# EDGAR Filing Document

**Accession Number:** 0000923495
**File Stem:** 0000923495-26-000015
**Filing Date:** 2026-3
**Character Count:** 326804
**Document Hash:** 255bc0a90089b5ffecd57db7cb33594b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000923495-26-000015.hdr.sgml**: 20260331

**ACCESSION NUMBER**: 0000923495-26-000015

**CONFORMED SUBMISSION TYPE**: N-VPFS

**PUBLIC DOCUMENT COUNT**: 92

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260331

**DATE AS OF CHANGE**: 20260331

**EFFECTIVENESS DATE**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SEPARATE ACCOUNT EQ OF VENERABLE INSURANCE & ANNUITY Co
- **CENTRAL INDEX KEY:** 0000923495

**ORGANIZATION NAME:**
- **EIN:** 420236150
- **STATE OF INCORPORATION:** IA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-VPFS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08524
- **FILM NUMBER:** 26818251

**BUSINESS ADDRESS:**
- **STREET 1:** 600 WALNUT STREET
- **STREET 2:** SUITE 1350
- **CITY:** DES MOINES
- **STATE:** IA
- **ZIP:** 50309-3942
- **BUSINESS PHONE:** 610-425-3400

**MAIL ADDRESS:**
- **STREET 1:** 600 WALNUT STREET
- **STREET 2:** SUITE 1350
- **CITY:** DES MOINES
- **STATE:** IA
- **ZIP:** 50309-3942

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SEPARATE ACCOUNT EQ OF VOYA INSURANCE & ANNUITY Co
- **DATE OF NAME CHANGE:** 20140829

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SEPARATE ACCOUNT EQ OF ING USA ANNUITY LIFE INSURANCE CO
- **DATE OF NAME CHANGE:** 20040610

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SEPARATE ACCOUNT EQ OF ING USA ANNUITY  LIFE INSURANCE CO
- **DATE OF NAME CHANGE:** 20040402

## Series and Classes Contracts Data

### SEPARATE ACCOUNT EQ OF VENERABLE INSURANCE AND ANNUITY COMPANY (Series ID: S000000891)

| Class ID   | Class Name        | Ticker Symbol   |
|:---|:---|:---|
| C000002533 | EQUI-SELECT       |  |
| C000002534 | PRIMELITE         |  |
| C000245594 | Accumulator (8.1) |  |
| C000245596 | Accumulator (6.0) |  |
| C000245598 | Accumulator (7.0) |  |

**FINANCIAL STATEMENTS**

**Venerable Insurance and Annuity Company<br>Separate Account EQ**

***For the years ended December 31, 2025 and 2024<br>with Report of Independent Auditors***

![](fi863img002.jpg)

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| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY** |
| **SEPARATE ACCOUNT EQ** |
| **Financial Statements** |
| **Year Ended December 31, 2025** |

---

**Contents**

---

| | |
|:---|:---|
| [Audited Financial Statements](#chapter_4_863) | [4](#chapter_4_863) |
| [Statements of Assets and Liabilities](#chapter_4-sect1_1_863) | [4](#chapter_4-sect1_1_863) |
| [Statements of Operations](#chapter_4-sect1_2_863) | [18](#chapter_4-sect1_2_863) |
| [Statements of Changes in Net Assets](#chapter_4-sect1_3_863) | [37](#chapter_4-sect1_3_863) |
| [Notes to Financial Statements](#chapter_5-sect1_1_863) | [64](#chapter_5-sect1_1_863) |

---

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![](fi863img005.jpg)

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![](fi863img004.jpg)

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![](fi863img003.jpg)

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| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY** |
| **SEPARATE ACCOUNT EQ** |
| **Statements of Assets and Liabilities** |
| **December 31, 2025** |
| *(Dollars in thousands)* |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Franklin Multi-Asset Variable Conservative Growth Fund** | **Franklin Multi-Asset Variable Growth Fund** | **Franklin Multi-Asset Variable Moderate Growth Fund** | **Western Asset Core Plus VIT Portfolio - Class I** | **Voya Government Liquid Assets Portfolio - Service Class** |
| **Assets** |  |  |  |  |  |
| Investments in mutual funds at fair value | $5044<br>| $4618<br>| $4776<br>| $1138<br>| $4035<br>|
| Total assets | 5044<br>| 4618<br>| 4776<br>| 1138<br>| 4035<br>|
| Net assets | $5044<br>| $4618<br>| $4776<br>| $1138<br>| $4035<br>|
| Total number of mutual fund shares | 331831<br>| 320034<br>| 331214<br>| 244701<br>| 4035034<br>|
| Cost of mutual fund shares | $4478<br>| $4461<br>| $4335<br>| $1378<br>| $4035<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 4

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| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT EQ**  |
| &nbsp;&nbsp;**Statements of Assets and Liabilities**  |
| &nbsp;&nbsp;**December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Voya Limited Maturity Bond Portfolio - Service Class** | **VY<sup>®</sup>** **BlackRock Inflation Protected Bond Portfolio - Service Class** | **VY CBRE<sup>®</sup>** **Global Real Estate Portfolio - Class S** | **VY<sup>®</sup>** **CBRE Real Estate Portfolio - Class S** | **Voya International High Dividend Low Volatility Portfolio - Service Class** |
| **Assets** |  |  |  |  |  |
| Investments in mutual funds at fair value | $419<br>| $247<br>| $31<br>| $706<br>| $1827<br>|
| Total assets | 419<br>| 247<br>| 31<br>| 706<br>| 1827<br>|
| Net assets | $419<br>| $247<br>| $31<br>| $706<br>| $1827<br>|
| Total number of mutual fund shares | 43414<br>| 26918<br>| 3014<br>| 25414<br>| 139380<br>|
| Cost of mutual fund shares | $436<br>| $265<br>| $31<br>| $704<br>| $1472<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 5

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| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT EQ**  |
| &nbsp;&nbsp;**Statements of Assets and Liabilities**  |
| &nbsp;&nbsp;**December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Voya Russell<sup>™</sup>** **Large Cap Growth Index Portfolio - Class I** | **Voya Russell<sup>™</sup>** **Large Cap Value Index Portfolio - Class I** | **Venerable High Yield Fund - Class V** | **Venerable Moderate Allocation Fund - Class V** | **Venerable Large Cap Index Fund - Class V** |
| **Assets** |  |  |  |  |  |
| Investments in mutual funds at fair value | $11022<br>| $7356<br>| $479<br>| $27580<br>| $45420<br>|
| Total assets | 11022<br>| 7356<br>| 479<br>| 27580<br>| 45420<br>|
| Net assets | $11022<br>| $7356<br>| $479<br>| $27580<br>| $45420<br>|
| Total number of mutual fund shares | 230783<br>| 266323<br>| 47244<br>| 2377558<br>| 3587683<br>|
| Cost of mutual fund shares | $7399<br>| $5844<br>| $472<br>| $23809<br>| $35937<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 6

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| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT EQ**  |
| &nbsp;&nbsp;**Statements of Assets and Liabilities**  |
| &nbsp;&nbsp;**December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Venerable Strategic Bond Fund - Class V** | **Venerable US Large Cap Strategic Equity Fund - Class V** | **EQ/AB Short Duration Government Bond Portfolio - Class IB** | **EQ/AB Small Cap Growth Portfolio - Class IB** | **EQ/Clearbridge Select Equity Managed Volatility Portfolio - Class IB** |
| **Assets** |  |  |  |  |  |
| Investments in mutual funds at fair value | $1459<br>| $24398<br>| $39603<br>| $27836<br>| $32697<br>|
| Total assets | 1459<br>| 24398<br>| 39603<br>| 27836<br>| 32697<br>|
| Net assets | $1459<br>| $24398<br>| $39603<br>| $27836<br>| $32697<br>|
| Total number of mutual fund shares | 148700<br>| 1977113<br>| 4028748<br>| 1880819<br>| 2490272<br>|
| Cost of mutual fund shares | $1483<br>| $19809<br>| $39593<br>| $29039<br>| $31261<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 7

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| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT EQ**  |
| &nbsp;&nbsp;**Statements of Assets and Liabilities**  |
| &nbsp;&nbsp;**December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **EQ/Common Stock Index Portfolio - Class IB** | **EQ/Conservative Allocation Portfolio - Class IB** | **EQ/Conservative - Plus Allocation Portfolio - Class IB** | **EQ/Core Bond Index Portfolio - Class IB** | **EQ/Equity 500 Index Portfolio - Class IB** |
| **Assets** |  |  |  |  |  |
| Investments in mutual funds at fair value | $53358<br>| $50321<br>| $63303<br>| $53548<br>| $216995<br>|
| Total assets | 53358<br>| 50321<br>| 63303<br>| 53548<br>| 216995<br>|
| Net assets | $53358<br>| $50321<br>| $63303<br>| $53548<br>| $216995<br>|
| Total number of mutual fund shares | 1011904<br>| 6070055<br>| 7626829<br>| 5630746<br>| 2268873<br>|
| Cost of mutual fund shares | $50961<br>| $49777<br>| $63292<br>| $51998<br>| $196394<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 8

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---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT EQ**  |
| &nbsp;&nbsp;**Statements of Assets and Liabilities**  |
| &nbsp;&nbsp;**December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **EQ/Intermediate Government Bond Portfolio - Class IB** | **EQ/International Core Managed Volatility Portfolio - Class IB** | **EQ/International Equity Index Portfolio - Class IB** | **EQ/International Value Managed Volatility Portfolio - Class IB** | **EQ/Large Cap Core Managed Volatility Portfolio - Class IB** |
| **Assets** |  |  |  |  |  |
| Investments in mutual funds at fair value | $6350<br>| $55980<br>| $61207<br>| $26801<br>| $114098<br>|
| Total assets | 6350<br>| 55980<br>| 61207<br>| 26801<br>| 114098<br>|
| Net assets | $6350<br>| $55980<br>| $61207<br>| $26801<br>| $114098<br>|
| Total number of mutual fund shares | 657983<br>| 4569784<br>| 4497173<br>| 1793886<br>| 10928898<br>|
| Cost of mutual fund shares | $6260<br>| $49739<br>| $49772<br>| $23535<br>| $121010<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 9

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| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT EQ**  |
| &nbsp;&nbsp;**Statements of Assets and Liabilities**  |
| &nbsp;&nbsp;**December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **EQ/Large Cap Growth Index Portfolio - Class IB** | **EQ/Large Cap Growth Managed Volatility Portfolio - Class IB** | **EQ/Large Cap Value Index Portfolio - Class IB** | **EQ/Large Cap Value Managed Volatility Portfolio - Class IB** | **EQ/Mid Cap Index Portfolio - Class IB** |
| **Assets** |  |  |  |  |  |
| Investments in mutual funds at fair value | $89117<br>| $272679<br>| $41070<br>| $127324<br>| $51979<br>|
| Total assets | 89117<br>| 272679<br>| 41070<br>| 127324<br>| 51979<br>|
| Net assets | $89117<br>| $272679<br>| $41070<br>| $127324<br>| $51979<br>|
| Total number of mutual fund shares | 3123629<br>| 8434251<br>| 3621666<br>| 6995844<br>| 3248702<br>|
| Cost of mutual fund shares | $83792<br>| $287133<br>| $39728<br>| $130560<br>| $53948<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 10

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| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT EQ**  |
| &nbsp;&nbsp;**Statements of Assets and Liabilities**  |
| &nbsp;&nbsp;**December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **EQ/Mid Cap Value Managed Volatility Portfolio - Class IB** | **EQ/Moderate Allocation Portfolio - Class IB** | **EQ/Moderate-Plus Allocation Portfolio - Class IB** | **EQ/Money Market Portfolio - Class IB** | **EQ/Quality Bond Plus Portfolio - Class IB** |
| **Assets** |  |  |  |  |  |
| Investments in mutual funds at fair value | $65899<br>| $340555<br>| $794848<br>| $13159<br>| $31577<br>|
| Total assets | 65899<br>| 340555<br>| 794848<br>| 13159<br>| 31577<br>|
| Net assets | $65899<br>| $340555<br>| $794848<br>| $13159<br>| $31577<br>|
| Total number of mutual fund shares | 4312758<br>| 28098589<br>| 82367634<br>| 13159482<br>| 4058770<br>|
| Cost of mutual fund shares | $70013<br>| $339360<br>| $798059<br>| $13160<br>| $30850<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 11

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| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT EQ**  |
| &nbsp;&nbsp;**Statements of Assets and Liabilities**  |
| &nbsp;&nbsp;**December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **EQ/Small Company Index Portfolio - Class IB** | **Multimanager Technology Portfolio - Class IB** | **EQ/Global Equity Managed Volatility Portfolio - Class IB** | **EQ/Balanced Strategy Portfolio - Class IB** | **EQ/Aggressive Allocation Portfolio - Class IB** |
| **Assets** |  |  |  |  |  |
| Investments in mutual funds at fair value | $38707<br>| $79706<br>| $75438<br>| $53952<br>| $360001<br>|
| Total assets | 38707<br>| 79706<br>| 75438<br>| 53952<br>| 360001<br>|
| Net assets | $38707<br>| $79706<br>| $75438<br>| $53952<br>| $360001<br>|
| Total number of mutual fund shares | 3124019<br>| 1943584<br>| 4403837<br>| 3380451<br>| 34026586<br>|
| Cost of mutual fund shares | $36646<br>| $73328<br>| $72228<br>| $53975<br>| $361580<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 12

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| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT EQ**  |
| &nbsp;&nbsp;**Statements of Assets and Liabilities**  |
| &nbsp;&nbsp;**December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **EQ/Aggressive Growth Strategy Portfolio - Class IB** | **EQ/2000 Managed Volatility Portfolio - Class IB** | **EQ/400 Managed Volatility Portfolio - Class IB** | **1290 VT GAMCO Mergers and Acquisitions Portfolio - Class IB** | **1290 VT GAMCO Small Company Value Portfolio - Class IB** |
| **Assets** |  |  |  |  |  |
| Investments in mutual funds at fair value | $152885<br>| $19394<br>| $13831<br>| $11537<br>| $82394<br>|
| Total assets | 152885<br>| 19394<br>| 13831<br>| 11537<br>| 82394<br>|
| Net assets | $152885<br>| $19394<br>| $13831<br>| $11537<br>| $82394<br>|
| Total number of mutual fund shares | 8701483<br>| 942839<br>| 631829<br>| 850830<br>| 1080857<br>|
| Cost of mutual fund shares | $153686<br>| $18895<br>| $15089<br>| $10761<br>| $80276<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 13

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| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT EQ**  |
| &nbsp;&nbsp;**Statements of Assets and Liabilities**  |
| &nbsp;&nbsp;**December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **1290 VT SmartBeta Equity ESG Portfolio - Class IB** | **1290 VT Socially Responsible Portfolio - Class IB** | **EQ/Franklin Small Cap Value Managed Volatility Portfolio - Class IB** | **EQ/Janus Enterprise Portfolio - Class IB** | **Venerable Emerging Markets Equity Fund - Class V** |
| **Assets** |  |  |  |  |  |
| Investments in mutual funds at fair value | $26461<br>| $7567<br>| $11987<br>| $44863<br>| $749<br>|
| Total assets | 26461<br>| 7567<br>| 11987<br>| 44863<br>| 749<br>|
| Net assets | $26461<br>| $7567<br>| $11987<br>| $44863<br>| $749<br>|
| Total number of mutual fund shares | 1359072<br>| 306587<br>| 864266<br>| 2149635<br>| 70842<br>|
| Cost of mutual fund shares | $25716<br>| $7173<br>| $12484<br>| $46271<br>| $709<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 14

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| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT EQ**  |
| &nbsp;&nbsp;**Statements of Assets and Liabilities**  |
| &nbsp;&nbsp;**December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Venerable World Equity Fund - Class V** | **Venerable International Index Fund - Class V** | **Venerable Mid Cap Index Fund - Class V** | **Venerable Small Cap Index Fund - Class V** | **Venerable World Moderate Allocation Fund - Class V** |
| **Assets** |  |  |  |  |  |
| Investments in mutual funds at fair value | $1646<br>| $636<br>| $34628<br>| $797<br>| $134<br>|
| Total assets | 1646<br>| 636<br>| 34628<br>| 797<br>| 134<br>|
| Net assets | $1646<br>| $636<br>| $34628<br>| $797<br>| $134<br>|
| Total number of mutual fund shares | 154716<br>| 59903<br>| 3459348<br>| 76839<br>| 12890<br>|
| Cost of mutual fund shares | $1566<br>| $605<br>| $34593<br>| $769<br>| $129<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 15

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---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT EQ**  |
| &nbsp;&nbsp;**Statements of Assets and Liabilities**  |
| &nbsp;&nbsp;**December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Venerable World Appreciation Allocation Fund - Class V** | **Venerable US Small Cap Fund - Class V** | **Venerable Bond Index Fund - Class V** | **Venerable World Conservative Allocation Fund - Class V** | **Venerable Conservative Appreciation Allocation Fund - Class V** |
| **Assets** |  |  |  |  |  |
| Investments in mutual funds at fair value | $100<br>| $195<br>| $503<br>| $255<br>| $1407<br>|
| Total assets | 100<br>| 195<br>| 503<br>| 255<br>| 1407<br>|
| Net assets | $100<br>| $195<br>| $503<br>| $255<br>| $1407<br>|
| Total number of mutual fund shares | 9486<br>| 19061<br>| 50206<br>| 24596<br>| 136760<br>|
| Cost of mutual fund shares | $95<br>| $191<br>| $504<br>| $246<br>| $1368<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 16

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[Back to **Table of Contents**](#TOC_863)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT EQ**  |
| &nbsp;&nbsp;**Statements of Assets and Liabilities**  |
| &nbsp;&nbsp;**December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Venerable Conservative Allocation Fund - Class V** | **Venerable Moderate Appreciation Allocation Fund - Class V** | **Venerable Appreciation Allocation Fund - Class V** |
| **Assets** |  |  |  |
| Investments in mutual funds at fair value | $746<br>| $916<br>| $1670<br>|
| Total assets | 746<br>| 916<br>| 1670<br>|
| Net assets | $746<br>| $916<br>| $1670<br>|
| Total number of mutual fund shares | 73082<br>| 88158<br>| 159647<br>|
| Cost of mutual fund shares | $731<br>| $882<br>| $1597<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 17

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| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY** |
| **SEPARATE ACCOUNT EQ** |
| **Statements of Operations** |
| **For the Year Ended December 31, 2025** |
| *(Dollars in thousands)* |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **BlackRock Global Allocation V.I. Fund - Class III** | **Columbia VP - Small Cap Value Fund - Class 2** | **Franklin Multi-Asset Variable Conservative Growth Fund** | **Franklin Multi-Asset Variable Growth Fund** | **Franklin Multi-Asset Variable Moderate Growth Fund** |
| **Net investment income (loss)** |  |  |  |  |  |
| Investment Income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | $—<br>| $1<br>| $129<br>| $87<br>| $95<br>|
| Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk charges | 1<br>| 1<br>| 72<br>| 63<br>| 66<br>|
| Total expenses | 1<br>| 1<br>| 72<br>| 63<br>| 66<br>|
| Net investment income (loss) | (1)<br>| —<br>| 57<br>| 24<br>| 29<br>|
| **Realized and unrealized gain (loss)** |  |  |  |  |  |
| Net realized gain (loss) on investments | 5<br>| (6)<br>| 113<br>| (1)<br>| 57<br>|
| Capital gains distributions | 1<br>| 12<br>| 448<br>| 518<br>| 539<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and <br>capital gains distributions | 6<br>| 6<br>| 561<br>| 517<br>| 596<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of <br>investments | 11<br>| (1)<br>| (85)<br>| 79<br>| (38)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on <br>investments | 17<br>| 5<br>| 476<br>| 596<br>| 558<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting <br>from operations | $16<br>| $5<br>| $533<br>| $620<br>| $587<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 18

------

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---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT EQ**  |
| &nbsp;&nbsp;**Statements of Operations**  |
| &nbsp;&nbsp;**For the Year Ended December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Western Asset Core Plus VIT Portfolio - Class I** | **Voya Balanced Income Portfolio - Service Class** | **Voya Global Perspectives<sup>®</sup>** **Portfolio - Class A** | **Voya Government Liquid Assets Portfolio - Service Class** | **Voya Limited Maturity Bond Portfolio - Service Class** |
| **Net investment income (loss)** |  |  |  |  |  |
| Investment Income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | $51<br>| $19<br>| $1<br>| $156<br>| $19<br>|
| Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk charges | 16<br>| 5<br>| —<br>| 59<br>| 6<br>|
| Total expenses | 16<br>| 5<br>| —<br>| 59<br>| 6<br>|
| Net investment income (loss) | 35<br>| 14<br>| 1<br>| 97<br>| 13<br>|
| **Realized and unrealized gain (loss)** |  |  |  |  |  |
| Net realized gain (loss) on investments | (12)<br>| 24<br>| (4)<br>| —<br>| (4)<br>|
| Capital gains distributions | —<br>| 15<br>| —<br>| 3<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and <br>capital gains distributions | (12)<br>| 39<br>| (4)<br>| 3<br>| (4)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of <br>investments | 44<br>| (13)<br>| 4<br>| —<br>| 9<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on <br>investments | 32<br>| 26<br>| —<br>| 3<br>| 5<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting <br>from operations | $67<br>| $40<br>| $1<br>| $100<br>| $18<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 19

------

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---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT EQ**  |
| &nbsp;&nbsp;**Statements of Operations**  |
| &nbsp;&nbsp;**For the Year Ended December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Voya Retirement Conservative Portfolio - Adviser Class** | **Voya Retirement Aggressive Portfolio - Advisor Class** | **Voya Retirement Moderately Aggressive Portfolio - Advisor Class** | **Voya Retirement Moderate Portfolio - Adviser Class** | **VY<sup>®</sup>** **BlackRock Inflation Protected Bond Portfolio - Service Class** |
| **Net investment income (loss)** |  |  |  |  |  |
| Investment Income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | $47<br>| $38<br>| $29<br>| $63<br>| $11<br>|
| Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk charges | 9<br>| 15<br>| 9<br>| 13<br>| 4<br>|
| Total expenses | 9<br>| 15<br>| 9<br>| 13<br>| 4<br>|
| Net investment income (loss) | 38<br>| 23<br>| 20<br>| 50<br>| 7<br>|
| **Realized and unrealized gain (loss)** |  |  |  |  |  |
| Net realized gain (loss) on investments | (169)<br>| (241)<br>| (130)<br>| (171)<br>| (10)<br>|
| Capital gains distributions | 84<br>| 357<br>| 152<br>| 81<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and <br>capital gains distributions | (85)<br>| 116<br>| 22<br>| (90)<br>| (10)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of <br>investments | 101<br>| 9<br>| 39<br>| 138<br>| 17<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on <br>investments | 16<br>| 125<br>| 61<br>| 48<br>| 7<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting <br>from operations | $54<br>| $148<br>| $81<br>| $98<br>| $14<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 20

------

[Back to **Table of Contents**](#TOC_863)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT EQ**  |
| &nbsp;&nbsp;**Statements of Operations**  |
| &nbsp;&nbsp;**For the Year Ended December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **VY<sup>®</sup>** **CBRE Global Real Estate Portfolio - Class S** | **VY<sup>®</sup>** **CBRE Real Estate Portfolio - Class S** | **VY<sup>®</sup>** **JPMorgan Emerging Markets Equity Portfolio - Service Class** | **VY<sup>®</sup>** **Morgan Stanley Global Franchise Portfolio - Service Class** | **Voya International High Dividend Low Volatility Portfolio - Service Class** |
| **Net investment income (loss)** |  |  |  |  |  |
| Investment Income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | $1<br>| $20<br>| $5<br>| $2<br>| $62<br>|
| Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk charges | —<br>| 10<br>| 6<br>| 6<br>| 23<br>|
| Total expenses | —<br>| 10<br>| 6<br>| 6<br>| 23<br>|
| Net investment income (loss) | 1<br>| 10<br>| (1)<br>| (4)<br>| 39<br>|
| **Realized and unrealized gain (loss)** |  |  |  |  |  |
| Net realized gain (loss) on investments | —<br>| 2<br>| (169)<br>| (191)<br>| 42<br>|
| Capital gains distributions | —<br>| —<br>| 155<br>| 189<br>| 30<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and <br>capital gains distributions | —<br>| 2<br>| (14)<br>| (2)<br>| 72<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of <br>investments | 1<br>| (22)<br>| 171<br>| 25<br>| 371<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on <br>investments | 1<br>| (20)<br>| 157<br>| 23<br>| 443<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting <br>from operations | $2<br>| $(10)<br>| $156<br>| $19<br>| $482<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 21

------

[Back to **Table of Contents**](#TOC_863)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT EQ**  |
| &nbsp;&nbsp;**Statements of Operations**  |
| &nbsp;&nbsp;**For the Year Ended December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Voya Solution Moderately Aggressive Portfolio - Service Class** | **VY<sup>®</sup>** **Columbia Small Cap Value II Portfolio - Service Class** | **Voya Global Insights Portfolio - Service Class** | **VY<sup>®</sup>** **JPMorgan Mid Cap Value Portfolio - Service Class** | **Voya Global High Dividend Low Volatility Portfolio - Class S** |
| **Net investment income (loss)** |  |  |  |  |  |
| Investment Income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | $3<br>| $1<br>| $—<br>| $—<br>| $14<br>|
| Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk charges | 1<br>| 1<br>| 2<br>| —<br>| 8<br>|
| Total expenses | 1<br>| 1<br>| 2<br>| —<br>| 8<br>|
| Net investment income (loss) | 2<br>| —<br>| (2)<br>| —<br>| 6<br>|
| **Realized and unrealized gain (loss)** |  |  |  |  |  |
| Net realized gain (loss) on investments | (10)<br>| (6)<br>| (120)<br>| (6)<br>| 113<br>|
| Capital gains distributions | 21<br>| 12<br>| 13<br>| 7<br>| 99<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and <br>capital gains distributions | 11<br>| 6<br>| (107)<br>| 1<br>| 212<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of <br>investments | (4)<br>| (3)<br>| 139<br>| 1<br>| (101)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on <br>investments | 7<br>| 3<br>| 32<br>| 2<br>| 111<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting <br>from operations | $9<br>| $3<br>| $30<br>| $2<br>| $117<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 22

------

[Back to **Table of Contents**](#TOC_863)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT EQ**  |
| &nbsp;&nbsp;**Statements of Operations**  |
| &nbsp;&nbsp;**For the Year Ended December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Voya Index Plus MidCap Portfolio - Class S** | **Voya Index Plus SmallCap Portfolio - Class S** | **Voya International Index Portfolio - Class A** | **Voya International Index Portfolio - Class S** | **Voya Russell<sup>™</sup>** **Large Cap Growth Index Portfolio - Class I** |
| **Net investment income (loss)** |  |  |  |  |  |
| Investment Income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | $—<br>| $—<br>| $12<br>| $2<br>| $164<br>|
| Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk charges | 1<br>| 1<br>| 6<br>| 1<br>| 144<br>|
| Total expenses | 1<br>| 1<br>| 6<br>| 1<br>| 144<br>|
| Net investment income (loss) | (1)<br>| (1)<br>| 6<br>| 1<br>| 20<br>|
| **Realized and unrealized gain (loss)** |  |  |  |  |  |
| Net realized gain (loss) on investments | 8<br>| 9<br>| 170<br>| 25<br>| 178<br>|
| Capital gains distributions | 4<br>| 4<br>| —<br>| —<br>| 248<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and <br>capital gains distributions | 12<br>| 13<br>| 170<br>| 25<br>| 426<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of <br>investments | (9)<br>| (9)<br>| (55)<br>| (9)<br>| 1194<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on <br>investments | 3<br>| 4<br>| 115<br>| 16<br>| 1620<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting <br>from operations | $2<br>| $3<br>| $121<br>| $17<br>| $1640<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 23

