546) | 329 |
|  PIMCO Total Return | 9919 | (30545) | (20626) | 13533 | (38696) | (25163) |
|  PIMCO VIT All Asset Administrative | 12388 | (51405) | (39017) | 17926 | (70719) | (52793) |
|  PIMCO VIT All Asset Advisor | 2492 | (3075) | (583) | 3425 | (5888) | (2463) |
|  PIMCO VIT CommodityRealReturn Strategy Administrative | 136538 | (170797) | (34259) | 106952 | (334512) | (227560) |
|  PIMCO VIT CommodityRealReturn Strategy Advisor | 4547 | (25816) | (21269) | 23163 | (13712) | 9451 |
|  PIMCO VIT Emerging Markets Bond | 51274 | (63848) | (12574) | 123762 | (139385) | (15623) |
|  PIMCO VIT Global Bond Opportunities Portfolio (Unhedged) | 24 | (2) | 22 | 56 | (4255) | (4199) |
|  PIMCO VIT Global Managed Asset Allocation | 179 | (4444) | (4265) | 1220 | (4874) | (3654) |
|  PIMCO VIT High Yield | 4423 | (8776) | (4353) | 7966 | (7524) | 442 |
|  PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged) | 30897 | (124754) | (93857) | 192846 | (330092) | (137246) |
|  PIMCO VIT International Bond Portfolio (Unhedged) | 7658 | (12444) | (4786) | 22385 | (2996) | 19389 |
|  PIMCO VIT Low Duration Administrative (d) | 442718 | (642112) | (199394) | 562404 | (1385041) | (822637) |
|  PIMCO VIT Low Duration Advisor | 137320 | (87014) | 50306 | 5736 | (2611) | 3125 |
|  PIMCO VIT Real Return Administrative (d) | 99294 | (231906) | (132612) | 378298 | (510271) | (131973) |

---

(d) Closed to new investments. See Note 1.

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

3. Summary of Unit Transactions (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | | | **Net** | | | **Net** |
|  | **Units** | **Units** | **Increase** | **Units** | **Units** | **Increase** |
| **Subaccount** | **Issued** | **Redeemed** | **(Decrease)** | **Issued** | **Redeemed** | **(Decrease)** |
|  PIMCO VIT Real Return Advisor | 115952 | (113651) | 2301 | 9081 | (31832) | (22751) |
|  PIMCO VIT Short-Term | 97934 | (160336) | (62402) | 1008483 | (751471) | 257012 |
|  PIMCO VIT Total Return Administrative | 126547 | (227476) | (100929) | 233695 | (303261) | (69566) |
|  PIMCO VIT Total Return Advisor | 173585 | (319540) | (145955) | 425646 | (591102) | (165456) |
|  Putnam VT Core Equity Fund | 50072 | (42839) | 7233 | 13269 | (934) | 12335 |
|  Putnam VT Diversified Income | 2048 | (9253) | (7205) | 721 | (799) | (78) |
|  Putnam VT Global Asset Allocation | 495 | (49276) | (48781) | 52303 | (3454) | 48849 |
|  Putnam VT High Yield | 4270 | (4125) | 145 | 10340 | (10199) | 141 |
|  Putnam VT Income | 110 | (2366) | (2256) | 176 | (477) | (301) |
|  Putnam VT Large Cap Growth Fund | 3436 | (14954) | (11518) | 2863 | (1904) | 959 |
|  Putnam VT Large Cap Value | 13310 | (22126) | (8816) | 10691 | (14209) | (3518) |
|  Putnam VT Small Cap Growth | 3265 | (116) | 3149 | 14624 | (14532) | 92 |
|  Putnam VT Small Cap Value | 728 | (9181) | (8453) | 4957 | (24479) | (19522) |
|  Royce Micro-Cap | 13356 | (96910) | (83554) | 61943 | (42936) | 19007 |
|  Royce Small-Cap Opportunity | 38665 | (32367) | 6298 | 19051 | (49159) | (30108) |
|  Royce Small-Cap Value | 4261 | (7650) | (3389) | 6293 | (15493) | (9200) |
|  Rydex VIF Banking | 41796 | (54758) | (12962) | 27070 | (47200) | (20130) |
|  Rydex VIF Basic Materials | 19646 | (21831) | (2185) | 29382 | (44978) | (15596) |
|  Rydex VIF Biotechnology | 6206 | (31585) | (25379) | 29103 | (29749) | (646) |
|  Rydex VIF Commodities Strategy | 139156 | (165204) | (26048) | 35964 | (225326) | (189362) |
|  Rydex VIF Consumer Products | 14444 | (20383) | (5939) | 4750 | (18307) | (13557) |
|  Rydex VIF Dow 2x Strategy (d) | 5616 | (4369) | 1247 | 114001 | (118744) | (4743) |
|  Rydex VIF Electronics | 26497 | (39177) | (12680) | 3823 | (11812) | (7989) |
|  Rydex VIF Energy | 353224 | (370942) | (17718) | 446233 | (468771) | (22538) |
|  Rydex VIF Energy Services | 6545 | (28696) | (22151) | 108219 | (230249) | (122030) |
|  Rydex VIF Europe 1.25x Strategy (d) | 114885 | (114636) | 249 | 26779 | (59081) | (32302) |
|  Rydex VIF Financial Services | 48080 | (53228) | (5148) | 16240 | (25181) | (8941) |
|  Rydex VIF Government Long Bond 1.2x Strategy (d) | 533898 | (536851) | (2953) | 1543753 | (1572384) | (28631) |

---

(d) Closed to new investments. See Note 1.

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

3. Summary of Unit Transactions (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | | | **Net** | | | **Net** |
|  | **Units** | **Units** | **Increase** | **Units** | **Units** | **Increase** |
| **Subaccount** | **Issued** | **Redeemed** | **(Decrease)** | **Issued** | **Redeemed** | **(Decrease)** |
|  Rydex VIF Health Care | 9740 | (39140) | (29400) | 21980 | (24620) | (2640) |
|  Rydex VIF High Yield Strategy | 35818 | (20863) | 14955 | 18362 | (1611) | 16751 |
|  Rydex VIF Internet | 1727 | (10334) | (8607) | 5992 | (8927) | (2935) |
|  Rydex VIF Inverse Dow 2x Strateg (d) | 264771 | (734162) | (469391) | 322033 | (270829) | 51204 |
|  Rydex VIF Inverse Government Long Bond Strategy(d) | 108540 | (126469) | (17929) | 88796 | (91309) | (2513) |
|  Rydex VIF Inverse Mid-Cap Strategy (d) | 22816 | (21479) | 1337 | 26840 | (28241) | (1401) |
|  Rydex VIF Inverse NASDAQ-100<sup>®</sup> Strategy (d) | 23440468 | (24039049) | (598581) | 13802161 | (13700433) | 101728 |
|  Rydex VIF Inverse Russell 2000<sup>®</sup> Strategy (d) | 231413 | (301477) | (70064) | 148391 | (155312) | (6921) |
|  Rydex VIF Inverse S&P 500 Strategy (d) | 6131950 | (5202706) | 929244 | 1303523 | (1344723) | (41200) |
|  Rydex VIF Japan 2x Strategy (d) | 1785 | (5147) | (3362) | 3093 | (6251) | (3158) |
|  Rydex VIF Leisure | 24201 | (16752) | 7449 | 2902 | (8880) | (5978) |
|  Rydex VIF Mid-Cap 1.5x Strategy (d) | 40102 | (42211) | (2109) | 1470 | (4741) | (3271) |
|  Rydex VIF Money Market | 8153174 | (7787850) | 365324 | 11356384 | (11435051) | (78667) |
|  Rydex VIF NASDAQ-100<sup>®</sup> | 1746958 | (1811401) | (64443) | 2402021 | (2427056) | (25035) |
|  Rydex VIF NASDAQ-100<sup>®</sup> 2x Strategy (d) | 980006 | (961796) | 18210 | 1193695 | (1222224) | (28529) |
|  Rydex VIF Nova (d) | 36895 | (47534) | (10639) | 37048 | (53538) | (16490) |
|  Rydex VIF Precious Metals | 416208 | (501306) | (85098) | 950683 | (977666) | (26983) |
|  Rydex VIF Real Estate | 9306 | (19369) | (10063) | 5592 | (23904) | (18312) |
|  Rydex VIF Retailing | 2307 | (4715) | (2408) | 4048 | (9868) | (5820) |
|  Rydex VIF Russell 2000<sup>®</sup> 1.5x Strategy (d) | 9126 | (18039) | (8913) | 13225 | (17410) | (4185) |
|  Rydex VIF Russell 2000<sup>®</sup> 2x Strategy (d) | 2627554 | (3123459) | (495905) | 7729782 | (7685222) | 44560 |
|  Rydex VIF S&P 500 2x Strategy (d) | 155000 | (171311) | (16311) | 329681 | (374769) | (45088) |
|  Rydex VIF S&P 500 Pure Growth | 144803 | (188762) | (43959) | 297594 | (291134) | 6460 |
|  Rydex VIF S&P 500 Pure Value | 79717 | (107959) | (28242) | 136369 | (140368) | (3999) |
|  Rydex VIF S&P MidCap 400 Pure Growth | 11429 | (18495) | (7066) | 124609 | (136312) | (11703) |
|  Rydex VIF S&P MidCap 400 Pure Value | 4562 | (43193) | (38631) | 55938 | (42705) | 13233 |
|  Rydex VIF S&P SmallCap 600 Pure Growth | 19102 | (18132) | 970 | 398672 | (402688) | (4016) |
|  Rydex VIF S&P SmallCap 600 Pure Value | 113478 | (98962) | 14516 | 429997 | (417661) | 12336 |

---

(d) Closed to new investments. See Note 1.

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

3. Summary of Unit Transactions (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | | | **Net** | | | **Net** |
|  | **Units** | **Units** | **Increase** | **Units** | **Units** | **Increase** |
| **Subaccount** | **Issued** | **Redeemed** | **(Decrease)** | **Issued** | **Redeemed** | **(Decrease)** |
|  Rydex VIF Strengthening Dollar 2x Strategy (d) | 16630 | (13192) | 3438 | 11036 | (11489) | (453) |
|  Rydex VIF Technology | 13750 | (28498) | (14748) | 236096 | (263559) | (27463) |
|  Rydex VIF Telecommunications | 142063 | (20908) | 121155 | 5673 | (13927) | (8254) |
|  Rydex VIF Transportation | 2225 | (2052) | 173 | 13164 | (24531) | (11367) |
|  Rydex VIF Utilities | 62478 | (103186) | (40708) | 68112 | (75391) | (7279) |
|  Rydex VIF Weakening Dollar 2x Strategy (d) | 40208 | (33194) | 7014 | 18281 | (25181) | (6900) |
| T. Rowe Price Blue Chip Growth | 3017 | (16872) | (13855) | 17643 | (18374) | (731) |
| T. Rowe Price Capital Appreciation | 12582 | (49573) | (36991) | 20167 | (58724) | (38557) |
| T. Rowe Price Equity Income | 18506 | (4687) | 13819 | 5956 | (1740) | 4216 |
| T. Rowe Price Growth Stock | 23433 | (30953) | (7520) | 14975 | (31279) | (16304) |
| T. Rowe Price Health Sciences | 55980 | (149152) | (93172) | 55104 | (74171) | (19067) |
| T. Rowe Price Limited-Term Bond | 20047 | (22821) | (2774) | 22986 | (30103) | (7117) |
| T. Rowe Price Retirement 2010 | 4 |  | 4 | 4 |  | 4 |
| T. Rowe Price Retirement 2015 | 536 |  | 536 | 3335 | (81) | 3254 |
| T. Rowe Price Retirement 2020 | 376 | (6704) | (6328) | 444 | (28) | 416 |
| T. Rowe Price Retirement 2025 | 323 | (19) | 304 | 368 | (2685) | (2317) |
| T. Rowe Price Retirement 2030 | 5308 | (256) | 5052 | 882 | (4878) | (3996) |
| T. Rowe Price Retirement 2035 | 553 | (17) | 536 | 529 | (14) | 515 |
| T. Rowe Price Retirement 2040 | 1488 | (292) | 1196 | 1590 | (1314) | 276 |
| T. Rowe Price Retirement 2045 | 171 | (6) | 165 | 79 | (5) | 74 |
| T. Rowe Price Retirement 2050 | 15 | (1) | 14 | 17 | (1) | 16 |
| T. Rowe Price Retirement 2055 | 83 | (840) | (757) | 143 | (9) | 134 |
| T. Rowe Price Retirement Balanced | 258 | (383) | (125) | 321 | (6010) | (5689) |
|  Templeton Developing Markets VIP Fund | 453037 | (343299) | 109738 | 112654 | (178861) | (66207) |
|  Templeton Foreign VIP Fund | 66907 | (64465) | 2442 | 24953 | (63511) | (38558) |
|  Templeton Global Bond VIP Fund | 34769 | (34403) | 366 | 29501 | (12358) | 17143 |
|  Templeton Growth VIP Fund |  |  |  | 8 | (434) | (426) |
|  Third Avenue Value | 1733 | (3804) | (2071) | 10733 | (557) | 10176 |

---

(d) Closed to new investments. See Note 1.

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

3. Summary of Unit Transactions (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | | | **Net** | | | **Net** |
|  | **Units** | **Units** | **Increase** | **Units** | **Units** | **Increase** |
| **Subaccount** | **Issued** | **Redeemed** | **(Decrease)** | **Issued** | **Redeemed** | **(Decrease)** |
|  TOPS<sup>®</sup> Aggressive Growth ETF | 550 | (36) | 514 | 1194 | (34) | 1160 |
|  TOPS<sup>®</sup> Balanced ETF | 2527 | (6581) | (4054) | 2649 | (6632) | (3983) |
|  TOPS<sup>®</sup> Conservative ETF | 3005 | (4160) | (1155) | 26181 | (3323) | 22858 |
|  TOPS<sup>®</sup> Growth ETF | 950 | (4260) | (3310) | 970 | (335) | 635 |
|  TOPS<sup>®</sup> Moderate Growth ETF | 3545 | (1519) | 2026 | 49955 | (786) | 49169 |
|  VanEck VIP Global Gold | 89226 | (98089) | (8863) | 102713 | (32560) | 70153 |
|  VanEck VIP Global Resources | 24970 | (6378) | 18592 | 22039 | (4385) | 17654 |
|  Vanguard<sup>®</sup> VIF Balanced | 274617 | (114704) | 159913 | 196887 | (64433) | 132454 |
|  Vanguard<sup>®</sup> VIF Capital Growth | 39967 | (23628) | 16339 | 52337 | (15047) | 37290 |
|  Vanguard<sup>®</sup> VIF Conservative Allocation | 18814 | (179001) | (160187) | 237022 | (98855) | 138167 |
|  Vanguard<sup>®</sup> VIF Diversified Value | 17290 | (5194) | 12096 | 49963 | (22342) | 27621 |
|  Vanguard<sup>®</sup> VIF Equity Income | 39256 | (56459) | (17203) | 30703 | (42481) | (11778) |
|  Vanguard<sup>®</sup> VIF Equity Index | 205233 | (27544) | 177689 | 95912 | (183005) | (87093) |
|  Vanguard<sup>®</sup> VIF Global Bond Index | 144442 | (110856) | 33586 | 203945 | (4421) | 199524 |
|  Vanguard<sup>®</sup> VIF Growth | 52306 | (23667) | 28639 | 17277 | (7846) | 9431 |
|  Vanguard<sup>®</sup> VIF High Yield Bond | 106049 | (41522) | 64527 | 67605 | (29601) | 38004 |
|  Vanguard<sup>®</sup> VIF International | 91158 | (47991) | 43167 | 54889 | (71844) | (16955) |
|  Vanguard<sup>®</sup> VIF Mid-Cap Index | 75778 | (37539) | 38239 | 66677 | (59391) | 7286 |
|  Vanguard<sup>®</sup> VIF Moderate Allocation | 190873 | (97186) | 93687 | 146753 | (78669) | 68084 |
|  Vanguard<sup>®</sup> VIF Real Estate Index | 56115 | (33633) | 22482 | 52786 | (23201) | 29585 |
|  Vanguard<sup>®</sup> VIF Short Term Investment Grade | 269235 | (179728) | 89507 | 481743 | (292492) | 189251 |
|  Vanguard<sup>®</sup> VIF Small Company Growth (d) | 1828 | (678) | 1150 | 352 | (3963) | (3611) |
|  Vanguard<sup>®</sup> VIF Total Bond Market Index | 973865 | (344712) | 629153 | 775949 | (320454) | 455495 |
|  Vanguard<sup>®</sup> VIF Total International Stock Market Index | 281485 | (189513) | 91972 | 293204 | (166388) | 126816 |
|  Vanguard<sup>®</sup> VIF Total Stock Market Index | 351752 | (157811) | 193941 | 612962 | (133896) | 479066 |
|  Victory Pioneer Bond VCT Portfolio (b) | 259 | (247) | 12 | 2841 | (9921) | (7080) |
|  Victory Pioneer Equity Income VCT Portfolio (b) | 31 | (2) | 29 | 29 | (2) | 27 |

---

(b) Name change. See Note 1.

(d) Closed to new investments. See Note 1.

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

3. Summary of Unit Transactions (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | | | **Net** | | | **Net** |
|  | **Units** | **Units** | **Increase** | **Units** | **Units** | **Increase** |
| **Subaccount** | **Issued** | **Redeemed** | **(Decrease)** | **Issued** | **Redeemed** | **(Decrease)** |
|  Victory Pioneer High Yield VCT Portfolio(b) | 8311 | (12017) | (3706) | 3871 | (8) | 3863 |
|  Victory Pioneer Strategic Income Fund(b) | 4403 | (1788) | 2615 | 784 | (1534) | (750) |
|  Victory Pioneer Strategic Income VCT Portfolio(b) | 8306 | (6718) | 1588 | 81731 | (25782) | 55949 |
|  Victory RS Partners(d) | 436 | (2014) | (1578) | 483 | (913) | (430) |
|  Victory RS Science and Technology | 1408 | (2186) | (778) | 2506 | (4009) | (1503) |
|  Victory RS Value | 8368 | (18001) | (9633) | 6711 | (12961) | (6250) |
|  Virtus Ceredex Mid Cap Value Equity | 367 | (1488) | (1121) | 449 | (1251) | (802) |
|  Virtus Duff & Phelps Real Estate Securities Series | 11240 | (13241) | (2001) | 6996 | (458) | 6538 |
|  Virtus KAR Small-Cap Growth Series | 8998 | (14243) | (5245) | 4122 | (13537) | (9415) |
|  Virtus Newfleet Multi-Sector Intermediate Bond Series | 1622 | (2057) | (435) | 19484 | (1072) | 18412 |
|  Virtus SGA International Growth Series | 1350 | (981) | 369 | 2115 | (866) | 1249 |
|  Virtus Tactical Allocation Series | 581 | (130) | 451 | 1513 | (3497) | (1984) |
|  Voya MidCap Opportunities Portfolio | 233 | (2645) | (2412) | 289 | (1586) | (1297) |
|  VY CBRE Global Real Estate Portfolio | 734 | (721) | 13 | 8929 | (419) | 8510 |
|  VY CBRE Real Estate Portfolio |  |  |  | 2753 | (2753) |  |
|  Western Asset Variable Global High Yield Bond | 63885 | (66239) | (2354) | 6737 | (33815) | (27078) |

---

(b) Name change. See Note 1.

(d) Closed to new investments. See Note 1.

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights

The Account has a number of products, which have unique combinations of features and fees that are charged against the contract owner's account balance. Differences in the fee structures result in a variety of unit values, expense ratios, and total returns. The information presented below identifies the range of lowest to highest expense ratios and the corresponding total return. The summary may not reflect the minimum and maximum contract charges offered by the Account as contract owners may not have selected all available and applicable contract options as discussed in Note 2.

A summary of units outstanding, unit values, net assets, expense ratios, investment income ratios and total return ratios for each of the five years in the period ended December 31, 2025 were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  AB VPS Discovery Value Portfolio |  |  |  |  |  |  |  |  |  |
| 2025 | 279056 | 14.40 | 20.63 | 4112946 | 0.58 | 0.25 | 1.25 | (1.62) | (0.63) |
| 2024 | 295578 | 14.57 | 20.76 | 4413549 | 0.01 | 0.25 | 1.25 | 5.10 | 6.19 |
| 2023 | 305589 | 13.79 | 19.55 | 4339295 | 0.01 | 0.25 | 1.45 | 12.05 | 13.14 |
| 2022 | 381612 | 12.61 | 17.28 | 4814167 | 0.01 | 0.25 | 1.45 | (19.32) | (18.49) |
| 2021 | 405423 | 15.63 | 21.20 | 6319106 | 0.01 | 0.25 | 1.45 | 29.71 | 31.27 |
|  AB VPS Dynamic Asset Allocation |  |  |  |  |  |  |  |  |  |
| 2025 | 43719 | 10.90 | 11.42 | 480225 | 1.51 | 0.25 | 0.75 | 9.00 | 9.60 |
| 2024 | 55707 | 10.00 | 10.42 | 559907 | 0.01 | 0.25 | 0.75 | 6.38 | 6.87 |
| 2023 | 58984 | 9.40 | 9.75 | 556928 | 0.01 | 0.25 | 0.75 | 9.30 | 9.92 |
| 2022 | 84677 | 8.11 | 8.87 | 730165 | 0.02 | 0.25 | 1.45 | (22.02) | (21.30) |
| 2021 | 101089 | 10.40 | 11.27 | 1107947 | 0.02 | 0.25 | 1.45 | 4.52 | 5.82 |
|  AB VPS Relative Value Portfolio |  |  |  |  |  |  |  |  |  |
| 2025 | 4773 | 26.05 | 26.05 | 124294 | 0.79 | 0.25 | 0.25 | 6.67 | 6.67 |
| 2024 | 3810 | 24.42 | 24.42 | 93018 | 0.01 | 0.25 | 0.25 | 9.12 | 9.12 |
| 2023 | 4247 | 22.38 | 22.38 | 94993 | 0.02 | 0.25 | 0.25 | 8.17 | 8.17 |
| 2022 | 9643 | 20.69 | 20.69 | 199475 | 0.01 | 0.25 | 0.25 | (7.47) | (7.47) |
| 2021 | 14793 | 22.36 | 22.36 | 330673 | 0.01 | 0.25 | 0.25 | 23.81 | 23.81 |
|  AB VPS Sustainable Global Thematic Growth |  |  |  |  |  |  |  |  |  |
| 2025 | 6026 | 22.22 | 22.22 | 133904 |  | 0.25 | 0.25 | 2.63 | 2.63 |
| 2024 | 6585 | 21.65 | 21.65 | 142579 |  | 0.25 | 0.25 | 2.56 | 2.56 |
| 2023 | 6440 | 21.11 | 21.11 | 135953 | 0.00 | 0.25 | 0.25 | 11.99 | 11.99 |
| 2022 | 6411 | 18.85 | 18.85 | 120833 |  | 0.25 | 0.25 | (29.48) | (29.48) |
| 2021 | 614 | 26.73 | 26.73 | 16408 |  | 0.25 | 0.25 | 18.69 | 18.69 |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets<br>($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  AFIS Capital World Growth and Income |  |  |  |  |  |  |  |  |  |
| 2025 | 6840 | 16.80 | 18.94 | 117292 | 1.18 | 0.25 | 1.25 | 19.32 | 20.48 |
| 2024 | 8132 | 14.08 | 15.72 | 116640 | 0.02 | 0.25 | 1.25 | 8.89 | 10.01 |
| 2023 | 7592 | 12.93 | 14.29 | 100114 | 0.02 | 0.25 | 1.45 | 15.65 | 16.84 |
| 2022 | 8441 | 11.18 | 12.23 | 96603 | 0.02 | 0.25 | 1.45 | (20.99) | (20.22) |
| 2021 | 9538 | 14.15 | 15.33 | 138341 | 0.02 | 0.25 | 1.45 | 9.52 | 10.85 |
|  AFIS U.S. Government Securities |  |  |  |  |  |  |  |  |  |
| 2025 | 40230 | 7.14 | 8.05 | 319650 | 3.82 | 0.25 | 1.25 | 3.03 | 4.01 |
| 2024 | 56996 | 6.93 | 7.74 | 437263 | 0.05 | 0.25 | 1.25 | (3.75) | (2.76) |
| 2023 | 20824 | 7.20 | 7.96 | 162466 | 0.04 | 0.25 | 1.45 | (1.64) | (0.62) |
| 2022 | 26471 | 7.32 | 8.01 | 207854 | 0.02 | 0.25 | 1.45 | (14.88) | (14.06) |
| 2021 | 87466 | 8.60 | 9.32 | 805439 | 0.00 | 0.25 | 1.45 | (5.18) | (4.02) |
|  AFIS Washington Mutual Investors |  |  |  |  |  |  |  |  |  |
| 2025 | 38013 | 20.12 | 22.70 | 807288 | 1.17 | 0.25 | 1.25 | 12.03 | 13.16 |
| 2024 | 46275 | 17.96 | 20.06 | 864940 | 0.02 | 0.25 | 1.25 | 13.89 | 15.02 |
| 2023 | 46186 | 15.77 | 17.44 | 761881 | 0.02 | 0.25 | 1.45 | 12.08 | 13.25 |
| 2022 | 38611 | 14.07 | 15.40 | 560909 | 0.02 | 0.25 | 1.45 | (12.50) | (11.60) |
| 2021 | 29366 | 16.08 | 16.08 | 472265 | 0.01 | 1.45 | 1.45 | 22.00 | 22.00 |
|  Alger Capital Appreciation (d) |  |  |  |  |  |  |  |  |  |
| 2025 | 5607 | 41.71 | 55.51 | 245503 |  | 0.25 | 1.25 | 26.97 | 28.26 |
| 2024 | 7441 | 32.85 | 43.28 | 253062 |  | 0.25 | 1.25 | 41.59 | 43.03 |
| 2023 | 8054 | 23.20 | 30.26 | 192614 |  | 0.25 | 1.45 | 36.87 | 38.24 |
| 2022 | 10090 | 16.95 | 21.89 | 174979 |  | 0.25 | 1.45 | (39.33) | (38.70) |
| 2021 | 13490 | 27.94 | 35.71 | 409319 |  | 0.25 | 1.45 | 13.67 | 15.05 |
|  Alger Large Cap Growth |  |  |  |  |  |  |  |  |  |
| 2025 | 39180 | 18.15 | 18.82 | 721749 |  | 0.25 | 1.25 | 24.83 | 26.14 |
| 2024 | 26453 | 14.54 | 14.92 | 393271 |  | 0.25 | 1.25 | 36.91 | 38.28 |
| 2023 | 15975 | 10.62 | 10.79 | 171885 |  | 0.25 | 1.45 | 27.19 | 28.45 |
| 2022 | 18763 | 8.35 | 8.40 | 157761 |  | 0.25 | 1.45 | (16.50) | (16.00) |

---

(d) Closed to new investments. See Note 1.

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  Allspring Growth (d) |  |  |  |  |  |  |  |  |  |
| 2025 | 26481 | 32.57 | 32.57 | 863851 |  | 0.90 | 0.90 | 10.74 | 10.74 |
| 2024 | 27801 | 29.41 | 29.41 | 818796 |  | 0.90 | 0.90 | 24.04 | 24.04 |
| 2023 | 29994 | 23.71 | 41.29 | 712042 |  | 0.90 | 1.10 | 28.19 | 28.44 |
| 2022 | 31061 | 18.46 | 32.21 | 574621 |  | 0.90 | 1.10 | (39.64) | (39.52) |
| 2021 | 33903 | 30.52 | 53.36 | 1036704 |  | 0.90 | 1.10 | 3.09 | 3.32 |
|  Allspring Large Cap Core |  |  |  |  |  |  |  |  |  |
| 2025 | 40595 | 24.06 | 33.62 | 985122 | 0.07 | 0.90 | 1.10 | 12.67 | 12.90 |
| 2024 | 42870 | 21.31 | 29.84 | 920865 |  | 0.90 | 1.25 | 20.53 | 21.01 |
| 2023 | 48080 | 17.61 | 24.72 | 854775 | 0.01 | 0.90 | 1.25 | 19.53 | 19.88 |
| 2022 | 50433 | 14.69 | 17.56 | 747452 | 0.01 | 0.90 | 1.25 | (17.75) | (17.43) |
| 2021 | 54236 | 17.79 | 21.35 | 974874 | 0.00 | 0.90 | 1.25 | 25.51 | 25.99 |
|  Allspring Opportunity |  |  |  |  |  |  |  |  |  |
| 2025 | 23936 | 24.82 | 36.30 | 593667 |  | 0.90 | 1.10 | 2.34 | 2.56 |
| 2024 | 26677 | 24.20 | 35.47 | 645336 |  | 0.90 | 1.10 | 10.22 | 10.45 |
| 2023 | 28149 | 21.91 | 32.18 | 616461 |  | 0.90 | 1.10 | 21.30 | 21.52 |
| 2022 | 32402 | 18.03 | 26.53 | 585249 |  | 0.90 | 1.10 | (23.98) | (23.83) |
| 2021 | 34734 | 23.67 | 34.90 | 823693 |  | 0.90 | 1.10 | 19.48 | 19.73 |
|  Allspring Opportunity VT |  |  |  |  |  |  |  |  |  |
| 2025 | 33363 | 20.94 | 28.26 | 852124 | 0.05 | 0.25 | 1.40 | 2.12 | 3.29 |
| 2024 | 37092 | 20.48 | 27.36 | 930180 |  | 0.25 | 1.40 | 10.04 | 11.36 |
| 2023 | 42441 | 18.57 | 24.57 | 974569 |  | 0.25 | 1.45 | 21.09 | 22.48 |
| 2022 | 44774 | 15.32 | 20.06 | 849247 |  | 0.25 | 1.45 | (24.08) | (23.32) |
| 2021 | 55937 | 20.18 | 26.16 | 1407980 | 0.00 | 0.25 | 1.45 | 19.34 | 20.78 |
|  Allspring Small Company Value |  |  |  |  |  |  |  |  |  |
| 2025 | 352656 | 12.99 | 13.28 | 4680990 | 0.64 | 0.90 | 1.25 | (2.48) | (2.14) |
| 2024 | 373417 | 13.42 | 13.57 | 5066099 | 0.01 | 0.90 | 1.10 | 3.87 | 4.06 |
| 2023 | 404716 | 12.92 | 13.04 | 5275463 | 0.01 | 0.90 | 1.10 | 10.52 | 10.79 |
| 2022 | 354096 | 11.69 | 11.77 | 4166378 |  | 0.90 | 1.10 | (15.66) | (15.45) |
| 2021 | 384152 | 13.86 | 13.92 | 5348332 | 0.00 | 0.90 | 1.10 | 31.37 | 31.57 |

---

(d) Closed to new investments. See Note 1.

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  Allspring VT Discovery All Cap Growth Fund |  |  |  |  |  |  |  |  |  |
| 2025 | 8525 | 25.57 | 25.57 | 217957 |  | 1.25 | 1.25 | 10.45 | 10.45 |
| 2024 | 8287 | 23.15 | 23.15 | 191820 |  | 1.25 | 1.25 | 15.92 | 15.92 |
| 2023 | 8057 | 19.97 | 19.97 | 160872 |  | 1.45 | 1.45 | 27.60 | 27.60 |
| 2022 | 9173 | 15.65 | 15.65 | 143454 |  | 1.45 | 1.45 | (39.78) | (39.78) |
| 2021 | 8950 | 25.99 | 25.99 | 232514 |  | 1.45 | 1.45 | 9.94 | 9.94 |
|  ALPS/Alerian Energy Infrastructure |  |  |  |  |  |  |  |  |  |
| 2025 | 31620 | 11.93 | 13.64 | 410734 | 5.16 | 0.25 | 1.25 | 0.25 | 1.34 |
| 2024 | 23972 | 11.90 | 13.46 | 303505 | 0.04 | 0.25 | 1.25 | 34.77 | 36.10 |
| 2023 | 26623 | 8.83 | 9.89 | 249166 | 0.03 | 0.25 | 1.45 | 9.15 | 10.26 |
| 2022 | 27905 | 8.09 | 8.97 | 236282 | 0.05 | 0.25 | 1.45 | 12.52 | 13.54 |
| 2021 | 30614 | 7.19 | 7.90 | 228960 | 0.02 | 0.25 | 1.45 | 31.68 | 33.45 |
|  American Century Diversified Bond |  |  |  |  |  |  |  |  |  |
| 2025 | 25658 | 7.21 | 7.21 | 184886 | 4.64 | 0.90 | 0.90 | 2.56 | 2.56 |
| 2024 | 29466 | 7.03 | 7.03 | 206890 | 0.04 | 0.90 | 0.90 | (2.77) | (2.77) |
| 2023 | 26247 | 7.23 | 7.23 | 189603 | 0.05 | 0.90 | 0.90 | 1.12 | 1.12 |
| 2022 | 13403 | 7.15 | 7.15 | 95822 | 0.01 | 0.90 | 0.90 | (17.53) | (17.53) |
| 2021 | 45059 | 8.67 | 8.67 | 390366 | 0.01 | 0.90 | 0.90 | (4.83) | (4.83) |
|  American Century Equity Income |  |  |  |  |  |  |  |  |  |
| 2025 | 357064 | 18.52 | 24.00 | 8513314 | 2.02 | 0.90 | 1.25 | 6.99 | 7.35 |
| 2024 | 381208 | 17.31 | 22.40 | 8466480 | 0.02 | 0.90 | 1.25 | 5.61 | 6.02 |
| 2023 | 429255 | 16.39 | 21.17 | 8988444 | 0.02 | 0.90 | 1.25 | (0.67) | (0.29) |
| 2022 | 475359 | 16.50 | 20.99 | 9988134 | 0.02 | 0.90 | 1.25 | (7.41) | (7.08) |
| 2021 | 585205 | 17.82 | 22.59 | 13229010 | 0.02 | 0.90 | 1.25 | 11.65 | 12.05 |
|  American Century Heritage |  |  |  |  |  |  |  |  |  |
| 2025 | 54400 | 31.70 | 43.60 | 1725926 |  | 0.90 | 1.25 | 1.93 | 2.32 |
| 2024 | 61653 | 30.98 | 42.70 | 1936245 |  | 0.90 | 1.25 | 19.37 | 19.75 |
| 2023 | 70041 | 25.87 | 35.72 | 1827914 |  | 0.90 | 1.10 | 15.41 | 15.70 |
| 2022 | 74056 | 22.36 | 30.95 | 1658363 |  | 0.90 | 1.10 | (31.15) | (31.03) |
| 2021 | 105535 | 32.42 | 44.95 | 3487857 |  | 0.90 | 1.10 | 6.37 | 6.57 |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  American Century International Growth |  |  |  |  |  |  |  |  |  |
| 2025 | 416571 | 11.09 | 16.24 | 4689829 | 0.29 | 0.90 | 1.25 | 10.52 | 10.90 |
| 2024 | 432946 | 10.00 | 14.67 | 4418978 | 0.01 | 0.90 | 1.25 | (2.31) | (1.96) |
| 2023 | 455661 | 10.20 | 14.99 | 4759532 |  | 0.90 | 1.25 | 7.45 | 7.82 |
| 2022 | 502643 | 9.46 | 10.87 | 4886804 | 0.00 | 0.90 | 1.25 | (28.30) | (28.06) |
| 2021 | 499873 | 13.15 | 15.16 | 6732003 | 0.00 | 0.90 | 1.25 | 3.62 | 4.03 |
|  American Century Select |  |  |  |  |  |  |  |  |  |
| 2025 | 109571 | 29.05 | 41.82 | 3206403 |  | 0.90 | 1.25 | 11.12 | 11.52 |
| 2024 | 154444 | 26.05 | 37.57 | 4075998 |  | 0.90 | 1.25 | 20.58 | 20.99 |
| 2023 | 181962 | 21.53 | 31.11 | 3964275 |  | 0.90 | 1.25 | 33.74 | 34.23 |
| 2022 | 172754 | 16.04 | 19.80 | 2779225 |  | 0.90 | 1.25 | (32.03) | (31.80) |
| 2021 | 159577 | 23.52 | 29.13 | 3757042 |  | 0.90 | 1.25 | 19.68 | 20.12 |
|  American Century Strategic Allocation: Aggressive |  |  |  |  |  |  |  |  |  |
| 2025 | 137439 | 17.59 | 18.29 | 2512348 | 1.91 | 0.90 | 1.10 | 10.77 | 11.05 |
| 2024 | 78800 | 15.88 | 16.47 | 1297440 | 0.01 | 0.90 | 1.10 | 8.17 | 8.43 |
| 2023 | 89629 | 14.68 | 15.19 | 1361279 | 0.02 | 0.90 | 1.10 | 10.46 | 10.63 |
| 2022 | 86149 | 13.29 | 13.73 | 1182256 | 0.01 | 0.90 | 1.10 | (19.06) | (18.90) |
| 2021 | 75097 | 16.42 | 16.93 | 1270485 | 0.01 | 0.90 | 1.10 | 10.13 | 10.37 |
|  American Century Strategic Allocation: Conservative |  |  |  |  |  |  |  |  |  |
| 2025 | 39187 | 11.90 | 12.36 | 484660 | 1.99 | 0.90 | 1.10 | 5.97 | 6.09 |
| 2024 | 44781 | 11.23 | 11.65 | 521840 | 0.02 | 0.90 | 1.10 | 3.12 | 3.37 |
| 2023 | 58585 | 10.89 | 11.27 | 660468 | 0.02 | 0.90 | 1.10 | 5.73 | 5.92 |
| 2022 | 69713 | 10.30 | 10.64 | 741775 | 0.02 | 0.90 | 1.10 | (16.60) | (16.42) |
| 2021 | 76437 | 12.35 | 12.73 | 972891 | 0.01 | 0.90 | 1.10 | 4.75 | 4.95 |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  American Century Strategic Allocation: Moderate |  |  |  |  |  |  |  |  |  |
| 2025 | 291013 | 14.86 | 15.45 | 4490431 | 1.85 | 0.90 | 1.10 | 8.86 | 9.11 |
| 2024 | 271649 | 13.65 | 14.16 | 3841684 | 0.02 | 0.90 | 1.10 | 5.65 | 5.83 |
| 2023 | 283594 | 12.92 | 13.38 | 3789128 | 0.02 | 0.90 | 1.10 | 8.30 | 8.60 |
| 2022 | 305161 | 11.93 | 12.32 | 3756819 | 0.01 | 0.90 | 1.10 | (18.34) | (18.19) |
| 2021 | 347089 | 14.61 | 15.06 | 5222406 | 0.01 | 0.90 | 1.10 | 7.66 | 7.88 |
|  American Century Ultra<sup>®</sup> |  |  |  |  |  |  |  |  |  |
| 2025 | 19612 | 48.48 | 48.48 | 948292 |  | 0.90 | 0.90 | 8.05 | 8.05 |
| 2024 | 22282 | 44.87 | 44.87 | 997657 |  | 0.90 | 0.90 | 24.22 | 24.22 |
| 2023 | 21517 | 36.12 | 36.12 | 775460 |  | 0.90 | 0.90 | 37.50 | 37.50 |
| 2022 | 22266 | 26.27 | 26.27 | 583642 |  | 0.90 | 0.90 | (35.18) | (35.18) |
| 2021 | 23555 | 40.53 | 40.53 | 952836 |  | 0.90 | 0.90 | 18.20 | 18.20 |
|  American Funds IS<sup>®</sup> Asset Allocation |  |  |  |  |  |  |  |  |  |
| 2025 | 1657093 | 15.65 | 17.65 | 27867297 | 1.81 | 0.25 | 1.25 | 10.84 | 11.92 |
| 2024 | 1686974 | 14.12 | 15.77 | 25483972 | 0.02 | 0.25 | 1.25 | 11.27 | 12.40 |
| 2023 | 1476615 | 12.69 | 14.03 | 19815174 | 0.02 | 0.25 | 1.45 | 9.21 | 10.39 |
| 2022 | 1599046 | 11.62 | 12.71 | 19531050 | 0.01 | 0.25 | 1.45 | (17.24) | (16.44) |
| 2021 | 2045916 | 14.04 | 15.21 | 30163919 | 0.01 | 0.25 | 1.25 | 9.86 | 11.18 |
|  American Funds IS<sup>®</sup> Capital World Bond |  |  |  |  |  |  |  |  |  |
| 2025 | 308107 | 6.14 | 6.92 | 2037243 | 3.04 | 0.25 | 1.25 | 4.60 | 5.49 |
| 2024 | 267688 | 5.87 | 6.56 | 1686872 | 0.02 | 0.25 | 1.25 | (7.41) | (6.42) |
| 2023 | 327851 | 6.34 | 7.01 | 2218609 |  | 0.25 | 1.45 | 1.44 | 2.49 |
| 2022 | 355230 | 6.25 | 6.84 | 2355477 | 0.00 | 0.25 | 1.45 | (21.19) | (20.47) |
| 2021 | 393157 | 7.93 | 8.60 | 3293883 | 0.01 | 0.25 | 1.45 | (9.37) | (8.12) |
|  American Funds IS<sup>®</sup> Global Growth |  |  |  |  |  |  |  |  |  |
| 2025 | 636959 | 20.43 | 23.05 | 14009149 | 1.19 | 0.25 | 1.25 | 16.28 | 17.48 |
| 2024 | 696095 | 17.57 | 19.62 | 13100166 | 0.01 | 0.25 | 1.25 | 8.59 | 9.73 |
| 2023 | 763044 | 16.18 | 17.88 | 13147101 | 0.01 | 0.25 | 1.45 | 17.25 | 18.41 |
| 2022 | 764598 | 13.80 | 15.10 | 11181371 | 0.00 | 0.25 | 1.45 | (28.05) | (27.30) |
| 2021 | 854288 | 19.18 | 20.77 | 17270666 | 0.00 | 0.25 | 1.45 | 11.12 | 12.39 |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  American Funds IS<sup>®</sup> Global Small Capitalization |  |  |  |  |  |  |  |  |  |
| 2025 | 66121 | 11.91 | 13.44 | 860986 | 0.19 | 0.25 | 1.25 | 9.57 | 10.71 |
| 2024 | 72184 | 10.87 | 12.14 | 850636 | 0.01 | 0.25 | 1.25 | (2.16) | (1.14) |
| 2023 | 50880 | 11.11 | 12.28 | 602015 | 0.00 | 0.25 | 1.45 | 10.99 | 12.04 |
| 2022 | 44218 | 10.01 | 10.96 | 464923 |  | 0.25 | 1.45 | (32.64) | (31.93) |
| 2021 | 44562 | 14.86 | 16.10 | 692265 |  | 0.25 | 1.45 | 1.78 | 3.01 |
|  American Funds IS<sup>®</sup> Growth |  |  |  |  |  |  |  |  |  |
| 2025 | 141121 | 35.32 | 39.84 | 5278506 | 0.12 | 0.25 | 1.25 | 14.90 | 16.08 |
| 2024 | 152100 | 30.74 | 34.32 | 4949357 |  | 0.25 | 1.25 | 25.83 | 27.11 |
| 2023 | 147429 | 24.43 | 27.00 | 3785360 | 0.00 | 0.25 | 1.45 | 32.41 | 33.73 |
| 2022 | 145693 | 18.45 | 20.19 | 2755323 | 0.00 | 0.25 | 1.45 | (33.03) | (32.34) |
| 2021 | 150201 | 27.55 | 29.84 | 4208923 | 0.00 | 0.25 | 1.45 | 16.39 | 17.80 |
|  American Funds IS<sup>®</sup> Growth-Income |  |  |  |  |  |  |  |  |  |
| 2025 | 1334407 | 23.64 | 26.66 | 33895344 | 0.70 | 0.25 | 1.25 | 12.84 | 13.98 |
| 2024 | 1511578 | 20.95 | 23.39 | 33883172 | 0.01 | 0.25 | 1.25 | 18.76 | 19.95 |
| 2023 | 1516996 | 17.64 | 19.50 | 28485449 | 0.01 | 0.25 | 1.45 | 20.57 | 21.80 |
| 2022 | 1628040 | 14.63 | 16.01 | 25143422 | 0.01 | 0.25 | 1.45 | (20.14) | (19.35) |
| 2021 | 1771693 | 18.32 | 19.85 | 34085570 | 0.01 | 0.25 | 1.45 | 18.42 | 19.87 |
|  American Funds IS<sup>®</sup> International |  |  |  |  |  |  |  |  |  |
| 2025 | 730829 | 10.56 | 11.91 | 8364268 | 1.21 | 0.25 | 1.25 | 21.10 | 22.40 |
| 2024 | 792748 | 8.72 | 9.73 | 7441385 | 0.01 | 0.25 | 1.25 | (1.36) | (0.41) |
| 2023 | 696324 | 8.84 | 9.77 | 6577194 | 0.01 | 0.25 | 1.45 | 10.78 | 11.91 |
| 2022 | 686051 | 7.98 | 8.73 | 5812644 | 0.01 | 0.25 | 1.45 | (24.29) | (23.56) |
| 2021 | 559252 | 10.54 | 11.42 | 6226898 | 0.02 | 0.25 | 1.45 | (5.98) | (4.83) |
|  American Funds IS<sup>®</sup> International Growth and Income |  |  |  |  |  |  |  |  |  |
| 2025 | 69552 | 10.93 | 12.33 | 838806 | 2.49 | 0.25 | 1.25 | 29.50 | 30.75 |
| 2024 | 64827 | 8.44 | 9.43 | 597621 | 0.02 | 0.25 | 1.25 | (1.17) | (0.11) |
| 2023 | 59732 | 8.54 | 9.44 | 551196 | 0.03 | 0.25 | 1.45 | 10.77 | 11.98 |
| 2022 | 37206 | 7.71 | 8.43 | 301591 | 0.02 | 0.25 | 1.45 | (19.01) | (18.23) |
| 2021 | 43679 | 9.52 | 10.31 | 436509 | 0.04 | 0.25 | 1.45 | 0.53 | 1.68 |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  American Funds IS<sup>®</sup> Mortgage |  |  |  |  |  |  |  |  |  |
| 2025 | 30610 | 8.08 | 8.08 | 247220 | 6.35 | 0.25 | 0.25 | 4.94 | 4.94 |
| 2024 | 5929 | 7.70 | 7.70 | 45712 | 0.05 | 0.25 | 0.25 | (2.90) | (2.90) |
| 2023 | 5265 | 7.18 | 7.93 | 41800 | 0.03 | 0.25 | 1.45 | (0.69) | 0.13 |
| 2022 | 7886 | 7.23 | 7.92 | 62019 | 0.01 | 0.25 | 1.45 | (13.93) | (12.97) |
| 2021 | 32111 | 8.40 | 9.10 | 291786 | 0.00 | 0.25 | 1.45 | (5.08) | (4.01) |
|  American Funds IS<sup>®</sup> New World |  |  |  |  |  |  |  |  |  |
| 2025 | 455753 | 12.66 | 14.28 | 6328546 | 0.96 | 0.25 | 1.25 | 22.56 | 23.85 |
| 2024 | 421420 | 10.33 | 11.53 | 4746877 | 0.01 | 0.25 | 1.25 | 1.97 | 2.95 |
| 2023 | 420078 | 10.13 | 11.20 | 4598804 | 0.01 | 0.25 | 1.45 | 10.83 | 12.00 |
| 2022 | 386722 | 9.14 | 10.00 | 3782521 | 0.01 | 0.25 | 1.45 | (25.51) | (24.76) |
| 2021 | 359350 | 12.27 | 13.29 | 4664407 | 0.01 | 0.25 | 1.45 | 0.08 | 1.30 |
|  AMG River Road Mid Cap Value |  |  |  |  |  |  |  |  |  |
| 2025 | 67776 | 24.28 | 25.24 | 1708523 | 0.14 | 0.90 | 1.10 | 7.24 | 7.50 |
| 2024 | 79021 | 22.64 | 23.48 | 1853940 |  | 0.90 | 1.10 | 8.95 | 9.21 |
| 2023 | 87847 | 20.78 | 21.50 | 1887337 | 0.00 | 0.90 | 1.10 | 17.73 | 17.94 |
| 2022 | 90510 | 17.65 | 18.23 | 1648248 | 0.01 | 0.90 | 1.10 | (11.97) | (11.80) |
| 2021 | 92199 | 20.05 | 20.67 | 1903475 | 0.00 | 0.90 | 1.10 | 26.66 | 26.89 |
|  Ariel<sup>®</sup> |  |  |  |  |  |  |  |  |  |
| 2025 | 99999 | 25.32 | 28.89 | 2555197 | 0.13 | 0.90 | 1.10 | 9.56 | 9.75 |
| 2024 | 111699 | 23.07 | 26.37 | 2600392 |  | 0.90 | 1.10 | 7.28 | 7.55 |
| 2023 | 123016 | 21.45 | 24.58 | 2661698 | 0.00 | 0.90 | 1.10 | 11.17 | 11.37 |
| 2022 | 132154 | 19.26 | 22.11 | 2567033 | 0.00 | 0.90 | 1.10 | (22.07) | (21.90) |
| 2021 | 164903 | 24.66 | 28.37 | 4101007 | 0.00 | 0.90 | 1.10 | 25.14 | 25.37 |
|  Baron Asset |  |  |  |  |  |  |  |  |  |
| 2025 | 19954 | 24.40 | 24.40 | 486855 |  | 0.90 | 0.90 | 3.79 | 3.79 |
| 2024 | 21687 | 23.51 | 23.51 | 509742 |  | 0.90 | 0.90 | 6.24 | 6.24 |
| 2023 | 33186 | 22.13 | 22.13 | 734175 |  | 0.90 | 0.90 | 12.56 | 12.56 |
| 2022 | 33003 | 19.66 | 19.66 | 648587 |  | 0.90 | 0.90 | (28.85) | (28.85) |
| 2021 | 32630 | 27.63 | 27.63 | 901436 |  | 0.90 | 0.90 | 9.56 | 9.56 |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  BlackRock Advantage Large Cap Core V.I. |  |  |  |  |  |  |  |  |  |
| 2025 | 31736 | 27.45 | 35.52 | 1061979 | 0.23 | 0.25 | 1.25 | 14.71 | 15.89 |
| 2024 | 32337 | 23.93 | 30.65 | 938299 | 0.01 | 0.25 | 1.25 | 19.89 | 21.10 |
| 2023 | 22518 | 19.96 | 25.31 | 532320 | 0.00 | 0.25 | 1.45 | 19.74 | 20.93 |
| 2022 | 30635 | 16.67 | 20.93 | 612174 | 0.01 | 0.25 | 1.45 | (23.46) | (22.71) |
| 2021 | 14715 | 21.78 | 27.08 | 363352 | 0.00 | 0.25 | 1.45 | 22.50 | 23.99 |
|  BlackRock Advantage Small Cap Growth |  |  |  |  |  |  |  |  |  |
| 2025 | 9788 | 21.92 | 21.92 | 214546 |  | 0.90 | 0.90 | 10.60 | 10.60 |
| 2024 | 7923 | 19.82 | 19.82 | 157039 |  | 0.90 | 0.90 | 9.44 | 9.44 |
| 2023 | 9084 | 18.11 | 18.11 | 164564 | 0.00 | 0.90 | 0.90 | 13.90 | 13.90 |
| 2022 | 8814 | 15.90 | 15.90 | 140122 | 0.01 | 0.90 | 0.90 | (28.02) | (28.02) |
| 2021 | 6570 | 22.09 | 22.09 | 145120 |  | 0.90 | 0.90 | (0.63) | (0.63) |
|  BlackRock Basic Value V.I. |  |  |  |  |  |  |  |  |  |
| 2025 | 15135 | 17.85 | 24.14 | 337133 | 1.90 | 0.25 | 1.25 | 18.92 | 20.04 |
| 2024 | 14744 | 15.01 | 20.11 | 274217 | 0.02 | 0.25 | 1.25 | 5.41 | 6.57 |
| 2023 | 13414 | 14.24 | 18.87 | 237876 | 0.02 | 0.25 | 1.45 | 11.42 | 12.52 |
| 2022 | 13067 | 12.78 | 16.77 | 206342 | 0.01 | 0.25 | 1.45 | (9.04) | (8.16) |
| 2021 | 12184 | 14.05 | 18.26 | 209343 | 0.01 | 0.25 | 1.45 | 16.02 | 17.43 |
|  BlackRock Capital Appreciation V.I. |  |  |  |  |  |  |  |  |  |
| 2025 | 14076 | 32.59 | 38.49 | 534177 |  | 0.25 | 1.25 | 7.10 | 8.18 |
| 2024 | 22331 | 30.43 | 35.58 | 787967 |  | 0.25 | 1.25 | 26.37 | 27.66 |
| 2023 | 23250 | 24.08 | 27.87 | 643152 |  | 0.25 | 1.45 | 42.49 | 43.88 |
| 2022 | 16569 | 16.90 | 19.37 | 317934 |  | 0.25 | 1.45 | (40.39) | (39.79) |
| 2021 | 5903 | 28.35 | 32.17 | 185349 |  | 0.25 | 1.45 | 15.62 | 17.02 |
|  BlackRock Equity Dividend |  |  |  |  |  |  |  |  |  |
| 2025 | 26834 | 23.04 | 23.04 | 618028 | 1.93 | 0.90 | 0.90 | 16.72 | 16.72 |
| 2024 | 28014 | 19.74 | 19.74 | 552622 | 0.02 | 0.90 | 0.90 | 5.39 | 5.39 |
| 2023 | 30733 | 18.73 | 18.73 | 575512 | 0.02 | 0.90 | 0.90 | 8.08 | 8.08 |
| 2022 | 30528 | 17.33 | 17.33 | 528951 | 0.01 | 0.90 | 0.90 | (7.87) | (7.87) |
| 2021 | 45358 | 18.81 | 18.81 | 852805 | 0.01 | 0.90 | 0.90 | 15.47 | 15.47 |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  BlackRock Equity Dividend V.I. |  |  |  |  |  |  |  |  |  |
| 2025 | 625080 | 19.29 | 25.41 | 12343366 | 2.02 | 0.25 | 1.25 | 16.27 | 17.42 |
| 2024 | 638064 | 16.59 | 21.64 | 10801122 | 0.02 | 0.25 | 1.25 | 5.13 | 6.18 |
| 2023 | 674400 | 15.78 | 20.38 | 10826540 | 0.02 | 0.25 | 1.45 | 7.35 | 8.40 |
| 2022 | 646850 | 14.70 | 18.80 | 9591537 | 0.01 | 0.25 | 1.45 | (8.13) | (7.16) |
| 2021 | 588523 | 16.00 | 20.25 | 9428956 | 0.01 | 0.25 | 1.45 | 15.11 | 16.51 |
|  BlackRock Global Allocation |  |  |  |  |  |  |  |  |  |
| 2025 | 8353 | 13.98 | 13.98 | 116605 | 2.57 | 0.90 | 0.90 | 14.78 | 14.78 |
| 2024 | 6980 | 12.18 | 12.18 | 84859 | 0.01 | 0.90 | 0.90 | 4.82 | 4.82 |
| 2023 | 9674 | 11.62 | 11.62 | 112250 | 0.01 | 0.90 | 0.90 | 8.09 | 8.09 |
| 2022 | 15853 | 10.75 | 10.75 | 170348 |  | 0.90 | 0.90 | (19.23) | (19.23) |
| 2021 | 5656 | 13.31 | 13.31 | 75183 | 0.01 | 0.90 | 0.90 | 2.31 | 2.31 |
|  BlackRock Global Allocation V.I. |  |  |  |  |  |  |  |  |  |
| 2025 | 170248 | 12.57 | 14.50 | 2225854 | 3.87 | 0.25 | 1.25 | 14.59 | 15.63 |
| 2024 | 203484 | 10.97 | 12.54 | 2311943 | 0.01 | 0.25 | 1.25 | 4.38 | 5.47 |
| 2023 | 223807 | 10.51 | 11.89 | 2425056 | 0.02 | 0.25 | 1.45 | 7.79 | 8.88 |
| 2022 | 252052 | 9.75 | 10.92 | 2519566 |  | 0.25 | 1.45 | (19.55) | (18.75) |
| 2021 | 247070 | 12.12 | 13.44 | 3049772 | 0.01 | 0.25 | 1.45 | 1.76 | 2.99 |
|  BlackRock High Yield V.I. |  |  |  |  |  |  |  |  |  |
| 2025 | 556629 | 10.83 | 12.53 | 6251067 | 6.94 | 0.25 | 1.25 | 4.54 | 5.56 |
| 2024 | 564102 | 10.36 | 11.87 | 6028402 | 0.06 | 0.25 | 1.25 | 3.29 | 4.40 |
| 2023 | 763837 | 10.03 | 11.37 | 7787111 | 0.09 | 0.25 | 1.45 | 8.20 | 9.33 |
| 2022 | 625237 | 9.27 | 10.40 | 5886223 | 0.05 | 0.25 | 1.45 | (14.25) | (13.41) |
| 2021 | 819815 | 10.81 | 12.01 | 8946433 | 0.04 | 0.25 | 1.45 | 0.65 | 1.87 |
|  BlackRock Large Cap Focus Growth V.I. |  |  |  |  |  |  |  |  |  |
| 2025 | 3554 | 44.45 | 44.45 | 157994 |  | 0.25 | 0.25 | 7.91 | 7.91 |
| 2024 | 3456 | 32.34 | 41.19 | 142360 |  | 0.25 | 1.25 | 25.89 | 27.17 |
| 2023 | 47453 | 25.69 | 32.39 | 1288462 |  | 0.25 | 1.45 | 46.13 | 47.63 |
| 2022 | 5808 | 17.58 | 21.94 | 127478 |  | 0.25 | 1.45 | (40.81) | (40.22) |
| 2021 | 7384 | 29.70 | 36.70 | 242659 |  | 0.25 | 1.25 | 12.63 | 14.01 |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  BNY Mellon Appreciation |  |  |  |  |  |  |  |  |  |
| 2025 | 316237 | 23.06 | 29.36 | 7425067 | 0.27 | 0.90 | 1.25 | 5.56 | 5.97 |
| 2024 | 334290 | 21.77 | 27.77 | 7400819 |  | 0.90 | 1.25 | 7.76 | 8.09 |
| 2023 | 365056 | 20.14 | 25.74 | 7488396 | 0.01 | 0.90 | 1.25 | 16.36 | 16.75 |
| 2022 | 372230 | 17.25 | 19.38 | 6527252 | 0.01 | 0.90 | 1.25 | (21.35) | (21.05) |
| 2021 | 410865 | 21.85 | 24.64 | 9081142 | 0.00 | 0.90 | 1.25 | 21.74 | 22.20 |
|  BNY Mellon Dynamic Value |  |  |  |  |  |  |  |  |  |
| 2025 | 170789 | 29.42 | 44.34 | 5768904 | 0.19 | 0.90 | 1.25 | 13.28 | 13.69 |
| 2024 | 179680 | 25.97 | 39.09 | 5325262 | 0.01 | 0.90 | 1.25 | 10.98 | 11.34 |
| 2023 | 190680 | 23.40 | 35.17 | 5058753 | 0.01 | 0.90 | 1.25 | 7.88 | 8.27 |
| 2022 | 197081 | 21.69 | 24.18 | 4811360 | 0.01 | 0.90 | 1.25 | (1.50) | (1.14) |
| 2021 | 165768 | 22.02 | 24.46 | 4144289 | 0.01 | 0.90 | 1.25 | 27.80 | 28.26 |
|  BNY Mellon IP MidCap Stock |  |  |  |  |  |  |  |  |  |
| 2025 | 142923 | 15.64 | 15.64 | 2232006 | 0.45 | 0.75 | 0.75 | 5.75 | 5.75 |
| 2024 | 162449 | 14.79 | 14.79 | 2398783 | 0.01 | 0.75 | 0.75 | 8.19 | 8.19 |
| 2023 | 152525 | 13.67 | 13.67 | 2081551 | 0.01 | 0.75 | 0.75 | 13.63 | 13.63 |
| 2022 | 239506 | 12.03 | 12.03 | 2877526 | 0.00 | 0.75 | 0.75 | (17.38) | (17.38) |
| 2021 | 394756 | 14.56 | 14.56 | 5744015 | 0.00 | 0.75 | 0.75 | 20.93 | 20.93 |
|  BNY Mellon IP Small Cap Stock Index |  |  |  |  |  |  |  |  |  |
| 2025 | 486264 | 16.22 | 23.17 | 8626837 | 1.22 | 0.25 | 1.25 | 1.00 | 1.98 |
| 2024 | 511481 | 16.01 | 22.72 | 8786938 | 0.01 | 0.25 | 1.25 | 3.41 | 4.53 |
| 2023 | 530603 | 15.40 | 21.74 | 8690493 | 0.01 | 0.25 | 1.45 | 10.61 | 11.72 |
| 2022 | 503837 | 14.04 | 19.17 | 7350166 | 0.01 | 0.25 | 1.45 | (20.09) | (19.28) |
| 2021 | 500013 | 17.57 | 24.12 | 8890587 | 0.01 | 0.25 | 1.45 | 20.67 | 22.13 |
|  BNY Mellon IP Technology Growth |  |  |  |  |  |  |  |  |  |
| 2025 | 410400 | 37.25 | 51.79 | 20781077 |  | 0.25 | 1.35 | 22.39 | 23.75 |
| 2024 | 515655 | 30.40 | 42.06 | 21067907 |  | 0.25 | 1.35 | 20.02 | 21.36 |
| 2023 | 476885 | 25.31 | 34.84 | 16376270 |  | 0.25 | 1.45 | 52.24 | 53.95 |
| 2022 | 442447 | 16.61 | 20.37 | 9930805 |  | 0.25 | 1.45 | (48.72) | (48.22) |
| 2021 | 477385 | 32.39 | 39.34 | 20742158 |  | 0.25 | 1.45 | 7.72 | 9.04 |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  BNY Mellon Midcap Value Fund (b) |  |  |  |  |  |  |  |  |  |
| 2025 | 96954 | 24.94 | 41.55 | 2596648 | 0.55 | 0.90 | 1.25 | 5.45 | 5.84 |
| 2024 | 105860 | 23.65 | 39.34 | 2689388 |  | 0.90 | 1.25 | 6.34 | 6.70 |
| 2023 | 104647 | 22.24 | 36.94 | 2471817 | 0.01 | 0.90 | 1.25 | 7.65 | 8.06 |
| 2022 | 102963 | 20.66 | 21.70 | 2246672 | 0.00 | 0.90 | 1.25 | (11.82) | (11.50) |
| 2021 | 109159 | 23.43 | 24.52 | 2684051 | 0.00 | 0.90 | 1.25 | 10.94 | 11.30 |
|  BNY Mellon Stock Index |  |  |  |  |  |  |  |  |  |
| 2025 | 376 | 37.32 | 37.32 | 14027 | 0.55 | 0.25 | 0.25 | 13.47 | 13.47 |
| 2024 | 1536 | 24.57 | 32.89 | 50629 |  | 0.25 | 1.25 | 19.16 | 20.34 |
| 2023 | 6909 | 20.62 | 27.33 | 176616 | 0.01 | 0.25 | 1.45 | 20.37 | 21.63 |
| 2022 | 1820 | 22.47 | 22.47 | 41024 | 0.02 | 0.25 | 0.25 | (21.13) | (21.13) |
| 2021 | 1954 | 21.93 | 28.49 | 55819 | 0.00 | 0.25 | 1.45 | 22.51 | 24.03 |
|  BNY Mellon VIF Appreciation |  |  |  |  |  |  |  |  |  |
| 2025 | 242982 | 21.66 | 21.71 | 5276783 | 0.16 | 0.75 | 1.25 | 5.25 | 5.70 |
| 2024 | 274190 | 20.54 | 25.68 | 5631619 |  | 0.25 | 1.25 | 7.75 | 8.86 |
| 2023 | 330534 | 18.96 | 23.59 | 6299803 | 0.00 | 0.25 | 1.45 | 15.69 | 16.84 |
| 2022 | 314001 | 16.51 | 20.19 | 5138973 | 0.00 | 0.25 | 1.45 | (21.64) | (20.85) |
| 2021 | 337319 | 20.71 | 25.51 | 7006865 | 0.00 | 0.25 | 0.75 | 22.11 | 22.70 |
|  Calamos<sup>®</sup> Growth |  |  |  |  |  |  |  |  |  |
| 2025 | 282631 | 32.76 | 40.14 | 9345874 |  | 0.90 | 1.10 | 11.47 | 11.66 |
| 2024 | 330630 | 29.34 | 36.01 | 9799483 |  | 0.90 | 1.10 | 26.89 | 27.18 |
| 2023 | 367532 | 23.07 | 28.38 | 8560614 |  | 0.90 | 1.10 | 32.06 | 32.36 |
| 2022 | 404966 | 17.43 | 21.49 | 7124514 |  | 0.90 | 1.10 | (35.98) | (35.90) |
| 2021 | 416324 | 27.19 | 33.57 | 11409195 |  | 0.90 | 1.10 | 18.29 | 18.58 |
|  Calamos<sup>®</sup> Growth and Income |  |  |  |  |  |  |  |  |  |
| 2025 | 325416 | 23.62 | 32.11 | 9559986 | 0.34 | 0.90 | 1.25 | 12.57 | 13.01 |
| 2024 | 375768 | 20.91 | 28.48 | 9807295 | 0.01 | 0.90 | 1.25 | 15.63 | 16.04 |
| 2023 | 410238 | 18.02 | 24.60 | 9249045 | 0.01 | 0.90 | 1.10 | 15.49 | 15.74 |
| 2022 | 423807 | 19.82 | 21.30 | 8246271 | 0.01 | 0.90 | 1.10 | (21.75) | (21.60) |
| 2021 | 438519 | 25.28 | 27.22 | 10893442 | 0.00 | 0.90 | 1.10 | 16.23 | 16.50 |

---

(b) Name change. See Note 1.

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  Calamos<sup>®</sup> High Income Opportunities |  |  |  |  |  |  |  |  |  |
| 2025 | 31597 | 11.59 | 11.59 | 366397 | 6.33 | 0.90 | 0.90 | 2.66 | 2.66 |
| 2024 | 31105 | 10.59 | 11.29 | 351440 | 0.07 | 0.90 | 1.25 | 3.22 | 3.58 |
| 2023 | 30771 | 10.26 | 10.90 | 335061 | 0.05 | 0.90 | 1.25 | 7.55 | 8.03 |
| 2022 | 48125 | 9.54 | 10.09 | 483272 | 0.06 | 0.90 | 1.25 | (14.05) | (13.83) |
| 2021 | 35842 | 11.10 | 11.71 | 419033 | 0.05 | 0.90 | 1.25 | 2.02 | 2.36 |
|  ClearBridge Small Cap Growth |  |  |  |  |  |  |  |  |  |
| 2025 |  | 20.50 | 20.50 |  |  | 0.90 | 0.90 | 5.07 | 5.07 |
| 2024 |  | 19.51 | 19.51 |  |  | 0.90 | 0.90 | 0.10 | 0.10 |
| 2023 | 1049 | 19.49 | 19.49 | 20439 |  | 0.90 | 0.90 | 4.50 | 4.50 |
| 2022 | 1018 | 18.65 | 18.65 | 18987 |  | 0.90 | 0.90 | (31.53) | (31.53) |
| 2021 | 989 | 27.24 | 27.24 | 26919 |  | 0.90 | 0.90 | 7.63 | 7.63 |
|  ClearBridge Variable Growth |  |  |  |  |  |  |  |  |  |
| 2025 | 230585 | 18.73 | 21.39 | 4896800 |  | 0.75 | 1.35 | 8.27 | 8.97 |
| 2024 | 254625 | 17.30 | 19.63 | 4965231 |  | 0.75 | 1.35 | 7.65 | 8.21 |
| 2023 | 292183 | 16.07 | 18.14 | 5257229 | 0.00 | 0.75 | 1.35 | 18.86 | 19.58 |
| 2022 | 314374 | 13.52 | 15.17 | 4744827 |  | 0.75 | 1.35 | (29.73) | (29.24) |
| 2021 | 350392 | 19.24 | 21.44 | 7481961 | 0.00 | 0.75 | 1.35 | 5.37 | 5.98 |
|  ClearBridge Variable Small Cap Growth |  |  |  |  |  |  |  |  |  |
| 2025 | 237547 | 21.50 | 24.71 | 5651157 |  | 0.75 | 1.35 | 4.57 | 5.24 |
| 2024 | 189955 | 20.56 | 23.48 | 4403803 |  | 0.75 | 1.35 | 0.05 | 0.64 |
| 2023 | 279473 | 20.55 | 23.33 | 6346937 |  | 0.75 | 1.35 | 3.79 | 4.43 |
| 2022 | 312778 | 19.80 | 22.34 | 6764918 |  | 0.75 | 1.35 | (31.87) | (31.47) |
| 2021 | 322798 | 29.06 | 32.60 | 10174791 |  | 0.75 | 1.35 | 7.79 | 8.49 |
|  Dimensional VA Equity Allocation |  |  |  |  |  |  |  |  |  |
| 2025 | 226188 | 17.48 | 17.48 | 3955597 | 2.53 | 0.25 | 0.25 | 16.07 | 16.07 |
| 2024 | 132483 | 15.06 | 15.06 | 1995782 | 0.02 | 0.25 | 0.25 | 11.47 | 11.47 |
| 2023 | 121187 | 13.51 | 13.51 | 1638517 | 0.03 | 0.25 | 0.25 | 16.27 | 16.27 |
| 2022 | 45580 | 11.62 | 11.62 | 529647 | 0.02 | 0.25 | 0.25 | (16.40) | (16.40) |
| 2021 | 41859 | 13.90 | 13.90 | 582038 | 0.03 | 0.25 | 0.25 | 20.35 | 20.35 |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  Dimensional VA Global Bond Portfolio |  |  |  |  |  |  |  |  |  |
| 2025 | 342546 | 6.89 | 7.84 | 2684379 | 4.41 | 0.25 | 1.65 | (0.43) | 1.03 |
| 2024 | 296073 | 6.92 | 7.76 | 2297220 | 0.05 | 0.25 | 1.65 | 0.58 | 1.97 |
| 2023 | 265559 | 6.88 | 7.61 | 2019594 | 0.04 | 0.25 | 1.85 | 0.29 | 1.74 |
| 2022 | 244894 | 6.86 | 7.48 | 1831415 | 0.02 | 0.25 | 1.85 | (10.56) | (9.33) |
| 2021 | 113581 | 7.67 | 8.25 | 936204 | 0.01 | 0.25 | 1.85 | (5.77) | (4.29) |
|  Dimensional VA Global Moderate Allocation |  |  |  |  |  |  |  |  |  |
| 2025 | 46983 | 14.31 | 14.31 | 672437 | 2.89 | 0.25 | 0.25 | 11.02 | 11.02 |
| 2024 | 36126 | 12.89 | 12.89 | 465659 | 0.02 | 0.25 | 0.25 | 8.41 | 8.41 |
| 2023 | 51897 | 11.89 | 11.89 | 617121 | 0.03 | 0.25 | 0.25 | 11.02 | 11.02 |
| 2022 | 54905 | 10.71 | 10.71 | 587909 | 0.02 | 0.25 | 0.25 | (13.77) | (13.77) |
| 2021 | 33270 | 12.42 | 12.42 | 413498 | 0.03 | 0.25 | 0.25 | 10.50 | 10.50 |
|  Dimensional VA International Small Portfolio |  |  |  |  |  |  |  |  |  |
| 2025 | 216364 | 14.66 | 18.54 | 3939132 | 3.46 | 0.25 | 1.65 | 30.78 | 32.62 |
| 2024 | 228592 | 11.21 | 13.98 | 3140928 | 0.04 | 0.25 | 1.65 | (0.97) | 0.50 |
| 2023 | 200621 | 11.32 | 13.91 | 2740671 | 0.03 | 0.25 | 1.85 | 8.95 | 10.48 |
| 2022 | 170254 | 10.39 | 12.59 | 2101310 | 0.03 | 0.25 | 1.85 | (21.35) | (20.32) |
| 2021 | 132844 | 13.21 | 15.80 | 2049035 | 0.04 | 0.25 | 1.65 | 9.08 | 10.96 |
|  Dimensional VA International Value Portfolio |  |  |  |  |  |  |  |  |  |
| 2025 | 348172 | 14.64 | 18.15 | 6116958 | 4.69 | 0.25 | 1.65 | 39.03 | 41.03 |
| 2024 | 312211 | 10.53 | 12.87 | 3983777 | 0.04 | 0.25 | 1.65 | 1.74 | 3.21 |
| 2023 | 303937 | 10.35 | 12.47 | 3759891 | 0.06 | 0.25 | 1.85 | 12.50 | 14.09 |
| 2022 | 208890 | 9.20 | 10.93 | 2256773 | 0.05 | 0.25 | 1.85 | (7.82) | (6.58) |
| 2021 | 107165 | 9.98 | 11.70 | 1231337 | 0.05 | 0.25 | 1.65 | 12.51 | 14.37 |
|  Dimensional VA Short-Term Fixed Portfolio |  |  |  |  |  |  |  |  |  |
| 2025 | 812684 | 6.72 | 7.71 | 6256391 | 3.97 | 0.25 | 1.65 | (0.30) | 1.05 |
| 2024 | 891238 | 6.74 | 7.63 | 6797678 | 0.06 | 0.25 | 1.65 | 0.60 | 2.01 |
| 2023 | 645305 | 6.70 | 7.48 | 4807316 | 0.05 | 0.25 | 1.85 | 0.15 | 1.63 |
| 2022 | 385273 | 6.69 | 7.36 | 2820228 | 0.02 | 0.25 | 1.85 | (5.64) | (4.29) |
| 2021 | 162616 | 7.09 | 7.69 | 1247891 | 0.00 | 0.25 | 1.85 | (4.83) | (3.39) |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  Dimensional VA U.S. Large Value Portfolio |  |  |  |  |  |  |  |  |  |
| 2025 | 298943 | 17.84 | 26.29 | 7534049 | 1.81 | 0.25 | 1.65 | 10.53 | 12.16 |
| 2024 | 333001 | 16.14 | 23.44 | 7478337 | 0.02 | 0.25 | 1.65 | 8.25 | 9.74 |
| 2023 | 315423 | 14.91 | 21.36 | 6454232 | 0.02 | 0.25 | 1.85 | 5.82 | 7.40 |
| 2022 | 262948 | 14.09 | 19.59 | 4979240 | 0.02 | 0.25 | 1.85 | (9.16) | (7.90) |
| 2021 | 188530 | 15.51 | 21.60 | 3842822 | 0.02 | 0.25 | 1.65 | 20.98 | 23.01 |
|  Dimensional VA U.S. Targeted Value Portfolio |  |  |  |  |  |  |  |  |  |
| 2025 | 170789 | 17.58 | 25.95 | 4319766 | 1.89 | 0.25 | 1.65 | 3.96 | 5.44 |
| 2024 | 153311 | 16.91 | 24.61 | 3618856 | 0.01 | 0.25 | 1.65 | 3.24 | 4.68 |
| 2023 | 168557 | 16.38 | 23.51 | 3758695 | 0.02 | 0.25 | 1.85 | 14.55 | 16.21 |
| 2022 | 170859 | 14.30 | 20.23 | 3117552 | 0.01 | 0.25 | 1.85 | (8.51) | (7.29) |
| 2021 | 121156 | 15.63 | 21.82 | 2491539 | 0.02 | 0.25 | 1.65 | 33.02 | 35.28 |
|  Donoghue Forlines Dividend VIT Fund |  |  |  |  |  |  |  |  |  |
| 2025 | 1675 | 10.07 | 10.07 | 16879 | 1.92 | 1.25 | 1.25 | 12.26 | 12.26 |
| 2024 |  | 8.97 | 9.25 |  |  | 0.25 | 1.25 | 8.07 | 9.21 |
| 2023 |  | 8.30 | 8.47 |  |  | 0.25 | 1.45 | (5.68) | (4.72) |
| 2022 |  | 8.80 | 8.89 |  |  | 0.25 | 1.45 | (14.06) | (13.18) |
| 2021 |  | 10.24 | 10.24 |  |  | 0.25 | 1.45 |  |  |
|  Donoghue Forlines Momentum VIT Fund |  |  |  |  |  |  |  |  |  |
| 2025 |  | 12.84 | 12.84 |  |  | 0.25 | 0.25 | 19.55 | 19.55 |
| 2024 |  | 10.41 | 10.74 |  |  | 0.25 | 1.25 | 17.89 | 19.07 |
| 2023 |  | 8.83 | 9.02 |  |  | 0.25 | 1.45 | 14.82 | 16.09 |
| 2022 |  | 7.69 | 7.77 |  |  | 0.25 | 1.45 | (25.77) | (25.07) |
| 2021 |  | 10.36 | 10.37 |  |  | 0.25 | 1.45 |  |  |
|  DWS Small Mid Cap Value VIP |  |  |  |  |  |  |  |  |  |
| 2025 | 2124 | 13.36 | 16.42 | 33243 | 0.78 | 0.25 | 1.25 | 12.93 | 14.03 |
| 2024 | 4786 | 11.83 | 14.40 | 66887 | 0.01 | 0.25 | 1.25 | 1.37 | 2.42 |
| 2023 | 4806 | 11.67 | 14.06 | 65745 | 0.01 | 0.25 | 1.45 | 9.89 | 10.97 |
| 2022 | 2591 | 10.62 | 12.67 | 31336 | 0.00 | 0.25 | 1.45 | (19.67) | (18.83) |
| 2021 | 2314 | 13.22 | 15.61 | 35007 | 0.00 | 0.25 | 1.45 | 24.37 | 25.89 |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  Eaton Vance VT Floating-Rate Income |  |  |  |  |  |  |  |  |  |
| 2025 | 278129 | 9.15 | 10.32 | 2612614 | 5.85 | 0.25 | 1.25 | (0.33) | 0.58 |
| 2024 | 499937 | 9.18 | 10.26 | 4652410 | 0.08 | 0.25 | 1.25 | 3.15 | 4.27 |
| 2023 | 456341 | 8.90 | 9.84 | 4120991 | 0.07 | 0.25 | 1.45 | 6.59 | 7.66 |
| 2022 | 451099 | 8.35 | 9.14 | 3824315 | 0.04 | 0.25 | 1.45 | (6.81) | (5.87) |
| 2021 | 489492 | 8.96 | 9.71 | 4421594 | 0.03 | 0.25 | 1.45 | (0.88) | 0.31 |
|  Federated Hermes Corporate Bond |  |  |  |  |  |  |  |  |  |
| 2025 | 427912 | 9.96 | 10.66 | 4546381 | 3.60 | 0.90 | 1.25 | 2.47 | 2.80 |
| 2024 | 569244 | 9.72 | 10.37 | 5890985 | 0.04 | 0.90 | 1.25 | (1.92) | (1.52) |
| 2023 | 520526 | 9.91 | 10.53 | 5473275 | 0.04 | 0.90 | 1.25 | 3.34 | 3.74 |
| 2022 | 617278 | 9.59 | 10.15 | 6264892 | 0.03 | 0.90 | 1.25 | (18.24) | (17.95) |
| 2021 | 597778 | 11.73 | 12.37 | 7386684 | 0.03 | 0.90 | 1.25 | (4.17) | (3.81) |
|  Federated Hermes Fund for U.S. Government Securities II |  |  |  |  |  |  |  |  |  |
| 2025 | 224265 | 6.50 | 8.01 | 1494263 | 3.92 | 0.25 | 1.45 | 2.20 | 3.35 |
| 2024 | 246515 | 6.36 | 7.75 | 1601764 | 0.04 | 0.25 | 1.45 | (3.93) | (2.64) |
| 2023 | 302591 | 6.62 | 7.96 | 2068699 | 0.03 | 0.25 | 1.45 | (0.30) | 0.89 |
| 2022 | 323666 | 6.64 | 7.89 | 2219013 | 0.02 | 0.25 | 1.45 | (16.37) | (15.43) |
| 2021 | 339818 | 7.94 | 9.33 | 2820811 | 0.02 | 0.25 | 1.45 | (6.37) | (5.09) |
|  Federated Hermes High Income Bond II |  |  |  |  |  |  |  |  |  |
| 2025 | 193301 | 10.04 | 14.88 | 2843248 | 6.19 | 0.25 | 1.35 | 3.63 | 4.71 |
| 2024 | 230994 | 9.68 | 14.31 | 3297469 | 0.06 | 0.25 | 1.35 | 1.27 | 2.45 |
| 2023 | 271467 | 9.55 | 14.13 | 3821358 | 0.06 | 0.25 | 1.45 | 7.70 | 8.87 |
| 2022 | 283388 | 8.86 | 12.74 | 3702320 | 0.05 | 0.25 | 1.45 | (15.54) | (14.73) |
| 2021 | 333997 | 10.49 | 14.94 | 5172672 | 0.05 | 0.25 | 1.45 | (0.10) | 1.08 |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  Fidelity<sup>®</sup> Advisor Dividend Growth Class M-1 (c) |  |  |  |  |  |  |  |  |  |
| 2025 |  | 20.45 | 26.19 |  | 1.73 | 0.90 | 1.10 | 9.13 | 9.30 |
| 2024 | 126710 | 18.71 | 24.00 | 2382924 | 0.01 | 0.90 | 1.10 | 21.46 | 21.65 |
| 2023 | 142215 | 15.38 | 19.76 | 2201195 | 0.01 | 0.90 | 1.10 | 12.34 | 12.59 |
| 2022 | 149018 | 13.66 | 17.59 | 2039936 | 0.01 | 0.90 | 1.10 | (15.88) | (15.73) |
| 2021 | 159930 | 16.21 | 20.91 | 2602050 | 0.00 | 0.90 | 1.10 | 22.28 | 22.52 |
|  Fidelity<sup>®</sup> Advisor Dividend Growth Class M-2 (a) |  |  |  |  |  |  |  |  |  |
| 2025 | 238354 | 10.82 | 10.82 | 2580856 | 1.72 | 0.90 | 0.90 | 8.20 | 8.20 |
|  Fidelity<sup>®</sup> Advisor International Capital Appreciation (d) |  |  |  |  |  |  |  |  |  |
| 2025 | 13331 | 18.97 | 23.11 | 253753 | 0.21 | 0.90 | 1.10 | 13.34 | 13.59 |
| 2024 | 14482 | 16.70 | 20.39 | 242707 |  | 0.90 | 1.10 | 3.19 | 3.34 |
| 2023 | 16560 | 16.16 | 19.76 | 268307 |  | 0.90 | 1.10 | 21.90 | 22.15 |
| 2022 | 17725 | 13.23 | 16.21 | 234989 |  | 0.90 | 1.10 | (29.86) | (29.70) |
| 2021 | 19982 | 18.82 | 23.11 | 376781 |  | 0.90 | 1.10 | 7.19 | 7.42 |
|  Fidelity<sup>®</sup> Advisor Leveraged Company Stock |  |  |  |  |  |  |  |  |  |
| 2025 | 6867 | 11.45 | 11.45 | 78633 |  | 0.90 | 0.90 | 15.08 | 15.08 |
| 2024 | 9258 | 9.95 | 9.95 | 92092 |  | 0.90 | 0.90 | (0.50) | (0.50) |
|  Fidelity<sup>®</sup> Advisor New Insights |  |  |  |  |  |  |  |  |  |
| 2025 | 9693 | 35.63 | 35.63 | 345688 |  | 0.90 | 0.90 | 17.67 | 17.67 |
| 2024 | 11170 | 30.28 | 30.28 | 338491 |  | 0.90 | 0.90 | 29.40 | 29.40 |
| 2023 | 11576 | 23.40 | 23.40 | 271064 | 0.00 | 0.90 | 0.90 | 30.43 | 30.43 |
| 2022 | 10808 | 17.94 | 17.94 | 194048 | 0.00 | 0.90 | 0.90 | (30.41) | (30.41) |
| 2021 | 13541 | 25.78 | 25.78 | 349204 |  | 0.90 | 0.90 | 19.24 | 19.24 |

---

(a) New subaccount. See Note 1.

