# EDGAR Filing Document

**Accession Number:** 0001274458
**File Stem:** 0001193125-26-182465
**Filing Date:** 2026-4
**Character Count:** 48011
**Document Hash:** 06074df1d435870e8ce3f991c912db00
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-182465.hdr.sgml**: 20260428

**ACCESSION NUMBER**: 0001193125-26-182465

**CONFORMED SUBMISSION TYPE**: N-VPFS

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260428

**DATE AS OF CHANGE**: 20260427

**EFFECTIVENESS DATE**: 20260428

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SBL VARIABLE ANNUITY ACCOUNT XVII
- **CENTRAL INDEX KEY:** 0001274458

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

**FILING VALUES:**
- **FORM TYPE:** N-VPFS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21481
- **FILM NUMBER:** 26902308

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

**MAIL ADDRESS:**
- **STREET 1:** ONE SECURITY BENEFIT PALCE
- **CITY:** TOPEKA
- **STATE:** KS
- **ZIP:** 66636-0001

## Series and Classes Contracts Data

### SBL VARIABLE ANNUITY ACCOUNT XVII (Series ID: S000010081)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000027918 | CLASSICSTRATEGIES VARIABLE ANNUITY |  |
| C000027919 | THIRDFED VARIABLE ANNUITY          |  |

##### [**Table of Contents**](#toc)
FINANCIAL STATEMENTS

SBL Variable Annuity Account XVII

Year Ended December 31, 2025

With Report of Independent Registered Public Accounting Firm

------

##### [**Table of Contents**](#toc)
SBL Variable Annuity Account XVII

Financial Statements

Year Ended December 31, 2025

Contents

---

| | | |
|:---|:---|:---|
|  [Report of Independent Registered Public Accounting Firm](#fintoc13217_1) | [Report of Independent Registered Public Accounting Firm](#fintoc13217_1) | 1 |
|  Audited Financial Statements | Audited Financial Statements |  |
|  [Statements of Net Assets](#fintoc13217_3) | [Statements of Net Assets](#fintoc13217_3) | 3 |
|  [Statements of Operations and Change in Net Assets](#fintoc13217_4) | [Statements of Operations and Change in Net Assets](#fintoc13217_4) | 4 |
|  [Notes to Financial Statements](#fintoc13217_5) | [Notes to Financial Statements](#fintoc13217_5) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. | [Organization and Significant Accounting Policies](#fintoc13217_6) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. | [Variable Annuity Contract Charges](#fintoc13217_7) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. | [Summary of Unit Transactions](#fintoc13217_8) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. | [Financial Highlights](#fintoc13217_9) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. | [Subsequent Events](#fintoc13217_10) | 17 |

---

------

##### [**Table of Contents**](#toc)
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 XVII

**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 XVII (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 2003.

Kansas City, Missouri

April 24, 2026

------

##### [**Table of Contents**](#toc)
**Appendix** 

**Subaccounts comprising SBL Variable Annuity Account XVII** 

---

| | |
|:---|:---|
| **Subaccounts** | **Statements of operations and changes in net assets** |
|  Guggenheim VIF Total Return Bond | 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. Global Real Estate | 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 |
|  MFS<sup>®</sup> VIT Total Return | 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 Small Cap Value Series | For each of the two years in the period ended December 31, 2025 |
|  PIMCO VIT All Asset | For each of the two years in the period ended December 31, 2025 |
|  PIMCO VIT Low Duration | For each of the two years in the period ended December 31, 2025 |
|  PIMCO VIT Real Return | For each of the two years in the period ended December 31, 2025 |