------

[Back to **Table of Contents**](#TOC_863)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT EQ**  |
| &nbsp;&nbsp;**Statements of Operations**  |
| &nbsp;&nbsp;**For the Year Ended December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Voya Russell<sup>™</sup>** **Large Cap Value Index Portfolio - Class I** | **Voya Russell<sup>™</sup>** **Mid Cap Growth Index Portfolio - Class S** | **Voya Russell<sup>™</sup>** **Mid Cap Index Portfolio - Class S** | **Voya Russell<sup>™</sup>** **Small Cap Index Portfolio - Class S** | **Voya Small Company Portfolio - Class S** |
| **Net investment income (loss)** |  |  |  |  |  |
| Investment Income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | $524<br>| $3<br>| $2<br>| $8<br>| $—<br>|
| Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk charges | 105<br>| 342<br>| 2<br>| 6<br>| 1<br>|
| Total expenses | 105<br>| 342<br>| 2<br>| 6<br>| 1<br>|
| Net investment income (loss) | 419<br>| (339)<br>| —<br>| 2<br>| (1)<br>|
| **Realized and unrealized gain (loss)** |  |  |  |  |  |
| Net realized gain (loss) on investments | 371<br>| 4803<br>| (9)<br>| 11<br>| (3)<br>|
| Capital gains distributions | 1320<br>| 4335<br>| 26<br>| 70<br>| 8<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and <br>capital gains distributions | 1691<br>| 9138<br>| 17<br>| 81<br>| 5<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of <br>investments | (982)<br>| (4604)<br>| 2<br>| (39)<br>| (3)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on <br>investments | 709<br>| 4534<br>| 19<br>| 42<br>| 2<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting <br>from operations | $1128<br>| $4195<br>| $19<br>| $44<br>| $1<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 24

------

[Back to **Table of Contents**](#TOC_863)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT EQ**  |
| &nbsp;&nbsp;**Statements of Operations**  |
| &nbsp;&nbsp;**For the Year Ended December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Voya U.S. Bond Index Portfolio - Class S** | **Venerable High Yield Fund - Class V** | **Venerable Moderate Allocation Fund - Class V** | **Venerable Large Cap Index Fund - Class V** | **Venerable Strategic Bond Fund - Class V** |
| **Net investment income (loss)** |  |  |  |  |  |
| Investment Income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | $7<br>| $33<br>| $114<br>| $123<br>| $61<br>|
| Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk charges | 3<br>| 8<br>| 391<br>| 612<br>| 22<br>|
| Total expenses | 3<br>| 8<br>| 391<br>| 612<br>| 22<br>|
| Net investment income (loss) | 4<br>| 25<br>| (277)<br>| (489)<br>| 39<br>|
| **Realized and unrealized gain (loss)** |  |  |  |  |  |
| Net realized gain (loss) on investments | (23)<br>| —<br>| 364<br>| 647<br>| (12)<br>|
| Capital gains distributions | —<br>| —<br>| 141<br>| 316<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and <br>capital gains distributions | (23)<br>| —<br>| 505<br>| 963<br>| (12)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of <br>investments | 35<br>| 11<br>| 2696<br>| 5892<br>| 52<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on <br>investments | 12<br>| 11<br>| 3201<br>| 6855<br>| 40<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting <br>from operations | $16<br>| $36<br>| $2924<br>| $6366<br>| $79<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 25

------

[Back to **Table of Contents**](#TOC_863)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT EQ**  |
| &nbsp;&nbsp;**Statements of Operations**  |
| &nbsp;&nbsp;**For the Year Ended December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Venerable US Large Cap Strategic Equity Fund - Class V** | **EQ/AB Short Duration Government Bond Portfolio - Class IB** | **EQ/AB Small Cap Growth Portfolio - Class IB** | **EQ/Clearbridge Select Equity Managed Volatility Portfolio - Class IB** | **EQ/Common Stock Index Portfolio - Class IB** |
| **Net investment income (loss)** |  |  |  |  |  |
| Investment Income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | $43<br>| $1476<br>| $40<br>| $41<br>| $316<br>|
| Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk charges | 337<br>| 611<br>| 397<br>| 489<br>| 756<br>|
| Total expenses | 337<br>| 611<br>| 397<br>| 489<br>| 756<br>|
| Net investment income (loss) | (294)<br>| 865<br>| (357)<br>| (448)<br>| (440)<br>|
| **Realized and unrealized gain (loss)** |  |  |  |  |  |
| Net realized gain (loss) on investments | 401<br>| 173<br>| (279)<br>| (163)<br>| 199<br>|
| Capital gains distributions | 288<br>| —<br>| 2669<br>| 186<br>| 3758<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and <br>capital gains distributions | 689<br>| 173<br>| 2390<br>| 23<br>| 3957<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of <br>investments | 2912<br>| 9<br>| (1203)<br>| 1437<br>| 2397<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on <br>investments | 3601<br>| 182<br>| 1187<br>| 1460<br>| 6354<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting <br>from operations | $3307<br>| $1047<br>| $830<br>| $1012<br>| $5914<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 26

------

[Back to **Table of Contents**](#TOC_863)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT EQ**  |
| &nbsp;&nbsp;**Statements of Operations**  |
| &nbsp;&nbsp;**For the Year Ended December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **EQ/Conservative Allocation Portfolio - Class IB** | **EQ/Conservative- Plus Allocation Portfolio - Class IB** | **EQ/Core Bond Index Portfolio - Class IB** | **EQ/Equity 500 Index Portfolio - Class IB** | **EQ/Intermediate Government Bond Portfolio - Class IB** |
| **Net investment income (loss)** |  |  |  |  |  |
| Investment Income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | $1526<br>| $1581<br>| $1612<br>| $1482<br>| $195<br>|
| Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk charges | 777<br>| 944<br>| 809<br>| 3018<br>| 86<br>|
| Total expenses | 777<br>| 944<br>| 809<br>| 3018<br>| 86<br>|
| Net investment income (loss) | 749<br>| 637<br>| 803<br>| (1536)<br>| 109<br>|
| **Realized and unrealized gain (loss)** |  |  |  |  |  |
| Net realized gain (loss) on investments | 283<br>| 201<br>| 293<br>| 1025<br>| 29<br>|
| Capital gains distributions | 1199<br>| 3241<br>| —<br>| 5554<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and <br>capital gains distributions | 1482<br>| 3442<br>| 293<br>| 6579<br>| 29<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of <br>investments | 544<br>| 11<br>| 1551<br>| 20602<br>| 89<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on <br>investments | 2026<br>| 3453<br>| 1844<br>| 27181<br>| 118<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting <br>from operations | $2775<br>| $4090<br>| $2647<br>| $25645<br>| $227<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 27

------

[Back to **Table of Contents**](#TOC_863)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT EQ**  |
| &nbsp;&nbsp;**Statements of Operations**  |
| &nbsp;&nbsp;**For the Year Ended December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **EQ/International Core Managed Volatility Portfolio - Class IB** | **EQ/International Equity Index Portfolio - Class IB** | **EQ/International Value Managed Volatility Portfolio - Class IB** | **EQ/Large Cap Core Managed Volatility Portfolio - Class IB** | **EQ/Large Cap Growth Index Portfolio - Class IB** |
| **Net investment income (loss)** |  |  |  |  |  |
| Investment Income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | $714<br>| $2089<br>| $564<br>| $867<br>| $—<br>|
| Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk charges | 796<br>| 857<br>| 376<br>| 1675<br>| 1233<br>|
| Total expenses | 796<br>| 857<br>| 376<br>| 1675<br>| 1233<br>|
| Net investment income (loss) | (82)<br>| 1232<br>| 188<br>| (808)<br>| (1233)<br>|
| **Realized and unrealized gain (loss)** |  |  |  |  |  |
| Net realized gain (loss) on investments | 986<br>| 1418<br>| 483<br>| (388)<br>| 586<br>|
| Capital gains distributions | 3972<br>| —<br>| 1406<br>| 15230<br>| 7175<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and <br>capital gains distributions | 4958<br>| 1418<br>| 1889<br>| 14842<br>| 7761<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of <br>investments | 6241<br>| 11434<br>| 3266<br>| (6912)<br>| 5325<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on <br>investments | 11199<br>| 12852<br>| 5155<br>| 7930<br>| 13086<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting <br>from operations | $11117<br>| $14084<br>| $5343<br>| $7122<br>| $11853<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 28

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---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT EQ**  |
| &nbsp;&nbsp;**Statements of Operations**  |
| &nbsp;&nbsp;**For the Year Ended December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **EQ/Large Cap Growth Managed Volatility Portfolio - Class IB** | **EQ/Large Cap Value Index Portfolio - Class IB** | **EQ/Large Cap Value Managed Volatility Portfolio - Class IB** | **EQ/Mid Cap Index Portfolio - Class IB** | **EQ/Mid Cap Value Managed Volatility Portfolio - Class IB** |
| **Net investment income (loss)** |  |  |  |  |  |
| Investment Income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | $258<br>| $481<br>| $1688<br>| $428<br>| $773<br>|
| Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk charges | 3934<br>| 617<br>| 1826<br>| 764<br>| 977<br>|
| Total expenses | 3934<br>| 617<br>| 1826<br>| 764<br>| 977<br>|
| Net investment income (loss) | (3676)<br>| (136)<br>| (138)<br>| (336)<br>| (204)<br>|
| **Realized and unrealized gain (loss)** |  |  |  |  |  |
| Net realized gain (loss) on investments | (721)<br>| 272<br>| (95)<br>| (303)<br>| (428)<br>|
| Capital gains distributions | 38358<br>| 2298<br>| 10358<br>| 3099<br>| 4616<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and <br>capital gains distributions | 37637<br>| 2570<br>| 10263<br>| 2796<br>| 4188<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of <br>investments | (14454)<br>| 1342<br>| (3236)<br>| (1969)<br>| (4114)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on <br>investments | 23183<br>| 3912<br>| 7027<br>| 827<br>| 74<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting <br>from operations | $19507<br>| $3776<br>| $6889<br>| $491<br>| $(130)<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 29

------

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---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT EQ**  |
| &nbsp;&nbsp;**Statements of Operations**  |
| &nbsp;&nbsp;**For the Year Ended December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **EQ/Moderate Allocation Portfolio - Class IB** | **EQ/Moderate-Plus Allocation Portfolio - Class IB** | **EQ/Money Market Portfolio - Class IB** | **EQ/Quality Bond Plus Portfolio - Class IB** | **EQ/Small Company Index Portfolio - Class IB** |
| **Net investment income (loss)** |  |  |  |  |  |
| Investment Income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | $7994<br>| $14857<br>| $358<br>| $1096<br>| $313<br>|
| Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk charges | 5052<br>| 11680<br>| 155<br>| 477<br>| 547<br>|
| Total expenses | 5052<br>| 11680<br>| 155<br>| 477<br>| 547<br>|
| Net investment income (loss) | 2942<br>| 3177<br>| 203<br>| 619<br>| (234)<br>|
| **Realized and unrealized gain (loss)** |  |  |  |  |  |
| Net realized gain (loss) on investments | 1178<br>| 1552<br>| —<br>| 167<br>| 5<br>|
| Capital gains distributions | 19637<br>| 61431<br>| —<br>| —<br>| 1279<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and <br>capital gains distributions | 20815<br>| 62983<br>| —<br>| 167<br>| 1284<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of <br>investments | 1195<br>| (3211)<br>| (1)<br>| 727<br>| 2060<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on <br>investments | 22010<br>| 59772<br>| (1)<br>| 894<br>| 3344<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting <br>from operations | $24952<br>| $62949<br>| $202<br>| $1513<br>| $3110<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 30

------

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---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT EQ**  |
| &nbsp;&nbsp;**Statements of Operations**  |
| &nbsp;&nbsp;**For the Year Ended December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Multimanager Technology Portfolio - Class IB** | **EQ/Global Equity Managed Volatility Portfolio - Class IB** | **EQ/Balanced Strategy Portfolio - Class IB** | **EQ/Aggressive Allocation Portfolio - Class IB** | **EQ/Aggressive Growth Strategy Portfolio - Class IB** |
| **Net investment income (loss)** |  |  |  |  |  |
| Investment Income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | $—<br>| $591<br>| $1209<br>| $4955<br>| $2399<br>|
| Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk charges | 1127<br>| 1053<br>| 803<br>| 5175<br>| 2245<br>|
| Total expenses | 1127<br>| 1053<br>| 803<br>| 5175<br>| 2245<br>|
| Net investment income (loss) | (1127)<br>| (462)<br>| 406<br>| (220)<br>| 154<br>|
| **Realized and unrealized gain (loss)** |  |  |  |  |  |
| Net realized gain (loss) on investments | 1513<br>| 506<br>| 111<br>| 192<br>| 134<br>|
| Capital gains distributions | 8770<br>| 7472<br>| 3389<br>| 32750<br>| 13501<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and <br>capital gains distributions | 10283<br>| 7978<br>| 3500<br>| 32942<br>| 13635<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of <br>investments | 6379<br>| 3210<br>| (23)<br>| (1578)<br>| (801)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on <br>investments | 16662<br>| 11188<br>| 3477<br>| 31364<br>| 12834<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting <br>from operations | $15535<br>| $10726<br>| $3883<br>| $31144<br>| $12988<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 31

------

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---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT EQ**  |
| &nbsp;&nbsp;**Statements of Operations**  |
| &nbsp;&nbsp;**For the Year Ended December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **EQ/2000 Managed Volatility Portfolio - Class IB** | **EQ/400 Managed Volatility Portfolio - Class IB** | **1290 VT GAMCO Mergers and Acquisitions Portfolio - Class IB** | **1290 VT GAMCO Small Company Value Portfolio - Class IB** | **1290 VT SmartBeta Equity ESG Portfolio - Class IB** |
| **Net investment income (loss)** |  |  |  |  |  |
| Investment Income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | $179<br>| $126<br>| $324<br>| $501<br>| $192<br>|
| Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk charges | 277<br>| 214<br>| 165<br>| 1172<br>| 396<br>|
| Total expenses | 277<br>| 214<br>| 165<br>| 1172<br>| 396<br>|
| Net investment income (loss) | (98)<br>| (88)<br>| 159<br>| (671)<br>| (204)<br>|
| **Realized and unrealized gain (loss)** |  |  |  |  |  |
| Net realized gain (loss) on investments | (32)<br>| (175)<br>| 87<br>| 107<br>| 216<br>|
| Capital gains distributions | 651<br>| 1102<br>| 351<br>| 5010<br>| 2083<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and <br>capital gains distributions | 619<br>| 927<br>| 438<br>| 5117<br>| 2299<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of <br>investments | 499<br>| (1258)<br>| 776<br>| 2118<br>| 745<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on <br>investments | 1118<br>| (331)<br>| 1214<br>| 7235<br>| 3044<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting <br>from operations | $1020<br>| $(419)<br>| $1373<br>| $6564<br>| $2840<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 32

------

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---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT EQ**  |
| &nbsp;&nbsp;**Statements of Operations**  |
| &nbsp;&nbsp;**For the Year Ended December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **1290 VT Socially Responsible Portfolio - Class IB** | **EQ/Franklin Small Cap Value Managed Volatility Portfolio - Class IB** | **EQ/Janus Enterprise Portfolio - Class IB** | **Venerable Emerging Markets Equity Fund - Class V** | **Venerable World Equity Fund - Class V** |
| **Net investment income (loss)** |  |  |  |  |  |
| Investment Income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | $26<br>| $108<br>| $—<br>| $—<br>| $—<br>|
| Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk charges | 104<br>| 177<br>| 657<br>| 3<br>| 7<br>|
| Total expenses | 104<br>| 177<br>| 657<br>| 3<br>| 7<br>|
| Net investment income (loss) | (78)<br>| (69)<br>| (657)<br>| (3)<br>| (7)<br>|
| **Realized and unrealized gain (loss)** |  |  |  |  |  |
| Net realized gain (loss) on investments | 24<br>| (108)<br>| (62)<br>| —<br>| 1<br>|
| Capital gains distributions | 548<br>| 940<br>| 3938<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and <br>capital gains distributions | 572<br>| 832<br>| 3876<br>| —<br>| 1<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of <br>investments | 394<br>| (496)<br>| (1408)<br>| 40<br>| 80<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on <br>investments | 966<br>| 336<br>| 2468<br>| 40<br>| 81<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting <br>from operations | $888<br>| $267<br>| $1811<br>| $37<br>| $74<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 33

------

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---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT EQ**  |
| &nbsp;&nbsp;**Statements of Operations**  |
| &nbsp;&nbsp;**For the Year Ended December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Venerable International Index Fund - Class V** | **Venerable Mid Cap Index Fund - Class V** | **Venerable Small Cap Index Fund - Class V** | **Venerable World Moderate Allocation Fund - Class V** | **Venerable World Appreciation Allocation Fund - Class V** |
| **Net investment income (loss)** |  |  |  |  |  |
| Investment Income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | $—<br>| $—<br>| $—<br>| $—<br>| $—<br>|
| Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk charges | 3<br>| 150<br>| 3<br>| 1<br>| —<br>|
| Total expenses | 3<br>| 150<br>| 3<br>| 1<br>| —<br>|
| Net investment income (loss) | (3)<br>| (150)<br>| (3)<br>| (1)<br>| —<br>|
| **Realized and unrealized gain (loss)** |  |  |  |  |  |
| Net realized gain (loss) on investments | —<br>| (19)<br>| 1<br>| —<br>| —<br>|
| Capital gains distributions | —<br>| —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and <br>capital gains distributions | —<br>| (19)<br>| 1<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of <br>investments | 31<br>| 35<br>| 28<br>| 6<br>| 5<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on <br>investments | 31<br>| 16<br>| 29<br>| 6<br>| 5<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting <br>from operations | $28<br>| $(134)<br>| $26<br>| $5<br>| $5<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 34

------

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---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT EQ**  |
| &nbsp;&nbsp;**Statements of Operations**  |
| &nbsp;&nbsp;**For the Year Ended December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Venerable US Small Cap Fund - Class V** | **Venerable Bond Index Fund - Class V** | **Venerable World Conservative Allocation Fund - Class V** | **Venerable Conservative Appreciation Allocation Fund - Class V** | **Venerable Conservative Allocation Fund - Class V** |
| **Net investment income (loss)** |  |  |  |  |  |
| Investment Income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | $—<br>| $4<br>| $—<br>| $—<br>| $—<br>|
| Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk charges | 1<br>| 2<br>| 1<br>| 6<br>| 3<br>|
| Total expenses | 1<br>| 2<br>| 1<br>| 6<br>| 3<br>|
| Net investment income (loss) | (1)<br>| 2<br>| (1)<br>| (6)<br>| (3)<br>|
| **Realized and unrealized gain (loss)** |  |  |  |  |  |
| Net realized gain (loss) on investments | —<br>| —<br>| 2<br>| —<br>| 1<br>|
| Capital gains distributions | —<br>| —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and <br>capital gains distributions | —<br>| —<br>| 2<br>| —<br>| 1<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of <br>investments | 5<br>| (1)<br>| 9<br>| 40<br>| 15<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on <br>investments | 5<br>| (1)<br>| 11<br>| 40<br>| 16<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting <br>from operations | $4<br>| $1<br>| $10<br>| $34<br>| $13<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 35

------

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---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT EQ**  |
| &nbsp;&nbsp;**Statements of Operations**  |
| &nbsp;&nbsp;**For the Year Ended December 31, 2025**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | |
|:---|:---|:---|
|  | **Venerable Moderate Appreciation Allocation Fund - Class V** | **Venerable Appreciation Allocation Fund - Class V** |
| **Net investment income (loss)** |  |  |
| Investment Income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | $—<br>| $—<br>|
| Expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortality and expense risk charges | 4<br>| 7<br>|
| Total expenses | 4<br>| 7<br>|
| Net investment income (loss) | (4)<br>| (7)<br>|
| **Realized and unrealized gain (loss)** |  |  |
| Net realized gain (loss) on investments | 1<br>| 1<br>|
| Capital gains distributions | —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and <br>capital gains distributions | 1<br>| 1<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of <br>investments | 34<br>| 73<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on <br>investments | 35<br>| 74<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting <br>from operations | $31<br>| $67<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 36

------

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---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY** |
| **SEPARATE ACCOUNT EQ** |
| **Statements of Changes in Net Assets** |
| **For the Years Ended December 31, 2025 and 2024** |
| *(Dollars in thousands)* |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **BlackRock Global Allocation V.I. Fund - Class III** | **Columbia VP - Small Cap Value Fund - Class 2** | **Franklin Multi-Asset Variable Conservative Growth Fund** | **Franklin Multi-Asset Variable Growth Fund** |
| **Net assets at January 1, 2024** | $140<br>| $75<br>| $6150<br>| $4077<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | —<br>| (1)<br>| 53<br>| 22<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 11<br>| —<br>| 432<br>| 357<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | (1)<br>| 5<br>| 117<br>| 267<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 10<br>| 4<br>| 602<br>| 646<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | —<br>| —<br>| 3<br>| 6<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death Benefits | —<br>| —<br>| (612)<br>| (6)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (4)<br>| (9)<br>| (990)<br>| (322)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| (3)<br>| (4)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed account), net | (5)<br>| 1<br>| 19<br>| 11<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (9)<br>| (8)<br>| (1583)<br>| (315)<br>|
| Total increase (decrease) in net assets | 1<br>| (4)<br>| (981)<br>| 331<br>|
| **Net assets at December 31, 2024** | $141<br>| $71<br>| $5169<br>| $4408<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (1)<br>| —<br>| 57<br>| 24<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 6<br>| 6<br>| 561<br>| 517<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 11<br>| (1)<br>| (85)<br>| 79<br>|
| Net increase (decrease) in net assets resulting from operations | 16<br>| 5<br>| 533<br>| 620<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | —<br>| —<br>| 2<br>| 5<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death Benefits | (6)<br>| —<br>| (15)<br>| (99)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (16)<br>| (1)<br>| (642)<br>| (312)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| (2)<br>| (3)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed account), net | (135)<br>| (75)<br>| (1)<br>| (1)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers in-kind, Novation | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (157)<br>| (76)<br>| (658)<br>| (410)<br>|
| Total increase (decrease) in net assets | (141)<br>| (71)<br>| (125)<br>| 210<br>|
| **Net assets at December 31, 2025** | $—<br>| $—<br>| $5044<br>| $4618<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 37

------

[Back to **Table of Contents**](#TOC_863)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT EQ**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Franklin Multi-Asset Variable Moderate Growth Fund** | **Western Asset Core Plus VIT Portfolio - Class I** | **Voya Intermediate Bond Portfolio - Class S** | **Voya Balanced Income Portfolio - Service Class** |
| **Net assets at January 1, 2024** | $4404<br>| $1208<br>| $1845<br>| $465<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 7<br>| 78<br>| 36<br>| (1)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 322<br>| (20)<br>| (270)<br>| (3)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 269<br>| (78)<br>| 308<br>| 56<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 598<br>| (20)<br>| 74<br>| 52<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 3<br>| —<br>| 26<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death Benefits | (117)<br>| (18)<br>| (6)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (230)<br>| (75)<br>| (181)<br>| (20)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | (4)<br>| (1)<br>| (1)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed account), net | 1<br>| 3<br>| (1757)<br>| 26<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (347)<br>| (91)<br>| (1919)<br>| 6<br>|
| Total increase (decrease) in net assets | 251<br>| (111)<br>| (1845)<br>| 58<br>|
| **Net assets at December 31, 2024** | $4655<br>| $1097<br>| $—<br>| $523<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 29<br>| 35<br>| —<br>| 14<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 596<br>| (12)<br>| —<br>| 39<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | (38)<br>| 44<br>| —<br>| (13)<br>|
| Net increase (decrease) in net assets resulting from operations | 587<br>| 67<br>| —<br>| 40<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 1<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death Benefits | (45)<br>| —<br>| —<br>| (6)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (416)<br>| (31)<br>| —<br>| (239)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | (4)<br>| (1)<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed account), net | (2)<br>| 6<br>| —<br>| (318)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers in-kind, Novation | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (466)<br>| (26)<br>| —<br>| (563)<br>|
| Total increase (decrease) in net assets | 121<br>| 41<br>| —<br>| (523)<br>|
| **Net assets at December 31, 2025** | $4776<br>| $1138<br>| $—<br>| $—<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 38

------

[Back to **Table of Contents**](#TOC_863)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT EQ**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Global Perspectives<sup>®</sup>** **Portfolio - Class A** | **Voya Government Liquid Assets Portfolio - Service Class** | **Voya High Yield Portfolio - Service Class** | **Voya Large Cap Growth Portfolio - Adviser Class** |
| **Net assets at January 1, 2024** | $16<br>| $4692<br>| $613<br>| $2367<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | —<br>| 142<br>| 21<br>| (24)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | (1)<br>| 2<br>| (47)<br>| (69)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 1<br>| —<br>| 54<br>| 419<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | —<br>| 144<br>| 28<br>| 326<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | —<br>| 4<br>| —<br>| 1<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death Benefits | —<br>| (456)<br>| —<br>| (115)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (1)<br>| (224)<br>| (37)<br>| (229)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Charges | —<br>| —<br>| —<br>| (1)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| (4)<br>| —<br>| (1)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed account), net | 1<br>| 53<br>| (604)<br>| (2348)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | —<br>| (627)<br>| (641)<br>| (2693)<br>|
| Total increase (decrease) in net assets | —<br>| (483)<br>| (613)<br>| (2367)<br>|
| **Net assets at December 31, 2024** | $16<br>| $4209<br>| $—<br>| $—<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 1<br>| 97<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | (4)<br>| 3<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 4<br>| —<br>| —<br>| —<br>|
| Net increase (decrease) in net assets resulting from operations | 1<br>| 100<br>| —<br>| —<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | —<br>| 3<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death Benefits | —<br>| (6)<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | —<br>| (602)<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Charges | —<br>| (2)<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| (4)<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed account), net | (17)<br>| 337<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers in-kind, Novation | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (17)<br>| (274)<br>| —<br>| —<br>|
| Total increase (decrease) in net assets | (16)<br>| (174)<br>| —<br>| —<br>|
| **Net assets at December 31, 2025** | $—<br>| $4035<br>| $—<br>| $—<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 39

------

[Back to **Table of Contents**](#TOC_863)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT EQ**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Large Cap Growth Portfolio - Service Class** | **Voya Limited Maturity Bond Portfolio - Service Class** | **Voya Retirement Conservative Portfolio - Adviser Class** | **Voya Retirement Aggressive Portfolio - Advisor Class** |
| **Net assets at January 1, 2024** | $13395<br>| $652<br>| $1177<br>| $1876<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (139)<br>| 19<br>| 16<br>| 11<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 368<br>| (14)<br>| (22)<br>| 98<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 1657<br>| 15<br>| 48<br>| 129<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 1886<br>| 20<br>| 42<br>| 238<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 5<br>| —<br>| 6<br>| 14<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death Benefits | (216)<br>| (29)<br>| —<br>| (9)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (1315)<br>| (181)<br>| (217)<br>| (259)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Charges | (1)<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | (7)<br>| —<br>| —<br>| (2)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed account), net | (13747)<br>| 3<br>| 2<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (15281)<br>| (207)<br>| (209)<br>| (256)<br>|
| Total increase (decrease) in net assets | (13395)<br>| (187)<br>| (167)<br>| (18)<br>|
| **Net assets at December 31, 2024** | $—<br>| $465<br>| $1010<br>| $1858<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | —<br>| 13<br>| 38<br>| 23<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | —<br>| (4)<br>| (85)<br>| 116<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | —<br>| 9<br>| 101<br>| 9<br>|
| Net increase (decrease) in net assets resulting from operations | —<br>| 18<br>| 54<br>| 148<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | —<br>| —<br>| —<br>| 11<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death Benefits | —<br>| (17)<br>| —<br>| (1)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | —<br>| (47)<br>| (229)<br>| (423)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| —<br>| (1)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed account), net | —<br>| —<br>| (835)<br>| (1592)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers in-kind, Novation | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | —<br>| (64)<br>| (1064)<br>| (2006)<br>|
| Total increase (decrease) in net assets | —<br>| (46)<br>| (1010)<br>| (1858)<br>|
| **Net assets at December 31, 2025** | $—<br>| $419<br>| $—<br>| $—<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 40