(c) Merger. See Note 1.

(d) Closed to new investments. See Note 1.

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  Fidelity<sup>®</sup> Advisor Real Estate |  |  |  |  |  |  |  |  |  |
| 2025 | 84313 | 8.55 | 20.61 | 1110678 | 1.55 | 0.90 | 1.25 | (3.17) | (2.83) |
| 2024 | 84241 | 8.83 | 21.21 | 1135535 | 0.01 | 0.90 | 1.25 | 1.38 | 1.84 |
| 2023 | 97942 | 8.71 | 20.84 | 1280465 | 0.02 | 0.90 | 1.25 | 5.96 | 6.38 |
| 2022 | 103699 | 8.22 | 8.70 | 1264915 | 0.01 | 0.90 | 1.25 | (31.21) | (30.95) |
| 2021 | 129534 | 11.95 | 28.39 | 2150541 | 0.01 | 0.90 | 1.25 | 32.48 | 32.91 |
|  Fidelity<sup>®</sup> Advisor Stock Selector Mid Cap |  |  |  |  |  |  |  |  |  |
| 2025 | 88315 | 22.84 | 30.50 | 2017807 | 0.32 | 0.90 | 1.10 | 5.43 | 5.69 |
| 2024 | 99828 | 21.61 | 28.93 | 2158488 |  | 0.90 | 1.10 | 7.43 | 7.62 |
| 2023 | 111373 | 20.08 | 26.93 | 2237593 | 0.00 | 0.90 | 1.10 | 11.88 | 12.12 |
| 2022 | 126959 | 17.91 | 24.07 | 2274317 | 0.00 | 0.90 | 1.10 | (17.74) | (17.58) |
| 2021 | 133502 | 21.73 | 29.26 | 2907795 | 0.00 | 0.90 | 1.10 | 17.70 | 17.97 |
|  Fidelity<sup>®</sup> Advisor Value Strategies |  |  |  |  |  |  |  |  |  |
| 2025 | 78012 | 25.31 | 33.46 | 1982444 | 0.56 | 0.90 | 1.10 | 3.40 | 3.60 |
| 2024 | 90197 | 24.43 | 32.36 | 2220399 |  | 0.90 | 1.10 | 4.29 | 4.49 |
| 2023 | 95396 | 23.38 | 31.03 | 2245889 | 0.00 | 0.90 | 1.10 | 15.05 | 15.34 |
| 2022 | 100376 | 20.27 | 26.97 | 2048614 | 0.00 | 0.90 | 1.10 | (11.49) | (11.37) |
| 2021 | 110875 | 22.87 | 30.47 | 2598277 | 0.01 | 0.90 | 1.10 | 27.28 | 27.62 |
|  Fidelity<sup>®</sup> VIP Balanced |  |  |  |  |  |  |  |  |  |
| 2025 | 229206 | 19.34 | 23.50 | 5152519 | 1.55 | 0.25 | 1.25 | 10.14 | 11.27 |
| 2024 | 234718 | 17.56 | 21.12 | 4752706 | 0.02 | 0.25 | 1.25 | 10.79 | 11.92 |
| 2023 | 172558 | 15.85 | 18.87 | 3092774 | 0.02 | 0.25 | 1.45 | 16.20 | 17.35 |
| 2022 | 157312 | 13.64 | 16.08 | 2389373 | 0.01 | 0.25 | 1.45 | (21.56) | (20.79) |
| 2021 | 215787 | 17.39 | 20.30 | 3945770 | 0.01 | 0.25 | 1.45 | 12.85 | 14.24 |
|  Fidelity<sup>®</sup> VIP Contrafund |  |  |  |  |  |  |  |  |  |
| 2025 | 538858 | 30.58 | 44.51 | 21620308 |  | 0.25 | 1.35 | 16.03 | 17.33 |
| 2024 | 574942 | 26.33 | 38.36 | 20121690 |  | 0.25 | 1.35 | 27.74 | 29.18 |
| 2023 | 603409 | 20.59 | 30.03 | 16878824 | 0.00 | 0.25 | 1.45 | 27.46 | 28.88 |
| 2022 | 625617 | 16.14 | 20.25 | 13625278 | 0.00 | 0.25 | 1.45 | (29.52) | (28.82) |
| 2021 | 703352 | 22.90 | 28.45 | 21753584 | 0.00 | 0.25 | 1.45 | 21.94 | 23.43 |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  Fidelity<sup>®</sup> VIP Disciplined Small Cap |  |  |  |  |  |  |  |  |  |
| 2025 | 74932 | 17.93 | 24.70 | 1832899 | 0.81 | 0.25 | 1.25 | 12.20 | 13.35 |
| 2024 | 45827 | 15.98 | 21.79 | 995303 | 0.01 | 0.25 | 1.25 | 11.67 | 12.84 |
| 2023 | 40484 | 14.31 | 19.31 | 778833 | 0.01 | 0.25 | 1.45 | 15.68 | 16.82 |
| 2022 | 34885 | 12.37 | 16.53 | 571782 | 0.01 | 0.25 | 1.45 | (21.86) | (21.06) |
| 2021 | 32521 | 15.83 | 20.94 | 666203 | 0.00 | 0.25 | 1.45 | 15.21 | 16.53 |
|  Fidelity<sup>®</sup> VIP Emerging Markets |  |  |  |  |  |  |  |  |  |
| 2025 | 159695 | 15.35 | 16.86 | 2682825 | 1.49 | 0.25 | 1.25 | 34.89 | 36.30 |
| 2024 | 122281 | 11.38 | 12.37 | 1507503 | 0.01 | 0.25 | 1.25 | 5.08 | 6.18 |
| 2023 | 84626 | 10.83 | 11.65 | 982788 | 0.02 | 0.25 | 1.45 | 4.94 | 6.01 |
| 2022 | 69160 | 10.32 | 10.99 | 757701 | 0.02 | 0.25 | 1.45 | (23.67) | (22.93) |
| 2021 | 56161 | 13.52 | 14.26 | 798182 | 0.02 | 0.25 | 1.45 | (6.63) | (5.50) |
|  Fidelity<sup>®</sup> VIP Equity-Income |  |  |  |  |  |  |  |  |  |
| 2025 | 492497 | 18.94 | 18.94 | 9346552 | 1.83 | 0.75 | 0.75 | 14.37 | 14.37 |
| 2024 | 394815 | 16.56 | 16.56 | 6551500 | 0.02 | 0.75 | 0.75 | 10.77 | 10.77 |
| 2023 | 305439 | 14.95 | 14.95 | 4575471 | 0.02 | 0.75 | 0.75 | 6.33 | 6.33 |
| 2022 | 308131 | 14.06 | 14.06 | 4341164 | 0.02 | 0.75 | 0.75 | (8.70) | (8.70) |
| 2021 | 337551 | 15.40 | 15.40 | 5208574 | 0.02 | 0.75 | 0.75 | 20.03 | 20.03 |
|  Fidelity<sup>®</sup> VIP Growth & Income |  |  |  |  |  |  |  |  |  |
| 2025 | 361925 | 24.32 | 35.31 | 9202134 | 1.42 | 0.25 | 1.25 | 16.17 | 17.31 |
| 2024 | 382971 | 20.84 | 30.10 | 8220780 | 0.01 | 0.25 | 1.25 | 16.83 | 18.09 |
| 2023 | 362973 | 17.74 | 25.49 | 6497922 | 0.01 | 0.25 | 1.45 | 13.47 | 14.56 |
| 2022 | 369064 | 15.81 | 22.25 | 5782799 | 0.02 | 0.25 | 1.45 | (9.14) | (8.17) |
| 2021 | 342001 | 17.40 | 24.23 | 5875054 | 0.02 | 0.25 | 1.45 | 20.17 | 21.64 |
|  Fidelity<sup>®</sup> VIP Growth Opportunities |  |  |  |  |  |  |  |  |  |
| 2025 | 1138911 | 45.97 | 59.70 | 54524542 |  | 0.25 | 1.35 | 16.44 | 17.73 |
| 2024 | 1224881 | 39.44 | 50.71 | 50141523 |  | 0.25 | 1.35 | 32.60 | 34.12 |
| 2023 | 1347949 | 29.71 | 37.81 | 41274184 |  | 0.25 | 1.45 | 39.13 | 40.66 |
| 2022 | 1357883 | 21.33 | 27.62 | 29624568 |  | 0.25 | 1.45 | (40.88) | (40.27) |
| 2021 | 1480594 | 36.08 | 45.00 | 54699311 |  | 0.25 | 1.45 | 6.81 | 8.10 |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  Fidelity<sup>®</sup> VIP High Income |  |  |  |  |  |  |  |  |  |
| 2025 | 146130 | 9.80 | 11.13 | 1490839 | 6.50 | 0.25 | 1.25 | 5.72 | 6.81 |
| 2024 | 154339 | 9.27 | 10.42 | 1483290 | 0.07 | 0.25 | 1.25 | 4.16 | 5.15 |
| 2023 | 136069 | 8.90 | 9.91 | 1247004 | 0.05 | 0.25 | 1.45 | 5.58 | 6.67 |
| 2022 | 131664 | 8.43 | 9.43 | 1138815 | 0.01 | 0.25 | 1.45 | (15.36) | (14.51) |
| 2021 | 956319 | 9.96 | 10.87 | 9549997 | 0.02 | 0.25 | 1.45 | (0.20) | 1.02 |
|  Fidelity<sup>®</sup> VIP Index 500 |  |  |  |  |  |  |  |  |  |
| 2025 | 1020049 | 28.17 | 34.98 | 31647449 | 0.92 | 0.25 | 1.40 | 12.43 | 13.72 |
| 2024 | 1047925 | 25.02 | 30.76 | 28559408 | 0.01 | 0.25 | 1.40 | 19.17 | 20.58 |
| 2023 | 1063270 | 20.96 | 25.51 | 24088148 | 0.01 | 0.25 | 1.45 | 20.51 | 21.89 |
| 2022 | 1042992 | 17.37 | 20.93 | 19433936 | 0.01 | 0.25 | 1.45 | (21.83) | (21.02) |
| 2021 | 1193327 | 23.17 | 26.50 | 28267662 | 0.01 | 0.25 | 1.40 | 22.69 | 24.18 |
|  Fidelity<sup>®</sup> VIP Investment Grade Bond |  |  |  |  |  |  |  |  |  |
| 2025 | 910184 | 7.74 | 9.67 | 8366968 | 3.52 | 0.25 | 1.35 | 2.38 | 3.53 |
| 2024 | 878322 | 7.56 | 9.34 | 7780495 | 0.03 | 0.25 | 1.35 | (2.83) | (1.68) |
| 2023 | 817346 | 7.77 | 9.50 | 7314593 | 0.03 | 0.25 | 1.45 | 1.44 | 2.59 |
| 2022 | 620255 | 7.65 | 9.26 | 5347190 | 0.02 | 0.25 | 1.45 | (16.85) | (16.05) |
| 2021 | 592706 | 9.20 | 11.03 | 6076230 | 0.02 | 0.25 | 1.45 | (5.15) | (4.00) |
|  Fidelity<sup>®</sup> VIP Mid Cap |  |  |  |  |  |  |  |  |  |
| 2025 | 66638 | 18.46 | 22.35 | 1479237 | 0.29 | 0.25 | 1.25 | 6.83 | 7.92 |
| 2024 | 46226 | 17.28 | 20.71 | 925059 |  | 0.25 | 1.25 | 12.28 | 13.42 |
| 2023 | 32792 | 15.39 | 18.26 | 574320 | 0.00 | 0.25 | 1.45 | 10.09 | 11.21 |
| 2022 | 45272 | 13.98 | 16.42 | 723544 | 0.00 | 0.25 | 1.45 | (18.48) | (17.69) |
| 2021 | 46160 | 17.15 | 19.95 | 897454 | 0.00 | 0.25 | 1.45 | 19.85 | 21.28 |
|  Fidelity<sup>®</sup> VIP Overseas |  |  |  |  |  |  |  |  |  |
| 2025 | 623224 | 13.22 | 15.01 | 8508816 | 1.55 | 0.25 | 1.25 | 15.11 | 16.18 |
| 2024 | 501328 | 11.43 | 12.92 | 5825607 | 0.01 | 0.25 | 1.25 | 0.43 | 1.49 |
| 2023 | 473873 | 11.33 | 12.73 | 5412874 | 0.01 | 0.25 | 1.45 | 15.19 | 16.36 |
| 2022 | 544548 | 10.07 | 10.94 | 5364010 | 0.01 | 0.25 | 1.45 | (27.81) | (27.07) |
| 2021 | 480316 | 13.95 | 15.00 | 6517890 | 0.00 | 0.25 | 1.45 | 14.25 | 15.56 |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  Fidelity<sup>®</sup> VIP Real Estate |  |  |  |  |  |  |  |  |  |
| 2025 | 13496 | 10.25 | 13.97 | 186418 | 1.74 | 0.25 | 1.25 | (1.44) | (0.36) |
| 2024 | 16325 | 10.40 | 14.02 | 226922 | 0.04 | 0.25 | 1.25 | 1.86 | 2.86 |
| 2023 | 13864 | 10.21 | 13.63 | 187169 | 0.02 | 0.25 | 1.45 | 6.24 | 7.32 |
| 2022 | 15078 | 9.61 | 12.70 | 187608 | 0.01 | 0.25 | 1.45 | (30.66) | (29.99) |
| 2021 | 24112 | 13.86 | 18.14 | 432911 | 0.01 | 0.25 | 1.45 | 32.63 | 34.27 |
|  Fidelity<sup>®</sup> VIP Strategic Income |  |  |  |  |  |  |  |  |  |
| 2025 | 209927 | 9.17 | 10.63 | 2222621 | 3.62 | 0.25 | 1.25 | 4.09 | 5.04 |
| 2024 | 212193 | 8.81 | 10.12 | 2132412 | 0.04 | 0.25 | 1.25 | 1.38 | 2.43 |
| 2023 | 152682 | 8.69 | 9.88 | 1502612 | 0.05 | 0.25 | 1.45 | 4.57 | 5.67 |
| 2022 | 124234 | 8.31 | 9.35 | 1152232 | 0.03 | 0.25 | 1.45 | (15.20) | (14.30) |
| 2021 | 154678 | 9.80 | 10.91 | 1679505 | 0.03 | 0.25 | 1.45 | (1.01) | 0.18 |
|  Franklin Allocation VIP Fund |  |  |  |  |  |  |  |  |  |
| 2025 | 156515 | 13.30 | 13.30 | 2079801 | 1.70 | 0.75 | 0.75 | 8.31 | 8.31 |
| 2024 | 160699 | 12.28 | 12.28 | 1970688 | 0.02 | 0.75 | 0.75 | 4.87 | 4.87 |
| 2023 | 177823 | 11.71 | 11.71 | 2079565 | 0.01 | 0.75 | 0.75 | 10.47 | 10.47 |
| 2022 | 198257 | 10.60 | 10.60 | 2100585 | 0.01 | 0.75 | 0.75 | (19.27) | (19.27) |
| 2021 | 235454 | 13.13 | 13.13 | 3090071 | 0.02 | 0.75 | 0.75 | 7.36 | 7.36 |
|  Franklin DynaTech VIP |  |  |  |  |  |  |  |  |  |
| 2025 | 10415 | 28.05 | 33.85 | 321759 |  | 0.25 | 1.25 | 13.20 | 14.32 |
| 2024 | 6851 | 24.78 | 29.61 | 180286 |  | 0.25 | 1.25 | 24.96 | 26.27 |
| 2023 | 6695 | 19.83 | 23.45 | 140499 |  | 0.25 | 1.45 | 37.80 | 39.17 |
| 2022 | 5949 | 14.39 | 16.85 | 89311 |  | 0.25 | 1.45 | (42.44) | (41.86) |
| 2021 | 46514 | 25.00 | 28.98 | 1327060 |  | 0.25 | 1.45 | 11.11 | 12.46 |
|  Franklin Growth and Income VIP Fund |  |  |  |  |  |  |  |  |  |
| 2025 | 39389 | 19.83 | 26.83 | 850937 | 2.13 | 0.25 | 1.25 | 12.03 | 13.16 |
| 2024 | 38263 | 17.70 | 23.71 | 735918 | 0.02 | 0.25 | 1.25 | 13.10 | 14.21 |
| 2023 | 37209 | 15.65 | 20.76 | 631196 | 0.02 | 0.25 | 1.25 | 4.47 | 5.54 |
| 2022 | 36189 | 14.98 | 19.67 | 586176 | 0.03 | 0.25 | 1.45 | (10.73) | (9.81) |
| 2021 | 31726 | 16.78 | 21.81 | 578205 | 0.02 | 0.25 | 1.45 | 19.86 | 21.23 |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  Franklin Income VIP Fund |  |  |  |  |  |  |  |  |  |
| 2025 | 775962 | 12.07 | 14.87 | 10364909 | 5.08 | 0.25 | 1.35 | 7.80 | 8.94 |
| 2024 | 806912 | 11.19 | 13.65 | 9945376 | 0.06 | 0.25 | 1.35 | 2.61 | 3.80 |
| 2023 | 909447 | 10.89 | 13.15 | 10872674 | 0.05 | 0.25 | 1.45 | 3.98 | 5.12 |
| 2022 | 1014632 | 10.46 | 12.51 | 11597334 | 0.06 | 0.25 | 1.45 | (9.44) | (8.49) |
| 2021 | 1236326 | 11.55 | 13.67 | 15296637 | 0.06 | 0.25 | 1.45 | 11.70 | 13.07 |
|  Franklin Large Cap Growth VIP Fund |  |  |  |  |  |  |  |  |  |
| 2025 | 2286 | 25.24 | 33.06 | 65742 |  | 0.25 | 1.25 | 2.73 | 3.77 |
| 2024 | 1226 | 24.57 | 24.57 | 30114 |  | 1.25 | 1.25 | 20.97 | 20.97 |
| 2023 | 1193 | 20.31 | 20.31 | 24232 |  | 1.25 | 1.45 | 34.68 | 34.68 |
| 2022 |  | 15.08 | 19.17 |  |  | 0.25 | 1.45 | (39.17) | (38.54) |
| 2021 |  | 24.79 | 24.79 |  |  | 1.45 | 1.45 | 10.23 | 10.23 |
|  Franklin Mutual Global Discovery VIP Fund |  |  |  |  |  |  |  |  |  |
| 2025 | 668620 | 14.57 | 16.27 | 10713137 | 1.78 | 0.75 | 1.35 | 18.13 | 18.85 |
| 2024 | 561054 | 12.33 | 13.69 | 7664710 | 0.02 | 0.75 | 1.35 | 0.16 | 0.74 |
| 2023 | 601236 | 12.29 | 13.59 | 8144129 | 0.02 | 0.75 | 1.45 | 15.15 | 15.96 |
| 2022 | 699919 | 10.66 | 11.72 | 8189595 | 0.01 | 0.75 | 1.45 | (8.73) | (8.29) |
| 2021 | 726387 | 11.68 | 14.52 | 9260858 | 0.03 | 0.25 | 1.45 | 13.95 | 15.33 |
|  Franklin Mutual Shares VIP Fund |  |  |  |  |  |  |  |  |  |
| 2025 | 8628 | 13.27 | 17.53 | 143767 | 3.28 | 0.25 | 1.25 | 6.84 | 7.94 |
| 2024 | 2047 | 12.42 | 16.24 | 26624 | 0.02 | 0.25 | 1.25 | 6.70 | 7.69 |
| 2023 | 2026 | 11.64 | 15.08 | 24667 | 0.03 | 0.25 | 1.45 | 8.68 | 9.83 |
| 2022 | 1249 | 10.71 | 13.73 | 14320 | 0.01 | 0.25 | 1.45 | (11.27) | (10.38) |
| 2021 | 6567 | 12.07 | 15.32 | 80146 | 0.02 | 0.25 | 1.45 | 13.98 | 15.36 |
|  Franklin Rising Dividends VIP Fund |  |  |  |  |  |  |  |  |  |
| 2025 | 38925 | 20.85 | 29.32 | 929578 | 0.92 | 0.25 | 1.25 | 7.14 | 8.19 |
| 2024 | 47778 | 19.46 | 27.10 | 1101398 | 0.01 | 0.25 | 1.25 | 6.16 | 7.24 |
| 2023 | 41453 | 18.33 | 25.27 | 880221 | 0.01 | 0.25 | 1.45 | 7.44 | 8.50 |
| 2022 | 43734 | 17.06 | 23.29 | 854686 | 0.01 | 0.25 | 1.45 | (14.31) | (13.39) |
| 2021 | 37153 | 19.91 | 26.89 | 806309 | 0.01 | 0.25 | 1.45 | 21.33 | 22.73 |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  Franklin Small Cap Value VIP Fund |  |  |  |  |  |  |  |  |  |
| 2025 | 223772 | 15.71 | 20.88 | 4159599 | 0.87 | 0.25 | 1.35 | 3.04 | 4.19 |
| 2024 | 327423 | 15.23 | 20.04 | 5718027 | 0.01 | 0.25 | 1.35 | 6.95 | 8.15 |
| 2023 | 226295 | 14.23 | 18.53 | 3767629 | 0.00 | 0.25 | 1.45 | 7.98 | 9.13 |
| 2022 | 216908 | 13.17 | 16.98 | 3294004 | 0.01 | 0.25 | 1.45 | (13.75) | (12.92) |
| 2021 | 227846 | 15.27 | 19.50 | 3997832 | 0.02 | 0.25 | 1.45 | 19.86 | 21.42 |
|  Franklin Small-Mid Cap Growth VIP Fund |  |  |  |  |  |  |  |  |  |
| 2025 | 100107 | 17.75 | 41.88 | 2258274 |  | 0.25 | 1.45 | (1.99) | (0.76) |
| 2024 | 112602 | 18.07 | 42.20 | 2565645 |  | 0.25 | 1.45 | 6.18 | 7.46 |
| 2023 | 136867 | 16.98 | 39.27 | 2831905 |  | 0.25 | 1.45 | 21.21 | 22.72 |
| 2022 | 129299 | 16.41 | 32.00 | 2204951 |  | 0.25 | 1.45 | (36.54) | (35.79) |
| 2021 | 152284 | 25.86 | 49.84 | 4021652 |  | 0.25 | 1.45 | 5.21 | 6.50 |
|  Franklin Strategic Income VIP Fund |  |  |  |  |  |  |  |  |  |
| 2025 | 223116 | 7.88 | 9.39 | 1916097 | 5.14 | 0.25 | 1.25 | 2.74 | 3.76 |
| 2024 | 186036 | 7.67 | 9.05 | 1506184 | 0.04 | 0.25 | 1.25 | (0.26) | 0.78 |
| 2023 | 215605 | 7.69 | 8.98 | 1743346 | 0.04 | 0.25 | 1.45 | 3.64 | 4.66 |
| 2022 | 238259 | 7.42 | 7.76 | 1839031 | 0.04 | 0.75 | 1.45 | (14.52) | (14.06) |
| 2021 | 247613 | 8.68 | 9.03 | 2226806 | 0.01 | 0.75 | 1.45 | (2.25) | (1.63) |
|  Franklin U.S. Government Securities VIP Fund |  |  |  |  |  |  |  |  |  |
| 2025 | 127074 | 6.75 | 7.41 | 878433 | 5.16 | 0.25 | 1.25 | 2.27 | 3.20 |
| 2024 | 88532 | 6.60 | 7.18 | 627863 | 0.01 | 0.25 | 1.25 | (2.94) | (1.78) |
| 2023 | 29863 | 6.80 | 7.31 | 214564 | 0.01 | 0.25 | 1.45 | 0.15 | 1.11 |
| 2022 | 30784 | 6.79 | 7.23 | 219450 | 0.03 | 0.25 | 1.45 | (13.50) | (12.68) |
| 2021 | 16441 | 7.85 | 8.28 | 133102 | 0.03 | 0.25 | 1.45 | (6.10) | (4.94) |
|  Goldman Sachs Emerging Markets Equity |  |  |  |  |  |  |  |  |  |
| 2025 | 153273 | 9.68 | 10.36 | 1579216 | 0.49 | 0.90 | 1.25 | 26.54 | 27.12 |
| 2024 | 136311 | 7.65 | 8.15 | 1108411 | 0.01 | 0.90 | 1.25 | 4.08 | 4.35 |
| 2023 | 123451 | 7.35 | 7.81 | 963012 | 0.01 | 0.90 | 1.25 | 1.66 | 2.09 |
| 2022 | 210040 | 7.23 | 7.65 | 1605992 |  | 0.90 | 1.25 | (33.24) | (33.01) |
| 2021 | 314601 | 10.83 | 11.42 | 3584776 | 0.01 | 0.90 | 1.25 | (6.96) | (6.70) |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  Goldman Sachs Government Income |  |  |  |  |  |  |  |  |  |
| 2025 | 187604 | 6.42 | 6.87 | 1289372 | 2.81 | 0.90 | 1.25 | 1.74 | 2.23 |
| 2024 | 169488 | 6.31 | 6.72 | 1139259 | 0.02 | 0.90 | 1.25 | (3.81) | (3.59) |
| 2023 | 206599 | 6.56 | 6.97 | 1436725 | 0.02 | 0.90 | 1.25 | (0.30) |  |
| 2022 | 231056 | 6.58 | 6.97 | 1606249 | 0.01 | 0.90 | 1.25 | (16.60) | (16.33) |
| 2021 | 419709 | 7.89 | 8.33 | 3474104 | 0.01 | 0.90 | 1.25 | (6.74) | (6.30) |
|  Goldman Sachs VIT International Equity Insights |  |  |  |  |  |  |  |  |  |
| 2025 | 14608 | 12.93 | 14.89 | 206616 | 3.55 | 0.25 | 1.25 | 32.34 | 33.66 |
| 2024 | 15584 | 9.77 | 11.14 | 165633 | 0.03 | 0.25 | 1.25 | 1.45 | 2.48 |
| 2023 | 13948 | 9.63 | 10.87 | 144546 | 0.03 | 0.25 | 1.45 | 13.43 | 14.66 |
| 2022 | 8244 | 8.49 | 9.48 | 75665 | 0.02 | 0.25 | 1.45 | (17.25) | (16.48) |
| 2021 | 14591 | 10.26 | 11.35 | 162324 | 0.04 | 0.25 | 1.45 | 6.88 | 8.20 |
|  Goldman Sachs VIT Large Cap Value |  |  |  |  |  |  |  |  |  |
| 2025 | 14548 | 22.19 | 22.61 | 326145 | 1.12 | 0.25 | 0.25 | 7.04 | 7.05 |
| 2024 | 7758 | 21.12 | 21.12 | 163852 | 0.02 | 0.25 | 0.25 | 13.06 | 13.06 |
| 2023 |  | 18.33 | 18.68 |  |  | 0.25 | 0.25 | 9.11 | 9.11 |
| 2022 | 244 | 16.80 | 16.80 | 4108 | 0.01 | 0.25 | 0.25 | (9.53) | (9.53) |
| 2021 | 239 | 18.57 | 18.57 | 4441 | 0.01 | 0.25 | 0.25 | 19.96 | 19.96 |
|  Goldman Sachs VIT Mid Cap Growth Fund |  |  |  |  |  |  |  |  |  |
| 2025 | 13450 | 20.45 | 27.23 | 365279 |  | 0.25 | 1.25 | 2.87 | 3.93 |
| 2024 | 11074 | 26.20 | 26.20 | 290224 |  | 0.25 | 0.25 | 16.39 | 16.39 |
| 2023 | 11035 | 22.51 | 22.51 | 248375 |  | 0.25 | 0.25 | 14.67 | 14.67 |
| 2022 | 11661 | 15.19 | 19.63 | 228884 |  | 0.25 | 1.45 | (29.38) | (28.62) |
| 2021 | 13797 | 21.51 | 27.50 | 369139 |  | 0.25 | 1.45 | 6.64 | 7.89 |
|  Goldman Sachs VIT Mid Cap Value |  |  |  |  |  |  |  |  |  |
| 2025 | 22837 | 16.46 | 21.74 | 426672 | 0.81 | 0.25 | 1.25 | 4.57 | 5.64 |
| 2024 | 30853 | 15.74 | 20.58 | 537418 | 0.01 | 0.25 | 1.25 | 7.44 | 8.54 |
| 2023 | 29035 | 14.65 | 18.96 | 465479 | 0.01 | 0.25 | 1.45 | 6.55 | 7.60 |
| 2022 | 29499 | 13.75 | 17.62 | 445401 | 0.00 | 0.25 | 1.45 | (13.95) | (13.12) |
| 2021 | 29425 | 15.98 | 20.28 | 502550 | 0.00 | 0.25 | 1.25 | 24.84 | 26.43 |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  Goldman Sachs VIT Small Cap Equity Insights |  |  |  |  |  |  |  |  |  |
| 2025 | 48181 | 18.23 | 24.74 | 936287 | 0.17 | 0.25 | 1.25 | 10.96 | 12.10 |
| 2024 | 17985 | 16.43 | 22.07 | 380670 | 0.01 | 0.25 | 1.25 | 13.86 | 15.03 |
| 2023 | 19142 | 14.43 | 19.19 | 362941 | 0.01 | 0.25 | 1.45 | 14.07 | 15.19 |
| 2022 | 17524 | 12.65 | 16.66 | 288513 | 0.00 | 0.25 | 1.45 | (23.01) | (22.22) |
| 2021 | 13787 | 16.43 | 21.42 | 292027 | 0.00 | 0.25 | 1.45 | 18.20 | 19.60 |
|  Goldman Sachs VIT Strategic Growth 2025 | 9964 | 47.56 | 47.56 | 474126 |  | 0.25 | 0.25 | 13.81 | 13.81 |
| 2024 | 6986 | 41.79 | 41.79 | 292159 |  | 0.25 | 0.25 | 27.84 | 27.84 |
| 2023 | 10151 | 32.69 | 32.69 | 332000 |  | 0.25 | 0.25 | 37.12 | 37.12 |
| 2022 | 7170 | 23.84 | 23.84 | 171013 |  | 0.25 | 0.25 | (34.81) | (34.81) |
| 2021 | 5193 | 36.57 | 36.57 | 190065 |  | 0.25 | 0.25 | 17.66 | 17.66 |
|  Guggenheim Core Bond 2025 | 433271 | 7.71 | 8.73 | 3773233 | 4.49 | 0.90 | 1.25 | 3.07 | 3.31 |
| 2024 | 491448 | 7.48 | 8.45 | 4136851 | 0.04 | 0.90 | 1.25 | (1.71) | (1.40) |
| 2023 | 520322 | 7.61 | 8.57 | 4435890 | 0.04 | 0.90 | 1.25 | 2.28 | 2.63 |
| 2022 | 560218 | 7.44 | 8.35 | 4654528 | 0.03 | 0.90 | 1.25 | (19.65) | (19.32) |
| 2021 | 795275 | 9.26 | 10.35 | 8110424 | 0.02 | 0.90 | 1.25 | (4.93) | (4.61) |
|  Guggenheim Floating Rate Strategies |  |  |  |  |  |  |  |  |  |
| 2025 | 120062 | 10.69 | 10.69 | 1282047 | 7.55 | 0.90 | 0.90 | (0.19) | (0.19) |
| 2024 | 127605 | 10.71 | 10.71 | 1364743 | 0.08 | 0.90 | 0.90 | 2.88 | 2.88 |
| 2023 | 136447 | 10.41 | 10.41 | 1419460 | 0.08 | 0.90 | 0.90 | 8.44 | 8.44 |
| 2022 | 159754 | 9.60 | 9.60 | 1533465 | 0.04 | 0.90 | 0.90 | (4.86) | (4.86) |
| 2021 | 163083 | 10.09 | 10.09 | 1644461 | 0.03 | 0.90 | 0.90 | 0.90 | 0.90 |
|  Guggenheim High Yield |  |  |  |  |  |  |  |  |  |
| 2025 | 167906 | 13.51 | 16.60 | 2578355 | 6.59 | 0.90 | 1.25 | 2.35 | 2.72 |
| 2024 | 187576 | 13.67 | 16.16 | 2798169 | 0.06 | 0.90 | 1.10 | 3.56 | 3.79 |
| 2023 | 194279 | 13.20 | 15.57 | 2793668 | 0.06 | 0.90 | 1.10 | 7.40 | 7.68 |
| 2022 | 216646 | 12.29 | 12.76 | 2888518 | 0.06 | 0.90 | 1.10 | (12.90) | (12.72) |
| 2021 | 253199 | 14.11 | 16.58 | 3840657 | 0.04 | 0.90 | 1.10 | 0.86 | 1.10 |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  Guggenheim Macro Opportunities |  |  |  |  |  |  |  |  |  |
| 2025 | 1451 | 10.48 | 10.48 | 15204 | 5.98 | 0.90 | 0.90 | 3.15 | 3.15 |
| 2024 | 2680 | 10.16 | 10.16 | 27232 | 0.05 | 0.90 | 0.90 | 3.25 | 3.25 |
| 2023 | 1854 | 9.84 | 9.84 | 18233 | 0.05 | 0.90 | 0.90 | 5.02 | 5.02 |
| 2022 | 1182 | 9.37 | 9.37 | 11071 | 0.05 | 0.90 | 0.90 | (12.18) | (12.18) |
| 2021 | 835 | 10.67 | 10.67 | 8903 | 0.03 | 0.90 | 0.90 | (1.84) | (1.84) |
|  Guggenheim Managed Futures Strategy |  |  |  |  |  |  |  |  |  |
| 2025 | 2108 | 7.47 | 7.47 | 15754 | 5.80 | 0.90 | 0.90 | 1.49 | 1.49 |
| 2024 | 2156 | 7.36 | 7.36 | 15881 | 0.04 | 0.90 | 0.90 | (3.29) | (3.29) |
| 2023 | 2410 | 7.61 | 7.61 | 18362 | 0.01 | 0.90 | 0.90 | (0.39) | (0.39) |
| 2022 | 3110 | 7.64 | 7.64 | 23760 | 0.09 | 0.90 | 0.90 | 10.40 | 10.40 |
| 2021 |  | 6.92 | 6.92 |  |  | 0.90 | 0.90 | (1.28) | (1.28) |
|  Guggenheim Multi-Hedge Strategies |  |  |  |  |  |  |  |  |  |
| 2025 | 2276 | 7.49 | 7.49 | 17059 | 8.60 | 0.90 | 0.90 | (2.35) | (2.35) |
| 2024 | 2629 | 7.67 | 7.67 | 20170 | 0.02 | 0.90 | 0.90 | (7.26) | (7.26) |
| 2023 | 3066 | 8.27 | 8.27 | 25375 | 0.03 | 0.90 | 0.90 | 0.24 | 0.24 |
| 2022 | 3660 | 8.25 | 8.25 | 30204 | 0.03 | 0.90 | 0.90 | (7.09) | (7.09) |
| 2021 | 856 | 8.88 | 8.88 | 7611 | 0.01 | 0.90 | 0.90 | 3.02 | 3.02 |
|  Guggenheim Total Return Bond |  |  |  |  |  |  |  |  |  |
| 2025 | 33501 | 9.50 | 9.50 | 318070 | 4.75 | 0.90 | 0.90 | 3.71 | 3.71 |
| 2024 | 30260 | 9.16 | 9.16 | 276876 | 0.05 | 0.90 | 0.90 | (1.08) | (1.08) |
| 2023 | 46602 | 9.26 | 9.26 | 431117 | 0.04 | 0.90 | 0.90 | 3.12 | 3.12 |
| 2022 | 38654 | 8.98 | 8.98 | 347052 | 0.03 | 0.90 | 0.90 | (19.10) | (19.10) |
| 2021 | 62799 | 11.10 | 11.10 | 696433 | 0.03 | 0.90 | 0.90 | (4.23) | (4.23) |
|  Guggenheim VIF Floating Rate Strategies |  |  |  |  |  |  |  |  |  |
| 2025 | 751509 | 9.17 | 10.34 | 7327253 | 11.01 | 0.25 | 1.25 | (0.76) | 0.29 |
| 2024 | 703406 | 9.24 | 10.31 | 6956719 | 0.08 | 0.25 | 1.25 | 2.33 | 3.41 |
| 2023 | 795105 | 9.03 | 9.97 | 7623479 | 0.04 | 0.25 | 1.45 | 6.49 | 7.55 |
| 2022 | 821010 | 8.48 | 9.27 | 7307681 | 0.02 | 0.25 | 1.45 | (4.93) | (4.04) |
| 2021 | 1037101 | 8.92 | 9.66 | 9745305 | 0.02 | 0.25 | 1.45 | (1.98) | (0.72) |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  Guggenheim VIF Global Managed Futures Strategy |  |  |  |  |  |  |  |  |  |
| 2025 | 464680 | 4.88 | 7.38 | 2384699 | 1.55 | 0.25 | 1.25 | (0.67) | 0.39 |
| 2024 | 336785 | 4.88 | 7.43 | 1706879 | 0.03 | 0.25 | 1.25 | (3.88) | (2.82) |
| 2023 | 233055 | 5.05 | 7.73 | 1207069 | 0.03 | 0.25 | 1.45 | (0.51) | 0.38 |
| 2022 | 378379 | 5.30 | 7.77 | 2153619 | 0.02 | 0.25 | 1.45 | 6.73 | 7.72 |
| 2021 | 132257 | 4.92 | 7.28 | 641146 |  | 0.25 | 1.45 | (3.58) | (2.19) |
|  Guggenheim VIF High Yield |  |  |  |  |  |  |  |  |  |
| 2025 | 401602 | 10.14 | 34.94 | 11643916 | 6.59 | 0.25 | 1.35 | 2.23 | 3.48 |
| 2024 | 509155 | 9.90 | 33.95 | 13953276 | 0.06 | 0.25 | 1.35 | 3.09 | 4.16 |
| 2023 | 580786 | 9.60 | 32.76 | 15077550 | 0.06 | 0.25 | 1.45 | 7.26 | 8.44 |
| 2022 | 666563 | 8.94 | 10.43 | 15662578 | 0.06 | 0.25 | 1.45 | (13.54) | (12.57) |
| 2021 | 826913 | 10.34 | 11.93 | 22093725 | 0.05 | 0.25 | 1.45 | 0.88 | 1.97 |
|  Guggenheim VIF Multi-Hedge Strategies |  |  |  |  |  |  |  |  |  |
| 2025 | 278083 | 5.09 | 7.23 | 1583172 | 2.28 | 0.25 | 1.35 | (3.08) | (1.92) |
| 2024 | 277193 | 5.25 | 7.46 | 1617607 | 0.05 | 0.25 | 1.35 | (7.77) | (6.73) |
| 2023 | 580691 | 5.69 | 8.08 | 3514663 | 0.02 | 0.25 | 1.45 |  | 1.06 |
| 2022 | 629211 | 6.62 | 8.07 | 3769037 | 0.01 | 0.25 | 1.45 | (7.45) | (6.50) |
| 2021 | 599087 | 7.08 | 8.72 | 3800975 |  | 0.25 | 1.45 | 3.32 | 4.58 |
|  Guggenheim VIF Total Return Bond |  |  |  |  |  |  |  |  |  |
| 2025 | 3441916 | 7.97 | 9.97 | 33080956 | 4.50 | 0.25 | 1.35 | 2.84 | 4.05 |
| 2024 | 3210753 | 7.75 | 9.64 | 29785778 | 0.04 | 0.25 | 1.35 | (1.27) | (0.21) |
| 2023 | 3062364 | 7.85 | 9.70 | 28668835 | 0.04 | 0.25 | 1.45 | 2.35 | 3.52 |
| 2022 | 3388972 | 8.46 | 9.08 | 31034846 | 0.03 | 0.25 | 1.45 | (19.58) | (18.86) |
| 2021 | 3510444 | 10.52 | 11.19 | 39725883 | 0.02 | 0.25 | 1.45 | (4.80) | (3.62) |
|  Invesco American Franchise |  |  |  |  |  |  |  |  |  |
| 2025 | 70487 | 24.19 | 36.75 | 1721210 |  | 0.90 | 1.25 | 6.90 | 7.27 |
| 2024 | 75612 | 22.55 | 34.32 | 1719562 |  | 0.90 | 1.25 | 29.07 | 29.52 |
| 2023 | 94458 | 17.41 | 26.55 | 1654961 |  | 0.90 | 1.25 | 35.11 | 35.59 |
| 2022 | 95206 | 12.84 | 17.29 | 1230260 |  | 0.90 | 1.25 | (34.01) | (33.78) |
| 2021 | 100103 | 19.39 | 26.20 | 1947291 |  | 0.90 | 1.25 | 7.16 | 7.60 |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  Invesco Comstock |  |  |  |  |  |  |  |  |  |
| 2025 | 437900 | 23.99 | 34.14 | 10933120 | 1.63 | 0.90 | 1.25 | 12.26 | 12.69 |
| 2024 | 440795 | 21.37 | 30.36 | 9718142 | 0.02 | 0.90 | 1.25 | 10.21 | 10.60 |
| 2023 | 481522 | 19.39 | 27.50 | 9617843 | 0.02 | 0.90 | 1.25 | 7.60 | 7.96 |
| 2022 | 506326 | 18.02 | 18.35 | 9427775 | 0.02 | 0.90 | 1.25 | (3.38) | (3.01) |
| 2021 | 510938 | 18.65 | 18.92 | 9724823 | 0.01 | 0.90 | 1.25 | 27.74 | 28.18 |
|  Invesco Developing Markets |  |  |  |  |  |  |  |  |  |
| 2025 | 30097 | 9.85 | 9.85 | 296493 | 0.39 | 0.90 | 0.90 | 23.43 | 23.43 |
| 2024 | 31097 | 7.98 | 7.98 | 248226 |  | 0.90 | 0.90 | (5.23) | (5.23) |
| 2023 | 28843 | 8.42 | 8.42 | 242832 | 0.01 | 0.90 | 0.90 | 6.99 | 6.99 |
| 2022 | 30284 | 7.87 | 7.87 | 238464 | 0.00 | 0.90 | 0.90 | (28.06) | (28.06) |
| 2021 | 29312 | 10.94 | 10.94 | 320631 | 0.00 | 0.90 | 0.90 | (11.06) | (11.06) |
|  Invesco Discovery |  |  |  |  |  |  |  |  |  |
| 2025 | 6799 | 30.12 | 30.12 | 204322 |  | 0.90 | 0.90 | 12.05 | 12.05 |
| 2024 | 7471 | 26.88 | 26.88 | 200418 |  | 0.90 | 0.90 | 17.84 | 17.84 |
| 2023 | 7098 | 22.81 | 22.81 | 161577 |  | 0.90 | 0.90 | 12.53 | 12.53 |
| 2022 | 7337 | 20.27 | 20.27 | 148393 |  | 0.90 | 0.90 | (33.89) | (33.89) |
| 2021 | 7894 | 30.66 | 30.66 | 241496 |  | 0.90 | 0.90 | 11.21 | 11.21 |
|  Invesco Discovery Mid Cap Growth |  |  |  |  |  |  |  |  |  |
| 2025 | 62091 | 18.40 | 33.37 | 1238291 |  | 0.90 | 1.25 | 0.41 | 0.77 |
| 2024 | 62163 | 18.26 | 33.18 | 1141282 |  | 0.90 | 1.25 | 18.94 | 19.35 |
| 2023 | 69720 | 15.30 | 27.86 | 1073244 |  | 0.90 | 1.25 | 8.24 | 8.66 |
| 2022 | 74651 | 14.08 | 19.17 | 1062661 |  | 0.90 | 1.25 | (33.94) | (33.74) |
| 2021 | 58120 | 21.25 | 29.02 | 1251090 |  | 0.90 | 1.25 | 13.94 | 14.37 |
|  Invesco Energy |  |  |  |  |  |  |  |  |  |
| 2025 | 11541 | 6.73 | 6.73 | 77647 | 2.22 | 0.90 | 0.90 | 8.03 | 8.03 |
| 2024 | 11971 | 6.23 | 6.23 | 74536 | 0.03 | 0.90 | 0.90 | 1.96 | 1.96 |
| 2023 | 15410 | 6.11 | 6.11 | 94031 | 0.02 | 0.90 | 0.90 | (3.48) | (3.48) |
| 2022 | 12766 | 6.33 | 6.33 | 80787 | 0.01 | 0.90 | 0.90 | 46.87 | 46.87 |
| 2021 | 5312 | 4.31 | 4.31 | 22829 | 0.02 | 0.90 | 0.90 | 50.17 | 50.17 |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  Invesco Equity and Income |  |  |  |  |  |  |  |  |  |
| 2025 | 364830 | 18.63 | 23.59 | 7740981 | 1.76 | 0.90 | 1.25 | 8.13 | 8.51 |
| 2024 | 415711 | 17.23 | 21.78 | 8131581 | 0.02 | 0.90 | 1.25 | 7.15 | 7.54 |
| 2023 | 449885 | 16.08 | 20.30 | 8176870 | 0.02 | 0.90 | 1.25 | 5.37 | 5.74 |
| 2022 | 459959 | 15.26 | 17.06 | 7889563 | 0.02 | 0.90 | 1.25 | (11.54) | (11.24) |
| 2021 | 490879 | 17.25 | 19.22 | 9493383 | 0.01 | 0.90 | 1.25 | 13.11 | 13.53 |
|  Invesco Global |  |  |  |  |  |  |  |  |  |
| 2025 | 24618 | 23.96 | 23.96 | 588947 |  | 0.90 | 0.90 | 10.82 | 10.82 |
| 2024 | 25150 | 21.62 | 21.62 | 542955 |  | 0.90 | 0.90 | 11.79 | 11.79 |
| 2023 | 28499 | 19.34 | 19.34 | 550391 |  | 0.90 | 0.90 | 28.93 | 28.93 |
| 2022 | 26387 | 15.00 | 15.00 | 395247 |  | 0.90 | 0.90 | (34.73) | (34.73) |
| 2021 | 24819 | 22.98 | 22.98 | 569426 |  | 0.90 | 0.90 | 10.96 | 10.96 |
|  Invesco Gold & Special Minerals |  |  |  |  |  |  |  |  |  |
| 2025 | 18183 | 21.43 | 21.43 | 389715 | 0.59 | 0.90 | 0.90 | 122.07 | 122.07 |
| 2024 | 17800 | 9.65 | 9.65 | 171711 | 0.01 | 0.90 | 0.90 | 8.79 | 8.79 |
| 2023 | 17524 | 8.87 | 8.87 | 155477 | 0.01 | 0.90 | 0.90 | 2.31 | 2.31 |
| 2022 | 16987 | 8.67 | 8.67 | 147337 | 0.00 | 0.90 | 0.90 | (20.09) | (20.09) |
| 2021 | 16509 | 10.85 | 10.85 | 179061 | 0.03 | 0.90 | 0.90 | (6.55) | (6.55) |
|  Invesco Main Street Mid Cap |  |  |  |  |  |  |  |  |  |
| 2025 | 95022 | 16.29 | 16.62 | 1576937 | 0.18 | 0.90 | 1.25 | 4.36 | 4.73 |
| 2024 | 103273 | 15.61 | 15.87 | 1636712 |  | 0.90 | 1.25 | 12.22 | 12.63 |
| 2023 | 114968 | 13.91 | 14.09 | 1618627 |  | 0.90 | 1.25 | 9.70 | 10.08 |
| 2022 | 99992 | 12.68 | 12.80 | 1279269 | 0.00 | 0.90 | 1.25 | (17.88) | (17.58) |
| 2021 | 99070 | 15.44 | 15.53 | 1538616 | 0.00 | 0.90 | 1.25 | 17.86 | 18.28 |
|  Invesco Small Cap Growth (d) |  |  |  |  |  |  |  |  |  |
| 2025 | 72939 | 22.66 | 32.72 | 1655467 |  | 0.90 | 1.10 | 1.43 | 1.66 |
| 2024 | 80281 | 22.29 | 32.26 | 1792328 |  | 0.90 | 1.10 | 11.51 | 11.73 |
| 2023 | 91393 | 19.95 | 28.93 | 1828529 |  | 0.90 | 1.10 | 8.15 | 8.37 |
| 2022 | 94661 | 18.41 | 26.75 | 1748262 |  | 0.90 | 1.10 | (38.16) | (38.06) |
| 2021 | 106361 | 29.72 | 43.26 | 3173543 |  | 0.90 | 1.10 | 3.00 | 3.23 |

---

(d) Closed to new investments. See Note 1.

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  Invesco Technology |  |  |  |  |  |  |  |  |  |
| 2025 | 124593 | 18.08 | 18.08 | 2253264 |  | 0.90 | 0.90 | 15.23 | 15.23 |
| 2024 | 114867 | 15.69 | 15.69 | 1802933 |  | 0.90 | 0.90 | 28.92 | 28.92 |
| 2023 | 123288 | 12.17 | 12.17 | 1500876 |  | 0.90 | 0.90 | 41.68 | 41.68 |
| 2022 | 136591 | 8.59 | 21.38 | 1174046 |  | 0.90 | 1.10 | (42.40) | (42.31) |
| 2021 | 113554 | 14.89 | 37.12 | 1712748 |  | 0.90 | 1.10 | 9.50 | 9.73 |
|  Invesco V.I. American Franchise Series I |  |  |  |  |  |  |  |  |  |
| 2025 | 64469 | 23.45 | 23.45 | 1512449 |  | 1.45 | 1.45 | 6.79 | 6.79 |
| 2024 | 84273 | 21.96 | 21.96 | 1851164 |  | 1.45 | 1.45 | 29.02 | 29.02 |
| 2023 | 115995 | 17.02 | 17.02 | 1975239 |  | 1.45 | 1.45 | 34.76 | 34.76 |
| 2022 | 87341 | 12.63 | 12.63 | 1103225 |  | 1.45 | 1.45 | (34.08) | (34.08) |
| 2021 | 90515 | 19.16 | 19.16 | 1734895 |  | 1.45 | 1.45 | 7.04 | 7.04 |
|  Invesco V.I. American Franchise Series II |  |  |  |  |  |  |  |  |  |
| 2025 | 772 | 30.92 | 30.92 | 23920 |  | 1.25 | 1.25 | 6.73 | 6.73 |
| 2024 | 796 | 28.97 | 28.97 | 23107 |  | 1.25 | 1.25 | 28.93 | 28.93 |
| 2023 | 781 | 22.47 | 22.47 | 17582 |  | 1.25 | 1.45 | 34.71 | 34.71 |
| 2022 | 1689 | 16.68 | 16.68 | 28141 |  | 1.45 | 1.45 | (34.12) | (34.12) |
| 2021 | 1647 | 25.32 | 25.32 | 41680 |  | 1.45 | 1.45 | 6.79 | 6.79 |
|  Invesco V.I. American Value |  |  |  |  |  |  |  |  |  |
| 2025 | 360217 | 15.22 | 27.19 | 5750660 | 0.19 | 0.25 | 1.35 | 15.65 | 16.90 |
| 2024 | 314243 | 13.16 | 23.26 | 4446093 | 0.01 | 0.25 | 1.35 | 24.50 | 25.93 |
| 2023 | 272108 | 10.57 | 18.47 | 2992031 | 0.00 | 0.25 | 1.45 | 10.33 | 11.60 |
| 2022 | 304265 | 12.33 | 16.55 | 3006463 | 0.00 | 0.25 | 1.45 | (6.87) | (5.97) |
| 2021 | 331136 | 10.29 | 17.60 | 3488051 | 0.00 | 0.25 | 1.35 |  | 23.60 |
|  Invesco V.I. Balanced-Risk Allocation |  |  |  |  |  |  |  |  |  |
| 2025 | 10724 | 9.53 | 10.74 | 106725 | 7.01 | 0.25 | 1.25 | 4.15 | 5.19 |
| 2024 | 10015 | 9.15 | 10.21 | 95628 | 0.05 | 0.25 | 1.25 | (0.76) | 0.20 |
| 2023 | 6585 | 9.22 | 10.19 | 61573 |  | 0.25 | 1.45 | 1.99 | 3.03 |
| 2022 | 5907 | 9.04 | 9.89 | 54077 | 0.07 | 0.25 | 1.45 | (18.04) | (17.24) |
| 2021 | 5903 | 11.03 | 11.95 | 65887 | 0.04 | 0.25 | 1.45 | 4.45 | 5.75 |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  Invesco V.I. Comstock |  |  |  |  |  |  |  |  |  |
| 2025 | 728582 | 19.62 | 27.77 | 17093798 | 1.27 | 0.25 | 1.35 | 12.15 | 13.39 |
| 2024 | 1175082 | 17.48 | 24.49 | 24714322 | 0.01 | 0.25 | 1.35 | 9.93 | 11.17 |
| 2023 | 602956 | 15.88 | 22.03 | 11538526 | 0.02 | 0.25 | 1.45 | 7.30 | 8.52 |
| 2022 | 643676 | 14.78 | 20.30 | 11606340 | 0.01 | 0.25 | 1.45 | (3.34) | (2.36) |
| 2021 | 738146 | 15.29 | 18.59 | 13631017 | 0.01 | 0.75 | 1.45 | 27.31 | 28.21 |
|  Invesco V.I. Core Equity |  |  |  |  |  |  |  |  |  |
| 2025 | 2608 | 18.97 | 24.91 | 54684 | 0.45 | 0.25 | 1.25 | 11.00 | 12.16 |
| 2024 | 2093 | 17.09 | 22.21 | 40156 | 0.01 | 0.25 | 1.25 | 20.10 | 21.30 |
| 2023 | 65463 | 14.23 | 18.31 | 935139 | 0.01 | 0.25 | 1.45 | 17.99 | 19.13 |
| 2022 | 1581 | 12.06 | 15.37 | 21818 | 0.01 | 0.25 | 1.45 | (24.06) | (23.27) |
| 2021 | 2059 | 15.88 | 20.03 | 36108 | 0.01 | 0.25 | 1.45 | 21.87 | 23.34 |
|  Invesco V.I. Core Plus Bond |  |  |  |  |  |  |  |  |  |
| 2025 | 1050676 | 9.41 | 9.63 | 10022847 | 4.00 | 0.75 | 1.35 | 2.39 | 3.10 |
| 2024 | 1142434 | 9.19 | 9.34 | 10604867 | 0.03 | 0.75 | 1.35 | (1.71) | (1.06) |
| 2023 | 1201465 | 9.35 | 9.44 | 11302837 | 0.02 | 0.75 | 1.35 | 1.30 | 1.94 |
| 2022 | 1058178 | 9.23 | 9.26 | 9788318 | 0.01 | 0.75 | 1.35 | (7.70) | (7.40) |
|  Invesco V.I. Discovery Mid Cap Growth |  |  |  |  |  |  |  |  |  |
| 2025 | 185257 | 15.96 | 22.08 | 3732189 |  | 0.25 | 1.35 | 0.06 | 1.19 |
| 2024 | 247413 | 15.95 | 21.82 | 4930301 |  | 0.25 | 1.35 | 18.59 | 19.96 |
| 2023 | 211833 | 13.45 | 18.19 | 3541279 |  | 0.25 | 1.45 | 8.10 | 9.25 |
| 2022 | 245006 | 14.44 | 16.65 | 3766018 |  | 0.25 | 1.45 | (33.97) | (33.32) |
| 2021 | 247488 | 21.87 | 24.97 | 5739078 |  | 0.25 | 1.45 | 13.67 | 15.02 |
|  Invesco V.I. Equally-Weighted S&P 500 |  |  |  |  |  |  |  |  |  |
| 2025 | 102433 | 11.71 | 12.15 | 1243671 | 1.26 | 0.25 | 1.25 | 6.17 | 7.24 |
| 2024 | 130644 | 11.03 | 11.33 | 1478681 | 0.02 | 0.25 | 1.25 | 7.82 | 8.84 |
| 2023 | 60941 | 10.23 | 10.41 | 631834 | 0.01 | 0.25 | 1.45 | 8.71 | 9.81 |
| 2022 | 56378 | 9.41 | 9.48 | 533408 | 0.02 | 0.25 | 1.45 | (5.90) | (5.20) |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  Invesco V.I. Equity and Income |  |  |  |  |  |  |  |  |  |
| 2025 | 365675 | 14.95 | 19.44 | 7021687 | 1.86 | 0.25 | 1.35 | 7.70 | 8.97 |
| 2024 | 403169 | 13.86 | 17.89 | 7151809 | 0.01 | 0.25 | 1.35 | 7.10 | 8.32 |
| 2023 | 540683 | 12.93 | 16.60 | 8753562 | 0.02 | 0.25 | 1.45 | 5.53 | 6.67 |
| 2022 | 591064 | 12.24 | 15.44 | 9035122 | 0.01 | 0.25 | 1.45 | (11.50) | (10.65) |
| 2021 | 566157 | 13.83 | 17.28 | 9742606 | 0.02 | 0.25 | 1.45 | 13.18 | 14.59 |
|  Invesco V.I. EVQ International Equity Fund |  |  |  |  |  |  |  |  |  |
| 2025 | 1065784 | 10.82 | 18.17 | 16537513 | 1.18 | 0.25 | 1.35 | 11.24 | 12.48 |
| 2024 | 1116068 | 9.71 | 16.23 | 15225632 | 0.01 | 0.25 | 1.35 | (3.96) | (2.89) |
| 2023 | 1324785 | 10.09 | 16.80 | 18955687 |  | 0.25 | 1.45 | 12.87 | 14.14 |
| 2022 | 1419873 | 9.36 | 9.69 | 17923030 | 0.01 | 0.25 | 1.45 | (21.87) | (21.09) |
| 2021 | 1666151 | 11.98 | 12.28 | 27072053 | 0.01 | 0.25 | 1.45 | 1.01 | 2.25 |
|  Invesco V.I. Global |  |  |  |  |  |  |  |  |  |
| 2025 | 192602 | 18.83 | 23.48 | 3661216 |  | 0.25 | 1.25 | 10.17 | 11.33 |
| 2024 | 255901 | 17.00 | 21.09 | 4382815 |  | 0.25 | 1.25 | 10.96 | 12.06 |
| 2023 | 287448 | 15.25 | 18.82 | 4414271 |  | 0.25 | 1.45 | 28.93 | 30.15 |
| 2022 | 300402 | 12.03 | 14.46 | 3549784 |  | 0.25 | 1.45 | (34.76) | (34.06) |
| 2021 | 293612 | 18.44 | 21.93 | 5295254 |  | 0.25 | 1.25 | 10.16 | 11.49 |
|  Invesco V.I. Global Core Equity |  |  |  |  |  |  |  |  |  |
| 2025 | 2308 | 16.10 | 16.10 | 37128 | 0.92 | 0.25 | 0.25 | 11.57 | 11.57 |
| 2024 | 3363 | 14.43 | 14.43 | 48513 | 0.01 | 0.25 | 0.25 | 13.00 | 13.00 |
| 2023 | 3263 | 11.64 | 12.77 | 41668 |  | 0.25 | 1.45 | 16.40 | 17.59 |
| 2022 | 1264 | 10.00 | 10.86 | 12628 | 0.00 | 0.25 | 1.45 | (25.37) | (24.69) |
| 2021 | 2644 | 13.40 | 14.42 | 36852 | 0.01 | 0.25 | 1.45 | 10.74 | 12.04 |
|  Invesco V.I. Global Real Estate Series I |  |  |  |  |  |  |  |  |  |
| 2025 | 256630 | 15.55 | 17.85 | 4518652 | 1.95 | 0.75 | 1.35 | 3.25 | 3.90 |
| 2024 | 292705 | 15.06 | 17.18 | 4950959 | 0.03 | 0.75 | 1.35 | (5.99) | (5.40) |
| 2023 | 299009 | 16.02 | 18.16 | 5408667 | 0.01 | 0.75 | 1.35 | 4.36 | 5.03 |
| 2022 | 325391 | 15.35 | 17.29 | 5603661 | 0.03 | 0.75 | 1.35 | (28.10) | (27.69) |
| 2021 | 368395 | 21.35 | 23.91 | 8775728 | 0.03 | 0.75 | 1.35 | 20.35 | 21.06 |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  Invesco V.I. Global Real Estate Series II |  |  |  |  |  |  |  |  |  |
| 2025 | 9062 | 10.07 | 10.07 | 91612 | 1.71 | 0.25 | 0.25 | 4.14 | 4.14 |
| 2024 | 10318 | 9.67 | 9.67 | 100078 | 0.02 | 0.25 | 0.25 | (5.20) | (5.20) |
| 2023 | 12955 | 10.20 | 10.20 | 132500 | 0.01 | 0.25 | 0.25 | 5.26 | 5.26 |
| 2022 | 12812 | 9.69 | 9.69 | 124373 | 0.02 | 0.25 | 0.25 | (27.47) | (27.47) |
| 2021 | 21730 | 10.85 | 13.36 | 290777 | 0.03 | 0.25 | 1.45 | 20.02 | 21.45 |
|  Invesco V.I. Global Strategic Income |  |  |  |  |  |  |  |  |  |
| 2025 | 261 | 7.69 | 7.69 | 2008 | 29.39 | 1.25 | 1.25 | 8.01 | 8.01 |
| 2024 | 24969 | 7.12 | 8.06 | 177659 | 0.01 | 0.25 | 1.25 | (1.52) | (0.49) |
| 2023 | 272 | 7.23 | 7.23 | 1962 |  | 1.45 | 1.45 | 4.18 | 4.18 |
| 2022 | 278 | 6.94 | 6.94 | 1927 |  | 1.45 | 1.45 | (15.47) | (15.47) |
| 2021 | 285 | 8.21 | 9.01 | 2341 | 0.01 | 0.25 | 1.45 | (7.75) | (6.73) |
|  Invesco V.I. Government Money Market |  |  |  |  |  |  |  |  |  |
| 2025 | 4571947 | 7.81 | 8.29 | 37868228 | 3.84 | 0.75 | 1.35 | (0.76) |  |
| 2024 | 4849423 | 7.87 | 8.29 | 40175070 | 0.05 | 0.75 | 1.35 | 0.25 | 0.85 |
| 2023 | 4267353 | 7.85 | 8.22 | 35077070 | 0.04 | 0.75 | 1.35 | 0.13 | 0.74 |
| 2022 | 5026473 | 7.84 | 8.16 | 41003737 | 0.02 | 0.75 | 1.35 | (3.09) | (2.51) |
| 2021 | 3339785 | 8.09 | 8.37 | 27935440 | 0.00 | 0.75 | 1.35 | (4.26) | (3.68) |
|  Invesco V.I. Government Securities |  |  |  |  |  |  |  |  |  |
| 2025 | 1183385 | 6.40 | 7.70 | 8290327 | 2.71 | 0.25 | 1.35 | 2.40 | 3.49 |
| 2024 | 1364367 | 6.25 | 7.44 | 9348234 | 0.02 | 0.25 | 1.35 | (2.80) | (1.72) |
| 2023 | 1337652 | 6.43 | 7.57 | 9458362 | 0.02 | 0.25 | 1.45 |  | 1.07 |
| 2022 | 1434095 | 6.85 | 7.49 | 10071936 | 0.02 | 0.25 | 1.45 | (14.38) | (13.41) |
| 2021 | 1553883 | 8.00 | 8.65 | 12742365 | 0.02 | 0.25 | 1.45 | (6.65) | (5.57) |
|  Invesco V.I. Growth and Income |  |  |  |  |  |  |  |  |  |
| 2025 | 2370 | 17.98 | 24.63 | 50243 | 1.17 | 0.25 | 1.25 | 10.51 | 11.60 |
| 2024 | 2353 | 16.27 | 22.07 | 45059 | 0.01 | 0.25 | 1.25 | 10.91 | 12.03 |
| 2023 | 2383 | 14.67 | 19.70 | 41156 | 0.02 | 0.25 | 1.45 | 7.71 | 8.84 |
| 2022 | 1122 | 13.62 | 13.62 | 15299 | 0.01 | 1.45 | 1.45 | (9.92) | (9.92) |
| 2021 | 1092 | 15.12 | 15.12 | 16513 | 0.01 | 1.45 | 1.45 | 22.63 | 22.63 |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  Invesco V.I. Health Care Series I |  |  |  |  |  |  |  |  |  |
| 2025 | 210024 | 24.08 | 27.63 | 5681972 |  | 0.75 | 1.35 | 10.41 | 11.10 |
| 2024 | 215299 | 21.81 | 24.87 | 5284383 |  | 0.75 | 1.35 | (0.27) | 0.32 |
| 2023 | 227217 | 21.87 | 24.79 | 5606825 |  | 0.75 | 1.35 | (1.35) | (0.76) |
| 2022 | 301695 | 22.17 | 24.98 | 7393775 |  | 0.75 | 1.35 | (17.00) | (16.48) |
| 2021 | 272257 | 26.71 | 29.91 | 8105191 | 0.00 | 0.75 | 1.35 | 7.48 | 8.13 |
|  Invesco V.I. Health Care Series II |  |  |  |  |  |  |  |  |  |
| 2025 | 18353 | 14.71 | 14.71 | 269595 |  | 1.25 | 1.25 | 10.27 | 10.27 |
| 2024 | 7203 | 13.34 | 19.86 | 95700 |  | 0.25 | 1.25 | (0.45) | 0.51 |
| 2023 | 14448 | 13.40 | 19.76 | 194380 |  | 0.25 | 1.45 | (1.54) | (0.50) |
| 2022 | 14024 | 13.61 | 19.86 | 191553 |  | 0.25 | 1.45 | (17.11) | (16.27) |
| 2021 | 1645 | 16.42 | 23.72 | 28244 | 0.00 | 0.25 | 1.45 | 7.18 | 8.46 |
|  Invesco V.I. International Growth Fund (b) |  |  |  |  |  |  |  |  |  |
| 2025 | 25037 | 10.44 | 13.19 | 319731 | 0.06 | 0.25 | 1.25 | 10.71 | 11.78 |
| 2024 | 22357 | 9.43 | 11.80 | 257416 |  | 0.25 | 1.25 | (5.89) | (4.92) |
| 2023 | 30101 | 10.02 | 12.41 | 365521 | 0.00 | 0.25 | 1.45 | 15.57 | 16.75 |
| 2022 | 30052 | 8.67 | 10.63 | 312856 |  | 0.25 | 1.45 | (30.19) | (29.46) |
| 2021 | 22332 | 15.07 | 15.07 | 336553 |  | 0.25 | 0.25 | 6.58 | 6.58 |
|  Invesco V.I. Main Street Mid Cap Fund<sup>®</sup> |  |  |  |  |  |  |  |  |  |
| 2025 | 340186 | 16.53 | 26.43 | 7936546 | 0.10 | 0.25 | 1.35 | 4.30 | 5.47 |
| 2024 | 422113 | 15.82 | 25.19 | 9401110 |  | 0.25 | 1.35 | 11.85 | 13.08 |
| 2023 | 417049 | 14.13 | 22.39 | 8083724 | 0.00 | 0.25 | 1.35 | 9.30 | 10.52 |
| 2022 | 445263 | 14.34 | 18.07 | 7926380 | 0.00 | 0.25 | 1.35 | (18.09) | (17.16) |
| 2021 | 455313 | 17.79 | 22.06 | 9721279 | 0.00 | 0.25 | 1.35 | 17.59 | 19.00 |
|  Invesco V.I. Main Street Small Cap Fund<sup>®</sup> |  |  |  |  |  |  |  |  |  |
| 2025 | 327114 | 18.18 | 41.53 | 10378852 | 0.21 | 0.25 | 1.35 | 3.79 | 5.00 |
| 2024 | 398325 | 17.50 | 39.76 | 12258144 |  | 0.25 | 1.35 | 7.62 | 8.78 |
| 2023 | 426479 | 16.24 | 36.73 | 12009376 | 0.01 | 0.25 | 1.45 | 12.81 | 14.10 |
| 2022 | 478277 | 14.39 | 18.37 | 12024180 | 0.00 | 0.25 | 1.45 | (19.47) | (18.72) |
| 2021 | 515075 | 17.87 | 22.60 | 15755795 | 0.00 | 0.25 | 1.45 | 16.95 | 18.32 |

---

(b) Name change. See Note 1.