---

------

##### [**Table of Contents**](#toc)
SBL Variable Annuity Account XVII

Statements of Net Assets

December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Number of<br>Shares** | **Cost** | **Assets at<br>Market Value** | **Net Assets** | **Units<br>Outstanding** | **Range of Unit<br>Values** | **Range of Unit<br>Values** |
|  Guggenheim VIF Total Return Bond |  | $— | $— | $— |  | $12.75 | $12.75 |
|  Invesco V.I. Equity and Income | 12917 | 207613 | 234063 | 234063 | 13612 | 17.22 | 17.22 |
|  Invesco V.I. Global Real Estate | 214 | 3315 | 3036 | 3036 | 166 | 18.22 | 18.22 |
|  Invesco V.I. Government Money Market | 103063 | 103063 | 103063 | 103063 | 13128 | 7.85 | 9.85 |
|  MFS<sup>®</sup> VIT Total Return | 711 | 15374 | 16108 | 16108 | 1104 | 14.59 | 14.59 |
|  NAA All Cap Value Series | 1169 | 32535 | 34851 | 34851 | 981 | 35.56 | 35.56 |
|  NAA Small Cap Value Series | 174 | 6089 | 6396 | 6396 | 169 | 37.81 | 37.81 |
|  PIMCO VIT All Asset | 15971 | 165021 | 153001 | 153001 | 13047 | 11.45 | 19.94 |
|  PIMCO VIT Low Duration | 2267 | 23073 | 22172 | 22172 | 1945 | 11.40 | 11.40 |
|  PIMCO VIT Real Return | 1252 | 16067 | 15037 | 15037 | 1082 | 13.90 | 13.90 |

---

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

------

##### [**Table of Contents**](#toc)
SBL Variable Annuity Account XVII

Statements of Operations and Change in Net Assets

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | | | |
|:---|:---|:---|:---|
|  | **Guggenheim VIF<br>Total Return Bond** | **Invesco V.I. Equity<br>and Income** | **Invesco V.I. Global<br>Real Estate** |
|  Net assets as of December 31, 2023 | $838 | $229112 | $3377 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions |  | 4075 | 86 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (6) | (3775) | (65) |
|  Net investment income (loss) | (6) | 300 | 21 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  | 9955 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 46 | 8270 | (30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (55) | 8158 | (109) |
|  Net gain (loss) on investments | (9) | 26383 | (139) |
|  Net increase (decrease) in net assets from operations | (15) | 26683 | (118) |
|  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 | (823) | (67794) | (199) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net |  | 48751 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments |  | (969) |  |
|  Increase (decrease) in net assets from contract transactions | (823) | (20012) | (199) |
|  Total increase (decrease) in net assets | (838) | 6671 | (317) |
|  Net assets as of December 31, 2024 | $— | $235783 | $3060 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions |  | 4291 | 65 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges |  | (3298) | (61) |
|  Net investment income (loss) |  | 993 | 4 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  | 12310 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments |  | 2998 | (27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) |  | 7685 | 200 |
|  Net gain (loss) on investments |  | 22993 | 173 |
|  Net increase (decrease) in net assets from operations |  | 23986 | 177 |
|  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 |  | (24795) | (201) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net |  | (21) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments |  | (890) |  |
|  Increase (decrease) in net assets from contract transactions |  | (25706) | (201) |
|  Total increase (decrease) in net assets |  | (1720) | (24) |
|  Net assets as of December 31, 2025 | $— | $234063 | $3036 |

---

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

------

##### [**Table of Contents**](#toc)
SBL Variable Annuity Account XVII

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** | **MFS<sup>®</sup> VIT Total<br>Return** | **NAA All Cap<br>Value Series** |
|  Net assets as of December 31, 2023 | $1293 | $31206 | $33022 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 2023 | 741 | 563 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (618) | (391) | (691) |
|  Net investment income (loss) | 1405 | 350 | (128) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  | 1590 | 1786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments |  | 1499 | 630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) |  | (907) | 463 |
|  Net gain (loss) on investments |  | 2182 | 2879 |
|  Net increase (decrease) in net assets from operations | 1405 | 2532 | 2751 |
|  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 | (28783) | (18192) | (2185) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 138312 | (49) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (189) | (117) |  |
|  Increase (decrease) in net assets from contract transactions | 109340 | (18358) | (2185) |
|  Total increase (decrease) in net assets | 110745 | (15826) | 566 |
|  Net assets as of December 31, 2024 | $112038 | $15380 | $33588 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 3897 | 407 | 521 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (1381) | (208) | (677) |
|  Net investment income (loss) | 2516 | 199 | (156) |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions |  | 1198 | 7653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments |  | 34 | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) |  | 14 | (4187) |
|  Net gain (loss) on investments |  | 1246 | 3680 |
|  Net increase (decrease) in net assets from operations | 2516 | 1445 | 3524 |
|  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 | (11086) | (653) | (2261) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net | 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments | (406) | (64) |  |
|  Increase (decrease) in net assets from contract transactions | (11491) | (717) | (2261) |
|  Total increase (decrease) in net assets | (8975) | 728 | 1263 |
|  Net assets as of December 31, 2025 | $103063 | $16108 | $34851 |