------

[Back to **Table of Contents**](#TOC_863)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT EQ**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Retirement Moderately Aggressive Portfolio - Advisor Class** | **Voya Retirement Moderate Portfolio - Adviser Class** | **Voya U.S. Stock Index Portfolio - Service Class**  | **VY<sup>®</sup>** **BlackRock Inflation Protected Bond Portfolio - Service Class** |
| **Net assets at January 1, 2024** | $934<br>| $1304<br>| $234<br>| $267<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 8<br>| 19<br>| (2)<br>| 5<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 40<br>| 30<br>| 44<br>| (3)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 50<br>| 33<br>| (12)<br>| (1)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 98<br>| 82<br>| 30<br>| 1<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 2<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death Benefits | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (52)<br>| (22)<br>| (2)<br>| (4)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| (1)<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed account), net | (2)<br>| —<br>| (262)<br>| (14)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (52)<br>| (23)<br>| (264)<br>| (18)<br>|
| Total increase (decrease) in net assets | 46<br>| 59<br>| (234)<br>| (17)<br>|
| **Net assets at December 31, 2024** | $980<br>| $1363<br>| $—<br>| $250<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 20<br>| 50<br>| —<br>| 7<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 22<br>| (90)<br>| —<br>| (10)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 39<br>| 138<br>| —<br>| 17<br>|
| Net increase (decrease) in net assets resulting from operations | 81<br>| 98<br>| —<br>| 14<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 2<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death Benefits | (52)<br>| (44)<br>| —<br>| (11)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (134)<br>| (30)<br>| —<br>| (15)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed account), net | (877)<br>| (1387)<br>| —<br>| 9<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers in-kind, Novation | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (1061)<br>| (1461)<br>| —<br>| (17)<br>|
| Total increase (decrease) in net assets | (980)<br>| (1363)<br>| —<br>| (3)<br>|
| **Net assets at December 31, 2025** | $—<br>| $—<br>| $—<br>| $247<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 41

------

[Back to **Table of Contents**](#TOC_863)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT EQ**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **VY<sup>®</sup>** **CBRE Global Real Estate Portfolio - Class S** | **VY<sup>®</sup>** **CBRE Real Estate Portfolio - Class S** | **VY<sup>®</sup>** **Invesco Growth and Income Portfolio - Service Class** | **VY<sup>®</sup>** **JPMorgan Emerging Markets Equity Portfolio - Service Class** |
| **Net assets at January 1, 2024** | $39<br>| $876<br>| $7328<br>| $654<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 1<br>| 8<br>| 25<br>| (4)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | —<br>| —<br>| 377<br>| (40)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | (1)<br>| 11<br>| 223<br>| 48<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | —<br>| 19<br>| 625<br>| 4<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | —<br>| —<br>| 17<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death Benefits | —<br>| (19)<br>| (172)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (7)<br>| (91)<br>| (811)<br>| (39)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Charges | —<br>| —<br>| (2)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| (1)<br>| (3)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed account), net | (1)<br>| 2<br>| (6982)<br>| (29)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (8)<br>| (109)<br>| (7953)<br>| (68)<br>|
| Total increase (decrease) in net assets | (8)<br>| (90)<br>| (7328)<br>| (64)<br>|
| **Net assets at December 31, 2024** | $31<br>| $786<br>| $—<br>| $590<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 1<br>| 10<br>| —<br>| (1)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | —<br>| 2<br>| —<br>| (14)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 1<br>| (22)<br>| —<br>| 171<br>|
| Net increase (decrease) in net assets resulting from operations | 2<br>| (10)<br>| —<br>| 156<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death Benefits | —<br>| (19)<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (1)<br>| (44)<br>| —<br>| (17)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| (1)<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed account), net | (1)<br>| (6)<br>| —<br>| (729)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers in-kind, Novation | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (2)<br>| (70)<br>| —<br>| (746)<br>|
| Total increase (decrease) in net assets | —<br>| (80)<br>| —<br>| (590)<br>|
| **Net assets at December 31, 2025** | $31<br>| $706<br>| $—<br>| $—<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 42

------

[Back to **Table of Contents**](#TOC_863)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT EQ**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **VY<sup>®</sup>** **Morgan Stanley Global Franchise Portfolio - Service Class** | **VY<sup>®</sup>** **T. Rowe Price Capital Appreciation Portfolio - Service Class** | **Voya International High Dividend Low Volatility Portfolio - Service Class** | **Voya Solution Moderately Aggressive Portfolio - Service Class** |
| **Net assets at January 1, 2024** | $546<br>| $12044<br>| $1485<br>| $87<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (5)<br>| (63)<br>| 43<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 51<br>| 578<br>| (3)<br>| 1<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | (7)<br>| 301<br>| 41<br>| 11<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 39<br>| 816<br>| 81<br>| 12<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 9<br>| 36<br>| 1<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death Benefits | —<br>| (341)<br>| (38)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (11)<br>| (1201)<br>| (126)<br>| (6)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Charges | —<br>| (1)<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| (4)<br>| (1)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed account), net | 5<br>| (11349)<br>| (7)<br>| (1)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | 3<br>| (12860)<br>| (171)<br>| (7)<br>|
| Total increase (decrease) in net assets | 42<br>| (12044)<br>| (90)<br>| 5<br>|
| **Net assets at December 31, 2024** | $588<br>| $—<br>| $1395<br>| $92<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (4)<br>| —<br>| 39<br>| 2<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | (2)<br>| —<br>| 72<br>| 11<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 25<br>| —<br>| 371<br>| (4)<br>|
| Net increase (decrease) in net assets resulting from operations | 19<br>| —<br>| 482<br>| 9<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 3<br>| —<br>| 4<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death Benefits | (18)<br>| —<br>| (17)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (25)<br>| —<br>| (287)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| (1)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed account), net | (567)<br>| —<br>| 251<br>| (101)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers in-kind, Novation | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (607)<br>| —<br>| (50)<br>| (101)<br>|
| Total increase (decrease) in net assets | (588)<br>| —<br>| 432<br>| (92)<br>|
| **Net assets at December 31, 2025** | $—<br>| $—<br>| $1827<br>| $—<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 43

------

[Back to **Table of Contents**](#TOC_863)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT EQ**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **VY<sup>®</sup>** **Columbia Small Cap Value II Portfolio - Service Class** | **VY<sup>®</sup>** **Invesco Equity and Income Portfolio - Service Class** | **VY<sup>®</sup>** **Invesco Equity and Income Portfolio - Service 2 Class** | **Voya Global Insights Portfolio - Service Class** |
| **Net assets at January 1, 2024** | $78<br>| $17315<br>| $692<br>| $220<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | —<br>| (153)<br>| (6)<br>| (3)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 9<br>| 231<br>| 5<br>| 143<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | (1)<br>| 1050<br>| 48<br>| (123)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 8<br>| 1128<br>| 47<br>| 17<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | —<br>| 4<br>| 4<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death Benefits | —<br>| (402)<br>| (10)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (18)<br>| (1358)<br>| (16)<br>| (2)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| (8)<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed account), net | —<br>| (16679)<br>| (717)<br>| 3<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (18)<br>| (18443)<br>| (739)<br>| 1<br>|
| Total increase (decrease) in net assets | (10)<br>| (17315)<br>| (692)<br>| 18<br>|
| **Net assets at December 31, 2024** | $68<br>| $—<br>| $—<br>| $238<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | —<br>| —<br>| —<br>| (2)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 6<br>| —<br>| —<br>| (107)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | (3)<br>| —<br>| —<br>| 139<br>|
| Net increase (decrease) in net assets resulting from operations | 3<br>| —<br>| —<br>| 30<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death Benefits | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (8)<br>| —<br>| —<br>| (110)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed account), net | (63)<br>| —<br>| —<br>| (158)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers in-kind, Novation | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (71)<br>| —<br>| —<br>| (268)<br>|
| Total increase (decrease) in net assets | (68)<br>| —<br>| —<br>| (238)<br>|
| **Net assets at December 31, 2025** | $—<br>| $—<br>| $—<br>| $—<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 44

------

[Back to **Table of Contents**](#TOC_863)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT EQ**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **VY<sup>®</sup>** **JPMorgan Mid Cap Value Portfolio - Service Class** | **Voya Global High Dividend Low Volatility Portfolio - Class S** | **Voya Index Plus LargeCap Portfolio - Class S** | **Voya Index Plus MidCap Portfolio - Class S** |
| **Net assets at January 1, 2024** | $46<br>| $777<br>| $78<br>| $91<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (1)<br>| 9<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 2<br>| 40<br>| 15<br>| 4<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 4<br>| 33<br>| (5)<br>| 7<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 5<br>| 82<br>| 10<br>| 11<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death Benefits | —<br>| —<br>| —<br>| (14)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (1)<br>| (82)<br>| (2)<br>| (23)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed account), net | —<br>| (6)<br>| (86)<br>| (1)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (1)<br>| (88)<br>| (88)<br>| (38)<br>|
| Total increase (decrease) in net assets | 4<br>| (6)<br>| (78)<br>| (27)<br>|
| **Net assets at December 31, 2024** | $50<br>| $771<br>| $—<br>| $64<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | —<br>| 6<br>| —<br>| (1)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 1<br>| 212<br>| —<br>| 12<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 1<br>| (101)<br>| —<br>| (9)<br>|
| Net increase (decrease) in net assets resulting from operations | 2<br>| 117<br>| —<br>| 2<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death Benefits | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (3)<br>| (20)<br>| —<br>| (2)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed account), net | (49)<br>| (868)<br>| —<br>| (64)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers in-kind, Novation | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (52)<br>| (888)<br>| —<br>| (66)<br>|
| Total increase (decrease) in net assets | (50)<br>| (771)<br>| —<br>| (64)<br>|
| **Net assets at December 31, 2025** | $—<br>| $—<br>| $—<br>| $—<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 45

------

[Back to **Table of Contents**](#TOC_863)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT EQ**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Index Plus SmallCap Portfolio - Class S** | **Voya International Index Portfolio - Class A** | **Voya International Index Portfolio - Class S** | **Voya Russell<sup>™</sup>** **Large Cap Growth Index Portfolio - Class I** |
| **Net assets at January 1, 2024** | $114<br>| $846<br>| $74<br>| $8790<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (1)<br>| 6<br>| 1<br>| (34)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 5<br>| 59<br>| 1<br>| 176<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 4<br>| (44)<br>| (1)<br>| 1973<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 8<br>| 21<br>| 1<br>| 2115<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | —<br>| —<br>| —<br>| 1<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death Benefits | —<br>| (32)<br>| —<br>| (241)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (14)<br>| (302)<br>| (3)<br>| (740)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| —<br>| (5)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed account), net | 2<br>| 2<br>| —<br>| (6)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (12)<br>| (332)<br>| (3)<br>| (991)<br>|
| Total increase (decrease) in net assets | (4)<br>| (311)<br>| (2)<br>| 1124<br>|
| **Net assets at December 31, 2024** | $110<br>| $535<br>| $72<br>| $9914<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (1)<br>| 6<br>| 1<br>| 20<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 13<br>| 170<br>| 25<br>| 426<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | (9)<br>| (55)<br>| (9)<br>| 1194<br>|
| Net increase (decrease) in net assets resulting from operations | 3<br>| 121<br>| 17<br>| 1640<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | —<br>| —<br>| —<br>| 1<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death Benefits | —<br>| —<br>| —<br>| (95)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (25)<br>| (127)<br>| (2)<br>| (434)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| —<br>| (5)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed account), net | (88)<br>| (529)<br>| (87)<br>| 1<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers in-kind, Novation | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (113)<br>| (656)<br>| (89)<br>| (532)<br>|
| Total increase (decrease) in net assets | (110)<br>| (535)<br>| (72)<br>| 1108<br>|
| **Net assets at December 31, 2025** | $—<br>| $—<br>| $—<br>| $11022<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 46

------

[Back to **Table of Contents**](#TOC_863)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT EQ**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Russell<sup>™</sup>** **Large Cap Growth Index Portfolio - Class S** | **Voya Russell<sup>™</sup>** **Large Cap Index Portfolio - Class S** | **Voya Russell<sup>™</sup>** **Large Cap Value Index Portfolio - Class I** | **Voya Russell<sup>™</sup>** **Large Cap Value Index Portfolio - Class S** |
| **Net assets at January 1, 2024** | $1176<br>| $34585<br>| $7168<br>| $3576<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (9)<br>| (37)<br>| 49<br>| 33<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 498<br>| 23149<br>| 443<br>| 744<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | (323)<br>| (18434)<br>| 445<br>| (373)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 166<br>| 4678<br>| 937<br>| 404<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 12<br>| 23<br>| 1<br>| 4<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death Benefits | (5)<br>| (785)<br>| (198)<br>| (27)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (125)<br>| (2541)<br>| (441)<br>| (292)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Charges | —<br>| (1)<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| (16)<br>| (4)<br>| (1)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed account), net | (1224)<br>| (35943)<br>| (39)<br>| (3664)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (1342)<br>| (39263)<br>| (681)<br>| (3980)<br>|
| Total increase (decrease) in net assets | (1176)<br>| (34585)<br>| 256<br>| (3576)<br>|
| **Net assets at December 31, 2024** | $—<br>| $—<br>| $7424<br>| $—<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | —<br>| —<br>| 419<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | —<br>| —<br>| 1691<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | —<br>| —<br>| (982)<br>| —<br>|
| Net increase (decrease) in net assets resulting from operations | —<br>| —<br>| 1128<br>| —<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | —<br>| —<br>| 1<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death Benefits | —<br>| —<br>| (66)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | —<br>| —<br>| (1075)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Charges | —<br>| —<br>| (2)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| (3)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed account), net | —<br>| —<br>| (51)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers in-kind, Novation | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | —<br>| —<br>| (1196)<br>| —<br>|
| Total increase (decrease) in net assets | —<br>| —<br>| (68)<br>| —<br>|
| **Net assets at December 31, 2025** | $—<br>| $—<br>| $7356<br>| $—<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 47

------

[Back to **Table of Contents**](#TOC_863)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT EQ**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya Russell<sup>™</sup>** **Mid Cap Growth Index Portfolio - Class S** | **Voya Russell<sup>™</sup>** **Mid Cap Index Portfolio - Class S** | **Voya Russell<sup>™</sup>** **Small Cap Index Portfolio - Class S** | **Voya Small Company Portfolio - Class S** |
| **Net assets at January 1, 2024** | $33639<br>| $209<br>| $675<br>| $91<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (428)<br>| (1)<br>| (3)<br>| (1)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | (113)<br>| 17<br>| 41<br>| (6)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 6685<br>| 12<br>| 22<br>| 12<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 6144<br>| 28<br>| 60<br>| 5<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 111<br>| 5<br>| 10<br>| 2<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death Benefits | (468)<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (3450)<br>| (24)<br>| (39)<br>| (32)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Charges | (1)<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | (23)<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed account), net | (96)<br>| 10<br>| 11<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (3927)<br>| (9)<br>| (18)<br>| (30)<br>|
| Total increase (decrease) in net assets | 2217<br>| 19<br>| 42<br>| (25)<br>|
| **Net assets at December 31, 2024** | $35856<br>| $228<br>| $717<br>| $66<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (339)<br>| —<br>| 2<br>| (1)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 9138<br>| 17<br>| 81<br>| 5<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | (4604)<br>| 2<br>| (39)<br>| (3)<br>|
| Net increase (decrease) in net assets resulting from operations | 4195<br>| 19<br>| 44<br>| 1<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 93<br>| 2<br>| 4<br>| 1<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death Benefits | (206)<br>| (4)<br>| (8)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (3075)<br>| (19)<br>| (71)<br>| (8)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Charges | (5)<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | (16)<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed account), net | (36842)<br>| (226)<br>| (686)<br>| (60)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers in-kind, Novation | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (40051)<br>| (247)<br>| (761)<br>| (67)<br>|
| Total increase (decrease) in net assets | (35856)<br>| (228)<br>| (717)<br>| (66)<br>|
| **Net assets at December 31, 2025** | $—<br>| $—<br>| $—<br>| $—<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 48

------

[Back to **Table of Contents**](#TOC_863)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT EQ**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Voya U.S. Bond Index Portfolio - Class S** | **Venerable High Yield Fund - Class V** | **Venerable Moderate Allocation Fund - Class V** | **Venerable Large Cap Index Fund - Class V** |
| **Net assets at January 1, 2024** | $194<br>| $—<br>| $—<br>| $—<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 5<br>| 5<br>| (131)<br>| (196)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | (2)<br>| —<br>| 55<br>| 116<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | (4)<br>| (4)<br>| 1075<br>| 3591<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (1)<br>| 1<br>| 999<br>| 3511<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 3<br>| —<br>| 26<br>| 31<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death Benefits | —<br>| —<br>| (219)<br>| (125)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (4)<br>| (8)<br>| (990)<br>| (1062)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Charges | —<br>| —<br>| (1)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| (5)<br>| (7)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed account), net | 36<br>| 609<br>| 28834<br>| 41231<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | 35<br>| 601<br>| 27645<br>| 40068<br>|
| Total increase (decrease) in net assets | 34<br>| 602<br>| 28644<br>| 43579<br>|
| **Net assets at December 31, 2024** | $228<br>| $602<br>| $28644<br>| $43579<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 4<br>| 25<br>| (277)<br>| (489)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | (23)<br>| —<br>| 505<br>| 963<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 35<br>| 11<br>| 2696<br>| 5892<br>|
| Net increase (decrease) in net assets resulting from operations | 16<br>| 36<br>| 2924<br>| 6366<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 1<br>| —<br>| 56<br>| 76<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death Benefits | —<br>| (39)<br>| (592)<br>| (550)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (8)<br>| (120)<br>| (3445)<br>| (3621)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Charges | —<br>| —<br>| (1)<br>| (1)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| (15)<br>| (22)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed account), net | (237)<br>| —<br>| 9<br>| (407)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers in-kind, Novation | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (244)<br>| (159)<br>| (3988)<br>| (4525)<br>|
| Total increase (decrease) in net assets | (228)<br>| (123)<br>| (1064)<br>| 1841<br>|
| **Net assets at December 31, 2025** | $—<br>| $479<br>| $27580<br>| $45420<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 49

------

[Back to **Table of Contents**](#TOC_863)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT EQ**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Venerable Strategic Bond Fund - Class V** | **Venerable US Large Cap Strategic Equity Fund - Class V** | **EQ/AB Short Duration Government Bond Portfolio - Class IB** | **EQ/AB Small Cap Growth Portfolio - Class IB** |
| **Net assets at January 1, 2024** | $—<br>| $—<br>| $—<br>| $—<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 6<br>| (108)<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | (2)<br>| 74<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | (76)<br>| 1677<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (72)<br>| 1643<br>| —<br>| —<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 19<br>| 16<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death Benefits | —<br>| (47)<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (87)<br>| (841)<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| (5)<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed account), net | 1793<br>| 22989<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | 1725<br>| 22112<br>| —<br>| —<br>|
| Total increase (decrease) in net assets | 1653<br>| 23755<br>| —<br>| —<br>|
| **Net assets at December 31, 2024** | $1653<br>| $23755<br>| $—<br>| $—<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 39<br>| (294)<br>| 865<br>| (357)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | (12)<br>| 689<br>| 173<br>| 2390<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 52<br>| 2912<br>| 9<br>| (1203)<br>|
| Net increase (decrease) in net assets resulting from operations | 79<br>| 3307<br>| 1047<br>| 830<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 24<br>| 55<br>| 437<br>| 75<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death Benefits | (19)<br>| (656)<br>| (737)<br>| (479)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (268)<br>| (2066)<br>| (4744)<br>| (2948)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Charges | —<br>| (1)<br>| (1217)<br>| (628)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | (1)<br>| (14)<br>| (5)<br>| (1)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed account), net | (9)<br>| 18<br>| 1460<br>| (623)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers in-kind, Novation | —<br>| —<br>| 43362<br>| 31610<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | (273)<br>| (2664)<br>| 38556<br>| 27006<br>|
| Total increase (decrease) in net assets | (194)<br>| 643<br>| 39603<br>| 27836<br>|
| **Net assets at December 31, 2025** | $1459<br>| $24398<br>| $39603<br>| $27836<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 50

------

[Back to **Table of Contents**](#TOC_863)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT EQ**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **EQ/Clearbridge Select Equity Managed Volatility Portfolio - Class IB** | **EQ/Common Stock Index Portfolio - Class IB** | **EQ/Conservative Allocation Portfolio - Class IB** | **EQ/Conservative- Plus Allocation Portfolio - Class IB** |
| **Net assets at January 1, 2024** | $—<br>| $—<br>| $—<br>| $—<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | —<br>| —<br>| —<br>| —<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death Benefits | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed account), net | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | —<br>| —<br>| —<br>| —<br>|
| Total increase (decrease) in net assets | —<br>| —<br>| —<br>| —<br>|
| **Net assets at December 31, 2024** | $—<br>| $—<br>| $—<br>| $—<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (448)<br>| (440)<br>| 749<br>| 637<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 23<br>| 3957<br>| 1482<br>| 3442<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 1437<br>| 2397<br>| 544<br>| 11<br>|
| Net increase (decrease) in net assets resulting from operations | 1012<br>| 5914<br>| 2775<br>| 4090<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 68<br>| 217<br>| 150<br>| 97<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death Benefits | (1533)<br>| (884)<br>| (1058)<br>| (967)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (3094)<br>| (4758)<br>| (8971)<br>| (7409)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Charges | (753)<br>| (1084)<br>| (2184)<br>| (1913)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | (2)<br>| (3)<br>| (12)<br>| (13)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed account), net | 121<br>| (340)<br>| 2552<br>| 1135<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers in-kind, Novation | 36878<br>| 54296<br>| 57069<br>| 68283<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | 31685<br>| 47444<br>| 47546<br>| 59213<br>|
| Total increase (decrease) in net assets | 32697<br>| 53358<br>| 50321<br>| 63303<br>|
| **Net assets at December 31, 2025** | $32697<br>| $53358<br>| $50321<br>| $63303<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 51

------

[Back to **Table of Contents**](#TOC_863)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT EQ**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **EQ/Core Bond Index Portfolio - Class IB** | **EQ/Equity 500 Index Portfolio - Class IB** | **EQ/Intermediate Government Bond Portfolio - Class IB** | **EQ/International Core Managed Volatility Portfolio - Class IB** |
| **Net assets at January 1, 2024** | $—<br>| $—<br>| $—<br>| $—<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | —<br>| —<br>| —<br>| —<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death Benefits | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed account), net | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | —<br>| —<br>| —<br>| —<br>|
| Total increase (decrease) in net assets | —<br>| —<br>| —<br>| —<br>|
| **Net assets at December 31, 2024** | $—<br>| $—<br>| $—<br>| $—<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 803<br>| (1536)<br>| 109<br>| (82)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 293<br>| 6579<br>| 29<br>| 4958<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 1551<br>| 20602<br>| 89<br>| 6241<br>|
| Net increase (decrease) in net assets resulting from operations | 2647<br>| 25645<br>| 227<br>| 11117<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 230<br>| 165<br>| 65<br>| 117<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death Benefits | (1101)<br>| (1789)<br>| (134)<br>| (612)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (5880)<br>| (17559)<br>| (520)<br>| (5530)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Charges | (1392)<br>| (3827)<br>| (183)<br>| (1277)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | (5)<br>| (7)<br>| (1)<br>| (4)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed account), net | 1447<br>| 5065<br>| 1253<br>| (1231)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers in-kind, Novation | 57602<br>| 209302<br>| 5643<br>| 53400<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | 50901<br>| 191350<br>| 6123<br>| 44863<br>|
| Total increase (decrease) in net assets | 53548<br>| 216995<br>| 6350<br>| 55980<br>|
| **Net assets at December 31, 2025** | $53548<br>| $216995<br>| $6350<br>| $55980<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 52

------

[Back to **Table of Contents**](#TOC_863)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT EQ**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **EQ/International Equity Index Portfolio - Class IB** | **EQ/International Value Managed Volatility Portfolio - Class IB** | **EQ/Large Cap Core Managed Volatility Portfolio - Class IB** | **EQ/Large Cap Growth Index Portfolio - Class IB** |
| **Net assets at January 1, 2024** | $—<br>| $—<br>| $—<br>| $—<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | —<br>| —<br>| —<br>| —<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death Benefits | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed account), net | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | —<br>| —<br>| —<br>| —<br>|
| Total increase (decrease) in net assets | —<br>| —<br>| —<br>| —<br>|
| **Net assets at December 31, 2024** | $—<br>| $—<br>| $—<br>| $—<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 1232<br>| 188<br>| (808)<br>| (1233)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 1418<br>| 1889<br>| 14842<br>| 7761<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 11434<br>| 3266<br>| (6912)<br>| 5325<br>|
| Net increase (decrease) in net assets resulting from operations | 14084<br>| 5343<br>| 7122<br>| 11853<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 98<br>| 288<br>| 159<br>| 106<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death Benefits | (764)<br>| (656)<br>| (2039)<br>| (932)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (5479)<br>| (2132)<br>| (11845)<br>| (8195)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Charges | (1343)<br>| (623)<br>| (2381)<br>| (1678)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | (3)<br>| (1)<br>| (6)<br>| (2)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed account), net | (626)<br>| 145<br>| (2026)<br>| (750)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers in-kind, Novation | 55240<br>| 24437<br>| 125114<br>| 88715<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | 47123<br>| 21458<br>| 106976<br>| 77264<br>|
| Total increase (decrease) in net assets | 61207<br>| 26801<br>| 114098<br>| 89117<br>|
| **Net assets at December 31, 2025** | $61207<br>| $26801<br>| $114098<br>| $89117<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 53

------

[Back to **Table of Contents**](#TOC_863)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT EQ**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **EQ/Large Cap Growth Managed Volatility Portfolio - Class IB** | **EQ/Large Cap Value Index Portfolio - Class IB** | **EQ/Large Cap Value Managed Volatility Portfolio - Class IB** | **EQ/Mid Cap Index Portfolio - Class IB** |
| **Net assets at January 1, 2024** | $—<br>| $—<br>| $—<br>| $—<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | —<br>| —<br>| —<br>| —<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death Benefits | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed account), net | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | —<br>| —<br>| —<br>| —<br>|
| Total increase (decrease) in net assets | —<br>| —<br>| —<br>| —<br>|
| **Net assets at December 31, 2024** | $—<br>| $—<br>| $—<br>| $—<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (3676)<br>| (136)<br>| (138)<br>| (336)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 37637<br>| 2570<br>| 10263<br>| 2796<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | (14454)<br>| 1342<br>| (3236)<br>| (1969)<br>|
| Net increase (decrease) in net assets resulting from operations | 19507<br>| 3776<br>| 6889<br>| 491<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 1064<br>| 28<br>| 406<br>| 102<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death Benefits | (6105)<br>| (484)<br>| (2560)<br>| (659)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (28039)<br>| (5017)<br>| (11442)<br>| (4970)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Charges | (5324)<br>| (931)<br>| (2687)<br>| (1118)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | (12)<br>| (3)<br>| (8)<br>| (3)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed account), net | (5587)<br>| (891)<br>| (658)<br>| 199<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers in-kind, Novation | 297175<br>| 44592<br>| 137384<br>| 57937<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | 253172<br>| 37294<br>| 120435<br>| 51488<br>|
| Total increase (decrease) in net assets | 272679<br>| 41070<br>| 127324<br>| 51979<br>|
| **Net assets at December 31, 2025** | $272679<br>| $41070<br>| $127324<br>| $51979<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 54

------

[Back to **Table of Contents**](#TOC_863)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT EQ**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **EQ/Mid Cap Value Managed Volatility Portfolio - Class IB** | **EQ/Moderate Allocation Portfolio - Class IB** | **EQ/Moderate-Plus Allocation Portfolio - Class IB** | **EQ/Money Market Portfolio - Class IB** |
| **Net assets at January 1, 2024** | $—<br>| $—<br>| $—<br>| $—<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | —<br>| —<br>| —<br>| —<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death Benefits | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed account), net | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | —<br>| —<br>| —<br>| —<br>|
| Total increase (decrease) in net assets | —<br>| —<br>| —<br>| —<br>|
| **Net assets at December 31, 2024** | $—<br>| $—<br>| $—<br>| $—<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (204)<br>| 2942<br>| 3177<br>| 203<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 4188<br>| 20815<br>| 62983<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | (4114)<br>| 1195<br>| (3211)<br>| (1)<br>|
| Net increase (decrease) in net assets resulting from operations | (130)<br>| 24952<br>| 62949<br>| 202<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 99<br>| 3026<br>| 4076<br>| 135<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death Benefits | (1403)<br>| (7963)<br>| (15393)<br>| (268)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (7189)<br>| (38047)<br>| (82611)<br>| (7064)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Charges | (1479)<br>| (9962)<br>| (19972)<br>| (357)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | (5)<br>| (55)<br>| (90)<br>| (3)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed account), net | 1236<br>| 1938<br>| (5678)<br>| 8550<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers in-kind, Novation | 74770<br>| 366666<br>| 851567<br>| 11964<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | 66029<br>| 315603<br>| 731899<br>| 12957<br>|
| Total increase (decrease) in net assets | 65899<br>| 340555<br>| 794848<br>| 13159<br>|
| **Net assets at December 31, 2025** | $65899<br>| $340555<br>| $794848<br>| $13159<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 55