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  Invesco V.I. Small Cap Equity |  |  |  |  |  |  |  |  |  |
| 2025 | 2501 | 15.21 | 19.59 | 49002 |  | 0.25 | 1.25 | 3.33 | 4.37 |
| 2024 | 2841 | 18.77 | 18.77 | 53328 |  | 0.25 | 0.25 | 14.10 | 14.10 |
| 2023 | 7767 | 16.45 | 16.45 | 127794 |  | 0.25 | 0.25 | 12.52 | 12.52 |
| 2022 | 1768 | 14.62 | 14.62 | 25840 |  | 0.25 | 0.25 | (23.25) | (23.25) |
| 2021 | 2276 | 19.05 | 19.05 | 43345 |  | 0.25 | 0.25 | 16.30 | 16.30 |
|  Invesco Value Opportunities |  |  |  |  |  |  |  |  |  |
| 2025 | 127210 | 21.13 | 21.13 | 2682800 | 0.19 | 0.90 | 0.90 | 15.53 | 15.53 |
| 2024 | 145136 | 18.29 | 25.00 | 2649861 |  | 0.90 | 1.25 | 24.66 | 25.10 |
| 2023 | 173420 | 14.62 | 20.03 | 2532275 | 0.00 | 0.90 | 1.25 | 10.36 | 10.76 |
| 2022 | 171789 | 13.20 | 13.52 | 2265000 | 0.01 | 0.90 | 1.25 | (2.87) | (2.51) |
| 2021 | 180157 | 13.54 | 13.92 | 2437161 | 0.01 | 0.90 | 1.25 | 29.97 | 30.44 |
|  Janus Henderson Adaptive Risk Managed U.S. Equity |  |  |  |  |  |  |  |  |  |
| 2025 | 38920 | 16.76 | 17.06 | 663417 | 0.17 | 0.90 | 1.10 | 8.34 | 8.66 |
| 2024 | 46149 | 15.29 | 15.70 | 724295 |  | 0.90 | 1.25 | 18.07 | 18.49 |
| 2023 | 54641 | 12.95 | 13.25 | 723049 | 0.00 | 0.90 | 1.25 | 10.12 | 10.51 |
| 2022 | 62648 | 11.76 | 11.99 | 750378 | 0.01 | 0.90 | 1.25 | (17.99) | (17.71) |
| 2021 | 67696 | 14.34 | 14.57 | 984922 | 0.00 | 0.90 | 1.25 | 14.26 | 14.63 |
|  Janus Henderson Mid Cap Value |  |  |  |  |  |  |  |  |  |
| 2025 | 2833 | 17.30 | 17.30 | 49046 | 0.38 | 0.90 | 0.90 | 2.31 | 2.31 |
| 2024 | 2729 | 16.91 | 16.91 | 46184 |  | 0.90 | 0.90 | 8.54 | 8.54 |
| 2023 | 4293 | 15.58 | 15.58 | 66912 | 0.01 | 0.90 | 0.90 | 6.64 | 6.64 |
| 2022 | 4166 | 14.61 | 14.61 | 60873 | 0.01 | 0.90 | 0.90 | (8.97) | (8.97) |
| 2021 | 6419 | 16.05 | 16.05 | 103029 | 0.00 | 0.90 | 0.90 | 14.56 | 14.56 |
|  Janus Henderson Overseas |  |  |  |  |  |  |  |  |  |
| 2025 | 413895 | 9.09 | 9.73 | 4009356 | 0.98 | 0.90 | 1.25 | 22.84 | 23.48 |
| 2024 | 475735 | 7.40 | 7.88 | 3730198 | 0.01 | 0.90 | 1.25 | 1.20 | 1.42 |
| 2023 | 535946 | 7.31 | 7.77 | 4145339 | 0.01 | 0.90 | 1.25 | 5.79 | 6.29 |
| 2022 | 480166 | 6.91 | 7.31 | 3488329 | 0.01 | 0.90 | 1.25 | (12.75) | (12.56) |
| 2021 | 382935 | 7.92 | 8.36 | 3188030 | 0.01 | 0.90 | 1.25 | 8.05 | 8.43 |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  Janus Henderson VIT Enterprise |  |  |  |  |  |  |  |  |  |
| 2025 | 761779 | 24.30 | 32.64 | 23761632 | 0.05 | 0.25 | 1.35 | 2.80 | 3.95 |
| 2024 | 938943 | 23.61 | 31.40 | 28235568 | 0.01 | 0.25 | 1.35 | 10.39 | 11.66 |
| 2023 | 1011340 | 21.36 | 28.12 | 27370977 | 0.00 | 0.25 | 1.45 | 12.79 | 13.98 |
| 2022 | 1054053 | 18.92 | 24.67 | 25323958 | 0.00 | 0.25 | 1.45 | (19.66) | (18.80) |
| 2021 | 1106662 | 27.85 | 30.38 | 32955185 | 0.00 | 0.25 | 1.35 | 11.51 | 12.81 |
|  Janus Henderson VIT Mid Cap Value |  |  |  |  |  |  |  |  |  |
| 2025 | 23211 | 14.51 | 17.99 | 367659 | 0.66 | 0.25 | 1.25 | 1.82 | 2.92 |
| 2024 | 20203 | 14.25 | 17.48 | 307429 | 0.01 | 0.25 | 1.25 | 8.12 | 9.18 |
| 2023 | 24344 | 13.18 | 16.01 | 352849 | 0.01 | 0.25 | 1.45 | 6.46 | 7.52 |
| 2022 | 14380 | 12.38 | 14.89 | 207238 | 0.01 | 0.25 | 1.45 | (9.70) | (8.76) |
| 2021 | 12738 | 13.71 | 16.32 | 199769 | 0.00 | 0.25 | 1.45 | 14.25 | 15.66 |
|  Janus Henderson VIT Overseas |  |  |  |  |  |  |  |  |  |
| 2025 | 141120 | 10.03 | 12.27 | 1437318 | 1.74 | 0.25 | 1.25 | 23.19 | 24.48 |
| 2024 | 77759 | 8.06 | 9.96 | 647149 | 0.01 | 0.25 | 1.25 | 1.12 | 2.24 |
| 2023 | 74272 | 7.89 | 9.85 | 605878 | 0.01 | 0.25 | 1.45 | 6.03 | 7.06 |
| 2022 | 47192 | 7.51 | 9.29 | 365923 | 0.02 | 0.25 | 1.45 | (12.61) | (11.65) |
| 2021 | 51648 | 8.35 | 10.63 | 452944 | 0.01 | 0.25 | 1.45 | 8.36 | 9.72 |
|  Janus Henderson VIT Research |  |  |  |  |  |  |  |  |  |
| 2025 | 465609 | 32.79 | 42.97 | 16422847 |  | 0.25 | 1.35 | 13.07 | 14.31 |
| 2024 | 572607 | 28.98 | 37.59 | 17894817 |  | 0.25 | 1.35 | 29.18 | 30.61 |
| 2023 | 581757 | 22.41 | 28.78 | 14040052 | 0.00 | 0.25 | 1.45 | 36.72 | 38.23 |
| 2022 | 574495 | 16.37 | 20.82 | 10042715 |  | 0.25 | 1.45 | (32.96) | (32.27) |
| 2021 | 760667 | 24.42 | 30.74 | 19748761 | 0.00 | 0.25 | 1.45 | 14.81 | 16.22 |
|  Lord Abbett Series Bond-Debenture VC |  |  |  |  |  |  |  |  |  |
| 2025 | 473280 | 9.82 | 12.10 | 4854780 | 6.18 | 0.25 | 1.25 | 3.81 | 4.85 |
| 2024 | 430377 | 9.46 | 11.54 | 4271348 | 0.06 | 0.25 | 1.25 | 2.27 | 3.31 |
| 2023 | 439437 | 9.25 | 11.17 | 4254522 | 0.05 | 0.25 | 1.45 | 2.10 | 3.14 |
| 2022 | 444151 | 9.06 | 10.83 | 4202378 | 0.04 | 0.25 | 1.45 | (16.42) | (15.59) |
| 2021 | 450881 | 10.84 | 12.83 | 5091357 | 0.03 | 0.25 | 1.45 | (1.19) | (0.08) |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  Lord Abbett Series Developing Growth VC |  |  |  |  |  |  |  |  |  |
| 2025 | 66600 | 18.36 | 25.41 | 1283819 | 0.17 | 0.25 | 1.25 | 9.87 | 10.91 |
| 2024 | 117866 | 16.64 | 22.91 | 1993291 |  | 0.25 | 1.25 | 17.02 | 18.28 |
| 2023 | 85903 | 14.14 | 19.37 | 1234902 |  | 0.25 | 1.45 | 3.70 | 4.70 |
| 2022 | 103028 | 13.77 | 18.50 | 1418892 |  | 0.25 | 1.45 | (38.64) | (38.00) |
| 2021 | 110641 | 22.44 | 29.84 | 2468243 |  | 0.25 | 1.45 | (6.97) | (5.87) |
|  Lord Abbett Series Dividend Growth VC |  |  |  |  |  |  |  |  |  |
| 2025 | 15193 | 23.56 | 30.73 | 463304 | 0.94 | 0.25 | 1.25 | 11.13 | 12.28 |
| 2024 | 3326 | 21.20 | 27.37 | 87014 | 0.01 | 0.25 | 1.25 | 17.06 | 18.23 |
| 2023 | 2612 | 23.15 | 23.15 | 60489 | 0.01 | 0.25 | 0.25 | 12.60 | 12.60 |
| 2022 |  | 16.25 | 16.25 |  |  | 1.45 | 1.45 | (17.13) | (17.13) |
| 2021 | 1018 | 19.61 | 19.61 | 19966 | 0.00 | 1.45 | 1.45 | 20.16 | 20.16 |
|  Lord Abbett Series Growth Opportunities VC |  |  |  |  |  |  |  |  |  |
| 2025 | 142 | 23.12 | 23.12 | 3274 |  | 0.25 | 0.25 | 9.31 | 9.31 |
| 2024 | 156 | 21.15 | 21.15 | 3292 |  | 0.25 | 0.25 | 26.42 | 26.42 |
| 2023 | 168 | 16.73 | 16.73 | 2804 |  | 0.25 | 0.25 | 7.17 | 7.17 |
| 2022 |  | 15.61 | 15.61 |  |  | 0.25 | 0.25 | (34.69) | (34.69) |
| 2021 |  | 20.74 | 20.74 |  |  | 1.45 | 1.45 | 1.87 | 1.87 |
|  Lord Abbett Series Mid Cap Stock VC |  |  |  |  |  |  |  |  |  |
| 2025 | 3867 | 18.49 | 18.49 | 71514 | 0.32 | 0.25 | 0.25 | 3.64 | 3.64 |
| 2024 | 4088 | 17.84 | 17.84 | 72964 |  | 0.25 | 0.25 | 11.22 | 11.22 |
| 2023 | 4267 | 16.04 | 16.04 | 68459 | 0.01 | 0.25 | 0.25 | 11.70 | 11.70 |
| 2022 | 2708 | 11.66 | 14.36 | 38884 | 0.01 | 0.25 | 1.45 | (14.89) | (14.01) |
| 2021 | 4398 | 13.70 | 16.70 | 68288 | 0.01 | 0.25 | 1.45 | 23.09 | 24.63 |
|  Lord Abbett Series Total Return VC |  |  |  |  |  |  |  |  |  |
| 2025 | 61730 | 7.71 | 9.12 | 553564 | 4.69 | 0.25 | 1.25 | 2.80 | 3.75 |
| 2024 | 61930 | 7.50 | 8.79 | 536034 | 0.05 | 0.25 | 1.25 | (1.70) | (0.57) |
| 2023 | 62573 | 7.63 | 8.84 | 545754 | 0.04 | 0.25 | 1.45 | 2.01 | 2.91 |
| 2022 | 63586 | 7.48 | 8.59 | 539549 | 0.04 | 0.25 | 1.45 | (17.71) | (16.76) |
| 2021 | 40612 | 9.09 | 10.32 | 411501 | 0.03 | 0.25 | 1.45 | (4.52) | (3.46) |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  LVIP American Century Disciplined Core Value |  |  |  |  |  |  |  |  |  |
| 2025 | 5611 | 17.76 | 25.23 | 132825 | 1.28 | 0.25 | 1.25 | 9.77 | 10.90 |
| 2024 | 7647 | 16.18 | 22.75 | 153652 | 0.01 | 0.25 | 1.25 | 8.16 | 9.27 |
| 2023 | 9828 | 14.96 | 20.82 | 186819 | 0.01 | 0.25 | 1.45 | 3.74 | 4.78 |
| 2022 | 10351 | 14.42 | 19.87 | 186410 | 0.02 | 0.25 | 1.45 | (16.45) | (15.63) |
| 2021 | 10320 | 17.26 | 23.55 | 221400 | 0.01 | 0.25 | 1.45 | 17.98 | 19.42 |
|  LVIP American Century Inflation Protection |  |  |  |  |  |  |  |  |  |
| 2025 | 92344 | 7.39 | 7.67 | 707083 | 7.61 | 0.25 | 1.25 | 1.93 | 2.95 |
| 2024 | 86571 | 7.25 | 7.45 | 644146 | 0.03 | 0.25 | 1.25 | (2.68) | (1.72) |
| 2023 | 115055 | 7.45 | 7.58 | 872055 | 0.02 | 0.25 | 1.45 | (0.93) |  |
| 2022 | 249897 | 7.52 | 7.58 | 1892915 | 0.07 | 0.25 | 1.45 | (16.63) | (15.87) |
| 2021 | 95161 | 9.01 | 9.02 | 856906 | 0.03 | 0.25 | 1.45 | 1.58 | 2.97 |
|  LVIP American Century International |  |  |  |  |  |  |  |  |  |
| 2025 | 4047 | 13.12 | 13.12 | 53090 | 1.09 | 0.25 | 0.25 | 12.04 | 12.04 |
| 2024 | 4382 | 11.71 | 11.71 | 51278 | 0.01 | 0.25 | 0.25 | (0.76) | (0.76) |
| 2023 | 5260 | 11.80 | 11.80 | 62065 | 0.01 | 0.25 | 0.25 | 8.86 | 8.86 |
| 2022 | 5946 | 10.84 | 10.84 | 64466 | 0.01 | 0.25 | 0.25 | (27.30) | (27.30) |
| 2021 | 5782 | 14.91 | 14.91 | 86180 | 0.00 | 0.25 | 0.25 | 5.15 | 5.15 |
|  LVIP American Century Mid Cap Value (d) |  |  |  |  |  |  |  |  |  |
| 2025 | 191723 | 16.78 | 23.30 | 4036196 | 1.60 | 0.25 | 1.35 | 4.21 | 5.33 |
| 2024 | 209837 | 16.09 | 22.12 | 4196991 | 0.02 | 0.25 | 1.35 | 3.88 | 5.03 |
| 2023 | 234756 | 15.47 | 21.06 | 4492608 | 0.02 | 0.25 | 1.45 | 1.50 | 2.68 |
| 2022 | 326427 | 15.23 | 20.51 | 6109013 | 0.02 | 0.25 | 1.45 | (5.46) | (4.56) |
| 2021 | 296933 | 16.11 | 21.49 | 5845403 | 0.01 | 0.25 | 1.45 | 17.68 | 19.12 |
|  LVIP American Century Ultra |  |  |  |  |  |  |  |  |  |
| 2025 | 358271 | 46.52 | 53.37 | 19035330 |  | 0.75 | 1.35 | 7.86 | 8.52 |
| 2024 | 437053 | 43.13 | 49.18 | 21385363 |  | 0.75 | 1.35 | 23.12 | 23.85 |
| 2023 | 541321 | 35.03 | 39.71 | 21354934 |  | 0.75 | 1.35 | 37.16 | 38.03 |
| 2022 | 516484 | 25.54 | 28.77 | 14749955 |  | 0.75 | 1.35 | (35.31) | (34.94) |
| 2021 | 539659 | 39.48 | 44.22 | 23653619 |  | 0.75 | 1.35 | 17.75 | 18.46 |

---

(d) Closed to new investments. See Note 1.

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  LVIP American Century Value |  |  |  |  |  |  |  |  |  |
| 2025 | 799378 | 17.62 | 30.73 | 24368553 | 1.42 | 0.25 | 1.35 | 10.93 | 12.19 |
| 2024 | 891681 | 15.87 | 27.54 | 24374062 | 0.03 | 0.25 | 1.35 | 4.64 | 5.75 |
| 2023 | 1153725 | 15.15 | 26.16 | 29669848 | 0.02 | 0.25 | 1.45 | 4.34 | 5.57 |
| 2022 | 1133634 | 14.50 | 19.76 | 28012549 | 0.02 | 0.25 | 1.45 | (3.91) | (2.90) |
| 2021 | 1367816 | 15.09 | 20.35 | 35056543 | 0.02 | 0.25 | 1.45 | 18.91 | 20.34 |
|  LVIP JPMorgan Core Bond Fund |  |  |  |  |  |  |  |  |  |
| 2025 | 889503 | 7.34 | 8.04 | 7096373 | 4.15 | 0.25 | 1.25 | 2.66 | 3.74 |
| 2024 | 574391 | 7.15 | 7.76 | 4427610 | 0.04 | 0.25 | 1.25 | (2.72) | (1.77) |
| 2023 | 521394 | 7.35 | 7.94 | 4111574 | 0.03 | 0.25 | 1.45 | 1.24 | 2.20 |
| 2022 | 472240 | 7.26 | 7.72 | 3671313 | 0.02 | 0.25 | 1.45 | (16.46) | (15.44) |
| 2021 | 524424 | 8.69 | 9.13 | 4848816 | 0.01 | 0.25 | 1.45 | (5.95) | (4.90) |
|  LVIP JPMorgan Small Cap Core Fund |  |  |  |  |  |  |  |  |  |
| 2025 | 26047 | 15.51 | 22.15 | 553264 | 0.42 | 0.25 | 1.25 | 5.44 | 6.49 |
| 2024 | 25506 | 14.71 | 20.80 | 507150 | 0.01 | 0.25 | 1.25 | 6.75 | 7.88 |
| 2023 | 16492 | 13.78 | 19.28 | 297471 | 0.01 | 0.25 | 1.45 | 8.16 | 9.17 |
| 2022 | 15371 | 12.74 | 17.66 | 253602 | 0.00 | 0.25 | 1.45 | (22.93) | (22.10) |
| 2021 | 15395 | 16.53 | 22.67 | 324542 | 0.00 | 0.25 | 1.45 | 15.84 | 17.22 |
|  LVIP JPMorgan US Equity Fund |  |  |  |  |  |  |  |  |  |
| 2025 | 15899 | 28.97 | 39.71 | 522061 | 0.28 | 0.25 | 1.25 | 9.49 | 10.58 |
| 2024 | 13305 | 26.46 | 35.91 | 385676 |  | 0.25 | 1.25 | 18.50 | 19.70 |
| 2023 | 13296 | 22.33 | 30.00 | 326277 | 0.01 | 0.25 | 1.45 | 21.56 | 22.80 |
| 2022 | 13080 | 18.37 | 24.43 | 263830 | 0.00 | 0.25 | 1.45 | (22.23) | (21.47) |
| 2021 | 6603 | 23.62 | 31.11 | 163932 | 0.01 | 0.25 | 1.45 | 23.41 | 24.89 |
|  Macquarie Asset Strategy |  |  |  |  |  |  |  |  |  |
| 2025 | 22034 | 14.48 | 14.48 | 319032 | 1.33 | 0.90 | 0.90 | 12.16 | 12.16 |
| 2024 | 19402 | 12.91 | 12.91 | 250490 | 0.02 | 0.90 | 0.90 | 9.50 | 9.50 |
| 2023 | 20450 | 11.79 | 11.79 | 240995 | 0.03 | 0.90 | 0.90 | 11.23 | 11.23 |
| 2022 | 24452 | 10.60 | 10.60 | 259158 | 0.01 | 0.90 | 0.90 | (16.73) | (16.73) |
| 2021 | 20361 | 12.73 | 12.73 | 259238 | 0.02 | 0.90 | 0.90 | 9.46 | 9.46 |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  MFS<sup>®</sup> VIT Emerging Markets Equity |  |  |  |  |  |  |  |  |  |
| 2025 | 11606 | 10.17 | 10.42 | 119722 | 1.91 | 0.25 | 1.25 | 27.76 | 28.96 |
| 2024 | 13078 | 7.96 | 8.08 | 104501 | 0.02 | 0.25 | 1.25 | 6.70 | 7.73 |
| 2023 | 8214 | 7.46 | 7.50 | 61059 | 0.01 | 0.25 | 1.45 | 6.12 | 7.30 |
| 2022 | 7891 | 6.99 | 7.03 | 55225 | 0.04 | 0.25 | 1.45 | (23.25) | (22.51) |
| 2021 | 8886 | 9.02 | 9.16 | 81010 | 0.00 | 0.25 | 1.25 | (11.07) | (10.07) |
|  MFS<sup>®</sup> VIT Global Tactical Allocation |  |  |  |  |  |  |  |  |  |
| 2025 | 7250 | 10.06 | 10.06 | 72902 | 0.57 | 1.25 | 1.25 | 10.43 | 10.43 |
| 2024 | 370 | 9.11 | 9.11 | 3366 | 0.01 | 1.25 | 1.25 | 0.33 | 0.33 |
| 2023 | 460 | 9.08 | 9.08 | 4172 | 0.00 | 1.25 | 1.45 | 4.73 | 4.73 |
| 2022 | 557 | 8.67 | 8.67 | 4826 | 0.02 | 1.45 | 1.45 | (11.26) | (11.26) |
| 2021 | 648 | 9.77 | 9.77 | 6331 | 0.01 | 1.45 | 1.45 | (1.91) | (1.91) |
|  MFS<sup>®</sup> VIT II MA Investors Growth Stock |  |  |  |  |  |  |  |  |  |
| 2025 | 6972 | 36.34 | 37.03 | 256431 | 0.02 | 0.25 | 0.25 | 6.10 | 6.10 |
| 2024 | 6966 | 34.25 | 34.90 | 241345 |  | 0.25 | 0.25 | 12.25 | 12.26 |
| 2023 | 6771 | 30.51 | 31.09 | 209101 | 0.00 | 0.25 | 0.25 | 19.74 | 19.76 |
| 2022 | 5935 | 25.48 | 25.96 | 152754 |  | 0.25 | 0.25 | (22.00) | (21.98) |
| 2021 |  | 24.82 | 33.28 |  |  | 0.25 | 1.45 | 20.19 | 21.64 |
|  MFS<sup>®</sup> VIT II Research International |  |  |  |  |  |  |  |  |  |
| 2025 | 711887 | 8.91 | 13.08 | 7922487 | 1.42 | 0.25 | 1.35 | 16.62 | 17.84 |
| 2024 | 874953 | 7.64 | 11.10 | 8201783 | 0.02 | 0.25 | 1.35 | (1.67) | (0.54) |
| 2023 | 892466 | 7.77 | 11.16 | 8306537 | 0.01 | 0.25 | 1.45 | 8.07 | 9.30 |
| 2022 | 779273 | 9.34 | 10.21 | 6753566 | 0.02 | 0.25 | 1.45 | (21.18) | (20.48) |
| 2021 | 901809 | 11.85 | 12.84 | 9780443 | 0.01 | 0.25 | 1.45 | 6.37 | 7.72 |
|  MFS<sup>®</sup> VIT International Intrinsic Value |  |  |  |  |  |  |  |  |  |
| 2025 | 107482 | 15.86 | 17.89 | 1739389 | 1.36 | 0.25 | 1.25 | 27.39 | 28.71 |
| 2024 | 103316 | 12.45 | 13.90 | 1300472 | 0.01 | 0.25 | 1.25 | 2.55 | 3.58 |
| 2023 | 113225 | 12.14 | 13.42 | 1396860 | 0.00 | 0.25 | 1.45 | 12.41 | 13.54 |
| 2022 | 149320 | 10.80 | 11.82 | 1629925 | 0.00 | 0.25 | 1.45 | (26.88) | (26.17) |
| 2021 | 162997 | 14.77 | 16.01 | 2437781 | 0.00 | 0.25 | 1.25 | 5.42 | 6.80 |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  MFS<sup>®</sup> VIT Investors Trust |  |  |  |  |  |  |  |  |  |
| 2025 | 5136 | 22.59 | 30.75 | 121286 | 0.51 | 0.25 | 1.25 | 8.61 | 9.70 |
| 2024 | 6701 | 20.80 | 28.03 | 153791 |  | 0.25 | 1.25 | 14.22 | 15.40 |
| 2023 | 6751 | 18.21 | 24.29 | 135527 | 0.00 | 0.25 | 1.45 | 13.74 | 14.90 |
| 2022 | 4609 | 16.01 | 21.14 | 84789 | 0.00 | 0.25 | 1.45 | (20.11) | (19.34) |
| 2021 | 4122 | 20.04 | 26.21 | 88680 | 0.00 | 0.25 | 1.45 | 21.01 | 22.48 |
|  MFS<sup>®</sup> VIT New Discovery |  |  |  |  |  |  |  |  |  |
| 2025 | 8797 | 16.18 | 20.46 | 171225 |  | 0.25 | 1.25 | 7.87 | 8.95 |
| 2024 | 11059 | 15.00 | 18.78 | 199584 |  | 0.25 | 1.25 | 1.97 | 3.07 |
| 2023 | 14532 | 14.71 | 18.22 | 252181 |  | 0.25 | 1.45 | 9.53 | 10.56 |
| 2022 | 16774 | 13.43 | 16.48 | 265720 |  | 0.25 | 1.45 | (32.92) | (32.21) |
| 2021 | 17585 | 20.02 | 24.31 | 409002 |  | 0.25 | 1.45 | (2.82) | (1.66) |
|  MFS<sup>®</sup> VIT Research |  |  |  |  |  |  |  |  |  |
| 2025 | 1640 | 32.22 | 32.22 | 52860 | 0.15 | 0.25 | 0.25 | 8.96 | 8.96 |
| 2024 | 1676 | 29.57 | 29.57 | 49556 |  | 0.25 | 0.25 | 14.75 | 14.75 |
| 2023 | 1709 | 25.77 | 25.77 | 44049 | 0.00 | 0.25 | 0.25 | 18.21 | 18.21 |
| 2022 | 1741 | 21.80 | 21.80 | 37957 | 0.00 | 0.25 | 0.25 | (20.03) | (20.03) |
| 2021 | 1772 | 20.42 | 27.26 | 48309 | 0.00 | 0.25 | 1.45 | 19.07 | 20.51 |
|  MFS<sup>®</sup> VIT Total Return |  |  |  |  |  |  |  |  |  |
| 2025 | 837689 | 13.29 | 17.12 | 13350692 | 2.48 | 0.25 | 1.35 | 6.15 | 7.40 |
| 2024 | 944579 | 12.52 | 15.94 | 14081439 | 0.02 | 0.25 | 1.35 | 2.88 | 3.98 |
| 2023 | 1005908 | 12.17 | 15.33 | 14479191 | 0.02 | 0.25 | 1.45 | 5.55 | 6.68 |
| 2022 | 1207078 | 11.67 | 14.37 | 16241682 | 0.01 | 0.25 | 1.45 | (13.56) | (12.70) |
| 2021 | 1199389 | 13.50 | 15.62 | 18726542 | 0.02 | 0.75 | 1.45 | 8.87 | 9.69 |
|  MFS<sup>®</sup> VIT Total Return Bond |  |  |  |  |  |  |  |  |  |
| 2025 | 69863 | 7.76 | 8.97 | 621301 | 5.32 | 0.25 | 1.25 | 2.51 | 3.46 |
| 2024 | 36867 | 7.57 | 8.67 | 311563 | 0.04 | 0.25 | 1.25 | (1.94) | (0.91) |
| 2023 | 36102 | 7.72 | 8.75 | 308489 | 0.03 | 0.25 | 1.45 | 2.66 | 3.67 |
| 2022 | 36958 | 7.52 | 8.44 | 305263 | 0.02 | 0.25 | 1.45 | (17.72) | (16.93) |
| 2021 | 30980 | 9.14 | 10.16 | 306924 | 0.02 | 0.25 | 1.45 | (5.38) | (4.24) |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  MFS<sup>®</sup> VIT Utilities |  |  |  |  |  |  |  |  |  |
| 2025 | 510957 | 14.20 | 24.28 | 11818764 | 2.64 | 0.25 | 1.35 | 9.92 | 11.09 |
| 2024 | 586869 | 12.91 | 21.96 | 12272048 | 0.02 | 0.25 | 1.35 | 6.58 | 7.85 |
| 2023 | 612335 | 12.10 | 20.48 | 12071867 | 0.03 | 0.25 | 1.45 | (6.50) | (5.50) |
| 2022 | 781487 | 12.93 | 16.72 | 15890001 | 0.02 | 0.25 | 1.45 | (3.72) | (2.68) |
| 2021 | 707714 | 13.43 | 17.18 | 15337441 | 0.01 | 0.25 | 1.45 | 8.91 | 10.13 |
|  Morgan Stanley VIF Emerging Markets Debt |  |  |  |  |  |  |  |  |  |
| 2025 | 18429 | 9.12 | 9.27 | 171078 | 8.30 | 0.25 | 1.25 | 10.41 | 11.55 |
| 2024 | 46424 | 8.26 | 8.31 | 384450 | 0.17 | 0.25 | 1.25 | 6.72 | 7.64 |
| 2023 | 16463 | 7.72 | 7.72 | 127180 | 0.06 | 0.25 | 0.25 | 8.12 | 8.12 |
| 2022 | 17403 | 7.14 | 7.14 | 124319 | 0.07 | 0.25 | 0.25 | (21.37) | (21.37) |
| 2021 | 17154 | 9.08 | 9.08 | 155901 | 0.06 | 0.25 | 0.25 | (5.12) | (5.12) |
|  Morgan Stanley VIF Emerging Markets Equity |  |  |  |  |  |  |  |  |  |
| 2025 | 446846 | 7.71 | 11.01 | 4183945 | 0.33 | 0.25 | 1.35 | 27.23 | 28.62 |
| 2024 | 475012 | 6.06 | 8.56 | 3453154 | 0.01 | 0.25 | 1.35 | 3.06 | 4.26 |
| 2023 | 539777 | 5.88 | 8.21 | 3795454 | 0.02 | 0.25 | 1.45 | 7.30 | 8.31 |
| 2022 | 585334 | 7.24 | 7.58 | 3813755 | 0.00 | 0.25 | 1.45 | (28.25) | (27.46) |
| 2021 | 615741 | 7.65 | 10.45 | 5567401 | 0.01 | 0.25 | 1.35 | (1.46) | (0.38) |
|  Morningstar Aggressive Growth ETF Asset Allocation Portfolio |  |  |  |  |  |  |  |  |  |
| 2025 | 123763 | 17.14 | 20.99 | 2123324 | 1.07 | 0.25 | 0.75 | 15.58 | 16.16 |
| 2024 | 137168 | 14.83 | 18.07 | 2036430 | 0.01 | 0.25 | 0.75 | 10.34 | 10.93 |
| 2023 | 118309 | 13.44 | 16.29 | 1591833 | 0.02 | 0.25 | 0.75 | 12.56 | 13.13 |
| 2022 | 117485 | 11.96 | 14.40 | 1403710 | 0.01 | 0.25 | 1.45 | (16.77) | (15.94) |
| 2021 | 113670 | 14.37 | 17.13 | 1624018 | 0.01 | 0.25 | 1.45 | 13.15 | 14.58 |
|  Morningstar Balanced ETF Asset Allocation Portfolio |  |  |  |  |  |  |  |  |  |
| 2025 | 918487 | 12.52 | 14.97 | 12907420 | 1.99 | 0.25 | 1.25 | 10.02 | 11.14 |
| 2024 | 834668 | 11.38 | 13.47 | 10495931 | 0.02 | 0.25 | 1.25 | 5.57 | 6.65 |
| 2023 | 605252 | 10.78 | 12.63 | 6939253 | 0.02 | 0.25 | 1.45 | 8.12 | 9.16 |
| 2022 | 606605 | 9.97 | 11.57 | 6307676 | 0.02 | 0.25 | 1.45 | (16.50) | (15.67) |
| 2021 | 552374 | 11.94 | 13.72 | 6763439 | 0.01 | 0.25 | 1.45 | 6.04 | 7.27 |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  Morningstar Conservative ETF Asset Allocation Portfolio |  |  |  |  |  |  |  |  |  |
| 2025 | 270769 | 8.42 | 9.49 | 2472905 | 2.63 | 0.25 | 1.25 | 4.34 | 5.33 |
| 2024 | 282443 | 8.07 | 9.01 | 2462748 | 0.02 | 0.25 | 1.25 | 0.88 | 1.92 |
| 2023 | 270638 | 8.00 | 8.84 | 2325240 | 0.02 | 0.25 | 1.45 | 3.36 | 4.37 |
| 2022 | 255244 | 7.74 | 8.47 | 2073854 | 0.01 | 0.25 | 1.45 | (15.50) | (14.62) |
| 2021 | 303277 | 9.16 | 9.92 | 2908135 | 0.01 | 0.25 | 1.45 | (2.14) | (1.00) |
|  Morningstar Growth ETF Asset Allocation Portfolio |  |  |  |  |  |  |  |  |  |
| 2025 | 461413 | 15.00 | 18.44 | 7115691 | 1.48 | 0.25 | 1.25 | 13.04 | 14.11 |
| 2024 | 448722 | 13.27 | 16.16 | 6092380 | 0.01 | 0.25 | 1.25 | 7.97 | 9.12 |
| 2023 | 642490 | 12.29 | 14.81 | 8023349 | 0.02 | 0.25 | 1.45 | 10.42 | 11.61 |
| 2022 | 669312 | 11.13 | 13.27 | 7525468 | 0.02 | 0.25 | 1.45 | (16.82) | (16.07) |
| 2021 | 657537 | 13.38 | 15.81 | 8822592 | 0.01 | 0.25 | 1.45 | 9.85 | 11.26 |
|  Morningstar Income and Growth ETF Asset Allocation Portfolio |  |  |  |  |  |  |  |  |  |
| 2025 | 162490 | 10.35 | 12.03 | 1906194 | 2.37 | 0.25 | 1.25 | 7.03 | 8.09 |
| 2024 | 130216 | 9.67 | 11.13 | 1391740 | 0.02 | 0.25 | 1.25 | 3.42 | 4.51 |
| 2023 | 137323 | 9.35 | 10.65 | 1386927 | 0.02 | 0.25 | 1.45 | 6.01 | 7.04 |
| 2022 | 108032 | 8.82 | 9.95 | 994817 | 0.01 | 0.25 | 1.45 | (16.16) | (15.32) |
| 2021 | 167235 | 10.52 | 11.75 | 1829360 | 0.01 | 0.25 | 1.45 | 1.84 | 3.07 |
|  NAA All Cap Value Series |  |  |  |  |  |  |  |  |  |
| 2025 | 524946 | 17.46 | 37.22 | 14023209 | 1.35 | 0.25 | 1.35 | 8.04 | 9.28 |
| 2024 | 625509 | 16.14 | 34.06 | 15404846 | 0.02 | 0.25 | 1.35 | 5.58 | 6.70 |
| 2023 | 746243 | 15.28 | 28.71 | 17297663 | 0.02 | 0.75 | 1.45 | 3.87 | 4.53 |
| 2022 | 779428 | 14.69 | 30.38 | 17314087 | 0.01 | 0.25 | 1.45 | (5.29) | (4.31) |
| 2021 | 811948 | 15.51 | 23.44 | 18904535 | 0.02 | 0.75 | 1.45 | 21.46 | 22.27 |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  NAA Large Cap Value |  |  |  |  |  |  |  |  |  |
| 2025 | 70052 | 19.85 | 26.91 | 1393330 | 0.69 | 0.90 | 1.10 | 9.35 | 9.55 |
| 2024 | 78568 | 18.12 | 24.61 | 1426475 | 0.01 | 0.90 | 1.25 | 8.33 | 8.70 |
| 2023 | 82363 | 16.67 | 22.68 | 1375631 | 0.01 | 0.90 | 1.25 | 4.32 | 4.71 |
| 2022 | 103426 | 15.92 | 17.37 | 1649917 | 0.01 | 0.90 | 1.25 | (5.50) | (5.18) |
| 2021 | 123622 | 16.79 | 18.38 | 2137254 | 0.01 | 0.90 | 1.25 | 21.80 | 22.29 |
|  NAA Large Cap Value Series |  |  |  |  |  |  |  |  |  |
| 2025 | 748767 | 22.20 | 36.36 | 17463465 | 1.47 | 0.25 | 1.35 | 9.31 | 10.48 |
| 2024 | 940311 | 16.87 | 33.69 | 20112964 | 0.02 | 0.25 | 1.35 | 8.61 | 9.85 |
| 2023 | 995706 | 18.58 | 30.67 | 19538923 | 0.02 | 0.25 | 1.35 | 4.64 | 5.79 |
| 2022 | 1451399 | 17.87 | 29.00 | 27123329 | 0.01 | 0.25 | 1.35 | (5.55) | (4.45) |
| 2021 | 1577485 | 18.92 | 29.65 | 30716444 | 0.02 | 0.25 | 1.35 | 21.67 | 22.98 |
|  NAA Large Core |  |  |  |  |  |  |  |  |  |
| 2025 | 56068 | 21.00 | 28.73 | 1195561 | 0.13 | 0.90 | 1.25 | 11.19 | 11.58 |
| 2024 | 79512 | 18.82 | 25.80 | 1557697 | 0.03 | 0.90 | 1.25 | 20.27 | 20.72 |
| 2023 | 89021 | 15.59 | 21.42 | 1435042 | 0.03 | 0.90 | 1.25 | 21.45 | 21.89 |
| 2022 | 101722 | 12.79 | 15.48 | 1348038 | 0.01 | 0.90 | 1.25 | (24.49) | (24.23) |
| 2021 | 96903 | 16.88 | 20.50 | 1673028 | 0.00 | 0.90 | 1.25 | 22.90 | 23.39 |
|  NAA Large Core Series |  |  |  |  |  |  |  |  |  |
| 2025 | 838061 | 19.59 | 37.54 | 16803147 | 2.44 | 0.25 | 1.35 | 11.47 | 12.70 |
| 2024 | 933867 | 17.47 | 33.31 | 16459174 | 0.03 | 0.25 | 1.35 | 20.50 | 21.84 |
| 2023 | 912232 | 14.41 | 27.34 | 13284273 | 0.02 | 0.25 | 1.45 | 21.51 | 22.88 |
| 2022 | 901407 | 17.46 | 22.25 | 10746395 | 0.01 | 0.25 | 1.45 | (23.95) | (23.20) |
| 2021 | 996909 | 18.97 | 28.97 | 15560208 | 0.01 | 0.25 | 1.35 | 23.02 | 24.39 |
|  NAA Large Growth Series |  |  |  |  |  |  |  |  |  |
| 2025 | 446353 | 25.73 | 30.52 | 11466500 | 2.23 | 0.75 | 1.35 | 12.00 | 12.70 |
| 2024 | 537565 | 22.83 | 34.38 | 12267611 | 0.03 | 0.75 | 1.35 | 26.51 | 27.33 |
| 2023 | 588758 | 17.93 | 21.54 | 10561352 | 0.01 | 0.75 | 1.35 | 33.96 | 34.71 |
| 2022 | 592039 | 20.24 | 23.02 | 7885704 | 0.00 | 0.25 | 1.45 | (33.57) | (32.91) |
| 2021 | 656334 | 24.22 | 34.31 | 13109477 | 0.01 | 0.25 | 1.35 | 22.32 | 23.68 |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  NAA Mid Growth |  |  |  |  |  |  |  |  |  |
| 2025 | 79143 | 19.63 | 29.77 | 1572044 |  | 0.90 | 1.25 | (2.38) | (2.05) |
| 2024 | 88316 | 20.04 | 30.46 | 1794487 | 0.03 | 0.90 | 1.25 | 12.33 | 12.71 |
| 2023 | 93062 | 17.78 | 27.08 | 1664035 | 0.02 | 0.90 | 1.10 | 21.33 | 21.53 |
| 2022 | 93578 | 14.63 | 22.32 | 1372058 | 0.00 | 0.90 | 1.10 | (30.42) | (30.27) |
| 2021 | 115064 | 20.98 | 32.08 | 2448075 |  | 0.90 | 1.10 | 8.97 | 9.16 |
|  NAA Mid Growth Series |  |  |  |  |  |  |  |  |  |
| 2025 | 343264 | 20.08 | 41.82 | 7290049 | 2.53 | 0.75 | 1.35 | (2.19) | (1.62) |
| 2024 | 433335 | 20.41 | 42.65 | 9438833 | 0.03 | 0.75 | 1.35 | 12.37 | 13.07 |
| 2023 | 535108 | 18.05 | 37.86 | 10212163 | 0.01 | 0.75 | 1.45 | 20.99 | 21.71 |
| 2022 | 590492 | 14.83 | 15.18 | 9228999 | 0.00 | 0.75 | 1.45 | (30.78) | (30.41) |
| 2021 | 655074 | 21.31 | 21.93 | 14786164 | 0.01 | 0.75 | 1.45 | 8.78 | 9.51 |
|  NAA Opportunity |  |  |  |  |  |  |  |  |  |
| 2025 | 5572 | 11.81 | 16.58 | 79169 | 0.64 | 0.90 | 0.90 | (5.75) | (5.74) |
| 2024 | 6212 | 12.53 | 17.59 | 95629 | 0.01 | 0.90 | 0.90 | 6.19 | 6.22 |
| 2023 | 6453 | 11.80 | 16.56 | 94331 | 0.01 | 0.90 | 0.90 | 4.68 | 4.70 |
| 2022 | 6366 | 11.27 | 15.82 | 89072 | 0.01 | 0.90 | 0.90 | (12.16) | (12.16) |
| 2021 | 6425 | 12.83 | 18.01 | 102801 | 0.01 | 0.90 | 0.90 | 10.02 | 10.03 |
|  NAA Small Cap Value Series |  |  |  |  |  |  |  |  |  |
| 2025 | 351509 | 12.40 | 42.40 | 14137474 | 0.98 | 0.25 | 1.35 | (1.11) | (0.05) |
| 2024 | 349038 | 12.53 | 42.62 | 14019758 | 0.01 | 0.25 | 1.35 | 3.87 | 5.07 |
| 2023 | 503860 | 12.05 | 40.78 | 19120993 | 0.01 | 0.25 | 1.45 | 5.58 | 6.72 |
| 2022 | 614756 | 11.40 | 18.29 | 21258874 | 0.01 | 0.25 | 1.45 | (7.77) | (6.78) |
| 2021 | 727902 | 12.36 | 19.62 | 27154082 | 0.01 | 0.25 | 1.45 | 20.70 | 22.17 |
|  NAA Small Growth Series |  |  |  |  |  |  |  |  |  |
| 2025 | 203103 | 12.74 | 23.41 | 2686762 | 2.61 | 0.25 | 1.35 | 1.94 | 3.13 |
| 2024 | 228954 | 12.42 | 22.70 | 2951586 | 0.03 | 0.25 | 1.35 | 7.96 | 9.13 |
| 2023 | 271854 | 11.44 | 20.80 | 3196848 | 0.01 | 0.25 | 1.45 | 15.84 | 17.18 |
| 2022 | 300407 | 9.81 | 13.00 | 3016775 | 0.00 | 0.75 | 1.45 | (29.69) | (29.32) |
| 2021 | 314340 | 18.49 | 24.99 | 4478410 | 0.00 | 0.25 | 1.45 | 1.93 | 3.14 |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  NAA SMid Cap Value |  |  |  |  |  |  |  |  |  |
| 2025 | 292357 | 34.37 | 42.12 | 10097016 | 0.55 | 0.90 | 1.10 | 2.88 | 3.06 |
| 2024 | 319199 | 22.47 | 40.94 | 10696085 | 0.01 | 0.90 | 1.25 | 4.12 | 4.48 |
| 2023 | 350274 | 21.58 | 39.27 | 11223140 | 0.00 | 0.90 | 1.25 | 4.76 | 5.14 |
| 2022 | 373787 | 20.60 | 30.36 | 11389658 | 0.01 | 0.90 | 1.25 | (6.02) | (5.68) |
| 2021 | 433276 | 21.92 | 32.19 | 14049792 | 0.00 | 0.90 | 1.25 | 18.55 | 18.96 |
|  NAA Smid-Cap Value Series |  |  |  |  |  |  |  |  |  |
| 2025 | 537744 | 15.39 | 48.11 | 24347434 | 1.07 | 0.25 | 1.35 | 2.76 | 3.91 |
| 2024 | 639237 | 14.96 | 46.53 | 27729808 | 0.01 | 0.25 | 1.35 | 4.39 | 5.58 |
| 2023 | 796351 | 14.31 | 44.30 | 32831307 | 0.01 | 0.25 | 1.45 | 5.07 | 6.21 |
| 2022 | 916989 | 13.61 | 31.89 | 35240224 | 0.01 | 0.25 | 1.45 | (5.94) | (4.98) |
| 2021 | 996101 | 14.47 | 33.56 | 40746196 | 0.02 | 0.25 | 1.45 | 18.41 | 19.81 |
|  NAA World Equity Income |  |  |  |  |  |  |  |  |  |
| 2025 | 293968 | 16.02 | 23.33 | 4934312 | 1.77 | 0.90 | 1.25 | 17.28 | 17.62 |
| 2024 | 347256 | 13.66 | 19.86 | 4969502 | 0.02 | 0.90 | 1.25 | 6.80 | 7.21 |
| 2023 | 366732 | 12.79 | 18.57 | 4907542 | 0.02 | 0.90 | 1.25 | 7.39 | 7.77 |
| 2022 | 388812 | 11.91 | 12.23 | 4832760 | 0.02 | 0.90 | 1.25 | (13.00) | (12.71) |
| 2021 | 387369 | 13.69 | 14.01 | 5504344 | 0.02 | 0.90 | 1.25 | 16.21 | 16.65 |
|  NAA World Equity Income Series |  |  |  |  |  |  |  |  |  |
| 2025 | 686406 | 15.40 | 19.53 | 11696678 | 1.82 | 0.25 | 1.35 | 17.53 | 18.83 |
| 2024 | 820463 | 12.96 | 16.58 | 11825117 | 0.03 | 0.25 | 1.35 | 7.74 | 9.00 |
| 2023 | 885849 | 11.89 | 15.34 | 11783762 | 0.03 | 0.25 | 1.35 | 7.49 | 8.68 |
| 2022 | 990964 | 10.94 | 13.35 | 12186511 | 0.02 | 0.25 | 1.35 | (12.97) | (11.99) |
| 2021 | 1122246 | 12.43 | 15.34 | 15836480 | 0.02 | 0.25 | 1.35 | 16.57 | 17.82 |
|  Neuberger Berman AMT Quality Equity Portfolio Class I |  |  |  |  |  |  |  |  |  |
| 2025 | 177903 | 17.77 | 30.52 | 3240481 |  | 0.25 | 1.45 | 8.75 | 10.10 |
| 2024 | 204821 | 16.34 | 27.72 | 3416780 |  | 0.25 | 1.45 | 20.32 | 21.85 |
| 2023 | 250434 | 13.58 | 22.75 | 3456160 | 0.00 | 0.25 | 1.45 | 21.36 | 22.84 |
| 2022 | 260404 | 11.19 | 18.52 | 2957325 | 0.00 | 0.25 | 1.45 | (21.97) | (21.06) |
| 2021 | 324004 | 14.34 | 23.46 | 4701748 | 0.00 | 0.25 | 1.45 | 18.12 | 19.51 |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  Neuberger Berman AMT Quality Equity Portfolio Class S (b) |  |  |  |  |  |  |  |  |  |
| 2025 | 148520 | 39.46 | 44.46 | 6599393 |  | 0.75 | 1.35 | 8.59 | 9.27 |
| 2024 | 179770 | 36.34 | 40.69 | 7307496 |  | 0.75 | 1.35 | 20.17 | 20.89 |
| 2023 | 165859 | 30.24 | 33.66 | 5580656 | 0.00 | 0.75 | 1.35 | 21.20 | 21.91 |
| 2022 | 177475 | 24.95 | 27.61 | 4894128 | 0.00 | 0.75 | 1.35 | (22.10) | (21.63) |
| 2021 | 189148 | 32.03 | 35.23 | 6654112 | 0.00 | 0.75 | 1.35 | 17.89 | 18.62 |
|  Neuberger Berman Core Bond |  |  |  |  |  |  |  |  |  |
| 2025 | 326440 | 7.68 | 8.63 | 2739120 | 4.15 | 0.90 | 1.25 | 2.40 | 2.74 |
| 2024 | 322230 | 7.50 | 8.40 | 2646856 | 0.04 | 0.90 | 1.25 | (2.85) | (2.44) |
| 2023 | 286434 | 7.72 | 8.61 | 2419027 | 0.04 | 0.90 | 1.25 | 1.31 | 1.53 |
| 2022 | 299881 | 7.62 | 8.48 | 2493822 | 0.04 | 0.90 | 1.25 | (17.53) | (17.19) |
| 2021 | 193535 | 9.24 | 10.24 | 1966056 | 0.02 | 0.90 | 1.25 | (5.62) | (5.27) |
|  Neuberger Large Cap Value Fund (b) |  |  |  |  |  |  |  |  |  |
| 2025 | 32002 | 18.47 | 19.19 | 612703 | 1.08 | 0.90 | 1.10 | 15.44 | 15.60 |
| 2024 | 40006 | 16.00 | 16.60 | 663638 | 0.02 | 0.90 | 1.10 | 6.10 | 6.34 |
| 2023 | 53555 | 15.08 | 15.61 | 835703 | 0.02 | 0.90 | 1.10 | (6.04) | (5.85) |
| 2022 | 61802 | 16.05 | 16.58 | 1024423 | 0.01 | 0.90 | 1.10 | (5.48) | (5.31) |
| 2021 | 55399 | 16.98 | 17.51 | 969546 | 0.01 | 0.90 | 1.10 | 22.51 | 22.79 |
|  Neuberger Quality Equity Fund (b) |  |  |  |  |  |  |  |  |  |
| 2025 | 55485 | 27.64 | 29.63 | 1637588 |  | 0.90 | 1.25 | 12.27 | 12.66 |
| 2024 | 62238 | 24.62 | 26.30 | 1630305 |  | 0.90 | 1.25 | 22.61 | 23.07 |
| 2023 | 69036 | 20.63 | 21.37 | 1468628 | 0.00 | 0.90 | 1.10 | 21.50 | 21.70 |
| 2022 | 61971 | 16.98 | 17.56 | 1086556 |  | 0.90 | 1.10 | (22.00) | (21.85) |
| 2021 | 62099 | 21.77 | 22.47 | 1391959 | 0.00 | 0.90 | 1.10 | 18.25 | 18.45 |

---

(b) Name change. See Note 1.

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  Nomura VIP Asset Strategy Series (b) |  |  |  |  |  |  |  |  |  |
| 2025 | 109218 | 12.31 | 14.78 | 1348078 | 1.30 | 0.25 | 0.75 | 12.32 | 12.91 |
| 2024 | 106334 | 10.96 | 13.09 | 1167975 | 0.02 | 0.25 | 1.25 | 7.72 | 8.90 |
| 2023 | 121736 | 10.12 | 12.02 | 1237210 | 0.02 | 0.25 | 1.45 | 9.18 | 10.28 |
| 2022 | 117821 | 9.37 | 10.90 | 1092457 | 0.02 | 0.25 | 1.45 | (18.24) | (17.49) |
| 2021 | 104510 | 11.46 | 13.21 | 1182345 | 0.02 | 0.25 | 1.45 | 5.62 | 6.96 |
|  Nomura VIP Balanced Series (b) |  |  |  |  |  |  |  |  |  |
| 2025 | 6386 | 19.63 | 19.63 | 125211 | 1.23 | 0.25 | 0.25 | 8.21 | 8.21 |
| 2024 | 6929 | 18.14 | 18.14 | 125572 | 0.01 | 0.25 | 0.25 | 11.91 | 11.91 |
| 2023 | 7227 | 16.21 | 16.21 | 117064 | 0.01 | 0.25 | 0.25 | 12.34 | 12.34 |
| 2022 | 5851 | 14.43 | 14.43 | 84357 | 0.01 | 0.25 | 0.25 | (18.75) | (18.75) |
| 2021 | 5690 | 14.29 | 17.76 | 100948 | 0.01 | 0.25 | 1.45 | 10.95 | 12.26 |
|  Nomura VIP Core Equity Series (b) |  |  |  |  |  |  |  |  |  |
| 2025 | 7827 | 35.55 | 35.55 | 278276 | 0.16 | 0.25 | 0.25 | 11.62 | 11.62 |
| 2024 | 7728 | 31.85 | 31.85 | 246193 |  | 0.25 | 0.25 | 21.66 | 21.66 |
| 2023 | 8196 | 26.18 | 26.18 | 214639 | 0.00 | 0.25 | 0.25 | 19.60 | 19.60 |
| 2022 | 5914 | 21.89 | 21.89 | 129455 | 0.00 | 0.25 | 0.25 | (19.96) | (19.96) |
| 2021 | 139 | 27.35 | 27.35 | 3796 | 0.00 | 0.25 | 0.25 | 24.83 | 24.83 |
|  Nomura VIP Energy Series (b) |  |  |  |  |  |  |  |  |  |
| 2025 | 20779 | 5.22 | 5.22 | 108415 | 1.05 | 0.25 | 0.25 | 8.30 | 8.30 |
| 2024 | 23600 | 4.82 | 4.88 | 114225 | 0.03 | 0.25 | 1.25 | (9.46) | (8.71) |
| 2023 | 20898 | 5.28 | 5.39 | 110623 | 0.03 | 0.25 | 1.45 | (0.37) | 0.76 |
| 2022 | 22740 | 5.24 | 5.41 | 119733 | 0.03 | 0.25 | 1.45 | 44.27 | 45.56 |
| 2021 | 41977 | 3.60 | 3.75 | 154385 | 0.01 | 0.25 | 1.45 | 35.87 | 37.40 |
|  Nomura VIP Global Growth Series (b) |  |  |  |  |  |  |  |  |  |
| 2025 | 587 | 21.97 | 21.97 | 12852 | 0.36 | 0.25 | 0.25 | 14.13 | 14.13 |
| 2024 | 4763 | 19.25 | 19.25 | 91661 | 0.03 | 0.25 | 0.25 | 13.37 | 13.37 |
| 2023 | 125 | 16.98 | 16.98 | 2118 | 0.00 | 0.25 | 0.25 | 16.14 | 16.14 |
| 2022 | 133 | 14.62 | 14.62 | 1940 |  | 0.25 | 0.25 | (20.20) | (20.20) |
| 2021 | 53056 | 18.32 | 18.32 | 971589 | 0.00 | 0.25 | 0.25 | 14.14 | 14.14 |

---

(b) Name change. See Note 1.

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets<br>($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  Nomura VIP Growth Series (b) |  |  |  |  |  |  |  |  |  |
| 2025 |  | 34.30 | 45.26 |  |  | 0.25 | 1.25 | 3.88 | 4.94 |
| 2024 | 2837 | 43.13 | 43.13 | 122125 |  | 0.25 | 0.25 | 19.94 | 19.94 |
| 2023 | 6843 | 35.96 | 35.96 | 245916 |  | 0.25 | 0.25 | 33.53 | 33.53 |
| 2022 | 4115 | 26.93 | 26.93 | 110731 |  | 0.25 | 0.25 | (29.50) | (29.50) |
| 2021 | 5553 | 38.20 | 38.20 | 211983 |  | 0.25 | 0.25 | 25.86 | 25.86 |
|  Nomura VIP High Income Series (b) |  |  |  |  |  |  |  |  |  |
| 2025 | 33020 | 9.93 | 13.12 | 355508 | 7.20 | 0.25 | 1.25 | 2.69 | 3.72 |
| 2024 | 40869 | 9.67 | 12.65 | 420942 | 0.08 | 0.25 | 1.25 | 1.68 | 2.85 |
| 2023 | 42123 | 9.51 | 12.54 | 430670 | 0.06 | 0.25 | 1.45 | 7.09 | 8.20 |
| 2022 | 44964 | 8.88 | 11.59 | 435696 | 0.06 | 0.25 | 1.45 | (14.62) | (13.83) |
| 2021 | 50957 | 10.40 | 13.20 | 586206 | 0.06 | 0.25 | 1.45 | 1.46 | 2.72 |
|  Nomura VIP International Core Equity Series (b) |  |  |  |  |  |  |  |  |  |
| 2025 | 31429 | 12.63 | 13.51 | 423361 | 0.40 | 0.25 | 1.25 | 18.93 | 20.20 |
| 2024 | 31025 | 10.62 | 11.24 | 347886 | 0.01 | 0.25 | 1.25 | (0.47) | 0.54 |
| 2023 | 29121 | 10.67 | 11.18 | 325050 | 0.02 | 0.25 | 1.45 | 10.80 | 11.91 |
| 2022 | 28923 | 9.63 | 9.99 | 287878 | 0.02 | 0.25 | 1.45 | (17.90) | (17.03) |
| 2021 | 41957 | 11.73 | 12.04 | 501820 | 0.01 | 0.25 | 1.45 | 9.22 | 10.46 |
|  Nomura VIP Limited-Term Bond Series (b) |  |  |  |  |  |  |  |  |  |
| 2025 | 1862 | 8.09 | 8.09 | 15112 | 4.25 | 0.25 | 0.25 | 1.38 | 1.38 |
| 2024 | 1838 | 7.98 | 7.98 | 14721 | 0.05 | 0.25 | 0.25 | 1.01 | 1.01 |
| 2023 | 1775 | 7.90 | 7.90 | 14080 | 0.02 | 0.25 | 0.25 | 1.54 | 1.54 |
| 2022 | 1843 | 7.78 | 7.78 | 14401 | 0.02 | 0.25 | 0.25 | (7.38) | (7.38) |
| 2021 | 8539 | 8.40 | 8.40 | 71787 | 0.03 | 0.25 | 0.25 | (3.67) | (3.67) |
|  Nomura VIP Mid Cap Growth Series (b) |  |  |  |  |  |  |  |  |  |
| 2025 | 5423 | 18.08 | 22.86 | 107120 |  | 0.25 | 1.25 | (3.06) | (2.10) |
| 2024 | 9951 | 18.65 | 23.35 | 210032 |  | 0.25 | 1.25 | (2.10) | (1.06) |
| 2023 | 10862 | 19.05 | 23.60 | 235184 |  | 0.25 | 1.45 | 14.69 | 15.80 |
| 2022 | 9076 | 16.61 | 20.38 | 170059 |  | 0.25 | 1.45 | (33.67) | (32.98) |
| 2021 | 10196 | 25.04 | 30.41 | 288961 |  | 0.25 | 1.45 | 11.29 | 12.63 |

---

(b) Name change. See Note 1.

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets<br>($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  Nomura VIP Natural Resources Series (b) |  |  |  |  |  |  |  |  |  |
| 2025 | 32081 | 7.35 | 8.29 | 265590 |  | 0.25 | 1.25 | 31.96 | 33.28 |
| 2024 | 31864 | 5.57 | 6.22 | 197861 | 0.05 | 0.25 | 1.25 | (4.62) | (3.72) |
| 2023 | 34715 | 5.84 | 6.46 | 224016 | 0.04 | 0.25 | 1.45 | (2.67) | (1.67) |
| 2022 | 34612 | 6.00 | 6.57 | 227293 | 0.02 | 0.25 | 1.45 | 12.78 | 14.06 |
| 2021 | 32967 | 5.32 | 5.76 | 189760 | 0.02 | 0.25 | 1.45 | 21.18 | 22.55 |
|  Nomura VIP Science And Technology Series (b) |  |  |  |  |  |  |  |  |  |
| 2025 | 4930 | 34.63 | 50.33 | 215728 |  | 0.25 | 1.25 | 27.79 | 29.08 |
| 2024 | 7721 | 27.10 | 38.99 | 244620 |  | 0.25 | 1.25 | 25.12 | 26.39 |
| 2023 | 8504 | 21.66 | 30.85 | 216307 |  | 0.25 | 1.45 | 33.29 | 34.60 |
| 2022 | 9176 | 16.25 | 22.92 | 169780 |  | 0.25 | 1.45 | (34.66) | (33.99) |
| 2021 | 9455 | 24.87 | 34.72 | 272333 |  | 0.25 | 1.45 | 10.14 | 11.46 |
|  Nomura VIP Small Cap Growth Series (b) |  |  |  |  |  |  |  |  |  |
| 2025 | 12888 | 16.10 | 17.71 | 224344 |  | 0.25 | 1.25 | 8.64 | 9.80 |
| 2024 | 11873 | 14.82 | 16.13 | 185366 |  | 0.25 | 1.25 | 9.45 | 10.56 |
| 2023 | 19962 | 13.54 | 14.59 | 286395 |  | 0.25 | 1.45 | 8.41 | 9.45 |
| 2022 | 13599 | 12.49 | 13.33 | 177570 |  | 0.25 | 1.45 | (29.83) | (29.10) |
| 2021 | 13273 | 17.80 | 18.80 | 245229 | 0.01 | 0.25 | 1.45 | (0.50) | 0.64 |
|  Nomura VIP Smid Cap Core Series (b) |  |  |  |  |  |  |  |  |  |
| 2025 | 487 | 16.43 | 20.59 | 8900 | 0.26 | 0.25 | 1.25 | 3.86 | 4.94 |
| 2024 | 5488 | 15.82 | 19.62 | 96375 | 0.01 | 0.25 | 1.25 | 9.48 | 10.60 |
| 2023 | 9872 | 14.45 | 17.74 | 165600 | 0.00 | 0.25 | 1.45 | 10.81 | 11.99 |
| 2022 | 9504 | 13.04 | 15.84 | 142672 |  | 0.25 | 1.45 | (18.30) | (17.54) |
| 2021 | 13282 | 15.96 | 19.21 | 246246 |  | 0.25 | 1.45 | 15.48 | 16.92 |
|  Nomura VIP Value Series (b) |  |  |  |  |  |  |  |  |  |
| 2025 | 367 | 21.30 | 21.30 | 7814 | 2.25 | 0.25 | 0.25 | 5.92 | 5.92 |
| 2024 | 460 | 20.11 | 20.11 | 9258 | 0.03 | 0.25 | 0.25 | 3.02 | 3.02 |
| 2023 | 7790 | 19.52 | 19.52 | 152081 | 0.01 | 0.25 | 0.25 | 4.89 | 4.89 |
| 2022 | 8132 | 18.61 | 18.61 | 151351 | 0.02 | 0.25 | 0.25 | (8.01) | (8.01) |
| 2021 | 11159 | 15.83 | 20.23 | 225783 | 0.02 | 0.25 | 1.45 | 25.44 | 26.99 |

---

(b) Name change. See Note 1.

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  North Square Spectrum Alpha |  |  |  |  |  |  |  |  |  |
| 2025 | 183 | 19.03 | 19.03 | 3493 |  | 0.90 | 0.90 | 5.25 | 5.25 |
| 2024 | 172 | 18.08 | 18.08 | 3117 |  | 0.90 | 0.90 | 10.65 | 10.65 |
| 2023 | 164 | 16.34 | 16.34 | 2676 |  | 0.90 | 0.90 | 19.97 | 19.97 |
| 2022 | 3021 | 13.62 | 13.62 | 41168 |  | 0.90 | 0.90 | (29.83) | (29.83) |
| 2021 | 2789 | 19.41 | 19.41 | 54160 |  | 0.90 | 0.90 | 5.95 | 5.95 |
|  Northern Global Tactical Asset Allocation |  |  |  |  |  |  |  |  |  |
| 2025 | 7757 | 14.34 | 14.34 | 111311 | 3.34 | 0.90 | 0.90 | 10.31 | 10.31 |
| 2024 | 7256 | 13.00 | 13.00 | 94364 | 0.03 | 0.90 | 0.90 | 3.83 | 3.83 |
| 2023 | 7731 | 12.52 | 12.52 | 96797 | 0.04 | 0.90 | 0.90 | 6.55 | 6.55 |
| 2022 | 7857 | 11.75 | 11.75 | 92372 | 0.02 | 0.90 | 0.90 | (16.13) | (16.13) |
| 2021 | 9690 | 14.01 | 14.01 | 135767 | 0.02 | 0.90 | 0.90 | 6.95 | 6.95 |
|  Northern Large Cap Core |  |  |  |  |  |  |  |  |  |
| 2025 | 4562 | 34.83 | 34.83 | 158898 | 0.95 | 0.90 | 0.90 | 17.08 | 17.08 |
| 2024 | 5417 | 29.75 | 29.75 | 161154 | 0.01 | 0.90 | 0.90 | 21.48 | 21.48 |
| 2023 | 5208 | 24.49 | 24.49 | 127531 | 0.01 | 0.90 | 0.90 | 19.52 | 19.52 |
| 2022 | 6313 | 20.49 | 20.49 | 129362 | 0.01 | 0.90 | 0.90 | (18.75) | (18.75) |
| 2021 | 8600 | 25.22 | 25.22 | 216860 | 0.01 | 0.90 | 0.90 | 27.96 | 27.96 |
|  Northern Large Cap Value |  |  |  |  |  |  |  |  |  |
| 2025 | 16157 | 24.40 | 24.40 | 393830 | 2.02 | 0.90 | 0.90 | 13.49 | 13.49 |
| 2024 | 13187 | 21.50 | 21.50 | 283167 | 0.01 | 0.90 | 0.90 | 9.19 | 9.19 |
| 2023 | 20617 | 19.69 | 19.69 | 405574 | 0.03 | 0.90 | 0.90 | 5.86 | 5.86 |
| 2022 | 20360 | 18.60 | 18.60 | 378436 | 0.01 | 0.90 | 0.90 | (9.58) | (9.58) |
| 2021 | 12315 | 20.57 | 20.57 | 253024 | 0.02 | 0.90 | 0.90 | 23.40 | 23.40 |
|  PGIM Focused Growth |  |  |  |  |  |  |  |  |  |
| 2025 | 303200 | 11.18 | 11.27 | 3418425 |  | 0.90 | 1.10 | 11.24 | 11.47 |
| 2024 | 323893 | 10.05 | 10.11 | 3276719 |  | 0.90 | 1.10 | 26.26 | 26.38 |
| 2023 | 352180 | 7.96 | 8.00 | 2817235 |  | 0.90 | 1.10 | 46.06 | 46.52 |
| 2022 | 377867 | 5.45 | 5.46 | 2063314 |  | 0.90 | 1.10 | (43.05) | (42.95) |
| 2021 | 396159 | 9.57 | 9.57 | 3793610 |  | 0.90 | 1.10 |  |  |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets<br>($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  PGIM Jennison Mid-Cap Growth |  |  |  |  |  |  |  |  |  |
| 2025 | 14153 | 20.02 | 20.02 | 283294 |  | 0.90 | 0.90 | (6.49) | (6.49) |
| 2024 | 11222 | 21.41 | 21.41 | 240169 |  | 0.90 | 0.90 | 7.37 | 7.37 |
| 2023 | 8588 | 19.94 | 19.94 | 171190 |  | 0.90 | 0.90 | 15.59 | 15.59 |
| 2022 | 7502 | 17.25 | 17.25 | 129357 |  | 0.90 | 0.90 | (26.94) | (26.94) |
| 2021 | 8150 | 23.61 | 23.61 | 192400 |  | 0.90 | 0.90 | 7.12 | 7.12 |
|  PGIM Jennison Natural Resources |  |  |  |  |  |  |  |  |  |
| 2025 | 2086 | 9.64 | 9.64 | 20109 | 1.03 | 0.90 | 0.90 | 33.15 | 33.15 |
| 2024 | 2250 | 7.24 | 7.24 | 16273 | 0.01 | 0.90 | 0.90 | (2.95) | (2.95) |
| 2023 | 4979 | 7.46 | 7.46 | 37158 | 0.02 | 0.90 | 0.90 | (5.93) | (5.93) |
| 2022 | 2665 | 7.93 | 7.93 | 21153 | 0.03 | 0.90 | 0.90 | 19.61 | 19.61 |
| 2021 | 2568 | 6.63 | 6.63 | 17020 | 0.01 | 0.90 | 0.90 | 22.55 | 22.55 |
|  PGIM Jennison Small Company |  |  |  |  |  |  |  |  |  |
| 2025 | 16608 | 22.96 | 22.96 | 380646 | 0.18 | 0.90 | 0.90 | 2.78 | 2.78 |
| 2024 | 19892 | 22.34 | 22.34 | 443714 |  | 0.90 | 0.90 | 9.30 | 9.30 |
| 2023 | 25354 | 20.44 | 20.44 | 517528 | 0.00 | 0.90 | 0.90 | 7.24 | 7.24 |
| 2022 | 25940 | 19.06 | 19.06 | 493847 |  | 0.90 | 0.90 | (21.98) | (21.98) |
| 2021 | 29793 | 24.43 | 24.43 | 727252 |  | 0.90 | 0.90 | 24.07 | 24.07 |
|  PGIM Quant Solutions Small-Cap Value (d) |  |  |  |  |  |  |  |  |  |
| 2025 | 12805 | 14.57 | 15.15 | 193896 | 0.62 | 0.90 | 1.10 | 8.73 | 9.07 |
| 2024 | 15849 | 13.03 | 13.89 | 219685 | 0.01 | 0.90 | 1.25 | 0.31 | 0.65 |
| 2023 | 19619 | 12.99 | 13.80 | 269545 | 0.02 | 0.90 | 1.25 | 11.69 | 12.10 |
| 2022 | 19346 | 11.63 | 12.31 | 237180 | 0.02 | 0.90 | 1.25 | (15.17) | (14.87) |
| 2021 | 20605 | 13.71 | 14.46 | 296063 | 0.01 | 0.90 | 1.25 | 35.34 | 35.77 |
|  PIMCO All Asset |  |  |  |  |  |  |  |  |  |
| 2025 | 12656 | 11.30 | 11.30 | 142978 | 7.35 | 0.90 | 0.90 | 9.60 | 9.60 |
| 2024 | 15128 | 10.31 | 10.31 | 155351 | 0.05 | 0.90 | 0.90 | (0.67) | (0.67) |
| 2023 | 18767 | 10.38 | 10.38 | 193993 | 0.03 | 0.90 | 0.90 | 3.80 | 3.80 |
| 2022 | 23972 | 10.00 | 10.00 | 239115 | 0.06 | 0.90 | 0.90 | (15.54) | (15.54) |
| 2021 | 24533 | 11.84 | 11.84 | 289664 | 0.12 | 0.90 | 0.90 | 10.34 | 10.34 |

---

(d) Closed to new investments. See Note 1.

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  PIMCO CommodityRealReturn Strategy |  |  |  |  |  |  |  |  |  |
| 2025 | 15629 | 5.58 | 5.58 | 86963 | 6.71 | 0.90 | 0.90 | 14.11 | 14.11 |
| 2024 | 14425 | 4.89 | 4.89 | 70217 | 0.03 | 0.90 | 0.90 | 0.20 | 0.20 |
| 2023 | 16051 | 4.88 | 4.88 | 78002 | 0.04 | 0.90 | 0.90 | (11.27) | (11.27) |
| 2022 | 19082 | 5.50 | 5.50 | 104727 | 0.37 | 0.90 | 0.90 | 4.17 | 4.17 |
| 2021 | 21660 | 5.28 | 5.28 | 114053 | 0.20 | 0.90 | 0.90 | 27.85 | 27.85 |
|  PIMCO Emerging Markets Bond |  |  |  |  |  |  |  |  |  |
| 2025 | 5169 | 9.57 | 9.57 | 49409 | 7.40 | 0.90 | 0.90 | 10.64 | 10.64 |
| 2024 | 6350 | 8.65 | 8.65 | 54902 | 0.05 | 0.90 | 0.90 | 3.22 | 3.22 |
| 2023 | 4524 | 8.38 | 8.38 | 37867 | 0.10 | 0.90 | 0.90 | 7.44 | 7.44 |
| 2022 | 15111 | 7.80 | 7.80 | 117816 | 0.06 | 0.90 | 0.90 | (19.84) | (19.84) |
| 2021 | 14392 | 9.73 | 9.73 | 140015 | 0.07 | 0.90 | 0.90 | (6.17) | (6.17) |
|  PIMCO High Yield |  |  |  |  |  |  |  |  |  |
| 2025 | 68522 | 15.93 | 16.54 | 1090792 | 5.84 | 0.90 | 1.10 | 3.83 | 4.05 |
| 2024 | 76502 | 12.07 | 15.93 | 1170603 | 0.06 | 0.90 | 1.25 | 1.94 | 2.34 |
| 2023 | 84898 | 11.84 | 15.60 | 1270244 | 0.06 | 0.90 | 1.25 | 7.64 | 8.09 |
| 2022 | 83198 | 11.00 | 13.84 | 1151772 | 0.04 | 0.90 | 1.25 | (14.79) | (14.52) |
| 2021 | 90462 | 12.91 | 16.19 | 1464828 | 0.04 | 0.90 | 1.25 | (0.62) | (0.31) |
|  PIMCO International Bond (U.S. Dollar-Hedged) |  |  |  |  |  |  |  |  |  |
| 2025 | 311819 | 9.49 | 10.15 | 3160075 | 3.60 | 0.90 | 1.25 | (0.63) | (0.39) |
| 2024 | 403432 | 9.55 | 10.19 | 4097697 | 0.04 | 0.90 | 1.25 | 0.53 | 0.99 |
| 2023 | 421769 | 9.75 | 10.09 | 4241906 | 0.02 | 0.90 | 1.10 | 4.50 | 4.67 |
| 2022 | 460532 | 9.33 | 9.64 | 4425525 | 0.02 | 0.90 | 1.10 | (14.09) | (13.85) |
| 2021 | 365442 | 10.86 | 11.19 | 4088637 | 0.01 | 0.90 | 1.10 | (6.22) | (6.05) |
|  PIMCO Low Duration |  |  |  |  |  |  |  |  |  |
| 2025 | 7218 | 7.02 | 7.02 | 50739 | 3.51 | 0.90 | 0.90 | 0.86 | 0.86 |
| 2024 | 7431 | 6.96 | 6.96 | 51756 | 0.04 | 0.90 | 0.90 | 0.14 | 0.14 |
| 2023 | 20096 | 6.95 | 6.95 | 139566 | 0.03 | 0.90 | 0.90 | 0.72 | 0.72 |
| 2022 | 24322 | 6.90 | 6.90 | 167775 | 0.01 | 0.90 | 0.90 | (9.33) | (9.33) |
| 2021 | 4258 | 7.61 | 7.61 | 32418 | 0.00 | 0.90 | 0.90 | (4.99) | (4.99) |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  PIMCO Real Return |  |  |  |  |  |  |  |  |  |
| 2025 | 88502 | 8.45 | 8.45 | 747873 | 3.41 | 0.90 | 0.90 | 3.30 | 3.30 |
| 2024 | 89023 | 8.18 | 8.18 | 727831 | 0.02 | 0.90 | 0.90 | (1.92) | (1.92) |
| 2023 | 100374 | 8.34 | 8.34 | 837308 | 0.03 | 0.90 | 0.90 | (0.95) | (0.95) |
| 2022 | 100888 | 8.42 | 8.42 | 849037 | 0.07 | 0.90 | 0.90 | (15.80) | (15.80) |
| 2021 | 86246 | 10.00 | 10.00 | 861866 | 0.05 | 0.90 | 0.90 | 1.01 | 1.01 |
|  PIMCO StocksPLUS<sup>®</sup> Small Fund |  |  |  |  |  |  |  |  |  |
| 2025 | 17929 | 21.77 | 21.77 | 390956 | 7.88 | 0.90 | 0.90 | 10.12 | 10.12 |
| 2024 | 21529 | 19.77 | 19.77 | 426099 | 0.04 | 0.90 | 0.90 | 7.86 | 7.86 |
| 2023 | 21200 | 18.33 | 18.33 | 389037 | 0.02 | 0.90 | 0.90 | 12.18 | 12.18 |
| 2022 | 20097 | 16.34 | 16.34 | 328795 |  | 0.90 | 0.90 | (27.15) | (27.15) |
| 2021 | 25879 | 22.43 | 22.43 | 581000 | 0.17 | 0.90 | 0.90 | 9.25 | 9.25 |
|  PIMCO Total Return |  |  |  |  |  |  |  |  |  |
| 2025 | 142631 | 8.75 | 8.75 | 1248046 | 3.89 | 0.90 | 0.90 | 4.54 | 4.54 |
| 2024 | 163257 | 8.37 | 8.37 | 1366694 | 0.04 | 0.90 | 0.90 | (1.88) | (1.88) |
| 2023 | 188420 | 8.53 | 8.53 | 1608020 | 0.03 | 0.90 | 0.90 | 1.55 | 1.55 |
| 2022 | 202451 | 8.40 | 8.40 | 1699871 | 0.03 | 0.90 | 0.90 | (17.81) | (17.81) |
| 2021 | 198487 | 10.22 | 10.22 | 2029174 | 0.02 | 0.90 | 0.90 | (5.28) | (5.28) |
|  PIMCO VIT All Asset Administrative |  |  |  |  |  |  |  |  |  |
| 2025 | 235893 | 13.25 | 15.20 | 3575224 | 4.57 | 0.75 | 1.35 | 9.32 | 9.99 |
| 2024 | 274910 | 12.12 | 13.82 | 3785849 | 0.07 | 0.75 | 1.35 | (0.66) | (0.07) |
| 2023 | 327703 | 12.20 | 13.83 | 4517732 | 0.03 | 0.75 | 1.35 | 3.48 | 4.14 |
| 2022 | 351375 | 11.79 | 13.28 | 4649478 | 0.07 | 0.75 | 1.35 | (15.60) | (15.09) |
| 2021 | 406909 | 13.97 | 15.64 | 6343555 | 0.11 | 0.75 | 1.35 | 11.31 | 11.95 |
|  PIMCO VIT All Asset Advisor |  |  |  |  |  |  |  |  |  |
| 2025 | 81988 | 10.29 | 11.95 | 979245 | 4.54 | 0.25 | 1.25 | 9.35 | 10.55 |
| 2024 | 82571 | 9.41 | 10.81 | 892189 | 0.06 | 0.25 | 1.25 | (0.74) | 0.28 |
| 2023 | 85034 | 9.48 | 10.78 | 915275 | 0.03 | 0.25 | 1.45 | 3.61 | 4.56 |
| 2022 | 73606 | 9.15 | 10.31 | 757694 | 0.07 | 0.25 | 1.45 | (15.59) | (14.72) |
| 2021 | 48339 | 10.84 | 12.09 | 581262 | 0.11 | 0.25 | 1.45 | 10.95 | 12.36 |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  PIMCO VIT CommodityRealReturn Strategy Administrative |  |  |  |  |  |  |  |  |  |
| 2025 | 653271 | 4.96 | 5.78 | 3735056 | 2.91 | 0.75 | 1.35 | 13.76 | 14.46 |
| 2024 | 687530 | 4.36 | 5.05 | 3444101 | 0.02 | 0.75 | 1.35 | (0.23) | 0.40 |
| 2023 | 915090 | 4.37 | 5.03 | 4505201 | 0.17 | 0.75 | 1.35 | (11.90) | (11.29) |
| 2022 | 1383365 | 4.96 | 5.67 | 7672733 | 0.25 | 0.75 | 1.35 | 3.98 | 4.61 |
| 2021 | 1673553 | 4.77 | 5.42 | 8802103 | 0.04 | 0.75 | 1.35 | 27.88 | 28.44 |
|  PIMCO VIT CommodityRealReturn Strategy Advisor |  |  |  |  |  |  |  |  |  |
| 2025 | 27138 | 5.27 | 6.33 | 145255 | 2.88 | 0.25 | 1.25 | 13.85 | 14.81 |
| 2024 | 48407 | 4.59 | 5.56 | 224109 | 0.02 | 0.25 | 1.25 | (0.36) | 0.66 |
| 2023 | 38956 | 4.56 | 5.58 | 180337 | 0.08 | 0.25 | 1.45 | (11.85) | (10.94) |
| 2022 | 158362 | 5.12 | 6.33 | 927671 | 0.23 | 0.25 | 1.45 | 4.11 | 5.13 |
| 2021 | 40886 | 4.87 | 6.08 | 200736 | 0.03 | 0.25 | 1.45 | 27.46 | 28.84 |
|  PIMCO VIT Emerging Markets Bond |  |  |  |  |  |  |  |  |  |
| 2025 | 159142 | 9.36 | 11.84 | 1823112 | 6.78 | 0.25 | 1.35 | 9.95 | 11.12 |
| 2024 | 171716 | 8.50 | 10.70 | 1778965 | 0.09 | 0.25 | 1.35 | 2.87 | 4.03 |
| 2023 | 187339 | 8.26 | 10.34 | 1882624 | 0.06 | 0.25 | 1.45 | 6.20 | 7.44 |
| 2022 | 188181 | 7.76 | 9.01 | 1775968 | 0.04 | 0.25 | 1.45 | (19.33) | (18.46) |
| 2021 | 250702 | 9.62 | 11.05 | 2935103 | 0.06 | 0.25 | 1.45 | (6.87) | (5.80) |
|  PIMCO VIT Global Bond Opportunities Portfolio (Unhedged) |  |  |  |  |  |  |  |  |  |
| 2025 | 832 | 10.05 | 10.05 | 8360 | 4.46 | 0.25 | 0.25 | 9.12 | 9.12 |
| 2024 | 810 | 9.21 | 9.21 | 7462 | 0.02 | 0.25 | 0.25 | (3.86) | (3.86) |
| 2023 | 5009 | 6.93 | 9.58 | 48019 | 0.03 | 0.25 | 1.45 | 0.87 | 1.81 |
| 2022 | 4863 | 9.41 | 9.41 | 45802 | 0.01 | 0.25 | 0.25 | (13.91) | (13.91) |
| 2021 | 5265 | 10.93 | 10.93 | 57592 | 0.05 | 0.25 | 0.25 | (7.37) | (7.37) |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  PIMCO VIT Global Managed Asset Allocation |  |  |  |  |  |  |  |  |  |
| 2025 | 3059 | 13.08 | 14.76 | 40024 | 6.37 | 0.25 | 1.25 | 16.68 | 17.89 |
| 2024 | 7324 | 11.21 | 12.52 | 87773 | 0.04 | 0.25 | 1.25 | 6.16 | 7.19 |
| 2023 | 10978 | 10.56 | 11.68 | 125921 | 0.02 | 0.25 | 1.45 | 8.09 | 9.26 |
| 2022 | 10855 | 9.77 | 10.69 | 114199 | 0.02 | 0.25 | 1.45 | (21.78) | (20.99) |
| 2021 | 14794 | 12.49 | 13.53 | 198175 | 0.03 | 0.25 | 1.45 | 7.67 | 9.02 |
|  PIMCO VIT High Yield |  |  |  |  |  |  |  |  |  |
| 2025 | 12438 | 19.17 | 19.17 | 238078 | 5.89 | 0.25 | 0.25 | 5.39 | 5.39 |
| 2024 | 16791 | 18.19 | 18.19 | 305201 | 0.07 | 0.25 | 0.25 | 3.35 | 3.35 |
| 2023 | 16349 | 9.68 | 17.60 | 287514 | 0.06 | 0.25 | 1.45 | 7.44 | 8.51 |
| 2022 | 15132 | 9.01 | 16.22 | 245201 | 0.05 | 0.25 | 1.45 | (14.11) | (13.26) |
| 2021 | 21561 | 10.49 | 18.70 | 367564 | 0.05 | 0.25 | 1.45 | (1.04) | 0.21 |
|  PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged) |  |  |  |  |  |  |  |  |  |
| 2025 | 528554 | 9.90 | 10.91 | 5767381 | 3.55 | 0.75 | 1.35 | (0.50) | 0.18 |
| 2024 | 622411 | 9.95 | 10.89 | 6782438 | 0.03 | 0.75 | 1.35 | 1.02 | 1.49 |
| 2023 | 759657 | 9.85 | 10.73 | 8065915 | 0.02 | 0.75 | 1.35 | 4.34 | 4.99 |
| 2022 | 805849 | 9.44 | 10.22 | 8180516 | 0.01 | 0.75 | 1.35 | (14.03) | (13.46) |
| 2021 | 812544 | 10.98 | 11.81 | 9589217 | 0.02 | 0.75 | 1.35 | (6.07) | (5.52) |
|  PIMCO VIT International Bond Portfolio (Unhedged) |  |  |  |  |  |  |  |  |  |
| 2025 | 25233 | 6.49 | 6.49 | 163728 | 3.61 | 0.25 | 0.25 | 6.57 | 6.57 |
| 2024 | 30019 | 6.09 | 6.09 | 182881 | 0.05 | 0.25 | 0.25 | (6.60) | (6.60) |
| 2023 | 10630 | 6.52 | 6.52 | 69255 | 0.02 | 0.25 | 0.25 | 2.68 | 2.68 |
| 2022 | 7786 | 6.35 | 6.35 | 49379 | 0.01 | 0.25 | 0.25 | (21.60) | (21.60) |
| 2021 | 27214 | 8.10 | 8.10 | 220498 | 0.05 | 0.25 | 0.25 | (10.60) | (10.60) |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  PIMCO VIT Low Duration Administrative (d) |  |  |  |  |  |  |  |  |  |
| 2025 | 2886779 | 6.61 | 8.64 | 21320424 | 3.97 | 0.25 | 1.40 | 0.99 | 2.13 |
| 2024 | 3086173 | 6.54 | 8.46 | 22442503 | 0.04 | 0.25 | 1.40 |  | 1.08 |
| 2023 | 3908810 | 6.54 | 8.37 | 28326340 | 0.04 | 0.25 | 1.40 | 0.43 | 1.70 |
| 2022 | 4391617 | 7.01 | 8.23 | 31545128 | 0.01 | 0.25 | 1.40 | (9.78) | (8.76) |
| 2021 | 3187448 | 7.77 | 9.02 | 25114031 | 0.01 | 0.25 | 1.40 | (5.24) | (4.14) |
|  PIMCO VIT Low Duration Advisor |  |  |  |  |  |  |  |  |  |
| 2025 | 117380 | 6.98 | 7.79 | 900885 | 3.56 | 0.25 | 1.25 | 1.01 | 2.14 |
| 2024 | 67074 | 6.91 | 7.64 | 505836 | 0.04 | 0.25 | 1.25 |  | 1.06 |
| 2023 | 63949 | 6.91 | 7.56 | 477194 | 0.03 | 0.25 | 1.45 | 0.58 | 1.61 |
| 2022 | 93556 | 6.87 | 7.31 | 680268 | 0.02 | 0.25 | 1.45 | (9.84) | (8.85) |
| 2021 | 94550 | 7.62 | 8.02 | 760240 | 0.00 | 0.25 | 1.45 | (5.34) | (4.18) |
|  PIMCO VIT Real Return Administrative (d) |  |  |  |  |  |  |  |  |  |
| 2025 | 1444678 | 8.77 | 10.57 | 14041892 | 3.39 | 0.25 | 1.40 | 3.18 | 4.34 |
| 2024 | 1577290 | 8.50 | 10.13 | 14743167 | 0.03 | 0.25 | 1.40 | (2.30) | (1.07) |
| 2023 | 1709263 | 8.70 | 9.96 | 16403665 | 0.03 | 0.75 | 1.40 | (0.80) | (0.20) |
| 2022 | 1822007 | 8.77 | 10.21 | 17555272 | 0.07 | 0.25 | 1.40 | (15.67) | (14.70) |
| 2021 | 2156777 | 10.40 | 11.76 | 24340503 | 0.05 | 0.75 | 1.40 | 0.97 | 1.73 |
|  PIMCO VIT Real Return Advisor |  |  |  |  |  |  |  |  |  |
| 2025 | 90732 | 7.71 | 9.05 | 796372 | 3.37 | 0.25 | 1.25 | 3.21 | 4.26 |
| 2024 | 88431 | 7.47 | 8.68 | 746228 | 0.03 | 0.25 | 1.25 | (2.23) | (1.16) |
| 2023 | 111182 | 7.64 | 8.79 | 952674 | 0.03 | 0.25 | 1.45 | (0.78) | 0.23 |
| 2022 | 100291 | 7.70 | 8.77 | 857582 | 0.07 | 0.25 | 1.45 | (15.66) | (14.77) |
| 2021 | 64496 | 9.13 | 10.10 | 644261 | 0.06 | 0.25 | 1.45 | 0.88 | 2.12 |
|  PIMCO VIT Short-Term |  |  |  |  |  |  |  |  |  |
| 2025 | 443128 | 7.67 | 8.56 | 3753342 | 4.09 | 0.25 | 1.25 | 0.26 | 1.18 |
| 2024 | 505530 | 7.65 | 8.46 | 4132367 | 0.07 | 0.25 | 1.25 | 1.46 | 2.55 |
| 2023 | 248518 | 7.54 | 8.25 | 2017766 | 0.04 | 0.25 | 1.45 | 1.48 | 2.48 |
| 2022 | 290181 | 7.43 | 8.05 | 2321666 | 0.02 | 0.25 | 1.45 | (4.50) | (3.48) |
| 2021 | 80087 | 7.78 | 8.34 | 654648 | 0.01 | 0.25 | 1.45 | (4.42) | (3.36) |

---

(d) Closed to new investments. See Note 1.