---

---

| |
|:---|
| The accompanying notes are an integral part of these financial statements. |
| 5 |

---

------

##### [**Table of Contents**](#toc)
SBL Variable Annuity Account XVII

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** | **PIMCO VIT All<br>Asset** | **PIMCO VIT Low<br>Duration** |
|  Net assets as of December 31, 2023 | $6727 | $154587 | $24599 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 82 | 10266 | 960 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (136) | (2135) | (477) |
|  Net investment income (loss) | (54) | 8131 | 483 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 301 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 133 | (7027) | (176) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 60 | 2999 | 270 |
|  Net gain (loss) on investments | 494 | (4028) | 94 |
|  Net increase (decrease) in net assets from operations | 440 | 4103 | 577 |
|  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 | (433) | (44422) | (2320) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net |  | 29968 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments |  | (581) |  |
|  Increase (decrease) in net assets from contract transactions | (433) | (15035) | (2320) |
|  Total increase (decrease) in net assets | 7 | (10932) | (1743) |
|  Net assets as of December 31, 2024 | $6734 | $143655 | $22856 |
|  Investment income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 69 | 6909 | 910 |
|  Investment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (126) | (1984) | (454) |
|  Net investment income (loss) | (57) | 4925 | 456 |
|  Increase (decrease) in net assets from operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions | 1287 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized capital gain (loss) on investments | 14 | (1244) | (86) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | (1182) | 14052 | 415 |
|  Net gain (loss) on investments | 119 | 12808 | 329 |
|  Net increase (decrease) in net assets from operations | 62 | 17733 | 785 |
|  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 | (400) | (7820) | (1469) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfers between subaccounts, net |  | (18) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance charges and mortality adjustments |  | (549) |  |
|  Increase (decrease) in net assets from contract transactions | (400) | (8387) | (1469) |
|  Total increase (decrease) in net assets | (338) | 9346 | (684) |
|  Net assets as of December 31, 2025 | $6396 | $153001 | $22172 |

---

---

| |
|:---|
| The accompanying notes are an integral part of these financial statements. |
| 6 |

---

------

##### [**Table of Contents**](#toc)
SBL Variable Annuity Account XVII

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024, Except as Noted

---

| | |
|:---|:---|
|  | **PIMCO VIT Real<br>Return** |
|  Net assets as of December 31, 2023 | $17055 |
|  Investment income (loss): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 431 |
|  Investment Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (325) |
|  Net investment income (loss) | 106 |
|  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 | (264) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 177 |
|  Net gain (loss) on investments | (87) |
|  Net increase (decrease) in net assets from operations | 19 |
|  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 | (1909) |
| &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 |  |
|  Increase (decrease) in net assets from contract transactions | (1909) |
|  Total increase (decrease) in net assets | (1890) |
|  Net assets as of December 31, 2024 | $15165 |
|  Investment income (loss): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend distributions | 520 |
|  Investment Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk and administrative charges | (308) |
|  Net investment income (loss) | 212 |
|  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 | (88) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 751 |
|  Net gain (loss) on investments | 663 |
|  Net increase (decrease) in net assets from operations | 875 |
|  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 | (1003) |
| &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 |  |
|  Increase (decrease) in net assets from contract transactions | (1003) |
|  Total increase (decrease) in net assets | (128) |
|  Net assets as of December 31, 2025 | $15037 |

---

---

| |
|:---|
| The accompanying notes are an integral part of these financial statements. |
| 7 |

---

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##### [**Table of Contents**](#toc)
SBL Variable Annuity Account XVII