------

[Back to **Table of Contents**](#TOC_863)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT EQ**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **EQ/Quality Bond Plus Portfolio - Class IB** | **EQ/Small Company Index Portfolio - Class IB** | **Multimanager Technology Portfolio - Class IB** | **EQ/Global Equity Managed Volatility Portfolio - Class IB** |
| **Net assets at January 1, 2024** | $—<br>| $—<br>| $—<br>| $—<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | —<br>| —<br>| —<br>| —<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death Benefits | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed account), net | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | —<br>| —<br>| —<br>| —<br>|
| Total increase (decrease) in net assets | —<br>| —<br>| —<br>| —<br>|
| **Net assets at December 31, 2024** | $—<br>| $—<br>| $—<br>| $—<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 619<br>| (234)<br>| (1127)<br>| (462)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 167<br>| 1284<br>| 10283<br>| 7978<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 727<br>| 2060<br>| 6379<br>| 3210<br>|
| Net increase (decrease) in net assets resulting from operations | 1513<br>| 3110<br>| 15535<br>| 10726<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 37<br>| 9<br>| 51<br>| 159<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death Benefits | (446)<br>| (460)<br>| (837)<br>| (878)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (3437)<br>| (3564)<br>| (8958)<br>| (7036)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Charges | (843)<br>| (770)<br>| (1500)<br>| (1641)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | (3)<br>| (2)<br>| (3)<br>| (5)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed account), net | 855<br>| (420)<br>| (5234)<br>| (978)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers in-kind, Novation | 33901<br>| 40804<br>| 80652<br>| 75091<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | 30064<br>| 35597<br>| 64171<br>| 64712<br>|
| Total increase (decrease) in net assets | 31577<br>| 38707<br>| 79706<br>| 75438<br>|
| **Net assets at December 31, 2025** | $31577<br>| $38707<br>| $79706<br>| $75438<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 56

------

[Back to **Table of Contents**](#TOC_863)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT EQ**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **EQ/Balanced Strategy Portfolio - Class IB** | **EQ/Aggressive Allocation Portfolio - Class IB** | **EQ/Aggressive Growth Strategy Portfolio - Class IB** | **EQ/2000 Managed Volatility Portfolio - Class IB** |
| **Net assets at January 1, 2024** | $—<br>| $—<br>| $—<br>| $—<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | —<br>| —<br>| —<br>| —<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death Benefits | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed account), net | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | —<br>| —<br>| —<br>| —<br>|
| Total increase (decrease) in net assets | —<br>| —<br>| —<br>| —<br>|
| **Net assets at December 31, 2024** | $—<br>| $—<br>| $—<br>| $—<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 406<br>| (220)<br>| 154<br>| (98)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 3500<br>| 32942<br>| 13635<br>| 619<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | (23)<br>| (1578)<br>| (801)<br>| 499<br>|
| Net increase (decrease) in net assets resulting from operations | 3883<br>| 31144<br>| 12988<br>| 1020<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 34<br>| 175<br>| 989<br>| 68<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death Benefits | (1606)<br>| (3301)<br>| (3781)<br>| (660)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (5669)<br>| (32681)<br>| (17739)<br>| (2241)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Charges | (1496)<br>| (7123)<br>| (3664)<br>| (429)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | (6)<br>| (26)<br>| (19)<br>| (2)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed account), net | (22)<br>| (895)<br>| (1105)<br>| 320<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers in-kind, Novation | 58835<br>| 372708<br>| 165216<br>| 21318<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | 50069<br>| 328857<br>| 139897<br>| 18374<br>|
| Total increase (decrease) in net assets | 53952<br>| 360001<br>| 152885<br>| 19394<br>|
| **Net assets at December 31, 2025** | $53952<br>| $360001<br>| $152885<br>| $19394<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 57

------

[Back to **Table of Contents**](#TOC_863)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT EQ**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **EQ/400 Managed Volatility Portfolio - Class IB** | **1290 VT GAMCO Mergers and Acquisitions Portfolio - Class IB** | **1290 VT GAMCO Small Company Value Portfolio - Class IB** | **1290 VT SmartBeta Equity ESG Portfolio - Class IB** |
| **Net assets at January 1, 2024** | $—<br>| $—<br>| $—<br>| $—<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | —<br>| —<br>| —<br>| —<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death Benefits | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed account), net | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | —<br>| —<br>| —<br>| —<br>|
| Total increase (decrease) in net assets | —<br>| —<br>| —<br>| —<br>|
| **Net assets at December 31, 2024** | $—<br>| $—<br>| $—<br>| $—<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (88)<br>| 159<br>| (671)<br>| (204)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 927<br>| 438<br>| 5117<br>| 2299<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | (1258)<br>| 776<br>| 2118<br>| 745<br>|
| Net increase (decrease) in net assets resulting from operations | (419)<br>| 1373<br>| 6564<br>| 2840<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | —<br>| 11<br>| 314<br>| 40<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death Benefits | (718)<br>| (147)<br>| (1039)<br>| (1196)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (1710)<br>| (1200)<br>| (7966)<br>| (2516)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Charges | (359)<br>| (256)<br>| (1725)<br>| (684)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | (1)<br>| (1)<br>| (4)<br>| (2)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed account), net | (58)<br>| 21<br>| (663)<br>| (601)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers in-kind, Novation | 17096<br>| 11736<br>| 86913<br>| 28580<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | 14250<br>| 10164<br>| 75830<br>| 23621<br>|
| Total increase (decrease) in net assets | 13831<br>| 11537<br>| 82394<br>| 26461<br>|
| **Net assets at December 31, 2025** | $13831<br>| $11537<br>| $82394<br>| $26461<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 58

------

[Back to **Table of Contents**](#TOC_863)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT EQ**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1290 VT Socially Responsible Portfolio - Class IB** | **EQ/Franklin Small Cap Value Managed Volatility Portfolio - Class IB** | **EQ/Janus Enterprise Portfolio - Class IB** | **Venerable Emerging Markets Equity Fund - Class V** |
| **Net assets at January 1, 2024** | $—<br>| $—<br>| $—<br>| $—<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | —<br>| —<br>| —<br>| —<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death Benefits | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed account), net | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | —<br>| —<br>| —<br>| —<br>|
| Total increase (decrease) in net assets | —<br>| —<br>| —<br>| —<br>|
| **Net assets at December 31, 2024** | $—<br>| $—<br>| $—<br>| $—<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (78)<br>| (69)<br>| (657)<br>| (3)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 572<br>| 832<br>| 3876<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 394<br>| (496)<br>| (1408)<br>| 40<br>|
| Net increase (decrease) in net assets resulting from operations | 888<br>| 267<br>| 1811<br>| 37<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | —<br>| 15<br>| 14<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death Benefits | (59)<br>| (366)<br>| (494)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (731)<br>| (1626)<br>| (4723)<br>| (16)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Charges | (127)<br>| (297)<br>| (978)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| (1)<br>| (2)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed account), net | (4)<br>| 268<br>| 644<br>| 728<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers in-kind, Novation | 7600<br>| 13727<br>| 48591<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | 6679<br>| 11720<br>| 43052<br>| 712<br>|
| Total increase (decrease) in net assets | 7567<br>| 11987<br>| 44863<br>| 749<br>|
| **Net assets at December 31, 2025** | $7567<br>| $11987<br>| $44863<br>| $749<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 59

------

[Back to **Table of Contents**](#TOC_863)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT EQ**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Venerable World Equity Fund - Class V** | **Venerable International Index Fund - Class V** | **Venerable Mid Cap Index Fund - Class V** | **Venerable Small Cap Index Fund - Class V** |
| **Net assets at January 1, 2024** | $—<br>| $—<br>| $—<br>| $—<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | —<br>| —<br>| —<br>| —<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death Benefits | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed account), net | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | —<br>| —<br>| —<br>| —<br>|
| Total increase (decrease) in net assets | —<br>| —<br>| —<br>| —<br>|
| **Net assets at December 31, 2024** | $—<br>| $—<br>| $—<br>| $—<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (7)<br>| (3)<br>| (150)<br>| (3)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 1<br>| —<br>| (19)<br>| 1<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 80<br>| 31<br>| 35<br>| 28<br>|
| Net increase (decrease) in net assets resulting from operations | 74<br>| 28<br>| (134)<br>| 26<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 2<br>| —<br>| 30<br>| 7<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death Benefits | (24)<br>| (8)<br>| (762)<br>| (15)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (29)<br>| (10)<br>| (1276)<br>| (10)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Charges | —<br>| —<br>| (2)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | (1)<br>| —<br>| (5)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed account), net | 1624<br>| 626<br>| 36777<br>| 789<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers in-kind, Novation | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | 1572<br>| 608<br>| 34762<br>| 771<br>|
| Total increase (decrease) in net assets | 1646<br>| 636<br>| 34628<br>| 797<br>|
| **Net assets at December 31, 2025** | $1646<br>| $636<br>| $34628<br>| $797<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 60

------

[Back to **Table of Contents**](#TOC_863)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT EQ**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Venerable World Moderate Allocation Fund - Class V** | **Venerable World Appreciation Allocation Fund - Class V** | **Venerable US Small Cap Fund - Class V** | **Venerable Bond Index Fund - Class V** |
| **Net assets at January 1, 2024** | $—<br>| $—<br>| $—<br>| $—<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | —<br>| —<br>| —<br>| —<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death Benefits | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed account), net | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | —<br>| —<br>| —<br>| —<br>|
| Total increase (decrease) in net assets | —<br>| —<br>| —<br>| —<br>|
| **Net assets at December 31, 2024** | $—<br>| $—<br>| $—<br>| $—<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (1)<br>| —<br>| (1)<br>| 2<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 6<br>| 5<br>| 5<br>| (1)<br>|
| Net increase (decrease) in net assets resulting from operations | 5<br>| 5<br>| 4<br>| 1<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | —<br>| —<br>| 1<br>| 3<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death Benefits | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (23)<br>| (5)<br>| (3)<br>| (4)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed account), net | 152<br>| 100<br>| 193<br>| 503<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers in-kind, Novation | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | 129<br>| 95<br>| 191<br>| 502<br>|
| Total increase (decrease) in net assets | 134<br>| 100<br>| 195<br>| 503<br>|
| **Net assets at December 31, 2025** | $134<br>| $100<br>| $195<br>| $503<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 61

------

[Back to **Table of Contents**](#TOC_863)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT EQ**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Venerable World Conservative Allocation Fund - Class V** | **Venerable Conservative Appreciation Allocation Fund - Class V** | **Venerable Conservative Allocation Fund - Class V** | **Venerable Moderate Appreciation Allocation Fund - Class V** |
| **Net assets at January 1, 2024** | $—<br>| $—<br>| $—<br>| $—<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | —<br>| —<br>| —<br>| —<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death Benefits | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed account), net | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | —<br>| —<br>| —<br>| —<br>|
| Total increase (decrease) in net assets | —<br>| —<br>| —<br>| —<br>|
| **Net assets at December 31, 2024** | $—<br>| $—<br>| $—<br>| $—<br>|
| **Increase (decrease) in net assets** |  |  |  |  |
| Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (1)<br>| (6)<br>| (3)<br>| (4)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 2<br>| —<br>| 1<br>| 1<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 9<br>| 40<br>| 15<br>| 34<br>|
| Net increase (decrease) in net assets resulting from operations | 10<br>| 34<br>| 13<br>| 31<br>|
| Changes from principal transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | —<br>| —<br>| —<br>| 1<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death Benefits | (6)<br>| —<br>| (5)<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (71)<br>| (16)<br>| (58)<br>| (2)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed account), net | 322<br>| 1389<br>| 796<br>| 886<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers in-kind, Novation | —<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | 245<br>| 1373<br>| 733<br>| 885<br>|
| Total increase (decrease) in net assets | 255<br>| 1407<br>| 746<br>| 916<br>|
| **Net assets at December 31, 2025** | $255<br>| $1407<br>| $746<br>| $916<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 62

------

[Back to **Table of Contents**](#TOC_863)

---

| |
|:---|
| &nbsp;&nbsp;**VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| &nbsp;&nbsp;**SEPARATE ACCOUNT EQ**  |
| &nbsp;&nbsp;**Statements of Changes in Net Assets**  |
| &nbsp;&nbsp;**For the Years Ended December 31, 2025 and 2024**  |
| &nbsp;&nbsp;*(Dollars in thousands)*  |

---

---

| | |
|:---|:---|
|  | **Venerable Appreciation Allocation Fund - Class V** |
| **Net assets at January 1, 2024** | $—<br>|
| **Increase (decrease) in net assets** |  |
| Operations: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | —<br>|
| Changes from principal transactions: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death Benefits | —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Charges | —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed account), net | —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | —<br>|
| Total increase (decrease) in net assets | —<br>|
| **Net assets at December 31, 2024** | $—<br>|
| **Increase (decrease) in net assets** |  |
| Operations: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (7)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total realized gain (loss) on investments and capital gains <br>distributions | 1<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) of investments | 73<br>|
| Net increase (decrease) in net assets resulting from operations | 67<br>|
| Changes from principal transactions: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Premiums | 2<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Death Benefits | —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (6)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Contract Charges | —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of insurance and administrative charges | —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers between Divisions (including fixed account), net | 1607<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers in-kind, Novation | —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from principal <br>transactions | 1603<br>|
| Total increase (decrease) in net assets | 1670<br>|
| **Net assets at December 31, 2025** | $1670<br>|

---

*The accompanying notes are an integral part of these financial statements.* <br> 63

------

[Back to **Table of Contents**](#TOC_863)

---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY** |
| **SEPARATE ACCOUNT EQ** |
| **Notes to Financial Statements** |

---

**1. Organization**

Venerable Insurance and Annuity Company ("VIAC" or the "Company") is domiciled in the State of Iowa and was originally organized in 1973 under the insurance laws of Minnesota. On June 1, 2018, the Company became an indirectly wholly owned subsidiary of VA Capital Company LLC, ("VA Capital"), a limited liability company domiciled in the State of Delaware. The Company's direct parent is Venerable Holdings, Inc. ("Venerable Holdings"), a holding company domiciled in the State of Delaware. Before June 1, 2018, the Company was an indirectly wholly owned subsidiary of Voya Financial, Inc.

Separate Account EQ of the Company (the "Account") was established by the Company on July 14, 1988, to support operations of the Company's variable annuity contracts (the "Contracts"). The Company ceased offering new variable annuity products in 2010, but existing Contract owners may continue to invest in their Contracts. Effective January 17, 2025, certain Contracts were transferred to the Company, from Equitable Financial Life Insurance Company ("Equitable Financial"), an insurance company domiciled in the State of New York. The Company replaced Equitable Financial as the insurer of the Contracts, and the Company assumed all the rights, obligations, and liabilities under the terms of the Contracts, and became the servicing company for contract inquiries and transactions ("Novation"). The Account supports operations of these Contracts as of the effective date of the Novation. Contract holder activity within these funds prior to January 17, 2025, is not included within the financial statements and footnotes herein. Directed Services LLC, ("DSL"), an affiliate of the Company, acts as the principal underwriter (as defined in the Securities Act of 1933 and the 1940 Act, as amended) of the Contracts issued by the Company, inclusive of the Novation Contracts as of the effective date of the Novation. The Contracts were distributed through registered representatives of other broker-dealers who have entered into selling agreements with DSL.

The Contracts supported by the Account are:

• Equi-Select Variable Annuity

• PrimeElite Variable Annuity

• The Accumulator® Series (6.0) Variable Annuity (effective January 17, 2025)

• The Accumulator® Series (7.0) Variable Annuity (effective January 17, 2025)

• The Accumulator® Series (8.1) Variable Annuity (effective January 17, 2025)

The Account is registered as a unit investment trust with the Securities Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended. VIAC provides for variable accumulation and benefits under the Contracts by crediting annuity considerations to one or more divisions within the Account, as directed by the contract owners. The portion of the Account's assets applicable to Contracts will not be charged with liabilities arising out of any other business VIAC may conduct, but obligations of the Account, including the promise to make benefit payments, are obligations of VIAC. Under applicable insurance law, the assets and liabilities of the Account are clearly identified and distinguished from the other assets and liabilities of VIAC.

At December 31, 2025, the Account had a total of 68 investment divisions (the "Divisions"), 37 of which invest in mutual funds managed by Equitable Investment Management Group, LLC ("EIM"), pertaining to the novated Contracts, and 19 of which invest in mutual funds managed by an affiliate, Venerable Investment Advisers, LLC ("Venerable Advisers"), an investment adviser and wholly owned subsidiary of Venerable Holdings. The remaining 12 investment Divisions invest in independently managed mutual funds. The assets in each Division are invested in shares of a designated fund ("Fund") of various investment trusts ("Trusts").

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|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT EQ**  |
| **Notes to Financial Statements**  |

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The Divisions with asset balances at December 31, 2025 are as follows:

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| |
|:---|
| **Equitable Investment Management Group, LLC:** |
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/AB Short Duration Government Bond Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/AB Small Cap Growth Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Clearbridge Select Equity Managed Volatility Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Common Stock Index Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Conservative Allocation Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Conservative-Plus Allocation Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Core Bond Index Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Equity 500 Index Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Intermediate Government Bond Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/International Core Managed Volatility Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/International Equity Index Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/International Value Managed Volatility Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Large Cap Core Managed Volatility Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Large Cap Growth Index Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Large Cap Growth Managed Volatility Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Large Cap Value Index Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Large Cap Value Managed Volatility Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Mid Cap Index Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Mid Cap Value Managed Volatility Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Moderate Allocation Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Moderate-Plus Allocation Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Money Market Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Quality Bond Plus Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Small Company Index Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;Multimanager Technology Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Global Equity Managed Volatility Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Balanced Strategy Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Aggressive Allocation Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Aggressive Growth Strategy Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/2000 Managed Volatility Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/400 Managed Volatility Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;1290 VT GAMCO Mergers and Acquisitions Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;1290 VT GAMCO Small Company Value Portfolio - Class IB |

---

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| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;1290 VT SmartBeta Equity ESG Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;1290 VT Socially Responsible Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Franklin Small Cap Value Managed Volatility Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Janus Enterprise Portfolio - Class IB |
| **Franklin Advisors, Inc.:** |
| &nbsp;&nbsp;&nbsp;&nbsp;Franklin Multi-Asset Variable Conservative Growth Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Franklin Multi-Asset Variable Growth Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;Franklin Multi-Asset Variable Moderate Growth Fund |
| **Western (Legg Mason):** |
| &nbsp;&nbsp;&nbsp;&nbsp;Western Asset Core Plus VIT Portfolio - Class I |
| **Venerable Variable Insurance Trust:** |
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable High Yield Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Large Cap Index Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Moderate Allocation Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Strategic Bond Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable US Large Cap Strategic Equity Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Emerging Markets Equity Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable World Equity Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable International Index Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Mid Cap Index Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Small Cap Index Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable World Moderate Allocation Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable World Appreciation Allocation Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable US Small Cap Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Bond Index Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable World Conservative Allocation Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Conservative Appreciation Allocation Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Conservative Allocation Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Moderate Appreciation Allocation Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Appreciation Allocation Fund - Class V |
| **Voya:** |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Government Liquid Assets Portfolio - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Limited Maturity Bond Portfolio - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya International High Dividend Low Volatility Portfolio - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Russell<sup>™</sup> Large Cap Growth Index Portfolio - Class I |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Russell<sup>™</sup> Large Cap Value Index Portfolio - Class I |
| **Voya (VY):** |

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|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT EQ**  |
| **Notes to Financial Statements**  |

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VY<sup>®</sup> BlackRock Inflation Protected Bond Portfolio - Service Class <br> VY<sup>®</sup> CBRE Global Real Estate Portfolio - Class S

VY<sup>®</sup> CBRE Real Estate Portfolio - Class S

During 2025, the Divisions with current and former name changes are as follows:

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| | |
|:---|:---|
| **Current Name** | **Former Name** |
| **Voya:** | **Voya:** |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Retirement Aggressive Portfolio - Advisor Class | &nbsp;&nbsp;&nbsp;&nbsp;Voya Retirement Growth Portfolio - Adviser Class |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Retirement Moderately Aggressive Portfolio - Advisor Class | &nbsp;&nbsp;&nbsp;&nbsp;Voya Retirement Moderate Growth Portfolio - Adviser Class |

---

During 2025, the Divisions closed to contract owners due to fund mergers and substitutions are as follows:

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| |
|:---|
| **BlackRock Variable Series Funds, Inc.:** |
| &nbsp;&nbsp;&nbsp;&nbsp;BlackRock Global Allocation V.I. Fund - Class III |
| **Columbia Funds Variable Insurance Trust:** |
| &nbsp;&nbsp;&nbsp;&nbsp;Columbia VP - Small Cap Value Fund - Class 2 |
| **Voya:** |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Balanced Income Portfolio - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Global Perspectives<sup>®</sup> Portfolio - Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Retirement Conservative Portfolio - Adviser Class |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Retirement Aggressive Portfolio - Advisor Class |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Retirement Moderately Aggressive Portfolio - Advisor Class |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Retirement Moderate Portfolio - Adviser Class |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Solution Moderately Aggressive Portfolio - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Global Insights Portfolio - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Global High Dividend Low Volatility Portfolio - Class S |

---

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| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Index Plus MidCap Portfolio - Class S |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Index Plus SmallCap Portfolio - Class S |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya International Index Portfolio - Class A |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya International Index Portfolio - Class S |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Russell<sup>™</sup> Mid Cap Growth Index Portfolio - Class S |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Russell<sup>™</sup> Mid Cap Index Portfolio - Class S |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Russell<sup>™</sup> Small Cap Index Portfolio - Class S |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Small Company Portfolio - Class S |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya U.S. Bond Index Portfolio - Class S |
| **Voya (VY):** |
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> Columbia Small Cap Value II Portfolio - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio - Service Class |

---

During 2025, the Divisions opened to contract owners due to fund mergers and substitutions are as follows, which includes the Venerable Variable Insurance Trust ("VVIT"), comprised of mutual funds managed by Venerable Advisers, an affiliate of the Company:

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| |
|:---|
| **Venerable Variable Insurance Trust:** |
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Emerging Markets Equity Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable World Equity Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable International Index Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Mid Cap Index Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Small Cap Index Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable World Moderate Allocation Fund - Class V |

---

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| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable World Appreciation Allocation Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable US Small Cap Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Bond Index Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable World Conservative Allocation Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Conservative Appreciation Allocation Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Conservative Allocation Fund - Class V |

---

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| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT EQ**  |
| **Notes to Financial Statements**  |

---

Venerable Moderate Appreciation Allocation Fund - Class V

Venerable Appreciation Allocation Fund - Class V

During 2025, the Divisions available to contract owners effective January 17, 2025, pertaining to the novated Contracts are as follows:

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|:---|
| **Equitable Investment Management Group, LLC:** |
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/AB Short Duration Government Bond Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/AB Small Cap Growth Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQ/Clearbridge Select Equity Managed Volatility Portfolio - <br>Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Common Stock Index Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Conservative Allocation Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Conservative-Plus Allocation Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Core Bond Index Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Equity 500 Index Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Intermediate Government Bond Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/International Core Managed Volatility Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/International Equity Index Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/International Value Managed Volatility Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Large Cap Core Managed Volatility Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Large Cap Growth Index Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Large Cap Growth Managed Volatility Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Large Cap Value Index Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Large Cap Value Managed Volatility Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Mid Cap Index Portfolio - Class IB |

---

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| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Mid Cap Value Managed Volatility Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Moderate Allocation Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Moderate-Plus Allocation Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Money Market Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Quality Bond Plus Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Small Company Index Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;Multimanager Technology Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Global Equity Managed Volatility Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Balanced Strategy Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Aggressive Allocation Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Aggressive Growth Strategy Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/2000 Managed Volatility Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/400 Managed Volatility Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;1290 VT GAMCO Mergers and Acquisitions Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;1290 VT GAMCO Small Company Value Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;1290 VT SmartBeta Equity ESG Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;1290 VT Socially Responsible Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQ/Franklin Small Cap Value Managed Volatility Portfolio - <br>Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Janus Enterprise Portfolio - Class IB |

---

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

**2. Significant Accounting Policies**

The following is a summary of the significant account policies of the Account.

*Use of Estimates*

The preparation of financial statements in conformity with accounting principles generally accepted in the United States 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.

*Investments*

Investments are made in shares of a Division and are recorded at fair value, determined by the net asset value per share of the respective Division. Investment transactions in each Division are recorded on the trade date. Distributions of net investment income and capital gains from each Division are recognized on the ex-distribution date. Realized gains and losses on redemptions of the shares of the Division are determined on a first-in, first-out basis. The difference between cost and current fair value of investments owned on the day of measurement is recorded as unrealized appreciation or depreciation of investments.

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|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT EQ**  |
| **Notes to Financial Statements**  |

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*Federal Income Taxes*

Operations of the Account form a part of, and are taxed with, the total operations of VIAC, which is taxed as a life insurance company under the Internal Revenue Code ("IRC"). Under the current provisions of the IRC, the Company does not expect to incur federal income taxes on the earnings of the Account to the extent the earnings are credited to contract owners. Accordingly, earnings and realized capital gains of the Account attributable to the contract owners are excluded in the determination of the federal income tax liability of VIAC, and no charge is being made to the Account for federal income taxes for these amounts. The Company will review this tax accounting in the event of changes in the tax law. Such changes in the law may result in a charge for federal income taxes. Uncertain tax positions are assessed at the parent level on a consolidated basis, including taxes of the operations of the Separate Account.

*Contract Owner Reserves*

The annuity reserves of the Account are represented by net assets on the Statements of Assets and Liabilities and are equal to the aggregate account values of the contract owners invested in the Account Divisions. To the extent that benefits to be paid to the contract owners exceed their account values, VIAC will contribute additional funds to the benefit proceeds. Conversely, if amounts allocated exceed amounts required, transfers may be made to VIAC. All Contracts in the Account are currently in the accumulation period. Prior to the annuitization date, the Contracts are redeemable for the net cash surrender value of the Contracts.

*Changes from Principal Transactions*

Included in Changes from principal transactions on the Statements of Changes in Net Assets are items which relate to contract owner activity, including premiums, death benefits, surrenders and withdrawals, contract charges, and cost of insurance and administrative charges. Also included are transfers between the fixed account and the Divisions, transfers between Divisions, in-kind transfers into a Division due to a Novation, and transfers to (from) VIAC related to gains and losses resulting from actual mortality experience (the full responsibility for which is assumed by VIAC).

*Segment Disclosures*

FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07") defines an operating segment 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 Account's CODM is the Company's Chief Executive Officer. The Account represents a single operating segment as the CODM monitors operating results, and as a whole, long-term strategic asset allocation is pre-determined based on a defined investment strategy. The "Total increase (decrease) in net assets", which is used by the CODM to assess the segment's performance, is consistent with the accompanying Statements of Changes in Net Assets. Segment assets are reflected on the accompanying Statements of Assets and Liabilities as "Total net assets" and significant segment expenses are listed on the accompanying Statements of Operations.

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|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT EQ**  |
| **Notes to Financial Statements**  |

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*Subsequent Events*

The Account has evaluated subsequent events for recognition and disclosure through the date the financial statements were issued.

**3. Financial Instruments**

The Account invests assets in shares of open-end mutual funds, which process orders to purchase and redeem shares on a daily basis at the fund's next computed net asset values ("NAV"). The fair value of the Account's assets is based on the NAVs of mutual funds, which are obtained from the transfer agents or fund companies and reflect the fair values of the mutual fund investments. The NAV is calculated daily upon close of the New York Stock Exchange and is based on the fair values of the underlying securities.

The Account's assets are recorded at fair value on the Statements of Assets and Liabilities and are categorized as Level 1 as of December 31, 2025. There were no transfers among the levels for the year ended December 31, 2025. The account had no liabilities as of December 31, 2025.