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  PIMCO VIT Total Return Administrative |  |  |  |  |  |  |  |  |  |
| 2025 | 921601 | 8.70 | 8.70 | 8055908 | 4.06 | 1.40 | 1.40 | 4.19 | 4.19 |
| 2024 | 1022530 | 8.35 | 8.35 | 8572957 | 0.04 | 1.40 | 1.40 | (1.88) | (1.88) |
| 2023 | 1092096 | 8.51 | 8.51 | 9327169 | 0.04 | 1.40 | 1.40 | 1.43 | 1.43 |
| 2022 | 1101981 | 8.39 | 8.39 | 9282733 | 0.03 | 1.40 | 1.40 | (18.07) | (18.07) |
| 2021 | 1284545 | 10.24 | 10.24 | 13187109 | 0.02 | 1.40 | 1.40 | (5.54) | (5.54) |
|  PIMCO VIT Total Return Advisor |  |  |  |  |  |  |  |  |  |
| 2025 | 1522581 | 7.60 | 8.89 | 12807372 | 4.08 | 0.25 | 1.25 | 4.25 | 5.33 |
| 2024 | 1668536 | 7.29 | 8.44 | 13368939 | 0.04 | 0.25 | 1.25 | (1.88) | (0.82) |
| 2023 | 1833992 | 7.43 | 8.51 | 14836640 | 0.04 | 0.25 | 1.45 | 1.36 | 2.45 |
| 2022 | 1171416 | 7.33 | 8.31 | 9308527 | 0.02 | 0.25 | 1.45 | (17.92) | (17.15) |
| 2021 | 1206157 | 8.93 | 10.03 | 11587277 | 0.02 | 0.25 | 1.45 | (5.60) | (4.48) |
|  Putnam VT Core Equity Fund |  |  |  |  |  |  |  |  |  |
| 2025 | 21589 | 29.83 | 40.71 | 845842 | 0.53 | 0.25 | 1.25 | 11.93 | 13.08 |
| 2024 | 14356 | 26.65 | 36.00 | 488005 |  | 0.25 | 1.25 | 21.63 | 22.87 |
| 2023 | 2021 | 21.91 | 21.91 | 44266 | 0.00 | 1.25 | 1.45 | 22.75 | 22.75 |
| 2022 | 2394 | 17.85 | 23.63 | 42712 | 0.02 | 0.25 | 1.45 | (19.23) | (18.43) |
| 2021 | 2394 | 22.10 | 22.10 | 52904 |  | 1.45 | 1.45 | 25.28 | 25.28 |
|  Putnam VT Diversified Income |  |  |  |  |  |  |  |  |  |
| 2025 | 5091 | 9.19 | 9.19 | 46647 | 3.63 | 0.25 | 0.25 | 5.15 | 5.15 |
| 2024 | 12296 | 8.74 | 8.74 | 107445 | 0.06 | 0.25 | 0.25 | 2.34 | 2.34 |
| 2023 | 12374 | 8.54 | 8.54 | 105613 | 0.07 | 0.25 | 0.25 | 1.43 | 1.43 |
| 2022 | 6753 | 8.42 | 8.42 | 56784 | 0.07 | 0.25 | 0.25 | (5.50) | (5.50) |
| 2021 | 6566 | 8.03 | 8.91 | 58410 | 0.01 | 0.25 | 1.45 | (10.98) | (9.91) |
|  Putnam VT Global Asset Allocation |  |  |  |  |  |  |  |  |  |
| 2025 | 1254 | 15.42 | 19.23 | 19285 | 4.09 | 0.25 | 1.25 | 9.67 | 10.71 |
| 2024 | 50035 | 14.06 | 17.37 | 864946 |  | 0.25 | 1.25 | 11.50 | 12.65 |
| 2023 | 1186 | 12.61 | 12.61 | 14919 | 0.01 | 1.25 | 1.45 | 12.59 | 12.59 |
| 2022 | 1153 | 11.20 | 11.20 | 12885 | 0.01 | 1.45 | 1.45 | (19.54) | (19.54) |
| 2021 | 1121 | 13.92 | 13.92 | 15569 | 0.01 | 1.45 | 1.45 | 9.01 | 9.01 |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  Putnam VT High Yield |  |  |  |  |  |  |  |  |  |
| 2025 | 5242 | 10.11 | 11.64 | 61066 | 10.41 | 0.25 | 1.25 | 4.23 | 5.15 |
| 2024 | 5097 | 11.07 | 11.07 | 56446 | 0.06 | 0.25 | 0.25 | 4.43 | 4.43 |
| 2023 | 4956 | 9.39 | 10.60 | 52561 | 0.05 | 0.25 | 1.45 | 7.44 | 8.50 |
| 2022 | 4868 | 8.74 | 9.77 | 47512 | 0.05 | 0.25 | 1.45 | (15.23) | (14.37) |
| 2021 | 4733 | 10.31 | 11.41 | 53995 | 0.01 | 0.25 | 1.45 | 0.39 | 1.60 |
|  Putnam VT Income |  |  |  |  |  |  |  |  |  |
| 2025 | 3350 | 8.31 | 8.31 | 27778 | 3.82 | 0.25 | 0.25 | 3.75 | 3.75 |
| 2024 | 5606 | 8.01 | 8.01 | 44818 | 0.06 | 0.25 | 0.25 | (0.87) | (0.87) |
| 2023 | 5907 | 7.45 | 8.08 | 47684 | 0.26 | 0.25 | 1.45 | 0.40 | 1.25 |
| 2022 | 12434 | 7.98 | 7.98 | 99129 | 0.08 | 0.25 | 0.25 | (16.53) | (16.53) |
| 2021 | 46045 | 8.98 | 9.56 | 440386 | 0.02 | 0.25 | 1.45 | (8.83) | (7.63) |
|  Putnam VT Large Cap Growth Fund |  |  |  |  |  |  |  |  |  |
| 2025 | 4136 | 39.33 | 52.52 | 196635 |  | 0.25 | 1.25 | 9.55 | 10.68 |
| 2024 | 15654 | 35.90 | 47.45 | 714103 |  | 0.25 | 1.25 | 27.80 | 29.12 |
| 2023 | 14695 | 28.09 | 36.75 | 537856 |  | 0.25 | 1.45 | 38.51 | 39.84 |
| 2022 | 13077 | 20.28 | 26.28 | 342106 |  | 0.25 | 1.45 | (33.38) | (32.70) |
| 2021 | 11922 | 30.44 | 39.05 | 464554 |  | 0.25 | 1.45 | 17.30 | 18.73 |
|  Putnam VT Large Cap Value |  |  |  |  |  |  |  |  |  |
| 2025 | 52776 | 24.07 | 33.11 | 1614423 | 1.11 | 0.25 | 1.25 | 15.33 | 16.50 |
| 2024 | 61592 | 20.87 | 28.42 | 1684314 | 0.01 | 0.25 | 1.25 | 14.17 | 15.34 |
| 2023 | 65110 | 18.28 | 24.64 | 1523443 | 0.01 | 0.25 | 1.45 | 10.86 | 11.95 |
| 2022 | 83184 | 16.49 | 22.01 | 1584614 | 0.01 | 0.25 | 1.45 | (7.15) | (6.18) |
| 2021 | 58089 | 17.76 | 23.46 | 1293624 | 0.01 | 0.25 | 1.45 | 21.73 | 23.21 |
|  Putnam VT Small Cap Growth |  |  |  |  |  |  |  |  |  |
| 2025 | 16261 | 18.88 | 25.74 | 407474 | 0.34 | 0.25 | 1.25 | 4.25 | 5.32 |
| 2024 | 13112 | 18.11 | 24.44 | 320297 |  | 0.25 | 1.25 | 18.21 | 19.39 |
| 2023 | 13020 | 15.32 | 20.47 | 264685 |  | 0.25 | 1.45 | 18.03 | 19.22 |
| 2022 | 2685 | 12.98 | 17.17 | 46084 |  | 0.25 | 1.45 | (31.29) | (30.57) |
| 2021 | 1850 | 18.89 | 18.89 | 34946 |  | 1.45 | 1.45 | 8.94 | 8.94 |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  Putnam VT Small Cap Value |  |  |  |  |  |  |  |  |  |
| 2025 | 12384 | 15.40 | 15.40 | 191280 | 0.79 | 0.75 | 0.75 | 1.38 | 1.38 |
| 2024 | 20837 | 15.19 | 15.19 | 316960 | 0.01 | 0.75 | 0.75 | 2.29 | 2.29 |
| 2023 | 40359 | 14.85 | 14.85 | 599634 | 0.00 | 0.75 | 0.75 | 19.28 | 19.28 |
| 2022 | 53548 | 12.45 | 12.45 | 667247 | 0.00 | 0.75 | 0.75 | (16.22) | (16.22) |
| 2021 | 99518 | 14.86 | 14.86 | 1479056 | 0.01 | 0.75 | 0.75 | 34.85 | 34.85 |
|  Royce Micro-Cap |  |  |  |  |  |  |  |  |  |
| 2025 | 191153 | 13.04 | 16.20 | 3072324 |  | 0.75 | 1.35 | 9.03 | 9.68 |
| 2024 | 274707 | 11.96 | 14.77 | 4036573 |  | 0.75 | 1.35 | 8.83 | 9.49 |
| 2023 | 255700 | 10.99 | 13.49 | 3407340 |  | 0.75 | 1.35 | 13.77 | 14.42 |
| 2022 | 276853 | 9.66 | 11.79 | 3244212 |  | 0.75 | 1.35 | (25.75) | (25.24) |
| 2021 | 310369 | 13.01 | 15.77 | 4864577 |  | 0.75 | 1.35 | 24.50 | 25.16 |
|  Royce Small-Cap Opportunity |  |  |  |  |  |  |  |  |  |
| 2025 | 129766 | 21.94 | 22.80 | 2961041 |  | 0.90 | 1.10 | 7.08 | 7.29 |
| 2024 | 123468 | 20.49 | 21.25 | 2626098 |  | 0.90 | 1.10 | 5.56 | 5.77 |
| 2023 | 153576 | 19.41 | 20.09 | 3087328 |  | 0.90 | 1.10 | 14.51 | 14.73 |
| 2022 | 197566 | 16.95 | 17.51 | 3461746 |  | 0.90 | 1.10 | (20.61) | (20.45) |
| 2021 | 160613 | 21.35 | 22.01 | 3537576 |  | 0.90 | 1.10 | 25.22 | 25.41 |
|  Royce Small-Cap Value |  |  |  |  |  |  |  |  |  |
| 2025 | 71461 | 13.46 | 13.99 | 998912 | 0.71 | 0.90 | 1.10 | 2.36 | 2.57 |
| 2024 | 74850 | 13.15 | 13.64 | 1020003 | 0.01 | 0.90 | 1.10 | (0.90) | (0.66) |
| 2023 | 84050 | 13.27 | 13.73 | 1153552 | 0.01 | 0.90 | 1.10 | 21.08 | 21.29 |
| 2022 | 89641 | 10.96 | 11.32 | 1014527 | 0.00 | 0.90 | 1.10 | (13.70) | (13.52) |
| 2021 | 91283 | 12.70 | 13.09 | 1194186 |  | 0.90 | 1.10 | 23.06 | 23.37 |
|  Rydex VIF Banking |  |  |  |  |  |  |  |  |  |
| 2025 | 73444 | 7.18 | 14.74 | 585484 | 0.63 | 0.25 | 1.30 | 18.58 | 19.67 |
| 2024 | 86406 | 6.00 | 12.43 | 575259 | 0.02 | 0.25 | 1.30 | 17.82 | 19.28 |
| 2023 | 106536 | 5.03 | 10.54 | 593151 | 0.02 | 0.25 | 1.45 | (1.31) | (0.40) |
| 2022 | 114961 | 5.05 | 10.68 | 650514 | 0.01 | 0.25 | 1.45 | (20.42) | (19.59) |
| 2021 | 142378 | 6.28 | 13.42 | 1024928 | 0.01 | 0.25 | 1.45 | 27.69 | 29.22 |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  Rydex VIF Basic Materials |  |  |  |  |  |  |  |  |  |
| 2025 | 70008 | 15.59 | 19.36 | 1313640 | 1.48 | 0.25 | 1.30 | 27.27 | 28.60 |
| 2024 | 72193 | 12.25 | 15.21 | 1057745 | 0.01 | 0.25 | 1.30 | (6.57) | (5.59) |
| 2023 | 87789 | 13.10 | 16.28 | 1358239 |  | 0.25 | 1.45 | 4.43 | 5.52 |
| 2022 | 91354 | 12.54 | 13.23 | 1381255 | 0.01 | 0.25 | 1.45 | (13.46) | (12.56) |
| 2021 | 95120 | 14.49 | 15.13 | 1667542 | 0.01 | 0.25 | 1.45 | 17.61 | 19.04 |
|  Rydex VIF Biotechnology |  |  |  |  |  |  |  |  |  |
| 2025 | 70408 | 15.58 | 34.06 | 1446224 |  | 0.25 | 1.30 | 24.64 | 25.96 |
| 2024 | 95787 | 12.50 | 27.04 | 1561764 |  | 0.25 | 1.30 | (5.54) | (4.55) |
| 2023 | 96433 | 13.23 | 28.33 | 1736713 |  | 0.25 | 1.45 | 1.03 | 2.16 |
| 2022 | 105529 | 13.08 | 27.73 | 1807507 |  | 0.25 | 1.45 | (16.90) | (16.07) |
| 2021 | 276728 | 15.74 | 33.04 | 5566699 |  | 0.25 | 1.45 | (3.02) | (1.84) |
|  Rydex VIF Commodities Strategy |  |  |  |  |  |  |  |  |  |
| 2025 | 370544 | 1.75 | 2.85 | 688686 | 4.60 | 0.25 | 1.30 | 0.57 | 1.79 |
| 2024 | 396592 | 1.74 | 2.80 | 711809 | 0.04 | 0.25 | 1.30 | 3.57 | 4.87 |
| 2023 | 585954 | 1.68 | 3.77 | 1016935 | 0.10 | 0.25 | 1.45 | (10.24) | (9.49) |
| 2022 | 630606 | 2.95 | 4.20 | 1226035 | 0.05 | 0.25 | 1.45 | 17.98 | 18.95 |
| 2021 | 1052906 | 2.48 | 3.56 | 1702159 |  | 0.25 | 1.45 | 33.33 | 35.52 |
|  Rydex VIF Consumer Products |  |  |  |  |  |  |  |  |  |
| 2025 | 44730 | 10.56 | 17.91 | 731142 | 1.57 | 0.25 | 1.30 | (7.61) | (6.61) |
| 2024 | 50669 | 11.43 | 19.38 | 908216 | 0.01 | 0.25 | 1.30 |  | 1.10 |
| 2023 | 64226 | 11.42 | 19.38 | 1109454 | 0.01 | 0.25 | 1.45 | (7.36) | (6.41) |
| 2022 | 135811 | 12.32 | 19.34 | 2280026 | 0.01 | 0.25 | 1.45 | (5.01) | (4.07) |
| 2021 | 59497 | 12.97 | 20.16 | 1278501 | 0.01 | 0.25 | 1.45 | 5.79 | 7.06 |
|  Rydex VIF Dow 2x Strategy (d) |  |  |  |  |  |  |  |  |  |
| 2025 | 26135 | 39.69 | 46.82 | 1212160 | 0.88 | 0.25 | 1.30 | 14.45 | 15.68 |
| 2024 | 24888 | 34.66 | 40.91 | 1008668 | 0.01 | 0.25 | 1.30 | 15.56 | 16.75 |
| 2023 | 29631 | 29.98 | 35.40 | 1037854 | 0.00 | 0.25 | 1.45 | 18.36 | 19.64 |
| 2022 | 41196 | 25.32 | 27.95 | 1207082 |  | 0.25 | 1.45 | (23.76) | (23.00) |
| 2021 | 34847 | 33.21 | 36.30 | 1344915 |  | 0.25 | 1.45 | 34.51 | 36.11 |

---

(d) Closed to new investments. See Note 1.

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  Rydex VIF Electronics |  |  |  |  |  |  |  |  |  |
| 2025 | 71773 | 23.23 | 67.30 | 2899248 |  | 0.25 | 1.30 | 35.53 | 36.94 |
| 2024 | 84453 | 17.14 | 49.64 | 2334630 |  | 0.25 | 1.30 | 11.15 | 12.40 |
| 2023 | 92442 | 15.42 | 44.62 | 2296006 |  | 0.25 | 1.45 | 48.27 | 49.79 |
| 2022 | 49066 | 24.18 | 30.08 | 511946 |  | 0.25 | 1.45 | (35.49) | (34.82) |
| 2021 | 93411 | 37.10 | 46.63 | 1867820 |  | 0.25 | 1.45 | 32.25 | 33.84 |
|  Rydex VIF Energy |  |  |  |  |  |  |  |  |  |
| 2025 | 293126 | 5.64 | 8.03 | 1980957 | 1.98 | 0.25 | 1.30 | 2.95 | 4.04 |
| 2024 | 310844 | 5.47 | 7.80 | 2051302 | 0.03 | 0.25 | 1.30 | (4.20) | (3.18) |
| 2023 | 333382 | 5.71 | 8.14 | 2299251 | 0.03 | 0.25 | 1.45 | (2.63) | (1.57) |
| 2022 | 538965 | 5.86 | 7.02 | 3730893 | 0.01 | 0.25 | 1.45 | 42.23 | 43.56 |
| 2021 | 786136 | 4.12 | 4.89 | 4274046 | 0.01 | 0.25 | 1.45 | 44.06 | 45.54 |
|  Rydex VIF Energy Services |  |  |  |  |  |  |  |  |  |
| 2025 | 141346 | 1.65 | 1.86 | 252928 | 0.06 | 1.25 | 1.30 | (2.62) | (2.37) |
| 2024 | 163497 | 1.69 | 2.06 | 300110 |  | 0.25 | 1.30 | (11.98) | (10.82) |
| 2023 | 285527 | 1.92 | 2.31 | 606733 |  | 0.25 | 1.45 |  | 0.87 |
| 2022 | 237270 | 1.91 | 2.29 | 502130 |  | 0.25 | 1.45 | 36.43 | 37.95 |
| 2021 | 2867125 | 1.40 | 1.66 | 4540805 | 0.00 | 0.25 | 1.45 | 12.00 | 13.70 |
|  Rydex VIF Europe 1.25x Strategy (d) |  |  |  |  |  |  |  |  |  |
| 2025 | 43719 | 6.99 | 7.96 | 347115 | 1.59 | 0.25 | 1.30 | 30.71 | 32.14 |
| 2024 | 43470 | 5.29 | 6.09 | 264030 | 0.08 | 0.25 | 1.30 | (7.02) | (6.04) |
| 2023 | 75772 | 5.63 | 6.55 | 493597 | 0.00 | 0.25 | 1.30 | 14.91 | 16.32 |
| 2022 | 85247 | 4.84 | 5.70 | 483712 |  | 0.25 | 1.30 | (16.67) | (15.97) |
| 2021 | 92715 | 5.76 | 6.84 | 631917 | 0.00 | 0.25 | 1.30 | 13.81 | 14.97 |
|  Rydex VIF Financial Services |  |  |  |  |  |  |  |  |  |
| 2025 | 67031 | 11.00 | 17.03 | 750821 | 0.69 | 0.25 | 1.30 | 6.17 | 7.18 |
| 2024 | 72179 | 10.31 | 16.04 | 773663 | 0.01 | 0.25 | 1.30 | 17.06 | 18.37 |
| 2023 | 81120 | 8.71 | 13.69 | 729334 |  | 0.25 | 1.45 | 9.12 | 10.25 |
| 2022 | 95845 | 7.90 | 12.54 | 786254 | 0.01 | 0.25 | 1.45 | (21.53) | (20.68) |
| 2021 | 135833 | 9.96 | 15.98 | 1457108 | 0.00 | 0.25 | 1.45 | 29.39 | 30.88 |

---

(d) Closed to new investments. See Note 1.

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  Rydex VIF Government Long Bond 1.2x Strategy (d) |  |  |  |  |  |  |  |  |  |
| 2025 | 70270 | 4.95 | 6.88 | 372075 | 3.48 | 0.25 | 1.30 | (2.61) | (1.57) |
| 2024 | 73223 | 5.08 | 6.99 | 401403 | 0.04 | 0.25 | 1.30 | (16.16) | (15.17) |
| 2023 | 101854 | 6.05 | 8.24 | 715235 | 0.03 | 0.25 | 1.30 | (5.19) | (4.30) |
| 2022 | 109302 | 6.38 | 8.61 | 806429 | 0.02 | 0.25 | 1.45 | (43.29) | (42.71) |
| 2021 | 103030 | 11.25 | 15.03 | 1330663 | 0.00 | 0.25 | 1.45 | (11.56) | (10.43) |
|  Rydex VIF Health Care |  |  |  |  |  |  |  |  |  |
| 2025 | 86370 | 17.33 | 25.16 | 1760755 |  | 0.25 | 1.30 | 9.26 | 10.40 |
| 2024 | 115770 | 15.86 | 22.79 | 2156086 |  | 0.25 | 1.30 | (4.08) | (3.06) |
| 2023 | 118410 | 16.52 | 23.51 | 2302890 |  | 0.25 | 1.45 | 0.56 | 1.69 |
| 2022 | 136008 | 16.42 | 23.12 | 2633261 |  | 0.25 | 1.45 | (15.67) | (14.81) |
| 2021 | 146426 | 19.47 | 27.89 | 3365479 |  | 0.25 | 1.45 | 13.73 | 15.06 |
|  Rydex VIF High Yield Strategy |  |  |  |  |  |  |  |  |  |
| 2025 | 33306 | 10.14 | 10.14 | 337587 | 17.71 | 1.25 | 1.25 | 5.30 | 5.30 |
| 2024 | 18351 | 9.63 | 10.58 | 176616 | 0.09 | 0.25 | 1.25 | 2.23 | 3.22 |
| 2023 | 1600 | 10.25 | 10.25 | 16381 | 0.24 | 0.25 | 0.25 | 9.16 | 9.16 |
| 2022 | 2088 | 8.72 | 9.39 | 19624 | 0.00 | 0.25 | 1.45 | (15.18) | (14.32) |
| 2021 | 25526 | 10.28 | 10.96 | 263738 |  | 0.25 | 1.45 | (2.74) | (1.62) |
|  Rydex VIF Internet |  |  |  |  |  |  |  |  |  |
| 2025 | 31841 | 16.81 | 33.34 | 565257 |  | 0.25 | 1.30 | 13.50 | 14.69 |
| 2024 | 40448 | 14.81 | 29.07 | 624918 |  | 0.25 | 1.30 | 18.10 | 19.43 |
| 2023 | 43383 | 12.54 | 24.34 | 565003 |  | 0.25 | 1.45 | 41.22 | 42.67 |
| 2022 | 53964 | 12.80 | 17.06 | 489439 |  | 0.25 | 1.45 | (47.15) | (46.59) |
| 2021 | 58881 | 24.22 | 31.94 | 1005185 |  | 0.25 | 1.45 | (8.81) | (7.71) |

---

(d) Closed to new investments. See Note 1.

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets<br>($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  Rydex VIF Inverse Dow 2x Strategy (d) |  |  |  |  |  |  |  |  |  |
| 2025 | 1176599 | 0.02 | 0.19 | 95504 | 6.40 | 0.25 | 1.30 | (33.33) | (20.00) |
| 2024 | 1645990 | 0.03 | 0.25 | 138851 | 0.07 | 0.25 | 1.30 | (21.88) |  |
| 2023 | 1594786 | 0.03 | 0.32 | 156518 | 0.00 | 0.25 | 1.30 | (25.00) | (20.00) |
| 2022 | 2061289 | 0.08 | 0.40 | 238147 |  | 0.25 | 1.45 |  |  |
| 2021 | 1587714 | 0.08 | 0.40 | 194319 |  | 0.25 | 1.45 | (42.86) | (33.33) |
|  Rydex VIF Inverse Government Long Bond Strategy (d) |  |  |  |  |  |  |  |  |  |
| 2025 | 151605 | 1.52 | 2.31 | 240335 | 7.29 | 0.25 | 1.30 | (2.56) | (1.70) |
| 2024 | 169534 | 1.56 | 2.35 | 273634 | 0.04 | 0.25 | 1.30 | 12.23 | 13.53 |
| 2023 | 172047 | 1.39 | 2.07 | 250278 |  | 0.25 | 1.30 | (0.71) | 0.49 |
| 2022 | 199955 | 1.40 | 2.06 | 301084 |  | 0.25 | 1.30 | 40.00 | 42.07 |
| 2021 | 189081 | 1.45 | 3.36 | 198966 |  | 0.25 | 1.45 | (3.45) | (2.68) |
|  Rydex VIF Inverse Mid-Cap Strategy (d) |  |  |  |  |  |  |  |  |  |
| 2025 | 48215 | 0.29 | 0.29 | 14224 | 3.57 | 1.30 | 1.30 | (9.38) | (9.38) |
| 2024 | 46878 | 0.32 | 1.56 | 15085 | 0.05 | 1.25 | 1.30 | (11.11) | (10.34) |
| 2023 | 48279 | 0.36 | 1.74 | 21124 | 0.01 | 1.25 | 1.45 | (13.00) | (12.20) |
| 2022 | 46934 | 0.70 | 2.00 | 23403 |  | 0.25 | 1.45 | 4.71 | 6.06 |
| 2021 | 9706 | 0.39 | 1.91 | 7693 |  | 1.30 | 1.45 | (27.78) | (26.54) |
|  Rydex VIF Inverse NASDAQ-100<sup>®</sup> Strategy (d) |  |  |  |  |  |  |  |  |  |
| 2025 | 241473 | 0.10 | 0.18 | 24472 | 1.08 | 0.25 | 1.30 | (18.18) | (16.67) |
| 2024 | 840054 | 0.12 | 0.22 | 107341 | 0.04 | 0.25 | 1.30 | (20.00) | (18.52) |
| 2023 | 738326 | 0.15 | 0.27 | 110313 | 0.00 | 0.25 | 1.30 | (34.78) | (34.15) |
| 2022 | 1413105 | 0.23 | 0.41 | 361704 |  | 0.25 | 1.30 | 27.78 | 32.26 |
| 2021 | 2243409 | 0.31 | 0.90 | 642830 |  | 0.25 | 1.45 | (29.55) | (28.00) |

---

(d) Closed to new investments. See Note 1.

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets<br>($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  Rydex VIF Inverse Russell 2000<sup>®</sup> Strategy (d) |  |  |  |  |  |  |  |  |  |
| 2025 | 109109 | 0.27 | 0.49 | 35415 | 1.65 | 0.25 | 1.30 | (12.90) | (12.50) |
| 2024 | 179173 | 0.31 | 0.56 | 63154 | 0.08 | 0.25 | 1.30 | (8.82) | (8.20) |
| 2023 | 186094 | 0.34 | 0.61 | 70948 |  | 0.25 | 1.30 | (15.00) | (14.08) |
| 2022 | 205917 | 0.40 | 0.71 | 99104 |  | 0.25 | 1.30 | 11.11 | 12.70 |
| 2021 | 202113 | 0.36 | 0.63 | 72241 |  | 0.25 | 1.30 | (21.74) | (21.25) |
|  Rydex VIF Inverse S&P 500 Strategy (d) |  |  |  |  |  |  |  |  |  |
| 2025 | 1181758 | 0.25 | 0.51 | 356765 | 5.55 | 0.25 | 1.30 | (16.67) | (13.56) |
| 2024 | 252514 | 0.30 | 1.25 | 87957 | 0.12 | 0.25 | 1.30 | (16.90) | (16.67) |
| 2023 | 293714 | 0.36 | 1.50 | 113402 | 0.04 | 0.25 | 1.45 | (18.48) | (17.44) |
| 2022 | 383265 | 0.86 | 1.84 | 217190 |  | 0.25 | 1.45 | 11.52 | 13.16 |
| 2021 | 283805 | 0.76 | 1.65 | 126184 |  | 0.25 | 1.45 | (27.63) | (26.92) |
|  Rydex VIF Japan 2x Strategy (d) |  |  |  |  |  |  |  |  |  |
| 2025 | 16743 | 13.13 | 13.13 | 219887 | 4.31 | 1.30 | 1.30 | 45.08 | 45.08 |
| 2024 | 20105 | 9.05 | 9.64 | 182572 | 0.04 | 0.25 | 1.30 | (3.21) | (2.23) |
| 2023 | 23263 | 9.35 | 9.86 | 218523 | 0.00 | 0.25 | 1.30 | 28.79 | 30.08 |
| 2022 | 25670 | 7.26 | 7.26 | 186867 |  | 1.30 | 1.30 | (45.37) | (45.37) |
| 2021 | 27008 | 13.29 | 13.73 | 359890 |  | 0.25 | 1.30 | (17.76) | (16.84) |
|  Rydex VIF Leisure |  |  |  |  |  |  |  |  |  |
| 2025 | 30872 | 14.25 | 17.40 | 441822 |  | 0.25 | 1.30 | 3.94 | 5.01 |
| 2024 | 23423 | 13.71 | 16.57 | 324743 |  | 0.25 | 1.30 | 11.55 | 12.72 |
| 2023 | 29401 | 12.29 | 14.70 | 364248 |  | 0.25 | 1.45 | 17.35 | 18.55 |
| 2022 | 32914 | 10.55 | 12.40 | 345927 |  | 0.25 | 1.45 | (30.55) | (29.86) |
| 2021 | 27447 | 15.19 | 17.68 | 415461 |  | 0.25 | 1.45 | (3.49) | (2.27) |
|  Rydex VIF Mid-Cap 1.5x Strategy (d) |  |  |  |  |  |  |  |  |  |
| 2025 | 11764 | 20.16 | 34.56 | 391897 | 0.45 | 1.25 | 1.30 | 0.58 | 0.65 |
| 2024 | 13873 | 20.03 | 34.36 | 462315 | 0.01 | 1.25 | 1.30 | 10.41 | 10.42 |
| 2023 | 17144 | 18.14 | 31.12 | 522720 |  | 0.25 | 1.45 | 13.87 | 15.06 |
| 2022 | 21125 | 15.92 | 20.18 | 568546 |  | 0.25 | 1.45 | (26.40) | (25.62) |
| 2021 | 25056 | 21.63 | 27.13 | 918845 |  | 0.25 | 1.45 | 29.37 | 30.94 |

---

(d) Closed to new investments. See Note 1.

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  Rydex VIF Money Market |  |  |  |  |  |  |  |  |  |
| 2025 | 7176402 | 4.44 | 6.54 | 38738213 | 2.99 | 0.25 | 1.30 | (1.55) | (0.47) |
| 2024 | 6811078 | 4.51 | 6.64 | 36276127 | 0.04 | 0.25 | 1.30 | (0.45) | 0.64 |
| 2023 | 6889745 | 4.53 | 6.67 | 36463589 | 0.03 | 0.25 | 1.45 | (0.66) | 0.47 |
| 2022 | 14955706 | 6.21 | 6.71 | 82374985 | 0.01 | 0.25 | 1.45 | (3.45) | (2.51) |
| 2021 | 8979830 | 4.73 | 6.37 | 50323078 |  | 0.25 | 1.30 | (4.40) | (3.19) |
|  Rydex VIF NASDAQ-100<sup>®</sup> |  |  |  |  |  |  |  |  |  |
| 2025 | 152184 | 43.26 | 63.74 | 7774064 | 0.03 | 0.25 | 1.30 | 14.00 | 15.22 |
| 2024 | 216627 | 37.92 | 55.32 | 9324445 |  | 0.25 | 1.30 | 18.65 | 19.92 |
| 2023 | 241662 | 31.95 | 46.13 | 8503353 |  | 0.25 | 1.45 | 46.79 | 48.33 |
| 2022 | 156276 | 21.75 | 31.10 | 3626879 |  | 0.25 | 1.45 | (36.87) | (36.22) |
| 2021 | 302589 | 36.98 | 48.76 | 11188514 |  | 0.25 | 1.30 | 20.03 | 21.51 |
|  Rydex VIF NASDAQ-100<sup>®</sup> 2x Strategy (d) |  |  |  |  |  |  |  |  |  |
| 2025 | 189626 | 120.70 | 253.86 | 25235705 |  | 0.25 | 1.30 | 23.77 | 25.07 |
| 2024 | 171416 | 97.52 | 202.97 | 17981780 |  | 0.25 | 1.30 | 35.86 | 37.32 |
| 2023 | 199945 | 71.78 | 147.81 | 15279296 |  | 0.25 | 1.45 | 107.10 | 109.30 |
| 2022 | 86551 | 47.28 | 70.62 | 3463744 |  | 0.25 | 1.45 | (62.65) | (62.27) |
| 2021 | 99699 | 126.57 | 187.16 | 10660065 |  | 0.25 | 1.45 | 46.75 | 48.53 |
|  Rydex VIF Nova (d) |  |  |  |  |  |  |  |  |  |
| 2025 | 72633 | 34.00 | 42.15 | 2588662 |  | 0.25 | 1.30 | 15.76 | 16.99 |
| 2024 | 83272 | 29.37 | 36.03 | 2577589 |  | 0.25 | 1.30 | 27.14 | 28.50 |
| 2023 | 99762 | 23.10 | 28.04 | 2408690 |  | 0.25 | 1.45 | 29.41 | 30.78 |
| 2022 | 91113 | 21.12 | 21.44 | 1676812 | 0.00 | 0.25 | 1.45 | (33.16) | (32.47) |
| 2021 | 118482 | 31.60 | 31.75 | 3263113 | 0.00 | 0.25 | 1.45 | 36.03 | 37.62 |
|  Rydex VIF Precious Metals |  |  |  |  |  |  |  |  |  |
| 2025 | 264648 | 12.81 | 22.94 | 4948917 | 2.50 | 0.25 | 1.30 | 136.98 | 139.44 |
| 2024 | 349746 | 5.35 | 9.68 | 2872216 | 0.02 | 0.25 | 1.30 | 3.53 | 4.70 |
| 2023 | 376729 | 5.11 | 9.35 | 3030318 | 0.00 | 0.25 | 1.45 | (0.57) | 0.39 |
| 2022 | 403708 | 5.09 | 8.80 | 3276447 | 0.01 | 0.25 | 1.45 | (14.73) | (13.87) |
| 2021 | 346472 | 5.91 | 10.32 | 3737032 | 0.04 | 0.25 | 1.45 | (13.13) | (12.05) |

---

(d) Closed to new investments. See Note 1.

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  Rydex VIF Real Estate |  |  |  |  |  |  |  |  |  |
| 2025 | 79256 | 8.34 | 13.75 | 1044062 | 1.56 | 0.25 | 1.30 | (1.44) | (0.36) |
| 2024 | 89319 | 8.37 | 13.95 | 1198582 | 0.01 | 0.25 | 1.30 | 0.58 | 1.70 |
| 2023 | 107631 | 8.23 | 13.87 | 1421965 | 0.01 | 0.25 | 1.45 | 5.69 | 6.74 |
| 2022 | 118849 | 7.71 | 9.14 | 1476766 | 0.01 | 0.25 | 1.45 | (30.39) | (29.65) |
| 2021 | 152454 | 10.96 | 13.13 | 2704693 | 0.01 | 0.25 | 1.45 | 28.22 | 29.70 |
|  Rydex VIF Retailing |  |  |  |  |  |  |  |  |  |
| 2025 | 16466 | 16.24 | 23.03 | 347402 |  | 0.25 | 1.30 | 5.52 | 6.62 |
| 2024 | 18874 | 15.39 | 21.60 | 366566 |  | 0.25 | 1.30 | 11.63 | 12.85 |
| 2023 | 24694 | 13.77 | 19.14 | 431788 |  | 0.25 | 1.30 | 11.67 | 12.85 |
| 2022 | 27963 | 12.33 | 16.96 | 441522 |  | 0.25 | 1.45 | (29.54) | (28.86) |
| 2021 | 22871 | 17.50 | 23.84 | 544117 |  | 0.25 | 1.45 | 6.84 | 8.17 |
|  Rydex VIF Russell 2000<sup>®</sup> 1.5x Strategy (d) |  |  |  |  |  |  |  |  |  |
| 2025 | 15522 | 20.54 | 20.54 | 318928 | 1.42 | 1.30 | 1.30 | 7.71 | 7.71 |
| 2024 | 24435 | 19.07 | 19.07 | 467400 | 0.01 | 1.30 | 1.30 | 6.30 | 6.30 |
| 2023 | 28620 | 17.94 | 17.94 | 515376 |  | 1.30 | 1.30 | 14.71 | 14.71 |
| 2022 | 29856 | 12.42 | 15.64 | 468356 |  | 0.25 | 1.30 | (36.24) | (35.55) |
| 2021 | 76123 | 19.27 | 24.53 | 1868089 | 0.00 | 0.25 | 1.30 | 13.99 | 15.18 |
|  Rydex VIF Russell 2000<sup>®</sup> 2x Strategy (d) |  |  |  |  |  |  |  |  |  |
| 2025 | 433067 | 11.40 | 12.94 | 4949891 | 3.32 | 0.25 | 1.30 | 7.34 | 8.47 |
| 2024 | 928972 | 10.62 | 11.93 | 9877753 | 0.01 | 0.25 | 1.30 | 4.94 | 6.04 |
| 2023 | 884412 | 10.12 | 11.25 | 8951595 | 0.00 | 0.25 | 1.30 | 16.86 | 18.17 |
| 2022 | 42963 | 9.52 | 11.81 | 376066 |  | 0.25 | 1.45 | (45.40) | (44.84) |
| 2021 | 65167 | 17.26 | 21.63 | 1029256 |  | 0.25 | 1.45 | 20.37 | 21.81 |
|  Rydex VIF S&P 500 2x Strategy (d) |  |  |  |  |  |  |  |  |  |
| 2025 | 81500 | 47.23 | 59.29 | 3988980 | 0.09 | 0.25 | 1.30 | 19.99 | 21.25 |
| 2024 | 97811 | 39.36 | 49.39 | 4013265 | 0.01 | 0.25 | 1.30 | 36.24 | 37.68 |
| 2023 | 142899 | 28.89 | 36.24 | 4391077 | 0.00 | 0.25 | 1.45 | 38.96 | 40.44 |
| 2022 | 87157 | 23.17 | 26.07 | 1868130 |  | 0.25 | 1.45 | (42.25) | (41.67) |
| 2021 | 198666 | 39.72 | 45.14 | 7567670 |  | 0.25 | 1.45 | 51.43 | 53.24 |

---

(d) Closed to new investments. See Note 1.

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
| Rydex VIF S&P 500 Pure Growth |  |  |  |  |  |  |  |  |  |
| 2025 | 106996 | 20.09 | 28.96 | 2581503 |  | 0.25 | 1.30 | 7.05 | 8.18 |
| 2024 | 150955 | 18.76 | 26.77 | 3282071 |  | 0.25 | 1.30 | 21.32 | 22.57 |
| 2023 | 144495 | 15.45 | 21.84 | 2762923 |  | 0.25 | 1.45 | 1.98 | 3.07 |
| 2022 | 164076 | 15.15 | 21.19 | 2993418 |  | 0.25 | 1.45 | (31.29) | (30.62) |
| 2021 | 285393 | 22.05 | 30.54 | 7503372 |  | 0.25 | 1.45 | 22.03 | 23.49 |
| Rydex VIF S&P 500 Pure Value |  |  |  |  |  |  |  |  |  |
| 2025 | 244986 | 15.46 | 19.00 | 4598829 | 1.21 | 0.25 | 1.30 | 11.18 | 12.32 |
| 2024 | 273228 | 13.90 | 17.09 | 4602572 | 0.01 | 0.25 | 1.30 | 6.15 | 7.26 |
| 2023 | 277227 | 13.09 | 16.10 | 4410036 | 0.01 | 0.25 | 1.45 | 1.83 | 2.89 |
| 2022 | 464490 | 12.85 | 14.86 | 6978675 | 0.01 | 0.25 | 1.45 | (6.55) | (5.65) |
| 2021 | 416862 | 13.75 | 15.75 | 6896493 | 0.01 | 0.25 | 1.45 | 26.49 | 28.15 |
| Rydex VIF S&P MidCap 400 Pure Growth |  |  |  |  |  |  |  |  |  |
| 2025 | 66587 | 12.80 | 21.97 | 1393329 |  | 0.25 | 1.30 | 2.65 | 3.78 |
| 2024 | 73653 | 12.47 | 21.17 | 1469339 |  | 0.25 | 1.30 | 11.24 | 12.43 |
| 2023 | 85356 | 11.20 | 18.83 | 1571764 |  | 0.25 | 1.45 | 9.86 | 11.03 |
| 2022 | 80875 | 10.19 | 16.96 | 1352697 |  | 0.25 | 1.45 | (25.84) | (25.09) |
| 2021 | 104826 | 13.74 | 22.64 | 2282191 |  | 0.25 | 1.45 | 7.34 | 8.64 |
| Rydex VIF S&P MidCap 400 Pure Value |  |  |  |  |  |  |  |  |  |
| 2025 | 41702 | 16.51 | 21.84 | 901229 | 0.10 | 0.25 | 1.30 | 1.63 | 2.71 |
| 2024 | 80333 | 16.24 | 21.49 | 1554286 |  | 0.25 | 1.30 |  | 1.11 |
| 2023 | 67100 | 16.23 | 21.49 | 1404464 |  | 0.25 | 1.45 | 22.45 | 23.76 |
| 2022 | 169877 | 13.25 | 15.32 | 2688160 | 0.01 | 0.25 | 1.45 | (9.12) | (8.26) |
| 2021 | 175582 | 14.58 | 16.70 | 3054010 | 0.00 | 0.25 | 1.45 | 25.58 | 27.09 |
| Rydex VIF S&P SmallCap 600 Pure Growth |  |  |  |  |  |  |  |  |  |
| 2025 | 78394 | 12.59 | 17.53 | 1349312 |  | 0.25 | 1.30 | 4.00 | 5.16 |
| 2024 | 77424 | 12.10 | 16.77 | 1257188 |  | 0.25 | 1.30 | 3.65 | 4.71 |
| 2023 | 81440 | 11.67 | 16.18 | 1303926 | 0.00 | 0.25 | 1.45 | 12.52 | 13.71 |
| 2022 | 77560 | 10.36 | 14.00 | 1103897 |  | 0.25 | 1.45 | (32.81) | (32.14) |
| 2021 | 102576 | 15.42 | 20.63 | 2110510 |  | 0.25 | 1.45 | 13.97 | 15.38 |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  Rydex VIF S&P SmallCap 600 Pure Value |  |  |  |  |  |  |  |  |  |
| 2025 | 126937 | 12.00 | 14.93 | 1704568 |  | 0.25 | 1.30 | 2.26 | 3.34 |
| 2024 | 112421 | 11.73 | 14.60 | 1508579 |  | 0.25 | 1.30 | (0.68) | 0.46 |
| 2023 | 100085 | 11.80 | 14.70 | 1433404 |  | 0.25 | 1.45 | 16.02 | 17.16 |
| 2022 | 109464 | 10.17 | 11.19 | 1356106 |  | 0.25 | 1.45 | (12.02) | (11.12) |
| 2021 | 347046 | 11.56 | 12.59 | 4904922 |  | 0.25 | 1.45 | 37.13 | 38.81 |
|  Rydex VIF Strengthening Dollar 2x Strategy (d) |  |  |  |  |  |  |  |  |  |
| 2025 | 94506 | 4.07 | 8.78 | 635526 | 6.00 | 0.25 | 1.30 | (17.87) | (17.04) |
| 2024 | 91068 | 4.95 | 10.69 | 737519 | 0.03 | 1.25 | 1.30 | 15.65 | 15.94 |
| 2023 | 91521 | 4.28 | 9.22 | 630776 | 0.00 | 1.25 | 1.30 | (3.05) | (2.95) |
| 2022 | 90582 | 5.83 | 9.51 | 639137 |  | 0.25 | 1.45 | 10.84 | 11.90 |
| 2021 | 109223 | 5.21 | 8.58 | 644558 |  | 0.25 | 1.45 | 6.19 | 7.64 |
|  Rydex VIF Technology |  |  |  |  |  |  |  |  |  |
| 2025 | 138189 | 24.29 | 44.41 | 3667369 |  | 0.25 | 1.30 | 20.37 | 21.64 |
| 2024 | 152937 | 20.18 | 36.51 | 3347768 |  | 0.25 | 1.30 | 18.71 | 19.98 |
| 2023 | 180400 | 17.00 | 30.43 | 3287683 |  | 0.25 | 1.45 | 42.74 | 44.29 |
| 2022 | 178425 | 19.91 | 21.09 | 2245158 |  | 0.25 | 1.45 | (38.89) | (38.28) |
| 2021 | 191170 | 32.58 | 34.17 | 3900452 |  | 0.25 | 1.45 | 15.25 | 16.66 |
|  Rydex VIF Telecommunications |  |  |  |  |  |  |  |  |  |
| 2025 | 209417 | 5.86 | 11.42 | 1358196 | 0.26 | 0.25 | 1.30 | 25.63 | 26.97 |
| 2024 | 88262 | 4.66 | 9.09 | 443063 | 0.01 | 0.25 | 1.30 | 10.69 | 12.09 |
| 2023 | 96516 | 4.21 | 8.19 | 470783 | 0.01 | 0.25 | 1.45 | 1.87 | 2.86 |
| 2022 | 99832 | 4.13 | 8.04 | 468633 | 0.00 | 1.30 | 1.45 | (28.98) | (28.92) |
| 2021 | 111541 | 8.29 | 11.32 | 649455 | 0.01 | 0.25 | 1.45 | 4.24 | 5.47 |
|  Rydex VIF Transportation |  |  |  |  |  |  |  |  |  |
| 2025 | 22921 | 15.42 | 18.51 | 410817 |  | 0.25 | 1.30 | 6.99 | 8.19 |
| 2024 | 22748 | 14.40 | 17.30 | 381001 |  | 0.25 | 1.30 | (2.70) | (1.73) |
| 2023 | 34115 | 14.79 | 17.78 | 568981 |  | 0.25 | 1.45 | 19.25 | 20.56 |
| 2022 | 27355 | 12.40 | 13.91 | 383353 |  | 0.25 | 1.45 | (37.72) | (37.12) |
| 2021 | 22277 | 19.91 | 22.12 | 527550 |  | 0.25 | 1.45 | 16.91 | 18.29 |

---

(d) Closed to new investments. See Note 1.

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  Rydex VIF Utilities |  |  |  |  |  |  |  |  |  |
| 2025 | 180424 | 11.18 | 17.91 | 2251557 | 1.63 | 0.25 | 1.30 | 12.14 | 13.35 |
| 2024 | 221132 | 9.97 | 15.80 | 2366062 | 0.01 | 0.25 | 1.30 | 14.86 | 16.01 |
| 2023 | 228411 | 8.68 | 13.62 | 2178641 | 0.02 | 0.25 | 1.45 | (11.07) | (10.10) |
| 2022 | 326043 | 12.91 | 15.15 | 3426892 | 0.01 | 0.25 | 1.45 | (3.15) | (2.13) |
| 2021 | 313209 | 13.33 | 15.48 | 3597117 | 0.01 | 0.25 | 1.45 | 9.53 | 10.81 |
|  Rydex VIF Weakening Dollar 2x Strategy (d) |  |  |  |  |  |  |  |  |  |
| 2025 | 32400 | 2.37 | 2.59 | 77935 | 7.79 | 0.25 | 1.30 | 13.94 | 15.11 |
| 2024 | 25386 | 2.08 | 2.25 | 53613 | 0.06 | 0.25 | 1.30 | (17.13) | (16.04) |
| 2023 | 32286 | 2.51 | 2.68 | 81837 | 0.00 | 0.25 | 1.30 | (1.18) | (0.37) |
| 2022 | 40856 | 2.54 | 2.69 | 104450 |  | 0.25 | 1.30 | (22.09) | (21.11) |
| 2021 | 32517 | 3.26 | 3.41 | 105901 |  | 0.25 | 1.30 | (17.47) | (16.63) |
| T. Rowe Price Blue Chip Growth |  |  |  |  |  |  |  |  |  |
| 2025 | 78818 | 34.23 | 47.99 | 3433412 |  | 0.25 | 1.25 | 13.49 | 14.62 |
| 2024 | 92673 | 30.16 | 41.87 | 3581413 |  | 0.25 | 1.25 | 29.50 | 30.84 |
| 2023 | 93404 | 23.29 | 32.00 | 2721019 |  | 0.25 | 1.45 | 42.80 | 44.21 |
| 2022 | 79959 | 16.31 | 22.19 | 1590798 |  | 0.25 | 1.45 | (41.20) | (40.60) |
| 2021 | 94712 | 27.74 | 37.36 | 3146850 |  | 0.25 | 1.45 | 12.22 | 13.56 |
| T. Rowe Price Capital Appreciation |  |  |  |  |  |  |  |  |  |
| 2025 | 232365 | 24.51 | 26.22 | 6089045 | 1.49 | 0.90 | 1.25 | 7.50 | 7.86 |
| 2024 | 269356 | 22.80 | 24.31 | 6543214 | 0.02 | 0.90 | 1.25 | 7.70 | 8.09 |
| 2023 | 307913 | 21.17 | 22.49 | 6911313 | 0.02 | 0.90 | 1.25 | 13.57 | 13.99 |
| 2022 | 343813 | 18.64 | 19.73 | 6763846 | 0.01 | 0.90 | 1.25 | (15.81) | (15.50) |
| 2021 | 352417 | 22.14 | 23.35 | 8217281 | 0.01 | 0.90 | 1.25 | 13.31 | 13.68 |
| T. Rowe Price Equity Income |  |  |  |  |  |  |  |  |  |
| 2025 | 87816 | 16.57 | 22.56 | 1916465 | 1.50 | 0.25 | 1.25 | 9.30 | 10.43 |
| 2024 | 73997 | 15.16 | 20.43 | 1442854 | 0.02 | 0.25 | 1.25 | 6.76 | 7.87 |
| 2023 | 69781 | 14.20 | 18.94 | 1267230 | 0.02 | 0.25 | 1.45 | 4.72 | 5.81 |
| 2022 | 63126 | 13.56 | 17.90 | 1084192 | 0.02 | 0.25 | 1.45 | (7.57) | (6.67) |
| 2021 | 44620 | 14.67 | 19.18 | 771928 | 0.01 | 0.25 | 1.45 | 19.76 | 21.24 |

---

(d) Closed to new investments. See Note 1.

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
| T. Rowe Price Growth Stock |  |  |  |  |  |  |  |  |  |
| 2025 | 205229 | 32.47 | 34.73 | 7129351 |  | 0.90 | 1.25 | 10.25 | 10.61 |
| 2024 | 212749 | 30.27 | 31.40 | 6687707 |  | 0.90 | 1.10 | 23.70 | 23.96 |
| 2023 | 229053 | 24.47 | 25.33 | 5805195 |  | 0.90 | 1.10 | 38.72 | 39.02 |
| 2022 | 255114 | 17.64 | 18.22 | 4646088 |  | 0.90 | 1.10 | (42.82) | (42.70) |
| 2021 | 263315 | 30.85 | 31.80 | 8378228 |  | 0.90 | 1.10 | 14.60 | 14.80 |
| T. Rowe Price Health Sciences |  |  |  |  |  |  |  |  |  |
| 2025 | 410871 | 21.23 | 39.68 | 8909827 |  | 0.25 | 1.25 | 12.91 | 14.02 |
| 2024 | 504043 | 18.71 | 34.80 | 9700459 |  | 0.25 | 1.25 | (2.84) | (1.83) |
| 2023 | 523110 | 19.15 | 35.45 | 10321598 |  | 0.25 | 1.45 | (1.56) | (0.59) |
| 2022 | 592832 | 21.14 | 35.66 | 11825610 |  | 0.25 | 1.45 | (16.31) | (15.46) |
| 2021 | 621727 | 25.26 | 42.18 | 14793088 |  | 0.25 | 1.45 | 7.90 | 9.22 |
| T. Rowe Price Limited-Term Bond |  |  |  |  |  |  |  |  |  |
| 2025 | 16524 | 7.16 | 7.73 | 120322 | 4.39 | 0.25 | 1.25 | 1.13 | 1.98 |
| 2024 | 19298 | 7.08 | 7.58 | 138936 | 0.03 | 0.25 | 1.25 | 0.28 | 1.34 |
| 2023 | 26415 | 7.06 | 7.48 | 187932 | 0.02 | 0.25 | 1.45 | 0.28 | 1.36 |
| 2022 | 8193 | 7.04 | 7.38 | 59209 | 0.02 | 0.25 | 1.45 | (8.69) | (7.75) |
| 2021 | 12780 | 7.71 | 8.00 | 100761 | 0.01 | 0.25 | 1.45 | (4.46) | (3.38) |
| T. Rowe Price Retirement 2010 |  |  |  |  |  |  |  |  |  |
| 2025 | 155 | 12.68 | 12.68 | 1960 | 2.78 | 0.90 | 0.90 | 6.91 | 6.91 |
| 2024 | 151 | 11.86 | 11.86 | 1785 | 0.03 | 0.90 | 0.90 | 3.85 | 3.85 |
| 2023 | 147 | 11.42 | 11.42 | 1673 | 0.02 | 0.90 | 0.90 | 7.53 | 7.53 |
| 2022 | 143 | 10.62 | 10.62 | 1516 | 0.02 | 0.90 | 0.90 | (17.67) | (17.67) |
| 2021 | 139 | 12.90 | 12.90 | 1784 | 0.01 | 0.90 | 0.90 | 4.03 | 4.03 |
| T. Rowe Price Retirement 2015 |  |  |  |  |  |  |  |  |  |
| 2025 | 18122 | 13.72 | 13.72 | 248667 | 2.59 | 0.90 | 0.90 | 7.19 | 7.19 |
| 2024 | 17586 | 12.80 | 12.80 | 225058 | 0.03 | 0.90 | 0.90 | 4.15 | 4.15 |
| 2023 | 14332 | 12.29 | 12.29 | 176071 | 0.02 | 0.90 | 0.90 | 8.09 | 8.09 |
| 2022 | 12642 | 11.37 | 11.37 | 143743 | 0.02 | 0.90 | 0.90 | (17.85) | (17.85) |
| 2021 | 12866 | 13.84 | 13.84 | 178104 | 0.01 | 0.90 | 0.90 | 4.85 | 4.85 |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets<br>($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
| T. Rowe Price Retirement 2020 |  |  |  |  |  |  |  |  |  |
| 2025 | 3686 | 14.88 | 14.88 | 54772 | 1.40 | 0.90 | 0.90 | 7.67 | 7.67 |
| 2024 | 10014 | 13.82 | 13.82 | 138325 | 0.02 | 0.90 | 0.90 | 4.46 | 4.46 |
| 2023 | 9598 | 13.23 | 13.23 | 126929 | 0.02 | 0.90 | 0.90 | 8.62 | 8.62 |
| 2022 | 9340 | 12.18 | 12.18 | 113727 | 0.02 | 0.90 | 0.90 | (18.36) | (18.36) |
| 2021 | 9032 | 14.92 | 14.92 | 134698 | 0.01 | 0.90 | 0.90 | 5.74 | 5.74 |
| T. Rowe Price Retirement 2025 |  |  |  |  |  |  |  |  |  |
| 2025 | 2741 | 16.17 | 16.17 | 44372 | 2.50 | 0.90 | 0.90 | 8.16 | 8.16 |
| 2024 | 2437 | 14.95 | 14.95 | 36511 | 0.01 | 0.90 | 0.90 | 4.99 | 4.99 |
| 2023 | 4754 | 14.24 | 14.24 | 67769 | 0.02 | 0.90 | 0.90 | 9.62 | 9.62 |
| 2022 | 4545 | 12.99 | 12.99 | 59109 | 0.01 | 0.90 | 0.90 | (19.32) | (19.32) |
| 2021 | 4546 | 16.10 | 16.10 | 73217 | 0.01 | 0.90 | 0.90 | 7.05 | 7.05 |
| T. Rowe Price Retirement 2030 |  |  |  |  |  |  |  |  |  |
| 2025 | 22208 | 17.70 | 17.70 | 393097 | 1.73 | 0.90 | 0.90 | 9.46 | 9.46 |
| 2024 | 17156 | 16.17 | 16.17 | 277517 | 0.02 | 0.90 | 0.90 | 5.96 | 5.96 |
| 2023 | 21152 | 15.26 | 15.26 | 322886 | 0.02 | 0.90 | 0.90 | 11.31 | 11.31 |
| 2022 | 19389 | 13.71 | 13.71 | 265934 | 0.01 | 0.90 | 0.90 | (20.61) | (20.61) |
| 2021 | 15963 | 17.27 | 17.27 | 275657 | 0.01 | 0.90 | 0.90 | 8.68 | 8.68 |
| T. Rowe Price Retirement 2035 |  |  |  |  |  |  |  |  |  |
| 2025 | 5656 | 19.23 | 19.23 | 108805 | 1.59 | 0.90 | 0.90 | 11.09 | 11.09 |
| 2024 | 5120 | 17.31 | 17.31 | 88636 | 0.01 | 0.90 | 0.90 | 7.12 | 7.12 |
| 2023 | 4605 | 16.16 | 16.16 | 74460 | 0.01 | 0.90 | 0.90 | 13.09 | 13.09 |
| 2022 | 4063 | 14.29 | 14.29 | 58096 | 0.01 | 0.90 | 0.90 | (21.57) | (21.57) |
| 2021 | 5261 | 18.22 | 18.22 | 95888 | 0.00 | 0.90 | 0.90 | 10.09 | 10.09 |
| T. Rowe Price Retirement 2040 |  |  |  |  |  |  |  |  |  |
| 2025 | 11759 | 20.54 | 20.54 | 241555 | 1.27 | 0.90 | 0.90 | 12.36 | 12.36 |
| 2024 | 10563 | 18.28 | 18.28 | 193149 | 0.01 | 0.90 | 0.90 | 8.23 | 8.23 |
| 2023 | 10287 | 16.89 | 16.89 | 173747 | 0.01 | 0.90 | 0.90 | 14.43 | 14.43 |
| 2022 | 4496 | 14.76 | 14.76 | 66391 | 0.01 | 0.90 | 0.90 | (22.36) | (22.36) |
| 2021 | 3884 | 19.01 | 19.01 | 73861 | 0.00 | 0.90 | 0.90 | 11.30 | 11.30 |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
| T. Rowe Price Retirement 2045 |  |  |  |  |  |  |  |  |  |
| 2025 | 738 | 21.37 | 21.37 | 15779 | 1.10 | 0.90 | 0.90 | 13.43 | 13.43 |
| 2024 | 573 | 18.84 | 18.84 | 10796 | 0.01 | 0.90 | 0.90 | 8.96 | 8.96 |
| 2023 | 499 | 17.29 | 17.29 | 8625 | 0.01 | 0.90 | 0.90 | 15.34 | 15.34 |
| 2022 | 435 | 14.99 | 14.99 | 6525 | 0.01 | 0.90 | 0.90 | (22.61) | (22.61) |
| 2021 | 264 | 19.37 | 19.37 | 5111 | 0.00 | 0.90 | 0.90 | 12.16 | 12.16 |
| T. Rowe Price Retirement 2050 |  |  |  |  |  |  |  |  |  |
| 2025 | 67 | 21.53 | 21.53 | 1443 | 0.98 | 0.90 | 0.90 | 13.67 | 13.67 |
| 2024 | 53 | 18.94 | 18.94 | 1011 | 0.01 | 0.90 | 0.90 | 9.29 | 9.29 |
| 2023 | 37 | 17.33 | 17.33 | 649 | 0.01 | 0.90 | 0.90 | 15.53 | 15.53 |
| 2022 | 21 | 15.00 | 15.00 | 321 | 0.01 | 0.90 | 0.90 | (22.64) | (22.64) |
| 2021 | 5 | 19.39 | 19.39 | 105 |  | 0.90 | 0.90 | 12.41 | 12.41 |
| T. Rowe Price Retirement 2055 |  |  |  |  |  |  |  |  |  |
| 2025 | 2179 | 21.51 | 21.51 | 46920 | 0.82 | 0.90 | 0.90 | 13.81 | 13.81 |
| 2024 | 2936 | 18.90 | 18.90 | 55511 | 0.01 | 0.90 | 0.90 | 9.37 | 9.37 |
| 2023 | 2802 | 17.28 | 17.28 | 48438 | 0.01 | 0.90 | 0.90 | 15.51 | 15.51 |
| 2022 | 2612 | 14.96 | 14.96 | 39075 | 0.01 | 0.90 | 0.90 | (22.69) | (22.69) |
| 2021 | 2483 | 19.35 | 19.35 | 48052 | 0.00 | 0.90 | 0.90 | 12.30 | 12.30 |
| T. Rowe Price Retirement Balanced |  |  |  |  |  |  |  |  |  |
| 2025 | 6933 | 11.72 | 11.72 | 81366 | 2.93 | 0.90 | 0.90 | 6.45 | 6.45 |
| 2024 | 7058 | 11.01 | 11.01 | 77845 | 0.02 | 0.90 | 0.90 | 3.19 | 3.19 |
| 2023 | 12747 | 10.67 | 10.67 | 136138 | 0.02 | 0.90 | 0.90 | 6.59 | 6.59 |
| 2022 | 13922 | 10.01 | 10.01 | 139424 | 0.03 | 0.90 | 0.90 | (16.79) | (16.79) |
| 2021 | 18964 | 12.03 | 12.03 | 228287 | 0.02 | 0.90 | 0.90 | 3.71 | 3.71 |
|  Templeton Developing Markets VIP Fund |  |  |  |  |  |  |  |  |  |
| 2025 | 497342 | 11.96 | 24.34 | 8144282 | 0.44 | 0.25 | 1.45 | 39.89 | 41.59 |
| 2024 | 387604 | 8.54 | 17.40 | 4884093 | 0.04 | 0.25 | 1.45 | 2.96 | 4.16 |
| 2023 | 453811 | 8.27 | 16.90 | 5472435 | 0.02 | 0.25 | 1.45 | 7.71 | 9.08 |
| 2022 | 503940 | 13.65 | 15.69 | 5591175 | 0.02 | 0.25 | 1.45 | (25.39) | (24.50) |
| 2021 | 582580 | 18.08 | 21.03 | 8749873 | 0.01 | 0.25 | 1.45 | (9.86) | (8.73) |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  Templeton Foreign VIP Fund |  |  |  |  |  |  |  |  |  |
| 2025 | 363212 | 10.22 | 17.40 | 3938571 | 2.39 | 0.25 | 1.45 | 23.58 | 25.09 |
| 2024 | 360770 | 8.27 | 13.91 | 3159714 | 0.02 | 0.25 | 1.45 | (5.38) | (4.16) |
| 2023 | 399328 | 8.21 | 14.52 | 3680596 | 0.03 | 0.25 | 1.45 | 15.61 | 16.91 |
| 2022 | 490692 | 7.56 | 12.42 | 3876550 | 0.03 | 0.25 | 1.45 | (11.68) | (10.52) |
| 2021 | 532568 | 8.01 | 13.56 | 4744177 | 0.01 | 0.25 | 1.45 | (0.37) | 0.82 |
|  Templeton Global Bond VIP Fund |  |  |  |  |  |  |  |  |  |
| 2025 | 134568 | 5.68 | 6.56 | 839477 |  | 0.25 | 1.25 | 10.94 | 11.95 |
| 2024 | 134202 | 5.12 | 5.86 | 755737 |  | 0.25 | 1.25 | (15.09) | (14.20) |
| 2023 | 117059 | 6.03 | 6.83 | 765260 |  | 0.25 | 1.45 | (1.47) | (0.44) |
| 2022 | 115003 | 6.12 | 6.99 | 757221 |  | 0.25 | 1.45 | (8.79) | (7.91) |
| 2021 | 147559 | 6.71 | 7.45 | 1060716 |  | 0.25 | 1.45 | (9.20) | (8.02) |
|  Templeton Growth VIP Fund |  |  |  |  |  |  |  |  |  |
| 2025 |  | 11.89 | 15.00 |  |  | 0.25 | 1.25 | 18.66 | 19.90 |
| 2024 |  | 10.02 | 10.02 |  | 0.02 | 1.25 | 1.25 | 1.01 | 1.01 |
| 2023 | 426 | 9.92 | 9.92 | 4227 | 0.03 | 1.25 | 1.45 | 15.89 | 15.89 |
| 2022 | 414 | 8.56 | 8.56 | 3545 | 0.00 | 1.45 | 1.45 | (15.16) | (15.16) |
| 2021 | 403 | 10.09 | 10.09 | 4064 | 0.01 | 1.45 | 1.45 | 0.30 | 0.30 |
|  Third Avenue Value |  |  |  |  |  |  |  |  |  |
| 2025 | 14421 | 14.65 | 16.61 | 232471 | 2.10 | 0.25 | 1.25 | 29.19 | 30.58 |
| 2024 | 16492 | 11.34 | 12.72 | 201251 | 0.03 | 0.25 | 1.25 | (6.28) | (5.43) |
| 2023 | 6316 | 12.10 | 12.10 | 76425 | 0.00 | 1.45 | 1.45 | 15.79 | 15.79 |
| 2022 | 57455 | 10.45 | 10.45 | 600789 | 0.00 | 1.45 | 1.45 | 11.29 | 11.29 |
| 2021 | 2424 | 9.39 | 9.39 | 22774 | 0.01 | 1.45 | 1.45 | 16.65 | 16.65 |
|  TOPS<sup>®</sup> Aggressive Growth ETF |  |  |  |  |  |  |  |  |  |
| 2025 | 4980 | 16.11 | 16.11 | 80213 | 0.87 | 0.25 | 0.25 | 14.74 | 14.74 |
| 2024 | 4466 | 14.04 | 14.04 | 62687 | 0.01 | 0.25 | 0.25 | 8.17 | 8.17 |
| 2023 | 3306 | 12.98 | 12.98 | 42918 | 0.01 | 0.25 | 0.25 | 13.36 | 13.36 |
| 2022 |  | 10.82 | 10.82 |  |  | 1.45 | 1.45 | (19.61) | (19.61) |
| 2021 | 25530 | 13.46 | 13.46 | 343684 | 0.01 | 1.45 | 1.45 | 13.97 | 13.97 |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  TOPS<sup>®</sup> Balanced ETF |  |  |  |  |  |  |  |  |  |
| 2025 | 82497 | 12.08 | 12.08 | 996894 | 1.78 | 0.25 | 0.25 | 8.93 | 8.93 |
| 2024 | 86551 | 11.09 | 11.09 | 959655 | 0.02 | 0.25 | 0.25 | 3.16 | 3.16 |
| 2023 | 90534 | 10.75 | 10.75 | 973011 | 0.02 | 0.25 | 0.25 | 7.61 | 7.61 |
| 2022 | 57409 | 9.99 | 9.99 | 573171 | 0.02 | 0.25 | 0.25 | (14.18) | (14.18) |
| 2021 | 14845 | 11.64 | 11.64 | 172797 |  | 0.25 | 0.25 | 5.82 | 5.82 |
|  TOPS<sup>®</sup> Conservative ETF |  |  |  |  |  |  |  |  |  |
| 2025 | 99369 | 11.01 | 11.01 | 1094257 | 2.17 | 0.25 | 0.25 | 6.17 | 6.17 |
| 2024 | 100524 | 10.37 | 10.37 | 1041877 | 0.02 | 0.25 | 0.25 | 2.37 | 2.37 |
| 2023 | 77666 | 10.13 | 10.13 | 786319 | 0.02 | 0.25 | 0.25 | 5.52 | 5.52 |
| 2022 | 68324 | 9.07 | 9.60 | 655829 | 0.00 | 0.25 | 1.45 | (12.87) | (12.01) |
| 2021 | 420872 | 10.41 | 10.91 | 4405671 | 0.02 | 0.25 | 1.45 | 1.66 | 2.83 |
|  TOPS<sup>®</sup> Growth ETF |  |  |  |  |  |  |  |  |  |
| 2025 | 29325 | 15.10 | 15.10 | 442703 | 0.91 | 0.25 | 0.25 | 13.96 | 13.96 |
| 2024 | 32635 | 13.25 | 13.25 | 432273 | 0.01 | 0.25 | 0.25 | 6.94 | 6.94 |
| 2023 | 32000 | 12.39 | 12.39 | 396338 | 0.01 | 0.25 | 0.25 | 12.13 | 12.13 |
| 2022 | 23504 | 10.44 | 11.05 | 259673 | 0.01 | 0.25 | 1.45 | (18.44) | (17.66) |
| 2021 | 49986 | 12.80 | 13.42 | 648162 | 0.00 | 0.25 | 1.45 | 11.21 | 12.58 |
|  TOPS<sup>®</sup> Moderate Growth ETF |  |  |  |  |  |  |  |  |  |
| 2025 | 119183 | 13.58 | 13.58 | 1618360 | 1.49 | 0.25 | 0.25 | 11.22 | 11.22 |
| 2024 | 117157 | 12.21 | 12.21 | 1430780 | 0.02 | 0.25 | 0.25 | 4.99 | 4.99 |
| 2023 | 67988 | 11.63 | 11.63 | 790527 | 0.01 | 0.25 | 0.25 | 9.61 | 9.61 |
| 2022 | 60858 | 10.61 | 10.61 | 645671 | 0.03 | 0.25 | 0.25 | (15.86) | (15.86) |
| 2021 |  | 12.03 | 12.69 |  |  | 0.25 | 1.45 | 7.60 | 9.02 |
|  VanEck VIP Global Gold |  |  |  |  |  |  |  |  |  |
| 2025 | 102214 | 24.28 | 24.54 | 2504556 | 1.74 | 0.25 | 1.25 | 153.51 | 155.85 |
| 2024 | 111077 | 9.49 | 9.68 | 1056863 | 0.05 | 0.25 | 1.25 | 9.63 | 10.86 |
| 2023 | 40924 | 8.56 | 8.83 | 356983 |  | 0.25 | 1.45 | 5.75 | 6.87 |
| 2022 | 22569 | 8.01 | 8.35 | 185133 |  | 0.25 | 1.45 | (16.92) | (16.13) |
| 2021 | 19870 | 9.55 | 10.05 | 196388 | 0.12 | 0.25 | 1.45 | (17.76) | (16.81) |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  VanEck VIP Global Resources |  |  |  |  |  |  |  |  |  |
| 2025 | 138890 | 6.14 | 7.47 | 855415 | 2.42 | 0.25 | 1.25 | 30.37 | 32.04 |
| 2024 | 120298 | 4.65 | 5.73 | 567449 | 0.03 | 0.25 | 1.25 | (7.13) | (6.25) |
| 2023 | 102644 | 4.96 | 6.17 | 518297 | 0.02 | 0.25 | 1.45 | (7.77) | (6.94) |
| 2022 | 91297 | 5.33 | 6.69 | 504114 | 0.02 | 0.25 | 1.45 | 3.56 | 4.72 |
| 2021 | 20720 | 5.09 | 6.46 | 124830 | 0.00 | 0.25 | 1.45 | 13.53 | 14.90 |
|  Vanguard<sup>®</sup> VIF Balanced |  |  |  |  |  |  |  |  |  |
| 2025 | 561999 | 15.73 | 17.97 | 10033815 | 1.84 | 0.25 | 1.65 | 11.17 | 12.74 |
| 2024 | 402086 | 14.15 | 15.94 | 6351223 | 0.02 | 0.25 | 1.65 | 9.52 | 11.16 |
| 2023 | 269632 | 12.92 | 14.34 | 3821044 | 0.02 | 0.25 | 1.85 | 9.12 | 10.65 |
| 2022 | 181747 | 11.84 | 12.96 | 2320159 | 0.02 | 0.25 | 1.85 | (18.18) | (17.03) |
| 2021 | 205408 | 14.47 | 15.62 | 3152836 | 0.01 | 0.25 | 1.85 | 13.40 | 15.19 |
|  Vanguard<sup>®</sup> VIF Capital Growth |  |  |  |  |  |  |  |  |  |
| 2025 | 120620 | 24.52 | 28.00 | 3341343 | 0.99 | 0.25 | 1.65 | 23.09 | 24.83 |
| 2024 | 104281 | 19.92 | 22.43 | 2298837 | 0.02 | 0.25 | 1.65 | 8.20 | 9.79 |
| 2023 | 66991 | 18.41 | 20.43 | 1335928 | 0.01 | 0.25 | 1.85 | 22.16 | 23.89 |
| 2022 | 76363 | 15.07 | 16.49 | 1233196 | 0.01 | 0.25 | 1.85 | (19.28) | (18.20) |
| 2021 | 67802 | 18.67 | 20.16 | 1311086 | 0.01 | 0.25 | 1.85 | 15.75 | 17.69 |
|  Vanguard<sup>®</sup> VIF Conservative Allocation |  |  |  |  |  |  |  |  |  |
| 2025 | 568385 | 11.05 | 12.62 | 6984647 | 2.63 | 0.25 | 1.65 | 7.59 | 9.08 |
| 2024 | 728572 | 10.27 | 11.57 | 8117315 | 0.03 | 0.25 | 1.65 | 2.60 | 4.05 |
| 2023 | 590405 | 10.01 | 11.12 | 6285486 | 0.02 | 0.25 | 1.85 | 7.29 | 8.91 |
| 2022 | 644903 | 9.33 | 10.21 | 6273187 | 0.02 | 0.25 | 1.85 | (18.73) | (17.59) |
| 2021 | 583293 | 11.48 | 12.39 | 6875828 | 0.02 | 0.25 | 1.85 | 0.97 | 2.57 |
|  Vanguard<sup>®</sup> VIF Diversified Value |  |  |  |  |  |  |  |  |  |
| 2025 | 147902 | 18.24 | 20.83 | 3046414 | 1.43 | 0.25 | 1.65 | 11.49 | 13.08 |
| 2024 | 135806 | 16.36 | 18.42 | 2472436 | 0.02 | 0.25 | 1.65 | 9.65 | 11.23 |
| 2023 | 108185 | 14.92 | 16.56 | 1769036 | 0.01 | 0.25 | 1.85 | 14.68 | 16.29 |
| 2022 | 95380 | 13.01 | 14.38 | 1350005 | 0.01 | 0.25 | 1.85 | (15.52) | (14.30) |
| 2021 | 50133 | 15.40 | 16.62 | 826973 | 0.01 | 0.25 | 1.85 | 24.29 | 26.29 |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  Vanguard<sup>®</sup> VIF Equity Income |  |  |  |  |  |  |  |  |  |
| 2025 | 183432 | 18.01 | 20.57 | 3730123 | 2.62 | 0.25 | 1.65 | 11.45 | 13.08 |
| 2024 | 200635 | 16.16 | 18.19 | 3614359 | 0.03 | 0.25 | 1.65 | 9.93 | 11.46 |
| 2023 | 212413 | 14.70 | 16.32 | 3442100 | 0.03 | 0.25 | 1.85 | 3.16 | 4.62 |
| 2022 | 186703 | 14.25 | 15.60 | 2888853 | 0.02 | 0.25 | 1.85 | (5.19) | (3.82) |
| 2021 | 115229 | 15.03 | 16.22 | 1844856 | 0.02 | 0.25 | 1.85 | 19.38 | 21.32 |
|  Vanguard<sup>®</sup> VIF Equity Index |  |  |  |  |  |  |  |  |  |
| 2025 | 700585 | 23.69 | 27.06 | 18912323 | 0.88 | 0.25 | 1.65 | 12.33 | 13.94 |
| 2024 | 522896 | 21.09 | 23.75 | 12378952 | 0.01 | 0.25 | 1.65 | 19.15 | 20.87 |
| 2023 | 609989 | 17.70 | 19.65 | 11949221 | 0.01 | 0.25 | 1.85 | 20.33 | 22.05 |
| 2022 | 395088 | 14.71 | 16.10 | 6333751 | 0.01 | 0.25 | 1.85 | (21.92) | (20.81) |
| 2021 | 245632 | 18.84 | 20.33 | 4968973 | 0.01 | 0.25 | 1.85 | 22.50 | 24.42 |
|  Vanguard<sup>®</sup> VIF Global Bond Index |  |  |  |  |  |  |  |  |  |
| 2025 | 372296 | 8.83 | 8.83 | 3285641 | 2.90 | 0.25 | 0.25 | 2.32 | 2.32 |
| 2024 | 338710 | 8.63 | 8.63 | 2921671 | 0.04 | 0.25 | 0.25 | (1.26) | (1.26) |
| 2023 | 139186 | 8.74 | 8.74 | 1215698 | 0.02 | 0.25 | 0.25 | 3.19 | 3.19 |
| 2022 | 140583 | 8.47 | 8.47 | 1190887 | 0.02 | 0.25 | 0.25 | (15.97) | (15.97) |
| 2021 | 59734 | 10.08 | 10.08 | 601922 | 0.02 | 0.25 | 0.25 | (4.91) | (4.91) |
|  Vanguard<sup>®</sup> VIF Growth |  |  |  |  |  |  |  |  |  |
| 2025 | 170141 | 26.03 | 29.73 | 5051926 | 0.19 | 0.25 | 1.65 | 11.53 | 13.13 |
| 2024 | 141502 | 23.34 | 26.28 | 3698032 |  | 0.25 | 1.65 | 27.05 | 28.89 |
| 2023 | 132071 | 18.37 | 20.39 | 2679715 | 0.00 | 0.25 | 1.85 | 33.79 | 35.66 |
| 2022 | 110991 | 13.73 | 15.03 | 1659794 |  | 0.25 | 1.85 | (36.38) | (35.47) |
| 2021 | 69389 | 21.58 | 23.29 | 1598527 | 0.00 | 0.25 | 1.85 | 12.28 | 14.05 |
|  Vanguard<sup>®</sup> VIF High Yield Bond |  |  |  |  |  |  |  |  |  |
| 2025 | 222010 | 10.45 | 11.94 | 2651082 | 5.82 | 0.25 | 1.65 | 4.19 | 5.76 |
| 2024 | 157483 | 10.03 | 11.29 | 1777516 | 0.06 | 0.25 | 1.65 | 1.62 | 3.01 |
| 2023 | 119479 | 9.87 | 10.96 | 1302723 | 0.05 | 0.25 | 1.85 | 6.59 | 8.09 |
| 2022 | 125760 | 9.26 | 10.14 | 1268891 | 0.03 | 0.25 | 1.85 | (13.54) | (12.28) |
| 2021 | 105111 | 10.71 | 11.56 | 1208776 | 0.05 | 0.25 | 1.85 | (1.20) | 0.35 |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  Vanguard<sup>®</sup> VIF International |  |  |  |  |  |  |  |  |  |
| 2025 | 347937 | 16.26 | 18.57 | 6458753 | 0.79 | 0.25 | 1.65 | 14.51 | 16.14 |
| 2024 | 304770 | 14.20 | 15.99 | 4871253 | 0.01 | 0.25 | 1.65 | 4.03 | 5.47 |
| 2023 | 321725 | 13.65 | 15.16 | 4874327 | 0.02 | 0.25 | 1.85 | 9.38 | 10.98 |
| 2022 | 297875 | 12.48 | 13.66 | 4066260 | 0.01 | 0.25 | 1.85 | (33.26) | (32.31) |
| 2021 | 281760 | 18.70 | 20.18 | 5683100 | 0.00 | 0.25 | 1.85 | (6.22) | (4.72) |
|  Vanguard<sup>®</sup> VIF Mid-Cap Index |  |  |  |  |  |  |  |  |  |
| 2025 | 387441 | 16.77 | 19.15 | 7194853 | 1.17 | 0.25 | 1.65 | 6.41 | 7.95 |
| 2024 | 349202 | 15.76 | 17.74 | 6006499 | 0.01 | 0.25 | 1.65 | 9.83 | 11.36 |
| 2023 | 341916 | 14.35 | 15.93 | 5294468 | 0.01 | 0.25 | 1.85 | 10.64 | 12.18 |
| 2022 | 340826 | 12.97 | 14.20 | 4677611 | 0.01 | 0.25 | 1.85 | (22.52) | (21.42) |
| 2021 | 277347 | 16.74 | 18.07 | 4827809 | 0.01 | 0.25 | 1.85 | 18.47 | 20.39 |
|  Vanguard<sup>®</sup> VIF Moderate Allocation |  |  |  |  |  |  |  |  |  |
| 2025 | 1229168 | 13.26 | 15.15 | 18407043 | 2.36 | 0.25 | 1.65 | 10.87 | 12.47 |
| 2024 | 1135481 | 11.96 | 13.47 | 15126676 | 0.02 | 0.25 | 1.65 | 5.28 | 6.82 |
| 2023 | 1067397 | 11.36 | 12.61 | 13307614 | 0.02 | 0.25 | 1.85 | 10.29 | 11.89 |
| 2022 | 805102 | 10.30 | 11.27 | 8956922 | 0.02 | 0.25 | 1.85 | (19.72) | (18.63) |
| 2021 | 436212 | 12.83 | 13.85 | 5869009 | 0.02 | 0.25 | 1.65 | 4.82 | 6.54 |
|  Vanguard<sup>®</sup> VIF Real Estate Index |  |  |  |  |  |  |  |  |  |
| 2025 | 232821 | 10.31 | 11.78 | 2737352 | 2.45 | 0.25 | 1.65 | (1.62) | (0.17) |
| 2024 | 210339 | 10.48 | 11.80 | 2472814 | 0.03 | 0.25 | 1.65 |  | 1.37 |
| 2023 | 180754 | 10.48 | 11.64 | 2093474 | 0.02 | 0.25 | 1.85 | 6.61 | 8.18 |
| 2022 | 180052 | 9.83 | 10.76 | 1927120 | 0.01 | 0.25 | 1.85 | (29.63) | (28.65) |
| 2021 | 98657 | 13.97 | 15.08 | 1480447 | 0.01 | 0.25 | 1.85 | 33.56 | 35.73 |
|  Vanguard<sup>®</sup> VIF Short Term Investment Grade |  |  |  |  |  |  |  |  |  |
| 2025 | 1272089 | 8.09 | 9.24 | 11737999 | 3.77 | 0.25 | 1.65 | 1.89 | 3.36 |
| 2024 | 1182582 | 7.94 | 8.94 | 10551051 | 0.03 | 0.25 | 1.65 | 0.13 | 1.59 |
| 2023 | 993331 | 7.93 | 8.80 | 8728664 | 0.02 | 0.25 | 1.85 | 1.28 | 2.68 |
| 2022 | 847032 | 7.83 | 8.57 | 7236472 | 0.02 | 0.25 | 1.85 | (10.00) | (8.73) |
| 2021 | 622758 | 8.70 | 9.39 | 5829899 | 0.01 | 0.25 | 1.85 | (5.13) | (3.59) |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  Vanguard<sup>®</sup> VIF Small Company Growth (d) |  |  |  |  |  |  |  |  |  |
| 2025 | 12417 | 17.17 | 17.17 | 213123 | 0.44 | 0.25 | 0.25 | 2.69 | 2.69 |
| 2024 | 11267 | 16.72 | 16.72 | 188295 |  | 0.25 | 0.25 | 7.80 | 7.80 |
| 2023 | 14878 | 15.51 | 15.51 | 230648 | 0.00 | 0.25 | 0.25 | 15.83 | 15.83 |
| 2022 | 16761 | 13.39 | 13.39 | 224335 | 0.00 | 0.25 | 0.25 | (27.70) | (27.70) |
| 2021 | 17036 | 18.52 | 18.52 | 315474 | 0.00 | 0.25 | 0.25 | 10.57 | 10.57 |
|  Vanguard<sup>®</sup> VIF Total Bond Market Index |  |  |  |  |  |  |  |  |  |
| 2025 | 3210229 | 7.42 | 8.47 | 27075389 | 3.20 | 0.25 | 1.65 | 2.06 | 3.55 |
| 2024 | 2581076 | 7.27 | 8.18 | 21019321 | 0.03 | 0.25 | 1.65 | (3.32) | (2.04) |
| 2023 | 2125581 | 7.52 | 8.35 | 17650757 | 0.02 | 0.25 | 1.85 | 0.80 | 2.20 |
| 2022 | 1374916 | 7.46 | 8.17 | 11168900 | 0.02 | 0.25 | 1.85 | (17.20) | (15.95) |
| 2021 | 1193149 | 9.01 | 9.72 | 11527976 | 0.02 | 0.25 | 1.85 | (6.34) | (4.89) |
|  Vanguard<sup>®</sup> VIF Total International Stock Market Index |  |  |  |  |  |  |  |  |  |
| 2025 | 1231780 | 12.77 | 14.06 | 17305883 | 2.56 | 0.25 | 1.65 | 26.06 | 27.82 |
| 2024 | 1139808 | 10.13 | 11.00 | 12528646 | 0.03 | 0.25 | 1.65 | 0.30 | 1.66 |
| 2023 | 1012992 | 10.10 | 10.82 | 10949848 | 0.03 | 0.25 | 1.85 | 10.26 | 11.89 |
| 2022 | 788650 | 9.16 | 9.67 | 7620471 | 0.03 | 0.25 | 1.85 | (19.86) | (18.74) |
| 2021 | 453639 | 11.43 | 11.90 | 5392917 | 0.02 | 0.25 | 1.85 | 3.44 | 5.12 |
|  Vanguard<sup>®</sup> VIF Total Stock Market Index |  |  |  |  |  |  |  |  |  |
| 2025 | 1893652 | 22.53 | 25.72 | 48488842 | 1.06 | 0.25 | 1.65 | 11.65 | 13.15 |
| 2024 | 1699711 | 20.18 | 22.73 | 38426478 | 0.01 | 0.25 | 1.65 | 18.01 | 19.76 |
| 2023 | 1220645 | 17.10 | 18.98 | 23045885 | 0.01 | 0.25 | 1.85 | 20.25 | 21.98 |
| 2022 | 1063489 | 14.22 | 15.56 | 16532901 | 0.01 | 0.25 | 1.85 | (23.22) | (22.16) |
| 2021 | 841611 | 18.52 | 19.99 | 16793913 | 0.01 | 0.25 | 1.85 | 19.64 | 21.59 |