Notes to Financial Statements

December 31, 2025

**1. Organization and Significant Accounting Policies** 

SBL Variable Annuity Account XVII (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 two product groups that comprise the Account, ClassicStrategies and ThirdFed, 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** |
| BNY Mellon IP Technology Growth | Service | BNY Mellon Investment Adviser, Inc | Newton Investment Management North America, LLC |
| Guggenheim VIF High Yield |  | Security Investors, LLC |  |
| Guggenheim VIF Total Return Bond |  | Security Investors, LLC |  |
| Invesco V.I. American Value | Series II | Invesco Advisers, Inc |  |
| 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 Real Estate | Series I | Invesco Advisers, Inc | Invesco Asset Management Ltd |
| Invesco V.I. Government Money Market | Series II | Invesco Advisers, Inc |  |
| Invesco V.I. Health Care | Series I | 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 |  |
| LVIP American Century Ultra | Service Class | American Century Investment Management, Inc |  |
| LVIP American Century Value | Service Class | American Century Investment Management, Inc |  |
| MFS<sup>®</sup> VIT Total Return | Service | Massachusetts Financial Services Company |  |
| NAA All Cap Value Series |  | Security Investors, LLC |  |
| NAA Large Cap Value Series |  | Security Investors, LLC |  |
| NAA Large Core Series |  | Security Investors, LLC |  |
| NAA Large Growth Series |  | Security Investors, LLC |  |
| NAA Mid Growth Series |  | Security Investors, LLC |  |
| NAA Small Cap Value Series |  | Security Investors, LLC |  |
| NAA Small Growth Series |  | Security Investors, LLC |  |
| NAA Smid-Cap Value Series |  | Security Investors, LLC |  |
| NAA World Equity Income Series |  | Security Investors, LLC |  |
| Neuberger Berman AMT Quality Equity Portfolio | Class S | Neuberger Berman Investment Advisers LLC |  |
| PIMCO VIT All Asset | Administrative | Pacific Investment Management Company, LLC | Research Affiliates LLC |
| PIMCO VIT Low Duration | Administrative | Pacific Investment Management Company, LLC |  |
| PIMCO VIT Real Return | Administrative | Pacific Investment Management Company, LLC |  |

---

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##### [**Table of Contents**](#toc)
Notes to Financial Statements (continued)

1. Organization and Significant Accounting Policies (continued)

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.

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##### [**Table of Contents**](#toc)
SBL Variable Annuity Account XVII

Notes to Financial Statements (continued)

1. Organization and Significant Accounting Policies (continued)

Twenty-seven 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** |
| BNY Mellon IP Technology Growth |
| Guggenheim VIF High Yield |
| Invesco V.I. American Value |
| Invesco V.I. EVQ International Equity Fund |
| Invesco V.I. Health Care |
| Invesco V.I. Main Street Mid Cap Fund<sup>®</sup> |
| Invesco V.I. Main Street Small Cap Fund<sup>®</sup> |
| LVIP American Century Ultra |
| LVIP American Century Value |
| NAA Large Cap Value Series |
| NAA Large Core Series |
| NAA Large Growth Series |
| NAA Mid Growth Series |
| NAA Small Growth Series |
| NAA Smid-Cap Value Series |
| NAA World Equity Income Series |
| Neuberger Berman AMT Quality Equity Portfolio |

---

During the current year the following subaccount name change was made effective:

---

| | | |
|:---|:---|:---|
| **Date** | **New Name** | **Old Name** |
| July 28, 2025 | Neuberger Berman AMT Quality Equity Portfolio | Neuberger Berman AMT Sustainable Equity |

---

**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** |
|  Invesco V.I. Equity and Income | $16601 | $29004 |
|  Invesco V.I. Global Real Estate | 65 | 262 |
|  Invesco V.I. Government Money Market | 3898 | 12873 |
|  MFS<sup>®</sup> VIT Total Return | 1605 | 925 |
|  NAA All Cap Value Series | 8174 | 2938 |
|  NAA Small Cap Value Series | 1356 | 526 |
|  PIMCO VIT All Asset | 6909 | 10371 |
|  PIMCO VIT Low Duration | 910 | 1923 |
|  PIMCO VIT Real Return | 520 | 1311 |

---

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##### [**Table of Contents**](#toc)
SBL Variable Annuity Account XVII

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** 

As of December 31, 2025, annuity reserves have not been established, as there are no contracts that have matured and are in the payout stage. Such reserves would be computed on the basis of published mortality tables using assumed interest rates that will provide reserves as prescribed by law. In cases where the payout option selected is life contingent, SBL periodically recalculates the required annuity reserves, and any resulting adjustment is either charged or credited to SBL and not to the Account.