The Account categorizes its financial instruments into a three-level hierarchy based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the instrument.

• Level 1 - Unadjusted quoted prices for identical assets or liabilities in an active market. The Account defines an active market as a market in which transactions take place with sufficient frequency and volume to provide pricing information on an ongoing basis.

• Level 2 - Quoted prices in markets that are not active or valuation techniques that require inputs that are observable either directly or indirectly for substantially the full term of the asset or liability. Level 2 inputs include the following:

a) Quoted prices for similar assets or liabilities in active markets;

b) Quoted prices for identical or similar assets or liabilities in non-active markets;

c) Inputs other than quoted market prices that are observable; and

d) Inputs that are derived principally from or corroborated by observable market data through correlation or other means.

• Level 3 - Prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These valuations, whether derived internally or obtained from a third party, use critical assumptions that are not widely available to estimate market participant expectations in valuing the asset or liability.

**4. Charges and Fees**

Under the terms of all Contracts, certain charges and fees are incurred by the Contracts to cover VIAC's expenses in connection with the issuance and administration of the Contracts. Following is a summary of these charges and fees:

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|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT EQ**  |
| **Notes to Financial Statements**  |

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*Mortality and Expense Risk Charges*

VIAC assumes mortality and expense risks related to the operations of the Account and, in accordance with the terms of the Contracts, deducts a daily charge from the assets of the Account. Daily charges are deducted at annual rates of 0.80% to 1.25% of the average daily net asset value of each Division of the Account to cover these risks, as specified in the Contracts. These charges are assessed through a reduction in unit values.

*Asset Based Administrative Charges*

A charge to cover administrative expenses of the Account is deducted daily at annual rates of 0.15% to 0.35% of the assets attributable to the Contracts. These charges are assessed through a reduction in unit values.

*Contract Maintenance Charges*

An annual Contract maintenance fee of up to $30 may be deducted from the accumulation value of Contracts to cover ongoing administrative expenses, as specified in the Contracts. These charges are assessed through the redemption of units.

*Contingent Deferred Sales Charges*

For certain Contracts, a contingent deferred sales charge ("Surrender Charge") is imposed as a percentage that ranges up to 8.00% of each premium payment if the Contract is surrendered or an excess partial withdrawal is taken, as specified in the Contract. These charges are assessed through the redemption of units.

*Distribution Charges*

For certain Contracts, annual distribution fees to cover sales expenses of the Account are deducted daily at an annual rate of 0.20% to 0.35% from the Contract's accumulation values. These charges are assessed through the redemption of units.

*Other Contract Charges*

Certain Contracts contain optional riders that are available for an additional charge, such as minimum guaranteed income benefits and minimum guaranteed withdrawal benefits. The amounts charged for these optional benefits vary based on a number of factors and are defined in the Contracts. These charges are assessed through a reduction in unit values.

*Fees Waived by VIAC*

Certain charges and fees for various types of Contracts may be waived by VIAC. VIAC reserves the right to discontinue these waivers at its discretion or to conform with changes in the law.

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|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT EQ**  |
| **Notes to Financial Statements**  |

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

**5. Related Party Transactions**

Effective September 5, 2025, and September 12, 2025, Venerable Advisers, an investment adviser and wholly owned subsidiary of Venerable Holdings, launched additional mutual funds (collectively, "Wave 2") through the VVIT. The Wave 2 funds, with $7.0 billion in assets under management as of the combined effective dates, are comprised of assets substituted from previously managed, independent trusts. Effective September 9, 2024, Venerable Advisers announced the launch of the VVIT and its initial line-up of mutual funds (collectively, "Wave 1"). The Wave 1 funds, comprised of $9.5 billion in assets under management as of the effective date, are also comprised of assets substituted from previously managed, independent trusts. The mutual funds launched in Waves 1 and 2 serve as investment options for the Company's separate accounts, including that of the Account, and brings the management of these mutual funds underlying the Company's variable annuity business primarily in-house.

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| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY** |
| **SEPARATE ACCOUNT EQ** |
| **Notes to Financial Statements** |

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**6. Purchase and Sales of Investment Securities**

The aggregate cost of purchases and proceeds from sales of investments for the year ended December 31, 2025 follow:

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| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  | *(Dollars in thousands)* | *(Dollars in thousands)* |
| **BlackRock Variable Series Funds, Inc.:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BlackRock Global Allocation V.I. Fund - Class III | $1<br>| $158<br>|
| **Columbia Funds Variable Insurance Trust:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Columbia VP - Small Cap Value Fund - Class 2 | $13<br>| $77<br>|
| **Equitable Investment Management Group, LLC:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/AB Short Duration Government Bond Portfolio - Class IB | $47836<br>| $8415<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/AB Small Cap Growth Portfolio - Class IB | $34931<br>| $5613<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Clearbridge Select Equity Managed Volatility Portfolio - Class IB | $37409<br>| $5985<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Common Stock Index Portfolio - Class IB | $59181<br>| $8419<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Conservative Allocation Portfolio - Class IB | $64702<br>| $15208<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Conservative-Plus Allocation Portfolio - Class IB | $75232<br>| $12141<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Core Bond Index Portfolio - Class IB | $60800<br>| $9095<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Equity 500 Index Portfolio - Class IB | $226608<br>| $31240<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Intermediate Government Bond Portfolio - Class IB | $7236<br>| $1004<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/International Core Managed Volatility Portfolio - Class IB | $58548<br>| $9794<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/International Equity Index Portfolio - Class IB | $59664<br>| $11310<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/International Value Managed Volatility Portfolio - Class IB | $27413<br>| $4361<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Large Cap Core Managed Volatility Portfolio - Class IB | $141698<br>| $20301<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Large Cap Growth Index Portfolio - Class IB | $98551<br>| $15344<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Large Cap Growth Managed Volatility Portfolio - Class IB | $336294<br>| $48440<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Large Cap Value Index Portfolio - Class IB | $48773<br>| $9317<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Large Cap Value Managed Volatility Portfolio - Class IB | $150200<br>| $19544<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Mid Cap Index Portfolio - Class IB | $62342<br>| $8091<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Mid Cap Value Managed Volatility Portfolio - Class IB | $80820<br>| $10379<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Moderate Allocation Portfolio - Class IB | $398829<br>| $60648<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Moderate-Plus Allocation Portfolio - Class IB | $929497<br>| $132990<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Money Market Portfolio - Class IB | $23254<br>| $10094<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Quality Bond Plus Portfolio - Class IB | $36093<br>| $5410<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Small Company Index Portfolio - Class IB | $42728<br>| $6087<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Multimanager Technology Portfolio - Class IB | $91408<br>| $19593<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Global Equity Managed Volatility Portfolio - Class IB | $83464<br>| $11742<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Balanced Strategy Portfolio - Class IB | $64193<br>| $10329<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Aggressive Allocation Portfolio - Class IB | $412018<br>| $50630<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Aggressive Growth Strategy Portfolio - Class IB | $181592<br>| $28040<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/2000 Managed Volatility Portfolio - Class IB | $22493<br>| $3566<br>|

---

------

[Back to **Table of Contents**](#TOC_863)

---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT EQ**  |
| **Notes to Financial Statements**  |

---

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  | *(Dollars in thousands)*  | *(Dollars in thousands)*  |
| **Equitable Investment Management Group, LLC: (continued)** | **Equitable Investment Management Group, LLC: (continued)** | **Equitable Investment Management Group, LLC: (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/400 Managed Volatility Portfolio - Class IB | $18438<br>| $3174<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;1290 VT GAMCO Mergers and Acquisitions Portfolio - Class IB | $12597<br>| $1923<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;1290 VT GAMCO Small Company Value Portfolio - Class IB | $92816<br>| $12647<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;1290 VT SmartBeta Equity ESG Portfolio - Class IB | $31002<br>| $5502<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;1290 VT Socially Responsible Portfolio - Class IB | $8269<br>| $1120<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Franklin Small Cap Value Managed Volatility Portfolio - Class IB | $14940<br>| $2348<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Janus Enterprise Portfolio - Class IB | $53436<br>| $7103<br>|
| **Franklin Advisors, Inc.:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Franklin Multi-Asset Variable Conservative Growth Fund | $596<br>| $749<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Franklin Multi-Asset Variable Growth Fund | $604<br>| $472<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Franklin Multi-Asset Variable Moderate Growth Fund | $633<br>| $531<br>|
| **Western (Legg Mason):** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Western Asset Core Plus VIT Portfolio - Class I | $57<br>| $48<br>|
| **Venerable Variable Insurance Trust:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable High Yield Fund - Class V | $43<br>| $178<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Moderate Allocation Fund - Class V | $563<br>| $4687<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Large Cap Index Fund - Class V | $498<br>| $5196<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Strategic Bond Fund - Class V | $84<br>| $319<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable US Large Cap Strategic Equity Fund - Class V | $402<br>| $3072<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Emerging Markets Equity Fund - Class V | $728<br>| $19<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable World Equity Fund - Class V | $1624<br>| $59<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable International Index Fund - Class V | $626<br>| $21<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Mid Cap Index Fund - Class V | $36889<br>| $2276<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Small Cap Index Fund - Class V | $805<br>| $38<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable World Moderate Allocation Fund - Class V | $153<br>| $24<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable World Appreciation Allocation Fund - Class V | $100<br>| $5<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable US Small Cap Fund - Class V | $195<br>| $4<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Bond Index Fund - Class V | $509<br>| $6<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable World Conservative Allocation Fund - Class V | $322<br>| $78<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Conservative Appreciation Allocation Fund - Class V | $1390<br>| $22<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Conservative Allocation Fund - Class V | $797<br>| $67<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Moderate Appreciation Allocation Fund - Class V | $887<br>| $6<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Appreciation Allocation Fund - Class V | $1609<br>| $13<br>|
| **Voya:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Balanced Income Portfolio - Service Class | $34<br>| $568<br>|

---

------

[Back to **Table of Contents**](#TOC_863)

---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT EQ**  |
| **Notes to Financial Statements**  |

---

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  | *(Dollars in thousands)*  | *(Dollars in thousands)*  |
| **Voya: (continued)** | **Voya: (continued)** | **Voya: (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Global Perspectives<sup>®</sup> Portfolio - Class A | $1<br>| $18<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Government Liquid Assets Portfolio - Service Class | $517<br>| $691<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Limited Maturity Bond Portfolio - Service Class | $20<br>| $70<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Retirement Conservative Portfolio - Adviser Class | $141<br>| $1083<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Retirement Aggressive Portfolio - Advisor Class | $417<br>| $2044<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Retirement Moderately Aggressive Portfolio - Advisor Class | $192<br>| $1081<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Retirement Moderate Portfolio - Adviser Class | $146<br>| $1477<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya International High Dividend Low Volatility Portfolio - Service Class | $408<br>| $388<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Solution Moderately Aggressive Portfolio - Service Class | $23<br>| $101<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Global Insights Portfolio - Service Class | $15<br>| $271<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Global High Dividend Low Volatility Portfolio - Class S | $113<br>| $897<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Index Plus MidCap Portfolio - Class S | $5<br>| $68<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Index Plus SmallCap Portfolio - Class S | $8<br>| $118<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya International Index Portfolio - Class A | $25<br>| $673<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya International Index Portfolio - Class S | $2<br>| $89<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Russell<sup>™</sup> Large Cap Growth Index Portfolio - Class I | $412<br>| $676<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Russell<sup>™</sup> Large Cap Value Index Portfolio - Class I | $1844<br>| $1302<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Russell<sup>™</sup> Mid Cap Growth Index Portfolio - Class S | $4410<br>| $40465<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Russell<sup>™</sup> Mid Cap Index Portfolio - Class S | $41<br>| $261<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Russell<sup>™</sup> Small Cap Index Portfolio - Class S | $98<br>| $787<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Small Company Portfolio - Class S | $10<br>| $71<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya U.S. Bond Index Portfolio - Class S | $275<br>| $514<br>|
| **Voya (VY):** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> BlackRock Inflation Protected Bond Portfolio - Service Class | $71<br>| $80<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> CBRE Global Real Estate Portfolio - Class S | $1<br>| $2<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> CBRE Real Estate Portfolio - Class S | $28<br>| $89<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio - Service Class | $160<br>| $752<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio - Service Class | $233<br>| $655<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> Columbia Small Cap Value II Portfolio - Service Class | $13<br>| $71<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio - Service Class | $7<br>| $52<br>|

---

------

[Back to **Table of Contents**](#TOC_863)

---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY** |
| **SEPARATE ACCOUNT EQ** |
| **Notes to Financial Statements** |

---

**7. Changes in Units**

The changes in units outstanding were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **Units Issued** | **Units Redeemed** | **Net Increase (Decrease)** | **Units Issued** | **Units Redeemed** | **Net Increase (Decrease)** |
| **BlackRock Variable Series Funds, Inc.:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BlackRock Global Allocation V.I. Fund - Class III | —<br>| 7995<br>| (7995)<br>| 7<br>| 563<br>| (556)<br>|
| **Columbia Funds Variable Insurance Trust:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Columbia VP - Small Cap Value Fund - Class 2 | —<br>| 1811<br>| (1811)<br>| —<br>| 240<br>| (240)<br>|
| **Equitable Investment Management Group, LLC:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/AB Short Duration Government Bond Portfolio - Class IB | 5029806<br>| 843752<br>| 4186054<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/AB Small Cap Growth Portfolio - Class IB | 604090<br>| 104620<br>| 499470<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Clearbridge Select Equity Managed Volatility Portfolio - Class IB | 1148765<br>| 175593<br>| 973172<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Common Stock Index Portfolio - Class IB | 769196<br>| 107187<br>| 662009<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Conservative Allocation Portfolio - Class IB | 4512513<br>| 1031935<br>| 3480578<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Conservative-Plus Allocation Portfolio - Class IB | 4070304<br>| 632094<br>| 3438210<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Core Bond Index Portfolio - Class IB | 5324594<br>| 738432<br>| 4586162<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Equity 500 Index Portfolio - Class IB | 3390170<br>| 428775<br>| 2961395<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Intermediate Government Bond Portfolio - Class IB | 632683<br>| 76190<br>| 556493<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/International Core Managed Volatility Portfolio - Class IB | 2798210<br>| 423374<br>| 2374836<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/International Equity Index Portfolio - Class IB | 3001715<br>| 485631<br>| 2516084<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/International Value Managed Volatility Portfolio - Class IB | 1218039<br>| 170810<br>| 1047229<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Large Cap Core Managed Volatility Portfolio - Class IB | 2811314<br>| 421427<br>| 2389887<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Large Cap Growth Index Portfolio - Class IB | 1313302<br>| 192358<br>| 1120944<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Large Cap Growth Managed Volatility Portfolio - Class IB | 4154017<br>| 623374<br>| 3530643<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Large Cap Value Index Portfolio - Class IB | 2596719<br>| 480146<br>| 2116573<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Large Cap Value Managed Volatility Portfolio - Class IB | 4274640<br>| 551109<br>| 3723531<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Mid Cap Index Portfolio - Class IB | 1451884<br>| 186491<br>| 1265393<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Mid Cap Value Managed Volatility Portfolio - Class IB | 1895381<br>| 247129<br>| 1648252<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Moderate Allocation Portfolio - Class IB | 15649800<br>| 2298533<br>| 13351267<br>| —<br>| —<br>| —<br>|

---

------

[Back to **Table of Contents**](#TOC_863)

---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT EQ**  |
| **Notes to Financial Statements**  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **Units Issued** | **Units Redeemed** | **Net Increase (Decrease)** | **Units Issued** | **Units Redeemed** | **Net Increase (Decrease)**  |
| **Equitable Investment Management Group, LLC: (continued)** | **Equitable Investment Management Group, LLC: (continued)** | **Equitable Investment Management Group, LLC: (continued)** | **Equitable Investment Management Group, LLC: (continued)** | **Equitable Investment Management Group, LLC: (continued)** | **Equitable Investment Management Group, LLC: (continued)** | **Equitable Investment Management Group, LLC: (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Moderate-Plus Allocation Portfolio - Class IB | 33741470<br>| 4727604<br>| 29013866<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Money Market Portfolio - Class IB | 1866851<br>| 741064<br>| 1125787<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Quality Bond Plus Portfolio - Class IB | 3044841<br>| 418003<br>| 2626838<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Small Company Index Portfolio - Class IB | 1009092<br>| 138682<br>| 870410<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Multimanager Technology Portfolio - Class IB | 945365<br>| 193268<br>| 752097<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Global Equity Managed Volatility Portfolio - Class IB | 1673726<br>| 226981<br>| 1446745<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Balanced Strategy Portfolio - Class IB | 5442914<br>| 833119<br>| 4609795<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Aggressive Allocation Portfolio - Class IB | 12400078<br>| 1479241<br>| 10920837<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Aggressive Growth Strategy Portfolio - Class IB | 11164676<br>| 1700515<br>| 9464161<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/2000 Managed Volatility Portfolio - Class IB | 1047168<br>| 161932<br>| 885236<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/400 Managed Volatility Portfolio - Class IB | 711208<br>| 129002<br>| 582206<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;1290 VT GAMCO Mergers and Acquisitions Portfolio - Class IB | 652737<br>| 92404<br>| 560333<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;1290 VT GAMCO Small Company Value Portfolio - Class IB | 679681<br>| 90567<br>| 589114<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;1290 VT SmartBeta Equity ESG Portfolio - Class IB | 1788187<br>| 306083<br>| 1482104<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;1290 VT Socially Responsible Portfolio - Class IB | 179167<br>| 24266<br>| 154901<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Franklin Small Cap Value Managed Volatility Portfolio - Class IB | 577842<br>| 95319<br>| 482523<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;EQ/Janus Enterprise Portfolio - Class IB | 1081397<br>| 142994<br>| 938403<br>| —<br>| —<br>| —<br>|
| **Franklin Advisors, Inc.:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Franklin Multi-Asset Variable Conservative Growth Fund | 572<br>| 18280<br>| (17708)<br>| 551<br>| 45662<br>| (45111)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Franklin Multi-Asset Variable Growth Fund | 23<br>| 9643<br>| (9620)<br>| 353<br>| 8273<br>| (7920)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Franklin Multi-Asset Variable Moderate Growth Fund | 24<br>| 11855<br>| (11831)<br>| 45<br>| 9742<br>| (9697)<br>|
| **Western (Legg Mason):** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Western Asset Core Plus VIT Portfolio - Class I | 218<br>| 1185<br>| (967)<br>| 56<br>| 3442<br>| (3386)<br>|
| **Venerable Variable Insurance Trust:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable High Yield Fund - Class V | 998<br>| 16460<br>| (15462)<br>| 60984<br>| 843<br>| 60141<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Moderate Allocation Fund - Class V | 30142<br>| 398790<br>| (368648)<br>| 2884306<br>| 114924<br>| 2769382<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Large Cap Index Fund - Class V | 6428<br>| 403404<br>| (396976)<br>| 4125484<br>| 109278<br>| 4016206<br>|

---

------

[Back to **Table of Contents**](#TOC_863)

---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT EQ**  |
| **Notes to Financial Statements**  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **Units Issued** | **Units Redeemed** | **Net Increase (Decrease)** | **Units Issued** | **Units Redeemed** | **Net Increase (Decrease)**  |
| **Venerable Variable Insurance Trust: (continued)** | **Venerable Variable Insurance Trust: (continued)** | **Venerable Variable Insurance Trust: (continued)** | **Venerable Variable Insurance Trust: (continued)** | **Venerable Variable Insurance Trust: (continued)** | **Venerable Variable Insurance Trust: (continued)** | **Venerable Variable Insurance Trust: (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Strategic Bond Fund - Class V | 2525<br>| 30521<br>| (27996)<br>| 181207<br>| 8834<br>| 172373<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable US Large Cap Strategic Equity Fund - Class V | 8136<br>| 238884<br>| (230748)<br>| 2311195<br>| 93433<br>| 2217762<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Emerging Markets Equity Fund - Class V | 72735<br>| 1582<br>| 71153<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable World Equity Fund - Class V | 161006<br>| 5143<br>| 155863<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable International Index Fund - Class V | 62362<br>| 1834<br>| 60528<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Mid Cap Index Fund - Class V | 3690343<br>| 215757<br>| 3474586<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Small Cap Index Fund - Class V | 80585<br>| 3407<br>| 77178<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable World Moderate Allocation Fund - Class V | 15255<br>| 2306<br>| 12949<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable World Appreciation Allocation Fund - Class V | 10014<br>| 484<br>| 9530<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable US Small Cap Fund - Class V | 19480<br>| 336<br>| 19144<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Bond Index Fund - Class V | 50577<br>| 370<br>| 50207<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable World Conservative Allocation Fund - Class V | 32240<br>| 7530<br>| 24710<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Conservative Appreciation Allocation Fund - Class V | 138973<br>| 1579<br>| 137394<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Conservative Allocation Fund - Class V | 79689<br>| 6268<br>| 73421<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Moderate Appreciation Allocation Fund - Class V | 88746<br>| 179<br>| 88567<br>| —<br>| —<br>| —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Venerable Appreciation Allocation Fund - Class V | 161004<br>| 618<br>| 160386<br>| —<br>| —<br>| —<br>|
| **Voya:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Intermediate Bond Portfolio - Class S | —<br>| —<br>| —<br>| 4033<br>| 138462<br>| (134429)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Balanced Income Portfolio - Service Class | —<br>| 25115<br>| (25115)<br>| 1434<br>| 1150<br>| 284<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Global Perspectives<sup>®</sup> Portfolio - Class A | —<br>| 1133<br>| (1133)<br>| —<br>| 91<br>| (91)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Government Liquid Assets Portfolio - Service Class | 22568<br>| 39599<br>| (17031)<br>| 5424<br>| 45790<br>| (40366)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya High Yield Portfolio - Service Class | —<br>| —<br>| —<br>| 185<br>| 26225<br>| (26040)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Large Cap Growth Portfolio - Adviser Class | —<br>| —<br>| —<br>| 845<br>| 69098<br>| (68253)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Large Cap Growth Portfolio - Service Class | —<br>| —<br>| —<br>| 2<br>| 224338<br>| (224336)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Limited Maturity Bond Portfolio - Service Class | 64<br>| 2720<br>| (2656)<br>| 49<br>| 9175<br>| (9126)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Retirement Conservative Portfolio - Adviser Class | 801<br>| 79348<br>| (78547)<br>| 458<br>| 17296<br>| (16838)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Retirement Aggressive Portfolio - Advisor Class | 1027<br>| 78316<br>| (77289)<br>| 601<br>| 11423<br>| (10822)<br>|

---

------

[Back to **Table of Contents**](#TOC_863)

---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT EQ**  |
| **Notes to Financial Statements**  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **Units Issued** | **Units Redeemed** | **Net Increase (Decrease)** | **Units Issued** | **Units Redeemed** | **Net Increase (Decrease)**  |
| **Voya: (continued)** | **Voya: (continued)** | **Voya: (continued)** | **Voya: (continued)** | **Voya: (continued)** | **Voya: (continued)** | **Voya: (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Retirement Moderately Aggressive Portfolio - Advisor Class | 541<br>| 44329<br>| (43788)<br>| 88<br>| 2503<br>| (2415)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Retirement Moderate Portfolio - Adviser Class | 80<br>| 73867<br>| (73787)<br>| —<br>| 1258<br>| (1258)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya U.S. Stock Index Portfolio - Service Class | —<br>| —<br>| —<br>| —<br>| 15488<br>| (15488)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya International High Dividend Low Volatility Portfolio - Service Class | 18684<br>| 21752<br>| (3068)<br>| 838<br>| 12801<br>| (11963)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Solution Moderately Aggressive Portfolio - Service Class | —<br>| 5283<br>| (5283)<br>| —<br>| 344<br>| (344)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Global Insights Portfolio - Service Class | 46<br>| 6537<br>| (6491)<br>| 95<br>| 49<br>| 46<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Global High Dividend Low Volatility Portfolio - Class S | 9<br>| 46455<br>| (46446)<br>| 236<br>| 5751<br>| (5515)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Index Plus LargeCap Portfolio - Class S | —<br>| —<br>| —<br>| —<br>| 2039<br>| (2039)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Index Plus MidCap Portfolio - Class S | 12<br>| 1675<br>| (1663)<br>| 12<br>| 1034<br>| (1022)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Index Plus SmallCap Portfolio - Class S | 96<br>| 3439<br>| (3343)<br>| 106<br>| 485<br>| (379)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya International Index Portfolio - Class A | 882<br>| 42045<br>| (41163)<br>| 772<br>| 25519<br>| (24747)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya International Index Portfolio - Class S | 3<br>| 5814<br>| (5811)<br>| 92<br>| 322<br>| (230)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Russell<sup>™</sup> Large Cap Index Portfolio - Class I | 29<br>| 36713<br>| (36684)<br>| —<br>| 79912<br>| (79912)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Russell<sup>™</sup> Large Cap Growth Index Portfolio - Class S | —<br>| —<br>| —<br>| 278<br>| 15827<br>| (15549)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Russell<sup>™</sup> Large Cap Index Portfolio - Class S | —<br>| —<br>| —<br>| 2765<br>| 955549<br>| (952784)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Russell<sup>™</sup> Large Cap Value Index Portfolio - Class I | 19<br>| 55782<br>| (55763)<br>| 8027<br>| 43711<br>| (35684)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Russell<sup>™</sup> Large Cap Value Index Portfolio - Class S | —<br>| —<br>| —<br>| 356<br>| 96587<br>| (96231)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Russell<sup>™</sup> Mid Cap Growth Index Portfolio - Class S | 1348<br>| 574227<br>| (572879)<br>| 544<br>| 70369<br>| (69825)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Russell<sup>™</sup> Mid Cap Index Portfolio - Class S | 375<br>| 6963<br>| (6588)<br>| 524<br>| 750<br>| (226)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Russell<sup>™</sup> Small Cap Index Portfolio - Class S | 787<br>| 25812<br>| (25025)<br>| 1181<br>| 1897<br>| (716)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya Small Company Portfolio - Class S | 45<br>| 2314<br>| (2269)<br>| 175<br>| 1276<br>| (1101)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Voya U.S. Bond Index Portfolio - Class S | 23371<br>| 43804<br>| (20433)<br>| 3742<br>| 594<br>| 3148<br>|
| **Voya (VY):** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> BlackRock Inflation Protected Bond Portfolio - Service Class | 4932<br>| 6213<br>| (1281)<br>| 294<br>| 1851<br>| (1557)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> CBRE Global Real Estate Portfolio - Class S | —<br>| 112<br>| (112)<br>| 70<br>| 474<br>| (404)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> CBRE Real Estate Portfolio - Class S | 59<br>| 522<br>| (463)<br>| 66<br>| 815<br>| (749)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> Invesco Growth and Income Portfolio - Service Class | —<br>| —<br>| —<br>| 99<br>| 90542<br>| (90443)<br>|

---

------

[Back to **Table of Contents**](#TOC_863)

---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT EQ**  |
| **Notes to Financial Statements**  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **Units Issued** | **Units Redeemed** | **Net Increase (Decrease)** | **Units Issued** | **Units Redeemed** | **Net Increase (Decrease)**  |
| **Voya (VY): (continued)** | **Voya (VY): (continued)** | **Voya (VY): (continued)** | **Voya (VY): (continued)** | **Voya (VY): (continued)** | **Voya (VY): (continued)** | **Voya (VY): (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> JPMorgan Emerging Markets Equity Portfolio - Service Class | 6<br>| 22042<br>| (22036)<br>| 34<br>| 2570<br>| (2536)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> Morgan Stanley Global Franchise Portfolio - Service Class | 877<br>| 13702<br>| (12825)<br>| 315<br>| 257<br>| 58<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> T. Rowe Price Capital Appreciation Portfolio - Service Class | —<br>| —<br>| —<br>| 657<br>| 73351<br>| (72694)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> Columbia Small Cap Value II Portfolio - Service Class | 1<br>| 2391<br>| (2390)<br>| 171<br>| 799<br>| (628)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> Invesco Equity and Income Portfolio - Service Class | —<br>| —<br>| —<br>| 1164<br>| 634893<br>| (633729)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> Invesco Equity and Income Portfolio - Service 2 Class | —<br>| —<br>| —<br>| 201<br>| 41229<br>| (41028)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;VY<sup>®</sup> JPMorgan Mid Cap Value Portfolio - Service Class | —<br>| 1496<br>| (1496)<br>| —<br>| 44<br>| (44)<br>|