---

(d) Closed to new investments. See Note 1.

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets<br>($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  Victory Pioneer Bond VCT Portfolio (b) |  |  |  |  |  |  |  |  |  |
| 2025 | 8608 | 8.89 | 8.89 | 76420 | 4.28 | 0.25 | 0.25 | 5.46 | 5.46 |
| 2024 | 8596 | 8.43 | 8.43 | 72406 | 0.04 | 0.25 | 0.25 | (0.35) | (0.35) |
| 2023 | 15676 | 8.46 | 8.46 | 132477 | 0.03 | 0.25 | 0.25 | 3.30 | 3.30 |
| 2022 | 14594 | 8.19 | 8.19 | 119423 | 0.02 | 0.25 | 0.25 | (17.19) | (17.19) |
| 2021 | 22413 | 9.89 | 9.89 | 221587 | 0.02 | 0.25 | 0.25 | (3.04) | (3.04) |
|  Victory Pioneer Equity Income VCT Portfolio (b) |  |  |  |  |  |  |  |  |  |
| 2025 | 1037 | 16.92 | 16.92 | 17561 | 1.98 | 1.25 | 1.25 | 6.48 | 6.48 |
| 2024 | 1008 | 15.89 | 15.89 | 16034 | 0.02 | 1.25 | 1.25 | 6.36 | 6.36 |
| 2023 | 981 | 14.94 | 19.71 | 14661 | 0.01 | 0.25 | 1.45 | 2.75 | 3.74 |
| 2022 | 7955 | 14.54 | 19.00 | 141187 | 0.01 | 0.25 | 1.45 | (11.77) | (10.84) |
| 2021 | 9464 | 16.48 | 21.31 | 189597 | 0.01 | 0.25 | 1.45 | 19.85 | 21.29 |
|  Victory Pioneer High Yield VCT Portfolio (b) |  |  |  |  |  |  |  |  |  |
| 2025 | 2694 | 9.55 | 11.45 | 30857 | 7.32 | 0.25 | 1.25 | 3.35 | 4.47 |
| 2024 | 6400 | 9.24 | 10.96 | 63613 | 0.04 | 0.25 | 1.25 | 4.05 | 4.98 |
| 2023 | 2537 | 10.44 | 10.44 | 26484 | 0.05 | 0.25 | 0.25 | 7.52 | 7.52 |
| 2022 | 2467 | 9.71 | 9.71 | 23961 | 0.10 | 0.25 | 0.25 | (14.30) | (14.30) |
| 2021 |  | 9.84 | 9.84 |  |  | 1.45 | 1.45 | 0.82 | 0.82 |
|  Victory Pioneer Strategic Income Fund (b) |  |  |  |  |  |  |  |  |  |
| 2025 | 9615 | 9.46 | 9.46 | 90889 | 5.67 | 0.90 | 0.90 | 6.05 | 6.05 |
| 2024 | 7000 | 8.92 | 8.92 | 62376 | 0.05 | 0.90 | 0.90 | 0.34 | 0.34 |
| 2023 | 7750 | 8.89 | 8.89 | 68848 | 0.03 | 0.90 | 0.90 | 3.98 | 3.98 |
| 2022 | 9176 | 8.55 | 8.55 | 78402 | 0.03 | 0.90 | 0.90 | (16.42) | (16.42) |
| 2021 | 5592 | 10.23 | 10.23 | 57157 | 0.03 | 0.90 | 0.90 | (1.82) | (1.82) |

---

(b) Name change. See Note 1.

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  Victory Pioneer Strategic Income VCT Portfolio (b) |  |  |  |  |  |  |  |  |  |
| 2025 | 91618 | 8.55 | 9.51 | 852821 | 4.37 | 0.25 | 1.25 | 6.21 | 7.22 |
| 2024 | 90030 | 8.05 | 8.87 | 781868 | 0.04 | 0.25 | 1.25 | (0.37) | 0.57 |
| 2023 | 34081 | 8.08 | 8.82 | 287112 | 0.03 | 0.25 | 1.45 | 3.46 | 4.63 |
| 2022 | 22503 | 7.81 | 8.43 | 185285 | 0.03 | 0.25 | 1.45 | (16.47) | (15.62) |
| 2021 | 23776 | 9.35 | 9.99 | 233104 | 0.02 | 0.25 | 1.45 | (2.71) | (1.58) |
|  Victory RS Partners (d) |  |  |  |  |  |  |  |  |  |
| 2025 | 12692 | 35.72 | 35.72 | 454081 | 0.56 | 0.90 | 0.90 | (1.41) | (1.41) |
| 2024 | 14270 | 36.23 | 36.23 | 517677 |  | 0.90 | 0.90 | 10.56 | 10.56 |
| 2023 | 14700 | 32.77 | 32.77 | 482425 | 0.01 | 0.90 | 0.90 | 11.24 | 11.24 |
| 2022 | 15387 | 29.46 | 29.46 | 453894 | 0.00 | 0.90 | 0.90 | (8.20) | (8.20) |
| 2021 | 17811 | 32.09 | 32.09 | 572076 |  | 0.90 | 0.90 | 24.67 | 24.67 |
|  Victory RS Science and Technology |  |  |  |  |  |  |  |  |  |
| 2025 | 22106 | 40.90 | 42.50 | 941886 |  | 0.90 | 1.10 | 13.96 | 14.16 |
| 2024 | 22884 | 35.89 | 37.23 | 853726 |  | 0.90 | 1.10 | 27.54 | 27.81 |
| 2023 | 24387 | 28.14 | 29.13 | 711607 |  | 0.90 | 1.10 | 27.27 | 27.54 |
| 2022 | 24671 | 22.11 | 22.84 | 564416 |  | 0.90 | 1.10 | (45.77) | (45.67) |
| 2021 | 33576 | 40.77 | 42.04 | 1412788 |  | 0.90 | 1.10 | (12.92) | (12.73) |
|  Victory RS Value |  |  |  |  |  |  |  |  |  |
| 2025 | 95487 | 16.51 | 17.16 | 1637884 | 0.62 | 0.90 | 1.10 | 0.43 | 0.65 |
| 2024 | 105120 | 16.44 | 17.05 | 1791774 |  | 0.90 | 1.10 | 8.09 | 8.32 |
| 2023 | 111370 | 15.21 | 15.74 | 1752623 | 0.01 | 0.90 | 1.10 | 3.26 | 3.42 |
| 2022 | 117249 | 14.73 | 15.22 | 1784105 | 0.00 | 0.90 | 1.10 | (6.89) | (6.68) |
| 2021 | 120586 | 15.82 | 16.31 | 1965988 | 0.00 | 0.90 | 1.10 | 22.26 | 22.45 |

---

(b) Name change. See Note 1.

(d) Closed to new investments. See Note 1.

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  Virtus Ceredex Mid Cap Value Equity |  |  |  |  |  |  |  |  |  |
| 2025 | 6405 | 21.56 | 21.56 | 138051 | 0.84 | 0.90 | 0.90 | 12.76 | 12.76 |
| 2024 | 7526 | 19.12 | 19.12 | 144535 | 0.01 | 0.90 | 0.90 | 5.58 | 5.58 |
| 2023 | 8328 | 18.11 | 18.11 | 151417 | 0.01 | 0.90 | 0.90 | 6.40 | 6.40 |
| 2022 | 14482 | 17.02 | 17.02 | 246998 | 0.01 | 0.90 | 0.90 | (17.50) | (17.50) |
| 2021 | 15659 | 20.63 | 20.63 | 323619 |  | 0.90 | 0.90 | 23.83 | 23.83 |
|  Virtus Duff & Phelps Real Estate Securities Series |  |  |  |  |  |  |  |  |  |
| 2025 | 30960 | 12.83 | 14.12 | 426191 | 2.57 | 0.25 | 1.25 | (3.46) | (2.49) |
| 2024 | 32961 | 13.29 | 14.48 | 464525 | 0.02 | 0.25 | 1.25 | 6.24 | 7.34 |
| 2023 | 26423 | 12.51 | 13.49 | 349118 | 0.02 | 0.25 | 1.45 | 6.47 | 7.49 |
| 2022 | 24938 | 11.75 | 12.55 | 307220 | 0.01 | 0.25 | 1.45 | (29.17) | (28.41) |
| 2021 | 25176 | 16.59 | 17.53 | 434799 | 0.01 | 0.25 | 1.45 | 40.12 | 41.71 |
|  Virtus KAR Small-Cap Growth Series |  |  |  |  |  |  |  |  |  |
| 2025 | 43729 | 20.39 | 22.99 | 911928 |  | 0.25 | 1.25 | (25.85) | (25.11) |
| 2024 | 48974 | 27.50 | 30.70 | 1395780 |  | 0.25 | 1.25 | 5.16 | 6.23 |
| 2023 | 58389 | 26.15 | 28.90 | 1566755 |  | 0.25 | 1.45 | 14.74 | 15.88 |
| 2022 | 33178 | 22.79 | 24.94 | 799947 |  | 0.25 | 1.45 | (33.23) | (32.54) |
| 2021 | 45236 | 34.13 | 36.97 | 1624708 |  | 0.25 | 1.25 | 0.41 | 1.62 |
|  Virtus Newfleet Multi-Sector Intermediate Bond Series |  |  |  |  |  |  |  |  |  |
| 2025 | 33899 | 9.03 | 9.82 | 330233 | 5.28 | 0.25 | 1.25 | 3.08 | 4.14 |
| 2024 | 34334 | 8.76 | 9.43 | 320901 | 0.08 | 0.25 | 1.25 | 1.51 | 2.50 |
| 2023 | 15922 | 8.63 | 9.20 | 143587 | 0.05 | 0.25 | 1.45 | 4.10 | 5.14 |
| 2022 | 14285 | 8.29 | 8.75 | 122810 | 0.04 | 0.25 | 1.45 | (13.28) | (12.41) |
| 2021 | 12099 | 9.56 | 9.99 | 119700 | 0.01 | 0.25 | 1.45 | (3.34) | (2.15) |
|  Virtus SGA International Growth Series |  |  |  |  |  |  |  |  |  |
| 2025 | 41481 | 7.82 | 8.62 | 353859 | 0.18 | 0.25 | 1.25 | 4.69 | 5.77 |
| 2024 | 41112 | 7.47 | 8.15 | 331651 |  | 0.25 | 1.25 | (9.56) | (8.63) |
| 2023 | 39863 | 8.26 | 8.92 | 351942 | 0.00 | 0.25 | 1.45 | 13.15 | 14.30 |
| 2022 | 45238 | 7.30 | 7.81 | 349964 |  | 0.25 | 1.45 | (22.01) | (21.19) |
| 2021 | 56985 | 9.36 | 9.91 | 558722 |  | 0.25 | 1.45 | 3.54 | 4.87 |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit**<br>**Values**<br>**Lowest**<br>**($) (4)** | **Unit**<br>**Values**<br>**Highest**<br>**($) (4)** | **Net**<br>**Assets ($)** | **Investment**<br>**Income**<br>**Ratios**<br>**(1)** | **Expense**<br>**Ratios**<br>**Lowest**<br>**(%) (2)** | **Expense**<br>**Ratios**<br>**Highest**<br>**(%) (2)** | **Total**<br>**Returns**<br>**Lowest**<br>**(%) (3)(4)** | **Total**<br>**Returns**<br>**Highest**<br>**(%) (3)(4)** |
|  Virtus Tactical Allocation Series |  |  |  |  |  |  |  |  |  |
| 2025 | 19600 | 13.52 | 15.70 | 302957 | 2.15 | 0.25 | 1.25 | 2.35 | 3.43 |
| 2024 | 19149 | 13.21 | 15.18 | 286615 | 0.02 | 0.25 | 1.25 | 9.08 | 10.16 |
| 2023 | 21133 | 12.11 | 13.78 | 283692 | 0.01 | 0.25 | 1.45 | 17.12 | 18.28 |
| 2022 | 14400 | 10.34 | 11.65 | 152779 | 0.00 | 0.25 | 1.45 | (33.46) | (32.78) |
| 2021 | 18560 | 15.54 | 17.33 | 293684 | 0.00 | 0.25 | 1.45 | 2.85 | 4.15 |
|  Voya MidCap Opportunities Portfolio |  |  |  |  |  |  |  |  |  |
| 2025 | 6524 | 18.76 | 25.49 | 156679 |  | 0.25 | 1.25 | (0.79) | 0.20 |
| 2024 | 8936 | 18.91 | 25.44 | 218278 |  | 0.25 | 1.25 | 10.39 | 11.48 |
| 2023 | 10233 | 17.13 | 22.82 | 225751 |  | 0.25 | 1.45 | 18.22 | 19.48 |
| 2022 | 10051 | 14.49 | 19.10 | 185880 |  | 0.25 | 1.45 | (28.48) | (27.79) |
| 2021 | 9525 | 20.26 | 26.45 | 243933 |  | 0.25 | 1.45 | 6.74 | 8.09 |
|  VY CBRE Global Real Estate Portfolio |  |  |  |  |  |  |  |  |  |
| 2025 | 24856 | 9.04 | 10.70 | 266031 | 2.38 | 0.25 | 1.25 | 1.92 | 2.98 |
| 2024 | 24843 | 8.87 | 10.39 | 258262 | 0.03 | 0.25 | 1.25 | (4.21) | (3.26) |
| 2023 | 16333 | 9.26 | 10.74 | 175435 | 0.01 | 0.25 | 1.45 | 7.42 | 8.59 |
| 2022 | 14843 | 8.62 | 9.89 | 145663 | 0.03 | 0.25 | 1.45 | (28.35) | (27.65) |
| 2021 | 14453 | 12.03 | 13.67 | 196061 | 0.02 | 0.25 | 1.45 | 28.12 | 29.70 |
|  VY CBRE Real Estate Portfolio |  |  |  |  |  |  |  |  |  |
| 2025 |  | 11.32 | 14.18 |  |  | 0.25 | 1.25 | (4.31) | (3.27) |
| 2024 |  | 11.83 | 11.83 |  |  | 1.25 | 1.25 | (0.17) | (0.17) |
| 2023 |  | 11.85 | 11.85 |  |  | 1.25 | 1.45 | 9.12 | 9.12 |
| 2022 |  | 12.99 | 12.99 |  |  | 0.25 | 0.25 | (29.56) | (29.56) |
| 2021 | 32526 | 18.44 | 18.44 | 599805 | 0.00 | 0.25 | 0.25 | 46.93 | 46.93 |
|  Western Asset Variable Global High Yield Bond |  |  |  |  |  |  |  |  |  |
| 2025 | 95632 | 9.15 | 11.29 | 1063545 | 6.24 | 0.25 | 1.35 | 5.32 | 6.44 |
| 2024 | 97986 | 8.68 | 10.66 | 1030589 | 0.05 | 0.25 | 1.35 | 2.08 | 3.27 |
| 2023 | 125064 | 8.49 | 10.38 | 1284834 | 0.05 | 0.25 | 1.45 | 5.31 | 6.52 |
| 2022 | 128861 | 8.06 | 8.90 | 1257437 | 0.05 | 0.25 | 1.45 | (17.42) | (16.67) |
| 2021 | 175859 | 9.76 | 10.68 | 2057484 | 0.04 | 0.25 | 1.45 | (3.37) | (2.20) |

---

------

SBL Variable Annuity Account XIV

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

(1) 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 average net assets. Average net assets is a simple average of net assets and will not reflect offsetting changes in net assets occurring within a year. These ratios exclude those expenses, such as mortality and expense charges, that result in direct reductions in the unit values. 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.

(2) These ratios represent the annualized contract expenses of the Account, consisting primarily of administrative and mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to the unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying fund are excluded. The additional fees for the mortality and expense risk charges applied to policies whose contract values are less than $100,000 are excluded from these ratios because they result in reductions of contract owner units, rather than direct reductions to the unit values. See Note 2.

(3) These amounts represent the total return for the periods indicated, including changes in the value of the underlying fund, and reflect deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units; inclusion of these expenses in the calculation would result in a reduction in the total return presented. The total return is calculated for the period indicated or from the inception date through the end of the reporting period.

(4) Unit value information is calculated on a daily basis regardless of whether or not the subaccount has contractholders.

5. Subsequent Events

The Account has performed an evaluation of subsequent events through the date the financial statements were issued and has determined that no items require recognition or disclosure.

------

**PART C**

**OTHER INFORMATION**

**Item 27. Exhibits**

---

| | | |
|:---|:---|:---|
| **Exhibit** <br> **Number**<br>| **Description** | **Location** |
| (a) | [<u>Resolution of the Board of Directors of</u>](https://www.sec.gov/Archives/edgar/data/1116625/000111662500000004/0001116625-00-000004-0002.txt)<br> [<u>Security Benefit Life Insurance Company</u>](https://www.sec.gov/Archives/edgar/data/1116625/000111662500000004/0001116625-00-000004-0002.txt)<br> [<u>authorizing establishment of the Separate</u>](https://www.sec.gov/Archives/edgar/data/1116625/000111662500000004/0001116625-00-000004-0002.txt)<br> [<u>Account</u>](https://www.sec.gov/Archives/edgar/data/1116625/000111662500000004/0001116625-00-000004-0002.txt)<br>| Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-41180 (filed July 11, 2000)<br>|
| (b) | Form of Custody Agreements | Not Applicable  |
| (c)(1) | [<u>Marketing Organization Agreement</u>](https://www.sec.gov/Archives/edgar/data/932020/000089180408001299/ex993c.txt) | Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 033-85592 (filed April 29, 2008)<br>|
| (c)(2) | [<u>SBL Variable Product Sales Agreement (3-Way</u>](https://www.sec.gov/Archives/edgar/data/1116625/000111662502000009/v9482c.htm)<br> [<u>Agreement) (Form 9482C 7-00)</u>](https://www.sec.gov/Archives/edgar/data/1116625/000111662502000009/v9482c.htm)<br>| Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-52114 (filed March 1, 2002)<br>|
| (c)(3) | [<u>Marketing Organization Agreement</u>](https://www.sec.gov/Archives/edgar/data/1116625/000089180415000298/ex993d.htm)<br> [<u>Commission Schedule</u>](https://www.sec.gov/Archives/edgar/data/1116625/000089180415000298/ex993d.htm)<br>| Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-138540 (filed April 30, 2015)<br>|
| (c)(4) | [<u>Amendment to Marketing Organization, SBL</u>](https://www.sec.gov/Archives/edgar/data/1116625/000008852504000156/rid-amendmo.htm)<br> [<u>Variable Products Broker/Dealer Sales, SBL</u>](https://www.sec.gov/Archives/edgar/data/1116625/000008852504000156/rid-amendmo.htm)<br> [<u>Variable Product Sales, and Anti-Money</u>](https://www.sec.gov/Archives/edgar/data/1116625/000008852504000156/rid-amendmo.htm)<br> [<u>Laundering and Suitability Agreements</u>](https://www.sec.gov/Archives/edgar/data/1116625/000008852504000156/rid-amendmo.htm)<br>| Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-120399 (filed November 12, 2004)<br>|
| (c)(5) | [<u>Distribution Agreement</u>](https://www.sec.gov/Archives/edgar/data/1116625/000089180417000337/ex993f.htm) | Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-138540 (filed April 28, 2017)<br>|
| (c)(6) | [<u>Marketing Organization Amendment –</u>](https://www.sec.gov/Archives/edgar/data/1116625/000089180407000809/ex993g.txt)<br> [<u>Supervisory Fee</u>](https://www.sec.gov/Archives/edgar/data/1116625/000089180407000809/ex993g.txt)<br>| Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-138540 (filed March 9, 2007)<br>|
| (c)(7) | [<u>Facilities Agreement</u>](https://www.sec.gov/Archives/edgar/data/1116625/000089180419000142/ex993h.htm) | Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-138540 (filed April 30, 2019)<br>|
| (c)(8) | [<u>EliteDesigns II Commission Schedule</u>](https://www.sec.gov/Archives/edgar/data/1116625/000114036113017895/ex993i.htm) | Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-138540 (filed April 30, 2013)<br>|
| (d)(1) | [<u>Individual Contract (Form V6029 11-00)</u>](https://www.sec.gov/Archives/edgar/data/1116625/000089180406003465/ex4a.txt) | Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-138540 (filed November 9, 2006)<br>|
| (d)(2) | [<u>Individual Contract-Unisex (Form V6029</u>](https://www.sec.gov/Archives/edgar/data/1116625/000089180406003465/ex4b.txt)<br> [<u>11-00U)</u>](https://www.sec.gov/Archives/edgar/data/1116625/000089180406003465/ex4b.txt)<br>| Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-138540 (filed November 9, 2006)<br>|
| (d)(3) | [<u>Tax-Sheltered Annuity Endorsement (Form</u>](https://www.sec.gov/Archives/edgar/data/1116625/000089180411001497/ex994n.htm)<br> [<u>V6101 R9-10)</u>](https://www.sec.gov/Archives/edgar/data/1116625/000089180411001497/ex994n.htm)<br>| Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-138540 (filed April 15, 2011)<br>|
| (d)(4) | [<u>Individual Retirement Annuity Endorsement</u>](https://www.sec.gov/Archives/edgar/data/1116625/000089180411001497/ex994j.htm)<br> [<u>(Form V6849A R9-10)</u>](https://www.sec.gov/Archives/edgar/data/1116625/000089180411001497/ex994j.htm)<br>| Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-138540 (filed April 15, 2011)<br>|
| (d)(5) | [<u>Roth IRA Endorsement (Form V6851A R9-10)</u>](https://www.sec.gov/Archives/edgar/data/1116625/000089180411001497/ex994k.htm) | Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-138540 (filed April 15, 2011)<br>|
| (d)(6) | [<u>403a Endorsement (Form V6057 10-98)</u>](https://www.sec.gov/Archives/edgar/data/740583/0000740583-99-000005.txt) | Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 002-89328 (filed April 30, 1999)<br>|
| (d)(7) | [<u>Credit Enhancement Rider (Form V6084</u>](https://www.sec.gov/Archives/edgar/data/1116625/000111662502000010/v6084.htm)<br> [<u>11-01)</u>](https://www.sec.gov/Archives/edgar/data/1116625/000111662502000010/v6084.htm)<br>| Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-41180 (filed March 1, 2002)<br>|
| (d)(8) | [<u>Dollar for Dollar Living Benefit Rider (Form</u>](https://www.sec.gov/Archives/edgar/data/1116625/000089180407000809/ex994h.txt)<br> [<u>V6094 R9-05)</u>](https://www.sec.gov/Archives/edgar/data/1116625/000089180407000809/ex994h.txt)<br>| Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-138540 (filed March 9, 2007)<br>|
| (d)(9) | [<u>Return of Premium or Contract Value Death</u>](https://www.sec.gov/Archives/edgar/data/1116625/000089180406003465/ex4i.txt)<br> [<u>Benefit Rider (Form V6105 10-06)</u>](https://www.sec.gov/Archives/edgar/data/1116625/000089180406003465/ex4i.txt)<br>| Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-138540 (filed November 9, 2006)<br>|
| (d)(10) | [<u>Nursing Home Endorsement (Form 6052</u>](https://www.sec.gov/Archives/edgar/data/1116625/000089180411001497/ex994l.htm)<br> [<u>10-10)</u>](https://www.sec.gov/Archives/edgar/data/1116625/000089180411001497/ex994l.htm)<br>| Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-138540 (filed April 15, 2011)<br>|
| (d)(11) | [<u>Terminal Illness Endorsement (Form 6053</u>](https://www.sec.gov/Archives/edgar/data/1116625/000089180411001497/ex994m.htm)<br> [<u>10-10)</u>](https://www.sec.gov/Archives/edgar/data/1116625/000089180411001497/ex994m.htm)<br>| Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-138540 (filed April 15, 2011)<br>|
| (e)(1) | [<u>EliteDesigns Application (Form V9101 10-06)</u>](https://www.sec.gov/Archives/edgar/data/1116625/000089180410001749/ex-5b.txt) | Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-138540 (filed April 30, 2010)<br>|
| (e)(2) | [<u>EliteDesigns Application – Unisex (Form</u>](https://www.sec.gov/Archives/edgar/data/1116625/000089180410001749/ex-5d.txt)<br> [<u>V9101 U 10-06)</u>](https://www.sec.gov/Archives/edgar/data/1116625/000089180410001749/ex-5d.txt)<br>| Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-138540 (filed April 30, 2010)<br>|

---

------

---

| | | |
|:---|:---|:---|
| **Exhibit** <br> **Number**<br>| **Description** | **Location** |
| (e)(3) | [<u>EliteDesigns (2011) Application (Form V9101</u>](https://www.sec.gov/Archives/edgar/data/1116625/000119312522132035/d689914dex99e3.htm)<br> [<u>01-22)</u>](https://www.sec.gov/Archives/edgar/data/1116625/000119312522132035/d689914dex99e3.htm)<br>| Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-138540 (filed April 29, 2022)<br>|
| (e)(4) | [<u>EliteDesigns II Application (Form V9301</u>](https://www.sec.gov/Archives/edgar/data/1116625/000119312522132035/d689914dex99e4.htm)<br> [<u>01-22)</u>](https://www.sec.gov/Archives/edgar/data/1116625/000119312522132035/d689914dex99e4.htm)<br>| Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-138540 (filed April 29, 2022)<br>|
| f(1) | [<u>Composite of Articles of Incorporation of SBL</u>](https://www.sec.gov/Archives/edgar/data/1116625/000095013705002144/c92499exv99w6a.txt) | Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-52114 (filed February 23, 2005)<br>|
| f(2) | [<u>Bylaws of SBL</u>](https://www.sec.gov/Archives/edgar/data/1116625/000089180416001380/ex996b.htm) | Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333 138540 (filed April 29, 2016)<br>|
| (g) | Reinsurance Contracts | Not Applicable |
| (h)(1) | [<u>Participation Agreement – AIM – Variable</u>](https://www.sec.gov/Archives/edgar/data/1116625/000089180413000282/ex998a.htm)<br> [<u>Insurance Funds (Invesco)</u>](https://www.sec.gov/Archives/edgar/data/1116625/000089180413000282/ex998a.htm)<br>| Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-138540 (filed February 21, 2013)<br>|
| (h)(2) | [<u>Participation Agreement – AllianceBernstein</u>](https://www.sec.gov/Archives/edgar/data/1116625/000119312522132035/d689914dex99h2.htm) | Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-138540 (filed April 29, 2022)<br>|
| (h)(3) | [<u>Participation Agreement – ALPS (Morningstar)</u>](https://www.sec.gov/Archives/edgar/data/1116625/000089180418000134/ex998c.htm) | Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-138540 (filed April 30, 2018)<br>|
| (h)(4) | [<u>Participation Agreement – American Funds</u>](https://www.sec.gov/Archives/edgar/data/1116625/000089180414000472/ex998e.htm) | Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-138540 (filed April 30, 2014)<br>|
| (h)(5) | [<u>Participation Agreement – BlackRock –</u>](https://www.sec.gov/Archives/edgar/data/1116625/000119312522132035/d689914dex99h6.htm)<br> [<u>Variable Funds</u>](https://www.sec.gov/Archives/edgar/data/1116625/000119312522132035/d689914dex99h6.htm)<br>| Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-138540 (filed April 29, 2022)<br>|
| (h)(6) | [<u>Participation Agreement – DFA Investment</u>](https://www.sec.gov/Archives/edgar/data/1116625/000119312522132035/d689914dex99h7.htm)<br> [<u>Dimensions Group Inc. (Dimensional)</u>](https://www.sec.gov/Archives/edgar/data/1116625/000119312522132035/d689914dex99h7.htm)<br>| Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-138540 (filed April 29, 2022)<br>|
| (h)(7) | [<u>Participation Agreement – Dreyfus – Variable</u>](https://www.sec.gov/Archives/edgar/data/1116625/000089180413000282/ex998g.htm)<br> [<u>Insurance Funds</u>](https://www.sec.gov/Archives/edgar/data/1116625/000089180413000282/ex998g.htm)<br>| Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-138540 (filed February 21, 2013)<br>|
| (h)(8) | [<u>Participation Agreement – DWS</u>](https://www.sec.gov/Archives/edgar/data/1116625/000089180411001497/ex998ai.htm) | Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-138540 (filed April 15, 2011)<br>|
| (h)(9) | [<u>Participation Agreement – Eaton Vance</u>](https://www.sec.gov/Archives/edgar/data/1116625/000089180414000472/ex998j.htm) | Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-138540 (filed April 30, 2014)<br>|
| (h)(9)(i) | [<u>Participation Agreement – Eaton Vance –</u>](https://www.sec.gov/Archives/edgar/data/1116625/000182126821000184/ex99h10i.htm)<br> [<u>Amendment 1</u>](https://www.sec.gov/Archives/edgar/data/1116625/000182126821000184/ex99h10i.htm)<br>| Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-138540 (filed April 30, 2021)<br>|
| (h)(10) | [<u>Participation Agreement – Federated</u>](https://www.sec.gov/Archives/edgar/data/1116625/000089180412001601/ex998i.htm) | Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-138540 (filed December 28, 2012)<br>|
| (h)(11) | [<u>Participation Agreement – Fidelity – Variable</u>](https://www.sec.gov/Archives/edgar/data/1116625/000119312522132035/d689914dex99h12.htm)<br> [<u>Insurance Funds</u>](https://www.sec.gov/Archives/edgar/data/1116625/000119312522132035/d689914dex99h12.htm)<br>| Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-138540 (filed April 29, 2022)<br>|
| (h)(12) | [<u>Participation Agreement – Franklin Templeton</u>](https://www.sec.gov/Archives/edgar/data/1116625/000119312522132035/d689914dex99h13.htm)<br> [<u>– Variable Insurance Funds</u>](https://www.sec.gov/Archives/edgar/data/1116625/000119312522132035/d689914dex99h13.htm)<br>| Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-138540 (filed April 29, 2022)<br>|
| (h)(13) | [<u>Participation Agreement – Fred Alger</u>](https://www.sec.gov/Archives/edgar/data/1116625/000119312524124319/d699500dex99h14.htm) | Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-138540 (filed April 30, 2024)<br>|
| (h)(14) | [<u>Participation Agreement – Goldman Sachs –</u>](https://www.sec.gov/Archives/edgar/data/1116625/000119312523126298/d470142dex99h15.htm)<br> [<u>Variable Insurance Funds</u>](https://www.sec.gov/Archives/edgar/data/1116625/000119312523126298/d470142dex99h15.htm)<br>| Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-138540 (filed April 28, 2023)<br>|
| (h)(15) | [<u>Participation Agreement – ING (Voya)</u>](https://www.sec.gov/Archives/edgar/data/1116625/000119312524124319/d699500dex99h16.htm) | Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-138540 (filed April 30, 2024)<br>|
| (h)(16) | [<u>Participation Agreement – Ivy – Variable</u>](https://www.sec.gov/Archives/edgar/data/1116625/000089180419000142/ex998q.htm)<br> [<u>Insurance Funds (Macquarie)</u>](https://www.sec.gov/Archives/edgar/data/1116625/000089180419000142/ex998q.htm)<br>| Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-138540 (filed April 30, 2019)<br>|
| (h)(16)(i) | [<u>Participation Agreement – Ivy – Variable</u>](https://www.sec.gov/Archives/edgar/data/1116625/000182126821000173/ex99h23.htm)<br> [<u>Insurance Funds – Amendment 6 (Macquarie)</u>](https://www.sec.gov/Archives/edgar/data/1116625/000182126821000173/ex99h23.htm)<br>| Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-41180 (filed April 30, 2021)<br>|
| (h)(17) | [<u>Participation Agreement – Janus Aspen Series</u>](https://www.sec.gov/Archives/edgar/data/1116625/000119312522132035/d689914dex99h18.htm) | Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-138540 (filed April 29, 2022)<br>|
| (h)(18) | [<u>Participation Agreement – Legg Mason</u>](https://www.sec.gov/Archives/edgar/data/1116625/000089180417000337/ex998t.htm)<br> [<u>(Western Asset)</u>](https://www.sec.gov/Archives/edgar/data/1116625/000089180417000337/ex998t.htm)<br>| Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-138540 (filed April 28, 2017)<br>|
| (h)(19) | [<u>Participation Agreement – Lincoln</u>](https://www.sec.gov/Archives/edgar/data/1116625/000119312524124319/d699500dex99h21.htm) | Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-138540 (filed April 30, 2024)<br>|
| (h)(20) | [<u>Participation Agreement – Lord Abbett</u>](https://www.sec.gov/Archives/edgar/data/1116625/000119312522132035/d689914dex99h21.htm) | Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-138540 (filed April 29, 2022)<br>|

---

------

---

| | | |
|:---|:---|:---|
| **Exhibit** <br> **Number**<br>| **Description** | **Location** |
| (h)(21) | [<u>Participation Agreement – MFS</u>](https://www.sec.gov/Archives/edgar/data/1116625/000119312522132035/d689914dex99h22.htm) | Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-138540 (filed April 29, 2022)<br>|
| (h)(22) | [<u>Participation Agreement – Morgan Stanley</u>](https://www.sec.gov/Archives/edgar/data/1116625/000119312525104150/d852332dex99h22.htm) | Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-138540 (filed April 30, 2025)<br>|
| (h)(23) | [<u>Participation Agreement – New Age Alpha –</u>](https://www.sec.gov/Archives/edgar/data/1116625/000119312525104150/d852332dex99h23.htm)<br> [<u>Variable Trust</u>](https://www.sec.gov/Archives/edgar/data/1116625/000119312525104150/d852332dex99h23.htm)<br>| Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-138540 (filed April 30, 2025)<br>|
| (h)(24) | [<u>Participation Agreement – Neuberger Berman –</u>](https://www.sec.gov/Archives/edgar/data/1116625/000119312522132035/d689914dex99h24.htm)<br> [<u>AMT Funds</u>](https://www.sec.gov/Archives/edgar/data/1116625/000119312522132035/d689914dex99h24.htm)<br>| Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-138540 (filed April 29, 2022)<br>|
| (h)(25) | [<u>Participation Agreement – Northern Lights</u>](https://www.sec.gov/Archives/edgar/data/1116625/000119312522132035/d689914dex99h26.htm)<br> [<u>(Donoghue Forlines Dividend)</u>](https://www.sec.gov/Archives/edgar/data/1116625/000119312522132035/d689914dex99h26.htm)<br>| Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-138540 (filed April 29, 2022)<br>|
| (h)(26) | [<u>Participation Agreement – Northern Lights</u>](https://www.sec.gov/Archives/edgar/data/1116625/000119312522132035/d689914dex99h27.htm)<br> [<u>(Donoghue Forlines Momentum)</u>](https://www.sec.gov/Archives/edgar/data/1116625/000119312522132035/d689914dex99h27.htm)<br>| Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-138540 (filed April 29, 2022)<br>|
| (h)(27) | [<u>Participation Agreement – Northern Lights</u>](https://www.sec.gov/Archives/edgar/data/1116625/000089180416001380/ex998ae.htm)<br> [<u>(TOPS)</u>](https://www.sec.gov/Archives/edgar/data/1116625/000089180416001380/ex998ae.htm)<br>| Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-138540 (filed April 29, 2016)<br>|
| (h)(28) | [<u>Participation Agreement – PIMCO – Variable</u>](https://www.sec.gov/Archives/edgar/data/1116625/000089180420000127/ex998ad.htm)<br> [<u>Insurance Funds</u>](https://www.sec.gov/Archives/edgar/data/1116625/000089180420000127/ex998ad.htm)<br>| Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-138540 (filed April 29, 2020)<br>|
| (h)(29) | [<u>Participation Agreement – Pioneer (Victory</u>](https://www.sec.gov/Archives/edgar/data/1116625/000119312524124319/d699500dex99h30.htm)<br> [<u>Pioneer)</u>](https://www.sec.gov/Archives/edgar/data/1116625/000119312524124319/d699500dex99h30.htm)<br>| Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-138540 (filed April 30, 2024)<br>|
| (h)(30) | [<u>Participation Agreement – Putnam</u>](https://www.sec.gov/Archives/edgar/data/1116625/000119312524124319/d699500dex99h31.htm) | Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-138540 (filed April 30, 2024)<br>|
| (h)(31) | [<u>Participation Agreement – Rydex – Variable</u>](https://www.sec.gov/Archives/edgar/data/1116625/000089180406001548/file007.txt)<br> [<u>Funds</u>](https://www.sec.gov/Archives/edgar/data/1116625/000089180406001548/file007.txt)<br>| Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-52114 (filed April 28, 2006)<br>|
| (h)(31)(i) | [<u>Participation Agreement – Rydex – Variable</u>](https://www.sec.gov/Archives/edgar/data/1116625/000089180407000809/ex998jii.txt)<br> [<u>Funds – Amendment No. 6</u>](https://www.sec.gov/Archives/edgar/data/1116625/000089180407000809/ex998jii.txt)<br>| Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-138540 (filed March 9, 2007)<br>|
| (h)(32) | [<u>Participation Agreement – SBL (Guggenheim)</u>](https://www.sec.gov/Archives/edgar/data/1116625/000089180414000472/ex998ak.htm) | Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-138540 (filed April 30, 2014)<br>|
| (h)(33) | [<u>Participation Agreement – T. Rowe Price</u>](https://www.sec.gov/Archives/edgar/data/1116625/000119312522132035/d689914dex99h39.htm) | Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-138540 (filed April 29, 2022)<br>|
| (h)(34) | [<u>Participation Agreement – Third Avenue</u>](https://www.sec.gov/Archives/edgar/data/1116625/000089180411001497/ex998aj.htm) | Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-138540 (filed April 15, 2011)<br>|
| (h)(35) | [<u>Participation Agreement – Van Eck</u>](https://www.sec.gov/Archives/edgar/data/1116625/000089180414000472/ex998ao.htm) | Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-138540 (filed April 30, 2014)<br>|
| (h)(36) | [<u>Participation Agreement – Vanguard</u>](https://www.sec.gov/Archives/edgar/data/1116625/000089180416001380/ex998ar.htm) | Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-138540 (filed April 29, 2016)<br>|
| (h)(37) | [<u>Participation Agreement – Virtus</u>](https://www.sec.gov/Archives/edgar/data/1116625/000119312522132035/d689914dex99h44.htm) | Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-138540 (filed April 29, 2022)<br>|
| (h)(38) | [<u>Participation Agreement – Wells Fargo</u>](https://www.sec.gov/Archives/edgar/data/1116625/000119312524124319/d699500dex99h40.htm)<br> [<u>(Allspring) – Variable Funds</u>](https://www.sec.gov/Archives/edgar/data/1116625/000119312524124319/d699500dex99h40.htm)<br>| Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-138540 (filed April 30, 2024)<br>|
| (h)(39) | [<u>Information Sharing Agreement – AIM</u>](https://www.sec.gov/Archives/edgar/data/932020/000089180407001269/ex998m.txt)<br> [<u>(Invesco)</u>](https://www.sec.gov/Archives/edgar/data/932020/000089180407001269/ex998m.txt)<br>| Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 033-85592 (filed April 27, 2007)<br>|
| (h)(40) | [<u>Information Sharing Agreement – ALPS</u>](https://www.sec.gov/Archives/edgar/data/1116625/000089180413000282/ex998al.htm)<br> [<u>(Morningstar)</u>](https://www.sec.gov/Archives/edgar/data/1116625/000089180413000282/ex998al.htm)<br>| Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-138540 (filed February 21, 2013)<br>|
| (h)(41) | [<u>Information Sharing Agreement – American</u>](https://www.sec.gov/Archives/edgar/data/1116625/000089180414000472/ex998au.htm)<br> [<u>Funds</u>](https://www.sec.gov/Archives/edgar/data/1116625/000089180414000472/ex998au.htm)<br>| Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-138540 (filed April 30, 2014)<br>|
| (h)(42) | [<u>Information Sharing Agreement – Dreyfus</u>](https://www.sec.gov/Archives/edgar/data/932020/000089180407001269/ex998o.txt) | Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 033-85592 (filed April 27, 2007)<br>|
| (h)(43) | [<u>Information Sharing Agreement – Fidelity</u>](https://www.sec.gov/Archives/edgar/data/1116625/000089180407001264/ex8ao.txt)<br> [<u>Insurance</u>](https://www.sec.gov/Archives/edgar/data/1116625/000089180407001264/ex8ao.txt)<br>| Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-41180 (filed April 27, 2007)<br>|
| (h)(44) | [<u>Information Sharing Agreement – Franklin</u>](https://www.sec.gov/Archives/edgar/data/1116625/000119312522132035/d689914dex99h52.htm)<br> [<u>Templeton</u>](https://www.sec.gov/Archives/edgar/data/1116625/000119312522132035/d689914dex99h52.htm)<br>| Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-138540 (filed April 29, 2022)<br>|
| (h)(45) | [<u>Information Sharing Agreement – Goldman</u>](https://www.sec.gov/Archives/edgar/data/1116625/000089180407001264/ex8aq.txt)<br> [<u>Sachs</u>](https://www.sec.gov/Archives/edgar/data/1116625/000089180407001264/ex8aq.txt)<br>| Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-41180 (filed April 27, 2007)<br>|
| (h)(46) | [<u>Information Sharing Agreement – ING (Voya)</u>](https://www.sec.gov/Archives/edgar/data/1173492/000089180413000278/ex998ar.htm) | Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-142084 (filed February 21, 2013)<br>|

---

------

---

| | | |
|:---|:---|:---|
| **Exhibit** <br> **Number**<br>| **Description** | **Location** |
| (h)(47) | [<u>Information Sharing Agreement – Ivy</u>](https://www.sec.gov/Archives/edgar/data/1116625/000089180413000282/ex998ar.htm)<br> [<u>(Macquarie)</u>](https://www.sec.gov/Archives/edgar/data/1116625/000089180413000282/ex998ar.htm)<br>| Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-138540 (filed February 21, 2013)<br>|
| (h)(48) | [<u>Information Sharing Agreement – Janus</u>](https://www.sec.gov/Archives/edgar/data/1116625/000089180407001264/ex8ar.txt) | Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-41180 (filed April 27, 2007)<br>|
| (h)(49) | [<u>Information Sharing Agreement – Legg Mason</u>](https://www.sec.gov/Archives/edgar/data/1116625/000089180409001505/ex8aw.txt)<br> [<u>(Western Asset)</u>](https://www.sec.gov/Archives/edgar/data/1116625/000089180409001505/ex8aw.txt)<br>| Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-41180 (filed April 30, 2009)<br>|
| (h)(50) | [<u>Information Sharing Agreement – MFS</u>](https://www.sec.gov/Archives/edgar/data/932020/000089180407001269/ex998q.txt) | Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 033-85592 (filed April 27, 2007)<br>|
| (h)(51) | [<u>Information Sharing Agreement – Neuberger</u>](https://www.sec.gov/Archives/edgar/data/932020/000089180407001269/ex998r.txt)<br> [<u>Berman</u>](https://www.sec.gov/Archives/edgar/data/932020/000089180407001269/ex998r.txt)<br>| Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 033-85592 (filed April 27, 2007)<br>|
| (h)(52) | [<u>Information Sharing Agreement – PIMCO</u>](https://www.sec.gov/Archives/edgar/data/932020/000089180407001269/ex998t.txt) | Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 033-85592 (filed April 27, 2007)<br>|
| (h)(53) | [<u>Information Sharing Agreement – Putnam</u>](https://www.sec.gov/Archives/edgar/data/1116625/000089180413000282/ex998ay.htm) | Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-138540 (filed February 21, 2013)<br>|
| (h)(54) | [<u>Information Sharing Agreement – Rydex</u>](https://www.sec.gov/Archives/edgar/data/932020/000089180407001269/ex998v.txt) | Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 033-85592 (filed April 27, 2007)<br>|
| (h)(55) | [<u>Information Sharing Agreement – Security</u>](https://www.sec.gov/Archives/edgar/data/1116625/000089180407001264/ex8bc.txt)<br> [<u>Funds (Guggenheim)</u>](https://www.sec.gov/Archives/edgar/data/1116625/000089180407001264/ex8bc.txt)<br>| Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-41180 (filed April 27, 2007)<br>|
| (h)(56) | [<u>Information Sharing Agreement – T. Rowe</u>](https://www.sec.gov/Archives/edgar/data/1116625/000089180407001264/ex8bd.txt)<br> [<u>Price</u>](https://www.sec.gov/Archives/edgar/data/1116625/000089180407001264/ex8bd.txt)<br>| Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-41180 (filed April 27, 2007)<br>|
| (h)(57) | [<u>Information Sharing Agreement – Van Eck</u>](https://www.sec.gov/Archives/edgar/data/1116625/000089180413000282/ex998bc.htm) | Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-138540 (filed February 21, 2013)<br>|
| (h)(58) | [<u>Information Sharing Agreement – Wells Fargo</u>](https://www.sec.gov/Archives/edgar/data/1173492/000089180407001300/ex998w.txt) | Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-89236 (filed April 27, 2007)<br>|
| (i) | Administrative Contracts | Not Applicable |
| (j) | Other Material Contracts | Not Applicable |
| (k) | [<u>Opinion of Counsel</u>](https://www.sec.gov/Archives/edgar/data/1116625/000089180416001380/ex999.htm) | Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-138540 (filed April 29, 2016)<br>|
| (l)(1) | [<u>Consent of Independent Registered Public</u>](d61095dex99l1.htm)<br> [<u>Accounting Firm</u>](d61095dex99l1.htm)<br>| Filed herewith |
| (l)(2) | [<u>Consent of Counsel</u>](d61095dex99l2.htm) | Filed herewith |
| (m) | Omitted Financial Statements | Not Applicable  |
| (n) | Initial Capital Agreements | Not Applicable |
| (o) | [<u>Powers of Attorney of Brian J. Beckett, Rui</u>](https://www.sec.gov/Archives/edgar/data/1116625/000119312525104150/d852332dex99p.htm)<br> [<u>Guo, John F. Guyot, Joseph W. Wittrock and</u>](https://www.sec.gov/Archives/edgar/data/1116625/000119312525104150/d852332dex99p.htm)<br> [<u>Douglas G. Wolff</u>](https://www.sec.gov/Archives/edgar/data/1116625/000119312525104150/d852332dex99p.htm)<br>| Incorporated herein by reference to the Exhibits filed with Registration <br> Statement No. 333-138540 (filed April 30, 2025)<br>|
| (p) | Letter Regarding Change in Certifying <br> Accountant<br>| Not Applicable |
| (q) | Historical Current Limits on Index Gains | Not Applicable |

---

**Item 28.**

**Directors and Officers of the Insurance Company**

The directors and principal officers of Security Benefit Life Insurance Company are set forth below.

---

| | |
|:---|:---|
| **Name and Principal**<br> **Business Address\***<br>| **Positions and Offices with Insurance Company** |
| Douglas G. Wolff | Chief Executive Officer and Director |
| Brian J. Beckett | Senior Vice President, Chief Financial Officer, and Director |
| Rui Guo | Senior Vice President, Chief Actuary, Chief Product Officer, and Director |
| John F. Guyot | Senior Vice President, Chief Legal Officer, and Director |
| Joseph W. Wittrock | Senior Vice President, Chief Investment Officer, and Director |
| David G. Byrnes | Senior Vice President and Chief Distribution Officer |
| Justin F. Carroll | Senior Vice President, General Counsel, and Secretary |
| Lisa J. Flanary | Senior Vice President, Chief Growth Officer |
| Melinda Lebofsky | Senior Vice President and Chief Human Resources Officer |

---

------

---

| | |
|:---|:---|
| **Name and Principal**<br> **Business Address\***<br>| **Positions and Offices with Insurance Company** |
| Sean O'Donoghue | Senior Vice President, Chief Digital and Technology Officer |
| Richard J. Wells | Senior Vice President, Head of Operations |
| Kurt E. Auleta | Vice President |
| Amy L. Chandler | Vice President, Head of Agile Center of Excellence, Six Sigma Master Black Belt |
| Amy L. Comer | Vice President and Assistant General Counsel |
| Matt A. Dinkel | Vice President, Chief Risk Officer |
| Joseph J. Elmy | Vice President, Tax Director |
| Jilliane R. Erlbacher | Vice President, Head of FP&A |
| Jackie R. Fox | Vice President – Portfolio Strategy and Delivery |
| Jennifer L. Fulks | Vice President, Head of HR Operations |
| Michael M. Grimmett | Vice President, Investments |
| Duc X. Ho | Vice President, Appointed Actuary |
| Cherie L. Huffman | Vice President, Chief Compliance Officer and Head of Asset Services |
| Justin A. Jacquinot | Vice President |
| James J. Kiley | Vice President |
| Greg D. Kratz | Vice President |
| Michael T. Maghini | Vice President |
| William J. McDonough | Vice President, Investments |
| Andrea D. Piepho | Vice President, Product Actuary |
| Aaron Prieksat | Vice President, Chief Accounting Officer |
| Matthew V. Rocha | Vice President |
| Lyle S. Semchyshyn | Vice President, Corporate Actuary |
| Jeanne R. Slusher | Vice President, Chief Auditor |
| David P. Steffens | Vice President, Centers of Excellence |
| Aaron M. Tallen | Vice President, Inside Sales, 401k and Defined Contributions |
| Bhupesh Trivedi | Vice President, Head of Solution Development |
| Craig P. Weishaar | Vice President, Direct Relationships |
| Lisa M. Young | Vice President and Treasurer |
| Gregory C. Garhart | Assistant Vice President, Associate Chief Compliance Officer and AML Chief Compliance Officer |
| Alison J. Pollock | Second Vice President, Assistant General Counsel, and Assistant Secretary |
| \*Located at One Security Benefit Place, Topeka, KS 66636-0001 | \*Located at One Security Benefit Place, Topeka, KS 66636-0001 |

---

**Item 29.**

**Persons Controlled by or Under Common Control with the Insurance Company or Registered Separate Account**

Security Benefit Life Insurance Company ("SBL" or "the Company"), is a wholly-owned subsidiary of SBL Holdings, LLC. The Registered Separate Account is a segregated asset account of SBL. The list of companies controlled by or under common control with SBL Holdings, LLC is set forth below.