**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.

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##### [**Table of Contents**](#toc)
SBL Variable Annuity Account XVII

Notes to Financial Statements (continued)

1. Organization and Significant Accounting Policies (continued)

The Account had no financial liabilities as of December 31, 2025.

**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** 

**ClassicStrategies** 

*Mortality and Expense Risk Charge*: Mortality and expense risks assumed by SBL are compensated for by a fee equivalent to an annual rate of 0.85% of the average daily net asset.

*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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Contingent Deferred Sales Charge (CDSC)*: SBL deducts a CDSC (also referred to as a "withdrawal
charge") of up to 8% 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Rider Charge*: SBL deducts a monthly amount for each rider, equal to a percentage of contract value, not to
exceed a total charge of 0.95% of the contract value.

**ThirdFed** 

*Mortality and Expense Risk Charge*: Mortality and expense risks assumed by SBL are compensated for by a fee equivalent to an annual rate of 1.15% of the average daily net asset value.

*Administrative Charge*: SBL deducts a daily administration charge equivalent to an annual rate of 0.15% for the Guggenheim VIF Managed Asset Allocation, Invesco V.I. Government Money Market, MFS VIT Total Return and PIMCO VIT All Asset subaccounts; 0.30% for the Invesco V.I. Equity and Income subaccount; and 0.55% for the Invesco V.I. Conservative Balanced subaccount 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.

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##### [**Table of Contents**](#toc)
SBL Variable Annuity Account XVII

Notes to Financial Statements (continued)

**2. Variable Annuity Contract Charges (continued)** 

*Premium Tax Charge*: When applicable, an amount for state 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *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 five years of the contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Rider Charge*: SBL deducts a monthly charge for each rider, equal to a percentage of the contract value,
not to exceed a total charge of 0.75% of the contract value.

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##### [**Table of Contents**](#toc)
SBL Variable Annuity Account XVII

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:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
| **Subaccount** | **Units<br>Issued** | **Units<br>Redeemed** | **Net<br>Increase<br>(Decrease)** | **Units<br>Issued** | **Units<br>Redeemed** | **Net<br>Increase<br>(Decrease)** |
|  Guggenheim VIF Total Return Bond |  |  |  |  | (70) | (70) |
|  Invesco V.I. Equity and Income | 414 | (1556) | (1142) | 3655 | (4245) | (590) |
|  Invesco V.I. Global Real Estate |  | (11) | (11) |  | (11) | (11) |
|  Invesco V.I. Government Money Market | 402 | (1456) | (1054) | 17681 | (3636) | 14045 |
|  MFS<sup>®</sup> VIT Total Return | 34 | (50) | (16) | 65 | (1284) | (1219) |
|  NAA All Cap Value Series |  | (65) | (65) |  | (65) | (65) |
|  NAA Small Cap Value Series |  | (11) | (11) |  | (12) | (12) |
|  PIMCO VIT All Asset | 383 | (743) | (360) | 3221 | (4171) | (950) |
|  PIMCO VIT Low Duration |  | (130) | (130) |  | (212) | (212) |
|  PIMCO VIT Real Return |  | (72) | (72) |  | (146) | (146) |

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##### [**Table of Contents**](#toc)
SBL Variable Annuity Account XVII