---

------

[Back to **Table of Contents**](#TOC_863)

---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY** |
| **SEPARATE ACCOUNT EQ** |
| **Notes to Financial Statements** |

---

**8. Financial Highlights**

A summary of unit values, units outstanding, and net assets for variable annuity Contracts as of December 31, 2025, 2024, 2023, 2022, and 2021 and expense ratios, excluding expenses of underlying Funds, investment income ratios and total returns for the years ended December 31, 2025, 2024, 2023, 2022, and 2021 follows:

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fund Inception Date<sup>A</sup>** | **Units (000's)** | **Unit Fair Value**<br>**(lowest to highest)** | **Unit Fair Value**<br>**(lowest to highest)** | **Unit Fair Value**<br>**(lowest to highest)** | **Net Assets (000's)** | **Investment Income Ratio<sup>B</sup>** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Total Return<sup>D</sup>**<br>**(lowest to highest)** | **Total Return<sup>D</sup>**<br>**(lowest to highest)** | **Total Return<sup>D</sup>**<br>**(lowest to highest)** |
| Franklin Multi-Asset Variable Conservative Growth Fund | Franklin Multi-Asset Variable Conservative Growth Fund | Franklin Multi-Asset Variable Conservative Growth Fund | Franklin Multi-Asset Variable Conservative Growth Fund | Franklin Multi-Asset Variable Conservative Growth Fund | Franklin Multi-Asset Variable Conservative Growth Fund | Franklin Multi-Asset Variable Conservative Growth Fund | Franklin Multi-Asset Variable Conservative Growth Fund | Franklin Multi-Asset Variable Conservative Growth Fund | Franklin Multi-Asset Variable Conservative Growth Fund | Franklin Multi-Asset Variable Conservative Growth Fund | Franklin Multi-Asset Variable Conservative Growth Fund | Franklin Multi-Asset Variable Conservative Growth Fund | Franklin Multi-Asset Variable Conservative Growth Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 127 | $39.70<br>| to | $39.70<br>| $5044 | 2.52%<br>| 1.40%<br>| to | 1.40%<br>| 11.26%<br>| to | 11.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 145 | $35.71<br>| to | $35.71<br>| $5169 | 2.43%<br>| 1.40%<br>| to | 1.40%<br>| 10.23%<br>| to | 10.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 190 | $32.39<br>| to | $32.39<br>| $6150 | 2.32%<br>| 1.40%<br>| to | 1.40%<br>| 13.02%<br>| to | 13.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 200 | $28.66<br>| to | $28.66<br>| $5737 | 2.07%<br>| 1.40%<br>| to | 1.40%<br>| -15.37%<br>| to | -15.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 210 | $33.87<br>| to | $33.87<br>| $7100 | 3.76%<br>| 1.40%<br>| to | 1.40%<br>| 9.93%<br>| to | 9.93% |
| Franklin Multi-Asset Variable Growth Fund | Franklin Multi-Asset Variable Growth Fund | Franklin Multi-Asset Variable Growth Fund | Franklin Multi-Asset Variable Growth Fund | Franklin Multi-Asset Variable Growth Fund | Franklin Multi-Asset Variable Growth Fund | Franklin Multi-Asset Variable Growth Fund | Franklin Multi-Asset Variable Growth Fund | Franklin Multi-Asset Variable Growth Fund | Franklin Multi-Asset Variable Growth Fund | Franklin Multi-Asset Variable Growth Fund | Franklin Multi-Asset Variable Growth Fund | Franklin Multi-Asset Variable Growth Fund | Franklin Multi-Asset Variable Growth Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 99 | $46.57<br>| to | $46.57<br>| $4618 | 1.92%<br>| 1.40%<br>| to | 1.40%<br>| 15.03%<br>| to | 15.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 109 | $40.52<br>| to | $40.52<br>| $4408 | 1.97%<br>| 1.40%<br>| to | 1.40%<br>| 16.00%<br>| to | 16.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 117 | $34.93<br>| to | $34.93<br>| $4077 | 1.15%<br>| 1.40%<br>| to | 1.40%<br>| 17.90%<br>| to | 17.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 131 | $29.63<br>| to | $29.63<br>| $3887 | 2.97%<br>| 1.40%<br>| to | 1.40%<br>| -16.35%<br>| to | -16.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 139 | $35.27<br>| to | $35.27<br>| $4886 | 4.27%<br>| 1.40%<br>| to | 1.40%<br>| 19.03%<br>| to | 19.03% |
| Franklin Multi-Asset Variable Moderate Growth Fund | Franklin Multi-Asset Variable Moderate Growth Fund | Franklin Multi-Asset Variable Moderate Growth Fund | Franklin Multi-Asset Variable Moderate Growth Fund | Franklin Multi-Asset Variable Moderate Growth Fund | Franklin Multi-Asset Variable Moderate Growth Fund | Franklin Multi-Asset Variable Moderate Growth Fund | Franklin Multi-Asset Variable Moderate Growth Fund | Franklin Multi-Asset Variable Moderate Growth Fund | Franklin Multi-Asset Variable Moderate Growth Fund | Franklin Multi-Asset Variable Moderate Growth Fund | Franklin Multi-Asset Variable Moderate Growth Fund | Franklin Multi-Asset Variable Moderate Growth Fund | Franklin Multi-Asset Variable Moderate Growth Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 114 | $41.94<br>| to | $41.94<br>| $4776 | 2.00%<br>| 1.40%<br>| to | 1.40%<br>| 13.34%<br>| to | 13.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 126 | $37.03<br>| to | $37.03<br>| $4655 | 1.62%<br>| 1.40%<br>| to | 1.40%<br>| 13.85%<br>| to | 13.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 135 | $32.53<br>| to | $32.53<br>| $4404 | 1.69%<br>| 1.40%<br>| to | 1.40%<br>| 16.16%<br>| to | 16.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 161 | $28.00<br>| to | $28.00<br>| $4502 | 1.64%<br>| 1.40%<br>| to | 1.40%<br>| -15.72%<br>| to | -15.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 181 | $33.16<br>| to | $33.16<br>| $6005 | 4.58%<br>| 1.40%<br>| to | 1.40%<br>| 15.02%<br>| to | 15.02% |
| Western Asset Core Plus VIT Portfolio - Class I | Western Asset Core Plus VIT Portfolio - Class I | Western Asset Core Plus VIT Portfolio - Class I | Western Asset Core Plus VIT Portfolio - Class I | Western Asset Core Plus VIT Portfolio - Class I | Western Asset Core Plus VIT Portfolio - Class I | Western Asset Core Plus VIT Portfolio - Class I | Western Asset Core Plus VIT Portfolio - Class I | Western Asset Core Plus VIT Portfolio - Class I | Western Asset Core Plus VIT Portfolio - Class I | Western Asset Core Plus VIT Portfolio - Class I | Western Asset Core Plus VIT Portfolio - Class I | Western Asset Core Plus VIT Portfolio - Class I | Western Asset Core Plus VIT Portfolio - Class I |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 41 | $28.08<br>| to | $28.08<br>| $1138 | 4.60%<br>| 1.40%<br>| to | 1.40%<br>| 6.25%<br>| to | 6.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 41 | $26.43<br>| to | $26.43<br>| $1097 | 8.18%<br>| 1.40%<br>| to | 1.40%<br>| -1.81%<br>| to | -1.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 45 | $26.92<br>| to | $26.92<br>| $1208 | 3.69%<br>| 1.40%<br>| to | 1.40%<br>| 5.32%<br>| to | 5.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 49 | $25.56<br>| to | $25.56<br>| $1249 | 1.84%<br>| 1.40%<br>| to | 1.40%<br>| -17.69%<br>| to | -17.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 55 | $31.32<br>| to | $31.32<br>| $1727 | 2.34%<br>| 1.40%<br>| to | 1.40%<br>| -3.33%<br>| to | -3.33% |

---

------

[Back to **Table of Contents**](#TOC_863)

---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT EQ**  |
| **Notes to Financial Statements**  |

---

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fund Inception Date<sup>A</sup>** | **Units (000's)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Net Assets (000's)** | **Investment Income Ratio<sup>B</sup>** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  |
| Voya Government Liquid Assets Portfolio - Service Class | Voya Government Liquid Assets Portfolio - Service Class | Voya Government Liquid Assets Portfolio - Service Class | Voya Government Liquid Assets Portfolio - Service Class | Voya Government Liquid Assets Portfolio - Service Class | Voya Government Liquid Assets Portfolio - Service Class | Voya Government Liquid Assets Portfolio - Service Class | Voya Government Liquid Assets Portfolio - Service Class | Voya Government Liquid Assets Portfolio - Service Class | Voya Government Liquid Assets Portfolio - Service Class | Voya Government Liquid Assets Portfolio - Service Class | Voya Government Liquid Assets Portfolio - Service Class | Voya Government Liquid Assets Portfolio - Service Class | Voya Government Liquid Assets Portfolio - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 248 | $16.24<br>| to | $16.24<br>| $4035 | 3.79%<br>| 1.40%<br>| to | 1.40%<br>| 2.43%<br>| to | 2.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 265 | $15.86<br>| to | $15.86<br>| $4209 | 4.58%<br>| 1.40%<br>| to | 1.40%<br>| 3.34%<br>| to | 3.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 306 | $15.35<br>| to | $15.35<br>| $4692 | 4.29%<br>| 1.40%<br>| to | 1.40%<br>| 3.21%<br>| to | 3.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 345 | $14.87<br>| to | $14.87<br>| $5124 | 1.28%<br>| 1.40%<br>| to | 1.40%<br>| -0.06%<br>| to | -0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 371 | $14.88<br>| to | $14.88<br>| $5520 | 0.00%<br>| 1.40%<br>| to | 1.40%<br>| -1.39%<br>| to | -1.39% |
| Voya Limited Maturity Bond Portfolio - Service Class | Voya Limited Maturity Bond Portfolio - Service Class | Voya Limited Maturity Bond Portfolio - Service Class | Voya Limited Maturity Bond Portfolio - Service Class | Voya Limited Maturity Bond Portfolio - Service Class | Voya Limited Maturity Bond Portfolio - Service Class | Voya Limited Maturity Bond Portfolio - Service Class | Voya Limited Maturity Bond Portfolio - Service Class | Voya Limited Maturity Bond Portfolio - Service Class | Voya Limited Maturity Bond Portfolio - Service Class | Voya Limited Maturity Bond Portfolio - Service Class | Voya Limited Maturity Bond Portfolio - Service Class | Voya Limited Maturity Bond Portfolio - Service Class | Voya Limited Maturity Bond Portfolio - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 18 | $23.89<br>| to | $23.89<br>| $419 | 4.26%<br>| 1.40%<br>| to | 1.40%<br>| 3.93%<br>| to | 3.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 20 | $22.98<br>| to | $22.98<br>| $465 | 4.75%<br>| 1.40%<br>| to | 1.40%<br>| 3.41%<br>| to | 3.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 29 | $22.23<br>| to | $22.23<br>| $652 | 3.61%<br>| 1.40%<br>| to | 1.40%<br>| 3.06%<br>| to | 3.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 37 | $21.57<br>| to | $21.57<br>| $797 | 1.59%<br>| 1.40%<br>| to | 1.40%<br>| -6.18%<br>| to | -6.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 41 | $23.01<br>| to | $23.01<br>| $940 | 1.43%<br>| 1.40%<br>| to | 1.40%<br>| -1.54%<br>| to | -1.54% |
| VY<sup>®</sup> BlackRock Inflation Protected Bond Portfolio - Service Class | VY<sup>®</sup> BlackRock Inflation Protected Bond Portfolio - Service Class | VY<sup>®</sup> BlackRock Inflation Protected Bond Portfolio - Service Class | VY<sup>®</sup> BlackRock Inflation Protected Bond Portfolio - Service Class | VY<sup>®</sup> BlackRock Inflation Protected Bond Portfolio - Service Class | VY<sup>®</sup> BlackRock Inflation Protected Bond Portfolio - Service Class | VY<sup>®</sup> BlackRock Inflation Protected Bond Portfolio - Service Class | VY<sup>®</sup> BlackRock Inflation Protected Bond Portfolio - Service Class | VY<sup>®</sup> BlackRock Inflation Protected Bond Portfolio - Service Class | VY<sup>®</sup> BlackRock Inflation Protected Bond Portfolio - Service Class | VY<sup>®</sup> BlackRock Inflation Protected Bond Portfolio - Service Class | VY<sup>®</sup> BlackRock Inflation Protected Bond Portfolio - Service Class | VY<sup>®</sup> BlackRock Inflation Protected Bond Portfolio - Service Class | VY<sup>®</sup> BlackRock Inflation Protected Bond Portfolio - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 20 | $12.50<br>| to | $12.50<br>| $247 | 4.42%<br>| 1.40%<br>| to | 1.40%<br>| 5.35%<br>| to | 5.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 21 | $11.85<br>| to | $11.85<br>| $250 | 3.63%<br>| 1.40%<br>| to | 1.40%<br>| 0.43%<br>| to | 0.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 23 | $11.80<br>| to | $11.80<br>| $267 | 3.34%<br>| 1.40%<br>| to | 1.40%<br>| 2.72%<br>| to | 2.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 24 | $11.49<br>| to | $11.49<br>| $280 | 4.09%<br>| 1.40%<br>| to | 1.40%<br>| -13.76%<br>| to | -13.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 25 | $13.40<br>| to | $13.40<br>| $341 | 2.59%<br>| 1.40%<br>| to | 1.40%<br>| 3.47%<br>| to | 3.47% |
| VY<sup>®</sup> CBRE Global Real Estate Portfolio - Class S | VY<sup>®</sup> CBRE Global Real Estate Portfolio - Class S | VY<sup>®</sup> CBRE Global Real Estate Portfolio - Class S | VY<sup>®</sup> CBRE Global Real Estate Portfolio - Class S | VY<sup>®</sup> CBRE Global Real Estate Portfolio - Class S | VY<sup>®</sup> CBRE Global Real Estate Portfolio - Class S | VY<sup>®</sup> CBRE Global Real Estate Portfolio - Class S | VY<sup>®</sup> CBRE Global Real Estate Portfolio - Class S | VY<sup>®</sup> CBRE Global Real Estate Portfolio - Class S | VY<sup>®</sup> CBRE Global Real Estate Portfolio - Class S | VY<sup>®</sup> CBRE Global Real Estate Portfolio - Class S | VY<sup>®</sup> CBRE Global Real Estate Portfolio - Class S | VY<sup>®</sup> CBRE Global Real Estate Portfolio - Class S | VY<sup>®</sup> CBRE Global Real Estate Portfolio - Class S |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 2 | $17.49<br>| to | $17.49<br>| $31 | 2.66%<br>| 1.40%<br>| to | 1.40%<br>| 5.69%<br>| to | 5.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 2 | $16.65<br>| to | $16.65<br>| $31 | 2.71%<br>| 1.40%<br>| to | 1.40%<br>| -1.28%<br>| to | -1.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 2 | $16.87<br>| to | $16.87<br>| $39 | 1.64%<br>| 1.40%<br>| to | 1.40%<br>| 10.76%<br>| to | 10.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 3 | $15.23<br>| to | $15.23<br>| $38 | 2.89%<br>| 1.40%<br>| to | 1.40%<br>| -25.62%<br>| to | -25.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 3 | $20.63<br>| to | $20.63<br>| $56 | 2.68%<br>| 1.40%<br>| to | 1.40%<br>| 32.24%<br>| to | 32.24% |
| VY<sup>®</sup> CBRE Real Estate Portfolio - Class S | VY<sup>®</sup> CBRE Real Estate Portfolio - Class S | VY<sup>®</sup> CBRE Real Estate Portfolio - Class S | VY<sup>®</sup> CBRE Real Estate Portfolio - Class S | VY<sup>®</sup> CBRE Real Estate Portfolio - Class S | VY<sup>®</sup> CBRE Real Estate Portfolio - Class S | VY<sup>®</sup> CBRE Real Estate Portfolio - Class S | VY<sup>®</sup> CBRE Real Estate Portfolio - Class S | VY<sup>®</sup> CBRE Real Estate Portfolio - Class S | VY<sup>®</sup> CBRE Real Estate Portfolio - Class S | VY<sup>®</sup> CBRE Real Estate Portfolio - Class S | VY<sup>®</sup> CBRE Real Estate Portfolio - Class S | VY<sup>®</sup> CBRE Real Estate Portfolio - Class S | VY<sup>®</sup> CBRE Real Estate Portfolio - Class S |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 5 | $150.14<br>| to | $150.14<br>| $706 | 2.66%<br>| 1.40%<br>| to | 1.40%<br>| -0.45%<br>| to | -0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 5 | $152.23<br>| to | $152.23<br>| $786 | 2.39%<br>| 1.40%<br>| to | 1.40%<br>| 2.85%<br>| to | 2.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 6 | $148.01<br>| to | $148.01<br>| $876 | 2.37%<br>| 1.40%<br>| to | 1.40%<br>| 12.45%<br>| to | 12.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 6 | $131.63<br>| to | $131.63<br>| $829 | 1.53%<br>| 1.40%<br>| to | 1.40%<br>| -27.55%<br>| to | -27.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 7 | $183.24<br>| to | $183.24<br>| $1276 | 1.99%<br>| 1.40%<br>| to | 1.40%<br>| 49.84%<br>| to | 49.84% |

---

------

[Back to **Table of Contents**](#TOC_863)

---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT EQ**  |
| **Notes to Financial Statements**  |

---

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fund Inception Date<sup>A</sup>** | **Units (000's)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Net Assets (000's)** | **Investment Income Ratio<sup>B</sup>** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  |
| Voya International High Dividend Low Volatility Portfolio - Service Class | Voya International High Dividend Low Volatility Portfolio - Service Class | Voya International High Dividend Low Volatility Portfolio - Service Class | Voya International High Dividend Low Volatility Portfolio - Service Class | Voya International High Dividend Low Volatility Portfolio - Service Class | Voya International High Dividend Low Volatility Portfolio - Service Class | Voya International High Dividend Low Volatility Portfolio - Service Class | Voya International High Dividend Low Volatility Portfolio - Service Class | Voya International High Dividend Low Volatility Portfolio - Service Class | Voya International High Dividend Low Volatility Portfolio - Service Class | Voya International High Dividend Low Volatility Portfolio - Service Class | Voya International High Dividend Low Volatility Portfolio - Service Class | Voya International High Dividend Low Volatility Portfolio - Service Class | Voya International High Dividend Low Volatility Portfolio - Service Class |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 94 | $19.51<br>| to | $19.51<br>| $1827 | 3.86%<br>| 1.40%<br>| to | 1.40%<br>| 35.83%<br>| to | 35.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 97 | $14.42<br>| to | $14.42<br>| $1395 | 4.45%<br>| 1.40%<br>| to | 1.40%<br>| 5.59%<br>| to | 5.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 109 | $13.66<br>| to | $13.66<br>| $1485 | 3.96%<br>| 1.40%<br>| to | 1.40%<br>| 12.92%<br>| to | 12.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 143 | $12.10<br>| to | $12.10<br>| $1727 | 4.13%<br>| 1.40%<br>| to | 1.40%<br>| -10.60%<br>| to | -10.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 152 | $13.49<br>| to | $13.49<br>| $2057 | 2.11%<br>| 1.40%<br>| to | 1.40%<br>| 10.21%<br>| to | 10.21% |
| Voya Russell<sup>™</sup> Large Cap Growth Index Portfolio - Class I | Voya Russell<sup>™</sup> Large Cap Growth Index Portfolio - Class I | Voya Russell<sup>™</sup> Large Cap Growth Index Portfolio - Class I | Voya Russell<sup>™</sup> Large Cap Growth Index Portfolio - Class I | Voya Russell<sup>™</sup> Large Cap Growth Index Portfolio - Class I | Voya Russell<sup>™</sup> Large Cap Growth Index Portfolio - Class I | Voya Russell<sup>™</sup> Large Cap Growth Index Portfolio - Class I | Voya Russell<sup>™</sup> Large Cap Growth Index Portfolio - Class I | Voya Russell<sup>™</sup> Large Cap Growth Index Portfolio - Class I | Voya Russell<sup>™</sup> Large Cap Growth Index Portfolio - Class I | Voya Russell<sup>™</sup> Large Cap Growth Index Portfolio - Class I | Voya Russell<sup>™</sup> Large Cap Growth Index Portfolio - Class I | Voya Russell<sup>™</sup> Large Cap Growth Index Portfolio - Class I | Voya Russell<sup>™</sup> Large Cap Growth Index Portfolio - Class I |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 691 | $15.95<br>| to | $15.95<br>| $11022 | 1.57%<br>| 1.40%<br>| to | 1.40%<br>| 17.32%<br>| to | 17.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 728 | $13.63<br>| to | $13.63<br>| $9914 | 1.07%<br>| 1.40%<br>| to | 1.40%<br>| 25.18%<br>| to | 25.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 807 | $10.89<br>| to | $10.89<br>| $8790 | 1.28%<br>| 1.40%<br>| to | 1.40%<br>| 27.60%<br>| to | 27.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 871 | $8.53<br>| to | $8.53<br>| $7429 | 0.63%<br>| 1.40%<br>| to | 1.40%<br>| -21.86%<br>| to | -21.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 | 10/15/2021 | 946 | $10.82<br>| to | $10.82<br>| $10236 | (a) | (a) | to | (a) | (a) | to | (a) |
| Voya Russell<sup>™</sup> Large Cap Value Index Portfolio - Class I | Voya Russell<sup>™</sup> Large Cap Value Index Portfolio - Class I | Voya Russell<sup>™</sup> Large Cap Value Index Portfolio - Class I | Voya Russell<sup>™</sup> Large Cap Value Index Portfolio - Class I | Voya Russell<sup>™</sup> Large Cap Value Index Portfolio - Class I | Voya Russell<sup>™</sup> Large Cap Value Index Portfolio - Class I | Voya Russell<sup>™</sup> Large Cap Value Index Portfolio - Class I | Voya Russell<sup>™</sup> Large Cap Value Index Portfolio - Class I | Voya Russell<sup>™</sup> Large Cap Value Index Portfolio - Class I | Voya Russell<sup>™</sup> Large Cap Value Index Portfolio - Class I | Voya Russell<sup>™</sup> Large Cap Value Index Portfolio - Class I | Voya Russell<sup>™</sup> Large Cap Value Index Portfolio - Class I | Voya Russell<sup>™</sup> Large Cap Value Index Portfolio - Class I | Voya Russell<sup>™</sup> Large Cap Value Index Portfolio - Class I |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 321 | $22.92<br>| to | $22.92<br>| $7356 | 7.09%<br>| 1.40%<br>| to | 1.40%<br>| 16.42%<br>| to | 16.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | 377 | $19.71<br>| to | $19.71<br>| $7424 | 2.13%<br>| 1.40%<br>| to | 1.40%<br>| 13.38%<br>| to | 13.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | 412 | $17.38<br>| to | $17.38<br>| $7168 | 2.07%<br>| 1.40%<br>| to | 1.40%<br>| 8.73%<br>| to | 8.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | 462 | $15.99<br>| to | $15.99<br>| $7386 | 1.31%<br>| 1.40%<br>| to | 1.40%<br>| -7.32%<br>| to | -7.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | 512 | $17.16<br>| to | $17.16<br>| $8780 | 2.29%<br>| 1.40%<br>| to | 1.40%<br>| 21.27%<br>| to | 21.27% |
| Venerable High Yield Fund - Class V | Venerable High Yield Fund - Class V | Venerable High Yield Fund - Class V | Venerable High Yield Fund - Class V | Venerable High Yield Fund - Class V | Venerable High Yield Fund - Class V | Venerable High Yield Fund - Class V | Venerable High Yield Fund - Class V | Venerable High Yield Fund - Class V | Venerable High Yield Fund - Class V | Venerable High Yield Fund - Class V | Venerable High Yield Fund - Class V | Venerable High Yield Fund - Class V | Venerable High Yield Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 45 | $10.71<br>| to | $10.71<br>| $479 | 6.16%<br>| 1.40%<br>| to | 1.40%<br>| 6.88%<br>| to | 6.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 09/06/2024 | 60 | $10.00<br>| to | $10.00<br>| $602 | 2.59%<br>| 1.40%<br>| to | 1.40%<br>| 0.14%<br>| to | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (b) | (b) | to | (b) | (b) | (b) | (b) | to | (b) | (b) | to | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (b) | (b) | to | (b) | (b) | (b) | (b) | to | (b) | (b) | to | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (b) | (b) | to | (b) | (b) | (b) | (b) | to | (b) | (b) | to | (b) |
| Venerable Moderate Allocation Fund - Class V | Venerable Moderate Allocation Fund - Class V | Venerable Moderate Allocation Fund - Class V | Venerable Moderate Allocation Fund - Class V | Venerable Moderate Allocation Fund - Class V | Venerable Moderate Allocation Fund - Class V | Venerable Moderate Allocation Fund - Class V | Venerable Moderate Allocation Fund - Class V | Venerable Moderate Allocation Fund - Class V | Venerable Moderate Allocation Fund - Class V | Venerable Moderate Allocation Fund - Class V | Venerable Moderate Allocation Fund - Class V | Venerable Moderate Allocation Fund - Class V | Venerable Moderate Allocation Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 2401 | $11.49<br>| to | $11.49<br>| $27580 | 0.41%<br>| 1.40%<br>| to | 1.40%<br>| 11.08%<br>| to | 11.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 09/06/2024 | 2769 | $10.34<br>| to | $10.34<br>| $28644 | 0.00%<br>| 1.40%<br>| to | 1.40%<br>| 3.44%<br>| to | 3.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (b) | (b) | to | (b) | (b) | (b) | (b) | to | (b) | (b) | to | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (b) | (b) | to | (b) | (b) | (b) | (b) | to | (b) | (b) | to | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (b) | (b) | to | (b) | (b) | (b) | (b) | to | (b) | (b) | to | (b) |

---

------

[Back to **Table of Contents**](#TOC_863)

---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT EQ**  |
| **Notes to Financial Statements**  |