---

| | | |
|:---|:---|:---|
| **Name** | **Percent of Voting Securities Owned** | **Percent of Voting Securities Owned** |
| Todd L. Boehly, Individual |  |  |
| 100 N. Crescent Holdings LLC<br> DE | 100% | by Mayfair Portfolio Trust, LLC |
| 100 N. Crescent LLC<br> DE | 100% | by 100 N. Cresent Holdings LLC |
| 125 West 57th Street Holdings LLC<br> DE | 85.0% | by CI W57th Street Holdings LLC |
| 125 West 57th Street Mezz 2, LLC<br> DE | 100% | by 125 West 57th Street Holdings LLC |
| 125 West 57th Street Mezz, LLC<br> DE | 100% | by 125 West 57th Street Mezz 2, LLC |
| 125 West 57th Street Property Owner LLC<br> DE | 100% | by 125 West 57th Street Holdings LLC |
| 125 West 57th Street Property Owner LLC<br> DE | 100% | by 125 West 57th Street Sole Member, LLC |
| 125 West 57th Street Sole Member, LLC<br> DE | 100% | by 125 West 57th Street Mezz, LLC |
| 13 FEG Alamo Production, LLC<br> DE | 100% | by 13 FEG Asset Production, LLC |
| 13 FEG Asset Production, LLC<br> DE | 100% | by 13FEG Ops, LLC |
| 13 FEG Columbus Holdings, LLC<br> DE | 100% | by 13 FEG Haunted Holdings, LLC |
| 13 FEG Haunted Holdings, LLC<br> DE | 100% | by 13FEG Ops, LLC |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Jurisdiction** | **Percent of Voting Securities Owned** | **Percent of Voting Securities Owned** |
| 13 FEG Haunted Prison, LLC | IL | 100% | by 13 FEG Haunted Holdings, LLC |
| 13 FEG Minneapolis LLC | DE | 100% | by 13 FEG Haunted Holdings, LLC |
| 13 FEG New Orleans, LLC | DE | 100% | by 13 FEG Haunted Holdings, LLC |
| 13 FEG Touring Events, LLC | DE | 100% | by 13FEG Ops, LLC |
| 13FEG Houston Holdings, LLC | TN | 100% | by 13 FEG Haunted Holdings, LLC |
| 13FEG Immersive Theater, LLC | CA | 100% | by 13 FEG Haunted Holdings, LLC |
| 13FEG IP, LLC | DE | 100% | by Thirteenth Floor Entertainment Group, LLC |
| 13FEG Jacksonville Holdings, LLC | DE | 100% | by 13 FEG Haunted Holdings, LLC |
| 13FEG LA Holdings, LLC | DE | 100% | by 13 FEG Haunted Holdings, LLC |
| 13FEG Ops, LLC | DE | 100% | by Thirteenth Floor Entertainment Group, LLC |
| 13th Fl Investor, LLC | DE | 100% | by Eldridge Sports and Entertainment GP, LP |
| 13th Floor Denver Holdings, LLC | CO | 100% | by 13 FEG Haunted Holdings, LLC |
| 1861 Capital, LLC | KS | 100% | by Sherwood Park, Inc. |
| 3030 Chain Bridge Road, LLC | DE | 90.0% | by SBT Investors, LLC |
| 333 Fish Tacos NY 1, LLC | NY | 100% | by Fish Tacos NY 1, LLC |
| 37-41 Mortimer GP LTD | GBR | 100% | by Maslow's Group LLP |
| 37-41 Mortimer LP | GBR | 99.99% | by 37-41 Mortimer Unit Trust |
| 37-41 Mortimer Nominee 1 Ltd | GBR | 100% | by 37-41 Mortimer GP LTD |
| 37-41 Mortimer Nominee 2 Ltd | GBR | 100% | by 37-41 Mortimer GP LTD |
| 37-41 Mortimer Opco Ltd | GBR | 100% | by Maslow's Group LLP |
| 37-41 Mortimer Street LLP | GBR | 0% | Board rights held by CH Capital A Holdings LLc |
| 37-41 Mortimer Unit Trust | JEY | 99.99% | by Maslow's Group LLP |
| 4AIR, LLC | DE | 100% | by Lenticular Energy Holdings, LLC |
| 688 Bronx Commissary, LLC | NY | 100% | by MPQ 688 Bronx HoldCo, LLC |
| 700 Edgewater Development Mezz, LLC | DE | 100% | by CHE Edgewater LLC |
| 700 Edgewater Development Parent, LLC | DE | 45.0% | by CHE Edgewater LLC |
| 700 Edgewater Development, LLC | DE | 100% | by CHE Edgewater LLC |
| 720 NE Street Holdco LLC | DE | 100% | by CHE NE Street LLC |
| 720 NE Street LLC | DE | 50.0% | by CHE NE Street LLC |
| 720 NE Street PropCo LLC | DE | 100% | by CHE NE Street LLC |
| 9350 Civic Center Drive, LLC | DE | 100% | by 9350 Civic Center JV, LLC |
| 9350 Civic Center JV, LLC | DE | 50.0% | by SBC Civic Center LLC |
| A Cigar is Just a Cigar Limited | GBR | 100% | by A24 Films LLC |
| A Cigar is Just a Cigar LLC | DE | 100% | by A24 Films LLC |
| A24 Analytics LLC | DE | 100% | by A24 Films LLC |
| A24 CLT LLC | GBR | 100% | by A24 Films LLC |
| A24 Commerce St LLC | DE | 100% | by A24 Films LLC |
| A24 Distribution, LLC | DE | 100% | by A24 Films LLC |
| A24 Films, LLC | DE | 32.1% | by Valence A24, LLC |
| A24 International LLC | DE | 100% | by A24 Films LLC |
| A24 Investments LLC | DE | 100% | by A24 Films LLC |
| A24 Investor, LLC | DE | 100% | by Eldridge Sports and Entertainment GP, LP |
| A24 Merch LLC | DE | 100% | by A24 Films LLC |
| A24 Music LLC | DE | 100% | by A24 Films LLC |
| A24 Publishing LLC | DE | 100% | by A24 Films LLC |
| A24 Services, LLC | DE | 100% | by A24 Films LLC |
| A24 Studios Limited | GBR | 100% | by A24 Films LLC |
| A24 Studios LLC | DE | 100% | by A24 Films LLC |
| A24 Sunset LLC | DE | 100% | by A24 Films LLC |
| A24 TV Inc. | DE | 100% | by After The Fact LLC |
| A24 TV LLC | DE | 100% | by A24 Films LLC |
| A24 Ventures LLC | DE | 100% | by A24 Films LLC |
| ABM JG Greenwich, LLC | DE | 100% | by Aurify Brands Management, LLC |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Jurisdiction** | **Percent of Voting Securities Owned** | **Percent of Voting Securities Owned** |
| Acre Capital Advisors, LLC | DE | 100% | by Eldridge Acre Partners, LP |
| ACZ Investments LP | DE | 0% | Mgmt. by Eldridge CH GP LLC |
| ACZ PB Holdings, LLC | DE | 100% | by ACZ Investments LP |
| ACZ Students LLC | DE | 100% | by ACZ Investments LP |
| Adore Matchmaking LLC | DE | 100% | by After The Fact LLC |
| Adore Rights LLC | DE | 100% | by A24 Films LLC |
| Adult Braces LLC | DE | 100% | by A24 Films LLC |
| Adult Braces Rights LLC | DE | 100% | by A24 Films LLC |
| AECOM Capital Real Estate Fund II GP, LLC | DE | 100% | by Eldridge Acre Partners GP, LLC |
| Aero Solutions Srl | Italy | 100% | by Sirio S.p.A. |
| After The Fact LLC | DE | 100% | by A24 Films LLC |
| AG JapanResorts Management K.K. | Japan | 100% | by AP Hakone Pte. Limited |
| Air Eldridge LLC | DE | 100% | by Eldridge Corporate Services, LLC |
| Aircraft Hangar Services LLC | DE | 100% | by Air Eldridge LLC |
| Allbright Collective Limited | GBR | 100% | by EW InvestCo Limited |
| AltAlpha Vintage, L.P. | DE | 0% | Mgmt. by CAIS AltAlpha Vintage LLC |
| Altar Pictures LLC | DE | 100% | by A24 Films LLC |
| Altar Productions MB Inc. | CAN | 99.0% | by Altar Pictures LLC |
| Aman Group S.a.r.l. | Switzerland | 100% | by Mana OpCo Limited |
| Aman Miami Hotel LLC | DE | 100% | by Aman North America |
| Aman Miami Residences LLC | DE | 100% | by Aman North America |
| Aman New York Hotel LLC | DE | 100% | by Aman North America |
| Aman New York Residences LLC | DE | 100% | by Aman North America |
| Aman North America | DE | 100% | by Aman Group S.a.r.l. |
| Aman Property Corp | DE | 100% | by Aman North America |
| Amanresorts International Pte Ltd | Singapore | 100% | by Aman Group S.a.r.l. |
| Amanresorts Management B.V. | Netherlands | 100% | by Aman Group S.a.r.l. |
| Amicross Ltd | Cyprus | 35.0% | by Amrit Venture Limited |
| Amrit Investment Limited | UAE | 100% | by Mana Holdco Limited |
| Amrit Venture Limited | UAE | 100% | by Amrit Investment Limited |
| AOG, LLC | OH | 100% | by Fairgrave Omlie, LLC |
| AP Hakone Pte. Limited | Singapore | 100% | by Mana Holdco Limited |
| Apocalypse Events LLC | CO | 100% | by 13 FEG Touring Events, LLC |
| APQ 1131 Madison Avenue NY, LLC | DE | 100% | by LPQ USA, LLC |
| APQ 1399 Madison NY, LLC | DE | 100% | by LPQ USA, LLC |
| APQ 1592 First Avenue NY, LLC | DE | 100% | by LPQ USA, LLC |
| APQ 17th Street DC, LLC | DE | 100% | by LPQ USA, LLC |
| APQ 33 Bakery Annex NY, LLC | DE | 100% | by LPQ USA, LLC |
| APQ 33 Street Bakery NY, LLC | DE | 100% | by LPQ USA, LLC |
| APQ 85 Broad NY, LLC | DE | 100% | by LPQ USA, LLC |
| APQ 8th and Walnut PA, LLC | DE | 100% | by LPQ USA, LLC |
| APQ Americana CA, LLC | DE | 100% | by LPQ USA, LLC |
| APQ Beverly Hills CA, LLC | DE | 100% | by LPQ USA, LLC |
| APQ Blaine Mansion DC, LLC | DE | 100% | by LPQ USA, LLC |
| APQ Bleecker NY, LLC | DE | 100% | by LPQ USA, LLC |
| APQ Bryant Park Kiosk NY, LLC | DE | 100% | by LPQ USA, LLC |
| APQ Bryant Park NY, LLC | DE | 100% | by LPQ USA, LLC |
| APQ Capitol Hill DC, LLC | DE | 100% | by LPQ USA, LLC |
| APQ Carnegie Hill NY, LLC | DE | 100% | by LPQ USA, LLC |
| APQ Carroll Square DC, LLC | DE | 100% | by LPQ USA, LLC |
| APQ Claremont CA, LLC | DE | 100% | by LPQ USA, LLC |
| APQ Coconut Grove FL, LLC | DE | 100% | by LPQ USA, LLC |
| APQ E65 NY, LLC | DE | 100% | by LPQ USA, LLC |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Jurisdiction** | **Percent of Voting Securities Owned** | **Percent of Voting Securities Owned** |
| APQ Encino Bakery CA, LLC | DE | 100% | by LPQ USA, LLC |
| APQ First Avenue NY, LLC | DE | 100% | by LPQ USA, LLC |
| APQ Florence Bakery Annex CA, LLC | DE | 100% | by LPQ USA, LLC |
| APQ Garden City NY, LLC | DE | 100% | by LPQ USA, LLC |
| APQ Grand Central West NY, LLC | DE | 100% | by LPQ USA, LLC |
| APQ Greenwich CT, LLC | DE | 100% | by LPQ USA, LLC |
| APQ Larchmont CA, LLC | DE | 100% | by LPQ USA, LLC |
| APQ Lincoln Square NY, LLC | DE | 100% | by LPQ USA, LLC |
| APQ Manhattan Beach CA, LLC | DE | 100% | by LPQ USA, LLC |
| APQ Merrifield VA, LLC | DE | 100% | by LPQ USA, LLC |
| APQ Mineral Springs NY, LLC | DE | 100% | by LPQ USA, LLC |
| APQ New Canaan CT, LLC | DE | 100% | by LPQ USA, LLC |
| APQ Rye NY, LLC | DE | 100% | by LPQ USA, LLC |
| APQ Sailboat Pond NY, LLC | DE | 100% | by LPQ USA, LLC |
| APQ South End Avenue NY, LLC | DE | 100% | by LPQ USA, LLC |
| APQ South Gayley CA, LLC | DE | 100% | by LPQ USA, LLC |
| APQ Studio City CA, LLC | DE | 100% | by LPQ USA, LLC |
| APQ Tribeca NY, LLC | DE | 100% | by LPQ USA, LLC |
| APQ Tuxedo Bakery MD, LLC | DE | 100% | by LPQ USA, LLC |
| APQ Verdi Park NY, LLC | DE | 100% | by LPQ USA, LLC |
| APQ Villa Marina CA, LLC | DE | 100% | by LPQ USA, LLC |
| APQ Westlake CA, LLC | DE | 100% | by LPQ USA, LLC |
| APQ Westport CT, LLC | DE | 100% | by LPQ USA, LLC |
| APQ Wildwood MD, LLC | DE | 100% | by LPQ USA, LLC |
| Arch Portfolio Trust, LLC | DE | 100% | by EPH, LLC |
| Armstrong Portfolio Trust, LLC | DE | 100% | by EPH, LLC |
| Arstar Productions, LLC | CA | 100% | by Keshet/dcp LLC |
| Asbury Boss, LLC | DE | 100% | by Eldridge IP Holdings LLC |
| Asian Perspective Media, LLC | DE | 85.0% | by Valence APM, LLC |
| Associated Aircraft Group, LLC | DE | 100% | by Flexjet Vertical Lift, LLC |
| Asylum Holdings, LLC | CO | 100% | by 13 FEG Haunted Holdings, LLC |
| Async Pictures Inc. | CAN | 100% | by Backrooms Rights LLC |
| Atlas Funding, LLC | DE | 100% | by Lenox Portfolio Trust, LLC |
| Atlas FundingCo GP LLC | DE | 100% | by Eldridge Industries, LLC |
| Atlas HI GP LLC | DE | 100% | by CI AM LP |
| Atlas IntermediateCo LLC | DE | 100% | by Atlas Venture Holdings LP |
| Atlas MezzCo GP LLC | DE | 100% | by Eldridge Industries, LLC |
| Atlas Venture Holdings LP | DE | 50.0% | by ACZ Investments LP |
| Atlas Venture Investment CIP LP | DE | 50.0% | by CI AM LP |
| Atlas Venture Investment LP | DE | 100% | by Atlas Venture Holdings LP |
| Auburndale, LLC | KS | 100% | by Sherwood Park, Inc. |
| Augusta Portfolio Trust, LLC | DE | 100% | by Dayton Funding, LLC |
| Auld Fella UK Limited | GBR | 100% | by MRC II Holdings, LP |
| Auld Fella, LLC | CA | 100% | by MRC II Holdings, LP |
| Aurify Brands Holdings, LLC | NY | 100% | by Aurify Brands, LLC |
| Aurify Brands Management, LLC | DE | 100% | by Aurify Brands, LLC |
| Aurify Brands, LLC | NY | 89.98% | by Eldridge Convive Holdings, LLC |
| Aurify Fish Tacos Holdings LLC | NY | 100% | by Aurify Brands Holdings, LLC |
| Ausenco Bidco, LLC | DE | 100% | by Ausenco Holdings, LLC |
| Ausenco Funding, LLC | DE | 100% | by Eldridge Industries, LLC |
| Ausenco Holdings, LLC | DE | 100% | by Ausenco Funding, LLC |
| Ausenco Investors, LLC | DE | 50.0% | by Eldridge Ausenco Holdings, LLC |
| Avon Portfolio Trust, LLC | DE | 100% | by Dayton Funding, LLC |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Jurisdiction** | **Percent of Voting Securities Owned** | **Percent of Voting Securities Owned** |
| B.L. Bluepro Holdings Ltd | Cyprus | 100% | by Devenetco Ltd |
| Backrooms Rights LLC | DE | 100% | by A24 Films LLC |
| Baia Waterviews LLC | DE | 100% | by CHE Edgewater LLC |
| Baldwin Portfolio Trust, LLC | DE | 100% | by EPH, LLC |
| Ballinshire Asset Holdings, LLC | DE | 100% | by Ballinshire Capital Funding Trust |
| Ballinshire Asset Holdings, LLC | DE | 100% | by EPH Holdings, LLC |
| Ballinshire Capital Funding Trust | DE | 100% | by EPH Holdings, LLC |
| Ballinshire FA Holdings, LLC | NJ | 100% | by Ballinshire Capital Funding Trust |
| Bambino Films LLC | DE | 100% | by MRC II Holdings, LP |
| Bambino Films UK Limited | GBR | 100% | by MRC II Holdings, LP |
| Banner Creek Bridge, LLC | KS | 100% | by Sherwood Park, Inc. |
| BBMA Holdings I, LLC | DE | 100% | by DCP Holdings DE, LLC |
| BBMA Holdings, LLC | DE | 100% | by DCP Rights, LLC |
| BBMA Parent, LLC | DE | 100% | by CP Investment Holdings, LLC |
| BCAP AMZ POZ 2 sp. z o.o | LUX | 100% | by Blackbrook Property Holdings SARL |
| BCAP DF 1 Aps | LUX | 100% | by BCAP DF 1 Holdings ApS |
| BCAP DF 1 Holdings ApS | LUX | 100% | by Blackbrook Property Holdings SARL |
| BCAP DF 6 ApS | LUX | 100% | by BCAP DF 1 Holdings ApS |
| BCAP EK SBRY 3 Ltd | LUX | 100% | by Blackbrook Property Holdings SARL |
| BCAP ERFURT 2 SARL | LUX | 100% | by BCAP GE Holdings 3 SARL |
| BCAP ERFURT SARL | LUX | 100% | by BCAP GE Holdings 2 SARL |
| BCAP EROS 5 SLU | LUX | 100% | by Fental Investments SLU |
| BCAP FW 12 Holdings Ltd | LUX | 100% | by Blackbrook Property Holdings SARL |
| BCAP FW 12 Ltd | LUX | 100% | by BCAP FW 12 Holdings Ltd |
| BCAP GE Holdings 2 SARL | LUX | 100% | by Blackbrook Property Holdings SARL |
| BCAP GE Holdings 3 SARL | LUX | 100% | by Blackbrook Property Holdings SARL |
| BCAP GE Holdings SARL | LUX | 100% | by Blackbrook Property Holdings SARL |
| BCAP GX 11 Holdings Ltd | LUX | 100% | by Blackbrook Property Holdings SARL |
| BCAP GX Ltd | LUX | 100% | by BCAP GX 11 Holdings Ltd |
| BCAP ILLE 9 Holdings S.L. | LUX | 100% | by Blackbrook Property Holdings SARL |
| BCAP Illescas9 Property S.L. | LUX | 95.0% | by BCAP ILLE 9 Holdings S.L. |
| BCAP Ketsch SARL | LUX | 100% | by BCAP GE Holdings SARL |
| BCAP NL Holdings SARL | LUX | 100% | by Blackbrook Property Holdings SARL |
| BCAP RD 13 Holdings Ltd | LUX | 100% | by Blackbrook Property Holdings SARL |
| BCAP RD 13 Ltd | LUX | 100% | by BCAP RD 13 Holdings Ltd |
| BCAP Sens GP SARL | LUX | 100% | by Blackbrook Capital (Europe) SARL |
| BCAP Sens SAS | LUX | 100% | by BCAP Sens SCSP |
| BCAP Sens SCSP | LUX | 0% | Mgmt. by BCAP Sens GP SARL |
| BCAP Sens SCSP | LUX | 99.0% | by Blackbrook Property Trading SARL |
| BCAP SG 7 Holdings Ltd | LUX | 100% | by Blackbrook Property Holdings SARL |
| BCAP SG 7 Ltd | LUX | 100% | by BCAP SG 7 Holdings Ltd |
| BCAP TAP 10 Holdings Sp.zo.o | LUX | 100% | by Blackbrook Property Holdings SARL |
| BCAP TAP 10 Sp.zo.o | LUX | 95.0% | by BCAP TAP 10 Holdings Sp.zo.o |
| BCAP VM 8 SARL | LUX | 100% | by BCAP NL Holdings SARL |
| BCM 625 Broadway Holdco LLC | DE | 93.0% | by CI San Diego Holdings LLC |
| BCM 625 Broadway LLC | DE | 100% | by BCM 625 Broadway Mezz, LLC |
| BCM 625 Broadway Mezz, LLC | DE | 100% | by BCM 625 Broadway Holdco LLC |
| Beach Hotel Associates LLC | DE | 100% | by EC 17th Street MezzCo LLC |
| Bear Season Productions Inc. | CAN | 100% | by A24 Films LLC |
| Bedford Portfolio Trust, LLC | DE | 100% | by EPH, LLC |
| Beef LLC | DE | 100% | by A24 Films LLC |
| Bellwether Alternative Income Access Fund LLC | DE | 100% | by Capital Integration Systems LLC |

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Jurisdiction** | **Percent of Voting Securities Owned** | **Percent of Voting Securities Owned** |
| Bellwether Global Real Estate & Infrastructure <br> Access Fund LLC<br>| DE | 100% | by Capital Integration Systems LLC |
| Bend & Snap LLC | DE | 100% | by A24 Films LLC |
| Benedict White, LLC | CA | 100% | by MRC II Holdings, LP |
| Bentley Park, LLC | DE | 100% | by Security Benefit Life Insurance Company |
| BF Dining Limited | GBR | 100% | by Brava Hospitality Group Limited |
| BH Luxury Residences, LLC | DE | 100% | by BHLR Intermediate Co, LLC |
| BHLR Intermediate Co, LLC | DE | 100% | by BHLR Investco, LLC |
| BHLR Investco, LLC | DE | 65.0% | by OBH HoldCo LLC |
| Big Springs, LLC | KS | 100% | by Dayton Funding, LLC |
| Bilbao Asset Holdings, LLC | DE | 100% | by Bilbao Capital, LLC |
| Bilbao Capital, LLC | DE | 100% | by SBT Investors, LLC |
| Bilbao-KCI, LLC | DE | 90.0% | by Bilbao Capital, LLC |
| Billboard IP Holdings LLC | DE | 50.0% | by Billboard Media, LLC |
| Billboard IP Holdings, LLC | DE | 50.0% | by BBMA Holdings, LLC |
| Billboard Media, LLC | DE | 100% | by PME Music, LLC |
| Binney Park Capital, LLC | DE | 0% | Mgmt. by Panagram Structured Asset Management, <br> LLC<br>|
| Birdie 3 Limited | GBR | 100% | by Eagle 2 Limited |
| Blackbrook Capital (Europe) Carry LP | GBR | 0% | Mgmt. by Blackbrook Capital (Europe) GP, LLC |
| Blackbrook Capital (Europe) GP, LLC | DE | 100% | by Eldridge BB Holdings, LLC |
| Blackbrook Capital (Europe) Limited | GBR | 100% | by Blackbrook Capital (Europe) LP |
| Blackbrook Capital (Europe) LP | GBR | 0% | Mgmt. by Blackbrook Capital (Europe) GP, LLC |
| Blackbrook Capital (Europe) LP | GBR | 96.03% | by Eldridge BBLP, LLC |
| Blackbrook Capital (Europe) SARL | LUX | 100% | by Blackbrook Capital (Europe) LP |
| Blackbrook Property Holdings SARL | LUX | 100% | by Blackbrook Capital (Europe) SARL |
| Blackbrook Property Trading SARL | LUX | 100% | by Blackbrook Capital (Europe) SARL |
| BlackRock Impact Opportunities (CAIS), L.P. | DE | 0% | Mgmt. by CAIS BlackRock Impact Opportunities GP <br> LLC<br>|
| Blue Cat Productions, LLC | DE | 100% | by MRC II Holdings, LP |
| Bluefin Tuna LLC | LA | 100% | by A24 Films LLC |
| Bluefin Tuna Rights LLC | DE | 100% | by A24 Films LLC |
| Bombshow Productions, LLC | CA | 100% | by Keshet/dcp LLC |
| Brava Hospitality Group Limited | GBR | 90.00% | by Cain PE (UK) Limited |
| Brewskee Limited | GBR | 100% | by Competitive Socialising Limited |
| Bridge Road Southall 2 Limited | GBR | 100% | by Bridge Road Southall Limited |
| Bridge Road Southall Limited | GBR | 100% | by HoneyMonster HoldCo 2 Limited |
| Bridge Road Southall NewCo Limited | GBR | 100% | by Bridge Road Southall Limited |
| Brief Recess LLC | DE | 100% | by A24 Films LLC |
| Brightside CDN Productions Inc. | CAN | 100% | by MRC II Holdings, LP |
| Brightside Productions LLC | CA | 100% | by MRC II Holdings, LP |
| Brightside Productions LLC | NJ | 100% | by MRC II Holdings, LP |
| Bronx to Brooklyn LLC | DE | 100% | by A24 Films LLC |
| Brook Creek Portfolio Trust, LLC | DE | 100% | by Dayton Funding, LLC |
| Brooks Portfolio Trust, LLC | DE | 100% | by EPH, LLC |
| Brookville Industries, LLC | KS | 100% | by Dayton Funding, LLC |
| Bruce Park Portfolio Trust, LLC | DE | 100% | by EPH, LLC |
| Buda Hills JV B.V. | Netherlands | 90.0% | by CIEF1 UK Holdings Limited |
| Businesswoman Special LLC | DE | 100% | by A24 Films LLC |
| Businesswoman Special Productions Inc. | CAN | 100% | by BWS Rights LLC |
| BWS Rights LLC | DE | 100% | by A24 Films LLC |
| Caboletix Lda | LUX | 50.0% | by Simpatica Decisao Unipessoal Lda. |
| Caboletix Lda | LUX | 50.0% | by Simples Rotina Unipessoal Lda. |

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Jurisdiction** | **Percent of Voting Securities Owned** | **Percent of Voting Securities Owned** |
| Caesars Request LLC | DE | 100% | by A24 Films LLC |
| Cain Development GP LLC | DE | 100% | by Cain International II LP |
| Cain Development LP | DE | 100% | by Cain International II LP |
| Cain FinCo LLC | DE | 100% | by Cain International LP |
| Cain Global Real Estate Fund 1 LP | DE | 31.77% | by Cain RE LLC |
| Cain Hoy Finance Limited | GBR | 100% | by Cain PE LLC |
| Cain Hoy UK Holdings Limited | MLT | 100% | by CHE UK Holdings LP |
| Cain Hoy US LLC | DE | 100% | by Cain International LP |
| Cain International Advisers Ltd | GBR | 100% | by CI UK Master Holdings Limited |
| Cain International Agent Ltd | GBR | 100% | by CI AM LP |
| Cain International European Real Estate <br> Opportunity Fund I GP Limited<br>| GBR | 100% | by CI AM LP |
| Cain International European Real Estate <br> Opportunity Fund I GP Limited<br>| JEY | 100% | by CI AM LP |
| Cain International European Real Estate <br> Opportunity Fund I LP<br>| GBR | 0% | Mgmt. by Cain International European Real Estate <br> Opportunity Fund I GP Limited<br>|
| Cain International European Real Estate <br> Opportunity Fund I LP<br>| JEY | 0% | Mgmt. by Cain International European Real Estate <br> Opportunity Fund I GP Limited<br>|
| Cain International II LP | DE | 0% | Mgmt. by Eldridge CH GP LLC |
| Cain International LP | DE | 0% | Mgmt. by Eldridge CH GP LLC |
| Cain International Management Ltd | GBR | 100% | by CI AM LP |
| Cain International UK Services Ltd | GBR | 100% | by CI UK Master Holdings Limited |
| Cain International US Services LP | DE | 0% | Mgmt. by CI US Services GP LLC |
| Cain PE (UK) Limited | GBR | 100% | by Cain PE LLC |
| Cain PE LLC | DE | 100% | by Cain International LP |
| Cain RE LLC | DE | 100% | by Cain International LP |
| Cain Title Holdings LLC | DE | 60.0% | by Cain Title Holdings LLC |
| Cain Title Holdings LLC | DE | 100% | by CI AM LP |
| CAIS 26North Private Equity Fund I GP LLC | DE | 100% | by Capital Integration Systems LLC |
| CAIS 26North Private Equity Fund I, L.P. | DE | 0% | Mgmt. by CAIS 26North Private Equity Fund I GP <br> LLC<br>|
| CAIS Access Fund - Asia Fund IV GP LLC | DE | 100% | by Capital Integration Systems LLC |
| CAIS Access Fund - Asia Fund IV LP | DE | 0% | Mgmt. by CAIS Access Fund - Asia Fund IV GP LLC |
| CAIS Access Fund - BCRE I GP LLC | DE | 100% | by Capital Integration Systems LLC |
| CAIS Access Fund - BCRE I LP | DE | 0% | Mgmt. by CAIS Access Fund - BCRE I GP LLC |
| CAIS Access Fund - BCRE II GP LLC | DE | 100% | by Capital Integration Systems LLC |
| CAIS Access Fund - BCRE II LP | DE | 0% | Mgmt. by CAIS Access Fund - BCRE II GP LLC |
| CAIS Access Fund - MMC 2018 (Offshore) LP | CYM | 0% | Mgmt. by CAIS Access Fund - MMC 2018 GP LLC |
| CAIS Access Fund - MMC 2018 GP LLC | DE | 100% | by Capital Integration Systems LLC |
| CAIS Access Fund - MMC 2018 LP | DE | 0% | Mgmt. by CAIS Access Fund - MMC 2018 GP LLC |
| CAIS Adams Street Private Income Fund LLC | DE | 100% | by Capital Integration Systems LLC |
| CAIS Alkeon Innovation Private Series II GP LLC | DE | 100% | by Capital Integration Systems LLC |
| CAIS Alkeon Innovation Private Series II LP | DE | 0% | Mgmt. by CAIS Alkeon Innovation Private Series II <br> GP LLC<br>|
| CAIS AltAlpha Vintage LLC | DE | 100% | by Capital Integration Systems LLC |
| CAIS Apollo Aligned Alternatives Fund (TE) LLC | DE | 100% | by Capital Integration Systems LLC |
| CAIS Apollo Aligned Alternatives Offshore Fund <br> Ltd.<br>| CYM | 0% | Mgmt. by Capital Integration Systems LLC |
| CAIS Apollo Debt Solutions BDC Offshore Fund <br> Ltd.<br>| CYM | 0% | Mgmt. by Capital Integration Systems LLC |
| CAIS Apollo HV Access Fund GP LLC | DE | 100% | by Capital Integration Systems LLC |
| CAIS Apollo Hybrid Value Access Fund LP | DE | 0% | Mgmt. by CAIS Apollo HV Access Fund GP LLC |
| CAIS Apollo Infrastructure Opportunities II <br> Access Fund GP LLC<br>| DE | 100% | by Capital Integration Systems LLC |

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Jurisdiction** | **Percent of Voting Securities Owned** | **Percent of Voting Securities Owned** |
| CAIS Apollo Infrastructure Opportunities II <br> Access Fund LP<br>| DE | 0% | Mgmt. by CAIS Apollo Infrastructure Opportunities II <br> Access Fund GP LLC<br>|
| CAIS Apollo Investment Fund X GP LLC | DE | 100% | by Capital Integration Systems LLC |
| CAIS Apollo Investment Fund X Offshore GP <br> LLC<br>| DE | 100% | by Capital Integration Systems LLC |
| CAIS Apollo Investment Fund X Offshore, LP | CYM | 0% | Mgmt. by CAIS Apollo Investment Fund X Offshore <br> GP LLC<br>|
| CAIS Apollo Investment Fund X, LP | DE | 0% | Mgmt. by CAIS Apollo Investment Fund X GP LLC |
| CAIS Apollo S3 Equity & Hybrid Solutions Fund <br> (TE) GP LLC<br>| DE | 100% | by Capital Integration Systems LLC |
| CAIS Apollo S3 Equity & Hybrid Solutions Fund <br> (TE), L.P.<br>| DE | 0% | Mgmt. by CAIS Apollo S3 Equity & Hybrid Solutions <br> Fund (TE) GP LLC<br>|
| CAIS Apollo S3 Equity & Hybrid Solutions Fund <br> GP LLC<br>| DE | 100% | by Capital Integration Systems LLC |
| CAIS Apollo S3 Equity & Hybrid Solutions Fund <br> Offshore GP LLC<br>| DE | 100% | by Capital Integration Systems LLC |
| CAIS Apollo S3 Equity & Hybrid Solutions Fund <br> Offshore, L.P.<br>| CYM | 0% | Mgmt. by CAIS Apollo S3 Equity & Hybrid Solutions <br> Fund Offshore GP LLC<br>|
| CAIS Apollo S3 Equity & Hybrid Solutions Fund, <br> L.P.<br>| DE | 0% | Mgmt. by CAIS Apollo S3 Equity & Hybrid Solutions <br> Fund GP LLC<br>|
| CAIS Ares Corporate Opportunities Fund VII GP <br> LLC<br>| DE | 100% | by Capital Integration Systems LLC |
| CAIS Ares Corporate Opportunities Fund VII, L.P. | DE | 0% | Mgmt. by CAIS Ares Corporate Opportunities Fund <br> VII GP LLC<br>|
| CAIS Ares Senior Direct Lending II (TE) GP LLC | DE | 100% | by Capital Integration Systems LLC |
| CAIS Ares Senior Direct Lending II (TE) LP | DE | 0% | Mgmt. by CAIS Ares Senior Direct Lending II (TE) <br> GP LLC<br>|
| CAIS Ares Senior Direct Lending II GP LLC | DE | 100% | by Capital Integration Systems LLC |
| CAIS Ares Senior Direct Lending II LP | DE | 0% | Mgmt. by CAIS Ares Senior Direct Lending II GP <br> LLC<br>|
| CAIS Ares Senior Direct Lending III GP LLC | DE | 100% | by Capital Integration Systems LLC |
| CAIS Ares Senior Direct Lending III TE GP LLC | DE | 100% | by Capital Integration Systems LLC |
| CAIS Ares Senior Direct Lending III TE, L.P. | DE | 0% | Mgmt. by CAIS Ares Senior Direct Lending III TE <br> GP LLC<br>|
| CAIS Ares Senior Direct Lending III, L.P. | DE | 0% | Mgmt. by CAIS Ares Senior Direct Lending III GP <br> LLC<br>|
| CAIS Avenue Venture Opportunities Fund II GP <br> LLC<br>| DE | 100% | by Capital Integration Systems LLC |
| CAIS Avenue Venture Opportunities Fund II, L.P. | DE | 0% | Mgmt. by CAIS Avenue Venture Opportunities Fund <br> II GP LLC<br>|
| CAIS BC Fund XIII, GP LLC | DE | 100% | by Capital Integration Systems LLC |
| CAIS BC Fund XIII, LP | DE | 0% | Mgmt. by CAIS BC Fund XIII, GP LLC |
| CAIS BlackRock Impact Opportunities GP LLC | DE | 100% | by Capital Integration Systems LLC |
| CAIS Blackstone Growth GP LLC | DE | 100% | by Capital Integration Systems LLC |
| CAIS Blackstone Growth LP | DE | 0% | Mgmt. by CAIS Blackstone Growth GP LLC |
| CAIS Blackstone Tactical Opportunities Fund IV <br> GP LLC<br>| DE | 100% | by Capital Integration Systems LLC |
| CAIS Blackstone Tactical Opportunities Fund IV <br> LP<br>| DE | 0% | Mgmt. by CAIS Blackstone Tactical Opportunities <br> Fund IV GP LLC<br>|
| CAIS Blackstone TAS V GP LLC | DE | 100% | by Capital Integration Systems LLC |
| CAIS Blackstone TAS V LP | DE | 0% | Mgmt. by CAIS Blackstone TAS V GP LLC |
| CAIS Blackstone TAS VI GP LLC | DE | 100% | by Capital Integration Systems LLC |
| CAIS Blackstone TAS VI LP | DE | 0% | Mgmt. by CAIS Blackstone TAS VI GP LLC |
| CAIS Blue Owl GP Stakes VI (TE) GP LLC | DE | 100% | by Capital Integration Systems LLC |

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Jurisdiction** | **Percent of Voting Securities Owned** | **Percent of Voting Securities Owned** |
| CAIS Blue Owl GP Stakes VI (TE), L.P. | DE | 0% | Mgmt. by CAIS Blue Owl GP Stakes VI (TE) GP <br> LLC<br>|
| CAIS Blue Owl GP Stakes VI GP LLC | DE | 100% | by Capital Integration Systems LLC |
| CAIS Blue Owl GP Stakes VI, L.P. | DE | 0% | Mgmt. by CAIS Blue Owl GP Stakes VI GP LLC |
| CAIS Blue Owl Real Estate Fund VII GP LLC | DE | 100% | by Capital Integration Systems LLC |
| CAIS Blue Owl Real Estate Fund VII, L.P. | DE | 0% | Mgmt. by CAIS Blue Owl Real Estate Fund VII GP <br> LLC<br>|
| CAIS Blue Owl Strategic Equity GP LLC | DE | 100% | by Capital Integration Systems LLC |
| CAIS Blue Owl Strategic Equity, L.P. | DE | 0% | Mgmt. by CAIS Blue Owl Strategic Equity GP LLC |
| CAIS Bonaccord Capital Partners III GP LLC |  | 100% | by Capital Integration Systems LLC |
| CAIS Bonaccord Capital Partners III, L.P. | DE | 0% | CAIS Bonaccord Capital Partners III GP LLC |
| CAIS Bridge Net Lease Income Fund GP LLC | DE | 100% | by Capital Integration Systems LLC |
| CAIS Bridge Net Lease Income Fund, L.P. | DE | 0% | Mgmt. by CAIS Bridge Net Lease Income Fund GP <br> LLC<br>|
| CAIS BSP SSP II GP LLC | DE | 100% | by Capital Integration Systems LLC |
| CAIS BSP SSP II, L.P. | DE | 0% | Mgmt. by CAIS BSP SSP II GP LLC |
| CAIS BTAS VIII Access Fund GP LLC | DE | 100% | by Capital Integration Systems LLC |
| CAIS BTAS VIII Access Fund, LP | DE | 0% | Mgmt. by CAIS BTAS VIII Access Fund GP LLC |
| CAIS Capital LLC | DE | 100% | by Capital Integration Systems LLC |
| CAIS Carlyle Direct Access GP LLC | DE | 100% | by Capital Integration Systems LLC |
| CAIS Carlyle Direct Access II GP LLC | DE | 100% | by Capital Integration Systems LLC |
| CAIS Carlyle Direct Access II LP | DE | 0% | Mgmt. by CAIS Carlyle Direct Access II GP LLC |
| CAIS Carlyle Direct Access LP | DE | 0% | Mgmt. by CAIS Carlyle Direct Access GP LLC |
| CAIS Carlyle Realty Partners IX Access Fund GP <br> LLC<br>| DE | 100% | by Capital Integration Systems LLC |
| CAIS Carlyle Realty Partners IX Access Fund LP | DE | 0% | Mgmt. by CAIS Carlyle Realty Partners IX Access <br> Fund GP LLC<br>|
| CAIS Carlyle Renewable and Sustainable Energy <br> Fund GP LLC<br>| DE | 100% | by Capital Integration Systems LLC |
| CAIS Carlyle Renewable and Sustainable Energy <br> Fund LP<br>| DE | 0% | Mgmt. by CAIS Carlyle Renewable and Sustainable <br> Energy Fund GP LLC<br>|
| CAIS Commerce Street Private Credit Fund I GP <br> LLC<br>| DE | 100% | by Capital Integration Systems LLC |
| CAIS Commerce Street Private Equity Fund I GP <br> LLC<br>| DE | 100% | by Capital Integration Systems LLC |
| CAIS Crawford Lake Fund Ltd. | CYM | 0% | Mgmt. by Capital Integration Systems LLC |
| CAIS Crow Holdings Fund X GP LLC | DE | 100% | by Capital Integration Systems LLC |
| CAIS Crow Holdings Fund X, L.P. | DE | 0% | Mgmt. by CAIS Crow Holdings Fund X GP LLC |
| CAIS Davidson Kempner Opportunities Fund VII <br> GP LLC<br>|  | 100% | by Capital Integration Systems LLC |
| CAIS Davidson Kempner Opportunities Fund VII, <br> L.P.<br>| DE | 0% | Mgmt. by CAIS Davidson Kempner Opportunities <br> Fund VII GP LLC<br>|
| CAIS Davidson Kempner Partners Fund LLC | DE | 100% | by Capital Integration Systems LLC |
| CAIS Davidson Kempner Real Estate <br> Opportunities Fund GP LLC<br>| DE | 100% | by Capital Integration Systems LLC |
| CAIS Davidson Kempner Real Estate <br> Opportunities Fund, L.P.<br>| DE | 0% | Mgmt. by CAIS Davidson Kempner Real Estate <br> Opportunities Fund GP LLC<br>|
| CAIS DES Composite Fund LLC | DE | 100% | by Capital Integration Systems LLC |
| CAIS DES Lithic LLC | DE | 100% | by Capital Integration Systems LLC |
| CAIS DES Oculus LLC | DE | 100% | by Capital Integration Systems LLC |
| CAIS DES Oculus Ltd. | CYM | 0% | Mgmt. by Capital Integration Systems LLC |
| CAIS Financial Credit Investment IV Access Fund <br> GP LLC<br>| DE | 100% | by Capital Integration Systems LLC |

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Jurisdiction** | **Percent of Voting Securities Owned** | **Percent of Voting Securities Owned** |
| CAIS Financial Credit Investment IV Access Fund <br> LP<br>| DE | 0% | Mgmt. by CAIS Financial Credit Investment IV <br> Access Fund GP LLC<br>|
| CAIS Franklin BSP Real Estate Opportunistic <br> Debt Fund II GP LLC<br>| DE | 100% | by Capital Integration Systems LLC |
| CAIS Franklin BSP Real Estate Opportunistic <br> Debt Fund II, L.P.<br>| DE | 0% | Mgmt. by CAIS Franklin BSP Real Estate <br> Opportunistic Debt Fund II GP LLC<br>|
| CAIS GLT Private Alts Fund I GP LLC | DE | 100% | by Capital Integration Systems LLC |
| CAIS HPS Strategic Investment Partners V GP <br> LLC<br>| DE | 100% | by Capital Integration Systems LLC |
| CAIS HPS Strategic Investment Partners V, L.P. | DE | 0% | Mgmt. by CAIS HPS Strategic Investment Partners V <br> GP LLC<br>|
| CAIS ICG Core Private Equity Fund, LLC | DE | 100% | by Capital Integration Systems LLC |
| CAIS ICG LP Secondaries Fund I GP LLC | DE | 100% | by Capital Integration Systems LLC |
| CAIS ICG LP Secondaries Fund I, L.P. | DE | 0% | Mgmt. by CAIS ICG LP Secondaries Fund I GP LLC |
| CAIS ICG LP Secondaries Fund II GP LLC |  | 100% | by Capital Integration Systems LLC |
| CAIS ICG LP Secondaries Fund II, L.P. | DE | 0% | CAIS ICG LP Secondaries Fund II GP LLC |
| CAIS ICG Strategic Equity III GP LLC | DE | 100% | by Capital Integration Systems LLC |
| CAIS ICG Strategic Equity III LP | DE | 0% | Mgmt. by CAIS ICG Strategic Equity III GP LLC |
| CAIS ICG Strategic Equity IV GP LLC | DE | 100% | by Capital Integration Systems LLC |
| CAIS ICG Strategic Equity IV LP | DE | 0% | Mgmt. by CAIS ICG Strategic Equity IV GP LLC |
| CAIS ICG Strategic Equity V GP LLC | DE | 100% | by Capital Integration Systems LLC |
| CAIS ICG Strategic Equity V, L.P. | DE | 0% | Mgmt. by CAIS ICG Strategic Equity V GP LLC |
| CAIS ICGSEIV Offshore GP LLC | DE | 100% | by Capital Integration Systems LLC |
| CAIS ICGSEIV Offshore, L.P. | CYM | 0% | Mgmt. by CAIS ICGSEIV Offshore GP LLC |
| CAIS ICGSEV Offshore GP LLC | DE | 100% | by Capital Integration Systems LLC |
| CAIS ICGSEV Offshore, L.P. | CYM | 0% | Mgmt. by CAIS ICGSEV Offshore GP LLC |
| CAIS Insurance Solutions LLC | DE | 100% | by Capital Integration Systems LLC |
| CAIS Jain Global Fund LLC | DE | 100% | by Capital Integration Systems LLC |
| CAIS KKR Ascendant Fund I GP LLC | DE | 100% | by Capital Integration Systems LLC |
| CAIS KKR Ascendant Fund I, L.P. | DE | 0% | Mgmt. by CAIS KKR Ascendant Fund I GP LLC |
| CAIS KKR Asset Based Finance Partners Access <br> Fund GP LLC<br>| DE | 100% | by Capital Integration Systems LLC |
| CAIS KKR Asset Based Finance Partners Access <br> Fund, LP<br>| DE | 0% | Mgmt. by CAIS KKR Asset Based Finance Partners <br> Access Fund GP LLC<br>|
| CAIS KKR Asset Based Finance Partners <br> Offshore Access Fund, LP<br>| CYM | 0% | Mgmt. by CAIS KKR Asset Based Finance Partners <br> Access Fund GP LLC<br>|
| CAIS KKR North America Fund XIV GP LLC | DE | 100% | by Capital Integration Systems LLC |
| CAIS KKR North America Fund XIV, L.P. | DE | 0% | Mgmt. by CAIS KKR North America Fund XIV GP <br> LLC<br>|
| CAIS Lead Edge Capital VII GP LLC |  | 100% | by Capital Integration Systems LLC |
| CAIS Lead Edge Capital VII, L.P. | DE | 0% | CAIS Lead Edge Capital VII GP LLC |
| CAIS Leonard Green Equity Investors X GP LLC | DE | 100% | by Capital Integration Systems LLC |
| CAIS Leonard Green Equity Investors X, L.P. | DE | 0% | Mgmt. by CAIS Leonard Green Equity Investors X <br> GP LLC<br>|
| CAIS Lexington Middle Market Investors V GP <br> LLC<br>| DE | 100% | by Capital Integration Systems LLC |
| CAIS Lexington Middle Market Investors V, L.P. | DE | 0% | Mgmt. by CAIS Lexington Middle Market Investors V <br> GP LLC<br>|
| CAIS LGP Sage Equity Investors GP LLC | DE | 100% | by Capital Integration Systems LLC |
| CAIS LGP Sage Equity Investors, L.P. | DE | 0% | Mgmt. by CAIS LGP Sage Equity Investors GP LLC |
| CAIS Mercer Private Equity Vintage Fund (TE) I <br> LP<br>| DE | 0% | Mgmt. by CM PEVF I GP LLC |
| CAIS Mercer Private Equity Vintage Fund I LP | DE | 0% | Mgmt. by CM PEVF I GP LLC |
| CAIS Mercer Private Equity Vintage Fund II LP | DE | 0% | Mgmt. by CM PEVF II GP LLC |

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Jurisdiction** | **Percent of Voting Securities Owned** | **Percent of Voting Securities Owned** |
| CAIS Mercer Private Equity Vintage Fund III LP | DE | 0% | Mgmt. by CM PEVF III GP LLC |
| CAIS Mercer Private Equity Vintage Fund IV LP | DE | 0% | Mgmt. by CM PEVF IV GP LLC |
| CAIS Mercer Private Investments Partners VIII <br> Feeder GP LLC<br>|  | 100% | by Capital Integration Systems LLC |
| CAIS Mercer Private Investments Partners VIII <br> Feeder, L.P.<br>| DE | 0% | Mgmt. by CAIS Mercer Private Investments Partners <br> VIII Feeder GP LLC<br>|
| CAIS Millennium Intl. Commitment Fund III Ltd. <br> Offshore<br>| CYM | 100% | by Capital Integration Systems LLC |
| CAIS Millennium Intl. Commitment Fund Ltd. | CYM | 0% | Mgmt. by Capital Integration Systems LLC |
| CAIS Millennium Intl. Ltd. | CYM | 0% | Mgmt. by Capital Integration Systems LLC |
| CAIS Millennium USA Commitment Fund III GP <br> LLC<br>| DE | 100% | by Capital Integration Systems LLC |
| CAIS Millennium USA Commitment Fund III <br> LLC<br>| DE | 100% | by Capital Integration Systems LLC |
| CAIS Millennium USA Commitment Fund LLC | DE | 100% | by Capital Integration Systems LLC |
| CAIS Millennium USA LLC | DE | 100% | by Capital Integration Systems LLC |
| CAIS Monroe PCF V (Onshore) GP LLC | DE | 100% | by Capital Integration Systems LLC |
| CAIS Monroe PCF V (Onshore), L.P. | DE | 0% | Mgmt. by CAIS Monroe PCF V (Onshore) GP LLC |
| CAIS North Rock Fund LLC | DE | 100% | by Capital Integration Systems LLC |
| CAIS North Rock Fund, Ltd. | CYM | 100% | by Capital Integration Systems LLC |
| CAIS OT Opportunities XII CAIS (Onshore) <br> Access Fund GP LLC<br>| DE | 100% | by Capital Integration Systems LLC |
| CAIS Paloma International Ltd. | CYM | 0% | Mgmt. by Capital Integration Systems LLC |
| CAIS Paloma Partners LLC | DE | 100% | by Capital Integration Systems LLC |
| CAIS Partners Group Secondary Fund VIII GP <br> LLC<br>| DE | 100% | by Capital Integration Systems LLC |
| CAIS Partners Group Secondary Fund VIII, L.P. | DE | 0% | Mgmt. by CAIS Partners Group Secondary Fund VIII <br> GP LLC<br>|
| CAIS Pinegrove Capital Partners I Access GP <br> LLC<br>| DE | 100% | by Capital Integration Systems LLC |
| CAIS Private Equity Core I GP LLC | DE | 100% | by Capital Integration Systems LLC |
| CAIS Private Equity Core I, L.P. | DE | 0% | Mgmt. by CAIS Private Equity Core I GP LLC |
| CAIS Private Equity Core III GP LLC |  | 100% | by Capital Integration Systems LLC |
| CAIS Private Equity Core III, L.P. | DE | 0% | Mgmt. by CAIS Private Equity Core III GP LLC |
| CAIS Radnor Equity Partners GP LLC | DE | 100% | by Capital Integration Systems LLC |
| CAIS Related Fund IV (TE) GP LLC | DE | 100% | by Capital Integration Systems LLC |
| CAIS Related Fund IV (TE), L.P. | DE | 0% | Mgmt. by CAIS Related Fund IV (TE) GP LLC |
| CAIS Related Fund IV GP LLC | DE | 100% | by Capital Integration Systems LLC |
| CAIS Related Fund IV, L.P. | DE | 0% | Mgmt. by CAIS Related Fund IV GP LLC |
| CAIS Reverence Capital Partners Credit <br> Opportunities Fund II GP LLC<br>| DE | 100% | by Capital Integration Systems LLC |
| CAIS Reverence Capital Partners Credit <br> Opportunities Fund II, L.P.<br>| DE | 0% | Mgmt. by CAIS Reverence Capital Partners Credit <br> Opportunities Fund II GP LLC<br>|
| CAIS Reverence Partners Opportunities Fund V <br> (PE Fund III) GP LLC<br>| DE | 100% | by Capital Integration Systems LLC |
| CAIS Reverence Partners Opportunities Fund V <br> (PE Fund III) L.P.<br>| DE | 0% | Mgmt. by CAIS Reverence Partners Opportunities <br> Fund V (PE Fund III) GP LLC<br>|
| CAIS SAM Alternative Investment Opportunities <br> Fund I GP LLC<br>| DE | 100% | by Capital Integration Systems LLC |
| CAIS Sculptor Master Fund LLC | DE | 100% | by Capital Integration Systems LLC |
| CAIS Sculptor Master Fund Ltd. | CYM | 0% | Mgmt. by Capital Integration Systems LLC |
| CAIS SL Alpine II, GP LLC | DE | 100% | by Capital Integration Systems LLC |
| CAIS SL Alpine II, LP | DE | 0% | Mgmt. by CAIS SL Alpine II, GP LLC |
| CAIS SSA Strategic Partners LLC | DE | 100% | by Capital Integration Systems LLC |

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Jurisdiction** | **Percent of Voting Securities Owned** | **Percent of Voting Securities Owned** |
| CAIS Stonepeak Infrastructure Fund V GP LLC | DE | 100% | by Capital Integration Systems LLC |
| CAIS Stonepeak Infrastructure Fund V, L.P. | DE | 0% | Mgmt. by CAIS Stonepeak Infrastructure Fund V GP <br> LLC<br>|
| CAIS Strategic Investors Fund XI GP LLC | DE | 100% | by Capital Integration Systems LLC |
| CAIS Strategic Investors Fund XI, L.P. | DE | 100% | by CAIS Strategic Investors Fund XI GP LLC |
| CAIS TCG Private Credit (Offshore) 2024 GP <br> LLC<br>| DE | 100% | by Capital Integration Systems LLC |
| CAIS TCG Private Credit 2024 GP LLC | DE | 100% | by Capital Integration Systems LLC |
| CAIS TCG Private Equity 2022 GP LLC | DE | 100% | by Capital Integration Systems LLC |
| CAIS Third Point Offshore Fund Ltd. | CYM | 0% | Mgmt. by Capital Integration Systems LLC |
| CAIS Third Point Partners LLC | DE | 100% | by Capital Integration Systems LLC |
| CAIS Veritas PE IX GP LLC | DE | 100% | by Capital Integration Systems LLC |
| CAIS Veritas PE IX, L.P. | DE | 0% | Mgmt. by CAIS Veritas PE IX GP LLC |
| CAIS Vista Equity Partners Fund VIII GP LLC | DE | 100% | by Capital Integration Systems LLC |
| CAIS Vista Equity Partners Fund VIII Offshore <br> GP LLC<br>| DE | 100% | by Capital Integration Systems LLC |
| CAIS Vista Equity Partners Fund VIII Offshore, <br> L.P.<br>| CYM | 0% | Mgmt. by CAIS Vista Equity Partners Fund VIII <br> Offshore GP LLC<br>|
| CAIS Vista Equity Partners Fund VIII, L.P. | DE | 0% | Mgmt. by CAIS Vista Equity Partners Fund VIII GP <br> LLC<br>|
| CAIS Vista Foundation Fund V (Offshore) GP <br> LLC<br>| DE | 100% | by Capital Integration Systems LLC |
| CAIS Vista Foundation Fund V (Offshore), L.P. | CYM | 0% | Mgmt. by CAIS Vista Foundation Fund V (Offshore) <br> GP LLC<br>|
| CAIS Vista Foundation Fund V GP LLC | DE | 100% | by Capital Integration Systems LLC |
| CAIS Vista Foundation Fund V, L.P. | DE | 0% | Mgmt. by CAIS Vista Foundation Fund V GP LLC |
| CAIS Warburg Pincus Global Growth (Fund XIV) <br> , L.P.<br>| DE | 0% | Mgmt. by CAIS Warburg Pincus Global Growth <br> (Fund XIV) GP LLC<br>|
| CAIS Warburg Pincus Global Growth (Fund XIV) <br> GP LLC<br>| DE | 100% | by Capital Integration Systems LLC |
| CAIS WorldQuant Millennium SEALS Fund LLC | DE | 100% | by Capital Integration Systems LLC |
| CAIS WorldQuant Millennium SEALS Offshore <br> Fund Ltd.<br>| CYM | 0% | Mgmt. by Capital Integration Systems LLC |
| Cajalco - Corona, LP | DE | 0% | Mgmt. by SB-HS LOJV GP, LLC |
| California Pizza Kitchen LLC | DE | 100% | by CPK Holdings LLC |
| California Pizza Kitchen of Annapolis LLC | MD | 98.0% | by California Pizza Kitchen LLC |
| Camp Blood LLC | DE | 100% | by A24 Films LLC |
| Camp Blood Productions LLC | DE | 100% | by A24 Films LLC |
| Candy House LLC | LA | 100% | by A24 Films LLC |
| Canon Portfolio Trust, LLC | KS | 100% | by EPH, LLC |
| Capital Integration Systems LLC | DE | 23.0% | by Eldridge CG Holdings LLC |
| CardCash Holdings, LLC | DE | 86.0% | by Wanamaker Portfolio Trust, LLC |
| Carlostron, LLC | DE | 100% | by Media Rights Capital II, LLC |
| Carlton Portfolio Trust, LLC | DE | 100% | by EPH, LLC |
| Cary Street Capital, LLC | DE | 0% | Mgmt. by EEH 2017 Prefered Member, LLC |
| Cavalcade Productions, LLC | DE | 100% | by MRC II Holdings, LP |
| CBAM Credit Opportunities Fund GP, LLC | DE | 100% | by CBAM Partners, LLC |
| CBAM Credit Opportunities Fund, LP | DE | 100% | by CBAM Partners, LLC |
| CBAM Holdings, LLC | DE | 56.5% | by Eldridge Capital Management, LLC |
| CBAM Partners, LLC | DE | 100% | by CBAM Holdings, LLC |
| CF-G Funding II, LLC | DE | 100% | by Gennessee Insurance Agency, LLC |
| CF-G Funding III, LLC | DE | 100% | by Gennessee Insurance Agency, LLC |
| CF-G Funding, LLC | DE | 100% | by Gennessee Insurance Agency, LLC |
| CG 109-Fairburn, LP | DE | 0% | Mgmt. by SB-HS LOJV GP, LLC |

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Jurisdiction** | **Percent of Voting Securities Owned** | **Percent of Voting Securities Owned** |
| CGREF 1 GP LLC | DE | 100% | by CI AM LP |
| CGREF AIV 1 GP LLC | GBR | 100% | by CI AM LP |
| CGREF AIV 1 Holdco Brand LLC | DE | 100% | by CGREF AIV 1 LP |
| CGREF AIV 1 Holdco Hotel LLC | DE | 100% | by CGREF AIV 1 LP |
| CGREF AIV 1 LP | DE | 31.77% | by Cain RE LLC |
| CGREF CIP (UK) SLP | JEY | 100% | by CI AM LP |
| CGREF CIP GP LLC | DE | 100% | by CI AM LP |
| CGREF CIP LP | DE | 100% | by CI AM LP |
| CH Capital A Holdings LLC | DE | 100% | by Cain RE LLC |
| CH McCourt (The Stage) LLC | DE | 50.46% | by CH Capital A Holdings LLc |
| Chain Bridge Opportunistic Funding Holdings, <br> LLC<br>| KS | 100% | by Sherwood Park, Inc. |
| Chain Bridge Opportunistic Funding, LLC | KS | 100% | by Chain Bridge Opportunistic Funding Holdings, <br> LLC<br>|
| CHE 830 Brickell LLC | DE | 100% | by CHE Miami Holdings LLC |
| CHE Edgewater LLC | DE | 100% | by CHE Miami Holdings LLC |
| CHE Miami Holdings LLC | DE | 100% | by Cain RE LLC |
| CHE NE Street LLC | DE | 100% | by CHE Miami Holdings LLC |
| CHE SJG Holdings LLC | DE | 100% | by Cain PE LLC |
| CHE SJG LLC | DE | 100% | by CHE SJG Holdings LLC |
| CHE South Brickell LLC | DE | 100% | by CHE Miami Holdings LLC |
| CHE UK GP Limited | JEY | 100% | by Cain International LP |
| CHE UK Holdings LP | JEY | 0% | Mgmt. by CHE UK GP Limited |
| CHE US Holdings LLC | DE | 100% | by Cain International LP |
| Chisholm Trail, LLC | KS | 100% | by Security Benefit Life Insurance Company |
| CI UK Newco Holdings Limited | GBR | 100% | by CI AM LP |
| CI AM CIP (UK) SLP | JEY | 0% | Mgmt. by CI AM CIP GP LLC |
| CI AM CIP GP LLC | DE | 0% | Mgmt. by Cain International LP |
| CI AM GP Ltd | GBR | 100% | by Cain International II LP |
| CI AM Holdings LLP | GBR | 100% | by CI AM LP |
| CI AM LLC | GBR | 100% | by CI AM LP |
| CI AM LP | DE | 100% | by CI AM GP Ltd |
| CI BH Holdings II LLC | DE | 71.5% | by Cain RE LLC |
| CI BH Holdings II LLC | DE | 28.51% | by Mason Portfolio Trust, LLC |
| CI BH Holdings LLC | DE | 71.5% | by One BH Investors LLC |
| CI BH Holdings LLC | DE | 28.50% | by Wanamaker Portfolio Trust, LLC |
| CI Boston Holdings LLC | DE | 100% | by Cain RE LLC |
| CI CB3 Subfund | Ireland | 100% | by Cain International European Real Estate <br> Opportunity Fund I LP<br>|
| CI Co-Invest I LLP | GBR | 75.0% | by Cain International Management Ltd |
| CI Diplomat Holdings LLC | DE | 1.0% | by Cain International LP |
| CI EREO I CIP GP Limited | GBR | 100% | by CI AM LP |
| CI EREO I CIP GP Limited | JEY | 100% | by CI AM LP |
| CI EREO I CIP LP | GBR | 0% | Mgmt. by CI EREO I CIP GP Limited |
| CI EREO I CIP LP | JEY | 0% | Mgmt. by CI EREO I CIP GP Limited |
| CI ExchangeCo Limited | GBR | 100% | by Cain FinCo LLC |
| CI FCL Funding 1 Limited | GBR | 100% | by CI FCL Investor LP |
| CI FCL Investor GP Limited | GBR | 100% | by Cain International LP |
| CI FCL Investor LP | GBR | 100% | by CI FCL Investor GP Limited |
| CI FLL Holdings, LLC | DE | 100% | by Cain RE LLC |
| CI Founder Partner GP LLC | DE | 100% | by Cain RE LLC |
| CI Founder Partner LP | DE | 0% | Mgmt. by Cain RE LLC |
| CI GGL Limited | GBR | 100% | by CH Capital A Holdings LLC |

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Jurisdiction** | **Percent of Voting Securities Owned** | **Percent of Voting Securities Owned** |
| CI HM Holdings LLP | GBR | 100% | by Cain RE LLC |
| CI HM InvestCo Limited | GBR | 100% | by CI HM Holdings LLP |
| CI Koryfeum Sarl | LUX | 100% | by CIEF1 UK Holdings Limited |
| CI Logistics Strat 1 CIP GP Limited | JEY | 100% | by CI AM LP |
| CI Logistics Strat 1 CIP LP | JEY | 100% | by CI AM LP |
| CI Logistics Strat 1 GP Limited | JEY | 60.0% | by ACZ Investments LP |
| CI Logistics Strat 1 LP | JEY | 60.0% | by ACZ Investments LP |
| CI Lux Services S.a.r.l. | DE | 100% | by CI AM LP |
| CI Milan Limited | GBR | 97.5% | by Cain PE (UK) Limited |
| CI Roman Holdings Sarl | LUX | 100% | by CIEF1 UK Holdings Limited |
| CI San Diego Holdings LLC | DE | 14.26% | by Cain RE LLC |
| CI SF Holdings Limited | GBR | 100% | by Cain RE LLC |
| CI Student Strat 1 CIP GP Limited | JEY | 100% | by CI AM LP |
| CI Student Strat 1 CIP LP | JEY | 100% | by CI AM LP |
| CI Student Strat 1 GP Limited | JEY | 100% | by CI AM LP |
| CI Student Strat 1 LP | JEY | 100% | by ACZ Students LLC |
| CI UK Master Holdings Limited | GBR | 100% | by CI AM LP |
| CI US Services GP LLC | DE | 100% | by CI AM LP |
| CI W57th Street Holdings LLC | DE | 100% | by CGREF AIV 1 LP |
| CIEF1 UK Holdings Limited | GBR | 100% | by Cain International European Real Estate <br> Opportunity Fund I LP<br>|
| CI-F Zenith GP Limited | JEY | 100% | by CI Student Strat 1 LP |
| CI-F Zenith LP | JEY | 95.0% | by ACZ Investments LP |
| CI-F Zenith UK Holdings Limited | GBR | 100% | by CI-F Zenith LP |
| CILS Barnsley Limited | GBR | 100% | by CILS 1 UK Holdings Limited |
| CILS Belvedere Limited | GBR | 100% | by CILS 1 UK Holdings Limited |
| CILS Ellesmere Port Limited | GBR | 100% | by CILS 1 UK Holdings Limited |
| CILS Leighton Buzzard Limited | GBR | 100% | by CILS 1 UK Holdings Limited |
| CILS Milton Limited | GBR | 100% | by CILS 1 UK Holdings Limited |
| CILS Petersborough Limited | GBR | 100% | by CILS 1 UK Holdings Limited |
| CILS Sherburn Limited | GBR | 100% | by CILS 1 UK Holdings Limited |
| CILS1 UK Holdings Limited | GBR | 100% | by CI Logistics Strat 1 LP |
| CIM Zenith Master Holdings Ltd | JEY | 100% | by CI Student Strat 1 LP |
| CIM Bristol Co-Living Holdings Limited | GBR | 100% | by CIM Zenith UK Holdings III Limited |
| CIM Bristol Holdings Limited | GBR | 100% | by CIM Zenith UK Holdings III Limited |
| CIM Leeds Holdings Limited | GBR | 100% | by CIM Zenith UK Holdings II Limited |
| CIM Leeds OpCo Limited | GBR | 100% | by CIM Zenith UK Holdings II Limited |
| CIM Liverpool OpCo Limited | GBR | 100% | by CIM Zenith UK Holdings Limited |
| CIM Manchester Holdings Limited | GBR | 100% | by CIM Zenith UK Holdings Limited |
| CIM Manchester OpCo Limited | GBR | 100% | by CIM Zenith UK Holdings Limited |
| CIM Nottingham Holdings 2 Limited | GBR | 100% | by CIM Zenith UK Holdings Limited |
| CIM Nottingham OpCo Limited | GBR | 100% | by CIM Zenith UK Holdings Limited |
| CIM York Holdings Limited | GBR | 100% | by CIM Zenith UK Holdings II Limited |
| CIM York OpCo Limited | GBR | 100% | by CIM Zenith UK Holdings II Limited |
| CIM Zenith UK Holdings II Limited | GBR | 100% | by CIM Zenith Master Holdings Ltd |
| CIM Zenith UK Holdings III Limited | GBR | 100% | by CIM Zenith Master Holdings Ltd |
| CIM Zenith UK Holdings Limited | GBR | 100% | by CIM Zenith Master Holdings Ltd |
| Clearcover, Inc. | DE | 37.99% | by Eldridge Clearcover Holdings LLC |
| Click Records, Inc. | DE | 100% | by DCP Holdco I LLC |
| CLIO Investor, LLC | DE | 100% | by Eldridge Sports and Entertainment GP, LP |
| CLT Devco LLC | DE | 100% | by A24 Commerce St LLC |
| CLT Leasing LLC | DE | 100% | by A24 Commerce St LLC |
| CM PEVF I GP LLC | DE | 100% | by Capital Integration Systems LLC |

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Jurisdiction** | **Percent of Voting Securities Owned** | **Percent of Voting Securities Owned** |
| CM PEVF II GP LLC | DE | 100% | by Capital Integration Systems LLC |
| CM PEVF III GP LLC | DE | 100% | by Capital Integration Systems LLC |
| CM PEVF IV GP LLC | DE | 100% | by Capital Integration Systems LLC |
| Collins Park, LLC | KS | 100% | by Dayton Funding, LLC |
| Commerce Street Private Credit Fund I, L.P. | DE | 0% | Mgmt. by CAIS Commerce Street Private Credit Fund <br> I GP LLC<br>|
| Commerce Street Private Equity Fund I, L.P. | DE | 0% | Mgmt. by CAIS Commerce Street Private Equity <br> Fund I GP LLC<br>|
| Competitive Socialising Group Limited | GBR | 90.2% | by Cain PE (UK) Limited |
| Competitive Socialising Limited | GBR | 100% | by Cain PE (UK) Limited |
| Competitive Socializing US LLC | DE | 100% | by Competitive Socialising Limited |
| Constant Aviation, LLC | OH | 100% | by Fairgrave Omlie, LLC |
| Convergent Financial Technologies LLC | DE | 100% | by Zinnia Tech Solutions LLC |
| Convive Brands, LLC | DE | 92.55% | by Aurify Brands, LLC |
| Convive Commissary Holdings, LLC | DE | 100% | by Convive Brands, LLC |
| Convive PK Funding, LLC | DE | 67.67% | by Convive Brands, LLC |
| Convive PK Funding, LLC | DE | 33.33% | by Eldridge CPK Holdings, LLC |
| Convive PK Holdings, LLC | DE | 92.5% | by Convive PK Funding, LLC |
| Convive PK Intermediate, LLC | DE | 100% | by Convive PK Holdings, LLC |
| Cooper Portfolio Trust, LLC | DE | 100% | by Eldridge Corporate Portfolio Holdings, LLC |
| Core Complexity Fund GP LLC | DE | 100% | by Capital Integration Systems LLC |
| Core Complexity Fund, L.P. | DE | 0% | Mgmt. by Core Complexity Fund GP LLC |
| Core Convexity International Fund, Ltd. | CYM | 100% | by Capital Integration Systems LLC |
| Coronado Heights, LLC | KS | 100% | by Security Benefit Life Insurance Company |
| Corporate Wings Technical Services LLC | OH | 100% | by Fairgrave Omlie, LLC |
| Cottonwood Pioneer Capital, LLC | KS | 100% | by Sherwood Park, Inc. |
| CP Investment Holdings, LLC | DE | 100% | by dcp Holdco II, LLC |
| CPI Productions, Inc. | DE | 100% | by DCP Holdco I LLC |
| CPK Franchise LLC | DE | 100% | by CPK Holdings LLC |
| CPK Holdings LLC | DE | 100% | by Convive PK Intermediate, LLC |
| CPK Hospitality LLC | TX | 100% | by California Pizza Kitchen LLC |
| CPK Hunt Valley LLC | MD | 98.0% | by California Pizza Kitchen LLC |
| CPK Management LLC | CA | 100% | by California Pizza Kitchen LLC |
| CPK Spirits LLC | TX | 100% | by CPK Texas LLC |
| CPK Texas LLC | TX | 100% | by CPK Hospitality LLC |
| Crack in the Earth Limited | GBR | 100% | by A24 Films LLC |
| Crawford Park Capital, LLC | DE | 100% | by Orlando Portfolio Trust, LLC |
| Crescent Portfolio Trust, LLC | DE | 100% | by EPH, LLC |
| Crestview Park, LLC | KS | 100% | by Sherwood Park, Inc. |
| Croatan Holdings, LLC | DE | 0% | Mgmt. by EEH 2017 Prefered Member, LLC |
| CSL (Canada) Limited | GBR | 100% | by Competitive Socialising Limited |
| CSL (Jam) Limited | GBR | 100% | by Competitive Socialising Limited |
| CSL Investor, LLC | DE | 100% | by Eldridge Sports and Entertainment GP, LP |
| Culper211 LLC | DE | 65.0% | by SCF Aviation Capital LLC |
| Cyrus Portfolio Trust, LLC | DE | 100% | by Dayton Funding, LLC |
| Davis Portfolio Trust, LLC | DE | 100% | by EPH, LLC |
| Dawn Acres V, LLC | DE | 100% | by Chain Bridge Opportunistic Funding Holdings, <br> LLC<br>|
| Dawson 1967, LLC | KS | 100% | by Sherwood Park, Inc. |
| Dayton Funding II, LLC | DE | 100% | by Sherwood Park, Inc. |
| Dayton Funding, LLC | DE | 100% | by Dayton Funding II, LLC |
| DC Company Music, LLC | CA | 100% | by Dick Clark Productions, LLC |
| dcp Corp. | DE | 100% | by DCP Holdco I LLC |

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Jurisdiction** | **Percent of Voting Securities Owned** | **Percent of Voting Securities Owned** |
| dcp Disc Inc. | DE | 100% | by DCP Holdco I LLC |
| DCP Funding LLC | DE | 81.5% | by EMG HoldCo, LLC |
| DCP Guaranty Services, LLC | DE | 100% | by Dick Clark Productions, LLC |
| DCP Holdco I LLC | DE | 100% | by DCP Funding LLC |
| dcp Holdco II, LLC | DE | 100% | by Valence Media, LLC |
| DCP Holdings DE, LLC | DE | 100% | by CP Investment Holdings, LLC |
| DCP Rights, LLC | DE | 100% | by DCP Guaranty Services, LLC |
| dcp TL Funding LLC | DE | 50.0% | by CP Investment Holdings, LLC |
| Dcpg investco, LLC | DE | 100% | by Eldridge Media Group, LLC |
| Dcpl investco, LLC | DE | 100% | by Eldridge Media Group, LLC |
| Death By Pretzel Productions Ltd. | CAN | 100% | by Eternity Productions LLC |
| Death Match LLC | DE | 100% | by A24 Films LLC |
| Death Yell LLC | DE | 100% | by A24 Films LLC |
| Deer Creek Portfolio Trust, LLC | DE | 100% | by Dayton Funding, LLC |
| Delano Brand Holdings LLC | DE | 33.34% | by ECD Brand Holdings LLC |
| Delano Portfolio Trust, LLC | DE | 100% | by EPH, LLC |
| Denver Zombie Crawl, LLC | CO | 100% | by 13 FEG Touring Events, LLC |
| Desert Screams LLC | AZ | 100% | by 13 FEG Haunted Holdings, LLC |
| Devenetco Ltd | Cyprus | 100% | by Amicross Ltd |
| Dick Clark Communications, Inc. | DE | 100% | by DCP Holdco I LLC |
| Dick Clark Features, Inc. | CA | 100% | by DCP Holdco I LLC |
| Dick Clark Film Group, Inc. | CA | 100% | by DCP Holdco I LLC |
| Dick Clark Kids, Inc. | DE | 100% | by DCP Holdco I LLC |
| Dick Clark Media Archives, LLC | CA | 100% | by Dick Clark Productions, LLC |
| Dick Clark Productions, LLC | DE | 100% | by DCP Holdings DE, LLC |
| Dick Clark Restaurants, Inc. | DE | 100% | by DCP Holdco I LLC |
| Digital Media Asset Holdings, LLC | DE | 100% | by EMG AH LLC |
| Direct Holdings Americas LLC | DE | 100% | by Direct Holdings Global LLC |
| Direct Holdings Customer Service Inc. | DE | 100% | by Direct Holdings Americas LLC |
| Direct Holdings Global LLC | DE | 100% | by Mosaic Media Investment Partners, LLC |
| Direct Holdings Libraries Inc. | DE | 100% | by DCP Holdco I LLC |
| Dishwasher LLC | DE | 100% | by A24 Films LLC |
| Dishwasher Productions Inc. | CAN | 100% | by Dishwasher Rights LLC |
| Dishwasher Rights LLC | DE | 100% | by A24 Films LLC |
| DLICT, LLC | DE | 75.0% | by Eldridge Industries, LLC |
| DNBR Funding II, LLC | DE | 100% | by Dunbarre Insurance Agency, LLC |
| DNBR Funding, LLC | KS | 100% | by Dunbarre Insurance Agency, LLC |
| Do It Live LLC | DE | 100% | by A24 Films LLC |
| Doc Lobster, LLC | CA | 100% | by MRC Documentary Holdings, LLC |
| Donkey Elephant Productions, LLC | DE | 100% | by Mayfair Portfolio Trust, LLC |
| Dopamine Sparkle LLC | DE | 100% | by A24 Films LLC |
| Double Yew LLC | DE | 100% | by A24 Films LLC |
| Dover Portfolio Trust, LLC | DE | 100% | by Dayton Funding, LLC |
| DPL Financial Partners, LLC | DE | 47.0% | by Eldridge DPL Holdings LLC |
| Dramatic Movie LA LLC | LA | 100% | by A24 Films LLC |
| Dramatic Movie LLC | DE | 100% | by A24 Films LLC |
| Dramatic Movie Rights LLC | DE | 100% | by A24 Films LLC |
| DS MB Holdings LLC | DE | 100% | by Steamboat Portfolio Trust, LLC |
| Dunbarre Insurance Agency, LLC | DE | 100% | by SBL Holdings, Inc. |
| Dust Bowl Capital, LLC | KS | 100% | by Sherwood Park, Inc. |
| Dynamo 1C S.a.r.l. | DE | 100% | by Cain PE LLC |
| E10 Holdings Kft | Hungary | 100% | by Buda Hills JV B.V. |
| E10 Project Kft | Hungary | 100% | by E10 Holdings Kft |

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Jurisdiction** | **Percent of Voting Securities Owned** | **Percent of Voting Securities Owned** |
| EA Wellness FL LLC | DE | 0% | Mgmt. by EA Wellness MSO LLC |
| EA Wellness Holdings LLC | DE | 55.98% | by Eldridge MSO Holdings LLC |
| EA Wellness Intermendiate LLC | DE | 100% | by EA Wellness Holdings LLC |
| EA Wellness MSO LLC | DE | 100% | by EA Wellness Intermendiate LLC |
| EACS II, LLC | DE | 100% | by Eldridge Industries, LLC |
| EACS LLC | DE | 100% | by Eldridge Industries, LLC |
| Eagle 2 Limited | GBR | 19.1% | by Cain PE (UK) Limited |
| Eagle 2 Limited | GBR | 57.6% | by Competitive Socialising Group Limited |
| Earhart Capital, LLC | KS | 100% | by Security Benefit Life Insurance Company |
| Easy Mark CDN Productions Inc | CAN | 100% | by MRC II Holdings, LP |
| Easy Mark, LLC | CA | 100% | by MRC II Holdings, LP |
| EBBH, LLC | DE | 100% | by Eldridge Industries, LLC |
| EC 17th Street Holdings LLC | DE | 54.9% | by Delano Portfolio Trust, LLC |
| EC 17th Street MezzCo LLC | DE | 100% | by EC 17th Street Holdings LLC |
| ECD Brand Holdings LLC | DE | 50.0% | by CGREF AIV 1 Holdco Brand LLC |
| ECD Brands Holdings LLC | DE | 50.0% | by Delano Portfolio Trust, LLC |
| Echidna Capital LLC | DE | 70.0% | by Anthony D. Minella, Individual |
| ECM AH 2025-1, LLC | DE | 100% | by Eldridge Capital Management, LLC |
| ECM UK Holdings Limited | GBR | 100% | by CI AM LP |
| EDCF I AB Assetco, LLC | DE | 100% | by Dayton Funding, LLC |
| EDCF I Assetco Trust | DE | 0% | Mgmt. by EDCF I AB Assetco, LLC |
| EDCF I Assetco, LLC | KS | 100% | by Mine Creek, LLC |
| EDCF II AssetCo (U) LLC | DE | 0% | Mgmt. by Eldridge Diversified Credit Fund II GP, LP |
| EDCF II AssetCo Offshore (U) LLC | DE | 100% | by Eldridge Diversified Credit Fund II GP, LP |
| EDCF II Assetco, LLC | KS | 100% | by Mine Creek, LLC |
| EDCF II Offshore Assetco, LLC | KS | 100% | by Mine Creek, LLC |
| EDCFX Assetco, LLC | DE | 100% | by Dayton Funding, LLC |
| Edgewood Portfolio Trust, LLC | DE | 100% | by EPH, LLC |
| EEH 2017 Preferred Member, LLC | DE | 100% | by SBT Investors, LLC |
| EEH 2017, LLC | DE | 0% | Mgmt. by EEH 2017 Prefered Member, LLC |
| EEH 2017-AHC, LLC | DE | 0% | Mgmt. by EEH 2017 Prefered Member, LLC |
| EEH 2017-EC, LLC | DE | 100% | by EEH 2017 Prefered Member, LLC |
| EH Rockets Holdings LLC | DE | 100% | by Eldridge Industries, LLC |
| EH Rockets Master Holdings LLC | DE | 100% | by Eldridge Industries, LLC |
| EH2021, LLC | DE | 100% | by Zinnia Corporate Holdings, LLC |
| EHA 100 DE LP | DE | 60.0% | by EH Rockets Holdings LLC |
| EHA 100 GP LLC | DE | 0% | Mgmt. by EH Rockets Holdings LLC |
| EISCP Co-Invest Holdings, LLC | DE | 100% | by Crawford Park Capital, LLC |
| EKW Holdings II LLC | DE | 100% | by Wanamaker Portfolio Trust, LLC |
| EKW Holdings III LLC | DE | 100% | by Wanamaker Portfolio Trust, LLC |
| EKW Holdings IV LLC | DE | 100% | by Wanamaker Portfolio Trust, LLC |
| EKW Holdings LLC | DE | 100% | by Vista Portfolio Trust, LLC |
| EKW Holdings V LLC | DE | 100% | by Carlton Portfolio Trust, LLC |
| Eldridge 17th Street Holdings LLC | DE | 100% | by Delano Portfolio Trust, LLC |
| Eldridge 4AIR Holdings LLC | DE | 100% | by Crawford Park Capital, LLC |
| Eldridge 625 Broadway, LLC | DE | 100% | by Mason Portfolio Trust, LLC |
| Eldridge A24 Holdings, LLC | DE | 100% | by Tuttle Portfolio Trust, LLC |
| Eldridge Accelerant Funding, LLC | DE | 100% | by Crawford Park Capital, LLC |
| Eldridge Acre Holdings LLC | DE | 100% | by Eldridge Industries, LLC |
| Eldridge Acre Infrastructure Partners, LP | DE | 60.0% | by Eldridge Industries, LLC |
| Eldridge Acre Partners GP, LLC | DE | 60.0% | by Eldridge Acre Holdings LLC |
| Eldridge Acre Partners, LP | DE | 60.0% | by Eldridge Acre Holdings LLC |
| Eldridge ACZ Funding, LLC | DE | 100% | by Ruby Portfolio Trust, LLC |

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Jurisdiction** | **Percent of Voting Securities Owned** | **Percent of Voting Securities Owned** |
| Eldridge Aircraft Services LLC | DE | 100% | by EPH II, LLC |
| Eldridge Al Maryah, LLC | DE | 100% | by Eldridge Industries, LLC |
| Eldridge Alpaca Funding, LLC | DE | 100% | by Crawford Park Capital, LLC |
| Eldridge AMD Holdings LLC | DE | 100% | by Ridge Media Holdings, LLC |
| Eldridge ARK Crypto US Fund Holdings LLC | DE | 100% | by Crawford Park Capital, LLC |
| Eldridge Asset Allocation, LLC | DE | 100% | by Eldridge Capital Management, LLC |
| Eldridge Atlas Investor, LLC | DE | 100% | by Eldridge Industries, LLC |
| Eldridge Ausenco Holdings, LLC | DE | 100% | by Eldridge Industries, LLC |
| Eldridge Ballotready Holdings LLC | DE | 25.43% | by Mayfair Portfolio Trust, LLC |
| Eldridge BB Holdings, LLC | DE | 100% | by EBBH, LLC |
| Eldridge BBLP, LLC | DE | 100% | by Eldridge BB Holdings, LLC |
| Eldridge Bilt Holdings LLC | DE | 100% | by Dayton Funding, LLC |
| Eldridge Blink Holdings LLC | DE | 100% | by Wanamaker Portfolio Trust, LLC |
| Eldridge Blockchain.com Funding LLC | DE | 100% | by Maple Portfolio Trust, LLC |
| Eldridge Buckle Funding, LLC | DE | 100% | by Primrose Portfolio Trust, LLC |
| Eldridge Business Services LLC | DE | 99.0% | by Eldridge Corporate Services, LLC |
| Eldridge C9E Holdings LLC | DE | 100% | by Crawford Park Capital, LLC |
| Eldridge Capital Management (Singapore) PTE. <br> LTD<br>| Singapore | 100% | by ESCA Holdings, LLC |
| Eldridge Capital Management Services (UK) <br> Limited<br>| GBR | 100% | by Eldridge Capital Management, LLC |
| Eldridge Capital Management Services, LLC | DE | 100% | by Eldridge Capital Management, LLC |
| Eldridge Capital Management, LLC | DE | 100% | by Eldridge, LLC |
| Eldridge Carry Holdings, LP | DE | 100% | by Eldridge Industries Manager, LLC |
| Eldridge CDS Holdings, LLC | KS | 100% | by Sherwood Park, Inc. |
| Eldridge CEC Funding, LLC | DE | 100% | by Hillcrest Holdings, LLC |
| Eldridge CG Holdings LLC | DE | 0% | Mgmt. by Eldridge CGCI, LLC |
| Eldridge CG Holdings LLC | DE | 0% | Mgmt. by Eldridge FS Holdings, LLC |
| Eldridge CGCI, LLC | DE | 100% | by Eldridge FS Holdings, LLC |
| Eldridge CH GP LLC | DE | 100% | by Eldridge CH Holdings, LLC |
| Eldridge CH Holdings, LLC | DE | 100% | by Eldridge Industries, LLC |
| Eldridge CH LP LLC | DE | 100% | by Eldridge CH Holdings, LLC |
| Eldridge CI Holdings II LLC | DE | 100% | by Eldridge Capital Management, LLC |
| Eldridge CI LP LLC | DE | 100% | by Eldridge CI Holdings II LLC |
| Eldridge CIC Holdings LLC | DE | 17.35% | by Palmer Portfolio Trust, LLC |
| Eldridge CILP Funding II, LLC | DE | 12.51% | by Eldridge Finco, LLC |
| Eldridge CILP Funding II, LLC | DE | 87.49% | by EPH, LLC |
| Eldridge CILP Funding III, LLC | DE | 100% | by Eldridge Finco, LLC |
| Eldridge CILP Funding IV, LLC | DE | 100% | by Grigg Portfolio Trust, LLC |
| Eldridge CILP Funding, LLC | DE | 100% | by Skylark Portfolio Trust, LLC |
| Eldridge CIREF Holdings, LLC | DE | 70.846% | by Potwin Place, LLC |
| Eldridge CIREF Holdings, LLC | DE | 29.154% | by Skyline Portfolio Trust, LLC |
| Eldridge Clark Funding, LLC | DE | 100% | by Gladstone Portfolio Trust, LLC |
| Eldridge Clearcover Holdings LLC | DE | 62.99% | by Edgewood Portfolio Trust, LLC |
| Eldridge Clearcover Holdings LLC | DE | 37.01% | by Vista Portfolio Trust, LLC |
| Eldridge CLIO Holdings LLC | DE | 100% | by Collins Park, LLC |
| Eldridge CLO Manager, LLC | DE | 100% | by Eldridge Capital Management, LLC |
| Eldridge Cloudframe Holdings LLC | DE | 100% | by Madison Portfolio Trust, LLC |
| Eldridge Cobalt Funding, LLC | DE | 100% | by Armstrong Portfolio Trust, LLC |
| Eldridge Co-Invest Holdings LLC | DE | 100% | by Eldridge Industries, LLC |
| Eldridge College Sports Holdings, LLC | DE | 100% | by Crawford Park Capital, LLC |
| Eldridge Convive Holdings II, LLC | DE | 27.9% | by Arch Portfolio Trust, LLC |
| Eldridge Convive Holdings II, LLC | DE | 36.33% | by Palmer Portfolio Trust, LLC |