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<br>($)** | **Invest-<br>ment<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 Total Return Bond |  |  |  |  |  |  |  |  |  |
| 2025 |  | 12.75 | 12.75 |  |  | 1.95 | 1.95 | 5.37 | 5.37 |
| 2024 |  | 12.10 | 12.10 |  |  | 1.95 | 1.95 | 1.09 | 1.09 |
| 2023 | 70 | 11.97 | 11.97 | 838 | 0.06 | 1.95 | 1.95 | 4.82 | 4.82 |
| 2022 | 412 | 11.42 | 11.42 | 4693 | 0.03 | 1.95 | 1.95 | (17.78) | (17.78) |
| 2021 | 412 | 13.89 | 13.89 | 5707 | 0.02 | 1.95 | 1.95 | (2.32) | (2.32) |
|  Invesco V.I. Equity and Income |  |  |  |  |  |  |  |  |  |
| 2025 | 13612 | 17.22 | 17.22 | 234063 | 1.83 | 1.45 | 1.45 | 7.62 | 7.62 |
| 2024 | 14754 | 16.00 | 16.00 | 235783 | 0.02 | 1.45 | 1.45 | 7.02 | 7.02 |
| 2023 | 15344 | 14.95 | 14.95 | 229112 | 0.02 | 1.45 | 1.45 | 5.43 | 5.43 |
| 2022 | 16268 | 14.18 | 14.18 | 230405 | 0.01 | 1.45 | 1.45 | (11.71) | (11.71) |
| 2021 | 16459 | 16.06 | 16.06 | 264087 | 0.02 | 1.45 | 1.45 | 13.18 | 13.18 |
|  Invesco V.I. Global Real Estate |  |  |  |  |  |  |  |  |  |
| 2025 | 166 | 18.22 | 18.22 | 3036 | 2.13 | 1.95 | 1.95 | 5.75 | 5.75 |
| 2024 | 177 | 17.23 | 17.23 | 3060 | 0.03 | 1.95 | 1.95 | (3.74) | (3.74) |
| 2023 | 188 | 17.90 | 17.90 | 3377 | 0.01 | 1.95 | 1.95 | 6.93 | 6.93 |
| 2022 | 200 | 16.74 | 16.74 | 3357 | 0.03 | 1.95 | 1.95 | (26.39) | (26.39) |
| 2021 | 213 | 22.74 | 22.74 | 4857 | 0.03 | 1.95 | 1.95 | 23.25 | 23.25 |
|  Invesco V.I. Government Money Market |  |  |  |  |  |  |  |  |  |
| 2025 | 13128 | 7.85 | 9.85 | 103063 | 3.62 | 1.30 | 1.95 | (0.63) | 1.76 |
| 2024 | 14182 | 7.90 | 9.68 | 112038 | 0.04 | 1.30 | 1.95 | 0.25 | 2.65 |
| 2023 | 137 | 9.43 | 9.43 | 1293 | 0.05 | 1.95 | 1.95 | 2.61 | 2.61 |
| 2022 | 147 | 9.19 | 9.19 | 1343 | 0.01 | 1.95 | 1.95 | (0.76) | (0.76) |
| 2021 | 147 | 9.26 | 9.26 | 1357 |  | 1.95 | 1.95 | (1.91) | (1.91) |

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##### [**Table of Contents**](#toc)
SBL Variable Annuity Account XVII