---

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fund Inception Date<sup>A</sup>** | **Units (000's)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Net Assets (000's)** | **Investment Income Ratio<sup>B</sup>** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  |
| Venerable Large Cap Index Fund - Class V | Venerable Large Cap Index Fund - Class V | Venerable Large Cap Index Fund - Class V | Venerable Large Cap Index Fund - Class V | Venerable Large Cap Index Fund - Class V | Venerable Large Cap Index Fund - Class V | Venerable Large Cap Index Fund - Class V | Venerable Large Cap Index Fund - Class V | Venerable Large Cap Index Fund - Class V | Venerable Large Cap Index Fund - Class V | Venerable Large Cap Index Fund - Class V | Venerable Large Cap Index Fund - Class V | Venerable Large Cap Index Fund - Class V | Venerable Large Cap Index Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 3619 | $12.55<br>| to | $12.55<br>| $45420 | 0.28%<br>| 1.40%<br>| to | 1.40%<br>| 15.88%<br>| to | 15.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 09/06/2024 | 4016 | $10.85<br>| to | $10.85<br>| $43579 | 0.00%<br>| 1.40%<br>| to | 1.40%<br>| 8.52%<br>| to | 8.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (b) | (b) | to | (b) | (b) | (b) | (b) | to | (b) | (b) | to | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (b) | (b) | to | (b) | (b) | (b) | (b) | to | (b) | (b) | to | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (b) | (b) | to | (b) | (b) | (b) | (b) | to | (b) | (b) | to | (b) |
| Venerable Strategic Bond Fund - Class V | Venerable Strategic Bond Fund - Class V | Venerable Strategic Bond Fund - Class V | Venerable Strategic Bond Fund - Class V | Venerable Strategic Bond Fund - Class V | Venerable Strategic Bond Fund - Class V | Venerable Strategic Bond Fund - Class V | Venerable Strategic Bond Fund - Class V | Venerable Strategic Bond Fund - Class V | Venerable Strategic Bond Fund - Class V | Venerable Strategic Bond Fund - Class V | Venerable Strategic Bond Fund - Class V | Venerable Strategic Bond Fund - Class V | Venerable Strategic Bond Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 144 | $10.10<br>| to | $10.10<br>| $1459 | 3.93%<br>| 1.40%<br>| to | 1.40%<br>| 5.28%<br>| to | 5.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 09/06/2024 | 172 | $9.59<br>| to | $9.59<br>| $1653 | 1.75%<br>| 1.40%<br>| to | 1.40%<br>| -4.11%<br>| to | -4.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (b) | (b) | to | (b) | (b) | (b) | (b) | to | (b) | (b) | to | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (b) | (b) | to | (b) | (b) | (b) | (b) | to | (b) | (b) | to | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (b) | (b) | to | (b) | (b) | (b) | (b) | to | (b) | (b) | to | (b) |
| Venerable US Large Cap Strategic Equity Fund - Class V | Venerable US Large Cap Strategic Equity Fund - Class V | Venerable US Large Cap Strategic Equity Fund - Class V | Venerable US Large Cap Strategic Equity Fund - Class V | Venerable US Large Cap Strategic Equity Fund - Class V | Venerable US Large Cap Strategic Equity Fund - Class V | Venerable US Large Cap Strategic Equity Fund - Class V | Venerable US Large Cap Strategic Equity Fund - Class V | Venerable US Large Cap Strategic Equity Fund - Class V | Venerable US Large Cap Strategic Equity Fund - Class V | Venerable US Large Cap Strategic Equity Fund - Class V | Venerable US Large Cap Strategic Equity Fund - Class V | Venerable US Large Cap Strategic Equity Fund - Class V | Venerable US Large Cap Strategic Equity Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 1987 | $12.28<br>| to | $12.28<br>| $24398 | 0.18%<br>| 1.40%<br>| to | 1.40%<br>| 14.64%<br>| to | 14.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 | 09/06/2024 | 2218 | $10.71<br>| to | $10.71<br>| $23755 | 0.00%<br>| 1.40%<br>| to | 1.40%<br>| 7.12%<br>| to | 7.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (b) | (b) | to | (b) | (b) | (b) | (b) | to | (b) | (b) | to | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (b) | (b) | to | (b) | (b) | (b) | (b) | to | (b) | (b) | to | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (b) | (b) | to | (b) | (b) | (b) | (b) | to | (b) | (b) | to | (b) |
| EQ/AB Short Duration Government Bond Portfolio - Class IB | EQ/AB Short Duration Government Bond Portfolio - Class IB | EQ/AB Short Duration Government Bond Portfolio - Class IB | EQ/AB Short Duration Government Bond Portfolio - Class IB | EQ/AB Short Duration Government Bond Portfolio - Class IB | EQ/AB Short Duration Government Bond Portfolio - Class IB | EQ/AB Short Duration Government Bond Portfolio - Class IB | EQ/AB Short Duration Government Bond Portfolio - Class IB | EQ/AB Short Duration Government Bond Portfolio - Class IB | EQ/AB Short Duration Government Bond Portfolio - Class IB | EQ/AB Short Duration Government Bond Portfolio - Class IB | EQ/AB Short Duration Government Bond Portfolio - Class IB | EQ/AB Short Duration Government Bond Portfolio - Class IB | EQ/AB Short Duration Government Bond Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 4186 | $9.74<br>| to | $9.25<br>| $39603 | 7.45%<br>| 1.30%<br>| to | 1.70%<br>| 2.75%<br>| to | 2.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| EQ/AB Small Cap Growth Portfolio - Class IB | EQ/AB Small Cap Growth Portfolio - Class IB | EQ/AB Small Cap Growth Portfolio - Class IB | EQ/AB Small Cap Growth Portfolio - Class IB | EQ/AB Small Cap Growth Portfolio - Class IB | EQ/AB Small Cap Growth Portfolio - Class IB | EQ/AB Small Cap Growth Portfolio - Class IB | EQ/AB Small Cap Growth Portfolio - Class IB | EQ/AB Small Cap Growth Portfolio - Class IB | EQ/AB Small Cap Growth Portfolio - Class IB | EQ/AB Small Cap Growth Portfolio - Class IB | EQ/AB Small Cap Growth Portfolio - Class IB | EQ/AB Small Cap Growth Portfolio - Class IB | EQ/AB Small Cap Growth Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 499 | $54.37<br>| to | $61.83<br>| $27836 | 0.29%<br>| 1.30%<br>| to | 1.70%<br>| 4.14%<br>| to | 3.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |

---

------

[Back to **Table of Contents**](#TOC_863)

---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT EQ**  |
| **Notes to Financial Statements**  |

---

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fund Inception Date<sup>A</sup>** | **Units (000's)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Net Assets (000's)** | **Investment Income Ratio<sup>B</sup>** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  |
| EQ/Clearbridge Select Equity Managed Volatility Portfolio - Class IB | EQ/Clearbridge Select Equity Managed Volatility Portfolio - Class IB | EQ/Clearbridge Select Equity Managed Volatility Portfolio - Class IB | EQ/Clearbridge Select Equity Managed Volatility Portfolio - Class IB | EQ/Clearbridge Select Equity Managed Volatility Portfolio - Class IB | EQ/Clearbridge Select Equity Managed Volatility Portfolio - Class IB | EQ/Clearbridge Select Equity Managed Volatility Portfolio - Class IB | EQ/Clearbridge Select Equity Managed Volatility Portfolio - Class IB | EQ/Clearbridge Select Equity Managed Volatility Portfolio - Class IB | EQ/Clearbridge Select Equity Managed Volatility Portfolio - Class IB | EQ/Clearbridge Select Equity Managed Volatility Portfolio - Class IB | EQ/Clearbridge Select Equity Managed Volatility Portfolio - Class IB | EQ/Clearbridge Select Equity Managed Volatility Portfolio - Class IB | EQ/Clearbridge Select Equity Managed Volatility Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 973 | $35.20<br>| to | $32.54<br>| $32697 | 0.25%<br>| 1.30%<br>| to | 1.70%<br>| 4.04%<br>| to | 3.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| EQ/Common Stock Index Portfolio - Class IB | EQ/Common Stock Index Portfolio - Class IB | EQ/Common Stock Index Portfolio - Class IB | EQ/Common Stock Index Portfolio - Class IB | EQ/Common Stock Index Portfolio - Class IB | EQ/Common Stock Index Portfolio - Class IB | EQ/Common Stock Index Portfolio - Class IB | EQ/Common Stock Index Portfolio - Class IB | EQ/Common Stock Index Portfolio - Class IB | EQ/Common Stock Index Portfolio - Class IB | EQ/Common Stock Index Portfolio - Class IB | EQ/Common Stock Index Portfolio - Class IB | EQ/Common Stock Index Portfolio - Class IB | EQ/Common Stock Index Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 662 | $56.51<br>| to | $917.57<br>| $53358 | 1.18%<br>| 1.30%<br>| to | 1.70%<br>| 12.26%<br>| to | 11.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| EQ/Conservative Allocation Portfolio - Class IB | EQ/Conservative Allocation Portfolio - Class IB | EQ/Conservative Allocation Portfolio - Class IB | EQ/Conservative Allocation Portfolio - Class IB | EQ/Conservative Allocation Portfolio - Class IB | EQ/Conservative Allocation Portfolio - Class IB | EQ/Conservative Allocation Portfolio - Class IB | EQ/Conservative Allocation Portfolio - Class IB | EQ/Conservative Allocation Portfolio - Class IB | EQ/Conservative Allocation Portfolio - Class IB | EQ/Conservative Allocation Portfolio - Class IB | EQ/Conservative Allocation Portfolio - Class IB | EQ/Conservative Allocation Portfolio - Class IB | EQ/Conservative Allocation Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 3481 | $15.33<br>| to | $14.00<br>| $50321 | 6.06%<br>| 1.30%<br>| to | 1.70%<br>| 5.60%<br>| to | 5.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| EQ/Conservative-Plus Allocation Portfolio - Class IB | EQ/Conservative-Plus Allocation Portfolio - Class IB | EQ/Conservative-Plus Allocation Portfolio - Class IB | EQ/Conservative-Plus Allocation Portfolio - Class IB | EQ/Conservative-Plus Allocation Portfolio - Class IB | EQ/Conservative-Plus Allocation Portfolio - Class IB | EQ/Conservative-Plus Allocation Portfolio - Class IB | EQ/Conservative-Plus Allocation Portfolio - Class IB | EQ/Conservative-Plus Allocation Portfolio - Class IB | EQ/Conservative-Plus Allocation Portfolio - Class IB | EQ/Conservative-Plus Allocation Portfolio - Class IB | EQ/Conservative-Plus Allocation Portfolio - Class IB | EQ/Conservative-Plus Allocation Portfolio - Class IB | EQ/Conservative-Plus Allocation Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 3438 | $19.55<br>| to | $17.85<br>| $63303 | 5.00%<br>| 1.30%<br>| to | 1.70%<br>| 6.69%<br>| to | 6.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| EQ/Core Bond Index Portfolio - Class IB | EQ/Core Bond Index Portfolio - Class IB | EQ/Core Bond Index Portfolio - Class IB | EQ/Core Bond Index Portfolio - Class IB | EQ/Core Bond Index Portfolio - Class IB | EQ/Core Bond Index Portfolio - Class IB | EQ/Core Bond Index Portfolio - Class IB | EQ/Core Bond Index Portfolio - Class IB | EQ/Core Bond Index Portfolio - Class IB | EQ/Core Bond Index Portfolio - Class IB | EQ/Core Bond Index Portfolio - Class IB | EQ/Core Bond Index Portfolio - Class IB | EQ/Core Bond Index Portfolio - Class IB | EQ/Core Bond Index Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 4586 | $11.16<br>| to | $13.23<br>| $53548 | 6.02%<br>| 1.30%<br>| to | 1.70%<br>| 5.01%<br>| to | 4.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |

---

------

[Back to **Table of Contents**](#TOC_863)

---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT EQ**  |
| **Notes to Financial Statements**  |

---

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fund Inception Date<sup>A</sup>** | **Units (000's)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Net Assets (000's)** | **Investment Income Ratio<sup>B</sup>** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  |
| EQ/Equity 500 Index Portfolio - Class IB | EQ/Equity 500 Index Portfolio - Class IB | EQ/Equity 500 Index Portfolio - Class IB | EQ/Equity 500 Index Portfolio - Class IB | EQ/Equity 500 Index Portfolio - Class IB | EQ/Equity 500 Index Portfolio - Class IB | EQ/Equity 500 Index Portfolio - Class IB | EQ/Equity 500 Index Portfolio - Class IB | EQ/Equity 500 Index Portfolio - Class IB | EQ/Equity 500 Index Portfolio - Class IB | EQ/Equity 500 Index Portfolio - Class IB | EQ/Equity 500 Index Portfolio - Class IB | EQ/Equity 500 Index Portfolio - Class IB | EQ/Equity 500 Index Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 2961 | $66.36<br>| to | $128.89<br>| $216995 | 1.37%<br>| 1.30%<br>| to | 1.70%<br>| 13.52%<br>| to | 13.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| EQ/Intermediate Government Bond Portfolio - Class IB | EQ/Intermediate Government Bond Portfolio - Class IB | EQ/Intermediate Government Bond Portfolio - Class IB | EQ/Intermediate Government Bond Portfolio - Class IB | EQ/Intermediate Government Bond Portfolio - Class IB | EQ/Intermediate Government Bond Portfolio - Class IB | EQ/Intermediate Government Bond Portfolio - Class IB | EQ/Intermediate Government Bond Portfolio - Class IB | EQ/Intermediate Government Bond Portfolio - Class IB | EQ/Intermediate Government Bond Portfolio - Class IB | EQ/Intermediate Government Bond Portfolio - Class IB | EQ/Intermediate Government Bond Portfolio - Class IB | EQ/Intermediate Government Bond Portfolio - Class IB | EQ/Intermediate Government Bond Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 556 | $10.79<br>| to | $17.43<br>| $6350 | 6.15%<br>| 1.30%<br>| to | 1.70%<br>| 4.19%<br>| to | 3.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| EQ/International Core Managed Volatility Portfolio - Class IB | EQ/International Core Managed Volatility Portfolio - Class IB | EQ/International Core Managed Volatility Portfolio - Class IB | EQ/International Core Managed Volatility Portfolio - Class IB | EQ/International Core Managed Volatility Portfolio - Class IB | EQ/International Core Managed Volatility Portfolio - Class IB | EQ/International Core Managed Volatility Portfolio - Class IB | EQ/International Core Managed Volatility Portfolio - Class IB | EQ/International Core Managed Volatility Portfolio - Class IB | EQ/International Core Managed Volatility Portfolio - Class IB | EQ/International Core Managed Volatility Portfolio - Class IB | EQ/International Core Managed Volatility Portfolio - Class IB | EQ/International Core Managed Volatility Portfolio - Class IB | EQ/International Core Managed Volatility Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 2375 | $26.11<br>| to | $20.06<br>| $55980 | 2.55%<br>| 1.30%<br>| to | 1.70%<br>| 22.67%<br>| to | 22.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| EQ/International Equity Index Portfolio - Class IB | EQ/International Equity Index Portfolio - Class IB | EQ/International Equity Index Portfolio - Class IB | EQ/International Equity Index Portfolio - Class IB | EQ/International Equity Index Portfolio - Class IB | EQ/International Equity Index Portfolio - Class IB | EQ/International Equity Index Portfolio - Class IB | EQ/International Equity Index Portfolio - Class IB | EQ/International Equity Index Portfolio - Class IB | EQ/International Equity Index Portfolio - Class IB | EQ/International Equity Index Portfolio - Class IB | EQ/International Equity Index Portfolio - Class IB | EQ/International Equity Index Portfolio - Class IB | EQ/International Equity Index Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 2516 | $25.45<br>| to | $23.07<br>| $61207 | 6.83%<br>| 1.30%<br>| to | 1.70%<br>| 27.46%<br>| to | 26.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| EQ/International Value Managed Volatility Portfolio - Class IB | EQ/International Value Managed Volatility Portfolio - Class IB | EQ/International Value Managed Volatility Portfolio - Class IB | EQ/International Value Managed Volatility Portfolio - Class IB | EQ/International Value Managed Volatility Portfolio - Class IB | EQ/International Value Managed Volatility Portfolio - Class IB | EQ/International Value Managed Volatility Portfolio - Class IB | EQ/International Value Managed Volatility Portfolio - Class IB | EQ/International Value Managed Volatility Portfolio - Class IB | EQ/International Value Managed Volatility Portfolio - Class IB | EQ/International Value Managed Volatility Portfolio - Class IB | EQ/International Value Managed Volatility Portfolio - Class IB | EQ/International Value Managed Volatility Portfolio - Class IB | EQ/International Value Managed Volatility Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 1047 | $24.83<br>| to | $28.20<br>| $26801 | 4.21%<br>| 1.30%<br>| to | 1.70%<br>| 23.12%<br>| to | 22.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |

---

------

[Back to **Table of Contents**](#TOC_863)

---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT EQ**  |
| **Notes to Financial Statements**  |

---

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fund Inception Date<sup>A</sup>** | **Units (000's)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Net Assets (000's)** | **Investment Income Ratio<sup>B</sup>** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  |
| EQ/Large Cap Core Managed Volatility Portfolio - Class IB | EQ/Large Cap Core Managed Volatility Portfolio - Class IB | EQ/Large Cap Core Managed Volatility Portfolio - Class IB | EQ/Large Cap Core Managed Volatility Portfolio - Class IB | EQ/Large Cap Core Managed Volatility Portfolio - Class IB | EQ/Large Cap Core Managed Volatility Portfolio - Class IB | EQ/Large Cap Core Managed Volatility Portfolio - Class IB | EQ/Large Cap Core Managed Volatility Portfolio - Class IB | EQ/Large Cap Core Managed Volatility Portfolio - Class IB | EQ/Large Cap Core Managed Volatility Portfolio - Class IB | EQ/Large Cap Core Managed Volatility Portfolio - Class IB | EQ/Large Cap Core Managed Volatility Portfolio - Class IB | EQ/Large Cap Core Managed Volatility Portfolio - Class IB | EQ/Large Cap Core Managed Volatility Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 2390 | $54.40<br>| to | $37.84<br>| $114098 | 1.52%<br>| 1.30%<br>| to | 1.70%<br>| 7.06%<br>| to | 6.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| EQ/Large Cap Growth Index Portfolio - Class IB | EQ/Large Cap Growth Index Portfolio - Class IB | EQ/Large Cap Growth Index Portfolio - Class IB | EQ/Large Cap Growth Index Portfolio - Class IB | EQ/Large Cap Growth Index Portfolio - Class IB | EQ/Large Cap Growth Index Portfolio - Class IB | EQ/Large Cap Growth Index Portfolio - Class IB | EQ/Large Cap Growth Index Portfolio - Class IB | EQ/Large Cap Growth Index Portfolio - Class IB | EQ/Large Cap Growth Index Portfolio - Class IB | EQ/Large Cap Growth Index Portfolio - Class IB | EQ/Large Cap Growth Index Portfolio - Class IB | EQ/Large Cap Growth Index Portfolio - Class IB | EQ/Large Cap Growth Index Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 1121 | $99.11<br>| to | $50.72<br>| $89117 | 0.00%<br>| 1.30%<br>| to | 1.70%<br>| 14.75%<br>| to | 14.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| EQ/Large Cap Growth Managed Volatility Portfolio - Class IB | EQ/Large Cap Growth Managed Volatility Portfolio - Class IB | EQ/Large Cap Growth Managed Volatility Portfolio - Class IB | EQ/Large Cap Growth Managed Volatility Portfolio - Class IB | EQ/Large Cap Growth Managed Volatility Portfolio - Class IB | EQ/Large Cap Growth Managed Volatility Portfolio - Class IB | EQ/Large Cap Growth Managed Volatility Portfolio - Class IB | EQ/Large Cap Growth Managed Volatility Portfolio - Class IB | EQ/Large Cap Growth Managed Volatility Portfolio - Class IB | EQ/Large Cap Growth Managed Volatility Portfolio - Class IB | EQ/Large Cap Growth Managed Volatility Portfolio - Class IB | EQ/Large Cap Growth Managed Volatility Portfolio - Class IB | EQ/Large Cap Growth Managed Volatility Portfolio - Class IB | EQ/Large Cap Growth Managed Volatility Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 3531 | $77.56<br>| to | $80.54<br>| $272679 | 0.19%<br>| 1.30%<br>| to | 1.70%<br>| 8.11%<br>| to | 7.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| EQ/Large Cap Value Index Portfolio - Class IB | EQ/Large Cap Value Index Portfolio - Class IB | EQ/Large Cap Value Index Portfolio - Class IB | EQ/Large Cap Value Index Portfolio - Class IB | EQ/Large Cap Value Index Portfolio - Class IB | EQ/Large Cap Value Index Portfolio - Class IB | EQ/Large Cap Value Index Portfolio - Class IB | EQ/Large Cap Value Index Portfolio - Class IB | EQ/Large Cap Value Index Portfolio - Class IB | EQ/Large Cap Value Index Portfolio - Class IB | EQ/Large Cap Value Index Portfolio - Class IB | EQ/Large Cap Value Index Portfolio - Class IB | EQ/Large Cap Value Index Portfolio - Class IB | EQ/Large Cap Value Index Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 2117 | $20.34<br>| to | $18.74<br>| $41070 | 2.34%<br>| 1.30%<br>| to | 1.70%<br>| 9.82%<br>| to | 9.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| EQ/Large Cap Value Managed Volatility Portfolio - Class IB | EQ/Large Cap Value Managed Volatility Portfolio - Class IB | EQ/Large Cap Value Managed Volatility Portfolio - Class IB | EQ/Large Cap Value Managed Volatility Portfolio - Class IB | EQ/Large Cap Value Managed Volatility Portfolio - Class IB | EQ/Large Cap Value Managed Volatility Portfolio - Class IB | EQ/Large Cap Value Managed Volatility Portfolio - Class IB | EQ/Large Cap Value Managed Volatility Portfolio - Class IB | EQ/Large Cap Value Managed Volatility Portfolio - Class IB | EQ/Large Cap Value Managed Volatility Portfolio - Class IB | EQ/Large Cap Value Managed Volatility Portfolio - Class IB | EQ/Large Cap Value Managed Volatility Portfolio - Class IB | EQ/Large Cap Value Managed Volatility Portfolio - Class IB | EQ/Large Cap Value Managed Volatility Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 3724 | $34.08<br>| to | $36.00<br>| $127324 | 2.65%<br>| 1.30%<br>| to | 1.70%<br>| 5.98%<br>| to | 5.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |

---

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[Back to **Table of Contents**](#TOC_863)

---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT EQ**  |
| **Notes to Financial Statements**  |

---

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fund Inception Date<sup>A</sup>** | **Units (000's)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Net Assets (000's)** | **Investment Income Ratio<sup>B</sup>** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  |
| EQ/Mid Cap Index Portfolio - Class IB | EQ/Mid Cap Index Portfolio - Class IB | EQ/Mid Cap Index Portfolio - Class IB | EQ/Mid Cap Index Portfolio - Class IB | EQ/Mid Cap Index Portfolio - Class IB | EQ/Mid Cap Index Portfolio - Class IB | EQ/Mid Cap Index Portfolio - Class IB | EQ/Mid Cap Index Portfolio - Class IB | EQ/Mid Cap Index Portfolio - Class IB | EQ/Mid Cap Index Portfolio - Class IB | EQ/Mid Cap Index Portfolio - Class IB | EQ/Mid Cap Index Portfolio - Class IB | EQ/Mid Cap Index Portfolio - Class IB | EQ/Mid Cap Index Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 1265 | $45.63<br>| to | $35.43<br>| $51979 | 1.65%<br>| 1.30%<br>| to | 1.70%<br>| 1.62%<br>| to | 1.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| EQ/Mid Cap Value Managed Volatility Portfolio - Class IB | EQ/Mid Cap Value Managed Volatility Portfolio - Class IB | EQ/Mid Cap Value Managed Volatility Portfolio - Class IB | EQ/Mid Cap Value Managed Volatility Portfolio - Class IB | EQ/Mid Cap Value Managed Volatility Portfolio - Class IB | EQ/Mid Cap Value Managed Volatility Portfolio - Class IB | EQ/Mid Cap Value Managed Volatility Portfolio - Class IB | EQ/Mid Cap Value Managed Volatility Portfolio - Class IB | EQ/Mid Cap Value Managed Volatility Portfolio - Class IB | EQ/Mid Cap Value Managed Volatility Portfolio - Class IB | EQ/Mid Cap Value Managed Volatility Portfolio - Class IB | EQ/Mid Cap Value Managed Volatility Portfolio - Class IB | EQ/Mid Cap Value Managed Volatility Portfolio - Class IB | EQ/Mid Cap Value Managed Volatility Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 1648 | $40.56<br>| to | $40.73<br>| $65899 | 2.35%<br>| 1.30%<br>| to | 1.70%<br>| 0.54%<br>| to | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| EQ/Moderate Allocation Portfolio - Class IB | EQ/Moderate Allocation Portfolio - Class IB | EQ/Moderate Allocation Portfolio - Class IB | EQ/Moderate Allocation Portfolio - Class IB | EQ/Moderate Allocation Portfolio - Class IB | EQ/Moderate Allocation Portfolio - Class IB | EQ/Moderate Allocation Portfolio - Class IB | EQ/Moderate Allocation Portfolio - Class IB | EQ/Moderate Allocation Portfolio - Class IB | EQ/Moderate Allocation Portfolio - Class IB | EQ/Moderate Allocation Portfolio - Class IB | EQ/Moderate Allocation Portfolio - Class IB | EQ/Moderate Allocation Portfolio - Class IB | EQ/Moderate Allocation Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 13351 | $21.91<br>| to | $74.10<br>| $340555 | 4.69%<br>| 1.30%<br>| to | 1.70%<br>| 7.66%<br>| to | 7.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| EQ/Moderate-Plus Allocation Portfolio - Class IB | EQ/Moderate-Plus Allocation Portfolio - Class IB | EQ/Moderate-Plus Allocation Portfolio - Class IB | EQ/Moderate-Plus Allocation Portfolio - Class IB | EQ/Moderate-Plus Allocation Portfolio - Class IB | EQ/Moderate-Plus Allocation Portfolio - Class IB | EQ/Moderate-Plus Allocation Portfolio - Class IB | EQ/Moderate-Plus Allocation Portfolio - Class IB | EQ/Moderate-Plus Allocation Portfolio - Class IB | EQ/Moderate-Plus Allocation Portfolio - Class IB | EQ/Moderate-Plus Allocation Portfolio - Class IB | EQ/Moderate-Plus Allocation Portfolio - Class IB | EQ/Moderate-Plus Allocation Portfolio - Class IB | EQ/Moderate-Plus Allocation Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 29014 | $29.36<br>| to | $26.81<br>| $794848 | 3.74%<br>| 1.30%<br>| to | 1.70%<br>| 8.46%<br>| to | 8.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| EQ/Money Market Portfolio - Class IB | EQ/Money Market Portfolio - Class IB | EQ/Money Market Portfolio - Class IB | EQ/Money Market Portfolio - Class IB | EQ/Money Market Portfolio - Class IB | EQ/Money Market Portfolio - Class IB | EQ/Money Market Portfolio - Class IB | EQ/Money Market Portfolio - Class IB | EQ/Money Market Portfolio - Class IB | EQ/Money Market Portfolio - Class IB | EQ/Money Market Portfolio - Class IB | EQ/Money Market Portfolio - Class IB | EQ/Money Market Portfolio - Class IB | EQ/Money Market Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 1126 | $10.14<br>| to | $24.62<br>| $13159 | 5.44%<br>| 1.30%<br>| to | 1.70%<br>| 2.19%<br>| to | 1.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |

---

------

[Back to **Table of Contents**](#TOC_863)

---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT EQ**  |
| **Notes to Financial Statements**  |

---

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fund Inception Date<sup>A</sup>** | **Units (000's)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Net Assets (000's)** | **Investment Income Ratio<sup>B</sup>** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  |
| EQ/Quality Bond Plus Portfolio - Class IB | EQ/Quality Bond Plus Portfolio - Class IB | EQ/Quality Bond Plus Portfolio - Class IB | EQ/Quality Bond Plus Portfolio - Class IB | EQ/Quality Bond Plus Portfolio - Class IB | EQ/Quality Bond Plus Portfolio - Class IB | EQ/Quality Bond Plus Portfolio - Class IB | EQ/Quality Bond Plus Portfolio - Class IB | EQ/Quality Bond Plus Portfolio - Class IB | EQ/Quality Bond Plus Portfolio - Class IB | EQ/Quality Bond Plus Portfolio - Class IB | EQ/Quality Bond Plus Portfolio - Class IB | EQ/Quality Bond Plus Portfolio - Class IB | EQ/Quality Bond Plus Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 2627 | $10.99<br>| to | $14.82<br>| $31577 | 6.94%<br>| 1.30%<br>| to | 1.70%<br>| 4.91%<br>| to | 4.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| EQ/Small Company Index Portfolio - Class IB | EQ/Small Company Index Portfolio - Class IB | EQ/Small Company Index Portfolio - Class IB | EQ/Small Company Index Portfolio - Class IB | EQ/Small Company Index Portfolio - Class IB | EQ/Small Company Index Portfolio - Class IB | EQ/Small Company Index Portfolio - Class IB | EQ/Small Company Index Portfolio - Class IB | EQ/Small Company Index Portfolio - Class IB | EQ/Small Company Index Portfolio - Class IB | EQ/Small Company Index Portfolio - Class IB | EQ/Small Company Index Portfolio - Class IB | EQ/Small Company Index Portfolio - Class IB | EQ/Small Company Index Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 870 | $44.66<br>| to | $46.22<br>| $38707 | 1.62%<br>| 1.30%<br>| to | 1.70%<br>| 8.90%<br>| to | 8.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| Multimanager Technology Portfolio - Class IB | Multimanager Technology Portfolio - Class IB | Multimanager Technology Portfolio - Class IB | Multimanager Technology Portfolio - Class IB | Multimanager Technology Portfolio - Class IB | Multimanager Technology Portfolio - Class IB | Multimanager Technology Portfolio - Class IB | Multimanager Technology Portfolio - Class IB | Multimanager Technology Portfolio - Class IB | Multimanager Technology Portfolio - Class IB | Multimanager Technology Portfolio - Class IB | Multimanager Technology Portfolio - Class IB | Multimanager Technology Portfolio - Class IB | Multimanager Technology Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 752 | $117.69<br>| to | $91.30<br>| $79706 | 0.00%<br>| 1.30%<br>| to | 1.70%<br>| 21.92%<br>| to | 21.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| EQ/Global Equity Managed Volatility Portfolio - Class IB | EQ/Global Equity Managed Volatility Portfolio - Class IB | EQ/Global Equity Managed Volatility Portfolio - Class IB | EQ/Global Equity Managed Volatility Portfolio - Class IB | EQ/Global Equity Managed Volatility Portfolio - Class IB | EQ/Global Equity Managed Volatility Portfolio - Class IB | EQ/Global Equity Managed Volatility Portfolio - Class IB | EQ/Global Equity Managed Volatility Portfolio - Class IB | EQ/Global Equity Managed Volatility Portfolio - Class IB | EQ/Global Equity Managed Volatility Portfolio - Class IB | EQ/Global Equity Managed Volatility Portfolio - Class IB | EQ/Global Equity Managed Volatility Portfolio - Class IB | EQ/Global Equity Managed Volatility Portfolio - Class IB | EQ/Global Equity Managed Volatility Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 1447 | $59.72<br>| to | $40.65<br>| $75438 | 1.57%<br>| 1.30%<br>| to | 1.70%<br>| 15.91%<br>| to | 15.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| EQ/Balanced Strategy Portfolio - Class IB | EQ/Balanced Strategy Portfolio - Class IB | EQ/Balanced Strategy Portfolio - Class IB | EQ/Balanced Strategy Portfolio - Class IB | EQ/Balanced Strategy Portfolio - Class IB | EQ/Balanced Strategy Portfolio - Class IB | EQ/Balanced Strategy Portfolio - Class IB | EQ/Balanced Strategy Portfolio - Class IB | EQ/Balanced Strategy Portfolio - Class IB | EQ/Balanced Strategy Portfolio - Class IB | EQ/Balanced Strategy Portfolio - Class IB | EQ/Balanced Strategy Portfolio - Class IB | EQ/Balanced Strategy Portfolio - Class IB | EQ/Balanced Strategy Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 4610 | $11.12<br>| to | $10.92<br>| $53952 | 4.48%<br>| 1.30%<br>| to | 1.70%<br>| 7.67%<br>| to | 7.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |

---

------

[Back to **Table of Contents**](#TOC_863)

---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT EQ**  |
| **Notes to Financial Statements**  |

---

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fund Inception Date<sup>A</sup>** | **Units (000's)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Net Assets (000's)** | **Investment Income Ratio<sup>B</sup>** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  |
| EQ/Aggressive Allocation Portfolio - Class IB | EQ/Aggressive Allocation Portfolio - Class IB | EQ/Aggressive Allocation Portfolio - Class IB | EQ/Aggressive Allocation Portfolio - Class IB | EQ/Aggressive Allocation Portfolio - Class IB | EQ/Aggressive Allocation Portfolio - Class IB | EQ/Aggressive Allocation Portfolio - Class IB | EQ/Aggressive Allocation Portfolio - Class IB | EQ/Aggressive Allocation Portfolio - Class IB | EQ/Aggressive Allocation Portfolio - Class IB | EQ/Aggressive Allocation Portfolio - Class IB | EQ/Aggressive Allocation Portfolio - Class IB | EQ/Aggressive Allocation Portfolio - Class IB | EQ/Aggressive Allocation Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 10921 | $34.24<br>| to | $32.87<br>| $360001 | 2.75%<br>| 1.30%<br>| to | 1.70%<br>| 9.42%<br>| to | 9.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| EQ/Aggressive Growth Strategy Portfolio - Class IB | EQ/Aggressive Growth Strategy Portfolio - Class IB | EQ/Aggressive Growth Strategy Portfolio - Class IB | EQ/Aggressive Growth Strategy Portfolio - Class IB | EQ/Aggressive Growth Strategy Portfolio - Class IB | EQ/Aggressive Growth Strategy Portfolio - Class IB | EQ/Aggressive Growth Strategy Portfolio - Class IB | EQ/Aggressive Growth Strategy Portfolio - Class IB | EQ/Aggressive Growth Strategy Portfolio - Class IB | EQ/Aggressive Growth Strategy Portfolio - Class IB | EQ/Aggressive Growth Strategy Portfolio - Class IB | EQ/Aggressive Growth Strategy Portfolio - Class IB | EQ/Aggressive Growth Strategy Portfolio - Class IB | EQ/Aggressive Growth Strategy Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 9464 | $16.34<br>| to | $15.97<br>| $152885 | 3.14%<br>| 1.30%<br>| to | 1.70%<br>| 9.05%<br>| to | 8.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| EQ/2000 Managed Volatility Portfolio - Class IB | EQ/2000 Managed Volatility Portfolio - Class IB | EQ/2000 Managed Volatility Portfolio - Class IB | EQ/2000 Managed Volatility Portfolio - Class IB | EQ/2000 Managed Volatility Portfolio - Class IB | EQ/2000 Managed Volatility Portfolio - Class IB | EQ/2000 Managed Volatility Portfolio - Class IB | EQ/2000 Managed Volatility Portfolio - Class IB | EQ/2000 Managed Volatility Portfolio - Class IB | EQ/2000 Managed Volatility Portfolio - Class IB | EQ/2000 Managed Volatility Portfolio - Class IB | EQ/2000 Managed Volatility Portfolio - Class IB | EQ/2000 Managed Volatility Portfolio - Class IB | EQ/2000 Managed Volatility Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 885 | $22.45<br>| to | $21.33<br>| $19394 | 1.85%<br>| 1.30%<br>| to | 1.70%<br>| 5.81%<br>| to | 5.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| EQ/400 Managed Volatility Portfolio - Class IB | EQ/400 Managed Volatility Portfolio - Class IB | EQ/400 Managed Volatility Portfolio - Class IB | EQ/400 Managed Volatility Portfolio - Class IB | EQ/400 Managed Volatility Portfolio - Class IB | EQ/400 Managed Volatility Portfolio - Class IB | EQ/400 Managed Volatility Portfolio - Class IB | EQ/400 Managed Volatility Portfolio - Class IB | EQ/400 Managed Volatility Portfolio - Class IB | EQ/400 Managed Volatility Portfolio - Class IB | EQ/400 Managed Volatility Portfolio - Class IB | EQ/400 Managed Volatility Portfolio - Class IB | EQ/400 Managed Volatility Portfolio - Class IB | EQ/400 Managed Volatility Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 582 | $24.46<br>| to | $23.23<br>| $13831 | 1.82%<br>| 1.30%<br>| to | 1.70%<br>| -1.68%<br>| to | -2.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| 1290 VT GAMCO Mergers and Acquisitions Portfolio - Class IB | 1290 VT GAMCO Mergers and Acquisitions Portfolio - Class IB | 1290 VT GAMCO Mergers and Acquisitions Portfolio - Class IB | 1290 VT GAMCO Mergers and Acquisitions Portfolio - Class IB | 1290 VT GAMCO Mergers and Acquisitions Portfolio - Class IB | 1290 VT GAMCO Mergers and Acquisitions Portfolio - Class IB | 1290 VT GAMCO Mergers and Acquisitions Portfolio - Class IB | 1290 VT GAMCO Mergers and Acquisitions Portfolio - Class IB | 1290 VT GAMCO Mergers and Acquisitions Portfolio - Class IB | 1290 VT GAMCO Mergers and Acquisitions Portfolio - Class IB | 1290 VT GAMCO Mergers and Acquisitions Portfolio - Class IB | 1290 VT GAMCO Mergers and Acquisitions Portfolio - Class IB | 1290 VT GAMCO Mergers and Acquisitions Portfolio - Class IB | 1290 VT GAMCO Mergers and Acquisitions Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 560 | $21.19<br>| to | $19.84<br>| $11537 | 5.62%<br>| 1.30%<br>| to | 1.70%<br>| 12.96%<br>| to | 12.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |

---

------

[Back to **Table of Contents**](#TOC_863)

---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT EQ**  |
| **Notes to Financial Statements**  |

---

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fund Inception Date<sup>A</sup>** | **Units (000's)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Net Assets (000's)** | **Investment Income Ratio<sup>B</sup>** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  |
| 1290 VT GAMCO Small Company Value Portfolio - Class IB | 1290 VT GAMCO Small Company Value Portfolio - Class IB | 1290 VT GAMCO Small Company Value Portfolio - Class IB | 1290 VT GAMCO Small Company Value Portfolio - Class IB | 1290 VT GAMCO Small Company Value Portfolio - Class IB | 1290 VT GAMCO Small Company Value Portfolio - Class IB | 1290 VT GAMCO Small Company Value Portfolio - Class IB | 1290 VT GAMCO Small Company Value Portfolio - Class IB | 1290 VT GAMCO Small Company Value Portfolio - Class IB | 1290 VT GAMCO Small Company Value Portfolio - Class IB | 1290 VT GAMCO Small Company Value Portfolio - Class IB | 1290 VT GAMCO Small Company Value Portfolio - Class IB | 1290 VT GAMCO Small Company Value Portfolio - Class IB | 1290 VT GAMCO Small Company Value Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 589 | $204.02<br>| to | $113.03<br>| $82394 | 1.22%<br>| 1.30%<br>| to | 1.70%<br>| 8.72%<br>| to | 8.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| 1290 VT SmartBeta Equity ESG Portfolio - Class IB | 1290 VT SmartBeta Equity ESG Portfolio - Class IB | 1290 VT SmartBeta Equity ESG Portfolio - Class IB | 1290 VT SmartBeta Equity ESG Portfolio - Class IB | 1290 VT SmartBeta Equity ESG Portfolio - Class IB | 1290 VT SmartBeta Equity ESG Portfolio - Class IB | 1290 VT SmartBeta Equity ESG Portfolio - Class IB | 1290 VT SmartBeta Equity ESG Portfolio - Class IB | 1290 VT SmartBeta Equity ESG Portfolio - Class IB | 1290 VT SmartBeta Equity ESG Portfolio - Class IB | 1290 VT SmartBeta Equity ESG Portfolio - Class IB | 1290 VT SmartBeta Equity ESG Portfolio - Class IB | 1290 VT SmartBeta Equity ESG Portfolio - Class IB | 1290 VT SmartBeta Equity ESG Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 1482 | $18.08<br>| to | $17.67<br>| $26461 | 1.45%<br>| 1.30%<br>| to | 1.70%<br>| 11.37%<br>| to | 10.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| 1290 VT Socially Responsible Portfolio - Class IB | 1290 VT Socially Responsible Portfolio - Class IB | 1290 VT Socially Responsible Portfolio - Class IB | 1290 VT Socially Responsible Portfolio - Class IB | 1290 VT Socially Responsible Portfolio - Class IB | 1290 VT Socially Responsible Portfolio - Class IB | 1290 VT Socially Responsible Portfolio - Class IB | 1290 VT Socially Responsible Portfolio - Class IB | 1290 VT Socially Responsible Portfolio - Class IB | 1290 VT Socially Responsible Portfolio - Class IB | 1290 VT Socially Responsible Portfolio - Class IB | 1290 VT Socially Responsible Portfolio - Class IB | 1290 VT Socially Responsible Portfolio - Class IB | 1290 VT Socially Responsible Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 155 | $55.21<br>| to | $37.70<br>| $7567 | 0.69%<br>| 1.30%<br>| to | 1.70%<br>| 13.17%<br>| to | 12.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| EQ/Franklin Small Cap Value Managed Volatility Portfolio - Class IB | EQ/Franklin Small Cap Value Managed Volatility Portfolio - Class IB | EQ/Franklin Small Cap Value Managed Volatility Portfolio - Class IB | EQ/Franklin Small Cap Value Managed Volatility Portfolio - Class IB | EQ/Franklin Small Cap Value Managed Volatility Portfolio - Class IB | EQ/Franklin Small Cap Value Managed Volatility Portfolio - Class IB | EQ/Franklin Small Cap Value Managed Volatility Portfolio - Class IB | EQ/Franklin Small Cap Value Managed Volatility Portfolio - Class IB | EQ/Franklin Small Cap Value Managed Volatility Portfolio - Class IB | EQ/Franklin Small Cap Value Managed Volatility Portfolio - Class IB | EQ/Franklin Small Cap Value Managed Volatility Portfolio - Class IB | EQ/Franklin Small Cap Value Managed Volatility Portfolio - Class IB | EQ/Franklin Small Cap Value Managed Volatility Portfolio - Class IB | EQ/Franklin Small Cap Value Managed Volatility Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 483 | $26.00<br>| to | $24.04<br>| $11987 | 1.80%<br>| 1.30%<br>| to | 1.70%<br>| 3.32%<br>| to | 2.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| EQ/Janus Enterprise Portfolio - Class IB | EQ/Janus Enterprise Portfolio - Class IB | EQ/Janus Enterprise Portfolio - Class IB | EQ/Janus Enterprise Portfolio - Class IB | EQ/Janus Enterprise Portfolio - Class IB | EQ/Janus Enterprise Portfolio - Class IB | EQ/Janus Enterprise Portfolio - Class IB | EQ/Janus Enterprise Portfolio - Class IB | EQ/Janus Enterprise Portfolio - Class IB | EQ/Janus Enterprise Portfolio - Class IB | EQ/Janus Enterprise Portfolio - Class IB | EQ/Janus Enterprise Portfolio - Class IB | EQ/Janus Enterprise Portfolio - Class IB | EQ/Janus Enterprise Portfolio - Class IB |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 |  | 938 | $49.88<br>| to | $45.87<br>| $44863 | 0.00%<br>| 1.30%<br>| to | 1.70%<br>| 4.32%<br>| to | 3.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (c) | (c) | to | (c) | (c) | (c) | (c) | to | (c) | (c) | to | (c) |

---

------

[Back to **Table of Contents**](#TOC_863)

---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT EQ**  |
| **Notes to Financial Statements**  |

---

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fund Inception Date<sup>A</sup>** | **Units (000's)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Net Assets (000's)** | **Investment Income Ratio<sup>B</sup>** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  |
| Venerable Emerging Markets Equity Fund - Class V | Venerable Emerging Markets Equity Fund - Class V | Venerable Emerging Markets Equity Fund - Class V | Venerable Emerging Markets Equity Fund - Class V | Venerable Emerging Markets Equity Fund - Class V | Venerable Emerging Markets Equity Fund - Class V | Venerable Emerging Markets Equity Fund - Class V | Venerable Emerging Markets Equity Fund - Class V | Venerable Emerging Markets Equity Fund - Class V | Venerable Emerging Markets Equity Fund - Class V | Venerable Emerging Markets Equity Fund - Class V | Venerable Emerging Markets Equity Fund - Class V | Venerable Emerging Markets Equity Fund - Class V | Venerable Emerging Markets Equity Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 09/12/2025 | 71 | $10.52<br>| to | $10.52<br>| $749 | 0.00%<br>| 1.40%<br>| to | 1.40%<br>| 5.25%<br>| to | 5.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| Venerable World Equity Fund - Class V | Venerable World Equity Fund - Class V | Venerable World Equity Fund - Class V | Venerable World Equity Fund - Class V | Venerable World Equity Fund - Class V | Venerable World Equity Fund - Class V | Venerable World Equity Fund - Class V | Venerable World Equity Fund - Class V | Venerable World Equity Fund - Class V | Venerable World Equity Fund - Class V | Venerable World Equity Fund - Class V | Venerable World Equity Fund - Class V | Venerable World Equity Fund - Class V | Venerable World Equity Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 09/12/2025 | 156 | $10.56<br>| to | $10.56<br>| $1646 | 0.00%<br>| 1.40%<br>| to | 1.40%<br>| 4.69%<br>| to | 4.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| Venerable International Index Fund - Class V | Venerable International Index Fund - Class V | Venerable International Index Fund - Class V | Venerable International Index Fund - Class V | Venerable International Index Fund - Class V | Venerable International Index Fund - Class V | Venerable International Index Fund - Class V | Venerable International Index Fund - Class V | Venerable International Index Fund - Class V | Venerable International Index Fund - Class V | Venerable International Index Fund - Class V | Venerable International Index Fund - Class V | Venerable International Index Fund - Class V | Venerable International Index Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 09/12/2025 | 61 | $10.50<br>| to | $10.50<br>| $636 | 0.00%<br>| 1.40%<br>| to | 1.40%<br>| 4.61%<br>| to | 4.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| Venerable Mid Cap Index Fund - Class V | Venerable Mid Cap Index Fund - Class V | Venerable Mid Cap Index Fund - Class V | Venerable Mid Cap Index Fund - Class V | Venerable Mid Cap Index Fund - Class V | Venerable Mid Cap Index Fund - Class V | Venerable Mid Cap Index Fund - Class V | Venerable Mid Cap Index Fund - Class V | Venerable Mid Cap Index Fund - Class V | Venerable Mid Cap Index Fund - Class V | Venerable Mid Cap Index Fund - Class V | Venerable Mid Cap Index Fund - Class V | Venerable Mid Cap Index Fund - Class V | Venerable Mid Cap Index Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 09/12/2025 | 3475 | $9.97<br>| to | $9.97<br>| $34628 | 0.00%<br>| 1.40%<br>| to | 1.40%<br>| -0.32%<br>| to | -0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| Venerable Small Cap Index Fund - Class V | Venerable Small Cap Index Fund - Class V | Venerable Small Cap Index Fund - Class V | Venerable Small Cap Index Fund - Class V | Venerable Small Cap Index Fund - Class V | Venerable Small Cap Index Fund - Class V | Venerable Small Cap Index Fund - Class V | Venerable Small Cap Index Fund - Class V | Venerable Small Cap Index Fund - Class V | Venerable Small Cap Index Fund - Class V | Venerable Small Cap Index Fund - Class V | Venerable Small Cap Index Fund - Class V | Venerable Small Cap Index Fund - Class V | Venerable Small Cap Index Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 09/12/2025 | 77 | $10.32<br>| to | $10.32<br>| $797 | 0.00%<br>| 1.40%<br>| to | 1.40%<br>| 3.26%<br>| to | 3.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |

---

------

[Back to **Table of Contents**](#TOC_863)

---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT EQ**  |
| **Notes to Financial Statements**  |

---

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fund Inception Date<sup>A</sup>** | **Units (000's)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Net Assets (000's)** | **Investment Income Ratio<sup>B</sup>** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  |
| Venerable World Moderate Allocation Fund - Class V | Venerable World Moderate Allocation Fund - Class V | Venerable World Moderate Allocation Fund - Class V | Venerable World Moderate Allocation Fund - Class V | Venerable World Moderate Allocation Fund - Class V | Venerable World Moderate Allocation Fund - Class V | Venerable World Moderate Allocation Fund - Class V | Venerable World Moderate Allocation Fund - Class V | Venerable World Moderate Allocation Fund - Class V | Venerable World Moderate Allocation Fund - Class V | Venerable World Moderate Allocation Fund - Class V | Venerable World Moderate Allocation Fund - Class V | Venerable World Moderate Allocation Fund - Class V | Venerable World Moderate Allocation Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 09/05/2025 | 13 | $10.38<br>| to | $10.38<br>| $134 | 0.00%<br>| 1.40%<br>| to | 1.40%<br>| 3.83%<br>| to | 3.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| Venerable World Appreciation Allocation Fund - Class V | Venerable World Appreciation Allocation Fund - Class V | Venerable World Appreciation Allocation Fund - Class V | Venerable World Appreciation Allocation Fund - Class V | Venerable World Appreciation Allocation Fund - Class V | Venerable World Appreciation Allocation Fund - Class V | Venerable World Appreciation Allocation Fund - Class V | Venerable World Appreciation Allocation Fund - Class V | Venerable World Appreciation Allocation Fund - Class V | Venerable World Appreciation Allocation Fund - Class V | Venerable World Appreciation Allocation Fund - Class V | Venerable World Appreciation Allocation Fund - Class V | Venerable World Appreciation Allocation Fund - Class V | Venerable World Appreciation Allocation Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 09/05/2025 | 10 | $10.45<br>| to | $10.45<br>| $100 | 0.00%<br>| 1.40%<br>| to | 1.40%<br>| 4.53%<br>| to | 4.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| Venerable US Small Cap Fund - Class V | Venerable US Small Cap Fund - Class V | Venerable US Small Cap Fund - Class V | Venerable US Small Cap Fund - Class V | Venerable US Small Cap Fund - Class V | Venerable US Small Cap Fund - Class V | Venerable US Small Cap Fund - Class V | Venerable US Small Cap Fund - Class V | Venerable US Small Cap Fund - Class V | Venerable US Small Cap Fund - Class V | Venerable US Small Cap Fund - Class V | Venerable US Small Cap Fund - Class V | Venerable US Small Cap Fund - Class V | Venerable US Small Cap Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 09/12/2025 | 19 | $10.21<br>| to | $10.21<br>| $195 | 0.00%<br>| 1.40%<br>| to | 1.40%<br>| 2.07%<br>| to | 2.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| Venerable Bond Index Fund - Class V | Venerable Bond Index Fund - Class V | Venerable Bond Index Fund - Class V | Venerable Bond Index Fund - Class V | Venerable Bond Index Fund - Class V | Venerable Bond Index Fund - Class V | Venerable Bond Index Fund - Class V | Venerable Bond Index Fund - Class V | Venerable Bond Index Fund - Class V | Venerable Bond Index Fund - Class V | Venerable Bond Index Fund - Class V | Venerable Bond Index Fund - Class V | Venerable Bond Index Fund - Class V | Venerable Bond Index Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 09/12/2025 | 50 | $10.01<br>| to | $10.01<br>| $503 | 1.47%<br>| 1.40%<br>| to | 1.40%<br>| 0.11%<br>| to | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| Venerable World Conservative Allocation Fund - Class V | Venerable World Conservative Allocation Fund - Class V | Venerable World Conservative Allocation Fund - Class V | Venerable World Conservative Allocation Fund - Class V | Venerable World Conservative Allocation Fund - Class V | Venerable World Conservative Allocation Fund - Class V | Venerable World Conservative Allocation Fund - Class V | Venerable World Conservative Allocation Fund - Class V | Venerable World Conservative Allocation Fund - Class V | Venerable World Conservative Allocation Fund - Class V | Venerable World Conservative Allocation Fund - Class V | Venerable World Conservative Allocation Fund - Class V | Venerable World Conservative Allocation Fund - Class V | Venerable World Conservative Allocation Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 09/05/2025 | 25 | $10.30<br>| to | $10.30<br>| $255 | 0.00%<br>| 1.40%<br>| to | 1.40%<br>| 3.03%<br>| to | 3.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |

---

------

[Back to **Table of Contents**](#TOC_863)

---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT EQ**  |
| **Notes to Financial Statements**  |

---

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fund Inception Date<sup>A</sup>** | **Units (000's)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Unit Fair Value<br>(lowest to highest)** | **Net Assets (000's)** | **Investment Income Ratio<sup>B</sup>** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Expense Ratio<sup>C</sup>**<br>**(lowest to highest)** | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  | **Total Return<sup>D</sup>**<br>**(lowest to highest)**  |
| Venerable Conservative Appreciation Allocation Fund - Class V | Venerable Conservative Appreciation Allocation Fund - Class V | Venerable Conservative Appreciation Allocation Fund - Class V | Venerable Conservative Appreciation Allocation Fund - Class V | Venerable Conservative Appreciation Allocation Fund - Class V | Venerable Conservative Appreciation Allocation Fund - Class V | Venerable Conservative Appreciation Allocation Fund - Class V | Venerable Conservative Appreciation Allocation Fund - Class V | Venerable Conservative Appreciation Allocation Fund - Class V | Venerable Conservative Appreciation Allocation Fund - Class V | Venerable Conservative Appreciation Allocation Fund - Class V | Venerable Conservative Appreciation Allocation Fund - Class V | Venerable Conservative Appreciation Allocation Fund - Class V | Venerable Conservative Appreciation Allocation Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 09/05/2025 | 137 | $10.24<br>| to | $10.24<br>| $1407 | 0.00%<br>| 1.40%<br>| to | 1.40%<br>| 2.44%<br>| to | 2.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| Venerable Conservative Allocation Fund - Class V | Venerable Conservative Allocation Fund - Class V | Venerable Conservative Allocation Fund - Class V | Venerable Conservative Allocation Fund - Class V | Venerable Conservative Allocation Fund - Class V | Venerable Conservative Allocation Fund - Class V | Venerable Conservative Allocation Fund - Class V | Venerable Conservative Allocation Fund - Class V | Venerable Conservative Allocation Fund - Class V | Venerable Conservative Allocation Fund - Class V | Venerable Conservative Allocation Fund - Class V | Venerable Conservative Allocation Fund - Class V | Venerable Conservative Allocation Fund - Class V | Venerable Conservative Allocation Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 09/05/2025 | 73 | $10.16<br>| to | $10.16<br>| $746 | 0.00%<br>| 1.40%<br>| to | 1.40%<br>| 1.64%<br>| to | 1.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| Venerable Moderate Appreciation Allocation Fund - Class V | Venerable Moderate Appreciation Allocation Fund - Class V | Venerable Moderate Appreciation Allocation Fund - Class V | Venerable Moderate Appreciation Allocation Fund - Class V | Venerable Moderate Appreciation Allocation Fund - Class V | Venerable Moderate Appreciation Allocation Fund - Class V | Venerable Moderate Appreciation Allocation Fund - Class V | Venerable Moderate Appreciation Allocation Fund - Class V | Venerable Moderate Appreciation Allocation Fund - Class V | Venerable Moderate Appreciation Allocation Fund - Class V | Venerable Moderate Appreciation Allocation Fund - Class V | Venerable Moderate Appreciation Allocation Fund - Class V | Venerable Moderate Appreciation Allocation Fund - Class V | Venerable Moderate Appreciation Allocation Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 09/05/2025 | 89 | $10.34<br>| to | $10.34<br>| $916 | 0.00%<br>| 1.40%<br>| to | 1.40%<br>| 3.43%<br>| to | 3.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| Venerable Appreciation Allocation Fund - Class V | Venerable Appreciation Allocation Fund - Class V | Venerable Appreciation Allocation Fund - Class V | Venerable Appreciation Allocation Fund - Class V | Venerable Appreciation Allocation Fund - Class V | Venerable Appreciation Allocation Fund - Class V | Venerable Appreciation Allocation Fund - Class V | Venerable Appreciation Allocation Fund - Class V | Venerable Appreciation Allocation Fund - Class V | Venerable Appreciation Allocation Fund - Class V | Venerable Appreciation Allocation Fund - Class V | Venerable Appreciation Allocation Fund - Class V | Venerable Appreciation Allocation Fund - Class V | Venerable Appreciation Allocation Fund - Class V |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 | 09/05/2025 | 160 | $10.41<br>| to | $10.41<br>| $1670 | 0.00%<br>| 1.40%<br>| to | 1.40%<br>| 4.13%<br>| to | 4.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 |  | (d) | (d) | to | (d) | (d) | (d) | (d) | to | (d) | (d) | to | (d) |

---

------

[Back to **Table of Contents**](#TOC_863)

---

| |
|:---|
| **VENERABLE INSURANCE AND ANNUITY COMPANY**  |
| **SEPARATE ACCOUNT EQ**  |
| **Notes to Financial Statements**  |

---

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

(a) As investment Division had no investments until 2021, this data is not meaningful and is therefore not presented.

(b) As investment Division had no investments until 2024, this data is not meaningful and is therefore not presented.

(c) As the account had no investments in the investment Division until 2025, this data is not meaningful and is therefore not presented. See Note 1 for additional information on the Novation.

(d) As investment Division had no investments until 2025, this data is not meaningful and is therefore not presented.

**A**The Fund Inception Date represents the first date the fund received money.

**B**The Investment Income Ratio represents dividends received by the Division, excluding capital gains distributions, divided by the average net assets. The recognition of investments income is<br>determined by the timing of declaration of dividends by the underlying fund in which the Division invests.

**C**The Expense Ratio considers only the annualized contract expenses borne directly by the Account, excluding expenses charged through the redemption of units, and is equal to the mortality and<br>expense risks, administrative, and other charges, as defined in the Charges and Fees note. Certain items in this table are presented as a range of minimum and maximum values; however, such<br>information is calculated independently for each column in the table.

**D**Total Return is calculated as the change in unit value for each Contract presented in the Statements of Assets and Liabilities. Certain items in this table are presented as a range of minimum and<br>maximum values; however, such information is calculated independently for each column in the table.

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[Back to **Table of Contents**](#TOC_863)

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