---

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Jurisdiction** | **Percent of Voting Securities Owned** | **Percent of Voting Securities Owned** |
| Eldridge Convive Holdings II, LLC | DE | 35.77% | by Putnam Asset Holdings, LLC |
| Eldridge Convive Holdings, LLC | DE | 100% | by The Eldridge Convive Irrevocable Trust, LLC |
| Eldridge Corporate Funding LLC | DE | 100% | by Eldridge Capital Management, LLC |
| Eldridge Corporate Portfolio Holdings, LLC | DE | 100% | by EPH, LLC |
| Eldridge Corporate Services, LLC | DE | 100% | by Eldridge Industries, LLC |
| Eldridge CPK Holdings II, LLC | DE | 100% | by Eldridge Industries, LLC |
| Eldridge CPK Holdings III, LLC | DE | 100% | by Eldridge Industries, LLC |
| Eldridge CPK Holdings, LLC | DE | 100% | by Eldridge CPK Holdings II, LLC |
| Eldridge CRB Funding, LLC | DE | 100% | by Crawford Park Capital, LLC |
| Eldridge Credit Advisers (UK) Limited | GBR | 100% | by Eldridge Capital Management, LLC |
| Eldridge Credit Advisers, LLC | DE | 100% | by Eldridge Capital Management, LLC |
| Eldridge Cutover Holdings LLC | DE | 100% | by Maple Portfolio Trust, LLC |
| Eldridge CVPF II Holdings, LLC | DE | 100% | by Crawford Park Capital, LLC |
| Eldridge Datamarx Holdings, LLC | DE | 100% | by Perry Portfolio Trust, LLC |
| Eldridge Dataminr Holdings LLC | DE | 100% | by Crawford Park Capital, LLC |
| Eldridge DBDK Funding, LLC | DE | 100% | by Crawford Park Capital, LLC |
| Eldridge DBZ Holdings, LLC | DE | 13.463% | by Bentley Park, LLC |
| Eldridge DCF II Aggregator LP | DE | 0% | Mgmt. by Eldridge DCF II Holdings, LLC |
| Eldridge DCF II Aggregator LP | DE | 0% | Mgmt. by Eldridge Diversified Credit Fund II GP, LP |
| Eldridge DCF II AIV LP | DE | 0% | Mgmt. by Eldridge DCF II Holdings, LLC |
| Eldridge DCF II AIV LP | DE | 0% | Mgmt. by Eldridge Diversified Credit Fund II GP, LP |
| Eldridge DCF II AIV LP Series I-Levered | DE | 0% | Mgmt. by Eldridge DCF II AIV LP |
| Eldridge DCF II AIV LP Series I-Unlevered | DE | 0% | Mgmt. by Eldridge DCF II AIV LP |
| Eldridge DCF II AIV Series Program I Blocker <br> LLC<br>| DE | 100% | by Eldridge Diversified Credit Fund II GP, LP |
| Eldridge DCF II Holdings, LLC | DE | 100% | by Eldridge Industries, LLC |
| Eldridge DCP Holdings LLC | DE | 100% | by Ridge Media Holdings, LLC |
| Eldridge Defense & Security, LLC | DE | 69.83% | by Eldridge EDS Holdings II, LLC |
| Eldridge Defense & Security, LLC | DE | 15.08% | by Eldridge EDS Holdings, LLC |
| Eldridge Digital Asset Holdings, LLC | DE | 100% | by Crawford Park Capital, LLC |
| Eldridge Diversified Credit Feeder Fund II LP | DE | 0% | Mgmt. by Eldridge DCF II Holdings, LLC |
| Eldridge Diversified Credit Feeder Fund II LP | DE | 0% | Mgmt. by Eldridge Diversified Credit Fund II GP, LP |
| Eldridge Diversified Credit Feeder Fund II LP - <br> Series I-Levered<br>| DE | 0% | Mgmt. by Eldridge Diversified Credit Feeder Fund II <br> LP<br>|
| Eldridge Diversified Credit Feeder Fund II LP - <br> Series I-Unlevered<br>| DE | 0% | Mgmt. by Eldridge Diversified Credit Feeder Fund II <br> LP<br>|
| Eldridge Diversified Credit Feeder Fund LP | DE | 0% | Mgmt. by Eldridge DCF II Holdings, LLC |
| Eldridge Diversified Credit Feeder Fund LP | DE | 0% | Mgmt. by Eldridge GP, LLC |
| Eldridge Diversified Credit Fund HoldCo, LP | DE | 0% | Mgmt. by Eldridge Diversified Credit Fund I, LP |
| Eldridge Diversified Credit Fund HoldCo, LP | DE | 0% | Mgmt. by Eldridge GP, LLC |
| Eldridge Diversified Credit Fund I GP, LP | DE | 0% | Mgmt. by Eldridge GP, LLC |
| Eldridge Diversified Credit Fund I, LP | DE | 0% | Mgmt. by Eldridge Diversified Credit Fund I GP, LP |
| Eldridge Diversified Credit Fund II (Offshore) <br> Levered HoldCo, LP<br>| CYM | 0% | Mgmt. by Eldridge Diversified Credit Fund II <br> (Offshore) LP – Series I - Levered<br>|
| Eldridge Diversified Credit Fund II (Offshore) <br> Levered HoldCo, LP<br>| CYM | 0% | Mgmt. by Eldridge Diversified Credit Fund II GP, LP |
| Eldridge Diversified Credit Fund II (Offshore) LP | DE | 0% | Mgmt. by Eldridge DCF II Holdings, LLC |
| Eldridge Diversified Credit Fund II (Offshore) LP | CYM | 0% | Mgmt. by Eldridge Diversified Credit Fund II GP, LP |
| Eldridge Diversified Credit Fund II (Offshore) LP <br> – Series I - Levered<br>| CYM | 100% | by Eldridge Diversified Credit Fund II (Offshore) LP |
| Eldridge Diversified Credit Fund II (Offshore) LP <br> – Series I - Unlevered<br>| CYM | 100% | by Eldridge Diversified Credit Fund II (Offshore) LP |
| Eldridge Diversified Credit Fund II (Offshore) <br> Unlevered HoldCo, LP<br>| CYM | 0% | Mgmt. by Eldridge Diversified Credit Fund II <br> (Offshore) LP – Series I - Unlevered<br>|

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Jurisdiction** | **Percent of Voting Securities Owned** | **Percent of Voting Securities Owned** |
| Eldridge Diversified Credit Fund II (Offshore) <br> Unlevered HoldCo, LP<br>| CYM | 0% | Mgmt. by Eldridge Diversified Credit Fund II GP, LP |
| Eldridge Diversified Credit Fund II GP, LP | DE | 0% | Mgmt. by Eldridge Carry Holdings, LP |
| Eldridge Diversified Credit Fund II GP, LP | DE | 0% | Mgmt. by Eldridge GP, LLC |
| Eldridge Diversified Credit Fund II Levered <br> HoldCo (L), LP<br>| DE | 0% | Mgmt. by Eldridge DCF II Holdings, LLC |
| Eldridge Diversified Credit Fund II Levered <br> HoldCo (L), LP<br>| DE | 0% | Mgmt. by Eldridge Diversified Credit Fund II GP, LP |
| Eldridge Diversified Credit Fund II Levered <br> HoldCo, LP<br>| DE | 0% | Mgmt. by Eldridge DCF II Holdings, LLC |
| Eldridge Diversified Credit Fund II Levered <br> HoldCo, LP<br>| DE | 0% | Mgmt. by Eldridge Diversified Credit Fund II GP, LP |
| Eldridge Diversified Credit Fund II LP | DE | 0% | Mgmt. by Eldridge DCF II Holdings, LLC |
| Eldridge Diversified Credit Fund II LP | CYM | 0% | Mgmt. by Eldridge Diversified Credit Fund II GP, LP |
| Eldridge Diversified Credit Fund II LP – Series I - <br> Levered<br>| CYM | 100% | by Eldridge Diversified Credit Fund II LP |
| Eldridge Diversified Credit Fund II LP – Series I - <br> Unlevered<br>| CYM | 100% | by Eldridge Diversified Credit Fund II LP |
| Eldridge Diversified Credit Fund II Unlevered <br> HoldCo (L), LP<br>| DE | 0% | Mgmt. by Eldridge DCF II Holdings, LLC |
| Eldridge Diversified Credit Fund II Unlevered <br> HoldCo (L), LP<br>| DE | 0% | Mgmt. by Eldridge Diversified Credit Fund II GP, LP |
| Eldridge Diversified Credit Fund II Unlevered <br> HoldCo, LP<br>| DE | 0% | Mgmt. by Eldridge DCF II Holdings, LLC |
| Eldridge Diversified Credit Fund II Unlevered <br> HoldCo, LP<br>| DE | 0% | Mgmt. by Eldridge Diversified Credit Fund II GP, LP |
| Eldridge Diversified Credit Fund Rated Note <br> Feeder LLC<br>| DE | 100% | by Eldridge Diversified Credit RNF GP, LP |
| Eldridge Diversified Credit Fund RNF Master LP | DE | 0% | Mgmt. by Eldridge Carry Holdings, LP |
| Eldridge Diversified Credit Fund RNF Master LP | DE | 0% | Mgmt. by Eldridge Diversified Credit RNF GP, LP |
| Eldridge Diversified Credit RNF GP, LP | DE | 0% | Mgmt. by Eldridge Carry Holdings, LP |
| Eldridge Diversified Credit RNF GP, LP | DE | 0% | Mgmt. by Eldridge GP, LLC |
| Eldridge Diversified Credit Series Program I <br> Blocker LP<br>| CYM | 0% | Mgmt. by Eldridge Diversified Credit Feeder Fund II <br> LP - Series I-Levered<br>|
| Eldridge Diversified Credit Series Program I <br> Blocker LP<br>| CYM | 0% | Mgmt. by Eldridge Diversified Credit Feeder Fund II <br> LP - Series I-Unlevered<br>|
| Eldridge Diversified Credit Series Program I <br> Blocker LP<br>| CYM | 0% | Mgmt. by Eldridge Diversified Credit Fund II GP, LP |
| Eldridge DMO, LLC | DE | 100% | by Wanamaker Portfolio Trust, LLC |
| Eldridge DPL Holdings LLC | DE | 100% | by Crawford Park Capital, LLC |
| Eldridge EA Holdings, LLC | DE | 84.5% | by SBT Investors, LLC |
| Eldridge EAIP Holdings, LLC | KS | 100% | by Holliday Park, LLC |
| Eldridge Ediphy Holdings, LLC | DE | 100% | by Bruce Park Portfolio Trust, LLC |
| Eldridge EDS Holdings II, LLC | DE | 100% | by Eldridge Industries, LLC |
| Eldridge EDS Holdings, LLC | DE | 99.0% | by Baldwin Portfolio Trust, LLC |
| Eldridge EDS Holdings, LLC | DE | 1.0% | by Perry Portfolio Trust, LLC |
| Eldridge ELO Funding LLC | DE | 100% | by Mason Portfolio Trust, LLC |
| Eldridge Epic Holdings, LLC | DE | 100% | by EPH, LLC |
| Eldridge Equine Holdings LLC | DE | 100% | by Bedford Portfolio Trust, LLC |
| Eldridge Equine II Holdings LLC | DE | 87.34% | by Bedford Portfolio Trust, LLC |
| Eldridge Equine II Holdings LLC | DE | 12.66% | by Wanamaker Portfolio Trust, LLC |
| Eldridge Equipment Finance LLC | DE | 100% | by EPH, LLC |
| Eldridge Esports Funding II LLC | DE | 100% | by Wanamaker Portfolio Trust, LLC |
| Eldridge Executive Services LLC | DE | 99.0% | by Eldridge Corporate Services, LLC |

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Jurisdiction** | **Percent of Voting Securities Owned** | **Percent of Voting Securities Owned** |
| Eldridge FEG Holdings | DE | 100% | by Steamboat Portfolio Trust, LLC |
| Eldridge Fevo Funding, LLC | DE | 97.54% | by Carlton Portfolio Trust, LLC |
| Eldridge Fevo Funding, LLC | DE | 2.46% | by Madison Portfolio Trust, LLC |
| Eldridge FGNY Holdings, LLC | DE | 100% | by Eldridge Industries, LLC |
| Eldridge FGNY LLC | DE | 100% | by Crawford Park Capital, LLC |
| Eldridge FHI Investor II, LLC | DE | 100% | by Dayton Funding II, LLC |
| Eldridge FHI Investor LLC | DE | 100% | by Dayton Funding II, LLC |
| Eldridge Finco Holdings, LLC | DE | 100% | by Eldridge Industries, LLC |
| Eldridge Finco, LLC | DE | 100% | by Eldridge Industries, LLC |
| Eldridge Fixated Holdings, LLC | DE | 100% | by Eldridge AMD Holdings LLC |
| Eldridge FS Holdings, LLC | DE | 18.75% | by Bruce Park Portfolio Trust, LLC |
| Eldridge FS Holdings, LLC | DE | 81.75% | by Montgomery Portfolio Trust, LLC |
| Eldridge Fund Aggregator, LLC | DE | 100% | by Eldridge Fund Investor II, LLC |
| Eldridge Fund Investor I, LLC | DE | 100% | by Wallace Portfolio Trust, LLC |
| Eldridge Fund Investor II, LLC | DE | 100% | by Cooper Portfolio Trust, LLC |
| Eldridge Gamma Holdings, LLC | DE | 100% | by Crawford Park Capital, LLC |
| Eldridge G-Form Holdings LLC | DE | 100% | by Crawford Park Capital, LLC |
| Eldridge Gizer Funding LLC | DE | 100% | by Maple Portfolio Trust, LLC |
| Eldridge goPuff Holdings LLC | DE | 11.43% | by Crawford Park Capital, LLC |
| Eldridge GP 1 SEF Holdings, LLC | DE | 100% | by Eldridge Industries, LLC |
| Eldridge GP, LLC | DE | 100% | by Eldridge Capital Management, LLC |
| Eldridge GP1 Advisers, LLC | DE | 100% | by Eldridge Capital Management, LLC |
| Eldridge GP1 Atlas Aggregator LP | DE | 0% | Mgmt. by Eldridge Atlas Investor, LLC |
| Eldridge GP1 Atlas Aggregator LP | DE | 0% | Mgmt. by Eldridge GP1 Atlas GP LLC |
| Eldridge GP1 Atlas Cayman LP | CYM | 0% | Mgmt. by Eldridge GP1 Atlas Co-Investors Offshore <br> LP<br>|
| Eldridge GP1 Atlas Cayman LP | CYM | 0% | Mgmt. by Eldridge GP1 Atlas GP, LLC |
| Eldridge GP1 Atlas Co-Investors Offshore LP | CYM | 0% | Mgmt. by Eldridge Atlas Investor, LLC |
| Eldridge GP1 Atlas Co-Investors Offshore LP | CYM | 0% | Mgmt. by Eldridge GP1 Atlas GP LLC |
| Eldridge GP1 Atlas Co-Investors, LP | DE | 0% | Mgmt. by Eldridge Atlas Investor, LLC |
| Eldridge GP1 Atlas Co-Investors, LP | DE | 0% | Mgmt. by Eldridge GP1 Atlas GP, LLC |
| Eldridge GP1 Atlas FundingCo LP | DE | 0% | Mgmt. by Atlas FundingCo GP LLC |
| Eldridge GP1 Atlas FundingCo LP | DE | 0% | Mgmt. by Eldridge GP1 Atlas MezzCo LP |
| Eldridge GP1 Atlas GP LLC | DE | 100% | by Eldridge GP1 Strategic Equity Fund GP LP |
| Eldridge GP1 Atlas GP, LLC | DE | 100% | by Eldridge Industries, LLC |
| Eldridge GP1 Atlas I LLC | DE | 100% | by Eldridge GP1 Atlas FundingCo LP |
| Eldridge GP1 Atlas II LLC | DE | 100% | by Eldridge GP1 Atlas FundingCo LP |
| Eldridge GP1 Atlas MezzCo LP | DE | 0% | Mgmt. by Atlas MezzCo GP LLC |
| Eldridge GP1 Atlas MezzCo LP | DE | 0% | Mgmt. by Eldridge GP1 Atlas Aggregator LP |
| Eldridge GP1 Atlas Offshore LP | CYM | 0% | Mgmt. by Eldridge GP1 Atlas GP LLC |
| Eldridge GP1 Atlas Offshore LP | CYM | 0% | Mgmt. by Eldridge GP1 Atlas US LLC |
| Eldridge GP1 Atlas US LLC | DE | 100% | by Eldridge GP1 Atlas Co-Investors Offshore LP |
| Eldridge GP1 IPS Aggregator LP | DE | 0% | Mgmt. by Eldridge GP1 SEF Holding, LLC |
| Eldridge GP1 IPS Aggregator LP | DE | 0% | Mgmt. by Eldridge GP1 Strategic Equity Fund GP <br> L.P. - Series 1<br>|
| Eldridge GP1 IPS Holdings LLC | DE | 100% | by Eldridge Industries, LLC |
| Eldridge GP1 Puris Aggregator LP | DE | 0% | Mgmt. by Eldridge GP1 SEF Holding, LLC |
| Eldridge GP1 Puris Aggregator LP | DE | 0% | Mgmt. by Eldridge GP1 Strategic Equity Fund GP <br> L.P. - Series 1<br>|
| Eldridge GP1 Puris Holdings LLC | DE | 100% | by Eldridge Industries, LLC |
| Eldridge GP1 Raven Aggregator LP | DE | 0% | Mgmt. by Eldridge GP1 SEF Holding, LLC |
| Eldridge GP1 Raven Aggregator LP | DE | 0% | Mgmt. by Eldridge GP1 Strategic Equity Fund GP <br> L.P. - Series 1<br>|

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Jurisdiction** | **Percent of Voting Securities Owned** | **Percent of Voting Securities Owned** |
| Eldridge GP1 Raven Holdings LLC | DE | 100% | by Eldridge Industries, LLC |
| Eldridge GP1 SEF Atlas Cayman LP | CYM | 0% | Mgmt. by Eldridge GP1 Strategic Equity Fund GP <br> L.P. - Series 1<br>|
| Eldridge GP1 SEF Atlas Cayman LP | CYM | 0% | Mgmt. by Eldridge GP1 Strategic Equity Fund <br> Offshore LP – Series I<br>|
| Eldridge GP1 SEF Holding, LLC | DE | 100% | by Eldridge Industries, LLC |
| Eldridge GP1 Strategic Equity Fund CIP LP | DE | 0% | Mgmt. by Eldridge Carry Holdings, LP |
| Eldridge GP1 Strategic Equity Fund CIP LP | CYM | 0% | Mgmt. by Eldridge GP, LLC |
| Eldridge GP1 Strategic Equity Fund Co-Invest LP | DE | 0% | Mgmt. by Eldridge Industries Manager, LLC |
| Eldridge GP1 Strategic Equity Fund Co-Invest LP | DE | 0% | Mgmt. by Eldridge Industries, LLC |
| Eldridge GP1 Strategic Equity Fund GP L.P. - <br> Series 1<br>| CYM | 0% | Mgmt. by Eldridge Carry Holdings, LP |
| Eldridge GP1 Strategic Equity Fund GP LP | DE | 0% | Mgmt. by Eldridge Carry Holdings, LP |
| Eldridge GP1 Strategic Equity Fund GP LP | CYM | 0% | Mgmt. by Eldridge GP, LLC |
| Eldridge GP1 Strategic Equity Fund L.P. | CYM | 0% | Mgmt. by Eldridge Carry Holdings, LP |
| Eldridge GP1 Strategic Equity Fund L.P. | CYM | 0% | Mgmt. by Eldridge GP1 Strategic Equity Fund GP <br> L.P. - Series 1<br>|
| Eldridge GP1 Strategic Equity Fund LP | DE | 0% | Mgmt. by Eldridge GP1 SEF Holding, LLC |
| Eldridge GP1 Strategic Equity Fund LP | DE | 0% | Mgmt. by Eldridge GP1 Strategic Equity Fund GP <br> L.P. - Series 1<br>|
| Eldridge GP1 Strategic Equity Fund LP – Series I | CYM | 0% | Mgmt. by Eldridge GP1 Strategic Equity Fund GP <br> L.P. - Series 1<br>|
| Eldridge GP1 Strategic Equity Fund LP – Series I | CYM | 0% | Mgmt. by Eldridge GP1 Strategic Equity Fund L.P. |
| Eldridge GP1 Strategic Equity Fund Offshore LP | DE | 0% | Mgmt. by Eldridge GP1 SEF Holding, LLC |
| Eldridge GP1 Strategic Equity Fund Offshore LP | DE | 0% | Mgmt. by Eldridge GP1 Strategic Equity Fund GP <br> L.P. - Series 1<br>|
| Eldridge GP1 Strategic Equity Fund Offshore LP <br> – Series I<br>| CYM | 0% | Mgmt. by Eldridge GP1 Strategic Equity Fund GP <br> L.P. - Series 1<br>|
| Eldridge GP1 Strategic Equity Fund Offshore LP <br> – Series I<br>| CYM | 0% | Mgmt. by Eldridge GP1 Strategic Equity Fund <br> Offshore LP<br>|
| Eldridge GP1 Strategic Equity Fund-A L.P. | CYM | 0% | Mgmt. by Eldridge Carry Holdings, LP |
| Eldridge GP1 Strategic Equity Fund-A L.P. | CYM | 0% | Mgmt. by Eldridge GP1 Strategic Equity Fund GP <br> L.P. - Series 1<br>|
| Eldridge GP1 Tandem Holdings, LLC | DE | 100% | by Eldridge Industries, LLC |
| Eldridge HBF II Holdings, LLC | DE | 100% | by Hawk Trail, LLC |
| Eldridge HCC Investor LLC | DE | 100% | by PD Holdings LLC |
| Eldridge HCC, LLC | DE | 6.25% | by Eldridge HCC Investor LLC |
| Eldridge HI Funding, LLC | DE | 100% | by Gladstone Portfolio Trust, LLC |
| Eldridge HIP Riverport Holdings LLC | DE | 100% | by Skylark Portfolio Trust, LLC |
| Eldridge HNSF V Holdings, LLC | DE | 100% | by Crawford Park Capital, LLC |
| Eldridge Homodeus Funding LLC | DE | 100% | by Crawford Park Capital, LLC |
| Eldridge HS Funding LLC | DE | 87.69% | by Morningside Portfolio Trust, LLC |
| Eldridge HS Funding LLC | DE | 12.31% | by Walker Portfolio Trust, LLC |
| Eldridge HSCM Holdings, LLC | DE | 100% | by Mammoth Ridge Discovery, LLC |
| Eldridge HZACS LLC | DE | 100% | by Eldridge Industries, LLC |
| Eldridge IE Funding LLC | DE | 60.39% | by Pinecrest Portfolio Trust, LLC |
| Eldridge IE Funding LLC | DE | 100% | by Walker Portfolio Trust, LLC |
| Eldridge India Holdings II, LLC | DE | 100% | by Eldridge Capital Management, LLC |
| Eldridge India Holdings, LLC | DE | 100% | by Eldridge Capital Management, LLC |
| Eldridge Industries Manager, LLC | DE | 100% | by Eldridge Industries, LLC |
| Eldridge Industries, LLC | DE | 2.1% | by Bilbao-KCI, LLC |
| Eldridge Industries, LLC | DE | 0% | by Echidna Capital LLC |
| Eldridge Industries, LLC | DE | 2.7% | by EEH 2017, LLC |
| Eldridge Industries, LLC | DE | 5.4% | by EEH 2017-EC, LLC |

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Jurisdiction** | **Percent of Voting Securities Owned** | **Percent of Voting Securities Owned** |
| Eldridge Industries, LLC | DE | 74.1% | by SBT Investors, LLC |
| Eldridge International Management Limited | Abu Dhabi | 100% | by Eldridge Al Maryah, LLC |
| Eldridge Investors Holdings, LLC | DE | 100% | by Eldridge Industries, LLC |
| Eldridge Investors, LLC | DE | 100% | by Eldridge Investors Holdings, LLC |
| Eldridge IP Holdings II LLC | DE | 81.75% | by Eldridge IP Holdings III LLC |
| Eldridge IP Holdings III LLC | DE | 7.96% | by Armstrong Portfolio Trust, LLC |
| Eldridge IP Holdings III LLC | DE | 22.88% | by Bedford Portfolio Trust, LLC |
| Eldridge IP Holdings III LLC | DE | 69.17% | by Pinecrest Portfolio Trust, LLC |
| Eldridge IP Holdings LLC | DE | 11.84% | by Armstrong Portfolio Trust, LLC |
| Eldridge IP Holdings LLC | DE | 22.88% | by Bedford Portfolio Trust, LLC |
| Eldridge IP Holdings LLC | DE | 65.29% | by Pinecrest Portfolio Trust, LLC |
| Eldridge IP Investor, LLC | DE | 100% | by Eldridge Sports and Entertainment GP, LP |
| Eldridge Isar Funding LLC | DE | 100% | by Winchester Portfolio Trust, LLC |
| Eldridge Kamerra Funding, LLC | DE | 100% | by Crawford Park Capital, LLC |
| Eldridge Kindbody Holdings LLC | DE | 1.91% | by Canon Portfolio Trust, LLC |
| Eldridge Koho Funding, LLC | DE | 100% | by Crawford Park Capital, LLC |
| Eldridge KRNL Funding LLC | DE | 100% | by Crawford Park Capital, LLC |
| Eldridge LAD Holdings, LLC | DE | 1.0% | by Eldridge Industries, LLC |
| Eldridge LAD Holdings, LLC | DE | 99.0% | by SBC LAD Holdings, LLC |
| Eldridge Laylo Holdings LLC | DE | 100% | by Crawford Park Capital, LLC |
| Eldridge LPC Funding, LLC | DE | 100% | by Primrose Portfolio Trust, LLC |
| Eldridge Lynx Funding LLC | DE | 100% | by Crawford Park Capital, LLC |
| Eldridge Management Carry Holdings, LP | DE | 0% | Mgmt. by Eldridge GP, LLC |
| Eldridge Management Carry Holdings, LP | DE | 0% | Mgmt. by Eldridge Industries, LLC |
| Eldridge Management Holdings, LLC | DE | 0% | Mgmt. by Eldridge GP, LLC |
| Eldridge Management Holdings, LLC | DE | 0% | Mgmt. by Eldridge Industries, LLC |
| Eldridge MasterClass Holdings LLC | DE | 100% | by Crawford Park Capital, LLC |
| Eldridge Media Group, LLC | DE | 1.0% | by DCP Holdco I LLC |
| Eldridge Media Group, LLC | DE | 99.0% | by Eldridge Media Holdings, LLC |
| Eldridge Media Holdings, LLC | DE | 58.67% | by Ridge Media Holdings, LLC |
| Eldridge Media Publishing, LLC | DE | 100% | by Eldridge Media Holdings, LLC |
| Eldridge MetroTech Holdings II LLC | DE | 100% | by Eldridge Sharp Holdings LLC |
| Eldridge MetroTech Holdings, LLC | DE | 100% | by Eldridge Sharp Holdings LLC |
| Eldridge MM CLO WH 2026-2, LLC | KS | 100% | by SCF SB Investor, LLC |
| Eldridge Mojo Funding, LLC | DE | 100% | by Crawford Park Capital, LLC |
| Eldridge MSO Holdings LLC | DE | 90.0% | by Eldridge Industries, LLC |
| Eldridge Netomi Holdings LLC | DE | 100% | by Bedford Portfolio Trust, LLC |
| Eldridge Nexus Funding, LLC | DE | 100% | by Note Funding 1892-2, LLC |
| Eldridge Odyssey Holdings, LLC | DE | 100% | by Maple Portfolio Trust, LLC |
| Eldridge OOSTO Holdings, LLC | DE | 100% | by Eldridge Sharp Holdings LLC |
| Eldridge PayActiv Holdings LLC | DE | 12.31% | by Canon Portfolio Trust, LLC |
| Eldridge PayActiv Holdings LLC | DE | 11.72% | by Maple Portfolio Trust, LLC |
| Eldridge PayActiv Holdings LLC | DE | 9.21% | by Mason Portfolio Trust, LLC |
| Eldridge PayActiv Holdings LLC | DE | 11.72% | by Newton Portfolio Trust, LLC |
| Eldridge PayActiv Holdings LLC | DE | 55.03% | by Oakridge Portfolio Trust, LLC |
| Eldridge PCH Holdings, LLC | DE | 100% | by Vista Portfolio Trust, LLC |
| Eldridge Pixion Funding LLC | DE | 100% | by Wanamaker Portfolio Trust, LLC |
| Eldridge Powerboard Holdings LLC | DE | 100% | by Madison Portfolio Trust, LLC |
| Eldridge PPRO Holdings LLC | DE | 100% | by Crawford Park Capital, LLC |
| Eldridge Puris Holdings, LLC | DE | 100% | by Oakridge Portfolio Trust, LLC |
| Eldridge PVIII Holdings LLC | DE | 100% | by Crawford Park Capital, LLC |
| Eldridge Qcode Holdings, LLC | DE | 100% | by Eldridge AMD Holdings LLC |
| Eldridge Qloo Holdings LLC | DE | 100% | by Crawford Park Capital, LLC |

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Jurisdiction** | **Percent of Voting Securities Owned** | **Percent of Voting Securities Owned** |
| Eldridge QuantaDT Holdings LLC | DE | 100% | by Putnam Asset Holdings, LLC |
| Eldridge Raven Holdings LLC | DE | 100% | by Eldridge GP1 Raven Holdings LLC |
| Eldridge RBUSA Holdings LLC | DE | 30.87% | by Armstrong Portfolio Trust, LLC |
| Eldridge RBUSA Holdings LLC | DE | 1.91% | by Canon Portfolio Trust, LLC |
| Eldridge RBUSA Holdings LLC | DE | 9.17% | by Steamboat Portfolio Trust, LLC |
| Eldridge RBUSA Holdings LLC | DE | 58.06% | by Wanamaker Portfolio Trust, LLC |
| Eldridge RDCP II Holdings, LLC | DE | 100% | by Crawford Park Capital, LLC |
| Eldridge RDE Holdings, LLC | DE | 100% | by Bedford Portfolio Trust, LLC |
| Eldridge Resilience Holdings LLC | DE | 100% | by Crawford Park Capital, LLC |
| Eldridge RJPC Holdings, LLC | DE | 100% | by Crawford Park Capital, LLC |
| Eldridge ROS Holdings LLC | DE | 100% | by Carlton Portfolio Trust, LLC |
| Eldridge Route Funding, LLC | DE | 100% | by Crawford Park Capital, LLC |
| Eldridge RV Holdings, LLC | KS | 100% | by Sherwood Park, Inc. |
| Eldridge S3-H Holdings LLC | DE | 100% | by Dayton Funding II, LLC |
| Eldridge S3-R Holdings LLC | DE | 100% | by Crawford Park Capital, LLC |
| Eldridge SamCart Funding, LLC | DE | 100% | by Crawford Park Capital, LLC |
| Eldridge SCIH Holdings II LLC | DE | 100% | by Dayton Funding II, LLC |
| Eldridge SCIH Holdings LLC | DE | 100% | by Crawford Park Capital, LLC |
| Eldridge SCIH-P Holdings LLC | DE | 100% | by Crawford Park Capital, LLC |
| Eldridge SCIH-S Holdings LLC | DE | 100% | by Crawford Park Capital, LLC |
| Eldridge SCPH Investor II LLC | DE | 100% | by Dayton Funding II, LLC |
| Eldridge SCPH Investor LLC | DE | 100% | by Mason Portfolio Trust, LLC |
| Eldridge SCPH, LLC | DE | 3.06% | by Eldridge SCPH Investor LLC |
| Eldridge SCPH, LLC | DE | 46.94% | by Eldridge SCPH Investor II LLC |
| Eldridge SE Co-Invest E, LP | DE | 0% | Mgmt. by Eldridge Carry Holdings, LP |
| Eldridge SE Co-Invest E, LP | DE | 100% | by Eldridge GP, LLC |
| Eldridge Services, LLC | DE | 100% | by Eldridge Corporate Services, LLC |
| Eldridge SFLY Funding, LLC | DE | 100% | by Potwin Place, LLC |
| Eldridge Sharp D LLC | DE | 100% | by Eldridge Sharp Holdings LLC |
| Eldridge Sharp FC LLC | DE | 100% | by Eldridge Sharp Holdings LLC |
| Eldridge Sharp FundingCo II GP LP | DE | 0% | Mgmt. by Eldridge Carry Holdings, LP |
| Eldridge Sharp FundingCo II LP | DE | 0% | Mgmt. by Eldridge Sharp D LLC |
| Eldridge Sharp FundingCo II LP | DE | 0% | Mgmt. by Eldridge Sharp FundingCo II GP LP |
| Eldridge Sharp Holdings II LLC | DE | 100% | by Eldridge Industries, LLC |
| Eldridge Sharp Holdings II LLC | DE | 100% | by Eldridge Sharp Holdings III LLC |
| Eldridge Sharp Holdings III LLC | DE | 100% | by Eldridge Industries, LLC |
| Eldridge Sharp Holdings LLC | DE | 100% | by Eldridge Sharp Holdings II LLC |
| Eldridge Sharp PB LLC | DE | 100% | by Eldridge Sharp Holdings LLC |
| Eldridge Sharp PC LLC | DE | 100% | by Eldridge Sharp Holdings LLC |
| Eldridge SHDG Holdings LLC | DE | 100% | by Potwin Place, LLC |
| Eldridge SkyHive Holdings LLC | DE | 100% | by Primrose Portfolio Trust, LLC |
| Eldridge SLCF IV Holdings LLC | DE | 100% | by Crawford Park Capital, LLC |
| Eldridge SME Advisers, LLC | DE | 100% | by Eldridge Capital Management, LLC |
| Eldridge SME Co-Invest E, LLC | DE | 100% | by Eldridge Industries, LLC |
| Eldridge SMT Holdings LLC | DE | 100% | by Glenville Portfolio Trust, LLC |
| Eldridge Snap! Holdings II LLC | DE | 100% | by Oakridge Portfolio Trust, LLC |
| Eldridge Snap! Holdings LLC | DE | 90.0% | by Oakridge Portfolio Trust, LLC |
| Eldridge Sports and Entertainment C GP, LLC | DE | 0% | Mgmt. by Eldridge Sports and Entertainment GP, LP |
| Eldridge Sports and Entertainment Fund <br> Aggregator A, LP<br>| DE | 0% | Mgmt. by Eldridge Carry Holdings, LP |
| Eldridge Sports and Entertainment Fund <br> Aggregator A, LP<br>| DE | 0% | Mgmt. by Eldridge Sports and Entertainment GP, LP |

---

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Jurisdiction** | **Percent of Voting Securities Owned** | **Percent of Voting Securities Owned** |
| Eldridge Sports and Entertainment Fund <br> Aggregator B, LP<br>| DE | 0% | Mgmt. by Eldridge Carry Holdings, LP |
| Eldridge Sports and Entertainment Fund <br> Aggregator B, LP<br>| DE | 0% | Mgmt. by Eldridge Sports and Entertainment C GP, <br> LLC<br>|
| Eldridge Sports and Entertainment Fund C, LP | DE | 0% | Mgmt. by Eldridge Carry Holdings, LP |
| Eldridge Sports and Entertainment Fund C, LP | DE | 0% | Mgmt. by Eldridge Sports and Entertainment C GP, <br> LLC<br>|
| Eldridge Sports and Entertainment Fund LL, LP | DE | 100% | by Eldridge Industries, LLC |
| Eldridge Sports and Entertainment Fund Offshore, <br> LP<br>| DE | 0% | Mgmt. by Eldridge Carry Holdings, LP |
| Eldridge Sports and Entertainment Fund Offshore, <br> LP<br>| DE | 0% | Mgmt. by Eldridge Sports and Entertainment GP, LP |
| Eldridge Sports and Entertainment Fund, LP | DE | 0% | Mgmt. by Eldridge Carry Holdings, LP |
| Eldridge Sports and Entertainment Fund, LP | DE | 0% | Mgmt. by Eldridge Sports and Entertainment GP, LP |
| Eldridge Sports and Entertainment GP, LP | DE | 0% | Mgmt. by Eldridge Carry Holdings, LP |
| Eldridge Sports and Entertainment GP, LP | DE | 0% | Mgmt. by Eldridge GP, LLC |
| Eldridge SpotOn Funding, LLC | DE | 100% | by Crawford Park Capital, LLC |
| Eldridge StandardVision Holdings, LLC | DE | 100% | by Vista Portfolio Trust, LLC |
| Eldridge Stash Funding LLC | DE | 100% | by Maple Portfolio Trust, LLC |
| Eldridge Structured Credit Advisers, LLC | DE | 100% | by ESCA Holdings, LLC |
| Eldridge Stucki Holdings, LLC | DE | 100% | by Perry Park, LLC |
| Eldridge Tax Services Inc. | DE | 100% | by Eldridge Business Services LLC |
| Eldridge TG Funding, LLC | CYM | 100% | by Chain Bridge Opportunistic Funding Holdings, <br> LLC<br>|
| Eldridge Trent Rockets Holdings LLC | DE | 100% | by Eldridge Industries, LLC |
| Eldridge Tripledot Holdings LLC | DE | 100% | by Maple Portfolio Trust, LLC |
| Eldridge Truebill Funding, LLC | DE | 20.0% | by Armstrong Portfolio Trust, LLC |
| Eldridge Truebill Funding, LLC | DE | 80.0% | by Mason Portfolio Trust, LLC |
| Eldridge TTV VI Funding, LLC | DE | 100% | by Crawford Park Capital, LLC |
| Eldridge TTV-GL Holdings LLC | DE | 100% | by Crawford Park Capital, LLC |
| Eldridge Tuvoli Holdings LLC | DE | 100% | by Wanamaker Portfolio Trust, LLC |
| Eldridge Unqork Holdings II, LLC | DE | 100% | by Crawford Park Capital, LLC |
| Eldridge Unqork Holdings LLC | DE | 70.0% | by Eldridge Unqork Holdings II, LLC |
| Eldridge Util Holdings, LLC | DE | 100% | by Carlton Portfolio Trust, LLC |
| Eldridge Vanguard Holdings II, LLC | DE | 100% | by Eldridge Defense & Security, LLC |
| Eldridge Vanguard Holdings, LLC | DE | 100% | by Eldridge Vanguard Holdings II, LLC |
| Eldridge VG Funding, LLC | DE | 100% | by Crawford Park Capital, LLC |
| Eldridge Viral Nation Holdings LLC | DE | 96.27% | by Bedford Portfolio Trust, LLC |
| Eldridge Viral Nation Holdings LLC | DE | 100% | by Crawford Park Capital, LLC |
| Eldridge Viral Nation Purchaseco Ltd. | CAN | 100% | by Eldridge Viral Nation Holdings LLC |
| Eldridge VM Holdings LLC | DE | 100% | by Crawford Park Capital, LLC |
| Eldridge Wealth Solutions, Inc. | KS | 100% | by Eldridge, LLC |
| Eldridge Wellthy Funding LLC | DE | 100% | by Crawford Park Capital, LLC |
| Eldridge, LLC | DE | 100% | by Eldridge Industries, LLC |
| Elia Management LLC | DE | 100% | by A24 Films LLC |
| Elia Services LLC | DE | 100% | by A24 Films LLC |
| Elm Portfolio Trust LLC | DE | 100% | by EPH II, LLC |
| Elo Entertainment Inc. | DE | 28.0% | by Eldridge ELO Funding LLC |
| ELPW Project Limited | GBR | 100% | by A24 Films LLC |
| ELPW Rights LLC | GBR | 100% | by A24 Films LLC |
| EMG AH LLC | DE | 99.0% | by Eldridge Media Group, LLC |
| EMG HoldCo, LLC | DE | 0% | Mgmt. by Eldridge Media Holdings, LLC |
| EMH AH LLC | DE | 100% | by EMH II, LLC |

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Jurisdiction** | **Percent of Voting Securities Owned** | **Percent of Voting Securities Owned** |
| EMH I, LLC | DE | 100% | by Eldridge Media Holdings, LLC |
| EMH II, LLC | DE | 100% | by Eldridge Media Holdings, LLC |
| EMH-PME Holdings, LLC | DE | 100% | by Valence Media, LLC |
| EMH-PME LLC | DE | 100% | by Eldridge Media Group, LLC |
| EMO Holdings, LLC | DE | 0% | Mgmt. by EEH 2017 Prefered Member, LLC |
| Empty Suit, LLC | CA | 100% | by MRC II Holdings, LP |
| Endless Encore LLC | DE | 100% | by A24 Films LLC |
| Enemies LLC | DE | 100% | by A24 Films LLC |
| Enemies Rights LLC | DE | 100% | by A24 Films LLC |
| EPH Holdings II, LLC | DE | 100% | by Eldridge Industries, LLC |
| EPH Holdings, LLC | DE | 100% | by EPH Holdings II, LLC |
| EPH II, LLC | DE | 100% | by EPH Holdings, LLC |
| EPH, LLC | DE | 100% | by EPH II, LLC |
| Epic Aero, Inc. | DE | 100% | by Flexjet, Inc. |
| Epic Preferred Holdings II LLC | DE | 84.595% | by Eldridge Epic Holdings, LLC |
| Epic Preferred Holdings II LLC | DE | 15.405% | by Hillcrest Holdings, LLC |
| Epic Preferred Holdings LLC | DE | 82.28% | by Harold Portfolio Trust, LLC |
| Epic Preferred Holdings LLC | DE | 17.72% | by Madison Portfolio Trust, LLC |
| Equinox Portfolio Trust, LLC | DE | 100% | by Dayton Funding, LLC |
| ESCA Capital Administrator, LLC | DE | 100% | by ESCA Holdings, LLC |
| ESCA Capital, LLC | DE | 100% | by ESCA Holdings, LLC |
| ESCA Holdings, LLC | DE | 100% | by Eldridge Capital Management, LLC |
| ESCA Services Holdings, LLC | DE | 100% | by ESCA Holdings, LLC |
| ESCA Services, LLC | DE | 99.0% | by ESCA Holdings, LLC |
| ESCA Services, LLC | DE | 1.0% | by Panagram Services Holdings, LLC |
| Eternal Springs Productions LLC | NY | 100% | by MRC II Holdings, LP |
| Eternity Film Productions Limited | GBR | 100% | by A24 Films LLC |
| Eternity Productions LLC | DE | 100% | by A24 Films LLC |
| Even Older CLT LLC | DE | 100% | by A24 Films LLC |
| Everest Fuel Management, LLC | DE | 100% | by Lenticular Energy Holdings, LLC |
| Evergreen Portfolio Trust, LLC | DE | 100% | by EPH, LLC |
| Everly Holdings, LLC | DE | 100% | by SBL Holdings, Inc. |
| Everly Incentive Plan, LLC | DE | 100% | by Everly Holdings, LLC |
| Everly Life Insurance Company | WI | 100% | by Everly Holdings, LLC |
| Everly, LLC | KS | 100% | by Everly Holdings, LLC |
| Everywoman Limited | GBR | 100% | by EW InvestCo Limited |
| EW InvestCo Limited | GBR | 90.6% | by Cain PE LLC |
| EWM Private Equity Access I GP LLC | DE | 100% | by Capital Integration Systems LLC |
| EWM Private Equity Access I, L.P. | DE | 0% | Mgmt. by EWM Private Equity Access I GP LLC |
| Faces Off LLC | DE | 100% | by After The Fact LLC |
| Fairchild Place Ltd | GBR | 100% | by The Stage Shoreditch (Master) Unit Trust |
| Fairfield Portfolio Trust, LLC | DE | 100% | by EPH, LLC |
| Fairgrave Omlie, LLC | OH | 100% | by One Sky Flight, LLC |
| Falcon Portfolio Trust, LLC | DE | 100% | by Dayton Funding, LLC |
| False Positive LLC | DE | 100% | by After The Fact LLC |
| Family Secret Productions, Inc. | DE | 100% | by DCP Holdco I LLC |
| Fang Shui, LLC | DE | 100% | by MRC II Holdings, LP |
| FC Virginia Soccer Club LLC | VA | 100% | by Cain International LP |
| FDC Investment Partners VIII GP LLC | DE | 100% | by Capital Integration Systems LLC |
| FDC Investment Partners VIII, L.P. | DE | 0% | Mgmt. by FDC Investment Partners VIII GP LLC |
| Fear Farm Holdings, LLC | AZ | 100% | by 13 FEG Haunted Holdings, LLC |
| Fental Investments SLU | LUX | 100% | by Blackbrook Property Holdings SARL |
| Fever Lake LLC | LA | 100% | by After The Fact LLC |

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Jurisdiction** | **Percent of Voting Securities Owned** | **Percent of Voting Securities Owned** |
| Fevo Czech s.r.o. | Czech <br> Republic<br>| 100% | by Fevo, Inc. |
| Fevo d.o.o. Beograd | Serbia | 100% | by Fevo, Inc. |
| Fevo, Inc. | DE | 20.19% | by Wanamaker Portfolio Trust, LLC |
| FGC 101 Maiden, LLC | NY | 100% | by Fields GC, LLC |
| FGC 24 E12, LLC | DE | 100% | by Fields GC, LLC |
| FGC 275 Madison, LLC | NY | 100% | by Fields GC, LLC |
| FGC 304 PAS, LLC | NY | 100% | by Fields GC, LLC |
| FGC 599 Lexington, LLC | NY | 100% | by Fields GC, LLC |
| FGNY ParentCo Holdings, LLC | DE | 86.5% | by Eldridge FGNY LLC |
| FHI Holdings LLC | DE | 100% | by FHI Investor, LLC |
| FHI Investor, LLC | DE | 37.81% | by Eldridge FHI Investor II, LLC |
| FHI Investor, LLC | DE | 62.19% | by Eldridge FHI Investor LLC |
| Field Point Portfolio Trust, LLC | DE | 100% | by Eldridge Industries, LLC |
| Fields GC, LLC | NY | 56.0% | by Aurify Brands, LLC |
| Film Expo Group Holdings LLC | DE | 85.7% | by Eldridge FEG Holdings LLC |
| Film Expo Group Intermediate Holdings, LLC | DE | 100% | by Film Expo Group Holdings LLC |
| Film Expo Group LLC | DE | 99.0% | by Film Expo Group Holdings LLC |
| FilmNation Partners, LLC | DE | 20.2% | by MRC II Distribution Company, L.P. |
| First Security Benefit Life Insurance and Annuity <br> Company of New York<br>| NY | 100% | by SBL Holdings, Inc. |
| Fish Tacos NY 1, LLC | NY | 61.6% | by Aurify Fish Tacos Holdings, LLC |
| Flexjet Holdings Malta Limited | Malta | 100% | by Flexjet International, DAC |
| Flexjet International, DAC | Ireland | 49.0% | by Flexjet Limited |
| Flexjet Limited | GBR | 100% | by One Sky Flight, LLC |
| Flexjet Operations Ltd. | GBR | 100% | by Flexjet International, DAC |
| Flexjet Operations Malta Limited | Malta | 100% | by Flexjet Malta Holdings Limited |
| Flexjet Vertical Lift, LLC | DE | 100% | by One Sky Flight, LLC |
| Flexjet, Inc. | DE | 5.17% | by Big Springs, LLC |
| Flexjet, Inc. | DE | 15.67% | by Eldridge EA Holdings, LLC |
| Flexjet, Inc. | DE | 6.89% | by Epic Preferred Holdings II LLC |
| Flexjet, Inc. | DE | 3.41% | by Epic Preferred Holdings LLC |
| Flexjet, LLC | GBR | 100% | by One Sky Flight, LLC |
| FLF Invest EOOD | Bulgaria | 100% | by Grayalfa Holdings Ltd |
| Flight Options, LLC | DE | 100% | by One Sky Flight, LLC |
| Flint Rock Portfolio Trust, LLC | DE | 100% | by EPH, LLC |
| Flip the Script, LLC | DE | 100% | by Sugar23, Inc. |
| Fort Pruf Rock Mezz LLC | DE | 100% | by Fort Pruf Rock Parent LLC |
| Fort Pruf Rock Parent LLC | DE | 50.0% | by CI FLL Holdings, LLC |
| Fort Pruf Rock Trustee LLC | DE | 100% | by Fort Pruf Rock Mezz LLC |
| Fortwell Capital Limited | GBR | 95.0% | by ECM UK Holdings Limited |
| Fortwick 1 LP | Scotland | 71.25% | by Fortwell Capital Limited |
| Fox River Investments, LLC | DE | 100% | by Spoon River Investments, LLC |
| FPR 1 Member LLC | DE | 100% | by Fort Pruf Rock Parent LLC |
| FPR 1 Mezz LLC | DE | 100% | by FPR Investor LLC |
| FPR 1 PropCo LLC | DE | 100% | by FPR 1 Mezz LLC |
| FPR Investor LLC | DE | 100% | by FPR 1 Member LLC |
| FPR US 1 LLC | DE | 100% | by Fort Pruf Rock Parent LLC |
| Franklin Portfolio Trust, LLC | DE | 100% | by Dayton Funding, LLC |
| Free State Funding, LLC | KS | 100% | by Sherwood Park, Inc. |
| FreezeCorp LLC | DE | 100% | by A24 Films LLC |
| Frimpse Film Productions Ltd | CAN | 100% | by Frimpse LLC |
| Frimpse LLC | CA | 100% | by MRC II Holdings, LP |

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Jurisdiction** | **Percent of Voting Securities Owned** | **Percent of Voting Securities Owned** |
| Fulwell Cain Studios Limited | GBR | 100% | by CI SF Holdings Limited |
| Fulwell Investor, LP | DE | 100% | by Eldridge Sports and Entertainment GP, LP |
| Fulwell Member U.S. Holdco, Inc. | GBR | 32.0% | by Valence FW73, LLC |
| Fulwell Member UK Holdco Limited | GBR | 32.0% | by Valence FW73, LLC |
| Fusion PBSA Platform Limited | GBR | 33.3% | by CI UK Master Holdings Limited |
| Future Autumn LLC | DE | 100% | by After The Fact LLC |
| Future to the Back Limited | GBR | 100% | by A24 Films LLC |
| FX Leasing, LLC | DE | 100% | by SCF Aviation Capital LLC |
| FX Notes LLC | DE | 100% | by SCF Aviation Capital LLC |
| FXSolutions, LLC | DE | 100% | by One Sky Flight, LLC |
| Galinda Park, LLC | DE | 100% | by Chain Bridge Opportunistic Funding Holdings, <br> LLC<br>|
| Galliard Developments Ltd | GBR | 100% | by GDL Holdco Limited |
| Galliard Group Limited | GBR | 4.8% | by CI GGL Limited |
| Gamma Media Holdings UK LTD | GBR | 100% | by Gamma Media Holdings, LLC |
| Gamma Media Holdings, LLC | DE | 43.50% | by Flint Rock Portfolio Trust, LLC |
| Garfield Park, LLC | KS | 100% | by Sherwood Park, Inc. |
| GC Portfolio Trust, LLC | DE | 100% | by Dayton Funding, LLC |
| GDL (Millharbour) Ltd | GBR | 100% | by Galliard Developments Ltd |
| GDL (Romford) Limited | GBR | 100% | by Galliard Developments Ltd |
| GDL (TCRW) Limited | GBR | 100% | by Galliard Developments Ltd |
| GDL (Tower Bridge Road) Limited | GBR | 70.0% | by Galliard Developments Ltd |
| GDL Holdco Limited | GBR | 0% | Board rights held by CH Capital A Holdings LLc |
| GEC Finance, LLC | DE | 100% | by Eldridge Industries, LLC |
| Generate Entertainment, LLC | DE | 100% | by DCP Holdings DE, LLC |
| Gennessee Insurance Agency, LLC | DE | 100% | by SBL Holdings, Inc. |
| G-Form Incentive Plan, LLC | DE | 100% | by Eldridge G-Form Holdings LLC |
| G-Form, LLC | RI | 23.50% | by Wanamaker Portfolio Trust, LLC |
| Ghost Shift LLC | DE | 100% | by A24 Films LLC |
| Ghost Shift Rights LLC | DE | 100% | by A24 Films LLC |
| Gizer Inc. | DE | 26.23% | by Eldridge Gizer Funding LLC |
| Gladstone Portfolio Trust, LLC | DE | 100% | by Dayton Funding, LLC |
| Glenville Portfolio Trust, LLC | DE | 100% | by EPH, LLC |
| Glow Holdings, LLC | DE | 100% | by Pumpkin Fest Holdings, LLC |
| GLT Private Alts Fund I, L.P. | DE | 0% | Mgmt. by CAIS GLT Private Alts Fund I GP LLC |
| Golden Dragons, LLC | CA | 100% | by MRC II Holdings, LP |
| Golden Globes Holdings, LLC | DE | 33.3% | by EMH-PME LLC |
| Golden Globes, LLC | DE | 60.0% | by Golden Globes Holdings, LLC |
| Got a Little Sloppy LLC | DE | 100% | by A24 Films LLC |
| Got A Little Sloppy Productions Inc. | CAN | 100% | by Mother Mary Rights LLC |
| Granger Portfolio Trust, LLC | DE | 100% | by EPH, LLC |
| Grayalfa Holdings Ltd | Cyprus | 100% | by Devenetco Ltd |
| GRE Austin, LLC | DE | 100% | by Great Room Escape, LLC |
| GRE Chicago, LLC | DE | 100% | by Great Room Escape, LLC |
| GRE Cincinnati, LLC | DE | 100% | by Great Room Escape, LLC |
| GRE Cleveland, LLC | DE | 100% | by Great Room Escape, LLC |
| GRE Columbus, LLC | OH | 100% | by Great Room Escape, LLC |
| GRE Dallas, LLC | DE | 100% | by Great Room Escape, LLC |
| GRE Denver, LLC | DE | 100% | by Great Room Escape, LLC |
| GRE Houston, LLC | TX | 100% | by Great Room Escape, LLC |
| GRE Jacksonville, LLC | FL | 100% | by Great Room Escape, LLC |
| GRE Nashville, LLC | TN | 100% | by Great Room Escape, LLC |
| GRE San Antonio, LLC | DE | 100% | by Great Room Escape, LLC |

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Jurisdiction** | **Percent of Voting Securities Owned** | **Percent of Voting Securities Owned** |
| GRE Tempe, LLC | DE | 100% | by Great Room Escape, LLC |
| Great Green Room, LLC | CA | 100% | by MRC II Holdings, LP |
| Great Room Escape, LLC | CO | 100% | by 13FEG Ops, LLC |
| Greatest Night, LLC | CA | 100% | by MRC Documentary, L.P. |
| Greenview Portfolio Trust, LLC | DE | 100% | by Dayton Funding, LLC |
| Grigg Portfolio Trust, LLC | DE | 100% | by EPH, LLC |
| Grove Lane Portfolio Trust, LLC | DE | 100% | by EPH, LLC |
| Guacamole Airlines LLC | DE | 100% | by A24 Films LLC |
| Gun & Radio, LLC | CA | 100% | by MRC Documentary, L.P. |
| GV 667, LLC | DE | 100% | by Air Eldridge LLC |
| GVI 6109, LLC | DE | 100% | by Air Eldridge LLC |
| GVI 6274, LLC | DE | 100% | by Air Eldridge LLC |
| GVI 7019, LLC | DE | 100% | by Air Eldridge LLC |
| GYKIT, LLC | CA | 100% | by MRC Documentary Holdings, LLC |
| Halfnelson Films UK Limited | GBR | 100% | by MRC II Holdings, LP |
| Halfnelson Films, LLC | CA | 100% | by MRC II Holdings, LP |
| Halo Aviation Ltd. | GBR | 100% | by Flexjet Operations Ltd. |
| Hamilton Portfolio Trust LLC | DE | 100% | by EPH, LLC |
| Hamilton Portfolio Trust LLC | DE | 100% | by EPH, LLC |
| Harold Portfolio Trust, LLC | DE | 100% | by EPH, LLC |
| Harsh Times, LLC | DE | 30.0% | by MRC Investments, LLC |
| Hawk Trail, LLC | DE | 100% | by Security Benefit Life Insurance Company |
| Hibernation Season Inc. | CAN | 100% | by A24 Films LLC |
| High Roller Productions LLC | CA | 100% | by MRC II Holdings, LP |
| Highland Peak Asset Holdings, LLC | DE | 100% | by Highland Peak Trust |
| Highland Peak FA Holdings, LLC | NJ | 100% | by Highland Peak Trust |
| Highland Peak Trust | DE | 100% | by EPH Holdings, LLC |
| Hillcrest Holdings, LLC | KS | 100% | by Dayton Funding, LLC |
| Hillside Portfolio Trust, LLC | DE | 100% | by EPH, LLC |
| HM DevCo Limited | GBR | 100% | by Honey Monster Limited |
| Holliday Park, LLC | KS | 100% | by Dayton Funding, LLC |
| Honey Monster Limited | GBR | 100% | by CI HM InvestCo Limited |
| HoneyMonster HoldCo 1 Limited | GBR | 100% | by Honey Monster Limited |
| HoneyMonster HoldCo 2 Limited | GBR | 100% | by HoneyMonster HoldCo 1 Limited |
| Horizon Sponsor, LLC | DE | 30.33% | by Eldridge HZACS LLC |
| Horseball Enterprises LLC | DE | 100% | by A24 Films LLC |
| Horseball Rights LLC | DE | 100% | by A24 Films LLC |
| Hot Costs LLC | DE | 100% | by A24 Films LLC |
| Hot Sauce LLC | CA | 100% | by MRC II Holdings, LP |
| Hotel Sales Services (Private) Limited | Sri Lanka | 100% | by Amanresorts Management B.V. |
| House Claw LLC | LA | 100% | by After The Fact LLC |
| House of Torment LLC | TX | 100% | by 13 FEG Haunted Holdings, LLC |
| Hungry City, LLC | DE | 100% | by MRC II Holdings, LP |
| Hypercolor, LLC | CA | 100% | by MRC II Holdings, LP |
| Hyphen Hyphen LLC | DE | 100% | by After The Fact LLC |
| HZACS CI, LLC | DE | 0% | Mgmt. by Eldridge HZACS LLC |
| IDF V, LLC | DE | 100% | by Security Benefit Life Insurance Company |
| IDF VI, LLC | DE | 100% | by Security Benefit Life Insurance Company |
| Illuminarium Investor, LLC | DE | 100% | by Eldridge Sports and Entertainment GP, LP |
| Industry Standard Pictures LLC | DE | 100% | by A24 Films LLC |
| Into Drama LLC | DE | 100% | by A24 Films LLC |
| ITE Equipment Leasing Access Fund GP LLC | DE | 100% | by Capital Integration Systems LLC |

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Jurisdiction** | **Percent of Voting Securities Owned** | **Percent of Voting Securities Owned** |
| ITE Equipment Leasing Access Fund, L.P. | DE | 0% | Mgmt. by ITE Equipment Leasing Access Fund GP <br> LLC<br>|
| ITTF LLC | DE | 100% | by A24 Films LLC |
| ITTF Rights LLC | DE | 100% | by A24 Films LLC |
| Ivory Fort, LLC | KS | 100% | by Sherwood Park, Inc. |
| Janu Boat (Cayman) Limited | CYM | 100% | by Mana Holdco Limited |
| JANU BOAT FINCO LIMITED | GBR | 100% | by Mana Holdco Limited |
| Jazz Hands Motion Picture Group LLC | DE | 100% | by A24 Films LLC |
| Jefferson Square 1892, LLC | DE | 100% | by Dayton Funding, LLC |
| Jellybean Ghost LLC | DE | 100% | by A24 Films LLC |
| JetCorp Technical Services, Inc. | MO | 100% | by Fairgrave Omlie, LLC |
| JJ Concepts Limited | GBR | 50.0% | by Cain PE (UK) Limited |
| JJ ISQ Limited | GBR | 100% | by JJ Concepts Limited |
| Joe Cross For Mayor LLC | DE | 92.5% | by A24 Films LLC |
| Joe Cross For Mayor Rights LLC | DE | 100% | by A24 Films LLC |
| Jola20, LLC | DE | 0% | Mgmt. by EEH 2017 Prefered Member, LLC |
| JP Initiative, LLC | DE | 100% | by Eldridge Business Services LLC |
| Juno Albatros, S.L.U. | Spain | 100% | by Juno Holdings Spain 1, S.L.U. |
| Juno CB 1, S.L.U. | Spain | 100% | by Juno Holdings Spain 2, S.L.U. |
| Juno Corn, S.L.U. | Spain | 100% | by Juno Holdings Spain 1, S.L.U. |
| Juno Holdings Lux 2 S.a.r.l | LUX | 100% | by Juno Holdings Lux I S.a.r.l |
| Juno Holdings Lux 3 S.a.r.l. | LUX | 100% | by Juno Holdings Lux I S.a.r.l |
| Juno Holdings Lux I S.a.r.l | LUX | 95.0% | by Juno Holdings Lux Sarl |
| Juno Holdings Lux M Sarl | LUX | 100% | by Juno Holdings Lux Sarl |
| Juno Holdings Lux Sarl | LUX | 100% | by CIEF1 UK Holdings Limited |
| Juno Holdings Spain 1, S.L.U. | Spain | 100% | by Juno Holdings Lux 2 S.a.r.l |
| Juno Holdings Spain 2, S.L.U. | Spain | 100% | by Juno Holdings Lux 3 S.a.r.l. |
| Katana Rights LLC | DE | 100% | by A24 Films LLC |
| Kaw Valley Capital, LLC | DE | 100% | by Eldridge Wealth Solutions, Inc. |
| Kebramatix Lda | LUX | 50.0% | by Simpatica Decisao Unipessoal Lda. |
| Keep Spitballing LLC | DE | 100% | by A24 Films LLC |
| Keshet/dcp LLC | DE | 50.0% | by PME-DCP HoldCo, LLC |
| KMA Gems LLC | DE | 100% | by After The Fact LLC |
| Knight Takes King Productions, LLC | DE | 100% | by MRC II Holdings, LP |
| Knoema IT Solutions India Private Limited | India | 100% | by Seek Data LLC |
| Koryfeum GmbH | LUX | 10.1% | by CI Koryfeum Sarl |
| Krakow Office Park B.V. | Netherlands | 90.0% | by CIEF1 UK Holdings Limited |
| KV IX Access GP LLC |  | 100% | by Capital Integration Systems LLC |
| KV IX Access, L.P. | DE | 0% | Mgmt. by KV IX Access GP LLC |
| KWCI GP | Ireland | 50.0% | by Cain International European Real Estate <br> Opportunity Fund I GP Limited<br>|
| KWCI LP | NJ | 50.0% | by CI CB3 Subfund |
| KWSB Real Estate Venture I, LLC | DE | 80.0% | by EKW Holdings LLC |
| KWSB Real Estate Venture II, LLC | DE | 80.0% | by EKW Holdings II LLC |
| KWSB Real Estate Venture III, LLC | DE | 80.0% | by EKW Holdings III LLC |
| KWSB Real Estate Venture IV, LLC | DE | 80.0% | by EKW Holdings IV LLC |
| Last Rider Productions UK Limited | GBR | 100% | by MRC Documentary, L.P. |
| Last Rider Productions, LLC | CA | 100% | by MRC Documentary, L.P. |
| LB 1140 Broadway, LLC | NY | 100% | by Little Beet, LLC |
| LB 125 Park, LLC | NY | 100% | by Little Beet, LLC |
| LB 1291 First Avenue, LLC | DE | 100% | by Little Beet, LLC |
| LB 148 Madison, LLC | NY | 100% | by Little Beet, LLC |
| LB 320 Park, LLC | NY | 100% | by Little Beet, LLC |

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Jurisdiction** | **Percent of Voting Securities Owned** | **Percent of Voting Securities Owned** |
| LB Bryant Park, LLC | NY | 100% | by Little Beet, LLC |
| LB City Vista, LLC | DE | 100% | by Little Beet, LLC |
| LB Newport Center, LLC | NY | 100% | by Little Beet, LLC |
| LB Roosevelt Field, LLC | NY | 100% | by Little Beet, LLC |
| LB Sub W50, LLC | NY | 100% | by LB W50, LLC |
| LB W50, LLC | NY | 100% | by Little Beet, LLC |
| LB Westchester, LLC | NY | 100% | by Little Beet, LLC |
| LB Westport, LLC | DE | 100% | by Little Beet, LLC |
| Leadoff Investments, LLC | DE | 100% | by SBT Investors, LLC |
| Legs Film Rights LLC | DE | 100% | by A24 Films LLC |
| Lenox Portfolio Trust, LLC | DE | 100% | by Dayton Funding, LLC |
| Lenticular Energy Holdings, LLC | DE | 11.73% | by Eldridge 4AIR Holdings LLC |
| Lenticular Energy Holdings, LLC | DE | 7.17% | by Eldridge EA Holdings, LLC |
| Lenticular Energy Holdings, LLC | DE | 1.04% | by Eldridge Tuvoli Holdings LLC |
| Lenticular Energy Holdings, LLC | DE | 5.52% | by Epic Preferred Holdings II LLC |
| Lenticular Energy Holdings, LLC | DE | 1.56% | by Epic Preferred Holdings LLC |
| Let Them Comes LLC | DE | 100% | by A24 Films LLC |
| Life is Beautiful Holdings, LLC | DE | 32.32% | by Rolling Stone LLC |
| Life Products Solutions Group, LLC | FL | 100% | by Zinnia Tech Solutions LLC |
| Life.io, LLC | DE | 100% | by Zinnia Tech Solutions LLC |
| Linda Margaret Rae LLC | DE | 100% | by After The Fact LLC |
| Little Beet Brands Holdings, LLC | DE | 100% | by Aurify Brands Holdings, LLC |
| Little Beet Table, LLC | NY | 100% | by Aurify Brands Holdings, LLC |
| Little Beet, LLC | NY | 98.0% | by Aurify Brands Holdings, LLC |
| Little Bluestem, LLC | KS | 100% | by Sherwood Park, Inc. |
| Liverpool Holdings Limited | GBR | 100% | by CI-F Zenith UK Holdings Limited |
| Livingston Portfolio Trust, LLC | DE | 100% | by Ruby Portfolio Trust, LLC |
| LME1 Limited | GBR | 100% | by Competitive Socialising Limited |
| Lockwood Portfolio Trust, LLC | DE | 100% | by EPH, LLC |
| Locust Portfolio Trust, LLC | DE | 100% | by Dayton Funding, LLC |
| Lost in the Andes, LLC | CA | 100% | by MRC Documentary, L.P. |
| LPQ Sailboat Pond, Inc. | DE | 100% | by APQ Sailboat Pond NY, LLC |
| LPQ USA, LLC | DE | 100% | by Aurify Brands, LLC |
| LR Special Limited | GBR | 100% | by A24 Films LLC |
| LSPW Project Limited | GBR | 100% | by A24 Films LLC |
| LSPW Rights LLC | DE | 100% | by A24 Films LLC |
| Luminate Data Holdings, LLC | DE | 100% | by PME TopCo, LLC |
| Luminate Data, LLC | DE | 100% | by Luminate Data Holdings, LLC |
| Luxury Linoleum LLC | DE | 100% | by A24 Films LLC |
| Madison Portfolio Trust, LLC | DE | 100% | by EPH, LLC |
| MAG Finance, LLC | KS | 100% | by Dornwood Park,LLC |
| Magnolia Portfolio Trust, LLC | DE | 100% | by EPH, LLC |
| Maman sait mieux Productions Inc. | CAN | 100% | by A24 Sunset LLC |
| Mammoth Ridge Discovery, LLC | KS | 100% | by Sherwood Park, Inc. |
| Mana BH LLC | DE | 100% | by Mana Holdco Limited |
| Mana Holdco Limited | GBR | 100% | by Moto Investco Limited |
| Mana OpCo Limited | GBR | 100% | by Moto Investco Limited |
| Maple Hill, LLC | KS | 100% | by Sherwood Park, Inc. |
| Maple Portfolio Trust, LLC | DE | 100% | by EPH, LLC |
| Maranon Capital Ultimate General Partner LLC | DE | 100% | by Eldridge Capital Management, LLC |
| Maranon Centre Street Executive Fund LP | DE | 99.00% | by Eldridge Credit Advisers, LLC |
| Maranon Centre Street General Partner, LP | DE | 100% | by Maranon Capital Ultimate General Partner LLC |
| Maranon Centre Street Partnership LP | DE | 0% | Mgmt. by Maranon Centre Street General Partner, LP |

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Jurisdiction** | **Percent of Voting Securities Owned** | **Percent of Voting Securities Owned** |
| Maranon Centre Street SPV LLC | DE | 100% | by Maranon Centre Street Partnership LP |
| Maranon Centre-B Street Partnership LP | DE | 0% | Mgmt. by Maranon Centre Street General Partner, LP |
| Maranon Centre-B Street SPV LLC | DE | 100% | by Maranon Centre-B Street Partnership LP |
| Maranon Holdings, LLC | DE | 100% | by Eldridge Capital Management, LLC |
| Maranon Loan Funding 2026-1 WH, LLC | KS | 100% | by Ruby Slipper Pair, LLC |
| Maranon Management LLC | DE | 100% | by Eldridge Credit Advisers, LLC |
| Maranon Mezzanine Fund II, LP | DE | 0% | Mgmt. by Maranon Mezzanine GP II, LP |
| Maranon Mezzanine GP II, LP | DE | 0% | Mgmt. by Maranon Capital Ultimate General Partner <br> LLC<br>|
| Maranon Mezzanine Offshore Fund II, LP | CYM | 0% | Mgmt. by Maranon Mezzanine GP II, LP |
| Maranon Partners, LLC | KS | 60.98% | by Eldridge Capital Management, LLC |
| Maranon Senior Credit Fund II-B, LP | DE | 0% | Mgmt. by Maranon Senior Credit GP II, L.P. |
| Maranon Senior Credit Fund IX DB, L.P. | DE | 0% | Mgmt. by Maranon Capital Ultimate General Partner <br> LLC<br>|
| Maranon Senior Credit Fund IX GP, L.P. | DE | 100% | by Maranon Capital Ultimate General Partner LLC |
| Maranon Senior Credit Fund IX, LLC | DE | 100% | by Maranon Senior Credit Fund IX DB, L.P. |
| Maranon Senior Credit Fund IX, LLC | DE | 0% | Mgmt. by Maranon Senior Credit Fund IX GP, L.P. |
| Maranon Senior Credit Fund V-Onshore SPV LLC | DE | 100% | by Maranon Senior Credit Strategies Fund V-Levered, <br> LP<br>|
| Maranon Senior Credit GP II, L.P. | DE | 0% | Mgmt. by Maranon Capital Ultimate General Partner <br> LLC<br>|
| Maranon Senior Credit IV, LLC | KS | 100% | by Sherwood Park, Inc. |
| Maranon Senior Credit Opportunities Fund SPV <br> GP, LP<br>| DE | 0% | Mgmt. by Maranon Capital Ultimate General Partner <br> LLC<br>|
| Maranon Senior Credit Opportunities Fund SPV <br> II, LLC<br>| DE | 0% | Mgmt. by Maranon Senior Credit Opportunities Fund <br> SPV II, LP<br>|
| Maranon Senior Credit Opportunities Fund SPV <br> II, LP<br>| DE | 0% | Mgmt. by Maranon Senior Credit Opportunities Fund <br> SPV GP, LP<br>|
| Maranon Senior Credit Opportunities Fund SPV <br> III, LLC<br>| DE | 0% | Mgmt. by Maranon Senior Credit Opportunities Fund <br> SPV II, LP<br>|
| Maranon Senior Credit Opportunities Fund SPV <br> III, LP<br>| DE | 0% | Mgmt. by Maranon Senior Credit Opportunities Fund <br> SPV GP, LP<br>|
| Maranon Senior Credit Opportunities Fund SPV, <br> LLC<br>| DE | 0% | Mgmt. by Maranon Senior Credit Opportunities Fund <br> SPV, LP<br>|
| Maranon Senior Credit Opportunities Fund SPV, <br> LP<br>| DE | 100% | by Maranon Senior Credit Opportunities Fund SPV <br> GP, LP<br>|
| Maranon Senior Credit Strategies Fund V-Levered, <br> LP<br>| DE | 0% | Mgmt. by Maranon Senior Credit Strategies GP V, LP |
| Maranon Senior Credit Strategies Fund <br> V-Unlevered, LP<br>| DE | 0% | Mgmt. by Maranon Senior Credit Strategies GP V, LP |
| Maranon Senior Credit Strategies Fund X GP, L.P. | DE | 0% | Mgmt. by Maranon Capital Ultimate General Partner <br> LLC<br>|
| Maranon Senior Credit Strategies Fund XIII DB, <br> LLC<br>| DE | 0% | Mgmt. by Maranon Senior Strategies Fund XIII GP, <br> L.P.<br>|
| Maranon Senior Credit Strategies Fund XIV GP, <br> L.P.<br>| DE | 0% | Mgmt. by Maranon Capital Ultimate General Partner <br> LLC<br>|
| Maranon Senior Credit Strategies Fund XIV, L.P. | DE | 0% | Mgmt. by Maranon Senior Credit Strategies Fund XIV <br> GP, L.P.<br>|
| Maranon Senior Credit Strategies Fund <br> X-Levered, L.P.<br>| DE | 0% | Mgmt. by Maranon Senior Credit Strategies Fund X <br> GP, L.P.<br>|
| Maranon Senior Credit Strategies Fund <br> X-Unlevered, L.P.<br>| DE | 0% | Mgmt. by Maranon Senior Credit Strategies Fund X <br> GP, L.P.<br>|
| Maranon Senior Credit Strategies GP V, LP | DE | 0% | Mgmt. by Maranon Capital Ultimate General Partner <br> LLC<br>|

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Jurisdiction** | **Percent of Voting Securities Owned** | **Percent of Voting Securities Owned** |
| Maranon Senior Credit X-Levered SPV, LLC | DE | 100% | by Maranon Senior Credit Strategies Fund X-Levered, <br> L.P.<br>|
| Maranon Senior Rated Fund I LLC | DE | 0% | Mgmt. by Eldridge Credit Advisers, LLC |
| Maranon Senior Strategies Fund XIII GP, L.P. | DE | 100% | by Maranon Capital Ultimate General Partner LLC |
| Maranon Senior Strategies Fund XIII, L.P. | DE | 100% | by Maranon Senior Credit Strategies Fund XIII DB, <br> LLC<br>|
| Maranon Services Corp. | DE | 100% | by Eldridge Credit Advisers, LLC |
| Maranon Services, LLC | DE | 99.9% | by Eldridge Credit Advisers, LLC |
| Maranon Services, LLC | DE | 0.1% | by Maranon Services Corp. |
| Mark the Squid Limited | GBR | 100% | by A24 Films LLC |
| Marty Post Inc. | CAN | 100% | by ITTF Rights LLC |
| MASH EI Holdco, LLC | DE | 0% | Mgmt. by EEH 2017 Prefered Member, LLC |
| Maslow's Group LLP | GBR | 0% | Board rights held by Cain PE LLC |
| Maslow's Kensington Employee Co Limited | GBR | 100% | by Maslow's UK Services Ltd |
| Maslow's UK Services Ltd | GBR | 100% | by Maslow's Group LLP |
| Mason Portfolio Trust, LLC | DE | 100% | by EPH, LLC |
| Massive Noise Holdings, LLC | DE | 100% | by 13FEG Ops, LLC |
| Massive Noise LLC | CO | 100% | by Massive Noise Holdings, LLC |
| Mayfair Portfolio Trust, LLC | DE | 100% | by EPH, LLC |
| McBride Portfolio Trust, LLC | DE | 100% | by Eldridge Finco, LLC |
| Meadowlark Funding LLC | KS | 100% | by Dayton Funding, LLC |
| Media Rights Capital II, LLC | DE | 100% | by MRC III Holdings, LLC |
| Media Rights Capital III, LLC | DE | 0.94% | by DCP Holdco I LLC |
| Media Rights Capital III, LLC | DE | 36.56% | by EMG HoldCo, LLC |
| Meez Culinary Solutions, Inc. | DE | 14.9% | by Aurify Brands Management, LLC |
| Meez Culinary Solutions, Inc. | DE | 85.1% | by Aurify Brands, LLC |
| Mellotron, LLC | DE | 40.0% | by Carlostron, LLC |
| Melt Shop Enterprises, LLC | NY | 100% | by Melt Shop, LLC |
| Melt Shop, LLC | NY | 96.5% | by Aurify Brands Holdings, LLC |
| Meriden Portfolio Trust, LLC | DE | 100% | by Dayton Funding, LLC |
| Merriam Portfolio Trust, LLC | DE | 100% | by Dayton Funding, LLC |
| MF Master Seed Co., LLC | DE | 100% | by Wanamaker Portfolio Trust, LLC |
| MF Seed Co, LLC | DE | 100% | by MF Master Seed Co, LLC |
| MG Warwick Street HoldCo Limited | GBR | 100% | by Maslow's Group LLP |
| MG Warwick Street OpCo Limited | GBR | 100% | by MG Warwick Street HoldCo Limited |
| MG Warwick Street PropCo Limited | GBR | 100% | by MG Warwick Street HoldCo Limited |
| Miami Waterfront Ventures Mezz, LLC | DE | 100% | by CHE South Brickell LLC |
| Miami Waterfront Ventures Parent, LLC | DE | 60.0% | by CHE South Brickell LLC |
| Miami Waterfront Ventures, LLC | DE | 100% | by CHE South Brickell LLC |
| Millway Drive LLC | DE | 100% | by A24 Films LLC |
| Mine Creek, LLC | KS | 100% | by Sherwood Park, Inc. |
| Ministry of Arts and Interrogation LLC | DE | 100% | by A24 Films LLC |
| Ministry of Creative Reasoning LLC | DE | 100% | by After The Fact LLC |
| Miss Gabler Productions LLC | DE | 100% | by A24 Films LLC |
| Misty Green LLC | DE | 100% | by A24 Films LLC |
| Misty Rights LLC | DE | 100% | by A24 Films LLC |
| MK Debt, LLC | DE | 100% | by LPQ USA, LLC |
| MK USA, LLC | DE | 100% | by LPQ USA, LLC |
| Momijigaoka Shukusha Jigyo Tokutei Mokuteki <br> Kaisha<br>| Japan | 74.0% | by AP Hakone Pte. Limited |
| Monarch Field, LLC | KS | 100% | by Security Benefit Life Insurance Company |
| Monoceros Media LLC | DE | 100% | by A24 Films LLC |
| Monoceros Post Inc. | CAN | 100% | by A24 Sunset LLC |