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit<br>Values<br>Lowest<br>($) (4)** | **Unit<br>Values<br>Highest<br>($) (4)** | **Net<br>Assets ($)** | **Invest-<br>ment<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 Total Return |  |  |  |  |  |  |  |  |  |
| 2025 | 1104 | 14.59 | 14.59 | 16108 | 2.59 | 1.30 | 1.30 | 6.26 | 6.26 |
| 2024 | 1120 | 13.73 | 13.73 | 15380 | 0.03 | 1.30 | 1.30 | 2.92 | 2.92 |
| 2023 | 2339 | 13.34 | 13.34 | 31206 | 0.02 | 1.30 | 1.30 | 5.54 | 5.54 |
| 2022 | 2380 | 12.64 | 12.64 | 30075 | 0.01 | 1.30 | 1.30 | (13.60) | (13.60) |
| 2021 | 2425 | 14.63 | 14.63 | 35480 | 0.02 | 1.30 | 1.30 | 9.02 | 9.02 |
|  NAA All Cap Value Series |  |  |  |  |  |  |  |  |  |
| 2025 | 981 | 35.56 | 35.56 | 34851 | 1.52 | 1.95 | 1.95 | 10.68 | 10.68 |
| 2024 | 1046 | 32.13 | 32.13 | 33588 | 0.02 | 1.95 | 1.95 | 8.07 | 8.07 |
| 2023 | 1111 | 29.73 | 29.73 | 33022 | 0.02 | 1.95 | 1.95 | 6.41 | 6.41 |
| 2022 | 1551 | 27.94 | 27.94 | 43312 | 0.01 | 1.95 | 1.95 | (3.09) | (3.09) |
| 2021 | 1628 | 28.83 | 28.83 | 46913 | 0.02 | 1.95 | 1.95 | 24.48 | 24.48 |
|  NAA Small Cap Value Series |  |  |  |  |  |  |  |  |  |
| 2025 | 169 | 37.81 | 37.81 | 6396 | 1.05 | 1.95 | 1.95 | 1.29 | 1.29 |
| 2024 | 180 | 37.33 | 37.33 | 6734 | 0.01 | 1.95 | 1.95 | 6.38 | 6.38 |
| 2023 | 192 | 35.09 | 35.09 | 6727 | 0.02 | 1.95 | 1.95 | 8.14 | 8.14 |
| 2022 | 808 | 32.45 | 32.45 | 26285 | 0.01 | 1.95 | 1.95 | (5.61) | (5.61) |
| 2021 | 822 | 34.38 | 34.38 | 28303 | 0.01 | 1.95 | 1.95 | 23.71 | 23.71 |
|  PIMCO VIT All Asset |  |  |  |  |  |  |  |  |  |
| 2025 | 13047 | 11.45 | 19.94 | 153001 | 4.66 | 1.30 | 1.95 | 9.36 | 11.96 |
| 2024 | 13407 | 10.47 | 17.81 | 143655 | 0.07 | 1.30 | 1.95 | (0.66) | 1.71 |
| 2023 | 14357 | 10.54 | 17.51 | 154587 | 0.03 | 1.30 | 1.95 | 3.64 | 6.06 |
| 2022 | 14946 | 10.17 | 16.51 | 155229 | 0.08 | 1.30 | 1.95 | (15.60) | (13.56) |
| 2021 | 15082 | 12.05 | 19.10 | 185469 | 0.12 | 1.30 | 1.95 | 11.37 | 13.96 |
|  PIMCO VIT Low Duration |  |  |  |  |  |  |  |  |  |
| 2025 | 1945 | 11.40 | 11.40 | 22172 | 4.04 | 1.95 | 1.95 | 3.45 | 3.45 |
| 2024 | 2075 | 11.02 | 11.02 | 22856 | 0.04 | 1.95 | 1.95 | 2.42 | 2.42 |
| 2023 | 2287 | 10.76 | 10.76 | 24599 | 0.04 | 1.95 | 1.95 | 2.97 | 2.97 |
| 2022 | 2427 | 10.45 | 10.45 | 25360 | 0.02 | 1.95 | 1.95 | (7.60) | (7.60) |
| 2021 | 2580 | 11.31 | 11.31 | 29164 | 0.01 | 1.95 | 1.95 | (2.84) | (2.84) |

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##### [**Table of Contents**](#toc)
SBL Variable Annuity Account XVII

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subaccount** | **Units** | **Unit<br>Values<br>Lowest<br>($) (4)** | **Unit<br>Values<br>Highest<br>($) (4)** | **Net<br>Assets ($)** | **Invest-<br>ment<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 Real Return |  |  |  |  |  |  |  |  |  |
| 2025 | 1082 | 13.90 | 13.90 | 15037 | 3.44 | 1.95 | 1.95 | 5.78 | 5.78 |
| 2024 | 1154 | 13.14 | 13.14 | 15165 | 0.03 | 1.95 | 1.95 | 0.15 | 0.15 |
| 2023 | 1300 | 13.12 | 13.12 | 17055 | 0.03 | 1.95 | 1.95 | 1.63 | 1.63 |
| 2022 | 1894 | 12.91 | 12.91 | 24345 | 0.07 | 1.95 | 1.95 | (13.59) | (13.59) |
| 2021 | 1979 | 14.94 | 14.94 | 29451 | 0.05 | 1.95 | 1.95 | 3.53 | 3.53 |

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(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,
rider 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 disclosed range represents the lowest expense ratio to highest expense ratio, respectively. Certain contractholders may have expenses outside the range depending on the timing of deposits,
withdrawals, and/or fund transfers.

(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.