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Jurisdiction** | **Percent of Voting Securities Owned** | **Percent of Voting Securities Owned** |
| Monroe Portfolio Trust, LLC | DE | 100% | by Eldridge Industries, LLC |
| Monsters of God LLC | DE | 100% | by A24 Films LLC |
| Monterey Portfolio Trust, LLC | DE | 100% | by Dayton Funding, LLC |
| Monterra Asset Holdings, LLC | DE | 100% | by Monterra Trust |
| Monterra FA Holdings, LLC | NJ | 100% | by Monterra Trust |
| Monterra Trust | DE | 100% | by EPH Holdings, LLC |
| Montgomery Portfolio Trust, LLC | DE | 100% | by EPH, LLC |
| Moore Portfolio Trust, LLC | DE | 100% | by EPH, LLC |
| Morning People LLC | DE | 100% | by Elia Management LLC |
| Morningside Portfolio Trust, LLC | DE | 100% | by EPH, LLC |
| Morse Code UK Films Limited | GBR | 100% | by MRC II Holdings, LP |
| Morse Code, LLC | CA | 100% | by MRC II Holdings, LP |
| Mosaic Media Investment Partners, LLC | DE | 100% | by DCP Holdings DE, LLC |
| Mother Knows Post LLC | DE | 100% | by A24 Films LLC |
| Mother Mary Rights LLC | DE | 100% | by A24 Films LLC |
| Moto Investco Limited | GBR | 13.33% | by Atlas Venture Investment LP |
| Mountains & Rivers LLC | DE | 100% | by A24 Films LLC |
| MPQ 1377 Sixth Avenue, LLC | NY | 100% | by MK USA, LLC |
| MPQ 1400 Broadway, LLC | NY | 100% | by MK USA, LLC |
| MPQ 1535 Third Avenue LLC | NY | 100% | by MK USA, LLC |
| MPQ 1800 Broadway, LLC | NY | 100% | by MK USA, LLC |
| MPQ 2161 Broadway, LLC | NY | 100% | by MK USA, LLC |
| MPQ 339 Seventh Avenue, LLC | NY | 100% | by MK USA, LLC |
| MPQ 370 Lexington, LLC | NY | 100% | by MK USA, LLC |
| MPQ 400 Fifth Avenue, LLC | NY | 100% | by MK USA, LLC |
| MPQ 685 Third Avenue, LLC | NY | 100% | by MK USA, LLC |
| MPQ 688 Bronx HoldCo, LLC | DE | 100% | by MK USA, LLC |
| MPQ 921 Broadway, LLC | NY | 100% | by MK USA, LLC |
| MPQ Bronx Commissary, LLC | NY | 100% | by MK USA, LLC |
| MRC Documentary Holdings, LLC | DE | 100% | by Media Rights Capital II, LLC |
| MRC Documentary, L.P. | DE | 99.9% | by Media Rights Capital II, LLC |
| MRC I Hedge Co, LLC | DE | 100% | by MRC II Holdings, LP |
| MRC I Project Co, LLC | DE | 100% | by MRC II Holdings, LP |
| MRC II Distribution Company, L.P. | DE | 99.9% | by Media Rights Capital II, LLC |
| MRC II Holdings, LP | DE | 99.9% | by MRC II Distribution Company, L.P. |
| MRC II Sub GP, LLC | DE | 100% | by Media Rights Capital II, LLC |
| MRC III Holdings, LLC | DE | 100% | by Media Rights Capital III, LLC |
| MRC International Distribution Company, Inc. | DE | 100% | by MRC II Distribution Company, L.P. |
| MRC Investments, LLC | DE | 100% | by Media Rights Capital II, LLC |
| MRC360, LLC | CA | 100% | by MRC II Holdings, LP |
| MS 101 Maiden, LLC | NY | 100% | by Melt Shop, LLC |
| MS Menlo Park, LLC | NY | 100% | by Melt Shop, LLC |
| MS Roosevelt Field, LLC | NY | 100% | by Melt Shop, LLC |
| MS Smith Haven, LLC | NY | 100% | by Melt Shop, LLC |
| MS Special Events, LLC | NY | 100% | by Melt Shop, LLC |
| MS Staten Island, LLC | NY | 100% | by Melt Shop, LLC |
| MS Sub W50, LLC | NY | 100% | by MS W50, LLC |
| MS W26, LLC | NY | 100% | by Melt Shop, LLC |
| MS W50, LLC | NY | 100% | by Melt Shop, LLC |
| MS W52, LLC | NY | 100% | by Melt Shop, LLC |
| MS Westchester, LLC | NY | 100% | by Melt Shop, LLC |
| Mulberry Portfolio Trust LLC | DE | 100% | by EPH, LLC |
| Music Business Worldwide Limited (UK) | GBR | 50.0% | by PME Holdings, LLC |

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Jurisdiction** | **Percent of Voting Securities Owned** | **Percent of Voting Securities Owned** |
| N318MM, LLC | KS | 50.0% | by Eldridge Wealth Solutions, Inc. |
| Nashville Nightmare, LLC | TN | 100% | by Nightmare Holdings, LLC |
| NBT Holdings, LLC | DE | 97.0% | by Venture Brand Management LLC |
| Neptune Co. | CYM | 50.0% | by Janu Boat (Cayman) Limited |
| Net-Net Worldwide LLC | DE | 100% | by A24 Films LLC |
| New Fortwick 1 GP Limited | Scotland | 100% | by ECM UK Holdings Limited |
| NewPoint Impact Fund I Access GP LLC | DE | 100% | by Capital Integration Systems LLC |
| NewPoint Impact Fund I Access, L.P. | DE | 0% | Mgmt. by NewPoint Impact Fund I Access GP LLC |
| Newton Portfolio Trust, LLC | DE | 100% | by EPH, LLC |
| Nextant Aerospace, LLC | OH | 100% | by Nextant Sales, LLC |
| Nextant Sales, LLC | OH | 100% | by Fairgrave Omlie, LLC |
| Nice Playground LLC | DE | 100% | by A24 Films LLC |
| Nicodemus Place, LLC | KS | 100% | by Sherwood Park, Inc. |
| Nightmare Holdings, LLC | DE | 100% | by 13 FEG Haunted Holdings, LLC |
| No Commas LLC | DE | 100% | by A24 Films LLC |
| North City Screams LLC | IL | 100% | by 13 FEG Haunted Holdings, LLC |
| Northwest TCI Holdings Ltd. | Turks and <br> Caicos<br>| 100% | by TCI FINCO LIMITED |
| Note Funding 1892-2, LLC | KS | 100% | by EPH, LLC |
| NZC Capital LLC | DE | 89.5% | by Todd L. Boehly, Individual |
| Oakridge Portfolio Trust, LLC | DE | 100% | by EPH, LLC |
| Oaktree Entertainment, LLC | DE | 100% | by MRC II Holdings, LP |
| Oaktree Opportunities XII CAIS (Onshore) <br> Access Fund, L.P.<br>| DE | 0% | Mgmt. by CAIS OT Opportunities XII CAIS <br> (Onshore) Access Fund GP LLC<br>|
| Oasis BH, LLC | DE | 29.33% | by CI BH Holdings II LLC |
| Oasis BH, LLC | DE | 58.22% | by CI BH Holdings LLC |
| Oasis West Realty LLC | DE | 100% | by OWR Mezz II Borrower LLC |
| OBH FB Issuer LLC | DE | 100% | by OBH PE Issuer II LLC |
| OBH HoldCo LLC | DE | 100% | by OBH HoldCo Pledgor LLC |
| OBH HoldCo Pledgor LLC | DE | 100% | by OBH FB Issuer LLC |
| OBH Intermediate Holdco, LLC | DE | 100% | by Oasis BH, LLC |
| OBH PE Issuer II LLC | DE | 100% | by OBH PE Issuer LLC |
| OBH PE Issuer LLC | DE | 100% | by Oasis BH, LLC |
| Ocarina Incident LLC | DE | 100% | by After The Fact LLC |
| OCM Private Wealth Alternative Opportunities <br> Fund I GP LLC<br>| DE | 100% | by Capital Integration Systems LLC |
| OCM Private Wealth Alternative Opportunities <br> Fund I, L.P.<br>| DE | 0% | Mgmt. by OCM Private Wealth Alternative <br> Opportunities Fund I GP LLC<br>|
| OGS London Limited | GRB | 100% | by Mana OpCo Limited |
| On The Rocks LLC | DE | 100% | by After The Fact LLC |
| One BH Investors LLC | DE | 77.5% | by Cain RE LLC |
| One BH Investors LLC | DE | 22.5% | by Mana BH LLC |
| One Brick Select Private Equity 2024 GP LLC | DE | 100% | by Capital Integration Systems LLC |
| One Brick Select Private Equity 2024, L.P. | DE | 0% | Mgmt. by One Brick Select Private Equity 2024 GP <br> LLC<br>|
| One Brick Select Private Real Estate 2025 GP <br> LLC<br>| DE | 100% | by Capital Integration Systems LLC |
| One Brick Select Private Real Estate 2025, L.P. | DE | 0% | Mgmt. by One Brick Select Private Real Estate 2025 <br> GP LLC<br>|
| One For All Productions LLC | DE | 100% | by A24 Films LLC |
| One For All Rights LLC | DE | 100% | by A24 Films LLC |
| One Sky Flight Holdings, LLC | DE | 100% | by Epic Aero, Inc. |
| One Sky Flight, LLC | DE | 100% | by One Sky Flight Holdings, LLC |

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Jurisdiction** | **Percent of Voting Securities Owned** | **Percent of Voting Securities Owned** |
| Onslaught Productions Inc. | CAN | 100% | by Onslaught Rights LLC |
| Onslaught Rights LLC | DE | 100% | by A24 Films LLC |
| Orlando Portfolio Trust, LLC | DE | 100% | by Rocky Portfolio Trust, LLC |
| Osler Media Inc. | CAN | 100% | by A24 Sunset LLC |
| Osler Media Quebec Inc. | CAN | 100% | by A24 Sunset LLC |
| Oso Season LLC | DE | 100% | by A24 Films LLC |
| Owl Capital, LLC | DE | 0% | Mgmt. by EEH 2017 Prefered Member, LLC |
| OWR Hotel Owner LLC | DE | 100% | by OWR Intermediate Co LLC |
| OWR Intermediate Co LLC | DE | 100% | by OWR InvestCo LLC |
| OWR InvestCo LLC | DE | 100% | by OBH HoldCo LLC |
| OWR Mezz II Borrower LLC | DE | 100% | by OBH Intermediate Holdco, LLC |
| Ozawkie LLC | KS | 100% | by Dayton Funding, LLC |
| Paderna sp.zo.o | Poland | 100% | by PZO JV B.V. |
| Palm Beach Ambassador Fee Borrower LLC | DE | 100% | by Palm Beach Ambassador Fee Pledgor LLC |
| Palm Beach Ambassador Fee Pledgor LLC | DE | 100% | by The Ambassador Hotel Cooperative Apartments <br> Corp.<br>|
| Palm Beach Ambassador Holdco LLC | DE | 100% | by Palm Beach Edgewater/Ambassador JV LLC |
| Palm Beach Ambassador Leasehold Borrower <br> LLC<br>| DE | 100% | by Palm Beach Ambassador Leasehold Pledgor LLC |
| Palm Beach Ambassador Leasehold Pledgor LLC | DE | 100% | by Palm Beach Ambassador Holdco LLC |
| Palm Beach Edgewater Fee Borrower LLC | DE | 100% | by Palm Beach Edgewater Fee Pledgor LLC |
| Palm Beach Edgewater Fee Pledgor LLC | DE | 100% | by The Edgewater House Corporation |
| Palm Beach Edgewater Holdco LLC | DE | 100% | by Palm Beach Edgewater/Ambassador JV LLC |
| Palm Beach Edgewater Leasehold Borrower LLC | DE | 100% | by Palm Beach Edgewater Leasehold Pledgor LLC |
| Palm Beach Edgewater Leasehold Pledgor LLC | DE | 100% | by Palm Beach Edgewater Holdco LLC |
| Palm Beach Edgewater/Ambassador JV LLC | DE | 50.0% | by ACZ PB Holdings, LLC |
| Palmer Portfolio Trust, LLC | DE | 100% | by Primrose Portfolio Trust, LLC |
| Palouse Productions LLC | DE | 100% | by A24 Films LLC |
| Panagram Senior Loan Fund I GP, LLC | DE | 100% | by ESCA Holdings, LLC |
| Panagram Senior Loan Fund I, LP | DE | 0% | Mgmt. by Panagram Senior Loan Fund I GP, LLC |
| Panagram Senior Loan Fund II GP, LLC | DE | 100% | by ESCA Holdings, LLC |
| Panagram Senior Loan Fund II, LP | DE | 0% | Mgmt. by Panagram Senior Loan Fund II GP, LLC |
| Panagram Senior Loan Fund III GP, LLC | DE | 100% | by ESCA Holdings, LLC |
| Panagram Senior Loan Fund III, LP | DE | 0% | Mgmt. by Panagram Senior Loan Fund III GP, LLC |
| Panagram Senior Loan Fund IV GP, LLC | DE | 100% | by ESCA Holdings, LLC |
| Panagram Senior Loan Fund IV, LP | DE | 0% | Mgmt. by Panagram Senior Loan Fund IV GP, LLC |
| Panagram Senior Loan Fund V GP, LLC | DE | 100% | by ESCA Holdings, LLC |
| Panagram Senior Loan Fund V, LP | DE | 0% | Mgmt. by Panagram Senior Loan Fund V GP, LLC |
| Panagram Senior Loan Fund VI GP, LLC | DE | 100% | by ESCA Holdings, LLC |
| Panagram Senior Loan Fund VI, LP | DE | 0% | Mgmt. by Panagram Senior Loan Fund VI GP, LLC |
| Parks and Haites Limited | GBR | 100% | by A24 Films LLC |
| PayActiv, Inc. | DE | 17.65% | by Eldridge PayActiv Holdings LLC |
| PD Holdings LLC | DE | 100% | by Dayton Funding, LLC |
| Peasant Productions LLC | DE | 100% | by A24 Films LLC |
| Peasant Rights LLC | DE | 100% | by A24 Films LLC |
| Perry Park, LLC | KS | 100% | by Security Benefit Life Insurance Company |
| Perry Portfolio Trust, LLC | DE | 100% | by Dayton Funding, LLC |
| PG Senior Loan Fund VIII Issuer, LLC | DE | 100% | by Merriam Portfolio Trust, LLC |
| PG32OS LLC | DE | 100% | by Policygenius LLC |
| Pickleback NOLA, LLC | LA | 100% | by MRC II Holdings, LP |
| Pickleback, LLC | CA | 100% | by MRC II Holdings, LP |
| Pinckney Holdings, LLC | DE | 100% | by Security Benefit Life Insurance Company |
| Pinecrest Portfolio Trust, LLC | DE | 100% | by EPH, LLC |

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Jurisdiction** | **Percent of Voting Securities Owned** | **Percent of Voting Securities Owned** |
| Pinegrove Capital Partners I Access, L.P. | DE | 0% | Mgmt. by CAIS Pinegrove Capital Partners I Access <br> GP LLC<br>|
| Pink Chair Productions LLC | DE | 100% | by After The Fact LLC |
| Pink Opaque LLC | DE | 100% | by After The Fact LLC |
| Pixion Games Limited | GBR | 11.62% | by Eldridge Pixion Funding LLC |
| PME AH LLC | DE | 100% | by EMH II, LLC |
| PME Holdings, LLC | DE | 100% | by PME TopCo, LLC |
| PME Investor, LLC | DE | 100% | by Eldridge Sports and Entertainment GP, LP |
| PME Music, LLC | DE | 100% | by PME Holdings, LLC |
| PME TopCo, LLC | DE | 40.0% | by EMH-PME Holdings, LLC |
| PME-DCP HoldCo, LLC | DE | 100% | by PME TopCo, LLC |
| Poker Face CDN Productions Inc. | CAN | 100% | by MRC II Holdings, LP |
| Policygenius BGA LLC | DE | 100% | by Zinnia Tech Solutions LLC |
| Policygenius LLC | DE | 100% | by Zinnia Tech Solutions LLC |
| Poppy Field Productions, LLC | CA | 100% | by MRC II Holdings, LP |
| Portsmouth Zenith Holdings Limited | GBR | 100% | by CI-F Zenith UK Holdings Limited |
| Post Portfolio Trust, LLC | DE | 100% | by Monroe Portfolio Trust, LLC |
| Potwin Place, LLC | KS | 100% | by Dayton Funding, LLC |
| Prairie Hill, LLC | KS | 100% | by Sherwood Park, Inc. |
| PrescientCo Holdings, LLC | DE | 16.58% | by Eldridge PCH Holdings, LLC |
| PrescientCo Holdings, LLC | DE | 15.25% | by Mayfair Portfolio Trust, LLC |
| PrescientCo Holdings, LLC | DE | 23.50% | by Palmer Portfolio Trust, LLC |
| PrescientCo Holdings, LLC | DE | 24.82% | by Steamboat Portfolio Trust, LLC |
| PrescientCo LLC | DE | 100% | by PrescientCo Holdings, LLC |
| Prezzo Trading Limited | GBR | 100% | by Brava Hospitality Group Limited |
| Priest Lake Haunted Woods, LLC | TN | 100% | by Nightmare Holdings, LLC |
| Primary Issue Anchor Separate Account LLC | DE | 100% | by Sherwood Park, Inc. |
| Primrose Portfolio Trust, LLC | DE | 100% | by EPH, LLC |
| Princess Klepto LLC | DE | 100% | by After The Fact LLC |
| PrivateFly Limited | GBR | 100% | by Skyjet Europe Limited |
| Procyon Evergreen I GP LLC | DE | 100% | by Capital Integration Systems LLC |
| Procyon Evergreen I, L.P. | DE | 0% | Mgmt. by Procyon Evergreen I GP LLC |
| Procyon Vintage I GP LLC | DE | 100% | by Capital Integration Systems LLC |
| Procyon Vintage I, L.P. | DE | 0% | Mgmt. by Procyon Vintage I GP LLC |
| Prospect Portfolio Trust, LLC | DE | 100% | by EPH, LLC |
| Public House Productions LLC | DE | 100% | by A24 Films LLC |
| Pumpkin Fest Holdings, LLC | DE | 100% | by 13FEG Ops, LLC |
| Putnam Asset Holdings, LLC | DE | 100% | by EPH, LLC |
| PZO JV B.V. | Netherlands | 90.0% | by CIEF1 UK Holdings Limited |
| Queen Morgan, LLC | CA | 100% | by MRC Documentary Holdings, LLC |
| Queens LLC | DE | 100% | by After The Fact LLC |
| Quinton Heights, LLC | KS | 100% | by Dayton Funding, LLC |
| RA 1537 Holding Limited | GBR | 100% | by Mana Holdco Limited |
| Radnor Equity Partners, L.P. | DE | 0% | Mgmt. by CAIS Radnor Equity Partners GP LLC |
| Raging Bear, LLC | DE | 100% | by MRC II Holdings, LP |
| Raising Destiny, LLC | CA | 100% | by MRC Documentary, L.P. |
| Ramy Rights LLC | DE | 100% | by A24 Films LLC |
| Randolph Portfolio Trust, LLC | DE | 100% | by Dayton Funding, LLC |
| Ravenwood Portfolio Trust, LLC | DE | 100% | by Dayton Funding, LLC |
| Razor's Edge Fund IV Access GP LLC | DE | 100% | by Capital Integration Systems LLC |
| Razor's Edge Fund IV Access, L.P. | DE | 0% | Mgmt. by Razor's Edge Fund IV Access GP LLC |
| Real American Hero LLC | DE | 100% | by A24 Films LLC |
| Real American Hero Productions Ltd. | CAN | 100% | by Real Hero Rights LLC |

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Jurisdiction** | **Percent of Voting Securities Owned** | **Percent of Voting Securities Owned** |
| Real American Hero Quebec Productions Ltd. | CAN | 100% | by Real American Hero LLC |
| Real Hero Rights LLC | DE | 100% | by A24 Films LLC |
| Red Sea 2022-1, LLC | KS | 100% | by Sherwood Park, Inc. |
| Red Sea 2024-1, LLC | KS | 100% | by Sherwood Park, Inc. |
| Red Sea 2024-6, LLC | DE | 100% | by Eldridge Wealth Solutions, Inc. |
| Renegade Brands USA, INC. | DE | 20.0% | by Canon Portfolio Trust, LLC |
| Ride or Die CDN Productions Inc. | CAN | 100% | by MRC II Holdings, LP |
| Ride or Die Productions, LLC | CA | 100% | by MRC II Holdings, LP |
| Ridge Media Holdings, LLC | DE | 100% | by GEC Finance, LLC |
| Rights By Lloyd LLC | DE | 100% | by A24 Films LLC |
| Ring Finger LLC | DE | 100% | by A24 Films LLC |
| Ring Finger Rights LLC | DE | 100% | by A24 Films LLC |
| Riot Going On, LLC | CA | 100% | by MRC Documentary, L.P. |
| Ripley Park, LLC | DE | 70.0% | by Sherwood Park, Inc. |
| Ripple Effects CDN Productions Inc. | CAN | 100% | by MRC II Holdings, LP |
| Ripple Effects Productions, LLC | CA | 100% | by MRC II Holdings, LP |
| Rivabella sp.zo.o | Poland | 100% | by Krakow Office Park B.V. |
| Riverside Portfolio Trust, LLC | DE | 100% | by EPH, LLC |
| RJPC Holdings LLC | DE | 95.0% | by RJPC Investor, LLC |
| RJPC Investor, LLC | DE | 50.0% | by Eldridge RJPC Holdings, LLC |
| RJPC Investor, LLC | DE | 50.0% | by Stonebriar Commercial Finance LLC |
| RJPC Lender LLC | DE | 100% | by RJPC Holdings LLC |
| RNF AB Assetco, LLC | DE | 100% | by Dayton Funding, LLC |
| RNF Assetco, LLC | KS | 100% | by Mine Creek, LLC |
| Rocky Portfolio Trust, LLC | DE | 100% | by McBride Portfolio Trust, LLC |
| Roll Down, LLC | CA | 100% | by MRC II Holdings, LP |
| Rolling Stone Licensing LLC | DE | 100% | by Rolling Stone LLC |
| Rolling Stone LLC | DE | 100% | by Rolling Stone Media, LLC |
| Rolling Stone Media, LLC | DE | 100% | by PME Music, LLC |
| Roman 1 Sarl | LUX | 100% | by Roman JV Sarl |
| Roman 2 Sarl | LUX | 100% | by Roman JV Sarl |
| Roman JV Sarl | LUX | 100% | by CI Roman Holdings Sarl |
| Roman SNC | France | 99.9% | by Roman 1 Sarl |
| Roman SNC | France | 0.01% | by Roman 2 Sarl |
| Rosa Alpina 1537 S.R.L. | Italy | 49.0% | by RA 1537 Holding Limited |
| Round About Bar LLC | DE | 100% | by After The Fact LLC |
| Round About Pub Limited | GBR | 100% | by A24 Films LLC |
| Royalty Rights LLC | DE | 100% | by A24 Films LLC |
| RoyaltyHL5 LLC | DE | 100% | by After The Fact LLC |
| RS Branding, LLC | DE | 100% | by Rolling Stone LLC |
| Ruby Portfolio Trust, LLC | DE | 100% | by EPH, LLC |
| Ruby Slipper Pair, LLC | KS | 100% | by Sherwood Park, Inc. |
| Rules Beauty, Inc. | DE | 36.57% | by A24 Ventures LLC |
| Rush Job LLC | DE | 100% | by A24 Films LLC |
| S (BOS) LLC | MA | 100% | by Competitive Socializing US LLC |
| S (CHI) LLC | DE | 100% | by Competitive Socializing US LLC |
| S(LSV) LLC | NV | 100% | by Competitive Socializing US LLC |
| S(WBP)LLC | DC | 100% | by Competitive Socializing US LLC |
| S(WDC) LLC | DC | 100% | by Competitive Socializing US LLC |
| S(WMB) LLC | NY | 100% | by Competitive Socializing US LLC |
| Sable River Capital, LLC | DE | 0% | Mgmt. by EEH 2017 Prefered Member, LLC |
| Sager House (Almeida) Limited | GBR | 100% | by CH Capital A Holdings LLC |
| SAILES 2, LLC | DE | 100% | by Security Benefit Life Insurance Company |

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Jurisdiction** | **Percent of Voting Securities Owned** | **Percent of Voting Securities Owned** |
| Salsa Cruiseline Limited | GBR | 100% | by A24 Films LLC |
| SAM Alternative Investment Opportunities Fund I, <br> L.P.<br>| DE | 0% | Mgmt. by CAIS SAM Alternative Investment <br> Opportunities Fund I GP LLC<br>|
| SAM Alternative Investment Opportunities Fund <br> II GP LLC<br>| DE | 100% | by Capital Integration Systems LLC |
| SAM Alternative Investment Opportunities Fund <br> II, L.P. Offshore<br>| CYM | 0% | Mgmt. by SAM Alternative Investment Opportunities <br> Fund II GP LLC<br>|
| Sapphire NY Hotel (Corp) LLC | DE | 100% | by Sapphire NY Hotel HoldCo LLC |
| Sapphire NY Hotel Dining LLC | DE | 100% | by Sapphire NY Hotel HoldCo LLC |
| Sapphire NY Hotel HoldCo LLC | DE | 100% | by CGREF AIV 1 LP |
| Sapphire NY Hotel MezzCo LLC | DE | 99.0% | by Sapphire NY Hotel PropCo HoldCo LLC |
| Sapphire NY Hotel OpCo GP LLC | DE | 100% | by Sapphire NY Hotel OpCo HoldCo LLC |
| Sapphire NY Hotel OpCo HoldCo LLC | DE | 99.0% | by Sapphire NY Hotel HoldCo LLC |
| Sapphire NY Hotel OpCo LP | DE | 100% | by Sapphire NY Hotel OpCo HoldCo LLC |
| Sapphire NY Hotel PropCo HoldCo LLC | DE | 100% | by Sapphire NY Hotel HoldCo LLC |
| Sapphire NY Hotel PropCo LLC | DE | 100% | by Sapphire NY Hotel MezzCo LLC |
| Saving The World LLC | DE | 100% | by A24 Films LLC |
| SB 625 Madison Holding, LLC | DE | 100% | by Security Benefit Life Insurance Company |
| SB Corporate Funding LLC | DE | 100% | by Eldridge Wealth Solutions, Inc. |
| SB Corporate Funding LLC | DE | 100% | by Eldridge Wealth Solutions, Inc. |
| SB ISH LLC | DE | 100% | by Security Benefit Life Insurance Company |
| SB Knoema Holdings, LLC | DE | 100% | by Gladstone Portfolio Trust, LLC |
| SB Restructured Asset, LLC | DE | 100% | by Hawk Trail, LLC |
| SBC Civic Center LLC | DE | 100% | by Mason Portfolio Trust, LLC |
| SBC LAD Holdings, LLC | DE | 100% | by Eldridge Wealth Solutions, Inc. |
| SB-HS LOJV GP, LLC | DE | 0% | Mgmt. by SB-HS Lot Option Joint Venture, LLC |
| SB-HS Lot Option Joint Venture, LLC | DE | 99.0% | by Stonebriar Commercial Finance LLC |
| SB-HS Lot Option Pool 01, LP | DE | 0% | Mgmt. by SB-HS LOJV GP, LLC |
| SB-HS Lot Option Pool 2, LP | DE | 0% | Mgmt. by SB-HS LOJV GP, LLC |
| SBL Holdings, Inc. | KS | 100% | by Eldridge Wealth Solutions, Inc. |
| SBT Investors LLC | DE | 100% | by NZC Capital LLC |
| SBT Media Holdings, LLC | DE | 100% | by SBT Investors, LLC |
| SBT-WWB, LLC | DE | 100% | by SBT Investors, LLC |
| SCF 1187-001A LLC | DE | 65.0% | by Stonebriar Commercial Finance LLC |
| SCF 1187-002AP LLC | DE | 86.1% | by Stonebriar Commercial Finance LLC |
| SCF 1187-003AP LLC | DE | 68.6% | by Stonebriar Commercial Finance LLC |
| SCF 1239-003R LLC | DE | 64.53% | by Stonebriar Commercial Finance LLC |
| SCF 1239-004R LLC | DE | 64.53% | by Stonebriar Commercial Finance LLC |
| SCF 1286-005MRL LLC | DE | 65.0% | by Stonebriar Commercial Finance LLC |
| SCF 1286-006CMR LLC | DE | 70.67% | by Stonebriar Commercial Finance LLC |
| SCF 1286-009CS LLC | DE | 84.43% | by Stonebriar Commercial Finance LLC |
| SCF 1322SL LLC | DE | 85.24% | by Stonebriar Commercial Finance LLC |
| SCF 1324-01MB LLC | DE | 65.84% | by Stonebriar Commercial Finance LLC |
| SCF 1337BCB LLC | DE | 72.54% | by Stonebriar Commercial Finance LLC |
| SCF 1341UL LLC | DE | 53.82% | by Stonebriar Commercial Finance LLC |
| SCF 1343-01M LLC | DE | 63.22% | by Stonebriar Commercial Finance LLC |
| SCF 1358-001A LLC | DE | 64.94% | by Stonebriar Commercial Finance LLC |
| SCF 1373-001OT LLC | DE | 50.34% | by Stonebriar Commercial Finance LLC |
| SCF 1378-002R LLC | DE | 51.13% | by Stonebriar Commercial Finance LLC |
| SCF 1406-003T LLC | DE | 56.91% | by Stonebriar Commercial Finance LLC |
| SCF Aviation Capital LLC | DE | 100% | by SCF Funding LLC |
| SCF Canada 2019-2 GP Ltd. | CAN | 100% | by Stonebriar Commercial Finance Canada Inc. |
| SCF Canada 2020 GP Ltd. | CAN | 100% | by Stonebriar Commercial Finance Canada Inc. |

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Jurisdiction** | **Percent of Voting Securities Owned** | **Percent of Voting Securities Owned** |
| SCF Canada 2021 GP Ltd. | CAN | 100% | by Stonebriar Commercial Finance Canada Inc. |
| SCF Canada 2022 GP Ltd. | CAN | 100% | by Stonebriar Commercial Finance Canada Inc. |
| SCF Canada 2022-2 GP Ltd. | CAN | 100% | by Stonebriar Commercial Finance Canada Inc. |
| SCF Canada 2023-1 GP Ltd. | CAN | 99.9% | by Stonebriar Commercial Finance Canada Inc. |
| SCF Canada 2024-1 GP Ltd. | CAN | 100% | by Stonebriar Commercial Finance Canada Inc. |
| SCF Canada 2025-1 GP Ltd. | CAN | 100% | by Stonebriar Commercial Finance Canada Inc. |
| SCF Canada 2025-2 GP Ltd. | CAN | 100% | by Stonebriar Commercial Finance Canada Inc. |
| SCF Canada 2026-1 GP Ltd. | CAN | 100% | by Stonebriar Commercial Finance Canada Inc. |
| SCF Canada 2026-2 GP Ltd. | CAN | 100% | by Stonebriar Commercial Finance Canada Inc. |
| SCF Canada Revolver GP Ltd. | CAN | 100% | by Stonebriar Commercial Finance Canada Inc. |
| SCF Equipment Leasing 2019-2 LLC | DE | 100% | by Stonebriar Commercial Finance LLC |
| SCF Equipment Leasing 2020-1 LLC | DE | 100% | by Stonebriar Commercial Finance LLC |
| SCF Equipment Leasing 2021-1 LLC | DE | 100% | by Stonebriar Commercial Finance LLC |
| SCF Equipment Leasing 2022-1 LLC | DE | 100% | by Stonebriar Commercial Finance LLC |
| SCF Equipment Leasing 2022-2 LLC | DE | 100% | by Stonebriar Commercial Finance LLC |
| SCF Equipment Leasing 2023-1 LLC | DE | 100% | by Stonebriar Commercial Finance LLC |
| SCF Equipment Leasing 2024-1 LLC | DE | 100% | by Stonebriar Commercial Finance LLC |
| SCF Equipment Leasing Canada 2019-2 Limited <br> Partnership<br>| CAN | 99.9% | by SCF Canada 2019-2 GP Ltd. |
| SCF Equipment Leasing Canada 2020-1 Limited <br> Partnership<br>| CAN | 99.9% | by SCF Canada 2020 GP Ltd. |
| SCF Equipment Leasing Canada 2021-1 Limited <br> Partnership<br>| CAN | 99.9% | by SCF Canada 2021 GP Ltd. |
| SCF Equipment Leasing Canada 2022-1 Limited <br> Partnership<br>| CAN | 99.9% | by SCF Canada 2022 GP Ltd. |
| SCF Equipment Leasing Canada 2022-2 Limited <br> Partnership<br>| CAN | 99.9% | by SCF Canada 2022-2 GP Ltd. |
| SCF Equipment Leasing Canada 2023-1 Limited <br> Partnership<br>| CAN | 99.9% | by SCF Canada 2023-1 GP Ltd. |
| SCF Equipment Leasing Canada 2024-1 Limited <br> Partnership<br>| CAN | 99.9% | by SCF Canada 2024-1 GP Ltd. |
| SCF Equipment Leasing Canada 2025-1 Limited <br> Partnership<br>| CAN | 99.9% | by SCF Canada 2025-1 GP Ltd. |
| SCF Equipment Leasing Canada 2025-2 Limited <br> Partnership<br>| CAN | 99.9% | by SCF Canada 2025-2 GP Ltd. |
| SCF Equipment Leasing Canada 2026-1 Limited <br> Partnership<br>| CAN | 99.9% | by SCF Canada 2026-1 GP Ltd. |
| SCF Equipment Leasing Canada 2026-2 Limited <br> Partnership<br>| CAN | 99.9% | by SCF Canada 2026-2 GP Ltd. |
| SCF Funding LLC | DE | 100% | by Stonebriar Finance Holdings LLC |
| SCF FW Issuer LLC | DE | 100% | by SCF Aviation Capital LLC |
| SCF Goose LLC | DE | 100% | by SCF Aviation Capital LLC |
| SCF Maverick LLC | DE | 100% | by SCF Aviation Capital LLC |
| SCF Merlin LLC | DE | 100% | by SCF Aviation Capital LLC |
| SCF MRL Subsidiary LLC | DE | 84.96% | by Stonebriar Commercial Finance LLC |
| SCF NBL LLC | DE | 100% | by SCF Funding LLC |
| SCF Preferred Equity II, LLC | DE | 0% | Mgmt. by Stonebriar Finance Holdings LLC |
| SCF Preferred Equity, LLC | DE | 0% | Mgmt. by Stonebriar Finance Holdings LLC |
| SCF Rail Leasing LLC | DE | 100% | by SCF Funding LLC |
| SCF Revolver 2018-1 LLC | DE | 100% | by Stonebriar Commercial Finance LLC |
| SCF Revolver Canada Limited Partnership | CAN | 99.9% | by SCF Canada Revolver GP Ltd. |
| SCF SB Investor, LLC | KS | 100% | by Sherwood Park, Inc. |
| SCF Servicing Company LLC | DE | 99.0% | by SCF Funding LLC |
| Scranton Portfolio Trust, LLC | DE | 100% | by Dayton Funding, LLC |

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Jurisdiction** | **Percent of Voting Securities Owned** | **Percent of Voting Securities Owned** |
| SE2 Services LLC | DE | 100% | by Zinnia Corporate Holdings, LLC |
| se2, LLC | KS | 100% | by Zinnia Corporate Holdings, LLC |
| SecBen GBM Investco, LLC | DE | 100% | by Security Benefit Life Insurance Company |
| Second Failure, LLC | CA | 100% | by MRC II Holdings, LP |
| Security Benefit Academy, Inc. | KS | 100% | by Eldridge Wealth Solutions, Inc. |
| Security Benefit Business Services, LLC | KS | 100% | by Eldridge Wealth Solutions, Inc. |
| Security Benefit Life Insurance Company | KS | 100% | by SBL Holdings, Inc. |
| Security Distributors, LLC | KS | 100% | by Security Benefit Life Insurance Company |
| Security Financial Resources, Inc. | KS | 100% | by SBL Holdings, Inc. |
| Seek Data Holdings, LLC | DE | 71.80% | by SB Knoema Holdings, LLC |
| Seek Data LLC | TN | 100% | by Seek Data Holdings, LLC |
| Sensory Impact Group, LLC | DE | 100% | by Arch Portfolio Trust, LLC |
| Sentient Holdings, LLC | DE | 100% | by One Sky Flight, LLC |
| Sentient Jet Charter, LLC | DE | 100% | by Sentient Jet, LLC |
| Sentient Jet, LLC | DE | 100% | by Sentient Holdings, LLC |
| Sesame Marketplace, Inc. | DE | 90.0% | by Aurify Brands Management, LLC |
| Seward Street Maiden Voyage, LLC | CA | 100% | by X4Y LLC |
| Seward Street Productions, LLC | CA | 100% | by Seward Street Maiden Voyage, LLC |
| SFG Multi-Strategy Fund GP LLC | DE | 100% | by Capital Integration Systems LLC |
| SFG Multi-Strategy Fund, L.P. | DE | 0% | Mgmt. by SFG Multi-Strategy Fund GP LLC |
| Shamrock Valley, LLC | KS | 100% | by Security Benefit Life Insurance Company |
| Sharp FundingCo LP | DE | 0% | Mgmt. by Eldridge Sharp FC LLC |
| Sharp FundingCo LP | DE | 0% | Mgmt. by Sharp Squared GSD LLC |
| Sharp FundingCo LP | DE | 0% | Mgmt. by Sharp Squared PB LP |
| Sharp FundingCo LP | DE | 0% | Mgmt. by Sharp Squared PC LP |
| Sharp FundingCo SP LP | DE | 0% | Mgmt. by Sharp FundingCo LP |
| Sharp FundingCo W LP | DE | 0% | Mgmt. by Sharp FundingCo LP |
| Sharp Squared GSD LLC | DE | 100% | by Eldridge Sharp Holdings LLC |
| Sharp Squared PB GP LLC | DE | 100% | by Eldridge Industries, LLC |
| Sharp Squared PB LP | DE | 0% | Mgmt. by Eldridge Sharp PB LLC |
| Sharp Squared PB LP | DE | 0% | Mgmt. by Sharp Squared PB GP LLC |
| Sharp Squared PC GP LLC | DE | 100% | by Eldridge Industries, LLC |
| Sharp Squared PC LP | DE | 0% | Mgmt. by Eldridge Sharp PC LLC |
| Sharp Squared PC LP | DE | 0% | Mgmt. by Sharp Squared PC GP LLC |
| Sharp Squared PI LLC | DE | 100% | by Eldridge Sharp Holdings LLC |
| Shelter At Home LLC | DE | 100% | by A24 Films LLC |
| Shepherd's Pie UK Ltd | GBR | 100% | by MRC II Holdings, LP |
| Shepherd's Pie, LLC | CA | 100% | by MRC II Holdings, LP |
| Sherwood Park, Inc. | KS | 100% | by Eldridge Wealth Solutions, Inc. |
| Shock Hill Field, LLC | KS | 100% | by Sherwood Park, Inc. |
| Short of the Week, LLC | DE | 10.3% | by Sugar23, Inc. |
| Simpatica Decisao Unipessoal Lda. | LUX | 100% | by Blackbrook Property Holdings SARL |
| Simples Rotina Unipessoal Lda. | LUX | 100% | by Blackbrook Property Holdings SARL |
| Sirio Acquisition S.r.l. | Italy | 100% | by Flexjet International, DAC |
| Sirio S.p.A. | Italy | 95.0% | by Sirio Acquisition S.r.l. |
| Sixth Avenue Reinsurance Company | VT | 100% | by Security Benefit Life Insurance Company |
| Sixth Floor LLC | DE | 100% | by A24 Films LLC |
| SJS&W Washington OpCo LLC | DE | 100% | by St. James Sports and Wellness Washington LLC |
| SJS&W Washington PropCo LLC | DE | 100% | by St. James Sports and Wellness Washington LLC |
| SJS&W Washington Property LLC | DE | 100% | by St. James Sports and Wellness Washington LLC |
| Skyjet Europe Limited | GBR | 100% | by One Sky Flight, LLC |
| Skylark Portfolio Trust, LLC | DE | 100% | by EPH, LLC |
| Skyline Portfolio Trust, LLC | DE | 100% | by Dayton Funding, LLC |

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Jurisdiction** | **Percent of Voting Securities Owned** | **Percent of Voting Securities Owned** |
| Slayground LLC | DE | 100% | by A24 Films LLC |
| Slayground Productions Inc. | CAN | 100% | by Slayground Rights LLC |
| Slayground Rights LLC | DE | 100% | by A24 Films LLC |
| Slushie LLC | DE | 100% | by After The Fact LLC |
| Smith Portfolio Trust, LLC | DE | 100% | by Walsh Portfolio Trust, LLC |
| Social By Lloyd Limited | GBR | 100% | by A24 Films LLC |
| Social By Lloyd LLC | DE | 100% | by A24 Films LLC |
| Societe Nouvelle De L'hotel Bora Bora | French <br> Polynesia<br>| 88.98% | by Tahitian Resorts Limited |
| Soggy Jam UK Limited | GBR | 100% | by MRC II Holdings, LP |
| Soggy Jam, LLC | CA | 100% | by MRC II Holdings, LP |
| Somebody Told Me, LLC | DE | 100% | by Eldridge IP Holdings LLC |
| Sommsation Holdings, LLC | DE | 100% | by Eldridge Industries, LLC |
| Sommsation Services Holdings LLC | DE | 100% | by Sommsation Holdings, LLC |
| Sommsation Services, LLC | DE | 100% | by Sommsation Holdings, LLC |
| Sommsation, LLC | DE | 100% | by Sommsation Holdings, LLC |
| Soundview Portfolio Trust, LLC | DE | 100% | by Field Point Portfolio Trust, LLC |
| South Audley Street LLP | GBR | 0% | Board rights held by CH Capital A Holdings LLC |
| Speed Bump LLC | GBR | 100% | by A24 Films LLC |
| Spinmedia LLC | DE | 100% | by EMH-PME Holdings, LLC |
| Spoon River Investments, LLC | DE | 100% | by SBT Investors, LLC |
| Sports Media Technology Corporation | DE | 14.1% | by Steamboat Portfolio Trust, LLC |
| SRSB Credit Fund LLC | KS | 100% | by Chain Bridge Opportunistic Funding Holdings, <br> LLC<br>|
| SRSB OCF LLC | KS | 100% | by Chain Bridge Opportunistic Funding Holdings, <br> LLC<br>|
| SSVP Capital, LLC | KS | 100% | by Hawk Trail, LLC |
| St. James Sports and Wellness Washington LLC | DE | 100% | by The St. James Sports and Wellness Complex LLC |
| StandardVision MIP, LLC | DE | 100% | by Eldridge StandardVision Holdings, LLC |
| Starmaker Rights LLC | DE | 100% | by A24 Films LLC |
| Starmaker Studios LLC | DE | 100% | by A24 Films LLC |
| Steamboat Portfolio Trust, LLC | DE | 100% | by EPH, LLC |
| Stereogum Media LLC | DE | 20.0% | by EMG AH LLC |
| Stewart Street Productions, LLC | DE | 100% | by DCP Holdings DE, LLC |
| Stonebriar ABF Holdings LLC | DE | 83.0% | by Stonebriar Holdings LLC |
| Stonebriar ABF Issuer LLC | DE | 100% | by Stonebriar ABF Holdings LLC |
| Stonebriar Commercial Finance Canada Inc. | CAN | 100% | by SCF Funding LLC |
| Stonebriar Commercial Finance LLC | DE | 100% | by SCF Funding LLC |
| Stonebriar Finance Holdings LLC | DE | 88.4% | by Stonebriar Holdings LLC |
| Stonebriar Global Management Holdings LLC | DE | 100% | by Stonebriar Holdings LLC |
| Stonebriar Global Management LLC | DE | 100% | by Eldridge Capital Management, LLC |
| Stonebriar Holdings II LLC | DE | 1.0% | by Eldridge Wealth Solutions, Inc. |
| Stonebriar Holdings II LLC | DE | 99.0% | by Stonebriar Holdings LLC |
| Stonebriar Holdings LLC | DE | 100% | by Three L Finance Holdings, LLC |
| Stonebriar IFH LLC | DE | 100% | by SCF Funding LLC |
| Strataca Holdings, LLC | KS | 100% | by Sherwood Park, Inc. |
| Strivers LLC | DE | 100% | by The St. James Sports and Wellness Complex LLC |
| Studio Momo LLC | DE | 100% | by After The Fact LLC |
| Stuerza Properties Ltd | Cyprus | 100% | by B.L. Bluepro Holdings Ltd |
| Sugar23 Podcast Group LLC | DE | 100% | by Sugar23, Inc. |
| Sugar23, Inc. | DE | 16.90% | by Valence Circle Up, LLC |
| Sulliverhills Spain, SLU | Spain | 95.0% | by CIEF1 UK Holdings Limited |
| Sunday Best, LLC | CA | 100% | by MRC Documentary, L.P. |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Jurisdiction** | **Percent of Voting Securities Owned** | **Percent of Voting Securities Owned** |
| Sunny Waves, LLC | CA | 100% | by MRC II Holdings, LP |
| Sunset Hills, LLC | KS | 100% | by Sherwood Park, Inc. |
| Sunset Screams LLC | TX | 100% | by 13 FEG Haunted Holdings, LLC |
| Super Eagles, LLC | CA | 100% | by MRC Documentary Holdings, LLC |
| Super, Awesome & Amazing LLC | DE | 100% | by The St. James Sports and Wellness Complex LLC |
| Sweepstakes Hero, LLC | CA | 100% | by MRC Documentary, L.P. |
| Swingers 1 Limited | GBR | 100% | by Competitive Socialising Limited |
| Swingers 2 Limited | GBR | 100% | by Competitive Socialising Limited |
| Swingers BOS, LLC | DE | 50.0% | by S (BOS) LLC |
| Swingers NY LLC | NY | 100% | by Competitive Socializing US LLC |
| SXSW, LLC | TX | 50.0% | by PME Holdings, LLC |
| Syracuse City, LLC | KS | 100% | by Sherwood Park, Inc. |
| Tahitian Resorts Limited | BVI | 100% | by TR Finco Limited |
| Talk Later LLC | DE | 100% | by A24 Films LLC |
| Tamarack Portfolio Trust, LLC | DE | 100% | by Dayton Funding, LLC |
| TCG Private Credit 2024, L.P. | DE | 0% | Mgmt. by CAIS TCG Private Credit 2024 GP LLC |
| TCG Private Equity 2022, L.P. | DE | 0% | Mgmt. by CAIS TCG Private Equity 2022 GP LLC |
| TCI Finco LIMITED | GBR | 100% | by Mana Holdco Limited |
| Technicolor Dreamcourt LLC | DE | 100% | by A24 Films LLC |
| Terror on the Fox Holdings, LLC | CO | 100% | by 13 FEG Haunted Holdings, LLC |
| TFEG ABG LA JV, LLC | DE | 100% | by 13 FEG Haunted Holdings, LLC |
| TFEG LB Event LLC | DE | 100% | by 13 FEG Haunted Holdings, LLC |
| TFEG OW JV, LLC | DE | 50.0% | by Thirteenth Floor Entertainment Group, LLC |
| TFEG Winchester Event LLC | DE | 100% | by 13 FEG Haunted Holdings, LLC |
| The Ambassador Hotel Cooperative Apartments <br> Corp.<br>| FL | 100% | by Palm Beach Ambassador Holdco LLC |
| The Edgewater House Corporation | FL | 100% | by Palm Beach Edgewater Holdco LLC |
| The Eldridge Convive Irrevocable Trust, LLC | DE | 100% | by Eldridge Convive Holdings II, LLC |
| The Eldridge FGNY Irrevocable Trust | DE | 0% | Mgmt. by Eldridge FGNY Holdings, LLC |
| The Hollywood Reporter, LLC | DE | 100% | by PME Holdings, LLC |
| The Most Down to Earth, LLC | CA | 100% | by MRC Documentary, L.P. |
| The St. James FCVA LLC | VA | 100% | by SJS&W Washington Property LLC |
| The St. James Lacrosse LLC | VA | 100% | by SJS&W Washington Property LLC |
| The St. James Media LLC | DE | 100% | by The St. James Sports and Wellness Complex LLC |
| The St. James Sports & Wellness Lincolnshire <br> LLC<br>| DE | 100% | by Cain International LP |
| The St. James Sports and Wellness Complex LLC | DE | 0% | Board rights held by CHE SJG LLC |
| The Stage Shoreditch (Commercial Tower) GP Ltd | GBR | 100% | by The Stage Shoreditch (Commercial Tower) Unit <br> Trust<br>|
| The Stage Shoreditch (Commercial Tower) LP | GBR | 99.9% | by The Stage Shoreditch (Commercial Tower) Unit <br> Trust<br>|
| The Stage Shoreditch (Commercial Tower) <br> Nominee Ltd<br>| GBR | 100% | by The Stage Shoreditch (Commercial Tower) GP Ltd |
| The Stage Shoreditch (Commercial Tower) Unit <br> Trust<br>| JEY | 99.2% | by The Stage Shoreditch (Master) Unit Trust |
| The Stage Shoreditch (Containers) GP Ltd | GBR | 100% | by The Stage Shoreditch (Containers) Unit Trust |
| The Stage Shoreditch (Containers) LP | GBR | 99.9% | by The Stage Shoreditch (Containers) Unit Trust |
| The Stage Shoreditch (Containers) Nominee Ltd | GBR | 100% | by The Stage Shoreditch (Containers) GP Ltd |
| The Stage Shoreditch (Containers) Unit Trust | JEY | 99.2% | by The Stage Shoreditch (Master) Unit Trust |
| The Stage Shoreditch (Curtain Theatre) GP Ltd | GBR | 100% | by The Stage Shoreditch (Curtain Theatre) Unit Trust |
| The Stage Shoreditch (Curtain Theatre) LP | GBR | 64.9% | by The Stage Shoreditch (Curtain Theatre) Unit Trust |
| The Stage Shoreditch (Curtain Theatre) Nominee <br> Ltd<br>| GBR | 100% | by The Stage Shoreditch (Curtain Theatre) GP Ltd |

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------

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Jurisdiction** | **Percent of Voting Securities Owned** | **Percent of Voting Securities Owned** |
| The Stage Shoreditch (Curtain Theatre) Unit Trust | JEY | 99.2% | by The Stage Shoreditch (Master) Unit Trust |
| The Stage Shoreditch (Master) Unit Trust | JEY | 99.0% | by The Stage Shoreditch LLP |
| The Stage Shoreditch (Office North) GP Ltd | GBR | 100% | by The Stage Shoreditch (Office North) Unit Trust |
| The Stage Shoreditch (Office North) LP | GBR | 99.9% | by The Stage Shoreditch (Office North) Unit Trust |
| The Stage Shoreditch (Office North) Nominee Ltd | GBR | 100% | by The Stage Shoreditch (Office North) GP Ltd |
| The Stage Shoreditch (Office North) Unit Trust | JEY | 99.2% | by The Stage Shoreditch (Master) Unit Trust |
| The Stage Shoreditch (Office South) GP Ltd | GBR | 100% | by The Stage Shoreditch (Office South) Unit Trust |
| The Stage Shoreditch (Office South) LP | GBR | 99.9% | by The Stage Shoreditch (Office South) Unit Trust |
| The Stage Shoreditch (Office South) Nominee Ltd | GBR | 100% | by The Stage Shoreditch (Office South) GP Ltd |
| The Stage Shoreditch (Office South) Unit Trust | JEY | 99.2% | by The Stage Shoreditch (Master) Unit Trust |
| The Stage Shoreditch (Pavilion) GP Ltd | GBR | 65.0% | by The Stage Shoreditch (Pavilion) Unit Trust |
| The Stage Shoreditch (Pavilion) LP | GBR | 99.9% | by The Stage Shoreditch (Pavilion) Unit Trust |
| The Stage Shoreditch (Pavilion) Nominee Ltd | GBR | 100% | by The Stage Shoreditch (Pavilion) GP Ltd |
| The Stage Shoreditch (Pavilion) Unit Trust | JEY | 99.2% | by The Stage Shoreditch (Master) Unit Trust |
| The Stage Shoreditch (The Tower) GP Ltd | GBR | 100% | by The Stage Shoreditch (The Tower) Unit Trust |
| The Stage Shoreditch (The Tower) LP | GBR | 99.9% | by The Stage Shoreditch (The Tower) Unit Trust |
| The Stage Shoreditch (The Tower) Nominee Ltd | GBR | 100% | by The Stage Shoreditch (The Tower) GP Ltd |
| The Stage Shoreditch (The Tower) Unit Trust | JEY | 99.2% | by The Stage Shoreditch (Master) Unit Trust |
| The Stage Shoreditch Deveopment LLP | GBR | 100% | by The Stage Shoreditch LLP |
| The Stage Shoreditch LLP | GBR | 17.09% | by CH Capital A Holdings LLC |
| The Stage Shoreditch LLP | GBR | 65.56% | by CH McCourt (The Stage) LLC |
| The Stage Shoreditch Management Ltd | GBR | 100% | by The Stage Shoreditch (Master) Unit Trust |
| The Stage Shoreditch Master Residential Limited | GBR | 100% | by The Stage Shoreditch (Master) Unit Trust |
| The Stage Shoreditch Rental Residential Limited | GBR | 100% | by The Stage Shoreditch Master Residential Limited |
| The Stage Shoreditch Residential HoldCo Limited | GBR | 100% | by The Stage Shoreditch (Master) Unit Trust |
| The Stage Shoreditch Residential Ltd | GBR | 100% | by The Stage Shoreditch Residential HoldCo Limited |
| Thirteenth Floor Entertainment Group, LLC | DE | 50.0% | by Sensory Impact Group, LLC |
| Thornwood Capital, LLC | DE | 0% | Mgmt. by EEH 2017 Prefered Member, LLC |
| Three L Finance Holdings, LLC | DE | 100% | by Eldridge Equipment Finance LLC |
| Thurston Aviation Engineering Limited | GBR | 100% | by Flexjet Operations Ltd. |
| Thurston Aviation Limited | GBR | 100% | by Flexjet Operations Ltd. |
| TLB-GBM, LLC | DE | 100% | by Todd L. Boehly, Individual |
| Topeka Grand Hotels, LLC | DE | 37.0% | by Security Benefit Life Insurance Company |
| Tornado Digital, LLC | KS | 100% | by Sherwood Park, Inc. |
| Touches LLC | DE | 100% | by A24 Films LLC |
| TR Finco Limited | GBR | 100% | by Mana Holdco Limited |
| Trigger Investco, LLC | DE | 100% | by Putnam Asset Holdings, LLC |
| Trigger Media Group, LLC | DE | 100% | by Trigger Investco, LLC |
| Trinity Stuart Development LLC | DE | 100% | by Trinity Stuart Holding, LLC |
| Trinity Stuart Holding, LLC | DE | 85.0% | by CI Boston Holdings LLC |
| Trinity Stuart Hotel LLC | DE | 100% | by Trinity Stuart Holding, LLC |
| Trinity Stuart Mezz LLC | DE | 100% | by Trinity Stuart Holding, LLC |
| Truebill, Inc. | DE | 18.22% | by Eldridge Truebill Funding, LLC |
| TS Pied-a-Terre Holding, LLC | DE | 100% | by Trinity Stuart Holding, LLC |
| TS Residences Holding, LLC | DE | 100% | by Trinity Stuart Holding, LLC |
| TS Retail Holding, LLC | DE | 100% | by Trinity Stuart Holding, LLC |
| TSJ Bethesda Property LLC | DE | 100% | by The St. James Sports and Wellness Complex LLC |
| TSJ Lincolnshire Property LLC | DE | 100% | by The St. James Sports and Wellness Complex LLC |
| TSJ Management Company LLC | DE | 100% | by The St. James Sports and Wellness Complex LLC |
| TSJ RTC Property LLC | DE | 100% | by The St. James Sports and Wellness Complex LLC |
| TSJ Tysons Galleria Property LLC | VA | 0% | Mgmt. by The St. James Sports and Wellness <br> Complex LLC<br>|
| Turkey Club LLC | DE | 100% | by A24 Films LLC |

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Jurisdiction** | **Percent of Voting Securities Owned** | **Percent of Voting Securities Owned** |
| Turville Film Ltd. | GBR | 100% | by A24 Films LLC |
| Turville Rights LLC | DE | 100% | by A24 Films LLC |
| Tuttle Portfolio Trust, LLC | DE | 100% | by EPH, LLC |
| Tuvoli Canada, Inc. | CAN | 100% | by Tuvoli, LLC |
| Tuvoli Holdings, LLC | DE | 16.87% | by Eldridge EA Holdings, LLC |
| Tuvoli Holdings, LLC | DE | 2.45% | by Eldridge Tuvoli Holdings LLC |
| Tuvoli Holdings, LLC | DE | 12.98% | by Epic Preferred Holdings II LLC |
| Tuvoli Holdings, LLC | DE | 3.67% | by Epic Preferred Holdings LLC |
| Tuvoli, LLC | DE | 100% | by Tuvoli Holdings, LLC |
| Twenty Years LLC | DE | 100% | by After The Fact LLC |
| Un Chien Bizarre LLC | DE | 100% | by A24 Films LLC |
| Uniq Lark Development, S.L.U. | Spain | 100% | by Sulliverhills Spain, SLU |
| Upstate Riot, LLC | CA | 100% | by MRC Documentary Holdings, LLC |
| Valence A24, LLC | DE | 100% | by EMG AH LLC |
| Valence APM, LLC | DE | 100% | by Media Rights Capital II, LLC |
| Valence Circle Up, LLC | DE | 100% | by EMG AH LLC |
| Valence FW73, LLC | DE | 100% | by EMG AH LLC |
| Valence Media, LLC | DE | 100% | by EMH-PME LLC |
| Valence Zig Holdings, LLC | DE | 100% | by EMG AH LLC |
| Variety Media, LLC | DE | 100% | by PME Holdings, LLC |
| Vectura Services LLC | DE | 100% | by Eldridge Business Services LLC |
| Venture Brand Management LLC | DE | 100% | by Sugar23, Inc. |
| Vibe Media Publishing, LLC | DE | 100% | by PME Music, LLC |
| Vim & Victor LLC | DE | 100% | by The St. James Sports and Wellness Complex LLC |
| Viral Nation, Inc. | CAN | 19.1% | by Eldridge Viral Nation Purchaseco Ltd. |
| Vista Portfolio Trust, LLC | DE | 100% | by EPH, LLC |
| Vivid Seats, Inc. | DE | 29.77% | by Post Portfolio Trust, LLC |
| Volo Sicuro, LLC | DE | 5.97% | by Epic Aero, Inc. |
| Volo Sicuro, LLC | DE | 19.89% | by Mayfair Portfolio Trust, LLC |
| Vydia, Inc. | DE | 100% | by Gamma Media Holdings, LLC |
| WAAM Acquisition LLC | VA | 100% | by The St. James Media LLC |
| WABH JV LLC | DE | 0.27% | by CI BH Holdings II LLC |
| WABH JV LLC | DE | 0.88% | by CI BH Holdings LLC |
| WABH LLC | DE | 100% | by WABH Mezz I LLC |
| WABH Mezz I LLC | DE | 100% | by WABH Mezz II LLC |
| WABH Mezz II LLC | DE | 100% | by WABH JV LLC |
| Waldron Private Equity Fund I GP LLC |  | 100% | by Capital Integration Systems LLC |
| Waldron Private Equity Fund I, L.P. | DE | 0% | Waldron Private Equity Fund I GP LLC |
| Walker Portfolio Trust, LLC | DE | 100% | by EPH, LLC |
| Wallace Portfolio Trust, LLC | DE | 100% | by EPH, LLC |
| Walnut Portfolio Trust, LLC | DE | 100% | by Dayton Funding, LLC |
| Walsh Portfolio Trust, LLC | DE | 100% | by EPH, LLC |
| Wanamaker Portfolio Trust, LLC | KS | 100% | by EPH, LLC |
| Watson Brickell Development Mezz, LLC | DE | 100% | by CHE 830 Brickell LLC |
| Watson Brickell Development Parent, LLC | DE | 50.0% | by CHE 830 Brickell LLC |
| Watson Brickell Development Pledgor, LLC | DE | 100% | by CHE 830 Brickell LLC |
| Watson Brickell Development, LLC | DE | 100% | by CHE 830 Brickell LLC |
| Waverly Growth Fund II GP LLC | DE | 100% | by Capital Integration Systems LLC |
| Waverly Growth Fund II, L.P. | DE | 0% | Mgmt. by Waverly Growth Fund II GP LLC |
| Way Upfronts, LLC | DE | 100% | by Sugar23, Inc. |
| WBC, LLC | DE | 100% | by MRC II Holdings, LP |
| Weary Blues Holdings, LLC | KS | 100% | by Sherwood Park, Inc. |
| Weaver Portfolio Trust, LLC | DE | 100% | by EPH, LLC |

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Jurisdiction** | **Percent of Voting Securities Owned** | **Percent of Voting Securities Owned** |
| Weer CLT LLC | DE | 100% | by A24 Films LLC |
| Weer Rights LLC | DE | 100% | by A24 Films LLC |
| Weissach Capital, LLC | DE | 0% | Mgmt. by EEH 2017 Prefered Member, LLC |
| Western Meadowlark Plains, LLC | KS | 100% | by Sherwood Park, Inc. |
| Western Remedy LLC | DE | 100% | by A24 Films LLC |
| Westgate House Developments Limited | GBR | 50.0% | by Galliard Developments Ltd |
| Westwood Portfolio Trust, LLC | DE | 100% | by EPH, LLC |
| White Whale Productions, LLC | CA | 100% | by MRC II Holdings, LP |
| Wight Cap Holdings, LLC | DE | 0% | Mgmt. by EEH 2017 Prefered Member, LLC |
| Wildfires, LLC | CA | 100% | by MRC Documentary, L.P. |
| Wildwood Portfolio Trust, LLC | DE | 100% | by SBT Investors, LLC |
| Williamstown Portfolio Trust, LLC | DE | 100% | by Dayton Funding, LLC |
| Winchester Portfolio Trust, LLC | DE | 100% | by Dayton Funding, LLC |
| Windsor Portfolio Trust, LLC | DE | 100% | by Dayton Funding, LLC |
| Windy Screams LLC | IL | 100% | by 13 FEG Haunted Holdings, LLC |
| Winning Spirit and Sons LLC | DE | 100% | by A24 Films LLC |
| Winward Portfolio Trust, LLC | DE | 100% | by Dayton Funding, LLC |
| WIP Slate Limited | GBR | 100% | by A24 Studios Limited |
| Wizards Productions LLC | DE | 100% | by A24 Films LLC |
| Wrong Trailer Park LLC | DE | 92.5% | by A24 Films LLC |
| WWB Holdings, LLC | DE | 100% | by SBT-WWB, LLC |
| X4Y LLC | DE | 100% | by Sugar23, Inc. |
| Yekaterina UK Limited | GBR | 100% | by MRC II Holdings, LP |
| Yekaterina, LLC | CA | 100% | by MRC II Holdings, LP |
| Young Brothers LLC | DE | 100% | by A24 Films LLC |
| ZDS Holdings LLC | DE | 100% | by Zinnia Tech Solutions LLC |
| Zinnia Asset Holdings II, LLC | DE | 100% | by Zinnia Asset Holdings, LLC |
| Zinnia Asset Holdings III, LLC | DE | 100% | by Zinnia Holdco, LLC |
| Zinnia Asset Holdings, LLC | DE | 100% | by Zinnia Asset Holdings III, LLC |
| Zinnia Business Services LLC | DE | 100% | by Zinnia Corporate Holdings, LLC |
| Zinnia Consulting LLC | DE | 100% | by Zinnia Distributor Solutions LLC |
| Zinnia Corporate Holdings, LLC | DE | 100% | by Zinnia Asset Holdings, LLC |
| Zinnia Digital Service LLP | India | 0.0001% | by se2, LLC |
| Zinnia Digital Service LLP | India | 99.9999% | by Zinnia Corporate Holdings, LLC |
| Zinnia Distributor Solutions LLC | DE | 100% | by ZDS Holdings LLC |
| Zinnia Holdco, LLC | KS | 100% | by Eldridge Wealth Solutions, Inc. |
| Zinnia Tech Solutions Canada ULC | CAN | 100% | by Zinnia Tech Solutions LLC |
| Zinnia Tech Solutions LLC | DE | 100% | by Zinnia Corporate Holdings, LLC |
| Zinnia Technology Services Ireland | Ireland | 100% | by Zinnia Corporate Holdings, LLC |

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SBL is the depositor of the following separate accounts: SBL Variable Annuity Accounts I, III, IV, SBL Variable Universal Life Insurance Account, Security Varilife Separate Account, Variable Annuity Account XI, Variflex Separate Account, SBL Variable Annuity Account VIII, SBL Variable Annuity Account XIV, SBL Variable Annuity Account XVII, T. Rowe Price Variable Annuity Account, and Parkstone Variable Annuity Separate Account. As depositor of the separate accounts, SBL might be deemed to control them.

**Item 30.**

**Indemnification**

The bylaws of Security Benefit Life Insurance Company provide that the Company shall, to the extent authorized by the laws of the State of Kansas, indemnify officers and directors for certain liabilities threatened or incurred in connection with such person's capacity as director or officer.

The Articles of Incorporation include the following provision:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No director of the Corporation shall be liable to the Corporation or its stockholders for monetary damages for breach of his or her fiduciary duty as a director, provided that nothing contained in this Article shall eliminate or limit the liability of a director (a) for any breach of the director's duty of loyalty to the Corporation or its stockholders, (b) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (c) under the provisions of K.S.A. 17-6424 and amendments thereto, or (d) for any transaction from which the director derived an improper personal benefit. If the General Corporation Code of the State of Kansas is amended after the filing of these Articles of Incorporation to authorize corporate action further eliminating or limiting the personal liability of directors, then the liability of a director of the Corporation shall be eliminated or limited to the fullest extent permitted by the General Corporation Code of the State of Kansas, as so amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any repeal or modification of the foregoing paragraph by the stockholders of the Corporation shall not adversely affect any right or protection of a director of the Corporation existing at the time of such repeal or modification.

Insofar as indemnification for a liability arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Depositor has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Depositor of expenses incurred or paid by a director, officer or controlling person of the Depositor in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the Securities being registered, the Depositor will, unless in the opinion of its counsel the matter has been settled by a controlling precedent, submit to a court of appropriate jurisdiction the question of whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

**Item 31.**

**Principal Underwriter**

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| | |
|:---|:---|
| (a)(1) | &nbsp;&nbsp;&nbsp;&nbsp; Security Distributors, LLC ("SDL"), a subsidiary of SBL, acts as principal underwriter for the following separate <br> accounts of SBL:<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; SBL Variable Annuity Account I<br> SBL Variable Annuity Account III<br> SBL Variable Annuity Account IV<br> Security Varilife Separate Account (Security Elite Benefit)<br> Security Varilife Separate Account (Security Varilife)<br> SBL Variable Universal Life Insurance Account (Varilife)<br> Parkstone Advantage Variable Annuity<br> Variflex Separate Account (Variflex)<br> Variflex Separate Account (Variflex ES)<br> SBL Variable Annuity Account VIII (Variflex Extra Credit)<br> SBL Variable Annuity Account VIII (Variflex LS)<br> SBL Variable Annuity Account VIII (Variflex Signature)<br> Variable Annuity Account XI (Scarborough Advantage Variable Annuity)<br> SBL Variable Annuity Account XIV (AdvisorDesigns Variable Annuity) <br> SBL Variable Annuity Account XIV (AEA Variable Annuity)<br> SBL Variable Annuity Account XIV (AdvanceDesigns Variable Annuity)<br> SBL Variable Annuity Account XIV (EliteDesigns Variable Annuity)<br> SBL Variable Annuity Account XIV (EliteDesigns II Variable Annuity)<br> SBL Variable Annuity Account XIV (NEA Valuebuilder)<br> SBL Variable Annuity Account XIV (NEA Valuebuilder Retirement Income Director Variable Annuity)<br> SBL Variable Annuity Account XIV (SecureDesigns Variable Annuity)<br> SBL Variable Annuity Account XIV (Security Benefit Advisor Variable Annuity)<br> SBL Variable Annuity Account XVII (ClassicStrategies Variable Annuity)<br> SBL Variable Annuity Account XVII (ThirdFed Variable Annuity)<br> &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Variable Annuity Account<br>|
| (a)(2) | &nbsp;&nbsp;&nbsp;&nbsp; SDL acts as principal underwriter for the following separate accounts of First Security Benefit Life Insurance and <br> Annuity Company of New York ("FSBL"):<br>|

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| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; Variable Annuity Account A (AdvisorDesigns Variable Annuity)<br> Variable Annuity Account A (EliteDesigns Variable Annuity)<br> Variable Annuity Account A (EliteDesigns II Variable Annuity)<br> Variable Annuity Account B (SecureDesigns Variable Annuity)<br> Variable Annuity Account B (AdvanceDesigns Variable Annuity)<br> &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Variable Annuity Account of First Security Benefit Life Insurance and Annuity Company of New York<br>|
| (a)(3) | SDL acts as principal underwriter for the following Nationwide Life Insurance Company Separate Accounts: |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Nationwide Multi-Flex Variable Account<br> Nationwide Variable Account 9<br>|

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| | | |
|:---|:---|:---|
| (b) | **Name and Principal**<br> **Business Address\***<br>| **Position and Offices with Underwriter** |
|  | David G. Byrnes | President and Head of Distribution |
|  | Colin W. Bishop | Chief Financial Officer, Treasurer, and Finance and Operations Principal |
|  | Kurt E. Auleta | Senior Vice President, Sales Manager West |
|  | Justin A. Jacquinot | Senior Vice President, Direct Relationships |
|  | James J. Kiley | Senior Vice President, Education Market and Affiliates |
|  | Michael T. Maghini | Senior Vice President, National Accounts |
|  | Michael K. Reidy | Senior Vice President |
|  | Matthew V. Rocha | Senior Vice President, Sales Manager East |
|  | Richard J. Wells | Senior Vice President |
|  | Gregory C. Garhart | Vice President, Chief Compliance Officer and AML Chief Compliance Officer |
|  | Alison J. Pollock | Vice President and Secretary |
|  | Aaron M. Tallen | Vice President, Inside Sales, 401k and Defined Contributions |
|  | Donald A. Wiley | Vice President |
|  | Mark J. Carr | Assistant Vice President |
|  | Lisa M. Young | Assistant Treasurer |
|  | \*For all persons listed, the principal business address is One Security Benefit Place, Topeka, Kansas 66636-0001. | \*For all persons listed, the principal business address is One Security Benefit Place, Topeka, Kansas 66636-0001. |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (c) | **(1)** | **(2)** | **(3)** | **(4)** | **(5)** |
|  | **Name of** <br> **Principal Underwriter**<br>| **Net** <br> **Underwriting** <br> **Discounts and** <br> **Commissions**<br>| **Compensation** <br> **on Redemption**<br>| **Brokerage** <br> **Commissions**<br>| **Other** <br> **Compensation**<br>|
|  | Security Distributors, LLC | $534142<sup>1</sup> <br>| $306584<sup>2</sup> <br>| $0 | N/A |
|  | 1<br> SBL pays commissions to selling broker-dealers through SDL. This is the amount paid to SDL in connection with all <br> contracts sold through the separate account. SDL passes through to selling broker-dealers all such amounts. | 1<br> SBL pays commissions to selling broker-dealers through SDL. This is the amount paid to SDL in connection with all <br> contracts sold through the separate account. SDL passes through to selling broker-dealers all such amounts. | 1<br> SBL pays commissions to selling broker-dealers through SDL. This is the amount paid to SDL in connection with all <br> contracts sold through the separate account. SDL passes through to selling broker-dealers all such amounts. | 1<br> SBL pays commissions to selling broker-dealers through SDL. This is the amount paid to SDL in connection with all <br> contracts sold through the separate account. SDL passes through to selling broker-dealers all such amounts. | 1<br> SBL pays commissions to selling broker-dealers through SDL. This is the amount paid to SDL in connection with all <br> contracts sold through the separate account. SDL passes through to selling broker-dealers all such amounts. |
|  | 2<br> A contingent deferred sales charge may be assessed on full or partial withdrawals from certain contracts supported by <br> the Separate Account. This is the amount of contingent deferred sales charge assessed in connection with withdrawals <br> from all such contracts, all of which is retained by SBL. | 2<br> A contingent deferred sales charge may be assessed on full or partial withdrawals from certain contracts supported by <br> the Separate Account. This is the amount of contingent deferred sales charge assessed in connection with withdrawals <br> from all such contracts, all of which is retained by SBL. | 2<br> A contingent deferred sales charge may be assessed on full or partial withdrawals from certain contracts supported by <br> the Separate Account. This is the amount of contingent deferred sales charge assessed in connection with withdrawals <br> from all such contracts, all of which is retained by SBL. | 2<br> A contingent deferred sales charge may be assessed on full or partial withdrawals from certain contracts supported by <br> the Separate Account. This is the amount of contingent deferred sales charge assessed in connection with withdrawals <br> from all such contracts, all of which is retained by SBL. | 2<br> A contingent deferred sales charge may be assessed on full or partial withdrawals from certain contracts supported by <br> the Separate Account. This is the amount of contingent deferred sales charge assessed in connection with withdrawals <br> from all such contracts, all of which is retained by SBL. |

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**Item 31A.**

**Information about Contracts with Index-Linked Options and Fixed Options Subject to a Contract Adjustment**

Not Applicable

**Item 32.**

**Location of Accounts and Records**

[Omitted]

**Item 33.**

**Management Services**

All management contracts are discussed in Part A or Part B.

**Item 34.**

**Fee Representation and Other Representations**

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**Fee Representation**

Security Benefit Life Insurance Company represents that the fees and charges deducted under the Contract, in the aggregate, are reasonable in relation to the services rendered, the expenses expected to be incurred, and the risks assumed by Security Benefit Life Insurance Company.

**Other Representations**

(a) SBL, sponsor of the unit investment trust, SBL Variable Annuity Account XIV, hereby represents that it is relying upon the American Council of Life Insurance, SEC No-Action Letter, [1988-1989 Transfer Binder] Fed. Sec. L. Rep. (CCH) at paragraph 78,904 (Nov. 28, 1988), and that it has complied with the provisions of paragraphs (1)-(4) of such no-action letter which are incorporated herein by reference.

(b) Security Benefit Life Insurance Company represents that it is relying upon Rule 6c-7 under the Investment Company Act of 1940 with respect to Contracts issued to participants under the Texas Optional Retirement Program and that it has complied with the provisions of paragraphs (a) – (d) of that Rule.

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**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this registration statement under rule 485(b) under the Securities Act and has caused this registration statement to be signed on its behalf by the undersigned, duly authorized, in the City of Topeka, and State of Kansas on this 29th day of April, 2026.

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| | |
|:---|:---|
| By: | Security Benefit Life Insurance Company |
|  | (the Insurance Company) |
|  | \*<br>|
|  | Douglas G. Wolff, Chief Executive Officer and Director |

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| | |
|:---|:---|
| By: | SBL Variable Annuity Account XIV |
|  | (The Registered Separate Account) |
|  | \*<br>|
|  | Douglas G. Wolff, Chief Executive Officer and Director |

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As required by the Securities Act of 1933, this Post-Effective Amendment to the Registration Statement has been signed by the following persons in the capacities indicated on April 29, 2026.

<u>SIGNATURES AND TITLES</u>

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| | |
|:---|:---|
| By: | \* |
| By: | &nbsp;&nbsp;&nbsp; <br>Douglas G. Wolff, Chief Executive Officer and Director<br>|
| By: | \* |
| By: | &nbsp;&nbsp;&nbsp; <br>Brian J. Beckett, Senior Vice President, Chief Financial Officer, and Director<br>|
| By: | \* |
| By: | &nbsp;&nbsp;&nbsp; <br>Rui Guo, Senior Vice President, Chief Actuary, Chief Product Officer, and Director<br>|
| By: | \* |
| By: | &nbsp;&nbsp;&nbsp; <br>John F. Guyot, Senior Vice President, Chief Legal Officer, and Director<br>|
| By: | \* |
| By: | &nbsp;&nbsp;&nbsp; <br>Joseph W. Wittrock, Senior Vice President, Chief Investment Officer, and Director<br>|
| \*By: | /s/ Alison Pollock |
| \*By: | &nbsp;&nbsp;&nbsp; <br>Alison Pollock, as Attorney-in-Fact<br>|

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**<u>EXHIBIT INDEX</u>**

(l)(1) Consent of Independent Registered Public Accounting Firm <br> (l)(2) Consent of Counsel

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| | |
|:---|:---|
| 101.INS | XBRL Instance Document |
| 101.SCH | XBRL Taxonomy Extension Schema Document |
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB | XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |

---

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## Ex-99.(L)(1)

Consent of Independent Registered Public Accounting Firm

We consent to the reference to our firm under the caption "Independent Registered Public Accounting Firm" in each of the Statements of Additional Information, dated May 1, 2026, and included in this Post-Effective Amendment No. 25 to the Registration Statement (Form N-4, File No. 333-138540) of SBL Variable Annuity Account XIV (the "Registration Statement").

We also consent to the use of our reports (1) dated April 24, 2026, with respect to consolidated financial statements and supplemental schedules of Security Benefit Life Insurance Company and Subsidiaries and (2) dated April 24, 2026, with respect to the financial statements of each of the subaccounts within SBL Variable Annuity Account XIV, for the year ended December 31, 2025, included in this Registration Statement, filed with the Securities and Exchange Commission.

/s/ Ernst & Young LLP

Kansas City, Missouri

April 24, 2026

## Ex-99.(L)(2)

Consent of Counsel

I consent to the inclusion of the reference to my opinion under Kansas law under the caption "Legal Matters" in the Prospectus included in Post-Effective Amendment No. 26 to the Registration Statement under the Securities Act of 1933 (Form N-4 No. 333-138540) and Amendment No. 85 to the Registration Statement under the Investment Company Act of 1940 (Form N-4 No. 811-10011) for the Security Benefit Life Insurance Company EliteDesigns Variable Annuity.

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| |
|:---|
| /s/ ALISON POLLOCK |
| Alison Pollock |
| Topeka, Kansas |
| April 29, 2026 |

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